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Speaker 1: Welcome to How the Money. I'm Joel and I and

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Speaker 1: Matt and today we're discussing simple and smart investing with

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Speaker 1: j L. Collins. M Yeah, Joel. Today we are fortunate

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Speaker 1: enough to be speaking with the one and only J L. Collins.

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Speaker 1: J L is an expert in the arena of investing

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Speaker 1: and is the author of the book The Simple Path

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Speaker 1: to Wealth. In his book and Honest Sites, j L

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Speaker 1: writes about how truly straightforward and simple it is to

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Speaker 1: invest your money in order to achieve financial independence. Not surprisingly,

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Speaker 1: he is also considered by many to be the godfather

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Speaker 1: of the financial independence movement. We are pumped to discuss

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Speaker 1: all things related to investing in the markets, as well

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Speaker 1: as topics like buying a new car and raising financially

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Speaker 1: savvy kids. So j L, thank you for joining us.

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Speaker 1: Thank you, Matt, Thank you Joe. I'm I'm pumped to

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Speaker 1: be with you and honored that you'd ask me. Awesome. Well,

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Speaker 1: we're pumped too. I know our listeners are excited to

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Speaker 1: hear from you as well and j L. Every episode,

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Speaker 1: Matt and I we we drinking craft beer on the

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Speaker 1: show because we really like craft beer, and we make

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Speaker 1: it a point to prioritize something that we care about

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Speaker 1: in the here and now, also while saving and investing

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Speaker 1: well for the future. Today on the show, we're drinking

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Speaker 1: Bourbon County Stout by Goose Island. Listener Alex send it

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Speaker 1: our way. So I want to know from you, first, Jail,

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Speaker 1: what is your kind of splurge that you're willing to

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Speaker 1: spend a lot of money on right now? What's your

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Speaker 1: kind of craft beer equivalent? So wait a second, why

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Speaker 1: didn't you send me a bottom of this beer? I'll

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Speaker 1: get on Alex because he sent this one to us.

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Speaker 1: That's that's really on him. I'm sitting here drinking Junju

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Speaker 1: tea and you're drinking beer. Oh that's a big bummer.

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Speaker 1: I feel bad for you. You know, splurges, I I

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Speaker 1: don't think in those terms. Actually, we followed this path

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Speaker 1: for a long time, and we being my wife and myself,

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Speaker 1: and we're fortunate that we're financially secure and there's not

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Speaker 1: too much that if we wanted, we can't afford. But

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Speaker 1: the caveat there is that there's not a whole lot

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Speaker 1: that we really want. We're kind of minimalist by nature,

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Speaker 1: we're nomadic, So I guess our indulgences are. We spend

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Speaker 1: money on travel, but that's the same as somebody spending

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Speaker 1: money on living in a you know, living in a

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Speaker 1: permanent place, and so we probably out in restaurants more

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Speaker 1: often than than most people. We did just buy a

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Speaker 1: new car, but again I don't see that as a

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Speaker 1: splurge necessarily. We it's pretty basic car. It's a super Reforester.

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Speaker 1: We about the base model because I like things simple,

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Speaker 1: and I suppose if I bottle Lamborghini, I'd consider it

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Speaker 1: a slurge. But you know, at this point in my life,

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Speaker 1: by and a base model Super Reforester is like forty

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Speaker 1: years ago when I was when I was buying a

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Speaker 1: five Plymouth. Yeah, it's like, I guess that makes sense.

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Speaker 1: It's equivalent at this point to you because you've been

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Speaker 1: saving an investing so well for so long. And we

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Speaker 1: actually have a couple of questions for you about your

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Speaker 1: new car purchase that we're gonna ask you later on

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Speaker 1: in the show, but at the beginning, Jail, I want

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Speaker 1: to ask you about kind of jobs that you've worked

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Speaker 1: over the years. We were shocked to find out that

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Speaker 1: not only the number of different jobs that you've had

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Speaker 1: over the years, but the variety of different industries that

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Speaker 1: you've been a part of. So what was your favorite

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Speaker 1: job growing up, and what's one of the best lessons

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Speaker 1: that you've learned from working in a bunch of different careers.

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Speaker 1: So I'm I'm not sure if you're referring to my

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Speaker 1: jobs when I was very young in school and and

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Speaker 1: putting myself through college or my professional jobs. Most of

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Speaker 1: my professional career was spent in the magazine publishing business.

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Speaker 1: My favorite job of all of those, I put myself

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Speaker 1: through college taking down elm trees that had Dutch elm disease.

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Speaker 1: Back in those days, I could make enough money over

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Speaker 1: the summer to put myself through college. And it was

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Speaker 1: hard physical labor. It was outdoors. Of course, I was

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Speaker 1: young and strong in those days. And I guess one

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Speaker 1: of my favorite stories from that time the guy who

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Speaker 1: ran the crew that I was on was. Of course,

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Speaker 1: you have to remember, I'm nineteen years old at this point,

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Speaker 1: and he was a grizzled old guy who was which

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Speaker 1: is to say it is probably twenty years younger than

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Speaker 1: I am now. But he sal Nigro, was in his

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Speaker 1: probably his fifties, and and he was a tough old

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Speaker 1: southern guy. And early early on the first couple of weeks,

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Speaker 1: we'd taken down a tree and we were cleaning up afterwards,

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Speaker 1: and I was sweeping a driveway and Sal saw me

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Speaker 1: and he didn't like the way I was sweeping the driveway,

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Speaker 1: so he came over. And my nickname was Professor because

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Speaker 1: I was the only college kid they'd ever hired. And

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Speaker 1: he grabbed the broom away from me and he said

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Speaker 1: to me, Professor, when you go through life, always know

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Speaker 1: that there's a right way to do something and a

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Speaker 1: wrong way to do something. And I'm going to show

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Speaker 1: you the right right way to sweep with this driveway.

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Speaker 1: And he did, and I've always remembered that and everything

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Speaker 1: in the life, there's a right way to do it

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Speaker 1: in a wrong way to do it, and it's worth

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Speaker 1: figuring out what the right way is. Yeah, so that's

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Speaker 1: very cool. So I mean, I'm curious to j L, like,

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Speaker 1: what was it about that specific job that you're drawn

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Speaker 1: to you? I mean, just was it kind of being outside,

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Speaker 1: being outdoors working with your body? Yeah, exactly. It was

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Speaker 1: very you know, again, I'm nineteen twenty in those days,

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Speaker 1: I am young, very strong, and made me stronger. It

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Speaker 1: was physical. You know. I like the guys I was

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Speaker 1: working with were very different than the people I went

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Speaker 1: to college with. They didn't have a lot of education,

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Speaker 1: and they were from the South and they had migrated

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Speaker 1: up to the north. This was a crew that migrated

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Speaker 1: with the seasons, and so they were Southern guys and

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Speaker 1: I was a Northern guy and I was a college kid,

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Speaker 1: and and you know, they were they were working physical

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Speaker 1: jobs from the moment they got out of high school,

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Speaker 1: if they finished high school. When it was it was

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Speaker 1: fun and it was an interesting human engagement for on

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Speaker 1: all sides. So it was a great time. I did

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Speaker 1: it for three years and loved e remitted of it.

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Speaker 1: Very cool. Yeah, I can imagine that there is a

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Speaker 1: variety of life experiences within that crew. Yeah, yeah, there's some.

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Speaker 1: There's some interesting tales. Well, Jay, let's let's talk some

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Speaker 1: about money here. You you started your your blog with

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Speaker 1: the hopes that it would help your daughter learn how

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Speaker 1: to invest well and also just how to live life well.

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Speaker 1: And it has certainly helped a lot of people. But

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Speaker 1: Joe and I are curious, like, how has your daughter

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Speaker 1: responded to the things that you've written. Um, share some

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Speaker 1: about her response to the financial education that you gave her. Yeah,

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Speaker 1: so I had when Jessica was very young. I made

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Speaker 1: the mistake of pushing this stuff too hard and too soon,

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Speaker 1: and I had the effect of really turning her off

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Speaker 1: to it. But I kept trying because if you, if

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Speaker 1: you can understand money, money is the most powerful tool

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Speaker 1: we have in this modern world of ours, and if

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Speaker 1: you understand it, your life is just a whole lot easier,

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Speaker 1: and a whole lot richer, richer being in terms of money,

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Speaker 1: as well as being just a richer broader life because

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Speaker 1: of the opportunities. So it was very important to me

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Speaker 1: to convey this to her. And I remember one time

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Speaker 1: she was home from college, and this is after years

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Speaker 1: of trying to have these conversations, and I started again

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Speaker 1: and she said, you know, Dad, I know this is important.

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Speaker 1: I get it. I just don't want to have to

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Speaker 1: think about it all the time. And a little light

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Speaker 1: bulb went off in my head and I thought, you know,

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Speaker 1: that's most people. I mean, most people I think understand

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Speaker 1: that money is important and that mastering it is important.

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Speaker 1: But we're the weirds. I mean, people who obsess about

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Speaker 1: this stuff and love it are worthy odd ones out

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Speaker 1: and normal people have more important things to do with

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Speaker 1: their life. And so I started writing a series of

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Speaker 1: letters to her to simplify it so she'd have the

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Speaker 1: information she needed as efficiently as possible, and that it

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Speaker 1: would take up as little of her time as possible

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Speaker 1: and she could go on and live a productive life

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Speaker 1: doing things that matter to her. And then somebody suggested

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Speaker 1: that I put it on a blog, and I thought

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Speaker 1: that'd be a great way to archieve the information. I

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Speaker 1: never dreamed that it would grow into the audience that

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Speaker 1: it now hadds, and I never dreamed that it would

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Speaker 1: impact as many people as as it has. And that's

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Speaker 1: very gratifying, But that was never my My goal was

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Speaker 1: never to start a successful blog and and grow it

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Speaker 1: into an international audience. I just as I tell people,

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Speaker 1: I have only ever tried to convince one person about

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Speaker 1: this up and that's my daughter. And and she, by

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Speaker 1: the way, is now convinced she's and she's on the

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Speaker 1: FI path and and she gets it. And my book

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Speaker 1: evidently was a lot of help to her because she

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Speaker 1: could absorb it in her at her own time and

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Speaker 1: her own face. Well, that's great, I think what you're

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Speaker 1: saying to is that the way that we communicate some

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Speaker 1: of these things because as uber financial nerds, you know,

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Speaker 1: Matt and I think about this stuff a lot, Jail

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Speaker 1: you think about this stuff obviously a lot, and most

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Speaker 1: people out there aren't thinking along those terms. So it's

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Speaker 1: it's really incumbent upon us to make it easier for

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Speaker 1: people to understand the way they approach money. And so

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Speaker 1: that's really our goal here, and I know you've done

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Speaker 1: a great job with that as well. I want to

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Speaker 1: ask you another question on the topic of of kids.

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Speaker 1: Matt and I we've got small children. Uh he's Matt's

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Speaker 1: got four kids. I've got three kids, but you have

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Speaker 1: raised a full fledged adult. So we want to know, like,

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Speaker 1: what have you and your wife learned over the years

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Speaker 1: about raising a money responsible kid? And and also are

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Speaker 1: there any tips that you guys have found, any anything

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Speaker 1: that worked for you both to get on the same

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Speaker 1: page as you were raising Jessica together well as I,

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Speaker 1: as I just admitted, I probably didn't do a very

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Speaker 1: good job when she was young of introducing her money

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Speaker 1: and and as I say, I pushed it too hard

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Speaker 1: and too soon. More broadly, I would say my observation

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Speaker 1: with kids is I think that parents really have very

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Speaker 1: little ability or control of making their kid great or

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Speaker 1: or good. I think that's internal in the kid. I

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Speaker 1: think parents have an enormous amount of ability to mess

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Speaker 1: them up, and unfortunately that it happens too often. And

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Speaker 1: so I guess my my advice would be a light

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Speaker 1: touch works. I mean, the best thing I did with

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Speaker 1: Jessica was, for the most part, I stood back and

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Speaker 1: let her run and let her blossom and didn't get

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Speaker 1: in the way. And sometimes doing nothing is the most

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Speaker 1: powerful thing you can do. It's kind of like investing.

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Speaker 1: You know, you you you get a couple of things

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Speaker 1: right in the beginning, and then you just step back

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Speaker 1: and leave it alone and don't don't keep tinkering with it,

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Speaker 1: don't keep pushing at it all the time. And it's

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Speaker 1: probably the same with kids. You know, you get the

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Speaker 1: basic things right. They pay much more attention in my experience,

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Speaker 1: to what you do than what you say. So if

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Speaker 1: you're setting the right examples for them, then have a

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Speaker 1: light touch. You know, Jessica's has said to me on

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Speaker 1: many times, and my wife used to say that that

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Speaker 1: you know she's absorbing more than you realize and I

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Speaker 1: think in her teenage years she didn't want to let

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Speaker 1: me see that, you know, it was part of keeping

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Speaker 1: me in my place. Maybe as she did and as

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Speaker 1: she was older and became more of an adult, we

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Speaker 1: had those conversations. And is when she went off to

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Speaker 1: college and she realized that this wasn't common in the

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Speaker 1: households of her friends. I mean, most of their parents

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Speaker 1: never talked about money to them, and they were absolutely

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Speaker 1: clueless about it. And I think she began to value

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Speaker 1: it more, particularly when she realized how much she had absorbed,

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Speaker 1: maybe without even trying, and how much more she knew

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Speaker 1: than her peers. So I think that gave her an

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Speaker 1: appreciation of of what the message was. And then, of

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Speaker 1: course she's entered into her career she sees it more

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Speaker 1: and more clearly. So I think patients and and going

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Speaker 1: slowly and having a light touch would be the advice

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Speaker 1: I'd offer for what it's worth. No, that's super helpful, Jail,

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Speaker 1: All right, So we really want to get into talking

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Speaker 1: about investing with you, and in particular because your book,

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Speaker 1: The Civil Path of Wealth is one of my personal

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Speaker 1: favorite investing books. So we'll get to some questions on

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Speaker 1: that with you. Right after the break All right, so

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Speaker 1: we are back from the break in. We're here with j. L.

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Speaker 1: Collins talking about simple and smart investing. J L. We

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Speaker 1: we want to kind of dive into investing the market now, um,

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Speaker 1: and we want to know is investing for everyone? Like,

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Speaker 1: I mean basically, like who should be doing it? And

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Speaker 1: in your opinion, are there folks who you think shouldn't

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Speaker 1: be investing? Well, it's hard for me to imagine who

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Speaker 1: shouldn't be investing, you know, it's it's uh, how you

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Speaker 1: build wealth and and and wealth is one of the

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Speaker 1: keys to freedom and the society that we live in. Personally,

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Speaker 1: I value freedom more than just about anything else. So

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Speaker 1: I would encourage everybody at all income levels to figure

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Speaker 1: out how to organize their life in such a fashion

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Speaker 1: that they're living on less than they are and putting

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Speaker 1: that access to work for them, because having your money

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Speaker 1: work for you makes your life a lot better over time.

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Speaker 1: So let's say, for for personal finance newbies. You know,

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Speaker 1: a lot of our listeners they're kind of starting to

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Speaker 1: dig into personal finance for the first time, or maybe

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Speaker 1: they just got their first job and they don't really

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Speaker 1: know what a four oh one K is like, what

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Speaker 1: are the first things they need to know about investing,

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Speaker 1: because it can often seen intimidating right there at the

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Speaker 1: very beginning when you don't know all the terms and

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Speaker 1: you don't really know how it works. Yeah, I think

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Speaker 1: that's tough because it's it's one of those things with

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Speaker 1: where to a certain extent, you need to know everything

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Speaker 1: so from the beginning, and that's that's almost impossible. And

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Speaker 1: what do I mean by that, Well, if you're looking

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Speaker 1: at the four oh one K and trying to decide

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Speaker 1: what to do with it, you have to understand what

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Speaker 1: for one K is and you have to understand a

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Speaker 1: little bit about how it's going to impact your tax situation.

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Speaker 1: And then you have to understand a little bit about

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Speaker 1: the investments that you're particular for one K is offering

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Speaker 1: you and why some might be good and some not

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Speaker 1: so much. And so I guess my my first piece

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Speaker 1: of advice, and I don't mean this sounds off serving,

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Speaker 1: but find a blog like mine and read through the

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Speaker 1: Stock series or my book The Simple Path to Wealth

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Speaker 1: and read that and perhaps a couple of other things

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Speaker 1: so you get a more holistic view of what's involved

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Speaker 1: in these things and investing because until you do that,

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Speaker 1: you really can't make a good decision on a four

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Speaker 1: oh one K with just a little bit of information.

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Speaker 1: So I think my first bit of advice would be

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Speaker 1: to step back and educate yourself and then go back

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Speaker 1: to the four oh one K. Now having said all that,

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Speaker 1: with a four oh one K, I would certainly open

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Speaker 1: it right away and I begin putting money in it.

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Speaker 1: And if you were confused as to what investment choice

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Speaker 1: to make, I would start with a money market fund,

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Speaker 1: which is just like a bank account. It's not where

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Speaker 1: you want to hold your money long term, but until

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Speaker 1: you figure out which of those things to put your

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Speaker 1: money in, that's a good place to begin holding it.

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Speaker 1: And you certainly want to go into your four one

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Speaker 1: K and capture any match that your company is offering.

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Speaker 1: And a lot of companies offer a match up to

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Speaker 1: a certain percentage that you're putting in, and that's free money.

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Speaker 1: So if they offer a match up to four percent, say,

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Speaker 1: of whatever you put in, well that's an immediate return

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Speaker 1: on on that money. So you definitely want to get

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Speaker 1: that going right away. Oh yeah, most definitely. There Well,

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Speaker 1: jail you mentioned as well, like that stock series of posts,

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Speaker 1: there on your site. I mean, that's definitely one of

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Speaker 1: the most popular things on your blog, and that series

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Speaker 1: of posts essentially turned into your book, The Simple Path

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Speaker 1: of Wealth, and so yes, they definitely can see them

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Speaker 1: like a big, daunting topic. But let's let's sort of

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Speaker 1: simplify it here a little bit. Why is investing in

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Speaker 1: index funds at the core of your investment advice? So

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Speaker 1: two reasons, one low cost and the other is that

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Speaker 1: it's the most powerful way to invest. So study after

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Speaker 1: study over decades have shown that it is extraordinarily difficult

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Speaker 1: for active managers, that is to say, people who are

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Speaker 1: picking individual stocks to outperform the index. And those active

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Speaker 1: managers are expensive. They cost money, and when you add

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Speaker 1: the extra cost on top of of that, their effort

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Speaker 1: to try to outperform the market becomes even even more difficult.

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Speaker 1: So maybe we have to take a moment and say,

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Speaker 1: what is what does it mean when you say investing

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Speaker 1: in index fund? There's all kinds of different index funds

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Speaker 1: out there, but basically it's a pool of money and

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Speaker 1: a mutual fund or an exchange traded fund that tracks

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Speaker 1: a certain index. It could be a very specific index

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Speaker 1: like gold and precious metal, or it can be what

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Speaker 1: I favor, very broad index in my case, the total

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Speaker 1: stock Market Index fund, where that invests in every publicly

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Speaker 1: traded UH company in the United States, and that's what

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Speaker 1: I recommend. So to back up a little bit to

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Speaker 1: your four one K question, if somebody were to listen

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Speaker 1: to this and say, Okay, I know I want to

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Speaker 1: buy that broad based total stock market index fund, how

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Speaker 1: do I find it in my four oh one K?

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Speaker 1: How do I know which one that is? Well, the

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Speaker 1: easiest thing to do is to find the column that

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Speaker 1: chose the expense ratio the expense of the of the fund,

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Speaker 1: and you'll see a percentage anywhere from one point something

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Speaker 1: something two point zero something, and they'll just run your

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Speaker 1: finger down that column and look for the lowest numbers

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Speaker 1: and you those will be the index funds. And then

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Speaker 1: you look at them more closely and they'll only be

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Speaker 1: a couple of them, and you can see, is there

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Speaker 1: a total stock my con index fund? And if it is,

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Speaker 1: then if you want to follow my advice, you've you've

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Speaker 1: found what you're looking for. If there isn't, there's probably

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Speaker 1: an SNP five hundred fund which simply invests in the

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Speaker 1: five underd largest US publicly traded companies, and that works

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Speaker 1: just as well. So there's no reason to obsess over

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Speaker 1: over the fact you might not have a total stock

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Speaker 1: market fund. And SNP five is fine. And my experience,

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Speaker 1: the vast majority of four one case offer offer that

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Speaker 1: that's great advice in jail. You know, headlines every day

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Speaker 1: are touting new highs in the stock market or great

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Speaker 1: terrors anticipating for the stock market. You're gonna find both

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Speaker 1: almost every day, at least right now. And two articles

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Speaker 1: in the stock series that you wrote back to back

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Speaker 1: or entitled the market always goes up and also most

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Speaker 1: people lose money in the market. Those two things seem irreconcilable.

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Speaker 1: How can they both be true? Well, Warren Buffett had

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Speaker 1: had a comment, and I'm trying to remember it exactly,

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Speaker 1: and I won't get it exactly, but it's something the

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Speaker 1: effect of looking back at the last century, the twentieth century.

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Speaker 1: He said, you know, and in the market was this

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Speaker 1: is measured by the Dow Jones, by the way, which

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Speaker 1: is the only index that goes back that far. And

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Speaker 1: Buffett said, you know that Dow Jones was something like

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Speaker 1: sixty and nine hundred and in two thousand, it was

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Speaker 1: I don't know what it was, twelve thousand or some

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Speaker 1: eleven thousands something. He says, how does anybody lose money

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Speaker 1: in the market like that? The answer is they try

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Speaker 1: to dance in and out of the market. They tried

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Speaker 1: to time the market, and nobody can successfully do that

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Speaker 1: over time. So if you buy and you hold, and

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Speaker 1: you say the course, then you get to benefit from

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Speaker 1: the fact that while the market is very followed, it

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Speaker 1: always goes up. If you try to dance in and out,

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Speaker 1: you are likely to hurt yourself. In fact, it's almost

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Speaker 1: guaranteed that you will hurt yourself and you will be

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Speaker 1: left bleeding by the side of the road and you'll

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Speaker 1: lose money. And that's typically how people think of investing

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Speaker 1: in the market. If they don't do their homework and think, well,

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Speaker 1: I should buy this hot stock or this pot fund,

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Speaker 1: and then when it goes up a little bit, I

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Speaker 1: should sell it and then I find something else, and

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Speaker 1: and that's not what works. That's when people say that

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Speaker 1: investing in stocks is akin to going to Las Vegas.

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Speaker 1: That's the kind of investing that they're talking about, And

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Speaker 1: in my mind, that's not really investing at all. That

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Speaker 1: is indeed gambling. But in my stock series, into my book,

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Speaker 1: I don't talk about gambling. I talked about investing, and

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Speaker 1: that means buying the right thing and holding it for

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Speaker 1: a very long time and ignoring the gyrations of the

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Speaker 1: market right, ignoring what the media is is pumping out

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Speaker 1: and telling us well like market timing like it is

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Speaker 1: virtually impossible to pull off, but jail like, can we

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Speaker 1: be more opportunists like who pounce and invest a little

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Speaker 1: bit more when the market is experiencing a decline? How

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Speaker 1: hard is that actually to do? You know, we we've

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Speaker 1: we've talked about dollar cost averaging and making sure that

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Speaker 1: we're putting in the same amounts regularly, but oftentimes, like

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Speaker 1: we do in our real life, we're tempted to maybe

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Speaker 1: invest a little bit more when you see something on

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Speaker 1: sale with your thoughts on that towards the stock market.

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Speaker 1: The stock market is a strange, strange thing in people's

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Speaker 1: minds for some reason, because, as you say, if you

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Speaker 1: we're looking to buy a TV and you saw it

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Speaker 1: on sale, you'd rush out and say, wow, and now's

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Speaker 1: the time to buy that TV. When the markets plunging

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Speaker 1: and stocks are on sale, so to speak. I mean,

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Speaker 1: everybody is too terrified to buy. So absolutely, when you

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Speaker 1: are are investing, if the market drops, you should keep investing.

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Speaker 1: But you shouldn't be waiting for the market to drop

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Speaker 1: to invest, because there's no guarantee the market will drop.

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Speaker 1: In two thousand fourteen, I think it was I wrote

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Speaker 1: a post called investing in a Raging Bull because from

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Speaker 1: two thousand nine, which was the bottom of the last

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Speaker 1: major collapse, until two thousand fourteen, the market has just

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Speaker 1: gone up relentlessly, and people were at We're saying, oh,

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Speaker 1: it's gotta it's there's gotta be another drop, and it's

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Speaker 1: you know, this is not the time, and all this stuff,

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Speaker 1: and and I just this week got a comment on

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Speaker 1: the blog from a guy who said, you know, I

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Speaker 1: saw that when you said two thousand fourteen, and but

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Speaker 1: now it's different and what should I do now? Well, no,

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Speaker 1: it's not different. And it was just terrifying for the

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Speaker 1: people in two thousand fourteen, as it may feel now,

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Speaker 1: nobody knows what the market is gonna do. You hear

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Speaker 1: the pundits all the time saying, oh the markets we

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Speaker 1: where at all time highs. And this has been a

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Speaker 1: historically long bull run. Both of those things are true,

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Speaker 1: but what's not true is that means that the market

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Speaker 1: has to drop back tomorrow or next week, or this

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Speaker 1: year or next year. The market could continue to go

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Speaker 1: up for ten years. The market doesn't know or care

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00:24:18,560 --> 00:24:21,520
Speaker 1: that it's at an all time high. Having said all that,

432
00:24:22,240 --> 00:24:26,280
Speaker 1: the market absolutely at some point in the future will drop.

433
00:24:27,080 --> 00:24:29,840
Speaker 1: This is routine. This is you know, when I say that,

434
00:24:29,840 --> 00:24:33,960
Speaker 1: that's like saying, if you live in the northern part

435
00:24:33,960 --> 00:24:37,680
Speaker 1: of the country, you're gonna have blizzards in winter. I mean,

436
00:24:37,760 --> 00:24:41,439
Speaker 1: this should surprise no one. That's the nature of the market,

437
00:24:42,040 --> 00:24:45,880
Speaker 1: and you're we're gonna have corrections, which is what they're

438
00:24:45,920 --> 00:24:50,360
Speaker 1: called on a very regular basis. Less frequently bear markets,

439
00:24:50,400 --> 00:24:56,240
Speaker 1: which are defined as a decline, crashes much less frequently,

440
00:24:56,320 --> 00:24:59,520
Speaker 1: but you can expect them if you're especially if you're

441
00:24:59,520 --> 00:25:01,360
Speaker 1: a young person. And I tell my daughter, she can

442
00:25:01,400 --> 00:25:06,159
Speaker 1: expect to have another level of two thousand eight two

443
00:25:06,520 --> 00:25:10,880
Speaker 1: nine sometime in her investing career, maybe maybe more than one.

444
00:25:11,440 --> 00:25:13,919
Speaker 1: That's just a natural part of the process. And the

445
00:25:14,000 --> 00:25:18,879
Speaker 1: right reaction to that is to ignore it, because it

446
00:25:18,960 --> 00:25:21,240
Speaker 1: will go It will do whatever it does. It will

447
00:25:21,280 --> 00:25:23,320
Speaker 1: go down as far as it goes down, and then

448
00:25:23,320 --> 00:25:26,440
Speaker 1: it'll go back up and goes back to that post

449
00:25:26,480 --> 00:25:29,199
Speaker 1: you were talking about, the market always goes up and

450
00:25:29,280 --> 00:25:32,560
Speaker 1: at some point, by the way, that's not true. If

451
00:25:32,600 --> 00:25:36,160
Speaker 1: at some point the market drops and doesn't go back up,

452
00:25:36,880 --> 00:25:41,520
Speaker 1: that means that our economy is permanently collapsed and that

453
00:25:41,640 --> 00:25:45,000
Speaker 1: our country is on the rocks. And then nothing that

454
00:25:45,080 --> 00:25:51,240
Speaker 1: you've done will protect you, unless maybe you've stockpiled guns

455
00:25:51,280 --> 00:25:53,960
Speaker 1: and canned can goods. And there are people believe that's

456
00:25:53,960 --> 00:25:56,639
Speaker 1: gonna happen, by the way, and they should not be

457
00:25:56,760 --> 00:25:59,680
Speaker 1: investing in the market. If that you believe. It goes

458
00:25:59,720 --> 00:26:01,960
Speaker 1: back to your first question, Matt, those are the people

459
00:26:02,000 --> 00:26:05,560
Speaker 1: that should not be invested in market, right. Yeah. To

460
00:26:05,680 --> 00:26:08,040
Speaker 1: invest in the stock market, you, to a certain extent,

461
00:26:08,119 --> 00:26:10,639
Speaker 1: you have to be an optimist. You have to believe

462
00:26:10,680 --> 00:26:13,080
Speaker 1: a couple of things to follow the path that I've

463
00:26:13,160 --> 00:26:16,159
Speaker 1: laid out. One is you have to believe the United

464
00:26:16,200 --> 00:26:19,920
Speaker 1: States is going to continue to be a viable country

465
00:26:20,320 --> 00:26:23,679
Speaker 1: with a viable economy, and that it is going to

466
00:26:23,720 --> 00:26:27,919
Speaker 1: be a capitalist country where people are creating new companies

467
00:26:27,960 --> 00:26:32,480
Speaker 1: and new products and new services and and are building

468
00:26:32,840 --> 00:26:37,080
Speaker 1: new businesses, and that we as investors can go along

469
00:26:37,119 --> 00:26:40,359
Speaker 1: on that, right. If you don't think that's what the

470
00:26:40,400 --> 00:26:44,040
Speaker 1: future looks like. If you really think the United States

471
00:26:44,200 --> 00:26:48,800
Speaker 1: is going to implode or or something else horrible is

472
00:26:48,800 --> 00:26:52,680
Speaker 1: going to happen on the world stage, then you don't

473
00:26:52,720 --> 00:26:55,919
Speaker 1: want to follow my advice, Jail. That brings me to

474
00:26:56,119 --> 00:26:59,120
Speaker 1: another question we had for you. You're talking about specifically

475
00:26:59,240 --> 00:27:01,960
Speaker 1: investing in the U stock market here, but you know,

476
00:27:01,960 --> 00:27:03,920
Speaker 1: there are a lot of folks out there who recommend

477
00:27:04,000 --> 00:27:07,840
Speaker 1: investing internationally and in emerging markets. A lot of the

478
00:27:07,880 --> 00:27:10,960
Speaker 1: money pros out there encourage people to have money invested

479
00:27:11,040 --> 00:27:15,480
Speaker 1: overseas in addition to investing in the U s stock market. Also, so,

480
00:27:15,680 --> 00:27:19,080
Speaker 1: why do you lean so hard towards investing domestically and

481
00:27:19,119 --> 00:27:21,680
Speaker 1: have you had any change of heart since you first

482
00:27:21,680 --> 00:27:24,600
Speaker 1: wrote your book. Yeah, so that's a great question. And

483
00:27:24,840 --> 00:27:31,520
Speaker 1: let me start up by saying, I don't oppose investing internationally, uh,

484
00:27:31,560 --> 00:27:34,119
Speaker 1: for those people who are so inclined, And in fact,

485
00:27:34,840 --> 00:27:38,400
Speaker 1: when I travel overseas and I talked to my international readers,

486
00:27:39,000 --> 00:27:41,840
Speaker 1: if I were living in any country other than the

487
00:27:41,920 --> 00:27:45,679
Speaker 1: United States, I would in fact be buying a World

488
00:27:45,760 --> 00:27:49,320
Speaker 1: Fund and World Fund which is it's like the Total

489
00:27:49,440 --> 00:27:53,680
Speaker 1: World Index Fund, and there are such things Vanguard offers them,

490
00:27:54,000 --> 00:27:56,960
Speaker 1: and that would be my recommendation. You certainly can't be

491
00:27:57,080 --> 00:28:01,200
Speaker 1: a one country investor in any other country other than

492
00:28:01,240 --> 00:28:05,040
Speaker 1: the US, because they're just not dominant enough, they're not

493
00:28:05,080 --> 00:28:09,000
Speaker 1: big enough economies. The US is unique in that it is,

494
00:28:09,119 --> 00:28:12,320
Speaker 1: and we in the United States can get away with that.

495
00:28:12,560 --> 00:28:17,520
Speaker 1: And it's been a very profitable path to follow. It's

496
00:28:17,560 --> 00:28:20,600
Speaker 1: the path that Jack Bogel, who created index funds and

497
00:28:20,720 --> 00:28:26,240
Speaker 1: Van guard followed. It's the path that Warren Buffett recommends.

498
00:28:26,880 --> 00:28:29,199
Speaker 1: Having said all of that, one of the conversations I

499
00:28:29,240 --> 00:28:33,719
Speaker 1: have with my daughter is that at some point, probably

500
00:28:33,720 --> 00:28:37,959
Speaker 1: not my lifetime, but in her lifetime, uh, you probably

501
00:28:37,960 --> 00:28:40,640
Speaker 1: are even as as a as an American going to

502
00:28:40,720 --> 00:28:43,400
Speaker 1: want to move into a world fund. And the reason

503
00:28:43,520 --> 00:28:47,560
Speaker 1: I say that is that at the end of World

504
00:28:47,600 --> 00:28:52,959
Speaker 1: War Two, the United States was the only industrial country

505
00:28:52,960 --> 00:28:57,360
Speaker 1: that wasn't left in ashes and rubble, and so not surprisingly,

506
00:28:57,880 --> 00:29:01,800
Speaker 1: the world economy fundamental only was the US probably nine

507
00:29:02,040 --> 00:29:05,400
Speaker 1: plus percent. Of course, the rest of the country, the

508
00:29:05,400 --> 00:29:08,960
Speaker 1: rest of the countries in the world rebuilt, which is

509
00:29:08,960 --> 00:29:11,160
Speaker 1: a good thing. And by the way, they rebuilt with

510
00:29:11,200 --> 00:29:12,920
Speaker 1: a lot of support from the U S, which is

511
00:29:12,960 --> 00:29:16,000
Speaker 1: also a good thing. Well, that had two effects. One

512
00:29:16,120 --> 00:29:18,680
Speaker 1: is that steadily, since the end of World War Two,

513
00:29:18,880 --> 00:29:22,560
Speaker 1: the percentage of the pie that the US represents has

514
00:29:22,600 --> 00:29:28,440
Speaker 1: been shrinking. It's now about That might sound like a

515
00:29:28,480 --> 00:29:30,840
Speaker 1: bad thing, but it's not because the size of the

516
00:29:30,880 --> 00:29:33,720
Speaker 1: pie itself has gotten much much larger. In the U. S.

517
00:29:33,760 --> 00:29:36,000
Speaker 1: Economy is much much larger than it was at the

518
00:29:36,080 --> 00:29:39,480
Speaker 1: end of World War Two. But that process is probably

519
00:29:39,520 --> 00:29:42,320
Speaker 1: going to continue. Where as the rest of the world

520
00:29:42,360 --> 00:29:45,600
Speaker 1: continues to grow and prosper the pie will get bigger

521
00:29:45,600 --> 00:29:48,200
Speaker 1: and bigger, but our percentage of it here in the

522
00:29:48,280 --> 00:29:50,960
Speaker 1: U S will will continue to get smaller. And at

523
00:29:50,960 --> 00:29:54,760
Speaker 1: some point, you know, it's gonna make sense even for U.

524
00:29:54,880 --> 00:29:58,360
Speaker 1: S citizens to go into a world fund. Right now,

525
00:29:58,400 --> 00:30:02,760
Speaker 1: I'm comfortable just holding the US, though, Yeah, I can

526
00:30:02,800 --> 00:30:05,000
Speaker 1: see it becoming, yeah, more and more of a global

527
00:30:05,040 --> 00:30:08,960
Speaker 1: economy as the world shrinks, right with technology and the

528
00:30:09,000 --> 00:30:11,760
Speaker 1: things that allow us to do business with other countries. Jail.

529
00:30:11,880 --> 00:30:13,960
Speaker 1: In an attempt to kind of make this even easier

530
00:30:13,960 --> 00:30:16,080
Speaker 1: for folks who want to hit the easy button, there

531
00:30:16,080 --> 00:30:19,280
Speaker 1: are these target date funds that are that are out

532
00:30:19,280 --> 00:30:22,440
Speaker 1: there now. They've been a massive help to consumers over

533
00:30:22,440 --> 00:30:26,920
Speaker 1: the years. They provide solid diversification and then automatically become

534
00:30:27,080 --> 00:30:30,920
Speaker 1: more conservative as folks get older. What are your take

535
00:30:31,000 --> 00:30:34,920
Speaker 1: on those? So I actually in in my stock series,

536
00:30:35,280 --> 00:30:37,640
Speaker 1: I have a post on them, and and there's a

537
00:30:37,720 --> 00:30:41,240
Speaker 1: chapter in the book about them. Fundamentally, what I say

538
00:30:41,400 --> 00:30:44,120
Speaker 1: is they're not my first choice, but they're not a

539
00:30:44,120 --> 00:30:47,880
Speaker 1: bad choice. What I mean by that is is if

540
00:30:47,920 --> 00:30:51,280
Speaker 1: you read through my stock series, or if you read

541
00:30:51,280 --> 00:30:55,080
Speaker 1: through my book and it makes sense to you when

542
00:30:55,080 --> 00:30:58,440
Speaker 1: you understand it, it will be less expensive for you

543
00:30:58,640 --> 00:31:03,280
Speaker 1: in terms of cost just to use the one or

544
00:31:03,280 --> 00:31:06,280
Speaker 1: two funds that I recommend, the total stock market fund

545
00:31:06,400 --> 00:31:09,360
Speaker 1: or the total bond fund if you need bonds in

546
00:31:09,440 --> 00:31:12,680
Speaker 1: your in your portfolio, those will have a lower expense

547
00:31:12,800 --> 00:31:16,600
Speaker 1: ratios and so they will be less costly. If, on

548
00:31:16,640 --> 00:31:19,560
Speaker 1: the other hand, you you read through those things, the

549
00:31:19,640 --> 00:31:23,080
Speaker 1: stock series in the book, and you're still left scratching

550
00:31:23,120 --> 00:31:25,440
Speaker 1: your head. This is just not your thing. It doesn't

551
00:31:25,480 --> 00:31:29,120
Speaker 1: quite make sense. A target date fund or a life

552
00:31:29,120 --> 00:31:32,480
Speaker 1: strategy fund which doesn't adjust as you get older, those

553
00:31:32,600 --> 00:31:36,720
Speaker 1: those are two great options. They're slightly more expensive than

554
00:31:37,080 --> 00:31:40,960
Speaker 1: than the path I lay out. But but the path

555
00:31:41,040 --> 00:31:43,800
Speaker 1: I lay out isn't going to resonate with everybody. It's

556
00:31:43,960 --> 00:31:47,840
Speaker 1: you know, different people understand different subjects better or less

557
00:31:47,880 --> 00:31:50,480
Speaker 1: well than others. And so again, if you read my

558
00:31:50,520 --> 00:31:53,920
Speaker 1: stuff and you find yourself scratching your head saying, yeah,

559
00:31:53,960 --> 00:31:56,880
Speaker 1: I'm still not quite getting that target date, funds a

560
00:31:56,920 --> 00:31:59,800
Speaker 1: great option. Cool, that's a great advice. All right, Jail

561
00:31:59,840 --> 00:32:02,000
Speaker 1: wet more questions that we want to cover with you,

562
00:32:02,040 --> 00:32:03,960
Speaker 1: including we want to talk about your new car, which

563
00:32:04,000 --> 00:32:06,040
Speaker 1: is named Steve, and we'll get to that right after

564
00:32:06,080 --> 00:32:19,360
Speaker 1: the break. That Steve two point Oh, that's right. All

565
00:32:19,480 --> 00:32:21,480
Speaker 1: we're back and break and we're talking with Jail Collins,

566
00:32:21,520 --> 00:32:24,320
Speaker 1: author of The Simple Path to Wealth. We just covered

567
00:32:24,360 --> 00:32:27,280
Speaker 1: a lot of good stuff on when it comes to investing.

568
00:32:27,640 --> 00:32:31,240
Speaker 1: But Jail, you had a great post recently about buying

569
00:32:31,240 --> 00:32:35,120
Speaker 1: a new car, and you know, in the personal finance community,

570
00:32:35,120 --> 00:32:37,120
Speaker 1: buying a new car can be considered kind of a

571
00:32:37,120 --> 00:32:40,640
Speaker 1: financial faux pa. So why did you make that decision

572
00:32:40,880 --> 00:32:47,560
Speaker 1: against the advice of every other personal finance blogger out there. Well,

573
00:32:49,120 --> 00:32:51,280
Speaker 1: a couple of things when we sort of touched this

574
00:32:51,360 --> 00:32:54,200
Speaker 1: on touched on this at the beginning of the conversation.

575
00:32:54,720 --> 00:33:01,000
Speaker 1: Money is relative, right, So my new car, a super Forester,

576
00:33:01,480 --> 00:33:04,960
Speaker 1: costs slightly less than twenty five thousand dollars by the

577
00:33:05,000 --> 00:33:08,040
Speaker 1: time I paid title, in taxes and all that stuff,

578
00:33:09,000 --> 00:33:13,320
Speaker 1: And two dollars for me at this point in my

579
00:33:13,360 --> 00:33:17,479
Speaker 1: life is a very modest amount of money. When I

580
00:33:17,520 --> 00:33:20,959
Speaker 1: was younger and poorer, I wouldn't have been buying a

581
00:33:20,960 --> 00:33:23,000
Speaker 1: new car. I would have been buying a two or

582
00:33:23,000 --> 00:33:25,680
Speaker 1: three or five thousand dollar car, and that would have been,

583
00:33:25,840 --> 00:33:28,960
Speaker 1: interestingly enough, the equivalent amount of money. In fact, it

584
00:33:28,960 --> 00:33:33,920
Speaker 1: would have been significantly more bigger expenditure than this new

585
00:33:33,960 --> 00:33:37,160
Speaker 1: car that we just bought. So that's the first point

586
00:33:37,160 --> 00:33:39,880
Speaker 1: I would make. The second point that I think is

587
00:33:39,920 --> 00:33:42,760
Speaker 1: really interesting is I'm kind of a you know, money nerd,

588
00:33:42,800 --> 00:33:45,160
Speaker 1: and I like spreadsheets, and I like track and stuff.

589
00:33:45,680 --> 00:33:48,040
Speaker 1: So I've had a lot of cars over the years,

590
00:33:48,080 --> 00:33:51,280
Speaker 1: and I've kept spreadsheets for all of them. And the

591
00:33:51,360 --> 00:33:54,720
Speaker 1: last Sugar, which we also got new in two thousand

592
00:33:54,800 --> 00:33:58,680
Speaker 1: seven and we just sold this past fall. When we

593
00:33:58,800 --> 00:34:02,680
Speaker 1: got that was even and we've got Steve two point oh.

594
00:34:02,720 --> 00:34:06,960
Speaker 1: And when I look back at the spreadsheet and I

595
00:34:07,000 --> 00:34:11,680
Speaker 1: look at my costs, it's really interesting that the actual

596
00:34:11,760 --> 00:34:17,319
Speaker 1: annual cost of Steve. The first suru it varied a

597
00:34:17,360 --> 00:34:20,200
Speaker 1: lot year to year, but it didn't get cheaper as

598
00:34:20,280 --> 00:34:24,480
Speaker 1: Steve got older. Now I track a couple of key

599
00:34:24,560 --> 00:34:29,480
Speaker 1: things that go into that. Number one is depreciation, Number

600
00:34:29,520 --> 00:34:33,320
Speaker 1: two is maintenance and repair, and number three is opportunity costs.

601
00:34:33,400 --> 00:34:35,880
Speaker 1: Because I pay cash for my cars, so I've got

602
00:34:36,600 --> 00:34:40,879
Speaker 1: capital tied up. So in the early years, the big

603
00:34:40,880 --> 00:34:45,680
Speaker 1: expenses are appreciation and opportunity cost is every year, you know,

604
00:34:45,760 --> 00:34:48,520
Speaker 1: the value of the car drops, and so I readjust

605
00:34:48,640 --> 00:34:52,239
Speaker 1: the opportunity costs to reflect that lower value, because now

606
00:34:53,080 --> 00:34:56,160
Speaker 1: it's only that much that's tied up. And then his

607
00:34:56,360 --> 00:35:00,080
Speaker 1: you as those costs start to drop, the main and

608
00:35:00,280 --> 00:35:05,640
Speaker 1: some repair costs start to rise. And it is remarkable

609
00:35:05,680 --> 00:35:10,359
Speaker 1: to me that the most expensive year, and I don't

610
00:35:10,400 --> 00:35:12,520
Speaker 1: have the spreadsheet in front of me, but the most

611
00:35:12,560 --> 00:35:16,200
Speaker 1: expensive year of owning Steve was one of the later years,

612
00:35:16,200 --> 00:35:19,239
Speaker 1: not one of the early years. And some of the

613
00:35:19,320 --> 00:35:22,600
Speaker 1: least expensive years were later years. When you know, some

614
00:35:22,719 --> 00:35:26,000
Speaker 1: years you have little or no repairs. But there's not

615
00:35:26,200 --> 00:35:29,680
Speaker 1: a huge amount of difference. Now, having said all of that,

616
00:35:30,600 --> 00:35:33,160
Speaker 1: if you're at the beginning of your financial journey. You

617
00:35:33,200 --> 00:35:36,399
Speaker 1: should not be buying new cars. You should be out

618
00:35:36,480 --> 00:35:41,440
Speaker 1: buying very cheap old cars and and running them as

619
00:35:41,480 --> 00:35:44,439
Speaker 1: cheaply as you can. That's what I did. But when

620
00:35:44,440 --> 00:35:48,720
Speaker 1: you get to a certain level of financial independence, buying

621
00:35:48,760 --> 00:35:52,800
Speaker 1: a new car is not There's a couple of caveats

622
00:35:52,800 --> 00:35:54,960
Speaker 1: I have to put in here. Buying a new car.

623
00:35:55,080 --> 00:35:57,560
Speaker 1: The way I buy a new car is not as

624
00:35:57,600 --> 00:36:01,120
Speaker 1: big a financial foe. Pause it might is a common

625
00:36:01,160 --> 00:36:05,320
Speaker 1: wisdom in the FI community suggests. Now the caveats are,

626
00:36:05,360 --> 00:36:07,640
Speaker 1: I buy the base model of the car. I don't

627
00:36:07,640 --> 00:36:11,520
Speaker 1: buy the fancy models because I like simplicity, So I'm

628
00:36:11,560 --> 00:36:15,359
Speaker 1: buying it at the low end of the price spectrum.

629
00:36:15,400 --> 00:36:19,239
Speaker 1: That means my depreciation is less because I'm starting at

630
00:36:19,320 --> 00:36:23,120
Speaker 1: a at a lower number. I'm not buying luxury cars,

631
00:36:23,200 --> 00:36:26,520
Speaker 1: which appreciate much more aggressively than a car like a

632
00:36:26,840 --> 00:36:30,440
Speaker 1: like a Forrest or Honda, Cord, or a Civic or

633
00:36:30,480 --> 00:36:34,239
Speaker 1: a camera or something like that. But it depends on

634
00:36:34,320 --> 00:36:39,000
Speaker 1: where you are financially. For us, spending in the car

635
00:36:39,160 --> 00:36:42,319
Speaker 1: is not a is not a big deal. Yeah, well,

636
00:36:42,400 --> 00:36:44,640
Speaker 1: j L on that, you know, you mentioned how you

637
00:36:44,760 --> 00:36:46,840
Speaker 1: actually purchased the vehicle. Let's let's talk through like the

638
00:36:46,880 --> 00:36:49,480
Speaker 1: mechanics of that purchase. He has some great advice in

639
00:36:49,560 --> 00:36:53,080
Speaker 1: another post there about actually purchasing. Steve two point out

640
00:36:53,840 --> 00:36:56,200
Speaker 1: the traditional way of buying from a dealer is is

641
00:36:56,200 --> 00:36:58,640
Speaker 1: pretty crappy, but like some of the more modern ways,

642
00:36:58,640 --> 00:37:01,880
Speaker 1: don't necessarily get you the best price. So can you

643
00:37:01,880 --> 00:37:04,960
Speaker 1: share with our listeners what your tactic was? Yeah, Well,

644
00:37:05,000 --> 00:37:08,040
Speaker 1: first of all, I'm with the caveat that I'm not

645
00:37:08,200 --> 00:37:11,000
Speaker 1: an expert in buying cars. You know, I don't buy

646
00:37:11,040 --> 00:37:14,920
Speaker 1: them all that often. But what I did, and I

647
00:37:15,000 --> 00:37:18,920
Speaker 1: think it worked out pretty well, avoids going into the

648
00:37:18,960 --> 00:37:23,439
Speaker 1: dealership and having them wear you down and and then

649
00:37:23,480 --> 00:37:26,520
Speaker 1: you make bad decisions because you're tired. You just want

650
00:37:26,600 --> 00:37:30,279
Speaker 1: to get over with. So what we did is, when

651
00:37:30,320 --> 00:37:32,960
Speaker 1: I started thinking about getting a new car, I began

652
00:37:33,040 --> 00:37:37,040
Speaker 1: reading and researching did I want to get another Forrester?

653
00:37:37,320 --> 00:37:39,719
Speaker 1: Did I want to get something else? And so I

654
00:37:39,760 --> 00:37:42,560
Speaker 1: did a lot of basic research on that. And then

655
00:37:42,640 --> 00:37:45,480
Speaker 1: because I began to think more and more than another

656
00:37:45,520 --> 00:37:47,920
Speaker 1: Forrester made sense because we liked the first one and

657
00:37:47,960 --> 00:37:52,000
Speaker 1: it fits our needs, we went and test drove the

658
00:37:52,040 --> 00:37:56,200
Speaker 1: Forester and we did that last spring, just before we

659
00:37:56,320 --> 00:37:59,560
Speaker 1: left and we spent last spring, summer and fall in

660
00:37:59,560 --> 00:38:03,480
Speaker 1: Europe because we're nomadic, we travel a lot, so I

661
00:38:03,560 --> 00:38:06,680
Speaker 1: test drove it knowing that I wasn't going to buy

662
00:38:06,719 --> 00:38:08,440
Speaker 1: a car at that point because I was about to

663
00:38:08,480 --> 00:38:11,520
Speaker 1: leave the country for half a year. But the test

664
00:38:11,600 --> 00:38:13,440
Speaker 1: dri I've sort of confirmed that, yeah, this is the

665
00:38:13,480 --> 00:38:17,799
Speaker 1: car that that we probably want. And when we got

666
00:38:17,800 --> 00:38:21,440
Speaker 1: back to the US, I sent around an email too,

667
00:38:22,360 --> 00:38:25,440
Speaker 1: I think five dealers that that we're close enough that

668
00:38:25,520 --> 00:38:28,239
Speaker 1: I'd be willing to travel to pick up a car,

669
00:38:28,400 --> 00:38:31,960
Speaker 1: and I basically said, this is what I'm looking for,

670
00:38:32,280 --> 00:38:35,640
Speaker 1: and uh, you know, I'd like a like a price

671
00:38:35,719 --> 00:38:38,360
Speaker 1: from you. And this, by the way, my actual email

672
00:38:38,480 --> 00:38:41,239
Speaker 1: is in is in. I did three posts on the car,

673
00:38:41,360 --> 00:38:44,480
Speaker 1: and anybody is interested to go to the blog and

674
00:38:44,520 --> 00:38:48,280
Speaker 1: they can see the actual email. And one dealer didn't

675
00:38:48,320 --> 00:38:53,279
Speaker 1: respond at all. Three others responded asking all kinds of

676
00:38:53,360 --> 00:38:56,440
Speaker 1: questions because they don't want to play the game the

677
00:38:56,480 --> 00:38:58,759
Speaker 1: way I want to play it, So you just have

678
00:38:58,880 --> 00:39:02,560
Speaker 1: to bring them back to square one. Thing what you're

679
00:39:02,640 --> 00:39:07,279
Speaker 1: looking for. And then one woman in particular was right

680
00:39:07,320 --> 00:39:09,960
Speaker 1: on top of it. Over the course of going back

681
00:39:10,000 --> 00:39:12,719
Speaker 1: and forth with emails, I eliminated two of the dealers

682
00:39:12,840 --> 00:39:16,040
Speaker 1: and and was down to the one woman and this

683
00:39:16,080 --> 00:39:20,120
Speaker 1: other guy and who was actually in the closer dealership

684
00:39:20,800 --> 00:39:24,320
Speaker 1: and wound up offering a slightly lower price. But Jackie,

685
00:39:24,360 --> 00:39:27,319
Speaker 1: the woman who had just been so responsive right from

686
00:39:27,320 --> 00:39:30,600
Speaker 1: the beginning, her price was very competitive, and I just

687
00:39:30,680 --> 00:39:35,320
Speaker 1: like the way she handled herself, and I felt comfortable

688
00:39:35,440 --> 00:39:37,719
Speaker 1: that when I actually walked into the dealer to do

689
00:39:37,760 --> 00:39:41,319
Speaker 1: the to do the deal, that there would be less

690
00:39:41,400 --> 00:39:44,399
Speaker 1: chance of Shenanigan's at that point. So that's what I did.

691
00:39:44,800 --> 00:39:48,480
Speaker 1: I didn't even take the lowest offers. It turned out. Yeah, Well,

692
00:39:48,480 --> 00:39:51,080
Speaker 1: I love the script too that you made available to

693
00:39:51,120 --> 00:39:52,960
Speaker 1: everyone who is shopping for a new car, using that

694
00:39:53,360 --> 00:39:55,960
Speaker 1: to email a few different dealerships in your area. That's

695
00:39:55,960 --> 00:39:58,040
Speaker 1: super smart. Plus, isn't that what you want to avoid?

696
00:39:58,120 --> 00:40:00,440
Speaker 1: Just like you said, jail, like the shenanic and like

697
00:40:00,840 --> 00:40:03,480
Speaker 1: any sort of last minute twists and turns and things

698
00:40:03,520 --> 00:40:05,239
Speaker 1: they try to slide in there like that's I feel

699
00:40:05,239 --> 00:40:06,880
Speaker 1: like that's kind of the that's the things that I

700
00:40:06,880 --> 00:40:08,359
Speaker 1: want to Those are the kind of things I want

701
00:40:08,400 --> 00:40:11,000
Speaker 1: to avoid in my life. And you're always gonna you know,

702
00:40:11,040 --> 00:40:14,120
Speaker 1: in this dealership, was no different. I mean they they're

703
00:40:14,120 --> 00:40:16,560
Speaker 1: always going to turn you over to the financial person,

704
00:40:16,680 --> 00:40:20,080
Speaker 1: and they're always going to try to upsell you warranties

705
00:40:20,280 --> 00:40:23,560
Speaker 1: and you know, all kinds of little extras that you

706
00:40:23,719 --> 00:40:26,960
Speaker 1: just say no to. I think if you're going with

707
00:40:27,040 --> 00:40:30,359
Speaker 1: the right attitude. And uh, I forget the guy's name,

708
00:40:30,400 --> 00:40:32,879
Speaker 1: it was the finance guy at this particular dealer ship.

709
00:40:33,520 --> 00:40:35,719
Speaker 1: It became pretty evident that I wasn't gonna buy any

710
00:40:35,760 --> 00:40:38,160
Speaker 1: of these things, and and you know, we had fun

711
00:40:38,200 --> 00:40:40,319
Speaker 1: with it, and that made it go a little bit

712
00:40:41,080 --> 00:40:44,879
Speaker 1: a little bit more quickly. Yeah, paid jail. You've mentioned

713
00:40:44,920 --> 00:40:46,319
Speaker 1: a couple of times that you and your wife are

714
00:40:46,320 --> 00:40:48,440
Speaker 1: living a nomadic lifestyle right now, So like, what does

715
00:40:48,480 --> 00:40:50,600
Speaker 1: that look like for you guys at this point in time?

716
00:40:50,640 --> 00:40:53,080
Speaker 1: And where are you talking to us from now? Right now,

717
00:40:53,120 --> 00:40:56,880
Speaker 1: I'm in Tucson, Arizona. We are staying with some friends

718
00:40:56,920 --> 00:40:59,440
Speaker 1: of ours that we met and one of the Chautaukas

719
00:40:59,560 --> 00:41:02,880
Speaker 1: that run And that's one of the great things about

720
00:41:03,080 --> 00:41:06,120
Speaker 1: Chautauk was we meet people all over the world and

721
00:41:06,640 --> 00:41:09,160
Speaker 1: we get to become friends with them. And can you

722
00:41:09,200 --> 00:41:12,880
Speaker 1: explain what that is? Yeah, Chautauqua is is an event

723
00:41:13,000 --> 00:41:15,239
Speaker 1: that it's a week long event that I created in

724
00:41:15,520 --> 00:41:19,719
Speaker 1: two thousand and thirteen where we bring four speakers in.

725
00:41:19,840 --> 00:41:23,200
Speaker 1: I'm one of the four from the f I community,

726
00:41:23,480 --> 00:41:27,000
Speaker 1: and we limit the group to nine people. So we

727
00:41:27,040 --> 00:41:29,400
Speaker 1: have a small group and we hang out for a

728
00:41:29,440 --> 00:41:33,640
Speaker 1: week together talking about money in life and investing and

729
00:41:33,680 --> 00:41:37,280
Speaker 1: whatever else comes up. It's some cool part of the world.

730
00:41:37,360 --> 00:41:40,880
Speaker 1: It's some cool resort, and we eat good food and

731
00:41:40,920 --> 00:41:44,839
Speaker 1: have a good time. The bonds that people create, not

732
00:41:44,920 --> 00:41:49,399
Speaker 1: just with me and the other speakers, but with their

733
00:41:49,440 --> 00:41:54,160
Speaker 1: fellow attendees are incredible. Businesses have been launched out of

734
00:41:54,200 --> 00:41:59,440
Speaker 1: those friendships and connections and and deep friendships. And so anyway,

735
00:42:00,080 --> 00:42:03,919
Speaker 1: I was talking now and then again who organizes these

736
00:42:03,960 --> 00:42:06,640
Speaker 1: things in Europe for me? And uh, you know he's

737
00:42:06,680 --> 00:42:09,239
Speaker 1: also nomadic now and he's saying, you know, it's this

738
00:42:09,320 --> 00:42:12,160
Speaker 1: is such a great part of shot Takua is we

739
00:42:12,239 --> 00:42:15,799
Speaker 1: have this ever expanding group of really cool friends that

740
00:42:15,840 --> 00:42:20,160
Speaker 1: we've had an opportunity to meet. Yeah, that's Chautauqua. So

741
00:42:20,520 --> 00:42:24,440
Speaker 1: at the moment we are well as I as I

742
00:42:24,480 --> 00:42:28,799
Speaker 1: allude to earlier, over last spring, summer, and fall, we

743
00:42:28,800 --> 00:42:31,120
Speaker 1: were in Europe, and that's because we did as Shoutaka

744
00:42:31,160 --> 00:42:33,800
Speaker 1: in England in the spring, and then we did two

745
00:42:33,840 --> 00:42:36,840
Speaker 1: in Portugal in the fall, and my wife and I

746
00:42:36,960 --> 00:42:40,480
Speaker 1: just stayed in Europe between those two. And then when

747
00:42:40,480 --> 00:42:42,359
Speaker 1: we came back to the U. S As I say,

748
00:42:42,440 --> 00:42:46,160
Speaker 1: we bought Steve point to and so we're traveling around.

749
00:42:46,200 --> 00:42:49,520
Speaker 1: They were traveling in the car around the US for

750
00:42:50,320 --> 00:42:53,760
Speaker 1: these six seven months. Whatever. It is mainly avoiding winner.

751
00:42:54,200 --> 00:42:56,719
Speaker 1: So I mean, is is that the reason jail? But

752
00:42:56,760 --> 00:42:59,759
Speaker 1: like behind that, this sort of nomadic lifestyle is just

753
00:42:59,800 --> 00:43:02,520
Speaker 1: being able to go wherever it's nice, wherever it's worn,

754
00:43:02,600 --> 00:43:06,080
Speaker 1: because I'll say from personal experience, I would have a

755
00:43:06,120 --> 00:43:07,880
Speaker 1: tough time I think kind of living, you know, live

756
00:43:07,960 --> 00:43:10,160
Speaker 1: in life like that. I'm very much a homebody like

757
00:43:10,200 --> 00:43:12,360
Speaker 1: my wife and I. Maybe there'll be a season of

758
00:43:12,360 --> 00:43:14,839
Speaker 1: our life when we're traveling a whole lot, but we

759
00:43:14,840 --> 00:43:17,719
Speaker 1: can also very much see ourselves in the house that

760
00:43:17,760 --> 00:43:20,200
Speaker 1: we currently live in, you know, being a part of

761
00:43:20,239 --> 00:43:22,520
Speaker 1: our community here. But yeah, what is it about that

762
00:43:22,600 --> 00:43:26,359
Speaker 1: nomadic lifestyle that you are drawn to? Yeah, that's that's

763
00:43:26,360 --> 00:43:29,719
Speaker 1: a tough question because I you know, my wife and

764
00:43:29,760 --> 00:43:33,080
Speaker 1: I have always loved traveling and and for the most

765
00:43:33,080 --> 00:43:35,960
Speaker 1: part we have not been nomadic. I mean, when our

766
00:43:36,040 --> 00:43:39,239
Speaker 1: daughter was young, we had a house, and but the

767
00:43:39,280 --> 00:43:42,239
Speaker 1: moment she went off to college, we put the house

768
00:43:42,280 --> 00:43:45,399
Speaker 1: on the market and went back to renting. And then

769
00:43:45,400 --> 00:43:48,040
Speaker 1: at one point, you know, it occurred to me that

770
00:43:48,600 --> 00:43:52,080
Speaker 1: the supartment and we run it nice places. But it

771
00:43:52,080 --> 00:43:54,440
Speaker 1: occurred to me, with as much traveling as we do,

772
00:43:55,120 --> 00:43:58,719
Speaker 1: that apartment was expensive storage most of the year, and

773
00:43:58,760 --> 00:44:01,160
Speaker 1: that didn't make any sense. So we let the lease

774
00:44:01,239 --> 00:44:04,640
Speaker 1: run out and we we went fully nomadic, and and

775
00:44:04,719 --> 00:44:07,399
Speaker 1: we have friends who have done that. It's certainly not

776
00:44:07,480 --> 00:44:09,760
Speaker 1: for everybody. I mean, one of the people that we've

777
00:44:10,360 --> 00:44:12,360
Speaker 1: had a chance to visit with on this trip was

778
00:44:12,440 --> 00:44:15,880
Speaker 1: an old high school friend of mine who has lived

779
00:44:15,880 --> 00:44:21,000
Speaker 1: in Taos, New Mexico for the last fifty years. And

780
00:44:21,239 --> 00:44:23,640
Speaker 1: you mentioned your home body, Well, he's very much your

781
00:44:23,680 --> 00:44:25,520
Speaker 1: home body. Has been in the same house for a

782
00:44:25,560 --> 00:44:29,040
Speaker 1: long time. He's put deep roots down in the community

783
00:44:29,160 --> 00:44:32,120
Speaker 1: in taois he's actually a on the City Council of

784
00:44:32,160 --> 00:44:35,360
Speaker 1: Taos at the moment. I don't think he's ever traveled

785
00:44:35,360 --> 00:44:38,120
Speaker 1: outside of the US. When that's great, I mean, that's

786
00:44:38,120 --> 00:44:42,719
Speaker 1: a perfectly legitimate way to live his life, and and

787
00:44:42,760 --> 00:44:45,600
Speaker 1: he's he's had a great life, a very satisfying life.

788
00:44:45,960 --> 00:44:48,440
Speaker 1: It's not the life I would choose. But on the

789
00:44:48,440 --> 00:44:51,160
Speaker 1: other hand, my life is, you know, not the life

790
00:44:51,200 --> 00:44:54,520
Speaker 1: he would choose. So, you know, there's that's one of

791
00:44:54,520 --> 00:44:57,080
Speaker 1: the beautiful things about life is we get to make

792
00:44:57,120 --> 00:45:01,239
Speaker 1: it whatever we wanted to be. And if you're comfortable

793
00:45:01,400 --> 00:45:04,759
Speaker 1: and prefer to put down deep routes and stay in

794
00:45:04,760 --> 00:45:07,560
Speaker 1: one place, there's there's nothing at all wrong with that,

795
00:45:07,640 --> 00:45:10,879
Speaker 1: and there's a lot great with it. I probably won't

796
00:45:10,880 --> 00:45:16,399
Speaker 1: be your neighbor, not moving to Atlanta anytime soon, at

797
00:45:16,440 --> 00:45:18,680
Speaker 1: least at least not for more than a couple of weeks.

798
00:45:19,680 --> 00:45:22,120
Speaker 1: All right, Well, you're welcome in your during your nomadic

799
00:45:22,160 --> 00:45:23,880
Speaker 1: journeys to come stay with us at some point in

800
00:45:23,880 --> 00:45:25,759
Speaker 1: Atlanta if you want to. Yeah, we have, we have

801
00:45:25,840 --> 00:45:28,440
Speaker 1: several friends in Atlanta. We should. We'll put that on

802
00:45:28,440 --> 00:45:31,600
Speaker 1: the list. You've got two more now, and you can

803
00:45:31,600 --> 00:45:33,440
Speaker 1: swing by and we'll actually have one of these beers

804
00:45:33,480 --> 00:45:35,799
Speaker 1: for you here in person, so we can definitely share

805
00:45:35,840 --> 00:45:39,000
Speaker 1: one next time. That's that's that's uh. I you know,

806
00:45:39,080 --> 00:45:41,960
Speaker 1: you better be careful with the offers because I'm the

807
00:45:42,000 --> 00:45:44,799
Speaker 1: kind of person who actually shows up. Hey, we are

808
00:45:44,800 --> 00:45:46,560
Speaker 1: the kind of people that love it when you show up.

809
00:45:47,400 --> 00:45:51,160
Speaker 1: Sounds good, well, Jail, this has been a great conversation,

810
00:45:51,680 --> 00:45:54,440
Speaker 1: wide ranging. We talked a lot about investing, buying a

811
00:45:54,440 --> 00:45:56,480
Speaker 1: new car. I mean, just so much great advice. Thank

812
00:45:56,520 --> 00:45:59,560
Speaker 1: you so much for joining us. And for anybody out

813
00:45:59,560 --> 00:46:02,200
Speaker 1: there who wants to read more of the things that

814
00:46:02,239 --> 00:46:04,200
Speaker 1: you've written and find out more about you, where should

815
00:46:04,200 --> 00:46:08,719
Speaker 1: they go? So the blog is J. L. Collins n

816
00:46:08,920 --> 00:46:14,440
Speaker 1: H dot com and if you go there, you'll find

817
00:46:14,480 --> 00:46:16,879
Speaker 1: the Stock series that we've talked about, you'll find all

818
00:46:16,880 --> 00:46:19,719
Speaker 1: the other posts that I've written about the car and

819
00:46:20,360 --> 00:46:22,279
Speaker 1: various other things. In fact, if you look at the

820
00:46:22,360 --> 00:46:25,560
Speaker 1: right hand column, there's a list of categories to help

821
00:46:25,600 --> 00:46:28,720
Speaker 1: you sort through it all. And then if you're interested

822
00:46:28,719 --> 00:46:30,400
Speaker 1: in the book, there's a link to the book that

823
00:46:30,400 --> 00:46:32,520
Speaker 1: they'll take you over to Amazon and you can you

824
00:46:32,520 --> 00:46:35,680
Speaker 1: can look at the reviews on that. And what I

825
00:46:35,760 --> 00:46:39,440
Speaker 1: suggest to people is get the book from the library.

826
00:46:39,680 --> 00:46:42,920
Speaker 1: If you're a book person, certainly read a little bit

827
00:46:42,920 --> 00:46:45,640
Speaker 1: of the stock series before you buy the book, because

828
00:46:46,000 --> 00:46:47,960
Speaker 1: if you don't like the Stock series, you're net like

829
00:46:48,000 --> 00:46:50,960
Speaker 1: the book, and there is nothing The other thing I

830
00:46:51,000 --> 00:46:52,920
Speaker 1: will say, by the way, is there's nothing in the

831
00:46:52,920 --> 00:46:56,279
Speaker 1: book that is not on the blog, and that was

832
00:46:56,440 --> 00:47:00,719
Speaker 1: by design. I was given advice to do the very opposite.

833
00:47:01,239 --> 00:47:03,279
Speaker 1: When I was writing the book. People were saying, you know,

834
00:47:03,760 --> 00:47:05,359
Speaker 1: you need to put things in the book that are

835
00:47:05,400 --> 00:47:07,760
Speaker 1: not on your blog so people have to buy the book.

836
00:47:08,680 --> 00:47:10,600
Speaker 1: And I thought, well, that's kind of a crappy thing

837
00:47:10,640 --> 00:47:13,560
Speaker 1: to do to my readers who have given me the

838
00:47:13,600 --> 00:47:16,200
Speaker 1: opportunity basically to write the book. I'm not gonna do that.

839
00:47:17,040 --> 00:47:19,080
Speaker 1: What I will say is the book is a little

840
00:47:19,120 --> 00:47:22,400
Speaker 1: more concise, it's better organized. I won't say it the

841
00:47:22,440 --> 00:47:24,600
Speaker 1: writing is more polished. I will say I spent more

842
00:47:24,640 --> 00:47:26,840
Speaker 1: time polishing it. So I'll leave it to readers to

843
00:47:26,880 --> 00:47:30,600
Speaker 1: decide whether I succeeded. Awesome, Jail, This has been fantastic.

844
00:47:30,640 --> 00:47:33,080
Speaker 1: Thanks again for joining us on the podcast. It's been

845
00:47:33,200 --> 00:47:35,840
Speaker 1: entirely my pleasure, all right, Matt, I love me some

846
00:47:35,960 --> 00:47:38,560
Speaker 1: Jail Collins. I was a great conversation. The guy's been

847
00:47:38,560 --> 00:47:40,320
Speaker 1: around a long time and he's got a lot of

848
00:47:40,320 --> 00:47:42,799
Speaker 1: wisdom and that not going to his and he also

849
00:47:42,880 --> 00:47:45,040
Speaker 1: has an amazing voice. I mean that's not something we

850
00:47:45,120 --> 00:47:47,799
Speaker 1: kind of warned our listeners about. He's got this kind

851
00:47:47,800 --> 00:47:51,279
Speaker 1: of James Earl Jones asked voice. I don't know much

852
00:47:51,280 --> 00:47:54,960
Speaker 1: about vocal composition, but is it a baritone? He's kind

853
00:47:54,960 --> 00:47:58,400
Speaker 1: of got that rich, nice tone puts our crummy podcasting

854
00:47:58,440 --> 00:48:02,200
Speaker 1: voices the shame right, Yes. Yeah, And he actually told

855
00:48:02,280 --> 00:48:04,239
Speaker 1: us before the episode that he was a touch under

856
00:48:04,280 --> 00:48:06,440
Speaker 1: the weather, So I really appreciate him still joining us

857
00:48:06,440 --> 00:48:07,680
Speaker 1: for the show. And I think you can hear to

858
00:48:07,680 --> 00:48:09,960
Speaker 1: touch his voice, but it's still a golden voice right

859
00:48:10,080 --> 00:48:12,359
Speaker 1: most off. All right, but I wanted to ask you, Matt,

860
00:48:12,400 --> 00:48:14,680
Speaker 1: what was your big takeaway from our conversation with j L.

861
00:48:14,960 --> 00:48:17,680
Speaker 1: Well Man. My big takeaway is something that j L

862
00:48:17,760 --> 00:48:21,440
Speaker 1: said right towards the beginning of our conversation, and it

863
00:48:21,520 --> 00:48:22,799
Speaker 1: hit me like a ton of bricks, and it kind

864
00:48:22,800 --> 00:48:27,040
Speaker 1: of kept rattling around my my empty brain the rest

865
00:48:27,080 --> 00:48:29,800
Speaker 1: of the conversation, but like it just it just resonated

866
00:48:29,840 --> 00:48:31,560
Speaker 1: with me. It's stuck with me. And that's when he

867
00:48:31,600 --> 00:48:34,359
Speaker 1: was talking about raising his daughter when we're talking about

868
00:48:34,360 --> 00:48:36,680
Speaker 1: our kids, and he said basically like, we don't have

869
00:48:36,719 --> 00:48:39,560
Speaker 1: a lot of capacity to make our kids great, but

870
00:48:39,640 --> 00:48:44,040
Speaker 1: we definitely can really mess them up, right, And and

871
00:48:44,080 --> 00:48:45,840
Speaker 1: what he was getting out there was just focusing on

872
00:48:45,880 --> 00:48:49,240
Speaker 1: those few things, but then like essentially almost not worrying

873
00:48:49,239 --> 00:48:51,640
Speaker 1: about the kind of tiny stuff that you might nitpick.

874
00:48:52,200 --> 00:48:54,959
Speaker 1: And as someone who is very detail oriented, as someone

875
00:48:55,040 --> 00:48:57,800
Speaker 1: like j L who likes spreadsheets, you kind of fixate

876
00:48:57,840 --> 00:49:00,440
Speaker 1: on the details, right, Like, so much of life isn't details,

877
00:49:00,440 --> 00:49:02,959
Speaker 1: and so when it comes to raising kids, I think

878
00:49:03,080 --> 00:49:04,960
Speaker 1: I get caught up in all of those details, in

879
00:49:05,040 --> 00:49:07,680
Speaker 1: all of those tiny things. But a lot of times,

880
00:49:07,719 --> 00:49:09,400
Speaker 1: like with investing, it's good to make sure that you

881
00:49:09,440 --> 00:49:11,759
Speaker 1: have the essentials figured out, that you've laid a great foundation,

882
00:49:12,080 --> 00:49:15,680
Speaker 1: and then maybe not worry about everything else quite as much. Yeah,

883
00:49:15,680 --> 00:49:18,439
Speaker 1: it's great advice, all right. So my big takeaway was

884
00:49:18,640 --> 00:49:20,560
Speaker 1: that I hope yours is investing related, by the way,

885
00:49:20,560 --> 00:49:23,759
Speaker 1: because mine kind of was like parenting related. Well, I

886
00:49:23,760 --> 00:49:25,520
Speaker 1: felt a little bit of investing. He was pretty honest

887
00:49:25,560 --> 00:49:28,800
Speaker 1: when it came to his thoughts on raising a thoughtful child,

888
00:49:29,120 --> 00:49:30,840
Speaker 1: but I feel like he doesn't have to be because honestly,

889
00:49:31,000 --> 00:49:32,640
Speaker 1: he had some great wisdom to share, even though he

890
00:49:32,680 --> 00:49:35,200
Speaker 1: did kind of couch it and feeling like he didn't.

891
00:49:35,400 --> 00:49:38,320
Speaker 1: But yeah, I think my big takeaway from this episode

892
00:49:38,760 --> 00:49:42,840
Speaker 1: was that doomsday preppers should not be investing. And I

893
00:49:42,840 --> 00:49:44,479
Speaker 1: think that's the thing that caught my ear the most,

894
00:49:44,640 --> 00:49:47,719
Speaker 1: was that optimism is such an important part of investing.

895
00:49:48,000 --> 00:49:50,880
Speaker 1: And we've talked about financial optimism before on the Matt

896
00:49:51,080 --> 00:49:54,200
Speaker 1: and I think, you know, I'm naturally optimistic, but I

897
00:49:54,239 --> 00:49:56,880
Speaker 1: also think that the more and more that we tune

898
00:49:56,880 --> 00:49:59,560
Speaker 1: into the financial media, the more that we read the headlines,

899
00:49:59,680 --> 00:50:02,960
Speaker 1: the more we're watching CNBC on a regular basis, it's

900
00:50:03,000 --> 00:50:05,560
Speaker 1: easy to to let those things seeped into our brains.

901
00:50:05,719 --> 00:50:08,720
Speaker 1: It's easy to get pessimistic about the future, the immediate future,

902
00:50:08,800 --> 00:50:11,400
Speaker 1: and potentially the overall future. And when you take a

903
00:50:11,400 --> 00:50:14,040
Speaker 1: step back and you look at kind of where we've

904
00:50:14,080 --> 00:50:18,920
Speaker 1: come as humanity over the past decades, the past century

905
00:50:19,040 --> 00:50:21,319
Speaker 1: or two, we've made a lot of progress and there's

906
00:50:21,320 --> 00:50:22,960
Speaker 1: a lot to be thankful for. There's a lot to

907
00:50:23,000 --> 00:50:24,560
Speaker 1: be proud of, and I think there's a lot to

908
00:50:24,560 --> 00:50:27,880
Speaker 1: be optimistic about. And so as people who are investing,

909
00:50:28,400 --> 00:50:32,160
Speaker 1: having that optimistic viewpoint is crucial. And I think being

910
00:50:32,200 --> 00:50:36,800
Speaker 1: optimistic actually lends itself to helping us behaviorally stay invested

911
00:50:36,920 --> 00:50:39,879
Speaker 1: even when things around us are all kind of going

912
00:50:39,920 --> 00:50:42,440
Speaker 1: a little crazy exactly. Yeah, just like jail said, like

913
00:50:42,480 --> 00:50:44,840
Speaker 1: even though there's gyrations in the market, like you just

914
00:50:44,840 --> 00:50:46,680
Speaker 1: got to ride it out, and like the market is

915
00:50:46,719 --> 00:50:48,879
Speaker 1: always going to go up, no doubt. All right, Matt,

916
00:50:48,920 --> 00:50:50,120
Speaker 1: let's get back to the beer we had on the

917
00:50:50,120 --> 00:50:53,040
Speaker 1: show today. We had the Bourbon County Stout like Goose Island.

918
00:50:53,040 --> 00:50:54,839
Speaker 1: Listener Alex sent this one our way. What were your

919
00:50:54,880 --> 00:50:56,400
Speaker 1: thoughts on this beer, buddy? Well, first of all, this

920
00:50:56,440 --> 00:50:58,279
Speaker 1: is one of those really special beers, right, Like they

921
00:50:58,320 --> 00:51:01,040
Speaker 1: come out with this every year Black Friday, on Black Friday? Oh,

922
00:51:01,080 --> 00:51:02,359
Speaker 1: is it is that when they released it? Yeah, every

923
00:51:02,360 --> 00:51:04,400
Speaker 1: every Black Friday. That's when they released these beers up

924
00:51:04,440 --> 00:51:06,600
Speaker 1: there in Chicago. Well that's at least where the brewery

925
00:51:06,680 --> 00:51:09,840
Speaker 1: is from. Alex's out of Illinois as well. So yeah, Alex,

926
00:51:09,880 --> 00:51:12,719
Speaker 1: thank you so much for this beer. So stinking good.

927
00:51:13,000 --> 00:51:14,799
Speaker 1: It's it's a little bit higher in ABV, but it

928
00:51:14,800 --> 00:51:18,320
Speaker 1: had this nice warming effect. It was roasty, almost like coffee,

929
00:51:18,320 --> 00:51:20,080
Speaker 1: but there's no coffee in the stout. Right, that's not

930
00:51:20,120 --> 00:51:23,160
Speaker 1: an adjunct stout, which means that it's a pure stout.

931
00:51:23,200 --> 00:51:26,600
Speaker 1: It's Asian bourbon barrels, but the extras thrown in, Yeah, exactly,

932
00:51:26,600 --> 00:51:29,400
Speaker 1: but it's still had just so much stinking flavor. It

933
00:51:29,520 --> 00:51:32,080
Speaker 1: kind of had like those coffee ish notes even though

934
00:51:32,080 --> 00:51:34,120
Speaker 1: it didn't have that going on. But it also had

935
00:51:34,120 --> 00:51:37,160
Speaker 1: the sweetness that I kind of likened to krim brole

936
00:51:37,160 --> 00:51:40,840
Speaker 1: a like just like this nice toasted kind of vanilla

937
00:51:40,880 --> 00:51:43,000
Speaker 1: e flavor going on there on the tail end that

938
00:51:43,080 --> 00:51:45,319
Speaker 1: rounded out that beer with some of that sweetness. This

939
00:51:45,360 --> 00:51:47,439
Speaker 1: was a phenomenal stout that we got to enjoy here

940
00:51:47,480 --> 00:51:49,839
Speaker 1: as we're kind of reaching the end of winter. Yeah,

941
00:51:49,840 --> 00:51:52,000
Speaker 1: and in my mind, the best beers matt are often

942
00:51:52,080 --> 00:51:54,640
Speaker 1: the ones that taste like they have some sort of

943
00:51:54,920 --> 00:51:57,160
Speaker 1: extra thing put in there, right, like an I p

944
00:51:57,280 --> 00:52:00,560
Speaker 1: A that tastes super fruity in this be a full way,

945
00:52:00,640 --> 00:52:02,239
Speaker 1: but there's no fruit and there's no juice in it.

946
00:52:02,239 --> 00:52:05,239
Speaker 1: It's literally just they got that flavor because of fantastic

947
00:52:05,239 --> 00:52:08,160
Speaker 1: hops or a great stout that because of the malts

948
00:52:08,239 --> 00:52:09,880
Speaker 1: they used and the way that they aged it, in

949
00:52:09,880 --> 00:52:11,719
Speaker 1: the way that they brewed it. It just has it's

950
00:52:11,719 --> 00:52:14,080
Speaker 1: it's packed with all these flavors and you're just assuming

951
00:52:14,080 --> 00:52:16,320
Speaker 1: that they put other things into the beer, but they didn't.

952
00:52:16,560 --> 00:52:18,719
Speaker 1: And I feel like that's what this stout had. Kind

953
00:52:18,719 --> 00:52:22,800
Speaker 1: of these toffee vanilla caramel tones, and it was delicious,

954
00:52:22,880 --> 00:52:25,440
Speaker 1: not overly sweet, really good beer. It's like I mean,

955
00:52:25,440 --> 00:52:27,520
Speaker 1: it's a classic at this point. The Goose Island Bourbon

956
00:52:27,560 --> 00:52:30,560
Speaker 1: County series. They've been pumping out great beers for a

957
00:52:30,680 --> 00:52:32,840
Speaker 1: long time now, and this one is just as good

958
00:52:32,880 --> 00:52:34,960
Speaker 1: as the first ones I've had from them. In this

959
00:52:35,040 --> 00:52:37,440
Speaker 1: in this line, yeah, jil so true. I could not

960
00:52:37,480 --> 00:52:39,880
Speaker 1: agree with you anymore. Man. Well that is gonna be

961
00:52:39,920 --> 00:52:42,560
Speaker 1: it for this episode. Our listeners, you can find our

962
00:52:42,560 --> 00:52:44,640
Speaker 1: show notes up on our website at how some money

963
00:52:44,800 --> 00:52:47,560
Speaker 1: dot com. Yeah, and if you like our show and

964
00:52:47,600 --> 00:52:49,640
Speaker 1: you haven't left for a view yet, well we'd appreciate

965
00:52:49,680 --> 00:52:51,719
Speaker 1: it if you would take a minute or two and

966
00:52:51,760 --> 00:52:54,080
Speaker 1: do that. You can do that at Stitcher or Apple

967
00:52:54,120 --> 00:52:56,680
Speaker 1: Podcasts or wherever you listen to podcasts. And Matt and

968
00:52:56,680 --> 00:52:58,600
Speaker 1: I we'd really appreciate it. It helps get the word

969
00:52:58,600 --> 00:53:02,240
Speaker 1: out to other potential personal finance nerds were always excited

970
00:53:02,280 --> 00:53:06,000
Speaker 1: to reach more people with a message of financial empowerment. Alright, buddy,

971
00:53:06,000 --> 00:53:08,279
Speaker 1: that's going to do it for this episode. Until next time.

972
00:53:08,680 --> 00:53:10,080
Speaker 1: Best Friends Out, Best Friends Out,