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

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Speaker 1: and today we are answering your listener questions. That's right, Joel.

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Speaker 1: We're gonna answer listener questions this episode, and before we

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Speaker 1: kind of share what some of those are, I'm just

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Speaker 1: gonna say thank you to all of our listeners out

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Speaker 1: there who send us questions. They're kind of entrusting us

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Speaker 1: with their their lives a little bit, you know, at

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Speaker 1: least with their money. I guess they don't necessarily have

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Speaker 1: to do what we say, but there's still I feel

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Speaker 1: at certain weights of responsibility, and I just I guess

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Speaker 1: I want to say thank you to our listeners for that. Yeah, sure,

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Speaker 1: I think you know you and I we have a

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Speaker 1: desire to provide the best advice we possibly can. At

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Speaker 1: the same time, too, you tell everybody that submits a

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Speaker 1: question make sure you're doing your due diligence as well.

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Speaker 1: And I think one of those things is to seek

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Speaker 1: our advice, but there are other places to turn as well.

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Speaker 1: Matt and I were always going to do our absolute

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Speaker 1: best to give um the advice that what we would

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Speaker 1: do with our money, or you know, what we think

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Speaker 1: is the best way forward for you. Um, But at

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Speaker 1: the same time, our word is not gold. We're infallible

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Speaker 1: humans too, so totally alright. So on that note, we

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Speaker 1: have five listener questions like we always do on our

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Speaker 1: every other Monday episode, and a few of those are

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Speaker 1: becoming a financial coach, hiring a personal car shopper, what

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Speaker 1: to do there, as well as some hs A issues

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Speaker 1: that one of our listeners is running into. She's got

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Speaker 1: some questions there, plus two other questions man, that we're

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Speaker 1: gonna get to. But before we get to our listener

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Speaker 1: questions this episode, uh, let's talk about something. You know

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Speaker 1: that I did this, but I don't think I've gotten

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Speaker 1: your opinion yet as to whether or not you think

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Speaker 1: this was a good idea or not. So recently, I

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Speaker 1: chopped the legs off of the vanity the sink that's

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Speaker 1: in the girl's bathroom. We've got, you know, our girls.

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Speaker 1: They all share this bathroom, three daughters, three daughters, And

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Speaker 1: the problem is, man in this bathroom. This sink was

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Speaker 1: so incredibly tall, like it was maybe three inches taller

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Speaker 1: than a standard sink, and then in addition to that,

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Speaker 1: it was really deep. It sounds perfect for someone for you.

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Speaker 1: I should have just donated it to us, to your household.

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Speaker 1: But what that meant for us is that, like, like Kate,

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Speaker 1: she has a hard time even using the scene because

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Speaker 1: it's just kind of awkward because it's so high. Kate's

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Speaker 1: kind of short, She's like the opposite of you. And

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Speaker 1: so finally I was like, you know what, why do

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Speaker 1: we have multiple stools pulled up to this thing? Why

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Speaker 1: not make this sink more usable for the kids. And

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Speaker 1: so I was like, you know what, it's a Saturday,

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Speaker 1: I'm gonna just tackle this project. Grabbed the sawsaw, a

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Speaker 1: little multi tool saw as well to kind of get

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Speaker 1: some clean cuts on the front, and I literally chopped

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Speaker 1: off about a foot from all four legs of this

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Speaker 1: vanity and I dropped it down, man. And it's comical

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Speaker 1: how low it is. But the utility and the usability

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Speaker 1: that the girls now have, like they can all just

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Speaker 1: run up to it wash their hands. They're not fighting

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Speaker 1: over the stools. Uh, They're able to brush their teeth

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Speaker 1: more easily, They're able to wash their hands more easily,

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Speaker 1: and so it's promoting better hygiene. So there's a win,

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Speaker 1: and that our genie is priceless too. By the way, dude,

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Speaker 1: it is, because think about it, that probably saves us

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Speaker 1: maybe some trips to the doctor if they're washing their

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Speaker 1: hands more so, But what are your thoughts on the

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Speaker 1: fact that I literally just chopped the legs off this

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Speaker 1: pretty nice vanity. You know, it's got like a nice

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Speaker 1: marble top, but I just totally hacked it. No, I

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Speaker 1: think it's an awesome move, dude. I think one, it

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Speaker 1: just makes it easier for your kids, and it makes

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Speaker 1: it more fun to brush your teeth, wash your hands, whatever.

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Speaker 1: And at the same time, you're planning on being in

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Speaker 1: your house for a really really long time, and so

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Speaker 1: what what's a new vanity cost? Like two or fifty

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Speaker 1: bucks something like that? Right, and depends on how nice

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Speaker 1: you want to go, but exactly right, exactly, But I

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Speaker 1: think so many people think about everything they do to

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Speaker 1: their home only in terms of resale value, and you

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Speaker 1: have to think about it in terms of livability and

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Speaker 1: so yeah, like, when what does this do for you?

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Speaker 1: When we're making decisions about what we want to do

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Speaker 1: to our house, Like, it's not that we don't consider

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Speaker 1: resale value at all, but we're also thinking, you know,

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Speaker 1: what we plan and think we're going to be in

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Speaker 1: this house for the next thirty years. That's how much

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Speaker 1: we love it. And so the decision we make are

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Speaker 1: far less about restyl value, and they're more about how

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Speaker 1: does our family function in this space and what do

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Speaker 1: we want to do to make it the most appealing

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Speaker 1: for us to live in right now? And so I

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Speaker 1: think it's actually helpful to make decisions based on that

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Speaker 1: and less about recab value, especially if you know you're

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Speaker 1: gonna be in that house for a long time. Yeah,

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Speaker 1: it has a big impact on our life. And in

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Speaker 1: the end, like say, I mean, we're not planning to move,

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Speaker 1: you know, we're like you guys, we're here forever, man

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Speaker 1: Bury us in the backyard, that kind of thing. But

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Speaker 1: even if we were gonna sell it, like you said,

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Speaker 1: fifty bucks, it wouldn't take much money at all to

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Speaker 1: be like, Okay, we got to get rid of the

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Speaker 1: ridiculous pre k sinc you know, like because that's what

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Speaker 1: it feels like. It feels like you're walking into like

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Speaker 1: a kindergarten classroom where everything's like shin height or like

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Speaker 1: knee hight at most. Uh, it's ridiculous looking in particular.

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Speaker 1: Two because it's like really wide and so like you

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Speaker 1: lower that thing and it looks so short and squatty

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Speaker 1: but cool. Sounds like you think it was a frugal move,

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Speaker 1: not a cheap move. Yeah, I totally do. I think, Yeah,

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Speaker 1: whatever makes your house a better place to live, especially

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Speaker 1: if you're planning on being there a long time, go

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Speaker 1: for it. And I think it looks good and your

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Speaker 1: girl seem to love it. So it's all about the cock,

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Speaker 1: because the edge of the sink, you know, the kind

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Speaker 1: of top goes all the wa up to the wall

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Speaker 1: there and say, you just kind of put a nice

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Speaker 1: beat of cock right there, smooth it out. It looks

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Speaker 1: like it's been like that forever. I'll actually maybe share

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Speaker 1: a picture on our on our Instagram accounts that folks

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Speaker 1: can maybe judge for themselves if they think it's stupid.

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Speaker 1: Or maybe a picture of me trying to wash my

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Speaker 1: hands in this incredibly you're standing next to that thing

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Speaker 1: would be amazing. All right, we'll do it, we'll do it.

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Speaker 1: All right. Well, let's get onto the beer that we're

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Speaker 1: having on this episode. This one's called Apparitional Disintegration. Of course,

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Speaker 1: it's by Burial Brewing Company because they're the only ones

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Speaker 1: that come up with names that are that complex. Um

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Speaker 1: and yeah, this is a double I P A and Man.

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Speaker 1: These guys are out of Asheville, North Carolina. They make

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Speaker 1: incredible beers. I'm looking forward to having this one on

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Speaker 1: the show with you today, my friend. Yeah, that's right, man.

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Speaker 1: But before we dive into the questions, anybody who has

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Speaker 1: never submitted a question before, we want you to know

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Speaker 1: that you can easily record a voice memo on your

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Speaker 1: phone and then all you have to do is email

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Speaker 1: that file to us. We'd be happy to consider that

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Speaker 1: and hopefully answer your on an upcoming Ask How the

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Speaker 1: Money episode. Yeah, simple instructions are at how to money

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Speaker 1: dot com slash ask in Matt. Let's get to our

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Speaker 1: first question, and this is from a listener who's submitting

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Speaker 1: a question for the second time. Hi, guys, it's Kayleene

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Speaker 1: again from Burbank, California. I had another question for you.

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Speaker 1: It's in regards to hiring a personal shopper to buy

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Speaker 1: a car for you. Now. I'm in the market to

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Speaker 1: buy a new car and or used car actually, and

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Speaker 1: I've been looking online at the possibility of hiring one

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Speaker 1: of these personal shoppers to do all the heavy lifting

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Speaker 1: for me because Frankly, I am not educated enough or

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Speaker 1: feel confident enough to go in and haggle with a

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Speaker 1: dealer or get the car checked out, just do all

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Speaker 1: the leg work. I'm currently without a car, and during COVID,

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Speaker 1: I have a lack of resources or friends anyone willing

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Speaker 1: to go drive around from dealer to dealer with me

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Speaker 1: and haggle for a new car. So I was considering

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Speaker 1: hiring one of these personal shoppers. I don't have a

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Speaker 1: lot of money, but if it's reasonable, it just might

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Speaker 1: be worth my time to hire someone to do all

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Speaker 1: of this for me. I could test drive it, sign

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Speaker 1: all the paperwork, and be done with it. Thank you,

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Speaker 1: bye bye. Alright, Kileen, we love that you are submitting

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Speaker 1: another question. You know. That's always cool with us, and

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Speaker 1: I'm glad to hear too that you're looking at a

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Speaker 1: used car versus a new car. I think there are

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Speaker 1: some individuals who might prefer in value having a brand

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Speaker 1: new car. If that's one of the things that if

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Speaker 1: that's your craft beer equivalent, then we say hey, or

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Speaker 1: for more power to you if you're in a solid

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Speaker 1: financial position. But for most other folks, yeah, used, it's

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Speaker 1: totally the way to go and honestly, you know, we

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Speaker 1: can't speak from personal experience as to whether a particular

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Speaker 1: car shopper is going to be worth it, but we

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Speaker 1: can definitely speak to buying a used car. That's how

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Speaker 1: Joel and I roll. We we think that you can

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Speaker 1: do it without a personal shopper. You know, it's really

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Speaker 1: not all that difficult. Uh And it's an important thing

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Speaker 1: to do well because, like, you don't want to make

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Speaker 1: a purchase that that's for large like that right, that

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Speaker 1: takes a lot of funds that could become a money pit,

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Speaker 1: you know, a decision that could leave you stranded, um,

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Speaker 1: as well as maybe just being a source of frustration.

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Speaker 1: Uh So, yeah, let's discuss how you can buy a

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Speaker 1: used car and how it is that you can get

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Speaker 1: a good one. Yeah, let's do it. Matt a personal

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Speaker 1: car shopper. I've never hired one, and I don't really

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Speaker 1: know what that entails, but I think we can give

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Speaker 1: Kaylee the confidence to go out there and shop for

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Speaker 1: a used car on her own. And one thing she

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Speaker 1: mentioned was haggling and visiting dealership lots. And it's interesting,

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Speaker 1: I think a lot of people still have that mindset.

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Speaker 1: That's how you go about buying used car. Yeah, I

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Speaker 1: don't want to do that either, right exactly. And I

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Speaker 1: think one of the first things we have to tell

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Speaker 1: Kayleen is that's not what you have to do. That's

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Speaker 1: not the process, and in fact, that is a process

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Speaker 1: that some people do. Um. In fact, one of my

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Speaker 1: one of my good friends, Matt, one time she bought

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Speaker 1: a truck. She literally had her friend drop her off

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Speaker 1: at the dealership lot and she was at the mercy

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Speaker 1: of the dealer should buy something that day to be

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Speaker 1: able to drive away from the lot. That's the bad

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Speaker 1: situation to put yourself in. It's just like, hey, could

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Speaker 1: you please throw me a life raft. As I'm thinking

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Speaker 1: here exactly, I'm gonna negotiate some but she needed a car.

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Speaker 1: Don't have much choice here to get home, right Yeah.

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Speaker 1: So that's just a bad, bad way to do it.

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Speaker 1: So let's talk about the kind of modern way or

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Speaker 1: other ways that we would suggest going about buying a

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Speaker 1: used car. And in particular, what matters is kind of

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Speaker 1: what companies you choose to go with when you're looking

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Speaker 1: at used cars. And and two great companies right now

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Speaker 1: that have kind of changed the game when it comes

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Speaker 1: to car buying. Our CarMax and Carbonna, and one of

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Speaker 1: the ways that they've changed the game is that they

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Speaker 1: will bring the car that you're interested in to you.

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Speaker 1: Carbonna actually that kind of pioneered this, and when they

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Speaker 1: launched their service, they instituted a seven day, no questions

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Speaker 1: asked return policy, which made people feel a lot more

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Speaker 1: comfortable about buying a car online and then having it delivered.

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Speaker 1: CarMax followed suit, and so buying a used car online

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Speaker 1: has just never really been easier. There are other ways

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Speaker 1: to buy a car, right I mean, I bought great

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Speaker 1: cars via Craigslist throughout the years old Eggs List. But

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Speaker 1: it sounds like, you know, Kayleen doesn't necessarily have the

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Speaker 1: car right now to be able to get around and

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Speaker 1: look at cars from from private owners, and so because

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Speaker 1: of that, having the car delivered it's just gonna make

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Speaker 1: your life so much easier right now. So I would

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Speaker 1: say start shopping on those two sites and see what

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Speaker 1: you can find. See if you can find a car

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Speaker 1: that's gonna meet your needs with one of the companies

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Speaker 1: that's gonna make it easy for you. Yeah, And again,

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Speaker 1: one of the things that's so great about car Max

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Speaker 1: and carbon is the fact that you don't have to haggle.

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Speaker 1: You get online, you see the price, there's no negotiating,

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Speaker 1: so that issue is kind of already out of the way,

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Speaker 1: and there's none of like the well, let me go

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Speaker 1: talk to my manager about that. Yeah, I would, I

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Speaker 1: would be terrible at playing that game. I feel like

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Speaker 1: I'm very good at playing the game of let me

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Speaker 1: just buy this online. Obviously that doesn't allow for maybe

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Speaker 1: as much flexibility, but I think a lot of these

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Speaker 1: companies are in a way that eliminates some of those

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Speaker 1: additional costs and fees because there are a lot less

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Speaker 1: middleman that you're having to deal with, right. But I

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Speaker 1: think some of the issues that a lot of people

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Speaker 1: have when it comes to purchasing a used car is

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Speaker 1: they just don't know anything about cars, right, Like cars

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Speaker 1: are really complicated these days. Uh. I feel like you

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Speaker 1: have to be part mechanical engineer and part like computer

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Speaker 1: scientist with all the technology that goes into cars, and

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Speaker 1: that's really intimidating. I'm a pretty handy guy, but like,

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Speaker 1: I don't know anything about cars. But that's the thing.

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Speaker 1: You don't need to know anything about cars. You just

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Speaker 1: need to know where to take your car to ensure

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Speaker 1: that you're getting something good, right. Uh So, if you

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Speaker 1: do decide to go in the direction of you know,

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Speaker 1: going with carbon or CarMax, make sure that you use

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Speaker 1: that seven day trial period in order to have that

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Speaker 1: vehicle inspected by a mechanic. Actually was able to do

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Speaker 1: this myself. Gosh, it's been mannae four years, four years

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Speaker 1: ago now that we purchased our Honda minivan, uh from

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Speaker 1: car Vona. They've got lots of great pictures onlines. You

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Speaker 1: get to see that like literally every angle, you get

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Speaker 1: to tour the inside out of it with with real

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Speaker 1: pictures from that actual vehicle. And so we went ahead

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Speaker 1: and bought it. We showed up, I test drove it

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Speaker 1: around like you took me there and you're like, hey,

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Speaker 1: let's go for a ride, you know, as we drove

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Speaker 1: around in it, which is pretty cool. And then I

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Speaker 1: was like, all right, cool, we'll take it drove home.

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Speaker 1: But then I didn't take Carbona's word that this is

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Speaker 1: a super solid vehicle. I took it to a well

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Speaker 1: respected Honda car mechanic and he was able to find

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Speaker 1: out that, hey, the timing belt on this thing needs

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Speaker 1: needs to be changed. There's some issues and So that

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Speaker 1: was something I was able to point out to Carbona

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Speaker 1: and dude, guess what, they actually took care of that repair.

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Speaker 1: For me. That was like, gosh, maybe, uh for that

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Speaker 1: repair that I didn't have to foot Had I not

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Speaker 1: done that, and had I gotten out of the period

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Speaker 1: where Carbona would have taken care of that for me,

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Speaker 1: you know, say even six months later, I think I

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Speaker 1: would have been in a situation where it would have left,

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Speaker 1: you know, a sour taste in my mouth, where I

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Speaker 1: wouldn't have been happy with that entire process. But use

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Speaker 1: those periods of time to your advantage. Yeah, the seven

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Speaker 1: day trial period is just awesome for so many reasons.

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Speaker 1: I mean, because even if you just don't really love

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Speaker 1: the car, or you're like, man, it's not the color

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Speaker 1: red I thought it was, you can return it and

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Speaker 1: it's fine. Um, And so yeah, I love that they've

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Speaker 1: instituted that. It does inspire a lot of confidence in

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Speaker 1: the buying process. Just make sure that you don't go

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Speaker 1: over the mileage cap. Sometimes they include those that you

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Speaker 1: know that way you don't like, get it and drive

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Speaker 1: it like across the country and then back within six

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Speaker 1: days like a little cannoball run. A little coast to

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Speaker 1: coast make it happen. It's like, oh, I don't like

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Speaker 1: it anymore. Sorry, I put three thousand miles on it,

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Speaker 1: right right, But yeah, and I think Matt, you're you're

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Speaker 1: spot on. Having that vehicle checked out by a mechanic

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Speaker 1: just ensures that you're buying something great and you can

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Speaker 1: let the seller know, hey, actually, um, you need to

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Speaker 1: fix this before I'm willing to buy it. And so yeah,

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Speaker 1: it allows you to negotiate on those grounds. Also to

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Speaker 1: u Kayleene, don't forget to think about financing before you

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Speaker 1: make your purchase. Or if you purchase a car through

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Speaker 1: a site like Carbonna or CarMax, you could also grab

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Speaker 1: financing through their sites. They make it pretty easy. That's

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Speaker 1: obviously the most convenient route to go. But if you

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Speaker 1: do that, you might not get the lowest rate. So

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Speaker 1: shop rates with a local credit union or two as well. Um,

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Speaker 1: and you should be able to do that from your home,

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Speaker 1: also be able to do that online. You want to

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Speaker 1: factor in the total cost of car ownership, and that

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Speaker 1: includes what you're paying for that loan that you're going

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Speaker 1: to take out. Ultimately, Matt and I are fans of

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Speaker 1: paying cash the vehicle, right like. That's uh, that's the

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Speaker 1: sweet spot. Only buying what you can totally afford to

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Speaker 1: pay a pocket Yeah, exactly, um, and that's what that's

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Speaker 1: what we've prioritized for ourselves. But if you are taking

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Speaker 1: out a loan, make sure to shop for that loan

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Speaker 1: um and make sure to prioritize getting a low interest

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Speaker 1: rate for the vehicle hopefully that you're gonna own for

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Speaker 1: you know, the next five or ten years. So best

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Speaker 1: of luck, kleen on doing it yourself, being your own

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Speaker 1: personal car shopper. That's the direction we would encourage you

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Speaker 1: to head in. All right, let's get to some more questions,

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Speaker 1: and right off the break, we're gonna take one from

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Speaker 1: a listener who lives overseas. Alright, we are back. Let's

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Speaker 1: get back to the listener questions, and we have a

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Speaker 1: question here that is from Germany. Hi, drill him, Matt.

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Speaker 1: I really enjoyed your show and appreciate your thoughts about

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Speaker 1: how best to handle money. My name is Jacob Coon

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Speaker 1: and I'm a US missionary living in Germany. Because of

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Speaker 1: some bad decisions in my past, I have quite a

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Speaker 1: bit of credit card debt. Problem is I almost always

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Speaker 1: hear about getting out of debt by picking up a

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Speaker 1: side hustle. If I lived in the US, I know

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Speaker 1: of a good amount of jobs that that I could

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Speaker 1: do and easily pick up, but my German visa doesn't

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Speaker 1: allow me to work outside of the ministry where I work.

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Speaker 1: So my question is, well kind of twofold one. Do

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Speaker 1: you have any resources to help me budget better so

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Speaker 1: I don't continue to accumulate debt? But then, also, do

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Speaker 1: you have any suggestions for site hustles that I can

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Speaker 1: do online. I'm a former teacher and an avid modern

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Speaker 1: board gamer. If that helps with suggestions, you can find

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Speaker 1: me a side also about board games. I'm I'll be excited.

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Speaker 1: That's my main two questions, But I also have a

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Speaker 1: couple of beer suggestions for you. I'm originally from Toledo, Ohio,

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Speaker 1: and they have a brewery called Earnest brew Works, and

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Speaker 1: I would suggest getting Crunchy Hippie or any of the

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Speaker 1: varieties that they make of Crunchy Hippie. It's a really

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Speaker 1: good brown ale. Thanks for your help, Jacob, thanks for

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Speaker 1: your question man, and and thanks for the beer suggestions too.

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Speaker 1: We're always up for beer suggestions because I'm trying to

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Speaker 1: try them all before I die. Matt, I know, it's

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Speaker 1: like a physical impossibility that possible. It's like a Pokemon game.

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Speaker 1: You gotta gotta try them all right, right, all right,

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Speaker 1: let's get onto Jacob's question. Jacob, let's talk about, you know,

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Speaker 1: how you can stretch your resources while you're living abroad

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Speaker 1: and um, and how you can potentially earn more money

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Speaker 1: to You're in an interesting situation, So Matt and I'll

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Speaker 1: do our best to speak to it from over here

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Speaker 1: in the States. A side hustle is one way to

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Speaker 1: make extra money in order to pay down debt. But

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Speaker 1: it's also important to reduce your expenses, and I gotta

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Speaker 1: imagine that that's tough to do on a missionary salary.

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Speaker 1: I don't think I've ever met a missionary who was

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Speaker 1: like just rolling in the doughmat Um. That's just not

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Speaker 1: you know, they are there normally has something else going on,

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Speaker 1: maybe kind of under the table. Maybe so maybe maybe

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Speaker 1: MLM action going on we wouldn't approve of, right, Um.

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Speaker 1: Maybe I don't know, but I would say there's a

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Speaker 1: good chance that that Jacob is not getting paid a

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Speaker 1: whole as a missionary. Right to begin with, and so, yeah,

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Speaker 1: finding things to cut is is pretty difficult. And Jacob,

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Speaker 1: don't join an MLM to make more money. It's like

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Speaker 1: I'm already eating raising beans too, Like I can't make

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Speaker 1: any more cut right. But I would say to you

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Speaker 1: do have to stop the accumulation of debt, and Jacob,

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Speaker 1: I would suggest in your situation, if you know you're

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Speaker 1: relying on credit cards in order to fund your lifestyle,

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Speaker 1: that's something you have to stop immediately. Um, And so

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Speaker 1: I would suggest you know, you can actually literally freeze

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Speaker 1: your credit cards and put them in a plastic baggy

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Speaker 1: with water and put them in the freezer, make them

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Speaker 1: hard to get to. Whatever it takes in order to

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Speaker 1: curb your spending and stop the use of buying things

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Speaker 1: on credit that you can't afford to pay off at

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Speaker 1: the end of the month. I would say that's a

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Speaker 1: really important thing to prioritize right now. Yeah, And hopefully

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Speaker 1: you know, those decisions are in Jacob's past. They're not

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Speaker 1: you know, anything that he's continuing at the moment. But

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Speaker 1: a lot of Joel, you know what you mentioned too

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Speaker 1: about kind of reducing your expenses, Like it comes down

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Speaker 1: to making sure you've got a solid budget in place,

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Speaker 1: you know, and so to that end, we would recommend

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Speaker 1: something like win nap, which is you need to budget

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Speaker 1: even though you know, like this is a software that

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Speaker 1: costs money, which sounds like the opposite of what we

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Speaker 1: should be recommending, Jacob, but it's a great resource to

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Speaker 1: help you to develop and stick to a budget and

404
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Speaker 1: sometimes like having a little bit of skin in the

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Speaker 1: game that allows just enough of a commitment for you

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Speaker 1: to maybe follow through with it versus it's something being

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Speaker 1: something that's free, right, although you can try it free

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Speaker 1: for thirty four days, that's true, thirty four days, which

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Speaker 1: is always gonna been odd and you know, like like

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Speaker 1: why not thirty one day, it's like a typical month,

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Speaker 1: but like thirty four days. But what's great about wine app,

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Speaker 1: but you know, is the behavior modification techniques and teaching

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Speaker 1: that they offer in combination with just a really solid

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Speaker 1: platform just the software that they offer, folks. I mean,

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Speaker 1: it's just a really impressive combination. So if you are

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Speaker 1: looking for some you know, just some practical tools to

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Speaker 1: help you to get on the path of making your

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Speaker 1: money behave, uh, in addition to yourself, well then that's something, Yeah,

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Speaker 1: we would recommend for you. Yeah, whine A Brox, It's

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Speaker 1: helped so many people out and and Jacob, it's definitely

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Speaker 1: worth um looking into if you're having bowl sticking to

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Speaker 1: a budget. I think why napp is the best thing

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Speaker 1: for people who have a difficult time actually following through

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Speaker 1: on a budget. Let's talk about side hustles too, again,

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Speaker 1: Matt and Jacob's in an interesting spot because he lives

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Speaker 1: in Germany. But and if your visa, Jacob, doesn't allow

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Speaker 1: you to work outside of the ministry that you're working in, well,

428
00:19:17,000 --> 00:19:18,680
Speaker 1: we wouldn't want you to get in trouble and lose

429
00:19:18,720 --> 00:19:21,720
Speaker 1: that visa. But if you're able to do some online

430
00:19:21,720 --> 00:19:24,360
Speaker 1: side hustles and it won't put that visa in jeopardy,

431
00:19:24,480 --> 00:19:26,919
Speaker 1: then we suggest going in that direction. Check out a

432
00:19:26,920 --> 00:19:29,800
Speaker 1: site called side hustle dot com. It's spelled a little

433
00:19:29,800 --> 00:19:32,400
Speaker 1: differently s I d E h U s l dot com.

434
00:19:32,520 --> 00:19:35,320
Speaker 1: No vowels needed, no vals needed, its hip. Wait, one,

435
00:19:35,600 --> 00:19:38,920
Speaker 1: there's a no, there's two, No, there's three. There's a

436
00:19:38,960 --> 00:19:41,359
Speaker 1: lot of vowels. Actually, sometimes you just gotta exclude some

437
00:19:41,400 --> 00:19:43,560
Speaker 1: of those vowels, and all of a sudden it's something

438
00:19:43,600 --> 00:19:45,280
Speaker 1: that I'm interested in. Yeah, I don't know why it

439
00:19:45,320 --> 00:19:47,960
Speaker 1: works that way, but I'm like, oh, no vowels, I

440
00:19:48,040 --> 00:19:50,760
Speaker 1: must drink that, you know, like Dissolver we had them recently,

441
00:19:51,200 --> 00:19:53,560
Speaker 1: just excluded a couple of vowels, and all of a sudden,

442
00:19:53,560 --> 00:19:57,280
Speaker 1: I'm interested. I'm a sucker. So so side hustle dot

443
00:19:57,280 --> 00:20:00,919
Speaker 1: Com has just an awesome amount of sign hustles that

444
00:20:00,920 --> 00:20:03,240
Speaker 1: they post and they review and it will help you

445
00:20:03,359 --> 00:20:05,879
Speaker 1: understand whether or not that's gonna work for you or

446
00:20:05,960 --> 00:20:07,680
Speaker 1: the pay is gonna work for you. And then there's

447
00:20:07,680 --> 00:20:10,840
Speaker 1: also another site called flex jobs dot Com which has

448
00:20:10,880 --> 00:20:14,720
Speaker 1: postings of different job offerings that that are super flexible

449
00:20:14,720 --> 00:20:17,320
Speaker 1: where you can do from anywhere at almost any time.

450
00:20:17,600 --> 00:20:18,920
Speaker 1: And so yeah, I would say go to one of

451
00:20:18,920 --> 00:20:20,959
Speaker 1: those two sites, and if that's not gonna put your

452
00:20:21,040 --> 00:20:23,800
Speaker 1: visa in jeopardy, doing some side hustle work that you

453
00:20:23,800 --> 00:20:25,920
Speaker 1: can find in one of those places is a great

454
00:20:25,920 --> 00:20:27,880
Speaker 1: way to go. Yeah, and Jacob, But that being said,

455
00:20:27,880 --> 00:20:31,040
Speaker 1: if you, you know, depending on your specific visa, if

456
00:20:31,080 --> 00:20:33,000
Speaker 1: you are not able to actually work right now to

457
00:20:33,240 --> 00:20:36,920
Speaker 1: earn any additional money, regardless if it's online or in person,

458
00:20:37,320 --> 00:20:40,760
Speaker 1: there's nothing keeping you from dreaming about what a potential

459
00:20:40,760 --> 00:20:42,960
Speaker 1: side hustle or a side business. What that might be

460
00:20:43,200 --> 00:20:45,560
Speaker 1: once you were to come back to the States, right, Uh,

461
00:20:45,600 --> 00:20:47,399
Speaker 1: and so there's a lot of work that can go

462
00:20:47,480 --> 00:20:51,200
Speaker 1: into creating your own business now where guess what, you

463
00:20:51,240 --> 00:20:53,239
Speaker 1: don't earn any money. And granted that doesn't help your

464
00:20:53,240 --> 00:20:56,199
Speaker 1: situation like in the moments, but if you're gonna be

465
00:20:56,200 --> 00:20:58,040
Speaker 1: back in the States and you know a few years,

466
00:20:58,480 --> 00:21:00,960
Speaker 1: it would be amazing to have a a giant head

467
00:21:01,000 --> 00:21:04,439
Speaker 1: start on something that you are really excited to launch

468
00:21:04,640 --> 00:21:06,879
Speaker 1: once you return back to the States. Right. You mentioned

469
00:21:06,880 --> 00:21:09,840
Speaker 1: board games. Maybe that's designing and beginning to create that

470
00:21:09,920 --> 00:21:12,080
Speaker 1: board game, but you don't actually launch it until you

471
00:21:12,080 --> 00:21:14,280
Speaker 1: get back into the States. Right, we're launching that YouTube

472
00:21:14,359 --> 00:21:16,840
Speaker 1: channel explaining the best board games that you love? There

473
00:21:16,880 --> 00:21:19,080
Speaker 1: you go? Yeah, he he mentioned that that's something that

474
00:21:19,119 --> 00:21:21,040
Speaker 1: he loves. You know, instead of reading the instructions for

475
00:21:21,040 --> 00:21:23,400
Speaker 1: board games, Matt, I always I go first to YouTube

476
00:21:23,440 --> 00:21:26,280
Speaker 1: because someone explains it and shows it on the board

477
00:21:26,280 --> 00:21:28,119
Speaker 1: for me. And you rather do that. I'd rather do

478
00:21:28,160 --> 00:21:30,760
Speaker 1: that than like read it in black and white, or

479
00:21:30,880 --> 00:21:33,399
Speaker 1: if there was an audiobook version of the instructions. I

480
00:21:33,440 --> 00:21:35,399
Speaker 1: think you'd probably do that first because I know you

481
00:21:35,440 --> 00:21:37,600
Speaker 1: love that. I do. I love audiobooks. But some friends

482
00:21:37,600 --> 00:21:40,600
Speaker 1: of ours they are both some of the a's. They're

483
00:21:40,600 --> 00:21:42,640
Speaker 1: really into wine. They've worked in the wine industry for

484
00:21:42,640 --> 00:21:46,760
Speaker 1: forever and they recently launched uh a wine board game.

485
00:21:47,000 --> 00:21:49,760
Speaker 1: It's called Somnify. Actually need to pick a copy up,

486
00:21:50,400 --> 00:21:52,880
Speaker 1: but they have had incredible success getting that off the ground.

487
00:21:52,880 --> 00:21:56,000
Speaker 1: A lot of people are interested in just fun, new

488
00:21:56,040 --> 00:21:58,080
Speaker 1: different board games that are out there, in particular, things

489
00:21:58,080 --> 00:21:59,760
Speaker 1: that we can do at home, because you know what

490
00:22:00,200 --> 00:22:03,200
Speaker 1: entertainment out in the world getting lost in these large crowds,

491
00:22:03,320 --> 00:22:05,639
Speaker 1: that's not something a lot of folks are into these days, right. Yeah.

492
00:22:05,920 --> 00:22:08,760
Speaker 1: I would also suggest if you're into wine, base board games,

493
00:22:08,880 --> 00:22:12,879
Speaker 1: viticulture is another grand that's awesome. Man. He may be

494
00:22:12,880 --> 00:22:15,440
Speaker 1: a recommendation for us. You are making a board game

495
00:22:15,520 --> 00:22:18,520
Speaker 1: recommendation for Jacob exactly full circle and Jacob two. If

496
00:22:18,720 --> 00:22:21,280
Speaker 1: your debt is out of control, let's say the total

497
00:22:21,480 --> 00:22:24,400
Speaker 1: is more than you make annually, it's gonna be tough

498
00:22:24,440 --> 00:22:25,919
Speaker 1: to pay off that debt if it's gotten to just

499
00:22:26,000 --> 00:22:28,760
Speaker 1: that extreme mobile point. So if that's the case, we

500
00:22:28,800 --> 00:22:31,399
Speaker 1: would recommend going to see a not for profit budget

501
00:22:31,440 --> 00:22:36,000
Speaker 1: counselor the the NFCC or Money Management International. They can

502
00:22:36,040 --> 00:22:38,399
Speaker 1: help you in ways that you won't be able to

503
00:22:38,440 --> 00:22:41,080
Speaker 1: help yourself, right and so, um you can even do

504
00:22:41,200 --> 00:22:44,920
Speaker 1: that online right now, getting counseling over the internet. Um.

505
00:22:44,920 --> 00:22:47,240
Speaker 1: And so yeah, if it's gotten to be that difficult

506
00:22:47,240 --> 00:22:49,719
Speaker 1: of a situation for you, seeking out that sort of

507
00:22:49,800 --> 00:22:53,360
Speaker 1: expert advice and help, it's gonna be crucial in helping you, um,

508
00:22:53,600 --> 00:22:55,480
Speaker 1: not only tend to some of the debt problems that

509
00:22:55,520 --> 00:22:58,120
Speaker 1: have popped up, but then creating a solid budget and

510
00:22:58,240 --> 00:23:00,320
Speaker 1: a plan for for the future. So yeah, check those

511
00:23:00,359 --> 00:23:02,919
Speaker 1: resources out as well. Yes, So, Jacob, thanks so much

512
00:23:02,920 --> 00:23:05,200
Speaker 1: for your question, and yeah, best of luck to you. Joel.

513
00:23:05,200 --> 00:23:07,480
Speaker 1: Our next question comes from a listener in California, and

514
00:23:07,520 --> 00:23:09,960
Speaker 1: she she's got a double header for us about investing

515
00:23:10,000 --> 00:23:13,680
Speaker 1: as well as taxes. Hi'm at Hi Joel. My name

516
00:23:13,760 --> 00:23:17,120
Speaker 1: is Elizabeth and I'm from California. I just wanted to

517
00:23:17,160 --> 00:23:20,879
Speaker 1: say that I'm so grateful to have stumbled upon your podcast.

518
00:23:21,440 --> 00:23:25,040
Speaker 1: My family and my friends have never really talked about

519
00:23:25,240 --> 00:23:28,960
Speaker 1: finances or investing or anything like that, and so i

520
00:23:28,960 --> 00:23:31,359
Speaker 1: feel like I'm really late to the game and I'm

521
00:23:31,359 --> 00:23:34,280
Speaker 1: trying to catch up. But listening to your podcast has

522
00:23:34,320 --> 00:23:37,399
Speaker 1: helped me understand so much, so thank you for making

523
00:23:37,440 --> 00:23:41,080
Speaker 1: this journey a little bit easier. Um. My question is

524
00:23:41,320 --> 00:23:45,840
Speaker 1: in regards to the cost basis method selection that I

525
00:23:45,880 --> 00:23:49,320
Speaker 1: need to make for my index funds. I'm assuming that

526
00:23:49,359 --> 00:23:52,600
Speaker 1: this is important to choose, but I'm not really sure

527
00:23:52,640 --> 00:23:55,040
Speaker 1: what it all means. I was hoping you can help

528
00:23:55,080 --> 00:23:58,080
Speaker 1: me out if there's time. I did have one more question.

529
00:23:58,680 --> 00:24:01,840
Speaker 1: I want to take advantage of an hs A. However,

530
00:24:02,000 --> 00:24:05,719
Speaker 1: it seems that the triple tax advantage doesn't really apply

531
00:24:05,920 --> 00:24:09,920
Speaker 1: here in California unfortunately. I'm just curious about your thoughts

532
00:24:09,960 --> 00:24:13,359
Speaker 1: on starting and hs A here and if I move

533
00:24:13,520 --> 00:24:17,240
Speaker 1: to a different state upon retirement, will I be able

534
00:24:17,359 --> 00:24:20,840
Speaker 1: to avoid the taxes? Might be a stupid question, but

535
00:24:21,200 --> 00:24:24,120
Speaker 1: that I ask it anyway. Thank you so much, Elizabeth.

536
00:24:24,119 --> 00:24:25,720
Speaker 1: Thanks for your question. I'm so glad the show has

537
00:24:25,760 --> 00:24:29,000
Speaker 1: been helpful. It sounds like your family is actually normal,

538
00:24:29,359 --> 00:24:32,480
Speaker 1: because most families don't talk about personal finance really not

539
00:24:32,640 --> 00:24:34,960
Speaker 1: something that it's not that's topic that comes up around

540
00:24:35,000 --> 00:24:36,600
Speaker 1: the table when you're having dinner. You and I were

541
00:24:36,640 --> 00:24:38,640
Speaker 1: hoping to create a new normal, right. We want people

542
00:24:38,640 --> 00:24:41,480
Speaker 1: to talk about money a whole lot more openly, and

543
00:24:41,720 --> 00:24:44,359
Speaker 1: finally to you know, a lot of people like to

544
00:24:44,359 --> 00:24:47,080
Speaker 1: break themselves over the coals and they say, well, I'm

545
00:24:47,080 --> 00:24:50,000
Speaker 1: getting started really late. And Elizabeth, I don't know how

546
00:24:50,000 --> 00:24:51,960
Speaker 1: old you are, but it doesn't sound like that's the case.

547
00:24:52,000 --> 00:24:54,320
Speaker 1: Like she doesn't sound seventy five, you know, like like

548
00:24:54,359 --> 00:24:55,879
Speaker 1: I would say that might be too late to get

549
00:24:55,920 --> 00:24:58,840
Speaker 1: started with your personal finances. I don't think that's the case.

550
00:24:59,119 --> 00:25:00,360
Speaker 1: It's kind of hard to get started at that point

551
00:25:00,400 --> 00:25:02,840
Speaker 1: in time. You're right, yeah, um, but Elizabeth, you've got

552
00:25:02,920 --> 00:25:04,680
Speaker 1: plenty of time, and it sounds like you're on the

553
00:25:04,760 --> 00:25:07,119
Speaker 1: right track. So let's get to kind of the particulars

554
00:25:07,119 --> 00:25:09,880
Speaker 1: of your question. When it comes to your investments. Let's

555
00:25:09,920 --> 00:25:12,600
Speaker 1: talk about you mentioned the cost basis method, and and

556
00:25:12,680 --> 00:25:16,040
Speaker 1: cost basis is an important thing to know for tax purposes,

557
00:25:16,280 --> 00:25:20,399
Speaker 1: particularly if you're investing in a brokerage account. And this

558
00:25:20,480 --> 00:25:23,399
Speaker 1: is a brokerage account, not a traditional retirement account like

559
00:25:23,440 --> 00:25:24,560
Speaker 1: a four oh one k or and I all right,

560
00:25:24,600 --> 00:25:26,400
Speaker 1: we'll talk about that in just a second, but let's

561
00:25:26,400 --> 00:25:29,560
Speaker 1: define what cost basis means. It's the essentially the purchase

562
00:25:29,600 --> 00:25:34,360
Speaker 1: price for an investable asset or a property. So um,

563
00:25:34,359 --> 00:25:36,720
Speaker 1: it's a little nerdy. An example might help us figure

564
00:25:36,720 --> 00:25:39,359
Speaker 1: this out. Matt. Let's say you bought a an investment

565
00:25:39,400 --> 00:25:43,080
Speaker 1: property for two dollars, right, yeah, and then you sell

566
00:25:43,080 --> 00:25:45,800
Speaker 1: it ten years down the road for three thousand dollars.

567
00:25:46,280 --> 00:25:49,159
Speaker 1: All right, yeah, so so returning yeah not bad. Uh So,

568
00:25:49,200 --> 00:25:52,399
Speaker 1: in order to calculate your taxable capital gains, you subtract

569
00:25:52,480 --> 00:25:55,080
Speaker 1: the basis, which is what you paid the original two

570
00:25:55,400 --> 00:25:59,240
Speaker 1: thousand dollars, from the sale price, which is three thousand dollars,

571
00:25:59,280 --> 00:26:03,280
Speaker 1: and that leaves you with a total return of Matt one,

572
00:26:05,320 --> 00:26:07,520
Speaker 1: very good, very good, you're good at math. I was

573
00:26:07,560 --> 00:26:10,920
Speaker 1: thinking about the beer. So so, yeah, that's the gain

574
00:26:11,000 --> 00:26:13,200
Speaker 1: on the property, and because of that, you're gonna owe

575
00:26:13,320 --> 00:26:16,359
Speaker 1: tax on the amount of that gain on the hundred

576
00:26:16,359 --> 00:26:18,760
Speaker 1: thousand dollars. And the same is true of the gain

577
00:26:19,000 --> 00:26:22,280
Speaker 1: of an index fund inside of a brokerage account. If

578
00:26:22,320 --> 00:26:24,919
Speaker 1: you buy at let's say fifteen dollars a share and

579
00:26:24,960 --> 00:26:27,680
Speaker 1: sell at twenty dollars to share, you're gonna owe tax

580
00:26:27,800 --> 00:26:30,720
Speaker 1: on the gains, which is the five dollars that would

581
00:26:30,760 --> 00:26:35,080
Speaker 1: be almost almost speach you to you're you're you're almost there, right,

582
00:26:35,160 --> 00:26:37,560
Speaker 1: So that's cost basis and that's how that works, right,

583
00:26:37,560 --> 00:26:40,040
Speaker 1: But this is less of a consideration when you're talking

584
00:26:40,040 --> 00:26:42,480
Speaker 1: about money in UH in retirement funds. Right in the

585
00:26:42,560 --> 00:26:45,760
Speaker 1: retirement account, if you are investing in a traditional or

586
00:26:45,760 --> 00:26:49,520
Speaker 1: a roth IRA or in a workplace sponsored retirement account,

587
00:26:49,640 --> 00:26:52,399
Speaker 1: you don't need to worry about cost basis UH. The

588
00:26:52,440 --> 00:26:55,800
Speaker 1: reason is that nearly all of those contributions are deductible

589
00:26:55,960 --> 00:26:57,600
Speaker 1: at the time that they're made, at least for a

590
00:26:57,640 --> 00:27:01,680
Speaker 1: traditional IRA, right, so when you start taking distributions in retirement,

591
00:27:01,960 --> 00:27:05,280
Speaker 1: the full amounts of each distribution is subject to tax,

592
00:27:05,359 --> 00:27:07,919
Speaker 1: not just the gain. Those gains are tax then at

593
00:27:07,960 --> 00:27:11,439
Speaker 1: that point as income, not technically as capital gains. And

594
00:27:11,480 --> 00:27:13,359
Speaker 1: of course they were talking about a roth IRA here,

595
00:27:13,400 --> 00:27:15,359
Speaker 1: it's just the opposite, Right, You pay tax on all

596
00:27:15,359 --> 00:27:17,800
Speaker 1: of that money upfront, that money is invested in, grows

597
00:27:17,920 --> 00:27:20,080
Speaker 1: over the years, and then once you make those withdrawals

598
00:27:20,200 --> 00:27:23,320
Speaker 1: and once they're qualified, you don't pay any tax. Yeah.

599
00:27:23,320 --> 00:27:25,480
Speaker 1: So hopefully that was a clear explanation. I know it's

600
00:27:25,520 --> 00:27:28,040
Speaker 1: not the easiest thing to understand, but hopefully that helps

601
00:27:28,040 --> 00:27:31,119
Speaker 1: where you are and Elizabeth, you also asked about your

602
00:27:31,280 --> 00:27:34,960
Speaker 1: h s A and interestingly enough, you live in one

603
00:27:35,000 --> 00:27:37,600
Speaker 1: of two states that don't seem to like HSA is

604
00:27:37,640 --> 00:27:40,639
Speaker 1: that much. In California and New Jersey are literally the

605
00:27:40,680 --> 00:27:42,960
Speaker 1: only two states that don't give tax breaks to people

606
00:27:43,160 --> 00:27:45,280
Speaker 1: who put money in their h s A. And they

607
00:27:45,320 --> 00:27:47,440
Speaker 1: don't really seem to have a good reason for it either.

608
00:27:47,720 --> 00:27:49,760
Speaker 1: Those are expensive states, you know, I feel like there's

609
00:27:49,760 --> 00:27:52,879
Speaker 1: a lot to pay for in California these days in particular.

610
00:27:52,960 --> 00:27:55,720
Speaker 1: Right still don't hate on the hs A infrastructure. Same

611
00:27:55,760 --> 00:27:57,080
Speaker 1: thing with New Jersey. A lot of a lot of

612
00:27:57,160 --> 00:28:00,240
Speaker 1: roads and highways, turnpikes. And it's true you turn on

613
00:28:00,320 --> 00:28:04,320
Speaker 1: the term plex man. I saw that. Actually in February, California, Uh,

614
00:28:04,359 --> 00:28:07,400
Speaker 1: there's a bill introduced that would have allowed state residents

615
00:28:07,440 --> 00:28:09,840
Speaker 1: to get the tax break for money they put in

616
00:28:10,040 --> 00:28:12,119
Speaker 1: hs A. But due to the pandemic, that bill has

617
00:28:12,119 --> 00:28:14,159
Speaker 1: been sidelined. We'll see what happens. Maybe in the future

618
00:28:14,400 --> 00:28:17,479
Speaker 1: Californians will have that same benefit. But for right now,

619
00:28:17,560 --> 00:28:20,919
Speaker 1: you don't get the delightful state tax benefit if you

620
00:28:20,960 --> 00:28:22,680
Speaker 1: live in one of those two places. But she does

621
00:28:22,720 --> 00:28:25,639
Speaker 1: get the federal tax benefit probably. And so this doesn't

622
00:28:25,680 --> 00:28:28,120
Speaker 1: mean Elizabeth, that you don't need to, you know, put

623
00:28:28,160 --> 00:28:30,440
Speaker 1: money in h s A. Uh, It's still a pretty

624
00:28:30,440 --> 00:28:32,560
Speaker 1: good idea. You know, even if it can be a

625
00:28:32,560 --> 00:28:34,800
Speaker 1: bit of a headache to track your hs A contributions

626
00:28:34,800 --> 00:28:38,040
Speaker 1: and gains, you will still receive that triple tax advantage

627
00:28:38,120 --> 00:28:40,600
Speaker 1: on the federal level at the very least. So h

628
00:28:40,720 --> 00:28:43,680
Speaker 1: s A for the win still uh, just a little

629
00:28:43,680 --> 00:28:46,360
Speaker 1: bit less so in California and New Jersey. Arjoe, We've

630
00:28:46,400 --> 00:28:47,959
Speaker 1: got a couple more questions, and you know what, We're

631
00:28:48,000 --> 00:28:49,840
Speaker 1: gonna get to both of those right after this break.

632
00:28:59,320 --> 00:29:00,720
Speaker 1: All right, we're back in the break. We've got a

633
00:29:00,720 --> 00:29:03,320
Speaker 1: couple more questions to get to on this episode and

634
00:29:03,400 --> 00:29:05,800
Speaker 1: the next one. Matt, I really dig this one. It's

635
00:29:05,880 --> 00:29:08,920
Speaker 1: someone that wants to use their financial knowledge to help

636
00:29:08,960 --> 00:29:12,280
Speaker 1: other people. Hi, Matt and Joel. This is justin from

637
00:29:12,320 --> 00:29:16,120
Speaker 1: New Jersey. I was thinking about becoming financial coach and

638
00:29:16,160 --> 00:29:18,560
Speaker 1: have found that there are a lot of different certifications

639
00:29:18,560 --> 00:29:21,560
Speaker 1: for this. I don't want to see FP, but don't

640
00:29:21,600 --> 00:29:24,640
Speaker 1: really understand the differences between the rest of them. I

641
00:29:24,640 --> 00:29:27,760
Speaker 1: found at least five other coaching certifications, and I'm sure

642
00:29:27,800 --> 00:29:30,120
Speaker 1: that there are more. If you could help me understand

643
00:29:30,160 --> 00:29:33,920
Speaker 1: the differences between some of these certifications out there and

644
00:29:33,960 --> 00:29:37,240
Speaker 1: when certain ones make more sense than others. Some of

645
00:29:37,280 --> 00:29:44,040
Speaker 1: the certifications I found include the f cmt cpcf C,

646
00:29:44,320 --> 00:29:47,600
Speaker 1: f E I a f C in the f f C.

647
00:29:48,560 --> 00:29:51,200
Speaker 1: Thanks for the help, guys, man, I'm not gonna lie.

648
00:29:51,240 --> 00:29:54,640
Speaker 1: Those sound like college football conference conferences, right, as well

649
00:29:54,680 --> 00:29:57,000
Speaker 1: as the SEC in the a SEC and maybe the

650
00:29:57,000 --> 00:30:00,320
Speaker 1: Big twelve. Honestly, it is kind of confusing, right, are

651
00:30:00,080 --> 00:30:02,240
Speaker 1: a lot of different designations out there. I mean, he

652
00:30:02,240 --> 00:30:04,240
Speaker 1: said there's probably a bunch. I literally think it's in

653
00:30:04,280 --> 00:30:06,640
Speaker 1: the hundreds, uh, as far as I know, But you know,

654
00:30:06,760 --> 00:30:09,560
Speaker 1: justin this is a very interesting question. But I love

655
00:30:09,600 --> 00:30:12,080
Speaker 1: that you do want to help people with their money.

656
00:30:12,440 --> 00:30:14,560
Speaker 1: And because of you know, all the different certifications that

657
00:30:14,640 --> 00:30:17,400
Speaker 1: are out there, including the ones you mentioned, it's hard

658
00:30:17,440 --> 00:30:20,080
Speaker 1: to know like what it actually means when someone calls

659
00:30:20,120 --> 00:30:23,120
Speaker 1: themselves a financial coach, right. The same can be true

660
00:30:23,160 --> 00:30:26,959
Speaker 1: of a financial advisor, although you know, the certification is

661
00:30:27,080 --> 00:30:29,760
Speaker 1: way more important if you're going to be letting someone

662
00:30:29,840 --> 00:30:34,040
Speaker 1: handle your money themselves versus just receiving advice from that person.

663
00:30:34,400 --> 00:30:36,400
Speaker 1: In that case, they would they would just be a coach. Uh.

664
00:30:36,480 --> 00:30:40,000
Speaker 1: Financial coaches and financial advisors really kind of meet some

665
00:30:40,080 --> 00:30:43,960
Speaker 1: different personal financial needs for their clients. Yeah, yeah, Matt.

666
00:30:44,000 --> 00:30:46,400
Speaker 1: I mean oftentimes, when someone refers to themselves as a

667
00:30:46,440 --> 00:30:49,440
Speaker 1: financial coach, it just means that they've actually been writing

668
00:30:49,440 --> 00:30:52,240
Speaker 1: about money on a blog or they've started offering one

669
00:30:52,280 --> 00:30:55,160
Speaker 1: on one coaching sessions. Yeah, that's us, right, Yeah, we

670
00:30:55,320 --> 00:30:57,080
Speaker 1: like to talk about it. We're really interested in it.

671
00:30:57,160 --> 00:30:59,040
Speaker 1: We want to help people, but we're not handling their

672
00:30:59,080 --> 00:31:02,560
Speaker 1: retirement accounts of individuals exactly. It's not something I would

673
00:31:02,560 --> 00:31:04,560
Speaker 1: feel comfortable with at this point in time. And they

674
00:31:04,560 --> 00:31:06,840
Speaker 1: don't have any certification to back it up, right that

675
00:31:06,840 --> 00:31:09,400
Speaker 1: that they don't have a degree or letters behind their

676
00:31:09,520 --> 00:31:14,000
Speaker 1: name stating that they have earned something that provides proof

677
00:31:14,040 --> 00:31:17,160
Speaker 1: of like an accomplishment of a course or something like that, right, Um.

678
00:31:17,400 --> 00:31:20,160
Speaker 1: And oftentimes, Matt, the reason people do that, and the

679
00:31:20,200 --> 00:31:23,120
Speaker 1: reason that you and I create this podcast is because

680
00:31:23,320 --> 00:31:26,760
Speaker 1: they're passionate about the subject of money. They're passionate about

681
00:31:26,880 --> 00:31:29,680
Speaker 1: helping others with their money. Many of the people that

682
00:31:29,720 --> 00:31:32,920
Speaker 1: offer financial coaching services are people that have just an

683
00:31:32,920 --> 00:31:36,400
Speaker 1: incredible debt payoff story. They've paid off sixty seventy hundred

684
00:31:36,440 --> 00:31:39,880
Speaker 1: thousand dollars plus worth of debt and they've gotten so

685
00:31:40,120 --> 00:31:43,600
Speaker 1: entrenched in the personal finance space through blogging about their

686
00:31:43,600 --> 00:31:45,560
Speaker 1: own life in their history with money and the things

687
00:31:45,560 --> 00:31:47,760
Speaker 1: that they've learned that they want to offer that as

688
00:31:47,800 --> 00:31:50,320
Speaker 1: help to others. And I love that the financial coaching

689
00:31:50,320 --> 00:31:53,360
Speaker 1: space is really interesting because of that, but it also

690
00:31:53,440 --> 00:31:55,760
Speaker 1: does make it a little hard for the person seeking

691
00:31:55,760 --> 00:31:58,000
Speaker 1: advice to know what they're getting into. And that's where

692
00:31:58,080 --> 00:32:01,600
Speaker 1: formal accreditation like can be helpful if you're trying to

693
00:32:01,640 --> 00:32:05,400
Speaker 1: get into like the legit financial coaching world. Yeah, so

694
00:32:05,480 --> 00:32:06,960
Speaker 1: let's go ahead and talk about some of those acronyms,

695
00:32:06,960 --> 00:32:09,520
Speaker 1: you know, some of those different designations. We think that

696
00:32:09,600 --> 00:32:12,040
Speaker 1: it's great and you know that it can provide some

697
00:32:12,080 --> 00:32:14,600
Speaker 1: piece of mind for your future clients. I'm partial to

698
00:32:14,640 --> 00:32:19,000
Speaker 1: the a f C accreditation the Accredited Financial Counselor, but

699
00:32:19,120 --> 00:32:22,280
Speaker 1: the the CPFC is also another solid option that seems

700
00:32:22,320 --> 00:32:24,640
Speaker 1: to be well respected out there. For both of these

701
00:32:24,680 --> 00:32:27,240
Speaker 1: that the costs are reasonable for the education that you'll

702
00:32:27,280 --> 00:32:30,760
Speaker 1: be receiving on both fronts, and those certifications are great

703
00:32:30,800 --> 00:32:33,480
Speaker 1: to points to when you're when you're talking to potential clients.

704
00:32:33,480 --> 00:32:35,480
Speaker 1: It's it's good marketing and it's a way to to

705
00:32:35,560 --> 00:32:39,040
Speaker 1: show your clients how you are are committed to personal finance.

706
00:32:39,360 --> 00:32:40,920
Speaker 1: And also, you know, since you are listening to a

707
00:32:40,960 --> 00:32:43,040
Speaker 1: money podcast, I'm sure that you are doing this, but

708
00:32:43,120 --> 00:32:46,920
Speaker 1: make sure that to continue to pursue money education right

709
00:32:47,000 --> 00:32:50,160
Speaker 1: through books or podcasts like that's just gonna be helpful

710
00:32:50,160 --> 00:32:52,840
Speaker 1: to continue to hone those skills. Yeah, and Justin, not

711
00:32:52,920 --> 00:32:55,440
Speaker 1: only will you learn a lot of helpful things in

712
00:32:55,440 --> 00:32:58,480
Speaker 1: in some of those courses as you attempt that financial

713
00:32:58,520 --> 00:33:03,000
Speaker 1: coach accreditation will also allow the your future clients to

714
00:33:03,040 --> 00:33:05,160
Speaker 1: have a little more confidence in the advice that you

715
00:33:05,160 --> 00:33:07,200
Speaker 1: have to offer. But at the same time, it's not

716
00:33:07,280 --> 00:33:09,880
Speaker 1: an end all, be all, and I would suggest too

717
00:33:10,040 --> 00:33:13,000
Speaker 1: for our listeners who are looking for a financial coach,

718
00:33:13,280 --> 00:33:15,320
Speaker 1: you have to be really careful out there because it

719
00:33:15,440 --> 00:33:18,200
Speaker 1: is kind of a wild West space. And like I

720
00:33:18,200 --> 00:33:20,320
Speaker 1: said earlier, most of these people out there in that

721
00:33:20,360 --> 00:33:22,760
Speaker 1: space have a great heart and want to help people

722
00:33:22,760 --> 00:33:25,520
Speaker 1: with their finances. But sometimes the heart and the knowledge

723
00:33:25,800 --> 00:33:28,360
Speaker 1: are not quite aligned. And so justin, I do think

724
00:33:28,400 --> 00:33:31,360
Speaker 1: getting that accreditation can be helpful to kind of align

725
00:33:31,400 --> 00:33:33,240
Speaker 1: both of those things, and it can give you a

726
00:33:33,320 --> 00:33:36,320
Speaker 1: little more credibility in the space. Yea. And from a

727
00:33:36,400 --> 00:33:40,400
Speaker 1: business standpoint to like again, these initials, uh, all these

728
00:33:40,440 --> 00:33:43,000
Speaker 1: letters after your name. They are nice, but they are

729
00:33:43,040 --> 00:33:45,040
Speaker 1: not going to be able to replace you doing good

730
00:33:45,080 --> 00:33:48,200
Speaker 1: work year after year where you're getting personal referrals, folks

731
00:33:48,240 --> 00:33:51,320
Speaker 1: who can personally vouch for you. Uh, and that just

732
00:33:51,360 --> 00:33:54,000
Speaker 1: takes time. That takes years of doing the good work,

733
00:33:54,000 --> 00:33:55,880
Speaker 1: you know, fighting the good fight also too. You know,

734
00:33:55,880 --> 00:33:58,120
Speaker 1: while we're talking about just other things, when it comes

735
00:33:58,160 --> 00:34:00,800
Speaker 1: to business, you know, we would suggest as you kind

736
00:34:00,800 --> 00:34:02,840
Speaker 1: of continue down this path to to look at a

737
00:34:02,880 --> 00:34:05,080
Speaker 1: fee only structure, you know, similar to the way that

738
00:34:05,120 --> 00:34:07,760
Speaker 1: we want people to pay their financial advisory if they

739
00:34:07,760 --> 00:34:12,080
Speaker 1: decided to go that route. Upfront pricing provides transparency and

740
00:34:12,320 --> 00:34:14,680
Speaker 1: it will help your clients to know that there isn't

741
00:34:14,719 --> 00:34:17,160
Speaker 1: a conflict of interest, right You're not necessarily trying to

742
00:34:17,200 --> 00:34:19,160
Speaker 1: sell them something where you're gonna get a pretty large

743
00:34:19,200 --> 00:34:21,920
Speaker 1: kickback from that you can charge about the hour or

744
00:34:22,080 --> 00:34:24,720
Speaker 1: you know, just kind of have that upfronts multi session

745
00:34:24,760 --> 00:34:26,880
Speaker 1: total cost, you know, basically where they're able to know

746
00:34:27,000 --> 00:34:29,000
Speaker 1: what things are going to cost up front. There's no

747
00:34:29,200 --> 00:34:31,160
Speaker 1: you know, nothing is hidden, nothing is going to surprise

748
00:34:31,239 --> 00:34:33,360
Speaker 1: them into I guess we're kind of going down this

749
00:34:33,400 --> 00:34:36,160
Speaker 1: trail of offering advice that you didn't necessarily ask for.

750
00:34:36,239 --> 00:34:39,120
Speaker 1: But I love doing that just especially with my friends,

751
00:34:39,120 --> 00:34:41,920
Speaker 1: my family, they love it too. But I'm thinking about

752
00:34:41,960 --> 00:34:44,120
Speaker 1: marketing right Like, when it comes to marketing your services,

753
00:34:44,360 --> 00:34:46,880
Speaker 1: consider you know, like a blog or a podcast something like,

754
00:34:47,040 --> 00:34:49,120
Speaker 1: you know, like Joel and I do here, having a

755
00:34:49,120 --> 00:34:52,520
Speaker 1: solid website that goes a long ways as well, whether

756
00:34:52,600 --> 00:34:56,080
Speaker 1: that's through WordPress or Wicks or square space, all those

757
00:34:56,280 --> 00:34:58,799
Speaker 1: are going to be inexpensive and easy ways to kind

758
00:34:58,800 --> 00:35:01,000
Speaker 1: of get up and running. Yeah. I think, justin as

759
00:35:01,040 --> 00:35:02,759
Speaker 1: you're thinking through what it looks like to become a

760
00:35:02,760 --> 00:35:05,880
Speaker 1: financial coach, part of its accreditation, part of it is

761
00:35:06,239 --> 00:35:08,320
Speaker 1: building a website. I mean, there's all these things that

762
00:35:08,360 --> 00:35:11,399
Speaker 1: you can do to enhance your credibility. Something like Matt

763
00:35:11,440 --> 00:35:13,920
Speaker 1: suggested creating a podcast. The more you can put your

764
00:35:14,000 --> 00:35:15,759
Speaker 1: voice out there so that people can get access to

765
00:35:16,080 --> 00:35:18,560
Speaker 1: a little bit of free education, they they'll know what

766
00:35:18,600 --> 00:35:20,799
Speaker 1: they're in for when it comes to that more strain

767
00:35:20,880 --> 00:35:23,719
Speaker 1: you as financial coaching session where you're providing even more

768
00:35:23,760 --> 00:35:27,120
Speaker 1: insight and even more in depth counseling, and so yeah,

769
00:35:27,160 --> 00:35:29,879
Speaker 1: I think that can be a way to offer your

770
00:35:29,880 --> 00:35:33,440
Speaker 1: services the tip of the iceberg for free um in

771
00:35:33,560 --> 00:35:35,839
Speaker 1: order to gain clients. So, yeah, you gotta think about

772
00:35:35,880 --> 00:35:37,839
Speaker 1: all those things that you're starting this business. But best

773
00:35:37,880 --> 00:35:39,480
Speaker 1: of luck to you, man. All right, let's get to

774
00:35:39,480 --> 00:35:42,000
Speaker 1: our last question of this episode. This one comes from

775
00:35:42,040 --> 00:35:44,760
Speaker 1: a listener who is wondering how the Cares Act affects

776
00:35:44,920 --> 00:35:48,640
Speaker 1: how he approaches his four oh one k right now. Hey, man, Joel,

777
00:35:48,760 --> 00:35:52,160
Speaker 1: my name's Kevin and I'm from Denver, Colorado. UM I

778
00:35:52,160 --> 00:35:55,319
Speaker 1: have a question for you pertaining to what are the

779
00:35:55,320 --> 00:35:59,640
Speaker 1: best options for a four oh one k rollover? So, UM,

780
00:35:59,680 --> 00:36:02,560
Speaker 1: I had four oh one k with a previous company.

781
00:36:02,600 --> 00:36:06,040
Speaker 1: I've recently got a new job and actually doesn't have

782
00:36:06,080 --> 00:36:08,880
Speaker 1: a four oh one k contribution anymore. So my account

783
00:36:08,960 --> 00:36:11,840
Speaker 1: is kind of just It's growing, luckily because of the

784
00:36:11,920 --> 00:36:15,000
Speaker 1: rise in the stock market, but UM, I'm still getting

785
00:36:15,040 --> 00:36:16,520
Speaker 1: fees and stuff like that, and I want to just

786
00:36:16,719 --> 00:36:19,680
Speaker 1: try to figure out if I should either leave it

787
00:36:20,160 --> 00:36:23,000
Speaker 1: in that four oh one k account or roll it

788
00:36:23,080 --> 00:36:26,560
Speaker 1: over um to maybe an IRA, or take the money

789
00:36:26,600 --> 00:36:29,160
Speaker 1: out and do some other things with it. UM. I

790
00:36:29,239 --> 00:36:31,520
Speaker 1: called the record keeping company for the four oh one K,

791
00:36:32,239 --> 00:36:35,560
Speaker 1: and they said that I could roll it over to

792
00:36:35,600 --> 00:36:39,200
Speaker 1: another account, maybe another institution, probably Vanguard would be my

793
00:36:39,239 --> 00:36:42,279
Speaker 1: option UM for a fifty dollar fee, or with the

794
00:36:42,360 --> 00:36:45,600
Speaker 1: Cares Act right now, I could actually take the money out.

795
00:36:46,239 --> 00:36:48,839
Speaker 1: The distribution fee is waived at that point, and all

796
00:36:48,880 --> 00:36:52,360
Speaker 1: I would have to do is take taxes. So I

797
00:36:52,360 --> 00:36:54,080
Speaker 1: wanted to get your take on what would be the

798
00:36:54,120 --> 00:36:56,120
Speaker 1: best option leaving it in the four oh one cave

799
00:36:56,160 --> 00:36:58,600
Speaker 1: that I'm currently with UM, rolling it over to an

800
00:36:58,600 --> 00:37:01,400
Speaker 1: IRA and paying the fee, or maybe even doing the

801
00:37:01,760 --> 00:37:04,480
Speaker 1: Cares Act and just paying the taxes. Now, thanks guys,

802
00:37:04,560 --> 00:37:07,360
Speaker 1: really enjoying the show. Well, Kevin, if those are your options,

803
00:37:07,360 --> 00:37:10,120
Speaker 1: you want to go with option B, let's just cut

804
00:37:10,120 --> 00:37:12,640
Speaker 1: to the chase, right But no, like you do not

805
00:37:12,680 --> 00:37:15,680
Speaker 1: want to take your money out of that retirement account.

806
00:37:15,880 --> 00:37:18,960
Speaker 1: You know, even without that ten percent penalty, you want

807
00:37:19,000 --> 00:37:21,680
Speaker 1: to avoid paying taxes on the money. Although I guess

808
00:37:21,680 --> 00:37:23,520
Speaker 1: you know if you are considering rolling it over to

809
00:37:23,560 --> 00:37:27,160
Speaker 1: a ROTH, get ready to pay those taxes regardless. But

810
00:37:27,239 --> 00:37:30,800
Speaker 1: the bigger downside is not having your nest egg continuing

811
00:37:30,840 --> 00:37:35,080
Speaker 1: to see returns four decades within your retirement accounts. You

812
00:37:35,080 --> 00:37:38,160
Speaker 1: know that that option honestly should probably be removed from

813
00:37:38,160 --> 00:37:43,600
Speaker 1: consideration here obliterated, obliterated. Uh, and you said there's a

814
00:37:43,640 --> 00:37:47,400
Speaker 1: fee associated with that fifty bucks, That fifty dollar distribution

815
00:37:47,480 --> 00:37:49,439
Speaker 1: fee is going to be totally worth it in order

816
00:37:49,440 --> 00:37:51,040
Speaker 1: to you know, to be able to keep that money

817
00:37:51,120 --> 00:37:54,080
Speaker 1: invested for a long time to come, and you'll likely

818
00:37:54,320 --> 00:37:57,040
Speaker 1: be paying lower fees for years as well by making

819
00:37:57,080 --> 00:38:00,040
Speaker 1: that switch. And so that's certainly that shouldn't be a

820
00:38:00,080 --> 00:38:03,240
Speaker 1: barrier to you moving that money to a lower cost

821
00:38:03,320 --> 00:38:06,360
Speaker 1: brokerage house. Yeah, Matt, we're not fans of tapping the

822
00:38:06,400 --> 00:38:09,680
Speaker 1: retirement account early. Even in a year like twenty in

823
00:38:09,680 --> 00:38:13,359
Speaker 1: which that typical ten percent penalty is waived, it just

824
00:38:13,400 --> 00:38:16,799
Speaker 1: still doesn't make sense because you're missing out on long

825
00:38:16,880 --> 00:38:19,680
Speaker 1: term returns um that you'd otherwise have by keeping that

826
00:38:19,719 --> 00:38:22,040
Speaker 1: money invested for the long haul. Yeah. I think the

827
00:38:22,040 --> 00:38:24,319
Speaker 1: only situation where we would say, okay, it might be

828
00:38:24,320 --> 00:38:27,440
Speaker 1: okay to do that is if you had an alternate

829
00:38:28,000 --> 00:38:30,680
Speaker 1: investment in mind, right, but or or you literally have

830
00:38:30,760 --> 00:38:33,000
Speaker 1: to put food on the table or the roof over

831
00:38:33,040 --> 00:38:36,400
Speaker 1: your head, right like in case of drastic, extreme circumstances,

832
00:38:36,480 --> 00:38:38,799
Speaker 1: that's where it's okay to take money out of your

833
00:38:38,800 --> 00:38:42,040
Speaker 1: retirement account. Most people, they're not in that position of

834
00:38:42,480 --> 00:38:45,080
Speaker 1: having to decide between those two things exactly. Um, yeah,

835
00:38:45,120 --> 00:38:47,480
Speaker 1: and Kevin did did didn't sound like he had necessarily

836
00:38:47,520 --> 00:38:49,120
Speaker 1: something in mind, Like he didn't have a property lined

837
00:38:49,200 --> 00:38:50,480
Speaker 1: up that he knew he was going to pounce on,

838
00:38:50,560 --> 00:38:51,799
Speaker 1: you know. And so a lot of it kind of

839
00:38:51,840 --> 00:38:53,440
Speaker 1: comes down to behavior, because if you know that you're

840
00:38:53,440 --> 00:38:55,760
Speaker 1: gonna take that money out and do something really smart

841
00:38:55,800 --> 00:38:58,040
Speaker 1: with it, then we would say that like, Okay, yeah,

842
00:38:58,040 --> 00:39:00,320
Speaker 1: that's something to consider. But in your case, it sounds

843
00:39:00,360 --> 00:39:02,680
Speaker 1: like you getting your hands on the money, it could

844
00:39:02,680 --> 00:39:05,520
Speaker 1: just become maybe a larger at temptation and that's something

845
00:39:05,520 --> 00:39:07,480
Speaker 1: that you don't want to put yourself in, right, Yeah, totally.

846
00:39:07,520 --> 00:39:09,480
Speaker 1: All right, Let's talk a little bit more about fees

847
00:39:09,520 --> 00:39:12,839
Speaker 1: to Matt. When we're talking about rolling over funds from

848
00:39:13,040 --> 00:39:17,480
Speaker 1: a workplace retirement account into an individual retirement account, that's

849
00:39:17,520 --> 00:39:19,960
Speaker 1: something that we really need to consider. Depending on what

850
00:39:20,080 --> 00:39:22,600
Speaker 1: company your four O one CA is currently with, well,

851
00:39:22,680 --> 00:39:25,200
Speaker 1: you'll likely have access to cheaper funds with a company

852
00:39:25,200 --> 00:39:28,719
Speaker 1: like Vanguard, Fidelity or Schwab or others too that are

853
00:39:28,760 --> 00:39:31,279
Speaker 1: great in low cost. And whoever you go with, you

854
00:39:31,360 --> 00:39:34,640
Speaker 1: want to initiate what's called a trustee to trustee transfer.

855
00:39:34,880 --> 00:39:37,200
Speaker 1: You don't want to check put in your hands, because

856
00:39:37,320 --> 00:39:39,200
Speaker 1: if you do, the clock starts ticking and you could

857
00:39:39,200 --> 00:39:42,000
Speaker 1: find that you've got a tax issue on your hands.

858
00:39:42,400 --> 00:39:46,000
Speaker 1: But prioritizing moving your money from the four O one

859
00:39:46,080 --> 00:39:48,439
Speaker 1: K where it currently is to an IRA or roth

860
00:39:48,480 --> 00:39:52,520
Speaker 1: IRA with a company that prioritizes hyper low fees um

861
00:39:52,640 --> 00:39:55,120
Speaker 1: is going to ensure that your money is working best

862
00:39:55,160 --> 00:39:58,439
Speaker 1: for you for the decades to come. So, Kevin, let's

863
00:39:58,440 --> 00:40:00,960
Speaker 1: talk about how to go about actually doing this right.

864
00:40:01,200 --> 00:40:04,160
Speaker 1: Reach out to whichever low cost company that you dig

865
00:40:04,239 --> 00:40:05,840
Speaker 1: and get the ball rolling. You know, the transfer is

866
00:40:05,840 --> 00:40:08,480
Speaker 1: going to be pretty easy and seamless. Reach out to

867
00:40:08,640 --> 00:40:10,560
Speaker 1: whatever new company that you want to go with, give

868
00:40:10,600 --> 00:40:14,120
Speaker 1: them the details on your current for one K account provider,

869
00:40:14,520 --> 00:40:17,040
Speaker 1: and they will handle the rest. It's pretty chill. Uh.

870
00:40:17,040 --> 00:40:20,400
Speaker 1: They're gonna initiate that trustee to trustee transfer. That money

871
00:40:20,440 --> 00:40:22,840
Speaker 1: is never going to uh you know, enter your account.

872
00:40:22,840 --> 00:40:24,839
Speaker 1: There's not gonna be any clocks ticking. You're gonna be

873
00:40:24,920 --> 00:40:28,160
Speaker 1: completely safe, and like we've mentioned earlier on best of all,

874
00:40:28,200 --> 00:40:30,240
Speaker 1: that money is going to continue to grow for decades

875
00:40:30,280 --> 00:40:32,640
Speaker 1: to come. If I were in your position, that's exactly

876
00:40:32,680 --> 00:40:34,720
Speaker 1: what I would do. Yeah, Matt, one of the biggest

877
00:40:34,800 --> 00:40:38,000
Speaker 1: money mistakes people make is taking money out of a

878
00:40:38,080 --> 00:40:40,880
Speaker 1: workplace retirement account early, whether it's a four oh one

879
00:40:40,960 --> 00:40:44,359
Speaker 1: K loan, whether it's a hardship withdrawal, or whether it's

880
00:40:44,719 --> 00:40:47,080
Speaker 1: twenty And the Cares Act says, if you've had any

881
00:40:47,080 --> 00:40:49,480
Speaker 1: sort of financial impact on your life from COVID, you

882
00:40:49,520 --> 00:40:51,480
Speaker 1: can take money out without paying the penalty. And in

883
00:40:51,520 --> 00:40:53,839
Speaker 1: all of those instances, it makes it easier for us

884
00:40:53,840 --> 00:40:57,359
Speaker 1: to take money that we've essentially um slotted for our

885
00:40:57,400 --> 00:41:00,480
Speaker 1: future self slotted for retirement and start to use it

886
00:41:00,560 --> 00:41:02,440
Speaker 1: up now. And that really comes back to bite a

887
00:41:02,480 --> 00:41:05,520
Speaker 1: whole lot of people when they start to reach their

888
00:41:05,560 --> 00:41:09,040
Speaker 1: older years because they haven't had that money compounding for decades,

889
00:41:09,360 --> 00:41:11,200
Speaker 1: they decided to use it up earlier in their life.

890
00:41:11,200 --> 00:41:13,399
Speaker 1: So we would suggest leave it where it is right.

891
00:41:13,760 --> 00:41:16,680
Speaker 1: We don't need these escape closes attempting us to to

892
00:41:16,719 --> 00:41:19,879
Speaker 1: part us with our future dollars. Exactly, yeah, exactly yeah. So, Kevin,

893
00:41:19,880 --> 00:41:21,839
Speaker 1: best of luck to you, and we hope that your

894
00:41:22,040 --> 00:41:25,040
Speaker 1: retirement nest continues to grow for decades to come. So

895
00:41:25,120 --> 00:41:26,680
Speaker 1: Joel is going to shift gears. Let's get back to

896
00:41:26,719 --> 00:41:29,160
Speaker 1: the beer. This episode, you and I each had an

897
00:41:29,200 --> 00:41:32,520
Speaker 1: apparitional Disintegration, which is a double I p A from

898
00:41:32,960 --> 00:41:35,480
Speaker 1: Burial up in Asheville. This is one of the brewers

899
00:41:35,480 --> 00:41:37,120
Speaker 1: that Kate and I visited while we were up there

900
00:41:37,120 --> 00:41:39,200
Speaker 1: for a little trip recently. And uh, yeah, this is

901
00:41:39,239 --> 00:41:41,680
Speaker 1: one of the beers that we brought back for United

902
00:41:41,719 --> 00:41:43,280
Speaker 1: to have on the show. Man, What were your thoughts

903
00:41:43,280 --> 00:41:45,080
Speaker 1: on this one? I feel like, well I was drinking this,

904
00:41:45,320 --> 00:41:48,200
Speaker 1: there was much rejoicing in my mouth. Um, I was

905
00:41:48,239 --> 00:41:52,880
Speaker 1: just so happy. It was so good it was in

906
00:41:52,880 --> 00:41:55,400
Speaker 1: your mouth. I feel like the hot presence was just

907
00:41:55,840 --> 00:41:58,839
Speaker 1: so good. It was sweet, but it was the right

908
00:41:58,920 --> 00:42:02,799
Speaker 1: kind of sweet, was like perfectly balanced. And so yeah,

909
00:42:02,840 --> 00:42:04,480
Speaker 1: I mean, I don't really know what else to say

910
00:42:04,520 --> 00:42:06,120
Speaker 1: about this beer except for the fact that this is

911
00:42:06,200 --> 00:42:08,680
Speaker 1: right in my I p A wheelhouse, And pretty much

912
00:42:08,880 --> 00:42:11,319
Speaker 1: every I p A Burial makes typically is they just

913
00:42:11,360 --> 00:42:14,680
Speaker 1: make awesome, awesome beers. So yeah, that man really really

914
00:42:14,760 --> 00:42:17,320
Speaker 1: dug this one. Yeah, in particular, these specialty tawboy I

915
00:42:17,360 --> 00:42:19,080
Speaker 1: pas that they make, you know, like they're they're standard

916
00:42:19,080 --> 00:42:20,959
Speaker 1: stuff is pretty good. The stuff you can bind six packs,

917
00:42:20,960 --> 00:42:22,319
Speaker 1: but if you can get your hands on some of

918
00:42:22,320 --> 00:42:25,200
Speaker 1: these four packs that are sixteen ounces each, Man, these

919
00:42:25,239 --> 00:42:28,440
Speaker 1: are such great beers. I'm with you this one in particular.

920
00:42:28,719 --> 00:42:31,080
Speaker 1: It was mashed with like oats and wheat, and I

921
00:42:31,080 --> 00:42:32,920
Speaker 1: feel like it kind of gave it a paler, kind

922
00:42:32,920 --> 00:42:34,920
Speaker 1: of lighter color, and I feel like it almost kind

923
00:42:34,920 --> 00:42:37,319
Speaker 1: of gave it a kind of a weedier finish as well. Right,

924
00:42:37,320 --> 00:42:39,680
Speaker 1: So it's a little bit drier, a little bit chewier

925
00:42:39,680 --> 00:42:41,480
Speaker 1: on the tail end a little bit. But I'm with you,

926
00:42:41,520 --> 00:42:43,360
Speaker 1: this is a really fantastic beer. I'm glad you and

927
00:42:43,440 --> 00:42:45,359
Speaker 1: I got to each have one of these while we

928
00:42:45,400 --> 00:42:47,480
Speaker 1: did one of our favorite things, which is talk about money,

929
00:42:47,680 --> 00:42:49,480
Speaker 1: and that's gonna be it for this episode. Man. Listeners

930
00:42:49,480 --> 00:42:51,319
Speaker 1: can find our show notes up on our website at

931
00:42:51,320 --> 00:42:53,920
Speaker 1: how to money dot com. We'll make sure to reference

932
00:42:54,160 --> 00:42:57,399
Speaker 1: any of the different resources that we mentioned during this episode. Yeah,

933
00:42:57,400 --> 00:42:59,319
Speaker 1: and if you have a money question that you love

934
00:42:59,400 --> 00:43:02,279
Speaker 1: Matt and I to tackle on a future episode, we

935
00:43:02,320 --> 00:43:04,319
Speaker 1: would love to hear it. And it's so simple for

936
00:43:04,360 --> 00:43:07,160
Speaker 1: you to send your question over our way. Just go

937
00:43:07,200 --> 00:43:09,880
Speaker 1: to how to money dot com slash ask and follow

938
00:43:09,920 --> 00:43:12,360
Speaker 1: the simple instructions there. In three minutes time, you'll have

939
00:43:12,440 --> 00:43:15,360
Speaker 1: an MP three file right in our our email inbox,

940
00:43:15,400 --> 00:43:18,520
Speaker 1: and hopefully we can answer your question on an upcoming episode,

941
00:43:18,920 --> 00:43:21,440
Speaker 1: so Matt, that's gonna do it for this episode until

942
00:43:21,480 --> 00:43:24,279
Speaker 1: next time. Best Friends Out, Best Friends Out,