WEBVTT - Your Smart Money Guide for 2026 #1084 0:00:00.080 --> 0:00:03.280 Welcome to had to Money. I'm Joel, I'm not and 0:00:03.360 --> 0:00:05.840 this is your smart money guide for twenty twenty six. 0:00:25.120 --> 0:00:27.600 You know what, buddy, is twenty twenty six. Let's go 0:00:27.880 --> 0:00:30.320 New Year, New you. Baby. It's the first real day 0:00:30.360 --> 0:00:33.440 of twenty twenty six. Well, it's not really the first 0:00:33.479 --> 0:00:35.559 real day. It's the fifth, but it is. Though it's 0:00:35.600 --> 0:00:37.920 your first real day. I think it's most people's first 0:00:37.920 --> 0:00:39.880 real day of twenty twenty sixth you can't have the 0:00:40.040 --> 0:00:42.280 you can't have New Year's Day be Thursday and expect 0:00:42.320 --> 0:00:45.160 everyone to be like, Yeah, it's the new year, let's 0:00:45.159 --> 0:00:48.440 be productive tomorrow in the office. That makes almost as 0:00:48.479 --> 0:00:50.519 much sense as your kid's going back to school the 0:00:50.680 --> 0:00:53.440 last last last fall on a Thursday, right, and then 0:00:53.479 --> 0:00:55.600 we starting on a Friday, on a Friday, on an 0:00:55.640 --> 0:00:58.560 actual Friday, which made even less sense. So we skipt 0:00:58.600 --> 0:00:59.880 the first day of school. You're like, we're still going 0:00:59.920 --> 0:01:03.240 to be at the beach. No judge, that was ridiculous, 0:01:03.280 --> 0:01:06.840 I will say. Normally, so if folks haven't listened to 0:01:06.880 --> 0:01:10.000 the podcast normally on Monday episodes, we hear directly from you, 0:01:10.080 --> 0:01:14.880 our listeners. You would normally take a voice memo that 0:01:14.959 --> 0:01:16.800 you can easily record on your phone and you email 0:01:16.840 --> 0:01:19.160 it over to us. You say your name, you say 0:01:19.280 --> 0:01:21.160 where you're from, because that's always fun. And I like 0:01:21.200 --> 0:01:23.720 to google where it is that people live. People know 0:01:23.760 --> 0:01:27.120 that at this point, which is actually bizarre. Yeah, the 0:01:27.200 --> 0:01:30.160 last one she literally put her actual address so we 0:01:30.200 --> 0:01:32.520 could I don't know, I don't want to go there, 0:01:32.520 --> 0:01:34.600 but like the general town, if I haven't heard of 0:01:34.600 --> 0:01:36.039 a town, I like to click around and get a 0:01:36.040 --> 0:01:37.520 feel for it, see what they have to offer, see 0:01:37.520 --> 0:01:39.360 if I want to go visit there at some point, 0:01:39.440 --> 0:01:41.080 like if you know, if you're on a road trip 0:01:41.120 --> 0:01:43.600 and you've heard of a small town. Matt's paying house 0:01:43.680 --> 0:01:46.840 visits to listeners now, so get in there. But normally, yeah, 0:01:46.840 --> 0:01:49.320 Monday episodes ask how to money episodes, we have the 0:01:49.400 --> 0:01:51.400 voice memos and we you know, we were able to 0:01:51.480 --> 0:01:56.400 directly answer listeners personal finance questions. But with this being 0:01:56.480 --> 0:01:58.559 the first real episode of twenty twenty six, we wanted 0:01:58.560 --> 0:02:00.360 to do something special. 0:02:00.400 --> 0:02:03.160 You set the table a little bit for the coming year, 0:02:03.320 --> 0:02:06.360 and so yeah, we'll have kind of some general thoughts 0:02:06.440 --> 0:02:09.079 on getting your money together in twenty twenty six. Will 0:02:09.120 --> 0:02:11.880 cover a little bit of the money gears. We'll talk 0:02:11.919 --> 0:02:14.400 about maybe what to expect in twenty twenty six and 0:02:14.520 --> 0:02:16.160 kind of maybe a little bit of the current state 0:02:16.160 --> 0:02:18.760 of the economy will kind of yeah, hit a bunch 0:02:18.800 --> 0:02:20.160 of things. Matt run through a bunch of things that 0:02:20.200 --> 0:02:22.680 we think are important for people to consider as they're 0:02:22.720 --> 0:02:25.720 thinking about their personal finances going into this year. 0:02:26.160 --> 0:02:27.680 One. Does it Does it feel like there's too much 0:02:27.680 --> 0:02:29.840 pressure on this episode because it's like the first it's 0:02:29.880 --> 0:02:31.679 going to be the first perfect episode of the year. 0:02:31.800 --> 0:02:33.840 I don't think so. I'm okay, you know, I don't know. 0:02:33.880 --> 0:02:35.480 You were talking to me earlier like this is gonna 0:02:35.520 --> 0:02:36.880 be a good one. I'm like, I know what's going 0:02:36.919 --> 0:02:39.200 to be a good one. But also, you know, you 0:02:39.240 --> 0:02:42.040 can't pack it all otherwise we'd be sitting here for 0:02:42.040 --> 0:02:44.480 like five hours, right if it's like and then we're 0:02:44.480 --> 0:02:46.720 gonna have on a guest who's gonna deliver some brilliant nugget, 0:02:46.800 --> 0:02:48.760 and then we're gonna answer some listener questions. You and 0:02:48.840 --> 0:02:50.440 I are going to crush two Kraft beers. 0:02:50.480 --> 0:02:52.400 Because that's why I said. This is setting the table. 0:02:52.400 --> 0:02:54.120 It's like a nice tablecloth on top of the table. 0:02:54.160 --> 0:02:56.280 There's no food or anything. It's like, it's kind of 0:02:56.320 --> 0:02:57.680 going back to the basics in some ways. 0:02:57.680 --> 0:02:59.919 We're bringing the food. There's going to be some actual 0:03:00.040 --> 0:03:02.240 sustenance here. This isn't just fluff, all right, No, that's 0:03:02.280 --> 0:03:03.720 not what you meant, not what I just that's not 0:03:03.760 --> 0:03:04.200 what I meant. 0:03:04.360 --> 0:03:06.680 I think one of the things maybe I wanted to 0:03:06.720 --> 0:03:10.160 suggest starting off as we're entering into a new year, 0:03:10.560 --> 0:03:14.040 and one way to maybe at least start thinking effectively 0:03:14.240 --> 0:03:17.400 about your finances for twenty twenty six is to reflect 0:03:17.440 --> 0:03:18.720 on how things went last year. 0:03:18.919 --> 0:03:19.680 Matt. I don't know. 0:03:19.960 --> 0:03:23.120 About you, but like, yeah, what were your goals for 0:03:23.200 --> 0:03:25.720 last year? How did you do in comparison to what 0:03:25.760 --> 0:03:27.520 you'd set up to do? And then think about maybe 0:03:27.680 --> 0:03:31.960 like what were the hurdles that got maybe thrust into 0:03:32.000 --> 0:03:36.360 your path that frustrated you in your attempts to meet 0:03:36.360 --> 0:03:36.880 those goals? 0:03:36.960 --> 0:03:39.000 What sticks did you shove into your own spokes? 0:03:39.400 --> 0:03:41.560 There's that too, right, How are you your own worst 0:03:41.640 --> 0:03:44.320 enemy at times preventing you from being able to reach 0:03:44.360 --> 0:03:46.720 that goal? And I'm sure all of us if we 0:03:46.760 --> 0:03:49.360 do a little bit of thoughtful reflection, I think that 0:03:49.480 --> 0:03:52.280 is one of the first good places to begin, because 0:03:52.280 --> 0:03:54.600 it can help us then say, well, all right, now 0:03:54.600 --> 0:03:56.120 that I know myself a little bit better, I know 0:03:56.200 --> 0:03:57.720 how I did in comparison to what I want to 0:03:57.720 --> 0:03:59.880 do last year. Maybe you're one of those incredibly disciplined 0:03:59.880 --> 0:04:02.840 pace or you just got kind of lucky this year too. 0:04:03.080 --> 0:04:04.680 Maybe your goal was like to grow your net worth 0:04:04.680 --> 0:04:08.000 and like the say, the stock market doing well in 0:04:08.040 --> 0:04:10.080 twenty twenty five really helps you to be able to 0:04:10.120 --> 0:04:10.400 do that. 0:04:10.840 --> 0:04:13.320 And it's but like, what were your goals? 0:04:13.600 --> 0:04:16.680 How did you do in comparison to what those goals were? 0:04:16.680 --> 0:04:18.560 I think is a really good, really good thing to 0:04:18.560 --> 0:04:19.000 think through. 0:04:19.160 --> 0:04:22.360 Yeah, I don't think we do enough reflecting as a culture. 0:04:22.400 --> 0:04:24.720 Although with you know, with there being more attention being 0:04:24.720 --> 0:04:27.120 paid towards mental health, I think folks are or at 0:04:27.200 --> 0:04:29.279 least at least there's a whole lot of language around 0:04:29.279 --> 0:04:32.320 it though. Right, how often are people actually sitting down 0:04:32.360 --> 0:04:35.520 and reflecting and journaling and thinking about what happened? Not 0:04:35.520 --> 0:04:38.040 only what happened, but then how do you feel about that? Right? 0:04:38.040 --> 0:04:41.039 Because I think that that can have a larger impact 0:04:41.080 --> 0:04:43.680 on your the steps that you take moving forward. It's 0:04:43.720 --> 0:04:45.599 not just literally what happened and what goals you were 0:04:45.640 --> 0:04:47.440 able to achieve and not achieve, but how are you 0:04:47.480 --> 0:04:52.480 actually interpreting those results good or bad? And I think 0:04:52.600 --> 0:04:54.159 that could have an impact on whether or not you 0:04:54.160 --> 0:04:57.640 see yourself as, Oh, actually I'm a good investor, Oh 0:04:57.680 --> 0:04:59.720 I'm a good saver, or I am a diligent worker. 0:04:59.760 --> 0:05:01.840 This is what we're able to accomplish. And if you're 0:05:01.880 --> 0:05:05.320 able to like internalize essentially some of those behaviors as 0:05:05.320 --> 0:05:07.599 opposed to only fix, the results are good. Trust me, 0:05:07.680 --> 0:05:09.640 Like I'm a data's guy, like I've got the Excel 0:05:09.680 --> 0:05:13.200 spreadsheets going back. That is really important. But also to 0:05:13.400 --> 0:05:16.520 sort of internalize some of the behavior that you set 0:05:16.520 --> 0:05:18.360 out to achieve last year. I think that's really important, 0:05:18.360 --> 0:05:20.240 and you might even find that you're able to hit 0:05:20.320 --> 0:05:22.280 some of those goals and metrics that you wanted to hit. 0:05:22.640 --> 0:05:24.599 And as you reflect back, you're like, man, I was 0:05:24.640 --> 0:05:27.279 exhausted at the end of the year, and I needed 0:05:27.279 --> 0:05:30.080 that break right like the fifth of January. I'm back 0:05:30.120 --> 0:05:32.000 to work, like I'm a little worried because I don't 0:05:32.000 --> 0:05:34.400 think I can keep up the pace and so maybe 0:05:34.440 --> 0:05:37.400 you overdid it. Like that's even worth considering too. I 0:05:37.400 --> 0:05:40.080 think for some people, especially people who listen to out 0:05:40.080 --> 0:05:43.320 of money, Matt. They are like go getters, and so, yeah, 0:05:43.880 --> 0:05:46.680 did you overdo it to the extent that maybe you 0:05:46.680 --> 0:05:48.480 actually need to dial back some of those goals so 0:05:48.480 --> 0:05:51.200 that you could live a little bit more of your life. 0:05:51.240 --> 0:05:54.360 In the here and now. Totally, that's worth considering as well. 0:05:54.440 --> 0:05:57.440 So and really, like the truth is, twenty twenty six 0:05:57.600 --> 0:05:59.200 is going to be different than twenty twenty five. We're 0:05:59.200 --> 0:06:03.400 going to face different challenges, different opportunities, and there were 0:06:03.560 --> 0:06:06.280 a lot of both, Matt in twenty twenty five for 0:06:06.440 --> 0:06:08.840 investors and for people trying to get smart with their money. 0:06:08.839 --> 0:06:11.159 And I think that the more you have your eyes 0:06:11.240 --> 0:06:13.880 on your money in a healthy way, the more you're 0:06:13.920 --> 0:06:16.279 going to be ready for whatever challenges come your way, 0:06:16.640 --> 0:06:18.400 and you're going to be able to take advantage of 0:06:18.440 --> 0:06:21.159 opportunity when it strikes. Think about even just the beginning 0:06:21.200 --> 0:06:23.320 of last year, and like it was tariffs, Man, they're 0:06:23.320 --> 0:06:25.680 going to destroy the economy, And there was a lot of. 0:06:25.640 --> 0:06:27.880 You shouldn't have sold I was telling you you shouldn't 0:06:27.880 --> 0:06:28.480 sell out the bottom. 0:06:28.520 --> 0:06:30.040 Joy See I didn't, And I was one of those 0:06:30.040 --> 0:06:31.440 people who were like, man, tariffs are going to have 0:06:31.440 --> 0:06:33.320 a massive impact. They had a more muted impact than 0:06:33.400 --> 0:06:35.640 even I thought they would. It felt like a COVID blip. 0:06:35.720 --> 0:06:37.640 Yeah, it did. Like honestly, it's like a mini little 0:06:37.720 --> 0:06:40.400 COVID blip. When we look back, it's like similar actually 0:06:40.400 --> 0:06:42.320 a lot of similarities, like kind of towards the beginning 0:06:42.360 --> 0:06:45.120 of the year, just this false oh no, the world's ending. 0:06:45.120 --> 0:06:47.799 But then in reality, oh, we are actually more resilient 0:06:47.839 --> 0:06:49.520 than we think. And I think for economy, a lot 0:06:49.560 --> 0:06:53.359 of investors, what the truth is, there are blips that 0:06:53.400 --> 0:06:55.800 you can take advantage of, or there are ways that 0:06:55.839 --> 0:06:58.280 maybe you might say, I don't know, man, that news 0:06:58.279 --> 0:07:02.440 is freaking me out, or that agnostication prediction is freaking 0:07:02.480 --> 0:07:04.760 me out, and so I'm going to invest less or 0:07:04.760 --> 0:07:06.240 something like that. And then if you had done that, 0:07:06.279 --> 0:07:09.800 if you had listened to those predictions, even then you 0:07:09.800 --> 0:07:13.160 you would have missed out on ind abundance of returns totally. Yeah. 0:07:13.200 --> 0:07:14.760 By the way, I want to mention too, you might 0:07:14.800 --> 0:07:17.360 hear some leaf flowers in the background and Joel, Joel 0:07:17.440 --> 0:07:19.920 almost called you something different what you want to call me? 0:07:21.160 --> 0:07:23.280 I think that only speaks to kind of our like, 0:07:23.480 --> 0:07:28.320 uh down homeness. We're just two dudes, best friends. We 0:07:28.400 --> 0:07:30.760 record in this carriage house that we rent, and you 0:07:30.800 --> 0:07:33.920 know what, We're surrounded by honestly beautiful like one hundred 0:07:34.000 --> 0:07:36.080 year old oaks, but they drop a lot of leaves 0:07:36.240 --> 0:07:39.480 and dude, I gotta hate the leaf blowers. They get 0:07:39.600 --> 0:07:42.040 under my skin. They like find their way into like 0:07:42.080 --> 0:07:45.880 my sinuses, like where the sound resonates rattles it around. Yeah. 0:07:45.960 --> 0:07:49.520 No, And it's truly the bang of a podcast or existent. 0:07:49.480 --> 0:07:51.960 Unless you live in the middle of some giant building 0:07:51.960 --> 0:07:54.520 where there's no windows. But that's that's the other thing. 0:07:54.560 --> 0:07:56.000 I mean. You can literally go to our website and 0:07:56.000 --> 0:07:58.000 see a picture of us here recording. But like, I 0:07:58.040 --> 0:08:01.040 love this space because we have windows to the outside 0:08:01.200 --> 0:08:04.640 and the true real environment, the sunlight. Man, I don't know, 0:08:04.800 --> 0:08:08.080 would you trade off having a view to the outside 0:08:08.080 --> 0:08:10.720 world in order to have like perfect silence And no, 0:08:10.840 --> 0:08:13.280 I don't think when I don't care that much about 0:08:13.640 --> 0:08:16.120 it not sounding perfectly polished like a studio. 0:08:16.120 --> 0:08:17.560 When I worked at a radio station, we had all 0:08:17.600 --> 0:08:21.280 of these pristine recording studios that had no windows to 0:08:21.280 --> 0:08:22.800 the outside world, and. 0:08:22.840 --> 0:08:24.600 You come out of their pale and yeah, a lot 0:08:24.640 --> 0:08:26.840 more terrible attached from the outside world. You feel like 0:08:26.840 --> 0:08:29.320 a vampire. You feel like a vampire. How we roll 0:08:29.400 --> 0:08:30.600 here well? 0:08:30.600 --> 0:08:32.760 And Matt like, when we're talking about what this show is. 0:08:32.800 --> 0:08:35.560 By the way, if you are new here, like, this 0:08:35.600 --> 0:08:38.040 show is all about removing jargon, keeping things simple. We 0:08:38.080 --> 0:08:41.719 want you to achieve financial independence. We talk about all 0:08:41.760 --> 0:08:44.160 facets of money, from saving and investing to debt payoff 0:08:44.200 --> 0:08:46.800 and intentional spending. We also touch a lot on the 0:08:46.840 --> 0:08:51.040 behavior and the mindset stuff too, because that really does matter. 0:08:51.080 --> 0:08:53.360 Your emotions factor into your money, maybe more than you 0:08:53.400 --> 0:08:56.079 think they do, and we just we attempt to run 0:08:56.080 --> 0:08:58.479 the gamut so that you can make meaningful changes. 0:08:58.160 --> 0:08:59.040 In your life. 0:09:00.160 --> 0:09:02.680 Deal for you is that money would become a less 0:09:02.679 --> 0:09:05.360 painful endeavor, that you get more joy out of your 0:09:05.360 --> 0:09:09.359 life because you handle money so effectively. We want everyone 0:09:09.440 --> 0:09:12.520 listening to know that frugality does not equal deprivation. 0:09:12.600 --> 0:09:12.800 Matt. 0:09:12.800 --> 0:09:16.640 I think too often those two terms have become synonymous. 0:09:16.679 --> 0:09:18.480 So you're telling me to become frual. You're telling me 0:09:18.480 --> 0:09:22.080 that I need to hate my life. Not true. Frugality 0:09:22.120 --> 0:09:23.679 can be fun. And want to give you thoughtful ways 0:09:23.880 --> 0:09:26.000 to think about frugality and the truth is it can 0:09:26.080 --> 0:09:29.200 lead to meaningful results, but it's also not frugality all 0:09:29.200 --> 0:09:29.720 the way down. 0:09:30.160 --> 0:09:31.959 That's not how we roll. It's not frugality on top 0:09:32.000 --> 0:09:34.000 of frugality all the way down. No, by the way, 0:09:34.040 --> 0:09:35.880 we didn't mention our beer, and I feel like we're 0:09:35.920 --> 0:09:38.800 kind of all over because this is because I'm used 0:09:38.840 --> 0:09:40.720 to like list our questions and just the structure that 0:09:40.760 --> 0:09:42.080 comes with us. So because of that, I feel like 0:09:42.080 --> 0:09:44.000 this is a little more free wheeling. But we do 0:09:44.120 --> 0:09:47.000 enjoy a beer during every episode, and we're enjoying if 0:09:47.040 --> 0:09:50.280 only to be thoughtless once more, which is an ipa 0:09:50.360 --> 0:09:53.360 by burial. We're enjoying that and we're gonna share our 0:09:53.360 --> 0:09:54.839 thoughts at the end of the episode. Why do we 0:09:54.920 --> 0:09:57.480 drink beer on this podcast? Because we talk about our 0:09:57.520 --> 0:10:00.000 craft beer equivalent. This is something that we are splurge 0:10:00.200 --> 0:10:02.240 on in the here and here now, in the moment. 0:10:02.920 --> 0:10:05.480 Is it the best use of our money? There's an 0:10:05.559 --> 0:10:08.760 argument to be made that it is, because sure, we 0:10:08.800 --> 0:10:11.680 can forego all the pleasures of life today in order 0:10:11.720 --> 0:10:15.439 to invest in safe for larger amounts down the road. 0:10:15.440 --> 0:10:17.520 But you got to find that balance for you as 0:10:17.520 --> 0:10:20.400 an individual, how are you going to enjoy and embrace 0:10:20.440 --> 0:10:23.800 and seize the day today while also preparing for the future, 0:10:23.840 --> 0:10:25.840 and for us, craft beer is one of the ways 0:10:25.840 --> 0:10:28.600 that we literally demonstrate that and enjoy it here on 0:10:28.600 --> 0:10:29.040 the podcast. 0:10:29.280 --> 0:10:32.199 It's the balance that we're trying to strike right It 0:10:32.240 --> 0:10:35.760 is that like, let's be thoughtful and intentional about what 0:10:35.800 --> 0:10:38.360 we want to achieve five, ten, twenty years down the road, 0:10:38.880 --> 0:10:41.319 but not forget that we have a life to live 0:10:41.320 --> 0:10:42.600 in the here and now. There's a lot of that, 0:10:42.679 --> 0:10:45.440 I think in parts of the personal finance space, where 0:10:45.440 --> 0:10:48.200 it's like nose to the grindstone, head down so that 0:10:48.240 --> 0:10:50.839 you can achieve this massive savings rate in this goal 0:10:51.640 --> 0:10:53.600 that you know it's at the end of the rainbow, 0:10:53.880 --> 0:10:55.640 and really what happens for a lot of those years 0:10:55.640 --> 0:10:58.600 it's a slog And I've met too many people who 0:10:58.640 --> 0:11:02.000 went so dang hard for a slew of years that 0:11:02.080 --> 0:11:04.200 it feels like they didn't even lift their head up 0:11:04.240 --> 0:11:06.960 to enjoy their life. For like, for a lot of people, 0:11:07.040 --> 0:11:08.920 it's it's in those like twenties and thirties that are 0:11:08.960 --> 0:11:12.000 like years that you'll never get back when it comes 0:11:12.040 --> 0:11:15.959 to forming relationships or making memories. So, just in case 0:11:16.000 --> 0:11:18.240 you're wondering, we're not all about that lifestyle totally. 0:11:18.240 --> 0:11:20.640 And you mentioned goals, Joe. So, Joel, why do I 0:11:20.720 --> 0:11:22.800 almost keep saying, Joe, I think that's what I'm saying. 0:11:22.960 --> 0:11:26.120 Am I speaking too quickly? Joel? My best buddy? I 0:11:26.160 --> 0:11:28.440 need to actually appreciate a new best buddy that's okay 0:11:28.520 --> 0:11:32.040 over the holidays. His name is Joseph. I was gonna 0:11:32.040 --> 0:11:34.400 say you mentioned goals, and I'm guessing that a lot 0:11:34.440 --> 0:11:37.200 of folks are already tired of hearing about people setting goals, 0:11:37.240 --> 0:11:40.640 sitting smart goals, setting you know whatever goal acronym, strategy, 0:11:40.640 --> 0:11:43.520 approach to setting your goals. But still, and we're only 0:11:43.520 --> 0:11:45.600 going to spend a second on this, but I do 0:11:45.640 --> 0:11:47.959 think asking what it is that you want to achieve 0:11:48.000 --> 0:11:50.920 this year is just so important to hitting the mark. Joel. 0:11:50.960 --> 0:11:53.520 You mentioned like review and kind of looking at how 0:11:53.520 --> 0:11:56.800 you did last year, But it's equally important to maybe 0:11:56.840 --> 0:11:59.559 have a conversation with your spouse or your significant other, 0:11:59.640 --> 0:12:02.800 your part, or do this by yourself if that's where 0:12:02.800 --> 0:12:04.880 you're at. But I just think writing those goals down 0:12:04.920 --> 0:12:08.440 to make them concrete, enacting some sort of plan is 0:12:08.520 --> 0:12:11.120 going to be so vital to you seeing progress and 0:12:11.160 --> 0:12:14.319 then just keeping those goals just front of mind, like 0:12:14.520 --> 0:12:16.599 like literally in front of your face. I think actually 0:12:16.679 --> 0:12:18.120 you can literally write it on a post a note 0:12:18.120 --> 0:12:20.280 stick on your mirror in order to help remind you 0:12:20.320 --> 0:12:23.480 of that. But I think knowing what it is that 0:12:23.520 --> 0:12:25.679 you want to achieve and then just knowing that that 0:12:25.840 --> 0:12:30.480 is what is fueling you to get up every day, 0:12:30.480 --> 0:12:32.319 get up earlier in order to work a little bit 0:12:32.320 --> 0:12:36.120 harder to self deprivation a little bit. Right, Like you 0:12:36.120 --> 0:12:38.679 talked about frugality, not spending in a way that's going 0:12:38.679 --> 0:12:40.480 to allow you to sock away a little bit more. 0:12:40.520 --> 0:12:43.080 Maybe you're trying to eliminate some debt and you know 0:12:43.120 --> 0:12:45.199 that every dollar that you're not spending on yourself is 0:12:45.520 --> 0:12:48.880 something that's buying you some of that financial peace of mind. 0:12:48.880 --> 0:12:51.559 And I said paying down debt, But it could be anything, right, 0:12:51.640 --> 0:12:54.440 Like the name of this episode is your smart money 0:12:54.480 --> 0:12:56.880 guide for twenty twenty six, but this could also be 0:12:56.920 --> 0:13:00.000 like your guide to being a first time home buyer. 0:13:00.440 --> 0:13:02.880 This episode could be your guide to paying down debt. 0:13:02.920 --> 0:13:04.640 It could be your guide to juicing your four O 0:13:04.720 --> 0:13:08.600 and K. Guess what money is fungible and everything that 0:13:08.600 --> 0:13:10.400 we're gonna talk about here on the show. Certainly in 0:13:10.400 --> 0:13:12.640 this episode, but like for the rest of the year, 0:13:12.679 --> 0:13:14.880 you can apply to whatever specific goals that you might 0:13:14.920 --> 0:13:17.319 have in your life. And so keep that in mind. 0:13:17.360 --> 0:13:19.400 We're not talking about money generically, but it is up 0:13:19.440 --> 0:13:22.160 to you to figure out what it is that you 0:13:22.240 --> 0:13:25.400 are that you're striving after, and hopefully, man, you really 0:13:25.440 --> 0:13:27.080 do need to think about this, because it's not just 0:13:27.120 --> 0:13:29.920 about increasing your net worth, right, Like, if you're somebody 0:13:29.920 --> 0:13:35.400 and you're just fueled by seeing bigger number, good, Like 0:13:35.480 --> 0:13:37.520 that's boring, you know, Like I hate to say it, 0:13:37.520 --> 0:13:38.920 but like I don't want to hang out with that 0:13:39.000 --> 0:13:42.840 kind of person, someone who is only interested in the stats. 0:13:43.120 --> 0:13:44.640 Like I don't know. I'm sure you might know as 0:13:44.880 --> 0:13:47.480 statistician who's very interesting and fun to be around, but 0:13:47.480 --> 0:13:50.680 like getting invited to Matt's Super Bowl party, it's just well, actually, 0:13:50.720 --> 0:13:52.280 I don't know. If you're playing the odds and you're 0:13:52.280 --> 0:13:54.000 doing more betting, we won't get into that right now, 0:13:54.280 --> 0:13:56.840 but I'm just saying that the people who are striving 0:13:56.840 --> 0:14:01.720 after like audacious, really cool, fun things. That is interesting, 0:14:01.760 --> 0:14:03.240 and I think that's what It just makes you a 0:14:03.280 --> 0:14:06.480 more well rounded person. And if you haven't done the 0:14:06.480 --> 0:14:09.760 work to identify what it is that you're making these 0:14:09.760 --> 0:14:10.960 sacrifices for man. 0:14:11.000 --> 0:14:14.120 That is your first step, and I think it's so easy. 0:14:14.240 --> 0:14:17.160 The further along you get into the personal finance sphere 0:14:17.320 --> 0:14:20.080 to you kind of start to understand how some of 0:14:20.120 --> 0:14:23.240 these accounts work. You start to actually realize the impact 0:14:23.360 --> 0:14:26.400 of compounding returns, and you're like, WHOA, that's really cool. 0:14:26.440 --> 0:14:28.360 My money is starting to work really hard for me. 0:14:28.680 --> 0:14:31.600 And at some point you even hit that place where 0:14:31.640 --> 0:14:33.560 maybe your money is working harder for you than you 0:14:33.600 --> 0:14:36.560 can work for it, and it's kind of enthralling. But 0:14:37.160 --> 0:14:39.880 that is also we strive to recognize that's not the 0:14:39.960 --> 0:14:42.640 end goal, because if that were the end goal, You're right, Matt, 0:14:42.640 --> 0:14:44.920 that is a really boring end goal. The goal the 0:14:44.960 --> 0:14:47.200 goal is to use that money to create a life 0:14:47.440 --> 0:14:50.400 that you can enjoy, and part of that does take 0:14:50.440 --> 0:14:53.040 some sacrifice now so you can set yourself up for 0:14:53.120 --> 0:14:55.720 more options down the road. But it doesn't mean full 0:14:55.760 --> 0:14:56.960 on deprivation now, that's for sure. 0:14:57.000 --> 0:14:58.920 Totally agree, And I don't know, Matt. 0:14:58.920 --> 0:15:01.640 I like the idea of coming a person who enjoys 0:15:01.840 --> 0:15:04.720 saving or who sees the value in fugality instead of 0:15:04.800 --> 0:15:07.680 like that kind of forced mechanism of like, I guess 0:15:07.680 --> 0:15:09.760 I got a handcuff myself so I can make progress 0:15:09.760 --> 0:15:13.160 with my money. Maybe instead of could your goal be 0:15:13.280 --> 0:15:15.560 to become the kind of person who enjoys some of 0:15:15.560 --> 0:15:17.640 those things. Maybe like, man, I gotta go to thrift 0:15:17.640 --> 0:15:19.560 store to save money instead of buying it on my 0:15:19.560 --> 0:15:20.640 favorite clothing retailer. 0:15:20.800 --> 0:15:22.600 Well, maybe you can turn turn it into. 0:15:22.440 --> 0:15:27.760 The fun of the hunt, right to find something that's 0:15:27.800 --> 0:15:30.720 completely undervalue to the thrift store, like your favorite name 0:15:30.760 --> 0:15:34.720 brand sweater or something like that that's five dollars instead of fifty. Like, 0:15:35.280 --> 0:15:37.600 that's a cool perspective to take on going to the 0:15:37.600 --> 0:15:38.000 thrift store. 0:15:38.040 --> 0:15:40.720 That's my identity is shifting this place. There's still a. 0:15:40.680 --> 0:15:42.600 Feeling like you have to or can you make cooking 0:15:42.680 --> 0:15:44.480 at home more delightful because I think for a lot 0:15:44.480 --> 0:15:46.520 of people it can feel really painful. How can you 0:15:46.520 --> 0:15:49.040 set yourself up for success on that front? Because the 0:15:49.160 --> 0:15:52.080 truth is, and we all know this, that eating out 0:15:52.080 --> 0:15:55.080 has got become incredibly expensive. The more you do it, 0:15:55.120 --> 0:15:58.040 the more money you are tossing down the drain. And 0:15:58.120 --> 0:15:59.800 it's okay to carve some money out for that in 0:15:59.840 --> 0:16:01.840 your budget, but maybe think of it as not just 0:16:01.840 --> 0:16:04.160 something you have to do to save money, but something 0:16:04.320 --> 0:16:07.680 that you can enjoy. Maybe whether it's like making the 0:16:07.680 --> 0:16:10.880 meal together with your spouse or something like that. I mean, 0:16:11.400 --> 0:16:13.320 whatever it is, I like the idea of becoming that 0:16:13.400 --> 0:16:15.360 kind of person. Like, one of my goals this past 0:16:15.400 --> 0:16:18.000 year was to run twelve hundred miles. And it wasn't 0:16:18.080 --> 0:16:20.120 literally just to hit that number crazy. It was not 0:16:20.160 --> 0:16:21.520 I have a friends who ran a lot more than that. 0:16:21.840 --> 0:16:23.000 They're even crazier than I am. 0:16:23.240 --> 0:16:25.520 But say, I feel like that's when there's like at 0:16:25.560 --> 0:16:27.240 a certain point it's too much, but I feel like 0:16:27.240 --> 0:16:28.000 you're not there yet. 0:16:28.720 --> 0:16:30.600 Yeah, we'll see if I get there, I'll try to refrain. 0:16:30.640 --> 0:16:32.640 I'll try to refrain. But like part of that goal 0:16:32.720 --> 0:16:35.280 was yet to hit a numerical number at the end 0:16:35.280 --> 0:16:37.840 of the rainbow. That was pretty arbitrary. But the other 0:16:38.000 --> 0:16:40.280 goal for me, the main goal for me, was to 0:16:40.320 --> 0:16:42.440 become the person. It wasn't like, oh, I'm training for 0:16:42.480 --> 0:16:44.080 this one race that I want to do well in. 0:16:44.280 --> 0:16:45.400 It was like, I want to be the kind of 0:16:45.440 --> 0:16:47.960 person who in twelve hundred miles. Literally I said one 0:16:48.000 --> 0:16:49.760 hundred miles a month because I wanted to be the 0:16:49.840 --> 0:16:53.960 kind of person who was consistent doing it regularly and 0:16:53.960 --> 0:16:56.560 and feeling you better because of it. You are a 0:16:56.640 --> 0:16:59.200 runner because this is who you are as opposed This 0:16:59.240 --> 0:17:01.120 is the kind of life that you're leading, as opposed 0:17:01.160 --> 0:17:03.280 to some arbitrary goal, is what you're saying. So guess what, 0:17:03.320 --> 0:17:06.399 the likelihood of me running like two hundred miles this 0:17:06.480 --> 0:17:09.159 year is not high because I have become the kind 0:17:09.160 --> 0:17:11.200 of person even though I don't actually I don't really 0:17:11.200 --> 0:17:12.720 know what my running goal is yet for this year, 0:17:13.320 --> 0:17:15.240