1 00:00:00,080 --> 00:00:03,040 Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt, 2 00:00:03,160 --> 00:00:26,160 Speaker 1: and today we are answering your listener questions. Yes, Joel, 3 00:00:26,200 --> 00:00:29,240 Speaker 1: as usual, we are going to answer five listener questions. 4 00:00:29,480 --> 00:00:31,480 Speaker 1: A few of them that we are going to discuss 5 00:00:32,159 --> 00:00:35,000 Speaker 1: are should we continue to invest when we know that 6 00:00:35,040 --> 00:00:37,680 Speaker 1: there might be a recession coming? Another one is do 7 00:00:37,720 --> 00:00:39,559 Speaker 1: you have to get your car repaired when it's been 8 00:00:39,600 --> 00:00:42,640 Speaker 1: damaged in this case hail damage? And Russill gonna go 9 00:00:42,680 --> 00:00:45,200 Speaker 1: over the power of compounding interest, plus a couple others. 10 00:00:45,280 --> 00:00:48,440 Speaker 1: So I'm looking forward to tackling those on this episode. Buddy, Yeah, man, 11 00:00:48,479 --> 00:00:51,839 Speaker 1: should be good. Our listeners just keep sending in great questions. 12 00:00:51,880 --> 00:00:54,040 Speaker 1: And by the way, if you want to know how 13 00:00:54,080 --> 00:00:55,960 Speaker 1: to submit your question, you just go to how to 14 00:00:56,040 --> 00:00:58,639 Speaker 1: Money dot com slash ask and we're trying to take 15 00:00:58,720 --> 00:01:00,720 Speaker 1: as many questions as we can in on the show. 16 00:01:00,960 --> 00:01:02,920 Speaker 1: By the way, before we get to these questions, Matt, 17 00:01:02,920 --> 00:01:05,800 Speaker 1: I wanted to mention something that a couple of people 18 00:01:05,840 --> 00:01:08,480 Speaker 1: have brought up in the Facebook group since our episode 19 00:01:08,480 --> 00:01:11,000 Speaker 1: about cutting the chord and the best streaming options. They've 20 00:01:11,000 --> 00:01:13,759 Speaker 1: talked about buying your own modem as opposed to renting 21 00:01:13,840 --> 00:01:18,600 Speaker 1: a modem from your internet provider, and that's totally brilliant. Yeah. 22 00:01:18,640 --> 00:01:21,120 Speaker 1: I like that little hack. Yeah, because renting the modem 23 00:01:21,280 --> 00:01:23,640 Speaker 1: from your internet provider can cost five bucks a month 24 00:01:23,800 --> 00:01:26,080 Speaker 1: or potentially even more. And I've done that before to 25 00:01:26,319 --> 00:01:28,479 Speaker 1: just to eliminate that fee. I I did some research. 26 00:01:28,520 --> 00:01:30,320 Speaker 1: I got a modem round or combode that worked with 27 00:01:30,360 --> 00:01:32,679 Speaker 1: the cable company that I got internet through, and it 28 00:01:32,840 --> 00:01:36,000 Speaker 1: saved me just that recurring annoying fee every single month 29 00:01:36,240 --> 00:01:39,160 Speaker 1: and usually pays for itself in eight to ten months. 30 00:01:39,240 --> 00:01:41,920 Speaker 1: And so anybody who is paying that pesky fee on 31 00:01:41,920 --> 00:01:45,080 Speaker 1: their bill every month, well it's worth considering doing the 32 00:01:45,080 --> 00:01:47,440 Speaker 1: research and finding something that works for you that you 33 00:01:47,480 --> 00:01:49,920 Speaker 1: can own as opposed to having to rent. Nice man, 34 00:01:50,240 --> 00:01:52,000 Speaker 1: I need to keep that in mind because currently we've 35 00:01:52,040 --> 00:01:54,320 Speaker 1: got a deal going on, like one of the special promotions, 36 00:01:54,960 --> 00:01:57,600 Speaker 1: and the modem isn't included, like it's not broken down 37 00:01:57,600 --> 00:01:59,720 Speaker 1: within that. But I'm guessing what that special promotion runs 38 00:01:59,760 --> 00:02:02,160 Speaker 1: out and the rates increase, that that might be something 39 00:02:02,200 --> 00:02:04,240 Speaker 1: that they add back. And when that happens, that's when 40 00:02:04,240 --> 00:02:06,760 Speaker 1: we start shopping. Get your own and save that money. 41 00:02:06,800 --> 00:02:07,880 Speaker 1: And by the way, I know there were a lot 42 00:02:07,880 --> 00:02:09,960 Speaker 1: of people commenting on how much internet costs when you 43 00:02:10,000 --> 00:02:12,359 Speaker 1: don't have a package, and depending on where you live, 44 00:02:12,480 --> 00:02:14,799 Speaker 1: it can be really expensive. It really depends on how 45 00:02:14,840 --> 00:02:18,200 Speaker 1: competitive your market is, and to be honest, most markets 46 00:02:18,280 --> 00:02:20,600 Speaker 1: in this country just aren't very competitive. We have these 47 00:02:20,639 --> 00:02:24,240 Speaker 1: monopoly providers who charge a lot of money and because 48 00:02:24,240 --> 00:02:26,320 Speaker 1: of that, our ability to shop and save money is 49 00:02:26,440 --> 00:02:28,800 Speaker 1: incredibly hindered. But it doesn't mean we shouldn't try. And 50 00:02:28,840 --> 00:02:31,560 Speaker 1: so if you do have another competitor in your area 51 00:02:31,680 --> 00:02:35,160 Speaker 1: that offers internet service, it's worth checking with that provider 52 00:02:35,400 --> 00:02:36,919 Speaker 1: to see what sort of deal that you can get. 53 00:02:37,160 --> 00:02:40,000 Speaker 1: Be persistent, keep asking, and make sure to ask the 54 00:02:40,000 --> 00:02:42,720 Speaker 1: provider that you're currently with. Two and the best way 55 00:02:42,760 --> 00:02:45,320 Speaker 1: to do this map, as we mentioned before, is on Twitter. 56 00:02:45,560 --> 00:02:48,560 Speaker 1: If you can find customer service reps from that company 57 00:02:48,680 --> 00:02:51,799 Speaker 1: on Twitter. The social media customer service teams are typically 58 00:02:51,880 --> 00:02:54,600 Speaker 1: the best and most responsive. You're most likely to actually 59 00:02:54,639 --> 00:02:56,600 Speaker 1: make some headway if you reach out to their social 60 00:02:56,600 --> 00:02:58,639 Speaker 1: media team. There and Joel, let me go ahead and 61 00:02:58,720 --> 00:03:01,600 Speaker 1: introduce our beer for this episode. It is called Fancy 62 00:03:01,680 --> 00:03:04,680 Speaker 1: Dance and this is by sky Dance Brewing Company. This 63 00:03:04,720 --> 00:03:07,320 Speaker 1: one was sent into us by Patrick out in Oklahoma. 64 00:03:07,639 --> 00:03:09,960 Speaker 1: This is going to be a New England style India 65 00:03:10,040 --> 00:03:12,239 Speaker 1: pale ale, which is one of our favorite styles, and 66 00:03:12,280 --> 00:03:14,120 Speaker 1: so I'm looking forward to this one. Yeah, me too. 67 00:03:14,200 --> 00:03:16,400 Speaker 1: And we'll give our thoughts on this beer at the 68 00:03:16,520 --> 00:03:19,200 Speaker 1: end of the episode. But all right, Matt onto the 69 00:03:19,320 --> 00:03:21,560 Speaker 1: subject at hand, which is listener questions, and I say 70 00:03:21,600 --> 00:03:23,200 Speaker 1: we go ahead and get to the first one. All right, 71 00:03:23,240 --> 00:03:25,880 Speaker 1: let's do it. Hello, Joan and Matt, thank you for 72 00:03:25,919 --> 00:03:29,440 Speaker 1: an amazing podcast. This is shut Out from Glendale, California. 73 00:03:29,919 --> 00:03:32,440 Speaker 1: And my question to us, should we buy stocks or 74 00:03:32,520 --> 00:03:35,480 Speaker 1: et s if you know that as a decision maybe 75 00:03:35,600 --> 00:03:38,600 Speaker 1: around the corner, like it's just an assumption for now, 76 00:03:39,200 --> 00:03:41,920 Speaker 1: but it seems like a correction is imminent, so should 77 00:03:41,920 --> 00:03:44,000 Speaker 1: we just wait until the decision to buy the stocks 78 00:03:44,000 --> 00:03:47,240 Speaker 1: a DF? So should we just buy now and buy later? Again? 79 00:03:47,920 --> 00:03:51,360 Speaker 1: Thank you? Oh Chart, that's a great question, and I 80 00:03:51,400 --> 00:03:53,600 Speaker 1: think it's a question that's on a lot of folks minds. 81 00:03:53,760 --> 00:03:56,920 Speaker 1: I'm thinking about it right now, are yes, me too, 82 00:03:57,520 --> 00:04:00,000 Speaker 1: And a lot of people have been predicting a recession 83 00:04:00,120 --> 00:04:02,400 Speaker 1: for a while. You said it might be imminent, but 84 00:04:02,720 --> 00:04:04,640 Speaker 1: really who knows? And I don't know. I'll tell you 85 00:04:04,680 --> 00:04:07,440 Speaker 1: this I am not smart enough to predict a recession. 86 00:04:07,720 --> 00:04:11,080 Speaker 1: There's this joke that has been told for years that 87 00:04:11,120 --> 00:04:13,640 Speaker 1: Wall Street analysts have predicted nine out of the last 88 00:04:13,680 --> 00:04:16,159 Speaker 1: five recessions, and that's because there are so many people 89 00:04:16,240 --> 00:04:21,120 Speaker 1: forecasting potential downturns, many of which never occur, and you 90 00:04:21,120 --> 00:04:23,279 Speaker 1: can get caught up in it pretty easily. So my 91 00:04:23,720 --> 00:04:27,560 Speaker 1: initial suggestion would be to turn off the channels where 92 00:04:27,600 --> 00:04:29,400 Speaker 1: you're listening to analysts telling you that there's going to 93 00:04:29,400 --> 00:04:32,400 Speaker 1: be a recession, because our predictive capabilities of what's going 94 00:04:32,440 --> 00:04:34,320 Speaker 1: to happen in the economy and with the stock market 95 00:04:34,520 --> 00:04:36,520 Speaker 1: just aren't very good. And I'll say this, I've had 96 00:04:36,600 --> 00:04:39,839 Speaker 1: conversations with people for a couple of years now that 97 00:04:39,880 --> 00:04:42,520 Speaker 1: we're nervous to invest in stocks because they thought things 98 00:04:42,560 --> 00:04:45,080 Speaker 1: had climbed too high, and so many of them just 99 00:04:45,320 --> 00:04:48,159 Speaker 1: stop their contributions because of that. But if you did 100 00:04:48,160 --> 00:04:50,080 Speaker 1: that two years ago, you've missed out on a good 101 00:04:50,120 --> 00:04:52,680 Speaker 1: bit of run up. So predicting a recession, well, it's 102 00:04:52,680 --> 00:04:54,960 Speaker 1: a difficult game and one I don't want to partaken. 103 00:04:55,400 --> 00:04:57,920 Speaker 1: So Joel, no joke. I this is a conversation that 104 00:04:57,960 --> 00:04:59,680 Speaker 1: we have often. I guess when folks ask us like, 105 00:04:59,680 --> 00:05:00,920 Speaker 1: what do you think about the market? We're like, I 106 00:05:00,960 --> 00:05:05,240 Speaker 1: don't know, but I was talking to keep going. Yeah, 107 00:05:05,760 --> 00:05:07,800 Speaker 1: I was talking to a fellow grunsman, for I was 108 00:05:07,839 --> 00:05:10,239 Speaker 1: in my brother in law's wedding and we're driving down 109 00:05:10,440 --> 00:05:13,560 Speaker 1: for his bachelor party, and he's really big into investing, 110 00:05:13,920 --> 00:05:15,920 Speaker 1: and he was just saying, man, I'm telling you there's 111 00:05:15,960 --> 00:05:18,720 Speaker 1: gonna be a correction. We're overdue and this is in 112 00:05:20,240 --> 00:05:23,320 Speaker 1: and there has not been the type of correction that 113 00:05:23,320 --> 00:05:25,240 Speaker 1: that he was calling for. And so that's just a 114 00:05:25,279 --> 00:05:28,360 Speaker 1: small little case study right where you know, we expected 115 00:05:28,400 --> 00:05:30,440 Speaker 1: it to have happened by now he was slowing down 116 00:05:30,480 --> 00:05:33,440 Speaker 1: his investing, and the fact is that has not happened. 117 00:05:33,480 --> 00:05:35,400 Speaker 1: And again, had you stopped investing, would have missed out 118 00:05:35,480 --> 00:05:38,080 Speaker 1: on some massive gains that we've had over the past 119 00:05:38,120 --> 00:05:40,599 Speaker 1: five years. So, Sharotte, you know, a good question to 120 00:05:40,600 --> 00:05:44,080 Speaker 1: ask yourself right now though, is are you getting either 121 00:05:44,160 --> 00:05:48,080 Speaker 1: a current or future tax advantage by continuing to invest 122 00:05:48,080 --> 00:05:51,480 Speaker 1: in the market. Also, do you need that money anytime soon? 123 00:05:52,520 --> 00:05:54,840 Speaker 1: Because if you're getting a tax break and you're looking 124 00:05:54,839 --> 00:05:58,200 Speaker 1: at maybe seven or more years ouce, we would feel 125 00:05:58,200 --> 00:06:01,159 Speaker 1: comfortable saying to contin you to invest in the market 126 00:06:01,240 --> 00:06:04,240 Speaker 1: despite the correction that we know is going to happen. 127 00:06:04,360 --> 00:06:06,960 Speaker 1: At some point, the market will correct some but the 128 00:06:07,000 --> 00:06:09,120 Speaker 1: fact is we do not know that it's going to happen. 129 00:06:09,440 --> 00:06:11,240 Speaker 1: And as long as you're invested for the long term, 130 00:06:11,360 --> 00:06:14,680 Speaker 1: and that you are receiving additional benefits, in particular you're 131 00:06:14,680 --> 00:06:18,200 Speaker 1: receiving those tax benefits by investing in a tax advantage accounts, 132 00:06:18,400 --> 00:06:20,719 Speaker 1: you're still going to come out ahead of the long run. 133 00:06:20,800 --> 00:06:23,839 Speaker 1: To continue to invest. Yeah, I love Sharrotte when you 134 00:06:23,880 --> 00:06:26,960 Speaker 1: said maybe you should be buying now and buying later. 135 00:06:27,400 --> 00:06:30,400 Speaker 1: I think this is a great strategy to employ. You 136 00:06:30,520 --> 00:06:34,480 Speaker 1: can't time the market, so completely avoiding regular investing is 137 00:06:34,480 --> 00:06:37,600 Speaker 1: a bad idea. But holding back some of your funds 138 00:06:38,000 --> 00:06:40,800 Speaker 1: to be able to contribute more when a recession does 139 00:06:40,880 --> 00:06:43,960 Speaker 1: eventually happen, well that's not a bad idea in my opinion. 140 00:06:44,200 --> 00:06:46,560 Speaker 1: But be aware that there's a danger that you actually 141 00:06:46,600 --> 00:06:49,200 Speaker 1: spend that money or do something rash with it while 142 00:06:49,360 --> 00:06:52,359 Speaker 1: you're waiting to invest the funds. So if that's a possibility, 143 00:06:52,400 --> 00:06:55,200 Speaker 1: I would rather you put the money in now despite 144 00:06:55,240 --> 00:06:57,960 Speaker 1: the market being pretty much at all time highs. Yeah, 145 00:06:58,000 --> 00:07:01,200 Speaker 1: And in reality, Joel most folks are actually dollar cost 146 00:07:01,279 --> 00:07:04,960 Speaker 1: averaging because they have money taken out of their paycheck automatically, 147 00:07:05,279 --> 00:07:07,880 Speaker 1: or maybe they have an automatic withdrawal out of their accounts, 148 00:07:08,160 --> 00:07:10,640 Speaker 1: maybe once every two weeks or maybe even once a month. 149 00:07:10,760 --> 00:07:13,080 Speaker 1: But that's happening on a regular basis. And so the 150 00:07:13,120 --> 00:07:16,480 Speaker 1: benefit of investing h in regular increments right at dollar 151 00:07:16,520 --> 00:07:19,760 Speaker 1: cost averaging is that it spreads out that risk of 152 00:07:19,800 --> 00:07:22,520 Speaker 1: buying at the incorrect time. And so Charatte you might 153 00:07:22,560 --> 00:07:25,040 Speaker 1: be in a unique position where you have funds, you know, 154 00:07:25,040 --> 00:07:27,600 Speaker 1: like a lump sum on hand to put a lot 155 00:07:27,600 --> 00:07:29,840 Speaker 1: of money into the market. And so luckily for most 156 00:07:29,880 --> 00:07:33,600 Speaker 1: investors out there, by investing regularly, we're able to decrease 157 00:07:33,600 --> 00:07:35,960 Speaker 1: the amount of risk that we might expose ourselves to 158 00:07:36,280 --> 00:07:38,120 Speaker 1: by trying to time the market. Yeah, there's an old 159 00:07:38,120 --> 00:07:40,640 Speaker 1: saying that says time in the market is better than 160 00:07:40,880 --> 00:07:43,080 Speaker 1: timing the market. And really, I think you need a 161 00:07:43,120 --> 00:07:47,840 Speaker 1: repeatable strategy to avoid psychling yourself out and mistiming making mistakes. 162 00:07:48,320 --> 00:07:52,360 Speaker 1: Most people don't really have the behavioral fortitude to stick 163 00:07:52,400 --> 00:07:55,360 Speaker 1: to their guns and to make decisions based on fact 164 00:07:55,440 --> 00:07:58,080 Speaker 1: rather than fear, and I think for that reason, dollar 165 00:07:58,120 --> 00:08:02,080 Speaker 1: cost averaging it's the easiest automate, and when we automate things, 166 00:08:02,120 --> 00:08:05,120 Speaker 1: there's much less likelihood that we're going to actually make mistakes. 167 00:08:05,480 --> 00:08:09,400 Speaker 1: And our behavior is such a part of how we invest. 168 00:08:09,960 --> 00:08:13,360 Speaker 1: Human emotions essentially conspire against us to make poor decisions. 169 00:08:13,640 --> 00:08:16,200 Speaker 1: And so I totally understand where your head is at, Sharrot, 170 00:08:16,600 --> 00:08:19,080 Speaker 1: that you assume that a recession is coming soon, like 171 00:08:19,240 --> 00:08:22,320 Speaker 1: many people, and like Matt said, there is in all 172 00:08:22,320 --> 00:08:24,400 Speaker 1: likelihood in the next couple of years going to be 173 00:08:24,440 --> 00:08:27,040 Speaker 1: some sort of correction. We don't know how big, how long, 174 00:08:27,520 --> 00:08:29,679 Speaker 1: and what it's gonna look like. And I think because 175 00:08:29,720 --> 00:08:32,960 Speaker 1: of that, I'd recommend to continue on a dollar cost 176 00:08:33,000 --> 00:08:37,040 Speaker 1: averaging path, because it's just so hard to actually create 177 00:08:37,040 --> 00:08:40,200 Speaker 1: a strategy that would lead you to timing the market well, 178 00:08:40,360 --> 00:08:43,640 Speaker 1: and then sticking to that strategy becomes even harder. And Matt, 179 00:08:43,640 --> 00:08:45,720 Speaker 1: we cover this topic in a lot of detail backing 180 00:08:45,760 --> 00:08:49,319 Speaker 1: episode number thirty seven called timing the Stock Market, and 181 00:08:49,360 --> 00:08:51,400 Speaker 1: there are just so many reasons to avoid it that 182 00:08:51,440 --> 00:08:53,520 Speaker 1: we can't extrapolate in the answer to to this question, 183 00:08:53,559 --> 00:08:55,840 Speaker 1: but hopefully we've covered some of the high points. Yeah, 184 00:08:55,840 --> 00:08:57,680 Speaker 1: what we said then is still true, So we have 185 00:08:57,720 --> 00:08:59,920 Speaker 1: a couple more questions coming up right after the Brain, 186 00:09:00,200 --> 00:09:12,800 Speaker 1: including a question from a listener in New Zealand. All right, geel, 187 00:09:12,840 --> 00:09:14,600 Speaker 1: we are back in. Let's go ahead of get rolling 188 00:09:14,640 --> 00:09:18,439 Speaker 1: on that next question. Hi, guys, break from New Zealand here. 189 00:09:19,080 --> 00:09:20,720 Speaker 1: I just want to start off by saying a big 190 00:09:20,760 --> 00:09:22,920 Speaker 1: thank you very much for the podcast that you guys 191 00:09:22,960 --> 00:09:25,319 Speaker 1: put out. My wife and I've already learned quite a 192 00:09:25,320 --> 00:09:28,840 Speaker 1: lot from you guys that we implement into our daily lives, 193 00:09:29,400 --> 00:09:34,480 Speaker 1: especially frugal this is cheap. Now we are looking at 194 00:09:34,559 --> 00:09:38,319 Speaker 1: starting a family and I've just listened to your podcast 195 00:09:38,800 --> 00:09:42,800 Speaker 1: about how much kids really costs to raise, and according 196 00:09:42,840 --> 00:09:46,000 Speaker 1: to my own research here in New Zealand, it costs 197 00:09:46,320 --> 00:09:49,679 Speaker 1: on average fourteen thousand New Zealand dollars to raise a 198 00:09:49,720 --> 00:09:53,520 Speaker 1: child from zero to eighteen. That being the case, and 199 00:09:53,640 --> 00:09:55,760 Speaker 1: not knowing how long it's gonna take us to conceive, 200 00:09:56,200 --> 00:10:00,719 Speaker 1: I've already started saving that fourteen thousand dollar us by 201 00:10:00,720 --> 00:10:06,040 Speaker 1: splitting it into twenty six payments from our fortnightly wages. 202 00:10:06,600 --> 00:10:09,280 Speaker 1: So my question is what should I be doing with 203 00:10:09,360 --> 00:10:13,400 Speaker 1: this money while we are waiting for baby to join us. 204 00:10:14,120 --> 00:10:17,480 Speaker 1: Obviously there'll be costs and stuff along the way, but 205 00:10:17,880 --> 00:10:19,760 Speaker 1: as it worth, put it into a term deposit for 206 00:10:19,800 --> 00:10:22,880 Speaker 1: six months, for nine months, for a year, or is 207 00:10:23,000 --> 00:10:25,480 Speaker 1: there a better option that you think we might be 208 00:10:25,520 --> 00:10:29,199 Speaker 1: able to look into. Look forward to hearing your answers 209 00:10:29,200 --> 00:10:34,080 Speaker 1: and your thoughts. Thank you very much once again for everything. Cheers, Brad, 210 00:10:34,200 --> 00:10:37,120 Speaker 1: thank you so much for your question. By the way, Matt, 211 00:10:37,160 --> 00:10:39,319 Speaker 1: he's from New Zealand. New Zealand's on my bucket list. 212 00:10:39,320 --> 00:10:40,719 Speaker 1: I want to get there. I have not been there. 213 00:10:41,160 --> 00:10:43,240 Speaker 1: I hear there are way more sheep than people there. 214 00:10:43,480 --> 00:10:44,920 Speaker 1: And you know what, I'm a huge fan of Flight 215 00:10:45,000 --> 00:10:47,320 Speaker 1: of the Concords. Let's go to New Zealanders and they 216 00:10:47,320 --> 00:10:49,280 Speaker 1: are awesome. So the only song I know by them 217 00:10:49,480 --> 00:10:51,920 Speaker 1: is It's Business Time. But that's a really good one, 218 00:10:52,000 --> 00:10:53,480 Speaker 1: so you might want to check that one out if 219 00:10:53,520 --> 00:10:56,040 Speaker 1: you If you haven't heard it, all right, let's get 220 00:10:56,040 --> 00:10:59,839 Speaker 1: down to business then all right, but nothing kind of kids, 221 00:11:00,040 --> 00:11:02,600 Speaker 1: it turns out, from what Brad is saying, are really 222 00:11:02,640 --> 00:11:07,079 Speaker 1: expensive across the pond too. So first off, Brad, congrats 223 00:11:07,080 --> 00:11:09,400 Speaker 1: to you and your wife and Matt and I would 224 00:11:09,440 --> 00:11:12,680 Speaker 1: totally say kids are worth the money because our family 225 00:11:12,720 --> 00:11:14,560 Speaker 1: were about to have kid number three and Matt you're 226 00:11:14,559 --> 00:11:17,120 Speaker 1: about to have kid number four. Kids are the best. Yeah, Brad, 227 00:11:17,120 --> 00:11:20,440 Speaker 1: congrats on the decision to to start growing your family, 228 00:11:20,480 --> 00:11:23,800 Speaker 1: but also congrats on doing an amazing job on budgeting 229 00:11:24,400 --> 00:11:28,640 Speaker 1: preparing an advance for your child costs already. Man, you 230 00:11:28,679 --> 00:11:30,839 Speaker 1: are a planner, and you are likely also gonna be 231 00:11:30,880 --> 00:11:34,600 Speaker 1: able to get by with spending less just by making 232 00:11:34,600 --> 00:11:37,600 Speaker 1: some frul decisions. Man. So often some of these major 233 00:11:37,600 --> 00:11:39,680 Speaker 1: expenses that show up at different stages in our life 234 00:11:39,920 --> 00:11:42,320 Speaker 1: are able to be reduced just by thinking about them 235 00:11:42,320 --> 00:11:44,360 Speaker 1: ahead of time and being thoughtful with the amount of 236 00:11:44,400 --> 00:11:46,880 Speaker 1: money that we're setting aside. Yeah. And I think in 237 00:11:47,040 --> 00:11:49,760 Speaker 1: that episode that Brad was referencing where we talked about 238 00:11:49,760 --> 00:11:53,040 Speaker 1: the cost of kids, Matt, we talked about the reality firsts, 239 00:11:53,080 --> 00:11:55,520 Speaker 1: what the stats bear out, what's a different story, and 240 00:11:55,600 --> 00:11:59,920 Speaker 1: kids aren't really as expensive as these headlines make us think. 241 00:12:00,360 --> 00:12:04,280 Speaker 1: So I love that Brad is setting aside the headline number. Brad. 242 00:12:04,280 --> 00:12:06,280 Speaker 1: I think you're gonna have money left over, which is great, 243 00:12:06,360 --> 00:12:08,240 Speaker 1: and there's gonna be awesome things that you can do 244 00:12:08,360 --> 00:12:10,760 Speaker 1: with that excess money. And I think, to like you 245 00:12:10,880 --> 00:12:13,720 Speaker 1: mentioned in your question, you and your wife are taking 246 00:12:13,760 --> 00:12:15,200 Speaker 1: some of the things that we talked about on the show, 247 00:12:15,440 --> 00:12:17,719 Speaker 1: and you're putting them into practice, and because of that, 248 00:12:17,960 --> 00:12:21,040 Speaker 1: you're spending less. You're making frugal choices in all likelihood 249 00:12:21,040 --> 00:12:22,440 Speaker 1: that means you're gonna do the same when it comes 250 00:12:22,440 --> 00:12:25,840 Speaker 1: to the decisions that you make for your child. So 251 00:12:25,880 --> 00:12:28,360 Speaker 1: you're making a conservative choice to save more than you're 252 00:12:28,400 --> 00:12:31,000 Speaker 1: likely going to need, and your frugal attitude means that 253 00:12:31,040 --> 00:12:33,079 Speaker 1: you're gonna have money left over, which is great and 254 00:12:33,160 --> 00:12:35,360 Speaker 1: so Brad, the question that you're asking is what to 255 00:12:35,480 --> 00:12:37,480 Speaker 1: do with that money that you're going to set aside, 256 00:12:38,080 --> 00:12:40,240 Speaker 1: And you definitely don't want to think about investing that 257 00:12:40,320 --> 00:12:43,760 Speaker 1: money if you are thinking more on a short term 258 00:12:43,840 --> 00:12:46,960 Speaker 1: sort of cycle. Right, investing is reserved for a minimum 259 00:12:47,559 --> 00:12:50,480 Speaker 1: of maybe five years, even seven years, and so if 260 00:12:50,480 --> 00:12:53,160 Speaker 1: you're looking at setting aside and earmarking this money for 261 00:12:53,240 --> 00:12:55,800 Speaker 1: maybe some of those immediate costs with having a baby, 262 00:12:56,000 --> 00:12:58,120 Speaker 1: whether it be medical costs, different things that you want 263 00:12:58,160 --> 00:13:01,160 Speaker 1: to do with baby it's here or she is on 264 00:13:01,200 --> 00:13:03,480 Speaker 1: the scene in those first few years, you want to 265 00:13:03,520 --> 00:13:06,440 Speaker 1: keep that money liquid and easily accessible. However, if you 266 00:13:06,480 --> 00:13:08,760 Speaker 1: have a longer time frame in mind, and maybe you're 267 00:13:08,760 --> 00:13:12,640 Speaker 1: also considering setting some money aside for higher education, whatever 268 00:13:12,679 --> 00:13:14,960 Speaker 1: it is that you want to save money for ten, 269 00:13:15,120 --> 00:13:18,320 Speaker 1: maybe even twenty years down the road, certainly invest that money. 270 00:13:18,360 --> 00:13:20,040 Speaker 1: You can invest that in the market, just like you 271 00:13:20,080 --> 00:13:22,920 Speaker 1: normally would for your retirement. But it all comes down 272 00:13:22,960 --> 00:13:25,000 Speaker 1: to what you want to use that money for. Long 273 00:13:25,120 --> 00:13:27,880 Speaker 1: term money seven plus years, feel free to invest that, 274 00:13:27,920 --> 00:13:29,079 Speaker 1: But money that you want to use in the near 275 00:13:29,200 --> 00:13:31,560 Speaker 1: term around five years or less, you want to make 276 00:13:31,559 --> 00:13:34,560 Speaker 1: sure that you keep that money liquid and easily accessible. Yeah, 277 00:13:34,559 --> 00:13:37,640 Speaker 1: and I'm not familiar with the savings plans for college 278 00:13:38,120 --> 00:13:41,000 Speaker 1: in New Zealand, or or what the average price of 279 00:13:41,040 --> 00:13:43,480 Speaker 1: a college education is in New Zealand even so we 280 00:13:43,520 --> 00:13:45,560 Speaker 1: don't have specific advice for you based on that. But 281 00:13:45,600 --> 00:13:49,120 Speaker 1: if you are saving for bigger future expenses like like 282 00:13:49,240 --> 00:13:52,400 Speaker 1: college or your kids potential wedding date, well then that 283 00:13:52,440 --> 00:13:54,800 Speaker 1: does make sense. But if we're talking about these expenses 284 00:13:54,840 --> 00:13:56,760 Speaker 1: that you're going to incur now, and you're in a 285 00:13:56,760 --> 00:14:00,440 Speaker 1: phase where you will be incurring expenses buying a stroller, crib, 286 00:14:00,640 --> 00:14:02,840 Speaker 1: there's so many things that you're adding into your house 287 00:14:02,920 --> 00:14:05,520 Speaker 1: right now that you're spending money on, and we would 288 00:14:05,559 --> 00:14:08,079 Speaker 1: recommend stashing that money that you're setting aside into the 289 00:14:08,160 --> 00:14:10,760 Speaker 1: highest safe yield you can find, and that's an all 290 00:14:10,800 --> 00:14:13,200 Speaker 1: likelihood going to be an online saving news account, at 291 00:14:13,280 --> 00:14:15,920 Speaker 1: least in the United States. We have so much competition 292 00:14:16,040 --> 00:14:18,559 Speaker 1: right now, and that's fear that the options are plentiful 293 00:14:18,640 --> 00:14:22,040 Speaker 1: for finding a really good rate of return on short 294 00:14:22,160 --> 00:14:24,440 Speaker 1: term money. So for the money that you're putting in, 295 00:14:24,600 --> 00:14:27,600 Speaker 1: that's gonna be exiting that account again pretty quickly in 296 00:14:27,680 --> 00:14:29,480 Speaker 1: order to buy all that stuff for your new kid. 297 00:14:29,800 --> 00:14:31,560 Speaker 1: That's the stuff that you want to keep in just 298 00:14:31,720 --> 00:14:34,200 Speaker 1: kind of a general savings account, making as big of 299 00:14:34,240 --> 00:14:36,800 Speaker 1: a safe return as you can find. And again, Brad, 300 00:14:36,960 --> 00:14:39,960 Speaker 1: congrats and make the decision to grow your family. Parenthood 301 00:14:40,240 --> 00:14:43,320 Speaker 1: is one awesome adventure, no doubt. All right, Matt, Let's 302 00:14:43,360 --> 00:14:46,800 Speaker 1: get to the next question about repairing a car after 303 00:14:46,840 --> 00:14:50,760 Speaker 1: an insurance claim. Hey, guys, this is Cassie calling from 304 00:14:50,840 --> 00:14:55,880 Speaker 1: Dallas to ask when you guys think about getting a 305 00:14:56,000 --> 00:14:59,800 Speaker 1: car hail damage repaired. So Dallas recently had some pretty 306 00:14:59,840 --> 00:15:04,640 Speaker 1: bad storms and my car got hit. So do I 307 00:15:04,720 --> 00:15:08,680 Speaker 1: take the insurance money and put that into savings or 308 00:15:09,200 --> 00:15:12,600 Speaker 1: do something wise with it in that regards, or do 309 00:15:12,640 --> 00:15:15,160 Speaker 1: I actually get the car repaired? I do plan to 310 00:15:15,240 --> 00:15:19,400 Speaker 1: drive this car for another five to seven years, so 311 00:15:19,560 --> 00:15:24,480 Speaker 1: is it really worth cosmetically updating it? That would really 312 00:15:24,480 --> 00:15:27,400 Speaker 1: be the only reason to do the repair. So what 313 00:15:27,440 --> 00:15:29,000 Speaker 1: are your thoughts on that. Take the money and save 314 00:15:29,040 --> 00:15:32,960 Speaker 1: it or put it back into the car. Thanks. Hey, Cassie, 315 00:15:32,960 --> 00:15:36,120 Speaker 1: thanks so much for that question and quickly you didn't 316 00:15:36,120 --> 00:15:38,720 Speaker 1: mention how old your car is, but we love that 317 00:15:38,800 --> 00:15:41,600 Speaker 1: you're planning to keep it for another five to seven years. Juel, 318 00:15:41,640 --> 00:15:43,480 Speaker 1: I would even challenge you to see if you can 319 00:15:43,600 --> 00:15:46,720 Speaker 1: maybe even keep it for I don't know, seven to ten, 320 00:15:47,400 --> 00:15:49,480 Speaker 1: it's into twelve. The longer you're able to keep that 321 00:15:49,520 --> 00:15:51,800 Speaker 1: car running and get shape, as long as it does 322 00:15:51,880 --> 00:15:54,480 Speaker 1: what you needed to do. That is something I would 323 00:15:54,640 --> 00:15:58,000 Speaker 1: encourage everybody to do personally. Man, we just I feel 324 00:15:58,000 --> 00:16:00,600 Speaker 1: like we just spend so much money on transportation and 325 00:16:00,640 --> 00:16:03,920 Speaker 1: it is not necessary. Yeah, no, I completely agree. Anytime 326 00:16:04,080 --> 00:16:05,960 Speaker 1: you can dial back the amount of money that you 327 00:16:06,000 --> 00:16:08,480 Speaker 1: spend and and just increase the time frame that you 328 00:16:08,520 --> 00:16:10,680 Speaker 1: stay in the current car that you're in, you're able 329 00:16:10,720 --> 00:16:13,320 Speaker 1: to grow the gap and save more and take that 330 00:16:13,360 --> 00:16:15,680 Speaker 1: money and invested, do something wise with it, save for 331 00:16:15,720 --> 00:16:18,200 Speaker 1: the future. And so yeah, challenge out there at everybody 332 00:16:18,240 --> 00:16:20,120 Speaker 1: driving an old car. See if you can make it 333 00:16:20,200 --> 00:16:22,000 Speaker 1: last a little bit longer than you think you can, 334 00:16:22,320 --> 00:16:23,920 Speaker 1: and you'll be happy with the money you save if 335 00:16:23,920 --> 00:16:25,800 Speaker 1: you're able to do that. So one of the first 336 00:16:25,880 --> 00:16:28,960 Speaker 1: things that pops up with a question like this is 337 00:16:28,960 --> 00:16:31,880 Speaker 1: isn't it insurance fraud to not get the repair done 338 00:16:31,960 --> 00:16:34,280 Speaker 1: if you have a check cut your way after an accident. 339 00:16:34,760 --> 00:16:37,480 Speaker 1: The answer is not necessarily. It would be insurance fraud 340 00:16:37,560 --> 00:16:41,520 Speaker 1: if you made another claim for that unfixed problem sometime 341 00:16:41,560 --> 00:16:44,320 Speaker 1: in the future. So let's say Cassie made a claim 342 00:16:44,440 --> 00:16:46,280 Speaker 1: two years down the road and said, I've got hail 343 00:16:46,320 --> 00:16:48,840 Speaker 1: damage again. I've got twice as many dents on my car. 344 00:16:49,480 --> 00:16:51,920 Speaker 1: Then it would be insurance fraud, right, that'd be a 345 00:16:51,920 --> 00:16:54,000 Speaker 1: big problem. If you own the car all right, and 346 00:16:54,160 --> 00:16:56,960 Speaker 1: your insurance company cut you a check, you don't have 347 00:16:57,040 --> 00:17:00,800 Speaker 1: any obligation necessarily to fix the car. It's really a 348 00:17:00,880 --> 00:17:02,760 Speaker 1: choice that you get to make. If you have a 349 00:17:02,760 --> 00:17:04,320 Speaker 1: loan on the car that you're driving, or you're in 350 00:17:04,359 --> 00:17:06,560 Speaker 1: a lease, you don't really get to make this decision. 351 00:17:06,600 --> 00:17:08,960 Speaker 1: This is really a decision that people with with paid 352 00:17:08,960 --> 00:17:12,040 Speaker 1: off vehicles get to make. And Cassie really, a lot 353 00:17:12,119 --> 00:17:14,240 Speaker 1: of this is a personal decision. So much of this 354 00:17:14,320 --> 00:17:18,119 Speaker 1: comes down to how you feel about driving a car 355 00:17:18,440 --> 00:17:21,600 Speaker 1: with some hail damage. Personally, I don't care a ton 356 00:17:21,720 --> 00:17:24,679 Speaker 1: about what my car looks like. Mostly it's just to 357 00:17:24,680 --> 00:17:27,679 Speaker 1: get me from point A to point B. Joel. For us, 358 00:17:27,720 --> 00:17:29,720 Speaker 1: we live in a big city right in Atlanta, like 359 00:17:29,840 --> 00:17:32,360 Speaker 1: Cassie she lives in Dallas. You just get a lot 360 00:17:32,400 --> 00:17:34,840 Speaker 1: of sort of natural wear and hair on the outside 361 00:17:34,880 --> 00:17:37,840 Speaker 1: of your vehicle. That is inevitable when you live in 362 00:17:37,840 --> 00:17:40,679 Speaker 1: a major city, and so personally, I like to make 363 00:17:40,720 --> 00:17:42,760 Speaker 1: sure my car is washed. You know, I don't like 364 00:17:42,800 --> 00:17:45,160 Speaker 1: it being all grimy and gross from all the junk 365 00:17:45,240 --> 00:17:47,159 Speaker 1: that falls from the tree all over it. You're not 366 00:17:47,160 --> 00:17:49,080 Speaker 1: talking about it gets like the tree goop all over it. 367 00:17:49,280 --> 00:17:51,840 Speaker 1: I know that well that and I like the inside 368 00:17:51,920 --> 00:17:53,880 Speaker 1: of my vehicle to be to be cleaned. I don't 369 00:17:53,880 --> 00:17:55,719 Speaker 1: like there to be dirt everywhere, but as far as 370 00:17:55,760 --> 00:17:57,760 Speaker 1: like a little ding on the door here, even a 371 00:17:57,840 --> 00:18:00,600 Speaker 1: scrape the corner bumper actually got hit recently when we're 372 00:18:00,640 --> 00:18:03,040 Speaker 1: in a parking lot, Like I was totally annoyed at that, 373 00:18:03,200 --> 00:18:05,680 Speaker 1: in particular because nobody stuck around. But I guess what 374 00:18:05,680 --> 00:18:07,359 Speaker 1: I wasn't gonna do. I wasn't gonna file a claim 375 00:18:07,520 --> 00:18:09,720 Speaker 1: to see my insurance race hike up just to get 376 00:18:09,720 --> 00:18:11,399 Speaker 1: that money. I'm just gonna live with it. It's not 377 00:18:11,480 --> 00:18:13,960 Speaker 1: that big of a deal for me. But again, that's 378 00:18:14,080 --> 00:18:17,320 Speaker 1: me personally. Cassie. You might have a completely different definition 379 00:18:17,400 --> 00:18:19,879 Speaker 1: as to what is acceptable for you to drive on 380 00:18:19,920 --> 00:18:23,000 Speaker 1: a day today basis. Yeah, And that brings up the 381 00:18:23,040 --> 00:18:25,800 Speaker 1: point that we have to address of we don't know 382 00:18:25,920 --> 00:18:28,320 Speaker 1: how bad the damage was in Cassie's case. I'm not 383 00:18:28,359 --> 00:18:30,760 Speaker 1: sure if it was a repair or a three thousand 384 00:18:30,800 --> 00:18:34,919 Speaker 1: dollar repair, but consider raising your deductible Cassie and everyone 385 00:18:34,920 --> 00:18:38,399 Speaker 1: out there, to avoid making smaller claims with your insurance company. 386 00:18:38,640 --> 00:18:41,359 Speaker 1: If we're talking about a fifor two thousand dollar repair, 387 00:18:41,720 --> 00:18:44,440 Speaker 1: that is something you want to have the savings built 388 00:18:44,520 --> 00:18:48,080 Speaker 1: up for in order to address out of pocket making 389 00:18:48,240 --> 00:18:51,720 Speaker 1: an insurance claim is is for bigger emergencies. You don't 390 00:18:51,760 --> 00:18:54,240 Speaker 1: want to do it in small money circumstances. And that's 391 00:18:54,280 --> 00:18:57,359 Speaker 1: because your insurance rate is going to increase, likely for 392 00:18:57,400 --> 00:18:59,520 Speaker 1: each of the next three years, and so the money 393 00:18:59,520 --> 00:19:02,240 Speaker 1: you think you saved by having the insurance company pay 394 00:19:02,320 --> 00:19:05,400 Speaker 1: for the repair to something like hail damage, is ultimately 395 00:19:05,440 --> 00:19:08,240 Speaker 1: going to be eaten away and more over the next 396 00:19:08,280 --> 00:19:11,080 Speaker 1: few years as your premiums increase. So if you've got 397 00:19:11,119 --> 00:19:13,120 Speaker 1: the emergency fund for it, if you've got the savings, 398 00:19:13,359 --> 00:19:16,040 Speaker 1: increase your deductible on a car to as high as 399 00:19:16,080 --> 00:19:18,520 Speaker 1: you can go. Typically that's gonna be about a thousand dollars. 400 00:19:18,600 --> 00:19:20,639 Speaker 1: If you've got that two and fifty dollar deductible, you 401 00:19:20,720 --> 00:19:22,520 Speaker 1: want to raise that sucker up as quick as possible 402 00:19:22,680 --> 00:19:25,600 Speaker 1: and quickly. It's good to to address resale, Cassie. I'm 403 00:19:25,600 --> 00:19:26,960 Speaker 1: not sure if you're if you've got that in mind, 404 00:19:26,960 --> 00:19:29,200 Speaker 1: if you're thinking, well, what if I fix it, maybe'll 405 00:19:29,200 --> 00:19:31,159 Speaker 1: get more money for it down the road. But keep 406 00:19:31,200 --> 00:19:32,639 Speaker 1: in mind that we are going to encourage you to 407 00:19:32,720 --> 00:19:35,600 Speaker 1: keep that car for at least seven years, maybe even 408 00:19:35,640 --> 00:19:38,240 Speaker 1: tinto twelve years, and so a decade down the road, 409 00:19:38,600 --> 00:19:41,600 Speaker 1: a vehicle that's that old that has hal damage versus 410 00:19:41,640 --> 00:19:43,800 Speaker 1: a vehicle that doesn't have healed damage, there's not gonna 411 00:19:43,840 --> 00:19:46,560 Speaker 1: be nearly as much difference in price that you feel 412 00:19:46,640 --> 00:19:49,000 Speaker 1: it would make today if you were to sell that vehicle. 413 00:19:49,080 --> 00:19:51,040 Speaker 1: So really don't worry about resale. Just keep in mind 414 00:19:51,040 --> 00:19:53,160 Speaker 1: that if you do make those repairs on your vehicle, 415 00:19:53,240 --> 00:19:55,160 Speaker 1: that you're doing it for you, and that's totally fine 416 00:19:55,400 --> 00:19:58,040 Speaker 1: if if you've accepted the fact that this is gonna 417 00:19:58,080 --> 00:19:59,800 Speaker 1: be for me, I don't like having a car with 418 00:19:59,840 --> 00:20:02,399 Speaker 1: hal damage. Just realize that you are doing it for 419 00:20:02,440 --> 00:20:04,480 Speaker 1: yourself and that it's not going to make a huge 420 00:20:04,520 --> 00:20:07,080 Speaker 1: difference down the road when it comes to resale. Yeah, 421 00:20:07,119 --> 00:20:09,520 Speaker 1: that's a great point. I think. Really, when it comes 422 00:20:09,560 --> 00:20:13,200 Speaker 1: down to fixing exterior damage on a car that isn't 423 00:20:13,280 --> 00:20:17,080 Speaker 1: vital to the way it works, it becomes personal and 424 00:20:17,080 --> 00:20:19,320 Speaker 1: and that money that you have, you just have to 425 00:20:19,320 --> 00:20:21,600 Speaker 1: ask yourself kind of an honest question. Would I rather 426 00:20:21,720 --> 00:20:24,080 Speaker 1: drive around town in a car that isn't beat up 427 00:20:24,080 --> 00:20:26,560 Speaker 1: looking and spend that money on the repair, or drive 428 00:20:26,560 --> 00:20:28,960 Speaker 1: a beat up car and pocket the money and do 429 00:20:29,040 --> 00:20:31,399 Speaker 1: something else with it that I prioritize. And for me, 430 00:20:31,520 --> 00:20:33,800 Speaker 1: I don't mind driving a beat up car. I've done 431 00:20:33,800 --> 00:20:36,560 Speaker 1: it for a long time. My niecean Leaf actually looks 432 00:20:36,560 --> 00:20:38,280 Speaker 1: all right right now, But but for a lot of 433 00:20:38,359 --> 00:20:42,280 Speaker 1: years I drove cars that looked kind of crummy, and 434 00:20:42,320 --> 00:20:44,760 Speaker 1: I don't mind. I really don't care. But really, like 435 00:20:44,800 --> 00:20:47,240 Speaker 1: you said, it's a personal decision. So all right. We 436 00:20:47,320 --> 00:20:51,119 Speaker 1: got a couple more questions, including one about filing quarterly taxes, 437 00:20:51,160 --> 00:21:02,400 Speaker 1: and we'll get to those right after the break. All right, Joel, 438 00:21:02,440 --> 00:21:04,760 Speaker 1: We've got a couple more questions, and before we get 439 00:21:04,760 --> 00:21:06,800 Speaker 1: to that one about quarterly taxes, we have one that 440 00:21:06,840 --> 00:21:11,320 Speaker 1: addresses the core concept of compounding interest. Hey, guys, this 441 00:21:11,400 --> 00:21:15,240 Speaker 1: is Michelle from Memphis. My question is about the power 442 00:21:15,400 --> 00:21:18,000 Speaker 1: of compounding interests, which you guys bring up on the 443 00:21:18,040 --> 00:21:21,639 Speaker 1: show pretty often. I understand how it works with cash 444 00:21:21,640 --> 00:21:24,520 Speaker 1: in my bank account, but I'm a little confused about 445 00:21:24,520 --> 00:21:27,240 Speaker 1: how it applies to a roth ira A or other 446 00:21:27,280 --> 00:21:32,679 Speaker 1: investment portfolios. Let's suppose my portfolio grows at eight percent 447 00:21:32,720 --> 00:21:35,679 Speaker 1: a year. It seems to me that the compounding power 448 00:21:35,760 --> 00:21:39,080 Speaker 1: would be much less than that annual growth because most 449 00:21:39,080 --> 00:21:41,359 Speaker 1: of that growth is due to gain in market value 450 00:21:41,840 --> 00:21:45,879 Speaker 1: and only a small portion the dividends is being reinvested. 451 00:21:46,680 --> 00:21:49,200 Speaker 1: I'm pretty sure that my understanding of this is wrong, 452 00:21:49,320 --> 00:21:53,119 Speaker 1: so I would love some clarification on how compounding interests 453 00:21:53,200 --> 00:21:58,120 Speaker 1: works with non liquid investments. Thanks Michelle. That is such 454 00:21:58,160 --> 00:22:02,240 Speaker 1: a great question, and compounding interest, as we've mentioned before 455 00:22:02,280 --> 00:22:06,520 Speaker 1: on the show, it is this phenomenon that can over 456 00:22:06,560 --> 00:22:10,000 Speaker 1: the decades completely change your financial future. You don't have 457 00:22:10,080 --> 00:22:14,440 Speaker 1: to be rich to invest in stocks. You become rich 458 00:22:14,560 --> 00:22:16,920 Speaker 1: because you invest in the stock market over a long 459 00:22:16,960 --> 00:22:20,439 Speaker 1: period of time because of quote unquote compounding interest. And 460 00:22:20,480 --> 00:22:22,440 Speaker 1: so I think at this point we have to discuss 461 00:22:22,560 --> 00:22:26,119 Speaker 1: what we mean when we say compounding interest, because ultimately, Matt, 462 00:22:26,359 --> 00:22:29,560 Speaker 1: we're kind of actually referring to what we would call 463 00:22:29,680 --> 00:22:33,560 Speaker 1: compounding returns or compounding growth. Not necessarily if we're gonna 464 00:22:33,600 --> 00:22:38,560 Speaker 1: get specific in terminology compounding interest when we're talking about 465 00:22:38,640 --> 00:22:41,800 Speaker 1: what happens when you invest your money in the stock market, right, Yeah, exactly. 466 00:22:41,840 --> 00:22:44,119 Speaker 1: When we use that phrase compounding interest to refer to 467 00:22:44,160 --> 00:22:48,120 Speaker 1: our portfolios, oftentimes that's incorrectly used. Michelle. You're talking about 468 00:22:48,119 --> 00:22:51,200 Speaker 1: the increase in market value and the dividends. As those 469 00:22:51,240 --> 00:22:54,920 Speaker 1: things increase, there is compounding that is happening, and essentially 470 00:22:54,920 --> 00:22:57,200 Speaker 1: that's what we want you to focus on the power 471 00:22:57,240 --> 00:23:00,640 Speaker 1: of that compounding, not necessarily the inter us, right, because 472 00:23:00,640 --> 00:23:03,080 Speaker 1: it's not like a checking account where you are receiving 473 00:23:03,119 --> 00:23:05,680 Speaker 1: an actual rate of return on your money, where we 474 00:23:05,720 --> 00:23:09,119 Speaker 1: could correctly refer to that as compounding interest. But the 475 00:23:09,160 --> 00:23:11,600 Speaker 1: compounding aspect is what we want to focus on. So 476 00:23:11,640 --> 00:23:14,520 Speaker 1: when it comes to your portfolio, your returns are what 477 00:23:14,600 --> 00:23:17,919 Speaker 1: are compounding that market value growing, which you mentioned is 478 00:23:18,000 --> 00:23:21,240 Speaker 1: what leads to outsize gains over time. Yeah. A key 479 00:23:21,280 --> 00:23:23,360 Speaker 1: point in this is that we are assuming that the 480 00:23:23,400 --> 00:23:27,280 Speaker 1: profits that you're making in the stock market are reinvested. 481 00:23:27,560 --> 00:23:30,840 Speaker 1: So when your share prices appreciate or you receive dividends, 482 00:23:31,080 --> 00:23:33,080 Speaker 1: when you don't take that money off the table, when 483 00:23:33,080 --> 00:23:36,480 Speaker 1: you leave that invested inside of the market, you're going 484 00:23:36,520 --> 00:23:40,800 Speaker 1: to experience compounding growth over a long period of time, exactly. Yeah, 485 00:23:40,880 --> 00:23:44,320 Speaker 1: the gains on your gains. That's right. Ultimately, in a 486 00:23:44,359 --> 00:23:47,200 Speaker 1: lot of ways, I think your question it might be 487 00:23:47,320 --> 00:23:49,720 Speaker 1: a matter of semantics. You might be getting hung up 488 00:23:49,760 --> 00:23:52,399 Speaker 1: on terminology. And there are gonna be a lot of 489 00:23:52,440 --> 00:23:56,159 Speaker 1: people they're gonna hear out there using the phrase compound interest, 490 00:23:56,600 --> 00:23:58,760 Speaker 1: like Matt and I have for a long time, and 491 00:23:59,040 --> 00:24:02,760 Speaker 1: in reality, what are referring to is compounding growth over 492 00:24:02,800 --> 00:24:05,360 Speaker 1: time that you're going to experience in the market as 493 00:24:05,359 --> 00:24:08,639 Speaker 1: you continue to invest and you reinvest the profits and 494 00:24:08,680 --> 00:24:11,280 Speaker 1: the dividends that you receive. And so try not to 495 00:24:11,280 --> 00:24:13,000 Speaker 1: get hung up on that because it is something that 496 00:24:13,040 --> 00:24:14,680 Speaker 1: you're going to hear a lot, and at the same 497 00:24:14,720 --> 00:24:16,600 Speaker 1: time we'll try to be a little more clear when 498 00:24:16,600 --> 00:24:19,080 Speaker 1: we're discussing this in the future. But really, more than 499 00:24:19,080 --> 00:24:22,720 Speaker 1: anything compounding rules, Albert Einstein called it the eighth wonder 500 00:24:22,720 --> 00:24:24,760 Speaker 1: of the world, and I think for for good reason. 501 00:24:25,119 --> 00:24:26,800 Speaker 1: It is impressive to me the kind of wealth that 502 00:24:26,840 --> 00:24:29,560 Speaker 1: you can build, even if you'll just invest a little 503 00:24:29,560 --> 00:24:31,480 Speaker 1: bit of money over a long period of time. It's 504 00:24:31,480 --> 00:24:33,399 Speaker 1: a beautiful thing. And yeah, that's a huge part of 505 00:24:33,400 --> 00:24:36,040 Speaker 1: the reason why we encourage people to start investing as 506 00:24:36,080 --> 00:24:38,480 Speaker 1: early as possible. All Right, and Matt, let's get to 507 00:24:38,640 --> 00:24:41,880 Speaker 1: our final question for this episode. Hey, guys, my name 508 00:24:41,960 --> 00:24:44,320 Speaker 1: is David. I am from Kansas. I had a question 509 00:24:44,359 --> 00:24:48,040 Speaker 1: that's more from Matt. I am a wedding filmmaker here 510 00:24:48,040 --> 00:24:51,399 Speaker 1: in Kansas. I had a question about quarterly taxes. I 511 00:24:51,480 --> 00:24:54,520 Speaker 1: am looking at paying about ten thousand dollars in taxes 512 00:24:54,560 --> 00:24:57,800 Speaker 1: this year. I've been trying to pay quarterly just because 513 00:24:57,880 --> 00:25:00,000 Speaker 1: as I've grown my business the past couple of years, 514 00:25:00,000 --> 00:25:03,760 Speaker 1: I'm realizing how painful tax time can be, so trying 515 00:25:03,760 --> 00:25:06,119 Speaker 1: to break that up a little bit. But I didn't 516 00:25:06,119 --> 00:25:09,000 Speaker 1: know now that I'm looking at paying more and more 517 00:25:09,040 --> 00:25:12,000 Speaker 1: for taxes. If there's an account that that money could 518 00:25:12,000 --> 00:25:16,440 Speaker 1: be going into versus paying quarterly um account that could 519 00:25:16,480 --> 00:25:18,760 Speaker 1: be accruing some interest. I know there might be some 520 00:25:18,800 --> 00:25:22,800 Speaker 1: penalties for not paying quarterly as in self employed individual, 521 00:25:22,920 --> 00:25:25,440 Speaker 1: but I didn't know if there would be another way 522 00:25:25,480 --> 00:25:29,000 Speaker 1: to have that money growing interest and paying at the 523 00:25:29,080 --> 00:25:32,680 Speaker 1: end of the year versus quarterly. UM. I know money 524 00:25:32,720 --> 00:25:36,160 Speaker 1: is pretty psychological, so I've just been trying to pay 525 00:25:36,240 --> 00:25:38,639 Speaker 1: quarterly and just get that money out of here versus 526 00:25:38,760 --> 00:25:40,800 Speaker 1: keeping it. But I didn't know if there was a 527 00:25:40,800 --> 00:25:43,560 Speaker 1: better way to go about that. Just let me know. Thanks. 528 00:25:44,400 --> 00:25:46,280 Speaker 1: Oh sweet Matt, A question for you. Looks like I 529 00:25:46,320 --> 00:25:47,880 Speaker 1: can sit back and relax on this one a little, 530 00:25:47,920 --> 00:25:50,400 Speaker 1: A little small business question for me. Yeah. That being said, 531 00:25:50,440 --> 00:25:53,160 Speaker 1: you as a small business person you feel tax time 532 00:25:53,200 --> 00:25:56,359 Speaker 1: more acutely then most of us folks who work at 533 00:25:56,400 --> 00:26:00,440 Speaker 1: ninety five day job for an employer, Isn't that true? Yeah? Man, 534 00:26:00,480 --> 00:26:03,919 Speaker 1: that is true. For the past eleven or so years, 535 00:26:03,920 --> 00:26:06,520 Speaker 1: I've been paying quarterly estimates, which, like David said, is 536 00:26:06,600 --> 00:26:09,200 Speaker 1: not the most fun thing to have to manually take 537 00:26:09,200 --> 00:26:11,680 Speaker 1: that money, set it aside, pay it towards the government. 538 00:26:12,000 --> 00:26:13,840 Speaker 1: You feel it a little more than when it just 539 00:26:13,840 --> 00:26:16,480 Speaker 1: gets automatically withdrawn from your paycheck every couple of weeks. 540 00:26:16,480 --> 00:26:18,240 Speaker 1: It doesn't like warm your heart when as you send 541 00:26:18,240 --> 00:26:22,600 Speaker 1: that money off for quarter. Totally sucks. But the fact is, 542 00:26:22,680 --> 00:26:24,000 Speaker 1: I think there are more folks who need to be 543 00:26:24,040 --> 00:26:28,520 Speaker 1: paying quarterly estimates than actually are. Technically speaking, anyone who 544 00:26:28,680 --> 00:26:31,919 Speaker 1: isn't actually a full time employee of a company but 545 00:26:32,080 --> 00:26:36,000 Speaker 1: is employed is technically self employed. So because of that, 546 00:26:36,080 --> 00:26:39,439 Speaker 1: taxes are not withheld from their paycheck. You know, they 547 00:26:39,480 --> 00:26:42,400 Speaker 1: might receive a check once a month or even once 548 00:26:42,400 --> 00:26:44,800 Speaker 1: every two weeks like a normal employee, a normal full 549 00:26:44,800 --> 00:26:47,960 Speaker 1: time employee, but in reality, taxes aren't being withheld. And 550 00:26:48,000 --> 00:26:52,160 Speaker 1: also by that definition, contract employees are self employed as well. 551 00:26:52,359 --> 00:26:54,479 Speaker 1: And you know the same thing goes for folks who 552 00:26:54,560 --> 00:26:56,480 Speaker 1: have side gigs as well, like if you drive for 553 00:26:56,480 --> 00:27:00,240 Speaker 1: a lift or uber. Yeah, basically, if you receive ten 554 00:27:00,880 --> 00:27:03,000 Speaker 1: in the mail, which happens if you've made over six 555 00:27:03,040 --> 00:27:06,000 Speaker 1: hundred bucks from a particular employer or venture at ten 556 00:27:06,040 --> 00:27:09,119 Speaker 1: ninety nine miscellaneous and those are the good ones, right, 557 00:27:09,560 --> 00:27:12,320 Speaker 1: And if you expect to owe over a thousand bucks 558 00:27:12,320 --> 00:27:16,520 Speaker 1: in taxes, you should start making quarterly estimated payments. Yeah, Jo, 559 00:27:16,640 --> 00:27:19,159 Speaker 1: that's right. And if you are not making those quarterly 560 00:27:19,240 --> 00:27:21,640 Speaker 1: estimates you like you said, David, you can get hit 561 00:27:21,680 --> 00:27:24,760 Speaker 1: with some penalties by the I r S. It's pretty 562 00:27:24,800 --> 00:27:27,880 Speaker 1: complicated how the I r S calculates those penalties on 563 00:27:28,000 --> 00:27:32,680 Speaker 1: under payments. They use Form twenty to ten to calculate 564 00:27:33,280 --> 00:27:35,960 Speaker 1: exactly how much you're gonna get penalized. But the fact 565 00:27:36,040 --> 00:27:38,439 Speaker 1: is you're talking about owing ten thousand dollars and if 566 00:27:38,480 --> 00:27:40,040 Speaker 1: you were to take that money over the course of 567 00:27:40,040 --> 00:27:42,440 Speaker 1: a year and invest that in the high interest savings 568 00:27:42,440 --> 00:27:45,199 Speaker 1: account for instance, c I T I check today and 569 00:27:45,240 --> 00:27:48,000 Speaker 1: they're paying two point three percent, you're only talking about 570 00:27:48,000 --> 00:27:49,560 Speaker 1: two y bucks that you would be able to make 571 00:27:49,600 --> 00:27:52,520 Speaker 1: on your money. And that's before having the I r 572 00:27:52,640 --> 00:27:54,760 Speaker 1: S flag you, and you know because you're not in compliance. 573 00:27:54,840 --> 00:27:57,960 Speaker 1: So personally speaking, in the past eleven years, I have 574 00:27:58,000 --> 00:28:01,119 Speaker 1: always paid my quarterlies, even though I like to optimize 575 00:28:01,160 --> 00:28:02,960 Speaker 1: every single dollar, right, Like, I hate the fact that 576 00:28:03,000 --> 00:28:05,560 Speaker 1: I have money that might be sitting somewhere that's not 577 00:28:05,600 --> 00:28:07,960 Speaker 1: earning me money. But that being said, I found it's 578 00:28:07,960 --> 00:28:10,000 Speaker 1: easier just to go ahead and pay this quarterlies. Like 579 00:28:10,000 --> 00:28:11,919 Speaker 1: you said, it's really psychological. It gets it out of 580 00:28:11,920 --> 00:28:13,960 Speaker 1: your bank account. And plus it's just easier to stomach 581 00:28:13,960 --> 00:28:17,000 Speaker 1: paying this quarterlies and paying that massive lump sum colm 582 00:28:17,080 --> 00:28:21,160 Speaker 1: tax time. Yeah, I think Matt paying those estimated quarterlies. Well, 583 00:28:21,200 --> 00:28:22,960 Speaker 1: it's easier to not spend the money if you pay 584 00:28:23,000 --> 00:28:25,399 Speaker 1: your taxes on time, right, If it's sitting in your 585 00:28:25,440 --> 00:28:27,800 Speaker 1: bank account, there's a little bit more of a temptation, 586 00:28:28,040 --> 00:28:30,080 Speaker 1: But also it's just not worth the risk. You mentioned 587 00:28:30,080 --> 00:28:32,320 Speaker 1: that you could make an extra two thirty dollars a 588 00:28:32,440 --> 00:28:35,800 Speaker 1: year by putting that money into a high interest savings account. 589 00:28:36,040 --> 00:28:38,480 Speaker 1: Well that's really not all that much when you calculate 590 00:28:38,520 --> 00:28:42,239 Speaker 1: the risk involved of getting audited or having just the 591 00:28:42,280 --> 00:28:45,040 Speaker 1: I R S poked their nose in your affairs based 592 00:28:45,040 --> 00:28:47,200 Speaker 1: on the fact that you weren't complying. This is something 593 00:28:47,240 --> 00:28:48,960 Speaker 1: where you want to play by the rules because the 594 00:28:49,000 --> 00:28:52,800 Speaker 1: downsides are are far worse than the upsides of not 595 00:28:52,840 --> 00:28:55,400 Speaker 1: doing so. Yeah, that's right, And David, I'm sure you 596 00:28:55,480 --> 00:28:57,880 Speaker 1: found that it's pretty easy to pay this quarterlies as well. 597 00:28:57,960 --> 00:29:00,160 Speaker 1: For for those who haven't done that yet, you can 598 00:29:00,160 --> 00:29:02,760 Speaker 1: go to e F TPS. Actually don't even know what 599 00:29:02,880 --> 00:29:05,400 Speaker 1: that stands for anymore. I knew maybe ten years ago 600 00:29:05,400 --> 00:29:07,080 Speaker 1: when I first set that I count up, but we 601 00:29:07,080 --> 00:29:08,760 Speaker 1: will link to that in our show notes. But you 602 00:29:08,800 --> 00:29:11,240 Speaker 1: can go to e f TPS, which is the website 603 00:29:11,280 --> 00:29:13,520 Speaker 1: set up by the Treasury to pay your personal or 604 00:29:13,600 --> 00:29:17,000 Speaker 1: business quarterly estimates. Or you can go to direct pay, 605 00:29:17,040 --> 00:29:18,600 Speaker 1: which is set up by the I r S, which 606 00:29:18,640 --> 00:29:20,040 Speaker 1: has to be a newer site because I know that 607 00:29:20,080 --> 00:29:22,120 Speaker 1: direct pay wasn't around when we were first setting up 608 00:29:22,120 --> 00:29:23,959 Speaker 1: our business and when we first got set up with 609 00:29:24,040 --> 00:29:26,120 Speaker 1: e f TPS. When you were first starting up, you 610 00:29:26,160 --> 00:29:28,320 Speaker 1: had to deliver them by stagecoach, right, Yeah, that's how 611 00:29:28,320 --> 00:29:30,480 Speaker 1: I got suckered into Wells Fargo because the whole stage coach. 612 00:29:31,760 --> 00:29:33,400 Speaker 1: But the one thing to note with direct pay is 613 00:29:33,440 --> 00:29:35,440 Speaker 1: that you can only make quarterly estimates for your personal 614 00:29:35,440 --> 00:29:39,760 Speaker 1: income only there, whereas with e FTPS personal and business. Right, 615 00:29:39,800 --> 00:29:41,920 Speaker 1: there a couple of dates to go ahead, maybe and 616 00:29:41,920 --> 00:29:44,280 Speaker 1: put on your calendar. For Q three, you want to 617 00:29:44,320 --> 00:29:46,680 Speaker 1: make sure you have those quarterlies paid by September sixteen 618 00:29:46,880 --> 00:29:49,360 Speaker 1: of this year. In Q four, you need to make 619 00:29:49,360 --> 00:29:52,400 Speaker 1: sure you have those paid by January fifteen of next year. 620 00:29:52,720 --> 00:29:54,920 Speaker 1: And I say put it on your counter because literally 621 00:29:54,960 --> 00:29:56,240 Speaker 1: just put that on your counter. You can have it 622 00:29:56,280 --> 00:29:58,920 Speaker 1: on there as a reminder, sets a little alert that 623 00:29:59,000 --> 00:30:01,320 Speaker 1: way you don't miss that payment. Yeah, Matt, I don't 624 00:30:01,320 --> 00:30:03,960 Speaker 1: know where I would be if it weren't for calendar reminders. 625 00:30:03,960 --> 00:30:06,440 Speaker 1: They saved my butt so much. And then David. A 626 00:30:06,560 --> 00:30:09,640 Speaker 1: last little tip is there's a way around having to 627 00:30:09,720 --> 00:30:13,360 Speaker 1: file more paperwork and pay those estimates. If you're single, 628 00:30:13,680 --> 00:30:16,640 Speaker 1: but you also happen to have a W two job, 629 00:30:17,000 --> 00:30:20,000 Speaker 1: you can ask your employer to increase your withholdings on 630 00:30:20,080 --> 00:30:23,240 Speaker 1: your regular paycheck. That way, in essence, you're paying quarterlies 631 00:30:23,400 --> 00:30:27,480 Speaker 1: on your filmmaking business through your full time job because 632 00:30:27,520 --> 00:30:30,520 Speaker 1: all of your personal income essentially gets lumped together. Or 633 00:30:30,600 --> 00:30:32,760 Speaker 1: if you happen to be married and you're filing jointly 634 00:30:32,840 --> 00:30:34,840 Speaker 1: with your spouse, if your spouse has a W two 635 00:30:35,160 --> 00:30:37,640 Speaker 1: or a full time job, then they can modify their 636 00:30:37,760 --> 00:30:39,640 Speaker 1: W four. They can just check in with HR and 637 00:30:39,720 --> 00:30:42,360 Speaker 1: have them make those adjustments. In either case, you're gonna 638 00:30:42,400 --> 00:30:45,840 Speaker 1: see that W two paycheck decrease slightly. But that's sort 639 00:30:45,840 --> 00:30:47,960 Speaker 1: of one work around to make sure that you are 640 00:30:48,000 --> 00:30:50,800 Speaker 1: satisfying the i r S as far as the amounts 641 00:30:50,800 --> 00:30:53,479 Speaker 1: of money being withheld and sent to them essentially as 642 00:30:53,520 --> 00:30:56,480 Speaker 1: quarterly estimates. But you're just able to avoid that additional 643 00:30:56,520 --> 00:30:59,160 Speaker 1: hassle and those calendar reminders if that's just not your thing. 644 00:30:59,200 --> 00:31:01,240 Speaker 1: All right, man, I'm gonna a competition right now that 645 00:31:01,320 --> 00:31:04,120 Speaker 1: more of the questions be directed at you. It just 646 00:31:04,160 --> 00:31:05,960 Speaker 1: it just makes a little easier on my end, which 647 00:31:06,000 --> 00:31:07,880 Speaker 1: all you say that, but you know, as the podcast 648 00:31:07,880 --> 00:31:10,320 Speaker 1: continues to grow, like we're treating it more like a business. 649 00:31:10,320 --> 00:31:12,200 Speaker 1: So these are things that we're gonna address you and 650 00:31:12,320 --> 00:31:14,800 Speaker 1: me together, not just my side gig, but these will 651 00:31:14,800 --> 00:31:18,520 Speaker 1: become questions regarding our side gig. That's true, that's true. 652 00:31:18,560 --> 00:31:19,960 Speaker 1: All right. Let's get back to the beer that we 653 00:31:19,960 --> 00:31:22,960 Speaker 1: had on the show today, Matt. Listener Patrick sent in 654 00:31:23,040 --> 00:31:26,360 Speaker 1: a beer called Fancy Dance by Sky Dance Brewing Company 655 00:31:26,400 --> 00:31:29,040 Speaker 1: out of Oklahoma. So, yeah, what was your take on 656 00:31:29,080 --> 00:31:31,600 Speaker 1: this New England style? I p A. So Joel after 657 00:31:31,680 --> 00:31:34,360 Speaker 1: our beer hiatus, I'm just glad they're back drinking beer, 658 00:31:34,800 --> 00:31:37,080 Speaker 1: and not only that, but a style that we really like. 659 00:31:37,240 --> 00:31:39,600 Speaker 1: This is a new England style, I p A. This 660 00:31:39,640 --> 00:31:41,880 Speaker 1: one is triple dry hops, so in my mind it 661 00:31:41,880 --> 00:31:45,080 Speaker 1: has more of those hoppy herbally notes which I have 662 00:31:45,160 --> 00:31:47,520 Speaker 1: found myself coming to enjoy more and more as I 663 00:31:47,520 --> 00:31:50,720 Speaker 1: get to explore this delicious style. What about you, man? Yeah, 664 00:31:50,720 --> 00:31:52,320 Speaker 1: I feel like any time in I p A is 665 00:31:52,480 --> 00:31:56,520 Speaker 1: dry hopped, it lends to the aromatics, so you kind 666 00:31:56,520 --> 00:31:58,880 Speaker 1: of get more of a century feel for the beer 667 00:31:59,280 --> 00:32:02,360 Speaker 1: as opposed to just experiencing it through the taste buzz 668 00:32:02,400 --> 00:32:04,640 Speaker 1: on your tongue. This I PA in particular, was a 669 00:32:04,680 --> 00:32:07,520 Speaker 1: little more sweeter and a little fruitier than most I 670 00:32:07,640 --> 00:32:10,160 Speaker 1: p a S of this style. But I appreciate it 671 00:32:10,160 --> 00:32:11,680 Speaker 1: where they were going. And you know what, I really 672 00:32:11,720 --> 00:32:13,800 Speaker 1: like the name fancy dance. It makes me want to 673 00:32:13,840 --> 00:32:16,400 Speaker 1: create a dance of my own. That's super fancy. When 674 00:32:16,440 --> 00:32:19,239 Speaker 1: your trademark Joel Dances. If anyone's ever seen you at 675 00:32:19,240 --> 00:32:21,360 Speaker 1: a wedding, they know what I'm talking about, and everybody 676 00:32:21,360 --> 00:32:23,960 Speaker 1: else wishes they knew what I was talking about. It's 677 00:32:23,960 --> 00:32:26,400 Speaker 1: one of a kind. Let's just leave it at that. Basically, 678 00:32:26,480 --> 00:32:29,680 Speaker 1: it's like river dance mixed with a rabbit animal running 679 00:32:29,680 --> 00:32:33,320 Speaker 1: through the woods. Now, if only we had not just 680 00:32:33,400 --> 00:32:35,080 Speaker 1: a picture and not just video. But I want to 681 00:32:35,120 --> 00:32:37,520 Speaker 1: see a boomerang of that, so you know what, we 682 00:32:37,600 --> 00:32:39,040 Speaker 1: might be able to scround something up. Yeah, I was 683 00:32:39,040 --> 00:32:40,600 Speaker 1: gonna say we can probably dig around on the phones 684 00:32:40,600 --> 00:32:43,040 Speaker 1: and find that. If we do, we'll post it on Instagram. Yeah, 685 00:32:43,040 --> 00:32:45,200 Speaker 1: I'll not note. If you are not following us on Instagram, 686 00:32:45,240 --> 00:32:46,920 Speaker 1: you can find us at how some Money Pod. Check 687 00:32:47,000 --> 00:32:48,800 Speaker 1: us out. We like to post fun stuff that has 688 00:32:48,800 --> 00:32:50,160 Speaker 1: to do with the show that week. That's always a 689 00:32:50,160 --> 00:32:52,240 Speaker 1: fun place to interact and Joel, we'll have our show 690 00:32:52,280 --> 00:32:54,960 Speaker 1: notes up on our websites at how to money dot 691 00:32:54,960 --> 00:32:57,640 Speaker 1: com and Joel, let's not forget about our book giveaway 692 00:32:57,720 --> 00:33:00,240 Speaker 1: from last Monday. This was re meets book I Will 693 00:33:00,280 --> 00:33:02,960 Speaker 1: teach you to be rich. A big thanks to everyone 694 00:33:03,040 --> 00:33:06,239 Speaker 1: who entered that giveaway by leaving us a review, and 695 00:33:06,440 --> 00:33:09,239 Speaker 1: we entered all those names into the randomizer and we 696 00:33:09,280 --> 00:33:13,080 Speaker 1: have our winners. They are and y B b B 697 00:33:13,920 --> 00:33:18,800 Speaker 1: k Plux seventeen and fifty Tiffy. So thanks again to everyone, 698 00:33:19,000 --> 00:33:21,080 Speaker 1: and we will be reaching out to you three here shortly. 699 00:33:21,440 --> 00:33:23,600 Speaker 1: And if you've been listening to this podcast for a while, 700 00:33:23,720 --> 00:33:25,400 Speaker 1: I just want to say thank you. Matt and I 701 00:33:25,440 --> 00:33:28,360 Speaker 1: are thankful that it's meant something to you and we 702 00:33:28,400 --> 00:33:30,600 Speaker 1: appreciate you being a part of the how to Money 703 00:33:30,600 --> 00:33:34,239 Speaker 1: community schedule, especially if they're listening to the very end 704 00:33:34,480 --> 00:33:36,440 Speaker 1: we're at the end of the show. Every single week 705 00:33:36,800 --> 00:33:40,840 Speaker 1: we sign off, we say, until next time, best Friends Out. 706 00:33:41,560 --> 00:33:43,640 Speaker 1: I forgot what we said. What do I say? I 707 00:33:43,680 --> 00:33:46,360 Speaker 1: thought you were gonna say, do be a solid? Oh 708 00:33:46,480 --> 00:33:48,480 Speaker 1: that soon, alright? Best friends, best friends Out.