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Speaker 1: Welcome to Out of Money. I'm Joel, I'm Matt, and

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Speaker 1: today we're answering your listener questions.

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Speaker 2: You know, a budding We hope everyone had a fantastic weekend.

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Speaker 2: And we're gonna hear from a listener who had his

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Speaker 2: rental application denied. So we're going to talk about what

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Speaker 2: you should be doing when you've got a new pad

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Speaker 2: that you're interested in moving into. We're also going to

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Speaker 2: talk about how not all states are created equal when

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Speaker 2: it comes to saving for your kids college. We're going

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Speaker 2: to talk about five twenty nine accounts. And another listener

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Speaker 2: he's interested in investing in land for his family. He

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Speaker 2: wants to get his fingers in the dirt, Joel. He

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Speaker 2: wants to go full Yellowstone. He wants to Turner. Yeah,

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Speaker 2: where the buffalo ro? Did you ever eat a?

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Speaker 3: Well?

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Speaker 2: Shoot, does Ted's even existing more?

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Speaker 1: Ted's of course it doesn't there around Yeah, okay, and

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Speaker 1: you could go and eat buffalo and I think I'll

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Speaker 1: get you a bison burger. That buffalo that he starts

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Speaker 1: at the restaurants comes from the ranches that ranches, and

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Speaker 1: I think he's still.

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Speaker 2: Like the number two landowner in the entire country, Number one,

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Speaker 2: and he's number two? Is that what it is for?

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Speaker 2: The Catholic Church owns a lot of land, I think

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Speaker 2: of the country. But yeah, did you learned that from

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Speaker 2: watching Conclave? No? I did watch that though.

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Speaker 1: Uh well, and Ted Turner actually I saw an interview

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Speaker 1: with him, so I think he's having some significant health struggles.

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Speaker 1: But he's planning on turning some of his land into

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Speaker 1: ecotourism so people can actually instead of just being privatized

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Speaker 1: land that he enjoys and works on. I think more

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Speaker 1: and more Americans are going to be awesome welcome into

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Speaker 1: touring some of that land. So almost like privatized national parks, which.

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Speaker 2: Is why not set up a little a little retreat

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Speaker 2: for folks to head up.

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Speaker 1: Yeah, I'd go there. I would totally go check it out.

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Speaker 1: I was hoping a four wheeler roam around those lands. Yeah,

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Speaker 1: watch the buffalo roam.

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Speaker 2: Walk around, be silent, not talk to anybody.

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Speaker 1: To Ted Turner's ranch. Okay, Matt, real quick. I just

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Speaker 1: wanted to highlight listener Vincent. He sent us an email

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Speaker 1: and he mentioned that he saved one hundred bucks a

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Speaker 1: month by switching from his old cell phone service to

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Speaker 1: US Mobile and then He also mentioned he saved another

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Speaker 1: forty dollars a month negotiating with his internet provider, So Man.

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Speaker 2: Vincent, So they're stacking those wins. Yeah, I love that,

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Speaker 2: he like and that.

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Speaker 1: I think that's actually a really good point to make, Matt,

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Speaker 1: that one win often induces another, Like you just kind

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Speaker 1: of get excited about winning.

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Speaker 2: Discipline begets discipline. Yeah, I wouldn't know, but I'll take

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Speaker 2: your word for it. Oh please, I'm sure you've seen

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Speaker 2: this in your life, not as much as you, but yeah,

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Speaker 2: I would say that. So he's saving one hundred dollars

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Speaker 2: a month. I want to know what kind of plan,

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Speaker 2: what kind of premium Cadillac gold plated plan was he on?

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Speaker 2: If he's saving I mean he's paying I'm guessing one

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Speaker 2: fifteen a month prior and now he's paying fifteen bucks

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Speaker 2: a month. Yeah.

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Speaker 1: That was the thing that actually shocked me the most

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Speaker 1: was when you actually when you when you see the

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Speaker 1: studies about what the average price of a cell phone

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Speaker 1: bill is for consumers in America, I think it's like

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Speaker 1: north of eighty dollars. And that always shocks me because

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Speaker 1: I'm like, man, even like average plans with the big

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Speaker 1: guys can be less than that. Who are these people?

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Speaker 1: And if I'm paying, you know, fifteen dollars a month,

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Speaker 1: how in the world are are people out there still

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Speaker 1: paying over eighty over one hundred and then was not

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Speaker 1: to throw shade at you, Vincent, but like, you did

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Speaker 1: the right idea, you did the right thing, you got

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Speaker 1: out of that deal. But man, it's incredible to think

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Speaker 1: that there are still cell phone.

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Speaker 2: Plans that cost that much. Now we're we're patting Vincent

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Speaker 2: on the back here. We're not at all dragging your

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Speaker 2: name through the mud out there where the buffalo roam. Vi'scent,

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Speaker 2: but I, yeah, I don't think it's mud mount. Yeah.

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Speaker 2: So you're asking how did that happen? The way it

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Speaker 2: happens is that the prices come down over time and

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Speaker 2: you just keep it's on auto PI, auto pay, and

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Speaker 2: you keep paying the same amount and you don't think

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Speaker 2: it's all that expensive because it's just what you're used

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Speaker 2: to paying. But the advance is specifically when it comes

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Speaker 2: to cell phone service providers, Man, it has only gotten

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Speaker 2: cheaper and cheaper, and I will for that reason, I

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Speaker 2: would say that it's better than what it is that

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Speaker 2: home internet does because with them, you have to, like

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Speaker 2: you have to continually go back to them, yeah, because

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Speaker 2: you know, advocate for yourself, because they always bump you

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Speaker 2: back up. Whereas with a cell phone service providers, at

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Speaker 2: least you're just sticking on the plan and paying the

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Speaker 2: same thing. And even if there are other providers out there,

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Speaker 2: as it drops the prices come down, you know, at

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Speaker 2: least you're not paying more than what you were. That's

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Speaker 2: the thing I hate the most about home internet is

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Speaker 2: the fact that it resets and then all of a

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Speaker 2: sudden you're having to hop on the phone again, make

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Speaker 2: the call, threaten to leave, look up the other the

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Speaker 2: one other competitor that's out there that's that might be

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Speaker 2: offering a deal, depending on where you live.

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Speaker 1: It's one of the only industries it's been anti inflationary

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Speaker 1: over recent years. Right when you think about most things

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Speaker 1: in our lives we pay more for, cell phone service

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Speaker 1: is one of the few things.

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Speaker 2: That we can pay less for. It's amazing.

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Speaker 1: Man Us Mobile even has like this this light plan

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Speaker 1: you can pay eight dollars a month for. So if

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Speaker 1: you're like, I'm not really a heavy user, I'm not

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Speaker 1: watching videos on the go, I don't use a whole

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Speaker 1: lot of data. The eight dollars a month plan is incredible.

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Speaker 1: Like it's when you think that you can pay like

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Speaker 1: Vincent was paying more than one hundred dollars a month

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Speaker 1: for cel phone service, you can pay less than one

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Speaker 1: hundred dollars a year for cell phone service.

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Speaker 2: I think his mind would be blown. Yeah, you probably

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Speaker 2: just assume that, like, there's no way that that's legit.

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Speaker 2: I'm not even a click on that option. I'm not

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Speaker 2: even going to read any of the details because there'

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Speaker 2: no way that that's possible. But no, it is totally

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Speaker 2: is and it'm only doing a plan.

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Speaker 1: But let's say I got an you're the ten gig plan, right, Yeah, okay,

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Speaker 1: but if I got a cell phone for my kids,

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Speaker 1: that's totally the plan i'd put them on. Yeah, so well,

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Speaker 1: in reasonably priced most likely too, they're probably hopefully not

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Speaker 1: using a ton of data.

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Speaker 2: And I will say that that brings up a good point,

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Speaker 2: makes me think of how you do need to be

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Speaker 2: a little bit more mindful and a little more careful

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Speaker 2: if you're used to having unlimited data, because I do

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Speaker 2: think a lot of folks can't get by with the

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Speaker 2: ten gigs. But if you are spending more time on

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Speaker 2: the road or traveling where you're not at home, uh,

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Speaker 2: where you're automatically well, yeah, where you're automatically logged into

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Speaker 2: your WiFi or at work where you're automatically automatically logging in.

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Speaker 2: You can creep up towards that ten gig and you

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Speaker 2: have to be just a bit more thoughtful in your

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Speaker 2: media consumption. That makes me think of like Aldi.

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Speaker 4: Right.

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Speaker 2: I'm not going to say that Aldi is just like

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Speaker 2: Whole Foods, right, because it's not. It's not even like Costco.

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Speaker 2: There's some big differences there. But if you are willing

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Speaker 2: to be a bit more mindful and to limit your options, well,

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Speaker 2: there's certainly money to be saved, for sure. And that's

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Speaker 2: how I think about US Mobile. It's not the same

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Speaker 2: as Verizon Unlimited. But if you pay attention just a

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Speaker 2: little bit, you have, yeah, the opportunity to save a

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Speaker 2: good bit of money, no doubt.

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Speaker 1: Let's mention the beer we're having on this episode, Matt.

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Speaker 1: This one's called Indominus. It's a quadruple, and we gotta

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Speaker 1: tell the quad because I don't really know how to

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Speaker 1: pronounce these quadruple rupel ruppel rupel.

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Speaker 2: It's a quadruple. Okay, I saw the Southerner say it.

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Speaker 2: That's right, Jael. This is the Quadruple. It's by bail

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Speaker 2: Boldmunk Brewing, which is a local brewer. Here for us,

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Speaker 2: we'll give.

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Speaker 1: Our thoughts at the end of the episode. If you

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Speaker 1: have a money question, we'd love to tackle it. We'd

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Speaker 1: love to hear from you. Just record a voice memo,

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Speaker 1: state your name at the top, then tell us your

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Speaker 1: question and hopefully we can take it on the next

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Speaker 1: ask htm episode. If you want the full instructions, good

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Speaker 1: to how to money dot com slash ask Matt. Let's

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Speaker 1: get to a question from a listener who's doing an

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Speaker 1: awesome job investing for her future, but the savings maybe

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Speaker 1: not so great.

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Speaker 5: Hi guys, this is Christa from Centerville, Virginia. I'm fifty

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Speaker 5: one years and married with two elementary age kids at home,

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Speaker 5: and my question is surrounding retirement and emergency fund savings.

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Speaker 5: So I currently max out my four oh one K

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Speaker 5: plan with my company, and I'm also participating in the

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Speaker 5: Ketchup contribution. I haven't started on the emergency fund though,

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Speaker 5: because I'm putting in about nineteen percent of my income

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Speaker 5: into retirement. There isn't really much left to then, say,

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Speaker 5: for the emergency fund. So my question is is it

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Speaker 5: wise to pause retirement savings at my age in favor

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Speaker 5: of fully funding the emergency fund? Or can my existing

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Speaker 5: helock act as the emergency fund if we ever need

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Speaker 5: to use it? Thanks so much?

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Speaker 2: Is it wise? That's the heart of Christa's question here, Joel,

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Speaker 2: But before we answer it, I will say life with

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Speaker 2: elementary age kids, man, it's a total blast, but it

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Speaker 2: can feel all encompassing, not just physically and emotionally, but

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Speaker 2: financially as well. So Christa, I want to start off

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Speaker 2: by congratulating you kudos on hitting a nineteen percent savings rate,

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Speaker 2: despite being a life stage where that is not always easy.

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Speaker 2: I think that's truly incredible. She said she's also got

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Speaker 2: catch up contributions as well, So we're talking thirty one

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Speaker 2: thousand dollars. That's those Mustard contributions stuck away. Dude. Yeah,

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Speaker 2: she's laid it on thick.

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Speaker 1: Sorry, dad joke. I too have young kids, and my

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Speaker 1: kids know that I'm mustered. Yeah, run thick. But yeah, no,

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Speaker 1: you're right, Matt, that's incredible like to be to be

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Speaker 1: have a savings rate that's substantial, especially when you're kind

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Speaker 1: of the age Krista is. She's not too terribly far

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Speaker 1: off from where we are, and you are in that

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Speaker 1: kind of sandwich generation area where you might be supporting

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Speaker 1: or helping older parents. You've got young kids to take

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Speaker 1: care of. It can be tough to hit all those

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Speaker 1: financial goals that you have for yourself. But a savings rate,

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Speaker 1: I will say, is divided up into money you're funneling

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Speaker 1: into liquid savings, or debt you're paying off, and then

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Speaker 1: also on top of that, money that you're investing for

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Speaker 1: your future. So all three of those things could be

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Speaker 1: considered part of your savings rate. The thing is, if

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Speaker 1: you skip the savings portion and you go straight to investing,

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Speaker 1: there are some real potential downsides. Matt, you've shared this

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Speaker 1: story on the podcast before I made this mistake. Yeah,

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Speaker 1: you want to just briefly recount, you know, your early

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Speaker 1: Wrath mess up.

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Speaker 2: Yeah, I'm the bottom line. I didn't have money set

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Speaker 2: aside in my savings account because I heard about the

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Speaker 2: beauty of compounding interest, and so I'd socked that money

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Speaker 2: away into a Wroth account. I saw that balanced decline

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Speaker 2: because it happened to be a down year, and boom,

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Speaker 2: I had less money on hand that I then needed

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Speaker 2: for a move back to the big city where I

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Speaker 2: was offered a job.

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Speaker 1: So even though it sucked, investing is a great thing.

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Speaker 1: You just got too far in front of it, right,

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Speaker 1: And sure it makes you think about like the all

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Speaker 1: the federal layoffs that have been happening recently. Right, you

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Speaker 1: would be in a tough position, right if you were

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Speaker 1: to lose your job for some reason. It's not that

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Speaker 1: there aren't o places to turn for money. In Christa's case,

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Speaker 1: it's just that she'd be tapping a debt vehicle instead

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Speaker 1: of liquid savings. And because of her high savings rate,

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Speaker 1: it's very much possible for her to increase that liquid

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Speaker 1: savings and I think from where I'm saving, I would

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Speaker 1: prefer for her to focus on that for right now.

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Speaker 2: Totally. Yeah, she's just funding all the savings dollars in

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Speaker 2: one direction when you should be splitting them up. So

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Speaker 2: we would suggest that you dial back, in fact, reduce

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Speaker 2: your contributions to your four to one k all the

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Speaker 2: way back to just getting the full match. We at

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Speaker 2: least want you to do that because you can't beat

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Speaker 2: that return on those dollars, but then put every other

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Speaker 2: dollar into your savings account until you achieve at least

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Speaker 2: three months worth of liquid expenses. And then after that

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Speaker 2: then you can ramp up your investing back to where

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Speaker 2: it currently is. Although if you are a bit more

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Speaker 2: cautious or maybe you feel the need to acquire a

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Speaker 2: little more savings, and you can put you know, let's say,

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Speaker 2: sixteen to seventeen percent towards your investments towards your four

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Speaker 2: one K, and then the rest of it can slowly

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Speaker 2: grow your savings until maybe you have an additional one

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Speaker 2: to two months worth of expenses on hand. Based on

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Speaker 2: the fact that she currently has no emergency fund, Yeah,

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Speaker 2: I think Christal's going to be very comfortable even having

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Speaker 2: like two to three months sure of savings and so

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Speaker 2: for and I think she'd do the trick. And I

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Speaker 2: think that's totally within the bounds of what's reasonable.

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Speaker 1: But this brings up kind of a really important part

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Speaker 1: of Christ's question is, well, aren't there alternatives to cash

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Speaker 1: in savings? You guys are this kind of old school

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Speaker 1: Matt and Joel. You're telling me that I need money

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Speaker 1: inside of a high old savings account, But what about.

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Speaker 2: Surely there's a more sophisticated option, Yeah, product out there

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Speaker 2: for me.

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Speaker 1: Investment returns are going to outpace money that I have

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Speaker 1: in my savings account, So why don't I, in hopes

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Speaker 1: that I don't have to tap any sort of emergency fund,

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Speaker 1: just have the helock on the back burner in case

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Speaker 1: it's needed, like kind of one of those break glassing

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Speaker 1: case of emergency things. And so let's dive into that, Matt,

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Speaker 1: I mean we we do think. I think it is

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Speaker 1: true to a certain extent at least that it can

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Speaker 1: be a great potential backup efund. It's just far too

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Speaker 1: risky though, to make it your primary one. So if

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Speaker 1: you've got let's say four months worth of cash and

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Speaker 1: you're out of the job for six months, I think

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Speaker 1: the helock then can help bridge the gap. So it's

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Speaker 1: nice to have the helock as a backup to the backup,

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Speaker 1: But if you have no savings and you lose your job,

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Speaker 1: you'd have to tap the helock right away. It becomes

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Speaker 1: your first recourse, which I don't think is a good thing.

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Speaker 1: Think about how much debt you might accrue over the

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Speaker 1: course of three to six months that probably, yeah, in

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Speaker 1: these days, at like a nine percent rate, it could

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Speaker 1: take you years to pay that off, which you put

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Speaker 1: you in a weaker overall financial position. I just don't

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Speaker 1: like the idea of the helock being the first line,

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Speaker 1: the first fail safe. I think liquid cash shaving should

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Speaker 1: be the first thing, and then you know what, Hey,

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Speaker 1: if you have another resource that's potentially better than a

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Speaker 1: credit card for tapping some money. Yeah, maybe it's the

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Speaker 1: backup to the backup, but I just don't think you

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Speaker 1: want it being kind of that main thing and having

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Speaker 1: zero insulation between yourself and an emergency and having to

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Speaker 1: tap the helock for that emergency totally.

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Speaker 2: In addition to that, also has the ability to reduce

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Speaker 2: your line of credit in many cases, so the access

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Speaker 2: to your home equity. It can actually dry up before.

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Speaker 1: You need it the most, especially if there's like a

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Speaker 1: tightening in the economy. Banks might say, well, we're gonna

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Speaker 1: restrict our lending in the helock front.

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Speaker 2: You're looking to show up their books as well. Yeah,

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Speaker 2: so that's another con to making the heelock your main,

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Speaker 2: your primary emergency fund, which brings up even like ROTH contributions,

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Speaker 2: because sometimes we'll think about that as a backup emergency

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Speaker 2: fund as well, but we also want you to avoid

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Speaker 2: typing those dollars, if at all possible, having a big rostache.

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Speaker 2: It doesn't negate the need for having those liquid savings

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Speaker 2: on hand. And I think, Krista, what you're trying to

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Speaker 2: do here is a good thing. You would much rather

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Speaker 2: invest than to save. And I think she's looking ahead

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Speaker 2: a little bit. She's looking at her age. She's thinking, Man,

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Speaker 2: every year that I am not maxing out my account,

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Speaker 2: that's a year lost. That's a year where I'm not

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Speaker 2: experiencing the magic of compound interest. And one other thing

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Speaker 2: that I don't know.

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Speaker 1: When she started either said she's fifty one, but maybe

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Speaker 1: she's like I just started at like forty six, and

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Speaker 1: I feel like I've honest she might feel very I

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Speaker 1: mean go hard in that direction totally. And for someone

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Speaker 1: who's making the catch up contributions, I think that's the

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Speaker 1: headspace that you are in, which I totally understand. But

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Speaker 1: one thing that you mentioned but you didn't mention was

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Speaker 1: so you said that you are married, but you didn't

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Speaker 1: mention your partner's income, and it sounds like whoever it

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Speaker 1: is that you're working for, that you've got a good

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Speaker 1: thing going there. When it comes to investments, I.

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Speaker 2: Would say, is there a way for you to possibly

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Speaker 2: keep investing there with your four o K Obviously you're

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Speaker 2: getting the full match, but continuing to invest those additional

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Speaker 2: dollars so that you can max that out while finding

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Speaker 2: a way to divert some of the funds, assuming I

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Speaker 2: guess there's an additional stream of income that your partner

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Speaker 2: is earning. You're in this together, I know, like when

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Speaker 2: I am saving from my retirement, it's not just for

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Speaker 2: me and my wife is just like sorry out of luck.

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Speaker 2: Like we're doing this together money, Like we're eaten at

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Speaker 2: the buffet and she's gonna be fas we're pulling our resources together.

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Speaker 2: We are in it together. And research has shown that

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Speaker 2: not only do is there a better result from a

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Speaker 2: numbers from a financial standpoint, but that their quality of life,

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Speaker 2: life and your levels of happiness are going to be

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Speaker 2: better too. So hopefully that that's something else that you're

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Speaker 2: considering as well, that you're pooling your resources together, and

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Speaker 2: that these are goals that you're both working towards. Hopefully

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Speaker 2: it's not something that you feel that you have to

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Speaker 2: shoulder completely on your own. Yeah, that would be tough.

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Speaker 2: I think two again.

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Speaker 1: I think part of the reason Chris is doing this

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Speaker 1: is because she has realized that investing is going to

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Speaker 1: help her grow wealth, which is something we talk about

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Speaker 1: on the show often, like we talk about how how

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Speaker 1: wealth flows to owners. We did a whole episode on that,

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Speaker 1: Matt and the fact when you own a bunch of

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Speaker 1: different companies through an index fund and you're investing in

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Speaker 1: the stock market, you're an owner of American capitalism and

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Speaker 1: you will over time make money because of that. It's

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Speaker 1: a beautiful thing. But I think it's important to note

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Speaker 1: too that to be risk on with your investments, to

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Speaker 1: kind of say listen, I'm okay having a massive stock exposure.

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Speaker 1: It's also crucial to have a pile of what I

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Speaker 1: would say is like risk off liquid cash that allows

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Speaker 1: you some that peace of mind and also that real

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Speaker 1: financial backstop in case of an emergency. So you want

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Speaker 1: to take the both and approach, because it's at Morgan

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Speaker 1: Housel quote that's such a classic Matt where he says

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Speaker 1: to save like a pestimist and invest like an optimist.

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Speaker 1: But it's really hard to invest like an optimist when

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Speaker 1: you haven't saved like a pessimist, and you don't have

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Speaker 1: any sort of actual liquid cash, financial backstop or something

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Speaker 1: bad to happen to you. Because yeah, hopefully if all

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Speaker 1: things went perfectly, then Christa would be just fine investing

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Speaker 1: as much as she is now and not prioritizing savings.

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Speaker 1: But the truth is life is always thrown as curve

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Speaker 1: balls and you need to be prepared for that. And

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Speaker 1: that's what the emergency fund does. The helock just not

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Speaker 1: going to cut it, at least by itself. All right, man,

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Speaker 1: we got more to get to on this episode, including well,

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Speaker 1: if you get a big raise, are you suddenly behind

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Speaker 1: on retirement investing. We'll get to that and more right

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Speaker 1: after this.

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Speaker 2: Right we're back from the break and Joe, it seems

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Speaker 2: like getting a rate is what actually put you ahead.

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Speaker 2: That is not how this listener how he's thinking about it.

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Speaker 2: But before we get to that one, let's know hear

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Speaker 2: from a listener who is having a tough time landing

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Speaker 2: the home or the apartment that he applied for.

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Speaker 4: Hey, how to money listeners. My name is Dejon and

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Speaker 4: I come from Georgia. I have a question. So I've

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Speaker 4: been applying for homes to rent and I received a denial,

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Speaker 4: and what they stated was very weird. I've never had

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Speaker 4: this before, but it stated that I was denied due

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Speaker 4: to lack of real estate security loan information, and I

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Speaker 4: would love to know what that is. If you guys

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Speaker 4: can help me figure out what that is and what

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Speaker 4: I need to do to be able to rent, that

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Speaker 4: would be great. Thank you.

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Speaker 2: Ballieve Matt, I'm not gonna lie.

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Speaker 1: It feels like a weird denial letter to get I

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Speaker 1: totally agree. I interpret that to mean that since you

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Speaker 1: don't have a mortgage, you can't rent the house, which

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Speaker 1: feels like a weird thing to tell somebody who's trying

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Speaker 1: to rent your place, like you don't have a home loan,

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Speaker 1: so you can't rent this apartment at home. I just

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Speaker 1: don't understand why any landlord would would make that the

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Speaker 1: reason for not getting the apartment that you applied for.

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Speaker 1: So the fact that you've been turned down at least

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Speaker 1: for this reason is confusing. I would start asking questions.

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Speaker 1: I would start pushing back in a kind way, because

404
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Speaker 1: I would want to know, Like, I can't tell you

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Speaker 1: exactly why they would turn you down for that reason.

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Speaker 1: It doesn't make any sense to me, But I would

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Speaker 1: be asking the question.

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Speaker 2: It would make sense if he was applying for a loan, right,

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Speaker 2: Like if he was applan for a helock, for instance,

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Speaker 2: It's like, Okay, what's the property that we're gonna take,

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Speaker 2: Like what's the collateral? Like what are you putting on

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Speaker 2: the line in case you don't pay? Because that's what

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Speaker 2: they're looking for, right, because then if you don't pay, boom,

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Speaker 2: they have access to your house. That's not the case. So, Dejohn,

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Speaker 2: did you accidentally apply for a helot or I doubt

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Speaker 2: that that's the case though that's not like something you

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Speaker 2: would accidentally do whoops instead of filling out the application

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Speaker 2: for that sweet apartment or that nice house. And this

419
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Speaker 2: could be like a glitch in the matrix, said sign

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Speaker 2: up for a helock? Yeah, where did I go wrong? No?

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Speaker 2: I think that's not the case.

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Speaker 1: That's why you need to push back and ask questions

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Speaker 1: because this doesn't sound like a legitimate reason to be

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Speaker 1: turned around.

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Speaker 2: Right.

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Speaker 1: This could be a simple mistake, but you're just not

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Speaker 1: going to know if you don't ask, and it could

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Speaker 1: mean I think what they could be saying, potentially mad

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Speaker 1: is that you don't have an installment loan of any

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Speaker 1: kind on your credit report.

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Speaker 2: And the truth is you and I have.

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Speaker 1: Said this before on the show, having multiple types of

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Speaker 1: credit available to you can positively impact your score and

434
00:19:25,600 --> 00:19:27,440
Speaker 1: it makes you look like a more well rounded borrower

435
00:19:27,560 --> 00:19:30,200
Speaker 1: as long as you're making those payments consistently on time.

436
00:19:30,240 --> 00:19:32,760
Speaker 1: And so maybe if the installment loan thing and the

437
00:19:32,840 --> 00:19:34,600
Speaker 1: lack of an installment loan is what they're pointing to,

438
00:19:34,960 --> 00:19:37,399
Speaker 1: if that's the reason you were denied, go get yourself

439
00:19:37,400 --> 00:19:39,720
Speaker 1: an installment loan to help your chances. And wish I

440
00:19:39,720 --> 00:19:41,240
Speaker 1: have some advice for you on that front too.

441
00:19:41,119 --> 00:19:43,320
Speaker 2: Which might sound weird to say, hey, go out and

442
00:19:43,320 --> 00:19:45,639
Speaker 2: get this loan in order to booce your credit score

443
00:19:45,680 --> 00:19:48,800
Speaker 2: so that you can get the sweet spot, but it

444
00:19:49,000 --> 00:19:51,680
Speaker 2: could increase your odds of getting accepted for the rental

445
00:19:51,680 --> 00:19:54,520
Speaker 2: property you want. And that's because a poor credit score

446
00:19:54,640 --> 00:19:57,400
Speaker 2: is often one of the top reasons for a denial.

447
00:19:57,760 --> 00:20:00,560
Speaker 2: So looking to increase that by handling your it well

448
00:20:00,640 --> 00:20:04,000
Speaker 2: and by increasing your credit diversity is pretty crucial. And

449
00:20:04,040 --> 00:20:05,760
Speaker 2: one of the easiest ways to go about doing that

450
00:20:05,880 --> 00:20:08,640
Speaker 2: is through a company called self and it will cost

451
00:20:08,640 --> 00:20:12,040
Speaker 2: you a little bit of money, but they've developed this product,

452
00:20:12,119 --> 00:20:14,840
Speaker 2: this great method for helping folks to increase their score

453
00:20:14,880 --> 00:20:19,760
Speaker 2: pretty significantly. By helping individuals to make loans to themselves,

454
00:20:20,200 --> 00:20:23,679
Speaker 2: and then by paying those loans loans regularly and on time,

455
00:20:24,000 --> 00:20:26,199
Speaker 2: it gets reported to the credit bureaus on your behalf,

456
00:20:26,240 --> 00:20:29,159
Speaker 2: which sounds totally shady and it is kind of gaming

457
00:20:29,200 --> 00:20:32,440
Speaker 2: the system, but is totally legit, and it is a reasonable,

458
00:20:32,560 --> 00:20:34,960
Speaker 2: a reasonable route to take. I will say, though, if

459
00:20:35,040 --> 00:20:37,680
Speaker 2: you already have an installment loan, you know there's a

460
00:20:37,800 --> 00:20:40,480
Speaker 2: chance maybe you have a student loan, and guess what

461
00:20:40,520 --> 00:20:42,760
Speaker 2: that counts as an installment loan as well. And so

462
00:20:42,800 --> 00:20:44,920
Speaker 2: if you're like, no, guys, I already have student loans

463
00:20:44,920 --> 00:20:46,840
Speaker 2: and I pay those off. I pay on those every

464
00:20:46,840 --> 00:20:49,280
Speaker 2: single month, well, then this isn't something I would recommend.

465
00:20:49,240 --> 00:20:51,880
Speaker 1: It's even more baffling. It's clearly a mistake. I think

466
00:20:51,920 --> 00:20:52,840
Speaker 1: we're that to be the case.

467
00:20:52,840 --> 00:20:55,639
Speaker 2: But this is for everyone else out there who doesn't

468
00:20:55,680 --> 00:20:59,440
Speaker 2: have an install installment loan. This is something seriously to consider. Yeah, yeah,

469
00:20:59,480 --> 00:21:00,879
Speaker 2: I mean it depends what your credit score is. If

470
00:21:00,880 --> 00:21:02,800
Speaker 2: you're like, my credit score is already north the seven forty,

471
00:21:02,800 --> 00:21:04,520
Speaker 2: I wouldn't jump through these hoops to try to just

472
00:21:04,560 --> 00:21:07,480
Speaker 2: get an installment loan on your credit report. But if

473
00:21:07,520 --> 00:21:08,720
Speaker 2: you have if your.

474
00:21:08,640 --> 00:21:11,159
Speaker 1: Credit you're fairly new to the building credit game, and

475
00:21:11,200 --> 00:21:13,800
Speaker 1: you're like, I've got a credit card that's a revolving

476
00:21:13,840 --> 00:21:16,560
Speaker 1: line of credit and that's all you've got kind of

477
00:21:16,760 --> 00:21:18,000
Speaker 1: being reported to the bureaus.

478
00:21:18,040 --> 00:21:19,640
Speaker 2: But I've heard that cash is king, and so I've

479
00:21:19,640 --> 00:21:22,200
Speaker 2: always done that. Guys, I thought credit cards are bad.

480
00:21:22,760 --> 00:21:24,639
Speaker 2: If that's the case, then you might have a pretty

481
00:21:24,640 --> 00:21:25,359
Speaker 2: low credit score.

482
00:21:25,359 --> 00:21:27,479
Speaker 1: Taking on more lines of credit and a diversity of

483
00:21:27,720 --> 00:21:30,679
Speaker 1: types of credit can really, over time, be a boost

484
00:21:30,680 --> 00:21:33,040
Speaker 1: to your credit score. And you know that company that

485
00:21:33,080 --> 00:21:36,040
Speaker 1: you just mentioned, matt self. They they're making the installment

486
00:21:36,080 --> 00:21:39,200
Speaker 1: loan thing easy for people. It's like one of those

487
00:21:39,359 --> 00:21:41,920
Speaker 1: it's one of those early fintech companies that actually has

488
00:21:41,920 --> 00:21:44,000
Speaker 1: done a pretty good job by people to help them improve

489
00:21:44,040 --> 00:21:46,440
Speaker 1: their credit. And the truth is to the credit scoring

490
00:21:46,440 --> 00:21:49,760
Speaker 1: system is badly flawed. You know, there are other types

491
00:21:49,800 --> 00:21:52,320
Speaker 1: of reasons for denial too. They are typically like insufficient

492
00:21:52,320 --> 00:21:55,600
Speaker 1: income or bad references from friends or previous landlords. Credit,

493
00:21:55,600 --> 00:21:57,919
Speaker 1: I think is probably one of the main reasons. But

494
00:21:58,240 --> 00:22:00,000
Speaker 1: make sure you're buttoned up on all of those front.

495
00:22:00,040 --> 00:22:03,040
Speaker 1: It's a good idea to find other ways to stand

496
00:22:03,040 --> 00:22:05,720
Speaker 1: out as a potential tenant. To Matt, you and I

497
00:22:05,760 --> 00:22:07,520
Speaker 1: know this as landlords. There are some tenants that just

498
00:22:07,560 --> 00:22:09,800
Speaker 1: really stand out. It's typically the ones who show up

499
00:22:09,800 --> 00:22:12,840
Speaker 1: on time when we've talked about meeting, you're ten minutes late,

500
00:22:13,280 --> 00:22:16,480
Speaker 1: then it just it doesn't bode well from the.

501
00:22:16,440 --> 00:22:17,960
Speaker 2: Get go, or if they're like a no show and

502
00:22:18,000 --> 00:22:20,760
Speaker 2: then they touched like later that night or like hey tomorrow,

503
00:22:21,720 --> 00:22:24,600
Speaker 2: I'm just like, I mean maybe yeah.

504
00:22:24,400 --> 00:22:27,760
Speaker 1: But probably not, and like be respectful. Right, That's just

505
00:22:27,800 --> 00:22:31,040
Speaker 1: something else that's that's important. Fill out the application and

506
00:22:31,040 --> 00:22:33,160
Speaker 1: then follow up. It's kind of like searching for a job, Matt,

507
00:22:33,160 --> 00:22:35,399
Speaker 1: where people just submit the resume and then they forget

508
00:22:35,400 --> 00:22:38,040
Speaker 1: they ever submitted. And and the fact that like people

509
00:22:38,080 --> 00:22:41,640
Speaker 1: who follow up with an employer after the fact in

510
00:22:42,160 --> 00:22:45,320
Speaker 1: not just like hey, what's the deal, but proactively in

511
00:22:45,359 --> 00:22:47,000
Speaker 1: a kind way, like reach back out and say, hey,

512
00:22:47,000 --> 00:22:50,080
Speaker 1: I'm really interested in this job. What's the status? That

513
00:22:50,280 --> 00:22:52,479
Speaker 1: to me shows that you're taking initiative and you can

514
00:22:52,520 --> 00:22:55,080
Speaker 1: do the same thing as a potential tenant. On top

515
00:22:55,119 --> 00:22:57,040
Speaker 1: of that, it's a renter's market in much of the

516
00:22:57,040 --> 00:22:59,679
Speaker 1: country right now, as rents have softened and landlords are

517
00:22:59,720 --> 00:23:03,399
Speaker 1: facing more potential vacancies. Typically in many markets, Matt, when

518
00:23:03,400 --> 00:23:06,560
Speaker 1: a landlord lists their property for rent, they're getting far

519
00:23:06,720 --> 00:23:11,480
Speaker 1: fewer applications from from potential tenants. And so I think

520
00:23:11,560 --> 00:23:15,280
Speaker 1: tenants just doing that little bit of extra work it

521
00:23:15,320 --> 00:23:18,360
Speaker 1: can make you stand out in a much thinner field already.

522
00:23:18,480 --> 00:23:19,840
Speaker 1: So that's what I would recommend.

523
00:23:19,840 --> 00:23:21,479
Speaker 2: I think would go a long ways. And essentially what

524
00:23:21,480 --> 00:23:25,080
Speaker 2: you're saying is to present yourself as an attractive potential

525
00:23:25,160 --> 00:23:28,560
Speaker 2: tenant to the landlord and being responsive. Man, I think

526
00:23:28,600 --> 00:23:30,879
Speaker 2: that goes a long ways because it tells me as

527
00:23:30,920 --> 00:23:33,120
Speaker 2: a landlord that hey, like this person is someone who's

528
00:23:33,160 --> 00:23:35,760
Speaker 2: great at communicating. It tells me that there's a chance

529
00:23:35,800 --> 00:23:37,520
Speaker 2: that they're going to be better about paying on time.

530
00:23:37,600 --> 00:23:39,720
Speaker 2: It tells me that if there's something wrong at the house,

531
00:23:40,000 --> 00:23:42,280
Speaker 2: that they're going to let me know pretty quickly, like hey,

532
00:23:42,320 --> 00:23:45,000
Speaker 2: the heat's out, Okay, great, We're going to fix that asap.

533
00:23:45,119 --> 00:23:48,240
Speaker 2: Because obviously, for you, you are very cold if it's the

534
00:23:48,240 --> 00:23:51,120
Speaker 2: middle of the winter like I experienced not too long ago.

535
00:23:51,240 --> 00:23:52,760
Speaker 2: But also for the sake of the house, I'm like,

536
00:23:52,800 --> 00:23:55,040
Speaker 2: I don't want the pipes freezing and for it to

537
00:23:55,040 --> 00:23:58,520
Speaker 2: cause additional problems, and so knowing that someone's going to communicate, well,

538
00:23:58,800 --> 00:24:00,840
Speaker 2: that's just it's kind of like icing or maybe more

539
00:24:00,880 --> 00:24:03,080
Speaker 2: some more like the cherry on top when it comes

540
00:24:03,080 --> 00:24:05,280
Speaker 2: to some of the different pool of applicants that you're

541
00:24:05,320 --> 00:24:07,440
Speaker 2: sorting through. Our last piece of advice that would be

542
00:24:07,480 --> 00:24:10,080
Speaker 2: to stick up for yourself. I would ask why you

543
00:24:10,119 --> 00:24:12,639
Speaker 2: weren't extended a lease offer, because if you know what

544
00:24:12,680 --> 00:24:15,199
Speaker 2: the pain points are, I think these are things that

545
00:24:15,240 --> 00:24:17,480
Speaker 2: you can directly address head on.

546
00:24:17,680 --> 00:24:20,280
Speaker 1: Like if they say, hey, guess what, sorry, your credit

547
00:24:20,320 --> 00:24:23,199
Speaker 1: score was twenty points below what we typically accept. There

548
00:24:23,240 --> 00:24:24,960
Speaker 1: are ways to push back against that, aren't sure.

549
00:24:25,160 --> 00:24:27,320
Speaker 2: We both have had tennants who have put down larger

550
00:24:27,359 --> 00:24:30,760
Speaker 2: security deposits, for sure. One of my favorite store instances

551
00:24:30,800 --> 00:24:33,600
Speaker 2: of this as a landlord was a couple and they,

552
00:24:33,760 --> 00:24:35,760
Speaker 2: I mean they came and saw the property. They're nice,

553
00:24:35,800 --> 00:24:37,800
Speaker 2: and everything showed up on time. But they told me

554
00:24:37,800 --> 00:24:40,480
Speaker 2: ahead of time. They're like, Hey, we're just gonna be

555
00:24:40,640 --> 00:24:42,840
Speaker 2: upfront and be honest with you. Our credit score. There's

556
00:24:42,880 --> 00:24:45,479
Speaker 2: a lot of negative information on our credit reports. This

557
00:24:45,520 --> 00:24:47,440
Speaker 2: is what we kind of had going on, and like

558
00:24:47,440 --> 00:24:49,879
Speaker 2: should we even apply? And I'm like, yeah, absolutely, like

559
00:24:49,920 --> 00:24:53,360
Speaker 2: please do apply. But then their credit report came back

560
00:24:53,359 --> 00:24:56,640
Speaker 2: and it was really bad. But I will say they

561
00:24:56,680 --> 00:24:59,080
Speaker 2: sent a long email over kind of explaining what they

562
00:24:59,080 --> 00:25:02,560
Speaker 2: had been going through, how their life had essentially turned

563
00:25:02,600 --> 00:25:04,760
Speaker 2: around and they were on the straight and arrow when

564
00:25:04,800 --> 00:25:08,000
Speaker 2: it came to their finances and there's still some gaps.

565
00:25:08,080 --> 00:25:10,680
Speaker 2: So actually I called them up and I asked the questions.

566
00:25:11,080 --> 00:25:13,240
Speaker 2: I was wanting to get some some things kind of

567
00:25:13,320 --> 00:25:15,640
Speaker 2: fleshed out, I guess, and I figure out the why

568
00:25:15,720 --> 00:25:17,919
Speaker 2: behind what's Yeah, it's like, well, okay, you explained this,

569
00:25:17,960 --> 00:25:19,680
Speaker 2: but what about this? And I was just trying to,

570
00:25:19,760 --> 00:25:22,119
Speaker 2: you know, make sure else do my due diligence. And

571
00:25:22,200 --> 00:25:24,359
Speaker 2: at the end of that, after we had that conversation,

572
00:25:24,520 --> 00:25:26,879
Speaker 2: I was satisfied, and so I just offered them the place.

573
00:25:27,440 --> 00:25:29,040
Speaker 2: And this is why this is one of my favorite

574
00:25:29,680 --> 00:25:32,000
Speaker 2: examples of this. But she started crying like on the

575
00:25:32,000 --> 00:25:35,000
Speaker 2: phone because she thought I had called to let them

576
00:25:35,000 --> 00:25:38,000
Speaker 2: off the hook gently, like basically to like be up,

577
00:25:38,200 --> 00:25:41,520
Speaker 2: just to be polite essentially, And man, it made me

578
00:25:41,760 --> 00:25:43,480
Speaker 2: only want to rent to them even more. The fact

579
00:25:43,520 --> 00:25:45,440
Speaker 2: that they had done the leg let the leg work,

580
00:25:45,440 --> 00:25:47,840
Speaker 2: they were honest about it and essentially to kind of

581
00:25:47,840 --> 00:25:50,080
Speaker 2: give them another shot. Like, I think that there are

582
00:25:50,160 --> 00:25:53,760
Speaker 2: plenty of landlords out there who are willing to have

583
00:25:53,800 --> 00:25:57,320
Speaker 2: the conversation when otherwise it's on paper. At least it

584
00:25:57,359 --> 00:25:59,080
Speaker 2: may not necessarily be a slam dunk.

585
00:25:58,960 --> 00:26:00,879
Speaker 1: Decision, which you might be high in here too, Matt

586
00:26:01,080 --> 00:26:03,520
Speaker 1: is that small time mom and pop landlords might be

587
00:26:03,760 --> 00:26:06,560
Speaker 1: might be easier to actually negotiate with. Talk about some

588
00:26:06,680 --> 00:26:10,080
Speaker 1: massive apartment corporate landlord, giant corporate landlord, they probably have

589
00:26:10,600 --> 00:26:15,560
Speaker 1: stringent requirements and you know, barking up that tree, you

590
00:26:15,640 --> 00:26:17,840
Speaker 1: might not get really get anywhere. But if you're able

591
00:26:17,880 --> 00:26:21,200
Speaker 1: to proactively honestly engage that conversation and hey, say, hey,

592
00:26:21,560 --> 00:26:23,480
Speaker 1: my income and I might not be quite what you're

593
00:26:23,480 --> 00:26:25,920
Speaker 1: looking for, but actually have like money and savings, I

594
00:26:25,960 --> 00:26:28,160
Speaker 1: can even like I can prove that to you, and

595
00:26:29,000 --> 00:26:31,480
Speaker 1: here I actually have great reference from my from my

596
00:26:31,560 --> 00:26:34,040
Speaker 1: last landlord. That's that's the perfect way to kind of

597
00:26:34,080 --> 00:26:36,680
Speaker 1: maybe say, hey, maybe some of the metrics aren't living

598
00:26:36,760 --> 00:26:39,879
Speaker 1: up to your ideal tenant, but I've got all these

599
00:26:39,920 --> 00:26:40,840
Speaker 1: other things going for me.

600
00:26:40,920 --> 00:26:42,160
Speaker 2: I want to make up for it in all these

601
00:26:42,160 --> 00:26:42,480
Speaker 2: other ways.

602
00:26:42,520 --> 00:26:44,480
Speaker 1: It can help you sway sway to the landlord so

603
00:26:44,520 --> 00:26:46,480
Speaker 1: that they rent that place to you that you actually want.

604
00:26:46,560 --> 00:26:50,520
Speaker 2: Plus they're like, I'll cut the grass too. Yeah.

605
00:26:50,560 --> 00:26:52,840
Speaker 1: So I just ultimately don't take this lying down. There

606
00:26:52,840 --> 00:26:55,280
Speaker 1: are ways to push back, and that's a really weird

607
00:26:55,320 --> 00:26:57,879
Speaker 1: reason to get tonight. So please do let us know

608
00:26:58,160 --> 00:27:01,440
Speaker 1: what you find out as you do pushback. Matt, let's

609
00:27:01,440 --> 00:27:05,240
Speaker 1: get to another question from a listener who's excited about investing.

610
00:27:05,400 --> 00:27:07,360
Speaker 1: But wait a second, isn't investing supposed to be born?

611
00:27:07,800 --> 00:27:11,000
Speaker 3: Hey, Matt, Joel, this is Josh coming to you from Michigan,

612
00:27:11,440 --> 00:27:13,880
Speaker 3: and I have a land purchase question for you today.

613
00:27:14,800 --> 00:27:17,159
Speaker 3: My wife and I are in money gear six. I

614
00:27:17,200 --> 00:27:20,480
Speaker 3: feel like we're kind of finally hitting our stride financially.

615
00:27:20,640 --> 00:27:24,600
Speaker 3: We have a couple kids, and we are now kind

616
00:27:24,600 --> 00:27:28,320
Speaker 3: of getting to the stage where we're wanting to pursue

617
00:27:28,320 --> 00:27:32,439
Speaker 3: some other investment opportunity, something a little more exciting, but

618
00:27:32,560 --> 00:27:37,200
Speaker 3: trying to balance that with obviously being you risk adverse

619
00:27:37,240 --> 00:27:41,160
Speaker 3: a bit with kids, and then also being just financially responsible.

620
00:27:42,240 --> 00:27:46,119
Speaker 3: The dream would be to purchase land to then someday

621
00:27:46,440 --> 00:27:49,040
Speaker 3: build on it like a vacation home that we could

622
00:27:49,040 --> 00:27:52,840
Speaker 3: potentially have as a short term rental within the thought

623
00:27:52,840 --> 00:27:55,399
Speaker 3: of this being kind of the family vacation spot to

624
00:27:55,480 --> 00:27:58,480
Speaker 3: someday pass this down to our children, kind of for

625
00:27:58,600 --> 00:28:03,120
Speaker 3: that legacy aspect, something we've never had in our families,

626
00:28:03,119 --> 00:28:05,480
Speaker 3: but kind of always dreamed of having a meding able

627
00:28:05,480 --> 00:28:08,639
Speaker 3: to kind of build upon our family tradition. And so

628
00:28:08,680 --> 00:28:11,240
Speaker 3: I guess my question today is really just how do

629
00:28:11,320 --> 00:28:14,720
Speaker 3: I think about striking the right balance between this is

630
00:28:14,760 --> 00:28:17,280
Speaker 3: something that would kind of put us a bit tighter

631
00:28:17,400 --> 00:28:21,480
Speaker 3: in our budget, something that's doable but obviously depend on

632
00:28:21,480 --> 00:28:24,639
Speaker 3: the cost of this investment and the timetable, something that

633
00:28:24,680 --> 00:28:27,360
Speaker 3: could put a bit of a financial constraint on us,

634
00:28:27,480 --> 00:28:30,600
Speaker 3: but also be very exciting at the same time, and

635
00:28:30,640 --> 00:28:33,960
Speaker 3: something we're looking forward to. So thanks so much for

636
00:28:34,080 --> 00:28:36,800
Speaker 3: taking time to answer this. If you're ever in Michigan,

637
00:28:37,240 --> 00:28:42,160
Speaker 3: check out Eastern Market Brewing Company in Detroit. Awesome, just Detroit,

638
00:28:42,280 --> 00:28:46,880
Speaker 3: nostalgic vibes, and just a fantastic place to start your

639
00:28:46,920 --> 00:28:47,840
Speaker 3: exploration of the city.

640
00:28:48,080 --> 00:28:52,600
Speaker 2: Take care Detroit, Joel, specifically Eastern Market Brewing. I looked

641
00:28:52,600 --> 00:28:55,560
Speaker 2: it up. Yeah, looks cool. Does its got like this

642
00:28:55,600 --> 00:28:57,960
Speaker 2: giant brick build it makes It's like what you think

643
00:28:58,000 --> 00:29:00,000
Speaker 2: of when you think of Detroit, like the little brick building.

644
00:29:00,160 --> 00:29:02,200
Speaker 1: Yeah, it's pretty cool. And I will say it's still

645
00:29:02,200 --> 00:29:04,000
Speaker 1: never been to Detroit, but it's high on my list.

646
00:29:04,040 --> 00:29:05,680
Speaker 1: I want to go same, you know.

647
00:29:05,880 --> 00:29:07,920
Speaker 2: It's it's interesting because I wonder like we hear from

648
00:29:07,960 --> 00:29:10,560
Speaker 2: foot listeners a good bit and part of me feels

649
00:29:10,560 --> 00:29:12,720
Speaker 2: that I don't travel enough because but it's also because

650
00:29:12,720 --> 00:29:14,480
Speaker 2: we were hearing from folks who live all across the

651
00:29:14,480 --> 00:29:18,760
Speaker 2: country and oftentimes they are recommending their favorite breweries, which, oh,

652
00:29:18,960 --> 00:29:21,200
Speaker 2: it so happens that those are my favorite things to do.

653
00:29:22,000 --> 00:29:26,280
Speaker 2: Visit these towns. I need to do this more often.

654
00:29:26,560 --> 00:29:28,960
Speaker 2: But then, like I'm a fan of the is it

655
00:29:29,000 --> 00:29:32,680
Speaker 2: that the happiness hypothesis not hypothesis, the happiness potent or

656
00:29:32,720 --> 00:29:35,160
Speaker 2: something like that, right where it's like that your reality

657
00:29:35,640 --> 00:29:39,640
Speaker 2: divided by your expectations, And so if my expectations are

658
00:29:39,640 --> 00:29:42,400
Speaker 2: always exceeding my reality, I'm always there's always all these

659
00:29:42,440 --> 00:29:44,000
Speaker 2: breweries in towns I want to visit, and if that

660
00:29:44,160 --> 00:29:46,360
Speaker 2: number is larger on the bottom, I'm never going to

661
00:29:46,400 --> 00:29:48,080
Speaker 2: be happy a troll. So I just need to be

662
00:29:48,120 --> 00:29:50,560
Speaker 2: content with the amount of travel and the amount of

663
00:29:50,560 --> 00:29:52,680
Speaker 2: breweries that I'm visiting. And if I or you just

664
00:29:52,680 --> 00:29:54,320
Speaker 2: need to go out there and experience more awesome brewdis

665
00:29:54,320 --> 00:29:56,840
Speaker 2: and if I so happen to visit Eastern Market, then

666
00:29:57,320 --> 00:29:59,120
Speaker 2: my happiness is going to shoot through the roof.

667
00:29:59,240 --> 00:30:01,520
Speaker 1: Well, we will of course reach out to Josh and

668
00:30:01,520 --> 00:30:03,320
Speaker 1: other Detroit listeners if we do make it out there.

669
00:30:03,360 --> 00:30:05,440
Speaker 2: So another reason I wanted to bring up the Eastern

670
00:30:05,480 --> 00:30:07,360
Speaker 2: Market is because I was like, as I was checking

671
00:30:07,400 --> 00:30:09,160
Speaker 2: it out, one of the first things that came across

672
00:30:09,560 --> 00:30:12,360
Speaker 2: was a little listing or a page, and it was

673
00:30:12,440 --> 00:30:15,120
Speaker 2: just like, you can be a co owner of Eastern

674
00:30:15,160 --> 00:30:19,480
Speaker 2: Market brewing company, which you would think, oh, what a cool, fun,

675
00:30:19,520 --> 00:30:22,560
Speaker 2: exciting way to invest your money. But just like Josh's question,

676
00:30:22,920 --> 00:30:25,880
Speaker 2: we think that there might be better ways to handle

677
00:30:25,920 --> 00:30:28,040
Speaker 2: your money than to kind of go with the more

678
00:30:28,080 --> 00:30:29,880
Speaker 2: exciting option. You know what I'm saying.

679
00:30:29,880 --> 00:30:33,840
Speaker 1: I think excitement might be overrated, and oftentimes almost always

680
00:30:34,000 --> 00:30:37,120
Speaker 1: is overrated when it comes to investing. We typically highlight

681
00:30:37,800 --> 00:30:41,240
Speaker 1: why boring is better, and it's just typically because you

682
00:30:41,280 --> 00:30:43,760
Speaker 1: get the job done with less headache, which with much

683
00:30:43,920 --> 00:30:46,440
Speaker 1: time less needed to But I will say this too, Matt.

684
00:30:46,480 --> 00:30:49,840
Speaker 1: As Josh's question unfolded, it's clear to me that he's

685
00:30:49,880 --> 00:30:52,120
Speaker 1: not just looking for excitement. That was kind of how

686
00:30:52,160 --> 00:30:54,480
Speaker 1: he prefaced it in the beginning, but as he elaborated,

687
00:30:54,480 --> 00:30:56,719
Speaker 1: he basically said, he's looking to make an investment that

688
00:30:56,760 --> 00:30:59,640
Speaker 1: can also allow for personal use, which I totally get.

689
00:31:00,120 --> 00:31:03,040
Speaker 1: Neither you or I have owned a vacation rental, but

690
00:31:03,720 --> 00:31:06,080
Speaker 1: that can be a decent combo and a reasonable choice

691
00:31:06,080 --> 00:31:07,960
Speaker 1: for some people. It kind of allows you to have

692
00:31:08,040 --> 00:31:10,880
Speaker 1: your cake and eat it too, ish and we'll talk

693
00:31:10,880 --> 00:31:12,800
Speaker 1: about the ish and the downsides of that as well.

694
00:31:13,200 --> 00:31:15,240
Speaker 1: You might be able to make some money while simultaneously

695
00:31:15,600 --> 00:31:19,280
Speaker 1: having a family travelhaven, which allows you to make memories

696
00:31:19,320 --> 00:31:21,600
Speaker 1: in the same location year after year, thinking about those

697
00:31:21,880 --> 00:31:24,120
Speaker 1: those pictures, and not only are the pictures on your phone,

698
00:31:24,200 --> 00:31:26,000
Speaker 1: but they're hung up in eight X tens around that

699
00:31:26,120 --> 00:31:27,880
Speaker 1: house that you go back to every year, and you

700
00:31:27,920 --> 00:31:30,320
Speaker 1: get to relive the memories of your kids growing up

701
00:31:30,680 --> 00:31:34,600
Speaker 1: in that awesome rental property that you own. I just

702
00:31:34,640 --> 00:31:37,880
Speaker 1: want to say it's important to note, Josh, this type

703
00:31:37,920 --> 00:31:41,239
Speaker 1: of investment, it doesn't typically provide the highest return, so

704
00:31:41,280 --> 00:31:44,640
Speaker 1: you're making significant trade offs in order to go in

705
00:31:44,640 --> 00:31:45,080
Speaker 1: that direction.

706
00:31:45,120 --> 00:31:47,240
Speaker 2: Yeah, you have to be okay with making less than

707
00:31:47,360 --> 00:31:50,040
Speaker 2: if you opted for a different type of investment, even

708
00:31:50,200 --> 00:31:53,120
Speaker 2: just the overall stock market, because you might be in

709
00:31:53,160 --> 00:31:56,080
Speaker 2: fact seeing less of a return on your investment. But

710
00:31:56,120 --> 00:31:57,960
Speaker 2: I will say you are in money year number six,

711
00:31:58,160 --> 00:32:00,560
Speaker 2: so you are at the point in your money journey

712
00:32:00,720 --> 00:32:04,560
Speaker 2: where you can opt for a less optimized investment route

713
00:32:04,880 --> 00:32:09,080
Speaker 2: without feeling like you're completely derailing your financial future. You

714
00:32:09,240 --> 00:32:12,360
Speaker 2: mentioned buying land, though, and jol you kind of immediately

715
00:32:12,360 --> 00:32:14,520
Speaker 2: started thinking about what it is that he should do.

716
00:32:14,560 --> 00:32:17,440
Speaker 2: But I think it's worth directly addressing the fact that

717
00:32:17,600 --> 00:32:21,200
Speaker 2: if you're talking about built purchasing land in order to

718
00:32:21,760 --> 00:32:24,640
Speaker 2: potentially build a home in the future, well that's a

719
00:32:24,680 --> 00:32:28,640
Speaker 2: lot riskier of a proposition because there are more potential

720
00:32:28,640 --> 00:32:31,840
Speaker 2: pitfalls to purchasing land, to buying that dirt, than there

721
00:32:31,840 --> 00:32:34,320
Speaker 2: are to buying let's just say a rental property that's

722
00:32:34,360 --> 00:32:37,280
Speaker 2: already functional, that already exists, that's already been built. So

723
00:32:37,440 --> 00:32:40,080
Speaker 2: for instance, you could opt to buy let's say a

724
00:32:40,200 --> 00:32:43,040
Speaker 2: lake lot, but then you realize down the road, when

725
00:32:43,080 --> 00:32:44,600
Speaker 2: it is that you saved the money you try to

726
00:32:44,600 --> 00:32:47,920
Speaker 2: build there, that the terrain doesn't allow you to, or

727
00:32:47,960 --> 00:32:50,200
Speaker 2: maybe there are some sort of like infrastructure problems.

728
00:32:50,480 --> 00:32:52,520
Speaker 1: So it's happened with a lot of people, specifically with

729
00:32:52,640 --> 00:32:54,960
Speaker 1: lake lots, and you hear those radio radio advertisements when.

730
00:32:54,880 --> 00:32:56,400
Speaker 2: You get the flyers on the mail, and you're like,

731
00:32:56,400 --> 00:32:57,320
Speaker 2: why wouldn't I do that?

732
00:32:57,320 --> 00:32:59,880
Speaker 1: It's ten thousand dollars for an acre around this Lake's

733
00:33:00,160 --> 00:33:02,320
Speaker 1: was like a no brainer, But there's a reason that

734
00:33:02,320 --> 00:33:04,080
Speaker 1: that land is being sold so cheap.

735
00:33:04,200 --> 00:33:06,600
Speaker 2: It feels like getting your foot in the door, right,

736
00:33:06,640 --> 00:33:08,640
Speaker 2: like the ability to get in on the ground floor.

737
00:33:09,000 --> 00:33:11,480
Speaker 2: But then instead what you just ended up doing is

738
00:33:11,560 --> 00:33:14,080
Speaker 2: like you slammed the door on your foot, as opposed

739
00:33:14,120 --> 00:33:15,840
Speaker 2: to getting your foot in the door. Yeah, and we've

740
00:33:15,840 --> 00:33:18,560
Speaker 2: got a friend who did something kind of similar to this, Joe,

741
00:33:18,680 --> 00:33:21,200
Speaker 2: Like this is a while back now, but he came

742
00:33:21,240 --> 00:33:23,800
Speaker 2: across a good deal to purchase some property in the

743
00:33:23,800 --> 00:33:27,360
Speaker 2: neighborhood that we were living, and in the end he

744
00:33:27,520 --> 00:33:29,800
Speaker 2: ended up I can't remember how much he paid for that,

745
00:33:29,880 --> 00:33:32,680
Speaker 2: like maybe thirty or forty thousand, like my memory is correct,

746
00:33:32,720 --> 00:33:34,840
Speaker 2: but he couldn't build on it. He purchased it hoping

747
00:33:34,880 --> 00:33:38,040
Speaker 2: to build his family's dreamhouse essentially, and in the end

748
00:33:38,240 --> 00:33:40,160
Speaker 2: it's I don't even know what he ended up doing.

749
00:33:40,560 --> 00:33:44,120
Speaker 2: Wing there as like a natural space because you couldn't

750
00:33:44,120 --> 00:33:44,560
Speaker 2: build on it.

751
00:33:44,560 --> 00:33:45,840
Speaker 1: Well, I want to say it was like a FEMA

752
00:33:45,920 --> 00:33:48,400
Speaker 1: flood map that prevented him from building there and the

753
00:33:48,520 --> 00:33:50,640
Speaker 1: flow issues. Actually he did build one thing on that property,

754
00:33:50,680 --> 00:33:51,200
Speaker 1: team or what.

755
00:33:51,200 --> 00:33:54,520
Speaker 2: It was a sidewalk. Well, this city required him to

756
00:33:54,520 --> 00:33:56,720
Speaker 2: build the sidewalk, and he didn't put it there. He

757
00:33:56,760 --> 00:33:59,040
Speaker 2: stuck it somewhere else. Okay, but like as they said,

758
00:33:59,120 --> 00:34:01,600
Speaker 2: it doesn't have to be you just have to whatever

759
00:34:01,640 --> 00:34:05,000
Speaker 2: frontage of your lot you are required to develop that

760
00:34:05,120 --> 00:34:07,560
Speaker 2: much sidewalk somewhere else. And so he but there's no

761
00:34:07,600 --> 00:34:09,800
Speaker 2: sidewalks on either side of him. So he's like, that's stupid.

762
00:34:09,800 --> 00:34:12,000
Speaker 2: I'm not gonna build a sidewalk only in front of

763
00:34:12,000 --> 00:34:14,680
Speaker 2: my lot. And so he added onto a sidewalk in

764
00:34:14,800 --> 00:34:17,200
Speaker 2: a part of the little downtown area that we would frequent.

765
00:34:17,320 --> 00:34:19,360
Speaker 1: The lot that he owned that was unbuildable was also

766
00:34:19,480 --> 00:34:21,640
Speaker 1: taxable on an annual basis. And so you just have

767
00:34:21,680 --> 00:34:25,440
Speaker 1: to terrible that there are massive potential pitfalls in buying

768
00:34:25,719 --> 00:34:30,640
Speaker 1: land because unless you are a builder who really knows

769
00:34:30,719 --> 00:34:34,520
Speaker 1: what they're doing, Josh I would just say avoid that

770
00:34:34,719 --> 00:34:36,759
Speaker 1: and look to buy in rental properties. It's something that's

771
00:34:36,760 --> 00:34:39,360
Speaker 1: already there, even if that's already built. Yeah, even if

772
00:34:39,400 --> 00:34:41,040
Speaker 1: it takes you longer to save up and actually make

773
00:34:41,080 --> 00:34:43,000
Speaker 1: that thing. I think what Josh is saying is like, oh,

774
00:34:43,000 --> 00:34:44,680
Speaker 1: if I get the land, then we can look forward

775
00:34:44,680 --> 00:34:45,960
Speaker 1: to this, we can start planning for it, and it's

776
00:34:45,960 --> 00:34:47,600
Speaker 1: gonna take us year is probably to pull off, but

777
00:34:47,640 --> 00:34:49,359
Speaker 1: we'll get there eventually. I would rather you just save

778
00:34:49,400 --> 00:34:51,319
Speaker 1: the money and then uh, or.

779
00:34:51,239 --> 00:34:54,000
Speaker 2: By a more affordable piece of more affordable property than

780
00:34:54,000 --> 00:34:56,319
Speaker 2: maybe had. It doesn't have quite as much land, but

781
00:34:56,360 --> 00:34:58,200
Speaker 2: like let's say it's just got the little cabin, but

782
00:34:58,400 --> 00:34:59,680
Speaker 2: enough land that you can still have some of those

783
00:34:59,719 --> 00:35:02,399
Speaker 2: rustic adventures. I'm picturing him. Maybe he's thinking like, oh,

784
00:35:02,400 --> 00:35:04,360
Speaker 2: we're gonna go camping there for the first wyoming or

785
00:35:04,400 --> 00:35:06,799
Speaker 2: something five to ten years, and then eventually we'll save

786
00:35:06,840 --> 00:35:08,279
Speaker 2: up enough to be able to build. But I think

787
00:35:08,280 --> 00:35:11,240
Speaker 2: there's ways that you can do that affordably now without

788
00:35:11,239 --> 00:35:13,440
Speaker 2: taking on the undue risk. Okay, so let's talk about

789
00:35:13,960 --> 00:35:15,960
Speaker 2: other potential downfalls. Matt.

790
00:35:16,040 --> 00:35:19,560
Speaker 1: Let's blow some more holes in Josh's plan. Not on purpose, Josh,

791
00:35:19,560 --> 00:35:21,920
Speaker 1: but just to hopefully play devil's advocate and help you

792
00:35:21,960 --> 00:35:25,120
Speaker 1: think about this before you take the plunge and sink

793
00:35:25,160 --> 00:35:27,400
Speaker 1: big bucks into it and then realize, oh man, that

794
00:35:27,440 --> 00:35:29,960
Speaker 1: wasn't all that I hoped it would be. There are

795
00:35:30,000 --> 00:35:33,439
Speaker 1: other significant downsides of owning a vacation rental. I think

796
00:35:33,520 --> 00:35:35,240
Speaker 1: for a lot of people it sounds better in theory

797
00:35:35,560 --> 00:35:38,879
Speaker 1: then it ends up being in reality because think about this, like, well,

798
00:35:38,880 --> 00:35:41,640
Speaker 1: you need to paint or make repairs every time you visit.

799
00:35:42,120 --> 00:35:43,839
Speaker 1: That's one of the downsides I hear from some folks

800
00:35:43,840 --> 00:35:46,000
Speaker 1: who go down that path, like every time they go.

801
00:35:46,560 --> 00:35:48,719
Speaker 1: One of my friends, one of our friends is has

802
00:35:49,239 --> 00:35:51,480
Speaker 1: a rental property in Nashville. He has been there so

803
00:35:51,600 --> 00:35:54,160
Speaker 1: much recently, trying to fix it up every time they go.

804
00:35:54,360 --> 00:35:57,400
Speaker 1: They don't get to enjoy it. They're working, right, And

805
00:35:57,719 --> 00:35:59,600
Speaker 1: I think that is the tale I hear from a

806
00:35:59,600 --> 00:36:01,200
Speaker 1: lot of people who owned vacation rentals.

807
00:36:01,280 --> 00:36:02,760
Speaker 2: It's far less relaxing.

808
00:36:02,440 --> 00:36:04,399
Speaker 1: Than you hope for because there's always something to do,

809
00:36:05,440 --> 00:36:07,840
Speaker 1: and so yeah, it's more than okay. I think to

810
00:36:07,840 --> 00:36:10,560
Speaker 1: make the trade off of a smaller return for personal enjoyment,

811
00:36:10,760 --> 00:36:13,520
Speaker 1: but make sure you've either got the extra cash or

812
00:36:13,560 --> 00:36:17,239
Speaker 1: the personal willingness to do those fixes that are inevitably

813
00:36:17,280 --> 00:36:20,200
Speaker 1: going to be required. I have another friend, Matt, who

814
00:36:20,960 --> 00:36:24,120
Speaker 1: bought a condo at the beach and then it turns

815
00:36:24,120 --> 00:36:26,279
Speaker 1: out the HOA was being poorly run. He has to

816
00:36:26,360 --> 00:36:29,399
Speaker 1: run for HOA president in order to kind of help

817
00:36:29,440 --> 00:36:31,239
Speaker 1: get the board back in line and get the finances

818
00:36:31,239 --> 00:36:34,919
Speaker 1: of the HOA back in shape. That's a part time

819
00:36:35,000 --> 00:36:38,200
Speaker 1: job for him and it's been a massive pain, which.

820
00:36:38,040 --> 00:36:39,520
Speaker 2: Is fine if you want to sign up for a

821
00:36:39,560 --> 00:36:40,000
Speaker 2: part time.

822
00:36:40,080 --> 00:36:42,279
Speaker 1: Job, but he didn't know he was getting into that

823
00:36:42,560 --> 00:36:45,000
Speaker 1: when he bought the condo. And then so just you

824
00:36:45,080 --> 00:36:48,040
Speaker 1: have to realize that there are all these potential pitfalls

825
00:36:48,080 --> 00:36:51,560
Speaker 1: that you can't see. They're like, finally they're nicely covered

826
00:36:51,640 --> 00:36:54,560
Speaker 1: up right with what looks to be a patch of dirt.

827
00:36:54,560 --> 00:36:56,960
Speaker 1: It looks like you're it looks like you're stepping into

828
00:36:56,960 --> 00:36:59,640
Speaker 1: a safe spot. But ultimately you fall in, you break

829
00:36:59,640 --> 00:37:01,799
Speaker 1: your leg, and you're like, ah, what happened there? And

830
00:37:01,840 --> 00:37:04,680
Speaker 1: that's just Yeah, there are significant potential downsides, I think

831
00:37:04,719 --> 00:37:07,760
Speaker 1: more so with buying land, but just to buying vacation

832
00:37:07,960 --> 00:37:08,880
Speaker 1: property in general.

833
00:37:08,960 --> 00:37:11,200
Speaker 2: Yeah, I mean, and it's not all that different than

834
00:37:11,200 --> 00:37:13,759
Speaker 2: how we approach folks who are interested in becoming real

835
00:37:13,880 --> 00:37:16,120
Speaker 2: estate investors as well. Like it is kind of a

836
00:37:16,120 --> 00:37:17,640
Speaker 2: part time job, and so you have to be okay

837
00:37:17,640 --> 00:37:20,040
Speaker 2: with either spending more than you otherwise would because you've

838
00:37:20,040 --> 00:37:22,400
Speaker 2: got management, or you need to have the time on

839
00:37:22,480 --> 00:37:24,920
Speaker 2: hand to be able to diiyat which I was going

840
00:37:24,960 --> 00:37:27,680
Speaker 2: to say, that's totally fine if that's a goal of yours, Josh, Like,

841
00:37:27,719 --> 00:37:30,880
Speaker 2: so you mentioned your kids, and if you are okay

842
00:37:30,920 --> 00:37:33,000
Speaker 2: with when you go on vacation and when you go

843
00:37:33,040 --> 00:37:37,240
Speaker 2: to visit that house spending your time painting, fixing toilets,

844
00:37:37,320 --> 00:37:39,239
Speaker 2: things like that, that's totally fine. If those are lessons

845
00:37:39,280 --> 00:37:41,080
Speaker 2: that you're trying to impart and it's kind of like

846
00:37:41,120 --> 00:37:42,920
Speaker 2: something No, there's a little bit of sweat equity that

847
00:37:42,920 --> 00:37:45,120
Speaker 2: you're doing alongside your kids. I think that that could

848
00:37:45,120 --> 00:37:48,120
Speaker 2: be I think that could potentially be cool. But if

849
00:37:48,160 --> 00:37:50,239
Speaker 2: you're thinking that, like, oh, all my vacation, I can't

850
00:37:50,360 --> 00:37:52,560
Speaker 2: spend any time during the week doing that because I've

851
00:37:52,560 --> 00:37:55,000
Speaker 2: got a full time job. You're like, oh, well, we'll

852
00:37:55,000 --> 00:37:57,120
Speaker 2: be able to do that during vacation. What you're actually doing, though,

853
00:37:57,200 --> 00:37:59,320
Speaker 2: is eating into your vacation and all of a sudden

854
00:37:59,560 --> 00:38:02,480
Speaker 2: you're doing the opposite of what you maybe expected to

855
00:38:02,480 --> 00:38:04,239
Speaker 2: do on the front end, which is like relax, and

856
00:38:04,840 --> 00:38:06,640
Speaker 2: I'm just saying, instead of being your home away from home,

857
00:38:06,680 --> 00:38:09,200
Speaker 2: it becomes your job away from your job away from home. Yeah, exactly,

858
00:38:09,200 --> 00:38:11,560
Speaker 2: which is totally fine. Though if that's a goal of yours.

859
00:38:11,560 --> 00:38:13,320
Speaker 2: It makes me think of a friend of ours, Carl

860
00:38:13,680 --> 00:38:16,640
Speaker 2: Mister fifteen hundred. I've heard him talk about what I

861
00:38:16,680 --> 00:38:19,719
Speaker 2: think he calls construction tourism, or he'll go and visit

862
00:38:19,760 --> 00:38:22,520
Speaker 2: a friend and hang out for a week or two,

863
00:38:22,680 --> 00:38:24,239
Speaker 2: that kind of thing while he helps him to do

864
00:38:24,320 --> 00:38:26,759
Speaker 2: some sort of big house project. If that's how you're

865
00:38:26,800 --> 00:38:28,799
Speaker 2: thinking about this, Josh, I think it it could pay off.

866
00:38:28,840 --> 00:38:30,319
Speaker 2: I've been waiting for him to pay me a visit.

867
00:38:30,400 --> 00:38:34,400
Speaker 2: But otherwise, we do want you to be extremely cautious

868
00:38:34,440 --> 00:38:37,279
Speaker 2: when it comes to how it is you're approaching this regardless.

869
00:38:37,320 --> 00:38:39,520
Speaker 2: Make sure that you continue like you're in money year six,

870
00:38:39,640 --> 00:38:41,719
Speaker 2: so you are maxing out your other accounts. Make sure

871
00:38:41,760 --> 00:38:44,680
Speaker 2: that you're continuing to do the boring things before taking

872
00:38:44,719 --> 00:38:48,200
Speaker 2: on this lifestyle plunge. But at the end of the day,

873
00:38:48,239 --> 00:38:50,160
Speaker 2: I would do it. I mean, so I spent, we

874
00:38:50,200 --> 00:38:52,279
Speaker 2: spent this whole time, kind of put puent on his

875
00:38:52,400 --> 00:38:54,440
Speaker 2: on his dream. But that's the thing multiple times in

876
00:38:54,480 --> 00:38:56,520
Speaker 2: the question he said this was a dream of theirs. Yeah,

877
00:38:56,560 --> 00:38:58,440
Speaker 2: and so if this is a massive goal for you

878
00:38:58,480 --> 00:38:59,879
Speaker 2: and your family, go for it. Man, it just makes

879
00:38:59,880 --> 00:39:02,960
Speaker 2: you your eyes are wide open as you are performing

880
00:39:03,000 --> 00:39:03,279
Speaker 2: your due.

881
00:39:03,280 --> 00:39:05,400
Speaker 1: Dealis just make sure, because Matt, the thing about dreams

882
00:39:05,680 --> 00:39:07,920
Speaker 1: is so much of the time you wake up and

883
00:39:07,920 --> 00:39:10,560
Speaker 1: you're like, Oh, wouldn't that be fun if that actually existed?

884
00:39:10,600 --> 00:39:12,719
Speaker 1: But that's not real life. And so you want to

885
00:39:12,760 --> 00:39:15,239
Speaker 1: know think about imagine what that dream would look like

886
00:39:15,320 --> 00:39:18,000
Speaker 1: in real life, and not just what it looks like

887
00:39:18,000 --> 00:39:20,600
Speaker 1: in the dream state. You want to walk through some

888
00:39:20,680 --> 00:39:23,240
Speaker 1: of those actual scenarios. Put yourself in the shoes. Worst

889
00:39:23,239 --> 00:39:25,480
Speaker 1: case scenario you owning mental property. And I guess the

890
00:39:25,480 --> 00:39:27,000
Speaker 1: other thing to think through is how much time would

891
00:39:27,000 --> 00:39:28,799
Speaker 1: you actually spend there. I think the more time you

892
00:39:28,800 --> 00:39:30,640
Speaker 1: plan on spending there, the more sense it makes to

893
00:39:30,680 --> 00:39:32,680
Speaker 1: actually own it. If you're like, ah, we'd go one

894
00:39:32,680 --> 00:39:34,759
Speaker 1: to two weeks a year, it makes sense for the

895
00:39:34,800 --> 00:39:37,720
Speaker 1: most part from a financial perspective to rent it. Also,

896
00:39:37,760 --> 00:39:40,080
Speaker 1: would you have somebody managing the property to rent that

897
00:39:40,120 --> 00:39:41,800
Speaker 1: out when you're not there so that it was bringing

898
00:39:41,800 --> 00:39:45,280
Speaker 1: in income. Those are all really important questions. They're financial questions,

899
00:39:45,280 --> 00:39:48,799
Speaker 1: but they're also just kind of emotional questions about how

900
00:39:48,800 --> 00:39:51,920
Speaker 1: you're going to approach the property and how significant of

901
00:39:51,920 --> 00:39:53,000
Speaker 1: a role it's going to play.

902
00:39:52,800 --> 00:39:53,360
Speaker 2: In your life.

903
00:39:53,520 --> 00:39:55,360
Speaker 1: But yeah, not trying to poot poo on the goal altogether.

904
00:39:55,920 --> 00:39:57,759
Speaker 1: If this is a legit dream and you have thought

905
00:39:57,760 --> 00:39:59,719
Speaker 1: through all the details, Josh, I think you're in the

906
00:39:59,719 --> 00:40:02,520
Speaker 1: place to be able to make this a priority.

907
00:40:02,600 --> 00:40:03,840
Speaker 2: That's right. All right, We got more to get to,

908
00:40:03,880 --> 00:40:06,560
Speaker 2: including we're gonna hear from a listener who has recently

909
00:40:06,680 --> 00:40:09,160
Speaker 2: gotten a fat raise. We'll get to that and more

910
00:40:09,280 --> 00:40:09,879
Speaker 2: right after this.

911
00:40:17,600 --> 00:40:19,759
Speaker 1: All right, Matt, We've got more money questions to get to.

912
00:40:20,280 --> 00:40:22,239
Speaker 1: Now it's time for the Facebook question of the week.

913
00:40:22,320 --> 00:40:24,719
Speaker 1: This one comes from Emily in the how to Money

914
00:40:24,719 --> 00:40:28,200
Speaker 1: Facebook group. She says, currently looking at opening a five

915
00:40:28,200 --> 00:40:31,080
Speaker 1: to twenty nine for each of my twins. I was

916
00:40:31,120 --> 00:40:34,560
Speaker 1: trying to decide whether to go through Vanguard directly or

917
00:40:34,840 --> 00:40:37,759
Speaker 1: through a state plan. The expense ratios seem to be

918
00:40:37,800 --> 00:40:40,520
Speaker 1: lower through Vanguard. We're in Mississippi, though, and the end

919
00:40:40,560 --> 00:40:42,759
Speaker 1: state plan that would give us a tax break is

920
00:40:42,800 --> 00:40:43,240
Speaker 1: not great.

921
00:40:43,480 --> 00:40:47,120
Speaker 2: That's right, Yeah, So, Emily, almost all five twenty nine

922
00:40:47,120 --> 00:40:49,239
Speaker 2: plans that are out there, they've gotten a lot better

923
00:40:49,280 --> 00:40:52,640
Speaker 2: over the past few years. That being said, Mississippi is

924
00:40:52,680 --> 00:40:56,000
Speaker 2: still one of the holdouts who is still charging their

925
00:40:56,040 --> 00:40:58,640
Speaker 2: residence way too much. When it comes to the investments

926
00:40:58,640 --> 00:41:02,120
Speaker 2: within a five twenty nine on every investment option that

927
00:41:02,160 --> 00:41:06,160
Speaker 2: they offer is north of point five percent, with most

928
00:41:06,200 --> 00:41:09,319
Speaker 2: of the options being closer to point seven percent. But

929
00:41:09,680 --> 00:41:12,400
Speaker 2: there is at least a meaningful state income tax reduction

930
00:41:12,560 --> 00:41:15,920
Speaker 2: on up to twenty thousand dollars per year, that is

931
00:41:16,000 --> 00:41:20,200
Speaker 2: if you are married filing jointly, So despite these pretty

932
00:41:20,239 --> 00:41:24,080
Speaker 2: high fees, the tax deduction would easily more than make

933
00:41:24,160 --> 00:41:26,600
Speaker 2: up for it. We hate fees, and we would love,

934
00:41:26,800 --> 00:41:29,960
Speaker 2: in fact, to see Mississippi correct this injustice. But I

935
00:41:30,000 --> 00:41:33,080
Speaker 2: would totally still participate if I were you, as long

936
00:41:33,160 --> 00:41:35,360
Speaker 2: as you are doing great when it comes to investing

937
00:41:35,400 --> 00:41:36,799
Speaker 2: in all the other ways. You don't want to, you know,

938
00:41:36,800 --> 00:41:38,439
Speaker 2: you don't want to over prioritize the five to twenty

939
00:41:38,520 --> 00:41:40,880
Speaker 2: nine account before you are investing for your own retirement.

940
00:41:40,960 --> 00:41:43,280
Speaker 2: But it essentially comes down to fees and point seven

941
00:41:43,440 --> 00:41:45,040
Speaker 2: Like you're either you're paying fees no matter what, You're

942
00:41:45,040 --> 00:41:49,480
Speaker 2: either paying point seven to expense ratios with the investment or.

943
00:41:50,040 --> 00:41:53,360
Speaker 2: So in Mississippi, the state income tax is four point seven,

944
00:41:53,600 --> 00:41:56,200
Speaker 2: so you're even paying point seven to your investment or

945
00:41:56,280 --> 00:41:59,000
Speaker 2: paying four point seven to the state for the income

946
00:41:59,040 --> 00:42:02,520
Speaker 2: tax on that money that you would otherwise get essentially

947
00:42:02,600 --> 00:42:02,959
Speaker 2: a buye.

948
00:42:03,160 --> 00:42:05,040
Speaker 1: So yeah, the year low fees, it's about a four

949
00:42:05,080 --> 00:42:07,640
Speaker 1: percent spread. If you're trying to reduce fees, well, reducing

950
00:42:07,760 --> 00:42:09,719
Speaker 1: the fee that comes to you in the form of

951
00:42:09,719 --> 00:42:12,040
Speaker 1: state taxes quote unquote fee more important in this space.

952
00:42:12,120 --> 00:42:12,720
Speaker 2: Yeah, exactly.

953
00:42:12,760 --> 00:42:14,440
Speaker 1: And to get the sweet tax break, you've actually got

954
00:42:14,480 --> 00:42:18,200
Speaker 1: to contribute directly to the Mississippi State Plan itself. So

955
00:42:18,239 --> 00:42:21,040
Speaker 1: that's why we'd suggest doing that. But I will say this,

956
00:42:21,480 --> 00:42:23,560
Speaker 1: you might be able to move those five to twenty

957
00:42:23,600 --> 00:42:27,520
Speaker 1: nine dollars from the Mississippi State Plan over to Vanguard

958
00:42:27,680 --> 00:42:30,680
Speaker 1: later down the line, like that strategy. Yeah, that way

959
00:42:30,680 --> 00:42:32,839
Speaker 1: you can get the deduction but move the funds at

960
00:42:32,840 --> 00:42:36,600
Speaker 1: a later date to reduce ongoing fees. So you're trying

961
00:42:36,600 --> 00:42:38,680
Speaker 1: to get the best of both worlds here. Just check

962
00:42:38,719 --> 00:42:41,640
Speaker 1: to see whether your state has a clawback rule or not.

963
00:42:41,719 --> 00:42:44,960
Speaker 1: Sometimes they say, oh, well, if you contributed to the

964
00:42:44,960 --> 00:42:47,360
Speaker 1: plan and you got the deduction, but you pulled that

965
00:42:47,400 --> 00:42:49,239
Speaker 1: money back out or you moved it down the road

966
00:42:49,280 --> 00:42:52,360
Speaker 1: to Vanguard too soon, Well, actually you're gonna have to

967
00:42:52,400 --> 00:42:55,080
Speaker 1: pay that state tax and so yeah, there might be

968
00:42:55,080 --> 00:42:57,080
Speaker 1: a chance that if you did it too soon, within

969
00:42:57,120 --> 00:42:59,279
Speaker 1: twelve months or something like that, that they want that

970
00:42:59,440 --> 00:43:03,319
Speaker 1: tax money back. You don't want to have that tax

971
00:43:03,360 --> 00:43:06,000
Speaker 1: benefit revoked. That's half the reason, or not half the

972
00:43:06,000 --> 00:43:08,319
Speaker 1: reason doing that. But that is a substantial benefit of

973
00:43:08,400 --> 00:43:10,359
Speaker 1: contributing to your five twenty nine plan. That would be

974
00:43:10,640 --> 00:43:11,840
Speaker 1: a massive loss.

975
00:43:12,000 --> 00:43:12,200
Speaker 2: Matt.

976
00:43:12,239 --> 00:43:14,040
Speaker 1: This kind of makes me think about four or one

977
00:43:14,120 --> 00:43:16,600
Speaker 1: K plans that have a match but also have high fees.

978
00:43:16,800 --> 00:43:18,680
Speaker 1: We have listeners reach out about that from time to time.

979
00:43:18,719 --> 00:43:21,759
Speaker 1: Should I just abandon my workplace retirement account my four

980
00:43:21,800 --> 00:43:24,239
Speaker 1: O one K because the fees are so crappy And

981
00:43:24,280 --> 00:43:27,879
Speaker 1: the answer is always almost always to say, well, if

982
00:43:27,880 --> 00:43:30,240
Speaker 1: you have a match, make sure you get the match

983
00:43:30,520 --> 00:43:33,040
Speaker 1: no matter what, even though the fees are terrible, and

984
00:43:33,080 --> 00:43:35,160
Speaker 1: you have to hold your nose and invest inside of

985
00:43:35,160 --> 00:43:37,839
Speaker 1: that four one K despite the fees being high, because

986
00:43:37,880 --> 00:43:39,319
Speaker 1: the match more than makes up for it. I think

987
00:43:39,360 --> 00:43:42,240
Speaker 1: in this case, the state tax break, the state tax deduction,

988
00:43:42,640 --> 00:43:44,960
Speaker 1: more than makes up for the crummy fees. Inside of

989
00:43:44,960 --> 00:43:46,000
Speaker 1: the Mississippi state plan.

990
00:43:46,120 --> 00:43:48,520
Speaker 2: Totally yeah. I will say, if you are listening and

991
00:43:48,560 --> 00:43:51,600
Speaker 2: you aren't in a state that has a state income

992
00:43:51,680 --> 00:43:54,440
Speaker 2: tax deduction, head over to a morning Star and look

993
00:43:54,520 --> 00:43:56,640
Speaker 2: up some of the better state plans that are that

994
00:43:56,800 --> 00:44:00,560
Speaker 2: anyone is eligible to participate in. I think Utah has

995
00:44:00,680 --> 00:44:02,719
Speaker 2: been like at the top for a while, like they're

996
00:44:02,719 --> 00:44:06,799
Speaker 2: always ranked under the their gold plans. Oh, Georgia, those

997
00:44:06,800 --> 00:44:08,680
Speaker 2: are great plans, those are I think those? Yeah, those

998
00:44:08,680 --> 00:44:10,920
Speaker 2: are more like the silver range. But guess who doesn't

999
00:44:10,920 --> 00:44:14,680
Speaker 2: even make bronze, Joel miss Mississippi. They're not ranked at all.

1000
00:44:14,719 --> 00:44:17,600
Speaker 2: So no metal for Mississippi, Emily, not on this front.

1001
00:44:17,680 --> 00:44:19,200
Speaker 2: We got one more though, at least hear from Tyler.

1002
00:44:19,239 --> 00:44:21,960
Speaker 2: He writes, I am almost thirty seven. A couple of

1003
00:44:22,000 --> 00:44:25,120
Speaker 2: years ago, I switched employers and now am doubling my

1004
00:44:25,160 --> 00:44:28,800
Speaker 2: salary compared to the last employer win. But now, because

1005
00:44:28,920 --> 00:44:30,960
Speaker 2: of this big change, I am all of a sudden

1006
00:44:31,200 --> 00:44:34,120
Speaker 2: kind of far behind the three times your salary in

1007
00:44:34,160 --> 00:44:37,000
Speaker 2: the four to one k by age forty goal, when

1008
00:44:37,040 --> 00:44:40,319
Speaker 2: I was previously way ahead. Logically, I know that this

1009
00:44:40,360 --> 00:44:42,880
Speaker 2: is still a win, But is it really necessary to

1010
00:44:42,920 --> 00:44:45,799
Speaker 2: push hard to get back on track to meet this

1011
00:44:45,840 --> 00:44:48,719
Speaker 2: new goal. I'm contributing eleven percent to a four one

1012
00:44:48,800 --> 00:44:51,359
Speaker 2: K and Max on a separate roth Ira, I don't

1013
00:44:51,400 --> 00:44:54,319
Speaker 2: want to pull more right now if I don't need to.

1014
00:44:55,040 --> 00:44:57,480
Speaker 2: It just turns my head to now be considered behind.

1015
00:44:58,000 --> 00:45:00,960
Speaker 2: Tyler's had a paradigm shift. Should he be concerned about

1016
00:45:01,000 --> 00:45:02,279
Speaker 2: this drole? It sounds like.

1017
00:45:02,280 --> 00:45:05,440
Speaker 1: Tyler and you're snatching defeat from the jobs of victory here.

1018
00:45:06,160 --> 00:45:07,520
Speaker 1: I don't want that to be the case. I think

1019
00:45:07,760 --> 00:45:10,200
Speaker 1: is this is a huge This is a time to

1020
00:45:10,200 --> 00:45:14,120
Speaker 1: say congratulations, because doubling your salary is insane. Yeah, and

1021
00:45:14,520 --> 00:45:16,920
Speaker 1: maybe it was happening more like two years ago, two

1022
00:45:16,960 --> 00:45:20,080
Speaker 1: and a half years ago in the heart of where

1023
00:45:20,239 --> 00:45:21,920
Speaker 1: employees kind of got to call the shots when it

1024
00:45:21,960 --> 00:45:25,000
Speaker 1: came to marching down the road and getting a better

1025
00:45:25,040 --> 00:45:27,719
Speaker 1: offer from another employer. It's happening less and less these days.

1026
00:45:27,719 --> 00:45:29,399
Speaker 1: So that's a massive money win. You should be super

1027
00:45:29,400 --> 00:45:32,719
Speaker 1: pleased and definitely celebrate. This is a logical question though

1028
00:45:32,719 --> 00:45:35,120
Speaker 1: in some ways, Matt, that follows after you pop the

1029
00:45:35,200 --> 00:45:38,680
Speaker 1: champagne getting super pumped about your raise. You're way ahead

1030
00:45:38,719 --> 00:45:41,000
Speaker 1: and now you feel behind. But the truth is, Tyler

1031
00:45:41,080 --> 00:45:44,160
Speaker 1: you're not. You're not behind because those three times salary

1032
00:45:44,160 --> 00:45:47,000
Speaker 1: by forty goals, it's not that they're they're lame, but

1033
00:45:47,040 --> 00:45:49,040
Speaker 1: they aren't the real sign of success. And if it was,

1034
00:45:49,520 --> 00:45:51,600
Speaker 1: I think you could have met your goal by keeping

1035
00:45:51,600 --> 00:45:53,120
Speaker 1: your salary artificially low.

1036
00:45:52,960 --> 00:45:54,800
Speaker 2: And then of course that would have obviously been a

1037
00:45:54,880 --> 00:45:57,479
Speaker 2: dumb move. So this is why we typically think about

1038
00:45:57,480 --> 00:45:59,840
Speaker 2: saving these goals in relation to not what it is

1039
00:45:59,840 --> 00:46:03,640
Speaker 2: that you earn, but what you spend. And so if

1040
00:46:03,680 --> 00:46:05,600
Speaker 2: you do that, you'll be able to meet whatever goals

1041
00:46:05,640 --> 00:46:08,640
Speaker 2: you'll have much faster. Now, if you are able to

1042
00:46:09,280 --> 00:46:11,880
Speaker 2: keep your lifestyle in check, you're saving, and you're investing

1043
00:46:11,880 --> 00:46:14,759
Speaker 2: a good portion of that raise, you're going to find

1044
00:46:14,840 --> 00:46:16,279
Speaker 2: that you're going to grow your net worth at a

1045
00:46:16,480 --> 00:46:20,480
Speaker 2: much more rapid clip. So for you, specifically, Tyler, I

1046
00:46:20,480 --> 00:46:23,919
Speaker 2: see this being the perfect time for you to ramp

1047
00:46:24,000 --> 00:46:25,759
Speaker 2: up your savings. You're saying that you don't want to

1048
00:46:25,800 --> 00:46:27,600
Speaker 2: do it if you don't have to, but man, what

1049
00:46:27,840 --> 00:46:30,799
Speaker 2: better time to up your savings rate than when you

1050
00:46:30,800 --> 00:46:33,279
Speaker 2: can continue living like you used to be living. The

1051
00:46:33,320 --> 00:46:35,319
Speaker 2: white Coat investor, he talks about doing this when it

1052
00:46:35,360 --> 00:46:40,600
Speaker 2: comes to they appeal to doctors, right white coat investor.

1053
00:46:40,960 --> 00:46:43,800
Speaker 2: And if you can continue living like an intern or

1054
00:46:43,840 --> 00:46:47,239
Speaker 2: a resident once you are officially a doctor, you are

1055
00:46:47,280 --> 00:46:49,799
Speaker 2: going to get so far ahead. But the problem is

1056
00:46:49,840 --> 00:46:53,680
Speaker 2: oftentimes as soon as you're graduate. I don't know what

1057
00:46:53,719 --> 00:46:55,640
Speaker 2: it is when you're a doctor, like you are making

1058
00:46:55,680 --> 00:46:57,520
Speaker 2: that doctor salary, and all of a sudden you sign

1059
00:46:57,600 --> 00:46:59,520
Speaker 2: up for all the payments, you take on, all the loans,

1060
00:46:59,560 --> 00:47:03,520
Speaker 2: you buy the house. As opposed to delaying some of

1061
00:47:03,560 --> 00:47:05,680
Speaker 2: that spending. Like, we want you, Tyler, to be behind

1062
00:47:05,719 --> 00:47:07,840
Speaker 2: the curve when it comes to consumption. Yeah, Like we

1063
00:47:07,880 --> 00:47:09,600
Speaker 2: want you to be a late bloomer when it comes

1064
00:47:09,640 --> 00:47:12,760
Speaker 2: to some of the money that you're spending, not forever,

1065
00:47:13,120 --> 00:47:16,000
Speaker 2: but just long enough to where you will essentially be

1066
00:47:16,080 --> 00:47:19,840
Speaker 2: perpetually right in that wave of having invested your money

1067
00:47:19,840 --> 00:47:23,359
Speaker 2: and seeing that and having seen that asset, that net

1068
00:47:23,360 --> 00:47:24,480
Speaker 2: worth amount continue to grow.

1069
00:47:24,640 --> 00:47:26,359
Speaker 1: And one of the things you're highlighting here too, Matt,

1070
00:47:26,400 --> 00:47:29,400
Speaker 1: is to have a different goal that doesn't throw shade

1071
00:47:29,440 --> 00:47:32,000
Speaker 1: on the bigger paycheck. And so instead of saying, well,

1072
00:47:32,040 --> 00:47:36,120
Speaker 1: it needs to be this much X my salary, say no, no, no,

1073
00:47:36,160 --> 00:47:39,520
Speaker 1: I'm trying to amass this much X my spending. And

1074
00:47:39,960 --> 00:47:43,440
Speaker 1: we'd suggest Tyler, tracking your net worth increasing. You know,

1075
00:47:43,520 --> 00:47:45,600
Speaker 1: while that rate of that going up is a good goal,

1076
00:47:45,600 --> 00:47:47,719
Speaker 1: you want to see your net worth continue to grow,

1077
00:47:47,719 --> 00:47:49,839
Speaker 1: and it's not going to every single year, especially when

1078
00:47:49,840 --> 00:47:52,359
Speaker 1: they're stock market downturns. But what you want to achieve

1079
00:47:52,400 --> 00:47:55,080
Speaker 1: at a minimum is twenty five times your annual expenses.

1080
00:47:55,320 --> 00:48:00,879
Speaker 1: This then takes doesn't take your pay into consideration, and again,

1081
00:48:00,920 --> 00:48:02,840
Speaker 1: if you're spending doesn't rock it upward, you're going to

1082
00:48:02,880 --> 00:48:05,160
Speaker 1: be able to get closer to that goal much more quickly.

1083
00:48:05,200 --> 00:48:05,439
Speaker 2: Now.

1084
00:48:06,040 --> 00:48:07,680
Speaker 1: I'm not sure how far off you are at this

1085
00:48:07,800 --> 00:48:11,359
Speaker 1: current moment, but you're likely well on your way. And then,

1086
00:48:11,440 --> 00:48:13,440
Speaker 1: you know, eleven percent for one K and maxing out

1087
00:48:13,440 --> 00:48:16,200
Speaker 1: your ROTH is great. But like Matt, you're hinting at

1088
00:48:16,239 --> 00:48:18,360
Speaker 1: like now is the perfect time to kind of ratchet

1089
00:48:18,400 --> 00:48:21,560
Speaker 1: that up in a more significant way. But more than anything,

1090
00:48:21,760 --> 00:48:24,280
Speaker 1: just make sure your metrics are tracking the important stuff

1091
00:48:24,280 --> 00:48:27,000
Speaker 1: that you really want to achieve, not the artificial things

1092
00:48:27,000 --> 00:48:30,399
Speaker 1: that aren't really that helpful. So hopefully, hopefully that makes

1093
00:48:30,400 --> 00:48:33,000
Speaker 1: you feel better, Tyler, you should already feel great that

1094
00:48:33,000 --> 00:48:35,040
Speaker 1: you're making so much more money, but hopefully that makes

1095
00:48:35,080 --> 00:48:37,120
Speaker 1: you feel feel better about.

1096
00:48:37,040 --> 00:48:39,400
Speaker 2: Not being behind because I don't think. I don't think

1097
00:48:39,440 --> 00:48:41,520
Speaker 2: you are behind. I think he's lashed onto the saying

1098
00:48:41,560 --> 00:48:43,680
Speaker 2: that it's a rule of thumb that for some folks

1099
00:48:43,680 --> 00:48:46,160
Speaker 2: can be helpful, but sometimes we have like we read

1100
00:48:46,160 --> 00:48:48,600
Speaker 2: an article and we come across something that sticks with us,

1101
00:48:48,640 --> 00:48:51,080
Speaker 2: or we have a conversation with a coworker and we're thinking, man,

1102
00:48:51,120 --> 00:48:53,440
Speaker 2: that guy is smart or she's pretty brilliant, so I'm

1103
00:48:53,440 --> 00:48:56,320
Speaker 2: going to do it, she said, or even the advice

1104
00:48:56,360 --> 00:48:58,440
Speaker 2: we hear from our parents, Like, there are certain sayings

1105
00:48:58,520 --> 00:49:00,279
Speaker 2: that kind of get embedded in our brain and it

1106
00:49:00,280 --> 00:49:02,719
Speaker 2: can be hard to shake those. Like everyone's always heard that, oh,

1107
00:49:02,760 --> 00:49:06,799
Speaker 2: renting is throwing away money, but like what about the

1108
00:49:07,200 --> 00:49:09,520
Speaker 2: six plus percent thirty year mortgage rates right now and

1109
00:49:09,719 --> 00:49:11,600
Speaker 2: home prices that are through the roof? Yeah, what if

1110
00:49:12,239 --> 00:49:13,919
Speaker 2: I'm only going to live there for a couple couple

1111
00:49:13,960 --> 00:49:16,520
Speaker 2: of years and the transaction cause are so incredibly high.

1112
00:49:16,680 --> 00:49:20,640
Speaker 2: There are ways that some of these sayings can completely

1113
00:49:20,640 --> 00:49:23,680
Speaker 2: derail our finances if we I think, if we overly

1114
00:49:23,719 --> 00:49:27,200
Speaker 2: fixate on them, as opposed to them at times being helpful.

1115
00:49:27,200 --> 00:49:28,640
Speaker 1: Godline, And what if my mortgage is going to be

1116
00:49:28,680 --> 00:49:30,120
Speaker 1: five grand, but my rent is going to be twenty

1117
00:49:30,120 --> 00:49:32,560
Speaker 1: five hundred a month for a really similar place. Yeah,

1118
00:49:32,600 --> 00:49:34,040
Speaker 1: you know, those are all the things you have to

1119
00:49:34,080 --> 00:49:39,160
Speaker 1: take into account. But the simplistic first personal finance approaches

1120
00:49:39,640 --> 00:49:42,400
Speaker 1: is to say, must buy house. That's the way to

1121
00:49:42,440 --> 00:49:44,560
Speaker 1: build wealth, right. Yeah, so that's why we try to

1122
00:49:44,560 --> 00:49:47,200
Speaker 1: have the nuanced condo and hopefully this the nuanced in

1123
00:49:47,200 --> 00:49:48,640
Speaker 1: regards to your question is helpful to But.

1124
00:49:48,680 --> 00:49:50,480
Speaker 2: Joe, let's get back to the beer that you and

1125
00:49:50,520 --> 00:49:54,160
Speaker 2: I enjoyed, which was an Indominus, which is a quad

1126
00:49:54,440 --> 00:49:57,520
Speaker 2: my bald Monk, and I'm going to say, I really

1127
00:49:57,560 --> 00:49:59,000
Speaker 2: like this one. Man. I think you're going to launch

1128
00:49:59,040 --> 00:50:01,400
Speaker 2: into a Gregorian chant. This is so good. It's been

1129
00:50:01,400 --> 00:50:03,479
Speaker 2: a while since we've had a quad here on the show.

1130
00:50:04,200 --> 00:50:06,640
Speaker 2: And I will say six ounces of a quad. So

1131
00:50:06,680 --> 00:50:08,680
Speaker 2: you and I we split this twelve ounce beer. It's

1132
00:50:08,719 --> 00:50:11,040
Speaker 2: the perfect amount because any more than that starts feeling

1133
00:50:11,040 --> 00:50:13,799
Speaker 2: a bit indulgent. Let's just be honest to even hear

1134
00:50:13,840 --> 00:50:16,840
Speaker 2: at how the money for us to enjoy something overly

1135
00:50:16,920 --> 00:50:18,680
Speaker 2: nice here in the middle of the day. I don't know,

1136
00:50:19,280 --> 00:50:21,399
Speaker 2: it feels healthy, you know, like six ounces that seem

1137
00:50:22,040 --> 00:50:22,720
Speaker 2: limiting our intake.

1138
00:50:23,000 --> 00:50:25,759
Speaker 1: Well, yeah, this I thought this was creamy, robust. It

1139
00:50:25,920 --> 00:50:29,080
Speaker 1: had like brown sugar and figgy vibes too. And by

1140
00:50:29,080 --> 00:50:32,319
Speaker 1: the way, that this brewery local brewery here, they have

1141
00:50:32,360 --> 00:50:36,280
Speaker 1: one of the best actual like brewery setups in terms

1142
00:50:36,320 --> 00:50:38,920
Speaker 1: of is Nope, it's so. It's such a lovely family.

1143
00:50:39,320 --> 00:50:41,839
Speaker 1: I'll go there all the time. Yeah, we really love

1144
00:50:41,880 --> 00:50:44,040
Speaker 1: that place. The food's good, the vibe is great, and

1145
00:50:44,040 --> 00:50:46,160
Speaker 1: they have a great outdoor space when the weather's nice.

1146
00:50:46,200 --> 00:50:50,319
Speaker 1: So I like this beer, but it's a beer. Some

1147
00:50:50,360 --> 00:50:51,960
Speaker 1: of their beers are just okay, this is one of

1148
00:50:51,960 --> 00:50:54,320
Speaker 1: their better beers. Yeah, I would totally yeah, this is uh,

1149
00:50:54,400 --> 00:50:56,520
Speaker 1: this gets above a four. Yeah, if if I was,

1150
00:50:56,600 --> 00:50:58,760
Speaker 1: if I were to check in rate this thing on untapped.

1151
00:50:58,760 --> 00:51:01,480
Speaker 1: But it's got that multi brown bread kind of flavor.

1152
00:51:01,640 --> 00:51:04,360
Speaker 1: It reminds me of the molasses bread that my grandma

1153
00:51:04,440 --> 00:51:07,600
Speaker 1: used to make. She would make it, and I think

1154
00:51:07,600 --> 00:51:08,759
Speaker 1: back in the day the way they would do it.

1155
00:51:08,760 --> 00:51:11,120
Speaker 1: They would always make it in essentially in a coffee can,

1156
00:51:11,200 --> 00:51:12,400
Speaker 1: and so it kind of had the you know, like.

1157
00:51:12,400 --> 00:51:14,640
Speaker 2: The big oh weah, the old folders cans. Yeah, and

1158
00:51:14,680 --> 00:51:17,000
Speaker 2: so it had like the lines around it, and I

1159
00:51:17,000 --> 00:51:19,319
Speaker 2: remember as a kid thinking and it had raisins in it.

1160
00:51:19,360 --> 00:51:21,640
Speaker 2: Maybe that's when I fell in love with raisins in

1161
00:51:21,880 --> 00:51:26,160
Speaker 2: different different bait goods. But it has this incredibly nostalgic

1162
00:51:26,200 --> 00:51:29,200
Speaker 2: sort of flavor profile that it's hard for me to

1163
00:51:29,200 --> 00:51:30,759
Speaker 2: to find something else that I want more than that

1164
00:51:30,840 --> 00:51:32,719
Speaker 2: right now. Yeah, maybe I'm gonna go home and make

1165
00:51:32,760 --> 00:51:33,040
Speaker 2: some bread.

1166
00:51:34,239 --> 00:51:36,359
Speaker 1: Yeah, this is a tasty one for sure. All right, man,

1167
00:51:36,400 --> 00:51:38,000
Speaker 1: that's going to do it For this episode. We'll put

1168
00:51:38,000 --> 00:51:40,640
Speaker 1: links to some of the resources that we mentioned in

1169
00:51:40,640 --> 00:51:42,479
Speaker 1: today's show up on the website at how to money

1170
00:51:42,480 --> 00:51:45,200
Speaker 1: dot com, and there are other helpful resources. Literally, you

1171
00:51:45,239 --> 00:51:47,080
Speaker 1: just click on one of the top tabs and you

1172
00:51:47,080 --> 00:51:49,880
Speaker 1: can find a list of resources that we have I

1173
00:51:49,880 --> 00:51:52,480
Speaker 1: think are important for everyone out there trying to get

1174
00:51:52,520 --> 00:51:55,360
Speaker 1: their personal finances in order. That's up at town of

1175
00:51:55,360 --> 00:51:56,040
Speaker 1: money dot com.

1176
00:51:56,080 --> 00:51:58,560
Speaker 2: You know what, man, So until next time, best Friends Out,

1177
00:51:58,800 --> 00:52:12,560
Speaker 2: BUYE best Friends Out.