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Speaker 1: Welcome to Out of Money. I'm Joel, I'm Matt, and

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Speaker 1: today we're answering your listener questions.

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Speaker 2: You know, a buddy, We have some listeners who have

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Speaker 2: inquired and they want to know what to do with

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Speaker 2: their money. We've got a listener who's looking to dial

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Speaker 2: in his student loan payoff strategy specifically, and he's got

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Speaker 2: both federal and private student loans, so we've got an

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Speaker 2: answer there for him. Another is asking about the best

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Speaker 2: options for cell coverage while abroad. They want to be

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Speaker 2: able to tap into some of that data while they're

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Speaker 2: traveling this summer.

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Speaker 1: The price discrepancies in that area can be significance dramatic.

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Speaker 2: And we're also going to talk about the role of

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Speaker 2: religion in our lives. We're going to have a faith

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Speaker 2: in finances kind of conversation.

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Speaker 1: Are we going someone wants to peek behind the curtain

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Speaker 1: of who we are, not just what we think about money,

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Speaker 1: And it's kind of like how how we think about

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Speaker 1: money based on our views on.

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Speaker 2: Baith totally, and we have talked about this in the past.

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Speaker 2: It's just not something we it's not a drum that

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Speaker 2: we'd beat regularly continuously on every single episode. So I'm

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Speaker 2: looking forward to that one. But from here on out,

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Speaker 2: we shall just kidding real quick. Did you so right

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Speaker 2: before we sat down a record, I just took a

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Speaker 2: walk around the block after lunch. Did you see that

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Speaker 2: they are resurfacing recoding the tennis courts in the public

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Speaker 2: park okay near our office? That's nice.

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Speaker 1: Are they turning them into pickleball courts? That's exactly what

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Speaker 1: they're doing. They're not just recoding.

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Speaker 2: The truck said, you know number one pickleball surfacing or whatever,

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Speaker 2: which kind of got me excited. It would be the

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Speaker 2: nearest pickleball court by far to where we live. I

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Speaker 2: might just have to splurge, get me a couple of paddles.

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Speaker 2: Maybe we'll pick it up and start playing. You want

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Speaker 2: to you want to get into it? Yes, I've been

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Speaker 2: wanting to try it out and I have not.

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Speaker 1: It's fun, it's funny. I had the thought last night.

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Speaker 1: I was I was on a run and I ran

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Speaker 1: by like a bunch of tennis courts, and I saw

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Speaker 1: these young people playing tennis, and I was wondering if

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Speaker 1: the rise in pickleball is is it like a tide

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Speaker 1: that lifts all boats and tennis is also seeing a

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Speaker 1: resurgence or no, is it like gets people out on

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Speaker 1: the court. It's pickleball the thing, and people are like

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Speaker 1: kicking tennis to the curb. I'm not sure what the

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Speaker 1: answer is, but I was like, I think I've played tennis.

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Speaker 1: I enjoy tennis. I think I would like pickleball too.

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Speaker 2: It's in my impression or in my experience, it's a

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Speaker 2: more social version of tennis, which I'm like, all right,

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Speaker 2: this is god Joel written a little quicker too, write yeah,

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Speaker 2: which a little more intense. Yeah, And you can fit

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Speaker 2: more people on the courts. I'm pretty sure. I don't

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Speaker 2: know the exact dimensions, but I think you can fit

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Speaker 2: probably four pickleball courts in the span of where there's

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Speaker 2: where there used to be two tennis courts. Okay, I

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Speaker 2: don't know the exact dimensions or anything, but I got

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Speaker 2: to imagine that there that they're gonna be able to

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Speaker 2: ramp up the number of folks who can get out

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Speaker 2: there and play. Which is I love that too. Man.

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Speaker 2: That's like density in housing, right, Like why not build

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Speaker 2: an apartment as opposed or a split not a split

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Speaker 2: quad plex as opposed to a single family. If that's

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Speaker 2: something that folks are winning. Yeah, and that doesn't have

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Speaker 2: to be a teaching moment or anything like that. But

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Speaker 2: I think this is a good just a good reminder

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Speaker 2: for people to use whatever resources are available. And if

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Speaker 2: it means ok, hey, I got to buy a pickball,

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Speaker 2: paddle and a ball, but where I play, I get

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Speaker 2: to play for free, then that's pretty awesome, I think

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Speaker 2: if it kind of like I think of disc golf,

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Speaker 2: where you buy a few discs and basically all the

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Speaker 2: courses are free to play on. And so yeah, I dropped,

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Speaker 2: not all of them. We've never played at some of

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Speaker 2: the high end courses which no are evidently kept up

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Speaker 2: like golf courses.

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Speaker 1: Yeah, I've literally never paid to play, but I would.

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Speaker 1: I totally would if I went somewhere fancy and it

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Speaker 1: was a really cool course. But for the most part,

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Speaker 1: it's free to play and all you got to do

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Speaker 1: is buy a few discs, and you can even get

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Speaker 1: them at like a used sporting good store or something like.

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Speaker 2: That is played against sports still still in existence, still around.

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Speaker 2: We have one not too far from us, so nice. Yeah,

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Speaker 2: something else I wanted to share real quick. Last week

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Speaker 2: was tax filing day, and I think there might be

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Speaker 2: a lot of folks who received or maybe they were

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Speaker 2: told recently that they're going to receive a nice fat check.

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Speaker 1: It's like on the way coming through the internet into

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Speaker 1: your banking and they're already thinking of maybe different ways

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Speaker 1: to spend it. You know, you got that dopamine hit

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Speaker 1: and you're like, oh, yeah, that nice spring little bonus.

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Speaker 1: And I'm going to be the I'm going to rain

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Speaker 1: on your parade. I'm going to be the stick in

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Speaker 1: the mud who is going to like wag his finger

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Speaker 1: at you and recommend for you to do.

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Speaker 2: Something smart with that money. And I'm not even going

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Speaker 2: to recommend for folks to do this the typical money gears.

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Speaker 2: You know, we harp on that all the time. What

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Speaker 2: I want folks to do is to think about an

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Speaker 2: expense that they know is coming but that they just

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Speaker 2: haven't budgeted for, because those are the kind of budget

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Speaker 2: derailers that can completely wreck your finances for a few

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Speaker 2: months maybe gosh, even where you're maybe even carrying a

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Speaker 2: balance on a credit card because it's something that you

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Speaker 2: didn't plan for because I didn't quite have enough money

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Speaker 2: set aside for that. I would hate for that to

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Speaker 2: be something that derails folks finances. Like I'm thinking of

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Speaker 2: deferred car maintenance or a repair at home. You know,

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Speaker 2: you got to get a contractor oute, even like a

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Speaker 2: medical bill like something where you know that, oh, I've

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Speaker 2: got this procedure. It's going to cost me, you know,

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Speaker 2: a few hundred bucks at a minimum. And being able

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Speaker 2: to prepare for these things that I think is really smart,

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Speaker 2: creating those little savings buckets that are dedicated to these

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Speaker 2: specific expenses.

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Speaker 1: And we can debate the wisdom of getting a tax refund,

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Speaker 1: but I think more than anything.

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Speaker 2: Reality is there are folks who are getting on.

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Speaker 1: There are lots of folks, and the average refund has

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Speaker 1: actually gone up this year for taxpayers. So it's one

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Speaker 1: of those things where is it the most optimal thing.

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Speaker 1: Probably not, but it's a chance. It's really for most

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Speaker 1: people once in a year chance to get some sort

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Speaker 1: of lump sum to change your trajectory to their finances.

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Speaker 1: So like, you're ahead a little bit, right, so use it,

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Speaker 1: use it and do something with it. And so I'm

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Speaker 1: actually not nearly as against at least from a psychological perspective,

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Speaker 1: people getting a lump sum tax refund overpaying throughout the

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Speaker 1: year because it does give you a chance to tackle

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Speaker 1: something big with your finances in one fell swoop.

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Speaker 2: That's right, man, Okay. The beer that you and I

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Speaker 2: are going to enjoy during this episode is called a

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Speaker 2: Birdie Putt. This is a pilsner by six Bridges. Looking

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Speaker 2: forward to drinking and enjoying and sharing our thoughts at

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Speaker 2: the end of the episode, no doubt.

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Speaker 1: All right, So let's take listener questions, Matt, and if

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Speaker 1: you are listening and you've got a money question we

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Speaker 1: want to hear from you. Just go to how to

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Speaker 1: money dot com slash ask for the simple instructions, or

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Speaker 1: just say hey, what's my money question? A noodle it

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Speaker 1: out real quick, record yourself, email it over to us

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Speaker 1: at how to moneypod at gmail dot com. We look

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Speaker 1: forward to taking your question on the show asap. Matt,

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Speaker 1: let's get to a question specifically about paying off student

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Speaker 1: loans and the wisdom behind doing So.

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Speaker 3: Hey, guys, my name's Donald. I'm originally from Maryland, but

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Speaker 3: I'm currently living in North Carolina with my wife Chelsea,

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Speaker 3: my two cats, Peanut Butter and Whiskey, so shout out

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Speaker 3: to them, Chelsea included. So my question is about student

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Speaker 3: loan payoff strategy. I've been out of college for about

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Speaker 3: four years now, and I'm paying off both a private

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Speaker 3: and a student at a public loan. My plan for

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Speaker 3: the public loan is to pay as little as possible

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Speaker 3: and after ten years have the resk forgiven as part

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Speaker 3: of the public student loan forgiveness program as I'm part

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Speaker 3: of the military. But I'm less sure about the private loan.

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Speaker 3: It's currently sitting around seventy thousand with a three point

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Speaker 3: eight percent interest rate. I'm paying seven hundred dollars a

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Speaker 3: month towards that, and I want to know if ever

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Speaker 3: I should prioritize paying that off versus investing in the market.

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Speaker 3: I currently put around four hundred a month in the

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Speaker 3: market and occasionally make a couple thousand dollars investment. Surely

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Speaker 3: there has to be somewhere between paying seven hundred dollars

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Speaker 3: a month for the next ten years and let's say

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Speaker 3: doubling my payment to fourteen hundred. I'm paying off in

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Speaker 3: less than five years, which would save me the most money. Right, So,

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Speaker 3: the sooner I paid off, the more I can invest.

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Speaker 3: But if I paid the minimum, I can invest less,

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Speaker 3: but for a longer time. So it is time in

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Speaker 3: the market always better came up the great work. Ps.

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Speaker 3: Chelsea and I often combined couple's names to save time,

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Speaker 3: so you guys would either be Mole or Jat. So

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Speaker 3: I'll let you guys pick your poison on that anyway,

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Speaker 3: have a great one.

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Speaker 2: Guys, Ooh, Mole or Jat, which one do you prefer?

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Speaker 2: Don't get behind Mole, I can't. But if it was Moel,

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Speaker 2: I'm gonna go with Jet, I guess.

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Speaker 1: So it's fun out of a out of a lack

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Speaker 1: of options for better choices.

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Speaker 2: What's funny is that we've already done this with our

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Speaker 2: last names and so on our shared calendar. So technically

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Speaker 2: it's the business Gmail accounts calendar, but we put things

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Speaker 2: on there that pertain to both of our families, so

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Speaker 2: for instance, our summer vacation trip and our couple or

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Speaker 2: I guess our family combined family name is I guess

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Speaker 2: it is by default, but somehow we've actively decided this

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Speaker 2: is alt Guard, and so that it could have been

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Speaker 2: Lars mixed. It could have been Lars mixed, but I

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Speaker 2: think alt Guard is just stronger because you've got the alt.

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Speaker 2: I don't know, a nice hard tea there and then

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Speaker 2: the guard like both very strong. You put them together

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Speaker 2: and you got out of money.

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Speaker 1: The last name combo is vastly superior to the first

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Speaker 1: tame combo, which.

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Speaker 2: That's that's actually a thing. So a friend of ours,

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Speaker 2: her and her husband, when they got married, they blended

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Speaker 2: their last names together, like legally, yeah, Michelle, Yeah that's right. Yes,

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Speaker 2: So they got married, blended their their last names and

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Speaker 2: basically they met in the middle when it came to

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Speaker 2: what they're like new family name was I can respect that. Yeah,

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Speaker 2: It's just reminds me of like the was it in

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Speaker 2: the nineties, Like the couple name, like the celebrity couples

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Speaker 2: like Berendiford is when that comes to mind, Brad Pitt, Yeah,

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Speaker 2: Jennifer Andiston, that was the ultimate couple.

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Speaker 1: I think people still Branjelina that was another. Yeah, everything

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Speaker 1: with all the leomon he was with, he had to

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Speaker 1: combine the names. Oh man, I think that happened to

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Speaker 1: other celebrities too. But all right, let's get to Donald's question. Donald,

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Speaker 1: it sounds sounds like you're making a smart move while

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Speaker 1: you know, trying to pay as little as possible in

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Speaker 1: hopes to have maximum forgiveness on that student loan under

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Speaker 1: the PSLF program. I will say, though, with all the

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Speaker 1: noise around student loan policy right now, banking on public

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Speaker 1: service loan forgiveness being there for years to come, it

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Speaker 1: might be a mistake. The current administration is taking a

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Speaker 1: more hostile attitude and approach toward PSLF, so we just

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Speaker 1: don't know if it's going to be around forever. You

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Speaker 1: can hope for it, but there could be a rug

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Speaker 1: pull coming at least it some point for folks who

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Speaker 1: are in the PSLF process but haven't achieved forgiveness yet.

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Speaker 1: Not trying to freaking out or anything like that, but

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Speaker 1: I wanted to mention what student loan stuff is just

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Speaker 1: in flux, right. It is, and we don't have a

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Speaker 1: clear answer at least to some of the questions that

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Speaker 1: student loan borrowers have. If Congress made a change, right,

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Speaker 1: you'd likely be grandfathered in, but that's also not guaranteed.

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Speaker 1: So I guess it's just I want to put that

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Speaker 1: on your in your headspace, Donald, just to be thinking

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Speaker 1: about that and not count your chickens before they hatch.

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Speaker 2: True. Yeah, A nice little note before we answer Donald's question,

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Speaker 2: A little more directly here, But for multiple reasons, Donald,

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Speaker 2: we would prefer for you to keep that private student

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Speaker 2: loan around. And so if you head over to the

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Speaker 2: site and you hit start here, you will see the

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Speaker 2: money gears, but you don't pay off low interest debts

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Speaker 2: until you get to money gear six. You are investing

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Speaker 2: a lot, which is great, while simultaneously working to get

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Speaker 2: rid of those loans you want to. You're working to

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Speaker 2: eradicate them, and you are at the point where you

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Speaker 2: could opt to invest maybe a bit less in order

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Speaker 2: to get rid of those loans a bit faster. But

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Speaker 2: I just would not make that a priority. I wouldn't

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Speaker 2: be taking that option, at least not at this point,

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Speaker 2: given the data that you shared with us, Matt.

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Speaker 1: When I got my first real job out of college,

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Speaker 1: I kind of had it on my mind that I

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Speaker 1: wanted to get rid of the student loans that I had,

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Speaker 1: and I didn't have this insane amount. I think I

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Speaker 1: had like twelve thousand dollars with the student loans, and

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Speaker 1: I still remember getting to the point where I was

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Speaker 1: accelerating the payoff and I was like, all right, I

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Speaker 1: have a lump sum here I can pay off like

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Speaker 1: three thousand dollars and be done with them, and looking back,

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Speaker 1: it was a mistake. I did it, and I wouldn't.

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Speaker 1: I wouldn't do it if I could go back in time,

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Speaker 1: because my interest rate one point eight seventy five percent. Yeah,

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Speaker 1: that's a little bit of a humble bread.

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Speaker 2: Can I refinance that that for another thirty years? Perhaps

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Speaker 2: I'd be willing to pay even a little bit more

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Speaker 2: to stretch that thing out. Of course, depending on what

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Speaker 2: you do with that money rightwise.

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Speaker 1: I just thought that was worth mentioning that, just, you know,

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Speaker 1: a minor financial mistake. Think about what that could have

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Speaker 1: done in a roth iray for me over the years

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Speaker 1: if I had made a different move. And we shall

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Speaker 1: also mention that we're not typically fans of private student loans,

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Speaker 1: but during COVID, private student loan holders often had to

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Speaker 1: continue to make payments while folks with federal loans had

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Speaker 1: their payments paused for like three and a half years.

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Speaker 1: So you felt like you were on the outside looking

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Speaker 1: in if you had private student loans because you kind

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Speaker 1: of work because you were jealous of all the federal

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Speaker 1: people who had perpetual payment pauses, and you were still

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Speaker 1: paying In many cases, although when interest rates were low,

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Speaker 1: it did make sense for some folks Tory finance into

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Speaker 1: a private loan, even though protections for borrowers weren't nearly

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Speaker 1: as good. And so because of how low your interest

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Speaker 1: rate is here, Donald, I just don't see this as

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Speaker 1: a high priority for you, even if the balance is steep, right,

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Speaker 1: because you can you can make just as much, if

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Speaker 1: not more money, just by saving, right, you.

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Speaker 3: Know what I mean.

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Speaker 1: You don't even have to invest those dollars, because then

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Speaker 1: that's where you maybe fall into treacherous territory. If it's like, well,

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Speaker 1: if I invest in the S and P and the

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Speaker 1: returns are this good and you're making projections, it's not guaranteed.

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Speaker 1: It's not guaranteed. But when we're talking about an FDIC

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Speaker 1: ensure highyal savor's account through CIT or Betterment, which are

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Speaker 1: two of our favorite institutions paying the highest rates, you're

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Speaker 1: talking about guaranteed returns that are essentially on par with

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Speaker 1: what your student loan rate is.

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Speaker 2: That's right. Yeah, it would be like paying off a

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Speaker 2: three ish percent mortgage early were you to attack these

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Speaker 2: student loans and pay them down a bit faster. But

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Speaker 2: the only reason we would suggest for you to pay

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Speaker 2: off your student loans early. Now is if that money

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Speaker 2: was burning a hole in your pocket, if you were

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Speaker 2: going to spend it instead of saving that money, instead

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Speaker 2: of investing it. It comes sort of like I was

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Speaker 2: saying earlier. It comes down to what you would otherwise

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Speaker 2: do with that money? What are the alternatives? But you

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Speaker 2: don't sound like that kind of guy, Donald. It sounds

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Speaker 2: like you are a diligent investor. You are young. And

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Speaker 2: while I certainly understand the hatred of having your student

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Speaker 2: loans around for a decade or more, paying off more

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Speaker 2: quickly would mean investing less. It would mean having less liquidity.

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Speaker 2: And that specific like that in and of itself right there,

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Speaker 2: Like some liquid cash reserves, they are underrated. And of

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Speaker 2: course we wouldn't want you to keep credit card at

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Speaker 2: aroun for instance. You know, like if we're talking about

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Speaker 2: paying the credit card companies twenty plus percent, that's a

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Speaker 2: different story. That's not what we're talking about here. There's

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Speaker 2: a difference between that versus a three point five to

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Speaker 2: four percent return on your cash. You know, you're at

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Speaker 2: parity and just cash accounts. Like again, like Joel said,

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Speaker 2: you are not even having to invest those dollars. There's

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Speaker 2: no need to funnel any more money towards the student

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Speaker 2: loans right now in our opinion.

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Speaker 1: Yeah, I think it might be worth mentioning too. Match

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Speaker 1: just like some of the little idiosyncrasies of this. Yeah,

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Speaker 1: you're going to pay tax on the money that you

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Speaker 1: make in an interest bearing savings account. You're going to

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Speaker 1: get a ten ninety nine at the end of the year,

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Speaker 1: So there's that. But then on the flip side of that,

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Speaker 1: you can get a tax deduction for student loan interest

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Speaker 1: that you pay if you're itemizing. There's also a tax

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Speaker 1: break for investing more in tax advantaged accounts too. So

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Speaker 1: if you're saying, oh, well, by holding off on paying

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Speaker 1: down this student loan, it's allowing me to get additional

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Speaker 1: tax benefits in both of those areas, it might be

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Speaker 1: worth it.

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Speaker 2: You know.

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Speaker 1: Those are I think more minor factors in the decision,

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Speaker 1: but they're worth mentioning and worth thinking through. I think

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Speaker 1: it's another small check mark in the invest and save

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Speaker 1: over payoff category. And we love the idea of getting

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Speaker 1: rid of debt. Like I don't want it to sound

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Speaker 1: like we're in favor of you keeping any kind of

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Speaker 1: debt around for long periods of time. I mean, for

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Speaker 1: the most part, we are not fans of debt, but

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Speaker 1: we also love investing and we want you to have

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Speaker 1: the best holistic financial situation possible, and so we want

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Speaker 1: you to build your net worth intelligently. It's not like

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Speaker 1: there's a right or a wrong answer here. And we

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Speaker 1: can't assure you that savans, Raciel State or the market

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Speaker 1: returns are going to be higher than three point eight

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Speaker 1: percent annually over the next decade. Like I wouldn't sign

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Speaker 1: my name to that. I would say, if you look historically,

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Speaker 1: there's a good likelihood. But you know, if history repeats

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Speaker 1: or rhymes, putting more in the market is going to

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Speaker 1: be better than paying off the debt totally.

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Speaker 2: And then if interest rates on savings, if they drop

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Speaker 2: back to where they were a few years ago, well

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Speaker 2: you can always pivot. You just drop a big old

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Speaker 2: chunk of savings to on those loans and then just

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Speaker 2: totally wipe them out. But Joel, we've got more to

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Speaker 2: get to. We're gonna hear from a listener who is

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Speaker 2: interested not in receiving information from the credit bureaus, but

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Speaker 2: actually reporting information to the bureaus. We'll get to that

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Speaker 2: and more. Right after this, all right, Matt, we're back.

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Speaker 1: We get more listener questions and then we got to

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Speaker 1: take including this one from listener Vic. He wants to

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Speaker 1: help some folks out in his life. Let's see if

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Speaker 1: we can help him make that a reality.

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Speaker 4: I was listening to your show earlier today and you

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Speaker 4: were talking about installment notes. I am constantly loaning money

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Speaker 4: to different people, some clients, some not well. I would

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Speaker 4: love to help them with their credit, to give them

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Speaker 4: another tradeline. Are you telling me that if I loan,

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Speaker 4: for example, if I loaned one hundred thousand dollars to

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Speaker 4: person X, I can report it to the bureau or

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Speaker 4: who reports it to the bureau? And how does it

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Speaker 4: actually work for their FIICO to go up? Or how

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Speaker 4: does the tradeline show up in their credit report showing

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Speaker 4: that it's active, meaning that they're consistently paying me? And

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Speaker 4: does me the beneficiary? Do I have to keep updating

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Speaker 4: the bureaus monthly, weekly, every other month? I'm not sure?

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Speaker 4: Thank you very much.

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Speaker 2: All right, And that question was from Vic, who just

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Speaker 2: happened to forget to mention his name. They're at the

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Speaker 2: top of the question. We know via Yeah. I love

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Speaker 2: this though, because it shows that he is trying to

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Speaker 2: make his clients and friends those who he is lending

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Speaker 2: money to aware of the credit building possibilities of reporting

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Speaker 2: these on time payments to the bureaus, which is, by

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Speaker 2: the way, the biggest factor in your credit score. Being

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Speaker 2: able to help them to report on time payments for loans,

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Speaker 2: I mean, that would be a big help. But Vic,

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Speaker 2: we're sad to say, we're sad to hate's a burster

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Speaker 2: you bubble here, but it is actually not possible for

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Speaker 2: you as an individual to do that.

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Speaker 1: I wish we had better news and that you could

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Speaker 1: help the people you're lending money to in that way,

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Speaker 1: you know, get that reported to the credit barriers to

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Speaker 1: boost or score, but sadly not possible. We'll get into

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Speaker 1: the details of that in just a second two. But

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Speaker 1: I also want to ask the question like who are

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Speaker 1: you lending money to and why? And not that I'm

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Speaker 1: against people lending money to each other, but be careful

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Speaker 1: because you made it sound like you're lending money to

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Speaker 1: clients and then other people too, And I don't know

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Speaker 1: who the other people are. Are they friends, are they

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Speaker 1: true acquaintances or they random strangers that you pass by

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Speaker 1: like you just you want to You don't want to

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Speaker 1: get taken advantage of when you're lending money to people

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Speaker 1: around you in your orbit, and don't lend more than

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Speaker 1: you can comfortably afford to. Also, it's crucial anytime you're

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Speaker 1: lending to someone who's in your friend circle know that

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Speaker 1: that lending money to people in your community or in

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Speaker 1: your family can harm relationships.

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Speaker 4: Right.

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Speaker 1: I've just seen too many folks lend to friends or

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Speaker 1: family not get paid back. They're irreparably harming that relationship

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Speaker 1: and their finances at the same time. It's such an

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Speaker 1: egregious mistake that I want big to avoid. I want

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Speaker 1: everyone else out there to avoid. Out of a generous spirit,

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Speaker 1: you're often like, well, let me lend to you. I'm

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Speaker 1: hoping to get paid back, maybe with a little lecture

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Speaker 1: on top. Then they're late or they don't pay up

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Speaker 1: at all, and it sours the relationship. And it's just

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Speaker 1: not money is not worth ruining a relationship over.

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Speaker 2: That's true. Look at Joel with all the thoughtful, helpful

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Speaker 2: thoughts notes at the beginning of questions here it thoughts

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Speaker 2: from Jack and he was satday life that old school.

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Speaker 2: That's another right there. But vic you so on the

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Speaker 2: previous episode when you heard us talking about this, we

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Speaker 2: were referring to a fintech service. Most likely this is

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Speaker 2: what we're talking about called self and this allows folks

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Speaker 2: to take out an installment loan for the express purpose

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Speaker 2: of building up their credit scores. But only official data

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Speaker 2: furnishers are allowed to report things to the big three bureaus.

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Speaker 2: And as an individual, you there by yourself, you can't

434
00:20:06,760 --> 00:20:08,760
Speaker 2: just show up at their headquarters or write them an

435
00:20:08,760 --> 00:20:11,680
Speaker 2: email in an attempt to have those own payments reported

436
00:20:11,840 --> 00:20:14,040
Speaker 2: in order to influence their scores. If only you.

437
00:20:14,000 --> 00:20:17,080
Speaker 1: Could guy with sign style stand in front of Equifax

438
00:20:17,160 --> 00:20:20,080
Speaker 1: and say, hey, here's my friend Gina. I want you

439
00:20:20,119 --> 00:20:22,040
Speaker 1: to report this so that she can have a credit

440
00:20:22,040 --> 00:20:22,600
Speaker 1: score increase.

441
00:20:22,640 --> 00:20:26,280
Speaker 2: She is on time again. So there's a law called

442
00:20:26,280 --> 00:20:28,600
Speaker 2: the Fair Credit Reporting Act that passed back in nineteen

443
00:20:28,680 --> 00:20:32,520
Speaker 2: seventy and that kind of outlined how the payments that

444
00:20:32,560 --> 00:20:34,480
Speaker 2: you make on time, how it impacts your credit score.

445
00:20:34,800 --> 00:20:38,000
Speaker 2: And if you were granted that ability under the FCRA,

446
00:20:38,560 --> 00:20:42,399
Speaker 2: well you would have then the additional legal responsibilities around

447
00:20:42,480 --> 00:20:46,639
Speaker 2: potential disputes which individuals they're just not well equipped to handle.

448
00:20:47,160 --> 00:20:49,520
Speaker 2: Because that's like you said, that's true, Like because you

449
00:20:49,560 --> 00:20:52,040
Speaker 2: log in check your credit report, it's a monthly sort

450
00:20:52,080 --> 00:20:55,119
Speaker 2: of reporting that takes place. That's why you see like

451
00:20:55,160 --> 00:20:58,960
Speaker 2: the green circle around April. Yeah, yeah, yeah, And so

452
00:20:59,400 --> 00:21:02,200
Speaker 2: it's just one of the small things that goes into

453
00:21:02,680 --> 00:21:05,159
Speaker 2: creating these credit reports. So while you may not be

454
00:21:05,200 --> 00:21:07,520
Speaker 2: able to help these folks build their credit though, not

455
00:21:07,800 --> 00:21:10,840
Speaker 2: having this ability, I actually think it'll make your life

456
00:21:10,920 --> 00:21:15,520
Speaker 2: far less miserable of having these additional requirements that are

457
00:21:16,040 --> 00:21:18,160
Speaker 2: basically mandatory. Yeah, I agree.

458
00:21:18,200 --> 00:21:21,240
Speaker 1: I think you don't want to sign yourself up for

459
00:21:21,400 --> 00:21:24,200
Speaker 1: that type of existence, and if.

460
00:21:24,040 --> 00:21:25,720
Speaker 2: You did, then you would have to start charging them

461
00:21:25,720 --> 00:21:28,800
Speaker 2: like high rates of interest, which is what the banks do, right. Yeah.

462
00:21:29,160 --> 00:21:32,680
Speaker 1: So let's talk about one maybe area where this has

463
00:21:33,040 --> 00:21:37,720
Speaker 1: developed in recent years, where private landlords in particular, they

464
00:21:37,760 --> 00:21:41,840
Speaker 1: haven't had the ability to directly report payments directly.

465
00:21:41,440 --> 00:21:41,960
Speaker 2: To the bureaus.

466
00:21:41,960 --> 00:21:43,399
Speaker 1: And that's one of those things where you would say,

467
00:21:43,800 --> 00:21:47,160
Speaker 1: of all people who should have that ability to report,

468
00:21:47,359 --> 00:21:50,359
Speaker 1: it would be individual small time landlords. But there just

469
00:21:50,400 --> 00:21:54,120
Speaker 1: hasn't been a mechanism I guess for them to report

470
00:21:54,480 --> 00:21:57,760
Speaker 1: on time or late payments of someone who's living in

471
00:21:57,960 --> 00:22:00,800
Speaker 1: a homer apartment that they own. You would think that

472
00:22:00,800 --> 00:22:03,000
Speaker 1: would be pertinent to the bureaus though, right, whether someone's

473
00:22:03,000 --> 00:22:04,959
Speaker 1: paying their rent on time, that would be an important

474
00:22:04,960 --> 00:22:08,000
Speaker 1: thing for them to consider. But there are now fortunately

475
00:22:08,320 --> 00:22:12,520
Speaker 1: indirect third party companies that make this reporting possible. Zillo,

476
00:22:12,640 --> 00:22:15,920
Speaker 1: for instance, offers this service for free, right, and your

477
00:22:16,200 --> 00:22:19,040
Speaker 1: tenant has to pay through Zilo to you. Landlord has

478
00:22:19,040 --> 00:22:21,800
Speaker 1: to then say, okay, cool, I'm willing to accept payments

479
00:22:22,000 --> 00:22:25,439
Speaker 1: through Zillo's platform. I believe there's no fee if you

480
00:22:25,440 --> 00:22:29,280
Speaker 1: pay certain ways on both ends. I think the tenant

481
00:22:29,320 --> 00:22:31,080
Speaker 1: can pay with a credit card maybe and then pay

482
00:22:31,080 --> 00:22:34,400
Speaker 1: a fee. But self whott you mentioned just a second ago.

483
00:22:34,440 --> 00:22:37,679
Speaker 1: They also offer a similar free service that connects to

484
00:22:37,760 --> 00:22:40,800
Speaker 1: your bank in order to report payments. You can even

485
00:22:40,880 --> 00:22:43,560
Speaker 1: i think, pay them, as an individual fifty bucks to

486
00:22:43,640 --> 00:22:46,520
Speaker 1: report on time payments over the past two years in

487
00:22:46,560 --> 00:22:49,760
Speaker 1: an effort to increase your score more quickly, so kind

488
00:22:49,760 --> 00:22:50,040
Speaker 1: of get some.

489
00:22:50,040 --> 00:22:50,800
Speaker 2: Of that back history.

490
00:22:50,920 --> 00:22:53,600
Speaker 1: Yeah, but it's amazing how you need this. You essentially

491
00:22:53,640 --> 00:22:56,760
Speaker 1: need a third party who is equipped and signed up

492
00:22:57,080 --> 00:22:59,840
Speaker 1: to make these reports, these monthly reports to the bureaus.

493
00:23:00,160 --> 00:23:02,320
Speaker 1: You as an individual me as an individual I own,

494
00:23:02,400 --> 00:23:04,640
Speaker 1: you know a handful of properties. You do as well, Matt,

495
00:23:04,920 --> 00:23:07,840
Speaker 1: and we can't if one of our tennis doesn't pay

496
00:23:07,840 --> 00:23:10,359
Speaker 1: on time unless we're signed up through Zillo and we

497
00:23:10,400 --> 00:23:14,040
Speaker 1: have that formal relationship. There's nothing, no real recourse we

498
00:23:14,080 --> 00:23:15,160
Speaker 1: have from a credit perspective.

499
00:23:15,240 --> 00:23:17,000
Speaker 2: That being said, and I think this is one of

500
00:23:17,040 --> 00:23:19,120
Speaker 2: the reasons you're probably I don't know if you're planning

501
00:23:19,160 --> 00:23:21,400
Speaker 2: to mention these other companies, but the bureaus they also

502
00:23:21,480 --> 00:23:23,080
Speaker 2: have their services where you can do this as well.

503
00:23:23,080 --> 00:23:25,159
Speaker 2: We're just not huge fans of doing business with them

504
00:23:25,200 --> 00:23:27,680
Speaker 2: if you don't have to. As opposed to Zilla, who

505
00:23:27,680 --> 00:23:30,680
Speaker 2: does put out a fantastic product versus these other I

506
00:23:30,720 --> 00:23:33,600
Speaker 2: don't know what, feel more like government bureaus, and they're

507
00:23:33,640 --> 00:23:34,480
Speaker 2: not government agencies.

508
00:23:34,600 --> 00:23:38,280
Speaker 1: They're like they're bureaucratic nightmares and just poorly run and it's.

509
00:23:38,119 --> 00:23:40,359
Speaker 2: More closely aligned with the government. I will say, then

510
00:23:40,440 --> 00:23:41,200
Speaker 2: let's just say Zillo.

511
00:23:41,320 --> 00:23:43,440
Speaker 1: But I mean we've talked about through the years, who

512
00:23:43,520 --> 00:23:46,760
Speaker 1: gets the most complaints essentially every year when the CFPB releases,

513
00:23:47,560 --> 00:23:50,640
Speaker 1: it's a credit bureaus, Like people are saying inaccurate reports,

514
00:23:50,680 --> 00:23:55,479
Speaker 1: there's my credit score gart tarnished for reasons that it

515
00:23:55,520 --> 00:23:57,960
Speaker 1: wasn't my fault exactly. The credit bureaus they don't like to.

516
00:23:57,920 --> 00:24:00,600
Speaker 2: Fix it, so I will mention though, so Equifact. They

517
00:24:00,640 --> 00:24:04,479
Speaker 2: have partnered with Built Experience, They've partnered with Rent Bureau

518
00:24:04,520 --> 00:24:07,280
Speaker 2: and then TransUnion. They've got their own thing. It's called

519
00:24:07,320 --> 00:24:11,240
Speaker 2: resident Credit, where if you are a collective rent via

520
00:24:11,280 --> 00:24:14,240
Speaker 2: these platforms that it also gets reported. And these aren't

521
00:24:14,240 --> 00:24:16,280
Speaker 2: platforms that I don't know if you've used any these

522
00:24:16,280 --> 00:24:19,160
Speaker 2: platforms to all, but I haven't. They're all relatively new.

523
00:24:19,440 --> 00:24:22,280
Speaker 2: I am very interested though in making this happen because

524
00:24:22,480 --> 00:24:24,280
Speaker 2: you know, if you're a great tenant who always pays

525
00:24:24,280 --> 00:24:26,400
Speaker 2: rent on time, well, for the tenant, this is great

526
00:24:26,400 --> 00:24:29,000
Speaker 2: because it boosts your score. The technology is just making

527
00:24:29,000 --> 00:24:31,520
Speaker 2: this process a whole lot easier. And then as a landlord,

528
00:24:31,520 --> 00:24:33,480
Speaker 2: I'll love it as well, because come on, man, there's

529
00:24:33,480 --> 00:24:35,960
Speaker 2: some accountability here and yes, a little extra skin in

530
00:24:36,000 --> 00:24:39,719
Speaker 2: the game. Yeah yeah, I would think is that a

531
00:24:39,760 --> 00:24:43,240
Speaker 2: tenant who's looking to, let's say, apply for a new property,

532
00:24:43,520 --> 00:24:45,440
Speaker 2: say hey, where you've been living for the past two years?

533
00:24:45,520 --> 00:24:48,720
Speaker 2: There's a gap here? I see that, and then oh,

534
00:24:48,760 --> 00:24:50,400
Speaker 2: maybe they didn't write your name don because they ended

535
00:24:50,440 --> 00:24:51,840
Speaker 2: up trashing your place and they know they're going to

536
00:24:51,920 --> 00:24:54,480
Speaker 2: give you a false report. Maybe that's how they could

537
00:24:54,560 --> 00:24:56,399
Speaker 2: approach it. I'm just pointing out that there are ways

538
00:24:56,520 --> 00:25:02,080
Speaker 2: around a previous landlords recommendation or not recommendation to allow

539
00:25:02,119 --> 00:25:04,320
Speaker 2: you to rent. But I am glad that there are

540
00:25:04,320 --> 00:25:07,120
Speaker 2: these third party companies stepping in the avoid because again,

541
00:25:07,160 --> 00:25:10,199
Speaker 2: it's just a massive expense. I'm thinking about just from

542
00:25:10,200 --> 00:25:12,359
Speaker 2: the standpoint of renters more than anybody else, because if

543
00:25:12,400 --> 00:25:13,879
Speaker 2: you are not choosing to rent with one of the

544
00:25:13,920 --> 00:25:17,800
Speaker 2: big some of these big corporations where there is you know,

545
00:25:17,800 --> 00:25:20,080
Speaker 2: where there are more systems in place, it feels like

546
00:25:20,119 --> 00:25:23,320
Speaker 2: you're almost making a sacrifice to rent in a cuter

547
00:25:23,440 --> 00:25:25,199
Speaker 2: home or a home in a neighborhood that happens to

548
00:25:25,200 --> 00:25:27,320
Speaker 2: be owned by a local landlord.

549
00:25:27,560 --> 00:25:29,880
Speaker 1: Well, and you and I were just not aware though

550
00:25:29,880 --> 00:25:33,159
Speaker 1: at this point, of anything that does that for a

551
00:25:33,440 --> 00:25:35,480
Speaker 1: loan made between friends, right, so if I were to

552
00:25:35,480 --> 00:25:37,240
Speaker 1: make exactly we don't know of any service like that.

553
00:25:37,240 --> 00:25:40,359
Speaker 1: That's right back to Vix's question. But so you like

554
00:25:40,400 --> 00:25:42,320
Speaker 1: talking about real estate, and I just I don't think

555
00:25:42,359 --> 00:25:45,680
Speaker 1: we're likely to see individuals get direct access to bureaus

556
00:25:46,359 --> 00:25:48,560
Speaker 1: in order to and I don't say this in a

557
00:25:48,600 --> 00:25:50,800
Speaker 1: rude way, but in order to manipulate other people's credit

558
00:25:50,800 --> 00:25:53,320
Speaker 1: scores up or down. There's just too much possibility for

559
00:25:53,400 --> 00:25:55,560
Speaker 1: fraud and abuse, and I think it'd be hard from

560
00:25:55,560 --> 00:25:59,640
Speaker 1: a record keeping perspective for the bureaus to interact directly

561
00:25:59,640 --> 00:26:02,640
Speaker 1: with millions of individual Americans across the country.

562
00:26:02,920 --> 00:26:03,639
Speaker 2: It's a good thought.

563
00:26:03,840 --> 00:26:05,879
Speaker 1: We're glad that third party companies are making it easier

564
00:26:05,920 --> 00:26:08,159
Speaker 1: to report a variety of credit types, but there's just

565
00:26:08,240 --> 00:26:10,200
Speaker 1: no way for you as an individual to kind of

566
00:26:10,240 --> 00:26:11,520
Speaker 1: make this a possibility right now.

567
00:26:12,200 --> 00:26:14,520
Speaker 2: Sorry, Vic, that's right, Joel, all right, this is not

568
00:26:14,600 --> 00:26:16,879
Speaker 2: something that we do regularly, but let's hear a question

569
00:26:17,040 --> 00:26:20,280
Speaker 2: from a listener who is asking about faith and finances.

570
00:26:20,840 --> 00:26:23,920
Speaker 5: Hi, Joel and Matt, this is Jonathan and Dubuque Iowa.

571
00:26:24,960 --> 00:26:27,840
Speaker 5: A recent episode, you mentioned you might do and ask

572
00:26:27,960 --> 00:26:31,480
Speaker 5: me anything episode and if you ever do that. The

573
00:26:31,560 --> 00:26:34,040
Speaker 5: question that came to mind for me was what is

574
00:26:34,119 --> 00:26:37,879
Speaker 5: the role of religious faith, if any, in your lives

575
00:26:37,920 --> 00:26:41,480
Speaker 5: and your approach to finances. I know it doesn't have

576
00:26:41,600 --> 00:26:44,400
Speaker 5: to be relevant to your main topic, but I think

577
00:26:44,440 --> 00:26:46,960
Speaker 5: it might be anyway. Since faith does shape the way

578
00:26:47,000 --> 00:26:50,280
Speaker 5: we live our lives, set our priorities, and use our resources.

579
00:26:51,200 --> 00:26:54,000
Speaker 5: I greatly enjoy the show, look forward to hearing more.

580
00:26:54,720 --> 00:26:58,080
Speaker 2: God bless Oh Matt, let's get to it. I like

581
00:26:58,119 --> 00:26:58,600
Speaker 2: this question.

582
00:26:58,760 --> 00:27:01,840
Speaker 1: Yeah, And by the way Jonathan asked, he mentioned the

583
00:27:01,960 --> 00:27:03,440
Speaker 1: and ask Me Anything episode.

584
00:27:03,520 --> 00:27:04,600
Speaker 2: We totally need to do that.

585
00:27:04,640 --> 00:27:06,119
Speaker 1: We're going I think we're going to so you know

586
00:27:06,160 --> 00:27:09,240
Speaker 1: what's approaching quickly episode one thousand, that's when.

587
00:27:09,160 --> 00:27:10,359
Speaker 2: We're gonna do it. That's what we're gonna do it.

588
00:27:10,440 --> 00:27:12,840
Speaker 2: So if it's like two three months out, I guess.

589
00:27:12,640 --> 00:27:14,560
Speaker 1: If listening to the answer to this question or if

590
00:27:14,560 --> 00:27:16,320
Speaker 1: you're just like, man, there's something I've always wanted to

591
00:27:16,359 --> 00:27:17,359
Speaker 1: know about Matt and Joel.

592
00:27:18,040 --> 00:27:19,960
Speaker 2: But it's not really a money question, right, So literally

593
00:27:20,760 --> 00:27:24,119
Speaker 2: like a reddits ask me anything, like honestly, should we

594
00:27:24,160 --> 00:27:26,080
Speaker 2: even take money related questions?

595
00:27:26,160 --> 00:27:30,320
Speaker 1: Like if everything but everything or unless it's something specific

596
00:27:30,320 --> 00:27:31,679
Speaker 1: about how we it can pertain to.

597
00:27:32,800 --> 00:27:35,119
Speaker 2: But yeah, not the typical investing kind of question. We

598
00:27:35,160 --> 00:27:39,240
Speaker 2: want just like crazy off the wall, completely random style questions.

599
00:27:39,240 --> 00:27:40,600
Speaker 2: That's that's what That's what I want that to be.

600
00:27:40,680 --> 00:27:42,600
Speaker 1: Like what tattoo is on Matt's lower back?

601
00:27:42,800 --> 00:27:42,960
Speaker 3: Right?

602
00:27:43,000 --> 00:27:46,359
Speaker 1: We can answer that question on everyone everyone knows it's Aldie.

603
00:27:47,560 --> 00:27:49,800
Speaker 1: I appreciate you asking the Jonathan, because we're we're more

604
00:27:49,840 --> 00:27:51,639
Speaker 1: than willing to talk about the role of faith in

605
00:27:51,640 --> 00:27:54,040
Speaker 1: our lives, but we just don't typically do it in

606
00:27:54,040 --> 00:27:56,440
Speaker 1: this like a pushy way on the podcast because we

607
00:27:56,480 --> 00:27:58,919
Speaker 1: know we've got listeners out there who do subscribe to

608
00:27:59,160 --> 00:28:00,919
Speaker 1: just various different belief systems.

609
00:28:01,560 --> 00:28:04,639
Speaker 2: Some don't have a belief system at all. And while

610
00:28:04,800 --> 00:28:08,240
Speaker 2: our faith does influence how we think about money, how

611
00:28:08,240 --> 00:28:09,919
Speaker 2: could it not. And of course we don't want to

612
00:28:09,960 --> 00:28:14,160
Speaker 2: purposefully alienate anyone from a money education just because we're

613
00:28:14,160 --> 00:28:16,040
Speaker 2: being a little too heavy handed when it comes to

614
00:28:16,119 --> 00:28:17,840
Speaker 2: what it is that we believe. It makes me even

615
00:28:17,840 --> 00:28:19,680
Speaker 2: think about how we talk about politics on the show.

616
00:28:19,680 --> 00:28:22,120
Speaker 2: We don't. We're not diving into partisan politics. We will

617
00:28:22,119 --> 00:28:24,000
Speaker 2: talk about policy, and it's not that you and I

618
00:28:24,000 --> 00:28:25,879
Speaker 2: don't have opinions or thoughts on that. No, we do

619
00:28:25,920 --> 00:28:26,480
Speaker 2: have opinions.

620
00:28:26,720 --> 00:28:26,919
Speaker 3: You know.

621
00:28:26,960 --> 00:28:29,280
Speaker 2: My favorite thing is when we do veer a little

622
00:28:29,320 --> 00:28:32,120
Speaker 2: bit too much into the political talk. And of course

623
00:28:32,119 --> 00:28:34,280
Speaker 2: we get emails from folks and they're like, hey, guys,

624
00:28:34,640 --> 00:28:37,840
Speaker 2: but what I love is when they incorrectly assume the

625
00:28:38,080 --> 00:28:40,040
Speaker 2: opposite belief that we're on the other side of the

626
00:28:40,080 --> 00:28:43,200
Speaker 2: aisle basically, because what that means is that I have

627
00:28:43,280 --> 00:28:45,960
Speaker 2: approached this from like a neutral point of view, Like

628
00:28:45,960 --> 00:28:48,320
Speaker 2: if the Republicans do something that's stupid, we talk about it.

629
00:28:48,320 --> 00:28:51,160
Speaker 2: If the Democrats are saying something dumb, we're talking about it.

630
00:28:51,200 --> 00:28:53,280
Speaker 1: On the very rare occasion where either one of them

631
00:28:53,320 --> 00:28:55,960
Speaker 1: does something that's mildly good, we talk about that too.

632
00:28:57,520 --> 00:28:59,640
Speaker 2: Not all negative here, but yes, and so that's a

633
00:28:59,640 --> 00:29:01,680
Speaker 2: big part of why we don't talk about it directly.

634
00:29:02,120 --> 00:29:04,760
Speaker 2: Is it who is Is it Michael Jordan who's just

635
00:29:04,800 --> 00:29:09,120
Speaker 2: like Republicans by sneakers? Yeah? Whatever, Yeah, like that whole thing.

636
00:29:09,160 --> 00:29:10,920
Speaker 2: So that's that's how we try to approach talking about

637
00:29:10,960 --> 00:29:12,840
Speaker 2: personal finance. Yeah, and and faith.

638
00:29:12,920 --> 00:29:15,600
Speaker 1: So let's that being said, Like we're regular church goers

639
00:29:15,600 --> 00:29:17,640
Speaker 1: and our faith is an essential part of our lives.

640
00:29:18,360 --> 00:29:21,080
Speaker 1: And it is amazing, Matt, how much the Bible talks

641
00:29:21,080 --> 00:29:24,000
Speaker 1: about money. So how could you not be a Christian

642
00:29:24,160 --> 00:29:28,080
Speaker 1: and have the Bibles, Like everything that you read in

643
00:29:28,120 --> 00:29:31,560
Speaker 1: the scripture influence how you think and talk and react

644
00:29:31,680 --> 00:29:34,200
Speaker 1: to money issues that come up in your life. There's

645
00:29:34,240 --> 00:29:37,280
Speaker 1: like practical wisdom right in the Proverbs. There's a lot

646
00:29:37,360 --> 00:29:42,520
Speaker 1: of less practical, more heart related teaching that Jesus makes

647
00:29:42,520 --> 00:29:45,080
Speaker 1: in the New Testament. And I want to say this too.

648
00:29:45,080 --> 00:29:46,680
Speaker 1: If you're a listener and you've had, let's say, a

649
00:29:46,720 --> 00:29:49,240
Speaker 1: bad experience with the Church, or you disagree with the

650
00:29:49,280 --> 00:29:52,240
Speaker 1: claims of Christianity and you're like, oh, man, Joel, are Christians?

651
00:29:52,280 --> 00:29:52,560
Speaker 2: I don't.

652
00:29:52,680 --> 00:29:54,240
Speaker 1: I don't know if I want to listen to them anymore.

653
00:29:55,240 --> 00:29:57,840
Speaker 1: I think just just know that we don't necessarily align

654
00:29:57,880 --> 00:30:01,240
Speaker 1: ourselves with everybody who calls the a Christian publicly. And

655
00:30:01,280 --> 00:30:05,840
Speaker 1: there's a lot of i think popular Christians who believe

656
00:30:05,840 --> 00:30:08,400
Speaker 1: things differently than we believe. And there's also I think

657
00:30:08,640 --> 00:30:11,040
Speaker 1: it's important to mention there's a lot of helpful wisdom

658
00:30:11,400 --> 00:30:13,840
Speaker 1: for handling money in the scriptures. Even if you're the

659
00:30:13,920 --> 00:30:16,200
Speaker 1: kind of person that says, I don't really subscribe to

660
00:30:16,200 --> 00:30:18,880
Speaker 1: that whole Christian anything. I don't believe in miracles, blah

661
00:30:18,920 --> 00:30:22,440
Speaker 1: blah blah, just reading some parts of the Scriptures can

662
00:30:22,480 --> 00:30:24,160
Speaker 1: be really enlightening when it comes to how you think

663
00:30:24,160 --> 00:30:24,600
Speaker 1: about money.

664
00:30:24,600 --> 00:30:26,320
Speaker 2: I think there's a lot of wisdom there that's true. Yeah,

665
00:30:26,360 --> 00:30:29,400
Speaker 2: I mean, there are some very direct, like practical things

666
00:30:29,440 --> 00:30:32,600
Speaker 2: that you can learn from Proverbs about specifically. The Proverbs

667
00:30:32,600 --> 00:30:34,560
Speaker 2: in particular has a lot to say about money. For

668
00:30:34,560 --> 00:30:37,080
Speaker 2: for instance, that's why our family tithes ten percent to

669
00:30:37,120 --> 00:30:39,640
Speaker 2: our local church, and then we give even beyond that

670
00:30:39,680 --> 00:30:41,800
Speaker 2: when we feel called to. So that's like a very

671
00:30:42,200 --> 00:30:45,320
Speaker 2: like pragmatic practical approach to like what you should do

672
00:30:45,360 --> 00:30:47,520
Speaker 2: with your money according to what the Bible says.

673
00:30:47,600 --> 00:30:50,320
Speaker 1: Yeah, well, and people even come down varying beliefs on that,

674
00:30:50,560 --> 00:30:52,640
Speaker 1: whether tithing is like yeah.

675
00:30:52,440 --> 00:30:54,520
Speaker 2: And at that point you're like nitpicking in my opinion,

676
00:30:54,840 --> 00:30:57,440
Speaker 2: I don't personally like to get bogged down in the details. Instead,

677
00:30:57,480 --> 00:30:59,000
Speaker 2: and you kind of touched on this, but like the

678
00:30:59,600 --> 00:31:02,160
Speaker 2: speaking to the heart, and the heart of my faith

679
00:31:02,560 --> 00:31:06,560
Speaker 2: comes down to loving God and loving your neighbor. And specifically,

680
00:31:06,760 --> 00:31:10,120
Speaker 2: because God is like this, all sovereign, all powerful being,

681
00:31:10,920 --> 00:31:13,040
Speaker 2: what that means and what that tells me is that

682
00:31:13,440 --> 00:31:15,840
Speaker 2: and this is the more sort of philosophical approach to

683
00:31:15,920 --> 00:31:18,440
Speaker 2: how faith impacts how I live my life and as

684
00:31:18,480 --> 00:31:21,080
Speaker 2: well as how I handle my money. But because everything

685
00:31:21,160 --> 00:31:23,239
Speaker 2: I have is basically from God, what that means is

686
00:31:23,280 --> 00:31:26,680
Speaker 2: that nothing I have is mine. And so especially when

687
00:31:26,680 --> 00:31:29,160
Speaker 2: it comes to my net, my personal net worth, the

688
00:31:29,160 --> 00:31:32,760
Speaker 2: net worth of my family, my house, my retirement, my

689
00:31:32,920 --> 00:31:35,920
Speaker 2: savings is not really mine. And so because of that

690
00:31:35,920 --> 00:31:39,560
Speaker 2: that it's also incredibly temporal, yes, exactly. And so I

691
00:31:39,560 --> 00:31:42,520
Speaker 2: guess the outflow of that kind of attitude is that

692
00:31:42,560 --> 00:31:44,760
Speaker 2: I just have a very open posture, like I have

693
00:31:44,920 --> 00:31:48,360
Speaker 2: very open hands to the things that are mine quote

694
00:31:48,400 --> 00:31:51,760
Speaker 2: unquote mine, and instead I'm called to steward those things. Well,

695
00:31:51,800 --> 00:31:55,320
Speaker 2: it doesn't mean that I make foolish decisions, like I

696
00:31:55,320 --> 00:31:58,680
Speaker 2: still try to be smart and wise and I work hard,

697
00:31:59,080 --> 00:32:00,640
Speaker 2: like we're still called to be. There's a lot of

698
00:32:00,680 --> 00:32:04,280
Speaker 2: the proverbs about that too. Yeah, yeah, like faithfully diligent

699
00:32:04,360 --> 00:32:06,560
Speaker 2: with the gifts that God has given me. But at

700
00:32:06,560 --> 00:32:08,720
Speaker 2: the same time, at the end of the day, my

701
00:32:08,840 --> 00:32:11,800
Speaker 2: faith tells me that it's not up to me. Uh Like,

702
00:32:12,120 --> 00:32:13,400
Speaker 2: at the end of the day, I don't have to

703
00:32:13,440 --> 00:32:16,440
Speaker 2: earn my way to salvation or heaven or whatever it

704
00:32:16,480 --> 00:32:18,640
Speaker 2: is that you think is you know, in the afterlife.

705
00:32:18,720 --> 00:32:21,760
Speaker 2: I believe that those are aspects that are completely controlled

706
00:32:21,760 --> 00:32:25,240
Speaker 2: by God and that have already been satisfied. Yeah. I

707
00:32:25,280 --> 00:32:30,920
Speaker 2: don't want to go down some long theological uh yeah, yeah,

708
00:32:30,960 --> 00:32:32,760
Speaker 2: well okay, but I felt like that that was the

709
00:32:32,760 --> 00:32:36,280
Speaker 2: most quasi generic way to talk about faith, and just

710
00:32:36,320 --> 00:32:39,000
Speaker 2: like the overall posture of my heart and kind of

711
00:32:39,000 --> 00:32:39,880
Speaker 2: how we relate to money.

712
00:32:39,920 --> 00:32:41,600
Speaker 1: One of the things you're hinting at a little bit

713
00:32:41,680 --> 00:32:43,640
Speaker 1: is the reality of paradox in the Christian life. And

714
00:32:43,680 --> 00:32:45,760
Speaker 1: I think that's actually one of the most fascinating things

715
00:32:45,800 --> 00:32:48,600
Speaker 1: about being a Christian is like there's all it's like

716
00:32:48,680 --> 00:32:51,320
Speaker 1: many signs of a diamond or something like that, and

717
00:32:51,360 --> 00:32:53,760
Speaker 1: you turn it over and you see new realities of

718
00:32:53,800 --> 00:32:56,360
Speaker 1: it sparkling in the light. And that's that's how I

719
00:32:56,400 --> 00:32:58,640
Speaker 1: feel about faith too, and about the scriptures, is like

720
00:32:58,640 --> 00:33:00,880
Speaker 1: the more I dive in, the more that is to

721
00:33:01,000 --> 00:33:05,080
Speaker 1: kind of uncover and learn from. And what seems maybe

722
00:33:05,400 --> 00:33:08,080
Speaker 1: really bold and emphatic on the surface might have a

723
00:33:08,120 --> 00:33:11,440
Speaker 1: lot of layers underneath that are worth dissecting and kind

724
00:33:11,440 --> 00:33:12,840
Speaker 1: of goes to what you said, Matt, you said, Jesus

725
00:33:13,040 --> 00:33:15,360
Speaker 1: teaching is kind of it's always it's aimed at the heart.

726
00:33:16,080 --> 00:33:20,160
Speaker 1: And there's even scripture passages about being generous, not with

727
00:33:20,800 --> 00:33:22,680
Speaker 1: the poor and the downcast, although there is that, but

728
00:33:22,720 --> 00:33:25,880
Speaker 1: even with your enemies, right, which is a countercultural thing.

729
00:33:25,920 --> 00:33:28,520
Speaker 1: It goes against some of our most human instincts towards

730
00:33:28,560 --> 00:33:31,040
Speaker 1: self protection. And I think that's why you and I, Matt,

731
00:33:31,040 --> 00:33:34,320
Speaker 1: we talked purposefully about not looking to get rich but

732
00:33:34,360 --> 00:33:36,240
Speaker 1: to build wealth, which I think is very different, a

733
00:33:36,320 --> 00:33:40,040
Speaker 1: very different mentality, and why we should use money to

734
00:33:40,040 --> 00:33:42,200
Speaker 1: spend on things we care about within reason, like there

735
00:33:42,560 --> 00:33:46,400
Speaker 1: are scriptures to back up all those things that that

736
00:33:46,480 --> 00:33:48,920
Speaker 1: we kind of espouse here on the show, and we

737
00:33:48,960 --> 00:33:51,760
Speaker 1: discuss the joy that giving money away can engender. It's

738
00:33:51,800 --> 00:33:55,160
Speaker 1: obviously tough to filter all biblical teaching into our philosophy,

739
00:33:56,400 --> 00:33:59,239
Speaker 1: and we use outside resources too to help us think

740
00:33:59,280 --> 00:34:01,800
Speaker 1: about money well. But because that's what we're trying to

741
00:34:01,840 --> 00:34:03,840
Speaker 1: do personally, I think it's inevitably going to kind of

742
00:34:03,840 --> 00:34:06,680
Speaker 1: come across in the content we create. There's just no

743
00:34:06,760 --> 00:34:09,640
Speaker 1: way to kind of divorce the two completely totally.

744
00:34:09,719 --> 00:34:11,960
Speaker 2: And you touched on this quickly. But don't assume that

745
00:34:12,040 --> 00:34:15,000
Speaker 2: because Joel and I are both practicing Christians that we

746
00:34:15,160 --> 00:34:19,200
Speaker 2: endorse everything that another Christian influencer or broadcaster or writer

747
00:34:19,800 --> 00:34:21,799
Speaker 2: or someone on the internet might say or that they

748
00:34:21,880 --> 00:34:25,280
Speaker 2: might espouse, because I mean, obviously Christians aren't perfect, neither

749
00:34:25,360 --> 00:34:28,880
Speaker 2: are we, but a lot of the incredibly vocal elements

750
00:34:29,000 --> 00:34:31,920
Speaker 2: can just be at odds. I would say, with maybe

751
00:34:31,920 --> 00:34:35,120
Speaker 2: what we believe, what we practice, if not in content

752
00:34:35,200 --> 00:34:37,239
Speaker 2: and what they're saying at least in the tone right

753
00:34:37,320 --> 00:34:41,080
Speaker 2: like both it's it's being delivered and sometimes sometimes both.

754
00:34:41,160 --> 00:34:43,400
Speaker 2: But but yeah, I don't know, I would totally recommend to.

755
00:34:44,040 --> 00:34:46,279
Speaker 2: Maybe there's a reason Joel that like the Bible has

756
00:34:46,360 --> 00:34:48,920
Speaker 2: there's been like an uptick in Bible sales over the

757
00:34:48,920 --> 00:34:52,320
Speaker 2: past like year or two compared to the past several decades.

758
00:34:52,360 --> 00:34:53,799
Speaker 2: Even there's been just.

759
00:34:53,760 --> 00:34:55,560
Speaker 1: Because more hotel rooms have been built mat and they got

760
00:34:55,560 --> 00:34:56,480
Speaker 1: to put them in the top troll or.

761
00:34:57,200 --> 00:34:59,520
Speaker 2: So I think it's. Yeah, Like there's also been that

762
00:34:59,560 --> 00:35:04,120
Speaker 2: flattening of folks who consider themselves nuns, not like a

763
00:35:04,200 --> 00:35:07,239
Speaker 2: Catholic nun, but like none as I don't practice in

764
00:35:07,600 --> 00:35:09,520
Speaker 2: any any religion, And so a lot of folks are

765
00:35:09,560 --> 00:35:11,880
Speaker 2: looking at that as like, oh, man, maybe there's going

766
00:35:11,920 --> 00:35:15,760
Speaker 2: to be a pendulum swinging back to faith and folks

767
00:35:15,760 --> 00:35:18,640
Speaker 2: practicing a more institutionalized style of religion.

768
00:35:18,680 --> 00:35:23,160
Speaker 1: Well, it hasn't. A cultural obsession with money maybe pushed

769
00:35:23,200 --> 00:35:25,640
Speaker 1: us back into that a little bit too, realizing maybe

770
00:35:25,680 --> 00:35:30,319
Speaker 1: the lack of fulfillment that riches can provide that there

771
00:35:30,360 --> 00:35:32,880
Speaker 1: has to be more to this life than just a

772
00:35:32,920 --> 00:35:36,080
Speaker 1: fattern net worth, right, Yeah, that's that's part of why is.

773
00:35:36,080 --> 00:35:38,600
Speaker 2: This you and announcing that we're changing how to money,

774
00:35:38,840 --> 00:35:40,840
Speaker 2: how the money is converting to how to how to

775
00:35:41,040 --> 00:35:45,120
Speaker 2: christian how how to faith, how to No, we're not

776
00:35:45,120 --> 00:35:46,280
Speaker 2: planning to do that podcast.

777
00:35:46,520 --> 00:35:50,160
Speaker 1: No, but thank you so much Jonathan for asking and yeah,

778
00:35:50,280 --> 00:35:53,800
Speaker 1: looking forward to more deeper asking me anything questions in

779
00:35:53,840 --> 00:35:54,759
Speaker 1: the near future.

780
00:35:54,719 --> 00:35:57,880
Speaker 2: Or not so deep, like what's your favorite ilavor? It

781
00:35:57,960 --> 00:36:01,319
Speaker 2: can't all be how do you view the world? That's true?

782
00:36:01,400 --> 00:36:03,839
Speaker 2: What's the lens that you view and judge everything through?

783
00:36:04,000 --> 00:36:05,160
Speaker 2: Ul that's true? That's true.

784
00:36:05,320 --> 00:36:07,799
Speaker 1: And honestly, we could probably talk about this subject in

785
00:36:07,800 --> 00:36:10,360
Speaker 1: particular for many, many hours, but we will leave it

786
00:36:10,400 --> 00:36:10,799
Speaker 1: there for now.

787
00:36:10,840 --> 00:36:11,520
Speaker 2: Try to keep it short.

788
00:36:11,600 --> 00:36:14,040
Speaker 1: Yeah, We've got more questions to get to though, including

789
00:36:14,080 --> 00:36:17,560
Speaker 1: one about investing one about cell phone usage overseas. We'll

790
00:36:17,560 --> 00:36:18,520
Speaker 1: get to those right after this.

791
00:36:26,520 --> 00:36:28,920
Speaker 2: All right, buddy, we are back from the break. It

792
00:36:29,000 --> 00:36:31,600
Speaker 2: is now time for the Facebook Question of the Week,

793
00:36:31,719 --> 00:36:35,560
Speaker 2: which is from Merriweather, who wrote, I joined a new

794
00:36:35,600 --> 00:36:37,960
Speaker 2: company last year in about forty percent of my total

795
00:36:38,000 --> 00:36:41,600
Speaker 2: compensation is a stock grant that vests quarterly over a

796
00:36:41,640 --> 00:36:44,240
Speaker 2: few years. I'm also a new homeowner phone three thousand

797
00:36:44,239 --> 00:36:47,480
Speaker 2: dollars mortgage at a five point eight percent interest rate.

798
00:36:47,680 --> 00:36:50,800
Speaker 2: Prior to buying my home, my plan for those quarterly

799
00:36:50,840 --> 00:36:53,680
Speaker 2: stock vests was to immediately trade into something like VT

800
00:36:53,840 --> 00:36:57,640
Speaker 2: SACKS or VOW through my brokerage account. Now that I

801
00:36:57,680 --> 00:36:59,600
Speaker 2: look at how much of my first few years of

802
00:36:59,640 --> 00:37:02,520
Speaker 2: mortgage payments will go to interest right now, it's about

803
00:37:02,560 --> 00:37:05,520
Speaker 2: eighty percent. I'm entertaining the idea of selling some of

804
00:37:05,520 --> 00:37:07,799
Speaker 2: that stock as it vests and paying off some of

805
00:37:07,840 --> 00:37:10,800
Speaker 2: the principle of my mortgage until I reach a certain

806
00:37:10,880 --> 00:37:14,440
Speaker 2: loan to value. I'm at nine point six percent right

807
00:37:14,480 --> 00:37:18,719
Speaker 2: now for reference. The logical, financially independently minded side of

808
00:37:18,719 --> 00:37:21,160
Speaker 2: my brain says, just dump it in the market. But

809
00:37:21,200 --> 00:37:23,399
Speaker 2: I'm wondering if there's a little bit of nuance here

810
00:37:23,480 --> 00:37:25,400
Speaker 2: in the first few years of my mortgage when that

811
00:37:25,440 --> 00:37:29,640
Speaker 2: interest is front loaded. Additional information, Emergency Fund four one

812
00:37:29,719 --> 00:37:34,480
Speaker 2: k HSA and traditional IRA are fully funded major props.

813
00:37:34,560 --> 00:37:36,880
Speaker 2: Let's just start right there. That's awesome, And.

814
00:37:36,920 --> 00:37:39,520
Speaker 1: I also get matt when you take out a mortgage,

815
00:37:39,560 --> 00:37:41,840
Speaker 1: and if you look at the amortization schedule and you

816
00:37:41,880 --> 00:37:45,400
Speaker 1: look at how much interest you're paying. First principle, it's shocking. Yeah,

817
00:37:45,560 --> 00:37:48,799
Speaker 1: especially in those initial years you're like, uh, is am

818
00:37:48,840 --> 00:37:51,840
Speaker 1: I putting anything towards the actual paying down of the

819
00:37:51,920 --> 00:37:54,920
Speaker 1: loan ballots and the truth is not really in.

820
00:37:54,840 --> 00:37:56,160
Speaker 2: The Thanks for definitely getting their money.

821
00:37:56,400 --> 00:37:59,480
Speaker 1: Yeah, and that's why I think it is particularly if

822
00:37:59,560 --> 00:38:01,560
Speaker 1: you take out a thirty of your mortgage every time

823
00:38:01,640 --> 00:38:04,120
Speaker 1: you move, if you're only there for five years, man,

824
00:38:04,160 --> 00:38:06,360
Speaker 1: think about how little of a dent you've made in

825
00:38:06,440 --> 00:38:10,240
Speaker 1: the balance of that loan. It's you've mostly been paying interest.

826
00:38:10,360 --> 00:38:14,600
Speaker 1: So that's not fun, which I get and I want

827
00:38:14,600 --> 00:38:17,120
Speaker 1: to say too. Meriwether's really smart here for not wanting

828
00:38:17,120 --> 00:38:19,920
Speaker 1: to hold too much company stock, right your head, Merriweather

829
00:38:20,000 --> 00:38:23,400
Speaker 1: was in the right place opting for an index fund instead,

830
00:38:23,760 --> 00:38:26,719
Speaker 1: because truth be told, the right amount of company stock to.

831
00:38:26,640 --> 00:38:27,319
Speaker 2: Own is zero.

832
00:38:27,800 --> 00:38:29,960
Speaker 1: Because you've already got so many eggs in that basket

833
00:38:30,200 --> 00:38:32,839
Speaker 1: that's where your paye come from. You don't necessarily want

834
00:38:32,920 --> 00:38:37,560
Speaker 1: significant holdings of stock in your company at the same time,

835
00:38:38,000 --> 00:38:40,640
Speaker 1: so it is smart to do something different with that

836
00:38:40,719 --> 00:38:43,359
Speaker 1: money as it bests, Although be sure to keep tax

837
00:38:43,400 --> 00:38:46,280
Speaker 1: consequences in mind too, that is true just because of taxes.

838
00:38:46,320 --> 00:38:50,120
Speaker 1: Though I would not want to hold far too much

839
00:38:50,239 --> 00:38:53,640
Speaker 1: company stock. I would rather, I think, pay tax that's

840
00:38:53,719 --> 00:38:56,480
Speaker 1: necessary in order to pivot my investments.

841
00:38:56,040 --> 00:38:59,640
Speaker 2: Unload and diversify totally. Yeah, But the heart of Merriwether's question,

842
00:38:59,719 --> 00:39:01,680
Speaker 2: I don't think it has a super clear answer, because

843
00:39:01,719 --> 00:39:04,080
Speaker 2: you can't lose dumping it into the market if you

844
00:39:04,120 --> 00:39:06,839
Speaker 2: plan to hold on to those investments for decades to come.

845
00:39:07,239 --> 00:39:09,000
Speaker 2: But because of where your mortgage is at as far

846
00:39:09,080 --> 00:39:11,959
Speaker 2: as interest rate and your loan to value ratio goes,

847
00:39:12,040 --> 00:39:16,920
Speaker 2: you are likely paying pm I mortgage insurance. And so

848
00:39:17,000 --> 00:39:19,399
Speaker 2: I like the idea of taking this quarterly stockfests and

849
00:39:19,560 --> 00:39:22,080
Speaker 2: using them as a way to pay down your principle quickly,

850
00:39:22,640 --> 00:39:24,960
Speaker 2: at least until you get to the range of like

851
00:39:24,960 --> 00:39:28,799
Speaker 2: twenty percent twenty two percent loan to value, allowing you

852
00:39:28,840 --> 00:39:33,080
Speaker 2: to rid yourself of that super annoying PMI because you're

853
00:39:33,120 --> 00:39:35,840
Speaker 2: not only reducing the life of the loan by doing this,

854
00:39:35,920 --> 00:39:38,480
Speaker 2: you're also getting rid of that extra fee a lot

855
00:39:38,520 --> 00:39:41,560
Speaker 2: more quickly. And it's almost like there's like this there's

856
00:39:41,560 --> 00:39:44,319
Speaker 2: a lightweight finish line right there at the you know,

857
00:39:44,400 --> 00:39:47,279
Speaker 2: at the twenty percent to twenty two percent range, where

858
00:39:47,280 --> 00:39:49,440
Speaker 2: it would Audo is that that's when it automatically drops off.

859
00:39:49,480 --> 00:39:51,600
Speaker 1: Twenty two percent is typically where automatically falls off. You

860
00:39:51,640 --> 00:39:55,600
Speaker 1: can petition ahead of twenty yeah. Yeah, but if you think, like,

861
00:39:55,640 --> 00:39:57,440
Speaker 1: let's say the value of your home has gone up

862
00:39:57,600 --> 00:39:59,640
Speaker 1: and the loan that yeah, yeah, but that's just.

863
00:39:59,600 --> 00:40:02,200
Speaker 2: A great goal to strive after that. But then maybe

864
00:40:02,200 --> 00:40:03,759
Speaker 2: beyond that, just kind of pump your brakes up.

865
00:40:03,840 --> 00:40:05,879
Speaker 1: Yes, one hundred percent. I think that's a wise move.

866
00:40:05,920 --> 00:40:07,880
Speaker 1: And then then once you get there, that's when you

867
00:40:07,960 --> 00:40:10,160
Speaker 1: invest more instead of continuing to pay down the mortgage,

868
00:40:10,160 --> 00:40:11,960
Speaker 1: because we don't we don't want you to pay off

869
00:40:11,960 --> 00:40:14,960
Speaker 1: the mortgage and just go hogwild with with those stock

870
00:40:15,000 --> 00:40:17,719
Speaker 1: investments and just say, oh, I'm gonna get rid of

871
00:40:17,760 --> 00:40:20,200
Speaker 1: this mortgage as quickly as possible. We really don't even

872
00:40:20,280 --> 00:40:23,440
Speaker 1: want you to go beyond getting rid of that private

873
00:40:23,480 --> 00:40:26,120
Speaker 1: mortgage insurance. We just want you to make that your

874
00:40:26,120 --> 00:40:29,480
Speaker 1: first goal. And then once pmis eradicated, then take those

875
00:40:29,520 --> 00:40:32,080
Speaker 1: future stock grants and ramp up your investments in a

876
00:40:32,080 --> 00:40:35,320
Speaker 1: diversified way. Of course, it's kind of a both and approach.

877
00:40:35,360 --> 00:40:38,959
Speaker 1: Right where you're going to be attacking this problem, which

878
00:40:39,000 --> 00:40:41,440
Speaker 1: is a good problem to have, right with an optimized approach,

879
00:40:41,440 --> 00:40:43,439
Speaker 1: I think is this is at least what I would do, Matt.

880
00:40:43,440 --> 00:40:45,400
Speaker 1: I would want to pay down that more. Especially we're

881
00:40:45,400 --> 00:40:47,320
Speaker 1: talking about five point eight percent, we're talking about PMI.

882
00:40:47,640 --> 00:40:50,600
Speaker 1: Let's frontload some of that mortgage payoff and then let's

883
00:40:50,800 --> 00:40:54,040
Speaker 1: back off pay only what's agreed and invest with those

884
00:40:54,080 --> 00:40:54,840
Speaker 1: additional dollars.

885
00:40:55,040 --> 00:40:58,200
Speaker 2: That's right. Let's take another quick one from a deal

886
00:40:58,360 --> 00:41:01,839
Speaker 2: who wrote recommendations for an affordable cell phone provider with

887
00:41:02,000 --> 00:41:05,600
Speaker 2: international options. Thank you. What do you think, Joel? So

888
00:41:06,480 --> 00:41:09,120
Speaker 2: maybe you just lose ditch the phone all together and

889
00:41:09,200 --> 00:41:12,560
Speaker 2: just go with the old school Italy on the shoe string,

890
00:41:12,800 --> 00:41:13,880
Speaker 2: get your paper map.

891
00:41:13,680 --> 00:41:15,759
Speaker 1: There you go, get the Rick Steves book. Yeah, and

892
00:41:15,760 --> 00:41:17,319
Speaker 1: then get a carrier pigeon. If you want to send

893
00:41:17,360 --> 00:41:19,200
Speaker 1: messages to your friends and left ones, you don't need

894
00:41:19,239 --> 00:41:20,240
Speaker 1: to send messages.

895
00:41:19,880 --> 00:41:22,000
Speaker 2: That is one choice. Just uh yeah, throw at old school,

896
00:41:22,520 --> 00:41:24,719
Speaker 2: not even all that old school, like only twenty years ago,

897
00:41:24,760 --> 00:41:26,879
Speaker 2: that's true, you know, like you couldn't do that twenty

898
00:41:26,920 --> 00:41:27,279
Speaker 2: years ago.

899
00:41:27,360 --> 00:41:30,319
Speaker 1: No, and now it's it's expected. Once you were able

900
00:41:30,360 --> 00:41:32,600
Speaker 1: to call, it was like crazy expensive and now the

901
00:41:32,640 --> 00:41:34,680
Speaker 1: price has gone down, but that doesn't mean that the

902
00:41:34,719 --> 00:41:38,200
Speaker 1: price is insignificant, at least with some carrier. So let's discuss.

903
00:41:38,280 --> 00:41:41,439
Speaker 1: I love the idea of having all your cell phone

904
00:41:41,480 --> 00:41:44,120
Speaker 1: service under one roof with a US based provider. I

905
00:41:44,200 --> 00:41:47,640
Speaker 1: think that would make things easiest for most people. But

906
00:41:47,800 --> 00:41:50,319
Speaker 1: sadly that's that's just too expensive in most cases. It's

907
00:41:50,360 --> 00:41:53,040
Speaker 1: just not the frugal move. The big cell phone companies,

908
00:41:53,160 --> 00:41:56,160
Speaker 1: they tend to charge a daily, a weekly, or a

909
00:41:56,160 --> 00:41:59,200
Speaker 1: monthly fee. I think like Verizon charges like twelve bucks

910
00:41:59,280 --> 00:42:01,799
Speaker 1: a day to use your phone overseas, which I mean

911
00:42:01,840 --> 00:42:03,440
Speaker 1: when you think about what it used to be, it's like, oh,

912
00:42:03,440 --> 00:42:05,279
Speaker 1: that's pretty cheap. But when you think about what other

913
00:42:05,280 --> 00:42:08,640
Speaker 1: competitors are offering, it's actually really expensive, and that can

914
00:42:08,680 --> 00:42:10,840
Speaker 1: add up. Let's say we're talking about a multi week trip,

915
00:42:11,280 --> 00:42:13,080
Speaker 1: and so Matt, you and I we tried using mint

916
00:42:13,080 --> 00:42:15,879
Speaker 1: mobiles plan when we were in Scotland. Our data ran

917
00:42:15,920 --> 00:42:18,840
Speaker 1: out what felt like instantly the first day. Yeah, and

918
00:42:18,880 --> 00:42:21,640
Speaker 1: it wasn't cheap, and it just felt insufficient, so sucked.

919
00:42:21,840 --> 00:42:26,000
Speaker 1: The only carrier that includes international coverage in the monthly

920
00:42:26,040 --> 00:42:28,920
Speaker 1: cost at a fairly reasonable rate I think is Google Fi,

921
00:42:29,320 --> 00:42:32,200
Speaker 1: and so the best price, you get the best price

922
00:42:32,200 --> 00:42:34,439
Speaker 1: from them if you have four lines that you're looking

923
00:42:34,480 --> 00:42:36,800
Speaker 1: to move over. But I think if you don't travel regularly,

924
00:42:36,840 --> 00:42:38,399
Speaker 1: let's say this is a one time a year, one

925
00:42:38,400 --> 00:42:40,520
Speaker 1: week a year sort of thing, there's just no need

926
00:42:40,560 --> 00:42:43,440
Speaker 1: to pay more every month, even at Google Five's pretty

927
00:42:43,440 --> 00:42:44,000
Speaker 1: solid rates.

928
00:42:44,160 --> 00:42:45,839
Speaker 2: Yeah, and of course we got to talk about US

929
00:42:45,840 --> 00:42:48,480
Speaker 2: Mobile because they've got the lowest monthly price that we found.

930
00:42:48,880 --> 00:42:51,640
Speaker 2: They also, similar to Google Fi, they've got these premium

931
00:42:51,680 --> 00:42:56,360
Speaker 2: plans that include some international data calling and texting while

932
00:42:56,400 --> 00:43:00,359
Speaker 2: you are kicking it overseas while you're abroad. But those

933
00:43:00,400 --> 00:43:02,960
Speaker 2: more expensive plans likely only make sense if you also

934
00:43:03,000 --> 00:43:05,480
Speaker 2: have a smart watch because of the way their pricing works.

935
00:43:05,640 --> 00:43:08,040
Speaker 2: And then if you go, like if you are traveling

936
00:43:08,080 --> 00:43:10,200
Speaker 2: only like once or twice a year, like, why would

937
00:43:10,239 --> 00:43:13,680
Speaker 2: you then pay for the enhanced coverage twelve months out

938
00:43:13,680 --> 00:43:15,279
Speaker 2: of the year. That's not likely going to be the

939
00:43:15,320 --> 00:43:18,080
Speaker 2: case for most folks, And so your best bet is

940
00:43:18,080 --> 00:43:19,680
Speaker 2: going to be to go with a third party e

941
00:43:19,920 --> 00:43:23,640
Speaker 2: some seller because of how incredibly easy they've made it.

942
00:43:23,640 --> 00:43:26,719
Speaker 2: You don't have to scramble and find a local provider

943
00:43:26,840 --> 00:43:31,040
Speaker 2: once you land it's so incredibly affordable. It's the slam dunk.

944
00:43:31,120 --> 00:43:32,080
Speaker 2: It's the slam dunk option.

945
00:43:32,239 --> 00:43:36,040
Speaker 1: I remember when people first started going overseas and they yeah,

946
00:43:36,080 --> 00:43:38,759
Speaker 1: they would find a local typically was.

947
00:43:38,840 --> 00:43:41,040
Speaker 2: Like a corner bodega or is there something like, yeah.

948
00:43:40,840 --> 00:43:42,279
Speaker 1: You just got to find something near behind it would

949
00:43:42,280 --> 00:43:44,000
Speaker 1: get the physical sim they would pop out the one

950
00:43:44,000 --> 00:43:46,279
Speaker 1: from their phone, they'd pop the new one in, and

951
00:43:46,400 --> 00:43:48,480
Speaker 1: they were able to save a good bit of money

952
00:43:48,480 --> 00:43:51,560
Speaker 1: going using their phone overseas, almost using it like they

953
00:43:51,560 --> 00:43:53,600
Speaker 1: were a local where they were traveling.

954
00:43:53,200 --> 00:43:54,400
Speaker 2: To, which was cool.

955
00:43:54,760 --> 00:43:57,560
Speaker 1: And now E Sims just said like, hold my beer,

956
00:43:57,719 --> 00:44:00,160
Speaker 1: this is We're gonna make this way way easier and

957
00:44:00,200 --> 00:44:02,879
Speaker 1: so air Low in particular seems to be the best

958
00:44:02,880 --> 00:44:05,200
Speaker 1: of the bunch. Yeah, but feel free to shop around

959
00:44:05,800 --> 00:44:08,680
Speaker 1: and I love that under I was looking at their website, Matt,

960
00:44:08,680 --> 00:44:10,160
Speaker 1: you can really just kind of buy what you need, right.

961
00:44:10,160 --> 00:44:12,480
Speaker 1: They have ladder like options. So, oh, hey, I need

962
00:44:12,480 --> 00:44:14,400
Speaker 1: it to I need this many gigs of data, this

963
00:44:14,520 --> 00:44:16,960
Speaker 1: much calling and texting, and you can say, well, here's

964
00:44:16,960 --> 00:44:18,160
Speaker 1: what I think i'm gonna need, or here's what I

965
00:44:18,160 --> 00:44:20,280
Speaker 1: think I'm gonna need, and you can just choose based

966
00:44:20,280 --> 00:44:22,640
Speaker 1: on your budget and how much you think you're gonna use.

967
00:44:23,160 --> 00:44:25,400
Speaker 1: Just remember you're likely gonna have Wi Fi where you're

968
00:44:25,440 --> 00:44:27,839
Speaker 1: staying and at restaurants if you need it. That's that's

969
00:44:27,920 --> 00:44:30,200
Speaker 1: also a nice perk is that it's easier just to

970
00:44:30,280 --> 00:44:33,799
Speaker 1: kind of even stumble upon a Wi Fi network and

971
00:44:33,840 --> 00:44:35,600
Speaker 1: hop on and just wing it if you got.

972
00:44:35,400 --> 00:44:35,960
Speaker 2: To do a couple of things.

973
00:44:36,000 --> 00:44:37,960
Speaker 1: Yeah, yeah, but it is I think nice to have

974
00:44:38,000 --> 00:44:40,600
Speaker 1: some connectivity while you're walking around. But instead of paying

975
00:44:40,600 --> 00:44:42,520
Speaker 1: twelve bucks a day, right, if you don't need tons

976
00:44:42,560 --> 00:44:44,920
Speaker 1: of data, you can get by paying something like ten

977
00:44:44,960 --> 00:44:48,399
Speaker 1: dollars a month. So that's how big of a price

978
00:44:48,400 --> 00:44:51,480
Speaker 1: effort it can be. Going with Aero low instead of

979
00:44:51,480 --> 00:44:54,319
Speaker 1: going with your your provider, your US based provider. And

980
00:44:54,320 --> 00:44:56,520
Speaker 1: so you're going to get a better deal if you

981
00:44:56,560 --> 00:44:59,160
Speaker 1: buy your eSIM for a specific country. But if you're

982
00:44:59,160 --> 00:45:01,480
Speaker 1: going to multiple counts in Europe, for instance, you can

983
00:45:01,480 --> 00:45:03,799
Speaker 1: buy a regional SIM. It just costs a little bit more.

984
00:45:03,800 --> 00:45:05,440
Speaker 1: So if you know, hey, I'm only going to Scotland

985
00:45:05,440 --> 00:45:07,520
Speaker 1: and you buy the Scotland SIM, you're gonna say money

986
00:45:07,560 --> 00:45:10,799
Speaker 1: versus getting kind of the euro eSIM. But if you're

987
00:45:10,800 --> 00:45:13,160
Speaker 1: going to multiple countries, that's probably going to be the

988
00:45:13,160 --> 00:45:13,799
Speaker 1: best option too.

989
00:45:14,000 --> 00:45:16,160
Speaker 2: Yeah. Another option too, if you're traveling with a group

990
00:45:16,280 --> 00:45:19,160
Speaker 2: of folks and you're all wanting data is to have

991
00:45:19,200 --> 00:45:21,759
Speaker 2: a separate device, so you are, you know, you've got

992
00:45:22,120 --> 00:45:25,600
Speaker 2: sell your cellular data being provided to that device and

993
00:45:25,640 --> 00:45:28,640
Speaker 2: then everyone can just tap into that one singular pocket

994
00:45:28,680 --> 00:45:31,520
Speaker 2: router essentially. So that's a way to even save even

995
00:45:31,560 --> 00:45:34,160
Speaker 2: more as opposed to everyone kind of doing their own

996
00:45:33,800 --> 00:45:36,439
Speaker 2: their own which is great, especially if you've got kids

997
00:45:36,480 --> 00:45:38,280
Speaker 2: and multiple devices, And just think.

998
00:45:38,160 --> 00:45:42,480
Speaker 1: About how like before you take off, you can or

999
00:45:42,520 --> 00:45:44,200
Speaker 1: why you're in the air or whatever, literally in the

1000
00:45:44,200 --> 00:45:46,560
Speaker 1: settings of your phone go and switch so easy the

1001
00:45:46,560 --> 00:45:48,560
Speaker 1: provider that you're using, you've already loaded the air low

1002
00:45:48,640 --> 00:45:51,319
Speaker 1: up to your phone and that way, Yeah, you're not

1003
00:45:51,400 --> 00:45:53,600
Speaker 1: even like I've heard horror stories of people turning on

1004
00:45:53,640 --> 00:45:55,359
Speaker 1: their phone and all these texts come through and they're

1005
00:45:55,440 --> 00:45:57,480
Speaker 1: charged a massive amount of money. It's like you don't

1006
00:45:57,480 --> 00:46:00,960
Speaker 1: even have to wait until you land. And with that possibility,

1007
00:46:01,000 --> 00:46:02,200
Speaker 1: I love it man, all right.

1008
00:46:02,239 --> 00:46:03,919
Speaker 2: The beer that you and I enjoyed today is called,

1009
00:46:04,040 --> 00:46:06,600
Speaker 2: like I mentioned earlier, Birdie Putt, which is a beer

1010
00:46:06,640 --> 00:46:10,960
Speaker 2: by Six Bridges. This is a brewery that's here quasi

1011
00:46:11,160 --> 00:46:14,640
Speaker 2: local to us, it's over in John's Creek. Dude, was

1012
00:46:14,680 --> 00:46:18,000
Speaker 2: this beer even wet? It was so dry? This was like,

1013
00:46:18,920 --> 00:46:21,560
Speaker 2: I mean, they're calling it a Pilsner, so it was

1014
00:46:21,560 --> 00:46:24,040
Speaker 2: totally a Pilsoner, had those Pilsoner flavors, but it's like

1015
00:46:24,320 --> 00:46:26,800
Speaker 2: it's like it was evaporating off my tongue that before

1016
00:46:27,120 --> 00:46:28,840
Speaker 2: I had a chance to swallow it. To me, I

1017
00:46:28,840 --> 00:46:30,520
Speaker 2: thought this was one of the best Pillsons I've had

1018
00:46:30,520 --> 00:46:33,600
Speaker 2: in a long time, super duper refreshing. But I could

1019
00:46:33,640 --> 00:46:36,759
Speaker 2: not believe how how dry was it. It feels more

1020
00:46:36,800 --> 00:46:38,839
Speaker 2: like a novelty like something maybe you would expect from

1021
00:46:38,840 --> 00:46:40,600
Speaker 2: a brewery who does a lot of pisoners, like yeah,

1022
00:46:40,640 --> 00:46:43,080
Speaker 2: broad speaking of a broad you know, like overseas, that

1023
00:46:43,160 --> 00:46:45,160
Speaker 2: kind of thing. But it really surprised me for this

1024
00:46:45,200 --> 00:46:48,279
Speaker 2: to be something that these guys are offering. Yeah, super

1025
00:46:48,360 --> 00:46:48,920
Speaker 2: unique though, I.

1026
00:46:49,160 --> 00:46:51,880
Speaker 1: Agree, I really dug it. So the one word I

1027
00:46:51,880 --> 00:46:54,560
Speaker 1: couldn't get on my mind drinking this beer was biscuity.

1028
00:46:54,960 --> 00:46:56,880
Speaker 1: I swear it just tasted like I was eating a

1029
00:46:56,880 --> 00:46:59,759
Speaker 1: biscuit but in liquid form. And I love biscuits, man,

1030
00:46:59,800 --> 00:47:02,160
Speaker 1: So I really the spear have.

1031
00:47:02,160 --> 00:47:05,279
Speaker 2: You been to Stylesborough Biscuits. It's like a local Have

1032
00:47:05,360 --> 00:47:06,759
Speaker 2: you heard of this place? No, it's like a mom

1033
00:47:06,760 --> 00:47:08,560
Speaker 2: and pop place that's only opened like two days a

1034
00:47:08,600 --> 00:47:10,640
Speaker 2: week or something. I guess I gotta get over there

1035
00:47:10,840 --> 00:47:13,040
Speaker 2: look it up. I have not yet been able to

1036
00:47:13,080 --> 00:47:15,040
Speaker 2: make it happen because, like I said, it's never opened.

1037
00:47:15,080 --> 00:47:16,960
Speaker 1: But when Emily and I were in Austin, I guess

1038
00:47:17,000 --> 00:47:19,719
Speaker 1: a month ago. Now, uh, the we had a biscuit there. Oh,

1039
00:47:19,800 --> 00:47:21,520
Speaker 1: that's right, was just intense biscuit boy?

1040
00:47:21,600 --> 00:47:21,839
Speaker 2: So good?

1041
00:47:21,960 --> 00:47:22,080
Speaker 1: Was that?

1042
00:47:22,080 --> 00:47:23,719
Speaker 2: The name of the place? Paper Boy? Paper Boy.

1043
00:47:23,760 --> 00:47:27,440
Speaker 1: That's a great little expensive brunt restaurant in Austin, well

1044
00:47:27,480 --> 00:47:28,759
Speaker 1: Worth going to though, very nice.

1045
00:47:28,800 --> 00:47:30,640
Speaker 2: All right, that's going to be it for this episode.

1046
00:47:30,680 --> 00:47:32,480
Speaker 2: You can find our show notes up on the website

1047
00:47:32,480 --> 00:47:35,080
Speaker 2: and howdomoney dot com. And that's going to be it, buddy.

1048
00:47:35,080 --> 00:47:37,520
Speaker 2: So until next time, best Friends Out, Best Friends Out,