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Speaker 1: Welcome to Had of 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: I hope everyone out there had a relaxing, recharged Sunday

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Speaker 2: and that you are ready to get back at it. Man,

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Speaker 2: it's Monday, back to the grind, back.

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Speaker 1: To the personal finance education in your ears. As they say,

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Speaker 1: we do have listener questions.

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Speaker 2: We're going to talk about the best cash back card

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Speaker 2: for groceries. We're going to discuss l cheap o rental

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Speaker 2: card companies, whether or not they're worth it.

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Speaker 1: Joel.

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Speaker 2: Actually I'll share a little bit of personal experience there

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Speaker 2: as well. Another listeners asking about what he should be

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Speaker 2: doing with a lump sum that he is going to

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Speaker 2: have in his hands. And we're talking six figures. So yeah,

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Speaker 2: a lot on the line here, but actually maybe it

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Speaker 2: doesn't differ all that much from if it was just

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Speaker 2: six hundred bucks. So okay, looking forward to getting to

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Speaker 2: all of those plus more today. But buddy, I've got

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Speaker 2: a quick frugal or cheap question for you.

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Speaker 1: It's been a minute since we've done one of these.

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Speaker 1: Would you get a tattoo if it was like eighty

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Speaker 1: or ninety percent off Okay, here's I have a question.

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Speaker 1: Is it an inferior tattoo artist?

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Speaker 2: No, it would be if it would be a tattoo,

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Speaker 2: that's perfectly Maybe it wouldn't be, Like, I don't know,

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Speaker 2: how are tattoo artists rated. You know, there's a certain

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Speaker 2: level of artistic ability that you're going for. So maybe

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Speaker 2: that's a little bit different than the story I'm trying

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Speaker 2: to parallel here, But yeah, what would you do?

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Speaker 1: I've feel solid well, okay, I wouldn't do it just

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Speaker 1: if I wasn't interested in getting a tattoo. But my

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Speaker 1: wife got a couple of tattoos earlier this year, and

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Speaker 1: I have been do you feel not nearly as cool

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Speaker 1: as she? Definitely definitely don't feel as cool as she is.

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Speaker 1: I don't feel as like edgy or interesting. But you know,

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Speaker 1: it's as someone who likes art, I'm like, well, yeah,

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Speaker 1: there's probably some art i'd be down to put on

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Speaker 1: my body. If I knew the right thing I wanted

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Speaker 1: to get, for sure, i'd want the sweet discount. I'd

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Speaker 1: want a much cheaper tattoo. Okay. So but if I

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Speaker 1: didn't want to get one, I would would discount by the.

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Speaker 2: Sale, Okay. Good response. The reason I'm asking this is because,

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Speaker 2: in a similar way, did you hear that Claire's the

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Speaker 2: teenage girl where pierced? Yeah, it's going out of business.

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Speaker 2: So I heard about this a few weeks ago, and

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Speaker 2: Kate happened to be uh in the area swung By.

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Speaker 2: I think maybe she was going in there to pick

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Speaker 2: up a gift, like a birthday gift for one of

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Speaker 2: the girl's friends, and she saw that everything was like

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Speaker 2: eighty or ninety percent off, including ear piercings.

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Speaker 1: So guess what she did. She got some additional holes.

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Speaker 1: She got another, Yeah, another she got She's got more

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Speaker 1: ear rings? Now, yeah? Yeah? Did she get like one

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Speaker 1: of the.

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Speaker 2: She wanted to get a second one further up from

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Speaker 2: like the traditional spot.

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Speaker 1: I guess on the on the ear.

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Speaker 2: But she just totally went for it, and I was

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Speaker 2: up the moment, spur of the moment. It's not typically

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Speaker 2: something that she does. But here's the thing.

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Speaker 1: She doesn't sound like.

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Speaker 2: It doesn't sound like Kate. It is something she had

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Speaker 2: been thinking about, Okay, so sort of like you're saying,

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Speaker 2: it was already on her mind. She was maybe quote

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Speaker 2: unquote shopping for an opportunity. She was looking for a

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Speaker 2: time to be able to get it on discount, and dude,

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Speaker 2: it was I think she paid twenty bucks.

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Speaker 1: It was a tours it normally cost to get fears.

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Speaker 2: Well, we took one of our daughters on her birthday

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Speaker 2: last winter and it was two fifty. What is a nice,

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Speaker 2: isn't she dah? Why that at home?

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Speaker 1: It was a very well reviewed place. It was like

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Speaker 1: one of these tattoos slash, especially a man of your

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Speaker 1: skills and ability piercing places. They're known for you to

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Speaker 1: earn a nailby an excellent job over there. And so

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Speaker 1: we paid two fifty. It comes with like, you know,

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Speaker 1: the earrings and whatnot, but still two fifty versus twenty

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Speaker 1: dollars real.

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Speaker 2: Kate was definitely feeling pretty good about the uh, the

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Speaker 2: deal that.

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Speaker 1: She was able to do so in a similar way.

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Speaker 2: I guess if I so, what I asked you was

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Speaker 2: I assumed you have thought more seriously about a tattoo.

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Speaker 1: You have an ear piercing. But my question for you is, now,

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Speaker 1: are you so attracted that deal that you're going to

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Speaker 1: go get something pierced on your body?

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Speaker 2: That was literally the last days why it's a part

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Speaker 2: of why she did it because they they said, hey,

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Speaker 2: we actually were not allowed to do any more piercings

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Speaker 2: here after today. So I think she was maybe one

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Speaker 2: of the last ones.

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Speaker 1: Only particular players. The lady was also.

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Speaker 2: Trying to talk her into buying some diamond earrings because

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Speaker 2: those are also eight I think those are eighty percent off,

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Speaker 2: but if you buy like ten pairs, they're ninety percent off.

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Speaker 2: Then you're talking about started like a Yes, she could

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Speaker 2: have started like an eBay business. Yeah, like there are

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Speaker 2: real diamonds, like actual diamond ear rings.

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Speaker 1: That's incredible. I was like, well, where are they? She's like,

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Speaker 1: I didn't get them. I was like, what, Well, I

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Speaker 1: will make sure to compliment her on her new ear

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Speaker 1: holes next time I see her. I'm sure she would

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Speaker 1: appreciate it. Yeah, uh well yeah, And I guess I'll

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Speaker 1: always be looking for a deal. That's the moral of

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Speaker 1: the story. I'm gonna yeah, if I see a good

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Speaker 1: deal on a tattoo and I know what I'm going

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Speaker 1: to get, I'll pound if you've.

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Speaker 2: Thought through the design, maybe you even have it saved

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Speaker 2: in your phone. Yep, maybe you know, and you can

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Speaker 2: be like, hey, can.

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Speaker 1: You do this? Yeah? Can you bust up this folk

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Speaker 1: art bear Head. I know that's one that's yeah, on

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Speaker 1: my radart through the whole black Cat tips, right, he's

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Speaker 1: the best. All right, let's mention the beer we're having

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Speaker 1: on the episode. This one's called fat Pug Oatmeal stout

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Speaker 1: by Maple Wood Brewing. I've never had a beer by

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Speaker 1: this brewery before. I don't think they're out of normal.

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Speaker 1: What a funny tone. Illinois normal Illinois. Okay, Yeah, so yeah,

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Speaker 1: we'll give our thoughts on this one later on in

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Speaker 1: this kind of stout season.

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Speaker 2: So we're getting in there. I'm pretty excited about it. Yeah,

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Speaker 2: also super fun to say fat Pug. I don't know

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Speaker 2: if you're allowed to call pugs fat. Is that that's

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Speaker 2: just rude? That's who they are. Yeah, I think it's.

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Speaker 1: An abrasive name for acceptable. Yeah, I guess you're right.

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Speaker 1: All right. If you, by the way, have a money question,

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Speaker 1: we'd love to hear from you got to have to

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Speaker 1: money dot com, slash ask, or just record your money

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Speaker 1: question on the voicemai wapp of your phone. Email it

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Speaker 1: over to us. We'll take you about two minutes and

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Speaker 1: then hopefully we can take it next week on the show.

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Speaker 1: Matt let's get to a question from a listener who

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Speaker 1: has gobs of money in his hands right now. I

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Speaker 1: was trying to figure out how to proceed.

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Speaker 3: Hey, Matt Joel, this is Hayden from Marlborough, New York.

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Speaker 3: My wife and I decided that we were tired of

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Speaker 3: home ownership and we decided to become renters again. We

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Speaker 3: just sold our primary residence and we walked away with

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Speaker 3: a little over three hundred thousand. We're also going to

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Speaker 3: sell the duplex that we own, and we should walk

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Speaker 3: away after everything with another three hundred thousand from that,

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Speaker 3: we don't need to worry much about retirement. We still

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Speaker 3: have twenty five years, but my wife and I max

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Speaker 3: out our four or three bees our roths and we'll

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Speaker 3: each have New York State pensions upon our retirement that'll

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Speaker 3: pay us about sixty five percent of our final average salary.

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Speaker 3: We also contribute a lot to my daughter's five twenty nine,

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Speaker 3: so our salaries more than cover our rent, our one car,

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Speaker 3: or other expenses. So since we don't need this chunk

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Speaker 3: of money for another home purchase, what's the best way

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Speaker 3: to make this money work for us?

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Speaker 1: Cheers, Hayden. You're not going to buy another home. That's

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Speaker 1: the only ticket to building wealth. Hayden, you know that

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Speaker 1: it's the only way you can be considered a true American. Yeah,

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Speaker 1: otherwise you're just a free loader. Obviously we're joking here.

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Speaker 2: Despite the equity that you've been able to accrue, huge

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Speaker 2: congrats on that. I I really appreciate. I can totally

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Speaker 2: respect the fact that Hayden that him and his wife

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Speaker 2: decided that owning a home that it wasn't for him.

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Speaker 2: You know, like this is he's just like, Hey, this

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Speaker 2: is my jam. I'm gonna pivot. We're gonna try something different.

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Speaker 1: What happened by the way, like his he sometimes there's

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Speaker 1: a you think you think it got burned. I don't know,

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Speaker 1: Like is it did something happen to the home and

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Speaker 1: you were like I can't deal with this anymore. You're

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Speaker 1: gonna do it again? Maybe maybe like you had to

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Speaker 1: have the AC repair guy out six times over this

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Speaker 1: past summer and you're like this is just getting absurd.

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Speaker 1: I'm done with it. Yeah, Or you know the cross

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Speaker 1: Bace flooded. I mean, there's all these sorts of things

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Speaker 1: that can happen as a homeowner and home ownership. Yet

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Speaker 1: like kind of like you're alluding to, mattis seen. Is

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Speaker 1: this end all be all. It's a smart financial decision,

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Speaker 1: but you can take a toll on you too.

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Speaker 2: Absolutely, it just depends on what you wanna, what you

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Speaker 2: want to sign up for. And I will say, generally speaking,

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Speaker 2: it's a nice perk to be able to build up

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Speaker 2: equity as you have purchased your own home, But there

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Speaker 2: is a lot more to life than just maximizing every

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Speaker 2: single financial decision. You're obviously doing a lot, a lot

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Speaker 2: of the right things. You are talking about how you are,

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Speaker 2: I mean truly, I think he checked all the boxes.

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Speaker 2: He even mentioned one car. Talk to me, Hayden, like,

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Speaker 2: but oh, you are a fellow one car brother. I

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Speaker 2: feel like we've got a kinship here. And with that

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Speaker 2: in mind, not just because of the one car thing,

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Speaker 2: but because you are. He's got the state pension, he's Yeah,

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Speaker 2: I think he's going to be just fine even though

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Speaker 2: he doesn't have a home, and I'll still.

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Speaker 1: Be able to retire potentially even better penty of money, yeah,

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Speaker 1: by by not having the home equity, by renting and

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Speaker 1: saving the difference.

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Speaker 2: And of course he's gonna have more flexibility if you

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Speaker 2: you know ends up wanting to move or try a

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Speaker 2: new location. If life is ends up being a little

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Speaker 2: bit different in three or four years, it's gonna be

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Speaker 2: a lot easier to uproot, which it sounds like he's

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Speaker 2: not worried about doing anyway, since he already did sell

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Speaker 2: his primary So.

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Speaker 1: He also might get a pretty sick deal on rent

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Speaker 1: depending on where he lives and what's happening in this

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Speaker 1: particular market. I want to our favorite creators in the

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Speaker 1: real estate space. Coach Carson was talking to one of

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Speaker 1: his most recent email newsletters. First first named Chad Chad

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Speaker 1: Chad Carson awesome individual but just really smart real estate

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Speaker 1: investor too, And he was saying how some of the

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Speaker 1: properties he's on the longest, even being in solid condition,

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Speaker 1: he's seen significant rent declines on some of those units,

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Speaker 1: and so that's bad for him, bad for investors, but

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Speaker 1: it's a great, great thing for a lot of renters

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Speaker 1: out there because we'd seen those massive rent increases, especially

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Speaker 1: in those early COVID days, and now it's like, hey,

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Speaker 1: that trend is reversing a fair amount. So maybe you

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Speaker 1: get top dollar for your home, Hayden, and then you're

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Speaker 1: able to have a lower monthly payment and then fewer updates,

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Speaker 1: fewer repairs the chief to make because guess what now

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Speaker 1: the landlord is on the hook for that as well.

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Speaker 1: A nice thing about selling your primary home, though, is

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Speaker 1: that the gains you accrue are delivered to you tax free.

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Speaker 1: That's one of the coolest things. Like, yeah, there's a

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Speaker 1: lot of expense, real estoric expense when it comes to

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Speaker 1: selling a residence, but at least the taxman doesn't get

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Speaker 1: his hands on that money. So Uncle Sam doesn't get

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Speaker 1: a penny of your three hundred thousand dollars in gains.

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Speaker 1: And it's one of the reasons that like the live

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Speaker 1: in flip strategy. Living in that home for two plus

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Speaker 1: years while you renovate it can be a smart investing

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Speaker 1: strategy because there's zero taxation because it was considered a

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Speaker 1: primary home that you lived in. It's we talked with

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Speaker 1: our friend Carl back in the day about this, Matt.

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Speaker 1: It's why he loves that strategy. He likes to do

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Speaker 1: the work himself. Anyway, they live in the house while

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Speaker 1: he's doing the work. Last name Jensen, that's right, and

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Speaker 1: then they eventually sell the money, sell the house, and

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Speaker 1: they don't pay any taxes on the games they received.

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Speaker 1: The duplex, by the way that you mentioned, you're selling,

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Speaker 1: So he's like getting out of the landlord game too.

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Speaker 1: He's like, I'm just done with homes. Don't want to

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Speaker 1: own one in any capacity. Well, that is likely to

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Speaker 1: be subject to long term capital gains taxes. You're probably

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Speaker 1: gonna know something like forty five thousand bucks at the

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Speaker 1: fifteen percent long term capital gains tax rate on the

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Speaker 1: three hundred thousand dollars in gains you're gonna experience on

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Speaker 1: that one. So make sure to set that money aside,

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Speaker 1: make sure you don't forget to keep that around when

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Speaker 1: tax time comes for April. And some people they want

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Speaker 1: to avoid taxes at all costs, even if it means

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Speaker 1: holding on to assets that they don't like or that

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Speaker 1: stress them out. It sounds like this is a success tax.

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Speaker 1: It's worth paying. It's a small price, I think, to

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Speaker 1: pay ultimately for the simpler financial life that you're looking

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Speaker 1: to create for yourself. Totally.

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Speaker 2: Yeah, One thing I just realized is I think he

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Speaker 2: said that they are planning to or they might be selling,

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Speaker 2: or I think he's planning. He's definitely gonna sell the duplex,

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Speaker 2: but it sounds like it maybe is often the future.

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Speaker 2: And so with this in mind, you've got the ability

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Speaker 2: to potentially avoid that possible forty five thousand in tax

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Speaker 2: were you to occupy that that duplex and tru I know,

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Speaker 2: if it was me, I would seriously I don't know,

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Speaker 2: maybe it's not in the most desirable part of town,

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Speaker 2: or maybe it's in a different town. There's a whole

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Speaker 2: lot of constraints here, but I would seriously be considering

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Speaker 2: that because we're talking about avoiding taking almost fifty thousand

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Speaker 2: dollars bath. Yeah, just by the stakes living in this

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Speaker 2: great duplex that you've owned for a number of years,

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Speaker 2: and I guarantee you that two years is going to

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Speaker 2: fly by when you're going to get a fifty thousand

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Speaker 2: dollars more dollars in your pocket. Just something to consider.

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Speaker 2: But let's assume that you already have sold it. So

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Speaker 2: we're talking about what it is that you should do

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Speaker 2: with five hundred and fifty thousand dollars. Well, now's the

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Speaker 2: perfect time to dig down into your family's goals. I

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Speaker 2: would start just asking some questions like do I feel

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Speaker 2: fulfilled to hear at work, like maybe it's time to

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Speaker 2: take a mini retirement. Maybe you're happy with that, or

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Speaker 2: maybe you're like, well, I don't want to jeopardize the pension,

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Speaker 2: so I'm gonna keep doing that. Guys, Well, then maybe

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Speaker 2: it looks like getting a little bit more philanthropic when

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Speaker 2: it comes to the money that you're giving to local charities,

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Speaker 2: charities that are globally or maybe it's just time for

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Speaker 2: you to just continue investing just in a brokerage so

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Speaker 2: that you can increase your options. Maybe you don't have

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Speaker 2: like a clear path that you want to take now,

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Speaker 2: but you're thinking, all right, well, let's be about it

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Speaker 2: so that we can do even more good to have

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Speaker 2: even more options down the road.

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Speaker 1: Because it doesn't sound like Hayden needs to put a

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Speaker 1: lot more money aside in retirement accounts because he's already

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Speaker 1: done a lot of that hard work. He's got the

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Speaker 1: pension too, exactly, so I think big here accomplished. He's

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Speaker 1: basically saying his expenses are essentially covered. So she's kind

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Speaker 1: of like, all right, I got a lot of things

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Speaker 1: I could potentially do here. I think that Hayden's got

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Speaker 1: the ability to make some just audacious moves without impinging

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Speaker 1: on your ability to reach financial independence in a reasonable timeframe.

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Speaker 1: So this is an opportunity, Hayden, for you and your

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Speaker 1: wife to essentially have your cake and to eat it too.

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Speaker 1: So I would this isn't like a one time sort

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Speaker 1: of conversation either, like certainly sit down some craft beer,

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Speaker 1: maybe a bottle of wine, where y'all really do dig

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Speaker 1: into what this could look like, but continue. You don't

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Speaker 1: have to make a decision anytime too. This is something

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Speaker 1: you can revisit over the course of like the rest

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Speaker 1: of this year, but even into the coming years. So

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Speaker 1: that's something that I would most definitely be doing. I

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Speaker 1: think it's good advice. I think you probably don't want

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Speaker 1: to make a rash decision. It's like after the death

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Speaker 1: of a spouse, like sometimes I think the biggest regrets

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Speaker 1: people have is the super quick moves that they make,

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Speaker 1: whether it's life insurance payout or trying to figure out

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Speaker 1: what to do with the house. They don't allow themselves

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Speaker 1: to grieve and they make a big decision and then

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Speaker 1: they're like, oh, man, if I felt like I was

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Speaker 1: in more of my right mind, a better headspace, I

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Speaker 1: probably would have done something different. And the same thing

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Speaker 1: is probably true when you're essentially cashing out investments to

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Speaker 1: the tune of half a million dollars. You don't want

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Speaker 1: to make a rash decision lock that money in some

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Speaker 1: way that doesn't allow you to have some liquidity and

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Speaker 1: some flexibility totally. And so you know, I think when

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Speaker 1: you're as far along the path as you are, Hayden,

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Speaker 1: and you live simply, the world is your oyster here.

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Speaker 1: And yeah, so like, if the mini retirement sounds the

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Speaker 1: most enticing, Matt, you just mentioned that, I think you'd

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Speaker 1: want to keep a bigger chunk in cash because that's

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Speaker 1: an expense that you're going to have the fund. You

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Speaker 1: might not have income coming in, you might be doing

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Speaker 1: more extensive travel, So I want to want to prioritize

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Speaker 1: you probably don't need all that money in cash, right

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Speaker 1: for a mini retirement. That'd be the most expensive many

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Speaker 1: retirement I've ever heard of, But you definitely would want

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Speaker 1: to keep some of that set aside in cash if

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Speaker 1: you want to give big money away, and you're going

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Speaker 1: to get a tax benefit for doing that as well.

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Speaker 1: If you're smart, you can ramp up your donor advice

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Speaker 1: fund contributions in the coming years, maybe big chunks in

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Speaker 1: twenty twenty five, twenty six, and twenty seven getting tax benefits,

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Speaker 1: you're also just ramping up your ability. You're kind of

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Speaker 1: garnering that nest egg for future giving and then you know,

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Speaker 1: beyond the roth ira. The taxable broker's account is a

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Speaker 1: great place to store medium term money that you're not

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Speaker 1: quite sure what to do with. You keep it liquid

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Speaker 1: as long as it's invested for more than a year.

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Speaker 1: You're talking about the long term capital gains tax rate

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Speaker 1: when you do pull money out of that account, and

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Speaker 1: it allows you to make big moves when you feel compelled,

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Speaker 1: like let's say you do say, man, you know what,

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Speaker 1: three years down the road, we really do miss home ownership,

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Speaker 1: or yeah, our life has changed substantially enough that we're

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Speaker 1: we're considering buying another investment property. Well, then you still

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Speaker 1: have access to that big chunk of cash, and that

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Speaker 1: chunk of cash has grown because it's been invested. So

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Speaker 1: most people don't have access to a six figure stockpile

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Speaker 1: that's also going to be growing and compounding along the way.

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Speaker 1: I think the tax bill brokerage account is a great

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Speaker 1: way to make a smart move with the majority of

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Speaker 1: the funds that doesn't really compromise your ability to change

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Speaker 1: course in the futures as you desire, as those goals

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Speaker 1: become more apparent. That's right.

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Speaker 2: One other thing I just thought of too, your conversation

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Speaker 2: with Cody Garrett last week he talked about he said

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Speaker 2: he subscribed to fire the financial independence, recreational employment.

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Speaker 1: Oh yeah, and I.

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Speaker 2: Really like that. The ability, Hayden, for you to potentially

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Speaker 2: pivot in your career. Again, you probably want to make

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Speaker 2: sure you're not losing out on the pension. You don't

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Speaker 2: want to sacrifice that. But finding what I know, at

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Speaker 2: some point, if you've.

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Speaker 1: Got enough money and you're like this job kind of

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Speaker 1: thinks it might be time.

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Speaker 2: Yeah, but finding ways to leverage your time, right, like

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Speaker 2: the ability for not only for you to align your

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Speaker 2: money with things that you care about, but also your time.

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Speaker 1: Man.

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Speaker 2: To me, that sounds like a recipe for happiness. So

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Speaker 2: I think that might be something worth considering as well.

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Speaker 2: But Joel, we got more to get to. We're gonna

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Speaker 2: hear from a newlywed couple. They've got an investment question

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Speaker 2: that plus more right after this.

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Speaker 1: All right, Matt, we're back. Let's get to a question

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Speaker 1: about credit cards and is it is you know some

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Speaker 1: of the best credit cards have substantial annual fees, but

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Speaker 1: is there a way around that?

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Speaker 4: Hello Joel and Mann. This is really from the DMW

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Speaker 4: area in Texas. I want to ask you guys a

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Speaker 4: two part question when it comes to your individual approaches

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Speaker 4: to annual fees on credit cards. My wife and I

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Speaker 4: are looking to get the AMEX Blue Cash Preferred card

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Speaker 4: to take advantage of the six percent cash crack on

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Speaker 4: groceries for up to six case spent annually, and we

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Speaker 4: predict we should hit the threshold by the end of

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Speaker 4: the year. However, I know the caveat with this card

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Speaker 4: is after the introductory year of having your fee waved,

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Speaker 4: there's the expectation of paying the ninety five dollars fee

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Speaker 4: every following year. I recall you guys mentioned before. You

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Speaker 4: can always reach out to these lenders in a request

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Speaker 4: to have your fee waved as a courtesy in that

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Speaker 4: following year. But let's take that scenario further to a

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Speaker 4: year by year basis for the long term. Could that

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Speaker 4: approach still be feasible on a yearly basis if you're

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Speaker 4: able to present a charismatic or justifiable enough reason to

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Speaker 4: the lender and having the fee wave. Is this something

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Speaker 4: either one of you have ever successfully done or continue

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Speaker 4: to do. If so, how have you managed to pull

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Speaker 4: that off? On to the second part of my question.

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Speaker 4: Could waving an annual fee on a card every year

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Speaker 4: be considered frugal or cheap? At some point it seems

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Speaker 4: like the lender may put their foot down and quit

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Speaker 4: waving the fee, or the individual making the request could

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Speaker 4: reach an ethical fatigue to where it may it may

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Speaker 4: make more sense to quote unquote pay what you owe

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Speaker 4: to the generally worthwhile benefits that most of these cards

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Speaker 4: with annual fees may offer. I would like to sign

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Speaker 4: off by thanking you guys for all the insight you

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Speaker 4: offer on various financial spectrums as well as a life

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Speaker 4: in general, as it has helped me reach money Gear

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Speaker 4: four in about two years that my sites to begin

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Speaker 4: money Gear five and twenty twenty six. I look forward

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Speaker 4: to listening to this show for many more years to come,

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Speaker 4: including den the sabbatical periods you guys will surely take

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Speaker 4: along the way best friends out J.

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Speaker 2: I like how Roy mentioned that it's not just the

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Speaker 2: money stuff that we talk about, it's also the life stuff. Yeah,

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Speaker 2: and you and I were just recently talking about how

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Speaker 2: personal finance that's our sandbox, right, like that is the

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Speaker 2: world that we live in. These are the headlines we

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Speaker 2: pay attention to, the rule changes, policy updates, things like that.

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Speaker 2: But also it's not I don't know, I'll speak for

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Speaker 2: myself personally, like I find money very interesting, but it

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Speaker 2: has more to do with the ability to use that

433
00:20:07,320 --> 00:20:10,679
Speaker 2: as a tool to lead to a happier success, successful,

434
00:20:10,680 --> 00:20:14,760
Speaker 2: fulfilling life. And I appreciate that. Roy appreciates that. Yeah, Roy,

435
00:20:14,800 --> 00:20:16,439
Speaker 2: I appreciate you appreciating us at.

436
00:20:16,280 --> 00:20:19,760
Speaker 1: Some point, at some point, it's impossible not to have

437
00:20:19,840 --> 00:20:22,639
Speaker 1: those broader conversation conversations as you start to figure the

438
00:20:22,680 --> 00:20:24,880
Speaker 1: money stuff out, like how does what sort of implication

439
00:20:24,960 --> 00:20:27,480
Speaker 1: does this have for how I live my life? And

440
00:20:27,560 --> 00:20:31,639
Speaker 1: to me, those that intersection that overlap are some of

441
00:20:31,640 --> 00:20:34,280
Speaker 1: the most interesting conversations, the most fun conversations that I

442
00:20:34,320 --> 00:20:36,120
Speaker 1: get to have. And it's it's some of the most

443
00:20:36,119 --> 00:20:38,400
Speaker 1: fun conversations you and I have that I have with Emily,

444
00:20:39,040 --> 00:20:42,240
Speaker 1: because yeah, you get to you just have this freedom,

445
00:20:42,440 --> 00:20:45,160
Speaker 1: this choice to stability at some point in your money

446
00:20:45,240 --> 00:20:49,880
Speaker 1: journey that gives you where the optionality is significant and

447
00:20:49,960 --> 00:20:54,800
Speaker 1: the things that you can pull off, whether it's you know,

448
00:20:54,880 --> 00:20:57,320
Speaker 1: many retirement I guess, or a sabbatical is what we're

449
00:20:57,320 --> 00:20:58,840
Speaker 1: calling it, really, Matt, like that you and I got

450
00:20:58,880 --> 00:21:01,399
Speaker 1: to have or just bigger giving goals, and that's what

451
00:21:01,440 --> 00:21:04,280
Speaker 1: we want all of our listeners to ultimately experience. By

452
00:21:04,280 --> 00:21:06,359
Speaker 1: the way, the best phrase that Roy used in that

453
00:21:06,480 --> 00:21:08,840
Speaker 1: question was ethical fatigue. I'm going to use that in

454
00:21:08,880 --> 00:21:15,160
Speaker 1: the future. Sometimes sounds like a fatigue ethically, but obviously massive,

455
00:21:15,480 --> 00:21:17,920
Speaker 1: massive props to Roy for reaching money gear at number

456
00:21:17,920 --> 00:21:21,520
Speaker 1: four and what sounds like short order. And let's talk

457
00:21:21,560 --> 00:21:24,040
Speaker 1: about credit cards, Matt. I'm we're not against annual fees

458
00:21:24,240 --> 00:21:26,560
Speaker 1: because if you're savvy, if you're if you're smart in

459
00:21:26,600 --> 00:21:29,840
Speaker 1: the credit card space, which half Americans are not, so

460
00:21:29,880 --> 00:21:32,080
Speaker 1: you got to be careful, you can easily get more

461
00:21:32,280 --> 00:21:34,199
Speaker 1: value out of the cards that you're using than the

462
00:21:34,240 --> 00:21:38,280
Speaker 1: cost of the annual fee. But also, as we discussed

463
00:21:38,320 --> 00:21:41,160
Speaker 1: not so long ago, some of the new fangled travel

464
00:21:41,240 --> 00:21:45,200
Speaker 1: credit cards, the revamped credit cards from City and Chase

465
00:21:45,320 --> 00:21:50,560
Speaker 1: and Amex, well, they offer cash back for more upscale spending.

466
00:21:50,760 --> 00:21:52,600
Speaker 1: It's like, oh, do you spend a lot of money

467
00:21:52,600 --> 00:21:54,679
Speaker 1: on that Peloton subscription? That's how you're going to get

468
00:21:54,680 --> 00:21:56,560
Speaker 1: money back, but you have to spend a lot, if

469
00:21:56,560 --> 00:21:58,119
Speaker 1: to fork over a lot of money in order to

470
00:21:58,160 --> 00:22:01,679
Speaker 1: get the perk pack. So we would just say be

471
00:22:01,720 --> 00:22:04,880
Speaker 1: careful before signing up for the super fancy cards, because

472
00:22:05,080 --> 00:22:07,600
Speaker 1: you know, using credit cards for spending you're already doing

473
00:22:07,640 --> 00:22:10,240
Speaker 1: in order to get rewarded. That's cool, but spending money

474
00:22:10,240 --> 00:22:12,919
Speaker 1: that you otherwise would not have spent in order to

475
00:22:12,960 --> 00:22:15,200
Speaker 1: reach that threshold. Like, well, I guess in order to

476
00:22:15,200 --> 00:22:16,720
Speaker 1: get one hundred bucks back, I need to spend five

477
00:22:16,800 --> 00:22:20,639
Speaker 1: hundred bucks over here. That doesn't make much sense unless

478
00:22:20,640 --> 00:22:22,440
Speaker 1: that product is really adding a lot to your life

479
00:22:22,480 --> 00:22:24,600
Speaker 1: and you would have paid it anyway. So find a

480
00:22:24,600 --> 00:22:27,320
Speaker 1: credit card that rewards you for how you spend, and

481
00:22:27,359 --> 00:22:29,640
Speaker 1: if it doesn't after a while, like down Grater, ditch

482
00:22:29,680 --> 00:22:30,280
Speaker 1: that card.

483
00:22:30,440 --> 00:22:32,679
Speaker 2: Yeah, specifically I'm thinking of like one of those travel

484
00:22:32,680 --> 00:22:35,680
Speaker 2: cards was the City Strata card. Oh yeah, it's got

485
00:22:35,720 --> 00:22:38,640
Speaker 2: like a six hundred dollars annual fee. That's so much

486
00:22:38,760 --> 00:22:41,280
Speaker 2: money that I don't think that's one that Joel, that

487
00:22:41,359 --> 00:22:42,880
Speaker 2: you nor I are even considering.

488
00:22:42,960 --> 00:22:44,800
Speaker 1: But I will say it, sim of those cards do

489
00:22:44,840 --> 00:22:46,800
Speaker 1: make sense for some people, especially for that's how you

490
00:22:46,920 --> 00:22:48,040
Speaker 1: spend your money, go for it.

491
00:22:48,080 --> 00:22:48,320
Speaker 4: Not me.

492
00:22:48,600 --> 00:22:51,560
Speaker 1: I think they're really marketed for my blood at like

493
00:22:51,640 --> 00:22:55,040
Speaker 1: dinks in big cities where you're into kind of the

494
00:22:55,080 --> 00:22:57,400
Speaker 1: finer things in life and you are doing more more

495
00:22:57,440 --> 00:22:59,679
Speaker 1: traveling and you're staying at those higher end hotels. If

496
00:22:59,720 --> 00:23:01,760
Speaker 1: that's already you, then those cards can make a lot

497
00:23:01,800 --> 00:23:03,919
Speaker 1: of sense. But if it's not, then it might be

498
00:23:03,920 --> 00:23:05,320
Speaker 1: more like square peg in a round hole.

499
00:23:05,400 --> 00:23:09,199
Speaker 2: That's true, but Roy was talking about spending on groceries,

500
00:23:09,280 --> 00:23:12,480
Speaker 2: so he mentioned the American Express Blue Cash Preferred Card.

501
00:23:13,080 --> 00:23:15,640
Speaker 2: It is still a great card if you pay attention

502
00:23:15,760 --> 00:23:18,880
Speaker 2: to the particulars, to the details. And the first year

503
00:23:18,960 --> 00:23:20,960
Speaker 2: is even more beneficial because, yeah, you can avoid the

504
00:23:20,960 --> 00:23:22,840
Speaker 2: annual fee when you sign up. You can think of

505
00:23:22,920 --> 00:23:26,640
Speaker 2: the sign up bonus that you receive after that initial

506
00:23:26,680 --> 00:23:29,640
Speaker 2: spend as covering a few years of the annual fee

507
00:23:29,680 --> 00:23:31,320
Speaker 2: as well. See, I don't know, there's almost like a

508
00:23:31,320 --> 00:23:32,240
Speaker 2: feeling of getting.

509
00:23:32,040 --> 00:23:34,680
Speaker 1: It for free for a few years, Yeah, but then

510
00:23:34,680 --> 00:23:38,520
Speaker 1: technically not waived. Well, what fifty dollars signup bonus? Typically

511
00:23:38,520 --> 00:23:40,400
Speaker 1: on that card, it's going to feel like it covers

512
00:23:40,440 --> 00:23:40,760
Speaker 1: a few.

513
00:23:40,680 --> 00:23:43,639
Speaker 2: Years, but then once the annual fee kicks in, is

514
00:23:43,680 --> 00:23:46,720
Speaker 2: it going to be worth it? It will be if

515
00:23:46,760 --> 00:23:49,840
Speaker 2: you spend the six thousand dollars on groceries each year,

516
00:23:50,080 --> 00:23:52,520
Speaker 2: because that's three hundred and sixty dollars in rewards for

517
00:23:52,640 --> 00:23:56,639
Speaker 2: that category alone, which obviously far surpasses the annual fee.

518
00:23:57,359 --> 00:23:59,800
Speaker 2: But I do think it's a card that a bunch

519
00:23:59,840 --> 00:24:03,200
Speaker 2: of out of money listeners would benefit from. And essentially

520
00:24:03,240 --> 00:24:05,439
Speaker 2: there's a threshold and you need to be looking at

521
00:24:05,440 --> 00:24:08,280
Speaker 2: spending at least three thousand dollars on that card. Otherwise

522
00:24:08,320 --> 00:24:11,520
Speaker 2: you can just roll with the Blue Cash, the everyday

523
00:24:11,520 --> 00:24:15,120
Speaker 2: Blue Cash card that has no annual fee, and you're

524
00:24:15,119 --> 00:24:17,840
Speaker 2: getting about the same benefit from that card and anything

525
00:24:17,880 --> 00:24:19,680
Speaker 2: above that it's yeah, it's gravy on top.

526
00:24:19,800 --> 00:24:22,440
Speaker 1: One thing you realized because you use that card regularly

527
00:24:23,080 --> 00:24:25,560
Speaker 1: is that you were getting close to that six thousand

528
00:24:25,560 --> 00:24:28,680
Speaker 1: dollars spending limit earlier in the year, and so there's

529
00:24:28,720 --> 00:24:30,639
Speaker 1: no extra benefit to you because it goes down to

530
00:24:30,640 --> 00:24:32,880
Speaker 1: what one percent after hitting that six thousand dollars cap

531
00:24:33,160 --> 00:24:36,360
Speaker 1: on groceries, So you got to switch the card you're using. Case, yeah,

532
00:24:36,400 --> 00:24:37,960
Speaker 1: it turns into a big old stinker of a card.

533
00:24:38,440 --> 00:24:41,000
Speaker 2: After which that's something that snuck up on us because

534
00:24:41,040 --> 00:24:42,760
Speaker 2: we were used to not spending that much.

535
00:24:43,400 --> 00:24:44,720
Speaker 1: This is pre pan time.

536
00:24:44,840 --> 00:24:47,280
Speaker 2: So it's like when we could feed our family for one,

537
00:24:47,520 --> 00:24:49,720
Speaker 2: you know, one dollar a day per person, per meal

538
00:24:50,000 --> 00:24:52,719
Speaker 2: with a good old essentially, and I don't think we

539
00:24:52,720 --> 00:24:54,640
Speaker 2: were sounds like a little house on the paride, I know,

540
00:24:54,800 --> 00:24:58,399
Speaker 2: but we basically hit that spend amount roughly halfway through

541
00:24:58,400 --> 00:25:00,640
Speaker 2: the year now, so that's when we make the switch. Yeah,

542
00:25:00,680 --> 00:25:02,440
Speaker 2: So keep that in mind because if you continue to

543
00:25:02,520 --> 00:25:05,600
Speaker 2: use it getting one percent back like there's then you're

544
00:25:05,720 --> 00:25:08,240
Speaker 2: too loyal to that card. The only other category that

545
00:25:08,280 --> 00:25:10,960
Speaker 2: you'd want to use the blue Cash preferred on is

546
00:25:10,960 --> 00:25:14,320
Speaker 2: streaming because you get six percent back on streaming services too.

547
00:25:14,400 --> 00:25:17,760
Speaker 2: You and I met were not big streaming people, but

548
00:25:17,800 --> 00:25:20,240
Speaker 2: if you have multiple services, six percent.

549
00:25:20,040 --> 00:25:21,520
Speaker 1: Back really into it. Pretty solid.

550
00:25:21,560 --> 00:25:23,320
Speaker 2: I will say, even though we've hit the six percent

551
00:25:23,320 --> 00:25:25,159
Speaker 2: on the groceries, I still have that card tied to

552
00:25:25,600 --> 00:25:28,280
Speaker 2: ride share because it's three percent on trains it and

553
00:25:28,280 --> 00:25:31,680
Speaker 2: so all my lift in Uber. I know recently I

554
00:25:31,720 --> 00:25:34,960
Speaker 2: totally shot down Uber, but I'm I still like hopping

555
00:25:34,960 --> 00:25:37,359
Speaker 2: in an Uber X. I don't think is Uber black?

556
00:25:37,440 --> 00:25:39,920
Speaker 2: Is that the fancy car? So don't I just get

557
00:25:39,920 --> 00:25:42,439
Speaker 2: the cheap what's the big one? Because I had to

558
00:25:42,520 --> 00:25:44,960
Speaker 2: use the bigger I think is it uber x Is

559
00:25:45,000 --> 00:25:48,359
Speaker 2: that the xls uber XL for like a suburban or something.

560
00:25:48,440 --> 00:25:49,960
Speaker 1: Yeah, I had to do that because for your trip

561
00:25:50,000 --> 00:25:52,560
Speaker 1: on my backpack track, there was like three dude backpacks

562
00:25:52,560 --> 00:25:54,639
Speaker 1: in there that were enormous stuff. And we're big. Burley

563
00:25:54,760 --> 00:25:58,560
Speaker 1: does sometimes kind of okay. But the big question that

564
00:25:58,640 --> 00:26:00,960
Speaker 1: Roy had was can you get the annual fee waived

565
00:26:01,000 --> 00:26:03,880
Speaker 1: on a credit card? And I'll tell you this, Roy,

566
00:26:03,920 --> 00:26:06,000
Speaker 1: It's harder than you might think. And that is because

567
00:26:06,000 --> 00:26:08,159
Speaker 1: most of the premium credit cards they're just not going

568
00:26:08,200 --> 00:26:11,119
Speaker 1: to budge on their annual fee. Right. They'll say, well,

569
00:26:11,280 --> 00:26:13,879
Speaker 1: if you're not getting enough value from the card, you

570
00:26:13,960 --> 00:26:16,760
Speaker 1: can just downgrade. And we've got this other card, like

571
00:26:16,800 --> 00:26:19,199
Speaker 1: you mentioned the not the blue Cash Preferred, but what's

572
00:26:19,240 --> 00:26:21,520
Speaker 1: it called me just the regular, the every day, every

573
00:26:21,600 --> 00:26:24,400
Speaker 1: day blue Cash. Okay, so you can they'll say, oh,

574
00:26:24,400 --> 00:26:26,040
Speaker 1: you're not getting enough value from this, well we can't

575
00:26:26,040 --> 00:26:27,880
Speaker 1: wave the annual fee, but we've got this other card

576
00:26:27,960 --> 00:26:30,040
Speaker 1: that's a good fit for you. And because of that,

577
00:26:30,400 --> 00:26:33,040
Speaker 1: like it's rare that they're going to say, oh, you

578
00:26:33,080 --> 00:26:35,159
Speaker 1: called in to ask sure, we'll do away with this

579
00:26:35,240 --> 00:26:37,800
Speaker 1: because they have another option for you, and it's a

580
00:26:37,840 --> 00:26:41,439
Speaker 1: really big part of the business model that these credit

581
00:26:41,440 --> 00:26:43,760
Speaker 1: card companies run. If they were just like waving annual

582
00:26:43,760 --> 00:26:47,280
Speaker 1: fees all the time, then the structure of these cards,

583
00:26:47,359 --> 00:26:48,760
Speaker 1: they wouldn't be able to offer some of the parks

584
00:26:48,800 --> 00:26:50,800
Speaker 1: that they offer. So exactly, you can always call them

585
00:26:50,840 --> 00:26:53,600
Speaker 1: try Sure. I don't see any shame in that game.

586
00:26:53,880 --> 00:26:56,080
Speaker 1: But how likely are you to succeed? We would say

587
00:26:56,560 --> 00:26:57,680
Speaker 1: minimal possibility. Yeah.

588
00:26:57,760 --> 00:27:00,600
Speaker 2: Yeah, the term he used that you've mentioned at the

589
00:27:00,680 --> 00:27:02,120
Speaker 2: very beginning ethical fatigue.

590
00:27:02,160 --> 00:27:02,919
Speaker 1: I don't see any.

591
00:27:02,760 --> 00:27:05,520
Speaker 2: Ethical dilemma at all, and asking me like this, this

592
00:27:05,600 --> 00:27:08,600
Speaker 2: is business, and so they either have permission to grant

593
00:27:08,680 --> 00:27:11,879
Speaker 2: you the ninety five dollars, whether it's via credit or

594
00:27:11,920 --> 00:27:12,480
Speaker 2: just straight.

595
00:27:12,320 --> 00:27:14,080
Speaker 1: Up to refund that fee.

596
00:27:14,960 --> 00:27:17,600
Speaker 2: But I realized I've had my card for a while,

597
00:27:17,600 --> 00:27:19,639
Speaker 2: and I'm like, oh, I haven't I personally haven't even.

598
00:27:19,520 --> 00:27:21,080
Speaker 1: Tried to wave that fee. So I actually reached out

599
00:27:21,119 --> 00:27:21,760
Speaker 1: to MX.

600
00:27:21,520 --> 00:27:25,880
Speaker 2: This morning, and no luck, because exactly what you said,

601
00:27:26,200 --> 00:27:29,240
Speaker 2: They're essentially like, oh, so this is just how this works.

602
00:27:29,880 --> 00:27:32,840
Speaker 2: There's no amount of charisma, there is no amount of

603
00:27:32,920 --> 00:27:35,639
Speaker 2: justifiable evidence that I was able to provide. Really, that's

604
00:27:35,640 --> 00:27:38,000
Speaker 2: one of the other things you said. It's like you're

605
00:27:38,000 --> 00:27:39,760
Speaker 2: picturing it more like you're sitting down with like a

606
00:27:39,760 --> 00:27:41,960
Speaker 2: mom or pop kind of landlord of Like.

607
00:27:42,119 --> 00:27:45,560
Speaker 1: But what if I do have a dog.

608
00:27:45,480 --> 00:27:47,920
Speaker 2: But I take care of the lawn. Okay, Hey, there's

609
00:27:47,920 --> 00:27:51,240
Speaker 2: a conversation to be had there, right As opposed to Amex,

610
00:27:51,320 --> 00:27:55,080
Speaker 2: there's no it's either yes or no, and it doesn't.

611
00:27:55,160 --> 00:27:56,640
Speaker 2: I don't think it really matters how much you push,

612
00:27:56,680 --> 00:27:58,520
Speaker 2: because I push pretty dang hard and at the end

613
00:27:58,560 --> 00:28:02,280
Speaker 2: they're just like, appreciate you being a customer since twenty twelve.

614
00:28:02,320 --> 00:28:04,639
Speaker 2: But there's there's absolutely nothing that.

615
00:28:05,040 --> 00:28:06,800
Speaker 1: We can do. It's gonna throw that polite to cline

616
00:28:06,800 --> 00:28:08,840
Speaker 1: your way in suggest another card if this one doesn't sure,

617
00:28:08,840 --> 00:28:11,320
Speaker 1: which is what they did. And oh man, two things.

618
00:28:11,320 --> 00:28:14,679
Speaker 2: Okay, it's one thing to expect and to feel that

619
00:28:14,880 --> 00:28:17,439
Speaker 2: like you are entitled to a credit and that's not

620
00:28:17,480 --> 00:28:19,200
Speaker 2: what we're advocating for here.

621
00:28:19,200 --> 00:28:20,640
Speaker 1: That's not what we're all about here on the show.

622
00:28:20,880 --> 00:28:22,080
Speaker 1: Would be not cool. Yeah.

623
00:28:22,119 --> 00:28:25,000
Speaker 2: But secondly, I'm just realizing myself that when I had

624
00:28:25,000 --> 00:28:27,760
Speaker 2: talked about this card previously, about hitting that six thousand dollars.

625
00:28:28,040 --> 00:28:31,359
Speaker 2: I mentioned that I've switched to the City double Cash

626
00:28:31,359 --> 00:28:32,840
Speaker 2: card to get the at least get the two percent,

627
00:28:32,840 --> 00:28:34,960
Speaker 2: which is better than the one percent. Yeah, I need

628
00:28:35,000 --> 00:28:37,720
Speaker 2: to get a stinking everyday card because that's three percent

629
00:28:37,800 --> 00:28:38,440
Speaker 2: and it's free.

630
00:28:38,480 --> 00:28:40,200
Speaker 1: That's true. What am I? What am I doing? I

631
00:28:40,240 --> 00:28:42,720
Speaker 1: could get one percent of the more percent if I'm

632
00:28:42,720 --> 00:28:45,480
Speaker 1: looking to optimize, and so that's true. That's gonna be

633
00:28:45,840 --> 00:28:47,000
Speaker 1: the new how to money.

634
00:28:46,760 --> 00:28:49,760
Speaker 2: Matt grocery approach. I want to rock that every day.

635
00:28:49,800 --> 00:28:52,000
Speaker 2: I'm sorry, I'm going to rock the Blue Cash preferred

636
00:28:52,200 --> 00:28:54,040
Speaker 2: up until that six thousand. Then then I'm going to switch

637
00:28:54,040 --> 00:28:56,120
Speaker 2: over the three percent card, which is free, so there's

638
00:28:56,120 --> 00:28:58,720
Speaker 2: no additional charge there anyway to even consider using that

639
00:28:58,720 --> 00:28:59,600
Speaker 2: card for the rest of the year.

640
00:28:59,640 --> 00:29:02,320
Speaker 1: Smart Boom slammed, duck, Yeah, I love it. Look at

641
00:29:02,360 --> 00:29:03,920
Speaker 1: you figuring this stuff out on the fly. I'm jack.

642
00:29:05,360 --> 00:29:05,440
Speaker 4: Oh.

643
00:29:05,520 --> 00:29:08,200
Speaker 1: I do want to highlight that the one case in

644
00:29:08,240 --> 00:29:10,440
Speaker 1: which it's actually much easier to get an annual fee

645
00:29:10,440 --> 00:29:13,080
Speaker 1: waived is if you serve in the military, and that's

646
00:29:13,640 --> 00:29:16,600
Speaker 1: there are federal regulations specifically on what credit cards are

647
00:29:16,600 --> 00:29:19,400
Speaker 1: allowed to charge active duty service members as far as

648
00:29:19,440 --> 00:29:21,280
Speaker 1: like interest rates, I think of the cap as like

649
00:29:21,360 --> 00:29:25,240
Speaker 1: six percent or something like that, which is much lower

650
00:29:25,240 --> 00:29:28,960
Speaker 1: than what Normanis are charged twenty two percent average. Yeah,

651
00:29:29,000 --> 00:29:31,960
Speaker 1: something like that. But a lot of card issuers don't

652
00:29:32,000 --> 00:29:36,480
Speaker 1: just limit the interest rate. They also wave annual fees

653
00:29:36,680 --> 00:29:39,000
Speaker 1: for active duty service members as well, even on some

654
00:29:39,040 --> 00:29:41,960
Speaker 1: of those super fancy elite cards, even though they aren't

655
00:29:42,080 --> 00:29:44,560
Speaker 1: required to. I think MX is actually one of the

656
00:29:44,560 --> 00:29:47,040
Speaker 1: better credit card companies at this so if you are

657
00:29:47,240 --> 00:29:49,600
Speaker 1: if you are an active duty service member, you might

658
00:29:49,640 --> 00:29:53,200
Speaker 1: want to strongly consider getting one of the nicer cards

659
00:29:53,440 --> 00:29:55,920
Speaker 1: that has like a seven hundred dollars annual fee, because

660
00:29:56,160 --> 00:29:57,920
Speaker 1: you get all the perks, but you don't get any

661
00:29:57,920 --> 00:30:00,200
Speaker 1: of that downside of having to fork go. We're a

662
00:30:00,200 --> 00:30:01,920
Speaker 1: big chuck of money to the credit card company every

663
00:30:02,000 --> 00:30:04,400
Speaker 1: year too. There you go. Let's hear now from a

664
00:30:04,440 --> 00:30:08,160
Speaker 1: listener who is having a tough time participating in one

665
00:30:08,200 --> 00:30:10,560
Speaker 1: of our favorite investing accounts.

666
00:30:11,000 --> 00:30:14,520
Speaker 5: I met Jel. This is Chelsea and Franklin, Massachusetts. My

667
00:30:14,600 --> 00:30:16,840
Speaker 5: partner and I got married in April this year, and

668
00:30:16,880 --> 00:30:20,400
Speaker 5: we were both contributing to our roth Ira accounts. However,

669
00:30:20,600 --> 00:30:23,240
Speaker 5: now that we're married and PLANTI file our taxes jointly,

670
00:30:23,640 --> 00:30:26,880
Speaker 5: we've hit the income limit and can no longer contribute

671
00:30:26,920 --> 00:30:29,480
Speaker 5: to the roth We were told that we can open

672
00:30:29,520 --> 00:30:33,719
Speaker 5: a traditional IRA account and contribute there, so we did

673
00:30:34,040 --> 00:30:38,760
Speaker 5: do that, but it made me realize that that's still

674
00:30:38,800 --> 00:30:42,239
Speaker 5: technically after tax dollars that we're putting in, so I

675
00:30:42,280 --> 00:30:47,920
Speaker 5: wasn't sure if that's actually allowed. Also, since we've already

676
00:30:47,920 --> 00:30:50,880
Speaker 5: contributed into the roth IRA for the first part of

677
00:30:50,880 --> 00:30:53,440
Speaker 5: the year, what do we need to do with anything

678
00:30:53,640 --> 00:30:56,800
Speaker 5: with that money that we've already put in And if

679
00:30:56,880 --> 00:31:00,719
Speaker 5: the traditional Ira is not allowed, what do we do

680
00:31:01,200 --> 00:31:02,920
Speaker 5: with the money that we've already put in there?

681
00:31:03,440 --> 00:31:07,280
Speaker 1: Thank you, Chelsea, congrats on getting married. Pump for you guys.

682
00:31:07,960 --> 00:31:09,680
Speaker 1: I see the sadness in your eyes that you weren't

683
00:31:09,720 --> 00:31:12,360
Speaker 1: invited to the wedding. I was just gonna say, you're

684
00:31:12,360 --> 00:31:16,200
Speaker 1: disappointed you weren't asked to officiate. Oh man, nobody wants

685
00:31:16,240 --> 00:31:18,800
Speaker 1: meet to officiate. They'll get that online certificate and do it.

686
00:31:18,880 --> 00:31:19,840
Speaker 1: If a listener asked you to.

687
00:31:20,160 --> 00:31:23,760
Speaker 2: Oh man, I think I'm I would seriously consider it.

688
00:31:23,800 --> 00:31:26,400
Speaker 2: I think I would do because of the honor. Like

689
00:31:26,480 --> 00:31:29,040
Speaker 2: if if it's your most the most important day for

690
00:31:29,200 --> 00:31:31,840
Speaker 2: you and your partner. Even though this isn't necessarily like

691
00:31:31,840 --> 00:31:35,360
Speaker 2: a life goal of mine, I would feel obligated to like,

692
00:31:35,640 --> 00:31:37,840
Speaker 2: all right, time for Matt or Matt to step up

693
00:31:37,880 --> 00:31:38,240
Speaker 2: to the plate.

694
00:31:38,320 --> 00:31:40,800
Speaker 1: I got lever you really want, Yeah, I'll do this

695
00:31:40,840 --> 00:31:43,560
Speaker 1: for you exactly. Yeah. Plus, if there's a good local

696
00:31:43,600 --> 00:31:45,680
Speaker 1: craft brewery, I'm like, all right, make it a two

697
00:31:45,680 --> 00:31:47,720
Speaker 1: for one. Or maybe hey, maybe they got good craft

698
00:31:47,720 --> 00:31:50,760
Speaker 1: beer at the reception afterwards, like some good homebrew. Yeah,

699
00:31:51,200 --> 00:31:54,520
Speaker 1: it'd be cool, But so other other head of money listeners.

700
00:31:54,520 --> 00:31:57,240
Speaker 1: If you're planning on getting married soon and you want

701
00:31:57,360 --> 00:31:58,800
Speaker 1: Matt there, just reach out.

702
00:31:58,880 --> 00:32:02,360
Speaker 2: Or Matt, what if it's a dual efficient sort of

703
00:32:02,360 --> 00:32:03,520
Speaker 2: setup that we got go to on jouy.

704
00:32:03,560 --> 00:32:05,360
Speaker 1: That'd be first time for everything. Let's go for it.

705
00:32:05,360 --> 00:32:08,160
Speaker 1: Though Okay, they would probably be like they would be

706
00:32:08,160 --> 00:32:11,040
Speaker 1: afraid of what would happen on the mic front because

707
00:32:11,040 --> 00:32:12,400
Speaker 1: they listen to the podcast and they're like.

708
00:32:12,360 --> 00:32:14,440
Speaker 2: Well, I don't want that. But also at my wedding,

709
00:32:14,480 --> 00:32:16,480
Speaker 2: what weird off the cuff stuff? Will they say?

710
00:32:17,480 --> 00:32:18,000
Speaker 1: You never know?

711
00:32:18,080 --> 00:32:20,160
Speaker 2: I think I'd be too nervous. I would completely stick

712
00:32:20,200 --> 00:32:22,080
Speaker 2: to whatever was written on the certificate.

713
00:32:22,160 --> 00:32:25,000
Speaker 1: I would think that potential listener should be more nervous

714
00:32:25,080 --> 00:32:27,280
Speaker 1: because I might go off script and you might not

715
00:32:27,400 --> 00:32:31,480
Speaker 1: like it. Let's talk about Roth's, Matt, because I'm glad

716
00:32:31,520 --> 00:32:34,040
Speaker 1: that Chelsea's been able to contribute to a ROTH recently.

717
00:32:34,360 --> 00:32:36,400
Speaker 1: And in some ways it sucks that you can't do

718
00:32:36,440 --> 00:32:39,240
Speaker 1: a direct ROTH contribution anymore. But it also means that

719
00:32:39,240 --> 00:32:41,520
Speaker 1: you're making good money, which is a great thing, so

720
00:32:42,520 --> 00:32:45,360
Speaker 1: I would Yeah, I don't feel too bad. It's a

721
00:32:45,360 --> 00:32:47,720
Speaker 1: good problem to have. Yeah, And it basically means that

722
00:32:47,760 --> 00:32:49,960
Speaker 1: you're making more than a quarter million dollars a year,

723
00:32:50,000 --> 00:32:52,040
Speaker 1: which is a killer combined salary. So it props to

724
00:32:52,080 --> 00:32:53,920
Speaker 1: you guys for that. I know, I take a ton

725
00:32:53,960 --> 00:32:56,200
Speaker 1: of hard work to get there, and it just makes

726
00:32:56,200 --> 00:32:58,960
Speaker 1: it so much easier to build wealth if you're diligent

727
00:32:59,280 --> 00:33:00,760
Speaker 1: on a high salary, Matt. That was one of the

728
00:33:00,800 --> 00:33:03,160
Speaker 1: things that talked about with Nick Medulie not too long ago.

729
00:33:03,200 --> 00:33:04,920
Speaker 1: He's like, that's the biggest problem for a lot of people, say,

730
00:33:05,040 --> 00:33:07,880
Speaker 1: just don't make enough money. And it's also true that

731
00:33:07,920 --> 00:33:10,000
Speaker 1: a lot of people earning six figures are living paycheck

732
00:33:10,000 --> 00:33:13,240
Speaker 1: to paycheck because they haven't really figured out the personal

733
00:33:13,320 --> 00:33:16,080
Speaker 1: finance basics. But Chelsea's in a great spot because she's

734
00:33:16,120 --> 00:33:18,880
Speaker 1: got both, she's got the personal finance basics down, and

735
00:33:18,920 --> 00:33:20,920
Speaker 1: they're making a killer income at the same time.

736
00:33:21,160 --> 00:33:23,080
Speaker 2: Well as a happy marriage. I'm sure it's been nothing

737
00:33:23,120 --> 00:33:26,360
Speaker 2: but butterflies and rainbows up until this point, right Chelsea.

738
00:33:26,440 --> 00:33:28,840
Speaker 1: Yeah, I can speak for her and say, yes, okay,

739
00:33:29,560 --> 00:33:30,080
Speaker 1: hopefully it.

740
00:33:30,040 --> 00:33:33,120
Speaker 2: Has been so, Chelsea. One way that you might see

741
00:33:33,120 --> 00:33:34,920
Speaker 2: this is why they don't want us to officiate.

742
00:33:36,320 --> 00:33:38,479
Speaker 1: Do you ever know what we'll say their wedding awkward thing?

743
00:33:38,600 --> 00:33:42,960
Speaker 1: Oh my gosh. Okay, you could qualify to directly contribute

744
00:33:43,000 --> 00:33:46,680
Speaker 1: to your ross by moving more of your money into

745
00:33:46,760 --> 00:33:50,040
Speaker 1: your workplace retirement accounts. Basically by upping let's say a

746
00:33:50,080 --> 00:33:54,320
Speaker 1: traditional four one K contribution, that right there could bring

747
00:33:54,360 --> 00:33:59,400
Speaker 1: your adjusted gross income below the roth IRA income limit threshold,

748
00:33:59,400 --> 00:34:01,880
Speaker 1: which would allow you to then funnel money into your

749
00:34:01,960 --> 00:34:05,440
Speaker 1: roth iras directly. That's worth considering. Yeah, it's like, if

750
00:34:05,480 --> 00:34:06,080
Speaker 1: you're really.

751
00:34:05,920 --> 00:34:08,200
Speaker 2: Close, I certainly want to mention this because it only

752
00:34:08,239 --> 00:34:12,240
Speaker 2: works if you're within an earshot essentially of that limit,

753
00:34:12,280 --> 00:34:13,840
Speaker 2: and of course, if you are, you got to be

754
00:34:13,920 --> 00:34:18,640
Speaker 2: keen on investing more. Otherwise you should consider a backdoor

755
00:34:18,840 --> 00:34:21,280
Speaker 2: WROTH And we've got an article up on the slide

756
00:34:21,280 --> 00:34:24,080
Speaker 2: that will link to. But essentially, you are making a

757
00:34:24,160 --> 00:34:28,359
Speaker 2: non deductible contribution to your traditional ira and then you

758
00:34:28,400 --> 00:34:32,479
Speaker 2: are going to immediately roll that over into your wroth ira.

759
00:34:32,960 --> 00:34:34,480
Speaker 2: You're still going to be able to put seven thousand

760
00:34:34,480 --> 00:34:37,239
Speaker 2: dollars there into that roth, but you need to be

761
00:34:37,400 --> 00:34:40,600
Speaker 2: aware of the pro rata rule if you already have

762
00:34:40,760 --> 00:34:44,759
Speaker 2: money they're in a traditional ira. Basically, I hope it's

763
00:34:44,800 --> 00:34:47,520
Speaker 2: easier if you don't have a traditional and you're opening

764
00:34:47,560 --> 00:34:50,960
Speaker 2: it for the first time for this backdoor roth maneuver.

765
00:34:51,239 --> 00:34:54,480
Speaker 2: But if you already have one set up, basically there's

766
00:34:54,640 --> 00:34:58,560
Speaker 2: just a lot more tax keeping up with taxes and

767
00:34:58,760 --> 00:35:00,560
Speaker 2: what's already been in there and making.

768
00:35:00,360 --> 00:35:02,799
Speaker 1: Sure it's taxed at the proper rate. If you've got

769
00:35:02,840 --> 00:35:05,400
Speaker 1: let's say six figures in the traditional ira, you're trying

770
00:35:05,440 --> 00:35:08,439
Speaker 1: to do the contribution to the non deductible traditional ira

771
00:35:08,520 --> 00:35:11,440
Speaker 1: and then do the rollover, you could be making a

772
00:35:11,480 --> 00:35:13,080
Speaker 1: big messy tax mistake.

773
00:35:13,160 --> 00:35:15,400
Speaker 2: Yeah, and it doesn't even require a large amount of

774
00:35:15,400 --> 00:35:17,919
Speaker 2: money in the traditional even just like any money that's

775
00:35:17,920 --> 00:35:20,880
Speaker 2: in there is going to complicate it from a taxing perspective.

776
00:35:20,880 --> 00:35:22,759
Speaker 2: And so if that's the case, it's not a huge deal,

777
00:35:22,840 --> 00:35:24,719
Speaker 2: but that would be something, for instance, that you would

778
00:35:24,760 --> 00:35:28,759
Speaker 2: want to discuss with your CPA, with your accountant. It's

779
00:35:28,800 --> 00:35:32,319
Speaker 2: something that they come across fairly fairly frequently. I guess, well,

780
00:35:32,400 --> 00:35:33,560
Speaker 2: maybe it just depends on.

781
00:35:33,600 --> 00:35:35,040
Speaker 1: Who you're working with. Well, my guess is that that

782
00:35:35,160 --> 00:35:38,279
Speaker 1: Chelsea also probably doesn't have that problem because she's been

783
00:35:38,320 --> 00:35:41,759
Speaker 1: prioritizing the wroth up until now. So if I were

784
00:35:41,880 --> 00:35:44,399
Speaker 1: venturing to guess, Matt, I would sing Chelsea probably doesn't

785
00:35:44,440 --> 00:35:47,880
Speaker 1: have Probably keeping it simple taking them in deduction, which

786
00:35:48,000 --> 00:35:50,320
Speaker 1: makes her ripe for the back door wrath makes it

787
00:35:50,360 --> 00:35:52,640
Speaker 1: a great idea because she's not going to mess with

788
00:35:52,640 --> 00:35:54,520
Speaker 1: that pro rout of rule. It's probably true. And then

789
00:35:54,880 --> 00:35:57,080
Speaker 1: what do you do if you've contributed to a wroth

790
00:35:57,160 --> 00:35:59,839
Speaker 1: but you're now ineligible, So basically you put the money

791
00:35:59,880 --> 00:36:02,640
Speaker 1: in and then like wait a second, not allowed to

792
00:36:02,640 --> 00:36:06,000
Speaker 1: do that. Well, that happens regularly. Two people just figure

793
00:36:06,040 --> 00:36:07,719
Speaker 1: out they're going to make more and they don't qualify

794
00:36:07,920 --> 00:36:11,040
Speaker 1: based on income requirements anymore. Well, the IRS wants you

795
00:36:11,080 --> 00:36:14,400
Speaker 1: to recharacterize the money you've already contributed, so you can

796
00:36:14,440 --> 00:36:16,680
Speaker 1: go in through your brokerage account. You can change the

797
00:36:16,680 --> 00:36:21,120
Speaker 1: wroth contribution to a traditional IRA contribution, and there's a

798
00:36:21,239 --> 00:36:23,880
Speaker 1: specific form you need to send to the IRS after

799
00:36:23,960 --> 00:36:26,839
Speaker 1: doing this, which is is a Form eighty six six

800
00:36:26,880 --> 00:36:29,960
Speaker 1: math eighty six. Because you've done this before exactly, Yeah,

801
00:36:30,040 --> 00:36:32,920
Speaker 1: and you could you could also choose to just withdraw

802
00:36:32,960 --> 00:36:36,480
Speaker 1: the contribution and the earnings before the tax filing deadline.

803
00:36:36,760 --> 00:36:39,920
Speaker 1: You'd only be taxed on the earnings plus a ten

804
00:36:39,920 --> 00:36:42,040
Speaker 1: percent penalty. It's likely not going to be a huge

805
00:36:42,040 --> 00:36:44,520
Speaker 1: amount because it's not been in there for very long. Yeah,

806
00:36:44,520 --> 00:36:46,560
Speaker 1: but it would still go against your goal of saving

807
00:36:46,560 --> 00:36:49,400
Speaker 1: for retirement and getting money into a roth ira and

808
00:36:49,440 --> 00:36:49,920
Speaker 1: you just.

809
00:36:49,960 --> 00:36:52,759
Speaker 2: Basically it, Yeah, don't do that, just based on principle. Yeah,

810
00:36:52,800 --> 00:36:55,000
Speaker 2: even though it's a small amount, because you know, seven

811
00:36:55,120 --> 00:36:59,399
Speaker 2: whatever seven thousand has grown into from earlier this year,

812
00:36:59,400 --> 00:37:02,080
Speaker 2: and that's assuming a lump sum investment at the beginning

813
00:37:02,120 --> 00:37:04,520
Speaker 2: of the year. Although I guess if she's dollar cost averaging,

814
00:37:04,600 --> 00:37:06,919
Speaker 2: she would have seen even more growth because of where

815
00:37:06,920 --> 00:37:10,680
Speaker 2: the market tank to there in April. Regardless, you want

816
00:37:10,680 --> 00:37:13,080
Speaker 2: to make sure that you fill out that form eighty

817
00:37:13,120 --> 00:37:15,600
Speaker 2: six oh six, file that when you file your taxes

818
00:37:15,680 --> 00:37:19,360
Speaker 2: for twenty twenty five. Also, that's the same form. So

819
00:37:19,520 --> 00:37:24,160
Speaker 2: essentially what you're doing when you execute a backdoor wroth

820
00:37:24,160 --> 00:37:27,960
Speaker 2: IRA contribution, it's the same thing. It's essentially intentionally doing

821
00:37:27,960 --> 00:37:30,400
Speaker 2: the recharacterization. So yeah, you also have to file that

822
00:37:30,440 --> 00:37:34,239
Speaker 2: form eighty six oh six when you execute.

823
00:37:33,760 --> 00:37:35,200
Speaker 1: A backdoor wrath IRA as.

824
00:37:35,040 --> 00:37:37,480
Speaker 2: Well, so you can get familiar with that if that's

825
00:37:37,480 --> 00:37:39,279
Speaker 2: something that you think you're going to be participating in.

826
00:37:39,760 --> 00:37:41,040
Speaker 1: You're talking about penalties, Joel.

827
00:37:41,080 --> 00:37:43,400
Speaker 2: Right, so you've got the ten percent penalty you're taxed

828
00:37:43,440 --> 00:37:47,760
Speaker 2: on the earnings were you to just simply withdraw those contributions,

829
00:37:48,320 --> 00:37:51,360
Speaker 2: another penalty if this is something that you don't fix,

830
00:37:51,600 --> 00:37:54,040
Speaker 2: which does not sound like something that you're planning to do, Chelsea,

831
00:37:54,080 --> 00:37:56,359
Speaker 2: you're looking to nip this in the bud. But let's

832
00:37:56,400 --> 00:37:58,440
Speaker 2: just say you don't fix this, well, there is a

833
00:37:58,520 --> 00:38:02,120
Speaker 2: six percent annual tax or penalty that the IRS applies

834
00:38:02,360 --> 00:38:05,560
Speaker 2: to these ros con to these WROTH contributions that you

835
00:38:05,719 --> 00:38:09,080
Speaker 2: are making an error essentially, and so every year you

836
00:38:09,080 --> 00:38:12,000
Speaker 2: don't fix it, those penalties are going to accrue. So

837
00:38:12,480 --> 00:38:15,840
Speaker 2: it certainly behooves you to do this quickly. But moving forward,

838
00:38:15,920 --> 00:38:19,440
Speaker 2: getting money into a ROTH, it's still possible, and it's

839
00:38:19,440 --> 00:38:22,200
Speaker 2: a very brilliant thing to do to avoid all future

840
00:38:22,280 --> 00:38:25,320
Speaker 2: tax liability completely. You just got to jump through the

841
00:38:25,360 --> 00:38:27,640
Speaker 2: proper hoops in order to not run a foul of

842
00:38:27,680 --> 00:38:28,120
Speaker 2: the IRS.

843
00:38:28,280 --> 00:38:31,320
Speaker 1: Wish it weren't so complex, Wish it weren't so annoying,

844
00:38:31,520 --> 00:38:33,399
Speaker 1: and that Hey, you're trying to do the right thing

845
00:38:33,680 --> 00:38:35,040
Speaker 1: and then you got to make things right with the

846
00:38:35,080 --> 00:38:38,160
Speaker 1: IRS on the back end. Wish it were simpler. It's not,

847
00:38:38,800 --> 00:38:40,640
Speaker 1: but that is the way you clear things up and

848
00:38:40,680 --> 00:38:42,080
Speaker 1: still get money into your roth iray.

849
00:38:42,120 --> 00:38:44,319
Speaker 2: That's right, and it's really not that big of a deal.

850
00:38:44,560 --> 00:38:46,600
Speaker 2: The eighty six take it away with it though. Math

851
00:38:46,680 --> 00:38:47,160
Speaker 2: is your friend.

852
00:38:47,200 --> 00:38:49,399
Speaker 1: Why can't everyone contribute to a roth ira? Matthew, That's

853
00:38:49,440 --> 00:38:51,680
Speaker 1: what I want to know. Yeah, well that would be

854
00:38:51,719 --> 00:38:56,200
Speaker 1: the Peter Teel approach in should he be eligible for

855
00:38:56,200 --> 00:38:58,319
Speaker 1: a roth iray? But somehow he found away? He found away.

856
00:38:58,440 --> 00:39:00,839
Speaker 1: I mean, it's like water, water always finds. Just from

857
00:39:00,880 --> 00:39:04,919
Speaker 1: a theoretical standpoint, it does seem like just the fact

858
00:39:04,960 --> 00:39:09,000
Speaker 1: that we cap contributions amount contribution amounts, it's seven thousand

859
00:39:09,080 --> 00:39:13,480
Speaker 1: per person that despite your income, like why not? Why not?

860
00:39:13,760 --> 00:39:16,919
Speaker 1: And because of the availability the backdoor roth ira two,

861
00:39:17,480 --> 00:39:19,359
Speaker 1: the fact that high income owners can still get money

862
00:39:19,400 --> 00:39:19,879
Speaker 1: into a roth.

863
00:39:19,920 --> 00:39:22,400
Speaker 2: It does feel different than like a like a solo

864
00:39:22,440 --> 00:39:24,719
Speaker 2: for one K, where it's like you can put like

865
00:39:25,120 --> 00:39:26,799
Speaker 2: tens of thousands of dollars into this thing.

866
00:39:26,880 --> 00:39:28,520
Speaker 1: Oh yeah, that's not what we're talking about. Yeah, just

867
00:39:28,520 --> 00:39:29,320
Speaker 1: seven thousand dollars.

868
00:39:29,480 --> 00:39:31,319
Speaker 2: But all right, we got more to get to. We've

869
00:39:31,360 --> 00:39:33,960
Speaker 2: got asked our Facebook questions of the week. Buddy, we're

870
00:39:33,960 --> 00:39:37,280
Speaker 2: gonna talk about the classic conundrum of which credit card

871
00:39:37,320 --> 00:39:38,840
Speaker 2: balances to pay off first.

872
00:39:38,840 --> 00:39:49,439
Speaker 1: We'll get to that more right after this. We're back.

873
00:39:49,480 --> 00:39:52,080
Speaker 1: We've got a classic personal finance question to get to

874
00:39:52,200 --> 00:39:55,040
Speaker 1: here in just a second. It's classic. But first let's

875
00:39:55,040 --> 00:39:56,560
Speaker 1: give it the Facebook question of the week. This one

876
00:39:56,560 --> 00:40:00,040
Speaker 1: comes from Matthew What is everyone's experience with the the

877
00:40:00,120 --> 00:40:03,440
Speaker 1: best rental car company when traveling? I found some that

878
00:40:03,520 --> 00:40:05,720
Speaker 1: are only one hundred dollars for the week, which sounds

879
00:40:05,719 --> 00:40:08,600
Speaker 1: incredibly cheap, but others that are four hundred dollars, so

880
00:40:08,680 --> 00:40:10,759
Speaker 1: big disparity is what he's saying. The ones that are

881
00:40:10,760 --> 00:40:13,719
Speaker 1: expensive are the ones with the best reviews, while the

882
00:40:13,760 --> 00:40:16,760
Speaker 1: dirt cheap ones have horrible reviews. Yeah, I'd be questioning

883
00:40:16,760 --> 00:40:18,000
Speaker 1: whether or not the one hundred dollars a week when

884
00:40:18,000 --> 00:40:20,239
Speaker 1: it comes with like tires and like what other fee?

885
00:40:20,360 --> 00:40:21,840
Speaker 1: What additional fees are there going to be?

886
00:40:21,960 --> 00:40:23,960
Speaker 2: Ye that they're going to force you to cough up

887
00:40:24,000 --> 00:40:26,600
Speaker 2: in order to actually leave the lot with the car.

888
00:40:26,719 --> 00:40:26,880
Speaker 3: You know.

889
00:40:26,920 --> 00:40:29,160
Speaker 1: It just sprung to my mind was the time I

890
00:40:29,239 --> 00:40:33,600
Speaker 1: bought the knockoff Atlanta United jersey oh yeah yeah, and

891
00:40:33,640 --> 00:40:35,239
Speaker 1: it was like off color to get what you pay

892
00:40:35,280 --> 00:40:38,080
Speaker 1: for his nice material. The stripes were totally like the

893
00:40:38,080 --> 00:40:41,040
Speaker 1: wrong size, yeah and color. And it was one of

894
00:40:41,080 --> 00:40:42,759
Speaker 1: those things where I was like, put this jerseys twenty

895
00:40:42,800 --> 00:40:44,640
Speaker 1: bucks and the official ones through m molest A like

896
00:40:44,640 --> 00:40:46,279
Speaker 1: eighty bucks, and I don't I don't want to drop

897
00:40:46,320 --> 00:40:49,000
Speaker 1: that kind of money and uh yeah, but I looked

898
00:40:49,080 --> 00:40:52,200
Speaker 1: ridiculous wearing it around. And so yeah, you do at times,

899
00:40:52,200 --> 00:40:54,240
Speaker 1: many times get what you pay for. And those reviews

900
00:40:54,239 --> 00:40:57,400
Speaker 1: I think are evidence. And so some of these, some

901
00:40:57,440 --> 00:41:00,400
Speaker 1: of these second rate carnal companies matt are indeed awful

902
00:41:00,560 --> 00:41:01,360
Speaker 1: most of the time.

903
00:41:01,480 --> 00:41:05,120
Speaker 2: Okay, So I so speaking of reviews, this is an

904
00:41:05,520 --> 00:41:08,600
Speaker 2: to my detriment. I ignored some reviews at a local

905
00:41:08,760 --> 00:41:11,120
Speaker 2: car rental place and they had it's one that you

906
00:41:11,440 --> 00:41:14,239
Speaker 2: I'll say it was Budget, and everyone's heard of Budget, right,

907
00:41:14,280 --> 00:41:17,239
Speaker 2: it's a name brand, it's fairly reputable. But this particular

908
00:41:17,320 --> 00:41:20,799
Speaker 2: location had abysmal reviews, and I said, you know what,

909
00:41:20,880 --> 00:41:23,440
Speaker 2: I'm no, no, I've got the deal. They've got the

910
00:41:23,440 --> 00:41:26,480
Speaker 2: deal going on there. I'm gonna pounce on the opportunity

911
00:41:26,520 --> 00:41:29,560
Speaker 2: here to save a ton of money. And guess what,

912
00:41:29,880 --> 00:41:32,279
Speaker 2: they of course, did not have the vehicle that I

913
00:41:32,320 --> 00:41:34,600
Speaker 2: had reserved. It led to a mass like an hour's

914
00:41:34,600 --> 00:41:36,600
Speaker 2: long headache, which.

915
00:41:36,680 --> 00:41:39,439
Speaker 1: Let's be honest, that is also a car rental thing

916
00:41:39,600 --> 00:41:42,440
Speaker 1: in particular, where they don't have the stupid They know

917
00:41:42,480 --> 00:41:44,080
Speaker 1: how to take the reservation, they just don't know how

918
00:41:44,080 --> 00:41:44,799
Speaker 1: to keep the well.

919
00:41:44,800 --> 00:41:48,520
Speaker 2: I will say their parent company, AVIS, which I have

920
00:41:48,560 --> 00:41:51,759
Speaker 2: subsequently rented from, was fantastic and so I don't know

921
00:41:51,760 --> 00:41:55,880
Speaker 2: if this was just an instance of feeling burned in

922
00:41:55,360 --> 00:41:58,919
Speaker 2: a given situation, but because that, guess what, I'm much

923
00:41:59,000 --> 00:42:01,239
Speaker 2: less likely to rent for them, even though there are

924
00:42:01,280 --> 00:42:04,600
Speaker 2: plenty of folks who would probably swear by budget.

925
00:42:04,280 --> 00:42:06,400
Speaker 1: And they're like, no, man, I love budget. Problem there

926
00:42:06,440 --> 00:42:09,200
Speaker 1: might go to Yeah, the guy that works there were buds.

927
00:42:09,480 --> 00:42:11,239
Speaker 2: I send him a Christmas card every year. You know

928
00:42:11,480 --> 00:42:13,480
Speaker 2: he's like part of the family comes over on Sunday.

929
00:42:13,560 --> 00:42:15,120
Speaker 1: It's weird. Don't do that.

930
00:42:15,560 --> 00:42:17,440
Speaker 2: Hey, if if that's your buddy, if y'all got to

931
00:42:17,480 --> 00:42:19,919
Speaker 2: know each other, it doesn't matter where it is that

932
00:42:20,040 --> 00:42:23,960
Speaker 2: you originally met. So all that said, I ignored the reviews.

933
00:42:24,080 --> 00:42:25,080
Speaker 2: Reviews are really important.

934
00:42:25,120 --> 00:42:27,319
Speaker 1: Yeah, and uh yeah, going with one of the more

935
00:42:27,360 --> 00:42:31,040
Speaker 1: reputable names, I think, yeah, well, especially I think what

936
00:42:31,080 --> 00:42:33,680
Speaker 1: Matthew's getting at is there are like these really subpar

937
00:42:33,880 --> 00:42:39,280
Speaker 1: non name brands, second tier, third tier, almost just crappy companies.

938
00:42:39,360 --> 00:42:41,839
Speaker 1: That and the reviews are so horrible because and I've

939
00:42:41,840 --> 00:42:43,520
Speaker 1: been I've done the same thing. I've rented from one

940
00:42:43,560 --> 00:42:45,919
Speaker 1: of these places feels a little more fly by night. Yeah.

941
00:42:45,960 --> 00:42:49,000
Speaker 1: At operation often the location is further off the airport,

942
00:42:49,040 --> 00:42:52,680
Speaker 1: it's harder to get to, and the people working there

943
00:42:52,760 --> 00:42:55,879
Speaker 1: don't seem to care nearly as much. And maybe there

944
00:42:55,880 --> 00:42:58,480
Speaker 1: are additional fees that you weren't told about ahead of

945
00:42:58,560 --> 00:43:00,279
Speaker 1: time at the booking, and so the deal is not

946
00:43:00,320 --> 00:43:01,920
Speaker 1: even as good as you thought it was going to be.

947
00:43:02,360 --> 00:43:04,560
Speaker 1: So I would just say, think about all those things,

948
00:43:04,600 --> 00:43:06,840
Speaker 1: read their reviews thoroughly. Don't just look at the star rating.

949
00:43:07,280 --> 00:43:09,760
Speaker 1: If the savings are substantial and you've got flexible travel,

950
00:43:09,800 --> 00:43:11,839
Speaker 1: and you're keen to give it a go because you're

951
00:43:11,840 --> 00:43:14,759
Speaker 1: that kind of person. You like, you're the experimenter, you

952
00:43:14,880 --> 00:43:17,400
Speaker 1: do you, but those reviews might be enough to freak

953
00:43:17,440 --> 00:43:20,440
Speaker 1: you out and prevent you from giving it a go

954
00:43:20,600 --> 00:43:23,400
Speaker 1: with some of the non name brand car rental company.

955
00:43:23,280 --> 00:43:26,240
Speaker 2: Especially when you consider when it is that you typically

956
00:43:26,280 --> 00:43:28,520
Speaker 2: rent a vehicle, which is when you're at of town,

957
00:43:28,640 --> 00:43:31,600
Speaker 2: you don't typically have other options, right, and you're typically

958
00:43:31,680 --> 00:43:34,440
Speaker 2: on a tighter time schedule, You've got reservations, you've got

959
00:43:34,480 --> 00:43:39,360
Speaker 2: different Oh, our entry for the museum is between these hours,

960
00:43:39,400 --> 00:43:44,480
Speaker 2: like every minute counts when you're on vacation. Typically, the

961
00:43:44,480 --> 00:43:47,879
Speaker 2: way we Americans schedule our vacation tool right like, it's

962
00:43:47,920 --> 00:43:51,480
Speaker 2: so there's like zero margin, which honestly that should be

963
00:43:51,520 --> 00:43:53,880
Speaker 2: referendum on how it is that we relax and how

964
00:43:53,960 --> 00:43:58,480
Speaker 2: we vacate our homes. But that being said, I am

965
00:43:58,520 --> 00:44:00,399
Speaker 2: now more at the point to where I'm to pay

966
00:44:00,400 --> 00:44:03,839
Speaker 2: a little bit more in order to ensure that I'm

967
00:44:03,880 --> 00:44:06,600
Speaker 2: not going to be stuck there a without a vehicle

968
00:44:06,640 --> 00:44:09,960
Speaker 2: that works for our party, our group, but be just

969
00:44:09,960 --> 00:44:11,920
Speaker 2: waiting in lines too, man Like that's the other part

970
00:44:11,960 --> 00:44:14,080
Speaker 2: of it, like I don't want to spend like an

971
00:44:14,080 --> 00:44:16,200
Speaker 2: out And I've had this happen before too. I'm thinking

972
00:44:16,239 --> 00:44:19,520
Speaker 2: about one time I flew into Detroit and not supposed

973
00:44:19,560 --> 00:44:21,439
Speaker 2: to make a certain dinner by like a certain time,

974
00:44:21,520 --> 00:44:23,359
Speaker 2: and I stood there in line for like forty to

975
00:44:23,360 --> 00:44:27,120
Speaker 2: fifty minutes. One person working the counter. I swear it

976
00:44:27,160 --> 00:44:28,719
Speaker 2: was that one person that was also like going to

977
00:44:28,719 --> 00:44:30,040
Speaker 2: get the cars too, Like it.

978
00:44:29,920 --> 00:44:32,080
Speaker 1: Wasn't like, oh, yeah, the keys are also washing the cars.

979
00:44:32,080 --> 00:44:32,600
Speaker 1: Oh my gosh.

980
00:44:32,719 --> 00:44:35,640
Speaker 2: So that's not the kind of scenario that I want

981
00:44:35,640 --> 00:44:37,279
Speaker 2: to find myself in. That being said, you don't have

982
00:44:37,320 --> 00:44:39,400
Speaker 2: to pay off the nose in order to ensure that

983
00:44:39,440 --> 00:44:42,239
Speaker 2: you're getting a good company. I know, well you you

984
00:44:42,360 --> 00:44:43,360
Speaker 2: used Costco recently.

985
00:44:43,360 --> 00:44:45,640
Speaker 1: I feel like Costco travel rocks. It's so good. It's

986
00:44:45,680 --> 00:44:47,719
Speaker 1: super simple, the grid format that they display. If you're

987
00:44:47,719 --> 00:44:50,000
Speaker 1: a Costco member, it's a great place to turn. They've

988
00:44:50,080 --> 00:44:52,920
Speaker 1: got like five different rental car companies that they'll the

989
00:44:53,040 --> 00:44:56,160
Speaker 1: list and depending on the make and model of the

990
00:44:56,160 --> 00:44:57,960
Speaker 1: car or basically you know, are you going for a

991
00:44:57,960 --> 00:44:59,440
Speaker 1: compact or are you going for a pickup truck? Are

992
00:44:59,440 --> 00:45:01,480
Speaker 1: you going for a And they'll they'll tell you, well, hey,

993
00:45:01,480 --> 00:45:03,839
Speaker 1: which these which one offers the best deal? Right now?

994
00:45:04,160 --> 00:45:06,600
Speaker 1: That that's a great way to shop. But then I

995
00:45:06,640 --> 00:45:09,440
Speaker 1: think the other most important way to save on rental

996
00:45:09,480 --> 00:45:11,719
Speaker 1: cars Matt, that most people don't think about. Most people

997
00:45:11,719 --> 00:45:13,360
Speaker 1: are like, they book it, they forget about it, and

998
00:45:13,400 --> 00:45:14,719
Speaker 1: then they show up and they get the car that

999
00:45:14,719 --> 00:45:19,000
Speaker 1: they booked. Well, if you reshop regularly before your trip,

1000
00:45:19,200 --> 00:45:23,520
Speaker 1: you could see substantial savings. So if like you manually checking, now,

1001
00:45:23,520 --> 00:45:27,200
Speaker 1: are you doing auto slash? So auto slash is awesome

1002
00:45:27,239 --> 00:45:28,920
Speaker 1: site to help you with that, but I'm I like

1003
00:45:28,960 --> 00:45:30,400
Speaker 1: to I don't know, I'm weird. I like to manually

1004
00:45:30,440 --> 00:45:33,200
Speaker 1: check back in. So I checked back in yesterday on

1005
00:45:33,320 --> 00:45:35,960
Speaker 1: a car rental that I've got upcoming, and I was like,

1006
00:45:36,239 --> 00:45:39,120
Speaker 1: the gas electric disparity was significant. Well it's gone down,

1007
00:45:39,400 --> 00:45:41,359
Speaker 1: and so I'm like, great, I think I'm actually going

1008
00:45:41,400 --> 00:45:43,920
Speaker 1: to get a gas vehicle. Just I don't know that

1009
00:45:43,920 --> 00:45:45,720
Speaker 1: EV's gonna quite do what I needed to do sadly

1010
00:45:45,760 --> 00:45:46,160
Speaker 1: on this one.

1011
00:45:46,280 --> 00:45:48,600
Speaker 2: Yeah, you don't want to get stuck in the situation. Yeah,

1012
00:45:48,880 --> 00:45:50,960
Speaker 2: that I felt as if a few weeks ago where

1013
00:45:50,960 --> 00:45:53,879
Speaker 2: they're like, hey, it's actually you're gonna you're gonna deal

1014
00:45:53,880 --> 00:45:56,400
Speaker 2: with some range range anxiety.

1015
00:45:56,360 --> 00:45:58,840
Speaker 1: Yeah, but I was like, great, well, this is my

1016
00:45:58,840 --> 00:46:01,520
Speaker 1: perfect chance for you booking, and guess what, I'll probably

1017
00:46:01,800 --> 00:46:05,640
Speaker 1: reshop that two more times before the actual trip. So classic, Joel.

1018
00:46:05,719 --> 00:46:08,919
Speaker 1: It's the amount you can save by doing that, which really,

1019
00:46:08,920 --> 00:46:10,680
Speaker 1: you know, plugging back in those dates and checking the

1020
00:46:10,680 --> 00:46:13,840
Speaker 1: pricing again takes all of two minutes. Yeah, and so

1021
00:46:14,440 --> 00:46:16,480
Speaker 1: that's the best way to save instead of going with

1022
00:46:16,920 --> 00:46:19,600
Speaker 1: the super duper low cost off brand not going to

1023
00:46:19,640 --> 00:46:23,360
Speaker 1: be good or nice to you choice, just reshop instead.

1024
00:46:24,000 --> 00:46:26,080
Speaker 1: That's the way you'll save more and feel more confident. Totally.

1025
00:46:26,160 --> 00:46:27,920
Speaker 2: Yeah, don't forget about Touro as well. You might be

1026
00:46:27,960 --> 00:46:29,640
Speaker 2: able to find a deal over there by running from

1027
00:46:29,640 --> 00:46:32,320
Speaker 2: an individual as opposed to a company.

1028
00:46:32,480 --> 00:46:32,640
Speaker 5: Joe.

1029
00:46:32,680 --> 00:46:36,040
Speaker 2: Let's take another one from an anonymous poster. I'm trying

1030
00:46:36,040 --> 00:46:37,640
Speaker 2: to pay off some credit card debt. I've got a

1031
00:46:37,719 --> 00:46:41,080
Speaker 2: couple with larger balances and a couple smaller ones. Is

1032
00:46:41,120 --> 00:46:43,319
Speaker 2: it better to pay off one to two cards or

1033
00:46:43,400 --> 00:46:47,520
Speaker 2: split the money to bring down all the balances? This

1034
00:46:47,600 --> 00:46:49,880
Speaker 2: is a debt snowball question right here. Yes, whether or

1035
00:46:49,920 --> 00:46:53,520
Speaker 2: not this listener or poster should subscribe to that as

1036
00:46:53,560 --> 00:46:56,520
Speaker 2: opposed to the debt avalanche, right, And we'll describe what

1037
00:46:56,560 --> 00:46:59,239
Speaker 2: that means. But first off, I mean it's really a

1038
00:46:59,320 --> 00:47:03,000
Speaker 2: question of versus your brain, and the math would say

1039
00:47:03,040 --> 00:47:06,000
Speaker 2: to pay the minimum balance on each card except for

1040
00:47:06,040 --> 00:47:08,560
Speaker 2: the card with the highest interest rate. You know, you

1041
00:47:08,560 --> 00:47:10,600
Speaker 2: pay as much as you possibly can on that one

1042
00:47:10,680 --> 00:47:14,880
Speaker 2: particular card, and you get rid of that particular debt

1043
00:47:15,160 --> 00:47:17,000
Speaker 2: in short order. And then once you've.

1044
00:47:17,440 --> 00:47:20,640
Speaker 1: Eradicated the debt from that first card, you move on

1045
00:47:20,719 --> 00:47:23,200
Speaker 1: to the one with the next highest interest rate. That's

1046
00:47:23,200 --> 00:47:28,480
Speaker 1: the best tactic from a math perspective, right, That computes Yeah,

1047
00:47:28,520 --> 00:47:31,839
Speaker 1: because gonna you're gonna be paying it off while paying

1048
00:47:31,840 --> 00:47:34,600
Speaker 1: the least amount of interest overall. And that that really

1049
00:47:34,680 --> 00:47:38,359
Speaker 1: is the debt avalanche approach. But when we're talking about

1050
00:47:38,400 --> 00:47:42,319
Speaker 1: the snowball we're talking about it's the best motivator for

1051
00:47:42,360 --> 00:47:44,239
Speaker 1: your brain, which is to pay off the card with

1052
00:47:44,280 --> 00:47:47,560
Speaker 1: the lowest balance more quickly, no matter what the interest

1053
00:47:47,600 --> 00:47:51,440
Speaker 1: rate disparity is, and then getting rid of a whole

1054
00:47:51,520 --> 00:47:53,920
Speaker 1: debt from your life more quickly. That just kind of

1055
00:47:54,160 --> 00:47:57,040
Speaker 1: speeds up the process or makes you more excited about

1056
00:47:57,080 --> 00:48:00,520
Speaker 1: and motivated to pay off debt more quickly. So that's yeah,

1057
00:48:00,800 --> 00:48:03,600
Speaker 1: is it better to go the math route or the

1058
00:48:03,960 --> 00:48:08,960
Speaker 1: more psychologically advantageous route. I lean towards psychologically advantageous, but

1059
00:48:09,200 --> 00:48:10,120
Speaker 1: it also kind of depends.

1060
00:48:10,200 --> 00:48:12,520
Speaker 2: It depends on the situation. Yeah, Like a lot of times,

1061
00:48:12,520 --> 00:48:14,440
Speaker 2: the criticism is that, like, well, if you're paying attention,

1062
00:48:14,520 --> 00:48:17,000
Speaker 2: paying attention to math, you wouldn't have started spending on

1063
00:48:17,040 --> 00:48:19,319
Speaker 2: your credit cards to begin with. But I do think

1064
00:48:19,320 --> 00:48:21,799
Speaker 2: there are some There are certain scenarios where it's like, oh, yeah,

1065
00:48:21,840 --> 00:48:24,399
Speaker 2: over a decade and all of a sudden, you look

1066
00:48:24,400 --> 00:48:26,480
Speaker 2: down and you got like four cards in your wallet

1067
00:48:26,960 --> 00:48:30,239
Speaker 2: with balances on all of them, and then you've sort of, oh,

1068
00:48:30,280 --> 00:48:32,160
Speaker 2: the scales have fallen from my eyes, and I realized

1069
00:48:32,160 --> 00:48:34,080
Speaker 2: that I got to figure some things out here. And

1070
00:48:34,120 --> 00:48:36,640
Speaker 2: in a scenario like that, I could see taking the

1071
00:48:36,680 --> 00:48:40,240
Speaker 2: more mathematical, which I'll say, the mathematical is the brain

1072
00:48:40,280 --> 00:48:43,359
Speaker 2: approach versus the snowball, which feels more like a heart,

1073
00:48:43,760 --> 00:48:45,800
Speaker 2: like an emotional response.

1074
00:48:45,840 --> 00:48:47,759
Speaker 1: Brain and math kind of probably go together, and heart

1075
00:48:47,760 --> 00:48:48,840
Speaker 1: and emotion more go together.

1076
00:48:48,920 --> 00:48:51,160
Speaker 2: Yeah, yeah, or like following your heart or your stomach,

1077
00:48:51,239 --> 00:48:54,120
Speaker 2: you know, like you feel it. But I think that

1078
00:48:54,480 --> 00:48:56,960
Speaker 2: whether or not you choose the avalanche or the snowball.

1079
00:48:57,040 --> 00:49:01,320
Speaker 2: That comes down to your individual situation. Because also practically speaking,

1080
00:49:01,320 --> 00:49:03,160
Speaker 2: if we're talking about a bunch of different credit cards,

1081
00:49:03,440 --> 00:49:06,000
Speaker 2: I think the snowball it certainly can make this the

1082
00:49:06,000 --> 00:49:08,840
Speaker 2: most sense. And that's mostly because the disparity between the

1083
00:49:09,120 --> 00:49:11,560
Speaker 2: interest rates is unlikely to be that big.

1084
00:49:11,600 --> 00:49:13,279
Speaker 1: But if we broaden out a little bit and are

1085
00:49:13,320 --> 00:49:17,320
Speaker 1: talking about additional forms of debt. Let's say we're talking

1086
00:49:17,360 --> 00:49:18,160
Speaker 1: about a.

1087
00:49:18,160 --> 00:49:20,640
Speaker 2: Five percent car loan that you are also trying to

1088
00:49:20,680 --> 00:49:23,960
Speaker 2: pay off in addition to these credit cards, well, dang,

1089
00:49:24,080 --> 00:49:27,040
Speaker 2: even if it's the smallest amount, I would rather you

1090
00:49:27,680 --> 00:49:29,360
Speaker 2: say that one until after you've paid off all of

1091
00:49:29,360 --> 00:49:32,520
Speaker 2: the other credit cards first. But yeah, I think given

1092
00:49:32,840 --> 00:49:36,479
Speaker 2: the specifics to this anonymous poster, I would most likely

1093
00:49:36,640 --> 00:49:38,359
Speaker 2: go with a snowball because that's probably going to lead

1094
00:49:38,400 --> 00:49:44,040
Speaker 2: to the most emotionally positive, fulfilling response, and that reinforcement matters.

1095
00:49:44,080 --> 00:49:46,720
Speaker 1: And you're right, like the it's probably somewhere between nineteen

1096
00:49:46,760 --> 00:49:49,080
Speaker 1: and twenty two percent each credit card is roughly in

1097
00:49:49,120 --> 00:49:51,760
Speaker 1: the same range. Shall pay off the lowest balance first,

1098
00:49:52,200 --> 00:49:54,839
Speaker 1: get that win under your belt, and then keep moving

1099
00:49:54,840 --> 00:49:57,239
Speaker 1: forward and pay off the next lowest balance. You could

1100
00:49:57,280 --> 00:49:59,959
Speaker 1: also consider something a zero percent interest rate credit card

1101
00:50:00,160 --> 00:50:05,280
Speaker 1: to transfer some of that debt to make it less disadvantageous.

1102
00:50:05,640 --> 00:50:07,759
Speaker 1: But whether that makes sense or not, it just really

1103
00:50:07,840 --> 00:50:09,480
Speaker 1: depends on where your head's at as well, because if

1104
00:50:09,520 --> 00:50:12,319
Speaker 1: you're one of those extremely motivated individuals, it can speed

1105
00:50:12,400 --> 00:50:14,320
Speaker 1: up your process, but if not, it can lead to

1106
00:50:14,400 --> 00:50:17,360
Speaker 1: more credit card debt and a worse overall financial picture

1107
00:50:17,360 --> 00:50:19,640
Speaker 1: for yourself. You know, some people might suggest to you

1108
00:50:19,719 --> 00:50:22,200
Speaker 1: debt consolidation. Hey, it's going to help you pay off

1109
00:50:22,200 --> 00:50:24,399
Speaker 1: your debt more quickly. This is really the way, well,

1110
00:50:25,080 --> 00:50:26,840
Speaker 1: you know, coming up with a plan and working your

1111
00:50:26,920 --> 00:50:29,200
Speaker 1: butt off to pay off that credit card debt quickly.

1112
00:50:29,560 --> 00:50:32,120
Speaker 1: I think that's likely your best path to take instead

1113
00:50:32,120 --> 00:50:35,560
Speaker 1: of just trying to move debts around. Actually write down

1114
00:50:35,560 --> 00:50:37,560
Speaker 1: a plan and stick to it. Put it on the

1115
00:50:37,560 --> 00:50:40,520
Speaker 1: bathroom mirror matth. There's the undebt dot. It can help

1116
00:50:40,560 --> 00:50:42,200
Speaker 1: you come up with that plan to figure out, hey,

1117
00:50:42,200 --> 00:50:44,000
Speaker 1: how can I cut my spending for a little while

1118
00:50:44,040 --> 00:50:46,160
Speaker 1: so that I can actually pay off this debt credit

1119
00:50:46,160 --> 00:50:49,000
Speaker 1: card debt in even a smaller timeframe. I think those

1120
00:50:49,000 --> 00:50:51,840
Speaker 1: are the kind of tweaks you're going to want to

1121
00:50:51,880 --> 00:50:53,800
Speaker 1: make so that you can get rid of it quickly,

1122
00:50:54,040 --> 00:50:57,360
Speaker 1: whereas trying to shuffle things around. It sounds good and

1123
00:50:57,360 --> 00:50:59,480
Speaker 1: it seems like it's going to be the best way forward,

1124
00:50:59,520 --> 00:51:01,440
Speaker 1: but it's a lot of people in even more trouble.

1125
00:51:01,640 --> 00:51:04,480
Speaker 2: That's right, buddy. Let's touch on the beer that you

1126
00:51:04,480 --> 00:51:06,480
Speaker 2: and I enjoyed during our episode today. You and I

1127
00:51:06,560 --> 00:51:10,640
Speaker 2: split a fat Pug, which this is an oatmeal milk.

1128
00:51:10,440 --> 00:51:12,759
Speaker 1: Stout, not just a milk stout, that's true. Yeah, it's

1129
00:51:12,760 --> 00:51:16,160
Speaker 1: got oatmeal in it, which is healthy for you, which

1130
00:51:16,200 --> 00:51:18,160
Speaker 1: is why we drink these beers. Is good for your heart,

1131
00:51:18,320 --> 00:51:20,880
Speaker 1: good for our heart, good for our bodies, just like cheerios,

1132
00:51:21,800 --> 00:51:24,040
Speaker 1: good for your good for your heart. That's right. So

1133
00:51:24,520 --> 00:51:26,000
Speaker 1: I didn't I didn't love this beer. I thought it

1134
00:51:26,040 --> 00:51:27,759
Speaker 1: was kind of mad. Really yeah, I thought it was

1135
00:51:27,840 --> 00:51:30,080
Speaker 1: kind of bland. I was like, where's the flavor? You'll

1136
00:51:30,120 --> 00:51:32,320
Speaker 1: anymore more punch? Yeah? Oh sorry.

1137
00:51:32,320 --> 00:51:35,200
Speaker 2: This isn't like Cobra Kai or some of these other

1138
00:51:35,520 --> 00:51:39,480
Speaker 2: massive barrel age milk stouts with like Serrano Pepper's a

1139
00:51:39,719 --> 00:51:42,239
Speaker 2: very accessible stout, I guess from people who are like

1140
00:51:42,440 --> 00:51:44,600
Speaker 2: just trying to figure out whether or not they like them.

1141
00:51:44,640 --> 00:51:48,719
Speaker 2: It's not too offensive or overpowering from a flavor standpoint, Yeah, so,

1142
00:51:49,080 --> 00:51:50,440
Speaker 2: but from a craft.

1143
00:51:50,239 --> 00:51:52,080
Speaker 1: Beer standpoint, you're kind of looking for a little bit more.

1144
00:51:52,200 --> 00:51:54,040
Speaker 1: I like a little more. It was toasty, it was roasty,

1145
00:51:54,080 --> 00:51:55,080
Speaker 1: had all those flavors going on.

1146
00:51:55,160 --> 00:51:57,960
Speaker 2: It wasn't overly bitter though, so sometimes some of those stouts,

1147
00:51:58,320 --> 00:52:00,839
Speaker 2: like a Russian Imperial, they're just really over the top

1148
00:52:00,920 --> 00:52:02,960
Speaker 2: from up sock you in the face. This can be

1149
00:52:03,120 --> 00:52:05,600
Speaker 2: kind of bitter and charring too. Yeah, but with this

1150
00:52:05,719 --> 00:52:09,239
Speaker 2: being a milk stout, it's got that lactose sweetness going on,

1151
00:52:09,320 --> 00:52:13,120
Speaker 2: which personally I love. And I've actually been my typical

1152
00:52:13,320 --> 00:52:15,880
Speaker 2: coffee Kate and I have both been up in the

1153
00:52:15,880 --> 00:52:18,600
Speaker 2: amount of milk we're drinking and we're like because we

1154
00:52:18,640 --> 00:52:19,280
Speaker 2: realize we're.

1155
00:52:19,120 --> 00:52:20,879
Speaker 1: Like, man, we're not We like never drink milk.

1156
00:52:21,040 --> 00:52:22,880
Speaker 2: And then we always we're always trying to get the

1157
00:52:22,920 --> 00:52:24,279
Speaker 2: kids to drink their milk because we're like, hey, we

1158
00:52:24,280 --> 00:52:25,839
Speaker 2: want your bones to be all strong and your teeth

1159
00:52:25,880 --> 00:52:28,759
Speaker 2: to be healthy, and they're like, why do you drink

1160
00:52:28,760 --> 00:52:29,240
Speaker 2: your milk?

1161
00:52:29,920 --> 00:52:31,520
Speaker 1: And kain't I looked at each other. We're like, oh, yeah,

1162
00:52:31,520 --> 00:52:33,719
Speaker 1: we don't really take your own medicine. I know.

1163
00:52:33,920 --> 00:52:35,880
Speaker 2: So I was like, hey, that's a good point actually,

1164
00:52:35,960 --> 00:52:39,400
Speaker 2: and so we started brewing slightly less coffee in the morning.

1165
00:52:39,400 --> 00:52:42,080
Speaker 2: She's just been like, don't talk back, to get back

1166
00:52:42,120 --> 00:52:44,000
Speaker 2: to eating your eggs. But it reminds me of my

1167
00:52:44,040 --> 00:52:46,080
Speaker 2: coffee now, which tends to be a bit more milky,

1168
00:52:46,480 --> 00:52:48,960
Speaker 2: which I'm all for because we're also adding less actual

1169
00:52:49,360 --> 00:52:52,240
Speaker 2: granulated sugar, because there is a sweetness yea, in milk,

1170
00:52:52,400 --> 00:52:54,480
Speaker 2: there's a you know that lactose.

1171
00:52:54,160 --> 00:52:55,680
Speaker 1: When I put my milk just a little bit, or

1172
00:52:55,680 --> 00:52:57,520
Speaker 1: in my coffee, just a little bit of milk. Yeah,

1173
00:52:57,600 --> 00:52:59,560
Speaker 1: good to go. I'm like, I'm putting like at least

1174
00:52:59,560 --> 00:53:00,279
Speaker 1: four ounces in there.

1175
00:53:00,280 --> 00:53:00,320
Speaker 4: No.

1176
00:53:00,440 --> 00:53:02,000
Speaker 1: People are like, well, that's not even coffee.

1177
00:53:02,080 --> 00:53:04,480
Speaker 2: Yeah, that's not It's like that's probably equivalent to a

1178
00:53:04,560 --> 00:53:07,000
Speaker 2: latte or something like that. That's too much if I'm.

1179
00:53:06,880 --> 00:53:09,520
Speaker 1: Looking, dude, well all the coffee peris from. Yeah, you

1180
00:53:09,520 --> 00:53:11,080
Speaker 1: are a coffee purist. I don't understand.

1181
00:53:11,160 --> 00:53:13,000
Speaker 2: I see it as a different drink. Now, it's not

1182
00:53:13,160 --> 00:53:15,760
Speaker 2: the same thing. I'm not This is not an espresso shot.

1183
00:53:15,800 --> 00:53:19,680
Speaker 2: This isn't enjoying a finely crafted cortato something like that,

1184
00:53:19,760 --> 00:53:20,640
Speaker 2: even a flat white.

1185
00:53:20,920 --> 00:53:23,839
Speaker 1: No, I see this as like a coffee drink. It's

1186
00:53:23,880 --> 00:53:26,799
Speaker 1: not coffee, okay, it's a coffee flavored drink, Okay, that

1187
00:53:26,840 --> 00:53:28,439
Speaker 1: also has a lot of milk in it. I want

1188
00:53:28,440 --> 00:53:29,960
Speaker 1: to make sure my bones are st I'm judging you

1189
00:53:30,040 --> 00:53:32,319
Speaker 1: right now, put silently. I'm not going to say anything

1190
00:53:32,320 --> 00:53:32,680
Speaker 1: out loud.

1191
00:53:33,040 --> 00:53:35,880
Speaker 2: Well, I'm sure there's plenty of other I got a

1192
00:53:35,880 --> 00:53:37,239
Speaker 2: feeling I'm not the only one. I bet there's a

1193
00:53:37,239 --> 00:53:39,480
Speaker 2: lot of folks out there who add a healthy serving

1194
00:53:39,840 --> 00:53:41,320
Speaker 2: a full milk to their coffee.

1195
00:53:41,360 --> 00:53:44,120
Speaker 1: Okay, please reach out to Matt, support him. He can

1196
00:53:44,239 --> 00:53:45,920
Speaker 1: use it. Right now. I need the support because Joel

1197
00:53:46,520 --> 00:53:49,680
Speaker 1: isn't doing it all right. Thanks so much for listening.

1198
00:53:50,000 --> 00:53:53,040
Speaker 1: We'll put show notes up for this episode on our

1199
00:53:53,040 --> 00:53:55,880
Speaker 1: website have to money dot com, including links to some

1200
00:53:55,920 --> 00:53:57,960
Speaker 1: of the stuff we mentioned today. There's even a snowball

1201
00:53:58,360 --> 00:54:00,960
Speaker 1: versus avalanche calculator that we can stick up their math

1202
00:54:00,960 --> 00:54:04,160
Speaker 1: that can help people see the difference between that choice

1203
00:54:04,160 --> 00:54:06,600
Speaker 1: you can make from a dollars and cents perspective. So

1204
00:54:06,840 --> 00:54:09,440
Speaker 1: you know, all right? Until next time, Best Friends Out,

1205
00:54:09,520 --> 00:54:10,359
Speaker 1: Best Friends Out.