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Speaker 1: Welcome to had the Money. I'm Joel, I'm Matt. Today

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Speaker 1: we're answering your listener questions.

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Speaker 2: Happy Monday, everybody. Hey, Happy April to you, Joel. April

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Speaker 2: is tomorrow.

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Speaker 1: Isn't that crazy? How quickly did March just zip on by? Yeah?

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Speaker 1: Spring is here? And how quickly did winter zip by?

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Speaker 2: This we're just like the old man on the front porch,

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Speaker 2: just like yelling at the clouds.

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Speaker 1: Right now, slow down? It is true time. The older

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Speaker 1: you get, the more quickly it goes by. It's unreal.

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Speaker 1: I don't know why that is the case, since.

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Speaker 2: We have a larger number of years to draw from,

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Speaker 2: so each individual year. When you're when you're two months old,

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Speaker 2: every day probably feels like an eternity. I don't know.

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Speaker 2: I remember being you know that young, But as you

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Speaker 2: get older, it's just a small slice and in our

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Speaker 2: overall lifetimes, Jill. But we are in fact going to

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Speaker 2: talk about personal finance and money. We're gonna answer listener

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Speaker 2: questions that We've got a listener who is budgeting or

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Speaker 2: hoping to budget for some housing splurges that they have

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Speaker 2: coming up for a this is on a new home purchase.

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Speaker 2: Another listener is using chat gpt to find the best

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Speaker 2: bank if it makes sense for him to do some

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Speaker 2: bank hopping.

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Speaker 1: In order to get the best rates.

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Speaker 2: And another listener is asking the whether it's cool or

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Speaker 2: acceptable to turn free gym trials. This is going to

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Speaker 2: be a frugal or cheap We'll get to that one

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Speaker 2: plus others during our episode today.

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Speaker 1: Buddy.

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Speaker 3: That makes me think for some reason about you. Remember

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Speaker 3: when we had an abundance of mattress companies that were

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Speaker 3: shipping mattresses directly to consumers, and they just had like

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Speaker 3: all these different brands. It's like, we have a thousand

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Speaker 3: dollars mattress that we'll send to you. There's still other

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Speaker 3: there's a couple, but there's far less than their worth.

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Speaker 1: I think we're still waiting on you.

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Speaker 2: Lisa and so got to get us that new clean

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Speaker 2: bed for one of the kids are in.

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Speaker 3: Yeah, they had that like free thirty nights sleep or

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Speaker 3: some of them had even longer than that, ninety one

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Speaker 3: hundred day sleeps. And so I remember reading about people

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Speaker 3: who were like, I'm just going to never pay for

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Speaker 3: a mattress. I'm I'm essentially renting these mattresses for free.

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Speaker 3: That might have been uncouth, but we'll talk about.

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Speaker 1: On a trial basis.

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Speaker 3: Yeah, but Matt, before we get to the questions, let's

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Speaker 3: share a money win from a listener. Listener Andy sent

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Speaker 3: us an email and he basically said, Hey, guess what, guys,

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Speaker 3: Andy L. I'll say we have multiple Andy listeners.

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Speaker 2: Well, how many Ady L's do we have? We actually

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Speaker 2: probably have multiple. Oh yeah, I'm sure you're out there.

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Speaker 1: Guys, but this is all send us an email so

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Speaker 1: we like a little census.

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Speaker 2: Yeah. Now, this is a longtime listener Andy, who's been

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Speaker 2: listening to the show from like way back in the day,

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Speaker 2: like literally from the beginning. He has sent us listener

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Speaker 2: money wins, He sent us questions, he even sent.

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Speaker 3: Us beer that's from Utah. He's done that multiple time

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Speaker 3: back in the day. We appreciate you, Andy, So we

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Speaker 3: got to share this win. He paid off his mortgage

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Speaker 3: in just twelve and a half years time while maintaining

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Speaker 3: a thirty percent savings rate simultaneously.

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Speaker 1: So unreal.

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Speaker 3: You know, we get the question about paying off the

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Speaker 3: mortgage or not, and you know we're typically pointing people

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Speaker 3: in the direction of like, well, you know, saving and investing.

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Speaker 3: If you got that low mortgage rate. But what if

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Speaker 3: you're doing both, what if you're just hitting all the

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Speaker 3: above and you're like, no, no, no, I'm going to have

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Speaker 3: a massive savings trait and I'm gonna pay down that

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Speaker 3: mortgage quickly.

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Speaker 1: That's Andy, he may it happen, then you must be

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Speaker 1: named Andy.

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Speaker 2: And I want to point out the fact that he

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Speaker 2: didn't even mention what his mortgage interest rate was, and

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Speaker 2: I we didn't even ask because it doesn't matter because

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Speaker 2: we know that Andy is killing it. He is, I mean,

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Speaker 2: he's literally money gear number seven and he can do

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Speaker 2: whatever he wants with his money whatever, anything that's whatever,

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Speaker 2: that's legal.

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Speaker 3: I mean, I guess one listening they don't. You don't

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Speaker 3: have to run your money decisions by us anyway. But yeah,

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Speaker 3: if you're Andy could but for him, you can do

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Speaker 3: whatever you want.

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Speaker 2: Absolutely, and so like there are other reasons that you

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Speaker 2: do something like that, other psychological reasons. We have friends,

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Speaker 2: friends of the show, even folks out there who are

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Speaker 2: really smart when it comes to the different things that

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Speaker 2: they pursue.

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Speaker 1: I would say, I would dare say that.

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Speaker 2: They're smarter than nust Roll and they have chosen to

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Speaker 2: also pay off their homes. Guess from a psychological standpoint,

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Speaker 2: they want to know that no matter what, we've always

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Speaker 2: got this house, we've got a roof to be a

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Speaker 2: roof over our heads. That they don't pay your property

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Speaker 2: time can take back that is true.

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Speaker 1: I guess what is?

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Speaker 2: What is a city or county lean or short sale

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Speaker 2: or foreclosure?

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Speaker 1: Look like that's good. Guess what's that? Pretty well?

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Speaker 3: One of the things Andy mentioned, by the way, when

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Speaker 3: he reached out to us was that he took in

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Speaker 3: rolled coins with his kids to pay off the mortgage.

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Speaker 3: So he made it not just he didn't just pay

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Speaker 3: off the mortgage. And what he did was he made

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Speaker 3: it a family spectacle, which I think is really cool.

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Speaker 3: Kind of getting your kids in on the action. That's

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Speaker 3: just a great People ask us about teaching kids about money,

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Speaker 3: and that's just one of the include them in your

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Speaker 3: money decisions, include them in your money wins. Andy did

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Speaker 3: that on top of paying off his mortgage.

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Speaker 2: So well, just think about the kind of impact that's

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Speaker 2: going to have on his kids. Like right now, they're

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Speaker 2: probably thinking, yeah, Dad, okay, you made a stand.

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Speaker 1: For the picture.

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Speaker 2: But like this kind of thing has an impact on kids,

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Speaker 2: and so like when they are getting older, and like

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Speaker 2: their friends are starting to use credit cards or something

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Speaker 2: like that, or let's just say, I don't know, student loans.

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Speaker 2: They might have friends who are taking on ridiculous amounts

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Speaker 2: of student loans, and maybe they're thinking, you know, maybe

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Speaker 2: we should be a little more cautious about this. Or

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Speaker 2: when it comes to let's say they're full grown adults

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Speaker 2: and they're looking to buy a new car or a

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Speaker 2: used car, and they're thinking, well, a lot of times

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Speaker 2: folks will just finance that thing. I guarantee his kids won't. Yeah,

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Speaker 2: I mean, I guess they could rebel and do the

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Speaker 2: financially unsavvy thing. But like, these kind of things have

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Speaker 2: an impression on you, I think further down the road,

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Speaker 2: because right now, I think they're probably thinking, Okay, this

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Speaker 2: is kind of lame whatever, But as they get older,

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Speaker 2: they're going to remember this, like these are identity forming

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Speaker 2: kind of events that are going to allow them to

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Speaker 2: think about debt in particular, I think, and just a

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Speaker 2: completely different lens. So I agree, I'm all for it.

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Speaker 3: What we do is families matters, and kind of how

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Speaker 3: we include our kids in the financial decisions we make.

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Speaker 3: It can have a long lasting impact on them. All right,

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Speaker 3: let's introduce a beer that we're happening on this episode.

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Speaker 3: This one's called a Little Biggie on Chrome. It's a

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Speaker 3: coffee stout from the brewery that's spitting distance from where

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Speaker 3: we're sitting right now. The name of that brewery is

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Speaker 3: Contrast Brewing.

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Speaker 1: We will heyk yes, give our thoughts on this beer.

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Speaker 4: Thing to the episode.

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Speaker 1: Everybody.

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Speaker 2: I can't believe it's taken us this long to actually

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Speaker 2: have one of their beers on this show. We've been

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Speaker 2: there multiple times. We just haven't punked on the change

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Speaker 2: and purchased a couple of bottles, yea, a couple of

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Speaker 2: kinds of beers.

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Speaker 3: At first they were like really just doing draft pors

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Speaker 3: and then now they finally have some stuff you can

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Speaker 3: buy on hand, so it took them a minute to

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Speaker 3: stock up. But yeah, looking forward to having this one today.

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Speaker 1: Thank you. And by the way, if you.

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Speaker 3: Have a money question we'd love to hear from you,

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Speaker 3: just go to how to money dot com slash ask

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Speaker 3: for the directions, or just record a voice memo on

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Speaker 3: your phone of the question that you've got, the money

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Speaker 3: question you've got and send it over to us via email.

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Speaker 3: How to Moneypod at gmail dot com is our email address. Matt,

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Speaker 3: let's take a question specifically about preparing for the incredible

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Speaker 3: costs of owning a home.

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Speaker 4: Hey, Matt and Joel, This is Eric from Columbus, Ohio.

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Speaker 4: Wanted to ask a quick question as my wife and

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Speaker 4: I are set to close on a house in the

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Speaker 4: next few weeks. I know that the good rule thumb

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Speaker 4: for home maintenance each year is about one to two

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Speaker 4: percent of the purchase price, but wanted to ask you

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Speaker 4: if you had a different tip or trick for budgeting

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Speaker 4: for the first year of home ownership. We know it's

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Speaker 4: going to be pretty different because we're making some changes

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Speaker 4: to the kitchen, installing a radon reduction system, and those

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Speaker 4: are all pretty easy to budget for. But didn't know

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Speaker 4: if you had any tips, since you've both been homeowners

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Speaker 4: for a while about a different percentage budget for the

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Speaker 4: first year of home ownership. Thanks guys, oh.

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Speaker 2: Eric mentioned a radon capture system or whatever. That's one

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Speaker 2: of the things that new home buyers are thinking. Wait

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Speaker 2: what this sounds completely made up. There's no way that

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Speaker 2: this thing is something I actually have.

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Speaker 3: To eat so much about that because that's something I

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Speaker 3: don't know a lot about it.

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Speaker 2: Actually I don't Okay, Well, like I know, if it's

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Speaker 2: a house that's on rock, something like a gas, right,

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Speaker 2: and sometimes if you are near a mountain or on rock,

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Speaker 2: this is a gas that comes up under your house perhaps, and.

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Speaker 1: So you have to find I don't know, you have

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Speaker 1: to like vent it or something. Oh, okay, gotcha.

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Speaker 3: Yeah, that's why I've kind of heard, like the basic

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Speaker 3: expl in different parts of the country, it's more or

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Speaker 3: less prevalent. Yeah, And I don't know how much it

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Speaker 3: costs to basically I don't think about.

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Speaker 2: I don't think yeah, because it's like a whole whole system.

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Speaker 2: But Eric, bottom line, congrats on the new home, super

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Speaker 2: Stoke for you. And I love that you're asking this

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Speaker 2: question because so many folks they of course they budget

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Speaker 2: for the down payment, they budget for the closing costs,

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Speaker 2: they've been saving for years towards this goal, but then

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Speaker 2: they neglect to consider how much money they're going to

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Speaker 2: want to pour into that home in order to make

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Speaker 2: it feel like home, in order to make it their own.

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Speaker 2: And sometimes it can just be a few pieces of furniture,

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Speaker 2: maybe just a little a little bit of paint, and

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Speaker 2: some of these modifications can be easy, and there's ways

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Speaker 2: to achieve this, like a reasonably priced version of this

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Speaker 2: I'm thinking about if you're buying something used on Facebook Marketplace,

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Speaker 2: for instance, if you're like me, go.

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Speaker 1: To the habitat restore, well, oh yeah.

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Speaker 2: Man, you even have like the windows and stuff in there.

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Speaker 2: I just I just unloaded an electric stove. I think

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Speaker 2: I talked about how actually upgrading to gas was saving

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Speaker 2: us money because I meant that we didn't have to

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Speaker 2: get a new service to the house. And you know

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Speaker 2: what I said to myself, I don't want to fool around,

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Speaker 2: don't I don't want to have a part time job

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Speaker 2: this weekend, because the worst part about selling something on

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Speaker 2: Facebook is just constantly being on your phone and like

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Speaker 2: messaging folks and trying to like arrange for a time.

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Speaker 3: And the question is this still available? Well it makes

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Speaker 3: me want to punch myself in the face.

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Speaker 2: And well, luckily there's also automatic responses, but even still

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Speaker 2: if it's I don't know all about to say, I

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Speaker 2: took some good pictures, did the video because they recommend that,

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Speaker 2: and I priced it competitively because I just wanted that

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Speaker 2: thing out of there. I didn't want to be constantly inundated,

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Speaker 2: and if you have time on your hand to be

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Speaker 2: able to shop around and to look for a deal

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Speaker 2: like that, you can find some excellent appliances out.

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Speaker 1: There at a great price. You can know. So there's

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Speaker 1: Matt's old stove.

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Speaker 2: Somebody what's her I forget her name, that came by

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Speaker 2: and got at her and her husband. But literally it

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Speaker 2: was less than one hour after I got back to

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Speaker 2: the first person that replied to me that that thing

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Speaker 2: was gone.

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Speaker 1: I believe you called her Karen, which I thought was rude, Matt,

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Speaker 1: but it was her actual name, Joel.

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Speaker 3: Okay, Yeah, I think you're right though, Like, it doesn't

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Speaker 3: have to cost an arm and a leg to make

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Speaker 3: those updates, but so much depends on what you're trying

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Speaker 3: to achieve, and the truth is those cost can spiral

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Speaker 3: out of control quickly, large largely because turning a house

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Speaker 3: into a home is very emotionally appealing, right yeah, but

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Speaker 3: it can also be financially draining. It can put a

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Speaker 3: strain on your money if you're not careful. And the

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Speaker 3: first year of home ownership it's often less about maintenance,

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Speaker 3: although there is going to be some of that. There's

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Speaker 3: like always that when you decide to own a home,

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Speaker 3: and for a lot of people, sounds like this is

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Speaker 3: the case for Eric, maybe it's more about cosmetic changes

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Speaker 3: that you want to make to the home too, And

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Speaker 3: I guess we just don't want you to spend more

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Speaker 3: than you planned and because that can derail other financial

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Speaker 3: goals that you have.

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Speaker 1: I think it's.

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Speaker 3: Really easy, Matt, for people to find themselves in a

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Speaker 3: dit A rose Robe kind of situation. This is something

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Speaker 3: we've talked about on in prior episodes, where as French

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Speaker 3: Philosopher his dressing gown, yes, and he got a new one, right,

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Speaker 3: a friend gave him a new gown, and then he

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Speaker 3: kind of lived a life of poverty and then he

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Speaker 3: gets this new dressing gown and then he basically says,

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Speaker 3: well now everything else around me looks shabby, and he

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Speaker 3: ruins himself financially in an attempt to update everything in

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Speaker 3: his life. And the truth is, man, hey you update

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Speaker 3: some paint, it's fairly inexpensive. Then you kind of the

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Speaker 3: dominoes drop. You find yourself ripping out and replacing countertops,

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Speaker 3: calling contractors, maybe about adding on a screen porch, And

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Speaker 3: I think, like just the next domino to drop, because Hey,

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Speaker 3: we updated this, and now this other thing kind of

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Speaker 3: just doesn't. It's not as visually appealing. Now we got

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Speaker 3: to drop more money on that. I think that's ultimately

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Speaker 3: what we want Eric to avoid here and everyone else

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Speaker 3: out there to avoid, which means instituting some guardrails, having

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Speaker 3: some kind of rules in place for how and when

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Speaker 3: you're willing to make updates totally.

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Speaker 2: Of course, don't dismiss the maintenance costs even though it

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Speaker 2: is a it sounds like it's a newer home or

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Speaker 2: I don't know. Oftentimes, when someone is listing a property

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Speaker 2: like they have addressed, I guess a lot of the issues.

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Speaker 2: And so still, though that being said, set aside that

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Speaker 2: one percent, if you've got a system, like a major

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Speaker 2: system that is older, like let's say an h FACT

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Speaker 2: that's eighteen years old, that would be an instance where

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Speaker 2: I would lean towards the two percent.

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Speaker 3: Can I tell you one of my friends, by the way,

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Speaker 3: just had an HVAC system go down. Guess how long

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Speaker 3: it lasted? Forty years? Well, they also don't make them

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Speaker 3: like they used to it.

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Speaker 2: I know, is there a way to go back in

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Speaker 2: time and then get that like that saying forty years right,

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Speaker 2: that's super impressive.

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Speaker 1: You're the luckiest human ever.

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Speaker 2: But what Eric is getting to, though, is what you

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Speaker 2: we're addressing, Joel, which is the fact that how do

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Speaker 2: you account for some of these these splurges, some of

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Speaker 2: these elective upgrades that you want to make, and so

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Speaker 2: just start socking away money for these improvements that you

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Speaker 2: want to make for fun, and honestly, it's going to

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Speaker 2: be up to you as to how much you actually spend.

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Speaker 2: Like there might be a lot of folks who would

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Speaker 2: see you make some upgrades and them like, oh okay,

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Speaker 2: Like you mentioned the countertops roll and they're thinking, well,

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Speaker 2: those are perfectly fine, great, like build a grade grade

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Speaker 2: at countertops, but maybe nothing wrong with them, nothing wrong

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Speaker 2: with them, but maybe you hate them. And so for you,

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Speaker 2: it's going to be important in order to.

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Speaker 1: Get them from personal experience.

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Speaker 2: And this is something that something we did and I

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Speaker 2: think a lot of folks would have been like, I

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Speaker 2: can't believe you're doing that, but you, I'm like, you know.

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Speaker 1: What, this is a priority for us.

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Speaker 2: We do a ton of cooking at home, and somebody

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Speaker 2: else is going to think that that's a ridiculous move

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Speaker 2: for us, it was. It was kind of almost like

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Speaker 2: our craft beer equivalent. Of course, you can't have too

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Speaker 2: many craft beer equivalents. But as long as you're not

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Speaker 2: going into debts, and I think this is one of

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Speaker 2: the most important factors, as long as you are not

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Speaker 2: paying interest in order to afford these upgrades, and as

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Speaker 2: long as you are not neglecting your retirement account contributions

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Speaker 2: in order to pull this off. I think Eric might

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Speaker 2: be looking for like a percentage, like give me a

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Speaker 2: rule of thumb, guys, like how much should we be?

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Speaker 2: You know, like we need a guide, like some sort

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Speaker 2: of bumpers on the side of the bowling alley that

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Speaker 2: to help keep us in check. And I'm not quite

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Speaker 2: comfortable doing that because it depends on how much you

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Speaker 2: value making the place your own. If you love to

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Speaker 2: travel and you're just like, well, we just got a

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Speaker 2: house because it kind of made sense and we found

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Speaker 2: a good deal and my uncle's a realtor. It all

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Speaker 2: kind of came together that we're gonna buy a house.

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Speaker 2: But you don't really care about it, and instead you

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Speaker 2: want to continue to travel and prioritize other things. Well,

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Speaker 2: I would say you probably don't want to spend a

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Speaker 2: ton on some of these upgrades. But if you are

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Speaker 2: a homebody and in fact you work out of your home,

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Speaker 2: you've got a little home office. Oh maybe both of

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Speaker 2: you work out of your home. You also love hosting

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Speaker 2: friends over. Okay, I could see there's definitely a case

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Speaker 2: to be made here that this is going to be

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Speaker 2: a little bit more important.

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Speaker 1: If that's the case.

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Speaker 3: Yeah, and you you just said I'm a little hesitant

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Speaker 3: to give guardrails, but I feel like you did just

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Speaker 3: give a couple of good guardrails, which are like not

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Speaker 3: going into debt and not neglecting your financial future if

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Speaker 3: you're if you're.

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Speaker 1: Left in the right bumper.

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Speaker 3: Yeah, on the exactly, I think beyond that, like I

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Speaker 3: don't have other capin it, no more than five hundred

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Speaker 3: bucks a month.

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Speaker 1: Like no, Like, yeah, we're not going to do a

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Speaker 1: dollar amount page amount.

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Speaker 3: Yeah, on your income and your other financial goals. And

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Speaker 3: as long as you're able to not do those two

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Speaker 3: things that would actively harm your finances now and later,

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Speaker 3: then I think you could. You've got a lot of

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Speaker 3: free rein right, there's a lot of wiggle room here,

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Speaker 3: and that's that's what we're kind of getting here too,

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Speaker 3: is trade offs, which are the ultimate reality and personal

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Speaker 3: finance are really the ultimate reality in life. And you know,

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Speaker 3: new homeowners, they often dial back on other spending kind

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Speaker 3: of naturally as they enter this nesting phase, but they

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Speaker 3: do it with their eyes wide open. And so it

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Speaker 3: probably will mean saying no to the next big concert

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Speaker 3: when Beyonce brings her what is it Cowboy Carter tour

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Speaker 3: Matt through the country and say, I'm not going to

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Speaker 3: drop nine hundred bucks on those tickets because I instead

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Speaker 3: want to prioritize doing some house stuff or taking one

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Speaker 3: less vacation. Right, Is it worth it to get those

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Speaker 3: house projects done in less time to say no to

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Speaker 3: other things?

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Speaker 1: Maybe? Maybe not.

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Speaker 3: That depends on you. That's a personal decision. I would

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Speaker 3: start making a list of like the most important items

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Speaker 3: I want to address, the updates I want to make

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Speaker 3: at the house, and then I'd come up with a

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Speaker 3: ballpark figure of what each one of those would cost.

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Speaker 3: After that, Matt, I'd probably, like, I don't know, make

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Speaker 3: a priority list from one to them all. Yeah, I

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Speaker 3: can't do them all at the same time unless you're

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Speaker 3: a total baller. If so, Eric, congratulations, Yeah, yeah, if

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Speaker 3: you got that much money saved up after buying the home.

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Speaker 3: That's amazing. But then you know, list them in priority

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Speaker 3: and then create a timeline of when based on your

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Speaker 3: current income and your current current expenses and keeping everything

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Speaker 3: else essentially the same at least from a you know,

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Speaker 3: a retirement standpoint, maybe dial back on other spendings so

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Speaker 3: you can ramp up the timeline of getting those things done.

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Speaker 3: But you know, creating that timeline can help you understand

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Speaker 3: when you might reasonably be able to address each one

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Speaker 3: of those upgrades within the financial constraints that you have.

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Speaker 3: And so I think this could span a few years, right,

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Speaker 3: So maybe maybe that's a good thing to realize ahead

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Speaker 3: of time. Man, we want to do all these things,

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Speaker 3: but if we do one one of these things at quarter,

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Speaker 3: maybe then we're going to get there over the course

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Speaker 3: of three years. Get comfortable with the timeline, and I think

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Speaker 3: it will help mentally, and I'll also ensure that you're

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Speaker 3: gonna be able to pay cash as you save up

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Speaker 3: for each one of those upgrades.

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Speaker 2: Yeah, you want to cashload that thing. And of course

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Speaker 2: the more you di I Wyatt, the less you're gonna

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Speaker 2: be forking out. So get in there, man, like you

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Speaker 2: some of that elbow grease get excited to do some

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Speaker 2: of these weekend projects together. It's a good way to

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Speaker 2: get to know your neighbors as well and be like, hey,

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Speaker 2: well you come over and now we got some beers

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Speaker 2: and pizza.

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Speaker 1: Maybe you wanna Are you good with a roller or

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Speaker 1: maybe you're good with trim no? Okay?

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Speaker 2: Pay like maybe just taping okay. But we ultimately want

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Speaker 2: you to avoid either taking on additional debt to make

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Speaker 2: these improvements or slashing your savings rate, specifically how much

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Speaker 2: you're able to invest for your retirement if you avoid

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Speaker 2: both of those routes, how much you opt to spend.

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Speaker 2: It really does come down to your personal priorities and

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Speaker 2: saying no to other fun ways that you could be

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Speaker 2: spending your money. But to you, it's gonna be worth it.

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Speaker 2: Just make these decisions with your eyes wide open.

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Speaker 5: Yeah.

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Speaker 3: Man, as one of our friends says, you're gonna afford anything,

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Speaker 3: but you can't afford everything. True, you gotta gotta make

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Speaker 3: those decisions with your eyes wide open. But Eric sounds

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Speaker 3: like you're on the right path. You're asking the right questions,

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Speaker 3: and we hope you're able to make those upgrades that

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Speaker 3: you want make that house exactly into what you want

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Speaker 3: it to be and hopefully, yeah, you do it smartly

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Speaker 3: so that those renovations pay off in terms of increased

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Speaker 3: value of that home as well. Matt, We've got more

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Speaker 3: to get to on this episode, including let's take a

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Speaker 3: question about using artificial intelligence to make smart money decisions.

438
00:18:20,520 --> 00:18:21,919
Speaker 3: We get to that and more right after this.

439
00:18:29,560 --> 00:18:32,560
Speaker 2: All right, buddy, we are back from the break. Let's

440
00:18:32,600 --> 00:18:35,520
Speaker 2: now hear from a listener who is looking to use

441
00:18:35,640 --> 00:18:39,199
Speaker 2: chat GBT in order to find the best rates on

442
00:18:39,480 --> 00:18:40,200
Speaker 2: his savings.

443
00:18:40,680 --> 00:18:42,359
Speaker 6: Hi, Joel, I'd love to get your thoughts on these

444
00:18:42,359 --> 00:18:45,400
Speaker 6: two high yield saving options open Bank at four point

445
00:18:45,480 --> 00:18:48,640
Speaker 6: seven percent or Genius at four point five percent any

446
00:18:48,680 --> 00:18:51,800
Speaker 6: recommendations just received forty K and I want to make

447
00:18:51,800 --> 00:18:54,520
Speaker 6: the best choice. Also, do you ever use AI to

448
00:18:54,560 --> 00:18:57,239
Speaker 6: find answers to your questions? And your research is so

449
00:18:57,320 --> 00:18:57,720
Speaker 6: which one?

450
00:18:57,800 --> 00:18:59,200
Speaker 4: Chet GBT doesn't.

451
00:18:58,920 --> 00:19:01,800
Speaker 6: Seem to really provide the most up to date or

452
00:19:02,200 --> 00:19:04,120
Speaker 6: actually truthful info. Enjoy the show.

453
00:19:04,240 --> 00:19:04,520
Speaker 1: Thanks.

454
00:19:04,880 --> 00:19:07,720
Speaker 2: Okay, so technically Rob didn't say he was using AI

455
00:19:08,119 --> 00:19:10,120
Speaker 2: to find the best savings account.

456
00:19:09,760 --> 00:19:12,719
Speaker 1: But basically that's what he's asking. Yeah, yeah, we kind

457
00:19:12,720 --> 00:19:14,080
Speaker 1: of combined his two questions.

458
00:19:13,760 --> 00:19:16,760
Speaker 3: I'm also curious by the way Robert said he had

459
00:19:16,800 --> 00:19:19,600
Speaker 3: forty thousand dollars dropping his lap. I wonder how it

460
00:19:19,680 --> 00:19:22,600
Speaker 3: came about. Did he, like Jesse James Rob a bank.

461
00:19:23,480 --> 00:19:25,320
Speaker 3: It's harder to do these days, so I doubt it.

462
00:19:25,320 --> 00:19:27,520
Speaker 2: Honestly, if he asked me, he sounds like he's in sales.

463
00:19:27,600 --> 00:19:29,320
Speaker 2: He's kind of like a guy on the move. Okay,

464
00:19:29,320 --> 00:19:30,400
Speaker 2: maybe I wouldn't.

465
00:19:30,040 --> 00:19:32,040
Speaker 1: Be surprised if he got himself a nice little bonus

466
00:19:32,040 --> 00:19:32,680
Speaker 1: after last year.

467
00:19:32,720 --> 00:19:35,359
Speaker 3: You're probably right, that's my thought. I not trying to

468
00:19:35,760 --> 00:19:37,520
Speaker 3: cast his versions on you, Rob. I'm sorry about that.

469
00:19:37,840 --> 00:19:40,200
Speaker 3: And before we get to your specific bank account question,

470
00:19:40,880 --> 00:19:43,480
Speaker 3: we should at least mention I think Matt that Rob,

471
00:19:43,720 --> 00:19:46,080
Speaker 3: he might want to invest a portion of this lump

472
00:19:46,080 --> 00:19:48,199
Speaker 3: sum that's fallen into his lap. That depends on his

473
00:19:48,240 --> 00:19:50,640
Speaker 3: goals how much money he currently has in liquid savings.

474
00:19:50,800 --> 00:19:52,800
Speaker 3: If he doesn't have much in liquid savings, right, he

475
00:19:52,920 --> 00:19:55,480
Speaker 3: might be a cash soon money gear he's in, yeah, exactly,

476
00:19:55,760 --> 00:19:57,760
Speaker 3: Or if he's buying a home soon or something like

477
00:19:57,800 --> 00:19:59,720
Speaker 3: that needs it for the down payment, opting for the

478
00:19:59,840 --> 00:20:02,439
Speaker 3: high yield. Taking these account is a fantastic choice. But

479
00:20:02,640 --> 00:20:06,800
Speaker 3: just know, we would say so much depends whether forty

480
00:20:06,800 --> 00:20:08,720
Speaker 3: thousand bucks is a lot to put in liquid savings,

481
00:20:08,760 --> 00:20:11,240
Speaker 3: especially if you already have a decent cash pile. So

482
00:20:11,400 --> 00:20:13,800
Speaker 3: just make sure you're not being too risk averse with

483
00:20:13,840 --> 00:20:14,760
Speaker 3: this money totally.

484
00:20:14,920 --> 00:20:18,360
Speaker 2: And he also mentioned so he mentioned two accounts specifically,

485
00:20:18,880 --> 00:20:23,000
Speaker 2: both of which are offers from neo banks. These aren't

486
00:20:23,400 --> 00:20:26,720
Speaker 2: full fledged online banks, and man our.

487
00:20:26,560 --> 00:20:28,480
Speaker 1: Bias is to steer folks towards.

488
00:20:28,240 --> 00:20:30,760
Speaker 2: Legit banks because of the issues that have popped up

489
00:20:30,800 --> 00:20:34,760
Speaker 2: with neo banks over the years, including folks having a

490
00:20:34,760 --> 00:20:37,720
Speaker 2: hard time transferring their money out of them. You put

491
00:20:37,720 --> 00:20:40,119
Speaker 2: a transfer in a transfer request and it's supposed to

492
00:20:40,160 --> 00:20:42,280
Speaker 2: show up on You're like, okay, it's Monday. That money

493
00:20:42,320 --> 00:20:45,560
Speaker 2: is going to show up in my traditional bank on Thursday.

494
00:20:46,000 --> 00:20:48,600
Speaker 2: And then literally there are been complaints where folks are like,

495
00:20:48,680 --> 00:20:51,600
Speaker 2: on Thursday they get a notification that the transfer was declined.

496
00:20:51,880 --> 00:20:53,960
Speaker 2: You have to actually reach out to the non customer

497
00:20:53,960 --> 00:20:56,399
Speaker 2: service in order to get an explanation, and then all

498
00:20:56,440 --> 00:20:58,680
Speaker 2: of a sudden, you're kind of in this never ending

499
00:20:58,720 --> 00:21:00,600
Speaker 2: cycle of trying to reach out to somebody who is

500
00:21:00,600 --> 00:21:01,960
Speaker 2: actually not going to be able to.

501
00:21:01,960 --> 00:21:03,679
Speaker 3: Support you, and then you end up pulling all your

502
00:21:03,720 --> 00:21:05,280
Speaker 3: hair out and then you've got other problems to deal

503
00:21:05,320 --> 00:21:05,920
Speaker 3: with because.

504
00:21:05,680 --> 00:21:06,760
Speaker 1: It's just so darn frustrating.

505
00:21:06,800 --> 00:21:09,000
Speaker 2: Yeah, So neo banks like that is the term that

506
00:21:09,480 --> 00:21:12,359
Speaker 2: has come to describe some of these newer tech like

507
00:21:12,440 --> 00:21:14,840
Speaker 2: fintech sort of startups that are backed by a bank.

508
00:21:15,119 --> 00:21:17,760
Speaker 2: There are a dime a dozen now many who are

509
00:21:17,800 --> 00:21:20,919
Speaker 2: offering a twist on traditional banking services in order to

510
00:21:21,000 --> 00:21:23,359
Speaker 2: appeal to younger folks, which is cool, but despite the

511
00:21:23,400 --> 00:21:26,480
Speaker 2: higher rates, there are real trade offs, including I will say,

512
00:21:26,480 --> 00:21:30,520
Speaker 2: to the ambiguity of the FDIC protection. So they claim

513
00:21:30,560 --> 00:21:32,760
Speaker 2: that they have this, Yeah, it's not quite like what

514
00:21:32,840 --> 00:21:34,320
Speaker 2: you would see with a traditional bank.

515
00:21:34,560 --> 00:21:38,080
Speaker 3: You're right, man, And like the FDIC. They actually issued

516
00:21:38,240 --> 00:21:41,080
Speaker 3: a neo bank warning this past summer, right after we

517
00:21:41,119 --> 00:21:44,560
Speaker 3: saw what happened with YadA and some other similar fintech

518
00:21:44,600 --> 00:21:46,320
Speaker 3: banks last year. And we kind of liked the YadA

519
00:21:46,400 --> 00:21:48,119
Speaker 3: because of what they were trying to do create like

520
00:21:48,119 --> 00:21:53,640
Speaker 3: a lottery like environment there for people who saved, essentially

521
00:21:53,920 --> 00:21:56,600
Speaker 3: incentivizing people to save more money for the potential to

522
00:21:56,720 --> 00:21:59,359
Speaker 3: win really cool prizes. And I just remember when YadA

523
00:21:59,359 --> 00:22:00,960
Speaker 3: came online, I was like, that's a great idea, Like

524
00:22:01,160 --> 00:22:04,239
Speaker 3: you're getting people hopefully incentivized to do the right thing,

525
00:22:04,280 --> 00:22:06,720
Speaker 3: the best thing for their future. But it turns out

526
00:22:06,720 --> 00:22:09,760
Speaker 3: the neo banks and the banks that back them, they

527
00:22:09,800 --> 00:22:11,760
Speaker 3: don't always play well together, and they don't always play

528
00:22:11,800 --> 00:22:14,840
Speaker 3: well with the FDIC. So we've just been reluctant to

529
00:22:14,960 --> 00:22:18,040
Speaker 3: recommend that folks go in that direction, even if, like

530
00:22:18,080 --> 00:22:20,800
Speaker 3: you said, the rates on savings are higher. And that's

531
00:22:20,800 --> 00:22:23,880
Speaker 3: also because it's not like there's this massive disparity, right

532
00:22:23,880 --> 00:22:26,639
Speaker 3: that with the additional risk you take on, you're getting

533
00:22:26,680 --> 00:22:31,240
Speaker 3: some sort of insanely superior reward. Legit online banks like

534
00:22:31,280 --> 00:22:34,560
Speaker 3: CIT they pay upper echelon rates. They're paying rates that

535
00:22:34,600 --> 00:22:36,359
Speaker 3: are just as good, if not better than the vast

536
00:22:36,359 --> 00:22:40,840
Speaker 3: majority of these neobanks. So in my mind, having savings

537
00:22:40,960 --> 00:22:44,200
Speaker 3: with a bank like CIT doesn't come with any ambiguity.

538
00:22:44,200 --> 00:22:46,479
Speaker 3: They are that is, the bank that is backed by

539
00:22:46,480 --> 00:22:50,040
Speaker 3: the FDIC, and the banks that Rob mentioned are paying

540
00:22:50,240 --> 00:22:52,400
Speaker 3: what four point seven percent and four and a half

541
00:22:52,480 --> 00:22:55,480
Speaker 3: percent I believe on savings, but ciit is paying four

542
00:22:55,480 --> 00:22:58,119
Speaker 3: point three percent on its platinum savings account.

543
00:22:58,160 --> 00:22:58,760
Speaker 1: Pretty solid.

544
00:22:58,840 --> 00:23:01,240
Speaker 3: We're just talking about a difference of especially with his

545
00:23:01,280 --> 00:23:03,639
Speaker 3: sum of money eighty bucks or one hundred and sixty

546
00:23:03,680 --> 00:23:07,639
Speaker 3: bucks depending not very much in a year. By taking

547
00:23:07,640 --> 00:23:09,680
Speaker 3: on that additional risk, I would just stick with a

548
00:23:09,720 --> 00:23:13,240
Speaker 3: fully fledged online bank like CIIT. I don't think it's

549
00:23:13,280 --> 00:23:15,640
Speaker 3: worth the added risk of going with the neo bank

550
00:23:15,680 --> 00:23:16,639
Speaker 3: to try to eke out.

551
00:23:16,480 --> 00:23:17,720
Speaker 1: That little bit extra totally.

552
00:23:17,760 --> 00:23:19,760
Speaker 2: And then on top of that, these neo banks might

553
00:23:19,840 --> 00:23:22,680
Speaker 2: not last very long either. And so if you want

554
00:23:22,720 --> 00:23:26,119
Speaker 2: to avoid bank hopping, which is a total pain, you know,

555
00:23:26,160 --> 00:23:27,879
Speaker 2: if there's a way that you could use AI to

556
00:23:27,920 --> 00:23:30,600
Speaker 2: handle all of the actual bank transfer, like that sounds

557
00:23:30,600 --> 00:23:33,800
Speaker 2: like a good use case, because like that's like the

558
00:23:34,240 --> 00:23:37,399
Speaker 2: worst part is the legwork involved with setting up a

559
00:23:37,440 --> 00:23:39,959
Speaker 2: new bank. But instead pick an online bank that's been

560
00:23:40,000 --> 00:23:43,240
Speaker 2: around for a while, a bank who has consistently offered

561
00:23:43,280 --> 00:23:46,680
Speaker 2: really good rates sigil. You mentioned Ciit, but some other

562
00:23:46,800 --> 00:23:51,080
Speaker 2: great options are ally Capital One Discover. These are banks

563
00:23:51,200 --> 00:23:55,639
Speaker 2: literally that we all are patrons of ci They certainly

564
00:23:55,680 --> 00:23:57,560
Speaker 2: have the best rates out there out of the four

565
00:23:57,600 --> 00:23:59,560
Speaker 2: that we mentioned, but you might appreciate some of the

566
00:23:59,560 --> 00:24:03,040
Speaker 2: other per from some of these other big guys, like

567
00:24:03,200 --> 00:24:06,639
Speaker 2: free checks, free ATM access, things like that. And then

568
00:24:06,680 --> 00:24:09,880
Speaker 2: on top of that customer service dependability. These factor into

569
00:24:10,000 --> 00:24:14,280
Speaker 2: the where we say equation as well, not just the

570
00:24:14,359 --> 00:24:17,520
Speaker 2: ease of use, but just what kind of service am

571
00:24:17,520 --> 00:24:18,520
Speaker 2: I getting at the end of the day.

572
00:24:18,560 --> 00:24:20,680
Speaker 1: Can I get a helpful human when I need that? Yeah,

573
00:24:20,720 --> 00:24:22,639
Speaker 1: I was mentioning too, Neil. Four humans get replaced by

574
00:24:22,680 --> 00:24:23,879
Speaker 1: a Yeah, these.

575
00:24:23,720 --> 00:24:26,520
Speaker 2: Bankes possibly folding, But as the CFPB dissolves, it's I

576
00:24:26,560 --> 00:24:28,440
Speaker 2: think it's even more important to do business with banks

577
00:24:28,440 --> 00:24:31,040
Speaker 2: who have a good reputation on that front, their ability

578
00:24:31,080 --> 00:24:34,360
Speaker 2: to serve their customers. And I'm not typically someone who

579
00:24:34,400 --> 00:24:37,760
Speaker 2: likes to change their behavior based on politics and what

580
00:24:37,920 --> 00:24:42,320
Speaker 2: policy is going through the current administration, but I think

581
00:24:42,320 --> 00:24:44,240
Speaker 2: this is a real concern. The fact that there might

582
00:24:44,320 --> 00:24:49,479
Speaker 2: be some uncouth, some bad behavior, some sketchy behavior with

583
00:24:49,520 --> 00:24:53,000
Speaker 2: some different fintech pop ups. Is this is not guaranteed,

584
00:24:53,080 --> 00:24:56,000
Speaker 2: but I could see it being a potential of there

585
00:24:56,080 --> 00:24:58,240
Speaker 2: being more of those in the next four years versus

586
00:24:58,280 --> 00:25:00,960
Speaker 2: the last four years, which means that we need to

587
00:25:00,960 --> 00:25:03,520
Speaker 2: be even more on guard. We need to be even

588
00:25:03,560 --> 00:25:06,600
Speaker 2: more careful ourselves, especially when we see an offer that

589
00:25:06,640 --> 00:25:08,440
Speaker 2: looks like it's potentially too good to be true.

590
00:25:08,480 --> 00:25:10,040
Speaker 3: Yeah, if there's not a cop on the beat, you're

591
00:25:10,040 --> 00:25:12,600
Speaker 3: saying yes. With fewer cops on the beat. When the

592
00:25:12,600 --> 00:25:15,000
Speaker 3: cats away, the mice will play. And so that might

593
00:25:15,000 --> 00:25:17,000
Speaker 3: be the case in the banking sector. So sticking with

594
00:25:17,080 --> 00:25:20,120
Speaker 3: banks that have a good reputation for customer service makes sense.

595
00:25:20,240 --> 00:25:24,280
Speaker 3: It's not negligible, it's not completely unimportant. I think it's

596
00:25:24,280 --> 00:25:26,640
Speaker 3: probably more important, like you're saying, Matt, and the banks

597
00:25:26,640 --> 00:25:28,800
Speaker 3: that we list out, the banks that we talk about consistently,

598
00:25:29,119 --> 00:25:31,600
Speaker 3: that factors into the reason we recommend those banks. And

599
00:25:31,680 --> 00:25:34,280
Speaker 3: so that's that's why the same four that we mentioned

600
00:25:34,840 --> 00:25:37,359
Speaker 3: and have been mentioning for years continue to remain the

601
00:25:37,440 --> 00:25:40,800
Speaker 3: same four we recommend and highlight today. And on the

602
00:25:40,800 --> 00:25:43,440
Speaker 3: topic of AI that the Rob broached, I don't know

603
00:25:43,480 --> 00:25:46,200
Speaker 3: about you, Matt. I don't know if you're using artificial

604
00:25:46,200 --> 00:25:49,240
Speaker 3: intelligence on the RAG. I'm not using artificial intelligence.

605
00:25:49,240 --> 00:25:52,560
Speaker 2: We all kind of are like because it's so ubiquitous

606
00:25:53,359 --> 00:25:55,600
Speaker 2: in Google, like you get the little summary, and so

607
00:25:55,760 --> 00:25:57,680
Speaker 2: I mean personally, I just I think it's overblown.

608
00:25:57,760 --> 00:26:01,800
Speaker 1: Yeah, Like, at least on a consumer end user point.

609
00:26:01,640 --> 00:26:03,080
Speaker 3: Of view, I will say, talking to a friend who

610
00:26:03,160 --> 00:26:05,199
Speaker 3: runs a business, like the way he uses it and

611
00:26:05,240 --> 00:26:08,359
Speaker 3: infuses it into everything he does, it's impressive to see

612
00:26:08,400 --> 00:26:10,760
Speaker 3: how big of a help it's become for his business,

613
00:26:11,359 --> 00:26:13,080
Speaker 3: and he's just like I was like, dude, you need

614
00:26:13,080 --> 00:26:15,000
Speaker 3: to be like an AI influencer because you know how

615
00:26:15,040 --> 00:26:17,440
Speaker 3: all this stuff works. I'm an idiot, todten all the benefits. Yeah,

616
00:26:17,440 --> 00:26:19,160
Speaker 3: I'm an idiot on this stuff. Actually, in a recent

617
00:26:19,200 --> 00:26:21,600
Speaker 3: Hot of Money newsletter that we did document how people

618
00:26:21,640 --> 00:26:25,399
Speaker 3: can use AI to come up with certain specific financial

619
00:26:25,480 --> 00:26:29,080
Speaker 3: questions right, and how maybe AI might be able to

620
00:26:29,080 --> 00:26:30,960
Speaker 3: help in some ways. But you have to be careful

621
00:26:30,960 --> 00:26:34,240
Speaker 3: because Robbi even mentioned, hey, some of the information is inaccurate,

622
00:26:34,280 --> 00:26:36,959
Speaker 3: and yes, if you ask AI for investing advice, it

623
00:26:36,960 --> 00:26:40,480
Speaker 3: could be shoddy because where's it getting the information from?

624
00:26:40,600 --> 00:26:43,399
Speaker 3: What sources? Is it culling? You might find that the

625
00:26:43,440 --> 00:26:47,040
Speaker 3: advice is great for someone else that's not you. It

626
00:26:47,119 --> 00:26:49,600
Speaker 3: might be better for someone in a different financial situation.

627
00:26:49,880 --> 00:26:51,400
Speaker 3: But like, let's say you need help planning a meal

628
00:26:51,440 --> 00:26:53,679
Speaker 3: with the food you have on hand. AI can help, right,

629
00:26:53,720 --> 00:26:55,320
Speaker 3: can help you save money on that front? Do you

630
00:26:55,359 --> 00:26:57,359
Speaker 3: need help with your resume or asking for a raise?

631
00:26:57,680 --> 00:27:00,639
Speaker 3: Try asking AI those questions, same with like the basic

632
00:27:00,680 --> 00:27:03,960
Speaker 3: budgeting or payoff questions. Those could be helpful to But

633
00:27:04,000 --> 00:27:07,000
Speaker 3: I would just say tread lightly because yeah, AI comes

634
00:27:07,040 --> 00:27:10,199
Speaker 3: back with airon infos sometimes and even the recommendations that

635
00:27:10,240 --> 00:27:13,600
Speaker 3: it's making on savings accounts. Sure, those might be the

636
00:27:13,680 --> 00:27:16,919
Speaker 3: highest pain accounts out there, but does that mean that

637
00:27:16,960 --> 00:27:19,520
Speaker 3: they're the absolute best places for you to stash your cash?

638
00:27:19,600 --> 00:27:20,840
Speaker 1: I don't think so. Yeah.

639
00:27:20,920 --> 00:27:22,639
Speaker 2: I think it's sort of like the way we use

640
00:27:22,680 --> 00:27:25,480
Speaker 2: internet now, like back in the day, or let's just

641
00:27:25,480 --> 00:27:28,119
Speaker 2: say today, Like do you say, hey, did you use

642
00:27:28,160 --> 00:27:30,920
Speaker 2: the internet in order to find in order to book

643
00:27:30,960 --> 00:27:33,639
Speaker 2: the cheapest most affordable travel? No, Like you don't say that,

644
00:27:33,680 --> 00:27:35,239
Speaker 2: you say, like what site did you use? Or what

645
00:27:35,280 --> 00:27:37,400
Speaker 2: app did you use? In a similar way, I think

646
00:27:37,400 --> 00:27:39,879
Speaker 2: that's how AI is going to be infused into everything

647
00:27:39,960 --> 00:27:41,600
Speaker 2: that we use. I think everything that we use as

648
00:27:41,680 --> 00:27:44,959
Speaker 2: consumers is going to incrementally get better or even not

649
00:27:45,000 --> 00:27:47,760
Speaker 2: so incrementally, like maybe by leaps and bounds. But I

650
00:27:47,760 --> 00:27:51,119
Speaker 2: think just the like, the focus on AI just feels

651
00:27:51,119 --> 00:27:54,360
Speaker 2: completely overblown in my opinion, as opposed to and I'm

652
00:27:54,359 --> 00:27:56,600
Speaker 2: not like a you know, I'm not an expert on this,

653
00:27:56,680 --> 00:28:00,320
Speaker 2: but it seems like there's more groundbreaking innovations might be

654
00:28:00,359 --> 00:28:02,320
Speaker 2: able to be made in like the medical field.

655
00:28:02,359 --> 00:28:03,720
Speaker 1: I've heard folks talk about that.

656
00:28:03,640 --> 00:28:07,360
Speaker 2: Where they're able to like run these simulated trials and

657
00:28:07,440 --> 00:28:09,480
Speaker 2: like when typically this would take years and years, like

658
00:28:09,480 --> 00:28:11,520
Speaker 2: they're able to do this and even decades, they're able

659
00:28:11,520 --> 00:28:14,280
Speaker 2: to do it like in minutes. Like that seems incredibly

660
00:28:14,600 --> 00:28:17,560
Speaker 2: promising and exciting, but from like a just from a consumer,

661
00:28:17,720 --> 00:28:19,560
Speaker 2: and I don't know, maybe, like like you said, maybe

662
00:28:19,560 --> 00:28:21,120
Speaker 2: we haven't used it enough personally.

663
00:28:21,200 --> 00:28:24,000
Speaker 3: So what you're saying is, Matt, you and I we're

664
00:28:24,040 --> 00:28:27,360
Speaker 3: still highly necessary. Right, oh Ai hasn't killed us off yet.

665
00:28:27,400 --> 00:28:29,400
Speaker 3: You'll need to stick around with how the money for sure?

666
00:28:30,800 --> 00:28:32,800
Speaker 3: All right, man, Let's get to another question. This one

667
00:28:32,960 --> 00:28:35,320
Speaker 3: is about paying off a mortgage.

668
00:28:35,600 --> 00:28:39,240
Speaker 5: Hey, Joeln, Matt, This is Jose Gonzalez from Wilmington, California,

669
00:28:39,360 --> 00:28:42,400
Speaker 5: small neighborhood in southern California.

670
00:28:43,080 --> 00:28:44,040
Speaker 4: I had a question.

671
00:28:43,880 --> 00:28:49,080
Speaker 5: Regarding a mortgage loan on a rental property. My question

672
00:28:49,160 --> 00:28:51,760
Speaker 5: is should I pay it off or should I continue

673
00:28:51,800 --> 00:28:56,400
Speaker 5: to collect the rent and let itself pay off. I

674
00:28:56,440 --> 00:28:59,440
Speaker 5: currently have savings of three hundred and thirty seven thousand

675
00:29:00,080 --> 00:29:04,960
Speaker 5: in low cost ETFs and have been saving for quite

676
00:29:04,960 --> 00:29:07,520
Speaker 5: some time now, hoping to buy a home here in

677
00:29:08,080 --> 00:29:12,520
Speaker 5: southern California one day However, I don't like the idea

678
00:29:12,760 --> 00:29:16,280
Speaker 5: of the debt hanging over my head during this process.

679
00:29:16,880 --> 00:29:21,080
Speaker 5: I currently have about one hundred and ninety three leftover

680
00:29:21,880 --> 00:29:25,000
Speaker 5: in the mortgage, so i'd have enough to pay for

681
00:29:25,040 --> 00:29:29,880
Speaker 5: it and get rid of that debt. As you know,

682
00:29:30,000 --> 00:29:33,360
Speaker 5: holmes in so Cal are expensive, so that's why I

683
00:29:33,400 --> 00:29:36,560
Speaker 5: have such big chunk of change. I just signed a

684
00:29:36,560 --> 00:29:40,040
Speaker 5: twelve month lease and I am being very patient. So

685
00:29:40,600 --> 00:29:43,880
Speaker 5: I guess the idea of renting has had me thinking

686
00:29:44,160 --> 00:29:47,200
Speaker 5: of buying soon. Anyways, I love the show.

687
00:29:47,680 --> 00:29:49,240
Speaker 4: Thanks for everything, guys.

688
00:29:49,720 --> 00:29:52,440
Speaker 2: Okay, so when he said he's got savings of three

689
00:29:52,520 --> 00:29:55,280
Speaker 2: hundred and thirty seven thousand dollars, I was like.

690
00:29:55,640 --> 00:29:56,400
Speaker 1: What hose?

691
00:29:57,160 --> 00:29:59,680
Speaker 2: But then he quickly follow that up with that they're

692
00:29:59,680 --> 00:30:02,760
Speaker 2: in low cost ETFs. He's got that money invested. He's

693
00:30:02,760 --> 00:30:07,080
Speaker 2: calling it his savings, but he has invested those dollars.

694
00:30:07,280 --> 00:30:09,840
Speaker 2: That looks a lot different. But there is a lot

695
00:30:10,040 --> 00:30:12,640
Speaker 2: to discuss with your question, Jose. So let's start off

696
00:30:12,640 --> 00:30:16,640
Speaker 2: by discussing mortgage payoff, because we've been pretty consistent advocates

697
00:30:16,840 --> 00:30:20,280
Speaker 2: for not paying off your mortgage if you have a

698
00:30:20,320 --> 00:30:23,680
Speaker 2: locked in low rate. I think he mentioned that he

699
00:30:23,800 --> 00:30:27,000
Speaker 2: purchased this one back in twenty nineteen, So yeah, he's

700
00:30:27,040 --> 00:30:29,760
Speaker 2: locked in hopefully at thirty years for a really nice

701
00:30:29,800 --> 00:30:33,160
Speaker 2: low rate, and inflation and higher savings rates are only

702
00:30:33,240 --> 00:30:36,120
Speaker 2: making that low cost debt look better by the day.

703
00:30:36,560 --> 00:30:37,480
Speaker 2: And there's also lots.

704
00:30:37,320 --> 00:30:39,560
Speaker 1: Of value to be had by by having more liquidity

705
00:30:39,600 --> 00:30:40,000
Speaker 1: as well.

706
00:30:40,440 --> 00:30:40,720
Speaker 4: Well.

707
00:30:40,800 --> 00:30:43,080
Speaker 1: I think we'll address all these things I just touched

708
00:30:43,080 --> 00:30:43,320
Speaker 1: on here.

709
00:30:43,360 --> 00:30:46,320
Speaker 3: Yeah, yeah, no, I agree, And yeah, the only exception

710
00:30:46,640 --> 00:30:49,920
Speaker 3: to that answer of not paying off the mortgage is

711
00:30:49,960 --> 00:30:52,640
Speaker 3: typically if that money was going to blow a hole

712
00:30:52,680 --> 00:30:54,880
Speaker 3: in your pocket otherwise, But that doesn't sound like it's

713
00:30:54,920 --> 00:30:56,959
Speaker 3: the case for Jose, and I guess like there are

714
00:30:56,960 --> 00:30:59,680
Speaker 3: certain other reasons you might want to pay off your mortgage. Really,

715
00:30:59,680 --> 00:31:01,800
Speaker 3: if it's it's a personal preference, so as well, it's

716
00:31:01,840 --> 00:31:05,520
Speaker 3: just not our personal preference, and so we highlight that

717
00:31:05,520 --> 00:31:07,600
Speaker 3: because it's our show. But it also sounds like you're

718
00:31:07,640 --> 00:31:09,920
Speaker 3: in the wealth building phase of your life, Jose. If

719
00:31:09,920 --> 00:31:11,800
Speaker 3: you were in your sixties, right and you wanted more

720
00:31:11,840 --> 00:31:14,600
Speaker 3: financial certainty as you entered your retirement years, the discussion

721
00:31:14,920 --> 00:31:17,880
Speaker 3: would also be different. We might push you a little

722
00:31:17,880 --> 00:31:21,160
Speaker 3: more towards mortgage payoff just because of where you're at

723
00:31:21,160 --> 00:31:23,800
Speaker 3: in the grand scheme of things, but you've likely got

724
00:31:23,840 --> 00:31:25,920
Speaker 3: so many years ahead of you to make savvy financial

725
00:31:25,960 --> 00:31:29,800
Speaker 3: moves to grow your net worth, including buying that primary home.

726
00:31:30,000 --> 00:31:32,360
Speaker 3: And so if you pay off this mortgage, you might

727
00:31:32,480 --> 00:31:35,320
Speaker 3: find your ability to grow your net worth it's actually

728
00:31:35,400 --> 00:31:37,400
Speaker 3: hurt by prioritizing debt payoff.

729
00:31:37,480 --> 00:31:38,080
Speaker 1: Yeah, that's right.

730
00:31:38,120 --> 00:31:40,200
Speaker 2: And if you decide to pay off at debt, it

731
00:31:40,280 --> 00:31:43,560
Speaker 2: would increase your cash flow. That's that's certainly nice perk.

732
00:31:44,040 --> 00:31:47,720
Speaker 2: But if let's say another investment deal came along, something

733
00:31:47,720 --> 00:31:49,640
Speaker 2: that you were made privy to, well you might not

734
00:31:49,840 --> 00:31:53,880
Speaker 2: have the capital to jump on it. Imagine. So sounds

735
00:31:53,880 --> 00:31:55,920
Speaker 2: like so his first property ever purchase was an investment

736
00:31:55,960 --> 00:31:56,880
Speaker 2: property he's been renting.

737
00:31:56,920 --> 00:31:57,720
Speaker 1: Imagine if you come.

738
00:31:57,640 --> 00:32:01,000
Speaker 2: Across like the perfect house hack, let's say across just

739
00:32:01,120 --> 00:32:04,120
Speaker 2: this sweet duplex or triplex or a quadplex, and your

740
00:32:04,680 --> 00:32:06,880
Speaker 2: you know, the dollar signs are in your eyes, not

741
00:32:06,920 --> 00:32:09,400
Speaker 2: only because you see the potential, but also because it

742
00:32:09,440 --> 00:32:10,920
Speaker 2: costs you a whole lot of money.

743
00:32:10,920 --> 00:32:12,920
Speaker 1: Oh but too bad. You used all the money.

744
00:32:12,680 --> 00:32:15,440
Speaker 2: That you had in order to pay down that previous mortgage,

745
00:32:15,480 --> 00:32:17,840
Speaker 2: and now you don't have enough on hand for a

746
00:32:17,880 --> 00:32:20,880
Speaker 2: competitive down payment or even something above and beyond in

747
00:32:20,960 --> 00:32:23,600
Speaker 2: order to make you look like a more attractive buyer

748
00:32:23,680 --> 00:32:25,800
Speaker 2: to the potential seller. These are all things that you

749
00:32:25,880 --> 00:32:28,000
Speaker 2: want to want to keep in mind. That's the liquidity

750
00:32:28,040 --> 00:32:30,720
Speaker 2: aspect that I touched on earlier. But another downside of

751
00:32:30,760 --> 00:32:35,000
Speaker 2: paying off this debt would be paying tax. And it

752
00:32:35,080 --> 00:32:37,040
Speaker 2: sounds like the money that you'd be using is in

753
00:32:37,120 --> 00:32:41,280
Speaker 2: a taxable brokerage account, and it's highly likely that you

754
00:32:41,280 --> 00:32:43,640
Speaker 2: would have to pay capital gains tax in order to

755
00:32:43,680 --> 00:32:47,360
Speaker 2: access that money to pay more to the mortgage company.

756
00:32:47,400 --> 00:32:50,040
Speaker 2: This is a situation where trying to diminish your debt

757
00:32:50,160 --> 00:32:53,800
Speaker 2: where it could lead to an unnecessary tax bill and

758
00:32:54,040 --> 00:32:56,920
Speaker 2: likely just I mean a fairly substantial tax bill as

759
00:32:56,920 --> 00:32:59,000
Speaker 2: well as he's trying to get his hands on those

760
00:32:59,000 --> 00:33:02,120
Speaker 2: funds in an attempt to alleviate this debt.

761
00:33:02,160 --> 00:33:03,480
Speaker 1: That isn't all that.

762
00:33:03,520 --> 00:33:06,120
Speaker 3: Terrible, Yeah, yeah, And again we don't know the exact

763
00:33:06,320 --> 00:33:10,000
Speaker 3: mortgage interest rate. We're assuming that, how you have a

764
00:33:10,160 --> 00:33:12,600
Speaker 3: mortgage rate that starts with a three, right, And if

765
00:33:12,640 --> 00:33:15,880
Speaker 3: that's the case, then that's our advice for people Matt

766
00:33:15,880 --> 00:33:17,960
Speaker 3: who took out a mortgage within the last year and

767
00:33:18,000 --> 00:33:21,560
Speaker 3: their mortgage rates upper six is low sevens, Like there's

768
00:33:21,880 --> 00:33:23,200
Speaker 3: different advices story.

769
00:33:23,280 --> 00:33:26,120
Speaker 1: Yeah, that's not what I'm hearing though, No, And I think.

770
00:33:25,960 --> 00:33:28,600
Speaker 3: Part of what makes real estate also a compelling investment

771
00:33:29,120 --> 00:33:32,280
Speaker 3: is the ability to use leverage Wisely, if you had

772
00:33:32,280 --> 00:33:35,200
Speaker 3: to save up and fork over one hundred percent cash

773
00:33:35,280 --> 00:33:37,920
Speaker 3: to buy a rental property, the investment just wouldn't be

774
00:33:37,960 --> 00:33:41,000
Speaker 3: nearly as attractive and almost nobody would partake. It would

775
00:33:41,040 --> 00:33:44,080
Speaker 3: take forever to save up, and your profit potential would

776
00:33:44,120 --> 00:33:47,160
Speaker 3: be greatly diminished. And on the flip side, many real

777
00:33:47,240 --> 00:33:49,760
Speaker 3: estate investors have taken on too much leverage and they've

778
00:33:49,800 --> 00:33:52,120
Speaker 3: hurt their finances because of it. Right, They got out

779
00:33:52,200 --> 00:33:55,960
Speaker 3: over their skis and their debt load is just it's

780
00:33:55,960 --> 00:33:58,600
Speaker 3: too heavy of a burden for them. So there is

781
00:33:58,640 --> 00:34:02,040
Speaker 3: it's important to highlight both risk and reward when using leverage.

782
00:34:02,280 --> 00:34:04,280
Speaker 3: But Jose, that's not you, right, Like paying off the

783
00:34:04,280 --> 00:34:07,479
Speaker 3: mortgage would mean you're going the de leveraging route. Uh,

784
00:34:08,200 --> 00:34:09,719
Speaker 3: And I just don't think you need to do that

785
00:34:09,840 --> 00:34:12,840
Speaker 3: given where things stand with your finances and how smart

786
00:34:12,880 --> 00:34:16,560
Speaker 3: you've been in building up wealth. It's it's not like

787
00:34:16,880 --> 00:34:19,920
Speaker 3: your your asset poor. It's not like your your light

788
00:34:20,000 --> 00:34:23,200
Speaker 3: on cash uh, and the only way to have some

789
00:34:23,280 --> 00:34:25,920
Speaker 3: liquidity is to sell this place. You You've made a

790
00:34:25,960 --> 00:34:29,040
Speaker 3: bunch of other smart moves, So, yeah, de leveraging. There

791
00:34:29,040 --> 00:34:31,360
Speaker 3: are pros and cons to going that route. I just

792
00:34:31,400 --> 00:34:34,520
Speaker 3: don't think you're maybe at the place in your financial

793
00:34:34,600 --> 00:34:37,200
Speaker 3: journey where it makes sense to deleverage.

794
00:34:37,320 --> 00:34:39,120
Speaker 1: Yeah, I would want to hold on to that low

795
00:34:39,120 --> 00:34:40,040
Speaker 1: cost step for now. Yeah.

796
00:34:40,040 --> 00:34:42,879
Speaker 2: Well, especially because I didn't hear him say anything about

797
00:34:42,920 --> 00:34:45,600
Speaker 2: retirement accounts. It would be different if he also came

798
00:34:45,640 --> 00:34:47,440
Speaker 2: in and said and said, hey, guys, I've got this.

799
00:34:47,800 --> 00:34:50,400
Speaker 2: You know, my net worth is at this level. I've

800
00:34:50,440 --> 00:34:53,080
Speaker 2: been maxing out my four one K my roth iray

801
00:34:53,239 --> 00:34:56,760
Speaker 2: for this many years, for a couple of decades. Even

802
00:34:57,120 --> 00:34:59,360
Speaker 2: that would be a different story. I would have a

803
00:34:59,400 --> 00:35:01,600
Speaker 2: different answer. But I didn't hear him saying anything about that.

804
00:35:02,280 --> 00:35:05,160
Speaker 2: He sounds financially savvy, like I've got a feeling that

805
00:35:05,239 --> 00:35:09,400
Speaker 2: he's he sounds debt averse, like he doesn't want to

806
00:35:09,440 --> 00:35:11,160
Speaker 2: have debt on him. But I don't hear him saying

807
00:35:11,200 --> 00:35:13,960
Speaker 2: he's risk averse. So I don't hear him not investing

808
00:35:14,000 --> 00:35:15,919
Speaker 2: those dollars. I mean, well, he is investing those dollars.

809
00:35:15,960 --> 00:35:18,799
Speaker 2: He mentioned the low cost ETF so I think he

810
00:35:18,840 --> 00:35:21,520
Speaker 2: has plenty of money socked aside. I assume he's maxing

811
00:35:21,520 --> 00:35:25,040
Speaker 2: out his retirement accounts. But Jose, if you're not absolutely

812
00:35:25,120 --> 00:35:28,640
Speaker 2: do that first. Those are table stakes and instead of

813
00:35:28,719 --> 00:35:32,200
Speaker 2: having to jump through these hoops of buying a property

814
00:35:32,239 --> 00:35:33,920
Speaker 2: that may or may not go up in value, that

815
00:35:34,000 --> 00:35:36,479
Speaker 2: where you can or can't find a tenant who's willing

816
00:35:36,480 --> 00:35:40,200
Speaker 2: to sign for twelve months for shoot, a tenant who

817
00:35:40,280 --> 00:35:41,640
Speaker 2: might be a nightmare tenant.

818
00:35:41,680 --> 00:35:43,440
Speaker 1: Like these are all prerequisites to get.

819
00:35:43,320 --> 00:35:45,920
Speaker 2: You to the point to where you might see an

820
00:35:45,920 --> 00:35:48,600
Speaker 2: average or slightly higher than average return on your money.

821
00:35:48,600 --> 00:35:50,960
Speaker 2: But you don't have to do any of those things,

822
00:35:51,160 --> 00:35:54,000
Speaker 2: zero prerequisites in order to experience that kind of return

823
00:35:54,080 --> 00:35:55,560
Speaker 2: by just simply investing in the market.

824
00:35:55,680 --> 00:35:57,600
Speaker 3: Yeah, I think when it comes down to it, don't

825
00:35:57,840 --> 00:35:59,719
Speaker 3: pay off the debt is what we would suggest. But

826
00:35:59,760 --> 00:36:02,200
Speaker 3: also so don't spend that money, leave it investing for

827
00:36:02,239 --> 00:36:04,560
Speaker 3: the time being. And you might want to even slow

828
00:36:04,600 --> 00:36:07,040
Speaker 3: down your investing for now in order to enlarge your

829
00:36:07,120 --> 00:36:11,000
Speaker 3: cash cushion if that home purchase is a high priority. Right,

830
00:36:11,000 --> 00:36:12,839
Speaker 3: I'm not sure how much you have in liquid savings, right,

831
00:36:12,880 --> 00:36:15,080
Speaker 3: that's not invested. But that's the bucket I think you

832
00:36:15,080 --> 00:36:17,759
Speaker 3: want to prioritize for the next house purchase, so that

833
00:36:18,000 --> 00:36:19,680
Speaker 3: I don't know, maybe you could avoid selling some of

834
00:36:19,719 --> 00:36:21,840
Speaker 3: those positions at some point.

835
00:36:21,960 --> 00:36:23,759
Speaker 1: At a potentially an opportune time.

836
00:36:23,920 --> 00:36:26,279
Speaker 3: Right, Yeah, the more cash you have on hand, the

837
00:36:26,320 --> 00:36:29,600
Speaker 3: more likely you will be able to keep those investments

838
00:36:29,640 --> 00:36:33,160
Speaker 3: in place. And obviously, Matt, everybody knows this. Home prices

839
00:36:33,160 --> 00:36:36,400
Speaker 3: in southern California can be incredibly expensive. Buying instead of

840
00:36:36,400 --> 00:36:37,960
Speaker 3: renting there is going to cost you quite a bit

841
00:36:37,960 --> 00:36:41,400
Speaker 3: more on a monthly basis, especially these days. So factor

842
00:36:41,440 --> 00:36:44,279
Speaker 3: that in. You'll also get to participate, yes, in the

843
00:36:44,360 --> 00:36:48,440
Speaker 3: upside of appreciation in that market. But buying it's ultimately

844
00:36:48,520 --> 00:36:50,879
Speaker 3: a personal choice. I just want Jose to know it's

845
00:36:50,920 --> 00:36:53,400
Speaker 3: not a necessity for wealth building. He said, he just

846
00:36:53,440 --> 00:36:56,400
Speaker 3: signed a new lease, and if owning that home is

847
00:36:56,440 --> 00:36:58,920
Speaker 3: not a massive priority, he might be able to build

848
00:36:58,960 --> 00:37:04,000
Speaker 3: more wealth over by continuing to rent if he's so inclined,

849
00:37:04,080 --> 00:37:07,040
Speaker 3: and the just investing more in the market and in

850
00:37:07,120 --> 00:37:08,240
Speaker 3: other potential endeavors.

851
00:37:08,239 --> 00:37:10,600
Speaker 2: That's right, man, all right, we got more to get

852
00:37:10,600 --> 00:37:12,560
Speaker 2: to Actually, we're gonna hear from a listener who is

853
00:37:12,640 --> 00:37:16,680
Speaker 2: considering a pension lump some something he didn't realize was

854
00:37:16,719 --> 00:37:19,560
Speaker 2: even possible up until recently. We'll get to that and

855
00:37:19,640 --> 00:37:20,600
Speaker 2: more right after this.

856
00:37:28,640 --> 00:37:29,440
Speaker 1: All right, Matt, we're back.

857
00:37:29,600 --> 00:37:32,080
Speaker 3: Let's keep taking listener questions. Now we get to the

858
00:37:32,120 --> 00:37:34,839
Speaker 3: Facebook question of the week. This one comes from Zain.

859
00:37:35,440 --> 00:37:38,480
Speaker 3: He said, I almost wish I didn't learn this, but

860
00:37:38,560 --> 00:37:40,600
Speaker 3: I found out recently that there is an option to

861
00:37:40,640 --> 00:37:43,719
Speaker 3: cash out my pension. Non attractive option, but it does

862
00:37:43,840 --> 00:37:46,480
Speaker 3: bring up a question. Is there any reason to include

863
00:37:46,520 --> 00:37:49,560
Speaker 3: that value when I'm listing personal assets such as for

864
00:37:49,600 --> 00:37:52,920
Speaker 3: a loan application or when calculating net worth?

865
00:37:53,000 --> 00:37:54,239
Speaker 1: Oh, time to cash out?

866
00:37:54,480 --> 00:37:56,720
Speaker 2: Well, this is something I feel like you can speak

867
00:37:56,760 --> 00:37:58,799
Speaker 2: to this a little bit when it comes to you've

868
00:37:58,800 --> 00:38:00,720
Speaker 2: got some personal experience when it comes.

869
00:38:00,600 --> 00:38:04,080
Speaker 3: To very recent personal pension. Yeah, yeah, yeah, So, I

870
00:38:04,080 --> 00:38:07,400
Speaker 3: mean I think it's interesting. Zane basically said, it's not

871
00:38:07,440 --> 00:38:09,560
Speaker 3: an attractive option, but it might be an attractive option.

872
00:38:09,840 --> 00:38:12,000
Speaker 3: It's worth at least thinking through the pros and the

873
00:38:12,000 --> 00:38:14,799
Speaker 3: cons and running the numbers. And so I did that

874
00:38:14,840 --> 00:38:18,720
Speaker 3: recently because I got sent a letter from my former

875
00:38:18,760 --> 00:38:22,000
Speaker 3: employer about my pension and they basically said, hey, you

876
00:38:22,080 --> 00:38:24,120
Speaker 3: can take this lump sum, or here's what you would

877
00:38:24,160 --> 00:38:26,560
Speaker 3: get paid when you turn sixty five on a monthly,

878
00:38:26,760 --> 00:38:30,200
Speaker 3: ongoing monthly basis. And because I had the option of

879
00:38:30,280 --> 00:38:33,560
Speaker 3: rolling that into a traditional ira or into a roth

880
00:38:33,640 --> 00:38:35,359
Speaker 3: ira and then paying a little bit of that paying

881
00:38:35,400 --> 00:38:38,799
Speaker 3: the tax, I decided the best thing for me was

882
00:38:38,880 --> 00:38:40,680
Speaker 3: to roll it into a roth, get more money into

883
00:38:40,680 --> 00:38:43,879
Speaker 3: the roth, pay the tax now, and then hopefully watch

884
00:38:43,920 --> 00:38:47,040
Speaker 3: that money grow to become substantially more than would it

885
00:38:47,160 --> 00:38:51,040
Speaker 3: otherwise would have become had I just waited for that

886
00:38:51,080 --> 00:38:54,560
Speaker 3: pension payment to start right twenty five years down the line.

887
00:38:54,640 --> 00:38:57,200
Speaker 3: But I think, Matt, a lot of people who opt

888
00:38:57,280 --> 00:39:01,200
Speaker 3: for a pension lump sum, maybe there's a lot of

889
00:39:01,200 --> 00:39:02,480
Speaker 3: hoops you have to jump through, and you have to

890
00:39:02,520 --> 00:39:03,640
Speaker 3: do it the right way, and you have to make

891
00:39:03,640 --> 00:39:05,040
Speaker 3: sure you get it into the right account, and you

892
00:39:05,040 --> 00:39:08,480
Speaker 3: have to know what is possible from a tax perspective

893
00:39:08,520 --> 00:39:11,160
Speaker 3: when you take that lump sum. If you don't do

894
00:39:11,280 --> 00:39:14,040
Speaker 3: it properly, you could be creating more of a financial

895
00:39:14,040 --> 00:39:17,240
Speaker 3: headache for yourself, more of a liability, yeah than a benefit.

896
00:39:17,440 --> 00:39:18,680
Speaker 1: Yeah yeah, I think.

897
00:39:19,000 --> 00:39:20,799
Speaker 2: I mean one of the reasons you do this is because, yes,

898
00:39:20,880 --> 00:39:24,400
Speaker 2: it could perform better in your capable hands, and so

899
00:39:24,480 --> 00:39:26,600
Speaker 2: actually run the numbers see what it could do.

900
00:39:27,040 --> 00:39:28,600
Speaker 1: A reasonable goal would be that.

901
00:39:28,560 --> 00:39:30,719
Speaker 2: Your lump sum if you, let's say, invested in a

902
00:39:30,760 --> 00:39:34,240
Speaker 2: total stock market or an SP five hundred fund earning

903
00:39:34,280 --> 00:39:36,399
Speaker 2: average returns, whether or not it would lead to more

904
00:39:36,400 --> 00:39:39,160
Speaker 2: income in retirement. I think that's a good goal that

905
00:39:39,280 --> 00:39:41,840
Speaker 2: for you to have for that money. Granted, this is

906
00:39:41,880 --> 00:39:45,440
Speaker 2: a return that's not guaranteed, which is unlike your pension,

907
00:39:45,719 --> 00:39:47,799
Speaker 2: and so I would want to think through the pros

908
00:39:47,800 --> 00:39:50,120
Speaker 2: and cons there. Like these are the two schools of

909
00:39:50,120 --> 00:39:53,040
Speaker 2: thought that I'd be bouncing back and forth between.

910
00:39:53,280 --> 00:39:53,680
Speaker 1: Schwab.

911
00:39:53,719 --> 00:39:56,200
Speaker 2: They actually have a pretty awesome calculator that will link

912
00:39:56,239 --> 00:39:58,480
Speaker 2: to you in the show notes for this episode that

913
00:39:58,520 --> 00:40:00,600
Speaker 2: will help you to get an idea the rate of

914
00:40:00,640 --> 00:40:03,040
Speaker 2: return that you would need to get investing on your

915
00:40:03,080 --> 00:40:05,360
Speaker 2: own in order to make cashing out worth it.

916
00:40:05,560 --> 00:40:07,719
Speaker 3: Yeah, and then you asked the question, should use your

917
00:40:07,719 --> 00:40:10,960
Speaker 3: pension in your net worth calculations? I think you can.

918
00:40:11,400 --> 00:40:14,399
Speaker 3: I never did, but mine was also small, like right,

919
00:40:14,480 --> 00:40:18,080
Speaker 3: it wasn't some epic amounts. Others might want to, depending

920
00:40:18,080 --> 00:40:19,840
Speaker 3: on how much their pension is worth. I think the

921
00:40:19,880 --> 00:40:22,239
Speaker 3: best way to do that is to figure out what

922
00:40:22,280 --> 00:40:25,040
Speaker 3: your likely annual pension amount will be and then to

923
00:40:25,080 --> 00:40:28,160
Speaker 3: multiply it by twenty five. I think that's roughly what

924
00:40:28,239 --> 00:40:31,279
Speaker 3: it's going to be from a net worth perspective for

925
00:40:31,400 --> 00:40:33,560
Speaker 3: you down the road. You should certainly factor it in

926
00:40:33,600 --> 00:40:36,000
Speaker 3: for retirement planning. But there are also downsides I think

927
00:40:36,000 --> 00:40:37,839
Speaker 3: to including your pension in your net worth right because

928
00:40:37,840 --> 00:40:42,480
Speaker 3: you might overestimate your assets, you might underprepare in other ways.

929
00:40:42,200 --> 00:40:44,880
Speaker 2: That's what worries me. Yeah, is thinking of baking on

930
00:40:44,920 --> 00:40:47,040
Speaker 2: this thing, and yah, maybe it doesn't pan out the

931
00:40:47,080 --> 00:40:48,799
Speaker 2: way well, And just how I think about net worth,

932
00:40:49,000 --> 00:40:50,719
Speaker 2: it has to do with how much money I have now,

933
00:40:50,920 --> 00:40:53,920
Speaker 2: Like I'm less interested in my future net worth because

934
00:40:54,000 --> 00:40:55,880
Speaker 2: like that may or may not happen depending on what

935
00:40:55,920 --> 00:40:56,920
Speaker 2: the market's going to do, And.

936
00:40:56,880 --> 00:40:59,040
Speaker 1: So counting them chickens for the hast yes exactly.

937
00:40:59,080 --> 00:41:01,120
Speaker 2: And so if I were were going personally, if I

938
00:41:01,239 --> 00:41:04,280
Speaker 2: was going to consider a pension, like I would consider

939
00:41:04,360 --> 00:41:08,080
Speaker 2: the lump some cash out for my net worth calculations

940
00:41:08,080 --> 00:41:10,160
Speaker 2: in the here and now. But and even then I

941
00:41:10,160 --> 00:41:13,319
Speaker 2: would only assume the most conservative of projections when it

942
00:41:13,320 --> 00:41:15,360
Speaker 2: comes to you know, what that number might be?

943
00:41:15,400 --> 00:41:17,279
Speaker 3: Well, because the truth is unlike money you've saved up

944
00:41:17,280 --> 00:41:20,040
Speaker 3: in retirement accounts. Now, the pension is not liquid, right,

945
00:41:20,080 --> 00:41:22,799
Speaker 3: It's gonna pay out monthly as stated once you reach

946
00:41:22,840 --> 00:41:26,520
Speaker 3: retirement age, and if your employer has financial issues, your

947
00:41:26,560 --> 00:41:28,840
Speaker 3: pension amount could be reduced. So you might be counting

948
00:41:28,960 --> 00:41:32,359
Speaker 3: a chicken that doesn't hatch. And so yeah, that's also

949
00:41:32,400 --> 00:41:36,200
Speaker 3: something to keep in mind if your employer is struggling,

950
00:41:36,560 --> 00:41:39,879
Speaker 3: know that that's a possibility. And that's just I think

951
00:41:39,920 --> 00:41:44,439
Speaker 3: another reason that to at least consider taking the lump

952
00:41:44,480 --> 00:41:46,880
Speaker 3: sum pension amount if it's offered to you. Matt, you

953
00:41:47,040 --> 00:41:49,080
Speaker 3: use the term capable hands. I like that, like if

954
00:41:49,120 --> 00:41:51,359
Speaker 3: you if you feel like you are capable of using

955
00:41:51,400 --> 00:41:53,480
Speaker 3: that money effectively and investing it for your own future,

956
00:41:53,680 --> 00:41:56,560
Speaker 3: you'll likely perform better and do better than the pension

957
00:41:56,560 --> 00:41:57,440
Speaker 3: would on your behalf.

958
00:41:57,520 --> 00:41:59,359
Speaker 2: Yeah, and the other thing he mentioned too is that

959
00:41:59,400 --> 00:42:01,880
Speaker 2: should he this out like when like, for instance, with

960
00:42:01,920 --> 00:42:05,640
Speaker 2: a loan application, I I don't see the advantage of

961
00:42:05,640 --> 00:42:08,680
Speaker 2: doing that either, because, like, if anything, what that might

962
00:42:08,719 --> 00:42:11,480
Speaker 2: do is cause a lender to think that you are

963
00:42:11,520 --> 00:42:14,319
Speaker 2: more credit worthy because of the fact that maybe you've

964
00:42:14,320 --> 00:42:17,040
Speaker 2: got additional assets on the books. And I think there

965
00:42:17,080 --> 00:42:20,000
Speaker 2: might be a slight temptation to borrow more than you

966
00:42:20,040 --> 00:42:22,600
Speaker 2: should because like bottom line, I think a good rule

967
00:42:22,640 --> 00:42:25,440
Speaker 2: of thumb is to borrow less than whatever than what

968
00:42:25,480 --> 00:42:28,680
Speaker 2: any lender is say that you are, that you're good for,

969
00:42:28,960 --> 00:42:31,400
Speaker 2: and so by having more debt, you know more on paper.

970
00:42:31,800 --> 00:42:34,440
Speaker 2: It's like, oh, actually, you know, let's just say it's

971
00:42:34,440 --> 00:42:36,719
Speaker 2: for a home or something like that. Actually, you were

972
00:42:36,719 --> 00:42:38,520
Speaker 2: going to be approved for a six hundred and fifty thousand

973
00:42:38,560 --> 00:42:40,120
Speaker 2: dollars loan. I was going to bump that thing up

974
00:42:40,160 --> 00:42:42,120
Speaker 2: to eight hundred because we see that you've no, no.

975
00:42:42,120 --> 00:42:44,640
Speaker 1: See I don't like yeah, yeah, I don't. I don't

976
00:42:44,680 --> 00:42:45,919
Speaker 1: like that, although I would.

977
00:42:46,000 --> 00:42:48,040
Speaker 2: I think this is just a there's a small chance

978
00:42:48,080 --> 00:42:50,360
Speaker 2: that this would happen because typically they're looking at your income.

979
00:42:50,480 --> 00:42:52,920
Speaker 2: They don't really look at like what you're asked like, yeah,

980
00:42:52,960 --> 00:42:54,640
Speaker 2: they should be looking at your assets.

981
00:42:54,400 --> 00:42:55,480
Speaker 1: Usually debt to income ratio.

982
00:42:55,560 --> 00:42:58,480
Speaker 2: Yeah, that's exactly, like you wanna you want to credit

983
00:42:58,960 --> 00:43:01,479
Speaker 2: limit increase on your credit cards? What are they asking about?

984
00:43:01,480 --> 00:43:03,879
Speaker 2: They're asking about your income. Actually, they ask about your

985
00:43:04,160 --> 00:43:05,680
Speaker 2: if you own a home too, and what your primary

986
00:43:05,760 --> 00:43:09,000
Speaker 2: mortgage is oftentimes, but they should be considering your assets,

987
00:43:09,040 --> 00:43:11,879
Speaker 2: because I feel like that's more indicative of your capacity

988
00:43:11,920 --> 00:43:15,640
Speaker 2: to sacrifice, to defer, pleasure, to invest in, to sock

989
00:43:15,680 --> 00:43:18,040
Speaker 2: away money. But instead they just care about what you're

990
00:43:18,040 --> 00:43:20,799
Speaker 2: going to earn that year. They're using a more basic metric.

991
00:43:20,840 --> 00:43:23,319
Speaker 2: They're just looking at the near short term. Yeah, but

992
00:43:23,400 --> 00:43:25,879
Speaker 2: even if they do take that into account, I think

993
00:43:25,920 --> 00:43:28,440
Speaker 2: it can only have the potential to get you in trouble.

994
00:43:28,480 --> 00:43:28,840
Speaker 1: Agreed.

995
00:43:29,080 --> 00:43:30,719
Speaker 3: All right, man, Let's get to another question. This one

996
00:43:30,719 --> 00:43:33,239
Speaker 3: comes from TJ in the how to Money Facebook group.

997
00:43:33,280 --> 00:43:37,080
Speaker 3: He said, frugal are cheap churning Jim free trial memberships

998
00:43:37,239 --> 00:43:40,040
Speaker 3: with no intention of signing up. I like the community

999
00:43:40,080 --> 00:43:42,040
Speaker 3: aspect of working out in a class with other people,

1000
00:43:42,280 --> 00:43:44,280
Speaker 3: but I also work for a nonprofit where I don't

1001
00:43:44,280 --> 00:43:46,760
Speaker 3: take home much money, so I'm good with just running

1002
00:43:46,840 --> 00:43:50,520
Speaker 3: jump roping and doing workout routines from dareb dot com,

1003
00:43:50,560 --> 00:43:52,680
Speaker 3: which I've not heard of before. I've heard of them

1004
00:43:52,719 --> 00:43:55,880
Speaker 3: in my bedroom. Well, of course you have. So is

1005
00:43:55,920 --> 00:43:59,840
Speaker 3: that frugal cheap from TJ? It completely comes down to

1006
00:43:59,840 --> 00:44:01,160
Speaker 3: how he goes about doing this.

1007
00:44:01,200 --> 00:44:03,440
Speaker 2: Okay, you know, like you know what it makes immediately

1008
00:44:03,480 --> 00:44:05,600
Speaker 2: makes me think of It makes me think of the

1009
00:44:05,600 --> 00:44:08,480
Speaker 2: free samples at costco, the taste tests, and if you

1010
00:44:08,520 --> 00:44:10,880
Speaker 2: walk up to that nice person there manning that little booth,

1011
00:44:10,880 --> 00:44:12,719
Speaker 2: that little table, the little card table.

1012
00:44:12,520 --> 00:44:16,200
Speaker 1: There with a little air fryer or what or whatever.

1013
00:44:15,840 --> 00:44:17,960
Speaker 2: It is that they're doing, and if you like look

1014
00:44:18,040 --> 00:44:19,920
Speaker 2: them down the eyes and you're like, I'm not going

1015
00:44:20,000 --> 00:44:21,960
Speaker 2: to buy any of this, but let me have a taste,

1016
00:44:22,080 --> 00:44:24,480
Speaker 2: that's like a total jerk thing to do. You might

1017
00:44:24,520 --> 00:44:26,799
Speaker 2: be thinking that, but you can't say it out loud, right.

1018
00:44:27,160 --> 00:44:29,759
Speaker 2: And the reason I think it's okay to think that

1019
00:44:30,040 --> 00:44:32,680
Speaker 2: is because it is up to them to convince you otherwise.

1020
00:44:32,920 --> 00:44:35,080
Speaker 2: Like if there are free samples, if there's a free

1021
00:44:35,080 --> 00:44:37,520
Speaker 2: taste test or something like that, it means that that

1022
00:44:37,600 --> 00:44:41,080
Speaker 2: manufacturer or that business owner, whoever it is, they believe

1023
00:44:41,160 --> 00:44:44,080
Speaker 2: enough in their product to convince you otherwise when you

1024
00:44:44,120 --> 00:44:46,120
Speaker 2: have made up your mind that this is not something

1025
00:44:46,120 --> 00:44:48,200
Speaker 2: that you're going to partake in, but they're willing to

1026
00:44:48,239 --> 00:44:48,520
Speaker 2: give you.

1027
00:44:48,520 --> 00:44:50,000
Speaker 1: A little taste of it for free.

1028
00:44:50,480 --> 00:44:53,799
Speaker 2: Knowing that, well, in this case of the gym, knowing that, man,

1029
00:44:53,800 --> 00:44:57,040
Speaker 2: our members are so awesome, you're gonna want to come back.

1030
00:44:57,160 --> 00:45:00,200
Speaker 2: Our coaching is so top notch that you're not to

1031
00:45:00,239 --> 00:45:02,279
Speaker 2: be able to live without it. Whatever it is that

1032
00:45:02,320 --> 00:45:03,840
Speaker 2: they think they're gonna be able to attract you in

1033
00:45:03,880 --> 00:45:06,200
Speaker 2: with is up to them to sway you. And so

1034
00:45:06,360 --> 00:45:09,200
Speaker 2: you might think that there's no way I'm not gonna

1035
00:45:09,239 --> 00:45:11,239
Speaker 2: join the stupid it's so expensive, or I do this

1036
00:45:11,280 --> 00:45:13,640
Speaker 2: stuff at home for free, but you can't say that

1037
00:45:13,680 --> 00:45:15,720
Speaker 2: out loud, and it's up to them to convince you otherwise.

1038
00:45:15,760 --> 00:45:16,520
Speaker 1: See that's what I think.

1039
00:45:16,520 --> 00:45:18,200
Speaker 3: That's exactly where I was gonna be ready to answer,

1040
00:45:18,239 --> 00:45:20,480
Speaker 3: because I think that's the whole reason people off for

1041
00:45:20,520 --> 00:45:23,080
Speaker 3: free trials is because they think you're gonna love the

1042
00:45:23,120 --> 00:45:25,560
Speaker 3: thing enough that you're gonna stick with it. And so

1043
00:45:25,640 --> 00:45:27,480
Speaker 3: you might say, I'm gonna sign up for the Netflix

1044
00:45:27,480 --> 00:45:30,120
Speaker 3: seven day free trial, but I'm not giving them my money,

1045
00:45:30,160 --> 00:45:33,040
Speaker 3: and then you might get hooked on I don't know,

1046
00:45:33,040 --> 00:45:35,480
Speaker 3: it's good game or something like that, whatever they're showing.

1047
00:45:35,520 --> 00:45:37,480
Speaker 3: I don't have Netflix these days. I've had Netflix in

1048
00:45:37,520 --> 00:45:40,359
Speaker 3: a long time, say whatever it is. And I think

1049
00:45:40,520 --> 00:45:43,120
Speaker 3: that's true. Like TJ has to be ready to one

1050
00:45:43,280 --> 00:45:45,839
Speaker 3: either cancel the free trial in time before he gets

1051
00:45:45,880 --> 00:45:48,400
Speaker 3: charged if he's not interested in sticking around. That would

1052
00:45:48,800 --> 00:45:51,480
Speaker 3: be I think cheap. If he wasn't. But on top

1053
00:45:51,520 --> 00:45:53,799
Speaker 3: of that, be ready to fall in love with the

1054
00:45:53,800 --> 00:45:55,760
Speaker 3: thing that you're checking out because it might happen.

1055
00:45:55,760 --> 00:45:56,600
Speaker 1: Because it might happen.

1056
00:45:56,640 --> 00:45:58,919
Speaker 3: Yeah, and it might be worth the money, even though

1057
00:45:59,000 --> 00:46:01,240
Speaker 3: right now you don't think it is. I remember signing

1058
00:46:01,320 --> 00:46:03,719
Speaker 3: up for a Discover bank account map because there for

1059
00:46:03,760 --> 00:46:05,600
Speaker 3: like a three hundred dollars bonus, and I was like, oh,

1060
00:46:05,640 --> 00:46:07,640
Speaker 3: this is really easy like that, the hoops are not

1061
00:46:07,840 --> 00:46:09,920
Speaker 3: that significant. I just have to like have the account

1062
00:46:09,960 --> 00:46:11,640
Speaker 3: open for sixty days with a certain amount of money

1063
00:46:11,640 --> 00:46:11,879
Speaker 3: in it.

1064
00:46:11,800 --> 00:46:13,399
Speaker 1: It was like all they want is my first name.

1065
00:46:13,480 --> 00:46:13,919
Speaker 1: That's right.

1066
00:46:14,320 --> 00:46:16,080
Speaker 3: It was so easy, and I was like, three hundred bucks,

1067
00:46:16,120 --> 00:46:17,920
Speaker 3: this is great. It's way easier than like some of

1068
00:46:17,960 --> 00:46:20,520
Speaker 3: the the big physical banks want, like I don't know,

1069
00:46:20,520 --> 00:46:22,280
Speaker 3: you have to go into the branch. It's so annoying.

1070
00:46:22,800 --> 00:46:24,960
Speaker 3: And then I ended up saying, well, this is a

1071
00:46:24,960 --> 00:46:27,759
Speaker 3: great interface. Yeah, this is a good bank. And I've

1072
00:46:27,760 --> 00:46:29,759
Speaker 3: been with Discover from many years since. So what I

1073
00:46:29,800 --> 00:46:32,600
Speaker 3: thought was playing the system that was gonna be temporary.

1074
00:46:32,719 --> 00:46:35,120
Speaker 3: I got played, but not in a bad way, because

1075
00:46:35,120 --> 00:46:36,319
Speaker 3: it's it's a great product, but.

1076
00:46:36,320 --> 00:46:38,680
Speaker 1: That costing you anything, right, But it might end up

1077
00:46:38,680 --> 00:46:39,360
Speaker 1: costing TJ.

1078
00:46:39,600 --> 00:46:41,480
Speaker 2: Right, And that's the thing I think, like, I like

1079
00:46:41,520 --> 00:46:44,279
Speaker 2: what you said about being prepared to potentially pay, and

1080
00:46:44,320 --> 00:46:46,239
Speaker 2: you might think, well, guys, because he mentioned that he

1081
00:46:46,239 --> 00:46:48,439
Speaker 2: works for a nonprofit, and he's like, hey, I can't

1082
00:46:48,480 --> 00:46:50,960
Speaker 2: afford that, but you might love it so much. You

1083
00:46:51,080 --> 00:46:53,759
Speaker 2: might get creative with your expenses. You might do some

1084
00:46:53,800 --> 00:46:56,239
Speaker 2: budget rearranging because now all of a sudden, this is

1085
00:46:56,239 --> 00:46:58,600
Speaker 2: such a high priority for you. You you found your people.

1086
00:46:59,040 --> 00:47:01,520
Speaker 2: It kind of reminds me. You remember, at some point

1087
00:47:01,600 --> 00:47:03,439
Speaker 2: we talked about I think it was on a Friday flight,

1088
00:47:04,160 --> 00:47:07,600
Speaker 2: about a girl who hasn't paid for eating out, hasn't

1089
00:47:07,640 --> 00:47:10,319
Speaker 2: paid a restaurant bill in like two years, and it's

1090
00:47:10,360 --> 00:47:13,319
Speaker 2: because she goes on dates for free. They're not free

1091
00:47:13,400 --> 00:47:15,239
Speaker 2: dates that well, I mean, I guess technically they are,

1092
00:47:15,280 --> 00:47:16,960
Speaker 2: but she goes on dates and they pay for dinner.

1093
00:47:17,520 --> 00:47:20,360
Speaker 2: And I think it was a frugler cheap then, because

1094
00:47:20,360 --> 00:47:22,480
Speaker 2: it kind of feels deceptive, right, But I remember, even

1095
00:47:22,520 --> 00:47:24,560
Speaker 2: at that point in time, I remember thinking the same thing.

1096
00:47:24,640 --> 00:47:27,120
Speaker 2: It's like you might be thinking or saying to yourself

1097
00:47:27,120 --> 00:47:29,600
Speaker 2: that there's no way I'm going to be into this dude.

1098
00:47:30,000 --> 00:47:32,520
Speaker 2: But in fact, after meeting him. Oh, he's got a

1099
00:47:32,520 --> 00:47:34,880
Speaker 2: great since a humor. You get to know him, and

1100
00:47:34,960 --> 00:47:36,279
Speaker 2: then all of a sudden, I guess what happened with

1101
00:47:36,280 --> 00:47:39,880
Speaker 2: my wife? And all of a sudden you get tricked. Yeah,

1102
00:47:39,920 --> 00:47:41,279
Speaker 2: and you've been married for fifteen years.

1103
00:47:41,360 --> 00:47:41,440
Speaker 5: Right.

1104
00:47:41,480 --> 00:47:45,840
Speaker 2: See, that's that's what these gyms are banking on TJ.

1105
00:47:46,120 --> 00:47:48,040
Speaker 2: And So I don't think it's it's cheap at all.

1106
00:47:48,080 --> 00:47:50,160
Speaker 2: I think it's a frugal move. But you know, like

1107
00:47:50,239 --> 00:47:52,880
Speaker 2: Joel said, be prepared to start to start paying a

1108
00:47:52,880 --> 00:47:55,880
Speaker 2: monthly fee in order to access their services, no doubt.

1109
00:47:56,239 --> 00:48:00,440
Speaker 2: By the way, so you mentioned Darby dot com, I've

1110
00:48:00,440 --> 00:48:03,080
Speaker 2: been I still been using my push jerk dot com,

1111
00:48:03,080 --> 00:48:05,799
Speaker 2: which is free programming. Did it this morning? Freaking love

1112
00:48:05,800 --> 00:48:07,600
Speaker 2: it push jerk. It could be a workout app. It

1113
00:48:07,600 --> 00:48:10,319
Speaker 2: could be I don't know, a strike back app of

1114
00:48:10,320 --> 00:48:11,000
Speaker 2: people you don't like.

1115
00:48:11,080 --> 00:48:11,800
Speaker 1: I'm not a solid.

1116
00:48:11,840 --> 00:48:11,960
Speaker 5: OK.

1117
00:48:12,040 --> 00:48:14,640
Speaker 3: It was good, all right, Just the name of it's funny,

1118
00:48:14,680 --> 00:48:17,480
Speaker 3: all right, Matt, let's mention. Let's let's we're double questions. Now,

1119
00:48:17,560 --> 00:48:18,680
Speaker 3: let's get back to the beer that we had on

1120
00:48:18,680 --> 00:48:20,920
Speaker 3: this episode. This one's called a Little Biggie on Chrome.

1121
00:48:20,960 --> 00:48:23,719
Speaker 3: It's a coffee stout and Yeah, we're your thoughts on

1122
00:48:23,719 --> 00:48:24,000
Speaker 3: this one.

1123
00:48:24,080 --> 00:48:26,040
Speaker 2: I feel like we're going along in the episode, so

1124
00:48:26,040 --> 00:48:28,760
Speaker 2: I'm gonna make it short and sweet, dude, solid roasted

1125
00:48:28,800 --> 00:48:31,279
Speaker 2: coffee flavors. I thought it was gonna be. I thought

1126
00:48:31,280 --> 00:48:33,239
Speaker 2: it was a roast, a barrel aged, but there's no

1127
00:48:33,280 --> 00:48:33,600
Speaker 2: way that.

1128
00:48:33,520 --> 00:48:36,600
Speaker 1: This is barrel age. There's like zero of those woody notes.

1129
00:48:36,640 --> 00:48:37,279
Speaker 1: But really good.

1130
00:48:37,600 --> 00:48:40,360
Speaker 2: It even had like a creaminess to it. I was

1131
00:48:40,400 --> 00:48:42,000
Speaker 2: picturing it was coffee with a little bit of a

1132
00:48:42,040 --> 00:48:44,120
Speaker 2: little bit of milk right there. Yeah, there was definitely

1133
00:48:44,360 --> 00:48:47,040
Speaker 2: some milk vibes going on. Definitely some lactose in the

1134
00:48:47,080 --> 00:48:49,439
Speaker 2: making of this beer. This one is a little thinner

1135
00:48:49,440 --> 00:48:51,760
Speaker 2: and almost like had more porter vibes than stout vibes

1136
00:48:51,800 --> 00:48:54,759
Speaker 2: going on for me. But yeah, solid beer from the

1137
00:48:54,840 --> 00:48:57,680
Speaker 2: brewer right down the street, which we are trying to support,

1138
00:48:57,719 --> 00:49:00,120
Speaker 2: Like Mad wanted to stick around because when you you

1139
00:49:00,120 --> 00:49:02,040
Speaker 2: have a good brewery in your neighborhood, it is your

1140
00:49:02,040 --> 00:49:03,520
Speaker 2: pride and joy as everyone.

1141
00:49:03,600 --> 00:49:05,280
Speaker 1: But that's going to be it for this episode.

1142
00:49:05,760 --> 00:49:08,239
Speaker 2: Find her show notes up on the website at Howtomoney

1143
00:49:08,320 --> 00:49:11,279
Speaker 2: dot com. We will see you back here on Wednesday.

1144
00:49:11,680 --> 00:49:14,839
Speaker 2: We're going to have an awesome conversation about taxes, because

1145
00:49:14,880 --> 00:49:16,920
Speaker 2: you know that's on everyone's mind right now, Joel, but

1146
00:49:17,000 --> 00:49:21,840
Speaker 2: with an influencer on taxes indeed, but she likes influencer

1147
00:49:22,040 --> 00:49:24,239
Speaker 2: who really knows her stuff. That's right, So look forward

1148
00:49:24,239 --> 00:49:27,120
Speaker 2: to that and until next time, best friends Out, Best

1149
00:49:27,239 --> 00:49:28,120
Speaker 2: Friends Out,