WEBVTT - Listener Question: Life Insurance #032 0:00:00.080 --> 0:00:03.080 Welcome to How's the Money. I'm Joel and I'm Matt, 0:00:03.200 --> 0:00:06.680 and today we're answering a listener's question about life insurance. 0:00:24.800 --> 0:00:26.840 All right, Joel, so you're gonna share share the big news. 0:00:26.920 --> 0:00:32.280 You finally actually closed on new property, right. Yeah, So 0:00:32.400 --> 0:00:35.159 I just bought my first multi family property. So it's 0:00:35.159 --> 0:00:37.879 a duplex. And if you are a member of the 0:00:37.880 --> 0:00:41.839 Facebook group, you probably saw me post recently a picture 0:00:42.040 --> 0:00:44.320 of a nerdy board game and some beers, and so 0:00:44.400 --> 0:00:46.720 that's how my wife and I celebrated this new purchase. 0:00:47.080 --> 0:00:49.000 The finer things in life, right, nerdy board games and 0:00:49.320 --> 0:00:51.360 good beer. But yeah, so we bought in a duplex 0:00:51.400 --> 0:00:54.120 and we're really excited about it. It's my first foray 0:00:54.200 --> 0:00:56.640 into multi family investing. You know, I have three single 0:00:56.640 --> 0:00:59.920 family homes and now this, and man, you know, you 0:01:00.080 --> 0:01:01.840 and I we've talked about it multiple times on the 0:01:01.840 --> 0:01:05.520 podcast already, and uh not to board the heck out 0:01:05.520 --> 0:01:07.720 of people that don't care about real estate investing. But 0:01:07.760 --> 0:01:10.479 I'm super pumped about this, and you know, the numbers 0:01:10.520 --> 0:01:12.440 work out really good. I've got solid tenants in there. 0:01:12.440 --> 0:01:15.160 It's a solid house. So the great thing too, I 0:01:15.160 --> 0:01:17.720 think a lot of people think. And the biggest excuse 0:01:17.760 --> 0:01:19.720 I hear from people who don't want to start investing 0:01:19.840 --> 0:01:21.640 in real estate, And by the way, if you don't 0:01:21.640 --> 0:01:25.040 want to, you don't have to. But the biggest excuse is, oh, man, 0:01:25.080 --> 0:01:27.679 it's gonna be so much work. And there's ways that 0:01:27.720 --> 0:01:30.240 you can get into real estate investing where it's not 0:01:30.360 --> 0:01:33.000 an overwhelming amount of work from the get go. And 0:01:33.000 --> 0:01:35.480 and the property I just purchased, even though it's a duplex, 0:01:35.880 --> 0:01:38.959 it is one of those things it's not necessarily completely turnkey. 0:01:39.120 --> 0:01:40.960 But man, it's not a whole lot of work from 0:01:41.000 --> 0:01:43.120 the get go. And I'm kind of all about buying 0:01:43.160 --> 0:01:45.520 properties that that fit that mold because I still have 0:01:45.560 --> 0:01:48.440 a full time job, in a family and a life. Right, 0:01:48.520 --> 0:01:50.000 that's right. You're not gonna have to do much. I mean, 0:01:50.080 --> 0:01:51.960 the pictures I saw of it, I need to get 0:01:51.960 --> 0:01:53.920 down there and see it in person. But the pictures 0:01:53.920 --> 0:01:56.880 you shared, yeah, like a dope. If I got a vacancy, man, 0:01:57.080 --> 0:01:58.960 put your name in the hat off consider you have 0:01:59.440 --> 0:02:02.800 to fill out in that application. I might call your 0:02:02.800 --> 0:02:05.480 previous lanelords, but I have a feeling you're probably good 0:02:05.480 --> 0:02:07.240 to go. It's been a minute, but I remember his 0:02:07.360 --> 0:02:11.360 name Kip all right, I actually remember his last name too, 0:02:11.360 --> 0:02:13.040 but I'm not gonna say so. You're talking about it 0:02:13.120 --> 0:02:14.640 not being a lot of work, so certainly it's in 0:02:14.639 --> 0:02:16.000 great shape. You're not gonna have to do much for 0:02:16.160 --> 0:02:17.720 off the bat, Like, what are your thoughts as far 0:02:17.880 --> 0:02:21.520 as dealing with tenants, because you're going from even though 0:02:21.520 --> 0:02:24.080 you're only adding a single property, it's got twice as 0:02:24.160 --> 0:02:27.120 many tenants, right, twice as many potential folks that you're 0:02:27.120 --> 0:02:29.280 gonna have to be in touch with and here from, 0:02:29.440 --> 0:02:31.760 collect rent from that sort of thing. Yes, so that 0:02:31.760 --> 0:02:34.240 it's definitely been a consideration, and I'm interested to see, 0:02:34.320 --> 0:02:37.720 you know, how much that increases my workflow on investment properties. 0:02:38.040 --> 0:02:41.200 I don't think it's going to increase my workflow, you know, 0:02:41.240 --> 0:02:44.760 at double the rate, because it is still one building, 0:02:44.760 --> 0:02:47.120 one roof, and and some of those things are in common. 0:02:47.120 --> 0:02:49.079 But you can get down there once and take care 0:02:49.080 --> 0:02:52.920 of multiple problems exactly. So I don't think it's gonna double, 0:02:52.960 --> 0:02:54.160 but I do think it will increase it, And so 0:02:54.160 --> 0:02:56.600 I'm really interested to see how, you know, a duplex 0:02:57.240 --> 0:03:00.280 increases my my workload when it comes to the vestment 0:03:00.360 --> 0:03:03.040 properties or you know, what maybe just it really doesn't 0:03:03.200 --> 0:03:05.120 increase that much, and and and so much of it 0:03:05.160 --> 0:03:07.640 really does come down to the underlying you know, house 0:03:07.760 --> 0:03:09.720 structure of the house, how good or shape it's in, 0:03:10.080 --> 0:03:12.120 you know what repairs. You know, the little things are 0:03:12.160 --> 0:03:14.640 gonna break, right, like a toilet's gonna need a new 0:03:14.680 --> 0:03:17.680 flushing mechanism, or your stove's gonna break or whatever, like 0:03:17.720 --> 0:03:19.600 a fridge is gonna go down. So those things are 0:03:19.600 --> 0:03:21.760 just gonna happen. But you know, the underlying structure of 0:03:21.760 --> 0:03:23.399 the house, man, that's so important to how many calls 0:03:23.400 --> 0:03:25.760 you're gonna get too. So just buying a solid house 0:03:25.840 --> 0:03:28.239 from the get go with good tenants, I mean that 0:03:28.360 --> 0:03:32.200 cures your eels. Yeah, yes, foreside brick, which I'm kind 0:03:32.200 --> 0:03:34.600 of jealous of because I'm looking We're starting to save 0:03:34.680 --> 0:03:36.600 up some money for a pain job on our personal 0:03:36.640 --> 0:03:39.320 house and I'm just not really looking forward to that. 0:03:39.480 --> 0:03:41.120 Like I'm gonna I'm gonna enjoy it because we get 0:03:41.160 --> 0:03:42.839 to choose a new color, which is kind of cool, 0:03:43.200 --> 0:03:46.040 but thinking about wood rot and that kind of thing, 0:03:46.040 --> 0:03:49.040 I'm just like, I just wish it was made of brick, 0:03:49.880 --> 0:03:51.440 Like you don't have to worry about that ever again. 0:03:51.480 --> 0:03:54.000 But I know, I love the way painted wood signing looks, 0:03:54.160 --> 0:03:56.520 but it's got that it's got that classic look. It's 0:03:56.520 --> 0:03:58.480 trade offs for sure. Yeah, but the brick is just 0:03:58.800 --> 0:04:01.560 there's nothing to worry about really, which is really nice 0:04:01.640 --> 0:04:03.760 and right off the bat as well, the property meets 0:04:03.800 --> 0:04:05.760 the one percent rule. We've talked about this before as well, 0:04:05.800 --> 0:04:07.800 which is awesome, man, especially in this in this kind 0:04:07.800 --> 0:04:09.640 of market, right, Yeah, so it's tough to find. And 0:04:09.680 --> 0:04:11.800 you know, there was a question actually on our Facebook group. 0:04:12.080 --> 0:04:13.760 One of our listeners wanted to know, Hey, should I 0:04:13.760 --> 0:04:16.520 should I hold off on buying a house because look 0:04:16.520 --> 0:04:18.680 at where things are within the housing market. It's it's 0:04:18.720 --> 0:04:21.040 crazy out there and it is a hot market. And 0:04:21.080 --> 0:04:24.520 that's definitely true. It's been almost a year since I 0:04:24.560 --> 0:04:26.640 bought my last house. There are few and far between, right, 0:04:26.640 --> 0:04:28.320 I'm not ready to buy like five houses a month. 0:04:28.320 --> 0:04:30.120 I just don't think there are that many good deals. 0:04:30.160 --> 0:04:32.640 But I do think there are deals to be found 0:04:32.640 --> 0:04:35.320 in every market, and so I think it is worth 0:04:35.360 --> 0:04:38.719 considering if you are interested looking now, and if a 0:04:38.760 --> 0:04:41.200 house does meet that one percent rule, which is the 0:04:41.240 --> 0:04:45.160 monthly rent revenue meeting one percent of the cost of 0:04:45.200 --> 0:04:47.280 the house if you can meet that rule. Man, I 0:04:47.520 --> 0:04:49.839 think it's a good move in any market to buy 0:04:49.839 --> 0:04:51.520 a house that meets that rule if it's in good 0:04:51.520 --> 0:04:53.320 condition and you think you're gonna own it for a 0:04:53.360 --> 0:04:55.960 long period of time. So yeah, this duplex for me, 0:04:55.960 --> 0:04:58.560 meets that one percent rule, and I'm stoked about it. 0:04:58.560 --> 0:05:00.240 I think this is gonna be a great place for 0:05:00.320 --> 0:05:02.760 me to own for the long haul. Yeah, man, absolutely, 0:05:02.800 --> 0:05:05.720 it seems it seems awesome. So kind of on the 0:05:05.720 --> 0:05:08.120 opposite end of that, or like in the complete opposite direction, 0:05:09.120 --> 0:05:11.760 getting out we're not spending tons of money on an 0:05:11.760 --> 0:05:14.200 investment property. We were looking at our budget for the 0:05:14.240 --> 0:05:16.560 rest of the year, and you know, just kind of 0:05:16.560 --> 0:05:19.400 like looking at numbers, dude. We actually did the math 0:05:19.520 --> 0:05:21.960 on what it takes for us to like feed ourselves, 0:05:22.000 --> 0:05:25.080 like our family of five, and it only costs us 0:05:25.160 --> 0:05:28.560 one dollar a meal, dude, per person, one dollar person 0:05:28.640 --> 0:05:31.359 per meal. That's like the holy grail of eating costs 0:05:31.400 --> 0:05:34.000 right there. But here's the thing that also includes diapers. 0:05:34.000 --> 0:05:37.200 Like we don't separate out our actual food from like 0:05:37.240 --> 0:05:39.360 our grocery runs, right, so like our like our grocery 0:05:39.360 --> 0:05:41.760 budget includes like stuff from the pharmacy. I have your 0:05:41.800 --> 0:05:45.679 profen diapers, trash bags, things like that, just the standards 0:05:45.720 --> 0:05:48.799 sort of stuff, tooth baste, deodorant, and so in reality, 0:05:49.279 --> 0:05:51.719 I think we're eating for actually less than a dollar 0:05:52.279 --> 0:05:55.479 a meal per person. And you might be thinking, we've 0:05:55.520 --> 0:05:58.039 got little girls. I mean, dott is only one years old. 0:05:58.320 --> 0:06:02.080 But have you seen her eat? I've seen her belly. Yes, 0:06:02.560 --> 0:06:05.200 I'm not kidding. I think Kate and Dottie if you 0:06:05.240 --> 0:06:07.240 were to way like the actual amount of food that 0:06:07.279 --> 0:06:09.200 they have, like in a normal meal, like it's just 0:06:09.240 --> 0:06:12.200 a normal portion. But then Dottie goes and eats an 0:06:12.200 --> 0:06:15.719 insane amount of food for a one year old, and 0:06:16.000 --> 0:06:20.080 like you said, it shows dude. That's incredible though, because 0:06:20.120 --> 0:06:21.880 most people that talk about how much you should spend, 0:06:22.040 --> 0:06:24.479 you know, on on meals for your family, the patented 0:06:24.520 --> 0:06:26.520 thought is is that it should be you know, two 0:06:26.600 --> 0:06:27.840 bucks a meal. If you can get it down to 0:06:27.880 --> 0:06:30.280 two bucks a meal per person, you're you're crushing it. 0:06:30.400 --> 0:06:32.320 So even I even saw something posted where they're talking 0:06:32.320 --> 0:06:34.520 about five dollars, like five dollars of dinner or like 0:06:34.600 --> 0:06:36.960 something like that. When sure, if you're going out all 0:06:37.000 --> 0:06:39.000 the time and you're eating out and you're used to 0:06:39.040 --> 0:06:43.080 doing drinks and dropping fifty bucks a night on a weekday. Yeah, 0:06:43.120 --> 0:06:44.600 you're gonna save a lot to it. That five bucks 0:06:44.600 --> 0:06:46.440 makes it sound like you're warm buffet or something like that. 0:06:46.680 --> 0:06:50.000 But that's still a lot compared to our entire family 0:06:50.440 --> 0:06:54.160 eating for five dollars per meal. Okay, so next episode, 0:06:54.240 --> 0:06:56.400 can we cover this in detail, because I really do 0:06:56.440 --> 0:06:57.800 want to get into it. I'm really curious and I 0:06:57.800 --> 0:06:59.040 think it would help a lot of people out there, 0:06:59.080 --> 0:07:00.920 like the meal thing. I don't. Here's the thing with Kay. 0:07:00.920 --> 0:07:02.520 I've talked her about it, and she has more of 0:07:02.520 --> 0:07:05.640 a philosophy on like the way she approaches food and 0:07:05.640 --> 0:07:07.479 the way she cooks. I need to talk to her 0:07:07.520 --> 0:07:09.400 and see if we can figure out some specific like 0:07:09.480 --> 0:07:12.200 tips like do this, this is how it'll save like 0:07:12.280 --> 0:07:14.600 do this, this is how it will safe. Well okay, 0:07:14.600 --> 0:07:16.880 that's that's your homework for this because because we because 0:07:16.920 --> 0:07:18.400 like we have to. You can't just tell everyone in 0:07:18.440 --> 0:07:20.160 the audience like, hey, I we eat for one dollar 0:07:20.200 --> 0:07:22.760 a meal for our family, and that's breakfast, lunch, and dinner, 0:07:22.800 --> 0:07:24.480 right because dinner is usually is a lot more expensive 0:07:24.480 --> 0:07:26.080 like breakfast. You feel you can get away with it, 0:07:26.280 --> 0:07:28.880 you know, eggs maybe, you know, probably eggs and toast 0:07:29.000 --> 0:07:31.200 and some fruit, a little bit of coffee fruit. Yeah, 0:07:31.200 --> 0:07:33.480 you can get away with it. And lunch easy to write, 0:07:33.480 --> 0:07:35.480 a little bit easier, maybe a veggie and some nuts 0:07:35.560 --> 0:07:38.120 or whatever. But dinner, man, how do you get away? Well? See, yeah, 0:07:38.120 --> 0:07:40.040 you say veggie nuts, and I'm like, yeah, that sounds normal. 0:07:40.040 --> 0:07:41.400 But I think for a lot of people they're like, wait, 0:07:41.440 --> 0:07:44.200 I go out to eat for lunch, you know, like 0:07:44.480 --> 0:07:46.120 if you're going out to eat, right, that's that's the 0:07:46.120 --> 0:07:48.520 biggest thing, all right. But so hopefully if it's not 0:07:48.640 --> 0:07:51.920 next episode really really soon, we'll could be able to 0:07:52.560 --> 0:07:53.960 maybe we should just have her on to really be 0:07:54.000 --> 0:07:56.679 able to explain it, because she really does handle almost 0:07:57.640 --> 0:08:00.520 of our grocery budget as well as of the cooking, 0:08:01.080 --> 0:08:02.680 and there's a lot there's a lot of insight there, 0:08:02.680 --> 0:08:03.840 so do I mean the reason I brought it up 0:08:03.880 --> 0:08:06.640 was because we're kind of looking at ways to tighten 0:08:06.640 --> 0:08:08.640 the belt a little bit and I don't think you 0:08:08.640 --> 0:08:11.480 can cut there, yeah exactly, And so I was just like, okay, 0:08:11.600 --> 0:08:14.000 could we go leaner, you know, in our grocery budget? 0:08:14.000 --> 0:08:15.480 And that's why I sat down and actually did the 0:08:15.520 --> 0:08:18.760 math and realized, oh, dear lord, no, I don't think 0:08:18.760 --> 0:08:20.480 we can go I don't think we can like make 0:08:20.520 --> 0:08:23.000 this any slimmer at all, because I think we're getting 0:08:23.040 --> 0:08:27.600 into like third world Russia or something, you know, surviving 0:08:27.600 --> 0:08:29.760 only on like a goat for the years, living in 0:08:29.880 --> 0:08:33.360 the year Siberian Wilderness or something. Yeah. Yeah, and we 0:08:33.400 --> 0:08:35.400 know Kate's got a voice for radio because everyone heard 0:08:35.440 --> 0:08:37.640 that just a few episodes ago when we had Our 0:08:37.679 --> 0:08:41.160 wives on, which was really fun. So that was still 0:08:41.280 --> 0:08:43.360 my favorite episode. I think maybe because they were doing 0:08:43.360 --> 0:08:45.440 all the talking, we're just sort of like cracking jokes 0:08:45.480 --> 0:08:48.480 the whole time, a little bit easier just ask them questions, right, Yeah, 0:08:48.520 --> 0:08:50.640 that was good. Should we get more into the interview 0:08:50.720 --> 0:08:52.880 sort of style that maybe that would be if if 0:08:52.920 --> 0:08:55.080 we're just prepping whoever were gonna have on and they're 0:08:55.080 --> 0:08:56.679 just gonna answer questions and the whole time we're just 0:08:56.720 --> 0:08:58.640 kind of like making jokes and drinking beer. That's a 0:08:58.640 --> 0:09:01.400 good point, you know, that sounds Pretty's pretty nice. I'm 0:09:01.400 --> 0:09:03.560 really good at cracking jokes and drinking beers. But yeah, 0:09:03.559 --> 0:09:05.400 on that note, we'll definitely do something. We do have 0:09:05.440 --> 0:09:07.360 some interviews planned coming up with some people, so I'm 0:09:07.440 --> 0:09:09.720 kind of excited to get into into that part of 0:09:09.720 --> 0:09:11.800 the show. So stay tuned. You know, by the end 0:09:11.800 --> 0:09:14.040 of the year, we'll have a few interview episodes with 0:09:14.040 --> 0:09:16.760 people that are experts in certain fields that were not 0:09:17.080 --> 0:09:19.160 nearly as knowledgeable, and so there should be a learning 0:09:19.160 --> 0:09:20.960 process for you and I and then also for our 0:09:21.000 --> 0:09:23.240 audience at the same time, which is which is fun. Yeah, 0:09:23.280 --> 0:09:25.959 And like Joel said earlier, we're gonna answer a listener's question. 0:09:26.200 --> 0:09:28.240 If you have a question, please right in. You can 0:09:28.280 --> 0:09:30.880 send us a message via the form on our website, 0:09:31.040 --> 0:09:33.080 Poor Not Poor dot com or just shoot us an 0:09:33.080 --> 0:09:35.960 email Poor Not Poor at gmail dot com. We love 0:09:36.000 --> 0:09:38.480 hearing from all your listeners and whether that means just 0:09:38.520 --> 0:09:41.240 sort of chiming in with a recent beer find that 0:09:41.240 --> 0:09:44.480 you've come across in your city or state, but all 0:09:44.520 --> 0:09:47.000 the way down to specific questions on life insurance like 0:09:47.000 --> 0:09:49.160 we're gonna talk about today. I've mentioned this before, but 0:09:49.280 --> 0:09:51.960 having specific questions for us to answer it just feels 0:09:51.960 --> 0:09:54.000 like such a tangible way that we're helping folks. Like Granted, 0:09:54.040 --> 0:09:56.120 I know that every episode we talk about hopefully we're 0:09:56.160 --> 0:09:59.240 helping people, but to answer a specific question. You feel 0:09:59.240 --> 0:10:01.400 like the Rubbers actual meeting the road and we're moving 0:10:01.480 --> 0:10:04.880 somebody forward in their life at least financially, and uh, 0:10:04.960 --> 0:10:07.800 that makes me feel good. And uh, you know, I 0:10:07.880 --> 0:10:09.880 know that you feel the same way. But just getting 0:10:10.000 --> 0:10:13.080 emails from listeners is man like. It like makes me 0:10:13.160 --> 0:10:14.880 smile ear to ear when we get an email from 0:10:14.880 --> 0:10:17.559 a listener and they've learned something, or they have a 0:10:17.640 --> 0:10:19.520 question or they just want to say hi, and it 0:10:19.600 --> 0:10:22.240 just feels awesome, like, Okay, hey, we're meeting the people 0:10:22.400 --> 0:10:25.360 that we're that we're creating this show for and kind 0:10:25.360 --> 0:10:27.880 of creating this community around and so that's just a blastemy. 0:10:28.000 --> 0:10:29.920 Only if you start the email with Matt and Joel 0:10:30.000 --> 0:10:32.320 we love you guys so much. We love the podcast 0:10:32.360 --> 0:10:34.760 and we've written reviews. Yeah, or I was like, oh, hey, 0:10:34.800 --> 0:10:37.320 Matt and Joel hated that last episode that we were 0:10:37.320 --> 0:10:39.640 just deleted immediately. If that's what happens, I actually delete 0:10:39.679 --> 0:10:41.320 those from the inbox before you get to them. So 0:10:41.480 --> 0:10:43.680 oh that's why I'm only happy when I see the emails. Yeah, 0:10:43.760 --> 0:10:46.040 I'm protecting you, all right. Onto the beer for the day. 0:10:46.280 --> 0:10:50.679 Uh odd thirteen brewing out of Lafayette, Colorado, And can 0:10:50.720 --> 0:10:52.520 I say, Matt, I had this a couple of weeks ago, 0:10:52.960 --> 0:10:54.880 already know I love it, but let's crack it and 0:10:54.880 --> 0:10:59.640 have it together. I have missed drinking I p A s. 0:10:59.679 --> 0:11:01.839 We have had an I PA in a while, and 0:11:01.880 --> 0:11:03.959 I was especially bummed that we weren't drinking in I 0:11:04.040 --> 0:11:06.880 p A a couple of weeks ago. On there's all 0:11:06.880 --> 0:11:09.200 these stupid holidays, but when I saw that it was 0:11:09.440 --> 0:11:11.440 national I p A Day, I was kind of bombed. 0:11:11.440 --> 0:11:13.959 I didn't have an I p A Meverridge. That's a poor, 0:11:14.040 --> 0:11:16.679 not poor fail right there. Although all those holidays they're 0:11:16.679 --> 0:11:19.160 getting ridiculous. They're out of hand. How many holidays can 0:11:19.160 --> 0:11:21.360 there be? And who gets access to create these holidays? 0:11:21.559 --> 0:11:24.839 It's it's just getting utterly ridiculous. So, without doubt, this 0:11:24.960 --> 0:11:28.480 is a hazy New England style I p A. It 0:11:28.600 --> 0:11:31.960 looks awesome and those juicy notes just smack you right 0:11:31.960 --> 0:11:33.719 in the nose as you open the can. You don't 0:11:33.720 --> 0:11:36.200 even have to pour it out for to get that. Yeah, 0:11:36.240 --> 0:11:38.160 it happened. Right when I cracked the can, I could 0:11:38.200 --> 0:11:40.040 smell it and I started pouring. So we're talking about 0:11:40.080 --> 0:11:42.760 the visuals here, right, and so the beer almost looks 0:11:42.760 --> 0:11:46.400 like orange juice. It's got that nice solid orangey beer 0:11:46.440 --> 0:11:48.080 color that you see from New England. I p a s. 0:11:48.280 --> 0:11:49.800 But then, also, do you want to mention the can 0:11:50.160 --> 0:11:54.080 because this is the sort of most unique looking beer 0:11:54.080 --> 0:11:57.360 can I think I've ever seen, you know, describe it. Yeah, 0:11:57.400 --> 0:11:59.719 So author team makes some really good beers, and I've 0:11:59.720 --> 0:12:01.360 actually really gotten to go to their brewer before, and 0:12:01.360 --> 0:12:04.000 it's great, and their cans all kind of have like 0:12:04.120 --> 0:12:07.840 superhero themes, and so this one has like it's straight 0:12:07.920 --> 0:12:10.120 up looks like a like a comic book. Yeah, it's 0:12:10.120 --> 0:12:13.000 just like an alien superhero in some sort of intergalactic 0:12:13.040 --> 0:12:17.079 intergalactic space space fight laser laser scene. Yeah, so I 0:12:17.120 --> 0:12:19.920 think he's gonna win and dominate human kind or something 0:12:19.960 --> 0:12:23.320 like that. But ODS teen seriously makes some of the 0:12:23.320 --> 0:12:25.840 best beers I've ever had. I've kind of been obsessed 0:12:25.840 --> 0:12:28.679 with them ever since my buddy Carl sent me one 0:12:28.880 --> 0:12:31.240 one beer by them, and actually got this beer from 0:12:31.280 --> 0:12:34.400 Carl doing a beer trade in person, which, by the way, 0:12:34.440 --> 0:12:36.640 is the way to go if you're meeting in another city, 0:12:36.679 --> 0:12:39.240 bring beer trade with somebody and make sure to fly 0:12:39.320 --> 0:12:42.520 southwest because you get a check bag for free. So 0:12:43.040 --> 0:12:45.960 that's what I'm talking about. Fly Southwest, make those beer 0:12:45.960 --> 0:12:49.320 trades happen for frizzle. But this beer is I just 0:12:49.360 --> 0:12:53.200 had a sip in dude, incredible. Yeah, this is up 0:12:53.200 --> 0:12:59.000 there with trillium. This brothers, this is really really good. Man. 0:12:59.679 --> 0:13:01.200 Let me the best way that these New England styles 0:13:01.200 --> 0:13:04.360 are described or juicy, like these juicy dry hopped I 0:13:04.400 --> 0:13:05.760 p A s. I mean, they have a lot of 0:13:05.960 --> 0:13:08.720 hot presents, but at the same time there they just 0:13:08.760 --> 0:13:10.360 have a lot of fruit, a lot of fruit notes, 0:13:10.400 --> 0:13:12.559 a lot of fruit flavors, whereas like the West Coast 0:13:12.600 --> 0:13:16.719 I p A have those resine kind of piney flavors 0:13:17.280 --> 0:13:21.800 and this is all happy fruit in your face. Yeah, 0:13:21.840 --> 0:13:25.000 this is awesome. I wish I had more of this. Yeah, 0:13:25.040 --> 0:13:27.800 thanks Carl for doing that beer trade with me. And 0:13:28.360 --> 0:13:30.400 anybody makes it out to Colorado, there's a bunch of 0:13:30.400 --> 0:13:32.400 your breweries to visit, but put Odd thirteen on your 0:13:32.400 --> 0:13:36.640 list because Odd thirteen makes d delicious beers. We're gonna 0:13:36.640 --> 0:13:38.440 take a quick break, but right after that we're gonna 0:13:38.480 --> 0:13:50.800 get to Josh's questions about life insurance. So let's get 0:13:50.800 --> 0:13:54.040 in the topic of the day, Matt, and the question 0:13:54.160 --> 0:13:56.600 we are answering today is from a listener named Josh 0:13:57.160 --> 0:13:59.679 about life insurance. Yeah he read in last week, and 0:13:59.760 --> 0:14:03.040 his question is I have a fifteen year term policy 0:14:03.120 --> 0:14:05.280 because my plan is that I will be able to 0:14:05.320 --> 0:14:08.840 be self insured by two or so when the policy 0:14:08.960 --> 0:14:11.320 is up. Is that a good move or should I 0:14:11.360 --> 0:14:15.040 try to get a longer term policy? Also, what age 0:14:15.040 --> 0:14:18.280 should I make sure I get a policy before? Is 0:14:18.320 --> 0:14:20.200 there a certain age where if I apply for a 0:14:20.200 --> 0:14:23.320 policy it will be significantly more expensive or is it 0:14:23.320 --> 0:14:26.160 all health based? I turned thirty five today, so it 0:14:26.280 --> 0:14:30.320 has me thinking about getting old. Well, Josh, uh a 0:14:30.400 --> 0:14:33.040 late happy birthday to you. I hope it's going well 0:14:33.080 --> 0:14:34.920 for you man. And yeah, you're old, dude. I mean, 0:14:34.960 --> 0:14:36.080 I don't know what I would do if I was 0:14:36.120 --> 0:14:37.840 that old. But also too man, you've got a two 0:14:37.840 --> 0:14:39.840 million dollar policy. Good for you because that, I mean 0:14:39.840 --> 0:14:41.680 that tells me you've got uh that you're making a 0:14:41.680 --> 0:14:43.400 good amount of money, So it didn't come Yeah, man, 0:14:43.440 --> 0:14:45.800 keep it up, and that you're insuring yourself. Well. So 0:14:46.160 --> 0:14:47.880 let's get into the nuts and bolts. I think there 0:14:47.920 --> 0:14:49.520 are a lot of things to cover in this question, 0:14:49.560 --> 0:14:52.320 because you know, there's a question of is term life 0:14:52.320 --> 0:14:54.880 insurance the best way to go? How long should you 0:14:54.880 --> 0:14:57.080 be insured for? And you know, kind of what what 0:14:57.160 --> 0:14:58.880 the purpose is. That's kind of one of the questions 0:14:58.880 --> 0:15:01.160 that he's asking here too, what's the purpose behind term 0:15:01.200 --> 0:15:02.800 life and how long do I need it for? And 0:15:02.840 --> 0:15:04.840 so and so let's get into each of those kind 0:15:04.840 --> 0:15:06.160 of one by one. We'll kind of walk through with 0:15:06.240 --> 0:15:08.600 Josh and hopefully you know, have a good answer, you know, 0:15:08.720 --> 0:15:10.520 not just for your question but for a lot of 0:15:10.560 --> 0:15:13.320 folks out there listening that are in their twenties and 0:15:13.320 --> 0:15:15.800 thirties in particular, but even if you're older and you 0:15:15.800 --> 0:15:18.560 don't have life insurance, these are good questions to wade 0:15:18.560 --> 0:15:20.640 through to kind of figure out, you know, whether you 0:15:20.680 --> 0:15:22.840 need life insurance and if you do, what kind of 0:15:22.840 --> 0:15:25.120 life insurance and how you should go about insuring yourself 0:15:25.160 --> 0:15:27.200 and so we'll kind of walk through the process. Yeah, 0:15:27.200 --> 0:15:30.200 so specifically, Josh asks, is that a good move where 0:15:30.440 --> 0:15:32.760 you know, should I try to get a longer term policy? 0:15:32.800 --> 0:15:34.880 You know, he's only got a fifteen year because he's 0:15:34.880 --> 0:15:37.160 planning to be self insured. He's planning to be essentially 0:15:37.200 --> 0:15:41.720 financially independent by the time that plan expires, and to 0:15:41.880 --> 0:15:44.040 that we would say, yeah, man, it's a great move. 0:15:44.080 --> 0:15:46.280 You know, we don't know what your expenses are, but 0:15:46.280 --> 0:15:49.120 I assume that two million fits with your lifestyle and 0:15:49.160 --> 0:15:51.800 with your income and your expenses um. But in general, 0:15:51.880 --> 0:15:54.440 having a level term life insurance is the simplest and 0:15:54.600 --> 0:15:57.000 most affordable way to go. It makes the most sense. 0:15:57.080 --> 0:15:59.520 You're able to lock in that premium every single month 0:15:59.840 --> 0:16:02.240 and it's never gonna change. You're gonna pay that for 0:16:02.280 --> 0:16:05.640 the entire length of that policy. And that's a rarity, 0:16:05.720 --> 0:16:07.240 you know, it said to know that, like, Okay, this 0:16:07.280 --> 0:16:09.120 payment is never going to change, and I know that, 0:16:09.160 --> 0:16:11.920 like if I were to die, you know, pass away early. 0:16:12.240 --> 0:16:14.440 This is sort of a morbid topic, right, Yeah, it is. Yeah, 0:16:14.560 --> 0:16:16.200 I feel like it's worth like mentioned anything. Hey man, 0:16:16.200 --> 0:16:18.680 we're all gonna die, you know, so, but you know 0:16:18.760 --> 0:16:20.680 that if if that's gonna you know, if that does happen, 0:16:20.720 --> 0:16:22.240 that this is how much you'll get you'll get paid 0:16:22.240 --> 0:16:24.320 out in term life insurance, like you said, is kind 0:16:24.320 --> 0:16:26.480 of the best way to go because you know how 0:16:26.560 --> 0:16:28.480 much you're gonna pay over the next fifteen years in 0:16:28.520 --> 0:16:31.440 Josh's case, twenty years in my case. But you know, 0:16:31.480 --> 0:16:33.240 however long of a term you take out, you're paying 0:16:33.280 --> 0:16:36.640 the same monthly payment every month and no surprises, you 0:16:36.720 --> 0:16:38.680 lock it in. That's I think it's amazing. And there 0:16:38.720 --> 0:16:40.800 are other types of insurance, right that can just balloon, 0:16:41.000 --> 0:16:43.320 or you're insured can tell you, hey, your premiums just 0:16:43.400 --> 0:16:47.280 are rising for the next year, and they might continue 0:16:47.280 --> 0:16:50.160 to escalate at a ridiculous rate. But when it comes 0:16:50.160 --> 0:16:52.520 to term life insurance, you're locked in at the same 0:16:52.600 --> 0:16:55.280 rate every year. Good to go. So to give you 0:16:55.320 --> 0:16:58.200 listeners a feel for, I guess what the average policy 0:16:58.200 --> 0:17:00.800 out there roughly goes for. If you're if you're a 0:17:00.800 --> 0:17:03.840 thirty five year old male or female, you're looking at 0:17:03.840 --> 0:17:06.520 a round paying thirty five a month, and that comes 0:17:06.520 --> 0:17:09.000 out to about four d and twenty a year for 0:17:09.080 --> 0:17:13.520 a twenty year term policy for half a million dollars 0:17:13.840 --> 0:17:18.440 worth of coverage, which is awesome. Yeah, that's great, that's great. Right. Yeah, 0:17:18.440 --> 0:17:20.119 you know, like think about it, like half a million 0:17:20.119 --> 0:17:23.560 dollars and you're paying thirty five bucks. I mean, that's 0:17:23.880 --> 0:17:26.359 less than the cost of pretty much any utility that 0:17:26.440 --> 0:17:29.280 you have, you know, that's like a couple of pieces. Yeah, 0:17:29.280 --> 0:17:31.040 so that's a good number to kind of go on, Uh, 0:17:31.400 --> 0:17:33.160 you want to find a policy in this price range. 0:17:33.200 --> 0:17:35.399 If you are thirty five years old, male or female, 0:17:35.440 --> 0:17:38.120