1 00:00:00,120 --> 00:00:03,080 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt. 2 00:00:03,279 --> 00:00:25,240 Speaker 1: Today we are answering your listener questions. You know what, buddy, 3 00:00:25,280 --> 00:00:28,080 Speaker 1: this is a listener Question Monday episode where we've got 4 00:00:28,080 --> 00:00:32,440 Speaker 1: five fantastic questions to get to Andy. Normally, we mentioned 5 00:00:32,440 --> 00:00:34,720 Speaker 1: the beer that we're going to enjoy here in a 6 00:00:34,800 --> 00:00:36,479 Speaker 1: minute or and we talk about a little bit more 7 00:00:36,479 --> 00:00:37,720 Speaker 1: at the end of the episode. But I just took 8 00:00:37,720 --> 00:00:40,760 Speaker 1: a sip. This is This is gonna be a good beer, 9 00:00:40,840 --> 00:00:42,840 Speaker 1: high quality. But we've got an ask how to Money 10 00:00:42,880 --> 00:00:45,879 Speaker 1: episode lined up for you today. We've got five excellent questions. 11 00:00:46,400 --> 00:00:50,000 Speaker 1: A listener she is wondering if the upside app if 12 00:00:50,000 --> 00:00:51,880 Speaker 1: it has led JITs, and whether or not she should 13 00:00:51,920 --> 00:00:54,960 Speaker 1: be using it. Another listener is has been able to 14 00:00:55,000 --> 00:00:58,240 Speaker 1: save some money utilizing a high deductible healthcare plan to 15 00:00:58,280 --> 00:01:01,480 Speaker 1: cover some of those medical costs, but he switching jobs 16 00:01:01,480 --> 00:01:03,640 Speaker 1: and wants to know if it makes sense, if it 17 00:01:03,680 --> 00:01:06,759 Speaker 1: continues to make sense moving forward for him. And another 18 00:01:06,840 --> 00:01:10,000 Speaker 1: listener he's wondering whether he whether or not he should 19 00:01:10,000 --> 00:01:12,559 Speaker 1: be listening to his mom. She's got some financial advice 20 00:01:12,600 --> 00:01:16,360 Speaker 1: for him, in particular when it comes to housing. So yeah, 21 00:01:16,360 --> 00:01:19,040 Speaker 1: we've got those three questions plus my ale others today. 22 00:01:19,120 --> 00:01:22,600 Speaker 1: Hang up, hang up the phone, don't don't listen to her. No, man, 23 00:01:22,640 --> 00:01:24,920 Speaker 1: I'll always respect your mother. I always respect your mom, 24 00:01:24,959 --> 00:01:26,520 Speaker 1: but doesn't mean you got to like do what she says, 25 00:01:26,600 --> 00:01:28,360 Speaker 1: especially if like she doesn't know what she's talking about. Wilson, 26 00:01:28,400 --> 00:01:30,640 Speaker 1: we'll give it an initially. You a grown man, right, 27 00:01:31,720 --> 00:01:34,800 Speaker 1: but all right? Respect for all the mothers. Oh, of 28 00:01:34,800 --> 00:01:36,920 Speaker 1: course I do, and my own mom as well. But 29 00:01:37,240 --> 00:01:38,880 Speaker 1: I wanted to quickly mention Matt before we get to 30 00:01:38,959 --> 00:01:41,520 Speaker 1: listen our questions. One of my friends, he texted me, 31 00:01:41,959 --> 00:01:43,920 Speaker 1: as some of my friends were prone to do, with 32 00:01:43,959 --> 00:01:46,800 Speaker 1: a personal finance question, and he was wondering about how 33 00:01:46,840 --> 00:01:49,840 Speaker 1: to get the most money possible for a car that 34 00:01:49,880 --> 00:01:52,920 Speaker 1: he's selling. So his in laws gifted he and his 35 00:01:53,000 --> 00:01:55,920 Speaker 1: wife a car, which pretty sweet. I don't know, he's 36 00:01:55,920 --> 00:01:58,040 Speaker 1: like a gift an older car still, but I think 37 00:01:58,040 --> 00:01:59,920 Speaker 1: it only had like seventy thousand miles on it, so 38 00:02:00,000 --> 00:02:02,640 Speaker 1: that's a pretty nice gift to receive. But he has 39 00:02:02,640 --> 00:02:04,400 Speaker 1: how old the car is. If it's only got seventy 40 00:02:04,400 --> 00:02:06,400 Speaker 1: thousand miles on it, that means it's got like ten 41 00:02:06,480 --> 00:02:08,880 Speaker 1: years left of use. In my book, still a baby, 42 00:02:09,080 --> 00:02:12,080 Speaker 1: still a baby, right, And so he has had like 43 00:02:12,120 --> 00:02:14,040 Speaker 1: a Honda a Chord I think, with like one hundred 44 00:02:14,040 --> 00:02:18,000 Speaker 1: and eighty thousand miles, which still also still a baby. Yeah, 45 00:02:18,120 --> 00:02:19,880 Speaker 1: as a Honda has lots of life left in it too. 46 00:02:19,919 --> 00:02:22,360 Speaker 1: But he's like, you don't really halfway through the use 47 00:02:22,400 --> 00:02:24,639 Speaker 1: cycle of the right egle. But they don't need both cars, 48 00:02:24,680 --> 00:02:27,160 Speaker 1: and so the ideas and now it's not a bad 49 00:02:27,200 --> 00:02:29,520 Speaker 1: time to sell a used car because they're a one 50 00:02:29,600 --> 00:02:32,160 Speaker 1: one car family. And I don't know that's a good question. 51 00:02:32,280 --> 00:02:34,880 Speaker 1: Or maybe he doesn't need both two cars, right, yeah, 52 00:02:35,080 --> 00:02:37,040 Speaker 1: either way, I forget if they're a one car, two 53 00:02:37,080 --> 00:02:38,880 Speaker 1: car family. But he's like, all right, I gotta sell this. 54 00:02:38,880 --> 00:02:40,440 Speaker 1: I want to get top dollar. How do I do it? 55 00:02:40,680 --> 00:02:42,160 Speaker 1: And so I kind of talked through a few things. 56 00:02:42,200 --> 00:02:43,960 Speaker 1: I said, one of the things you should consider at 57 00:02:44,000 --> 00:02:46,760 Speaker 1: least get a quote from Carbona go on their site 58 00:02:46,760 --> 00:02:48,440 Speaker 1: and you can, because that's actually how I sold my 59 00:02:48,520 --> 00:02:50,360 Speaker 1: niece on Leaf back in the day. They offered me 60 00:02:51,160 --> 00:02:53,320 Speaker 1: just as much money as I get doing a private sale. 61 00:02:53,639 --> 00:02:57,080 Speaker 1: But I think Carvana has realized that method is not 62 00:02:57,080 --> 00:03:00,000 Speaker 1: working out terribly well for them. Overpaying for used cars, 63 00:03:00,560 --> 00:03:04,240 Speaker 1: and so he came back based on KBB value kind 64 00:03:04,280 --> 00:03:05,919 Speaker 1: of looking up the value online, this car is worth 65 00:03:05,960 --> 00:03:09,120 Speaker 1: somewhere in the forty five fifty five hundred dollars range, right, 66 00:03:09,240 --> 00:03:12,840 Speaker 1: and Carbana said, hey, man, we'll give you three hundred bucks. 67 00:03:13,080 --> 00:03:18,280 Speaker 1: So so like, yeah, are you sure? He wasn't like 68 00:03:18,320 --> 00:03:20,680 Speaker 1: missing a zero now, almost like a slap in the face, 69 00:03:21,080 --> 00:03:24,640 Speaker 1: almost as if there's a programming error. That is ridiculous. 70 00:03:24,639 --> 00:03:27,480 Speaker 1: He literally sent me a screenshot and I was like, wow, 71 00:03:27,560 --> 00:03:29,320 Speaker 1: blown away, but it's not what I was expecting you 72 00:03:29,360 --> 00:03:33,760 Speaker 1: to say. Yeah, three hundred bucks, So just one R's 73 00:03:33,800 --> 00:03:35,440 Speaker 1: not gonna lie. But I think a lot of people 74 00:03:35,680 --> 00:03:37,320 Speaker 1: think that this is going to be the easiest way 75 00:03:37,320 --> 00:03:39,280 Speaker 1: they either want to trade in like that seems like 76 00:03:39,320 --> 00:03:41,280 Speaker 1: the easiest way to sell your car, or they want 77 00:03:41,280 --> 00:03:42,880 Speaker 1: to sell it to one of these services like CarMax 78 00:03:43,000 --> 00:03:46,200 Speaker 1: or Carbona. And it's not that that's always a bad idea. 79 00:03:46,240 --> 00:03:48,200 Speaker 1: And like I said, I kind of got lucky, I guess, 80 00:03:48,200 --> 00:03:51,040 Speaker 1: but I don't think they're paying out nearly as much 81 00:03:51,040 --> 00:03:53,920 Speaker 1: as you can get on you know, doing a private sale. 82 00:03:54,040 --> 00:03:56,080 Speaker 1: And that's actually what KBB says when you look up 83 00:03:56,080 --> 00:03:58,040 Speaker 1: the value online as well, they say, hey, it's probably 84 00:03:58,080 --> 00:04:01,240 Speaker 1: worth thirty five hundred if you trade it in, but 85 00:04:01,240 --> 00:04:03,320 Speaker 1: it's probably worth five grand if you sell it to 86 00:04:03,360 --> 00:04:05,839 Speaker 1: a private party yourself. And I know it's additional work, 87 00:04:06,080 --> 00:04:07,880 Speaker 1: but when you're talking about keeping that much money in 88 00:04:07,920 --> 00:04:10,520 Speaker 1: your pocket, I think it's worth the additional work for 89 00:04:10,640 --> 00:04:13,040 Speaker 1: most people. So just kind of putting that out there, 90 00:04:13,120 --> 00:04:15,520 Speaker 1: let you know, hey, maybe the dynamics have changed in 91 00:04:15,560 --> 00:04:18,240 Speaker 1: the used car market. Maybe some of these websites, some 92 00:04:18,320 --> 00:04:21,680 Speaker 1: of these services that would have paid you more a 93 00:04:21,760 --> 00:04:25,000 Speaker 1: year ago, six months ago, even they are looking to 94 00:04:25,040 --> 00:04:26,680 Speaker 1: increase their profit margin and they don't want to pay 95 00:04:26,680 --> 00:04:29,000 Speaker 1: you as much of that car. And it might be easier, 96 00:04:29,080 --> 00:04:30,800 Speaker 1: but it's going to be less lucrative for you at 97 00:04:30,839 --> 00:04:32,840 Speaker 1: the same time. That's right, And I mean it is 98 00:04:32,960 --> 00:04:35,560 Speaker 1: worth punching your information in there and at least getting 99 00:04:35,560 --> 00:04:37,320 Speaker 1: a data point. Why not. And so we're all about 100 00:04:37,320 --> 00:04:40,880 Speaker 1: you arming yourself with as much data as possible. But yeah, 101 00:04:41,000 --> 00:04:44,800 Speaker 1: especially if you see an offer in the three digit range, 102 00:04:45,000 --> 00:04:49,080 Speaker 1: you might want to runaway. Certainly look elsewhere. The beard 103 00:04:49,080 --> 00:04:51,560 Speaker 1: that we're going to enjoy during this episode, Joll is 104 00:04:51,600 --> 00:04:54,640 Speaker 1: called So it happens. It's Tuesday, it's really Monday, Matt, 105 00:04:55,000 --> 00:04:57,080 Speaker 1: although I bet a lot of folks listen to the 106 00:04:57,160 --> 00:05:00,720 Speaker 1: Monday episode Monday on Tuesday. Perhaps Monday's busy. But this 107 00:05:00,800 --> 00:05:03,679 Speaker 1: is a beer by the brewery. We've had multiple beers 108 00:05:03,680 --> 00:05:06,400 Speaker 1: by these guys before, looking forward to enjoying this one, 109 00:05:06,720 --> 00:05:08,680 Speaker 1: sharing our thoughts at the end of the episode. And 110 00:05:08,760 --> 00:05:11,479 Speaker 1: they spell their name fancily b r U E ry 111 00:05:11,600 --> 00:05:14,840 Speaker 1: with a U. Yeah, not the brewery, but this beer. 112 00:05:15,200 --> 00:05:17,080 Speaker 1: This brewery has been around for a lot of years 113 00:05:17,080 --> 00:05:18,520 Speaker 1: now and they make good stuff. So yeah, we'll talk 114 00:05:18,520 --> 00:05:19,880 Speaker 1: about this beer at the end of the episode. But 115 00:05:19,960 --> 00:05:21,960 Speaker 1: for now, let's get on too listener questions and if 116 00:05:21,960 --> 00:05:23,520 Speaker 1: you've got a question, we'd love to take it on 117 00:05:23,520 --> 00:05:26,279 Speaker 1: an upcoming ask htm episode. Just go to howtomoney dot 118 00:05:26,279 --> 00:05:29,600 Speaker 1: com slash ask for the simple directions so that you 119 00:05:29,600 --> 00:05:31,480 Speaker 1: can submit your voice memo and hopefully we can take 120 00:05:31,520 --> 00:05:33,280 Speaker 1: it in a couple of weeks. But Matt, let's get 121 00:05:33,320 --> 00:05:36,359 Speaker 1: to the first question for this episode. This one is 122 00:05:36,360 --> 00:05:39,200 Speaker 1: about listening to your mom per personal finance advice, whether 123 00:05:39,200 --> 00:05:41,920 Speaker 1: it makes sense, hat Fellas. My name's Tony and I'm 124 00:05:41,960 --> 00:05:45,000 Speaker 1: from a town called Tappahannock. I'm a single thirty year old, 125 00:05:45,040 --> 00:05:47,360 Speaker 1: and I'm doing pretty well financially. I'm max all my 126 00:05:47,400 --> 00:05:49,760 Speaker 1: furrow one K and roth ira every year I say 127 00:05:49,800 --> 00:05:53,440 Speaker 1: five hundred dollars each month, and an aftertax brokerage. And 128 00:05:53,520 --> 00:06:00,640 Speaker 1: currently I'm replenishing my emergency fund because I had twelve months, 129 00:06:00,680 --> 00:06:02,640 Speaker 1: but I took it down to three months to take 130 00:06:02,680 --> 00:06:06,599 Speaker 1: advantage of the nearly thirty percent drop in the market 131 00:06:06,680 --> 00:06:09,159 Speaker 1: last year, so I'm building that back up to twelve months. 132 00:06:09,640 --> 00:06:11,840 Speaker 1: Last year, I built my first home and I currently 133 00:06:11,880 --> 00:06:14,920 Speaker 1: have a two point nine percent mortgage. It's my only 134 00:06:14,960 --> 00:06:16,320 Speaker 1: debt and I plan to live in this home for 135 00:06:16,360 --> 00:06:20,760 Speaker 1: the foreseeable future, as my monthly costs including utilities is 136 00:06:20,800 --> 00:06:23,680 Speaker 1: just shy of twelve hundred bucks. My mom has been 137 00:06:23,720 --> 00:06:26,080 Speaker 1: telling me that I should always look to upgrade my 138 00:06:26,200 --> 00:06:29,240 Speaker 1: home because my home is an investment. She says that 139 00:06:29,279 --> 00:06:31,480 Speaker 1: once the value increases, I should sell it to fund 140 00:06:31,560 --> 00:06:34,080 Speaker 1: a larger home, while using the equity as a down 141 00:06:34,080 --> 00:06:36,359 Speaker 1: payment to keep my monthly mortgage payments the same or 142 00:06:36,440 --> 00:06:39,520 Speaker 1: just a little bit increased. I've argued that with bigger 143 00:06:39,560 --> 00:06:43,919 Speaker 1: homes come bigger costs, not just the mortgage, but property taxes, utilities, 144 00:06:43,960 --> 00:06:47,839 Speaker 1: and furnishing. And all other kinds of costs. However, she 145 00:06:48,000 --> 00:06:51,480 Speaker 1: argues that the increase in home value will outweigh these costs. 146 00:06:52,000 --> 00:06:54,599 Speaker 1: I think this is all poppycock. Now, normally I would 147 00:06:54,640 --> 00:06:57,200 Speaker 1: ignore advice from people who haven't walked the walk, But 148 00:06:57,360 --> 00:07:00,839 Speaker 1: my mom is a multi millionaire who is two and retired. 149 00:07:01,480 --> 00:07:03,800 Speaker 1: And additionally, she puts this into my head whenever we 150 00:07:03,800 --> 00:07:06,080 Speaker 1: talk about money. So I'm finding it hard to discard 151 00:07:06,120 --> 00:07:09,279 Speaker 1: what she says easily. Now I hate moving, and I 152 00:07:09,320 --> 00:07:13,320 Speaker 1: feel confident in my heavy saving strategy. According to my spreadsheets, 153 00:07:13,320 --> 00:07:15,640 Speaker 1: I save and invest fifty eight percent of my total 154 00:07:15,680 --> 00:07:19,239 Speaker 1: income and spend the rest on necessities and stupid stuff 155 00:07:19,240 --> 00:07:21,640 Speaker 1: that I value. I do feel like my aversion to 156 00:07:22,160 --> 00:07:25,200 Speaker 1: moving is creating maybe a bias in my mind, But 157 00:07:25,320 --> 00:07:28,320 Speaker 1: I think my strategy of saving and letting compound interests 158 00:07:28,360 --> 00:07:30,960 Speaker 1: work for me will not only be easier, but also 159 00:07:31,040 --> 00:07:33,200 Speaker 1: will be more lucrative over the next twenty to thirty 160 00:07:33,200 --> 00:07:36,000 Speaker 1: five years. So my question is is there merit to 161 00:07:36,040 --> 00:07:38,280 Speaker 1: this idea that she has or has she just been 162 00:07:38,320 --> 00:07:41,640 Speaker 1: fortunate with her strategy? Thanks love the show. Here what 163 00:07:41,680 --> 00:07:45,120 Speaker 1: you guys say, so, Tony, there's like a kernel of truth. 164 00:07:45,400 --> 00:07:48,120 Speaker 1: You're asking if there's merit to your mother's advice. Here, 165 00:07:48,440 --> 00:07:51,160 Speaker 1: there's a little bit we will get to how that is, 166 00:07:51,760 --> 00:07:53,480 Speaker 1: but ultimately we just want you to stop listening to 167 00:07:53,480 --> 00:07:56,720 Speaker 1: your mom or just cover your ears and go la 168 00:07:56,800 --> 00:08:00,480 Speaker 1: la la la la. Do you want you to not 169 00:08:00,520 --> 00:08:02,679 Speaker 1: only listen to your mother when she offers you advice 170 00:08:02,760 --> 00:08:05,880 Speaker 1: like you're offering her respect, not just because she has 171 00:08:06,040 --> 00:08:08,000 Speaker 1: walked the walk and she has seen financial success, but 172 00:08:08,040 --> 00:08:10,600 Speaker 1: just because she's your mom. She brought you into the world, absolutely, 173 00:08:10,600 --> 00:08:11,960 Speaker 1: and she could take you out if you don't listen 174 00:08:11,960 --> 00:08:15,840 Speaker 1: to her. But Tony, holy dude, you are crushing it. 175 00:08:15,960 --> 00:08:18,240 Speaker 1: You just kind of talk through all the different things 176 00:08:18,360 --> 00:08:20,440 Speaker 1: that you are doing with your money. You're not just 177 00:08:20,480 --> 00:08:23,080 Speaker 1: socking away a massive chunk of your pay you said, 178 00:08:23,120 --> 00:08:25,800 Speaker 1: I think fifty eight percent, Yeah, where you're maxing out 179 00:08:25,840 --> 00:08:29,480 Speaker 1: your tax advantaged accounts, but you're also sitting aside extra 180 00:08:29,520 --> 00:08:32,920 Speaker 1: money to invest. Not only that, you're being flexible, you're 181 00:08:32,960 --> 00:08:35,000 Speaker 1: taking advantage of what's happening around you in order to 182 00:08:35,320 --> 00:08:39,559 Speaker 1: boost your financial progress toward future financial security. Man, you 183 00:08:39,600 --> 00:08:42,000 Speaker 1: are crushing it. I like where your head's at. And 184 00:08:42,040 --> 00:08:43,560 Speaker 1: not only like he was talking about how he's got 185 00:08:43,640 --> 00:08:45,880 Speaker 1: like a twelve Normally he's got a twelve months of 186 00:08:45,920 --> 00:08:49,360 Speaker 1: living expensive set aside for his emergency fund. Totally crushing it. 187 00:08:50,640 --> 00:08:52,480 Speaker 1: Just keep up the good work whatever you are doing. 188 00:08:53,080 --> 00:08:55,760 Speaker 1: I think were you to just continue doing that, you're 189 00:08:55,800 --> 00:08:58,040 Speaker 1: going to be ahead of like ninety nine and a 190 00:08:58,080 --> 00:09:00,960 Speaker 1: half people in our world. I feel like if one 191 00:09:01,000 --> 00:09:05,640 Speaker 1: of us like kicks the bucket, Matt exactly, I think 192 00:09:05,640 --> 00:09:08,040 Speaker 1: we get along Tony, and I think you give good advice. 193 00:09:08,240 --> 00:09:09,839 Speaker 1: But let's let's set I liked his use of he 194 00:09:09,880 --> 00:09:13,079 Speaker 1: said poppy cocky. Yeah, you gotta use fun words too. 195 00:09:13,080 --> 00:09:15,960 Speaker 1: That's hard podcasting, right, Yeah, but let's talk about the 196 00:09:15,960 --> 00:09:18,400 Speaker 1: housing conundrum that Tony kind of faces in this advice. 197 00:09:18,600 --> 00:09:20,880 Speaker 1: There's mom mom has given him, and you're right, there 198 00:09:20,960 --> 00:09:23,160 Speaker 1: is like a kernel of truth there, but we're not 199 00:09:23,480 --> 00:09:26,160 Speaker 1: willing to go nearly as far as Tony's mom has 200 00:09:26,200 --> 00:09:29,680 Speaker 1: gone in her advice. And it does sound like though, 201 00:09:29,720 --> 00:09:31,600 Speaker 1: And I think, Matt, you're right to mention kind of 202 00:09:31,640 --> 00:09:35,400 Speaker 1: how we should respect our parents. And one of the 203 00:09:35,400 --> 00:09:37,679 Speaker 1: things I think Tony is inherited is these ninja like 204 00:09:37,800 --> 00:09:40,160 Speaker 1: financial skills from his mom. Right, so they got it 205 00:09:40,160 --> 00:09:42,600 Speaker 1: from somewhere. They do it a little differently, But yeah, 206 00:09:42,679 --> 00:09:45,280 Speaker 1: his mom has been successful with her money, and Tony 207 00:09:45,360 --> 00:09:47,160 Speaker 1: has as well so far in his life with his 208 00:09:47,720 --> 00:09:50,160 Speaker 1: and that's great. A lot of folks don't have a 209 00:09:50,240 --> 00:09:53,600 Speaker 1: parent with money, knowledge to rely on to ask questions, 210 00:09:53,720 --> 00:09:57,319 Speaker 1: or who's offering them advice proactively, and they've got a 211 00:09:57,320 --> 00:10:00,160 Speaker 1: start from scratch. So even if we might slightly disagre 212 00:10:00,160 --> 00:10:01,480 Speaker 1: with your mom here, even if we don't like the 213 00:10:01,520 --> 00:10:04,480 Speaker 1: specific route she's taking or wants you to take, she 214 00:10:04,520 --> 00:10:06,880 Speaker 1: still sounds pretty great. And it sounds like you have 215 00:10:07,200 --> 00:10:10,000 Speaker 1: you owe a lot of your success, probably to her 216 00:10:10,040 --> 00:10:13,760 Speaker 1: influence totally. And your argument though, is largely what we'd 217 00:10:13,760 --> 00:10:16,840 Speaker 1: say to your mom too. Do you actually need or 218 00:10:16,840 --> 00:10:19,079 Speaker 1: want a bigger home? It sounds like the answer is 219 00:10:19,080 --> 00:10:21,480 Speaker 1: a big old negative based on what you're saying. And 220 00:10:21,880 --> 00:10:24,320 Speaker 1: you said that you built your first home last year, 221 00:10:24,520 --> 00:10:26,040 Speaker 1: so I'm guessing this is probably a home that you 222 00:10:26,080 --> 00:10:29,200 Speaker 1: like a lot. So why why move if you're the 223 00:10:29,200 --> 00:10:31,560 Speaker 1: one who picked out the layout and the appliances and 224 00:10:31,679 --> 00:10:33,920 Speaker 1: the home is serving you well. I mean, he said 225 00:10:34,000 --> 00:10:35,920 Speaker 1: last year, right, Like it's a brand new house, right. 226 00:10:36,080 --> 00:10:38,360 Speaker 1: I don't know why would you would want to WoT 227 00:10:38,480 --> 00:10:41,440 Speaker 1: that you want to move after building essentially like a 228 00:10:41,480 --> 00:10:44,920 Speaker 1: home to speck for you and your needs. Plus moving sucks, 229 00:10:45,160 --> 00:10:47,520 Speaker 1: And it sounds like Tony agrees moving is no fun, 230 00:10:47,920 --> 00:10:50,959 Speaker 1: which I completely agree with. I hope to never move 231 00:10:51,000 --> 00:10:52,839 Speaker 1: again just because I hate moving, And maybe we will 232 00:10:52,880 --> 00:10:56,760 Speaker 1: at some point we'll forget about the pains that moving 233 00:10:57,600 --> 00:10:59,640 Speaker 1: does to your family and how how hard it can be. 234 00:11:00,040 --> 00:11:02,200 Speaker 1: But you just can't ignore the lifestyle factor. And it's 235 00:11:02,360 --> 00:11:05,240 Speaker 1: it's just, it's not just about the numbers. So we 236 00:11:05,320 --> 00:11:07,199 Speaker 1: like the idea of you staying put, even if your 237 00:11:07,240 --> 00:11:09,640 Speaker 1: mom thinks you're making mistake by doing that. That's right. 238 00:11:09,800 --> 00:11:11,360 Speaker 1: But why don't we actually take a look at the 239 00:11:11,400 --> 00:11:13,920 Speaker 1: numbers as well, Tony, because they actually make a pretty 240 00:11:13,920 --> 00:11:15,920 Speaker 1: good argument for staying put as well as not just 241 00:11:15,960 --> 00:11:17,960 Speaker 1: about what it is that you want to do what 242 00:11:18,000 --> 00:11:20,200 Speaker 1: you don't want to do. I think the numbers they've 243 00:11:20,200 --> 00:11:22,360 Speaker 1: got our back a little bit too. And first of all, 244 00:11:22,679 --> 00:11:25,920 Speaker 1: you've got a two point nine percent mortgage that is 245 00:11:26,000 --> 00:11:29,839 Speaker 1: amazing homebuyers today, like they literally can only dream of 246 00:11:29,880 --> 00:11:33,080 Speaker 1: snagging a rate that low, including yourself, Tony, were you 247 00:11:33,080 --> 00:11:36,120 Speaker 1: to move and buy a new place. But then secondly, 248 00:11:36,559 --> 00:11:39,600 Speaker 1: you're correct, the costs go up quite a bit when 249 00:11:39,600 --> 00:11:44,160 Speaker 1: you upgrade home sizes and so taxes, maintenance, the cost 250 00:11:44,200 --> 00:11:46,640 Speaker 1: of furnishings. Like you said, everything is going to end 251 00:11:46,720 --> 00:11:49,240 Speaker 1: up costing you more, and this is money that might 252 00:11:49,280 --> 00:11:51,600 Speaker 1: be better put to use invested in the market, which 253 00:11:51,640 --> 00:11:54,320 Speaker 1: is kind of your That sounds like that's your plan. 254 00:11:54,840 --> 00:11:57,280 Speaker 1: But then finally, let's actually crunch the numbers on appreciation. 255 00:11:57,840 --> 00:12:00,120 Speaker 1: And so for instance, someone who bought a house back 256 00:12:00,160 --> 00:12:02,800 Speaker 1: in nineteen seventy four, they may have paid let's say 257 00:12:02,840 --> 00:12:05,880 Speaker 1: sixty thousand dollars. Well, it's now going to be worth 258 00:12:06,000 --> 00:12:09,320 Speaker 1: three hundred and fifty thousand dollars, which sounds amazing, right, 259 00:12:09,840 --> 00:12:11,800 Speaker 1: Think about how much richer, how much wealthier I am 260 00:12:11,840 --> 00:12:14,160 Speaker 1: because of that. That only equals an average return of 261 00:12:14,240 --> 00:12:18,240 Speaker 1: just three and three quarters percent. Again, those additional expenses 262 00:12:18,280 --> 00:12:20,640 Speaker 1: like taxes and maintenance repairs, like that's going to bring 263 00:12:20,640 --> 00:12:24,040 Speaker 1: that return down to less than two percent. And so 264 00:12:24,679 --> 00:12:26,600 Speaker 1: that's a large number, right, Like you see three hundred 265 00:12:26,600 --> 00:12:29,840 Speaker 1: fifty grand, you're like, oh, I'm loaded. That seems like 266 00:12:29,880 --> 00:12:32,680 Speaker 1: a massive game. On its face, it's easy to ignore 267 00:12:32,880 --> 00:12:35,520 Speaker 1: those additional costs. I think a lot of times we 268 00:12:35,640 --> 00:12:38,800 Speaker 1: become too emotionally attached to our homes, and because of that, 269 00:12:38,840 --> 00:12:40,640 Speaker 1: we all think that our home is actually a better 270 00:12:40,640 --> 00:12:44,080 Speaker 1: investment than it likely is. And not only the psychological 271 00:12:44,080 --> 00:12:46,880 Speaker 1: emotional impacts too, but just a lot of those costs 272 00:12:47,000 --> 00:12:49,280 Speaker 1: are kind of like these soft, squishy costs, and we 273 00:12:49,280 --> 00:12:52,960 Speaker 1: don't typically account for them in the same hardline fashion 274 00:12:53,040 --> 00:12:55,440 Speaker 1: that we do when it comes to different like expense ratios. 275 00:12:55,480 --> 00:12:58,079 Speaker 1: With a fund, you can see, oh, sweet, point zero 276 00:12:58,120 --> 00:13:01,040 Speaker 1: four percent is the expense ratio. It's pretty cheap. We 277 00:13:01,120 --> 00:13:04,280 Speaker 1: don't normally account for different upgrades and things like the 278 00:13:04,320 --> 00:13:06,319 Speaker 1: cost of maintenance to our homes. A lot of times 279 00:13:06,360 --> 00:13:09,080 Speaker 1: we're just like, oh, that's just just something I gotta pay, 280 00:13:09,080 --> 00:13:11,679 Speaker 1: And folks aren't typically crunching it. They're not running a 281 00:13:11,720 --> 00:13:14,440 Speaker 1: full analysis on what the property has actually returned over 282 00:13:14,480 --> 00:13:17,720 Speaker 1: the decades. Yeah, the new microwave, the new faucet, just 283 00:13:17,760 --> 00:13:19,880 Speaker 1: because you like it, new ar orc to hang up 284 00:13:19,920 --> 00:13:22,200 Speaker 1: in that house, Like all of those things, they just 285 00:13:22,200 --> 00:13:24,840 Speaker 1: don't get factored in the same way, and so it's 286 00:13:24,880 --> 00:13:27,679 Speaker 1: easy to it's easier for us to like think of 287 00:13:27,720 --> 00:13:30,280 Speaker 1: that home as a great investment when in reality it's 288 00:13:30,280 --> 00:13:32,400 Speaker 1: not nearly as good as as we chalk it up 289 00:13:32,400 --> 00:13:34,920 Speaker 1: to being yea, you should see Joels microwave. It's very, 290 00:13:35,080 --> 00:13:40,400 Speaker 1: very nice. It's well, but that in conjunction, right with 291 00:13:40,480 --> 00:13:42,760 Speaker 1: the fact that buying a bigger home isn't something that 292 00:13:42,800 --> 00:13:45,360 Speaker 1: Tony necessarily wants to do. I think it makes not 293 00:13:45,480 --> 00:13:49,000 Speaker 1: upgrading a wise choice. And those real estate transaction costs 294 00:13:49,000 --> 00:13:51,280 Speaker 1: can be ridiculous. To Matt, that is always something that 295 00:13:51,360 --> 00:13:54,280 Speaker 1: has to be factored in when we're talking about housing, 296 00:13:54,480 --> 00:13:57,680 Speaker 1: because when you're buying like a total stock market exchange 297 00:13:57,679 --> 00:14:01,600 Speaker 1: traded fund or selling it, the fees are minimal to nonexistent. 298 00:14:01,720 --> 00:14:04,959 Speaker 1: Y'es right. Those real estate transaction costs can be ridiculous, 299 00:14:05,240 --> 00:14:08,560 Speaker 1: and there's a there's a massive difference between buying and 300 00:14:08,600 --> 00:14:12,040 Speaker 1: selling your exchange traded fund, which comes with little to 301 00:14:12,120 --> 00:14:15,440 Speaker 1: no cost at all. There's no friction to that transaction 302 00:14:15,720 --> 00:14:18,600 Speaker 1: and buying and selling a home right, which is gonna 303 00:14:18,640 --> 00:14:20,640 Speaker 1: it's gonna erase a decent chunk of your gains when 304 00:14:20,640 --> 00:14:22,440 Speaker 1: you buy and sell when you flip houses. Yeah, last 305 00:14:22,440 --> 00:14:24,280 Speaker 1: I checked, I don't think there are any brokerages that 306 00:14:24,360 --> 00:14:28,000 Speaker 1: charge six percent if you're looking to sell an etf right, 307 00:14:28,240 --> 00:14:31,520 Speaker 1: And that's just literally kind of the Real Estate Commission. 308 00:14:31,880 --> 00:14:34,080 Speaker 1: There's other costs involved in buying and selling homes too, 309 00:14:34,080 --> 00:14:36,120 Speaker 1: And so your mom she might think that she's may 310 00:14:36,160 --> 00:14:38,360 Speaker 1: not like abandon on her home's value, and she's she 311 00:14:38,440 --> 00:14:41,640 Speaker 1: probably hasn't gotten completely screwed over. It's probably not been 312 00:14:41,640 --> 00:14:44,760 Speaker 1: a terrible investment. But is it the best investment she 313 00:14:44,800 --> 00:14:46,960 Speaker 1: could have made. I don't know. Is she accounting for 314 00:14:47,200 --> 00:14:49,560 Speaker 1: all of those additional costs. And anyone who bought their 315 00:14:49,560 --> 00:14:52,200 Speaker 1: home let's say three, five, or ten years ago, they've 316 00:14:52,200 --> 00:14:54,000 Speaker 1: done really well. I think it's important to mention that 317 00:14:54,240 --> 00:14:57,720 Speaker 1: recent history, except for maybe the last six to twelve months, 318 00:14:57,880 --> 00:15:01,720 Speaker 1: recent history has been kind to homeowners. Returns have been great. 319 00:15:02,000 --> 00:15:04,480 Speaker 1: Right from twenty nineteen to twenty twenty two, we saw 320 00:15:04,480 --> 00:15:07,160 Speaker 1: something like thirty percent increases in the value of real estate. 321 00:15:07,400 --> 00:15:09,720 Speaker 1: The returns have been better than normal when it comes 322 00:15:09,760 --> 00:15:12,120 Speaker 1: to gains and housing value in recent years. But it's 323 00:15:12,160 --> 00:15:15,400 Speaker 1: that going to continue highly unlikely, right, And history shows 324 00:15:15,480 --> 00:15:18,160 Speaker 1: us that real estate on average returns in the neighborhood 325 00:15:18,440 --> 00:15:21,480 Speaker 1: of four percent annually. Stocks, on the other hand, offer 326 00:15:21,480 --> 00:15:24,320 Speaker 1: a return of ten percent annually. So when you're looking 327 00:15:24,320 --> 00:15:26,680 Speaker 1: at history to kind of guide future decisions, it's not 328 00:15:26,760 --> 00:15:29,880 Speaker 1: that past performance is completely indicative of future returns. But 329 00:15:29,880 --> 00:15:31,840 Speaker 1: we have a long history when it comes to home 330 00:15:31,880 --> 00:15:34,240 Speaker 1: prices in this country, and a pretty long history. It 331 00:15:34,600 --> 00:15:37,000 Speaker 1: looks like what stock market returns look like in the country, 332 00:15:37,160 --> 00:15:39,200 Speaker 1: and I think that can help us make an informed 333 00:15:39,240 --> 00:15:41,760 Speaker 1: decision about what's going to happen in the future. That's right, Yeah, 334 00:15:41,760 --> 00:15:45,160 Speaker 1: so one caveat so Tony. Instead of buying a bigger home, 335 00:15:45,400 --> 00:15:48,160 Speaker 1: you could opt to buy another like similar sized home 336 00:15:48,400 --> 00:15:49,840 Speaker 1: and then just keep this current one as a rem 337 00:15:49,840 --> 00:15:53,120 Speaker 1: of property. It sounds like your monthly expenses are pretty low, 338 00:15:53,120 --> 00:15:55,360 Speaker 1: so it doesn't sound like it's like a ridiculously large 339 00:15:55,400 --> 00:15:57,840 Speaker 1: mansion or something like that. But so much does depend 340 00:15:58,120 --> 00:16:00,080 Speaker 1: on what the numbers look like where you live, of 341 00:16:00,360 --> 00:16:02,840 Speaker 1: you know whether or not you want the hassle that 342 00:16:02,840 --> 00:16:04,880 Speaker 1: comes along with landlording. We talked about this in a 343 00:16:04,920 --> 00:16:08,080 Speaker 1: recent episode six forty seven. But there are certain harsh 344 00:16:08,120 --> 00:16:11,640 Speaker 1: realities of investing in real estate, but owning some solid 345 00:16:11,720 --> 00:16:13,680 Speaker 1: runt of properties that certainly can help you to build 346 00:16:13,800 --> 00:16:17,440 Speaker 1: wealth more quickly than investing in the market. But just 347 00:16:17,440 --> 00:16:19,760 Speaker 1: getting a bigger house that's going to need more upkeep 348 00:16:19,800 --> 00:16:23,040 Speaker 1: that you don't even want that doesn't really seem smart. 349 00:16:23,080 --> 00:16:26,480 Speaker 1: And it's unlikely to offer you better returns than your 350 00:16:26,480 --> 00:16:28,840 Speaker 1: current strategy. Yeah, and I think we might even have 351 00:16:28,880 --> 00:16:30,840 Speaker 1: a slightly different take on this if you weren't already 352 00:16:30,880 --> 00:16:33,560 Speaker 1: saving and investing fifty eight percent of your income, that's 353 00:16:33,680 --> 00:16:36,200 Speaker 1: I mean, you're already crushing it. But while we don't 354 00:16:36,240 --> 00:16:38,760 Speaker 1: love it, a huge swath of Americans have the vast 355 00:16:38,800 --> 00:16:41,360 Speaker 1: majority of their network tied up in their primary residence, 356 00:16:41,640 --> 00:16:45,040 Speaker 1: So for them it could maybe kind of make sense 357 00:16:45,080 --> 00:16:47,360 Speaker 1: as a forced means of savings, even if that's a 358 00:16:47,400 --> 00:16:50,960 Speaker 1: suboptimal investing vehicle, you know, simply because it's better than 359 00:16:50,960 --> 00:16:54,360 Speaker 1: flat out spending and consuming that money. Yes, but still 360 00:16:54,400 --> 00:16:56,400 Speaker 1: that's not the direction we would push people in, Hey, 361 00:16:56,400 --> 00:16:59,480 Speaker 1: should I buy more house to build more wealth? It's like, no, 362 00:16:59,640 --> 00:17:02,800 Speaker 1: that's not the best recipe to get there, right, But 363 00:17:02,840 --> 00:17:04,760 Speaker 1: that's not what's going on in your life, Tony. So 364 00:17:04,880 --> 00:17:07,639 Speaker 1: we're in agreement with you that staying put is the 365 00:17:07,720 --> 00:17:10,320 Speaker 1: simpler choice, and based on history, it'll likely be the 366 00:17:10,359 --> 00:17:12,680 Speaker 1: more lucrative path to take as well. And so I 367 00:17:12,720 --> 00:17:15,440 Speaker 1: think there's probably a way to have a good discussion 368 00:17:15,480 --> 00:17:19,159 Speaker 1: with your mom about your choice, and it teaches their 369 00:17:19,160 --> 00:17:21,480 Speaker 1: own really like you don't have to convince your mom either, 370 00:17:21,520 --> 00:17:24,440 Speaker 1: And it sounds like she's not convincing you to take 371 00:17:24,440 --> 00:17:26,920 Speaker 1: her approach. Nothing wrong with that, nothing wrong with us 372 00:17:27,080 --> 00:17:30,080 Speaker 1: doing different things, coming to different conclusions, right or in 373 00:17:30,080 --> 00:17:32,399 Speaker 1: your camp, we like your approach. That's right. And actually, 374 00:17:32,480 --> 00:17:34,480 Speaker 1: on that note, we've got a question from a listener 375 00:17:34,520 --> 00:17:37,399 Speaker 1: who has a real estate related question. We'll get to 376 00:17:37,480 --> 00:17:40,000 Speaker 1: that one plus another one is from a listener and 377 00:17:40,080 --> 00:17:43,399 Speaker 1: she is wondering how she can impart some knowledge, some 378 00:17:43,520 --> 00:17:46,359 Speaker 1: personal finance knowledge to her teenage daughter. We'll get to 379 00:17:46,440 --> 00:17:58,439 Speaker 1: those plus a couple of others right after this. All right, 380 00:17:58,440 --> 00:18:00,800 Speaker 1: we're back from the break. We're still taking listener questions, 381 00:18:00,960 --> 00:18:03,840 Speaker 1: and Matt, the next question has to do about, like 382 00:18:03,960 --> 00:18:08,399 Speaker 1: you talked about, helping a teenage daughter learn more about 383 00:18:08,440 --> 00:18:11,280 Speaker 1: money and know. The answer is not going to be TikTok. Hey, 384 00:18:11,320 --> 00:18:13,880 Speaker 1: Matt and Joel, this is Michelle from Saint Paul, Minnesota. 385 00:18:14,040 --> 00:18:16,280 Speaker 1: I have a seventeen year old stepdaughter who is turning 386 00:18:16,280 --> 00:18:19,439 Speaker 1: eighteen this summer. We're hoping she graduates high school, but 387 00:18:19,640 --> 00:18:21,720 Speaker 1: she's having a hard time buying her police in the world. 388 00:18:22,440 --> 00:18:24,560 Speaker 1: She's not going to college, so the plan for her 389 00:18:25,320 --> 00:18:27,760 Speaker 1: is to get a full time job, and she is 390 00:18:27,800 --> 00:18:30,199 Speaker 1: at least mentally prepared to move out the minute she 391 00:18:30,280 --> 00:18:33,560 Speaker 1: turns eighteen. So we've tried to have the conversations with 392 00:18:33,600 --> 00:18:36,240 Speaker 1: her about financing and budgeting and what that looks like 393 00:18:36,240 --> 00:18:39,200 Speaker 1: when living on your own, But every time we start 394 00:18:39,240 --> 00:18:41,639 Speaker 1: to have this discussion, she gets really overwhelmed and she 395 00:18:41,680 --> 00:18:45,600 Speaker 1: shuts down, and frankly, the four parents aren't exactly her 396 00:18:45,640 --> 00:18:48,280 Speaker 1: favorite people right now. So we're just having a really 397 00:18:48,280 --> 00:18:52,560 Speaker 1: difficult time getting this conversation going. But we want the 398 00:18:52,600 --> 00:18:54,080 Speaker 1: best for her and we want her to be as 399 00:18:54,119 --> 00:18:56,879 Speaker 1: prepared as possible. So I was wondering if you have 400 00:18:56,960 --> 00:19:00,320 Speaker 1: any recommendations on a good book for her. She does 401 00:19:00,359 --> 00:19:02,600 Speaker 1: love reading, so I hope that this would be a 402 00:19:02,640 --> 00:19:05,760 Speaker 1: good avenue for her. And so I'm looking for something 403 00:19:05,800 --> 00:19:08,119 Speaker 1: that you know, goes over the basics of living on 404 00:19:08,160 --> 00:19:10,520 Speaker 1: your own for this first time, what that looks like, 405 00:19:10,560 --> 00:19:14,200 Speaker 1: financially budgeting, what to expect you know, in your paychecks, 406 00:19:14,200 --> 00:19:17,679 Speaker 1: stuff like that. Something that's easy to understand for a 407 00:19:17,720 --> 00:19:21,320 Speaker 1: teenager and not too overwhelming and hopefully a little bit 408 00:19:21,440 --> 00:19:24,399 Speaker 1: entertaining as well. So if you have any suggestions, that 409 00:19:24,440 --> 00:19:27,200 Speaker 1: would be great. Thank you, dude. Being a teenager. It's 410 00:19:27,200 --> 00:19:29,480 Speaker 1: got to be tough today. Actually, it's funny. I feel 411 00:19:29,480 --> 00:19:31,639 Speaker 1: like I relate more to being a teenager, although I 412 00:19:31,640 --> 00:19:36,160 Speaker 1: should be more. I should relate more to raising a teenager. So, Michelle, 413 00:19:36,280 --> 00:19:38,280 Speaker 1: in your case look in that in between phase, but 414 00:19:39,000 --> 00:19:42,840 Speaker 1: much much closer to actually true teenager. It's amazing than 415 00:19:42,920 --> 00:19:44,520 Speaker 1: being one of myself. We always, for some reason, we 416 00:19:44,560 --> 00:19:46,840 Speaker 1: always think that we're younger than we are. Yeah, there's 417 00:19:46,880 --> 00:19:49,480 Speaker 1: like a good Nate Bargatti joke in his late special 418 00:19:49,520 --> 00:19:51,840 Speaker 1: about that about how you're just hanging out with the 419 00:19:51,920 --> 00:19:54,320 Speaker 1: twenty somethings and you're kicking it and then somebody like 420 00:19:54,400 --> 00:19:56,320 Speaker 1: two years older than you. You know, we're in our 421 00:19:56,400 --> 00:19:58,680 Speaker 1: late thirties, early forties, and and somebody like a couple 422 00:19:58,760 --> 00:20:00,280 Speaker 1: years old in you and you're like, man, you doing 423 00:20:00,320 --> 00:20:03,879 Speaker 1: around here? Old man? It's so true, like I identify, 424 00:20:04,119 --> 00:20:06,520 Speaker 1: I think of myself, simply identify with people who are 425 00:20:06,520 --> 00:20:08,239 Speaker 1: at least ten years of being younger than I am 426 00:20:08,240 --> 00:20:11,919 Speaker 1: than you are. But by no spreech s Michelle. I 427 00:20:11,960 --> 00:20:14,959 Speaker 1: wanted to address her graduating high school because I hope 428 00:20:15,000 --> 00:20:18,200 Speaker 1: that she's able to get that high school degree, because 429 00:20:18,480 --> 00:20:21,120 Speaker 1: you know, oftentimes here on the show will not hire education. 430 00:20:21,840 --> 00:20:26,119 Speaker 1: The fact remains that the median lifetime earnings are significantly 431 00:20:26,160 --> 00:20:28,840 Speaker 1: impacted by the level of education that someone is able 432 00:20:28,880 --> 00:20:31,960 Speaker 1: to attain. So today, the medium lifetime earnings for someone 433 00:20:32,000 --> 00:20:35,600 Speaker 1: who doesn't complete high school is one point two million dollars. 434 00:20:35,760 --> 00:20:37,520 Speaker 1: Someone might be listening and they're thinking that sounds like 435 00:20:37,520 --> 00:20:39,080 Speaker 1: a lot of money, but no, this is over an 436 00:20:39,200 --> 00:20:42,360 Speaker 1: entire working lifetime. That does not add up too much 437 00:20:42,440 --> 00:20:47,080 Speaker 1: over forty year career exactly, whereas even high school graduate 438 00:20:47,160 --> 00:20:48,720 Speaker 1: is going to earn significantly more than that, they're going 439 00:20:48,760 --> 00:20:51,040 Speaker 1: to earn one point six million. That's a foe or 440 00:20:51,040 --> 00:20:53,520 Speaker 1: a thousand dollars difference, just based purely on a free 441 00:20:53,600 --> 00:20:56,440 Speaker 1: education that's provided by the state. Well it's not free. 442 00:20:56,440 --> 00:20:58,959 Speaker 1: I guess you're paying for it other tax of through 443 00:20:58,960 --> 00:21:02,359 Speaker 1: property taxes. And there's actually an even bigger chasm when 444 00:21:02,440 --> 00:21:05,600 Speaker 1: you start throwing college into the mix. Bachelor degree holders 445 00:21:05,640 --> 00:21:08,240 Speaker 1: they are an a median of two point eight million 446 00:21:08,280 --> 00:21:11,200 Speaker 1: dollars over their lifetime. So we just wanted to highlight 447 00:21:11,240 --> 00:21:14,800 Speaker 1: that the Yes, we don't want you to necessarily go 448 00:21:14,840 --> 00:21:17,760 Speaker 1: into debts in order to achieve higher degrees, but it 449 00:21:17,800 --> 00:21:20,000 Speaker 1: does have a significant impact on what you're able to 450 00:21:20,359 --> 00:21:24,280 Speaker 1: earn during your working career. And also you kind of 451 00:21:24,320 --> 00:21:27,840 Speaker 1: mentioned that she may not be on the path for college. 452 00:21:28,040 --> 00:21:30,280 Speaker 1: I think a way that you can potentially reframe that 453 00:21:30,560 --> 00:21:32,800 Speaker 1: is think of it possibly as a gap year, and 454 00:21:33,000 --> 00:21:35,439 Speaker 1: that right there could actually that might be the perfect 455 00:21:35,440 --> 00:21:37,560 Speaker 1: thing for her, because I don't think we need to 456 00:21:37,880 --> 00:21:40,040 Speaker 1: think of that as a failure to launch per se, 457 00:21:40,359 --> 00:21:43,320 Speaker 1: and hopefully she gets that high school diploma, but waiting 458 00:21:43,640 --> 00:21:47,240 Speaker 1: before just automatically going straight to college, like that could 459 00:21:47,280 --> 00:21:49,359 Speaker 1: be the best possible thing for her, as she's able 460 00:21:49,359 --> 00:21:52,240 Speaker 1: to just gather a bunch of different life experiences where 461 00:21:52,240 --> 00:21:55,480 Speaker 1: she's able to work an hourrowly job, where's where she 462 00:21:55,640 --> 00:21:58,320 Speaker 1: is fully supporting herself, where she can ask herself some 463 00:21:58,359 --> 00:22:00,560 Speaker 1: of the bigger life questions, and I think that could 464 00:22:00,720 --> 00:22:02,480 Speaker 1: honestly just go a really long ways. I think gap 465 00:22:02,560 --> 00:22:04,920 Speaker 1: years are underrated, and it makes me so. My wife 466 00:22:04,920 --> 00:22:07,560 Speaker 1: Emily is in school graduate school to become a therapist, 467 00:22:07,560 --> 00:22:10,520 Speaker 1: and she's talked about how like, there's nothing wrong with 468 00:22:10,880 --> 00:22:13,359 Speaker 1: some of these other people in her class coming straight 469 00:22:13,359 --> 00:22:16,200 Speaker 1: out of college into getting their advanced degree, but there's 470 00:22:16,200 --> 00:22:18,119 Speaker 1: a perspective that she has after having been in the 471 00:22:18,200 --> 00:22:21,639 Speaker 1: world for a little bit longer and having taken some 472 00:22:21,680 --> 00:22:23,520 Speaker 1: classes here and there and taking some time off, and 473 00:22:23,920 --> 00:22:26,960 Speaker 1: I think that perspective can actually make the experience of 474 00:22:27,800 --> 00:22:30,640 Speaker 1: getting that degree in a lot of instances, I think 475 00:22:30,640 --> 00:22:32,879 Speaker 1: it can make it more impactful. So yeah, well, not 476 00:22:32,920 --> 00:22:34,680 Speaker 1: only that, though, in addition to that, I think I 477 00:22:34,680 --> 00:22:36,439 Speaker 1: would even say that the folks who are there in 478 00:22:36,480 --> 00:22:38,879 Speaker 1: class with her, who have come straight out of school 479 00:22:38,880 --> 00:22:41,080 Speaker 1: and are looking to get to be a licensed therapist, 480 00:22:41,520 --> 00:22:44,200 Speaker 1: that they're actually take there like they're taking the smarter 481 00:22:44,280 --> 00:22:47,280 Speaker 1: approach to higher education. Like I especially feel for those 482 00:22:47,320 --> 00:22:50,119 Speaker 1: who are studying its more time to maximize the benefits 483 00:22:50,160 --> 00:22:52,480 Speaker 1: of it financially. Yeah. Yeah, but so much of it 484 00:22:52,560 --> 00:22:56,080 Speaker 1: just depends on the degree that you're getting and what 485 00:22:56,119 --> 00:22:58,960 Speaker 1: that can then parlay into. And when you're spending a 486 00:22:58,960 --> 00:23:02,920 Speaker 1: ton of money on something that is not the transferable 487 00:23:03,040 --> 00:23:05,960 Speaker 1: when it comes to different life skills, I especially feel 488 00:23:05,960 --> 00:23:07,560 Speaker 1: for those hooks. Yeah, and so yeah, you're right, so 489 00:23:07,640 --> 00:23:10,040 Speaker 1: much of it does depend on the actual course of 490 00:23:10,040 --> 00:23:12,320 Speaker 1: study and how much you spend to get that degree, 491 00:23:12,400 --> 00:23:16,159 Speaker 1: because the less you spend, the more potential ROI and 492 00:23:16,320 --> 00:23:18,560 Speaker 1: the more in demand degree that you get. The more, 493 00:23:18,880 --> 00:23:21,720 Speaker 1: it's going to likely lead to those higher earnings over 494 00:23:21,880 --> 00:23:25,439 Speaker 1: to your lifetime. And honestly, Michelle's daughter could potentially end 495 00:23:25,520 --> 00:23:28,120 Speaker 1: up in a much better financial situation five years from 496 00:23:28,160 --> 00:23:31,320 Speaker 1: now than someone who just defaults into this very expensive 497 00:23:31,680 --> 00:23:34,760 Speaker 1: private college or something like that, who amasses something like 498 00:23:34,800 --> 00:23:36,639 Speaker 1: six figures of student loan debt that they have to 499 00:23:36,680 --> 00:23:39,199 Speaker 1: make payments on for decades to come. That's why so 500 00:23:39,200 --> 00:23:42,320 Speaker 1: many people find them closed such a devastating personal finance 501 00:23:42,560 --> 00:23:45,720 Speaker 1: conundrum when in their own lives, and so much comes 502 00:23:45,760 --> 00:23:48,120 Speaker 1: down to student loan debt and the fact that many 503 00:23:48,119 --> 00:23:51,119 Speaker 1: people haven't questioned how much are taking on before they 504 00:23:51,160 --> 00:23:53,200 Speaker 1: sign up to get that degree, right, And so, yeah, 505 00:23:53,200 --> 00:23:54,800 Speaker 1: I think this is a good time to mention that 506 00:23:54,880 --> 00:23:57,199 Speaker 1: even though the decisions she's making right now may not 507 00:23:57,320 --> 00:24:00,199 Speaker 1: be the steps that you would take, Michelle and I 508 00:24:00,200 --> 00:24:03,440 Speaker 1: get that, it's probably important for her own personal development 509 00:24:03,560 --> 00:24:05,959 Speaker 1: in independence to be able to make these choices and 510 00:24:06,200 --> 00:24:08,480 Speaker 1: to do things differently in her plans. They may not 511 00:24:08,600 --> 00:24:11,639 Speaker 1: pan out like she's expecting them too, but it's probably 512 00:24:11,640 --> 00:24:14,040 Speaker 1: better that she make an attempt and learn some important 513 00:24:14,080 --> 00:24:18,040 Speaker 1: life lessons when she's eighteen, nineteen twenty, rather than learning 514 00:24:18,080 --> 00:24:19,439 Speaker 1: some of those things at the age of thirty. And 515 00:24:19,480 --> 00:24:21,920 Speaker 1: I know it's easier said than done. We don't have 516 00:24:22,160 --> 00:24:25,679 Speaker 1: teenage kiddos yet, but letting our kids fail is an 517 00:24:25,680 --> 00:24:28,240 Speaker 1: important aspect of letting our kids grow up. Yeah, it's 518 00:24:28,240 --> 00:24:30,600 Speaker 1: better for them to fail with like one or two 519 00:24:30,680 --> 00:24:32,439 Speaker 1: zeros at the end of the number rather than like 520 00:24:32,480 --> 00:24:35,520 Speaker 1: three or four. Yeah. Well, and when we're still kind 521 00:24:35,520 --> 00:24:37,200 Speaker 1: of there to be able to lend a helping hand 522 00:24:37,240 --> 00:24:38,959 Speaker 1: and offer advice, when they still listen to us, and 523 00:24:39,400 --> 00:24:42,320 Speaker 1: you aet twenty five thirty, A lot of that, some 524 00:24:42,359 --> 00:24:44,680 Speaker 1: of that connection's gone exactly. Yeah, And this is coming 525 00:24:44,680 --> 00:24:47,440 Speaker 1: from a couple of dads who both have nine year olds, 526 00:24:47,760 --> 00:24:49,920 Speaker 1: and so I think it's going to be So it's 527 00:24:49,960 --> 00:24:52,720 Speaker 1: one thing to have them fail at something like a 528 00:24:52,800 --> 00:24:54,920 Speaker 1: purchase that they're making where they're like, oh, like our 529 00:24:55,000 --> 00:24:57,199 Speaker 1: oldest daughter, she just bought a backpacket. We talked with 530 00:24:57,200 --> 00:24:58,480 Speaker 1: her about it, and we're like, hey, do you want 531 00:24:58,480 --> 00:25:00,440 Speaker 1: to wait until there's a sale? Hey, if you wait 532 00:25:00,520 --> 00:25:03,520 Speaker 1: until this fall, we'll completely cover the cost because we'll 533 00:25:03,760 --> 00:25:06,639 Speaker 1: count that as like back to school kind of expenses 534 00:25:06,680 --> 00:25:09,639 Speaker 1: that we would naturally incur. And she thought about it 535 00:25:09,680 --> 00:25:10,800 Speaker 1: for a couple of weeks and was just like, no, 536 00:25:10,840 --> 00:25:12,639 Speaker 1: I think I'm ready to buy my own backpack. So 537 00:25:12,800 --> 00:25:14,760 Speaker 1: she ended up paying full price. I think we got 538 00:25:14,800 --> 00:25:17,119 Speaker 1: a coupon or whatever. But at least we pointed her 539 00:25:17,119 --> 00:25:19,560 Speaker 1: to l being because if it's that good warranty, but 540 00:25:19,640 --> 00:25:22,160 Speaker 1: she's It's one of those things where I'm just like, well, 541 00:25:22,200 --> 00:25:24,439 Speaker 1: you could have waited and we would have covered it, 542 00:25:24,480 --> 00:25:28,320 Speaker 1: but she wanted what she wanted, and hopefully for her 543 00:25:28,359 --> 00:25:30,359 Speaker 1: it was totally worth it. But if it wasn't worth it, 544 00:25:30,359 --> 00:25:33,920 Speaker 1: I would rather learn that lesson with a backpack than 545 00:25:34,080 --> 00:25:36,680 Speaker 1: with a college education that she hadn't really thought through, 546 00:25:36,800 --> 00:25:39,800 Speaker 1: or with a car or a home. Those are the 547 00:25:39,840 --> 00:25:42,359 Speaker 1: lessons that at least now having younger kids, are easier 548 00:25:42,400 --> 00:25:44,960 Speaker 1: to absorb and to watch our kids work their way through. 549 00:25:45,280 --> 00:25:47,560 Speaker 1: I've got to think that it's tougher. You know, once 550 00:25:47,560 --> 00:25:50,159 Speaker 1: you're in your late teens and in your twenties, the 551 00:25:50,200 --> 00:25:51,800 Speaker 1: stakes are higher. You want the best for your kids, 552 00:25:51,880 --> 00:25:54,320 Speaker 1: but at times like you have to let them screw up. 553 00:25:54,359 --> 00:25:56,679 Speaker 1: I know it's really it's easier said than done, though 554 00:25:56,680 --> 00:25:59,080 Speaker 1: it's really really absolutely but Michelle, I mean, as long 555 00:25:59,119 --> 00:26:02,400 Speaker 1: as your her knows that y'all are there to support 556 00:26:02,400 --> 00:26:03,680 Speaker 1: her and that she has a way, you know, someone 557 00:26:03,720 --> 00:26:05,840 Speaker 1: to kind of come back to. That you've got her back. 558 00:26:05,880 --> 00:26:10,400 Speaker 1: I think that's super important. But enough about parenting, onto 559 00:26:10,400 --> 00:26:13,760 Speaker 1: the books, Michelle, which was your actual question. And you know, 560 00:26:13,760 --> 00:26:16,440 Speaker 1: I think the normal books that we might typically recommend, 561 00:26:16,640 --> 00:26:19,159 Speaker 1: they're probably not going to be ideal for someone your 562 00:26:19,200 --> 00:26:22,919 Speaker 1: daughter's age. We're a little nerdier and so like something 563 00:26:22,960 --> 00:26:25,680 Speaker 1: like the Simple Path to Wealth is something that comes 564 00:26:25,680 --> 00:26:27,600 Speaker 1: to mind, or the Psychology of Money, like those are 565 00:26:27,640 --> 00:26:29,720 Speaker 1: two of her favorites. They may not be right for 566 00:26:29,760 --> 00:26:32,119 Speaker 1: your daughter though, in the stage of life that she's in, 567 00:26:32,200 --> 00:26:34,200 Speaker 1: maybe mid to late twenties or something. I don't Yeah, 568 00:26:34,240 --> 00:26:35,800 Speaker 1: I mean, it just depends on the kid too, right, 569 00:26:35,920 --> 00:26:38,720 Speaker 1: But we just definitely don't want her getting turned off 570 00:26:39,040 --> 00:26:41,280 Speaker 1: by the world of personal finance just because she falls 571 00:26:41,280 --> 00:26:43,680 Speaker 1: asleep every night reading something that's just way too nerdy. 572 00:26:43,920 --> 00:26:47,040 Speaker 1: But there are some great books out there aimed at teenagers. 573 00:26:47,240 --> 00:26:49,119 Speaker 1: And friend of the show Aaron Lowry, she wrote a 574 00:26:49,160 --> 00:26:52,119 Speaker 1: book called Broke Millennial a few years back, and it 575 00:26:52,240 --> 00:26:55,879 Speaker 1: just has a ton of practical, helpful advice along with 576 00:26:55,920 --> 00:26:58,159 Speaker 1: a little bit of narrative there where you're kind of 577 00:26:58,200 --> 00:27:00,320 Speaker 1: in her shoes, and she infuses a little bit of 578 00:27:00,320 --> 00:27:02,240 Speaker 1: sas a little bit of humor, which I think will 579 00:27:02,240 --> 00:27:05,359 Speaker 1: help your daughter to digest the information a little bit better. Essentially, 580 00:27:05,440 --> 00:27:09,440 Speaker 1: she's trying to she created a casual personal finance book, which, honestly, 581 00:27:09,480 --> 00:27:10,840 Speaker 1: that's a lot of what we try to do here 582 00:27:10,880 --> 00:27:13,080 Speaker 1: on our show as well. We're trying to trick you 583 00:27:13,160 --> 00:27:16,800 Speaker 1: into learning more personal finance nuggets of wisdom than you 584 00:27:16,880 --> 00:27:19,600 Speaker 1: originally thought you were signing up for. Yeah, it's kind 585 00:27:19,600 --> 00:27:22,800 Speaker 1: of like like hide in the peas and potatoes or right, 586 00:27:23,040 --> 00:27:26,120 Speaker 1: did you ever do that? No? No, but it probably 587 00:27:26,160 --> 00:27:28,159 Speaker 1: would have worked, right like I did. Wasn't into vegetables 588 00:27:28,160 --> 00:27:30,040 Speaker 1: when I was a kid. I was actually just hanging 589 00:27:30,080 --> 00:27:31,920 Speaker 1: out with my uncle. He hates about all the vegetables, 590 00:27:32,160 --> 00:27:33,719 Speaker 1: and I ragged him on it quite a bit. I've 591 00:27:33,800 --> 00:27:35,720 Speaker 1: kind of come around on a lot of the vegetables, 592 00:27:35,720 --> 00:27:38,280 Speaker 1: not all of them, but yeah, we're talking about this rest. 593 00:27:38,760 --> 00:27:41,159 Speaker 1: French fries don't countil. He was, well, not, come on, 594 00:27:41,200 --> 00:27:42,920 Speaker 1: I eat other but he was like, I only eat 595 00:27:42,920 --> 00:27:44,359 Speaker 1: corn and potatoes. I was like, I don't even know 596 00:27:44,400 --> 00:27:46,480 Speaker 1: if either of those are really considered vegetables. I guess 597 00:27:46,480 --> 00:27:50,520 Speaker 1: they are technically but tubers and corner fruit right, right, 598 00:27:50,800 --> 00:27:52,480 Speaker 1: Like my kids coming fro from school and they're like, Daddy, 599 00:27:52,480 --> 00:27:54,440 Speaker 1: did you know that this? He thought it was a vegetable, 600 00:27:54,480 --> 00:27:56,320 Speaker 1: but it's technically a fruit. And I feel like they're 601 00:27:56,320 --> 00:27:58,880 Speaker 1: starting to learn more than I actually know. We're getting 602 00:27:58,920 --> 00:28:00,439 Speaker 1: to that point. Man, It's so weird. It's like, did 603 00:28:00,480 --> 00:28:02,800 Speaker 1: I not pay attention enough in school? But yeah, I 604 00:28:02,840 --> 00:28:05,200 Speaker 1: think Broke Billennial is a great is a great resource, 605 00:28:05,240 --> 00:28:08,160 Speaker 1: a great book worth considering for her. Also, like, if 606 00:28:08,160 --> 00:28:10,960 Speaker 1: you want something even more heavy in the financial independence direction, 607 00:28:11,240 --> 00:28:13,400 Speaker 1: there's a book called First Two a Million, and that's 608 00:28:13,400 --> 00:28:15,840 Speaker 1: a really good resource too. And the author, Dan Shekes, 609 00:28:15,840 --> 00:28:20,520 Speaker 1: he it was like a high school business teacher in Denver, Colorado, 610 00:28:20,600 --> 00:28:22,680 Speaker 1: And you know he talks about even in that book, 611 00:28:22,720 --> 00:28:24,720 Speaker 1: he talks about the pros and cons of college, which 612 00:28:24,760 --> 00:28:27,520 Speaker 1: is probably really helpful for someone in her position kind 613 00:28:27,520 --> 00:28:29,879 Speaker 1: of starting to debate the merits of that, and you know, 614 00:28:29,880 --> 00:28:31,960 Speaker 1: it sounds like college might not be up her alley, 615 00:28:32,000 --> 00:28:34,639 Speaker 1: and that's okay, But channeling that instinct in a focus 616 00:28:34,720 --> 00:28:38,880 Speaker 1: direction towards entrepreneurship and developing a healthy savings rate instead 617 00:28:38,880 --> 00:28:42,080 Speaker 1: of just like college, aversion could be the inspiration she 618 00:28:42,120 --> 00:28:45,160 Speaker 1: needs not to just opt out of college altogether, but 619 00:28:45,400 --> 00:28:48,360 Speaker 1: to pursue something like financial independence with a purpose. You 620 00:28:48,400 --> 00:28:50,800 Speaker 1: know that resonates with her goals, and so I think 621 00:28:50,960 --> 00:28:52,760 Speaker 1: both of those books would be would be good places 622 00:28:52,800 --> 00:28:55,000 Speaker 1: for her to start. Yeah, and Michelle, actually we're going 623 00:28:55,000 --> 00:28:57,360 Speaker 1: to send you a copy of First two a million, 624 00:28:57,400 --> 00:29:00,360 Speaker 1: and so you can expect an email from us. And 625 00:29:00,400 --> 00:29:03,200 Speaker 1: so hopefully these books, these recommendations will pique her interest 626 00:29:03,320 --> 00:29:06,720 Speaker 1: no matter what specific passions uptaking that she'll hopefully have 627 00:29:06,760 --> 00:29:09,560 Speaker 1: the knowledge and the confidence to make smart money choices 628 00:29:09,640 --> 00:29:12,719 Speaker 1: for decades to come. Joel, let's get to our next question. 629 00:29:13,040 --> 00:29:14,600 Speaker 1: This one has to do with the real estate. It 630 00:29:14,640 --> 00:29:17,960 Speaker 1: has to do with an IRS change that was announced 631 00:29:18,040 --> 00:29:20,720 Speaker 1: last year. Let's get to that one. Hi, Joel and Matt. 632 00:29:20,880 --> 00:29:24,240 Speaker 1: My name's Christina and I'm from California. I've been listening 633 00:29:24,240 --> 00:29:26,560 Speaker 1: to your podcast and was surprised to hear that PayPal 634 00:29:26,680 --> 00:29:30,080 Speaker 1: is going to start automatically generating ten ninety nine. I 635 00:29:30,120 --> 00:29:32,880 Speaker 1: have a rental property and my tenant uses PayPal to 636 00:29:32,880 --> 00:29:36,360 Speaker 1: make monthly rent payments. I'm already reporting this income to 637 00:29:36,400 --> 00:29:38,960 Speaker 1: my tax repair, but I can imagine that this might 638 00:29:39,000 --> 00:29:42,320 Speaker 1: cause some extra trouble. Do you have a recommendation for 639 00:29:42,360 --> 00:29:45,640 Speaker 1: platforms that I can use to receive rental payments electronically? 640 00:29:46,120 --> 00:29:48,680 Speaker 1: Thank you guys for all that you do. Christina, thanks 641 00:29:48,680 --> 00:29:52,280 Speaker 1: for your question. And Matt, Christina is a landlord in California. 642 00:29:52,400 --> 00:29:55,160 Speaker 1: That is time sledding right. Oh yeah, And it must 643 00:29:55,160 --> 00:29:59,000 Speaker 1: mean that she's completely loaded, that she's Warren Buffett levels 644 00:29:59,040 --> 00:30:02,800 Speaker 1: of bridge because hiring rental properties, especially in many parts 645 00:30:02,800 --> 00:30:06,040 Speaker 1: of California, is not an easy endeavor, and it's also 646 00:30:06,080 --> 00:30:09,400 Speaker 1: it's not the most landlord friendly state. Everything just seems 647 00:30:09,400 --> 00:30:12,320 Speaker 1: to cost more in California, and it's not always made 648 00:30:12,400 --> 00:30:15,040 Speaker 1: up for and what you're able to charge in rent 649 00:30:14,840 --> 00:30:17,520 Speaker 1: a property costs even though rents in California are though 650 00:30:17,520 --> 00:30:19,479 Speaker 1: they're highest, and I think it used to be Hawaii, 651 00:30:19,520 --> 00:30:20,760 Speaker 1: but then folks were like, no, no no, no, we don't 652 00:30:20,760 --> 00:30:23,120 Speaker 1: like why anymore. California is where it's at. Yeah, I 653 00:30:23,120 --> 00:30:25,560 Speaker 1: mean it's just an expensive place and so great job 654 00:30:25,600 --> 00:30:28,000 Speaker 1: for Christina on her ability to save up enough to 655 00:30:28,000 --> 00:30:30,440 Speaker 1: purchase an investment property there, and I hope it's been 656 00:30:30,480 --> 00:30:32,480 Speaker 1: good to her. And like we mentioned earlier, they can 657 00:30:32,520 --> 00:30:35,400 Speaker 1: really be a foundational building block and achieving your financial goals. 658 00:30:35,440 --> 00:30:37,600 Speaker 1: That's why we talked about it, what just a week 659 00:30:37,640 --> 00:30:39,600 Speaker 1: and a half ago. We really do want more people 660 00:30:39,960 --> 00:30:43,680 Speaker 1: to consider buying rental properties, even if right now is 661 00:30:43,720 --> 00:30:49,200 Speaker 1: not necessarily like opportune time exactly. Yeah. And also life 662 00:30:49,240 --> 00:30:52,240 Speaker 1: gets a bit more complicated when you're managing a property. 663 00:30:52,240 --> 00:30:54,880 Speaker 1: And so let's kind of quick quickly mention what's been 664 00:30:54,920 --> 00:30:57,560 Speaker 1: going on with those ten ninety nine forms, Christina. So 665 00:30:57,600 --> 00:31:00,719 Speaker 1: the i RS they had announced that financial plat forms 666 00:31:00,760 --> 00:31:02,840 Speaker 1: that allow the users to send and receive money, that 667 00:31:02,840 --> 00:31:05,200 Speaker 1: they're going to have to issue a ten ninety nine 668 00:31:05,280 --> 00:31:08,600 Speaker 1: K if that amount was an excess of six hundred dollars, 669 00:31:08,640 --> 00:31:11,800 Speaker 1: and that was six hundred dollars total, not like per transaction, 670 00:31:11,880 --> 00:31:15,440 Speaker 1: but cumulative. And this is going to impact everyone from 671 00:31:15,480 --> 00:31:18,400 Speaker 1: like folks who are on Etsy to folks who drive 672 00:31:18,440 --> 00:31:20,840 Speaker 1: for Uber, to folks who use a cash app, which 673 00:31:20,880 --> 00:31:22,720 Speaker 1: is like almost everyone now, Like that's how we transfer 674 00:31:22,800 --> 00:31:24,560 Speaker 1: money back and forth to each other as human beings. 675 00:31:24,680 --> 00:31:26,840 Speaker 1: But that's changed now that's not going to go until 676 00:31:27,200 --> 00:31:30,640 Speaker 1: into effect until next year when you're filing your twenty 677 00:31:30,720 --> 00:31:33,880 Speaker 1: twenty three tax returns. So originally this change was to 678 00:31:33,880 --> 00:31:36,240 Speaker 1: take effect for twenty twenty two, but it seems that 679 00:31:36,320 --> 00:31:39,840 Speaker 1: after some pushback the IRS, they relented and they're given 680 00:31:39,840 --> 00:31:42,480 Speaker 1: the platforms another year to prepare, which I think was 681 00:31:42,520 --> 00:31:45,040 Speaker 1: probably a good call. Yeah, and it could be potentially 682 00:31:45,240 --> 00:31:49,080 Speaker 1: I could see the Congress coming together and maybe upping 683 00:31:49,080 --> 00:31:51,680 Speaker 1: the cap on that and just kind of changing the rules, 684 00:31:51,680 --> 00:31:53,960 Speaker 1: which we will discuss on here if that happens. But 685 00:31:54,040 --> 00:31:56,640 Speaker 1: either way, like this, really it shouldn't impact you and 686 00:31:56,680 --> 00:31:58,840 Speaker 1: your taxes since you were already reporting this income like 687 00:31:58,880 --> 00:32:01,520 Speaker 1: you'd mentioned. But there a couple of reasons why you 688 00:32:01,640 --> 00:32:04,400 Speaker 1: might not want to continue using paypals to collect rent, 689 00:32:04,680 --> 00:32:08,120 Speaker 1: and technically it's because they classify rent payments as goods 690 00:32:08,120 --> 00:32:10,600 Speaker 1: and services, which means they want to take a cut 691 00:32:10,640 --> 00:32:14,200 Speaker 1: eating into your profits. And so you're paying for ability 692 00:32:14,520 --> 00:32:16,920 Speaker 1: to op rate as a business, but unfortunately you're not 693 00:32:16,920 --> 00:32:19,760 Speaker 1: offered any of the benefits because there's no payment protection 694 00:32:19,800 --> 00:32:23,040 Speaker 1: associated with real estate transactions. And this isn't the case 695 00:32:23,080 --> 00:32:25,480 Speaker 1: for PayPal, but for some other apps like Venmo and 696 00:32:25,560 --> 00:32:28,520 Speaker 1: zell you can also run into problems because you can't 697 00:32:28,600 --> 00:32:31,240 Speaker 1: deny a partial rent payment. Then, so the laws vary 698 00:32:31,280 --> 00:32:33,600 Speaker 1: from state to state, but This means that the eviction 699 00:32:33,680 --> 00:32:37,000 Speaker 1: process could be stopped by just a small payment, Like 700 00:32:37,040 --> 00:32:39,120 Speaker 1: even if it's just one hundred dollars on that twenty 701 00:32:39,120 --> 00:32:42,680 Speaker 1: five hundred dollar rent amount that's due, that could prohibit 702 00:32:42,760 --> 00:32:46,160 Speaker 1: you from being able to get started in removing a tenant, 703 00:32:46,680 --> 00:32:48,960 Speaker 1: even if they're destroying your property, you're not paying rent 704 00:32:48,960 --> 00:32:52,120 Speaker 1: on timeless right. Basically, these different platforms, these different apps 705 00:32:52,120 --> 00:32:53,719 Speaker 1: that a lot of folks use, they're just not set up. 706 00:32:53,920 --> 00:32:58,280 Speaker 1: They weren't created to serve as rent collecting platforms for landlords. 707 00:32:58,360 --> 00:33:00,000 Speaker 1: But that doesn't mean that there aren't a tonal landlord 708 00:33:00,200 --> 00:33:03,160 Speaker 1: out there who are collecting a rent via PayPal or 709 00:33:03,200 --> 00:33:05,640 Speaker 1: other apps. So it just kind of depends on your situation, 710 00:33:06,200 --> 00:33:07,640 Speaker 1: you know. I think it depends on the number of 711 00:33:07,640 --> 00:33:10,560 Speaker 1: properties you have, and honestly the kind of relationship that 712 00:33:10,680 --> 00:33:13,880 Speaker 1: you have with your tenants as well. But let's get 713 00:33:13,880 --> 00:33:15,960 Speaker 1: to your question. If you're looking to have everything just 714 00:33:16,120 --> 00:33:18,720 Speaker 1: really buttoned up come first of the month when rent 715 00:33:18,880 --> 00:33:22,880 Speaker 1: is due, well, then Avail and Inago they're both great 716 00:33:22,920 --> 00:33:26,000 Speaker 1: options that are free. Rent Ready is worth looking at 717 00:33:26,000 --> 00:33:27,880 Speaker 1: as well, but they all make it really easy to 718 00:33:27,920 --> 00:33:31,040 Speaker 1: collect payments. They have lines of communication built into the 719 00:33:31,080 --> 00:33:34,360 Speaker 1: apps and platforms where you can basically where they can 720 00:33:34,440 --> 00:33:36,160 Speaker 1: let you know if like, hey, there's a maintenance issue. 721 00:33:36,960 --> 00:33:39,920 Speaker 1: You can even screen potential tenants as well via these 722 00:33:40,000 --> 00:33:43,480 Speaker 1: different platforms. And while their basic features are all free, 723 00:33:43,800 --> 00:33:45,880 Speaker 1: they are looking to be sort of like these like 724 00:33:45,960 --> 00:33:50,520 Speaker 1: one stop shops for landlords, and if you're looking to 725 00:33:50,520 --> 00:33:52,600 Speaker 1: take avenge of some of those more premium offerings, they 726 00:33:52,600 --> 00:33:55,840 Speaker 1: do charge for some of those features, but even still, 727 00:33:55,880 --> 00:33:59,120 Speaker 1: like you're only looking at something around two dollars per 728 00:33:59,480 --> 00:34:02,320 Speaker 1: like what they typically charged for is for the ah 729 00:34:02,440 --> 00:34:05,000 Speaker 1: transfer feet and the landlord can choose to eat some 730 00:34:05,040 --> 00:34:07,200 Speaker 1: of that or passing on to the tenant. Yeah, and 731 00:34:07,240 --> 00:34:08,839 Speaker 1: so but even still you're only look, it's like two 732 00:34:08,880 --> 00:34:12,520 Speaker 1: dollars for Inaugo, it's five dollars a month for avail, 733 00:34:12,800 --> 00:34:14,960 Speaker 1: but that also gives you ready as one dollars. It's 734 00:34:14,960 --> 00:34:17,799 Speaker 1: like yeah, but they give you the like access to 735 00:34:17,920 --> 00:34:21,480 Speaker 1: all of these different features as well, and so it's like, yeah, 736 00:34:21,640 --> 00:34:24,520 Speaker 1: if you're looking at paying two or even three percent 737 00:34:24,680 --> 00:34:28,520 Speaker 1: on the overall transaction amount, that's what would happen if 738 00:34:28,520 --> 00:34:31,239 Speaker 1: you are properly categorized as a goods and service, which 739 00:34:31,280 --> 00:34:33,680 Speaker 1: these some of the different payment apps wants you to do. 740 00:34:34,239 --> 00:34:37,160 Speaker 1: If you're doing that, you're paying way more than one 741 00:34:37,239 --> 00:34:40,200 Speaker 1: to five dollars yeah a month. And in terms of 742 00:34:40,239 --> 00:34:42,319 Speaker 1: getting all of these additional features as well, Yeah, these 743 00:34:42,360 --> 00:34:45,480 Speaker 1: services come with a whole lot more optionality for landlords 744 00:34:45,480 --> 00:34:47,920 Speaker 1: and especially if you want to kind of increase your 745 00:34:48,040 --> 00:34:52,839 Speaker 1: level of businesslike attention to you to your properties. You know, 746 00:34:53,040 --> 00:34:55,680 Speaker 1: being able to communicate directly with your tenant and have 747 00:34:55,800 --> 00:34:59,040 Speaker 1: them fill out like an actual, like official request form 748 00:34:59,080 --> 00:35:01,840 Speaker 1: for maintence instead of like texting you, which can be awkward. 749 00:35:01,960 --> 00:35:05,640 Speaker 1: And I think if you just want to professionalize your 750 00:35:05,920 --> 00:35:08,880 Speaker 1: rental property business, some of these platforms can make a 751 00:35:08,880 --> 00:35:10,759 Speaker 1: lot of sense. So look at the fees. Check out 752 00:35:10,760 --> 00:35:12,080 Speaker 1: all three. We'll link to them in the show notes 753 00:35:12,120 --> 00:35:14,240 Speaker 1: so you can kind of compare the pros and cons 754 00:35:14,280 --> 00:35:16,320 Speaker 1: see what sort of features will make the most difference 755 00:35:16,360 --> 00:35:18,839 Speaker 1: for you and how you manage properties. But I think, yeah, 756 00:35:18,840 --> 00:35:20,960 Speaker 1: those are all really good options for you to consider, 757 00:35:21,160 --> 00:35:23,440 Speaker 1: and then yeah, start having your tenant. It gives your 758 00:35:23,480 --> 00:35:26,080 Speaker 1: tenant more options too. Lots of times they can even 759 00:35:26,080 --> 00:35:27,400 Speaker 1: pay with the credit card. They're going to pay a 760 00:35:27,400 --> 00:35:29,239 Speaker 1: fee to pay with the credit card, but it gives 761 00:35:29,239 --> 00:35:31,600 Speaker 1: them another option, And I think it just like like 762 00:35:31,640 --> 00:35:34,440 Speaker 1: I said, professionalizes everything, which can be a nice thing 763 00:35:34,480 --> 00:35:36,920 Speaker 1: for a lot of landlords who are looking to kind 764 00:35:36,960 --> 00:35:39,680 Speaker 1: of keep that communication, like put a little firewall up 765 00:35:39,800 --> 00:35:43,680 Speaker 1: between kind of their personal and business lives exactly well, 766 00:35:43,719 --> 00:35:46,120 Speaker 1: and some of them have the ability to report to 767 00:35:46,160 --> 00:35:47,920 Speaker 1: the different credit bureaus as well, and so there's a 768 00:35:48,000 --> 00:35:50,480 Speaker 1: higher level of accountability when it comes to some of 769 00:35:50,480 --> 00:35:53,359 Speaker 1: those light payments. Yeah, I really like that as well. Yeah, 770 00:35:53,440 --> 00:35:56,319 Speaker 1: all things to keep in mind, Christina. But again, going 771 00:35:56,320 --> 00:35:59,000 Speaker 1: back to the whole i RS reporting thing, that's not 772 00:35:59,040 --> 00:36:00,799 Speaker 1: going to affect you at all. Like you said, you 773 00:36:00,840 --> 00:36:03,239 Speaker 1: were already doing all the things that you're supposed to 774 00:36:03,360 --> 00:36:06,279 Speaker 1: and you were already reporting that income. But Joel, we've 775 00:36:06,280 --> 00:36:08,600 Speaker 1: got a couple more questions to get to, including we're 776 00:36:08,600 --> 00:36:11,960 Speaker 1: going to cover an app that has the potential to 777 00:36:11,960 --> 00:36:13,919 Speaker 1: save everybody out there money. We'll get to that plus 778 00:36:13,960 --> 00:36:26,040 Speaker 1: another right after this. All right, we'll back, We're gonna 779 00:36:26,040 --> 00:36:28,520 Speaker 1: get to that money saving app and we'll talk about 780 00:36:28,560 --> 00:36:30,319 Speaker 1: just how much money could potentially save you in just 781 00:36:30,360 --> 00:36:33,040 Speaker 1: a second. But first let's get to a question about 782 00:36:33,360 --> 00:36:37,120 Speaker 1: health insurance. Hey, Joel and Matt, the Suspenser in Chicago. 783 00:36:37,520 --> 00:36:40,400 Speaker 1: I have a question about health insurance. My family's on 784 00:36:40,440 --> 00:36:43,480 Speaker 1: a high deductible health insurance plan through my current employer, 785 00:36:43,920 --> 00:36:46,600 Speaker 1: and we've racked up several thousand dollars in fees towards 786 00:36:46,600 --> 00:36:51,240 Speaker 1: our deductible already this year due to some unexpected circumstances. Thankfully, 787 00:36:51,239 --> 00:36:54,000 Speaker 1: everyone's okay, and because I've listened to you, we have 788 00:36:54,040 --> 00:36:57,319 Speaker 1: plenty saved up to cover the expenses. However, I'm going 789 00:36:57,400 --> 00:36:59,640 Speaker 1: to be starting a new job next month and we'll 790 00:36:59,640 --> 00:37:02,440 Speaker 1: need to roll in a new plan. So is there 791 00:37:02,520 --> 00:37:05,160 Speaker 1: any way that I can carry the amount I've paid 792 00:37:05,239 --> 00:37:09,920 Speaker 1: towards my current deductible over to a new plan, or 793 00:37:10,120 --> 00:37:12,080 Speaker 1: is there anything else such a consider or keep in 794 00:37:12,080 --> 00:37:14,400 Speaker 1: mind one selecting a new health insurance plan for my 795 00:37:14,480 --> 00:37:17,640 Speaker 1: family that will minimize the total amount I spend on 796 00:37:17,680 --> 00:37:20,839 Speaker 1: medical costs this year. Thanks guys, and thank you for 797 00:37:20,880 --> 00:37:24,359 Speaker 1: producing such a great podcast. Spencer. First off, man, sorry 798 00:37:24,360 --> 00:37:26,480 Speaker 1: to hear about the health woes that your family has 799 00:37:26,480 --> 00:37:29,480 Speaker 1: had this year. That's tough, but I'm glad to hear 800 00:37:29,600 --> 00:37:32,120 Speaker 1: that everyone's doing okay now. And I do want to mention, man, 801 00:37:32,200 --> 00:37:35,400 Speaker 1: I think Spencer's got kind of close to the right mindset. 802 00:37:35,440 --> 00:37:37,839 Speaker 1: When it comes to thinking about healthcare costs. He talks 803 00:37:37,840 --> 00:37:41,799 Speaker 1: about minimizing his healthcare expenses for the current year. I 804 00:37:41,800 --> 00:37:43,440 Speaker 1: think it's a really good way of thinking about it. 805 00:37:43,480 --> 00:37:46,399 Speaker 1: But I think we're also we should be thinking about 806 00:37:46,520 --> 00:37:50,239 Speaker 1: minimizing our healthcare costs over the long haul, right, And 807 00:37:50,280 --> 00:37:54,520 Speaker 1: so it's actually hard to nail this equation each and 808 00:37:54,560 --> 00:37:56,759 Speaker 1: every year and pay the lowest amount possible. So we're 809 00:37:56,760 --> 00:37:58,800 Speaker 1: doing our best over the span of a number of 810 00:37:58,880 --> 00:38:02,080 Speaker 1: years to really minimize healthcare costs. And hopefully we can 811 00:38:02,120 --> 00:38:04,920 Speaker 1: help Spencer thing through that framework how to minimize those 812 00:38:04,960 --> 00:38:07,680 Speaker 1: healthcare costs across a number of years instead of just 813 00:38:07,880 --> 00:38:10,080 Speaker 1: a single given year. Yeah. Well, I mean that's what's 814 00:38:10,080 --> 00:38:12,600 Speaker 1: so difficult about this, right, is that you might have 815 00:38:12,840 --> 00:38:14,960 Speaker 1: always had a healthy family, like you may have not 816 00:38:15,040 --> 00:38:17,399 Speaker 1: had any issues with your health, and so we're all 817 00:38:17,400 --> 00:38:20,080 Speaker 1: just making the best possible guests we can when it 818 00:38:20,120 --> 00:38:23,440 Speaker 1: comes to the different expenses that we're going to incur. Granted, 819 00:38:23,600 --> 00:38:27,120 Speaker 1: it's more art than science. Yeah, yeah, exactly, And I 820 00:38:27,120 --> 00:38:29,040 Speaker 1: think honestly that's that can be really tough for folks 821 00:38:29,040 --> 00:38:31,400 Speaker 1: when it comes to their finances because we all, or 822 00:38:31,440 --> 00:38:34,319 Speaker 1: at least us nerdier types want to optimize every single dollar, 823 00:38:34,360 --> 00:38:36,719 Speaker 1: and so why spend additional money towards this feature that 824 00:38:36,760 --> 00:38:39,839 Speaker 1: you're never going to use but you might or they yeah, 825 00:38:39,840 --> 00:38:42,080 Speaker 1: you're hoping not to use right and ideally you wouldn't. 826 00:38:42,080 --> 00:38:44,360 Speaker 1: But then a spencer fan out like you don't always 827 00:38:44,360 --> 00:38:46,600 Speaker 1: have full control over it exactly. But Spencer, we are 828 00:38:46,640 --> 00:38:48,640 Speaker 1: glad to hear that you were able to save up 829 00:38:48,680 --> 00:38:51,000 Speaker 1: for those expenses. I think that's such a key point 830 00:38:51,080 --> 00:38:55,040 Speaker 1: you need to have, whether it's an ally banking savings 831 00:38:55,040 --> 00:38:58,080 Speaker 1: buckets or a savings categories what we call in our households, 832 00:38:58,080 --> 00:39:00,560 Speaker 1: but you need to account for those medical out of 833 00:39:00,600 --> 00:39:03,359 Speaker 1: pocket costs that even if you have the pot well, 834 00:39:03,640 --> 00:39:06,279 Speaker 1: I guess the pastous plans, you don't pay anything, even 835 00:39:06,320 --> 00:39:10,680 Speaker 1: those copays. But for the rest of us peasants like myself, 836 00:39:10,680 --> 00:39:13,720 Speaker 1: like you're paid for everything, and so yeah, I mean literally, 837 00:39:14,040 --> 00:39:16,040 Speaker 1: it's a it's a month, it's a recurring expense that 838 00:39:16,080 --> 00:39:18,840 Speaker 1: we have. We are like the opposite your family and 839 00:39:18,880 --> 00:39:22,120 Speaker 1: my family the opposite of like Lexus level health, like 840 00:39:22,120 --> 00:39:25,000 Speaker 1: the Gelope mode of health sharing plans. Basically it's not 841 00:39:25,040 --> 00:39:30,680 Speaker 1: platinum or gold paper and yard right series or bronze 842 00:39:30,680 --> 00:39:32,640 Speaker 1: would be eight steps up from where we are. But 843 00:39:32,640 --> 00:39:34,640 Speaker 1: which it's like lead, it actually makes a sicker, right, 844 00:39:35,400 --> 00:39:37,279 Speaker 1: which which just really means that you and I we 845 00:39:37,280 --> 00:39:38,759 Speaker 1: have to be even more vigilant when it comes to 846 00:39:38,800 --> 00:39:40,680 Speaker 1: self ensuring exactly. And that's one of the things that 847 00:39:40,680 --> 00:39:42,759 Speaker 1: that Spencer really has to think about here too. Yeah, 848 00:39:42,760 --> 00:39:45,040 Speaker 1: so he's got a high deductible healthcare plan, and like, 849 00:39:45,120 --> 00:39:47,680 Speaker 1: typically those are great choices, Like, that's a great option 850 00:39:47,719 --> 00:39:50,440 Speaker 1: for folks out there who are mostly healthy and who 851 00:39:50,480 --> 00:39:53,960 Speaker 1: can self ensure. And Spencer, it sounds like your family 852 00:39:54,360 --> 00:39:56,840 Speaker 1: seems or you maybe used to fit that bell, despite 853 00:39:56,920 --> 00:40:00,600 Speaker 1: maybe these recent sort of unexpected healthcare expenses that you've incurred. 854 00:40:00,920 --> 00:40:03,319 Speaker 1: But yeah, being on the high deductible plans, of course 855 00:40:03,360 --> 00:40:06,400 Speaker 1: that allows you to then suck money into an HSA, 856 00:40:06,520 --> 00:40:09,440 Speaker 1: a health savings account, which is one of our favorite 857 00:40:09,480 --> 00:40:13,399 Speaker 1: retirement accounts out there. So don't forget about that. There 858 00:40:13,520 --> 00:40:16,399 Speaker 1: is no other account that has a triple or even 859 00:40:16,480 --> 00:40:19,640 Speaker 1: quadruple tax advantage, depending on if this is a plan 860 00:40:19,680 --> 00:40:22,680 Speaker 1: that's offered through your employer. But that being said, don't 861 00:40:22,840 --> 00:40:25,879 Speaker 1: let the tail wag the dog here on this one, right, 862 00:40:26,080 --> 00:40:28,680 Speaker 1: Like you mentioned you want to get the lowest total 863 00:40:28,760 --> 00:40:32,879 Speaker 1: out of pocket costs for healthcare. That's a very good goal, 864 00:40:32,920 --> 00:40:37,239 Speaker 1: But you don't want to overly focus on retirement thinking well, 865 00:40:37,280 --> 00:40:40,080 Speaker 1: I've got to score the ability to sock away. I 866 00:40:40,080 --> 00:40:42,520 Speaker 1: don't even know how much money actually that you can 867 00:40:42,520 --> 00:40:44,880 Speaker 1: set aside into an HSA. Believe a family can do 868 00:40:44,960 --> 00:40:47,040 Speaker 1: eight thousand, three hundred fifty dollars, that's I think so. 869 00:40:47,320 --> 00:40:49,600 Speaker 1: But by going with that HSA, by going with a 870 00:40:49,719 --> 00:40:52,279 Speaker 1: high deductible plan, if that means that you're spending even 871 00:40:52,320 --> 00:40:54,680 Speaker 1: more than that on healthcare expenses over the course of 872 00:40:54,760 --> 00:40:56,600 Speaker 1: the year, then it might make sense for you to 873 00:40:56,600 --> 00:41:00,200 Speaker 1: consider a plan where you are paying more month a 874 00:41:00,239 --> 00:41:03,080 Speaker 1: month on premiums. But that ultimately means that you're going 875 00:41:03,120 --> 00:41:04,759 Speaker 1: to be able to save money over the long haul. Yeah, 876 00:41:04,760 --> 00:41:07,160 Speaker 1: that's covering more of the doctors, it's more of the 877 00:41:07,200 --> 00:41:10,160 Speaker 1: medical bills you would incur. That's just basically lowering the 878 00:41:10,200 --> 00:41:12,960 Speaker 1: overall cost of your medical care. It's like you're paying 879 00:41:12,960 --> 00:41:15,600 Speaker 1: for those precious metal plans right exactly. And if that 880 00:41:15,680 --> 00:41:18,279 Speaker 1: means because you're seeing the doctor often enough that it's 881 00:41:18,280 --> 00:41:20,840 Speaker 1: going to mean the most overall money saved, that's a 882 00:41:20,880 --> 00:41:22,520 Speaker 1: better choice for you, even though it means you miss 883 00:41:22,520 --> 00:41:23,799 Speaker 1: out on the HSA. And by the way I looked 884 00:41:23,800 --> 00:41:25,279 Speaker 1: it up, Matt, I was I was way off. Not 885 00:41:25,320 --> 00:41:28,200 Speaker 1: eighty three fifties seventy seven fifty Okay, yeah, that's not 886 00:41:28,200 --> 00:41:29,799 Speaker 1: too far off, too far off, But I just want 887 00:41:29,800 --> 00:41:32,160 Speaker 1: to make sure people have the right information. But you know, 888 00:41:32,200 --> 00:41:34,600 Speaker 1: one of the things Spencer asked was what happens when 889 00:41:34,680 --> 00:41:36,919 Speaker 1: you switched medical plans in the middle of the year, 890 00:41:37,440 --> 00:41:39,439 Speaker 1: And sadly, there's not really good news on that front 891 00:41:39,480 --> 00:41:41,680 Speaker 1: because the money that you've paid towards your deductible is 892 00:41:41,680 --> 00:41:44,120 Speaker 1: not transferable. Yeah, and so yeah, you're already to be 893 00:41:44,160 --> 00:41:46,080 Speaker 1: the bearer of bad news here, Spencer. What's gonna happen. 894 00:41:46,120 --> 00:41:47,799 Speaker 1: He's gonna be signing up for a brand new plan 895 00:41:47,960 --> 00:41:51,000 Speaker 1: at his new place of employment, and that means he's 896 00:41:51,000 --> 00:41:54,359 Speaker 1: gonna be starting from scratch on the deductible front. So yeah, 897 00:41:54,360 --> 00:41:57,680 Speaker 1: hopefully this new job pays more money, right, bigger salary 898 00:41:57,719 --> 00:41:59,359 Speaker 1: for Spencer. I sure hope that's the case. And they 899 00:41:59,400 --> 00:42:02,440 Speaker 1: might even subsidize more of those premiums at a higher level, 900 00:42:02,480 --> 00:42:04,839 Speaker 1: which should be great too. So instead of paying four 901 00:42:05,000 --> 00:42:06,640 Speaker 1: fifty a month for health in church, for the family. 902 00:42:06,640 --> 00:42:09,560 Speaker 1: Maybe your pan to seventy five, that'd be great, But 903 00:42:09,760 --> 00:42:11,719 Speaker 1: the brand new deductible thing is just kind of the 904 00:42:11,719 --> 00:42:13,560 Speaker 1: reality of switching jobs in the middle of the year. 905 00:42:13,640 --> 00:42:17,160 Speaker 1: You're you're going to have a new threshold that you 906 00:42:17,200 --> 00:42:19,160 Speaker 1: got to meet and there's really no way around it. 907 00:42:19,360 --> 00:42:21,520 Speaker 1: That's right. Yeah, But again, Spencer, it sounds like you're 908 00:42:21,520 --> 00:42:23,280 Speaker 1: on the right path. You know, if there are meaningful 909 00:42:23,320 --> 00:42:26,960 Speaker 1: follow up appointments coming up because of those recent health concerns, 910 00:42:26,960 --> 00:42:29,439 Speaker 1: you might want to avoid the high deductible healthcare plan 911 00:42:29,520 --> 00:42:31,800 Speaker 1: in favor of a plan that pays a bigger portion 912 00:42:31,920 --> 00:42:35,640 Speaker 1: towards those bills that you're likely to incur, or at 913 00:42:35,680 --> 00:42:37,719 Speaker 1: the very least try to squeeze in a bunch of 914 00:42:37,840 --> 00:42:41,400 Speaker 1: like all your follow ups before switch, we leave your 915 00:42:41,440 --> 00:42:43,719 Speaker 1: employer for your current insurance runs out. But if you 916 00:42:43,760 --> 00:42:46,480 Speaker 1: don't foresee a lot more medical bills coming your way, 917 00:42:46,520 --> 00:42:49,000 Speaker 1: then you know sticking with that high deductible plan is 918 00:42:49,200 --> 00:42:51,279 Speaker 1: likely still going to be your best bet. It's not 919 00:42:51,480 --> 00:42:54,320 Speaker 1: full proof, as you found out, but more years than not, 920 00:42:54,480 --> 00:42:57,839 Speaker 1: I think healthy folks with healthy savings will find that 921 00:42:57,880 --> 00:43:00,480 Speaker 1: it is their best bet for sure. All right, Matt, 922 00:43:00,560 --> 00:43:02,920 Speaker 1: let's get to a question about a money saving app 923 00:43:03,120 --> 00:43:06,760 Speaker 1: and whether or not it's worth this listener's time. Hi Joel, 924 00:43:06,920 --> 00:43:10,920 Speaker 1: Hi Matt, This is Julie from Michigan. I have a 925 00:43:11,000 --> 00:43:15,200 Speaker 1: question about the Upside app. A friend brought that to 926 00:43:15,239 --> 00:43:19,360 Speaker 1: my attention, and it almost sounds too good to be true, 927 00:43:20,040 --> 00:43:23,360 Speaker 1: and I wonder if you've heard anything about that or 928 00:43:23,480 --> 00:43:26,520 Speaker 1: know about the Upside app. Please let me know what 929 00:43:26,600 --> 00:43:29,799 Speaker 1: you think. Thank you, all right, Julie, it is not 930 00:43:29,880 --> 00:43:33,000 Speaker 1: too good to be true. No, no downside to Upside. 931 00:43:34,000 --> 00:43:38,160 Speaker 1: Actually there's like there's a very very small minor. But 932 00:43:38,200 --> 00:43:41,000 Speaker 1: these different money saving apps certainly can be worth the 933 00:43:41,040 --> 00:43:43,360 Speaker 1: time and the effort, and that is what they require. 934 00:43:44,040 --> 00:43:46,520 Speaker 1: But they're all just built a little differently. And folks 935 00:43:46,560 --> 00:43:49,399 Speaker 1: like various options and offerings out there, just often based 936 00:43:49,400 --> 00:43:51,319 Speaker 1: on how it is that they shop, and you know, 937 00:43:51,440 --> 00:43:53,920 Speaker 1: what it is that they consider to be painful, depending 938 00:43:53,960 --> 00:43:56,800 Speaker 1: on what their threshold is to participate in some of 939 00:43:56,840 --> 00:43:59,239 Speaker 1: those different offerings. Like it. It makes me think about 940 00:43:59,239 --> 00:44:02,600 Speaker 1: coupons and in a previous like in some sort of 941 00:44:02,640 --> 00:44:05,719 Speaker 1: alter alternate world, somebody might think, So you're telling me, 942 00:44:05,840 --> 00:44:07,160 Speaker 1: if I take this little piece of paper and I 943 00:44:07,200 --> 00:44:08,839 Speaker 1: show up at the store, I'm going to get three 944 00:44:08,880 --> 00:44:11,320 Speaker 1: dollars off this particular item. What's the catch? Who wouldn't 945 00:44:11,320 --> 00:44:13,920 Speaker 1: do this? You know, it's like, well, no, there's no catch. 946 00:44:14,000 --> 00:44:15,960 Speaker 1: That's how a coupon works. You remember, like, I don't 947 00:44:15,960 --> 00:44:17,920 Speaker 1: know what is it worth the time and effort that 948 00:44:17,960 --> 00:44:20,000 Speaker 1: it takes to sort through the you know, all the 949 00:44:20,760 --> 00:44:23,160 Speaker 1: circular and to find the coupons and the products that 950 00:44:23,200 --> 00:44:25,480 Speaker 1: you actually want to buy? Was it like ten years 951 00:44:25,520 --> 00:44:28,200 Speaker 1: ago when the hypercupon crazies were getting like Today's show 952 00:44:28,200 --> 00:44:30,800 Speaker 1: features and stuff like that, And it was just interesting 953 00:44:30,800 --> 00:44:33,319 Speaker 1: to see the people that were obsessed with cuponi how 954 00:44:33,400 --> 00:44:34,960 Speaker 1: much they could save. But then they had to have 955 00:44:35,000 --> 00:44:37,160 Speaker 1: like spare rooms dedicated to all the extra stuff they 956 00:44:37,160 --> 00:44:39,440 Speaker 1: were they were able to buy because to get the 957 00:44:39,480 --> 00:44:41,839 Speaker 1: deal you had to buy four or so. They had 958 00:44:41,880 --> 00:44:44,640 Speaker 1: like so much laundry, detergent, eighteen ketchups and all that stuff. 959 00:44:44,800 --> 00:44:46,879 Speaker 1: And so, yeah, it just comes to how many hoops 960 00:44:46,880 --> 00:44:48,600 Speaker 1: do you want to jump through to save money as 961 00:44:48,600 --> 00:44:51,080 Speaker 1: part of it? But sometimes the threshold is really low, 962 00:44:51,120 --> 00:44:53,880 Speaker 1: Like my uncle hates to mobile deposit checks, and I'm like, 963 00:44:53,920 --> 00:44:56,080 Speaker 1: who hates to mobile? Like that's one of the best 964 00:44:56,080 --> 00:44:58,640 Speaker 1: things that technology has brought us like the convenience of 965 00:44:58,719 --> 00:45:01,719 Speaker 1: sitting there right your kitchen table while sipping a beer 966 00:45:01,760 --> 00:45:04,200 Speaker 1: and just snapping a photover two pictures. That's all it takes. 967 00:45:04,320 --> 00:45:06,319 Speaker 1: So I'm trying to commence monvel while he was here, like, 968 00:45:06,640 --> 00:45:08,000 Speaker 1: it's not really that big of a deal and you 969 00:45:08,000 --> 00:45:10,640 Speaker 1: should totally jump on this bandwagon. But he's probably think 970 00:45:10,640 --> 00:45:12,440 Speaker 1: an it'll pass. He's driving to the bad But we 971 00:45:12,480 --> 00:45:15,040 Speaker 1: all have different, different hasshold thresholds. Maybe he's got a 972 00:45:15,080 --> 00:45:17,799 Speaker 1: great relationship with a local credit union, and if that's 973 00:45:17,840 --> 00:45:19,640 Speaker 1: the case, then more power to him. I'm all about that. 974 00:45:19,640 --> 00:45:23,680 Speaker 1: That's not the way what's happening that? But you know 975 00:45:23,800 --> 00:45:25,439 Speaker 1: better than I do. Well, let's talk about the app 976 00:45:25,480 --> 00:45:28,319 Speaker 1: that Julie is considering in particular, and it sounds like 977 00:45:28,360 --> 00:45:31,239 Speaker 1: you're digging what upside is offering, and so we would 978 00:45:31,239 --> 00:45:33,600 Speaker 1: say take advantage of the savings. For instance, Matt, I 979 00:45:33,640 --> 00:45:36,040 Speaker 1: was really doing some digging on this app, and I've 980 00:45:36,080 --> 00:45:39,120 Speaker 1: known about it, but I haven't really downloaded it and 981 00:45:39,160 --> 00:45:40,400 Speaker 1: tried to play with it to see how much I 982 00:45:40,400 --> 00:45:42,920 Speaker 1: could save and would Julie's question popped up, I was like, 983 00:45:42,920 --> 00:45:46,160 Speaker 1: I need you know, so firsthand experience and the Racetrack 984 00:45:46,320 --> 00:45:49,400 Speaker 1: gas station near me was offering fifty one cents a 985 00:45:49,440 --> 00:45:52,880 Speaker 1: gallon discount on Upside this week, and that made the 986 00:45:52,920 --> 00:45:56,960 Speaker 1: price a lot lower than even just costcos price on gas, 987 00:45:57,320 --> 00:46:00,319 Speaker 1: and this gas station was closer, so I felt, that's 988 00:46:00,320 --> 00:46:01,920 Speaker 1: a great deal. And there's not much you have to 989 00:46:01,960 --> 00:46:04,160 Speaker 1: do to get the savings right. So much of whether 990 00:46:04,200 --> 00:46:06,239 Speaker 1: this app is going to make sense for you or not, though, 991 00:46:06,480 --> 00:46:09,560 Speaker 1: depends on where you live and what offers are available. 992 00:46:09,760 --> 00:46:13,640 Speaker 1: So one person might find Upside to be a treasure 993 00:46:13,640 --> 00:46:16,920 Speaker 1: trovee of savings on things they would have already purchased 994 00:46:17,040 --> 00:46:19,520 Speaker 1: at grocery stores or at gas stations that they're like, 995 00:46:19,560 --> 00:46:21,719 Speaker 1: I visit that every week already, and so why not 996 00:46:21,840 --> 00:46:24,919 Speaker 1: take the additional savings. But really, I think for most 997 00:46:24,960 --> 00:46:27,719 Speaker 1: folks it's worth checking out because the only thing you 998 00:46:27,760 --> 00:46:30,120 Speaker 1: stand to lose is a couple of minutes looking around 999 00:46:30,160 --> 00:46:31,920 Speaker 1: to see what deals are available. And if you're like 1000 00:46:32,560 --> 00:46:35,000 Speaker 1: slim Pickins, you know in my neck of the woods, 1001 00:46:35,320 --> 00:46:37,319 Speaker 1: just deleted off off your phone. But if you say, 1002 00:46:37,400 --> 00:46:40,560 Speaker 1: wait a second, there's like substantial savings to be had 1003 00:46:40,960 --> 00:46:45,200 Speaker 1: just in a very close vicinity around my house, then boom, 1004 00:46:45,200 --> 00:46:47,279 Speaker 1: take advantage of those discounts. That's true. Yeah, but not 1005 00:46:47,320 --> 00:46:50,200 Speaker 1: all gas station deals are offering the kind of discounts 1006 00:46:50,200 --> 00:46:53,239 Speaker 1: that you saw, right, Like at your local gas station there, like, 1007 00:46:53,280 --> 00:46:56,160 Speaker 1: you might only find a discount of ten or twenty 1008 00:46:56,160 --> 00:46:58,600 Speaker 1: cents a gallon. And if that's the case, the quote 1009 00:46:58,680 --> 00:47:01,600 Speaker 1: unquote deal, right, that still might not be the best 1010 00:47:01,600 --> 00:47:03,879 Speaker 1: price in your area. In that case, you might actually 1011 00:47:03,920 --> 00:47:06,680 Speaker 1: find yourself driving further just to save a buck or two. 1012 00:47:07,080 --> 00:47:10,400 Speaker 1: But I will say upside, they offer more than just 1013 00:47:10,520 --> 00:47:13,239 Speaker 1: deals at gas stations though, right, Like, maybe you don't 1014 00:47:13,320 --> 00:47:15,360 Speaker 1: drive a whole lot and you're thinking, all right, I'm 1015 00:47:15,400 --> 00:47:20,279 Speaker 1: about to end this episode maybe a little sooner, you're like, 1016 00:47:20,320 --> 00:47:21,920 Speaker 1: I just plug in, guys, I don't need to go 1017 00:47:21,960 --> 00:47:24,480 Speaker 1: to race track. You might find some decent discounts for 1018 00:47:24,560 --> 00:47:27,040 Speaker 1: shopping at a grocery store in your area, and not 1019 00:47:27,160 --> 00:47:30,000 Speaker 1: just at grocery stores restaurants as well. You might get 1020 00:47:30,040 --> 00:47:33,520 Speaker 1: something like six percent ish discount at one of your 1021 00:47:33,800 --> 00:47:36,680 Speaker 1: favorite local restaurants as well. They're flipping around on there 1022 00:47:36,680 --> 00:47:39,240 Speaker 1: and saw that there's a piece of place and they're 1023 00:47:39,280 --> 00:47:42,080 Speaker 1: offering twenty percent of cash back. That's that's that's a 1024 00:47:42,080 --> 00:47:44,440 Speaker 1: really good deal. Like I would almost consider pretty much 1025 00:47:44,480 --> 00:47:47,640 Speaker 1: any local restaurant if they're offering like a twenty percent coupon. 1026 00:47:47,719 --> 00:47:49,680 Speaker 1: I know, I don't know, it's a great instant. I'm 1027 00:47:49,680 --> 00:47:52,160 Speaker 1: falling into the coupon trap now, Like any twenty percent 1028 00:47:52,239 --> 00:47:55,000 Speaker 1: coupon that shows up in my mailbox, would I go there? Ah? 1029 00:47:55,000 --> 00:47:57,520 Speaker 1: I don't. Yeah, mapends on the reviews, what the normal 1030 00:47:57,560 --> 00:47:59,960 Speaker 1: menu prices are and kind of, but I think it's 1031 00:48:00,239 --> 00:48:02,960 Speaker 1: it's if you are interested in checking out new places, 1032 00:48:03,360 --> 00:48:05,720 Speaker 1: or if you find some of your favorite normal places 1033 00:48:05,719 --> 00:48:08,319 Speaker 1: where you're just gonna walk out with that's true, paying 1034 00:48:08,400 --> 00:48:11,760 Speaker 1: less money, then it seems like it's worth at least 1035 00:48:11,840 --> 00:48:14,080 Speaker 1: digging in to see what sort of discounts are available 1036 00:48:14,080 --> 00:48:16,680 Speaker 1: where you live. And in particular, they make it so easy, right, 1037 00:48:16,719 --> 00:48:17,880 Speaker 1: and so I think that's one of the things I 1038 00:48:17,960 --> 00:48:20,520 Speaker 1: like about the app is the ability to comparison shop 1039 00:48:20,520 --> 00:48:24,359 Speaker 1: and specifically with the price of gas. If you can 1040 00:48:24,400 --> 00:48:27,400 Speaker 1: sit on there, flip around and see what the discount 1041 00:48:27,560 --> 00:48:31,200 Speaker 1: is at different local gas stations. Here's one downside is 1042 00:48:31,239 --> 00:48:34,239 Speaker 1: that not all gas stations, not all retailers participate, right, 1043 00:48:34,520 --> 00:48:37,120 Speaker 1: and so the absolute cheapest gas station may not actually 1044 00:48:37,120 --> 00:48:39,600 Speaker 1: even beyond there. But guess what, there's another app for that. 1045 00:48:39,760 --> 00:48:42,120 Speaker 1: Hop over to gas Buddy and see what folks are reporting, 1046 00:48:42,239 --> 00:48:45,319 Speaker 1: and you can easily compare apples to oranges, and by 1047 00:48:45,320 --> 00:48:47,680 Speaker 1: including that information that you get from Upside, all of 1048 00:48:47,719 --> 00:48:49,560 Speaker 1: a sudden, it's apples to apples, you can make an 1049 00:48:49,560 --> 00:48:52,080 Speaker 1: informed decision. So, like I said, like that that Racetrack 1050 00:48:52,160 --> 00:48:55,839 Speaker 1: discount was like fifty one cents, but based on the 1051 00:48:55,880 --> 00:48:57,960 Speaker 1: price that Racetrack normally charges for gas, I don't know, 1052 00:48:57,960 --> 00:49:00,719 Speaker 1: they're probably fifteen to twenty cents higher than but that 1053 00:49:00,719 --> 00:49:03,440 Speaker 1: brought it something like thirty cents below what Costco charges. 1054 00:49:03,520 --> 00:49:06,239 Speaker 1: So but then there was another gas station offering fifty 1055 00:49:06,280 --> 00:49:08,360 Speaker 1: cents off, but it would have still been cheaper to 1056 00:49:08,680 --> 00:49:10,799 Speaker 1: get the gas at Costco than to go to that 1057 00:49:10,840 --> 00:49:12,560 Speaker 1: gas station even with that discount. So you have to 1058 00:49:12,600 --> 00:49:14,839 Speaker 1: be a smart shopper and don't just assume because there's 1059 00:49:14,880 --> 00:49:18,040 Speaker 1: a deal on this app that it means it's actually 1060 00:49:18,160 --> 00:49:20,560 Speaker 1: a deal. Yep, But it's still worth looking into. And 1061 00:49:20,600 --> 00:49:23,040 Speaker 1: so so that's what Upside is in the business of, Yeah, 1062 00:49:23,040 --> 00:49:25,680 Speaker 1: they're in the business of directing and corralling your dollars 1063 00:49:25,680 --> 00:49:28,960 Speaker 1: and pointing them towards certain retail gas stations and retailers 1064 00:49:29,120 --> 00:49:30,799 Speaker 1: who have joined with them because that's how they make 1065 00:49:30,840 --> 00:49:32,560 Speaker 1: their money. They get they get a small cut of 1066 00:49:32,600 --> 00:49:34,799 Speaker 1: the dollars that you spend out those different retailers if 1067 00:49:34,840 --> 00:49:37,280 Speaker 1: they can prove that they brought you there. Sure, essentially, 1068 00:49:37,280 --> 00:49:40,200 Speaker 1: and savvy consumers can use this to their advantage and 1069 00:49:40,520 --> 00:49:42,400 Speaker 1: not great consumers can use this as a way to 1070 00:49:42,440 --> 00:49:44,680 Speaker 1: pay more actually for the things that they otherwise would 1071 00:49:44,680 --> 00:49:46,680 Speaker 1: have bought, or or even just going out to get 1072 00:49:46,680 --> 00:49:48,400 Speaker 1: a meal at a place where they would normally they 1073 00:49:48,400 --> 00:49:50,440 Speaker 1: would normally avoid. Sure, And I think it's important to 1074 00:49:50,440 --> 00:49:53,440 Speaker 1: mention too that you can't cash out the accrued discount 1075 00:49:53,480 --> 00:49:56,480 Speaker 1: dollars until you've reached the ten dollars threshold, and there 1076 00:49:56,480 --> 00:49:58,200 Speaker 1: can even be fees if you try to cash out 1077 00:49:58,239 --> 00:50:00,000 Speaker 1: before you get to I think something like fifteen dollar 1078 00:50:00,080 --> 00:50:02,320 Speaker 1: or in your account. So it's worth noting that although 1079 00:50:02,320 --> 00:50:04,360 Speaker 1: there isn't a monthly charge for the Upside app, so 1080 00:50:04,360 --> 00:50:07,160 Speaker 1: there's really not a major downside to checking it out 1081 00:50:07,200 --> 00:50:09,919 Speaker 1: giving it a shot. But the other thing to that's 1082 00:50:09,920 --> 00:50:11,319 Speaker 1: worth noting is that you're not going to get rich 1083 00:50:11,480 --> 00:50:14,359 Speaker 1: using an app like this either. Yeah, you know it's 1084 00:50:14,440 --> 00:50:16,040 Speaker 1: free and if it allows you to saving an extra 1085 00:50:16,160 --> 00:50:17,680 Speaker 1: chunk of money every time you fill up, or when 1086 00:50:17,719 --> 00:50:20,160 Speaker 1: you're grabbing a burrito at your favorite Mexican place or 1087 00:50:20,160 --> 00:50:22,600 Speaker 1: something like that that you would have grabbed anyway, Like 1088 00:50:22,600 --> 00:50:24,640 Speaker 1: why not, you know, why not get the extra savings. Sure, 1089 00:50:24,719 --> 00:50:26,440 Speaker 1: I think it's great, and you might even find out 1090 00:50:26,440 --> 00:50:29,200 Speaker 1: about deals that were you otherwise didn't know about, kind 1091 00:50:29,200 --> 00:50:31,560 Speaker 1: of like I did. So I think for Julie it 1092 00:50:31,600 --> 00:50:33,319 Speaker 1: makes sense use the upside app It sounds like she 1093 00:50:33,400 --> 00:50:35,319 Speaker 1: was really excited about it, and I get that. As 1094 00:50:35,320 --> 00:50:37,120 Speaker 1: I was taking around, I was like, man, it's pretty 1095 00:50:37,120 --> 00:50:38,359 Speaker 1: cool I spent a lot of time here and save 1096 00:50:38,440 --> 00:50:40,120 Speaker 1: some money if I was really, you know, really going 1097 00:50:40,120 --> 00:50:41,640 Speaker 1: to home about it. As long as it doesn't cause 1098 00:50:41,680 --> 00:50:44,279 Speaker 1: you to spend more than you normally would, yeah, right, 1099 00:50:44,320 --> 00:50:46,399 Speaker 1: Like that's the big question. If it is causing you 1100 00:50:46,480 --> 00:50:48,759 Speaker 1: to consume in ways that you otherwise would, and it's 1101 00:50:48,800 --> 00:50:50,520 Speaker 1: one thing to have variety in your life, but if 1102 00:50:50,560 --> 00:50:53,319 Speaker 1: it's causing you to consume more, like you're talking about 1103 00:50:53,320 --> 00:50:55,440 Speaker 1: with the coupons earlier, if it means that you've got 1104 00:50:55,480 --> 00:50:57,439 Speaker 1: fourteen bottles that catch up now at your house, well 1105 00:50:57,520 --> 00:50:59,759 Speaker 1: that's that's a little bit more of a problem than 1106 00:51:00,120 --> 00:51:01,840 Speaker 1: getting a deal on one or twottles, and sure a 1107 00:51:01,840 --> 00:51:04,839 Speaker 1: family twenty and you guys love ketch up. But Julie, yeah, 1108 00:51:05,000 --> 00:51:07,640 Speaker 1: best of luck to you, joel Is, shift gears and 1109 00:51:07,640 --> 00:51:10,080 Speaker 1: get back to the beer that you and I enjoyed 1110 00:51:10,239 --> 00:51:13,520 Speaker 1: during this episode. This one is called So Happens, It's Tuesday. 1111 00:51:13,880 --> 00:51:17,440 Speaker 1: This is a bourbon barrel aged Imperial Stout. What your thoughts? 1112 00:51:17,600 --> 00:51:21,040 Speaker 1: All right? I wrote down a few words beastly, robust, boozy. 1113 00:51:21,440 --> 00:51:23,640 Speaker 1: There were some dark fruit vibes going on. This was 1114 00:51:23,960 --> 00:51:27,920 Speaker 1: definitely an interesting stout specimen and so yeah, I mean 1115 00:51:28,360 --> 00:51:30,360 Speaker 1: it's also fifteen plus percent, so I tried not to 1116 00:51:30,440 --> 00:51:32,520 Speaker 1: drink too much of it. But it was delightful. Like 1117 00:51:32,600 --> 00:51:36,960 Speaker 1: I'm used to great beers from the brewery, and they 1118 00:51:37,040 --> 00:51:38,799 Speaker 1: do great on the sours, they do great on the 1119 00:51:38,800 --> 00:51:40,960 Speaker 1: stouts in particular, and this was like one of the 1120 00:51:41,000 --> 00:51:43,359 Speaker 1: best stouts I've had from them. Was delicious. It made 1121 00:51:43,400 --> 00:51:45,240 Speaker 1: me realize that I don't think I had enough bourbon 1122 00:51:45,280 --> 00:51:48,600 Speaker 1: barrel aged beers this past winter, in particular stouts, because 1123 00:51:48,600 --> 00:51:51,920 Speaker 1: they just add so much additional flavor. Of course the 1124 00:51:51,960 --> 00:51:55,440 Speaker 1: bourbon notes that you get with this particular beer, but 1125 00:51:55,480 --> 00:51:58,760 Speaker 1: it's just loaded pat chock full of flavor. I definitely 1126 00:51:58,760 --> 00:52:01,440 Speaker 1: picked up notes of dark chocolate, but then just also 1127 00:52:01,520 --> 00:52:04,040 Speaker 1: the oak notes like the Oki vanilla notes that came 1128 00:52:04,040 --> 00:52:07,160 Speaker 1: through again. I think due to the bourbon barrels that 1129 00:52:07,200 --> 00:52:10,920 Speaker 1: this thing was aged and made it fantastic. Glad you 1130 00:52:10,960 --> 00:52:12,520 Speaker 1: and I got to enjoy this. This is one that's 1131 00:52:12,640 --> 00:52:15,360 Speaker 1: technically illegal here in Georgia. You can't even buy this 1132 00:52:15,440 --> 00:52:17,520 Speaker 1: beer's right here locally. But can we drink it? Though? 1133 00:52:17,520 --> 00:52:19,840 Speaker 1: Are we gonna get arrested here? I don't think. But 1134 00:52:19,920 --> 00:52:21,759 Speaker 1: if there's like bust down our the door to our 1135 00:52:21,760 --> 00:52:25,160 Speaker 1: little cloth out here recording our money episode, FBI raid 1136 00:52:25,280 --> 00:52:28,440 Speaker 1: is about is about to happen? Or I guess gbibi 1137 00:52:28,760 --> 00:52:31,919 Speaker 1: atf they're coming for us to have their own branch. 1138 00:52:32,000 --> 00:52:33,920 Speaker 1: I don't know, but that's going to be it for 1139 00:52:34,000 --> 00:52:36,319 Speaker 1: this specific episode. We'll make sure to link to any 1140 00:52:36,360 --> 00:52:38,680 Speaker 1: of the resources that we mentioned during this episode, and 1141 00:52:38,680 --> 00:52:40,279 Speaker 1: you can find those up in our show notes on 1142 00:52:40,320 --> 00:52:43,239 Speaker 1: the website at how to money dot com. That's right, 1143 00:52:43,280 --> 00:52:45,480 Speaker 1: all right, Matt, Until next time, best Friends Out and 1144 00:52:45,560 --> 00:52:46,640 Speaker 1: best Friends Out