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Speaker 1: Welcome to Hout of Money.

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Speaker 2: I'm Joel and I am Mat and today we're answering

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Speaker 2: your listener questions.

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Speaker 1: Joe, you know, Monday episodes we might just be the

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Speaker 1: best episodes because we get to listen. It's not just

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Speaker 1: about us talking and for everybody out there to hear

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Speaker 1: our voice. It's about us hearing from the people. That's

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Speaker 1: what it's all about.

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Speaker 2: Most of the time people hate Mondays, but I like

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Speaker 2: how you're reframing it.

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Speaker 1: It's a whole new spin on it. We are, in fact,

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Speaker 1: we got a case of the Monday. It's not the

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Speaker 1: Mondays today, can listener questions? During this episode, a listener

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Speaker 1: is wondering where he should be stashing an extra one

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Speaker 1: thousand dollars a month. Another listener is considering dropping full

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Speaker 1: coverage in order to say she wants to know if

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Speaker 1: that's something that's worth considering. And another listener, I guess,

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Speaker 1: not her specifically, but a family member. I think her

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Speaker 1: son is considering getting loans in order to attend flight school.

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Speaker 1: She wants to know if if she's got our blessing, Joel,

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Speaker 1: So yeah, be sure to put on your best what's

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Speaker 1: your cardinal hat? Like the the pope. Is that the

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Speaker 1: word anything that describes the office of the pope is people?

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Speaker 1: I think so, yeah, it's like people office.

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Speaker 2: You remember when those AI generated photos of him in

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Speaker 2: some Balentiaga jacket.

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Speaker 1: We're going around of the pope with like the big,

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Speaker 1: the big fluffy fluffy jacket.

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Speaker 2: Yeah, there have been a lot of other sense that

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Speaker 2: went viral, but that was that was definitely one that

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Speaker 2: kind of caught people by storm. But yeah, we got

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Speaker 2: a lot of good questions to get to on this episode.

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Speaker 2: But man, I just want to share one thing real quick. Uh,

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Speaker 2: our four year old, we're starting to kind of teach

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Speaker 2: him about money. We've got older, your four year old,

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Speaker 2: not my four years I'm not teaching your four year old. Yeah, yeah,

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Speaker 2: that's up to you.

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Speaker 1: Well, you just said it in such a way it

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Speaker 1: made it sound like we share a four year old.

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Speaker 1: You've got your own four.

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Speaker 2: Year old their best bunts, yes they are, but no,

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Speaker 2: so I'm teaching my four year old. But and it's

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Speaker 2: it's finally time to kind of start doing the beginning

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Speaker 2: sort of steps. So much of what our kids pick

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Speaker 2: up about personal finances is how we talk about it

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Speaker 2: and how we act. But then there's also like intentional

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Speaker 2: discussion and intentional kind of show and tell sort of

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Speaker 2: stuff that has to happen along the way too, Right,

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Speaker 2: And the ten and eight year old they've got allowance,

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Speaker 2: they've got chores, Like we've got a system set up

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Speaker 2: for that.

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Speaker 1: But the four year old, do they do their chores? Yeah,

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Speaker 1: and then they do.

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Speaker 2: Their laundry, They pick up the room every single week

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Speaker 2: on the weekend, same day, every it's every it's Sunday.

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Speaker 1: So maybe we should tie it to more of the

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Speaker 1: day to day stuff because when you say, like they

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Speaker 1: do their jobs and they're getting their money, that's like

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Speaker 1: that's the problem that we're running into is that like

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Speaker 1: the kids, they don't really care, Like we make them

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Speaker 1: do sort of the expected stuff around the house, but

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Speaker 1: when it comes to getting them excited to earn money,

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Speaker 1: they're just kind of like, eh, I guess there's no

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Speaker 1: there's no like pot of gold in their mind at

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Speaker 1: the at the end of the rainbow, so they're like

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Speaker 1: not pursuing the thing, like the extra stuff. I guess yeah.

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Speaker 2: I think with the youngest kid too, it can kind

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Speaker 2: of be like, oh, well, they'll pick it up my

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Speaker 2: osmosis and you forget to do that true kind of

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Speaker 2: some of the teaching, you're you're hoping they see what

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Speaker 2: they're what they're sis are up to. But we were like, okay,

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Speaker 2: wait a second. We actually had this piggy bank, this

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Speaker 2: digital piggybank that has like a counter on top, so

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Speaker 2: when you put the money in, it's counting up how

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Speaker 2: much money is going in there. And he doesn't have

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Speaker 2: any jobs, he's not making any he's not making any

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Speaker 2: recurring income via allowance every single week. But I gave

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Speaker 2: him this piggy bank, and we've scraunched up some coins

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Speaker 2: and he loves popping them in there. And I feel

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Speaker 2: like that's like literally the most basic thing I can

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Speaker 2: do right is to kind of at least get him

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Speaker 2: hands on with some money. Yeah, and watching the number

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Speaker 2: go up, just kind of getting an idea of playing

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Speaker 2: with it a little bit.

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Speaker 1: Number go up. Before you know, he's going to be

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Speaker 1: investing in bitcoin and all the cryptocurrency. Yeah. No, I

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Speaker 1: think that's that's true a what you're saying about being intentional,

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Speaker 1: because I know that's the case for us man, Like

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Speaker 1: I feel I know with our oldest we were so

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Speaker 1: intentional and diligent and it's like, Okay, while we're going

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Speaker 1: to teach you about how the money that you leave

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Speaker 1: quote unquote invested with d that's going to earn interest

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Speaker 1: and in fact it's going to compound weekly. We like

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Speaker 1: that of all these systems, and maybe we a little

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Speaker 1: overboard for let's say a six year old, because I

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Speaker 1: think that's when we started doing that. But I yeah,

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Speaker 1: I think the temptation might be to just fall off

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Speaker 1: the horse completely. And we haven't done much of that

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Speaker 1: at all with our four year old. I mean, we've

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Speaker 1: got it. We do have a piggy bank that he

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Speaker 1: got for Christmas that sits up on the shelf, but

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Speaker 1: he doesn't earn anything yet.

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Speaker 2: You always figure get what was the timeline like for

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Speaker 2: the yeah, and so you just kind of I think

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Speaker 2: the timeline just gets more and more delayed. And it's

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Speaker 2: also the same thing where you're the youngest ends up

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Speaker 2: watching like scarier movies at an earlier age their diet,

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Speaker 2: like they're not restricted from sugar in the same way

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Speaker 2: as like the firstborn was. You were so careful with

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Speaker 2: the first one, and then the third one, everything just

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Speaker 2: kind of goes to pot as he's he's already fan

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Speaker 2: of IPAs so true. Yeah, just kidding, don't don't call

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Speaker 2: defects on me.

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Speaker 1: No, I think it's true, And I think for us

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Speaker 1: it's a matter of I was thinking about this, actually

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Speaker 1: does like coffee, does he?

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Speaker 3: Yeah?

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Speaker 1: So does my dude. Yeah we should. We'll share a

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Speaker 1: picture of them both throwing down their little their little

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Speaker 1: kid coffees when we get coffee on Wednesdays. But I

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Speaker 1: was thinking about the other day how I almost want

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Speaker 1: to introduce consumption and advertising to the kids, maybe a

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Speaker 1: little bit more so, in order for them to have

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Speaker 1: something to that they want to chase after that they're

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Speaker 1: excited about, because I almost feel like our quasi minimalist

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Speaker 1: lifestyle has led to them just being like, Okay, we're good,

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Speaker 1: We're fine with whatever, whatever, mom and d whatever you

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Speaker 1: get us, as opposed to them being like like, don't

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Speaker 1: you want a Stanley cup or something? Maybe not that,

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Speaker 1: maybe not have a pony. Let's go yeah, yeah, we'll

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Speaker 1: go that way. But no, I think you being intentional

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Speaker 1: finding a way to get the kids excited about personal finance.

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Speaker 1: It's huge. It's important to do.

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Speaker 2: Those little digital piggy banks are like four or five

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Speaker 2: bucks at the dollar store.

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Speaker 1: I mean, they're super cheap.

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Speaker 2: And as for a four year old, it's to go

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Speaker 2: a way to begin maybe like one of those how

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Speaker 2: do we haven't done any money books either, Like I've

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Speaker 2: yet to find like a great money book for kids,

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Speaker 2: but especially for like really little kids. If someone out

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Speaker 2: there listening knows the one, please reach out, let us know,

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Speaker 2: and maybe I'll jump in that direction too. But I

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Speaker 2: feel like the tangible, hands on thing is always kind

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Speaker 2: of the most fun and the most rewarding.

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Speaker 1: Yes, right, let's introduce our year is called Once Upon

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Speaker 1: an Orchard. This is a sour red ale, and this

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Speaker 1: one is by Aligash Brewing them already enjoying this one,

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Speaker 1: but looking forward to sharing our thoughts at the end

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Speaker 1: of the episode.

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Speaker 2: One of the great American breweries, that's for sure.

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Speaker 1: It's a good one. Yeah, we'll get our thoughts on.

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Speaker 2: This one just a bit. But Matt, let's take listener questions.

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Speaker 2: And if you are listening and you have a money

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Speaker 2: question you want Matt and I to tackle, maybe on

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Speaker 2: the next Ask htm episode, we'll just record a voice

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Speaker 2: memo real quick, state your name at the beginning, and

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Speaker 2: then send it our way. If you want more specific

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Speaker 2: directions and the email address and stuff, just kind of

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Speaker 2: how money dot com slash ask. But Matt, let's get

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Speaker 2: to this first one. This question actually starts off with

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Speaker 2: kind of a pitch for a saving strategy that you

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Speaker 2: can find readily on YouTube, but does it actually work

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Speaker 2: out in your favor?

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Speaker 3: Hi, Matt Joel, This is Jen from Ohio. Been loving

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Speaker 3: listening to your podcast and going back pretty far because

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Speaker 3: I'm just devouring all the content, which is great. I

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Speaker 3: had a comment and a question. So the comment that

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Speaker 3: I was going to make was I haven't heard you

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Speaker 3: guys talk about Velocity banking at all. So my husband

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Speaker 3: and I we have three kids now, and we bought

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Speaker 3: a van last year, and we actually opened a heelock

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Speaker 3: for our house and we use the heelock to pay

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Speaker 3: off the van loan, and then we dumped all of

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Speaker 3: our income into the heelock and then pulled money out

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Speaker 3: to like payer bills for the month, So essentially all

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Speaker 3: of our overage for those months we're going to pay

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Speaker 3: down the heelock. So we paid that off pretty quickly

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Speaker 3: and we now are enjoying a van that's totally paid off.

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Speaker 3: My second question is that my retirement is going to

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Speaker 3: be a little bit different because my husband and I

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Speaker 3: are both teachers, and my husband will have a pension plan,

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Speaker 3: and with inflation and with him getting Masters plus forty

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Speaker 3: five and all the things, and if he retires later,

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Speaker 3: it would we think that the pension plan will be

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Speaker 3: around one hundred to one hundred and fifty per year

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Speaker 3: when we are retired, which is a lot of money.

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Speaker 3: Our yearly senses are probably around sixty thousand right now.

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Speaker 3: So for me, I stay home with kids part time

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Speaker 3: and I have a roth ira with twenty thousand dollars

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Speaker 3: in it. My question is with our overage right now,

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Speaker 3: you know, since he has a very solid retirement plan,

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Speaker 3: should I put money into our roth iray my roth iray?

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Speaker 3: Should I put money into our five twenty nine plans?

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Speaker 3: Should we try to pay off our house sooner? What

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Speaker 3: kind of advice would you guys have for that?

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Speaker 1: Thanks so much, all right, Jin, thank you so much

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Speaker 1: for your question, and we are glad you kick things

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Speaker 1: off with Velocity Banking. You know, there's a reason, Joe,

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Speaker 1: that we don't talk about it very often, and the

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Speaker 1: only times we do actually talk about it is in

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Speaker 1: response to questions about it and that's because it's not

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Speaker 1: what the influencers out there wants you to think it is.

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Speaker 1: And so oftentimes, like you alluded to, Joel, you'll see

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Speaker 1: it on YouTube, although I'm sure it's over on TikTok

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Speaker 1: as well. It isn't. But velocity banking is it doesn't

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Speaker 1: really help you to get ahead with your finances more quickly,

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Speaker 1: and for many folks, what it does, in fact, is

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Speaker 1: it muddies the water. It gets them in trouble, and

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Speaker 1: it can cause your money priorities to get out of whack.

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Speaker 1: It sounds like with Jen that maybe it was more

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Speaker 1: of a one time thing where she used it to

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Speaker 1: if you are using it in order in order to

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Speaker 1: pay it on a debt or a loan that's got

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Speaker 1: a much higher interest rate, So in this case, it

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Speaker 1: sounds like a maybe it was a one time thing

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Speaker 1: where she used the helock, she pay it off the

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Speaker 1: car loan, and then then focused on paying off the helock.

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Speaker 1: I can get behind that, like the principle behind that

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Speaker 1: is not all that unlike like a zero percent transfer. Well,

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Speaker 1: let's take advantage of this small period of time, a

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Speaker 1: limited window where we can eliminate the most egregious debt.

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Speaker 1: But that's not typically how velocity banking is pitched. It's

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Speaker 1: this continual sort of trap that you find yourself in

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Speaker 1: where you are continually paying interest. And that's why we

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Speaker 1: are are not big big fans of velocity banking, because

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Speaker 1: you're just constantly behind the eight ball, basically, like you

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Speaker 1: are constantly on the back side of the wave, as

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Speaker 1: opposed to in front of it, where you're just riding

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Speaker 1: the interest and where you are accumulating the interest yourself. Instead,

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Speaker 1: you're just constantly and basically by like a month or two,

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Speaker 1: just constantly paying interest to somebody else, in this case

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Speaker 1: the bank that holds your he lock. Yeah.

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Speaker 2: Yeah, So if you're looking to basically swap one debt

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Speaker 2: for another and take on a debt that has a

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Speaker 2: lower interest rate in better terms so that you can

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Speaker 2: pay off that debt more quickly, if you have that focus,

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Speaker 2: then I think, like you said, Matt, that can be

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Speaker 2: a good way to go. But that's not necessarily what

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Speaker 2: velocity banking is kind of preaching. And some people use

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Speaker 2: credit cards instead of helocks with velosity banking and they

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Speaker 2: swear by that too. That's just seems even worse. That

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Speaker 2: can get you in real, real financial trouble. See, you've

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Speaker 2: got to be massively careful. So yeah, that's why we

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Speaker 2: don't talk about it. We actually want people, for the

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Speaker 2: most part, to stay away from the velocity banking thing

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Speaker 2: and onto the heart of your question, Jen, Let's get there.

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Speaker 2: It's amazing that you're going to have such a large,

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Speaker 2: guaranteed pension in retirement. Not many folks have that, Matt,

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Speaker 2: especially younger listeners. They're like, wait, pension, can you define

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Speaker 2: that real quick? I'm not really I don't know what

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Speaker 2: that is because I haven't been offered one. I think

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Speaker 2: my grandma maybe had one. This is just one of

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Speaker 2: those things that's going away. It's going the way of

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Speaker 2: the Dodo bird. It's basically a fossil. It's a relic

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Speaker 2: at this point. But it is one of the main

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Speaker 2: perks of being a teacher, right, some of the public

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Speaker 2: service professions they have more access to pensions, even though

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Speaker 2: those are going away for a lot of public service

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Speaker 2: pros too, But you often deal with, obviously as a teacher,

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Speaker 2: a bunch of years of stress and being underpaid. You know,

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Speaker 2: you can earn more in the private sector for the

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Speaker 2: promise of that.

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Speaker 1: Pot of gold at the end of the rainbow.

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Speaker 2: That's kind of what you're hoping for is like, listen,

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Speaker 2: I'm going to be underpaid for decades. Hopefully I'm going

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Speaker 2: to enjoy my job. But at the end of the day,

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Speaker 2: once I do hit retirement, I've got this pension and

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Speaker 2: that kind of makes up maybe for some of those

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Speaker 2: years where you weren't getting as paid as much as

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Speaker 2: you could have. And I retire teachers I know who

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Speaker 2: have saved and invested decently, well, they've got a lot

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Speaker 2: of financial security because of the pension combined with what

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Speaker 2: they've been able to sock away.

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Speaker 1: That's right, And so Jen, you've got a lot of

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Speaker 1: different options here for these extra funds in your life.

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Speaker 1: Like you said, that pension might mean that you don't

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Speaker 1: have to be quite as diligent of an investor. Let's say,

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Speaker 1: instead of investing fifteen to twenty percent like we typically

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Speaker 1: encourage folks to do, maybe you're early socking away ten percent.

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Speaker 1: But if it's between the three options that you mentioned,

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Speaker 1: the roth Ira it likely wins over the rest because

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Speaker 1: that account offers just great future tax breaks, the ability

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Speaker 1: to not have to pay any taxes on that money

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Speaker 1: off in the future when you withdraw that money, and

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Speaker 1: they're incredibly flexible as well. But on top of that,

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Speaker 1: what if your husband doesn't work. As long as you

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Speaker 1: are predicting, there are different road bumps that that might

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Speaker 1: arrive in your future, and so it's best to be

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Speaker 1: saving up in other ways just in case, and the

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Speaker 1: roth ira it's the ideal vehicle for those additional savings.

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Speaker 1: It sounds like at some point in your life you

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Speaker 1: wise up to the roth iray and you said, okay, yeah,

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Speaker 1: let's go ahead and start putting some money in here. Definitely,

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Speaker 1: assuming you're with a low cost provider, definitely fire that

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Speaker 1: thing back up and consider maxing nothing out. I think

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Speaker 1: that's a good point too, Matt. Though.

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Speaker 2: If a teacher, let's say, has been teaching for seven, eight,

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Speaker 2: nine years in the same district and they're like, all right,

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Speaker 2: if I hit thirty, that's when I get this full pension,

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Speaker 2: So I'm just not going to invest as much because

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Speaker 2: I'm banking on that.

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Speaker 1: Well, what if you change your tune.

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Speaker 2: What if at year twelve you say this is kind

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Speaker 2: of unsustainable, or man, I got this job offer down

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Speaker 2: the street, it's going to pay me more. But you

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Speaker 2: have been chronically undersaving, and now that pension is either

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Speaker 2: going to be non existent or it's going to be

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Speaker 2: a fraction of what you assumed it would be. It's

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Speaker 2: really important to save in a way that you're planning

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Speaker 2: for that you're at least thinking about contingency plans and

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Speaker 2: maybe not getting the full pension that you're hoping you're

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Speaker 2: gonna get, because hey, life happens and that might not

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Speaker 2: be the way it shakes out. And Jen mentioned five

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Speaker 2: twenty nine plans. Let me mention a caveat about those plans.

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Speaker 2: I would say it's a good idea to put at

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Speaker 2: least a little bit of money in those, largely because

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Speaker 2: it kicks off this timeline thanks to new rules about

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Speaker 2: rolling five twenty nine dollars into a roth ira for

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Speaker 2: your kids in the future.

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Speaker 1: And while we still.

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Speaker 2: Want you to prioritize your own financial future in the

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Speaker 2: form of your wroth ira, first opening up an account

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Speaker 2: and putting in like one hundred bucks for each kid.

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Speaker 2: Now it makes a whole lot of sense. And Jen

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Speaker 2: lives in Ohio, Ohio matt has one of the best

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Speaker 2: five to twenty nine plans in the country because the

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Speaker 2: fees are ridiculously low. The investment options are really solid,

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Speaker 2: so Jen, I would just got.

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Speaker 1: That state deduction yeah as well.

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Speaker 2: So definitely check out the Ohio five twenty nine plan.

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Speaker 2: You can read up on about it on a site

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Speaker 2: like Saving for College dot com. And if you have

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Speaker 2: more money down the line right beyond the roth IRA,

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Speaker 2: maybe then you opt to stick more money into those

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Speaker 2: five twenty nine accounts for their future. But I think

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Speaker 2: for the time being, maxing out the wrath for you

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Speaker 2: and for your husband takes precedence over sticking money into

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Speaker 2: five twenty nine acounts beyond. Like I said, just that

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Speaker 2: hundred bucks to get the timeline started, so open it up,

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Speaker 2: but just don't prioritize funding it.

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Speaker 1: Yeah, and definitely do that before you pay more down

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Speaker 1: on your house as well, because we've been saying that

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Speaker 1: mortgages are pretty far down the list of financial priorities

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Speaker 1: for most folks if they have a locked in low rate.

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Speaker 1: But maybe you took out a mortgage at seven percent

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Speaker 1: or even higher, and if so, well that's going to

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Speaker 1: change the calculus. But we would rather see you funding

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Speaker 1: flexible retirement accounts first, even with the reality of that

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Speaker 1: future pension, because it's going to offer you the most

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Speaker 1: flexibility down the road. And these are all basically kind

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Speaker 1: of like the smart, nerdy things to do with your money,

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Speaker 1: assuming you don't have any additional debts. I think it's

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Speaker 1: worth maybe zooming out a little bit, like looking at

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Speaker 1: the big picture and what it is that you want

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Speaker 1: to be doing, like in the more medium term, Like

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Speaker 1: you are looking at all like long term goals, like

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Speaker 1: long term retirement goals for you and your family. But

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Speaker 1: I think it's worth like brainstorming with your with your

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Speaker 1: husband and thinking through like what do we want our

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Speaker 1: life to look like? Do we want the kids to

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Speaker 1: be in more activities in the coming years? Are they

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Speaker 1: playing expensive sports that are going to require more of us?

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Speaker 1: Do we want to take a vacation abroad every single

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Speaker 1: year that's going to cost us a lot of money?

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Speaker 1: If so, these are all things that you want to

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Speaker 1: start socking at least planning to set money aside for

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Speaker 1: these things in the future. But if even after you

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Speaker 1: go through all of that, let's say you're like, oh no,

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Speaker 1: we don't want to do any of that, well that's fine.

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Speaker 1: Just realize what you're prioritizing by doing that is you're

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Speaker 1: prioritizing more flexibility and more options for yourself in the future,

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Speaker 1: because you're not going to be as dependent on maintaining

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Speaker 1: that job at the school or just continue to work

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Speaker 1: in the future. So just realize, in one way or

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Speaker 1: the other, you are prioritizing something, whether you are prioritizing

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Speaker 1: it intentionally or if it's just something that you know

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Speaker 1: is generally good, and that it becomes sort of a

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Speaker 1: default option for you.

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Speaker 2: And of course you want to prioritize your future, and

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Speaker 2: you want to prioritize some of those investment accounts, but

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Speaker 2: not going so hard in that direction that you you

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Speaker 2: you're unable to use some of those dollars in the

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Speaker 2: here and now to enjoy your life and to make

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Speaker 2: sure you're funding the lifestyle you want for your family. So, Matt,

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Speaker 2: we've got more questions to get to on this episode,

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Speaker 2: including one about taking out a loan.

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Speaker 1: To go to flight school. How do you do that?

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Speaker 1: We'll talk about that and more right after this. All right, Jill,

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Speaker 1: we are back from the break, and it's now time

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Speaker 1: to hear from a listener who's trying to figure out

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Speaker 1: where he should stash that extra thousand dollars. A month.

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Speaker 4: Hey guys, what's going on? This is START Studio in

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Speaker 4: San Antoonio, Texas. My question for today is I have

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Speaker 4: about one thousand dollars a month extra that I want

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Speaker 4: to pay forward to Pittsbell to the house, just to

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Speaker 4: try to get a paid off sooner. The idea I

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Speaker 4: was having is what if instead of the twelve thousand

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Speaker 4: dollars annually that I was being going towards the principal,

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Speaker 4: I was to stick it into SMP account and then

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Speaker 4: it accrued for let's say five to eight years and

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Speaker 4: pull it out and then throw all of that towards

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Speaker 4: the principle. Doing the math, and it's looking at it

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Speaker 4: ten to fifteen thousand dollars. I don't know if I'm

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Speaker 4: off on this or not. I mean, any guide it

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Speaker 4: will help. Love to hear your opinion. Thanks again, Love.

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Speaker 2: The show all right, Arsenio man, I love that you've

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Speaker 2: got one thousand bucks extra, Matt.

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Speaker 1: That's you.

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Speaker 2: Look at the stats. Who can come up with a

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Speaker 2: thousand bucks in case of an emergency? Like half of Americans? Right,

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Speaker 2: And it almost doesn't even depend on your income. A

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Speaker 2: lot of people making six figures still can't come up

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Speaker 2: with a thousand bucks, that's right, Whereas Arsenio he's like,

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Speaker 2: I got a thousand bucks extra every single month, So

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Speaker 2: he's obviously living frugally. He's made a big, big space,

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Speaker 2: a big gap between what he spends and what he

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Speaker 2: brings in, which is admirable. And I love that you

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Speaker 2: want to use this money to make serious progress, our senior.

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Speaker 2: You're not saying, like, how can I blow it on

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Speaker 2: crazy stuff? You want to use this to further your

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Speaker 2: financial future.

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Speaker 1: Ye, he's not looking at one thousand dollars a month

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Speaker 1: and thinking, man, I could put that towards a payment

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Speaker 1: on a motorcycle, which is like what typical broke America

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Speaker 1: would be doing.

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Speaker 2: I mean, yeah, And when you look at even just

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Speaker 2: the average car payment now for a new car in America,

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Speaker 2: like something like yeah, close to twenty percent of people

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Speaker 2: have a more than thousand dollars monthly payment on that vehicle,

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Speaker 2: and Arsenio likely isn't one of them, is my guess,

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Speaker 2: because he's actually using that money to further his future.

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Speaker 2: Like these dollars they can make a big debt in

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Speaker 2: whatever financial goals you have, Our senio, your head's in

435
00:19:29,240 --> 00:19:31,040
Speaker 2: the right place because you want the best of both worlds.

436
00:19:31,040 --> 00:19:33,359
Speaker 2: You want to juice returns on the extra money that

437
00:19:33,400 --> 00:19:35,720
Speaker 2: you're saving, but you also want to be rid of

438
00:19:35,760 --> 00:19:38,680
Speaker 2: your debt sooner than later. I really like Matt kind

439
00:19:38,680 --> 00:19:40,959
Speaker 2: of where Arsenio's head is at here that he's kind

440
00:19:40,960 --> 00:19:43,000
Speaker 2: of taking the both and approach. Lots of people it's

441
00:19:43,000 --> 00:19:44,840
Speaker 2: either the oh, I'm super debt diverse and I even

442
00:19:44,880 --> 00:19:46,480
Speaker 2: want to get rid of this low interest rate debt

443
00:19:46,560 --> 00:19:49,600
Speaker 2: just because it's it scares me, or maybe they get

444
00:19:49,600 --> 00:19:51,920
Speaker 2: a little too cozy with debt and they're not thinking

445
00:19:52,600 --> 00:19:55,280
Speaker 2: enough about paying it off. And Arcenio's like, ah, I'm.

446
00:19:55,200 --> 00:19:58,480
Speaker 1: Both yeah, yeah, he's doing the smart thing by looking

447
00:19:58,520 --> 00:20:00,360
Speaker 1: to pay off that debt, but then he's also to

448
00:20:00,400 --> 00:20:03,960
Speaker 1: like take it up to like another level. I like

449
00:20:04,640 --> 00:20:06,920
Speaker 1: the scrappiness, Like I feel like he's the kind of

450
00:20:06,920 --> 00:20:08,960
Speaker 1: guy that's gonna like cut open the tube of toothpaste

451
00:20:09,000 --> 00:20:11,280
Speaker 1: and like use the tooth, like wipe out the inside

452
00:20:11,640 --> 00:20:14,720
Speaker 1: of the tooth, Like no little bit is gonna be left.

453
00:20:14,760 --> 00:20:17,000
Speaker 1: He's gonna like squeeze every last drop out of it.

454
00:20:17,080 --> 00:20:19,280
Speaker 1: But our Cinio, obviously we want you to consider your

455
00:20:19,400 --> 00:20:22,280
Speaker 1: interest rate on that mortgage. If then we kind of

456
00:20:22,320 --> 00:20:23,800
Speaker 1: touch on this with Jim. But if you're in the

457
00:20:23,800 --> 00:20:27,360
Speaker 1: three percent range, then there is no rush to eliminate

458
00:20:27,720 --> 00:20:30,639
Speaker 1: this mortgage. I would just invest and pay the mortgage

459
00:20:30,640 --> 00:20:32,639
Speaker 1: off as agreed, because even if you can pay it

460
00:20:32,680 --> 00:20:34,639
Speaker 1: off sooner, you just might not want to. The only

461
00:20:34,720 --> 00:20:36,480
Speaker 1: other caveat, though, is if you're the kind of person

462
00:20:36,520 --> 00:20:39,679
Speaker 1: who's just gonna sleep better at night just knowing that

463
00:20:39,760 --> 00:20:42,200
Speaker 1: you own your home free and clear, and we want

464
00:20:42,240 --> 00:20:44,439
Speaker 1: you to keep debt levels reasonable. Of course we're not

465
00:20:44,560 --> 00:20:47,480
Speaker 1: fans of debt, but if your money can be put

466
00:20:47,520 --> 00:20:50,520
Speaker 1: to more productive uses, then why not take that route instead?

467
00:20:51,160 --> 00:20:53,879
Speaker 1: Which is at least partially what you're proposing here, But

468
00:20:53,880 --> 00:20:56,960
Speaker 1: we wanted to hammer that point home. Paying off your

469
00:20:57,080 --> 00:21:00,919
Speaker 1: low interest rate mortgage, especially in today's environment, would just

470
00:21:00,960 --> 00:21:02,679
Speaker 1: know that it would be done for personal reasons, like

471
00:21:02,760 --> 00:21:06,200
Speaker 1: your own personal psychological reasons and for your emotional state,

472
00:21:06,359 --> 00:21:09,639
Speaker 1: not because it's the best way to optimize your dollars,

473
00:21:09,760 --> 00:21:11,120
Speaker 1: not because the math makes sense.

474
00:21:11,240 --> 00:21:12,800
Speaker 2: Yeah, and the thing is, you don't even have to

475
00:21:12,840 --> 00:21:15,160
Speaker 2: get super risky in order to out earn what your

476
00:21:15,359 --> 00:21:19,119
Speaker 2: mortgage rate is. Right, So just a random OL savings

477
00:21:19,160 --> 00:21:21,080
Speaker 2: account and a place like c I T or even

478
00:21:21,480 --> 00:21:23,280
Speaker 2: places that don't pay quite as high a rate of

479
00:21:23,359 --> 00:21:26,120
Speaker 2: ci t, you're still out pacing for a whole lot

480
00:21:26,160 --> 00:21:29,399
Speaker 2: of Americans. You're outpacing your your mortgage interest rate, and

481
00:21:29,440 --> 00:21:31,679
Speaker 2: so there's just no rush, like you said, Matt, to

482
00:21:31,680 --> 00:21:34,159
Speaker 2: pay it off quickly. But let's say you are in

483
00:21:34,200 --> 00:21:36,400
Speaker 2: that position and you do want to get rid of

484
00:21:36,440 --> 00:21:39,840
Speaker 2: that mortgage, that mortgage debt as soon as possible, even

485
00:21:39,960 --> 00:21:42,000
Speaker 2: if it has a low interest rate attached, because that

486
00:21:42,080 --> 00:21:42,760
Speaker 2: is your prerogative.

487
00:21:42,760 --> 00:21:43,520
Speaker 1: You certainly can do that.

488
00:21:43,560 --> 00:21:47,160
Speaker 2: It's personal finance, and this is your money. If you're

489
00:21:47,200 --> 00:21:50,960
Speaker 2: incredibly debtiverse, your timeline sounds like it's long enough to

490
00:21:50,960 --> 00:21:53,960
Speaker 2: where investing makes sense. You said five to eight years.

491
00:21:54,200 --> 00:21:57,000
Speaker 2: That is a length of time at which I'd feel

492
00:21:57,000 --> 00:22:00,240
Speaker 2: comfortable investing instead of just saving. If our say you

493
00:22:00,240 --> 00:22:02,680
Speaker 2: had said, Matt, two years, we'd be far less inclined

494
00:22:02,720 --> 00:22:04,680
Speaker 2: to sign off on this plane, like, oh, I'm gonna

495
00:22:04,720 --> 00:22:08,560
Speaker 2: hope that my investments outperform over over a two year period. Well,

496
00:22:08,720 --> 00:22:11,720
Speaker 2: then it feels like more of a gamble than making

497
00:22:11,800 --> 00:22:14,720
Speaker 2: decision based on historical returns. Right, And I think the

498
00:22:14,720 --> 00:22:17,840
Speaker 2: other thing that works in his favor. The good news

499
00:22:17,880 --> 00:22:20,080
Speaker 2: is that he can also be flexible, right, because once

500
00:22:20,119 --> 00:22:22,880
Speaker 2: you start investing those dollars, you're still not pod committed

501
00:22:22,920 --> 00:22:24,919
Speaker 2: to paying off that mortgage early. That's true, and you

502
00:22:24,920 --> 00:22:28,040
Speaker 2: can let the circumstances on the ground inform how you proceed.

503
00:22:28,080 --> 00:22:30,919
Speaker 2: So let's say you're seven years into this process and

504
00:22:30,960 --> 00:22:33,360
Speaker 2: the market's in a really tough spot. You still don't

505
00:22:33,359 --> 00:22:35,560
Speaker 2: have the need to sell in order to pay off

506
00:22:35,560 --> 00:22:38,440
Speaker 2: that mortgage. Fully, you can wait until things recover. Your

507
00:22:38,480 --> 00:22:42,000
Speaker 2: flexible timeline, I think is clutch to your ability to

508
00:22:42,040 --> 00:22:45,480
Speaker 2: decide to and opt to invest instead of just paying

509
00:22:45,480 --> 00:22:47,919
Speaker 2: off that debt more quickly every single month as you

510
00:22:47,960 --> 00:22:48,880
Speaker 2: have that money coming in.

511
00:22:49,040 --> 00:22:51,520
Speaker 1: Yeah, and that's assuming that you want to continue to

512
00:22:51,520 --> 00:22:54,480
Speaker 1: do that, say five, six, seven years down the line,

513
00:22:54,520 --> 00:22:56,960
Speaker 1: because I think what you might find is that after

514
00:22:57,000 --> 00:22:59,720
Speaker 1: having invested that money and seeing perhaps and this is

515
00:22:59,760 --> 00:23:03,080
Speaker 1: there's no guarantee here, but seeing what your returns are

516
00:23:03,119 --> 00:23:05,200
Speaker 1: on that thinking well, why would I take this money

517
00:23:05,200 --> 00:23:08,160
Speaker 1: out and use that to pay down this lower rate

518
00:23:08,200 --> 00:23:10,480
Speaker 1: mortgage debt that I have when instead I could leave

519
00:23:10,480 --> 00:23:13,480
Speaker 1: that invested, continue to see a compound, and you are

520
00:23:13,600 --> 00:23:16,400
Speaker 1: likely to see that money grow because it's he said

521
00:23:16,440 --> 00:23:19,440
Speaker 1: five to eight years I think the five year rolling

522
00:23:19,440 --> 00:23:23,040
Speaker 1: returns in the stock market, the market is likely to

523
00:23:23,080 --> 00:23:26,119
Speaker 1: see positive returns something like over eighty eight percent of

524
00:23:26,160 --> 00:23:28,359
Speaker 1: the time, But if you bump it up to eight years,

525
00:23:28,520 --> 00:23:31,080
Speaker 1: it jumps up significantly. It's something like ninety five percent

526
00:23:31,119 --> 00:23:34,440
Speaker 1: of the time. For a rolling eight year period of time,

527
00:23:34,520 --> 00:23:36,600
Speaker 1: you're going to see a positive return. Odds are in

528
00:23:36,640 --> 00:23:39,720
Speaker 1: your favorite man that this money is going to be

529
00:23:39,800 --> 00:23:44,040
Speaker 1: well served being invested as opposed to paying down that debt.

530
00:23:44,200 --> 00:23:47,200
Speaker 1: But think long and hard about what accounts that you're

531
00:23:47,200 --> 00:23:50,040
Speaker 1: going to opt to use, because of course taxable brokerage

532
00:23:50,040 --> 00:23:53,119
Speaker 1: accounts they're great for some shorter term investing goals like

533
00:23:53,160 --> 00:23:56,280
Speaker 1: a quicker mortgage payoff. But don't forget about the rath Ira.

534
00:23:56,440 --> 00:23:58,480
Speaker 1: This is like a roth Ira episode We're going to

535
00:23:59,040 --> 00:24:00,959
Speaker 1: talk about all the day different ways that it is

536
00:24:01,000 --> 00:24:04,400
Speaker 1: just wonderful because if you great account are not already

537
00:24:04,520 --> 00:24:07,159
Speaker 1: maxing out a wroth Ira, well do that, and then

538
00:24:07,200 --> 00:24:09,320
Speaker 1: you can actually use this awesome account to help you

539
00:24:09,359 --> 00:24:12,480
Speaker 1: to fulfill this mission while still keeping those additional dollars

540
00:24:12,520 --> 00:24:14,320
Speaker 1: locked away for the future. And the way that you're

541
00:24:14,320 --> 00:24:16,119
Speaker 1: able to do that is because you pay tax on

542
00:24:16,160 --> 00:24:18,719
Speaker 1: the money going into a roth IRA now, and then

543
00:24:18,760 --> 00:24:21,639
Speaker 1: that means that you can take out those contributions at

544
00:24:21,680 --> 00:24:24,560
Speaker 1: any time in the future, tax and penalty free, if

545
00:24:24,560 --> 00:24:28,040
Speaker 1: you so choose to withdraw those contributions to pay down

546
00:24:28,119 --> 00:24:31,040
Speaker 1: some of your mortgage. So why not max out that

547
00:24:31,119 --> 00:24:33,640
Speaker 1: account for the next eight or so years and then

548
00:24:33,800 --> 00:24:36,760
Speaker 1: you can just pull the contributions, which in eight years

549
00:24:36,800 --> 00:24:39,719
Speaker 1: you're looking at fifty six thousand dollars in total at

550
00:24:39,720 --> 00:24:42,400
Speaker 1: that point, assuming that we maintain the seven thousand dollars

551
00:24:42,440 --> 00:24:44,800
Speaker 1: contribution limit, and then you can use that to help

552
00:24:44,840 --> 00:24:47,159
Speaker 1: pay off the mortgage and also keep the earnings in

553
00:24:47,200 --> 00:24:49,720
Speaker 1: there to continue growing. Yeah, So that's one of the

554
00:24:49,720 --> 00:24:53,879
Speaker 1: amazing things that the Wrath offers is flexibility. But and

555
00:24:53,960 --> 00:24:56,280
Speaker 1: even beyond that, I would say continuing to prioritize four

556
00:24:56,359 --> 00:24:58,879
Speaker 1: flexibilities is key because I think there's a chance you

557
00:24:58,960 --> 00:25:01,000
Speaker 1: might we all have to diferent priorities, and I think

558
00:25:01,040 --> 00:25:03,000
Speaker 1: if there's anything I've learned is that I changed my mind,

559
00:25:03,400 --> 00:25:05,879
Speaker 1: or that my wife changes her mind, or that collectively

560
00:25:05,920 --> 00:25:09,280
Speaker 1: we decide that our family has different priorities that we're

561
00:25:09,280 --> 00:25:12,639
Speaker 1: looking to pursue, and even just looking to beef up

562
00:25:12,680 --> 00:25:15,440
Speaker 1: your emergency fund. Right, So, let's say, because you Joel,

563
00:25:15,480 --> 00:25:17,560
Speaker 1: you mentioned the like a savings account earning five percent,

564
00:25:18,200 --> 00:25:21,000
Speaker 1: I would first be looking to just really pad that

565
00:25:21,040 --> 00:25:24,760
Speaker 1: thing out, have it nice and a nice thick emergency fund,

566
00:25:25,640 --> 00:25:28,000
Speaker 1: and give that a couple of years before I would

567
00:25:28,000 --> 00:25:31,040
Speaker 1: even be willing to invest that money, because dude, imagine

568
00:25:31,080 --> 00:25:33,000
Speaker 1: what you might be thinking in two years, what you

569
00:25:33,040 --> 00:25:35,600
Speaker 1: want to be doing with your money. I bet there's

570
00:25:35,640 --> 00:25:37,760
Speaker 1: a decent chance that it's gonna there might be something

571
00:25:38,000 --> 00:25:40,480
Speaker 1: on the horizon that's completely different than what it is

572
00:25:40,520 --> 00:25:43,800
Speaker 1: that you're thinking about now. We all have dynamic interests

573
00:25:43,840 --> 00:25:45,320
Speaker 1: and the things that we're interested in, and so I

574
00:25:45,400 --> 00:25:47,760
Speaker 1: just want our Senia to just take and take that

575
00:25:47,760 --> 00:25:48,280
Speaker 1: into account.

576
00:25:48,359 --> 00:25:49,879
Speaker 2: Yeah, well that's why I like your suggestion of the

577
00:25:49,960 --> 00:25:51,240
Speaker 2: roth iray and I think that makes sense. Like a

578
00:25:51,280 --> 00:25:53,840
Speaker 2: lot of people would assume, oh, taxable brokera's account is

579
00:25:53,880 --> 00:25:56,240
Speaker 2: the way to go in this case, Well, maybe it

580
00:25:56,280 --> 00:25:58,160
Speaker 2: is if it's additional dollars on top of the roth

581
00:25:58,160 --> 00:26:00,560
Speaker 2: ira money that our Senio was already made out or

582
00:26:00,560 --> 00:26:02,840
Speaker 2: something like that. But if not, if he's neglected the

583
00:26:03,720 --> 00:26:06,040
Speaker 2: roth iray up until this point, that is the go

584
00:26:06,080 --> 00:26:08,240
Speaker 2: to account that makes the most sense, and then you're

585
00:26:08,280 --> 00:26:10,280
Speaker 2: getting kind of the best of both worlds, like he's

586
00:26:10,320 --> 00:26:13,720
Speaker 2: aiming for. You're able to force save fifty six thousand

587
00:26:13,760 --> 00:26:16,560
Speaker 2: bucks over that timeline, but you're also by by the

588
00:26:16,560 --> 00:26:18,840
Speaker 2: time you would draw those contributions, you've got a lot

589
00:26:18,880 --> 00:26:20,960
Speaker 2: of money left over in that roth iraty that's growing

590
00:26:21,000 --> 00:26:23,080
Speaker 2: for your future. So you've got a mortgage that you're

591
00:26:23,119 --> 00:26:25,960
Speaker 2: getting closer to paying off, You've got significantly more saved

592
00:26:26,000 --> 00:26:28,720
Speaker 2: and invested for retirement. So I really like that as

593
00:26:28,720 --> 00:26:29,640
Speaker 2: a plan for Oseneo.

594
00:26:29,800 --> 00:26:31,840
Speaker 1: Yep. Yeah. The only downside though is if he changes

595
00:26:31,840 --> 00:26:33,960
Speaker 1: his mind in two years, because the chances of that

596
00:26:34,000 --> 00:26:38,640
Speaker 1: being a positive outcome could be significantly lower then of course, where.

597
00:26:38,440 --> 00:26:40,320
Speaker 2: He just to sock it away and saving timeline step

598
00:26:40,359 --> 00:26:40,880
Speaker 2: clutch if.

599
00:26:40,800 --> 00:26:42,639
Speaker 1: You're exactly Yeah, And that's the part where I just

600
00:26:42,680 --> 00:26:44,160
Speaker 1: want our Seny for you to keep that in mind

601
00:26:44,160 --> 00:26:46,359
Speaker 1: because you mentioned the five to eight year timeline, but

602
00:26:46,480 --> 00:26:48,240
Speaker 1: just think about even like two years down the road,

603
00:26:48,320 --> 00:26:51,280
Speaker 1: what it is that you might have pivoted to is.

604
00:26:51,280 --> 00:26:53,639
Speaker 2: What I'm saying, Yeah, our Senior, I hope that helps.

605
00:26:53,720 --> 00:26:55,800
Speaker 2: I feel like there's a few different directions you can go.

606
00:26:55,840 --> 00:26:57,640
Speaker 2: A lot of it based on kind of your own

607
00:26:57,640 --> 00:27:00,480
Speaker 2: personal desire hosts, goals and dreams, and there's a few

608
00:27:00,480 --> 00:27:02,120
Speaker 2: different accounts that you can use.

609
00:27:02,240 --> 00:27:03,040
Speaker 1: To help get you there.

610
00:27:03,119 --> 00:27:06,359
Speaker 2: Just make sure you're making those decisions with intentionality, right,

611
00:27:06,480 --> 00:27:07,920
Speaker 2: knowing the trade offs of each.

612
00:27:08,640 --> 00:27:10,679
Speaker 1: And it's a good problem to have. Like basically what

613
00:27:10,680 --> 00:27:12,679
Speaker 1: we're doing here, like what artist Sun was asking us

614
00:27:12,680 --> 00:27:14,639
Speaker 1: to do, is to solve the problem of having too

615
00:27:14,720 --> 00:27:18,800
Speaker 1: much money on hand. And that's a yeah, a great

616
00:27:18,800 --> 00:27:19,879
Speaker 1: problem to be solving.

617
00:27:20,000 --> 00:27:22,960
Speaker 2: Yeah, exactly. And he's got the again, the right mindset.

618
00:27:23,000 --> 00:27:25,280
Speaker 2: He wants to make progress and not like go in

619
00:27:25,320 --> 00:27:28,200
Speaker 2: reverse which or continue to like, I don't know, spin

620
00:27:28,200 --> 00:27:30,080
Speaker 2: your wheels. All right, speaking of spinning your wheels, man,

621
00:27:30,119 --> 00:27:31,959
Speaker 2: let's talk to you or let's get a question from

622
00:27:32,000 --> 00:27:35,520
Speaker 2: a listener here by going to flight school propellers, that's right, Yeah,

623
00:27:35,560 --> 00:27:37,639
Speaker 2: you're right, So all right, let's get to that one.

624
00:27:37,680 --> 00:27:40,960
Speaker 5: Now. Hi, my name is Lindsay and I'm from San Diego.

625
00:27:41,920 --> 00:27:45,160
Speaker 5: My son wants to attend a flight school, a commercial

626
00:27:45,160 --> 00:27:48,480
Speaker 5: flight school. We paid for his pilot's license on the

627
00:27:48,600 --> 00:27:51,320
Speaker 5: side to save on cost, but we don't have extra

628
00:27:51,359 --> 00:27:54,320
Speaker 5: money to pay for the actual school and it's going

629
00:27:54,359 --> 00:27:56,640
Speaker 5: to need to take out a loan, and the cost

630
00:27:56,720 --> 00:28:00,439
Speaker 5: for the school is about ninety thousand dollars. The school

631
00:28:00,480 --> 00:28:04,040
Speaker 5: recommends that we go through Sally May for the loan,

632
00:28:04,720 --> 00:28:08,879
Speaker 5: but the interest is crazy high. We've checked with our

633
00:28:08,920 --> 00:28:11,440
Speaker 5: credit Union and some other banks and they don't give

634
00:28:11,440 --> 00:28:15,840
Speaker 5: out what's considered a certificate. It's not a diploma that

635
00:28:15,880 --> 00:28:18,440
Speaker 5: he would get it, it's a certificate. So I don't

636
00:28:18,480 --> 00:28:21,560
Speaker 5: know where else to turn. Is there anywhere else where

637
00:28:21,600 --> 00:28:23,800
Speaker 5: I can go to get a loan with better interest

638
00:28:23,880 --> 00:28:27,439
Speaker 5: rates for a certificate? Thank you?

639
00:28:28,359 --> 00:28:32,440
Speaker 1: All right, lindsay, first oftngrats to your son who's considering

640
00:28:32,480 --> 00:28:35,080
Speaker 1: flight school here. I think this could be a great

641
00:28:35,160 --> 00:28:38,160
Speaker 1: career that he's embarking on. But having said it is

642
00:28:38,400 --> 00:28:41,320
Speaker 1: not cheap to get the education that she said ninety

643
00:28:41,320 --> 00:28:44,040
Speaker 1: thousand dollars and it seems like that is right there,

644
00:28:44,080 --> 00:28:47,240
Speaker 1: smack dab in the middle of what flight school typically costs.

645
00:28:47,600 --> 00:28:49,480
Speaker 1: But the light at the end of the tunnel is

646
00:28:49,520 --> 00:28:53,040
Speaker 1: a very in demand career that pays pretty dang well.

647
00:28:53,040 --> 00:28:56,000
Speaker 1: We can link to the Bureau of Labor Statistics and

648
00:28:56,280 --> 00:28:58,520
Speaker 1: you can see kind of what the average or the

649
00:28:58,560 --> 00:29:00,800
Speaker 1: mean salaries are for different pilots. Oh, do you know

650
00:29:00,880 --> 00:29:02,200
Speaker 1: it off the top of your head. Matt. It's in

651
00:29:02,240 --> 00:29:04,400
Speaker 1: the six figures. I know that much. Yeah, so when

652
00:29:04,960 --> 00:29:07,040
Speaker 1: even I think, for like a commercial pilot, Okay, let

653
00:29:07,080 --> 00:29:09,760
Speaker 1: alone some of the additional income, and I don't know

654
00:29:09,800 --> 00:29:12,360
Speaker 1: bonuses you earn bonuses as a pilot. I don't know

655
00:29:12,480 --> 00:29:13,480
Speaker 1: personally some of those.

656
00:29:13,560 --> 00:29:16,640
Speaker 2: You know, the major airlines, the new contracts they've made

657
00:29:16,720 --> 00:29:20,200
Speaker 2: with pilots, the pilot's got significant pay increases. So it's

658
00:29:20,240 --> 00:29:21,880
Speaker 2: a it's a good position to be in, and it

659
00:29:21,960 --> 00:29:24,880
Speaker 2: meets our threshold Matt, of you want your first year

660
00:29:25,000 --> 00:29:27,720
Speaker 2: salary to be more, in all likelihood than what you're

661
00:29:27,760 --> 00:29:31,520
Speaker 2: going to fork over in education costs. Right, So I

662
00:29:31,520 --> 00:29:34,120
Speaker 2: think that even though it seems incredibly expensive, and it

663
00:29:34,160 --> 00:29:36,200
Speaker 2: is expensive, ninety thousand dollars spent a lot of money,

664
00:29:36,200 --> 00:29:38,760
Speaker 2: flight school is not is not cheap. But it's still

665
00:29:38,760 --> 00:29:40,760
Speaker 2: important to note that this that doesn't make make it

666
00:29:40,760 --> 00:29:43,440
Speaker 2: a bone headed financial decision. So, yeah, we would love

667
00:29:43,480 --> 00:29:45,080
Speaker 2: for you to find ways to minimize the debt that

668
00:29:45,160 --> 00:29:46,800
Speaker 2: you take on. Those still, right, we don't want you

669
00:29:46,840 --> 00:29:49,080
Speaker 2: to just to be comfortable taking on a ridiculous amount

670
00:29:49,120 --> 00:29:51,200
Speaker 2: of debt because even though this debt is going to

671
00:29:51,480 --> 00:29:54,480
Speaker 2: you know fuel his earning potential and if this is

672
00:29:54,480 --> 00:29:56,320
Speaker 2: the line of work he wants to be in for decades,

673
00:29:56,360 --> 00:29:58,240
Speaker 2: that that that debt is of course going to pay

674
00:29:58,240 --> 00:30:01,120
Speaker 2: off in a major way. And let's talk about flight school, Matt. Like,

675
00:30:01,720 --> 00:30:04,560
Speaker 2: most flight schools are considered trade schools, so this is

676
00:30:04,600 --> 00:30:08,080
Speaker 2: a different ballgame than going to a four year state

677
00:30:08,120 --> 00:30:10,920
Speaker 2: school or private school. This means that you often can't

678
00:30:10,920 --> 00:30:13,280
Speaker 2: take out traditional federal student loans in order to get

679
00:30:13,320 --> 00:30:16,440
Speaker 2: that degree. It puts you in this second tier system

680
00:30:16,800 --> 00:30:20,680
Speaker 2: of trying to finance this getting this certificate. And yeah,

681
00:30:20,680 --> 00:30:22,520
Speaker 2: I'm glad that your school says that you can snag

682
00:30:22,560 --> 00:30:25,480
Speaker 2: Sally May loans. Lindsay said Matt that the interest rate

683
00:30:25,520 --> 00:30:28,160
Speaker 2: was crazy high. I would be curious to know how

684
00:30:28,240 --> 00:30:29,600
Speaker 2: high and what she meant by that.

685
00:30:29,520 --> 00:30:31,440
Speaker 1: And it's true because she didn't give us a hard number, so.

686
00:30:31,480 --> 00:30:32,840
Speaker 2: Much is in the eye of the beholder. And are

687
00:30:32,880 --> 00:30:36,080
Speaker 2: we talking about a seven percent fixed rate? Because that's

688
00:30:36,120 --> 00:30:38,800
Speaker 2: actually not awful these days. It seems awful compared to

689
00:30:39,200 --> 00:30:41,280
Speaker 2: an era of three or four years ago. But given

690
00:30:41,360 --> 00:30:43,640
Speaker 2: kind of the options that you have at your disposals today,

691
00:30:43,920 --> 00:30:47,160
Speaker 2: that would actually be a reasonable choice. There's a site

692
00:30:47,160 --> 00:30:50,440
Speaker 2: called College Avenue. That's another option. They apparently have interest

693
00:30:50,480 --> 00:30:53,440
Speaker 2: rates that start in the five percent range, but then again,

694
00:30:53,800 --> 00:30:57,160
Speaker 2: depending on credit and other circumstances, the loan rate could

695
00:30:57,160 --> 00:30:59,400
Speaker 2: go up to eighteen percent. You could also check out

696
00:30:59,400 --> 00:31:02,320
Speaker 2: a website called Zootify. They make flight school loans. We'll

697
00:31:02,320 --> 00:31:04,560
Speaker 2: link to all these in the show notes. But you

698
00:31:04,680 --> 00:31:06,959
Speaker 2: might not be able to secure a better rate than

699
00:31:06,960 --> 00:31:08,680
Speaker 2: what you're going to get through Sally May. I just

700
00:31:09,040 --> 00:31:10,600
Speaker 2: I just want to put that out there, like, there

701
00:31:10,600 --> 00:31:13,640
Speaker 2: are potentially other options, but sally May actually could be

702
00:31:13,680 --> 00:31:14,560
Speaker 2: the best option you have.

703
00:31:14,680 --> 00:31:16,960
Speaker 1: Yeah. On one hand, like it's kind of terrible news

704
00:31:16,960 --> 00:31:19,840
Speaker 1: because there aren't a whole lot of options to shop around.

705
00:31:19,880 --> 00:31:21,400
Speaker 1: So on one hand, I think that's terrible. On the

706
00:31:21,440 --> 00:31:23,240
Speaker 1: other hand, I kind of like there's part of me

707
00:31:23,280 --> 00:31:24,959
Speaker 1: that's just like, man, I don't want it to be

708
00:31:25,000 --> 00:31:26,840
Speaker 1: super accessible, Like I don't want it to be like

709
00:31:26,880 --> 00:31:28,800
Speaker 1: this default place where you go and you can take

710
00:31:29,440 --> 00:31:32,320
Speaker 1: massive loans up to a hundred thousand dollars without hardly

711
00:31:32,360 --> 00:31:34,480
Speaker 1: even thinking about it, because that's I think one of

712
00:31:34,480 --> 00:31:36,320
Speaker 1: the problems we've run into with higher education is the

713
00:31:36,320 --> 00:31:38,760
Speaker 1: fact that students have been able to take out boat

714
00:31:38,840 --> 00:31:41,600
Speaker 1: loads of debt without really considering where this is gonna

715
00:31:41,600 --> 00:31:43,040
Speaker 1: spit them out at the end of this four year

716
00:31:43,520 --> 00:31:44,600
Speaker 1: for your career.

717
00:31:44,280 --> 00:31:47,520
Speaker 2: And unadvertising interest rates should hopefully help you and your

718
00:31:47,520 --> 00:31:50,600
Speaker 2: family get a little more creative about ways to reduce

719
00:31:50,640 --> 00:31:51,360
Speaker 2: the cost of that.

720
00:31:51,400 --> 00:31:54,080
Speaker 1: Education too, because we don't want you, lindsay, to take

721
00:31:54,120 --> 00:31:56,840
Speaker 1: out a loan just for the full price of admission.

722
00:31:56,840 --> 00:31:59,040
Speaker 1: If you can help it, could your son maybe even

723
00:31:59,160 --> 00:32:03,280
Speaker 1: work at the flight school to maybe receive a tuition reduction,

724
00:32:03,640 --> 00:32:06,080
Speaker 1: Like basically, we want you and your your son to

725
00:32:06,080 --> 00:32:09,240
Speaker 1: be on like a first name basis because and I

726
00:32:09,280 --> 00:32:11,080
Speaker 1: think by doing that you're gonna have more of an

727
00:32:11,120 --> 00:32:13,880
Speaker 1: ability to possibly get a discount. This isn't like some

728
00:32:13,920 --> 00:32:17,040
Speaker 1: popular state school that just won some football championship or

729
00:32:17,040 --> 00:32:19,520
Speaker 1: they're letting in like thousands and thousands of students in

730
00:32:19,600 --> 00:32:22,200
Speaker 1: every single class, Like this is a flight school. I'm

731
00:32:22,200 --> 00:32:25,800
Speaker 1: guessing there's like twenty kids, twenty students like in the

732
00:32:25,840 --> 00:32:29,280
Speaker 1: actual classroom like on the ground for classroom instruction. But

733
00:32:29,320 --> 00:32:31,840
Speaker 1: then beyond that, it's like you're you're with an instructor.

734
00:32:32,040 --> 00:32:33,400
Speaker 1: It's like one on one, like you're in the air

735
00:32:33,680 --> 00:32:38,120
Speaker 1: with a flight instructor. So like it costs more, Yes,

736
00:32:38,160 --> 00:32:40,320
Speaker 1: But I guess what I'm saying is I picture you

737
00:32:40,480 --> 00:32:42,800
Speaker 1: having the ability to be the squeaky wheel and to

738
00:32:42,920 --> 00:32:46,760
Speaker 1: stand out and to find ways to reduce the cost

739
00:32:46,800 --> 00:32:50,280
Speaker 1: of admission or cost of tuition that maybe otherwise would

740
00:32:50,360 --> 00:32:52,640
Speaker 1: not be available by going to some giant school where

741
00:32:52,640 --> 00:32:55,680
Speaker 1: you're just one of hundreds or thousands of cogs. I

742
00:32:55,720 --> 00:32:58,400
Speaker 1: think you do have the ability to figure something out,

743
00:32:58,640 --> 00:33:01,360
Speaker 1: a solution that just might see them a little non conventional. Yeah.

744
00:33:01,400 --> 00:33:03,959
Speaker 2: They seem say necessity is the mother of invention, and

745
00:33:04,000 --> 00:33:06,400
Speaker 2: I'm hoping that's the case for Lindsay and for her son,

746
00:33:06,680 --> 00:33:08,040
Speaker 2: Like put the ball on his cart, make him make

747
00:33:08,080 --> 00:33:09,880
Speaker 2: some of these emails like yes.

748
00:33:09,480 --> 00:33:11,320
Speaker 1: Yeah, yeah, Like think about that, this isn't all just

749
00:33:11,360 --> 00:33:13,760
Speaker 1: on you. How badly does your son want to be

750
00:33:13,840 --> 00:33:14,680
Speaker 1: a pilot? That's right?

751
00:33:14,760 --> 00:33:17,640
Speaker 2: And can he makes me? Matt? I did work study,

752
00:33:17,760 --> 00:33:20,480
Speaker 2: I was an ra I did all sorts of things

753
00:33:20,520 --> 00:33:23,960
Speaker 2: on campus to reduce the costs of my college and

754
00:33:24,360 --> 00:33:26,280
Speaker 2: reduce the amount of loans I was taking on. And

755
00:33:26,320 --> 00:33:29,080
Speaker 2: granted that's at a traditional four year school, but there

756
00:33:29,080 --> 00:33:32,120
Speaker 2: are I would imagine there are similar sorts of avenues

757
00:33:32,120 --> 00:33:34,800
Speaker 2: to reduce the cost out of flight school. But it takes,

758
00:33:34,880 --> 00:33:37,000
Speaker 2: like you said, being the squeaky wheel asking those questions

759
00:33:37,280 --> 00:33:39,480
Speaker 2: being and him in particular being the person because it

760
00:33:39,480 --> 00:33:42,320
Speaker 2: shows some gumption on his part, and I think the

761
00:33:42,360 --> 00:33:44,640
Speaker 2: instructors of that school might say, oh, well, yeah, we

762
00:33:44,640 --> 00:33:46,200
Speaker 2: can fitch you in here and then we can get

763
00:33:46,240 --> 00:33:48,280
Speaker 2: you a little discount by doing this, this and this.

764
00:33:48,600 --> 00:33:50,880
Speaker 2: So I just wouldn't take that face value price tag

765
00:33:50,920 --> 00:33:52,360
Speaker 2: and think that there's nothing you can do about it.

766
00:33:52,440 --> 00:33:52,640
Speaker 5: Yeah.

767
00:33:52,840 --> 00:33:54,520
Speaker 1: I like the idea of having buy in from the

768
00:33:54,560 --> 00:33:56,680
Speaker 1: sun as well, because if he has to show up

769
00:33:56,720 --> 00:33:58,600
Speaker 1: and he's like in the hang I'm picturing i don't know,

770
00:33:58,680 --> 00:34:01,440
Speaker 1: like a classic romantic view of what it looks like

771
00:34:01,520 --> 00:34:03,040
Speaker 1: to be a pilot, and so I just picture him

772
00:34:03,040 --> 00:34:06,040
Speaker 1: in this leather hat and then he's there having to

773
00:34:06,080 --> 00:34:09,480
Speaker 1: like sweep. Yeah, And if there's an option to do

774
00:34:09,520 --> 00:34:11,440
Speaker 1: something like that and he's just like, oh, may that sucks,

775
00:34:11,480 --> 00:34:13,239
Speaker 1: Like I don't want to have to do that, I

776
00:34:13,280 --> 00:34:15,920
Speaker 1: think then at that point a larger conversation is warranted

777
00:34:16,400 --> 00:34:19,480
Speaker 1: because I guess when Lindsay mentioned that they were able

778
00:34:19,520 --> 00:34:22,000
Speaker 1: to buy the or pay for the pilot's license, the

779
00:34:22,040 --> 00:34:24,960
Speaker 1: initial pilot's license on the side. I'm starting to realize

780
00:34:24,960 --> 00:34:28,359
Speaker 1: that maybe this Sun is a little bit younger, in

781
00:34:28,360 --> 00:34:31,360
Speaker 1: which case Lindsay's assuming that she that she's going to

782
00:34:31,400 --> 00:34:33,239
Speaker 1: be footing the bill, but finding a way to get

783
00:34:33,239 --> 00:34:36,480
Speaker 1: buy in by from the Sun without having him completely

784
00:34:36,520 --> 00:34:39,240
Speaker 1: saddled with ninety thousand dollars in debt. I think finding

785
00:34:39,239 --> 00:34:41,839
Speaker 1: some sort of solution there is what we're seeking here. Yeah.

786
00:34:41,920 --> 00:34:44,359
Speaker 2: Yeah, And I think both of your powers combined can

787
00:34:44,480 --> 00:34:46,520
Speaker 2: kind of help figure this out. It's not all on

788
00:34:46,520 --> 00:34:49,160
Speaker 2: your shoulders, Lindsey. And Okay, on that note, man, I

789
00:34:49,160 --> 00:34:52,160
Speaker 2: think there's one other thing, one other arena in which

790
00:34:52,200 --> 00:34:55,480
Speaker 2: you could potentially save money on this higher education and

791
00:34:55,680 --> 00:34:58,640
Speaker 2: that scholarships. They're not as widely available as they are

792
00:34:58,680 --> 00:35:00,560
Speaker 2: for let's say, going to get an undergrad degree or

793
00:35:00,600 --> 00:35:02,520
Speaker 2: even a graduate degree. Maybe, But the best thing about

794
00:35:02,520 --> 00:35:06,719
Speaker 2: scholarships is that's free money that doesn't have to be repaid.

795
00:35:07,000 --> 00:35:09,560
Speaker 2: So I would get serious about applying applying for those

796
00:35:09,560 --> 00:35:12,160
Speaker 2: in order to reduce the financial burden of flight school.

797
00:35:12,400 --> 00:35:14,480
Speaker 2: And then on top of that, look into airlines right

798
00:35:14,520 --> 00:35:17,960
Speaker 2: that offer tuition reimbursement for flight training school. Boeing is

799
00:35:17,960 --> 00:35:20,160
Speaker 2: one of those companies, Matt that offers that I think

800
00:35:20,160 --> 00:35:22,359
Speaker 2: for a lot of young pilots, you know, you might

801
00:35:22,400 --> 00:35:24,799
Speaker 2: have to take loans on the front end. But if

802
00:35:24,840 --> 00:35:27,080
Speaker 2: you're willing to commit to a specific airline, right or

803
00:35:27,120 --> 00:35:30,879
Speaker 2: a specific company that offers that tuition reimbursement, they offer

804
00:35:30,920 --> 00:35:32,120
Speaker 2: that perk for a number of years, you might be

805
00:35:32,120 --> 00:35:34,239
Speaker 2: able to get paid at that company in that job

806
00:35:34,560 --> 00:35:39,160
Speaker 2: and see that get eradicated completely by the largest essentially

807
00:35:39,200 --> 00:35:42,040
Speaker 2: of your new employer. That's also worth looking into.

808
00:35:42,120 --> 00:35:44,960
Speaker 1: Yeah, we didn't even touch on joining the Armed services,

809
00:35:45,120 --> 00:35:48,000
Speaker 1: and maybe is it considered the armed services if you're

810
00:35:48,000 --> 00:35:52,040
Speaker 1: a pilot, Oh yeah, joining the military. You yourself aren't armed,

811
00:35:52,080 --> 00:35:54,960
Speaker 1: but your vehicle is, right, But I don't know what

812
00:35:55,000 --> 00:35:57,840
Speaker 1: your views on joining the military. But like joining the

813
00:35:57,960 --> 00:36:01,200
Speaker 1: Air Force or joining the Navy, and I mean hello, like,

814
00:36:01,239 --> 00:36:03,600
Speaker 1: here's a way to not only not have to pay

815
00:36:03,800 --> 00:36:05,920
Speaker 1: a ton of money in order to get your probus

816
00:36:06,000 --> 00:36:08,080
Speaker 1: pilot's license and learn how to fly, but they teach

817
00:36:08,120 --> 00:36:11,480
Speaker 1: you how to do this. You are earning a significant income,

818
00:36:11,719 --> 00:36:15,320
Speaker 1: you are starting your career, all while avoiding some potentially

819
00:36:16,000 --> 00:36:18,959
Speaker 1: massive amounts of loans that could potentially be close to

820
00:36:19,000 --> 00:36:21,120
Speaker 1: the twenty percent. Joel, like you and I We've got

821
00:36:21,120 --> 00:36:23,120
Speaker 1: a friend of ours who was in the Air Force

822
00:36:23,160 --> 00:36:25,560
Speaker 1: and for a period of time was instead flying for

823
00:36:25,680 --> 00:36:28,320
Speaker 1: FedEx because he had stepped out of the Armed Services.

824
00:36:28,320 --> 00:36:30,080
Speaker 1: And so there are just a lot of different ways

825
00:36:30,080 --> 00:36:33,280
Speaker 1: to skin this cat than just taking the ninety thousand

826
00:36:33,280 --> 00:36:34,200
Speaker 1: loans path.

827
00:36:34,280 --> 00:36:36,560
Speaker 2: Yeah, and I'm pretty sure the GI Bill actually allows

828
00:36:36,600 --> 00:36:39,040
Speaker 2: you to pay for the cost of flight school up

829
00:36:39,080 --> 00:36:41,520
Speaker 2: to a certain amount as well. So if you've served, Yeah,

830
00:36:41,520 --> 00:36:43,120
Speaker 2: if you've started the Armed Forces for a number of

831
00:36:43,200 --> 00:36:45,120
Speaker 2: years and you get you qualify for the GI Bill,

832
00:36:45,360 --> 00:36:47,440
Speaker 2: that's another way to massively reduce the cost peak And

833
00:36:47,480 --> 00:36:49,319
Speaker 2: I love it. It's on the US government shoulders instead

834
00:36:49,360 --> 00:36:52,480
Speaker 2: of your own, right, So again that's a very personal decision,

835
00:36:52,480 --> 00:36:52,920
Speaker 2: but it's at.

836
00:36:52,960 --> 00:36:54,239
Speaker 1: Least worth throwing out there.

837
00:36:54,360 --> 00:36:56,239
Speaker 2: All right, Right, we got a couple more questions to

838
00:36:56,280 --> 00:36:59,799
Speaker 2: get to, including one about tapping retirement accounts to pay

839
00:36:59,840 --> 00:37:00,640
Speaker 2: for high in your stead.

840
00:37:00,680 --> 00:37:10,879
Speaker 1: We'll talk about that and more right after this. All right, man,

841
00:37:10,920 --> 00:37:13,320
Speaker 1: let's get back at it before we get to the

842
00:37:13,360 --> 00:37:16,560
Speaker 1: four oh one k loan question. Let's talk about Hyundais.

843
00:37:16,920 --> 00:37:19,279
Speaker 1: This is our Facebook question of the week.

844
00:37:19,280 --> 00:37:21,719
Speaker 2: Are you just talking about Hondai's because I mentioned how good.

845
00:37:21,719 --> 00:37:22,600
Speaker 1: The new Santa Fe.

846
00:37:22,480 --> 00:37:24,640
Speaker 2: Looks it does look good. It does look pretty sweet.

847
00:37:24,520 --> 00:37:26,799
Speaker 2: All these new SUVs look they just have this new

848
00:37:26,840 --> 00:37:27,680
Speaker 2: sharper edge here.

849
00:37:27,719 --> 00:37:28,239
Speaker 1: Look to them.

850
00:37:28,280 --> 00:37:31,359
Speaker 2: The new Toyota land Cruiser looks so good. The new

851
00:37:31,400 --> 00:37:31,879
Speaker 2: Santa Fe.

852
00:37:32,080 --> 00:37:35,320
Speaker 1: Yeah, I think you can think the cyber truck for that. No,

853
00:37:35,640 --> 00:37:37,359
Speaker 1: they don't look like that. It'll look like that. But

854
00:37:37,400 --> 00:37:40,200
Speaker 1: again we've had this discussion before. However, even if you

855
00:37:40,239 --> 00:37:43,480
Speaker 1: don't like what it is that Tesla is doing that

856
00:37:43,520 --> 00:37:46,040
Speaker 1: what Elon Musk is doing, when you push design and

857
00:37:46,040 --> 00:37:49,360
Speaker 1: when you push certain technologies, it allows anything up until

858
00:37:49,480 --> 00:37:52,080
Speaker 1: that point to almost seem normal. And so when you

859
00:37:52,080 --> 00:37:54,879
Speaker 1: have somebody that's something that's the bleeding edge, the leading

860
00:37:55,280 --> 00:37:57,959
Speaker 1: edge of technology, I think it does allow for other

861
00:37:58,120 --> 00:37:59,719
Speaker 1: kinds of innovation. Yeah, it's funny.

862
00:37:59,760 --> 00:38:01,319
Speaker 2: It's all so kind of a throwback though, to a

863
00:38:01,320 --> 00:38:03,160
Speaker 2: lot of the ways that some of the like the

864
00:38:03,200 --> 00:38:04,680
Speaker 2: old Broncos and stuff used to load.

865
00:38:04,760 --> 00:38:06,800
Speaker 1: Yeah, that's true. That's the kind of like nineteen seventies.

866
00:38:06,840 --> 00:38:10,000
Speaker 1: Vibe is hot again. I like it, Okay. The Facebook

867
00:38:10,080 --> 00:38:12,279
Speaker 1: question of the week, this one is from Rebecca and

868
00:38:12,320 --> 00:38:15,799
Speaker 1: she says, I have a twenty sixteen hun day paid off,

869
00:38:15,880 --> 00:38:18,160
Speaker 1: and Kelly Blue Book says it's worth five to seven

870
00:38:18,160 --> 00:38:21,800
Speaker 1: thousand dollars. I'm currently paying full coverage for car insurance,

871
00:38:21,800 --> 00:38:25,200
Speaker 1: and I'm thinking about switching to liability. Only work from

872
00:38:25,200 --> 00:38:27,919
Speaker 1: home and only drive it about seven thousand miles per year.

873
00:38:28,160 --> 00:38:30,000
Speaker 1: My plan is to keep the car until it's well

874
00:38:30,080 --> 00:38:33,000
Speaker 1: and dead. With my car's current value, should I switch

875
00:38:33,200 --> 00:38:35,680
Speaker 1: or keep it at full coverage? What are some other

876
00:38:35,719 --> 00:38:38,440
Speaker 1: things to consider when making this decision which you think,

877
00:38:38,520 --> 00:38:39,840
Speaker 1: Joel Rebecca.

878
00:38:39,880 --> 00:38:41,759
Speaker 2: I would totally go in this direction if I were you,

879
00:38:42,080 --> 00:38:44,759
Speaker 2: but only if you have the money set aside to

880
00:38:44,840 --> 00:38:46,960
Speaker 2: replace the car, because I'll say you get in a

881
00:38:46,960 --> 00:38:49,319
Speaker 2: wreck next week after you've dropped full coverage and it's

882
00:38:49,320 --> 00:38:52,440
Speaker 2: your fault. Terrible timing, bad timing, yes, for sure, and

883
00:38:52,920 --> 00:38:55,000
Speaker 2: if you have the cash on hand to cover it.

884
00:38:55,000 --> 00:38:57,360
Speaker 2: It's not ideal, it's not what you would have wished,

885
00:38:57,640 --> 00:38:59,760
Speaker 2: but at least you have the money to cover yourself

886
00:39:00,000 --> 00:39:02,640
Speaker 2: replace that car in the event of that accident. So basically,

887
00:39:02,680 --> 00:39:05,319
Speaker 2: collision is the coverage you need to replace your own

888
00:39:05,400 --> 00:39:07,360
Speaker 2: car if you were at fault. If I was in

889
00:39:07,400 --> 00:39:10,440
Speaker 2: your situation, I'd be very comfortable dropping that additional coverage.

890
00:39:10,560 --> 00:39:12,400
Speaker 2: But only if I had the money set aside in

891
00:39:12,440 --> 00:39:15,279
Speaker 2: a car savings bucket. You said it's worth five to

892
00:39:15,320 --> 00:39:18,200
Speaker 2: seven grand. Well, sometimes it's worth more to you. Unless

893
00:39:18,239 --> 00:39:20,440
Speaker 2: I had something like three to six months worth of

894
00:39:20,560 --> 00:39:23,960
Speaker 2: living expenses on hand, plus that additional car fund bucket

895
00:39:24,239 --> 00:39:27,200
Speaker 2: set aside of seven grand or something like that, then

896
00:39:27,480 --> 00:39:30,120
Speaker 2: I probably would hold on to it. But ultimately it's

897
00:39:30,120 --> 00:39:31,359
Speaker 2: probably gonna save you a bunch of money.

898
00:39:31,360 --> 00:39:31,520
Speaker 1: Matt.

899
00:39:31,560 --> 00:39:34,400
Speaker 2: We just got an email from listener Benjamin out in California.

900
00:39:34,440 --> 00:39:36,640
Speaker 2: He saved so much by I think his car, he said,

901
00:39:36,640 --> 00:39:38,920
Speaker 2: was worth thirty five hundred to four grand, and he

902
00:39:39,040 --> 00:39:41,239
Speaker 2: saved a ton of money, something to the tune of

903
00:39:41,280 --> 00:39:45,480
Speaker 2: like four figures annually by reducing his coverage.

904
00:39:45,640 --> 00:39:47,680
Speaker 1: That's a big savings for most of locality.

905
00:39:47,800 --> 00:39:51,080
Speaker 2: And oftentimes by dropping your coverage you might be able

906
00:39:51,080 --> 00:39:53,719
Speaker 2: to save an insurance cost the full amount of the

907
00:39:53,760 --> 00:39:55,719
Speaker 2: value of the vehicle in like four or five six

908
00:39:55,800 --> 00:39:56,239
Speaker 2: years time.

909
00:39:56,360 --> 00:39:59,200
Speaker 1: Totally. Yeah, I like what you said about having special

910
00:39:59,239 --> 00:40:04,240
Speaker 1: funds designated for this car replacement where the situation to arise.

911
00:40:04,760 --> 00:40:07,200
Speaker 1: That being said, is as much as I like to

912
00:40:07,239 --> 00:40:10,279
Speaker 1: shy away from risk like this, I would also feel

913
00:40:10,280 --> 00:40:13,439
Speaker 1: comfortable not having I guess a full amount of money

914
00:40:13,480 --> 00:40:15,520
Speaker 1: set aside on top of the emergency fund, Like I

915
00:40:15,560 --> 00:40:17,319
Speaker 1: might even be willing to split the difference a little bit,

916
00:40:17,320 --> 00:40:20,959
Speaker 1: Like I wouldn't want to fully deplete my emergency fund,

917
00:40:20,960 --> 00:40:22,799
Speaker 1: like I wouldn't want it to, say, knockout a month

918
00:40:22,880 --> 00:40:25,640
Speaker 1: or two's worth of living expenses. But I think I

919
00:40:25,640 --> 00:40:27,800
Speaker 1: would be comfortable like splitting and splitting the difference a

920
00:40:27,840 --> 00:40:30,480
Speaker 1: little bit, Like, all right, it's gonna cost seven thousand

921
00:40:30,520 --> 00:40:33,200
Speaker 1: dollars to replace that car. What maybe let's pad this

922
00:40:33,200 --> 00:40:34,839
Speaker 1: thing out in an extra a thirty five hundred, maybe

923
00:40:34,880 --> 00:40:37,360
Speaker 1: extra four grand, Yeah, because that way, it's like, well,

924
00:40:37,680 --> 00:40:40,280
Speaker 1: it's not like you're expecting to wreck this car, right,

925
00:40:40,640 --> 00:40:42,640
Speaker 1: It's not like it's not like replacing the tires in

926
00:40:42,680 --> 00:40:45,320
Speaker 1: your car, where you know, at some point, I'm gonna

927
00:40:45,360 --> 00:40:49,120
Speaker 1: have to pay for some new tires. Like Rebecca said,

928
00:40:49,200 --> 00:40:51,120
Speaker 1: hopefully this is something she's going to be able to

929
00:40:51,120 --> 00:40:53,040
Speaker 1: like drive off into the sunset, and she's got many

930
00:40:53,080 --> 00:40:56,520
Speaker 1: more years of use ahead. But at some point, yeah,

931
00:40:56,600 --> 00:40:58,560
Speaker 1: I could see you going from like four thousand dollars

932
00:40:58,680 --> 00:41:01,359
Speaker 1: right now, it's like next oh it's still kicking, all right,

933
00:41:01,400 --> 00:41:03,279
Speaker 1: Maybe you'll throw another five hundred bucks in there. Oh,

934
00:41:03,280 --> 00:41:06,640
Speaker 1: another year, you like slowly kind of expand that that

935
00:41:06,840 --> 00:41:08,960
Speaker 1: bucket because you know that you are getting closer to

936
00:41:09,040 --> 00:41:09,319
Speaker 1: the end.

937
00:41:09,280 --> 00:41:10,759
Speaker 2: Of that Well, let's be honest to you, that vehicle,

938
00:41:10,760 --> 00:41:12,160
Speaker 2: you're gonna be able to throw that extra money in

939
00:41:12,200 --> 00:41:13,799
Speaker 2: there because you're going to pay a whole lot less

940
00:41:13,800 --> 00:41:14,160
Speaker 2: on insurance.

941
00:41:14,160 --> 00:41:15,240
Speaker 1: You'll be able to do it very quickly.

942
00:41:15,320 --> 00:41:18,839
Speaker 2: Throw that difference into the savings bucket, earning interest all

943
00:41:18,880 --> 00:41:22,240
Speaker 2: the while. Yeah, and that money's going to work for you. Granted,

944
00:41:22,280 --> 00:41:24,680
Speaker 2: it's also acting as a form of self insurance, but

945
00:41:24,719 --> 00:41:26,560
Speaker 2: it's working for you, and instead of going to pay

946
00:41:26,560 --> 00:41:27,799
Speaker 2: the insurance company totally. Yeah.

947
00:41:27,800 --> 00:41:29,160
Speaker 1: I think one of the thing that she could do

948
00:41:29,280 --> 00:41:31,360
Speaker 1: is ask her agent as to whether or not she

949
00:41:31,480 --> 00:41:34,840
Speaker 1: qualifies for a discount based on how few miles she drives,

950
00:41:34,840 --> 00:41:38,160
Speaker 1: because Rebecca, like motions, insurance companies will reduce the premiums

951
00:41:38,160 --> 00:41:40,560
Speaker 1: if you drive fewer than like seventy five hundred miles

952
00:41:40,880 --> 00:41:41,640
Speaker 1: in the average year.

953
00:41:41,719 --> 00:41:43,640
Speaker 2: That's like the for some reason, the magical amount.

954
00:41:43,680 --> 00:41:46,680
Speaker 1: So whatever reason. Yeah, yeah, So not only might you

955
00:41:46,800 --> 00:41:49,680
Speaker 1: say by switching your policy to liability only, but you

956
00:41:49,680 --> 00:41:52,000
Speaker 1: could get another helpful discount because of how little you

957
00:41:52,080 --> 00:41:54,799
Speaker 1: drive and stacking those discounts like that can add up

958
00:41:54,840 --> 00:41:56,080
Speaker 1: in a pretty significant way.

959
00:41:56,160 --> 00:41:58,120
Speaker 2: Yeah, we'll link to an article we talked about. There's

960
00:41:58,120 --> 00:41:59,640
Speaker 2: a bunch of other ways you can try to try

961
00:41:59,640 --> 00:42:03,120
Speaker 2: to snag some discounts on auto insurance. Given how expensive

962
00:42:03,280 --> 00:42:05,960
Speaker 2: auto insurance has become, specifically over the last twelve months

963
00:42:06,000 --> 00:42:08,560
Speaker 2: for so many people, it's worth looking under every single

964
00:42:08,640 --> 00:42:10,960
Speaker 2: rock that you can to try to find every additional

965
00:42:11,000 --> 00:42:14,359
Speaker 2: discount that you possibly can, because the savings can be significant.

966
00:42:14,440 --> 00:42:16,080
Speaker 1: But I'm not aware of any.

967
00:42:15,880 --> 00:42:18,760
Speaker 2: More significant savings that you're going to get that rivals

968
00:42:19,080 --> 00:42:23,080
Speaker 2: ditching full coverage and opting for liability only. That is

969
00:42:23,160 --> 00:42:25,600
Speaker 2: the number one way to save if you can self insure,

970
00:42:25,880 --> 00:42:28,040
Speaker 2: like we said, And I love that you're wanting to

971
00:42:28,080 --> 00:42:30,000
Speaker 2: keep that car for years to come as well. It's

972
00:42:30,040 --> 00:42:32,840
Speaker 2: just twenty sixteen and you drive so little. It sounds

973
00:42:32,840 --> 00:42:34,120
Speaker 2: like you take good care of it, like this is

974
00:42:34,160 --> 00:42:36,880
Speaker 2: a car you should be able to own and enjoy

975
00:42:37,000 --> 00:42:39,080
Speaker 2: for years and years and years to come, and all's

976
00:42:39,120 --> 00:42:41,279
Speaker 2: really gonna do is save you money. Right, Let's take

977
00:42:41,320 --> 00:42:43,239
Speaker 2: one more question from the Facebook group Real Quick. This

978
00:42:43,280 --> 00:42:46,040
Speaker 2: one came from anonymous and it said, my husband and

979
00:42:46,040 --> 00:42:48,279
Speaker 2: I have some credit card debt. We're considering a loan

980
00:42:48,360 --> 00:42:50,120
Speaker 2: from our four to one K because the interest we

981
00:42:50,160 --> 00:42:52,759
Speaker 2: pay is going back to us to our accounts. We're

982
00:42:52,800 --> 00:42:55,320
Speaker 2: about eight years from retirement and on track with savings

983
00:42:55,360 --> 00:42:57,400
Speaker 2: and investments. Are there any concerns with this?

984
00:42:57,640 --> 00:42:59,640
Speaker 1: All right? Well, Anonymous, First off, we're glad that you

985
00:42:59,640 --> 00:43:03,000
Speaker 1: are on track with your retirement savings. But this credit

986
00:43:03,000 --> 00:43:04,839
Speaker 1: card debt, it's a top priority for you right now.

987
00:43:05,080 --> 00:43:07,480
Speaker 1: It's actually easier for you to tap your four one

988
00:43:07,560 --> 00:43:10,399
Speaker 1: K for cash than it's ever been before, and that's

989
00:43:10,440 --> 00:43:14,040
Speaker 1: because of the Secure Act two point zero that made

990
00:43:14,400 --> 00:43:18,040
Speaker 1: hardship withdrawals of one thousand dollars as easy as stealing

991
00:43:18,440 --> 00:43:20,960
Speaker 1: candy from a baby, which is actually really easy. I

992
00:43:21,000 --> 00:43:23,640
Speaker 1: do it all the time, very easy, especially at Halloween

993
00:43:24,200 --> 00:43:26,879
Speaker 1: Daddy tacks. It's right, But because it's easy doesn't mean

994
00:43:26,880 --> 00:43:29,399
Speaker 1: that this is something that you shouldn't necessarily do. It's

995
00:43:29,440 --> 00:43:31,640
Speaker 1: not the worst thing that you could do, but we

996
00:43:31,680 --> 00:43:34,400
Speaker 1: want you to be very careful before you take the plunge.

997
00:43:34,480 --> 00:43:36,399
Speaker 1: And the reason for that is if you lose your

998
00:43:36,480 --> 00:43:40,120
Speaker 1: job before you're done paying back those funds, you've got

999
00:43:40,120 --> 00:43:42,640
Speaker 1: to pay back the full amount of the loan immediately,

1000
00:43:42,960 --> 00:43:44,799
Speaker 1: and then on top of that, the money that you're

1001
00:43:44,800 --> 00:43:47,720
Speaker 1: borrowing is not working in the market for you, which sucks.

1002
00:43:47,719 --> 00:43:49,279
Speaker 1: That's the whole point of your four one K is

1003
00:43:49,520 --> 00:43:52,560
Speaker 1: to be able to fund your retirement opportunity costs, not

1004
00:43:52,640 --> 00:43:54,279
Speaker 1: to pay for life in the here. Now, that's right.

1005
00:43:54,360 --> 00:43:56,440
Speaker 2: Yeah, if you run some scenarios of someone, let's say,

1006
00:43:56,480 --> 00:43:59,200
Speaker 2: taking out money to do something frivolous, to buy a

1007
00:43:59,200 --> 00:44:01,920
Speaker 2: new car or and I know this isn't for that reason.

1008
00:44:01,960 --> 00:44:03,480
Speaker 2: This is to pay off debt, so it seems like

1009
00:44:03,520 --> 00:44:06,239
Speaker 2: it's a more noble ambition. But still, if you look

1010
00:44:06,239 --> 00:44:07,920
Speaker 2: at the numbers that you're going to have in retirement,

1011
00:44:07,960 --> 00:44:09,480
Speaker 2: if you had a four one K loan for let's

1012
00:44:09,480 --> 00:44:12,360
Speaker 2: say four or five years, taking that money out, not

1013
00:44:12,440 --> 00:44:15,000
Speaker 2: letting it grow and paying it back over time, you're

1014
00:44:15,000 --> 00:44:17,960
Speaker 2: going to end up in a significantly worse financial position

1015
00:44:18,200 --> 00:44:20,319
Speaker 2: come your retirement age. And it's not that a four

1016
00:44:20,320 --> 00:44:21,919
Speaker 2: to one K loan can't make sense in a worst

1017
00:44:21,960 --> 00:44:24,640
Speaker 2: case scenario. It's just that there are likely better options

1018
00:44:24,680 --> 00:44:27,080
Speaker 2: for you. And so you can call your credit card company,

1019
00:44:27,080 --> 00:44:29,440
Speaker 2: you can ask for an interest rate reduction. That is

1020
00:44:29,440 --> 00:44:33,000
Speaker 2: something you can do in about ten minutes, and they

1021
00:44:33,080 --> 00:44:35,279
Speaker 2: might do it just because you asked. It is worth

1022
00:44:35,280 --> 00:44:38,040
Speaker 2: at least asking the question. A balance transfer card could

1023
00:44:38,120 --> 00:44:40,759
Speaker 2: make more sense, too, depends on your credit score and

1024
00:44:41,040 --> 00:44:43,120
Speaker 2: how disciplined you're going to be. That also depends on

1025
00:44:43,160 --> 00:44:45,040
Speaker 2: your timeline for getting that credit card debt paid off.

1026
00:44:45,040 --> 00:44:47,120
Speaker 2: If it's going to take you four or five years,

1027
00:44:47,400 --> 00:44:50,319
Speaker 2: then a balance transfer card might not make the most sense.

1028
00:44:50,360 --> 00:44:53,000
Speaker 2: But the City Simplicity card, for example, We'll give you

1029
00:44:53,040 --> 00:44:56,879
Speaker 2: twenty one months a zero percent interest, But again, can

1030
00:44:56,920 --> 00:44:59,320
Speaker 2: you get the full debt paid off in this timeframe?

1031
00:44:59,360 --> 00:45:01,640
Speaker 2: If so, that might be a better direction than taking

1032
00:45:01,640 --> 00:45:03,880
Speaker 2: money out of your four one k, But it's crucial

1033
00:45:03,920 --> 00:45:05,680
Speaker 2: to take stock also at the same time of what

1034
00:45:05,719 --> 00:45:07,640
Speaker 2: got you into this credit card debt in the first place.

1035
00:45:07,880 --> 00:45:10,160
Speaker 2: If you go to the ballance transfer route, but you

1036
00:45:10,200 --> 00:45:12,000
Speaker 2: don't have the discipline to pay off your debt, you're

1037
00:45:12,000 --> 00:45:13,960
Speaker 2: going to wind up in a worse financial position. And

1038
00:45:14,200 --> 00:45:16,560
Speaker 2: that's kind of what's problematic too, Matt about the four

1039
00:45:16,600 --> 00:45:18,440
Speaker 2: one k loan you mentioned, Hey, if you've got a

1040
00:45:18,480 --> 00:45:21,080
Speaker 2: long timeline to pay it off but you lose your job, well,

1041
00:45:21,120 --> 00:45:23,239
Speaker 2: you're over a barrel financially. Where you going to come

1042
00:45:23,280 --> 00:45:24,840
Speaker 2: up with that money. Now you've got to find another

1043
00:45:24,880 --> 00:45:25,839
Speaker 2: place to get money from.

1044
00:45:26,080 --> 00:45:27,920
Speaker 1: It supposed to you to more risk, but it doesn't

1045
00:45:27,960 --> 00:45:30,120
Speaker 1: address the underlying cause that got you to this point

1046
00:45:30,120 --> 00:45:31,680
Speaker 1: in the first place. Like the four one k lon

1047
00:45:31,760 --> 00:45:34,560
Speaker 1: just feels like a band aid and it doesn't like

1048
00:45:34,600 --> 00:45:38,320
Speaker 1: address the root cause, which might be like, did you

1049
00:45:38,360 --> 00:45:40,520
Speaker 1: find yourself in a crunch because you didn't have any

1050
00:45:40,560 --> 00:45:42,400
Speaker 1: cash on hand and therefore you had to rely on

1051
00:45:42,440 --> 00:45:44,279
Speaker 1: your credit cards. Well, if that's the case, you need

1052
00:45:44,320 --> 00:45:45,560
Speaker 1: to address the fact that you need to have more

1053
00:45:45,600 --> 00:45:47,680
Speaker 1: cash on hand, you need to have a fatter emergency fund.

1054
00:45:48,160 --> 00:45:50,520
Speaker 1: If it's because in this credit card debt, So maybe

1055
00:45:50,520 --> 00:45:55,080
Speaker 1: there's spending that was involved that was not very intentional. Well,

1056
00:45:55,080 --> 00:45:57,719
Speaker 1: if that's the case, it's worth thinking through how can

1057
00:45:57,760 --> 00:46:00,880
Speaker 1: we be more proactive and intentional with our spending. Yeah,

1058
00:46:00,960 --> 00:46:03,720
Speaker 1: and maybe it's even like just like not being organized

1059
00:46:03,800 --> 00:46:05,839
Speaker 1: because you're like, whoa, we don't, oh, shoot, forgot about

1060
00:46:05,840 --> 00:46:08,640
Speaker 1: this account? And if that's the case, it sounds like

1061
00:46:08,800 --> 00:46:10,360
Speaker 1: this couple might be a little bit older. But I

1062
00:46:10,360 --> 00:46:13,319
Speaker 1: would say that like a budget is the solution here,

1063
00:46:13,520 --> 00:46:15,759
Speaker 1: like to which I don't think I've ever said this

1064
00:46:15,800 --> 00:46:18,120
Speaker 1: but hey, you might want to check out copilot as

1065
00:46:18,160 --> 00:46:21,239
Speaker 1: you're getting closer to retirement age. I don't think we've

1066
00:46:21,280 --> 00:46:24,160
Speaker 1: ever told a couple who's considering retirement to get on

1067
00:46:24,200 --> 00:46:25,680
Speaker 1: a budget. But that being said, it can help to

1068
00:46:25,680 --> 00:46:28,040
Speaker 1: figure out how much it takes to live on every

1069
00:46:28,080 --> 00:46:31,680
Speaker 1: single year. It can actually give you the confidence needed

1070
00:46:31,680 --> 00:46:34,319
Speaker 1: to enter into those retirement years. And so what I'm

1071
00:46:34,360 --> 00:46:37,160
Speaker 1: getting out here though, is addressing what the underlying root

1072
00:46:37,239 --> 00:46:40,240
Speaker 1: cause might be before just pulling the trigger on something

1073
00:46:40,480 --> 00:46:41,399
Speaker 1: like a for Win k Lom.

1074
00:46:41,520 --> 00:46:43,960
Speaker 2: Yeah, And I think there's like there's like an insidious

1075
00:46:43,960 --> 00:46:46,520
Speaker 2: thing that happens mentally when you when you actually take

1076
00:46:46,560 --> 00:46:49,200
Speaker 2: money out of your retirement account before you reach retirement age,

1077
00:46:49,400 --> 00:46:50,759
Speaker 2: you start to think, oh, this is a place I

1078
00:46:50,760 --> 00:46:53,840
Speaker 2: can take money from and and maybe you end up

1079
00:46:53,880 --> 00:46:55,680
Speaker 2: taking more money from it down down the line in

1080
00:46:55,719 --> 00:46:58,000
Speaker 2: the future. Like it's like once you cross that barrier,

1081
00:46:58,239 --> 00:47:00,640
Speaker 2: you start to you have like an inappropriate relationship. Then

1082
00:47:00,680 --> 00:47:02,399
Speaker 2: with that foural one K and so I just want

1083
00:47:02,400 --> 00:47:05,040
Speaker 2: you to maybe keep it above board, not touch that money,

1084
00:47:05,040 --> 00:47:07,719
Speaker 2: find another place to get it, and then, like you said, Matt,

1085
00:47:07,719 --> 00:47:09,799
Speaker 2: be disciplined about kind of getting rid of that credit card.

1086
00:47:09,840 --> 00:47:10,600
Speaker 1: Debt as soon as.

1087
00:47:10,520 --> 00:47:13,279
Speaker 2: Possible, keeping that money growing in your retirement account be

1088
00:47:13,280 --> 00:47:15,800
Speaker 2: he goaes, Hey, guess what, you're getting closer to retirement

1089
00:47:15,840 --> 00:47:19,480
Speaker 2: age and you don't want to unduly interrupt that compounding process.

1090
00:47:19,600 --> 00:47:21,759
Speaker 1: That's all right, especially those last few years, or the

1091
00:47:22,400 --> 00:47:25,319
Speaker 1: compounding has the largest impact on your overall net worth

1092
00:47:25,360 --> 00:47:27,560
Speaker 1: in those those final few years. But Joe, let's get

1093
00:47:27,560 --> 00:47:29,480
Speaker 1: back to the beer you and I enjoyed Once upon

1094
00:47:29,520 --> 00:47:32,280
Speaker 1: an Orchard by Aligash. What were your thoughts?

1095
00:47:32,520 --> 00:47:34,000
Speaker 2: So this one was more tart than I thought it

1096
00:47:34,040 --> 00:47:35,880
Speaker 2: was going to be, but I loved it. I was

1097
00:47:35,880 --> 00:47:39,120
Speaker 2: a big fan. Sometimes the fruity ones can be a

1098
00:47:39,120 --> 00:47:42,280
Speaker 2: little more, a little more fruit forward and a little

1099
00:47:42,320 --> 00:47:45,120
Speaker 2: less of whatever that base beer is that's got like

1100
00:47:45,719 --> 00:47:48,600
Speaker 2: the sour notes going on. This one was like the

1101
00:47:48,640 --> 00:47:50,600
Speaker 2: best of both worlds. It was fruity, but it was

1102
00:47:50,640 --> 00:47:54,719
Speaker 2: also really tart, really sour. I love everything Alligash does

1103
00:47:54,719 --> 00:47:55,640
Speaker 2: and this is a big win for me.

1104
00:47:55,760 --> 00:47:58,040
Speaker 1: Yeah, it was, dude. It was like super jammy, like

1105
00:47:58,560 --> 00:48:00,920
Speaker 1: because I feel like the fruit and I was afraid

1106
00:48:00,920 --> 00:48:02,920
Speaker 1: of that this because a lot of times I think

1107
00:48:02,920 --> 00:48:04,759
Speaker 1: one of the reasons I don't like raspberries is they

1108
00:48:04,760 --> 00:48:07,520
Speaker 1: have sort of like that fruity tartness but without much

1109
00:48:07,680 --> 00:48:09,839
Speaker 1: depth or body. And I feel like it's funny because

1110
00:48:09,840 --> 00:48:11,440
Speaker 1: at the beginning, before we hit record, You're like, what's

1111
00:48:11,480 --> 00:48:13,720
Speaker 1: in this? Is there strawberry in this? It smell almost

1112
00:48:13,719 --> 00:48:16,279
Speaker 1: like strawberries, And I feel like what strawberry has that

1113
00:48:16,360 --> 00:48:21,560
Speaker 1: raspberry doesn't is like backbone like depth, Like just imagine

1114
00:48:21,600 --> 00:48:25,160
Speaker 1: having like strawberry jam as versus like raspberry jam. Like

1115
00:48:25,360 --> 00:48:26,960
Speaker 1: I don't know, in my mind, there's just more flavor

1116
00:48:27,000 --> 00:48:29,040
Speaker 1: with strawberry. Obviously, I think it has to do with

1117
00:48:29,040 --> 00:48:31,880
Speaker 1: the fact that they blended this with blueberries. But yeah, man,

1118
00:48:31,960 --> 00:48:34,800
Speaker 1: it's just it had this depth and like this umame

1119
00:48:35,080 --> 00:48:36,799
Speaker 1: where I felt like my mouth was still sort of

1120
00:48:37,160 --> 00:48:39,440
Speaker 1: chewing on it, still enjoying it even after I had

1121
00:48:40,040 --> 00:48:40,800
Speaker 1: after I had swallowed it.

1122
00:48:40,840 --> 00:48:42,719
Speaker 2: Yeah, I had a nice viscosity. It wasn't too thin,

1123
00:48:43,040 --> 00:48:46,040
Speaker 2: and yeah, it lingered. The fruit really came forward in

1124
00:48:46,040 --> 00:48:47,719
Speaker 2: this one, and it's kind of what we've come to

1125
00:48:47,760 --> 00:48:50,640
Speaker 2: expect at this point from Aligash. They just make again

1126
00:48:50,719 --> 00:48:51,399
Speaker 2: phenomenal beers.

1127
00:48:51,480 --> 00:48:53,080
Speaker 1: This one was a corked and cage too, so it

1128
00:48:53,080 --> 00:48:55,040
Speaker 1: always feels a little bit fancier too. When you end

1129
00:48:55,160 --> 00:48:57,480
Speaker 1: up making that pop, yeah, that popping sound as a

1130
00:48:57,760 --> 00:49:00,239
Speaker 1: versus just popping a cap off true story. Well, that's

1131
00:49:00,239 --> 00:49:01,480
Speaker 1: going to do it for this episode.

1132
00:49:01,520 --> 00:49:04,120
Speaker 2: We'll have show notes up on our website at howtomodey

1133
00:49:04,200 --> 00:49:07,080
Speaker 2: dot com with links for some of the resources that

1134
00:49:07,080 --> 00:49:09,799
Speaker 2: we mentioned during this episode today, But Matt, that's going

1135
00:49:09,840 --> 00:49:12,080
Speaker 2: to do it for this one. Until next time, Best

1136
00:49:12,080 --> 00:49:14,040
Speaker 2: Friends Out, Best Friends Out,