1 00:00:00,160 --> 00:00:02,640 Speaker 1: Welcome to How the Money. I'm Joel and I am 2 00:00:02,680 --> 00:00:06,040 Speaker 1: matt Today we're discussing why you need a credit union 3 00:00:06,080 --> 00:00:27,480 Speaker 1: in your life. Yeah, that's right, you need a credit 4 00:00:27,560 --> 00:00:30,400 Speaker 1: union in your life right now. We talk about credit 5 00:00:30,480 --> 00:00:33,199 Speaker 1: unions all the time, but we've only briefly touched on 6 00:00:33,240 --> 00:00:35,280 Speaker 1: why it is that they're so important when it comes 7 00:00:35,280 --> 00:00:37,600 Speaker 1: to our personal finances and why we need them in 8 00:00:37,600 --> 00:00:39,920 Speaker 1: our lives. We're gonna cover all the different reasons that 9 00:00:40,040 --> 00:00:42,639 Speaker 1: they are important, the roles that they serve, and we're 10 00:00:42,640 --> 00:00:44,520 Speaker 1: also we're gonna tell the full story here. We're gonna 11 00:00:44,560 --> 00:00:47,519 Speaker 1: talk about why it is that credit unions aren't always 12 00:00:47,520 --> 00:00:49,479 Speaker 1: the best option for people if you can believe it. 13 00:00:49,479 --> 00:00:51,159 Speaker 1: We're gonna get to all of that during this episode. 14 00:00:51,280 --> 00:00:54,160 Speaker 1: Let's not over promising, under deliver Matthew. Okay, well, okay, 15 00:00:54,160 --> 00:00:55,680 Speaker 1: here's the thing. Before we get to that, let's talk 16 00:00:55,720 --> 00:00:58,040 Speaker 1: about my cell phone. So I won the sort of 17 00:00:58,080 --> 00:01:00,360 Speaker 1: unspoken battle of who's going to replace their phone first. 18 00:01:00,800 --> 00:01:02,720 Speaker 1: You replace your phone last year, and I feel like 19 00:01:02,760 --> 00:01:06,320 Speaker 1: with every month that continues, like you only have a 20 00:01:06,360 --> 00:01:09,399 Speaker 1: loftier sense of your own abilities in comparison to mine 21 00:01:09,600 --> 00:01:11,200 Speaker 1: that you might were go buying a new phone. My 22 00:01:11,240 --> 00:01:15,760 Speaker 1: old phone trophy is continuing to enlarge this trophy case. Well, 23 00:01:15,800 --> 00:01:18,240 Speaker 1: recently we kind of touched when we're talking with Lisa Rowan. 24 00:01:18,280 --> 00:01:19,560 Speaker 1: I was like, I kind of hinted at the fact 25 00:01:19,600 --> 00:01:21,880 Speaker 1: that I've been toying with the idea of replacing the 26 00:01:21,959 --> 00:01:24,559 Speaker 1: screen on my phone. So I've got this this phone. 27 00:01:24,600 --> 00:01:25,880 Speaker 1: That kind of rolled my eyes when you say that 28 00:01:25,959 --> 00:01:28,800 Speaker 1: just a little bit. And here's the reason why I've 29 00:01:28,840 --> 00:01:30,360 Speaker 1: been toying with it. Originally, I was like, of course, 30 00:01:30,360 --> 00:01:31,800 Speaker 1: I'm not going to replace the screen on my phone. 31 00:01:31,800 --> 00:01:34,640 Speaker 1: This is a phone from This is the original iPhone 32 00:01:34,760 --> 00:01:38,240 Speaker 1: sc or the iPhone sc one some people call it. 33 00:01:38,440 --> 00:01:41,160 Speaker 1: But it's a really stinking old phone. And when you think, oh, 34 00:01:41,160 --> 00:01:44,759 Speaker 1: maybe I should replace the screen on that prolong it's life, 35 00:01:45,120 --> 00:01:47,400 Speaker 1: you quickly realize that, no, that's kind of a waste 36 00:01:47,440 --> 00:01:49,840 Speaker 1: of money. That's a lot of money to spend if 37 00:01:49,880 --> 00:01:51,720 Speaker 1: you go to the local shop here at sixty bucks 38 00:01:52,000 --> 00:01:55,080 Speaker 1: and basically that like totals your phone, and so early 39 00:01:55,120 --> 00:01:56,800 Speaker 1: on I had kind of ruled out that I would 40 00:01:56,840 --> 00:01:59,320 Speaker 1: do that. However, I have changed my mind, And let 41 00:01:59,320 --> 00:02:01,720 Speaker 1: me explain to you why. There came a turning point 42 00:02:01,880 --> 00:02:04,720 Speaker 1: when I realized that, like, it doesn't make sense to 43 00:02:04,840 --> 00:02:06,400 Speaker 1: learn how to do this myself. I'm not gonna go 44 00:02:06,480 --> 00:02:08,400 Speaker 1: and pay for it. But I was starting to contemplate 45 00:02:08,440 --> 00:02:10,600 Speaker 1: doing it myself, and I realized that it would make 46 00:02:10,639 --> 00:02:13,320 Speaker 1: sense because we have so many iPhones in our house, 47 00:02:13,360 --> 00:02:17,080 Speaker 1: like we've got multiple apple products, that there's economies of 48 00:02:17,120 --> 00:02:19,400 Speaker 1: scale here that come into play. And if I learned 49 00:02:19,400 --> 00:02:22,120 Speaker 1: how to do maybe some kind of basic repairs you 50 00:02:22,160 --> 00:02:23,720 Speaker 1: have in your house like thrty two. Come on, well, 51 00:02:23,760 --> 00:02:25,960 Speaker 1: we've got more than two has one when we've got 52 00:02:25,960 --> 00:02:27,800 Speaker 1: our old ones now and we're starting to, you know, 53 00:02:27,880 --> 00:02:30,040 Speaker 1: let our kids use them for for learning games and 54 00:02:30,040 --> 00:02:33,440 Speaker 1: different things like that, even just using them as like cameras, right, 55 00:02:33,800 --> 00:02:36,280 Speaker 1: And so if I just had my iPhone, I'm like, Okay, 56 00:02:36,280 --> 00:02:37,639 Speaker 1: it doesn't really make sense. You know. If I was 57 00:02:37,680 --> 00:02:39,840 Speaker 1: a single individual, no, I'm not gonna learn how to 58 00:02:39,919 --> 00:02:42,520 Speaker 1: do that. But when you consider the fact that there 59 00:02:42,520 --> 00:02:45,440 Speaker 1: are a lot of screens that could break within our household, 60 00:02:45,639 --> 00:02:47,280 Speaker 1: then it starts to make a little bit more sense, 61 00:02:47,320 --> 00:02:50,079 Speaker 1: like a good skill to develop because of that. Yeah, absolutely, 62 00:02:50,160 --> 00:02:51,960 Speaker 1: and considering too, I feel like it's just kind of 63 00:02:52,000 --> 00:02:54,640 Speaker 1: this a new handyman it's just a nice thing to 64 00:02:54,680 --> 00:02:57,040 Speaker 1: know how to do, like in our modern era, like 65 00:02:57,080 --> 00:02:58,639 Speaker 1: in our modern age, right, like back in the day, 66 00:02:58,639 --> 00:03:00,839 Speaker 1: it's like, okay, you learn how to change the oil 67 00:03:00,880 --> 00:03:01,959 Speaker 1: in your own car, if you want to do that 68 00:03:02,000 --> 00:03:03,480 Speaker 1: to save some money on the weekend, you kind of 69 00:03:03,639 --> 00:03:06,480 Speaker 1: changing your own crack screen is the equivalent, Yeah, because, 70 00:03:06,480 --> 00:03:08,640 Speaker 1: like I mean, we've got one car, and the economies 71 00:03:08,639 --> 00:03:10,640 Speaker 1: of scale thing goes into play there too, because if 72 00:03:10,639 --> 00:03:13,200 Speaker 1: you have multiple cars that maybe some people used to 73 00:03:13,200 --> 00:03:15,480 Speaker 1: have back in the day or even now, sure, maybe 74 00:03:15,480 --> 00:03:17,760 Speaker 1: it does make sense for you to get the jack 75 00:03:18,000 --> 00:03:19,400 Speaker 1: or the lift or the ramps you know that you 76 00:03:19,480 --> 00:03:21,639 Speaker 1: drive up on so that you have the tools necessary 77 00:03:21,680 --> 00:03:24,560 Speaker 1: to easily and efficiently change your oil. We've only got 78 00:03:24,560 --> 00:03:27,000 Speaker 1: one car, we don't drive that much. I'm not gonna 79 00:03:27,080 --> 00:03:28,600 Speaker 1: learn how I'm not going to continue to change my 80 00:03:28,600 --> 00:03:29,760 Speaker 1: oil like I learned how to do when I was 81 00:03:29,760 --> 00:03:31,440 Speaker 1: a teenager, because gonna do it twice a year, and 82 00:03:31,440 --> 00:03:34,200 Speaker 1: it's yeah that you know at most twice a year. 83 00:03:34,240 --> 00:03:36,160 Speaker 1: Really Okay, So how much it cost you bought the tools? 84 00:03:36,200 --> 00:03:37,720 Speaker 1: How much were the tools, how much was the screen? 85 00:03:37,720 --> 00:03:39,360 Speaker 1: And how long did it take? Yeah, so the repair 86 00:03:39,480 --> 00:03:42,560 Speaker 1: kit that I got off Amazon was twenty seven bucks, right, 87 00:03:42,640 --> 00:03:45,120 Speaker 1: so super cheap, a lot more affordable than paying sixty 88 00:03:45,200 --> 00:03:46,960 Speaker 1: plus tax, you know, at the shop down the street. 89 00:03:47,400 --> 00:03:49,720 Speaker 1: And uh so, this is my first time ever cracking 90 00:03:49,760 --> 00:03:52,440 Speaker 1: open a screen or you know, opening on an iPhone 91 00:03:52,720 --> 00:03:54,200 Speaker 1: or any any device like that. And it took me 92 00:03:54,240 --> 00:03:56,440 Speaker 1: about an hour, and I was being super careful because 93 00:03:56,440 --> 00:03:58,280 Speaker 1: I wasn't sure what I was doing because I've never 94 00:03:58,320 --> 00:04:00,160 Speaker 1: done it before. I've never seen anyone do it for 95 00:04:00,640 --> 00:04:02,640 Speaker 1: But man, now that I've done, I have complete confidence 96 00:04:02,640 --> 00:04:04,240 Speaker 1: in my abilities to be able to swap out a 97 00:04:04,280 --> 00:04:06,600 Speaker 1: screen in like thirty minutes. And so for me, maybe 98 00:04:06,640 --> 00:04:08,200 Speaker 1: kind of doing that on the weekends while I'm listening 99 00:04:08,200 --> 00:04:09,760 Speaker 1: to a podcast. I mean, that's what I did last 100 00:04:09,800 --> 00:04:12,480 Speaker 1: weekend when I repaired mine. I don't know, it wasn't bad, 101 00:04:12,560 --> 00:04:13,600 Speaker 1: it was I feel like it was a give use 102 00:04:13,640 --> 00:04:16,040 Speaker 1: of my time and I kind of had this this 103 00:04:16,279 --> 00:04:19,159 Speaker 1: sense of accomplishment, like this confidence when it came to 104 00:04:19,240 --> 00:04:21,240 Speaker 1: being able to do this in the future. I'm glad 105 00:04:21,279 --> 00:04:23,440 Speaker 1: I did it. It saved me money as the potential 106 00:04:23,440 --> 00:04:25,240 Speaker 1: to save us a lot more money down the road 107 00:04:25,279 --> 00:04:28,440 Speaker 1: as maybe more devices get dropped. And of course it's 108 00:04:28,440 --> 00:04:31,120 Speaker 1: also keeping me from having to purchase a new iPhone, 109 00:04:32,000 --> 00:04:33,840 Speaker 1: which I've kind of been I've kind of continued to 110 00:04:33,920 --> 00:04:36,120 Speaker 1: kick that can you know further down the road. And 111 00:04:36,160 --> 00:04:39,400 Speaker 1: most importantly, it extends your briden rights for who knows 112 00:04:39,440 --> 00:04:41,600 Speaker 1: how long at this point over me. Of course, Man, 113 00:04:42,160 --> 00:04:44,320 Speaker 1: we're gonna have plenty more shows where we talk about 114 00:04:44,360 --> 00:04:46,760 Speaker 1: how I still have my five year old phone almost 115 00:04:46,800 --> 00:04:48,360 Speaker 1: at this point, and where you can just wrote my 116 00:04:48,400 --> 00:04:50,479 Speaker 1: nose in it a little bit. Well, the thing is, 117 00:04:50,520 --> 00:04:51,960 Speaker 1: you know, once I do get one, I'm probably gonna 118 00:04:51,960 --> 00:04:55,360 Speaker 1: spend like a thousand dollars, like on the nicest iPhone 119 00:04:55,400 --> 00:04:58,480 Speaker 1: there is, hopefully not because your propensity for your love 120 00:04:58,520 --> 00:05:01,040 Speaker 1: for nice cameras. Yeah, I do like the new technology 121 00:05:01,080 --> 00:05:02,840 Speaker 1: for sure, so we'll see. All right, Well, I love 122 00:05:02,839 --> 00:05:04,480 Speaker 1: how you say some money there, learn a new skill 123 00:05:04,560 --> 00:05:06,840 Speaker 1: to save yourself more money in the future too. That's 124 00:05:06,839 --> 00:05:09,080 Speaker 1: pretty awesome. And yeah, I'm interested to know too if 125 00:05:09,080 --> 00:05:12,200 Speaker 1: our listeners, if they have repaired their own phone, share 126 00:05:12,200 --> 00:05:14,279 Speaker 1: your story maybe in our Facebook group, let people know 127 00:05:14,520 --> 00:05:16,400 Speaker 1: how hard or easy it was, or maybe if you 128 00:05:16,600 --> 00:05:19,240 Speaker 1: mess it up that that'd be interesting to know. But yeah, 129 00:05:19,240 --> 00:05:21,000 Speaker 1: I think it's one of those things where it is 130 00:05:21,080 --> 00:05:23,640 Speaker 1: kind of like an investment to buy a twenty seven 131 00:05:23,680 --> 00:05:26,359 Speaker 1: dollar repair kit where you can repair multiple devices and 132 00:05:26,400 --> 00:05:28,800 Speaker 1: repair devices in the coming years. It's not a bad idea, yeah, 133 00:05:28,800 --> 00:05:30,840 Speaker 1: I mean, and they include the tools, right, and so 134 00:05:30,880 --> 00:05:32,839 Speaker 1: it's like it's like twenty five bucks for just a screen, 135 00:05:32,839 --> 00:05:34,880 Speaker 1: and it's an extra like three dollars or two bucks 136 00:05:34,960 --> 00:05:37,560 Speaker 1: or whatever for the little tools and it totally did 137 00:05:37,560 --> 00:05:39,400 Speaker 1: the job, so nice. Al Right. Well, hey, let's mention 138 00:05:39,480 --> 00:05:41,200 Speaker 1: the beer that we're having on the show today. This 139 00:05:41,240 --> 00:05:44,280 Speaker 1: one's called Omnipolo Bianca and it's a peanut butter and 140 00:05:44,360 --> 00:05:48,040 Speaker 1: jelly goza. So this one is going to be really interesting, Matt. 141 00:05:48,080 --> 00:05:50,560 Speaker 1: It's from a Swedish brewery. Will Uh, we'll give our 142 00:05:50,600 --> 00:05:52,640 Speaker 1: thoughts on this one at the end of the episode, 143 00:05:52,920 --> 00:05:55,360 Speaker 1: but Matt, for now, let's get onto the subject hand. 144 00:05:55,400 --> 00:05:57,680 Speaker 1: Let's talk about why people need a credit union in 145 00:05:57,720 --> 00:06:00,240 Speaker 1: their life. And uh, I don't know. I liken credit 146 00:06:00,320 --> 00:06:04,000 Speaker 1: unions to the nineteen nineties Utah jazz. For some reason, 147 00:06:04,000 --> 00:06:05,720 Speaker 1: this kind of struck in my mind. You're gonna have 148 00:06:05,720 --> 00:06:09,440 Speaker 1: to explain yourself because I don't watch basketball and basketball 149 00:06:09,560 --> 00:06:12,160 Speaker 1: I don't really watch basketball much anymore. But in the 150 00:06:12,279 --> 00:06:15,080 Speaker 1: in the like the mid late nineties, dude, I would Yeah, 151 00:06:15,120 --> 00:06:16,919 Speaker 1: I was a big basketball fan. We've talked about your 152 00:06:16,920 --> 00:06:19,600 Speaker 1: Scotty Pippins. Your shoes, they were the best shoes I've 153 00:06:19,640 --> 00:06:22,600 Speaker 1: ever owned. Um, But yeah, the Utah Jazz not really 154 00:06:22,640 --> 00:06:24,960 Speaker 1: a fancy team. They had like a blue collar element 155 00:06:25,040 --> 00:06:28,640 Speaker 1: to them, but they were also they never won a championship, 156 00:06:28,800 --> 00:06:30,600 Speaker 1: and that's in large part because they were up against 157 00:06:30,800 --> 00:06:34,440 Speaker 1: the Chicago Bulls, who are basically playing perfect basketball that 158 00:06:34,520 --> 00:06:38,320 Speaker 1: very time. Yeah, this guy, Michael Jordan, he was really popular. Yeah, Okay, there, 159 00:06:38,360 --> 00:06:40,680 Speaker 1: you got that much. You know something. As we'll find 160 00:06:40,720 --> 00:06:43,720 Speaker 1: out in this episode, credit unions, like the Utah Jazz, 161 00:06:43,800 --> 00:06:47,640 Speaker 1: they're not perfect either, but they are underrated. They do 162 00:06:47,800 --> 00:06:50,800 Speaker 1: hold an important place in the area of personal finances. 163 00:06:51,040 --> 00:06:53,520 Speaker 1: So we'll talk about the things that credit unions rock 164 00:06:53,560 --> 00:06:55,640 Speaker 1: at and also some of the things that they don't 165 00:06:55,640 --> 00:06:58,720 Speaker 1: do well. But there are some legitimate advantages to being 166 00:06:58,720 --> 00:07:00,680 Speaker 1: a credit union member. Matt and I were going to 167 00:07:00,760 --> 00:07:03,600 Speaker 1: dive deep today into how credit unions work, why you 168 00:07:03,600 --> 00:07:05,919 Speaker 1: should consider joining one, and the benefitial received when you 169 00:07:05,920 --> 00:07:08,120 Speaker 1: decide to become a member of one. Yeah, well, you know, 170 00:07:08,160 --> 00:07:10,760 Speaker 1: one of the problems that credit unions solve is the 171 00:07:10,800 --> 00:07:13,000 Speaker 1: fact that the biggest few banks in the US man 172 00:07:13,040 --> 00:07:16,640 Speaker 1: they hold a ridiculous amount of the overall customer deposits 173 00:07:16,640 --> 00:07:19,480 Speaker 1: here in the US. Each year, the headlines UH detail 174 00:07:19,800 --> 00:07:22,680 Speaker 1: what's the biggest banks like Wells, Fargo, City Bank, Chase 175 00:07:22,880 --> 00:07:25,880 Speaker 1: what they're making UH, And it's astounding. We're talking about 176 00:07:25,960 --> 00:07:29,000 Speaker 1: in the tens of billions of dollars each well And 177 00:07:29,040 --> 00:07:30,600 Speaker 1: you know, from a macro point of view, we feel 178 00:07:30,640 --> 00:07:33,400 Speaker 1: that this isn't great for our country as more power 179 00:07:33,600 --> 00:07:37,360 Speaker 1: is consolidated with just a select few. The top four 180 00:07:37,400 --> 00:07:41,000 Speaker 1: banks now account for half of all banking assets in 181 00:07:41,040 --> 00:07:43,240 Speaker 1: the US, and they're able to use that power, and 182 00:07:43,280 --> 00:07:45,560 Speaker 1: the terms that they offer on financial products are almost 183 00:07:45,640 --> 00:07:48,960 Speaker 1: always inferior to what you can get elsewhere. Credit unions 184 00:07:49,000 --> 00:07:50,960 Speaker 1: are a big part of the solution, which is why 185 00:07:51,120 --> 00:07:53,880 Speaker 1: we are dedicating an entire episode to talking about why 186 00:07:53,920 --> 00:07:56,760 Speaker 1: we need credit unions in our life. Yes we do, Matt, 187 00:07:56,800 --> 00:07:59,760 Speaker 1: and UH. Maybe a couple of quick note of how 188 00:08:00,040 --> 00:08:01,680 Speaker 1: to unions came to be, some of the history behind 189 00:08:01,680 --> 00:08:04,240 Speaker 1: credit unions just kind of help us understand how they 190 00:08:04,280 --> 00:08:07,239 Speaker 1: came about and why they're important. Um. Well, the first 191 00:08:07,280 --> 00:08:10,640 Speaker 1: credit union UH started in Germany in the eighteen hundreds. Nice, 192 00:08:10,680 --> 00:08:13,200 Speaker 1: the first one in the United States. What state was 193 00:08:13,200 --> 00:08:15,520 Speaker 1: that in? I know that it's New Hampshire, that's right, Yes, 194 00:08:15,600 --> 00:08:17,680 Speaker 1: in the early n the first credit union launched in 195 00:08:17,680 --> 00:08:20,679 Speaker 1: New Hampshire, and they were initially created to provide better 196 00:08:20,720 --> 00:08:23,560 Speaker 1: products for members than the members were able to receive 197 00:08:23,720 --> 00:08:27,440 Speaker 1: at a bank. Banks exist to generate profit for their shareholders, 198 00:08:27,600 --> 00:08:30,840 Speaker 1: but credit unions are specifically customer focused, and at the 199 00:08:30,840 --> 00:08:33,440 Speaker 1: same time, credit unions offer a lot of similar services 200 00:08:33,440 --> 00:08:36,520 Speaker 1: to what their bank counterparts offer. You can get loans 201 00:08:36,559 --> 00:08:38,679 Speaker 1: like a car loan or homeloan, a home econity line 202 00:08:38,720 --> 00:08:40,959 Speaker 1: of credit. You can have a savings or checking account 203 00:08:40,960 --> 00:08:43,040 Speaker 1: with a credit union, very similar to what you would 204 00:08:43,120 --> 00:08:45,560 Speaker 1: use a bank for. But because of the model that 205 00:08:45,600 --> 00:08:48,319 Speaker 1: credit unions use, you don't have to worry that you're 206 00:08:48,360 --> 00:08:51,160 Speaker 1: being taking advantage of and that is certainly one of 207 00:08:51,160 --> 00:08:53,360 Speaker 1: the reasons that you need a credit union in your life. Yeah, 208 00:08:53,400 --> 00:08:55,960 Speaker 1: that's because that credit unions that they functioned under a 209 00:08:56,120 --> 00:08:58,880 Speaker 1: not for profit model. Not to be confused with nonprofits. 210 00:08:58,880 --> 00:09:02,360 Speaker 1: They're not nonprofits, but they do work as not for 211 00:09:02,480 --> 00:09:05,960 Speaker 1: profits and so if you are a credit union member, 212 00:09:06,320 --> 00:09:09,960 Speaker 1: you are a partial owner of that credit union, at 213 00:09:10,000 --> 00:09:11,839 Speaker 1: least in a like a super small way. You know. 214 00:09:11,840 --> 00:09:13,520 Speaker 1: I don't try to go in there and tell the 215 00:09:13,559 --> 00:09:15,200 Speaker 1: folks working at the counter how to do their job 216 00:09:15,280 --> 00:09:17,200 Speaker 1: or anything like that. I go put my feet on 217 00:09:17,200 --> 00:09:19,640 Speaker 1: the counter out like, hey, listen, I want service right now. 218 00:09:19,679 --> 00:09:22,400 Speaker 1: I own this play. Um, yeah, you're not in charge, 219 00:09:22,440 --> 00:09:24,640 Speaker 1: don't you know who I am? But since you are 220 00:09:24,720 --> 00:09:28,840 Speaker 1: a partial owner in this credit union endeavor, you you know, 221 00:09:28,880 --> 00:09:31,360 Speaker 1: you wouldn't try to fleece yourself right with awful fees 222 00:09:31,480 --> 00:09:34,719 Speaker 1: or a ridiculously high interest rate. That right there, that's 223 00:09:34,720 --> 00:09:36,720 Speaker 1: one of the biggest differences between a bank and a 224 00:09:36,720 --> 00:09:39,240 Speaker 1: credit union. Yeah. If credit unions jacked up rates to 225 00:09:39,280 --> 00:09:41,000 Speaker 1: try to flee their customers, that's like a It's like 226 00:09:41,200 --> 00:09:43,480 Speaker 1: self flagellation or something like that, right, I mean, because 227 00:09:43,480 --> 00:09:45,720 Speaker 1: all of us as members are the collective owners of 228 00:09:45,760 --> 00:09:47,360 Speaker 1: the branch, and we want to do what's in our 229 00:09:47,400 --> 00:09:49,480 Speaker 1: own best interest, which is to offer the best products 230 00:09:49,520 --> 00:09:53,080 Speaker 1: possible at the lowest possible rate and fees. So, um, 231 00:09:53,160 --> 00:09:55,440 Speaker 1: let's talk about too, maybe some of the negative connotations 232 00:09:55,440 --> 00:09:58,400 Speaker 1: that currently exist when it comes to credit unions. I 233 00:09:58,440 --> 00:10:01,760 Speaker 1: think not that there are some dusty, some outdated views 234 00:10:01,800 --> 00:10:04,520 Speaker 1: of credit unions and what they offer. I think maybe 235 00:10:04,559 --> 00:10:06,120 Speaker 1: I don't know some of that has to do with 236 00:10:06,520 --> 00:10:08,280 Speaker 1: the word union being in the name. People like, Hi, 237 00:10:08,400 --> 00:10:09,960 Speaker 1: what is that is that? What's that even mean? Is 238 00:10:09,960 --> 00:10:12,000 Speaker 1: that a semblance of a simpler time that I don't 239 00:10:12,040 --> 00:10:14,360 Speaker 1: need in my life anymore? And while credit unions aren't 240 00:10:14,400 --> 00:10:18,199 Speaker 1: necessarily the most technologically astute organizations out there, that doesn't 241 00:10:18,240 --> 00:10:20,280 Speaker 1: mean that they don't have an important role to play 242 00:10:20,320 --> 00:10:22,320 Speaker 1: in your life. I think also, Matt, maybe some of 243 00:10:22,360 --> 00:10:25,240 Speaker 1: the other confusion about credit unions might be due to 244 00:10:25,280 --> 00:10:27,800 Speaker 1: the fact that credit unions um sometimes go by a 245 00:10:27,840 --> 00:10:31,360 Speaker 1: wide variety of different names, Like some credit unions near 246 00:10:31,400 --> 00:10:33,320 Speaker 1: where you live might go by the term people's bank 247 00:10:33,640 --> 00:10:37,000 Speaker 1: or cooperative bank or credit association. And I think sometimes 248 00:10:37,040 --> 00:10:39,160 Speaker 1: like the branding could be off because we're talking about 249 00:10:39,280 --> 00:10:42,680 Speaker 1: a ton of smaller institutions all around the country. We're 250 00:10:42,679 --> 00:10:46,040 Speaker 1: talking less about like giant banks that you know, advertise 251 00:10:46,120 --> 00:10:48,400 Speaker 1: in front of our eyes on an almost daily or 252 00:10:48,400 --> 00:10:50,800 Speaker 1: weekly basis, and that branding I think can sometimes throw 253 00:10:50,880 --> 00:10:53,000 Speaker 1: us off. Yeah, maybe that's it. Credit unions just have 254 00:10:53,080 --> 00:10:55,800 Speaker 1: like a branding problem. I think that's part of it. Seriously, 255 00:10:55,800 --> 00:10:57,480 Speaker 1: I yeah, I agree, Like we joke about it, but 256 00:10:57,520 --> 00:11:00,360 Speaker 1: it's actually probably true. Another reason too, that uh, that 257 00:11:00,400 --> 00:11:04,120 Speaker 1: credit unions mostly fly under people's radar is likely due 258 00:11:04,200 --> 00:11:08,160 Speaker 1: in part to the historic requirements that have traditionally been 259 00:11:08,160 --> 00:11:11,840 Speaker 1: put in place in order to join a local credit union. So, 260 00:11:11,960 --> 00:11:13,960 Speaker 1: you know, the rules used to be a little more stringent. 261 00:11:14,160 --> 00:11:16,240 Speaker 1: You either had to work directly for the company that 262 00:11:16,520 --> 00:11:19,600 Speaker 1: partnered with that credit union or be related to someone 263 00:11:19,600 --> 00:11:22,880 Speaker 1: who did. Uh, But those rules have loosened quite a 264 00:11:22,920 --> 00:11:25,160 Speaker 1: bit in the last couple of decades, and you can 265 00:11:25,320 --> 00:11:28,559 Speaker 1: often qualify to join a credit union based on living 266 00:11:28,559 --> 00:11:31,480 Speaker 1: in the state where that credit union does business. Yeah, 267 00:11:31,559 --> 00:11:33,440 Speaker 1: later on in the show, we're gonna talk about where 268 00:11:33,440 --> 00:11:35,880 Speaker 1: you should go to look for a credit union to join, 269 00:11:36,240 --> 00:11:39,040 Speaker 1: and in all likelihood you're gonna have many options open 270 00:11:39,040 --> 00:11:40,560 Speaker 1: to you and something. How do you decide? We'll talk 271 00:11:40,600 --> 00:11:43,240 Speaker 1: about that later too, So so like, who should join 272 00:11:43,280 --> 00:11:45,880 Speaker 1: a credit union, I guess is the question. And obviously 273 00:11:45,880 --> 00:11:48,480 Speaker 1: the title of this episode was you need a credit 274 00:11:48,559 --> 00:11:50,400 Speaker 1: union in your life? So basically, Matt and I pretty 275 00:11:50,440 --> 00:11:52,960 Speaker 1: much think that almost everybody should be a member of 276 00:11:52,960 --> 00:11:55,960 Speaker 1: a credit union, um, and especially people who are likely 277 00:11:56,000 --> 00:11:58,800 Speaker 1: to borrow money in the foreseeable future. For almost any purpose, 278 00:11:58,920 --> 00:12:01,560 Speaker 1: credit unions are great that comes to borrowing, and in particular, 279 00:12:01,600 --> 00:12:03,240 Speaker 1: if you're hoping to buy a home in the next 280 00:12:03,360 --> 00:12:05,440 Speaker 1: year or so, it's a great idea to start a 281 00:12:05,440 --> 00:12:09,400 Speaker 1: relationship with a local credit union. Now, right, but why, 282 00:12:09,559 --> 00:12:12,640 Speaker 1: we've got some compelling reasons for why you should join 283 00:12:12,720 --> 00:12:15,080 Speaker 1: a credit union if you haven't yet, We'll get to 284 00:12:15,320 --> 00:12:26,640 Speaker 1: that info right after this break. Al Right, we are 285 00:12:26,679 --> 00:12:29,440 Speaker 1: back and let's talk about why credit unions rock. Let's 286 00:12:29,480 --> 00:12:32,800 Speaker 1: talk about the best things that credit unions have to offer, 287 00:12:32,920 --> 00:12:36,240 Speaker 1: the specific reasons that make joining a smart idea. All right, So, 288 00:12:36,240 --> 00:12:38,480 Speaker 1: so is this episode actually gonna help the credit unions 289 00:12:38,520 --> 00:12:40,400 Speaker 1: with their branding? Like, is this gonna maybe like place 290 00:12:40,480 --> 00:12:42,559 Speaker 1: them in a sexier light? I think so literally the 291 00:12:42,600 --> 00:12:45,360 Speaker 1: fact that we're talking about, yeah, because like you said, 292 00:12:45,440 --> 00:12:48,120 Speaker 1: like it's funny you mentioned like credit unions are on 293 00:12:48,160 --> 00:12:50,040 Speaker 1: the shelf, like high up on the shelf, and it's 294 00:12:50,080 --> 00:12:52,120 Speaker 1: real dusty up there. It doesn't get much light. But 295 00:12:52,200 --> 00:12:53,600 Speaker 1: you know, you you take that down and you put 296 00:12:53,600 --> 00:12:54,800 Speaker 1: it in the light and you talk about it. You 297 00:12:54,880 --> 00:12:57,040 Speaker 1: dusted off all of a sudden, it looks way more attractive. 298 00:12:57,120 --> 00:13:00,280 Speaker 1: Oh yeah, that's nice looking good, Yeah exactly. And so 299 00:13:00,320 --> 00:13:02,760 Speaker 1: let's talk about borrowing rates. You know, we touched on 300 00:13:02,760 --> 00:13:04,680 Speaker 1: this earlier, but the number one reason to join a 301 00:13:04,720 --> 00:13:08,760 Speaker 1: credit union is because they're borrowing rates are often superior 302 00:13:08,840 --> 00:13:11,160 Speaker 1: to the big banks. That only are interest rates lower, 303 00:13:11,240 --> 00:13:13,280 Speaker 1: well when you take out a loan through a credit 304 00:13:13,360 --> 00:13:15,960 Speaker 1: union instead of a bank, but there are fewer fees 305 00:13:16,000 --> 00:13:18,120 Speaker 1: as well. Credit unions are going to put the interest 306 00:13:18,160 --> 00:13:21,400 Speaker 1: of their owners first, right, And when you are a 307 00:13:21,440 --> 00:13:24,480 Speaker 1: part of a credit union, you are part owner, right, 308 00:13:24,520 --> 00:13:26,400 Speaker 1: and that is reflected in the rates that you pay, 309 00:13:26,760 --> 00:13:29,520 Speaker 1: as well as the fees that you don't have to pay. 310 00:13:29,559 --> 00:13:31,760 Speaker 1: And conversely, like with a bank, who are the owners, 311 00:13:31,760 --> 00:13:33,720 Speaker 1: They are the shareholders, and so what they're looking to 312 00:13:33,760 --> 00:13:37,320 Speaker 1: do is maximize profits. How do you most directly maximized profits. 313 00:13:37,559 --> 00:13:41,040 Speaker 1: You increase fees, you increase borrowing rates. And so it 314 00:13:41,120 --> 00:13:43,520 Speaker 1: makes sense that both of these organizations they're going to 315 00:13:43,679 --> 00:13:46,520 Speaker 1: prioritize the owners. Uh, it's just that in this case, 316 00:13:46,559 --> 00:13:49,440 Speaker 1: when it comes to you credit unions, you are part owner. 317 00:13:49,520 --> 00:13:51,360 Speaker 1: Like we said earlier, Yeah, so you're not gonna read 318 00:13:51,520 --> 00:13:54,199 Speaker 1: the article every year that comes out that talks about 319 00:13:54,280 --> 00:13:57,560 Speaker 1: how much overdraft fees or monthly account maintenances have shot 320 00:13:57,600 --> 00:13:59,720 Speaker 1: up at credit unions. And that's just not how credit 321 00:13:59,760 --> 00:14:02,559 Speaker 1: union this work. They're not out to fleece you, whereas 322 00:14:02,679 --> 00:14:05,600 Speaker 1: the biggest banks out there, that's what they're hoping to do. 323 00:14:05,640 --> 00:14:07,920 Speaker 1: That's how they're generating profits for business model, that's how 324 00:14:07,920 --> 00:14:10,560 Speaker 1: they're increasing their bottom line. Let's talk about another benefit 325 00:14:10,720 --> 00:14:14,160 Speaker 1: of credit unions and and customer service is another big one. 326 00:14:14,559 --> 00:14:17,719 Speaker 1: Often the customer service at your local credit union is 327 00:14:17,760 --> 00:14:20,520 Speaker 1: going to be superior to the service you're gonna get 328 00:14:20,600 --> 00:14:23,040 Speaker 1: from one of the bigger banks. The people that work 329 00:14:23,080 --> 00:14:25,400 Speaker 1: at my local credit union least are are focused on 330 00:14:25,520 --> 00:14:28,960 Speaker 1: serving their members. It's likely that they realize that we're 331 00:14:29,000 --> 00:14:30,960 Speaker 1: all a part of this club. We're all about getting 332 00:14:31,000 --> 00:14:33,240 Speaker 1: the best deals, right, and um, that's how you look 333 00:14:33,240 --> 00:14:35,440 Speaker 1: at other people. Like when you go to Costco, you're like, yeah, 334 00:14:35,480 --> 00:14:37,480 Speaker 1: what's up? Hey? Oh yeah you too. We're part of 335 00:14:37,480 --> 00:14:39,760 Speaker 1: the same club. We space sixty bucks a year to 336 00:14:39,800 --> 00:14:42,560 Speaker 1: be in this club exactly. And then I think to Matt, like, 337 00:14:42,560 --> 00:14:45,720 Speaker 1: when you look at the rankings of how credit unions 338 00:14:45,720 --> 00:14:48,360 Speaker 1: perform in different studies, like Consumer Reports had one, the 339 00:14:48,760 --> 00:14:52,040 Speaker 1: number of credit unions that get top notch rankings is 340 00:14:52,160 --> 00:14:54,480 Speaker 1: so much better than the banks out there that do. 341 00:14:54,880 --> 00:14:57,560 Speaker 1: It's just a big difference when you're looking at how 342 00:14:57,600 --> 00:15:00,640 Speaker 1: people view them, and credit unions are just viewed in 343 00:15:00,680 --> 00:15:03,040 Speaker 1: a far superior light. Much of that is due to 344 00:15:03,320 --> 00:15:06,040 Speaker 1: superior customer service. You're really treated like that the person 345 00:15:06,080 --> 00:15:08,160 Speaker 1: you are, not just like the credit score that is 346 00:15:08,200 --> 00:15:09,760 Speaker 1: seen on paper too. I think that's one of the 347 00:15:09,760 --> 00:15:12,160 Speaker 1: other nice things. There's more of a personal face, and 348 00:15:12,200 --> 00:15:14,800 Speaker 1: there's a better engagement and so um and so you 349 00:15:14,800 --> 00:15:16,400 Speaker 1: can actually talk to someone that works there and you 350 00:15:16,400 --> 00:15:18,600 Speaker 1: can discuss the particular details of something that you're trying 351 00:15:18,600 --> 00:15:20,800 Speaker 1: to accomplish. Like at my credit union. It it's so 352 00:15:20,840 --> 00:15:22,200 Speaker 1: much easier to get someone on the phone in the 353 00:15:22,200 --> 00:15:25,040 Speaker 1: mortgage department if I if I'm having an issue, Uh, 354 00:15:25,200 --> 00:15:27,320 Speaker 1: just try calling the eight hundred number. It's your big bank, 355 00:15:27,320 --> 00:15:29,280 Speaker 1: and let me know how that goes, because I guarantee 356 00:15:29,280 --> 00:15:31,040 Speaker 1: you're gonna be on hold for quite a while, and then, 357 00:15:31,320 --> 00:15:32,920 Speaker 1: you know what, you might not actually get help in 358 00:15:32,960 --> 00:15:35,040 Speaker 1: the end. The great thing about being a member of 359 00:15:35,080 --> 00:15:37,360 Speaker 1: a credit union is help is just a phone call 360 00:15:37,440 --> 00:15:39,320 Speaker 1: or a visit away, you'll find that it's actually pretty 361 00:15:39,320 --> 00:15:41,680 Speaker 1: easy to get the help that you need. Yep, that's right, man. 362 00:15:41,880 --> 00:15:44,800 Speaker 1: Another benefit that we like, uh, that you can have 363 00:15:44,960 --> 00:15:48,240 Speaker 1: with a credit union is that small businesses, right, they 364 00:15:48,280 --> 00:15:52,320 Speaker 1: can particularly benefit from being a credit union member. Most 365 00:15:52,320 --> 00:15:54,880 Speaker 1: of the big banks have zero interest in helping local 366 00:15:54,920 --> 00:15:58,240 Speaker 1: small businesses. They don't generate enough profit for them. You know. 367 00:15:58,280 --> 00:16:00,400 Speaker 1: We saw that in full force back when the first 368 00:16:00,480 --> 00:16:03,760 Speaker 1: round of PPP money was made available, and most of 369 00:16:03,760 --> 00:16:06,920 Speaker 1: the funds went to these larger businesses that had these 370 00:16:06,960 --> 00:16:10,840 Speaker 1: big financial relationships with specific banks around the country. And 371 00:16:10,880 --> 00:16:13,640 Speaker 1: so if you are a small business, consider taking your 372 00:16:13,640 --> 00:16:16,920 Speaker 1: business to a credit union instead. Uh And and by 373 00:16:16,920 --> 00:16:18,960 Speaker 1: the way, you know, small community banks can also be 374 00:16:19,000 --> 00:16:21,080 Speaker 1: a solid choice here. Both of those are great if 375 00:16:21,120 --> 00:16:23,200 Speaker 1: you're a small business and if you're not a small 376 00:16:23,240 --> 00:16:26,080 Speaker 1: business to write like, if you're an individual, I mean, 377 00:16:26,120 --> 00:16:28,920 Speaker 1: it seems that they are working to help you as individuals, 378 00:16:29,640 --> 00:16:32,960 Speaker 1: helping us right to thrive financially. Uh So, for example, 379 00:16:33,040 --> 00:16:35,640 Speaker 1: credit unions, they're more willing to help you if you've 380 00:16:35,680 --> 00:16:39,520 Speaker 1: struggled with credit in the past. Many credit unions offer 381 00:16:39,880 --> 00:16:43,120 Speaker 1: credit builder loans that help folks who have uh. Like 382 00:16:43,160 --> 00:16:45,720 Speaker 1: screwed up their credit and are looking to mend things. 383 00:16:46,040 --> 00:16:47,880 Speaker 1: Those aren't really programs that you're gonna find with some 384 00:16:47,920 --> 00:16:49,640 Speaker 1: of the big banks, and so it's it's really cool 385 00:16:49,680 --> 00:16:52,640 Speaker 1: to see them have products and programs out there for 386 00:16:52,680 --> 00:16:55,000 Speaker 1: folks who aren't in a great position financially. And a 387 00:16:55,040 --> 00:16:57,360 Speaker 1: lot of credit unions have like awesome accounts for kids 388 00:16:57,400 --> 00:16:59,560 Speaker 1: to help them get interested in savings where they pay 389 00:16:59,600 --> 00:17:02,880 Speaker 1: like ridiculous interest rates, like super high interest rates two 390 00:17:03,000 --> 00:17:05,240 Speaker 1: kids up to like a thousand or three thousand dollars 391 00:17:05,240 --> 00:17:07,440 Speaker 1: that they're able to deposit, and it just gets um 392 00:17:07,520 --> 00:17:10,199 Speaker 1: kids excited about savings and it's kind of and that 393 00:17:10,280 --> 00:17:13,720 Speaker 1: mission to educate their customers financially to help them to 394 00:17:13,760 --> 00:17:16,639 Speaker 1: thrive is one of the missions that I can get behind. 395 00:17:16,680 --> 00:17:19,040 Speaker 1: And it's awesome that credit unions prioritize that. It's one 396 00:17:19,040 --> 00:17:22,719 Speaker 1: of the things I love about them. Not everything is good, right, 397 00:17:22,720 --> 00:17:25,960 Speaker 1: everything has its downside. What's the downside of this podcast? 398 00:17:26,280 --> 00:17:27,760 Speaker 1: I guess that you're gonna have to figure out what 399 00:17:27,760 --> 00:17:29,399 Speaker 1: you're gonna spend all of your money on or who 400 00:17:29,440 --> 00:17:31,600 Speaker 1: you're gonna give your money away to save so much 401 00:17:31,640 --> 00:17:34,520 Speaker 1: of it in thirty years, you're gonna get like to 402 00:17:34,680 --> 00:17:36,560 Speaker 1: anal about saving, listening to how the money, and so 403 00:17:36,680 --> 00:17:38,360 Speaker 1: that you're gonna have too much. All right, Well, that's 404 00:17:38,359 --> 00:17:41,000 Speaker 1: a that's a good problem to have the alternative exactly. 405 00:17:41,320 --> 00:17:43,560 Speaker 1: But you know, everything does have a downside, and maybe 406 00:17:43,600 --> 00:17:45,119 Speaker 1: that's the downside if you listen to too much how 407 00:17:45,160 --> 00:17:47,800 Speaker 1: to money. But the downside of joining a credit union, 408 00:17:47,840 --> 00:17:50,080 Speaker 1: let's get into that. Let's talk about what's not so 409 00:17:50,119 --> 00:17:53,240 Speaker 1: great about credit unions, because the full story does include 410 00:17:53,320 --> 00:17:56,000 Speaker 1: some downsides to credit unions. One of the things that 411 00:17:56,160 --> 00:17:58,440 Speaker 1: I find least appealing about credit unions, Matt, is that 412 00:17:58,480 --> 00:18:02,840 Speaker 1: they're not all that technologically savvy or or up to date. 413 00:18:03,200 --> 00:18:05,959 Speaker 1: Part of the reason that your local credit union is 414 00:18:06,080 --> 00:18:09,160 Speaker 1: slower to innovate is a lack of access to investor money. 415 00:18:09,200 --> 00:18:11,399 Speaker 1: We were talking about how banks are publicly traded and 416 00:18:11,400 --> 00:18:14,879 Speaker 1: so banks have more money to develop new software, new apps, 417 00:18:14,960 --> 00:18:17,520 Speaker 1: better websites, all that kind of stuff. Well, credit union 418 00:18:17,520 --> 00:18:20,199 Speaker 1: websites and apps are often a bit clunky, and they 419 00:18:20,240 --> 00:18:23,159 Speaker 1: don't have a lot of the slick apps robust features 420 00:18:23,200 --> 00:18:25,920 Speaker 1: that the big banks and other online banks have um 421 00:18:26,040 --> 00:18:28,840 Speaker 1: to offer you. As a credit union customer myself, this 422 00:18:28,880 --> 00:18:31,520 Speaker 1: can be a little frustrating. I'm not gonna lie. You've 423 00:18:31,520 --> 00:18:34,000 Speaker 1: got to remind yourself of the benefits when you're dealing 424 00:18:34,080 --> 00:18:36,359 Speaker 1: with annoyances like that. Like when I log onto the 425 00:18:36,359 --> 00:18:39,320 Speaker 1: site and I'm trying to transfer money from my bank 426 00:18:39,440 --> 00:18:41,600 Speaker 1: to my credit union. It's one of those things where 427 00:18:41,840 --> 00:18:43,760 Speaker 1: it's kind of annoying. It's a little bit clunky, it's 428 00:18:43,760 --> 00:18:45,600 Speaker 1: not as easy to do. They don't make it easy. 429 00:18:46,000 --> 00:18:48,320 Speaker 1: They don't. They don't. But you know, if to remind 430 00:18:48,359 --> 00:18:51,359 Speaker 1: myself every time I'm doing this because this credit union 431 00:18:51,440 --> 00:18:53,360 Speaker 1: is serving me in other ways, like it's it's not 432 00:18:53,720 --> 00:18:56,280 Speaker 1: the simplest interface, um, but I can look past that 433 00:18:56,400 --> 00:18:58,760 Speaker 1: because the rates are better and the services better. Yeah, 434 00:18:58,760 --> 00:19:00,359 Speaker 1: I feel like, you know, the fact that their site suck, 435 00:19:00,520 --> 00:19:02,600 Speaker 1: Like that's honestly kind of I think the biggest barrier 436 00:19:02,680 --> 00:19:04,320 Speaker 1: to people not wanting to go with them because they 437 00:19:04,320 --> 00:19:05,560 Speaker 1: go to the site and they're just kind of like, 438 00:19:06,080 --> 00:19:07,840 Speaker 1: that doesn't look super legit. I don't know about this 439 00:19:07,920 --> 00:19:12,239 Speaker 1: Jackie thing, Yeah exactly. But then, yeah, there's annoyances like that, 440 00:19:12,280 --> 00:19:14,720 Speaker 1: like you're talking about, Like I know, for us, one 441 00:19:14,760 --> 00:19:17,080 Speaker 1: of the credit unions that we have a mortgage with. 442 00:19:17,320 --> 00:19:19,840 Speaker 1: Every single year, I get a letter in the mail 443 00:19:19,880 --> 00:19:22,320 Speaker 1: and they ask they basically request us to send the 444 00:19:22,359 --> 00:19:26,960 Speaker 1: proof of insurance to them, because like they're paying the insurance. 445 00:19:27,200 --> 00:19:28,960 Speaker 1: But even still they want to see the proof of 446 00:19:28,960 --> 00:19:32,400 Speaker 1: insurance through your scrow on the property. And it's just annoying. 447 00:19:32,440 --> 00:19:34,560 Speaker 1: I mean, like there are ways, I mean other banks, 448 00:19:34,680 --> 00:19:36,520 Speaker 1: you know, banks don't do that, but they can verify 449 00:19:36,640 --> 00:19:38,520 Speaker 1: that you have insurance. Yeah, I mean the fact that 450 00:19:38,560 --> 00:19:41,160 Speaker 1: they are paying them directly, Like I mean, you're paying 451 00:19:41,200 --> 00:19:43,520 Speaker 1: for something, right, Like who are you sending that money to? 452 00:19:44,000 --> 00:19:45,840 Speaker 1: And so that's just kind of, like, I guess, an 453 00:19:45,840 --> 00:19:47,879 Speaker 1: example of one of the small annoyances that you have 454 00:19:47,920 --> 00:19:49,480 Speaker 1: to put up with. It's not a huge deal. I 455 00:19:49,520 --> 00:19:51,000 Speaker 1: just have to log into my insurance and send the 456 00:19:51,040 --> 00:19:54,280 Speaker 1: declarations page over to the same email address every single year. 457 00:19:54,359 --> 00:19:56,119 Speaker 1: But technically that is a downside, and that's one of 458 00:19:56,160 --> 00:19:58,600 Speaker 1: the things that you can expect, uh, not necessarily from 459 00:19:58,600 --> 00:20:01,400 Speaker 1: all credit unions, but definitely a lot of them. Right. 460 00:20:01,560 --> 00:20:04,840 Speaker 1: That's another downside of credit unions is that they're not 461 00:20:04,920 --> 00:20:08,280 Speaker 1: known for paying great interest rates on savings. You know, 462 00:20:08,600 --> 00:20:10,760 Speaker 1: that's not always the case, of course, but that's you know, 463 00:20:10,800 --> 00:20:12,919 Speaker 1: that stigma does exist for a reason. Some of them 464 00:20:12,960 --> 00:20:15,480 Speaker 1: pay a decent interest rate, but most likely you're gonna 465 00:20:15,520 --> 00:20:17,399 Speaker 1: be able to find a much higher rate at a 466 00:20:17,440 --> 00:20:21,160 Speaker 1: high interest savings account online. But the good thing is 467 00:20:21,160 --> 00:20:23,199 Speaker 1: is that your money it's still insured under the n 468 00:20:23,240 --> 00:20:27,120 Speaker 1: c u A, which is the National Credit Union Administration. Uh. 469 00:20:27,119 --> 00:20:29,040 Speaker 1: It's real similar to the fd I C And so 470 00:20:29,400 --> 00:20:32,480 Speaker 1: if your credit union fails, although it's very unlikely that 471 00:20:32,520 --> 00:20:34,320 Speaker 1: it would ever do that, you won't be out of 472 00:20:34,359 --> 00:20:37,440 Speaker 1: luck because your money is insured up to two dollars, 473 00:20:37,520 --> 00:20:39,000 Speaker 1: just like the money that you have in the savings 474 00:20:39,040 --> 00:20:41,199 Speaker 1: account at a bank. Yeah. Mat, So before this episode, 475 00:20:41,200 --> 00:20:43,960 Speaker 1: I decided to hop on my credit unions website see 476 00:20:43,960 --> 00:20:46,520 Speaker 1: what rate I'm getting on my savings there, and it's 477 00:20:46,600 --> 00:20:49,959 Speaker 1: point one percent and not so hot. I mean, granted, 478 00:20:50,040 --> 00:20:53,160 Speaker 1: savings rates across the board are terrible these days, but um, 479 00:20:53,160 --> 00:20:55,280 Speaker 1: but yeah, compared to what I'm able to make in 480 00:20:55,520 --> 00:20:59,520 Speaker 1: my online savings account at my online bank, it's definitely inferior. 481 00:21:00,000 --> 00:21:01,800 Speaker 1: You're probably I'm gonna guess you're getting five times that 482 00:21:02,119 --> 00:21:04,879 Speaker 1: with your high interest savings account with an online bank exactly, 483 00:21:04,920 --> 00:21:07,359 Speaker 1: but I mean, point one it's still better than what 484 00:21:07,480 --> 00:21:09,560 Speaker 1: the big banks are paying. Um. But it's which is 485 00:21:09,680 --> 00:21:13,119 Speaker 1: point oh one, Yeah, exactly right. But but yeah, not 486 00:21:13,160 --> 00:21:16,400 Speaker 1: nearly as good as what you could get from a solid, 487 00:21:16,880 --> 00:21:20,200 Speaker 1: technologically advanced online bank where you can transfer your money 488 00:21:20,560 --> 00:21:23,560 Speaker 1: nice and easy. I do like my ownline bank, me too. 489 00:21:23,920 --> 00:21:26,840 Speaker 1: Um alright, So let's talk about another downside of credit unions, 490 00:21:26,840 --> 00:21:30,680 Speaker 1: and that is fewer physical locations. And let's be honest, 491 00:21:30,720 --> 00:21:32,359 Speaker 1: I don't know how much of a negative this is 492 00:21:32,800 --> 00:21:35,280 Speaker 1: in this day and age, considering the fact that considering 493 00:21:35,280 --> 00:21:37,960 Speaker 1: that I haven't needed to visit a branch in years, 494 00:21:38,200 --> 00:21:40,040 Speaker 1: but for folks that do like to go into a branch, 495 00:21:40,119 --> 00:21:43,480 Speaker 1: including why you're traveling, credit unions will come up short. 496 00:21:43,520 --> 00:21:44,880 Speaker 1: So let's say you're out of state and you really 497 00:21:44,920 --> 00:21:47,280 Speaker 1: want to go into your credit union for whatever reason. Well, 498 00:21:47,320 --> 00:21:50,119 Speaker 1: almost all credit unions are locally based, and so they 499 00:21:50,160 --> 00:21:53,160 Speaker 1: might have a number of branches near where you live, 500 00:21:53,400 --> 00:21:55,239 Speaker 1: but they're not going to be out of state, at 501 00:21:55,280 --> 00:21:58,280 Speaker 1: least most of them. And so because credit unions are 502 00:21:58,400 --> 00:22:00,800 Speaker 1: community focused, you're just not going to see them on 503 00:22:00,920 --> 00:22:03,200 Speaker 1: every street corner like you do with the big banks. 504 00:22:03,480 --> 00:22:06,399 Speaker 1: But really, this this is the downside that's the least annoying, 505 00:22:06,400 --> 00:22:08,040 Speaker 1: I think, because it's not that big of a deal 506 00:22:08,080 --> 00:22:10,280 Speaker 1: for most people. We would suggest to our favorite local 507 00:22:10,280 --> 00:22:13,080 Speaker 1: credit unions too, don't open up another branch, don't open 508 00:22:13,160 --> 00:22:15,720 Speaker 1: up another physical location. Work to make your website and 509 00:22:15,720 --> 00:22:18,440 Speaker 1: your at better. That's gonna move to Needle more for 510 00:22:18,520 --> 00:22:20,760 Speaker 1: me than it is um having another location that I 511 00:22:20,840 --> 00:22:23,520 Speaker 1: can walk into. Yeah. Absolutely. And one last downside that 512 00:22:23,520 --> 00:22:25,680 Speaker 1: we wanted to touch on is, of course the fact 513 00:22:25,760 --> 00:22:29,760 Speaker 1: that membership requirements are typically based on you know, either location. 514 00:22:30,200 --> 00:22:33,080 Speaker 1: There are a bunch of credit unions that have requirements 515 00:22:33,080 --> 00:22:36,000 Speaker 1: based on employment, right like whether it's a certain employer 516 00:22:36,000 --> 00:22:39,240 Speaker 1: that has a relationship with that credit union, or military service, 517 00:22:39,560 --> 00:22:41,320 Speaker 1: and so if you don't meet those requirements, then you 518 00:22:41,359 --> 00:22:44,960 Speaker 1: won't be able to join those specific credit unions. However, 519 00:22:45,000 --> 00:22:48,240 Speaker 1: there are a lot of online credit unions that have 520 00:22:48,359 --> 00:22:50,199 Speaker 1: some requirements, but if you don't meet them, they have 521 00:22:50,240 --> 00:22:52,239 Speaker 1: these workarounds where it's like, okay, well, as long as 522 00:22:52,240 --> 00:22:55,560 Speaker 1: you donate five dollars to this nonprofit that helps to 523 00:22:55,600 --> 00:22:59,080 Speaker 1: benefit the local community. Uh, typically where they're based, you 524 00:22:59,160 --> 00:23:01,080 Speaker 1: are allowed to join. And so that's a I guess 525 00:23:01,119 --> 00:23:03,160 Speaker 1: it's a it's an easy work around. Not all of 526 00:23:03,160 --> 00:23:06,320 Speaker 1: the credit unions online or other ones in person offer 527 00:23:06,400 --> 00:23:08,280 Speaker 1: that as an option, right, So you might have a 528 00:23:08,280 --> 00:23:09,960 Speaker 1: friend who's a member and you may not be able 529 00:23:09,960 --> 00:23:11,720 Speaker 1: to join that specific one, but the chances are you 530 00:23:11,760 --> 00:23:14,280 Speaker 1: will be able to find one that you could join yourself. Yeah, 531 00:23:14,359 --> 00:23:16,639 Speaker 1: we're gonna talk about in just a minute, how you 532 00:23:16,680 --> 00:23:18,840 Speaker 1: can join a credit union, the process that you go through. 533 00:23:19,200 --> 00:23:21,800 Speaker 1: And if you're somebody out there who goes through these 534 00:23:21,840 --> 00:23:24,520 Speaker 1: steps and you're like, there isn't a credit union available 535 00:23:24,520 --> 00:23:26,280 Speaker 1: to me, let me know, because I don't think that's 536 00:23:26,280 --> 00:23:29,560 Speaker 1: even physically possible. There's enough there's a credit union um 537 00:23:29,600 --> 00:23:32,119 Speaker 1: in almost every part of the United States serving a 538 00:23:32,160 --> 00:23:34,520 Speaker 1: geographical location, and I have a feeling that all of 539 00:23:34,560 --> 00:23:36,720 Speaker 1: our at least US based listeners are going to have 540 00:23:36,800 --> 00:23:39,480 Speaker 1: a uh an easy time finding at least one or 541 00:23:39,480 --> 00:23:42,479 Speaker 1: two credit union options available where they live. But right 542 00:23:42,520 --> 00:23:44,800 Speaker 1: at this break, we're gonna talk about the difference between 543 00:23:45,000 --> 00:23:47,680 Speaker 1: local credit unions and the bigger national ones, and then 544 00:23:47,760 --> 00:23:50,440 Speaker 1: how you actually go about joining and finding one that 545 00:23:50,800 --> 00:23:52,920 Speaker 1: is going to offer the services that you need. We'll 546 00:23:52,920 --> 00:24:04,640 Speaker 1: get to that right after this. All right, so we're 547 00:24:04,680 --> 00:24:06,520 Speaker 1: back from the break, and let's let's keep talking about 548 00:24:06,520 --> 00:24:09,000 Speaker 1: credit unions. Joel you're talking about. You know that maybe 549 00:24:09,000 --> 00:24:11,960 Speaker 1: the difference between a local credit union versus h an 550 00:24:12,000 --> 00:24:15,280 Speaker 1: online or a national credit union. A lot of times 551 00:24:15,280 --> 00:24:17,240 Speaker 1: what folks think of are like the ones they're in 552 00:24:17,280 --> 00:24:20,119 Speaker 1: their town. You know. Credit unions often do have closer ties, 553 00:24:20,280 --> 00:24:23,040 Speaker 1: you know, to the community than most of the banking 554 00:24:23,080 --> 00:24:25,600 Speaker 1: options that are out there. They may have fewer locations, 555 00:24:25,640 --> 00:24:28,600 Speaker 1: but the locations that do exist are often plugged into 556 00:24:28,600 --> 00:24:30,760 Speaker 1: the community. Uh. And they I feel like they tend 557 00:24:30,760 --> 00:24:33,560 Speaker 1: to prioritize financial literacy, you know, more than banks. You 558 00:24:33,640 --> 00:24:36,359 Speaker 1: might find seminars or even giveaways being offered. I think 559 00:24:36,440 --> 00:24:41,119 Speaker 1: the banks actually prioritized financial stupidity. They like, again, they 560 00:24:41,119 --> 00:24:42,240 Speaker 1: try to keep you in the dark. Yeah, they have 561 00:24:42,280 --> 00:24:45,000 Speaker 1: a vested interest in helping us to make bad decisions 562 00:24:45,000 --> 00:24:48,439 Speaker 1: because it benefits them in their bottom line exactly. So 563 00:24:48,600 --> 00:24:50,399 Speaker 1: I was thinking about the giveaways though. One of the 564 00:24:50,400 --> 00:24:52,679 Speaker 1: credit unions that you and I are both a member of, 565 00:24:53,040 --> 00:24:55,520 Speaker 1: they have like these customer appreciation days where they like, 566 00:24:55,560 --> 00:24:57,320 Speaker 1: we'll meet up in the park and have like free 567 00:24:57,320 --> 00:25:01,880 Speaker 1: hot dogs and drinks. We've actually one Atlanta United tickets. Uh. 568 00:25:02,080 --> 00:25:05,440 Speaker 1: With the kind of the sweepstakes and Instagram giveaway that 569 00:25:05,520 --> 00:25:07,920 Speaker 1: they did exactly, which was a lot of fun. And 570 00:25:07,960 --> 00:25:10,959 Speaker 1: that was also way back in the day. It's nothing fancy, 571 00:25:11,040 --> 00:25:13,440 Speaker 1: but you know, doing business with a credit union it 572 00:25:13,520 --> 00:25:15,480 Speaker 1: feels a little more kind of like down to earth. 573 00:25:15,880 --> 00:25:18,879 Speaker 1: They're just looking to make an impact in the membership community, 574 00:25:19,480 --> 00:25:23,199 Speaker 1: oftentimes by reinvesting any profits back into member benefits. My 575 00:25:23,200 --> 00:25:25,800 Speaker 1: favorite benefit is the hot dogs, man, Like, if they're 576 00:25:25,800 --> 00:25:28,439 Speaker 1: doing I was gonna say that Lending United, those are nice, 577 00:25:28,480 --> 00:25:31,480 Speaker 1: but I love hot dogs, dude. Yeah, I've taken taken 578 00:25:31,480 --> 00:25:33,879 Speaker 1: the kids for the free hot dog day. Um and 579 00:25:33,880 --> 00:25:36,120 Speaker 1: if if it's a nice day, we're going like we're 580 00:25:36,160 --> 00:25:38,200 Speaker 1: making it happen. So yeah, I do love that. And 581 00:25:38,400 --> 00:25:40,320 Speaker 1: again that's the kind of the costco when I can 582 00:25:40,320 --> 00:25:41,520 Speaker 1: just go to the park and get them for free. 583 00:25:41,520 --> 00:25:43,560 Speaker 1: When's the last time, well Spargo gave you a hot dog? 584 00:25:43,800 --> 00:25:45,600 Speaker 1: Probably never? Yeah, they don't. They don't even do the 585 00:25:45,600 --> 00:25:47,400 Speaker 1: suckers anymore, do they. I don't think so. I don't 586 00:25:47,440 --> 00:25:49,399 Speaker 1: think so. I don't know. I haven't been into a 587 00:25:49,400 --> 00:25:51,840 Speaker 1: branch in forever, so I wouldn't know. But um, yeah, 588 00:25:51,880 --> 00:25:54,080 Speaker 1: let's talk about like online and national credit unions to 589 00:25:54,080 --> 00:25:55,679 Speaker 1: you for a second, because I think a whole lot 590 00:25:55,720 --> 00:25:57,720 Speaker 1: of people are going to opt for a local credit union, 591 00:25:57,960 --> 00:26:00,000 Speaker 1: in large part because that's how the majority of cred 592 00:26:00,000 --> 00:26:02,400 Speaker 1: to unions function. But you also don't have to limit 593 00:26:02,440 --> 00:26:04,840 Speaker 1: your search to purely local credit unions who have a 594 00:26:04,840 --> 00:26:07,480 Speaker 1: presence where you live. You'll still realize a lot of 595 00:26:07,480 --> 00:26:10,000 Speaker 1: the benefits, uh, that a credit union has to offer, 596 00:26:10,040 --> 00:26:13,200 Speaker 1: like the most competitive borrowing rates, better customer service with 597 00:26:13,400 --> 00:26:16,359 Speaker 1: an online only or a nationwide credit union. And I 598 00:26:16,359 --> 00:26:19,240 Speaker 1: think that's pretty great, Matton. And oftentimes too, you're going 599 00:26:19,280 --> 00:26:22,120 Speaker 1: to have maybe a little bit slicker of an online 600 00:26:22,480 --> 00:26:24,520 Speaker 1: presence using their digital products is going to be a 601 00:26:24,560 --> 00:26:27,159 Speaker 1: little les frustrating. Yeah, they've invested that money not in 602 00:26:27,200 --> 00:26:31,120 Speaker 1: physical locations, but uh, maybe a more robust online presence. Yeah, 603 00:26:31,200 --> 00:26:33,600 Speaker 1: I like that. And of course, these credit unions are 604 00:26:33,640 --> 00:26:36,000 Speaker 1: still customer owned, so even though they might feel like 605 00:26:36,160 --> 00:26:38,480 Speaker 1: a bigger online bank at the core, there's still this 606 00:26:38,560 --> 00:26:41,919 Speaker 1: completely different animal. They're imitating that local credit union, but 607 00:26:41,920 --> 00:26:44,280 Speaker 1: just on a bigger scale. You're're certainly going to miss 608 00:26:44,280 --> 00:26:46,320 Speaker 1: out on some of the small town, grassroots vibes that 609 00:26:46,359 --> 00:26:48,400 Speaker 1: you might get with your local credit union. No hot 610 00:26:48,400 --> 00:26:51,239 Speaker 1: dogs here in all likelihood, But of course I think 611 00:26:51,320 --> 00:26:53,720 Speaker 1: a lot of our listeners are going to prefer the 612 00:26:53,880 --> 00:26:57,720 Speaker 1: better online presence to the physical locations being nearby. Um, 613 00:26:57,760 --> 00:27:00,520 Speaker 1: it just really depends on your preference, but by either 614 00:27:00,560 --> 00:27:02,280 Speaker 1: one it makes for a good choice. They're just kind 615 00:27:02,280 --> 00:27:04,320 Speaker 1: of different pros and cons to each Yeah, man, different 616 00:27:04,320 --> 00:27:07,000 Speaker 1: strokes for different folks. Okay, So to answer the question, 617 00:27:07,000 --> 00:27:10,000 Speaker 1: should you join a credit union and the answer is yes, 618 00:27:10,680 --> 00:27:13,600 Speaker 1: But ultimately you want to have a relationship with both 619 00:27:13,960 --> 00:27:16,440 Speaker 1: a credit union and a bank, right. You want to 620 00:27:16,440 --> 00:27:18,080 Speaker 1: be a part of a credit union to make sure 621 00:27:18,119 --> 00:27:21,120 Speaker 1: that you're you're paying the lowest interest. Uh. And you'll 622 00:27:21,119 --> 00:27:23,679 Speaker 1: want the bank, you know, preferably an online one, so 623 00:27:23,720 --> 00:27:25,840 Speaker 1: that you're getting a high interest savings account up and 624 00:27:25,880 --> 00:27:28,959 Speaker 1: running so that you can earn the highest interest. Right. 625 00:27:29,000 --> 00:27:30,800 Speaker 1: It's it all depends on what it is that you're 626 00:27:30,800 --> 00:27:34,159 Speaker 1: looking for, and having both, it's really important to be 627 00:27:34,200 --> 00:27:36,760 Speaker 1: able to compare rates see other options that you might have. 628 00:27:37,119 --> 00:27:39,520 Speaker 1: The only downside here is that by having you know, 629 00:27:39,640 --> 00:27:42,080 Speaker 1: one more financial account, it does kind of complicate your 630 00:27:42,080 --> 00:27:45,119 Speaker 1: life financially a little bit, But it is completely worth 631 00:27:45,160 --> 00:27:47,359 Speaker 1: the hassle of having just one more password. I have 632 00:27:47,359 --> 00:27:49,399 Speaker 1: to remember. Yeah, I totally agree Matt And when you 633 00:27:49,440 --> 00:27:52,200 Speaker 1: mentioned having a relationship with a credit union and a bank, 634 00:27:52,440 --> 00:27:54,760 Speaker 1: I love that you said online banks because I feel 635 00:27:54,800 --> 00:27:56,879 Speaker 1: like the online banks are a different animal compared to 636 00:27:57,320 --> 00:27:59,959 Speaker 1: the bigger national banks. Yes, that do all the advertise 637 00:28:00,040 --> 00:28:03,359 Speaker 1: saying that again, most of the assets in the United 638 00:28:03,359 --> 00:28:05,440 Speaker 1: States of America are with If you're with one of 639 00:28:05,440 --> 00:28:07,480 Speaker 1: the smaller online banks, you're getting kind of like the 640 00:28:07,520 --> 00:28:11,480 Speaker 1: best of all worlds. You're getting better rates on your savings, 641 00:28:11,520 --> 00:28:14,320 Speaker 1: you're getting better customer service too, and the interface is 642 00:28:14,320 --> 00:28:16,840 Speaker 1: often really really good. The apps are great though, the 643 00:28:16,840 --> 00:28:18,960 Speaker 1: websites are great. So yeah, I love the idea of 644 00:28:19,000 --> 00:28:21,520 Speaker 1: having a relationship with both and then picking and choosing 645 00:28:21,800 --> 00:28:24,600 Speaker 1: which products you want to use from both your credit 646 00:28:24,680 --> 00:28:26,919 Speaker 1: union and from that online bank. Yeah. Absolutely, Yeah. We're 647 00:28:26,920 --> 00:28:30,080 Speaker 1: not at all bashing on like Discover or Ally or 648 00:28:30,080 --> 00:28:32,000 Speaker 1: c A T. I mean, they are all fantastic, and 649 00:28:32,000 --> 00:28:34,240 Speaker 1: we would completely point folks in that direction. But when 650 00:28:34,240 --> 00:28:36,720 Speaker 1: it comes to finding the best rates because of borrowing, 651 00:28:36,760 --> 00:28:38,960 Speaker 1: you want to look at credit unions, Yeah, for sure. 652 00:28:39,080 --> 00:28:41,880 Speaker 1: And let's talk about finding a good credit union where 653 00:28:41,880 --> 00:28:44,240 Speaker 1: you live. It's gotten so much easier in recent years 654 00:28:44,240 --> 00:28:46,480 Speaker 1: and actually the best place now to find a credit 655 00:28:46,560 --> 00:28:48,920 Speaker 1: union where you live. There's a website. We'll put this 656 00:28:48,920 --> 00:28:51,080 Speaker 1: in the show notes. It's my credit union dot gov. 657 00:28:51,520 --> 00:28:53,760 Speaker 1: You'll put in your zip code and you'll see a 658 00:28:53,800 --> 00:28:57,200 Speaker 1: slew of credit union options near where you live. You'll 659 00:28:57,240 --> 00:29:00,320 Speaker 1: likely have multiple that you can choose from. Check Google 660 00:29:00,360 --> 00:29:03,280 Speaker 1: reviews maybe to see what customers of that credit union 661 00:29:03,320 --> 00:29:05,440 Speaker 1: are saying in your area, and then you can, you know, 662 00:29:05,440 --> 00:29:08,200 Speaker 1: dig around on their website and oftentimes they publish the 663 00:29:08,680 --> 00:29:10,680 Speaker 1: rates of what they're offering right now. So let's say 664 00:29:10,680 --> 00:29:13,680 Speaker 1: you're in the market for a mortgage loan. Two of 665 00:29:13,680 --> 00:29:16,200 Speaker 1: the biggest credit unions here in Atlanta, they publish their 666 00:29:16,280 --> 00:29:19,000 Speaker 1: updated rates basically daily um and you can see how 667 00:29:19,040 --> 00:29:21,600 Speaker 1: that compares to the other rates that are being offered 668 00:29:21,600 --> 00:29:24,840 Speaker 1: out their online. So doing a little digging seeing what 669 00:29:24,960 --> 00:29:27,400 Speaker 1: that credit union offers and kind of how competitive they 670 00:29:27,400 --> 00:29:29,040 Speaker 1: are in the market is a good thing to do. 671 00:29:29,080 --> 00:29:31,840 Speaker 1: I think before you actually sign up, that will help 672 00:29:31,840 --> 00:29:34,800 Speaker 1: you find the perfect credit union for you that's near you, 673 00:29:34,840 --> 00:29:37,400 Speaker 1: that offers exactly what you need. Yeah, and you might 674 00:29:37,440 --> 00:29:39,200 Speaker 1: even want to join a couple of credit unions. Oh 675 00:29:39,560 --> 00:29:42,680 Speaker 1: bring it man, how many? Yeah? I'm also a member 676 00:29:42,680 --> 00:29:45,600 Speaker 1: of two, so to two to three. You know, typically 677 00:29:45,600 --> 00:29:47,600 Speaker 1: the only thing preventing you from doing you know, doing 678 00:29:47,640 --> 00:29:51,480 Speaker 1: so is those membership requirements that we mentioned earlier, or 679 00:29:51,520 --> 00:29:54,320 Speaker 1: at worst it's like a twenty dollar deposit requirement, you know. 680 00:29:54,680 --> 00:29:56,880 Speaker 1: But the thing is that small potatoes in order to 681 00:29:56,920 --> 00:30:01,320 Speaker 1: have a relationship with an institution that save you thousands 682 00:30:01,320 --> 00:30:03,960 Speaker 1: of dollars over your lifetime, and that's at most, right, 683 00:30:04,040 --> 00:30:05,920 Speaker 1: twenty dollars, like both of the credit unions on the 684 00:30:05,960 --> 00:30:08,240 Speaker 1: part of UH, it's only a five dollar deposit in 685 00:30:08,320 --> 00:30:10,600 Speaker 1: order to join the ranks of those who are saving 686 00:30:10,600 --> 00:30:13,800 Speaker 1: money every single month. Yeah, I mean, it's a small 687 00:30:13,840 --> 00:30:16,080 Speaker 1: price to pay in order to have a relationship with 688 00:30:16,120 --> 00:30:18,280 Speaker 1: an institution that is gonna look after you, is going 689 00:30:18,320 --> 00:30:22,120 Speaker 1: to provide you great rates, low fees, or you know, 690 00:30:22,160 --> 00:30:25,800 Speaker 1: eliminate fees in the places where they're unnecessary, and also 691 00:30:25,840 --> 00:30:28,440 Speaker 1: to an institution that's gonna work for your financial good 692 00:30:28,560 --> 00:30:31,640 Speaker 1: throughout the years. I think, Yeah, everybody out there should 693 00:30:31,640 --> 00:30:34,440 Speaker 1: have a relationship with a credit union. That's why we 694 00:30:34,520 --> 00:30:37,520 Speaker 1: titled this episode this way, because, yeah, if you're listening 695 00:30:37,600 --> 00:30:39,520 Speaker 1: right now, you are one of the people that should 696 00:30:39,520 --> 00:30:41,440 Speaker 1: have a relationship with a credit union and should be 697 00:30:41,920 --> 00:30:44,200 Speaker 1: using it to your advantage. And I think, Matt, the 698 00:30:44,240 --> 00:30:47,160 Speaker 1: more of us that joined that support our local credit 699 00:30:47,200 --> 00:30:50,160 Speaker 1: unions and that use them accordingly, it's better for our 700 00:30:50,160 --> 00:30:53,200 Speaker 1: communities as a whole. We're we're reinvesting those dollars. Um, 701 00:30:53,240 --> 00:30:57,640 Speaker 1: those dollars aren't going into some nameless, faceless boardroom with 702 00:30:57,680 --> 00:31:00,239 Speaker 1: guys in fancy suit smoking cigars like that money is 703 00:31:00,320 --> 00:31:02,520 Speaker 1: supporting the local community. And so yeah, I love what 704 00:31:02,640 --> 00:31:05,760 Speaker 1: local credit unions represent. And I think besides just having 705 00:31:05,800 --> 00:31:07,680 Speaker 1: that an important role in our community, they also have 706 00:31:08,080 --> 00:31:10,600 Speaker 1: a really important place in our own personal financial lives. 707 00:31:10,760 --> 00:31:13,720 Speaker 1: That's right, man, we love credit unions. I feel like 708 00:31:13,720 --> 00:31:15,360 Speaker 1: you need to get a tattoo, you know, like how 709 00:31:15,520 --> 00:31:18,440 Speaker 1: some guys are like I love mom. Yeah, yeah, you 710 00:31:18,480 --> 00:31:20,280 Speaker 1: need the I love credit unions tattoo, like the heart 711 00:31:20,280 --> 00:31:22,520 Speaker 1: with the credit union running through it. Maybe if like 712 00:31:22,840 --> 00:31:24,960 Speaker 1: at some point, maybe we'll make like a sticker packer 713 00:31:25,560 --> 00:31:27,280 Speaker 1: that like that would be one of the stickers in there. 714 00:31:27,640 --> 00:31:30,080 Speaker 1: We love credit unions. All right, let's let's shift gears. 715 00:31:30,160 --> 00:31:32,120 Speaker 1: Let's get it back to the beer. On this episode, 716 00:31:32,120 --> 00:31:35,720 Speaker 1: you and I enjoyed an omnipolo bianca and this is 717 00:31:35,760 --> 00:31:39,080 Speaker 1: a peanut butter, jelly last see goza, And I don't 718 00:31:39,080 --> 00:31:40,560 Speaker 1: know what that last sie stands for. I'm looking at 719 00:31:40,600 --> 00:31:41,800 Speaker 1: it here on the can. It's like it's like the 720 00:31:41,880 --> 00:31:43,840 Speaker 1: name of a kind of beer that's infused with fruit. 721 00:31:43,920 --> 00:31:46,080 Speaker 1: I forget exactly what it stands for. But I've had 722 00:31:46,120 --> 00:31:47,840 Speaker 1: a couple and that's how they say it in Europe. 723 00:31:47,880 --> 00:31:50,600 Speaker 1: I guess they good nice. I didn't realize that this 724 00:31:50,640 --> 00:31:53,080 Speaker 1: was a goza because to me, this is it tasted 725 00:31:53,120 --> 00:31:54,800 Speaker 1: more like a sour like. I didn't pick up on 726 00:31:54,880 --> 00:31:57,040 Speaker 1: much of that kind of briny nous, which I feel 727 00:31:57,080 --> 00:32:00,600 Speaker 1: like typically a companies a goza. What your thoughts all right, man? 728 00:32:00,640 --> 00:32:03,600 Speaker 1: I really like this. Uh So, this beer, I think 729 00:32:03,600 --> 00:32:05,960 Speaker 1: I mentioned the beginning is from a Swedish brewery. You 730 00:32:05,960 --> 00:32:08,120 Speaker 1: gotta love the crafty Sweedes. Man. They make some good beers, 731 00:32:08,160 --> 00:32:11,360 Speaker 1: and this one was excellent. They pulled this odd concoction 732 00:32:11,400 --> 00:32:14,400 Speaker 1: off so, like we said, it's peanut butter and jelly style, 733 00:32:14,680 --> 00:32:18,440 Speaker 1: and they actually used uh, strawberry raspberry jam in the 734 00:32:18,520 --> 00:32:20,880 Speaker 1: making of this beer, and so it made for something 735 00:32:20,920 --> 00:32:23,080 Speaker 1: like really unique and interesting. I feel like the fruit 736 00:32:23,160 --> 00:32:26,120 Speaker 1: vibes were deep and robust because of that usage. At 737 00:32:26,120 --> 00:32:28,000 Speaker 1: the jam. Yeah, you can totally tell that that it's 738 00:32:28,000 --> 00:32:30,800 Speaker 1: made from jam and not just those fruits, because like, specifically, 739 00:32:30,840 --> 00:32:33,480 Speaker 1: I feel like strawberry jam, like it has a specific flavor. 740 00:32:33,640 --> 00:32:36,360 Speaker 1: It doesn't just taste like strawberries. It tastes like strawberry jam. 741 00:32:36,920 --> 00:32:39,720 Speaker 1: It's got this really unique flavor, and you can pick 742 00:32:39,760 --> 00:32:42,320 Speaker 1: up on that in this beer. But I totally agree 743 00:32:42,320 --> 00:32:43,760 Speaker 1: it was I was missing the peanut butter just a 744 00:32:43,760 --> 00:32:45,600 Speaker 1: little bit then, you know, yeah, I totally picked up 745 00:32:45,600 --> 00:32:46,880 Speaker 1: on that as well, Like I wonder if that was 746 00:32:46,920 --> 00:32:49,600 Speaker 1: like the goes apart, you know, because like peanuts typically 747 00:32:49,680 --> 00:32:51,560 Speaker 1: can be a little more salty, and so maybe with 748 00:32:51,640 --> 00:32:53,880 Speaker 1: it being there, you go, it goes that they were thinking, 749 00:32:53,920 --> 00:32:55,880 Speaker 1: all right, we're gonna call this a peanut butter and jelly. 750 00:32:55,920 --> 00:32:57,640 Speaker 1: Even though like I didn't pick up on a whole 751 00:32:57,680 --> 00:33:00,560 Speaker 1: lot of earthy, nutty notes. It was mostly just really fruity, 752 00:33:00,880 --> 00:33:04,000 Speaker 1: nice and tart and totally jamie like. It almost made 753 00:33:04,000 --> 00:33:05,800 Speaker 1: me feel like I was unwrapping up like fruit roll 754 00:33:05,880 --> 00:33:08,280 Speaker 1: up or something like that stuff in my mouth with it. 755 00:33:08,280 --> 00:33:11,640 Speaker 1: And I was never I wasn't huge on gushers, but 756 00:33:11,800 --> 00:33:14,160 Speaker 1: you know, fruit roll up totally like the old school 757 00:33:14,240 --> 00:33:16,120 Speaker 1: kind where it's like on the clear plastic and you 758 00:33:16,120 --> 00:33:18,400 Speaker 1: have kind of rip it apart. Those are like ten 759 00:33:18,400 --> 00:33:20,400 Speaker 1: times better than proved by the foot. Oh yeah, fruit 760 00:33:20,440 --> 00:33:24,040 Speaker 1: by the foot sucks. The original fruit roll up so good, 761 00:33:24,520 --> 00:33:26,440 Speaker 1: especially to when you can like punch out the uh 762 00:33:26,680 --> 00:33:28,680 Speaker 1: you know they had they had like the characters or 763 00:33:28,720 --> 00:33:31,080 Speaker 1: the shapes stamped on there, and you try to remove 764 00:33:31,120 --> 00:33:34,120 Speaker 1: them to play with your food ahead of time. Basically 765 00:33:34,160 --> 00:33:36,200 Speaker 1: all the things that we try to teach our kids 766 00:33:36,400 --> 00:33:39,040 Speaker 1: not to do. Uh. Fruit roll up was teaching us 767 00:33:39,120 --> 00:33:42,240 Speaker 1: to do back in the nineties. All right, man, that's 768 00:33:42,240 --> 00:33:44,160 Speaker 1: gonna be it for this episode. Listeners can find our 769 00:33:44,160 --> 00:33:45,960 Speaker 1: show notes up on our website at how the Money 770 00:33:45,960 --> 00:33:47,959 Speaker 1: dot com. We'll make sure to include a link to 771 00:33:48,520 --> 00:33:51,000 Speaker 1: uh my credit union dot gov where you can find 772 00:33:51,120 --> 00:33:54,200 Speaker 1: a good credit union there for you, and also include 773 00:33:54,200 --> 00:33:56,800 Speaker 1: a few others, a few other national ones that pretty 774 00:33:56,880 --> 00:33:59,960 Speaker 1: much anybody can join just with a simple five dollar 775 00:34:00,120 --> 00:34:04,040 Speaker 1: donation to specific charitable causes. It really is uh an 776 00:34:04,040 --> 00:34:06,960 Speaker 1: option for everyone out there. Yeah, Matt, And we've actually 777 00:34:06,960 --> 00:34:09,040 Speaker 1: had a lot of new listeners come in since the 778 00:34:09,040 --> 00:34:12,080 Speaker 1: start of the year. I think people obviously in January. 779 00:34:12,120 --> 00:34:14,120 Speaker 1: It's kind of like the new year's resolution to get 780 00:34:14,160 --> 00:34:16,120 Speaker 1: your finances and your body in order, maybe, And so 781 00:34:16,200 --> 00:34:17,759 Speaker 1: people are checking out how to money, and so if 782 00:34:17,800 --> 00:34:19,600 Speaker 1: you are are new here and you haven't been to 783 00:34:19,640 --> 00:34:21,960 Speaker 1: the website yet, there are other articles and resources there 784 00:34:21,960 --> 00:34:24,080 Speaker 1: for you. Um and if you're really digging the podcast, 785 00:34:24,080 --> 00:34:26,320 Speaker 1: we'd really appreciate it if you would also consider leaving 786 00:34:26,360 --> 00:34:29,680 Speaker 1: a review on Apple Podcasts or wherever you listen to podcasts. 787 00:34:29,680 --> 00:34:32,080 Speaker 1: It just helps get the word out about this show 788 00:34:32,120 --> 00:34:34,239 Speaker 1: so that other people can find it too. All Right, Matt, 789 00:34:34,239 --> 00:34:37,120 Speaker 1: that's gonna do it for today. Until next time, Best 790 00:34:37,160 --> 00:34:38,799 Speaker 1: Friends Out, Best Friends Out.