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

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Speaker 1: Today we're answering your listener questions. That's right, buddy, Happy Monday.

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Speaker 1: We hope everyone has had a fantastic weekend and that

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Speaker 1: you are ready to hear directly from some listeners. And

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Speaker 1: we're going to provide some answers to questions like how

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Speaker 1: do I save money when I'm looking to take her

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Speaker 1: my home? They got a new homeowner coming up, and yeah,

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Speaker 1: so we get to launch into the long care sort

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Speaker 1: of talk. Uh, we're gonna talk. I've always wanted to

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Speaker 1: writing lawn more, by the way, and you really, yeah,

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Speaker 1: I've always wanted one because I don't think I've actually

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Speaker 1: ever been on one. I think I wrote on my

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Speaker 1: friend's dad's when I was like eight or nine or

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Speaker 1: something like that as a kid. I think it's very

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Speaker 1: little interest personally. It just seems like the height of

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Speaker 1: like Sunday chill is to have a beer on your

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Speaker 1: John Deer, to be wearing like some no shirt. Yeah, yeah,

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Speaker 1: like a sleave the shirt. Yeah, I was about to say,

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Speaker 1: like the old school name for him. They're called they're

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Speaker 1: technically called A shirts. I believe the sleeveless. Yeah, like

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Speaker 1: what Eminem wears back war back in the day. Uh huh,

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Speaker 1: you don't what we're talking about. I don't think I

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Speaker 1: can say it, though, I don't think you're supposed to

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Speaker 1: say probably not. We're also going to I think you

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Speaker 1: might go on a rants about prepaid visas because I

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Speaker 1: know they're not your favorite thing. I'm prone to rant,

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Speaker 1: so watch out, and especially about about my kids gift

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Speaker 1: cards in particular. And we will continue that light fare

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Speaker 1: by also talking about wealth inequality in the United States.

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Speaker 1: You're gonna rant about that. That's a joke. Now it's

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Speaker 1: a little heavier than prepaid visas. But we'll get to

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Speaker 1: all that and more during our episode today. First, though,

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Speaker 1: did I tell you about my car fix? What went

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Speaker 1: wrong with your beautiful twenty nothing twelve? You got the

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Speaker 1: twenty thirteen. It's not that something necessarily immediately went wrong,

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Speaker 1: more of a gradual decline. What's the worst thing for

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Speaker 1: in your opinion about driving your old van? Is there

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Speaker 1: something that bugs you the most about it? Probably the

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Speaker 1: thing that annoys me the most is that my phone

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Speaker 1: doesn't connect in the way I'd like it too. Okay,

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Speaker 1: and this is not like intuitive from like a phone

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Speaker 1: to car standpoint, the Bluetooth hands free isn't great. Yep,

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Speaker 1: there's a delay on it. It's it's just yeah, there's

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Speaker 1: there's a big old'hssle there. Now this is more crucial.

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Speaker 1: This is a more critical component, okay, which is I

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Speaker 1: will describe the situation where my family and I were

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Speaker 1: driving back in from out of town and the sun

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Speaker 1: was out and it's summer. Man, it's hot out there,

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Speaker 1: and we noticed the temperature temperature inside the van starting

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Speaker 1: to creep up, and I'm like, oh my gosh, this

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Speaker 1: AC is not able to keep up with how hot

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Speaker 1: it is outside. And I realized, wait a minute, the

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Speaker 1: air over here feels pretty cold, but the air over

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Speaker 1: here by me is not cold. What is going on?

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Speaker 1: And a quick search revealed that, oh, that likely means

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Speaker 1: that your system, the pressure the refrigerant it's there in

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Speaker 1: the AC is lacking, and so I thought, okay, he's

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Speaker 1: more pressure and needs more free on It needs more

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Speaker 1: refrigerants specifically are one thirty four A. So store that

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Speaker 1: away because this is also what you'll be It's gonna

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Speaker 1: happen like, yes, exactly, because that's what's so great about

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Speaker 1: the fact that we basically have the same cars. Whenever

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Speaker 1: something happens to you, I'm like, oh, store that away,

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Speaker 1: because I'm pretty sure thats probably gonna happen to me. Yeah,

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Speaker 1: vice versa. I looked it up. I bought a canister

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Speaker 1: of this stuff plus a little gauge thing that goes

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Speaker 1: on top and the hose for like forty bucks. Did

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Speaker 1: some research and turns out it's pretty dang easy to

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Speaker 1: recharge your AC. The first thing you need to do, though,

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Speaker 1: is to find out whether or not it's actually low,

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Speaker 1: because you might be thinking, oh, it must it's like

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Speaker 1: gas right like once, like you want to fill it

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Speaker 1: all the way up. The more the better, And that's

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Speaker 1: not true because if you overcharge it, it's bad for

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Speaker 1: the evidently is bad for the compressor. It might cause strain,

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Speaker 1: and if you wear the compressor out, that's going to

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Speaker 1: be more expensive fixed. Yeah, exactly. So what's great is

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Speaker 1: you take the little pop the hood. It's right there,

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Speaker 1: You pull a little cap off and you hook the

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Speaker 1: little hoe was onto it, and you look at the

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Speaker 1: gauge and sure enough it was in the fill sort

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Speaker 1: of category, which I was just like yes, because disfirmed

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Speaker 1: that this was hopefully going to fix it. So let's

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Speaker 1: have to battle sometimes with they stuff. What's to even do? Yes,

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Speaker 1: so happy to see that. Pulled it off, shook the

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Speaker 1: thing up, hooked it back on there, pulled the trigger

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Speaker 1: for a few seconds, checked it, got it up into

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Speaker 1: the the good into the green sort of zone, unhooked it.

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Speaker 1: Then the car's running white while you're doing this, because

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Speaker 1: I don't know that's what it's said to do. Make

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Speaker 1: sure the car is running, make sure that AC's on

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Speaker 1: full blast. Felt the air every event had ice cold

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Speaker 1: air coming out like bam Man. And so I was

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Speaker 1: just so happy that I was able to a save

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Speaker 1: a ton of money. Because I've talked about my mechanic before.

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Speaker 1: I think he's wonderful. But I also enjoy the ability

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Speaker 1: to do something like this myself to save some money,

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Speaker 1: but then also to correctly diagnose the problem and to

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Speaker 1: not have you know, not cold air blasting in your

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Speaker 1: face and you're driving like literally, there's nothing worse than

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Speaker 1: sweating and traffic while your kids are going bonkers in

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Speaker 1: the back and you feel like you're about to lose.

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Speaker 1: Like I was just close to being like, sign me

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Speaker 1: up for a seven hundred dollars a month, Like I

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Speaker 1: understand why people do, because they're thinking, I don't want

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Speaker 1: to deal with this anymore. I don't think they make

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Speaker 1: car notes that low anymore. Met pretty typical, Pretty typical. Well,

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Speaker 1: I'm curious, what did you look up to see like

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Speaker 1: the blue book cost of that repair? Apparently? Oh no, no,

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Speaker 1: I just thought I'm guessing it's probably like three four

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Speaker 1: hundred dollars, right, Yeah, I mean, and so you saved,

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Speaker 1: like you said, you paid ten percent of that, You

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Speaker 1: saved yourself hundreds and hundreds of dollars. So good. It

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Speaker 1: feels so good, And it literally feels so good driving

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Speaker 1: around with the AC blast it's so stink and freezing cold,

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Speaker 1: and you realize you're missing out because like when you

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Speaker 1: rent a car, that's one of the things you know

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Speaker 1: is going to be so nice. You can like as

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Speaker 1: soon as you turn that thing on, it's just like

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Speaker 1: ice cold air blasting in your face. Yeah, you kind

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Speaker 1: of get used to this slow, like, oh, well, we

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Speaker 1: need to be driving at least twenty five miles per

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Speaker 1: hour in order to really feel there is you know,

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Speaker 1: I no longer have to deal with that anymore. I'm

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Speaker 1: so happy I could have seen you leaning into like

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Speaker 1: your hot yoga era or something in that, and then

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Speaker 1: there's nothing worse than you're getting all sweaty in the

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Speaker 1: nether regions, and like, oh man, that's that's why I

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Speaker 1: always wear gym shorts. I like to like for the

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Speaker 1: air to be flowing you. You like breatheability, Oh my gosh.

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Speaker 1: And all the new cars have the ac in the seats.

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Speaker 1: Oh coming at your butt. Yeah, yeah, that does sound nice.

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Speaker 1: That's the reason to sign. Also sounds a little weird

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Speaker 1: to me. Give me a nine hundred dollars a month

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Speaker 1: car payment if that's what it takes in order to

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Speaker 1: get acrom old school blowing on my bottom. I don't

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Speaker 1: know if I want the breeze coming straight up, like

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Speaker 1: have you experienced it before? I think it sounds like

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Speaker 1: the air version of a bidet, which kind of frightens me. Oh,

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Speaker 1: it's no. I don't like the days I've I've tried

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Speaker 1: a bit. Unlike your father in law, he loves, he

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Speaker 1: loves he's preaching the gospel whatever he can to anyone

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Speaker 1: who will listen. He's like a street signed preacher for beidays,

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Speaker 1: but for the days He's like, why are we more

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Speaker 1: like the European uh? And I think anybody who has

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Speaker 1: a newer, nicer vehicle that's got AC capabilities in your

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Speaker 1: seat will ride in right into how the money pot

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Speaker 1: at GMA dot com and let Joel know how much

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Speaker 1: is it you love your seats? Because anytime I've ridden

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Speaker 1: in a vehicle that's had that, I've thought, this is

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Speaker 1: the life I had heat, this is a luxury. Right here,

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Speaker 1: I had heated seats. And when I had the Nissan

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Speaker 1: Leaf and that was like, well, you've got a head.

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Speaker 1: Seats supposed to be honest in necessity because of how

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Speaker 1: much how much electricity running the heat and an EV sucks,

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Speaker 1: so you had to have the heated seat direct radiant

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Speaker 1: heat you used less of the battery then heating up

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Speaker 1: a coil that would then blow down. Yes, so yeah,

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Speaker 1: the evs are not great at the heating game. But

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Speaker 1: on the cooling side of the equation, I'm curious. Heated seats,

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Speaker 1: what is it? Two thousand and six? Those are all

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Speaker 1: we've been around for a long time, But like, yeah,

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Speaker 1: I'm driving an O six cars, so I'm used to

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Speaker 1: like old school technology. Does your fore Runner have heated anything?

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Speaker 1: It's got like nothing. Man, It's it's so basic and

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Speaker 1: I still absolutely love it. Well, it's an internal combustion engine,

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Speaker 1: so that heat it's not using an inordinate amount of

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Speaker 1: electricity when you flip that flip the power to the

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Speaker 1: heater whatever it's called the thermostat when you train your

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Speaker 1: heat on. Yeah, anyway, all right, why did it share

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Speaker 1: that one? Though? Nicely done? Yes, And hopefully that can

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Speaker 1: help other people out there who are like, why is

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Speaker 1: my ace you not blown cold enough? And they, oh,

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Speaker 1: wait a minute, maybe it needs a retrous. It is

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Speaker 1: very affordable Amazon AutoZone wherever you can just like get

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Speaker 1: the DIY equipment and make it happen. And it's even

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Speaker 1: if you're not like you would say, I guess, like

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Speaker 1: what on a scale of one to ten, can the

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Speaker 1: as far as a skill level and all this, it's

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Speaker 1: like a two too, because literally, once you pop the

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Speaker 1: it's just as easy if you've checked your oil before.

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Speaker 1: It's like it's easier than that because you pop the

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Speaker 1: trunk and there's a little cap sort of like the

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Speaker 1: caps that go on your tires where you put the

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Speaker 1: air in. There's a little cap like that, and it's

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Speaker 1: got an l on it, and that's the low pressure

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Speaker 1: line and that's the one that you are recharging. So

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Speaker 1: literally you unscrew the cap and then the hose has

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Speaker 1: a little bike pump looking thing on the end of it,

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Speaker 1: and you just push it on and it clicks, very

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Speaker 1: satisfactory click, so you know that is securely attached. And

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Speaker 1: then that's that's how you do. Man, it's so great. Well, yeah,

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Speaker 1: that's the kind of thing that you're you're totally gonna

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Speaker 1: love doing. I mean, you're gonna do it even though

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Speaker 1: you don't even need a retro I cap out about

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Speaker 1: four and a half skill level, so this is something

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Speaker 1: that you can do. You could do this all day alone.

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Speaker 1: All right. Let't the beer we're having on this episode.

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Speaker 1: This one's called I'm Only Me when I'm with You.

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Speaker 1: It's a fruited sour by Piedmont Brewing. We'll get our

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Speaker 1: thoughts later on adorable can, good looking beer. I'm assuming

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Speaker 1: it is a raspberry pomegranate that that sounds based on

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Speaker 1: the two fruit? Is that us? It's like it's you

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Speaker 1: and me, buddy. There's a tall raspberry, which is your

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Speaker 1: favorite fruit. You're not as plump as the pomegranate. Though. Yeah,

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Speaker 1: and I also don't like pomegranate if it was a

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Speaker 1: little blueberry sitting right there. Oh, we like pomegranate juice, man,

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Speaker 1: that would be us. I don't know. I don't eat pomegranates,

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Speaker 1: but pomegranate juice goes great. And some of my rum

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Speaker 1: cocktails have been making this year, dude, it's a healthy addition.

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Speaker 1: Share the love. Come on over. I'll come over to

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Speaker 1: your house. You make me an espresso, and then you

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Speaker 1: come over mine. I'll make you a rum cocktail. Dude.

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Speaker 1: Have you seen I showed you my latte art. Yeah,

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Speaker 1: it's I'm steadily improving. Good. Yeah, hang my own shingle,

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Speaker 1: open my own shop. Yeah, I'm not going to do

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Speaker 1: that act. It's espresso house. I'll be there, all right,

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Speaker 1: let's keep going, all right. If you got a money question,

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Speaker 1: holler at us. You know the drill, we'd love to

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Speaker 1: take it. Next week on the show, Matt, let's get

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Speaker 1: to a first one. This one is. This one's really

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Speaker 1: interesting about whether or not you should be concerned that

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Speaker 1: someone wants to buy a house for you.

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Speaker 2: Hi, Matt and Joel, hope you guys are enjoying the summer.

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Speaker 2: I'm twenty nine years old. I live in Brooklyn, New York.

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Speaker 2: I make around two hundred thousand dollars a year. I

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Speaker 2: work in healthcare. My boyfriend is an attorney but works

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Speaker 2: for the state, so he is making eighty five k

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Speaker 2: in his first year. He has around two hundred thousand

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Speaker 2: dollars in law school loans that he plans to pay

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Speaker 2: off via public service loan forgiveness. We are live very

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Speaker 2: financially separate lives besides from a shared credit card where

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Speaker 2: we put shared expenses, but we all have we have

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Speaker 2: different accounts, et cetera. His parents have expressed interest in

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Speaker 2: purchasing property in Brooklyn for us to live in. Is

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Speaker 2: that we would pay them rent and that money would

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Speaker 2: go towards ownership of that property. Two bedrooms in the

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Speaker 2: areas we would want to live in go for about

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Speaker 2: a million to one point five million, so currently out

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Speaker 2: of our price range. I'm hopeful that we could maybe

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Speaker 2: afford this ourselves in five to seven years if things

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Speaker 2: go well. But the idea of working towards ownership is

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Speaker 2: just appealing right now, knowing how much things are going

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Speaker 2: to appreciate in this area. But I'm also very conscious of,

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Speaker 2: you know, the dynamic that that creates, with you know

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Speaker 2: them essentially being our landlords, our relationship is cordial. I

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Speaker 2: wouldn't say necessarily close, and I you know, I trust them.

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Speaker 2: I think they would do very well by us. I

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Speaker 2: guess I should also say that my boyfriend and I

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Speaker 2: are planning to get engaged this year, but that also

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Speaker 2: hasn't been finalized.

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Speaker 1: So I guess my question is.

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Speaker 2: Do you think this is a good idea? Do you

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Speaker 2: think the drawbacks of having a complication of relationship to

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Speaker 2: the in laws is worth getting in on property in

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Speaker 2: a very desirable area where where values appreciate a lot. Anyway,

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Speaker 2: I would love your guidance in this and really appreciate

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Speaker 2: everything that you guys do.

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Speaker 1: Ooh, I get the appeal you want to own up

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Speaker 1: there in the Manhattan area, Waite. Manhattan is actually one

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Speaker 1: of the specific boroughs, right, So when you say generally

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Speaker 1: she said Brooklyn, I think she said Brooklyn. But if

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Speaker 1: you generally say in New York City, then does that

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Speaker 1: include like all the burros of boroughs? Yeah? Can you

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Speaker 1: name them Queen's Queen's Staten Island, Manhattan, Brooklyn and the box?

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Speaker 1: Is that right? I think? So look at you, I

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Speaker 1: guess you go to do you go to New York

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Speaker 1: City more than I do? No. I love to get

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Speaker 1: stayed in that that fancy hotel window, the round window,

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Speaker 1: the coolest hotel ever. It's very like the Life Aquatic

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Speaker 1: with Steve Zi Sue. It's uh, it's got that vibe

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Speaker 1: going on, kind of Wes Anderson. But what's like, what's Chelsea?

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Speaker 1: Is that a specific neighborhood that's a neighborhood not considered

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Speaker 1: a Burrow. Yeah, neighborhood in Manhattan, which is like, I

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Speaker 1: think I really like that. I think based on my questions,

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Speaker 1: Hannah is like, Okay, well, I guess I'm not going

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Speaker 1: to listen to anything Matt says, because he is a

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Speaker 1: totally idiot. Well, it's just, I mean, there's a lot

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Speaker 1: of advice that we don't have to know the specific

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Speaker 1: neighborhoods to give the advice on this, because there's just

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Speaker 1: a lot of other things to consider and the idea

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Speaker 1: of achievement a place in Brooklyn. I get it. Most

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Speaker 1: people are like, I'm a forever renter because it's just

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Speaker 1: too expensive. Most folks aren't at all even considering it

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Speaker 1: unless you have like a white night riding in to

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Speaker 1: save the day, like it sounds like Hannah might have.

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Speaker 1: And I wouldn't just want to tell Hannah like that.

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Speaker 1: I mean, this is such a nice gesture from her

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Speaker 1: boyfriend's parents, And this is a pattern that we're seeing

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Speaker 1: for parents who have done well for themselves, helping their

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Speaker 1: kids buy a house when they otherwise wouldn't be able to.

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Speaker 1: But you're also not wrong to think about the strings

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Speaker 1: that are attached to a gesture like this, and you

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Speaker 1: don't want to necessarily look a gift horse in the mouth,

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Speaker 1: but you also don't want to be naive either, and

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Speaker 1: like straddling that center where I think you can be

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Speaker 1: like thankful for this and then also want to do

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Speaker 1: it right. Yeah, totally, And she even said it right.

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Speaker 1: How might this impact the dynamics? And that is the

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Speaker 1: biggest thing that I think we're going to talk about here,

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Speaker 1: because every relationship is different. So that being said up,

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Speaker 1: we can't necessarily give like a one size fits all

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Speaker 1: advice here, and I think everyone needs to hear what

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Speaker 1: we're saying and interpret it to their own situation. But

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Speaker 1: for some folks, yeah, it's going to be potentially unhealthy.

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Speaker 1: It could lead to a negative or weird dynamic. Were

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Speaker 1: that to be the case, right, like, it would essentially

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Speaker 1: blur the lines, and in that case it wouldn't be

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Speaker 1: worth the benefit. It wouldn't be worth the potential distrust

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Speaker 1: that it would create and the ultimate harm cause not

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Speaker 1: only from a financial standpoint, but also from a from

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Speaker 1: an interpersonal from a relational standpoint. But then for others,

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Speaker 1: it might be more of a just an arm's length transaction. Right,

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Speaker 1: if you've got folks, some parents who aren't truly not

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Speaker 1: expecting anything in return, then in that case maybe the

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Speaker 1: lines wouldn't get very fuzzy because of that, right, And

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Speaker 1: so in that case, it's just a lovely gift worth accepting,

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Speaker 1: which would allow you to do something amazing, something that

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Speaker 1: you would otherwise be unable to do, at least for

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Speaker 1: you know, she said, maybe five to seven years. This

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Speaker 1: is something that they might be able to to arrive at.

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Speaker 1: But in this case, if it's a sort of a healthy,

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Speaker 1: a more healthy dynamic, and it would be able to

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Speaker 1: you'd be able to maintain that while this I could

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Speaker 1: see this being a massive benefit. And she did say,

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Speaker 1: Hannah said, oh, I trust them, and that's great, Like

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Speaker 1: I think that is a really good starting point if

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Speaker 1: you were like, I don't trust them, and I'd be like, maybe,

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Speaker 1: like this is something you don't a gift you don't

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Speaker 1: want to accept, right because because this could be like

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Speaker 1: you know, one of those like Acme style gifts, Matt,

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Speaker 1: where there's like a bomb inside the package and then

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Speaker 1: a blow up, and you just don't want that to

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Speaker 1: be the case. And this truly, even though you trust them, though,

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Speaker 1: it could like you're saying, change some of the dynamics.

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Speaker 1: I mean, when they visit the home that they bought

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Speaker 1: for you, even though you're living in it and it's

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Speaker 1: a gift to you and their son, are they gonna

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Speaker 1: comment about what needs to be fixed or what needs

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Speaker 1: to be rearranged? Or I would paint the walls of

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Speaker 1: this color and you're like, what do I have to

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Speaker 1: like because you bought it and you're suggesting it or

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Speaker 1: is this my place? And that's where you can get

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Speaker 1: a little awkward. And I will say, based on the

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Speaker 1: fact that she said that she used the word cordial

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Speaker 1: to describe the relationship, which actually I think it's pretty ideal.

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Speaker 1: Like when I heard that, I thought, oh, wow, actually

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Speaker 1: I feel like you are a better candidate for engaging

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Speaker 1: in this type of transaction as opposed to I agree

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Speaker 1: if she said that, like I'm best friends with his mom,

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Speaker 1: she comes over all the time. Ooh, that actually is

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Speaker 1: more worrisome to me versus like a more business like

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Speaker 1: relationship of cordial trusting and cordial is actually the best

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Speaker 1: case scenario. That is so good, Like, that's that's what

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Speaker 1: I want. Hopefully my tenants that I have to think

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Speaker 1: about my relationship with them right, Like, I'm not going

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Speaker 1: to be best friends with them, even though some of them

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Speaker 1: are cool and I'm like, oh, you guys want to

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Speaker 1: hang out and they're like, no, old man, like I

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Speaker 1: raised my number out of your phone or whatever. No, no,

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Speaker 1: Like hopefully they just have me saved as like landlord

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Speaker 1: Matt and nothing too negative. Besides, but like, you don't

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Speaker 1: want to necessarily have a close relationship when it comes

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Speaker 1: to something like this because it can be responsive Landlord,

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Speaker 1: how you listen hopefully not because I think it could

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Speaker 1: lead to some I think it's just better for everyone.

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Speaker 1: I think it's better for you, Hannah, but it's also

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Speaker 1: probably better for your boyfriend's folks as well. I just

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Speaker 1: wanted to quickly mention she said that she and her

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Speaker 1: boyfriend lead financially separate lives. I believe is exactly how

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Speaker 1: she said it, which makes sense given their relational status.

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Speaker 1: But I just want to highlight that there's also some

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Speaker 1: risk there as well, so we're not just talking about

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Speaker 1: the dynamic and the relationship between you and your potential

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Speaker 1: future in laws. Like what if the relationship with you

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Speaker 1: and your boyfriend didn't work out? And I hate to

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Speaker 1: even mention that because she made it soun like we're

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Speaker 1: probably going to get engaged to in which is amazing,

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Speaker 1: like so excited for you, but God forbid you moved

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Speaker 1: in together, and then where would you go if something

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Speaker 1: did happen to the relationship before you And things can

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Speaker 1: happen after the fact map, But there's just different legal

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Speaker 1: implications right post marriage, and there are pre marriage, So

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Speaker 1: I could see this making even more sense as like

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Speaker 1: a wedding present kind of a gift to you both

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Speaker 1: as a married couple, just because of that unlikely possibility.

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Speaker 1: I don't want to put things in your brain, Hannah,

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Speaker 1: or make it seem like I'm doubting the success of

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Speaker 1: your relationship. Not the case. I just want you to

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Speaker 1: be aware that as the girlfriend you have, you're just

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Speaker 1: not going to have the same rights or relationship to

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Speaker 1: this property they're buying. Yeah, and Hannah again getting back

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Speaker 1: to the financial upside and even the lifestyle upside here,

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Speaker 1: the fact that you're able to get this place earlier

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Speaker 1: on means that man, your rent going towards increasing your

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Speaker 1: ownership stake here in this apartment in Brooklyn, in a

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Speaker 1: place that you want to live. It sounds like all

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Speaker 1: good news, right, but the how you structure is really important,

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Speaker 1: And if it's vague, well, I think that could lead

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Speaker 1: to a lot of uncertainty and you've got to hammer

401
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Speaker 1: out all the details in order to prevent potential hurt

402
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Speaker 1: feelings or financial harm. Ultimately, it sounds like a sort

403
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Speaker 1: of a rent to own agreement, and in non family

404
00:19:20,640 --> 00:19:23,359
Speaker 1: situations they're typically a bad idea. Like if if someone

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Speaker 1: were to send a question in and it's just a

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Speaker 1: generic sort of place that they're finding and that's an option,

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Speaker 1: I would not necessarily recommend that. But it's not always

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Speaker 1: a bad idea for the landlord. But for the landlord, yeah,

409
00:19:34,480 --> 00:19:36,920
Speaker 1: for the tenant, it's often they get taken to advantage

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Speaker 1: of it. That situation well, in particular the inability like

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Speaker 1: if you can't get a looted on, for instance, all

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Speaker 1: the payments that you've been making towards our property all

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Speaker 1: like a lot of time, those additional premiums essentially on

414
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Speaker 1: top of your rent, or if you're laid on rent

415
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Speaker 1: one month sorry out of luck, what's in the fine

416
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Speaker 1: print of that contract exactly does the rugget pulled out

417
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Speaker 1: from under you? But that's not what's going on here,

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Speaker 1: because she has what sounds like some loving future in

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Speaker 1: laws perhaps who are trying to help out there, not

420
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Speaker 1: only their son but his girlfriend as well. So I

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Speaker 1: with that in mind, I think it could work out

422
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Speaker 1: nicely with the right expectations, with the right legal framework.

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Speaker 1: If none of this is written down though you I mean, yes,

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Speaker 1: you still have a place to sleep, like it's providing

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Speaker 1: shelter right, Like you're actually you're renting the place, but

426
00:20:18,560 --> 00:20:20,960
Speaker 1: you don't have actual rights to the property, which I

427
00:20:21,000 --> 00:20:24,320
Speaker 1: honestly maybe isn't all that different than where y'all to

428
00:20:24,520 --> 00:20:26,520
Speaker 1: just actually rent a place, and that's all fine and

429
00:20:26,600 --> 00:20:31,439
Speaker 1: dandy here, But again we're looking at the brighter silver

430
00:20:31,520 --> 00:20:35,199
Speaker 1: lining here and then the better potential upside for you

431
00:20:35,359 --> 00:20:37,720
Speaker 1: and your boyfriend here. So I'm not trying to scare you,

432
00:20:37,760 --> 00:20:38,880
Speaker 1: but i just want you to make sure that you're

433
00:20:38,880 --> 00:20:41,800
Speaker 1: covering your bases and that you are talking through the

434
00:20:41,800 --> 00:20:44,320
Speaker 1: specifics and the details and what's going on here. So

435
00:20:44,400 --> 00:20:46,480
Speaker 1: here's some of the questions I would want to cover

436
00:20:46,560 --> 00:20:48,760
Speaker 1: if I were Yu Hannah, I would want to know, like, Okay,

437
00:20:48,800 --> 00:20:51,080
Speaker 1: how much of our rent goes to the purchase of

438
00:20:51,119 --> 00:20:54,879
Speaker 1: the property every month? And that's like a really important question.

439
00:20:55,080 --> 00:20:56,560
Speaker 1: Is it just half the rent or is it like

440
00:20:56,680 --> 00:20:58,639
Speaker 1: one hundred percent of the rent? Like how much of

441
00:20:58,680 --> 00:21:00,879
Speaker 1: that is going towards you guys per that property or

442
00:21:00,880 --> 00:21:02,920
Speaker 1: is it based on the amortization schedule or where anything

443
00:21:02,960 --> 00:21:05,560
Speaker 1: that's going towards principle is truly actually going to principle

444
00:21:05,560 --> 00:21:07,960
Speaker 1: And that's what his parents are going to honor as well.

445
00:21:08,200 --> 00:21:10,159
Speaker 1: You want a formula, and you also want to know

446
00:21:10,200 --> 00:21:13,160
Speaker 1: who reaps the benefits of appreciation because like, if you're

447
00:21:13,160 --> 00:21:15,920
Speaker 1: not formally buying the property until years down the road, well,

448
00:21:15,960 --> 00:21:18,520
Speaker 1: do you pay full market value of that property then?

449
00:21:19,000 --> 00:21:20,600
Speaker 1: Or do you do you get it for the price

450
00:21:20,640 --> 00:21:26,240
Speaker 1: they paid? Now that's an important question as well, because yeah,

451
00:21:26,320 --> 00:21:29,080
Speaker 1: like she talked about Matt how likely this property is

452
00:21:29,080 --> 00:21:32,160
Speaker 1: to appreciate significantly, And that is I would think part

453
00:21:32,160 --> 00:21:35,160
Speaker 1: of the appeal, and in a likelihood, part of her

454
00:21:35,200 --> 00:21:39,399
Speaker 1: future in law's desire is to give them a place like,

455
00:21:39,560 --> 00:21:41,720
Speaker 1: help them along in this process, and to give them

456
00:21:42,040 --> 00:21:45,440
Speaker 1: kind of a discounted ability to own where they live.

457
00:21:46,280 --> 00:21:48,879
Speaker 1: The other questions I would ask is like who's responsible

458
00:21:48,880 --> 00:21:51,280
Speaker 1: for paying for repairs and for upgrades? Because I'll say,

459
00:21:51,280 --> 00:21:55,800
Speaker 1: you're putting money into your house by making necessary improvements

460
00:21:55,840 --> 00:21:57,679
Speaker 1: or even just like frivolous updates that you want to make,

461
00:21:57,720 --> 00:22:00,359
Speaker 1: but you don't actually own it. That's a problem.

462
00:22:00,520 --> 00:22:00,600
Speaker 3: Right.

463
00:22:00,680 --> 00:22:02,919
Speaker 1: So if you're like Kitchen Redo, we're putting in the

464
00:22:02,920 --> 00:22:05,640
Speaker 1: new oven and the new countertops and stuff, and then

465
00:22:05,880 --> 00:22:09,680
Speaker 1: there's the ownership whether or not you actually do own

466
00:22:09,680 --> 00:22:11,200
Speaker 1: the home is in doubt. Well, you could have put

467
00:22:11,200 --> 00:22:14,639
Speaker 1: money into home improvements that they then reap the benefit of. Yeah,

468
00:22:14,680 --> 00:22:17,399
Speaker 1: So basically, I mean talk this out, work through all

469
00:22:17,400 --> 00:22:19,320
Speaker 1: the details here in order to make sure that this

470
00:22:19,440 --> 00:22:23,359
Speaker 1: kind gesture translates into a winning sort of non headache

471
00:22:23,359 --> 00:22:26,159
Speaker 1: inducing arrangement for everybody involved. Here right where it's when

472
00:22:26,240 --> 00:22:28,640
Speaker 1: when I think you can do this on your own,

473
00:22:28,800 --> 00:22:31,080
Speaker 1: but if you feel like you are entering into diceier

474
00:22:31,240 --> 00:22:34,600
Speaker 1: sort of territory, it might be worth actually hiring somebody,

475
00:22:34,640 --> 00:22:36,600
Speaker 1: like hiring a real estate attorney who's done this before,

476
00:22:36,640 --> 00:22:40,280
Speaker 1: where they're able to drop up the documents. And I

477
00:22:40,280 --> 00:22:43,800
Speaker 1: think it's important to talk well, to talk about this

478
00:22:43,880 --> 00:22:46,399
Speaker 1: well as far as why it is you're doing this

479
00:22:46,440 --> 00:22:49,119
Speaker 1: so yeah, because like I think you need to communicate that, like, hey,

480
00:22:49,119 --> 00:22:52,400
Speaker 1: we're doing this, you know, in order to help everyone out.

481
00:22:52,480 --> 00:22:54,280
Speaker 1: Not I'm not doing this because I don't trust you,

482
00:22:54,400 --> 00:22:56,359
Speaker 1: or I'm not doing this because I'm just trying to

483
00:22:56,359 --> 00:22:58,160
Speaker 1: protect myself. I'm just trying to make sure that we're

484
00:22:58,320 --> 00:23:01,679
Speaker 1: you know, we've thought through all the the potential outcomes,

485
00:23:01,720 --> 00:23:03,840
Speaker 1: and especially given the fact that your boyfriend is a

486
00:23:03,920 --> 00:23:06,080
Speaker 1: lawyer too, I feel like you could understand that, like, no,

487
00:23:06,240 --> 00:23:08,119
Speaker 1: this is just a smart thing to do. Yeah, So

488
00:23:08,240 --> 00:23:09,879
Speaker 1: I don't know. At the end of the day, again,

489
00:23:09,920 --> 00:23:12,560
Speaker 1: I see this as a huge potential win because I mean,

490
00:23:12,600 --> 00:23:15,520
Speaker 1: what's the alternative is for you and your boyfriend to

491
00:23:15,720 --> 00:23:17,480
Speaker 1: just continue runting a place and it's not like you're

492
00:23:17,560 --> 00:23:21,120
Speaker 1: building any equity there. So the potential upsides I think

493
00:23:21,160 --> 00:23:25,840
Speaker 1: for y'all are great for his parents less. So you know,

494
00:23:26,080 --> 00:23:27,840
Speaker 1: if they've got enough money to where they just want

495
00:23:27,880 --> 00:23:29,960
Speaker 1: to be generous, then that's great. And I think that's

496
00:23:29,960 --> 00:23:31,800
Speaker 1: what they're probably looking for. They're probably just trying to

497
00:23:31,800 --> 00:23:35,159
Speaker 1: help out their son and his girlfriend as well, So Hannah,

498
00:23:35,200 --> 00:23:36,520
Speaker 1: I am all for it. All right, Matt, We got

499
00:23:36,520 --> 00:23:39,680
Speaker 1: more questions to get to or actually, the next question

500
00:23:39,720 --> 00:23:44,200
Speaker 1: coming up is about generous parents, but maybe they don't

501
00:23:44,240 --> 00:23:46,000
Speaker 1: like the form that it's taking. We'll get to that

502
00:23:46,200 --> 00:23:57,119
Speaker 1: and more of your questions right after this. Oh right, buddy,

503
00:23:57,160 --> 00:23:59,600
Speaker 1: we are back from the break. We'll talk about cutting

504
00:23:59,600 --> 00:24:02,600
Speaker 1: our own rass here in minutes, but before that, let's

505
00:24:02,800 --> 00:24:06,919
Speaker 1: take a question from a listener pertaining to receiving gifts.

506
00:24:07,359 --> 00:24:12,240
Speaker 4: Hey, guys, Mary starboard from close enough to Columbia, South Carolina.

507
00:24:13,040 --> 00:24:15,560
Speaker 4: I have a frugal or cheap for you. My parents,

508
00:24:15,720 --> 00:24:19,040
Speaker 4: bless their hearts, keep giving us prepaid visa gift cards

509
00:24:19,840 --> 00:24:23,800
Speaker 4: and they are super hard to redeem. Is it frugal

510
00:24:23,880 --> 00:24:26,600
Speaker 4: or cheap to use them to pay for a meal out?

511
00:24:26,960 --> 00:24:29,199
Speaker 4: For example, if my husband and I have a day

512
00:24:29,280 --> 00:24:32,040
Speaker 4: date while the kids are in school and lunch is

513
00:24:32,080 --> 00:24:35,640
Speaker 4: sixty bucks, and relieve the one hundred dollars visa gift

514
00:24:35,640 --> 00:24:41,040
Speaker 4: card as a payment and they have a really great tip.

515
00:24:42,040 --> 00:24:45,560
Speaker 4: Is that a good thing or is the redemption factor

516
00:24:46,800 --> 00:24:48,400
Speaker 4: going to make it a cheap move?

517
00:24:49,560 --> 00:24:52,320
Speaker 1: Should we translate Matt Bless their hearts? For everyone who

518
00:24:52,320 --> 00:24:54,600
Speaker 1: doesn't live in the South, What do people mean when

519
00:24:54,600 --> 00:24:57,840
Speaker 1: they say bless their hearts? No? No, Mary is from Colombia,

520
00:24:57,960 --> 00:25:00,400
Speaker 1: South Carolina. No, No, like the way I say, oh,

521
00:25:00,520 --> 00:25:04,200
Speaker 1: the country. Okay, I'm kidding, that's even further south, right,

522
00:25:04,240 --> 00:25:08,000
Speaker 1: So yes, what would you say people mean typically when

523
00:25:08,040 --> 00:25:11,120
Speaker 1: they say bless your heart? Oh? You know, you poor thing?

524
00:25:11,160 --> 00:25:13,639
Speaker 1: What's wrong with you? Yeah, there's a little bit of that,

525
00:25:13,880 --> 00:25:17,200
Speaker 1: a little bit of just don't gear mints, but also

526
00:25:17,200 --> 00:25:19,600
Speaker 1: it's a little backhand somewhat making fun of them. It's

527
00:25:19,600 --> 00:25:21,560
Speaker 1: probably how I describe it. Yeah, I did, like grew

528
00:25:21,600 --> 00:25:24,359
Speaker 1: up in the South. I feel like my southern upbringing

529
00:25:24,440 --> 00:25:26,919
Speaker 1: is different than your southern upbringing. Well, my parents are

530
00:25:26,920 --> 00:25:30,320
Speaker 1: from like Korea and the Midwest, so I don't feel

531
00:25:30,400 --> 00:25:31,680
Speaker 1: very Southern, even though we live in the South. I

532
00:25:31,680 --> 00:25:33,880
Speaker 1: don't think of myself as terribly southern either, being from

533
00:25:33,920 --> 00:25:37,359
Speaker 1: the Pacific Northwest. But there's you learn the Southern isms

534
00:25:37,440 --> 00:25:39,920
Speaker 1: over time, and some of them are they sound sweet,

535
00:25:40,000 --> 00:25:41,719
Speaker 1: and then you're like, I don't think that's how they

536
00:25:41,760 --> 00:25:44,879
Speaker 1: meant it. There's definitely some of that, and then you

537
00:25:44,920 --> 00:25:47,120
Speaker 1: think for a second longer and you realize, wait a minute,

538
00:25:47,160 --> 00:25:48,879
Speaker 1: you are making fun of me. This is why I

539
00:25:48,920 --> 00:25:53,960
Speaker 1: think that the actual Midwestern Americans are the best, the

540
00:25:54,080 --> 00:25:56,080
Speaker 1: kind Maybe that's even the wrong way to say it,

541
00:25:56,080 --> 00:25:59,080
Speaker 1: but they're the kindest overall. And people talk about how

542
00:25:59,440 --> 00:26:01,880
Speaker 1: Southern hospitality and there is a lot of that. It's true,

543
00:26:01,920 --> 00:26:03,359
Speaker 1: and I'm not trying to like throw shade on my

544
00:26:03,400 --> 00:26:05,880
Speaker 1: fellow Southerners, but there's just a little bit of that

545
00:26:06,040 --> 00:26:09,399
Speaker 1: bless their heart kind of vibe going on to maybe

546
00:26:09,600 --> 00:26:13,680
Speaker 1: not as like pure as the Midwestern kindness. Fair enough,

547
00:26:13,720 --> 00:26:15,520
Speaker 1: I'm just still pining on that. Okay, let's talk about

548
00:26:15,640 --> 00:26:17,720
Speaker 1: let's talk about gift cards. In these prepaid gift cards

549
00:26:17,720 --> 00:26:20,480
Speaker 1: in particular, they're just a terrible way to give money. Matt,

550
00:26:20,520 --> 00:26:24,000
Speaker 1: I think I think you and I why why is

551
00:26:24,080 --> 00:26:26,879
Speaker 1: because I heard you about to lump me into you.

552
00:26:26,880 --> 00:26:28,920
Speaker 1: You and I think that I was about to say,

553
00:26:29,000 --> 00:26:32,520
Speaker 1: you probably don't feel as strongly as I do because

554
00:26:32,640 --> 00:26:33,959
Speaker 1: I think we have different I guess I'm just going

555
00:26:33,960 --> 00:26:37,160
Speaker 1: to this, like, have I not used prepaid visas enough?

556
00:26:37,240 --> 00:26:39,880
Speaker 1: Like I know that there is like you have you're

557
00:26:39,880 --> 00:26:42,359
Speaker 1: about them for somebody? No, okay, so you pay, but

558
00:26:42,400 --> 00:26:45,040
Speaker 1: I've used them before. Typically you pay a like five

559
00:26:45,119 --> 00:26:47,640
Speaker 1: six dollars fee something like that at checkout. But why

560
00:26:47,720 --> 00:26:51,000
Speaker 1: is it? So Mary said that, like the it's just

561
00:26:51,040 --> 00:26:53,240
Speaker 1: a house. What I'm saying. What I'm saying, They're inefficient,

562
00:26:53,240 --> 00:26:56,040
Speaker 1: They're poor, like they're a poor way to give money originally,

563
00:26:56,080 --> 00:26:58,159
Speaker 1: so like she asked about the parents point of view.

564
00:26:58,280 --> 00:26:59,919
Speaker 1: She so she asked about that too. Hey, this is

565
00:27:00,080 --> 00:27:02,280
Speaker 1: kind of a pain point, bless their heart? Is it

566
00:27:02,320 --> 00:27:04,560
Speaker 1: even worth? Like I don't know, so should I? I

567
00:27:04,560 --> 00:27:05,879
Speaker 1: guess I just want to say. I don't know that

568
00:27:05,920 --> 00:27:07,800
Speaker 1: I would push back because like, you can deal with

569
00:27:07,800 --> 00:27:10,800
Speaker 1: this inconvenience, but for everybody else out there, the gift card,

570
00:27:10,880 --> 00:27:13,440
Speaker 1: the visa gift cards, the are just not an ideal

571
00:27:13,480 --> 00:27:16,359
Speaker 1: way to give or receive money. Sure, even though they

572
00:27:16,359 --> 00:27:20,160
Speaker 1: can be used anywhere in touch there, they're inactivity fees

573
00:27:20,200 --> 00:27:21,760
Speaker 1: sometimes with those cards. So that's part of the reason

574
00:27:21,760 --> 00:27:24,119
Speaker 1: I don't like them. Yes, I totally get that, but

575
00:27:24,440 --> 00:27:26,520
Speaker 1: I don't know. At the same time, I'm like, as

576
00:27:26,520 --> 00:27:28,280
Speaker 1: soon as I receive the gift, I tend to just

577
00:27:28,440 --> 00:27:31,080
Speaker 1: use it, right, And so the inactivity did that those

578
00:27:31,119 --> 00:27:33,560
Speaker 1: people that typically applies after like a year, Right, So

579
00:27:34,320 --> 00:27:37,000
Speaker 1: I'm thinking, who's carrying around a prepaid visa? Like if

580
00:27:37,040 --> 00:27:38,720
Speaker 1: someone gave me a prepaid visa and they're like, hey,

581
00:27:38,960 --> 00:27:41,280
Speaker 1: good job last week, I'm like, oh, thanks so much.

582
00:27:41,600 --> 00:27:44,159
Speaker 1: So many people Matt like I would immediately take that thing,

583
00:27:44,200 --> 00:27:46,159
Speaker 1: and the next time I go out, I'm like this,

584
00:27:46,160 --> 00:27:48,679
Speaker 1: this dinner's free. You're the anomaly? Is that? Why? Is

585
00:27:48,720 --> 00:27:50,560
Speaker 1: that truly the case? I was literally talking to one

586
00:27:50,600 --> 00:27:53,480
Speaker 1: of our local small business owners like this week, and

587
00:27:53,600 --> 00:27:56,399
Speaker 1: she was talking about how when she sells gift cards

588
00:27:56,520 --> 00:27:59,680
Speaker 1: it makes her so happy because it's not like three

589
00:27:59,720 --> 00:28:01,800
Speaker 1: money doesn't get redeemed. No. But she's like, I looked

590
00:28:01,800 --> 00:28:03,879
Speaker 1: in my system the other day at the unused gift

591
00:28:03,880 --> 00:28:06,320
Speaker 1: cards that I've got going on. She's a real amount.

592
00:28:06,359 --> 00:28:08,679
Speaker 1: She's like, it's stunning. That's free money for me. Yeah,

593
00:28:08,760 --> 00:28:10,400
Speaker 1: And I'm like I get it. Like, as a small

594
00:28:10,400 --> 00:28:12,520
Speaker 1: business owner, you're hoping people buy the gift cards because

595
00:28:12,520 --> 00:28:14,600
Speaker 1: you're realizing that a bunch of them will not get redeemed.

596
00:28:14,600 --> 00:28:17,120
Speaker 1: But that's there's a difference in between a gift card

597
00:28:17,160 --> 00:28:20,399
Speaker 1: to a specific retailer versus a prepaid visa, which I

598
00:28:20,400 --> 00:28:23,400
Speaker 1: mean anywhere a visa is taken, except for where there's

599
00:28:23,600 --> 00:28:25,600
Speaker 1: like I understand that there's limits placed, like for instance

600
00:28:25,600 --> 00:28:28,280
Speaker 1: that like a gas station, there's like a temporary hold

601
00:28:28,320 --> 00:28:30,640
Speaker 1: put on the charge and can't use them someplace because

602
00:28:30,640 --> 00:28:33,080
Speaker 1: it's open ended, right, But as far as like so

603
00:28:33,160 --> 00:28:36,119
Speaker 1: she's specifically talking about going on sometimes there's like extra money.

604
00:28:36,160 --> 00:28:38,440
Speaker 1: You spent ninety four dollars of the one hundred, and

605
00:28:38,480 --> 00:28:41,080
Speaker 1: you're like, okay, do I have to find something that's

606
00:28:41,080 --> 00:28:43,280
Speaker 1: like under six dollars to spend this on. They're on

607
00:28:43,280 --> 00:28:45,160
Speaker 1: to until the next time you want to. But sometimes

608
00:28:45,160 --> 00:28:46,840
Speaker 1: they won't put like retailers won't allow you to break

609
00:28:46,840 --> 00:28:49,520
Speaker 1: it up into multiple transactions with different cards, and so

610
00:28:49,560 --> 00:28:51,880
Speaker 1: it's just it is, even from a redemption standpoint, it

611
00:28:51,880 --> 00:28:54,960
Speaker 1: can be frustrating. Yeah, to me personally, I'm I don't

612
00:28:55,000 --> 00:28:57,440
Speaker 1: see the big the rub as as much. Well, she's

613
00:28:57,440 --> 00:29:01,840
Speaker 1: finding the redemption to be off putting. Uh, that's part okay,

614
00:29:01,840 --> 00:29:03,920
Speaker 1: So her specific question was can I just leave the card?

615
00:29:04,040 --> 00:29:06,760
Speaker 1: Which I think that's worth clarifying too, So is she

616
00:29:06,960 --> 00:29:09,320
Speaker 1: literally saying, don't swipe it. I just want to leave

617
00:29:09,320 --> 00:29:11,960
Speaker 1: the card and like leave, which I mean, I think

618
00:29:11,960 --> 00:29:15,040
Speaker 1: that's entirely problematic. Mary's awesome, by the way, I don't

619
00:29:15,040 --> 00:29:17,600
Speaker 1: want to. I don't want Mary's reached out to us before.

620
00:29:17,720 --> 00:29:20,840
Speaker 1: She's an awesome regular listener or we love Mary. Are

621
00:29:20,880 --> 00:29:25,520
Speaker 1: all the like food food, Christmas ornament is on our

622
00:29:25,560 --> 00:29:28,520
Speaker 1: table still even though it's summer. Yeah, that came from Mary.

623
00:29:28,520 --> 00:29:31,200
Speaker 1: So but but she's basically talking about like what almost

624
00:29:31,200 --> 00:29:33,080
Speaker 1: sounds like dining and dashing. And I think that that

625
00:29:33,240 --> 00:29:34,880
Speaker 1: is the problem that you would run into is if

626
00:29:34,920 --> 00:29:36,640
Speaker 1: you set sat down, they brought out your check and

627
00:29:36,680 --> 00:29:39,040
Speaker 1: you just put the card down and leave. They're like, well, woah, wow, wow,

628
00:29:39,120 --> 00:29:41,440
Speaker 1: Hey you hadn't paid yet, and then you're stuck in

629
00:29:41,440 --> 00:29:46,280
Speaker 1: the position of saying, oh, well, actually I left. Yeah,

630
00:29:46,320 --> 00:29:50,720
Speaker 1: that's quite generous as opposed to going through the whole redemption. Yeah.

631
00:29:50,800 --> 00:29:52,440
Speaker 1: So you give them the card, they swipe it, they

632
00:29:52,480 --> 00:29:54,080
Speaker 1: bring it back to you, and then you could even

633
00:29:54,240 --> 00:29:57,280
Speaker 1: just fill out the rest of the amount and tip,

634
00:29:57,720 --> 00:29:59,959
Speaker 1: and then you've eliminated any of the guesswork on their part.

635
00:30:00,200 --> 00:30:03,000
Speaker 1: I guess. So, in my opinion that part of the

636
00:30:03,320 --> 00:30:07,000
Speaker 1: frugaler cheap seems not frgular cheap, but it just seems unnecessary. Yeah,

637
00:30:07,040 --> 00:30:10,360
Speaker 1: it's it's kind of confusing, I guess for for the server,

638
00:30:10,520 --> 00:30:13,600
Speaker 1: the the yeah what do I do right now? Exactly? Yeah,

639
00:30:13,720 --> 00:30:15,520
Speaker 1: or they might even think, oh, you left your card,

640
00:30:15,560 --> 00:30:16,840
Speaker 1: but wait a minute, you have any page yet. I

641
00:30:16,840 --> 00:30:18,680
Speaker 1: don't know. It seems confused. I think the whole reason

642
00:30:18,840 --> 00:30:20,240
Speaker 1: Mary wants to do this one is like, hey, I

643
00:30:20,240 --> 00:30:22,240
Speaker 1: can be generous. I can give them more than I

644
00:30:22,240 --> 00:30:25,640
Speaker 1: would otherwise fork over, which is cool. Maybe I can

645
00:30:25,680 --> 00:30:27,240
Speaker 1: be a little generous here and I get rid of

646
00:30:27,240 --> 00:30:30,440
Speaker 1: the annoyance of having to try to finagle the usage

647
00:30:30,440 --> 00:30:32,840
Speaker 1: of this card so they use all of it. Because truly,

648
00:30:32,880 --> 00:30:35,720
Speaker 1: sometimes the redeeming of those gift cards and making sure

649
00:30:35,760 --> 00:30:38,960
Speaker 1: you use all of it and making sure that the

650
00:30:39,000 --> 00:30:41,080
Speaker 1: retailers you go to will split up your transactions if

651
00:30:41,080 --> 00:30:43,560
Speaker 1: you're getting kind of using the tail end of it,

652
00:30:43,280 --> 00:30:45,760
Speaker 1: it can be an annoyance. And so I think, I

653
00:30:45,760 --> 00:30:47,720
Speaker 1: guess I've never run into that before. I've used gift

654
00:30:47,720 --> 00:30:50,760
Speaker 1: cards before and just been like, hey, uh, use this,

655
00:30:50,920 --> 00:30:52,920
Speaker 1: use the rest of this card, and then whatever balance

656
00:30:52,960 --> 00:30:54,560
Speaker 1: is left to put it on this card. And I

657
00:30:54,600 --> 00:30:57,480
Speaker 1: feel like most most retailers, especially restaurants, have the like

658
00:30:57,480 --> 00:30:59,760
Speaker 1: they're so used to splitting up checks. Yeah, sure that,

659
00:31:00,160 --> 00:31:02,959
Speaker 1: Like I've never had an issue with that, and so

660
00:31:03,040 --> 00:31:04,920
Speaker 1: that's I guess that's why I'm a little bit confused,

661
00:31:04,920 --> 00:31:07,400
Speaker 1: because I'm like, why it doesn't seem like it's all

662
00:31:07,400 --> 00:31:10,760
Speaker 1: that difficult to use part of a card hang on

663
00:31:10,800 --> 00:31:13,960
Speaker 1: to it knowing that there's thirty bucks left on that thing. Yeah, oh,

664
00:31:14,080 --> 00:31:15,960
Speaker 1: next time we go out, I can use that to,

665
00:31:16,080 --> 00:31:18,120
Speaker 1: you know, pay the balance, but maybe just tip generously,

666
00:31:18,320 --> 00:31:20,640
Speaker 1: even if it's with the Visa gift card. But don't

667
00:31:20,840 --> 00:31:23,920
Speaker 1: like throw the whole thing down and walk away, because

668
00:31:24,080 --> 00:31:26,600
Speaker 1: they people are just gonna be confused. Yeah. Going back

669
00:31:26,640 --> 00:31:30,760
Speaker 1: to the Mary and her folks, I also totally and

670
00:31:31,240 --> 00:31:33,680
Speaker 1: this kind of affirms the different positions though you know

671
00:31:33,760 --> 00:31:35,600
Speaker 1: that you and I have taken when it comes to

672
00:31:35,600 --> 00:31:38,720
Speaker 1: to gift cards and whatnot. I also understand their desire

673
00:31:38,720 --> 00:31:41,400
Speaker 1: to want to give her something physical, because I think

674
00:31:41,400 --> 00:31:43,800
Speaker 1: sometimes folks are like, just one hundred dollars bills are physical, man,

675
00:31:44,000 --> 00:31:46,600
Speaker 1: just give me cash. Sure, I guess that feels different

676
00:31:46,600 --> 00:31:49,240
Speaker 1: than like a Venmo than pushing money over via venmo

677
00:31:49,360 --> 00:31:51,160
Speaker 1: or cash opp or something like that, right, because like

678
00:31:51,200 --> 00:31:54,440
Speaker 1: money's fungible and so but when let's say it's me

679
00:31:54,480 --> 00:31:57,760
Speaker 1: and Kate's anniversary and you know, here you go, gave

680
00:31:57,760 --> 00:32:00,280
Speaker 1: you this money last week. Next week we go out

681
00:32:00,320 --> 00:32:01,840
Speaker 1: to eat, I'm not thinking like when we're sitting there

682
00:32:01,840 --> 00:32:03,840
Speaker 1: eating dinner, I'm not thinking, oh, this is that one

683
00:32:03,880 --> 00:32:06,200
Speaker 1: hundred dollars. I'm just when I go to pay for

684
00:32:06,240 --> 00:32:08,520
Speaker 1: the meal, I'm just paying for it, right, I'm as

685
00:32:08,520 --> 00:32:12,000
Speaker 1: opposed to if there's an actual card, you are inherently

686
00:32:12,040 --> 00:32:16,719
Speaker 1: tying that person and their thoughtfulness or unthoughtfulness, and you're,

687
00:32:16,760 --> 00:32:18,640
Speaker 1: you know, depending on how you're approaching this, to that

688
00:32:18,720 --> 00:32:22,080
Speaker 1: actual transaction, like to that experience in a way that

689
00:32:22,120 --> 00:32:24,320
Speaker 1: the fungibility of money doesn't quite do it for me.

690
00:32:24,440 --> 00:32:27,920
Speaker 1: Like I'm not accounting for money I received last week

691
00:32:28,000 --> 00:32:30,720
Speaker 1: a month ago as a gift when it comes to

692
00:32:30,840 --> 00:32:32,320
Speaker 1: paying for something. When I when I got out it,

693
00:32:32,640 --> 00:32:36,120
Speaker 1: all all that goes into the same machine, Matt's personal

694
00:32:36,160 --> 00:32:38,680
Speaker 1: finance banking accounting system, and money that came to you

695
00:32:38,720 --> 00:32:40,840
Speaker 1: is getting used for groceries, and you're like, dang it, yeah,

696
00:32:41,280 --> 00:32:44,120
Speaker 1: it's just all the same, and so in that way,

697
00:32:44,280 --> 00:32:46,800
Speaker 1: it's a slightly more Oh I'm thinking of this person.

698
00:32:46,880 --> 00:32:50,640
Speaker 1: Oh this feels like quote unquote free money, because when

699
00:32:50,880 --> 00:32:52,680
Speaker 1: in the case of gift cards, I can only use

700
00:32:52,720 --> 00:32:54,960
Speaker 1: it in this place, or in the case even of

701
00:32:55,000 --> 00:32:57,560
Speaker 1: the prepaid it's like, well, okay, I can use it anywhere.

702
00:32:57,720 --> 00:33:00,000
Speaker 1: But all of these transactions feel a little bit like

703
00:33:00,040 --> 00:33:03,200
Speaker 1: they're free, like it's a bonus as opposed to me

704
00:33:03,320 --> 00:33:06,120
Speaker 1: paying it out myself. Okay, So my nephew just graduated

705
00:33:06,120 --> 00:33:08,600
Speaker 1: from high school, right, and we gave him one physical

706
00:33:08,640 --> 00:33:10,920
Speaker 1: gift that he could use in his dorm. And we

707
00:33:10,920 --> 00:33:13,800
Speaker 1: gave him would you give one hundred like a fan?

708
00:33:13,920 --> 00:33:17,360
Speaker 1: A wrote oscillating fan, like, you know, just like noisemaker

709
00:33:17,480 --> 00:33:21,480
Speaker 1: and cake be cool too. But it his mom my

710
00:33:21,520 --> 00:33:23,600
Speaker 1: sister was like, that's what he wants. It's like, great, okay,

711
00:33:23,640 --> 00:33:26,200
Speaker 1: we'll get a film. But then we gave him cash

712
00:33:26,360 --> 00:33:28,440
Speaker 1: money too. Do you think do you think we should

713
00:33:28,440 --> 00:33:31,720
Speaker 1: have given him gift cards instead of just straight up

714
00:33:31,760 --> 00:33:34,360
Speaker 1: cash for this reason that you're alluding to. No, No,

715
00:33:34,440 --> 00:33:36,960
Speaker 1: because in this case you do have something physical, right,

716
00:33:37,040 --> 00:33:40,600
Speaker 1: and so the thought is there with the you know,

717
00:33:40,680 --> 00:33:43,320
Speaker 1: with the item, and then any if you've entered into

718
00:33:43,320 --> 00:33:45,800
Speaker 1: that sort of gift giving transaction thinking well, we are

719
00:33:45,800 --> 00:33:48,000
Speaker 1: planning to spend fifty bucks or a hundred bucks or whatever,

720
00:33:48,360 --> 00:33:50,600
Speaker 1: and you're like, wow, we still have this much money left,

721
00:33:50,720 --> 00:33:53,480
Speaker 1: then I think it's totally fine. This is why I

722
00:33:53,520 --> 00:33:56,360
Speaker 1: think to include the cash for card with cash, like

723
00:33:56,400 --> 00:33:59,320
Speaker 1: give somebody a little thoughtful card, handmade or whether you

724
00:33:59,320 --> 00:34:01,000
Speaker 1: got it at the dollars. That's the thing though, because

725
00:34:01,000 --> 00:34:03,240
Speaker 1: by the way, do not get like a card at

726
00:34:03,280 --> 00:34:05,640
Speaker 1: like Target, because you're gonna spend seven dollars for a

727
00:34:05,640 --> 00:34:07,920
Speaker 1: greetings articulous. That feels a lot like a gift card

728
00:34:07,920 --> 00:34:09,359
Speaker 1: where it's just like right out of the gate, you're

729
00:34:09,400 --> 00:34:11,719
Speaker 1: burning six bucks six or something exactly. But if you

730
00:34:11,760 --> 00:34:13,480
Speaker 1: get him at the dollar store, it's two for a dollar,

731
00:34:13,600 --> 00:34:14,880
Speaker 1: or you go to Trader Joe's and you get the

732
00:34:14,880 --> 00:34:17,000
Speaker 1: really nice ones for one dollar each, that's the way

733
00:34:17,000 --> 00:34:19,160
Speaker 1: to go. Or just bust out some paper, right, a

734
00:34:19,560 --> 00:34:22,520
Speaker 1: nice letter. Yeah, that's the most affortable. I'll just literally

735
00:34:22,520 --> 00:34:25,080
Speaker 1: hand someone hundred dollars. That might be a little ghost. Yeah,

736
00:34:25,080 --> 00:34:26,960
Speaker 1: I'm fine with that. I'm good with that. Well, I

737
00:34:26,960 --> 00:34:30,759
Speaker 1: hopefully hopefully that helps Mary. Yeah, I help so all right,

738
00:34:30,800 --> 00:34:33,600
Speaker 1: let's talk about maybe something a little more serious. This

739
00:34:33,640 --> 00:34:36,799
Speaker 1: one comes from a listener who is asked a question

740
00:34:36,840 --> 00:34:37,600
Speaker 1: on behalf of her son.

741
00:34:38,600 --> 00:34:41,400
Speaker 3: Hi, guys, it's Kate from Michigan City, Indiana, and I

742
00:34:41,480 --> 00:34:45,040
Speaker 3: have an unusual ask htm question for you. My son

743
00:34:45,160 --> 00:34:47,640
Speaker 3: is taking a Basic College ECON class and he has

744
00:34:47,640 --> 00:34:50,360
Speaker 3: to write a ten page research paper on inequality in

745
00:34:50,400 --> 00:34:54,000
Speaker 3: the US. He picked the topic of wealth building inequality.

746
00:34:54,440 --> 00:34:56,759
Speaker 3: I was wondering if you had any good suggestions for

747
00:34:56,800 --> 00:34:59,640
Speaker 3: talking points for his essay or places he can look

748
00:34:59,680 --> 00:35:02,640
Speaker 3: for res search evidence for this topic. I appreciate both

749
00:35:02,640 --> 00:35:04,880
Speaker 3: of you in your wisdom that comes with each episode.

750
00:35:06,280 --> 00:35:08,520
Speaker 1: Well, Kate, thank you so much for listening to the podcast.

751
00:35:08,560 --> 00:35:11,279
Speaker 1: And we always do our best, and we'll also do

752
00:35:11,360 --> 00:35:14,680
Speaker 1: our best on this particular question as well, which is

753
00:35:14,760 --> 00:35:17,480
Speaker 1: certainly I'm gonna mail this one in Matt Good It's

754
00:35:17,520 --> 00:35:20,560
Speaker 1: gonna be just it's just a bit more difficult of

755
00:35:20,600 --> 00:35:23,680
Speaker 1: a question. Rather, there's more nuance here, and so we're

756
00:35:23,680 --> 00:35:26,160
Speaker 1: going to do our best here. Also, I love that

757
00:35:26,200 --> 00:35:28,279
Speaker 1: your son is diving into this, the fact that he's

758
00:35:28,320 --> 00:35:33,160
Speaker 1: taken that ECON class, which should hopefully stimulate stimulate a

759
00:35:33,360 --> 00:35:36,960
Speaker 1: sort of lifelong interest in learning about money and markets

760
00:35:37,000 --> 00:35:40,920
Speaker 1: and how everything works. But yeah, certainly our answer and

761
00:35:40,920 --> 00:35:42,719
Speaker 1: how we're going to talk about this here will likely

762
00:35:42,719 --> 00:35:45,880
Speaker 1: only just scratch the surface. But hopefully you can provide

763
00:35:45,920 --> 00:35:49,439
Speaker 1: some some good questions for your son to ask. All Right, first,

764
00:35:49,440 --> 00:35:52,399
Speaker 1: I'm gonna start off, Matt by mentioning something a little

765
00:35:52,440 --> 00:35:58,200
Speaker 1: less academic, a little more experiential, but reading about kind

766
00:35:58,239 --> 00:36:02,160
Speaker 1: of the struggle of people who live on the margins

767
00:36:02,680 --> 00:36:06,160
Speaker 1: is probably just a wise thing in general, right, Like, So,

768
00:36:06,600 --> 00:36:09,319
Speaker 1: one of my favorite memoirs along those lines is called

769
00:36:09,440 --> 00:36:13,000
Speaker 1: Troubled by Rob Henderson, and it's his books all about

770
00:36:13,040 --> 00:36:14,839
Speaker 1: kind of what it's like to grow in poverty, grow

771
00:36:14,920 --> 00:36:17,359
Speaker 1: up in the foster care system. And I think that

772
00:36:17,400 --> 00:36:21,160
Speaker 1: can provide some perspective and compassion because, like you know,

773
00:36:21,680 --> 00:36:25,280
Speaker 1: some just really some humanity to a topic that's widely debated.

774
00:36:25,320 --> 00:36:27,719
Speaker 1: And also we've lost some humanity in the way we

775
00:36:27,719 --> 00:36:29,520
Speaker 1: talk about these things. Even if we come to different

776
00:36:29,560 --> 00:36:32,320
Speaker 1: conclusions like could we just bring some compassionate kindness to

777
00:36:32,360 --> 00:36:36,680
Speaker 1: how we talk about inequality? We should. Ultimately there's a

778
00:36:36,760 --> 00:36:39,759
Speaker 1: ton that your son could engage on with this topic, Kate.

779
00:36:40,239 --> 00:36:43,520
Speaker 1: We'll just recommend a couple of items. The American Enterprise

780
00:36:43,560 --> 00:36:47,400
Speaker 1: Institute has research from this year about how Americans are

781
00:36:47,440 --> 00:36:49,920
Speaker 1: getting richer. We talked about this, I believe, on a

782
00:36:49,960 --> 00:36:53,399
Speaker 1: Friday flight a few months ago. But the middle class

783
00:36:53,440 --> 00:36:55,160
Speaker 1: is shrinking, and you might see that headline and you're like,

784
00:36:55,200 --> 00:36:57,880
Speaker 1: oh gosh, this is not good, like we're getting poorer,

785
00:36:58,320 --> 00:37:01,040
Speaker 1: But that's not true. It's because the upper middle class

786
00:37:01,400 --> 00:37:04,560
Speaker 1: is actually soaring, Like, we have more people moving from

787
00:37:04,600 --> 00:37:07,760
Speaker 1: middle class to upper middle class lifestyles. And that should,

788
00:37:07,800 --> 00:37:10,720
Speaker 1: I think, offer some food for thought and some helpful data.

789
00:37:10,840 --> 00:37:13,560
Speaker 1: So I would look at that research and particular will

790
00:37:13,600 --> 00:37:16,640
Speaker 1: link to it in the show notes, and that would

791
00:37:16,640 --> 00:37:19,680
Speaker 1: at least inform part of how I would approach this paper. Yeah,

792
00:37:19,719 --> 00:37:22,319
Speaker 1: I like that because the popular narrative is that the

793
00:37:22,640 --> 00:37:25,759
Speaker 1: rich are getting richer and the poor are getting poor,

794
00:37:25,960 --> 00:37:29,319
Speaker 1: right Like, so the disparity is getting larger, and we

795
00:37:29,360 --> 00:37:31,319
Speaker 1: can all point to a few individuals on both sides

796
00:37:31,360 --> 00:37:33,640
Speaker 1: of that coin, for sure, But there's actually more class

797
00:37:33,680 --> 00:37:36,960
Speaker 1: mobility than some would let on. A lot of that

798
00:37:36,960 --> 00:37:38,880
Speaker 1: has to do with the country that we live in,

799
00:37:39,000 --> 00:37:43,560
Speaker 1: right Like. We live in America with a dynamic labor market,

800
00:37:43,600 --> 00:37:48,360
Speaker 1: with an ability to pursue any sort of entrepreneurial endeavor

801
00:37:48,400 --> 00:37:51,879
Speaker 1: that you're entertaining. It's easier to start a company here

802
00:37:51,880 --> 00:37:54,040
Speaker 1: than like pretty much anywhere else in the entire world,

803
00:37:54,480 --> 00:37:57,560
Speaker 1: although there's probably still a whole lot of red tape

804
00:37:57,560 --> 00:38:01,239
Speaker 1: that folks in some industries have to sort of hack

805
00:38:01,280 --> 00:38:03,920
Speaker 1: their way through. But I think for a lot of individuals,

806
00:38:03,920 --> 00:38:07,279
Speaker 1: their ability to think about the kind of life that

807
00:38:07,400 --> 00:38:10,680
Speaker 1: they want to achieve, focus on education where they're going

808
00:38:10,680 --> 00:38:12,399
Speaker 1: to be able to get a better job, where they're

809
00:38:12,400 --> 00:38:14,000
Speaker 1: going to be able to earn more that's going to

810
00:38:14,040 --> 00:38:16,239
Speaker 1: lead directly to higher earnings, and just the ability to

811
00:38:16,280 --> 00:38:19,680
Speaker 1: invest more over time in order to ensure that you're

812
00:38:19,719 --> 00:38:23,040
Speaker 1: growing towards some sort of semblance of financial freedom. And

813
00:38:23,120 --> 00:38:26,040
Speaker 1: so that's yeah. I mean, I think there's a whole

814
00:38:26,040 --> 00:38:28,799
Speaker 1: lot that people there's a lot of negative news out there.

815
00:38:29,080 --> 00:38:31,239
Speaker 1: I think what I'm trying to focus on here is

816
00:38:31,280 --> 00:38:33,560
Speaker 1: the positive side of things. And the reason for that

817
00:38:33,680 --> 00:38:36,480
Speaker 1: is because like the negative headlines are what tend to

818
00:38:36,480 --> 00:38:38,120
Speaker 1: get all the clicks, right, Yeah, And there's a reason

819
00:38:38,160 --> 00:38:41,560
Speaker 1: for that. Right If I say, hey, you out there,

820
00:38:41,600 --> 00:38:43,799
Speaker 1: who's listening, you are never going to be able to

821
00:38:43,840 --> 00:38:46,799
Speaker 1: surpass the lifestyle of your parents, you are not going

822
00:38:46,800 --> 00:38:49,040
Speaker 1: to be able to reach your financial goals, the goals

823
00:38:49,040 --> 00:38:51,120
Speaker 1: in life. If you're listening to that and you just

824
00:38:51,160 --> 00:38:52,719
Speaker 1: heard that, like you may have even felt like your

825
00:38:53,239 --> 00:38:55,840
Speaker 1: pulse quicken a little bit because that was a threat

826
00:38:56,680 --> 00:38:58,440
Speaker 1: to you as an individual. And like the way our

827
00:38:58,440 --> 00:39:01,600
Speaker 1: brains are wired, like we are naturally, we're hardwired to

828
00:39:01,680 --> 00:39:04,120
Speaker 1: identify threats, and our attention goes to those types of

829
00:39:04,120 --> 00:39:08,279
Speaker 1: things as opposed to focusing on the positive. And in

830
00:39:08,320 --> 00:39:10,520
Speaker 1: this case, the things that are actually true, the fact

831
00:39:10,520 --> 00:39:13,040
Speaker 1: that you can go out and make it, make changes

832
00:39:13,040 --> 00:39:16,360
Speaker 1: in your life and to better yourself here in America.

833
00:39:16,400 --> 00:39:18,719
Speaker 1: And it's not just blind positivity, right, Like we're not, no,

834
00:39:18,800 --> 00:39:21,000
Speaker 1: it's actually true, you know, Like that's the thing. But

835
00:39:21,040 --> 00:39:25,880
Speaker 1: the problem is the way the media spins oftentimes certain

836
00:39:26,520 --> 00:39:31,600
Speaker 1: stories or studies. It's often in an attempt to kind

837
00:39:31,600 --> 00:39:33,359
Speaker 1: of rile people up and make people think that things

838
00:39:33,400 --> 00:39:36,200
Speaker 1: are worse than they are. And again we've covered a

839
00:39:36,200 --> 00:39:39,520
Speaker 1: lot of issues too, Matt, right that particularly impact people

840
00:39:40,000 --> 00:39:44,640
Speaker 1: in kind of that bottom coretile or bottom quintile of society.

841
00:39:45,040 --> 00:39:47,640
Speaker 1: Higher gas prices hurt them more than they hurt right,

842
00:39:47,719 --> 00:39:50,600
Speaker 1: Just people who are in the middle or upper middle class.

843
00:39:50,640 --> 00:39:52,440
Speaker 1: It's not that there are no problems, but when you

844
00:39:52,480 --> 00:39:54,399
Speaker 1: look at the data and when you sit back, and

845
00:39:54,480 --> 00:39:56,360
Speaker 1: I mean, it makes me think of my conversation with

846
00:39:56,520 --> 00:39:59,160
Speaker 1: Mary and Tupia while back about his book Superabundance. I

847
00:39:59,160 --> 00:40:01,759
Speaker 1: guess that was in November of last year, and just

848
00:40:01,960 --> 00:40:04,319
Speaker 1: that's another great place to turn to look and be like,

849
00:40:04,520 --> 00:40:06,759
Speaker 1: oh wow, things have gotten so much better over the

850
00:40:06,800 --> 00:40:10,000
Speaker 1: last couple hundred years. And I think with this points

851
00:40:10,000 --> 00:40:12,839
Speaker 1: to two is we just have as a society more

852
00:40:13,080 --> 00:40:17,759
Speaker 1: Americans are participating in ownership, which is just an underappreciated

853
00:40:17,800 --> 00:40:20,239
Speaker 1: reality of wealth building. That was Man, we talked about

854
00:40:20,239 --> 00:40:22,160
Speaker 1: that way back in like the four hundreds or something.

855
00:40:22,200 --> 00:40:24,560
Speaker 1: Matt like that episode will link to that in the

856
00:40:24,560 --> 00:40:26,680
Speaker 1: show notes. But like we talk, you and I talk

857
00:40:26,719 --> 00:40:29,480
Speaker 1: a lot about regular people becoming millionaires with just a

858
00:40:29,520 --> 00:40:32,840
Speaker 1: retirement account or two over time. It's just more possible

859
00:40:32,880 --> 00:40:36,080
Speaker 1: now than ever before for more people to participate in

860
00:40:36,160 --> 00:40:39,880
Speaker 1: the growing pie. Yeah, some people's pie is growing faster

861
00:40:39,960 --> 00:40:42,959
Speaker 1: than others, but more people are participating in that matter.

862
00:40:43,000 --> 00:40:45,000
Speaker 1: So I would just Kate, I would suggest that your

863
00:40:45,000 --> 00:40:47,680
Speaker 1: son dig into the dig into those numbers, like the

864
00:40:47,680 --> 00:40:50,799
Speaker 1: growing number of Americans who are investing. There is there's

865
00:40:50,880 --> 00:40:53,759
Speaker 1: data about this that people who who make less, people

866
00:40:53,800 --> 00:40:55,600
Speaker 1: who are in that bottom twenty or forty percent, are

867
00:40:55,600 --> 00:40:58,759
Speaker 1: investing in larger numbers than ever before this. There was

868
00:40:58,760 --> 00:41:01,320
Speaker 1: a study from black Rock on that like one hundred

869
00:41:01,320 --> 00:41:04,640
Speaker 1: and sixty seven percent rise in low and moderate income

870
00:41:04,640 --> 00:41:07,120
Speaker 1: investors over the past five plus years. So even in

871
00:41:07,280 --> 00:41:10,640
Speaker 1: just recent years, they have more of a stake in

872
00:41:11,120 --> 00:41:14,799
Speaker 1: equity and they're experiencing growing equity and a growing net

873
00:41:14,800 --> 00:41:18,719
Speaker 1: worth because they've become investors. And this is just we

874
00:41:18,760 --> 00:41:21,239
Speaker 1: talked about the democratization of investing. This is like the

875
00:41:21,320 --> 00:41:24,239
Speaker 1: good part of that. There's a I guess one other

876
00:41:24,280 --> 00:41:26,360
Speaker 1: thing I'd mentioned too is like rog Chetty, He's another

877
00:41:26,560 --> 00:41:29,719
Speaker 1: economist whose work is worth looking into. He's engaged more

878
00:41:29,800 --> 00:41:33,120
Speaker 1: in the equality of opportunity side less in the kind

879
00:41:33,120 --> 00:41:35,759
Speaker 1: of disparity in wealth building, but he's used tons of

880
00:41:35,840 --> 00:41:39,080
Speaker 1: data to study economic mobility. I would just say digging

881
00:41:39,160 --> 00:41:41,400
Speaker 1: into some of his work could be enlightening on this

882
00:41:41,440 --> 00:41:44,080
Speaker 1: as well. Yeah. Absolutely, I think it's worth asking the

883
00:41:44,160 --> 00:41:49,239
Speaker 1: question too, how much of a problem actually is wealth inequality?

884
00:41:49,920 --> 00:41:52,919
Speaker 1: Because I wouldn't say it's awesome right, like I'm thinking

885
00:41:52,960 --> 00:41:58,359
Speaker 1: about the multi billionaires, Like I'm not looking forward necessarily

886
00:41:58,400 --> 00:42:01,400
Speaker 1: for the first time that a single human being is

887
00:42:01,440 --> 00:42:05,600
Speaker 1: a trillionaire, because like, it doesn't feel great, right if

888
00:42:05,600 --> 00:42:07,560
Speaker 1: you think about it from an emotional standpoint, it just

889
00:42:07,560 --> 00:42:12,040
Speaker 1: doesn't necessarily feel fair. But it might not be quite

890
00:42:12,040 --> 00:42:14,320
Speaker 1: as bad as some folks are making it out to be.

891
00:42:15,280 --> 00:42:18,360
Speaker 1: And so I'm talking about the ability for capitalism to

892
00:42:18,440 --> 00:42:23,239
Speaker 1: allow folks to be exceedingly rewarded for risks that they've

893
00:42:23,280 --> 00:42:26,960
Speaker 1: taken and for businesses that they've started. And while there

894
00:42:27,120 --> 00:42:30,720
Speaker 1: might be societal downsides to a gap like that, actually

895
00:42:30,760 --> 00:42:33,040
Speaker 1: getting large, quite large if you are looking at the

896
00:42:33,760 --> 00:42:37,759
Speaker 1: uber rich. If anyone out there can participate in capitalism

897
00:42:37,800 --> 00:42:39,920
Speaker 1: and to figure out what it is that they want

898
00:42:39,920 --> 00:42:41,759
Speaker 1: to get out there and create and be rewarded for that,

899
00:42:42,000 --> 00:42:44,600
Speaker 1: even if it's not to the same degree, I think

900
00:42:44,600 --> 00:42:47,359
Speaker 1: it's worth asking whether or not this should cause us

901
00:42:47,400 --> 00:42:51,759
Speaker 1: to spurn this financial the system that we're in, or

902
00:42:51,920 --> 00:42:53,520
Speaker 1: if it means that maybe we should just tweak our

903
00:42:53,560 --> 00:42:56,359
Speaker 1: perspective a little bit, right, And so, Yeah, something else

904
00:42:56,360 --> 00:42:58,960
Speaker 1: that's fascinating, it's related but not completely here on the

905
00:42:59,000 --> 00:43:02,760
Speaker 1: nose is the decline of happiness as well as material

906
00:43:02,800 --> 00:43:05,759
Speaker 1: well being is on average better than ever, right, And

907
00:43:05,800 --> 00:43:08,680
Speaker 1: so on one hand, you've got people who like if

908
00:43:08,719 --> 00:43:11,680
Speaker 1: you are looking purely at wealth in equality and you're thinking, well,

909
00:43:11,680 --> 00:43:14,040
Speaker 1: that's not fair. But then you've also see a decline

910
00:43:14,080 --> 00:43:17,480
Speaker 1: in actual reported outcomes of those individuals who are actually

911
00:43:17,480 --> 00:43:21,440
Speaker 1: increasing their standing from a financial standpoint. I think that's

912
00:43:21,440 --> 00:43:24,800
Speaker 1: a really interesting thread to pull as well. So, yeah,

913
00:43:24,840 --> 00:43:27,480
Speaker 1: all of these things are hopefully questions that can point

914
00:43:27,520 --> 00:43:31,279
Speaker 1: your son Kate in the right direction to figure out,

915
00:43:31,800 --> 00:43:34,040
Speaker 1: because it's not just reporting what it is that's out there,

916
00:43:34,040 --> 00:43:37,800
Speaker 1: but I think asking why, right, go to these different reports,

917
00:43:38,880 --> 00:43:41,480
Speaker 1: see the headline, ask why that's significant, and then ask

918
00:43:41,520 --> 00:43:43,880
Speaker 1: why again, and then why again? To me, that's the

919
00:43:43,880 --> 00:43:45,720
Speaker 1: more I don't know. I think that's the more interesting

920
00:43:45,760 --> 00:43:49,040
Speaker 1: sort of research and paper or talk or whatever it

921
00:43:49,080 --> 00:43:51,560
Speaker 1: is that he's looking to give. And they're real downsides

922
00:43:51,600 --> 00:43:56,160
Speaker 1: to wealth inequality, but like, are there any positives? That's

923
00:43:56,160 --> 00:43:59,160
Speaker 1: an interesting question worth asking too, And I'm curious to

924
00:43:59,160 --> 00:44:01,000
Speaker 1: know your son's take out. Well, you know what, Matt,

925
00:44:01,040 --> 00:44:04,680
Speaker 1: I don't typically read papers by college students these days,

926
00:44:04,680 --> 00:44:06,480
Speaker 1: but if Kate sends it over I'd be happy to read.

927
00:44:06,520 --> 00:44:10,360
Speaker 1: I'd be really interested actually to read his conclusions. But

928
00:44:10,440 --> 00:44:11,880
Speaker 1: I hope that helps, hope that get some pointed in

929
00:44:11,920 --> 00:44:13,919
Speaker 1: the right direction. We got more to get to, Matt. Well,

930
00:44:14,000 --> 00:44:15,840
Speaker 1: we'll take a quick question about home ownership, and then

931
00:44:15,880 --> 00:44:19,640
Speaker 1: we'll talk about able accounts too, kind of a specialized

932
00:44:19,640 --> 00:44:21,799
Speaker 1: investing account that we don't talk about very much. We'll

933
00:44:21,800 --> 00:44:31,480
Speaker 1: get to that and more. Right after this. We are

934
00:44:31,640 --> 00:44:33,640
Speaker 1: back from the break, buddy, and it is now time

935
00:44:33,680 --> 00:44:37,200
Speaker 1: for the Facebook question of the Week, which is from Andrew,

936
00:44:37,200 --> 00:44:40,279
Speaker 1: who writes, I'm closing on my first home later this month.

937
00:44:40,360 --> 00:44:42,959
Speaker 1: What money saving tips do y'all have for long care,

938
00:44:43,080 --> 00:44:47,759
Speaker 1: for pest control and other home services? Joel, are you

939
00:44:47,760 --> 00:44:51,520
Speaker 1: gonna say, buy the John Deere get the lawn more? Honestly, Like,

940
00:44:51,600 --> 00:44:54,520
Speaker 1: when you think about it, compared to a monthly service,

941
00:44:55,080 --> 00:44:57,240
Speaker 1: you mowing the lawn yourself, even if it's on a

942
00:44:57,280 --> 00:45:00,880
Speaker 1: semi fancy expensive mower. How fast all those things, because

943
00:45:01,200 --> 00:45:03,920
Speaker 1: it's not just the fact that you have the tools

944
00:45:03,960 --> 00:45:05,279
Speaker 1: to be able to do that, but then the fact

945
00:45:05,280 --> 00:45:06,840
Speaker 1: that it does take some time. If does take time,

946
00:45:07,000 --> 00:45:09,120
Speaker 1: it does take time, and this so much to this

947
00:45:09,200 --> 00:45:13,200
Speaker 1: also depends on kind of where you are on your

948
00:45:13,239 --> 00:45:15,879
Speaker 1: spectrum of time and money, right, and the more time

949
00:45:15,880 --> 00:45:17,880
Speaker 1: you have and the less money you have, DIY is

950
00:45:17,920 --> 00:45:20,640
Speaker 1: the answer. The more money and the less time you have,

951
00:45:21,080 --> 00:45:25,440
Speaker 1: it's worth hiring out for certain services right that you

952
00:45:25,480 --> 00:45:29,360
Speaker 1: could do yourself. But maybe it prevents you from making

953
00:45:29,360 --> 00:45:32,080
Speaker 1: additional money at your job, or it prevents you from

954
00:45:32,200 --> 00:45:34,200
Speaker 1: enjoying your weekend and the way you'd like to with

955
00:45:34,239 --> 00:45:36,360
Speaker 1: your family. And guess what, you've got the money to

956
00:45:36,440 --> 00:45:39,200
Speaker 1: throw at it without harming the other financial goals that

957
00:45:39,239 --> 00:45:41,960
Speaker 1: you have. Those are things worth taking into consideration, Matt.

958
00:45:41,960 --> 00:45:45,000
Speaker 1: When we were in our early twenties, you still DIY things,

959
00:45:45,040 --> 00:45:47,160
Speaker 1: but you don't do it out of necessity in the

960
00:45:47,200 --> 00:45:49,239
Speaker 1: way that you used to. I still remember doing things

961
00:45:49,320 --> 00:45:52,280
Speaker 1: out of like just complete necessity, because if I wanted

962
00:45:52,480 --> 00:45:55,480
Speaker 1: to fully fund my roth IRA, then I couldn't pay

963
00:45:55,480 --> 00:45:56,840
Speaker 1: for someone to mo my lund. I had to do

964
00:45:56,880 --> 00:45:59,279
Speaker 1: it myself, or I had to try to install that

965
00:45:59,320 --> 00:46:01,360
Speaker 1: new toilet myself. I wasn't going to hire a plumber

966
00:46:01,360 --> 00:46:04,120
Speaker 1: out for that. And then the further along I've gotten,

967
00:46:04,200 --> 00:46:05,960
Speaker 1: like you can start it's kind of like a spectrum

968
00:46:05,960 --> 00:46:08,000
Speaker 1: and you can start to hire more things out if

969
00:46:08,000 --> 00:46:09,840
Speaker 1: you want. But I do think, especially in the beginning

970
00:46:09,880 --> 00:46:12,720
Speaker 1: as a homeowner, di wying more is a good idea.

971
00:46:12,760 --> 00:46:14,560
Speaker 1: He asked about pest control. That was like, that was

972
00:46:14,600 --> 00:46:16,359
Speaker 1: like one of the first things. It was a light

973
00:46:16,400 --> 00:46:18,040
Speaker 1: that dawned on me. I was like, wait a second,

974
00:46:18,239 --> 00:46:20,400
Speaker 1: I can do this myself and it saves me like

975
00:46:20,400 --> 00:46:22,120
Speaker 1: five hundred dollars a year. I don't need to pay

976
00:46:22,120 --> 00:46:23,719
Speaker 1: for no term might bond. No. That was like one

977
00:46:23,760 --> 00:46:26,280
Speaker 1: of the first articles we ever put up on our website.

978
00:46:26,280 --> 00:46:28,200
Speaker 1: We'll link to it into the show notes. But you

979
00:46:28,239 --> 00:46:30,680
Speaker 1: can buy the same stuff that the pros use, and

980
00:46:31,000 --> 00:46:33,200
Speaker 1: you can get it on Amazon, which is crazy. You

981
00:46:33,200 --> 00:46:35,240
Speaker 1: can mix it yourself. You can spray around the exterior

982
00:46:35,280 --> 00:46:37,279
Speaker 1: of your home and just save six hundred bucks a year.

983
00:46:37,480 --> 00:46:39,520
Speaker 1: It's it's really I mean, when you think about your

984
00:46:39,520 --> 00:46:42,799
Speaker 1: hourly rate, most people aren't making more than you know,

985
00:46:42,800 --> 00:46:45,040
Speaker 1: five hundred bucks an hour, Matt, and truly, over the

986
00:46:45,040 --> 00:46:46,800
Speaker 1: course of a year, that's probably all you're going to

987
00:46:46,840 --> 00:46:49,560
Speaker 1: spend doing your own pest control. Yeah. One suggestion that

988
00:46:49,640 --> 00:46:52,120
Speaker 1: Katie had was to get to know your neighbors, which

989
00:46:52,120 --> 00:46:54,719
Speaker 1: I think is an awesome tip right where you know,

990
00:46:55,080 --> 00:46:57,560
Speaker 1: borrowing tools helping each other out is not just fun,

991
00:46:57,600 --> 00:47:00,359
Speaker 1: but it can actually save you money as well, or

992
00:47:00,440 --> 00:47:02,440
Speaker 1: it can just tip you off to folks who work

993
00:47:02,480 --> 00:47:05,160
Speaker 1: in your neighborhood who are pretty well vetted. Maybe they're

994
00:47:05,200 --> 00:47:06,920
Speaker 1: already going to be there, so it is going to

995
00:47:06,920 --> 00:47:09,319
Speaker 1: potentially cost you less than going with some sort of

996
00:47:09,800 --> 00:47:13,279
Speaker 1: larger company that maybe you've seen advertised. But then there's

997
00:47:13,280 --> 00:47:15,799
Speaker 1: just other small things that you can do periodically just

998
00:47:15,840 --> 00:47:19,280
Speaker 1: for preventative maintenance, like making sure to change your AC filter.

999
00:47:19,800 --> 00:47:23,120
Speaker 1: Having to replace an entire hvact because the filter has

1000
00:47:23,200 --> 00:47:26,840
Speaker 1: been changed, ever is going to be expensive as opposed

1001
00:47:26,840 --> 00:47:30,760
Speaker 1: to simply changing out the filter. So regular maintenance, it's

1002
00:47:31,120 --> 00:47:33,480
Speaker 1: it's like not fun, but it's it's underrated. What is

1003
00:47:33,480 --> 00:47:36,720
Speaker 1: it ounce of prevention better than a pound of cure,

1004
00:47:36,840 --> 00:47:39,520
Speaker 1: And so that certainly applies to housing as well, and

1005
00:47:39,600 --> 00:47:42,800
Speaker 1: just making sure that you start budgeting for some larger

1006
00:47:42,880 --> 00:47:47,160
Speaker 1: upcoming expenses as well, knowing that oh wow, yeah, you

1007
00:47:47,160 --> 00:47:49,600
Speaker 1: know when I got the home inspected, he said that

1008
00:47:49,600 --> 00:47:52,160
Speaker 1: that roof is on his last leg. Okay, that's something

1009
00:47:52,280 --> 00:47:54,800
Speaker 1: hopefully that maybe you were able to negotiate some funds

1010
00:47:55,280 --> 00:47:58,840
Speaker 1: at closing for that actually create that sinking fund, actually

1011
00:47:58,840 --> 00:48:01,799
Speaker 1: create that savings bucket in your account, because you might

1012
00:48:01,840 --> 00:48:04,600
Speaker 1: be thinking, Okay, well that was just for negotiating. Now

1013
00:48:04,680 --> 00:48:06,640
Speaker 1: I'm going to go on that trip. Well now you shouldn't.

1014
00:48:06,680 --> 00:48:08,640
Speaker 1: You really do need to set that aside because it

1015
00:48:08,680 --> 00:48:11,040
Speaker 1: could be you know, it could be next month that

1016
00:48:11,040 --> 00:48:13,480
Speaker 1: that roof starts leaking and then you're thinking, we'll shoot.

1017
00:48:13,480 --> 00:48:16,360
Speaker 1: I'd already spent that money, so plan for it. Agreed,

1018
00:48:16,560 --> 00:48:18,680
Speaker 1: all right? This one next question comes from Courtney, who

1019
00:48:18,680 --> 00:48:21,680
Speaker 1: says Hydrol and Matt, I have a question about able accounts.

1020
00:48:21,719 --> 00:48:25,080
Speaker 1: In twenty twenty six, eligibility widened for these accounts, and

1021
00:48:25,120 --> 00:48:29,560
Speaker 1: I'm someone who became eligible. I'm considering opening a calable account,

1022
00:48:29,680 --> 00:48:31,960
Speaker 1: the California one, because it offers a one hundred percent

1023
00:48:32,000 --> 00:48:34,719
Speaker 1: stock option. I would be using it as a retirement

1024
00:48:34,800 --> 00:48:38,600
Speaker 1: savings account to supplement my spousal roth Ira. I'm not

1025
00:48:38,640 --> 00:48:40,200
Speaker 1: eligible for an A to say four oh one K,

1026
00:48:40,400 --> 00:48:43,400
Speaker 1: or any other retirement accounts. My main hesitation is that

1027
00:48:43,400 --> 00:48:46,520
Speaker 1: if the gains are used for non qualified withdrawals, it

1028
00:48:46,640 --> 00:48:49,120
Speaker 1: seems that they are taxable as regular income plus a

1029
00:48:49,200 --> 00:48:52,920
Speaker 1: ten percent penalty. That seems extreme compared to a taxable

1030
00:48:52,920 --> 00:48:55,120
Speaker 1: brokerage account right there would only be taxed at the

1031
00:48:55,160 --> 00:48:57,239
Speaker 1: capital gains rate, which is where I keep a lot

1032
00:48:57,239 --> 00:48:59,760
Speaker 1: of my savings. Now, it's easy for me to avoid

1033
00:48:59,800 --> 00:49:03,160
Speaker 1: non qualified withdrawals as long as I'm alive and disabled.

1034
00:49:03,160 --> 00:49:05,520
Speaker 1: But what if I suddenly passed away and my beneficiary

1035
00:49:05,560 --> 00:49:08,720
Speaker 1: is stuck with this tax burden plus penalty totally potentially

1036
00:49:08,760 --> 00:49:11,600
Speaker 1: forty percent? Or what if a cure comes available for

1037
00:49:11,680 --> 00:49:14,560
Speaker 1: my illness in the decades to come, making my withdrawals

1038
00:49:14,600 --> 00:49:17,160
Speaker 1: non qualified and I have millions in this account by then,

1039
00:49:17,600 --> 00:49:20,319
Speaker 1: I'd appreciate your insights on whether it's a significant risk

1040
00:49:20,680 --> 00:49:22,480
Speaker 1: to use an able account this way. It would be

1041
00:49:22,520 --> 00:49:24,440
Speaker 1: even better if you could do a whole episode on

1042
00:49:24,480 --> 00:49:27,360
Speaker 1: able accounts, maybe one of these days, Courtney. There's just

1043
00:49:27,400 --> 00:49:29,239
Speaker 1: not a lot of info out there, and I feel

1044
00:49:29,239 --> 00:49:31,960
Speaker 1: like they're underutilized by folks who could really benefit from them.

1045
00:49:31,960 --> 00:49:34,600
Speaker 1: And on that last point, I will agree, Matt, there's

1046
00:49:34,640 --> 00:49:38,160
Speaker 1: just not a lot of information out there. Yeah, and well, yeah,

1047
00:49:38,680 --> 00:49:40,560
Speaker 1: and we need a lot of people that could could

1048
00:49:40,600 --> 00:49:42,400
Speaker 1: and should use them, don't know about them, Yeah, and

1049
00:49:42,440 --> 00:49:46,759
Speaker 1: considering that access has expanded, Yeah, so able accounts are

1050
00:49:46,800 --> 00:49:49,760
Speaker 1: a cousin of five twenty nine plans, right, that's essentially

1051
00:49:49,800 --> 00:49:52,399
Speaker 1: meant to help disable folks, say for their future, without

1052
00:49:52,440 --> 00:49:56,360
Speaker 1: losing eligibility of government benefits, which was a real problem

1053
00:49:56,360 --> 00:49:58,960
Speaker 1: for for quite a while, and so able accounts were

1054
00:49:59,000 --> 00:50:02,160
Speaker 1: the solution. They came a about like maybe fifteen or

1055
00:50:02,160 --> 00:50:05,480
Speaker 1: so years ago, and now they are even more widely available.

1056
00:50:05,560 --> 00:50:10,440
Speaker 1: So before you had to be disabled or diagnosed as

1057
00:50:10,719 --> 00:50:13,320
Speaker 1: being disabled before age twenty six in order to qualify,

1058
00:50:13,520 --> 00:50:16,040
Speaker 1: and they've changed that now to forty six, which is

1059
00:50:16,160 --> 00:50:19,920
Speaker 1: pretty significant, right I Obviously widening access for tons of

1060
00:50:19,960 --> 00:50:25,200
Speaker 1: folks who encounter at debilitating injury or diagnosis before saving

1061
00:50:25,200 --> 00:50:28,840
Speaker 1: money meant losing benefits, and so able accounts are the

1062
00:50:28,920 --> 00:50:31,120
Speaker 1: vehicles that allow you to do both at the same time.

1063
00:50:31,680 --> 00:50:34,160
Speaker 1: And on top of that, the annual contribution limit is

1064
00:50:34,200 --> 00:50:37,480
Speaker 1: pretty dang high. It's like four to one K level high.

1065
00:50:37,520 --> 00:50:39,640
Speaker 1: It's like in the twenty thousand dollars range as well,

1066
00:50:39,640 --> 00:50:41,799
Speaker 1: which is pretty great. And you're like, you're so right,

1067
00:50:41,840 --> 00:50:44,520
Speaker 1: met Like you're almost like penalized for saving and investing

1068
00:50:44,520 --> 00:50:47,239
Speaker 1: in for being millagit and smart and planning ahead because

1069
00:50:47,239 --> 00:50:49,200
Speaker 1: they're like, great, we're going to cut your SSI benefits now,

1070
00:50:49,239 --> 00:50:50,480
Speaker 1: and you're like, dang it. I was like trying to

1071
00:50:50,520 --> 00:50:52,160
Speaker 1: do the right thing, and so the able accounts were

1072
00:50:52,200 --> 00:50:56,680
Speaker 1: the kind of solution to that problem. And Courtney mentioned

1073
00:50:56,760 --> 00:50:59,439
Speaker 1: being worried about the tax implications if she doesn't use

1074
00:50:59,760 --> 00:51:02,480
Speaker 1: this account properly. What I would say to that is,

1075
00:51:02,640 --> 00:51:05,799
Speaker 1: don't be worried about that, because the main reason is

1076
00:51:05,800 --> 00:51:10,200
Speaker 1: because they're just so many qualified expenses right that you

1077
00:51:10,880 --> 00:51:13,400
Speaker 1: that you can spend this money on. Right, So you

1078
00:51:13,400 --> 00:51:15,160
Speaker 1: can use able money to buy a house, to cover

1079
00:51:15,200 --> 00:51:17,920
Speaker 1: mortgage payments, to pay for rents. You can use it

1080
00:51:17,960 --> 00:51:21,520
Speaker 1: for higher education, the purchase of a vehicle, moving expenses,

1081
00:51:21,560 --> 00:51:24,600
Speaker 1: even right, you can pay for a wide range of

1082
00:51:24,640 --> 00:51:29,120
Speaker 1: healthcare expenses, including your healthcare premiums, long term care, even therapy.

1083
00:51:29,400 --> 00:51:34,960
Speaker 1: I mean, when you look at the list of qualified expenses, man,

1084
00:51:35,000 --> 00:51:37,840
Speaker 1: it's chock full of items that are just regular and costly.

1085
00:51:38,239 --> 00:51:40,640
Speaker 1: You're not having to jump through too many hoops to

1086
00:51:40,680 --> 00:51:43,040
Speaker 1: find something to spend this money on, like five twenty

1087
00:51:43,120 --> 00:51:46,040
Speaker 1: nine plans where you're like, yeah, they've expanded in what

1088
00:51:46,080 --> 00:51:51,080
Speaker 1: you can use them for qualified qualified expenses, but ables like, man,

1089
00:51:51,120 --> 00:51:54,719
Speaker 1: you can use it on almost anything and still get

1090
00:51:54,760 --> 00:51:56,520
Speaker 1: the tax benefit. So I just can't imagine you're going

1091
00:51:56,600 --> 00:51:58,279
Speaker 1: to have a hard time using your able account in

1092
00:51:58,280 --> 00:52:00,880
Speaker 1: a tax efficient way. Say a cure was found for

1093
00:52:00,920 --> 00:52:03,480
Speaker 1: your disease, that would be wonderful, but it also wouldn't

1094
00:52:03,480 --> 00:52:05,640
Speaker 1: prevent you from using the dollars a massed and you're

1095
00:52:05,680 --> 00:52:08,680
Speaker 1: able in that tax advantaged way, you just wouldn't be

1096
00:52:08,719 --> 00:52:11,719
Speaker 1: able to contribute new dollars to it at that point. Yeah,

1097
00:52:11,719 --> 00:52:14,080
Speaker 1: and plus the cure, I don't know. We talk about

1098
00:52:14,120 --> 00:52:17,000
Speaker 1: success tax, right, Like, as far as the income tax,

1099
00:52:17,000 --> 00:52:19,239
Speaker 1: it's like, like you almost want that because it's a

1100
00:52:19,239 --> 00:52:22,080
Speaker 1: good thing because it means that from a health standpoint,

1101
00:52:22,080 --> 00:52:24,960
Speaker 1: at least that you are in a better position. I'm

1102
00:52:25,000 --> 00:52:27,000
Speaker 1: sure Courtney has like more of an ear to the

1103
00:52:27,120 --> 00:52:29,600
Speaker 1: ground on that too, like how close are we? But yeah,

1104
00:52:29,640 --> 00:52:31,879
Speaker 1: but even still like it. Just again, it doesn't mean

1105
00:52:31,880 --> 00:52:34,279
Speaker 1: you'd lose all the able money you've built up. Yeah.

1106
00:52:34,360 --> 00:52:36,080
Speaker 1: In a similar way, she asked too about what would

1107
00:52:36,080 --> 00:52:39,000
Speaker 1: happen if she were to pass away, and your spouse

1108
00:52:39,000 --> 00:52:42,640
Speaker 1: would likely owe ordinary income tax on earnings that the

1109
00:52:42,800 --> 00:52:45,680
Speaker 1: able money experienced, But your spouse would not owe a

1110
00:52:45,760 --> 00:52:49,080
Speaker 1: ten percent penalty, So it's not quite as bad as

1111
00:52:49,120 --> 00:52:51,960
Speaker 1: you fear. If you receive SSI benefits. Holding too much

1112
00:52:51,960 --> 00:52:54,280
Speaker 1: in a tax bill broke, which could jeopardize your benefits.

1113
00:52:54,440 --> 00:52:57,960
Speaker 1: So I know you don't love love the potential of

1114
00:52:58,120 --> 00:52:59,960
Speaker 1: having to owe a bunch, but you kind of have

1115
00:53:00,120 --> 00:53:03,080
Speaker 1: walk that line of putting money in the able while

1116
00:53:03,120 --> 00:53:05,680
Speaker 1: soacking other money aside in a taxable brokerage account there

1117
00:53:05,920 --> 00:53:08,440
Speaker 1: to the point that it doesn't interfere with your benefits.

1118
00:53:08,760 --> 00:53:11,520
Speaker 1: So you're kind of you're walking the line. I understand

1119
00:53:11,520 --> 00:53:14,120
Speaker 1: your fear of having to owe more on that money

1120
00:53:14,120 --> 00:53:15,719
Speaker 1: off in the future, but I think you can kind

1121
00:53:15,719 --> 00:53:18,120
Speaker 1: of get the best of both worlds. I think that's

1122
00:53:18,120 --> 00:53:20,400
Speaker 1: the best bet here. Courtney. Yeah, I agreed, walk the

1123
00:53:20,400 --> 00:53:22,600
Speaker 1: line like Johnny Cash and uh and see what you

1124
00:53:22,600 --> 00:53:25,120
Speaker 1: can do if and she didn't mention specifically like how

1125
00:53:25,200 --> 00:53:29,120
Speaker 1: much she's getting in in federal benefits, but yeah, that's

1126
00:53:29,280 --> 00:53:32,160
Speaker 1: that's exactly what you want to avoid, is having benefits

1127
00:53:32,160 --> 00:53:34,840
Speaker 1: cut because you invested too much inside of a taxable

1128
00:53:34,840 --> 00:53:40,120
Speaker 1: brokerage and they're like getting success tax Yep. Okay, Matt,

1129
00:53:40,239 --> 00:53:42,000
Speaker 1: let's get back to the beer that we had on

1130
00:53:42,040 --> 00:53:44,919
Speaker 1: this episode. This is called I'm only me when I'm

1131
00:53:44,920 --> 00:53:48,040
Speaker 1: with you, and that's how I feel about my wife,

1132
00:53:48,440 --> 00:53:50,239
Speaker 1: it's got a cute little let. I can be myself

1133
00:53:50,239 --> 00:53:51,640
Speaker 1: around you tube. I of course you know that we

1134
00:53:51,920 --> 00:53:53,640
Speaker 1: try to be ourselves and until we hang out. But

1135
00:53:53,640 --> 00:53:56,440
Speaker 1: what did you think about the specific kettle sour beer

1136
00:53:56,480 --> 00:53:59,200
Speaker 1: from Piedmont Brewery? So good, so good? This is like,

1137
00:53:59,320 --> 00:54:03,200
Speaker 1: I mean, you know, raspberries in beer. It's like my

1138
00:54:03,280 --> 00:54:07,160
Speaker 1: jam and jam. It's uh so, I love this beer.

1139
00:54:07,200 --> 00:54:10,680
Speaker 1: I mean, they're still my favorite. And the pomegran I

1140
00:54:10,719 --> 00:54:13,319
Speaker 1: think adds like kind of a cherry earthiness to it

1141
00:54:13,360 --> 00:54:16,160
Speaker 1: as well. So it's like sour tart, fruity fruity, but

1142
00:54:16,239 --> 00:54:20,160
Speaker 1: like with like some earthy undertones as well. I like it.

1143
00:54:20,200 --> 00:54:23,279
Speaker 1: I'd go. Did you taste the vanilla and lactose? Maybe

1144
00:54:23,320 --> 00:54:25,319
Speaker 1: I think it smoothed it out a little bit, but

1145
00:54:25,600 --> 00:54:27,160
Speaker 1: not maybe it would have been a little bit. I'm

1146
00:54:27,160 --> 00:54:28,880
Speaker 1: reading the label here and I'm saying that that was

1147
00:54:28,920 --> 00:54:31,520
Speaker 1: on there, but not significant. I didn't notice much of that. Yeah,

1148
00:54:31,560 --> 00:54:33,840
Speaker 1: it was pretty big tart. Did have that mouth pucker

1149
00:54:33,960 --> 00:54:35,959
Speaker 1: going on while also having all the all the fruit

1150
00:54:35,960 --> 00:54:38,480
Speaker 1: flavors there. Yeah, I liked it. I liked it pretty good.

1151
00:54:38,800 --> 00:54:42,640
Speaker 1: I'll just say that probably more of my alley than yours. Yeah, yeah,

1152
00:54:42,920 --> 00:54:44,480
Speaker 1: but I'm glad we got to. You know, you add

1153
00:54:44,480 --> 00:54:46,080
Speaker 1: a little bit of rum to that though. I need

1154
00:54:46,120 --> 00:54:48,239
Speaker 1: it again. I need to see what cocktails you're making.

1155
00:54:48,280 --> 00:54:51,040
Speaker 1: Come on with the palm. That is going to be

1156
00:54:51,120 --> 00:54:53,000
Speaker 1: it for this episode. You can find our show notes

1157
00:54:53,080 --> 00:54:55,480
Speaker 1: up on the website at housemoney dot com. We're gonna

1158
00:54:55,480 --> 00:54:57,480
Speaker 1: get out of here, so buddy. Until next time, Best

1159
00:54:57,480 --> 00:55:01,600
Speaker 1: friends out, best Friends Out. The