1 00:00:00,080 --> 00:00:03,120 Speaker 1: Welcome to had the Money. I'm Joel and I am Matt, 2 00:00:03,240 --> 00:00:05,520 Speaker 1: and today we are answering your listener questions. 3 00:00:24,640 --> 00:00:27,000 Speaker 2: We hope everyone had a fantastic for a wee kid, 4 00:00:27,040 --> 00:00:29,520 Speaker 2: and we are glad you're joining us today on Monday 5 00:00:29,560 --> 00:00:31,280 Speaker 2: as we tackle some listener. 6 00:00:31,040 --> 00:00:32,440 Speaker 1: Questions, you have a case of the Mondays today. 7 00:00:32,440 --> 00:00:34,920 Speaker 2: I'm at never. I like Monday's because we love what 8 00:00:34,960 --> 00:00:36,720 Speaker 2: we do. So honestly, I feel like I used to 9 00:00:36,760 --> 00:00:39,400 Speaker 2: have sort of this impending dread back when I had 10 00:00:39,440 --> 00:00:41,560 Speaker 2: an old W two job, like you would feel it right, 11 00:00:41,680 --> 00:00:43,880 Speaker 2: even at that point, I feel like I like my job, 12 00:00:43,880 --> 00:00:46,279 Speaker 2: but it gets old, and when the ability to work 13 00:00:46,280 --> 00:00:48,680 Speaker 2: for yourself, man, yeah, there's nothing like it. 14 00:00:48,800 --> 00:00:50,160 Speaker 1: Plus you get to show up and see Mike smile 15 00:00:50,200 --> 00:00:52,360 Speaker 1: and face every Monday morning always brightened. 16 00:00:53,640 --> 00:00:56,920 Speaker 2: But we're going to discuss the high price of driving 17 00:00:57,120 --> 00:01:00,319 Speaker 2: a lemon and maybe it's not even the the high 18 00:01:00,360 --> 00:01:03,560 Speaker 2: financial cost, but in other ways. Another listener is asking 19 00:01:03,640 --> 00:01:07,360 Speaker 2: about how he should invest a windfall that he's come 20 00:01:07,440 --> 00:01:10,440 Speaker 2: into possession of, especially in his case it's his first 21 00:01:10,480 --> 00:01:12,800 Speaker 2: time or it's going to be his first maybe what 22 00:01:12,880 --> 00:01:14,880 Speaker 2: he considers his first big boy. 23 00:01:14,760 --> 00:01:15,560 Speaker 1: Sort of investment. 24 00:01:16,240 --> 00:01:18,959 Speaker 2: And then Another listener is asking about selling a home 25 00:01:19,040 --> 00:01:22,080 Speaker 2: after just two years of ownership. Wants to get the 26 00:01:22,560 --> 00:01:25,319 Speaker 2: Joel and Matt stamp of approval. So we'll get to 27 00:01:25,360 --> 00:01:26,520 Speaker 2: that plus others. 28 00:01:26,560 --> 00:01:26,800 Speaker 3: Today. 29 00:01:26,840 --> 00:01:28,320 Speaker 1: I forgot my ink pads, so I don't know if 30 00:01:28,319 --> 00:01:29,960 Speaker 1: he able to do that, but we'll give our best advice. 31 00:01:30,000 --> 00:01:32,119 Speaker 1: And you mentioned driving a lemon. Well, we're not talking 32 00:01:32,120 --> 00:01:34,200 Speaker 1: about driving a fruit here. We're talking about it of 33 00:01:34,240 --> 00:01:37,240 Speaker 1: course now the car. And actually there's a lot to 34 00:01:37,240 --> 00:01:39,759 Speaker 1: share on that that's applicable to people and basically every state, 35 00:01:39,800 --> 00:01:42,200 Speaker 1: because every state has a law if you sold a 36 00:01:42,240 --> 00:01:45,039 Speaker 1: car that has perpetual problems. We'll talk about that too. 37 00:01:45,200 --> 00:01:46,440 Speaker 1: Is that something I don't know if you've ever talked 38 00:01:46,480 --> 00:01:46,760 Speaker 1: about it. 39 00:01:46,800 --> 00:01:49,480 Speaker 2: And so even just kind of talking about it at 40 00:01:49,520 --> 00:01:50,720 Speaker 2: all here on the show, I think it's gonna be 41 00:01:50,720 --> 00:01:51,080 Speaker 2: good stuff. 42 00:01:51,120 --> 00:01:54,080 Speaker 1: Agreed. All right, So Matt, you got an email from 43 00:01:54,160 --> 00:01:56,720 Speaker 1: the folks that yeah, what happened? 44 00:01:56,800 --> 00:02:00,360 Speaker 2: Okay, So you get emails from all the different companies 45 00:02:00,360 --> 00:02:02,640 Speaker 2: that have your email, right, and I received one from 46 00:02:02,680 --> 00:02:06,240 Speaker 2: Fidelity and I saw it and immediately my spidy sense 47 00:02:06,360 --> 00:02:08,640 Speaker 2: like red flag started going up. It just it's not 48 00:02:08,680 --> 00:02:11,400 Speaker 2: the kind of email I've ever seen from Fidelity before, 49 00:02:11,480 --> 00:02:14,240 Speaker 2: Like oftentimes you'll see one where they're like, here's the 50 00:02:14,280 --> 00:02:18,200 Speaker 2: monthly report from whatever mutual fund and stuff like that. 51 00:02:18,400 --> 00:02:20,040 Speaker 2: This one did not look like that. And then I 52 00:02:20,080 --> 00:02:21,760 Speaker 2: looked a little bit closer and it kind of had 53 00:02:21,760 --> 00:02:24,920 Speaker 2: a weird email address specifically, and it. 54 00:02:24,800 --> 00:02:26,000 Speaker 1: Was something it's another red flag. 55 00:02:26,160 --> 00:02:29,400 Speaker 2: Yeah, it was something like Fidelity Investors at you know, 56 00:02:29,440 --> 00:02:32,240 Speaker 2: like mail dot something, you know, dot Fidelity do dot com. 57 00:02:32,240 --> 00:02:33,960 Speaker 2: And I was just like, oh no, this is totally 58 00:02:34,280 --> 00:02:36,920 Speaker 2: this is a scam. This is totally a phishing email. 59 00:02:37,400 --> 00:02:40,280 Speaker 2: I was like, wait a minute, it does say Fidelity, 60 00:02:40,400 --> 00:02:42,119 Speaker 2: it does say dot Fidelity. And I looked a little 61 00:02:42,120 --> 00:02:45,359 Speaker 2: bit closer and I realized that, in fact, this was 62 00:02:45,400 --> 00:02:48,800 Speaker 2: a real email. It's just that Fidelity they've got some 63 00:02:48,840 --> 00:02:52,400 Speaker 2: weird subdomains. And it made me realize that this is 64 00:02:52,400 --> 00:02:54,720 Speaker 2: not something we've ever talked about on the show. And 65 00:02:54,760 --> 00:02:56,640 Speaker 2: so do you know how to tell the difference between 66 00:02:57,280 --> 00:02:59,440 Speaker 2: an email that is coming from Fidelity that is legit 67 00:02:59,560 --> 00:03:01,600 Speaker 2: or not based on based on the domain. 68 00:03:02,200 --> 00:03:03,720 Speaker 1: I don't know, fill me in. And that is true 69 00:03:03,720 --> 00:03:05,680 Speaker 1: that when you look at the sender, typically that is 70 00:03:05,720 --> 00:03:07,840 Speaker 1: the thing that tips you off. You're like, oh, Okay, 71 00:03:08,000 --> 00:03:09,880 Speaker 1: it looks like they got the logo, they got maybe 72 00:03:09,919 --> 00:03:11,600 Speaker 1: even the same font and copy, and it almost looks 73 00:03:11,600 --> 00:03:13,280 Speaker 1: like a real Fidelity email. But it's typically the center 74 00:03:13,400 --> 00:03:15,000 Speaker 1: that throws me off. But is there another way? 75 00:03:15,040 --> 00:03:17,160 Speaker 2: Well, yeah, so this is not just what's written in there, 76 00:03:17,600 --> 00:03:19,760 Speaker 2: but if when you look at the actual address, because 77 00:03:19,760 --> 00:03:21,720 Speaker 2: sometimes you will see Fidelity in there. But what you 78 00:03:21,720 --> 00:03:24,680 Speaker 2: need to pay attention to is basically the difference between 79 00:03:24,840 --> 00:03:29,160 Speaker 2: a domain, so the at whatever dot com or the subdomain, 80 00:03:29,160 --> 00:03:31,200 Speaker 2: which is the at and there's a word there, but 81 00:03:31,200 --> 00:03:34,840 Speaker 2: then there's another dot word dot com, right, And so 82 00:03:34,880 --> 00:03:36,680 Speaker 2: in this case, I think the email address was something 83 00:03:36,720 --> 00:03:42,520 Speaker 2: like Fidelity Investors at mail dot Fidelity dot com. 84 00:03:42,880 --> 00:03:43,880 Speaker 1: And I pause for a second. 85 00:03:43,920 --> 00:03:46,120 Speaker 2: I'm like, wait a minute, this is this is actually 86 00:03:46,160 --> 00:03:48,320 Speaker 2: a legitimate email, because what you want to pay attention 87 00:03:48,360 --> 00:03:51,800 Speaker 2: to is the word that is closest to the dot 88 00:03:51,800 --> 00:03:54,640 Speaker 2: com or the dot org or dot gov or whatever 89 00:03:54,680 --> 00:03:58,400 Speaker 2: it is that you know, whoever's emailing you. But the 90 00:03:58,440 --> 00:04:01,160 Speaker 2: subdomain can be anything, and so what you want to 91 00:04:01,240 --> 00:04:04,520 Speaker 2: avoid is the exact opposite. Right, So let's say that 92 00:04:04,520 --> 00:04:08,200 Speaker 2: you get an email and it's investors at Fidelity dots 93 00:04:09,440 --> 00:04:13,320 Speaker 2: how to money or something like that. It just threw 94 00:04:13,400 --> 00:04:14,960 Speaker 2: us under the bus. That would actually make a great 95 00:04:14,960 --> 00:04:18,280 Speaker 2: phishing email, wasn't it. Because anyway, but if the mad 96 00:04:18,360 --> 00:04:20,719 Speaker 2: Joel partner with the guy's ability, either send me the 97 00:04:20,760 --> 00:04:23,960 Speaker 2: email or le let's just say like, uh, investor email 98 00:04:24,040 --> 00:04:26,080 Speaker 2: dot com or you know, something like that, because anybody 99 00:04:26,160 --> 00:04:28,880 Speaker 2: can set up a random website, but then you can 100 00:04:28,920 --> 00:04:31,359 Speaker 2: set up a subdomain called whatever you want it to be, 101 00:04:31,480 --> 00:04:33,760 Speaker 2: including fidelity. So Fidelity might be in there. And if 102 00:04:33,760 --> 00:04:35,120 Speaker 2: that's the first thing that you look at and you 103 00:04:35,120 --> 00:04:38,200 Speaker 2: don't look further down the line of the email address, 104 00:04:38,440 --> 00:04:40,400 Speaker 2: that's when you might be tempted into thinking that, oh, 105 00:04:40,440 --> 00:04:43,760 Speaker 2: this is legitimate, when in fact, this is a phishing email. 106 00:04:43,800 --> 00:04:45,880 Speaker 2: And so in this case, it's funny because the email 107 00:04:45,880 --> 00:04:48,560 Speaker 2: looked kind of sus you know, like it looked a 108 00:04:48,560 --> 00:04:51,600 Speaker 2: little phishy, But then on closer inspection, I realized, wait 109 00:04:51,600 --> 00:04:54,640 Speaker 2: a minute, no, this is in fact a legitimate email, 110 00:04:54,960 --> 00:04:57,880 Speaker 2: and I confirmed it and whatnot. But I just wanted 111 00:04:57,880 --> 00:04:59,920 Speaker 2: to mention throw that out there because I think a 112 00:05:00,000 --> 00:05:02,160 Speaker 2: a lot of folks are thinking, oh, well, it's got 113 00:05:02,200 --> 00:05:04,240 Speaker 2: Fideli in there, it must be good. You don't want 114 00:05:04,240 --> 00:05:05,440 Speaker 2: to assume that that's the case. 115 00:05:05,480 --> 00:05:08,080 Speaker 1: Yeah, or again logo font looks like something I would send, 116 00:05:08,279 --> 00:05:11,320 Speaker 1: but maybe there's something like some some spam emails clearly 117 00:05:11,400 --> 00:05:14,680 Speaker 1: like right off the bat, that's not legit. I still 118 00:05:14,720 --> 00:05:16,360 Speaker 1: of them do a better job than others. I'll say that. 119 00:05:16,400 --> 00:05:18,159 Speaker 1: I'll slipping through my spam folder the other day because 120 00:05:18,160 --> 00:05:19,960 Speaker 1: I hadn't been in there in forever, and I realized 121 00:05:20,160 --> 00:05:22,400 Speaker 1: there was a couple of messages I thought I had missed, 122 00:05:22,400 --> 00:05:24,120 Speaker 1: and you actually pointed one out, and so that's why 123 00:05:24,160 --> 00:05:26,080 Speaker 1: I kind of went through there, and there were a 124 00:05:26,080 --> 00:05:28,400 Speaker 1: couple of things that I was glad I found. But 125 00:05:28,480 --> 00:05:30,600 Speaker 1: it's really interesting to kind of float through all those 126 00:05:30,600 --> 00:05:32,040 Speaker 1: spam emails that don't make it get older. And I 127 00:05:32,120 --> 00:05:34,800 Speaker 1: was like, wait, first, the spam folder's pretty good, and too, 128 00:05:34,839 --> 00:05:37,080 Speaker 1: there's some really interesting attempts at spam. Like I saw 129 00:05:37,120 --> 00:05:39,479 Speaker 1: there was one email headline. I didn't click on the email, 130 00:05:39,520 --> 00:05:41,640 Speaker 1: but it's basically about that money I owe you. That 131 00:05:41,760 --> 00:05:46,320 Speaker 1: was a subject line, and I'm like, of course, super conversation. Yes, hey, 132 00:05:46,440 --> 00:05:46,800 Speaker 1: it makes it. 133 00:05:46,720 --> 00:05:49,040 Speaker 2: It seemed casual, like oh yeah, somebody, I'm sure there's 134 00:05:49,040 --> 00:05:50,280 Speaker 2: somebody out there that money, right. 135 00:05:50,360 --> 00:05:52,520 Speaker 1: It feels very clickable like, oh about that money I 136 00:05:52,560 --> 00:05:52,720 Speaker 1: owe you? 137 00:05:52,800 --> 00:05:54,320 Speaker 2: Because it did you almost want to reward them just 138 00:05:54,360 --> 00:05:55,599 Speaker 2: because they had a good subject. 139 00:05:55,800 --> 00:05:57,640 Speaker 1: Yes, of course I did. I'm like, that's a good 140 00:05:57,680 --> 00:06:01,280 Speaker 1: attempt at a for f scam, right, But yeah, pay attention. 141 00:06:01,800 --> 00:06:03,800 Speaker 1: And even if you just actually click the email and 142 00:06:03,839 --> 00:06:05,640 Speaker 1: you look at it, typically nothing's going to happen to you. 143 00:06:05,720 --> 00:06:07,359 Speaker 1: But it's now you click something on the inside of 144 00:06:07,360 --> 00:06:11,160 Speaker 1: that Emaactly, that's when a keylogger or someone's going to 145 00:06:11,200 --> 00:06:13,320 Speaker 1: attempt to steal your money. That's when you're going to 146 00:06:13,360 --> 00:06:16,040 Speaker 1: get entangled with these gammers. So best to avoid exactly. 147 00:06:16,160 --> 00:06:16,760 Speaker 1: It's a good tip. 148 00:06:16,800 --> 00:06:21,120 Speaker 2: So investor dot fidelity, dot com should be totally fine. Fidelity, 149 00:06:21,320 --> 00:06:25,160 Speaker 2: dot whatever. The next thing is dot com. That's where 150 00:06:25,160 --> 00:06:27,040 Speaker 2: there might be an attempt. And I will say one 151 00:06:27,040 --> 00:06:28,279 Speaker 2: of the other things that tipped me off to with 152 00:06:28,360 --> 00:06:31,880 Speaker 2: this specific email is I copied one of the main 153 00:06:31,920 --> 00:06:34,719 Speaker 2: links within the email. It turns out it was for 154 00:06:35,080 --> 00:06:37,360 Speaker 2: a financial advisor appointment or something like that, which they 155 00:06:37,440 --> 00:06:39,640 Speaker 2: I've never seen them do before either, which was kind 156 00:06:39,640 --> 00:06:41,680 Speaker 2: of odd. But I copied the link and pasted it 157 00:06:41,720 --> 00:06:44,279 Speaker 2: in the in my browser without just so I could 158 00:06:44,279 --> 00:06:48,039 Speaker 2: see what the link was and it was Fidelityinvestments dot Com, 159 00:06:48,080 --> 00:06:48,960 Speaker 2: which is another. 160 00:06:48,720 --> 00:06:50,160 Speaker 1: Red flag because they owned both URLs. 161 00:06:50,200 --> 00:06:53,000 Speaker 2: Huh yeah, But why in the world is this giant 162 00:06:53,040 --> 00:06:56,640 Speaker 2: company who is awesome, Why are they dealing with all 163 00:06:56,680 --> 00:06:58,919 Speaker 2: these silly subdomains that make them look like a local 164 00:06:58,920 --> 00:07:01,799 Speaker 2: credit union. Like that's the part that I don't understand, 165 00:07:02,040 --> 00:07:03,600 Speaker 2: Like why are they sending emails because you can send 166 00:07:03,640 --> 00:07:06,040 Speaker 2: emails from these different subdomains and that's what they're doing 167 00:07:06,240 --> 00:07:07,440 Speaker 2: when instead I feel. 168 00:07:07,279 --> 00:07:09,040 Speaker 1: Like they on a streamline something. It just can be 169 00:07:09,240 --> 00:07:12,280 Speaker 1: bad branding and also confusing, especially and it's an unclear 170 00:07:12,320 --> 00:07:14,080 Speaker 1: message where we have to watch out for ourselves even 171 00:07:14,080 --> 00:07:16,480 Speaker 1: more in our inbox one hundred. So we still love 172 00:07:16,480 --> 00:07:18,840 Speaker 1: you Fidelity. Yeah, that's a good, good tip, Matt. All right, 173 00:07:18,960 --> 00:07:20,560 Speaker 1: let's mention the beer we're having on this episode. This 174 00:07:20,600 --> 00:07:22,960 Speaker 1: one's called Scale a Hawk. The logo on this one 175 00:07:23,000 --> 00:07:25,679 Speaker 1: looks so dope, like a bird rising from the ashes 176 00:07:25,760 --> 00:07:28,840 Speaker 1: or something kind of like Phoenix. Yeah, really cool looking. 177 00:07:29,040 --> 00:07:30,880 Speaker 2: Scale Hawk makes me think of I don't know. The 178 00:07:30,960 --> 00:07:34,400 Speaker 2: sku sk part makes me think of I guess skateboarding, 179 00:07:34,440 --> 00:07:36,080 Speaker 2: and the fact that it ends with hawk makes me 180 00:07:36,480 --> 00:07:39,120 Speaker 2: The throwback to Tony is what it makes me think. 181 00:07:39,040 --> 00:07:41,520 Speaker 1: Of og of skateboarding. But yeah, we'll give our thoughts 182 00:07:41,520 --> 00:07:43,800 Speaker 1: on this IPA at the end of the episode, but 183 00:07:43,880 --> 00:07:45,960 Speaker 1: let's move on to list our questions. Matt. For folks 184 00:07:46,000 --> 00:07:48,119 Speaker 1: out there who have a question for us, we would 185 00:07:48,120 --> 00:07:49,960 Speaker 1: love to hear from you, Just go to how tomoney 186 00:07:50,000 --> 00:07:53,040 Speaker 1: dot com, slash ask, or record a voice memo on 187 00:07:53,120 --> 00:07:55,360 Speaker 1: the app on your phone, send it our way via 188 00:07:55,480 --> 00:07:57,360 Speaker 1: email and we'll get it hopefully on the next Ask 189 00:07:57,400 --> 00:07:59,440 Speaker 1: How to Money episode. The first question of the day 190 00:07:59,480 --> 00:08:01,960 Speaker 1: comes from a little who wants to know whether or 191 00:08:02,000 --> 00:08:04,200 Speaker 1: not he can tell us home. He wants our verdict 192 00:08:04,240 --> 00:08:04,880 Speaker 1: before he does it. 193 00:08:05,320 --> 00:08:09,040 Speaker 4: Hey, joel Annette, this is Tim from Fairfax, Virginia, a long, 194 00:08:09,080 --> 00:08:12,320 Speaker 4: long time listener since Believe It or Not Episode one 195 00:08:12,320 --> 00:08:14,360 Speaker 4: when you guys talked about how much you love biking. 196 00:08:14,840 --> 00:08:18,160 Speaker 4: Love what you guys do. A quick question for you. So, 197 00:08:18,480 --> 00:08:20,920 Speaker 4: my wife and I bought a house last August. We 198 00:08:21,000 --> 00:08:23,200 Speaker 4: put down ten percent at a six point five rate. 199 00:08:23,920 --> 00:08:26,760 Speaker 4: Definitely a very rush process given a competitor. The market 200 00:08:26,800 --> 00:08:29,480 Speaker 4: is out here, but in the time since we've learned 201 00:08:29,480 --> 00:08:31,960 Speaker 4: so much about ourselves home ownership, that sort of thing. 202 00:08:32,679 --> 00:08:35,319 Speaker 4: But we're actually discussing the possibility of leaving this house 203 00:08:35,800 --> 00:08:40,360 Speaker 4: after two years Showley's avoid capital gains, and the reason 204 00:08:40,400 --> 00:08:42,280 Speaker 4: being this house is simply not what we thought it 205 00:08:42,280 --> 00:08:45,240 Speaker 4: would be in terms of you know, functionality, location, that 206 00:08:45,320 --> 00:08:49,520 Speaker 4: sort of thing. And I'm reluctant to rent this place 207 00:08:49,559 --> 00:08:52,920 Speaker 4: out as I've had some terrible tenant experiences with another property. 208 00:08:53,760 --> 00:08:56,480 Speaker 4: And I know it's pretty much a cardinal sin to 209 00:08:56,720 --> 00:08:59,920 Speaker 4: buy a house and sell it before the recommended five 210 00:09:00,080 --> 00:09:03,360 Speaker 4: to seven years, depending on who you ask. But is 211 00:09:03,400 --> 00:09:05,760 Speaker 4: there ever a case to do exactly that? If home 212 00:09:05,800 --> 00:09:08,839 Speaker 4: ownership is really not for you, it's affecting your mental 213 00:09:08,840 --> 00:09:10,640 Speaker 4: health and you feel and need to just cut your 214 00:09:10,679 --> 00:09:14,240 Speaker 4: losses and financially and also mentally regroup as a couple. 215 00:09:14,920 --> 00:09:18,120 Speaker 4: I guess I'm looking for some validation in some shape 216 00:09:18,200 --> 00:09:20,800 Speaker 4: or form that this isn't the most financially crippling decision 217 00:09:20,800 --> 00:09:22,959 Speaker 4: if we got on this route. And if you guys 218 00:09:23,000 --> 00:09:25,199 Speaker 4: are ever out in northern Virginia, check out a brewery 219 00:09:25,240 --> 00:09:28,640 Speaker 4: with the coolest name, Quatro Goombas. Thanks again, guys, and 220 00:09:28,720 --> 00:09:29,640 Speaker 4: keep with the awesome work. 221 00:09:29,840 --> 00:09:32,600 Speaker 1: Bye. Matt. Tim said he'd been listening since episode one. 222 00:09:32,679 --> 00:09:34,439 Speaker 1: I thought it was literally just our moms to listen 223 00:09:34,480 --> 00:09:35,360 Speaker 1: to the first episode. 224 00:09:35,679 --> 00:09:37,880 Speaker 2: We had a few, like a handful of folks out there. 225 00:09:38,200 --> 00:09:40,640 Speaker 2: What's more impressive is the fact that he stuck with us, 226 00:09:41,720 --> 00:09:43,240 Speaker 2: Like it's one thing to be like. 227 00:09:43,200 --> 00:09:45,200 Speaker 1: Oh yeah, I was there for the inaugural episode. Because 228 00:09:45,200 --> 00:09:48,000 Speaker 1: we're not joking when we say those first twenty or so, 229 00:09:48,200 --> 00:09:50,839 Speaker 1: maybe fifty or so episodes were right, we learned a 230 00:09:50,880 --> 00:09:51,719 Speaker 1: lot since they were rough. 231 00:09:52,160 --> 00:09:54,959 Speaker 2: Should we send Tim a pair of socks for being 232 00:09:55,600 --> 00:09:57,959 Speaker 2: a longtime listener? To Tim, send us an email. You've 233 00:09:57,960 --> 00:09:59,679 Speaker 2: already sent us your voice memo, but send us another 234 00:10:00,080 --> 00:10:02,400 Speaker 2: follow up email with your with your mailing address. 235 00:10:02,040 --> 00:10:03,440 Speaker 1: And we'll get those on the way to you. I mean, 236 00:10:03,440 --> 00:10:05,000 Speaker 1: for literally having stuck with us for one hundred and 237 00:10:05,040 --> 00:10:06,040 Speaker 1: sixty plus episodes. 238 00:10:06,280 --> 00:10:07,600 Speaker 2: The least we can do is and you should at 239 00:10:07,679 --> 00:10:12,000 Speaker 2: least have some warm this winter. But uh, okay, one 240 00:10:12,000 --> 00:10:13,880 Speaker 2: thing that stood out to me. I wanted to point 241 00:10:13,920 --> 00:10:17,199 Speaker 2: out the fact that Tim mentioned not loving the location 242 00:10:17,320 --> 00:10:20,199 Speaker 2: where he is. This is why we suggest renting in 243 00:10:20,280 --> 00:10:22,640 Speaker 2: a specific location for at least like six months or 244 00:10:22,679 --> 00:10:24,439 Speaker 2: so before buying. 245 00:10:24,480 --> 00:10:26,480 Speaker 1: And so Tim, I'm you know, I'm not totally sure 246 00:10:26,480 --> 00:10:28,600 Speaker 1: if you just moved to that part of Virginia or not. 247 00:10:29,400 --> 00:10:32,560 Speaker 2: But the stakes are just higher when you are looking, 248 00:10:32,720 --> 00:10:34,319 Speaker 2: you know, when you're buying a home, as opposed to 249 00:10:34,720 --> 00:10:36,520 Speaker 2: just saying, oh, let's just try this area out, get a. 250 00:10:36,520 --> 00:10:37,640 Speaker 1: Feel for it. If you were in a place for 251 00:10:37,679 --> 00:10:40,280 Speaker 1: six months and it sucks, you can move six months 252 00:10:40,320 --> 00:10:42,360 Speaker 1: from now. If you buy, it's tougher to pull that off. 253 00:10:42,400 --> 00:10:44,959 Speaker 2: You might find yourself in for a tough financial lesson. 254 00:10:45,720 --> 00:10:47,760 Speaker 2: Or he might just be sort of he may feel 255 00:10:48,160 --> 00:10:51,480 Speaker 2: forced to stay at a house that hasn't treated him well. 256 00:10:51,600 --> 00:10:54,280 Speaker 2: You know, like there's certain experiences that you have with 257 00:10:54,360 --> 00:10:56,599 Speaker 2: different places or different products where you're just like, you 258 00:10:56,679 --> 00:10:57,800 Speaker 2: know what, this just isn't for me. 259 00:10:57,880 --> 00:11:00,520 Speaker 1: That's one of the underdiscussed elements of home ownership. We 260 00:11:00,520 --> 00:11:04,040 Speaker 1: talk about maybe the extra costs that you incur Matt 261 00:11:04,040 --> 00:11:06,480 Speaker 1: when you own a home, and people often under assume 262 00:11:06,520 --> 00:11:09,160 Speaker 1: whether they think the mortgage, oh, the mortgage is about 263 00:11:09,160 --> 00:11:11,040 Speaker 1: the same as my rent, so might as well buy. 264 00:11:11,480 --> 00:11:13,000 Speaker 1: But then there are all these other costs you endure. 265 00:11:13,040 --> 00:11:15,960 Speaker 1: But in addition to that, Tim mentioned kind of the 266 00:11:16,040 --> 00:11:19,160 Speaker 1: mental health factor, because there's a lot more to maintain, 267 00:11:19,280 --> 00:11:22,880 Speaker 1: and so it's like it's the weekend warrior thing is legit, 268 00:11:23,160 --> 00:11:26,880 Speaker 1: so mowing the lawn or what a tree falls him. 269 00:11:27,080 --> 00:11:28,520 Speaker 1: I had a tree fall recently, another one I think 270 00:11:28,559 --> 00:11:31,200 Speaker 1: I mentioned this hit my neighbor's shed. And it's all 271 00:11:31,240 --> 00:11:32,920 Speaker 1: this stuff you have to deal with as an owner 272 00:11:32,960 --> 00:11:34,319 Speaker 1: that you don't have to deal with in nearly the 273 00:11:34,360 --> 00:11:37,000 Speaker 1: same way as a renter, and it adds up. So yes, 274 00:11:37,040 --> 00:11:40,640 Speaker 1: it's the finances, but it's also the just additional brain 275 00:11:40,679 --> 00:11:42,720 Speaker 1: space that it takes up owning a home. So I 276 00:11:42,760 --> 00:11:45,920 Speaker 1: totally get where Tim is coming from here. And let's 277 00:11:45,920 --> 00:11:47,720 Speaker 1: just say that Tim's kind of sort of been lucky 278 00:11:47,720 --> 00:11:50,199 Speaker 1: here to a certain degree. The market over the past 279 00:11:50,280 --> 00:11:52,160 Speaker 1: couple of years has been on his side, and so 280 00:11:52,280 --> 00:11:54,920 Speaker 1: in a normal two year stretch, you're probably going to 281 00:11:54,960 --> 00:11:58,680 Speaker 1: find that the transaction costs eat into whatever meager profit 282 00:11:58,720 --> 00:12:02,000 Speaker 1: you might have made you might have enjoyed, meaning that 283 00:12:02,040 --> 00:12:05,040 Speaker 1: renting would have clearly been a better move. And sometimes 284 00:12:05,040 --> 00:12:07,280 Speaker 1: it's just better to be lucky than smart, right, Matt, 285 00:12:07,320 --> 00:12:09,640 Speaker 1: And that I think is where Tim has ended up. 286 00:12:10,080 --> 00:12:11,839 Speaker 1: Not that Tim's not smart, Tim, I'm promise I'm not 287 00:12:11,920 --> 00:12:14,840 Speaker 1: questioning your intelligence, but I'm just saying that because the 288 00:12:14,880 --> 00:12:18,559 Speaker 1: market has been solidly in the favor of buyers over 289 00:12:18,600 --> 00:12:20,800 Speaker 1: the past few years. If you've phoned a home, even 290 00:12:20,840 --> 00:12:23,800 Speaker 1: on a truncated timeline, you've done better than you traditionally 291 00:12:23,800 --> 00:12:26,320 Speaker 1: would have done historically. Matt, I know someone who's bought 292 00:12:26,360 --> 00:12:28,760 Speaker 1: and sold homes in the state of Florida more times 293 00:12:28,760 --> 00:12:31,120 Speaker 1: than we typically recommend over the past five or so years. 294 00:12:31,360 --> 00:12:33,600 Speaker 1: But the insane housing market that up into the right 295 00:12:33,640 --> 00:12:37,200 Speaker 1: trajectory of prices in there, and it's finally starting to correct, 296 00:12:37,240 --> 00:12:41,000 Speaker 1: I think, But it's made those moves look reasonable. That 297 00:12:41,120 --> 00:12:42,760 Speaker 1: is typically not the case, though, and I would not 298 00:12:42,880 --> 00:12:46,400 Speaker 1: expect a ridiculously hot housing market to do that for 299 00:12:46,440 --> 00:12:49,000 Speaker 1: people in the future. I wouldn't expect this to continue 300 00:12:49,000 --> 00:12:51,240 Speaker 1: to be the case. But I guess in Tim's case, 301 00:12:51,240 --> 00:12:53,880 Speaker 1: it's okay to be thankful that it's allowing him potentially 302 00:12:53,960 --> 00:12:56,800 Speaker 1: to move on from this current purchase without enduring too 303 00:12:56,920 --> 00:12:57,360 Speaker 1: much pain. 304 00:12:57,440 --> 00:13:01,680 Speaker 2: Sure well, and honestly, like these different personal finance choices 305 00:13:01,720 --> 00:13:04,439 Speaker 2: that we make, I think the whole point that we 306 00:13:04,480 --> 00:13:06,160 Speaker 2: are trying to be smart with our money is to 307 00:13:06,240 --> 00:13:08,480 Speaker 2: serve some sort of greater end, right, It's to serve 308 00:13:08,559 --> 00:13:10,760 Speaker 2: sort of like our deeper needs and desires. 309 00:13:10,920 --> 00:13:13,120 Speaker 1: It's not an attemptic to be like an old school 310 00:13:13,160 --> 00:13:16,920 Speaker 1: gnostic right where we flail ourselves into extreme frugality, hate 311 00:13:16,920 --> 00:13:19,320 Speaker 1: our lives as much as possible to get the biggest 312 00:13:19,360 --> 00:13:20,280 Speaker 1: number of the banke accounty. 313 00:13:20,280 --> 00:13:22,520 Speaker 2: And I'm also not saying that you should just chase 314 00:13:22,559 --> 00:13:25,880 Speaker 2: after whatever fleeting yolo wants and desires that you might have, 315 00:13:26,000 --> 00:13:28,280 Speaker 2: right Like, I'm not suggesting to buy, not pay later 316 00:13:28,320 --> 00:13:30,880 Speaker 2: into finance a new wardrobe because that's going to make 317 00:13:30,880 --> 00:13:32,720 Speaker 2: you happy, and which it actually won't make you. 318 00:13:32,720 --> 00:13:33,280 Speaker 1: Happy, of course. 319 00:13:33,760 --> 00:13:36,320 Speaker 2: But this is far different though, because this home, you know, 320 00:13:36,360 --> 00:13:38,440 Speaker 2: where it is that you live, it's about a lot 321 00:13:38,480 --> 00:13:41,800 Speaker 2: more than finances. It's more than just your fleeting desires. 322 00:13:41,960 --> 00:13:44,480 Speaker 2: And it sounds like that you've thought through the different 323 00:13:44,480 --> 00:13:46,760 Speaker 2: trade offs and that you're okay with making a decision 324 00:13:46,800 --> 00:13:49,400 Speaker 2: that's not optimal. You're okay making a decision here that's 325 00:13:49,400 --> 00:13:52,000 Speaker 2: going to serve you guys well, even if it isn't 326 00:13:52,040 --> 00:13:52,959 Speaker 2: the best thing for. 327 00:13:52,840 --> 00:13:54,000 Speaker 1: Your long term finances. 328 00:13:54,800 --> 00:13:57,000 Speaker 2: Yeah, like we said, you realize that home ownership it's 329 00:13:57,080 --> 00:14:00,640 Speaker 2: not for you. That's a reasonable conclusion to to arrive at. 330 00:14:00,720 --> 00:14:04,000 Speaker 2: And because of that, I wouldn't resign myself. I wouldn't 331 00:14:04,000 --> 00:14:07,320 Speaker 2: shackle myself to owning this home for years more, you know, 332 00:14:07,480 --> 00:14:10,400 Speaker 2: just because you're looking for you know, Matt and Joel 333 00:14:10,400 --> 00:14:12,160 Speaker 2: to give it the stamp of approval, for us to 334 00:14:12,640 --> 00:14:15,440 Speaker 2: for you to have abided by our rule of thumb. 335 00:14:15,600 --> 00:14:17,920 Speaker 1: Often typically say seven years, right, I mean, yeah, five 336 00:14:17,960 --> 00:14:18,720 Speaker 1: to seven years. 337 00:14:18,720 --> 00:14:21,440 Speaker 2: But here's the thing, even and honestly, the market has 338 00:14:21,440 --> 00:14:23,600 Speaker 2: cooled because I think he said he got it last year, 339 00:14:23,720 --> 00:14:26,360 Speaker 2: let maybe last fall, and since then the market has. 340 00:14:26,200 --> 00:14:27,800 Speaker 1: Cooled a little bit. I think he said two years ago. 341 00:14:27,960 --> 00:14:29,480 Speaker 2: Well, he's wanting to hang on to it, I think 342 00:14:29,520 --> 00:14:32,080 Speaker 2: for at least two years to avoid the capital gains. 343 00:14:31,880 --> 00:14:34,120 Speaker 1: Which it hasn't even staciated much. He's not gonna have 344 00:14:34,240 --> 00:14:35,720 Speaker 1: much capital games to pay. Boom, there you go. 345 00:14:35,760 --> 00:14:37,400 Speaker 2: But on top of that, it's like, well, is that 346 00:14:37,600 --> 00:14:40,920 Speaker 2: enough to offset some of the transaction costs? Again, like 347 00:14:41,000 --> 00:14:44,440 Speaker 2: we're talking about questions that are bigger than just transaction costs. Then, 348 00:14:44,480 --> 00:14:47,280 Speaker 2: whether or not you've seen appreciation in that home, it's 349 00:14:47,280 --> 00:14:49,920 Speaker 2: not ideal, certainly, No, it's not ideal at all. But 350 00:14:50,000 --> 00:14:51,760 Speaker 2: there are also a whole lot of other worse things 351 00:14:51,760 --> 00:14:53,520 Speaker 2: that you can do with your money than having purchased 352 00:14:53,520 --> 00:14:53,800 Speaker 2: a home. 353 00:14:53,840 --> 00:14:55,840 Speaker 1: Yeah, as well, exactly, And so let's talk about the 354 00:14:55,880 --> 00:14:58,640 Speaker 1: tax thing for just a second. It's important for everyone 355 00:14:58,680 --> 00:15:00,360 Speaker 1: else out there to know, but Tim as well well. 356 00:15:00,520 --> 00:15:03,480 Speaker 1: Crossing the two year threshold is key. It's not being 357 00:15:03,480 --> 00:15:07,920 Speaker 1: forced to pay capital gains on the increase in value 358 00:15:07,920 --> 00:15:11,000 Speaker 1: that you've experienced. So it's if you hit that hurdle, 359 00:15:11,200 --> 00:15:13,840 Speaker 1: you're not going to be triggering that tax consequence. But 360 00:15:14,320 --> 00:15:16,760 Speaker 1: the other side of the equation again is Matt that 361 00:15:17,160 --> 00:15:19,800 Speaker 1: if your house didn't appreciate much, we're talking about fifteen 362 00:15:19,840 --> 00:15:21,080 Speaker 1: percent on peanuts. 363 00:15:21,240 --> 00:15:23,680 Speaker 2: So yeah, you tell a little bit worry about all 364 00:15:23,720 --> 00:15:25,880 Speaker 2: that much anyway. Yeah, and so you're overly if that's 365 00:15:25,920 --> 00:15:27,960 Speaker 2: the case, you're maybe a little overly focused on the 366 00:15:28,000 --> 00:15:30,960 Speaker 2: principle as opposed to the reality of how much you're 367 00:15:30,960 --> 00:15:31,760 Speaker 2: having a day in Texas. 368 00:15:31,840 --> 00:15:33,840 Speaker 1: It still sinks because you're paying transaction costs on the 369 00:15:33,840 --> 00:15:35,920 Speaker 1: front end and the back end. Those costs have come 370 00:15:35,960 --> 00:15:37,960 Speaker 1: down a little bit recently, but not much, and so 371 00:15:38,360 --> 00:15:42,120 Speaker 1: it's still it's going to feel like a financial face 372 00:15:42,160 --> 00:15:44,120 Speaker 1: punch to a certain extent. It doesn't mean that it's 373 00:15:44,160 --> 00:15:46,680 Speaker 1: not worth it. And it's also important to mention that 374 00:15:46,680 --> 00:15:49,080 Speaker 1: they put ten percent down on the home, which does 375 00:15:49,120 --> 00:15:51,000 Speaker 1: mean you should walk away from the closing table with 376 00:15:51,080 --> 00:15:53,920 Speaker 1: some money back in your pocket. And I do think, Matt, 377 00:15:53,960 --> 00:15:56,960 Speaker 1: the answer might take a different tone. If Tim had 378 00:15:57,000 --> 00:15:59,600 Speaker 1: a smaller down payment. Let's say he put two percent 379 00:15:59,640 --> 00:16:02,200 Speaker 1: down three two percent down, and the market wins hadn't 380 00:16:02,240 --> 00:16:04,240 Speaker 1: been on his back at least just a little bit, 381 00:16:05,000 --> 00:16:07,960 Speaker 1: you might have find yourself potentially even unable to sell right, 382 00:16:08,040 --> 00:16:10,640 Speaker 1: not having enough cash in the bank, not having enough 383 00:16:10,680 --> 00:16:14,200 Speaker 1: equity on hand to allow you to sell this house. Fortunately, 384 00:16:14,200 --> 00:16:16,600 Speaker 1: that's not the case. Other people might find themselves in 385 00:16:16,640 --> 00:16:19,160 Speaker 1: that position, Matt in the years to come, especially with 386 00:16:19,200 --> 00:16:21,520 Speaker 1: what's happened with the rise in home prices and a 387 00:16:21,520 --> 00:16:24,160 Speaker 1: potential moderation and even a potential decline in some parts 388 00:16:24,160 --> 00:16:26,280 Speaker 1: of the country and home prices. But going back to 389 00:16:26,320 --> 00:16:28,560 Speaker 1: what you were saying, Matt, I think prioritizing your life 390 00:16:28,600 --> 00:16:32,000 Speaker 1: your mental well being makes sense here because it's not 391 00:16:32,080 --> 00:16:34,440 Speaker 1: some sort of complete financial catastrophe exactly. 392 00:16:34,600 --> 00:16:37,200 Speaker 2: Yeah, And going back to the timeline, it's worth kind 393 00:16:37,200 --> 00:16:39,240 Speaker 2: of touching on that because, like you said, if you 394 00:16:39,280 --> 00:16:41,280 Speaker 2: hang onto it for if you live in it as 395 00:16:41,320 --> 00:16:43,120 Speaker 2: your primary residence for at least two out of the 396 00:16:43,400 --> 00:16:46,400 Speaker 2: five years, you've got that if you're married, a five 397 00:16:46,480 --> 00:16:49,840 Speaker 2: hundred thousand dollars exclusion on any profit there. But if 398 00:16:49,880 --> 00:16:53,280 Speaker 2: you own the home and single people have that much, yeah, yeah, exactly. 399 00:16:53,640 --> 00:16:55,960 Speaker 2: But if you only hang onto it for basically between 400 00:16:55,960 --> 00:16:57,800 Speaker 2: one and two years, that's when you enter into that 401 00:16:57,920 --> 00:17:01,840 Speaker 2: long term capital gains tax bracket, which I will say though, 402 00:17:02,240 --> 00:17:04,280 Speaker 2: depending on how much it is that you make, might 403 00:17:04,359 --> 00:17:06,200 Speaker 2: even be zero if you're making less than ninety four 404 00:17:06,200 --> 00:17:08,680 Speaker 2: thousand dollars, which is honestly like there are a decent 405 00:17:08,760 --> 00:17:10,560 Speaker 2: number of folks out there who that would apply to, 406 00:17:10,680 --> 00:17:12,439 Speaker 2: So that's worth keeping in mind for other folks who 407 00:17:12,520 --> 00:17:14,800 Speaker 2: might be in a similar situation. And of course you 408 00:17:15,000 --> 00:17:17,359 Speaker 2: certainly want to avoid owning it for less than one year, 409 00:17:17,400 --> 00:17:19,520 Speaker 2: because that's when you're looking at short term capital gains 410 00:17:19,520 --> 00:17:22,919 Speaker 2: where that profit is taxed basically as ordinary income, So 411 00:17:22,960 --> 00:17:27,439 Speaker 2: it could be significantly higher than that fifteen percent. But 412 00:17:27,960 --> 00:17:29,919 Speaker 2: sort of going back to what we're saying at the beginning, 413 00:17:29,960 --> 00:17:32,320 Speaker 2: I think renting can it can just not only be 414 00:17:32,600 --> 00:17:34,760 Speaker 2: a better financial decision over the long haul, but it 415 00:17:34,800 --> 00:17:36,760 Speaker 2: can just be a better lifestyle choice for a lot 416 00:17:36,800 --> 00:17:40,440 Speaker 2: of folks as well. Home Ownership isn't necessary to build wealth, 417 00:17:40,440 --> 00:17:42,359 Speaker 2: and it's not even the best way to go about 418 00:17:42,359 --> 00:17:44,919 Speaker 2: doing that. We own our homes. We're certainly glad that 419 00:17:44,960 --> 00:17:46,719 Speaker 2: we do, but it comes with its fair share of 420 00:17:46,840 --> 00:17:49,600 Speaker 2: frustrations as well. July, as we were working today, our 421 00:17:49,680 --> 00:17:52,680 Speaker 2: landlord who owns the home right here next to our office, 422 00:17:52,880 --> 00:17:55,840 Speaker 2: he owns our office. He owns our office. Yeah, we 423 00:17:55,840 --> 00:17:57,879 Speaker 2: don't own this carriage house. But he was out on 424 00:17:57,880 --> 00:17:59,760 Speaker 2: his roof looking for I think he's looking for a 425 00:17:59,760 --> 00:18:02,840 Speaker 2: whole yeah or something. What's he doing out there? That's 426 00:18:02,840 --> 00:18:04,119 Speaker 2: the kind of thing you have to worry about when 427 00:18:04,359 --> 00:18:05,040 Speaker 2: when you're a homeowner. 428 00:18:05,160 --> 00:18:08,240 Speaker 1: Sorry, and he's got to worry about lousy tenants. 429 00:18:07,920 --> 00:18:11,520 Speaker 2: Like us too, who at least we pair rent on 430 00:18:11,680 --> 00:18:13,200 Speaker 2: time and in full every single month. 431 00:18:13,240 --> 00:18:14,440 Speaker 1: But there are reasons to buy a home. 432 00:18:14,480 --> 00:18:17,000 Speaker 2: We just don't want you to fall into the American 433 00:18:17,080 --> 00:18:19,800 Speaker 2: dream home ownership cults. Just make sure that you're making 434 00:18:19,800 --> 00:18:23,280 Speaker 2: your choice based on your specific circumstances and the goals 435 00:18:23,280 --> 00:18:24,120 Speaker 2: that you have him. 436 00:18:24,320 --> 00:18:26,440 Speaker 1: Yep, so I guess we will give the stamp of 437 00:18:26,480 --> 00:18:30,000 Speaker 1: approval here, Matt, based on tim circumstances and market circumstances. 438 00:18:30,000 --> 00:18:31,440 Speaker 1: There's worse things that you can do with your money. 439 00:18:31,440 --> 00:18:33,919 Speaker 1: That's right, and it sounds like, yeah, he's been listening 440 00:18:34,000 --> 00:18:36,920 Speaker 1: obviously for a really long time. He's made a lot 441 00:18:36,960 --> 00:18:39,760 Speaker 1: of good financial moves. And guess what, doing the right 442 00:18:39,800 --> 00:18:42,119 Speaker 1: thing most of the time for a long time means 443 00:18:42,240 --> 00:18:46,200 Speaker 1: you can occasionally make a non optimized move if it's 444 00:18:46,359 --> 00:18:49,639 Speaker 1: in the best interest of your life over your finances. 445 00:18:49,840 --> 00:18:51,439 Speaker 1: All right, Matt, we got more questions to get to 446 00:18:51,480 --> 00:18:53,359 Speaker 1: and actually later the show we're going to talk about 447 00:18:53,560 --> 00:18:56,880 Speaker 1: taking out a heelock to pay off credit card debt. 448 00:18:56,920 --> 00:18:58,680 Speaker 1: Is that a smart move? We'll get to that more 449 00:18:58,840 --> 00:19:08,800 Speaker 1: after this. We are back for the break. 450 00:19:08,960 --> 00:19:11,560 Speaker 2: It is time now for our next listener question. This 451 00:19:11,600 --> 00:19:15,360 Speaker 2: one sits at the intersection of the silver screen in Investing, 452 00:19:15,560 --> 00:19:16,240 Speaker 2: Matt and Joel. 453 00:19:16,320 --> 00:19:19,920 Speaker 5: My name is Jay. I may be your only jen 454 00:19:20,320 --> 00:19:26,639 Speaker 5: Xer listener. Anyway, I would like some advice on getting 455 00:19:26,640 --> 00:19:31,240 Speaker 5: my first investment. I already have a roth Ira, which 456 00:19:31,280 --> 00:19:34,200 Speaker 5: I've been funding for a couple of years now. 457 00:19:35,160 --> 00:19:36,800 Speaker 3: I don't know what else to invest in. 458 00:19:37,560 --> 00:19:42,080 Speaker 5: I have a small inheritance that I got from my 459 00:19:43,000 --> 00:19:45,600 Speaker 5: very close auntie who passed away. It's like a second 460 00:19:45,680 --> 00:19:49,920 Speaker 5: mother to me. So I have some money coming in 461 00:19:50,600 --> 00:19:51,440 Speaker 5: and I want to. 462 00:19:51,359 --> 00:19:55,040 Speaker 3: Know what to do with it. Quick backstory about me. 463 00:19:55,080 --> 00:19:58,440 Speaker 5: I'm an actor here living in Hollywood or LA, trying 464 00:19:58,440 --> 00:20:01,280 Speaker 5: to pursue the dream. And you probably heard the cliche 465 00:20:02,119 --> 00:20:06,359 Speaker 5: statements starving artists or the other extreme don't forget us 466 00:20:06,400 --> 00:20:09,639 Speaker 5: when you're famous. So that's where I am. I'm not 467 00:20:09,880 --> 00:20:14,440 Speaker 5: the typical working nine to five I mean artists. Actors 468 00:20:14,440 --> 00:20:16,600 Speaker 5: were always trying to wait, trying to find a way 469 00:20:16,640 --> 00:20:17,760 Speaker 5: to make a living. 470 00:20:19,040 --> 00:20:20,480 Speaker 3: While pursuing our dreams. 471 00:20:20,520 --> 00:20:23,480 Speaker 5: Because we know that currently a lot of us actors 472 00:20:23,520 --> 00:20:25,960 Speaker 5: can't support ourselves like the typical nine to five job, 473 00:20:25,960 --> 00:20:30,720 Speaker 5: which most of your listeners are, I think. So that's 474 00:20:30,960 --> 00:20:34,399 Speaker 5: my story. What would you recommend I invest in for 475 00:20:34,520 --> 00:20:37,480 Speaker 5: my very first investment once I get since I now 476 00:20:37,480 --> 00:20:41,480 Speaker 5: have an inheritance. My inheritance is about I want to say, 477 00:20:41,600 --> 00:20:46,560 Speaker 5: plus or minus sixty five thousand dollars, So there you go. 478 00:20:46,640 --> 00:20:50,520 Speaker 3: What should I do with that money? And let me know? 479 00:20:50,720 --> 00:20:51,040 Speaker 3: Thank you? 480 00:20:51,600 --> 00:20:54,600 Speaker 1: Jay. First things first, trust me, you're not the only 481 00:20:54,800 --> 00:20:58,400 Speaker 1: gen X listener. Oh yeah, it's true that the vast 482 00:20:58,400 --> 00:21:01,560 Speaker 1: majority are millennial and gen but there's still a fair 483 00:21:01,560 --> 00:21:03,040 Speaker 1: amount of gen X listener So to hear from a 484 00:21:03,080 --> 00:21:05,600 Speaker 1: lot of older folks for an email this week from 485 00:21:05,680 --> 00:21:08,400 Speaker 1: an eighty year old listener. There's people truly all love 486 00:21:08,400 --> 00:21:11,000 Speaker 1: it all stripes living all across the country, all across 487 00:21:11,000 --> 00:21:13,600 Speaker 1: the world who listened to the show, and we appreciate 488 00:21:13,680 --> 00:21:16,000 Speaker 1: all of you listening. And also, Jay, sorry to hear 489 00:21:16,000 --> 00:21:19,680 Speaker 1: about your your aunt. An inheritance is wonderful, but it 490 00:21:19,920 --> 00:21:22,159 Speaker 1: doesn't make up for that loss. Sure, and last thing, 491 00:21:22,160 --> 00:21:25,000 Speaker 1: I can't wait to see Jay act across on the 492 00:21:25,000 --> 00:21:27,040 Speaker 1: screen from brash can or something like that. 493 00:21:27,640 --> 00:21:30,320 Speaker 2: Yeah, well, I was going to comment on his baton. 494 00:21:30,440 --> 00:21:33,320 Speaker 2: The fact that he is set to receive an inheritance 495 00:21:33,359 --> 00:21:35,680 Speaker 2: from his aunt is like evidence of the fact that 496 00:21:35,800 --> 00:21:36,560 Speaker 2: him and his aunt. 497 00:21:36,400 --> 00:21:39,159 Speaker 1: Were close, which that's I think that's just pretty. 498 00:21:38,880 --> 00:21:41,560 Speaker 2: Cool, you know, Like I haven't received any inheritances from 499 00:21:41,600 --> 00:21:43,520 Speaker 2: many of my aunts or uncles, but maybe that's because 500 00:21:43,600 --> 00:21:48,000 Speaker 2: my crummy nephew, whereas Jay, Jay, you are an awesome nephew. 501 00:21:48,200 --> 00:21:50,359 Speaker 2: But I think it's just cool that, yeah, that they 502 00:21:50,359 --> 00:21:52,720 Speaker 2: share that kind of bond. It's worth maybe pointing out 503 00:21:52,880 --> 00:21:55,440 Speaker 2: that this is obviously something that Jay knows really well, 504 00:21:55,640 --> 00:21:57,080 Speaker 2: but maybe a lot of folks don't know this. 505 00:21:57,280 --> 00:21:59,200 Speaker 1: Most actors they're not crushing. 506 00:21:58,760 --> 00:22:02,760 Speaker 2: It in Jay kind of he's attesting to that fact. 507 00:22:03,000 --> 00:22:05,960 Speaker 2: Many of the household names certainly are doing quite well 508 00:22:05,960 --> 00:22:09,520 Speaker 2: for themselves. You mentioned Edward Norton, and oh you mentioned 509 00:22:09,520 --> 00:22:10,920 Speaker 2: Brad Pitt as well, so you must be thinking about 510 00:22:10,960 --> 00:22:14,680 Speaker 2: fight clubs. Makes me think of the see Robert Dowling 511 00:22:14,760 --> 00:22:17,560 Speaker 2: Junior who just assigned was it like an eighty million 512 00:22:17,600 --> 00:22:21,640 Speaker 2: dollar contract to play to re enter the Marvel universe. 513 00:22:21,680 --> 00:22:24,160 Speaker 1: Apparently they were running out of other actors to play 514 00:22:24,200 --> 00:22:26,160 Speaker 1: Marvel characters. They had to go back to the well 515 00:22:26,200 --> 00:22:28,200 Speaker 1: for the same same guy to play another character. I 516 00:22:28,200 --> 00:22:30,040 Speaker 1: don't he's kind of the face of that fat No 517 00:22:30,080 --> 00:22:32,040 Speaker 1: one tell him that Jay was available to play Doctor Doom. 518 00:22:32,160 --> 00:22:34,000 Speaker 1: That would have been all Jay was available. 519 00:22:34,200 --> 00:22:36,520 Speaker 2: Yeah, But the fact is you don't know the names 520 00:22:36,560 --> 00:22:38,639 Speaker 2: of the vast majority of actors out there, and I 521 00:22:38,680 --> 00:22:42,359 Speaker 2: think they're often scraping by. I don't personally know, I 522 00:22:42,359 --> 00:22:44,800 Speaker 2: don't think any actors, but from what I understand, they're 523 00:22:44,880 --> 00:22:46,040 Speaker 2: like working multiple jobs. 524 00:22:46,160 --> 00:22:48,399 Speaker 1: Just at onebuddy who's an actor here in Atlanta, and 525 00:22:48,440 --> 00:22:52,200 Speaker 1: it is like occasionally known his name, Stephen. He's awesome. 526 00:22:52,200 --> 00:22:53,960 Speaker 1: He's great due I don't think, but he's and he's 527 00:22:53,960 --> 00:22:56,520 Speaker 1: been in he'll show me, like a clip from thirty 528 00:22:56,520 --> 00:22:58,439 Speaker 1: seconds in a show or something that's so cool. When 529 00:22:58,440 --> 00:23:00,199 Speaker 1: he gets that that's pretty cool. Or he's doing in 530 00:23:00,240 --> 00:23:02,960 Speaker 1: like an ad advertisement for a brand or something like that. 531 00:23:03,280 --> 00:23:05,200 Speaker 1: But you know, he's not living high on the hawk. 532 00:23:05,280 --> 00:23:09,240 Speaker 2: That George's not Hollywood. It's Yollywood, that's what they call it. 533 00:23:09,280 --> 00:23:09,840 Speaker 2: And he does well. 534 00:23:09,880 --> 00:23:13,200 Speaker 1: He does well, but not nobody would know it from 535 00:23:13,200 --> 00:23:15,320 Speaker 1: the outside, like, oh, he's not crushing it and he's 536 00:23:15,320 --> 00:23:18,359 Speaker 1: not a household name. But he gets steady work. And 537 00:23:18,359 --> 00:23:20,440 Speaker 1: that is the case for a lot of actors, and 538 00:23:20,520 --> 00:23:23,520 Speaker 1: even other actors do Matt maybe they're not getting steady work. 539 00:23:23,520 --> 00:23:26,679 Speaker 1: There's just more supplied than demand of actors, and so 540 00:23:26,680 --> 00:23:28,680 Speaker 1: it can be tough even just to make a living. 541 00:23:28,720 --> 00:23:31,879 Speaker 1: So but Jay's pursuer's dream. Kudos to you, j for that. 542 00:23:32,440 --> 00:23:35,800 Speaker 1: And your job actually influences our advice on this, because 543 00:23:35,960 --> 00:23:38,840 Speaker 1: let's talk about what to do with this inheritance money. 544 00:23:39,160 --> 00:23:40,879 Speaker 1: I think if you had a nine to five that 545 00:23:40,960 --> 00:23:42,560 Speaker 1: you'd been working for many years. 546 00:23:42,440 --> 00:23:45,080 Speaker 2: Yeah, like if you were an accountant perhaps or a 547 00:23:45,080 --> 00:23:47,680 Speaker 2: coal miner like whatever it might be, that's just nine 548 00:23:47,720 --> 00:23:50,000 Speaker 2: to five in vibe. 549 00:23:50,160 --> 00:23:52,679 Speaker 1: I think if it was just incredibly stable alongside like 550 00:23:52,680 --> 00:23:56,040 Speaker 1: a healthy emergency fund. We might be more keen on 551 00:23:56,080 --> 00:23:58,159 Speaker 1: you investing most of the money that you're inheriting. The 552 00:23:58,320 --> 00:24:01,440 Speaker 1: exactly talked about investing that money, but our typical rule 553 00:24:01,440 --> 00:24:02,840 Speaker 1: of thumb, by the way, is that you should consider 554 00:24:02,960 --> 00:24:05,879 Speaker 1: using something like ten percent of this for fun and 555 00:24:05,880 --> 00:24:08,320 Speaker 1: then attempt to make smart money decisions with the rest. 556 00:24:08,359 --> 00:24:10,280 Speaker 1: And I think that would honor your aunt's legacy. It 557 00:24:10,280 --> 00:24:12,640 Speaker 1: also gives you some breathing room to say, I don't 558 00:24:12,640 --> 00:24:14,720 Speaker 1: have to be productive with every single dollar that comes 559 00:24:14,760 --> 00:24:17,199 Speaker 1: into my life. This was something I was not counting on, 560 00:24:17,760 --> 00:24:19,760 Speaker 1: and so I'm going to take a small amount to enjoy. 561 00:24:20,359 --> 00:24:22,800 Speaker 1: But that doesn't necessarily mean investing right the smart with 562 00:24:22,840 --> 00:24:25,480 Speaker 1: the stuff with the ninety percent. We don't know your 563 00:24:25,520 --> 00:24:27,800 Speaker 1: whole financial picture, but we would suggest to check out 564 00:24:27,800 --> 00:24:30,040 Speaker 1: the money gears on our website if you clet our 565 00:24:30,040 --> 00:24:32,639 Speaker 1: a hear button, because we think that's going to be helpful. Truly, 566 00:24:32,680 --> 00:24:34,280 Speaker 1: when you're thinking about what to do with money that 567 00:24:34,320 --> 00:24:36,440 Speaker 1: comes into your life, that's the first place to turn. 568 00:24:36,520 --> 00:24:36,680 Speaker 3: Yeah. 569 00:24:36,760 --> 00:24:39,200 Speaker 2: Yeah, So it's not that we're against investing, of course, 570 00:24:39,400 --> 00:24:41,320 Speaker 2: we just don't want you investing money that would be 571 00:24:41,320 --> 00:24:44,760 Speaker 2: better going towards saving or paying off debts. So, Joe, 572 00:24:44,760 --> 00:24:46,840 Speaker 2: you mentioned the money gears, like what we're specifically talking 573 00:24:46,840 --> 00:24:49,000 Speaker 2: about here. Our money gear is number three and number 574 00:24:49,040 --> 00:24:51,840 Speaker 2: four because this gift from your aunt can have a 575 00:24:51,960 --> 00:24:55,160 Speaker 2: massive impact on your life, and so look to use 576 00:24:55,160 --> 00:24:57,320 Speaker 2: some of this money to pay off any debts with 577 00:24:57,440 --> 00:25:01,520 Speaker 2: any higher rates of interest, especially gregious, just rates that 578 00:25:01,560 --> 00:25:03,880 Speaker 2: you might find with credit cards, maybe a car loan 579 00:25:04,200 --> 00:25:05,560 Speaker 2: that's got a crummy rate. 580 00:25:05,600 --> 00:25:07,520 Speaker 1: Perhaps, yes, Chase, you got credit card debt. I know, 581 00:25:07,600 --> 00:25:09,800 Speaker 1: investing the first thing you need to be doing. Investing 582 00:25:09,800 --> 00:25:11,520 Speaker 1: is the sexy thing, but paying off the credit card 583 00:25:11,560 --> 00:25:13,160 Speaker 1: debt that's the real money maker. 584 00:25:13,640 --> 00:25:15,439 Speaker 2: And then beyond that, make sure that you've got a 585 00:25:15,480 --> 00:25:18,800 Speaker 2: minimum of six months worth of living expenses on hand 586 00:25:19,400 --> 00:25:22,040 Speaker 2: within a high yield savings account. I think only once 587 00:25:22,080 --> 00:25:24,800 Speaker 2: those two things have happened, like, that's when we can 588 00:25:24,800 --> 00:25:27,480 Speaker 2: start having a conversation about investing. And I think there's 589 00:25:27,520 --> 00:25:30,480 Speaker 2: just that temptation to look like you said, Joel, to 590 00:25:30,520 --> 00:25:34,160 Speaker 2: the thing that feels sophisticated and smart, when man, there's 591 00:25:34,200 --> 00:25:36,439 Speaker 2: like some some sort of like foundational elements that we 592 00:25:36,440 --> 00:25:38,119 Speaker 2: need to make sure are laid before we build on 593 00:25:38,200 --> 00:25:38,600 Speaker 2: top of it. 594 00:25:38,600 --> 00:25:41,080 Speaker 1: Some low hanging fruit before you grab the ladder and 595 00:25:41,119 --> 00:25:43,679 Speaker 1: try to get this stuff on the higher branches. It's funny. 596 00:25:43,720 --> 00:25:45,560 Speaker 1: I walk past a partree on my walk every day. 597 00:25:45,560 --> 00:25:47,280 Speaker 1: Do you walk past that partree too on it? I do, 598 00:25:47,400 --> 00:25:48,920 Speaker 1: and I've seen a lot laying out on the ground. 599 00:25:48,920 --> 00:25:52,160 Speaker 1: It's a Bartlet partree. It's super sad. I'm gonna start 600 00:25:52,200 --> 00:25:55,280 Speaker 1: picking them because you're going to waste, you know. It's 601 00:25:55,320 --> 00:25:57,639 Speaker 1: just random thing that no we talk. That's like a 602 00:25:57,640 --> 00:25:59,320 Speaker 1: frugal or cheap Is it okay to like steal the 603 00:25:59,359 --> 00:26:01,840 Speaker 1: pairs off of the neighbor's tree. Why haven't I taken 604 00:26:01,880 --> 00:26:05,359 Speaker 1: any off of that tree? Shocked? Because I have restraint 605 00:26:05,440 --> 00:26:07,280 Speaker 1: because there's a fig tree I used to always walk by. 606 00:26:07,359 --> 00:26:09,439 Speaker 2: I used to always grab like two or three figs 607 00:26:09,440 --> 00:26:11,280 Speaker 2: off of that tree when they were in season, and 608 00:26:11,320 --> 00:26:11,720 Speaker 2: that was my. 609 00:26:11,680 --> 00:26:14,480 Speaker 1: Fruit for the day, pairs at least for my lunch. 610 00:26:14,600 --> 00:26:15,800 Speaker 1: The trick with Bartlet pears. 611 00:26:15,960 --> 00:26:18,600 Speaker 2: A lot of times folks think that their pear tree 612 00:26:19,000 --> 00:26:22,520 Speaker 2: produces crummy, crappy pears. But what you need to do 613 00:26:22,600 --> 00:26:24,359 Speaker 2: is you pull the pair and then it's got to 614 00:26:24,400 --> 00:26:25,919 Speaker 2: sit on the counter for a week for it to 615 00:26:26,119 --> 00:26:28,240 Speaker 2: like continue to ripen if you wait until it falls 616 00:26:28,240 --> 00:26:30,320 Speaker 2: on the ground ground like, it's certainly right, but it's 617 00:26:30,320 --> 00:26:32,520 Speaker 2: so right that it's gonna like it tends to split 618 00:26:32,600 --> 00:26:34,439 Speaker 2: open or that's when other animals get it. But you 619 00:26:34,480 --> 00:26:36,880 Speaker 2: pull it, let it sit on your counter for a week. 620 00:26:37,000 --> 00:26:38,120 Speaker 1: So get those green bananas. 621 00:26:38,160 --> 00:26:40,640 Speaker 2: Then it's sweetens. Actually it's our buddy, our mutual friends, 622 00:26:40,640 --> 00:26:43,640 Speaker 2: our buddy Tim. He's the one that turned me on 623 00:26:43,720 --> 00:26:45,840 Speaker 2: to this fruit forging knowledge. 624 00:26:47,000 --> 00:26:48,639 Speaker 1: So the low hanging fruit is to pay off that 625 00:26:48,720 --> 00:26:51,160 Speaker 1: high interested. But then the next thing is to, yeah, 626 00:26:51,200 --> 00:26:53,800 Speaker 1: start investing. If you've gone through money gears three and four, 627 00:26:53,920 --> 00:26:55,919 Speaker 1: you feel like you're hitting on all cylinders there. And 628 00:26:55,960 --> 00:26:57,800 Speaker 1: the first account they consider is the roth Ira. And 629 00:26:57,840 --> 00:27:00,400 Speaker 1: I believe Jay mentioned in his question Matt, he is 630 00:27:00,680 --> 00:27:02,440 Speaker 1: investing in the roth Ira. He just doesn't know where 631 00:27:02,480 --> 00:27:04,280 Speaker 1: to go after the fact. Sure it's important to mention. 632 00:27:04,400 --> 00:27:06,520 Speaker 2: He is investing, because I will point out I think 633 00:27:06,560 --> 00:27:08,520 Speaker 2: what he said was that he is funding. 634 00:27:08,560 --> 00:27:11,080 Speaker 1: His roth Ira. Which that is one sort of. 635 00:27:11,040 --> 00:27:13,200 Speaker 2: Warning flag that went up in my mind that made 636 00:27:13,240 --> 00:27:15,479 Speaker 2: me a little unsure of whether or not those funds 637 00:27:15,480 --> 00:27:16,760 Speaker 2: are have been destoid. 638 00:27:16,840 --> 00:27:19,240 Speaker 1: That is a common problem for people opening the account, 639 00:27:19,320 --> 00:27:21,560 Speaker 1: sticking money in it, but then not investing the money 640 00:27:21,560 --> 00:27:23,040 Speaker 1: inside of it. So Jay, make sure you're doing that, 641 00:27:23,080 --> 00:27:25,520 Speaker 1: and everybody else out there listening to make sure go 642 00:27:25,680 --> 00:27:27,800 Speaker 1: in there and look at the account. You open the account, 643 00:27:27,800 --> 00:27:30,439 Speaker 1: but did you actually not just fund it but invest 644 00:27:30,480 --> 00:27:32,920 Speaker 1: inside of it. So you can put seven thousand dollars 645 00:27:32,960 --> 00:27:35,119 Speaker 1: a year in that account. And depending on when you 646 00:27:35,160 --> 00:27:37,960 Speaker 1: were born, Jay, some gen xers, this is a nice 647 00:27:37,960 --> 00:27:40,520 Speaker 1: thing about being a gen X or not millennial, You 648 00:27:40,600 --> 00:27:43,879 Speaker 1: qualify to invest in extra thousand bucks a year, oh snap, 649 00:27:43,960 --> 00:27:45,719 Speaker 1: for a total of eight thousand if you if you're 650 00:27:45,720 --> 00:27:48,200 Speaker 1: fifty year over right, So, Matt, I know you're counting 651 00:27:48,200 --> 00:27:48,760 Speaker 1: down the days. 652 00:27:48,800 --> 00:27:50,280 Speaker 2: I guess there's a lot of gen xers that are 653 00:27:50,560 --> 00:27:51,880 Speaker 2: solidly in their fifties. 654 00:27:51,880 --> 00:27:54,760 Speaker 1: No exactly, that's crazy. So you know, whatever your health 655 00:27:54,800 --> 00:27:57,080 Speaker 1: time flies. I know you might have the max contribution 656 00:27:57,160 --> 00:27:59,200 Speaker 1: limit of seven, you might have it of eight thousand bucks. 657 00:27:59,480 --> 00:28:01,159 Speaker 1: Either way, we want you to max it out in 658 00:28:01,200 --> 00:28:03,800 Speaker 1: twenty twenty four and twenty twenty five as well, and 659 00:28:03,800 --> 00:28:07,040 Speaker 1: hopefully every year from here on out. But that combined 660 00:28:07,119 --> 00:28:10,240 Speaker 1: with beefing up your savings paying off any debts you 661 00:28:10,280 --> 00:28:12,080 Speaker 1: may could soak up a whole bunch of this money, 662 00:28:12,119 --> 00:28:14,360 Speaker 1: a whole bunch of this inheritance, doing the right thing, 663 00:28:14,440 --> 00:28:17,480 Speaker 1: just getting yourself on better financial footing from a debt 664 00:28:17,520 --> 00:28:21,040 Speaker 1: eradication and smart investing standpoint. And then if not, if 665 00:28:21,080 --> 00:28:23,320 Speaker 1: you've got more money hanging around, the other thing you 666 00:28:23,359 --> 00:28:25,880 Speaker 1: could do, you can consider opening up a solo four 667 00:28:25,920 --> 00:28:29,520 Speaker 1: oh one k. We talked in depth with this about 668 00:28:29,600 --> 00:28:31,719 Speaker 1: solo form case Matt with Sean Malaney back in the day. 669 00:28:31,720 --> 00:28:34,360 Speaker 1: We'll put a link to our boy Sean. Yeah, we'll 670 00:28:34,359 --> 00:28:36,040 Speaker 1: put a link to that episode he wrote the book 671 00:28:36,080 --> 00:28:37,560 Speaker 1: on it. We'll put a link to that list to 672 00:28:37,640 --> 00:28:39,680 Speaker 1: the show notes. You can put a lot of money 673 00:28:39,760 --> 00:28:42,680 Speaker 1: in that account, which and get tax breaks in the process, 674 00:28:42,680 --> 00:28:45,400 Speaker 1: which would be great since you're really just getting started 675 00:28:45,520 --> 00:28:47,800 Speaker 1: investing and you've got a lump some Hey, toss the 676 00:28:47,840 --> 00:28:50,239 Speaker 1: money in and think about that. You're getting a lot 677 00:28:50,240 --> 00:28:52,800 Speaker 1: of money into investment accounts even though you feel like 678 00:28:52,880 --> 00:28:55,600 Speaker 1: you're starting late. You're making up for lost time in 679 00:28:55,600 --> 00:28:56,800 Speaker 1: a hurry. Totally. Yeah. 680 00:28:57,080 --> 00:28:58,840 Speaker 2: Something else I'm thinking of, too, is the fact that 681 00:28:59,040 --> 00:29:01,400 Speaker 2: what we're so we're talking about about you adding more 682 00:29:01,480 --> 00:29:03,520 Speaker 2: margin to your life by ensuring that you've got that 683 00:29:03,600 --> 00:29:06,560 Speaker 2: six months of living expenses on hand. Not only is 684 00:29:06,560 --> 00:29:08,000 Speaker 2: that going to be good for your personal finances, I 685 00:29:08,000 --> 00:29:09,520 Speaker 2: think this could be good for your career as well, 686 00:29:09,560 --> 00:29:11,760 Speaker 2: because there when you have more margin like that, it 687 00:29:11,800 --> 00:29:14,560 Speaker 2: allows you to take other risks and turning down a 688 00:29:14,640 --> 00:29:17,000 Speaker 2: role the stinks, yes, exactly, like there might be a 689 00:29:17,080 --> 00:29:19,840 Speaker 2: recurring role or something that is on that just happens 690 00:29:19,960 --> 00:29:21,400 Speaker 2: in his I don't know if he has an agent. 691 00:29:21,440 --> 00:29:22,080 Speaker 1: I don't know how this. 692 00:29:22,080 --> 00:29:25,040 Speaker 2: Works at all, but maybe there's something like a gig 693 00:29:25,040 --> 00:29:27,720 Speaker 2: that he takes and he doesn't really love it, but 694 00:29:27,760 --> 00:29:29,520 Speaker 2: you know that, Joe, it pays the bills. But when 695 00:29:29,520 --> 00:29:31,240 Speaker 2: you've got some money on hand, if you've got more 696 00:29:31,280 --> 00:29:33,400 Speaker 2: of a cushion like that, you can say, you know what, 697 00:29:33,440 --> 00:29:35,760 Speaker 2: I'm actually not gonna I'm gonna say no this time, 698 00:29:35,800 --> 00:29:38,000 Speaker 2: and instead I want to focus on this role that 699 00:29:38,040 --> 00:29:40,240 Speaker 2: you're really excited about, that you are going to really 700 00:29:40,240 --> 00:29:42,560 Speaker 2: throw yourself after, and that could lead to your career. 701 00:29:42,760 --> 00:29:45,160 Speaker 2: Not only your personal finance is blowing up and being awesome, yeah, 702 00:29:45,200 --> 00:29:47,040 Speaker 2: but also your career as well. So that's one of 703 00:29:47,080 --> 00:29:49,160 Speaker 2: the things that having more cash on hand, that that 704 00:29:49,200 --> 00:29:49,800 Speaker 2: can afford you. 705 00:29:49,960 --> 00:29:51,800 Speaker 1: Yeah, yeah, you could be like, oh no, the role 706 00:29:52,000 --> 00:29:56,680 Speaker 1: of a school teacher like making drugs and then blowing 707 00:29:56,760 --> 00:29:58,280 Speaker 1: up his family life. That sounds like it's not going 708 00:29:58,320 --> 00:29:59,720 Speaker 1: to be a success at all. I don't think I 709 00:29:59,760 --> 00:30:00,600 Speaker 1: want to just payton that. 710 00:30:00,720 --> 00:30:04,480 Speaker 2: I'm not going to give Hollywood career acting advice because we. 711 00:30:05,000 --> 00:30:06,360 Speaker 1: Talked about this on the show Was It last year? 712 00:30:06,400 --> 00:30:08,040 Speaker 1: Maybe it's funny when you put it like that, You're like, 713 00:30:08,080 --> 00:30:09,320 Speaker 1: that sounds like a role that might not be. 714 00:30:09,880 --> 00:30:11,520 Speaker 2: Again, Yeah, and then it ends up being like this 715 00:30:11,680 --> 00:30:15,520 Speaker 2: amazing role and breaking bad. But I'm thinking of We 716 00:30:15,520 --> 00:30:18,200 Speaker 2: talked about this on the show Flow from the Progressive Commercials. 717 00:30:18,200 --> 00:30:20,600 Speaker 2: We talked about how she's just this totally like down 718 00:30:20,640 --> 00:30:24,640 Speaker 2: to earth, was just doing insurance commercials, which typically isn't 719 00:30:24,680 --> 00:30:25,960 Speaker 2: the kind of role sort of like you said that 720 00:30:25,960 --> 00:30:27,960 Speaker 2: you would expect to be all that good, but even 721 00:30:28,040 --> 00:30:32,080 Speaker 2: within that, was able to just really find a role 722 00:30:32,120 --> 00:30:33,440 Speaker 2: that folks were able to resonate with. 723 00:30:33,480 --> 00:30:37,760 Speaker 1: And she's like doing really well, totally crushing it. I 724 00:30:37,760 --> 00:30:40,200 Speaker 1: think that's like, what's a better gig being a Marvel 725 00:30:40,240 --> 00:30:44,000 Speaker 1: superhero or being the recurring insurance pitch person to Jake 726 00:30:44,040 --> 00:30:46,400 Speaker 1: from State Farm or the Flow One's a steady paycheck 727 00:30:46,440 --> 00:30:48,240 Speaker 1: for the rest of your life. One's like immortal glory. 728 00:30:48,320 --> 00:30:50,440 Speaker 1: So it depends on what you're interested in it, yes, 729 00:30:50,680 --> 00:30:53,440 Speaker 1: to make that call. Yeah, And ultimately two, j we'd 730 00:30:53,480 --> 00:30:56,120 Speaker 1: recommend investing in low cost index funds with one of 731 00:30:56,160 --> 00:30:58,920 Speaker 1: our low cost favorites, So Vanguard, Fidelity, Schwab are the 732 00:30:58,920 --> 00:31:02,680 Speaker 1: companies we typically recommend because they don't charge high fees. 733 00:31:02,720 --> 00:31:04,640 Speaker 1: In fact, their fees are the lowest in the industry. 734 00:31:04,920 --> 00:31:08,200 Speaker 1: You're getting broad diversification and it's super easy to do. 735 00:31:08,480 --> 00:31:10,000 Speaker 1: And it, Matta, it makes me think to what when 736 00:31:10,000 --> 00:31:14,400 Speaker 1: we're talking about not investing before you should You share 737 00:31:14,440 --> 00:31:16,560 Speaker 1: this story multiple times on the podcast. But you invested 738 00:31:16,640 --> 00:31:19,040 Speaker 1: in a roth Ira you ended up having to pull 739 00:31:19,080 --> 00:31:21,280 Speaker 1: some of that money out at an inopportune time, exactly. 740 00:31:21,320 --> 00:31:23,880 Speaker 1: And so that's why the emergency fund is so key 741 00:31:23,960 --> 00:31:27,000 Speaker 1: and so important. Don't neglect that. Don't start investing because 742 00:31:27,000 --> 00:31:29,480 Speaker 1: it seems more fun without having that basic thing taken 743 00:31:29,480 --> 00:31:31,280 Speaker 1: care of. Totally agree, we want you to be able 744 00:31:31,280 --> 00:31:33,800 Speaker 1: to sustain those acting the ambitions, Jay, and you know, 745 00:31:33,920 --> 00:31:36,080 Speaker 1: investing money that you are going to need on hand 746 00:31:36,440 --> 00:31:39,160 Speaker 1: could impact your ability to do that. To keep it 747 00:31:39,200 --> 00:31:41,480 Speaker 1: this career that you love. That's right. 748 00:31:41,640 --> 00:31:44,480 Speaker 2: Okay, let's get to our next listener question. This one 749 00:31:44,520 --> 00:31:48,080 Speaker 2: has to do with listeners having some issues with his ride. 750 00:31:48,280 --> 00:31:51,320 Speaker 6: Hey, Matt, Joe Timothy here in Palm Springs, California. 751 00:31:51,760 --> 00:31:53,240 Speaker 1: So I've been dealing with this. 752 00:31:53,240 --> 00:31:58,520 Speaker 6: Car nightmare for the last year. Essentially, my new ish 753 00:31:58,760 --> 00:32:04,360 Speaker 6: car broke down like nine times. The service center at 754 00:32:04,400 --> 00:32:07,960 Speaker 6: the dealer eventually found that there's water damage on the car, 755 00:32:08,400 --> 00:32:11,120 Speaker 6: which is crazy because I've never exposed the car to 756 00:32:11,240 --> 00:32:15,960 Speaker 6: any type of water apart from the rain and a 757 00:32:16,000 --> 00:32:20,000 Speaker 6: car wash, and they said, go through your insurance to 758 00:32:20,080 --> 00:32:23,480 Speaker 6: fix it. So insurance covered the ten thousand dollars fix. 759 00:32:24,040 --> 00:32:26,640 Speaker 6: Got my car back very next day. The check engine 760 00:32:26,680 --> 00:32:29,400 Speaker 6: light was back on and they found more water damage 761 00:32:29,400 --> 00:32:32,160 Speaker 6: on the car, and they said, go through your insurance 762 00:32:32,160 --> 00:32:35,560 Speaker 6: again for the seven thousand dollar fix. So I filed 763 00:32:35,680 --> 00:32:39,200 Speaker 6: a claim with my insurance. I also filed a claim 764 00:32:39,240 --> 00:32:43,560 Speaker 6: with Subaru's consumer advocacy department, and I was very disappointed 765 00:32:43,560 --> 00:32:46,479 Speaker 6: with the results. They essentially washed their hands of it. 766 00:32:46,640 --> 00:32:50,320 Speaker 6: They said, there's water damage, go through your insurance, which 767 00:32:50,360 --> 00:32:53,600 Speaker 6: they didn't address the underlying issue, and that was that 768 00:32:53,680 --> 00:32:56,320 Speaker 6: there should never have been water damage on the vehicle 769 00:32:56,360 --> 00:32:58,160 Speaker 6: in the first place, since it was never exposed to 770 00:32:58,200 --> 00:33:01,120 Speaker 6: any water, and so clearly they're some kind of defect 771 00:33:01,160 --> 00:33:01,440 Speaker 6: with it. 772 00:33:02,120 --> 00:33:04,640 Speaker 1: So what recourses. 773 00:33:04,000 --> 00:33:05,120 Speaker 3: Are available to me? 774 00:33:05,360 --> 00:33:06,760 Speaker 1: Like, what options do I have? 775 00:33:06,840 --> 00:33:09,320 Speaker 6: Do you guys have any ideas about what I could 776 00:33:09,320 --> 00:33:12,880 Speaker 6: do to try to fix this nightmare? Especially because I 777 00:33:12,920 --> 00:33:16,920 Speaker 6: heard that once there's water damage on a car, there 778 00:33:16,960 --> 00:33:19,240 Speaker 6: will always be issues with it. So I was really 779 00:33:19,280 --> 00:33:21,720 Speaker 6: hoping that subru would do the right thing and step 780 00:33:21,800 --> 00:33:24,400 Speaker 6: up and kind of stand behind their products do something 781 00:33:24,440 --> 00:33:24,960 Speaker 6: to make it right. 782 00:33:24,960 --> 00:33:27,040 Speaker 1: But they don't seem really interested in doing it. 783 00:33:27,200 --> 00:33:32,720 Speaker 6: So ww MJD in this situation, any ideas, thanks, guys, 784 00:33:32,760 --> 00:33:33,560 Speaker 6: really appreciate it. 785 00:33:33,760 --> 00:33:36,840 Speaker 1: Oh, Matt, should we make WWMJD bracelets? 786 00:33:37,880 --> 00:33:39,960 Speaker 2: Okay, Well, folks need to know, like if you're not 787 00:33:40,040 --> 00:33:42,880 Speaker 2: in the know twenty years ago about yeah, they're the 788 00:33:43,040 --> 00:33:43,840 Speaker 2: what would Jesus do? 789 00:33:44,160 --> 00:33:48,160 Speaker 1: WWJD bracelets? And I never had one that those were 790 00:33:48,160 --> 00:33:52,440 Speaker 1: even before the Lance Armstrong Livestrong bracelets. I think were they, 791 00:33:52,560 --> 00:33:54,200 Speaker 1: But I think I'm the same. I think I kicked 792 00:33:54,200 --> 00:33:59,280 Speaker 1: off the bracelet trend and maybe the Lance arms Yeah, yeah, 793 00:33:59,320 --> 00:34:03,000 Speaker 1: which one faired better? It's a tough question. So let's 794 00:34:03,000 --> 00:34:07,800 Speaker 1: get to Jesus. Joel is Jesus, not Lance Armstrong. Okay, 795 00:34:08,200 --> 00:34:09,200 Speaker 1: I don't have to say about this. 796 00:34:09,280 --> 00:34:11,440 Speaker 2: Well, it's interesting because with Lance Armstrong, I feel like 797 00:34:11,440 --> 00:34:13,399 Speaker 2: a whole lot of folks are like it's like he's 798 00:34:13,400 --> 00:34:15,960 Speaker 2: back in good graces with everybody, even though there was 799 00:34:16,000 --> 00:34:18,719 Speaker 2: like the giant doping scandal and all that. Like you 800 00:34:18,760 --> 00:34:21,799 Speaker 2: see more folks brushing shoulders of him, and it's like 801 00:34:21,800 --> 00:34:23,800 Speaker 2: he's still almost seeing as sort of like this expert. 802 00:34:23,880 --> 00:34:26,120 Speaker 1: I mean time heals all wounds, Matt and I guess 803 00:34:26,160 --> 00:34:27,719 Speaker 1: so he's one of those guys. It would have been 804 00:34:27,719 --> 00:34:31,400 Speaker 1: really interesting to see, similar in my mind to Barry Bonds, 805 00:34:31,560 --> 00:34:33,839 Speaker 1: where if they had not done something they would they 806 00:34:33,840 --> 00:34:36,359 Speaker 1: would have been Hall of famers anyway based on their 807 00:34:36,400 --> 00:34:39,120 Speaker 1: innate skill and hard work. Yeah, and so it's like, ah, man, 808 00:34:39,160 --> 00:34:42,279 Speaker 1: I wish you had done But then again, in a 809 00:34:42,320 --> 00:34:46,520 Speaker 1: sport that was unclean basically everywhere, Yeah, it's kind of 810 00:34:46,520 --> 00:34:48,760 Speaker 1: tough to compete. I guess if you don't do anything. 811 00:34:48,800 --> 00:34:51,040 Speaker 1: So not that I'm condoning every saying it was a 812 00:34:51,040 --> 00:34:54,760 Speaker 1: good thing. Okay, So let's move on to Timothy's question. 813 00:34:55,040 --> 00:34:57,759 Speaker 1: The whole experience sounds awful and Timothy, you said it 814 00:34:57,760 --> 00:34:59,240 Speaker 1: was a newish car, and I think in your email 815 00:34:59,280 --> 00:35:02,239 Speaker 1: you said it was a twenty one model. This makes 816 00:35:02,280 --> 00:35:06,440 Speaker 1: me think that your car should qualify under the Lemon 817 00:35:06,560 --> 00:35:09,640 Speaker 1: Law rules in your state. So no need to tap 818 00:35:09,680 --> 00:35:12,520 Speaker 1: your insurance, although you have and we'll talk about that 819 00:35:12,600 --> 00:35:16,160 Speaker 1: in just a second. No need to even get SUPERU involved, 820 00:35:16,200 --> 00:35:18,919 Speaker 1: although I reached out to Suberu multiple times to try 821 00:35:18,920 --> 00:35:20,960 Speaker 1: to see if they would give me a comment or 822 00:35:21,200 --> 00:35:24,239 Speaker 1: be willing to help you. Literally, Matt got crickets at 823 00:35:24,280 --> 00:35:27,600 Speaker 1: every turn trying to contact Suberu, which is surprising. Suberu 824 00:35:27,640 --> 00:35:29,760 Speaker 1: seems like a customer friendly company, not in this case. 825 00:35:30,360 --> 00:35:32,560 Speaker 1: But yes, going back to the Lemon Law, the key 826 00:35:32,680 --> 00:35:34,800 Speaker 1: is that this car needs to have been new or used, 827 00:35:35,040 --> 00:35:37,399 Speaker 1: and that you purchased but it was still covered under 828 00:35:37,440 --> 00:35:40,440 Speaker 1: the manufacturer's warranty. That's what it takes to qualify. And 829 00:35:40,480 --> 00:35:42,759 Speaker 1: if that's the case, this is almost certainly the next 830 00:35:42,760 --> 00:35:45,600 Speaker 1: step you should take. Every state has one of these laws. 831 00:35:45,760 --> 00:35:47,959 Speaker 1: They all vary just a little bit. If your car 832 00:35:48,040 --> 00:35:51,680 Speaker 1: has been snake bitten by a specific issue. On repeat, Timothy, 833 00:35:51,760 --> 00:35:54,040 Speaker 1: like yours clearly happen. He said nine times, Yes, that's 834 00:35:54,080 --> 00:35:58,000 Speaker 1: well beyond what most states it's what like three. It's 835 00:35:58,000 --> 00:36:00,840 Speaker 1: like yo, If it's three, then you're in reasonable effort 836 00:36:00,880 --> 00:36:02,719 Speaker 1: to make the repairs right. If we're getting close to 837 00:36:02,719 --> 00:36:05,200 Speaker 1: double digits, nine is much more you should qualify or 838 00:36:05,280 --> 00:36:08,520 Speaker 1: Lemon law. And it's ridiculous to me that you've had 839 00:36:08,560 --> 00:36:11,520 Speaker 1: to bear the financial consequences here because of supers in action. 840 00:36:12,200 --> 00:36:14,760 Speaker 1: Even making that claim under your insurance impacts you financially. 841 00:36:14,760 --> 00:36:17,400 Speaker 1: We're talking about the deductible potentially higher premiums moving forward. 842 00:36:17,600 --> 00:36:20,280 Speaker 1: So turning to your state, I think in your state's 843 00:36:20,360 --> 00:36:22,520 Speaker 1: Lemon law specifically is the right move at this point. 844 00:36:22,600 --> 00:36:24,680 Speaker 2: Let's just address that the insurance side of this. Do 845 00:36:24,800 --> 00:36:27,880 Speaker 2: not continue to file claims with your insurance, especially I 846 00:36:27,920 --> 00:36:29,600 Speaker 2: mean at all, like I was gonna say, for this 847 00:36:29,680 --> 00:36:32,480 Speaker 2: next round of repairs, but this could, like you said, Joel, 848 00:36:32,600 --> 00:36:34,600 Speaker 2: cause prices to go up for him. Then this is 849 00:36:34,800 --> 00:36:36,839 Speaker 2: a lesson I had to basically learn the hard way. 850 00:36:36,880 --> 00:36:39,040 Speaker 2: I didn't realize that when I was in college into 851 00:36:39,239 --> 00:36:43,120 Speaker 2: young adulthood and it was something like what happened. I 852 00:36:43,280 --> 00:36:46,480 Speaker 2: was a little fender bender, wasn't my fault, but still 853 00:36:46,560 --> 00:36:48,920 Speaker 2: that ended up on my clue report I ended up 854 00:36:49,000 --> 00:36:50,680 Speaker 2: having a crack windshield, and I was like, I don't 855 00:36:50,760 --> 00:36:54,160 Speaker 2: like that. It doesn't look good, impacts how my ride looks, 856 00:36:54,440 --> 00:36:55,920 Speaker 2: and it can't be safe, can't it. 857 00:36:55,960 --> 00:36:57,520 Speaker 1: And so it's gonna be hard to get that girl 858 00:36:57,520 --> 00:36:57,880 Speaker 1: to go out on. 859 00:36:59,520 --> 00:37:01,239 Speaker 2: Was super low as well, so I was like, oh, 860 00:37:01,280 --> 00:37:03,440 Speaker 2: paying one hundred bucks and just get that thing replaced, 861 00:37:03,520 --> 00:37:06,920 Speaker 2: fresh windshield. Then I hit a deer coming home. Actually 862 00:37:06,920 --> 00:37:08,719 Speaker 2: I hit two deer. So I hit a deer twice 863 00:37:08,760 --> 00:37:11,239 Speaker 2: at the same time. No, no, no, separate, separate instances. Same 864 00:37:11,280 --> 00:37:11,759 Speaker 2: deer both times. 865 00:37:12,000 --> 00:37:12,359 Speaker 1: Yeah. Same. 866 00:37:12,440 --> 00:37:15,920 Speaker 2: It is one tough dear coming back for more coming 867 00:37:15,920 --> 00:37:18,920 Speaker 2: back from college, going home one time and then again. 868 00:37:19,640 --> 00:37:22,840 Speaker 2: And anyway, all that to say, these multiple claims caused 869 00:37:22,840 --> 00:37:25,759 Speaker 2: the insurance company to say, oh, you are costing us 870 00:37:25,800 --> 00:37:27,719 Speaker 2: a lot of money. So just keep that in mind 871 00:37:27,760 --> 00:37:30,520 Speaker 2: for everybody out there, even if it's not your fault, 872 00:37:30,719 --> 00:37:34,600 Speaker 2: or even if it is a comprehensive claim like hail damage, 873 00:37:34,880 --> 00:37:37,680 Speaker 2: like a deer, like the windshield just cracking because it's 874 00:37:37,719 --> 00:37:39,600 Speaker 2: a really hot day and you went out to wash 875 00:37:39,640 --> 00:37:42,480 Speaker 2: your car and the walk cold water did a number 876 00:37:43,200 --> 00:37:45,760 Speaker 2: on that little chip on your windshield and it cracked. 877 00:37:46,080 --> 00:37:48,960 Speaker 2: But those claims, and that activity on your report causes 878 00:37:49,120 --> 00:37:52,040 Speaker 2: the insured to say, hey, you're costing us money, so 879 00:37:52,080 --> 00:37:54,160 Speaker 2: now it is going to cost you money in order 880 00:37:54,160 --> 00:37:56,520 Speaker 2: to maintain your policy with us. So instead, I think 881 00:37:56,520 --> 00:37:56,759 Speaker 2: it's a. 882 00:37:56,760 --> 00:37:59,080 Speaker 1: Good point man. And that's another reason why we typically 883 00:37:59,080 --> 00:38:02,120 Speaker 1: suggest hired itductibles, because it keeps you from using your 884 00:38:02,120 --> 00:38:04,520 Speaker 1: insurance in low stake scenarios, free and clear of it 885 00:38:04,560 --> 00:38:06,200 Speaker 1: all together. Because if you use, the more you use 886 00:38:06,239 --> 00:38:08,040 Speaker 1: that insurance, the higher the more you're gonna pay, the 887 00:38:08,040 --> 00:38:10,719 Speaker 1: more likely you are to get maybe kicked off your insurance. 888 00:38:10,800 --> 00:38:13,720 Speaker 1: And then if you shop around for insurance with another provider. 889 00:38:13,760 --> 00:38:16,279 Speaker 1: You mentioned the Clue report, Well, all those claims you've made, 890 00:38:16,320 --> 00:38:17,960 Speaker 1: it follows you they're on the Clue Report, And the 891 00:38:18,040 --> 00:38:21,239 Speaker 1: next insurance company is like, yeah, we'll ensure you for like. 892 00:38:21,200 --> 00:38:23,960 Speaker 2: Ten times what you're paying for, seriously, like twice as much. Yeah, 893 00:38:23,960 --> 00:38:26,040 Speaker 2: and like it's a shame, but like I mean, it's honestly, 894 00:38:26,040 --> 00:38:27,880 Speaker 2: I think it's fair. Like if you are costing the 895 00:38:27,920 --> 00:38:29,720 Speaker 2: comp it makes sense, right, Like, if you are costing 896 00:38:29,719 --> 00:38:31,640 Speaker 2: a company more money, it makes sense that they're gonna 897 00:38:31,640 --> 00:38:33,520 Speaker 2: be like, you know what, We're gonna raise your premiums 898 00:38:33,520 --> 00:38:36,520 Speaker 2: and for me, I think my rate doubled and like 899 00:38:36,600 --> 00:38:39,359 Speaker 2: all my money, all my meager income was going, it's 900 00:38:39,360 --> 00:38:42,440 Speaker 2: going towards my ability to drive her around. That's early 901 00:38:42,480 --> 00:38:44,000 Speaker 2: twenty year old, and that means sid I get why 902 00:38:44,080 --> 00:38:46,920 Speaker 2: why Timothy decided to tap his insurance in this instance 903 00:38:46,960 --> 00:38:49,480 Speaker 2: because of the ridiculously high price tag. And so when 904 00:38:49,480 --> 00:38:51,440 Speaker 2: you're talking about that kind of money, that's what insurance 905 00:38:51,520 --> 00:38:53,200 Speaker 2: is there for. It's not for the one hundred dollars 906 00:38:53,280 --> 00:38:55,520 Speaker 2: windshield repair. And you think that this is a perfect 907 00:38:55,560 --> 00:38:58,760 Speaker 2: case for insurance to step in. But in your case, Timothy, 908 00:38:58,840 --> 00:39:01,880 Speaker 2: it's I mean honestly taking the hey, is this a 909 00:39:02,000 --> 00:39:05,040 Speaker 2: lemon like? That should have been a question that others, 910 00:39:05,120 --> 00:39:08,120 Speaker 2: now that they're hearing your situation here, will maybe think 911 00:39:08,160 --> 00:39:10,960 Speaker 2: of sooner. But that you now pursue. We want you 912 00:39:11,000 --> 00:39:13,880 Speaker 2: to determine whether or not this issue qualifies under the 913 00:39:13,920 --> 00:39:16,600 Speaker 2: Lemon law so that you can avoid having to pay 914 00:39:17,040 --> 00:39:20,120 Speaker 2: anything anymore. And if it does, there's an easy way 915 00:39:20,120 --> 00:39:23,440 Speaker 2: to file an arbitration appeal on your state's website. In 916 00:39:23,480 --> 00:39:25,640 Speaker 2: this case, you don't even have to deal directly with Suber. 917 00:39:25,680 --> 00:39:29,280 Speaker 2: You just go through the standard process that the state moderates, 918 00:39:29,320 --> 00:39:32,359 Speaker 2: not the manufacturer, but just make sure that you are 919 00:39:32,440 --> 00:39:35,399 Speaker 2: paying attention to what it is that California requires and 920 00:39:35,480 --> 00:39:37,840 Speaker 2: for everybody else listening wherever. 921 00:39:37,560 --> 00:39:38,399 Speaker 1: It is that you live. 922 00:39:38,960 --> 00:39:40,759 Speaker 2: The states have different requirements, and you just want to 923 00:39:40,760 --> 00:39:43,239 Speaker 2: make sure that you've got good notes, You want to 924 00:39:43,280 --> 00:39:46,720 Speaker 2: have details, you want to document your case because essentially 925 00:39:46,760 --> 00:39:50,280 Speaker 2: the burden of proof typically is on you as a consumer. 926 00:39:50,600 --> 00:39:51,880 Speaker 2: This is why you don't see a whole lot of 927 00:39:51,880 --> 00:39:54,399 Speaker 2: folks talking about lemon law because it just takes work. 928 00:39:54,440 --> 00:39:55,799 Speaker 2: And I think a lot of folks just kind of 929 00:39:56,080 --> 00:39:58,640 Speaker 2: they take it laying down and they don't necessarily make 930 00:39:58,680 --> 00:40:00,759 Speaker 2: it easy. But you basically have to to prove your 931 00:40:00,760 --> 00:40:02,640 Speaker 2: case the fact that you do in fact have a lemon. 932 00:40:02,680 --> 00:40:04,479 Speaker 2: But the stakes are high here right, We're talking about 933 00:40:04,560 --> 00:40:07,560 Speaker 2: expense and then more potential expense coming up for Timothy too, 934 00:40:07,640 --> 00:40:10,680 Speaker 2: So this is the route to go. The other thing 935 00:40:10,719 --> 00:40:13,399 Speaker 2: Matt I think that he could do and make sense 936 00:40:13,440 --> 00:40:16,160 Speaker 2: maybe in addition even to filing a lemon law case 937 00:40:16,160 --> 00:40:19,640 Speaker 2: with the state is to publicly shame super And I 938 00:40:19,719 --> 00:40:23,080 Speaker 2: don't say that lightly. I don't typically this isn't something 939 00:40:23,080 --> 00:40:26,760 Speaker 2: I resort to often, and this isn't something we recommend 940 00:40:26,880 --> 00:40:29,360 Speaker 2: very frequently. But if you feel like they've let you 941 00:40:29,440 --> 00:40:32,560 Speaker 2: down and their response has been insufficient, inadequate, and it's 942 00:40:32,600 --> 00:40:36,719 Speaker 2: a brand that presents themselves as being customer friendly and conscious, 943 00:40:37,280 --> 00:40:41,160 Speaker 2: posting something on Twitter that's facts based about what's happened 944 00:40:41,200 --> 00:40:44,680 Speaker 2: in this brand's response right to what you're going through, 945 00:40:44,920 --> 00:40:46,360 Speaker 2: I think can make a whole lot of sense. And 946 00:40:46,400 --> 00:40:49,040 Speaker 2: sometimes it can get that brand off their butt in 947 00:40:49,080 --> 00:40:51,840 Speaker 2: an effort to actually potentially help you resolve this issue 948 00:40:52,040 --> 00:40:54,640 Speaker 2: instead of going through the same bureaucratic rigm role that 949 00:40:54,640 --> 00:40:57,799 Speaker 2: you've been through already. So he's posting something tagging them 950 00:40:57,800 --> 00:41:00,319 Speaker 2: in their accountability, I think that can make a big 951 00:41:00,320 --> 00:41:02,480 Speaker 2: difference in at least getting them to be a little 952 00:41:02,480 --> 00:41:05,600 Speaker 2: more curious about your case and potentially helping you to 953 00:41:05,640 --> 00:41:06,160 Speaker 2: resolve it. 954 00:41:06,200 --> 00:41:08,040 Speaker 1: But that's goes to just washing their hands with the 955 00:41:08,040 --> 00:41:10,520 Speaker 1: situation altogether. Yeah, it does any fact space. It sounds 956 00:41:10,520 --> 00:41:12,680 Speaker 1: like Timothy, he's not out for blood or anything like that. 957 00:41:13,239 --> 00:41:13,879 Speaker 1: Just make this right. 958 00:41:13,960 --> 00:41:15,279 Speaker 2: I was gonna say, it doesn't make me think twice 959 00:41:15,280 --> 00:41:17,360 Speaker 2: about SUPERU. Like you had a sue rou for a 960 00:41:17,360 --> 00:41:19,840 Speaker 2: little bit and you had some serious issues. Yours was 961 00:41:19,960 --> 00:41:22,240 Speaker 2: used and so you were well outside of the warranty period, 962 00:41:22,280 --> 00:41:22,920 Speaker 2: it shoulder. 963 00:41:23,000 --> 00:41:23,359 Speaker 1: I don't know. 964 00:41:23,440 --> 00:41:25,680 Speaker 2: I think I'm naturally drawn to a brand that embraces 965 00:41:25,719 --> 00:41:28,200 Speaker 2: the outdoors and all that, but I don't I'm thinking 966 00:41:28,239 --> 00:41:30,360 Speaker 2: twice about it. Yeah, but we've got more to get to. 967 00:41:30,480 --> 00:41:34,120 Speaker 2: We're gonna talk about trading one debt for another. We'll 968 00:41:34,120 --> 00:41:44,040 Speaker 2: get to that question here right after the break. 969 00:41:43,920 --> 00:41:45,680 Speaker 1: Our man, we'll back. We got more money, talk to 970 00:41:45,800 --> 00:41:47,440 Speaker 1: you too. This we always got to give to our 971 00:41:47,480 --> 00:41:49,480 Speaker 1: Facebook question of the week, Yeah, we do. This one 972 00:41:49,480 --> 00:41:51,640 Speaker 1: comes from Nathan and Yeah, we're gonna talk about trading 973 00:41:51,640 --> 00:41:53,920 Speaker 1: one debt for another. He says, is it a good 974 00:41:54,000 --> 00:41:56,480 Speaker 1: idea to get a helock, a home equity line of 975 00:41:56,520 --> 00:41:59,640 Speaker 1: credit when your credit score is six twenty five to 976 00:41:59,760 --> 00:42:03,520 Speaker 1: try to consolidate high interest credit card debt? This was 977 00:42:03,560 --> 00:42:06,400 Speaker 1: a question, right Nathan Poe's in the Facebook group Are 978 00:42:06,440 --> 00:42:07,919 Speaker 1: you what are your thoughts on this one? Man? 979 00:42:08,120 --> 00:42:09,840 Speaker 2: Well, first of all, say that this is a classic 980 00:42:09,880 --> 00:42:13,440 Speaker 2: personal finance sort of scenario that folks find themselves in. 981 00:42:13,640 --> 00:42:15,720 Speaker 2: But there's just a lot to think through here before 982 00:42:16,480 --> 00:42:18,759 Speaker 2: you magically, because like if you first hear about it, 983 00:42:18,760 --> 00:42:19,920 Speaker 2: you're thinking, oh, this is like a. 984 00:42:20,440 --> 00:42:22,239 Speaker 1: Magical elixir sounds like a no brainer. 985 00:42:22,280 --> 00:42:24,719 Speaker 2: I'm going to magically poof my twenty two percent debt 986 00:42:24,760 --> 00:42:27,920 Speaker 2: down into ten percent helock. Because certainly, when you're looking 987 00:42:27,960 --> 00:42:31,000 Speaker 2: out the numbers, that initial proposition it sounds nice, but 988 00:42:31,040 --> 00:42:33,160 Speaker 2: that doesn't mean it's a no brainer. And it certainly 989 00:42:33,560 --> 00:42:36,000 Speaker 2: could work out to your financial advantage, but it also 990 00:42:36,480 --> 00:42:39,359 Speaker 2: could compound your your debt issues, and so. 991 00:42:39,320 --> 00:42:40,960 Speaker 1: That's what we're going to talk about here. The main 992 00:42:41,000 --> 00:42:43,719 Speaker 1: reason that it could compound things and not alleviate the 993 00:42:43,760 --> 00:42:46,720 Speaker 1: pressure is because of something else we talked about recently, 994 00:42:47,040 --> 00:42:52,520 Speaker 1: the reduction of friction that you're able to enjoy when 995 00:42:52,680 --> 00:42:54,680 Speaker 1: you make this sort of debt switch, which sounds like 996 00:42:54,680 --> 00:42:57,799 Speaker 1: a good thing. Everybody loves reducing friction, Matt everybody likes 997 00:42:57,840 --> 00:43:00,480 Speaker 1: to hit. Was a Staples that had the easy button. Yeah, 998 00:43:00,520 --> 00:43:02,080 Speaker 1: where it's like all the easy button and it's like, 999 00:43:02,120 --> 00:43:04,120 Speaker 1: oh great, the easy button sounds so nice. I want 1000 00:43:04,120 --> 00:43:06,319 Speaker 1: one of those easy buttons in my life. But by 1001 00:43:06,400 --> 00:43:08,399 Speaker 1: hitting the easy button, by turning the credit card debt 1002 00:43:08,480 --> 00:43:12,680 Speaker 1: into something less offensive, you're actually reducing the negative feelings, 1003 00:43:12,960 --> 00:43:16,200 Speaker 1: the discomfort I guess that that debt gives you. But 1004 00:43:16,360 --> 00:43:19,560 Speaker 1: in our estimation, the discomfort that the credit card debt 1005 00:43:19,840 --> 00:43:21,759 Speaker 1: gives you is a good thing because it kind of 1006 00:43:21,800 --> 00:43:24,040 Speaker 1: lights that fire under your butt to get rid of it. 1007 00:43:24,320 --> 00:43:25,879 Speaker 1: It gives you a reason to get rid of it, 1008 00:43:25,880 --> 00:43:28,040 Speaker 1: gives you a reason to attack it more strikingly. Right 1009 00:43:28,040 --> 00:43:30,520 Speaker 1: and if so, if you the more comfortable you feel 1010 00:43:30,520 --> 00:43:34,200 Speaker 1: with it lingering around, the worse it is for you 1011 00:43:34,280 --> 00:43:36,799 Speaker 1: and for your financial future. So when you turn one 1012 00:43:36,800 --> 00:43:40,440 Speaker 1: form of debt into another more palatable kind, ultimately, the 1013 00:43:40,800 --> 00:43:42,840 Speaker 1: truth is for a lot of people that leads to 1014 00:43:42,920 --> 00:43:46,279 Speaker 1: more debt accrual overall. That that is the heart of 1015 00:43:46,280 --> 00:43:48,000 Speaker 1: the issue. That is the position we really don't want 1016 00:43:48,040 --> 00:43:50,200 Speaker 1: you to find yourself in, Nathan. That would be a 1017 00:43:50,239 --> 00:43:53,719 Speaker 1: big problem if you magically poof, like you said, Matt, 1018 00:43:53,920 --> 00:43:56,120 Speaker 1: this one debt into a better form of debt, and 1019 00:43:56,160 --> 00:43:58,360 Speaker 1: then ultimately you end up accruing more debt overall, just 1020 00:43:58,400 --> 00:43:59,240 Speaker 1: two different kinds. 1021 00:43:59,040 --> 00:44:01,000 Speaker 2: Because you're not addressing the unlying problems, you know. Like, 1022 00:44:01,160 --> 00:44:03,400 Speaker 2: so it's funny you're talking about like hitting the easy button. 1023 00:44:03,600 --> 00:44:07,200 Speaker 2: So here's a potential hot button topic or issue that 1024 00:44:07,640 --> 00:44:10,200 Speaker 2: you feel like it tends to circulate around. Makes me 1025 00:44:10,239 --> 00:44:14,560 Speaker 2: think about semiglue tides. So like the monjourno's or the 1026 00:44:14,600 --> 00:44:16,719 Speaker 2: ozimpics of the world. And there are a lot of 1027 00:44:16,760 --> 00:44:19,120 Speaker 2: folks who are finding success with these drugs, right they're like, 1028 00:44:19,120 --> 00:44:22,000 Speaker 2: oh man, this thing is causing me to lose weight, 1029 00:44:22,080 --> 00:44:24,520 Speaker 2: and like it's caused me to lose weight quickly, and 1030 00:44:24,600 --> 00:44:27,200 Speaker 2: it's staying off. Like it's kind of like being touted 1031 00:44:27,239 --> 00:44:29,640 Speaker 2: as like this magical sort of drug, miracle drug. 1032 00:44:29,680 --> 00:44:31,360 Speaker 1: That's actually what I meant to say. 1033 00:44:31,640 --> 00:44:34,400 Speaker 2: But the problem with that is that it doesn't address 1034 00:44:34,440 --> 00:44:37,280 Speaker 2: all of the underlying issues that might lead to somebody 1035 00:44:37,320 --> 00:44:39,520 Speaker 2: to be in that sort of situation, which is that 1036 00:44:39,680 --> 00:44:42,399 Speaker 2: you aren't moving your body basically, like I'm thinking about 1037 00:44:42,400 --> 00:44:46,080 Speaker 2: exercise and working out and mobility, Like these are all 1038 00:44:46,160 --> 00:44:49,879 Speaker 2: things that don't get addressed at all when you are 1039 00:44:50,000 --> 00:44:52,319 Speaker 2: taking some of these different drugs, and so because of that, 1040 00:44:52,640 --> 00:44:55,120 Speaker 2: you're not increasing your like your metabolic health or you 1041 00:44:55,200 --> 00:44:57,600 Speaker 2: like your cardiovascular fitness. These things that are sort of 1042 00:44:57,680 --> 00:45:01,280 Speaker 2: like pillars of personal uh not still findance of personal health. 1043 00:45:01,800 --> 00:45:04,680 Speaker 2: And what I'm afraid of happening is that like years 1044 00:45:04,680 --> 00:45:07,440 Speaker 2: down the road, folks are still dealing not with all 1045 00:45:07,440 --> 00:45:09,600 Speaker 2: the same issues because certainly there's some improvement to their 1046 00:45:09,640 --> 00:45:11,359 Speaker 2: life and it's amazing what it is. 1047 00:45:11,480 --> 00:45:12,959 Speaker 1: You're not a doctor, and you're not saying that nobody 1048 00:45:13,000 --> 00:45:13,960 Speaker 1: should take these drus exactly. 1049 00:45:14,040 --> 00:45:16,400 Speaker 2: It's amazing what we're able to accomplish with some of 1050 00:45:16,440 --> 00:45:19,880 Speaker 2: the advances in science and technology and drugs and shots. 1051 00:45:19,920 --> 00:45:21,960 Speaker 2: But to a certain extent, it almost does kind of 1052 00:45:21,960 --> 00:45:23,560 Speaker 2: feel like a band aid because of the fact that 1053 00:45:23,600 --> 00:45:26,520 Speaker 2: it's not addressing all of the different underlying issues that 1054 00:45:26,800 --> 00:45:29,160 Speaker 2: you are you're kind of forced to address because I mean, 1055 00:45:29,239 --> 00:45:30,759 Speaker 2: let's be honest, like a lot of folks when they're 1056 00:45:30,800 --> 00:45:32,480 Speaker 2: looking to exercise more, it's because they do want to 1057 00:45:32,520 --> 00:45:34,280 Speaker 2: lose weight. I'm not saying that is a good measure 1058 00:45:34,320 --> 00:45:36,680 Speaker 2: of health because sometimes you get fit and you gain 1059 00:45:36,719 --> 00:45:38,319 Speaker 2: weight because you're putting on muscle, but. 1060 00:45:38,360 --> 00:45:40,840 Speaker 1: From people have different body shapes and bodies types and sizes. 1061 00:45:40,880 --> 00:45:42,200 Speaker 2: But that is a goal for a lot of folks. 1062 00:45:42,239 --> 00:45:44,560 Speaker 2: And if you're able to achieve that goal by completely 1063 00:45:44,640 --> 00:45:47,359 Speaker 2: skipping this whole aspect of it, I'm afraid it like 1064 00:45:47,800 --> 00:45:50,120 Speaker 2: that you end up kicking the can further down the road. 1065 00:45:50,280 --> 00:45:53,160 Speaker 2: And that's almost how I see this helock. If you're 1066 00:45:53,160 --> 00:45:55,280 Speaker 2: not addressing the underlying issue, that's. 1067 00:45:55,120 --> 00:45:57,319 Speaker 1: A risk here, right yes, like, and too many folks 1068 00:45:57,360 --> 00:45:59,960 Speaker 1: attempt to move debt around and then they've got heat 1069 00:46:00,080 --> 00:46:01,839 Speaker 1: lock debt. But they never change their ways, and so 1070 00:46:01,880 --> 00:46:04,600 Speaker 1: they wrack up debt on that credit card again. And 1071 00:46:05,800 --> 00:46:08,160 Speaker 1: temporary kind of solution, right, I think the person who 1072 00:46:08,280 --> 00:46:11,440 Speaker 1: uses it right can potentially see benefit. But a lot 1073 00:46:11,480 --> 00:46:15,160 Speaker 1: of people use this poorly and they end up harming themselves. 1074 00:46:15,520 --> 00:46:18,920 Speaker 1: What seemed smart ends up being dumb. And it also 1075 00:46:19,000 --> 00:46:21,080 Speaker 1: it's also important to point out that the difference there's 1076 00:46:21,080 --> 00:46:23,600 Speaker 1: a difference between secured and unsecured debt. So if you 1077 00:46:23,600 --> 00:46:26,680 Speaker 1: don't pay your credit card on time, or you're failing 1078 00:46:26,680 --> 00:46:29,440 Speaker 1: to pay your bill for months on end American Express 1079 00:46:29,520 --> 00:46:31,480 Speaker 1: or Visa, they can't come and repossess your car or 1080 00:46:31,520 --> 00:46:33,319 Speaker 1: your home. But if you fail to pay it on 1081 00:46:33,360 --> 00:46:35,560 Speaker 1: your helock for an extended period of time, you're putting 1082 00:46:35,600 --> 00:46:37,600 Speaker 1: your house at risk. And so it's not like you're 1083 00:46:37,640 --> 00:46:40,360 Speaker 1: just enjoying a reduced interest rate with no strings attached. 1084 00:46:40,600 --> 00:46:43,080 Speaker 1: You're taking on a real added risk by making that move, 1085 00:46:43,280 --> 00:46:45,480 Speaker 1: and it is worth thinking long and hard about that 1086 00:46:45,560 --> 00:46:49,279 Speaker 1: additional risk. Maybe it's still within the realm of hey, 1087 00:46:49,360 --> 00:46:52,440 Speaker 1: i've got this, I've got enough whiggle room I'm literally 1088 00:46:52,880 --> 00:46:55,239 Speaker 1: just trying to pay it off more quickly, but I'm 1089 00:46:55,239 --> 00:46:57,239 Speaker 1: not worried about actually being able to pay it off 1090 00:46:57,520 --> 00:46:59,960 Speaker 1: or actually going into more debt overall. Because I make 1091 00:47:00,080 --> 00:47:03,360 Speaker 1: this move, then maybe it's worth considering. But it is 1092 00:47:03,400 --> 00:47:06,760 Speaker 1: important to mention that is a real downside factor here, totally. 1093 00:47:06,840 --> 00:47:08,200 Speaker 2: Yeah, I think it's important to point out to you 1094 00:47:08,320 --> 00:47:12,280 Speaker 2: that both credit cards and he locks come with variable 1095 00:47:12,440 --> 00:47:15,400 Speaker 2: interest rates. And here's some potential good news, though, is 1096 00:47:15,400 --> 00:47:17,080 Speaker 2: that it looks like those rates might be taken down 1097 00:47:17,080 --> 00:47:22,160 Speaker 2: slightly moving forward. It is impossible to predict if, when, 1098 00:47:22,360 --> 00:47:25,239 Speaker 2: and then actually how much they're gonna tick down, but 1099 00:47:25,840 --> 00:47:28,120 Speaker 2: for reading the tee Le's right, that could mean lower 1100 00:47:28,200 --> 00:47:31,399 Speaker 2: rates on some different variable interest rate products out there. 1101 00:47:32,040 --> 00:47:34,480 Speaker 2: I almost wish that maybe I wouldn't have mentioned that 1102 00:47:34,560 --> 00:47:37,560 Speaker 2: because it's such an unknown, it's such an X factor, 1103 00:47:37,880 --> 00:47:40,200 Speaker 2: and you shouldn't make a decision based on that anyway. 1104 00:47:40,280 --> 00:47:42,040 Speaker 1: Yeah, maybe I'll keep that nasty dead around because it's 1105 00:47:42,040 --> 00:47:43,840 Speaker 1: going to be a slightly less now. So maybe we 1106 00:47:43,840 --> 00:47:46,400 Speaker 1: should just cut all this part answer. 1107 00:47:46,400 --> 00:47:48,920 Speaker 2: I don't know, but our goal is to present you 1108 00:47:48,960 --> 00:47:51,040 Speaker 2: with all the information that we know that's out there, 1109 00:47:51,040 --> 00:47:53,560 Speaker 2: and not to like hide anything from you, but even 1110 00:47:53,600 --> 00:47:56,320 Speaker 2: still like what we're talking about, just a minor downward 1111 00:47:56,640 --> 00:47:59,600 Speaker 2: movement on both of these products, and they would both 1112 00:47:59,640 --> 00:48:02,359 Speaker 2: still be considered bad debt. Instead, we'd love to see 1113 00:48:02,360 --> 00:48:04,760 Speaker 2: you make a plan not to just you know, shift 1114 00:48:04,800 --> 00:48:08,040 Speaker 2: one debt from another slightly less agregious one, but just 1115 00:48:08,040 --> 00:48:10,520 Speaker 2: a plan to actually pay it off as quickly as possible. 1116 00:48:10,520 --> 00:48:12,480 Speaker 2: We want you to address those underlying issues. 1117 00:48:12,560 --> 00:48:15,920 Speaker 1: I think maybe the other option here that Nathan should 1118 00:48:15,920 --> 00:48:19,799 Speaker 1: consider after increasing his credit score, by the way, because 1119 00:48:19,800 --> 00:48:21,960 Speaker 1: this is really important to getting approved for the best rates. 1120 00:48:22,000 --> 00:48:25,160 Speaker 1: You hear the commercials, You see the commercials and it's like, oh, 1121 00:48:25,280 --> 00:48:28,160 Speaker 1: rates starting at seven point five percent or something like that. 1122 00:48:28,200 --> 00:48:30,440 Speaker 1: I think my credit union, Matt is offering some sort 1123 00:48:30,480 --> 00:48:32,480 Speaker 1: of intra introductory rate on a helock as low as 1124 00:48:32,480 --> 00:48:34,359 Speaker 1: five and a half percent right now. Well, guess what. 1125 00:48:34,480 --> 00:48:36,640 Speaker 1: That sounds nice, But Nathan's not going to qualify for 1126 00:48:36,680 --> 00:48:39,040 Speaker 1: those with a credit score of six to twenty five. 1127 00:48:39,280 --> 00:48:41,720 Speaker 1: He's got to work on increasing the credit score before 1128 00:48:42,080 --> 00:48:45,160 Speaker 1: he attempts to do some of these moves. Anyway, we'll 1129 00:48:45,200 --> 00:48:47,279 Speaker 1: link to some resources in the show notes, Nathan to 1130 00:48:47,320 --> 00:48:50,120 Speaker 1: help you do just that. By the way, do not 1131 00:48:50,160 --> 00:48:52,279 Speaker 1: pay someone who tells you they can help you raise 1132 00:48:52,320 --> 00:48:55,680 Speaker 1: your score for you. That's bloney and it's gonna cost 1133 00:48:55,680 --> 00:48:56,960 Speaker 1: you a lot of money that's not gonna pay off. 1134 00:48:57,040 --> 00:48:59,560 Speaker 1: This is a DIY thing. But once that score is up, 1135 00:48:59,760 --> 00:49:03,120 Speaker 1: you might find that a zero percent transfer card. Getting 1136 00:49:03,120 --> 00:49:05,959 Speaker 1: another credit card isn't even better way to go. Giving 1137 00:49:06,000 --> 00:49:08,680 Speaker 1: you a zero percent interest rate for something like fifteen, eighteen, 1138 00:49:08,719 --> 00:49:11,480 Speaker 1: maybe even twenty one months, that allows you to pay 1139 00:49:11,520 --> 00:49:15,560 Speaker 1: down that debt much faster because you're not continually accruing interest. 1140 00:49:15,960 --> 00:49:18,800 Speaker 1: And then even still the same advice about being vigilant 1141 00:49:18,800 --> 00:49:20,759 Speaker 1: about racking up even more debt applies, so you have 1142 00:49:20,800 --> 00:49:23,080 Speaker 1: to be careful in either instance. But in that case 1143 00:49:23,080 --> 00:49:25,080 Speaker 1: it's not a he lock and it's actually getting you 1144 00:49:25,120 --> 00:49:27,200 Speaker 1: a lower interest rate for a specific period of time, 1145 00:49:27,520 --> 00:49:30,640 Speaker 1: So it's worth looking into that. But the credit score 1146 00:49:31,280 --> 00:49:33,839 Speaker 1: is a big issue in that and it's worth paying 1147 00:49:33,880 --> 00:49:36,040 Speaker 1: some attention to what's going on with that score so 1148 00:49:36,080 --> 00:49:38,480 Speaker 1: you can prove it in short order. Oh, by the way, 1149 00:49:38,520 --> 00:49:40,720 Speaker 1: and if your credit card debt, if it's over the top, 1150 00:49:41,000 --> 00:49:43,080 Speaker 1: we would suggest going to see a non for profit 1151 00:49:43,520 --> 00:49:47,640 Speaker 1: credit counselor NFCC is one place money Management International is 1152 00:49:47,640 --> 00:49:50,200 Speaker 1: another place. Those are two great organizations where you can 1153 00:49:50,239 --> 00:49:53,000 Speaker 1: meet with somebody for free to talk about what's going 1154 00:49:53,040 --> 00:49:54,680 Speaker 1: on with your debt and to work towards a debt 1155 00:49:54,680 --> 00:49:57,120 Speaker 1: payoff plan a debt management program. So I feel like 1156 00:49:57,120 --> 00:49:59,200 Speaker 1: we threw a lot out there in this answer, Matt. 1157 00:49:59,280 --> 00:50:00,719 Speaker 1: There's a lot to cover if what feels like a 1158 00:50:00,760 --> 00:50:03,520 Speaker 1: basic question ends up being ultimately more complex than a 1159 00:50:03,520 --> 00:50:04,800 Speaker 1: lot of people might think on its surface. 1160 00:50:04,880 --> 00:50:07,000 Speaker 2: Yeah, it depends on how committed he is to eliminating 1161 00:50:07,040 --> 00:50:09,080 Speaker 2: this debt, Like it depends on where his heart is 1162 00:50:09,120 --> 00:50:10,839 Speaker 2: and whether or not he truly wants to get rid 1163 00:50:10,880 --> 00:50:12,400 Speaker 2: of this like once and for all, and this is 1164 00:50:12,440 --> 00:50:14,680 Speaker 2: sort of the last tool that he's going to implement 1165 00:50:14,840 --> 00:50:16,920 Speaker 2: that's going to get him to that point. Or if 1166 00:50:16,920 --> 00:50:20,080 Speaker 2: this is like almost like another excuse, it's just like 1167 00:50:20,080 --> 00:50:23,239 Speaker 2: another prolonging problems. Yeah, where he's just going through the 1168 00:50:23,280 --> 00:50:26,000 Speaker 2: motions where in the end there's not any real change 1169 00:50:26,040 --> 00:50:26,640 Speaker 2: that's going to occur. 1170 00:50:26,680 --> 00:50:29,440 Speaker 1: If you think about one last thing, undebt dot it 1171 00:50:29,960 --> 00:50:33,200 Speaker 1: you n dbt dot it. That is a website. You 1172 00:50:33,200 --> 00:50:35,239 Speaker 1: should check it out because it can help you create 1173 00:50:35,280 --> 00:50:37,680 Speaker 1: a debt payoff plan. And that is ultimately what you 1174 00:50:37,719 --> 00:50:39,640 Speaker 1: need in order to get rid of this debt in 1175 00:50:39,719 --> 00:50:41,920 Speaker 1: a specific timeframe. Totally figure out how much money do 1176 00:50:42,000 --> 00:50:43,879 Speaker 1: I have that I can dedicate to paying off this debt? 1177 00:50:44,320 --> 00:50:47,320 Speaker 1: Structure it, make a structured plan, whether you're doing snowball 1178 00:50:47,400 --> 00:50:49,920 Speaker 1: or avalanche method on a website like undebt dot it, 1179 00:50:50,360 --> 00:50:53,760 Speaker 1: I think keep to it. That is ultimately the way. 1180 00:50:53,800 --> 00:50:55,520 Speaker 1: Having that plan right in front of your face, Matt 1181 00:50:55,800 --> 00:50:58,000 Speaker 1: is crucial to allowing you to actually do the thing 1182 00:50:58,040 --> 00:50:59,880 Speaker 1: you want to do, which it's especially helpful to if 1183 00:50:59,920 --> 00:51:01,879 Speaker 1: you multiple debts that you're trying to where you're trying 1184 00:51:01,880 --> 00:51:03,279 Speaker 1: to figure out the order in which that you're going 1185 00:51:03,320 --> 00:51:03,920 Speaker 1: to pay them off. 1186 00:51:03,960 --> 00:51:06,000 Speaker 2: But let's get back to the beer you and I 1187 00:51:06,080 --> 00:51:09,399 Speaker 2: enjoyed today was a SkELL A Hawk and I didn't 1188 00:51:09,400 --> 00:51:12,440 Speaker 2: realize this, but this is a collaboration between Parish Brewing 1189 00:51:12,480 --> 00:51:13,600 Speaker 2: Company as. 1190 00:51:13,440 --> 00:51:14,960 Speaker 1: Well as Horace h. 1191 00:51:15,080 --> 00:51:18,960 Speaker 2: O r Us and I'm actually surprised that we have 1192 00:51:19,120 --> 00:51:21,600 Speaker 2: never had a Parish beer on the show before. It's 1193 00:51:21,640 --> 00:51:23,000 Speaker 2: one that you and I have enjoyed before. 1194 00:51:23,160 --> 00:51:25,319 Speaker 1: The best brewery I've had that comes out of State 1195 00:51:25,320 --> 00:51:26,080 Speaker 1: of Louisiana. 1196 00:51:26,160 --> 00:51:27,759 Speaker 2: See you you're a huge You're a big fan of them. 1197 00:51:27,800 --> 00:51:30,560 Speaker 2: I think they're okay, and I don't know, but I 1198 00:51:30,600 --> 00:51:31,759 Speaker 2: really like this beer, which makes. 1199 00:51:31,680 --> 00:51:34,480 Speaker 1: Me a better Louisiana brewery Matt Horace, assuming that they 1200 00:51:34,560 --> 00:51:37,520 Speaker 1: are they Louisiana. A lot of times you collab with 1201 00:51:38,000 --> 00:51:41,160 Speaker 1: somebody that's local, so it makes me think more highly 1202 00:51:41,200 --> 00:51:43,400 Speaker 1: of them because I've had different Parish beers and I 1203 00:51:43,440 --> 00:51:45,960 Speaker 1: feel like they're decent, but they've never I don't know, 1204 00:51:45,960 --> 00:51:47,839 Speaker 1: they've never risen to the top in my mind as 1205 00:51:47,880 --> 00:51:51,320 Speaker 1: to if I'm in Louisiana, you're looking at getting a 1206 00:51:51,360 --> 00:51:53,439 Speaker 1: sassarak or a cocktail or something like that. I don't 1207 00:51:53,440 --> 00:51:55,799 Speaker 1: think of when I think of Louisiana. I don't think 1208 00:51:55,840 --> 00:51:59,120 Speaker 1: of what's who makes Andy Gator and Abita a beta 1209 00:51:59,160 --> 00:52:00,880 Speaker 1: brewery or whatever. It's the best, one of the big ones. 1210 00:52:01,040 --> 00:52:03,399 Speaker 2: They're out of Louisiana. And not to hate or anything 1211 00:52:03,480 --> 00:52:06,200 Speaker 2: like that. Parish is a fantastic brewery. But this, in 1212 00:52:06,239 --> 00:52:08,560 Speaker 2: my mind, man, what a great collaboration. Maybe they're both 1213 00:52:08,600 --> 00:52:10,240 Speaker 2: able to pull the best out of each other. Yeah, 1214 00:52:10,239 --> 00:52:13,400 Speaker 2: because this is a fantastic beer. It's like super somehow, 1215 00:52:13,400 --> 00:52:15,520 Speaker 2: it's like juicy, while at the same time it. 1216 00:52:15,480 --> 00:52:17,600 Speaker 1: Still has that dry bite that you get. 1217 00:52:17,760 --> 00:52:20,439 Speaker 2: I don't know if it's just from dry hopping an 1218 00:52:20,440 --> 00:52:22,480 Speaker 2: ipa or what, but a whole lot of flavor going on. 1219 00:52:22,760 --> 00:52:24,960 Speaker 1: This was one of the best, like hazy IPAs I've 1220 00:52:24,960 --> 00:52:27,080 Speaker 1: had in a while, and I think it was like that, 1221 00:52:27,280 --> 00:52:28,960 Speaker 1: not overly sweet. Some of them tend to go in 1222 00:52:28,960 --> 00:52:31,960 Speaker 1: that just syrupy sweet direction. This is the the hops 1223 00:52:32,000 --> 00:52:34,160 Speaker 1: really came through in this one, but it wasn't found 1224 00:52:34,160 --> 00:52:36,920 Speaker 1: that balance pali fatigue, not overwhelming. So yeah, I really 1225 00:52:37,000 --> 00:52:39,200 Speaker 1: enjoyed this one. And yeah, maybe it's maybe it's the 1226 00:52:39,239 --> 00:52:41,400 Speaker 1: some of the parts right there, the two solid breweries 1227 00:52:41,400 --> 00:52:44,279 Speaker 1: make it something great more than some of its parts. Yeah. 1228 00:52:44,320 --> 00:52:48,480 Speaker 2: Well, it's got the cryo mosaic, which, from what I understand, 1229 00:52:48,520 --> 00:52:52,719 Speaker 2: cryo is like hop concentrate. Oh essentially that's like, yeah, 1230 00:52:52,719 --> 00:52:55,880 Speaker 2: it's like is it in that like cryogenically frozen or 1231 00:52:55,880 --> 00:52:56,200 Speaker 2: something like that. 1232 00:52:56,239 --> 00:52:58,960 Speaker 1: Yeah, but how does that work in actuality? I don't 1233 00:52:59,000 --> 00:53:00,799 Speaker 1: I'm not a beer sign. I know, we don't make 1234 00:53:00,840 --> 00:53:02,719 Speaker 1: the beer, we just drink it, but we should look 1235 00:53:02,760 --> 00:53:03,560 Speaker 1: at that at some point. 1236 00:53:04,120 --> 00:53:06,360 Speaker 2: But yeah, really glad that you know, I got to 1237 00:53:06,480 --> 00:53:09,640 Speaker 2: enjoy this one. Would highly recommend SkELL A Hawk all right. 1238 00:53:09,560 --> 00:53:10,879 Speaker 1: But that's going to do it for this one. We'll 1239 00:53:10,880 --> 00:53:15,160 Speaker 1: put links to everything we mentioned on this podcast episode 1240 00:53:15,520 --> 00:53:17,719 Speaker 1: in our show notes at howtomoney dot com, including a 1241 00:53:17,760 --> 00:53:19,960 Speaker 1: link to the Facebook group. If you're not in there, 1242 00:53:20,000 --> 00:53:22,120 Speaker 1: you should joins a bunch of money nerds helping each 1243 00:53:22,160 --> 00:53:24,640 Speaker 1: other out every single week. Matt. That's going to do 1244 00:53:24,680 --> 00:53:27,040 Speaker 1: it for this episode. Until next time, best Friends out, 1245 00:53:27,080 --> 00:53:41,560 Speaker 1: Best Friends Out. Don't you don't like that ghost of 1246 00:53:41,600 --> 00:53:42,200 Speaker 1: the machine. 1247 00:53:42,440 --> 00:53:42,960 Speaker 3: I feel like it. 1248 00:53:42,960 --> 00:53:43,840 Speaker 1: I feel like it's decent.