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

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Speaker 1: and today we're answering your listener questions. Oh yeah, Listener

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Speaker 1: Questions Monday episode lined up for you. I love hearing

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Speaker 1: from our listeners. Would say, Oh yeah, I like that.

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Speaker 1: It makes me think of the cool ag guy busting

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Speaker 1: through the questions. We've got five great ones today, including

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Speaker 1: a listener she is asking about utilizing some special accounts

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Speaker 1: to pay for some upcoming baby expenses. We've got another

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Speaker 1: question where we might be dissuading a listener from going

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Speaker 1: with the beloved roth Ira because it may not make

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Speaker 1: sense given his situation, as well as a listener who's

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Speaker 1: wanting to choose the best life insurance plan. We'll get

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Speaker 1: to those three questions plus a couple others during this episode, right,

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Speaker 1: But before we get to that, Matt actually wanted to

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Speaker 1: do and we don't run first do this often, but

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Speaker 1: a follow up from another Listener Questions episode, which was

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Speaker 1: I guess this was maybe a month and a half

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Speaker 1: listener Matt, that's right. We took Matt's question and Matt

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Speaker 1: specifically was going through a period of unemployment which it

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Speaker 1: was really difficult for for him for his wife, and

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Speaker 1: we tried to give our best advice for how to

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Speaker 1: maybe extend those dollars to get through this time of unemployment.

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Speaker 1: And and it turns out we got an update for Matt.

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Speaker 1: We just I just had to share it with everybody

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Speaker 1: because it turns out Matt just got a job where

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Speaker 1: he a better job. He just doubled his pay, He's

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Speaker 1: got way better benefits, and it happened just in the

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Speaker 1: nickd time. So like really pumped for Matt. And his

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Speaker 1: benefits include the fact that his car is now paid for.

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Speaker 1: I've never had a car paid for. That sounds awesome.

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Speaker 1: What's what's up, Joel? Like, how come my car is

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Speaker 1: getting paid for? Well, I don't know. We we might

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Speaker 1: be able to. We'll talk to our tax person maybe

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Speaker 1: one of these days will do that. But also one

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Speaker 1: and of his health insurance premiums are covered. These are

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Speaker 1: some amazing benefits, not to mention higher matches when it

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Speaker 1: comes to retirement plans, more money in your paycheck overalls. Yeah, phenomenal,

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Speaker 1: phenomenal boost to Matt's career. So and he mentioned that

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Speaker 1: at some point he wants to go the entrepreneurial route,

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Speaker 1: but for the time being, Matt, this is just like

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Speaker 1: an incredible win to to have landed a job that

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Speaker 1: pays you twice as much. And and this is something

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Speaker 1: that we've talked about, Matt, the best way to get

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Speaker 1: paid more. Granted, you don't usually want to get laid

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Speaker 1: off in order to then pursue a job that pays

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Speaker 1: you more, because that's just a tenuous position to be

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Speaker 1: in for most folks. Um And but for Matt, you know,

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Speaker 1: all is well, that ends well, And so Matt, congrats

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Speaker 1: to you. And I think, just listeners, it's nice to know.

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Speaker 1: It's nice to hear how things ended up, especially when

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Speaker 1: it's a happy ending like this one. Yeah, And so

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Speaker 1: that being said, if we have spoken with you, or

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Speaker 1: if we've answered one of your listener questions before, we

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Speaker 1: would we would love to hear from you. Hopefully the

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Speaker 1: advice we have given you was able to benefit you

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Speaker 1: and your situation. But we don't always hear some of

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Speaker 1: those stories. We kind of save those honestly to like

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Speaker 1: the end of the year the listener money wins. But

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Speaker 1: I don't know, it's also nice to kind of hear

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Speaker 1: them along the way throughout the year as well, to

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Speaker 1: hear some of that good news. Some might even call

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Speaker 1: it a good word, which is the perfect lead into

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Speaker 1: the beer that we're having on this episode. Tu up

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Speaker 1: a good word. Brewing in public house is the There

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Speaker 1: are the folks who brewed this delightful beer that we're

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Speaker 1: having on the show today. This one's called no Wooden

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Speaker 1: Shoes and it's a dunker beer which never heard of

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Speaker 1: that I never heard of it never had one. That

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Speaker 1: will give it a shot and we'll give our thoughts

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Speaker 1: at the end of the episode. It sounds the European

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Speaker 1: looking forward to enjoin it. It's got to be German, right,

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Speaker 1: So all right, let's let's get onto the listener questions. Matt,

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Speaker 1: and for everybody out there, if you have a listener question,

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Speaker 1: we would love to hear your question and tackle it

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Speaker 1: on an upcoming episode. Just go to how to Money

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Speaker 1: dot com slash ask their simple directions there for how

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Speaker 1: you can submit your voice memo to us UH and

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Speaker 1: hopefully appear on a future How to Money episode. But Matt,

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Speaker 1: let's get to the first one. This one is from

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Speaker 1: a listener who has house hacking phobia. Hi guys, thanks

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Speaker 1: for answering my question. My name is Maddie. I live

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Speaker 1: in Iowa. So I am getting married in July and

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Speaker 1: my fiancee is very interested in house hacking. I want

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Speaker 1: to be a supportive fiance and I've started listening to

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Speaker 1: podcast and trying to find resources to research it. But

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Speaker 1: I'm just finding myself pretty nervous. I cannot understand how

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Speaker 1: we could get such a big home loan to start

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Speaker 1: something like that. UM. A bit of background about us.

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Speaker 1: We take home about fifty combined per year. We're in

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Speaker 1: our late twenties. We have about twenty dollars combined in

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Speaker 1: student loans, which we're not paying off right now because

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Speaker 1: they're still in the deferral, and we have about fifteen

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Speaker 1: to twenty in a combined savings account. UM, can you

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Speaker 1: send me any resources or ways I can help support

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Speaker 1: him on this? I love the idea, UM, the math

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Speaker 1: just feels really far fetched to me. I just love

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Speaker 1: how he wants to get ahead financially. I do more

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Speaker 1: of the day to day finances. He's kind of a

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Speaker 1: big picture and I want this to make sense in

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Speaker 1: my head. I'm just so nervous about it. So thanks

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Speaker 1: for any help. Guys. Hey, Maddie, congrats on getting married,

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Speaker 1: And first of all, I think it's super cool that

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Speaker 1: you are educating yourself in order to be supportive to

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Speaker 1: your your fiance. Here, you're not just doing this blindly.

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Speaker 1: You're just taking him at his word what he thinks

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Speaker 1: will happen. You're getting those details, You're getting that information.

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Speaker 1: And I totally get it because I am the same

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Speaker 1: kind of person. I am the kind of individual who

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Speaker 1: feels my fears are assuaged when I've got more information

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Speaker 1: right on hand, when when I understand what is happening,

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Speaker 1: which means and I don't think this means that there's

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Speaker 1: some sort of lack of trust here. I think this

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Speaker 1: is actually just smart on Maddie's behalf to say, I

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Speaker 1: want to understand what you're talking about, because this is

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Speaker 1: this is both of our money together here that we're

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Speaker 1: talking about as we're getting married, combining finances in all likelihood,

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Speaker 1: and so I want us to make a smart decision

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Speaker 1: for us as a couple together. Exactly. Yeah, And Maddie,

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Speaker 1: I see the fact that you and your fiance, that

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Speaker 1: you have different personalities here. I see this as a

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Speaker 1: massive advantage. I think it really does sound like that

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Speaker 1: you're gonna make a solid team be cause you have

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Speaker 1: complementary personalities and strengths. I'm not going to pretend to

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Speaker 1: be a psychologist here, Paul, but asleep on a holiday

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Speaker 1: and last night, Matt, I'm gonna pretend to be a counselor.

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Speaker 1: It does sound like that if it was just up

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Speaker 1: to you, Maddie, or if you weren't engaged to more

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Speaker 1: of a risk taker, that there might be a higher

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Speaker 1: chance that you wouldn't consider house hacking at all. He

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Speaker 1: might be a touch more conservative when it comes to

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Speaker 1: a big life choice like this. But because you're wanting

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Speaker 1: to dig in, you're wanting to learn the details. I

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Speaker 1: think this is going to be so important to your

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Speaker 1: fiance as well. So this isn't just to your benefit,

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Speaker 1: but I think it's to his benefit as well, because

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Speaker 1: it sounds like if he was doing the solo, he

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Speaker 1: might be flying more by the seat of his pants, right,

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Speaker 1: Maybe he would be taking on unnecessary risks, and he'd

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Speaker 1: likely have fewer of the details figured out ahead of time.

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Speaker 1: Working together, it sounds like you'll be able to make

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Speaker 1: the best possible decisions when it comes to this investment.

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Speaker 1: That's right, I think so, Matt. I think there is

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Speaker 1: a benefit to different personality types of working together, they

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Speaker 1: can balance each other out. And let's talk about house

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Speaker 1: hacking in particular, because it is important to note that

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Speaker 1: house hacking is not risk free. It's you know, you're

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Speaker 1: buying a really expensive asset and you're becoming a landlord

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Speaker 1: at the same time, so there's like two major risk

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Speaker 1: factors involved when you're going down this path. There's also

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Speaker 1: just a big learning curve to like Maddie hinted at,

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Speaker 1: But it's also important to mention that there are lots

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Speaker 1: of far riskier wealth building routes that you can attempt,

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Speaker 1: like sticking all your money in cryplo currency right now,

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Speaker 1: that would be much riskier than going in the house

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Speaker 1: hacking direction. And part of the reason that house hacking

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Speaker 1: isn't terribly risky in our opinion, is because everyone needs

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Speaker 1: a place to live, and the real estate market is

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Speaker 1: actually it's pretty easy to understand. It's easy to predict

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Speaker 1: what your mortgage is going to be every month on

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Speaker 1: the home that you buy. You know, let's say your

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Speaker 1: monthly note is going to be six but there's a

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Speaker 1: detached unit on the property that you could rent out

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Speaker 1: for eight hundred dollars a month. Well, you have a

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Speaker 1: pretty solid idea of what the numbers are gonna look like.

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Speaker 1: This isn't some sort of pie in this guy hoping

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Speaker 1: against hope that you're gonna make money or they're just

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Speaker 1: gonna cut your living expenses in half. You can know

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Speaker 1: with relative certainty what those numbers are gonna look like

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Speaker 1: before you pounced. You know there there are things like

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Speaker 1: vacancy and repairs. You've gotta factor those things in. But

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Speaker 1: the ability to curb housing costs in a major way,

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Speaker 1: that's that's the main reason house hacking is such an

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Speaker 1: effective strategy in our opinion totally. And even repairs and vacancy,

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Speaker 1: these are all things that you can build into your calculations, right.

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Speaker 1: You can calculate, say one percent of the purchase price

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Speaker 1: of the home toward repairs every single year, or you

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Speaker 1: can factor in two percent vacancy every year, that kind

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Speaker 1: of thing. These are risks that you can account for.

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Speaker 1: And I think that's what's key to Maddie is understanding

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Speaker 1: what she's stepping into. Knowing the risks that you're taking

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Speaker 1: on as opposed to the unknown risks that are floating

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Speaker 1: out there. It makes a big difference exactly, man, we

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Speaker 1: we think that house acting truly is one of the

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Speaker 1: best ways to get ahead financially because you get to

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Speaker 1: turn what what what's really just an expense into something

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Speaker 1: that is at least you know that that at least

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Speaker 1: offsets the chunk of that expense of your housing costs,

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Speaker 1: and in some case is it will actually generate income

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Speaker 1: above and beyond what your your housing expense is going

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Speaker 1: to be what your mortgagees. Living for free sounds pretty

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Speaker 1: great to me. This is one of the one of

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Speaker 1: the times in life when you get this one thing

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Speaker 1: right that you're likely going to reap the rewards for

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Speaker 1: years to come. Because housing is basically everyone's biggest expense,

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Speaker 1: house hacking has the ability to have an outsized impact

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Speaker 1: on your finances. Yeah, we don't want to sell a

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Speaker 1: bill of goods that isn't isn't real in existence, But

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Speaker 1: so many people have gone the house hacking route to

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Speaker 1: massively curb their housing costs or to actually create an

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Speaker 1: income stream in their lives every single month that it's

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Speaker 1: it's impossible to avoid and it's worth talking about. It

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Speaker 1: is one of the best levers we know of to

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Speaker 1: build wealth in your life. And and yeah, it's so

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Speaker 1: customizable too. That's one of the cool things about house

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Speaker 1: hacking that's worth mentioning because you can kind of dial

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Speaker 1: up your house hacking strategy or dial it down depending

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Speaker 1: on how involved you want to be and how much

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Speaker 1: profit you want to see and also, oh, you know

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Speaker 1: how much cash you have on hand. For instance, if

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Speaker 1: you're going to purchase a single family home anyway, but

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Speaker 1: you opt from one with an unfinished basement, well, finishing

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Speaker 1: that basement out it shouldn't be too expensive, and then

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Speaker 1: renting it out shouldn't be terribly difficult either. You could

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Speaker 1: crank up how much you're gonna make by renting it

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Speaker 1: out on Airbnb, let's say, but it'll also mean that

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Speaker 1: you're a lot more involved as you're flipping the space

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Speaker 1: you know after every stay. So that customization aspect of

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Speaker 1: house hacking is really cool and it it's basically could

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Speaker 1: choose your own adventure. You can go a simple route

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Speaker 1: running out a space in your house to a friend

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Speaker 1: that you know, making it even less daunting potentially. And

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Speaker 1: then when it comes to how much money you want

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Speaker 1: to put towards house hacking, at one of the end

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Speaker 1: of the spectrum is the large down payment required for

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Speaker 1: a nice quadplex, let's say, but simply running out in

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Speaker 1: a room on Airbnb isn't gonna cost you more than

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Speaker 1: just like an extra set of sheets right on the

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Speaker 1: in the house that you're already owned, that very affordable

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Speaker 1: house acking right there exactly. There's there's an entire spectra,

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Speaker 1: so the options their limitless. There's so many choices you

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Speaker 1: can make. You can opt for the one that feels

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Speaker 1: most comfortable for you, Matt I, when I bought my

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Speaker 1: first house, I had a roommate in there and he

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Speaker 1: paid for more than half of the mortgage. And then

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Speaker 1: the house that we live in currently before we renovated it,

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Speaker 1: for four and a half years, we rented out the

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Speaker 1: back of our duplex. Now now it's a single family

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Speaker 1: home to a friend. And so there are lots of

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Speaker 1: options when it comes to house hacking, but it has

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Speaker 1: consistently been good for me, even though I'm not some

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Speaker 1: sort of house hacking maniac like Craig Kurlop who we

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Speaker 1: had on the show. That guy, He's done like every

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Speaker 1: form of it possible, which is cool. But it's great

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Speaker 1: to know that there are different options and you can

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Speaker 1: pick the one that you know suits you. Best totally. Yeah,

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Speaker 1: Craig care Lot that was episode four actually that we

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Speaker 1: had him on the show. But Maddie, generally speaking, you'll

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Speaker 1: have a great combined salary. Here doesn't sound like you

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Speaker 1: have much in debts, mostly student loans. You really are

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Speaker 1: off to a great start, and so I would just

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Speaker 1: encourage you to keep saving up more money for a

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Speaker 1: down payment and for performing potential renovations while you are

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Speaker 1: learning more about house hacking. Like we said, there are

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Speaker 1: a bunch of different approaches and options available to you,

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Speaker 1: and you know, we can't detail them all here, but

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Speaker 1: we will send you a copy of our buddy Craig

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Speaker 1: here Laps book on house hacking, which goes into so

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Speaker 1: much more detail about the different strategies that folks can take.

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Speaker 1: We will reach out and get that on its way

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Speaker 1: to you, and for for not only you, Maddie, but

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Speaker 1: everyone out there. I think considering house hacking, it's so

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Speaker 1: important because it can have again, it can have such

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Speaker 1: a massive impact on the trajectory of your personal finances

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Speaker 1: in the years to come. Yeah, they always say if

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Speaker 1: you get the big things right, you don't have to

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Speaker 1: worry nearly as much about the little things. This is

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Speaker 1: one of those big This is one of those big things.

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Speaker 1: Think about all the coffees that you don't have to

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Speaker 1: worry about splurging on at the coffee shop if you

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Speaker 1: were to get the every day. If you're a delightful

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Speaker 1: house hacker, like, if you know what you're doing, it

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Speaker 1: might eat into your profits once a week if you're great.

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Speaker 1: That sounds great. Yeah, but all right, so reasonable, Maddie.

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Speaker 1: Best of luck to you and your fiance as you

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Speaker 1: guys kind of continue to think through this. But Matt,

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Speaker 1: we've more questions to get to, including one about hiring

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Speaker 1: a financial advisor doesn't make sense and what do you

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Speaker 1: need to look out for. We'll get to that and

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Speaker 1: more right after this. All right, we are back from

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Speaker 1: the break taking listener questions, and we will get to

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Speaker 1: that listener question about a financial advisor. But first we're

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Speaker 1: going to hear from a listener who wants to know

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Speaker 1: how his student loan debt, how that's going to impact

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Speaker 1: his investing strategy. Let's hear that one. Hi, Joel, Matt,

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Speaker 1: my name is Dexter. I live in Athens, Georgia. I

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Speaker 1: am originally from Chicago. I have a student loan question

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Speaker 1: for you currently, I'm en road in the TSP RALF.

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Speaker 1: I also am a en road in the Public Service

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Speaker 1: Loanforgiveness Program. I was wondering, because I believe the Public

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Speaker 1: Service Loan Forgiveness Program is based on a justic growth income.

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Speaker 1: Does it make more sense for me to stop investing

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Speaker 1: in the RALF TSP and switching to traditional t SPOR

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Speaker 1: or how much money to invest into the studition of

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Speaker 1: TSP for it to make sense to stop investing in

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Speaker 1: a rough Thank you? All right, Matt, Your boy Dexter

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Speaker 1: is called from the classic city Athens, Georgia. All right,

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Speaker 1: it's a good town. I like going there, even though

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Speaker 1: I didn't go to school there. I went to a

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Speaker 1: much lesser school. But that's okay, that's much We don't

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Speaker 1: talk about that much lesser in It's all about where

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Speaker 1: it is in your heart. That's right. It's moved to

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Speaker 1: the nether regions of my heart. But let's get to

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Speaker 1: Dexter's question, and let's talk about student loan payments and

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Speaker 1: how that affects how you invest and and and Dexter,

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Speaker 1: those p s LF payments are based on your income,

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Speaker 1: of course, right, you're adjusted gross income, that is and

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Speaker 1: so lowering that a g I is going to intern

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Speaker 1: lower your student loan payments. Anyone in the PSLF program

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Speaker 1: knows that it takes a hundred and twenty qualifying payments

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Speaker 1: to be eligible for loan forgiveness, right, and that means

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Speaker 1: working for the U. S. Military, a public school, or

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Speaker 1: certain government agency. That's what's going to get you qualified

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Speaker 1: for public service loan forgiveness. But the smaller your payment

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Speaker 1: is over the years, the great thing is that the

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Speaker 1: more debt it's going to be forgiven at the end

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Speaker 1: of those ten years of public service. So ideally, what

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Speaker 1: you want and I think Dexter this is the way

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Speaker 1: Dexter is thinking, you'd want to pay as little towards

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Speaker 1: that loan as possible in order to maximize the total

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Speaker 1: debt that's forgiven right at the end of that decade.

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Speaker 1: And so that's why these payment waivers have basically been

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Speaker 1: just such an incredible windfall, especially for folks pursuing PSLF,

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Speaker 1: because that's like a couple of years worth of payments

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Speaker 1: they haven't had to make that still count towards that

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Speaker 1: overall time that you need to to basically receive forgiveness. Totally. Yeah,

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Speaker 1: we're talking about two and a half years, maybe even

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Speaker 1: more in the future of zero payments that are helping

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Speaker 1: you to achieve complete forgiveness, Dexter. But your your your

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Speaker 1: question here is an interesting one because contributing to a

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Speaker 1: ROTH is something that we love to do, that we

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Speaker 1: love recommending for folks to do, and for the time being,

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Speaker 1: we still would love for you to take that route,

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Speaker 1: but only while these payments are still being paused. Once

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Speaker 1: those payments resume, we want to see you investing in

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Speaker 1: the traditional TSP instead, which, by the way, that stands

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Speaker 1: for thrift savings plan because when you invest in that

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Speaker 1: traditional TSP, that's going to lower your a g I,

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Speaker 1: which will then lower your payment, creating the best scenario

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Speaker 1: for eventual forgiveness. And again, the the TSP is basically like, uh,

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Speaker 1: it's the federal government's version of a four O one K.

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Speaker 1: It's actually really really good and the fees on those

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Speaker 1: funds are typically crazy low, incredibly minimal. But it has

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Speaker 1: the same contribution limits, same early withdrawal penalties. It's basically

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Speaker 1: like a standard issue federal government four O one K exactly.

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Speaker 1: And Matt, that's that's great advice too, because for right now,

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Speaker 1: keep going with the wrath when those payments resume move

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Speaker 1: over to the traditional and it's one of those things,

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Speaker 1: probably especially with the amount of folks and the amount

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Speaker 1: of how to money listeners who have student loan debt,

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Speaker 1: that's probably something a nuance we should throw in there

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Speaker 1: more frequently, because we do love the ability to save

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Speaker 1: in a wrath, pay the taxes now and never pay

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Speaker 1: tax again. But if investing inside of the traditional TSP

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Speaker 1: or four O N K or I ra A is

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Speaker 1: going to lower your a g I and lower your

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Speaker 1: student loan payment, making you eligible for more forgiveness, then

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Speaker 1: that is something more people should be considering, and Dexter

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Speaker 1: in particular should consider. And let's talk about ways to

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Speaker 1: lower your a g I even more, because one other

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Speaker 1: thing to consider is contributing to traditional IRA on top

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Speaker 1: of what you're already contributing to your TSP, Dexter, because

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Speaker 1: not only would you be investing more for your future

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Speaker 1: and lowering your tax rate, but you're also pushing that

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Speaker 1: a g I down further, which obviously pushes your payments

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Speaker 1: down even further, which means more forgiveness. And so uh.

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Speaker 1: The same thing is when it comes to saving in

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Speaker 1: something like an h s A if you have access

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Speaker 1: to one health savings account, and then once you get

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Speaker 1: those loans fully forgiven, we want you to switch back

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Speaker 1: to the roth TSP. And that way you're gonna be

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Speaker 1: building up two different buckets of retirement money, both pre

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Speaker 1: tax and post tax, which is going to give you

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Speaker 1: more flexibility in retirement once you hit that age to

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Speaker 1: determine your personal tax rate because you've got these two

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Speaker 1: different buckets you can pull from. And so, yeah, but

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Speaker 1: it seems like once these payments resume, if they ever resumed,

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Speaker 1: that you should probably go towards the traditional because that

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Speaker 1: will have an impact when it comes to lowering that

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Speaker 1: payment and just you're you'll be eligible for for even

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Speaker 1: more forgiveness. And yeah, that's that's a good thing exactly. Yeah.

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Speaker 1: I mean, I do think they're gonna be some folks

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Speaker 1: out there who here is saying this, and they might feel,

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Speaker 1: I don't know, they might bristle a little bit at

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Speaker 1: the idea of like that is so much money. You

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Speaker 1: you're talking about a massive amount of money to put

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Speaker 1: towards retirement, Like it feels like you're kind of losing out.

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Speaker 1: But I just want to remind folks, this is money

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Speaker 1: that you are investing and putting aside for yourself. This

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Speaker 1: is this is a win win situation where you are

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Speaker 1: frontloading the sacrifice. Now you're putting you're sacking that money away.

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Speaker 1: Not only is that money going to be there for

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Speaker 1: you years and decades down the road, uh times, whatever

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Speaker 1: it's grown into, but you're also reducing the amount of

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Speaker 1: taxes that you're gonna be paying on that money on

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Speaker 1: your income now by reducing your income, it's a win

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Speaker 1: win situation, even though it might feel day to day

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Speaker 1: like you're losing out because that's money that you don't

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Speaker 1: get to experience in a very tangible way. But just

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Speaker 1: know that this is most definitely a win win situation. Yeah,

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Speaker 1: and it's a kind of a short timeline really when

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Speaker 1: we're talking about it. There's a decade here where dexter

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Speaker 1: can maximize the amount and he pushes into those retirement accounts,

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Speaker 1: minimizing that gross income and then at the same time

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Speaker 1: minimizing those student loan payments. But it'll be over in

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Speaker 1: a blip, and forgiveness will be here before he knows it,

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Speaker 1: and then he can go back to roth contributions and

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Speaker 1: incorporating some more of his earnings into his lifestyle totally. So.

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Speaker 1: Our next listener is on the West Coast and she

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Speaker 1: wants to know whether or not she should be paying

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Speaker 1: for some financial advice. Good morning, Joel and Matt. My

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Speaker 1: name is Amy and I live in the Seattle, Washington area.

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Speaker 1: I have a few questions about financial advisors after listening

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Speaker 1: to your podcast, it sounds as if I should get

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Speaker 1: a fiduciary who is fee only. I've been investigating Marriad

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Speaker 1: Financial Advisors and I recently interviewed someone who works for Vestry.

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Speaker 1: The lady with whom I spoke stated that her services

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Speaker 1: are fee based and she believes there's no difference between

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Speaker 1: fee only and fee based. What are your thoughts regarding

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Speaker 1: fee based versus fee only services? Thank you for your

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Speaker 1: anticipated response, and I hope you have a fabulous day

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Speaker 1: and enjoy your beers. In moderation, Thanks bye, Amy, Thanks

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Speaker 1: for your question. Moderation, Matt, if we don't say it enough,

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Speaker 1: it is key. I think we've got a good point there,

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Speaker 1: and we like craft beer, but we like craft beer

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Speaker 1: in small amounts, and actually today's we're not sitting here

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Speaker 1: on the show just like crushing beers left. There are

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Speaker 1: some podcasts do that you would probably hear it. If

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Speaker 1: we were, you would understand that we're drinking more than

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Speaker 1: we should be. But that is not our m O. No,

430
00:21:02,200 --> 00:21:05,480
Speaker 1: not at all. So yeah, let's let's actually get get

431
00:21:05,520 --> 00:21:07,520
Speaker 1: to Amy's question though, And I want to stick stick

432
00:21:07,520 --> 00:21:11,320
Speaker 1: a big if in Amy's question because she said, like,

433
00:21:11,640 --> 00:21:14,040
Speaker 1: you recommend this, but well, the thing is, if you

434
00:21:14,119 --> 00:21:16,800
Speaker 1: decide that you think you need a financial advisor, then

435
00:21:16,800 --> 00:21:20,600
Speaker 1: we would say hiring a fiduciary is very important. The

436
00:21:20,640 --> 00:21:24,040
Speaker 1: thing is Amy might not need one, and so Amy,

437
00:21:24,080 --> 00:21:26,879
Speaker 1: we would encourage you to think long and hard about

438
00:21:27,240 --> 00:21:29,679
Speaker 1: what it is you're looking for in an advisor before

439
00:21:29,720 --> 00:21:32,800
Speaker 1: you start interviewing them, or or whether you actually even

440
00:21:33,119 --> 00:21:36,159
Speaker 1: need one, And so questions like can I d I

441
00:21:36,320 --> 00:21:38,639
Speaker 1: y this task instead of hiring someone else to do

442
00:21:38,680 --> 00:21:41,080
Speaker 1: it for me always a great question. Yes, I mean

443
00:21:41,080 --> 00:21:44,760
Speaker 1: the answer might be no, I can't. These are important questions.

444
00:21:44,800 --> 00:21:47,360
Speaker 1: I don't have the knowledge and I've got too much

445
00:21:47,400 --> 00:21:49,080
Speaker 1: on the line here, And so you might find that

446
00:21:49,119 --> 00:21:51,480
Speaker 1: you need an advisor, but knowing what you want to

447
00:21:51,520 --> 00:21:54,879
Speaker 1: get out of the relationship, and then ensuring that this

448
00:21:54,920 --> 00:21:58,240
Speaker 1: particular person you choose can provide the service you need.

449
00:21:58,560 --> 00:22:02,680
Speaker 1: Is key to ensuring that you're hiring the right financial advisor. Yeah,

450
00:22:02,680 --> 00:22:04,400
Speaker 1: that's right, and you know we will do our best

451
00:22:04,440 --> 00:22:07,760
Speaker 1: to give you enough information to make a wise decision.

452
00:22:08,320 --> 00:22:11,679
Speaker 1: But let's talk about your fiduciary question here for a second.

453
00:22:12,080 --> 00:22:14,800
Speaker 1: The reason that we stress hiring an advisor who is

454
00:22:14,840 --> 00:22:18,000
Speaker 1: a fiduciary is because that means that they are legally

455
00:22:18,280 --> 00:22:21,680
Speaker 1: required to do whatever it is that is going to

456
00:22:21,720 --> 00:22:24,200
Speaker 1: be in your best interest. It's not a like, it's

457
00:22:24,200 --> 00:22:26,800
Speaker 1: not a pinky promise or just like an honest pledge,

458
00:22:26,920 --> 00:22:29,439
Speaker 1: although they promises go along way, Matt, this is a

459
00:22:29,560 --> 00:22:33,440
Speaker 1: legal designation. If they won't sign a fiduciary oath, then

460
00:22:33,480 --> 00:22:35,920
Speaker 1: we would recommend for you to move on. Also, it's

461
00:22:35,920 --> 00:22:38,960
Speaker 1: a good idea to hire someone who has the CFP

462
00:22:39,400 --> 00:22:43,080
Speaker 1: designation as well. That stands for a Certified Financial Planner,

463
00:22:43,400 --> 00:22:45,399
Speaker 1: and those letters after someone's name means that they have

464
00:22:45,480 --> 00:22:48,480
Speaker 1: passed a rigorous exam. I'd want to make sure that

465
00:22:48,600 --> 00:22:51,480
Speaker 1: my planner was both of those things before moving forward

466
00:22:51,480 --> 00:22:54,119
Speaker 1: at all. That's right, Yeah, I agree with that. And

467
00:22:54,119 --> 00:22:58,720
Speaker 1: and then Amy asked specifically about fee based versus fee only,

468
00:22:59,080 --> 00:23:00,800
Speaker 1: and let's zero and on that for a second happen

469
00:23:00,800 --> 00:23:04,800
Speaker 1: because they're actually quite different. Potentially, they sound the same

470
00:23:05,119 --> 00:23:07,800
Speaker 1: the only fee based Okay, yeah, both have the word

471
00:23:07,800 --> 00:23:09,840
Speaker 1: fee in there, and I can see how someone might

472
00:23:09,840 --> 00:23:12,600
Speaker 1: get tricked by going to someone who said, yeah, I'm

473
00:23:12,600 --> 00:23:14,200
Speaker 1: fee based, and they're like, all right, that's what Matt

474
00:23:14,200 --> 00:23:16,440
Speaker 1: and Joel said, but no it's not. We said fee only,

475
00:23:16,680 --> 00:23:19,840
Speaker 1: and a fee only planner gets paid by you directly.

476
00:23:19,920 --> 00:23:22,960
Speaker 1: They make their money in one way only, and that's

477
00:23:23,000 --> 00:23:25,960
Speaker 1: the fee they charge, which could be a percentage of

478
00:23:26,040 --> 00:23:28,120
Speaker 1: the money you have invested with them, or it could

479
00:23:28,160 --> 00:23:31,119
Speaker 1: be a flat hourly rate, which is my preferred way

480
00:23:31,400 --> 00:23:34,280
Speaker 1: for people to pay their advisors. But either way, it's

481
00:23:34,359 --> 00:23:37,360
Speaker 1: easy to see how much money that advisor is being

482
00:23:37,400 --> 00:23:40,480
Speaker 1: compensated for the work that they're doing on your behalf

483
00:23:40,920 --> 00:23:44,760
Speaker 1: fee based. It sounds really nice, but it's not the same.

484
00:23:45,080 --> 00:23:48,000
Speaker 1: And that's because your advisor can, if they're fee based,

485
00:23:48,320 --> 00:23:51,840
Speaker 1: make commissions for selling you certain products, which creates a

486
00:23:51,840 --> 00:23:54,560
Speaker 1: potential conflict of interest. Right, it's hard to know whether

487
00:23:54,640 --> 00:23:57,160
Speaker 1: the advice they're giving you is based on what's best

488
00:23:57,200 --> 00:24:00,560
Speaker 1: for you or what's best for them. It's it's fee based,

489
00:24:00,640 --> 00:24:03,320
Speaker 1: but but it's not the same thing as fee only,

490
00:24:03,400 --> 00:24:06,280
Speaker 1: and so fee only is our favorite by a long shot. Exactly.

491
00:24:06,400 --> 00:24:08,680
Speaker 1: A fee based leaves the door open for them to

492
00:24:08,760 --> 00:24:11,400
Speaker 1: make money in a myriad of ways, or its fee

493
00:24:11,440 --> 00:24:14,080
Speaker 1: only it limits it's it's saying that this is how

494
00:24:14,280 --> 00:24:17,720
Speaker 1: it is that I am compensated UM. And the cool

495
00:24:17,760 --> 00:24:19,800
Speaker 1: thing amy is that it is easier than ever to

496
00:24:19,840 --> 00:24:22,760
Speaker 1: find an advisor that meets these qualifications. There are there

497
00:24:22,760 --> 00:24:24,560
Speaker 1: are a lot of sites out there like NAPVA dot

498
00:24:24,640 --> 00:24:27,240
Speaker 1: org in a p f A, dot org stands for

499
00:24:27,280 --> 00:24:31,639
Speaker 1: the National Association of Personal Financial Advisors. There's the x

500
00:24:31,800 --> 00:24:34,159
Speaker 1: Y Planning Network as well. But both of these folks

501
00:24:34,200 --> 00:24:37,280
Speaker 1: have these companies have created platforms that only allow for

502
00:24:37,359 --> 00:24:40,400
Speaker 1: fee only fiduciaries to participate. You've already separated the wheat

503
00:24:40,440 --> 00:24:42,600
Speaker 1: from the chaff on your behalf, so that's not something

504
00:24:42,640 --> 00:24:45,119
Speaker 1: you have to worry about. And one of the other advancements,

505
00:24:45,160 --> 00:24:47,280
Speaker 1: one of the other developments that we like seeing is

506
00:24:47,320 --> 00:24:51,080
Speaker 1: the fact that advisors are specializing more than ever before

507
00:24:51,280 --> 00:24:53,800
Speaker 1: these days as well, and so depending on what you

508
00:24:53,880 --> 00:24:56,280
Speaker 1: do or what your specific needs are, you can find

509
00:24:56,280 --> 00:24:59,280
Speaker 1: an advisor who who fits that role. Sometimes they might

510
00:24:59,320 --> 00:25:01,439
Speaker 1: specialize in in age groups, or they might work with

511
00:25:01,680 --> 00:25:05,560
Speaker 1: folks in a particular industry. Uh, some will specifically serve artists,

512
00:25:05,640 --> 00:25:08,720
Speaker 1: or you know, some others might target like a generational

513
00:25:09,119 --> 00:25:11,480
Speaker 1: group of folks. So I might even just specialize in

514
00:25:11,520 --> 00:25:14,879
Speaker 1: student loan debt. But finding someone who specializes in whatever

515
00:25:14,960 --> 00:25:17,800
Speaker 1: it is that you are looking to receive the most

516
00:25:17,840 --> 00:25:20,280
Speaker 1: assistance in is a great thing. Yeah. So if I

517
00:25:20,320 --> 00:25:22,040
Speaker 1: was looking on x Y planning that work mat, I'd

518
00:25:22,080 --> 00:25:26,000
Speaker 1: be looking for someone who serves subpar podcasters, and I

519
00:25:26,000 --> 00:25:29,200
Speaker 1: would say, listen, can you help me? Can you service

520
00:25:29,440 --> 00:25:32,280
Speaker 1: a group of individuals who know what they're talking about

521
00:25:32,359 --> 00:25:35,680
Speaker 1: but may not be all that great at they're they're decent. Okay,

522
00:25:35,680 --> 00:25:38,159
Speaker 1: we'll say decent and we pass. Yeah. So no, I

523
00:25:38,440 --> 00:25:40,240
Speaker 1: like that. I like that recommendation. I like both of

524
00:25:40,240 --> 00:25:43,119
Speaker 1: those sites. It's a good idea to to interview a

525
00:25:43,160 --> 00:25:46,440
Speaker 1: few different advisors before you settle on in one, because

526
00:25:46,760 --> 00:25:48,800
Speaker 1: it's a really big decision, you know. Setting up setting

527
00:25:48,840 --> 00:25:51,040
Speaker 1: up a zoom call with a few different folks who

528
00:25:51,080 --> 00:25:54,480
Speaker 1: meet your qualifications amy and seeing which one makes the

529
00:25:54,520 --> 00:25:56,639
Speaker 1: most sense for you is a good route to go.

530
00:25:57,160 --> 00:25:58,520
Speaker 1: You want to You're gonna want to make sure you

531
00:25:58,520 --> 00:26:01,920
Speaker 1: feel comfortable with this person as an individual, because they're

532
00:26:01,960 --> 00:26:05,040
Speaker 1: helping you manage one of life's biggest components, your money.

533
00:26:05,520 --> 00:26:08,159
Speaker 1: And another cool thing is that they don't even have

534
00:26:08,200 --> 00:26:10,399
Speaker 1: to be in your city or in your neighborhood. You know,

535
00:26:10,440 --> 00:26:12,480
Speaker 1: you live in Washington State, But if you find someone

536
00:26:12,920 --> 00:26:15,639
Speaker 1: in I don't know, let's say Iowa, it's still okay

537
00:26:15,640 --> 00:26:18,000
Speaker 1: to hire and to do business with that person if

538
00:26:18,040 --> 00:26:20,560
Speaker 1: they're the best fit for what you need. Obviously, the

539
00:26:20,560 --> 00:26:23,399
Speaker 1: world is just smaller than it ever has been in

540
00:26:23,440 --> 00:26:26,679
Speaker 1: so many ways, and so you can find that niche

541
00:26:26,680 --> 00:26:29,800
Speaker 1: advisor who's going to serve you the best, even if

542
00:26:29,840 --> 00:26:32,080
Speaker 1: they're you know, not right around the corner from where

543
00:26:32,080 --> 00:26:33,919
Speaker 1: you live. That's right, So keep sticking with us. We've

544
00:26:33,960 --> 00:26:35,480
Speaker 1: got a couple of other questions we're gonna get to,

545
00:26:35,640 --> 00:26:40,320
Speaker 1: including a very creative, slash maybe overly complicated way to

546
00:26:40,359 --> 00:26:43,679
Speaker 1: invest your money that we wouldn't necessarily recommend. We'll get

547
00:26:43,720 --> 00:26:55,880
Speaker 1: to that question plus one other right after this. All right, Matt,

548
00:26:55,880 --> 00:26:57,840
Speaker 1: we're back to the break. We've got a question actually

549
00:26:57,880 --> 00:27:00,399
Speaker 1: about planning for baby expenses. How to do that in

550
00:27:00,400 --> 00:27:02,760
Speaker 1: the most tax efficient method. We'll get to that interest

551
00:27:02,760 --> 00:27:05,399
Speaker 1: a bit. But for now, let's get to that complex

552
00:27:05,480 --> 00:27:08,640
Speaker 1: investing question that we're not big fans of. Uh. Let's

553
00:27:08,680 --> 00:27:11,600
Speaker 1: hear it, Hi, Matt and Joel. My name is Danielle

554
00:27:11,600 --> 00:27:14,879
Speaker 1: and I'm from Minnesota. I'm curious about your thoughts on

555
00:27:15,040 --> 00:27:18,719
Speaker 1: Kaisen life insurance plans and on barring against permanent life

556
00:27:18,760 --> 00:27:22,240
Speaker 1: insurance policies. In general. I see the upsides of being

557
00:27:22,240 --> 00:27:26,440
Speaker 1: able to accumulate tax free gains, especially with the kais

558
00:27:26,560 --> 00:27:30,320
Speaker 1: En plans. I am curious, though, who these plans actually

559
00:27:30,320 --> 00:27:33,080
Speaker 1: work for. For the kais En, it seems like I

560
00:27:33,080 --> 00:27:36,160
Speaker 1: would be depending on the market to beat Kaisen's interest rate,

561
00:27:36,960 --> 00:27:39,960
Speaker 1: and for both that I would have a substantial amount

562
00:27:39,960 --> 00:27:43,480
Speaker 1: of money tied up for a while. Also, are these

563
00:27:43,520 --> 00:27:47,600
Speaker 1: policies only for retirement planning? And is the five percent

564
00:27:47,640 --> 00:27:50,199
Speaker 1: interest rate worth it for the withdrawal or should I

565
00:27:50,240 --> 00:27:54,840
Speaker 1: pay tax on normal investments? And lastly, if I'm going

566
00:27:54,920 --> 00:27:59,600
Speaker 1: to get a life insurance policy anyway, is this a

567
00:27:59,600 --> 00:28:03,080
Speaker 1: good option? Him? Thank you so much. Alright, So the

568
00:28:03,080 --> 00:28:06,000
Speaker 1: t l d R uh for for Danielle is no.

569
00:28:06,840 --> 00:28:08,760
Speaker 1: The t L d R is runn away back. This

570
00:28:08,800 --> 00:28:11,719
Speaker 1: is not something we would recommend. Your your question has

571
00:28:11,760 --> 00:28:14,040
Speaker 1: kind of got the the alarm bells ringing. We would

572
00:28:14,040 --> 00:28:18,080
Speaker 1: recommend for you to slowly cut ties with this insurance

573
00:28:18,160 --> 00:28:21,000
Speaker 1: salesman or this this line of products that you're looking at.

574
00:28:21,040 --> 00:28:22,960
Speaker 1: Whoever it is that you're talking to, he's trying to

575
00:28:23,000 --> 00:28:24,720
Speaker 1: convince you that this is the right product for you.

576
00:28:25,200 --> 00:28:28,480
Speaker 1: And that's because permanent life insurance policies make a nice

577
00:28:28,560 --> 00:28:33,000
Speaker 1: chunk of change for insurance salespeople, but they leave you

578
00:28:33,320 --> 00:28:35,320
Speaker 1: with an inferior product that that's going to cost you

579
00:28:35,320 --> 00:28:38,440
Speaker 1: more money in premiums every single month, and not just

580
00:28:38,480 --> 00:28:40,960
Speaker 1: like a little bit more, where you're paying for just

581
00:28:41,000 --> 00:28:43,640
Speaker 1: the nicer version of something a lot more, a ton more,

582
00:28:44,040 --> 00:28:47,720
Speaker 1: like like fifteen times more every single month, and that

583
00:28:47,840 --> 00:28:50,000
Speaker 1: is a lot of money that you could be doing

584
00:28:50,560 --> 00:28:53,520
Speaker 1: much better stuff with, like actually investing that money. Yeah,

585
00:28:53,520 --> 00:28:55,800
Speaker 1: so let's look at maybe some make actual data points,

586
00:28:56,080 --> 00:28:58,640
Speaker 1: because for let's say a thirty five year old woman,

587
00:28:58,760 --> 00:29:02,080
Speaker 1: the difference between a million hour term policy versus a

588
00:29:02,080 --> 00:29:05,000
Speaker 1: whole life policy like Danielle's looking at, well, it could

589
00:29:05,000 --> 00:29:08,360
Speaker 1: be something along the lines of forty a month versus

590
00:29:08,400 --> 00:29:10,960
Speaker 1: six d and twenty seven dollars a month, So you

591
00:29:11,080 --> 00:29:13,440
Speaker 1: have fifteen x and that's accurate, Matt, that the numbers

592
00:29:13,480 --> 00:29:15,960
Speaker 1: bear that out. It's a huge difference. And and the

593
00:29:16,080 --> 00:29:18,040
Speaker 1: question is why is there such a big difference, why

594
00:29:18,080 --> 00:29:20,480
Speaker 1: is it so expensive? Well, part of it is the

595
00:29:20,480 --> 00:29:23,480
Speaker 1: commissions that the person selling you that policy makes. When

596
00:29:23,480 --> 00:29:26,600
Speaker 1: you sign on the dotted line, they usually get at

597
00:29:26,600 --> 00:29:30,120
Speaker 1: a minimum, the entire amount of the first year's premiums

598
00:29:30,160 --> 00:29:33,560
Speaker 1: as a commission, So you're not necessarily those dollars aren't

599
00:29:33,560 --> 00:29:35,720
Speaker 1: going to to fund your policy, They're going to the

600
00:29:35,720 --> 00:29:37,560
Speaker 1: person selling you that policy. And the heart of the

601
00:29:37,560 --> 00:29:40,600
Speaker 1: problem is that most folks don't need a permanent life

602
00:29:40,600 --> 00:29:43,720
Speaker 1: insurance policy at all. You know, most folks, even the

603
00:29:43,760 --> 00:29:48,600
Speaker 1: insurance salesperson can't even understand or explain exactly how this

604
00:29:48,680 --> 00:29:51,560
Speaker 1: product works. It would there's a problem with that, right.

605
00:29:51,600 --> 00:29:53,320
Speaker 1: If you can't explain, and even if the person is

606
00:29:53,320 --> 00:29:56,960
Speaker 1: selling it can't fully and accurately explain what's happening, then

607
00:29:57,560 --> 00:30:00,520
Speaker 1: it's something we want you to avoid because in specifically, Daniel, like,

608
00:30:00,720 --> 00:30:02,560
Speaker 1: if you're thinking about doing this but you can't you

609
00:30:02,600 --> 00:30:05,040
Speaker 1: don't understand it, you can't explain it to like an

610
00:30:05,040 --> 00:30:07,280
Speaker 1: eight year old, that to me is like the bar

611
00:30:07,600 --> 00:30:09,400
Speaker 1: that we need to cross. If I can't explain how

612
00:30:09,440 --> 00:30:12,040
Speaker 1: this thing works to to my eight year old daughter,

613
00:30:12,120 --> 00:30:14,320
Speaker 1: then I don't need to be participating. That's a sign

614
00:30:14,320 --> 00:30:17,080
Speaker 1: that it's probably too complex and that there are nefarious

615
00:30:17,120 --> 00:30:19,520
Speaker 1: things going on, you know underneath. Totally it's an overly

616
00:30:19,520 --> 00:30:22,719
Speaker 1: complicated product. And the last thing that Daniel asked was

617
00:30:22,760 --> 00:30:26,000
Speaker 1: if you're going to get a life insurance policy anyway,

618
00:30:26,080 --> 00:30:28,959
Speaker 1: whether or not this permanent life variety is a good idea,

619
00:30:29,360 --> 00:30:31,240
Speaker 1: And the answer is no. Like it kind of makes

620
00:30:31,280 --> 00:30:33,200
Speaker 1: me think back to the earlier question about house hacking,

621
00:30:33,200 --> 00:30:36,480
Speaker 1: where it does make sense to consider house hacking. It's like, Okay,

622
00:30:36,520 --> 00:30:38,440
Speaker 1: we're going to get a house anyway, what if we

623
00:30:39,040 --> 00:30:42,640
Speaker 1: for that place that's maybe twenty dollars more, but it

624
00:30:42,720 --> 00:30:45,520
Speaker 1: happens to have this separate apartment that we could use

625
00:30:45,560 --> 00:30:48,200
Speaker 1: to generate income, or it has a carriage house. That's

626
00:30:48,200 --> 00:30:50,680
Speaker 1: an instance where it does make more sense because there's

627
00:30:50,760 --> 00:30:53,360
Speaker 1: enough of a benefit that you would be receiving from that.

628
00:30:53,840 --> 00:30:55,480
Speaker 1: But that is not the case when it comes to

629
00:30:55,680 --> 00:30:58,880
Speaker 1: this permanent life insurance. The best life insurance products out

630
00:30:58,920 --> 00:31:01,360
Speaker 1: there for for basically everyone, UH is going to be

631
00:31:01,400 --> 00:31:04,520
Speaker 1: a term life insurance policy. How much you need and

632
00:31:04,520 --> 00:31:06,200
Speaker 1: how long of a term that you need depends on

633
00:31:06,240 --> 00:31:09,400
Speaker 1: your specific life circumstances. For instance, you want to consider

634
00:31:09,400 --> 00:31:11,320
Speaker 1: how much money you make, Yeah, you would consider how

635
00:31:11,360 --> 00:31:13,560
Speaker 1: old your kids are. Well. Actually, we can link to

636
00:31:13,600 --> 00:31:15,720
Speaker 1: an article that will help you to shop for term

637
00:31:15,840 --> 00:31:18,520
Speaker 1: life insurance in in our show notes. But it is

638
00:31:18,720 --> 00:31:20,640
Speaker 1: going to be so much cheaper to get a life

639
00:31:20,640 --> 00:31:24,719
Speaker 1: insurance policy that way, which allows you to then optimize

640
00:31:24,720 --> 00:31:28,800
Speaker 1: those additional substantial large amount of dollars that you would

641
00:31:28,840 --> 00:31:31,440
Speaker 1: have put towards insurance and instead to take those dollars

642
00:31:31,440 --> 00:31:33,640
Speaker 1: in to funnel that money towards investments. Yeah, when you're

643
00:31:33,640 --> 00:31:36,479
Speaker 1: talking about that, what's six seven forty one, matt, Those

644
00:31:36,520 --> 00:31:38,840
Speaker 1: are the two numbers that I gave earlier about the

645
00:31:38,840 --> 00:31:43,080
Speaker 1: monthly cost of those policies, and I think that's that's

646
00:31:43,120 --> 00:31:46,480
Speaker 1: almost six dollars. That's like five and eighty eight dollars

647
00:31:46,480 --> 00:31:48,880
Speaker 1: or something like that, right, And how much can be good?

648
00:31:48,920 --> 00:31:50,920
Speaker 1: Can you do with that much money a month? There's

649
00:31:50,960 --> 00:31:52,800
Speaker 1: a lot you can do. There's a lot you can do.

650
00:31:52,840 --> 00:31:56,400
Speaker 1: And so we're big fans of keeping investing and insurance

651
00:31:56,400 --> 00:31:59,880
Speaker 1: products separate, right, because life insurance is about replacement of

652
00:32:00,000 --> 00:32:02,920
Speaker 1: income and that's all the term insurance does. It does

653
00:32:03,000 --> 00:32:05,280
Speaker 1: one thing, and it does that one thing really really well.

654
00:32:05,680 --> 00:32:08,120
Speaker 1: And Danielle mentioned those tax free gains inside of that

655
00:32:08,200 --> 00:32:11,320
Speaker 1: the whole life policy. Well, those sound nice, but the

656
00:32:11,360 --> 00:32:15,600
Speaker 1: returns will almost inevitably be lower than investing in the

657
00:32:15,600 --> 00:32:18,400
Speaker 1: ways that we suggest. You know, there are better ways

658
00:32:18,440 --> 00:32:21,760
Speaker 1: to grow your money than in a liquid, non optimized

659
00:32:21,880 --> 00:32:25,560
Speaker 1: vehicle like whole life insurance. And even when whole life

660
00:32:25,600 --> 00:32:28,800
Speaker 1: products work out, okay, they still take a long time.

661
00:32:28,840 --> 00:32:31,680
Speaker 1: We're talking like fifteen years or more to look like

662
00:32:31,760 --> 00:32:34,160
Speaker 1: even a reasonable choice in any way, form or fashion.

663
00:32:34,320 --> 00:32:36,520
Speaker 1: And that's a lot of years. Most people actually give

664
00:32:36,600 --> 00:32:38,680
Speaker 1: up on their policies before they hit that point. They

665
00:32:38,680 --> 00:32:41,920
Speaker 1: stop paying those premiums because they are exorbitant and they're

666
00:32:41,960 --> 00:32:44,600
Speaker 1: hard to keep in your budget. And so yeah, look

667
00:32:44,640 --> 00:32:47,120
Speaker 1: at the history of stock market returns, Danielle. And if

668
00:32:47,120 --> 00:32:49,880
Speaker 1: your main goal is to generate wealth, stocking extra money

669
00:32:49,920 --> 00:32:52,000
Speaker 1: in the stock market is a far superior choice, like

670
00:32:52,040 --> 00:32:54,920
Speaker 1: Matt said, then accruing a cash value in your whole

671
00:32:54,920 --> 00:32:57,200
Speaker 1: life policy. And and at the same time, you know what,

672
00:32:57,360 --> 00:33:00,840
Speaker 1: you can still afford to have that any term policy,

673
00:33:01,120 --> 00:33:02,800
Speaker 1: and you can I can actually be a big a

674
00:33:02,800 --> 00:33:05,080
Speaker 1: lot of coverage, a big coverage amount, but the premiums

675
00:33:05,120 --> 00:33:07,280
Speaker 1: are so tiny that it's easy to keep that on

676
00:33:07,320 --> 00:33:09,960
Speaker 1: hand for the entire duration, whereas a whole life policy

677
00:33:10,000 --> 00:33:12,480
Speaker 1: you might find yourself balking just a few years in

678
00:33:12,520 --> 00:33:14,719
Speaker 1: because it's so tank expensive. That's right, when one other

679
00:33:14,800 --> 00:33:18,520
Speaker 1: kicker on the cash value portion of your life insurance, Danielle,

680
00:33:18,560 --> 00:33:20,800
Speaker 1: that you're considering is that if you pass away the

681
00:33:20,840 --> 00:33:23,479
Speaker 1: cash value that you've built up, it goes to the

682
00:33:23,520 --> 00:33:27,360
Speaker 1: insurance company, not to your survivors, getting kicked while you're

683
00:33:27,520 --> 00:33:30,240
Speaker 1: down and dead. Yeah. What one final note, we would

684
00:33:30,320 --> 00:33:33,040
Speaker 1: encourage you to to not let taxes be the tail

685
00:33:33,080 --> 00:33:35,560
Speaker 1: that wags the dog here. Like we do think it's

686
00:33:35,560 --> 00:33:37,440
Speaker 1: a smart idea to do some tax planning and to

687
00:33:37,520 --> 00:33:40,160
Speaker 1: have a holistic tax strategy to understand what's going on

688
00:33:40,240 --> 00:33:42,920
Speaker 1: with your finances from a very high level. But paying

689
00:33:43,000 --> 00:33:47,200
Speaker 1: higher fees and accepting worse returns and worse products in

690
00:33:47,280 --> 00:33:49,960
Speaker 1: an attempt to minimize your tax burden is just shooting

691
00:33:50,000 --> 00:33:52,720
Speaker 1: yourself in the foot. Term life insurance and tax advantage

692
00:33:52,720 --> 00:33:54,880
Speaker 1: retirement accounts are the clear way to go. Keep them

693
00:33:54,920 --> 00:33:57,800
Speaker 1: separate and you'll be much better off not only the

694
00:33:57,800 --> 00:34:01,400
Speaker 1: long term, but even next month, right, yeah, exactly when

695
00:34:01,400 --> 00:34:04,760
Speaker 1: that premium comes to and you're like, yeah, exactly. All right,

696
00:34:04,800 --> 00:34:06,800
Speaker 1: So Daniel, best of luck, and hopefully you just stopped

697
00:34:06,800 --> 00:34:08,600
Speaker 1: responding to the emails of this person who's trying to

698
00:34:08,600 --> 00:34:11,640
Speaker 1: sell the posible ghost them exactly. And so all right, Matt,

699
00:34:11,680 --> 00:34:13,400
Speaker 1: let's get to our our next and final question. This

700
00:34:13,400 --> 00:34:17,040
Speaker 1: one is about preparing for a baby. Hi, Matt and Jel.

701
00:34:17,239 --> 00:34:20,759
Speaker 1: This is Sarah. I'm in Salt Lake City and contacting

702
00:34:20,800 --> 00:34:23,200
Speaker 1: you guys with some questions that I have about planning

703
00:34:23,320 --> 00:34:26,680
Speaker 1: for baby expenses. The episode that you guys did about

704
00:34:26,760 --> 00:34:30,759
Speaker 1: child expenses a few weeks ago was really helpful, and

705
00:34:30,760 --> 00:34:33,880
Speaker 1: then I had a couple of follow ups about daycare

706
00:34:33,880 --> 00:34:37,839
Speaker 1: expenses and about our WT force. So I know at

707
00:34:37,880 --> 00:34:40,280
Speaker 1: some point my spouse and I will want to update

708
00:34:40,320 --> 00:34:43,000
Speaker 1: our w force to reflect that we have a dependent

709
00:34:43,160 --> 00:34:45,400
Speaker 1: so that they're taking out a little bit less taxes.

710
00:34:46,040 --> 00:34:49,480
Speaker 1: Should we do that now or wait until the babies

711
00:34:49,560 --> 00:34:53,319
Speaker 1: officially here in a few months. We're also planning on

712
00:34:53,640 --> 00:34:55,920
Speaker 1: having our child in daycare, and we know that some

713
00:34:56,000 --> 00:34:59,719
Speaker 1: were all possibly of the that will be tax deductible,

714
00:35:00,280 --> 00:35:03,480
Speaker 1: and we both have access to dependent care, f says

715
00:35:03,560 --> 00:35:06,240
Speaker 1: through work. So I'm wondering if you have any guidance

716
00:35:06,280 --> 00:35:09,560
Speaker 1: on how to navigate that. Should we start contributing now,

717
00:35:09,680 --> 00:35:12,920
Speaker 1: start contributing later? Are there limits on how much we'll

718
00:35:12,960 --> 00:35:16,040
Speaker 1: be able to deduct um if we don't bother with

719
00:35:16,120 --> 00:35:18,799
Speaker 1: the defeat? D c F s A. Can we still

720
00:35:18,840 --> 00:35:21,759
Speaker 1: deduct daycare expenses when we file our taxes as long

721
00:35:21,800 --> 00:35:25,480
Speaker 1: as we keep our receipts and invoices? And would daycare

722
00:35:25,520 --> 00:35:29,000
Speaker 1: expenses be deductible on on top of the standard deduction?

723
00:35:29,280 --> 00:35:31,880
Speaker 1: Or is this potentially a case where I'd still end

724
00:35:31,960 --> 00:35:35,480
Speaker 1: up taking the standard deduction and daycare expenses might not

725
00:35:35,600 --> 00:35:39,080
Speaker 1: change my refund. Thanks for listening, guys. I learned so

726
00:35:39,160 --> 00:35:41,840
Speaker 1: much from your show and it's been really helpful. Sarah,

727
00:35:41,840 --> 00:35:45,720
Speaker 1: congrats on the new baby, the new addition to your family,

728
00:35:46,320 --> 00:35:48,759
Speaker 1: and I'm going to say that it's incredibly evident that

729
00:35:48,800 --> 00:35:50,719
Speaker 1: this is a child that's going to be well cared for.

730
00:35:51,280 --> 00:35:53,799
Speaker 1: I feel like you are on top of things, You're

731
00:35:53,840 --> 00:35:56,600
Speaker 1: asking the right questions, and hopefully we'll be able to

732
00:35:56,640 --> 00:36:00,320
Speaker 1: provide you with a bunch of good answers today. So first,

733
00:36:00,560 --> 00:36:02,960
Speaker 1: let's get to your your W four question. Whether you

734
00:36:03,000 --> 00:36:05,719
Speaker 1: should make that change now or after the baby is born.

735
00:36:06,040 --> 00:36:09,000
Speaker 1: It feels me I'd go ahead and make that change now, honestly,

736
00:36:09,040 --> 00:36:11,600
Speaker 1: just like now while you're thinking about it, before you

737
00:36:11,680 --> 00:36:14,480
Speaker 1: have the baby, before you're in the fog of changing

738
00:36:14,520 --> 00:36:16,880
Speaker 1: diapers into the middle of the night, and like make feedings,

739
00:36:16,960 --> 00:36:18,759
Speaker 1: that whole thing that will mess you up. You don't

740
00:36:18,800 --> 00:36:20,960
Speaker 1: have to wait until a special enrollment period. So that's

741
00:36:20,960 --> 00:36:23,279
Speaker 1: something you can go ahead and do now. It's also

742
00:36:23,320 --> 00:36:25,400
Speaker 1: not a huge deal if you forget to make those changes,

743
00:36:25,640 --> 00:36:27,719
Speaker 1: because that extra money, you know, like it will be

744
00:36:27,719 --> 00:36:29,880
Speaker 1: withheld from your paycheck and then you'll just get it

745
00:36:29,880 --> 00:36:33,280
Speaker 1: back as a refund next April. But from a principled standpoint,

746
00:36:33,280 --> 00:36:35,799
Speaker 1: I would rather not be making interest free loans to

747
00:36:35,880 --> 00:36:38,160
Speaker 1: the government. Go ahead and make those changes now. Yeah,

748
00:36:38,160 --> 00:36:40,360
Speaker 1: and by the way, Matt, just a reference for everyone

749
00:36:40,400 --> 00:36:42,399
Speaker 1: else out there listening. If you heard what Matt said

750
00:36:42,440 --> 00:36:44,680
Speaker 1: and you're realizing, wait a second, I get a massive

751
00:36:44,680 --> 00:36:47,600
Speaker 1: reefront every single year. Well, chances are you haven't updated

752
00:36:47,680 --> 00:36:50,399
Speaker 1: your W four and you probably should. And so we'll

753
00:36:50,400 --> 00:36:53,920
Speaker 1: actually link to in I R S Tax withholding estimator,

754
00:36:54,160 --> 00:36:56,319
Speaker 1: which can come in handy and help you figure out

755
00:36:56,800 --> 00:36:58,960
Speaker 1: how much you should be withholding. Yeah, Typically that's something

756
00:36:59,000 --> 00:37:01,200
Speaker 1: that folks fill out when they first are hired and

757
00:37:01,239 --> 00:37:04,160
Speaker 1: then they don't change, never going for years. And I

758
00:37:04,160 --> 00:37:06,400
Speaker 1: think sometimes folks like getting that big refund. But just

759
00:37:06,480 --> 00:37:08,640
Speaker 1: imagine what you could be doing with that money on

760
00:37:08,680 --> 00:37:10,600
Speaker 1: a month to month basis, as opposed to waiting for

761
00:37:10,640 --> 00:37:12,880
Speaker 1: it to hit, you know, in the spring. Yeah, especially

762
00:37:12,920 --> 00:37:16,040
Speaker 1: if you have higher interest rate debt, you could use

763
00:37:16,040 --> 00:37:17,920
Speaker 1: that money right now to be paying down that debt

764
00:37:18,000 --> 00:37:21,920
Speaker 1: and not just waiting until next April in hopes of

765
00:37:22,000 --> 00:37:25,680
Speaker 1: a bigger tax refund. And so yeah, is Matt. Sarah

766
00:37:25,760 --> 00:37:29,440
Speaker 1: had a similar question regarding whether she should start contributing

767
00:37:29,480 --> 00:37:32,120
Speaker 1: to that d c f s A, the Dependent Care

768
00:37:32,360 --> 00:37:36,080
Speaker 1: Flexible Spending Account now or doing it later. And here's

769
00:37:36,080 --> 00:37:38,799
Speaker 1: the thing, Sarah, if you're absolutely certain that she'll be

770
00:37:38,880 --> 00:37:42,040
Speaker 1: utilizing that those funds in order to cover the cost

771
00:37:42,080 --> 00:37:45,040
Speaker 1: of childcare, then it doesn't hurt to start squirreling away

772
00:37:45,080 --> 00:37:49,000
Speaker 1: some of those funds now. But as is typical with

773
00:37:49,160 --> 00:37:50,799
Speaker 1: f s A S, if you don't end up using

774
00:37:50,840 --> 00:37:54,319
Speaker 1: that money, you're going to lose it. So if you

775
00:37:54,400 --> 00:37:56,640
Speaker 1: stick it in and then you don't actually get around

776
00:37:56,680 --> 00:37:59,279
Speaker 1: to using it, it's gone, uh, and sometimes some of

777
00:37:59,280 --> 00:38:01,680
Speaker 1: it rolls over the next year, depends on kind of

778
00:38:02,120 --> 00:38:05,160
Speaker 1: how the employer handles it specifically, So you might you

779
00:38:05,200 --> 00:38:07,160
Speaker 1: might be able to see five dollars of that rollover,

780
00:38:07,239 --> 00:38:09,160
Speaker 1: but the rest of it could just be it could

781
00:38:09,200 --> 00:38:12,319
Speaker 1: vanish into thin air. And and they're definitely limits on

782
00:38:12,360 --> 00:38:14,279
Speaker 1: how much you can set aside for this year. It's

783
00:38:14,280 --> 00:38:16,960
Speaker 1: actually back to a normal five thousand dollars after Congress

784
00:38:16,960 --> 00:38:20,040
Speaker 1: boosted that to over ten tho dollars for last year only,

785
00:38:20,080 --> 00:38:22,239
Speaker 1: So that's important to note. That's the limit on what

786
00:38:22,320 --> 00:38:25,239
Speaker 1: you can stick inside of that account. Yeah, you may

787
00:38:25,280 --> 00:38:26,719
Speaker 1: have heard your friends being like, oh no, you can

788
00:38:26,920 --> 00:38:28,960
Speaker 1: put aside like over ten thousand dollars. Now that was

789
00:38:29,080 --> 00:38:32,360
Speaker 1: last year. That's for the pandemic, not this year. But Sarah,

790
00:38:32,440 --> 00:38:35,560
Speaker 1: you asked if you can still deduct childcare expenses if

791
00:38:35,600 --> 00:38:37,680
Speaker 1: you don't want to mess around with the Dependent Care

792
00:38:37,719 --> 00:38:41,120
Speaker 1: Flexible Spending Account, that is totally an option. But for

793
00:38:41,160 --> 00:38:43,160
Speaker 1: most folks, going with the d c f s A

794
00:38:43,800 --> 00:38:45,759
Speaker 1: is likely going to be the best move. And some

795
00:38:45,800 --> 00:38:47,440
Speaker 1: of this is going to depend on your income. It's

796
00:38:47,440 --> 00:38:49,560
Speaker 1: gonna depend on your tax bracket. And since we don't

797
00:38:49,680 --> 00:38:52,440
Speaker 1: know all of your detailed information. This is one of

798
00:38:52,480 --> 00:38:54,960
Speaker 1: those instances where it would be a smart move to

799
00:38:55,120 --> 00:38:58,480
Speaker 1: check in with a tax professional to fully optimize and

800
00:38:58,560 --> 00:39:02,120
Speaker 1: to pay as little money as possible in taxes. But

801
00:39:02,200 --> 00:39:05,279
Speaker 1: the good news is that you do have options, and

802
00:39:05,440 --> 00:39:07,000
Speaker 1: like you said, if if you choose not to go

803
00:39:07,080 --> 00:39:09,880
Speaker 1: with the d c f s A UH, the way

804
00:39:09,920 --> 00:39:11,920
Speaker 1: that you reclaim some of that money is through the

805
00:39:12,000 --> 00:39:15,479
Speaker 1: Child Independent Care Credit. And note that what I said

806
00:39:15,480 --> 00:39:18,080
Speaker 1: there is it's a credit, UH, and that is a

807
00:39:18,120 --> 00:39:20,759
Speaker 1: lot different than a deduction, And so you're asking about

808
00:39:20,840 --> 00:39:23,880
Speaker 1: the standard deduction that will not impact your ability to

809
00:39:24,120 --> 00:39:27,000
Speaker 1: claim that credit for you to receive that money for

810
00:39:27,120 --> 00:39:30,400
Speaker 1: expenses that go towards childcare after you have this baby,

811
00:39:30,440 --> 00:39:32,880
Speaker 1: and y'all are both looking to get back into the workforce.

812
00:39:33,160 --> 00:39:34,839
Speaker 1: That's right, and there's a lot to like about those

813
00:39:34,840 --> 00:39:37,719
Speaker 1: flexible spending accounts, Matt, But then they're like I said,

814
00:39:37,760 --> 00:39:39,839
Speaker 1: there are ways that it could trip you up if

815
00:39:39,880 --> 00:39:41,680
Speaker 1: you contribute too much and you can't use it all.

816
00:39:41,800 --> 00:39:44,840
Speaker 1: And especially depending on what time of year that baby

817
00:39:44,920 --> 00:39:47,120
Speaker 1: is born, how much time you have off, whether you

818
00:39:47,200 --> 00:39:50,920
Speaker 1: actually do have childcare needs or not. In two that's

819
00:39:50,920 --> 00:39:52,680
Speaker 1: going to impact on whether or not you're gonna want

820
00:39:52,680 --> 00:39:55,440
Speaker 1: to stick money into that account or not. But it

821
00:39:55,440 --> 00:39:58,000
Speaker 1: depends on how much flexibility you're looking at, because if

822
00:39:58,040 --> 00:40:00,560
Speaker 1: you're not totally sure, then it's like, well, I don't

823
00:40:00,560 --> 00:40:01,920
Speaker 1: know if you you want to do it makes me

824
00:40:01,960 --> 00:40:04,080
Speaker 1: think of five nine accounts right where it's like there

825
00:40:04,200 --> 00:40:06,960
Speaker 1: is a tax advantage to doing this thing, but you

826
00:40:07,040 --> 00:40:09,719
Speaker 1: got to use it for that thing. And luckily with

827
00:40:10,400 --> 00:40:12,840
Speaker 1: it seems like there's more options to to do things

828
00:40:12,960 --> 00:40:15,160
Speaker 1: with that. If you're one kid doesn't end up going

829
00:40:15,200 --> 00:40:17,160
Speaker 1: to college, but with an F s A, that money

830
00:40:17,160 --> 00:40:19,160
Speaker 1: just evaporates at the year's end. Yeah, that's right, So

831
00:40:19,239 --> 00:40:20,719
Speaker 1: you don't want to stick any money and that you're

832
00:40:20,800 --> 00:40:23,719
Speaker 1: unsure of whether you're gonna actually get around to spending it.

833
00:40:23,800 --> 00:40:25,600
Speaker 1: But otherwise, if you know that that money is going

834
00:40:25,680 --> 00:40:28,359
Speaker 1: to be spend on childcare expenses, go ahead and use

835
00:40:28,400 --> 00:40:31,040
Speaker 1: it up because it'll, yeah, help you help your bottom

836
00:40:31,040 --> 00:40:33,239
Speaker 1: line come tax time. So all right, man, that's gonna

837
00:40:33,239 --> 00:40:35,000
Speaker 1: do it for listener questions. Let's get back to the

838
00:40:35,040 --> 00:40:37,560
Speaker 1: beer that we had on today's episode. This one is

839
00:40:37,560 --> 00:40:40,960
Speaker 1: called No Wooden Shoes. It's a dunker beer style lagger

840
00:40:41,080 --> 00:40:43,439
Speaker 1: by good word brewing all your thoughts on this beer,

841
00:40:43,560 --> 00:40:47,359
Speaker 1: I'm assuming it's part dunkle, right, Like that's the type

842
00:40:47,360 --> 00:40:50,960
Speaker 1: of beer you're asking the wrong. We we we know

843
00:40:51,080 --> 00:40:54,480
Speaker 1: American style craft beers well, but as far as some

844
00:40:54,480 --> 00:40:57,440
Speaker 1: of the European styles, we could definitely get schooled on

845
00:40:57,480 --> 00:40:59,919
Speaker 1: some of the different styles. But I that being said,

846
00:41:00,040 --> 00:41:02,920
Speaker 1: really like this beer. It's just a beer, like that's

847
00:41:02,920 --> 00:41:05,040
Speaker 1: what it tastes like. It's just a standard maybe a

848
00:41:05,080 --> 00:41:07,839
Speaker 1: little more in the direction where it kind of had

849
00:41:07,880 --> 00:41:11,560
Speaker 1: some of those bready notes, medium bodied, refreshing beer to

850
00:41:11,680 --> 00:41:13,960
Speaker 1: enjoy during the spring. Okay, so I'll agree with you

851
00:41:14,040 --> 00:41:16,040
Speaker 1: on there. I thought I actually had like some amber notes,

852
00:41:16,719 --> 00:41:20,640
Speaker 1: which we're delightful, and it's interestingly enough reading the back

853
00:41:20,640 --> 00:41:23,600
Speaker 1: of the can, this is a recipe that's based on

854
00:41:23,880 --> 00:41:27,799
Speaker 1: an old Heineken beer that they released in ninety So

855
00:41:27,800 --> 00:41:29,439
Speaker 1: I thought that was kind of cool that this beer

856
00:41:29,480 --> 00:41:31,879
Speaker 1: has kind of some history to it, like almost coming

857
00:41:31,960 --> 00:41:33,440
Speaker 1: up on a hundred years of history. This is an

858
00:41:33,480 --> 00:41:37,160
Speaker 1: old school style beer, and I like it because it

859
00:41:37,360 --> 00:41:39,960
Speaker 1: is kind of light and refreshing but still has has

860
00:41:40,040 --> 00:41:42,520
Speaker 1: some sort of backbone. It's not like drinking a Budweiser's.

861
00:41:43,040 --> 00:41:45,200
Speaker 1: You know, this has a lot more going on than

862
00:41:45,280 --> 00:41:48,880
Speaker 1: just that, but it's still nice and chill and easily accessible,

863
00:41:49,040 --> 00:41:51,080
Speaker 1: and I feel like even folks that don't really like

864
00:41:51,160 --> 00:41:53,719
Speaker 1: beer could probably get down with this beer. Actually I

865
00:41:53,719 --> 00:41:55,680
Speaker 1: really dig the label as well. It's it's a it's

866
00:41:55,680 --> 00:41:58,200
Speaker 1: an illustration like a cartoon, but it's got a black background,

867
00:41:58,360 --> 00:42:00,760
Speaker 1: which anytime I see that. Have you ever seen Doctor Seuss,

868
00:42:01,040 --> 00:42:03,160
Speaker 1: so you know he'd make He's drawn all the things

869
00:42:03,160 --> 00:42:05,080
Speaker 1: for for kids books and whatnot, But he has an

870
00:42:05,239 --> 00:42:08,600
Speaker 1: entire series of paintings he did with the black background

871
00:42:08,640 --> 00:42:13,279
Speaker 1: totally that have a very more mature adult not like

872
00:42:13,320 --> 00:42:15,480
Speaker 1: in a nasty or sexy way or whatever, but it's

873
00:42:15,480 --> 00:42:19,239
Speaker 1: just more visually appealing, I guess to adults, but specifically

874
00:42:19,239 --> 00:42:21,759
Speaker 1: the black background. So anytime I see that, I think,

875
00:42:21,800 --> 00:42:23,480
Speaker 1: I'm I'm drawn to that, because the first time I

876
00:42:23,520 --> 00:42:26,240
Speaker 1: discovered those, I thought, now, that's a Doctor Seu's painting

877
00:42:26,239 --> 00:42:28,520
Speaker 1: that I would put up on the wall like in

878
00:42:28,560 --> 00:42:30,200
Speaker 1: my house. You know, like like you're not really thinking

879
00:42:30,200 --> 00:42:32,080
Speaker 1: about that when it comes to you know, cat and

880
00:42:32,120 --> 00:42:33,759
Speaker 1: a hat or something like that. I'm not putting his

881
00:42:34,040 --> 00:42:36,960
Speaker 1: scissors as us on our walls, but I might put

882
00:42:37,000 --> 00:42:38,160
Speaker 1: up one of those. Maybe if it was on a

883
00:42:38,160 --> 00:42:39,839
Speaker 1: black background, I would. I don't know, it would look

884
00:42:39,880 --> 00:42:41,799
Speaker 1: quite cooler. There was a biography that I read about

885
00:42:41,880 --> 00:42:44,279
Speaker 1: him that was just completely fascinating, and I forget what

886
00:42:44,280 --> 00:42:45,480
Speaker 1: it was called off the top of my head. But

887
00:42:45,800 --> 00:42:48,839
Speaker 1: if you're like interested, interesting dude, very interesting guy. So

888
00:42:49,040 --> 00:42:51,279
Speaker 1: go listen to the Doctor Seus's biography. It was I

889
00:42:51,719 --> 00:42:53,880
Speaker 1: listened to on audio books, I say, but it was.

890
00:42:54,160 --> 00:42:55,759
Speaker 1: It was really good. So all right, that's gonna do

891
00:42:55,800 --> 00:42:57,960
Speaker 1: it for this episode. Just a reminder, if you have

892
00:42:58,000 --> 00:42:59,520
Speaker 1: a question you want to submit for Matt and I

893
00:42:59,600 --> 00:43:01,759
Speaker 1: to take on an upcoming episode, we'd love to hear it.

894
00:43:01,960 --> 00:43:04,000
Speaker 1: Just go to how to money dot com slash ask

895
00:43:04,120 --> 00:43:06,560
Speaker 1: for the directions. It's pretty simple, and we can't wait

896
00:43:06,600 --> 00:43:08,600
Speaker 1: to hear from you. All right, Matt, until next time,

897
00:43:08,760 --> 00:43:10,799
Speaker 1: Best Friends Out, Best Friends Out.