1 00:00:00,080 --> 00:00:03,160 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,240 --> 00:00:25,640 Speaker 1: and today we're answering your listener questions. It's right, Joel, 3 00:00:25,680 --> 00:00:28,000 Speaker 1: this is a listener question Monday episode were we are 4 00:00:28,040 --> 00:00:31,600 Speaker 1: going to get to five excellent questions from listeners. We've 5 00:00:31,680 --> 00:00:34,360 Speaker 1: got a listener who's wondering if he should be paying 6 00:00:34,400 --> 00:00:37,640 Speaker 1: off his student loans or instead taking that money and 7 00:00:37,920 --> 00:00:40,519 Speaker 1: sticking it in the market. He's talking about potentially investing 8 00:00:40,680 --> 00:00:43,680 Speaker 1: that money. We've got somebody else who's thinking about getting 9 00:00:43,680 --> 00:00:47,280 Speaker 1: a degree in counseling to get rich. We've got some 10 00:00:47,560 --> 00:00:50,320 Speaker 1: good thoughts to share on that one. And another listener 11 00:00:50,360 --> 00:00:52,559 Speaker 1: has that's the real reason to do any profession is 12 00:00:52,600 --> 00:00:56,040 Speaker 1: just to get rich. But somebody else he they're considering 13 00:00:56,120 --> 00:00:58,520 Speaker 1: the strategy of going with an RV instead of a 14 00:00:58,520 --> 00:01:00,480 Speaker 1: traditional home in order to cut back on some of 15 00:01:00,520 --> 00:01:02,840 Speaker 1: their expenses to find a place to live. And so 16 00:01:02,920 --> 00:01:04,840 Speaker 1: we are going to share our thoughts on that one 17 00:01:04,920 --> 00:01:08,440 Speaker 1: as well, plus two other questions. Looking forward to all 18 00:01:08,440 --> 00:01:12,040 Speaker 1: of them today. Well, yes we are, and that that true, 19 00:01:12,040 --> 00:01:13,600 Speaker 1: truly is not a good reason to go into basically 20 00:01:13,640 --> 00:01:16,880 Speaker 1: any profession. I guess maybe some people go into Wall 21 00:01:16,959 --> 00:01:19,120 Speaker 1: Street in order to it's basically just for the money. 22 00:01:19,160 --> 00:01:20,839 Speaker 1: And then but then you see these stories about people 23 00:01:20,880 --> 00:01:23,080 Speaker 1: working a hundred hours a week and I'm like, it 24 00:01:23,160 --> 00:01:26,000 Speaker 1: sounds like it's not worth really almost any salary you 25 00:01:26,040 --> 00:01:28,080 Speaker 1: can pay. That's true. Right before we get to that, man, 26 00:01:28,120 --> 00:01:30,920 Speaker 1: I wanted to mention really quickly something that I had 27 00:01:30,959 --> 00:01:33,240 Speaker 1: heard existed, but it's not something that I had really 28 00:01:33,280 --> 00:01:36,720 Speaker 1: taken advantage of. And it's the fact that when you 29 00:01:36,760 --> 00:01:40,680 Speaker 1: buy something, of course at Costco, you can go back 30 00:01:40,920 --> 00:01:43,880 Speaker 1: if there's a price drop. Like it's it's like this 31 00:01:44,080 --> 00:01:45,920 Speaker 1: worst feeling in the world for me when I bought 32 00:01:45,959 --> 00:01:47,400 Speaker 1: something the last time and then I see the new 33 00:01:47,720 --> 00:01:49,280 Speaker 1: catalog and I'm like, I mean, I think it's five 34 00:01:49,320 --> 00:01:51,840 Speaker 1: dollars off this month. I screwed up. I should have waited, 35 00:01:52,080 --> 00:01:53,840 Speaker 1: But no, no, no no, you don't have to wait. If 36 00:01:53,840 --> 00:01:56,520 Speaker 1: it's within thirty days of that price drop, you can 37 00:01:56,560 --> 00:01:58,960 Speaker 1: literally just go to customer service and get a refund 38 00:01:59,000 --> 00:02:00,960 Speaker 1: and say, listen, can you look done up in my membership? 39 00:02:01,080 --> 00:02:03,920 Speaker 1: Straight up refund and they've got record of it, because yeah, 40 00:02:03,920 --> 00:02:05,480 Speaker 1: you are. Remember you have you gotta scan that car, 41 00:02:05,520 --> 00:02:07,440 Speaker 1: that's right to know everything about you. You don't even 42 00:02:07,440 --> 00:02:09,160 Speaker 1: need like they at least they know all of your 43 00:02:09,200 --> 00:02:12,079 Speaker 1: costco shopping, right. You don't need the physical receipt. It's 44 00:02:12,120 --> 00:02:14,959 Speaker 1: literally just on the record of things. Yeah, so it 45 00:02:15,360 --> 00:02:18,119 Speaker 1: makes it super simple, and it's something I hadn't really 46 00:02:18,120 --> 00:02:20,640 Speaker 1: taken advantage of and I knew existed. I guess maybe, um, 47 00:02:20,760 --> 00:02:22,399 Speaker 1: I don't know, a year year or two, a couple 48 00:02:22,400 --> 00:02:23,960 Speaker 1: of years ago I found out about this, have you. 49 00:02:24,040 --> 00:02:26,080 Speaker 1: So I took advantage of the first time. Oh you 50 00:02:26,080 --> 00:02:28,320 Speaker 1: did what what was the item? Okay, so it was 51 00:02:28,880 --> 00:02:31,160 Speaker 1: shore the item what what like like a beat shirt 52 00:02:31,280 --> 00:02:33,720 Speaker 1: what do you call them? The SPF shirts for the beach? 53 00:02:33,800 --> 00:02:35,400 Speaker 1: It was like, which I bought it for like thirteen 54 00:02:35,440 --> 00:02:37,680 Speaker 1: and then went on stuff and so it was like 55 00:02:37,720 --> 00:02:41,359 Speaker 1: three dollars and uh, it's a frugular cheat that we're 56 00:02:41,360 --> 00:02:43,440 Speaker 1: even talking. Well, then there was one of the things 57 00:02:43,440 --> 00:02:44,960 Speaker 1: on that purchase. I'm trying to remember what it was, 58 00:02:45,320 --> 00:02:48,079 Speaker 1: but maybe also went down to price Katie litter or something. 59 00:02:48,080 --> 00:02:49,560 Speaker 1: I don't know if something else that was on that 60 00:02:49,560 --> 00:02:51,160 Speaker 1: that I was like, oh, now it's five bucks off 61 00:02:51,480 --> 00:02:53,200 Speaker 1: and I didn't get that. So when it was two 62 00:02:53,280 --> 00:02:55,360 Speaker 1: for one and I had to return something else actually, 63 00:02:55,440 --> 00:02:56,839 Speaker 1: and so it was like all three at the same time. 64 00:02:56,880 --> 00:02:58,639 Speaker 1: But I mean it's not of course, you're gonna be 65 00:02:58,680 --> 00:03:00,519 Speaker 1: going back into Costco at some point anyway, so you 66 00:03:00,560 --> 00:03:04,240 Speaker 1: just got to keep that running. I wouldn't make the list. Yea. 67 00:03:04,680 --> 00:03:07,240 Speaker 1: Plus maybe you're probably going there as well, just maybe 68 00:03:08,000 --> 00:03:11,919 Speaker 1: to fill up the van, maybe get some yeah, or 69 00:03:11,960 --> 00:03:15,400 Speaker 1: get a grip whatever. Uh, the opposite end of the spectrum, dude, 70 00:03:15,440 --> 00:03:19,480 Speaker 1: we recently bought some lights, fancy west Elm lights that 71 00:03:19,520 --> 00:03:22,079 Speaker 1: didn't work out at the new place, and we didn't 72 00:03:22,120 --> 00:03:25,080 Speaker 1: pay attention to the fact that items that they sell 73 00:03:25,200 --> 00:03:27,799 Speaker 1: that end in nineties cents. This is at West Home 74 00:03:28,000 --> 00:03:33,239 Speaker 1: their final sale items, which means you can't return those exactly. 75 00:03:34,080 --> 00:03:36,280 Speaker 1: So we're trying to We're like, all right, well they 76 00:03:36,320 --> 00:03:38,080 Speaker 1: match the other lives. We just basically we got the 77 00:03:38,080 --> 00:03:39,800 Speaker 1: wrong kind of light, and so we're trying to We're 78 00:03:39,800 --> 00:03:41,480 Speaker 1: looking at other places in the house where we can 79 00:03:41,640 --> 00:03:45,440 Speaker 1: hang these stupid things. But we might end up eating 80 00:03:45,440 --> 00:03:47,600 Speaker 1: some of that costs and selling it as a used 81 00:03:47,680 --> 00:03:50,560 Speaker 1: you know, but new unopened products maybe on Facebook, mark 82 00:03:50,600 --> 00:03:52,720 Speaker 1: up place or something like that. But you gotta watch 83 00:03:52,720 --> 00:03:56,400 Speaker 1: out for those things. Like different retailers have different rules. 84 00:03:56,440 --> 00:03:58,880 Speaker 1: In particular, even when it comes to returns, and this 85 00:03:58,920 --> 00:04:01,280 Speaker 1: is something that we can't sale products can't even return 86 00:04:01,720 --> 00:04:04,320 Speaker 1: and I was shocked to see that. Yeah, that's that's 87 00:04:04,320 --> 00:04:07,120 Speaker 1: definitely not something Costco would do. Costco and west Um 88 00:04:07,280 --> 00:04:10,760 Speaker 1: they're different beasts for sure, and West Town sells nice stuff. 89 00:04:10,760 --> 00:04:13,280 Speaker 1: But knowing that return policy is really important because if 90 00:04:13,320 --> 00:04:14,800 Speaker 1: it doesn't work out like it looks great in the 91 00:04:14,800 --> 00:04:16,520 Speaker 1: pictures on the internet, then you get it in person, 92 00:04:16,520 --> 00:04:18,960 Speaker 1: you're like you than you thought, or doesn't quite fit 93 00:04:19,000 --> 00:04:20,880 Speaker 1: the space. The way we made this purchase in a rush. 94 00:04:20,960 --> 00:04:23,520 Speaker 1: Neither Kate nor I were in a good headspace in 95 00:04:23,560 --> 00:04:26,240 Speaker 1: the moment, and moving I'll do that to you. Moving 96 00:04:26,279 --> 00:04:28,799 Speaker 1: will definitely do that to you. And this is back 97 00:04:28,880 --> 00:04:30,440 Speaker 1: when I was kind of in the midst of my 98 00:04:30,520 --> 00:04:32,400 Speaker 1: COVID and Kate also had it as well, and so 99 00:04:32,440 --> 00:04:33,760 Speaker 1: I think we kind of had some of that fog 100 00:04:33,839 --> 00:04:36,679 Speaker 1: COVID brains, some of that COVID brainfall going on, because 101 00:04:36,680 --> 00:04:39,480 Speaker 1: we're looking back now and we're thinking to ourselves, how 102 00:04:39,520 --> 00:04:41,120 Speaker 1: did that get past us? How how do we not 103 00:04:41,200 --> 00:04:42,960 Speaker 1: see that this is a plug in light and we 104 00:04:42,960 --> 00:04:45,760 Speaker 1: were looking for something that was wired. So that's yeah, 105 00:04:45,839 --> 00:04:48,919 Speaker 1: that's the situation we are currently in, but definitely stakes. 106 00:04:48,960 --> 00:04:50,720 Speaker 1: Definitely great to know about the Costco thing as well, 107 00:04:50,760 --> 00:04:53,440 Speaker 1: And one of the things I'm looking forward to from 108 00:04:53,680 --> 00:04:55,560 Speaker 1: living out here in the Burbs is being closer to 109 00:04:55,600 --> 00:04:58,679 Speaker 1: a Costco and actually going to work here in Atlanta 110 00:04:58,720 --> 00:05:00,880 Speaker 1: in person, which I have yet to do. Well, if 111 00:05:00,880 --> 00:05:02,320 Speaker 1: you want, you know, once a week we can do 112 00:05:02,400 --> 00:05:05,320 Speaker 1: how the money lunches at Costco. I'm not a big 113 00:05:05,320 --> 00:05:07,800 Speaker 1: fan of hot dogs. You always mentioned the dollar fifty 114 00:05:07,920 --> 00:05:10,320 Speaker 1: hot hot dog Pepsi combo. Kids put them away, they 115 00:05:10,360 --> 00:05:12,359 Speaker 1: plow through them. But hot dogs are just kind of 116 00:05:12,360 --> 00:05:17,600 Speaker 1: gross man nitrates and pork beef byproduct. Well, the Costco 117 00:05:17,640 --> 00:05:19,520 Speaker 1: ones are better than most. I will say. There's there's 118 00:05:19,520 --> 00:05:21,080 Speaker 1: a lot of crammy hot dogs out there, but those 119 00:05:21,080 --> 00:05:23,440 Speaker 1: are the at least decent hot dogs, so they're the 120 00:05:23,480 --> 00:05:25,200 Speaker 1: top of the top of the heat. I won't force 121 00:05:25,200 --> 00:05:27,480 Speaker 1: the money though. All right, let's mention the beer that 122 00:05:27,520 --> 00:05:29,719 Speaker 1: we're having on this episode and then get onto some questions. 123 00:05:29,720 --> 00:05:33,440 Speaker 1: Is one it's called colch It's my Blaze Brewing, And 124 00:05:33,720 --> 00:05:39,520 Speaker 1: surprisingly this is a stout. No, it's a and and 125 00:05:39,560 --> 00:05:41,520 Speaker 1: it is. It's funny because there's no real name to 126 00:05:41,560 --> 00:05:45,279 Speaker 1: this one. Usually craft brewers make inventive names for the beers, 127 00:05:45,279 --> 00:05:47,000 Speaker 1: but get a little creative with it just straight up 128 00:05:47,040 --> 00:05:50,080 Speaker 1: colch So when give our thoughts on this one at 129 00:05:50,080 --> 00:05:52,680 Speaker 1: the end of the episode. But let's get onto our 130 00:05:52,760 --> 00:05:55,159 Speaker 1: listener questions, Matts, And for folks out there who want 131 00:05:55,320 --> 00:05:58,880 Speaker 1: to ask a question of us in an upcoming episode, 132 00:05:58,920 --> 00:06:01,520 Speaker 1: just go to how the Money com slash ask. There 133 00:06:01,560 --> 00:06:03,839 Speaker 1: are simple instructions there for you to be able to 134 00:06:03,839 --> 00:06:05,880 Speaker 1: record that question and get it our way and hopefully 135 00:06:06,080 --> 00:06:08,520 Speaker 1: we can take it on the next ask HTM episode. 136 00:06:08,839 --> 00:06:10,960 Speaker 1: But Matt, we've actually got a couple of questions from 137 00:06:11,040 --> 00:06:13,800 Speaker 1: listeners named Adrian in this episode, So what's all about 138 00:06:13,800 --> 00:06:16,599 Speaker 1: your Adrian? We're gonna book book in this episode with 139 00:06:16,920 --> 00:06:19,760 Speaker 1: different listeners named Adrian, and this first one comes from 140 00:06:19,800 --> 00:06:23,719 Speaker 1: an Adrian who is thinking about living in an RV. Hey, 141 00:06:23,800 --> 00:06:26,080 Speaker 1: Matt and Joel, my name is Adrian and I'm from 142 00:06:26,160 --> 00:06:28,520 Speaker 1: Los Cruces, New Mexico, and my partner and I are 143 00:06:28,520 --> 00:06:31,560 Speaker 1: looking for some advice. So we're wanting to buy a home, 144 00:06:31,640 --> 00:06:33,760 Speaker 1: but the housing market is not the greatest right now, 145 00:06:34,000 --> 00:06:36,040 Speaker 1: so we also started looking into buying an RV from 146 00:06:36,040 --> 00:06:38,560 Speaker 1: a dealership. We then want to get a piece of 147 00:06:38,640 --> 00:06:41,120 Speaker 1: land where we would put the r V and possibly 148 00:06:41,160 --> 00:06:43,880 Speaker 1: have a home built. What do you think about our approach? 149 00:06:44,640 --> 00:06:47,679 Speaker 1: Thinks and events and we love the show, all right, Adrian, 150 00:06:47,760 --> 00:06:51,280 Speaker 1: You are right. The housing market isn't very good right now, 151 00:06:51,360 --> 00:06:52,880 Speaker 1: or I should say it's not very good if you're 152 00:06:52,920 --> 00:06:55,040 Speaker 1: a first time HomeBuyer. It's a very great market if 153 00:06:55,040 --> 00:06:58,240 Speaker 1: you are somebody who is thinking about selling your home 154 00:06:58,440 --> 00:07:00,360 Speaker 1: and just traveling the world maybe for the rest your life, 155 00:07:00,440 --> 00:07:03,160 Speaker 1: because you would be in the fortunate situation of not 156 00:07:03,240 --> 00:07:06,039 Speaker 1: having to pay these skuy high prices. But obviously that's 157 00:07:06,080 --> 00:07:08,480 Speaker 1: not the situation you're in. Although the market is starting 158 00:07:08,520 --> 00:07:11,000 Speaker 1: to mellow out in a lot of places, right that 159 00:07:11,160 --> 00:07:13,000 Speaker 1: that is the good news, right, is that things are 160 00:07:13,000 --> 00:07:17,240 Speaker 1: starting to cool down because for a hot minute, or 161 00:07:17,320 --> 00:07:20,640 Speaker 1: or actually almost maybe a hot twenty minutes, because it's 162 00:07:20,640 --> 00:07:23,800 Speaker 1: about maybe about year and a half twenty months where 163 00:07:23,920 --> 00:07:26,800 Speaker 1: finding a deal on a home was basically impossible, and 164 00:07:26,840 --> 00:07:29,360 Speaker 1: so yeah, no, no, wonder it sounds like you've decided 165 00:07:29,400 --> 00:07:31,760 Speaker 1: to sort of give up. You've decided maybe to opt 166 00:07:31,760 --> 00:07:34,440 Speaker 1: out altogether. But yeah, that being said, the tide has 167 00:07:34,480 --> 00:07:37,760 Speaker 1: shifted some in the housing market because homes are staying 168 00:07:37,760 --> 00:07:41,320 Speaker 1: on the market longer. We're seeing fewer bidding wars, and 169 00:07:41,400 --> 00:07:43,960 Speaker 1: even price cuts are starting to happen a bit more regularly. 170 00:07:44,160 --> 00:07:45,880 Speaker 1: I think a lot of home sellers or maybe out 171 00:07:45,960 --> 00:07:48,880 Speaker 1: a little too far over their skis and are having 172 00:07:48,880 --> 00:07:51,440 Speaker 1: to to pull back those prices. Well. And though those 173 00:07:51,600 --> 00:07:54,760 Speaker 1: rate increases, right, those traumatic rate hikes that have been happening, 174 00:07:54,840 --> 00:07:59,160 Speaker 1: have impacted oh yeah, the overall pricing mechanisms for homes, 175 00:07:59,160 --> 00:08:00,960 Speaker 1: Like it's having a made your impact. And we've seen 176 00:08:01,400 --> 00:08:04,560 Speaker 1: rates rising just incredibly rapidly, and of course that is 177 00:08:04,560 --> 00:08:07,520 Speaker 1: going to have an impact on the affordability level and 178 00:08:07,520 --> 00:08:10,680 Speaker 1: then therefore the price that sellers are able to charge. Uh. 179 00:08:10,680 --> 00:08:13,960 Speaker 1: And so but let's let's specifically talk about buying an RV, 180 00:08:14,080 --> 00:08:17,240 Speaker 1: because yeah, there's just a huge difference between buying a 181 00:08:17,320 --> 00:08:20,200 Speaker 1: home and buying a plot of land then and then 182 00:08:20,200 --> 00:08:23,080 Speaker 1: maybe an RV from an investment point of view, right, 183 00:08:23,120 --> 00:08:26,920 Speaker 1: because homes are you know, looking like the best investment 184 00:08:26,960 --> 00:08:29,680 Speaker 1: ever in recent years. But aside from just the recent 185 00:08:29,720 --> 00:08:33,000 Speaker 1: abnormal home price hikes, that even ignoring the past twelve months, 186 00:08:33,080 --> 00:08:36,560 Speaker 1: if you're just looking at kind of normal historical home appreciation, 187 00:08:36,880 --> 00:08:39,320 Speaker 1: you know, owning a home is typically a solid method 188 00:08:39,320 --> 00:08:41,840 Speaker 1: for slowly building wealth as you pay that mortgage down. 189 00:08:41,920 --> 00:08:44,640 Speaker 1: And it's actually what then, the number one asset that 190 00:08:44,720 --> 00:08:47,600 Speaker 1: most Americans owned that any you know, almost almost all 191 00:08:47,640 --> 00:08:50,280 Speaker 1: Americans who own a home have more money in home 192 00:08:50,280 --> 00:08:52,120 Speaker 1: equity than they have in the market. We don't think 193 00:08:52,120 --> 00:08:54,160 Speaker 1: it's a good thing, but that is the reality of 194 00:08:54,320 --> 00:08:57,680 Speaker 1: forced savings and investing method exactly. And so you know, 195 00:08:57,720 --> 00:09:00,839 Speaker 1: we're we're actually much more enthusiastic Adrian about you buying 196 00:09:01,000 --> 00:09:04,760 Speaker 1: a physical single family or multifamily home then we are 197 00:09:05,360 --> 00:09:08,720 Speaker 1: about you buying some land in an RV because valuing 198 00:09:08,960 --> 00:09:12,680 Speaker 1: raw land that's a particular skill. It's difficult to do. Well. Yeah, well, 199 00:09:12,720 --> 00:09:14,199 Speaker 1: so this makes me think of a friend of our, Joel, 200 00:09:14,360 --> 00:09:17,120 Speaker 1: who this is maybe close to ten years ago. This 201 00:09:17,240 --> 00:09:20,199 Speaker 1: is a friend of ours who is a particularly smart dude. 202 00:09:20,679 --> 00:09:24,640 Speaker 1: He is not the He doesn't really make rash, quick decisions, 203 00:09:24,640 --> 00:09:26,600 Speaker 1: and he didn't in this case. He's very involved in 204 00:09:26,600 --> 00:09:28,560 Speaker 1: the community, and so it's not like he was unaware 205 00:09:28,559 --> 00:09:30,960 Speaker 1: of the steps he needed to take in order to 206 00:09:30,960 --> 00:09:33,320 Speaker 1: make sure this was a goodbye. But he bought a 207 00:09:33,360 --> 00:09:35,040 Speaker 1: plot of land here in the city to build a 208 00:09:35,080 --> 00:09:37,360 Speaker 1: home and it turns out that it was unbuildable, and 209 00:09:37,360 --> 00:09:40,800 Speaker 1: I think he dropped to me, like thirty on this 210 00:09:40,960 --> 00:09:42,920 Speaker 1: not a cheap mistake on this chunk of land. Well, 211 00:09:42,960 --> 00:09:44,760 Speaker 1: then the city made him build sidewalk in front of it, 212 00:09:44,960 --> 00:09:47,319 Speaker 1: and so we will put money into the property, even 213 00:09:47,320 --> 00:09:48,880 Speaker 1: though he couldn't build a house on it. Well, there's 214 00:09:48,880 --> 00:09:51,719 Speaker 1: no sidewalks on either of the properties next to him, 215 00:09:51,720 --> 00:09:53,800 Speaker 1: and so he thought, oh, this is stupid, like why 216 00:09:53,800 --> 00:09:55,920 Speaker 1: would I build a sidewalk only in front of, you know, 217 00:09:56,040 --> 00:09:57,840 Speaker 1: on this piece of land. And so he actually built 218 00:09:57,840 --> 00:10:00,439 Speaker 1: a sidewalk somewhere else because the city allowed him to 219 00:10:00,480 --> 00:10:02,920 Speaker 1: do that. But bottom line, this is a plot of 220 00:10:03,000 --> 00:10:05,440 Speaker 1: land that was unbuildable, which meant that he was then 221 00:10:05,440 --> 00:10:07,559 Speaker 1: not able to turn around and sell it as a 222 00:10:07,600 --> 00:10:09,720 Speaker 1: piece of land that was buildable to someone else. I 223 00:10:09,720 --> 00:10:11,760 Speaker 1: actually haven't asked him about this, but I think he 224 00:10:11,760 --> 00:10:13,440 Speaker 1: still owns that piece of property. He's just kind of 225 00:10:13,440 --> 00:10:15,320 Speaker 1: sitting on it. I think at some point maybe he 226 00:10:15,320 --> 00:10:17,439 Speaker 1: can give it away for tax purposes. Yeah, and I'm 227 00:10:17,440 --> 00:10:19,320 Speaker 1: sure it has gone up in value just because of 228 00:10:19,400 --> 00:10:22,520 Speaker 1: inflation and property values just generally speaking. But from the 229 00:10:22,520 --> 00:10:25,520 Speaker 1: standpoint of using that piece of land to build a 230 00:10:25,559 --> 00:10:27,640 Speaker 1: home on that. That was not something that he was 231 00:10:27,679 --> 00:10:29,880 Speaker 1: able to do, even with all of the due diligence 232 00:10:29,960 --> 00:10:32,160 Speaker 1: that he did, right, So, purchasing raw land is kind 233 00:10:32,200 --> 00:10:35,280 Speaker 1: of this like fraud endeavor that we would say most 234 00:10:35,280 --> 00:10:37,360 Speaker 1: people should avoid unless you actually know what you're doing. 235 00:10:37,400 --> 00:10:39,320 Speaker 1: And so, uh, if you're trying to buy a little 236 00:10:39,320 --> 00:10:41,520 Speaker 1: piece of land to park your RV on, well, there's 237 00:10:41,520 --> 00:10:44,000 Speaker 1: a chance you might be buying something that's overvalued and 238 00:10:44,000 --> 00:10:45,560 Speaker 1: that you'll never be able to get your money back 239 00:10:45,559 --> 00:10:48,760 Speaker 1: out of. And you know, then you're paying taxes annually 240 00:10:48,800 --> 00:10:50,800 Speaker 1: on it, and so it could just become a drain 241 00:10:51,160 --> 00:10:53,440 Speaker 1: on your ability to build wealth, you know, unless you're 242 00:10:53,480 --> 00:10:56,440 Speaker 1: able to really really do this on on the cheap 243 00:10:56,679 --> 00:10:58,800 Speaker 1: and it's saving you so much money every month that 244 00:10:59,200 --> 00:11:01,600 Speaker 1: you know that that that possibility of making a poor 245 00:11:01,600 --> 00:11:03,560 Speaker 1: decision when it comes to buying that land in that RV, 246 00:11:04,040 --> 00:11:05,760 Speaker 1: if you're saving so much money that it becomes a 247 00:11:05,760 --> 00:11:08,080 Speaker 1: slam dunk just doing it for a couple of years 248 00:11:08,520 --> 00:11:11,199 Speaker 1: for most folks going in this direction. Uh, there's a 249 00:11:11,240 --> 00:11:13,920 Speaker 1: lot of potential downsides. Yeah, absolutely, Yeah, And you mentioned 250 00:11:14,040 --> 00:11:16,920 Speaker 1: getting an RV from a dealership as well, because like 251 00:11:16,960 --> 00:11:19,120 Speaker 1: I'm not sure if you're referring to getting one new 252 00:11:19,320 --> 00:11:22,960 Speaker 1: or or used, but r vs depreciate dramatically when you 253 00:11:23,040 --> 00:11:25,880 Speaker 1: drive them off a lot, and then the notion of 254 00:11:25,960 --> 00:11:28,480 Speaker 1: freedom on the open American road, I feel like that 255 00:11:28,480 --> 00:11:31,360 Speaker 1: gets romanticized. Um. But a lot of folks find out 256 00:11:31,720 --> 00:11:33,959 Speaker 1: that the day to day RV life that it's not 257 00:11:34,160 --> 00:11:36,920 Speaker 1: actually what they had hoped it would be, and so 258 00:11:36,960 --> 00:11:39,120 Speaker 1: they often end up selling their their r vs after 259 00:11:39,280 --> 00:11:41,760 Speaker 1: a year or two at a massive loss. I can 260 00:11:41,800 --> 00:11:44,640 Speaker 1: say my mother in law that exactly what happened with her. 261 00:11:44,720 --> 00:11:46,679 Speaker 1: She's like, it sounds great in retirement, that's what we're 262 00:11:46,679 --> 00:11:48,320 Speaker 1: gonna do. We're gonna get an r V. And they 263 00:11:48,320 --> 00:11:49,720 Speaker 1: got one and they're like it's not big enough, and 264 00:11:49,760 --> 00:11:52,880 Speaker 1: they got another one, and so they it just it's 265 00:11:53,040 --> 00:11:55,160 Speaker 1: it sounds good on paper, but then in reality you 266 00:11:55,200 --> 00:11:57,080 Speaker 1: might not be the RV type. And that happens to 267 00:11:57,120 --> 00:11:59,320 Speaker 1: a lot of folks in this bace exactly. Yeah. And 268 00:11:59,360 --> 00:12:02,960 Speaker 1: so the as folks though, who are making those sales, 269 00:12:03,000 --> 00:12:04,920 Speaker 1: like their loss can be your gain if you opt 270 00:12:04,960 --> 00:12:07,160 Speaker 1: to get a used RV instead of a new one. 271 00:12:07,200 --> 00:12:08,320 Speaker 1: And so that's one of the ways that you can 272 00:12:08,320 --> 00:12:10,360 Speaker 1: make this more of a slam dunk decision from a 273 00:12:10,360 --> 00:12:13,520 Speaker 1: financial standpoint. But if you're looking at a brand new, 274 00:12:14,040 --> 00:12:17,000 Speaker 1: uh six figure r V, then you know, I think 275 00:12:17,000 --> 00:12:19,960 Speaker 1: you've hitched your wagon to a depreciating asset, not one 276 00:12:20,000 --> 00:12:23,800 Speaker 1: that typically appreciates over time. So again, from a financial standpoint, 277 00:12:23,880 --> 00:12:25,760 Speaker 1: this may not be the best move for y'all as 278 00:12:25,800 --> 00:12:28,840 Speaker 1: you are considering this, Yeah, that's right. So it's it's 279 00:12:28,840 --> 00:12:32,679 Speaker 1: just such a different m math equation, right when you're 280 00:12:32,720 --> 00:12:35,160 Speaker 1: talking about buying an r V and maybe some land, 281 00:12:35,559 --> 00:12:38,400 Speaker 1: then it would be if you're buying a home when 282 00:12:38,559 --> 00:12:42,000 Speaker 1: there's a lot more predictability when it comes to usability 283 00:12:42,080 --> 00:12:46,280 Speaker 1: future value, even in a time where real estate prices 284 00:12:46,320 --> 00:12:49,920 Speaker 1: are shifting underneath our feet, and so uh, the numbers 285 00:12:49,920 --> 00:12:52,400 Speaker 1: are it's important to think about the numbers, and you know, 286 00:12:52,520 --> 00:12:55,840 Speaker 1: not just your monthly costs, but the potential depreciation or 287 00:12:55,960 --> 00:12:58,600 Speaker 1: appreciation of the asset you're that you're buying. And on 288 00:12:58,640 --> 00:13:00,760 Speaker 1: top of that, Adrian, it's it's importan and to mention 289 00:13:01,320 --> 00:13:04,840 Speaker 1: that numbers aside, it's really worth considering this from a 290 00:13:04,920 --> 00:13:07,800 Speaker 1: lifestyle point of view as well, because even if you're 291 00:13:07,840 --> 00:13:11,160 Speaker 1: just planning to use the RB as a mobile home right, 292 00:13:11,240 --> 00:13:14,040 Speaker 1: less of an actual recreational vehicle. There there are gonna 293 00:13:14,080 --> 00:13:15,960 Speaker 1: be a lot of trade offs compared to going with 294 00:13:16,000 --> 00:13:19,120 Speaker 1: the traditional home right. Most most r v's are you know, 295 00:13:19,120 --> 00:13:21,760 Speaker 1: you're looking around two three hundred square feet of space. 296 00:13:22,280 --> 00:13:23,880 Speaker 1: Maybe you're getting one of the big honkin ones and 297 00:13:23,880 --> 00:13:25,800 Speaker 1: you're you got four hundred square feet of space. But but 298 00:13:25,679 --> 00:13:27,880 Speaker 1: but then you're looking at dropping a ton of money, right, 299 00:13:27,880 --> 00:13:29,360 Speaker 1: Like if you're looking at one of the extra large 300 00:13:29,440 --> 00:13:32,280 Speaker 1: r vs, uh, that's like a Brooks and Dunn tour 301 00:13:32,320 --> 00:13:34,400 Speaker 1: bus or something. We always joked at My mother in 302 00:13:34,480 --> 00:13:36,360 Speaker 1: law's RB was like next than our house. It had 303 00:13:36,600 --> 00:13:39,439 Speaker 1: heated floors and like a king sized bed and it 304 00:13:39,480 --> 00:13:42,160 Speaker 1: had like these king under cabinet lighting and stuff. I mean, 305 00:13:42,200 --> 00:13:44,080 Speaker 1: it was really fancy. It was like leather everything, I 306 00:13:44,080 --> 00:13:46,320 Speaker 1: mean it was. It was really nice and it was 307 00:13:46,840 --> 00:13:48,520 Speaker 1: better than our house in a lot of feeling made 308 00:13:48,520 --> 00:13:52,120 Speaker 1: out of leather over gosh, right, and so much just 309 00:13:52,240 --> 00:13:54,560 Speaker 1: dripping with luxury, right, So so much of like what 310 00:13:54,760 --> 00:13:56,280 Speaker 1: you know, what kind of RB you're getting and how 311 00:13:56,320 --> 00:13:59,600 Speaker 1: much money you're gonna drop. Well, it's going to influence 312 00:13:59,600 --> 00:14:01,560 Speaker 1: the decision in a big way, but it's also going 313 00:14:01,600 --> 00:14:04,000 Speaker 1: to influence how comfortable you feel in this thing that 314 00:14:04,040 --> 00:14:06,160 Speaker 1: you're going to be living in day to day for 315 00:14:06,280 --> 00:14:09,200 Speaker 1: potentially years on end. And that's not a whole lot 316 00:14:09,200 --> 00:14:10,680 Speaker 1: of space, right, You've gotta be down with kind of 317 00:14:10,679 --> 00:14:13,400 Speaker 1: the tiny house movement sort of life, and maybe you are, 318 00:14:13,480 --> 00:14:15,120 Speaker 1: maybe you're not, but it's something you need to consider. 319 00:14:15,400 --> 00:14:17,160 Speaker 1: And and you know, maybe you've gone through one of 320 00:14:17,160 --> 00:14:19,560 Speaker 1: those i Kea show rooms where you see kind of 321 00:14:19,600 --> 00:14:22,040 Speaker 1: all they can cram into four square feet. Living in 322 00:14:23,000 --> 00:14:25,280 Speaker 1: square feel right, and it looks nice When you're in 323 00:14:25,320 --> 00:14:26,880 Speaker 1: the i Kea, you're like, oh, they're a pretty good job. 324 00:14:26,880 --> 00:14:29,560 Speaker 1: I think I can live in this. I could do this. Yeah, 325 00:14:29,600 --> 00:14:31,760 Speaker 1: but it's it's gonna be drastically different, right than that 326 00:14:31,840 --> 00:14:35,040 Speaker 1: same amount of space in a single family home or 327 00:14:35,240 --> 00:14:37,280 Speaker 1: some sort of like town home or apartment or something 328 00:14:37,360 --> 00:14:39,600 Speaker 1: like that. So you're not gonna have a garage right 329 00:14:39,680 --> 00:14:41,600 Speaker 1: to store extra outdoor items or even a place to 330 00:14:41,640 --> 00:14:44,080 Speaker 1: really put a shed or something like that. And you're 331 00:14:44,120 --> 00:14:45,720 Speaker 1: not gonna have an addict to put your off season 332 00:14:45,760 --> 00:14:48,320 Speaker 1: clothes in. I mean, there's just so many trade offs 333 00:14:48,320 --> 00:14:51,240 Speaker 1: that are worth considering, and so depending on your life stage, 334 00:14:51,480 --> 00:14:53,160 Speaker 1: you know, it actually might be more than enough space. 335 00:14:53,480 --> 00:14:56,080 Speaker 1: But just be sure to think through all those things. 336 00:14:56,120 --> 00:14:58,040 Speaker 1: Is it going to be conducive for your lifestyle for 337 00:14:58,080 --> 00:15:00,000 Speaker 1: how long? How much is it gonna cost? Do I 338 00:15:00,040 --> 00:15:02,200 Speaker 1: you need to buy land? Could I? Could I rent somewhere? 339 00:15:02,240 --> 00:15:04,080 Speaker 1: Or is there there is someone that I know who 340 00:15:04,120 --> 00:15:05,680 Speaker 1: would let me park on their some of their empty 341 00:15:05,720 --> 00:15:08,680 Speaker 1: acres for free. That would potentially tip the scales in 342 00:15:08,680 --> 00:15:10,880 Speaker 1: a different way. But if you're talking about literally buying 343 00:15:10,920 --> 00:15:13,800 Speaker 1: the land buying an RV, that is going to drop 344 00:15:13,840 --> 00:15:15,880 Speaker 1: in value in a big way, and it might not 345 00:15:16,040 --> 00:15:17,840 Speaker 1: work for your life for too long. You might want 346 00:15:17,840 --> 00:15:20,720 Speaker 1: to hold off and keep saving and think more about 347 00:15:20,760 --> 00:15:23,840 Speaker 1: a traditional single family or multi family home um in 348 00:15:24,000 --> 00:15:26,080 Speaker 1: you know, a little bit further off in the future. Absolutely, 349 00:15:26,120 --> 00:15:28,520 Speaker 1: if you're only looking at this as a substitute to 350 00:15:28,760 --> 00:15:31,320 Speaker 1: buying a single family home, then I think it's not 351 00:15:31,360 --> 00:15:33,000 Speaker 1: a good idea. Like I think you need to be 352 00:15:33,160 --> 00:15:35,640 Speaker 1: completely in love with the idea of living in an 353 00:15:35,760 --> 00:15:37,680 Speaker 1: RV in order to make this work, not only from 354 00:15:37,680 --> 00:15:40,560 Speaker 1: a financial standpoint, but also from that lifestyle standpoint for 355 00:15:40,600 --> 00:15:42,400 Speaker 1: you to actually be happy with decision for more than 356 00:15:42,680 --> 00:15:45,080 Speaker 1: like six months. I know myself well enough to know 357 00:15:45,160 --> 00:15:47,960 Speaker 1: that like, it sounds great, Like I can romanticize the 358 00:15:48,000 --> 00:15:49,400 Speaker 1: idea in my head, but if I actually did it 359 00:15:49,400 --> 00:15:51,720 Speaker 1: in practicality, I'd go nuts. After I don't know, three 360 00:15:51,760 --> 00:15:54,640 Speaker 1: or four weeks, I think so Like I feel if if, 361 00:15:54,760 --> 00:15:57,000 Speaker 1: like maybe a decade ago, maybe fifteen years ago, I 362 00:15:57,000 --> 00:15:58,760 Speaker 1: could see Kate and I doing something like at least 363 00:15:58,760 --> 00:16:01,640 Speaker 1: given something like this a shot. But at this stage 364 00:16:01,680 --> 00:16:03,800 Speaker 1: in life, Oh, there's no freaking way. Like I know 365 00:16:03,920 --> 00:16:06,560 Speaker 1: that it would not work for kids. It honestly sounds 366 00:16:06,720 --> 00:16:08,840 Speaker 1: like the worst like that a lot more difficult. I 367 00:16:08,880 --> 00:16:11,080 Speaker 1: don't know how those families do it. I'm amazed and 368 00:16:11,120 --> 00:16:13,560 Speaker 1: I'm encouraged by the fact that families out there find 369 00:16:13,640 --> 00:16:16,960 Speaker 1: joy in being three square feet together. But to me 370 00:16:17,080 --> 00:16:19,680 Speaker 1: that that just doesn't sound like fun. I concur Alright, 371 00:16:19,680 --> 00:16:21,600 Speaker 1: we've got several other questions we're gonna get too during 372 00:16:21,640 --> 00:16:24,640 Speaker 1: this episode. Speaking of kiddos, We're gonna talk about five 373 00:16:25,040 --> 00:16:27,920 Speaker 1: nine plans and how to invest that money, plus several 374 00:16:27,960 --> 00:16:30,480 Speaker 1: other questions. Will get to all of those right after this. 375 00:16:40,240 --> 00:16:41,880 Speaker 1: Al Right, we are back. We're gonna get to all 376 00:16:41,880 --> 00:16:44,880 Speaker 1: of those listener questions, and our next one comes from 377 00:16:44,880 --> 00:16:48,880 Speaker 1: a listener who is wondering about some careers and counseling, 378 00:16:48,960 --> 00:16:53,120 Speaker 1: not for himself but specifically for his girlfriend. Let's hear it. Hey, guys, 379 00:16:53,360 --> 00:16:55,880 Speaker 1: he's Keith from you were in the Coast. Really enjoy 380 00:16:55,920 --> 00:16:58,120 Speaker 1: your show. I've gotten a lot of great money tips 381 00:16:58,120 --> 00:17:01,560 Speaker 1: over the years. And of the episodes you mentioned that 382 00:17:01,680 --> 00:17:05,520 Speaker 1: one of your wives, I forget which one, was going 383 00:17:05,800 --> 00:17:09,640 Speaker 1: to counseling school, and my girlfriend is currently getting her 384 00:17:09,640 --> 00:17:14,320 Speaker 1: Masters in counseling. Some kind of just curious about the 385 00:17:14,440 --> 00:17:19,919 Speaker 1: decisions um financially and becoming a counselor as opposed to 386 00:17:19,960 --> 00:17:23,920 Speaker 1: like other careers, and what your wife's plan is. Let 387 00:17:23,920 --> 00:17:27,600 Speaker 1: me know, Keith, great question, and yeah, I got a 388 00:17:27,640 --> 00:17:29,760 Speaker 1: bunch of thoughts on this one. But I actually actually 389 00:17:29,760 --> 00:17:31,239 Speaker 1: talked with Emily about this because I was like, hey, 390 00:17:31,640 --> 00:17:33,680 Speaker 1: I want all your thoughts, and I thought about actually 391 00:17:33,920 --> 00:17:37,080 Speaker 1: recording her boys and getting here to help answer this question, 392 00:17:37,240 --> 00:17:41,240 Speaker 1: but I figured I've just RelA some perfessional. That's your job, buddy. 393 00:17:41,880 --> 00:17:43,959 Speaker 1: You talked to the people exactly, although you know they 394 00:17:43,960 --> 00:17:45,200 Speaker 1: were on not too long ago, and they did a 395 00:17:45,200 --> 00:17:47,040 Speaker 1: good job. They did a great job. And by the way, 396 00:17:47,119 --> 00:17:48,800 Speaker 1: Keith lives on the Organ Coast. We had a buddy 397 00:17:48,800 --> 00:17:50,400 Speaker 1: who just went out there to play golf. And I 398 00:17:50,480 --> 00:17:52,919 Speaker 1: love the Organ coast. It is you can you can 399 00:17:52,920 --> 00:17:54,720 Speaker 1: do but beach fires there, right, fires on the beach, 400 00:17:54,920 --> 00:17:56,879 Speaker 1: and I don't think you can do that and beaches 401 00:17:56,880 --> 00:17:58,520 Speaker 1: where we is it on the west It seems like 402 00:17:58,520 --> 00:18:00,679 Speaker 1: you can do that on the West Coast more so 403 00:18:01,000 --> 00:18:03,359 Speaker 1: than on the East Coast. Like I've never seen a 404 00:18:03,560 --> 00:18:05,680 Speaker 1: like a like out west. They've got the giant fire 405 00:18:05,720 --> 00:18:08,240 Speaker 1: pits and stuff like that that are designated for having 406 00:18:08,320 --> 00:18:12,240 Speaker 1: those fun beach fires more way more. Yeah, they've romanticized 407 00:18:12,240 --> 00:18:14,000 Speaker 1: beach life out there more than they have here on 408 00:18:14,040 --> 00:18:15,720 Speaker 1: the East Coast. So way, like you gotta wear a 409 00:18:15,720 --> 00:18:17,440 Speaker 1: wet suit to get in the water, so that's true. Yeah, 410 00:18:17,440 --> 00:18:19,600 Speaker 1: but um, all right, let's let's let's move on. Let's 411 00:18:19,640 --> 00:18:22,760 Speaker 1: talk about Keith's question. And I'll lead off here, Matt, 412 00:18:22,800 --> 00:18:25,120 Speaker 1: because yeah, like I said, my wife offered a lot 413 00:18:25,119 --> 00:18:26,679 Speaker 1: of advice on this one. And and she is the 414 00:18:26,680 --> 00:18:30,280 Speaker 1: one in grad school. She's studying to become a licensed therapist. Emily, Yes, 415 00:18:30,400 --> 00:18:33,040 Speaker 1: not Kate, right, And so if you are looking, and 416 00:18:33,040 --> 00:18:34,959 Speaker 1: by the way, Matt, this is this is really one 417 00:18:35,000 --> 00:18:38,239 Speaker 1: of those careers when you talk about the longevity and 418 00:18:38,280 --> 00:18:40,560 Speaker 1: the need for this for more people in this occupation. 419 00:18:40,840 --> 00:18:42,720 Speaker 1: It's not going to slow down anytime soon. So it's 420 00:18:42,720 --> 00:18:46,679 Speaker 1: one of those things where job security is basically as 421 00:18:46,680 --> 00:18:51,760 Speaker 1: short if you if you're somewhat with that. So it's 422 00:18:51,800 --> 00:18:53,880 Speaker 1: like being a nurse, like they're always in demand. Same 423 00:18:53,920 --> 00:18:58,760 Speaker 1: thing for licensed therapist professionals. But yeah, the job options 424 00:18:58,800 --> 00:19:02,280 Speaker 1: are just diverse, and so much of like what direction 425 00:19:02,359 --> 00:19:04,880 Speaker 1: you go in depends on what you want your work 426 00:19:04,920 --> 00:19:07,240 Speaker 1: life to look like, Like you can work for someone 427 00:19:07,280 --> 00:19:10,479 Speaker 1: else's private practice, or if you're more entrepreneurial, you can 428 00:19:10,480 --> 00:19:13,360 Speaker 1: start your own and uh in that route could be 429 00:19:13,560 --> 00:19:17,040 Speaker 1: more lucrative but also more onerous. Makes me think of Matt, 430 00:19:17,080 --> 00:19:19,680 Speaker 1: like when you're a wedding photographer, and it's one of 431 00:19:19,720 --> 00:19:21,640 Speaker 1: the things where some people are really good a photography, 432 00:19:21,800 --> 00:19:23,840 Speaker 1: other people are really good at running their own businesses. 433 00:19:24,000 --> 00:19:26,600 Speaker 1: There most people aren't great at both. You you were 434 00:19:26,640 --> 00:19:28,280 Speaker 1: one of those rare people who were great at both. 435 00:19:28,520 --> 00:19:30,600 Speaker 1: But I knew a lot of friends in photography who 436 00:19:31,040 --> 00:19:32,960 Speaker 1: they're great at taking pictures, but when it came to 437 00:19:33,000 --> 00:19:35,199 Speaker 1: running their own business, it's not something they enjoyed, right, 438 00:19:35,359 --> 00:19:37,280 Speaker 1: got it? Yeah, there are folks like that out there. 439 00:19:37,359 --> 00:19:38,959 Speaker 1: So you're good at the skill, but you also need 440 00:19:39,000 --> 00:19:41,879 Speaker 1: to have I don't want to say a love for 441 00:19:41,960 --> 00:19:44,160 Speaker 1: the books, but you have to be into that part 442 00:19:44,200 --> 00:19:46,040 Speaker 1: of it as well. And I actually found myself really 443 00:19:46,119 --> 00:19:48,280 Speaker 1: drawn to that part of owning my own business. Yeah, 444 00:19:48,440 --> 00:19:50,840 Speaker 1: the books, the taxes, insurance, all that kind of crap. 445 00:19:50,960 --> 00:19:53,520 Speaker 1: So if your girlfriend, Keith is kind of into that 446 00:19:53,560 --> 00:19:55,520 Speaker 1: side of it, like that could be a good fit. 447 00:19:55,680 --> 00:19:58,800 Speaker 1: Or Keith, if you are, and if y'all think you're 448 00:19:58,840 --> 00:20:01,359 Speaker 1: gonna be together a long term, you could potentially be 449 00:20:02,040 --> 00:20:05,040 Speaker 1: more the admin bookkeeping side of things, let her be 450 00:20:05,320 --> 00:20:08,120 Speaker 1: the creative and that do the creative and therapist side 451 00:20:08,119 --> 00:20:10,280 Speaker 1: of things. And um, you know, your your partner could 452 00:20:10,320 --> 00:20:13,040 Speaker 1: work in a school setting. That's another place where there's 453 00:20:13,080 --> 00:20:15,359 Speaker 1: need for mental health professionals. Can be a school school 454 00:20:15,400 --> 00:20:18,359 Speaker 1: counselor there's always a need for therapists in the social 455 00:20:18,359 --> 00:20:22,040 Speaker 1: work arena. UH, coaching is something that therapists often pivot 456 00:20:22,400 --> 00:20:24,880 Speaker 1: too as well. I met someone who's a life coach 457 00:20:24,880 --> 00:20:27,560 Speaker 1: the other day at the pool, and um that you 458 00:20:27,600 --> 00:20:30,399 Speaker 1: know this is this is an arena where a licensed 459 00:20:30,440 --> 00:20:32,600 Speaker 1: therapist they can get into kind of that thing. There's 460 00:20:32,640 --> 00:20:34,959 Speaker 1: there's so many different directions you can take with this, 461 00:20:35,280 --> 00:20:36,639 Speaker 1: and so what Emily is gonna do? I mean that 462 00:20:37,000 --> 00:20:39,800 Speaker 1: she's really she's not sure yet, she's really kind of 463 00:20:39,800 --> 00:20:41,360 Speaker 1: trying to figure that out at this change. She could 464 00:20:41,359 --> 00:20:44,400 Speaker 1: be a TikTok therapist. She's just probably the whole time, dude, 465 00:20:44,400 --> 00:20:46,000 Speaker 1: It's amazing, Like I was looking to do that. There 466 00:20:46,000 --> 00:20:49,119 Speaker 1: are people on YouTube who have who are licensed therapists, 467 00:20:49,119 --> 00:20:51,439 Speaker 1: and they help other licensed therapists figure out how to 468 00:20:51,600 --> 00:20:53,240 Speaker 1: do their business and how to canter to clients, and 469 00:20:53,280 --> 00:20:55,719 Speaker 1: so they're doing less of that more like buses their 470 00:20:55,720 --> 00:20:59,240 Speaker 1: own professionals as opposed to the actual counseling in therapy. Yeah, 471 00:20:59,240 --> 00:21:00,720 Speaker 1: and so one of the things that Emily said is 472 00:21:00,720 --> 00:21:03,760 Speaker 1: that this degree has just so much persatility. It can 473 00:21:03,800 --> 00:21:05,360 Speaker 1: it can take you in a lot of different directions. 474 00:21:05,480 --> 00:21:07,000 Speaker 1: So much of it depends on where you want to go. 475 00:21:07,320 --> 00:21:09,240 Speaker 1: And one of the things she highlighted, which I thought 476 00:21:09,320 --> 00:21:11,760 Speaker 1: made a lot of sense because it rings true for 477 00:21:11,800 --> 00:21:14,600 Speaker 1: me and my experience as well, is that internships can 478 00:21:14,640 --> 00:21:17,520 Speaker 1: take you a long way. And so think through the 479 00:21:17,560 --> 00:21:20,120 Speaker 1: internships that you want to do the paths that your 480 00:21:20,119 --> 00:21:23,840 Speaker 1: school offers you to gain experience. Talk to professors about 481 00:21:23,880 --> 00:21:26,280 Speaker 1: what they've done, and they're varied interests in the cool, 482 00:21:26,359 --> 00:21:30,200 Speaker 1: cool ways. They've seen people in their space, user degrees 483 00:21:30,280 --> 00:21:33,000 Speaker 1: in interesting ways, and you're going to find out the 484 00:21:33,640 --> 00:21:36,439 Speaker 1: kinds of paths that exist and which ones appeal to 485 00:21:36,480 --> 00:21:39,280 Speaker 1: you more than others. It makes me even think of medicine, right, Like, 486 00:21:39,440 --> 00:21:42,080 Speaker 1: one of my roommates in college knew that he wanted 487 00:21:42,119 --> 00:21:44,320 Speaker 1: to go into radiology because that was one of the 488 00:21:44,320 --> 00:21:48,240 Speaker 1: few avenues of being a doctor of medicine that allowed 489 00:21:48,320 --> 00:21:51,920 Speaker 1: him to have basically nine to five hours and because 490 00:21:51,920 --> 00:21:53,639 Speaker 1: that is what he grew up with. His dad was 491 00:21:53,640 --> 00:21:56,080 Speaker 1: actually a radiologist, and so he knew that, well, I 492 00:21:56,119 --> 00:21:58,440 Speaker 1: want to be able to have a regular, standard life 493 00:21:58,480 --> 00:22:00,200 Speaker 1: like that. I don't want to be on call, don't 494 00:22:00,200 --> 00:22:03,480 Speaker 1: want to have to necessarily be working night shifts or 495 00:22:03,560 --> 00:22:05,440 Speaker 1: multiple shows back to back, that kind of thing. He 496 00:22:05,480 --> 00:22:11,600 Speaker 1: wanted to have that traditional lifestyle with that doctor's income. So, uh, similarly, 497 00:22:11,640 --> 00:22:13,360 Speaker 1: you can kind of think through what you want your 498 00:22:13,400 --> 00:22:15,719 Speaker 1: life to look like. But I think an important thing 499 00:22:15,760 --> 00:22:19,240 Speaker 1: to recognize as well, Keith, before just straight up pursuing 500 00:22:19,320 --> 00:22:22,520 Speaker 1: higher education is what your job and what your income 501 00:22:22,560 --> 00:22:26,080 Speaker 1: prospects are likely going to be after graduation versus what 502 00:22:26,119 --> 00:22:28,720 Speaker 1: they are currently, because stats actually show that a lot 503 00:22:28,840 --> 00:22:31,760 Speaker 1: of master's degrees don't end up paying off for the 504 00:22:31,760 --> 00:22:34,199 Speaker 1: folks who get them. There is so much that depends 505 00:22:34,200 --> 00:22:37,119 Speaker 1: on the specific degree that you pursue, because something like 506 00:22:37,160 --> 00:22:40,159 Speaker 1: I think it's folks who get a master's degree, they 507 00:22:40,200 --> 00:22:44,040 Speaker 1: see almost no income bump from it at all. And 508 00:22:44,119 --> 00:22:46,320 Speaker 1: so with his mind, keeping that expense to a minimum 509 00:22:46,400 --> 00:22:48,679 Speaker 1: is important because you don't want to wrack up this 510 00:22:48,760 --> 00:22:52,000 Speaker 1: new debt obligation, this new payment, not to mention the 511 00:22:52,080 --> 00:22:54,840 Speaker 1: multi year process of getting that higher education where you 512 00:22:54,880 --> 00:22:57,480 Speaker 1: may not be working as much unless you have some 513 00:22:57,560 --> 00:22:59,800 Speaker 1: numbers to back you up that show that you're likely 514 00:22:59,840 --> 00:23:02,800 Speaker 1: to increase your earnings in a meaningful way. That is, 515 00:23:02,880 --> 00:23:05,679 Speaker 1: unless you're financially independent. Maybe if school is just a 516 00:23:05,760 --> 00:23:07,520 Speaker 1: labor of love for you, then sure, go for it. 517 00:23:07,560 --> 00:23:10,160 Speaker 1: You can study whatever you want to study. But for 518 00:23:10,200 --> 00:23:12,760 Speaker 1: the rest of us, for the rest most folks out 519 00:23:12,760 --> 00:23:14,920 Speaker 1: there who are not in money year seven, you need 520 00:23:15,000 --> 00:23:17,520 Speaker 1: to think through all of those things. And so well, 521 00:23:17,560 --> 00:23:18,760 Speaker 1: not only does it come down to I think the 522 00:23:18,800 --> 00:23:21,520 Speaker 1: specific degree that you're pursuing, but I think it's also 523 00:23:21,520 --> 00:23:23,560 Speaker 1: important to point out that it's it's not like this 524 00:23:23,600 --> 00:23:26,000 Speaker 1: automatic guarantee to earn you more money just because you 525 00:23:26,040 --> 00:23:29,000 Speaker 1: get even that higher you know, that degree. Even within counseling, 526 00:23:29,359 --> 00:23:32,320 Speaker 1: I think sometimes folks might think that, well, just you know, 527 00:23:32,359 --> 00:23:34,160 Speaker 1: once I get this degree, that's automatically going to mean 528 00:23:34,160 --> 00:23:37,800 Speaker 1: this kind of income, and like like you default, you 529 00:23:37,800 --> 00:23:39,879 Speaker 1: you fall back on that, you rest on that degree 530 00:23:39,920 --> 00:23:42,880 Speaker 1: maybe a little too much as opposed to knowing that 531 00:23:42,920 --> 00:23:44,320 Speaker 1: you are still going to have to get out there 532 00:23:44,359 --> 00:23:46,520 Speaker 1: and hustle a little bit. It's still going to require 533 00:23:47,119 --> 00:23:49,320 Speaker 1: pounding the pavement, it's still going to require internships, like 534 00:23:49,359 --> 00:23:52,080 Speaker 1: Emily mentioned, it's going to require some work, some drive, 535 00:23:52,200 --> 00:23:55,399 Speaker 1: some initiative on your part, unless like if you're in 536 00:23:55,440 --> 00:23:57,600 Speaker 1: an academic setting and you know that like once you 537 00:23:57,640 --> 00:24:00,280 Speaker 1: get this degree, that you get tenure or if means 538 00:24:00,320 --> 00:24:02,640 Speaker 1: this kind of maybe that's one of the few scenario, 539 00:24:02,680 --> 00:24:05,240 Speaker 1: is one of the few instances where just automatically getting 540 00:24:05,680 --> 00:24:08,399 Speaker 1: a degree is going to equal you receiving higher pay. 541 00:24:08,480 --> 00:24:11,080 Speaker 1: But sometimes there's just a pay schedule bump because exactly 542 00:24:11,119 --> 00:24:12,920 Speaker 1: you've got exactance degree. Like my friend who's a high 543 00:24:12,920 --> 00:24:15,000 Speaker 1: school teach, exactly he got a master's degree, and it 544 00:24:15,160 --> 00:24:18,119 Speaker 1: literally meant a specific amount increasing his salary. And so 545 00:24:18,520 --> 00:24:20,080 Speaker 1: he was like, all right, all that matters. I get 546 00:24:20,080 --> 00:24:21,640 Speaker 1: this degree, and I do it as cheaply as possible 547 00:24:21,720 --> 00:24:24,040 Speaker 1: because I'm assured more money. Yeah, but for everybody else, like, 548 00:24:24,080 --> 00:24:26,680 Speaker 1: it's worth pointing out that it's going to require like maybe, 549 00:24:26,720 --> 00:24:28,440 Speaker 1: I mean, if you're in a like a college or 550 00:24:28,520 --> 00:24:30,960 Speaker 1: university setting, it could even mean having to get published 551 00:24:31,119 --> 00:24:33,600 Speaker 1: and like, so there is sometimes additional work that comes 552 00:24:33,640 --> 00:24:37,320 Speaker 1: with that higher degree in order to maintain that higher pay. 553 00:24:37,359 --> 00:24:38,679 Speaker 1: So just keep that in mind as well. It's not 554 00:24:38,720 --> 00:24:42,240 Speaker 1: necessarily this automatic increase to your income. Yeah. Yeah, basically 555 00:24:42,240 --> 00:24:44,760 Speaker 1: what you're saying, don't assume that more education equals more money. 556 00:24:44,880 --> 00:24:47,120 Speaker 1: Sometimes it does there, which is great, um, but you've 557 00:24:47,160 --> 00:24:50,520 Speaker 1: gotta be intentional about it, and just that assumption is 558 00:24:50,560 --> 00:24:53,280 Speaker 1: not is not a good plan. And but sometimes you 559 00:24:53,480 --> 00:24:55,280 Speaker 1: are willing to go back to school and pay more 560 00:24:55,320 --> 00:24:57,320 Speaker 1: money to do something you enjoy more, even if it 561 00:24:57,320 --> 00:24:59,880 Speaker 1: means less money. And I would say, you know, when 562 00:24:59,880 --> 00:25:02,560 Speaker 1: it comes to that, you might consider your career more 563 00:25:02,600 --> 00:25:05,080 Speaker 1: of a calling. And I think it's a totally fine 564 00:25:05,080 --> 00:25:07,640 Speaker 1: thing too. And I think that's the way Emily views 565 00:25:07,720 --> 00:25:11,520 Speaker 1: this um is is that what she's doing is something 566 00:25:11,520 --> 00:25:15,560 Speaker 1: that she's highly skilled at, just personality wise, and it's 567 00:25:15,600 --> 00:25:18,040 Speaker 1: something she's wanted to do her entire life, or at 568 00:25:18,119 --> 00:25:20,359 Speaker 1: least her entire adult life. And it's one of those 569 00:25:20,400 --> 00:25:22,359 Speaker 1: things where like, why why why have we not done this? 570 00:25:22,359 --> 00:25:25,080 Speaker 1: It is time, let's make this happen. And so, um yeah, 571 00:25:25,119 --> 00:25:27,960 Speaker 1: I think you know she is likely to make a 572 00:25:28,000 --> 00:25:30,399 Speaker 1: good income one of these days, and that even the 573 00:25:30,400 --> 00:25:33,400 Speaker 1: financials of it will make sense. Paying for this education 574 00:25:33,680 --> 00:25:36,439 Speaker 1: will lead to, you know, an increased salary beyond what 575 00:25:36,520 --> 00:25:38,520 Speaker 1: she could have made in the labor force apart from 576 00:25:38,560 --> 00:25:40,440 Speaker 1: this degree. But it's also true that there are more 577 00:25:40,840 --> 00:25:44,000 Speaker 1: proven and less time intensive ways to grow your income, 578 00:25:44,400 --> 00:25:48,320 Speaker 1: but when it's a calling, you decide to forego that 579 00:25:48,440 --> 00:25:51,639 Speaker 1: path of making more money more quickly in order to 580 00:25:51,680 --> 00:25:54,600 Speaker 1: do something that you love. So um yeah. Not everyone 581 00:25:54,640 --> 00:25:56,439 Speaker 1: gets to do that, or even wants to feel that 582 00:25:56,440 --> 00:25:58,440 Speaker 1: deep of a connection maybe to the work they do. 583 00:25:58,640 --> 00:26:01,640 Speaker 1: But yeah, for Emily, I can't imagine anything it's gonna 584 00:26:01,640 --> 00:26:03,480 Speaker 1: suit her better. And I sure hope the same is 585 00:26:03,520 --> 00:26:06,120 Speaker 1: true for for your girlfriend, Keith, And I think it's 586 00:26:06,119 --> 00:26:08,000 Speaker 1: awesome that you're supporting her that you're willing to like 587 00:26:08,280 --> 00:26:10,720 Speaker 1: ask a question on her behalf, And yeah, we wish 588 00:26:10,760 --> 00:26:12,840 Speaker 1: her the best of luck and hopefully this is something 589 00:26:12,880 --> 00:26:15,760 Speaker 1: that is not just enjoyable, but also you know, pays 590 00:26:15,920 --> 00:26:18,320 Speaker 1: handsomely for her too, while she gets to do something 591 00:26:18,320 --> 00:26:20,760 Speaker 1: every day that she's deeply connected to. Totally the best 592 00:26:20,840 --> 00:26:22,640 Speaker 1: of luck to her as she's figuring that stuff out. 593 00:26:22,720 --> 00:26:24,560 Speaker 1: All right, let's get to the next question. This one 594 00:26:24,760 --> 00:26:29,440 Speaker 1: is about investing inside of a five account. Hi, Matt 595 00:26:29,560 --> 00:26:32,680 Speaker 1: and Joel. My name is Trish. I'm a longtime listener 596 00:26:32,880 --> 00:26:39,000 Speaker 1: of your podcast, really enjoy it. Calling you from southern 597 00:26:39,040 --> 00:26:44,639 Speaker 1: California and wanted to ask a question with regard to 598 00:26:45,600 --> 00:26:50,680 Speaker 1: allocations for a five twenty nine college savings pan and 599 00:26:50,840 --> 00:26:55,120 Speaker 1: a custodian U t M A U g M A accounts. 600 00:26:55,200 --> 00:26:59,000 Speaker 1: We use proceeds from the selling of our house to 601 00:26:59,119 --> 00:27:02,560 Speaker 1: invest some money in for our daughter, some in a 602 00:27:03,359 --> 00:27:08,359 Speaker 1: nine plan and some in a custodial plan. And the 603 00:27:09,160 --> 00:27:14,439 Speaker 1: nine is allocated with sixty seven percent equities, twenty seven 604 00:27:14,480 --> 00:27:17,760 Speaker 1: percent fixed and six percent cash. And then custoony is 605 00:27:17,760 --> 00:27:21,280 Speaker 1: a little bit more risky at ninety six percent equities 606 00:27:21,320 --> 00:27:24,240 Speaker 1: and four percent cash. I put that in there with 607 00:27:24,359 --> 00:27:26,400 Speaker 1: the plan to leave it for at least ten years 608 00:27:26,480 --> 00:27:29,239 Speaker 1: until my daughter is ready to go to college. But 609 00:27:29,400 --> 00:27:31,639 Speaker 1: you know what, the markets as it is, I'm a 610 00:27:31,680 --> 00:27:37,720 Speaker 1: little bit nervous. Is the right tactic to change my 611 00:27:37,800 --> 00:27:41,280 Speaker 1: allocations for any of these accounts? Or should I just 612 00:27:41,760 --> 00:27:44,600 Speaker 1: sit back and wait, let the market do its thing 613 00:27:45,400 --> 00:27:49,760 Speaker 1: and stop stressing about it. Any advice that you can 614 00:27:49,840 --> 00:27:53,680 Speaker 1: offer would be greatly appreciated. We just invested this money 615 00:27:53,720 --> 00:27:57,359 Speaker 1: and of course this year, and of course we've just 616 00:27:57,440 --> 00:28:00,800 Speaker 1: been seeing it go down. So here is about your 617 00:28:00,800 --> 00:28:03,920 Speaker 1: thoughts on that. Thank you, alright, Triesia, thanks so much 618 00:28:03,960 --> 00:28:07,159 Speaker 1: for your question. And man, I agree, this is a 619 00:28:07,200 --> 00:28:09,680 Speaker 1: really tough time to invest a lump sum of money. 620 00:28:10,040 --> 00:28:11,600 Speaker 1: Uh if you are the beginning of the year was 621 00:28:11,600 --> 00:28:13,600 Speaker 1: in particular, well yeah, I mean that's what she said. 622 00:28:14,000 --> 00:28:15,639 Speaker 1: People are saying in their house, like three or four 623 00:28:15,720 --> 00:28:17,840 Speaker 1: five years in a row though time. Hiys, I'm so 624 00:28:18,040 --> 00:28:20,200 Speaker 1: scared to invest a lump som But if five years 625 00:28:20,200 --> 00:28:22,399 Speaker 1: ago you were thinking about and you didn't do it, 626 00:28:22,440 --> 00:28:23,960 Speaker 1: you would have missed out on a lot of a 627 00:28:24,000 --> 00:28:26,639 Speaker 1: lot of growth exactly. Except for now. This is something 628 00:28:26,640 --> 00:28:29,560 Speaker 1: that we are experiencing and so you know, I think 629 00:28:29,560 --> 00:28:32,000 Speaker 1: this is a great question about acid allocation because it's like, 630 00:28:32,040 --> 00:28:34,440 Speaker 1: this is something that lots of folks are thinking about 631 00:28:34,520 --> 00:28:37,600 Speaker 1: right now because of the market. But the thing is, Tricia, 632 00:28:37,800 --> 00:28:39,959 Speaker 1: switching things up in the middle of a market downturn 633 00:28:40,160 --> 00:28:42,920 Speaker 1: is not something that we want you to do. Hopefully, 634 00:28:42,960 --> 00:28:46,560 Speaker 1: there's a reason you chose this particular strategy with what 635 00:28:46,640 --> 00:28:48,160 Speaker 1: to do with this money and how to invest it, 636 00:28:48,680 --> 00:28:53,040 Speaker 1: realizing that a market downturn was a realistic probability. And 637 00:28:53,080 --> 00:28:56,680 Speaker 1: it sounds like, uh, your allocation is smart and reasonable, 638 00:28:56,760 --> 00:28:58,800 Speaker 1: you know, but that you're just stressing about the fact 639 00:28:58,880 --> 00:29:01,200 Speaker 1: that it's not doing so hot right now. That is 640 00:29:01,200 --> 00:29:04,200 Speaker 1: completely understandable, for sure, I get it. But it doesn't 641 00:29:04,240 --> 00:29:07,880 Speaker 1: mean that you should go tinkering with your allocation, uh 642 00:29:07,880 --> 00:29:10,880 Speaker 1: and opting for something that's a bit more uh conservative, 643 00:29:11,400 --> 00:29:13,600 Speaker 1: you know, or or going with some some investment choices 644 00:29:13,760 --> 00:29:17,360 Speaker 1: that may not be quite as risky at this point 645 00:29:17,360 --> 00:29:20,560 Speaker 1: in time. Yeah, I agree. And in our favorite fund choices, 646 00:29:20,640 --> 00:29:23,160 Speaker 1: by the way, inside of a nine plan or an 647 00:29:23,240 --> 00:29:26,080 Speaker 1: UGMA or U account like you mentioned, they're they're typically 648 00:29:26,120 --> 00:29:29,120 Speaker 1: age based funds. They get more conservative as your child 649 00:29:29,160 --> 00:29:31,560 Speaker 1: gets closer to needing the money because if you're out 650 00:29:31,600 --> 00:29:33,240 Speaker 1: for one of those, right, a two year old is 651 00:29:33,280 --> 00:29:35,720 Speaker 1: going to be heavily invested in stocks because they've got 652 00:29:35,720 --> 00:29:38,360 Speaker 1: a longer time horizon before they'll be tapping those funds. 653 00:29:38,360 --> 00:29:40,240 Speaker 1: For instance, you know, my my two year old, my 654 00:29:40,320 --> 00:29:44,000 Speaker 1: eight year old both have small amounts of money inside plan, 655 00:29:44,440 --> 00:29:47,280 Speaker 1: but they are while they're in the same fund, each 656 00:29:47,280 --> 00:29:50,480 Speaker 1: one is experiencing different returns because of how old they are, 657 00:29:50,640 --> 00:29:53,320 Speaker 1: And a fifteen year old is going to have basically 658 00:29:53,320 --> 00:29:57,000 Speaker 1: a more conservative allocation, which means that severe market conditions 659 00:29:57,040 --> 00:30:00,440 Speaker 1: aren't going to impact their portfolio negatively to this any extent. 660 00:30:00,680 --> 00:30:02,880 Speaker 1: The worst case scenario basically is tapping funds that were 661 00:30:02,880 --> 00:30:05,640 Speaker 1: too stock heavy in the middle of a downturn in 662 00:30:05,720 --> 00:30:08,000 Speaker 1: order to have to pay for school. That's what these 663 00:30:08,040 --> 00:30:11,440 Speaker 1: age based plans are trying to prevent, and so for 664 00:30:11,480 --> 00:30:13,400 Speaker 1: most people that's the best choice. It doesn't mean it 665 00:30:14,200 --> 00:30:17,200 Speaker 1: doesn't mean though that, because like I'll guarantee you, every 666 00:30:17,200 --> 00:30:19,640 Speaker 1: age based portfolio, even for that fifteen year old, is 667 00:30:19,640 --> 00:30:22,080 Speaker 1: down somewhat right at this point in time, It's not 668 00:30:22,120 --> 00:30:24,360 Speaker 1: performing as well as it did two years ago. Yeah, 669 00:30:24,440 --> 00:30:27,680 Speaker 1: but it is attempting to lessen the negative impact the 670 00:30:27,760 --> 00:30:29,880 Speaker 1: closer you get to needing the money, that's right. Yeah, 671 00:30:29,880 --> 00:30:31,920 Speaker 1: And Tricia, you mentioned letting the market just do its thing, 672 00:30:32,160 --> 00:30:35,360 Speaker 1: and that that's actually exactly what you should do right now. 673 00:30:35,680 --> 00:30:38,320 Speaker 1: It's it's clearly not fun seeing the market go down 674 00:30:38,360 --> 00:30:42,280 Speaker 1: on money that you just invested for your daughter. But 675 00:30:42,400 --> 00:30:44,880 Speaker 1: volatility is a part of the process, even though it's 676 00:30:44,880 --> 00:30:47,400 Speaker 1: a painful one. And you mentioned too that that you've 677 00:30:47,400 --> 00:30:49,480 Speaker 1: got a timeline of at least ten years. That is 678 00:30:49,560 --> 00:30:52,520 Speaker 1: key here because you aren't planning to tap these accounts 679 00:30:52,520 --> 00:30:55,200 Speaker 1: for a long long time, and so your allocation makes 680 00:30:55,200 --> 00:30:57,560 Speaker 1: sense based on when you're likely to need that money 681 00:30:57,600 --> 00:30:59,960 Speaker 1: to help pay for her schooling. And so stay the course. 682 00:31:00,400 --> 00:31:02,280 Speaker 1: And yeah, just try not to pay attention to what's 683 00:31:02,280 --> 00:31:04,280 Speaker 1: happening in the stock market right now, even though that 684 00:31:04,320 --> 00:31:06,880 Speaker 1: it's difficult for the time being. Uh, And I think 685 00:31:06,920 --> 00:31:09,400 Speaker 1: it's important to to look to history because when you 686 00:31:09,480 --> 00:31:11,000 Speaker 1: look at what the market has done, like you can 687 00:31:11,040 --> 00:31:12,760 Speaker 1: look at the rolling So you know, you mentioned that 688 00:31:12,800 --> 00:31:15,400 Speaker 1: you've got a ten years, a ten year span of 689 00:31:15,440 --> 00:31:17,680 Speaker 1: time before you need to tap these funds, and when 690 00:31:17,680 --> 00:31:20,680 Speaker 1: you look at the rolling ten year returns from the 691 00:31:20,680 --> 00:31:23,920 Speaker 1: stock market over the past one hundred years, you're looking 692 00:31:23,920 --> 00:31:28,080 Speaker 1: at your investment being positive of going up of the time, 693 00:31:28,320 --> 00:31:31,040 Speaker 1: and so is there a chance that you might have 694 00:31:31,200 --> 00:31:36,080 Speaker 1: fewer dollars in ten years? Yes, absolutely, but is uh 695 00:31:36,200 --> 00:31:38,440 Speaker 1: those are really good odds, those are great us and uh, 696 00:31:38,520 --> 00:31:42,200 Speaker 1: I would feel personally very comfortable continuing to invest that money. Yeah. 697 00:31:42,200 --> 00:31:44,200 Speaker 1: And I like what you said about maybe not paying 698 00:31:44,200 --> 00:31:47,120 Speaker 1: attention Matt during the current kind of market apocalypse, because 699 00:31:47,360 --> 00:31:50,360 Speaker 1: ignorance is basically bliss for long term investors when you 700 00:31:50,400 --> 00:31:52,840 Speaker 1: don't need that money, when it's a tenure plus timeline, 701 00:31:53,040 --> 00:31:55,239 Speaker 1: paying attention is actually a bad thing because it can 702 00:31:55,280 --> 00:31:58,440 Speaker 1: cause you to make decisions that are contrary to the 703 00:31:58,480 --> 00:32:01,520 Speaker 1: goals that you have. And when when you're investing on 704 00:32:01,560 --> 00:32:03,920 Speaker 1: a long timeline but you're paying attention to the short 705 00:32:04,000 --> 00:32:07,160 Speaker 1: term moves, it can have, you know, an emotional impact, 706 00:32:07,160 --> 00:32:09,760 Speaker 1: and then that can lead to actual reactions they're gonna 707 00:32:09,760 --> 00:32:11,719 Speaker 1: be against your best interests when it comes to long 708 00:32:11,800 --> 00:32:14,720 Speaker 1: term wealth building. It's important to mention too that investors 709 00:32:14,960 --> 00:32:17,800 Speaker 1: should really think through scenarios like what we're going through 710 00:32:17,800 --> 00:32:21,479 Speaker 1: now when they're picking their asset allocation, because it's obviously 711 00:32:21,560 --> 00:32:23,960 Speaker 1: not the same thing as actually going through a bear 712 00:32:24,040 --> 00:32:27,360 Speaker 1: market and seeing your portfolio taking a massive blow in 713 00:32:27,360 --> 00:32:30,120 Speaker 1: real life, seeing the numbers on the screen drop down significantly. 714 00:32:30,560 --> 00:32:32,880 Speaker 1: But this is where I would say, and this is 715 00:32:32,920 --> 00:32:36,040 Speaker 1: coming from an optimist being being too optimistic can come 716 00:32:36,080 --> 00:32:38,120 Speaker 1: back to bite you in the butt, because you need 717 00:32:38,160 --> 00:32:41,720 Speaker 1: a healthy dose of realism when you're picking your asset allocation, 718 00:32:41,840 --> 00:32:44,560 Speaker 1: when you're choosing what funds you invest in, because it's 719 00:32:44,560 --> 00:32:47,320 Speaker 1: important to recognize that volatility can make you look like 720 00:32:47,320 --> 00:32:50,520 Speaker 1: an idiot for months or even years, even though that's 721 00:32:50,560 --> 00:32:52,240 Speaker 1: actually the right allocation for you. It can make you 722 00:32:52,320 --> 00:32:55,240 Speaker 1: look dumb or make you feel stupid. And so yeah, 723 00:32:55,480 --> 00:32:58,480 Speaker 1: considering because we're all looking kind of stupid right now. 724 00:32:59,440 --> 00:33:01,600 Speaker 1: It comes to money that we invested at the beginning 725 00:33:01,600 --> 00:33:03,040 Speaker 1: of the year. And again that's when it comes to 726 00:33:03,080 --> 00:33:05,200 Speaker 1: looking at history zooming out and when you recognize the 727 00:33:05,240 --> 00:33:07,280 Speaker 1: fact that while the market over the past three years 728 00:33:07,280 --> 00:33:09,160 Speaker 1: still is up thirty plus percent, or the market over 729 00:33:09,200 --> 00:33:11,280 Speaker 1: the last ten years is still up two hundred and 730 00:33:11,360 --> 00:33:13,720 Speaker 1: twenty percent. I mean, when when you think about it 731 00:33:13,880 --> 00:33:17,640 Speaker 1: like that, when you're thinking about the actual timeline that 732 00:33:17,720 --> 00:33:21,200 Speaker 1: you're on and the history of market returns and the 733 00:33:21,200 --> 00:33:24,640 Speaker 1: fact that as a long term investor, you are inevitably 734 00:33:24,760 --> 00:33:27,960 Speaker 1: going to see a turnaround. I think that is comfort, 735 00:33:28,080 --> 00:33:32,160 Speaker 1: at least in a season where volatility feels like you're 736 00:33:32,320 --> 00:33:35,200 Speaker 1: you're on shaky ground as an investor. So Tricia, we 737 00:33:35,240 --> 00:33:37,360 Speaker 1: would say you're you're doing the right thing, even though 738 00:33:37,400 --> 00:33:40,680 Speaker 1: it doesn't feel right in the time, So keep keep 739 00:33:40,720 --> 00:33:42,800 Speaker 1: at it and considered, I would say, you know, if 740 00:33:42,880 --> 00:33:45,080 Speaker 1: if your desires to grow that money even further now, 741 00:33:45,080 --> 00:33:47,360 Speaker 1: it's a great time to continue to add. It might 742 00:33:47,360 --> 00:33:49,640 Speaker 1: be scared to do that, but we always we want 743 00:33:49,640 --> 00:33:52,080 Speaker 1: to see people buying more when the markets on sale, 744 00:33:52,320 --> 00:33:54,880 Speaker 1: not not doing the opposite, not standing bad. So Matt, 745 00:33:54,960 --> 00:33:57,360 Speaker 1: let's get to a couple more questions, including one about 746 00:33:57,400 --> 00:34:00,120 Speaker 1: saving up for a rental property. We'll get to out 747 00:34:00,320 --> 00:34:11,239 Speaker 1: right after this break. That's right, we are back from 748 00:34:11,239 --> 00:34:12,840 Speaker 1: the break, and let's, like you said, get to that 749 00:34:12,920 --> 00:34:15,880 Speaker 1: question about saving up for a rental property. It's not 750 00:34:15,920 --> 00:34:19,160 Speaker 1: only about that, but it's also about semi retiring. Let's 751 00:34:19,160 --> 00:34:22,439 Speaker 1: hear it. Hi, guys, my name is Jessica and I'm 752 00:34:22,440 --> 00:34:25,959 Speaker 1: from Orville, Ohio. I actually lived in Atlanta a couple 753 00:34:25,960 --> 00:34:28,359 Speaker 1: of years ago, so I really enjoy when you guys 754 00:34:28,360 --> 00:34:31,200 Speaker 1: talk about different parts of Atlanta because I'm like, oh, hey, 755 00:34:31,239 --> 00:34:35,319 Speaker 1: I know that place. I've been there. So my question is, 756 00:34:35,440 --> 00:34:38,760 Speaker 1: I am thirty five, am looking to retire or semi 757 00:34:38,800 --> 00:34:43,040 Speaker 1: retire in about ten years. I am saving up money 758 00:34:43,040 --> 00:34:45,880 Speaker 1: for a rental property and I would like to purchase 759 00:34:45,960 --> 00:34:50,440 Speaker 1: that in about seven years probably, so I'm wanting to 760 00:34:50,480 --> 00:34:54,080 Speaker 1: put the money I'm saving for the rental property into 761 00:34:54,120 --> 00:34:57,640 Speaker 1: an investment. I just opened an account with van Guard, 762 00:34:58,040 --> 00:35:01,080 Speaker 1: and I wasn't sure if I should put the money 763 00:35:01,120 --> 00:35:03,800 Speaker 1: in a roth Ira or if there's something else I 764 00:35:03,800 --> 00:35:06,520 Speaker 1: should put it in, since I'm wanting to take it 765 00:35:06,560 --> 00:35:11,000 Speaker 1: out in about seven years and then um start taking 766 00:35:11,000 --> 00:35:14,400 Speaker 1: money out from my semi retirement after that. That's it. 767 00:35:14,520 --> 00:35:17,680 Speaker 1: Thank you guys, all right, match we waxed poetic about 768 00:35:17,760 --> 00:35:20,719 Speaker 1: Atlanta because Jessica loves it. I like Atlanta. Yeah, we 769 00:35:20,760 --> 00:35:22,719 Speaker 1: love it here. Atlanta is a great place. So we 770 00:35:22,719 --> 00:35:25,200 Speaker 1: were actually just talking about this recently. I think for 771 00:35:25,280 --> 00:35:27,279 Speaker 1: a lot of folks who have never been spent much 772 00:35:27,320 --> 00:35:29,479 Speaker 1: time in Atlanta, it's not a great place to visit. 773 00:35:29,880 --> 00:35:32,000 Speaker 1: Like it's got a few things. Just end up downtown 774 00:35:32,040 --> 00:35:34,480 Speaker 1: you're disappointed, or if you just fly through the Atlanta 775 00:35:34,520 --> 00:35:37,120 Speaker 1: Airport you're like, Atlanta, what's like, what's there to it? 776 00:35:37,160 --> 00:35:40,800 Speaker 1: But the plane train is pretty miraculous, So welcome on 777 00:35:40,880 --> 00:35:43,960 Speaker 1: board of the plane train. But Atlanta is an awesome 778 00:35:43,960 --> 00:35:45,840 Speaker 1: place to live, right, I mean just the cost of 779 00:35:45,920 --> 00:35:48,520 Speaker 1: living gas is a little more affordable here. I feel 780 00:35:48,520 --> 00:35:51,320 Speaker 1: like we've been We've talked a lot recently about getting 781 00:35:51,320 --> 00:35:53,080 Speaker 1: folks to move to it. Like there's a lot of 782 00:35:53,120 --> 00:35:58,440 Speaker 1: Fortune copies based here in Atlanta. There's trees every a 783 00:35:58,440 --> 00:36:00,960 Speaker 1: lot of nature. There's a lot to love of about Atlanta. 784 00:36:01,120 --> 00:36:03,319 Speaker 1: But yeah, what was so Jessica is saying that she 785 00:36:03,360 --> 00:36:06,040 Speaker 1: likes hearing specific spots, so like pont City Market. I 786 00:36:06,040 --> 00:36:07,520 Speaker 1: feel like that's the place that a lot of folks 787 00:36:07,520 --> 00:36:10,000 Speaker 1: have been to. Pemon Park is lovely. That's where we 788 00:36:10,000 --> 00:36:12,440 Speaker 1: we met Josh and Chuck for the first time. Buddies 789 00:36:12,480 --> 00:36:14,920 Speaker 1: over at stuff. You should know. The I Heart offices 790 00:36:14,960 --> 00:36:17,839 Speaker 1: are over there over on the east side belt Line 791 00:36:18,360 --> 00:36:20,160 Speaker 1: New Realm. That's a brewery, super place to hop on 792 00:36:20,200 --> 00:36:22,560 Speaker 1: for a bike ride. People at dog park how about that. 793 00:36:22,640 --> 00:36:24,759 Speaker 1: A lot of folks to take their dogs over there. 794 00:36:24,800 --> 00:36:27,400 Speaker 1: I will say one of the places, it's most underrated, 795 00:36:27,680 --> 00:36:30,480 Speaker 1: that everyone should go to when they come visit Oakland Cemetery. 796 00:36:30,800 --> 00:36:33,000 Speaker 1: It's that's a good spot, a beautiful place for a 797 00:36:33,040 --> 00:36:35,319 Speaker 1: stroll or bike ride, and that's one of my all 798 00:36:35,360 --> 00:36:36,839 Speaker 1: time favorite places to go. A lot of a lot 799 00:36:36,840 --> 00:36:39,279 Speaker 1: of history there. Margot Mitchell's grave is there as well, 800 00:36:39,360 --> 00:36:40,839 Speaker 1: so you can go visit that if you're a big 801 00:36:40,840 --> 00:36:45,080 Speaker 1: fan of literature. Bobby Jones also buried. Yeah, yeah, a 802 00:36:45,080 --> 00:36:49,360 Speaker 1: lot of great spots. Yeah, alright, let's get onto Jessica's question. 803 00:36:49,840 --> 00:36:52,279 Speaker 1: And you know, first off, I gotta say, Matt, I 804 00:36:52,320 --> 00:36:54,759 Speaker 1: love the Jessica kind of stumbled and she said, no, no no, 805 00:36:55,200 --> 00:36:59,080 Speaker 1: semi retire, And if you listened to our episode last Wednesday, 806 00:36:59,440 --> 00:37:01,680 Speaker 1: you I'm gonna say, like, you know how we feel 807 00:37:01,719 --> 00:37:05,040 Speaker 1: about retiring all the way, and semi retirement is way 808 00:37:05,080 --> 00:37:07,600 Speaker 1: more our speed. So I love this. She said that 809 00:37:07,640 --> 00:37:09,959 Speaker 1: because you know, real estate can actually be a great 810 00:37:09,960 --> 00:37:12,919 Speaker 1: way to provide a steady cash flow stream. That's gonna 811 00:37:13,040 --> 00:37:14,880 Speaker 1: that's gonna help you plan a bit better for that 812 00:37:14,920 --> 00:37:17,000 Speaker 1: semi retirement. At the same time, to be like a 813 00:37:17,000 --> 00:37:19,959 Speaker 1: new thirtide line song called semi Retired kind of Life, 814 00:37:21,320 --> 00:37:23,000 Speaker 1: you can rewrite the lyrics on it, I still up 815 00:37:23,040 --> 00:37:25,560 Speaker 1: the dead line. So I like the Jessica is going 816 00:37:25,600 --> 00:37:29,440 Speaker 1: in this direction, and and early retirees who own rental properties, 817 00:37:29,840 --> 00:37:32,080 Speaker 1: by the way, speaking of market conditions, like we talked 818 00:37:32,080 --> 00:37:34,319 Speaker 1: about with the last question, Matt, they're probably feeling a 819 00:37:34,400 --> 00:37:36,759 Speaker 1: lot better about their situation right now than folks who 820 00:37:36,800 --> 00:37:38,680 Speaker 1: are just pulling money out of the market that's taken 821 00:37:38,719 --> 00:37:41,320 Speaker 1: a big hit. There's something about the steady cash flow 822 00:37:41,680 --> 00:37:45,960 Speaker 1: and the steadier nature of real estate that is particularly beneficial. 823 00:37:46,000 --> 00:37:49,440 Speaker 1: I would say for a semi retired individual retiring much 824 00:37:49,480 --> 00:37:52,640 Speaker 1: earlier than the age people normally retire at exactly, I 825 00:37:52,640 --> 00:37:54,920 Speaker 1: think that's one of the best things about rental real 826 00:37:55,000 --> 00:37:58,399 Speaker 1: estate because it definitely has elements of a part time job. 827 00:37:58,440 --> 00:38:01,239 Speaker 1: It's not purely passive income. We actually talked about that 828 00:38:01,320 --> 00:38:05,120 Speaker 1: back in episode three fifty three. Word gets around passive income, 829 00:38:05,160 --> 00:38:07,279 Speaker 1: passive investing, and a lot of times it's not so 830 00:38:07,320 --> 00:38:11,080 Speaker 1: passive it requires there there are varying degrees of passitivity. Wait, 831 00:38:11,280 --> 00:38:13,920 Speaker 1: not passivity. Yeah, you know, I threw an extra syllable. 832 00:38:14,760 --> 00:38:17,560 Speaker 1: But it's important to keep in mind how much work, 833 00:38:17,800 --> 00:38:20,400 Speaker 1: how much time it does involve. But real estate in particular, 834 00:38:20,440 --> 00:38:23,480 Speaker 1: it also provides a monthly cash flow and more stability 835 00:38:23,560 --> 00:38:25,960 Speaker 1: and so that's definitely a perk for folks who are 836 00:38:26,000 --> 00:38:29,200 Speaker 1: inclined towards owning real estate, uh, and don't mind managing 837 00:38:29,280 --> 00:38:32,440 Speaker 1: rental properties. But enough about real estate, Let's let's talk 838 00:38:32,440 --> 00:38:36,240 Speaker 1: about investing, which is Jessica's question, investing that money for 839 00:38:36,320 --> 00:38:38,399 Speaker 1: the down payment of that rental property down the road. 840 00:38:38,520 --> 00:38:39,920 Speaker 1: And first, you know, you mentioned that you opened an 841 00:38:39,960 --> 00:38:43,120 Speaker 1: account with Vanguard. That is a great brokerage to go with. 842 00:38:43,640 --> 00:38:46,480 Speaker 1: They are one of our favorite low cost investment companies. 843 00:38:46,680 --> 00:38:48,879 Speaker 1: And then secondly to you, you know, you mentioned how 844 00:38:49,080 --> 00:38:52,319 Speaker 1: you have a seven year timeline, which means that you 845 00:38:52,360 --> 00:38:55,919 Speaker 1: can and you should be investing those dollars. Just before 846 00:38:55,960 --> 00:38:58,359 Speaker 1: the break, we're talking with Tricia about how attend your 847 00:38:58,400 --> 00:39:01,040 Speaker 1: timeline means that there's a good chance that you're going 848 00:39:01,120 --> 00:39:03,080 Speaker 1: to see that money, uh, that you're gonna see the 849 00:39:03,120 --> 00:39:05,759 Speaker 1: positive returns on that money. Guess what, when you look 850 00:39:05,800 --> 00:39:08,080 Speaker 1: at not just the tenure, but the seven year rolling returns, 851 00:39:08,160 --> 00:39:12,000 Speaker 1: it's virtually the same. You are still looking at around 852 00:39:12,040 --> 00:39:16,080 Speaker 1: a nine chance of that money being positive for seven years. 853 00:39:16,200 --> 00:39:18,400 Speaker 1: And so I just yeah, there's not much difference between 854 00:39:18,760 --> 00:39:20,879 Speaker 1: keeping that money invested for seven years and ten years 855 00:39:20,880 --> 00:39:23,759 Speaker 1: at least historically. Granted, that doesn't mean it's guaranteed to 856 00:39:23,800 --> 00:39:26,279 Speaker 1: grow within that period of time, but you should take 857 00:39:26,280 --> 00:39:29,960 Speaker 1: some comfort by looking at history. Yeah, timelines are one 858 00:39:30,000 --> 00:39:34,080 Speaker 1: of the most crucial aspects of how you choose the 859 00:39:34,120 --> 00:39:37,040 Speaker 1: method of investing, right, because a seven and ten year 860 00:39:37,040 --> 00:39:39,080 Speaker 1: timeline is so different than a one year timeline. You 861 00:39:39,200 --> 00:39:41,840 Speaker 1: shouldn't be investing in all likelihood unless you're, you know, 862 00:39:41,880 --> 00:39:44,480 Speaker 1: a riverboat gambler on a one year timeline. But if 863 00:39:44,480 --> 00:39:47,080 Speaker 1: you're talking about that seven year, seven and ten year timeframe, 864 00:39:47,320 --> 00:39:49,560 Speaker 1: there's a really, really, really good chance you're gonna see 865 00:39:49,760 --> 00:39:52,480 Speaker 1: meaningful gains, and so we would say it's worth the risk. 866 00:39:52,960 --> 00:39:56,879 Speaker 1: And so, uh, yeah, you asked too about the rath 867 00:39:56,920 --> 00:39:59,759 Speaker 1: II ray. We love rath Ey rays and so it's 868 00:39:59,800 --> 00:40:02,680 Speaker 1: it's really hard for us to to recommend against them. 869 00:40:02,719 --> 00:40:04,920 Speaker 1: But the problem with the rath Ira for what you're 870 00:40:04,960 --> 00:40:07,880 Speaker 1: trying to accomplish, Jessica, is that you'll only have access 871 00:40:07,920 --> 00:40:11,200 Speaker 1: to the contributions you've made over those seven years when 872 00:40:11,239 --> 00:40:14,440 Speaker 1: it comes to purchasing that rental property. The gains are 873 00:40:14,440 --> 00:40:16,799 Speaker 1: going to stay locked away unless you have to pay 874 00:40:17,040 --> 00:40:19,560 Speaker 1: a ten percent penalty in order to pull those gains 875 00:40:19,560 --> 00:40:21,640 Speaker 1: out early, and we we don't want you to do that. 876 00:40:21,960 --> 00:40:25,480 Speaker 1: So a taxable brokerage account is the best route for 877 00:40:25,520 --> 00:40:27,719 Speaker 1: you to take with the money that you're looking to 878 00:40:27,719 --> 00:40:31,080 Speaker 1: grow for this specific purchase. That's right. Yeah, it's important 879 00:40:31,080 --> 00:40:32,960 Speaker 1: to point out that you don't want to completely forsake 880 00:40:33,000 --> 00:40:35,480 Speaker 1: investing within a rath. Make sure that you are investing 881 00:40:35,880 --> 00:40:38,839 Speaker 1: for your actual retirement and not just this more near 882 00:40:38,960 --> 00:40:41,000 Speaker 1: term goal. You don't want to put all your eggs 883 00:40:41,480 --> 00:40:43,799 Speaker 1: in the investing for a downpayment basket exactly. Like that's 884 00:40:43,960 --> 00:40:45,680 Speaker 1: that's a good idea. That's great for a portion of it, 885 00:40:45,719 --> 00:40:48,560 Speaker 1: but hopefully, hopefully, Jessica, you're also putting money in a 886 00:40:48,560 --> 00:40:51,680 Speaker 1: wrath to exactly you want to be diversified in that way. 887 00:40:51,880 --> 00:40:54,399 Speaker 1: And by the way, you know, seven years not only 888 00:40:54,440 --> 00:40:57,080 Speaker 1: is it a long time to invest in the market, 889 00:40:57,320 --> 00:40:59,120 Speaker 1: that period of time gives you that nice runway to 890 00:40:59,280 --> 00:41:02,319 Speaker 1: ensure that you'refully going to see those positive returns, but 891 00:41:02,400 --> 00:41:06,120 Speaker 1: also during that time, we would suggest that you use 892 00:41:06,200 --> 00:41:08,840 Speaker 1: that time wisely. H to read about real estate investing. 893 00:41:08,880 --> 00:41:11,040 Speaker 1: You can listen to some smart folks in the space, 894 00:41:11,360 --> 00:41:14,719 Speaker 1: Chad Carson's book his podcast. They are both definitely worth 895 00:41:14,800 --> 00:41:17,279 Speaker 1: checking out. You can find him at coach Carson dot com. 896 00:41:17,640 --> 00:41:21,120 Speaker 1: And also study the specific market where you're looking to 897 00:41:21,280 --> 00:41:25,560 Speaker 1: buy that rental property UH and target a few neighborhoods 898 00:41:25,560 --> 00:41:28,200 Speaker 1: that you can just focus on incredibly intensely so that 899 00:41:28,520 --> 00:41:31,600 Speaker 1: when a deal does come on the market, that you 900 00:41:31,680 --> 00:41:34,600 Speaker 1: have the confidence in the ability to pounce immediately. You 901 00:41:34,640 --> 00:41:36,560 Speaker 1: want to know when those deals come up. When you 902 00:41:36,560 --> 00:41:39,000 Speaker 1: have that knowledge, and when you are incredibly familiar with 903 00:41:39,040 --> 00:41:41,080 Speaker 1: a specific market, you like, you might even find that 904 00:41:41,120 --> 00:41:43,160 Speaker 1: you're able to move sooner than you thought. Like you're 905 00:41:43,160 --> 00:41:45,800 Speaker 1: saying maybe seven years. But if you're able to identify 906 00:41:45,800 --> 00:41:47,920 Speaker 1: a property UH and you know that you're getting a 907 00:41:47,960 --> 00:41:50,839 Speaker 1: really good deal, you might be able to have saved 908 00:41:50,880 --> 00:41:53,359 Speaker 1: a lot of money because you're actually spending maybe a 909 00:41:53,400 --> 00:41:56,000 Speaker 1: little bit less than you're expecting to YEA. So much 910 00:41:56,120 --> 00:41:59,040 Speaker 1: of what makes a good real estate investor is familiarity 911 00:41:59,160 --> 00:42:04,160 Speaker 1: with a mall small, small, small, incredibly infintessimally small spectrum 912 00:42:04,320 --> 00:42:07,480 Speaker 1: of where you live right um. And not to say 913 00:42:07,480 --> 00:42:10,760 Speaker 1: that people don't become good investors from far away investing 914 00:42:10,800 --> 00:42:13,719 Speaker 1: in other locales, but still it becomes it takes like 915 00:42:13,800 --> 00:42:17,040 Speaker 1: a certain obsession with a certain location in order to 916 00:42:17,080 --> 00:42:19,720 Speaker 1: know when a good deal pops up, because a temper 917 00:42:19,719 --> 00:42:22,759 Speaker 1: cent off deal on piece of real estate is a 918 00:42:22,760 --> 00:42:24,799 Speaker 1: big deal when we're talking about the numbers we're talking about. 919 00:42:24,800 --> 00:42:27,919 Speaker 1: And so if you know where you live really, really well, 920 00:42:28,239 --> 00:42:31,640 Speaker 1: you can succeed in real estate where others might not 921 00:42:31,719 --> 00:42:34,480 Speaker 1: do as well. So yeah, that's it's a great time 922 00:42:34,480 --> 00:42:37,080 Speaker 1: to start familiarizing yourself. Agreed map. Alright, So best of 923 00:42:37,160 --> 00:42:39,640 Speaker 1: luck to you, Jessica. We hope that you are able 924 00:42:39,680 --> 00:42:41,719 Speaker 1: to invest well for that down payment and get into 925 00:42:41,760 --> 00:42:44,319 Speaker 1: that rental property, maybe even earlier than you hoped. So 926 00:42:44,400 --> 00:42:46,799 Speaker 1: let's get to our our last question to day. This 927 00:42:46,840 --> 00:42:49,719 Speaker 1: one comes from listener Adrian. Like I said, Adrian's book 928 00:42:49,800 --> 00:42:51,640 Speaker 1: ending this one, and this Adrian is looking for some 929 00:42:51,680 --> 00:42:55,439 Speaker 1: post graduation money advice. Hi, Joel and mad My name 930 00:42:55,520 --> 00:42:59,040 Speaker 1: is Adrian and I live in Chicago, Illinois. I am 931 00:42:59,040 --> 00:43:01,600 Speaker 1: a recent college grad and I have a couple of 932 00:43:01,680 --> 00:43:04,040 Speaker 1: questions for you guys and hoping you guys could answer 933 00:43:04,719 --> 00:43:07,239 Speaker 1: one being I'm a year out of college, so I 934 00:43:07,320 --> 00:43:09,719 Speaker 1: have some money saved up. My goal was to pay 935 00:43:09,800 --> 00:43:12,720 Speaker 1: off all of my student loan debt before I start 936 00:43:12,760 --> 00:43:17,719 Speaker 1: really investing. And now with it being halted and with 937 00:43:18,320 --> 00:43:22,759 Speaker 1: you know, uh, student loan forgiveness. I've just had all 938 00:43:22,760 --> 00:43:25,800 Speaker 1: of this money that I've been cruing in my savings account. 939 00:43:26,320 --> 00:43:29,880 Speaker 1: Now my question you here is do you recommend that 940 00:43:29,960 --> 00:43:32,800 Speaker 1: I pay it off entirely in full right now before 941 00:43:32,880 --> 00:43:35,360 Speaker 1: I have to start paying interests and start making payments, 942 00:43:36,120 --> 00:43:38,880 Speaker 1: or you know, take this grace period because I know 943 00:43:38,920 --> 00:43:40,680 Speaker 1: we still don't need to pay them, and so kind 944 00:43:40,680 --> 00:43:44,399 Speaker 1: of under this fall to start investing and potentially make 945 00:43:44,480 --> 00:43:49,080 Speaker 1: more money off just leaving my money and my savings accounts. 946 00:43:49,120 --> 00:43:51,680 Speaker 1: So on top of that, I would love if you 947 00:43:51,680 --> 00:43:53,799 Speaker 1: can kind of get into, you know, how to even 948 00:43:53,840 --> 00:43:57,960 Speaker 1: start investing, aside from your four own k at work 949 00:43:58,200 --> 00:44:01,600 Speaker 1: and your wrath, I ra a, you know, how do 950 00:44:01,640 --> 00:44:05,080 Speaker 1: I begin my investment journey. I guess that's what's hindering 951 00:44:05,120 --> 00:44:08,920 Speaker 1: me right now is I don't know what stocks to 952 00:44:09,040 --> 00:44:11,200 Speaker 1: look into. I don't really know what E T F 953 00:44:11,280 --> 00:44:13,279 Speaker 1: s to look into. I was hoping you guys can 954 00:44:13,360 --> 00:44:15,839 Speaker 1: kind of give some some things to look into if 955 00:44:15,880 --> 00:44:19,240 Speaker 1: I'm interested in doing that how to get started? Thanks guys? 956 00:44:20,280 --> 00:44:23,040 Speaker 1: All right, Adrian, I like your goal to get rid 957 00:44:23,080 --> 00:44:25,480 Speaker 1: of your debt quickly, but I also love that you're 958 00:44:25,480 --> 00:44:28,160 Speaker 1: asking this question because paying off your student loans might 959 00:44:28,239 --> 00:44:30,480 Speaker 1: not be the best option for you right now because 960 00:44:30,520 --> 00:44:32,839 Speaker 1: of a number of factors that are at play here, 961 00:44:33,239 --> 00:44:36,279 Speaker 1: and the payment pause on student loans is certainly one 962 00:44:36,280 --> 00:44:38,879 Speaker 1: of those reasons. And for folks who were going to 963 00:44:38,920 --> 00:44:41,680 Speaker 1: spend their dollars instead of paying off their student loans, 964 00:44:41,680 --> 00:44:44,399 Speaker 1: for for the more uh facially reckless folks out there, 965 00:44:44,719 --> 00:44:47,399 Speaker 1: we would encourage them to put that money towards their 966 00:44:47,400 --> 00:44:50,480 Speaker 1: debt because paying off paying off debt it's always going 967 00:44:50,520 --> 00:44:53,319 Speaker 1: to be a better option for target shopping spree versus 968 00:44:53,320 --> 00:44:54,960 Speaker 1: paying off student lon that we would always opt for 969 00:44:55,000 --> 00:44:58,440 Speaker 1: paying or buying a Ribvian d like whatever it is 970 00:44:58,480 --> 00:44:59,839 Speaker 1: that you might be a tempted to do right now, 971 00:45:00,360 --> 00:45:02,719 Speaker 1: that's going to be a better option than just increasing 972 00:45:03,160 --> 00:45:05,759 Speaker 1: your consumption. We want you to pay that down, pay 973 00:45:05,840 --> 00:45:07,919 Speaker 1: down that debt instead. But since it sounds like you 974 00:45:07,920 --> 00:45:09,719 Speaker 1: want to be super intentional with your money, you want 975 00:45:09,719 --> 00:45:13,399 Speaker 1: to start investing, we'd actually prefer to see you not 976 00:45:13,560 --> 00:45:16,040 Speaker 1: paying anything towards those loans. And so you have to 977 00:45:16,440 --> 00:45:20,040 Speaker 1: taking advantage of a governmental blessing basically in order to 978 00:45:20,080 --> 00:45:23,600 Speaker 1: make some additional wealth building progress. This is where those 979 00:45:23,640 --> 00:45:27,200 Speaker 1: one size fits all rules don't fit everybody because it 980 00:45:27,200 --> 00:45:29,880 Speaker 1: comes down to the type of person and what the 981 00:45:29,960 --> 00:45:32,840 Speaker 1: alternatives are going to be, uh, you know, as to 982 00:45:32,880 --> 00:45:35,759 Speaker 1: what they would do with that money. And Adrian seems 983 00:45:35,800 --> 00:45:37,160 Speaker 1: like he's got a good head on and so we're 984 00:45:37,200 --> 00:45:39,879 Speaker 1: gonna say, don't necessarily pay off the student loans, right, 985 00:45:39,960 --> 00:45:42,680 Speaker 1: And we also don't really know when those payments are 986 00:45:42,680 --> 00:45:45,279 Speaker 1: actually going to begin, because we've been on this like 987 00:45:45,360 --> 00:45:47,440 Speaker 1: they're ever going to write in this perpetual pushback, and 988 00:45:47,480 --> 00:45:50,640 Speaker 1: so it's it's hard I'm hard pressed to tell Adrian 989 00:45:50,920 --> 00:45:54,239 Speaker 1: to start throwing money at this debt when we don't 990 00:45:54,280 --> 00:45:56,200 Speaker 1: really know when it's we're kind of in limbo. And 991 00:45:56,200 --> 00:45:58,359 Speaker 1: so you know, right now the start date is set 992 00:45:58,360 --> 00:46:00,680 Speaker 1: for September one, but there are rumors flying right that 993 00:46:00,680 --> 00:46:03,400 Speaker 1: that could could push back once again. There's you know, 994 00:46:03,440 --> 00:46:07,360 Speaker 1: even the maybe unlikely potential for some forgiveness for at 995 00:46:07,440 --> 00:46:08,960 Speaker 1: least a portion of that debt. Maybe it's just ten 996 00:46:09,000 --> 00:46:11,399 Speaker 1: thousand dollars, but that's still a decent sum of money 997 00:46:11,440 --> 00:46:13,359 Speaker 1: where if someone handed it to you, you would be pumped, right, 998 00:46:13,360 --> 00:46:14,759 Speaker 1: that would make a big difference in your life. And 999 00:46:14,800 --> 00:46:17,399 Speaker 1: so it's it's really, it's just a political football right now. 1000 00:46:17,600 --> 00:46:19,239 Speaker 1: No one knows where it's going to land. But we 1001 00:46:19,280 --> 00:46:21,960 Speaker 1: want you to be prepared for your payments to restart. 1002 00:46:22,280 --> 00:46:24,560 Speaker 1: Although we don't necessarily want you jumping the gun and 1003 00:46:24,600 --> 00:46:27,960 Speaker 1: actually handing over your savings to the Department of Education 1004 00:46:28,080 --> 00:46:30,640 Speaker 1: right to to start paying down that student loan. We 1005 00:46:30,840 --> 00:46:33,120 Speaker 1: think it would be better to play the arbitrage game 1006 00:46:33,280 --> 00:46:35,400 Speaker 1: and keep a close eye on what the government opts 1007 00:46:35,400 --> 00:46:38,800 Speaker 1: to do with student loan payments. First. Don't start attacking 1008 00:46:38,800 --> 00:46:41,720 Speaker 1: this thing with gusto when there are potentially bigger financial 1009 00:46:41,760 --> 00:46:43,520 Speaker 1: fish that you could fry. Exactly. Yeah, we want you 1010 00:46:43,560 --> 00:46:45,600 Speaker 1: to be prepared to pay, but just don't pay it 1011 00:46:45,800 --> 00:46:49,160 Speaker 1: just yet. And you also asked about investing outside of 1012 00:46:49,280 --> 00:46:52,560 Speaker 1: your furrown k, outside of your roth ira. And the 1013 00:46:52,600 --> 00:46:54,359 Speaker 1: reason we wanted to bring this up is because most 1014 00:46:54,360 --> 00:46:57,600 Speaker 1: folks honestly don't ever need to invest outside of these 1015 00:46:57,640 --> 00:47:01,879 Speaker 1: two accounts, especially when in you're just getting started with things. 1016 00:47:02,160 --> 00:47:05,520 Speaker 1: Because taxable broach accounts can make sense for folks who 1017 00:47:05,520 --> 00:47:07,719 Speaker 1: are making bank and who want to invest even more 1018 00:47:07,800 --> 00:47:10,040 Speaker 1: for their future uh or you know, or for folks 1019 00:47:10,080 --> 00:47:12,120 Speaker 1: like we mentioned here earlier, to for for folks with 1020 00:47:12,200 --> 00:47:15,120 Speaker 1: medium term goals. But since the RATH has quite a 1021 00:47:15,160 --> 00:47:18,120 Speaker 1: bit of flexibility when it comes to pulling contributions out, 1022 00:47:18,440 --> 00:47:20,560 Speaker 1: there's probably no need for you to overthink it. And 1023 00:47:20,600 --> 00:47:23,160 Speaker 1: so we would recommend for you to stick with uh 1024 00:47:23,160 --> 00:47:26,160 Speaker 1: those you know, those amazing tax advantage accounts for now. 1025 00:47:26,320 --> 00:47:28,560 Speaker 1: Because you're looking at six thousand dollars that you can 1026 00:47:28,560 --> 00:47:31,000 Speaker 1: contribute to a ROTH every year. You're looking at over 1027 00:47:31,080 --> 00:47:33,800 Speaker 1: twenty thousand dollars. You're looking at twenty llars four or 1028 00:47:33,840 --> 00:47:36,720 Speaker 1: four one k, so you know, all in in in total, 1029 00:47:36,800 --> 00:47:39,560 Speaker 1: here're you're looking at over twenty six thousand dollars that 1030 00:47:39,640 --> 00:47:42,279 Speaker 1: you can stock away towards your retirements. Right, we don't 1031 00:47:42,320 --> 00:47:46,440 Speaker 1: necessarily want you to consider some of these alternatives until 1032 00:47:46,800 --> 00:47:49,239 Speaker 1: you you're maxing these outs, like in the basics first, right, 1033 00:47:49,280 --> 00:47:51,160 Speaker 1: it's kind of like learning how to dribble before you 1034 00:47:51,160 --> 00:47:54,160 Speaker 1: start dunking, and and these these are the fundamentals. But 1035 00:47:54,160 --> 00:47:56,279 Speaker 1: everybody wants to go straight to duncans, right, everybody does, 1036 00:47:56,880 --> 00:47:58,719 Speaker 1: but most of us don't have the ups that even 1037 00:47:58,719 --> 00:48:01,279 Speaker 1: ever get there. At least I didn't, even as a 1038 00:48:01,280 --> 00:48:03,120 Speaker 1: guy who's like six foot six or at least not 1039 00:48:03,160 --> 00:48:05,120 Speaker 1: straight out of college touched the rim, but like that's 1040 00:48:05,120 --> 00:48:07,200 Speaker 1: about it. Yeah, I mean, because that's the other thing too, 1041 00:48:07,239 --> 00:48:09,360 Speaker 1: is Adrian talked about, you know, he's fresh out of school, 1042 00:48:09,640 --> 00:48:12,520 Speaker 1: and man, if you have a job where you should 1043 00:48:12,520 --> 00:48:16,440 Speaker 1: be considering investing outside of these tax advantages accounts as well, 1044 00:48:16,480 --> 00:48:18,920 Speaker 1: then more power to you. You're either a high earner 1045 00:48:19,080 --> 00:48:22,160 Speaker 1: or an incredible saver or probably both. Yeah, yeah, exactly, 1046 00:48:22,239 --> 00:48:25,239 Speaker 1: So most folks don't have to consider that. But if 1047 00:48:25,280 --> 00:48:27,879 Speaker 1: that's the case, then then then power to you for sure. 1048 00:48:28,040 --> 00:48:30,680 Speaker 1: And let's talk about maybe the funds right inside of 1049 00:48:30,719 --> 00:48:33,439 Speaker 1: those accounts, Matt, because that's a question that Adrian asked 1050 00:48:33,440 --> 00:48:35,560 Speaker 1: as well. And so the Foremue came in the row. 1051 00:48:35,600 --> 00:48:38,000 Speaker 1: They're basically the vehicles that we're talking about, and then 1052 00:48:38,000 --> 00:48:40,480 Speaker 1: the passengers inside of the vehicle are the funds that 1053 00:48:40,560 --> 00:48:43,000 Speaker 1: he chooses. And and he brought up single stocks, he 1054 00:48:43,000 --> 00:48:45,440 Speaker 1: brought up et F s. He expressed maybe some confusion 1055 00:48:45,440 --> 00:48:47,680 Speaker 1: about what direction to go in when it comes to those. Well, 1056 00:48:47,719 --> 00:48:50,239 Speaker 1: we we talked in depth about our stance on single 1057 00:48:50,320 --> 00:48:55,040 Speaker 1: stocks back in episode four ninety seven. Adrian t LDR. 1058 00:48:55,120 --> 00:48:58,000 Speaker 1: We don't want you investing in single stocks at all. 1059 00:48:58,120 --> 00:48:59,959 Speaker 1: We want you to kick those passengers out of the vehicle. 1060 00:49:00,080 --> 00:49:01,879 Speaker 1: Those are the never do well. So we're gonna try 1061 00:49:01,920 --> 00:49:05,200 Speaker 1: to play crappy music and uh, you know, like those 1062 00:49:05,239 --> 00:49:06,800 Speaker 1: are the passengers that are gonna reach for the wheel 1063 00:49:06,800 --> 00:49:09,440 Speaker 1: and just wreck the whole wreck the whole car, right exactly, 1064 00:49:09,719 --> 00:49:12,400 Speaker 1: So we don't we don't want them present. We preferred 1065 00:49:12,480 --> 00:49:14,960 Speaker 1: for you to go wreck your portfolio more cordial passengers 1066 00:49:15,000 --> 00:49:16,560 Speaker 1: that are gonna do well for you over the years. 1067 00:49:16,600 --> 00:49:19,239 Speaker 1: And and we think that means investing in overall the 1068 00:49:19,280 --> 00:49:22,040 Speaker 1: overall stock market instead. And to throw out a few 1069 00:49:22,080 --> 00:49:26,200 Speaker 1: of our favorite funds, Vanguard's Voo Fidelities FC Rocks. Will 1070 00:49:26,239 --> 00:49:27,759 Speaker 1: will link to these in the show notes. They're two 1071 00:49:27,800 --> 00:49:30,600 Speaker 1: of the best in the business because they're highly diversified, 1072 00:49:30,760 --> 00:49:33,839 Speaker 1: the costs are incredibly low. Opening up a wroth with 1073 00:49:33,840 --> 00:49:37,040 Speaker 1: with either Vanguard or Fidelity and starting to invest in 1074 00:49:37,040 --> 00:49:40,200 Speaker 1: in those funds in particular, at least initially, is a 1075 00:49:40,239 --> 00:49:43,000 Speaker 1: recipe for long term wealth building. You really don't have 1076 00:49:43,080 --> 00:49:45,760 Speaker 1: to overthink it. You don't have to do much beyond 1077 00:49:46,160 --> 00:49:50,480 Speaker 1: just diversifying with one fund, and eventually some folks might 1078 00:49:50,520 --> 00:49:54,160 Speaker 1: want to diversify further, but especially in those early days 1079 00:49:54,200 --> 00:49:56,480 Speaker 1: of your investing journey. There's no need to go beyond 1080 00:49:56,520 --> 00:49:58,520 Speaker 1: this simple formula. That's right. Yeah, And going back to 1081 00:49:58,560 --> 00:50:00,480 Speaker 1: your student loans, the dream, like my guess is that 1082 00:50:00,560 --> 00:50:03,080 Speaker 1: the interest rate on your student loans probably isn't all 1083 00:50:03,120 --> 00:50:06,640 Speaker 1: that bad. And so even if payments resume, you still 1084 00:50:06,719 --> 00:50:08,719 Speaker 1: might want to just kind of, you know, pay them 1085 00:50:08,760 --> 00:50:11,439 Speaker 1: off as agreed if say they're in that four percent range, 1086 00:50:11,480 --> 00:50:14,359 Speaker 1: because that will allow you to keep investing. H And 1087 00:50:14,480 --> 00:50:16,160 Speaker 1: by the way, now is a killer time for you 1088 00:50:16,239 --> 00:50:18,640 Speaker 1: to be investing, because the mark the stock market is 1089 00:50:18,680 --> 00:50:21,160 Speaker 1: on sale and it's only going to propel you forward 1090 00:50:21,440 --> 00:50:23,319 Speaker 1: in your journey to grow your money, to grow your 1091 00:50:23,360 --> 00:50:26,279 Speaker 1: net worth and as you continue to invest. I think 1092 00:50:26,280 --> 00:50:29,560 Speaker 1: in the three, five, seven years from now, we're gonna 1093 00:50:29,560 --> 00:50:32,080 Speaker 1: look back at the period of time that uh, you know, 1094 00:50:32,080 --> 00:50:34,920 Speaker 1: that we've seen with the market in bear market territory, 1095 00:50:35,120 --> 00:50:36,960 Speaker 1: and we're gonna have thought to ourselves, Man, I wish 1096 00:50:37,000 --> 00:50:38,520 Speaker 1: I would have had more money on hand to be 1097 00:50:38,560 --> 00:50:41,520 Speaker 1: able to invest during that period, because we have seen 1098 00:50:41,960 --> 00:50:44,600 Speaker 1: the market maybe not that v shape recovery like we 1099 00:50:44,600 --> 00:50:47,719 Speaker 1: saw back in but because we have seen it rebound some. 1100 00:50:48,040 --> 00:50:51,080 Speaker 1: That is what history is telling us we should expect 1101 00:50:51,320 --> 00:50:53,520 Speaker 1: but obviously only the only the future will tell. Yeah, 1102 00:50:53,600 --> 00:50:55,680 Speaker 1: still a buying opportunity. I look back to those early 1103 00:50:55,719 --> 00:50:58,200 Speaker 1: years when I was first employed and stocking away small 1104 00:50:58,200 --> 00:50:59,640 Speaker 1: amount of money in a four OK, and I'm glad 1105 00:50:59,640 --> 00:51:02,400 Speaker 1: I was doing it, but I'm like, man, I probably 1106 00:51:02,400 --> 00:51:04,120 Speaker 1: could have done a little bit more, just a little 1107 00:51:04,120 --> 00:51:06,600 Speaker 1: bit more, and it would have a big impact on 1108 00:51:07,040 --> 00:51:09,080 Speaker 1: you know, where my investments would be would be today. 1109 00:51:09,120 --> 00:51:10,840 Speaker 1: But I mean, you know, not looking back with regret 1110 00:51:10,920 --> 00:51:13,279 Speaker 1: or anything. I'm just saying, like, when you're young, that's 1111 00:51:13,320 --> 00:51:15,960 Speaker 1: the perfect time. When you're young in a bear market 1112 00:51:16,160 --> 00:51:17,879 Speaker 1: has a perfect time to be doing, to be doing 1113 00:51:17,920 --> 00:51:22,919 Speaker 1: more and maybe accentuating you're investing and and putting a 1114 00:51:22,960 --> 00:51:25,359 Speaker 1: bigger priority, a higher priority on it. That's right. Well, 1115 00:51:25,480 --> 00:51:26,799 Speaker 1: do you want to get back to the beer. Let's 1116 00:51:26,800 --> 00:51:29,319 Speaker 1: do it. This Colch Colch is what we is what 1117 00:51:29,400 --> 00:51:33,320 Speaker 1: we enjoyed during this episode. This is by Blaze Brewing Company. 1118 00:51:33,360 --> 00:51:38,040 Speaker 1: Looks like these guys are out of Biddeford. Looks like, yeah, 1119 00:51:38,120 --> 00:51:42,480 Speaker 1: Biddeford or Biddeford, Maine. Emmy is Maine right now? What's Missouri? 1120 00:51:43,360 --> 00:51:47,759 Speaker 1: M I'm sorry, what's Mississippi? Missippi? No, Missippi's MS Mississippi's 1121 00:51:47,800 --> 00:51:51,879 Speaker 1: MS Missouri is M O M. Yeah, which one's am 1122 00:51:51,880 --> 00:51:54,600 Speaker 1: I Michigan, Michigan, that's right? But yeah, what were thoughts 1123 00:51:54,600 --> 00:51:55,960 Speaker 1: on this? Per Okay, so my thoughts sort of that 1124 00:51:56,000 --> 00:51:58,719 Speaker 1: it was clean, was reserved, but kind of a basic beer, 1125 00:51:58,760 --> 00:52:01,080 Speaker 1: Like there wasn't much to write home out, But if 1126 00:52:01,080 --> 00:52:03,840 Speaker 1: you're just looking for like basic beer, this one was 1127 00:52:03,920 --> 00:52:07,480 Speaker 1: classic emergency drinking beer, a good example of it. Yeah, this, 1128 00:52:07,800 --> 00:52:09,719 Speaker 1: I feel like the way this beer smelled was how 1129 00:52:09,760 --> 00:52:12,160 Speaker 1: I remember beer smelling as a kid, Like, oh no, 1130 00:52:12,280 --> 00:52:14,560 Speaker 1: it wasn't that stinking. I feel like the stinkiness of 1131 00:52:14,640 --> 00:52:17,400 Speaker 1: like my uncle, but just kind of like the classic 1132 00:52:17,440 --> 00:52:20,000 Speaker 1: nature of oka. I mean, obviously, if you when you 1133 00:52:20,080 --> 00:52:22,480 Speaker 1: drink something like this, I think a large part of 1134 00:52:22,480 --> 00:52:24,759 Speaker 1: what you're enjoying is the fact that you know that 1135 00:52:24,840 --> 00:52:27,360 Speaker 1: this is made by a few folks over in a 1136 00:52:27,400 --> 00:52:31,440 Speaker 1: specific brewery, compared to a whole factory of dudes working 1137 00:52:31,440 --> 00:52:35,000 Speaker 1: in a giant facility one of those Macro produced beers, 1138 00:52:35,200 --> 00:52:37,560 Speaker 1: which obviously they can make good beers and they employ 1139 00:52:37,600 --> 00:52:39,839 Speaker 1: a lot of people. But if you're looking for something 1140 00:52:40,000 --> 00:52:44,359 Speaker 1: we actually like that recently who brewed for Big Beer 1141 00:52:44,440 --> 00:52:47,759 Speaker 1: for like decades and decades. Really cool guy, and so 1142 00:52:47,880 --> 00:52:50,520 Speaker 1: they're great people in that space too, even if their 1143 00:52:50,560 --> 00:52:52,520 Speaker 1: beers aren't our favorites. And by the way, like you know, 1144 00:52:52,840 --> 00:52:54,759 Speaker 1: you know, I've talked about Miller High Life is still 1145 00:52:55,040 --> 00:52:57,239 Speaker 1: somebody drink from time to time, especially at the beach. 1146 00:52:57,320 --> 00:52:59,600 Speaker 1: I mean your beach. At the beach. I'll think of 1147 00:52:59,640 --> 00:53:01,720 Speaker 1: it when I go to see a show. But oh well, 1148 00:53:01,800 --> 00:53:04,759 Speaker 1: that's a perfectly opportune time to enjoy one of those 1149 00:53:04,800 --> 00:53:06,520 Speaker 1: beers as well. But I mean, not the beach man. 1150 00:53:06,560 --> 00:53:08,840 Speaker 1: Squeeze some of that some of that line into that 1151 00:53:08,880 --> 00:53:12,239 Speaker 1: bud light. I make my own bud light line while 1152 00:53:12,239 --> 00:53:14,720 Speaker 1: I'm not the beach, or after I cut the grass. 1153 00:53:14,840 --> 00:53:16,680 Speaker 1: But most of the time, yes, well I'm looking for 1154 00:53:16,760 --> 00:53:19,759 Speaker 1: something that's got a little more nuance and basic three 1155 00:53:20,120 --> 00:53:22,759 Speaker 1: four percent beers are really nice, especially during the summer 1156 00:53:22,800 --> 00:53:25,680 Speaker 1: or something clean refreshing. Is like is it good go 1157 00:53:25,960 --> 00:53:29,320 Speaker 1: in July? Right? Exactly? It definitely helps to quench the thirst. 1158 00:53:29,360 --> 00:53:32,040 Speaker 1: Like I like to say, don't you disagree with but 1159 00:53:32,840 --> 00:53:35,600 Speaker 1: but yes, be sure to look up Blaze Brewing Company. 1160 00:53:35,920 --> 00:53:38,920 Speaker 1: If you happen to have access to this culch. All right, 1161 00:53:39,080 --> 00:53:42,000 Speaker 1: that's gonna be it for this episode. Again, we would 1162 00:53:42,040 --> 00:53:44,520 Speaker 1: love to hear your question for an upcoming episode. Just 1163 00:53:44,600 --> 00:53:47,400 Speaker 1: gotta how the Money dot com slash ask and submit 1164 00:53:47,440 --> 00:53:50,560 Speaker 1: your voice question for us. Yeah, specifically, the weirder the better. 1165 00:53:50,680 --> 00:53:52,040 Speaker 1: The weirder the better, Like I would love to have 1166 00:53:52,080 --> 00:53:54,360 Speaker 1: some more frugal versus cheaps because those those are the 1167 00:53:54,400 --> 00:53:56,680 Speaker 1: kind of questions where you get a bit more personality 1168 00:53:57,040 --> 00:53:59,960 Speaker 1: and those are just so much fun because we kind 1169 00:54:00,000 --> 00:54:01,799 Speaker 1: they get to judge people in the decision that they're 1170 00:54:01,840 --> 00:54:03,920 Speaker 1: making because this is like, why would you spend that 1171 00:54:04,000 --> 00:54:06,839 Speaker 1: kind of money on that? While at the same time 1172 00:54:06,880 --> 00:54:08,879 Speaker 1: we know that, hey, whatever, if that's what they want 1173 00:54:08,880 --> 00:54:10,840 Speaker 1: to spend their money on, you have all the freedom 1174 00:54:10,920 --> 00:54:13,120 Speaker 1: in the world to do that, no judgment. Frugler chiefs 1175 00:54:13,160 --> 00:54:15,960 Speaker 1: in reality are fun. But yeah, really we love to 1176 00:54:16,000 --> 00:54:17,880 Speaker 1: take a variety of questions here on the show. So 1177 00:54:17,920 --> 00:54:19,440 Speaker 1: if you have kind of is something and you're like, 1178 00:54:19,440 --> 00:54:21,319 Speaker 1: I don't know if they'd answer that weird one no, no, no, 1179 00:54:21,320 --> 00:54:23,520 Speaker 1: the weird the better, so bring it on. Uh. And also, 1180 00:54:23,600 --> 00:54:25,360 Speaker 1: by the way, if it is the spice speaking of 1181 00:54:25,400 --> 00:54:27,759 Speaker 1: our website, if if listeners haven't signed up for our 1182 00:54:27,800 --> 00:54:30,480 Speaker 1: email newsletter yet, it's rocking it I'm telling you it's 1183 00:54:30,520 --> 00:54:33,040 Speaker 1: it's fire. Every week How to Money dot Com slash 1184 00:54:33,120 --> 00:54:36,359 Speaker 1: newsletter It's free comes in your inbox on Tuesday morning. 1185 00:54:36,400 --> 00:54:38,640 Speaker 1: Tuesday morning. Sign up right now you can get it 1186 00:54:38,680 --> 00:54:41,360 Speaker 1: tomorrow morning in your inbox. That's right, buddy. That's going 1187 00:54:41,400 --> 00:54:44,160 Speaker 1: to be it for today until next time. Best friends out, 1188 00:54:44,200 --> 00:54:45,479 Speaker 1: Best Friends Out,