1 00:00:00,080 --> 00:00:03,080 Speaker 1: Welcome to How's the Money. I'm Joel and I'm Matt, 2 00:00:03,200 --> 00:00:06,680 Speaker 1: and today we're answering a listener's question about life insurance. 3 00:00:24,800 --> 00:00:26,840 Speaker 1: All right, Joel, so you're gonna share share the big news. 4 00:00:26,920 --> 00:00:32,280 Speaker 1: You finally actually closed on new property, right. Yeah, So 5 00:00:32,400 --> 00:00:35,159 Speaker 1: I just bought my first multi family property. So it's 6 00:00:35,159 --> 00:00:37,879 Speaker 1: a duplex. And if you are a member of the 7 00:00:37,880 --> 00:00:41,839 Speaker 1: Facebook group, you probably saw me post recently a picture 8 00:00:42,040 --> 00:00:44,320 Speaker 1: of a nerdy board game and some beers, and so 9 00:00:44,400 --> 00:00:46,720 Speaker 1: that's how my wife and I celebrated this new purchase. 10 00:00:47,080 --> 00:00:49,000 Speaker 1: The finer things in life, right, nerdy board games and 11 00:00:49,320 --> 00:00:51,360 Speaker 1: good beer. But yeah, so we bought in a duplex 12 00:00:51,400 --> 00:00:54,120 Speaker 1: and we're really excited about it. It's my first foray 13 00:00:54,200 --> 00:00:56,640 Speaker 1: into multi family investing. You know, I have three single 14 00:00:56,640 --> 00:00:59,920 Speaker 1: family homes and now this, and man, you know, you 15 00:01:00,080 --> 00:01:01,840 Speaker 1: and I we've talked about it multiple times on the 16 00:01:01,840 --> 00:01:05,520 Speaker 1: podcast already, and uh not to board the heck out 17 00:01:05,520 --> 00:01:07,720 Speaker 1: of people that don't care about real estate investing. But 18 00:01:07,760 --> 00:01:10,479 Speaker 1: I'm super pumped about this, and you know, the numbers 19 00:01:10,520 --> 00:01:12,440 Speaker 1: work out really good. I've got solid tenants in there. 20 00:01:12,440 --> 00:01:15,160 Speaker 1: It's a solid house. So the great thing too, I 21 00:01:15,160 --> 00:01:17,720 Speaker 1: think a lot of people think. And the biggest excuse 22 00:01:17,760 --> 00:01:19,720 Speaker 1: I hear from people who don't want to start investing 23 00:01:19,840 --> 00:01:21,640 Speaker 1: in real estate, And by the way, if you don't 24 00:01:21,640 --> 00:01:25,040 Speaker 1: want to, you don't have to. But the biggest excuse is, oh, man, 25 00:01:25,080 --> 00:01:27,679 Speaker 1: it's gonna be so much work. And there's ways that 26 00:01:27,720 --> 00:01:30,240 Speaker 1: you can get into real estate investing where it's not 27 00:01:30,360 --> 00:01:33,000 Speaker 1: an overwhelming amount of work from the get go. And 28 00:01:33,000 --> 00:01:35,480 Speaker 1: and the property I just purchased, even though it's a duplex, 29 00:01:35,880 --> 00:01:38,959 Speaker 1: it is one of those things it's not necessarily completely turnkey. 30 00:01:39,120 --> 00:01:40,960 Speaker 1: But man, it's not a whole lot of work from 31 00:01:41,000 --> 00:01:43,120 Speaker 1: the get go. And I'm kind of all about buying 32 00:01:43,160 --> 00:01:45,520 Speaker 1: properties that that fit that mold because I still have 33 00:01:45,560 --> 00:01:48,440 Speaker 1: a full time job, in a family and a life. Right, 34 00:01:48,520 --> 00:01:50,000 Speaker 1: that's right. You're not gonna have to do much. I mean, 35 00:01:50,080 --> 00:01:51,960 Speaker 1: the pictures I saw of it, I need to get 36 00:01:51,960 --> 00:01:53,920 Speaker 1: down there and see it in person. But the pictures 37 00:01:53,920 --> 00:01:56,880 Speaker 1: you shared, yeah, like a dope. If I got a vacancy, man, 38 00:01:57,080 --> 00:01:58,960 Speaker 1: put your name in the hat off consider you have 39 00:01:59,440 --> 00:02:02,800 Speaker 1: to fill out in that application. I might call your 40 00:02:02,800 --> 00:02:05,480 Speaker 1: previous lanelords, but I have a feeling you're probably good 41 00:02:05,480 --> 00:02:07,240 Speaker 1: to go. It's been a minute, but I remember his 42 00:02:07,360 --> 00:02:11,360 Speaker 1: name Kip all right, I actually remember his last name too, 43 00:02:11,360 --> 00:02:13,040 Speaker 1: but I'm not gonna say so. You're talking about it 44 00:02:13,120 --> 00:02:14,640 Speaker 1: not being a lot of work, so certainly it's in 45 00:02:14,639 --> 00:02:16,000 Speaker 1: great shape. You're not gonna have to do much for 46 00:02:16,160 --> 00:02:17,720 Speaker 1: off the bat, Like, what are your thoughts as far 47 00:02:17,880 --> 00:02:21,520 Speaker 1: as dealing with tenants, because you're going from even though 48 00:02:21,520 --> 00:02:24,080 Speaker 1: you're only adding a single property, it's got twice as 49 00:02:24,160 --> 00:02:27,120 Speaker 1: many tenants, right, twice as many potential folks that you're 50 00:02:27,120 --> 00:02:29,280 Speaker 1: gonna have to be in touch with and here from, 51 00:02:29,440 --> 00:02:31,760 Speaker 1: collect rent from that sort of thing. Yes, so that 52 00:02:31,760 --> 00:02:34,240 Speaker 1: it's definitely been a consideration, and I'm interested to see, 53 00:02:34,320 --> 00:02:37,720 Speaker 1: you know, how much that increases my workflow on investment properties. 54 00:02:38,040 --> 00:02:41,200 Speaker 1: I don't think it's going to increase my workflow, you know, 55 00:02:41,240 --> 00:02:44,760 Speaker 1: at double the rate, because it is still one building, 56 00:02:44,760 --> 00:02:47,120 Speaker 1: one roof, and and some of those things are in common. 57 00:02:47,120 --> 00:02:49,079 Speaker 1: But you can get down there once and take care 58 00:02:49,080 --> 00:02:52,920 Speaker 1: of multiple problems exactly. So I don't think it's gonna double, 59 00:02:52,960 --> 00:02:54,160 Speaker 1: but I do think it will increase it, And so 60 00:02:54,160 --> 00:02:56,600 Speaker 1: I'm really interested to see how, you know, a duplex 61 00:02:57,240 --> 00:03:00,280 Speaker 1: increases my my workload when it comes to the vestment 62 00:03:00,360 --> 00:03:03,040 Speaker 1: properties or you know, what maybe just it really doesn't 63 00:03:03,200 --> 00:03:05,120 Speaker 1: increase that much, and and and so much of it 64 00:03:05,160 --> 00:03:07,640 Speaker 1: really does come down to the underlying you know, house 65 00:03:07,760 --> 00:03:09,720 Speaker 1: structure of the house, how good or shape it's in, 66 00:03:10,080 --> 00:03:12,120 Speaker 1: you know what repairs. You know, the little things are 67 00:03:12,160 --> 00:03:14,640 Speaker 1: gonna break, right, like a toilet's gonna need a new 68 00:03:14,680 --> 00:03:17,680 Speaker 1: flushing mechanism, or your stove's gonna break or whatever, like 69 00:03:17,720 --> 00:03:19,600 Speaker 1: a fridge is gonna go down. So those things are 70 00:03:19,600 --> 00:03:21,760 Speaker 1: just gonna happen. But you know, the underlying structure of 71 00:03:21,760 --> 00:03:23,399 Speaker 1: the house, man, that's so important to how many calls 72 00:03:23,400 --> 00:03:25,760 Speaker 1: you're gonna get too. So just buying a solid house 73 00:03:25,840 --> 00:03:28,239 Speaker 1: from the get go with good tenants, I mean that 74 00:03:28,360 --> 00:03:32,200 Speaker 1: cures your eels. Yeah, yes, foreside brick, which I'm kind 75 00:03:32,200 --> 00:03:34,600 Speaker 1: of jealous of because I'm looking We're starting to save 76 00:03:34,680 --> 00:03:36,600 Speaker 1: up some money for a pain job on our personal 77 00:03:36,640 --> 00:03:39,320 Speaker 1: house and I'm just not really looking forward to that. 78 00:03:39,480 --> 00:03:41,120 Speaker 1: Like I'm gonna I'm gonna enjoy it because we get 79 00:03:41,160 --> 00:03:42,839 Speaker 1: to choose a new color, which is kind of cool, 80 00:03:43,200 --> 00:03:46,040 Speaker 1: but thinking about wood rot and that kind of thing, 81 00:03:46,040 --> 00:03:49,040 Speaker 1: I'm just like, I just wish it was made of brick, 82 00:03:49,880 --> 00:03:51,440 Speaker 1: Like you don't have to worry about that ever again. 83 00:03:51,480 --> 00:03:54,000 Speaker 1: But I know, I love the way painted wood signing looks, 84 00:03:54,160 --> 00:03:56,520 Speaker 1: but it's got that it's got that classic look. It's 85 00:03:56,520 --> 00:03:58,480 Speaker 1: trade offs for sure. Yeah, but the brick is just 86 00:03:58,800 --> 00:04:01,560 Speaker 1: there's nothing to worry about really, which is really nice 87 00:04:01,640 --> 00:04:03,760 Speaker 1: and right off the bat as well, the property meets 88 00:04:03,800 --> 00:04:05,760 Speaker 1: the one percent rule. We've talked about this before as well, 89 00:04:05,800 --> 00:04:07,800 Speaker 1: which is awesome, man, especially in this in this kind 90 00:04:07,800 --> 00:04:09,640 Speaker 1: of market, right, Yeah, so it's tough to find. And 91 00:04:09,680 --> 00:04:11,800 Speaker 1: you know, there was a question actually on our Facebook group. 92 00:04:12,080 --> 00:04:13,760 Speaker 1: One of our listeners wanted to know, Hey, should I 93 00:04:13,760 --> 00:04:16,520 Speaker 1: should I hold off on buying a house because look 94 00:04:16,520 --> 00:04:18,680 Speaker 1: at where things are within the housing market. It's it's 95 00:04:18,720 --> 00:04:21,040 Speaker 1: crazy out there and it is a hot market. And 96 00:04:21,080 --> 00:04:24,520 Speaker 1: that's definitely true. It's been almost a year since I 97 00:04:24,560 --> 00:04:26,640 Speaker 1: bought my last house. There are few and far between, right, 98 00:04:26,640 --> 00:04:28,320 Speaker 1: I'm not ready to buy like five houses a month. 99 00:04:28,320 --> 00:04:30,120 Speaker 1: I just don't think there are that many good deals. 100 00:04:30,160 --> 00:04:32,640 Speaker 1: But I do think there are deals to be found 101 00:04:32,640 --> 00:04:35,320 Speaker 1: in every market, and so I think it is worth 102 00:04:35,360 --> 00:04:38,719 Speaker 1: considering if you are interested looking now, and if a 103 00:04:38,760 --> 00:04:41,200 Speaker 1: house does meet that one percent rule, which is the 104 00:04:41,240 --> 00:04:45,160 Speaker 1: monthly rent revenue meeting one percent of the cost of 105 00:04:45,200 --> 00:04:47,280 Speaker 1: the house if you can meet that rule. Man, I 106 00:04:47,520 --> 00:04:49,839 Speaker 1: think it's a good move in any market to buy 107 00:04:49,839 --> 00:04:51,520 Speaker 1: a house that meets that rule if it's in good 108 00:04:51,520 --> 00:04:53,320 Speaker 1: condition and you think you're gonna own it for a 109 00:04:53,360 --> 00:04:55,960 Speaker 1: long period of time. So yeah, this duplex for me, 110 00:04:55,960 --> 00:04:58,560 Speaker 1: meets that one percent rule, and I'm stoked about it. 111 00:04:58,560 --> 00:05:00,240 Speaker 1: I think this is gonna be a great place for 112 00:05:00,320 --> 00:05:02,760 Speaker 1: me to own for the long haul. Yeah, man, absolutely, 113 00:05:02,800 --> 00:05:05,720 Speaker 1: it seems it seems awesome. So kind of on the 114 00:05:05,720 --> 00:05:08,120 Speaker 1: opposite end of that, or like in the complete opposite direction, 115 00:05:09,120 --> 00:05:11,760 Speaker 1: getting out we're not spending tons of money on an 116 00:05:11,760 --> 00:05:14,200 Speaker 1: investment property. We were looking at our budget for the 117 00:05:14,240 --> 00:05:16,560 Speaker 1: rest of the year, and you know, just kind of 118 00:05:16,560 --> 00:05:19,400 Speaker 1: like looking at numbers, dude. We actually did the math 119 00:05:19,520 --> 00:05:21,960 Speaker 1: on what it takes for us to like feed ourselves, 120 00:05:22,000 --> 00:05:25,080 Speaker 1: like our family of five, and it only costs us 121 00:05:25,160 --> 00:05:28,560 Speaker 1: one dollar a meal, dude, per person, one dollar person 122 00:05:28,640 --> 00:05:31,359 Speaker 1: per meal. That's like the holy grail of eating costs 123 00:05:31,400 --> 00:05:34,000 Speaker 1: right there. But here's the thing that also includes diapers. 124 00:05:34,000 --> 00:05:37,200 Speaker 1: Like we don't separate out our actual food from like 125 00:05:37,240 --> 00:05:39,360 Speaker 1: our grocery runs, right, so like our like our grocery 126 00:05:39,360 --> 00:05:41,760 Speaker 1: budget includes like stuff from the pharmacy. I have your 127 00:05:41,800 --> 00:05:45,679 Speaker 1: profen diapers, trash bags, things like that, just the standards 128 00:05:45,720 --> 00:05:48,799 Speaker 1: sort of stuff, tooth baste, deodorant, and so in reality, 129 00:05:49,279 --> 00:05:51,719 Speaker 1: I think we're eating for actually less than a dollar 130 00:05:52,279 --> 00:05:55,479 Speaker 1: a meal per person. And you might be thinking, we've 131 00:05:55,520 --> 00:05:58,039 Speaker 1: got little girls. I mean, dott is only one years old. 132 00:05:58,320 --> 00:06:02,080 Speaker 1: But have you seen her eat? I've seen her belly. Yes, 133 00:06:02,560 --> 00:06:05,200 Speaker 1: I'm not kidding. I think Kate and Dottie if you 134 00:06:05,240 --> 00:06:07,240 Speaker 1: were to way like the actual amount of food that 135 00:06:07,279 --> 00:06:09,200 Speaker 1: they have, like in a normal meal, like it's just 136 00:06:09,240 --> 00:06:12,200 Speaker 1: a normal portion. But then Dottie goes and eats an 137 00:06:12,200 --> 00:06:15,719 Speaker 1: insane amount of food for a one year old, and 138 00:06:16,000 --> 00:06:20,080 Speaker 1: like you said, it shows dude. That's incredible though, because 139 00:06:20,120 --> 00:06:21,880 Speaker 1: most people that talk about how much you should spend, 140 00:06:22,040 --> 00:06:24,479 Speaker 1: you know, on on meals for your family, the patented 141 00:06:24,520 --> 00:06:26,520 Speaker 1: thought is is that it should be you know, two 142 00:06:26,600 --> 00:06:27,840 Speaker 1: bucks a meal. If you can get it down to 143 00:06:27,880 --> 00:06:30,280 Speaker 1: two bucks a meal per person, you're you're crushing it. 144 00:06:30,400 --> 00:06:32,320 Speaker 1: So even I even saw something posted where they're talking 145 00:06:32,320 --> 00:06:34,520 Speaker 1: about five dollars, like five dollars of dinner or like 146 00:06:34,600 --> 00:06:36,960 Speaker 1: something like that. When sure, if you're going out all 147 00:06:37,000 --> 00:06:39,000 Speaker 1: the time and you're eating out and you're used to 148 00:06:39,040 --> 00:06:43,080 Speaker 1: doing drinks and dropping fifty bucks a night on a weekday. Yeah, 149 00:06:43,120 --> 00:06:44,600 Speaker 1: you're gonna save a lot to it. That five bucks 150 00:06:44,600 --> 00:06:46,440 Speaker 1: makes it sound like you're warm buffet or something like that. 151 00:06:46,680 --> 00:06:50,000 Speaker 1: But that's still a lot compared to our entire family 152 00:06:50,440 --> 00:06:54,160 Speaker 1: eating for five dollars per meal. Okay, so next episode, 153 00:06:54,240 --> 00:06:56,400 Speaker 1: can we cover this in detail, because I really do 154 00:06:56,440 --> 00:06:57,800 Speaker 1: want to get into it. I'm really curious and I 155 00:06:57,800 --> 00:06:59,040 Speaker 1: think it would help a lot of people out there, 156 00:06:59,080 --> 00:07:00,920 Speaker 1: like the meal thing. I don't. Here's the thing with Kay. 157 00:07:00,920 --> 00:07:02,520 Speaker 1: I've talked her about it, and she has more of 158 00:07:02,520 --> 00:07:05,640 Speaker 1: a philosophy on like the way she approaches food and 159 00:07:05,640 --> 00:07:07,479 Speaker 1: the way she cooks. I need to talk to her 160 00:07:07,520 --> 00:07:09,400 Speaker 1: and see if we can figure out some specific like 161 00:07:09,480 --> 00:07:12,200 Speaker 1: tips like do this, this is how it'll save like 162 00:07:12,280 --> 00:07:14,600 Speaker 1: do this, this is how it will safe. Well okay, 163 00:07:14,600 --> 00:07:16,880 Speaker 1: that's that's your homework for this because because we because 164 00:07:16,920 --> 00:07:18,400 Speaker 1: like we have to. You can't just tell everyone in 165 00:07:18,440 --> 00:07:20,160 Speaker 1: the audience like, hey, I we eat for one dollar 166 00:07:20,200 --> 00:07:22,760 Speaker 1: a meal for our family, and that's breakfast, lunch, and dinner, 167 00:07:22,800 --> 00:07:24,480 Speaker 1: right because dinner is usually is a lot more expensive 168 00:07:24,480 --> 00:07:26,080 Speaker 1: like breakfast. You feel you can get away with it, 169 00:07:26,280 --> 00:07:28,880 Speaker 1: you know, eggs maybe, you know, probably eggs and toast 170 00:07:29,000 --> 00:07:31,200 Speaker 1: and some fruit, a little bit of coffee fruit. Yeah, 171 00:07:31,200 --> 00:07:33,480 Speaker 1: you can get away with it. And lunch easy to write, 172 00:07:33,480 --> 00:07:35,480 Speaker 1: a little bit easier, maybe a veggie and some nuts 173 00:07:35,560 --> 00:07:38,120 Speaker 1: or whatever. But dinner, man, how do you get away? Well? See, yeah, 174 00:07:38,120 --> 00:07:40,040 Speaker 1: you say veggie nuts, and I'm like, yeah, that sounds normal. 175 00:07:40,040 --> 00:07:41,400 Speaker 1: But I think for a lot of people they're like, wait, 176 00:07:41,440 --> 00:07:44,200 Speaker 1: I go out to eat for lunch, you know, like 177 00:07:44,480 --> 00:07:46,120 Speaker 1: if you're going out to eat, right, that's that's the 178 00:07:46,120 --> 00:07:48,520 Speaker 1: biggest thing, all right. But so hopefully if it's not 179 00:07:48,640 --> 00:07:51,920 Speaker 1: next episode really really soon, we'll could be able to 180 00:07:52,560 --> 00:07:53,960 Speaker 1: maybe we should just have her on to really be 181 00:07:54,000 --> 00:07:56,679 Speaker 1: able to explain it, because she really does handle almost 182 00:07:57,640 --> 00:08:00,520 Speaker 1: of our grocery budget as well as of the cooking, 183 00:08:01,080 --> 00:08:02,680 Speaker 1: and there's a lot there's a lot of insight there, 184 00:08:02,680 --> 00:08:03,840 Speaker 1: so do I mean the reason I brought it up 185 00:08:03,880 --> 00:08:06,640 Speaker 1: was because we're kind of looking at ways to tighten 186 00:08:06,640 --> 00:08:08,640 Speaker 1: the belt a little bit and I don't think you 187 00:08:08,640 --> 00:08:11,480 Speaker 1: can cut there, yeah exactly, And so I was just like, okay, 188 00:08:11,600 --> 00:08:14,000 Speaker 1: could we go leaner, you know, in our grocery budget? 189 00:08:14,000 --> 00:08:15,480 Speaker 1: And that's why I sat down and actually did the 190 00:08:15,520 --> 00:08:18,760 Speaker 1: math and realized, oh, dear lord, no, I don't think 191 00:08:18,760 --> 00:08:20,480 Speaker 1: we can go I don't think we can like make 192 00:08:20,520 --> 00:08:23,000 Speaker 1: this any slimmer at all, because I think we're getting 193 00:08:23,040 --> 00:08:27,600 Speaker 1: into like third world Russia or something, you know, surviving 194 00:08:27,600 --> 00:08:29,760 Speaker 1: only on like a goat for the years, living in 195 00:08:29,880 --> 00:08:33,360 Speaker 1: the year Siberian Wilderness or something. Yeah. Yeah, and we 196 00:08:33,400 --> 00:08:35,400 Speaker 1: know Kate's got a voice for radio because everyone heard 197 00:08:35,440 --> 00:08:37,640 Speaker 1: that just a few episodes ago when we had Our 198 00:08:37,679 --> 00:08:41,160 Speaker 1: wives on, which was really fun. So that was still 199 00:08:41,280 --> 00:08:43,360 Speaker 1: my favorite episode. I think maybe because they were doing 200 00:08:43,360 --> 00:08:45,440 Speaker 1: all the talking, we're just sort of like cracking jokes 201 00:08:45,480 --> 00:08:48,480 Speaker 1: the whole time, a little bit easier just ask them questions, right, Yeah, 202 00:08:48,520 --> 00:08:50,640 Speaker 1: that was good. Should we get more into the interview 203 00:08:50,720 --> 00:08:52,880 Speaker 1: sort of style that maybe that would be if if 204 00:08:52,920 --> 00:08:55,080 Speaker 1: we're just prepping whoever were gonna have on and they're 205 00:08:55,080 --> 00:08:56,679 Speaker 1: just gonna answer questions and the whole time we're just 206 00:08:56,720 --> 00:08:58,640 Speaker 1: kind of like making jokes and drinking beer. That's a 207 00:08:58,640 --> 00:09:01,400 Speaker 1: good point, you know, that sounds Pretty's pretty nice. I'm 208 00:09:01,400 --> 00:09:03,560 Speaker 1: really good at cracking jokes and drinking beers. But yeah, 209 00:09:03,559 --> 00:09:05,400 Speaker 1: on that note, we'll definitely do something. We do have 210 00:09:05,440 --> 00:09:07,360 Speaker 1: some interviews planned coming up with some people, so I'm 211 00:09:07,440 --> 00:09:09,720 Speaker 1: kind of excited to get into into that part of 212 00:09:09,720 --> 00:09:11,800 Speaker 1: the show. So stay tuned. You know, by the end 213 00:09:11,800 --> 00:09:14,040 Speaker 1: of the year, we'll have a few interview episodes with 214 00:09:14,040 --> 00:09:16,760 Speaker 1: people that are experts in certain fields that were not 215 00:09:17,080 --> 00:09:19,160 Speaker 1: nearly as knowledgeable, and so there should be a learning 216 00:09:19,160 --> 00:09:20,960 Speaker 1: process for you and I and then also for our 217 00:09:21,000 --> 00:09:23,240 Speaker 1: audience at the same time, which is which is fun. Yeah, 218 00:09:23,280 --> 00:09:25,959 Speaker 1: And like Joel said earlier, we're gonna answer a listener's question. 219 00:09:26,200 --> 00:09:28,240 Speaker 1: If you have a question, please right in. You can 220 00:09:28,280 --> 00:09:30,880 Speaker 1: send us a message via the form on our website, 221 00:09:31,040 --> 00:09:33,080 Speaker 1: Poor Not Poor dot com or just shoot us an 222 00:09:33,080 --> 00:09:35,960 Speaker 1: email Poor Not Poor at gmail dot com. We love 223 00:09:36,000 --> 00:09:38,480 Speaker 1: hearing from all your listeners and whether that means just 224 00:09:38,520 --> 00:09:41,240 Speaker 1: sort of chiming in with a recent beer find that 225 00:09:41,240 --> 00:09:44,480 Speaker 1: you've come across in your city or state, but all 226 00:09:44,520 --> 00:09:47,000 Speaker 1: the way down to specific questions on life insurance like 227 00:09:47,000 --> 00:09:49,160 Speaker 1: we're gonna talk about today. I've mentioned this before, but 228 00:09:49,280 --> 00:09:51,960 Speaker 1: having specific questions for us to answer it just feels 229 00:09:51,960 --> 00:09:54,000 Speaker 1: like such a tangible way that we're helping folks. Like Granted, 230 00:09:54,040 --> 00:09:56,120 Speaker 1: I know that every episode we talk about hopefully we're 231 00:09:56,160 --> 00:09:59,240 Speaker 1: helping people, but to answer a specific question. You feel 232 00:09:59,240 --> 00:10:01,400 Speaker 1: like the Rubbers actual meeting the road and we're moving 233 00:10:01,480 --> 00:10:04,880 Speaker 1: somebody forward in their life at least financially, and uh, 234 00:10:04,960 --> 00:10:07,800 Speaker 1: that makes me feel good. And uh, you know, I 235 00:10:07,880 --> 00:10:09,880 Speaker 1: know that you feel the same way. But just getting 236 00:10:10,000 --> 00:10:13,080 Speaker 1: emails from listeners is man like. It like makes me 237 00:10:13,160 --> 00:10:14,880 Speaker 1: smile ear to ear when we get an email from 238 00:10:14,880 --> 00:10:17,559 Speaker 1: a listener and they've learned something, or they have a 239 00:10:17,640 --> 00:10:19,520 Speaker 1: question or they just want to say hi, and it 240 00:10:19,600 --> 00:10:22,240 Speaker 1: just feels awesome, like, Okay, hey, we're meeting the people 241 00:10:22,400 --> 00:10:25,360 Speaker 1: that we're that we're creating this show for and kind 242 00:10:25,360 --> 00:10:27,880 Speaker 1: of creating this community around and so that's just a blastemy. 243 00:10:28,000 --> 00:10:29,920 Speaker 1: Only if you start the email with Matt and Joel 244 00:10:30,000 --> 00:10:32,320 Speaker 1: we love you guys so much. We love the podcast 245 00:10:32,360 --> 00:10:34,760 Speaker 1: and we've written reviews. Yeah, or I was like, oh, hey, 246 00:10:34,800 --> 00:10:37,320 Speaker 1: Matt and Joel hated that last episode that we were 247 00:10:37,320 --> 00:10:39,640 Speaker 1: just deleted immediately. If that's what happens, I actually delete 248 00:10:39,679 --> 00:10:41,320 Speaker 1: those from the inbox before you get to them. So 249 00:10:41,480 --> 00:10:43,680 Speaker 1: oh that's why I'm only happy when I see the emails. Yeah, 250 00:10:43,760 --> 00:10:46,040 Speaker 1: I'm protecting you, all right. Onto the beer for the day. 251 00:10:46,280 --> 00:10:50,679 Speaker 1: Uh odd thirteen brewing out of Lafayette, Colorado, And can 252 00:10:50,720 --> 00:10:52,520 Speaker 1: I say, Matt, I had this a couple of weeks ago, 253 00:10:52,960 --> 00:10:54,880 Speaker 1: already know I love it, but let's crack it and 254 00:10:54,880 --> 00:10:59,640 Speaker 1: have it together. I have missed drinking I p A s. 255 00:10:59,679 --> 00:11:01,839 Speaker 1: We have had an I PA in a while, and 256 00:11:01,880 --> 00:11:03,959 Speaker 1: I was especially bummed that we weren't drinking in I 257 00:11:04,040 --> 00:11:06,880 Speaker 1: p A a couple of weeks ago. On there's all 258 00:11:06,880 --> 00:11:09,200 Speaker 1: these stupid holidays, but when I saw that it was 259 00:11:09,440 --> 00:11:11,440 Speaker 1: national I p A Day, I was kind of bombed. 260 00:11:11,440 --> 00:11:13,959 Speaker 1: I didn't have an I p A Meverridge. That's a poor, 261 00:11:14,040 --> 00:11:16,679 Speaker 1: not poor fail right there. Although all those holidays they're 262 00:11:16,679 --> 00:11:19,160 Speaker 1: getting ridiculous. They're out of hand. How many holidays can 263 00:11:19,160 --> 00:11:21,360 Speaker 1: there be? And who gets access to create these holidays? 264 00:11:21,559 --> 00:11:24,839 Speaker 1: It's it's just getting utterly ridiculous. So, without doubt, this 265 00:11:24,960 --> 00:11:28,480 Speaker 1: is a hazy New England style I p A. It 266 00:11:28,600 --> 00:11:31,960 Speaker 1: looks awesome and those juicy notes just smack you right 267 00:11:31,960 --> 00:11:33,719 Speaker 1: in the nose as you open the can. You don't 268 00:11:33,720 --> 00:11:36,200 Speaker 1: even have to pour it out for to get that. Yeah, 269 00:11:36,240 --> 00:11:38,160 Speaker 1: it happened. Right when I cracked the can, I could 270 00:11:38,200 --> 00:11:40,040 Speaker 1: smell it and I started pouring. So we're talking about 271 00:11:40,080 --> 00:11:42,760 Speaker 1: the visuals here, right, and so the beer almost looks 272 00:11:42,760 --> 00:11:46,400 Speaker 1: like orange juice. It's got that nice solid orangey beer 273 00:11:46,440 --> 00:11:48,080 Speaker 1: color that you see from New England. I p a s. 274 00:11:48,280 --> 00:11:49,800 Speaker 1: But then, also, do you want to mention the can 275 00:11:50,160 --> 00:11:54,080 Speaker 1: because this is the sort of most unique looking beer 276 00:11:54,080 --> 00:11:57,360 Speaker 1: can I think I've ever seen, you know, describe it. Yeah, 277 00:11:57,400 --> 00:11:59,719 Speaker 1: So author team makes some really good beers, and I've 278 00:11:59,720 --> 00:12:01,360 Speaker 1: actually really gotten to go to their brewer before, and 279 00:12:01,360 --> 00:12:04,000 Speaker 1: it's great, and their cans all kind of have like 280 00:12:04,120 --> 00:12:07,840 Speaker 1: superhero themes, and so this one has like it's straight 281 00:12:07,920 --> 00:12:10,120 Speaker 1: up looks like a like a comic book. Yeah, it's 282 00:12:10,120 --> 00:12:13,000 Speaker 1: just like an alien superhero in some sort of intergalactic 283 00:12:13,040 --> 00:12:17,079 Speaker 1: intergalactic space space fight laser laser scene. Yeah, so I 284 00:12:17,120 --> 00:12:19,920 Speaker 1: think he's gonna win and dominate human kind or something 285 00:12:19,960 --> 00:12:23,320 Speaker 1: like that. But ODS teen seriously makes some of the 286 00:12:23,320 --> 00:12:25,840 Speaker 1: best beers I've ever had. I've kind of been obsessed 287 00:12:25,840 --> 00:12:28,679 Speaker 1: with them ever since my buddy Carl sent me one 288 00:12:28,880 --> 00:12:31,240 Speaker 1: one beer by them, and actually got this beer from 289 00:12:31,280 --> 00:12:34,400 Speaker 1: Carl doing a beer trade in person, which, by the way, 290 00:12:34,440 --> 00:12:36,640 Speaker 1: is the way to go if you're meeting in another city, 291 00:12:36,679 --> 00:12:39,240 Speaker 1: bring beer trade with somebody and make sure to fly 292 00:12:39,320 --> 00:12:42,520 Speaker 1: southwest because you get a check bag for free. So 293 00:12:43,040 --> 00:12:45,960 Speaker 1: that's what I'm talking about. Fly Southwest, make those beer 294 00:12:45,960 --> 00:12:49,320 Speaker 1: trades happen for frizzle. But this beer is I just 295 00:12:49,360 --> 00:12:53,200 Speaker 1: had a sip in dude, incredible. Yeah, this is up 296 00:12:53,200 --> 00:12:59,000 Speaker 1: there with trillium. This brothers, this is really really good. Man. 297 00:12:59,679 --> 00:13:01,200 Speaker 1: Let me the best way that these New England styles 298 00:13:01,200 --> 00:13:04,360 Speaker 1: are described or juicy, like these juicy dry hopped I 299 00:13:04,400 --> 00:13:05,760 Speaker 1: p A s. I mean, they have a lot of 300 00:13:05,960 --> 00:13:08,720 Speaker 1: hot presents, but at the same time there they just 301 00:13:08,760 --> 00:13:10,360 Speaker 1: have a lot of fruit, a lot of fruit notes, 302 00:13:10,400 --> 00:13:12,559 Speaker 1: a lot of fruit flavors, whereas like the West Coast 303 00:13:12,600 --> 00:13:16,719 Speaker 1: I p A have those resine kind of piney flavors 304 00:13:17,280 --> 00:13:21,800 Speaker 1: and this is all happy fruit in your face. Yeah, 305 00:13:21,840 --> 00:13:25,000 Speaker 1: this is awesome. I wish I had more of this. Yeah, 306 00:13:25,040 --> 00:13:27,800 Speaker 1: thanks Carl for doing that beer trade with me. And 307 00:13:28,360 --> 00:13:30,400 Speaker 1: anybody makes it out to Colorado, there's a bunch of 308 00:13:30,400 --> 00:13:32,400 Speaker 1: your breweries to visit, but put Odd thirteen on your 309 00:13:32,400 --> 00:13:36,640 Speaker 1: list because Odd thirteen makes d delicious beers. We're gonna 310 00:13:36,640 --> 00:13:38,440 Speaker 1: take a quick break, but right after that we're gonna 311 00:13:38,480 --> 00:13:50,800 Speaker 1: get to Josh's questions about life insurance. So let's get 312 00:13:50,800 --> 00:13:54,040 Speaker 1: in the topic of the day, Matt, and the question 313 00:13:54,160 --> 00:13:56,600 Speaker 1: we are answering today is from a listener named Josh 314 00:13:57,160 --> 00:13:59,679 Speaker 1: about life insurance. Yeah he read in last week, and 315 00:13:59,760 --> 00:14:03,040 Speaker 1: his question is I have a fifteen year term policy 316 00:14:03,120 --> 00:14:05,280 Speaker 1: because my plan is that I will be able to 317 00:14:05,320 --> 00:14:08,840 Speaker 1: be self insured by two or so when the policy 318 00:14:08,960 --> 00:14:11,320 Speaker 1: is up. Is that a good move or should I 319 00:14:11,360 --> 00:14:15,040 Speaker 1: try to get a longer term policy? Also, what age 320 00:14:15,040 --> 00:14:18,280 Speaker 1: should I make sure I get a policy before? Is 321 00:14:18,320 --> 00:14:20,200 Speaker 1: there a certain age where if I apply for a 322 00:14:20,200 --> 00:14:23,320 Speaker 1: policy it will be significantly more expensive or is it 323 00:14:23,320 --> 00:14:26,160 Speaker 1: all health based? I turned thirty five today, so it 324 00:14:26,280 --> 00:14:30,320 Speaker 1: has me thinking about getting old. Well, Josh, uh a 325 00:14:30,400 --> 00:14:33,040 Speaker 1: late happy birthday to you. I hope it's going well 326 00:14:33,080 --> 00:14:34,920 Speaker 1: for you man. And yeah, you're old, dude. I mean, 327 00:14:34,960 --> 00:14:36,080 Speaker 1: I don't know what I would do if I was 328 00:14:36,120 --> 00:14:37,840 Speaker 1: that old. But also too man, you've got a two 329 00:14:37,840 --> 00:14:39,840 Speaker 1: million dollar policy. Good for you because that, I mean 330 00:14:39,840 --> 00:14:41,680 Speaker 1: that tells me you've got uh that you're making a 331 00:14:41,680 --> 00:14:43,400 Speaker 1: good amount of money, So it didn't come Yeah, man, 332 00:14:43,440 --> 00:14:45,800 Speaker 1: keep it up, and that you're insuring yourself. Well. So 333 00:14:46,160 --> 00:14:47,880 Speaker 1: let's get into the nuts and bolts. I think there 334 00:14:47,920 --> 00:14:49,520 Speaker 1: are a lot of things to cover in this question, 335 00:14:49,560 --> 00:14:52,320 Speaker 1: because you know, there's a question of is term life 336 00:14:52,320 --> 00:14:54,880 Speaker 1: insurance the best way to go? How long should you 337 00:14:54,880 --> 00:14:57,080 Speaker 1: be insured for? And you know, kind of what what 338 00:14:57,160 --> 00:14:58,880 Speaker 1: the purpose is. That's kind of one of the questions 339 00:14:58,880 --> 00:15:01,160 Speaker 1: that he's asking here too, what's the purpose behind term 340 00:15:01,200 --> 00:15:02,800 Speaker 1: life and how long do I need it for? And 341 00:15:02,840 --> 00:15:04,840 Speaker 1: so and so let's get into each of those kind 342 00:15:04,840 --> 00:15:06,160 Speaker 1: of one by one. We'll kind of walk through with 343 00:15:06,240 --> 00:15:08,600 Speaker 1: Josh and hopefully you know, have a good answer, you know, 344 00:15:08,720 --> 00:15:10,520 Speaker 1: not just for your question but for a lot of 345 00:15:10,560 --> 00:15:13,320 Speaker 1: folks out there listening that are in their twenties and 346 00:15:13,320 --> 00:15:15,800 Speaker 1: thirties in particular, but even if you're older and you 347 00:15:15,800 --> 00:15:18,560 Speaker 1: don't have life insurance, these are good questions to wade 348 00:15:18,560 --> 00:15:20,640 Speaker 1: through to kind of figure out, you know, whether you 349 00:15:20,680 --> 00:15:22,840 Speaker 1: need life insurance and if you do, what kind of 350 00:15:22,840 --> 00:15:25,120 Speaker 1: life insurance and how you should go about insuring yourself 351 00:15:25,160 --> 00:15:27,200 Speaker 1: and so we'll kind of walk through the process. Yeah, 352 00:15:27,200 --> 00:15:30,200 Speaker 1: so specifically, Josh asks, is that a good move where 353 00:15:30,440 --> 00:15:32,760 Speaker 1: you know, should I try to get a longer term policy? 354 00:15:32,800 --> 00:15:34,880 Speaker 1: You know, he's only got a fifteen year because he's 355 00:15:34,880 --> 00:15:37,160 Speaker 1: planning to be self insured. He's planning to be essentially 356 00:15:37,200 --> 00:15:41,720 Speaker 1: financially independent by the time that plan expires, and to 357 00:15:41,880 --> 00:15:44,040 Speaker 1: that we would say, yeah, man, it's a great move. 358 00:15:44,080 --> 00:15:46,280 Speaker 1: You know, we don't know what your expenses are, but 359 00:15:46,280 --> 00:15:49,120 Speaker 1: I assume that two million fits with your lifestyle and 360 00:15:49,160 --> 00:15:51,800 Speaker 1: with your income and your expenses um. But in general, 361 00:15:51,880 --> 00:15:54,440 Speaker 1: having a level term life insurance is the simplest and 362 00:15:54,600 --> 00:15:57,000 Speaker 1: most affordable way to go. It makes the most sense. 363 00:15:57,080 --> 00:15:59,520 Speaker 1: You're able to lock in that premium every single month 364 00:15:59,840 --> 00:16:02,240 Speaker 1: and it's never gonna change. You're gonna pay that for 365 00:16:02,280 --> 00:16:05,640 Speaker 1: the entire length of that policy. And that's a rarity, 366 00:16:05,720 --> 00:16:07,240 Speaker 1: you know, it said to know that, like, Okay, this 367 00:16:07,280 --> 00:16:09,120 Speaker 1: payment is never going to change, and I know that, 368 00:16:09,160 --> 00:16:11,920 Speaker 1: like if I were to die, you know, pass away early. 369 00:16:12,240 --> 00:16:14,440 Speaker 1: This is sort of a morbid topic, right, Yeah, it is. Yeah, 370 00:16:14,560 --> 00:16:16,200 Speaker 1: I feel like it's worth like mentioned anything. Hey man, 371 00:16:16,200 --> 00:16:18,680 Speaker 1: we're all gonna die, you know, so, but you know 372 00:16:18,760 --> 00:16:20,680 Speaker 1: that if if that's gonna you know, if that does happen, 373 00:16:20,720 --> 00:16:22,240 Speaker 1: that this is how much you'll get you'll get paid 374 00:16:22,240 --> 00:16:24,320 Speaker 1: out in term life insurance, like you said, is kind 375 00:16:24,320 --> 00:16:26,480 Speaker 1: of the best way to go because you know how 376 00:16:26,560 --> 00:16:28,480 Speaker 1: much you're gonna pay over the next fifteen years in 377 00:16:28,520 --> 00:16:31,440 Speaker 1: Josh's case, twenty years in my case. But you know, 378 00:16:31,480 --> 00:16:33,240 Speaker 1: however long of a term you take out, you're paying 379 00:16:33,280 --> 00:16:36,640 Speaker 1: the same monthly payment every month and no surprises, you 380 00:16:36,720 --> 00:16:38,680 Speaker 1: lock it in. That's I think it's amazing. And there 381 00:16:38,720 --> 00:16:40,800 Speaker 1: are other types of insurance, right that can just balloon, 382 00:16:41,000 --> 00:16:43,320 Speaker 1: or you're insured can tell you, hey, your premiums just 383 00:16:43,400 --> 00:16:47,280 Speaker 1: are rising for the next year, and they might continue 384 00:16:47,280 --> 00:16:50,160 Speaker 1: to escalate at a ridiculous rate. But when it comes 385 00:16:50,160 --> 00:16:52,520 Speaker 1: to term life insurance, you're locked in at the same 386 00:16:52,600 --> 00:16:55,280 Speaker 1: rate every year. Good to go. So to give you 387 00:16:55,320 --> 00:16:58,200 Speaker 1: listeners a feel for, I guess what the average policy 388 00:16:58,200 --> 00:17:00,800 Speaker 1: out there roughly goes for. If you're if you're a 389 00:17:00,800 --> 00:17:03,840 Speaker 1: thirty five year old male or female, you're looking at 390 00:17:03,840 --> 00:17:06,520 Speaker 1: a round paying thirty five a month, and that comes 391 00:17:06,520 --> 00:17:09,000 Speaker 1: out to about four d and twenty a year for 392 00:17:09,080 --> 00:17:13,520 Speaker 1: a twenty year term policy for half a million dollars 393 00:17:13,840 --> 00:17:18,440 Speaker 1: worth of coverage, which is awesome. Yeah, that's great, that's great. Right. Yeah, 394 00:17:18,440 --> 00:17:20,119 Speaker 1: you know, like think about it, like half a million 395 00:17:20,119 --> 00:17:23,560 Speaker 1: dollars and you're paying thirty five bucks. I mean, that's 396 00:17:23,880 --> 00:17:26,359 Speaker 1: less than the cost of pretty much any utility that 397 00:17:26,440 --> 00:17:29,280 Speaker 1: you have, you know, that's like a couple of pieces. Yeah, 398 00:17:29,280 --> 00:17:31,040 Speaker 1: so that's a good number to kind of go on, Uh, 399 00:17:31,400 --> 00:17:33,160 Speaker 1: you want to find a policy in this price range. 400 00:17:33,200 --> 00:17:35,399 Speaker 1: If you are thirty five years old, male or female, 401 00:17:35,440 --> 00:17:38,120 Speaker 1: you're likely going to pay roughly thirty five dollars a month, 402 00:17:38,440 --> 00:17:41,600 Speaker 1: and that's for non smokers, and that's for nonsmokers, healthy lifestyle. Right. 403 00:17:41,760 --> 00:17:44,000 Speaker 1: Then if you wait, if you delay to buy that policy, 404 00:17:44,000 --> 00:17:45,840 Speaker 1: you we'll talk about this a little bit more further 405 00:17:45,880 --> 00:17:48,080 Speaker 1: down to you're gonna pay two and a half to 406 00:17:48,119 --> 00:17:50,240 Speaker 1: four times that much. You know, the older you get, 407 00:17:50,320 --> 00:17:52,359 Speaker 1: like when you get to age fifty, you're roughly gonna 408 00:17:52,400 --> 00:17:54,280 Speaker 1: pay two and a half to four times as much. 409 00:17:54,560 --> 00:17:57,560 Speaker 1: And so yeah, buying your term coverage earlier on in 410 00:17:57,640 --> 00:18:01,119 Speaker 1: life is a good way to go. It's specifically term life. 411 00:18:01,160 --> 00:18:04,040 Speaker 1: You know, there's other insurance products out there. Uh, the 412 00:18:04,119 --> 00:18:06,040 Speaker 1: most popular, other one that maybe you've heard of, his 413 00:18:06,160 --> 00:18:08,560 Speaker 1: whole life. We're only are going to talk about term 414 00:18:08,600 --> 00:18:11,919 Speaker 1: life because for n and a half percent of you 415 00:18:11,960 --> 00:18:14,400 Speaker 1: out there, that's the only thing you're gonna want to consider. Ever, 416 00:18:15,040 --> 00:18:16,320 Speaker 1: and we're not going to spend a whole lot of 417 00:18:16,320 --> 00:18:19,840 Speaker 1: time on why whole life stinks, but really quickly we 418 00:18:19,880 --> 00:18:22,240 Speaker 1: will say term life is so much better than a 419 00:18:22,280 --> 00:18:25,800 Speaker 1: whole life, and it's because term life is really only 420 00:18:26,440 --> 00:18:30,280 Speaker 1: in actuality a life insurance policy, and whole life insurance 421 00:18:30,680 --> 00:18:34,679 Speaker 1: is a combination life insurance policy and investment. And the 422 00:18:34,720 --> 00:18:37,600 Speaker 1: problem with that is it separating them is the most 423 00:18:37,600 --> 00:18:40,520 Speaker 1: efficient way to do them, and buying life insurance and 424 00:18:40,640 --> 00:18:43,200 Speaker 1: an investment at the same time it's just a terrible idea. 425 00:18:43,240 --> 00:18:45,679 Speaker 1: And the biggest reason is because the commissions are sky 426 00:18:45,800 --> 00:18:49,480 Speaker 1: high on whole life insurance. Yeah, man, it's right. So 427 00:18:49,520 --> 00:18:52,359 Speaker 1: anytime you hear somebody trying to sell you whole life, 428 00:18:52,720 --> 00:18:55,760 Speaker 1: it's because they make a lot of money, a ton 429 00:18:55,800 --> 00:18:58,120 Speaker 1: of money on that, and they don't make hardly any 430 00:18:58,200 --> 00:19:02,679 Speaker 1: money on selling term life policies. And so that's a 431 00:19:02,760 --> 00:19:07,480 Speaker 1: huge reason that those plans are so aggressively pushed. And yeah, 432 00:19:07,480 --> 00:19:09,840 Speaker 1: it kind of goes back to knowing where your investments 433 00:19:09,880 --> 00:19:11,480 Speaker 1: are as well. And when you buy a whole life 434 00:19:11,480 --> 00:19:13,800 Speaker 1: policy like that, and your funds kind of get commingled 435 00:19:13,800 --> 00:19:15,760 Speaker 1: with your insurance and you can't really wrap your hands 436 00:19:15,760 --> 00:19:18,760 Speaker 1: around it. What's what? Who knows? Yeah, that's not the 437 00:19:18,760 --> 00:19:20,280 Speaker 1: position that I want to be in when it comes 438 00:19:20,280 --> 00:19:22,960 Speaker 1: to my investments and looking ahead, And like I did 439 00:19:23,040 --> 00:19:24,840 Speaker 1: with recently just budgeting, Like you want to be able 440 00:19:24,880 --> 00:19:26,800 Speaker 1: to look at some solid numbers and know like, this 441 00:19:26,840 --> 00:19:28,560 Speaker 1: is what we do, this is what we have coming up, 442 00:19:28,600 --> 00:19:31,760 Speaker 1: this is what we can count on. And when you're 443 00:19:31,760 --> 00:19:35,000 Speaker 1: co mingling your insurance with investments, I don't like it 444 00:19:35,000 --> 00:19:37,200 Speaker 1: just gets it's a harry. Yeah, And you know we're cheap, 445 00:19:37,240 --> 00:19:39,280 Speaker 1: but we also kind of want the best thing possible, right, 446 00:19:39,320 --> 00:19:41,479 Speaker 1: And the great thing is you can be cheap and 447 00:19:41,520 --> 00:19:43,600 Speaker 1: get the best thing possible. So we talked last week 448 00:19:43,640 --> 00:19:46,440 Speaker 1: just a little bit about these new fidelity investment funds 449 00:19:46,440 --> 00:19:49,439 Speaker 1: that are zero commission, zero fees, which is amazing. And 450 00:19:49,440 --> 00:19:51,720 Speaker 1: then these term life policies that we're talking about are 451 00:19:51,720 --> 00:19:54,400 Speaker 1: almost in the same boat. You know, there's very very 452 00:19:54,400 --> 00:19:56,920 Speaker 1: few commissions, very few fees charged on these things. They're 453 00:19:56,920 --> 00:19:59,800 Speaker 1: both really cheap, but they're also actually the best thing 454 00:19:59,840 --> 00:20:01,359 Speaker 1: for are you at the same time. So it's just 455 00:20:01,680 --> 00:20:05,720 Speaker 1: perfect blissful marriage where you if you separate them, you're 456 00:20:05,720 --> 00:20:07,119 Speaker 1: gonna get the best of both worlds, and if you 457 00:20:07,160 --> 00:20:09,200 Speaker 1: try to combine them, you're gonna get screwed. You're gonna 458 00:20:09,200 --> 00:20:12,119 Speaker 1: get in the worst of both words. Exactly. Yeah, So 459 00:20:12,320 --> 00:20:15,000 Speaker 1: avoid that. Yeah, and part of Josh's question too, was, 460 00:20:15,040 --> 00:20:17,080 Speaker 1: you know, I've got this fifteen year policy, whereas a 461 00:20:17,080 --> 00:20:19,359 Speaker 1: lot of people get a twenty year policy or a 462 00:20:19,560 --> 00:20:22,720 Speaker 1: thirty year policy. But the reason, and Josh seemed to 463 00:20:22,760 --> 00:20:25,040 Speaker 1: have a really good reason to get a fifteen year policy, 464 00:20:25,160 --> 00:20:28,000 Speaker 1: was that he would be self insured fifteen years from now. 465 00:20:28,200 --> 00:20:30,520 Speaker 1: And so that brings us to our next point. The 466 00:20:30,560 --> 00:20:33,960 Speaker 1: whole point of life insurance is to have that insurance 467 00:20:34,240 --> 00:20:36,679 Speaker 1: until the point that you can be self insured and 468 00:20:36,720 --> 00:20:40,160 Speaker 1: to replace your income in the case of untimely death. 469 00:20:40,440 --> 00:20:43,360 Speaker 1: So it's not to have an investment vehicle, and it's 470 00:20:43,400 --> 00:20:45,320 Speaker 1: not to have this thing that lasts for fourty or 471 00:20:45,359 --> 00:20:47,840 Speaker 1: fifty years. It is this thing to get you from 472 00:20:48,119 --> 00:20:50,760 Speaker 1: an insurable need right now until the point that you 473 00:20:50,800 --> 00:20:52,879 Speaker 1: don't have an insurable need. So I love that Josh, 474 00:20:53,000 --> 00:20:55,280 Speaker 1: he's thinking about it in just the right way. Another 475 00:20:55,280 --> 00:20:57,359 Speaker 1: way to to think about being self insured because that 476 00:20:57,359 --> 00:20:59,479 Speaker 1: sounds kind of like, well, how do I self insure myself? 477 00:20:59,480 --> 00:21:01,600 Speaker 1: Like do I have to like write something down on paper? 478 00:21:01,920 --> 00:21:03,840 Speaker 1: Like No, it's just not like a formal thing or 479 00:21:04,080 --> 00:21:06,880 Speaker 1: a step that you go through. It's essentially becoming financially independent. 480 00:21:07,119 --> 00:21:09,160 Speaker 1: And so the amount of money that you have your assets. 481 00:21:09,240 --> 00:21:11,959 Speaker 1: If all that combined, you're able to you know, if 482 00:21:11,960 --> 00:21:16,160 Speaker 1: you stopped working or if you disappeared off the earth. Uh, 483 00:21:16,200 --> 00:21:19,160 Speaker 1: if you're able to maintain the same amount of cash 484 00:21:19,160 --> 00:21:21,320 Speaker 1: flower that you were as if you were still working 485 00:21:21,400 --> 00:21:23,679 Speaker 1: your self insured, you're able to provide that income for 486 00:21:23,720 --> 00:21:26,160 Speaker 1: your family where you did not be there. And that's 487 00:21:26,160 --> 00:21:27,840 Speaker 1: what that means. That's all that means. And yeah, and 488 00:21:27,920 --> 00:21:29,880 Speaker 1: ultimately that means that you need to have a net 489 00:21:29,920 --> 00:21:33,840 Speaker 1: worth that surpasses probably the value of the policy that 490 00:21:33,920 --> 00:21:37,000 Speaker 1: you're in. So in Josh's case, in fifteen years, he 491 00:21:37,040 --> 00:21:39,400 Speaker 1: wants to seek to have a net worth of two 492 00:21:39,400 --> 00:21:42,040 Speaker 1: million or more because if he doesn't hit that, if 493 00:21:42,040 --> 00:21:45,040 Speaker 1: he thinks that's his insurable need right now, and fifteen 494 00:21:45,080 --> 00:21:47,360 Speaker 1: years from now, it will likely still be his insurable need, 495 00:21:47,400 --> 00:21:48,800 Speaker 1: right Like, that's how much he's gonna need for his 496 00:21:48,840 --> 00:21:50,879 Speaker 1: family if he passes away, He's gonna want to have 497 00:21:50,880 --> 00:21:53,919 Speaker 1: a net worth that's two million dollars or more, you know, 498 00:21:53,960 --> 00:21:56,800 Speaker 1: by the time that policy expires, so that he doesn't 499 00:21:56,800 --> 00:21:58,760 Speaker 1: have to buy another one. So that's how you can 500 00:21:58,840 --> 00:22:01,440 Speaker 1: know whether you need life insurance or not. Do you 501 00:22:01,480 --> 00:22:03,760 Speaker 1: have enough sitting there in investments in your bank account, 502 00:22:03,840 --> 00:22:07,359 Speaker 1: in your overall net worth, that would be equal to 503 00:22:07,640 --> 00:22:10,320 Speaker 1: or more than the value of the policy that you'd 504 00:22:10,359 --> 00:22:13,160 Speaker 1: be taking out. And if so, you're self insured, you're 505 00:22:13,160 --> 00:22:15,160 Speaker 1: good to go. You don't need to buy life insurances. 506 00:22:15,240 --> 00:22:16,920 Speaker 1: Right Otherwise, just view it as sort of like this 507 00:22:17,040 --> 00:22:20,640 Speaker 1: gap coverage. It covers between now and until you get 508 00:22:20,680 --> 00:22:22,879 Speaker 1: to that point. It's just this in between interim thing. 509 00:22:22,880 --> 00:22:24,760 Speaker 1: Don't think of it as something that you will always have. 510 00:22:25,160 --> 00:22:27,400 Speaker 1: So think about it almost like car insurance, right, You're 511 00:22:27,440 --> 00:22:30,080 Speaker 1: you want to have it around until you know that 512 00:22:30,200 --> 00:22:34,200 Speaker 1: you could pay out of pocket to replace your vehicle yourself. 513 00:22:34,560 --> 00:22:36,159 Speaker 1: That's when you would be self insured when it can 514 00:22:36,280 --> 00:22:39,680 Speaker 1: came to car insurance because that car value will continue 515 00:22:39,680 --> 00:22:42,080 Speaker 1: to drop. Maybe initially you're like, right when you first 516 00:22:42,080 --> 00:22:43,920 Speaker 1: get it, you may not be able to cover replacing 517 00:22:43,920 --> 00:22:46,320 Speaker 1: that vehicle because you know to in fifteen grand. Maybe 518 00:22:46,440 --> 00:22:48,560 Speaker 1: you don't necessarily have that sitting around, so you're gonna 519 00:22:48,560 --> 00:22:51,360 Speaker 1: offer full coverage. As the value of that vehicle continues 520 00:22:51,400 --> 00:22:53,680 Speaker 1: to drop, you are going to get closer and closer 521 00:22:53,720 --> 00:22:56,439 Speaker 1: to being able to be self insured. And that's the 522 00:22:56,440 --> 00:22:59,080 Speaker 1: point at which you want to consider dropping your collision 523 00:22:59,119 --> 00:23:01,360 Speaker 1: coverage on your currenc. What's the point of having that 524 00:23:01,480 --> 00:23:03,639 Speaker 1: when you've got that amount of money sitting in the 525 00:23:03,680 --> 00:23:05,280 Speaker 1: bank where you can go out and buy a car 526 00:23:05,840 --> 00:23:07,920 Speaker 1: the very next day. Yeah, because if you're paying an 527 00:23:07,920 --> 00:23:11,280 Speaker 1: extra six dollars a year, let's say for that collision coverage, 528 00:23:11,400 --> 00:23:15,320 Speaker 1: but your nine seven day will is worth, you're throwing 529 00:23:15,359 --> 00:23:18,199 Speaker 1: away money, right, So there's some good calculations that you 530 00:23:18,200 --> 00:23:19,640 Speaker 1: can run to kind of figure out if you can 531 00:23:19,640 --> 00:23:22,080 Speaker 1: be self insured when it comes to owning your car. 532 00:23:22,600 --> 00:23:24,360 Speaker 1: We're not going to go through those right now, but 533 00:23:24,480 --> 00:23:26,600 Speaker 1: that's just kind of a good example. I think you 534 00:23:26,960 --> 00:23:29,639 Speaker 1: get to a certain point with your car's value or 535 00:23:29,640 --> 00:23:31,520 Speaker 1: it makes sense to not have full coverage. And it's 536 00:23:31,560 --> 00:23:34,320 Speaker 1: the same thing with life insurance, because you are hoping 537 00:23:34,359 --> 00:23:37,320 Speaker 1: to build your assets over the life of your term 538 00:23:37,359 --> 00:23:40,199 Speaker 1: policy and hopefully by the time it expires, you have 539 00:23:40,280 --> 00:23:42,359 Speaker 1: the hit financial independence or the point where your net 540 00:23:42,400 --> 00:23:44,880 Speaker 1: worth is worth more than the policy that you took out, 541 00:23:45,400 --> 00:23:47,600 Speaker 1: and then you don't have any need for it anymore. So, Joel, 542 00:23:47,600 --> 00:23:49,280 Speaker 1: what about you, guys personally? You want to share what 543 00:23:49,480 --> 00:23:51,600 Speaker 1: kind of life insurance you have? Yes, that sweet whole 544 00:23:51,640 --> 00:23:55,200 Speaker 1: life policy that you have no way man term life 545 00:23:55,200 --> 00:23:57,920 Speaker 1: all the way. And so yeah, we have a twenty 546 00:23:58,000 --> 00:24:01,280 Speaker 1: year term policy on both my wife and die and 547 00:24:01,400 --> 00:24:04,560 Speaker 1: that's for two and fifty thou dollars, which in a 548 00:24:04,560 --> 00:24:07,240 Speaker 1: perfect world is probably a little bit less than it 549 00:24:07,240 --> 00:24:11,080 Speaker 1: should be. But the reason that I felt comfortable getting 550 00:24:11,240 --> 00:24:15,600 Speaker 1: a smaller term policy than most people should probably get 551 00:24:15,800 --> 00:24:18,120 Speaker 1: is because of the rental income that we make, right, 552 00:24:18,160 --> 00:24:20,720 Speaker 1: and so that kind of covers a lot of the 553 00:24:20,800 --> 00:24:24,320 Speaker 1: monthly costs associated with running our family. And that's why 554 00:24:24,320 --> 00:24:27,040 Speaker 1: I felt comfortable having just a quarter of a million 555 00:24:27,040 --> 00:24:29,679 Speaker 1: dollar policy on both my wife and I. I think 556 00:24:29,760 --> 00:24:32,160 Speaker 1: for most people, you know, making a decent salary, they're 557 00:24:32,160 --> 00:24:34,080 Speaker 1: probably gonna want to look at a half million dollar 558 00:24:34,119 --> 00:24:36,840 Speaker 1: policy minimum. But for us, yeah, we have that that 559 00:24:37,040 --> 00:24:40,040 Speaker 1: slightly smaller policy that I think still works for our family. Yeah. 560 00:24:40,080 --> 00:24:41,760 Speaker 1: So I think it's cool that you both have a policy. 561 00:24:41,840 --> 00:24:43,199 Speaker 1: Is that what you said? You said you and you 562 00:24:43,280 --> 00:24:45,560 Speaker 1: and Emily both have to fifty yep, And so I 563 00:24:45,560 --> 00:24:48,040 Speaker 1: think that that's that that's very huge. Yeah, and then 564 00:24:48,200 --> 00:24:50,679 Speaker 1: that's nice, is what I'm saying, because we don't have that. 565 00:24:50,920 --> 00:24:53,360 Speaker 1: Oh really, well, let's say this. I want to ask 566 00:24:53,400 --> 00:24:55,639 Speaker 1: you about that too, but really quickly for folks that 567 00:24:55,720 --> 00:24:58,520 Speaker 1: are are married, especially with uh one of the where 568 00:24:58,560 --> 00:25:00,359 Speaker 1: one of the partners stays at home, I think it's 569 00:25:00,359 --> 00:25:02,480 Speaker 1: important to kind of discuss how you divvy up life 570 00:25:02,480 --> 00:25:05,280 Speaker 1: insurance for that. And so some people think that, you know, 571 00:25:05,320 --> 00:25:07,800 Speaker 1: a stay at home partners shouldn't have as much life 572 00:25:07,840 --> 00:25:10,879 Speaker 1: insurance or should have no life insurance. And man, I 573 00:25:10,880 --> 00:25:12,879 Speaker 1: don't know. I just know that if something were to 574 00:25:12,880 --> 00:25:15,760 Speaker 1: happen to my wife, right, if the worst thing were 575 00:25:15,760 --> 00:25:19,280 Speaker 1: to happen, right, she's gone, and I'm left left um 576 00:25:19,359 --> 00:25:22,200 Speaker 1: with kids and trying to support support our family as 577 00:25:22,200 --> 00:25:23,520 Speaker 1: a single dad. You want to be able to buy 578 00:25:23,520 --> 00:25:27,159 Speaker 1: a new wife, right, which is approximately a quarter of 579 00:25:27,200 --> 00:25:34,040 Speaker 1: a million dollars. Uh No, which hopefully I would not 580 00:25:34,119 --> 00:25:38,280 Speaker 1: be buying a wife, but uh but I would. I 581 00:25:38,320 --> 00:25:40,000 Speaker 1: would need to run the house, right, and I would 582 00:25:40,000 --> 00:25:42,679 Speaker 1: need to get help. And and Emily doesn't make an 583 00:25:42,760 --> 00:25:46,359 Speaker 1: income staying at home, but she certainly provides so so 584 00:25:46,440 --> 00:25:49,479 Speaker 1: much for our family that without her we would be sunk, 585 00:25:49,600 --> 00:25:51,720 Speaker 1: and and it would cost so much money to to 586 00:25:51,840 --> 00:25:54,240 Speaker 1: run our house, um without And you know that that 587 00:25:54,280 --> 00:25:56,320 Speaker 1: annual survey comes out about what a stay at home 588 00:25:56,320 --> 00:25:58,800 Speaker 1: mom should actually be paid and it's you know, probably 589 00:25:58,840 --> 00:26:02,720 Speaker 1: accurate in a lot of ways that to grow and grow, right, Yeah, yeah, 590 00:26:02,720 --> 00:26:04,760 Speaker 1: I mean going back to what we're talking about at 591 00:26:04,760 --> 00:26:06,440 Speaker 1: the beginning there, I was talking about how little we're 592 00:26:06,480 --> 00:26:09,240 Speaker 1: able to spend on our grocery budget every month. I 593 00:26:09,240 --> 00:26:12,720 Speaker 1: feel like that would immediately double if I was in charge. 594 00:26:13,400 --> 00:26:15,800 Speaker 1: Can can give so much time to that or and 595 00:26:15,840 --> 00:26:17,720 Speaker 1: she's got skills, she just knows how to do it. 596 00:26:18,119 --> 00:26:22,360 Speaker 1: And again to talking about kids, childcare is expensive and 597 00:26:22,400 --> 00:26:24,119 Speaker 1: I think for a lot of folks that kind of 598 00:26:24,119 --> 00:26:25,880 Speaker 1: when it comes down to, if you have a spouse, 599 00:26:25,960 --> 00:26:29,000 Speaker 1: a non working spouse, you may not need a life 600 00:26:29,040 --> 00:26:31,960 Speaker 1: insurance policy on them because unfortunately, if if that person 601 00:26:32,000 --> 00:26:34,280 Speaker 1: were to die, it may not change your expenses that much, 602 00:26:34,359 --> 00:26:38,040 Speaker 1: right if they're not earning an income. However, kids completely 603 00:26:38,080 --> 00:26:40,400 Speaker 1: change that. If if you have kids at home and 604 00:26:40,480 --> 00:26:43,679 Speaker 1: essentially they're doing a job for free, uh they're not 605 00:26:43,720 --> 00:26:46,879 Speaker 1: getting paid um you know, monetary wage, and at the 606 00:26:46,880 --> 00:26:49,159 Speaker 1: same time, they're saving your household a ton of money. 607 00:26:49,440 --> 00:26:52,320 Speaker 1: And so if you have kids, I think that's definitely 608 00:26:52,359 --> 00:26:55,199 Speaker 1: a time to consider getting a life insurance policy on 609 00:26:55,320 --> 00:26:58,080 Speaker 1: your spouse. For for the spouse that might be staying home. Yeah, 610 00:26:58,119 --> 00:27:00,680 Speaker 1: the pendulum would shift really quickly, right, You're expenses would 611 00:27:00,680 --> 00:27:03,760 Speaker 1: go up, and you'd have to also have spend more 612 00:27:03,840 --> 00:27:06,040 Speaker 1: for childcare, and most likely I'd be working a lot 613 00:27:06,119 --> 00:27:07,960 Speaker 1: less as well, and so I would see my income 614 00:27:08,000 --> 00:27:10,320 Speaker 1: probably drop as well because of the added to responsibilities. 615 00:27:10,680 --> 00:27:12,360 Speaker 1: Not to say that that's not something that you'd want 616 00:27:12,359 --> 00:27:15,440 Speaker 1: to do in that situation. Again, these are sad discussions 617 00:27:15,520 --> 00:27:18,760 Speaker 1: right right right that we're joking about, But at the 618 00:27:18,760 --> 00:27:20,879 Speaker 1: same time, that's I think, I think that's the truth 619 00:27:20,880 --> 00:27:22,439 Speaker 1: of it. All Right, So where do your where does 620 00:27:22,480 --> 00:27:25,119 Speaker 1: your family line up life insurance policy wise? What do 621 00:27:25,119 --> 00:27:27,040 Speaker 1: you guys got Yeah, so we've got nothing on Kate. 622 00:27:27,240 --> 00:27:30,400 Speaker 1: Thinking about through this is actually going to probably change 623 00:27:30,440 --> 00:27:32,480 Speaker 1: that here shortly. Part of me thinks that, like, Okay, 624 00:27:32,520 --> 00:27:35,480 Speaker 1: I'm just gonna like really buckle down and go crazy 625 00:27:35,640 --> 00:27:37,880 Speaker 1: if something were to happen to Kate. But I think 626 00:27:37,880 --> 00:27:40,200 Speaker 1: that's probably like the last thing that my girls would need. 627 00:27:40,320 --> 00:27:42,880 Speaker 1: I just want to stop talking about this morbid time. 628 00:27:43,840 --> 00:27:46,400 Speaker 1: But that being said, so I've got a you also 629 00:27:46,440 --> 00:27:48,640 Speaker 1: don't know your reaction, right, you don't know your reaction 630 00:27:49,040 --> 00:27:51,840 Speaker 1: in the case something like that happens, and obviously you're 631 00:27:51,840 --> 00:27:54,359 Speaker 1: gonna need to take some time, you will probably lose 632 00:27:54,359 --> 00:27:57,040 Speaker 1: some income, you're gonna be you know, grieving, and so 633 00:27:57,200 --> 00:27:59,840 Speaker 1: I think, men, yeah, that's that needs to be some time, 634 00:28:00,040 --> 00:28:02,399 Speaker 1: the very least completely. So I think, yeah, that's definitely 635 00:28:02,440 --> 00:28:03,800 Speaker 1: something you need to look into. So what do you have? 636 00:28:03,960 --> 00:28:05,720 Speaker 1: What we do have is that so I got a 637 00:28:05,720 --> 00:28:10,000 Speaker 1: twenty five year policy several years ago, um and it 638 00:28:10,080 --> 00:28:12,760 Speaker 1: was a twenty five year term policy for a half 639 00:28:12,800 --> 00:28:16,040 Speaker 1: a million dollars and we pay right at four hundred 640 00:28:16,080 --> 00:28:17,879 Speaker 1: bucks annually. And so I got that when I was 641 00:28:17,920 --> 00:28:19,960 Speaker 1: pretty young. It was after we had purchased a home, 642 00:28:20,440 --> 00:28:21,840 Speaker 1: we knew we were going to start a family soon. 643 00:28:21,960 --> 00:28:23,399 Speaker 1: Is something I kind of wanted to get taken care 644 00:28:23,440 --> 00:28:26,119 Speaker 1: of before you're in the haze. You're in the fog 645 00:28:26,160 --> 00:28:27,760 Speaker 1: for a year with a new baby. And so I'm 646 00:28:27,760 --> 00:28:30,640 Speaker 1: pretty sure I've got around seventeen years left on that policy, 647 00:28:30,960 --> 00:28:34,000 Speaker 1: which honestly, I think is like the perfect amount of 648 00:28:34,000 --> 00:28:35,960 Speaker 1: time for me to be able to self insured. In 649 00:28:36,000 --> 00:28:37,240 Speaker 1: that period of time, I should be able to be 650 00:28:37,280 --> 00:28:40,280 Speaker 1: self insured. I should be able to be financially independent, 651 00:28:40,640 --> 00:28:43,240 Speaker 1: or at the very least, if something were to happen 652 00:28:43,520 --> 00:28:46,760 Speaker 1: to me, Kate would be pretty set, you know. Again, 653 00:28:46,800 --> 00:28:49,120 Speaker 1: like you said, with the income generating assets that we 654 00:28:49,200 --> 00:28:54,680 Speaker 1: have with the real estate that in conjunction with the 655 00:28:54,720 --> 00:28:56,920 Speaker 1: sort of lump sum that gets paid out there in 656 00:28:56,960 --> 00:29:00,160 Speaker 1: an untimely death, I think she'd be fine. We can 657 00:29:00,160 --> 00:29:01,600 Speaker 1: get to this a little bit later on, but I 658 00:29:01,600 --> 00:29:03,720 Speaker 1: can get another policy if I wanted to, But I 659 00:29:03,720 --> 00:29:06,440 Speaker 1: think more of a party might be to go ahead 660 00:29:06,560 --> 00:29:10,920 Speaker 1: and get Kates on a policy, because yeah, I'm pretty 661 00:29:10,920 --> 00:29:13,880 Speaker 1: sure I'm gonna need that help, and Josh didn't. But 662 00:29:13,960 --> 00:29:16,680 Speaker 1: hopefully he learns from this conversation between you and I 663 00:29:17,120 --> 00:29:20,480 Speaker 1: that he probably needs to consider, you know, if he's 664 00:29:20,480 --> 00:29:23,040 Speaker 1: married that he and he would be right if he's 665 00:29:23,280 --> 00:29:25,440 Speaker 1: if he has a life insurance policy and he's not married, 666 00:29:25,480 --> 00:29:27,440 Speaker 1: we'll get to business second. As a single person, you 667 00:29:27,480 --> 00:29:29,760 Speaker 1: don't need to have life insurance, like you're not insuring 668 00:29:29,760 --> 00:29:32,520 Speaker 1: for anybody else in all likelihood. But so Josh, you're 669 00:29:32,600 --> 00:29:35,000 Speaker 1: likely married, if you have kids, you also need to 670 00:29:35,000 --> 00:29:38,200 Speaker 1: consider getting a policy on your wife, because if you 671 00:29:38,240 --> 00:29:41,000 Speaker 1: know you were to lose your wife, you run into 672 00:29:41,000 --> 00:29:42,480 Speaker 1: all these issues that Matt and I are discussing. So 673 00:29:42,520 --> 00:29:45,120 Speaker 1: it's really important to maybe you need a lesser policy, 674 00:29:45,160 --> 00:29:47,800 Speaker 1: maybe you need a five dollar or a million dollar 675 00:29:47,840 --> 00:29:50,920 Speaker 1: policy on your wife. But maybe instead of getting another 676 00:29:50,920 --> 00:29:52,600 Speaker 1: policy for yourself, because it sounds like you're in a 677 00:29:52,600 --> 00:29:55,680 Speaker 1: pretty good position, consider shopping for a policy for her. 678 00:29:55,920 --> 00:29:57,560 Speaker 1: That'd be the that'd be the thing I would recommend 679 00:29:57,600 --> 00:29:59,720 Speaker 1: to you right now. Yeah, I like it, And real 680 00:29:59,760 --> 00:30:02,080 Speaker 1: quick back to you know, the single people. If you 681 00:30:02,200 --> 00:30:05,520 Speaker 1: are single, living alone, nobody depends on you for income. 682 00:30:05,800 --> 00:30:08,480 Speaker 1: The income is is ultimately used by you for you. 683 00:30:08,760 --> 00:30:10,640 Speaker 1: There's no one else that's relying on you in any way, 684 00:30:10,640 --> 00:30:13,040 Speaker 1: form or fashion. You don't need life insurance and so 685 00:30:13,120 --> 00:30:15,120 Speaker 1: you know, I know a lot of single people think that, 686 00:30:15,200 --> 00:30:17,040 Speaker 1: you know, how do I need life insurns to cover 687 00:30:17,120 --> 00:30:19,120 Speaker 1: for my funeral or something like that. I mean, in 688 00:30:19,120 --> 00:30:21,640 Speaker 1: all likelihood hopefully you know a small amount of savings 689 00:30:21,640 --> 00:30:24,240 Speaker 1: will will cover that. So I wouldn't recommend getting you know, 690 00:30:24,760 --> 00:30:28,480 Speaker 1: all out term life insurance policy or you're paying a 691 00:30:28,520 --> 00:30:31,880 Speaker 1: month for you know, a policy that's way bigger just 692 00:30:31,880 --> 00:30:33,680 Speaker 1: just for that. Yeah, man, don't worry about it. You 693 00:30:33,680 --> 00:30:36,080 Speaker 1: know a lot of times people worry too specifically about 694 00:30:36,080 --> 00:30:39,320 Speaker 1: their debts. No one's gonna get that debt unless someone 695 00:30:39,320 --> 00:30:41,400 Speaker 1: else's name is on that debt. Right, So, if you 696 00:30:41,400 --> 00:30:44,960 Speaker 1: have a mortgage, uh, and a partner you know specifically 697 00:30:45,000 --> 00:30:47,120 Speaker 1: again go back to like a spouse or a partner, 698 00:30:47,480 --> 00:30:49,800 Speaker 1: but if their name is on that mortgage, then yes, 699 00:30:49,840 --> 00:30:51,800 Speaker 1: they're gonna be responsible for them. But if your name 700 00:30:51,880 --> 00:30:53,800 Speaker 1: is the only name on that mortgage, if your name 701 00:30:53,840 --> 00:30:55,440 Speaker 1: is the only name on those credit cards or your 702 00:30:55,440 --> 00:30:58,560 Speaker 1: student loan, if you pass so to those debts, uh, 703 00:30:58,600 --> 00:31:01,960 Speaker 1: and they just get written off essentially is how it works. 704 00:31:02,240 --> 00:31:05,160 Speaker 1: So don't worry about that. Don't think that you're parents 705 00:31:05,400 --> 00:31:08,000 Speaker 1: or you know, your siblings or somebody else is gonna 706 00:31:08,000 --> 00:31:10,560 Speaker 1: get stuck with that debt. That isn't something that actually happens. 707 00:31:10,960 --> 00:31:13,800 Speaker 1: They'll be fine, they'll be sad you're gone. Yeah they will. 708 00:31:14,080 --> 00:31:17,000 Speaker 1: They will, we all will be. And so so no 709 00:31:17,080 --> 00:31:20,240 Speaker 1: policy needed unless you have people that depend on you 710 00:31:20,520 --> 00:31:22,840 Speaker 1: for that income. Okay, so we're gonna get to the 711 00:31:22,840 --> 00:31:24,640 Speaker 1: part two of Josh's question here in a second, but 712 00:31:24,680 --> 00:31:35,920 Speaker 1: first roll, let's take a break, and now we're moving 713 00:31:35,920 --> 00:31:39,040 Speaker 1: on to part two of the question, which was also 714 00:31:39,200 --> 00:31:42,040 Speaker 1: what age should I make sure I get a policy before? 715 00:31:42,840 --> 00:31:44,800 Speaker 1: Is there a certain age where if I apply for 716 00:31:44,840 --> 00:31:47,960 Speaker 1: a policy, it will be significantly more expensive or is 717 00:31:48,000 --> 00:31:51,320 Speaker 1: it all health based and so that Josh, don't worry 718 00:31:51,320 --> 00:31:53,400 Speaker 1: about it. It's not like car insurance where once you 719 00:31:53,480 --> 00:31:55,080 Speaker 1: hit twenty five, you know, like the price is gonna 720 00:31:55,120 --> 00:31:57,400 Speaker 1: drop off all of a sudden. It's not the opposite 721 00:31:57,400 --> 00:31:59,800 Speaker 1: of that when it comes to life insurance, because it's 722 00:31:59,800 --> 00:32:02,680 Speaker 1: like eminently provable that your knucklehead before twenty five and 723 00:32:02,680 --> 00:32:04,560 Speaker 1: you're gonna like start reckoning to I mean that's I 724 00:32:04,640 --> 00:32:07,240 Speaker 1: got into like three REX before the and I haven't 725 00:32:07,240 --> 00:32:09,600 Speaker 1: gotten into one since. So yeah, yeah, same here man. 726 00:32:09,600 --> 00:32:12,640 Speaker 1: In college, I was I think I was brain damaged. 727 00:32:12,680 --> 00:32:14,560 Speaker 1: I mean they say it because like that like especially 728 00:32:14,960 --> 00:32:16,720 Speaker 1: is in a cortex, like isn't fully well? Is it 729 00:32:16,800 --> 00:32:19,640 Speaker 1: male specifically that the like the brains don't fully developed. 730 00:32:20,280 --> 00:32:22,000 Speaker 1: I wouldn't put it past us. Yeah, I don't know 731 00:32:22,000 --> 00:32:24,080 Speaker 1: if my brain is fully developed even now. But I 732 00:32:24,280 --> 00:32:26,480 Speaker 1: look back now there's things I asked myself, like what 733 00:32:26,560 --> 00:32:30,520 Speaker 1: was I thinking slash doing completely? So yeah, there really 734 00:32:30,560 --> 00:32:32,880 Speaker 1: isn't a magic age like there is with car insurance 735 00:32:33,160 --> 00:32:36,280 Speaker 1: to get a term life insurance policy, but typically the 736 00:32:36,280 --> 00:32:38,360 Speaker 1: longer you wait to get a policy, the more it's 737 00:32:38,400 --> 00:32:41,080 Speaker 1: going to cost you likely an average of eight to 738 00:32:41,840 --> 00:32:44,800 Speaker 1: pump every year that you wait. You might also have 739 00:32:44,880 --> 00:32:47,920 Speaker 1: to go through a more thorough health exam the older 740 00:32:47,920 --> 00:32:50,640 Speaker 1: you get. So if you are purchasing a term life 741 00:32:50,640 --> 00:32:53,880 Speaker 1: insurance policy in your twenties or early thirties, it's gonna 742 00:32:53,920 --> 00:32:56,080 Speaker 1: be cheaper and a little bit easier when it comes 743 00:32:56,080 --> 00:32:58,600 Speaker 1: to the health exam. And if you wait longer, you know, 744 00:32:58,600 --> 00:33:00,520 Speaker 1: it's probably gonna be a little more in and the 745 00:33:00,600 --> 00:33:02,040 Speaker 1: rates are going to go up. What do you mean 746 00:33:02,080 --> 00:33:05,440 Speaker 1: by intrusive health examgle You know they put the glove 747 00:33:05,480 --> 00:33:07,760 Speaker 1: on and you know how it goes from there. Um, yeah, 748 00:33:07,760 --> 00:33:10,120 Speaker 1: I will say so. The health factors, you know, fitness 749 00:33:10,280 --> 00:33:14,280 Speaker 1: and dangerous hobbies, those are things that way into the 750 00:33:14,360 --> 00:33:18,560 Speaker 1: underwriter's algorithm, I guess pretty heavily, so disc off, I'm fine, 751 00:33:18,640 --> 00:33:21,680 Speaker 1: but skydiving not so good, right exactly. But luckily those 752 00:33:21,680 --> 00:33:23,200 Speaker 1: are things that we have control over, you know, like 753 00:33:23,240 --> 00:33:25,880 Speaker 1: your general state of health. Awesome, you know you can 754 00:33:25,880 --> 00:33:28,920 Speaker 1: do something about that same thing with dangerous hobbies. There 755 00:33:28,960 --> 00:33:30,960 Speaker 1: are things that you can't control quite as much, like 756 00:33:31,000 --> 00:33:34,160 Speaker 1: your your health, family health history, or even like pre 757 00:33:34,200 --> 00:33:36,720 Speaker 1: existing conditions. Certainly you don't have control over those things, 758 00:33:37,240 --> 00:33:39,800 Speaker 1: but it's worth mentioning, worth knowing as you're sort of 759 00:33:39,840 --> 00:33:42,200 Speaker 1: deciding whether to kind of hold off and put off 760 00:33:42,240 --> 00:33:44,560 Speaker 1: getting a life insurance plan or if you're going to 761 00:33:44,640 --> 00:33:46,880 Speaker 1: go ahead and get one now. Yeah. And the cool 762 00:33:46,920 --> 00:33:50,120 Speaker 1: thing when it comes to health insurance exams, Matt, you 763 00:33:50,240 --> 00:33:52,320 Speaker 1: and I, when we both got our policies, it's it's 764 00:33:52,400 --> 00:33:54,680 Speaker 1: changed a lot. And so you know when Emily and 765 00:33:54,720 --> 00:33:56,480 Speaker 1: I got our policies and nurse came to our actual 766 00:33:56,560 --> 00:33:58,480 Speaker 1: yas I was gonna say, because uh, nurse came to 767 00:33:58,560 --> 00:34:00,680 Speaker 1: my house like on a weird because I'm hanging out 768 00:34:00,680 --> 00:34:03,000 Speaker 1: my living room and she's got all of your nurse gear. Yeah, 769 00:34:03,040 --> 00:34:04,760 Speaker 1: they like draw your blood. They're like staring you down, 770 00:34:04,800 --> 00:34:06,280 Speaker 1: you know, like poking you in the face stuff like 771 00:34:06,320 --> 00:34:08,839 Speaker 1: that just makes sure you're healthy. And uh, I didn't 772 00:34:08,880 --> 00:34:12,080 Speaker 1: get poked in my face, so that was just me okay. Uh. 773 00:34:12,120 --> 00:34:14,160 Speaker 1: The cool thing is that a couple of companies have 774 00:34:14,239 --> 00:34:16,960 Speaker 1: developed something called instant term now that they're able to 775 00:34:17,000 --> 00:34:19,920 Speaker 1: finalize coverage without the need for a medical exam. The 776 00:34:19,920 --> 00:34:21,520 Speaker 1: cool thing is, you know, they're asking you a bunch 777 00:34:21,520 --> 00:34:23,239 Speaker 1: of questions to find out your health history, and then 778 00:34:23,280 --> 00:34:25,920 Speaker 1: they're looking at a combination of that and your medical records, 779 00:34:26,120 --> 00:34:28,160 Speaker 1: and they're able to determine, you know, kind of what 780 00:34:28,360 --> 00:34:30,160 Speaker 1: rate you should be insured at based on those things. 781 00:34:30,320 --> 00:34:31,880 Speaker 1: That's kind of cool and two of the best companies 782 00:34:31,920 --> 00:34:34,040 Speaker 1: to get quotes at in general, but that actually do 783 00:34:34,160 --> 00:34:36,480 Speaker 1: this kind of instant term process where you don't actually 784 00:34:36,480 --> 00:34:38,480 Speaker 1: have to have a nurse come to your home. Our 785 00:34:38,560 --> 00:34:41,759 Speaker 1: companies like have in Life and Policy Genius, and so 786 00:34:42,000 --> 00:34:44,279 Speaker 1: we'll have links to those two companies in the show 787 00:34:44,320 --> 00:34:46,480 Speaker 1: notes on our website. But if you kind of want 788 00:34:46,520 --> 00:34:48,839 Speaker 1: the the easy ticket to get in term life insurance, man, 789 00:34:48,840 --> 00:34:51,879 Speaker 1: those are two companies I would recommend shopping with. Okay, then, 790 00:34:51,920 --> 00:34:54,960 Speaker 1: so our advice to you would be to get some 791 00:34:55,080 --> 00:34:57,560 Speaker 1: level term life insurance as soon as you have an 792 00:34:57,560 --> 00:35:01,279 Speaker 1: insurable need. Once you are financial really obligated, and then 793 00:35:01,280 --> 00:35:03,680 Speaker 1: you have family members who are counting on you to 794 00:35:03,800 --> 00:35:06,560 Speaker 1: pay that financial oblication, you want to take care of 795 00:35:06,640 --> 00:35:09,160 Speaker 1: them if you aren't there to work and earn money 796 00:35:09,440 --> 00:35:12,120 Speaker 1: to pay that financial obligation. So say you have a 797 00:35:12,120 --> 00:35:16,160 Speaker 1: partner and you have a mortgage, that is a time 798 00:35:16,160 --> 00:35:18,359 Speaker 1: when you're gonna want to consider getting life insurance. Say 799 00:35:18,400 --> 00:35:21,600 Speaker 1: you have kids. They're all dependent on you, whether they're 800 00:35:21,640 --> 00:35:25,320 Speaker 1: solely dependent on you, if your spouse is not employed, 801 00:35:25,719 --> 00:35:28,319 Speaker 1: or even still if you're both employed, You're gonna need 802 00:35:28,400 --> 00:35:30,640 Speaker 1: some extra coverage there when it comes time to kind 803 00:35:30,640 --> 00:35:33,600 Speaker 1: of sort out your finances after you've passed. And so, 804 00:35:33,719 --> 00:35:35,880 Speaker 1: say you're a co host of a craft beer and 805 00:35:35,920 --> 00:35:38,560 Speaker 1: money podcast and your wife doesn't have life insurance, you 806 00:35:38,600 --> 00:35:41,759 Speaker 1: should really consider getting some life insurance for her, right 807 00:35:41,960 --> 00:35:44,680 Speaker 1: because we are bringing in a bank and Uh, I 808 00:35:44,719 --> 00:35:47,160 Speaker 1: know that if I were not able to podcast anymore, 809 00:35:47,360 --> 00:35:50,000 Speaker 1: that Kate would be really hurting when it came to 810 00:35:50,120 --> 00:35:53,200 Speaker 1: her grocery budget. It's true, man, it's true. Another thing 811 00:35:53,200 --> 00:35:55,040 Speaker 1: I wanted to address really quick, Matt, is you know 812 00:35:55,120 --> 00:35:57,400 Speaker 1: life insurance through work. A lot of people are offered 813 00:35:57,480 --> 00:35:59,920 Speaker 1: life insurance through their employer and they think that's the 814 00:36:00,040 --> 00:36:02,080 Speaker 1: best place to get it, right. It's the easiest place, right. 815 00:36:02,080 --> 00:36:04,480 Speaker 1: You just kind of click something every year during open 816 00:36:04,600 --> 00:36:08,239 Speaker 1: enrollment and you get more life insurance. Well, the thing is, 817 00:36:08,360 --> 00:36:11,279 Speaker 1: life insurance through work is actually much more costly when 818 00:36:11,320 --> 00:36:14,279 Speaker 1: you factor it out, uh than getting a term life 819 00:36:14,320 --> 00:36:16,960 Speaker 1: insurance through say a site like policy genius dot com. 820 00:36:17,560 --> 00:36:19,640 Speaker 1: So we would say, shop the open market, don't get 821 00:36:19,640 --> 00:36:22,919 Speaker 1: the life insurance provided to you through work, and most people, 822 00:36:22,920 --> 00:36:24,600 Speaker 1: you know your employer is gonna offer you a small 823 00:36:24,640 --> 00:36:26,799 Speaker 1: amount for free, So take that, right, take the free 824 00:36:26,800 --> 00:36:29,120 Speaker 1: life insurance. But anything on top of that, you're gonna 825 00:36:29,160 --> 00:36:31,600 Speaker 1: want to shop on the market. And the one caveat 826 00:36:31,640 --> 00:36:34,960 Speaker 1: to that is if you have real health problems that 827 00:36:35,000 --> 00:36:36,840 Speaker 1: would prevent you from getting a decent rate on the 828 00:36:36,840 --> 00:36:39,239 Speaker 1: open market, then it might actually make sense for you 829 00:36:39,280 --> 00:36:41,959 Speaker 1: to get an insurance through your employer. If you can't 830 00:36:42,000 --> 00:36:44,239 Speaker 1: shop the open market and get the good rates, that's right, 831 00:36:44,280 --> 00:36:45,960 Speaker 1: you might just have a dangerous hobby that you just 832 00:36:46,000 --> 00:36:49,759 Speaker 1: can't kick. In that case, keep that nine of five. 833 00:36:49,920 --> 00:36:51,840 Speaker 1: It's like, sorry, Joel, you're playing too much Settlers of 834 00:36:51,880 --> 00:36:55,400 Speaker 1: Catan and we're worried about risk injuries. So yeah, mean 835 00:36:55,400 --> 00:36:57,720 Speaker 1: that's right. And that also makes me think of getting 836 00:36:57,719 --> 00:37:00,280 Speaker 1: an additional plan sort of like you said, uh, sometimes 837 00:37:00,320 --> 00:37:03,600 Speaker 1: that's referred to as layering um, and that's definitely something 838 00:37:03,640 --> 00:37:05,359 Speaker 1: that you can do. So say, like in our case, 839 00:37:05,400 --> 00:37:08,600 Speaker 1: we got a policy several years ago, and if Kate 840 00:37:08,680 --> 00:37:11,080 Speaker 1: and I sat down and decided that the coverage that 841 00:37:11,120 --> 00:37:12,920 Speaker 1: we have isn't quite enough and that we don't really 842 00:37:12,920 --> 00:37:15,520 Speaker 1: feel comfortable with what we have anymore, Well, I can't 843 00:37:15,520 --> 00:37:17,759 Speaker 1: get another another policy and sort of you know, layer 844 00:37:17,880 --> 00:37:20,320 Speaker 1: that on top to kind of sort of fill that gap, 845 00:37:20,600 --> 00:37:22,040 Speaker 1: sort of fill that need and get us to where 846 00:37:22,040 --> 00:37:24,640 Speaker 1: we are comfortable. Doesn't mean you need to totally trash 847 00:37:24,719 --> 00:37:27,360 Speaker 1: the existing policy that you've been paying into, and chances 848 00:37:27,400 --> 00:37:28,960 Speaker 1: are you're gonna want to keep that around because you've 849 00:37:29,000 --> 00:37:31,600 Speaker 1: locked in a nice low premium for however many years, 850 00:37:31,880 --> 00:37:34,720 Speaker 1: and so layering is definitely something you want to consider. 851 00:37:34,760 --> 00:37:37,840 Speaker 1: And yeah, so gooding back to Josh's specific question, right, like, 852 00:37:37,920 --> 00:37:40,600 Speaker 1: that's that actually might be the perfect solution for him, 853 00:37:40,640 --> 00:37:42,960 Speaker 1: is to to do the layering and get a small 854 00:37:43,000 --> 00:37:46,359 Speaker 1: policy that extends for longer than his current policy. So 855 00:37:46,680 --> 00:37:49,799 Speaker 1: let's say he's not fully self insured in fifteen years, right, 856 00:37:49,840 --> 00:37:51,719 Speaker 1: he doesn't have that two million dollar net worth like 857 00:37:51,760 --> 00:37:55,080 Speaker 1: we talked about earlier, but he's most of the way there. 858 00:37:55,239 --> 00:37:57,680 Speaker 1: He still feels like he has an insurable need. Well, 859 00:37:57,719 --> 00:38:00,160 Speaker 1: if at the age of thirty five, which is which 860 00:38:00,200 --> 00:38:01,840 Speaker 1: is how old he is right now, he decides to 861 00:38:01,880 --> 00:38:05,799 Speaker 1: take out a twenty five year fioud dollar policy, well 862 00:38:05,840 --> 00:38:07,680 Speaker 1: that that might kind of be that perfect layering that 863 00:38:07,760 --> 00:38:10,480 Speaker 1: he needs. It doesn't add much monthly expense to pay 864 00:38:10,520 --> 00:38:13,640 Speaker 1: those premiums, but it gives him kind of that ability 865 00:38:13,800 --> 00:38:16,520 Speaker 1: to not rush quite as hard to make sure that 866 00:38:16,520 --> 00:38:18,759 Speaker 1: he's financially independent fifteen years. He gives him like a 867 00:38:18,760 --> 00:38:21,239 Speaker 1: little more leeway. So you know, that's a good good 868 00:38:21,280 --> 00:38:22,560 Speaker 1: way to do it, is to do kind of some 869 00:38:22,680 --> 00:38:24,520 Speaker 1: layering like you talked about. I think it's a great 870 00:38:24,520 --> 00:38:26,560 Speaker 1: solution in the case you feel like you need more 871 00:38:26,880 --> 00:38:28,880 Speaker 1: after you've taken out kind of an initial policy and 872 00:38:28,880 --> 00:38:31,040 Speaker 1: you feel like it's not enough. Yeah, man, I like that. 873 00:38:31,480 --> 00:38:33,200 Speaker 1: All right, man. Let's get back to this beer Odd 874 00:38:33,280 --> 00:38:38,759 Speaker 1: thirteen Brewing Intergalactic Juice Hunter, and it's called Juice Hunter 875 00:38:38,840 --> 00:38:44,000 Speaker 1: because it is a juicy double I p A. It's 876 00:38:44,000 --> 00:38:46,239 Speaker 1: so good man, Yeah, man. I don't know what to 877 00:38:46,280 --> 00:38:48,719 Speaker 1: say except for, you know, when I had this beer 878 00:38:48,840 --> 00:38:51,400 Speaker 1: with Carl at the podcast conference that I went to. 879 00:38:51,600 --> 00:38:54,200 Speaker 1: We had it actually right after we had a beer 880 00:38:54,239 --> 00:38:56,960 Speaker 1: called Hetty Topper, which if people don't know about that, 881 00:38:57,040 --> 00:38:58,800 Speaker 1: it's one of the best beers in the country. It 882 00:38:58,880 --> 00:39:00,800 Speaker 1: was like one of the original New England style I 883 00:39:00,880 --> 00:39:03,239 Speaker 1: p A. S right, yep, And I like this one more, 884 00:39:03,560 --> 00:39:06,279 Speaker 1: and I still do. This is the freaky conlicious, So, 885 00:39:06,520 --> 00:39:08,480 Speaker 1: having not ever had a heady topper, I'll just go 886 00:39:08,480 --> 00:39:11,439 Speaker 1: ahead and agree with you. I really like this as well. 887 00:39:11,760 --> 00:39:13,480 Speaker 1: I'm still not sure about the the kind of the 888 00:39:13,800 --> 00:39:16,759 Speaker 1: graphic novel comic book artwork. Did you ever get into 889 00:39:16,760 --> 00:39:19,480 Speaker 1: like Marvel and d C? No, the comics. Do you 890 00:39:19,520 --> 00:39:22,239 Speaker 1: even see like the comic book movies? No? I hate them? Dude, 891 00:39:22,280 --> 00:39:24,239 Speaker 1: do you really? Yeah? You gotta you gotta watch a 892 00:39:24,280 --> 00:39:27,080 Speaker 1: couple of them. I hate superhero movies, and plus, like, 893 00:39:27,080 --> 00:39:29,479 Speaker 1: how many Spider Man's can you make? Really? Well, really, 894 00:39:29,520 --> 00:39:31,239 Speaker 1: I'm not saying I want to watch another Spider Man, 895 00:39:31,400 --> 00:39:34,520 Speaker 1: but evidently Infinity War, which sounds kind of ridiculous. That's 896 00:39:34,560 --> 00:39:37,000 Speaker 1: like they all come together, all the superheroes. Dude, I 897 00:39:37,000 --> 00:39:39,040 Speaker 1: don't even know what movies are out anymore. Like, seriously, 898 00:39:39,080 --> 00:39:41,560 Speaker 1: I couldn't tell you one movie in the theaters. It's ridiculous. Well, 899 00:39:41,600 --> 00:39:43,520 Speaker 1: if you want to see a superhero movie while you're 900 00:39:43,560 --> 00:39:47,680 Speaker 1: drinking Intergalactic Juice Hunter, watch Infinity War because evidently it 901 00:39:47,719 --> 00:39:50,480 Speaker 1: was awesome. A I'm assuming there's a Star Wars and 902 00:39:50,520 --> 00:39:52,360 Speaker 1: the Harry Potter is done, so that's all I know, 903 00:39:52,560 --> 00:39:54,319 Speaker 1: did shut up? Don't you talk about about Harry Potter. 904 00:39:54,440 --> 00:39:55,960 Speaker 1: I love Harry Potter, but it's just done. It's not 905 00:39:56,000 --> 00:39:58,480 Speaker 1: in theaters anymore, right now. I love Harry Potter. Is good. 906 00:39:58,520 --> 00:40:00,560 Speaker 1: I can get on board with that. Dude in any 907 00:40:00,600 --> 00:40:03,120 Speaker 1: depressing indie movie that's up for best picture, I'm up 908 00:40:03,160 --> 00:40:06,399 Speaker 1: for that. But now, man, I don't do superhero movies. Yeah. 909 00:40:06,440 --> 00:40:08,239 Speaker 1: That being said, I'm totally cool with them putting that 910 00:40:08,280 --> 00:40:10,200 Speaker 1: on the can, because, dude, you can put anything on 911 00:40:10,280 --> 00:40:13,080 Speaker 1: the can. Can just be a blank can or just 912 00:40:13,120 --> 00:40:15,880 Speaker 1: like a stick figure drawing of like a guy porn 913 00:40:15,960 --> 00:40:19,279 Speaker 1: hops into a giant brewing that. Yep, I'd be fine 914 00:40:19,280 --> 00:40:21,600 Speaker 1: with that. Literally, anything on the can. If the beer 915 00:40:21,600 --> 00:40:23,799 Speaker 1: taste is good, it doesn't matter, I will drink it. Yeah. 916 00:40:23,800 --> 00:40:25,200 Speaker 1: One of the best I p a s I think 917 00:40:25,239 --> 00:40:28,319 Speaker 1: I've had, gosh man like to date, you know, like 918 00:40:28,400 --> 00:40:30,839 Speaker 1: the juice, the hops, the kick, like that hoppy kick. 919 00:40:31,960 --> 00:40:34,000 Speaker 1: It's all there. I miss I p as. Has been 920 00:40:34,040 --> 00:40:35,600 Speaker 1: so long since I've had some good I p a s. 921 00:40:35,800 --> 00:40:38,600 Speaker 1: Thank you for bringing this down, man, No problem, buddy, 922 00:40:39,080 --> 00:40:40,920 Speaker 1: all right, so real quick, let's go over just a 923 00:40:40,960 --> 00:40:44,560 Speaker 1: couple points of the need to knows about term life insurance. 924 00:40:44,600 --> 00:40:48,480 Speaker 1: Based on Josh's question, the first thing is only consider 925 00:40:48,560 --> 00:40:51,480 Speaker 1: a level term life insurance policy. Josh, you're already on 926 00:40:51,520 --> 00:40:53,280 Speaker 1: the right track. You mentioned how you've got a fifteen 927 00:40:53,320 --> 00:40:56,759 Speaker 1: year policy term life. That's what you want. Only consider that. 928 00:40:57,040 --> 00:40:58,960 Speaker 1: Keep in mind that the point of life insurance is 929 00:40:59,000 --> 00:41:01,400 Speaker 1: to have insurance until the point that you can be 930 00:41:01,440 --> 00:41:04,239 Speaker 1: self insured. Once you're financially independent and you don't need 931 00:41:04,280 --> 00:41:06,080 Speaker 1: that insurance to to be able to pay off your 932 00:41:06,080 --> 00:41:08,600 Speaker 1: debts and to support your family, then you don't need 933 00:41:08,680 --> 00:41:11,000 Speaker 1: to have that insurance policy anymore. So the fact that 934 00:41:11,040 --> 00:41:13,000 Speaker 1: you've got a fifty year policy because you're planning to 935 00:41:13,000 --> 00:41:15,600 Speaker 1: be self insured within that period of time, I love it, man. 936 00:41:15,680 --> 00:41:17,640 Speaker 1: That's great. Yeah. And people will try to pitch you 937 00:41:17,800 --> 00:41:20,600 Speaker 1: on a lot of different names of life insurance, but 938 00:41:20,680 --> 00:41:22,880 Speaker 1: really the best, the cheapest, the one that you want 939 00:41:22,920 --> 00:41:24,800 Speaker 1: to look at is term life insurance. It's got the 940 00:41:24,880 --> 00:41:27,759 Speaker 1: least amount of commission, the best bang for your buck. Yeah, 941 00:41:27,800 --> 00:41:29,000 Speaker 1: and you want to make sure that it's going to 942 00:41:29,080 --> 00:41:31,440 Speaker 1: cover any insurable need that you have. So if a 943 00:41:31,440 --> 00:41:33,960 Speaker 1: two million dollar policy is going to cover your family 944 00:41:34,040 --> 00:41:36,400 Speaker 1: in the event of your untimely death, then that's great. 945 00:41:36,520 --> 00:41:38,360 Speaker 1: And for me and Matt, you know, we have lower 946 00:41:38,360 --> 00:41:41,960 Speaker 1: amounts because of how our investments are structured, we don't 947 00:41:41,960 --> 00:41:44,880 Speaker 1: feel the need to ensure for quite as much. So 948 00:41:44,920 --> 00:41:48,120 Speaker 1: it really depends on your individual situation. What you're insurable 949 00:41:48,160 --> 00:41:51,120 Speaker 1: need is. And once you assess that, you can decide 950 00:41:51,520 --> 00:41:54,160 Speaker 1: the term length and the amount that you need to 951 00:41:54,160 --> 00:41:56,960 Speaker 1: be insured for and as far as the win So 952 00:41:57,120 --> 00:41:59,920 Speaker 1: when should you buy level term life insurance? Well, as 953 00:42:00,000 --> 00:42:03,319 Speaker 1: soon as you have an insurable need um meaning if 954 00:42:03,360 --> 00:42:05,839 Speaker 1: you have family or anyone that is dependent on you 955 00:42:06,000 --> 00:42:08,600 Speaker 1: in your income that you bring to the table, you 956 00:42:08,600 --> 00:42:11,040 Speaker 1: want to have some life insurance. Yeah, and you want 957 00:42:11,040 --> 00:42:12,640 Speaker 1: to make sure you shop just like you shop for 958 00:42:12,640 --> 00:42:14,560 Speaker 1: anything else, right, to get the best price. Well, term 959 00:42:14,600 --> 00:42:17,319 Speaker 1: life insurance. You want to shop with reputable companies, but 960 00:42:17,360 --> 00:42:18,839 Speaker 1: you want to get the best price, right, And so 961 00:42:19,440 --> 00:42:22,719 Speaker 1: we would recommend shopping at websites like haven life dot 962 00:42:22,760 --> 00:42:26,040 Speaker 1: com and policy genius dot com. We'll have those linked 963 00:42:26,040 --> 00:42:29,040 Speaker 1: for you in the show notes. And policy Genius in particular, 964 00:42:29,120 --> 00:42:31,160 Speaker 1: you know, pitt some of the major companies against each 965 00:42:31,200 --> 00:42:34,279 Speaker 1: other bidding to offer you the lowest cost term life 966 00:42:34,280 --> 00:42:37,440 Speaker 1: policy possible. And lastly, Josh in your situation, Man, it 967 00:42:37,480 --> 00:42:41,239 Speaker 1: sounds like you're covered really well. But the one thing 968 00:42:41,280 --> 00:42:42,920 Speaker 1: you might want to consider it is what Matt kind 969 00:42:42,920 --> 00:42:44,759 Speaker 1: of talked about at the end is layering, right, and 970 00:42:44,800 --> 00:42:47,200 Speaker 1: so maybe adding a smaller policy that covers you for 971 00:42:47,200 --> 00:42:49,480 Speaker 1: a little bit longer term just in case you feel 972 00:42:49,560 --> 00:42:52,720 Speaker 1: you're feeling a little bit uncomfortable about meeting that fifteen 973 00:42:52,760 --> 00:42:55,799 Speaker 1: year window to be financially independent where your net worth 974 00:42:55,880 --> 00:42:58,320 Speaker 1: is actually going to be more than the term policy amount. 975 00:42:58,640 --> 00:43:00,400 Speaker 1: And honestly, I think any listen I can kind of 976 00:43:00,440 --> 00:43:02,680 Speaker 1: take comfort from that. Right. Being able to have the 977 00:43:02,719 --> 00:43:04,920 Speaker 1: option to layer it means that you don't have to 978 00:43:04,920 --> 00:43:07,759 Speaker 1: get it exactly right. Uh the very first time. You 979 00:43:07,760 --> 00:43:09,479 Speaker 1: can sort of switch it up. You can change things. 980 00:43:10,000 --> 00:43:12,120 Speaker 1: So all that being said, if you have an assurable need, 981 00:43:12,520 --> 00:43:14,200 Speaker 1: go ahead and get life insurance. It doesn't have to 982 00:43:14,200 --> 00:43:17,960 Speaker 1: be perfect. Having something is better than nothing because you 983 00:43:18,000 --> 00:43:20,800 Speaker 1: want to have that in place, no doubt. Thanks everyone 984 00:43:20,840 --> 00:43:22,960 Speaker 1: for listening. Our home on the web is how to 985 00:43:23,040 --> 00:43:25,560 Speaker 1: Money dot Com. Check it out. We'll have our show 986 00:43:25,600 --> 00:43:28,319 Speaker 1: notes up for this episode, and hopefully you found this 987 00:43:28,320 --> 00:43:30,880 Speaker 1: episode helpful. If you found it randomly, be sure to 988 00:43:30,920 --> 00:43:33,440 Speaker 1: check us out on Apple podcast where you can subscribe 989 00:43:33,640 --> 00:43:35,600 Speaker 1: and you can get all the new episodes as they 990 00:43:35,600 --> 00:43:39,600 Speaker 1: are released until next time. Buddy, Best Friends Out, Friends Out, 991 00:43:54,200 --> 00:43:56,200 Speaker 1: WHOA shot that one across the table? There