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

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Speaker 1: and today we're answering your listener questions.

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Speaker 2: You know what, buddy, it's Monday, so we've got listener

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Speaker 2: questions to get to. We've got some great ones today,

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Speaker 2: including a listener is wondering how her and her husband

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Speaker 2: how they should approach student loan payments resuming, particularly if

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Speaker 2: they qualify for forgiveness. How it is that they should

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Speaker 2: be thinking about that. We'll kind of dive into the

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Speaker 2: nitty gritty a little bit. Another listener is wondering about

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Speaker 2: umbrella policies, who it is that should get them, when

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Speaker 2: it is they should consider getting one of those, So

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Speaker 2: we'll talk about that. And another listener, he's got some

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Speaker 2: silver and gold on hand, and so what should he

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Speaker 2: what should he actually do with that? Should you hold

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Speaker 2: it like Benedict Cumberbatch in his cave.

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Speaker 1: I think hoarding it makes a schmog that's a I

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Speaker 1: think it's a reasonable way to handle. But and this

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Speaker 1: is actually physical golden silver, So we'll talk about that

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Speaker 1: actual yeah, just like just like not the almost the dinosaur,

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Speaker 1: not the just like the dragon.

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Speaker 2: Yeah, but uh yeah, we'll get to those. Plus more

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Speaker 2: during this episode. But uh, you got this thing in

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Speaker 2: here about the belt card you wanted to mention.

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Speaker 1: Yeah, So I always love hearing money wins from our listeners,

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Speaker 1: and I feel like we get emails every week from

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Speaker 1: somebody who's like, dudes, I did this, Like how amazing?

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Speaker 1: And so it's always fun to and we see it

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Speaker 1: in the Facebook group as well. If you're not a

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Speaker 1: member of the Facebook group and you're on Facebook, you

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Speaker 1: should be the how to money Facebook group. But I

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Speaker 1: love getting those emails and listener in nizarre he was

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Speaker 1: talking about kind of an arbitration play that he pulled

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Speaker 1: with his built card and Zart from Illinois, right, Yeah,

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Speaker 1: and he only he emails us, like, I don't know,

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Speaker 1: a few times a year.

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Speaker 2: Yeah, it's it's always nice to hear from him.

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Speaker 1: Yeah, we hear We get repeats from or you know,

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Speaker 1: repeat emails from listeners all the time, which.

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Speaker 2: I love, which means you get to know over time

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Speaker 2: you kind of hear their struggles their wins. How does

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Speaker 2: that that they're handling their money exactly? This was no exception,

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Speaker 2: And so we talk about how when something comes with

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Speaker 2: a transaction fee, how often that's really annoying right, we're

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Speaker 2: seeing more and more credit card transaction fees, talking more

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Speaker 2: about that recently. But what are the rewards you're getting

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Speaker 2: under card? Do they make up for the transaction fees

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Speaker 2: or much more than makeup in fact for the transaction fee.

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Speaker 2: And and Nazzar mentioned there was something that he was

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Speaker 2: paying for I forget what he said paying for with

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Speaker 2: his Built card, and it had like a there was

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Speaker 2: a one point two five percent transaction fee property taxes.

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Speaker 2: He had some property taxes come due, and he realized,

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Speaker 2: which is usually a big bill, like thousands of dollars,

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Speaker 2: and considering that it's a government bill, they're not going

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Speaker 2: to eat those costs. They're going to try they're sticking

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Speaker 2: those costs with you, just like the cellular providers. Yeah.

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Speaker 1: Right, And so but what he mentioned was actually Built

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Speaker 1: was offering a limited time five X points for for

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Speaker 1: using your card, I think for anything. And so he

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Speaker 1: was like, boomshrack a lota. The one point two five

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Speaker 1: percent transaction fee, well it pails in comparison to the

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Speaker 1: five X points I'm getting. And so it's just it's

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Speaker 1: you're doing an arbitrage and optimization play with the card

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Speaker 1: usage to that point. But clearly you have to be

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Speaker 1: able to pay the bill on time and fall at

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Speaker 1: the end of the month. But knowing the czar as

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Speaker 1: well as I do, based on our email correspondence, I'm

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Speaker 1: pretty sure he's got that handled.

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Speaker 2: And Joel knows you well in Tazar because he's he

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Speaker 2: builds out these dossier's on everybody that emails in and

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Speaker 2: creates these profiles that we keep on our local servers.

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Speaker 1: Well, then I sell them to people in Silicon Valley

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Speaker 1: so they can.

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Speaker 2: Specifically target you. And how does that send? Now? I

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Speaker 2: mean so much a personal finance has to do with what,

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Speaker 2: like what are the alternatives? And we oftentimes say that

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Speaker 2: and so, yeah, what are your alternatives? Well, it means

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Speaker 2: not earning any points were you to pay this with

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Speaker 2: you writing a check or some like an AH transfer

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Speaker 2: or like somebody.

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Speaker 1: Yeah, to somebody who the same advice applies no matter what, Well,

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Speaker 1: they're just not thinking enough, right, like it, if the

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Speaker 1: advice is to always pay off your mortgage, well, given today's.

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Speaker 2: Environment, what are the alternatives? Yeah, it seems more attractive today,

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Speaker 2: certainly for folks who have brand new mortgages that with

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Speaker 2: with higher rates. But for the folks who don't. Well,

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Speaker 2: there's something else that you could do with your money.

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Speaker 1: What are we talking about that in a recent Hot

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Speaker 1: of Money newsletter, by the way, didn't want to Ryan.

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Speaker 2: Okay, let's get to the beer you and I are

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Speaker 2: enjoying today. Dude is a prankster. This is by North

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Speaker 2: Coast Brewing Company. It's a Belgian style Golden Ale and

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Speaker 2: this one was donated to the show by local listener Greg.

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Speaker 1: Yeah, yeah, so lives around the corner. Drop that off

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Speaker 1: in person. Thank you, Greg, We appreciate that. We'll get

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Speaker 1: to our thoughts. This is his favorite beer, by the way,

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Speaker 1: and we'll get to our thoughts on on Greg's favorite beer.

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Speaker 2: It's a good style, yeah, not one that we often

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Speaker 2: is it? Aligash Kyrio. Isn't that a golden like a

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Speaker 2: golden Belgian as well?

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Speaker 1: It might be I think is like they do the

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Speaker 1: Aligash white, which is kind of like a Belgian white.

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Speaker 1: So Belgian white. Yeah, yeah, right. We'll give our thoughts

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Speaker 1: on on this one at the end of the episode.

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Speaker 1: But if you have a question that you'd like Matt

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Speaker 1: and I to tackle on a future episode, we'd love

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Speaker 1: to hear it. Just kind of out of money dot

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Speaker 1: com slash ask simple instructions there if you'd record a

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Speaker 1: voice memo send it over all way easy to do.

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Speaker 1: Maybe we'll take it next week.

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Speaker 2: And the weirder the better. Yeah, we love the one.

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Speaker 1: Let's say get real cray all right, but Matt, let's

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Speaker 1: get to this first one. This one comes from a

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Speaker 1: listener who just bought a home. She's pumped, but she's

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Speaker 1: also a little nervous about our finances.

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Speaker 3: Hey guys, I'm Taylor. I'm from Pennsylvania. I'm twenty three

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Speaker 3: years old, and a few months ago I bought a

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Speaker 3: house great, super excited about it.

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Speaker 2: I love it.

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Speaker 3: But since moving in and taking on all those new bills,

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Speaker 3: I've been struggling to find an effective way to budget.

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Speaker 3: I constantly find myself at the beginning of the month

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Speaker 3: figuring out my plan, and then next week I'm going

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Speaker 3: back through and redoing it. And I'm just struggling to

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Speaker 3: really help myself map out where my money needs to

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Speaker 3: go for all of those new bills that I'm taking on.

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Speaker 3: If you guys could just give your opinion, any advice

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Speaker 3: would be helpful to you help me improve with my

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Speaker 3: budgeting skills. Thanks, love you guys. Buy.

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Speaker 2: All right, Taylor, thank you so much for your question,

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Speaker 2: and I am dude full a couple things here. I'm

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Speaker 2: glad to hear that you're loving the house, and I've

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Speaker 2: got to say, I am super impressed that there are

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Speaker 2: twenty three year olds out there buying houses right like

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Speaker 2: you are most likely fresh out of school and somehow

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Speaker 2: you've got enough to put down to purchase a home,

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Speaker 2: start building up some equity. I was not in that position.

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Speaker 4: Now.

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Speaker 2: That was twenty three.

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Speaker 1: Now, Taylor, I mean in a few years time, she'll

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Speaker 1: be ready to take over hosting this podcast because she's

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Speaker 1: obviously she's on a trajectory that's much.

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Speaker 2: Better than ours. Yeah, yeah, yeahs, but we had more

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Speaker 2: room to improve rols. Oh that's true. Yeah, that's what

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Speaker 2: it's about. Don't you love one of the most improved

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Speaker 2: more that's like some time? How bad? Was I me? Right?

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Speaker 2: But uh yeah, home ownership it can be an overwhelming

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Speaker 2: thing from not only like a personal perspective, but also

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Speaker 2: from a financial perspective as well, Taylor. And I'm you know,

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Speaker 2: I'm sure that you projected out some of those increased

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Speaker 2: costs that you might encourage some of those bills, but

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Speaker 2: It's one thing to imagine and to kind of think, okay, yeah,

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Speaker 2: well I'll have to do this, I'll have to do that.

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Speaker 1: But it's another thing to actually receive those bills in

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Speaker 1: the mail, to start organizing and figuring out how it

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Speaker 1: is you're gonna you're gonna tackle all The projections are

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Speaker 1: one thing, concrete reality is another, right, and so oftentimes

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Speaker 1: you can't. It's hard to project emotions as well. And

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Speaker 1: what it feels like.

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Speaker 2: You might know that, well, yeah, I do have enough

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Speaker 2: on hand, but how do I actually go about doing this?

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Speaker 2: It feels different.

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Speaker 1: Yeah, and it can make you feel a certain way

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Speaker 1: when you're like, okay, I can handle this in my budget,

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Speaker 1: and these are the even if your projections are pretty

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Speaker 1: spot on. But then you're like, wait a second, it

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Speaker 1: feels like I don't have enough money now to go

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Speaker 1: towards the other things that I care about. So it

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Speaker 1: and it's not just folks who are buying a new home,

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Speaker 1: by the way, but even just moving into a new

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Speaker 1: apartment right that someone's running that can throw a wrench

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Speaker 1: into your personal finances. We're talking like security deposits, getting

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Speaker 1: a handle on utility start dates, and like the oftentimes

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Speaker 1: met there's like a deposit required right to start start utilities,

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Speaker 1: the costs associated with getting your previous place back in shape,

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Speaker 1: whether you're paying cleaning service or you're just spending the

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Speaker 1: money on cleaning supplies yourself. And then of course the

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Speaker 1: actual process of moving all your stuff oftentimes that costs money. Like,

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Speaker 1: unless you're a type a organizer, an uber minimalist, right,

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Speaker 1: moving can be incredibly disruptive to your life.

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Speaker 2: If you can fit everything in your suv and make

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Speaker 2: one single move, right what one drive, then props to you.

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Speaker 2: But which that's not the position that I think most

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Speaker 2: anybody I know.

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Speaker 1: My little sister is the closest to that and still

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Speaker 1: can't quite pull it off because they've got like a

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Speaker 1: couch and stuff like that they need help with, right,

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Speaker 1: But they live the minimalist like one bedroom apartment lifestyle

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Speaker 1: really well. But even still moving sucks. And it's okay, right, Taylor,

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Speaker 1: that you don't have your budget totally dialed in yet. Right,

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Speaker 1: You've likely just up into your life. You're starting this

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Speaker 1: new chapter and it's going to take some time to

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Speaker 1: get things figured out. So if it was me, I

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Speaker 1: would say be I would offer myself some grace, and

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Speaker 1: I think you should offer yourself some grace knowing that

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Speaker 1: it's going to take time.

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Speaker 2: Hopefully you have enough in reserves.

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Speaker 1: So then you're like freaking out from a financial perspective, like,

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Speaker 1: oh man, can I pay the mortgage next month? It

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Speaker 1: doesn't sound like you're there, But so just be a

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Speaker 1: little gracious to yourself as you're kind of even if

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Speaker 1: it's you're not perfectly dial then.

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Speaker 2: Yeah, yeah, even though it feels like you're spending might

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Speaker 2: be completely out of control and you have more bills

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Speaker 2: than you thought were possible, be patient with yourself. You like,

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Speaker 2: certainly stay organized, you know, enlist the power of auto

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Speaker 2: pay in order to streamline some of these bills. But

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Speaker 2: don't expect to nail your spending in the first few

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Speaker 2: months they're in your new house, because you can certainly

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Speaker 2: try to, but your budget is not likely going to

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Speaker 2: be immediately perfect because you're figuring things out now that

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Speaker 2: you've got that new place or it's likely new to you,

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Speaker 2: right like your new place, but chances are is actually

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Speaker 2: probably old. This it's probably pretty old house. Yeah, and

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Speaker 2: so it doesn't matter that your power built in the

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Speaker 2: apartment averaged like forty dollars a month. If you've got

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Speaker 2: one hundred year old bungalow that's not insulated, like you

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Speaker 2: might be paying closer to like triple that.

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Speaker 1: Yeah, it might be more space and just space. It's

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Speaker 1: less efficient, that's true.

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Speaker 2: Yeah, So for now, like I would focus on making

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Speaker 2: sure that you're just doing a great job tracking your

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Speaker 2: expenses right, that they are all account four, that you've

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Speaker 2: got these expenses down on paper or you got them

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Speaker 2: down in Excel, rather than actually budgeting your expenses. But

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Speaker 2: then you know, after a couple of months, after you've

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Speaker 2: got your arms around everything your expenses, they'll be dialed

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Speaker 2: in and you can even then start to tighten the belt, right,

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Speaker 2: you can ratchet in, you can rain in some of

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Speaker 2: your spending a little bit maybe where you see some slack.

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Speaker 2: But initially I would just be focused on making sure

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Speaker 2: that there aren't bills slipping through the cracks, that you're

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Speaker 2: catching everything, and then after a little while then you

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Speaker 2: can work on essentially getting back to pre house Tailor,

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Speaker 2: because I feel like prehouse Taylor had things figured out. Yeah,

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Speaker 2: you know, based on the fact that she was a

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Speaker 2: able to buy a home at the age of twenty

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Speaker 2: three and just the way she's talking about it. She's like, Okay,

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Speaker 2: I've made a budget at the beginning of the month,

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Speaker 2: but then a week later, I'm realizing that it's completely

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Speaker 2: gone to crack. So she's just wrestling a different animal.

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Speaker 2: Now it's a completely different animal. And she just has

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Speaker 2: a very high standard, is what I'm gathering. She's got

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Speaker 2: a very high standard for herself as to what it is, like,

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Speaker 2: how it is that her performances or that her finances

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Speaker 2: should be.

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Speaker 1: Yeah, and it's one thing to like we said like project, Hey,

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Speaker 1: this one, I think the budget's going to be like

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Speaker 1: and then it's another thing in reality to have three

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Speaker 1: months worth of documentation and now you can, I think,

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Speaker 1: come up with a more realistic budget based on the

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Speaker 1: facts on the ground, like you're saying, Matt, And this

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Speaker 1: doesn't even account, by the way, for the fun house purchases.

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Speaker 1: The tailor probably wants to make right bills, they're kind

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Speaker 1: of boring. They're a steady thing, like the electricity bill

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Speaker 1: or the gas bill, whatever it is. Those are the

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Speaker 1: kind of thing where you're like, yeah, I got to

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Speaker 1: figure out how much I'm going to allocate towards that

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Speaker 1: every month and that's.

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Speaker 2: Going to be a hard and fast rule.

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Speaker 1: But I'm guessing on top of that tailor, you probably

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Speaker 1: want to make this place feel more like you, Right,

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Speaker 1: you want to buy some new curtains, or even just

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Speaker 1: painting walls, right, that costs money. That's one of the

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Speaker 1: cheapest things, right, that you can do to update your

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Speaker 1: place and make it.

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Speaker 2: Cost high impacts.

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Speaker 1: Yeah, exactly, Yeah, painting a few walls can completely change

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Speaker 1: your space in a really awesome way. Or even wallpaper, well,

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Speaker 1: but that's even more expensive than paint. Wallpaper's in it is,

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Speaker 1: but as it's more physical labor than I like.

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Speaker 2: To particularly, you've got to be skilled to put up wallpaper,

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Speaker 2: even though even the pianistic stuff is that easy. I

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Speaker 2: don't know, I've never personally, I've never stuck up wallpaper.

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Speaker 2: But the you see, you know, like we like perusing

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Speaker 2: zillow still and our local coffee shop they just opened

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Speaker 2: the interior, they've got wallpaper like a custom kind of design.

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Speaker 2: Wallpaper is totally it's totally back. Yeah, but it is.

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Speaker 2: It is.

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Speaker 1: It's just maybe harder to actually apply than slapping some paps. Yeah,

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Speaker 1: I remember, I remember, like that you have to use

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Speaker 1: like the steam things to get wallpaper off.

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Speaker 2: To get it all. Yeah, I know how to get

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Speaker 2: wallpaper off. Yeah, yeah, plaster because that's something I did

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Speaker 2: when we flipped the house like eight years ago or

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Speaker 2: something like that.

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Speaker 1: Yeah, so so never stuck it up. Yeah, wallpaper, it's

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Speaker 1: one of those things. Yeah, it's going to cost you

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Speaker 1: even more than the paint. But I guess one quick

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Speaker 1: piece of advice we would offer on that front would

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Speaker 1: be to write down a lot of the work right

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Speaker 1: that you want to do to the home, and maybe

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Speaker 1: even a few of the furniture decorative items that you

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Speaker 1: want to buy. And once you have those listed, I

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Speaker 1: would prioritize them, come up with like a reasonable time

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Speaker 1: frame for addressing each of these things given the amount

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Speaker 1: of money in the bandwidth that you have, and always

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Speaker 1: keep some money in reserve for unexpected maintenance items. And

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Speaker 1: by the way, when you have that list kind of

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Speaker 1: figured out, look towards used websites, Look toward Facebook, look

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Speaker 1: towards Facebook, Marketplace, right in eBay and mrcari whatever like

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Speaker 1: those kinds of sites, so you can maybe find some

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Speaker 1: of those things for a whole lot cheaper than you'd

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Speaker 1: otherwise then you'd otherwise spend going straight to target or homegoing.

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Speaker 2: It made me think back to there's this an auction

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Speaker 2: that you and I like, back, this is a lot.

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Speaker 2: We didn't even have kids at this point. Urban outfitters auction.

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Speaker 2: It was like an urban outfitters slash anthropology auction. It

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Speaker 2: was basically returns that people would make and stuff that

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Speaker 2: they couldn't resell. And man, I remember that was perfect timing.

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Speaker 2: We still have a rocking chair with a broken leg

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Speaker 2: that I like would glued back together. Yeah, but like

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Speaker 2: there are these amazing Persian rugs that we purchased there.

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Speaker 2: Like we even bought a man We bought like an

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Speaker 2: athropology sofa. I think for like eighty bucks that we

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Speaker 2: just ended up flipping because it didn't work out for

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Speaker 2: our space. But I think being creative and trying to

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Speaker 2: find ways maybe some some non traditional places where you

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Speaker 2: could outfit your home might be a great way to go.

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Speaker 2: But you mentioned keeping some money on reserve. That is

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Speaker 2: so important once you especially once you have a house,

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Speaker 2: because there is no landlord to call. When a toilet

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Speaker 2: starts to leak. You wait to call your old landlord,

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Speaker 2: but they'll hang up on you. When your dishwasher breaks. Yeah,

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Speaker 2: they're not gonna send somebody else to take care of that.

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Speaker 2: Hey when dishwasher broke. Sorry, that's cool, I miss yea.

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Speaker 2: And so just like you're gonna need to give yourself

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Speaker 2: a little more grace, like we talked about there, right,

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Speaker 2: a little more margin because you don't have your your

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Speaker 2: budget sorted out. Well, You're also gonna need to give

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Speaker 2: your money a little more margin as well, because back

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Speaker 2: when you're running, maybe you felt totally fine with just

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Speaker 2: three months of living expenses on hand, but with a

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Speaker 2: house that you are fully responsible for, I think it

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Speaker 2: could make make a lot of sense to maybe pad

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Speaker 2: out that emergency fund, maybe something a little closer to

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Speaker 2: six months worth of living expenses, when before you thought

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Speaker 2: that seems ridiculous.

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Speaker 1: You could probably tell by looking at your roof how

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Speaker 1: old it is and whether or not it needs to

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Speaker 1: be replaced in the near future.

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Speaker 2: Machinele's curling a little bit. Yeah, So then like, all right,

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Speaker 2: you're probably gonna need to replace that roof in then,

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Speaker 2: right next five years. And that's I'm sure you got

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Speaker 2: a house inspection as well, and so I'm sure you're

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Speaker 2: aware of some of these potential repairs that are going

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Speaker 2: to be costly that might be on the horizon, but

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Speaker 2: just keep that in mind. It's not just so right now,

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Speaker 2: I think it's smart maybe to just just you've got

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Speaker 2: the single emergency fund, and it's worth expanding that out.

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Speaker 2: But over time, there are some of these expenses that

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Speaker 2: you want to actually plan for. You want to set

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Speaker 2: up sinking funds, you want to have savings buckets because

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Speaker 2: you know that, oh yeah, at some point, I'm going

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Speaker 2: to have to completely redo the bathroom because again it's

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Speaker 2: one hundred years old. So was it like back in

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Speaker 2: the day, they didn't have like concrete board. Instead they

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Speaker 2: just laid this one foot thick thing of concrete, really

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Speaker 2: put the tile on. And so if anybody that's try

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Speaker 2: to renovate an old bathroom like that has personally experienced,

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Speaker 2: I'm sure the amount of concrete that is virtually impossible

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Speaker 2: to remove. But that's a costly thing, and it's just

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Speaker 2: worth starting to a triage and make sure that you

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Speaker 2: have enough on hand to kind of whather some of

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Speaker 2: these some of these housing storms, some of these different repairs.

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Speaker 2: But then over time you want to start identifying some

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Speaker 2: specific things that you want addressed and really to set

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Speaker 2: aside sinking funds to address those future expenses. Right now,

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Speaker 2: this turning into an episode of this Old House, which

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Speaker 2: is fine. I mean we can do.

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Speaker 1: That, wallpaper, plaster, what else, roofs, Yeah, all sorts of stuff.

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Speaker 1: We've dressed it all, I'm sure, Taylor hopefully not trying

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Speaker 1: to overwhelm you. Hopefully you And it sounds like you

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Speaker 1: come from a place of having had a good budget

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Speaker 1: for a while, Like you know what you're doing, You're

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Speaker 1: you just centered a new frontier and then you know,

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Speaker 1: reorganize your budget to include kind of the new expenses

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Speaker 1: that you've got come in your way, and like Matt said,

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Speaker 1: add a little extra margin in there as well, because

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Speaker 1: that just provides not only the financial backstop, but kind

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Speaker 1: of distresses everything at the same time. But best of luck,

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Speaker 1: keep up the good work, tailor, Matt. We got more

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Speaker 1: questions to get to, including one about inheriting precious metals.

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Speaker 1: What do you do with gold bars? We'll talk about

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Speaker 1: that in just a little bit.

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Speaker 2: We are back from the break and we will get

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Speaker 2: to that question about silver and gold and no we're

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Speaker 2: not talking out the seton students over album. What are

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Speaker 2: you singing that second old holiday song. Oh is it?

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Speaker 4: Yeah?

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Speaker 2: It's funny because I was thinking Silver and Gold. Isn't

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Speaker 2: that the name of the Suton it Is album, a

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Speaker 2: second like five CD Christmas album that he released. Okay,

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Speaker 2: we will get to that one here in a second,

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Speaker 2: but first let's take a question about student loans.

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Speaker 5: Hi, Matt, and Joel, this is Camille calling from Saint Paul, Minnesota,

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Speaker 5: the greatest city in our state, and I've got a

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Speaker 5: question for you related to student loan repayment and the

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Speaker 5: saved Plan. I'm on PSLF and expect that my loans

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Speaker 5: will be forgiven pretty soon. However, my spouse also graduated

401
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Speaker 5: with a bunch of student loans, each of which were

402
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Speaker 5: individually below twelve thousand in their original principal balance, and

403
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Speaker 5: he's been on an income driven repayment plan for more

404
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Speaker 5: than ten years. As we approach the end of the

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Speaker 5: student loan pause, we want to have our plan ready

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Speaker 5: and I'm hoping you can shed a little light on

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Speaker 5: the situation. From what I understand, it sounds like his

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Speaker 5: loans would be eligible for full forgiveness next summer, but

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Speaker 5: I'm a little uncertain because he hasn't been enrolled in

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Speaker 5: repay or save specifically the whole time. From what you know,

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Speaker 5: does the ten year oclock start when someone makes their

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Speaker 5: first payment, enrolls in an IDR plan, or enrolls in

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Speaker 5: save if he's already made ten years of payments, Could

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Speaker 5: we just not pay anything since it's the on ramp

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Speaker 5: period and then have the loans forgiven next summer when

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Speaker 5: the safe plan is fully implemented. Do months where loans

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Speaker 5: weren't paid during the student loan pause count towards the

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Speaker 5: ten years of payments? Similar to PSLF? Do you think

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Speaker 5: we should plan for forgiveness and ignore our student loans

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Speaker 5: but systematically hide gold coins in the grounds like squirrels

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Speaker 5: hiding acorns. That seems like the best option sometimes. Thanks

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Speaker 5: so much and I look forward to your answer.

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Speaker 2: All right, we got another reference to gold coins.

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Speaker 1: Yeah, yeah, okay, we'll talk a lot about goldlan the

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Speaker 1: sas well. And Man, I couldn't tell. Is Camille incredibly

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Speaker 1: proud of her city or she ragging on the rest

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Speaker 1: of Minnesota.

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Speaker 2: She's like, it's great here? Does it suck there? Does

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Speaker 2: the suck in the restaurant? I doubt it. I'm sure

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Speaker 2: Minnesota's a great I don't know, maybe she really is like, yeah, no,

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Speaker 2: the rest.

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Speaker 1: Of the state that's not so great. Come here, don't

433
00:18:59,480 --> 00:19:01,600
Speaker 1: go there. But all right, let's talk about student loans, Matt.

434
00:19:01,640 --> 00:19:05,720
Speaker 1: Let's talk about payments resuming. And first off, Camille, congrats

435
00:19:05,720 --> 00:19:09,880
Speaker 1: on having your loans forgiven soon. People on PSLF, Matt

436
00:19:09,960 --> 00:19:14,119
Speaker 1: have in particular made out like bandits during this payment pause.

437
00:19:14,240 --> 00:19:16,800
Speaker 1: That's because like the three and a half years of

438
00:19:17,000 --> 00:19:20,639
Speaker 1: not having payments at all, well, it counted as making

439
00:19:20,680 --> 00:19:23,639
Speaker 1: on time payments on the ten year timeline.

440
00:19:23,119 --> 00:19:25,680
Speaker 2: So like it counted towards that ten year Yeah, those

441
00:19:25,760 --> 00:19:27,600
Speaker 2: one hundred and twenty payments, like a third of the

442
00:19:27,600 --> 00:19:30,840
Speaker 2: timeline was consumed of having made on time payments by

443
00:19:30,880 --> 00:19:31,360
Speaker 2: not having to.

444
00:19:31,760 --> 00:19:35,679
Speaker 1: Make actual payments at all. So yeah, Camille in particular

445
00:19:35,840 --> 00:19:37,719
Speaker 1: is like a beneficiary of that, and as well as

446
00:19:37,760 --> 00:19:40,280
Speaker 1: everyone else who's on their way to PSLF. And the

447
00:19:40,280 --> 00:19:42,000
Speaker 1: cool thing too on top of that is you owe

448
00:19:42,080 --> 00:19:44,639
Speaker 1: no tax on the forgiven amount either. That's not the

449
00:19:44,680 --> 00:19:49,280
Speaker 1: case necessarily there's for every single loan type, but anybody

450
00:19:49,400 --> 00:19:53,040
Speaker 1: enrolled in PSLF, the amount that is forgiven is not taxable,

451
00:19:53,080 --> 00:19:55,080
Speaker 1: which is cool too. So it's pretty sweet set up

452
00:19:55,119 --> 00:19:56,960
Speaker 1: or pumps for you, Camille, But let's talk about your

453
00:19:57,040 --> 00:19:58,880
Speaker 1: husband because he's in a bit of a different voat,

454
00:19:59,160 --> 00:20:02,360
Speaker 1: and we'll get into the nitty gritty and discuss right now.

455
00:20:02,560 --> 00:20:05,800
Speaker 2: That's right. Yeah, So first you mentioned not paying anything

456
00:20:05,920 --> 00:20:09,320
Speaker 2: until forgiveness becomes available next summer, and so let's just

457
00:20:09,480 --> 00:20:12,680
Speaker 2: generally overall for everybody here, let's address this because normally

458
00:20:13,000 --> 00:20:15,600
Speaker 2: it would be a really bad idea to not pay

459
00:20:15,680 --> 00:20:18,640
Speaker 2: on your student loans each month like clockwork. It could

460
00:20:18,680 --> 00:20:22,400
Speaker 2: result in delinquid status, could damage your credit score as well.

461
00:20:22,440 --> 00:20:24,720
Speaker 2: But that's not the case for the next year, as

462
00:20:24,760 --> 00:20:28,960
Speaker 2: the Biden administration has instituted a really basically it's like

463
00:20:28,960 --> 00:20:31,480
Speaker 2: a really long on ramp to repayment. So they're calling

464
00:20:31,520 --> 00:20:32,959
Speaker 2: it as an on ramp, and it's like the longest

465
00:20:33,000 --> 00:20:36,199
Speaker 2: on ramp of on ramps in existence. But with the

466
00:20:36,240 --> 00:20:38,960
Speaker 2: save plan, folks who don't pay on their loans for

467
00:20:39,000 --> 00:20:41,400
Speaker 2: a full year, they're still not going to have those

468
00:20:41,480 --> 00:20:43,720
Speaker 2: late payments reported. They're not going to have their credit

469
00:20:43,720 --> 00:20:47,600
Speaker 2: scores dinged up or neither will they be sent to

470
00:20:47,680 --> 00:20:50,880
Speaker 2: collections either. It's again sort of like a payment pause extension.

471
00:20:51,200 --> 00:20:52,960
Speaker 2: But truly they're just calling it something else. They're just

472
00:20:52,960 --> 00:20:55,399
Speaker 2: calling it this the save on ramp just so that

473
00:20:55,400 --> 00:20:57,520
Speaker 2: folks aren't surprised once those payments.

474
00:20:57,640 --> 00:21:00,719
Speaker 1: They're trying to bridge the gap essentially between now and

475
00:21:00,880 --> 00:21:03,239
Speaker 1: next July, when the rest of the safe plan kicks in.

476
00:21:03,320 --> 00:21:04,800
Speaker 1: Like some of the elements kick in now, some of

477
00:21:04,840 --> 00:21:07,959
Speaker 1: the elements don't fully kick in until ly of next year,

478
00:21:08,040 --> 00:21:10,520
Speaker 1: until summer of next year. So what we would tell

479
00:21:10,560 --> 00:21:12,000
Speaker 1: you if you opt to go that route is to

480
00:21:12,080 --> 00:21:14,560
Speaker 1: keep in mind that interest will continue to accrue, right

481
00:21:14,760 --> 00:21:17,320
Speaker 1: if you don't make those new monthly payments under the

482
00:21:17,359 --> 00:21:19,800
Speaker 1: save plan. And by the way, if you already had

483
00:21:19,960 --> 00:21:22,520
Speaker 1: unpaid interest, it's not going to disappear. You still have

484
00:21:22,520 --> 00:21:25,080
Speaker 1: to pay that down. But if borrowers do make their

485
00:21:25,119 --> 00:21:28,040
Speaker 1: monthly payment, the good news is that interest will not accrue, right,

486
00:21:28,040 --> 00:21:30,120
Speaker 1: You're not going to see your balance grow up due

487
00:21:30,160 --> 00:21:32,520
Speaker 1: to interest tracking up. So those are like the finer

488
00:21:32,560 --> 00:21:35,240
Speaker 1: points the details. So basically, if you're one hundred percent

489
00:21:35,240 --> 00:21:37,919
Speaker 1: sure that this loan is going to be forgiven, you

490
00:21:37,960 --> 00:21:40,000
Speaker 1: might want to take this route. But if you're not,

491
00:21:40,400 --> 00:21:42,879
Speaker 1: you could up in a worse spot with those student loans.

492
00:21:43,119 --> 00:21:45,560
Speaker 1: Then you'd otherwise be in going that route.

493
00:21:45,640 --> 00:21:47,800
Speaker 2: That's right. And as far as what your husband should,

494
00:21:47,920 --> 00:21:49,600
Speaker 2: I guess what you and your husband should be moving forward.

495
00:21:49,640 --> 00:21:52,360
Speaker 2: Your husband should definitely sign up for SAVE if he's

496
00:21:52,400 --> 00:21:55,400
Speaker 2: not automatically enrolled. You can do that via the Department

497
00:21:55,400 --> 00:21:57,719
Speaker 2: of Education's website. You can do that right now too,

498
00:21:57,760 --> 00:22:00,159
Speaker 2: and it's advisable to do it now. Yeah, And the

499
00:22:00,200 --> 00:22:03,359
Speaker 2: way those loans are considered eligible for forgiveness is based

500
00:22:03,400 --> 00:22:06,560
Speaker 2: on payments, not the length of time that he was

501
00:22:06,640 --> 00:22:11,000
Speaker 2: enrolled in a repayment plan, not after say it has

502
00:22:11,040 --> 00:22:13,800
Speaker 2: been implemented. It doesn't kick in, you know, with like

503
00:22:13,840 --> 00:22:16,880
Speaker 2: the first payment with that new plan. So it says

504
00:22:16,880 --> 00:22:20,679
Speaker 2: specifically on the Department of Education's website, quote borrowers with

505
00:22:20,800 --> 00:22:23,720
Speaker 2: original principal balances of twelve thousand dollars or less well

506
00:22:23,760 --> 00:22:28,080
Speaker 2: receive forgiveness of any remaining balance after making ten years

507
00:22:28,119 --> 00:22:32,280
Speaker 2: of payments, with the maximum repayment period before forgiveness rising

508
00:22:32,280 --> 00:22:34,359
Speaker 2: by one year for every additional one thousand dollars borrowed.

509
00:22:34,400 --> 00:22:36,159
Speaker 2: So even if you're listening and you're like, oh man,

510
00:22:36,160 --> 00:22:38,840
Speaker 2: I'm really close to that twelve but I'm actually over well,

511
00:22:39,040 --> 00:22:42,119
Speaker 2: you still qualify for forgiveness, but it might be a

512
00:22:42,200 --> 00:22:44,560
Speaker 2: year or two extended depending on how much you've borrowed.

513
00:22:45,520 --> 00:22:48,440
Speaker 2: But payments made before you opt into the Safe Plan

514
00:22:48,560 --> 00:22:51,800
Speaker 2: are going to count towards the forgiveness timeline. So it's

515
00:22:52,040 --> 00:22:55,800
Speaker 2: previous payments made in future payments as well. It doesn't

516
00:22:55,920 --> 00:22:59,160
Speaker 2: just qualify folks who are moving, say like fresh out

517
00:22:59,160 --> 00:23:01,040
Speaker 2: of school and they are now getting started with the

518
00:23:01,080 --> 00:23:05,760
Speaker 2: Safe Plan. Your payments totally count. And similar to your

519
00:23:05,800 --> 00:23:09,320
Speaker 2: PSLF plan, those those forty plus months of no payments,

520
00:23:09,320 --> 00:23:11,120
Speaker 2: they will count towards this timeline.

521
00:23:11,200 --> 00:23:14,159
Speaker 1: From everything we've read, those count as well towards the timeline.

522
00:23:14,280 --> 00:23:17,119
Speaker 1: So it's gonna make a lot of people eligible pretty

523
00:23:17,160 --> 00:23:19,160
Speaker 1: quickly for some of this new forgiveness once it rolls

524
00:23:19,160 --> 00:23:19,879
Speaker 1: around next summer.

525
00:23:20,600 --> 00:23:22,320
Speaker 2: It's why this is this the new SafeLane is such

526
00:23:22,359 --> 00:23:24,680
Speaker 2: a huge stinking deal. Yeah, Like there is a lot

527
00:23:24,720 --> 00:23:26,800
Speaker 2: of student loans that are being forgiven. And we said,

528
00:23:26,840 --> 00:23:28,680
Speaker 2: you and I said, from the moment it was announced

529
00:23:28,720 --> 00:23:30,280
Speaker 2: that this is actually a bigger deal than just the

530
00:23:30,320 --> 00:23:33,359
Speaker 2: blanket forgiveness that the Biden administration tried to and failed

531
00:23:33,359 --> 00:23:36,480
Speaker 2: to pass. Right, that this is going to provide more

532
00:23:36,520 --> 00:23:39,520
Speaker 2: financial relief than just a blanket ten or twenty kin forgiveness,

533
00:23:39,560 --> 00:23:42,680
Speaker 2: and it looks like from everything we can tell that

534
00:23:42,680 --> 00:23:44,960
Speaker 2: that's going to be true, like one hundred percent true.

535
00:23:45,080 --> 00:23:47,080
Speaker 2: This is going to be a massive game changer for

536
00:23:47,119 --> 00:23:50,520
Speaker 2: people's student loans. So, and then the question that Camille

537
00:23:50,520 --> 00:23:53,640
Speaker 2: had was, well, should she bank on this forgiveness taking

538
00:23:53,680 --> 00:23:57,480
Speaker 2: place and squirrel her gold coins away right in the ground,

539
00:23:57,600 --> 00:24:00,720
Speaker 2: which I mean, I think we like the conservative in

540
00:24:00,720 --> 00:24:01,280
Speaker 2: a lot of ways.

541
00:24:01,280 --> 00:24:03,080
Speaker 1: I mean, there's some ways in which probably you and

542
00:24:03,080 --> 00:24:05,640
Speaker 1: I are not conservative. But when it comes to counting

543
00:24:05,640 --> 00:24:06,920
Speaker 1: your chickens for the hatch, there was a lot of

544
00:24:06,920 --> 00:24:10,280
Speaker 1: people who did that with the student loan forgiveness declaration, right,

545
00:24:10,320 --> 00:24:12,119
Speaker 1: they were like, okay, cool, let me spend all this

546
00:24:12,160 --> 00:24:14,359
Speaker 1: extra money. Then I'm going to pretend my student loans exist,

547
00:24:14,400 --> 00:24:15,720
Speaker 1: and then they're gonna get wiped out. They had a

548
00:24:15,760 --> 00:24:19,119
Speaker 1: rude awakening. Yeah, so we would say on this, well,

549
00:24:19,440 --> 00:24:23,000
Speaker 1: don't actually spend the money right until the forgiveness comes

550
00:24:23,000 --> 00:24:25,320
Speaker 1: to pass. The safe Plan has been in the works

551
00:24:25,320 --> 00:24:27,359
Speaker 1: for a bunch of months. I think this is going

552
00:24:27,400 --> 00:24:28,879
Speaker 1: to stick around. I don't think this is going to

553
00:24:29,200 --> 00:24:32,199
Speaker 1: face the same sorts of legal opposition, but it is

554
00:24:32,240 --> 00:24:33,880
Speaker 1: susceptible to legal challenges and so.

555
00:24:33,840 --> 00:24:34,680
Speaker 2: You just got happen.

556
00:24:34,840 --> 00:24:39,840
Speaker 1: Yeah, I would not spend the money before seeing the

557
00:24:40,560 --> 00:24:42,320
Speaker 1: forgiven and full statement come in the mail.

558
00:24:42,400 --> 00:24:42,520
Speaker 2: Right.

559
00:24:42,600 --> 00:24:45,160
Speaker 1: So while you might not want to make payments right now,

560
00:24:45,200 --> 00:24:47,200
Speaker 1: and you might both have these loans forgiven really soon,

561
00:24:47,400 --> 00:24:49,320
Speaker 1: which it sounds like it will, especially with PSLF, I

562
00:24:49,320 --> 00:24:51,360
Speaker 1: worry a whole lot less about that. It's a good

563
00:24:51,400 --> 00:24:53,080
Speaker 1: idea to save the money that you would have paid

564
00:24:53,080 --> 00:24:55,399
Speaker 1: each month toward those loans instead of spending it. Be

565
00:24:55,520 --> 00:24:58,120
Speaker 1: like the squirrel, hoard the dollars, and then once those

566
00:24:58,160 --> 00:25:01,360
Speaker 1: loans are hopefully and likely given, you'll have a ton

567
00:25:01,440 --> 00:25:04,120
Speaker 1: of financial breathing room meal a lot of options of

568
00:25:04,160 --> 00:25:06,479
Speaker 1: what you can do with the money that doesn't need

569
00:25:06,520 --> 00:25:07,720
Speaker 1: to go toward student loans anymore.

570
00:25:07,800 --> 00:25:11,080
Speaker 2: Yeah, hoard those gold coins, but don't don't eat the

571
00:25:11,240 --> 00:25:14,520
Speaker 2: acorns yet, like stop them away. And that's what's so

572
00:25:14,560 --> 00:25:17,440
Speaker 2: great given the high interest rate environment that we're in,

573
00:25:17,640 --> 00:25:20,560
Speaker 2: is that you you're not completely having all of that

574
00:25:20,680 --> 00:25:24,080
Speaker 2: money eaten away by inflation. Like we are seeing inflation

575
00:25:24,080 --> 00:25:26,360
Speaker 2: come down a little bit, and we are seeing the

576
00:25:26,880 --> 00:25:29,840
Speaker 2: rates that banks are paying on highield savings go up significantly.

577
00:25:29,880 --> 00:25:32,200
Speaker 2: So this is a perfect opportunity for you to sock

578
00:25:32,240 --> 00:25:34,359
Speaker 2: some of those dollars away, earn a lot in interest

579
00:25:34,400 --> 00:25:36,600
Speaker 2: on that have it on hand just in case that

580
00:25:36,640 --> 00:25:38,600
Speaker 2: there's some sort of legal challenge, in case there's some

581
00:25:38,640 --> 00:25:42,359
Speaker 2: sort of political scrutiny that the new safe plan comes under.

582
00:25:42,640 --> 00:25:45,080
Speaker 2: But assuming that everything moves forward like the White House

583
00:25:45,119 --> 00:25:47,480
Speaker 2: is planning, you're gonna have hopefully a chunk of money

584
00:25:47,480 --> 00:25:50,680
Speaker 2: on hand next summer to put down towards a house

585
00:25:50,760 --> 00:25:54,560
Speaker 2: to yeah do, who knows what you've got, Maybe you

586
00:25:54,640 --> 00:25:58,359
Speaker 2: never know you've got in mind? Okay, speaking of gold,

587
00:25:58,560 --> 00:26:01,439
Speaker 2: is that what she said, squirreling away? Yeah? Okay, So

588
00:26:01,520 --> 00:26:04,240
Speaker 2: we've got our question now from our listener here in

589
00:26:04,320 --> 00:26:06,120
Speaker 2: Georgia about an inheritance.

590
00:26:07,119 --> 00:26:10,479
Speaker 6: Hey guys, this is Nick from Athens, Georgia. Been listening

591
00:26:10,520 --> 00:26:13,280
Speaker 6: to the podcast for about six months. I appreciate what

592
00:26:13,320 --> 00:26:17,199
Speaker 6: you guys are doing. So my question is regarding an

593
00:26:17,280 --> 00:26:19,800
Speaker 6: inheritance that I received in the last couple of years,

594
00:26:20,240 --> 00:26:22,679
Speaker 6: the main portion of which was a four to one

595
00:26:22,760 --> 00:26:26,520
Speaker 6: K account which came with a pretty high tax liability

596
00:26:26,800 --> 00:26:30,239
Speaker 6: that I underestimated just a bit. But there were some

597
00:26:30,280 --> 00:26:34,439
Speaker 6: other portions, including some silver and gold. So my question

598
00:26:34,600 --> 00:26:36,080
Speaker 6: is what it makes sense.

599
00:26:35,880 --> 00:26:38,880
Speaker 4: To use some of that silver and gold potentially sell

600
00:26:38,920 --> 00:26:40,600
Speaker 4: it to cover some of the tax liability.

601
00:26:41,440 --> 00:26:42,280
Speaker 6: Just a little more info.

602
00:26:42,359 --> 00:26:44,800
Speaker 4: I probably do have enough cash on hand to pay

603
00:26:44,800 --> 00:26:48,600
Speaker 4: the taxes without worrying about tapping into any other reserves,

604
00:26:49,040 --> 00:26:51,560
Speaker 4: but that would lead me pretty empty on cash. Have

605
00:26:51,680 --> 00:26:54,960
Speaker 4: some sort of planned expenses coming up, might need to

606
00:26:55,000 --> 00:26:58,200
Speaker 4: get a new car, potentially replace my roof down the road,

607
00:26:58,200 --> 00:27:01,040
Speaker 4: so I don't really want to wipe my completely out.

608
00:27:01,359 --> 00:27:03,720
Speaker 4: Planned to do my own research, but just wanted to

609
00:27:03,760 --> 00:27:06,239
Speaker 4: see if you guys I did any advice on how

610
00:27:06,240 --> 00:27:09,679
Speaker 4: good of an investing strategy gold and silver is, and

611
00:27:09,720 --> 00:27:12,680
Speaker 4: then maybe where to get started if potentially get a

612
00:27:12,680 --> 00:27:14,080
Speaker 4: good price on selling it.

613
00:27:14,520 --> 00:27:17,800
Speaker 1: Thanks Nick, first off Man, sorry for your loss. And

614
00:27:17,920 --> 00:27:21,000
Speaker 1: inheritance means you've lost somebody that you love or care

615
00:27:21,000 --> 00:27:22,520
Speaker 1: about and listen to some sort of uncle you never

616
00:27:22,520 --> 00:27:24,439
Speaker 1: heard about her. That happens sometimes, Matt, where people get

617
00:27:24,480 --> 00:27:26,280
Speaker 1: an inheritance and they're like, I didn't even know that person.

618
00:27:26,600 --> 00:27:29,119
Speaker 1: I hope that was the case for you, Nick, But

619
00:27:29,119 --> 00:27:31,000
Speaker 1: but yeah, I also, Matt, I love that he said

620
00:27:31,000 --> 00:27:33,159
Speaker 1: he plans to do his own research, right, because you

621
00:27:33,200 --> 00:27:35,880
Speaker 1: totally should, Like, we will do our best to help

622
00:27:35,920 --> 00:27:38,760
Speaker 1: you here, but we're certainly not infallible. We're far from it,

623
00:27:38,800 --> 00:27:42,720
Speaker 1: and so it is. It is something that we highly suggest,

624
00:27:42,840 --> 00:27:46,200
Speaker 1: like whether you're reading our content or listening to us,

625
00:27:46,000 --> 00:27:48,520
Speaker 1: it's a good idea to make sure you're listening to

626
00:27:48,600 --> 00:27:51,280
Speaker 1: multiple sources. We would never say, like take our word

627
00:27:51,280 --> 00:27:53,920
Speaker 1: as one hundred percent gospel truth. And everyone has like

628
00:27:54,200 --> 00:27:56,560
Speaker 1: a different vantage point. Matt and I have our own

629
00:27:56,640 --> 00:27:58,719
Speaker 1: vantage points, and we try to be honest with about

630
00:27:58,840 --> 00:28:02,080
Speaker 1: our potential biases in our actual biases, but even sometimes

631
00:28:02,080 --> 00:28:04,040
Speaker 1: it's hard to recognize your own bias. So it's true

632
00:28:04,280 --> 00:28:06,439
Speaker 1: that being said to Matt, when Nick said he might

633
00:28:06,480 --> 00:28:08,520
Speaker 1: need a new car, I hope he meant new to him,

634
00:28:08,560 --> 00:28:11,359
Speaker 1: not brand spanking new. Brand new cars have gotten really

635
00:28:11,359 --> 00:28:13,399
Speaker 1: expensive these days. Think they're about to crest the fifty

636
00:28:13,480 --> 00:28:17,200
Speaker 1: k price range on average, and so you can pay

637
00:28:17,240 --> 00:28:19,560
Speaker 1: more for insurance too typically when you do that, So

638
00:28:20,320 --> 00:28:23,000
Speaker 1: upgrading to a nicer used car might make more financial sense.

639
00:28:23,000 --> 00:28:24,399
Speaker 1: But I just wanted toss that out there before we

640
00:28:24,480 --> 00:28:27,600
Speaker 1: kind of get into the nitty gritty of inheritances and

641
00:28:27,800 --> 00:28:28,440
Speaker 1: gold and silver.

642
00:28:28,600 --> 00:28:32,760
Speaker 2: That's right, but specifically Nick is asking about what to

643
00:28:32,840 --> 00:28:37,199
Speaker 2: do about this specific inheritance and man inheriting a four

644
00:28:37,240 --> 00:28:40,560
Speaker 2: to one K, it does come with some tax consequences,

645
00:28:40,600 --> 00:28:42,920
Speaker 2: and so for older listeners out there, then you want

646
00:28:42,960 --> 00:28:44,760
Speaker 2: to maybe you want to leave some money behind, some

647
00:28:45,040 --> 00:28:48,840
Speaker 2: assets for the loved ones. Wrath money makes receiving that

648
00:28:48,880 --> 00:28:53,320
Speaker 2: inheritance much easier, mainly because it eliminates the taxes that

649
00:28:53,400 --> 00:28:56,240
Speaker 2: they would otherwise owe because you've already paid taxes on

650
00:28:56,280 --> 00:28:58,720
Speaker 2: them all that money, because you know, it's a much

651
00:28:58,760 --> 00:29:01,640
Speaker 2: cleaner thing to inherent. Yeah, one way to reduce your

652
00:29:01,640 --> 00:29:03,720
Speaker 2: tax liability on that for one K Nick though, is

653
00:29:03,760 --> 00:29:06,880
Speaker 2: to leave the money in the plan for the time being.

654
00:29:07,320 --> 00:29:10,760
Speaker 2: Because of new inheritance rules, you've actually got ten years

655
00:29:11,080 --> 00:29:14,600
Speaker 2: to fully empty out that account, but you must start

656
00:29:14,640 --> 00:29:19,680
Speaker 2: taking those required required minimum distributions those rmds from the

657
00:29:19,720 --> 00:29:24,120
Speaker 2: inherited IRA by December thirty first of the year following

658
00:29:24,360 --> 00:29:27,560
Speaker 2: the original owner's death. So kind of keep that timetable,

659
00:29:27,600 --> 00:29:30,320
Speaker 2: that timeline in mind. And since you pay tax on

660
00:29:30,360 --> 00:29:33,440
Speaker 2: the distributions that you take, it's likely best to plan

661
00:29:33,520 --> 00:29:35,880
Speaker 2: to take these distributions over a longer period of time,

662
00:29:35,920 --> 00:29:38,920
Speaker 2: right where you're stretching it out, potentially reducing your overall

663
00:29:38,960 --> 00:29:42,280
Speaker 2: tax liability, but at least not giving you a massive

664
00:29:42,360 --> 00:29:44,160
Speaker 2: headache for you to do it in a single year

665
00:29:44,200 --> 00:29:49,160
Speaker 2: where it takes significantly increases the tax back of that year.

666
00:29:49,240 --> 00:29:51,560
Speaker 1: If you liquidate the whole thing in one fell swoop, yeah,

667
00:29:51,560 --> 00:29:53,840
Speaker 1: that's going to cause a meaningful tax issue in that

668
00:29:53,880 --> 00:29:56,080
Speaker 1: specific year amount. What you're saying is like, hey, no,

669
00:29:56,160 --> 00:29:59,000
Speaker 1: take smaller distributions over a decade like you're allowed to

670
00:29:59,000 --> 00:30:01,840
Speaker 1: do under the law, and that's probably going to work

671
00:30:01,840 --> 00:30:05,280
Speaker 1: out better for you from an overall tax perspective. But

672
00:30:05,760 --> 00:30:08,400
Speaker 1: even if if it's not from an overall perspective perspective,

673
00:30:08,400 --> 00:30:12,440
Speaker 1: at least it's going to help you plan more effectively. Right,

674
00:30:12,760 --> 00:30:15,240
Speaker 1: Let's talk about precious metals. Like you said that Nick

675
00:30:15,280 --> 00:30:17,720
Speaker 1: said that he inherited silver and gold too. Sounds like

676
00:30:17,720 --> 00:30:19,120
Speaker 1: that was on top of the four one K, and

677
00:30:19,120 --> 00:30:20,640
Speaker 1: then based on the way you talked about it, it

678
00:30:20,680 --> 00:30:23,800
Speaker 1: makes me think that you inherited literal, physical gold and silver.

679
00:30:23,880 --> 00:30:24,880
Speaker 1: So I'm not sure if that was in like a

680
00:30:24,880 --> 00:30:28,200
Speaker 1: safety deposit boxer or you know, how that came to you,

681
00:30:28,240 --> 00:30:31,080
Speaker 1: but it made it sound like you're not you did

682
00:30:31,080 --> 00:30:34,080
Speaker 1: not inherit like an ETF that tracks precious metals, which

683
00:30:34,080 --> 00:30:35,280
Speaker 1: would be so much easier to say.

684
00:30:35,440 --> 00:30:36,840
Speaker 2: It sounds like he's like, what do I do with

685
00:30:36,880 --> 00:30:39,520
Speaker 2: this gold? Right, I've got on handle? What what do

686
00:30:39,560 --> 00:30:40,000
Speaker 2: I sell it?

687
00:30:40,000 --> 00:30:41,720
Speaker 1: And we're not really You and I were not fans

688
00:30:41,720 --> 00:30:44,000
Speaker 1: of investing in gold, whether it's physical or whether it's

689
00:30:44,040 --> 00:30:45,920
Speaker 1: some sort of fun that tracks the price of gold

690
00:30:46,200 --> 00:30:51,080
Speaker 1: about platinum. And so the thing is though, like it

691
00:30:51,160 --> 00:30:54,160
Speaker 1: is at least easier and comes with fewer transaction costs

692
00:30:54,160 --> 00:30:56,840
Speaker 1: if you have a fund that owns precious metals and

693
00:30:56,880 --> 00:30:59,880
Speaker 1: not the actual precious metals themselves. So if you have

694
00:31:00,400 --> 00:31:02,360
Speaker 1: physical silver and gold, I would want to sell it

695
00:31:02,400 --> 00:31:04,920
Speaker 1: to It's just a risky asset to have on hand.

696
00:31:05,880 --> 00:31:07,600
Speaker 1: But here's the thing. Buying and selling comes with a

697
00:31:07,720 --> 00:31:10,480
Speaker 1: hire was known as bid ask spread, which means that

698
00:31:10,520 --> 00:31:12,880
Speaker 1: you don't get the full value of your investment when

699
00:31:12,880 --> 00:31:15,760
Speaker 1: you're selling it. You've probably heard ads for like precious

700
00:31:15,760 --> 00:31:18,440
Speaker 1: metal companies on old school radio, right, And we don't

701
00:31:18,480 --> 00:31:19,880
Speaker 1: recommend buying any right.

702
00:31:19,960 --> 00:31:21,600
Speaker 2: Not even on old school radio, even though I'm like,

703
00:31:21,800 --> 00:31:24,640
Speaker 2: I've heard ads from podcasts, yeah, precious metals and hopefully yes,

704
00:31:24,720 --> 00:31:26,480
Speaker 2: hopefully not on ours. And if you hear that, let

705
00:31:26,600 --> 00:31:28,440
Speaker 2: us know, we'll try to make sure it's taken off

706
00:31:28,680 --> 00:31:32,000
Speaker 2: because sometimes there ads that are on our show that

707
00:31:32,040 --> 00:31:34,040
Speaker 2: we don't know. We don't know the running so give

708
00:31:34,120 --> 00:31:35,960
Speaker 2: us the heads up so that those ads aren't going

709
00:31:35,960 --> 00:31:39,680
Speaker 2: out to other listeners who might not be the wiser, right, sure,

710
00:31:39,720 --> 00:31:41,920
Speaker 2: and so, yeah, so you might hear those ads. But

711
00:31:42,000 --> 00:31:44,480
Speaker 2: whether we're talking about physically owning gold, having them in

712
00:31:44,600 --> 00:31:48,040
Speaker 2: your in your actual possession, sticking them under your mattress,

713
00:31:48,080 --> 00:31:50,400
Speaker 2: however you might store those, or owning an ETF that

714
00:31:50,480 --> 00:31:53,400
Speaker 2: owns bullion like it's it's not a good idea for

715
00:31:53,440 --> 00:31:57,080
Speaker 2: most people. In fact, we would rather see you invest

716
00:31:57,240 --> 00:32:00,560
Speaker 2: in the American the world economy as opposed to investing

717
00:32:00,640 --> 00:32:04,440
Speaker 2: in a hedge asset like gold. For most people, it

718
00:32:04,560 --> 00:32:06,440
Speaker 2: just it doesn't need to be a part of their portfolio.

719
00:32:06,520 --> 00:32:08,880
Speaker 2: And here's the thing too, it's really important to think

720
00:32:08,920 --> 00:32:10,880
Speaker 2: about whether or not you would go out and proactively

721
00:32:10,880 --> 00:32:14,120
Speaker 2: buy these things that you've inherited, because if you wouldn't

722
00:32:14,120 --> 00:32:15,720
Speaker 2: go out, if you weren't saying, you know, what's missing

723
00:32:15,760 --> 00:32:18,480
Speaker 2: in my portfolio some silver and gold, if you weren't

724
00:32:18,480 --> 00:32:21,480
Speaker 2: saying that already, then there's no reason to keep this around. Right,

725
00:32:21,600 --> 00:32:24,120
Speaker 2: it makes sense to sell whatever just came into your

726
00:32:24,120 --> 00:32:26,840
Speaker 2: life if it's not something you're proactively pursuing already. Yeah,

727
00:32:26,920 --> 00:32:29,160
Speaker 2: I mean I would think I would approach this in

728
00:32:29,200 --> 00:32:32,320
Speaker 2: the same way that we approach folks who say we're

729
00:32:32,400 --> 00:32:35,240
Speaker 2: given a certain amount of stock from a family member.

730
00:32:35,320 --> 00:32:37,520
Speaker 2: This is literally a question that we've gotten before. They're like, oh,

731
00:32:37,560 --> 00:32:39,720
Speaker 2: my mom got me the stock starting at the or

732
00:32:39,760 --> 00:32:42,280
Speaker 2: my grandma did at the bought me one stock of

733
00:32:42,320 --> 00:32:44,440
Speaker 2: Coca cola every year since I was five years old

734
00:32:44,480 --> 00:32:46,560
Speaker 2: until I was twenty one, or something like that. And

735
00:32:46,760 --> 00:32:48,760
Speaker 2: similar to that advice, if you want to say, maybe

736
00:32:48,840 --> 00:32:51,760
Speaker 2: keep one share, So in this case, if you want

737
00:32:51,800 --> 00:32:53,800
Speaker 2: to keep like one gold coin just as like a

738
00:32:53,880 --> 00:32:56,360
Speaker 2: memento or just like as it keepsake, I'm totally fine

739
00:32:56,360 --> 00:32:58,000
Speaker 2: with that. Frame it, put it on the wall, or

740
00:32:58,240 --> 00:33:00,440
Speaker 2: even just like carry in your pocket kind of cool.

741
00:33:00,480 --> 00:33:03,280
Speaker 2: I would hooky rabbits food. Yeah, disability, Hey, check it

742
00:33:03,280 --> 00:33:06,000
Speaker 2: out this, check out my gold coin. I think that's cool.

743
00:33:06,720 --> 00:33:09,920
Speaker 2: But Joe, what you're talking like, there's a behavioral finance

744
00:33:10,000 --> 00:33:12,800
Speaker 2: term that you're speaking to, and it's called the endowment effect.

745
00:33:13,200 --> 00:33:16,440
Speaker 2: And because we've inherited something, what happens is that we

746
00:33:16,480 --> 00:33:19,520
Speaker 2: impute added value to it even if it's not something

747
00:33:19,560 --> 00:33:22,160
Speaker 2: that we otherwise would have. You know, ever, that we

748
00:33:22,200 --> 00:33:23,880
Speaker 2: would have gone out and done if it was something

749
00:33:23,920 --> 00:33:26,239
Speaker 2: that may not have even been on a radar. But

750
00:33:26,760 --> 00:33:28,760
Speaker 2: where do you sell this gold? This is another part

751
00:33:28,760 --> 00:33:31,640
Speaker 2: of your question. The easiest option is to check online.

752
00:33:31,800 --> 00:33:34,040
Speaker 2: There are different sites that are totally legit. Cash for

753
00:33:34,080 --> 00:33:37,200
Speaker 2: Gold USA. It's one of the oldest companies, oldest sites

754
00:33:37,200 --> 00:33:40,320
Speaker 2: that's really reputable, Liberty Gold and Silver. You can sell

755
00:33:40,360 --> 00:33:41,920
Speaker 2: there as well. They've been around for a while. They're

756
00:33:41,920 --> 00:33:44,840
Speaker 2: well reviewed the market, so it's called the company's called Alloy,

757
00:33:45,240 --> 00:33:48,200
Speaker 2: but I think the RL is the alloy market. That's

758
00:33:48,240 --> 00:33:51,000
Speaker 2: another site. They make it really easy. But don't just

759
00:33:51,080 --> 00:33:53,920
Speaker 2: take the easy online path. Go to a local jewelry shop.

760
00:33:54,480 --> 00:33:56,200
Speaker 2: Maybe go to a couple of them in order to

761
00:33:56,240 --> 00:33:59,200
Speaker 2: see what they might pay. They're also pawn shops like

762
00:33:59,680 --> 00:34:02,800
Speaker 2: coin like precious metal coin shops, and they specialize in

763
00:34:02,840 --> 00:34:05,840
Speaker 2: buying and selling gold. I would totally go out there

764
00:34:05,920 --> 00:34:07,920
Speaker 2: venturing to a couple of these different places, see what

765
00:34:07,960 --> 00:34:10,920
Speaker 2: they would give. You, get some quotes, and it's not

766
00:34:11,280 --> 00:34:14,920
Speaker 2: really an efficient process, which just reinforces our belief that

767
00:34:14,960 --> 00:34:18,080
Speaker 2: gold and silver aren't great things to own, especially in

768
00:34:18,920 --> 00:34:21,799
Speaker 2: physical form. Yeah, but like literally they will buy gold

769
00:34:21,800 --> 00:34:23,600
Speaker 2: from you, and like jewelers in particular, I mean they

770
00:34:23,680 --> 00:34:26,680
Speaker 2: literally even if they're making jewelry, if they're making custom jewelry,

771
00:34:26,680 --> 00:34:28,640
Speaker 2: they get little bullion and they melt it down. So

772
00:34:28,680 --> 00:34:31,080
Speaker 2: they would do the same thing with any coins or

773
00:34:31,600 --> 00:34:34,760
Speaker 2: I don't know, dust bars that you might have around.

774
00:34:35,239 --> 00:34:37,680
Speaker 2: I was curious too, and I checked because the price

775
00:34:37,719 --> 00:34:39,880
Speaker 2: of gold is actually near right now, it's near all

776
00:34:39,920 --> 00:34:43,400
Speaker 2: time highs, which is kind of cool. And so this

777
00:34:43,400 --> 00:34:46,920
Speaker 2: shouldn't encourage you to time the market, but from an

778
00:34:46,920 --> 00:34:49,640
Speaker 2: emotional standpoint, it might help a little bit to think, well,

779
00:34:49,680 --> 00:34:52,200
Speaker 2: should I unload this? Well, maybe it softens the blow

780
00:34:52,280 --> 00:34:55,200
Speaker 2: a little bit annoying that silver is actually not quite

781
00:34:55,239 --> 00:34:57,560
Speaker 2: as high, so hopefully you've got more gold on hand

782
00:34:57,560 --> 00:35:01,440
Speaker 2: than silver. But yeah, totally unloaded, That's what I would do.

783
00:35:01,680 --> 00:35:03,760
Speaker 1: Yeah, Nick, And by the way, last piece of advice

784
00:35:03,800 --> 00:35:06,680
Speaker 1: for you, we just try to let this inheritance boost

785
00:35:06,680 --> 00:35:09,880
Speaker 1: your ability to save, invest and work towards financial independence,

786
00:35:10,080 --> 00:35:13,040
Speaker 1: right and take the boring path of investing in index

787
00:35:13,080 --> 00:35:15,799
Speaker 1: funds in your tax advantaged accounts. First I think the

788
00:35:15,800 --> 00:35:17,520
Speaker 1: more you do of that, the better off you're going

789
00:35:17,600 --> 00:35:19,319
Speaker 1: to be. And I feel like this could be kind

790
00:35:19,320 --> 00:35:22,799
Speaker 1: of an interesting sidebar to your personal finance education, but

791
00:35:22,800 --> 00:35:25,520
Speaker 1: hopefully it actually helps reroute you back on the main

792
00:35:25,600 --> 00:35:30,280
Speaker 1: track to pursue your financial knowledge and your financial acumen

793
00:35:30,840 --> 00:35:33,560
Speaker 1: even more in the coming months and years. And hopefully

794
00:35:33,560 --> 00:35:35,600
Speaker 1: it's just like, yeah, a little financial boost too as

795
00:35:35,600 --> 00:35:38,440
Speaker 1: you're trying to reach and achieve some of those goals.

796
00:35:38,480 --> 00:35:40,279
Speaker 2: Totally yeah. And by the way, the reason, I guess

797
00:35:40,320 --> 00:35:42,040
Speaker 2: part of the reason too he's talking about selling this

798
00:35:42,080 --> 00:35:44,439
Speaker 2: is to not deplete all of his cash savings on hand,

799
00:35:44,480 --> 00:35:46,680
Speaker 2: and that's totally not the position you want to find

800
00:35:46,680 --> 00:35:50,040
Speaker 2: yourself in where you have zero liquidity, you've completely wiped

801
00:35:50,040 --> 00:35:51,800
Speaker 2: out your savings and you've got some of these I

802
00:35:51,840 --> 00:35:53,840
Speaker 2: think you mentioned the car, which you addressed, but I

803
00:35:53,840 --> 00:35:56,279
Speaker 2: think he also was talking about maybe a future like

804
00:35:56,320 --> 00:35:58,560
Speaker 2: a roof down the road that might need to be replaced.

805
00:35:58,600 --> 00:36:01,400
Speaker 2: We're talking a lot to this old house, house fixes

806
00:36:01,440 --> 00:36:03,920
Speaker 2: that might need to happen. But that is why we

807
00:36:03,920 --> 00:36:05,520
Speaker 2: want you to go ahead and sell this this because

808
00:36:05,560 --> 00:36:07,839
Speaker 2: we don't want you to find yourself in a wheat

809
00:36:08,120 --> 00:36:11,040
Speaker 2: cash position. We want you to have that liquidity. Yeah,

810
00:36:11,040 --> 00:36:14,440
Speaker 2: but all right, Joe, we've got more to get to. Specifically,

811
00:36:14,520 --> 00:36:17,239
Speaker 2: we're gonna talk about umbrellas, but maybe not the kind

812
00:36:17,280 --> 00:36:19,799
Speaker 2: that you're thinking about. We'll get to that right after this.

813
00:36:29,560 --> 00:36:32,200
Speaker 2: All right, we're back Matt right now. It's probably a

814
00:36:32,239 --> 00:36:34,320
Speaker 2: really good time for us to talk about an insurance

815
00:36:34,360 --> 00:36:37,520
Speaker 2: policy that's really cheap, that provides a ton of coverage

816
00:36:37,840 --> 00:36:41,239
Speaker 2: than most people don't know about. And we actually we

817
00:36:41,320 --> 00:36:43,000
Speaker 2: call this the Facebook question of the day. There was

818
00:36:43,040 --> 00:36:45,040
Speaker 2: a great we're switching things up a little bit. Yeah,

819
00:36:45,040 --> 00:36:46,600
Speaker 2: great a Facebook post this week.

820
00:36:46,640 --> 00:36:47,840
Speaker 1: And by the way, if you're not a member of

821
00:36:47,880 --> 00:36:49,640
Speaker 1: the how to Money Facebook group, what are you doing

822
00:36:49,640 --> 00:36:51,520
Speaker 1: with your life? Unless you're just kind of trying to

823
00:36:51,520 --> 00:36:53,600
Speaker 1: stay away from social media, in which case that's totally fine.

824
00:36:53,719 --> 00:36:55,680
Speaker 1: But if you're on Facebook, the how to Money Facebook

825
00:36:55,680 --> 00:36:57,759
Speaker 1: group is the place to be. And there's always great

826
00:36:57,800 --> 00:36:59,600
Speaker 1: questions in there, and so we're like, why do why

827
00:36:59,600 --> 00:37:02,400
Speaker 1: don't if you those on occasion on the podcast, and

828
00:37:02,440 --> 00:37:05,359
Speaker 1: so listener Derek posted in there this week and he said,

829
00:37:05,480 --> 00:37:08,520
Speaker 1: I'm curious about umbrella policies. When you would you recommend

830
00:37:08,560 --> 00:37:10,719
Speaker 1: purchasing one? Is there a certain net worth where it

831
00:37:10,760 --> 00:37:12,919
Speaker 1: makes more sense to buy. He says, we don't own

832
00:37:12,920 --> 00:37:15,000
Speaker 1: a home, but I want to make sure we're protected.

833
00:37:15,120 --> 00:37:17,840
Speaker 2: Yeah, which don't forget. He included the little umbrella rainstorm

834
00:37:17,960 --> 00:37:22,440
Speaker 2: umbrella emoji, which everybody sees it. Now that I've said it,

835
00:37:22,480 --> 00:37:25,040
Speaker 2: you can picture In't it purple? I think? I don't know.

836
00:37:25,320 --> 00:37:27,720
Speaker 1: Yeah, Well then what made me think, oh, we should

837
00:37:27,719 --> 00:37:29,520
Speaker 1: talk about this on the show was listener Deanna. She

838
00:37:29,600 --> 00:37:31,640
Speaker 1: chimed in and she said, oh, man, I wish Matt

839
00:37:31,640 --> 00:37:33,000
Speaker 1: and Joeld address this on the show, and had a

840
00:37:33,000 --> 00:37:35,359
Speaker 1: bunch of likes. I'm like, okay, cool, maybe maybe this

841
00:37:35,440 --> 00:37:38,200
Speaker 1: is our impetus to talk about Yoh, so here we go. Yeah,

842
00:37:38,280 --> 00:37:40,839
Speaker 1: let's start with the definition. First off, it's it's called

843
00:37:40,840 --> 00:37:43,160
Speaker 1: an umbrella policy for a very good reason. It's this

844
00:37:43,600 --> 00:37:48,319
Speaker 1: broad based liability insurance which protects you in the case

845
00:37:48,360 --> 00:37:52,040
Speaker 1: of an accident. It's literally like an umbrella offering additional

846
00:37:52,080 --> 00:37:55,920
Speaker 1: coverage for your other policies that might end up being insufficient,

847
00:37:55,960 --> 00:37:57,960
Speaker 1: so you might have like tiny umbrellas that just don't

848
00:37:57,960 --> 00:38:01,480
Speaker 1: shield enough rain from like get let's say your homeowner's

849
00:38:01,480 --> 00:38:04,080
Speaker 1: policy or your car insurance policy or a boding policy

850
00:38:04,160 --> 00:38:06,560
Speaker 1: something like that, And this umbrella policy is like, I'm

851
00:38:06,600 --> 00:38:08,319
Speaker 1: the big boy umbrella and I'm gonna cover all the

852
00:38:08,360 --> 00:38:11,080
Speaker 1: other ones just in case maybe they're not big enough

853
00:38:11,080 --> 00:38:12,560
Speaker 1: to provide the coverage as necessary.

854
00:38:12,640 --> 00:38:15,280
Speaker 2: I do like the visual that you get with an umbrella, right,

855
00:38:15,320 --> 00:38:17,600
Speaker 2: But here's why I don't like it is because you

856
00:38:17,640 --> 00:38:20,680
Speaker 2: think umbrella policy, well, that's what goes up there, and

857
00:38:20,719 --> 00:38:23,960
Speaker 2: it takes the brunt of any client that might be made.

858
00:38:24,000 --> 00:38:27,359
Speaker 2: And that's actually that might lead you to think that, well,

859
00:38:27,360 --> 00:38:29,360
Speaker 2: that's the most important thing, but it's actually not, because

860
00:38:29,760 --> 00:38:31,560
Speaker 2: the other insurance that you have in place, it's gonna

861
00:38:31,600 --> 00:38:34,319
Speaker 2: kick in first. Like it makes me think of like

862
00:38:35,320 --> 00:38:38,800
Speaker 2: spartans or you know, like like knights or like vikings

863
00:38:38,800 --> 00:38:41,879
Speaker 2: in your case b but like they had shields that

864
00:38:42,120 --> 00:38:45,320
Speaker 2: you know, hopefully would protect them from arrows and swords

865
00:38:45,360 --> 00:38:47,879
Speaker 2: and battle axes and stuff like that. But let's say

866
00:38:48,120 --> 00:38:50,400
Speaker 2: let's say someone hits you really hard with the sword

867
00:38:50,480 --> 00:38:54,400
Speaker 2: and like the shield fails, Well, that's when the breastplate

868
00:38:54,520 --> 00:38:56,800
Speaker 2: is there to It's like the last line of defense.

869
00:38:56,840 --> 00:38:59,960
Speaker 2: And that's really what an umbrella policy is. It's there.

870
00:39:00,840 --> 00:39:03,880
Speaker 2: The limits of the initial policy are exceeded.

871
00:39:03,920 --> 00:39:07,920
Speaker 1: Yeah, so it's limited visual impact to you, is what

872
00:39:07,920 --> 00:39:09,200
Speaker 1: you'd say, Yeah, yeah, exactly.

873
00:39:09,520 --> 00:39:11,880
Speaker 2: So this kicks in whether we're talking about let's say

874
00:39:11,880 --> 00:39:13,960
Speaker 2: a car accident or you know, where your coverage is

875
00:39:14,000 --> 00:39:17,880
Speaker 2: insufficient for the damage that occurs. Or let's say if

876
00:39:17,920 --> 00:39:19,919
Speaker 2: you've got a dog and it bite someone and they've

877
00:39:19,960 --> 00:39:21,160
Speaker 2: got some medical.

878
00:39:20,880 --> 00:39:23,120
Speaker 1: Bills, and by the way, those those can add up.

879
00:39:23,120 --> 00:39:25,880
Speaker 1: I have a friend who is a lawyer, and he

880
00:39:26,120 --> 00:39:29,120
Speaker 1: personal injury lawyer, and you'd be surprised that the number

881
00:39:29,120 --> 00:39:32,000
Speaker 1: of dog bites ideals and about how much money the

882
00:39:32,040 --> 00:39:35,280
Speaker 1: person the plaintiff in that situation can command based on

883
00:39:35,440 --> 00:39:37,520
Speaker 1: the medical bills that can accrue. And so you're saying,

884
00:39:37,560 --> 00:39:40,319
Speaker 1: you're thinking, oh, yeah, come on, unlikely, but man, if

885
00:39:40,320 --> 00:39:42,640
Speaker 1: it happens, it really can be a substantial pill. And

886
00:39:42,680 --> 00:39:45,640
Speaker 1: that's when that's when umbrella insurance comes in really handy, totally.

887
00:39:45,719 --> 00:39:47,279
Speaker 2: Yeah. It is there to cover the stuff that you

888
00:39:47,360 --> 00:39:51,200
Speaker 2: hope never actually does happen. So, okay, let's I like

889
00:39:51,239 --> 00:39:53,520
Speaker 2: the car example. Let's let's say you were at fault

890
00:39:53,520 --> 00:39:56,359
Speaker 2: in a car accident. In your car insurance, it only

891
00:39:56,400 --> 00:39:58,800
Speaker 2: covers up to fifty thousand dollars for the other vehicle.

892
00:39:59,200 --> 00:40:01,480
Speaker 2: But let's say that the the car that you wrecked

893
00:40:01,520 --> 00:40:03,880
Speaker 2: because it was you know, you're it's an outfault accident.

894
00:40:04,000 --> 00:40:06,560
Speaker 2: Let's say that car was worth one hundred thousand dollars, which,

895
00:40:06,680 --> 00:40:09,279
Speaker 2: given inflation, you know, in the car market specifically, that's

896
00:40:09,320 --> 00:40:11,960
Speaker 2: not out of the question. Sure If so, well, the

897
00:40:12,040 --> 00:40:15,160
Speaker 2: driver is going to come after you personally for that

898
00:40:15,280 --> 00:40:18,640
Speaker 2: extra fifty thousand dollars. Well, that is when an umbrella

899
00:40:18,760 --> 00:40:21,960
Speaker 2: policy would come in handy. It's going to protect your assets,

900
00:40:22,200 --> 00:40:25,400
Speaker 2: the things that you own in the event that you're liable.

901
00:40:25,560 --> 00:40:27,200
Speaker 1: Yeah, yeah, and so well, let's talk about how much

902
00:40:27,200 --> 00:40:29,880
Speaker 1: it costs too, because umbrella insurance, it's in my mind,

903
00:40:29,920 --> 00:40:32,160
Speaker 1: it's kind of like Renters insurance. And the only reason

904
00:40:32,239 --> 00:40:34,319
Speaker 1: I compare the two or put them in the same

905
00:40:34,320 --> 00:40:37,160
Speaker 1: breath is because they're both pretty darn cheap, and it's

906
00:40:37,239 --> 00:40:40,480
Speaker 1: crucial for a certain segment of the population to have

907
00:40:40,920 --> 00:40:44,120
Speaker 1: these specific coverages. But instead of covering renters, which is

908
00:40:44,120 --> 00:40:46,840
Speaker 1: what Renters insurance, like tenants, every tenant should have Renters

909
00:40:46,880 --> 00:40:49,239
Speaker 1: insurance because it's so dang cheap and it's going to

910
00:40:49,280 --> 00:40:51,800
Speaker 1: cover all your possessions in the event that something happens.

911
00:40:52,080 --> 00:40:54,279
Speaker 1: But when it comes to umbrella insurance, it's there to

912
00:40:54,280 --> 00:40:57,440
Speaker 1: help hire net worth individuals. That's kind of specifically who

913
00:40:57,520 --> 00:41:00,319
Speaker 1: it's there for. If you're not in that case, then

914
00:41:00,360 --> 00:41:03,280
Speaker 1: you probably don't need it. So umbrella insurance offers extra

915
00:41:03,320 --> 00:41:05,600
Speaker 1: coverage and I would say peace of mind for people

916
00:41:05,600 --> 00:41:08,399
Speaker 1: whose financial assets have grown substantially over the years. It's

917
00:41:08,920 --> 00:41:12,120
Speaker 1: kind of like a success tax, but it's a tiny one.

918
00:41:12,160 --> 00:41:14,400
Speaker 1: And I say tiny because you can fetch something like

919
00:41:14,440 --> 00:41:17,359
Speaker 1: a million dollar umbrella policy for like, I don't know,

920
00:41:17,400 --> 00:41:19,879
Speaker 1: two hundred two fifty to three fifty in a given year,

921
00:41:19,920 --> 00:41:23,480
Speaker 1: somewhere in that vicinity, somewhere in that ballpark. For someone

922
00:41:23,480 --> 00:41:27,320
Speaker 1: who has saved and invested and built up like substantial

923
00:41:27,360 --> 00:41:30,960
Speaker 1: assets over the years, it's coverage that you probably need

924
00:41:31,000 --> 00:41:34,560
Speaker 1: to have that's actually relatively inexpensive given what it provides.

925
00:41:34,719 --> 00:41:37,360
Speaker 2: True keep in mind, though, that it'll have an impact

926
00:41:37,400 --> 00:41:39,560
Speaker 2: on some of the other insurance policies that you might have,

927
00:41:39,600 --> 00:41:42,360
Speaker 2: because your insurance company might make you increase your insurance

928
00:41:42,400 --> 00:41:46,840
Speaker 2: limits on other policies before they issue you an umbrella policy.

929
00:41:46,920 --> 00:41:50,000
Speaker 2: So you can't have let's say, like statementimum coverage on

930
00:41:50,040 --> 00:41:53,200
Speaker 2: your auto policy and then take out an umbrella policy

931
00:41:53,280 --> 00:41:56,560
Speaker 2: because you're like, oh, no, that's the more affordable path

932
00:41:56,640 --> 00:42:00,560
Speaker 2: to take. Crank up that deductible, lower the average amount,

933
00:42:00,680 --> 00:42:03,400
Speaker 2: and get that really cheap umbrella policy. You'd be hard

934
00:42:03,440 --> 00:42:05,840
Speaker 2: pressed to make that happen. So you might find yourself

935
00:42:05,880 --> 00:42:08,880
Speaker 2: paying more for your home or for your auto insurance

936
00:42:09,000 --> 00:42:12,040
Speaker 2: as those limits increase in addition to then what you're

937
00:42:12,040 --> 00:42:14,480
Speaker 2: going to pay for the umbrella policy in itself.

938
00:42:14,520 --> 00:42:16,200
Speaker 1: Yes, you might find oh, I've got to pay an

939
00:42:16,200 --> 00:42:18,520
Speaker 1: extra three hundred and twenty five dollars a year now

940
00:42:18,920 --> 00:42:21,800
Speaker 1: towards home insurance because they made me increase my limits

941
00:42:21,920 --> 00:42:24,400
Speaker 1: in addition to now paying the extra few hundred dollars

942
00:42:24,400 --> 00:42:26,040
Speaker 1: a year for umbrella insurance too.

943
00:42:26,200 --> 00:42:28,480
Speaker 2: Again, yeah, again, because the a's probably worth it for

944
00:42:28,480 --> 00:42:30,560
Speaker 2: a lot of those people, but because the umbrella policy

945
00:42:30,600 --> 00:42:32,080
Speaker 2: is secondary. So they just want to make sure that

946
00:42:32,080 --> 00:42:34,320
Speaker 2: you're covering your bases in the ways that you should

947
00:42:34,480 --> 00:42:37,120
Speaker 2: first before they have to before they get the call

948
00:42:37,160 --> 00:42:39,040
Speaker 2: and they're like, all right, time for you guys to

949
00:42:39,080 --> 00:42:39,520
Speaker 2: pay up now.

950
00:42:39,640 --> 00:42:41,359
Speaker 1: Yeah, And I think at the end of the day, really,

951
00:42:41,360 --> 00:42:43,319
Speaker 1: when we're talking about umbrella insurance and what it's for,

952
00:42:43,560 --> 00:42:45,520
Speaker 1: it's there to cover you in the case of a lawsuit.

953
00:42:45,560 --> 00:42:48,359
Speaker 1: Typically right in the case of either like you said, Matt,

954
00:42:48,960 --> 00:42:52,080
Speaker 1: running into a car that's worth so much more than

955
00:42:52,080 --> 00:42:54,080
Speaker 1: your policy covers, like you run into the a Ferrari

956
00:42:54,120 --> 00:42:55,080
Speaker 1: on accident or something like that.

957
00:42:55,080 --> 00:42:57,400
Speaker 2: That or even like a nice Tesla or even Ansla.

958
00:42:57,600 --> 00:43:00,239
Speaker 2: The Ferrari you see and you think, oh, I mean

959
00:43:00,280 --> 00:43:03,200
Speaker 2: I literally think this one three lanes over. Yes, literally

960
00:43:03,280 --> 00:43:04,600
Speaker 2: I do that. When I'm driving on the road and

961
00:43:04,640 --> 00:43:07,040
Speaker 2: there's a nice car in front of me, I'm just like, nope, no, sir,

962
00:43:07,440 --> 00:43:09,719
Speaker 2: and I just slow down. I let somebody else pass

963
00:43:09,760 --> 00:43:11,719
Speaker 2: me get in front, like I want them to hit

964
00:43:11,760 --> 00:43:14,719
Speaker 2: that Ferrari in the I don't know likely chance that

965
00:43:14,760 --> 00:43:16,640
Speaker 2: they start doing some crazy drive and decide to floor

966
00:43:16,760 --> 00:43:18,480
Speaker 2: or sell them on the brakes or something that Ferraris

967
00:43:18,480 --> 00:43:23,760
Speaker 2: are capable of. But Tesla's are way more non discreet.

968
00:43:24,120 --> 00:43:26,880
Speaker 2: Is that the right term? It's hard to notice. Nondescript,

969
00:43:26,960 --> 00:43:29,040
Speaker 2: that's what that's the word. They oftentimes just look like

970
00:43:29,080 --> 00:43:31,719
Speaker 2: normal cars, you know, they don't have like a flashy,

971
00:43:32,360 --> 00:43:34,960
Speaker 2: bright red paint job on them or something like that.

972
00:43:35,040 --> 00:43:36,840
Speaker 2: He said, they've gone down a price substantially, so they

973
00:43:36,880 --> 00:43:39,080
Speaker 2: have gone down a price. But yeah, I like the

974
00:43:39,480 --> 00:43:42,120
Speaker 2: car examples because I think that is the most likely

975
00:43:42,200 --> 00:43:45,440
Speaker 2: chance of you getting sued. Because it's man. You know,

976
00:43:45,680 --> 00:43:48,120
Speaker 2: if you get like your phone, there's a notification, somebody

977
00:43:48,200 --> 00:43:49,960
Speaker 2: texts you, something happens in the car, like a kid

978
00:43:50,000 --> 00:43:52,000
Speaker 2: says something in the back, and you have to turn around.

979
00:43:52,400 --> 00:43:55,200
Speaker 2: You know, don't do these things. But like, in my mind,

980
00:43:55,239 --> 00:43:57,200
Speaker 2: these are the most likely scenarios for a lot of

981
00:43:57,200 --> 00:43:59,240
Speaker 2: folks to end up getting sued by somebody.

982
00:43:59,400 --> 00:44:02,080
Speaker 1: Yeah, and truly that is like kind of what an

983
00:44:02,160 --> 00:44:05,200
Speaker 1: umbrella policy is meant to protect against, for the most part,

984
00:44:05,360 --> 00:44:08,320
Speaker 1: is a lawsuit that would occur because your coverage is insufficient.

985
00:44:08,320 --> 00:44:10,120
Speaker 1: And so maddam makes me think the two of us

986
00:44:10,160 --> 00:44:12,880
Speaker 1: we own rental properties. Right, that increases the likelihood of

987
00:44:12,920 --> 00:44:15,879
Speaker 1: a potential lawsuit. It means umbrella insurance is even more

988
00:44:15,920 --> 00:44:17,160
Speaker 1: important for you and me.

989
00:44:17,320 --> 00:44:17,560
Speaker 2: Right.

990
00:44:17,719 --> 00:44:19,920
Speaker 1: Having a teenage driver, that's another scenario that puts you

991
00:44:19,960 --> 00:44:22,680
Speaker 1: at much greater risk of some sort of potential, bigger

992
00:44:22,719 --> 00:44:25,600
Speaker 1: catastrophic situation. That means you're going to need more insurance

993
00:44:25,840 --> 00:44:28,720
Speaker 1: coverage than you have through just your auto policy itself.

994
00:44:28,760 --> 00:44:30,839
Speaker 2: That's right, Yeah, your kid's not gonna get sued, right,

995
00:44:30,840 --> 00:44:33,399
Speaker 2: because they don't have any money, Like they're coming after you.

996
00:44:33,520 --> 00:44:36,680
Speaker 2: And luckily umbrella policies cover your family members as well,

997
00:44:36,760 --> 00:44:39,640
Speaker 2: So that's an important note to make sure.

998
00:44:39,840 --> 00:44:42,239
Speaker 1: And so other potential lawsuits waiting to happen are like

999
00:44:42,280 --> 00:44:44,319
Speaker 1: throwing a house party, someone getting hurt and they're a

1000
00:44:44,360 --> 00:44:46,359
Speaker 1: really bad friend and so they sue you because they're

1001
00:44:46,400 --> 00:44:48,279
Speaker 1: just a litigious jerk. Right, those are the kind of

1002
00:44:48,280 --> 00:44:51,080
Speaker 1: things that could happen. I would say maybe a lot

1003
00:44:51,080 --> 00:44:53,319
Speaker 1: of these are in the unlikely yet possible realm. And

1004
00:44:53,320 --> 00:44:55,840
Speaker 1: that's partly why it's so cheap, right, because umbrella insurance

1005
00:44:55,880 --> 00:44:59,080
Speaker 1: offers this protection that you're unlikely to need, but that

1006
00:44:59,120 --> 00:45:02,080
Speaker 1: you're glad yeah have if a situation like this arises.

1007
00:45:02,120 --> 00:45:06,000
Speaker 1: It's kind of limiting your financial exposure to the worst

1008
00:45:06,000 --> 00:45:09,440
Speaker 1: case scenario. And it's again it's the secondary policy, right,

1009
00:45:09,480 --> 00:45:12,399
Speaker 1: it kicks in after the primary insurance, and so that's

1010
00:45:12,440 --> 00:45:15,040
Speaker 1: why it's so dang and expensive. But for someone who

1011
00:45:15,080 --> 00:45:17,160
Speaker 1: has a lot of assets that could be at risk,

1012
00:45:17,440 --> 00:45:18,479
Speaker 1: it's a really smart play.

1013
00:45:18,719 --> 00:45:20,520
Speaker 2: Yeah, you mentioned in the house parties, but like if

1014
00:45:20,520 --> 00:45:23,399
Speaker 2: that's just who you are, that's just something that you do,

1015
00:45:24,000 --> 00:45:26,600
Speaker 2: then that might be something that's on and you've got

1016
00:45:26,640 --> 00:45:30,280
Speaker 2: like three bowl mastiffs that you like to let roam

1017
00:45:30,320 --> 00:45:32,319
Speaker 2: free in your yard or I don't know, and a

1018
00:45:32,320 --> 00:45:34,600
Speaker 2: pool and everyone's doing keg stands, then you're gonna want

1019
00:45:34,600 --> 00:45:37,000
Speaker 2: an umbrella policy. So there's certain kind of situations and

1020
00:45:37,080 --> 00:45:39,920
Speaker 2: scenarios where you might be more likely to be sued.

1021
00:45:40,160 --> 00:45:42,640
Speaker 2: But it goes beyond just being in a situation where

1022
00:45:42,640 --> 00:45:44,239
Speaker 2: you're likely to be sued. You also need to have

1023
00:45:44,640 --> 00:45:47,839
Speaker 2: enough assets on hand because let's say you are likely

1024
00:45:47,880 --> 00:45:49,840
Speaker 2: gonna be sued, but let's see you've got a negative

1025
00:45:49,840 --> 00:45:52,400
Speaker 2: net worth. Well, in that case, it probably doesn't make

1026
00:45:52,440 --> 00:45:53,680
Speaker 2: a whole lot of sense for you to get an

1027
00:45:53,760 --> 00:45:56,360
Speaker 2: umbrella policy. You kind of need to have both on

1028
00:45:56,440 --> 00:45:58,960
Speaker 2: hand in order to in order to think, all right, yeah,

1029
00:45:59,000 --> 00:46:01,160
Speaker 2: this is something I might I might actually want to consider.

1030
00:46:01,440 --> 00:46:04,160
Speaker 2: One other thing to note too, is that via the

1031
00:46:04,400 --> 00:46:07,680
Speaker 2: employer retirement I think the Security Act or something like that.

1032
00:46:07,920 --> 00:46:10,200
Speaker 2: I think this is back from like the seventies, nineteen

1033
00:46:10,239 --> 00:46:12,960
Speaker 2: seventy four, I think specifically. But it was a good year,

1034
00:46:13,160 --> 00:46:16,279
Speaker 2: it was a great year. But your four to one

1035
00:46:16,360 --> 00:46:19,799
Speaker 2: k is actually shielded from lawsuits like this, And so

1036
00:46:20,040 --> 00:46:24,360
Speaker 2: we're talking about assets beyond the amount that you have

1037
00:46:24,600 --> 00:46:26,719
Speaker 2: in a four to one K. And evidently, I think

1038
00:46:26,800 --> 00:46:29,239
Speaker 2: money that's in your IRA is also protected up to

1039
00:46:29,280 --> 00:46:31,920
Speaker 2: one million dollars. So some of it depends on the

1040
00:46:31,920 --> 00:46:33,520
Speaker 2: state that you live in. But keep that in mind

1041
00:46:33,560 --> 00:46:35,480
Speaker 2: making where your money's at. Yeah, yeah, yeah, And so

1042
00:46:35,560 --> 00:46:38,839
Speaker 2: keep that in mind if you've got credit card debt,

1043
00:46:38,880 --> 00:46:41,520
Speaker 2: you don't have a ton of assets and the majority

1044
00:46:41,560 --> 00:46:43,080
Speaker 2: of your wealth is in your four to one K.

1045
00:46:43,280 --> 00:46:45,680
Speaker 2: Like let's say for some weird reason, you don't have

1046
00:46:45,680 --> 00:46:47,480
Speaker 2: a whole lot of money on hand and like a

1047
00:46:47,520 --> 00:46:49,200
Speaker 2: home or I don't know, other stuff, but you've got

1048
00:46:49,239 --> 00:46:51,319
Speaker 2: like seven hundred and fifty thousand dollars in a four

1049
00:46:51,360 --> 00:46:54,280
Speaker 2: to one K, you actually still aren't a good candidate

1050
00:46:54,680 --> 00:46:57,160
Speaker 2: Foreignbrella policy because that money is going to be safe,

1051
00:46:57,680 --> 00:47:00,520
Speaker 2: as opposed to if you've got half a million, a million,

1052
00:47:00,520 --> 00:47:02,839
Speaker 2: two million dollars in a brokerage account something like that. Yeah,

1053
00:47:03,040 --> 00:47:05,960
Speaker 2: that could totally be on the hook were you to

1054
00:47:06,040 --> 00:47:09,239
Speaker 2: be found guilty or or whatever. I don't know all

1055
00:47:09,239 --> 00:47:09,960
Speaker 2: the legal terms.

1056
00:47:10,400 --> 00:47:13,280
Speaker 1: We're not lawyers who just play ones on podcast occasionally,

1057
00:47:13,280 --> 00:47:16,520
Speaker 1: and home repair experts from time to time too, But yeah,

1058
00:47:16,680 --> 00:47:18,680
Speaker 1: I hope that answer your question, Derek, and hopefully everyone

1059
00:47:18,680 --> 00:47:20,920
Speaker 1: else in the Facebook gup, Deanna and the rest. Hopefully

1060
00:47:21,000 --> 00:47:24,040
Speaker 1: that's a helpful explanation. There's a lot of nuance right

1061
00:47:24,080 --> 00:47:29,000
Speaker 1: to umbrella policies. And yeah, if you ask your insurance agent,

1062
00:47:29,160 --> 00:47:30,839
Speaker 1: they'll probably say, of course you need one. Of course

1063
00:47:30,840 --> 00:47:32,920
Speaker 1: you should well sell it to you. But there are

1064
00:47:32,920 --> 00:47:35,320
Speaker 1: a lot of people, Matt, who who have you know,

1065
00:47:35,360 --> 00:47:37,600
Speaker 1: high net worth, who have assets like they've got a

1066
00:47:37,640 --> 00:47:40,480
Speaker 1: substantial real estate portfolio or something like that, or they

1067
00:47:40,520 --> 00:47:42,480
Speaker 1: have a decent chunk of cash in the bank and

1068
00:47:43,040 --> 00:47:45,400
Speaker 1: there they might be too exposed if they don't have

1069
00:47:45,440 --> 00:47:48,120
Speaker 1: one of these policies. And again, they're pretty inexpensive, and

1070
00:47:48,160 --> 00:47:51,680
Speaker 1: they provide a lot of that backstop that that can

1071
00:47:51,760 --> 00:47:54,520
Speaker 1: be really helpful, that can prevent you from getting financially

1072
00:47:54,560 --> 00:47:58,040
Speaker 1: screwed in the unlikely event you get sued by someone

1073
00:47:58,200 --> 00:47:59,680
Speaker 1: who is reggious.

1074
00:47:59,719 --> 00:48:01,319
Speaker 2: Right, that's a little safety net.

1075
00:48:01,400 --> 00:48:03,080
Speaker 1: Yeah, so all right, let's get back to the beer

1076
00:48:03,080 --> 00:48:05,719
Speaker 1: that we had on this episode. This was Prankster from

1077
00:48:05,800 --> 00:48:09,239
Speaker 1: North Coast Brewing Company. This listener, Greg dropped it off

1078
00:48:09,239 --> 00:48:11,400
Speaker 1: for us, so Matt, we were thoughts on this Belgian

1079
00:48:11,400 --> 00:48:12,480
Speaker 1: style golden ail it's.

1080
00:48:12,320 --> 00:48:15,000
Speaker 2: Got all the Belgian flavors. Man, it's got those all

1081
00:48:15,040 --> 00:48:18,360
Speaker 2: that Belgian yeasty goodness going on. It's got the florals,

1082
00:48:18,360 --> 00:48:21,879
Speaker 2: like some of that banana floralness or fruitiness, I guess

1083
00:48:22,000 --> 00:48:23,640
Speaker 2: is what you pick up on some.

1084
00:48:23,560 --> 00:48:26,400
Speaker 1: Of those Belgian spices too, Like is that like is

1085
00:48:26,440 --> 00:48:27,480
Speaker 1: that cloth that I'm tasting?

1086
00:48:27,760 --> 00:48:31,120
Speaker 2: Like, yeah, it's like clove, peppery, coriander kind of like yeah,

1087
00:48:31,160 --> 00:48:33,400
Speaker 2: it makes you think of like a Christmas ham, yeah

1088
00:48:33,440 --> 00:48:34,839
Speaker 2: a little bit. Yeah.

1089
00:48:34,880 --> 00:48:38,480
Speaker 1: For me, the Belgian beers are so unique, right, and

1090
00:48:38,560 --> 00:48:40,560
Speaker 1: they really have their own vibe going on, and so

1091
00:48:41,280 --> 00:48:44,240
Speaker 1: a lot of US breweries have really taken to making

1092
00:48:44,480 --> 00:48:47,440
Speaker 1: Belgian style beers. They do a great job, like this

1093
00:48:47,560 --> 00:48:49,200
Speaker 1: is this is on par with a lot of the

1094
00:48:49,680 --> 00:48:53,040
Speaker 1: actual Belgian style golden beers. I've had like a duvel yeah,

1095
00:48:53,080 --> 00:48:54,560
Speaker 1: from Belgian brewers, if not better.

1096
00:48:54,480 --> 00:48:57,480
Speaker 2: Right left, Yeah, yeah, some of those actual Europeans.

1097
00:48:57,560 --> 00:49:00,600
Speaker 1: And so to me, these kinds of beers, they're kind

1098
00:49:00,640 --> 00:49:04,239
Speaker 1: of like light beers, but they have like way a

1099
00:49:04,280 --> 00:49:07,200
Speaker 1: ton more flavor, right, So if you're saying, listen, I want.

1100
00:49:07,040 --> 00:49:09,759
Speaker 2: To kind of punch above their weight class. Yeah, when

1101
00:49:09,800 --> 00:49:12,279
Speaker 2: it comes to the flavors, that they're packing.

1102
00:49:12,400 --> 00:49:14,440
Speaker 1: If you're saying, listen, I want a beer that's not

1103
00:49:14,560 --> 00:49:17,960
Speaker 1: too heavy, not too intense, but I want I want

1104
00:49:17,960 --> 00:49:19,239
Speaker 1: a lot of flavor to go along with it. A

1105
00:49:19,280 --> 00:49:22,520
Speaker 1: Belgian style golden is like a great choice for you.

1106
00:49:22,760 --> 00:49:24,239
Speaker 2: Yeah, totally. Yeah, if you're looking for a lot of

1107
00:49:24,280 --> 00:49:26,279
Speaker 2: flavor but not a dark beer, right, if you like

1108
00:49:26,280 --> 00:49:30,799
Speaker 2: all those flavors but not toasty chocolate coffee notes, And

1109
00:49:30,840 --> 00:49:33,000
Speaker 2: if you're looking for more of that fruit without a

1110
00:49:33,000 --> 00:49:36,600
Speaker 2: bunch of actual fruit adjuncts. Yeah, that's a good way

1111
00:49:36,600 --> 00:49:39,600
Speaker 2: to think about it a little bit brighter, you know. Yeah, absolutely,

1112
00:49:40,239 --> 00:49:43,160
Speaker 2: And thanks again to Greg for donating this one to

1113
00:49:43,200 --> 00:49:45,879
Speaker 2: the podcast. And yeah, we didn't specifically mention you're talking

1114
00:49:45,920 --> 00:49:48,120
Speaker 2: about how this is a US brewery. They're out in

1115
00:49:48,200 --> 00:49:51,520
Speaker 2: California for Bragg to be precise, I like, I don't

1116
00:49:51,520 --> 00:49:53,800
Speaker 2: think we've ever had North Coast Bruise here on the show.

1117
00:49:53,640 --> 00:49:55,600
Speaker 1: Unless we've had Old Ress Button, which I feel like,

1118
00:49:55,680 --> 00:49:57,239
Speaker 1: is that North Coast I think that's their big beer.

1119
00:49:57,760 --> 00:50:00,319
Speaker 2: Uh huh. Well, if we haven't had that one the show,

1120
00:50:00,320 --> 00:50:03,040
Speaker 2: we need to do that again here soon. I know

1121
00:50:03,120 --> 00:50:05,600
Speaker 2: we've enjoyed it before, but maybe not on the show. Yeah,

1122
00:50:05,680 --> 00:50:07,200
Speaker 2: all right, So that is going to be it for

1123
00:50:07,239 --> 00:50:10,200
Speaker 2: this episode. You can find some of the different resources

1124
00:50:10,239 --> 00:50:12,640
Speaker 2: we mentioned during this episode up in our show notes

1125
00:50:13,280 --> 00:50:16,480
Speaker 2: at howtomoney dot com. Actually one resource I just remembered

1126
00:50:16,520 --> 00:50:19,680
Speaker 2: that we didn't share. We've mentioned, I think student Loan Planners,

1127
00:50:20,560 --> 00:50:24,200
Speaker 2: student loan Repayment calculator, but I saw that the federal

1128
00:50:24,239 --> 00:50:26,600
Speaker 2: government actually has one as well, so we'll make sure

1129
00:50:26,640 --> 00:50:28,400
Speaker 2: to link to that in the show notes. Add that

1130
00:50:28,480 --> 00:50:31,160
Speaker 2: to the resources page. Specifically, if you're trying to figure

1131
00:50:31,160 --> 00:50:34,520
Speaker 2: out how student un repayments restarting, how that's going to

1132
00:50:34,520 --> 00:50:37,920
Speaker 2: impact your specific payment, we will link to that. And

1133
00:50:38,040 --> 00:50:41,040
Speaker 2: if you have a lifestyle or a home renovation question

1134
00:50:41,360 --> 00:50:44,840
Speaker 2: this whole house style for us, please send us a voicemail.

1135
00:50:44,840 --> 00:50:47,880
Speaker 2: We would love to take that question here on the podcast.

1136
00:50:48,040 --> 00:50:51,720
Speaker 1: My answer always tear it down to the studs or

1137
00:50:51,840 --> 00:50:55,239
Speaker 1: just put some wallpaper on. It covers a multitude of sins.

1138
00:50:56,040 --> 00:50:57,720
Speaker 2: That's going to be it for this one, buddy. Until

1139
00:50:57,840 --> 00:51:00,439
Speaker 2: next time, Best Friends Out, Best Friends is Out,