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

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Speaker 1: and today we're answering your listener questions. Joel, you know

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Speaker 1: what I'm canceling listener questions? What no Christmas is canceled?

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Speaker 1: Listener questions are canceled like the Grinch who stole listener questions.

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Speaker 1: I am kidding me, and I'm excited that we we

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Speaker 1: do have listener questions. We have a question regarding where

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Speaker 1: to save and invest if you're a minor, so if

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Speaker 1: you're under eighteen years old, where should you save and

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Speaker 1: invest your money? Turn up the volume, twelve and thirteen

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Speaker 1: year olds, get ready. We're also going to address the

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Speaker 1: security of from the different budgeting apps law that you've

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Speaker 1: heard of, like mint, why NAB as well, yes, should

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Speaker 1: you be scared to use those apps? As well as

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Speaker 1: some considerations when financing a used car. And that's not

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Speaker 1: something we have answered before. So all these questions I

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Speaker 1: am excited to tackle with you today. Man, let's do

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Speaker 1: a buddy, all right. But before we get to the

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Speaker 1: listener questions, I wanted to let you know I read

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Speaker 1: an article about some economists created a report on how

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Speaker 1: much of an emergency fund you should have as like

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Speaker 1: a baseline. So I thought it was interesting because we've

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Speaker 1: done episodes before about creating an emergency fund. They are

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Speaker 1: incredibly important, very necessary, right, I have that margin in

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Speaker 1: your life, But how much should you have? And and

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Speaker 1: there's always three months or six months, and there's a

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Speaker 1: lot of debate, right, But these economists kind of ran

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Speaker 1: a bunch of numbers and decided that there was a

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Speaker 1: baseline amount that people should strive for, and that they

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Speaker 1: should eventually strive to have more than this. They should

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Speaker 1: strive for that three or six month level. But they

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Speaker 1: came up with a really specific numbers. I thought it

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Speaker 1: was kind of interesting. Two thousand, four hundred and sixty

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Speaker 1: seven dollars is the specific amount one should aim for

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Speaker 1: when at least trying to kind of cover those baseline emergencies.

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Speaker 1: What do you think about that number? Yeah, what I

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Speaker 1: love about it is that it is a set dollar amount, right,

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Speaker 1: And that part of what they were saying in the

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Speaker 1: report is that three to six months, even though yes,

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Speaker 1: like that is sound financial advice, that's what we've said before.

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Speaker 1: Three to six months, However, it causes you to do math,

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Speaker 1: and folks don't like doing math, right, You have to

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Speaker 1: actually calculate how much that is, like how much with

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Speaker 1: folks by the way, I don't like to myself. It

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Speaker 1: causes you to have to actually figure out the cost

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Speaker 1: of living for yourself, right for a month, then you've

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Speaker 1: got to multiply that by I don't know, three, maybe six.

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Speaker 1: But but it's a it's sort of a moving target, right,

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Speaker 1: And that's one of the things they discussed how having

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Speaker 1: a set dollar amount, how that's actually better because three

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Speaker 1: or six months it can just seem like this overwhelming

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Speaker 1: sort of goal for you to kind of pursue. Versus

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Speaker 1: a very specific dollar amounts. It's very achievable and it's

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Speaker 1: something that most people can do. And they were saying

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Speaker 1: that every single dollar that leads up to that two thousand,

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Speaker 1: four or sixty seven dollars had a dramatic impact on

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Speaker 1: how that affected people financially, but every dollar above that,

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Speaker 1: certainly it helped, but it certainly had a diminished benefit

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Speaker 1: for any amount say above that. Yeah, yeah, it's interesting

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Speaker 1: that that there's this number that one can aim for

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Speaker 1: that puts you, at least, you know, not in the

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Speaker 1: position to handle any emergency, but in the position to

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Speaker 1: handle most emergencies. I would say, I think sometimes even

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Speaker 1: when we think about an emergency fund, maybe we've fread

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Speaker 1: over it a little too much, because when you think

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Speaker 1: about it logically, what are the biggest emergencies that are

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Speaker 1: likely to happen? If you own a home, there are

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Speaker 1: some more that you might have, or or you own

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Speaker 1: a car, there are more that you might have than

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Speaker 1: than someone who's renting or someone who who doesn't own

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Speaker 1: a car. Oh, I like that, don't own a car.

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Speaker 1: You don't have to worry about speeding tickets. You don't

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Speaker 1: have to worry about seeding tickets. You don't have to

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Speaker 1: worry about transmissions going bad. You gotta worry about, you know,

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Speaker 1: replacing a flat on your bike or whatever. But yeah,

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Speaker 1: so depending on kind of what your lifestyle is, that

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Speaker 1: that should influence how big your emergency fund is. But

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Speaker 1: knowing that this is kind of a good baseline number

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Speaker 1: to shoot for, that this will be able to carry

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Speaker 1: you through you know, most emergencies in your life, and

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Speaker 1: and you don't have to sweat it, and you don't

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Speaker 1: have to put it on a credit card or ask

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Speaker 1: a relative to to borrow some funds. This is just

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Speaker 1: a nice kind of solid number to have as a

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Speaker 1: baseline for any fund. So yeah, I thought it was

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Speaker 1: an interesting report and kind of nice to give people

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Speaker 1: a specific benchmark, right, as opposed to kind of that

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Speaker 1: more nebulous three to six months of your budget, right

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Speaker 1: if your monthly budget in savings instead of having to

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Speaker 1: set aside all that money, you know what, at least

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Speaker 1: give people something to shoot for that feels a little

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Speaker 1: more within grasp. And you know what, we can even

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Speaker 1: just round up. It's twenty four, what is it seven?

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Speaker 1: Let's just say, you know, like that's a nice round number,

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Speaker 1: just a little bit higher than the reported amount. But

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Speaker 1: bottom line, what I love about it is it's sort

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Speaker 1: of the psychological trick and if that's what it takes

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Speaker 1: to get people to actually set that money aside versus

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Speaker 1: them seeing six months of living expenses, like I'm I'm

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Speaker 1: never gonna be able to do that, right, I'm a

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Speaker 1: big fan of the different psychological tricks that might allow

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Speaker 1: people who otherwise wouldn't set this money aside to actually

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Speaker 1: start doing it. Completely agree, All right, another, let's talk

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Speaker 1: about psychological tricks for a second, Matt. Another psychological trick

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Speaker 1: we do on the show is drink a beer every

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Speaker 1: week so that other people out there will drink beer

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Speaker 1: more often. Good beer, right, good beer. Yeah, we're not

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Speaker 1: about quantity over quality, quite the opposite. Right, always quality, right,

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Speaker 1: I'll always quality first. So today on the show, we're

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Speaker 1: drinking a beer called Chance I p a by Wildly

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Speaker 1: Brewing Company. They're about an hour and a half south

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Speaker 1: of where we are, and they've turning out some great beers. Man,

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Speaker 1: So and you you pick this one up for us

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Speaker 1: to drink on the show today, So thank you, my friend. Yeah, man,

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Speaker 1: happy to And this is for me. This is one

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Speaker 1: of my kind of go to favorite beers that I

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Speaker 1: like just keeping in the fridge to be able to

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Speaker 1: drink without having a special occasion to celebrate necessarily. Yeah. Well,

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Speaker 1: we'll let folks know what we think of this beer

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Speaker 1: at the end of the episode. But all right, Matt,

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Speaker 1: Now it's on to the subject at hand. We're taking

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Speaker 1: listener questions on the show today, and if anybody out

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Speaker 1: there listening has a question they want to submit to

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Speaker 1: be on the show, it's super easy. All you gotta

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Speaker 1: do is go to how to money dot com slash

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Speaker 1: ask and there are simple instructions there for you to

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Speaker 1: be able to submit your question. Let's go ahead and

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Speaker 1: take our first one. Now, Hey, Chel and Matte, this

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Speaker 1: is Lauren from Ohio. I had a question about credit cards.

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Speaker 1: So I've been on my financial journey and really researching

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Speaker 1: all of the best credit cards and I'm really excited

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Speaker 1: because I know which ones I want to open and

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Speaker 1: how to maximize cash back, rewards and travel awards. Super

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Speaker 1: excited to get started. The problem is, I have an

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Speaker 1: old credit card that I've had for about ten years,

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Speaker 1: recently high a pr but I was able to negotiate

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Speaker 1: that down not carrying a balance. But I just realized

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Speaker 1: that the card has an annual membership beat. There really

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Speaker 1: aren't any rewards or any special perks that I could

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Speaker 1: be getting from this card, and I'm just wondering, like,

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Speaker 1: despite the day on my credit, should I just go

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Speaker 1: ahead and close it versus sucking it up and spending

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Speaker 1: the forty bucks figure. Lauren, thanks so much for the question,

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Speaker 1: and congrats on getting a credit card or multiple credit

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Speaker 1: cards that will work better for you. Anytime you can

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Speaker 1: use your credit card like a tool to actually work

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Speaker 1: for you, that's what we'd like to see. So let's

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Speaker 1: go ahead and first answer the question why someone might

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Speaker 1: want to close a credit card altogether. And a really

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Speaker 1: good reason to close a credit card is if you

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Speaker 1: are tempted to overspend on that card, but for you

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Speaker 1: doesn't sound like what's going on since you are looking

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Speaker 1: to maximize your credit card benefits. And so that kind

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Speaker 1: of gets us to the only other reason that you

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Speaker 1: might want to close a card, and that's if you're

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Speaker 1: paying an annual fee where you're not receiving any additional

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Speaker 1: benefits or perks like you mentioned. Yeah, and Lauren, when

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Speaker 1: you're talking about closing this card, well, your history with

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Speaker 1: that credit card, it'll still stick around, It'll still be

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Speaker 1: in your credit mix. You've built up some nice history

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Speaker 1: over these ten years with that card, but you're not

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Speaker 1: losing it all by closing the card. The card just

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Speaker 1: doesn't continue to age in your credit mix, so it's

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Speaker 1: not going to continue to boost your score over the years,

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Speaker 1: but it will still sit there and reflect nicely in

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Speaker 1: your credit mix, So it's not going to be as

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Speaker 1: large of a ding to your score as you think.

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Speaker 1: And for someone who's handling their cards, well, like Matt said,

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Speaker 1: closing a credit card for reasons of ditching an annual fee.

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Speaker 1: I think it's a worthwhile reason to actually close a

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Speaker 1: credit card, right because if you're not using it, if

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Speaker 1: you're looking to find credit cards that work for your

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Speaker 1: spending style a little bit better that maximize your rewards. Well,

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Speaker 1: ditching a ard with an annual fee that just isn't

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Speaker 1: working for how you spend your money, that isn't helping

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Speaker 1: you maximize those rewards, that's a really good reason to

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Speaker 1: close it, even with that minor ding you're going to

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Speaker 1: receive to your credit score. And so Lauren, in regards

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Speaker 1: to your credit report or credit score, even though it's

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Speaker 1: sort of that bad history does roll off in either

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Speaker 1: like seven to ten years, you know that that good

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Speaker 1: history has the potential to stay on your credit report indefinitely.

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Speaker 1: Man I actually check my credit report a few days

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Speaker 1: ago at annual credit report dot com, which is the

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Speaker 1: only website that you should be going to to get

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Speaker 1: your free credit report, and Man, I had a card

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Speaker 1: from two thousand and four that I had on time

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Speaker 1: payments with that I had closed a long time ago

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Speaker 1: that was still sitting there on my report. So that

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Speaker 1: positive history, those on time payments and the benefit that

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Speaker 1: that card provided, it's still sitting there. It's not dropping

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Speaker 1: off nice. Yeah, it's it's nice to know that even

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Speaker 1: closing that line isn't going to remove that all the

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Speaker 1: way from your credit score, because then that would be

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Speaker 1: a much bigger decision, right if you had to take

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Speaker 1: those ten years of good payment history and completely remove

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Speaker 1: them from your report, that would have a much different effect.

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Speaker 1: But that's not what happens, which is good. Another thing

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Speaker 1: that you can do, and Matt, I've done this before

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Speaker 1: and it's worked. You can ask your credit card issue

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Speaker 1: if they will waive the annual fee on that card.

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Speaker 1: So I have the Southwest card, Matt, there was a

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Speaker 1: great sign up bonus. I've got enough points now because

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Speaker 1: of that to to take like a four or five

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Speaker 1: round trip flights depending on where the world around the world. Yeah,

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Speaker 1: it's gonna be an epic trip now, but probably just

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Speaker 1: you know, some little domestic flights here and there. But

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Speaker 1: I called and I asked if they would waive the

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Speaker 1: annual fee. I still like having that card. As someone

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Speaker 1: whose local airport has Southwest flying in and out a lot,

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Speaker 1: I can get a lot of places on Southwest and

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Speaker 1: they're a great airline with with great fares, and so

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Speaker 1: that credit card is helpful, but I didn't want to

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Speaker 1: pay the annual fee, and so you know what they did.

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Speaker 1: They said, well, we can't wave it all together, but

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Speaker 1: what we can do is offer you a statement credit

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Speaker 1: in the same amount as the annual fee. And so

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Speaker 1: I was like, well, that's like they waved it to me. Yeah,

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Speaker 1: it's the exact same thing basically. So you can call

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Speaker 1: your issuer and see if they'll waive the annual fee,

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Speaker 1: and if they're willing to do that, well then it

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Speaker 1: might make sense to to hold onto the card at

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Speaker 1: least for a year or so until you kind of

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Speaker 1: have to have that discussion with them again. But if

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Speaker 1: they're not up for it, then ultimately, really it's not

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Speaker 1: gonna have that much of a negative impact by just

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Speaker 1: closing it. Yeah, so, Lauren, in the end, you want

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Speaker 1: to be using credit cards, like likely maybe three to

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Speaker 1: four of them in ways that do maximize rewards like

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Speaker 1: you're planning to do, but just make sure that you

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Speaker 1: are paying in full and that you are not carrying

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Speaker 1: a balance, otherwise any of those potential benefits that you

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Speaker 1: could be receiving will quickly erode. And you can see

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Speaker 1: our favorite credit cards over on our website at how

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Speaker 1: do money dot com slash credit cards. If you were

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Speaker 1: to sign up for a card through that link, it

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Speaker 1: actually supports the show, So we would appreciate if you

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Speaker 1: consider doing that. Yeah, and ultimately, Lauren, congrats on finding

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Speaker 1: cards that work best for how you spend. And that's

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Speaker 1: what our article was about. That's what we want people

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Speaker 1: to do if they are going to use credit cards, well,

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Speaker 1: use them as a tool, pay them off in full

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Speaker 1: at the end of every month. Well, we want you

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Speaker 1: to find the credit cards that offer you the best

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Speaker 1: rewards for how you spend. And I mean that's really important, right,

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Speaker 1: That's an important piece in our financial tool belt, is

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Speaker 1: using credit cards. Well, and actually, Matt soon on an

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Speaker 1: upcoming show, we're going to talk about how we spend cash,

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Speaker 1: credit and debit, and there are other benefits of credit

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Speaker 1: cards besides just even those upfront rewards that we're going

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Speaker 1: to cover two. So yeah, we'll get to that, I

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Speaker 1: think in a couple of weeks. But at last, we

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Speaker 1: have more listener questions to take. In a particular we're

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Speaker 1: gonna get to that question about the security of budgeting

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Speaker 1: apps right after the break. All right, Joel, we are

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Speaker 1: back from the break taking listener questions, and we've got

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Speaker 1: one here from potentially our youngest listener. Let's hear it, Hey,

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Speaker 1: Matt and Joel. I'm Enrique from West Pond Beach, Florida.

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Speaker 1: I'm currently a junior in high school and I'm working

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Speaker 1: my first part time job delivering pieces. This makes me

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Speaker 1: about two and fifty dollars a month. As I'm only

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Speaker 1: working on weekends and I'm dedicating most of time towards schoolwork.

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Speaker 1: I don't really have many expenses, so my current priority

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Speaker 1: is to start saving and investing. I've already gotten started

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Speaker 1: through my mom's robin Hood account, which I linked to

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Speaker 1: my bank account, and I've invested in one share of

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Speaker 1: vt I. But I'm not sure if i'd be better

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Speaker 1: off asking for help opening a Vanguard account, and how

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Speaker 1: that would work with me being a minor. Would it

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Speaker 1: be under my name or would it have to be

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Speaker 1: transferred to me when I turned eighteen? What do you

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Speaker 1: guys think would be my best bet? And are there

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Speaker 1: any options? I'm not considering anything I maybe don't know about.

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Speaker 1: At any rate, I have most of my money in

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Speaker 1: ordinary savings account, which has no fees. Really but a

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Speaker 1: really low interest rate of point zero one. I'd love

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Speaker 1: to hear what you guys have to say, as my

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Speaker 1: options are probably pretty limited because I'm under eighteen. I

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Speaker 1: love the podcast. Keep up the great work, and thanks

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Speaker 1: for being so informative and entertaining on all my drives.

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Speaker 1: Oh man, I love hearing questions like that from young

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Speaker 1: folks that are being super intentional with their money, that

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Speaker 1: want to get started investing and saving well early, because Matt,

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Speaker 1: you and I both know that the time value of

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Speaker 1: money is so important, and and someone who's in Rique's

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Speaker 1: age beginning to prioritize saving and investing now is going

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Speaker 1: to have these massive cumulative effects because of the power

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Speaker 1: of compounding returns. It's it's just so so big. If

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Speaker 1: you can get started saving at this young of an age.

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Speaker 1: Oh yeah, Enrique, if you haven't played with compound interest

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Speaker 1: calculators yet, just going there and enter your age to

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Speaker 1: fifty right, and have a set amount of contributions every year,

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Speaker 1: set the interest rate to seven eight percent, and then

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Speaker 1: compared that too. If you didn't start saving until maybe

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Speaker 1: you're twenty five, which is on the early side for

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Speaker 1: most still early for mons out of college, getting their

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Speaker 1: first job, they're paying down student loans. A lot of

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Speaker 1: folks aren't putting money towards retirement. But Enrique, compare your

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Speaker 1: number to the other number when you started saving when

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Speaker 1: you're twenty five years old, and have that end date

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Speaker 1: at fifty, and you will see a drastic difference in

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Speaker 1: the total amount of money that's gonna be able to

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Speaker 1: be saved for retirement. Yeah, even just a hundred bucks here,

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Speaker 1: hundred bucks there, whatever you can stomach based on your

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Speaker 1: part time job, that's huge. So I gotta say it's

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Speaker 1: inspiring too. I love that you're focused on your school work,

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Speaker 1: but you also have a part time job bile in

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Speaker 1: high school. For me, working while I was in school,

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Speaker 1: I taught me so much. I feel like, if I

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Speaker 1: had to do it over, the sixteen year old me

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Speaker 1: would have probably preferred not to work. I probably thought

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Speaker 1: it was lame, but ultimately it just wanted to play

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Speaker 1: NBA jam exactly. He's on fire. I totally would have

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Speaker 1: just been content to play video games. But it taught

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Speaker 1: me a lot. It taught me a lot about relating

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Speaker 1: to you know, folks that were in charge of me,

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Speaker 1: that were older than me, And it's so much different

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Speaker 1: than how you relate to a teacher, and as a

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Speaker 1: sixteen year old, it's so important to learn. So that's

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Speaker 1: really valuable work experience. Not just the income that you're

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Speaker 1: making now that you can actually used to save and invest,

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Speaker 1: but this work experience that you're that you're gaining while

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Speaker 1: you're in high school is huge, and it's gonna help

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Speaker 1: you on future job interviews. It's gonna help you on

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Speaker 1: the work history you're gonna be able to put on

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Speaker 1: your resume. Also, by the way, I'm really interested in

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Speaker 1: in what got you interested in saving and investing at

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Speaker 1: such a young age. So shoot us an email or

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Speaker 1: post in the Facebook group and let us know kind

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Speaker 1: of what the if this was for you to actually

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Speaker 1: start thinking about this and focusing on your financial future,

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Speaker 1: your retirement age self at such an early age. Man,

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Speaker 1: that's such a rare quality in someone your age, So

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Speaker 1: I'm intrigued, all right, Enrique, Let's go ahead and get

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Speaker 1: to it. Though, you mentioned saving and how you have

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Speaker 1: your money in an account that is earning you point

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Speaker 1: zero one percent, and yeah, it's true that that is

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Speaker 1: basically nothing right now. So you want to open a

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Speaker 1: new savings account and avoid those big banks and those

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Speaker 1: are the ones that are typically paying those really meager

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Speaker 1: interest rates. Find a new bank that prioritizes paying a

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Speaker 1: decent interest rate. Currently that's somewhere in the two percent range, which,

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Speaker 1: by the way, that is more than you are currently

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Speaker 1: getting right now. But like you mentioned, the options are

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Speaker 1: going to be scarce if you are under eighteen years old,

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Speaker 1: So you want to ask your mom you mentioned her

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Speaker 1: for help to get you started there. She can open

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Speaker 1: a custodial savings account. That just means the account is

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Speaker 1: in your name, it's your money, but she is the

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Speaker 1: one that actually manages that account. You don't really have

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Speaker 1: access to that money without her being one that kind

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Speaker 1: of logs in, moves the money around, that sort of thing.

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Speaker 1: Then once you actually turn eighteen years old, it's yours.

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Speaker 1: You're the one who is then in charge of managing

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Speaker 1: that account. Yeah, you can also check out Capital One

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Speaker 1: has a kid saving these account which has no fees

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Speaker 1: and no minimums and they pay one percent, which which

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Speaker 1: isn't quite as good as you know the top banks

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Speaker 1: on the market, but it's still a good product. The

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Speaker 1: cool thing about the Capital one Kids Savings account though,

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Speaker 1: the way it differs from a custodial account. It's a

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Speaker 1: joint account, so you'll actually have more access to the

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Speaker 1: funds and more access uh to online and app based

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Speaker 1: banking by signing up for that account instead. Yeah. And also,

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Speaker 1: I think one other banking note that we should discuss

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Speaker 1: is that there are local credit unions and local banks

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Speaker 1: that offer just really really killer rates on savings for

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Speaker 1: young folks to to kind of entice them to put

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Speaker 1: their money with that bank or credit union. I saw

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Speaker 1: a billboard mat just this weekend for a local credit

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Speaker 1: union paying five boom on cash savings for kids. And

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Speaker 1: also they were offering fifty sign up bonus, so that's

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Speaker 1: double boom dude. Yeah, the fifty bucks is huge. I

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Speaker 1: mean it's huge for me. I want fifty bucks, right,

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Speaker 1: I know, right, I'm thinking about, you know, faking an

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Speaker 1: I d to to act younger so I can go

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Speaker 1: get that bonus, right, But I mean, especially for a

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Speaker 1: teenage part time worker, fifty bucks, man, I'd be all

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Speaker 1: about that. Yeah. Typically with a rate that good, you're

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Speaker 1: only earning that five percent on cash that you have

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Speaker 1: saved with the institution up to five hundred or a

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Speaker 1: thousand or fift nd bucks something like that there's a

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Speaker 1: low limit where you're actually earning the highest rates of interest.

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Speaker 1: But it's a great place to start. And so yeah, Enrique,

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Speaker 1: if you see a billboard or if you do some

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Speaker 1: online searching for a local credit union that might offer

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Speaker 1: just some incredible deals for young savers, that's a great

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Speaker 1: place to start. And honestly, it's not a bad idea

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Speaker 1: to form a relationship with a local credit union early

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Speaker 1: on in your life too. Local credit unions mayn there

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Speaker 1: are always coming to the rescue, you know it. And

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Speaker 1: then you mentioned investing as well, Enrique. You know, when

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Speaker 1: it comes to actual investing, you mentioned van Guard, which

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Speaker 1: is a great company. But for you, man, we would

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Speaker 1: love Fidelity and Charles Schwab to be on your radar

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Speaker 1: for actual custodial accounts and that's because of lower minimum

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Speaker 1: requirements and in the case of Fidelity, you'll have access

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Speaker 1: to their zero fee funds. But before you invest more

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Speaker 1: money into the market, we want you to also consider

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Speaker 1: what you're actually saving and investing for. Right. If you're

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Speaker 1: looking at maybe a more long term goal like actual retirement,

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Speaker 1: then you do want to invest that money in the market,

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Speaker 1: right because you are in it for the long haul.

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Speaker 1: But if you are saving and you're thinking about investing

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Speaker 1: for maybe more shorter term goals like college, or maybe

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Speaker 1: you're saving up for a new vehicle or something like that,

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Speaker 1: like those are gonna be instances where you probably do

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Speaker 1: want to have your money liquid and accessible in a

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Speaker 1: high interest earning savings account and not have your money

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Speaker 1: locked up in the markets in a roth ira. A. Yeah, Ultimately,

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Speaker 1: that roth Ira is an awesome vehicle if you are

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Speaker 1: really looking at keeping it in there for a minimum

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Speaker 1: of ten years, and then that's definitely the place you

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Speaker 1: should be stashing that money. And ultimately, like Matt said

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Speaker 1: at the very beginning of answering this question, you're going

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Speaker 1: to see you just amazing returns over the next decades.

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Speaker 1: Now is the perfect time for you to begin. But

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Speaker 1: if you need that money in the more near term,

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Speaker 1: you don't want to put it in the market because

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Speaker 1: you could experience a sudden drop and you'd have access

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Speaker 1: to less money than you put in And that's no fun.

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Speaker 1: That's the opposite of what you'd like. That's not good.

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Speaker 1: But I love thinking long term, and Enrique, you know,

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Speaker 1: set up an account with a bank or credit union

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Speaker 1: that's going to pay you a better rate of interest,

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Speaker 1: to start investing with a company like Fidelity or Charles

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Speaker 1: Swab in one of these custodio accounts. Again, you'll need

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Speaker 1: your mom's help to set one of those up. But man,

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Speaker 1: you're on your way. Then you're totally on your way

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Speaker 1: to a sound financial future. And Man, if you keep

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Speaker 1: making decisions like this through your high school and college years,

431
00:19:42,119 --> 00:19:44,320
Speaker 1: I'll be super excited to hear back from you a

432
00:19:44,359 --> 00:19:46,320
Speaker 1: decade or two down the road to kind of hear

433
00:19:46,320 --> 00:19:48,600
Speaker 1: where things are, because you're starting strong and we can

434
00:19:48,600 --> 00:19:51,480
Speaker 1: promise that future. Enrique, Well, thank you, all right, Matt

435
00:19:51,560 --> 00:19:54,679
Speaker 1: Let's get to that next question. Hey, guys, this is

436
00:19:54,680 --> 00:19:57,080
Speaker 1: a droop from Missouri. I've got a two part question

437
00:19:57,160 --> 00:20:00,880
Speaker 1: for you regarding budgeting. I recently got arried, and even

438
00:20:00,880 --> 00:20:03,040
Speaker 1: though my wife and I share many similarities, we do

439
00:20:03,080 --> 00:20:05,879
Speaker 1: have a few differences. One of them is that I

440
00:20:05,920 --> 00:20:09,480
Speaker 1: love to budget with spreadsheets and she could care less. However,

441
00:20:09,600 --> 00:20:11,520
Speaker 1: she's on board with trying to follow them on the

442
00:20:11,520 --> 00:20:14,720
Speaker 1: budget as long as it's simple. I, on the other hand,

443
00:20:14,800 --> 00:20:17,280
Speaker 1: really enjoy looking at the nitty gritty details of our

444
00:20:17,320 --> 00:20:21,000
Speaker 1: spending habits. The first part of my question is is

445
00:20:21,080 --> 00:20:23,359
Speaker 1: there a budget app that would provide my wife with

446
00:20:23,520 --> 00:20:25,920
Speaker 1: a simple way to look at how much we've spent

447
00:20:26,000 --> 00:20:28,119
Speaker 1: this much and how much of our budget we have

448
00:20:28,200 --> 00:20:30,800
Speaker 1: left to spend, but also provide a way for me

449
00:20:30,880 --> 00:20:33,640
Speaker 1: to look more closely at the details of our budget.

450
00:20:34,280 --> 00:20:37,240
Speaker 1: My second question is I'm intrigued about some of the

451
00:20:37,240 --> 00:20:40,000
Speaker 1: budgeting apps out there, like mint and y N a

452
00:20:40,119 --> 00:20:43,320
Speaker 1: B that do your work for you. However, I'm a

453
00:20:43,359 --> 00:20:46,199
Speaker 1: bit larry of turning my bank account information over to

454
00:20:46,280 --> 00:20:49,280
Speaker 1: a third party. Can you all comment about these apps

455
00:20:49,280 --> 00:20:51,879
Speaker 1: and their safety? Should I be concerned or is this

456
00:20:52,000 --> 00:20:55,040
Speaker 1: just me worrying for nothing? Thanks for your help, guys.

457
00:20:55,080 --> 00:20:57,359
Speaker 1: I love listening to the podcast during my commute and

458
00:20:57,440 --> 00:20:59,800
Speaker 1: makes time go by super fast and always leaves me

459
00:20:59,840 --> 00:21:02,639
Speaker 1: with ideas for what I ought to do about our finances.

460
00:21:03,280 --> 00:21:06,040
Speaker 1: Hey Drew, congrats on getting married and man, you know

461
00:21:06,080 --> 00:21:09,080
Speaker 1: those differences that you mentioned, they can actually be really helpful.

462
00:21:09,080 --> 00:21:11,560
Speaker 1: Hopefully you'll find that your relationship can help kind of

463
00:21:11,560 --> 00:21:14,320
Speaker 1: bring some balance maybe to how you and your wife

464
00:21:14,480 --> 00:21:17,840
Speaker 1: view money, how you kind of view savings, and especially

465
00:21:17,920 --> 00:21:20,719
Speaker 1: how you view spending money. Yeah, they say opposites attract,

466
00:21:20,880 --> 00:21:23,600
Speaker 1: and I don't know that Emily and I are opposites necessarily,

467
00:21:23,840 --> 00:21:27,280
Speaker 1: but our differences are really really helpful because the things

468
00:21:27,320 --> 00:21:29,159
Speaker 1: that I'm terrible at or just don't want to do

469
00:21:29,200 --> 00:21:32,639
Speaker 1: I'm not interested in, she does pretty well or is

470
00:21:32,760 --> 00:21:34,919
Speaker 1: interested into some degree, and so we can kind of

471
00:21:34,960 --> 00:21:38,040
Speaker 1: pick each other up and in ways that if we

472
00:21:38,040 --> 00:21:39,879
Speaker 1: were the same we wouldn't be able to do. So.

473
00:21:40,240 --> 00:21:43,160
Speaker 1: I think those differences in the marriage are just quite helpful.

474
00:21:43,640 --> 00:21:47,560
Speaker 1: And actually I think you're gonna find that maybe drew

475
00:21:47,600 --> 00:21:50,320
Speaker 1: your more into the apps and the budgeting and looking

476
00:21:50,320 --> 00:21:52,560
Speaker 1: at those things, and maybe your wife is better in

477
00:21:52,600 --> 00:21:55,600
Speaker 1: other ways that maybe helping you dream big about the

478
00:21:55,600 --> 00:21:58,240
Speaker 1: future and see what the possibilities are. Who knows, like

479
00:21:58,280 --> 00:21:59,720
Speaker 1: how you guys are gonna be able to help each

480
00:21:59,720 --> 00:22:02,200
Speaker 1: other out. But I think those differences are actually really

481
00:22:02,240 --> 00:22:05,320
Speaker 1: important and ultimately really helpful. I think you'll find that

482
00:22:05,400 --> 00:22:08,159
Speaker 1: the more the longer you're you're married. Nice. Yeah. One

483
00:22:08,160 --> 00:22:09,760
Speaker 1: of the reasons I mentioned how I felt like it

484
00:22:09,800 --> 00:22:11,800
Speaker 1: would help, especially when it comes to spending, is because

485
00:22:11,840 --> 00:22:14,360
Speaker 1: for me, me and Kate, like that's the biggest difference

486
00:22:14,359 --> 00:22:16,200
Speaker 1: in how we kind of viewed money when we first

487
00:22:16,240 --> 00:22:18,720
Speaker 1: came to our relationship together because I was a cheap

488
00:22:18,800 --> 00:22:22,280
Speaker 1: tight wad and I had maybe like five shirts, a

489
00:22:22,320 --> 00:22:26,040
Speaker 1: hoodie and a motorcycle like that. That that is it.

490
00:22:26,760 --> 00:22:29,960
Speaker 1: And you know, she helped me to learn how to prioritize,

491
00:22:29,960 --> 00:22:31,760
Speaker 1: like what it is I actually care about and spend

492
00:22:31,760 --> 00:22:34,520
Speaker 1: that money, and to not be a total cheap skate man. Yeah,

493
00:22:34,640 --> 00:22:36,840
Speaker 1: not be a miser. Yeah, that's kind of kind of

494
00:22:36,840 --> 00:22:38,680
Speaker 1: how I was too when we first got married. Emily

495
00:22:38,760 --> 00:22:40,359
Speaker 1: kind of helped me bring me out of that. So

496
00:22:40,440 --> 00:22:42,640
Speaker 1: I wasn't like a recluse with the hordes of money

497
00:22:42,680 --> 00:22:44,679
Speaker 1: or something like Scrooge McDuck. You know, look at us

498
00:22:44,680 --> 00:22:46,840
Speaker 1: now though we're big spenders. There we go, Well, I

499
00:22:46,840 --> 00:22:49,600
Speaker 1: wouldn't say that, not big spenders, but also a joke.

500
00:22:50,520 --> 00:22:52,560
Speaker 1: All right, drew our our favorite apps. Let's talking about

501
00:22:52,600 --> 00:22:55,320
Speaker 1: this real quick. Our mint and wine app. I think

502
00:22:55,320 --> 00:22:57,359
Speaker 1: those are the best to budgeting apps out there. There

503
00:22:57,400 --> 00:23:00,520
Speaker 1: are a couple others out there, but honestly, actually the

504
00:23:00,760 --> 00:23:03,199
Speaker 1: selection in the budgeting apps is kind of thin. But

505
00:23:03,400 --> 00:23:05,080
Speaker 1: I would give both of these to try and see

506
00:23:05,119 --> 00:23:07,760
Speaker 1: which one works best for you. Mint gives a solid

507
00:23:07,800 --> 00:23:10,200
Speaker 1: snapshot of where you currently are and you can see

508
00:23:10,280 --> 00:23:12,560
Speaker 1: kind of how much is in your accounts currently right now,

509
00:23:12,600 --> 00:23:15,400
Speaker 1: in a in a quick second. But wine apps approach

510
00:23:15,440 --> 00:23:17,360
Speaker 1: is a little bit different. It's a little more proactive,

511
00:23:17,680 --> 00:23:20,080
Speaker 1: and that can be really helpful, especially I think as

512
00:23:20,080 --> 00:23:21,840
Speaker 1: a couple is trying to get on the same page

513
00:23:21,840 --> 00:23:25,000
Speaker 1: with money, So if you're willing to spend just a

514
00:23:25,040 --> 00:23:27,320
Speaker 1: little bit of money, I think wine app can be

515
00:23:27,440 --> 00:23:31,240
Speaker 1: more helpful for young couples trying to figure things out together.

516
00:23:31,600 --> 00:23:33,879
Speaker 1: So mint is free, but wine app costs about seven

517
00:23:33,880 --> 00:23:36,040
Speaker 1: bucks a month. You can get a free thirty four

518
00:23:36,119 --> 00:23:38,480
Speaker 1: day trial if you go to wineab dot com slash

519
00:23:38,520 --> 00:23:41,679
Speaker 1: how to Money. Ultimately, I think wine app is probably

520
00:23:41,720 --> 00:23:44,679
Speaker 1: what you're looking for if you're looking to set some

521
00:23:44,720 --> 00:23:49,359
Speaker 1: goals and you want kind of this budgeting software to

522
00:23:49,440 --> 00:23:52,480
Speaker 1: help you hone your behavior over time, and and I

523
00:23:52,520 --> 00:23:54,600
Speaker 1: think Wineap both being able to log into it, both

524
00:23:54,600 --> 00:23:57,159
Speaker 1: being able to to do it together, is probably going

525
00:23:57,200 --> 00:23:59,480
Speaker 1: to have more of an effect on helping you guys

526
00:23:59,520 --> 00:24:02,200
Speaker 1: get on this same page in regards to money than Mintwood,

527
00:24:02,200 --> 00:24:04,760
Speaker 1: even though they're both solid and I think probably better

528
00:24:04,800 --> 00:24:08,239
Speaker 1: for different people. Andrew, let's not forget Excel because I

529
00:24:08,280 --> 00:24:10,840
Speaker 1: love all the details right that can come with spreadsheets

530
00:24:10,920 --> 00:24:13,320
Speaker 1: as Matt pushes his glasses further up on his face

531
00:24:13,480 --> 00:24:16,120
Speaker 1: because I do. That's one of the reasons I love Excel, man.

532
00:24:16,359 --> 00:24:19,080
Speaker 1: And here's the thing. I am not an Excel whiz

533
00:24:19,160 --> 00:24:20,560
Speaker 1: or numbers. You know, if you have a Mac you

534
00:24:20,560 --> 00:24:22,080
Speaker 1: can kind of be in the numbers as well. I

535
00:24:22,119 --> 00:24:23,840
Speaker 1: have a Mac. I work on Max all the time,

536
00:24:24,040 --> 00:24:26,080
Speaker 1: but I still use Excel because all my old spreadsheets, man,

537
00:24:26,080 --> 00:24:27,680
Speaker 1: they're in Excel and they go back to those PC

538
00:24:27,800 --> 00:24:29,600
Speaker 1: days before I started working on a Mac. But here's

539
00:24:29,600 --> 00:24:32,399
Speaker 1: the thing with Excel. I really value the flexibility to

540
00:24:32,560 --> 00:24:35,080
Speaker 1: customize and to be able to change things to work

541
00:24:35,119 --> 00:24:37,720
Speaker 1: the way that I want them to. It does cost

542
00:24:37,760 --> 00:24:40,359
Speaker 1: me some time. It takes me maybe about an hour

543
00:24:40,520 --> 00:24:43,520
Speaker 1: every single month to compile that information to kind of

544
00:24:43,560 --> 00:24:45,720
Speaker 1: look at what changes I can make because I'm always

545
00:24:45,720 --> 00:24:47,919
Speaker 1: looking to tweak it. For me, this allows me to

546
00:24:48,480 --> 00:24:51,560
Speaker 1: see things on a very granular level, and so because

547
00:24:51,600 --> 00:24:54,000
Speaker 1: of that, that makes me happy, right like. That satisfies

548
00:24:54,080 --> 00:24:56,679
Speaker 1: that in me. But for Kate, she could totally care less.

549
00:24:56,680 --> 00:24:59,480
Speaker 1: She doesn't care about all the details, and so she

550
00:24:59,680 --> 00:25:01,719
Speaker 1: maybe is like your wife Drew, where she just kind

551
00:25:01,720 --> 00:25:03,760
Speaker 1: of wants to see so an overall snapshot. She just

552
00:25:03,800 --> 00:25:06,359
Speaker 1: wants to know where things are, where we are that month.

553
00:25:06,640 --> 00:25:07,960
Speaker 1: So with that in mind, I know that I could

554
00:25:07,960 --> 00:25:10,680
Speaker 1: create a chart of that month spending. It's pretty easy.

555
00:25:10,880 --> 00:25:12,480
Speaker 1: But even still, she's not that into it. She's not

556
00:25:12,480 --> 00:25:15,120
Speaker 1: gonna get on the computer pulled up it's just inconvenient.

557
00:25:15,480 --> 00:25:17,440
Speaker 1: She's not gonna do it. So because of that, man,

558
00:25:17,560 --> 00:25:20,000
Speaker 1: what I do is about three times a month, I

559
00:25:20,080 --> 00:25:21,800
Speaker 1: make sure I've got the numbers updated and I just

560
00:25:21,840 --> 00:25:24,240
Speaker 1: text her. I text her the main areas of spending

561
00:25:24,280 --> 00:25:27,080
Speaker 1: that we have set every single month that she most

562
00:25:27,080 --> 00:25:29,480
Speaker 1: directly impacts. Those are the numbers that she wants to

563
00:25:29,520 --> 00:25:31,960
Speaker 1: be aware of when she's gonna be going out with friends. Uh.

564
00:25:32,040 --> 00:25:33,560
Speaker 1: Those are the numbers so that she keeps an eye on,

565
00:25:33,680 --> 00:25:36,399
Speaker 1: especially when it comes to buying groceries, because she's, you know,

566
00:25:36,400 --> 00:25:39,879
Speaker 1: basically in charge of that our giving category. There's a

567
00:25:39,880 --> 00:25:41,800
Speaker 1: certain amount of money that we set aside to give

568
00:25:41,840 --> 00:25:44,240
Speaker 1: away every single month. She also really likes to know

569
00:25:44,359 --> 00:25:46,399
Speaker 1: that amount. That way, if there's an opportunity for her

570
00:25:46,440 --> 00:25:48,560
Speaker 1: to you know, buy something for somebody or to donate

571
00:25:48,600 --> 00:25:50,760
Speaker 1: some money, she has that as an option. For us.

572
00:25:50,800 --> 00:25:53,919
Speaker 1: We found that there are a surprisingly few number of

573
00:25:54,160 --> 00:25:56,960
Speaker 1: categories that we really need to watch closely because a

574
00:25:56,960 --> 00:25:58,800
Speaker 1: lot of the categories that we spend our money and

575
00:25:58,840 --> 00:26:01,639
Speaker 1: are are fairly automated and they're fairly fixed. Yeah, and

576
00:26:01,680 --> 00:26:05,280
Speaker 1: I think really any of these pieces of software, or

577
00:26:05,400 --> 00:26:09,359
Speaker 1: using using Excel, spreadsheet, using Mint, using wine app, any

578
00:26:09,400 --> 00:26:11,560
Speaker 1: of them can be a great idea depending on kind

579
00:26:11,560 --> 00:26:13,879
Speaker 1: of how you work together. But one word of caution

580
00:26:13,920 --> 00:26:15,560
Speaker 1: I want to say is just don't think that a

581
00:26:15,600 --> 00:26:17,840
Speaker 1: budgeting app is going to fix it all or magically

582
00:26:17,840 --> 00:26:20,040
Speaker 1: get you guys on the same page. It really does

583
00:26:20,080 --> 00:26:22,280
Speaker 1: require also just a lot of back and forth, a

584
00:26:22,280 --> 00:26:24,520
Speaker 1: lot of discussion, a lot of kind of at the

585
00:26:24,560 --> 00:26:27,480
Speaker 1: dinner table talking about your goals, your dreams, how you

586
00:26:27,520 --> 00:26:29,760
Speaker 1: want to spend your money. Learned from some of my beats,

587
00:26:29,800 --> 00:26:32,320
Speaker 1: because yeah, early in my marriage, like we just were

588
00:26:32,359 --> 00:26:35,639
Speaker 1: not really good at communicating. I was bad in particular

589
00:26:35,880 --> 00:26:39,040
Speaker 1: at communicating with Emily about kind of our goals and

590
00:26:39,080 --> 00:26:42,320
Speaker 1: our dreams and kind of how I thought we should

591
00:26:42,320 --> 00:26:43,919
Speaker 1: be spending our money and what we were kind of

592
00:26:43,920 --> 00:26:46,760
Speaker 1: working towards. And so I think at times she felt

593
00:26:46,760 --> 00:26:49,320
Speaker 1: like I was being cheap or I wasn't being and

594
00:26:49,520 --> 00:26:51,919
Speaker 1: at times I was being cheap, and and so she

595
00:26:52,040 --> 00:26:54,679
Speaker 1: felt like she couldn't spend money when she wanted to,

596
00:26:55,119 --> 00:26:57,280
Speaker 1: and that was just a hard position to put her in.

597
00:26:57,640 --> 00:27:00,280
Speaker 1: And so much of it came down to my act

598
00:27:00,320 --> 00:27:04,080
Speaker 1: of communicating well with her and actually sending up time

599
00:27:04,160 --> 00:27:06,840
Speaker 1: for us to talk about money, just expecting that she

600
00:27:06,840 --> 00:27:10,640
Speaker 1: would understand how I was handling it and and assuming

601
00:27:10,640 --> 00:27:13,560
Speaker 1: that she would be on board, I guess. And so, yeah,

602
00:27:13,680 --> 00:27:16,760
Speaker 1: make sure that the lines of communication are open, that

603
00:27:17,080 --> 00:27:20,480
Speaker 1: you're using the spreadsheet or the app as a tool

604
00:27:20,800 --> 00:27:22,760
Speaker 1: to kind of help you guys monitor things, but that

605
00:27:22,840 --> 00:27:26,120
Speaker 1: you're continually talking about those goals and kind of where

606
00:27:26,119 --> 00:27:28,600
Speaker 1: you where you're heading towards. Yeah, Joel, I really like

607
00:27:28,640 --> 00:27:30,200
Speaker 1: how you said. A lot of that takes place around

608
00:27:30,240 --> 00:27:32,639
Speaker 1: the dinner table, right. A lot of these conversations and

609
00:27:32,640 --> 00:27:35,360
Speaker 1: getting on the same page happens outside of the actual budget.

610
00:27:35,440 --> 00:27:37,760
Speaker 1: Like the budget is the tool that allows you guys

611
00:27:37,800 --> 00:27:40,520
Speaker 1: to stick to what you've agreed on. But like you said,

612
00:27:40,560 --> 00:27:43,719
Speaker 1: you like that dream casting, right, Like dream forecasting and

613
00:27:43,720 --> 00:27:46,080
Speaker 1: the kind of sharing your vision for for your life together.

614
00:27:46,359 --> 00:27:48,159
Speaker 1: That's the kind of stuff that happens, you know, on

615
00:27:48,280 --> 00:27:50,440
Speaker 1: dates or while you're on vacation. Or like while you're

616
00:27:50,440 --> 00:27:52,359
Speaker 1: walking in the park, the basic kind of stuff that

617
00:27:52,400 --> 00:27:55,160
Speaker 1: you share with each other as you're living your life together. Yeah,

618
00:27:55,200 --> 00:27:57,359
Speaker 1: no doubt. All right, let's get onto the second part

619
00:27:57,920 --> 00:28:00,760
Speaker 1: of Drew's question. He asked about security, this security of

620
00:28:00,800 --> 00:28:02,800
Speaker 1: these apps, and I don't think it's silly at all

621
00:28:02,840 --> 00:28:05,320
Speaker 1: to be considering the safety of these apps. I mean,

622
00:28:05,400 --> 00:28:07,600
Speaker 1: with all of the hacks that have taken place in

623
00:28:07,640 --> 00:28:12,119
Speaker 1: our information seemingly compromise from so many major companies, we

624
00:28:12,400 --> 00:28:16,320
Speaker 1: should consider strongly the security of a certain app or

625
00:28:16,359 --> 00:28:19,280
Speaker 1: service before we decide to sign up for it. Even then, though,

626
00:28:19,320 --> 00:28:22,040
Speaker 1: I know that issues can pop up even when secure

627
00:28:22,080 --> 00:28:25,040
Speaker 1: measures have been taken. So I guess the two big

628
00:28:25,040 --> 00:28:28,840
Speaker 1: things I would say is to use complex passwords and

629
00:28:28,880 --> 00:28:31,840
Speaker 1: to not use your budgeting apps on public WiFi. If

630
00:28:31,840 --> 00:28:34,960
Speaker 1: you can do those two basic things, you're protecting yourself

631
00:28:34,960 --> 00:28:38,440
Speaker 1: in a major way by when you're using these budgeting apps.

632
00:28:38,640 --> 00:28:40,480
Speaker 1: Those are basically the two things that are in your

633
00:28:40,520 --> 00:28:43,440
Speaker 1: hands that make it easier to avoid getting hacked or

634
00:28:43,440 --> 00:28:46,560
Speaker 1: having someone right like see all your sensitive information. The

635
00:28:46,560 --> 00:28:48,720
Speaker 1: thing is that there has been nothing to actually indicate

636
00:28:48,720 --> 00:28:51,640
Speaker 1: that apps like y n app and mints have any

637
00:28:51,720 --> 00:28:54,480
Speaker 1: sort of security issues that we should be concerned about.

638
00:28:54,800 --> 00:28:58,240
Speaker 1: In fact, these apps actually have read only access to

639
00:28:58,280 --> 00:29:00,920
Speaker 1: your information, so that even if a hack does get

640
00:29:00,960 --> 00:29:04,200
Speaker 1: through the encryption and the multi factor authentication, they can

641
00:29:04,240 --> 00:29:06,440
Speaker 1: actually move your money right Like they can look but

642
00:29:06,480 --> 00:29:08,600
Speaker 1: they can't touch. They see the snapshot and they're like, Oh,

643
00:29:08,640 --> 00:29:10,640
Speaker 1: this dude's rich, but I got no access. Oh man,

644
00:29:10,680 --> 00:29:12,239
Speaker 1: this guy is really smart with where he goes out

645
00:29:12,280 --> 00:29:16,000
Speaker 1: to eat. But he's his his his entertainment. But it

646
00:29:16,040 --> 00:29:17,560
Speaker 1: is so low. How does he do it? That's half

647
00:29:17,560 --> 00:29:21,480
Speaker 1: off Wing Night and wind Ad has a great ride

648
00:29:21,520 --> 00:29:24,160
Speaker 1: up on their security measures that they take to keep

649
00:29:24,200 --> 00:29:26,880
Speaker 1: your information safe. We'll link to that in our show notes. Yeah,

650
00:29:26,960 --> 00:29:29,280
Speaker 1: always good to kind of see that. And wine app

651
00:29:29,560 --> 00:29:32,040
Speaker 1: takes it so seriously. I'd love to see that their

652
00:29:32,120 --> 00:29:34,680
Speaker 1: ride up is so thorough and man, I've got full

653
00:29:34,680 --> 00:29:37,600
Speaker 1: confidence in using these apps just like anything. I mean,

654
00:29:37,920 --> 00:29:40,840
Speaker 1: who could have predicted that equivax right was gonna get

655
00:29:40,880 --> 00:29:44,200
Speaker 1: breached and they're a major company. You would think if

656
00:29:44,240 --> 00:29:47,960
Speaker 1: anybody has their stuff together and isn't going to release

657
00:29:48,000 --> 00:29:50,800
Speaker 1: a hundred and fifty the personal information of a hundred

658
00:29:50,840 --> 00:29:54,560
Speaker 1: fifty million people, it's a major credit bureau with tens

659
00:29:54,560 --> 00:29:56,959
Speaker 1: of thousands of employees, right or whatever. But yeah, that

660
00:29:57,000 --> 00:29:59,120
Speaker 1: wasn't the case. So yeah, the server password must have

661
00:29:59,160 --> 00:30:01,720
Speaker 1: been ABC one two three. It probably was. It probably was,

662
00:30:01,960 --> 00:30:05,160
Speaker 1: so you never know. But ultimately I feel completely comfortable

663
00:30:05,360 --> 00:30:08,360
Speaker 1: and I feel like the security measures are really strong

664
00:30:08,600 --> 00:30:10,920
Speaker 1: with wine ABDMINT, So check out that right up. If

665
00:30:10,960 --> 00:30:13,120
Speaker 1: you have more concerns. All right, man, We've got two

666
00:30:13,160 --> 00:30:15,040
Speaker 1: more questions that we've gotta get to, including that one

667
00:30:15,040 --> 00:30:17,280
Speaker 1: about financing a used car, and we'll get to those

668
00:30:17,400 --> 00:30:28,680
Speaker 1: right after the break. All right, man, we are back

669
00:30:28,720 --> 00:30:30,840
Speaker 1: from the break, Joel, and we've got a couple more questions,

670
00:30:31,080 --> 00:30:32,600
Speaker 1: and we've got one here we're part of the answer

671
00:30:32,720 --> 00:30:35,240
Speaker 1: might be CDs, and that's something we hardly ever talked about,

672
00:30:35,320 --> 00:30:38,680
Speaker 1: so let's hear it. Hey, guys, this is Julie from Boise, Idaho,

673
00:30:38,840 --> 00:30:41,600
Speaker 1: and I have a question about living off of your savings.

674
00:30:42,200 --> 00:30:44,040
Speaker 1: I just got a big chunk of money that will

675
00:30:44,080 --> 00:30:46,720
Speaker 1: be funding me while I go to school. I'll need

676
00:30:46,760 --> 00:30:49,800
Speaker 1: to be making regular withdrawals from it for monthly expenses,

677
00:30:49,880 --> 00:30:52,320
Speaker 1: and I'm wondering where to put it. I think it

678
00:30:52,360 --> 00:30:54,400
Speaker 1: is in my regular savings account. It will be a

679
00:30:54,440 --> 00:30:57,880
Speaker 1: little too accessible. I would love your suggestions. Thank you

680
00:30:57,960 --> 00:31:02,280
Speaker 1: so much, Oh, Julie, interesting question. Yeah, this is unique

681
00:31:02,400 --> 00:31:05,680
Speaker 1: living off your savings, living off a lump sum, especially

682
00:31:05,920 --> 00:31:08,040
Speaker 1: you're not even talking about retirement, right, We're talking about

683
00:31:08,120 --> 00:31:10,520
Speaker 1: during your college years. That's a good question, and so

684
00:31:10,600 --> 00:31:12,960
Speaker 1: let's kind of get into some of the possible ways

685
00:31:13,000 --> 00:31:16,520
Speaker 1: to think about how you withdraw this money. One, if

686
00:31:16,520 --> 00:31:20,440
Speaker 1: you need to make regular withdraws, well prioritize having that

687
00:31:20,520 --> 00:31:22,920
Speaker 1: money in an online savings account that pays a high

688
00:31:23,000 --> 00:31:25,560
Speaker 1: rate of interest. A couple that Matt and I've mentioned

689
00:31:25,560 --> 00:31:28,040
Speaker 1: on the show before. We like Discover Ally and c

690
00:31:28,240 --> 00:31:30,640
Speaker 1: I T. Those are three of our favorite online banks

691
00:31:30,640 --> 00:31:32,880
Speaker 1: that pay high rates of interest and have great customer service.

692
00:31:33,200 --> 00:31:36,120
Speaker 1: You'll also need to be disciplined in order to make

693
00:31:36,160 --> 00:31:39,720
Speaker 1: sure that that money lasts for the intended duration you mentioned.

694
00:31:40,080 --> 00:31:42,760
Speaker 1: Maybe having ready access to that money might make it

695
00:31:42,800 --> 00:31:45,239
Speaker 1: difficult to stick to a budget. So if you do

696
00:31:45,400 --> 00:31:48,200
Speaker 1: sign up for a new bank account and one that's

697
00:31:48,320 --> 00:31:50,840
Speaker 1: paying you money on that lump sum. Again, you've got

698
00:31:50,880 --> 00:31:53,360
Speaker 1: a lot of money in savings right now, and you

699
00:31:53,360 --> 00:31:55,520
Speaker 1: want to make sure that you're earning money on that money.

700
00:31:55,600 --> 00:31:57,560
Speaker 1: So make sure that you have a budget and that

701
00:31:57,600 --> 00:32:01,040
Speaker 1: you're sticking to it diligently became as you you don't

702
00:32:01,040 --> 00:32:03,360
Speaker 1: want to withdraw all that money in one love song

703
00:32:03,440 --> 00:32:05,840
Speaker 1: and then not have money for months as you're trying

704
00:32:05,840 --> 00:32:09,920
Speaker 1: to to finish out school budget for those potential emergencies too.

705
00:32:10,400 --> 00:32:12,600
Speaker 1: You don't want to just have this super rosy budget

706
00:32:12,720 --> 00:32:16,120
Speaker 1: where if everything works out perfectly, then you're good to go.

707
00:32:16,280 --> 00:32:18,040
Speaker 1: You want to make sure you're factoring in for some

708
00:32:18,080 --> 00:32:20,680
Speaker 1: of those potential emergencies to make sure that you can

709
00:32:20,760 --> 00:32:24,960
Speaker 1: actually handle those unexpected expenses when they arise. And Julie,

710
00:32:25,000 --> 00:32:27,080
Speaker 1: if you think you might have a hard time sticking

711
00:32:27,120 --> 00:32:29,760
Speaker 1: to that budget, one thing that can help is to

712
00:32:29,880 --> 00:32:32,240
Speaker 1: put part of that money that you don't immediately need

713
00:32:32,320 --> 00:32:35,960
Speaker 1: into a certificate of deposit a k A that c D.

714
00:32:36,320 --> 00:32:38,320
Speaker 1: We haven't really talked about CDs much, man, I know,

715
00:32:38,440 --> 00:32:39,959
Speaker 1: I know. So this is the way that you can

716
00:32:40,000 --> 00:32:43,640
Speaker 1: use CDs essentially for behavioral modification. This can be an

717
00:32:43,680 --> 00:32:46,040
Speaker 1: awesome way to restrict your access to that money so

718
00:32:46,080 --> 00:32:48,280
Speaker 1: that you don't blow it all at once, right, like

719
00:32:48,320 --> 00:32:50,320
Speaker 1: maybe on a new car, whatever it is that you

720
00:32:50,360 --> 00:32:52,840
Speaker 1: feel like spending. Julie, don't buy a new car. And

721
00:32:52,880 --> 00:32:54,640
Speaker 1: here's the thing. While it might be easy though to

722
00:32:54,680 --> 00:32:57,720
Speaker 1: control your spending around some big ticket items like that

723
00:32:57,720 --> 00:33:00,840
Speaker 1: new car or maybe a fancification, the sort of subtle

724
00:33:00,880 --> 00:33:04,040
Speaker 1: creep of lifestyle inflation like that can be harder to notice.

725
00:33:04,200 --> 00:33:07,000
Speaker 1: So maybe putting yourself on a quote unquote monthly salary

726
00:33:07,400 --> 00:33:09,600
Speaker 1: is a good productive step to take. You're sort of

727
00:33:09,600 --> 00:33:11,880
Speaker 1: setting at these guardrails to kind of keep your financial

728
00:33:11,920 --> 00:33:15,400
Speaker 1: spending from kind of careening off the cliff. Right. Yeah,

729
00:33:15,400 --> 00:33:18,240
Speaker 1: depending on how long you're looking to lock that money

730
00:33:18,320 --> 00:33:21,080
Speaker 1: up for, you could do CD ladding and you could

731
00:33:21,080 --> 00:33:22,920
Speaker 1: put some of your money in a one year CD

732
00:33:23,080 --> 00:33:25,239
Speaker 1: some of it into two. It just depends when you're

733
00:33:25,240 --> 00:33:27,080
Speaker 1: gonna need access to that money. You might want some

734
00:33:27,200 --> 00:33:29,800
Speaker 1: of the savings someone a one year cd H. So

735
00:33:29,880 --> 00:33:32,360
Speaker 1: much of it depends on your timeframe. But I will

736
00:33:32,400 --> 00:33:35,760
Speaker 1: say this, especially with kind of the falling rate environment

737
00:33:35,760 --> 00:33:38,160
Speaker 1: that we're in, that almost nobody could have predicted that

738
00:33:38,160 --> 00:33:41,000
Speaker 1: we would be in that rates for savers would actually

739
00:33:41,000 --> 00:33:43,040
Speaker 1: be kind of falling off a cliff right now. Well,

740
00:33:43,200 --> 00:33:45,960
Speaker 1: a CD can actually help your money to continue to

741
00:33:46,000 --> 00:33:48,680
Speaker 1: earn higher rates of interest while the rates the banks

742
00:33:48,680 --> 00:33:51,240
Speaker 1: are paying on saving us accounts just continue to drop.

743
00:33:51,560 --> 00:33:53,720
Speaker 1: So having some of that money in a CD can

744
00:33:53,760 --> 00:33:56,600
Speaker 1: be great for behavior modification to to keep you from

745
00:33:56,680 --> 00:33:58,760
Speaker 1: from spending all of it, but also at the same

746
00:33:58,800 --> 00:34:01,280
Speaker 1: time can kind of in pet you're ready to return

747
00:34:01,360 --> 00:34:03,080
Speaker 1: on that money. So yeah, some of it in a

748
00:34:03,160 --> 00:34:05,960
Speaker 1: high interest rate savings account, some of it in a

749
00:34:06,000 --> 00:34:08,439
Speaker 1: CD that you can't touch for a period of time.

750
00:34:08,640 --> 00:34:11,480
Speaker 1: I think I would probably choose something like that, And Julie,

751
00:34:11,520 --> 00:34:14,520
Speaker 1: we just highlighted a specific bank. But here's the thing.

752
00:34:14,600 --> 00:34:17,880
Speaker 1: The interest rates of the higher interest savings accounts and

753
00:34:17,920 --> 00:34:20,600
Speaker 1: the interest rates offered in the different CD products, they're

754
00:34:20,640 --> 00:34:23,640
Speaker 1: always changing. So make sure that you do a quick

755
00:34:23,719 --> 00:34:26,000
Speaker 1: Google search. You can go to bank rate. They always

756
00:34:26,040 --> 00:34:27,680
Speaker 1: have a good ride up of some of the best

757
00:34:27,719 --> 00:34:30,279
Speaker 1: offerings out there currently, and make sure to do a

758
00:34:30,360 --> 00:34:32,680
Speaker 1: little bit of research, do your due diligence to make

759
00:34:32,719 --> 00:34:35,400
Speaker 1: sure that it is a reputable bank and not a

760
00:34:35,440 --> 00:34:37,759
Speaker 1: quick little bank startup that you know is offering five

761
00:34:37,800 --> 00:34:40,480
Speaker 1: percent on their one year CD, because that's gonna be

762
00:34:40,880 --> 00:34:42,920
Speaker 1: maybe too good to be true. Yeah, as long as

763
00:34:42,920 --> 00:34:45,319
Speaker 1: it's fd I C insured, that is the biggest thing

764
00:34:45,680 --> 00:34:47,920
Speaker 1: you want to make sure of. And there are a

765
00:34:48,000 --> 00:34:51,279
Speaker 1: lot of kind of fake banks, companies offering bank like

766
00:34:51,400 --> 00:34:53,960
Speaker 1: products these days. So yeah, just check to make sure

767
00:34:54,000 --> 00:34:56,319
Speaker 1: that their fd I C insured. That's a really good

768
00:34:56,320 --> 00:34:58,520
Speaker 1: step to make sure that if for some reason that

769
00:34:58,560 --> 00:35:01,920
Speaker 1: company folds, your money is not lost. It is insured

770
00:35:02,239 --> 00:35:04,400
Speaker 1: by the federal government. That is where you want your

771
00:35:04,400 --> 00:35:06,200
Speaker 1: money to be. All right, Matt, let's get onto the

772
00:35:06,320 --> 00:35:09,000
Speaker 1: next question. We're getting to that one about financing a

773
00:35:09,160 --> 00:35:13,640
Speaker 1: used car. Hi, guys, this is Eric from Tampa. First off,

774
00:35:13,680 --> 00:35:16,359
Speaker 1: I love the podcast. I've been a long time Dave

775
00:35:16,400 --> 00:35:19,920
Speaker 1: for EMZ listener. As much as I can appreciate his principles,

776
00:35:20,520 --> 00:35:22,399
Speaker 1: I think he's a little stuck in his ways when

777
00:35:22,400 --> 00:35:25,640
Speaker 1: it comes to a credit card and credit score. We

778
00:35:25,719 --> 00:35:28,000
Speaker 1: are forty six and just paid off our mortgage and

779
00:35:28,080 --> 00:35:31,360
Speaker 1: have no other debt. We still drive a two thousand

780
00:35:31,440 --> 00:35:34,359
Speaker 1: four Toyota four Runner that we bought new and love it.

781
00:35:35,120 --> 00:35:38,760
Speaker 1: We are saving for a newer used vehicle. However, since

782
00:35:38,760 --> 00:35:42,000
Speaker 1: paying off my mortgage, I've seen my credit square drop

783
00:35:42,080 --> 00:35:47,040
Speaker 1: from to eight seventeen and about two months. I do

784
00:35:47,160 --> 00:35:49,879
Speaker 1: use my credit card as much as possible and never

785
00:35:49,920 --> 00:35:54,200
Speaker 1: carry a balance. My question is, if this trend continues,

786
00:35:54,400 --> 00:35:59,080
Speaker 1: should I finance a newer used vehicle and invest the

787
00:35:59,120 --> 00:36:03,319
Speaker 1: cash or just pay cash for the vehicle. Personally, I'd

788
00:36:03,400 --> 00:36:08,280
Speaker 1: rather see my credit score drop than pay unnecessary interest. Again,

789
00:36:08,440 --> 00:36:11,040
Speaker 1: I love the show and love the review on Beers

790
00:36:11,239 --> 00:36:14,839
Speaker 1: and look forward to your opinion. Thanks guys, Eric, thanks

791
00:36:14,840 --> 00:36:17,200
Speaker 1: so much for that question, and man, we are with

792
00:36:17,239 --> 00:36:20,080
Speaker 1: you when it comes to your opinion of Dave Ramsey.

793
00:36:20,160 --> 00:36:23,560
Speaker 1: He has helped a lot of people, specifically helped a

794
00:36:23,600 --> 00:36:25,360
Speaker 1: lot of people get out of debt. But we agree

795
00:36:25,400 --> 00:36:28,879
Speaker 1: he's overlooking the impact that a great credit score can

796
00:36:28,920 --> 00:36:31,480
Speaker 1: have not only in the type of loan that you

797
00:36:31,480 --> 00:36:33,640
Speaker 1: can get, but just in lots of different areas of

798
00:36:33,680 --> 00:36:35,640
Speaker 1: our lives. Yeah, we've talked about that before, Matt, that

799
00:36:35,719 --> 00:36:38,399
Speaker 1: a credit score doesn't just affect your loan terms. And

800
00:36:38,480 --> 00:36:40,920
Speaker 1: you know, if you're a Dave listener, you're probably not

801
00:36:40,960 --> 00:36:43,399
Speaker 1: taking out money loans, but it affects all these other

802
00:36:43,440 --> 00:36:45,440
Speaker 1: areas of your life, like how much you pay for

803
00:36:45,560 --> 00:36:48,440
Speaker 1: auto insurance or home insurance potentially. Right, So having a

804
00:36:48,480 --> 00:36:50,919
Speaker 1: good credit score matters for a lot of reasons. Yep,

805
00:36:51,000 --> 00:36:53,279
Speaker 1: that's right, man. And first off, let's go ahead and

806
00:36:53,280 --> 00:36:55,680
Speaker 1: talk to you about the fact that Eric has this

807
00:36:55,760 --> 00:36:58,960
Speaker 1: old car that he's got for almost sixteen years. Eric,

808
00:36:59,040 --> 00:37:02,880
Speaker 1: that's awesome. Buying a new car isn't a terrible idea

809
00:37:03,200 --> 00:37:04,800
Speaker 1: when you keep them as long as you have, and

810
00:37:04,920 --> 00:37:07,520
Speaker 1: especially if you are really into cars, that could be

811
00:37:07,600 --> 00:37:09,960
Speaker 1: something that you find a lot of value in. And

812
00:37:10,000 --> 00:37:11,520
Speaker 1: then on top of that you also have to paid

813
00:37:11,520 --> 00:37:14,399
Speaker 1: off mortgage. Dude, you are killing it, Joel, we gotta

814
00:37:14,400 --> 00:37:16,880
Speaker 1: get some mad props to Eric. Yeah, seriously, Eric, you

815
00:37:16,880 --> 00:37:18,560
Speaker 1: want to come host the podcast For a second. That

816
00:37:18,800 --> 00:37:21,080
Speaker 1: sounds like, yeah, you got this figured out. But yeah,

817
00:37:21,080 --> 00:37:23,160
Speaker 1: I agree, Matt, Like, buying a new car is something

818
00:37:23,200 --> 00:37:26,239
Speaker 1: we would typically recommend people not do, but some people

819
00:37:26,239 --> 00:37:28,279
Speaker 1: are really into buying a new car. They're they're really

820
00:37:28,280 --> 00:37:31,080
Speaker 1: into actually being the first person to drive that car.

821
00:37:31,120 --> 00:37:33,799
Speaker 1: And I understand that desire, But when you keep it

822
00:37:33,800 --> 00:37:35,799
Speaker 1: for sixteen years, like man, buying a new car is

823
00:37:35,840 --> 00:37:37,919
Speaker 1: not really that big of a deal because your total

824
00:37:37,920 --> 00:37:40,520
Speaker 1: cost of ownership really really isn't that large. But in

825
00:37:40,560 --> 00:37:43,640
Speaker 1: regards to that credit score drop that Eric was talking about, well,

826
00:37:43,840 --> 00:37:45,520
Speaker 1: we would say also to that, we're with you. I

827
00:37:45,560 --> 00:37:48,680
Speaker 1: would rather see my score drop and avoid paying interest

828
00:37:48,840 --> 00:37:51,799
Speaker 1: as well. Maintaining a good credit score is important, but

829
00:37:51,840 --> 00:37:54,520
Speaker 1: it's a way less important than avoiding debt payments secure

830
00:37:54,560 --> 00:37:57,239
Speaker 1: you interest. Your score is already in the stratosphere, so

831
00:37:57,280 --> 00:38:00,319
Speaker 1: even if your score drops a few dozen points, well,

832
00:38:00,360 --> 00:38:03,600
Speaker 1: you're still in that top tier territory. And it sounds

833
00:38:03,600 --> 00:38:06,080
Speaker 1: like you don't have a lot of need for more

834
00:38:06,200 --> 00:38:08,920
Speaker 1: funds to take on another loan considering how careful you

835
00:38:09,000 --> 00:38:11,160
Speaker 1: are with your money, so your credit score is even

836
00:38:11,200 --> 00:38:14,440
Speaker 1: less relevant in that case. Again, it does affect other things.

837
00:38:14,680 --> 00:38:17,480
Speaker 1: But since we're talking about someone who doesn't need to

838
00:38:17,520 --> 00:38:19,399
Speaker 1: take on another car loan and already has a paid

839
00:38:19,440 --> 00:38:22,520
Speaker 1: off mortgage, well I would say your your credit score

840
00:38:22,600 --> 00:38:25,440
Speaker 1: is even less important than it is for the average person,

841
00:38:25,760 --> 00:38:27,759
Speaker 1: so you don't overthink it. I think you're on the

842
00:38:27,800 --> 00:38:30,200
Speaker 1: right path, and I would not take out debt in

843
00:38:30,280 --> 00:38:33,720
Speaker 1: order to improve your credit score. While credit scores are important,

844
00:38:33,800 --> 00:38:37,040
Speaker 1: taking on debt to gain a higher score, well, to me,

845
00:38:37,080 --> 00:38:38,799
Speaker 1: that's the tail wagging the dog, and it just doesn't

846
00:38:38,840 --> 00:38:40,440
Speaker 1: make sense. Yeah, we didn't really get into this, but

847
00:38:40,520 --> 00:38:43,040
Speaker 1: let's explain real quick why his credit score is dropping

848
00:38:43,040 --> 00:38:45,399
Speaker 1: now that he's paid off his mortgage, and that's because

849
00:38:45,440 --> 00:38:48,120
Speaker 1: the type of debt that he has is less diverse.

850
00:38:48,800 --> 00:38:51,640
Speaker 1: When you have a mortgage or a car loan that

851
00:38:51,800 --> 00:38:54,279
Speaker 1: is an installment loan. You've got a large sum that

852
00:38:54,320 --> 00:38:55,960
Speaker 1: you've taken out and then you pay back these set

853
00:38:55,960 --> 00:38:59,719
Speaker 1: amounts every month as installments versus a credit card, and

854
00:38:59,760 --> 00:39:02,719
Speaker 1: that's revolving type of credit. Those are two different types

855
00:39:02,760 --> 00:39:05,160
Speaker 1: of credit, and when you have both, that's when your

856
00:39:05,160 --> 00:39:08,080
Speaker 1: credit score can benefit the most. So Eric, our advise

857
00:39:08,160 --> 00:39:09,600
Speaker 1: to you, though, would be to go ahead and pay

858
00:39:09,640 --> 00:39:12,399
Speaker 1: for that car in cash and man enjoy that car.

859
00:39:12,480 --> 00:39:15,759
Speaker 1: You'll likely enjoyed even more knowing that it's one paid for.

860
00:39:16,000 --> 00:39:18,120
Speaker 1: It's probably a similar feeling that you already have with

861
00:39:18,160 --> 00:39:20,480
Speaker 1: your home. I'm sure it feels better living in a

862
00:39:20,520 --> 00:39:23,640
Speaker 1: home that you own outright, and then keep this newer

863
00:39:23,719 --> 00:39:26,799
Speaker 1: used car for a long while as well, which we

864
00:39:26,840 --> 00:39:29,120
Speaker 1: have no doubt that you'll do. It sounds like financial

865
00:39:29,120 --> 00:39:31,520
Speaker 1: independence is right around the corner for you and for

866
00:39:31,600 --> 00:39:33,799
Speaker 1: your family. It sounds like you have been making some

867
00:39:33,840 --> 00:39:37,120
Speaker 1: smart financial decisions uh your entire life. In the end,

868
00:39:37,160 --> 00:39:40,040
Speaker 1: don't lose sights of the big picture trying to sort

869
00:39:40,040 --> 00:39:42,279
Speaker 1: of nail that perfect credit score when in the end

870
00:39:42,360 --> 00:39:44,960
Speaker 1: it doesn't matter all that much when you have a

871
00:39:45,000 --> 00:39:47,560
Speaker 1: great score as it is so Eric, I feel like

872
00:39:47,600 --> 00:39:49,200
Speaker 1: you were on the right track to begin with. You

873
00:39:49,280 --> 00:39:51,279
Speaker 1: kind of had this figured out, but hopefully this kind

874
00:39:51,280 --> 00:39:53,160
Speaker 1: of helps cement things for you. And ultimately, man, just

875
00:39:53,200 --> 00:39:55,880
Speaker 1: a big congratulations to you and your family. You're handling

876
00:39:55,920 --> 00:39:59,360
Speaker 1: money so well. And yeah, like Matt said, financial independence,

877
00:39:59,360 --> 00:40:01,880
Speaker 1: I gotta imagine and it's coming soon for you guys,

878
00:40:01,960 --> 00:40:04,799
Speaker 1: and and man, what an incredible achievement. So, Matt, these

879
00:40:04,800 --> 00:40:07,480
Speaker 1: were some great questions, really diverse. But let's get back

880
00:40:07,480 --> 00:40:09,560
Speaker 1: to the beer that we had on this episode, which,

881
00:40:09,560 --> 00:40:12,760
Speaker 1: speaking of diversity, is not very diverse because we really

882
00:40:12,800 --> 00:40:16,279
Speaker 1: like to drink I p A another I p A. Yeah,

883
00:40:16,280 --> 00:40:18,319
Speaker 1: but it was a really good one man, Yes, it was.

884
00:40:18,640 --> 00:40:20,759
Speaker 1: So Today on the show we had Chance I p

885
00:40:20,920 --> 00:40:22,960
Speaker 1: A by Wildly Brewing Company. This is kind of their

886
00:40:23,280 --> 00:40:26,080
Speaker 1: year round flagship I p A and I'll go first.

887
00:40:26,160 --> 00:40:29,160
Speaker 1: I would say this was fresh and vibrant. I feel

888
00:40:29,160 --> 00:40:32,040
Speaker 1: like they really were going for kind of that newer

889
00:40:32,080 --> 00:40:34,439
Speaker 1: style of I p A. But they weren't going head

890
00:40:34,440 --> 00:40:36,880
Speaker 1: over feet into the fat. What they did was it

891
00:40:36,920 --> 00:40:40,600
Speaker 1: was kind of this restrained version of the newer, juicier

892
00:40:40,920 --> 00:40:42,799
Speaker 1: I p A style. It had a lot of those

893
00:40:42,840 --> 00:40:45,719
Speaker 1: notes and a lot of that flavor profile without being

894
00:40:45,800 --> 00:40:48,319
Speaker 1: kind of overwhelming. And so I feel like this is

895
00:40:48,360 --> 00:40:51,000
Speaker 1: one that I would recommend people try if they're kind

896
00:40:51,000 --> 00:40:52,960
Speaker 1: of dipping their toes in the water of I pas

897
00:40:52,960 --> 00:40:55,520
Speaker 1: because it's not too bitter. It's also not kind of

898
00:40:55,560 --> 00:40:59,480
Speaker 1: insanely out there, like going too far or pushing any boundaries.

899
00:40:59,640 --> 00:41:01,920
Speaker 1: But I would say it was really really solid, man,

900
00:41:02,080 --> 00:41:04,080
Speaker 1: really really good beer. And I know it's like one

901
00:41:04,080 --> 00:41:06,520
Speaker 1: of your go twos right now, Yes it is. I

902
00:41:06,560 --> 00:41:08,360
Speaker 1: don't know how far they distribute, but if you're in

903
00:41:08,360 --> 00:41:10,719
Speaker 1: the southeast and you can get your hands on a

904
00:41:10,800 --> 00:41:13,600
Speaker 1: chance I p A, I would definitely recommend it. It's

905
00:41:13,719 --> 00:41:15,920
Speaker 1: this is a just really fruity I p A. In

906
00:41:15,920 --> 00:41:19,439
Speaker 1: my books, it has like this fresh, juicy, tropical nest

907
00:41:19,480 --> 00:41:21,120
Speaker 1: to it. I was almost picking me up on some

908
00:41:21,120 --> 00:41:23,480
Speaker 1: passion fruit notes as well, which sometimes it can be

909
00:41:23,520 --> 00:41:25,400
Speaker 1: hard to sort of identify it because a lot of

910
00:41:25,400 --> 00:41:28,520
Speaker 1: times whenever a beer includes passion fruit notes, they also

911
00:41:28,560 --> 00:41:31,200
Speaker 1: include guava, and so you almost expect to have one

912
00:41:31,239 --> 00:41:32,920
Speaker 1: with the other. But for me, I was picking up

913
00:41:32,920 --> 00:41:35,440
Speaker 1: on that one specific fruit, passion fruit. And if you

914
00:41:35,520 --> 00:41:37,560
Speaker 1: are getting into I p A s and yeah, you're

915
00:41:37,600 --> 00:41:39,640
Speaker 1: not a fan of the big ones with the the

916
00:41:39,960 --> 00:41:42,160
Speaker 1: where you get socked with that big bitterness. I would

917
00:41:42,400 --> 00:41:45,120
Speaker 1: definitely recommend this beer, and I'm thankful for yet another

918
00:41:45,120 --> 00:41:46,880
Speaker 1: beer joll that you and I can share together on

919
00:41:46,920 --> 00:41:50,040
Speaker 1: the show. No doubt my friend always good times. Uh,

920
00:41:50,040 --> 00:41:52,680
Speaker 1: And that's gonna do it. For this episode, we'll have

921
00:41:52,760 --> 00:41:55,760
Speaker 1: links to a couple of the things that we mentioned

922
00:41:55,760 --> 00:41:58,040
Speaker 1: on the show today, including that wine ab write up

923
00:41:58,080 --> 00:42:00,520
Speaker 1: about their security measures that they take to keep your

924
00:42:00,560 --> 00:42:03,560
Speaker 1: information safe, and those show notes are available on our

925
00:42:03,600 --> 00:42:06,240
Speaker 1: site how to money dot com, Yeah and JEL. Normally,

926
00:42:06,239 --> 00:42:07,840
Speaker 1: this is when we say, hey, if you haven't already,

927
00:42:07,840 --> 00:42:10,480
Speaker 1: be sure to subscribe and review. And while that is

928
00:42:10,640 --> 00:42:12,680
Speaker 1: valuable and helpful, what we would really love for you

929
00:42:12,719 --> 00:42:14,839
Speaker 1: to do this time, if you haven't already, is to

930
00:42:14,880 --> 00:42:17,279
Speaker 1: tell a friend you know who might be interested in

931
00:42:17,360 --> 00:42:20,000
Speaker 1: learning more about personal finance, or instead of hitting the

932
00:42:20,000 --> 00:42:23,000
Speaker 1: subscribe button yourself, hit the subscribe button on your friends

933
00:42:23,040 --> 00:42:25,520
Speaker 1: phone and that way they're like, what is this podcast appearing?

934
00:42:25,520 --> 00:42:28,279
Speaker 1: You might feed? Yeah, there's nothing like getting surprised by

935
00:42:28,360 --> 00:42:31,520
Speaker 1: and that purchases that your friend made for you. Surprise

936
00:42:31,560 --> 00:42:35,480
Speaker 1: subscribe all right? Well, yeah, so you feel free to

937
00:42:35,520 --> 00:42:37,279
Speaker 1: do that, but also you don't have to. But yeah,

938
00:42:37,360 --> 00:42:39,560
Speaker 1: just telling a friend that broadens the how the money

939
00:42:39,560 --> 00:42:42,000
Speaker 1: community and kind of brings more people into the fold

940
00:42:42,080 --> 00:42:45,040
Speaker 1: for hearing money saving advice and kind of getting started

941
00:42:45,120 --> 00:42:48,560
Speaker 1: on their journey towards financial independence. Yeah, and plus, isn't

942
00:42:48,560 --> 00:42:50,200
Speaker 1: it just so much more fun to talk about stuff

943
00:42:50,239 --> 00:42:52,000
Speaker 1: in real life? I mean, that's how we do the podcast.

944
00:42:52,040 --> 00:42:53,680
Speaker 1: You and I are sitting here having a beer, So

945
00:42:53,760 --> 00:42:56,920
Speaker 1: let's make sure that we are taking this discussion offline

946
00:42:57,520 --> 00:43:00,800
Speaker 1: and we're incorporating it into our daily lives. Man, So, Joel,

947
00:43:00,920 --> 00:43:02,600
Speaker 1: that's going to be it for this episode. Man, until

948
00:43:02,680 --> 00:43:05,080
Speaker 1: next time, Best Friends Out, Best Friends Out,