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

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Speaker 1: and today we're discussing facing down our spooky ist money fears. Dude,

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Speaker 1: I think spooky is just like such a classic kid turn.

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Speaker 1: Like like when I hear spooky, it makes me actually

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Speaker 1: makes me think of like a gosh, it makes me

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Speaker 1: think of cookie chrisps because then when they're like the wolf,

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Speaker 1: that was like cookie Chris whatever. But it makes me

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Speaker 1: think of like count Chocola, I guess. But I feel

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Speaker 1: like spooky in general is such a great kid word.

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Speaker 1: It is. My my daughter who's six now. I think

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Speaker 1: when she was like three, she used to say pooky

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Speaker 1: and she didn't pronounce the s and it was adorable.

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Speaker 1: But yeah, spooky is a great word. And especially since

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Speaker 1: we're like this close to Halloween, we're like, let's of course,

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Speaker 1: let's get let's get a little spooky with it. We

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Speaker 1: got stuff, and money fears are legit, like they abound.

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Speaker 1: We've all got one or two or twenty, and so

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Speaker 1: we kind of crowdsourced some of the biggest money fears

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Speaker 1: that our listeners had. We're going to cover some of

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Speaker 1: those in today's episode. We're gonna face them down exactly,

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Speaker 1: and so I wanted to share this to him in

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Speaker 1: the eye. This also made me think of specifically one

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Speaker 1: time in college, some friends and I we went to

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Speaker 1: this haunted house here in Atlanta. We drove over to

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Speaker 1: it from Athens, and one of our friends he wasn't

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Speaker 1: really sure if he was like down with this whole idea,

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Speaker 1: and we went just one of those chainsaw ones or

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Speaker 1: it was one of the it's it's the one you

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Speaker 1: see from THEE will never do that, you know what

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Speaker 1: I'm talking about, right, Yeah, okay, yeah, another world. I guess.

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Speaker 1: I don't know if it still exists. But we were

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Speaker 1: standing like it hadn't even started yet. We were standing

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Speaker 1: kind of like in this kind of covered area, but

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Speaker 1: we weren't even in the haunted house yet, and we

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Speaker 1: were kind of getting the introduction, you know, like telling

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Speaker 1: you what's gonna happen and what's not gonna happen. You

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Speaker 1: don't have to be afraid that like nobody should touch you,

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Speaker 1: that kind of thing. But then at the end of

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Speaker 1: that little introduction, someone touched you know, nobody touched us,

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Speaker 1: but there is this Frank and Stein like thing on

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Speaker 1: this table that we're all kind of gathered around as

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Speaker 1: the guy was talking and it started convulsing and like

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Speaker 1: making a just a crazy loud racket, and that friend,

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Speaker 1: one of my roommates, just turned was like nope, I'm

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Speaker 1: out of here. I'm done, and he does like walk

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Speaker 1: back out to the parking lot. And fine, I'm sure

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Speaker 1: he had great reasons to walk out. Convulsing Frankistine isn't

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Speaker 1: something he's ever gonna have to really deal with in

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Speaker 1: real life. But when it comes around money, there are

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Speaker 1: things that we face every day that we might be

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Speaker 1: afraid of, uh, and these are things that we do

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Speaker 1: need to actually confront. There are things that we need

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Speaker 1: to deal with because it's going to have an impact

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Speaker 1: on our money down the road, no doubt. Right. But

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Speaker 1: before we get to that, Matt, since Halloween is this

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Speaker 1: coming weekend, well, I'm just glad that's of Halloween theme

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Speaker 1: stuff here. I'm glad it's it's back and we're you know,

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Speaker 1: last year's Halloween was mostly a flop. But Halloween, we've

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Speaker 1: mentioned on the show, is big on our street. It's huge,

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Speaker 1: and so we're gonna be actively participating. I want to know,

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Speaker 1: is it frugal or cheap, especially on our block where

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Speaker 1: you might get eight hundred kids come by and snag candy.

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Speaker 1: Is it ruler cheap to give them one piece of candy? Well,

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Speaker 1: you just answered it. I think, like, because there are

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Speaker 1: so many kids in our neighborhood, I think it is

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Speaker 1: a frugal, smart move to make sure you have enough

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Speaker 1: candy to give to all the kids so you don't

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Speaker 1: get your house rolled. Well yeah, I mean, and just

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Speaker 1: I mean, what's the fun of Halloween, right, Like, it's

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Speaker 1: the kids being able to go from house to house

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Speaker 1: see everyone's different costumes. And if you have to put

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Speaker 1: out the sign that says ran out of candy sorry,

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Speaker 1: you know, halfway through the night, Well, that kind of

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Speaker 1: ruins the fun. That's should have bought more candy. I

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Speaker 1: say two pieces per kid minimum, and I'm gonna I'm

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Speaker 1: gonna after like two pieces in general as well. I

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Speaker 1: can just depends, I think. I mean, and you know,

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Speaker 1: for the end of the night, if you're running low,

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Speaker 1: you're like, okay, no, we got on the size of

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Speaker 1: candy that you get, right, you're doing full size bars, right, Well,

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Speaker 1: I don't do you know, I'm just I'm talking like,

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Speaker 1: so I think fun size, you know, like those like

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Speaker 1: if you're talking about the minis, okay, you know, like

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Speaker 1: the tiny little minis is basically like a morsel of

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Speaker 1: a candy bar. No one's doing full size bars unless

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Speaker 1: you live in like a could of sack. And there's

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Speaker 1: eight kids that people do the full size, gig size bars.

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Speaker 1: But I will say, towards the end of the nights, uh,

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Speaker 1: you know, like what if I'm ready to shut it down.

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Speaker 1: Basically the last group of kids who comes by like

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Speaker 1: they get everything, like they hit the jackpot, and they're

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Speaker 1: the ones going home and their parents are like, are

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Speaker 1: you serious. I can't believe they just gave you that

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Speaker 1: much candy? And you're like turning your porch light off

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Speaker 1: and you're like good night. Yeah exactly. Well, all right,

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Speaker 1: well I'm looking forward to it. Halloween one of the

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Speaker 1: greatest nights of the year and is always a good

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Speaker 1: one on Woodland Avenue. But Mattless mentioned the beer that

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Speaker 1: we're having on this episode. This one is called hopping

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Speaker 1: Weiss by Schneider Weiss, and this is from your friend

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Speaker 1: Zach And what is this is a very German sounding beer?

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Speaker 1: Yeah exactly. So this was one of his favorite beers

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Speaker 1: while he was stationed over in Germany. He was able

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Speaker 1: to find this one state side, and so I'm looking

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Speaker 1: forward to enjoying these today on the show, we'll give

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Speaker 1: our thoughts on these beers at the end of the episode,

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Speaker 1: and disappointment for all these folks who are expecting us

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Speaker 1: to have a pumpkin beer lack of cleaning ahead of

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Speaker 1: our partner. What do you what are your thoughts actually

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Speaker 1: on pumpkin beer? Most of them I hate, a few

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Speaker 1: of them I like, And the ones that I really

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Speaker 1: like are the least pumpkinny ones like Avery they make

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Speaker 1: that it's like a barrel aged bourbon, barrel aged pumpkin nail.

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Speaker 1: They make one bourbon barrel ages. They make one that's

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Speaker 1: like rum barrel aged or drunk. That's delicious. Forgot about

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Speaker 1: rumpkin Yeah, oh my gosh, that one's so good. Let's

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Speaker 1: add that to the calendar for like getting navy beers

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Speaker 1: for next timeoween market. Now, those are good ones. Let's

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Speaker 1: move on, Matt. Let's talk about facing down our spookiest

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Speaker 1: money fears. And did you ever watch scary movies as

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Speaker 1: a kid, like Arachnophobia or Beetle Juice? Oh yeah, Beatle

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Speaker 1: Juice wasn't a scary movie. It was kind of like

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Speaker 1: this weird I still don't think I've ever seen it

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Speaker 1: really yeah, oh no, wait man, because it seemed too

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Speaker 1: scary earlier. My parents told me it would be too

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Speaker 1: scary for me when I was a kid. Oddly enough,

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Speaker 1: that was a weird one that we had on like

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Speaker 1: VHS and it would always make its rounds and we

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Speaker 1: would watch it, I think, every year, like the actual

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Speaker 1: scary movies, though completely avoided, like I didn't go out

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Speaker 1: of my way to watch like horror films or yeah,

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Speaker 1: I mean, I still hate scary movies. Horror films are

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Speaker 1: a definite no go for me. But um yeah. It's

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Speaker 1: actually recently introduced to a new term called chromatophobia. Have

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Speaker 1: you have you heard of that? Do you know what

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Speaker 1: it means? Uh? Makes me think of a crematorium? Is

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Speaker 1: that right? No? Not quite. But it turns out that

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Speaker 1: this means it's a fear of spending money or even

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Speaker 1: just being around it. So some people actually have a

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Speaker 1: phobia that's diagnosable, and their fear when it comes to

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Speaker 1: money is just that bad. And so yeah, apparently people

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Speaker 1: that suffer from this are consistently they're worried about mismanaging

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Speaker 1: money that comes into their lives. And I'm gonna say, like,

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Speaker 1: this is probably a little more severe than most of

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Speaker 1: what we're going to be discussing today. We're not gonna

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Speaker 1: be talking about severe phobias, but we're gonna be talking

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Speaker 1: about like everyday money fears, and yeah, we wanted to

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Speaker 1: cover some of the most common ones. And yeah, thanks

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Speaker 1: to all of our How the Money listeners that shared

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Speaker 1: their money fears with us on Instagram. We put out

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Speaker 1: a call and you guys stepped up to the plate

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Speaker 1: and you told us the things that you're struggling with

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Speaker 1: the most when it comes to your money. So we're

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Speaker 1: using a whole lot of those as like the basis

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Speaker 1: for this pisode because money fears are real and Matt,

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Speaker 1: these are actual, real money fears that How the Money

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Speaker 1: listeners have expressed, and we want to make sure that

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Speaker 1: they're not facing those fears alone and they're not getting

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Speaker 1: stuck in a rut totally. Yeah, you know. And the

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Speaker 1: thing is, we can let these fears get in the

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Speaker 1: way of us taking action and doing smart things with

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Speaker 1: our money. It can be easy to let that fear

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Speaker 1: cloud our judgment or you know, get us stuck in

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Speaker 1: a rut. But there's always a path out of harreendous

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Speaker 1: money circumstances. It's not always easy, but it's always going

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Speaker 1: to be worth the effort to climb out. And it's

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Speaker 1: important to remember that your brain is feeding you, you know,

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Speaker 1: this false reality. When you have this fear coursing through

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Speaker 1: your veins. You know, it's telling you that maybe you've

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Speaker 1: gone too far, or that you are the only person

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Speaker 1: you know who ends up in a situation like this.

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Speaker 1: Instead of doing the hard work uh and facing that

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Speaker 1: fear instead, that lizard brain, you know, it tells you

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Speaker 1: maybe to watch another Netflix show, or to de scroll

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Speaker 1: your Facebook feed and just forget about it. That fear

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Speaker 1: wants you to find that easy escape. We're not talking

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Speaker 1: about escape rooms here, because that's a whole another one

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Speaker 1: of those I haven't we should do one of those

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Speaker 1: how the money escape him? I'm in uh, But we

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Speaker 1: want to invention this because that fear only gets worse

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Speaker 1: when we ignore it. Right. I feel like you can

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Speaker 1: almost become sort of like a hoarder whose extra possessions

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Speaker 1: just make the eventual cleaning process just that much more difficult,

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Speaker 1: and so Today we're gonna highlight some of the most

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Speaker 1: common money fears and then how to face them head on. Yeah. Man,

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Speaker 1: it's just like being in a relationship and how if

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Speaker 1: there are problems that arise and you sweep them under

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Speaker 1: the rug, those problems just grow like you think you're

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Speaker 1: getting rid of them, but in actuality they're getting worse

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Speaker 1: because you didn't address them. And I think the same

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Speaker 1: thing is true with our money fears. And and it's

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Speaker 1: important to note too that your fears are probably not unfounded.

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Speaker 1: It's not that they're not based in reality, because any

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Speaker 1: fears that you have, there's usually an actual problem that

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Speaker 1: needs to be dealt with. Yeah, there's probably an actual

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Speaker 1: kernel of truth. Whether or not you've blown it up

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Speaker 1: into something much bigger, maybe that's for you to decide,

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Speaker 1: but yeah, there's probably always a kernel of truth, exactly.

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Speaker 1: And so yeah, it's it's not that you're crazy or

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Speaker 1: that it's not a problem in your life and that

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Speaker 1: it's not worthy of your attention. But the problem is,

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Speaker 1: in all likelihood, how we're handling that fear, how we're

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Speaker 1: handling that problem. And part of part of the deal

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Speaker 1: is that we have to change how we view the

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Speaker 1: problem that is part of overcoming it. Your ability to

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Speaker 1: face fear head on really has a lot to do

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Speaker 1: with whether or not you're going to be able to

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Speaker 1: resolve that fear. There are like some important mindset tricks

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Speaker 1: to use, Like one, you want to make sure you're

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Speaker 1: not going it alone. If you have a partner or

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Speaker 1: a good friend, talking it through with them can actually

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Speaker 1: help minimize the fear that you face. Uh, it can

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Speaker 1: put that problem in a proper perspective, proper lights. And

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Speaker 1: then realizing that some things are just out of our

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Speaker 1: control is another thing worth and worth remembering and worth

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Speaker 1: considering when we're talking about money fears, because it's easy

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Speaker 1: to let them build up further and further by saying, oh,

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Speaker 1: but there's all these things that I can't change. And

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Speaker 1: that might be true, there are some things that you

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Speaker 1: can't change, but focusing mostly on the things that you

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Speaker 1: can't change is not a way to actually combat that

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Speaker 1: fear and at as our astute president's former president Theodore

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Speaker 1: Roosevelt once said, the only thing we have to fear

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Speaker 1: is fear itself. And that's a really good line because

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Speaker 1: it's true. Oftentimes it's not the actual money problem that

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Speaker 1: presents the biggest obstacle. It's overcoming the fear of dealing

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Speaker 1: with that problem. That's the biggest obstacle. And here's the thing.

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Speaker 1: There might be some of our listeners to who are

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Speaker 1: who are actually in dire straits financially, But even in

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Speaker 1: that case, I would say, well, there's people that can help.

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Speaker 1: And so, yeah, you and I'm at we've talked before.

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Speaker 1: We like Money Management International. They're a nonprofit organization that's

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Speaker 1: dedicated to helping people get out of massive loads of

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Speaker 1: debt and then to figure out how to budget effectively.

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Speaker 1: They are willing to help you for free, which is

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Speaker 1: which is awesome. So yeah, if you're in that place

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Speaker 1: with your finances, make sure you reach out to somebody

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Speaker 1: like that, a professional who can help you. But on

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Speaker 1: that note, let's start by talking about a common money

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Speaker 1: fear that many Americans have struggled with at one point

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Speaker 1: or another. The common money fear related to debts. Several

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Speaker 1: folks reached out and mentioned that they feel that their

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Speaker 1: credit card debt that it seems insurmountable, and along the

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Speaker 1: same lines, someone else had mentioned that their student loan

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Speaker 1: payment they feel like it's bigger than a car loan.

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Speaker 1: And so, first of all, our goal is for you

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Speaker 1: to have neither of these fears because you don't have

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Speaker 1: a car loan or if you do have student loans,

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Speaker 1: they're minimal. But if you, you know, do have either

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Speaker 1: credit card debt or student loan debt, you need to

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Speaker 1: have a plan to pay them off. And so when

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Speaker 1: we're talking about credit card debt specifically, having a method

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Speaker 1: of repayment helps. So, for example, if we're talking about

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Speaker 1: similar interest rates, then the debt snowball method is going

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Speaker 1: to work best. And so that's where you take all

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Speaker 1: of your extra money, you shovel it towards that one

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Speaker 1: specific credit card with the lowest balance, while at the

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Speaker 1: same time you're paying just minimums on the other ones. Uh.

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Speaker 1: And so you get that one paid off, you knock

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Speaker 1: that one out, and then you work on the next

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Speaker 1: lowest balance. You take all that money that you're funneling

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Speaker 1: towards that first card plus additional money, and you're able

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Speaker 1: to knock out all of those additional balances. And so

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Speaker 1: this rense and repeat strategy will help you detern fear

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Speaker 1: into action. Uh. And that also is going to put

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Speaker 1: you in control. Yeah, man, I feel like having a

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Speaker 1: plan of action with each step that you take, it

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Speaker 1: actually kind of reduces the fear. But without the plan

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Speaker 1: of action, the fear is kind of has that stranglehold

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Speaker 1: on you. And so you've got to develop the plan,

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Speaker 1: take that first step, and then each step that you

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Speaker 1: take it's like, wait a second, I'm doing this, I'm

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Speaker 1: making progress. So that is crucial when it comes to

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Speaker 1: insurmountable or seemingly insurmountable credit card debt. Let's talk about

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Speaker 1: student loans too. They are obviously a real problem, and

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Speaker 1: many of our listeners in particular are dealing with just

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Speaker 1: massive amounts of student loan debt. And yeah, although for

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Speaker 1: most folks with undergraduate student loans you don't have to

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Speaker 1: pay your loan right now, this isn't gonna last for

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Speaker 1: too much longer. So yeah, if that's soon to start again,

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Speaker 1: loan payment is going to majorly cramp your ability to

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Speaker 1: save and invest. What's important to figure out how to

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Speaker 1: get rid of it more quickly, and so yeah, coming

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Speaker 1: up with a plan like you would with credit card

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Speaker 1: debt is crucial. Also, check to see if your employer

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Speaker 1: offers to pay anything towards the student loan debt of

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Speaker 1: its employees. More more employers are adding this as a

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Speaker 1: benefit thanks to a recent law change. And depending on

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Speaker 1: what your interest rate is, it might make sense even

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Speaker 1: to refinance that federal loan into a private loan come

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Speaker 1: February in order to get a lower rate. And there's

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Speaker 1: an article on our website about what you need to

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Speaker 1: take into consideration before you go down that path of

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Speaker 1: refinancing your student loan. Uh we'll put that in the

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Speaker 1: show notes. Also, if you're having trouble affording your payment,

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Speaker 1: that's another place you might be in. It's important to

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Speaker 1: get on the right income based repayment plan. We actually

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Speaker 1: covered this recently with Lauren Williams. We discussed the pros

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Speaker 1: and the cons of each of these different plans. There's

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Speaker 1: like four different plans that the federal government offers. That

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Speaker 1: was episode three. Will link to that in the show

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Speaker 1: notes as well. But Matt, it comes down to this

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Speaker 1: having a plan and taking action, being proactive, because it's

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Speaker 1: easy to get overwhelmed and see the balance of the

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Speaker 1: student loan debt that you owe, not realizing that there

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Speaker 1: are different tactics, different routes you can take in order

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Speaker 1: to lessen the monthly payment or in order to lower

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Speaker 1: the interest rates. Um, and if you just kind of

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Speaker 1: get overwhelmed by the fear and don't take any action,

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Speaker 1: that is what's going to lead to the worst results.

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Speaker 1: That's right, man. Yeah, So we've got several other money

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Speaker 1: fears that we're gonna get to during this episode, including

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Speaker 1: one pretending to living paycheck to paycheck, as well as

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Speaker 1: several money fears surrounding investing. So we're gonna get to

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Speaker 1: all those right after this break. All right, we'll back.

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Speaker 1: We're getting spooky with it today on How the Money,

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Speaker 1: and we're talking about money fears, and we're discussing some

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Speaker 1: of the most common ones that we face as individuals.

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Speaker 1: And you know what, we might face different fears at

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Speaker 1: different times. Some of these fears might seem overblown to you,

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Speaker 1: but other ones might resonate deeply because you might be like, yeah, yeah,

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Speaker 1: that's student loan when you just mentioned that's where I'm

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Speaker 1: at and it sucks, and so yeah, hopefully we can

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Speaker 1: offer you ideas for how to proceed so that you

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Speaker 1: don't get completely freaked out and forget or avoid taking

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Speaker 1: the steps you can take to mitigate some of these

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Speaker 1: fears in your life and Matt. Another one that how

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Speaker 1: the Money Listener mentioned when we posted on Instagram and

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Speaker 1: asked for like, what's your biggest money fear? They said,

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Speaker 1: generally not being able to make ends meet, And this

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Speaker 1: fear is likely being fed from many different angles. So

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Speaker 1: there's probably not enough money coming in and there's probably

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Speaker 1: too much money going out. So let's maybe look at

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Speaker 1: just one side of the equation on this one. Can

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Speaker 1: you make more money at the job you currently have?

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Speaker 1: That's a good question to ask, or especially in the

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Speaker 1: current environment, can you find a new job that pays

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Speaker 1: more money than you're currently making. I'd venture to say

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Speaker 1: that there's a good chance, if you have any marketable skills,

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Speaker 1: that that's a real possibility for you, And especially in

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Speaker 1: the work from home age that we're in, there are

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Speaker 1: a whole lot more work options open to you than

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Speaker 1: ever before. Another question is do you have some free

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Speaker 1: time and a solid skill that can make you income.

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Speaker 1: On the side, of course, the goal is getting to

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Speaker 1: the point where you're not only able to pay every

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Speaker 1: bill that comes into your life, but that you're making

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Speaker 1: even more money than you need in a given month,

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Speaker 1: funneling those additional dollars straight into your savings account is

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Speaker 1: massively free, and it's going to allow you the margin

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Speaker 1: and the breathing room to pursue those next options that

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Speaker 1: maybe I feel like they they aren't even options to

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Speaker 1: this point in your life. It's also crucial to look

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Speaker 1: to slash every bill you can if this is a

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Speaker 1: real fear in your life. I'm talking like shopping your

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Speaker 1: insurance and then slashing your cell phone bill. Uh, join

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Speaker 1: your local buy nothing group on Facebook, and avoid unnecessary

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Speaker 1: expenses like eating out as often as you can. You'll

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Speaker 1: get it going, but you've got to jump start at

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Speaker 1: that financial turnaround by taking that multi pronged approach. It's

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Speaker 1: it's usually not if someone has this underlying fear, it's

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Speaker 1: not just one thing that needs to be addressed. It's

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Speaker 1: kind of a whole slew of things in their life.

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Speaker 1: And wading into the waters of like increasing your income

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Speaker 1: and then also decreasing your expenses. Like going in both

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Speaker 1: directions at the same time, I think is a quick

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Speaker 1: way to say, you know what, I have more control

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Speaker 1: than I thought. I can increase my income, I can

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Speaker 1: reduce my expenses, and that fear about not being able

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Speaker 1: to make ends meet doesn't have to be there forever. Yeah,

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Speaker 1: I think it's also important to mention that there are

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Speaker 1: default ways that we tend to go to when it

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Speaker 1: comes to trying to save more money every single month,

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Speaker 1: right and so like, for instance, if you're a frugal person,

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Speaker 1: you are probably gonna naturally think, oh, well, maybe I

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Speaker 1: can cut back a little bit more, when instead you

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Speaker 1: need to, you know, face your fear and step outside

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Speaker 1: of your comfort zone a little bit and look to

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Speaker 1: find different ways to make more money. Maybe that's acquiring

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Speaker 1: a new skill so that you're able to increase the

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Speaker 1: you know, the different options that you have at your disposal,

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Speaker 1: or maybe at the other end of the spectrum, if

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Speaker 1: you're somebody who is a high wage earner, like that

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Speaker 1: doesn't mean that you're not living paycheck to paycheck. There

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Speaker 1: are a lot of folks out there who earn a

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Speaker 1: lot of money, but they're still basically living paycheck to paycheck,

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Speaker 1: and their default has always been, well, I'm in sales,

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Speaker 1: I have the ability to always earn a little bit

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Speaker 1: more money. I'm gonna just put some more hours and

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Speaker 1: I'm gonna work harder this year. I'm gonna see my

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Speaker 1: income go up this year, When in reality, maybe that's

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Speaker 1: not what you need to do. What you need to

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Speaker 1: do instead is to look for some different ways that

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Speaker 1: you can cut back on your expenses. And so a

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Speaker 1: big part of finding extra money at the end of

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Speaker 1: every month is to look outside of the ways that

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Speaker 1: you tend to revert to by default when it comes

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Speaker 1: to trying to save a little bit more money. Yeah,

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Speaker 1: and if Matt, when I mentioned that you can always

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Speaker 1: look to another employer, looked to the job market to

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Speaker 1: increase your earnings, and you're like, listen, there's not enough

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Speaker 1: jobs available for someone like me with my skill level. Well,

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Speaker 1: that's another thing you can do to come bay that

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Speaker 1: fear is to increase your skill level, and that we've

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Speaker 1: talked about many different ways to do that on the

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Speaker 1: show before. But that is just I think another fear

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Speaker 1: blocking us oftentimes is like, well, what is me. Look

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Speaker 1: at where I am. No one's going to pay me

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Speaker 1: more money with the skills that I have. I can't

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Speaker 1: do that exactly and increasement income, And in reality, you can.

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Speaker 1: The truth is you can increase your income by increasing

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Speaker 1: your skill level, and this is the time to do that.

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Speaker 1: This is the time for that self improvement so that

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Speaker 1: you can go out there and start to crush it

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Speaker 1: when it comes to making more money, right man, So

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Speaker 1: let's let's keep moving. Another fear that some one shared

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Speaker 1: via Instagram is actually having to use their emergency fund.

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Speaker 1: And I totally understand this fear, right, it's ideal to

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Speaker 1: keep that emergency fund fully funded. Uh, you got that

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Speaker 1: money sitting there in the bank. It's not tapped, sort

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Speaker 1: of like this unscathed, perfect little nest egg that's sitting

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Speaker 1: there just in case of emergencies. But you know, when

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Speaker 1: emergency does come up, you never actually want to, you know,

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Speaker 1: take the hammer to the piggy bank and crack it. Right.

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Speaker 1: But the fact is, emergencies are just a reality of

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Speaker 1: life that can't be fully prevented. But we feel that

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Speaker 1: it's important to do maybe a more thorough job of

428
00:19:36,119 --> 00:19:40,720
Speaker 1: thinking through the actual the real expenses in our lives

429
00:19:40,800 --> 00:19:42,639
Speaker 1: and which ones might pop up in the near future.

430
00:19:42,920 --> 00:19:46,000
Speaker 1: For instance, like new tires for a car, or like

431
00:19:46,040 --> 00:19:49,120
Speaker 1: a new roof for your house. These are almost never emergencies.

432
00:19:49,119 --> 00:19:51,320
Speaker 1: These are things, say that for the crowd in the

433
00:19:51,320 --> 00:19:52,960
Speaker 1: back that didn't hear you the first time. You gotta

434
00:19:53,000 --> 00:19:56,199
Speaker 1: plan and budget for these things that are large like

435
00:19:56,240 --> 00:19:58,360
Speaker 1: big ticket items, right, you know, it's it's never fun

436
00:19:58,480 --> 00:20:00,480
Speaker 1: to have to replace the tires on your car. Um

437
00:20:00,640 --> 00:20:03,520
Speaker 1: roofs tend to be even more expensive. But these expenses

438
00:20:03,560 --> 00:20:06,080
Speaker 1: involved just normal wear and tear. Uh. And they can

439
00:20:06,119 --> 00:20:08,960
Speaker 1: be planned for. But there's just so many folks out

440
00:20:08,960 --> 00:20:11,760
Speaker 1: there who think of them as emergencies, and instead you

441
00:20:11,760 --> 00:20:13,919
Speaker 1: should be saving for these car repairs. You need to

442
00:20:13,920 --> 00:20:16,320
Speaker 1: be saving for these home expenses. Uh. And so what

443
00:20:16,359 --> 00:20:18,119
Speaker 1: we would recommend is for you to include a line

444
00:20:18,160 --> 00:20:21,199
Speaker 1: item in your budget for those things so that you

445
00:20:21,240 --> 00:20:24,360
Speaker 1: avoid tapping that emergency fund in the event that it's

446
00:20:24,400 --> 00:20:26,760
Speaker 1: been twenty years and it's time for you to replace

447
00:20:26,760 --> 00:20:30,040
Speaker 1: your roof, right, yes, exactly. That is something that you

448
00:20:30,040 --> 00:20:31,840
Speaker 1: should be able to look up there and see all

449
00:20:31,840 --> 00:20:35,000
Speaker 1: things getting crusty and in the in the near futures

450
00:20:35,000 --> 00:20:38,280
Speaker 1: are curling a little bit. Yeah, you should have a plan.

451
00:20:38,359 --> 00:20:41,600
Speaker 1: You shouldn't have, yeah, like you said, but a line

452
00:20:41,600 --> 00:20:44,159
Speaker 1: item in your budget that is for home repairs or

453
00:20:44,160 --> 00:20:46,880
Speaker 1: for car repairs, and you should be ready to pay

454
00:20:46,920 --> 00:20:48,440
Speaker 1: for it out of that And I think that makes

455
00:20:48,760 --> 00:20:51,280
Speaker 1: that makes that emergency fund a little bit nicer. It's

456
00:20:51,320 --> 00:20:53,520
Speaker 1: it's more likely to stay in place. If we have

457
00:20:53,600 --> 00:20:56,399
Speaker 1: actually budgeted for the likely expenses we're going to incur

458
00:20:56,760 --> 00:20:59,240
Speaker 1: in the coming year or two. But the fact is

459
00:20:59,280 --> 00:21:01,760
Speaker 1: there are going to sometimes in your life where there

460
00:21:01,800 --> 00:21:05,760
Speaker 1: are unexpected emergencies that arise that you can't plan for,

461
00:21:06,320 --> 00:21:09,959
Speaker 1: and that's the time for your emergency fund to actually shine.

462
00:21:10,200 --> 00:21:13,440
Speaker 1: This is literally what this fund was made for. So

463
00:21:13,560 --> 00:21:15,479
Speaker 1: if you find yourself in some sort of you know,

464
00:21:15,560 --> 00:21:18,240
Speaker 1: financial crisis with something popping up that you really could

465
00:21:18,320 --> 00:21:21,639
Speaker 1: not have planned for, remind yourself that it is okay

466
00:21:21,920 --> 00:21:24,399
Speaker 1: and perfectly fine in fact, to use to put that

467
00:21:24,480 --> 00:21:27,679
Speaker 1: emergency fund to use if it's helpful. Look at what

468
00:21:27,920 --> 00:21:30,680
Speaker 1: your other options are, right, going into credit card, tet,

469
00:21:30,920 --> 00:21:34,639
Speaker 1: borrowing money from a friend, those are crappy alternatives, Like

470
00:21:34,640 --> 00:21:37,240
Speaker 1: these are all poor options. Yeah, yeah, I mean, I'm

471
00:21:37,280 --> 00:21:39,120
Speaker 1: willing to ask Matt for money any day of the week,

472
00:21:39,160 --> 00:21:41,320
Speaker 1: but he always says no, So like, I'm gonna stop

473
00:21:41,359 --> 00:21:44,520
Speaker 1: doing that soon. You've never asked. Well, Like, when you

474
00:21:44,520 --> 00:21:47,240
Speaker 1: think about the alternatives, it's like, that's exactly why that

475
00:21:47,280 --> 00:21:49,040
Speaker 1: thing is there. That's why it's sitting there, And if

476
00:21:49,040 --> 00:21:52,359
Speaker 1: we budget effectively, then the likelihood that we're going to

477
00:21:52,440 --> 00:21:54,720
Speaker 1: use it goes down. Quite a bit, But all the

478
00:21:54,760 --> 00:21:58,000
Speaker 1: alternatives to actually using the cash that you have sitting

479
00:21:58,000 --> 00:22:01,119
Speaker 1: there are just so much worse. They can hurt relationships,

480
00:22:01,240 --> 00:22:03,680
Speaker 1: they can charge you high levels of interest, and if

481
00:22:03,720 --> 00:22:06,400
Speaker 1: the true fear is this something bad might happen that's

482
00:22:06,400 --> 00:22:09,439
Speaker 1: going to cost you money, well, that's just kind of

483
00:22:09,440 --> 00:22:11,480
Speaker 1: the world that we live in. We can't plan and

484
00:22:11,600 --> 00:22:14,680
Speaker 1: itemize for everything in life. Uh. There are of course

485
00:22:14,760 --> 00:22:17,160
Speaker 1: some things that are gonna pop up that are unforeseen,

486
00:22:17,520 --> 00:22:19,800
Speaker 1: and like COVID, right, like that, that was one of

487
00:22:19,800 --> 00:22:21,960
Speaker 1: those things that if impacted all of us in many

488
00:22:21,960 --> 00:22:25,639
Speaker 1: different ways that we couldn't have uh predicted, And so

489
00:22:25,800 --> 00:22:29,920
Speaker 1: it's important too. You can't plan specifically for the next

490
00:22:29,920 --> 00:22:33,040
Speaker 1: pandemic necessarily, but you can plan to have the emergency

491
00:22:33,040 --> 00:22:35,880
Speaker 1: fund in place to deal with the unforeseen that things

492
00:22:35,880 --> 00:22:38,000
Speaker 1: that arise, and you can plan to have money in

493
00:22:38,040 --> 00:22:41,840
Speaker 1: your budget for the things that you should be prepared for,

494
00:22:42,080 --> 00:22:44,280
Speaker 1: even though there are things that that actually take place

495
00:22:44,480 --> 00:22:47,840
Speaker 1: way less frequently. That's right. Another money fear that someone

496
00:22:47,840 --> 00:22:50,960
Speaker 1: shared with us is not having enough to start investing.

497
00:22:51,400 --> 00:22:53,840
Speaker 1: And this is another fear that I totally get. I

498
00:22:53,840 --> 00:22:56,560
Speaker 1: feel like it kind of piggybacks on the one before

499
00:22:56,600 --> 00:22:59,680
Speaker 1: the break the living paycheck to paycheck. Um. But you know,

500
00:22:59,760 --> 00:23:01,560
Speaker 1: there is the thing. The great news is that you

501
00:23:01,560 --> 00:23:04,679
Speaker 1: can get started with almost nothing. It used to be

502
00:23:04,800 --> 00:23:06,960
Speaker 1: much harder than it is. These days, it's a lot

503
00:23:07,040 --> 00:23:09,399
Speaker 1: easier to get started investing. Uh. And so how do

504
00:23:09,400 --> 00:23:11,679
Speaker 1: you go about finding the money to do that? Well, first,

505
00:23:11,880 --> 00:23:15,000
Speaker 1: find just one line item in your budget that you

506
00:23:15,040 --> 00:23:18,359
Speaker 1: can minimize her or cut completely. Maybe you can make

507
00:23:18,440 --> 00:23:21,160
Speaker 1: spend fifteen dollars less on groceries this month, or maybe

508
00:23:21,160 --> 00:23:23,800
Speaker 1: you can cancel just one streaming service. You could even

509
00:23:24,200 --> 00:23:27,640
Speaker 1: use the service like Acorns, which finds ways to automatically

510
00:23:27,640 --> 00:23:30,520
Speaker 1: save and invest your money without you even really noticing it.

511
00:23:30,560 --> 00:23:32,359
Speaker 1: For folks who find it hard to get started, we

512
00:23:32,480 --> 00:23:34,520
Speaker 1: like that as an option. But when it comes to

513
00:23:34,640 --> 00:23:37,720
Speaker 1: pulling the trigger on putting that money in the market, though, uh,

514
00:23:37,760 --> 00:23:40,800
Speaker 1: it never has been easier. Minimums are only one dollar

515
00:23:40,880 --> 00:23:43,720
Speaker 1: with some of the biggest platforms out there, like Fidelity. UH.

516
00:23:43,760 --> 00:23:46,399
Speaker 1: And since just getting started can be such a mental

517
00:23:46,480 --> 00:23:50,600
Speaker 1: boost to the early investor, just getting started now, even

518
00:23:50,720 --> 00:23:53,680
Speaker 1: if that's all you got, is a great move for you.

519
00:23:53,920 --> 00:23:56,439
Speaker 1: I think another approach to is to make sure that

520
00:23:56,480 --> 00:23:59,240
Speaker 1: you have your priorities straight, uh, and what I mean

521
00:23:59,280 --> 00:24:02,480
Speaker 1: by that Instead of waiting until the end of the

522
00:24:02,520 --> 00:24:05,040
Speaker 1: month and seeing what money you have left over to invest,

523
00:24:05,480 --> 00:24:08,439
Speaker 1: start the month. By investing that money if this is

524
00:24:08,480 --> 00:24:11,160
Speaker 1: something that is truly important to you, you will find

525
00:24:11,160 --> 00:24:14,080
Speaker 1: a way to spend less on groceries if that money

526
00:24:14,359 --> 00:24:18,440
Speaker 1: doesn't exist, right, And so by investing first and letting

527
00:24:18,440 --> 00:24:20,920
Speaker 1: all of your more variable expenses kind of fill in

528
00:24:20,960 --> 00:24:23,199
Speaker 1: the gaps later in the month down the road, I

529
00:24:23,200 --> 00:24:25,359
Speaker 1: think that could be a great way to get started

530
00:24:25,400 --> 00:24:27,520
Speaker 1: investing when it doesn't feel like you have a lot

531
00:24:27,520 --> 00:24:30,280
Speaker 1: of money on hand us right, Yeah, you generally start

532
00:24:30,320 --> 00:24:32,520
Speaker 1: to eat, probably crumbing your meals towards the end of

533
00:24:32,520 --> 00:24:35,720
Speaker 1: the month because you're like, you prioritize investing ahead of time,

534
00:24:35,840 --> 00:24:38,280
Speaker 1: and you said, you know what, all I've got ten

535
00:24:38,320 --> 00:24:40,040
Speaker 1: or fifteen bucks, that's what I'm gonna put towards it.

536
00:24:40,119 --> 00:24:41,879
Speaker 1: I think, Matt, sometimes people get hung up on the

537
00:24:41,880 --> 00:24:44,160
Speaker 1: fact that that's not much money. It's probably not even

538
00:24:44,200 --> 00:24:47,240
Speaker 1: worth it, But it totally is because one you you're

539
00:24:47,240 --> 00:24:49,199
Speaker 1: getting started, and that money is going to work for

540
00:24:49,240 --> 00:24:51,240
Speaker 1: you and compound over the years, and even ten or

541
00:24:51,280 --> 00:24:54,120
Speaker 1: fifteen bucks a month makes a difference. But two, there's

542
00:24:54,160 --> 00:24:58,040
Speaker 1: a psychological change that takes place when you start investing.

543
00:24:58,080 --> 00:25:01,240
Speaker 1: You you automatically consider yourself an investor. You are an

544
00:25:01,280 --> 00:25:04,520
Speaker 1: investment because you have invested that money exactly by default,

545
00:25:04,560 --> 00:25:07,560
Speaker 1: like by definition, that's what you are. And it really is,

546
00:25:07,600 --> 00:25:10,160
Speaker 1: Like it sounds cheesy, but it is a real game

547
00:25:10,240 --> 00:25:12,760
Speaker 1: changer when you view yourself in that way. How you

548
00:25:12,840 --> 00:25:16,359
Speaker 1: view yourself matter, So getting started matters. Let's talk about

549
00:25:16,359 --> 00:25:19,520
Speaker 1: another like investing fear that that we definitely heard, and

550
00:25:20,000 --> 00:25:21,920
Speaker 1: actually a few fears kind of tied up into one

551
00:25:22,040 --> 00:25:26,320
Speaker 1: was not investing properly, investing in the wrong stocks, and

552
00:25:26,560 --> 00:25:29,760
Speaker 1: becoming an emotional investor. And so yeah, what we would

553
00:25:29,760 --> 00:25:32,919
Speaker 1: say to this is investing is, yeah, just in general

554
00:25:32,960 --> 00:25:35,800
Speaker 1: a major fear for a lot of Pow the money listeners.

555
00:25:35,800 --> 00:25:38,199
Speaker 1: Based on the feedback we got, I was like not

556
00:25:38,480 --> 00:25:40,760
Speaker 1: terribly surprised because I think a lot of people have

557
00:25:40,800 --> 00:25:43,119
Speaker 1: a lot of trepidation when it comes to when it

558
00:25:43,119 --> 00:25:45,320
Speaker 1: comes to investing. But let's try to speak to all

559
00:25:45,359 --> 00:25:48,400
Speaker 1: of these briefly, because yeah, when it comes to investing properly,

560
00:25:49,040 --> 00:25:51,919
Speaker 1: here's the thing. The financial services industry has done a

561
00:25:51,960 --> 00:25:54,720
Speaker 1: great job of making us all feel scared. They are

562
00:25:55,280 --> 00:25:58,520
Speaker 1: the person at that haunted house with the fake chainsaw

563
00:25:58,720 --> 00:26:01,240
Speaker 1: who's like trying to to like get us to pe

564
00:26:01,320 --> 00:26:04,280
Speaker 1: our pants like that is that is their goal, real chainsaw,

565
00:26:04,520 --> 00:26:07,280
Speaker 1: no chain though, right, Okay, so yeah, exactly. So it's

566
00:26:07,280 --> 00:26:10,880
Speaker 1: got the loud sound and it's it's certainly freaky um

567
00:26:10,920 --> 00:26:13,160
Speaker 1: and and that's exactly what they're doing. They they've made

568
00:26:13,160 --> 00:26:15,639
Speaker 1: it seem more complex than it actually is. And if

569
00:26:15,640 --> 00:26:17,479
Speaker 1: they can make you feel like you can't do it

570
00:26:17,480 --> 00:26:20,480
Speaker 1: with other help, they assume that you're gonna hire them

571
00:26:20,480 --> 00:26:22,560
Speaker 1: to do it for you at a really high cost.

572
00:26:22,920 --> 00:26:26,320
Speaker 1: And many folks have actually neglected, I think, to invest

573
00:26:26,359 --> 00:26:30,399
Speaker 1: altogether because of that perceived level of difficulty. They have said, well,

574
00:26:30,400 --> 00:26:34,119
Speaker 1: if it takes this person that in a fancy suit

575
00:26:34,400 --> 00:26:36,960
Speaker 1: to tell me how to do this thing, I'll probably

576
00:26:37,000 --> 00:26:41,000
Speaker 1: wait until I'm ready, And so they neglect investing for many,

577
00:26:41,040 --> 00:26:44,720
Speaker 1: many years, but investing consistently and in low cost funds.

578
00:26:45,160 --> 00:26:47,679
Speaker 1: Really it's a ticket here, and it's very d i

579
00:26:47,760 --> 00:26:50,479
Speaker 1: wi able and if you have zero clue which stocks

580
00:26:50,520 --> 00:26:52,760
Speaker 1: to pick, which was yeah, the other fear we mentioned

581
00:26:52,960 --> 00:26:55,320
Speaker 1: starting with either a total stock market fund or a

582
00:26:55,359 --> 00:26:58,000
Speaker 1: target date retirement fund is a great way to go

583
00:26:58,119 --> 00:27:00,760
Speaker 1: because if you're worried about investing in the wrong stocks,

584
00:27:00,760 --> 00:27:03,040
Speaker 1: we would say, don't pick any stocks by them all.

585
00:27:03,280 --> 00:27:06,080
Speaker 1: And yeah, there's there's certainly more we could say about this,

586
00:27:06,440 --> 00:27:08,720
Speaker 1: and we talked about investing a whole lot on the

587
00:27:08,720 --> 00:27:11,240
Speaker 1: reg but yeah, for the vast majority of folks, keeping

588
00:27:11,240 --> 00:27:15,600
Speaker 1: it simple is the best way to overcome those investing fears. Yeah.

589
00:27:15,640 --> 00:27:18,200
Speaker 1: And if you are worried about investing based on emotion,

590
00:27:18,640 --> 00:27:21,720
Speaker 1: that's an understandable fear as well. But to push those

591
00:27:21,760 --> 00:27:25,600
Speaker 1: fears aside, it's important to have a written investing plan.

592
00:27:25,760 --> 00:27:28,000
Speaker 1: Like literally, this can just be like two or three

593
00:27:28,000 --> 00:27:30,520
Speaker 1: sentences long. It doesn't have to be anything fancy, but

594
00:27:30,640 --> 00:27:32,800
Speaker 1: just something that's actually written out. That doesn't it doesn't

595
00:27:32,800 --> 00:27:34,359
Speaker 1: have to be written in calligraphy, it doesn't have to

596
00:27:34,359 --> 00:27:38,080
Speaker 1: have something that you can refer to is really important, uh.

597
00:27:38,119 --> 00:27:40,280
Speaker 1: And it should spell out how you plan to invest.

598
00:27:40,320 --> 00:27:42,439
Speaker 1: And so, for example, it could just be something as

599
00:27:42,440 --> 00:27:44,679
Speaker 1: simple as like, I'm going to invest twelve percent of

600
00:27:44,720 --> 00:27:48,560
Speaker 1: my paycheck consistently, uh in this six target date fund

601
00:27:48,920 --> 00:27:51,400
Speaker 1: um and I will also invest five dollars a month

602
00:27:51,440 --> 00:27:54,280
Speaker 1: into my roth ira a automatically man, I would give

603
00:27:54,280 --> 00:27:58,479
Speaker 1: a round of applause for this listener, an overachiever. Uh,

604
00:27:58,520 --> 00:28:01,440
Speaker 1: they're investing on both. But once you've got that written

605
00:28:01,480 --> 00:28:04,720
Speaker 1: down and those automated processes are started, you're gonna be

606
00:28:04,760 --> 00:28:07,240
Speaker 1: far less likely to change things on a whim based

607
00:28:07,280 --> 00:28:09,480
Speaker 1: on the news or you know, whatever else that you

608
00:28:09,560 --> 00:28:12,399
Speaker 1: might run across. Uh. And on that note, another helpful

609
00:28:12,400 --> 00:28:15,200
Speaker 1: way to be less emotionally attached is to maybe take

610
00:28:15,320 --> 00:28:18,720
Speaker 1: the different trading platform apps off of your phone. UH,

611
00:28:18,760 --> 00:28:21,720
Speaker 1: stop keeping up with the like the daily fluctuations of

612
00:28:21,800 --> 00:28:24,800
Speaker 1: the market that is unimportant for you and your investing plan. Uh,

613
00:28:24,840 --> 00:28:29,920
Speaker 1: and also check your account balance less frequently. Basically, the

614
00:28:30,000 --> 00:28:32,600
Speaker 1: less you partake in each one of those actions, the

615
00:28:32,640 --> 00:28:35,000
Speaker 1: less likely you are going to be to make a

616
00:28:35,040 --> 00:28:38,000
Speaker 1: spur of the moment emotional decision. Um. I think another

617
00:28:38,080 --> 00:28:40,160
Speaker 1: kind of emotional fear when it comes in investing is

618
00:28:40,160 --> 00:28:42,360
Speaker 1: like investing at all time highs or you know when

619
00:28:42,400 --> 00:28:44,200
Speaker 1: the market is near all time highs, but guess what,

620
00:28:44,320 --> 00:28:46,000
Speaker 1: like we do not know where the market is going

621
00:28:46,080 --> 00:28:48,840
Speaker 1: to go. You could invest a lot of money today

622
00:28:48,960 --> 00:28:51,120
Speaker 1: and you know next year we can see the market tank.

623
00:28:51,800 --> 00:28:53,680
Speaker 1: It may do that, it may not do that. But

624
00:28:53,720 --> 00:28:56,960
Speaker 1: what's even more important is to continue to build the

625
00:28:57,040 --> 00:29:01,000
Speaker 1: habit of regularly investing for your future. Yeah, Matt, knowing

626
00:29:01,000 --> 00:29:06,000
Speaker 1: your timeline, having that actual written investment plan, it informs

627
00:29:06,080 --> 00:29:08,880
Speaker 1: exactly how you're gonna behave and then it just makes

628
00:29:08,880 --> 00:29:11,480
Speaker 1: it way less likely that you're going to react in

629
00:29:11,520 --> 00:29:14,560
Speaker 1: a moment of panic, letting those fears overtake you. And

630
00:29:14,600 --> 00:29:16,360
Speaker 1: over time, the more you do that, the less you're

631
00:29:16,400 --> 00:29:19,520
Speaker 1: going to be concerned with daily or weekly fluctuations like

632
00:29:19,560 --> 00:29:21,680
Speaker 1: the markets down four percent this week, Oh my goodness.

633
00:29:21,840 --> 00:29:23,479
Speaker 1: And when you're like it's sort of thirty years from now,

634
00:29:23,480 --> 00:29:26,560
Speaker 1: who cares? Cares? It changes everything we're investing for the

635
00:29:26,600 --> 00:29:31,040
Speaker 1: long haul exactly. And Matt, a lot of multiple folks

636
00:29:31,120 --> 00:29:33,680
Speaker 1: ended up chiming in on Instagram and their biggest fear

637
00:29:34,160 --> 00:29:37,080
Speaker 1: is running out of money during retirement and having to

638
00:29:37,080 --> 00:29:40,600
Speaker 1: work later into their old age. And this is something

639
00:29:40,640 --> 00:29:42,760
Speaker 1: I would say too, that we've complicated to no end.

640
00:29:43,200 --> 00:29:46,280
Speaker 1: This is a consistent fear of many retirees, and many

641
00:29:46,280 --> 00:29:48,760
Speaker 1: people as they're saving up to become retirees, they're like, well,

642
00:29:48,800 --> 00:29:50,360
Speaker 1: how do I know I'm gonna be able to outlive

643
00:29:50,400 --> 00:29:53,040
Speaker 1: my money? It's a tough one. But yeah, first we

644
00:29:53,040 --> 00:29:54,880
Speaker 1: would say get started, like even if it's just a

645
00:29:54,880 --> 00:29:57,080
Speaker 1: little bit of money, like we talked about earlier, like

646
00:29:57,280 --> 00:30:00,320
Speaker 1: actually doing the hard work now and saving an sting

647
00:30:00,320 --> 00:30:03,360
Speaker 1: for the future, that is a huge piece of the puzzle.

648
00:30:03,720 --> 00:30:06,040
Speaker 1: Those little bits add up in a big way. Also,

649
00:30:06,440 --> 00:30:09,200
Speaker 1: it's important to realize that retirement actually costs less than

650
00:30:09,240 --> 00:30:11,520
Speaker 1: you think. There are all sorts of expenses that you

651
00:30:11,560 --> 00:30:14,560
Speaker 1: can ditch once you opt to quit work. There's probably

652
00:30:15,280 --> 00:30:17,640
Speaker 1: fewer fancy clothes if you're buying because you're not I mean,

653
00:30:17,640 --> 00:30:20,320
Speaker 1: nobody's really going into the office anyway for like most

654
00:30:20,320 --> 00:30:24,320
Speaker 1: people aren't, and you're gonna likely need fewer suits, fewer ties.

655
00:30:24,360 --> 00:30:26,120
Speaker 1: I don't know. It doesn't one even wear those anymore,

656
00:30:26,200 --> 00:30:28,239
Speaker 1: fewer genes. You can only wear the sweatpants as you have,

657
00:30:28,520 --> 00:30:31,800
Speaker 1: like whatever it is. Uh, those are saying that old

658
00:30:31,840 --> 00:30:34,680
Speaker 1: people don't wear jeans. No, I'm not saying that at all.

659
00:30:35,120 --> 00:30:37,920
Speaker 1: I'm saying that nobody is even wearing jeans, right, although

660
00:30:38,080 --> 00:30:39,600
Speaker 1: I don't know. I've seen that Levi's is on the

661
00:30:39,640 --> 00:30:41,320
Speaker 1: comeback and they're saying no people are people are wearing

662
00:30:41,360 --> 00:30:43,600
Speaker 1: jeans again, which I'm always a fan of jeans. I

663
00:30:43,640 --> 00:30:45,720
Speaker 1: kind of. I don't really like sweapants. Meat fan of jeans,

664
00:30:45,880 --> 00:30:48,200
Speaker 1: I am the bigger fan now that jeans are more

665
00:30:48,200 --> 00:30:50,120
Speaker 1: and more including a little bit of flex, a little

666
00:30:50,120 --> 00:30:52,440
Speaker 1: bit like two percent spandex or lycro or whatever. I'm

667
00:30:52,440 --> 00:30:54,880
Speaker 1: all about that, Okay. I glad to know your personal

668
00:30:54,920 --> 00:30:57,840
Speaker 1: all about a little bit more comfort these days. Well,

669
00:30:57,920 --> 00:31:00,400
Speaker 1: it's it's good to know. I think that there are

670
00:31:00,440 --> 00:31:04,280
Speaker 1: a whole lot of expenses that actually leave your life

671
00:31:04,360 --> 00:31:07,840
Speaker 1: when you do reach that retirement age. Hopefully you've been

672
00:31:07,840 --> 00:31:10,880
Speaker 1: working to get closer to paying off that mortgage at least,

673
00:31:11,160 --> 00:31:13,960
Speaker 1: but there are certain line items of your budget that

674
00:31:13,960 --> 00:31:16,000
Speaker 1: will disappear or at least get smaller. And one of

675
00:31:16,000 --> 00:31:17,680
Speaker 1: the big ones, Matt, is that you don't have to

676
00:31:17,680 --> 00:31:21,200
Speaker 1: say for retirement anymore. You're there, like so that money

677
00:31:21,280 --> 00:31:23,160
Speaker 1: is back in your budget. So if you were let's say,

678
00:31:23,160 --> 00:31:26,800
Speaker 1: putting five six dollars aside for your future, hey, now

679
00:31:26,840 --> 00:31:28,640
Speaker 1: you're in that future and that five or six hundred

680
00:31:28,640 --> 00:31:32,600
Speaker 1: dollars is is now not a line item in your budget. Also,

681
00:31:32,680 --> 00:31:35,640
Speaker 1: you'll probably be in a lower tax bracket. Don't forget

682
00:31:35,640 --> 00:31:37,959
Speaker 1: the factor in Social Security. It's going to be a

683
00:31:38,000 --> 00:31:40,560
Speaker 1: major source of income for you when you do reach

684
00:31:40,600 --> 00:31:43,760
Speaker 1: retirement age. I think I understand that there are all

685
00:31:43,800 --> 00:31:46,280
Speaker 1: sorts of ways we could address this fear, and we

686
00:31:46,320 --> 00:31:48,680
Speaker 1: can get super nerdy with it. We could talk about

687
00:31:48,840 --> 00:31:51,960
Speaker 1: withdraw rates, and we could talk about uh, certain types

688
00:31:52,000 --> 00:31:54,960
Speaker 1: of annuities, not many, most of them stink, but one

689
00:31:55,080 --> 00:31:57,720
Speaker 1: or two that can actually help address this problem as well.

690
00:31:58,000 --> 00:32:01,240
Speaker 1: But I think knowing that getting started being a regular

691
00:32:01,280 --> 00:32:05,040
Speaker 1: contributor and then realizing that retirements not as expensive as

692
00:32:05,040 --> 00:32:08,320
Speaker 1: people make it sound, I think that actually helps lessen

693
00:32:08,360 --> 00:32:10,400
Speaker 1: to fear a great deal. And on the note of

694
00:32:10,640 --> 00:32:13,120
Speaker 1: having to continue, you know, to work as you get older,

695
00:32:13,400 --> 00:32:15,560
Speaker 1: I feel that it's really important to develop a healthy

696
00:32:15,560 --> 00:32:19,240
Speaker 1: attitude towards the idea of work. Uh. And so I

697
00:32:19,280 --> 00:32:22,440
Speaker 1: got a little definition here for us. Simply put, work

698
00:32:22,520 --> 00:32:25,320
Speaker 1: is your ability to get compensated for the value that

699
00:32:25,360 --> 00:32:28,280
Speaker 1: you bring to other people's lives. Um. Like, basically, you're

700
00:32:28,280 --> 00:32:30,520
Speaker 1: finding ways just to help other people, and if they

701
00:32:30,520 --> 00:32:33,160
Speaker 1: find it valuable, they will pay you for it. Who

702
00:32:33,160 --> 00:32:35,320
Speaker 1: doesn't want to help other people and you know, find

703
00:32:35,320 --> 00:32:37,480
Speaker 1: ways to solve their problems. Uh. This is a big

704
00:32:37,520 --> 00:32:40,280
Speaker 1: reason that when it comes to the fire conversations in

705
00:32:40,320 --> 00:32:42,200
Speaker 1: different episodes that we have here on the show that

706
00:32:42,240 --> 00:32:45,240
Speaker 1: we like to focus on the financially independent part and

707
00:32:45,280 --> 00:32:48,640
Speaker 1: spend less time on the retired early part. We don't

708
00:32:48,640 --> 00:32:51,280
Speaker 1: want you to think of work, uh, something that you're

709
00:32:51,320 --> 00:32:53,440
Speaker 1: trying to escape from. And so I think there are

710
00:32:53,440 --> 00:32:55,440
Speaker 1: a lot of different ways to reframe how it is

711
00:32:55,480 --> 00:32:57,480
Speaker 1: that we view work now and even down the road

712
00:32:57,480 --> 00:33:00,680
Speaker 1: as we're looking towards our quote unquote fired years, there

713
00:33:00,680 --> 00:33:03,440
Speaker 1: are still ways that we can quote unquote work and

714
00:33:03,520 --> 00:33:05,960
Speaker 1: earn an income, but maybe it's just not as large

715
00:33:05,960 --> 00:33:07,080
Speaker 1: as it used to be. Yeah, And one of the

716
00:33:07,120 --> 00:33:09,600
Speaker 1: things we talked about recently, Matt, we covered social Security

717
00:33:09,800 --> 00:33:11,640
Speaker 1: and we talked about how it doesn't have to be

718
00:33:11,680 --> 00:33:13,880
Speaker 1: all or nothing. It doesn't have to be full time

719
00:33:13,920 --> 00:33:16,720
Speaker 1: fifty hours a week to zero hours a week. Moving

720
00:33:16,760 --> 00:33:19,479
Speaker 1: to the beaches of Florida, like there is an in

721
00:33:19,520 --> 00:33:22,200
Speaker 1: between there and you can still work twenty twenty hours

722
00:33:22,200 --> 00:33:24,480
Speaker 1: a week and a lot of people find that fulfilling.

723
00:33:24,680 --> 00:33:26,480
Speaker 1: That's kind of the route my dad has taken. My

724
00:33:26,520 --> 00:33:29,760
Speaker 1: mom is going in that route right now, and it's like, no,

725
00:33:29,920 --> 00:33:32,960
Speaker 1: I still, you know, enjoy the workplace environment. I still

726
00:33:33,000 --> 00:33:36,280
Speaker 1: want to participate in some former fashion it doesn't have

727
00:33:36,360 --> 00:33:37,720
Speaker 1: to be all or nothing, And I think that's a

728
00:33:37,720 --> 00:33:40,560
Speaker 1: healthy approach to saying, like, all right, if if you're

729
00:33:40,560 --> 00:33:43,440
Speaker 1: not ready financially to quit all the way, you can

730
00:33:43,520 --> 00:33:46,680
Speaker 1: quit part of the way. So we've got a few

731
00:33:46,760 --> 00:33:49,920
Speaker 1: more money fears that we need to cover in this episode,

732
00:33:50,080 --> 00:33:52,760
Speaker 1: including one that is top of mind right now about

733
00:33:52,840 --> 00:33:55,080
Speaker 1: being able to buy a home. We'll get to that

734
00:33:55,240 --> 00:34:06,680
Speaker 1: and more right after this break. You're back in, Joel.

735
00:34:06,720 --> 00:34:08,839
Speaker 1: Like you mentioned before the break, there are a lot

736
00:34:08,840 --> 00:34:11,520
Speaker 1: of folks who feel like they're getting priced out of

737
00:34:11,560 --> 00:34:14,200
Speaker 1: the housing markets, and so that was one that a

738
00:34:14,200 --> 00:34:16,600
Speaker 1: few folks shared with us, that they won't ever be

739
00:34:16,640 --> 00:34:19,439
Speaker 1: able to buy a home. And this is a fear

740
00:34:19,480 --> 00:34:22,080
Speaker 1: that certainly does seem well founded after the year that

741
00:34:22,120 --> 00:34:25,719
Speaker 1: we've had with increasing housing prices. But it is important

742
00:34:25,760 --> 00:34:29,799
Speaker 1: not to base your fears around circumstantial evidence. The last

743
00:34:29,920 --> 00:34:33,040
Speaker 1: year has seen some incredible increases in the cost of housing,

744
00:34:33,440 --> 00:34:35,200
Speaker 1: but it is important to keep in mind that those

745
00:34:35,360 --> 00:34:39,759
Speaker 1: types of increases also aren't normal. Remember that there's still

746
00:34:39,760 --> 00:34:43,120
Speaker 1: a lot that isn't normal about our economy since COVID

747
00:34:43,200 --> 00:34:45,439
Speaker 1: hit last spring. For instance, it would be it would

748
00:34:45,480 --> 00:34:47,080
Speaker 1: be like saying that you're never going to invest your

749
00:34:47,080 --> 00:34:49,520
Speaker 1: money again because look what happened back in March of

750
00:34:49,600 --> 00:34:51,479
Speaker 1: last year. You might say, you know what, I'm gonna

751
00:34:51,480 --> 00:34:54,799
Speaker 1: start investing in used cars because they've got a thirty

752
00:34:54,840 --> 00:34:57,200
Speaker 1: percent over the past year, and it's like, no, this

753
00:34:57,520 --> 00:34:59,520
Speaker 1: is abnormal. It is a bit myopic. If that is

754
00:34:59,560 --> 00:35:01,279
Speaker 1: the perspect to that you're taking. And so when you

755
00:35:01,280 --> 00:35:04,120
Speaker 1: actually zoom out, you will see that, you know what,

756
00:35:04,480 --> 00:35:07,600
Speaker 1: use car prices are likely going to level off when

757
00:35:07,680 --> 00:35:10,759
Speaker 1: supply chain issues resolve themselves. Once you zoom out a

758
00:35:10,800 --> 00:35:12,480
Speaker 1: little bit, you you will see that the stock market

759
00:35:12,680 --> 00:35:16,960
Speaker 1: that dive was essentially inconsequential. You could erase those you know,

760
00:35:17,000 --> 00:35:19,600
Speaker 1: a couple of months and just see how the trend

761
00:35:20,200 --> 00:35:22,719
Speaker 1: that the market was on had basically continued to where

762
00:35:22,719 --> 00:35:25,799
Speaker 1: we are today. Yeah, basically we're learning the wrong lessons

763
00:35:25,840 --> 00:35:29,000
Speaker 1: sometimes when we look on too short of a timeline.

764
00:35:29,000 --> 00:35:30,359
Speaker 1: If you look in the year two thousand and eight,

765
00:35:30,960 --> 00:35:34,920
Speaker 1: your assumption might be home flipping is always a bad idea.

766
00:35:35,080 --> 00:35:37,520
Speaker 1: You're always gonna get burned, exactly, don't do it, And

767
00:35:37,680 --> 00:35:39,720
Speaker 1: a lot of people did get burned. And home flipping

768
00:35:39,800 --> 00:35:42,800
Speaker 1: is in the incredibly risky way to try to make money,

769
00:35:42,840 --> 00:35:46,400
Speaker 1: but it is also a legitimate way to make money

770
00:35:46,680 --> 00:35:48,759
Speaker 1: if you know what you're doing, and two thousand and

771
00:35:48,760 --> 00:35:52,000
Speaker 1: eight doesn't tell the story. Neither does one like you're

772
00:35:52,000 --> 00:35:54,640
Speaker 1: not always going to make out like a bandit like

773
00:35:54,719 --> 00:35:57,680
Speaker 1: you have this year, if you're in that industry. Another

774
00:35:57,719 --> 00:36:00,520
Speaker 1: money fear matt that that we that multiple people shared

775
00:36:00,560 --> 00:36:02,640
Speaker 1: with us was I won't be able to afford to

776
00:36:02,680 --> 00:36:06,319
Speaker 1: pay for my kids college. And we would say, well,

777
00:36:06,360 --> 00:36:09,080
Speaker 1: there's way too much pressure on parents to start investing

778
00:36:09,400 --> 00:36:12,680
Speaker 1: for their own kids future, even when like they're just

779
00:36:12,719 --> 00:36:15,120
Speaker 1: in the womb right, like it's kind of, hey, guess what,

780
00:36:15,160 --> 00:36:18,080
Speaker 1: we're pregnant, uh, and let's get excited for just a

781
00:36:18,120 --> 00:36:21,560
Speaker 1: second and then let's immediately open up the accounts. But

782
00:36:21,880 --> 00:36:23,920
Speaker 1: that might be premature for a lot of people, Like

783
00:36:23,960 --> 00:36:26,879
Speaker 1: I don't know where this pressure comes from. But what

784
00:36:26,920 --> 00:36:30,480
Speaker 1: we would say is, don't sweat it. Saving for college.

785
00:36:30,520 --> 00:36:32,440
Speaker 1: It's not a bad thing. It's totally fine if you

786
00:36:32,480 --> 00:36:36,680
Speaker 1: want to prioritize that, but it's also incredibly overrated. We

787
00:36:36,719 --> 00:36:41,040
Speaker 1: talked about that actually in detail and episode, but what

788
00:36:41,080 --> 00:36:43,200
Speaker 1: it boils down to is that there already so many

789
00:36:43,239 --> 00:36:46,799
Speaker 1: ways to lower the cost of college or for your

790
00:36:46,840 --> 00:36:50,680
Speaker 1: child to get scholarships, to do work study, becoming an

791
00:36:50,800 --> 00:36:54,440
Speaker 1: r A on campus to help decrease those costs. And

792
00:36:54,600 --> 00:36:58,680
Speaker 1: even though college is really expensive, it's way less costly

793
00:36:58,840 --> 00:37:02,600
Speaker 1: then retirement. US. Retirement is really really long. College is

794
00:37:02,640 --> 00:37:05,040
Speaker 1: four years and retirement could be thirty or forty. So

795
00:37:05,080 --> 00:37:08,399
Speaker 1: we would say focus on that first. Saving for your

796
00:37:08,400 --> 00:37:10,719
Speaker 1: your kids college. It doesn't make the cut as a

797
00:37:10,760 --> 00:37:13,960
Speaker 1: financial priority until you hit money gear number seven. And

798
00:37:14,320 --> 00:37:16,240
Speaker 1: that's if you want to know more about the money gears,

799
00:37:16,440 --> 00:37:18,040
Speaker 1: go to how the money dot Com, click on the

800
00:37:18,080 --> 00:37:20,560
Speaker 1: start here button and you will see like them laid

801
00:37:20,560 --> 00:37:22,839
Speaker 1: out And no, you aren't a bad parents. You gotta

802
00:37:22,840 --> 00:37:24,880
Speaker 1: get over that guilt too. I think that's part of

803
00:37:24,920 --> 00:37:28,680
Speaker 1: the fear, is that we will end up not saving

804
00:37:28,760 --> 00:37:30,759
Speaker 1: enough for our kids college and they will be disappointed

805
00:37:30,960 --> 00:37:33,400
Speaker 1: in us when they hit age of eighteen. But you

806
00:37:33,440 --> 00:37:35,520
Speaker 1: know what, they're gonna be even more disappointed if you

807
00:37:35,560 --> 00:37:38,640
Speaker 1: haven't saved up for your own retirement and you're dependent

808
00:37:38,680 --> 00:37:41,280
Speaker 1: on them and you're asking for a place to live

809
00:37:41,360 --> 00:37:44,040
Speaker 1: because you did not do a good enough job saving

810
00:37:44,120 --> 00:37:47,479
Speaker 1: for your own future. So yeah, that fear, I would say,

811
00:37:47,719 --> 00:37:50,560
Speaker 1: is is overblown. There's definitely a lot of guilt in

812
00:37:50,560 --> 00:37:52,640
Speaker 1: this realm, and we would say, oh, let it go.

813
00:37:53,120 --> 00:37:56,720
Speaker 1: That's rights another money fear. Not having enough life insurance

814
00:37:56,719 --> 00:38:00,359
Speaker 1: that was another worry. That's a listener shared. We are

815
00:38:00,480 --> 00:38:03,000
Speaker 1: huge fans of turn life insurance. We've talked about it

816
00:38:03,080 --> 00:38:04,879
Speaker 1: quite a few times here on the show. The great

817
00:38:04,880 --> 00:38:08,200
Speaker 1: thing is that getting life insurance is easier than it's

818
00:38:08,239 --> 00:38:10,440
Speaker 1: ever been, and it's cheaper than ever before too, Joel,

819
00:38:10,480 --> 00:38:12,719
Speaker 1: we recently shared how you and I how we both

820
00:38:12,800 --> 00:38:16,200
Speaker 1: have new life insurance plans as well. And the rule

821
00:38:16,200 --> 00:38:18,480
Speaker 1: of thumb from the life insurance folks is that you

822
00:38:18,520 --> 00:38:21,040
Speaker 1: want to have ten times your annual income is coverage.

823
00:38:21,400 --> 00:38:23,440
Speaker 1: And you know that. I feel like that can be

824
00:38:23,480 --> 00:38:25,399
Speaker 1: a rule of thumb that can be helpful to have,

825
00:38:25,640 --> 00:38:28,680
Speaker 1: but it can also be daunting. It can maybe strike

826
00:38:28,800 --> 00:38:30,600
Speaker 1: fear if you feel like that you have to have

827
00:38:30,640 --> 00:38:33,440
Speaker 1: that much UH coverage in place, and so it's important

828
00:38:33,440 --> 00:38:35,560
Speaker 1: to note that you might not actually need that much,

829
00:38:35,800 --> 00:38:39,399
Speaker 1: especially if you can self insure in some capacity through

830
00:38:39,480 --> 00:38:42,960
Speaker 1: different streams of passive income or investments UH and through

831
00:38:42,960 --> 00:38:45,360
Speaker 1: savings that you might have. We've actually got a guide

832
00:38:45,360 --> 00:38:48,000
Speaker 1: on our website about buying life insurance that will link

833
00:38:48,120 --> 00:38:50,440
Speaker 1: to in our show notes for this episode. But know

834
00:38:50,880 --> 00:38:53,000
Speaker 1: that if you're young, if you're in good health, that

835
00:38:53,040 --> 00:38:56,120
Speaker 1: the monthly premium that you'll pay is pretty dank small,

836
00:38:56,520 --> 00:38:59,319
Speaker 1: and it is worth getting some courage in place now.

837
00:38:59,680 --> 00:39:02,080
Speaker 1: Even down the road you might modify that coverage, even

838
00:39:02,120 --> 00:39:04,239
Speaker 1: if you might add some coverage like you and I did. Yeah,

839
00:39:04,239 --> 00:39:06,040
Speaker 1: this is a case where perfect can be the enemy

840
00:39:06,160 --> 00:39:08,279
Speaker 1: of good and you might say I'm worried I'm not

841
00:39:08,320 --> 00:39:10,520
Speaker 1: gonna have enough coverage, and then you might not get

842
00:39:10,560 --> 00:39:13,080
Speaker 1: any coverage, and getting some coverage at least is the

843
00:39:13,120 --> 00:39:15,879
Speaker 1: best route to take. And so this is this really

844
00:39:15,960 --> 00:39:19,160
Speaker 1: is a scenario where you don't necessarily want to overdo

845
00:39:19,200 --> 00:39:23,160
Speaker 1: it either where you attempt to cover every possible terrible

846
00:39:23,200 --> 00:39:26,680
Speaker 1: scenario like you're playing like squid Games or something or

847
00:39:26,719 --> 00:39:29,400
Speaker 1: something like that. It's it's wise to be prepared, but

848
00:39:29,480 --> 00:39:32,759
Speaker 1: beyond a certain point, you'll have to recognize that your

849
00:39:32,800 --> 00:39:37,560
Speaker 1: fears have maybe shifted to the irrational, to the unlikely. Instead,

850
00:39:37,600 --> 00:39:40,239
Speaker 1: we'd encourage you to find like some solace in in

851
00:39:40,280 --> 00:39:43,600
Speaker 1: the numbers and like, yes, since we're all about assuaging

852
00:39:43,680 --> 00:39:46,160
Speaker 1: your fears in this episode, it should provide you with

853
00:39:46,200 --> 00:39:48,480
Speaker 1: some real peace of mind, knowing that your family will

854
00:39:48,480 --> 00:39:50,759
Speaker 1: be okay at least financially speaking, if you were to

855
00:39:50,800 --> 00:39:54,560
Speaker 1: die prematurely, having good a good level of coverage. A

856
00:39:54,560 --> 00:39:58,560
Speaker 1: healthy level of coverage is smart, It's wise, especially during

857
00:39:58,600 --> 00:40:02,760
Speaker 1: those years when bull are incredibly dependent on your income,

858
00:40:03,040 --> 00:40:05,200
Speaker 1: and knowing that it doesn't cost an arm and a leg.

859
00:40:05,760 --> 00:40:07,440
Speaker 1: I feel like you can put some of your fears

860
00:40:07,480 --> 00:40:10,479
Speaker 1: at ease too. It's not that expensive to to really

861
00:40:10,480 --> 00:40:12,080
Speaker 1: get this fear taken care of, and to get it

862
00:40:12,120 --> 00:40:14,680
Speaker 1: taken care of pretty quickly. That's right, man. That's why

863
00:40:14,680 --> 00:40:16,759
Speaker 1: you and I specifically are all about that twenty year

864
00:40:16,760 --> 00:40:19,399
Speaker 1: plan because the kids they're gonna be gone by that point. Yeah,

865
00:40:19,440 --> 00:40:21,080
Speaker 1: I mean, I think that's why. What leaves actually some

866
00:40:21,120 --> 00:40:23,120
Speaker 1: people to go to whole life insurances are like, what

867
00:40:23,200 --> 00:40:24,799
Speaker 1: if I die at any point in time, somebody will

868
00:40:24,800 --> 00:40:27,880
Speaker 1: need money from me, And it's like, oh not really.

869
00:40:27,920 --> 00:40:30,000
Speaker 1: Hopefully if I'm eighty five, they're gonna be on their

870
00:40:30,000 --> 00:40:33,920
Speaker 1: own feet by that point exactly, Like nobody actually needs

871
00:40:34,760 --> 00:40:37,240
Speaker 1: My death doesn't need to result in a payoff to anyone.

872
00:40:37,440 --> 00:40:39,839
Speaker 1: That's right, Uh, And our last money fear that we're

873
00:40:39,840 --> 00:40:42,360
Speaker 1: gonna cover this episode, holding on the money too tightly

874
00:40:42,400 --> 00:40:45,319
Speaker 1: and not being generous enough. This is what I can

875
00:40:45,360 --> 00:40:49,040
Speaker 1: definitely identify with as someone maybe who tends to be

876
00:40:49,080 --> 00:40:52,600
Speaker 1: more cheap at times than frugal. Uh. I feel like

877
00:40:52,600 --> 00:40:54,960
Speaker 1: it can be difficult to overcome. Um. I've reticence to

878
00:40:55,040 --> 00:40:59,240
Speaker 1: give away money consistently. And you know this is partly

879
00:40:59,360 --> 00:41:02,160
Speaker 1: for really just reasons and also because of the realization

880
00:41:02,200 --> 00:41:05,360
Speaker 1: that giving money away gives me a better perspective on

881
00:41:05,440 --> 00:41:07,319
Speaker 1: it in general. But I found that money can be

882
00:41:07,400 --> 00:41:09,799
Speaker 1: a tool for good, not only in our own lives,

883
00:41:09,840 --> 00:41:11,759
Speaker 1: but in the lives of others who are also in need.

884
00:41:12,080 --> 00:41:13,680
Speaker 1: And so our family has made it a point to

885
00:41:13,680 --> 00:41:16,120
Speaker 1: give away more and more of our income over the years.

886
00:41:16,360 --> 00:41:18,560
Speaker 1: And as someone who likes to budget, who likes to plan,

887
00:41:18,640 --> 00:41:20,360
Speaker 1: I found that, you know a way for me to

888
00:41:20,360 --> 00:41:22,480
Speaker 1: become less fearful as to create a line item in

889
00:41:22,520 --> 00:41:25,279
Speaker 1: my budget every single month for how much money I'm

890
00:41:25,280 --> 00:41:27,520
Speaker 1: going to give away. Uh. And here's the thing too,

891
00:41:27,520 --> 00:41:29,480
Speaker 1: it doesn't have to be the sort of all or

892
00:41:29,719 --> 00:41:32,399
Speaker 1: nothing approach I feel like oftentimes I mean multiple times

893
00:41:32,400 --> 00:41:35,680
Speaker 1: here on this episode, we've talked about how perfection is

894
00:41:35,680 --> 00:41:37,680
Speaker 1: going to be the enemy of good and we want

895
00:41:37,719 --> 00:41:39,800
Speaker 1: you to be good. We want you to get going

896
00:41:39,920 --> 00:41:42,080
Speaker 1: down the path that you want to see yourself down

897
00:41:42,120 --> 00:41:43,880
Speaker 1: at the end of the day. And so, for instance,

898
00:41:43,920 --> 00:41:46,640
Speaker 1: if your goal is to give away say of what

899
00:41:46,719 --> 00:41:48,759
Speaker 1: you make, but maybe you're only you know, you're say

900
00:41:48,760 --> 00:41:51,160
Speaker 1: you're giving away three percent of your income, what we

901
00:41:51,200 --> 00:41:53,760
Speaker 1: would recommend to come up with like a multi year

902
00:41:53,880 --> 00:41:56,319
Speaker 1: goal to stretch your budget and to get you to

903
00:41:56,440 --> 00:41:58,560
Speaker 1: that point. And also, you know, the older I get,

904
00:41:58,600 --> 00:42:00,520
Speaker 1: I found that it's kind of big. I'm easier for

905
00:42:00,560 --> 00:42:02,600
Speaker 1: me to write a check than to volunteer my time.

906
00:42:03,200 --> 00:42:06,360
Speaker 1: But I've also found that having a tangible connection to

907
00:42:06,400 --> 00:42:08,560
Speaker 1: the places that my money is going that is going

908
00:42:08,560 --> 00:42:11,480
Speaker 1: to encourage me to to be even more generous. And

909
00:42:11,520 --> 00:42:13,480
Speaker 1: so you know, this is an instance where we would say,

910
00:42:13,480 --> 00:42:16,160
Speaker 1: don't just write the checks. We'd recommend that you be involved,

911
00:42:16,400 --> 00:42:19,080
Speaker 1: find ways to connect in a very tangible way. Yeah,

912
00:42:19,120 --> 00:42:22,960
Speaker 1: I agree, Matt. I think giving to local organizations in

913
00:42:23,000 --> 00:42:25,560
Speaker 1: particular where you can see the impact of their work

914
00:42:25,960 --> 00:42:30,160
Speaker 1: is it actually does incentivize you to give more because

915
00:42:30,200 --> 00:42:32,799
Speaker 1: it feels like less of just and I know people

916
00:42:32,840 --> 00:42:35,640
Speaker 1: don't actually write checks, but you know, an online donation

917
00:42:35,719 --> 00:42:37,960
Speaker 1: whatever it is submit, like, yeah, exactly, you click the

918
00:42:38,000 --> 00:42:39,960
Speaker 1: submit button and then you're like, that money is gone.

919
00:42:40,040 --> 00:42:43,080
Speaker 1: It's doing good. I know that, But there's a there's

920
00:42:43,080 --> 00:42:45,560
Speaker 1: a difference in how you experience it. If you actually

921
00:42:45,560 --> 00:42:47,239
Speaker 1: get to see that money at work, Like let's say

922
00:42:47,360 --> 00:42:50,959
Speaker 1: you decided to build houses with habitat for humanity, it's

923
00:42:51,280 --> 00:42:55,080
Speaker 1: an addition to writing the check. Well, there's a different

924
00:42:55,080 --> 00:42:57,520
Speaker 1: feeling level of connection that you get to the work

925
00:42:57,520 --> 00:43:00,239
Speaker 1: that's actually being done. And so yeah, I agree. Think

926
00:43:00,520 --> 00:43:04,120
Speaker 1: that actually helps us to be more generous, is partaking

927
00:43:04,120 --> 00:43:05,880
Speaker 1: in the work with our money but also with with

928
00:43:05,920 --> 00:43:08,040
Speaker 1: our time and our efforts. And yeah, not only just

929
00:43:08,160 --> 00:43:09,880
Speaker 1: more generous, but I think it will cause us to

930
00:43:09,880 --> 00:43:12,200
Speaker 1: be more joyful as we're doing it. It's not something

931
00:43:12,239 --> 00:43:14,879
Speaker 1: that we're paying like a bill where it's just like, oh, yeah,

932
00:43:14,920 --> 00:43:17,040
Speaker 1: I gotta pay for that new that new roof, which

933
00:43:17,080 --> 00:43:20,640
Speaker 1: is the least fun um kind of work too, to

934
00:43:20,640 --> 00:43:23,239
Speaker 1: spend on your house. Uh, you don't see it as

935
00:43:23,280 --> 00:43:24,759
Speaker 1: something like that. You see it as something that you're

936
00:43:24,760 --> 00:43:27,840
Speaker 1: excited to actually cut that check for or click submit.

937
00:43:28,000 --> 00:43:31,600
Speaker 1: Yeah for sure. So yeah, really wrapping it up money

938
00:43:31,600 --> 00:43:34,040
Speaker 1: fears they abounded so many of our lives like we

939
00:43:34,120 --> 00:43:38,520
Speaker 1: all have some of them like locked up inside of us,

940
00:43:38,719 --> 00:43:40,480
Speaker 1: and and many of us we do just choose to

941
00:43:40,560 --> 00:43:43,000
Speaker 1: let them linger in the background. That often feels like

942
00:43:43,040 --> 00:43:45,319
Speaker 1: the most comfortable thing to do or the easiest thing

943
00:43:45,360 --> 00:43:48,160
Speaker 1: to do, But you can't make progress if you go

944
00:43:48,280 --> 00:43:51,200
Speaker 1: that route and you stay like locked up in your

945
00:43:51,239 --> 00:43:55,040
Speaker 1: money fear pajamas, refusing to go outside like that. That

946
00:43:55,160 --> 00:43:57,800
Speaker 1: fear could actually end up turning into a full blown

947
00:43:58,080 --> 00:44:00,360
Speaker 1: phobia like that, that money phobia we may at the

948
00:44:00,360 --> 00:44:04,040
Speaker 1: beginning of the show that causes more harm to your finances,

949
00:44:04,040 --> 00:44:06,840
Speaker 1: to your life as a whole down the road. Basically,

950
00:44:07,520 --> 00:44:10,000
Speaker 1: if you do this, you're letting fear run the show,

951
00:44:10,280 --> 00:44:13,680
Speaker 1: and these fears can prevent you from taking chances or

952
00:44:13,760 --> 00:44:16,520
Speaker 1: from being able to accomplish those most important goals that

953
00:44:16,560 --> 00:44:19,240
Speaker 1: you have set where money is a tool in achieving

954
00:44:19,239 --> 00:44:22,200
Speaker 1: those goals. So we would say you've got to fight fear,

955
00:44:22,280 --> 00:44:25,680
Speaker 1: and you've gotta fight fear not only with changing your mindset,

956
00:44:25,719 --> 00:44:27,880
Speaker 1: but with the facts, with the reality on the ground.

957
00:44:28,239 --> 00:44:31,800
Speaker 1: Some of these fears are drastically overblown, and it's important

958
00:44:31,840 --> 00:44:34,120
Speaker 1: to work to develop that plan, and it's important to

959
00:44:34,360 --> 00:44:37,680
Speaker 1: work to remember what's actually important, and hopefully we've given

960
00:44:37,719 --> 00:44:40,520
Speaker 1: you some of the ammunition to fight back against some

961
00:44:40,560 --> 00:44:43,680
Speaker 1: of these money fears or or the the chainsaw without

962
00:44:43,680 --> 00:44:45,400
Speaker 1: a chain to fight back, I don't know if you

963
00:44:45,400 --> 00:44:47,319
Speaker 1: probably should need a chain to fight back against the

964
00:44:47,360 --> 00:44:49,400
Speaker 1: actual money fears though, that are that are getting to

965
00:44:49,400 --> 00:44:52,080
Speaker 1: you in everyday life. That's right, man, let's go ahead

966
00:44:52,080 --> 00:44:53,960
Speaker 1: and shift gears. Let's get back to the beer on

967
00:44:54,000 --> 00:44:56,640
Speaker 1: this episode. You and I enjoy it A hot ven vice.

968
00:44:57,280 --> 00:44:59,279
Speaker 1: That's how you say it, instead of the W for

969
00:44:59,320 --> 00:45:02,440
Speaker 1: the wise, say vice with a V. Your German pronunciation

970
00:45:02,480 --> 00:45:04,360
Speaker 1: is excellent. That's how the Germans say it. This is

971
00:45:04,360 --> 00:45:07,280
Speaker 1: a beer by Schneider weeiss Uh and I was donated

972
00:45:07,320 --> 00:45:09,440
Speaker 1: to the show by Zach and so, yeah, what were

973
00:45:09,480 --> 00:45:12,640
Speaker 1: your thoughts on this beer? A hoppy helf vison is

974
00:45:12,719 --> 00:45:15,440
Speaker 1: an interesting I've never had. I thought that's how you're

975
00:45:15,440 --> 00:45:17,200
Speaker 1: going to describe it, and it's well, it was a

976
00:45:17,200 --> 00:45:21,000
Speaker 1: happy wheat. No, it is an interesting like blending I

977
00:45:21,000 --> 00:45:24,000
Speaker 1: don't think I've ever had. Because heaven visins are like

978
00:45:24,360 --> 00:45:27,560
Speaker 1: wheat heavy beers, and they're usually which are typically described

979
00:45:27,560 --> 00:45:30,000
Speaker 1: as multi right and so, but they're also pretty mellow

980
00:45:30,320 --> 00:45:33,600
Speaker 1: and so like the flavor profile is not abrasive, whereas

981
00:45:33,640 --> 00:45:36,919
Speaker 1: this one is kind of mixing two different genres that

982
00:45:37,280 --> 00:45:39,200
Speaker 1: it's uh, it's almost like a horror and a comedy

983
00:45:39,280 --> 00:45:41,560
Speaker 1: or something a mind and I don't think I've seen

984
00:45:41,600 --> 00:45:43,560
Speaker 1: one of those, although, which, by the way, isn't that

985
00:45:43,600 --> 00:45:45,800
Speaker 1: what a racino phobia was? Like? It was kind of

986
00:45:45,840 --> 00:45:47,600
Speaker 1: like a joke. I don't know, I never saw it.

987
00:45:47,680 --> 00:45:51,680
Speaker 1: Weren't you paying attention? Uh? So, yeah, I don't know.

988
00:45:51,760 --> 00:45:54,600
Speaker 1: This is an interesting one. It tastes very European. I

989
00:45:54,640 --> 00:45:56,680
Speaker 1: don't even know what I mean by that. All I

990
00:45:56,719 --> 00:45:58,320
Speaker 1: know is that it doesn't taste like many of the

991
00:45:58,400 --> 00:46:00,279
Speaker 1: American beers that I've had. Don't tastes like beer we

992
00:46:00,320 --> 00:46:03,880
Speaker 1: get around here, right, That's what was saying exactly. I mean,

993
00:46:03,960 --> 00:46:05,799
Speaker 1: the best way to describe it is it's a hoppy wheat.

994
00:46:05,840 --> 00:46:07,319
Speaker 1: I mean, I was kind of joking about that a

995
00:46:07,320 --> 00:46:10,640
Speaker 1: second ago, but it truly is. It has those floral,

996
00:46:10,760 --> 00:46:13,120
Speaker 1: sweet fruity notes that you get with a good wheat,

997
00:46:13,320 --> 00:46:14,960
Speaker 1: but it also kind of has some of that punch,

998
00:46:15,120 --> 00:46:16,760
Speaker 1: some of that pop that you get from the hops.

999
00:46:17,080 --> 00:46:19,360
Speaker 1: Uh and so yeah, to me, it made this just

1000
00:46:19,480 --> 00:46:22,480
Speaker 1: an incredibly full bodied beer. Uh. It had a lot

1001
00:46:22,520 --> 00:46:25,440
Speaker 1: of flavor going on that you're not used to enjoying

1002
00:46:25,760 --> 00:46:27,879
Speaker 1: in the same cup. And it's also worth pointing out

1003
00:46:27,880 --> 00:46:31,640
Speaker 1: too that this is basically a collaboration between Schneider Weeiss

1004
00:46:31,680 --> 00:46:35,000
Speaker 1: and Brooklyn Brewery, and so yeah, I feel like it's

1005
00:46:35,080 --> 00:46:39,280
Speaker 1: quite the appropriate beer to blend. Uh an American brewery

1006
00:46:39,360 --> 00:46:41,399
Speaker 1: that's bringing the hops to the table, and then you've

1007
00:46:41,400 --> 00:46:43,440
Speaker 1: got this German brewery that's bringing the wheat to the table.

1008
00:46:43,560 --> 00:46:45,120
Speaker 1: And so yeah, I'm glad that you and I got

1009
00:46:45,120 --> 00:46:48,000
Speaker 1: to share this one. This is not a typical style

1010
00:46:48,080 --> 00:46:50,320
Speaker 1: that we would come across, but it was really delicious

1011
00:46:50,360 --> 00:46:52,640
Speaker 1: and a big thank you to Zach for doing this

1012
00:46:52,680 --> 00:46:54,759
Speaker 1: one to the show, no doubt. All right, Well, thanks Zak,

1013
00:46:54,960 --> 00:46:57,520
Speaker 1: And it's always fun to drink something that's kind of

1014
00:46:57,840 --> 00:46:59,359
Speaker 1: on a different realm, on the spectrum that we don't

1015
00:46:59,440 --> 00:47:02,480
Speaker 1: usually get too. So that's gonna do it for this episode.

1016
00:47:02,600 --> 00:47:05,080
Speaker 1: If you want the show notes for this episode, go

1017
00:47:05,160 --> 00:47:07,799
Speaker 1: to our website at how to money dot com. That's right,

1018
00:47:07,840 --> 00:47:10,359
Speaker 1: So that's gonna be at Joel until next time. Best

1019
00:47:10,360 --> 00:47:11,919
Speaker 1: Friends Out, Best Friends Out,