1 00:00:00,120 --> 00:00:02,800 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,120 --> 00:00:06,800 Speaker 1: and today we are dissecting the truthfulness of common money phrases. 3 00:00:25,800 --> 00:00:28,520 Speaker 1: That's right, Joel, we're talking about these money phrases. These 4 00:00:28,520 --> 00:00:31,920 Speaker 1: are like the maxims, are the proverbs that you've heard, uh, 5 00:00:32,120 --> 00:00:34,560 Speaker 1: your whole life you're talking, yeah, basically your entire life. 6 00:00:34,600 --> 00:00:36,720 Speaker 1: You know. Sometimes they might be acquitted to, like little 7 00:00:36,720 --> 00:00:40,040 Speaker 1: sayings that you get like on a fortune cookie. It's 8 00:00:40,240 --> 00:00:41,839 Speaker 1: that's what that's part of the reason why we're talking 9 00:00:41,880 --> 00:00:43,159 Speaker 1: about this today. We want to make sure that you 10 00:00:43,200 --> 00:00:45,560 Speaker 1: are not getting your financial advice from a fortune cookie. 11 00:00:45,600 --> 00:00:48,640 Speaker 1: Don't do that. That's bad news. Yeah. So before we 12 00:00:48,640 --> 00:00:50,240 Speaker 1: get to that, though, man, I wanted to share with you. 13 00:00:50,520 --> 00:00:54,920 Speaker 1: Um Evy had been wanting a sketch, your oldest your 14 00:00:54,920 --> 00:00:56,960 Speaker 1: seven year old, that's right. Yeah. So she's been working 15 00:00:57,040 --> 00:00:58,840 Speaker 1: doing jobs around the house, saving up her money, and 16 00:00:58,920 --> 00:01:01,040 Speaker 1: she's really been wanting an etch a sketch, which is 17 00:01:01,040 --> 00:01:02,680 Speaker 1: pretty cool. It's like an old school toy. I had 18 00:01:02,720 --> 00:01:03,880 Speaker 1: one of those when I was a kid. You know, 19 00:01:04,560 --> 00:01:06,880 Speaker 1: did your best to try to draw circle. It's impossible. 20 00:01:08,240 --> 00:01:09,880 Speaker 1: And so the time came to where she was like, 21 00:01:09,920 --> 00:01:11,640 Speaker 1: all right, I definitely want to do this, and you know, 22 00:01:11,720 --> 00:01:13,679 Speaker 1: we didn't see any like used you know, like yard 23 00:01:13,680 --> 00:01:16,240 Speaker 1: sales or anything like that. We hopped online, we shopped around, 24 00:01:16,280 --> 00:01:18,680 Speaker 1: looked for the best price. Not surprisingly, it was on Amazon, 25 00:01:18,959 --> 00:01:20,560 Speaker 1: and as we're getting ready to make the purchase, we 26 00:01:20,560 --> 00:01:23,320 Speaker 1: saw down below it had uh like like you new 27 00:01:23,480 --> 00:01:26,360 Speaker 1: or used item or whatever. It was an open box, 28 00:01:26,360 --> 00:01:27,760 Speaker 1: and so we clicked it and I was like, Eavy, 29 00:01:28,280 --> 00:01:30,559 Speaker 1: check it out. And it was three or four dollars 30 00:01:30,640 --> 00:01:33,240 Speaker 1: less to get the quote unquote used one. It was 31 00:01:33,280 --> 00:01:34,760 Speaker 1: an open box and it sat on there that it 32 00:01:34,840 --> 00:01:36,800 Speaker 1: might have a scuff like on the back of the 33 00:01:37,040 --> 00:01:38,600 Speaker 1: on the back of the thing, you know, like it 34 00:01:38,640 --> 00:01:42,680 Speaker 1: would not affect the ability to draw jaggedy circles or 35 00:01:42,720 --> 00:01:45,000 Speaker 1: anything like that. And so we asked Ebby, like, hey, 36 00:01:45,440 --> 00:01:47,440 Speaker 1: do you want to say three or four dollars by 37 00:01:47,520 --> 00:01:50,360 Speaker 1: getting this version that's not perfectly brand new, like somebody 38 00:01:50,360 --> 00:01:52,919 Speaker 1: else has already opened the box, but it works perfectly fine. 39 00:01:53,560 --> 00:01:56,800 Speaker 1: And without even blinking an eye, she was like, oh yeah, 40 00:01:57,000 --> 00:02:00,120 Speaker 1: where was so happy. Yeah that she instinctively was just like, oh, 41 00:02:00,160 --> 00:02:01,720 Speaker 1: that's a great way to save money. I'm you know, 42 00:02:01,720 --> 00:02:03,400 Speaker 1: I'm just proud of I guess the fact that we're 43 00:02:03,840 --> 00:02:07,080 Speaker 1: imbuing our kids with our frugal ways. But it reminded 44 00:02:07,120 --> 00:02:08,960 Speaker 1: me that there are just so many lessons that we 45 00:02:08,960 --> 00:02:10,760 Speaker 1: can teach our kids, all the folks out there who 46 00:02:10,800 --> 00:02:12,960 Speaker 1: have kids. There are just ways that we can, you know, 47 00:02:13,040 --> 00:02:15,080 Speaker 1: teach our kids how to be frugal, teach them, you know, 48 00:02:15,120 --> 00:02:17,480 Speaker 1: how to work hard, how to save their money, do 49 00:02:17,480 --> 00:02:19,520 Speaker 1: you know, make smart moves with their money. There are 50 00:02:19,600 --> 00:02:21,600 Speaker 1: lots of little lessons that I guess if we keep 51 00:02:21,600 --> 00:02:23,440 Speaker 1: an open mind to those and look out for them, 52 00:02:23,520 --> 00:02:25,600 Speaker 1: they're there. Yeah, we can infuse them into the every 53 00:02:25,680 --> 00:02:28,640 Speaker 1: day into just like little decisions like that sometimes at 54 00:02:28,639 --> 00:02:31,640 Speaker 1: the grocery store, you know, learning a lesson about money, 55 00:02:31,639 --> 00:02:34,080 Speaker 1: like we we can talk about that there. You know, 56 00:02:34,120 --> 00:02:36,400 Speaker 1: my my sister just recently went out of town, went 57 00:02:36,400 --> 00:02:39,480 Speaker 1: down to Florida, and Selma has been taking care of 58 00:02:39,520 --> 00:02:41,600 Speaker 1: her cat. She made a little extra money that way, 59 00:02:41,720 --> 00:02:43,640 Speaker 1: like ants house house p paying her a few bucks 60 00:02:43,840 --> 00:02:46,000 Speaker 1: the same anseuse houth that donated some beer. So its 61 00:02:46,080 --> 00:02:48,320 Speaker 1: exactly and so yeah that that's just like a perfect 62 00:02:48,400 --> 00:02:51,120 Speaker 1: time also to learn a money lesson, like hey, you 63 00:02:51,160 --> 00:02:52,840 Speaker 1: know when when we work, when we do things for 64 00:02:52,880 --> 00:02:55,680 Speaker 1: other people, like sometimes we make money and so not always. 65 00:02:55,720 --> 00:02:58,200 Speaker 1: Sometimes we do nice things for family members without expecting 66 00:02:58,240 --> 00:03:00,240 Speaker 1: anything in return. But that was just a per ficked 67 00:03:00,240 --> 00:03:03,080 Speaker 1: opportunity for her to see, Oh there's other ways out 68 00:03:03,120 --> 00:03:05,560 Speaker 1: there for me to make money first, to expand her mind. Yeah, 69 00:03:05,600 --> 00:03:07,240 Speaker 1: it allows them to be a little more creative and 70 00:03:07,240 --> 00:03:09,720 Speaker 1: how they approach their money right, like always side hustling, 71 00:03:09,800 --> 00:03:12,840 Speaker 1: maybe always trying to think of other entrepreneurial endeavors. Like 72 00:03:12,880 --> 00:03:15,160 Speaker 1: maybe she's she's gonna start her own like pet sitting business, 73 00:03:15,440 --> 00:03:18,760 Speaker 1: and all the pets are gonna be in your house. Um, 74 00:03:18,880 --> 00:03:21,440 Speaker 1: so you'll have the cat over at your house right now. Okay, 75 00:03:21,520 --> 00:03:23,320 Speaker 1: so she listen to the neighborhood. We can go over there, 76 00:03:23,360 --> 00:03:25,440 Speaker 1: rider bikes over there. Okay, you know, feed the cat, 77 00:03:25,800 --> 00:03:27,639 Speaker 1: play with it for a minute, and then all of 78 00:03:27,680 --> 00:03:31,079 Speaker 1: the cats not super playful, kind of hiding under the bed. 79 00:03:31,120 --> 00:03:32,959 Speaker 1: It's not always the case. I feel like there's never 80 00:03:33,000 --> 00:03:35,440 Speaker 1: two really good cats. There's always like one really friendly 81 00:03:35,440 --> 00:03:39,120 Speaker 1: one and one that like totally sucks, just always scratches 82 00:03:39,160 --> 00:03:41,520 Speaker 1: people up like a loner. Yeah. I don't know if 83 00:03:41,560 --> 00:03:43,480 Speaker 1: that's always the case, but good lesson though, to have 84 00:03:43,520 --> 00:03:45,040 Speaker 1: to take care of an animal, because you know, we 85 00:03:45,040 --> 00:03:46,760 Speaker 1: don't have one of our own in our house. But 86 00:03:47,160 --> 00:03:48,840 Speaker 1: it's also good, like, you know, if we do eventually 87 00:03:48,840 --> 00:03:50,760 Speaker 1: get an animal, which you'll have talked about, we will 88 00:03:50,760 --> 00:03:52,720 Speaker 1: have some practice. Yeah, I love it. We'll see if 89 00:03:52,720 --> 00:03:54,600 Speaker 1: we make it there. But all r Yeah, Matt, let's 90 00:03:54,600 --> 00:03:56,120 Speaker 1: mentioned that beer we're having on the show today. This 91 00:03:56,160 --> 00:03:59,200 Speaker 1: one is called Aliens on Moonshine and it's by Torch 92 00:03:59,240 --> 00:04:02,480 Speaker 1: Top Brewing there local Atlanta brewery. I love the name. 93 00:04:02,600 --> 00:04:04,600 Speaker 1: Just makes me think of a bunch of aliens passed 94 00:04:04,640 --> 00:04:06,400 Speaker 1: out in the corner having had a lot of moonshine. 95 00:04:06,440 --> 00:04:09,160 Speaker 1: But oh funny, I was thinking of like in space. Okay, 96 00:04:09,640 --> 00:04:13,080 Speaker 1: I'm thinking moon trying to drink. I guess it could 97 00:04:13,080 --> 00:04:16,360 Speaker 1: be that as well, but yours evokes a funnier image 98 00:04:17,000 --> 00:04:19,440 Speaker 1: it does. I pictured like a UFO kind of like 99 00:04:19,800 --> 00:04:21,800 Speaker 1: I don't know, like writing down a beam of moonlight 100 00:04:22,080 --> 00:04:27,440 Speaker 1: like moonshine. That's sweeter. I guess it would have been moonlight. Yeah, 101 00:04:27,480 --> 00:04:30,120 Speaker 1: either way, this is the beer we're enjoying that we're 102 00:04:30,120 --> 00:04:32,839 Speaker 1: sharing here from Torch Top. Looking forward to yeah, sharing 103 00:04:32,880 --> 00:04:34,600 Speaker 1: this one with you man, and also sharing our thoughts 104 00:04:34,640 --> 00:04:36,200 Speaker 1: on it at the end of the episode. That's right. 105 00:04:36,240 --> 00:04:38,120 Speaker 1: But for now, let's get onto the topic at hand. 106 00:04:38,320 --> 00:04:42,120 Speaker 1: We're dissecting the truthfulness of common money phrases, and Matt, 107 00:04:42,160 --> 00:04:44,440 Speaker 1: I feel like the most common money phrases we hear, 108 00:04:44,720 --> 00:04:47,880 Speaker 1: besides the ones that we get in fortune cookies sometimes, um, 109 00:04:48,120 --> 00:04:51,039 Speaker 1: the ones that we hear over and over repeated, you know, 110 00:04:51,080 --> 00:04:53,159 Speaker 1: on the TV or from parents or from loved ones. 111 00:04:53,800 --> 00:04:57,479 Speaker 1: They get ingrained as truth over time in our minds, 112 00:04:57,680 --> 00:04:59,800 Speaker 1: and if you hear something consistently enough, it starts to 113 00:04:59,800 --> 00:05:02,080 Speaker 1: take root in your psyche. I feel like that's kind 114 00:05:02,080 --> 00:05:05,080 Speaker 1: of part of the goal that advertisers have is to 115 00:05:05,279 --> 00:05:07,720 Speaker 1: make you feel something or react a certain way when 116 00:05:07,720 --> 00:05:09,919 Speaker 1: you see an item in the store based on like 117 00:05:09,960 --> 00:05:12,000 Speaker 1: what you've seen on TV, when you've seen those ads 118 00:05:12,000 --> 00:05:15,440 Speaker 1: play to get you to associate positive feelings with a brand, 119 00:05:15,680 --> 00:05:18,400 Speaker 1: so that you maybe grab a coke when you're feeling thirsty, 120 00:05:18,560 --> 00:05:21,080 Speaker 1: even though coke doesn't actually quench your thirst, right. Um, 121 00:05:21,279 --> 00:05:25,920 Speaker 1: But the way people, it's the commercials. You're like, oh, man, 122 00:05:26,120 --> 00:05:27,279 Speaker 1: man that he just like went for a run, he 123 00:05:27,279 --> 00:05:29,360 Speaker 1: had a coke. Man, But yeah, that might work, but 124 00:05:29,400 --> 00:05:31,040 Speaker 1: it doesn't really right. Yeah, I think he's about to 125 00:05:31,080 --> 00:05:33,240 Speaker 1: have a massive burb you know, like I don't even 126 00:05:33,240 --> 00:05:35,320 Speaker 1: like drinking seltzer out of a cann Like I always 127 00:05:35,320 --> 00:05:36,800 Speaker 1: pour it in a glass and I'll allow some of 128 00:05:36,800 --> 00:05:38,880 Speaker 1: the some of the gas, some of the air to escape. 129 00:05:38,920 --> 00:05:42,120 Speaker 1: Smart move. But today we want to talk about some 130 00:05:42,160 --> 00:05:44,359 Speaker 1: of the most common money phrases that we hear, and 131 00:05:44,400 --> 00:05:47,240 Speaker 1: we want to dissect the truthfulness of those phrases. Is 132 00:05:47,279 --> 00:05:50,880 Speaker 1: something we're told about money is incorrect or flawed or incomplete, 133 00:05:51,040 --> 00:05:53,760 Speaker 1: Like we need to know that. So let's not just 134 00:05:53,880 --> 00:05:56,000 Speaker 1: let the most common things we hear about something as 135 00:05:56,040 --> 00:05:59,400 Speaker 1: important as money become normalized without at least a little 136 00:05:59,400 --> 00:06:02,280 Speaker 1: bit more critic about about the truthfulness or lack thereof 137 00:06:02,320 --> 00:06:04,400 Speaker 1: of some of these phrases. Man, you know, this totally 138 00:06:04,400 --> 00:06:06,080 Speaker 1: makes me think of the different myths that we heard 139 00:06:06,480 --> 00:06:08,680 Speaker 1: as kids growing up, you know, like, for instance, something 140 00:06:08,800 --> 00:06:10,760 Speaker 1: of like if you swallow your gum, it's gonna take 141 00:06:10,760 --> 00:06:14,080 Speaker 1: seven years to digest. I remember that one. I definitely 142 00:06:14,120 --> 00:06:16,760 Speaker 1: knew that one of those faults. What about after? Uh after? 143 00:06:17,080 --> 00:06:18,240 Speaker 1: Like I fell asleep one time and I had a 144 00:06:18,240 --> 00:06:19,600 Speaker 1: piece of gum like dissolve in my mouth, and I 145 00:06:19,680 --> 00:06:21,400 Speaker 1: was like, Okay, there's no way that if it dissolved 146 00:06:21,440 --> 00:06:23,440 Speaker 1: in my mouth that it's actually gonna take seven years 147 00:06:23,480 --> 00:06:26,960 Speaker 1: to digest. Seriously, Yeah, well what about you have to 148 00:06:26,960 --> 00:06:30,080 Speaker 1: wait for an hour to swim after eating? Yeah? I 149 00:06:30,080 --> 00:06:32,000 Speaker 1: think that was kind of made up to, right, Like, 150 00:06:32,040 --> 00:06:33,600 Speaker 1: I think a lot of these are just like as 151 00:06:33,680 --> 00:06:35,960 Speaker 1: parents ways that they can control their kids, like out 152 00:06:35,960 --> 00:06:40,600 Speaker 1: of fear. Like another one I remember too, is like, uh, 153 00:06:40,760 --> 00:06:42,960 Speaker 1: like don't swallow or don't eat watermelon seeds. Other way 154 00:06:43,040 --> 00:06:45,360 Speaker 1: you will have like watermelons growing in your stomach. All 155 00:06:45,360 --> 00:06:47,240 Speaker 1: the ones I remember are things that involve putting things 156 00:06:47,279 --> 00:06:50,640 Speaker 1: in my mouth. So I think that might speak to 157 00:06:50,720 --> 00:06:52,640 Speaker 1: what it was like for me growing up, right, little 158 00:06:52,640 --> 00:06:56,640 Speaker 1: freudy in there. Uh, it's obviously these are myths that 159 00:06:56,760 --> 00:06:58,880 Speaker 1: kind of get passed down either from parents to kids 160 00:06:58,960 --> 00:07:00,719 Speaker 1: or you know, from one generation of kids to another, 161 00:07:01,120 --> 00:07:03,240 Speaker 1: but they stick with us, right, And so you know, 162 00:07:03,240 --> 00:07:05,280 Speaker 1: we're spending an entire episode talking through some of these 163 00:07:05,320 --> 00:07:07,920 Speaker 1: different money phrases because we want to make sure that 164 00:07:07,960 --> 00:07:11,280 Speaker 1: we're not accidentally basing our our personal finance beliefs just 165 00:07:11,360 --> 00:07:13,440 Speaker 1: on a on a bunch of half truths. All right, 166 00:07:13,480 --> 00:07:15,200 Speaker 1: So let's get into it. Let's let's mention the first 167 00:07:15,200 --> 00:07:17,800 Speaker 1: money phrase we want to dissect, and it's throwing good 168 00:07:17,840 --> 00:07:20,960 Speaker 1: money after bad We've all heard that one before, and 169 00:07:21,000 --> 00:07:23,600 Speaker 1: of course this phrase speaks to spending money on something 170 00:07:23,840 --> 00:07:27,960 Speaker 1: problematic in hopes that you can fix the issue by 171 00:07:28,000 --> 00:07:30,400 Speaker 1: tossing more of your money in that direction. Um, and 172 00:07:30,920 --> 00:07:33,760 Speaker 1: I think this phrase, Matt rings very true in many parts. Right. 173 00:07:33,760 --> 00:07:37,360 Speaker 1: I agree. There's a fancy behavioral economics concept for why 174 00:07:37,440 --> 00:07:39,760 Speaker 1: we throw good money after bad money, and it's called 175 00:07:39,800 --> 00:07:42,960 Speaker 1: the sunk cost fallacy, which basically occurs when you continue 176 00:07:42,960 --> 00:07:46,800 Speaker 1: a behavior because you've already invested resources like time, effort, 177 00:07:46,880 --> 00:07:49,360 Speaker 1: or money into it. We have a tendency to not 178 00:07:49,520 --> 00:07:52,160 Speaker 1: know when we should cut our losses and move on. 179 00:07:52,560 --> 00:07:54,320 Speaker 1: And you know, we think that if we put more 180 00:07:54,320 --> 00:07:56,480 Speaker 1: money into a problem that we can fix it. But 181 00:07:56,560 --> 00:07:58,600 Speaker 1: that's not always the case. And so instead of making 182 00:07:58,840 --> 00:08:02,000 Speaker 1: a choice on the desire not to see your past 183 00:08:02,000 --> 00:08:04,680 Speaker 1: investment go to waste, make it on the outcome you'd 184 00:08:04,720 --> 00:08:07,520 Speaker 1: most like to see moving forward. Instead, that we were 185 00:08:07,560 --> 00:08:09,880 Speaker 1: less likely to throw good money after bad if we 186 00:08:09,960 --> 00:08:11,920 Speaker 1: change how we think about the problem that we're encountering. 187 00:08:12,000 --> 00:08:13,280 Speaker 1: That's right. It makes me think of like all you 188 00:08:13,320 --> 00:08:15,280 Speaker 1: can eat buffet. It's like you spent the ten dollars 189 00:08:15,400 --> 00:08:17,680 Speaker 1: or whatever it costs these days, and no matter what, 190 00:08:17,720 --> 00:08:19,760 Speaker 1: you're definitely gonna get your money's worse. So you keep 191 00:08:19,800 --> 00:08:23,360 Speaker 1: eating even though each additional plate of food you get 192 00:08:23,520 --> 00:08:27,880 Speaker 1: just makes you feel worse. But you could also potentially 193 00:08:27,960 --> 00:08:31,000 Speaker 1: use this phrase to buy something new without giving thoughts 194 00:08:31,000 --> 00:08:33,520 Speaker 1: to how you can fix or repurpose that item. So 195 00:08:33,559 --> 00:08:36,679 Speaker 1: this is a way that this could be a negative thing, right, So, 196 00:08:36,720 --> 00:08:38,760 Speaker 1: for instance, buying a new battery for a watch, like 197 00:08:38,800 --> 00:08:41,319 Speaker 1: that's not throwing good money after bad, Like you're spending 198 00:08:41,800 --> 00:08:44,840 Speaker 1: five bucks to keep that thirty dollar watch running, or 199 00:08:44,920 --> 00:08:46,760 Speaker 1: you know, maybe even fixing the A C on your 200 00:08:46,840 --> 00:08:49,400 Speaker 1: on your car that's just five years old. Again, that's 201 00:08:49,400 --> 00:08:51,880 Speaker 1: not throwing away good money after bad. If it's been 202 00:08:51,920 --> 00:08:53,600 Speaker 1: a great car and you can spend you know, maybe 203 00:08:54,160 --> 00:08:56,240 Speaker 1: bucks to fix it, you do that and you keep 204 00:08:56,240 --> 00:08:58,680 Speaker 1: on driving. So throwing good money after bad is a 205 00:08:58,800 --> 00:09:01,560 Speaker 1: is a good concept, It's true, but you do need 206 00:09:01,600 --> 00:09:03,959 Speaker 1: to know when it makes sense to actually use that phrase. 207 00:09:04,200 --> 00:09:05,800 Speaker 1: You don't want to use it as an excuse like 208 00:09:06,200 --> 00:09:07,840 Speaker 1: I don't want to throw good money after bad on 209 00:09:07,920 --> 00:09:10,160 Speaker 1: this perfectly good item that all you need to do 210 00:09:10,240 --> 00:09:12,120 Speaker 1: is spend a little time, a little effort, and a 211 00:09:12,160 --> 00:09:15,480 Speaker 1: small amount of money to fix um. That does not compute, right, Yeah, 212 00:09:15,679 --> 00:09:18,040 Speaker 1: but again it goes back to that not making the 213 00:09:18,120 --> 00:09:22,280 Speaker 1: choice based on the money you've already invested. But what's 214 00:09:22,280 --> 00:09:24,280 Speaker 1: the outcome you'd most like to see moving forward. That's 215 00:09:24,280 --> 00:09:25,960 Speaker 1: a better way to think about it. The ex senior car, 216 00:09:26,000 --> 00:09:27,839 Speaker 1: you're like, well, it's easy to think if I sell 217 00:09:27,880 --> 00:09:29,880 Speaker 1: it and get something new and I don't have any problems, 218 00:09:29,880 --> 00:09:31,760 Speaker 1: But eventually that car is going to give you problems too. 219 00:09:31,840 --> 00:09:33,640 Speaker 1: In that case, you do want to spend some money, 220 00:09:33,640 --> 00:09:36,240 Speaker 1: and it's not throwing good money after bad it's just 221 00:09:36,400 --> 00:09:38,520 Speaker 1: fixing something that needs fixing. That's right, man. All right, 222 00:09:38,559 --> 00:09:40,480 Speaker 1: let's ahead move on to our next money phrase, which 223 00:09:40,559 --> 00:09:43,200 Speaker 1: is that money is the root of all evil. And 224 00:09:43,240 --> 00:09:45,760 Speaker 1: so this is when you have certainly heard all of 225 00:09:45,760 --> 00:09:48,280 Speaker 1: your life in depending you know, on how religious you are, 226 00:09:48,880 --> 00:09:51,640 Speaker 1: you may have heard it way too much. But this 227 00:09:51,720 --> 00:09:54,720 Speaker 1: phrase actually comes from the New Testaments in the Bible, 228 00:09:54,760 --> 00:09:58,199 Speaker 1: and it often gets misconstrued. Uh. And the quote is 229 00:09:58,240 --> 00:10:00,959 Speaker 1: actually that the love of money is the root of 230 00:10:00,960 --> 00:10:03,280 Speaker 1: all evil, and so this clears things up because you know, 231 00:10:03,600 --> 00:10:05,880 Speaker 1: money certainly isn't the root of all evil, but it's 232 00:10:05,880 --> 00:10:09,319 Speaker 1: easy to see how the love of money produces serious 233 00:10:09,320 --> 00:10:11,840 Speaker 1: issues in our world and in our own lives and 234 00:10:11,840 --> 00:10:13,800 Speaker 1: our own hearts even And that's why we try to 235 00:10:13,840 --> 00:10:16,240 Speaker 1: talk about how to use money as a tool while 236 00:10:16,480 --> 00:10:19,640 Speaker 1: simultaneously trying to kind of avoid the pinky and the 237 00:10:19,720 --> 00:10:22,320 Speaker 1: brain mentality, you know, Joel, you've mentioned that before, where 238 00:10:22,360 --> 00:10:24,640 Speaker 1: you just want to amass more and just conquer right 239 00:10:24,679 --> 00:10:27,880 Speaker 1: over the world Michel every night. And so when when 240 00:10:27,880 --> 00:10:30,320 Speaker 1: money gets out of place in our lives and become 241 00:10:30,400 --> 00:10:32,880 Speaker 1: something that we love and cling to instead of just 242 00:10:33,000 --> 00:10:35,360 Speaker 1: using it as a helpful tool, it will have harmful 243 00:10:35,400 --> 00:10:38,000 Speaker 1: effects in our lives. Yeah, it's so important to view 244 00:10:38,000 --> 00:10:40,600 Speaker 1: money as simply a tool that you can wield, like 245 00:10:40,640 --> 00:10:43,360 Speaker 1: you just said, Matt, because if folks are going around 246 00:10:43,360 --> 00:10:46,520 Speaker 1: thinking that money is inherently evil, then of course that 247 00:10:46,559 --> 00:10:49,000 Speaker 1: will have a negative effect on your perception of money. 248 00:10:49,240 --> 00:10:52,320 Speaker 1: You're less likely to be an investor, to become an 249 00:10:52,360 --> 00:10:55,120 Speaker 1: investor and start growing your money. You're less likely to 250 00:10:55,200 --> 00:10:57,760 Speaker 1: think that advancing in your career and making more money 251 00:10:57,840 --> 00:10:59,600 Speaker 1: is a good thing. Because if money in and of 252 00:10:59,640 --> 00:11:02,320 Speaker 1: itself is the root of all evil. Then you definitely 253 00:11:02,360 --> 00:11:03,560 Speaker 1: don't want to get more of it. You probably want 254 00:11:03,559 --> 00:11:05,240 Speaker 1: to avoid it at all costs. It probably means to 255 00:11:05,320 --> 00:11:07,040 Speaker 1: that you're not talking about it, right, Like, if you 256 00:11:07,040 --> 00:11:09,480 Speaker 1: feel that this is something bad, well, there's it kind 257 00:11:09,480 --> 00:11:13,559 Speaker 1: of increases that to boo, increases that behavior of avoidance 258 00:11:13,800 --> 00:11:15,720 Speaker 1: even talking about the topic. Yeah, the shame that you 259 00:11:15,760 --> 00:11:18,719 Speaker 1: associated with it in general. And then obviously if you 260 00:11:18,760 --> 00:11:21,320 Speaker 1: feel that way, it's going to compound your money money issues, 261 00:11:21,480 --> 00:11:23,600 Speaker 1: which affect so many other parts of your life. It 262 00:11:23,640 --> 00:11:26,280 Speaker 1: also might hurt how you perceive those who have a 263 00:11:26,280 --> 00:11:28,800 Speaker 1: lot of money, right, other people who are doing why things, 264 00:11:29,640 --> 00:11:31,839 Speaker 1: who are doing well, and you might demonize them. If 265 00:11:31,840 --> 00:11:34,280 Speaker 1: money is bad, then you must be bad if you 266 00:11:34,320 --> 00:11:37,040 Speaker 1: have money. And so when you hear this said, try 267 00:11:37,080 --> 00:11:39,559 Speaker 1: to remember the actual phrase and at the very least, 268 00:11:39,760 --> 00:11:43,200 Speaker 1: regardless of your religious beliefs, that loving money is a 269 00:11:43,240 --> 00:11:45,760 Speaker 1: detriment to our ability to live a good life. So 270 00:11:45,760 --> 00:11:47,640 Speaker 1: when we dissect this phrase, Matt, I think we kind 271 00:11:47,640 --> 00:11:50,360 Speaker 1: of come somewhere in the middle, right, Like, money isn't 272 00:11:50,480 --> 00:11:52,720 Speaker 1: the root of all evil. The love of money certainly 273 00:11:52,880 --> 00:11:55,520 Speaker 1: is a root of much evil in our society. And 274 00:11:55,600 --> 00:11:57,800 Speaker 1: but going too far down the path of thinking that, 275 00:11:58,000 --> 00:12:00,840 Speaker 1: you know, associating money with being a bad thing has 276 00:12:00,880 --> 00:12:03,079 Speaker 1: a lot of negative connotations in our lives and how 277 00:12:03,080 --> 00:12:05,520 Speaker 1: we view others too. Yeah, this one mostly seems untrue, 278 00:12:05,559 --> 00:12:08,240 Speaker 1: just based on the fact that it's just misquoted, right, 279 00:12:08,559 --> 00:12:10,560 Speaker 1: So yeah, I think we would encourage folks to make 280 00:12:10,600 --> 00:12:13,920 Speaker 1: sure that they get the saying correct. And so Joel, 281 00:12:14,160 --> 00:12:16,320 Speaker 1: We've got a lot more of these phrases to get to, 282 00:12:16,440 --> 00:12:19,800 Speaker 1: including penny wise, pound foolish. That one came from the UK, 283 00:12:20,360 --> 00:12:23,200 Speaker 1: you know, because they said pound right. We'll get to 284 00:12:23,240 --> 00:12:25,559 Speaker 1: that one, as well as several others right after the break. 285 00:12:34,880 --> 00:12:36,760 Speaker 1: All right, we're back, and Matt pol we get to 286 00:12:36,800 --> 00:12:41,120 Speaker 1: some of those European sayings. Let's stay state side and 287 00:12:41,240 --> 00:12:44,000 Speaker 1: uh and go with one of our founding fathers popular 288 00:12:44,360 --> 00:12:47,520 Speaker 1: saying that's attributed commonly to Benjamin Franklin. A penny saved 289 00:12:47,800 --> 00:12:50,200 Speaker 1: is a penny earned. This is the next common money 290 00:12:50,200 --> 00:12:53,040 Speaker 1: phrase we want to dissect. And Benjamin Franklin obviously wrote 291 00:12:53,080 --> 00:12:55,240 Speaker 1: a lot about money. He was fascinated by it. He 292 00:12:55,240 --> 00:12:57,280 Speaker 1: wrote a lot of great maxims and I feel like 293 00:12:57,320 --> 00:12:59,920 Speaker 1: a lot of those because he was such a good writer, 294 00:13:00,240 --> 00:13:03,120 Speaker 1: have really stuck in American parlance, and a lot of 295 00:13:03,120 --> 00:13:05,880 Speaker 1: the common money saying is actually um, really we can 296 00:13:05,960 --> 00:13:08,240 Speaker 1: attribute back to him, that's rights. But you know, how 297 00:13:08,280 --> 00:13:10,839 Speaker 1: accurate is this common money phrase? You know that we've 298 00:13:10,880 --> 00:13:13,240 Speaker 1: heard a whole lives. Well, we feel that it's pretty accurate. 299 00:13:13,280 --> 00:13:16,320 Speaker 1: You know, this quote is really all about living frugally, 300 00:13:16,480 --> 00:13:19,000 Speaker 1: which obviously we are all about that. You know, the 301 00:13:19,000 --> 00:13:21,880 Speaker 1: money that we earn that we don't spend, it creates 302 00:13:22,000 --> 00:13:25,240 Speaker 1: meaningful margin in our lives. And Juel and I are 303 00:13:25,280 --> 00:13:28,320 Speaker 1: advocates of abolishing the penny, so we can we might 304 00:13:28,360 --> 00:13:30,640 Speaker 1: want to update this one to uh, this phrase to 305 00:13:30,760 --> 00:13:32,560 Speaker 1: a dollar saved is a dollar earned, would be better? 306 00:13:32,679 --> 00:13:35,360 Speaker 1: Or a bitcoin saved is a bitcoin? Right, nobody's got 307 00:13:35,400 --> 00:13:38,120 Speaker 1: the money for that, but it's uh. It is important 308 00:13:38,120 --> 00:13:40,120 Speaker 1: though to know that pennies and dollars they add up 309 00:13:40,120 --> 00:13:42,480 Speaker 1: more quickly than we think. It makes me think about 310 00:13:42,679 --> 00:13:44,520 Speaker 1: you know, I was talking about Eavy like doing kind 311 00:13:44,520 --> 00:13:46,160 Speaker 1: of jobs around the house. I don't know if you remember, 312 00:13:46,200 --> 00:13:48,560 Speaker 1: but we've shared on the show before how when we 313 00:13:48,600 --> 00:13:51,640 Speaker 1: do trash treasures. I used to pay five cents per 314 00:13:51,640 --> 00:13:54,520 Speaker 1: piece of glass or metal and heard inflation has yeah, yeah, 315 00:13:55,840 --> 00:13:58,160 Speaker 1: and on just one cent for every piece of plastic. 316 00:13:58,520 --> 00:14:00,800 Speaker 1: But I found, whether it be because of inflation or 317 00:14:00,880 --> 00:14:03,720 Speaker 1: because of the girls are less interested, or because there's 318 00:14:03,720 --> 00:14:06,199 Speaker 1: just fewer bits of trashtionner yard like, they've actually done 319 00:14:06,200 --> 00:14:09,560 Speaker 1: a really good job of finding all these things. But 320 00:14:09,720 --> 00:14:12,040 Speaker 1: I've had to increase the rate. And so now instead 321 00:14:12,040 --> 00:14:14,680 Speaker 1: of a nickel and opinion, now I'm paying a dime 322 00:14:15,080 --> 00:14:16,880 Speaker 1: for every piece of glass and metal and uh, and 323 00:14:16,960 --> 00:14:20,520 Speaker 1: a nickel for every piece of plastic. Pennies in our 324 00:14:20,560 --> 00:14:24,200 Speaker 1: in our house, man are pretty worthless, except for maybe 325 00:14:24,240 --> 00:14:26,840 Speaker 1: to teach just the youngest when it comes to you know, 326 00:14:26,840 --> 00:14:29,120 Speaker 1: how to count and what goes into a nickel. But yeah, 327 00:14:29,280 --> 00:14:31,760 Speaker 1: so I stand behind the abolishing of the penny. Yeah, 328 00:14:32,040 --> 00:14:34,320 Speaker 1: I'm with you two, I agree. But that phrase a 329 00:14:34,360 --> 00:14:36,840 Speaker 1: penny saved as a penny earned is still I think helpful, 330 00:14:37,080 --> 00:14:39,440 Speaker 1: and it is a useful money phrase, and I like 331 00:14:39,520 --> 00:14:42,280 Speaker 1: that we still use it even though it was essentially 332 00:14:42,320 --> 00:14:45,920 Speaker 1: invented in the late But while these are wise words, 333 00:14:45,960 --> 00:14:49,560 Speaker 1: it's also important to point out that frugality alone won't 334 00:14:49,560 --> 00:14:51,600 Speaker 1: get you to where you want to be financially. And 335 00:14:51,600 --> 00:14:54,880 Speaker 1: I think sometimes overly frugal people they love phrases like this. 336 00:14:54,960 --> 00:14:56,960 Speaker 1: They cling to it because they don't want to see 337 00:14:56,960 --> 00:14:59,520 Speaker 1: the other side of the money coin, where they can 338 00:14:59,640 --> 00:15:02,560 Speaker 1: make positive improvements to their lives to make more, and 339 00:15:02,560 --> 00:15:04,680 Speaker 1: so we want to stress it. It's also important to 340 00:15:04,880 --> 00:15:08,200 Speaker 1: utilize your human capital, increase your earning potential, and to 341 00:15:08,360 --> 00:15:11,520 Speaker 1: invest for the future. Like frugality should be praised. Matt 342 00:15:11,520 --> 00:15:13,120 Speaker 1: and I were big fans. We do a lot of 343 00:15:13,400 --> 00:15:15,720 Speaker 1: We're all about your frugal stuff, lots of frugal things 344 00:15:15,720 --> 00:15:18,360 Speaker 1: we do. But at the same time, Uh, we shouldn't 345 00:15:18,360 --> 00:15:21,520 Speaker 1: take that path to the exclusion of making other wise 346 00:15:21,560 --> 00:15:24,240 Speaker 1: financial choices. That's right. Yeah, you can't frugle your way 347 00:15:24,240 --> 00:15:27,480 Speaker 1: to becoming a millionaire. Right. And so another common money 348 00:15:27,520 --> 00:15:30,440 Speaker 1: phrase that we're gonna cover here is money changes people. 349 00:15:30,680 --> 00:15:33,320 Speaker 1: And you know, the truth is that money does often 350 00:15:33,400 --> 00:15:36,440 Speaker 1: change people. You know. I'm thinking of Charles Dickens, his 351 00:15:36,520 --> 00:15:39,280 Speaker 1: classic A Christmas Carol. It's a perfect example of a 352 00:15:39,320 --> 00:15:43,160 Speaker 1: person who gets consumed by wealth accumulation. Uh, and so 353 00:15:43,240 --> 00:15:45,600 Speaker 1: he ends up treating others poorly, loses all the things 354 00:15:45,600 --> 00:15:48,600 Speaker 1: that really mattered to him in his life. Money changed 355 00:15:48,680 --> 00:15:50,680 Speaker 1: E benez Er. Scrooge still one of my favorite stories. 356 00:15:50,720 --> 00:15:52,360 Speaker 1: By the way, it's a classic man. And you know, 357 00:15:52,400 --> 00:15:54,560 Speaker 1: no doubt many of us can points and maybe just 358 00:15:54,600 --> 00:15:57,040 Speaker 1: someone in our own lives, someone who we know who 359 00:15:57,080 --> 00:15:59,760 Speaker 1: has maybe come into some money and then ended up 360 00:15:59,760 --> 00:16:02,200 Speaker 1: finding new friends. You know, maybe they stopped returning your 361 00:16:02,200 --> 00:16:04,040 Speaker 1: phone calls or your text Remember who it is. I 362 00:16:04,040 --> 00:16:07,840 Speaker 1: don't know anymore who it is got lots of money. 363 00:16:07,880 --> 00:16:10,880 Speaker 1: Now it's unfortunate, but it's kind of true, you know. 364 00:16:11,040 --> 00:16:14,160 Speaker 1: And and some research also has shown that as wealth 365 00:16:14,280 --> 00:16:17,160 Speaker 1: levels grow that people become more narcissistic. But on the 366 00:16:17,200 --> 00:16:21,760 Speaker 1: other hand, less wealthy folks tend to be more empathetic, compassionate, 367 00:16:21,800 --> 00:16:24,320 Speaker 1: and also give more of their money. Yeah, this is 368 00:16:24,360 --> 00:16:27,360 Speaker 1: fascinating how that happens. How um, if you live your 369 00:16:27,400 --> 00:16:30,760 Speaker 1: life essentially in this place of just growth and accumulation, 370 00:16:30,880 --> 00:16:34,520 Speaker 1: and you turn inward, your focus becomes on yourself and 371 00:16:34,560 --> 00:16:37,119 Speaker 1: you do begin to change. I think you know, Ebenezer 372 00:16:37,200 --> 00:16:40,840 Speaker 1: Scrooges the perfect example, right of in classic literature. But 373 00:16:41,200 --> 00:16:44,640 Speaker 1: it's interesting how um, people with less money often take 374 00:16:44,680 --> 00:16:47,720 Speaker 1: care of the people around them better than rich people do. 375 00:16:48,040 --> 00:16:51,040 Speaker 1: But on the other hand, does money actually change that 376 00:16:51,080 --> 00:16:54,160 Speaker 1: person or does it just amplify who they already are 377 00:16:54,200 --> 00:16:56,840 Speaker 1: at their core, right, my good question. Yeah. I feel 378 00:16:56,880 --> 00:16:59,840 Speaker 1: like it's not always the money that changes the person. 379 00:17:00,320 --> 00:17:03,600 Speaker 1: Sometimes money allows you to be more of those leanings, 380 00:17:03,600 --> 00:17:05,760 Speaker 1: those tendencies that you already had, and it might come 381 00:17:05,760 --> 00:17:08,240 Speaker 1: down to the individual and money changing people doesn't have 382 00:17:08,320 --> 00:17:10,359 Speaker 1: to be true, right, Some of the richest folks in 383 00:17:10,359 --> 00:17:13,919 Speaker 1: the world are giving massive amounts of wealth and time 384 00:17:14,240 --> 00:17:18,000 Speaker 1: to worthy people and projects. Um, like Bill Gates, Warren Buffett, 385 00:17:18,119 --> 00:17:20,280 Speaker 1: Mackenzie Scott are a few examples. Matt we we talked 386 00:17:20,280 --> 00:17:22,359 Speaker 1: about how much money she gave away, like a billion 387 00:17:22,400 --> 00:17:24,520 Speaker 1: dollars a month for months in a row, and that's 388 00:17:24,520 --> 00:17:27,200 Speaker 1: a perfect example of how having tons of money doesn't 389 00:17:27,240 --> 00:17:30,640 Speaker 1: necessarily mean that you have to be a jerk, right, Um. 390 00:17:30,680 --> 00:17:33,320 Speaker 1: And so we think that the perfect antidote to staying 391 00:17:33,359 --> 00:17:36,159 Speaker 1: the same when you do have more money is giving 392 00:17:36,280 --> 00:17:39,960 Speaker 1: large portions of your money away and maintaining relationships with 393 00:17:39,960 --> 00:17:41,960 Speaker 1: lifelong friends. You don't want to cut them off because 394 00:17:42,000 --> 00:17:45,240 Speaker 1: you've got new, richer friends, right. Um. So it's part 395 00:17:45,240 --> 00:17:47,600 Speaker 1: of why craft beer is such an equalizers, Like it's 396 00:17:47,640 --> 00:17:50,320 Speaker 1: something that pretty much everybody can enjoy, you know, Like 397 00:17:50,359 --> 00:17:53,560 Speaker 1: we're not necessarily getting into fine wines and you know, 398 00:17:53,840 --> 00:17:58,760 Speaker 1: aged cognacs. Although that kind of sounds nice, but that's 399 00:17:58,840 --> 00:18:01,960 Speaker 1: that's not our style exact. And like, I think, sometimes 400 00:18:02,040 --> 00:18:04,560 Speaker 1: this saying is true, right, money does change people. We've 401 00:18:04,560 --> 00:18:07,520 Speaker 1: seen it happen. But also too, we'd modify it to 402 00:18:07,520 --> 00:18:12,520 Speaker 1: say that money might possibly change people. It's not true thing, 403 00:18:12,920 --> 00:18:14,640 Speaker 1: but it is hard and as you make more money, 404 00:18:14,680 --> 00:18:17,880 Speaker 1: as you get closer to financial independence, it's worth thinking 405 00:18:17,920 --> 00:18:20,920 Speaker 1: about and guarding yourself against. Very true. That's right, man, 406 00:18:21,080 --> 00:18:23,720 Speaker 1: Let's move on, Lets keep moving our next phrases, money 407 00:18:23,880 --> 00:18:26,760 Speaker 1: can't buy happiness. Uh. And I think we're gonna go 408 00:18:26,800 --> 00:18:28,320 Speaker 1: ahead and get this one like a nine out of 409 00:18:28,359 --> 00:18:32,080 Speaker 1: ten on the truth scale, the truthiness scale a little 410 00:18:32,359 --> 00:18:35,480 Speaker 1: coldbar nod there, uh. And you know that's because money 411 00:18:35,480 --> 00:18:37,960 Speaker 1: and happiness are not synonymous. You know, we just talked 412 00:18:38,000 --> 00:18:40,800 Speaker 1: about how money, uh changes people, how it can change people. 413 00:18:41,280 --> 00:18:44,600 Speaker 1: Often the folks with the most money are leading miserable lies. 414 00:18:45,080 --> 00:18:47,119 Speaker 1: And in fact, there's research out there that shows that 415 00:18:47,160 --> 00:18:49,600 Speaker 1: individuals who are making over a hundred and five thousand 416 00:18:49,640 --> 00:18:53,200 Speaker 1: dollars a year they tended to be associated with reduced 417 00:18:53,240 --> 00:18:57,159 Speaker 1: life satisfaction as well as a lower level of well being. 418 00:18:57,640 --> 00:18:59,679 Speaker 1: Part of this is that really rich people tend to 419 00:18:59,760 --> 00:19:03,399 Speaker 1: live more isolated lives, and you know, they're they're asking themselves, like, 420 00:19:03,440 --> 00:19:05,399 Speaker 1: am I doing better than than other folks? Like that 421 00:19:05,440 --> 00:19:08,120 Speaker 1: becomes the question that those folks ask themselves, And so, 422 00:19:08,320 --> 00:19:11,800 Speaker 1: you know, money and possessions become the easiest measuring stick, 423 00:19:12,440 --> 00:19:14,800 Speaker 1: leading to a lack of happiness in the areas that 424 00:19:14,840 --> 00:19:17,680 Speaker 1: truly do matter. They're they're looking at the wrong things. Yeah, 425 00:19:17,720 --> 00:19:20,119 Speaker 1: But then again to right, Matt, there's ten percent of 426 00:19:20,160 --> 00:19:22,440 Speaker 1: the world that's living in poverty and many other people 427 00:19:22,560 --> 00:19:25,360 Speaker 1: who aren't too far above the poverty line, and more 428 00:19:25,400 --> 00:19:28,240 Speaker 1: money would have a direct correlation to increase happiness for 429 00:19:28,280 --> 00:19:30,520 Speaker 1: a lot of those folks. Right basically, up until you 430 00:19:30,560 --> 00:19:34,320 Speaker 1: hit that seventy five dollar a year income threshold, people 431 00:19:34,400 --> 00:19:37,080 Speaker 1: are happier the more money they make, and so yeah, 432 00:19:37,119 --> 00:19:39,600 Speaker 1: people living on less than that are having a harder time. 433 00:19:39,920 --> 00:19:42,680 Speaker 1: It really is interesting how when you have individuals who 434 00:19:42,680 --> 00:19:45,720 Speaker 1: are earning around what the median income is in America 435 00:19:46,040 --> 00:19:48,040 Speaker 1: that for the most part, folks are pretty happy, you know, 436 00:19:48,119 --> 00:19:50,399 Speaker 1: And so it's just weird because like one way or 437 00:19:50,400 --> 00:19:52,399 Speaker 1: the other, it does kind of go back to like 438 00:19:52,480 --> 00:19:54,440 Speaker 1: looking around you a little bit. Because if you don't 439 00:19:54,440 --> 00:19:56,560 Speaker 1: know that, like, oh, this is a possibility for me, 440 00:19:56,800 --> 00:19:58,119 Speaker 1: And if you know you're kind of hanging out with 441 00:19:58,160 --> 00:20:00,240 Speaker 1: your neighbors, your friends and you're all earning you know, 442 00:20:00,280 --> 00:20:03,320 Speaker 1: similar amounts, Well, you're not necessarily looking till your money 443 00:20:03,400 --> 00:20:06,320 Speaker 1: or your income, uh, in order to gain that happiness. 444 00:20:06,359 --> 00:20:08,920 Speaker 1: You're you're hopefully looking at the things that truly do matter. Yeah, 445 00:20:09,040 --> 00:20:11,760 Speaker 1: so can money by happiness. While we would say that 446 00:20:11,840 --> 00:20:13,760 Speaker 1: making enough to get by and to not have to 447 00:20:13,800 --> 00:20:17,320 Speaker 1: stress about money is really important, really helpful, and will 448 00:20:17,440 --> 00:20:20,680 Speaker 1: contribute to I think a greater level of happiness and satisfaction, 449 00:20:21,000 --> 00:20:23,600 Speaker 1: but having a ton of access really isn't crucial to 450 00:20:23,640 --> 00:20:26,080 Speaker 1: being able to enjoy the things that matter in life. 451 00:20:26,359 --> 00:20:28,639 Speaker 1: So yeah, again, I think yeah, eight or nine out 452 00:20:28,640 --> 00:20:31,240 Speaker 1: of ten on the truthiness scale that money can't buy happiness. 453 00:20:31,520 --> 00:20:33,680 Speaker 1: It really can't, right, And I think sometimes people think 454 00:20:33,680 --> 00:20:35,600 Speaker 1: if I have more money, my life is going to 455 00:20:35,640 --> 00:20:37,480 Speaker 1: be better off. I'm going to be in a better place. 456 00:20:37,680 --> 00:20:40,360 Speaker 1: And especially if you're in a great financial position already, 457 00:20:40,560 --> 00:20:43,720 Speaker 1: you might be overly fixated on money as a solution 458 00:20:43,800 --> 00:20:45,639 Speaker 1: to what ails you. And really what you need to 459 00:20:45,640 --> 00:20:48,560 Speaker 1: look to is other things. That actually provide meaning and 460 00:20:48,600 --> 00:20:51,600 Speaker 1: satisfaction in life and not the accrual of more money. 461 00:20:51,680 --> 00:20:53,439 Speaker 1: That's right. This actually kind of makes me think of 462 00:20:53,600 --> 00:20:55,360 Speaker 1: the phrase, and this is the one that we included, 463 00:20:55,400 --> 00:21:00,040 Speaker 1: but the phrase that's been attributed to Malcolm Forbes of 464 00:21:00,080 --> 00:21:04,000 Speaker 1: the Forbes publication right the website, which is he who 465 00:21:04,040 --> 00:21:07,560 Speaker 1: dies with the most toys wins, which is obviously, uh, 466 00:21:07,600 --> 00:21:09,640 Speaker 1: we don't believe in it at all. Like, we didn't 467 00:21:09,680 --> 00:21:14,000 Speaker 1: include that because it's clearly not true, very easily debunked. Um. 468 00:21:14,000 --> 00:21:16,200 Speaker 1: But this is kind of you know, reinforcing that, like, yeah, 469 00:21:16,240 --> 00:21:18,360 Speaker 1: there's a certain small level of wellness that you can 470 00:21:18,440 --> 00:21:20,160 Speaker 1: make sure that you have in your life that can 471 00:21:20,240 --> 00:21:22,480 Speaker 1: lead to health, which in turn leads to happiness. But 472 00:21:22,520 --> 00:21:25,080 Speaker 1: for everybody else out there, uh, you know, looking to 473 00:21:25,160 --> 00:21:29,240 Speaker 1: increase your income isn't a way to achieve more happiness. Uh. 474 00:21:29,280 --> 00:21:31,040 Speaker 1: The next phrase that we wanted to share with folks 475 00:21:31,080 --> 00:21:34,439 Speaker 1: is that cash is king. Uh. That's another phrase you know, 476 00:21:34,480 --> 00:21:36,560 Speaker 1: we've all heard, and it's often used in the investing 477 00:21:36,560 --> 00:21:40,480 Speaker 1: arenas to note that having some liquidity is important when 478 00:21:40,520 --> 00:21:42,760 Speaker 1: making a purchase so that you can pounce when the 479 00:21:42,760 --> 00:21:44,840 Speaker 1: time is right, and so you know, there is real 480 00:21:44,920 --> 00:21:47,879 Speaker 1: truth to to that in the investing and in the 481 00:21:47,880 --> 00:21:50,160 Speaker 1: personal finance space, right, Like, having cash in the bank 482 00:21:50,320 --> 00:21:53,440 Speaker 1: not only reduces stress, but it allows you the freedom. Uh, 483 00:21:53,680 --> 00:21:56,760 Speaker 1: it gives you the ability to make moves that those 484 00:21:56,800 --> 00:21:59,720 Speaker 1: with lesser cash reserves couldn't make. You know, the beginnings 485 00:22:00,080 --> 00:22:01,800 Speaker 1: the cash reserve, you know, that's what we call an 486 00:22:01,840 --> 00:22:04,240 Speaker 1: emergency fund. Like that's when you see your stress levels 487 00:22:04,240 --> 00:22:06,440 Speaker 1: go down because you have more margin in your life. 488 00:22:06,840 --> 00:22:08,880 Speaker 1: But then after that, you can begin to take advantage 489 00:22:08,880 --> 00:22:10,919 Speaker 1: of opportunities that come your way. You know, you can 490 00:22:10,960 --> 00:22:13,040 Speaker 1: build up some piece of money that allows you to 491 00:22:13,119 --> 00:22:15,600 Speaker 1: maybe ditch a crappy job. You can use that money 492 00:22:15,600 --> 00:22:17,399 Speaker 1: to take a sabbatical, or you can even use that 493 00:22:17,440 --> 00:22:19,720 Speaker 1: money to start your own business. Yeah. Man, it reminds 494 00:22:19,760 --> 00:22:22,160 Speaker 1: me of last week's episode where we we talked about 495 00:22:22,160 --> 00:22:26,439 Speaker 1: the role of preparedness and how that transforms opportunities that 496 00:22:26,520 --> 00:22:29,159 Speaker 1: might come along into what seems like lucky breaks that 497 00:22:29,240 --> 00:22:31,880 Speaker 1: you're then able to take action on. And having enough 498 00:22:31,920 --> 00:22:34,080 Speaker 1: cash on hand kind of offers you a little bit 499 00:22:34,080 --> 00:22:36,640 Speaker 1: of that, like the ability to pounce on certain opportunities. 500 00:22:36,760 --> 00:22:39,399 Speaker 1: It's hard to you know, buy a real estate investment property, 501 00:22:39,440 --> 00:22:41,000 Speaker 1: deal if you don't have any cash in the bank 502 00:22:41,000 --> 00:22:42,760 Speaker 1: to do so, right, that's true, But on the flip 503 00:22:42,760 --> 00:22:45,280 Speaker 1: side of the coin, too much cash can be the 504 00:22:45,320 --> 00:22:48,760 Speaker 1: move of a fearful investor. Cash is great, and I 505 00:22:48,800 --> 00:22:50,760 Speaker 1: think we learned that even more so right in these 506 00:22:51,080 --> 00:22:53,720 Speaker 1: in these COVID times. But if an over emphasis on 507 00:22:53,840 --> 00:22:56,920 Speaker 1: cash stops you from investing in your four oh one K, 508 00:22:57,240 --> 00:23:00,800 Speaker 1: your ira, or you know, other tax advantage were firement accounts, 509 00:23:00,920 --> 00:23:04,159 Speaker 1: you don't understand the downsides of having too much cash 510 00:23:04,200 --> 00:23:07,359 Speaker 1: on hand. And that's because inflation eats away the value 511 00:23:07,359 --> 00:23:09,760 Speaker 1: of your money if you aren't intentional about growing it. 512 00:23:09,960 --> 00:23:11,920 Speaker 1: Getting too conservative with your money can be a real 513 00:23:11,960 --> 00:23:13,840 Speaker 1: struggle for a lot of folks. Yeah, So this is 514 00:23:13,880 --> 00:23:15,480 Speaker 1: one I feel like that we would say is true 515 00:23:15,600 --> 00:23:18,200 Speaker 1: fifty percent of the time, you know, like of the time, 516 00:23:18,320 --> 00:23:20,960 Speaker 1: it's true of the time. It just depends on what 517 00:23:21,040 --> 00:23:23,560 Speaker 1: situation you're in. And that's not just investments too. Like 518 00:23:23,600 --> 00:23:25,320 Speaker 1: it makes me think of having cash on hand in 519 00:23:25,400 --> 00:23:28,040 Speaker 1: order to even make a purchase, not of an investment, 520 00:23:28,160 --> 00:23:29,840 Speaker 1: but something that you need to purchase, you know, Like, 521 00:23:29,880 --> 00:23:31,920 Speaker 1: if you have the money on hand, like you're able 522 00:23:31,960 --> 00:23:34,239 Speaker 1: to take advantage of the deals that are out there. 523 00:23:34,240 --> 00:23:35,960 Speaker 1: You know, like you Joel, like you're so good at 524 00:23:36,000 --> 00:23:38,320 Speaker 1: like keeping an eye on the deals. But guess what, 525 00:23:38,480 --> 00:23:39,680 Speaker 1: you can know where the deals are. But if you 526 00:23:39,680 --> 00:23:41,480 Speaker 1: don't have the money to make that purchase, well, you're 527 00:23:41,520 --> 00:23:43,600 Speaker 1: you're kind of missing out. You're going into debt in 528 00:23:43,680 --> 00:23:46,159 Speaker 1: order to buy that thing, and cash would be definitely 529 00:23:46,200 --> 00:23:48,520 Speaker 1: king in that situation. As another thing too real quick 530 00:23:48,560 --> 00:23:50,960 Speaker 1: on the cash is king, Matt, is that I think 531 00:23:50,960 --> 00:23:53,879 Speaker 1: sometimes when we're talking about how we spend, the method 532 00:23:54,000 --> 00:23:57,240 Speaker 1: that we use when we're buying something, cash isn't king there. 533 00:23:57,480 --> 00:24:00,159 Speaker 1: Because you know, we talked about why credit cards are 534 00:24:00,200 --> 00:24:02,399 Speaker 1: a better choice for most people if you can handle 535 00:24:02,440 --> 00:24:06,160 Speaker 1: credit cards well as a purchasing option, Um, credit cards 536 00:24:06,160 --> 00:24:07,600 Speaker 1: are king when it when it comes to how you 537 00:24:07,600 --> 00:24:09,520 Speaker 1: when you can think when it comes to consumer protection, 538 00:24:10,400 --> 00:24:13,439 Speaker 1: cash back, Yeah, the rewards and the consumer protections in tandem. 539 00:24:13,560 --> 00:24:15,360 Speaker 1: And cash doesn't get you that thing, Like you won't 540 00:24:15,359 --> 00:24:17,400 Speaker 1: get like an extended warranty on something that you buy 541 00:24:17,600 --> 00:24:19,280 Speaker 1: if you pay for it in cash, but you in 542 00:24:19,320 --> 00:24:21,160 Speaker 1: all likelihood will if you use the right credit card. 543 00:24:21,440 --> 00:24:24,879 Speaker 1: So that's just another situation another way in which cash 544 00:24:24,960 --> 00:24:27,919 Speaker 1: isn't necessarily king, but yeah, cash is also important, all right, 545 00:24:27,920 --> 00:24:32,520 Speaker 1: So it's true like the time exactly. Uh, let's move 546 00:24:32,520 --> 00:24:34,080 Speaker 1: on to the next money phrase. This one comes from 547 00:24:34,119 --> 00:24:36,600 Speaker 1: across the pond. As Matt made mentioned earlier, we're gonna 548 00:24:36,640 --> 00:24:39,840 Speaker 1: cover um pennywise and pound foolish, and Matt, I feel 549 00:24:39,840 --> 00:24:42,880 Speaker 1: like that's actually something I've maybe been called before quite 550 00:24:42,880 --> 00:24:44,560 Speaker 1: a while back. That used to be more of a 551 00:24:44,600 --> 00:24:46,800 Speaker 1: struggle for me. I'd pinch pennies on the little stuff 552 00:24:46,840 --> 00:24:49,119 Speaker 1: and I'd go maybe a little too big on the 553 00:24:49,160 --> 00:24:50,879 Speaker 1: things that I should have been more careful, I should 554 00:24:50,880 --> 00:24:53,520 Speaker 1: have put more thought into spending money on. I feel 555 00:24:53,560 --> 00:24:56,640 Speaker 1: like for some folks with certain personality types mine included 556 00:24:57,200 --> 00:25:00,200 Speaker 1: being pennywise and pound foolish, is can be a struggle. Yeah. 557 00:25:00,200 --> 00:25:01,840 Speaker 1: It makes me think of folks who you know, might 558 00:25:01,920 --> 00:25:04,080 Speaker 1: be really careful when it comes to like small matters 559 00:25:04,080 --> 00:25:05,480 Speaker 1: in their life, right like so like keeping their a 560 00:25:05,520 --> 00:25:07,600 Speaker 1: C set at seventy eight in the summer, Like they're 561 00:25:07,600 --> 00:25:11,320 Speaker 1: always a little sweaty, but they're not spending the real 562 00:25:11,359 --> 00:25:14,280 Speaker 1: money and you know, into insulating your attic well, which 563 00:25:14,280 --> 00:25:17,639 Speaker 1: would provide like yes it costs more, uh like up front, 564 00:25:17,760 --> 00:25:19,920 Speaker 1: but it's gonna provide you, you know, much more savings, 565 00:25:20,040 --> 00:25:22,679 Speaker 1: much less energy usage down the road. Uh. You know, 566 00:25:22,720 --> 00:25:26,040 Speaker 1: you might be intentional about saving on your groceries so 567 00:25:26,080 --> 00:25:28,159 Speaker 1: that you can, you know, maybe finally open an I 568 00:25:28,280 --> 00:25:30,280 Speaker 1: ra A and start investing, but then you don't pay 569 00:25:30,320 --> 00:25:33,119 Speaker 1: attention to the fees. Uh, And that's gonna cost you 570 00:25:33,160 --> 00:25:36,679 Speaker 1: tens of thousands of dollars over your investing lifetime. I know, 571 00:25:36,760 --> 00:25:38,760 Speaker 1: for me personally, like one of the ways that I 572 00:25:38,800 --> 00:25:42,119 Speaker 1: think I you know, might be called cheap or you know, 573 00:25:42,160 --> 00:25:44,439 Speaker 1: penny wise and pound foolish, is like I don't like 574 00:25:44,480 --> 00:25:46,240 Speaker 1: to spend the time or the money to go see 575 00:25:46,240 --> 00:25:49,639 Speaker 1: the doctor or go to the dentist. I'm relatively a 576 00:25:49,680 --> 00:25:52,280 Speaker 1: pretty healthy guy into me Like, I'm just I just 577 00:25:52,320 --> 00:25:53,719 Speaker 1: have a tough time with them. Like does it make 578 00:25:53,760 --> 00:25:55,000 Speaker 1: sense that I know I need to go in and 579 00:25:55,040 --> 00:25:57,479 Speaker 1: get checked up? And so like because of that, at 580 00:25:57,480 --> 00:25:59,280 Speaker 1: the beginning of the year, like we made a line 581 00:25:59,280 --> 00:26:00,840 Speaker 1: item on the budget where it's like Matt's going to 582 00:26:00,920 --> 00:26:04,280 Speaker 1: go to the doctor, Like we have it itemized on 583 00:26:04,320 --> 00:26:06,879 Speaker 1: our like on our savings buckets, because I know that 584 00:26:06,920 --> 00:26:08,520 Speaker 1: I need to go. But in the moment, i'm you know, 585 00:26:08,560 --> 00:26:10,560 Speaker 1: I think like I don't need to do that, And 586 00:26:10,560 --> 00:26:13,159 Speaker 1: so I'm afraid that I'm being pound foolish in that 587 00:26:13,240 --> 00:26:16,000 Speaker 1: in that case, right, because if I avoid paying small 588 00:26:16,040 --> 00:26:18,199 Speaker 1: amounts to go get my teeth checked out or go 589 00:26:18,280 --> 00:26:20,080 Speaker 1: see the doctor, like, there might end up being a 590 00:26:20,160 --> 00:26:22,479 Speaker 1: larger problem, larger health problem down the road. And not 591 00:26:22,520 --> 00:26:25,560 Speaker 1: only would that cost me my you know, my health potentially, 592 00:26:25,600 --> 00:26:27,760 Speaker 1: but it could end up being a much bigger bill 593 00:26:27,840 --> 00:26:30,600 Speaker 1: as well. That's true. I will say, I recommend you 594 00:26:30,600 --> 00:26:34,040 Speaker 1: go to the doctor and to the dentist. Yeah, yeah, yeah, yeah. 595 00:26:34,200 --> 00:26:36,160 Speaker 1: I'm not gonna hand you about it, though. I think 596 00:26:36,160 --> 00:26:38,160 Speaker 1: it's also too it's important to pay attention to both 597 00:26:38,480 --> 00:26:41,080 Speaker 1: the small and the big financial decisions in our lives. 598 00:26:41,320 --> 00:26:43,760 Speaker 1: Getting the small things right is great, but getting the 599 00:26:43,760 --> 00:26:46,840 Speaker 1: big things right is often more important. We've talked about that, Matt. 600 00:26:47,040 --> 00:26:49,560 Speaker 1: If we get those bigger line items in our budget 601 00:26:49,920 --> 00:26:52,880 Speaker 1: super right, then the small things are just a little 602 00:26:52,880 --> 00:26:56,080 Speaker 1: bit less consequence. But if we're super fine tuned to 603 00:26:56,320 --> 00:26:59,600 Speaker 1: the smallest areas of our budget and less perceptive about 604 00:26:59,640 --> 00:27:01,960 Speaker 1: what's going on in those bigger areas where you know, 605 00:27:02,000 --> 00:27:04,439 Speaker 1: we might let money fly, we'll likely find ourselves in 606 00:27:04,880 --> 00:27:07,520 Speaker 1: like a crappy financial situation, and so I'm not sure 607 00:27:07,640 --> 00:27:10,040 Speaker 1: you know how many people have this issue where they 608 00:27:10,040 --> 00:27:11,959 Speaker 1: do fixate on the small expenses and kind of let 609 00:27:11,960 --> 00:27:14,080 Speaker 1: the big ones go sometimes. But yeah, I know that 610 00:27:14,320 --> 00:27:16,359 Speaker 1: I can identify with that. That's been the case for 611 00:27:16,400 --> 00:27:17,920 Speaker 1: me before in my life, and it's still kind of 612 00:27:17,960 --> 00:27:20,120 Speaker 1: a struggle at times. So if you're one of those people, 613 00:27:20,119 --> 00:27:22,000 Speaker 1: I just want to say I identify with you. Okay, 614 00:27:22,280 --> 00:27:24,399 Speaker 1: And all right, We've got a few more common money 615 00:27:24,440 --> 00:27:27,800 Speaker 1: phrases that we want to dissect the validity of, and 616 00:27:27,920 --> 00:27:39,199 Speaker 1: we'll get to those right after this break. All right, 617 00:27:39,280 --> 00:27:41,120 Speaker 1: we are back in a let's let's keep on going 618 00:27:41,160 --> 00:27:44,120 Speaker 1: with the money phrases. Uh. This next one is one 619 00:27:44,240 --> 00:27:47,280 Speaker 1: that a lot of folks have heard uh as kids, 620 00:27:47,280 --> 00:27:49,000 Speaker 1: and if you're a parent, this might be one that 621 00:27:49,080 --> 00:27:52,480 Speaker 1: you UH say to your children use with regularity. Yeah, 622 00:27:52,480 --> 00:27:56,720 Speaker 1: which is money doesn't grow on trees. That's another commonly 623 00:27:56,840 --> 00:27:59,440 Speaker 1: used money phrase. And obviously there's no such thing as 624 00:27:59,440 --> 00:28:01,800 Speaker 1: a money tree, although there is a house plan that 625 00:28:01,880 --> 00:28:05,000 Speaker 1: sometimes called the money tree. Right, we should have one 626 00:28:05,000 --> 00:28:06,560 Speaker 1: down here in the office, we should guess we should 627 00:28:06,560 --> 00:28:09,840 Speaker 1: we should call it the how the money tree. But 628 00:28:09,920 --> 00:28:13,200 Speaker 1: the saying, you know, with hopefully some additional explanation can 629 00:28:13,320 --> 00:28:16,720 Speaker 1: help our kids to know that money comes along hard work. 630 00:28:16,760 --> 00:28:18,040 Speaker 1: You know, Like we kind of talked about this at 631 00:28:18,080 --> 00:28:19,480 Speaker 1: the top of the episode, when you know, with Evy, 632 00:28:19,560 --> 00:28:22,040 Speaker 1: my daughter's like she just wanted that out of the 633 00:28:22,080 --> 00:28:24,280 Speaker 1: blue and she didn't have any money saved up. Well, 634 00:28:24,320 --> 00:28:26,280 Speaker 1: maybe I would have said, hey, money doesn't grow on trees, 635 00:28:26,440 --> 00:28:28,920 Speaker 1: Like how do you come about earning that money? That's 636 00:28:28,960 --> 00:28:30,320 Speaker 1: the that you know, those are the lessons that we 637 00:28:30,359 --> 00:28:32,000 Speaker 1: need to make sure we're teaching our children and should 638 00:28:32,040 --> 00:28:34,880 Speaker 1: be like, dad, update your lingo. Okay, nobody says that anymore, 639 00:28:35,480 --> 00:28:36,800 Speaker 1: and we want to make sure that we're teaching the 640 00:28:36,880 --> 00:28:38,600 Speaker 1: lesson that like spending on a limb isn't a great 641 00:28:38,600 --> 00:28:40,840 Speaker 1: idea because it also ultimately means that we're gonna have 642 00:28:40,880 --> 00:28:44,200 Speaker 1: to work more, Like it means it's essentially a trading 643 00:28:44,400 --> 00:28:46,920 Speaker 1: of your time for your money. But I don't want 644 00:28:46,920 --> 00:28:48,320 Speaker 1: to talk more about that because we actually gets to 645 00:28:48,360 --> 00:28:50,840 Speaker 1: that one a little bit later on a little foreshadowing. 646 00:28:51,880 --> 00:28:54,320 Speaker 1: But also to Matt in response to that phrase money 647 00:28:54,360 --> 00:28:56,360 Speaker 1: doesn't grow on trees, I feel like it has kind 648 00:28:56,360 --> 00:29:00,040 Speaker 1: of another connotation, right, Like reaching financial independence is the 649 00:29:00,080 --> 00:29:02,560 Speaker 1: other side of the coin, where what you've been able 650 00:29:02,560 --> 00:29:05,280 Speaker 1: to invest grows to such a point that you do 651 00:29:05,600 --> 00:29:09,080 Speaker 1: have an essentially limitless money tree at your disposal, as 652 00:29:09,120 --> 00:29:11,400 Speaker 1: long as you obviously like keep it within the realms 653 00:29:11,440 --> 00:29:13,880 Speaker 1: of your budget and maybe the four percent rule or 654 00:29:13,920 --> 00:29:17,720 Speaker 1: something similar to that. It's not private island kind of money. 655 00:29:17,720 --> 00:29:21,080 Speaker 1: But who really needs that, right, But your money will 656 00:29:21,080 --> 00:29:23,920 Speaker 1: be making money for you without you needing to work. 657 00:29:24,000 --> 00:29:26,160 Speaker 1: So I think like money doesn't grow on trees, and 658 00:29:26,200 --> 00:29:29,560 Speaker 1: that's obviously true, But that money tree, the financial independence 659 00:29:29,560 --> 00:29:32,520 Speaker 1: money tree, is something that is attainable with a whole 660 00:29:32,600 --> 00:29:36,440 Speaker 1: lot of years of intentional financial choices, smart saving and investing. 661 00:29:36,760 --> 00:29:38,520 Speaker 1: You can almost create your own money tree if you 662 00:29:38,560 --> 00:29:39,920 Speaker 1: do a really good job with money over a long 663 00:29:39,920 --> 00:29:42,120 Speaker 1: period of time. Yeah, and that's why we invest. You know, 664 00:29:42,120 --> 00:29:44,560 Speaker 1: this is such an important concept and it's one that 665 00:29:44,600 --> 00:29:47,800 Speaker 1: we revisit regularly here on the show. But we're gonna 666 00:29:47,800 --> 00:29:50,160 Speaker 1: we're gonna keep on going. And the next phrase that 667 00:29:50,160 --> 00:29:52,680 Speaker 1: we wanted to tackle here is does it actually take 668 00:29:52,720 --> 00:29:55,200 Speaker 1: money to make money? That's the that's kind of how 669 00:29:55,240 --> 00:29:58,200 Speaker 1: the common phrase goes. So let's start by referring to 670 00:29:58,400 --> 00:30:01,840 Speaker 1: what we just said, right, money can and will provide 671 00:30:01,840 --> 00:30:05,920 Speaker 1: compounding returns if it is invested well. Investing in the 672 00:30:05,960 --> 00:30:09,080 Speaker 1: overall stock market, for example, will ensure that the money 673 00:30:09,120 --> 00:30:12,240 Speaker 1: you have is making money for you. And in that case, 674 00:30:12,280 --> 00:30:14,640 Speaker 1: it does take money to make money, and the more 675 00:30:14,720 --> 00:30:17,760 Speaker 1: you have, the larger the returns that are going to 676 00:30:17,880 --> 00:30:19,760 Speaker 1: be that that you get to see. Yeah, so this 677 00:30:20,080 --> 00:30:22,560 Speaker 1: phrase has a lot of accuracy to it, right, But 678 00:30:22,640 --> 00:30:24,880 Speaker 1: there's also a major disconnect here when we when we 679 00:30:24,920 --> 00:30:27,840 Speaker 1: hear this phrase, it doesn't always take money to make money. 680 00:30:27,960 --> 00:30:30,120 Speaker 1: If you weren't a trust fund baby, you can still 681 00:30:30,160 --> 00:30:32,800 Speaker 1: make real money out there in this world. Right. Our 682 00:30:32,840 --> 00:30:36,120 Speaker 1: country might not be idealistic in terms of everyone being 683 00:30:36,120 --> 00:30:38,760 Speaker 1: able to succeed, but this is still, i think, the 684 00:30:38,840 --> 00:30:41,680 Speaker 1: land of opportunity, and you don't have to have loads 685 00:30:41,720 --> 00:30:45,000 Speaker 1: of cash to capitalize on the ability to make money 686 00:30:45,000 --> 00:30:47,200 Speaker 1: in the United States of America. And for example, if 687 00:30:47,200 --> 00:30:49,160 Speaker 1: you want to start a business, go back and listen 688 00:30:49,160 --> 00:30:51,360 Speaker 1: to our episode with Alan don again where he gave 689 00:30:51,440 --> 00:30:54,720 Speaker 1: a ton of practical examples for starting your business with 690 00:30:54,800 --> 00:30:57,760 Speaker 1: zero dollars. That was episode to forty seven. I think 691 00:30:57,840 --> 00:31:01,120 Speaker 1: sometimes we let that phrase almost dominate our psyche. It 692 00:31:01,240 --> 00:31:03,360 Speaker 1: is helpful to have money to make more money. Like 693 00:31:03,560 --> 00:31:05,720 Speaker 1: if you lend your money out, you can make money 694 00:31:05,800 --> 00:31:08,160 Speaker 1: in different ways. If you buy a rental property with 695 00:31:08,200 --> 00:31:10,120 Speaker 1: your money, you can make money, and it takes money 696 00:31:10,120 --> 00:31:12,160 Speaker 1: to buy that rental property. Right, But at the same time, 697 00:31:12,320 --> 00:31:13,920 Speaker 1: don't let money stand in the way of some of 698 00:31:14,000 --> 00:31:17,000 Speaker 1: your goals and ambitions. A lack of money means that 699 00:31:17,040 --> 00:31:19,160 Speaker 1: you need to have a little more creativity, and that 700 00:31:19,280 --> 00:31:22,880 Speaker 1: creativity can help you make money too. You don't necessarily 701 00:31:23,040 --> 00:31:25,280 Speaker 1: need to have a boatload of cash or to have 702 00:31:25,320 --> 00:31:28,280 Speaker 1: actually been a trust fund baby in order to succeed. 703 00:31:28,360 --> 00:31:31,040 Speaker 1: And I think sometimes, yeah, this this phrase can kind 704 00:31:31,040 --> 00:31:33,520 Speaker 1: of conjure up a limiting belief for a lot of people. Oh, 705 00:31:33,680 --> 00:31:35,320 Speaker 1: I don't have the money. I can't do it. I 706 00:31:35,360 --> 00:31:37,480 Speaker 1: can't do what other people are doing. Um, and I'm not. 707 00:31:37,840 --> 00:31:39,640 Speaker 1: I'm not saying it's not a little bit harder, but 708 00:31:39,920 --> 00:31:41,560 Speaker 1: but you can get there. Yeah, you can still get there. 709 00:31:41,600 --> 00:31:43,160 Speaker 1: It just takes a little bit maybe more time. It 710 00:31:43,200 --> 00:31:44,640 Speaker 1: takes a little bit of a little a little bit 711 00:31:44,640 --> 00:31:48,400 Speaker 1: of sweat equity, you know, instead of just actual cash. Right, 712 00:31:48,720 --> 00:31:50,400 Speaker 1: all right, we got two more phrases of bringing it too, 713 00:31:50,440 --> 00:31:52,840 Speaker 1: and so this next one is Uh. You hear folks 714 00:31:52,840 --> 00:31:55,280 Speaker 1: saying that this money is burning a whole in my pocket. 715 00:31:55,720 --> 00:31:57,600 Speaker 1: Like you hear people say that, like on payday, right 716 00:31:58,280 --> 00:31:59,880 Speaker 1: after they've gotten their check, I'm ready to go to 717 00:31:59,920 --> 00:32:02,480 Speaker 1: the club, except the clubs aren't open. And so I mean, 718 00:32:02,520 --> 00:32:05,600 Speaker 1: anyone who comes across unexpected money is liable to have 719 00:32:05,680 --> 00:32:08,480 Speaker 1: this this feeling, you know, this experience where you know 720 00:32:08,480 --> 00:32:11,680 Speaker 1: they're itching to spend their money. True for for natural 721 00:32:11,720 --> 00:32:14,000 Speaker 1: spenders out there, there's other folks who you know, may 722 00:32:14,080 --> 00:32:16,800 Speaker 1: not feel this quite as much. Their natural savers, Uh, 723 00:32:16,840 --> 00:32:19,400 Speaker 1: they see that as an opportunity to save money. But 724 00:32:19,440 --> 00:32:22,680 Speaker 1: for all the natural, the default spenders out there, uh, 725 00:32:22,680 --> 00:32:25,520 Speaker 1: this is a serious problem and it could be a conundrum, 726 00:32:25,600 --> 00:32:27,200 Speaker 1: you know, to have too much money in your pocket 727 00:32:27,520 --> 00:32:29,640 Speaker 1: or and you're even in your bank account that isn't 728 00:32:29,720 --> 00:32:32,440 Speaker 1: there for a specific purpose. You know, you don't want 729 00:32:32,440 --> 00:32:35,120 Speaker 1: to touch your emergency fund, of course, but it can 730 00:32:35,160 --> 00:32:38,200 Speaker 1: be easy to rationalize spending maybe some extra money that 731 00:32:38,240 --> 00:32:40,000 Speaker 1: you have sitting in your account that you know is 732 00:32:40,040 --> 00:32:42,960 Speaker 1: above and you know, beyond your core savings. Like we've 733 00:32:43,200 --> 00:32:45,480 Speaker 1: we've all had an experience. We're having cash in our 734 00:32:45,520 --> 00:32:48,040 Speaker 1: hands meant that it would soon be in someone else's 735 00:32:48,040 --> 00:32:51,120 Speaker 1: hands because we we couldn't bring ourselves to actually save 736 00:32:51,160 --> 00:32:52,880 Speaker 1: it. It It makes me think even to the stimulus money, 737 00:32:52,920 --> 00:32:56,080 Speaker 1: Like I wonder how many folks who receive their money 738 00:32:56,200 --> 00:32:58,600 Speaker 1: like as a you know, on as a physical check 739 00:32:58,680 --> 00:33:01,600 Speaker 1: or on one of those debit cards. I guarantee like 740 00:33:01,680 --> 00:33:03,680 Speaker 1: that those folks were more likely to have spent that 741 00:33:03,760 --> 00:33:06,640 Speaker 1: money than folks who received the you know, the direct 742 00:33:06,680 --> 00:33:09,479 Speaker 1: deposit into their accounts where they never really truly saw it. 743 00:33:09,480 --> 00:33:11,240 Speaker 1: It just kind of you know, they saw their balance 744 00:33:11,280 --> 00:33:13,480 Speaker 1: go up, the number on the screen went higher. Yeah. 745 00:33:13,480 --> 00:33:16,040 Speaker 1: But like like there's such a detachment from that versus 746 00:33:16,080 --> 00:33:19,480 Speaker 1: having a physical you know, check card or debit card 747 00:33:19,600 --> 00:33:22,000 Speaker 1: in your hand where where it feels like I've got 748 00:33:22,000 --> 00:33:23,680 Speaker 1: money right here, let's go let's like, let's go ahead 749 00:33:23,680 --> 00:33:25,800 Speaker 1: and stimulate the economy, you know, just like the government 750 00:33:25,840 --> 00:33:29,120 Speaker 1: wants us to. Uh, there's something about having that money 751 00:33:29,560 --> 00:33:31,600 Speaker 1: in your hand that that makes you want to spend it. Yeah, 752 00:33:31,680 --> 00:33:33,560 Speaker 1: And the form that you get it in it makes 753 00:33:33,560 --> 00:33:35,920 Speaker 1: a big difference. Like you just mentioned, I think too, 754 00:33:35,920 --> 00:33:38,640 Speaker 1: it's important to find ways to earmark money that we 755 00:33:38,680 --> 00:33:40,880 Speaker 1: get for future purposes so that it doesn't burn a 756 00:33:40,920 --> 00:33:42,880 Speaker 1: hole in our pockets causing us to spend it in 757 00:33:42,920 --> 00:33:45,560 Speaker 1: frivolous ways. Are you saving for a trip that's great, 758 00:33:45,920 --> 00:33:48,040 Speaker 1: and make sure that the money has a name so 759 00:33:48,120 --> 00:33:49,720 Speaker 1: you don't spend it in the heat of the moment 760 00:33:49,760 --> 00:33:51,600 Speaker 1: on something else and then you're like, oh man, I'm 761 00:33:51,600 --> 00:33:53,800 Speaker 1: either gonna have to like cancel the trip or at 762 00:33:53,840 --> 00:33:55,480 Speaker 1: least like tone it down, like we're not we're not 763 00:33:55,520 --> 00:33:57,120 Speaker 1: gonna be able to go as big as we thought 764 00:33:57,120 --> 00:33:58,560 Speaker 1: we were going to be able to. And that's a 765 00:33:58,560 --> 00:34:00,600 Speaker 1: bummer because you spend it on stuff in the interim 766 00:34:00,640 --> 00:34:03,240 Speaker 1: that you didn't mean to prioritize. It just happened that 767 00:34:03,240 --> 00:34:05,520 Speaker 1: way because money was literally burning a hole in your pocket. 768 00:34:05,880 --> 00:34:09,359 Speaker 1: Not literally, I guess, but that would be his name 769 00:34:09,440 --> 00:34:13,320 Speaker 1: from Parks and Wreck, like literally like Broblo's character. I 770 00:34:13,320 --> 00:34:16,719 Speaker 1: think Rablo literally has a podcast called literally Now think 771 00:34:16,719 --> 00:34:21,160 Speaker 1: he does? Yes so good good times. Also, if you've 772 00:34:21,200 --> 00:34:24,160 Speaker 1: got too much cash, Matt and I would say, make 773 00:34:24,200 --> 00:34:26,640 Speaker 1: sure that you're investing some of it. It helps prevent 774 00:34:26,680 --> 00:34:29,840 Speaker 1: the temptation to spend that money needlessly and helps it 775 00:34:29,880 --> 00:34:32,359 Speaker 1: grow for your future. I think Matt, obviously we we've 776 00:34:32,400 --> 00:34:36,279 Speaker 1: talked about cash is important. Having an emergency fund is huge. Um, 777 00:34:36,320 --> 00:34:39,440 Speaker 1: if you have too much cash uh hanging out, you 778 00:34:39,520 --> 00:34:41,759 Speaker 1: might start to think, oh, I guess I can spend this. 779 00:34:41,800 --> 00:34:44,840 Speaker 1: It's fine. But the more that we get essentially out 780 00:34:44,880 --> 00:34:47,400 Speaker 1: of our ability to touch right by putting it in 781 00:34:47,480 --> 00:34:50,560 Speaker 1: tax advantage, investment accounts, by putting it in other vehicles 782 00:34:50,680 --> 00:34:53,239 Speaker 1: besides just a savings account, that can be a great 783 00:34:53,280 --> 00:34:56,080 Speaker 1: move that prevents us from spending it. And that's a 784 00:34:56,160 --> 00:34:58,360 Speaker 1: great argument for budgeting, right. I mean, when you do 785 00:34:58,440 --> 00:35:00,719 Speaker 1: zero some budgeting, you're literally put and name to every 786 00:35:00,719 --> 00:35:03,400 Speaker 1: single cent, every dollar that you have, and that keeps 787 00:35:04,040 --> 00:35:06,600 Speaker 1: maybe not the pennies. Yeah, well, I mean when you're 788 00:35:06,600 --> 00:35:08,439 Speaker 1: doing on the spreadsheet, man, I wanted to equal zero, 789 00:35:08,480 --> 00:35:10,719 Speaker 1: and then that's what I do. Uh So, yeah, that's 790 00:35:10,800 --> 00:35:12,520 Speaker 1: a good tactic for making sure that you don't have 791 00:35:12,600 --> 00:35:14,560 Speaker 1: large swaths of money that are just kind of disappearing. 792 00:35:14,640 --> 00:35:16,520 Speaker 1: Is like what happened to you know, what happened at 793 00:35:16,520 --> 00:35:18,040 Speaker 1: the stimulus money is to be like, oh, I don't know, 794 00:35:18,080 --> 00:35:19,840 Speaker 1: you know, that is not what you want to be saying. 795 00:35:19,880 --> 00:35:22,040 Speaker 1: And so all right, dude, it is time for our 796 00:35:22,160 --> 00:35:25,040 Speaker 1: final phrase that you may have heard more than maybe 797 00:35:25,080 --> 00:35:26,959 Speaker 1: even any of the other ones that we've mentioned today, 798 00:35:26,960 --> 00:35:30,600 Speaker 1: which is time is money, And actually we wanted to 799 00:35:30,640 --> 00:35:34,280 Speaker 1: address us one because time is actually more important than money, 800 00:35:34,320 --> 00:35:37,440 Speaker 1: you know, like money might feel finite depending on your situation, 801 00:35:37,480 --> 00:35:40,239 Speaker 1: but it's not, you know, like you always typically will 802 00:35:40,280 --> 00:35:42,560 Speaker 1: have the ability to make more money, but time, on 803 00:35:42,600 --> 00:35:45,400 Speaker 1: the other hand, like we're never guaranteed more time, And 804 00:35:45,440 --> 00:35:48,160 Speaker 1: so equating the two like like if in your mind 805 00:35:48,200 --> 00:35:50,440 Speaker 1: you feel that these two are the same or that 806 00:35:50,480 --> 00:35:52,520 Speaker 1: they have the same importance, it will make you think 807 00:35:52,520 --> 00:35:54,719 Speaker 1: of them, you know, equally, and it will make you 808 00:35:54,760 --> 00:35:57,760 Speaker 1: more apt to trade your You're vatually more important time 809 00:35:58,200 --> 00:36:01,080 Speaker 1: for money, maybe more than you should. Yeah, man, And 810 00:36:01,160 --> 00:36:04,120 Speaker 1: of course we all have to work for a living, right, Uh, 811 00:36:04,360 --> 00:36:07,239 Speaker 1: you can't get by on pure laziness. We we we try 812 00:36:07,280 --> 00:36:08,839 Speaker 1: to teach your kids at all the time. You're you're 813 00:36:08,880 --> 00:36:10,799 Speaker 1: talking about that earlier on the show, with how you're 814 00:36:10,840 --> 00:36:13,200 Speaker 1: teaching heavy um getting or to make some money and 815 00:36:13,239 --> 00:36:15,520 Speaker 1: someone making some money, you know, watching the cat. Money 816 00:36:15,520 --> 00:36:18,040 Speaker 1: doesn't grow on trees, girls, No, of course he doesn't. Yeah, 817 00:36:18,080 --> 00:36:20,440 Speaker 1: we're gonna use that probably more often after this episode. 818 00:36:21,000 --> 00:36:22,960 Speaker 1: But obviously we have to work for a living, and 819 00:36:23,080 --> 00:36:26,040 Speaker 1: work shouldn't be demonized. We think work provides a lot 820 00:36:26,040 --> 00:36:29,000 Speaker 1: of meaning and hopefully a lot of joint satisfaction, but 821 00:36:29,040 --> 00:36:32,080 Speaker 1: equating time and money can cause us to live like 822 00:36:32,200 --> 00:36:35,200 Speaker 1: beings that were only created to work, putting an over 823 00:36:35,239 --> 00:36:38,360 Speaker 1: emphasis on something that is meant to have like a 824 00:36:38,440 --> 00:36:42,160 Speaker 1: proper role in your life. But that's just not true, right, 825 00:36:42,239 --> 00:36:45,239 Speaker 1: We weren't created as work beings. We were created for 826 00:36:45,280 --> 00:36:48,120 Speaker 1: so much more than that, for like deep connection and relationship, 827 00:36:48,239 --> 00:36:50,920 Speaker 1: to explore our world, or to just be right, like 828 00:36:51,000 --> 00:36:53,480 Speaker 1: that's why they call us human beings. I think we 829 00:36:53,480 --> 00:36:56,359 Speaker 1: can get by just being so Yeah, I think you're right, man. 830 00:36:56,400 --> 00:36:58,239 Speaker 1: I think time is not money, and I think if 831 00:36:58,280 --> 00:37:00,680 Speaker 1: we think that time is money, then we are more 832 00:37:00,719 --> 00:37:02,719 Speaker 1: likely just to make that straight up trade off, you know, 833 00:37:02,719 --> 00:37:06,000 Speaker 1: whenever the opportunity arises to make an extra buck, and 834 00:37:06,000 --> 00:37:07,759 Speaker 1: we would say no, no no, no, protect your time and 835 00:37:07,800 --> 00:37:10,840 Speaker 1: take care of it because it's more important, more valuable 836 00:37:10,840 --> 00:37:13,000 Speaker 1: than uh, you know, the green stuff. That's right, And 837 00:37:13,200 --> 00:37:14,919 Speaker 1: kind of going back to you know, the money doesn't 838 00:37:14,960 --> 00:37:18,080 Speaker 1: grow on trees phrase, right, like you're talking about you 839 00:37:18,120 --> 00:37:21,600 Speaker 1: know how it kind of does grow on trees, like 840 00:37:21,640 --> 00:37:23,520 Speaker 1: if you're looking at it through the lens of like 841 00:37:23,560 --> 00:37:26,399 Speaker 1: financial independence or financial freedom, right, like women compounding. Yeah, 842 00:37:26,440 --> 00:37:28,680 Speaker 1: when you have invested your money, like you realize that, 843 00:37:28,960 --> 00:37:30,920 Speaker 1: like not only are these things that equal, but you 844 00:37:30,920 --> 00:37:33,759 Speaker 1: don't need to exchange your time anymore for money because 845 00:37:33,760 --> 00:37:35,720 Speaker 1: when you have invested your money and put those dollars 846 00:37:35,719 --> 00:37:38,720 Speaker 1: to work for you, well, you're gonna be receiving money 847 00:37:39,000 --> 00:37:41,360 Speaker 1: from those dollars, not from you know, the exchange of 848 00:37:41,400 --> 00:37:43,840 Speaker 1: your time. And so that's definitely an important lesson to 849 00:37:44,280 --> 00:37:46,239 Speaker 1: I guess and the you know, end the episode here on. 850 00:37:46,640 --> 00:37:48,520 Speaker 1: Uh So it's you know, it's fun to take some 851 00:37:48,600 --> 00:37:51,239 Speaker 1: of these like more common I guess, financial phrases that 852 00:37:51,239 --> 00:37:54,920 Speaker 1: we hear every day to task, right, Like yeah, it's 853 00:37:54,920 --> 00:37:56,880 Speaker 1: like let's let's let's put these through the gauntlet a 854 00:37:56,880 --> 00:37:59,160 Speaker 1: little bit here. And so hopefully now when you hear 855 00:37:59,200 --> 00:38:01,880 Speaker 1: someone mentioned the money quote or a familiar phrase, you 856 00:38:01,880 --> 00:38:03,600 Speaker 1: can you know, do a little little bit of critical 857 00:38:03,680 --> 00:38:07,680 Speaker 1: thinking before assuming that it's true. Uh. Some of these 858 00:38:07,680 --> 00:38:09,960 Speaker 1: popular phrases have stood the test of time for a 859 00:38:10,000 --> 00:38:12,160 Speaker 1: reason because they are true. But others, you know, they 860 00:38:12,200 --> 00:38:16,000 Speaker 1: have elements of truth, like they're they're truthy, but they 861 00:38:16,040 --> 00:38:18,960 Speaker 1: need maybe a bit more explanation to be understood in 862 00:38:18,960 --> 00:38:21,120 Speaker 1: a fuller context than we hope that we know. We've 863 00:38:21,160 --> 00:38:23,920 Speaker 1: allowed you to think through some of these phrases as 864 00:38:23,960 --> 00:38:25,600 Speaker 1: you kind of move forward in your life and and 865 00:38:25,719 --> 00:38:28,040 Speaker 1: and do smart things with your money as well, no doubt. 866 00:38:28,040 --> 00:38:29,360 Speaker 1: All right, Matt, let's get back to the beer that 867 00:38:29,400 --> 00:38:31,760 Speaker 1: we had on this show. This one was called Aliens 868 00:38:31,800 --> 00:38:34,160 Speaker 1: on Moonshine, And you know, you can make your own 869 00:38:34,160 --> 00:38:36,520 Speaker 1: mental picture of what that looks it looks like in 870 00:38:36,560 --> 00:38:38,480 Speaker 1: your mind, but yeah, what were your thoughts on this? 871 00:38:38,560 --> 00:38:41,400 Speaker 1: I p A from Torch Top Dude, really solid. I mean, 872 00:38:41,440 --> 00:38:42,960 Speaker 1: I don't I feel like I can just say it's 873 00:38:42,960 --> 00:38:45,160 Speaker 1: like a classic, uh New England style. I p A 874 00:38:45,239 --> 00:38:47,000 Speaker 1: like it's not listed as a New England style, but 875 00:38:47,280 --> 00:38:50,239 Speaker 1: repoured it. It It was definitely hazy. It's a double as well, 876 00:38:50,280 --> 00:38:52,279 Speaker 1: so I don't know, it doesn't say it's double dry hot, 877 00:38:52,280 --> 00:38:54,080 Speaker 1: but it definitely has some of those dry hot flavors 878 00:38:54,120 --> 00:38:56,200 Speaker 1: going on where it feels like the hops are a 879 00:38:56,239 --> 00:38:58,880 Speaker 1: little more green, like a little more pungent, you know. 880 00:38:58,920 --> 00:39:01,120 Speaker 1: But at the same time, it wasn't overly better. It 881 00:39:01,160 --> 00:39:03,120 Speaker 1: wasn't all hops. It had a nice it's kind of 882 00:39:03,160 --> 00:39:04,640 Speaker 1: balance to it had a little bit of sweetness going 883 00:39:04,680 --> 00:39:06,520 Speaker 1: on too, But yeah, what were your thoughts. Yeah, I 884 00:39:06,560 --> 00:39:08,720 Speaker 1: thought it was like bold and brash, like the hops 885 00:39:08,719 --> 00:39:11,080 Speaker 1: completely overtook anything else going on in this beer. It's 886 00:39:11,080 --> 00:39:13,200 Speaker 1: definitely an I p A. And that's also too, like 887 00:39:13,239 --> 00:39:15,799 Speaker 1: a new newer style, right like, where all you can 888 00:39:15,800 --> 00:39:17,719 Speaker 1: taste is the hops. Used to it used to be 889 00:39:17,719 --> 00:39:19,279 Speaker 1: that you'd want some sort of a balance in your 890 00:39:19,280 --> 00:39:21,680 Speaker 1: I p A, where you'd want some maltiness and some happiness, 891 00:39:21,920 --> 00:39:24,200 Speaker 1: and these days it's like, oh no, no no, no, uh, 892 00:39:24,280 --> 00:39:26,640 Speaker 1: please leave out the malt all together and just throwing 893 00:39:26,680 --> 00:39:29,120 Speaker 1: the hops. And that's exactly what this one had going on. 894 00:39:29,160 --> 00:39:32,439 Speaker 1: It was like pure hop concentrate almost And I really 895 00:39:32,440 --> 00:39:34,319 Speaker 1: like some of the stuff that Torch Top has going on, 896 00:39:34,440 --> 00:39:35,719 Speaker 1: and I thought this was actually one of the better 897 00:39:35,800 --> 00:39:37,480 Speaker 1: I pas I've had from them, So I need to 898 00:39:37,560 --> 00:39:39,240 Speaker 1: check out more of their stuff in the future. You 899 00:39:39,280 --> 00:39:40,680 Speaker 1: so you've been there a couple of times. I actually 900 00:39:40,719 --> 00:39:43,600 Speaker 1: have never been to. It's a brew pub, right, Like, 901 00:39:43,600 --> 00:39:45,160 Speaker 1: it's not a it's not a straight up brewery, but 902 00:39:45,160 --> 00:39:46,960 Speaker 1: it's it's a brup pub. They make really good beers. 903 00:39:47,120 --> 00:39:48,800 Speaker 1: I've never been there myself, so I definitely need to 904 00:39:48,880 --> 00:39:50,440 Speaker 1: check it out. I gotta go for Wednesday Wing night. 905 00:39:50,640 --> 00:39:52,879 Speaker 1: Oh that sounds amazing. Wing's gonna beer for like twelve 906 00:39:52,880 --> 00:39:54,360 Speaker 1: bucks or something like that. That's a deal. It is 907 00:39:54,400 --> 00:39:56,439 Speaker 1: a deal, and the and the Wings are good too. Nice. 908 00:39:56,520 --> 00:39:58,120 Speaker 1: I'll add that to our short list. We're always looking 909 00:39:58,120 --> 00:40:00,480 Speaker 1: for new spots that we're hoping to to get back 910 00:40:00,480 --> 00:40:03,839 Speaker 1: to as things normalize over the coming months. But dude, 911 00:40:03,840 --> 00:40:05,879 Speaker 1: that's gonna be it for this episode. Listeners can find 912 00:40:05,880 --> 00:40:07,719 Speaker 1: our show notes up on our website at how to 913 00:40:07,840 --> 00:40:10,799 Speaker 1: money dot com. Yeah, and if you've been enjoying the show, 914 00:40:10,920 --> 00:40:12,799 Speaker 1: tell a friend. We'd love it if you would pass 915 00:40:12,880 --> 00:40:15,279 Speaker 1: on the How the Money love to somebody else who 916 00:40:15,280 --> 00:40:17,680 Speaker 1: could use some helpful advice in how to approach their 917 00:40:17,719 --> 00:40:20,359 Speaker 1: personal finances. And if you think Matt and I could 918 00:40:20,400 --> 00:40:22,480 Speaker 1: stand to do a little bit better, we'd always love 919 00:40:22,520 --> 00:40:24,240 Speaker 1: to hear from you. To just go to our website 920 00:40:24,400 --> 00:40:26,480 Speaker 1: how to money dot com slash do better drop us 921 00:40:26,520 --> 00:40:28,239 Speaker 1: a line. We'd love to hear from you because Matt 922 00:40:28,239 --> 00:40:30,840 Speaker 1: and I are always up to improve the show and 923 00:40:30,880 --> 00:40:33,000 Speaker 1: make it more helpful. So Matt, that's gonna do it 924 00:40:33,040 --> 00:40:36,040 Speaker 1: for this episode. Until next time, Best Friends Out, Best 925 00:40:36,080 --> 00:40:36,919 Speaker 1: Friends out