Speaker 1: Welcome to How the Money. I'm Joel and I am Matt,
Speaker 1: and today we are answering your listener questions. Yeah, Joel,
Speaker 1: We've got some great listener questions that we're gonna get
Speaker 1: to today. We're gonna talk about paying off a zero
Speaker 1: percent interest credit card. We're gonna discuss how much you
Speaker 1: should set aside in your emergency fund for some housing repairs.
Speaker 1: And we're also gonna cover what to do when inheriting
Speaker 1: a four oh one K. Plus. We've got two other
Speaker 1: listener questions that will just be a surprise, Yeah, surprise
Speaker 1: listener questions. Yeah, Matt, before we get into the actual questions.
Speaker 1: I'm completely fascinated by kind of something new ish happening
Speaker 1: in the housing market. And they're called virtual appraisals or
Speaker 1: desktop appraisals. I've heard of them, yeah, and like, I
Speaker 1: love it because I don't know about you. Have you
Speaker 1: ever been burned by an appraisal before where you knew
Speaker 1: or really really strongly believed that your house was worth
Speaker 1: something and then the appraiser came in and was like, yeah,
Speaker 1: it's worth seventy thousand less than that. I do feel
Speaker 1: that way, specifically when it came to a refundance that
Speaker 1: I was doing, and I thought that the house was
Speaker 1: definitely worth more than what he said it was. I
Speaker 1: think it had a lot to do with the fact
Speaker 1: that the backyard was thatched, like it was covered in Hey, okay,
Speaker 1: and so let's kind of run down. I'm like, dude,
Speaker 1: imagine if that was instead a beautiful green backyard, lush
Speaker 1: green yard. Yeah. I feel like he was letting some
Speaker 1: things that were maybe just on the surface kind of
Speaker 1: maybe influence his decision. Yeah, And I think that's the
Speaker 1: biggest downside when we're talking about humans doing appraisals, it
Speaker 1: is human bias, right, Well, there's there's human bias. Is
Speaker 1: often the person doing the appraisal, they could live forty
Speaker 1: five minutes or an hour away from where you live,
Speaker 1: that they might be unfamiliar with the neighborhood. And sometimes
Speaker 1: the way comps are done, usually that appraiser is looking
Speaker 1: at three comps in your area, and your area can
Speaker 1: very street to street, especially where we live in town.
Speaker 1: The value of our house is completely different than one
Speaker 1: neighborhood over, but the appraiser or even like one block
Speaker 1: over or even one blockover, and the appraiser might not
Speaker 1: see it that way, they might say, you know what
Speaker 1: this is, these are the comps I'm pulling, and then
Speaker 1: they might not, at least in our opinion, be accurate comps. Yeah,
Speaker 1: with the virtual or desktop appraisals, one of the ways
Speaker 1: that they're getting a way better is that they're able
Speaker 1: to look at hundreds of different houses. They're not just
Speaker 1: looking at a few select homes. They're able to cast
Speaker 1: a much wider net when it comes to finding the
Speaker 1: value of your home. Yeah, and there's this specific company
Speaker 1: called house Canary, and I'm just fascinating kind of about
Speaker 1: what they're doing because, yeah, I've just had this these
Speaker 1: run ins with the praisers where first off, they're really expensive.
Speaker 1: An appraisal to do a refine can be four hundred
Speaker 1: bucks maybe more or yeah, that's that's really affordable. Honestly,
Speaker 1: I think I think in a lot of areas it's
Speaker 1: closer to a thousand even. Yeah, it can be super
Speaker 1: expensive to get a human to appraise at home, and
Speaker 1: so it makes the cost of a refinance go up
Speaker 1: because of that. And so a company like house Canary
Speaker 1: who can do it for you know, a fraction of
Speaker 1: the cost, and essentially their artificial intelligence, their ability to
Speaker 1: pull a hundred comps in the area it to get
Speaker 1: a more precise value for your home. I just love
Speaker 1: that possibility, and I love that that's kind of coming about.
Speaker 1: And the federal government actually just recently raised the purchase
Speaker 1: price amount where you're allowed to use a desktop appraisal
Speaker 1: as opposed to a human appraisal. So we're going to
Speaker 1: see more and more of these things coming, and I
Speaker 1: love the direction it's going. It's not gonna work in
Speaker 1: all cases and in all circumstances, but I think these
Speaker 1: things are going to be a game changer, and hopefully
Speaker 1: more than anything, they're the lower prices for us as individuals,
Speaker 1: for us trying to buy or refinance at home, it'll
Speaker 1: lower the transaction prices that we incur. Yeah. One of
Speaker 1: the benefits as well is that it happens faster, right,
Speaker 1: You're like, you're not waiting for a week, you know,
Speaker 1: before an appraiser is able to come out, Like it
Speaker 1: happens instantly, and sometimes they want to come in the
Speaker 1: house and then you've got to like find a time
Speaker 1: that works with Yeah. And while that's great and all, like,
Speaker 1: I don't care necessarily if it happens faster. I wanted
Speaker 1: to be convenient and I want it to be cheap,
Speaker 1: and this is a way accurate hopefully inaccurate as well. Well.
Speaker 1: I mean that's one of the great things that you're
Speaker 1: talking about the AI, Like they've trained the software and
Speaker 1: programmed it to where it can recognize extra your features
Speaker 1: like lot elevation and privacy and just all these other factors.
Speaker 1: But based on good interior photos, it can see and
Speaker 1: recognize finishes as well. Like they're talking how it can
Speaker 1: recognize Grantite like grantit countertops. So guess what that desktop appraisal. Yeah,
Speaker 1: it totally knows that you've got a nice kitchen and
Speaker 1: they'll factor that in when it comes to putting together
Speaker 1: a value for you. But I'm with you, man, I
Speaker 1: love the fact that we're cutting costs and we're democratizing
Speaker 1: the home buying or refinancing process. The technology is finally there.
Speaker 1: I mean, I think when you look at kind of
Speaker 1: the Zillos estimates, they're not quite there. They're trying to
Speaker 1: get there, but it seems like this company, House Canary
Speaker 1: and a couple other ones like it, they're pretty much
Speaker 1: there with the technology and it works for home valuation
Speaker 1: in most cases. So I'm interested to see where this goes.
Speaker 1: We'll keep our eyes out and if big changes happen
Speaker 1: or they become even more widely available, Matt will talk
Speaker 1: about it again on the show. Right all right, but
Speaker 1: let's mention the beer we're having today on this episode.
Speaker 1: We're having Blair's Breakfast out and this beer was crafted
Speaker 1: by Wilmington's Brewing Company. Yeah, this beer was actually gifted
Speaker 1: to me at Christmas by my uncle, or specifically, I
Speaker 1: should say my uncle in law. This is Kate's uncle.
Speaker 1: They live in Wilmington's and he drew my name for
Speaker 1: that extended family gift exchange secret Sannah, Yeah, exactly, and
Speaker 1: he was wise and savvy enough to know that you
Speaker 1: can't go wrong with a nice craft of beer. So
Speaker 1: I wanted to share this one with you, buddy, awesome man.
Speaker 1: Well thanks, I'm looking forward to having this one on
Speaker 1: the show with you. We'll give our tasting notes at
Speaker 1: the end of the episode. All right, but let's get
Speaker 1: to our listener questions for today, Matt. For anybody out
Speaker 1: there who's listening and they want to submit their question
Speaker 1: to potentially be featured on the show, It's really simple.
Speaker 1: Just go to how to money dot com slash ask.
Speaker 1: It'll take you a minute or two at most to
Speaker 1: submit your listener question via the simple directions there. And
Speaker 1: the first one for today is about paying off a
Speaker 1: zero present credit card. Hi man, Joel. My name is
Speaker 1: Chelsea and I'm from originally in Virginia, but I moved
Speaker 1: to Seattle about six and a half years ago. I
Speaker 1: have a question about credit cards. I've definitely gotten myself
Speaker 1: into a little bit of trouble and I am in
Speaker 1: the process us of paying them off. I definitely am
Speaker 1: a little embarrassed about how much I have accrued. Let's
Speaker 1: just say that I paid off eight thousand dollars this
Speaker 1: summer and I basically put into my credit card bills.
Speaker 1: My question is, as I've moved some balance transfers around
Speaker 1: so that I'm utilizing the zero percent introductory rate for
Speaker 1: you know, ten months or a year, what have you
Speaker 1: for my cards? Should I be trying to pay the
Speaker 1: zero percent balance down on those cards or should I
Speaker 1: be going towards the cards that have an interest rate
Speaker 1: even though there's a deadline essentially on that zero percent
Speaker 1: interest balance transfer. Love to know what you think. Love
Speaker 1: the show. Thanks so much for hearing me out. Hey, Chelsea,
Speaker 1: we are glad to hear that you are focused on
Speaker 1: paying off that debt. Paying eight thousand dollars off last summer.
Speaker 1: That is great, So don't beat yourself up about some
Speaker 1: of those past mistakes that you've made. You're well on
Speaker 1: your way to being rid of it now by essentially
Speaker 1: paying off of your debt in one season, that's amazing. Like,
Speaker 1: if you are able to continue at that pace, you
Speaker 1: should be completely done with his debt within the next year.
Speaker 1: That is a really good debt paid on pace. And also,
Speaker 1: Chelsea had mentioned those zero percent transfers. If you're listening
Speaker 1: and you don't know what those are all about, you
Speaker 1: can read about those over at the website. Head over
Speaker 1: to how to money dot com slash balance transfer and
Speaker 1: you can learn how those work, as well as some
Speaker 1: cards that we recommend. Yeah, Matt, you did a good job,
Speaker 1: right and now one up buddy. All right, let's get
Speaker 1: to some of the specifics of Chelsea's question, though, we
Speaker 1: really would not recommend prioritizing paying on those zero percent
Speaker 1: cards first. Instead, Chelsea, pay as much as you can
Speaker 1: towards the cards that are currently charging you interest, as
Speaker 1: this is going to cut the overall amount that's going
Speaker 1: towards your interest, and it will ensure that more of
Speaker 1: your money is tackling the principle of your debt. You
Speaker 1: are taking advantage of some of those zero percent balance
Speaker 1: transfer cards, WOUL, which is great. That means by default
Speaker 1: you're subscribing to the avalanche debt payoff method, not the snowball,
Speaker 1: which means you're focusing on the rates. And so while
Speaker 1: you have zero percent period on lockdown, prioritize funneling all
Speaker 1: of your money above the minimum payments towards the credit
Speaker 1: cards that are currently charging your interest. Yeah, most definitely
Speaker 1: continue to prioritize those interest rates above anything else. And
Speaker 1: she'll see part of your desire to want to knock
Speaker 1: out the debt on those zero percent cards that might
Speaker 1: be due to a false sense of urgency. Right, it
Speaker 1: might feel like you should since you can probably feel
Speaker 1: the clock ticking as that zero percent period is winding down.
Speaker 1: But even though there isn't a time constraint on your
Speaker 1: other cards, they have something worse, which is higher interest.
Speaker 1: And so even though it feels like you might have
Speaker 1: forever to pay on those balances. In reality, you really
Speaker 1: want to focus on those because of those increased payments
Speaker 1: that are going towards interest. But the thing is, if
Speaker 1: you do run out of time, you can still try
Speaker 1: and transfer the balance again to another zero percent card
Speaker 1: to buy yourself even more time. It's also probably a
Speaker 1: great idea to make sure you're aware of what the
Speaker 1: regular rates are going to be on those zero percent cards.
Speaker 1: That way, if you do run out of time and
Speaker 1: that and that introductory window does close and you're not
Speaker 1: able to open a new card, at least be a
Speaker 1: little more familiar of the a p R that you
Speaker 1: will be paying. That might honestly kind of light a
Speaker 1: fire under you to make sure that you knock out
Speaker 1: that debt within that limited window. Yeah, Matt, one of
Speaker 1: the things that helps people when they're attempting to do
Speaker 1: a balance transfer is having a high credit score. So
Speaker 1: hopefully Chelsea is maintaining a high credit score able to
Speaker 1: and she's able to transfer that balance over to another
Speaker 1: card that offers zero percent for an introductory window somewhere
Speaker 1: between probably twelve and twenty one months, and with her
Speaker 1: ability to pay it on this debt rather quickly from
Speaker 1: what it seems I mean, I know she seemed a
Speaker 1: little down on herself, but I think she can do
Speaker 1: it yea quickly and pay very little interest in the process.
Speaker 1: But I think it's another important thing to mention for
Speaker 1: Chelsea and for other listeners who are in this position.
Speaker 1: Once you've paid off all that credit card debt, it's
Speaker 1: really really important to resolve to not get into that
Speaker 1: position again. Focus on building up your emergen and see phone,
Speaker 1: and try to mend your spending habits. If that's proving
Speaker 1: to be difficult and you're having a hard time curbing
Speaker 1: your behavior, remember remember that it's good for your credit
Speaker 1: score if you don't close the account. But there's one
Speaker 1: step you can take to actually make it harder for
Speaker 1: you to spend, and that's kind of this old antiquated
Speaker 1: way Matt of literally throwing your credit card in a
Speaker 1: zip block bag full of water and tossing it in
Speaker 1: your freezer. This isn't a credit freeze. This is a
Speaker 1: credit card freeze. Very different, very different, but super necessary
Speaker 1: if you have a hard time not spending when you've
Speaker 1: got that credit card in your wallet or your purse. Right, Yeah,
Speaker 1: essentially you're setting up a guardrail. You're creating a process
Speaker 1: that essentially keeps you from spending the money that you
Speaker 1: don't want to spend. I know, for us, we've never
Speaker 1: actually put cards in the freezer before, but there have
Speaker 1: been credit cards that we didn't want to spend on,
Speaker 1: and so in that case we just cut the cards up. Right, Like,
Speaker 1: the account still exists, but we don't have the plastic
Speaker 1: in our wallet. I'm not attempted to spend on it
Speaker 1: while I'm out, but then once a year I have
Speaker 1: a reminder on my calendar to spend some money on
Speaker 1: that car, just to make sure it stays active. That way,
Speaker 1: the issuer doesn't close that account in this case, I'm
Speaker 1: a little more methodical. But if you want to have
Speaker 1: these additional lines of credit open so that it positively
Speaker 1: affects your credit score, sometimes there are steps you need
Speaker 1: to take, and for us, this is something that has
Speaker 1: definitely worked for us. Yeah, Matt, Chelsea's well on her way.
Speaker 1: I think she's got this debt handled in short order.
Speaker 1: And those ballot transfer cards, they're just a good part
Speaker 1: of that arsenal in kind of paying down your debt
Speaker 1: even more quickly by paying less interest on it. All Right,
Speaker 1: but we got a couple more questions, including one about
Speaker 1: inheriting a four oh one K, and we'll get to
Speaker 1: those right after the break. All right, Joel, we're back
Speaker 1: from the break, and let's hear from a listener who
Speaker 1: he and his wife man they are doing some amazing
Speaker 1: things with their money. Hey, Joel and Matt. My name
Speaker 1: is Joe from Minnesota, and I first wanted to thank
Speaker 1: you for creating such a fun and relatable financial podcast.
Speaker 1: While I'm recording this listener question, it felt only fitting
Speaker 1: that I enjoy craft beer here myself. I have a
Speaker 1: couple of questions, but first some context. My wife and
Speaker 1: I recently finished paying off our mountain of student loan
Speaker 1: debt and are in the midst of house hacking after
Speaker 1: buying a duplex late last year. In our scenario, we
Speaker 1: live in one unit and rent out the other. To date,
Speaker 1: we have set aside all of our rent to build
Speaker 1: up our emergency fund. We feel fairly comfortable with the
Speaker 1: amount we have set aside, but we aren't sure how
Speaker 1: much we really need. We have set aside enough to
Speaker 1: cover any single major fix, such as if the heat
Speaker 1: goes out or we need a new roof. Because we
Speaker 1: are house hacking and have a responsibility to our tenant.
Speaker 1: How much more should we be setting aside to account
Speaker 1: for emergencies that may affect both us and our tenant.
Speaker 1: Do we put enough in our emergency fund to cover
Speaker 1: two major fixes or three? Is there some magic number
Speaker 1: we need to save to or is it simply all
Speaker 1: about mitigating whatever level of risk we're willing to take on.
Speaker 1: Thank you guys, and keep up the great work. And
Speaker 1: I hope you enjoy the beer I sent you. Cheers,
Speaker 1: Joe Man, thanks so much. And by the way, we
Speaker 1: loved the beer that was the King's that you sent along,
Speaker 1: and we found out from you as well as from
Speaker 1: a ton of other listeners. And are you idiots? How
Speaker 1: do you not know? I did not know what Kingsue? Well,
Speaker 1: Sue King Sue is, I guess the name of the beer,
Speaker 1: But Sue is the name of the biggest I think,
Speaker 1: or the largest Tyrannosaurs Rex specimen ever found. It's like
Speaker 1: the most complete set of bones from a single Toyrannosaurs Rex,
Speaker 1: which is pretty cool. And it's only sixty seven million
Speaker 1: years old I found out, so pretty young, yeah, pretty young,
Speaker 1: but yeah, it's super cool that I had no idea,
Speaker 1: but really cool to see. I saw a picture of it,
Speaker 1: I was like, this thing looks incredible. Yeah, pretty dope.
Speaker 1: We gotta make a trip to Chicago, man and check
Speaker 1: that out. It looks awesome. I was t Rex bones. Yeah.
Speaker 1: Were you ever into dinosaurs as a kid, You know.
Speaker 1: I feel like a lot of times kids go through
Speaker 1: like a massive dinosaur phase. Sure, I don't think I
Speaker 1: had a massive one, but just like every other kid,
Speaker 1: I was into them for a little bit there. I
Speaker 1: was really into like building, like connects and constructs or constructs.
Speaker 1: I don't even know how you say it. It was.
Speaker 1: It was like this building tool from the from the eighties.
Speaker 1: It was different than like legos because like they had
Speaker 1: like being aimes, but then also like pieces that attached
Speaker 1: is way more like construction. Oh yeah, I know what
Speaker 1: you're talking about, like gray little connectors and then like
Speaker 1: the in between pieces were blue. I was rolling with
Speaker 1: Lincoln logs, man, Lincoln loungs are fun. Yeah, they were cool,
Speaker 1: not quite as advanced. Well, it's constructs and connects, man.
Speaker 1: I just used to spend hours doing that and not
Speaker 1: playing with dinosaurs. Yeah, well, all right, to each their own,
Speaker 1: but big props to to Joe by the way, awesome
Speaker 1: job paying off your student loans and your your house hacking.
Speaker 1: I mean, he's crushing it. Yeah, what an amazing place
Speaker 1: to be in. I mean this really in your marriage,
Speaker 1: and I assume you're not, you know, in your fifties
Speaker 1: and sixties. It sounds like you guys, you know, just
Speaker 1: got married. Sounds like y'all just got the house. It
Speaker 1: sounds like you're pretty early on your financial path. But
Speaker 1: what a way to start, man, especially house hacking, to
Speaker 1: be able to reduce their expenses that's going towards their
Speaker 1: own housing by a significant amount. They may not even
Speaker 1: be spending any money towards our housing. Dude. Yeah, that's
Speaker 1: what house hacking can do, and it's amazing. That's why
Speaker 1: we love it. But I think Joe brings up a
Speaker 1: really good point here, man. It's not something we've talked
Speaker 1: about very much. You know. We advocate for folks having
Speaker 1: roughly a basic emergency fund. That's a good start for
Speaker 1: most folks. It's a good it's a good number to
Speaker 1: aim for if you don't have much money in your
Speaker 1: bank account right now, and having a total of three
Speaker 1: months of savings of the bank. Well, that's killer if
Speaker 1: you're able to achieve that. But there are some circumstances
Speaker 1: where you'll want even more money on hand. If you're
Speaker 1: a landlord with aging properties, for instance, or have a
Speaker 1: tenuous job position, or maybe if you have to like
Speaker 1: some special health issues. Yeah, you want more cash on
Speaker 1: hand to deal with the things that pop up in
Speaker 1: those cases. But you can't really plan for everything, right,
Speaker 1: and that's where insurance comes in, and so being properly
Speaker 1: insured is crucial, especially as a landlord, and that insurance
Speaker 1: is something that you really only want to use in
Speaker 1: catastrophic scenarios. Like we're not fans of actually using the
Speaker 1: insurance you have just having the insurance until it's actually needed.
Speaker 1: But you really do need to have the money on
Speaker 1: hand to cover a potential deductible. And you also want
Speaker 1: to have the money on hand to fix the things
Speaker 1: that pop up in your unit or your tenants unit.
Speaker 1: And that's best done with money that is in a
Speaker 1: savings account, and not just any old savings accountul a
Speaker 1: high interest savings account, of course, And so it's helpful
Speaker 1: to to take your specific property into account. Right. You
Speaker 1: can ask yourself, is the roof old well if not,
Speaker 1: you probably don't need to set aside, you know, seven
Speaker 1: thousand dollars to replace it. Yet, even though you can't
Speaker 1: predict the future, knowing the age of your systems and
Speaker 1: different appliances that can help you assess your savings needs. Obviously,
Speaker 1: newer systems means there's probably a less likelihood of them
Speaker 1: breaking down, but creating a fund that you can contribute
Speaker 1: to monthly that will help you to have a cash
Speaker 1: on hand for when those systems do need repairs or
Speaker 1: when they do need to be replaced. With you guys
Speaker 1: banking all the rent from your tenant next door, I
Speaker 1: don't think it's gonna take very long for you guys
Speaker 1: to quickly arrive at a dollar amount that you do
Speaker 1: feel comfortable with. And one thing I did want to
Speaker 1: mention as well, Joe, is that let's assume you go
Speaker 1: down the path of real estate, and maybe you do
Speaker 1: acquire more properties. I think it's helpful if you set
Speaker 1: aside an emergency fund for each specific property, because let's
Speaker 1: assume maybe you have three properties down the road. You
Speaker 1: might have a single pot of money and it could
Speaker 1: seem like a lot of money. But let's let's say
Speaker 1: in one year you replace three rous, well, that could
Speaker 1: be twenty dollars right there, and your emergency fund is
Speaker 1: completely wiped out. And so having you know, some separate
Speaker 1: emergency fund accounts within your high interest savings can allow
Speaker 1: you to kind of stay more organized and on top
Speaker 1: of things. Yeah, and I think one helpful kind of
Speaker 1: rule of thumb that it's not always you spot on,
Speaker 1: but it can be helpful is estimate that you're going
Speaker 1: to spend roughly one of the purchase price of your
Speaker 1: home every year in repair costs. So if your home
Speaker 1: costs two thousand, you'll likely spend roughly two thousand dollars
Speaker 1: annually in repair costs on that home. Yeah, it might
Speaker 1: be zero dollars this year and next year, but in
Speaker 1: three years you might be dropping six grand. Yeah, it
Speaker 1: just completely depends. But that's a nice rule of thumb
Speaker 1: in most cases. If I were you, Joe, I'd also
Speaker 1: consider opening up a helock, a home equity line of credit.
Speaker 1: It's really the perfect fit for you because you might
Speaker 1: need quick access to money, but it stinks to have
Speaker 1: a heap of unnecessary cash around that you could be
Speaker 1: funneling towards more investments. The helock can kind of split
Speaker 1: the difference for you, and you won't pay interest unless
Speaker 1: you actually draw down on it. I like these as
Speaker 1: kind of a secondary reserve e fund that you try
Speaker 1: not to tap, but it's better to be safe than sorry.
Speaker 1: It's important that you have enough cash on hand to
Speaker 1: easily cover likely maintenance needs, but a helock is kind
Speaker 1: of this awesome backup to provide some peace of mind
Speaker 1: in the unlikely case that let's say a hot water
Speaker 1: heater and a furnace and a roof are all just
Speaker 1: needing to be replaced in short order. That's when the
Speaker 1: helock kicks in and it's really nice to happen. That's
Speaker 1: like really crappy winner, right, that's a bad year. Um,
Speaker 1: you know. I'll add to that, Joel. One of the
Speaker 1: reasons they're so great is because typically there is very
Speaker 1: little cost or no cost at all to set these
Speaker 1: up with banks, and so they're really attractive from that standpoint.
Speaker 1: But do remember that when you do use that money,
Speaker 1: you are paying interest on it, so it's not like
Speaker 1: it's completely free money. So a lot of this kind
Speaker 1: of depends on how comfortable you are with that. I know, Joel,
Speaker 1: Kate and I for pretty much our entire marriage, we've
Speaker 1: always had pretty much three months worth of living expenses
Speaker 1: set aside. But when we renovated our home, we dipped
Speaker 1: into that a little bit or a lot, and that
Speaker 1: put us in a position where we didn't have much
Speaker 1: of an emergency fund. And dude, I did not like
Speaker 1: that at all. Like it. It was interesting how it
Speaker 1: made me feel. It just felt vulnerable. I mean, I
Speaker 1: don't have a very stable job. Maybe it would be
Speaker 1: different if I had a regular paycheck coming and all
Speaker 1: the time. But I realized that part of the reason
Speaker 1: we built that up was to account for some of
Speaker 1: that risk that we experience on the income side of things.
Speaker 1: And so yeah, that's something I learned about myself twelve
Speaker 1: years into our marriage, which is crazy. So know that
Speaker 1: it does come down a lot of times to you
Speaker 1: as an individual. For us, we're building back up to
Speaker 1: that three months now for sure, And with our apartment now,
Speaker 1: we're actually going to maybe go a little over that
Speaker 1: three months because I guess essentially, like we do kind
Speaker 1: of have a duplex. The apartment's pretty small, so it's
Speaker 1: kind of like a very lopsided of duplex. But but
Speaker 1: there are some expenses that are going to be associated
Speaker 1: with just the apartment that we need to make sure
Speaker 1: that we account for. Yeah, and so much of it
Speaker 1: is a level of comfortability, your own personal comfort level
Speaker 1: with where your funds hands. And yeah, that's why I
Speaker 1: think you want to have on hand enough to cover
Speaker 1: most reasonable fixes you can expect to incur right over
Speaker 1: the next year, and if you're particularly risk averse, you
Speaker 1: won't even more than that. But then the helack can
Speaker 1: be that perfect balancing act that you hope you never
Speaker 1: have the tap. All right, Matt, let's get into our
Speaker 1: next question, and it's about inheriting a four oh one K. Hi, guys,
Speaker 1: my name is Cassandra, and I'm calling from Brooklyn, New York.
Speaker 1: My father recently passed away and left me a four
Speaker 1: oh one K and I'm wondering what the best way
Speaker 1: to go about handling that is. I'm in my twenties,
Speaker 1: so I would like advice on any tax applications that
Speaker 1: sort of thing. Thank you, Hey, Cassandra, we are so
Speaker 1: sorry for the loss of your dad and you are
Speaker 1: now trying to figure out what to do with a
Speaker 1: four one k. Um. What to do with it is
Speaker 1: one question, and then the tax implications. That's another question
Speaker 1: as well, and so let's go ahead and discuss the latter. First,
Speaker 1: let's talk about taxes. When you inherit A four one K,
Speaker 1: you are going to roll that money over into an
Speaker 1: ira A upon actual inheritance, and you used to be
Speaker 1: able to draw down on that inherited ira over your
Speaker 1: entire life. But the new Secure Act that forces you
Speaker 1: to actually liquid a all of your inheritance within ten years.
Speaker 1: So the clock's ticking because of that, You'll want to
Speaker 1: consider specifically what your current and what your potential future
Speaker 1: income over the next ten years is going to be
Speaker 1: when you choose to take distributions is going to impact
Speaker 1: your income when you file taxes. So, for example, if
Speaker 1: you know that the you know next year or two,
Speaker 1: your income is going to be much lower, it might
Speaker 1: make sense to take out an increased distribution that year,
Speaker 1: you know what, Like if you're taking a gap year
Speaker 1: or something like that and you basically have zero income,
Speaker 1: it might make sense to withdraw all of that money
Speaker 1: in that period if you know that after those couple
Speaker 1: of years you're gonna launch into your professional career. Yeah,
Speaker 1: so much. It depends on the amount of the inheritance
Speaker 1: and kind of yea, what your pay structure is over
Speaker 1: the coming decade, and then what should you do with
Speaker 1: that money? Well, that's definitely another element of the equation.
Speaker 1: And first we'll make sure you have your inherited ira
Speaker 1: a with a low cost provider so that you're not
Speaker 1: being eaten up with fees. You definitely don't want your
Speaker 1: money to be slowly eaten away by the expensive fees
Speaker 1: that a lot of investment companies charge. You might already
Speaker 1: have a traditional or a roth ira a, but this
Speaker 1: inherited one is going to be separate. And one way
Speaker 1: that it's different is that you can't contribute any more
Speaker 1: money to it. And what you do with this inheritance
Speaker 1: really has so much to do with your own specific goals.
Speaker 1: So I take some time think through, like what you
Speaker 1: actually want to achieve in the coming years. Are you
Speaker 1: saving for a house, well, depending on the amount, this
Speaker 1: could help you with that down payment. Are you hoping
Speaker 1: to start your own business, Well, you might not need
Speaker 1: to go into debt to fund it. Generally speaking, we
Speaker 1: would first recommend that you pay off any outstanding debts
Speaker 1: that you have, especially higher interest rate debts like credit
Speaker 1: card debts with an inheritance like this and then start
Speaker 1: to invest before you start looking at these bigger picture goals.
Speaker 1: But it's helpful to kind of put your whole financial
Speaker 1: situation under a microscope so that you can see what
Speaker 1: priorities exist. One of the biggest priority are in your
Speaker 1: specific financial situation and the Cassandra, assuming that maybe you
Speaker 1: are going to be taking that money out of those
Speaker 1: accounts within the next few years, well, it doesn't make
Speaker 1: sense to invest that money at all. We recently had
Speaker 1: an episode where we talked about saving versus investing, and
Speaker 1: if you're looking to take that money out and maybe
Speaker 1: three to five years, essentially you just want to protect
Speaker 1: that money and the best way you can do that
Speaker 1: is by keeping it as cash within that inherited i
Speaker 1: ra A. But if you know that it's gonna be
Speaker 1: maybe seven to ten years, like if you're thinking it'll
Speaker 1: be closer to a decade before you're gonna draw all
Speaker 1: that money, it might make sense to put that money
Speaker 1: into a conservative fund. I think like a target retirement
Speaker 1: fund of twenty thirty could be a great spot for
Speaker 1: you to definitely to to grow that amount a little bit,
Speaker 1: but at the same time, you're not subjecting yourself to,
Speaker 1: you know, the dramatic ups and downs of the market
Speaker 1: if that money was going to be invested over the
Speaker 1: course of the next you know, thirty years or something
Speaker 1: like that. Yeah, for sure, that that timeline is is
Speaker 1: so crucial to where you put the money inside of
Speaker 1: that inherited I arra having it in stocks when you
Speaker 1: need it in the next five years not a good idea.
Speaker 1: And also we recommend to Cassandra that when you come
Speaker 1: into a large chunk of money and inheritance, a big
Speaker 1: bonus or a sale of some of your investments, that
Speaker 1: you take a small portion, maybe five or ten percent,
Speaker 1: and spend it in a way that you normally wouldn't
Speaker 1: have fun with it. Think about the rest as kind
Speaker 1: of that jump start towards achieving those bigger life and
Speaker 1: investing goals that you may have. But a small portion,
Speaker 1: and especially I think in the aftermath of of losing
Speaker 1: someone that you love, using a portion of that money
Speaker 1: in a way that is kind of adventurous and fun
Speaker 1: I think can also provide some helpful closure at the
Speaker 1: same time. Yeah, Joel, that's great advice man. And Cassandra,
Speaker 1: it sounds like you you're asking all the right questions,
Speaker 1: and so it sounds like you're gonna do some amazing
Speaker 1: stuff without money. It sounds like you're gonna honor your dad. Well, so,
Speaker 1: if we're talking about a small amount of money, this
Speaker 1: is probably something you can do on your own. But
Speaker 1: if you feel pretty intimidated by this entire process, because
Speaker 1: this is a really large amount of money and you
Speaker 1: don't feel comfortable with it, then we would most definitely
Speaker 1: encourage you to check with the tax professional. That way,
Speaker 1: you fully under nderstand all of the tax implications, that
Speaker 1: you understand the tenure deadline, and that you're fully aware
Speaker 1: of all the different ways that you could handle this money.
Speaker 1: All right, Joe, We've got a couple more questions. We've
Speaker 1: got one about life insurance, and we also have one
Speaker 1: about living a life without a credit score. We'll get
Speaker 1: to those right after the break. All right, Matt, we're
Speaker 1: back in the break. We got two more questions. First
Speaker 1: one about life insurance. Hey, guys, this is Josh from Illinois.
Speaker 1: I have a question about whole life insurance. The way
Speaker 1: it was pitched to me was that it's a backup
Speaker 1: to your rath or four O n K. So if
Speaker 1: the market is in a down year, you can borrow
Speaker 1: against the insurance instead of taking money out of your retirement,
Speaker 1: which would slow the growth potential in the upcoming years.
Speaker 1: And since the insurance is also market based, the interest
Speaker 1: from the amount invested in the policy helps to pay
Speaker 1: back the loan. It seems like a good idea to me?
Speaker 1: Or is there just better ways to do life insurance
Speaker 1: and protect your retirement in the future. All right, Josh,
Speaker 1: great question, And you know what, there's a key phrase
Speaker 1: and what you said that really helped me kind of
Speaker 1: understand what you're what's happening here, you said, wondering what
Speaker 1: you're about to say, jel he said when it was
Speaker 1: pitched to me, There you go. And whole life insurance
Speaker 1: sounds nice in the pitch, but it's almost never the
Speaker 1: best idea for people. The real reason for getting life
Speaker 1: insurance is replacement of income, but in that pitch that's
Speaker 1: something that rarely gets mentioned. You really only have a
Speaker 1: need for whole life insurance if you are a high
Speaker 1: income earner who has fully maxed out tax efficient retirement
Speaker 1: and savings accounts. It also might potentially be beneficial if
Speaker 1: you have a child with special needs. But whole life
Speaker 1: insurance is just not a product best suited for most people. Yeah, Joel,
Speaker 1: And so often whole life insurance plans that they are
Speaker 1: sold as a way for you to protect your retirement,
Speaker 1: almost as as a backup. Right, Just like Josh said, Well,
Speaker 1: the best way that you can actually protect your retirement
Speaker 1: and your investments is to invest more over time, not
Speaker 1: spend more on an insurance policy that rath that you
Speaker 1: mentioned that will give you some access to your money
Speaker 1: if you need it in hard times. In Another way
Speaker 1: that you can protect your retirement is to reallocate your
Speaker 1: funds over time as you get closer to being in
Speaker 1: the wealth preservation stage of your life. Yeah, and there
Speaker 1: are better ways to do retirement, like you just mentioned map,
Speaker 1: but there are also better ways to do insurance. So
Speaker 1: the best way to do life insurance is to buy
Speaker 1: a term life insurance policy. Whole life insurance typically cost
Speaker 1: six to ten times more than a term policy every
Speaker 1: month your premium, your cost for having that policy is
Speaker 1: so much more with the whole life policy than it
Speaker 1: is with the term And the person you're talking to, well,
Speaker 1: they likely stand to make more in commissions by selling
Speaker 1: you a whole life policy instead, a term policy makes
Speaker 1: an insurance salesman almost no money, and it's why the
Speaker 1: pitch tends to sound pretty good. Also, we're not fans
Speaker 1: of combining insurance vehicles with investment vehicles. It tends to
Speaker 1: drive up costs and fees, and it decreases transparency. It
Speaker 1: also inhibits returns in the long run. So you can
Speaker 1: protect your retirement by investing more of your money in
Speaker 1: tax advantage retirement accounts, and then you can better protect
Speaker 1: your loved ones by having a great term life policy
Speaker 1: that you buy at a site like let's say, policy Genius,
Speaker 1: and that site does a great job shopping the market,
Speaker 1: giving you the lowest potential insurance costs, as opposed to
Speaker 1: listening to an individual insurance salesman and hoping that they
Speaker 1: have your best interest at heart. All right, gel, Our
Speaker 1: next question is from a listener who will be graduating
Speaker 1: from college later this year. Let's hear it. Hello, Joel
Speaker 1: and Matt. My name is Austin Smith and I live
Speaker 1: outside of Nashville and Murphy's Boro, Tennessee. I have been
Speaker 1: listening to your podcast for a few weeks now and
Speaker 1: enjoy it every afternoon. I turned twenty one on Monday,
Speaker 1: and I know you guys enjoy a good beer. So
Speaker 1: my first question is what is your favorite beer that
Speaker 1: I can buy either at a brewery around the Nashville
Speaker 1: area or at any of your local grocery stores. I
Speaker 1: want to start my drinking life with the good alcoholic
Speaker 1: drink that I will enjoy, and it's something much better
Speaker 1: than Budweiser. I drink coffee and prefer it black, but
Speaker 1: every once in a while I had a little cream
Speaker 1: and sugar in there. I have started my working career
Speaker 1: life and currently working full time while also in school.
Speaker 1: I will graduate from MHSU in December debt free. Because
Speaker 1: I have no debt. I also have no credit score.
Speaker 1: My fiance has a great score in the seven hundreds.
Speaker 1: So when we plan to buy a house, will you
Speaker 1: plan on putting her name down? It's a primary besides beer.
Speaker 1: My main question is what is the downfall in living
Speaker 1: life without a credit score and a world where a
Speaker 1: credit score is very important while also living the how
Speaker 1: to money lifestyle? All right, Matt, First things first, on
Speaker 1: Austin's question, Happy birthday to Austin. Yeah, let's talk about
Speaker 1: his his beer needs before we address, you know, the
Speaker 1: credit score thing, and he lives in Murphy's Borough. My wife,
Speaker 1: by the way, also graduated from MTSU where he's soon
Speaker 1: to graduate from. Oh no, I didn't know that. So
Speaker 1: Austin and I we could be buds. Why did I
Speaker 1: think she was in an l s U for some reason?
Speaker 1: Well she did, she was there for work for a while,
Speaker 1: but she actually graduated from Middle Tennessee. Blue Raiders, Baby
Speaker 1: sweet right Blue Raiders. I think I just know that
Speaker 1: they're really big in the music industry, Like, if you
Speaker 1: wanna be a music producer, you basically go to school there. Actually,
Speaker 1: someone I work with, radio producer, he he went there too.
Speaker 1: They supposedly have a good education in radio as well.
Speaker 1: I wonder what the podcasting program looks like. Probably getting there,
Speaker 1: getting there, all right. So let's mention some of our
Speaker 1: favorite Nashville Ish beers, because Murphy's Boro is outside of Nashville.
Speaker 1: Austin Bearded Iris and Southern Grist are some of our
Speaker 1: favorite Nashville area breweries. We've had great stuff from both
Speaker 1: of those breweries on the show before, so definitely try
Speaker 1: to get your hands on them for your birthday. Beer
Speaker 1: and Matt It's funny Austin kind of mentioned how he
Speaker 1: likes to take his coffee. Yeah. Well, I'm sure that
Speaker 1: sounded completely random to our listeners. Right, yeah, but what
Speaker 1: was that all about? But when you know kind of
Speaker 1: how you take your coffee, it actually kind of helps
Speaker 1: point you in the direction of what kind of beers
Speaker 1: and wines that you like. Right. Yeah, well that's totally true,
Speaker 1: and I'm sure it probably caught listeners off guard. Austin
Speaker 1: actually asked about the beer and we got back to
Speaker 1: him real quick asking how he did like his coffee. Uh,
Speaker 1: and he shared that with of our listeners. Yeah, now
Speaker 1: we know how Austin likes his coffee and so, but
Speaker 1: but what sort of recommendations would you have for Austin
Speaker 1: based on the way he drinks his coffee. Are there
Speaker 1: specific beer styles he might like more than others? Yeah? Well,
Speaker 1: I first want to mention too, that I didn't come
Speaker 1: up with this on my own. I actually learned this
Speaker 1: from the owner of a local craft beer store. Yeah,
Speaker 1: let's give him some street Craig Craig over at hop
Speaker 1: City Great Beer Store in Atlanta. Yeah, they've got some
Speaker 1: fantastic selections and he knows how to help people find
Speaker 1: their favorite beers, find find the beers that suit their
Speaker 1: palette the best. Yeah, he actually did this exercise on me,
Speaker 1: maybe one of the very first time I ever went
Speaker 1: into the store. And so, Austin, you you mentioned how
Speaker 1: you like your coffee black. Well, that tells me that
Speaker 1: you can handle beers that have a little more bitterness. Specifically,
Speaker 1: you might be able to handle some West Coast I
Speaker 1: p a s because they tend to be a little
Speaker 1: more bitter. But if you're a listener out there and
Speaker 1: you don't like your coffee black and instead maybe let's
Speaker 1: say you like tons of milk and tons of sugar
Speaker 1: in your coffee, well, not only are you gonna want
Speaker 1: a beer with maybe some more sweetness, but some more
Speaker 1: body as well. So I'm thinking of like a big
Speaker 1: old barrel aged Doubt, or even a nice balanced brown ail. Yeah.
Speaker 1: I mean I think that's interesting. Man. I think so
Speaker 1: many people listen to the show and they're not into
Speaker 1: craft beer, and that's totally cool. We're welcoming. I mean,
Speaker 1: we think you're wrong, but we're welcoming. We'd love to
Speaker 1: have you here. And and so yeah, I think if
Speaker 1: you are trying to figure out maybe what you want
Speaker 1: to get into. If you're a wine I fish grenado,
Speaker 1: you might want to try a sour get some of
Speaker 1: that fruit. Yeah, exactly, And so yeah, there's all sorts
Speaker 1: of ways that you can judge based on your palette
Speaker 1: what sort of beer you might be into. All right,
Speaker 1: but let's get to Austin's main question, and that is
Speaker 1: about living life without a credit score. And I feel like,
Speaker 1: by the way, because he lives outside of Nashville, he's
Speaker 1: in Dave Ramsey country, and being debt free is a
Speaker 1: high priority there. Dave calls a credit score, and I
Speaker 1: love debt score. But really, Matt, we disagree with that.
Speaker 1: We we think that a credit score has much further
Speaker 1: reaching implications than just being able to like accrue some
Speaker 1: more debt. It affects our finances in so many other
Speaker 1: ways that we're not fans of living life without a
Speaker 1: credit score. Yeah. One of those ways is your insurance rates.
Speaker 1: They're going to be affected by your credit score, and
Speaker 1: most states, insurance companies are allowed to set your insurance
Speaker 1: premium based at least partially on your credit score. You
Speaker 1: might be able to save hundreds of dollars every year
Speaker 1: by having a good credit score instead of a poor
Speaker 1: or even a non existent credit score. Also, your credit
Speaker 1: will likely be checked when you're applying for an apartment.
Speaker 1: You could easily freak out the potential landlord and lose
Speaker 1: that apartment due to not having a credit score. At
Speaker 1: or at a bare minimum, they might require you to
Speaker 1: pay a higher security deposit. Yeah, and let's say Austin
Speaker 1: applied to live at, you know, one of my rental
Speaker 1: properties and I ran his credit and I saw that
Speaker 1: he didn't have a credit score. I would be freaked out.
Speaker 1: I would be like, there's like, what who is this guy?
Speaker 1: And then Austin, being the cool, affable chap that he is,
Speaker 1: he would probably try to explain to me, you know,
Speaker 1: how he's living life without a credit score and how
Speaker 1: good he is with money, and me, being a semi
Speaker 1: understanding human being, I would I would probably potentially consider
Speaker 1: Austin to live in my place. But most landlords and
Speaker 1: most corporately owned apartment complexes, they're not going to be
Speaker 1: nearly as understanding, and so a credit score is really
Speaker 1: important in those cases. Also, Austin, when we're talking about
Speaker 1: getting alone, you mentioned how you could buy a house
Speaker 1: and potentially purchase it in your wife's name. But this
Speaker 1: work around could lead to other issues. Assuming you'd want
Speaker 1: to count both of your incomes when applying for the mortgage, well,
Speaker 1: the lender will look to the lowest of your two scores,
Speaker 1: and that could be a major hindrance to you buying
Speaker 1: a house. A low or nonexistent score could keep you
Speaker 1: guys from getting the best mortgage trade or potentially from
Speaker 1: even qualifying at all. And one other potential downside of
Speaker 1: living life without a credit score is if you're applying
Speaker 1: for a job. Specifically, some government jobs will reject you
Speaker 1: completely if you don't have a credit score, or if
Speaker 1: you have a really low credit score. So credit scores
Speaker 1: really are so much more than I love debt score.
Speaker 1: They just have a high importance kind of in the
Speaker 1: modern economy for us as individuals. Yeah, the credit score
Speaker 1: tentacles work their way into lots of areas of our life. Yeah,
Speaker 1: they do. And Joel, while we're talking about credit score,
Speaker 1: let's talk about this new credit score model that's been
Speaker 1: unveiled the company that develops the FICO score. They are
Speaker 1: changing things up. Personal loans they have always been a
Speaker 1: poor borrowing choice, but they're gonna affect you even more
Speaker 1: negatively in the future. In Austin, he sounds like the
Speaker 1: kind of guy who's not going to take out a
Speaker 1: personal loan. But it's still important to note, Yes, those
Speaker 1: personal loans will affect you negatively, even though I don't
Speaker 1: think Austin will go that route. But late payments that
Speaker 1: have happened in the past two years, those are also
Speaker 1: going to negatively affect you more. Even though this is
Speaker 1: all good to note, keep in mind that we have
Speaker 1: a plethora of different credit scores that are being created
Speaker 1: by the different credit bureaus and different companies out there,
Speaker 1: so don't fret over changes to one specific score, especially
Speaker 1: since it takes a while for companies to transition to
Speaker 1: using the new scoring models. The general principles of maintaining
Speaker 1: a solid, healthy credit score they're going to remain the same. Yeah, man,
Speaker 1: I feel like your quick analogy earlier on was was
Speaker 1: the best way of thinking about a credit score. It's
Speaker 1: it's like an octopus that has these tentacles that seem
Speaker 1: to kind of drift into all these areas of of
Speaker 1: the way that we of the way that we currently
Speaker 1: live life in this country, and for for better or
Speaker 1: for worse right. Yeah, yeah, And having a good credit
Speaker 1: score is a near essential part of modern human life.
Speaker 1: And and I think it's okay for us to recognize
Speaker 1: that it's a silly game that we have to play,
Speaker 1: but it's one I think we would be silly to
Speaker 1: not take part in. And so Austin, I hope that helps.
Speaker 1: I think building up a solid credit score is going
Speaker 1: to be beneficial to you for decades to come. So
Speaker 1: I wouldn't ditch it all together. Know that it's an
Speaker 1: important part of modern life. And it stinks, and it is.
Speaker 1: It's kind of a weird game that we have to play,
Speaker 1: but it's one that we should be playing. Yeah, Joel,
Speaker 1: we live in a mad world. Cue the music. Oh wait,
Speaker 1: we we don't have licensing for that, nor do we
Speaker 1: actually have a producer. It's just you and me. But
Speaker 1: if we did have a producer, they would be saying,
Speaker 1: wrap it up, let's take it back to the beer.
Speaker 1: So they would I will go ahead and say that, man,
Speaker 1: let's take it back to the beer that we had
Speaker 1: this episode, which was a Blair's Breakfast stouts. And I
Speaker 1: will say, based on our tasting notes earlier, or are
Speaker 1: coffee tasting notes. If you like a nice staindard coffee
Speaker 1: with a normal amount of sugar, normal amount of cream,
Speaker 1: I think you would be really into breakfast stouts. Joel,
Speaker 1: what were your thoughts on this beer? Well, you said
Speaker 1: normal amount of cream, normal amount of sugar. I don't
Speaker 1: know what that is. Like, what is is that like
Speaker 1: like a teaspoon? Okay, all right, that's what I do
Speaker 1: at least, like my little mug of coffee at home.
Speaker 1: I just get sick of spoons, just a leveled off,
Speaker 1: small spoon of sugar. And for me, it's just a
Speaker 1: little splash of whole milk. Okay, I'm whole milk, but
Speaker 1: no sugar over here. A little creamy, but you like
Speaker 1: get a touch a touch dry. Yeah, So all right
Speaker 1: this beer in particular, man, I love when cold brew
Speaker 1: season comes around, when it comes to coffee, and we're
Speaker 1: getting really close to that, yeah, so you know, late spring,
Speaker 1: I'm into that. And this really tasted to me like
Speaker 1: a delicious beer version of a great cold brew. It
Speaker 1: had those roasty coffee tones and kind of a nice
Speaker 1: subtle sweetness to go along with it. So I really
Speaker 1: like the mixture of breakfast outs that are well done,
Speaker 1: are really really good, and man, this was a really
Speaker 1: really good breakfast out. So it makes me excited about
Speaker 1: late spring rolling around where I can fire up the
Speaker 1: cold brew, except that you don't actually use fire to
Speaker 1: make cold brew, because that's like the whole point. It's
Speaker 1: super smooth. No fire, no heat would make me look
Speaker 1: like an eaty, and no bitterness from the oils from
Speaker 1: the coffee, right like in that in that how it
Speaker 1: gets so smooth when you do cold brew, I think.
Speaker 1: So I'm not really good at talking about a professional,
Speaker 1: but those are my thoughts on that. Well, what I
Speaker 1: liked about this beer, man were the darker chocolate flavors
Speaker 1: that you got from those cocoa nibs, like they really
Speaker 1: came through. And then as the beer warmed up, I
Speaker 1: felt like it almost had this wet earthiness that was
Speaker 1: sort of mixed in with those roasted coffee flavors. It
Speaker 1: felt like a really grounded beer. I felt like I
Speaker 1: was one with the earth as I drank this, And
Speaker 1: you can, you know, definitely take some of those those
Speaker 1: coffee notes in it as well, which got me thinking too,
Speaker 1: do you know if there's actually any caffeine in breakfast outs?
Speaker 1: Or any beer that includes coffee. That's a good question.
Speaker 1: I don't know. I don't know either. I would think
Speaker 1: a small trace amount, but I have no idea. Yeah,
Speaker 1: well maybe sort of like our Toyrannosaurus Rex full path
Speaker 1: that we did it with King Sue. If you're a
Speaker 1: listener and you know the answer to that question, hit
Speaker 1: us up because I actually don't know if there is
Speaker 1: caffeine and breakfast stouts, and i'd like to know. Well,
Speaker 1: you're gonna hear about it, but we will hear about it.
Speaker 1: And I that's why I love our listeners, man. They
Speaker 1: always let us know when we say something stupid or
Speaker 1: we have no idea about something, they send off the emails. Man,
Speaker 1: they start commenting in the Facebook groups. See, it's great
Speaker 1: to have people watching our back. All right, Matt, that's
Speaker 1: gonna be it for this episode. And for anybody out
Speaker 1: there listening who wants the show notes for this episode
Speaker 1: or wants to see, you know, the recent articles we posted.
Speaker 1: Make sure to check out our website, how to money
Speaker 1: dot com, and you can do as a huge favor
Speaker 1: by heading over to Apple Podcast, where you can rate
Speaker 1: and review us. And you're not only doing a massive
Speaker 1: favor for us, but that's a favor for all the
Speaker 1: listeners out there who have not yet found our podcast
Speaker 1: All Humankind exactly, so we really appreciate that, Joel. That's
Speaker 1: gonna be it for this episode, man, Until next time,
Speaker 1: Best Friends Out, Best Friends Out, m BO