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

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

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Speaker 2: That's right, buddy, like we do here on Mondays, How

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Speaker 2: to Money be like to hear directly from listeners who

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Speaker 2: have sent us a voice memo.

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Speaker 1: For us to talk about here on the podcast.

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Speaker 2: For instance, the listener is debating taking a race versus

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Speaker 2: the current flexibility that he that he has so get

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Speaker 2: to That's another listener has got a whole lot of

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Speaker 2: Navidia stock. He's got na video out the nose, and

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Speaker 2: he wants to know what he should be doing with it.

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Speaker 1: So much he's even started dressing like Jensen Wong. He's

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Speaker 1: wearing the black leather wherever he goes. That's that's when

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Speaker 1: you know you have a problem. Yeah, if that's your

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Speaker 1: Halloween costume, I think you're you're two into single talk.

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Speaker 1: Of all the people that I know who could pull

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Speaker 1: that off, you could totally pull that out at off.

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Speaker 1: I probably could. You've even got his hair do I yeah,

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Speaker 1: I mean, I think if you come over to the

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Speaker 1: side more you could you could totally look like him.

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Speaker 2: I know he wears the black live of the jacket.

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Speaker 2: I don't actually know what he looks like. Okay, all

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Speaker 2: Asian people don't look the same. Okay, that's not what

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Speaker 2: I'm saying. Don't give me in trouble another listener. He

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Speaker 2: pushed back a little bit on our take when it

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Speaker 2: comes to medical bills, how to approach that. So we'll

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Speaker 2: get to we'll hear from Graham plus a couple others

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Speaker 2: during this episode, buddy.

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Speaker 1: No doubt. All right, can I lament on something really quickly?

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Speaker 1: Please do? And this is there's advice in it for

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Speaker 1: myself and for everyone else out there. Uh, this is

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Speaker 1: me eating my own cooking. Get sorrowful here. Okay, So

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Speaker 1: what are you said about? Got the credit card bill

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Speaker 1: in the mail? I am going over the individual charges.

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Speaker 2: Wait, so okay, just pause right there, actual physically, Like

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Speaker 2: I feel like I interrupted you really early on into

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Speaker 2: the story. But you're literally looking over the physical paper,

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Speaker 2: physical statement.

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Speaker 1: Paper statement they came in the mail. All right. I

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Speaker 1: do like that. I do prefer it then looking digitally.

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Speaker 1: That's so funny. All right. So hey, if that's the

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Speaker 1: system that works for you, more power to you. Yeah,

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Speaker 1: it work. I'm not gonna knock out. It works when

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Speaker 1: it comes in. That's when I look at it, and

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Speaker 1: this is a credit card we don't use as often

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Speaker 1: and so has far fewer charges on it, so it's

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Speaker 1: quicker to read over. And I think I know where

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Speaker 1: the direction could be going because I have a card

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Speaker 1: or two like that. Do you okay? So I yelled down.

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Speaker 1: I used to use a whole lot and now it's

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Speaker 1: just kind of sitting there. It just kind of helps

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Speaker 1: to bolster the available credit that I have to my name. Yep.

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Speaker 1: So I'm not canceling it, but I'm also not using

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Speaker 1: it regularly. But I had to yell down the stairs

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Speaker 1: to my wife and be like, did you start back

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Speaker 1: at the gym down the street that you haven't gone

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Speaker 1: through in years? She was like, no, no, no, the

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Speaker 1: gym I got go to that one, I go to

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Speaker 1: this one. I was like, huh, yeah, I mean that's

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Speaker 1: what I thought, so, but they just tried to charge

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Speaker 1: us fifty bucks and I don't I don't know why.

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Speaker 1: Most snap years, it's been years since she has dark

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Speaker 1: and the door you're talking about this chance is kind

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Speaker 1: of a chain, yes, but they've got your individual spots. Yeah.

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Speaker 1: So I could have called the credit card company immediately,

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Speaker 1: but I called the business first. Yeah, that's what you're

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Speaker 1: supposed to do. Good for you to dud. And I

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Speaker 1: was like, hey, it's like, it's really weird that you

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Speaker 1: guys would charge us. It's been a long time, it's

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Speaker 1: been a couple of years. She looks it up, she's like,

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Speaker 1: I see you in the system. Yeah, that's She's like,

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Speaker 1: that's so weird. I don't know how that happened. Uh.

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Speaker 1: And so I didn't want to write them over the

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Speaker 1: calls and be a jerk. And I don't know if

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Speaker 1: that person was the manager or the owner of that

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Speaker 1: particular so I was just gonna let it go. But

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Speaker 1: I I was like, yeah, please do refund that charge

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Speaker 1: and then also take our credit card off of the

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Speaker 1: file that you have because for some reason you're slinging charges.

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Speaker 1: Yeah that were that are clearly fraudulent. So they she

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Speaker 1: was willing to refund it, no problem, Like, yeah, no problemish,

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Speaker 1: which good for you, dude. Yeah, it's and it just

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Speaker 1: I think a lot of people assume that whatever is

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Speaker 1: on the credit card statement, Matt, is what they owe,

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Speaker 1: and the truth is that's not always the case. You

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Speaker 1: never know what's gonna end up there. It's really important

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Speaker 1: to check your credit card statement every month.

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Speaker 2: I will say, I do think that that's fairly rare, though, Like,

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Speaker 2: I can't think of a single charge, because typically if

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Speaker 2: I get charged for something, it's because I've forgotten to

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Speaker 2: cancel it. It's because oh dang it, yeah it's another month.

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Speaker 2: And made me think about, actually, Kate, and we're on you.

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Speaker 2: It's normally on you as opposed to I can't honestly

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Speaker 2: think of a single Oh wait, I can think of

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Speaker 2: that car rental that I had to cancel. I told

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Speaker 2: that story at some point, I think last fall I did,

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Speaker 2: but that was more of a the company dragging its

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Speaker 2: feet when it came to refunding me the cancelation, as

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Speaker 2: opposed to just kind of an out of the blue

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Speaker 2: charge because typically, yeah, it's on you as an individual.

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Speaker 2: Oh and so Kate and We're having the conversation after

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Speaker 2: the Olympics, and I was just like, I wish, I

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Speaker 2: wish I could see some sort of.

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Speaker 1: Like dashboard that Peacock has that shows all.

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Speaker 2: The people who are canceling their membership right now as

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Speaker 2: the closing ceremonies are taking or even in our case,

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Speaker 2: Kate canceled it in the car after the after US

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Speaker 2: first Canada after the hockey game, because we're talking about

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Speaker 2: how how great it was that.

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Speaker 1: American one the US went and.

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Speaker 2: And also that photo, I forget the guy's name, one

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Speaker 2: of the greatest out Bloody's grin the American flag over soldier.

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Speaker 1: Iconic dude, that made me.

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Speaker 2: Yeah, it makes you feel warm inside, makes you feel

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Speaker 2: proud to be an American. But uh yeah, yeah, we're

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Speaker 2: talking about that, and Kn's like, I'm gonna go ahead and

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Speaker 2: cancel it now because we're not gonna watch the closing ceremonies.

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Speaker 2: And I'm like, how many people are currently right now

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Speaker 2: at this very moment also canceling their Peacock memberships. I

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Speaker 2: was like, it's either going to be now or it's

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Speaker 2: gonna be a month from now. Once they're hit with that,

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Speaker 2: you know, the next month's charge, really like, oh dang it,

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Speaker 2: we forgot to cancel it.

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Speaker 1: Or what's gonna happen is for most people, they're not

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Speaker 1: checking their credit card samons, they forget that they have that,

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Speaker 1: they forget that they have the subscription. Assuming we're all

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Speaker 1: money nerds like all Olympics are over, I'm I'm just

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Speaker 1: not really, you know, Joy I'm not hopping over to

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Speaker 1: Peacock to see what's playing anymore. But forget it's even there.

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Speaker 1: They're still paying for You're still paying for it. Yeah,

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Speaker 1: that's what we don't want to see folks to do.

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Speaker 1: That's what we want you to avoid. Let's mention the

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Speaker 1: beer it on this episode, Matt. This is a Delirium

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Speaker 1: Tremens classic, a Belgian ale with the pink elephant that's

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Speaker 1: iconic on front. We'll give our thoughts on this one

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Speaker 1: at the end of the episode. If you have a

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Speaker 1: money question, go to how to money dot com, slash ask,

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Speaker 1: or literally just record it on your phone and email

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Speaker 1: it over to us at how to moneypot at gmail

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Speaker 1: dot com. Hopefully we can take your fun, interesting, fascinating

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Speaker 1: money question next week on the show. Matt, Let's get

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Speaker 1: to this first question. It's specifically centers around a decision

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Speaker 1: of whether or not to work more and make more

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Speaker 1: or not.

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Speaker 3: Hey Manngel, this is Ron from New York. I've got

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Speaker 3: a career related money question I've been thinking about and

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Speaker 3: we'll love your take.

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Speaker 1: Hi.

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Speaker 3: Partner and I are in our early thirties. My partner

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Speaker 3: is self employed and I've been with my company for

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Speaker 3: quite a while. I was recently told I'm likely up

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Speaker 3: for a promotion right now. I make around six figures

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Speaker 3: before bonus, plus a small passive side hustle that brings

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Speaker 3: in a few thousand a year. The promotion would likely

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Speaker 3: come with a mid five figure raise, but it would

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Speaker 3: also mean going into the office at at three day

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Speaker 3: a week. I'm currently fully remote, and the community would

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Speaker 3: be roughly an hour each way. The role itself would

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Speaker 3: mostly build one work I'm already doing, so the responsibilities

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Speaker 3: wouldn't change dramatically, just the expectations and time commitment. For context,

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Speaker 3: my partner and I have been pretty aggressive savers and

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Speaker 3: feel ahead of the curve financially, with a long term

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Speaker 3: goal of financial independence sometime down the road. Given the

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Speaker 3: pay bump versus the lifestyle trade off, do you think

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Speaker 3: this kind of raise is typically worth it? Thanks so much,

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Speaker 3: love the show, Best Friends out Joel.

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Speaker 1: This is a great ask how to money question here?

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Speaker 2: Right because Ron like, there's not like a clear answer here,

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Speaker 2: so the ability for us to talk about all the

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Speaker 2: ins and outs of it, and this is gonna be fun.

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Speaker 1: I know, I like this. These kind of questions are fun.

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Speaker 2: Yeah, He's debating whether to accept more income like a

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Speaker 2: he's essentially a raise, or to be able to maintain

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Speaker 2: his current lifestyle. And I mean, obviously the answer is

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Speaker 2: not going to be the same for everyone, and it

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Speaker 2: almost always, I think, centers around your personal goals. It

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Speaker 2: depends on the stage of life you're in. It like

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Speaker 2: just a whole host of factors. Because Ron, let's say

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Speaker 2: in your early to mid twenties, let's say you're just

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Speaker 2: starting out with your finances, you're trying to build some wealth. Well,

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Speaker 2: a raise like this is not typically something you pass up, right,

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Speaker 2: Like this is huge. But let's say you are on

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Speaker 2: the tail end of things. Let's say you're in your fifties.

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Speaker 2: You've got a solid nest egg built up. In that case,

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Speaker 2: something like this would be less enticing. And so that

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Speaker 2: being said, in both of those situations, the answer is

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Speaker 2: a bit more clear. But for Ron, I think he's

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Speaker 2: somewhere in the middle. So, yeah, there is more to

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Speaker 2: talk about here. I don't think Ron's twenty five.

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Speaker 1: I don't think he's fifty five, right, And so it

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Speaker 1: is it's more and then in between space where you've

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Speaker 1: got to kind of do some soul searching and Matt's

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Speaker 1: some surveys reveal actually how hesitant younger generations are to

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Speaker 1: trade a flexible lifestyle for more pay It seems like,

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Speaker 1: believe it, there just is more of an interest in

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Speaker 1: a desire for young folks to appreciate and enjoy more

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Speaker 1: flexibility imbalance, even if it means they're not going to

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Speaker 1: make quite as much money. Yeah, a lot of that

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Speaker 1: is great, right, And I will say I would count

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Speaker 1: I count myself amongst that crowd. Yeah.

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Speaker 2: Well, I'm thinking about a long time ago when I

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Speaker 2: was earlier on in the stage of life that we're in.

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Speaker 2: We just had our first daughter, but there was a

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Speaker 2: job opening at a great tech company in town that

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Speaker 2: I had a lot of friends at. It was a

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Speaker 2: perfect it was like perfectly aligned with my skill sets,

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Speaker 2: and we seriously considered it, especially since and I mentioned.

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Speaker 1: My daughter had just been born.

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Speaker 2: Because this particular company, their employees paid zero dollars towards

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Speaker 2: their medical All medical costs were covered, which I'm like, well,

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Speaker 2: that would have been a ten thousand dollars just bonus. Sure,

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Speaker 2: based on the fact that we just had a kid

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Speaker 2: and we're planning to have additional kids.

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Speaker 1: But as I thought through what would that look like?

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Speaker 2: Oh, it would mean oh, man, getting up early every

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Speaker 2: morning commuting to work.

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Speaker 1: I was like, I mean, in a normal working studio,

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Speaker 1: was a slacker at that point, at that point in life.

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Speaker 2: But I talked it over with Kate, and we're saying, man, gosh,

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Speaker 2: it would be nice to have benefits. Man, it would

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Speaker 2: be nice to have a four and K match. Oh

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Speaker 2: steady income. What's that like? We haven't dealt with that

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Speaker 2: in a number of years. That at the end of

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Speaker 2: the day decided, you know what, the flexibility that we

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Speaker 2: have to be able to call our own shots, make

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Speaker 2: our own rules, that was too valuable for us to

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Speaker 2: consider pursuing this job that I was not necessarily guaranteed.

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Speaker 1: But yeah, yeah, well, and I get that trend, like

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Speaker 1: and I totally understand it, and in fact, like part

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Speaker 1: of the reason I went into the career that I

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Speaker 1: chose in media. I was like, it's probably not I'm

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Speaker 1: probably not gonna get paid as much as I could

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Speaker 1: going into going into other career fields that I'm that

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Speaker 1: also might be someone interesting. But this is what I'm

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Speaker 1: really fascinated by. This is what I really want to do.

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Speaker 1: If I get paid less, I'm okay with it. Right.

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Speaker 1: On one hand, you're like, I'm thinking radio, but on the

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Speaker 1: other hand, I'm thinking of like rocket scientists or such

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Speaker 1: fund manager. To be honest, and that wasn't a possibility.

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Speaker 1: I know you were debating between one of those two rights,

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Speaker 1: but I think it's important to note. It's important to

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Speaker 1: state out loud too that that working harder and making

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Speaker 1: more now are ultimately what offer greater levels of future flexibility.

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Speaker 1: So there is this trade off where if you are

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Speaker 1: like our you know, friend doctor calls it front loading

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Speaker 1: the sacrifice, if you're willing to put in a little

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Speaker 1: more work and you have this opportunity to increase your income, Like, uh,

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Speaker 1: that's what makes this question so interesting for Ron because

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Speaker 1: he might not actually need that additional income, but for

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Speaker 1: a lot of people, if you're prioritizing current flexibility, you

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Speaker 1: might be trading off and have less flexibility down the road.

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Speaker 2: Yes, yeah, that's right, man. Yeah, it is all about

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Speaker 2: trade offs, and you gotta.

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Speaker 1: Find you gotta find that balance.

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Speaker 2: And I will say too, like, there is a lot

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Speaker 2: of sort of hustle culture stuff coming out of the

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Speaker 2: tech world where folks are saying that you know, you

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Speaker 2: can be balanced. You can have a balance life and

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Speaker 2: you can be successful, which is not true, man, Like

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Speaker 2: it just depends on your like what your idea of

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Speaker 2: success is.

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Speaker 1: Dude.

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Speaker 2: I'll say for me, like, it's not like quote unquote

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Speaker 2: changing the world. It's doing a good job here at

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Speaker 2: how the money. And I will say, actually, I'll take

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Speaker 2: that back, because there's a certain amount of the work

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Speaker 2: that we do that has a pretty wide impact. It's

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Speaker 2: just not I don't know, this is so met up

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Speaker 2: because I feel like some of our life's mission statement

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Speaker 2: though to change the world. No exactly, but like no, yeah,

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Speaker 2: I don't want to get too like classical education with it.

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Speaker 1: But like Nick bikin.

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Speaker 2: Ethics, Aristotle talks about like we are political creatures, which

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Speaker 2: means and not politics from like a red versus blue right,

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Speaker 2: but like from a relationship standpoint, and the impact that

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Speaker 2: we have on our own lives at home that trickles

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Speaker 2: out and it has like when you are doing well

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Speaker 2: at home, when you are doing well as an individual,

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Speaker 2: it empowers the community that you're in in the city

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Speaker 2: and ultimately your country the world.

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Speaker 1: So to a certain extent, a.

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Speaker 2: Small impact the work that we are doing, I feel

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Speaker 2: like is somewhat world changing.

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Speaker 1: Just not making the papers, right, yeah.

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Speaker 2: Yeah, yeah, as opposed to someone who's just like, oh,

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Speaker 2: we're gonna what's building like the most sexy like job title,

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Speaker 2: where someone's really pump.

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Speaker 1: To talk about what it is that they do.

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Speaker 2: Perhaps, but I'm also trying to weigh that at the

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Speaker 2: same time knowing that what we get to do is

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Speaker 2: also very cool and sometimes we forget that. So I'll

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Speaker 2: say sometimes I forget that myself. But the ability though

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Speaker 2: for us just to.

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Speaker 1: Like have a like a normal life and just to

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Speaker 1: go into the office, try to do good in our community,

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Speaker 1: do a great job with our family, like that is

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Speaker 1: more of my mission. And for you, Ron, like.

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Speaker 2: You got to figure out where that balance is for you,

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Speaker 2: because if you have to now commute to work, and

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Speaker 2: if that's not going to cramp your lifestyle too hard,

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Speaker 2: maybe you even enjoy it some. In addition to that,

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Speaker 2: the pay bump, like let's say that that shortens your

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Speaker 2: trajectory towards financial independence significantly, Well, I think it could

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Speaker 2: seem like a seriously worthy consideration. It's just crucial to

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Speaker 2: consider not just your current lifestyle and your flexibility goals,

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Speaker 2: but how each of these decisions would impact your long

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Speaker 2: term ability to reach those goals and the goals you

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Speaker 2: might have off in the future as well. It's not

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Speaker 2: just that here now, you got to look off into

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Speaker 2: the future a little bit and try to decide what

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Speaker 2: it is that future Ron is also going to want

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Speaker 2: to be into.

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Speaker 1: It's kind of like what we talk about with tax planning, right,

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Speaker 1: and it's not all about maximizing your current year's tax savings. Yeah,

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Speaker 1: it's about the whole Okay, how are you going to

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Speaker 1: save the most in taxes across decades? And that's kind

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Speaker 1: of the mindset we want you to bring to this run.

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Speaker 1: While this feels like a decision for right now, for

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Speaker 1: the next year or two, this actually has bigger ramifications.

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Speaker 1: You said you're already ahead of the curve financially, I'd

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Speaker 1: be curious to know what you mean by that. Are

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Speaker 1: you ahead of the average American? That's great, but also

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Speaker 1: not astounding, Right, that's true. Are you approaching coast fire?

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Speaker 1: Because you two have been getting after it hard well,

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Speaker 1: so you know you're already closing in on the point

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Speaker 1: where you can be less opportunistic, You're able to take

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Speaker 1: more advantage of the freedom that you've been saving, that

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Speaker 1: you've been investing for, and that you've already accrued. You

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Speaker 1: don't need much additional income to be able to capitalize

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Speaker 1: on that. And part of the power in saving and

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Speaker 1: investing to garner that freedom is actually using the freedom

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Speaker 1: that you have that you have gained. And so where's

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Speaker 1: your lifestyle headed. Let's say kids are coming down the

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Speaker 1: pike in a few years. You might want to say, Oh,

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Speaker 1: I'm gonna make hay while the sun shines. I'm gonna

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Speaker 1: prioritize working a little bit more, saving squirrelling away some

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Speaker 1: of that extra income so that I have even more

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Speaker 1: free time to spend once kids hit the scene. Or

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Speaker 1: you might be in a financial position to work less

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Speaker 1: now and then because you've been so frugal and savvy.

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Speaker 1: So much is in the details of where your finances

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Speaker 1: actually stand, how liquid you are, and then also what

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Speaker 1: your near to medium term goals are going to look

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Speaker 1: like as well.

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Speaker 2: Absolutely, let's get into the specifics, though, because Ron said

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Speaker 2: that his work wouldn't change meaningfully, right, So if it's

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Speaker 2: not going to add a ton of stress, it's not

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Speaker 2: like you're all of a sudden managing like one hundred

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Speaker 2: people or something like that.

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Speaker 1: Now, if so, well, that's an argument for considering this

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Speaker 1: promotion because did he see he said mid five figures? Yeah,

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Speaker 1: I think like fifty thousand dollars he says he makes

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Speaker 1: a round six figures now, which okay, so one hundred k.

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Speaker 1: And if you if you're if you're looking at a

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Speaker 1: promotion that's going to give you an additional mid five figures. Okay,

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Speaker 1: so you're going from one hundred to potentially that's pretty great.

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Speaker 1: So I don't know.

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Speaker 2: In some ways, like I hear that and I think, well,

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Speaker 2: you got to commute six hours a week. I know

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Speaker 2: you're not very excited about that, but maybe you can

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Speaker 2: get into audiobooks and listen to every single how the

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Speaker 2: Money podcasts of.

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Speaker 1: All time that there's ever been created. I don't know.

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Speaker 1: I think that's definitely worth considering when you're kind of

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Speaker 1: like dive into these specifics. But I mean, obviously, the

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Speaker 1: more financially independent you become, well the easier it is

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Speaker 1: going to be to be able to turn down some

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Speaker 1: of these larger sums of money because you don't need it, right,

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Speaker 1: like it doesn't align with your other goals. Like you've

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Speaker 1: sort of reached what it.

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Speaker 2: Is more money, what that can do for you, and

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Speaker 2: you're like, well, no, it's not, it's not worth it

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Speaker 2: to me. So only you know what those additional goals are.

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Speaker 2: You got to take that into account.

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Speaker 1: You also have to consider what happens if you say no, right,

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Speaker 1: because turning down promotion can lead to reduced opportunities in

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Speaker 1: your workplace in the future. It can send a signal

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Speaker 1: maybe that you don't want to send, especially if you're like, no,

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Speaker 1: I mean I still need an income for the next

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Speaker 1: ten years, and I still want my managers to like me,

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Speaker 1: and I still want to be able to continue to

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Speaker 1: do work that energizes me here. Well, if you decide

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Speaker 1: to decline this promotion, be sure to communicate with leadership

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Speaker 1: about why you want to stay in your current role.

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Speaker 1: Help them see that you're still committed to the company

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Speaker 1: and to your role inside of it, but that this

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Speaker 1: enhanced role, this promotion, it's not conducive to your lifestyle

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Speaker 1: right now or the specific things you're looking for. Yeah,

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Speaker 1: I think that's totally fair, and playing hard to get

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Speaker 1: matt sometimes works too.

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Speaker 4: Right.

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Speaker 1: You might even be able to negotiate a modified promotion

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Speaker 1: where you get to you know, come in one or two,

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Speaker 1: one to two days a week with these slightly increased responsibilities,

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Speaker 1: with the fulls of communiting, right meeting, two hours of commuting.

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Speaker 1: All of a sudden, it's just like, all right, wait

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Speaker 1: a minute, the.

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Speaker 2: Yeah, you just you sweeten the pot. I like that

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Speaker 2: if they really want you. Yeah, the ability to negotiate,

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Speaker 2: and just I think like just talking about it. I

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Speaker 2: think we'll be helpful for your managers or your boss

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Speaker 2: to sort of see what it is that you are prioritizing.

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Speaker 1: And maybe there's, yeah, like you said, some way that

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Speaker 1: they can meet you in the middle. I like that

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Speaker 1: a lot.

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Speaker 2: Plus, there's something kind of wholesome and robust about you,

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Speaker 2: not like drawing a line in the sand, but to

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Speaker 2: even say, well, this is really important to me, all

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Speaker 2: of a sudden, there's this additional facet of who you

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Speaker 2: are as a person. But to me, I don't know,

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Speaker 2: maybe not to your boss or your company, because maybe

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Speaker 2: they're like, oh, we want everybody back in the office.

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Speaker 2: To me, at least that makes you a more interesting

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Speaker 2: person in someone who I would want to continue to

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Speaker 2: have on my team.

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Speaker 1: Yeah, yeah, agreed. Or we got more to get to

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Speaker 1: including rebouncing your portfolio when you got a lot of

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Speaker 1: money tied up in one stock. We'll get to that

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Speaker 1: and more right after this. All right, buddy, we are

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Speaker 1: back from the break.

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Speaker 2: We're gonna get to a question here in a minute

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Speaker 2: about a listener who thinks that you've been a little

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Speaker 2: too cheap. We'll get to that one here in a second,

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Speaker 2: but first let's take a question on single stock investing.

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Speaker 4: Hey, Matt and Joel, this is Kyle and Charlesville, Virginia.

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Speaker 4: I've been a listener for years, but I haven't ever

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Speaker 4: felt like I had a question worth sending your way

428
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Speaker 4: until now. Years ago, I purchased some in Vidia shares

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Speaker 4: on a couple of different occasions. This was prior to

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Speaker 4: the release of chat GPT and the subsequent run up

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Speaker 4: in Nvidia and other AI related stocks. Fast forward to today,

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Speaker 4: and that NVDA stock is worth a little over eight

433
00:19:25,040 --> 00:19:27,840
Speaker 4: hundred thousand dollars and makes up a much bigger percentage

434
00:19:27,840 --> 00:19:30,840
Speaker 4: of my brokerage account than it probably should from a

435
00:19:30,880 --> 00:19:33,200
Speaker 4: tax standpoint. What would be the best way to reduce

436
00:19:33,240 --> 00:19:36,840
Speaker 4: that position and rebalance the portfolio? If you find yourselves

437
00:19:36,840 --> 00:19:38,600
Speaker 4: in Central Virginia, give me a shout We've got a

438
00:19:38,640 --> 00:19:41,080
Speaker 4: few good breweries around and more than a few decent

439
00:19:41,119 --> 00:19:42,120
Speaker 4: vineyards and wineries.

440
00:19:42,400 --> 00:19:45,040
Speaker 1: Thanks Kyle, we'll go drinking with you next time we're

441
00:19:45,080 --> 00:19:47,960
Speaker 1: in Virginia. Sounds like, yeah, I think. And the Veil

442
00:19:48,200 --> 00:19:50,560
Speaker 1: that's in Richmond, Virginia right now, I don't know where

443
00:19:50,560 --> 00:19:53,960
Speaker 1: it is. The Veil makes fantastic ser stuff. And he

444
00:19:54,320 --> 00:19:56,920
Speaker 1: Kyle asked from a tax standpoint, and we will address

445
00:19:57,119 --> 00:19:59,760
Speaker 1: the taxation part of this, but we have to address

446
00:20:00,240 --> 00:20:03,959
Speaker 1: something even larger than that. Two matt like one. Just

447
00:20:04,040 --> 00:20:06,719
Speaker 1: Kyle has done so well with what do you call

448
00:20:06,720 --> 00:20:09,440
Speaker 1: it a small investment. Yeah, it's not so small anymore,

449
00:20:09,560 --> 00:20:11,760
Speaker 1: which is a beautiful thing. And most of us see

450
00:20:11,800 --> 00:20:15,680
Speaker 1: that happen in you know, over a longer period of time,

451
00:20:15,800 --> 00:20:20,000
Speaker 1: right because we're in more just like straight up index funds,

452
00:20:20,119 --> 00:20:22,040
Speaker 1: and so yeah, you look up a decade later and

453
00:20:22,040 --> 00:20:24,680
Speaker 1: you're like, wow, that's pretty cool. But and then two

454
00:20:24,680 --> 00:20:27,520
Speaker 1: decades later you're like, holy mackerel, that's like really really cool.

455
00:20:27,520 --> 00:20:29,760
Speaker 1: How much money I've been able to save in a

456
00:20:29,760 --> 00:20:33,359
Speaker 1: mass Well, for Kyle, it happened a whole lot quicker.

457
00:20:33,680 --> 00:20:36,600
Speaker 1: He might have taken something like thirty grand and turned

458
00:20:36,600 --> 00:20:39,720
Speaker 1: it into eight hundred thousand dollars, which is, yeah, a

459
00:20:39,800 --> 00:20:41,600
Speaker 1: rare feet in investing. But if you look at he

460
00:20:41,640 --> 00:20:43,840
Speaker 1: said six years, if you look back at that timeline,

461
00:20:43,840 --> 00:20:46,720
Speaker 1: that's probably about what he tossed in. And he was like,

462
00:20:46,760 --> 00:20:49,359
Speaker 1: this is reasonable, Like I'll take this bet on this

463
00:20:49,480 --> 00:20:51,720
Speaker 1: company that looks like it's going to change the face

464
00:20:51,880 --> 00:20:55,119
Speaker 1: of the future of artificial intelligence, and they're going to

465
00:20:55,200 --> 00:20:57,480
Speaker 1: garner a lot of the spoils. And turns out Kyle's

466
00:20:57,600 --> 00:21:00,720
Speaker 1: bet was well placed. He was right. But you are, yes,

467
00:21:00,800 --> 00:21:04,400
Speaker 1: of course, very concentrated in one single stock. What might

468
00:21:04,400 --> 00:21:06,960
Speaker 1: have started off as less than five percent of your portfolio,

469
00:21:07,240 --> 00:21:09,240
Speaker 1: it no longer is. So we need to talk not

470
00:21:09,320 --> 00:21:12,200
Speaker 1: just about taxes, but how to de risk given your

471
00:21:12,200 --> 00:21:15,359
Speaker 1: shrewdness and good fortune what you've been able to accomplish here, Kyle. Yeah, no,

472
00:21:15,480 --> 00:21:17,600
Speaker 1: So the numbers that you said, Joel are pretty spot on.

473
00:21:18,240 --> 00:21:20,560
Speaker 2: It would have taken about thirty thousand dollars to get

474
00:21:20,680 --> 00:21:24,640
Speaker 2: what he's got now Nvidia. That same thirty thousand dollars

475
00:21:24,720 --> 00:21:27,440
Speaker 2: had you invested in the SMP, it would be worth

476
00:21:27,880 --> 00:21:30,600
Speaker 2: bare like, not even seventy thousand dollars, which is.

477
00:21:30,560 --> 00:21:32,800
Speaker 1: Still pretty good. More than doubled in six years, which

478
00:21:32,840 --> 00:21:36,160
Speaker 1: is good, but not as good as Kyle. And I'm

479
00:21:36,160 --> 00:21:37,800
Speaker 1: afraid that a lot of folks are going to hear

480
00:21:37,880 --> 00:21:40,159
Speaker 1: us talking taking this question, They're going to think, oh

481
00:21:40,200 --> 00:21:42,480
Speaker 1: my gosh, well that's what I need to do. Well, No,

482
00:21:42,840 --> 00:21:45,080
Speaker 1: that's more like Kyle. That's not what we're saying here.

483
00:21:45,080 --> 00:21:48,080
Speaker 1: And I would like to think that maybe Kyle would

484
00:21:48,080 --> 00:21:50,879
Speaker 1: say the same thing. But it's just easy to hear.

485
00:21:50,800 --> 00:21:52,880
Speaker 2: Success stories like this and to feel that we should

486
00:21:52,920 --> 00:21:55,439
Speaker 2: all be making bigger bets in order to secure the

487
00:21:55,480 --> 00:21:58,919
Speaker 2: bag a bit more quickly. But individual stock picking is

488
00:21:58,920 --> 00:22:01,199
Speaker 2: a very tough endeavor. Not only do you need to

489
00:22:01,200 --> 00:22:03,199
Speaker 2: find an exceptional company, but then on top of that,

490
00:22:03,240 --> 00:22:06,200
Speaker 2: you need to that specific company the stock price needs

491
00:22:06,200 --> 00:22:09,119
Speaker 2: to be undervalued, and it can just be hard on

492
00:22:09,160 --> 00:22:11,600
Speaker 2: top of that to stomach some of the different dramatic

493
00:22:11,720 --> 00:22:14,600
Speaker 2: price drops that you oftentimes look like. It's like Amazon

494
00:22:14,720 --> 00:22:17,680
Speaker 2: multiple times in the back in the early two thousands,

495
00:22:17,720 --> 00:22:20,280
Speaker 2: as far as it's ups and its downs, is this

496
00:22:20,280 --> 00:22:22,960
Speaker 2: book company, online book ordering company gonna be able to

497
00:22:22,960 --> 00:22:23,879
Speaker 2: continue to deliver?

498
00:22:24,119 --> 00:22:27,560
Speaker 1: It was really hard to predict, almost impossible to predict

499
00:22:27,720 --> 00:22:31,080
Speaker 1: that Amazon in that era was gonna be Amazon to

500
00:22:31,200 --> 00:22:33,480
Speaker 1: turn into what it is. Yeah, exactly like if you

501
00:22:33,600 --> 00:22:37,320
Speaker 1: had that foresight, maybe you're a genius. And if you

502
00:22:37,320 --> 00:22:39,800
Speaker 1: had the conviction to hold onto that stock through some

503
00:22:39,840 --> 00:22:45,200
Speaker 1: of those just skin crawling draw downs, then you really

504
00:22:45,760 --> 00:22:47,760
Speaker 1: deserve the fruitless boils you've reaped.

505
00:22:47,800 --> 00:22:50,360
Speaker 2: And oftentimes when like when you're looking back in hindsight,

506
00:22:50,520 --> 00:22:52,520
Speaker 2: it looks like a slam munk decision, but in the moment,

507
00:22:52,560 --> 00:22:56,280
Speaker 2: it just looks incredibly risky buying the video. Certainly now

508
00:22:56,359 --> 00:22:58,280
Speaker 2: specifically if we're talking about that company.

509
00:22:58,040 --> 00:23:00,640
Speaker 1: It's the most highly value company. There's a different of wax.

510
00:23:00,440 --> 00:23:02,680
Speaker 2: And hopefully folks aren't thinking, oh I need to get

511
00:23:02,680 --> 00:23:05,080
Speaker 2: in on AI stocks. That's not what we're talking about here.

512
00:23:05,119 --> 00:23:09,679
Speaker 1: It's kind of like buying Pfizer and Maderna, Like you know,

513
00:23:10,119 --> 00:23:13,040
Speaker 1: months after it was public that they had come up

514
00:23:13,080 --> 00:23:18,320
Speaker 1: with the vaccine matt and stock prices were wild for

515
00:23:18,680 --> 00:23:21,240
Speaker 1: those companies. And now look, if you look at what's happening,

516
00:23:21,240 --> 00:23:24,640
Speaker 1: and they've really dramatically declined, settle back down to earth.

517
00:23:24,920 --> 00:23:26,800
Speaker 1: And not everyone agrees with us, by the way, that

518
00:23:26,840 --> 00:23:29,239
Speaker 1: single stocks should represent a max five percent of your

519
00:23:29,280 --> 00:23:32,680
Speaker 1: overall portfolio. I think that deserves to be mentioned. So

520
00:23:33,119 --> 00:23:35,040
Speaker 1: think about one of the friends of the show that

521
00:23:35,119 --> 00:23:38,720
Speaker 1: we've had on before, Carl, who mister fifteen hundred. He

522
00:23:38,960 --> 00:23:41,920
Speaker 1: talked openly on that episode about how much Tesla stock

523
00:23:41,960 --> 00:23:44,240
Speaker 1: he owns. Yeah, and yeah he still does, and he

524
00:23:44,280 --> 00:23:47,760
Speaker 1: still does. He's like, man, he kind of says like

525
00:23:47,800 --> 00:23:50,000
Speaker 1: a do as I say, not as I do, is

526
00:23:50,080 --> 00:23:51,760
Speaker 1: kind of I think the way he thinks about it,

527
00:23:51,880 --> 00:23:54,240
Speaker 1: So he would even mostly agree with us. But he

528
00:23:54,240 --> 00:23:56,640
Speaker 1: he's like, you know what, I have enough conviction about

529
00:23:56,640 --> 00:23:58,919
Speaker 1: this company, and I have plenty of money invested in

530
00:23:58,920 --> 00:24:02,000
Speaker 1: index funds, and I'm in this financial independence realm, so

531
00:24:02,040 --> 00:24:04,000
Speaker 1: I can break these rules. This is a rule that

532
00:24:04,000 --> 00:24:07,080
Speaker 1: most people should not bring, but I can because I've

533
00:24:07,080 --> 00:24:10,239
Speaker 1: got so many millions of dollars in index funds that

534
00:24:10,520 --> 00:24:13,240
Speaker 1: I might not even ever need. So I can take

535
00:24:13,240 --> 00:24:16,760
Speaker 1: outside bets on Tesla just for funzies, because I think

536
00:24:17,040 --> 00:24:18,879
Speaker 1: one I'll do better and two I've got a lot

537
00:24:18,880 --> 00:24:20,720
Speaker 1: of faith in this company. That's what Carl would say,

538
00:24:20,720 --> 00:24:23,360
Speaker 1: not me, and I would not feel comfortable doing what

539
00:24:23,560 --> 00:24:27,000
Speaker 1: Carl does or having close to a million dollars tied

540
00:24:27,040 --> 00:24:28,560
Speaker 1: up in a single stock. But I just at least

541
00:24:28,560 --> 00:24:30,320
Speaker 1: wanted to get that out of the way, that not

542
00:24:30,440 --> 00:24:33,879
Speaker 1: everyone thinks the same way we think on this, and

543
00:24:33,920 --> 00:24:37,480
Speaker 1: there might be a reason that Kyle bought in Vidia

544
00:24:37,520 --> 00:24:41,439
Speaker 1: stock and why he might want to continue holding on

545
00:24:41,440 --> 00:24:44,680
Speaker 1: to it. And at the same time, it's also unlikely

546
00:24:44,680 --> 00:24:47,600
Speaker 1: that you'll want to abandon all of your positions in

547
00:24:47,600 --> 00:24:49,200
Speaker 1: this stock immediately. Yeah.

548
00:24:49,280 --> 00:24:52,879
Speaker 2: Yeah, so you talked me about Carl having additional investments.

549
00:24:53,119 --> 00:24:56,719
Speaker 2: Is I think that's the true litmus Like, I'm not

550
00:24:56,760 --> 00:24:59,719
Speaker 2: expecting in video to be like Enron, where it's going

551
00:24:59,760 --> 00:25:03,080
Speaker 2: to go belly up right. For one, Tesla actually makes

552
00:25:03,200 --> 00:25:06,880
Speaker 2: like a product a video. I'm sorry, Yes, I'm yeah,

553
00:25:07,000 --> 00:25:09,560
Speaker 2: getting my companies mixed up, But I mean same thing

554
00:25:09,920 --> 00:25:13,600
Speaker 2: with Tesla, same thing with Nvidia as far as them

555
00:25:13,640 --> 00:25:16,679
Speaker 2: actually producing a product. Actually I forget what it was

556
00:25:16,800 --> 00:25:19,119
Speaker 2: in run regardless. What I'm pointing here too, is the

557
00:25:19,119 --> 00:25:21,920
Speaker 2: fact that if you have a whole lot of other

558
00:25:21,960 --> 00:25:24,040
Speaker 2: additional investments, which I think you do because you've got

559
00:25:24,040 --> 00:25:27,400
Speaker 2: this investment in your brokerage as opposed to your retirement accounts,

560
00:25:27,960 --> 00:25:29,920
Speaker 2: if you have enough to retire on, I am more

561
00:25:29,960 --> 00:25:34,320
Speaker 2: comfortable with you having a more outsized portion of your

562
00:25:34,359 --> 00:25:38,120
Speaker 2: overall portfolio invested in single sauce in particular, if you've

563
00:25:38,160 --> 00:25:41,399
Speaker 2: got conviction, not unlike Carl with when it comes to

564
00:25:41,960 --> 00:25:44,680
Speaker 2: when it comes to Tesla, to where if it went

565
00:25:44,760 --> 00:25:47,199
Speaker 2: belly up, that it wouldn't break you like it would be.

566
00:25:47,240 --> 00:25:50,479
Speaker 2: It would hurt, right, yeah, but it wouldn't be like

567
00:25:50,520 --> 00:25:53,560
Speaker 2: this mortal wound to your overall portfolio. Like that's how

568
00:25:53,560 --> 00:25:56,600
Speaker 2: I think about crypto, Like my crypto holdings. I've got

569
00:25:56,640 --> 00:25:59,679
Speaker 2: more crypto than I think the average person that you know,

570
00:25:59,840 --> 00:26:02,520
Speaker 2: I'll say, than you do. We've talked about it, and

571
00:26:03,480 --> 00:26:05,720
Speaker 2: if that were to completely evaporate, it would be a

572
00:26:05,760 --> 00:26:08,280
Speaker 2: huge bomber, and I would be sad, But it also

573
00:26:08,320 --> 00:26:11,920
Speaker 2: wouldn't derail my ability to retire, to even retire early.

574
00:26:12,560 --> 00:26:13,960
Speaker 2: And so I think that's a good rule of thumb

575
00:26:13,960 --> 00:26:15,399
Speaker 2: and at least a good way to think about it

576
00:26:15,600 --> 00:26:17,960
Speaker 2: when it comes to how much of that that you

577
00:26:18,000 --> 00:26:19,960
Speaker 2: want to hold onto. But even still, it's a tricky

578
00:26:20,040 --> 00:26:23,439
Speaker 2: question to determine. You know, what percentage of your overall

579
00:26:23,440 --> 00:26:26,200
Speaker 2: portfolio you want to maintain in the single stock There's.

580
00:26:26,000 --> 00:26:27,760
Speaker 1: Always an exception to the rule, right, I'm thinking like

581
00:26:27,840 --> 00:26:31,200
Speaker 1: bases are loaded in baseball, Matt and it depends on

582
00:26:31,240 --> 00:26:32,760
Speaker 1: which hitter comes up to the plate if they have

583
00:26:32,800 --> 00:26:34,439
Speaker 1: a green light to swing at the first pitch or not.

584
00:26:34,800 --> 00:26:36,880
Speaker 1: There's a lot of hitters in baseball and the coach

585
00:26:36,960 --> 00:26:38,840
Speaker 1: is like, I'll kill you if you swing at that

586
00:26:38,840 --> 00:26:41,040
Speaker 1: first pitch, right, because like I want you to get

587
00:26:41,080 --> 00:26:42,359
Speaker 1: a walk, or I at least want you to put

588
00:26:42,400 --> 00:26:45,520
Speaker 1: pressure on the pitcher. But there are some batters that

589
00:26:45,600 --> 00:26:47,880
Speaker 1: are just some hitters that are just so good, and

590
00:26:48,119 --> 00:26:50,360
Speaker 1: you're like, you have the green light to swing whenever

591
00:26:50,400 --> 00:26:52,359
Speaker 1: you want because you've just proven over a long period

592
00:26:52,359 --> 00:26:55,240
Speaker 1: of time that you crushing situations like this, like you

593
00:26:56,560 --> 00:26:58,720
Speaker 1: hit three eighty right with the bases loaded or something

594
00:26:58,760 --> 00:27:01,200
Speaker 1: like that, over the course of of eight or nine years.

595
00:27:01,800 --> 00:27:05,480
Speaker 1: Sorry for the are these of the show Hez show. Hey, okay,

596
00:27:05,480 --> 00:27:07,760
Speaker 1: he's always got a green light, right, always got a

597
00:27:07,800 --> 00:27:09,560
Speaker 1: green light. There are very few people like that, but

598
00:27:09,600 --> 00:27:11,640
Speaker 1: he does. And that's this. I think what you're getting

599
00:27:11,680 --> 00:27:14,320
Speaker 1: at is, if you have enough money saved up in

600
00:27:14,520 --> 00:27:18,159
Speaker 1: kind of traditional investments, even if you have an outsized

601
00:27:18,359 --> 00:27:22,080
Speaker 1: position in something like Nvidia, you can afford to do

602
00:27:22,119 --> 00:27:24,560
Speaker 1: that if you've crushed it in these other elements of

603
00:27:24,640 --> 00:27:27,640
Speaker 1: your savings and investing and so I think first thing

604
00:27:27,640 --> 00:27:29,480
Speaker 1: to do is to figure out how much exposure is

605
00:27:29,600 --> 00:27:33,240
Speaker 1: ideal for you as a percentage of your portfolio. A

606
00:27:33,359 --> 00:27:35,000
Speaker 1: hundor k's a lot, but if you got twenty million

607
00:27:35,000 --> 00:27:37,800
Speaker 1: index funds, it's not outrageous. If you've got a million

608
00:27:37,840 --> 00:27:40,879
Speaker 1: in the index funds or less, it starts to feel

609
00:27:40,920 --> 00:27:43,919
Speaker 1: pretty outrageous. And so know what target you're shooting for

610
00:27:44,040 --> 00:27:48,159
Speaker 1: in comparison to your other holdings, and then talk about taxes, well,

611
00:27:48,359 --> 00:27:51,240
Speaker 1: sell Gradually selling it all in one fell swoop would

612
00:27:51,359 --> 00:27:54,920
Speaker 1: yes trigger a big old tax bill, pushing you from

613
00:27:55,280 --> 00:27:57,840
Speaker 1: to pay more in tax than you would like, from

614
00:27:58,200 --> 00:28:00,720
Speaker 1: typically like a fifteen percent capital gain tax rate to

615
00:28:00,760 --> 00:28:03,399
Speaker 1: a twenty percent capital against tax rate, depending again on

616
00:28:03,440 --> 00:28:06,199
Speaker 1: how long you've owned those stock positions. There's just no

617
00:28:06,280 --> 00:28:09,720
Speaker 1: reason to create a self inflicted tax wound to remedy

618
00:28:09,760 --> 00:28:14,000
Speaker 1: this overnight. Spreading your tax burden over multiple years is

619
00:28:14,040 --> 00:28:16,800
Speaker 1: just going to be easier to stomach. We'd recommend selling

620
00:28:16,840 --> 00:28:19,920
Speaker 1: a fixed dollar amount quarterly, maybe just so that you're

621
00:28:19,960 --> 00:28:23,040
Speaker 1: not timing or doing it in an emotional way. Maybe

622
00:28:23,359 --> 00:28:26,399
Speaker 1: two percent of your portfolio of your Nvidia holdings every

623
00:28:26,480 --> 00:28:28,960
Speaker 1: four months, so you're getting rid of six percent of

624
00:28:28,960 --> 00:28:32,240
Speaker 1: it every every year, and that way you are maybe

625
00:28:32,280 --> 00:28:34,920
Speaker 1: doing that over the next seven or eight years, Matt,

626
00:28:35,080 --> 00:28:38,600
Speaker 1: in order to really trim the size of those holdings.

627
00:28:38,240 --> 00:28:41,880
Speaker 1: You're selling slowly, but surely you're kind of not timing

628
00:28:41,880 --> 00:28:44,120
Speaker 1: the market your dollar cost averaging on the way down. Yeah.

629
00:28:44,160 --> 00:28:44,520
Speaker 1: I like that.

630
00:28:44,560 --> 00:28:47,280
Speaker 2: I like coming up with the plans literally writing it out.

631
00:28:47,320 --> 00:28:49,520
Speaker 2: Is that way you have something to reference that helps

632
00:28:49,560 --> 00:28:53,320
Speaker 2: you to you're guiding yourself through this process. I think

633
00:28:53,320 --> 00:28:56,200
Speaker 2: another option is to increase the contributions that you're making

634
00:28:56,280 --> 00:28:59,920
Speaker 2: to index fund holdings in an attempt to essentially like

635
00:29:00,160 --> 00:29:03,000
Speaker 2: bring things more in line with what you're shooting for.

636
00:29:03,560 --> 00:29:06,440
Speaker 2: But that being said, like given the extreme run up

637
00:29:06,480 --> 00:29:08,240
Speaker 2: that you've seen and that you might continue to see,

638
00:29:08,600 --> 00:29:10,840
Speaker 2: this might not even be possible to achieve right where

639
00:29:10,960 --> 00:29:15,320
Speaker 2: you're trying to out contribute in your investments towards index funds,

640
00:29:15,600 --> 00:29:19,520
Speaker 2: as Nvidia might be continuing to outpace you. But something

641
00:29:19,560 --> 00:29:21,960
Speaker 2: else worth considering as you are trying to minimize tax

642
00:29:22,000 --> 00:29:25,240
Speaker 2: here is just donating the appreciated shares to a donor

643
00:29:25,320 --> 00:29:29,280
Speaker 2: advised fund. This is something Joel, that we've talked about

644
00:29:29,280 --> 00:29:32,800
Speaker 2: doing this recently with crypto we've done this through Daffy,

645
00:29:32,880 --> 00:29:34,920
Speaker 2: which is our favorite donor advice fund, but you can

646
00:29:34,960 --> 00:29:37,520
Speaker 2: also do it with single talks. I've done it with

647
00:29:37,800 --> 00:29:41,640
Speaker 2: vaneguard ETFs as well. And so if you are keen

648
00:29:42,200 --> 00:29:45,400
Speaker 2: to be generous and to give, this is the way

649
00:29:45,400 --> 00:29:48,960
Speaker 2: to avoid big capital gains tax bills as well while

650
00:29:49,000 --> 00:29:51,680
Speaker 2: simultaneously getting a tax benefit. And by the way, I

651
00:29:51,720 --> 00:29:54,040
Speaker 2: think everyone should be. I was saying, like, if you

652
00:29:54,120 --> 00:29:58,600
Speaker 2: are inclined to give, hopefully you are. And this is

653
00:29:58,600 --> 00:29:59,880
Speaker 2: something we've talked about on the show and the p

654
00:30:00,280 --> 00:30:03,760
Speaker 2: as well, Like we have dedicated entire episodes to being generous,

655
00:30:03,800 --> 00:30:08,560
Speaker 2: to being a giver, to donating funds, even if it's

656
00:30:08,640 --> 00:30:11,400
Speaker 2: not like a set percentage Joel, like you and I

657
00:30:11,600 --> 00:30:15,280
Speaker 2: our families take more of a set percentage minimum, and

658
00:30:15,360 --> 00:30:17,080
Speaker 2: for some people I think that might seem a bit

659
00:30:17,320 --> 00:30:19,840
Speaker 2: strict and a bit rigid in the approach. I think

660
00:30:19,840 --> 00:30:22,080
Speaker 2: even just shooting for like a like say a thousand

661
00:30:22,080 --> 00:30:24,800
Speaker 2: bucks for anybody out there that might be listening, or like, Okay,

662
00:30:24,800 --> 00:30:27,200
Speaker 2: this year, I want to donate five thousand dollars. If

663
00:30:27,440 --> 00:30:29,040
Speaker 2: off in the future you get more comfortable with that

664
00:30:29,080 --> 00:30:30,840
Speaker 2: and you want to up it to a certain percentage.

665
00:30:30,840 --> 00:30:32,520
Speaker 2: I think that that could be good too, but I

666
00:30:32,560 --> 00:30:36,320
Speaker 2: think it just creates a great relationship to your money

667
00:30:36,360 --> 00:30:40,640
Speaker 2: when it's not something that you were constantly trying to

668
00:30:40,680 --> 00:30:42,280
Speaker 2: gain more I don't want to say hoard, but like

669
00:30:42,320 --> 00:30:44,280
Speaker 2: gain more and more of for the different goals that

670
00:30:44,320 --> 00:30:47,600
Speaker 2: you have, as opposed to looking outward to other organizations

671
00:30:47,600 --> 00:30:50,680
Speaker 2: and to folks who might be able to do something

672
00:30:50,720 --> 00:30:53,120
Speaker 2: really awesome with that money, whereas for you it would

673
00:30:53,160 --> 00:30:55,680
Speaker 2: just provide sort of a more minimal increase in the

674
00:30:55,800 --> 00:30:57,200
Speaker 2: utility that it's able to bring you.

675
00:30:57,320 --> 00:30:59,720
Speaker 1: Well, a lot of how to money listeners are incredibly generous,

676
00:30:59,760 --> 00:31:03,600
Speaker 1: and when you think about just donating appreciated securities to

677
00:31:03,880 --> 00:31:07,760
Speaker 1: your donor avice fund versus just cash that you're getting

678
00:31:07,760 --> 00:31:10,800
Speaker 1: from your paycheck, it just it's amazing how much of

679
00:31:10,840 --> 00:31:13,200
Speaker 1: a different it will make, difference it will make in

680
00:31:13,960 --> 00:31:17,720
Speaker 1: reducing taxation and you're able to still accomplish exactly what

681
00:31:17,760 --> 00:31:20,880
Speaker 1: you want to accomplish. One of my favorite ways to

682
00:31:21,440 --> 00:31:24,000
Speaker 1: give is because it's like this, it's like this triple whammy.

683
00:31:24,040 --> 00:31:26,680
Speaker 1: It's the only way I give now. Yeah, yeah, it's like, okay,

684
00:31:26,680 --> 00:31:29,520
Speaker 1: I'm avoiding taxes, I'm able to be incredibly generous. And

685
00:31:29,560 --> 00:31:31,120
Speaker 1: then on top of that, I'm giving to my donor

686
00:31:31,120 --> 00:31:33,640
Speaker 1: Advice fund, where I can see at least a portion

687
00:31:33,720 --> 00:31:36,200
Speaker 1: of that money grow that I'm not giving immediately too,

688
00:31:36,400 --> 00:31:38,360
Speaker 1: for future big giving that I want to do. And

689
00:31:38,760 --> 00:31:41,600
Speaker 1: so donor vice funds if you're into that, Kyle, is

690
00:31:41,640 --> 00:31:44,880
Speaker 1: an awesome way to over time be donating some of

691
00:31:44,880 --> 00:31:48,680
Speaker 1: the shares of Nvidia that you've accrued. I hope that helps,

692
00:31:48,800 --> 00:31:53,280
Speaker 1: And man, congratulations, this is a good problem to have.

693
00:31:53,320 --> 00:31:55,360
Speaker 1: And even if you end up paying more tax than

694
00:31:55,400 --> 00:31:58,360
Speaker 1: you want, still like that's a success tax because you've

695
00:31:58,400 --> 00:32:00,760
Speaker 1: rocked it. All right, Let's get to next question. This

696
00:32:00,800 --> 00:32:04,160
Speaker 1: one comes from listener Graham, who wants to call us

697
00:32:04,160 --> 00:32:05,160
Speaker 1: onto the carpet for something.

698
00:32:06,760 --> 00:32:09,800
Speaker 5: Hey, Matt and Joel, I have a question regarding a

699
00:32:09,800 --> 00:32:12,600
Speaker 5: recent show intro. Joel was balking at the costs of

700
00:32:12,760 --> 00:32:16,920
Speaker 5: Icloud's integrated photo backup. I get the aversion to subscription creep.

701
00:32:17,360 --> 00:32:19,640
Speaker 5: I've been known to uncancel the streaming service for one

702
00:32:19,680 --> 00:32:22,320
Speaker 5: show and then immediately set it to not renew. But

703
00:32:22,400 --> 00:32:24,640
Speaker 5: I've put this less in the consumption bucket and more

704
00:32:24,640 --> 00:32:26,440
Speaker 5: in the technological hygiene bucket.

705
00:32:26,880 --> 00:32:28,520
Speaker 6: Sure you could manually.

706
00:32:28,160 --> 00:32:30,240
Speaker 5: Sink to a computer, chase it with a couple of

707
00:32:30,280 --> 00:32:33,120
Speaker 5: hard drives, and store them at separate physical locations for

708
00:32:33,200 --> 00:32:36,440
Speaker 5: vault tolerance. But honestly, that's only worth it if you

709
00:32:36,520 --> 00:32:39,400
Speaker 5: literally can't afford the monthly fee and happen to have

710
00:32:39,440 --> 00:32:42,720
Speaker 5: spare drives lying around. At some point you've earned the

711
00:32:42,800 --> 00:32:44,680
Speaker 5: right to pay ten dollars a month to not think

712
00:32:44,680 --> 00:32:47,480
Speaker 5: about it. And iCloud plus has other benefits worth taking

713
00:32:47,480 --> 00:32:51,400
Speaker 5: advantage of two. So first question, Nick Majulie's point oh

714
00:32:51,480 --> 00:32:54,920
Speaker 5: one percent of net worth threshold is a useful heuristic,

715
00:32:55,240 --> 00:32:58,200
Speaker 5: but I think it lacks nuance. What's the figure as

716
00:32:58,200 --> 00:33:01,440
Speaker 5: a percentage of monthly in or net worth where you

717
00:33:01,600 --> 00:33:04,160
Speaker 5: just stop worrying about it? I'd argue you can spend

718
00:33:04,160 --> 00:33:06,240
Speaker 5: more than twenty dollars worth of mental energy on a

719
00:33:06,240 --> 00:33:09,160
Speaker 5: twenty dollars problem, and that nickel and diming yourself as

720
00:33:09,200 --> 00:33:13,440
Speaker 5: serious diminishing returns. Curious where you draw that line. My

721
00:33:13,600 --> 00:33:16,760
Speaker 5: second question, A recent caller asked whether they should let

722
00:33:16,760 --> 00:33:19,120
Speaker 5: a medical bill go to internal collections to score a

723
00:33:19,120 --> 00:33:19,920
Speaker 5: bigger discount.

724
00:33:20,440 --> 00:33:22,040
Speaker 6: I love a good discount, but if.

725
00:33:21,960 --> 00:33:24,600
Speaker 5: Everyone did this, hospitals and doctors' offices could take a

726
00:33:24,640 --> 00:33:27,920
Speaker 5: real revenue hit, potentially affecting care quality.

727
00:33:27,680 --> 00:33:28,960
Speaker 6: Or even forcing closures.

728
00:33:29,520 --> 00:33:32,520
Speaker 5: Medical billing is a mass, but gaming pathways designed for

729
00:33:32,600 --> 00:33:34,960
Speaker 5: people who generally can't pay feels like it could have

730
00:33:35,080 --> 00:33:36,360
Speaker 5: unintended consequences.

731
00:33:37,120 --> 00:33:38,600
Speaker 6: So my question when.

732
00:33:38,400 --> 00:33:40,400
Speaker 5: Does it make sense to pay your fair share when

733
00:33:40,440 --> 00:33:43,040
Speaker 5: you have the means, versus grinding it out for a

734
00:33:43,040 --> 00:33:46,480
Speaker 5: maximum discount. Thanks again for all you do and looking

735
00:33:46,520 --> 00:33:48,719
Speaker 5: forward to the next Atlanta area meet up, and I

736
00:33:48,760 --> 00:33:52,280
Speaker 5: still owe you another possibly home brewed beer for the show.

737
00:33:53,440 --> 00:33:55,840
Speaker 2: But you said before the before he took this one,

738
00:33:55,840 --> 00:33:58,520
Speaker 2: that he's calling us both out. No, he's calling you out,

739
00:33:58,520 --> 00:34:02,600
Speaker 2: my friend. This is secifically directed towards towards the first

740
00:34:02,600 --> 00:34:04,920
Speaker 2: time I've been publicly derided as being cheat.

741
00:34:04,960 --> 00:34:05,200
Speaker 1: Matt.

742
00:34:05,400 --> 00:34:07,680
Speaker 2: Well, maybe it was that one time when you were

743
00:34:07,720 --> 00:34:10,240
Speaker 2: charging us for charcoal we're grilling out at your house.

744
00:34:10,400 --> 00:34:14,239
Speaker 1: That wasn't even you shut up. That's like you were

745
00:34:14,280 --> 00:34:16,160
Speaker 1: part of that. Such a such a great story. Though

746
00:34:17,480 --> 00:34:20,200
Speaker 1: we'll get to that on some other time all the time. Okay, So,

747
00:34:20,239 --> 00:34:22,960
Speaker 1: the I think the tech hygiene note that he's striking

748
00:34:23,000 --> 00:34:24,799
Speaker 1: here is that's probably a really good way to think

749
00:34:24,840 --> 00:34:26,360
Speaker 1: about it. I hadn't really thought about it like that.

750
00:34:26,440 --> 00:34:27,960
Speaker 1: I thought about it as I feel like that's how

751
00:34:28,040 --> 00:34:29,520
Speaker 1: that was the point I was trying to make. Yeah,

752
00:34:29,520 --> 00:34:31,560
Speaker 1: because because You're like, oh, I got photos here, got

753
00:34:31,560 --> 00:34:33,239
Speaker 1: some photos here, And I was just like, you do

754
00:34:33,320 --> 00:34:35,440
Speaker 1: you actually have those photos still though? Or have you

755
00:34:35,480 --> 00:34:38,040
Speaker 1: lost any photos? Or was the last time you probably

756
00:34:38,080 --> 00:34:39,799
Speaker 1: have lost was the last time you've seen those some

757
00:34:39,840 --> 00:34:40,120
Speaker 1: of them?

758
00:34:40,360 --> 00:34:42,439
Speaker 2: Because that's the part where for me, as I thought

759
00:34:42,440 --> 00:34:45,239
Speaker 2: through it, I'm like, that's something I'm willing to. Like, dude,

760
00:34:45,280 --> 00:34:48,120
Speaker 2: pictures of Kate and I before we had kids, traveling

761
00:34:48,760 --> 00:34:50,279
Speaker 2: or even when we did have kids and the kids

762
00:34:50,280 --> 00:34:53,360
Speaker 2: are young like those man, those pictures are like priceless

763
00:34:53,600 --> 00:34:56,279
Speaker 2: to me, you know, like that's not something that I'm

764
00:34:56,280 --> 00:34:58,480
Speaker 2: willing to I guess cut too many corners on them,

765
00:34:58,480 --> 00:34:58,920
Speaker 2: But and.

766
00:34:59,480 --> 00:35:01,040
Speaker 1: I get the I get the point, and I think

767
00:35:01,080 --> 00:35:02,600
Speaker 1: there's a lot of truth to that. I should probably

768
00:35:02,600 --> 00:35:04,359
Speaker 1: be less cheap on this. And when it comes down

769
00:35:04,400 --> 00:35:06,759
Speaker 1: to it, is is it going to break the bank? No?

770
00:35:06,760 --> 00:35:09,640
Speaker 1: No it's not. And I think Grand points too to

771
00:35:09,719 --> 00:35:13,400
Speaker 1: the highlighted. He highlights the wasted mental energy, which is

772
00:35:13,440 --> 00:35:16,120
Speaker 1: a real thing, right, and that the more I kind

773
00:35:16,120 --> 00:35:18,560
Speaker 1: of debate this and try to save five dollars a

774
00:35:18,600 --> 00:35:22,480
Speaker 1: month because I'm trying to jump through all these hoops

775
00:35:22,480 --> 00:35:24,879
Speaker 1: in order to keep my pictures in a way that's

776
00:35:24,960 --> 00:35:27,800
Speaker 1: less accessible. You're right, it's five bucks. Like I should

777
00:35:27,800 --> 00:35:28,600
Speaker 1: probably just get over it.

778
00:35:28,640 --> 00:35:30,840
Speaker 2: I picture a picture like a squirrel bearing acorns in

779
00:35:30,880 --> 00:35:34,280
Speaker 2: the backyard. You've got you got pictures all over the internet, right,

780
00:35:34,320 --> 00:35:35,080
Speaker 2: so like do you even.

781
00:35:34,920 --> 00:35:38,239
Speaker 1: Know where they already? Well, I guess it's true. I

782
00:35:38,239 --> 00:35:40,400
Speaker 1: think the more progress you make with your finance. He's

783
00:35:40,440 --> 00:35:42,200
Speaker 1: also right, the less time you should probably spend on

784
00:35:42,239 --> 00:35:45,200
Speaker 1: trivial financial decisions like ten or twenty bucks. Sure, it

785
00:35:45,239 --> 00:35:49,120
Speaker 1: probably shouldn't be as much of a gut wrenching decision

786
00:35:49,320 --> 00:35:53,120
Speaker 1: as it feels to me sometimes I should Probably I

787
00:35:53,120 --> 00:35:55,920
Speaker 1: should get over that. But also old habits die hard, Matt,

788
00:35:56,120 --> 00:35:58,279
Speaker 1: and so it's something I have to consciously work on.

789
00:35:58,719 --> 00:36:01,000
Speaker 1: I guess part of my hangar up to is that

790
00:36:01,040 --> 00:36:04,600
Speaker 1: I also see frugality as a virtue, and so I'm

791
00:36:04,600 --> 00:36:06,759
Speaker 1: more inclined to lean in that direction even if it's

792
00:36:06,800 --> 00:36:10,440
Speaker 1: not a financial necessity, because I think that it's doing

793
00:36:10,520 --> 00:36:17,239
Speaker 1: more in like my character formation than just being like, oh, great,

794
00:36:17,280 --> 00:36:20,040
Speaker 1: ten bucks here ten bucks there, and and yeah, because

795
00:36:20,040 --> 00:36:23,080
Speaker 1: that's a slip, slippery slow, it can be like that's it.

796
00:36:23,120 --> 00:36:25,480
Speaker 1: Still it feels ridiculous to say, but I do. I

797
00:36:25,480 --> 00:36:27,479
Speaker 1: guess I do think of frugality along those lines.

798
00:36:27,520 --> 00:36:30,279
Speaker 2: Well, so it's interesting because you mentioned Graat, mentioned nickma

799
00:36:30,360 --> 00:36:33,759
Speaker 2: Julie's point. So it's a point zero one percent of

800
00:36:33,760 --> 00:36:36,560
Speaker 2: your net worth sort of heuristic, which, just to explain

801
00:36:36,600 --> 00:36:39,120
Speaker 2: it quickly, Essentially, if you are facing an expense in

802
00:36:39,160 --> 00:36:42,359
Speaker 2: your in your life and you basically you multiply your

803
00:36:42,360 --> 00:36:45,160
Speaker 2: net worth by point zero one percent, and if it

804
00:36:45,239 --> 00:36:47,799
Speaker 2: is an expense that is less than that, you don't

805
00:36:47,800 --> 00:36:50,680
Speaker 2: even think about it. You just click to buy, you order,

806
00:36:51,239 --> 00:36:53,920
Speaker 2: you know, you order the upgraded or you get the

807
00:36:53,920 --> 00:36:56,760
Speaker 2: concert tickets, or you go ahead to order the takeout,

808
00:36:56,880 --> 00:37:01,120
Speaker 2: whatever it is. And I totally and Graham is pointing

809
00:37:01,160 --> 00:37:03,680
Speaker 2: this out too, He's saying that like it lacks some nuance,

810
00:37:03,719 --> 00:37:06,520
Speaker 2: it does, and I totally agree because it can be

811
00:37:06,680 --> 00:37:09,279
Speaker 2: very easy to quickly get used to that, right, like

812
00:37:09,280 --> 00:37:10,719
Speaker 2: how many times a day are you going to do that?

813
00:37:11,480 --> 00:37:14,560
Speaker 2: Granted Nick even acknowledges that this isn't something you do

814
00:37:14,600 --> 00:37:17,560
Speaker 2: on a daily basis, but that's where it's a slippery slope, right,

815
00:37:17,600 --> 00:37:19,719
Speaker 2: Like you say yes to this without really thinking about

816
00:37:19,719 --> 00:37:22,160
Speaker 2: it because you've just crunched the numbers. You've entered the

817
00:37:22,200 --> 00:37:25,960
Speaker 2: number into the formula. Does it pass green light? Go okay,

818
00:37:26,360 --> 00:37:26,799
Speaker 2: red light?

819
00:37:26,880 --> 00:37:28,239
Speaker 1: I'll bummer. I guess I won't do it.

820
00:37:28,280 --> 00:37:31,200
Speaker 2: But it's just really easy to not think about that,

821
00:37:31,320 --> 00:37:33,520
Speaker 2: to be parted with your dollars and to not wrestle

822
00:37:33,600 --> 00:37:35,920
Speaker 2: with how much value are you actually getting out of

823
00:37:35,920 --> 00:37:39,680
Speaker 2: that purchase? And I will say you questioning it in

824
00:37:39,719 --> 00:37:43,080
Speaker 2: your mind is a good practice from am I getting

825
00:37:43,160 --> 00:37:45,360
Speaker 2: value out of this? Because in that process, I.

826
00:37:45,360 --> 00:37:47,440
Speaker 1: Don't think it's good to obsess over it if you're

827
00:37:47,440 --> 00:37:49,600
Speaker 1: just constantly going back to it, and it's like sucking

828
00:37:49,600 --> 00:37:52,160
Speaker 1: off the joy out of any photos, anything that you

829
00:37:52,160 --> 00:37:54,399
Speaker 1: would have gotten out of even and looking at.

830
00:37:54,320 --> 00:37:57,239
Speaker 2: These photos, well, it's like self defeating. But if it

831
00:37:57,360 --> 00:37:59,759
Speaker 2: allows you to refine what it is that you're willing

832
00:37:59,800 --> 00:38:03,120
Speaker 2: to money on, that I think is totally is totally

833
00:38:03,120 --> 00:38:06,640
Speaker 2: worth it. And that's honestly where Nick Majulie, friend of

834
00:38:06,680 --> 00:38:09,600
Speaker 2: the show. I guess his latest book was The Wealth Latter.

835
00:38:09,880 --> 00:38:11,640
Speaker 2: You talked with him, but we've had him on multiple

836
00:38:11,640 --> 00:38:12,920
Speaker 2: times on the show. But that's where it lacks a

837
00:38:12,920 --> 00:38:16,520
Speaker 2: little bit of nuance because he's making it more formulaic

838
00:38:16,560 --> 00:38:20,800
Speaker 2: as opposed to knowing like you, it's a personal question

839
00:38:21,040 --> 00:38:22,600
Speaker 2: as to whether or not this is something that you

840
00:38:22,640 --> 00:38:25,560
Speaker 2: appreciate or not. And there's no clear cut answer to

841
00:38:25,600 --> 00:38:28,200
Speaker 2: that other than thinking about it a little bit and

842
00:38:28,239 --> 00:38:31,040
Speaker 2: wrestling whether or not this is something that you value.

843
00:38:31,120 --> 00:38:34,640
Speaker 1: And if you make fewer dumb twenty dollar decisions, you

844
00:38:34,680 --> 00:38:37,480
Speaker 1: can make more awesome five hundred dollars decisions. Yeah, you know, Like,

845
00:38:37,800 --> 00:38:41,080
Speaker 1: I guess that's something that the Graham's pointing out that

846
00:38:41,200 --> 00:38:44,080
Speaker 1: I think we both agree with that. That is, I

847
00:38:44,120 --> 00:38:46,320
Speaker 1: appreciate the way Nick Madduli thought through that and trying

848
00:38:46,360 --> 00:38:49,680
Speaker 1: to kind of create a framework to see your purchases

849
00:38:49,840 --> 00:38:53,000
Speaker 1: through based on your net worth. And in some cases

850
00:38:53,040 --> 00:38:55,480
Speaker 1: there are people who are overly frugal who have a

851
00:38:55,520 --> 00:38:58,040
Speaker 1: hard time making that sports. That's but to me, that's

852
00:38:58,040 --> 00:39:00,279
Speaker 1: what the craft beer equivalent is all about. It's like,

853
00:39:00,320 --> 00:39:04,120
Speaker 1: see it through that framework and put unreasonable amounts of

854
00:39:04,160 --> 00:39:06,799
Speaker 1: money towards those few line items that you care a

855
00:39:06,840 --> 00:39:09,200
Speaker 1: ton about. Like for me lately, it is going to

856
00:39:09,200 --> 00:39:11,919
Speaker 1: more shows with my family and with my friends, and so, yeah,

857
00:39:11,920 --> 00:39:13,239
Speaker 1: I don't know how much money I'm gonna spend a

858
00:39:13,239 --> 00:39:15,520
Speaker 1: concert tickets this year, but it's the last couple of years.

859
00:39:15,560 --> 00:39:18,080
Speaker 1: It's definitely it's increased quite a bite, that increase, And

860
00:39:18,160 --> 00:39:21,480
Speaker 1: it is like moving the needle, man. It's making me happy.

861
00:39:21,640 --> 00:39:23,799
Speaker 1: It's it's kind of to me. It's like a it's

862
00:39:23,800 --> 00:39:25,680
Speaker 1: like a miniature version of a trip because I just

863
00:39:25,719 --> 00:39:29,320
Speaker 1: have this. It has it pays those memory dividends and

864
00:39:29,800 --> 00:39:31,799
Speaker 1: there's a lot of excitement in the build up as well. Yea.

865
00:39:31,880 --> 00:39:34,080
Speaker 1: But so I guess the filter I put this through

866
00:39:34,280 --> 00:39:38,399
Speaker 1: is like, am I being generous toward my future self?

867
00:39:38,480 --> 00:39:41,160
Speaker 1: And does this purchase align with my values? Or am

868
00:39:41,239 --> 00:39:46,240
Speaker 1: I being frugal just because I'm feeling anxious? So instead

869
00:39:46,280 --> 00:39:48,399
Speaker 1: of like a percentage of your net worth, I think

870
00:39:48,400 --> 00:39:50,279
Speaker 1: those are helpful questions to ask when you're trying to

871
00:39:50,280 --> 00:39:50,960
Speaker 1: figure out.

872
00:39:50,760 --> 00:39:53,239
Speaker 2: Which are more value based as opposed to kind of

873
00:39:53,280 --> 00:39:55,600
Speaker 2: just yeah, sticking the number into the machine, pulling the

874
00:39:55,640 --> 00:39:57,960
Speaker 2: lever and having it spit out an answer percent Yeah,

875
00:39:58,000 --> 00:39:59,439
Speaker 2: And I think that's what what Graha was geting.

876
00:39:59,440 --> 00:40:02,200
Speaker 1: Actual we talking abo the medical bill question because we

877
00:40:02,280 --> 00:40:05,000
Speaker 1: got some pushback in the Facebook group on that too,

878
00:40:04,400 --> 00:40:07,080
Speaker 1: was like, I mostly agree with Matt and Joel, but gosh,

879
00:40:07,080 --> 00:40:08,600
Speaker 1: I don't think I agreed with them on this one.

880
00:40:08,680 --> 00:40:10,600
Speaker 2: Okay, So I'm gonna boil this down to the fact

881
00:40:10,640 --> 00:40:13,600
Speaker 2: that you may not love that that's how it's set up,

882
00:40:13,600 --> 00:40:16,680
Speaker 2: but them's the rules, right, Like it makes me think

883
00:40:16,680 --> 00:40:20,000
Speaker 2: of like different tax incentives and different hoops that you

884
00:40:20,000 --> 00:40:21,960
Speaker 2: can jump through to avoid tax and I think some

885
00:40:22,000 --> 00:40:25,120
Speaker 2: folks would say, well, that's not how we should be

886
00:40:25,120 --> 00:40:26,400
Speaker 2: doing it. Like, if you want to be able to

887
00:40:26,440 --> 00:40:28,279
Speaker 2: have nice things in your city, if you want the

888
00:40:28,320 --> 00:40:31,000
Speaker 2: government to be able to provide great benefits for people,

889
00:40:31,160 --> 00:40:33,520
Speaker 2: you pay your fair share and tax. But on one

890
00:40:33,640 --> 00:40:36,160
Speaker 2: end you have like a blind I will pay whatever

891
00:40:36,200 --> 00:40:39,440
Speaker 2: you say that I owe. And then on the other end, obviously,

892
00:40:39,440 --> 00:40:43,920
Speaker 2: I guess you can be criminal and illegally evade taxes

893
00:40:44,400 --> 00:40:46,439
Speaker 2: that you owe. And in this case, you've got a bill.

894
00:40:47,360 --> 00:40:50,759
Speaker 2: And if there is a structure that exists for anybody,

895
00:40:50,840 --> 00:40:55,480
Speaker 2: and like, we're not saying to do something illegal to

896
00:40:55,680 --> 00:40:58,400
Speaker 2: lie to whoever it is that you are trying to

897
00:40:58,440 --> 00:41:01,400
Speaker 2: negotiate with, but within the framework that is presented, I

898
00:41:01,440 --> 00:41:05,480
Speaker 2: am dude. I mean, if there is an outlet for

899
00:41:05,520 --> 00:41:09,960
Speaker 2: you to explore and to legally receive assistance or a discount,

900
00:41:10,200 --> 00:41:12,000
Speaker 2: then that's something that you take it. Honestly, it makes

901
00:41:12,000 --> 00:41:15,200
Speaker 2: me think about credit card benefits, right because someone could

902
00:41:15,200 --> 00:41:17,560
Speaker 2: say the exact same thing. Oh, if everybody paid off

903
00:41:17,560 --> 00:41:21,040
Speaker 2: their credit card on time in full to where they

904
00:41:21,080 --> 00:41:23,800
Speaker 2: didn't carry a balance, well goodness, they would have to

905
00:41:23,880 --> 00:41:25,520
Speaker 2: charge a higher interest rate, or they wouldn't offer the

906
00:41:27,320 --> 00:41:29,600
Speaker 2: cash back rewards, or they wouldn't have the sweeter sign

907
00:41:29,640 --> 00:41:32,839
Speaker 2: up bonuses. I'm fine with that. But as long as

908
00:41:32,840 --> 00:41:35,120
Speaker 2: the benefits are there, it's something that we want folks.

909
00:41:35,440 --> 00:41:38,560
Speaker 2: We want folks to handle their credit cards properly and responsibly.

910
00:41:38,600 --> 00:41:40,560
Speaker 2: And if that means that the banks at some point

911
00:41:41,239 --> 00:41:44,439
Speaker 2: modify the rules and refine the process that they allow

912
00:41:44,480 --> 00:41:46,160
Speaker 2: people to go through in order to receive those benefits,

913
00:41:46,160 --> 00:41:48,720
Speaker 2: I'm fine with that, at which point we will then adapt.

914
00:41:48,800 --> 00:41:51,440
Speaker 2: Right So, in a similar way with the hospitals. If

915
00:41:51,440 --> 00:41:54,360
Speaker 2: the hospitals then say ooh, okay, we're going to have

916
00:41:54,400 --> 00:41:58,120
Speaker 2: to be a little more specific with who we're allowing

917
00:41:58,920 --> 00:42:02,080
Speaker 2: to negotiate their bills, I'm totally for that. But until

918
00:42:02,120 --> 00:42:05,080
Speaker 2: they do, I want anybody that owes the hospital system

919
00:42:05,120 --> 00:42:07,680
Speaker 2: which is a pretty broken system to be able to

920
00:42:07,719 --> 00:42:09,719
Speaker 2: pay a little bit less if that's something they're entitled to.

921
00:42:09,840 --> 00:42:12,040
Speaker 1: It makes you think, for some reason of people who

922
00:42:12,040 --> 00:42:15,480
Speaker 1: have achieved fire. And let's say you're forty five, you're

923
00:42:15,680 --> 00:42:18,879
Speaker 1: completely financially independent, you're not making any money anymore. Guess

924
00:42:18,880 --> 00:42:21,960
Speaker 1: what you have the ability to get extremely subsidized healthcare

925
00:42:22,960 --> 00:42:26,080
Speaker 1: via healthcare dot gov. There are a lot of colleges

926
00:42:26,120 --> 00:42:28,359
Speaker 1: now right who have said, if you make under this

927
00:42:28,400 --> 00:42:31,120
Speaker 1: amount of money, you can send your kid to college

928
00:42:31,160 --> 00:42:35,000
Speaker 1: for free. Those are incredible perks. Yeah, right, And this

929
00:42:35,080 --> 00:42:38,440
Speaker 1: person who has five million dollars, let's say of net worth,

930
00:42:38,760 --> 00:42:41,440
Speaker 1: they don't need those perks? Would you take advantage of them?

931
00:42:41,480 --> 00:42:44,000
Speaker 1: But they're still available there for you? Right, And so

932
00:42:44,080 --> 00:42:47,040
Speaker 1: it's a really Yeah, I get kind of the moral

933
00:42:47,040 --> 00:42:49,879
Speaker 1: conundrum of something like that. It feels weird. Yeah. Yeah,

934
00:42:50,360 --> 00:42:52,239
Speaker 1: when the person on the phone tells you, hey, you

935
00:42:52,280 --> 00:42:53,920
Speaker 1: might just want to let this go to internal collections

936
00:42:53,960 --> 00:42:56,120
Speaker 1: because we'll offer you a better deal and you can

937
00:42:56,160 --> 00:42:58,600
Speaker 1: pay less because of that, that's part of the way

938
00:42:58,680 --> 00:43:01,560
Speaker 1: the broken system works. And so do I love it

939
00:43:01,640 --> 00:43:03,399
Speaker 1: the way the incentives are set up? Do I love

940
00:43:03,440 --> 00:43:07,920
Speaker 1: the way this the whole kabooki theater of financial medical

941
00:43:07,920 --> 00:43:12,560
Speaker 1: billing happens. No, it's it's not my favorite. And yeah,

942
00:43:12,640 --> 00:43:15,600
Speaker 1: we talk about a bunch of things on the medical

943
00:43:15,680 --> 00:43:18,360
Speaker 1: billing front, how egregious medical bills are, how rife with

944
00:43:18,440 --> 00:43:21,400
Speaker 1: theirs they are, the insane markups and price there's a

945
00:43:21,440 --> 00:43:24,359
Speaker 1: lot of things that are stacked against the consumer on

946
00:43:24,560 --> 00:43:27,080
Speaker 1: the medical bill front, and I just think.

947
00:43:27,360 --> 00:43:29,960
Speaker 2: It feels like a real small win for the consumer

948
00:43:30,040 --> 00:43:32,600
Speaker 2: in the small way when there is so much stacked

949
00:43:32,680 --> 00:43:33,520
Speaker 2: up stacked against you.

950
00:43:33,600 --> 00:43:36,080
Speaker 1: It feels like just got done reading Jurassic Park, like

951
00:43:36,360 --> 00:43:38,960
Speaker 1: you're you're let loose in the park. All you got

952
00:43:39,000 --> 00:43:41,919
Speaker 1: some one of those electric motorcycles and the eight pack

953
00:43:41,920 --> 00:43:44,160
Speaker 1: of Velociraptors are after you. That's what it feels like

954
00:43:44,239 --> 00:43:47,640
Speaker 1: when you're dealing with a medical bill. And so it's

955
00:43:47,760 --> 00:43:51,320
Speaker 1: it's almost like a no holds barred situation aside from

956
00:43:51,680 --> 00:43:55,200
Speaker 1: like not paying your debt and moving to another country

957
00:43:55,400 --> 00:43:57,920
Speaker 1: and like changing your name or something like that to

958
00:43:57,920 --> 00:44:00,360
Speaker 1: try to avoid paying. Like, if you have debt, you

959
00:44:00,360 --> 00:44:03,560
Speaker 1: should do whatever you can to get to reduce that

960
00:44:03,719 --> 00:44:05,880
Speaker 1: bill amount and then you should pay what you out.

961
00:44:06,000 --> 00:44:07,600
Speaker 2: Yeah, yeah, absolutely, at the end of the day if

962
00:44:07,680 --> 00:44:09,640
Speaker 2: if that's what you still out, yeah, you pay the bill.

963
00:44:10,239 --> 00:44:13,040
Speaker 2: But again, whatever the rules like, so you meant you

964
00:44:13,200 --> 00:44:16,160
Speaker 2: mentioning essentially someone who's financially independent. It makes me think

965
00:44:16,200 --> 00:44:18,840
Speaker 2: about we're talking about capital gains a second ago, but

966
00:44:18,880 --> 00:44:20,759
Speaker 2: basically like if if you have an income of less

967
00:44:20,800 --> 00:44:23,880
Speaker 2: than one hundred thousand dollars, you're roughly these are round numbers,

968
00:44:23,880 --> 00:44:26,320
Speaker 2: like you're paying zero percent sure in capital gains. And

969
00:44:26,360 --> 00:44:29,160
Speaker 2: so you could have somebody who is quite wealthy and

970
00:44:29,200 --> 00:44:32,600
Speaker 2: who has frontloaded the sacrifice and worked really hard in

971
00:44:32,640 --> 00:44:35,480
Speaker 2: their younger years, stashed a lot up sad you know,

972
00:44:35,600 --> 00:44:38,359
Speaker 2: these are dollars that they haven't spent and that they

973
00:44:38,400 --> 00:44:42,200
Speaker 2: haven't consumed. They were thinking about far off future version

974
00:44:42,239 --> 00:44:44,480
Speaker 2: of themselves and they've got money in the bank. And

975
00:44:44,560 --> 00:44:46,839
Speaker 2: so if they have the ability to live off of,

976
00:44:47,440 --> 00:44:49,720
Speaker 2: you know, less than ninety thousand dollars and they're paying

977
00:44:49,920 --> 00:44:52,880
Speaker 2: zero taxes, would you say that that's fair? Because on

978
00:44:52,880 --> 00:44:55,200
Speaker 2: the one hand, it's like, well, they've got so much money,

979
00:44:55,200 --> 00:44:57,279
Speaker 2: should they should be paying taxes. But that's just that's

980
00:44:57,280 --> 00:45:00,120
Speaker 2: how the systems, like Peter Teel's roth Ira, Yeah, and

981
00:45:00,200 --> 00:45:02,920
Speaker 2: there was a lot of hand ringing about that, and

982
00:45:03,560 --> 00:45:07,640
Speaker 2: that most of us probably wish we had done what

983
00:45:07,880 --> 00:45:10,840
Speaker 2: Peter did in our early early yers, although that was

984
00:45:10,840 --> 00:45:13,480
Speaker 2: like a maneuver breath I ins and outs of that

985
00:45:13,520 --> 00:45:15,719
Speaker 2: particular deal. So I know there might yeah, that one

986
00:45:15,800 --> 00:45:16,080
Speaker 2: might be.

987
00:45:16,000 --> 00:45:20,759
Speaker 1: There actually might be some yeah, but that specific I guess,

988
00:45:20,760 --> 00:45:22,720
Speaker 1: like I also get that people are gonna have different,

989
00:45:22,880 --> 00:45:25,959
Speaker 1: different takes right on how this should function. I'm fine

990
00:45:25,960 --> 00:45:28,920
Speaker 1: with that, and and that's okay. Like we do our

991
00:45:29,160 --> 00:45:30,960
Speaker 1: I've done our best to try to offer an explanation

992
00:45:31,040 --> 00:45:34,160
Speaker 1: of of why we think that's allowing that build to

993
00:45:34,160 --> 00:45:37,200
Speaker 1: go to collections in hopes of a bigger discount makes sense.

994
00:45:37,600 --> 00:45:40,160
Speaker 1: But we also understand if you disagree totally. All right, man,

995
00:45:40,160 --> 00:45:41,239
Speaker 1: we got more to get to. You got a couple

996
00:45:41,280 --> 00:45:45,520
Speaker 1: more questions, including one about comparing insurance coverage Auto insurance

997
00:45:45,520 --> 00:45:48,399
Speaker 1: coverage in particular. There's actually an easy way that can

998
00:45:48,440 --> 00:45:49,799
Speaker 1: probably help you save a lot of money. We'll talk

999
00:45:49,840 --> 00:45:50,680
Speaker 1: about that in just a sec.

1000
00:45:58,719 --> 00:46:02,879
Speaker 2: It's time for the third section of the ass never

1001
00:46:02,920 --> 00:46:05,000
Speaker 2: bought it back that way, Jill uh new Start.

1002
00:46:05,080 --> 00:46:06,440
Speaker 1: I like it. You like that, Yeah, I don't think

1003
00:46:06,480 --> 00:46:08,640
Speaker 1: I'm gonna stay. Facebook Question of the Week is what

1004
00:46:08,640 --> 00:46:11,760
Speaker 1: we're getting to now. This is from Brendan. He wrote,

1005
00:46:12,120 --> 00:46:14,280
Speaker 1: is there a way to have an agent compare auto

1006
00:46:14,320 --> 00:46:17,839
Speaker 1: insurance coverage to find the best coverage price? I feel

1007
00:46:17,880 --> 00:46:19,640
Speaker 1: like the guys have talked about a way to have

1008
00:46:19,719 --> 00:46:22,279
Speaker 1: a human pulling the quotes with a goal to find

1009
00:46:22,280 --> 00:46:24,600
Speaker 1: the best option for you, not the one that makes

1010
00:46:24,640 --> 00:46:29,280
Speaker 1: them the most commission. Yes, we have talked about that. Man.

1011
00:46:29,480 --> 00:46:34,959
Speaker 1: Is there any segment of consumer dom where you see

1012
00:46:34,960 --> 00:46:38,880
Speaker 1: more ads for than insurance companies? Ooh, it feels like

1013
00:46:38,880 --> 00:46:41,480
Speaker 1: like when I'm thinking about the mascot something in Jake

1014
00:46:41,520 --> 00:46:44,040
Speaker 1: from State Farm and think about that EMU from Liberty Mutual,

1015
00:46:44,120 --> 00:46:45,520
Speaker 1: you know, I mean the guy with the mustache.

1016
00:46:45,560 --> 00:46:47,760
Speaker 2: I'm surprised that your minded immediately go to the mustache

1017
00:46:47,760 --> 00:46:50,640
Speaker 2: guy with aviators well as much superior to mine. I

1018
00:46:50,640 --> 00:46:53,520
Speaker 2: don't know, just because this is darker doesn't mean that

1019
00:46:53,560 --> 00:46:58,160
Speaker 2: the uh, the nice scarecrow, you know, blond stash and

1020
00:46:58,640 --> 00:46:59,239
Speaker 2: holding it down.

1021
00:46:59,400 --> 00:47:01,840
Speaker 1: But it's this, it's this thing that leads us to

1022
00:47:01,880 --> 00:47:04,480
Speaker 1: believe Geico the Lizard, right, It's like fifteen minutes will

1023
00:47:04,480 --> 00:47:07,319
Speaker 1: save you fifteen percent and everyone knows that line by art.

1024
00:47:07,400 --> 00:47:11,400
Speaker 1: Now the Mayhem guy, yes, him, too, who originally played

1025
00:47:11,520 --> 00:47:14,760
Speaker 1: was on Friends or something? No, he played Leslie?

1026
00:47:14,800 --> 00:47:19,680
Speaker 2: Was it Leslie note or nos on thirty Rock's boyfriend?

1027
00:47:19,840 --> 00:47:22,400
Speaker 2: I think in thirty Rock and it was essentially the

1028
00:47:22,400 --> 00:47:26,480
Speaker 2: same character. Just a complete miss. It's complete he's done

1029
00:47:26,480 --> 00:47:27,840
Speaker 2: well for himself, total mayhem.

1030
00:47:27,960 --> 00:47:32,239
Speaker 1: Yes, so I can't really think of mascots or I

1031
00:47:32,239 --> 00:47:34,720
Speaker 1: guess like the cell phone big cell phone companies advertise

1032
00:47:34,760 --> 00:47:37,040
Speaker 1: a lot too, But man, these commercials are all over

1033
00:47:37,040 --> 00:47:39,160
Speaker 1: the place, are trying to get you to shop specifically

1034
00:47:39,239 --> 00:47:39,600
Speaker 1: on their.

1035
00:47:39,520 --> 00:47:42,520
Speaker 2: Site, as evidenced by our ability to recall all these

1036
00:47:42,520 --> 00:47:44,839
Speaker 2: mascots and someone's crazy very little TV.

1037
00:47:45,200 --> 00:47:47,480
Speaker 1: That's nuts. Still, I can recall all those guys. But

1038
00:47:47,640 --> 00:47:50,080
Speaker 1: like for in their attempt to get you to shop

1039
00:47:50,080 --> 00:47:51,839
Speaker 1: on their site, it's not about getting you the best, right,

1040
00:47:51,920 --> 00:47:54,520
Speaker 1: it's about getting you in their silo, which is why

1041
00:47:54,640 --> 00:47:56,880
Speaker 1: instead of like plugging in your information on each of

1042
00:47:56,920 --> 00:48:00,520
Speaker 1: their platforms independently, we're all about hitting up in independent

1043
00:48:00,560 --> 00:48:03,240
Speaker 1: agent who can shop with a bunch of providers at once,

1044
00:48:03,800 --> 00:48:06,680
Speaker 1: saving you annoyance and stress, and they can quote a

1045
00:48:06,719 --> 00:48:09,200
Speaker 1: handful of policies at one fell swoop. They can also

1046
00:48:09,480 --> 00:48:12,400
Speaker 1: help ensure that you're that you have the proper insurance

1047
00:48:12,440 --> 00:48:16,959
Speaker 1: coverage and it's not going to cost more either. So, Matt,

1048
00:48:17,080 --> 00:48:21,200
Speaker 1: despite all those commercials trying to sell you on particular companies,

1049
00:48:21,840 --> 00:48:25,320
Speaker 1: their benefits hiring ludicrous right to pop up in random,

1050
00:48:25,680 --> 00:48:29,160
Speaker 1: funny situations, the best option is to go with something

1051
00:48:29,160 --> 00:48:30,399
Speaker 1: that almost nobody knows about.

1052
00:48:30,560 --> 00:48:33,319
Speaker 2: That's right, Yeah, Although there are some insurance companies that

1053
00:48:33,400 --> 00:48:36,080
Speaker 2: don't work with independent agents, so you might want to

1054
00:48:36,200 --> 00:48:38,759
Speaker 2: head up their sites directly in order to get a

1055
00:48:38,760 --> 00:48:42,720
Speaker 2: good quote, But check with a site like Trusted Choice

1056
00:48:42,760 --> 00:48:44,960
Speaker 2: because those are typically the independent agents that are going

1057
00:48:45,000 --> 00:48:48,840
Speaker 2: to aggregate multiple different policies, and you'll also typically be

1058
00:48:48,840 --> 00:48:51,319
Speaker 2: able to get home owners quotes there too. Auto and

1059
00:48:51,360 --> 00:48:55,239
Speaker 2: home insurance insurance providers are one of those sectors where

1060
00:48:55,280 --> 00:48:59,560
Speaker 2: loyalty just gets punished, especially in today's insurance environment.

1061
00:48:59,640 --> 00:49:02,239
Speaker 1: Although is that we're finally starting to see insurance rates

1062
00:49:02,280 --> 00:49:03,120
Speaker 1: taper off a little bit.

1063
00:49:03,719 --> 00:49:07,360
Speaker 2: But yeah, savings of like anywhere between ten and thirty percent,

1064
00:49:07,440 --> 00:49:10,239
Speaker 2: like that is fairly typical if you're willing to go

1065
00:49:10,280 --> 00:49:12,040
Speaker 2: through the process. It's just one of the few areas

1066
00:49:12,120 --> 00:49:15,400
Speaker 2: where you can easily save money without accepting an inferior

1067
00:49:15,440 --> 00:49:17,880
Speaker 2: product as well, Right, Like in a lot of cases

1068
00:49:17,920 --> 00:49:20,360
Speaker 2: it's like, but yeah, I know I can save thirty percent,

1069
00:49:20,360 --> 00:49:21,600
Speaker 2: but I got to go to Aldie then, and I

1070
00:49:21,640 --> 00:49:23,600
Speaker 2: gotta show with my no, you don't even have to

1071
00:49:23,600 --> 00:49:25,239
Speaker 2: do that, Like you are getting a lot of times

1072
00:49:25,280 --> 00:49:27,280
Speaker 2: the same coverage, you're just hopping with a new provider.

1073
00:49:28,160 --> 00:49:29,920
Speaker 1: Also, I got to go from the five hundred meg

1074
00:49:29,960 --> 00:49:31,920
Speaker 1: internet service down to the one hundred meg. Right, my

1075
00:49:32,040 --> 00:49:34,080
Speaker 1: uploads are gonna go Oh no no, Also one hundred

1076
00:49:34,080 --> 00:49:34,960
Speaker 1: megs totally fine.

1077
00:49:35,000 --> 00:49:37,279
Speaker 2: It's only once you get down to like twenty or thirty, like,

1078
00:49:37,320 --> 00:49:39,359
Speaker 2: that's when you're gonna start to notice it. For most people,

1079
00:49:39,440 --> 00:49:42,359
Speaker 2: it's it's more about router placement in their home as

1080
00:49:42,360 --> 00:49:45,560
Speaker 2: opposed to like having to bump from one hundred to

1081
00:49:45,760 --> 00:49:46,320
Speaker 2: five hundred.

1082
00:49:46,840 --> 00:49:49,080
Speaker 1: I got a couple of those old school euro routers

1083
00:49:49,120 --> 00:49:51,680
Speaker 1: like and they've made a big difference.

1084
00:49:51,760 --> 00:49:55,600
Speaker 2: Yeah, as we chase our Wi fi internet provider Tangent.

1085
00:49:55,640 --> 00:49:58,120
Speaker 2: But also totally worth mentioning shout out to our friends

1086
00:49:58,160 --> 00:50:00,640
Speaker 2: over at Policy Genius. That's what they They are an

1087
00:50:00,640 --> 00:50:03,000
Speaker 2: insurance marketplace, so find thing not.

1088
00:50:02,960 --> 00:50:06,480
Speaker 1: Just for term life, which is a great place to go, right,

1089
00:50:06,520 --> 00:50:09,560
Speaker 1: but also for they can help you with shopping insurance

1090
00:50:09,560 --> 00:50:12,320
Speaker 1: as well like car and home. All right, Matt, we

1091
00:50:12,360 --> 00:50:14,080
Speaker 1: got an email from Tony. He says, my son is

1092
00:50:14,120 --> 00:50:16,640
Speaker 1: twenty five years old. He's a computer science major and

1093
00:50:16,680 --> 00:50:19,879
Speaker 1: he just opened his first five thousand dollars CD. Can

1094
00:50:19,920 --> 00:50:22,520
Speaker 1: you recommend a book about finances for him to read

1095
00:50:22,600 --> 00:50:24,960
Speaker 1: or for me to give to him for his upcoming birthday? Oh,

1096
00:50:25,000 --> 00:50:27,560
Speaker 1: I don't think I got this email. Oh well, was

1097
00:50:27,600 --> 00:50:29,120
Speaker 1: this an email to you? I don't know. Maybe I

1098
00:50:29,120 --> 00:50:31,480
Speaker 1: thought it was about but a big first happy birthday

1099
00:50:31,600 --> 00:50:34,520
Speaker 1: to your son. And actually, hey, maybe I sent sent

1100
00:50:34,560 --> 00:50:35,960
Speaker 1: a couple of books. We have a lot of books.

1101
00:50:36,360 --> 00:50:37,799
Speaker 1: We get so many books over here.

1102
00:50:37,880 --> 00:50:38,000
Speaker 5: Oh.

1103
00:50:38,200 --> 00:50:40,560
Speaker 1: I sent him a couple of my favorite but I

1104
00:50:40,600 --> 00:50:42,279
Speaker 1: figure we should take this one. Oh and he's twenty

1105
00:50:42,320 --> 00:50:44,239
Speaker 1: five years old, so you can you can rent a

1106
00:50:44,280 --> 00:50:47,160
Speaker 1: car now? Oh that is the big mask. That is

1107
00:50:47,200 --> 00:50:49,719
Speaker 1: like the last final milestone of adulthood is being able

1108
00:50:49,719 --> 00:50:52,400
Speaker 1: to rent a car. It's pretty cool. It did feel

1109
00:50:52,400 --> 00:50:54,600
Speaker 1: like in your early twenties when you're going places, that

1110
00:50:54,760 --> 00:50:56,440
Speaker 1: was the biggest pain, right that You're like, I can

1111
00:50:56,480 --> 00:50:58,839
Speaker 1: get a hotel, I can, I can do anything I want.

1112
00:50:58,840 --> 00:50:59,680
Speaker 1: I just can't runt a car.

1113
00:51:00,000 --> 00:51:00,080
Speaker 4: Car.

1114
00:51:00,120 --> 00:51:01,440
Speaker 2: I wonder if that's less of their problem now with

1115
00:51:01,760 --> 00:51:05,640
Speaker 2: ride share as well with lyft and all that. But still, Tony,

1116
00:51:06,120 --> 00:51:08,279
Speaker 2: if you are wanting to get your son into investing,

1117
00:51:09,080 --> 00:51:11,839
Speaker 2: right like, so let's let's raise the bar a little bit.

1118
00:51:11,960 --> 00:51:15,920
Speaker 2: You're talking about a CD that's great, but investing with

1119
00:51:16,000 --> 00:51:19,600
Speaker 2: that in mind, I would recommend the Simple Path to Wealth. J. L.

1120
00:51:19,719 --> 00:51:20,239
Speaker 1: Collins Man.

1121
00:51:20,280 --> 00:51:24,480
Speaker 2: He's like the godfather of personal finance DIY individuals to

1122
00:51:25,360 --> 00:51:26,360
Speaker 2: get their dollars invested.

1123
00:51:26,360 --> 00:51:28,279
Speaker 1: We've had him on the show a while back. It's

1124
00:51:28,280 --> 00:51:30,120
Speaker 1: a long time ago, but that's going to help your

1125
00:51:30,120 --> 00:51:34,239
Speaker 1: son to understand the necessity to invest as well and

1126
00:51:34,360 --> 00:51:37,200
Speaker 1: how impactful that's going to be on his wealth building journey.

1127
00:51:37,560 --> 00:51:41,759
Speaker 1: Super down to earthway, doesn't overcomplicate things. Yeah, that's the

1128
00:51:41,800 --> 00:51:43,360
Speaker 1: great book. We're a great, great book for all the

1129
00:51:43,360 --> 00:51:45,160
Speaker 1: folks out there who are looking to kind of it's

1130
00:51:45,200 --> 00:51:47,520
Speaker 1: like a nice investing primmer. And to be honest, like,

1131
00:51:47,560 --> 00:51:49,960
Speaker 1: you can keep diving deeper and going further, but if

1132
00:51:49,960 --> 00:51:53,439
Speaker 1: you stopped there, you would be just fine. Yeah, just fine.

1133
00:51:53,440 --> 00:51:55,680
Speaker 1: He would be just fine. And he's twenty five, and

1134
00:51:55,800 --> 00:51:59,240
Speaker 1: we want your son, ideally to learn about the benefits

1135
00:51:59,280 --> 00:52:01,560
Speaker 1: of compounding, he said, he's got money in a CD,

1136
00:52:01,640 --> 00:52:04,120
Speaker 1: which is great, but like, man, we want him not

1137
00:52:04,200 --> 00:52:07,200
Speaker 1: just to save that save money, but to grow money

1138
00:52:07,200 --> 00:52:10,319
Speaker 1: for his future. And he's at the perfect age to

1139
00:52:10,520 --> 00:52:14,440
Speaker 1: really learn and implement some of those smart investing practices.

1140
00:52:14,440 --> 00:52:15,879
Speaker 1: And I think you're right, Matt, that's a great book

1141
00:52:15,920 --> 00:52:21,480
Speaker 1: recommendation totally. Andy Hill, recent guest has the has a

1142
00:52:21,520 --> 00:52:23,040
Speaker 1: book called On Your Time The.

1143
00:52:23,040 --> 00:52:25,000
Speaker 2: Time When, Yeah, I think that's more like that's like

1144
00:52:25,040 --> 00:52:26,959
Speaker 2: two point zero or that's like a two thousand level

1145
00:52:27,000 --> 00:52:28,040
Speaker 2: college course.

1146
00:52:28,080 --> 00:52:30,920
Speaker 1: I think also, though, what's what makes it cool to

1147
00:52:31,480 --> 00:52:35,279
Speaker 1: read that early on to think about is it's a

1148
00:52:35,440 --> 00:52:37,960
Speaker 1: it'll change your mind about what money can do. The

1149
00:52:38,000 --> 00:52:41,719
Speaker 1: fact that money can buy you independence, like over a

1150
00:52:41,760 --> 00:52:43,719
Speaker 1: long period of time, that's where he can get you, right.

1151
00:52:43,760 --> 00:52:46,000
Speaker 1: It's like combo of simple about the wealth and then

1152
00:52:46,040 --> 00:52:47,719
Speaker 1: being like, oh wait a second, after like fifteen years

1153
00:52:47,760 --> 00:52:50,080
Speaker 1: of doing that, I'll be like a lot closer to

1154
00:52:50,200 --> 00:52:52,879
Speaker 1: financial independence. And what can I do when I've got

1155
00:52:53,200 --> 00:52:57,200
Speaker 1: tons of peace out money and a lot of money

1156
00:52:57,200 --> 00:52:59,600
Speaker 1: savvy man, Like the world is my oyster. And so

1157
00:52:59,640 --> 00:53:02,440
Speaker 1: I think that that's probably another good book that's that's

1158
00:53:02,480 --> 00:53:05,600
Speaker 1: worth reading. And I don't just the other thing I

1159
00:53:05,600 --> 00:53:09,600
Speaker 1: would encourage Tony is how does your son like to learn? Like,

1160
00:53:09,760 --> 00:53:12,520
Speaker 1: maybe an audiobook would be better if he if he's

1161
00:53:12,560 --> 00:53:17,120
Speaker 1: like like me, that's how I read, And so I

1162
00:53:17,160 --> 00:53:19,640
Speaker 1: just want to highlight that because you want the information

1163
00:53:19,840 --> 00:53:21,640
Speaker 1: to have an impact. You just you don't want to

1164
00:53:21,640 --> 00:53:23,680
Speaker 1: give him a book that's gonna sit on the shelf

1165
00:53:23,680 --> 00:53:25,320
Speaker 1: and gather dust. That's totally true.

1166
00:53:25,719 --> 00:53:29,320
Speaker 2: Or maybe even hearing his father referenced in the podcast

1167
00:53:29,400 --> 00:53:31,719
Speaker 2: might be how it is that Tony son I guess

1168
00:53:31,760 --> 00:53:35,719
Speaker 2: to learn send him this episode. Yeah, but it is

1169
00:53:35,760 --> 00:53:37,399
Speaker 2: time for us to get back to the beer, Joel

1170
00:53:37,400 --> 00:53:40,600
Speaker 2: that you and I enjoyed today, which was a delirium tremens.

1171
00:53:41,800 --> 00:53:43,640
Speaker 2: Like you said, it's got the pink elephant, which always

1172
00:53:43,640 --> 00:53:44,520
Speaker 2: makes me think of Dumbo.

1173
00:53:44,640 --> 00:53:47,360
Speaker 1: Oh yeah, does it really of the dream scene?

1174
00:53:47,560 --> 00:53:47,719
Speaker 4: Yes?

1175
00:53:48,040 --> 00:53:50,560
Speaker 1: See that freaked me out a little kid. I just

1176
00:53:50,560 --> 00:53:52,600
Speaker 1: remember thinking, I don't know what this is about, but

1177
00:53:52,640 --> 00:53:55,640
Speaker 1: I don't like it. I just felt too unhinged, out

1178
00:53:55,640 --> 00:53:58,160
Speaker 1: of control. I remember being scared as like a I

1179
00:53:58,160 --> 00:54:00,040
Speaker 1: don't know, like a little kindergarten. Yeah. Watching that for

1180
00:54:00,120 --> 00:54:02,279
Speaker 1: the first time, Oh, I love it though, because now

1181
00:54:02,280 --> 00:54:04,560
Speaker 1: it's great. Shrunky in the best way. They don't. They

1182
00:54:04,560 --> 00:54:07,359
Speaker 1: don't make stuff like that anymore, probably because.

1183
00:54:07,320 --> 00:54:09,760
Speaker 2: Of all the nightmares that well no, I was getting

1184
00:54:10,280 --> 00:54:13,640
Speaker 2: hat but probably a lot of the Disney animators at

1185
00:54:13,640 --> 00:54:15,360
Speaker 2: that point in time, we're.

1186
00:54:15,200 --> 00:54:18,440
Speaker 1: On shrooms or something. Right, Yeah, they're still in drugs,

1187
00:54:18,480 --> 00:54:21,680
Speaker 1: but they're different, protraying it less than their work. Okay,

1188
00:54:21,760 --> 00:54:25,160
Speaker 1: animated movies for kids. Yeah, yeah, I guess so well. Okay,

1189
00:54:25,200 --> 00:54:27,320
Speaker 1: so it's got the cute can with the pink elephant.

1190
00:54:27,719 --> 00:54:29,920
Speaker 1: It's a solid beer. It's so good. It's just not

1191
00:54:30,000 --> 00:54:34,759
Speaker 1: my favorite style. Oh Belgians. Yeah, some Belgian styles are

1192
00:54:35,200 --> 00:54:37,600
Speaker 1: my absolute favorite. I love quads, I love some of

1193
00:54:37,600 --> 00:54:40,400
Speaker 1: those Belgian sours. This kind of what is this like

1194
00:54:40,440 --> 00:54:44,080
Speaker 1: a what is it technically considered taste? Look it up

1195
00:54:44,239 --> 00:54:46,680
Speaker 1: trapelle or whatever, Like it's got a lot of coriander,

1196
00:54:46,719 --> 00:54:49,120
Speaker 1: and is that coriander that I'm tasting? Whatever it is.

1197
00:54:49,160 --> 00:54:52,000
Speaker 1: I think coriander is just not my favorite flavor. And

1198
00:54:52,080 --> 00:54:55,680
Speaker 1: it doesn't mean I hate this beer. It's just like, oh, gosh,

1199
00:54:55,800 --> 00:54:57,960
Speaker 1: too much. The first couple of steps, I'm like, oh, yeah,

1200
00:54:57,960 --> 00:54:59,719
Speaker 1: this is nice and it's different, and then by the

1201
00:54:59,840 --> 00:55:01,759
Speaker 1: end and I'm like, oh, oh, a little too much.

1202
00:55:01,800 --> 00:55:02,200
Speaker 1: Of one thing.

1203
00:55:02,239 --> 00:55:03,920
Speaker 2: Well, I will say there's a good amount of sweetness

1204
00:55:03,960 --> 00:55:06,640
Speaker 2: going on. So as the Belgians go, I guess that's

1205
00:55:06,680 --> 00:55:08,799
Speaker 2: kind of typical across all of them, because so you

1206
00:55:08,840 --> 00:55:12,320
Speaker 2: mentioned coriander, like that's so that's typically triples or Trappel's

1207
00:55:12,360 --> 00:55:15,000
Speaker 2: whatever that kind of have more of those where those notes. Okay,

1208
00:55:15,000 --> 00:55:16,799
Speaker 2: So I just looked it up. It says that it's not.

1209
00:55:17,000 --> 00:55:20,120
Speaker 2: It says Belgian strong golden eil. Okay, So I'm not

1210
00:55:20,120 --> 00:55:22,040
Speaker 2: totally sure if that points it in a certain direction

1211
00:55:22,360 --> 00:55:24,319
Speaker 2: or not, But I don't know. It's just got those

1212
00:55:24,440 --> 00:55:27,840
Speaker 2: classic Belgian flavors, like you've got the the beautiful golden

1213
00:55:27,880 --> 00:55:30,200
Speaker 2: color as you're pouring it. But then those Belgian yeasts

1214
00:55:30,280 --> 00:55:34,279
Speaker 2: that I don't know are unmistakably Belgian that you're going

1215
00:55:34,360 --> 00:55:36,399
Speaker 2: to get it when it comes to any Belgian beer,

1216
00:55:36,400 --> 00:55:38,839
Speaker 2: whether you're looking at a Aligash white all the way

1217
00:55:38,920 --> 00:55:40,960
Speaker 2: up to like some massive quad, it's going to have

1218
00:55:41,000 --> 00:55:44,120
Speaker 2: a similar profile, just.

1219
00:55:43,040 --> 00:55:46,680
Speaker 1: Just a different style of particular beer. But my kids

1220
00:55:46,719 --> 00:55:48,799
Speaker 1: were randomly asking me the other day about like my

1221
00:55:48,880 --> 00:55:52,600
Speaker 1: best beer experience, and that's a great question. It was

1222
00:55:52,760 --> 00:55:56,560
Speaker 1: being in Belgium, going to Cantillona, source like those to me,

1223
00:55:56,760 --> 00:55:59,439
Speaker 1: like that style of Belgian beer is the absolute best

1224
00:55:59,440 --> 00:56:01,879
Speaker 1: and nobody does are better than Campion and so.

1225
00:56:01,840 --> 00:56:06,719
Speaker 2: The spontaneously fermented Belgian beers to take funk years to make.

1226
00:56:06,760 --> 00:56:09,600
Speaker 2: They have the towar the dust from the rafters in

1227
00:56:09,640 --> 00:56:12,600
Speaker 2: the same place where the what's it called the cool ship?

1228
00:56:12,880 --> 00:56:15,680
Speaker 1: Yeah, you know, it's just this open vac like you

1229
00:56:15,760 --> 00:56:17,799
Speaker 1: have to go someday. It's because it's a museum and

1230
00:56:17,840 --> 00:56:21,000
Speaker 1: a brewery simultaneously. It's that's incredible.

1231
00:56:21,080 --> 00:56:22,920
Speaker 2: I would not be surprised if Kate wants to go

1232
00:56:22,960 --> 00:56:24,879
Speaker 2: with me, But if not, let's let's make it happen.

1233
00:56:25,040 --> 00:56:27,800
Speaker 2: Brost some sort of like European will go hiking, slash

1234
00:56:27,880 --> 00:56:28,880
Speaker 2: running across.

1235
00:56:29,040 --> 00:56:32,120
Speaker 1: I want to visit the monasteries. Oh yeah we can.

1236
00:56:32,120 --> 00:56:35,600
Speaker 2: We can hit up northern Italy, so on the borders

1237
00:56:35,680 --> 00:56:38,760
Speaker 2: or near Belgium. It's the Dolomites. I've been there before.

1238
00:56:39,160 --> 00:56:41,960
Speaker 2: And you can stay in these different huts and you

1239
00:56:42,000 --> 00:56:44,520
Speaker 2: can like backpack or in our case, if we do

1240
00:56:44,560 --> 00:56:46,000
Speaker 2: some trail running, we can go from like hut to

1241
00:56:46,080 --> 00:56:49,319
Speaker 2: hut for somebody talk about this. It's not like it's

1242
00:56:49,600 --> 00:56:52,120
Speaker 2: super faincy or anything. It makes it sound very exotic,

1243
00:56:52,520 --> 00:56:55,160
Speaker 2: but evidently there's a decent amount of roughing it. But

1244
00:56:55,280 --> 00:56:58,879
Speaker 2: the combination of that plus some classic Belgian breweries.

1245
00:56:59,520 --> 00:57:02,000
Speaker 1: Sign me up. Maybe we'll get to run the utmb

1246
00:57:02,160 --> 00:57:04,360
Speaker 1: TO together one of these days. What is that just

1247
00:57:04,360 --> 00:57:06,600
Speaker 1: one hundred miles to the Dolomites, snow worries. Yeah, you'll

1248
00:57:06,600 --> 00:57:08,279
Speaker 1: be fun. It's it's actually in the Dolomites, I think.

1249
00:57:08,320 --> 00:57:11,640
Speaker 1: So it's right there in that like France, Italy Switzerland area.

1250
00:57:11,760 --> 00:57:14,120
Speaker 1: So yeah, I don't even think I can play, No

1251
00:57:14,120 --> 00:57:16,200
Speaker 1: big deal. I just got a scale Mount mont Blanc, Right,

1252
00:57:16,800 --> 00:57:19,479
Speaker 1: you really go over Mount Blanc? Yes, it's insane, my gosh.

1253
00:57:19,480 --> 00:57:21,000
Speaker 1: All right, let's going to do it. For this episode.

1254
00:57:21,040 --> 00:57:22,880
Speaker 1: We'll put links to the show notes to some of

1255
00:57:22,880 --> 00:57:25,120
Speaker 1: the resources that we mentioned, and there's always new stuff

1256
00:57:25,120 --> 00:57:27,120
Speaker 1: going up on our site at how to money dot com.

1257
00:57:27,160 --> 00:57:30,480
Speaker 1: Please do check it out, Matt. Until next time, best

1258
00:57:30,520 --> 00:57:31,880
Speaker 1: Friends Out and best Friends Out.