Speaker 1: Why hello there, Matt. I was like, going, man, all right,
Speaker 1: so we've never started a show like that. I know
Speaker 1: this is a weird beginning, but there's a reason for that.
Speaker 1: This is our first bestie episode, and the reason that
Speaker 1: we're releasing what we're calling a bestie episode is there's
Speaker 1: there's no reason for it, no reason, yeah, other than
Speaker 1: you and I just we want to be able to
Speaker 1: kick back and hanging on the porch and have a
Speaker 1: beer without talking. Right, No, man, I got diapers to change, now, Okay,
Speaker 1: both of us do. That's right. Our babies have been born,
Speaker 1: so we're pretty excited. We got two little dudes each, No,
Speaker 1: just one each one each. You've do total. You've got
Speaker 1: Ezra David. That's right, Yeah, Ezra David. He was born
Speaker 1: just like his dad, super long, super skinny, so twenty
Speaker 1: two inches long, d percent for height already. It's a
Speaker 1: joy having him around. But the sleepless nights, it's kind
Speaker 1: of one of those things. It's a jarring experience to
Speaker 1: have a new boy. Yeah, I forgot you did it
Speaker 1: more recently than me. Yeah. It feels awesome now kind
Speaker 1: of being a family five, whereas before we were just four. Man,
Speaker 1: I forget how sort of physically ill I feel when
Speaker 1: I don't get enough sleep, Like I wake up in
Speaker 1: the morning when I haven't gotten a lot of sleep,
Speaker 1: and I literally feel like I'm gonna throw up, like
Speaker 1: I feel nauseous. But yeah, Weston James, he has joined
Speaker 1: our family as well. At the moment. He's got those
Speaker 1: bright blue eyes, which is odd because neither my wife
Speaker 1: or I have blue eyes. Were loving it. We think
Speaker 1: it's the best thing ever. Both your wife and Kate,
Speaker 1: my wife, they're doing awesome. Healthy babies, healthy mamas. We
Speaker 1: could not be any happier. Quick question for you. Have
Speaker 1: you been initiated yet by your son on the changing table? Oh? Yeah,
Speaker 1: you know talking about so we've only had daughters. Apparently
Speaker 1: when you have a boy and you're changing the diaper,
Speaker 1: you gotta cover up. And my wife totally got initiated
Speaker 1: when all over the place, my wife and oldest daughter,
Speaker 1: she was like watching and then she's like, wait, whoa,
Speaker 1: it's going upwhere? Yeah? Yeah, Weston all over himself, all
Speaker 1: over the table, all over the wall. You hear stories
Speaker 1: about it and you think, sure, I guess that will
Speaker 1: happen at some point, But it's still incredibly surprising, and
Speaker 1: you learn quickly to have an extra cloth there to
Speaker 1: be able to cover up while you're changing that diaper.
Speaker 1: So no word to the wise. Nobody ever expects to
Speaker 1: get urinated on, and then it happens. PM. Man, these boys,
Speaker 1: we got them together the other day. They're awesome. It's
Speaker 1: gonna be so much fun having sons and Dude, they
Speaker 1: were only born two days apart, so I'm pretty sure
Speaker 1: they're gonna be best friends too. And I'm just excited
Speaker 1: to hear their podcast about like passifiers and onesies. That's
Speaker 1: what that newborn life is all about. Man. But speaking
Speaker 1: of episodes, speaking of podcasts, this is gonna be our
Speaker 1: first bestie episode, and we are releasing this one again.
Speaker 1: This is the recession Proofing your Finances episode. Man, this
Speaker 1: is gonna be our first best episode. And this was
Speaker 1: all about getting your your personal finances in order. Yeah,
Speaker 1: basically on this episode, we talked about how to view
Speaker 1: your employment in light of a potential upcoming recession, how
Speaker 1: to think about investing when a recession is potentially looming,
Speaker 1: and Matt, We've gotten so many questions, so many people
Speaker 1: concerned because headlines CNBC, there's a lot of recession talk.
Speaker 1: A lot of people are worried, and so I think
Speaker 1: there are some solid steps that people can take that
Speaker 1: we outline in this episode that can be really helpful
Speaker 1: for folks to to consider and to implement so that
Speaker 1: they feel a little sturdier. And you know what, even
Speaker 1: if a recession doesn't hit, even if the economy stays
Speaker 1: chugging along, these are not bad things to think about anyway.
Speaker 1: So we got eight responses from listeners when this was
Speaker 1: originally released, and I know we've got a lot of
Speaker 1: new listeners who haven't delve back this far, and so
Speaker 1: I think there are a lot of good nuggets in
Speaker 1: here for for everybody. Yeah, it's just great to have
Speaker 1: a solid grasp of the fundamentals, regardless of what the
Speaker 1: market and regardless of what the economy is doing. These
Speaker 1: are the building blocks of our financial lives. And so,
Speaker 1: without further ado, we hope that you enjoyed this episode.
Speaker 1: All right, now, I'm gonna go get some cuddle time
Speaker 1: with my little dude. Welcome to How to Money. I'm Joel,
Speaker 1: I'm Matt, and today we're talking about recession proofing your finances. So, Joel,
Speaker 1: I know how much you love diapers where I'm all
Speaker 1: the time, Dude, I'm going to mention a personal fail,
Speaker 1: which is my my wife and I, Kate and I,
Speaker 1: we thought that twenty nineteen would be the year that
Speaker 1: we kicked diapers to the curb. Our third daughter just
Speaker 1: turned two, and we thought, you know what, it might
Speaker 1: be time. We think she's she's pretty smart, she's pretty sharp,
Speaker 1: she's pretty with it, and get her on that potty
Speaker 1: train band wide. Yes exactly. Well, she's got two older sisters,
Speaker 1: and we thought with her seeing it all the time,
Speaker 1: she'd be ready for it. And I was really excited
Speaker 1: about being able to cut diapers from the budget. And
Speaker 1: and I talked about it, and we decided that if
Speaker 1: we were going to cut diapers, that we would keep
Speaker 1: that amount of money in the budget and then just
Speaker 1: be able to eat a little bit nicer. So we're
Speaker 1: not actually increasing our food budget, but we would be
Speaker 1: able to get say, nicer cheese, is nicer meets the sharkutie,
Speaker 1: to get to eat the diaper money. Yeah exactly, But man,
Speaker 1: we totally failed. We we came back at the beginning
Speaker 1: of the year, beginning of January, and we're hoping that yeah,
Speaker 1: we'd be able to kick it off. But that's not
Speaker 1: on you. That's on Dottie. Okay, that's her fault, and
Speaker 1: I will talk to her about it. She needs upper
Speaker 1: game in all fairness, though she's only twenty four months,
Speaker 1: and with the other girls, we waited until I think
Speaker 1: like twenty six and maybe twenty eight months, but we
Speaker 1: just we just thought we were ready. We thought she
Speaker 1: could handle it. And really we're most excited about being
Speaker 1: able to cut diapers from the budget. So who knows, man,
Speaker 1: it might be a few more months now that we're
Speaker 1: gonna rock those diapers and no nice cheese. Is any
Speaker 1: parents out there listening, They totally know or remember the
Speaker 1: potty training stage, And it's different for every kid. Like
Speaker 1: I swear our first daughter, Selma, like overnight, she had
Speaker 1: like one accident maybe, but no overnight accidents. It was amazing.
Speaker 1: And then our second daughter still did pretty well, but
Speaker 1: it was completely different. It took a lot longer than
Speaker 1: we thought and we had to keep wearing the pull
Speaker 1: ups at night, and so it's different for every kid,
Speaker 1: and some kids don't get it till later, and some kids,
Speaker 1: well boys as well, Like yeah, with boys, it takes
Speaker 1: much longer. So typically, I mean a lot of times
Speaker 1: I think boys are around three years old before they
Speaker 1: even consider potty training. But yeah, like it said, it's
Speaker 1: different for all kids. So you were just hoping that
Speaker 1: dotty was like a bathroom Mozart, like a proud of basically, yeah,
Speaker 1: we we were even ambitious enough to say, do we
Speaker 1: even need to pull up the little toy potty, you know,
Speaker 1: like the little kid one, because she would climb up
Speaker 1: onto the stool and hop up on the on the
Speaker 1: toilet like the big girls do. Nope, Ye, huge fail.
Speaker 1: All right, speaking of goals, so we're you're well into
Speaker 1: January at this point, but I think it's okay for
Speaker 1: people still to set a goal to kind of improve
Speaker 1: in a way in one way or another. And I
Speaker 1: think sometimes maybe at this point, maybe you're two and
Speaker 1: half weeks in and you've already failed at a goal
Speaker 1: or two like Dottie did, right, Dottie completely failed. Yeah,
Speaker 1: it just fell flat on her face. Yeah, so maybe
Speaker 1: you haven't met your goal. I think, like we talked
Speaker 1: about in the Creating a Money roadmap, sometimes it's those
Speaker 1: little things. It's it's not necessarily the end goal that
Speaker 1: is the good goal to have. It's it's the little
Speaker 1: incremental things that you can do along the way they're
Speaker 1: going to help you achieve that bigger goal. And one
Speaker 1: thing I wanted to mention that's been kind of helpful
Speaker 1: to me recently is when I really need to buckle
Speaker 1: down and get some work done is putting my phone
Speaker 1: in airplane mode. And just like I mentioned a long
Speaker 1: time ago that it's been helpful for me to put
Speaker 1: my phone in gray scale mode because I just want
Speaker 1: to look at it less. It just makes me less
Speaker 1: interested in looking at Instagram or Facebook. In the same
Speaker 1: way again, if I really want to buffle down at work,
Speaker 1: it makes it look like a kindle, which exactly I
Speaker 1: tell you that I got my kindle by the all right, anyway,
Speaker 1: sorry to interrupt. So yeah, I mean, I think for
Speaker 1: anybody that really wants to buffle down and get something
Speaker 1: done and they feel like their phone is constantly distracting them,
Speaker 1: you know, set an hour or two hours or even
Speaker 1: just thirty minutes in a row of having your phone
Speaker 1: on airplane mode, you'll just kind of forget that it's
Speaker 1: even there, and you'll you'll actually get more done. Because
Speaker 1: we don't realize how how often we're interrupted by our phone,
Speaker 1: by a text message, by notification, by an alert, and
Speaker 1: so just kind of putting it completely out of sight,
Speaker 1: out of mind is like a great way to kind
Speaker 1: of boost your productivity. Yeah, man, I totally agree, you know,
Speaker 1: And past few months, I've actually had my phone on
Speaker 1: when it's on silent mode that it doesn't vibrate, so
Speaker 1: it's basically completely silent. Which the reason I did that
Speaker 1: was because I would have my phone sitting on my desk,
Speaker 1: and you know, you get all the spam calls and
Speaker 1: you can recognize them because their area codes that you
Speaker 1: don't recognize. But I still would reach over towards it
Speaker 1: to silence. It would hit the little button to make
Speaker 1: it stop vibrating because I don't want to burn my battery.
Speaker 1: But just the fact of reaching towards my phone, I
Speaker 1: would kind of pick it up and then hop over
Speaker 1: to an app and it would Yeah, it was another distraction.
Speaker 1: It's a total attention breaker. Yeah, But that being said,
Speaker 1: it doesn't break my attention nearly as much if it
Speaker 1: just kind of pops up if I see the notification,
Speaker 1: because I won't reach for it. For for me, it
Speaker 1: was the physical act of reaching towards it is what
Speaker 1: threw me off. But I can kind of dart my
Speaker 1: eyes over and see that it's just an unknown caller
Speaker 1: or a number I don't recognize and keep moving on
Speaker 1: with life. But yeah, I'm with you, man, If I
Speaker 1: need to really buckle down, flipping it over to airplane
Speaker 1: mode is is truly the only way just to to
Speaker 1: get quality, deep work done, which is which is key. Yeah,
Speaker 1: And sometimes, honestly, doing something like that actually means you
Speaker 1: might have fewer hours of work that you actually have
Speaker 1: to put in, because if you're more productive while you're
Speaker 1: working with your phone and airplane mode, you might not
Speaker 1: have to work as many hours in the day because
Speaker 1: the hours you're working are so much more productive now
Speaker 1: you don't have that restart time. They say that anytime
Speaker 1: you have a break in your concentration like that, sometimes
Speaker 1: they can take up to fifteen minutes to kind of
Speaker 1: get your train of thought back completely where you're back
Speaker 1: in the groove. And man, I completely agree with that,
Speaker 1: Sweet Matt, So let's tell everybody the beer we're drinking
Speaker 1: in today's episode. Today's beer was sent to us by
Speaker 1: a listener, Philip from Chico. California, which is where Sierra
Speaker 1: Nevada's base. So I don't think he works there, but
Speaker 1: he lives there, and I love that he sent us
Speaker 1: this beer in particular, Mathmer. Yeah, this beer is called Resilience,
Speaker 1: Butte County Proud I p A. And if you're not aware,
Speaker 1: there have been a lot of wildfires in California and
Speaker 1: a lot of the employees of the brewery Sierra Nevada,
Speaker 1: which is one of the biggest craft breweries in the
Speaker 1: nation right were affected, were displaced by the wildfires surrounding
Speaker 1: their brewery and surrounding where their employees live. And so
Speaker 1: Sierra Nevada decided to brew this beer Resilience UH and
Speaker 1: donate all the proceeds to a fund that helps those
Speaker 1: that were impacted by by the fire. And the really
Speaker 1: cool thing, Matt, my favorite part about this story of
Speaker 1: this beer is that other breweries, hundreds of other breweries
Speaker 1: around the country have banded around Sierra Nevada to brew
Speaker 1: this same recipe at their breweries and they're selling it
Speaker 1: and doing the same exact thing. Yeah, so totally awesome.
Speaker 1: I went to a brewery recently and they had their
Speaker 1: own version of Resilience it's the same exact recipe because
Speaker 1: here and about to put the recipe out there for
Speaker 1: everyone to use. And they said so they're calling it Resilience,
Speaker 1: and and they're saying that all the proceeds are going
Speaker 1: to to the same camp fire fund, helping, you know,
Speaker 1: people that were impacted by the by the fires in California. Yeah, man,
Speaker 1: I love that. And even if you don't love craft beer, right,
Speaker 1: you can admire the community and the support that is
Speaker 1: rallying together in order to help change people's lives that
Speaker 1: were affected by those fires. I love that. Yeah, such
Speaker 1: a cool way to use the beer. And I already
Speaker 1: love the packaging. It kind of reflects the beauty of
Speaker 1: that part of the world. And also just like those
Speaker 1: roots kind of coming out of the name Resilience on
Speaker 1: the can reminds you of that community, grassroots effort, the
Speaker 1: roots run deep. I love it. It's got the Yosemite look,
Speaker 1: which is basically my favorite place on earth. So I
Speaker 1: already love it. But let's go ahead and taste it. Man. Cheers. Man, dude,
Speaker 1: that's awesome. And before we mentioned our one word, I
Speaker 1: wanted to share why we have a beer every week,
Speaker 1: which is craft beer. Is something that you and I
Speaker 1: love obviously, and so we have a beer while we
Speaker 1: talk about money, and it's just one of the things
Speaker 1: that we care about, and it's one of the things
Speaker 1: that we're not depriving our life of. It is something
Speaker 1: that we value and because that we spend money, right, Like,
Speaker 1: we were not looking to cut back in every single
Speaker 1: aspect of life, but we try to be intentional with
Speaker 1: our money. Craft beer is one of the ways that
Speaker 1: we are intentional and do spend money. So just keep
Speaker 1: that in mind when you're seeking to kind of get
Speaker 1: your financial life and order right. It's okay to spend money,
Speaker 1: just make sure you're spending money on the things that
Speaker 1: matter to you, all right. Ji. Also, what's your one
Speaker 1: word to describe this beer? Alright? My word is gonna
Speaker 1: involve the use of a hyphened So I'm going old school.
Speaker 1: I don't even know if that's hyphenated, but I'm going
Speaker 1: for it. That's not only way to get both those words.
Speaker 1: You just say, yeah, you just wanted it to be
Speaker 1: hyphen it is so you can get two words and cheater. Alright, Matt,
Speaker 1: what word would you use to describe this week's beer? Yeah? Man,
Speaker 1: my word is multi, So a little bit later on
Speaker 1: the show, we'll get into why we use those words
Speaker 1: to describe this beer, but for now, let's get to
Speaker 1: the subject at hand, Matt, recession proofing your finances. And
Speaker 1: we really wanted to tackle this topic, Matt, because there
Speaker 1: are so many people doom and gloom naysayers that saying
Speaker 1: that the economy is going to crash any moment, And truly,
Speaker 1: the economy has been doing really well for the past
Speaker 1: pretty much decade, right, And I think it's really important
Speaker 1: for our listeners to know that that we shouldn't be
Speaker 1: paying super close attention to these predictions of a recession,
Speaker 1: but it is good to be prepared right for whatever
Speaker 1: might occur, And in particular, preparing for a recession is
Speaker 1: really more than anything being prepared for short term bumps
Speaker 1: in the road. And so that's kind of what we're
Speaker 1: going to cover in this episode. Yeah, there can be
Speaker 1: two extremes when it comes to our outlook towards the
Speaker 1: coming years of our economy. Right, you can either be
Speaker 1: overly positive and optimistic due to near sightedness, thinking of
Speaker 1: that our current situation will continue on like it has forever,
Speaker 1: which is like human nature, which is human nature. Yeah,
Speaker 1: So you might think you'll continue to get those raises
Speaker 1: at work, you might get great returns to the stock market,
Speaker 1: might think that gas prices are going to continue to
Speaker 1: go down because that's what's happening right now. Or you
Speaker 1: might be overly negative in thinking that the market is
Speaker 1: going to crash. You know, just like you said, you
Speaker 1: like the naysayers. We think that it might just be
Speaker 1: too good to be true. And either way, we can't
Speaker 1: control our economy, we can't control the markets, but what
Speaker 1: we can control our our personal finances. This reminds me
Speaker 1: too of Stephen Covey. He's got that classic books, Seven
Speaker 1: Habits of Highly Effective People, and he talks about how
Speaker 1: you have your circle of concern. Right, there's a lot
Speaker 1: of things that impact you and that you are interested
Speaker 1: in and that concern you. However, within that circle of concern,
Speaker 1: there's a smaller circle, which is your circle of influence.
Speaker 1: And the idea is to focus on the things that
Speaker 1: you can control, focus on the things that you have
Speaker 1: influence over, and that's personal finance. Right. Like you can
Speaker 1: read all the news reports, you can follow the stocks
Speaker 1: and the charts all you want, but that's not going
Speaker 1: to change what the market actually does. What you can change, though,
Speaker 1: are your own personal finances. And before we get into
Speaker 1: the nuts and bolts of how you can prepare your
Speaker 1: personal and your families finances for a potential recession, I
Speaker 1: did want to just quickly address to like a mental
Speaker 1: mindset shift that needs to take place for a lot
Speaker 1: of people. If you're somebody that logs onto CNBC every
Speaker 1: day or has the news on and here's people crying
Speaker 1: about potential recession and predicting the all the potential bad
Speaker 1: things that could happen, that can be a recipe for
Speaker 1: you making moves that are not in the best interest
Speaker 1: of your long term financial future. So be careful about
Speaker 1: the news that you're consuming and the people that you're
Speaker 1: listening to, because if you adopt more of a long
Speaker 1: term strategy towards your personal finances, those day to day naysayers,
Speaker 1: it really they have a lot less impact on what
Speaker 1: you actually do with your money. And so after the break,
Speaker 1: we're gonna talk about some specific things that you can
Speaker 1: do to recession proof your finances. And again, these are
Speaker 1: things that you can do proactively versus reacting to the
Speaker 1: news and the market. So there are a lot of
Speaker 1: important things you need to consider when your recession proofing
Speaker 1: your finances, and the first one is to build a
Speaker 1: strong emergency on if you feel like a recession might
Speaker 1: impact you in a meaningful way, it's really important to
Speaker 1: squirrel away more cash. When the economy is roaring, an
Speaker 1: emergency fund is still meaningful, right, We've talked about that
Speaker 1: before the show, but it's even more meaningful when we're
Speaker 1: talking about a potential recession because in the event of
Speaker 1: job loss or decreased pay or fewer hours that you're
Speaker 1: able to work for your incurrent employer because of a recession,
Speaker 1: it's important to have kind of more money uh scrolled
Speaker 1: away in your bank account so that you can be prepared.
Speaker 1: So how much we're talking about here, we're talking about
Speaker 1: like a hundred bucks bucks that won't get you very far.
Speaker 1: Usually a typically the sort of initial emergency fund that
Speaker 1: you want to put together is like a thousand bucks, right,
Speaker 1: A thousand dollars will get you far, but ideally we're
Speaker 1: talking three to six months, maybe even a little bit
Speaker 1: more if you like to have a little more margin,
Speaker 1: a little more of a buffer and when it comes
Speaker 1: to your finances, but at least three to six months
Speaker 1: of expenses is what you want to have when it
Speaker 1: comes to setting aside money for a strong emergency fund. Yeah.
Speaker 1: For a lot of years, cash has been considered like
Speaker 1: a terrible investment, and rightly so, it's not an investment
Speaker 1: at all, right, right, and for rightly so, right for
Speaker 1: that reason, and because returns on cash have been really low, right,
Speaker 1: the low interest rates paid out on cash accounts. But
Speaker 1: in the current state of things, interest rates are rising
Speaker 1: on the savings accounts, and so it's not actually a
Speaker 1: terrible place to put your money right now. Um, So
Speaker 1: at the same time that it's not a terrible place
Speaker 1: to store your money, it's also more important to put
Speaker 1: your money there because of a potential recession and because
Speaker 1: of the impact that it could have on you and
Speaker 1: your family. And and we did an entire episode dedicated
Speaker 1: towards setting aside money for an emergency fund. And again,
Speaker 1: that might mean investing less and saving more in the
Speaker 1: short term, and that is okay, But but look that
Speaker 1: one up. That's episode number twenty one, where we talk
Speaker 1: about everything you need to know about an emergency fund. Yeah,
Speaker 1: and speaking of investing less, that it might make sense
Speaker 1: to potentially back off your ira A contributions or your
Speaker 1: four oh one K contributions through an employer. Let's say
Speaker 1: you're investing tend to twelve percent of your pay in
Speaker 1: a four oh one K, you're backing that automatic deduction
Speaker 1: off to like six or wherever it is, you know,
Speaker 1: just making sure you of course get the company match
Speaker 1: through your employer priority exactly, and then after that making
Speaker 1: sure that you're not investing any more than that until
Speaker 1: you feel like your emergency fund is where you want
Speaker 1: it to be. Excellent man. And the next you want
Speaker 1: to attack high interest rate debt and don't take out
Speaker 1: more debt. And so this makes sense from a number standpoint,
Speaker 1: right from a number is an interest rate standpoint, you
Speaker 1: want to attack the loans that you have to have
Speaker 1: the highest interest rate. If a recession hits, it's so
Speaker 1: important to tackle that high interest rate debt. That's the
Speaker 1: most important. Let's say you've got five thousand dollars in
Speaker 1: student loan debt at a three percent rate and ten
Speaker 1: thousand dollars of credit card debt at a nineteen percent
Speaker 1: interest rate. I think it makes right, which it could be.
Speaker 1: I think it makes a lot more sense for people
Speaker 1: to try to tackle that credit card debt, because a
Speaker 1: three percent interest rate isn't gonna kill you, but a
Speaker 1: nine interest rate is. Ultimately it's gonna crush you. Because
Speaker 1: it's really hard to gain an advantage. I would recommend
Speaker 1: putting every extra dollar that you have towards a really
Speaker 1: high interest rate debt like that before attacking anything with
Speaker 1: a super low interest rate. You definitely need to be
Speaker 1: smart about it. Yeah, and you also mentioned not taking
Speaker 1: out more debt. Yeah. I think a lot of people
Speaker 1: think that taking out a home equity loan or refinancing
Speaker 1: your house that now is a good time to do that.
Speaker 1: And if you're actually gonna lower your rate and get
Speaker 1: better terms, it might still make sense for you. But
Speaker 1: you don't want to take on more debt, and so
Speaker 1: doing a cash out refinance on your personal home in
Speaker 1: order to have some extra cash to pad your lifestyle, well,
Speaker 1: that ultimately is going to bite you in the end.
Speaker 1: Usually you're refinancing into longer term debt at a higher
Speaker 1: rate and with a higher principal balance, So you definitely
Speaker 1: want to stay away from taking out more debt when
Speaker 1: we're talking about recession, Proving your finances and the next
Speaker 1: make yourself an invaluable employee at wherever you work, right,
Speaker 1: and then just make hay while the sun shines. Like,
Speaker 1: you're not guaranteed to keep that job. You don't know
Speaker 1: how long that's gonna last. Right, And so now is
Speaker 1: just not the time to slock off focus on your career,
Speaker 1: especially if you start to see signs of a potential
Speaker 1: recession potential bearer market coming up. You don't want to
Speaker 1: slack off at work, right, Like, this is the time
Speaker 1: to maybe lease initiatives and do something where you're even
Speaker 1: stepping beyond the role that you currently have to take
Speaker 1: on more responsibility and hopefully that will just cement your
Speaker 1: position in your place at your employer. Yeah, you never
Speaker 1: want to be the person that says, that's not my
Speaker 1: job description or that's not really what I do. And
Speaker 1: taking any opportunity to make yourself invaluable to make your
Speaker 1: employer realize that they need you. You want to be
Speaker 1: the least expendable person there. That's that's your goal. And
Speaker 1: I think that's a really important thing to to think
Speaker 1: about in the line of a potential recession. Probably wouldn't
Speaker 1: hurt Ntill like show with donuts either, right, you know,
Speaker 1: like if Joel's always showing up with a donuts but
Speaker 1: Matt never brings the donuts and they both do equal
Speaker 1: amounts of work, well, we know who's on the chop.
Speaker 1: Matt might get axed again. On the topic of employment, Matt,
Speaker 1: if you can create an additional stream of income by
Speaker 1: putting together a side hustle, that you might even be
Speaker 1: able to convert it into a full fledged business in
Speaker 1: the event of a job loss. I think having some
Speaker 1: sort of side hustle side income, multiple stream of income.
Speaker 1: You know, we talked about real estate on the show,
Speaker 1: and that's been helpful. If you could rent out a
Speaker 1: room in your house on Airbnb, whatever it is, a
Speaker 1: side hustle and multiple streams of income, those are great
Speaker 1: things to to think about, really, and we've got a
Speaker 1: whole episode dedicated to side hustles. That's episode number thirty five.
Speaker 1: You can check out creating a Dope side Hustle, which
Speaker 1: is kind of funny, right, Like, the reason we titled
Speaker 1: it that is because not all side hustles are created equally,
Speaker 1: and we wanted to shine a light on that because
Speaker 1: there are some side hustles that are kind of dead end, right.
Speaker 1: And then there's some side hustles that could lead. Like
Speaker 1: you said, Joe, it's an actual business. And dude, this
Speaker 1: is exactly what Kate and I did ten years ago,
Speaker 1: back when the Great Recession hit and you know, two
Speaker 1: thousand and eight, we started our photography business in the
Speaker 1: midst of a recession, which is crazy, right, but that's
Speaker 1: the whole reason we went that direction. The company I
Speaker 1: was working for is a small advertising agency. We weren't
Speaker 1: doing so great at the time. We were losing some
Speaker 1: clients that we you know, we lost a couple of
Speaker 1: big ones, and I kind of saw the writing on
Speaker 1: the wall. I didn't necessarily think I was gonna get fired,
Speaker 1: but I also knew it wasn't my calling. I wasn't
Speaker 1: having a great time in my position there, and so
Speaker 1: finding an outlet where I can make money and find
Speaker 1: all the things that you're looking for in a job
Speaker 1: on the side was incredibly valuable for us. I was
Speaker 1: able to keep those both going for gosh, maybe about
Speaker 1: six months where I kind of had this side hustle
Speaker 1: going on, But after that we went full on, went
Speaker 1: full time, and I've been doing photography full time for
Speaker 1: over ten years now, which is honestly crazy to even
Speaker 1: say out loud that I haven't had a real job
Speaker 1: in ten years, But man, I wouldn't have traded it
Speaker 1: for almost anything. That's awesome, man. And and also on
Speaker 1: the work note, it's important to have your resume ready
Speaker 1: and to you know, reach out to the people in
Speaker 1: your network if job loss is a real potential for you.
Speaker 1: So if you haven't touched your resume in years, it's
Speaker 1: it would be good to spend a few evenings kind
Speaker 1: of getting up to speed. And also, you know, you
Speaker 1: don't have to obviously ask people for a job, but
Speaker 1: just connecting with people in the business that work at
Speaker 1: other companies, set up a coffee date, whatever it is,
Speaker 1: staying in touch with people that you've worked with and
Speaker 1: that do similar jobs to you that could be helpful
Speaker 1: to you in a potential, you know, economic downturn. Keep
Speaker 1: those relationships alive and invest in them right now while
Speaker 1: things are good. Yeah, it definitely doesn't hurt. The next
Speaker 1: thing you want to consider is to not make a
Speaker 1: big expensive plans. You might be thinking about taking a
Speaker 1: sweet European vacation that you've been saving up for, Well,
Speaker 1: it may not be the best time, especially if you're
Speaker 1: not in a strong position when it comes to say,
Speaker 1: like your emergency fund. You want to make sure you
Speaker 1: are set up and your finances are in a healthy place.
Speaker 1: But yeah, I think twice when it comes to making
Speaker 1: some big purchases or making big expensive plans. Yeah, especially
Speaker 1: purchases that have a lot of recurring expenses, right, Matt,
Speaker 1: And Yeah, we talked about that in the Everything Costs
Speaker 1: More Than You Think episode, that that everything that you
Speaker 1: buy comes with secondary costs. And if you're buying something
Speaker 1: that I think I can afford this it works into
Speaker 1: my lifestyle, Well, make sure that you've really factored in
Speaker 1: those secondary costs, because that can come back to bite
Speaker 1: you if you haven't planned well. And I agree that
Speaker 1: making expensive plans for the future is just a bad
Speaker 1: move in line of a potential recession. If you're booking
Speaker 1: in a vacation that feels like it's at the top
Speaker 1: of your budget, what you know, maybe consider doing something
Speaker 1: way cheaper this year and saving more money so that
Speaker 1: you can do it without any guilt or remorse next
Speaker 1: year and you can actually afford it. I think it's
Speaker 1: just really important, more than anything, to not count your
Speaker 1: chickens before they hatch. But what if you like guilty
Speaker 1: vacations Joel and unhatched chickens. That's not a good idea, man,
Speaker 1: it sounds like an omelet. And then finally, to you
Speaker 1: consider your credit score, work on boosting your credit score.
Speaker 1: You want to make sure you have as healthy of
Speaker 1: a score as possible when it comes to a downturn
Speaker 1: in the market, because guess what, man, this is something
Speaker 1: I learned firsthand, which is that when there is a
Speaker 1: huge downturn in the market, lending standards get really, really strict.
Speaker 1: And if we didn't have a high credit score when
Speaker 1: we were trying to apply for a mortgage for our
Speaker 1: first home because we were self employed, right, it's about
Speaker 1: same business I mentioned from ten years ago. We've only
Speaker 1: been in business for one year and when we had
Speaker 1: saved up enough money to put down for a down
Speaker 1: payment on our first house. But banks like to see
Speaker 1: multiple years of business tax returns, and because we only
Speaker 1: had one year, it's severely limited our options when it
Speaker 1: came to a mortgage. And dude, if we didn't have
Speaker 1: a decent credit score, we wouldn't have been able to
Speaker 1: qualify at all for a mortgage, and we would have
Speaker 1: missed out on that suite eight thousand dollars from the government.
Speaker 1: Remember that, Do I remember that? Because you got that too,
Speaker 1: of course, Yeah, that that was Who knows that that
Speaker 1: that will probably never happen again in the history of
Speaker 1: our country. That was just kind of a crazy tax
Speaker 1: credit eight thousand dollars for buying a house that you
Speaker 1: did never have to pay back, and there was one
Speaker 1: before that, right that you did have to pay I
Speaker 1: think all those folks felt a little short changed, right understandably,
Speaker 1: so I would have been so pissed. Yeah. So, so
Speaker 1: I think it's really important yet to work towards us
Speaker 1: increasing your credit score, because as lending standards tighten, you
Speaker 1: want to make sure that if you do decide to
Speaker 1: buy a house, or do for some reason need financing
Speaker 1: on a car, we would tell you not to do that.
Speaker 1: That's not a great idea to finance a vehicle. But
Speaker 1: if you do find yourself needing financing, it's really important
Speaker 1: to make sure that you have a tip top credit
Speaker 1: score because banks are just gonna be in general nervous
Speaker 1: to lend money. Yeah. That makes me think of you know,
Speaker 1: back in two thousand and eight, where where were you
Speaker 1: sort of financially or just kind of in your life
Speaker 1: at the very bottom of the market. Well, I was
Speaker 1: completely just getting started really in the work world. You know,
Speaker 1: I've been looking for a couple of years, still very
Speaker 1: very low income, but I was at least a high saver.
Speaker 1: I'd saved a lot, and so saving had been my priority.
Speaker 1: Investing was a little bit of my porty, but saving
Speaker 1: was my main priority because I wanted to buy a house,
Speaker 1: and in the downturn, I was able to to take
Speaker 1: advantage with a stockpile of cash to buy a house
Speaker 1: and then increase my savings rate even more and trying
Speaker 1: to buy another one two years later. So, yeah, if
Speaker 1: you want to be able to take advantage of potential
Speaker 1: opportunities to in a recession, because there are opportunities for
Speaker 1: people to make a move to make an investment at
Speaker 1: a discount that they don't come around all the time.
Speaker 1: So I think it's important to be prepared financially to
Speaker 1: to take advantage of anything that comes along. And if
Speaker 1: you don't have that cash and you don't have that
Speaker 1: high credit score, chances are you're you're not gonna able
Speaker 1: to take advantage of something that of an opportunity that
Speaker 1: you might even see you right in front of you.
Speaker 1: That's right, man. We're gonna talk more about that specific thing, right,
Speaker 1: taking advantage of opportunities in the market, and we're going
Speaker 1: to talk specifically about investing in light of a potential
Speaker 1: recession right after the break. All right, So let's talk
Speaker 1: now specifically about investing things that you want to consider
Speaker 1: and the steps you want to take. How about you
Speaker 1: kick it off, all right, Matt. Yeah. The first thing
Speaker 1: is to consider your asset allocation, and so we've talked
Speaker 1: about retirement investing before. Yeah, And Matt and I are
Speaker 1: firm believers that if you're in the wealth building stage
Speaker 1: that we think it's important to continue investing mostly in
Speaker 1: a stock type portfolio, and we've talked more about that
Speaker 1: in episodes past. I'm sure we'll talk more about investing
Speaker 1: in future episodes, but in particular, there's a Vanguard quiz
Speaker 1: that can kind of help you understand your risk tolerance,
Speaker 1: and so we'll put a link to that in the
Speaker 1: show notes. But I think if you're in that wealth
Speaker 1: building stage, it's super important to to stay the course
Speaker 1: and be invested in mostly stock type choices because even
Speaker 1: if there's a potential recession. We're talking about your portfolio
Speaker 1: for the long term. When you're investing, you should be
Speaker 1: thinking about that money staying put for ten years or longer.
Speaker 1: And so if that is the case, you should be
Speaker 1: investing in mostly stocks. So we'll put a link to
Speaker 1: that Vanguard quiz to kind of help you understand your
Speaker 1: own risk profile. But I think it is important to
Speaker 1: mention that that stocks are a great choice for people
Speaker 1: if they're in that wealth building phase. Yeah, Joel, And
Speaker 1: you mentioned or you hinted at the sort of ten
Speaker 1: year time frame, right follow that ten your rule, So
Speaker 1: if you know that you will be accessing your funds
Speaker 1: for for ten years, definitely you know, stay the course.
Speaker 1: You want to stay heavily invested in stocks. If you
Speaker 1: do expect to be tapping into that portfolio. You want
Speaker 1: to make sure your portfolio is balanced with bonds and cash.
Speaker 1: You want to maintain that balance if you're getting closer
Speaker 1: to the point where you're gonna withdraw some of those funds. Yeah, Matt,
Speaker 1: And like we kind of briefly mentioned at the top
Speaker 1: of the show, mental preparation is key as well. So
Speaker 1: if you're gonna make changes based on data day news,
Speaker 1: turn off the news. If you aren't willing to stay
Speaker 1: the course despite difficulty in the stock market, you'll likely
Speaker 1: need to make changes. But for a recession occurs, like
Speaker 1: giving somebody else the password to your Vanguard accounts that
Speaker 1: you don't make any knee jerk cells, that's a great
Speaker 1: way to do it, honestly, Yeah, I mean for real,
Speaker 1: Like if you have a spouse, uh and who is
Speaker 1: way more levelheaded, maybe they should have the rains for
Speaker 1: the next few years if if you see a downturn
Speaker 1: right completely completely, And I think some of the best
Speaker 1: advice ever given to any investor is to not look
Speaker 1: day to day and honestly not even look a month
Speaker 1: a month, just don't even look at your portfolio. Be
Speaker 1: resigned to look at your portfolio only once a year,
Speaker 1: because I think, yeah, day to day, month to month,
Speaker 1: we see, we see a balance dropping, we see the
Speaker 1: harmful effects of a recession hitting our investments, and we
Speaker 1: want to take action. We want to do something. But
Speaker 1: the problem is when we do something while the recession
Speaker 1: is in full swing, we actually hurt our long term
Speaker 1: financial future. So mental preparation is key, and whether that
Speaker 1: means handing off your Vanguard password to your spouse or
Speaker 1: typing in something random and you can't remember it, and
Speaker 1: just not opening the statements. If you do get statements
Speaker 1: in the mail or to your or to your email inbox,
Speaker 1: that is going to make it so much better for
Speaker 1: you because you're not going to make decisions based on
Speaker 1: the day to day whims of the market. And again,
Speaker 1: from a mental standpoint, right, it's easy to say that
Speaker 1: you'll write it out when the stock values are near
Speaker 1: all time highs. Things are great. If you feel good,
Speaker 1: you're like, oh, of course, I'll do the smart thing
Speaker 1: because mentally, you know you know that that's the right
Speaker 1: thing to do. But however, it is much harder to do.
Speaker 1: If you're watching your portfolio drop with no end in sight,
Speaker 1: you might start to panic, and so you need to
Speaker 1: prepare yourself to stomach the ups and the downs. And
Speaker 1: so this is why Joel, that we're talking about this now,
Speaker 1: we're talking about this ahead of time, because if you
Speaker 1: can and sort of do the mental exercises of what
Speaker 1: it might feel like to to see your portfolio drop by,
Speaker 1: it just prepares you and hopefully that will put in
Speaker 1: a better position when it comes time to continue to
Speaker 1: stay the course. Yeah, and not all recessions are created equal.
Speaker 1: You know. The last one that we went through in
Speaker 1: our country ten years ago was was really hard and
Speaker 1: it affected a lot of people, a lot of porclosures,
Speaker 1: lots of job loss, So many terrible things can happen
Speaker 1: during a recession. But one of the bigg things that
Speaker 1: average people who didn't lose their job, didn't lose her house,
Speaker 1: did that actually hurt them in the long run was
Speaker 1: changing their allocation of their portfolio while the stock market
Speaker 1: was experiencing its greatest discomfort. I mean, I had a
Speaker 1: friend who at work who told me that he was
Speaker 1: selling his stocks and going into cash because he couldn't
Speaker 1: handle it anymore. And while I understand that mental reaction,
Speaker 1: you have to be able to kind of close yourself
Speaker 1: off from that possibility because that is when you bake
Speaker 1: in losses, and that is when you harm your long
Speaker 1: term potential financial future. That's right, That's that's when you
Speaker 1: actually realize those losses. Hopefully he didn't sell in summer
Speaker 1: of two thousand nine, because I don't remember what it was,
Speaker 1: but it was not It was not good. Wasn't at
Speaker 1: the very bottom of the market. It was pretty close
Speaker 1: to it somewhere around there, and and yeah, like that's
Speaker 1: that's how people ultimately hurt themselves the most, because if
Speaker 1: you look back, and it's actually helpful that we've had
Speaker 1: one so recently to look back and see how quickly
Speaker 1: things turned around. And you know, we don't have any
Speaker 1: prognostication tools. We don't prognostication I like it right. We
Speaker 1: can't read the future. I don't have a crystal ball.
Speaker 1: But it's important to kind of see that history. It's
Speaker 1: actually helpful to note that it lasted for you know,
Speaker 1: a couple really hard years, but what ultimately happens, things
Speaker 1: kind of come back to a state of normalcy. That's right, man,
Speaker 1: you gotta write it back up. And then one last
Speaker 1: tip is that you need to have your cash ready
Speaker 1: and so now is the time to work to be
Speaker 1: in a position to invest more during the next recession.
Speaker 1: Warm buffet encourages people to be greedy when others are fearful,
Speaker 1: and fearful when others are greedy, and honestly, what that
Speaker 1: means is not listening to the news because people get
Speaker 1: scared and they freak each other out, and there's this
Speaker 1: herd mentality and everyone starts selling. That's the precise time
Speaker 1: that you want to take advantage of the market being
Speaker 1: on sale. You don't just want your finances to be
Speaker 1: recession proof. You don't want to just get by. But
Speaker 1: what we're talking about here will allow us to be
Speaker 1: ready and prepared and to excel and do even better
Speaker 1: the next time there's a downturn. You have to take
Speaker 1: advantage of opportunity that comes along this episode, Matt, we
Speaker 1: created it not to worry people. We don't want to
Speaker 1: free people out. We're not making any predictions even that
Speaker 1: a recession is going to happen. I think it's important
Speaker 1: to realize though, that there is a potential for a
Speaker 1: recession to come, and it isn't something to be worried about,
Speaker 1: to be on pins and needles, to be on the
Speaker 1: edge of your seat, but it is something to be
Speaker 1: prepared for, and if you are willing to take, you know,
Speaker 1: just some of the steps that we mentioned above, you're
Speaker 1: gonna put yourself in such a better position to kind
Speaker 1: of handle personally whatever difficulty may occur during a recession,
Speaker 1: while at the same time just getting your personal finances
Speaker 1: in a good space. Another thing to consider too is
Speaker 1: know your individual situation. Right, If you are in an
Speaker 1: industry that is greatly affected by the market, that sees
Speaker 1: a lot of ups and downs in conjunction with the
Speaker 1: ups and downs of the market, you might want to say,
Speaker 1: build a fatter emergency fund, right. Or you might be
Speaker 1: in an industry that is not affected by the market,
Speaker 1: like doctors, right, the medical industry. Really it isn't affected
Speaker 1: that much by swings on the market. No, your specific
Speaker 1: situation and just trying to be smart about take that
Speaker 1: into account when it comes to how you are going
Speaker 1: to prepare for a potential downturn in the market. Yeah,
Speaker 1: I think about when oil prices hit a super low
Speaker 1: price of close to like forty barrel, maybe maybe it
Speaker 1: even went a little bit lower than that. I just
Speaker 1: remember he reading stories about so many job losses that
Speaker 1: were completely unexpected from people working in Texas, working in
Speaker 1: the oil industry around the country, ghost towns. Yeah, completely overnight.
Speaker 1: And so think about what industry you're in, how long
Speaker 1: you've been at your employer. It's obviously important to take
Speaker 1: some of these steps anyway, but it's really important to
Speaker 1: kind of take stock of your own situation. It helps
Speaker 1: you kind of factor in how much effort you need
Speaker 1: to put into some of these things. Yeah, that's right,
Speaker 1: some folks just might be more at risk. All right, Matt,
Speaker 1: Let's get back to the beer. The beer that we
Speaker 1: drank today was Sierra Nevada Resilience. I p A. May Man.
Speaker 1: This was a delicious beer and it poured a nice
Speaker 1: clear amber with a beautiful head, sort of like an
Speaker 1: old school beer. Right, Yeah, that was the word I
Speaker 1: used to describe Sierra Nevada's Resilience. I p A. And
Speaker 1: by the way, I would drink so much of this
Speaker 1: beer just for the cause. I love that that my
Speaker 1: money is going to to help people that were affected
Speaker 1: by the wildfires in California. But the word I used
Speaker 1: to describe this beer, it was old school. It really
Speaker 1: reminds me of their winter beer celebration. Oh yeah, it's
Speaker 1: got this just truly iconic old school I p A vibe.
Speaker 1: And I feel like, honestly, if you had poured this
Speaker 1: class for me and you hadn't have told me what
Speaker 1: brewery was from, I would have said, that's a sering
Speaker 1: about ide you feel. It's like their beers are iconic
Speaker 1: in a way. And this beer, while not the style
Speaker 1: I necessarily trend towards at this moment in time with
Speaker 1: what I like to drink. It's refreshing to have this.
Speaker 1: It's such a good beer. It's so distinct and flavorful.
Speaker 1: I love what's hearing about it does and this is
Speaker 1: just another really really good beer from them. Man. In
Speaker 1: my word was multi because yeah, it just has a
Speaker 1: huge malt backbone. In my in my opinion, so many
Speaker 1: of the I pas that we're drinking today are very
Speaker 1: florally and citrusy and hazy. Uh it's it's the new school.
Speaker 1: It's the East Coast I p a. And this is certainly,
Speaker 1: uh more of an old school not even a West
Speaker 1: Coast I pea, but more of the old school sort
Speaker 1: of flavor profile. So a lot of malts. It's a
Speaker 1: darker beer. That's why I said old school. Yell, come on,
Speaker 1: But it's it's got that malt backbone where it's a
Speaker 1: little bretty, and I think that's what a lot of
Speaker 1: people think of when they think of of an old
Speaker 1: school beer. They think sort of malts. And so yeah,
Speaker 1: we're on the same page, man, old school MALTI beer.
Speaker 1: This is delicious. I want to thank Philip Man thank
Speaker 1: you so much for sending us these beers. This is fantastic.
Speaker 1: And because we were sent these, Joe and I promise
Speaker 1: to go out and we'll buy some of these ourselves
Speaker 1: as well to personally support the cause to Yeah, and yeah,
Speaker 1: if you see this on tap at your local brewery,
Speaker 1: because that brewery decided to to support Sierra Nevada and
Speaker 1: the employees of Sierra Nevada and the people affected by
Speaker 1: by the wildfires in California through this route by that beer,
Speaker 1: because first off, it's a good beer, and second off,
Speaker 1: it's doing so much good. And yeah, I love that story,
Speaker 1: and I love that Philippe sent us is beer to drink,
Speaker 1: all right, Joel, these are our final thoughts when it
Speaker 1: comes to recession proving your finances. Number One, build a
Speaker 1: strong emergency fund. Cash is keen. You want to make
Speaker 1: sure that you have enough margin, you have enough financial buffer.
Speaker 1: You want to be ready with that cash to make
Speaker 1: moves when the time comes and you just don't know
Speaker 1: what the future holds. You might need that cash to float.
Speaker 1: You buy it for a couple of months. Matt. It's
Speaker 1: also important for folks to start attacking their high interest
Speaker 1: rate debt now. Before the recession hits, because in the
Speaker 1: event of a potential job loss or just to reduced income,
Speaker 1: it's gonna be so much harder to attack that debt then,
Speaker 1: So attack it now and make sure you're on solid
Speaker 1: financial ground when it comes to the debt that you're carrying.
Speaker 1: Another helpful tip is to create additional streams of income.
Speaker 1: This is something that you can do with a side hustle,
Speaker 1: this is something you can do with real estate, with
Speaker 1: investment properties. But find a way to diversify your streams
Speaker 1: of income. If you've got all your eggs one basket
Speaker 1: with a single employer, well you're kind of at the
Speaker 1: whims of whatever happens to not only that industry, but
Speaker 1: that specific company, and so yeah, find ways to diversify. Also,
Speaker 1: don't make super expensive plans for the future. You don't
Speaker 1: want to write a check that you can't cash, and
Speaker 1: you don't want to book an expensive vacation that you
Speaker 1: can barely afford in light of a potential recession. Just
Speaker 1: cut back on expensive potential plans and think small for
Speaker 1: the time being. As you up your cash reserves, that
Speaker 1: will make it a little bit easier in the future
Speaker 1: to take that sweet vacation that you've always wanted to take.
Speaker 1: And then finally, when it comes to your investments, man,
Speaker 1: stay the course. If you are invested in low cost
Speaker 1: index funds and you're invested in stocks, you know that
Speaker 1: you're in this for the long haul. Do not be
Speaker 1: affected by the news. Be ready, try to prepare yourself
Speaker 1: so that you can stomach that. But in the end,
Speaker 1: you know, like Joel mentioned earlier, looking back at the
Speaker 1: Great recession right ten years ago, and you can see
Speaker 1: the rise, and you can see where we've come from,
Speaker 1: that's gonna happen again. Right. If you have confidence in
Speaker 1: our country and in our economy and industry and business,
Speaker 1: things are gonna be all right. And as long as
Speaker 1: you do not sell and make any knee jerk reactions,
Speaker 1: your portfolio is gonna end up just fine. Yeah, So again,
Speaker 1: don't worry. We're not trying to freak you out. We're
Speaker 1: not predicting anything, but we are saying that preparation is key,
Speaker 1: and if a recession does happen, you want to make
Speaker 1: sure that you're on solid financial footing and that you
Speaker 1: can weather the storm and even potentially take advantage of
Speaker 1: opportunities that come along. All right, everyone, Thanks so much
Speaker 1: for listening. We will have show notes up for this
Speaker 1: episode at our website, how to money dot com. Yeah,
Speaker 1: and if you are a listener of the show, we
Speaker 1: would love to hear from you. I know it takes
Speaker 1: a minute of your time to hop over there to
Speaker 1: Apple Podcasts to leave a review, but we really do
Speaker 1: read them and it means a lot, right. It helps
Speaker 1: us to get the word out for folks that haven't
Speaker 1: heard the podcast yet, and it helps us to know
Speaker 1: maybe what topics are resonating with you as listeners. We
Speaker 1: actually see the reviews as a feedback loop and so
Speaker 1: for us to be able to see what you found
Speaker 1: helpful will help us to be just a better podcast
Speaker 1: in general. So thank you in advance, no doubt, buddy. Okay,
Speaker 1: until next time, Best friends Out, Best Friends Out.