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

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Speaker 1: Today we're answering your listener questions. You know what, buddy,

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Speaker 1: this is our ask How the Money episode where we

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Speaker 1: get to hear directly from some listeners. We get to

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Speaker 1: answer some of their specific questions, and we've got five

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Speaker 1: great ones to get to today. There's a couple they're

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Speaker 1: getting married, and so they're asking just about the best

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Speaker 1: ways to combine their accounts. I thought they were going

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Speaker 1: to ask you to officially officiate the wedding. I thought

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Speaker 1: you were gonna say that. Whish. I feel like I

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Speaker 1: could do a pretty decent job. I think standing up

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Speaker 1: there in the middle, I trust you. Another listener he's

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Speaker 1: thinking about investing in reats, and so first of all,

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Speaker 1: we'll talk about what those are and maybe how much

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Speaker 1: of your portfolio would be invested in reads. And then

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Speaker 1: another listener she's asking about by the way, it's real

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Speaker 1: estate adjacent just yeah, yeah, yeah, Well we'll get the

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Speaker 1: full explication. Normally we try to we don't use abbreviations

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Speaker 1: or acronyms without fully explaining, and we'll totally get to

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Speaker 1: that during this episode. But yeah, real estate adjacent is

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Speaker 1: a good way to explain it. Uh. And then another

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Speaker 1: couple they are looking for ways to reduce childcare costs.

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Speaker 1: They've got those massive expenses in their life and they

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Speaker 1: want to know what they can do about it. A

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Speaker 1: lot more folks are having kids these days, man, and

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Speaker 1: so it is important to know how to keep that

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Speaker 1: expense to a minimum. I guess you don't want to

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Speaker 1: go like overly cheap. Somebody could send in a frugal

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Speaker 1: or cheap and say, hey, I leave my kid at

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Speaker 1: a park. No, if I pay for Netflix eight a month,

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Speaker 1: is that consider childcare? No? Not really. It depends I

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Speaker 1: guess on how you want your kids to grow up.

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Speaker 1: But at least from our standpoint, no, not good cholk.

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Speaker 1: Do you or don't you want them to be well adjusted? Right? Exactly?

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Speaker 1: So all right, Matt, But before we get to that,

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Speaker 1: before we get our listener questions, just want to mention listener. Wayne.

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Speaker 1: He emailed us recently and this was something I had

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Speaker 1: not seen before. But apparently Walmart just started offering people

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Speaker 1: the ability to pay with some of the credit card

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Speaker 1: points of a mass specifically through City right, and he

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Speaker 1: I love how he put it. He was he was like,

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Speaker 1: I appreciate the fact that they're offering more ways for

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Speaker 1: me to use my points, but the conversion value was

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Speaker 1: trash and so he he he said, the offense, the goal,

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Speaker 1: the absolute insults. So Wayne, first off, your funny man,

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Speaker 1: but yes, it is. When you see that if you're

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Speaker 1: checking out, let's say, with the City Card at Walmart,

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Speaker 1: you might see the you have the ability to use

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Speaker 1: points to pay for your purchase, and you might be

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Speaker 1: tempted to do that, but we would say it kind

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Speaker 1: of feels like free money. You're like, why, yes, I

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Speaker 1: would love to have a ten dollar discount, but I

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Speaker 1: don't want it to cost uh twelve and fifty points,

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Speaker 1: which is what the conversion was for him, and so well,

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Speaker 1: so what introduces the value the points when you could

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Speaker 1: find better ways to spend them? Yeah, and so this

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Speaker 1: is specifically happening in person, which is I think that's

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Speaker 1: like to me, that's I think the interesting part because

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Speaker 1: if you're standing there at the register, you're not fully

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Speaker 1: sitting standing there, You're not whipping out your phone going

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Speaker 1: to the calculator doing the conversions. Because oftentimes, when you

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Speaker 1: could use points to pay for things online, oftentimes you

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Speaker 1: would get a discount. There is a benefit that you

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Speaker 1: received by you know, using your points with a specific retailer,

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Speaker 1: but in this case, they're flipping the script and well,

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Speaker 1: I guess Walmart. I don't know how exactly it works,

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Speaker 1: but either way, you definitely are not getting the benefit.

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Speaker 1: I'm not sure who is, but you are not. Uh,

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Speaker 1: And so we just want to make sure that this

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Speaker 1: this is something that folks are aware of. We are

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Speaker 1: all about using credit cards well to use them as

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Speaker 1: a tool in order to bolster your personal finances, but

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Speaker 1: this is one of those instances where we don't want

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Speaker 1: you to get ripped off. And if you're gonna rack

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Speaker 1: up those points, you might as well use them in

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Speaker 1: the most effective way you possibly can, not just to like,

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Speaker 1: you reduce your bill at Walmart when you're getting an

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Speaker 1: inferior rate of return on the points you have worked

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Speaker 1: hard to get. So make sure you're not just frivous,

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Speaker 1: frivolously spending those points. And so next time you checking

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Speaker 1: out of Walmart, you're gonna see this little thing pop up.

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Speaker 1: Just politely decline that offer to spend those points and

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Speaker 1: then be like, wait a second, how many points do

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Speaker 1: I have? And start thinking about the coolest things you

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Speaker 1: can do with them. That Like, I think there was

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Speaker 1: an example I saw of how a certain amount of

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Speaker 1: points basically would have quate too. I think I just

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Speaker 1: like a hundred dollars under Walmart purchase, you could take

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Speaker 1: a European vacation, a flight to Europe with that same

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Speaker 1: amount of money. So yeah, yeah, those points are which

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Speaker 1: you prefer, are much better. The conversion is much better

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Speaker 1: when it comes to actually using these points in particular

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Speaker 1: towards towards actual traveling. That's the best way to go.

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Speaker 1: But yeah, so keep that in mind. Let's go ahead

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Speaker 1: and introduce the beer we're gonna enjoy during this episode. Man,

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Speaker 1: this is Jasper with Peacherine. This is by Fittin's Brewing.

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Speaker 1: And a big thanks to Michael and his wife Emily,

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Speaker 1: who's a big listener here at the show. She just

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Speaker 1: celebrated her fortieth birthday. So did you which we didn't

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Speaker 1: really on the show, did we meet you that we

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Speaker 1: did a little bit. All Yeah, Matt's officially old. I

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Speaker 1: turned forty. I mean my birthdays at Christmas and so

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Speaker 1: I never I just don't never do a ton of

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Speaker 1: like big birthday stuff typically, So for me, birthdays for

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Speaker 1: me personally birthdays or never. Yeah, that big of a

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Speaker 1: You're the opposite of my wife. She loves celebrate her birthday.

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Speaker 1: But no, this one, I can already tell is gonna

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Speaker 1: be amazing. We'll give our thoughts at the end of

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Speaker 1: the episode, but let's get to the topic of hand.

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Speaker 1: We're taking listener questions. We've got five we want to

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Speaker 1: get to on this episode. And if you're out there

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Speaker 1: and you're like I have a personal finance question burning

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Speaker 1: deep within me and you just you want to ask

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Speaker 1: Matt and I we would love to tackle it on

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Speaker 1: a future episode. Just go to how to money dot

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Speaker 1: com slash ask. You'll see simple directions there for how

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Speaker 1: you can submit your question to us so we can

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Speaker 1: take it on the next ask htm episode. But this

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Speaker 1: one is this first question is about how to handle

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Speaker 1: money as soon to be newlyweds. Hey, there, Matt and

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Speaker 1: Joel John from Olympia, Washington. Here. I just got engaged

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Speaker 1: in the fall of two thousand twenty two, and my

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Speaker 1: fiance Christie and I are said to get married in

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Speaker 1: summer two thousand twenty three. We are preparing to combine

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Speaker 1: our finances. But I am struggling to find some practical

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Speaker 1: advice on how to do that. We are both in

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Speaker 1: our late twenties and have separate I RA s, TSPs,

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Speaker 1: and a host of other accounts and credit cards that

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Speaker 1: we have built over several years of full time work

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Speaker 1: as adults. Christie is planning to stop full time work

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Speaker 1: after the wedding. What are some things to consider for

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Speaker 1: the actual move of combining finances, Which accounts to keep,

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Speaker 1: how to emerge things, and things like that. Christie's especially

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Speaker 1: interested in your thoughts on credit cards and how we

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Speaker 1: should manage the ones we have. Being active duty, I

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Speaker 1: don't have to worry about annual fees on the cards

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Speaker 1: in my name, and so I've accumulated quite a few

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Speaker 1: to earn some sign up bonuses. Thanks to you both,

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Speaker 1: and cheers. All right, John, congrats on getting engaged. And

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Speaker 1: I'll go ahead and say good luck with the wedding

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Speaker 1: planning because it can be expensive, but hopefully it's the

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Speaker 1: time when you know, when y'all are able to communicate well,

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Speaker 1: where you can work together as a team as a

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Speaker 1: unit to plan an awesome wedding, those emotions can get high,

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Speaker 1: I think, yeah, for sure, you know, with with all

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Speaker 1: the family members who were involved, a lot of family,

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Speaker 1: a lot of financial decisions. If your relationship hasn't been

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Speaker 1: tested yet, it's going to be. It might be. It's

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Speaker 1: even over like the smallest decision. Sometimes during that process too,

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Speaker 1: it's like what color flowers are we gonna have? It's

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Speaker 1: like red, no? Blue? I mean, okay, you want to

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Speaker 1: hear a small I don't. I don't think Kate and

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Speaker 1: I've ever actually talked about this, but one of the

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Speaker 1: things that we had a multi day conversation was the

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Speaker 1: rehearsal dinner. I was really wanting to have barbecue a

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Speaker 1: rehearsal dinner, and Kate was like, no, no, no, that's

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Speaker 1: just too low brow for my for our wedding. For

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Speaker 1: our rehearsal dinner, I was like, come on, it's just

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Speaker 1: it's supposed to be a little more casual. I'm not

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Speaker 1: talking about the actual wedding day, which if you want

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Speaker 1: to have awesome barbecue, if you're you know, for your

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Speaker 1: actual wedding, I think that's awesome too, but that's not

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Speaker 1: necessarily what Kate hadn't me. Yeah, So that was a

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Speaker 1: battle I was I was willing to lose the kind

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Speaker 1: of things you got to kind of find some place

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Speaker 1: of agreement on It's not always easy, and you know,

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Speaker 1: it's important just to remember that the end goal, which

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Speaker 1: is getting married to each other. You know, it doesn't

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Speaker 1: have to mean throwing a massively expensive party if that's

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Speaker 1: not in the cards for y'all for sure. And let's

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Speaker 1: talk about what it looks like to combine finances as

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Speaker 1: a married couple, because we would say we do believe

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Speaker 1: that combining finances is the best way for most couples

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Speaker 1: to handle their money. Not everyone feels comfortable doing that,

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Speaker 1: but when you look at the stats, couples to combine

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Speaker 1: their money end up being happier. It's what Matt and

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Speaker 1: I do in our individual respective marriages, and it's what

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Speaker 1: we recommend. And there's actually a study that the Wall

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Speaker 1: Street Journal just referenced and they found that there's greater

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Speaker 1: spending accountability when you merge finances, but interestingly enough, that

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Speaker 1: doesn't actually lead to greater levels of conflict as you

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Speaker 1: might suspect. You might think combining finances cool. Yeah, it

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Speaker 1: might be helpful, that's one front, but it's also going

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Speaker 1: to prohibit my ability to enjoy the money that comes in.

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Speaker 1: It seems like that's not the case for most couples,

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Speaker 1: and I think it's because that accountability essentially forces some

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Speaker 1: conversations to take place that otherwise wouldn't. It basically requires

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Speaker 1: you both to get on the same page with your finances,

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Speaker 1: which is why a budget is so often a great

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Speaker 1: tool for couples, allowing them to get on the same page. Right.

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Speaker 1: It's like a it's a it's a forum for you

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Speaker 1: to talk about your money. It like literally gives shape

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Speaker 1: to the way that you talk about how it is

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Speaker 1: that you want to spend your money. Creates the spark

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Speaker 1: for the conversations for sure, because there's so many things

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Speaker 1: that you have to figure out and agree on. But

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Speaker 1: just just make sure that you're thinking of each other

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Speaker 1: and you're creating line items in your budget to allow

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Speaker 1: for each person in the relationship to spend as they

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Speaker 1: see fit. And and you know, one more statistic on

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Speaker 1: that front, couples who manage their money completely separately from

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Speaker 1: their partner are five times more likely to leave the

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Speaker 1: relationship due to money issues. So I believe that it's

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Speaker 1: those kinds of stats and have it's like you're not

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Speaker 1: all bought in, and it makes it easier to piece out.

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Speaker 1: So I think especially think about the marriage vows that

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Speaker 1: that you're the things that you're saying when you get

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Speaker 1: married to someone else. Combining finances to me, seems to

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Speaker 1: only make sense in light of that. Yeah, And I

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Speaker 1: think one of the other benefits of combining your finances

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Speaker 1: as well is that you now have the ability to

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Speaker 1: to fall into specific roles. You know, up until now,

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Speaker 1: you've both managed your finances individually. Whether that was something

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Speaker 1: that you enjoyed or whether that was something that you

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Speaker 1: were actually good at, it's something that you had to

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Speaker 1: do regardless. It's it's kind of like back during your

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Speaker 1: single days when y'all just met, well, you were both

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Speaker 1: likely paying rent or maybe one of you had a mortgage,

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Speaker 1: but you were both paying for housing separately. But yeah,

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Speaker 1: by moving in together, by now getting married, you're able

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Speaker 1: to consolidate your expenses. So I think in the same way,

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Speaker 1: I think you might find yourself um specializing in ways

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Speaker 1: that allow you to now complement each other's strengths, each

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Speaker 1: other's weaknesses. It allows you, you know, again, you know,

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Speaker 1: you both worked to work as a team, sort of

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Speaker 1: like going back to wedding planning, you're now doing this together,

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Speaker 1: and I think it will also in the same way

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Speaker 1: that living under the same roof on that frees up

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Speaker 1: some money to now spend in other ways or to

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Speaker 1: put towards goals that you might have. Uh the ability

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Speaker 1: now to free up some time that you would have

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Speaker 1: otherwise spent on keeping up with your expenses, or take

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Speaker 1: taking care of grocery shopping one day, or managing your investments.

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Speaker 1: These are now things that maybe you can consolidate under

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Speaker 1: one roof, and I think you'll you'll definitely see the

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Speaker 1: benefit there as well. Yeah, yeah, And and not to mention,

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Speaker 1: another positive impact of combining your money is that it's

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Speaker 1: just simpler. It makes it easier to save and invest

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Speaker 1: from mutual goals. And so let's talk about combining bank

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Speaker 1: accounts in and how to do that. I would say

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Speaker 1: I'd pick one of our favorite online banks that we

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Speaker 1: talked about all the time. My guess is, though, based

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Speaker 1: on how John asked this question, math that that he's

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Speaker 1: already got an account and one of those great banks

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Speaker 1: that he's not probably doing business with Wells Fargo. But yeah,

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Speaker 1: so make sure that first if you are turned and

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Speaker 1: repent exactly, Yeah, you wanna toss that out of your life.

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Speaker 1: But yeah, so if you don't have an account with

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Speaker 1: one of our favorite banks, we talked about them all

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Speaker 1: the time, see I T discover Capital One. There are

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Speaker 1: ally there are lots of great online banks that you

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Speaker 1: should you can choose from, And so if you have,

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Speaker 1: if you have automatic payments, make sure to transfer those

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Speaker 1: over to this new bank that you're both going to

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Speaker 1: be doing business with in order to ensure that no

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Speaker 1: bill payments get missed right during this process. But there's

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Speaker 1: just uh he asked about retirement accounts. To Matt, there's

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Speaker 1: there's not really a need to combine retirement accounts. You

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Speaker 1: might want to, you might want to make sure that

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Speaker 1: as many as you can have with just one or

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Speaker 1: two institutions that you can do that you can roll

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Speaker 1: over accounts from one institution to another. We like Fidelity, Vanguard,

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Speaker 1: and Schwab. Those are three of our favorites. But yeah,

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Speaker 1: there's nothing wrong with having different accounts open and they

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Speaker 1: all have strength and weaknesses, they all have different tax advantages,

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Speaker 1: and having access to all of the above and retirement,

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Speaker 1: we would say, is a great thing. And it might

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Speaker 1: be nicer to have fewer log instau remember, So if

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Speaker 1: that's what you're really after, then yeah, rolling over from

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Speaker 1: a different brokerage to one of our favorite low cost

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Speaker 1: ones could make sense for you. And if you want

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Speaker 1: help doing that, we've talked about Capitalized being a great

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Speaker 1: company to turn to. Who can help you roll over

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Speaker 1: let's say an old I RA to like a new

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Speaker 1: lower cost company. But one other thing I want to

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Speaker 1: mention on the retire an account front MAT that is,

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Speaker 1: as you're getting married, it's important to go back in

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Speaker 1: there and look again at your beneficiaries because it might

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Speaker 1: be your sister or your mom or something on there

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Speaker 1: right now, or even worse, your ex exactly, you know,

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Speaker 1: want that money going to her? No, that would be

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Speaker 1: the worst. So that that is, it's a simple thing

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Speaker 1: to go in there and change the beneficiaries on those accounts.

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Speaker 1: But make sure both John that you and your your

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Speaker 1: new bride that you're both going in their updating beneficiaries

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Speaker 1: so that you have each other listed as the beneficiary

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Speaker 1: on on all those accounts. Yeah, and you can. It

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Speaker 1: makes me think of my our Vanguard accounts and I

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Speaker 1: don't even have access. So at once upon a time,

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Speaker 1: I gave myself the ability to see Kate's accounts when

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Speaker 1: I log in, but then since then she we we

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Speaker 1: had opened a traditional IRA for her, but that was

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Speaker 1: after I gave myself access to a wrath, which means

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Speaker 1: that if we wanted to add money to her traditional IRA,

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Speaker 1: we actually have to like log out on my account

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Speaker 1: and relog into hers. And it's just something I've never

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Speaker 1: gotten gotten around to, And so I mentioned that because

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Speaker 1: it's it's honestly not that big of a deal as

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Speaker 1: long as you are good at keeping up with your logins, um.

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Speaker 1: But it's okay, you have three, four or five different

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Speaker 1: relationships are different if you want simpl but it's it's

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Speaker 1: not that it's not that big of it. And when

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Speaker 1: it comes to actually transferring funds, so if you both

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Speaker 1: have separate savings or checking accounts, I would suggestively combining

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Speaker 1: those because the ability to have all of your money

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Speaker 1: in one place, um, and you can just easily do

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Speaker 1: that by just like whatever it's called on your online bank,

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Speaker 1: but like managing external accounts, just make sure if you're

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Speaker 1: not already linked, you might already actually be linked, but

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Speaker 1: the ability to to add that other account and then

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Speaker 1: you can just transfer that money over and that's assuming

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Speaker 1: there is a large amount of money in there, because

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Speaker 1: you might even just be able to use cash app

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Speaker 1: or venmodism send that money over. But then as far

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Speaker 1: as credit cards, you're you're asking about that. First of all,

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Speaker 1: I'm glad to hear that you're taking advantage of the

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Speaker 1: no annual fee perk that service members are offered. Thank

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Speaker 1: you for your service, by the way. But when you

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Speaker 1: can get a killer credit card that normally has a

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Speaker 1: fifty dollar annual fee without paying it, that is huge. Uh.

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Speaker 1: Some of those perks on those cards are awesome, they're insane.

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Speaker 1: But there's not any need to close any of those

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Speaker 1: accounts that you currently have, unless some of the ones

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Speaker 1: that she has, uh if some of those come with

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Speaker 1: annual fees and you're not getting enough benefits from those

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Speaker 1: cards to make sense of paying those fees. But it's

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Speaker 1: important to decide which ones that you want to use

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Speaker 1: regularly in order to optimize your credit card you use.

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Speaker 1: You want to be strategic about what cards you're you're

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Speaker 1: using out what store is that kind of thing or

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Speaker 1: a particular card at a you know, particular type of

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Speaker 1: store like grocery stores. Um. But as always, this goes

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Speaker 1: for everyone out there, don't use credit cards if you

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Speaker 1: can't pay the bill off on time and in full

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Speaker 1: each and every month. Maybe another way to to kind

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Speaker 1: of simplify things as well, maybe add uh your new

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Speaker 1: wife as an authorized user, because that way, I don't

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Speaker 1: if you both have separate maybe you've got the same

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Speaker 1: credit card, but if it's a completely different account, that

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Speaker 1: might make it difficult, difficult, little onerous to reconcile those

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Speaker 1: and keep up with all those expenses. But again, if

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Speaker 1: you have all of those under a single roof and

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Speaker 1: the ability to combine in those those cards, by adding

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Speaker 1: her as an authorized user, I could see that going

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Speaker 1: along ways and making things a little bit easier as well. Yeah,

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Speaker 1: for sure. And I think some people might retort Matt that, well,

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Speaker 1: credit cards some recent status you guys have given on

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Speaker 1: the on the show, something like people don't pay off

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Speaker 1: their credit card balance on time and in full every month,

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Speaker 1: and so why you shouldn't even use them. But I

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Speaker 1: would say, don't. Don't hate the player, hate the game

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Speaker 1: and the game. The game is like the same thing

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Speaker 1: with credit scores, right that some people would say it's

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Speaker 1: a messed up it's a messed up game. So don't

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Speaker 1: even play opt out, but it's kind of a necessary

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Speaker 1: evil that we all have to kind of partake in.

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Speaker 1: And I think credit cards, if you can use them, well,

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Speaker 1: if you can use them wisely, which it sounds like

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Speaker 1: John and his wife are gonna be able to do,

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Speaker 1: then the person he can get specifically from not having

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Speaker 1: that annual fee on some of those cards, like those

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Speaker 1: secondary benefits are going to be incredible. And so yeah,

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Speaker 1: it's it's one of those things where we would say

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Speaker 1: you've got to play it correctly, but Josh and Christie

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Speaker 1: they seem to be on top of it, and it

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Speaker 1: sounds like y'all are making made some super smart moves

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Speaker 1: over the years that have given you the ability to

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Speaker 1: be more flexible. We hope that your wedding is fantastic

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Speaker 1: and that combining your money and your lives together isn't

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Speaker 1: as daunting as it might seem. And so again, I

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Speaker 1: think clear and kind communication is key. Like if you

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Speaker 1: want to succeed at managing money together or even at

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Speaker 1: like being married, well the clear and kind communication is

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Speaker 1: going to take you along. But now we've got more

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Speaker 1: questions to get to on this episode, including that one

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Speaker 1: about reats that you mentioned we're gonna talk about investing

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Speaker 1: in real estate, but in kind of like a a

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Speaker 1: funkier way that basically anybody can do. We'll talk about

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Speaker 1: that and more right after this. All right, and before

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Speaker 1: we get to how you can diversify your portfolio using reats,

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Speaker 1: let's hear from a listener who she's actually seen a

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Speaker 1: setback with her personal finances. Let's hear that one. Hi, guys,

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Speaker 1: my name is Kate from Michigan City, India. Normally I

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Speaker 1: live my life in money year seven, but I had

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Speaker 1: a true emergency recently and I had to drain my

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Speaker 1: emergency fund to only. Looking at my budget, I can

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Speaker 1: afford to put a hundred and fifty dollars per month

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Speaker 1: back into this fund. Is this fast enough or should

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Speaker 1: I also stop funding my roth ira A until I

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Speaker 1: get back to the six month amount? Thanks guys, keep

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Speaker 1: it up, oh man, I kind of like getting a

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Speaker 1: nice nuanced money gear question from a listener. And by

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Speaker 1: the way, if you're like, what are the money gears,

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Speaker 1: if you haven't been listening very long, it is kind

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Speaker 1: of the financial order of operations that Matt and I

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Speaker 1: have said like this, This is kind of the way

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Speaker 1: in which you should go. This is the route you

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Speaker 1: should take. And if you're wondering what they are, you

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Speaker 1: can take a look at them. Just go to how

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Speaker 1: to money dot com slash start here and you can

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Speaker 1: see them all listened out in order and you can

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Speaker 1: figure out where you are. You a money year one

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Speaker 1: one of year four. Well, Kate, she's in money gear

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Speaker 1: number seven. And and Kate, I'm so sorry to hear

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Speaker 1: that you had an emergency, but I'm also glad that

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Speaker 1: you had the money on hand to take care of

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Speaker 1: it without fretting too hard. Right, that's what financial margins

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Speaker 1: all about. That is what it's for. She didn't have

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Speaker 1: to put that on credit card. She didn't have to

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Speaker 1: take out a personal loan or visit a loan shark

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Speaker 1: or begger mom or Risper leg getting broken. Right, No,

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Speaker 1: she actually used her emergency fund. That's what those things

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Speaker 1: are for. Begging relatives not the situation you want to

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Speaker 1: be in. You want to be self sufficient, and Kate was.

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Speaker 1: But let's take the look at the particulars of kate situation, Matt,

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Speaker 1: where she's at now. She still got bucks hanging out,

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Speaker 1: so one thousand bucks in her savings, that's not that's

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Speaker 1: not bad. The fund isn't totally depleted, and she's got

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Speaker 1: a hundred fifty dollars of free cash flow to dedicate

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Speaker 1: to rebuilding that fund. So does she need to stop

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Speaker 1: contributing to what is one of our favorite retirement accounts

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Speaker 1: until she's got that probably back up to where she

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Speaker 1: wants it. I'd say, obviously, in a perfect world, she'd

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Speaker 1: be able to do both, right, but that's just not

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Speaker 1: how life and money works. I still don't think that

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Speaker 1: she needs to stop contributing to her wrath. I think

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Speaker 1: she can do both simultaneously, provided though, that she ops

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Speaker 1: to not invest the money that she's putting in the rath,

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Speaker 1: at least until that fund is looking a little fatter,

430
00:20:05,840 --> 00:20:08,240
Speaker 1: a little more substantial. Yeah, So the not investing part,

431
00:20:08,320 --> 00:20:11,440
Speaker 1: that's that is the most crucial aspect of what we're

432
00:20:11,440 --> 00:20:14,840
Speaker 1: discussing here. Like, because of the limited window of time

433
00:20:14,880 --> 00:20:18,080
Speaker 1: that the IRS gives us, we can only contribute to so,

434
00:20:18,200 --> 00:20:22,640
Speaker 1: for instance, last year's rath until tax day. Beyond that date,

435
00:20:22,680 --> 00:20:26,000
Speaker 1: you'll never be able to contribute to previous year's ross,

436
00:20:26,520 --> 00:20:29,800
Speaker 1: But you can always pull contributions out of that rath

437
00:20:29,920 --> 00:20:32,359
Speaker 1: if another emergency was to arise without It's kind of

438
00:20:32,359 --> 00:20:35,240
Speaker 1: like the Cinderella Pumpkin at midnight thing. It's like, once

439
00:20:35,240 --> 00:20:38,360
Speaker 1: you're past that time, you you lose the magic. But yeah,

440
00:20:38,480 --> 00:20:41,720
Speaker 1: you can. You can withdraw contributions without any penalty. So

441
00:20:41,840 --> 00:20:44,080
Speaker 1: our best suggestion to you, Kate, is to try and

442
00:20:44,160 --> 00:20:48,119
Speaker 1: do both simultaneously. Make those contributions to your wrath, but

443
00:20:48,160 --> 00:20:50,560
Speaker 1: then just don't invest those funds you can, you can

444
00:20:50,600 --> 00:20:53,000
Speaker 1: leave that money there on the sidelines in the like

445
00:20:53,040 --> 00:20:54,879
Speaker 1: the a lot of times there is just like a

446
00:20:54,880 --> 00:20:58,520
Speaker 1: default money market account, or it's a sweep account. That way,

447
00:20:58,640 --> 00:21:02,760
Speaker 1: if the market continues to look like last year and

448
00:21:02,880 --> 00:21:05,080
Speaker 1: another emergency pops up in your life, well you won't

449
00:21:05,119 --> 00:21:07,399
Speaker 1: have to pull out that money at a loss. You

450
00:21:07,440 --> 00:21:09,639
Speaker 1: won't actually have to sell out a loss, but that

451
00:21:09,640 --> 00:21:12,320
Speaker 1: money will just be parked there within that account that

452
00:21:12,359 --> 00:21:15,040
Speaker 1: you can then draw on. Yeah. Yeah. And the reason

453
00:21:15,160 --> 00:21:18,440
Speaker 1: this works is because of the extreme flexibility that roth

454
00:21:18,600 --> 00:21:21,640
Speaker 1: iras in particular have, which is one of the reasons

455
00:21:21,840 --> 00:21:24,520
Speaker 1: we love them so much as an investment vehicle why

456
00:21:24,760 --> 00:21:27,720
Speaker 1: we tout them so heavily. Like roth Iras and h

457
00:21:27,800 --> 00:21:29,600
Speaker 1: s a s are kind of like top two in

458
00:21:29,600 --> 00:21:31,239
Speaker 1: our book, I mean four one caves are up there too,

459
00:21:31,320 --> 00:21:33,480
Speaker 1: or anything that gives you a company match pretty sweet

460
00:21:33,520 --> 00:21:35,120
Speaker 1: as well. But if you can put money in all

461
00:21:35,160 --> 00:21:37,639
Speaker 1: the above, boom, that's where we want you to be.

462
00:21:38,000 --> 00:21:40,000
Speaker 1: But here's the thing with raths are kind of like

463
00:21:40,000 --> 00:21:42,560
Speaker 1: a Swiss army knife, like a four win k with

464
00:21:42,600 --> 00:21:46,119
Speaker 1: a match that's like a chainsaw, I don't know, like

465
00:21:46,480 --> 00:21:48,920
Speaker 1: it does one till locking it away for one thing

466
00:21:49,119 --> 00:21:52,359
Speaker 1: really stinking well though. Whereas a roth ira it's got

467
00:21:52,400 --> 00:21:54,480
Speaker 1: a lot of flexibility, a lot of different options. Yeah,

468
00:21:54,520 --> 00:21:55,879
Speaker 1: and the cool thing about the roth is that you

469
00:21:55,880 --> 00:21:58,720
Speaker 1: can withdraw contributions tax and penalty free. That's one of

470
00:21:58,760 --> 00:22:01,280
Speaker 1: the coolest things about this account. And then let's say

471
00:22:01,359 --> 00:22:03,119
Speaker 1: Kate had to take a little bit out, well, she

472
00:22:03,119 --> 00:22:05,239
Speaker 1: could still make up those contributions again as long as

473
00:22:05,280 --> 00:22:07,800
Speaker 1: she was able to do it before April eight again

474
00:22:07,880 --> 00:22:10,840
Speaker 1: before tax day. Yeah, and still for the previous year's rath,

475
00:22:10,880 --> 00:22:13,639
Speaker 1: which is cool right, Like twenty This is important to

476
00:22:13,640 --> 00:22:15,240
Speaker 1: know for all of our listeners. If you haven't maxed

477
00:22:15,240 --> 00:22:19,000
Speaker 1: out last year's don't start putting money in ROTH bucket.

478
00:22:19,240 --> 00:22:22,880
Speaker 1: Fill up the buckets first, and uh the best case

479
00:22:22,880 --> 00:22:26,720
Speaker 1: scenarios that you rebuild that fund fairly quickly, and once

480
00:22:26,760 --> 00:22:29,280
Speaker 1: that's done, you'll be able to then move those funds

481
00:22:29,320 --> 00:22:31,200
Speaker 1: over from the money market account that Matt was talking

482
00:22:31,200 --> 00:22:33,560
Speaker 1: about into the investments that you want them to be

483
00:22:33,640 --> 00:22:35,879
Speaker 1: an inside of your wrath. So maybe they'll just be

484
00:22:35,920 --> 00:22:38,159
Speaker 1: like hanging out for a little bit while you're building

485
00:22:38,160 --> 00:22:41,440
Speaker 1: back up that fund. But it allows you to accomplish

486
00:22:41,480 --> 00:22:45,359
Speaker 1: both goals without putting yourself in a precarious situation and

487
00:22:45,480 --> 00:22:47,640
Speaker 1: without having to leave that money that could have gone

488
00:22:47,640 --> 00:22:50,880
Speaker 1: into your wrath on the sidelines, unable to ever enter

489
00:22:51,119 --> 00:22:55,240
Speaker 1: for those tax here. And so yeah, I mean, Kate,

490
00:22:55,240 --> 00:22:56,920
Speaker 1: it sounds like you're pretty far along in your money

491
00:22:57,000 --> 00:22:59,119
Speaker 1: journey and this is just like a blip, right, just

492
00:22:59,119 --> 00:23:02,800
Speaker 1: there's something that happened. The emergencies come along, and good

493
00:23:02,800 --> 00:23:04,439
Speaker 1: thing you were able to deal with it, right, But

494
00:23:04,480 --> 00:23:06,280
Speaker 1: it sounds like you handle money well. And of course,

495
00:23:06,320 --> 00:23:08,919
Speaker 1: I mean, Matt, it's clear as she handles money well.

496
00:23:08,960 --> 00:23:11,080
Speaker 1: She's in money gear seven like that far along. That's

497
00:23:11,119 --> 00:23:13,440
Speaker 1: the last money gear by the way on in our

498
00:23:13,440 --> 00:23:15,640
Speaker 1: money gears, and so she's doing it right. Yeah, it's

499
00:23:15,640 --> 00:23:17,879
Speaker 1: not like this happened because of poor financial habits that

500
00:23:17,920 --> 00:23:20,200
Speaker 1: she keeps, you know, making mistakes, doing the same thing

501
00:23:20,240 --> 00:23:21,919
Speaker 1: over and over again. It's like, no, she's making the

502
00:23:22,000 --> 00:23:24,879
Speaker 1: right moves, but emergencies come along, and so, Kate, we

503
00:23:24,920 --> 00:23:27,480
Speaker 1: trust you to pull off this maneuver. It's not super complicated,

504
00:23:27,480 --> 00:23:29,560
Speaker 1: but you just got to make sure that you do

505
00:23:29,600 --> 00:23:33,240
Speaker 1: it properly so that you are funding the wroth, but

506
00:23:33,280 --> 00:23:35,680
Speaker 1: you're not putting yourself an undue risk by investing it

507
00:23:35,800 --> 00:23:38,800
Speaker 1: before you have that financial margin in your life to

508
00:23:38,840 --> 00:23:41,320
Speaker 1: make it okay to then actually start putting that money

509
00:23:41,359 --> 00:23:44,160
Speaker 1: to work for you for your future. Yeah, And honestly,

510
00:23:44,160 --> 00:23:46,560
Speaker 1: one other option to Kate is you could just leave

511
00:23:46,600 --> 00:23:49,959
Speaker 1: that that cash in what you hopefully have set up,

512
00:23:50,240 --> 00:23:53,680
Speaker 1: which is a high yield savings account. And because by

513
00:23:53,800 --> 00:23:56,560
Speaker 1: leaving that money there, hopefully you are earning a higher

514
00:23:56,640 --> 00:23:58,439
Speaker 1: rate of return than what you would typically get in

515
00:23:58,440 --> 00:24:00,240
Speaker 1: one of those sweep accounts, one of those default money

516
00:24:00,240 --> 00:24:02,280
Speaker 1: market accounts. So that way you've got that sitting there,

517
00:24:02,320 --> 00:24:05,000
Speaker 1: you haven't gone through any unnecessary steps by moving that

518
00:24:05,119 --> 00:24:08,199
Speaker 1: money to your investment house, to the brokerage company that

519
00:24:08,200 --> 00:24:10,199
Speaker 1: you do business with, where you would then have to

520
00:24:10,240 --> 00:24:12,200
Speaker 1: move that money back if there was an emergency. Just

521
00:24:12,280 --> 00:24:14,879
Speaker 1: let that money sit there in the high'ld savings and

522
00:24:14,920 --> 00:24:17,639
Speaker 1: then right before or not not like right before, but

523
00:24:17,680 --> 00:24:20,880
Speaker 1: sometime in April, UM deploy that money April Tan's put

524
00:24:20,880 --> 00:24:23,000
Speaker 1: a calendar reminder on there for April Tans or something. Yeah,

525
00:24:23,119 --> 00:24:25,160
Speaker 1: you have plenty of time and slide over that full

526
00:24:25,280 --> 00:24:27,879
Speaker 1: six thousand dollars to make sure you have a fully

527
00:24:27,920 --> 00:24:32,360
Speaker 1: funded WROTH at that point or whatever you remains unfunded. Yeah, exactly, Yeah,

528
00:24:32,400 --> 00:24:34,439
Speaker 1: whatever remains. But that's another option to where you might

529
00:24:34,440 --> 00:24:36,719
Speaker 1: be able to just keep things on the front end

530
00:24:36,800 --> 00:24:39,080
Speaker 1: simple at least and hopefully crush your fingers that there

531
00:24:39,119 --> 00:24:41,240
Speaker 1: aren't any more emergencies that pop up in your life

532
00:24:41,240 --> 00:24:43,119
Speaker 1: and that you're able to max that WROTH out for

533
00:24:45,280 --> 00:24:48,280
Speaker 1: despite this setback, which would be awesome. Yeah. So all right, Matt,

534
00:24:48,320 --> 00:24:50,560
Speaker 1: let's get to our next question. This one is about

535
00:24:50,600 --> 00:24:54,000
Speaker 1: investing in real estate, but doing so through a publicly

536
00:24:54,040 --> 00:24:59,159
Speaker 1: traded fund. Hey, Joel Matte, this is John from Virginia

537
00:24:59,640 --> 00:25:02,280
Speaker 1: UM in time listener. If you guys Trulie have made

538
00:25:02,480 --> 00:25:05,760
Speaker 1: personal finess more of a hobby than anything to me

539
00:25:05,800 --> 00:25:09,280
Speaker 1: and really enjoy listen to your guys content. So I

540
00:25:09,400 --> 00:25:14,600
Speaker 1: was just curious about investing in reats versus actual real estate.

541
00:25:15,080 --> 00:25:18,680
Speaker 1: So I'm looking for a way to diversify, and real

542
00:25:18,800 --> 00:25:21,920
Speaker 1: estate is a great way to diversify your portfolio. But

543
00:25:22,560 --> 00:25:26,880
Speaker 1: I'm trying to minimize the sweat equity that goes with

544
00:25:27,560 --> 00:25:31,199
Speaker 1: owning physical real estate. And I know reets are a

545
00:25:31,280 --> 00:25:34,359
Speaker 1: great investment. Um, I just didn't know like what the

546
00:25:34,760 --> 00:25:37,880
Speaker 1: trade offs would be going just in reats versus actual

547
00:25:37,920 --> 00:25:42,680
Speaker 1: physical investment. And is it truly a like an inferior investment,

548
00:25:43,000 --> 00:25:47,080
Speaker 1: you know, our reets inferior to actually holding physical real estate.

549
00:25:47,119 --> 00:25:48,679
Speaker 1: You just want to know your guys thoughts on that,

550
00:25:48,680 --> 00:25:50,800
Speaker 1: because I know you guys are probably do a little

551
00:25:50,800 --> 00:25:53,720
Speaker 1: bit of both. So um, yeah, thank you very much

552
00:25:53,720 --> 00:25:56,439
Speaker 1: and I appreciate you guys is content and have a

553
00:25:56,440 --> 00:25:59,520
Speaker 1: good one. John, thank you so much for your question.

554
00:25:59,560 --> 00:26:02,800
Speaker 1: And first of I love that that money that personal finances,

555
00:26:03,160 --> 00:26:05,040
Speaker 1: that it's become a hobby for you. I think that's

556
00:26:05,040 --> 00:26:07,280
Speaker 1: a great way to to think about. It's not this

557
00:26:07,359 --> 00:26:12,040
Speaker 1: thing that is uh drudgery or a task or a

558
00:26:12,080 --> 00:26:13,879
Speaker 1: chore like it used to be, or even something to

559
00:26:13,960 --> 00:26:16,120
Speaker 1: obsess over, right, which a lot of people do. They

560
00:26:16,119 --> 00:26:19,760
Speaker 1: turn it into like you can obsess over a hobby.

561
00:26:19,359 --> 00:26:21,199
Speaker 1: If I just like that for him, it's it's like,

562
00:26:21,480 --> 00:26:23,680
Speaker 1: it's just more fun that I think what most people.

563
00:26:23,800 --> 00:26:25,800
Speaker 1: I think most folks out there, they fall into the

564
00:26:25,800 --> 00:26:28,800
Speaker 1: camp of it being something that they barely get around

565
00:26:28,840 --> 00:26:31,560
Speaker 1: to doing, as opposed to it being something that they're

566
00:26:31,560 --> 00:26:33,800
Speaker 1: spending too much time thinking about. Obviously the other way,

567
00:26:33,800 --> 00:26:35,760
Speaker 1: it's good to have good to have balance. But I

568
00:26:35,840 --> 00:26:38,000
Speaker 1: like that John, he's enjoying it now. It's a it's

569
00:26:38,000 --> 00:26:41,080
Speaker 1: a hobby for him. You don't participate in hobbies that

570
00:26:41,119 --> 00:26:44,160
Speaker 1: you don't like. But John, I totally get the idea

571
00:26:44,160 --> 00:26:47,439
Speaker 1: of wanting to reduce the amount of sweat equity that

572
00:26:47,480 --> 00:26:49,920
Speaker 1: it takes to invest in real estate. There are certainly

573
00:26:49,960 --> 00:26:52,000
Speaker 1: some folks out there in the real estate space who

574
00:26:52,440 --> 00:26:55,199
Speaker 1: are transparent, who are a little more honest about how

575
00:26:55,280 --> 00:26:57,359
Speaker 1: much work that it takes to own and to manage

576
00:26:57,359 --> 00:27:00,399
Speaker 1: a rental property. But there's also a lot of bluster

577
00:27:00,520 --> 00:27:01,720
Speaker 1: out there. There's a lot of folks who are like,

578
00:27:01,720 --> 00:27:05,560
Speaker 1: oh yeah, yeah, yeah, totally totally chill. Passive income doesn't

579
00:27:06,520 --> 00:27:09,159
Speaker 1: units in a month, doesn't take anything so easy. You

580
00:27:09,160 --> 00:27:11,439
Speaker 1: can like make millions in your sleep, Yeah it can.

581
00:27:11,440 --> 00:27:12,679
Speaker 1: A lot of people saying something like that would be

582
00:27:12,680 --> 00:27:14,840
Speaker 1: hard at Zello. You know what's true out there, how

583
00:27:14,920 --> 00:27:16,800
Speaker 1: much work it really takes to invest in real estate.

584
00:27:17,040 --> 00:27:19,600
Speaker 1: It's certainly not passive income in the way that many

585
00:27:19,600 --> 00:27:22,280
Speaker 1: folks say that it is. It is more of a

586
00:27:22,440 --> 00:27:25,160
Speaker 1: part time job in reality. But for us it has

587
00:27:25,200 --> 00:27:29,440
Speaker 1: also been a part time job with serious financial benefits

588
00:27:29,480 --> 00:27:32,159
Speaker 1: that we've been able to realize over the years. The

589
00:27:32,240 --> 00:27:34,760
Speaker 1: juice has definitely been worth the squeeze for us. But

590
00:27:34,840 --> 00:27:38,520
Speaker 1: we always want to paint an accurate picture for folks

591
00:27:38,880 --> 00:27:41,119
Speaker 1: so that they know what they are getting into before

592
00:27:41,160 --> 00:27:44,159
Speaker 1: they pounced, before they start scouring the internet for deals

593
00:27:44,160 --> 00:27:46,679
Speaker 1: and driving around and trying to find a way to

594
00:27:46,960 --> 00:27:49,600
Speaker 1: maximize the money that they're putting into real estate. And

595
00:27:49,680 --> 00:27:52,440
Speaker 1: of course, like buying a single family home or a

596
00:27:52,520 --> 00:27:55,080
Speaker 1: duplex just isn't in the cards cards for lots of folks,

597
00:27:55,119 --> 00:27:57,400
Speaker 1: they they have heard us talk about it, or they've

598
00:27:57,400 --> 00:27:59,720
Speaker 1: heard other people who are painting an act accurate picture

599
00:28:00,200 --> 00:28:02,399
Speaker 1: say that investing in real estate is more like a

600
00:28:02,440 --> 00:28:04,000
Speaker 1: part time job. That it is going to take a

601
00:28:04,000 --> 00:28:07,360
Speaker 1: lot of, especially in the beginning work on your part,

602
00:28:07,760 --> 00:28:09,919
Speaker 1: to paint walls, to fix some stuff, to manage that

603
00:28:09,960 --> 00:28:13,520
Speaker 1: property well, and to make sure that it's in good

604
00:28:13,520 --> 00:28:15,840
Speaker 1: and proper condition to rent, to find good tenants, all

605
00:28:15,840 --> 00:28:18,040
Speaker 1: the stuff that goes along with it. And not everyone

606
00:28:18,040 --> 00:28:20,880
Speaker 1: wants to participate in that economy. They don't want to

607
00:28:20,960 --> 00:28:23,840
Speaker 1: have their own side hustle running out a home, which

608
00:28:23,880 --> 00:28:26,280
Speaker 1: I totally get, Like, it's not it's not for everyone.

609
00:28:26,320 --> 00:28:28,719
Speaker 1: It doesn't need to be and to like a lot

610
00:28:28,760 --> 00:28:30,639
Speaker 1: of people are just busy with families and careers, like

611
00:28:30,760 --> 00:28:33,840
Speaker 1: they don't need that or want that hassle. That's totally fine,

612
00:28:34,200 --> 00:28:36,399
Speaker 1: but it can be a great wealth wealth builder of

613
00:28:36,400 --> 00:28:39,000
Speaker 1: course for folks who have the time and capacity to learn,

614
00:28:39,280 --> 00:28:40,600
Speaker 1: who want to find the deals, and they want to

615
00:28:40,600 --> 00:28:42,560
Speaker 1: manage some properties, they don't mind doing all the above,

616
00:28:43,200 --> 00:28:46,160
Speaker 1: But buying an individual property near where you live, it's

617
00:28:46,200 --> 00:28:48,360
Speaker 1: not the only way to get invested in real estate,

618
00:28:48,400 --> 00:28:51,760
Speaker 1: and it's important to mention that that is potentially the

619
00:28:51,800 --> 00:28:55,040
Speaker 1: move that has the most upside. But John is asking

620
00:28:55,040 --> 00:28:58,840
Speaker 1: about investing in reats or real estate investment trusts as

621
00:28:58,840 --> 00:29:02,520
Speaker 1: a way to invest in. These are publicly traded funds

622
00:29:02,560 --> 00:29:04,800
Speaker 1: that invest in all sorts of different real estate holdings,

623
00:29:04,800 --> 00:29:08,680
Speaker 1: giving you access to real estate exposure inside of your

624
00:29:08,720 --> 00:29:11,800
Speaker 1: investments without having to own the property yourself, and so

625
00:29:12,240 --> 00:29:14,880
Speaker 1: reats are basically meant to circument some of the downsides

626
00:29:14,920 --> 00:29:18,760
Speaker 1: of owning physical real estate while still offering investors exposure

627
00:29:18,840 --> 00:29:23,040
Speaker 1: to the sector. Yeah, and there are more flavors. Uh.

628
00:29:23,080 --> 00:29:24,360
Speaker 1: I don't know if that's a good way of talking

629
00:29:24,400 --> 00:29:26,840
Speaker 1: about real estate, but there's there's there's more variety of

630
00:29:26,920 --> 00:29:29,040
Speaker 1: reads out there than there's ever been before. I prefer

631
00:29:29,040 --> 00:29:32,720
Speaker 1: the neapolitan reats myself Matt Classic mint chocolate chip reat.

632
00:29:33,080 --> 00:29:36,320
Speaker 1: Now that there are they're private reads, there's publicly traded reats.

633
00:29:36,760 --> 00:29:40,360
Speaker 1: There are e reads as well. Those are like company

634
00:29:40,440 --> 00:29:44,200
Speaker 1: specific rets on sites like fundise. Those are becoming massively

635
00:29:44,280 --> 00:29:47,200
Speaker 1: popular as well, since they're typically like within an app

636
00:29:48,120 --> 00:29:50,680
Speaker 1: um And while fundrise it is the best of the bunch,

637
00:29:50,960 --> 00:29:54,320
Speaker 1: we'd rather you actually not go that route and stick

638
00:29:54,400 --> 00:29:57,720
Speaker 1: to just the boring old publicly traded reads if you're

639
00:29:57,760 --> 00:29:59,680
Speaker 1: going to get involved. And that's because they have the

640
00:29:59,720 --> 00:30:02,320
Speaker 1: lowest costs, they have the most flexibility on your ability

641
00:30:02,360 --> 00:30:04,520
Speaker 1: to get your money out as far as the liquidity

642
00:30:04,600 --> 00:30:08,280
Speaker 1: of your money. So, for instance, V and Q from Vanguard,

643
00:30:08,280 --> 00:30:10,719
Speaker 1: that's one of our favorites because not only is it

644
00:30:10,800 --> 00:30:15,160
Speaker 1: widely diversified, but it also has incredibly low costs like

645
00:30:15,200 --> 00:30:18,680
Speaker 1: you would expect from a company like Vanguarden. Charles Schwap

646
00:30:18,720 --> 00:30:20,720
Speaker 1: has a solid one as well. It's a s c

647
00:30:21,120 --> 00:30:25,680
Speaker 1: h H. So it's a it's a solid low cost

648
00:30:25,720 --> 00:30:27,760
Speaker 1: reat as well. And you know, the great thing for

649
00:30:27,800 --> 00:30:29,760
Speaker 1: you and for others who are in the same boat

650
00:30:29,760 --> 00:30:32,000
Speaker 1: as you, is that investing in these publicly traded reats

651
00:30:32,560 --> 00:30:35,560
Speaker 1: zero sweat equity. Uh. And so if you're wanting to

652
00:30:35,600 --> 00:30:37,640
Speaker 1: make sure you've got enough time to hang with your

653
00:30:37,680 --> 00:30:41,480
Speaker 1: buddies or to continue coaching literally, or to spend that

654
00:30:41,840 --> 00:30:44,960
Speaker 1: additional time doing projects at your own house. Uh, that

655
00:30:45,120 --> 00:30:48,080
Speaker 1: is how you can again get exposure to this sector

656
00:30:48,360 --> 00:30:51,760
Speaker 1: without spending a ton of time or by exhausting a

657
00:30:51,800 --> 00:30:53,840
Speaker 1: spending a lot of sweat in order to make this happen. Yeah,

658
00:30:53,840 --> 00:30:55,520
Speaker 1: we're having to save about a ton of money too,

659
00:30:55,560 --> 00:30:58,560
Speaker 1: because typically individual properties means like you need to have

660
00:30:58,600 --> 00:31:01,280
Speaker 1: a massive down payments saved up, and so it's just

661
00:31:01,320 --> 00:31:03,000
Speaker 1: tougher to get into. And you're like, hey, I want

662
00:31:03,040 --> 00:31:05,959
Speaker 1: some real estate exposure, Well, investing in one of these

663
00:31:05,960 --> 00:31:09,400
Speaker 1: publicly traded reads is often the simplest way to do it,

664
00:31:09,440 --> 00:31:11,960
Speaker 1: and like you said, the most liquid as well. But

665
00:31:12,400 --> 00:31:14,880
Speaker 1: I think it's important to mention and answer the question

666
00:31:14,960 --> 00:31:18,160
Speaker 1: like should how do money listeners have some of their

667
00:31:18,200 --> 00:31:22,160
Speaker 1: dollars in real estate investment trust? Should they be looking

668
00:31:22,200 --> 00:31:23,840
Speaker 1: up being Q inside of their four O, N K

669
00:31:24,040 --> 00:31:27,480
Speaker 1: or I ARRA and clicking purchase? And that's a tough

670
00:31:27,560 --> 00:31:29,800
Speaker 1: question to answer, so much of it depends on your

671
00:31:29,880 --> 00:31:32,720
Speaker 1: specific financial standing. But for a lot of people who

672
00:31:33,080 --> 00:31:35,760
Speaker 1: already have especially if you own a home already, you

673
00:31:35,800 --> 00:31:37,800
Speaker 1: already have a large exposure to real estate, or if

674
00:31:37,800 --> 00:31:41,600
Speaker 1: you have real investment properties, it's not necessary for you,

675
00:31:41,720 --> 00:31:44,000
Speaker 1: although it's not the worst thing you could do either,

676
00:31:44,120 --> 00:31:48,400
Speaker 1: Like reats are typically pretty good investments over the long haul,

677
00:31:48,800 --> 00:31:51,680
Speaker 1: and uh so, just like we would tell you what

678
00:31:51,840 --> 00:31:54,040
Speaker 1: to do with any other investment, we want you to

679
00:31:54,080 --> 00:31:57,000
Speaker 1: be thinking like a long term investor when you opt

680
00:31:57,000 --> 00:31:59,320
Speaker 1: to invest in publicly traded reads. And we still want

681
00:31:59,400 --> 00:32:02,479
Speaker 1: you mostly in tested in the overall stock market because

682
00:32:02,560 --> 00:32:05,240
Speaker 1: reach just haven't been around as long, there's less history

683
00:32:05,280 --> 00:32:07,840
Speaker 1: to draw from, and of the data that we do have.

684
00:32:08,280 --> 00:32:10,520
Speaker 1: For example, the past eight years the bing Q has

685
00:32:10,560 --> 00:32:13,600
Speaker 1: been publicly traded, it's overall performance is lacking compared to

686
00:32:13,600 --> 00:32:16,760
Speaker 1: the overall market but that doesn't mean it will be

687
00:32:16,800 --> 00:32:19,320
Speaker 1: that way moving forward. Right prior returns what happened over

688
00:32:19,320 --> 00:32:20,880
Speaker 1: the last eight years, that doesn't mean that's what's going

689
00:32:20,920 --> 00:32:23,600
Speaker 1: to happen over the next state. And so trying to

690
00:32:23,640 --> 00:32:27,120
Speaker 1: incorporate some real estate exposure into your portfolio, especially if

691
00:32:27,120 --> 00:32:29,760
Speaker 1: you're inclined to do so, it's totally fine, but just

692
00:32:29,760 --> 00:32:31,880
Speaker 1: don't overdo it and make sure you're planning on leaving

693
00:32:31,920 --> 00:32:35,360
Speaker 1: that money invested in that refund for many years to come,

694
00:32:35,520 --> 00:32:38,440
Speaker 1: better yet decades. And if you're curious to hear more

695
00:32:38,480 --> 00:32:41,200
Speaker 1: about our thoughts on owning physical real estate, we talked

696
00:32:41,200 --> 00:32:44,320
Speaker 1: about that in detail in episode four oh one, trying

697
00:32:44,360 --> 00:32:46,440
Speaker 1: to give listeners a clear eye view of what you

698
00:32:46,480 --> 00:32:48,480
Speaker 1: need to be prepared for if you do opt to

699
00:32:48,480 --> 00:32:50,800
Speaker 1: go down that path, and you know, going back to

700
00:32:51,200 --> 00:32:54,000
Speaker 1: so within his question, John was saying that he assumes

701
00:32:54,040 --> 00:32:56,400
Speaker 1: that you and I that we both own a little

702
00:32:56,440 --> 00:32:58,240
Speaker 1: bit of both a little bit you know, probably own

703
00:32:58,280 --> 00:33:01,760
Speaker 1: some reads, but also some physical, injurable actual real estate.

704
00:33:02,240 --> 00:33:05,400
Speaker 1: And what's funny is that neither neither you nor I

705
00:33:05,440 --> 00:33:07,880
Speaker 1: own any reads. And it truly it does come back

706
00:33:07,880 --> 00:33:09,800
Speaker 1: to what you said, the fact that not only do

707
00:33:10,040 --> 00:33:12,440
Speaker 1: we own our own primary residences, we own our own

708
00:33:12,520 --> 00:33:15,480
Speaker 1: own homes, but we do have uh real estate holdings.

709
00:33:15,480 --> 00:33:18,120
Speaker 1: We we do have investment properties. And so because of that,

710
00:33:18,200 --> 00:33:20,440
Speaker 1: I think it would be it seems a little bit

711
00:33:20,440 --> 00:33:23,440
Speaker 1: foolish to continue to go down that path. We would

712
00:33:23,440 --> 00:33:26,760
Speaker 1: be overexposed to that different kinds of real estate that's

713
00:33:26,760 --> 00:33:29,240
Speaker 1: being invested inside of these reats. We're talking office towers,

714
00:33:29,520 --> 00:33:32,040
Speaker 1: you're talking hospital properties, like, you're talking all sorts of

715
00:33:32,040 --> 00:33:34,720
Speaker 1: different kinds of real estates. But but still we'd be

716
00:33:34,760 --> 00:33:36,840
Speaker 1: overexposed to the asset class as a whole exactly. And

717
00:33:36,920 --> 00:33:40,400
Speaker 1: it's and again it's not because reads are speculative, you know,

718
00:33:40,520 --> 00:33:45,280
Speaker 1: it's it's not cryptocurrency. It is a true solid sector

719
00:33:45,320 --> 00:33:47,120
Speaker 1: of the market. It is an asset class that is

720
00:33:47,160 --> 00:33:50,160
Speaker 1: worth considering. But honestly, personally, even if I didn't own

721
00:33:50,200 --> 00:33:52,880
Speaker 1: any investment properties, I'm still not totally sure if I

722
00:33:52,920 --> 00:33:56,280
Speaker 1: would funnel some of my investment dollars towards reads, just

723
00:33:56,400 --> 00:33:59,680
Speaker 1: because from an historical standpoint, the performance isn't quite there

724
00:33:59,720 --> 00:34:02,800
Speaker 1: and there's just less data to go on when it

725
00:34:02,840 --> 00:34:05,720
Speaker 1: comes to the history of reads how they're going to perform.

726
00:34:05,760 --> 00:34:08,719
Speaker 1: It might blow up in the coming decades, but we

727
00:34:08,800 --> 00:34:11,120
Speaker 1: just don't know. So Yeah, I don't want to dissuade

728
00:34:11,120 --> 00:34:13,960
Speaker 1: people from it, but I also don't want to make

729
00:34:13,960 --> 00:34:17,440
Speaker 1: it sound like investing in real estates through these publicly

730
00:34:17,480 --> 00:34:20,040
Speaker 1: traded funds or something that like all of our listeners

731
00:34:20,040 --> 00:34:21,920
Speaker 1: should be doing. That's right, man. But we've got a

732
00:34:21,960 --> 00:34:23,879
Speaker 1: couple more questions that we're going to get to during

733
00:34:23,880 --> 00:34:27,120
Speaker 1: this episode, and including a listener who's trying to just

734
00:34:27,120 --> 00:34:29,200
Speaker 1: cut down on how much it costs to have kids.

735
00:34:29,320 --> 00:34:41,600
Speaker 1: We'll get to that plus another right after this. All right, Matt,

736
00:34:41,719 --> 00:34:43,680
Speaker 1: kids are expensive. You teach that before the break. We're

737
00:34:43,680 --> 00:34:45,520
Speaker 1: gonna get to that question in just a second. Two

738
00:34:45,520 --> 00:34:47,800
Speaker 1: meals a day is probably gonna be my answer instead

739
00:34:47,800 --> 00:34:51,000
Speaker 1: of three. Right, intermitute fasting maybe for your small children,

740
00:34:51,160 --> 00:34:54,359
Speaker 1: no more snacks. I'm not sure what Andrew Huberman would

741
00:34:54,400 --> 00:34:56,520
Speaker 1: have to say about that, But let's get to our

742
00:34:56,160 --> 00:34:59,680
Speaker 1: our next question though, um, and this one is about

743
00:35:00,400 --> 00:35:03,959
Speaker 1: doing banking. Where should you be doing your banking when

744
00:35:04,200 --> 00:35:07,680
Speaker 1: you started your own small business? Hey guys, my name

745
00:35:07,760 --> 00:35:11,680
Speaker 1: is Jeff. I'm currently in Pittsburgh, p A. I'm a

746
00:35:11,680 --> 00:35:14,480
Speaker 1: new listener, but I'm really enjoying all the information you

747
00:35:14,480 --> 00:35:17,319
Speaker 1: guys are putting out. Thank you so much. Also thank

748
00:35:17,320 --> 00:35:20,000
Speaker 1: you to all the other listeners who actually submit questions.

749
00:35:20,560 --> 00:35:23,040
Speaker 1: This is a little tricky to get the recording right

750
00:35:23,080 --> 00:35:26,120
Speaker 1: on the first go, so good job to everyone who's

751
00:35:26,160 --> 00:35:29,359
Speaker 1: been submitting questions because your questions are helping people like me.

752
00:35:30,080 --> 00:35:33,520
Speaker 1: So my question today is related to business banking accounts

753
00:35:33,600 --> 00:35:38,080
Speaker 1: versus personal banking accounts. I'm in the very early innings

754
00:35:38,200 --> 00:35:41,279
Speaker 1: right now of starting my own small business and was

755
00:35:41,320 --> 00:35:44,800
Speaker 1: planning on just setting up a separate personal bank account

756
00:35:44,840 --> 00:35:48,280
Speaker 1: to handle the finances. My question is how soon should

757
00:35:48,280 --> 00:35:50,600
Speaker 1: I be considering a business bank account instead of just

758
00:35:50,680 --> 00:35:54,400
Speaker 1: a separated out personal bank account, especially if I'm not

759
00:35:54,440 --> 00:35:57,799
Speaker 1: sure how successful my small business is gonna be. Is

760
00:35:57,800 --> 00:36:00,879
Speaker 1: it really necessary to set up all these to set

761
00:36:00,920 --> 00:36:03,799
Speaker 1: up a really specific business bank account instead of just

762
00:36:03,920 --> 00:36:07,640
Speaker 1: another personal one, especially because I do tend to see

763
00:36:07,680 --> 00:36:11,400
Speaker 1: that rates are generally better and fee structures are generally

764
00:36:11,400 --> 00:36:16,359
Speaker 1: more favorable for personal accounts versus business accounts. One other

765
00:36:16,400 --> 00:36:18,920
Speaker 1: piece of information is I'm also in the process of

766
00:36:18,920 --> 00:36:23,120
Speaker 1: setting up my business as a single member llc UM,

767
00:36:23,160 --> 00:36:27,320
Speaker 1: just in case that impacts any of the information for

768
00:36:27,400 --> 00:36:32,640
Speaker 1: me specifically. Thanks in advance for any advice you can give,

769
00:36:33,120 --> 00:36:37,040
Speaker 1: and I look forward to hearing your answer. Jeff. We

770
00:36:37,120 --> 00:36:39,120
Speaker 1: are glad to have you here here on the show

771
00:36:39,160 --> 00:36:41,880
Speaker 1: here at How the Money, and a serious thanks to

772
00:36:41,920 --> 00:36:44,680
Speaker 1: everyone out there who submits a question for real. Hopefully

773
00:36:44,880 --> 00:36:47,160
Speaker 1: the answers that we give it helps folks out there

774
00:36:47,239 --> 00:36:50,520
Speaker 1: as individuals, but your questions they also help a ton

775
00:36:50,680 --> 00:36:53,640
Speaker 1: of other folks as well, so we appreciate all of you.

776
00:36:54,120 --> 00:36:57,240
Speaker 1: Send your voice memos are away. So, Jeff, we definitely

777
00:36:57,239 --> 00:36:59,640
Speaker 1: want you to have your business age your personal finings

778
00:36:59,640 --> 00:37:02,839
Speaker 1: to separate. Just mixing the two it can be uh

779
00:37:03,080 --> 00:37:04,840
Speaker 1: First of all, I can be a bookkeeping nightmare, and

780
00:37:04,880 --> 00:37:07,160
Speaker 1: so because of that, we want you to avoid it

781
00:37:07,200 --> 00:37:10,280
Speaker 1: at all costs. Those business transactions should should most definitely

782
00:37:10,320 --> 00:37:13,680
Speaker 1: be done from a completely different account than your personal one.

783
00:37:14,280 --> 00:37:16,920
Speaker 1: But you could opt to open either a personal account

784
00:37:17,080 --> 00:37:20,120
Speaker 1: or business one. Having a solo run business as an individual,

785
00:37:20,320 --> 00:37:22,600
Speaker 1: that means that you don't really need to open an

786
00:37:22,640 --> 00:37:25,920
Speaker 1: official business bank account, that is, unless you're creating a

787
00:37:25,920 --> 00:37:29,640
Speaker 1: separate legal entity, which you are, uh so for you, Jeff,

788
00:37:29,680 --> 00:37:31,920
Speaker 1: for for legal purposes, you will need to open a

789
00:37:31,920 --> 00:37:34,200
Speaker 1: business bank account in order to make sure that business

790
00:37:34,239 --> 00:37:37,880
Speaker 1: money that it is separate from personal funds. But the

791
00:37:37,880 --> 00:37:40,839
Speaker 1: good news is that business accounts have gotten a whole

792
00:37:40,840 --> 00:37:43,200
Speaker 1: lot better in recent years. My goodness. This is one

793
00:37:43,200 --> 00:37:45,160
Speaker 1: of those sectors that for the longest time, it was

794
00:37:45,200 --> 00:37:47,839
Speaker 1: like business bank accounts paid you nothing and in fact

795
00:37:47,880 --> 00:37:50,120
Speaker 1: they feed you to death. Like it was it was terrible,

796
00:37:50,120 --> 00:37:52,799
Speaker 1: like trying to recommend where someone should go to open

797
00:37:52,880 --> 00:37:55,360
Speaker 1: up a business banking and checking your same mus account.

798
00:37:55,760 --> 00:37:58,480
Speaker 1: It felt like the desert with no oasis in sight.

799
00:37:58,840 --> 00:38:02,080
Speaker 1: And but then they used to be massively inferior to

800
00:38:02,200 --> 00:38:05,720
Speaker 1: individual accounts. But that is not even the case anymore. So, Jeff,

801
00:38:06,280 --> 00:38:08,480
Speaker 1: I get why you would say that, and it's not

802
00:38:08,600 --> 00:38:11,400
Speaker 1: completely outdated information, because there are still a lot of

803
00:38:11,400 --> 00:38:14,359
Speaker 1: crummy business bank accounts out there, but there are so

804
00:38:14,400 --> 00:38:17,400
Speaker 1: many better options now. But even when we started this podcast,

805
00:38:17,440 --> 00:38:20,279
Speaker 1: when we opened up our business checking account five plus

806
00:38:20,400 --> 00:38:24,160
Speaker 1: years ago, it was the landscape was much different. It

807
00:38:24,160 --> 00:38:26,520
Speaker 1: was much worse. I feel like there's one option and

808
00:38:26,560 --> 00:38:29,719
Speaker 1: that's the option. Well, yeah, exactly, and now it's like, okay, cool,

809
00:38:29,760 --> 00:38:31,719
Speaker 1: there's at least five or six decent ones out there.

810
00:38:31,960 --> 00:38:34,080
Speaker 1: There are more competitors on the scene, which is good

811
00:38:34,120 --> 00:38:36,080
Speaker 1: and and it's true that there are still better rates

812
00:38:36,080 --> 00:38:39,359
Speaker 1: of return from some of our favorite individual accounts, right,

813
00:38:39,600 --> 00:38:43,560
Speaker 1: but business accounts are are have made a comeback and

814
00:38:43,719 --> 00:38:46,799
Speaker 1: they're offering more competitive features. American Express and Capital One

815
00:38:47,080 --> 00:38:50,520
Speaker 1: they have solid bank account options. American Express is currently

816
00:38:50,560 --> 00:38:53,480
Speaker 1: paying one point three percent, which is pretty solid, But

817
00:38:53,600 --> 00:38:56,520
Speaker 1: Blue Vine and Mercury there too other ones we'd recommend

818
00:38:56,600 --> 00:38:58,839
Speaker 1: you look into. Uh, if you jump through a couple

819
00:38:58,840 --> 00:39:00,360
Speaker 1: of hoops, you can earn a two per sent a

820
00:39:00,440 --> 00:39:03,360
Speaker 1: p y on the Blue Vine checking the account. But

821
00:39:03,440 --> 00:39:06,040
Speaker 1: all those ones I just mentioned are ones that are

822
00:39:06,120 --> 00:39:10,920
Speaker 1: are competitive in the business banking environment, offering more features

823
00:39:11,000 --> 00:39:14,160
Speaker 1: and just better return on your money that you have

824
00:39:14,239 --> 00:39:16,560
Speaker 1: stashed away. Yeah, they're not gonna pay quiet as high,

825
00:39:16,719 --> 00:39:19,360
Speaker 1: you know, like you said, Jill as the personal accounts

826
00:39:19,360 --> 00:39:21,760
Speaker 1: out there, but they all pay decently well while also

827
00:39:21,800 --> 00:39:24,360
Speaker 1: offering some additional perks to help you out as a

828
00:39:24,360 --> 00:39:26,520
Speaker 1: business owner as well. So the fees, first of all,

829
00:39:26,520 --> 00:39:28,840
Speaker 1: they're they're almost non existent with all the banks that

830
00:39:28,840 --> 00:39:30,920
Speaker 1: we just mentioned, but also almost all of them have

831
00:39:31,080 --> 00:39:33,200
Speaker 1: extra bells and whistles that will help you out as

832
00:39:33,200 --> 00:39:36,920
Speaker 1: a business owner. For instance, Lily, Uh, this is a

833
00:39:36,920 --> 00:39:39,080
Speaker 1: newer bank that's been on a radar, but it was

834
00:39:39,120 --> 00:39:42,240
Speaker 1: designed with freelancers in mind, and it comes with built

835
00:39:42,239 --> 00:39:46,160
Speaker 1: in invoicing capabilities, which is pretty cool. This account can

836
00:39:46,200 --> 00:39:50,280
Speaker 1: even help you with accounting and with tax planning and optimization. Granted,

837
00:39:50,400 --> 00:39:52,160
Speaker 1: it only pays one and a half percent, which is

838
00:39:52,239 --> 00:39:55,680
Speaker 1: honestly still great when it comes to business checking accounts,

839
00:39:55,840 --> 00:39:57,480
Speaker 1: but it sure seems to more than make up for

840
00:39:57,520 --> 00:40:01,000
Speaker 1: that lower a pr considering the the additional perks at

841
00:40:01,000 --> 00:40:02,960
Speaker 1: the offer. But the other thing to keep in mind

842
00:40:03,000 --> 00:40:04,759
Speaker 1: is that we want you to make sure that you

843
00:40:04,880 --> 00:40:07,480
Speaker 1: you're viewing this problem just with a big picture in mind.

844
00:40:07,560 --> 00:40:09,400
Speaker 1: Because even if you know, like so, let's say you

845
00:40:09,440 --> 00:40:12,000
Speaker 1: have ten thousand dollars just on average sitting there in

846
00:40:12,000 --> 00:40:13,880
Speaker 1: that account over the course of a year, even if

847
00:40:13,920 --> 00:40:16,480
Speaker 1: you can earn eke out another like two percent, you're

848
00:40:16,480 --> 00:40:19,120
Speaker 1: you're talking about two undred bucks. And if you were

849
00:40:19,120 --> 00:40:20,640
Speaker 1: to ask me, would you like to have two hun dollars,

850
00:40:20,640 --> 00:40:22,440
Speaker 1: I would say yes. But we also want to make

851
00:40:22,480 --> 00:40:24,680
Speaker 1: sure that you're not stressing over that, and that you're

852
00:40:24,760 --> 00:40:28,560
Speaker 1: using your additional creative creative energy towards maybe growing your

853
00:40:28,560 --> 00:40:31,279
Speaker 1: business doing the thing that you're you're most excited about

854
00:40:31,320 --> 00:40:34,360
Speaker 1: a but then be that could potentially see a return

855
00:40:34,400 --> 00:40:38,200
Speaker 1: on investment much much, much greater than you know, just

856
00:40:38,280 --> 00:40:40,479
Speaker 1: a couple hundred bucks over the course of a year. Yeah,

857
00:40:40,520 --> 00:40:42,640
Speaker 1: so prioritized look into all these banks, I would say,

858
00:40:42,680 --> 00:40:44,400
Speaker 1: we'll list them all out on the show notes, find

859
00:40:44,719 --> 00:40:47,600
Speaker 1: the one that maybe has the best mix of interest

860
00:40:47,680 --> 00:40:51,160
Speaker 1: rate features, customer service that make the most sense for you,

861
00:40:51,520 --> 00:40:53,200
Speaker 1: and sign up for that bank. Again, all the ones

862
00:40:53,239 --> 00:40:56,719
Speaker 1: we mentioned are going to have minimal fees, not going

863
00:40:56,800 --> 00:40:59,319
Speaker 1: to feed you on a monthly ongoing basis, and some

864
00:40:59,360 --> 00:41:02,640
Speaker 1: of them are going to offer just insane software perks

865
00:41:02,680 --> 00:41:05,520
Speaker 1: that are going to make your your business endeavors much easier.

866
00:41:05,840 --> 00:41:08,000
Speaker 1: Lily is kind of the most interesting one, Matt, I agree,

867
00:41:08,040 --> 00:41:10,080
Speaker 1: kind of on the business banking front right now. But

868
00:41:10,200 --> 00:41:11,680
Speaker 1: one of one of the other things too, is is

869
00:41:11,680 --> 00:41:14,160
Speaker 1: hopefully you can always cash for your growth, but let's

870
00:41:14,160 --> 00:41:16,160
Speaker 1: say some point, maybe you need to get a loan

871
00:41:16,200 --> 00:41:18,440
Speaker 1: for your business. Well, it's gonna help you to have

872
00:41:18,480 --> 00:41:21,320
Speaker 1: a had a business banking account with the accompanying financial

873
00:41:21,360 --> 00:41:23,520
Speaker 1: records too. And so we're not sure what kind of

874
00:41:23,560 --> 00:41:26,480
Speaker 1: business you're thinking of of opening. But some vendors are

875
00:41:26,480 --> 00:41:28,880
Speaker 1: also going to require an E I N number. So

876
00:41:29,000 --> 00:41:31,759
Speaker 1: form that business, make it official, get your E I

877
00:41:31,880 --> 00:41:35,600
Speaker 1: N number, open that business banking account, and Jeff, good luck.

878
00:41:35,600 --> 00:41:39,120
Speaker 1: We hope this doesn't remain a side hustle for for

879
00:41:39,200 --> 00:41:41,600
Speaker 1: very long. Hopefully it becomes your full fledged thing not

880
00:41:41,640 --> 00:41:43,879
Speaker 1: too many months or years down the road. That's right. Yeah,

881
00:41:43,920 --> 00:41:46,760
Speaker 1: and there's something there's a there's an added psychological element

882
00:41:46,800 --> 00:41:49,640
Speaker 1: too that comes from taking the official steps to where

883
00:41:50,200 --> 00:41:53,840
Speaker 1: I think we that we underestimate by creating a legit business,

884
00:41:53,880 --> 00:41:56,239
Speaker 1: I think there's also a chance of you seeing a

885
00:41:56,280 --> 00:41:59,200
Speaker 1: greater level of success as opposed to this being something

886
00:41:59,239 --> 00:42:01,680
Speaker 1: that's lie by night sort of thing. All right, so

887
00:42:01,760 --> 00:42:04,440
Speaker 1: let's get to our last question from for the episode.

888
00:42:04,480 --> 00:42:07,200
Speaker 1: And you know, inflation, it's causing the price of everything

889
00:42:07,239 --> 00:42:10,080
Speaker 1: to go up, Joel, including the cost of daycare. Let's

890
00:42:10,120 --> 00:42:14,280
Speaker 1: hear from Emily. Hey, this is Emily calling in from Smyrna, Georgia,

891
00:42:15,040 --> 00:42:17,480
Speaker 1: Matt and Joel. I love the podcast. I appreciate all

892
00:42:17,480 --> 00:42:20,080
Speaker 1: the banter back and forth. Um I would love to

893
00:42:20,120 --> 00:42:23,480
Speaker 1: hear a bit more about y'all's take on childcare, specifically

894
00:42:23,480 --> 00:42:27,200
Speaker 1: ways to save, ways to invest, any tax breaks, and

895
00:42:27,239 --> 00:42:30,560
Speaker 1: how to manage that pretty large daycare bill for two kids.

896
00:42:31,080 --> 00:42:33,320
Speaker 1: My husband and I have a two year old and

897
00:42:33,360 --> 00:42:36,960
Speaker 1: a six month old, and um, those daycare and diaper

898
00:42:37,040 --> 00:42:39,040
Speaker 1: and all the other costs that go associate with kids

899
00:42:39,080 --> 00:42:43,200
Speaker 1: are are pretty large. So we'd love to hear y'all's take. Thanks. Well,

900
00:42:43,239 --> 00:42:46,000
Speaker 1: she mentioned diapers, Joel, we should probably miss. I don't

901
00:42:46,000 --> 00:42:47,360
Speaker 1: know if we have on the show. We just potty

902
00:42:47,360 --> 00:42:50,319
Speaker 1: trained the dudes and so we are finally out of

903
00:42:50,320 --> 00:42:52,920
Speaker 1: the diaper stage. It feels so good to remove that.

904
00:42:53,080 --> 00:42:55,000
Speaker 1: Oh as a line item. Okay, so we had a

905
00:42:55,000 --> 00:42:57,680
Speaker 1: few diapers left lingering around in the house, and don't

906
00:42:57,719 --> 00:43:00,160
Speaker 1: tell me you try to sell them. I didn't. I

907
00:43:00,200 --> 00:43:03,560
Speaker 1: should have My little guy, Ezra, he's he's three, he

908
00:43:03,920 --> 00:43:07,480
Speaker 1: just turned three, and he is was obsessed with the

909
00:43:07,560 --> 00:43:09,400
Speaker 1: diaper fuzz. He would pull off parts of his diaper

910
00:43:09,400 --> 00:43:10,680
Speaker 1: the night and he would rub it on his face

911
00:43:10,920 --> 00:43:13,919
Speaker 1: and so like going to bed and night he's still like, dad, Dad,

912
00:43:13,960 --> 00:43:16,240
Speaker 1: I need the diaper fuzz. And so I've just succuss

913
00:43:16,239 --> 00:43:20,000
Speaker 1: some of those diapers. Were ripping them into shreds to

914
00:43:20,040 --> 00:43:22,719
Speaker 1: help him with his diaper fuzz fixation. Hey, if that's

915
00:43:22,719 --> 00:43:25,880
Speaker 1: what it helps keep the the bed dry I would

916
00:43:26,000 --> 00:43:28,399
Speaker 1: be willing to do that. It's working as well, yes,

917
00:43:28,520 --> 00:43:31,279
Speaker 1: I think yeah, But yeah, diapers aren't cheap. And and Matt,

918
00:43:31,280 --> 00:43:33,560
Speaker 1: you've you ran the numbers and you found that diapers

919
00:43:33,600 --> 00:43:36,520
Speaker 1: at all the are typically the best price. So um,

920
00:43:36,560 --> 00:43:38,640
Speaker 1: if yeah, if you're not sure Emily where to buy

921
00:43:38,680 --> 00:43:42,200
Speaker 1: those diapers, definitely check that out, and even more so

922
00:43:42,280 --> 00:43:45,560
Speaker 1: than Costco. Yeah. Um, it's it's pretty close in price,

923
00:43:45,640 --> 00:43:48,520
Speaker 1: but the absolute lowest price, at least a year ago,

924
00:43:48,600 --> 00:43:51,120
Speaker 1: maybe two years ago, was definitely ald And it's not

925
00:43:51,160 --> 00:43:54,120
Speaker 1: like they're massively inferior or anything, or they don't cover

926
00:43:54,160 --> 00:43:56,239
Speaker 1: the bum as well. Personally, I actually thought that they

927
00:43:56,239 --> 00:43:58,760
Speaker 1: were better because we tried the Costco ones and in

928
00:43:58,840 --> 00:44:01,360
Speaker 1: our opinion, the oscar ones were a little too narrow.

929
00:44:01,840 --> 00:44:05,440
Speaker 1: They didn't flare as much in the in the bottom region. Toy.

930
00:44:06,040 --> 00:44:09,400
Speaker 1: You heard it here from diaper expert Matt that you

931
00:44:09,400 --> 00:44:11,360
Speaker 1: should definitely get the mid all the along with the

932
00:44:11,400 --> 00:44:13,600
Speaker 1: rest of your grocer's saving money on that front. But

933
00:44:13,680 --> 00:44:16,359
Speaker 1: let's let's start maybe with the biggest part of her

934
00:44:16,400 --> 00:44:18,680
Speaker 1: question to Matt, the thing that's gonna cost way more

935
00:44:18,680 --> 00:44:21,239
Speaker 1: than diapers even, which is which is daycare. And that's

936
00:44:21,280 --> 00:44:24,880
Speaker 1: obviously just a really difficult conundrum for for some folks,

937
00:44:24,880 --> 00:44:26,759
Speaker 1: you know, once they hit critical mass on the kid front,

938
00:44:26,960 --> 00:44:29,719
Speaker 1: they opt to have one of the adult parents stay

939
00:44:29,760 --> 00:44:32,480
Speaker 1: at home with the kids because of the insane costs

940
00:44:32,520 --> 00:44:35,919
Speaker 1: of childcare. Depends on each of your incomes. It could

941
00:44:35,920 --> 00:44:37,840
Speaker 1: be having two kids, or it could we have it

942
00:44:37,880 --> 00:44:39,920
Speaker 1: could be the third kid when that kind of just

943
00:44:40,000 --> 00:44:42,960
Speaker 1: makes financial sense to not go out there, earn a paycheck,

944
00:44:42,960 --> 00:44:45,200
Speaker 1: pay taxes on that paycheck, but to stay at home

945
00:44:45,440 --> 00:44:48,120
Speaker 1: with kids. And again, like that's uh, that involves so

946
00:44:48,120 --> 00:44:52,200
Speaker 1: many other things, uh in in that decision beyond just financials.

947
00:44:52,239 --> 00:44:53,680
Speaker 1: It's like, is that what you want? Do you want

948
00:44:53,680 --> 00:44:55,879
Speaker 1: to give up on the career? Or do does your

949
00:44:56,080 --> 00:44:57,920
Speaker 1: does your partner Emily want to give up on their

950
00:44:57,960 --> 00:45:00,480
Speaker 1: career to stay home with the kids? Those um that

951
00:45:00,480 --> 00:45:02,959
Speaker 1: that that's more than just financial. But I will say

952
00:45:03,280 --> 00:45:05,760
Speaker 1: it does begin to make financial sense at some point.

953
00:45:05,880 --> 00:45:07,239
Speaker 1: It might even be the fifth kid. I don't know,

954
00:45:07,480 --> 00:45:09,360
Speaker 1: but you're planning to go that far. But how do

955
00:45:09,400 --> 00:45:11,360
Speaker 1: you limit the cost of childcare? Well? Where do you

956
00:45:11,400 --> 00:45:14,960
Speaker 1: take the matters? I know you remember this because when

957
00:45:14,960 --> 00:45:17,280
Speaker 1: we moved up here twenty minutes north of the city.

958
00:45:17,600 --> 00:45:20,160
Speaker 1: Our childcare costs got almost cut in half. Oh yeah,

959
00:45:20,200 --> 00:45:22,239
Speaker 1: there's a lot more competition in the space up here.

960
00:45:22,239 --> 00:45:23,960
Speaker 1: They were not going to say that that's why we

961
00:45:24,040 --> 00:45:27,239
Speaker 1: moved up here, but it was definitely something that was

962
00:45:27,440 --> 00:45:30,280
Speaker 1: a happy realization for sure. It was a welcome respite

963
00:45:30,320 --> 00:45:33,399
Speaker 1: from the large daycare bills we had in town down

964
00:45:33,400 --> 00:45:34,680
Speaker 1: in the city. And part of this because there's a

965
00:45:34,719 --> 00:45:37,880
Speaker 1: large number of churches offering childcare services, so there was like,

966
00:45:38,120 --> 00:45:41,719
Speaker 1: there's nonprofits which are often offering the best rate on childcare.

967
00:45:41,920 --> 00:45:44,839
Speaker 1: So looking to some of those organizations near you, are

968
00:45:44,880 --> 00:45:49,560
Speaker 1: there any nonprofits offering childcare services that are kind of

969
00:45:49,600 --> 00:45:52,320
Speaker 1: subsidized to a certain degree because that's part of their mission.

970
00:45:52,640 --> 00:45:54,160
Speaker 1: I would I would at least look into that and

971
00:45:54,360 --> 00:45:57,040
Speaker 1: and do some do some shopping around to see if

972
00:45:57,040 --> 00:45:58,840
Speaker 1: you can find a better rate on daycare than what

973
00:45:58,840 --> 00:46:01,520
Speaker 1: you're paying now. That's right, But some more daycare tips

974
00:46:01,520 --> 00:46:04,160
Speaker 1: for Emily. Don't forget if you have a dependent care

975
00:46:04,360 --> 00:46:07,320
Speaker 1: f s A at work that's a flexible spending account.

976
00:46:07,480 --> 00:46:08,759
Speaker 1: If you have one of those, that can at least

977
00:46:08,760 --> 00:46:11,520
Speaker 1: allow you to forego having to pay taxes at least

978
00:46:11,520 --> 00:46:14,719
Speaker 1: on a portion of your daycare bill that's maxed out

979
00:46:14,760 --> 00:46:18,120
Speaker 1: at five thousand dollars for a family. But depending on

980
00:46:18,120 --> 00:46:21,960
Speaker 1: how substantial your childcare needs are, and here this is

981
00:46:22,000 --> 00:46:25,200
Speaker 1: key as well. If you have other friends who have

982
00:46:25,280 --> 00:46:27,120
Speaker 1: similar needs, who are in the same boat, who also

983
00:46:27,200 --> 00:46:30,320
Speaker 1: might live near you, maybe your your neighbors, what you

984
00:46:30,400 --> 00:46:32,520
Speaker 1: might be able to to do a nanny share in

985
00:46:32,560 --> 00:46:36,960
Speaker 1: an effort to get more individualized attention alongside potentially reducing

986
00:46:37,080 --> 00:46:40,400
Speaker 1: the cost UH And depending on how flexible your schedule is,

987
00:46:40,680 --> 00:46:42,520
Speaker 1: you might even be able to do some some childcare

988
00:46:42,560 --> 00:46:46,080
Speaker 1: swaps with other parents who are in similar situations. So

989
00:46:46,360 --> 00:46:50,200
Speaker 1: maybe you're able to maintain some flexible a flexible work

990
00:46:50,280 --> 00:46:52,160
Speaker 1: arrangement where your home a couple of days a week

991
00:46:52,200 --> 00:46:54,919
Speaker 1: and you're able to simultaneously do a good job keeping

992
00:46:54,920 --> 00:46:56,440
Speaker 1: an eye on the kids and taking care of them

993
00:46:56,440 --> 00:46:59,200
Speaker 1: while while also monitoring your email. Well that's something to

994
00:46:59,239 --> 00:47:01,400
Speaker 1: keep in mind of our date night swaps. But instead

995
00:47:01,400 --> 00:47:02,919
Speaker 1: you could do it somehow with work. If you're working

996
00:47:02,960 --> 00:47:04,919
Speaker 1: thirty hours a week and like, yeah, the night of five,

997
00:47:04,960 --> 00:47:07,000
Speaker 1: I've got fifteen hours, I can watch somebody else's kids,

998
00:47:07,000 --> 00:47:08,600
Speaker 1: and then maybe they have fifteen they could watch mine

999
00:47:08,600 --> 00:47:11,280
Speaker 1: and but you have kind of cobble it together that way. Heck, yeah,

1000
00:47:11,400 --> 00:47:13,880
Speaker 1: and I think another idea and this this actually might

1001
00:47:13,920 --> 00:47:17,520
Speaker 1: be a bit extreme, but uh, maybe you can get

1002
00:47:17,560 --> 00:47:21,320
Speaker 1: a new job. Some employers out there, they are offering

1003
00:47:21,320 --> 00:47:25,320
Speaker 1: incredible childcare benefits as perks. Uh, it's at least worth considering,

1004
00:47:25,719 --> 00:47:28,759
Speaker 1: given how big of a line item we're talking about here. Uh,

1005
00:47:28,800 --> 00:47:30,759
Speaker 1: if you have a couple of kids, and if not,

1006
00:47:30,880 --> 00:47:33,879
Speaker 1: if this is something your employer doesn't offer, we'll ask

1007
00:47:33,880 --> 00:47:36,480
Speaker 1: your HR department if this is something that they might

1008
00:47:36,520 --> 00:47:40,239
Speaker 1: consider offering. If there's enough folks asking for maybe an

1009
00:47:40,280 --> 00:47:44,280
Speaker 1: on site little daycare like something where there's enough parents

1010
00:47:44,360 --> 00:47:47,040
Speaker 1: asking for some sort of option, well that might be

1011
00:47:47,080 --> 00:47:49,600
Speaker 1: something that they decided to add as a way to

1012
00:47:49,600 --> 00:47:52,240
Speaker 1: to include some additional benefits, you know, while maybe keeping

1013
00:47:52,440 --> 00:47:56,120
Speaker 1: their employee their employees pay and check. Sometimes they're they're

1014
00:47:56,120 --> 00:47:58,160
Speaker 1: trying to find some of those creative ways to impice

1015
00:47:58,600 --> 00:48:01,759
Speaker 1: uh new talent. But it's worth thinking through some you know,

1016
00:48:01,800 --> 00:48:04,080
Speaker 1: just outside of the box, some more creative ways to

1017
00:48:04,120 --> 00:48:07,040
Speaker 1: consider tackling this expense rather than just I gotta work

1018
00:48:07,080 --> 00:48:08,640
Speaker 1: more in order to earn more money so that we

1019
00:48:08,640 --> 00:48:11,160
Speaker 1: can cover this expense and and I know it's easy.

1020
00:48:11,239 --> 00:48:13,840
Speaker 1: It's not easy. Like I feel like that was the

1021
00:48:13,840 --> 00:48:16,319
Speaker 1: most difficult time for us, for Emily and I was

1022
00:48:16,719 --> 00:48:20,120
Speaker 1: when we had that like two year old and then

1023
00:48:20,200 --> 00:48:23,319
Speaker 1: the newborn, and so it's there are a lot of

1024
00:48:23,360 --> 00:48:27,920
Speaker 1: financial questions alongside kind of the new emotional reality of

1025
00:48:27,920 --> 00:48:30,880
Speaker 1: of your life with two young kids, which is not

1026
00:48:31,040 --> 00:48:34,920
Speaker 1: easy also joyful. But you asked to Emily about ways

1027
00:48:35,000 --> 00:48:36,880
Speaker 1: to save and invest for your kidd oh, and we've

1028
00:48:36,880 --> 00:48:40,680
Speaker 1: talked about this a few times recently, but plans make

1029
00:48:40,760 --> 00:48:42,960
Speaker 1: more sense than they ever have before given the recent

1030
00:48:43,000 --> 00:48:45,600
Speaker 1: law changes that we saw happen at the very end

1031
00:48:45,640 --> 00:48:47,680
Speaker 1: of last year. And you might want to open up

1032
00:48:47,719 --> 00:48:50,399
Speaker 1: just a basic savings account at a local credit union

1033
00:48:50,480 --> 00:48:52,960
Speaker 1: for your kiddos. Let's say it's just a few hundred

1034
00:48:53,000 --> 00:48:55,440
Speaker 1: dollars as they get birthday and Christmas money stuff like that,

1035
00:48:55,840 --> 00:48:57,520
Speaker 1: like that can be really helpful and allow them to

1036
00:48:57,520 --> 00:49:00,759
Speaker 1: start saving that money, stocking it away from or near

1037
00:49:00,840 --> 00:49:03,160
Speaker 1: term purchases when you want them to know if you're

1038
00:49:03,160 --> 00:49:06,200
Speaker 1: not necessarily wanting them to save up for the down

1039
00:49:06,200 --> 00:49:08,720
Speaker 1: payment for the first home at the age of two

1040
00:49:08,920 --> 00:49:10,480
Speaker 1: or something like that. I mean, and maybe you are,

1041
00:49:10,520 --> 00:49:12,759
Speaker 1: maybe you're thinking that far ahead, and I think that's

1042
00:49:12,760 --> 00:49:16,920
Speaker 1: where the plan might make more sense. But if you're

1043
00:49:16,920 --> 00:49:20,239
Speaker 1: sticking money into a credit you need account, you're helping

1044
00:49:20,280 --> 00:49:23,080
Speaker 1: to teach them about how money works by doing that too,

1045
00:49:23,080 --> 00:49:25,080
Speaker 1: which I think is powerful. Right. You want them to

1046
00:49:25,080 --> 00:49:27,960
Speaker 1: actually have access to physical dollars as they start to grow,

1047
00:49:28,400 --> 00:49:31,000
Speaker 1: because that's going to give them an ability to use

1048
00:49:31,080 --> 00:49:34,840
Speaker 1: and prioritize how those dollars are allocated. Um And but

1049
00:49:34,920 --> 00:49:37,360
Speaker 1: if you really are wanting to grow well to lower

1050
00:49:37,360 --> 00:49:39,839
Speaker 1: the cost of their future education or to help them

1051
00:49:39,840 --> 00:49:43,640
Speaker 1: start saving us for retirement, early nine accounts are now

1052
00:49:43,719 --> 00:49:46,440
Speaker 1: a fantastic landing spot for some of those dollars. But

1053
00:49:46,520 --> 00:49:49,040
Speaker 1: still we always say this mat prioritize investing for your

1054
00:49:49,080 --> 00:49:52,759
Speaker 1: own retirement first. That takes place. Even accounts are better

1055
00:49:52,800 --> 00:49:55,400
Speaker 1: than they've ever been, it doesn't make them better or

1056
00:49:55,440 --> 00:49:58,480
Speaker 1: more important than investing for your own retirement totally. Alright.

1057
00:49:58,480 --> 00:50:00,719
Speaker 1: One other sort of maybe scrap away to lower the

1058
00:50:00,760 --> 00:50:03,600
Speaker 1: cost of child care that I just thought of. If

1059
00:50:03,640 --> 00:50:05,760
Speaker 1: you are lucky enough to live in the same town

1060
00:50:06,080 --> 00:50:08,920
Speaker 1: as your parents, so the grandparents, I think this is

1061
00:50:08,960 --> 00:50:13,239
Speaker 1: a conversation that is worth starting at least, And of course,

1062
00:50:13,280 --> 00:50:15,040
Speaker 1: you don't want to assume that this is a something

1063
00:50:15,080 --> 00:50:19,200
Speaker 1: that they want to do or be something that they

1064
00:50:19,520 --> 00:50:21,959
Speaker 1: can afford, that they have the financial ability to do.

1065
00:50:22,160 --> 00:50:26,160
Speaker 1: But oftentimes our parents, you know, we're we're millennials here, um,

1066
00:50:26,360 --> 00:50:29,720
Speaker 1: but the next generation, like they're often times retiring around

1067
00:50:29,760 --> 00:50:33,080
Speaker 1: the same time that millennials are kind of popping out babies, right,

1068
00:50:33,480 --> 00:50:35,640
Speaker 1: And so I think it is worth starting the conversation

1069
00:50:35,640 --> 00:50:37,879
Speaker 1: because if you find out that, ay, they do, this

1070
00:50:37,960 --> 00:50:40,120
Speaker 1: is the desire that they have to spend more time

1071
00:50:40,200 --> 00:50:43,120
Speaker 1: with the grandkids and be if there's a way that

1072
00:50:43,160 --> 00:50:46,799
Speaker 1: you can financially arrange this, I think again this is

1073
00:50:46,840 --> 00:50:49,799
Speaker 1: a conversation worth having. Not that you would completely be

1074
00:50:49,840 --> 00:50:53,120
Speaker 1: able to replace their income, but if perhaps you're able

1075
00:50:53,160 --> 00:50:54,759
Speaker 1: to meet in the middle somewhere. So let's say it

1076
00:50:54,760 --> 00:50:57,400
Speaker 1: costs you thirty thousand dollars to that that would be

1077
00:50:57,400 --> 00:51:00,200
Speaker 1: really expensive, I guess, but to pay for your kids

1078
00:51:00,239 --> 00:51:02,120
Speaker 1: child care for over the course of a year for

1079
00:51:02,200 --> 00:51:05,080
Speaker 1: some kids, that might not actually be Actually, yeah, if

1080
00:51:05,080 --> 00:51:08,120
Speaker 1: you're an amazing but imagine if you were able to

1081
00:51:08,160 --> 00:51:09,759
Speaker 1: have that, if you were to be able to cut

1082
00:51:09,760 --> 00:51:12,040
Speaker 1: that in half instead of thirty you're able to pay

1083
00:51:12,040 --> 00:51:14,600
Speaker 1: fifteen that you were to give your grandparents or your

1084
00:51:14,640 --> 00:51:17,600
Speaker 1: your folks and say, hey, I know this isn't necessarily

1085
00:51:17,640 --> 00:51:19,560
Speaker 1: going to be easy. I know you're looking at stepping

1086
00:51:19,560 --> 00:51:22,480
Speaker 1: away from work where you're getting a real paycheck. But

1087
00:51:22,560 --> 00:51:25,200
Speaker 1: if this is going to be able to help offsete

1088
00:51:25,200 --> 00:51:27,120
Speaker 1: some of your expenses as you are kind of easing

1089
00:51:27,160 --> 00:51:30,640
Speaker 1: into retirement, it could be a win win for everybody.

1090
00:51:30,719 --> 00:51:33,359
Speaker 1: And I would hate for that to not be an

1091
00:51:33,360 --> 00:51:36,120
Speaker 1: option for you, just because that's not a discussion that

1092
00:51:36,160 --> 00:51:38,120
Speaker 1: anybody brought up. Yeah. Yeah, that's a good point. My

1093
00:51:38,600 --> 00:51:41,239
Speaker 1: parents are watching my kids every Thursday for like three

1094
00:51:41,360 --> 00:51:43,440
Speaker 1: or four hours, taken to swim lessons and stuff. Now

1095
00:51:44,000 --> 00:51:46,759
Speaker 1: emilies in grad school, and I'm sitting here hanging out

1096
00:51:46,800 --> 00:51:49,279
Speaker 1: with you like an idiot, and so uh they so

1097
00:51:49,400 --> 00:51:51,280
Speaker 1: that that has been really how doing with my life

1098
00:51:51,680 --> 00:51:53,640
Speaker 1: it could be with my kids, even just those those

1099
00:51:53,800 --> 00:51:56,279
Speaker 1: those few hours, it's just like a massive relief for us.

1100
00:51:56,560 --> 00:51:58,520
Speaker 1: So yeah, I think getting the ball rolling trying to

1101
00:51:58,560 --> 00:52:02,160
Speaker 1: just see if they're interested is a worthwhile question to pose. Man,

1102
00:52:02,239 --> 00:52:04,040
Speaker 1: I agree. All right, let's get back to the beer though, Matt,

1103
00:52:04,080 --> 00:52:07,239
Speaker 1: that we had on this boy, please, let's it was

1104
00:52:07,280 --> 00:52:10,719
Speaker 1: amazing this is. It was called Jasper with Pizcherin, which

1105
00:52:10,719 --> 00:52:13,160
Speaker 1: is just an interesting name. But I think Pizzerin was

1106
00:52:13,200 --> 00:52:14,960
Speaker 1: actually one of the two hops they used in the

1107
00:52:14,960 --> 00:52:16,920
Speaker 1: making of this I pin right. It was by Fidens

1108
00:52:16,960 --> 00:52:20,440
Speaker 1: Brewing At What were your thoughts? We don't know. We

1109
00:52:20,480 --> 00:52:23,520
Speaker 1: have never had this brewer before. I love receiving beers,

1110
00:52:23,960 --> 00:52:26,359
Speaker 1: uh from breweries that we don't have access to. I've

1111
00:52:26,360 --> 00:52:29,040
Speaker 1: never seen this on the shelves here in Atlanta. Me neither.

1112
00:52:29,160 --> 00:52:30,480
Speaker 1: But yeah, like you said, it looks like this was

1113
00:52:30,520 --> 00:52:33,600
Speaker 1: made with citra and pizzerin. And pizzerin it's not a

1114
00:52:33,640 --> 00:52:36,560
Speaker 1: hop that I have even heard of before, but I

1115
00:52:36,560 --> 00:52:39,040
Speaker 1: looked at up real quick. Evidently it has a lot

1116
00:52:39,120 --> 00:52:42,560
Speaker 1: of like citrus fruit like qualities, so like orange, maybe

1117
00:52:42,560 --> 00:52:46,720
Speaker 1: even a little bit alime obviously from tangerine pizzerin. Maybe

1118
00:52:46,719 --> 00:52:49,040
Speaker 1: a little bit of peach. I don't know. But the

1119
00:52:49,080 --> 00:52:51,279
Speaker 1: first thing worth noting about this beer is when we

1120
00:52:51,320 --> 00:52:54,759
Speaker 1: poured it, it was the milkiest I p A I've

1121
00:52:54,760 --> 00:52:57,359
Speaker 1: ever had in my entire like a milky yellow color

1122
00:52:57,640 --> 00:53:00,960
Speaker 1: like it was barely warm, but it was real creamy looking,

1123
00:53:01,200 --> 00:53:03,360
Speaker 1: and I thought to myself, this is either going to

1124
00:53:03,480 --> 00:53:05,600
Speaker 1: be a really good beer or really bad beer, because

1125
00:53:05,640 --> 00:53:07,440
Speaker 1: you don't you don't typically make an i p A

1126
00:53:07,640 --> 00:53:09,200
Speaker 1: that looks like that if it's not going to be

1127
00:53:09,360 --> 00:53:14,200
Speaker 1: completely awesome and fortunate for us, it was very very delicious,

1128
00:53:14,280 --> 00:53:16,160
Speaker 1: thinking this might be the best i PA we've ever

1129
00:53:16,200 --> 00:53:21,280
Speaker 1: had on the shows, at least five for sure, so delicious. Yeah,

1130
00:53:21,360 --> 00:53:24,520
Speaker 1: And this was sent to us by listener Michael, and

1131
00:53:24,800 --> 00:53:27,800
Speaker 1: so yeah, Michael, thank you so much. This was awesome

1132
00:53:27,920 --> 00:53:31,680
Speaker 1: And uh yeah, I can't remember having an i PA

1133
00:53:31,760 --> 00:53:33,800
Speaker 1: that was more unique but also more tasty in recent

1134
00:53:33,800 --> 00:53:37,359
Speaker 1: memory citrusy, but it's got all of those fresh hop

1135
00:53:37,440 --> 00:53:41,040
Speaker 1: like qualities. I mean, it's just a fantastic example of

1136
00:53:41,160 --> 00:53:43,279
Speaker 1: a hazy New England. New England style i p A.

1137
00:53:43,640 --> 00:53:45,960
Speaker 1: Had the right amount of bitterness and sharpness from those hots,

1138
00:53:45,960 --> 00:53:48,520
Speaker 1: but at the same time I was mellowed out and fruity,

1139
00:53:48,600 --> 00:53:50,640
Speaker 1: and they just had the right amount of sweetness going

1140
00:53:50,719 --> 00:53:53,600
Speaker 1: on at the same time. So stink and delicious. A

1141
00:53:53,680 --> 00:53:56,480
Speaker 1: huge thank you to Michael and Emily for sending this

1142
00:53:56,480 --> 00:53:57,919
Speaker 1: one our way. It makes me even more excited about

1143
00:53:57,920 --> 00:54:00,879
Speaker 1: we're gonna have another one by Fittings or itidem's on

1144
00:54:00,920 --> 00:54:03,279
Speaker 1: Wednesday's episodes. I'm already looking forward to that one man

1145
00:54:03,440 --> 00:54:05,040
Speaker 1: same here, all right, But that's gonna do it for

1146
00:54:05,040 --> 00:54:07,560
Speaker 1: this episode. If you want the show notes for this one,

1147
00:54:07,600 --> 00:54:10,160
Speaker 1: you can find everything that we mentioned, including links to

1148
00:54:10,160 --> 00:54:12,759
Speaker 1: those small business banking accounts that we think our top notch.

1149
00:54:12,960 --> 00:54:14,960
Speaker 1: Those are going to be available on our website at

1150
00:54:14,960 --> 00:54:16,880
Speaker 1: how to money dot com. And by the way, if

1151
00:54:16,880 --> 00:54:19,799
Speaker 1: you're like, hey, I need a better credit card than

1152
00:54:19,840 --> 00:54:22,040
Speaker 1: what I'm currently what I'm currently rolling with, well, our

1153
00:54:22,120 --> 00:54:24,120
Speaker 1: new how to Money credit card tool makes it easy

1154
00:54:24,160 --> 00:54:25,520
Speaker 1: for you to find the right one for you. Just

1155
00:54:25,520 --> 00:54:28,160
Speaker 1: go to how to money dot com slash credit cards.

1156
00:54:28,200 --> 00:54:29,880
Speaker 1: You can find it there. It's kind of fun just

1157
00:54:29,920 --> 00:54:32,080
Speaker 1: to mess around with anyway. But that's all she wrote

1158
00:54:32,080 --> 00:54:35,080
Speaker 1: for today, Matt. Until next time, Best Friends Out, Best

1159
00:54:35,160 --> 00:54:36,040
Speaker 1: Friends Out.