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Speaker 1: Welcome to How to Money.

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Speaker 2: I'm Joel and I am Matt, and today we're answering

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Speaker 2: your listener questions.

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Speaker 1: Yeah, buddy, this is an ask how to Money episode.

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Speaker 2: We've got multiple questions to get to during this episode.

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Speaker 1: In particular, there's.

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Speaker 2: One listener and he's wondering if it's possible to be

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Speaker 2: too rich to participate and buy nothing groups.

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Speaker 1: Oh yeah, it's almost like.

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Speaker 2: Then another listener is wondering what are the aggressive funds

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Speaker 2: that he can invest in in order to juice his returns,

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Speaker 2: And then another listener is asking, what's the point of

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Speaker 2: an HSA.

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Speaker 1: We're gonna get maybe a little.

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Speaker 2: More philosophical with it with it, what's the point existential

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Speaker 2: with our retirement accounts? Yeah, yeah, we're gonna we're gonna

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Speaker 2: think long and hard about that one. But we'll get

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Speaker 2: to that plus more during this episode.

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Speaker 1: Reminds me of that Zoo Lander scene. God, yeah, so good.

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Speaker 2: All right, Before we get to those, listen are questions, Matt,

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Speaker 2: I wanted to mention one thing heard from an old

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Speaker 2: college buddy the other day. He texted me and actually,

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Speaker 2: this is this buddy and I his name's Travis. He

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Speaker 2: and I went on a three month road trip around

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Speaker 2: the country.

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Speaker 1: This was I guess.

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Speaker 2: I was twenty one years old and we had the

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Speaker 2: greatest time. It cost very little. Actually, I'm so glad

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Speaker 2: I did it. I saw most of the United States

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Speaker 2: and the method of transportation was a nineteen ninety five

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Speaker 2: Honda Accord station wagon that we together.

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Speaker 1: Right, yeah, so I think question, did you you got

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Speaker 1: the wagon because you slept at it?

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Speaker 3: Right?

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Speaker 1: Did you slept in We had tents to so we slept,

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Speaker 1: but we didn't really sit in the car much.

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Speaker 2: Maybe a couple times. We slept with strangers houses, seriously

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Speaker 2: met random people, and stayed like very much. CouchSurfing that's

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Speaker 2: how Travis met his wife's That's how Travis met his

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Speaker 2: life literally on the site CouchSurfing dot com.

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Speaker 1: Staying in her place.

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Speaker 2: That's my favorite part. They're still married to this day.

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Speaker 2: It's incredible. So, yeah, we had the best time on

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Speaker 2: our trip. I still remember it with fondness, just the

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Speaker 2: people we met, the stuff we got to see. But

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Speaker 2: the ninety five of Core station wagon that we bought

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Speaker 2: that took us around the country. It turns out like

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Speaker 2: Travis Drova for a few more years after, Like I

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Speaker 2: ended up moving back to Atlanta for a number of

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Speaker 2: years really kept it in good shape, and he was like,

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Speaker 2: all right, it's time for me to part with this thing.

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Speaker 2: And so he ended up selling it. And he heard

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Speaker 2: from the person that he sold it to the other day.

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Speaker 2: Why because that guy said, hey, this car's now got

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Speaker 2: three hundred thousand miles all day either. So he reached

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Speaker 2: back out the Draves to be like, yes, don't you

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Speaker 2: want to see his birthday picture?

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Speaker 1: Right? Yes, so that car.

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Speaker 2: I swear we paid twenty four hundred bucks for it,

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Speaker 2: or maybe it was like thirty five hundred. It was

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Speaker 2: definitely no more than thirty five hundred. Others it was

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Speaker 2: like right in in that range. That's how much we

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Speaker 2: paid for it when we bought it. Very used originally,

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Speaker 2: and to think that it's still going all these years later,

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Speaker 2: it just goes to show that people underestimate how long

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Speaker 2: their their car can survive, how long it can perform. Yeah, well,

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Speaker 2: especially a more dependable vehicle like that, which makes me.

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Speaker 1: Think, Okay, let's play.

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Speaker 2: Let's play a quick round version of Better No A

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Speaker 2: podcast host Joel, what was your least reliable, like if

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Speaker 2: of all the vehicles you owned, what do you think

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Speaker 2: is the least reliable vehicle, and then which one looking

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Speaker 2: back has been the most reliable. So I think the

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Speaker 2: most reliable was probably my eighty nine Toyota camer first

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Speaker 2: car ever bought.

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Speaker 1: Oh yeah, it was awesome. Toyota is yeah yeah.

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Speaker 2: And then I think my least reliable was there was

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Speaker 2: a Nissan that I had at one point. And I've

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Speaker 2: actually had really good Nissans too, so not hitting on

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Speaker 2: the brand, but I had a Nissan that was just

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Speaker 2: just didn't work out. For it to workout, I would

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Speaker 2: say if I still was driving. So I learned how

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Speaker 2: to drive on a ninety eight Honda Honda Civic hashback

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Speaker 2: and it was purple.

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Speaker 1: There's like.

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Speaker 2: Border lighting on purple, and that thing was not pretty.

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Speaker 2: It was base of the base model. There was nothing

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Speaker 2: electronic on it. I don't think it had a radio.

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Speaker 2: The windows literally they were manual windows, didn't have power.

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Speaker 1: Locks the way they made them back then.

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Speaker 2: I think, whoever is driving that thing right now, nothing

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Speaker 2: has broken on it because there is nothing to break.

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Speaker 2: I've got to think that was the most dependable vehicle.

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Speaker 2: And simultaneously I would say that my least dependable vehicle

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Speaker 2: was a few years later in college, when I was

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Speaker 2: driving an old Rundown ninety two Range Rover.

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Speaker 1: YEP, that was gonna be my guest for you. Yeah.

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Speaker 2: Yeah, that thing was dependable, but may it wasn't so fun,

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Speaker 2: and mayn was it beautiful.

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Speaker 1: I still like the way that those those early nineties

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Speaker 1: classic range Rovers look. Yeah, they're sweet.

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Speaker 2: It's fun to think about that car still being on

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Speaker 2: the road still somebody, well exactly that car. I mean,

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Speaker 2: it served us well, we had a blast in and

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Speaker 2: made a lot of good memories. But the fact that

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Speaker 2: it is still holding up all these years later. I

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Speaker 2: mean that's literally eighteen years ago that we were in

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Speaker 2: possession of it, or that I at least I was

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Speaker 2: driving it. So I know, Travis, like I said, had

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Speaker 2: it for a bunch of years after that. But I

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Speaker 2: can't imagine as twenty one year olds that y'all are

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Speaker 2: treating it the best, Like, I don't say trashing it.

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Speaker 2: I don't think we ever stopped for an oil change though,

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Speaker 2: while we were going across the country.

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Speaker 1: So I love it.

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Speaker 2: Yeah, Matt, let's mention the beer we're having on this episode.

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Speaker 2: This one's called SunDog by Monday Night brewing. Our mutual

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Speaker 2: buddy Ryan came over and dropped this beer off on

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Speaker 2: our doorstep. Big thanks Ryan. We'll give share our thoughts

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Speaker 2: at the end of the episode.

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Speaker 1: I wish it was called SunDog Millionaire. Would not be fun.

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Speaker 1: I would have been a good name.

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Speaker 3: Yeah.

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Speaker 2: Anyway, it's a great old school movie. All right, let's

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Speaker 2: get to our first question for this episode. And if

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Speaker 2: you have a money question we'd love to hear from you,

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Speaker 2: just go to hot to money dot com slash ask

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Speaker 2: simple instructions to record a voice memo send it our

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Speaker 2: way so we can hopefully take it on the next

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Speaker 2: Ask episode. But this one is all about why would

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Speaker 2: we even start investing in an HSA?

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Speaker 4: To begin with, Hey, Joel Matt, my name's Chris and

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Speaker 4: I am from Pennsylvania. My wife and I are in

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Speaker 4: our late thirties and we have two young children, ages

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Speaker 4: seven and four. In twenty twenty four, we're going to

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Speaker 4: be switching to a high deductible healthcare plan that will

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Speaker 4: allow us to open a health savings account. I know

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Speaker 4: I've heard you and others speak on using the HSA

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Speaker 4: as a triple tax advantaged investment vehicle, but I'm wondering,

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Speaker 4: and I can't seem to find what exactly is the

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Speaker 4: end goal with this. Are we hoping to pay out

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Speaker 4: of pocket as much as we can now to grow

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Speaker 4: those funds so that someday we maybe retire a little

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Speaker 4: early and can use it to pay for COBRA, Or

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Speaker 4: do we use those funds to pay for Medicare and retirement?

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Speaker 4: Do we have those funds sit as an insurance policy

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Speaker 4: if we need a more expensive procedure later in life,

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Speaker 4: or is there some other long term goal I'm missing

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Speaker 4: that we would eventually use these funds for. In researching,

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Speaker 4: I found a lot about the benefits of saving in

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Speaker 4: an HSA, but really nothing about how to use those

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Speaker 4: savings later on in life. So any guidance you could

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Speaker 4: give us now, I think we'll just help us figure

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Speaker 4: out our direction in the present moment. Also, I do

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Speaker 4: want to say a quick thank you. You inspire people

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Speaker 4: in many different ways, and as I mentioned in my email,

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Speaker 4: I've started a new career path, at least in part,

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Speaker 4: I think because of what you all do with your

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Speaker 4: show and how well you do it. And the new

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Speaker 4: career has been great. It's been rewarding and engaging, and

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Speaker 4: I can't thank you enough for all the things that

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Speaker 4: you put out there for so many of us to

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Speaker 4: learn from.

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Speaker 2: Chris, thank you so much for those kind words. It's

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Speaker 2: honestly really cool to hear that you are changing your

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Speaker 2: life in more ways than just the financial yeah, but

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Speaker 2: specifically with your career. Matt James sounds like a Tony

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Speaker 2: Robbins of sorce so hitting you on every level. I

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Speaker 2: was gonna say it sounds like he's been bitten by

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Speaker 2: that personal finance bug and he's got that desire to

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Speaker 2: help others with their money. So in his email, Chris

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Speaker 2: mentioned that he is now teaching business and personal finance,

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Speaker 2: which is amazing.

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Speaker 1: We need more people like you, Chris.

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Speaker 2: Because of a single show with two best buds, it's

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Speaker 2: not going to be able to cut it. We need

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Speaker 2: thousands of folks out there who know what they're talking

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Speaker 2: about when it comes to money personal finances, and to

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Speaker 2: know how to communicate crucial money topics effectively, and how

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Speaker 2: to teach others well, and just to help the people

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Speaker 2: that are there around them, within their own circle, within

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Speaker 2: their orbit. I think sometimes people assume, oh, Matt Joel

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Speaker 2: got that covered, like they're going to do the personal

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Speaker 2: finance thing or maybe one of your other favorite personal

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Speaker 2: finance writers or podcast hosts, and we of what we're doing, like,

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Speaker 2: we don't plan to stop. But this is one of

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Speaker 2: those things where the closer you are to the person

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Speaker 2: who's doing the learning, the more effective I think the

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Speaker 2: learning can be. And so it's not that there is

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Speaker 2: no effectiveness to long form podcasting. There's a lot of

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Speaker 2: effect that we're able to generate, Matt. But in those

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Speaker 2: personal one on one conversations, that's sometimes where the light

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Speaker 2: bulb moments really happen, and where the ability to really

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Speaker 2: bring someone along with you for the ride or to

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Speaker 2: really help encourage them and push them in the direction

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Speaker 2: they need to go or want to go. That's I

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Speaker 2: think a really powerful thing that a bunch of individuals underestimate.

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Speaker 2: Like as you're learning, why not pass that knowledge onto others.

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Speaker 2: So Chris is doing just that. It's great, and I

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Speaker 2: love that you're going with a high deductible health care plan, Chris.

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Speaker 1: That's great.

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Speaker 2: It does allow you to open up an HSA, which

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Speaker 2: is an account We have sung the praises up for

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Speaker 2: a long time here on the show, and we know

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Speaker 2: you know this, but don't let the excitement of being

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Speaker 2: able to contribute to an HSA wag the dog on

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Speaker 2: this one, wag the tail right. High deductible health care

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Speaker 2: plans can be the right choice for a lot of folks,

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Speaker 2: but run the numbers and make sure that you have

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Speaker 2: the cash on hand to self ensure in case of

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Speaker 2: additional unplanned medical bills. Because you go with a high

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Speaker 2: deductible health care plan because you're excited about the HSA,

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Speaker 2: and then it turns out, oh, oh wait a second,

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Speaker 2: I don't have much cash in the bank and I

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Speaker 2: now have a medical bill that I wasn't planning on.

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Speaker 2: That's a bad situation to be in. And so we

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Speaker 2: won't go into a full on explanation of the HSA

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Speaker 2: right now either, but we will try to get to

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Speaker 2: the heart of your question. We'll link to an article

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Speaker 2: in the show notes, by the way, if you're listening

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Speaker 2: and you're kind of maybe completely lost on this when

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Speaker 2: you're like, what is the HSA. It's a semi complex

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Speaker 2: account that most people think of as useful for spending

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Speaker 2: on current medical procedures in order to get a small

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Speaker 2: tax break. But we think that there is a revolutionary

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Speaker 2: use where you can invest inside of that account. Most

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Speaker 2: people don't take that approach, but if you do, it

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Speaker 2: can help you generate a significant amount of wealth for

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Speaker 2: your future.

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Speaker 5: Yeah.

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Speaker 2: Yeah, So, Chris, he's asking basically like what is the

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Speaker 2: end goal of an HSA, and is definitely on the

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Speaker 2: right path.

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Speaker 1: The goal is to pay for those.

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Speaker 2: Current healthcare expenses out of pocket, and then to invest

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Speaker 2: the money that you're sticking within the HSA so that

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Speaker 2: it can grow meaningfully over the years and avoid taxation

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Speaker 2: at every single turn. Most of our favorite accounts, they

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Speaker 2: come with a tax break, either up front, offering you

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Speaker 2: a deduction in the current year, or a tax break

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Speaker 2: when you tap this funds, for instance a wroth Right,

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Speaker 2: you pay those taxes on the front end, you do

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Speaker 2: not ever have to pay taxes on those contributions ever. Again, well,

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Speaker 2: the HSA allows you to avoid taxation on what you

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Speaker 2: stick in on the growth and then every single dollar

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Speaker 2: that you take out of it, if you use it

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Speaker 2: for qualified medical expenses, that's a triple tax advantage.

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Speaker 1: Uh huh.

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Speaker 2: It does take some record keeping in order to do

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Speaker 2: this thing correctly, yeah, Matt, And so record keeping is

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Speaker 2: certainly a part of what makes the HSA work. But

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Speaker 2: maybe let's to the heart of what Chris is going after.

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Speaker 2: What am I actually saving for? And do I really

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Speaker 2: need to save up big sums of money inside of

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Speaker 2: an AHSA? Does that make sense? Well, I would say this,

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Speaker 2: if you want to retire early, that's one plus in

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Speaker 2: the HSA corner, right, because that can act as a

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Speaker 2: way to pull out penalty free retirement dollars earlier than

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Speaker 2: other accounts will allow for right. And that's largely because

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Speaker 2: of the flexibility of when you can pull funds out

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Speaker 2: from your AHSA. You can do it two years after

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Speaker 2: the date that you incurred the medical bill, or you

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Speaker 2: could do it twenty years later. It doesn't matter. It's

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Speaker 2: up to you. So is there a chance I guess

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Speaker 2: one of things Chris seems to be asking, is there

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Speaker 2: a chance that you might oversave in an HSA? And

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Speaker 2: I would say the answer is unlikely, because Fidelity found

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Speaker 2: that someone who's sixty five right now will spend one

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Speaker 2: hundred and fifty seven thousand dollars on healthcare expenses over

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Speaker 2: the course of their retirement. And that's in twenty twenty

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Speaker 2: four or I guess this was twenty twenty three dollars.

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Speaker 2: Matt so think about what that's going to be like

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Speaker 2: for you and I in the future and our listeners

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Speaker 2: in the future twenty twenty five years. Yeah, yeah, and

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Speaker 2: that's our single individual For couples, just double that number.

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Speaker 2: So you're talking about three hundred k plus in healthcare

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Speaker 2: expenses in retirement for all of us millennials, gen Z,

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Speaker 2: it's going to surpass that in all likelihood. And so

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Speaker 2: I guess it's possible to oversave in an HSA, but

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Speaker 2: we're just not worried about folks over committing to their

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Speaker 2: AHSA on that front. And then after the age of

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Speaker 2: sixty five, by the way, if you don't have enough

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Speaker 2: medical expenses to allow you to tap the HSA funds

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Speaker 2: you need, it kind of actually turns into a traditional

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Speaker 2: IRA where you have to pay tax on withdraws. But

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Speaker 2: that's at least a nice safety valve to have in

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Speaker 2: place to say, oh, wait a second, I'm the healthiest

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Speaker 2: dude that's ever lived, and I haven't really incurred very

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Speaker 2: many healthcare expenses, and so at least this amountain of

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Speaker 2: money I've built up isn't subject to like even more.

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Speaker 1: Severe taxation penalty. Yeah.

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Speaker 2: Yeah, just kind of turns into that traditional IRA, and

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Speaker 2: it makes it still a pretty swell account to have.

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Speaker 1: And I think a part of what's maybe the core

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Speaker 1: of what Chris is.

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Speaker 2: Asking is the fact that like the examples he gave

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Speaker 2: as to what he would spend his HSA dollars on,

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Speaker 2: all the examples that he gave were all medical related.

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Speaker 2: And so I think the way he's still thinking about

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Speaker 2: it in the traditional sense of like, oh, this is

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Speaker 2: a health savings account and some of this we've talked

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Speaker 2: about how it's perhaps improperly named because it makes people

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Speaker 2: think that, oh, you can only use these funds on

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Speaker 2: health expenses that you might incur. But that's why it's

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Speaker 2: so important to hang onto your receipts, because by you're

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Speaker 2: able to reimburse yourself for those expenses as long as

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Speaker 2: you have those receipts. But that doesn't mean that you

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Speaker 2: are withdrawing that money for something in the future that

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Speaker 2: is health related. You can withdraw that money for anything

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Speaker 2: that you want to spend that money on. You just

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Speaker 2: have to have the receipt from the past to basically

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Speaker 2: prove and to offset the amount that you take out

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Speaker 2: in the future, and you can use it to buy

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Speaker 2: a four wheeler. It does as long as you have

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Speaker 2: a restaurant to go to the beach, right clothing, But

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Speaker 2: as long as you had a shoulder surgery. Let's say

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Speaker 2: that was roughly the price of that four wheeler.

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Speaker 1: That's it doesn't or exactly the price, yeah, exactly, that's

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Speaker 1: I mean, that's kind of what you're getting.

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Speaker 2: Yeah.

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Speaker 1: Yeah.

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Speaker 2: And so that's a huge bookkeeping aspect, that's where we

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Speaker 2: were alluding to earlier. But you hang on to those receipts.

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Speaker 2: You let this build up over time, and as you

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Speaker 2: incur healthcare expenses, yes, you pay those bills out of

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Speaker 2: your savings, You pay those bills out of your checking accounts,

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Speaker 2: but then document the receipt as a twenty twenty four

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Speaker 2: medical expense, like literally take a picture of it, have

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Speaker 2: a folder on your computer where you have these receipts

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Speaker 2: set aside or within an Excel sheet. But then you

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Speaker 2: can pull money out of that HSA for that expense

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Speaker 2: way off into the future, right like do in ten years,

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Speaker 2: twenty years even later. But it allows for meaningful growth

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Speaker 2: while also giving you flexibility over when you pull those

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Speaker 2: funds out. And so don't think that just because the

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Speaker 2: dollars that go into an HSA. Yes, they do have

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Speaker 2: to quote unquote qualify and be for medical expenses, but

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Speaker 2: it's up to you as to when it is that

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Speaker 2: you choose to reimburse yourself for those expenses.

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Speaker 1: And that's why hanging on to those receipts are so crucial.

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Speaker 2: And again we know that these hsas they can be

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Speaker 2: a little bit complicated. We've tried to spell it out

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Speaker 2: in detail in written form on how to Money dot Com.

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Speaker 2: Will put a link to that article up the show

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Speaker 2: notes for this episode. But we still think of hsas

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Speaker 2: if a high deductible health care plan makes sense for

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Speaker 2: you or for your family, it's a it's a wonderful

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Speaker 2: tool if you have additional money on top of let's

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Speaker 2: say you're for one k to get the match roth Ira, boom,

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Speaker 2: you got some money in your HSA two. It's a

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Speaker 2: trifecta to be able to utilize all three of those

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Speaker 2: accounts to invest for your future.

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Speaker 1: It just takes a little bit more leg work.

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Speaker 2: Which is why like a roth Ira is easy, you

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Speaker 2: just stick the money in the wrath, but in HSA

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Speaker 2: it is a slightly more It's not like a beginner level,

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Speaker 2: but it's not a pro level kind of account. Either,

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Speaker 2: it's like it's right there in the middle. It's like

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Speaker 2: an intermediate.

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Speaker 1: Level strategy, which also.

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Speaker 2: Makes me think, too, guy, I mentioned paying for those

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Speaker 2: medical expenses into here now, like out of your checking

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Speaker 2: your savings account. But again, if you're kind of at

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Speaker 2: the level where you're considering an HSA for retirement, you

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Speaker 2: should also be paying for your medical expenses using a

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Speaker 2: credit card. And the reason I bring that up obviously,

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Speaker 2: you incur those expenses and then you pay that balance

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Speaker 2: off at the end of the month. But it's like

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Speaker 2: I almost see it as a similar way where you're

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Speaker 2: funneling these dollars through these optimized paths in order to

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Speaker 2: gain the most benefits, right, And so maybe think of

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Speaker 2: it that way, just like instead of making a purchase

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Speaker 2: directly out of your checking or your savings account, oh,

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Speaker 2: you're gonna put that on plastic and then you pay

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Speaker 2: that plastic off. You're kind of like the credit card

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Speaker 2: in this scenario. It's like, oh, yeah, well, I'm going

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Speaker 2: to have to myself or realize the expense of that

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Speaker 2: medical procedure, but then later down the road, I'm going

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Speaker 2: to reimburse myself in that way I don't know, maybe

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Speaker 2: that could be helpful as a way to think about it,

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Speaker 2: if that is already how you approach using your credit cards. Yeah, no,

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Speaker 2: I think that's helpful, and it's again it is a

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Speaker 2: more moderate kind of level personal finance task. But I

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Speaker 2: do also think that the benefits are supreme. Oh, because

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Speaker 2: I mean, like, who doesn't want to not pay tax

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Speaker 2: at all the dollars that come into their lives? They

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Speaker 2: just say, is the only way we know to make

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Speaker 2: that a reality. So best of luck, Chris, Hope that's helpful,

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Speaker 2: And Matt, We've got more questions to get to on

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Speaker 2: the episode, including one about picking funds. Are there ones

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Speaker 2: that are actually gonna juice returns even more? We'll talk

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Speaker 2: about that and some other personal finance stuff right after this.

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Speaker 1: All right, we are.

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Speaker 2: Back and we're gonna touch on small cap value funds

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Speaker 2: a little bit later on here. But first man, let's

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Speaker 2: hear from a listener who is interested in leasing a car.

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Speaker 6: Hello, the How to Money Cast. My name is Tom,

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Speaker 6: I'm twenty years old, I have three kids and a wife.

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Speaker 6: I had a couple of questions on leasing a vehicle

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Speaker 6: and whether you think it's it would be a good

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Speaker 6: idea or not drive about one hundred miles every day

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Speaker 6: for work and I also do door dash and grow

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Speaker 6: up on the side to make extra money. Do you

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Speaker 6: think that would be an affordable option to Lisa be

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Speaker 6: a or do you think because you know they have

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Speaker 6: stipulations and everything, that it would be a bad idea.

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Speaker 6: I really enjoyed the podcast, and I hope you guys

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Speaker 6: have a great holiday. Thank you.

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Speaker 2: Like well, Tom getting started making that family early, dude,

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Speaker 2: that's nice. A lot of kids, three kids at a

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Speaker 2: young age. It's a lot of mouse defeat, yes, a

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Speaker 2: lot of responsibility for it. Sounds like you are taking

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Speaker 2: that responsibility on your shoulders. You're working hard, and so

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Speaker 2: we'll offer the best advice that we can. Man. I mean,

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Speaker 2: first things first, is there any chance you can cut

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Speaker 2: down on your commute because one hundred miles a day

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Speaker 2: is a massive one. Not only does it keep you

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Speaker 2: away from your family, but that's that's time, right, that's

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Speaker 2: time away from your home, and it's money that it

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Speaker 2: costs to make that commute every single day. So I'm

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Speaker 2: not sure if that includes your side gig work as well.

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Speaker 2: So if you're factoring that in and maybe your actual

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Speaker 2: commute to your regular job isn't quite as far as

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Speaker 2: it seems. But I will say that's a that's a

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Speaker 2: lengthy commute, and it's hard for most people to keep

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Speaker 2: that up over a long period of time. And by

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Speaker 2: the way, don't forget the lot of people think, oh,

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Speaker 2: that's just gas, just extra gas money, Matt, because of

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Speaker 2: the commute I have to make No, no, no, it's not.

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Speaker 2: It's an extra maintenance that you're gonna have to perform

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Speaker 2: on the car over time.

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Speaker 1: It's depreciation.

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Speaker 2: Your car is going to depreciate faster the more miles

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Speaker 2: you put on it, the more you beat it up

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Speaker 2: just by using it more frequently. And so this is

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Speaker 2: obviously a big decision moved with a lot potentially at stake.

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Speaker 2: It's hard to pull off overnight. But I'm just putting

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Speaker 2: that on your radar because at least over the long term,

439
00:19:25,240 --> 00:19:27,160
Speaker 2: because either finding a job closer to where you live

440
00:19:27,520 --> 00:19:30,080
Speaker 2: or finding a place to live closer to your job

441
00:19:30,400 --> 00:19:32,040
Speaker 2: could make a lot of sense, right and kind of

442
00:19:32,080 --> 00:19:35,680
Speaker 2: reduce costs and stress for you on multiple fronts. Yeah,

443
00:19:35,920 --> 00:19:37,960
Speaker 2: I think something else worth discussing before we get to

444
00:19:37,960 --> 00:19:41,120
Speaker 2: the heart of his question. Are just say gigs in general,

445
00:19:41,480 --> 00:19:43,960
Speaker 2: because they can be a good way to increase your income,

446
00:19:44,000 --> 00:19:46,280
Speaker 2: but they also aren't going to be the best long

447
00:19:46,400 --> 00:19:50,040
Speaker 2: term solution for most folks either where you are trading

448
00:19:50,080 --> 00:19:53,200
Speaker 2: your time for money on an ongoing basis and also

449
00:19:53,240 --> 00:19:55,119
Speaker 2: without the killer income to show for it. And so

450
00:19:55,200 --> 00:19:57,920
Speaker 2: we'd recommend to listen back to episode four nineteen. That's

451
00:19:57,920 --> 00:20:00,639
Speaker 2: actually when we did a deep dive on the trade

452
00:20:00,680 --> 00:20:03,800
Speaker 2: offs of side gig work and how to maybe instead

453
00:20:03,960 --> 00:20:06,639
Speaker 2: think of them differently, maybe how you could turn that

454
00:20:06,720 --> 00:20:09,399
Speaker 2: into more of an entrepreneurial endeavor. Yeah, I believe we

455
00:20:09,440 --> 00:20:12,240
Speaker 2: called it the insidious nature of gigwork because yeah, it

456
00:20:12,320 --> 00:20:16,200
Speaker 2: might seem more lucrative ideas, right, Yeah, but that being said,

457
00:20:16,200 --> 00:20:18,680
Speaker 2: it might make sense for you for the time being.

458
00:20:18,880 --> 00:20:21,199
Speaker 2: I think, for instance, if you've got some debt that

459
00:20:21,200 --> 00:20:24,320
Speaker 2: you're trying to eliminate, but I think having a goal

460
00:20:24,400 --> 00:20:27,320
Speaker 2: in mind and a desired endpoint as to when you're

461
00:20:27,359 --> 00:20:30,120
Speaker 2: going to stop that side gigwork is going.

462
00:20:30,040 --> 00:20:31,600
Speaker 1: To be really important for you.

463
00:20:31,960 --> 00:20:33,439
Speaker 2: Again, you've got a lot of mouths to feed at

464
00:20:33,480 --> 00:20:36,080
Speaker 2: a young age, but ultimately we want you to be

465
00:20:36,160 --> 00:20:39,560
Speaker 2: focusing on your income potential, and you know, whether that's

466
00:20:39,600 --> 00:20:43,440
Speaker 2: through a W two. Maybe you want some clearly defined

467
00:20:43,520 --> 00:20:46,760
Speaker 2: benefits of predictable income or if that means starting your

468
00:20:46,760 --> 00:20:49,560
Speaker 2: own thing, because now that you've done some work on

469
00:20:49,600 --> 00:20:52,480
Speaker 2: the side, you felt the freedom to be able to

470
00:20:52,520 --> 00:20:54,960
Speaker 2: set your own schedule. And I'll tell you what, it

471
00:20:55,000 --> 00:20:58,000
Speaker 2: can be really addicting to have the control over your

472
00:20:58,040 --> 00:20:59,879
Speaker 2: time and when it is that you work in the

473
00:21:00,040 --> 00:21:02,159
Speaker 2: kind of work that you say yes to. If that

474
00:21:02,200 --> 00:21:04,840
Speaker 2: appeals to you, then going again more in an entrepreneurial

475
00:21:05,600 --> 00:21:07,480
Speaker 2: going down that path is going to be much.

476
00:21:07,320 --> 00:21:07,639
Speaker 1: Better for you.

477
00:21:07,800 --> 00:21:10,280
Speaker 2: Yeah, this usually takes time right to build that it's

478
00:21:10,320 --> 00:21:12,679
Speaker 2: not going to happen overnight, and so sometimes you're building

479
00:21:12,680 --> 00:21:16,040
Speaker 2: the ship while you're also kind of doing your day job,

480
00:21:16,080 --> 00:21:18,840
Speaker 2: and so it can even be even more work in

481
00:21:18,880 --> 00:21:21,440
Speaker 2: the run up. Let's talk about leasing a car, Matt,

482
00:21:21,480 --> 00:21:24,840
Speaker 2: like that was the heart of Tom's question. Does leasing

483
00:21:24,880 --> 00:21:26,919
Speaker 2: a car make sense when you're driving as much as

484
00:21:26,960 --> 00:21:31,280
Speaker 2: he is, No, it doesn't. Honestly, leasing a car doesn't

485
00:21:31,280 --> 00:21:34,040
Speaker 2: make much financial sense for anyone. In our opinion, this

486
00:21:34,080 --> 00:21:36,520
Speaker 2: is something we try to steer people away from, yes,

487
00:21:36,560 --> 00:21:41,520
Speaker 2: basically constantly, because it's just it's never good from a

488
00:21:41,560 --> 00:21:45,000
Speaker 2: dollars and cents perspective, it's only a good option if

489
00:21:45,040 --> 00:21:48,840
Speaker 2: you're optimizing for lifestyle over dollars. And the truth is

490
00:21:48,880 --> 00:21:50,639
Speaker 2: we all do that to a certain extent, right, we

491
00:21:50,720 --> 00:21:52,679
Speaker 2: do that with craft beer, Matt, you and I like

492
00:21:52,720 --> 00:21:55,600
Speaker 2: we optimize our We're saying it doesn't make financial sense

493
00:21:55,600 --> 00:21:58,239
Speaker 2: for me to be drinking a SunDog, of course, not

494
00:21:58,320 --> 00:22:00,960
Speaker 2: like if we are all like purists on that front,

495
00:22:00,960 --> 00:22:02,920
Speaker 2: we would all drink tap water all day every day.

496
00:22:03,440 --> 00:22:05,040
Speaker 2: That's just the way it is. Like, but we're all

497
00:22:05,080 --> 00:22:07,800
Speaker 2: optimizing in some way form or fashion the clothes we wear. Right,

498
00:22:07,840 --> 00:22:10,639
Speaker 2: we could all be buying the cheapest stuff from goodwill,

499
00:22:10,960 --> 00:22:13,239
Speaker 2: but we choose to wear brands or something that make

500
00:22:13,359 --> 00:22:16,359
Speaker 2: us feel good, or better made clothing or that. There's

501
00:22:16,400 --> 00:22:21,200
Speaker 2: no problem with that. Leasing is just that. But on steroids. Yeah,

502
00:22:22,240 --> 00:22:24,400
Speaker 2: And so the second most expensive item that you can

503
00:22:24,560 --> 00:22:26,760
Speaker 2: purchase other than your home, and especially when you're twenty

504
00:22:26,800 --> 00:22:28,840
Speaker 2: years old with three moles to feet, it just doesn't

505
00:22:28,880 --> 00:22:31,960
Speaker 2: make sense. It's not in your best long term or

506
00:22:32,000 --> 00:22:34,080
Speaker 2: short term interest. And so let's say you were forty

507
00:22:34,080 --> 00:22:36,720
Speaker 2: five or fifty Tom and you've been maxing retirement accounts

508
00:22:36,720 --> 00:22:38,440
Speaker 2: for a while with a bunch of savings on hand,

509
00:22:38,640 --> 00:22:40,399
Speaker 2: and you just love driving a new car every two

510
00:22:40,480 --> 00:22:43,320
Speaker 2: to three years, leasing might be an okay option. Again,

511
00:22:43,440 --> 00:22:47,639
Speaker 2: not the best money decision, but given the life stage

512
00:22:47,640 --> 00:22:51,359
Speaker 2: of someone in that then maybe we would say, listen,

513
00:22:51,400 --> 00:22:53,800
Speaker 2: they're trade offs, of course, but you've got the cash,

514
00:22:53,920 --> 00:22:56,800
Speaker 2: it's okay to make that choice. But for you, you'd

515
00:22:56,800 --> 00:22:59,639
Speaker 2: be allocating way too many dollars to transportation if you

516
00:22:59,640 --> 00:23:01,800
Speaker 2: were to leave vehicle, it would rob you of so

517
00:23:01,920 --> 00:23:05,720
Speaker 2: much opportunity in the meantime of where every single dollar

518
00:23:05,760 --> 00:23:08,800
Speaker 2: is precious when you're twenty. It's not that it's not

519
00:23:09,000 --> 00:23:11,760
Speaker 2: precious when you're forty or fifty, but it's just that

520
00:23:11,840 --> 00:23:15,920
Speaker 2: there are you have hopefully made enough smart moves that

521
00:23:16,040 --> 00:23:19,199
Speaker 2: you have a little more opportunity for error, and you

522
00:23:19,359 --> 00:23:21,440
Speaker 2: just have a lot less when you're twenty, and every

523
00:23:21,480 --> 00:23:23,880
Speaker 2: dollar has to be funneled effectively in order to help

524
00:23:23,920 --> 00:23:25,680
Speaker 2: you build your future. Yeah, I think I get where

525
00:23:25,680 --> 00:23:28,560
Speaker 2: he's coming from, because he requires.

526
00:23:28,000 --> 00:23:29,640
Speaker 1: His vehicle to get to his job, which is really

527
00:23:29,640 --> 00:23:30,680
Speaker 1: far away. It's his side.

528
00:23:30,720 --> 00:23:32,800
Speaker 2: Gigs are reliant on his vehicle, so he might be

529
00:23:32,840 --> 00:23:35,720
Speaker 2: thinking about it more from an investment standpoint. It's like, oh,

530
00:23:36,000 --> 00:23:38,120
Speaker 2: if I get if I lease this vehicle, it's gonna

531
00:23:38,119 --> 00:23:41,760
Speaker 2: allow me to continue to make additional dollars. But again

532
00:23:41,880 --> 00:23:44,040
Speaker 2: it's it's like a hey, I'm not beating up my

533
00:23:44,200 --> 00:23:48,399
Speaker 2: main ride and I'm beating up somebody else's ride in

534
00:23:48,520 --> 00:23:50,560
Speaker 2: order to get to and from where I'm trying to go.

535
00:23:50,680 --> 00:23:52,080
Speaker 2: But the more you beat it up, the more it's

536
00:23:52,080 --> 00:23:54,160
Speaker 2: going to cost you. And so that's why we want

537
00:23:54,200 --> 00:23:56,360
Speaker 2: you to be thinking about some of the other things

538
00:23:56,440 --> 00:23:59,600
Speaker 2: basically that you can be doing with those dollars, Like

539
00:23:59,720 --> 00:24:03,560
Speaker 2: there's basically this massive opportunity cost in devoting too many

540
00:24:03,600 --> 00:24:06,480
Speaker 2: dollars towards your ride, towards transportation, because we want you

541
00:24:06,520 --> 00:24:08,320
Speaker 2: to keep that line at them as low as possible

542
00:24:08,760 --> 00:24:11,160
Speaker 2: so that you can focus on let's say self development,

543
00:24:11,320 --> 00:24:15,000
Speaker 2: your ability to maybe it's getting certified like some sort

544
00:24:15,000 --> 00:24:17,520
Speaker 2: of certificate, some sort of something that's going to allow

545
00:24:17,520 --> 00:24:20,400
Speaker 2: you to get paid more at your main job as

546
00:24:20,400 --> 00:24:24,000
Speaker 2: opposed to finding opportunities on the side. But then getting

547
00:24:24,160 --> 00:24:27,800
Speaker 2: dollars in at a young age invested in the market

548
00:24:27,920 --> 00:24:29,840
Speaker 2: is going to be huge. Investing those dollars with an

549
00:24:29,840 --> 00:24:33,560
Speaker 2: account's accounts like roth iras because like every dollar that

550
00:24:33,600 --> 00:24:37,240
Speaker 2: you spend more like flippantly now is going to have

551
00:24:37,280 --> 00:24:39,640
Speaker 2: a major impact. Like I think back to the sacrifices

552
00:24:39,680 --> 00:24:41,280
Speaker 2: I made that Kate and I made when we when

553
00:24:41,280 --> 00:24:43,800
Speaker 2: we were younger, Like we could have been quote unquote

554
00:24:43,800 --> 00:24:47,240
Speaker 2: balling out and living like a lifestyle that was maybe

555
00:24:47,320 --> 00:24:49,440
Speaker 2: in line with what some of our peers were doing,

556
00:24:49,480 --> 00:24:53,359
Speaker 2: but instead we chose to be a little more boring

557
00:24:53,920 --> 00:24:56,680
Speaker 2: and nerdy with it and instead stocking those dollars away

558
00:24:56,680 --> 00:24:58,959
Speaker 2: into the stock market. And that's not something that we

559
00:24:59,000 --> 00:25:03,560
Speaker 2: regret at all. I distinctly remember a conversation right before

560
00:25:03,600 --> 00:25:06,240
Speaker 2: I bought my thirty two hundred dollars Nissan Ultima back

561
00:25:06,280 --> 00:25:08,359
Speaker 2: in the day, Matt, which was a great car for

562
00:25:08,400 --> 00:25:09,359
Speaker 2: me for seven years.

563
00:25:09,760 --> 00:25:11,080
Speaker 1: It was the good one or a bad one that

564
00:25:11,119 --> 00:25:12,520
Speaker 1: was a good one. That was a good one.

565
00:25:12,720 --> 00:25:16,320
Speaker 2: And so I was talking to a coworker a friend,

566
00:25:16,760 --> 00:25:18,760
Speaker 2: and I was like, I'm thinking about buying a new car.

567
00:25:18,760 --> 00:25:20,240
Speaker 2: I'm going to keep it a really long time, like

568
00:25:20,240 --> 00:25:22,119
Speaker 2: at least ten years, and it's gonna be one of

569
00:25:22,160 --> 00:25:24,679
Speaker 2: the cheaper ones. It's gonna be a Toyota. And so

570
00:25:24,800 --> 00:25:27,760
Speaker 2: it wasn't a dumb, dumb move, but I was so young,

571
00:25:27,760 --> 00:25:30,840
Speaker 2: and he was like dude, it's you could, but you

572
00:25:30,880 --> 00:25:34,720
Speaker 2: could also keep buying older cars like you've been doing,

573
00:25:35,119 --> 00:25:37,800
Speaker 2: and you'll have even more money to funnel into the market,

574
00:25:37,840 --> 00:25:40,320
Speaker 2: even more money to funnel into your retirement accounts. And

575
00:25:40,359 --> 00:25:42,879
Speaker 2: I'm so glad he dissuaded me, because, like I was, like,

576
00:25:43,200 --> 00:25:44,960
Speaker 2: I feel like I've earned it. Man, I'm like twenty

577
00:25:45,000 --> 00:25:47,160
Speaker 2: six now or something like that, and it's about time

578
00:25:47,200 --> 00:25:49,080
Speaker 2: for me to drive something a little bit nicer. I'm

579
00:25:49,080 --> 00:25:50,480
Speaker 2: not slumming it like I was back when I was

580
00:25:50,480 --> 00:25:53,119
Speaker 2: twenty three, right, And so you kind of start to

581
00:25:53,119 --> 00:25:55,359
Speaker 2: feel that at some point where you're like, I'm an

582
00:25:55,400 --> 00:25:57,240
Speaker 2: adult now and I'm earning a real salary.

583
00:25:57,240 --> 00:25:59,320
Speaker 1: Do I still have to be driving something.

584
00:25:59,320 --> 00:26:02,080
Speaker 2: That's older and you know when all my peers are

585
00:26:02,160 --> 00:26:04,760
Speaker 2: driving something nicer, And no, you don't have to. But

586
00:26:04,880 --> 00:26:07,359
Speaker 2: if you continue to make those hard decisions, it's going

587
00:26:07,440 --> 00:26:11,920
Speaker 2: to result in outside success in other areas, in your

588
00:26:11,960 --> 00:26:15,159
Speaker 2: money working harder for you because you're not throwing it

589
00:26:15,280 --> 00:26:17,920
Speaker 2: after just a nicer car to drive.

590
00:26:18,480 --> 00:26:19,199
Speaker 1: So yeah, it's I.

591
00:26:19,160 --> 00:26:20,520
Speaker 2: Think it can be tricky for a lot of people

592
00:26:20,560 --> 00:26:23,840
Speaker 2: to make the connection between present day Tom and then

593
00:26:23,920 --> 00:26:26,480
Speaker 2: future Tom. Right, Like there's it's almost like there's a

594
00:26:26,480 --> 00:26:28,600
Speaker 2: disconnect and we have to somehow connect the dots between

595
00:26:28,600 --> 00:26:32,360
Speaker 2: the things that we want now perpetual human difficulty, yeah,

596
00:26:32,720 --> 00:26:34,840
Speaker 2: versus the things that you know you're also gonna want

597
00:26:34,840 --> 00:26:37,679
Speaker 2: in the future. Because whereas now, when you're younger, you

598
00:26:37,720 --> 00:26:40,120
Speaker 2: have the ability to sacrifice a little bit more, work

599
00:26:40,160 --> 00:26:42,359
Speaker 2: a little bit harder, but at some point, man, I'll

600
00:26:42,359 --> 00:26:44,760
Speaker 2: tell you what, future Tom is probably gonna want to

601
00:26:44,800 --> 00:26:48,000
Speaker 2: work a little bit less, and so your ability to

602
00:26:48,040 --> 00:26:51,840
Speaker 2: sock away dollars now to afford yourself a little bit

603
00:26:51,880 --> 00:26:54,399
Speaker 2: of that reprieve, a little bit of a maybe a

604
00:26:54,480 --> 00:26:57,720
Speaker 2: slightly more relaxed schedule where you're just not working quite

605
00:26:57,800 --> 00:27:00,119
Speaker 2: as much. That's that's what Like no one else is

606
00:27:00,160 --> 00:27:02,400
Speaker 2: going to be thinking about future you. It comes down

607
00:27:02,440 --> 00:27:04,520
Speaker 2: to you as an individual to do that. And those

608
00:27:04,520 --> 00:27:06,240
Speaker 2: are the dots that we're trying to connect here. Yeah, yeah,

609
00:27:06,280 --> 00:27:08,399
Speaker 2: I mean it comes down to this delayed gratification on

610
00:27:08,440 --> 00:27:10,720
Speaker 2: the car front means better things in the future and

611
00:27:10,760 --> 00:27:11,760
Speaker 2: more financial freedom.

612
00:27:11,840 --> 00:27:13,480
Speaker 1: Yeah. And so what is it that you want?

613
00:27:13,520 --> 00:27:15,560
Speaker 2: I mean, do you want the nicer car now and

614
00:27:15,720 --> 00:27:18,919
Speaker 2: the stress of having to make that lease payment or

615
00:27:18,960 --> 00:27:22,119
Speaker 2: the new car payment every month? That's one choice. But

616
00:27:22,160 --> 00:27:25,520
Speaker 2: I do think making the harder choice in some ways

617
00:27:25,880 --> 00:27:29,240
Speaker 2: to continue driving whenever you're driving, is going to allow

618
00:27:29,320 --> 00:27:32,080
Speaker 2: you to have more financial flexibility, so you'll have easier

619
00:27:32,160 --> 00:27:34,760
Speaker 2: choices down the road. And Matt, one last reason that

620
00:27:34,880 --> 00:27:37,560
Speaker 2: leasing makes no sense for Tom is how much he's

621
00:27:37,640 --> 00:27:40,280
Speaker 2: driving every day. I think that's just another reason not

622
00:27:40,320 --> 00:27:42,480
Speaker 2: to lease the car, because I think he's probably gonna

623
00:27:42,560 --> 00:27:44,760
Speaker 2: vault over the mileage limits in the lease, which means

624
00:27:44,760 --> 00:27:46,520
Speaker 2: he's going to owe even more at the end of

625
00:27:46,560 --> 00:27:49,720
Speaker 2: the least because of it. And so, yeah, I don't

626
00:27:49,720 --> 00:27:52,240
Speaker 2: think he needs to necessarily drive a Jalopi that's barely

627
00:27:52,280 --> 00:27:54,359
Speaker 2: holding on, But I think a well maintained ten to

628
00:27:54,359 --> 00:27:56,200
Speaker 2: twelve year old car could be the sweet spot form

629
00:27:56,440 --> 00:28:00,000
Speaker 2: or maybe one other time about Honda or Toyota. Yeah,

630
00:28:00,080 --> 00:28:02,120
Speaker 2: based on our experience, the one exception of the rule

631
00:28:02,160 --> 00:28:04,639
Speaker 2: on the new car front could be well maybe just

632
00:28:04,840 --> 00:28:07,959
Speaker 2: maybe a new electric vehicle if depending on you know

633
00:28:08,040 --> 00:28:09,920
Speaker 2: exactly how much you're driving, if he's going to maintain

634
00:28:09,960 --> 00:28:12,520
Speaker 2: those yeah, those miles over yeah, a long period of time.

635
00:28:12,560 --> 00:28:14,959
Speaker 2: I would run the numbers because let's say that Chevy

636
00:28:14,960 --> 00:28:17,399
Speaker 2: Bolt that's twenty eight grand and guess what, there's a

637
00:28:17,400 --> 00:28:20,080
Speaker 2: tax credit for seventy five hundred dollars attached to it

638
00:28:21,000 --> 00:28:23,320
Speaker 2: that could basically twenty grand for a new car at

639
00:28:23,359 --> 00:28:26,520
Speaker 2: that point in time. That might make sense for Tom

640
00:28:26,960 --> 00:28:29,200
Speaker 2: given how much he's driving and you're paying a tenth

641
00:28:29,280 --> 00:28:30,920
Speaker 2: of the cost in order to fuel that thing. Es

642
00:28:31,040 --> 00:28:33,679
Speaker 2: actually driving that, Yeah, that really could go go a

643
00:28:33,680 --> 00:28:35,480
Speaker 2: long way and even on it. Like, we don't know

644
00:28:35,520 --> 00:28:37,480
Speaker 2: what he does, but I wonder too if he could

645
00:28:37,480 --> 00:28:39,640
Speaker 2: reach out to his employer, is there a way for

646
00:28:39,720 --> 00:28:41,520
Speaker 2: him to get like a company car or something, because

647
00:28:41,560 --> 00:28:44,080
Speaker 2: I think on it would it's more difficult, I think

648
00:28:44,120 --> 00:28:47,200
Speaker 2: for you to get a raise or to get enough

649
00:28:47,200 --> 00:28:48,680
Speaker 2: of a raise to have a cash on hand to

650
00:28:48,720 --> 00:28:51,200
Speaker 2: be able to purchase a vehicle as opposed to something

651
00:28:51,280 --> 00:28:53,480
Speaker 2: that they know is an expense and something that they're

652
00:28:53,560 --> 00:28:56,200
Speaker 2: that they write off. So like a company car, that

653
00:28:56,240 --> 00:28:59,040
Speaker 2: might be easier. That might be more accessible sure than

654
00:28:59,280 --> 00:29:02,720
Speaker 2: getting a a sizable incomparable pay raise. But again that's

655
00:29:02,760 --> 00:29:04,320
Speaker 2: not knowing what it is that he does or the

656
00:29:04,320 --> 00:29:06,040
Speaker 2: company at all. But I'm just trying to think of

657
00:29:06,080 --> 00:29:10,239
Speaker 2: other ways to get that cost covered rather than one

658
00:29:10,280 --> 00:29:11,880
Speaker 2: of the most expensive ways to go about doing that,

659
00:29:11,880 --> 00:29:14,000
Speaker 2: which is crazy for real? All right, Tom, hope that

660
00:29:14,040 --> 00:29:16,920
Speaker 2: helps man. Best of luck to you and to your family. Matt,

661
00:29:16,960 --> 00:29:18,880
Speaker 2: let's get to our next question. This one comes from

662
00:29:19,040 --> 00:29:20,560
Speaker 2: basically all the way across the world.

663
00:29:20,840 --> 00:29:23,440
Speaker 3: Hey Joela, Matt, this is Quay, coming all the way

664
00:29:23,440 --> 00:29:26,400
Speaker 3: from shen Jin, China. I've been listening to the podcast

665
00:29:26,480 --> 00:29:28,719
Speaker 3: since twenty eighteen, and it's helped my wife and I

666
00:29:28,760 --> 00:29:32,160
Speaker 3: get our lives together so much. Long story short. Due

667
00:29:32,200 --> 00:29:35,040
Speaker 3: to immigration issues and finances, my wife and DOT are

668
00:29:35,040 --> 00:29:37,400
Speaker 3: currently in a long distance relationship.

669
00:29:36,840 --> 00:29:37,400
Speaker 1: For a while.

670
00:29:38,000 --> 00:29:40,600
Speaker 3: Even though we are apart, we are still speaking regularly

671
00:29:40,680 --> 00:29:43,680
Speaker 3: about our future financial goals. She's going to school for

672
00:29:43,720 --> 00:29:46,360
Speaker 3: a career change to become a dental hygienist, and she

673
00:29:46,520 --> 00:29:48,680
Speaker 3: just got a job at a popular coffee shop that

674
00:29:48,720 --> 00:29:50,959
Speaker 3: has a five percent four oh one k match that

675
00:29:51,000 --> 00:29:53,560
Speaker 3: we want to take full advantage of. I wanted to

676
00:29:53,560 --> 00:29:57,080
Speaker 3: get your thoughts concerning fidelity funds and allocations to choose.

677
00:29:57,760 --> 00:30:00,240
Speaker 3: I know that the SMP and total stock market a

678
00:30:00,360 --> 00:30:02,800
Speaker 3: great but I also know that there was a previous

679
00:30:02,840 --> 00:30:06,240
Speaker 3: guest speaking about small cap options as well. I would

680
00:30:06,320 --> 00:30:09,000
Speaker 3: like to get to know what your thoughts are for

681
00:30:09,120 --> 00:30:12,440
Speaker 3: a young couple being aggressive in their wealth accumulation phase.

682
00:30:13,280 --> 00:30:15,480
Speaker 3: Thanks in advance for the help, and I hope another

683
00:30:15,600 --> 00:30:17,800
Speaker 3: check in with the wives are coming soon. My wife

684
00:30:17,840 --> 00:30:20,560
Speaker 3: loves those, and I like to hear about the progression.

685
00:30:20,560 --> 00:30:23,280
Speaker 3: I'm becoming a therapist since I'm working on getting there too.

686
00:30:23,880 --> 00:30:24,760
Speaker 3: See you guys later.

687
00:30:25,360 --> 00:30:27,400
Speaker 1: So Quay, your wife might love those, but I don't

688
00:30:27,400 --> 00:30:30,520
Speaker 1: know if our wives love love coming up for those,

689
00:30:30,840 --> 00:30:33,200
Speaker 1: they're always like to have to.

690
00:30:34,120 --> 00:30:36,200
Speaker 2: I think once we actually get down to it and

691
00:30:36,320 --> 00:30:38,320
Speaker 2: we start recording, it's fine and we end up all

692
00:30:38,360 --> 00:30:40,240
Speaker 2: having a great time. It's the fact that we do

693
00:30:40,280 --> 00:30:42,000
Speaker 2: it while we're at the beach, so it's like vacation,

694
00:30:42,200 --> 00:30:44,520
Speaker 2: and for them to have to I think it's less

695
00:30:44,520 --> 00:30:46,120
Speaker 2: of a big deal for us to turn our brains

696
00:30:46,160 --> 00:30:48,080
Speaker 2: on and engage and kind of have this conversation.

697
00:30:48,360 --> 00:30:49,320
Speaker 1: But for them, I think.

698
00:30:49,200 --> 00:30:51,720
Speaker 2: It's it's just more foreign to them to sit down

699
00:30:51,760 --> 00:30:54,160
Speaker 2: and record a podcast episode than it is for us. Yes,

700
00:30:54,320 --> 00:30:55,920
Speaker 2: yes it is, but it's always a good time. I

701
00:30:55,960 --> 00:30:57,480
Speaker 2: still have them on those, and I know people do

702
00:30:57,560 --> 00:31:01,840
Speaker 2: we make them enjoy that insight? They probably hear things

703
00:31:01,880 --> 00:31:04,760
Speaker 2: that our wives say that we don't kN that wouldn't.

704
00:31:04,440 --> 00:31:07,880
Speaker 1: Reveal necessarily chalking just the two of us. So yeah, absolutely.

705
00:31:07,920 --> 00:31:09,520
Speaker 2: Oh and by the way, like Emily's just about to

706
00:31:09,560 --> 00:31:13,400
Speaker 2: start the internship process, Matt, yeah later this semester. Yeah later,

707
00:31:13,400 --> 00:31:15,040
Speaker 2: this semester. So that's kind of exciting. So it'll be

708
00:31:15,080 --> 00:31:16,960
Speaker 2: a lot to share. Like enjoy seeing me while you can.

709
00:31:17,840 --> 00:31:20,120
Speaker 2: That's what she keeps saying. She's going to disappear. It's

710
00:31:20,160 --> 00:31:22,000
Speaker 2: it's gonna be like a whole year I think of

711
00:31:22,040 --> 00:31:24,000
Speaker 2: her work and her tail off and not seeing her

712
00:31:24,000 --> 00:31:26,840
Speaker 2: as much. So that'll be that'll be interesting. And I

713
00:31:26,840 --> 00:31:29,360
Speaker 2: will say this might be one of the most understaff

714
00:31:29,400 --> 00:31:32,480
Speaker 2: professionals in the country, by the way, mental health therapists,

715
00:31:32,520 --> 00:31:35,080
Speaker 2: because average weight times. I just saw this recently in

716
00:31:35,120 --> 00:31:37,440
Speaker 2: an MPR story. Average wait times to see a mental

717
00:31:37,440 --> 00:31:40,040
Speaker 2: health professional are three plus months, with a lot of

718
00:31:40,080 --> 00:31:42,560
Speaker 2: those professionals being booked up for at least a year.

719
00:31:42,840 --> 00:31:45,600
Speaker 2: So you might call in and say, hey, doctor Donna

720
00:31:45,800 --> 00:31:48,360
Speaker 2: or whatever, like can I come see you? And you're

721
00:31:48,400 --> 00:31:51,080
Speaker 2: thinking maybe next week, the week after, and she's like,

722
00:31:51,160 --> 00:31:52,280
Speaker 2: how about twenty twenty five?

723
00:31:52,560 --> 00:31:53,520
Speaker 1: That is that's crazy.

724
00:31:53,680 --> 00:31:55,680
Speaker 2: So it's a good it's a good position to be in.

725
00:31:55,720 --> 00:31:57,800
Speaker 2: It's a good I mean, I hate it for people

726
00:31:57,800 --> 00:31:59,520
Speaker 2: who are who need need the help. But from a

727
00:31:59,560 --> 00:32:01,520
Speaker 2: career stay point, it's good to know you're not going

728
00:32:01,560 --> 00:32:03,600
Speaker 2: to be lacking for work exactly. Yeah, and Quay, it

729
00:32:03,640 --> 00:32:06,640
Speaker 2: sounds like you and your wife are making lemonade at

730
00:32:06,640 --> 00:32:08,960
Speaker 2: a lemons. I can imagine how hard it would be

731
00:32:09,040 --> 00:32:10,640
Speaker 2: to be a part like that. I know Kate and

732
00:32:10,680 --> 00:32:14,560
Speaker 2: I were long distance for a short period before it

733
00:32:14,640 --> 00:32:17,040
Speaker 2: was like shortly after we started dating, and even that

734
00:32:17,360 --> 00:32:20,160
Speaker 2: was was crazy hard. I couldn't imagine after having established

735
00:32:20,840 --> 00:32:23,320
Speaker 2: your lie and having lived together and you know, you

736
00:32:23,360 --> 00:32:25,200
Speaker 2: get used to those rhythms and how it is that

737
00:32:25,240 --> 00:32:26,520
Speaker 2: you live life and then to be a part like

738
00:32:26,560 --> 00:32:28,400
Speaker 2: that sounds difficult.

739
00:32:28,000 --> 00:32:30,480
Speaker 1: Like taking the volcerl apart Man. Yeah, yeah, but he

740
00:32:30,560 --> 00:32:31,760
Speaker 1: said that they're.

741
00:32:31,520 --> 00:32:34,880
Speaker 2: Talking, they're talking about money, keeping those communication lines open.

742
00:32:34,920 --> 00:32:36,160
Speaker 2: I think that's important, Quait.

743
00:32:36,200 --> 00:32:38,920
Speaker 1: I would say, use some of those skills.

744
00:32:38,480 --> 00:32:40,880
Speaker 2: That you're learning when it comes to counseling in your

745
00:32:40,920 --> 00:32:45,360
Speaker 2: own marriage, right, Emily's using them in ours. So yeah, Okay,

746
00:32:45,400 --> 00:32:48,120
Speaker 2: let's talk about aggression, because I love that you want

747
00:32:48,120 --> 00:32:52,120
Speaker 2: to be aggressive with your investing, and a little extra

748
00:32:52,240 --> 00:32:55,640
Speaker 2: stock exposure during those early investing decades can make a

749
00:32:55,800 --> 00:32:58,280
Speaker 2: real difference in how big of a nest egg that

750
00:32:58,280 --> 00:33:01,719
Speaker 2: you're going to be able to enjoy their in retirement. Honestly,

751
00:33:01,720 --> 00:33:04,280
Speaker 2: that's our biggest gripe with the target date funds out there,

752
00:33:04,280 --> 00:33:06,560
Speaker 2: because they're like, they're totally fine for folks who are

753
00:33:06,640 --> 00:33:11,240
Speaker 2: nearing retirement as they're looking for those their portfolio allocations

754
00:33:11,240 --> 00:33:14,120
Speaker 2: to shift, but we think that they're a bit conservative

755
00:33:14,120 --> 00:33:17,560
Speaker 2: for folks certainly who are in their wealth growing stage

756
00:33:17,560 --> 00:33:19,800
Speaker 2: of their investing lives. Yeah, especially for folks in their

757
00:33:19,920 --> 00:33:21,840
Speaker 2: twenties and even their thirties. It's just funny because it

758
00:33:22,080 --> 00:33:24,800
Speaker 2: seems to get after it. It seems minimal oftentimes in

759
00:33:24,840 --> 00:33:27,760
Speaker 2: the target date fund the amount of exposure to non

760
00:33:27,800 --> 00:33:31,280
Speaker 2: stock assets, like it's usually ten percent, right, and so

761
00:33:31,680 --> 00:33:33,920
Speaker 2: that's the way at least, like vanguards and fidelities are

762
00:33:33,920 --> 00:33:36,440
Speaker 2: set up. It seems like, oh, that shouldn't be that

763
00:33:36,440 --> 00:33:38,360
Speaker 2: big of a deal, just ten percent of my portfolio

764
00:33:39,800 --> 00:33:42,680
Speaker 2: not being in the stock market being more in bond

765
00:33:42,720 --> 00:33:45,600
Speaker 2: type choices. Well, it does turn out that and that

766
00:33:45,680 --> 00:33:47,760
Speaker 2: was that was my I was in target date funds

767
00:33:47,960 --> 00:33:49,800
Speaker 2: early on in my investing career. Matt, not like this

768
00:33:49,920 --> 00:33:52,680
Speaker 2: massive mistake, but I wish I'd been exposed to the

769
00:33:52,720 --> 00:33:55,520
Speaker 2: whole stock market with all of my money all the time,

770
00:33:55,880 --> 00:33:58,160
Speaker 2: because I did miss out on some important returns in

771
00:33:58,200 --> 00:34:01,000
Speaker 2: those early years, and so it's not the worst choice,

772
00:34:01,000 --> 00:34:04,600
Speaker 2: but it's also not the best. So what should you do? Well, Quay,

773
00:34:04,680 --> 00:34:07,320
Speaker 2: you mentioned our episode with Paul Merriman. Paul is sold

774
00:34:07,360 --> 00:34:10,080
Speaker 2: on small cap value from a historical returns perspective.

775
00:34:10,160 --> 00:34:10,520
Speaker 1: He is.

776
00:34:10,600 --> 00:34:12,759
Speaker 2: He had a lot of good information, like it's not

777
00:34:12,920 --> 00:34:15,720
Speaker 2: just like I'm bullish on this, but it's like, here's why,

778
00:34:16,360 --> 00:34:19,719
Speaker 2: and here is the the are the historical data to

779
00:34:19,800 --> 00:34:23,400
Speaker 2: help you realize why small cat value is so valuable

780
00:34:23,680 --> 00:34:27,840
Speaker 2: as part of your your exposure to the market instead

781
00:34:27,840 --> 00:34:30,160
Speaker 2: of just going instead of just a total stock market

782
00:34:30,200 --> 00:34:31,719
Speaker 2: fund or an S and P five hundred fund, he

783
00:34:31,760 --> 00:34:35,160
Speaker 2: would rather you go some percentage small cat value because

784
00:34:35,239 --> 00:34:37,880
Speaker 2: that could help you see outside returns. I personally have

785
00:34:37,920 --> 00:34:40,160
Speaker 2: added a little bit of small cap exposure to my

786
00:34:40,280 --> 00:34:44,680
Speaker 2: retirement accounts based on Paul's messaging and based on what

787
00:34:44,800 --> 00:34:46,839
Speaker 2: he said, I think there's a lot of wisdom there.

788
00:34:47,320 --> 00:34:49,200
Speaker 2: And even that, by the way, is a gamble. We're

789
00:34:49,200 --> 00:34:54,080
Speaker 2: based on where we're hoping that historic data will be true.

790
00:34:54,160 --> 00:34:55,320
Speaker 2: In the future year peace.

791
00:34:55,440 --> 00:34:55,640
Speaker 1: Yeah.

792
00:34:55,640 --> 00:34:58,319
Speaker 2: Basically, yeah, yeah, that this is not this is a

793
00:34:58,360 --> 00:35:01,160
Speaker 2: long term trend, and that's what what Paul's data shows

794
00:35:01,200 --> 00:35:03,440
Speaker 2: is it is a long term trend. We're hoping the

795
00:35:03,440 --> 00:35:05,640
Speaker 2: same thing holds up for our investing black times. Yeah,

796
00:35:05,840 --> 00:35:08,080
Speaker 2: that's like the core of what it is e quays asking.

797
00:35:08,120 --> 00:35:09,800
Speaker 2: And so it sounds like like you are a little

798
00:35:09,840 --> 00:35:13,160
Speaker 2: more optimistic or on board with the small cat value. Personally,

799
00:35:13,160 --> 00:35:15,480
Speaker 2: I haven't made any changes. I'm still one hundred percent

800
00:35:15,560 --> 00:35:18,120
Speaker 2: in the s and P of five hundred, because again,

801
00:35:18,840 --> 00:35:22,560
Speaker 2: it's not that the aggressive nature of small cap value,

802
00:35:22,600 --> 00:35:25,400
Speaker 2: it's not that that scares me off. It's that, like, essentially,

803
00:35:25,400 --> 00:35:28,000
Speaker 2: I just have a hard time unless I'm completely misunderstanding

804
00:35:28,040 --> 00:35:29,680
Speaker 2: what it is that Paul saying, but I'm having a

805
00:35:29,719 --> 00:35:33,000
Speaker 2: hard time accepting his message, which is that like it's

806
00:35:33,320 --> 00:35:37,160
Speaker 2: essentially timing the market, granted with a very long time horizon,

807
00:35:37,200 --> 00:35:38,560
Speaker 2: but so much of it has to do with the

808
00:35:38,560 --> 00:35:41,759
Speaker 2: fact that we are due to see outside returns within

809
00:35:41,840 --> 00:35:44,919
Speaker 2: small cap value relative to the performance of the SMP

810
00:35:44,960 --> 00:35:47,000
Speaker 2: of five hundred. People would say the same thing about

811
00:35:47,040 --> 00:35:50,640
Speaker 2: international stocks right now. Right the international stocks are have

812
00:35:50,719 --> 00:35:53,000
Speaker 2: been down in recent years and so hey, at some

813
00:35:53,080 --> 00:35:55,400
Speaker 2: point international stocks are bound to have their come up,

814
00:35:55,440 --> 00:35:58,480
Speaker 2: but probably surge. Yeah, sure, and so we know that happen.

815
00:35:58,760 --> 00:35:59,600
Speaker 2: How will that happen?

816
00:36:00,560 --> 00:36:01,279
Speaker 1: Who knows? Right?

817
00:36:01,320 --> 00:36:03,520
Speaker 2: And so you have to pick the asset allocation that

818
00:36:03,560 --> 00:36:05,680
Speaker 2: makes sense to you, through thick and through thin, not

819
00:36:05,920 --> 00:36:06,759
Speaker 2: oh what I think is going.

820
00:36:06,719 --> 00:36:07,480
Speaker 1: To pop tomorrow.

821
00:36:07,840 --> 00:36:10,200
Speaker 2: So yeah, I don't know. Is there something else you

822
00:36:10,200 --> 00:36:13,000
Speaker 2: should be turning to. I would say Reet's real estate

823
00:36:13,040 --> 00:36:16,400
Speaker 2: investment trusts as an asset class, they have outperformed the

824
00:36:16,480 --> 00:36:18,160
Speaker 2: S and P five hundred for many years. If you

825
00:36:18,160 --> 00:36:20,880
Speaker 2: want to invest in real estate, that might be worth considering.

826
00:36:21,080 --> 00:36:23,160
Speaker 2: V and Q is a fund from Vanguard. It's a

827
00:36:23,160 --> 00:36:25,240
Speaker 2: good one. But I guess I just want to caution

828
00:36:25,320 --> 00:36:29,600
Speaker 2: you from focusing too much on juicing returns via exposure

829
00:36:29,640 --> 00:36:32,759
Speaker 2: to different asset classes. I think it can reduce simplicity,

830
00:36:32,840 --> 00:36:34,800
Speaker 2: and I think it can maybe put the focus that

831
00:36:34,840 --> 00:36:38,440
Speaker 2: can shine the light on not the most important factor, Yeah,

832
00:36:38,480 --> 00:36:40,719
Speaker 2: which is I think, especially at a young age, to

833
00:36:40,760 --> 00:36:42,680
Speaker 2: get really aggressive with the amount of money that you're

834
00:36:42,680 --> 00:36:46,440
Speaker 2: setting aside, right again, funneling money into those accounts with

835
00:36:46,920 --> 00:36:50,560
Speaker 2: some real fervor, and it's not that asset allocation isn't important.

836
00:36:50,560 --> 00:36:51,120
Speaker 1: It definitely is.

837
00:36:51,160 --> 00:36:54,520
Speaker 2: But too many folks do spend too much time trying

838
00:36:54,520 --> 00:36:57,000
Speaker 2: to perfect their different ETF holdings and not enough time

839
00:36:57,000 --> 00:36:59,799
Speaker 2: figuring out how they can get more money into those

840
00:37:00,040 --> 00:37:02,359
Speaker 2: ounce in the first place. And you and your wife,

841
00:37:02,400 --> 00:37:04,320
Speaker 2: it sounds like you're both already focused on your careers.

842
00:37:04,480 --> 00:37:06,880
Speaker 2: You're focused on increasing your income. You mentioned that your

843
00:37:06,920 --> 00:37:09,319
Speaker 2: wife is she's got a match five percent match over

844
00:37:09,400 --> 00:37:10,319
Speaker 2: in that four one k.

845
00:37:10,920 --> 00:37:11,760
Speaker 1: That is great.

846
00:37:12,160 --> 00:37:14,760
Speaker 2: But while we hope that we gave you some solid,

847
00:37:14,880 --> 00:37:18,080
Speaker 2: fun specific advice, just know that every additional percentage that

848
00:37:18,120 --> 00:37:20,479
Speaker 2: you can sock away, it's going to have an even

849
00:37:20,560 --> 00:37:23,600
Speaker 2: larger impact than choosing to make small cap value let's

850
00:37:23,600 --> 00:37:23,960
Speaker 2: say a.

851
00:37:23,880 --> 00:37:25,640
Speaker 1: Certain percentage of your holdings.

852
00:37:25,640 --> 00:37:29,000
Speaker 2: All that, especially when you are just getting started investing,

853
00:37:29,840 --> 00:37:32,640
Speaker 2: your contributions make up the bulk of the growth of

854
00:37:32,680 --> 00:37:35,879
Speaker 2: your portfolio, of your retirement savings. Let's say you've got

855
00:37:35,880 --> 00:37:38,839
Speaker 2: fifty thousand or yeah, fifty thousand dollars set aside, and

856
00:37:38,880 --> 00:37:40,839
Speaker 2: every year you're planning to stick five grand in there.

857
00:37:40,840 --> 00:37:43,200
Speaker 2: Old let's just say by doubling that and going from

858
00:37:43,239 --> 00:37:45,200
Speaker 2: five thousand to ten thousand dollars, well, guess what all

859
00:37:45,200 --> 00:37:47,200
Speaker 2: of a sudden, instead of a ten percent increase, you're

860
00:37:47,200 --> 00:37:50,920
Speaker 2: seeing a twenty percent increase of your overall net worth.

861
00:37:51,200 --> 00:37:53,520
Speaker 2: And that is something that you one hundred percent have

862
00:37:53,600 --> 00:37:57,440
Speaker 2: control over, as opposed to thinking, all right, maybe we'll

863
00:37:57,480 --> 00:38:00,799
Speaker 2: see international blow up this year or moving forward, I

864
00:38:00,800 --> 00:38:03,800
Speaker 2: see international being the place to be. This is something

865
00:38:03,960 --> 00:38:06,720
Speaker 2: again that you have full control over, which is something

866
00:38:06,719 --> 00:38:07,000
Speaker 2: I love.

867
00:38:07,080 --> 00:38:07,759
Speaker 1: I think of it like this.

868
00:38:07,920 --> 00:38:10,520
Speaker 2: You want to get great with your investment rate, and

869
00:38:10,560 --> 00:38:12,800
Speaker 2: it's okay to be good enough with your investment choices.

870
00:38:13,120 --> 00:38:15,520
Speaker 2: Like there's no need to be perfect. I think some

871
00:38:15,560 --> 00:38:18,080
Speaker 2: people think, oh, I need the right seven or eight

872
00:38:18,120 --> 00:38:20,799
Speaker 2: ETFs and in the right percentage amounts. I need to

873
00:38:20,800 --> 00:38:24,600
Speaker 2: be balancing it appropriately every single year. And that's just

874
00:38:24,600 --> 00:38:27,000
Speaker 2: to me, feels like too much. And for the maaing

875
00:38:27,160 --> 00:38:28,719
Speaker 2: you're majoring in the miners at that point. Yeah, for

876
00:38:28,719 --> 00:38:31,399
Speaker 2: the average investor, for folks who have families and day

877
00:38:31,480 --> 00:38:35,360
Speaker 2: jobs in real lives, why why do you want to

878
00:38:35,360 --> 00:38:37,279
Speaker 2: do that? Most people don't want to do that, they're

879
00:38:37,320 --> 00:38:39,680
Speaker 2: not going to And so yeah, get great with your

880
00:38:39,719 --> 00:38:42,759
Speaker 2: investment rate, be good enough with your investment choices, and

881
00:38:42,840 --> 00:38:46,480
Speaker 2: you will win the game even if you're not hitting perfection,

882
00:38:46,640 --> 00:38:48,919
Speaker 2: which is, you know, let's be honest, we've all heard

883
00:38:48,920 --> 00:38:51,440
Speaker 2: the story of Vicerus. You might fall pray to that

884
00:38:51,480 --> 00:38:54,320
Speaker 2: too in an attempt for perfection. It's also important to

885
00:38:54,360 --> 00:38:57,239
Speaker 2: have a fully formed reason for why you're investing the

886
00:38:57,239 --> 00:39:00,160
Speaker 2: way you are. Have a written investment plan, quay, that's

887
00:39:00,160 --> 00:39:01,799
Speaker 2: going to help you stay the course when the fund

888
00:39:01,880 --> 00:39:04,400
Speaker 2: you pick is having a down year or two or three.

889
00:39:04,920 --> 00:39:06,879
Speaker 2: That's helped Paul mary Man. We asked him that question

890
00:39:06,960 --> 00:39:11,239
Speaker 2: too well, small cap value not doing so for a

891
00:39:11,280 --> 00:39:15,040
Speaker 2: long time, but he holds this conviction still about what

892
00:39:15,200 --> 00:39:17,120
Speaker 2: he owns and why. And you need to do the

893
00:39:17,120 --> 00:39:21,600
Speaker 2: same thing right So even when mister markets makes the

894
00:39:21,600 --> 00:39:24,360
Speaker 2: investment decision you made seem silly, like, you need to

895
00:39:24,360 --> 00:39:26,840
Speaker 2: have a reason behind why you're doing that and consistently

896
00:39:26,880 --> 00:39:29,680
Speaker 2: doing the same thing. If your reasons for investing in

897
00:39:29,719 --> 00:39:32,040
Speaker 2: other funds are half baked, if you're just like, oh,

898
00:39:32,040 --> 00:39:33,640
Speaker 2: it's just about making money, like you don't have a

899
00:39:33,640 --> 00:39:36,560
Speaker 2: real conviction behind why you're sticking money inside of that

900
00:39:36,640 --> 00:39:39,000
Speaker 2: fund or inside of that sector, you're likely going to

901
00:39:39,040 --> 00:39:39,920
Speaker 2: make some bad decisions.

902
00:39:39,920 --> 00:39:40,560
Speaker 1: So make sure you.

903
00:39:40,480 --> 00:39:42,520
Speaker 2: Write it down and you have a reason behind it,

904
00:39:42,600 --> 00:39:43,840
Speaker 2: because that's going to help you stay.

905
00:39:43,680 --> 00:39:45,000
Speaker 1: The course exactly. Yeah.

906
00:39:45,040 --> 00:39:47,440
Speaker 2: And going back to the amount of money that you're

907
00:39:47,440 --> 00:39:49,800
Speaker 2: able to set aside your savings rate, that's one of

908
00:39:49,840 --> 00:39:51,440
Speaker 2: the things you have on your side right now too,

909
00:39:51,480 --> 00:39:53,640
Speaker 2: is that at a younger age, I think you have

910
00:39:53,719 --> 00:39:57,080
Speaker 2: more of an ability to take some more extreme measures

911
00:39:57,080 --> 00:39:58,840
Speaker 2: in what it is that you say no to. Because

912
00:39:58,960 --> 00:40:01,440
Speaker 2: I'm telling you, there are very few folks who I

913
00:40:01,520 --> 00:40:04,640
Speaker 2: meet in there who are middle aged and they're thinking, oh, yeah, yeah,

914
00:40:04,680 --> 00:40:06,560
Speaker 2: now is when I really want to cut back, Like

915
00:40:06,760 --> 00:40:08,560
Speaker 2: you are willing to do those things when you're younger.

916
00:40:08,600 --> 00:40:10,120
Speaker 1: Just like you and Travis on that road trip, you

917
00:40:10,120 --> 00:40:11,320
Speaker 1: are willing to couch.

918
00:40:11,080 --> 00:40:15,240
Speaker 2: Surf and sleep in not the best of scenarios, I'm sure,

919
00:40:15,400 --> 00:40:17,920
Speaker 2: but you're probably you're just much less willing to do that.

920
00:40:17,920 --> 00:40:21,000
Speaker 2: That's the human nature to I think crave some of

921
00:40:21,040 --> 00:40:23,560
Speaker 2: the nicer things as you get older and buy nicer things.

922
00:40:23,600 --> 00:40:26,720
Speaker 1: I just mean, like a basic hotel, a Joel road trip.

923
00:40:26,560 --> 00:40:28,560
Speaker 2: In twenty twenty four would look very different, look very

924
00:40:28,600 --> 00:40:30,520
Speaker 2: different than it will cost more money when you were

925
00:40:30,520 --> 00:40:31,120
Speaker 2: in your twenties.

926
00:40:31,280 --> 00:40:33,359
Speaker 1: So that's just something to keep in mind. Is that's

927
00:40:33,400 --> 00:40:34,759
Speaker 1: not because I've gotten bougie either.

928
00:40:34,800 --> 00:40:38,120
Speaker 2: Okay, No, it's just because Yeah, I'm not willing to

929
00:40:38,120 --> 00:40:39,719
Speaker 2: probably slum it to the extent I was back then.

930
00:40:39,800 --> 00:40:41,040
Speaker 1: Yeah, it's the quaid. Just keep that in mind.

931
00:40:41,080 --> 00:40:44,040
Speaker 2: Just frontloading the sacrifice, I think can be an incredible

932
00:40:44,040 --> 00:40:46,200
Speaker 2: way to think about how it is that you are

933
00:40:46,239 --> 00:40:48,200
Speaker 2: investing in socking money away.

934
00:40:48,000 --> 00:40:50,120
Speaker 1: For your future. Joe, We've got more to get to.

935
00:40:50,239 --> 00:40:50,520
Speaker 1: We do.

936
00:40:51,080 --> 00:40:53,919
Speaker 2: In fact, we will get to that question about buy

937
00:40:54,040 --> 00:40:57,440
Speaker 2: nothing groups and what the unspoken rules are of how

938
00:40:57,440 --> 00:40:59,239
Speaker 2: it is that you should participate in those groups.

939
00:40:59,239 --> 00:41:00,799
Speaker 1: We'll get to that right after this.

940
00:41:08,920 --> 00:41:09,719
Speaker 2: All right, Matt, we're back.

941
00:41:09,719 --> 00:41:11,560
Speaker 1: We'll get another question to get to here. This will

942
00:41:11,560 --> 00:41:12,360
Speaker 1: comes from a listener.

943
00:41:12,640 --> 00:41:14,640
Speaker 2: He's like, what if I'm self conscious about my money

944
00:41:14,640 --> 00:41:15,280
Speaker 2: saving ways?

945
00:41:15,760 --> 00:41:18,640
Speaker 5: Hey, Mann and Joel, this is Joe from Minnesota. I've

946
00:41:18,640 --> 00:41:20,520
Speaker 5: been listening to you guys for a while and really

947
00:41:20,560 --> 00:41:23,600
Speaker 5: appreciate what you guys put out there. I was wondering

948
00:41:23,880 --> 00:41:27,760
Speaker 5: how you guys feel about people with larger incomes utilizing

949
00:41:27,800 --> 00:41:31,680
Speaker 5: items from a buy nothing group. I feel that I'm

950
00:41:31,719 --> 00:41:33,880
Speaker 5: getting an item from somebody else that wasn't going to

951
00:41:34,000 --> 00:41:36,200
Speaker 5: use it, and that it's adding value to my life,

952
00:41:36,239 --> 00:41:39,240
Speaker 5: that it's a good use of resources, but I sometimes

953
00:41:39,280 --> 00:41:41,840
Speaker 5: wonder if I am ultimately taking an item from somebody

954
00:41:42,160 --> 00:41:46,319
Speaker 5: that otherwise couldn't afford it. I, for reference, I'm a

955
00:41:46,360 --> 00:41:49,560
Speaker 5: healthcare professional, and so is my spouse, and we both

956
00:41:49,560 --> 00:41:52,080
Speaker 5: have fairly high incomes, or at least I will pretty

957
00:41:52,080 --> 00:41:55,560
Speaker 5: soon once I'm finished with training. But I still hustle

958
00:41:55,640 --> 00:41:58,080
Speaker 5: for all the little things and money. I to pick

959
00:41:58,120 --> 00:42:00,920
Speaker 5: up extra shifts for moonlighting, I car to hack, do

960
00:42:01,040 --> 00:42:05,120
Speaker 5: some couponing and sell items on the marketplace when I can,

961
00:42:05,600 --> 00:42:09,200
Speaker 5: and even saving a few dollars here and there's still

962
00:42:09,239 --> 00:42:11,800
Speaker 5: important for me, even if it's just on principle alone.

963
00:42:12,000 --> 00:42:14,680
Speaker 2: Thanks guys, Joe, living a principled life is what it's

964
00:42:14,719 --> 00:42:17,759
Speaker 2: all about. I see nothing wrong with that. That that

965
00:42:17,880 --> 00:42:21,200
Speaker 2: is guiding your convictions, and I love your dedication to

966
00:42:21,840 --> 00:42:26,360
Speaker 2: all things dollar related. Like he's leaving leaving no stone unturned,

967
00:42:26,400 --> 00:42:28,919
Speaker 2: even though he's set to have a pretty pretty large

968
00:42:28,920 --> 00:42:32,120
Speaker 2: income in him right Like that, that's the way we

969
00:42:32,239 --> 00:42:35,400
Speaker 2: respect people like that mcgriddle every morning. Yeah, we just

970
00:42:35,440 --> 00:42:37,799
Speaker 2: respect people like that that we think it's like a

971
00:42:38,000 --> 00:42:40,200
Speaker 2: tiny bit insane, but we also respect the heck out

972
00:42:40,200 --> 00:42:42,080
Speaker 2: of it because we're like, oh no, that guy like

973
00:42:42,200 --> 00:42:44,359
Speaker 2: values what he values and just because he's got tons

974
00:42:44,360 --> 00:42:44,840
Speaker 2: of money.

975
00:42:44,640 --> 00:42:45,560
Speaker 1: He didn't change his values.

976
00:42:45,640 --> 00:42:48,279
Speaker 2: Yeah, exactly as opposed to Joel getting boogie with his

977
00:42:48,360 --> 00:42:48,800
Speaker 2: road trips.

978
00:42:48,800 --> 00:42:52,800
Speaker 1: Exactly. Don't be like Joel the seas time I go somewhere.

979
00:42:53,200 --> 00:42:55,720
Speaker 2: No, I think by nothing groups are a great resource

980
00:42:55,800 --> 00:42:58,719
Speaker 2: for folks of all income levels. Like, I don't think

981
00:42:58,800 --> 00:43:01,560
Speaker 2: that there's any shame in you participating in a buy

982
00:43:01,560 --> 00:43:05,239
Speaker 2: nothing group, Joe. I'm totally fine with doctors who make

983
00:43:05,280 --> 00:43:07,799
Speaker 2: well into six figures tapping buy nothing groups to keep

984
00:43:07,800 --> 00:43:11,080
Speaker 2: their costs down. But the one caveat I would add

985
00:43:11,600 --> 00:43:14,839
Speaker 2: is to be an active participant. So don't you show

986
00:43:14,880 --> 00:43:18,040
Speaker 2: up and snag the free stuff. Be active and give

987
00:43:18,080 --> 00:43:20,319
Speaker 2: things away in that group as well, because if you're

988
00:43:20,320 --> 00:43:22,920
Speaker 2: only ever grabbing stuff yourself, then you kind of have

989
00:43:22,960 --> 00:43:26,000
Speaker 2: more of a one sided relationship with the folks who

990
00:43:26,040 --> 00:43:28,520
Speaker 2: are participating there. And maybe you don't want to be

991
00:43:28,560 --> 00:43:31,279
Speaker 2: that guy, right, Like, maybe instead of selling some of

992
00:43:31,280 --> 00:43:34,600
Speaker 2: those items on marketplace, give them away to the community instead.

993
00:43:34,920 --> 00:43:36,600
Speaker 2: I think it'll make you feel better about it, and

994
00:43:36,840 --> 00:43:39,120
Speaker 2: kind of I feel like it rounds.

995
00:43:38,840 --> 00:43:41,680
Speaker 1: Out the participation. It just feels like there's like give

996
00:43:41,719 --> 00:43:42,400
Speaker 1: and take right.

997
00:43:42,440 --> 00:43:45,760
Speaker 2: It just feels like a healthier symbiotic relationship as supposed

998
00:43:45,760 --> 00:43:47,640
Speaker 2: to being one side and you're helping the group thrive,

999
00:43:47,719 --> 00:43:50,200
Speaker 2: as opposed to just being like, I'll get what I

1000
00:43:50,200 --> 00:43:51,759
Speaker 2: want when I want it right, which is kind of

1001
00:43:52,080 --> 00:43:54,719
Speaker 2: what we're trying to avoid here with the American consumeristic

1002
00:43:54,760 --> 00:43:57,400
Speaker 2: sort of mentality. And I think when you would talk

1003
00:43:57,440 --> 00:43:58,879
Speaker 2: to if you talk to anybody who's in to buy

1004
00:43:58,880 --> 00:44:01,120
Speaker 2: nothing group, Matt, somebody who's launched a buy nothing group,

1005
00:44:01,680 --> 00:44:04,200
Speaker 2: those groups tend to be more about waste reduction than

1006
00:44:04,239 --> 00:44:07,239
Speaker 2: about charity. So it's not about the person with the

1007
00:44:07,280 --> 00:44:10,359
Speaker 2: lowest income or the greatest need getting the item. It's

1008
00:44:10,400 --> 00:44:13,360
Speaker 2: all about just making sure that item stays out of

1009
00:44:13,400 --> 00:44:18,040
Speaker 2: a landfill, that item is reused, reloved, repurposed. That's what

1010
00:44:18,120 --> 00:44:20,319
Speaker 2: the buy nothing groups care about the most. And so

1011
00:44:20,560 --> 00:44:23,000
Speaker 2: Joe is one hundred percent in on that, Like it's

1012
00:44:23,480 --> 00:44:25,600
Speaker 2: it doesn't matter if you make five million dollars a year,

1013
00:44:25,719 --> 00:44:29,239
Speaker 2: as long as you care about that same ethos, then

1014
00:44:29,280 --> 00:44:31,200
Speaker 2: you fit right in with the buy nothing group people.

1015
00:44:31,520 --> 00:44:33,359
Speaker 2: And so I know for some members it can feel

1016
00:44:33,360 --> 00:44:35,400
Speaker 2: like it serves a dual purpose, which is great. It

1017
00:44:35,400 --> 00:44:37,279
Speaker 2: can feel like, hey, my income's really low. This is

1018
00:44:37,320 --> 00:44:39,920
Speaker 2: how I get by. That's cool, and buy nothing groups

1019
00:44:39,960 --> 00:44:41,919
Speaker 2: can help you out in that way. But I think

1020
00:44:41,960 --> 00:44:45,520
Speaker 2: because of that reason that buy nothing groups exist, that

1021
00:44:45,920 --> 00:44:47,439
Speaker 2: should help your conscience feel clean.

1022
00:44:47,520 --> 00:44:47,880
Speaker 1: Joe.

1023
00:44:48,000 --> 00:44:49,520
Speaker 2: And by the way, I would suggest going back and

1024
00:44:49,560 --> 00:44:51,840
Speaker 2: listening to episode six point eighty that Matt and I

1025
00:44:51,840 --> 00:44:55,040
Speaker 2: did about the diminishing returns of frugality. I'm not saying

1026
00:44:55,040 --> 00:44:59,080
Speaker 2: that you're overdoing it, but your frugal instincts might just

1027
00:44:59,200 --> 00:45:02,240
Speaker 2: might be causing you to experience less joy and happiness

1028
00:45:02,400 --> 00:45:04,120
Speaker 2: than you otherwise could if you were to loosen the

1029
00:45:04,120 --> 00:45:07,359
Speaker 2: purse strings a bit. It's all about balance, and I

1030
00:45:07,440 --> 00:45:11,120
Speaker 2: know I think super early on Matt, I was overly frugal.

1031
00:45:11,160 --> 00:45:11,839
Speaker 1: I've talked about this.

1032
00:45:11,800 --> 00:45:14,040
Speaker 2: On the show before, and I have dialed that back

1033
00:45:14,239 --> 00:45:17,560
Speaker 2: some and I do find myself to be happier. But

1034
00:45:17,600 --> 00:45:20,359
Speaker 2: you also can't take the frugal out of the dog

1035
00:45:20,520 --> 00:45:22,719
Speaker 2: kind of thing. There's still a lot of that in

1036
00:45:22,760 --> 00:45:25,440
Speaker 2: me and I want that to remain. I enjoy that

1037
00:45:25,480 --> 00:45:28,520
Speaker 2: about myself and it is kind of part of who

1038
00:45:28,640 --> 00:45:31,520
Speaker 2: my makeup. But I just want Joe to think because

1039
00:45:31,560 --> 00:45:35,360
Speaker 2: I think some people, because of necessity, they learn this

1040
00:45:35,440 --> 00:45:38,960
Speaker 2: skill of frugality or hyper frugality, and then they use

1041
00:45:39,000 --> 00:45:41,080
Speaker 2: it over a long period of time and it becomes

1042
00:45:41,280 --> 00:45:44,320
Speaker 2: ingrained and they forget to question whether or not hyper

1043
00:45:44,320 --> 00:45:46,600
Speaker 2: frugality still makes sense given the place that they're in.

1044
00:45:46,560 --> 00:45:47,960
Speaker 1: Whether it's necessary.

1045
00:45:48,239 --> 00:45:50,919
Speaker 2: And again you failed to question that if it's something

1046
00:45:50,920 --> 00:45:53,160
Speaker 2: you've always done. But what we want you do is

1047
00:45:53,200 --> 00:45:55,279
Speaker 2: like kind of step outside of yourself and to look

1048
00:45:55,320 --> 00:45:56,080
Speaker 2: at yourself.

1049
00:45:55,800 --> 00:45:56,840
Speaker 1: And say is that necessary?

1050
00:45:56,920 --> 00:45:59,800
Speaker 2: Like almost like a goes to Christmas, past, present, futures,

1051
00:46:00,160 --> 00:46:00,919
Speaker 2: a scenario.

1052
00:46:00,560 --> 00:46:01,960
Speaker 1: Where you're able to see yourself through a.

1053
00:46:01,960 --> 00:46:04,759
Speaker 2: Third person, well specifically like through your wife's size, because

1054
00:46:04,800 --> 00:46:08,319
Speaker 2: with you being married, I think your spouse might likely

1055
00:46:08,400 --> 00:46:11,080
Speaker 2: be down with your frugal ways, but like they also might.

1056
00:46:10,960 --> 00:46:12,600
Speaker 1: Think that you're a bit too intense.

1057
00:46:13,120 --> 00:46:15,080
Speaker 2: So I'm not trying to like stir up drama here,

1058
00:46:15,360 --> 00:46:17,879
Speaker 2: but it's probably important to have a discussion about ways

1059
00:46:17,920 --> 00:46:21,080
Speaker 2: that you can spend intentionally to increase your happiness together

1060
00:46:21,120 --> 00:46:23,959
Speaker 2: as a couple, as opposed to maybe finding more ways

1061
00:46:24,000 --> 00:46:27,120
Speaker 2: to cut back this month. I know that, like your

1062
00:46:27,160 --> 00:46:29,800
Speaker 2: default is frugality, but you can't take the amount of

1063
00:46:29,840 --> 00:46:31,719
Speaker 2: money that you're able to save and invest each year

1064
00:46:31,760 --> 00:46:34,160
Speaker 2: with you when you die. So it's worth talking about

1065
00:46:34,239 --> 00:46:36,239
Speaker 2: maybe some more of those near term goals that you

1066
00:46:36,360 --> 00:46:39,799
Speaker 2: might be able to accomplish by allocating a bit more

1067
00:46:39,840 --> 00:46:42,400
Speaker 2: of your income to spending. As long as this is

1068
00:46:42,400 --> 00:46:44,359
Speaker 2: not normally the direction we have to take anybody, Yeah,

1069
00:46:44,400 --> 00:46:46,520
Speaker 2: but occasionally you do and ocasually you have to say listen,

1070
00:46:46,680 --> 00:46:48,400
Speaker 2: it can be overdone on this. On this side of

1071
00:46:48,440 --> 00:46:50,759
Speaker 2: the equation, you're both high income earners. Have you paid

1072
00:46:50,760 --> 00:46:52,880
Speaker 2: off all your debt? Are you meeting your investing goals?

1073
00:46:53,200 --> 00:46:53,439
Speaker 6: Well?

1074
00:46:53,640 --> 00:46:57,440
Speaker 2: Then, and if you enjoy frugality, if you enjoy the

1075
00:46:57,440 --> 00:46:59,840
Speaker 2: buy nothing group thing, and you buy into that ethos,

1076
00:47:00,239 --> 00:47:02,479
Speaker 2: great more power to you. But it's just at least

1077
00:47:02,480 --> 00:47:04,879
Speaker 2: worth having that discussion as a couple and saying, well,

1078
00:47:04,920 --> 00:47:06,680
Speaker 2: other thing, maybe you know what, maybe we would enjoy

1079
00:47:06,719 --> 00:47:08,920
Speaker 2: a nice meal out once once a month that we

1080
00:47:09,000 --> 00:47:11,920
Speaker 2: haven't been partaking in because it was just the hyper

1081
00:47:11,920 --> 00:47:14,560
Speaker 2: frugality thing that got bent so hard that it forced

1082
00:47:14,640 --> 00:47:16,279
Speaker 2: us from me even thinking that was a possibility.

1083
00:47:16,360 --> 00:47:16,640
Speaker 1: Yeah.

1084
00:47:16,680 --> 00:47:19,399
Speaker 2: Absolutely, Yeah, in this case, Joe, maybe we're reading into

1085
00:47:19,400 --> 00:47:21,040
Speaker 2: something that's not there at all. And you don't have

1086
00:47:21,160 --> 00:47:23,160
Speaker 2: a problem at all with spending money. You just like

1087
00:47:23,280 --> 00:47:24,840
Speaker 2: you like a bargain, you don't like things to go

1088
00:47:24,880 --> 00:47:27,320
Speaker 2: to waste, and so as long as so from a

1089
00:47:27,360 --> 00:47:30,359
Speaker 2: principal standpoint, again, that's kind of it seems like how

1090
00:47:30,400 --> 00:47:33,279
Speaker 2: you're approaching this. I have zero qualms at all with

1091
00:47:33,400 --> 00:47:36,200
Speaker 2: you participating in these by nothing groups as long as

1092
00:47:36,239 --> 00:47:38,600
Speaker 2: you realize, here's the other part of it is that

1093
00:47:38,840 --> 00:47:41,920
Speaker 2: it takes time to hit up a curb alert. It

1094
00:47:41,920 --> 00:47:44,760
Speaker 2: takes time to communicate with somebody and to set aside

1095
00:47:44,920 --> 00:47:47,560
Speaker 2: time to drive over to somebody's house pick something up

1096
00:47:47,680 --> 00:47:50,279
Speaker 2: as opposed to just ordering it online. So as long

1097
00:47:50,320 --> 00:47:54,040
Speaker 2: as you know that your time might be better spent, look,

1098
00:47:54,200 --> 00:47:57,080
Speaker 2: I'm sorry, it could be better spent in earning more

1099
00:47:57,160 --> 00:48:01,000
Speaker 2: dollars than the money that you're saving by participate buy nothing.

1100
00:48:01,000 --> 00:48:02,239
Speaker 1: Great, That makes sense.

1101
00:48:02,400 --> 00:48:05,240
Speaker 2: That is one tendency of hyperfrugality is to completely devalue

1102
00:48:05,239 --> 00:48:08,920
Speaker 2: your time in search of saving money. And then you're like, yeah, wait, no,

1103
00:48:09,000 --> 00:48:11,279
Speaker 2: my time is actually way more precious than that, and

1104
00:48:11,320 --> 00:48:12,920
Speaker 2: I should value it a little bit more highly. As

1105
00:48:12,920 --> 00:48:14,880
Speaker 2: long as though, like you said, as long as you

1106
00:48:14,960 --> 00:48:16,920
Speaker 2: value it is what it like, what it is that

1107
00:48:16,960 --> 00:48:19,120
Speaker 2: you're doing. So you mentioned like the frugality, it makes

1108
00:48:19,160 --> 00:48:21,640
Speaker 2: me think of how does I budget. I zero some

1109
00:48:21,800 --> 00:48:25,280
Speaker 2: budget and I manually enter my expenses in every single month.

1110
00:48:25,960 --> 00:48:28,160
Speaker 2: Is at the best use of my time? Well, if

1111
00:48:28,200 --> 00:48:30,640
Speaker 2: you're optimizing from the outside, someone would say, why do

1112
00:48:30,680 --> 00:48:33,319
Speaker 2: you do that? Just hop over to copilot automate that junk.

1113
00:48:33,640 --> 00:48:36,120
Speaker 2: It's a great interface. But I really enjoy how it

1114
00:48:36,200 --> 00:48:38,560
Speaker 2: is that I have my mind completely wrapped around our

1115
00:48:38,600 --> 00:48:42,200
Speaker 2: family's finances. In that way, I know where I to

1116
00:48:42,200 --> 00:48:45,320
Speaker 2: automate that It might save a couple hours every single month,

1117
00:48:45,680 --> 00:48:47,440
Speaker 2: but that's not what I want to do. I have

1118
00:48:47,560 --> 00:48:51,320
Speaker 2: intentionally chosen to stick with my old school Excel budgets

1119
00:48:51,320 --> 00:48:53,640
Speaker 2: because that is how I want to budget our our

1120
00:48:53,719 --> 00:48:57,200
Speaker 2: money every single month, and so I'm proactively and intentionally

1121
00:48:57,320 --> 00:49:01,200
Speaker 2: entering into that transaction, willing to make that trade off

1122
00:49:01,239 --> 00:49:03,759
Speaker 2: because I like what it gives me. I do it

1123
00:49:03,760 --> 00:49:06,000
Speaker 2: with your eyes wide open, exactly with the reason behind

1124
00:49:06,080 --> 00:49:06,719
Speaker 2: why you're doing it.

1125
00:49:06,800 --> 00:49:07,680
Speaker 1: Yeah, totally. Yeah.

1126
00:49:07,680 --> 00:49:09,800
Speaker 2: One other I think maybe one other tip too. I

1127
00:49:09,800 --> 00:49:11,279
Speaker 2: don't spend a whole lot of time on Facebook, but

1128
00:49:11,280 --> 00:49:13,120
Speaker 2: the way I remember these groups working is that somebody

1129
00:49:13,160 --> 00:49:15,520
Speaker 2: will pose something and then someone like claims it like

1130
00:49:15,600 --> 00:49:19,759
Speaker 2: they're like DIBs first or whatever, and then everybody like

1131
00:49:19,840 --> 00:49:20,480
Speaker 2: dog piles on.

1132
00:49:20,560 --> 00:49:21,880
Speaker 1: It's like back up, backup, backup.

1133
00:49:23,280 --> 00:49:25,120
Speaker 2: Maybe as you're thinking of others, because that was another

1134
00:49:25,160 --> 00:49:26,719
Speaker 2: part of his question where he's just like, man, I

1135
00:49:26,760 --> 00:49:29,320
Speaker 2: feel like maybe I'm taking something from somebody who otherwise

1136
00:49:29,320 --> 00:49:32,359
Speaker 2: wouldn't be able to afford it. Perhaps make a like

1137
00:49:32,360 --> 00:49:34,160
Speaker 2: make a twenty four hour rule, just like you would

1138
00:49:34,239 --> 00:49:37,680
Speaker 2: with buying something brand new. If you see something, maybe

1139
00:49:37,760 --> 00:49:41,080
Speaker 2: don't comment to put DIBs on it for like a

1140
00:49:41,120 --> 00:49:42,960
Speaker 2: full day, for like a full twenty four hours. Is

1141
00:49:43,000 --> 00:49:45,800
Speaker 2: that way somebody else has the opportunity to come across

1142
00:49:45,800 --> 00:49:47,520
Speaker 2: it and be like, oh snap, like that's something I've

1143
00:49:47,560 --> 00:49:50,600
Speaker 2: really been wanting. I can't afford one of those. But

1144
00:49:50,640 --> 00:49:54,719
Speaker 2: then if nobody's claimed it in like a day or two, yeah,

1145
00:49:54,760 --> 00:49:57,319
Speaker 2: swoop in, scoop it up. But you've given somebody else

1146
00:49:57,360 --> 00:50:00,000
Speaker 2: the opportunity to get in there and to potentially get

1147
00:50:00,120 --> 00:50:01,880
Speaker 2: something that the otherwise would not be able to afford.

1148
00:50:01,960 --> 00:50:02,200
Speaker 3: Yeah.

1149
00:50:02,239 --> 00:50:05,640
Speaker 2: I think that could be just a simple, straightforward, practical

1150
00:50:05,680 --> 00:50:07,560
Speaker 2: way to make sure that you're not like snatching up

1151
00:50:07,560 --> 00:50:09,880
Speaker 2: all the good stuff. I agreed or map. Since you

1152
00:50:09,920 --> 00:50:11,680
Speaker 2: mentioned Facebook, I just wanted to quickly mention. We have

1153
00:50:11,680 --> 00:50:14,239
Speaker 2: a how to Money Facebook we do, and everybody out

1154
00:50:14,239 --> 00:50:16,719
Speaker 2: there listening should join it if you haven't already. It's

1155
00:50:16,719 --> 00:50:18,160
Speaker 2: one of the best places on the Internet, and there

1156
00:50:18,200 --> 00:50:20,640
Speaker 2: aren't really that many great ones, let's be honest, especially

1157
00:50:20,680 --> 00:50:23,480
Speaker 2: interpersonal ones. So if you're looking for, like, you know,

1158
00:50:24,239 --> 00:50:27,160
Speaker 2: a peer group of people who care about their finances,

1159
00:50:27,440 --> 00:50:30,320
Speaker 2: you place to bounce questions or watch what other people's

1160
00:50:30,400 --> 00:50:33,560
Speaker 2: questions are. It's really a great place, So please do

1161
00:50:33,680 --> 00:50:35,399
Speaker 2: join the how to Money Facebook group. But Matt, let's

1162
00:50:35,400 --> 00:50:37,720
Speaker 2: get back to the beer that we had on this episode.

1163
00:50:37,719 --> 00:50:41,959
Speaker 2: This one's called sun Dog. It's a wild berliner with peaches.

1164
00:50:41,719 --> 00:50:43,520
Speaker 1: Right, mm hmm, yeah, no.

1165
00:50:43,440 --> 00:50:48,640
Speaker 2: Good a berliner. It's like a funkier, more zesty wheat

1166
00:50:48,640 --> 00:50:51,160
Speaker 2: ale so berlin er device and it's like a German

1167
00:50:51,160 --> 00:50:53,839
Speaker 2: wheat essentially. But yeah, this one was made with what

1168
00:50:53,880 --> 00:50:55,160
Speaker 2: does second use peaches mean?

1169
00:50:55,320 --> 00:50:58,160
Speaker 1: I was curious about that too, Like, what did you

1170
00:50:58,200 --> 00:50:59,200
Speaker 1: use these peaches for? First?

1171
00:50:59,239 --> 00:51:01,279
Speaker 2: I don't know if I want to know actually, but no,

1172
00:51:01,400 --> 00:51:04,800
Speaker 2: this was a really great tart wheat beer. You know,

1173
00:51:04,920 --> 00:51:08,960
Speaker 2: a touch of that peach flavor profile going on. I

1174
00:51:09,000 --> 00:51:11,040
Speaker 2: would say, I don't know how old this is but

1175
00:51:11,080 --> 00:51:14,759
Speaker 2: it was a bit more tart and a stringent then

1176
00:51:14,960 --> 00:51:16,960
Speaker 2: I think it was when they first bottled it, And

1177
00:51:17,000 --> 00:51:20,040
Speaker 2: I wonder if it's continued to bottle condition or ferment,

1178
00:51:20,239 --> 00:51:21,960
Speaker 2: it could be where some of the sugars were eating

1179
00:51:22,040 --> 00:51:25,480
Speaker 2: up by the alcohol. But yeah, it was, yeah, a

1180
00:51:25,520 --> 00:51:27,280
Speaker 2: bit more brash than I was expecting.

1181
00:51:27,320 --> 00:51:29,480
Speaker 1: Perhaps I was down with that. Yeah, Yeah, I liked it.

1182
00:51:29,719 --> 00:51:31,719
Speaker 2: I like things a touch, just a touch sweeter than

1183
00:51:31,760 --> 00:51:33,200
Speaker 2: you thought. It was light though I thought it was.

1184
00:51:33,719 --> 00:51:35,880
Speaker 2: Though it was fresh, it was tart, it was it

1185
00:51:35,920 --> 00:51:39,120
Speaker 2: was a zinger and it brought the peach vibe going

1186
00:51:39,160 --> 00:51:42,520
Speaker 2: on in a big way. So yeah, level Monday night,

1187
00:51:42,560 --> 00:51:44,600
Speaker 2: does there's another great beer from them? Yeah, it's kind

1188
00:51:44,600 --> 00:51:48,200
Speaker 2: of got like nectarine apricot almost vibes going on like

1189
00:51:48,280 --> 00:51:48,920
Speaker 2: stone fruit.

1190
00:51:49,560 --> 00:51:51,279
Speaker 1: For sure. Definitely enjoyed it.

1191
00:51:51,320 --> 00:51:53,160
Speaker 2: And Ryan, thank you so much for bringing this one

1192
00:51:53,239 --> 00:51:56,160
Speaker 2: our way, And listeners can find our show notes up

1193
00:51:56,160 --> 00:51:59,000
Speaker 2: on the website at howtomoney dot com and that's where

1194
00:51:59,000 --> 00:52:01,000
Speaker 2: you can find some of the different resources that we

1195
00:52:01,080 --> 00:52:03,279
Speaker 2: mentioned during this episode. Yeah, and don't forget to sign

1196
00:52:03,360 --> 00:52:04,839
Speaker 2: up for the Hod of Money newsletter. By the way,

1197
00:52:04,960 --> 00:52:07,200
Speaker 2: we say that regularly, but it really is awesome. It

1198
00:52:07,239 --> 00:52:09,239
Speaker 2: comes out every Tuesday morning. It's free, shows up in

1199
00:52:09,280 --> 00:52:11,719
Speaker 2: your inbox. We'll spam you, yes, we promised. You can

1200
00:52:11,760 --> 00:52:14,080
Speaker 2: find that at a Head of money dot com slash newsletter.

1201
00:52:14,520 --> 00:52:16,799
Speaker 2: All right, man, So until next time, best friends Out,

1202
00:52:16,880 --> 00:52:18,320
Speaker 2: Best friends Out,