1
00:00:00,160 --> 00:00:02,720
Speaker 1: Welcome to How the Money. I'm Joel into I and

2
00:00:02,840 --> 00:00:24,960
Speaker 1: Matt's and today we are answering your listener questions. That's right, Joel,

3
00:00:25,000 --> 00:00:26,960
Speaker 1: We've got a listener question Monday. Line up for phones.

4
00:00:27,000 --> 00:00:30,280
Speaker 1: We're gonna take a few questions about robo advisors, specifically

5
00:00:30,800 --> 00:00:33,920
Speaker 1: la Vest, which is an investing platform gear towards the ladies.

6
00:00:34,240 --> 00:00:36,960
Speaker 1: But we're gonna talk about saving money for a baby,

7
00:00:37,080 --> 00:00:39,760
Speaker 1: and we're also gonna take a question about infinite banking

8
00:00:40,159 --> 00:00:42,479
Speaker 1: and paying down your mortgage very quickly. We're gonna get

9
00:00:42,479 --> 00:00:45,479
Speaker 1: to those plus a couple of others today. But first, man,

10
00:00:45,520 --> 00:00:47,800
Speaker 1: you wanted to talk about some you get other fake

11
00:00:48,000 --> 00:00:50,600
Speaker 1: scam phone call Man. I keep getting theything alms going on.

12
00:00:51,040 --> 00:00:53,320
Speaker 1: It's funny. I actually randomly the other day answered a

13
00:00:53,440 --> 00:00:56,960
Speaker 1: number that I didn't know and it was my neighbor.

14
00:00:57,120 --> 00:00:59,840
Speaker 1: I was like, I think I was. I had like

15
00:00:59,840 --> 00:01:02,040
Speaker 1: a non descending tone when I got when I picked

16
00:01:02,080 --> 00:01:05,240
Speaker 1: up the phone, I was like hello, I don't believe you, Like, hey, Joel,

17
00:01:05,240 --> 00:01:07,480
Speaker 1: what's your neighbor? I was like, oh, hey, hey. I

18
00:01:07,560 --> 00:01:09,679
Speaker 1: was getting ready to be like, don't call me anymore,

19
00:01:09,680 --> 00:01:13,440
Speaker 1: like what I know? So now we have numbered each

20
00:01:13,440 --> 00:01:15,480
Speaker 1: other's numbers, and now I can answer happily from here

21
00:01:15,480 --> 00:01:17,640
Speaker 1: on out. But now, this this phone call that I

22
00:01:17,640 --> 00:01:21,199
Speaker 1: wanted to quickly talk about, was one from someone saying

23
00:01:21,200 --> 00:01:25,240
Speaker 1: that I had thousands of dollars in unclaimed property, and

24
00:01:25,360 --> 00:01:27,800
Speaker 1: of course they wanted a fee to help me find

25
00:01:27,959 --> 00:01:30,679
Speaker 1: this unclaimed property. They specifically said I had thirteen thousand

26
00:01:30,720 --> 00:01:32,920
Speaker 1: dollars out there in my name, and I was like,

27
00:01:33,360 --> 00:01:37,160
Speaker 1: all right, uh, well, I'm gonna go check this out

28
00:01:37,240 --> 00:01:39,280
Speaker 1: on my own. And that this is something we've talked

29
00:01:39,319 --> 00:01:41,360
Speaker 1: about before, and it gets mentioned in the Facebook group

30
00:01:41,400 --> 00:01:42,880
Speaker 1: from time to time, but we haven't talked about it

31
00:01:42,920 --> 00:01:45,080
Speaker 1: on the show in quite a while. And so the

32
00:01:45,319 --> 00:01:47,840
Speaker 1: easiest thing for people in thirty nine states to do

33
00:01:48,040 --> 00:01:50,760
Speaker 1: is go to the website missing money dot com. And

34
00:01:50,800 --> 00:01:53,000
Speaker 1: even actually, if you go there and your state isn't

35
00:01:53,040 --> 00:01:56,720
Speaker 1: a part of the missing Money website, it will provide

36
00:01:56,720 --> 00:01:58,680
Speaker 1: you the link to click through to your state's website.

37
00:01:58,680 --> 00:02:02,200
Speaker 1: So Georgia, the state we're they don't participate in missing Money,

38
00:02:02,240 --> 00:02:04,400
Speaker 1: so you gotta go directly to the state's website. I

39
00:02:04,440 --> 00:02:06,760
Speaker 1: did that, I put in my name, I did did

40
00:02:06,800 --> 00:02:09,520
Speaker 1: the search, no missing money in my name, So this

41
00:02:09,600 --> 00:02:11,960
Speaker 1: must have been some sort of scam attempts, and I

42
00:02:12,000 --> 00:02:13,920
Speaker 1: just wanted to let other people know that. Yeah, if

43
00:02:13,919 --> 00:02:15,919
Speaker 1: anyone calls you in there like you've got this missing money,

44
00:02:16,000 --> 00:02:18,320
Speaker 1: you gotta pay us to find it, Like, you don't

45
00:02:18,320 --> 00:02:19,919
Speaker 1: have to do that, don't fall for it. You can

46
00:02:19,960 --> 00:02:23,000
Speaker 1: easily go look to see if there's any money in

47
00:02:23,040 --> 00:02:26,920
Speaker 1: your name, any unclaimed property that's sitting around um and

48
00:02:27,000 --> 00:02:29,000
Speaker 1: you can claim it yourself. You don't need the help

49
00:02:29,000 --> 00:02:30,919
Speaker 1: with anybody else. Yeah, you can do it yourself. I

50
00:02:30,960 --> 00:02:32,839
Speaker 1: will say there are companies out there who are called

51
00:02:32,840 --> 00:02:35,240
Speaker 1: like finders or searchers or something like that. But there

52
00:02:35,280 --> 00:02:38,360
Speaker 1: are legitimate companies out there who may have found money

53
00:02:38,400 --> 00:02:40,680
Speaker 1: for you, but they're trying to get you to sign

54
00:02:40,760 --> 00:02:43,000
Speaker 1: a contract because if you do that, then they're entitled

55
00:02:43,160 --> 00:02:45,000
Speaker 1: a percentage of what they find and so they get

56
00:02:45,000 --> 00:02:47,240
Speaker 1: a finder's fee or something like that. Sometimes it's it's capped,

57
00:02:48,280 --> 00:02:49,960
Speaker 1: but other times, if they're just trying to get money

58
00:02:49,960 --> 00:02:52,840
Speaker 1: from you upfront, oftentimes they're just gonna bolt. Especially if

59
00:02:52,880 --> 00:02:54,520
Speaker 1: you're someone who knows that you don't have money out

60
00:02:54,560 --> 00:02:57,079
Speaker 1: there because you have searched those different websites. Uh, yeah,

61
00:02:57,160 --> 00:02:59,919
Speaker 1: you're definitely gonna know that it's a scam in that instance,

62
00:03:00,160 --> 00:03:02,000
Speaker 1: But again, you don't have to participate at all because

63
00:03:02,040 --> 00:03:04,160
Speaker 1: you can d I Wyatt And like Joel said, missing

64
00:03:04,160 --> 00:03:06,840
Speaker 1: money dot com, Unclaimed dot org is another site that

65
00:03:06,880 --> 00:03:08,959
Speaker 1: you can go to UH and both of these sites

66
00:03:09,000 --> 00:03:11,160
Speaker 1: will point you in the right direction if they don't

67
00:03:11,200 --> 00:03:14,040
Speaker 1: have the databases themselves. That's right. So yeah, just two

68
00:03:14,040 --> 00:03:16,040
Speaker 1: big heads up for everybody out there in case you

69
00:03:16,040 --> 00:03:18,440
Speaker 1: get a call like this and you pick up, which

70
00:03:18,440 --> 00:03:20,400
Speaker 1: why did I do it? Like I, I don't ever

71
00:03:20,440 --> 00:03:22,360
Speaker 1: pick up calls when I don't know the number, and

72
00:03:22,440 --> 00:03:25,480
Speaker 1: except for occasion, but that's not true. Maybe all right,

73
00:03:25,480 --> 00:03:28,000
Speaker 1: maybe it's five percent of the time. I don't know

74
00:03:28,000 --> 00:03:31,359
Speaker 1: what I'm looking for that experience. I think we all know, Joel,

75
00:03:31,360 --> 00:03:32,919
Speaker 1: which is, you don't want to talk to somebody. When

76
00:03:32,919 --> 00:03:35,040
Speaker 1: we talk to somebody I don't like talking about Emily

77
00:03:35,080 --> 00:03:37,080
Speaker 1: doesn't want to talk to you. Your kids are off

78
00:03:37,080 --> 00:03:38,960
Speaker 1: doing something. You talk to strangers, like somebody's calling me,

79
00:03:39,080 --> 00:03:41,240
Speaker 1: I want to talk to him, whereas I do not

80
00:03:41,440 --> 00:03:43,520
Speaker 1: ever have that inclination. I don't know have that desire.

81
00:03:44,280 --> 00:03:46,880
Speaker 1: I'll talk with you, I'll talk with my family, but

82
00:03:46,960 --> 00:03:50,200
Speaker 1: I don't want to talk with random strangers. I understand. Yeah, alright,

83
00:03:50,200 --> 00:03:53,160
Speaker 1: well we're all different. But beer time, Yeah, beer time.

84
00:03:53,200 --> 00:03:55,760
Speaker 1: So the beer drinking on today's show. This one's called

85
00:03:55,800 --> 00:03:58,800
Speaker 1: love Birds four. It's from Birds Fly South out of

86
00:03:58,840 --> 00:04:02,240
Speaker 1: South Carolina. This one is a their Couvey with raspberry

87
00:04:02,320 --> 00:04:04,680
Speaker 1: and I believe cuvey it sounds really fancy. I believe

88
00:04:04,680 --> 00:04:06,280
Speaker 1: it just means like the best of the best. And

89
00:04:06,320 --> 00:04:09,160
Speaker 1: so this is like an anniversary beer that they released

90
00:04:09,160 --> 00:04:11,760
Speaker 1: for their fourth anniversary. And pick this up at the

91
00:04:11,760 --> 00:04:14,240
Speaker 1: local bottleshop. Looking forward to having this one with you, man.

92
00:04:14,440 --> 00:04:16,080
Speaker 1: But enough about the beer. We'll get to more on

93
00:04:16,120 --> 00:04:18,160
Speaker 1: that later. Now it's time to get the listener questions.

94
00:04:18,160 --> 00:04:19,600
Speaker 1: And for anyone out there who says I've got a

95
00:04:19,600 --> 00:04:21,760
Speaker 1: personal finance question, well, Matt and I would love to

96
00:04:21,800 --> 00:04:23,960
Speaker 1: answer that for you. If you're up for submitting it,

97
00:04:24,040 --> 00:04:26,600
Speaker 1: just go to our website how to money dot com

98
00:04:26,800 --> 00:04:30,760
Speaker 1: slash ask. There are simple instructions for you to record

99
00:04:30,880 --> 00:04:33,320
Speaker 1: a voice memo and send it our way so that

100
00:04:33,360 --> 00:04:36,159
Speaker 1: we can hopefully feature it on an upcoming episode. But Matt,

101
00:04:36,200 --> 00:04:38,839
Speaker 1: let's get to the first question of the day, and

102
00:04:38,880 --> 00:04:42,239
Speaker 1: this one's about target date funds. Hey, Matt and Joel,

103
00:04:42,680 --> 00:04:46,560
Speaker 1: this is A's from Atlanta. I'll try to keep it short.

104
00:04:47,279 --> 00:04:49,520
Speaker 1: First of all, kudos to both of you for running

105
00:04:49,520 --> 00:04:54,560
Speaker 1: such a great show. I really listened to all the episodes.

106
00:04:54,880 --> 00:04:58,880
Speaker 1: My question was, Um, I have roth Hiary, which I

107
00:04:59,000 --> 00:05:02,400
Speaker 1: met Matt Semis. I maximized my four oh one k

108
00:05:03,800 --> 00:05:07,279
Speaker 1: at work and also have an investment account. I'm not

109
00:05:07,360 --> 00:05:12,160
Speaker 1: a savvy investor in terms of picking stocks, and so

110
00:05:12,279 --> 00:05:15,120
Speaker 1: I like the target retirement fun In fact, I have

111
00:05:15,279 --> 00:05:20,040
Speaker 1: Vanguard with my um roth Ira. I was wondering, um,

112
00:05:20,200 --> 00:05:25,280
Speaker 1: if it's okay to use target retirement funds in an

113
00:05:25,360 --> 00:05:29,280
Speaker 1: investment account which is not technically a retirement account. Um.

114
00:05:29,320 --> 00:05:33,320
Speaker 1: I don't hear anyone talking about that or you guys

115
00:05:33,560 --> 00:05:38,000
Speaker 1: mentioning that. I just was wondering if that's okay. First,

116
00:05:38,040 --> 00:05:42,159
Speaker 1: if it is allowed to use an target retirement fund

117
00:05:42,240 --> 00:05:44,560
Speaker 1: in an investment account, and if it is okay from

118
00:05:44,600 --> 00:05:48,880
Speaker 1: your standpoint, thank you so much. Hey, she's glad to

119
00:05:48,920 --> 00:05:51,760
Speaker 1: hear from a listener here in Atlanta, and you are

120
00:05:51,880 --> 00:05:54,400
Speaker 1: crushing it with the amount of money that you are investing.

121
00:05:54,600 --> 00:05:57,160
Speaker 1: So for everyone else out there, if she's just maxing

122
00:05:57,240 --> 00:05:59,640
Speaker 1: out a four one K and a roth Ira, A

123
00:05:59,800 --> 00:06:02,880
Speaker 1: that's total of twenty five thousand five dollars that he's

124
00:06:02,880 --> 00:06:06,040
Speaker 1: sacking away every single year, and that's just thinking amazing.

125
00:06:06,880 --> 00:06:09,320
Speaker 1: And also she she mentioned not being a savvy investor,

126
00:06:09,680 --> 00:06:13,159
Speaker 1: a lot of these so called uh savvy investors aren't

127
00:06:13,200 --> 00:06:16,520
Speaker 1: actually as great as they appear on Twitter. Right. Everyone

128
00:06:16,560 --> 00:06:19,120
Speaker 1: likes to brag when maybe like one out of ten

129
00:06:19,360 --> 00:06:22,440
Speaker 1: of their stock picks does better than the SMP, but

130
00:06:22,480 --> 00:06:24,960
Speaker 1: they're not talking about the other nine that are way

131
00:06:25,040 --> 00:06:27,599
Speaker 1: under performing the market. And so that's definitely something to

132
00:06:27,640 --> 00:06:30,960
Speaker 1: keep in mind. Savvy and complex and complicated doesn't always

133
00:06:31,000 --> 00:06:34,320
Speaker 1: necessarily mean better, and oftentimes when it comes to investing,

134
00:06:34,640 --> 00:06:37,560
Speaker 1: it means worse. Yeah, And the people that tout themselves

135
00:06:37,640 --> 00:06:41,680
Speaker 1: as like these just investing gurus, Yeah, they don't show

136
00:06:41,720 --> 00:06:44,640
Speaker 1: you all their investments, and it's hard to tell whether

137
00:06:44,760 --> 00:06:47,320
Speaker 1: or not they're actually, you know, crushing it or whether

138
00:06:47,400 --> 00:06:49,760
Speaker 1: they've got a lot lurking in the background that they're

139
00:06:49,800 --> 00:06:51,720
Speaker 1: shamed of, right, true, man, Yeah, and real quick to

140
00:06:51,800 --> 00:06:54,119
Speaker 1: I wanted to crunch the numbers on. So he's stalking

141
00:06:54,160 --> 00:06:57,360
Speaker 1: away twenty five thousand and five dollars every year, assuming

142
00:06:57,400 --> 00:06:59,479
Speaker 1: he continues to do that, and he doesn't increase that

143
00:06:59,520 --> 00:07:01,919
Speaker 1: amount as he gets older. If he does that and

144
00:07:01,920 --> 00:07:04,599
Speaker 1: he earns just a seven percent rate of return, he's

145
00:07:04,600 --> 00:07:07,560
Speaker 1: going to be a millionaire in under twenty years. That

146
00:07:07,640 --> 00:07:10,840
Speaker 1: crazy pretty impressively one million dollars. She's you're crushing it.

147
00:07:11,200 --> 00:07:13,360
Speaker 1: That's yeah, that's huge man. And and yeah, that that

148
00:07:13,480 --> 00:07:15,720
Speaker 1: is really Matt. Half the battle when it comes to

149
00:07:15,720 --> 00:07:18,360
Speaker 1: investing is stalking more money away. I was just doing it.

150
00:07:18,400 --> 00:07:20,600
Speaker 1: I think sometimes people want to pick the right fund,

151
00:07:20,600 --> 00:07:22,720
Speaker 1: they want to follow the savvy investor, and they want

152
00:07:22,720 --> 00:07:26,720
Speaker 1: to get outperformed the rest of the market. And that

153
00:07:26,800 --> 00:07:28,760
Speaker 1: can be a fool's errand that can cost you a

154
00:07:28,760 --> 00:07:30,840
Speaker 1: lot of heartache, and that can actually lead to lower

155
00:07:30,880 --> 00:07:33,960
Speaker 1: returns in many cases. And so yeah, the biggest thing

156
00:07:33,960 --> 00:07:35,840
Speaker 1: that you can get right, that you having your ultimate

157
00:07:35,880 --> 00:07:38,080
Speaker 1: control is to be able to put more money towards

158
00:07:38,080 --> 00:07:39,800
Speaker 1: your retirement accounts. Yeah, I mean, honestly, it makes me

159
00:07:39,840 --> 00:07:41,600
Speaker 1: think of like exercising. I think a lot of times

160
00:07:41,600 --> 00:07:43,400
Speaker 1: people get hung up on the details. They're like, oh,

161
00:07:43,520 --> 00:07:45,960
Speaker 1: what plan should I subscribe to you? Or oh I

162
00:07:46,000 --> 00:07:47,680
Speaker 1: need the right gear? Like maybe I should like what

163
00:07:47,760 --> 00:07:49,880
Speaker 1: kind of shoes should I be am? I an overpronator

164
00:07:49,960 --> 00:07:51,880
Speaker 1: or an underpronator when it comes to my stride, like

165
00:07:51,920 --> 00:07:54,560
Speaker 1: all these specific things. When it comes to exercise and running,

166
00:07:54,600 --> 00:07:56,680
Speaker 1: how many peloton machines do I need in my house

167
00:07:56,880 --> 00:07:58,840
Speaker 1: as opposed to just like getting out there and going

168
00:07:58,880 --> 00:08:00,360
Speaker 1: for a walk or getting out there and going for

169
00:08:00,400 --> 00:08:02,760
Speaker 1: a run. We can over complicate things when instead we

170
00:08:02,760 --> 00:08:04,840
Speaker 1: just need to move our bodies. The same thing is

171
00:08:04,840 --> 00:08:06,600
Speaker 1: true when it comes to retirement. I think we just

172
00:08:06,640 --> 00:08:10,080
Speaker 1: need to start saving and actually investing our money. Doesn't

173
00:08:10,120 --> 00:08:12,760
Speaker 1: need to be all that more complicated than that. And yeah,

174
00:08:12,760 --> 00:08:14,440
Speaker 1: and what is she's just trying to do with what

175
00:08:14,520 --> 00:08:16,600
Speaker 1: I love is he's investing a lot, but he's also

176
00:08:16,680 --> 00:08:20,240
Speaker 1: keeping it uncomplicated with target date funds. And target date

177
00:08:20,280 --> 00:08:22,360
Speaker 1: funds are are excellent. And if she used to answer

178
00:08:22,400 --> 00:08:25,080
Speaker 1: your question, yeah, you can invest in a target date

179
00:08:25,120 --> 00:08:27,480
Speaker 1: fund within a brokerage account whereever you have your funds.

180
00:08:27,800 --> 00:08:29,520
Speaker 1: You could even do it, you know, with an app

181
00:08:29,560 --> 00:08:31,920
Speaker 1: like robin Hood or in one finance as well as

182
00:08:32,000 --> 00:08:34,760
Speaker 1: keeping it simple and opening that you know, brokerage account

183
00:08:34,800 --> 00:08:37,800
Speaker 1: where you have your retirement funds too. There's nothing preventing

184
00:08:37,800 --> 00:08:40,440
Speaker 1: you from having all your money in that one fund

185
00:08:40,720 --> 00:08:43,120
Speaker 1: that's gonna gradually get more conservative as you near your

186
00:08:43,160 --> 00:08:45,840
Speaker 1: retirement date. And some folks might wonder if if having

187
00:08:46,160 --> 00:08:48,880
Speaker 1: all your money and one fund across all those accounts

188
00:08:48,880 --> 00:08:51,800
Speaker 1: means that you're not diversified enough. Well, the answer is no,

189
00:08:52,000 --> 00:08:55,080
Speaker 1: and only just one fund isn't a great strategy. When

190
00:08:55,160 --> 00:08:57,400
Speaker 1: we're talking about most funds out there. You might be

191
00:08:57,640 --> 00:09:00,400
Speaker 1: sector specific. If you're all in on just an airline

192
00:09:00,440 --> 00:09:03,160
Speaker 1: et F, like all you're invested in is the airlines,

193
00:09:03,160 --> 00:09:05,839
Speaker 1: you're not diversified enough. But when it comes to target

194
00:09:05,880 --> 00:09:09,480
Speaker 1: date funds, those are highly diversified in their holdings, and

195
00:09:09,520 --> 00:09:11,880
Speaker 1: so owning just that one fund allows you to be

196
00:09:12,080 --> 00:09:16,280
Speaker 1: incredibly well diversified while keeping it super chill on your end. So, yeah,

197
00:09:16,320 --> 00:09:18,880
Speaker 1: Matt and I are big fans of target date funds,

198
00:09:18,920 --> 00:09:21,640
Speaker 1: and they are definitely the easy button. Uh. If you

199
00:09:21,800 --> 00:09:23,839
Speaker 1: are looking to stock away lots of money and get

200
00:09:23,920 --> 00:09:26,880
Speaker 1: rich over the long haul, targeted funds are just an

201
00:09:26,880 --> 00:09:29,680
Speaker 1: easy choice, so you really don't have to sweat it. Yeah,

202
00:09:29,679 --> 00:09:32,600
Speaker 1: so they're definitely legal, they're allowed, and yeah, we approve

203
00:09:32,720 --> 00:09:34,360
Speaker 1: of them as well as she should. We think that

204
00:09:34,559 --> 00:09:39,120
Speaker 1: target date funds are fantastic. The Vanguard target date funds Fidelity,

205
00:09:39,240 --> 00:09:42,400
Speaker 1: State Street as well. They are all excellent options for you.

206
00:09:42,720 --> 00:09:44,800
Speaker 1: And the real reason to choose the targetate fund over

207
00:09:44,800 --> 00:09:47,599
Speaker 1: anything else, truly is because of the simplicity and convenience

208
00:09:47,600 --> 00:09:49,880
Speaker 1: that they offer. The set it and forget it approach

209
00:09:50,040 --> 00:09:52,600
Speaker 1: is incredibly appealing to a lot of folks. Uh. And

210
00:09:52,600 --> 00:09:55,679
Speaker 1: that's understandable. You know, we we love keeping it simple here. Uh.

211
00:09:55,720 --> 00:09:58,480
Speaker 1: And since again the number one obstacle to investing for

212
00:09:58,559 --> 00:10:01,840
Speaker 1: most folks is the perceived the level of complexity, target

213
00:10:01,880 --> 00:10:04,320
Speaker 1: date funds are the perfect choice for a lot of

214
00:10:04,320 --> 00:10:06,839
Speaker 1: folks out there. They're basically like the crock pot of investing,

215
00:10:06,960 --> 00:10:08,520
Speaker 1: Like it's the easiest way to make dinner right in

216
00:10:08,520 --> 00:10:11,400
Speaker 1: a crock pot. I guess that's true. I means still

217
00:10:11,440 --> 00:10:13,960
Speaker 1: require like a little more hands on approach, Like you know,

218
00:10:14,040 --> 00:10:17,160
Speaker 1: it's it's cooking everything quicker. It's like definitely truncating the timetable.

219
00:10:17,360 --> 00:10:19,640
Speaker 1: But the crock pot, you literally throw everything in the

220
00:10:19,640 --> 00:10:22,400
Speaker 1: morning and you assume it's for dinner, like you can

221
00:10:22,400 --> 00:10:24,160
Speaker 1: eat it directly out of the crock pot. And that's

222
00:10:24,160 --> 00:10:27,480
Speaker 1: basically what the target date fund does for you know,

223
00:10:27,600 --> 00:10:30,440
Speaker 1: your investable assets. They're also the perfect choice I would

224
00:10:30,480 --> 00:10:33,120
Speaker 1: say for listeners out there who might be tempted to

225
00:10:33,200 --> 00:10:34,959
Speaker 1: jump in and out of single stocks that are in

226
00:10:35,000 --> 00:10:37,280
Speaker 1: the news, trying to time the market, trying to get

227
00:10:37,280 --> 00:10:39,280
Speaker 1: involved in things that, like we said, are going to

228
00:10:39,320 --> 00:10:41,320
Speaker 1: outperform in the market. If you're training based on the

229
00:10:41,320 --> 00:10:45,240
Speaker 1: headlines that you've read, you're you're probably not making great

230
00:10:45,280 --> 00:10:48,160
Speaker 1: investing decisions, or you might be setting yourself up to

231
00:10:48,440 --> 00:10:50,520
Speaker 1: lose quite a bit of the money that you've invested.

232
00:10:50,520 --> 00:10:53,680
Speaker 1: Whereas investing in a target date fund, there's no guarantee

233
00:10:53,679 --> 00:10:55,600
Speaker 1: of how it's going to perform in the next one

234
00:10:55,720 --> 00:10:58,360
Speaker 1: or two years, but we know over the next twenty

235
00:10:58,440 --> 00:11:01,040
Speaker 1: years how target date funds are gonna perform. And because

236
00:11:01,040 --> 00:11:04,000
Speaker 1: of the extreme amount of the versification the target tape

237
00:11:04,000 --> 00:11:07,160
Speaker 1: funds have inside of their holdings, like you know, US stocks,

238
00:11:07,200 --> 00:11:10,240
Speaker 1: foreign stocks, we're talking bonds. I mean really, target date

239
00:11:10,240 --> 00:11:13,120
Speaker 1: funds are just incredibly well diversified. So you know, you

240
00:11:13,200 --> 00:11:15,679
Speaker 1: might not see just the exponential growth that you're seeing

241
00:11:15,720 --> 00:11:17,840
Speaker 1: in some of the meme stocks out there, but those

242
00:11:17,840 --> 00:11:19,480
Speaker 1: are short lived, and the targeted fund is one of

243
00:11:19,520 --> 00:11:22,079
Speaker 1: the best ways to build wealth in the stock market

244
00:11:22,120 --> 00:11:24,720
Speaker 1: over the long haul. Yeah, certainly the least risky way

245
00:11:24,760 --> 00:11:26,640
Speaker 1: to grow that wealth. All right, We've got a couple

246
00:11:26,679 --> 00:11:28,360
Speaker 1: more questions that we're gonna get to after the break,

247
00:11:28,400 --> 00:11:32,240
Speaker 1: including saving maybe even investing for a baby, as well

248
00:11:32,280 --> 00:11:34,920
Speaker 1: as a question about aggressively paying down your mortgage. We'll

249
00:11:34,920 --> 00:11:45,920
Speaker 1: get to both of those right after the break. All right,

250
00:11:45,920 --> 00:11:48,920
Speaker 1: we'll back. We've got a question from an overseas listener

251
00:11:49,160 --> 00:11:51,880
Speaker 1: who is trying to figure out where to stash funds

252
00:11:52,280 --> 00:11:55,640
Speaker 1: for his new baby. Hi, Madam Joel, this is where

253
00:11:55,640 --> 00:11:59,000
Speaker 1: I'm from, the Netherlands. Promise biking land. Me and my

254
00:11:59,040 --> 00:12:03,360
Speaker 1: American wife works picking our first baby. She's actually week

255
00:12:03,480 --> 00:12:07,679
Speaker 1: forty plus so any day now. We are living in

256
00:12:07,720 --> 00:12:10,480
Speaker 1: the Midlands, but I know that my in laws would

257
00:12:10,640 --> 00:12:14,240
Speaker 1: love to sploy our baby. We probably will receive check

258
00:12:14,320 --> 00:12:18,040
Speaker 1: here and there. And even though my opinion about checks

259
00:12:18,200 --> 00:12:22,319
Speaker 1: is that they're as modern as an Atari game console, um,

260
00:12:22,360 --> 00:12:24,400
Speaker 1: I know that the US is pretty keen on them. Still,

261
00:12:25,160 --> 00:12:26,880
Speaker 1: I would like to open a bank account for our

262
00:12:26,960 --> 00:12:29,959
Speaker 1: daughter with a bank with a great mobile app, so

263
00:12:30,000 --> 00:12:33,480
Speaker 1: we can easily deposit checks when they come in and

264
00:12:33,640 --> 00:12:37,880
Speaker 1: check her finances with our phones. What is your advice?

265
00:12:38,200 --> 00:12:42,040
Speaker 1: What is a good bank to choose or credit Union,

266
00:12:42,480 --> 00:12:45,480
Speaker 1: so we can can open an account for her, even

267
00:12:45,520 --> 00:12:48,120
Speaker 1: though we don't have an address in the United States

268
00:12:48,200 --> 00:12:52,520
Speaker 1: and we're pretty spoiled if it comes to banking apps

269
00:12:52,559 --> 00:12:57,120
Speaker 1: here in Europe. Curious what you'll say, Hey Moraine, good

270
00:12:57,160 --> 00:13:00,200
Speaker 1: to hear from you. And man the Netherlands definitely the

271
00:13:00,240 --> 00:13:03,120
Speaker 1: biking promised lane. Is that what he said? It totally is.

272
00:13:03,800 --> 00:13:06,600
Speaker 1: Although I've never been there, I definitely am looking forward

273
00:13:06,600 --> 00:13:09,200
Speaker 1: to traveling there at some point. I went once and

274
00:13:09,320 --> 00:13:10,960
Speaker 1: I loved it, right, Yeah, I loved it, but I

275
00:13:11,000 --> 00:13:14,120
Speaker 1: was also just mesmerized when I left the train station.

276
00:13:14,559 --> 00:13:18,000
Speaker 1: There's like a parking garage for bikes. Was the kind

277
00:13:18,040 --> 00:13:20,679
Speaker 1: of that has like the automated biking. I've seen ones

278
00:13:20,679 --> 00:13:22,800
Speaker 1: where there's like little elevators like they don't know you

279
00:13:22,840 --> 00:13:24,240
Speaker 1: put them on there and they're like going to ground

280
00:13:24,240 --> 00:13:27,000
Speaker 1: and actually don't remember takes them somewhere. I don't remember.

281
00:13:27,000 --> 00:13:28,199
Speaker 1: I reme might have just been one floor, but I

282
00:13:28,280 --> 00:13:33,319
Speaker 1: remember seeing like thousands of like you know, but it

283
00:13:33,440 --> 00:13:36,440
Speaker 1: was impressive you can remember exactly where you changed it well.

284
00:13:36,520 --> 00:13:39,000
Speaker 1: And also to congrats to your your new baby that

285
00:13:39,040 --> 00:13:41,559
Speaker 1: you and your wife have surely had by now by

286
00:13:41,600 --> 00:13:44,680
Speaker 1: the time you're listening to this question being answered, and

287
00:13:44,720 --> 00:13:47,320
Speaker 1: you know you mentioned as well, you mentioned checks. They

288
00:13:47,360 --> 00:13:50,079
Speaker 1: are definitely old school, but I will say Americans are

289
00:13:50,120 --> 00:13:54,040
Speaker 1: definitely using fewer checks every year. The Federal Reserve Bank

290
00:13:54,080 --> 00:13:55,880
Speaker 1: of Atlanta actually did some research and they found that

291
00:13:56,120 --> 00:13:59,079
Speaker 1: consumers here in the US used checks for just seven

292
00:13:59,120 --> 00:14:02,400
Speaker 1: percent of trans actions, which is less than previous years,

293
00:14:02,400 --> 00:14:03,760
Speaker 1: but it's actually still a lot more than I would

294
00:14:03,760 --> 00:14:07,160
Speaker 1: have expected. And the study was from but I bet

295
00:14:07,240 --> 00:14:09,840
Speaker 1: some more folks have definitely gone digital in the last

296
00:14:09,880 --> 00:14:12,280
Speaker 1: few years. My guess is that checks are done for,

297
00:14:12,400 --> 00:14:14,080
Speaker 1: you know, sometime in the next five to ten years,

298
00:14:14,080 --> 00:14:16,800
Speaker 1: like they're gonna trickle trickle out. We literally don't use

299
00:14:16,880 --> 00:14:19,040
Speaker 1: checks at all anymore. Yeah, and you know, we we

300
00:14:19,120 --> 00:14:21,320
Speaker 1: get free checks from our bank, but it's one of

301
00:14:21,320 --> 00:14:23,720
Speaker 1: those things, sits there in the drawer, sit there. Yeah,

302
00:14:23,720 --> 00:14:25,760
Speaker 1: I really don't know the last time I wrote one. Yeah,

303
00:14:25,840 --> 00:14:29,000
Speaker 1: cash app than mo has completely replaced the need to

304
00:14:29,040 --> 00:14:32,080
Speaker 1: be able to like write checks to even contractors working

305
00:14:32,120 --> 00:14:36,000
Speaker 1: on our houses. But unfortunately those apps don't work internationally. True. Yeah,

306
00:14:36,160 --> 00:14:38,240
Speaker 1: so let's talk about depositing checks. And you know, we

307
00:14:38,280 --> 00:14:41,960
Speaker 1: can't speak necessarily marine to to the best bank to

308
00:14:42,000 --> 00:14:45,200
Speaker 1: hold deposits for a child over in the Netherlands specifically, right, Like,

309
00:14:45,520 --> 00:14:48,080
Speaker 1: we're pretty familiar with kind of the best banks over

310
00:14:48,080 --> 00:14:51,040
Speaker 1: here in the United States, but internationally, I mean, that's

311
00:14:51,080 --> 00:14:52,840
Speaker 1: a that's a lot of ground to cover, and so

312
00:14:52,960 --> 00:14:54,800
Speaker 1: we're not quite sure. But but it sounds like you

313
00:14:54,880 --> 00:14:58,000
Speaker 1: do have some good, good banks that offer great apps

314
00:14:58,120 --> 00:15:00,720
Speaker 1: that make it easy to deposit check, which is which

315
00:15:00,720 --> 00:15:02,800
Speaker 1: is awesome. So we would suggest that for sure, you

316
00:15:02,800 --> 00:15:04,800
Speaker 1: you definitely want to prioritize a bank that has a

317
00:15:04,880 --> 00:15:07,920
Speaker 1: slick mobile app with mobile deposit um and also to

318
00:15:07,960 --> 00:15:09,720
Speaker 1: you want to make sure that your bank accepts and

319
00:15:09,760 --> 00:15:12,480
Speaker 1: deposits US checks. You know, one way around this. You

320
00:15:12,520 --> 00:15:14,680
Speaker 1: mentioned that your wife is an American. Well, if you

321
00:15:14,760 --> 00:15:17,400
Speaker 1: can maintain her US checking account by changing the mailing

322
00:15:17,400 --> 00:15:19,720
Speaker 1: address to her parents address, then that can make it

323
00:15:19,800 --> 00:15:22,440
Speaker 1: much easier and potentially even free for them to be

324
00:15:22,480 --> 00:15:25,520
Speaker 1: able to get money into your account. That's right, and

325
00:15:25,600 --> 00:15:27,080
Speaker 1: so we're in let's talk about what to do with

326
00:15:27,120 --> 00:15:29,760
Speaker 1: that money, because unfortunately it's not quick and easy. You know,

327
00:15:29,800 --> 00:15:32,480
Speaker 1: if you're looking for a work around, uh to avoid

328
00:15:32,520 --> 00:15:35,040
Speaker 1: some of those costs and some of the time associated

329
00:15:35,040 --> 00:15:37,240
Speaker 1: with getting that money into your hands, and so much

330
00:15:37,280 --> 00:15:38,800
Speaker 1: of this has to do with your bank there in

331
00:15:38,800 --> 00:15:41,400
Speaker 1: the Netherlands, what it is that they offer. But if

332
00:15:41,440 --> 00:15:43,080
Speaker 1: you are looking for quick and easy, you know you're

333
00:15:43,080 --> 00:15:45,000
Speaker 1: gonna have to pay a fee and use a service

334
00:15:45,040 --> 00:15:47,120
Speaker 1: like wise. But at least then they could send that

335
00:15:47,160 --> 00:15:49,720
Speaker 1: money over in minutes if they use a debit or

336
00:15:49,720 --> 00:15:51,960
Speaker 1: a credit card. But let's talk about what to do

337
00:15:52,000 --> 00:15:53,800
Speaker 1: with that money once you've gotten it, and you know,

338
00:15:53,840 --> 00:15:56,480
Speaker 1: of course you're gonna want to prioritize earning a decent

339
00:15:56,600 --> 00:15:58,680
Speaker 1: rate of return. This is actually kind of hard to

340
00:15:58,680 --> 00:16:01,360
Speaker 1: come by these days. But going with an online bank

341
00:16:01,400 --> 00:16:03,480
Speaker 1: instead of kind of one of the bigger brick and

342
00:16:03,520 --> 00:16:07,520
Speaker 1: mortar banks there to you locally will likely ensure that

343
00:16:07,600 --> 00:16:10,240
Speaker 1: you're gonna maybe make more than just zero and interest.

344
00:16:10,520 --> 00:16:12,440
Speaker 1: That's what He's definitely true here in the States. But

345
00:16:12,560 --> 00:16:14,640
Speaker 1: here's the thing. If you don't necessarily need that money

346
00:16:14,640 --> 00:16:17,040
Speaker 1: for the baby in the next few years, then you

347
00:16:17,080 --> 00:16:19,320
Speaker 1: want to invest that money, not save it. And there's

348
00:16:19,360 --> 00:16:21,560
Speaker 1: a big difference there between just saving that money and

349
00:16:21,600 --> 00:16:24,120
Speaker 1: investing it and putting it to work totally. And yeah,

350
00:16:24,120 --> 00:16:26,720
Speaker 1: when we're talking about a baby here, you know, the

351
00:16:27,080 --> 00:16:30,360
Speaker 1: earliest they might need any of the money that is

352
00:16:30,400 --> 00:16:32,400
Speaker 1: being given to them or given to you guys. You know,

353
00:16:32,480 --> 00:16:35,840
Speaker 1: after after the birth is sixteen years from now, at

354
00:16:35,920 --> 00:16:37,840
Speaker 1: least in these states, right, That's that's when you can drive.

355
00:16:37,840 --> 00:16:39,280
Speaker 1: That's when a kid maybe wants to buy a car.

356
00:16:39,480 --> 00:16:41,520
Speaker 1: We're talking about the Netherlands here, so they don't need

357
00:16:41,600 --> 00:16:45,560
Speaker 1: that exactly. Buy your first bike. Seriously, bikes are much

358
00:16:45,600 --> 00:16:47,720
Speaker 1: more affordable, so you can push that sixteen off at

359
00:16:47,800 --> 00:16:50,440
Speaker 1: least until eighteen or nineteen. Yeah, right, and so so yeah,

360
00:16:50,480 --> 00:16:52,520
Speaker 1: it's really important to ask what are these funds for.

361
00:16:52,800 --> 00:16:55,440
Speaker 1: If if you're not planning on your kid having access

362
00:16:55,440 --> 00:16:58,360
Speaker 1: to these funds until they reach at least their teenage years,

363
00:16:58,520 --> 00:17:00,640
Speaker 1: we really think that you should be investing on their behalf.

364
00:17:01,000 --> 00:17:02,920
Speaker 1: You really aren't doing them any favors by keeping that

365
00:17:02,960 --> 00:17:05,560
Speaker 1: money in a save US account earning relatively little for

366
00:17:05,600 --> 00:17:08,560
Speaker 1: the next fifteen plus years in the US, Saving that

367
00:17:08,600 --> 00:17:11,400
Speaker 1: money in your own tax advantaged account like a roth Ira,

368
00:17:11,840 --> 00:17:14,120
Speaker 1: and then being willing to use that money for them

369
00:17:14,320 --> 00:17:16,960
Speaker 1: in the future is a worthwhile way to go. Five

370
00:17:17,359 --> 00:17:20,080
Speaker 1: nine plans are or another great vehicle that can help

371
00:17:20,080 --> 00:17:24,240
Speaker 1: folks to invest for future education expenses. That's definitely something

372
00:17:24,240 --> 00:17:27,040
Speaker 1: that people prioritize oftentimes when they get money at the

373
00:17:27,040 --> 00:17:29,879
Speaker 1: birth of their child is to open up a five

374
00:17:30,200 --> 00:17:33,600
Speaker 1: nine account start saving money for their higher education expenses

375
00:17:33,880 --> 00:17:37,640
Speaker 1: and even real estate investing. You could actually buy a property, Matt.

376
00:17:37,680 --> 00:17:39,720
Speaker 1: I know someone who did this. What they did was

377
00:17:39,760 --> 00:17:42,120
Speaker 1: they bought a qualplex and over the years they're paying

378
00:17:42,119 --> 00:17:45,040
Speaker 1: it down um and they're going to use that property

379
00:17:45,080 --> 00:17:48,239
Speaker 1: to essentially fund their child's education. And so there's all

380
00:17:48,240 --> 00:17:51,159
Speaker 1: sorts of ways that you can invest to get a return.

381
00:17:51,400 --> 00:17:52,960
Speaker 1: But if you keep that money in savings for the

382
00:17:52,960 --> 00:17:55,639
Speaker 1: next fifteen years, you're going to preserve the capital, but

383
00:17:55,720 --> 00:17:57,640
Speaker 1: you're not going to grow it at all. And so yeah,

384
00:17:57,680 --> 00:17:59,960
Speaker 1: we would say invest some of that money for your

385
00:18:00,080 --> 00:18:02,840
Speaker 1: child so that they have way more when they get

386
00:18:02,880 --> 00:18:04,880
Speaker 1: to the age where they can actually use it. That's right, yes,

387
00:18:04,920 --> 00:18:06,560
Speaker 1: and man, hopefully we were able to get you pointed

388
00:18:06,600 --> 00:18:08,560
Speaker 1: in the right direction as to what you should be

389
00:18:08,600 --> 00:18:10,800
Speaker 1: doing with that money. And that's something that regardless of

390
00:18:10,840 --> 00:18:14,359
Speaker 1: where you live, you can apply that if you have

391
00:18:14,440 --> 00:18:16,280
Speaker 1: a baby. All right, So let's get to our next question.

392
00:18:16,280 --> 00:18:18,680
Speaker 1: This one has to do with a very ambitious goal

393
00:18:18,720 --> 00:18:22,600
Speaker 1: of paying down a mortgage early Hey guys, this is

394
00:18:22,680 --> 00:18:25,679
Speaker 1: Tyler come to you from Portland, Oregon. First, I just

395
00:18:25,720 --> 00:18:28,119
Speaker 1: want to say thank you so much for your podcast.

396
00:18:28,240 --> 00:18:31,240
Speaker 1: I've been listening pretty regularly for the last couple of years,

397
00:18:31,800 --> 00:18:35,520
Speaker 1: and the changes that it's helped motivate me to make

398
00:18:35,760 --> 00:18:38,760
Speaker 1: in my wife and i his financial life have been

399
00:18:39,560 --> 00:18:44,280
Speaker 1: just phenomenal. Spending with more intention has changed to our

400
00:18:44,600 --> 00:18:47,840
Speaker 1: entire financial outlook to where we're in such a better

401
00:18:47,880 --> 00:18:50,159
Speaker 1: position now than we ever would have been before. So

402
00:18:50,240 --> 00:18:53,560
Speaker 1: thank you for that. What I'm contacting you today about

403
00:18:53,880 --> 00:18:57,640
Speaker 1: is a new kind of strategy that I had recently

404
00:18:57,680 --> 00:19:00,600
Speaker 1: heard about for paying off your mortgage in a shorter

405
00:19:00,720 --> 00:19:04,560
Speaker 1: period of time. Uh, the concept of getting a home

406
00:19:04,600 --> 00:19:09,960
Speaker 1: equity line of credit, using that as your basically checking account,

407
00:19:10,200 --> 00:19:14,560
Speaker 1: and paying down your mortgage and taking advantage of the

408
00:19:14,640 --> 00:19:17,639
Speaker 1: different interests calculation that you get with a home equity

409
00:19:17,680 --> 00:19:22,960
Speaker 1: line of credit versus the amateurization schedule and frontloading interest

410
00:19:23,160 --> 00:19:26,679
Speaker 1: on a standard thirty year mortgage. Seeing as how I

411
00:19:26,760 --> 00:19:30,680
Speaker 1: really respect your opinions and um and everything you guys

412
00:19:30,760 --> 00:19:33,400
Speaker 1: do with your finances, I wanted to get your opinion

413
00:19:33,480 --> 00:19:37,560
Speaker 1: on the strategy, how risky it is, and whether or

414
00:19:37,640 --> 00:19:41,480
Speaker 1: not it really does function the way that that it's

415
00:19:42,000 --> 00:19:46,160
Speaker 1: said to Anyways, I hope to hear from you. Thanks, Tyler.

416
00:19:46,200 --> 00:19:48,600
Speaker 1: Good to hear from you and Matt. I will say,

417
00:19:48,800 --> 00:19:50,240
Speaker 1: you know what I loved what I love what Tyler

418
00:19:50,280 --> 00:19:53,719
Speaker 1: said there about you know, intentionality and spending intentionally, how

419
00:19:53,760 --> 00:19:56,280
Speaker 1: that's changed his relationship with money. And I feel like

420
00:19:56,320 --> 00:19:57,920
Speaker 1: that's like that's been the case for me, and that's

421
00:19:57,920 --> 00:20:00,199
Speaker 1: been the case for you. There there's at some in

422
00:20:00,200 --> 00:20:02,280
Speaker 1: our lives, hopefully when we get to the point where

423
00:20:02,320 --> 00:20:05,000
Speaker 1: where we start to assess our spending differently than we

424
00:20:05,119 --> 00:20:08,600
Speaker 1: used to. And I think spending ad nauseum not only

425
00:20:08,720 --> 00:20:11,560
Speaker 1: does it cause us financial problems, but it's I guess

426
00:20:11,600 --> 00:20:14,639
Speaker 1: psychological issue too. And and I think when we spend

427
00:20:14,680 --> 00:20:18,000
Speaker 1: with more intentionality, we're happier people. Um, and we've got

428
00:20:18,040 --> 00:20:19,880
Speaker 1: more money in the bank too, right well, and we're

429
00:20:19,880 --> 00:20:22,040
Speaker 1: spending money on the things that truly matter to us, right.

430
00:20:22,080 --> 00:20:24,680
Speaker 1: I mean, we're sitting here drinking this really tasty beer,

431
00:20:24,760 --> 00:20:26,600
Speaker 1: and you and I have kind of eyed each other

432
00:20:26,640 --> 00:20:28,760
Speaker 1: a couple of times as we're recording this episode, because

433
00:20:28,760 --> 00:20:30,280
Speaker 1: we're gonna have a lot of positive things to say

434
00:20:30,320 --> 00:20:32,600
Speaker 1: about this beer. It is so good. But to know that,

435
00:20:32,840 --> 00:20:35,679
Speaker 1: you know, we're spending money on this fancy beer, right,

436
00:20:35,720 --> 00:20:38,800
Speaker 1: but it's just bringing us so much freaking joy. And

437
00:20:38,840 --> 00:20:40,720
Speaker 1: to know that that's money well spent as opposed to

438
00:20:40,840 --> 00:20:43,119
Speaker 1: spending it somewhere else where, we wouldn't personally see that

439
00:20:43,200 --> 00:20:45,000
Speaker 1: kind of return on our money, right, And so it

440
00:20:45,000 --> 00:20:46,680
Speaker 1: can make a big difference. It doesn't necessarily mean that

441
00:20:46,720 --> 00:20:48,800
Speaker 1: you're spending more or less, but you're just kind of

442
00:20:49,040 --> 00:20:52,320
Speaker 1: focusing those dollars on the things that actually bringing happiness.

443
00:20:52,400 --> 00:20:54,119
Speaker 1: But yeah, Tyler, we're really glad to hear that. And

444
00:20:54,160 --> 00:20:55,960
Speaker 1: let's go ahead and get into this. This you know,

445
00:20:56,000 --> 00:20:58,640
Speaker 1: strategy that you're mentioning is an interesting one. I'm guessing

446
00:20:58,680 --> 00:21:00,480
Speaker 1: that you saw it on YouTube, because that seems to

447
00:21:00,560 --> 00:21:03,200
Speaker 1: be the place where a lot of folks are pitching

448
00:21:03,240 --> 00:21:07,240
Speaker 1: this idea. It's oftentimes called velocity banking or infinite banking,

449
00:21:07,520 --> 00:21:09,240
Speaker 1: and the promise is that you can pay off your

450
00:21:09,280 --> 00:21:11,960
Speaker 1: mortgage early and as little as five to seven years.

451
00:21:12,119 --> 00:21:14,040
Speaker 1: But then of course you have that he locked to

452
00:21:14,080 --> 00:21:16,640
Speaker 1: pay off as well. Uh. And you know, while it's

453
00:21:16,680 --> 00:21:20,399
Speaker 1: technically correct that this can save you some money that

454
00:21:20,440 --> 00:21:22,600
Speaker 1: otherwise would have gone to the banks because of how

455
00:21:22,600 --> 00:21:26,560
Speaker 1: the interest is calculated. There are some issues with this strategy,

456
00:21:26,760 --> 00:21:28,760
Speaker 1: with this approach, and it's not something that we would

457
00:21:28,760 --> 00:21:32,280
Speaker 1: recommend to hardly anyone out there. Yeah, so let's talk

458
00:21:32,359 --> 00:21:34,679
Speaker 1: a little bit more about kind of the problems that

459
00:21:34,800 --> 00:21:38,359
Speaker 1: velocity banking, or this attempt to open up a helock

460
00:21:38,800 --> 00:21:42,080
Speaker 1: and put your whole paycheck towards paying down that helock

461
00:21:42,359 --> 00:21:44,680
Speaker 1: and then pay all your bills out of that helock. Well,

462
00:21:44,720 --> 00:21:46,560
Speaker 1: the problem is too fold really. First First, you've got

463
00:21:46,560 --> 00:21:48,960
Speaker 1: to be completely dedicated to this method, and you've got

464
00:21:48,960 --> 00:21:51,080
Speaker 1: to be really buttoned up on the details, because if

465
00:21:51,119 --> 00:21:53,440
Speaker 1: you don't follow this method to a t, or let's

466
00:21:53,440 --> 00:21:55,840
Speaker 1: say you lost your job for some reason that could

467
00:21:56,000 --> 00:21:59,000
Speaker 1: really mess up your finances, you can find yourself in

468
00:21:59,040 --> 00:22:02,680
Speaker 1: more difficult financial circumstances if you didn't use this strategy

469
00:22:02,800 --> 00:22:07,600
Speaker 1: in the exact way that it's recommended Velocity banking. It's

470
00:22:07,640 --> 00:22:10,159
Speaker 1: kind of like the debt avalanche, I would say on steroids,

471
00:22:10,400 --> 00:22:12,399
Speaker 1: where you're only looking at interest rates and you're paying

472
00:22:12,400 --> 00:22:15,000
Speaker 1: down debt like a robot. And you know that that

473
00:22:15,080 --> 00:22:17,119
Speaker 1: can be the best method for some people, but but

474
00:22:17,200 --> 00:22:19,600
Speaker 1: it's not necessarily And secondly, you have to have no

475
00:22:19,680 --> 00:22:22,320
Speaker 1: emotions like like you really do have to just like

476
00:22:22,320 --> 00:22:24,920
Speaker 1: pay it down like a machine. Uh, And you also

477
00:22:25,000 --> 00:22:26,600
Speaker 1: have to have the discipline and you have to stick

478
00:22:26,640 --> 00:22:28,600
Speaker 1: to it like you are a machine. Yeah, for sure,

479
00:22:28,720 --> 00:22:33,200
Speaker 1: and to no room for air. The strategy also assumes

480
00:22:33,240 --> 00:22:35,600
Speaker 1: that paying off your mortgage is a huge financial goal,

481
00:22:36,000 --> 00:22:39,000
Speaker 1: but really, for most people, Matt, especially nowadays, paying off

482
00:22:39,119 --> 00:22:42,920
Speaker 1: a mortgage is way down the list of financial priorities

483
00:22:43,160 --> 00:22:45,080
Speaker 1: for most folks. Like that, there aren't many listeners that

484
00:22:45,080 --> 00:22:46,320
Speaker 1: would reach out and be like, should we pay off

485
00:22:46,320 --> 00:22:48,359
Speaker 1: our mortgage early? And we would be like, yes, you

486
00:22:48,400 --> 00:22:51,200
Speaker 1: definitely should. I mean, there are certainly some cases where

487
00:22:51,359 --> 00:22:53,320
Speaker 1: or that would be the case, but in all likelihood,

488
00:22:53,359 --> 00:22:55,399
Speaker 1: for Tyler and for most of our listeners out there,

489
00:22:55,480 --> 00:22:59,040
Speaker 1: this isn't a good approach because you're prioritizing the wrong things.

490
00:22:59,040 --> 00:23:01,359
Speaker 1: You're getting things out of Yeah, we've we've relegated to

491
00:23:01,359 --> 00:23:04,080
Speaker 1: paid off mortgage to money gear number seven, which should

492
00:23:04,080 --> 00:23:06,560
Speaker 1: be way down the list of the different money priorities

493
00:23:06,560 --> 00:23:09,000
Speaker 1: in your life. We feel that most folks shouldn't pay

494
00:23:09,000 --> 00:23:12,480
Speaker 1: more than the required monthly mortgage payment, especially with interest

495
00:23:12,560 --> 00:23:15,639
Speaker 1: rates as low as they currently are, and so instead, Tyler,

496
00:23:15,680 --> 00:23:17,920
Speaker 1: we want you to focus on ramping up. Uh you're

497
00:23:17,960 --> 00:23:20,560
Speaker 1: investing game. Uh you didn't kind of mention that at all.

498
00:23:20,600 --> 00:23:22,560
Speaker 1: But you know, if you are investing, that's great, but

499
00:23:22,640 --> 00:23:24,639
Speaker 1: we want you to just kind of rash it that

500
00:23:24,760 --> 00:23:27,080
Speaker 1: up as as much as you can. So in this case,

501
00:23:27,119 --> 00:23:29,399
Speaker 1: we feel the velocity of banking, you know, in our opinion,

502
00:23:29,480 --> 00:23:32,000
Speaker 1: is trying to solve a problem that doesn't necessarily exist.

503
00:23:32,320 --> 00:23:35,240
Speaker 1: It's just an overly complicated way to to just save

504
00:23:35,280 --> 00:23:37,560
Speaker 1: a few bucks. And that's actually kind of like almost

505
00:23:37,600 --> 00:23:39,439
Speaker 1: like a third problem that we have with it is

506
00:23:39,480 --> 00:23:41,679
Speaker 1: that you're not saving all that much money. It's a

507
00:23:41,680 --> 00:23:43,800
Speaker 1: lot of hassle, it's a lot of jumping through hoops

508
00:23:43,840 --> 00:23:46,680
Speaker 1: for saving a few bucks on a single payment. Uh.

509
00:23:46,720 --> 00:23:49,520
Speaker 1: And the idea is that over months of in years

510
00:23:49,520 --> 00:23:51,600
Speaker 1: of doing this, yeah, you're gonna end up saving more money.

511
00:23:51,600 --> 00:23:53,159
Speaker 1: But again, there's not a lot of return on your

512
00:23:53,200 --> 00:23:55,200
Speaker 1: investment for the amount of work that it involves. I

513
00:23:55,240 --> 00:23:57,760
Speaker 1: would rather you take that mental energy and effort import

514
00:23:57,760 --> 00:24:00,320
Speaker 1: into something else where you're gonna see a significant return

515
00:24:00,400 --> 00:24:02,480
Speaker 1: on your time as well as your money. So yeah,

516
00:24:02,560 --> 00:24:06,680
Speaker 1: while velocity or infinite banking isn't technically incorrect or wrong,

517
00:24:07,000 --> 00:24:10,320
Speaker 1: for what of people out there, we would not recommend it. Yeah,

518
00:24:10,400 --> 00:24:12,400
Speaker 1: I love what you said to Matt. You said that

519
00:24:12,480 --> 00:24:14,320
Speaker 1: it's it's trying to solve a problem that doesn't exist.

520
00:24:14,320 --> 00:24:16,720
Speaker 1: It makes me think of like late night infomercials, which

521
00:24:16,880 --> 00:24:18,280
Speaker 1: I haven't seen one in a while. I'll be honest,

522
00:24:18,320 --> 00:24:20,399
Speaker 1: Like I don't watch traditional TV anymore. Like a surprise

523
00:24:20,440 --> 00:24:23,080
Speaker 1: you didn't have while you picked up your phone from

524
00:24:23,080 --> 00:24:27,359
Speaker 1: a stranger, right, freak? Who does that? An old man

525
00:24:27,440 --> 00:24:28,800
Speaker 1: thing to do? Like what am I doing over here?

526
00:24:29,080 --> 00:24:31,040
Speaker 1: But I don't know? Like there's there's so many products

527
00:24:31,080 --> 00:24:33,399
Speaker 1: that you'll see pitched during late night television and you're like,

528
00:24:33,680 --> 00:24:36,440
Speaker 1: what problem is this actually solving? But it's it's to

529
00:24:36,720 --> 00:24:39,320
Speaker 1: the people who are just hungry for entertainment. That's why

530
00:24:39,359 --> 00:24:41,240
Speaker 1: they're tuning in, and they're like, yeah, that product, it's

531
00:24:41,280 --> 00:24:43,280
Speaker 1: gonna do it for me, Like I should get that

532
00:24:43,640 --> 00:24:47,320
Speaker 1: four easy payments I'm in And similar to that late

533
00:24:47,400 --> 00:24:49,600
Speaker 1: night informercial product, you probably get it and it's just

534
00:24:49,680 --> 00:24:51,960
Speaker 1: on your shelf and it wastes away. And I think

535
00:24:51,960 --> 00:24:54,840
Speaker 1: that's similar to what Velocity Banking is doing. It's just

536
00:24:55,040 --> 00:24:57,800
Speaker 1: not actually solving the problem that is claiming to solve

537
00:24:58,040 --> 00:24:59,960
Speaker 1: because that problem isn't a problem that exists in the

538
00:25:00,040 --> 00:25:01,760
Speaker 1: first place. But all right, Matt, We've got a couple

539
00:25:01,800 --> 00:25:05,520
Speaker 1: more listener submissions to get to, including a question about

540
00:25:05,560 --> 00:25:07,800
Speaker 1: robo advisors, and then we actually have a tip from

541
00:25:07,800 --> 00:25:09,320
Speaker 1: a listener that we're gonna get to. We'll get to

542
00:25:09,359 --> 00:25:20,520
Speaker 1: both of those right after this. All right, we're back

543
00:25:20,560 --> 00:25:25,080
Speaker 1: from the break in. Let's hear that question about robo advisors. Hey,

544
00:25:25,160 --> 00:25:27,720
Speaker 1: Joel and Matt. My name is Jen. I'm from Reno, Nevada.

545
00:25:28,600 --> 00:25:32,199
Speaker 1: I have a question about investing. I currently invest some

546
00:25:32,240 --> 00:25:35,040
Speaker 1: money with l Vest, which is a robo advisor, and

547
00:25:35,080 --> 00:25:38,199
Speaker 1: I've been pretty happy with the returns um but I

548
00:25:38,240 --> 00:25:42,919
Speaker 1: also recently met with a registered investment advisor, and I

549
00:25:42,960 --> 00:25:45,399
Speaker 1: wonder what you guys think about the tradeoff there. The

550
00:25:45,440 --> 00:25:49,719
Speaker 1: investment advisor has higher fees but more personalized service, and

551
00:25:49,760 --> 00:25:51,880
Speaker 1: I just wonder where you guys come down on that balance.

552
00:25:52,160 --> 00:25:54,560
Speaker 1: Thanks so much, I love the podcast. Jen, Thanks for

553
00:25:54,600 --> 00:25:57,520
Speaker 1: your question, and and before we get into specifically talking

554
00:25:57,520 --> 00:26:00,280
Speaker 1: about robo advisors, like I will say, we we feel

555
00:26:00,280 --> 00:26:02,760
Speaker 1: like a lot of folks can handle investing for retirement

556
00:26:02,760 --> 00:26:05,200
Speaker 1: on their own without even the need of a robo advisor.

557
00:26:05,240 --> 00:26:07,560
Speaker 1: You know we talked about it's basically this sliding scale

558
00:26:07,640 --> 00:26:10,320
Speaker 1: of d I Y robo advisors somewhere in the middle

559
00:26:10,359 --> 00:26:13,400
Speaker 1: and then hiring a full on your own financial advisor

560
00:26:13,880 --> 00:26:16,720
Speaker 1: on the far end of the spectrum. And we think

561
00:26:16,720 --> 00:26:19,159
Speaker 1: a lot of people can succeed just going the d

562
00:26:19,240 --> 00:26:21,639
Speaker 1: I Y route. Right, Just low cost index funds, target

563
00:26:21,680 --> 00:26:24,120
Speaker 1: date funds like we talked about earlier in the episode,

564
00:26:24,440 --> 00:26:26,320
Speaker 1: might be all that you need to know, and then

565
00:26:26,400 --> 00:26:28,440
Speaker 1: you can bank the savings from not having to pay

566
00:26:28,680 --> 00:26:31,000
Speaker 1: a fixed fee or a percentage every month. And that's

567
00:26:31,000 --> 00:26:33,639
Speaker 1: what a lot of our listeners should be considering before

568
00:26:33,800 --> 00:26:35,720
Speaker 1: they go with the robo advisors. But at the same time,

569
00:26:35,960 --> 00:26:37,960
Speaker 1: we don't hate on robo advisors. There are some really

570
00:26:38,000 --> 00:26:40,440
Speaker 1: good ones out there that provide a lot of benefits

571
00:26:40,480 --> 00:26:42,720
Speaker 1: to their users, and we just don't want it to

572
00:26:42,760 --> 00:26:46,160
Speaker 1: be the default move. But Jen lvest Is in particular

573
00:26:46,240 --> 00:26:49,200
Speaker 1: is solid and it's specifically caters to women, which is cool.

574
00:26:49,359 --> 00:26:52,080
Speaker 1: We feel like lvest is one of the cooler robo

575
00:26:52,160 --> 00:26:54,480
Speaker 1: advisors out there, and it sounds like it's been good

576
00:26:54,480 --> 00:26:57,240
Speaker 1: for you at least over your investing lifetime so far. Right,

577
00:26:57,280 --> 00:26:58,879
Speaker 1: So let's get your question in, you know, should you

578
00:26:58,920 --> 00:27:03,000
Speaker 1: ditch your robo advisor lvest in favor of uh, like

579
00:27:03,040 --> 00:27:07,800
Speaker 1: a one on one relationship with an investment advisor. And honestly,

580
00:27:07,880 --> 00:27:09,760
Speaker 1: much of that depends on what it is that you're

581
00:27:09,760 --> 00:27:12,080
Speaker 1: getting with lvest. You can ask yourself, you know, do

582
00:27:12,119 --> 00:27:15,080
Speaker 1: you like the interface and the investing options available. That's

583
00:27:15,080 --> 00:27:17,800
Speaker 1: definitely something to consider. You mentioned that you like your

584
00:27:17,840 --> 00:27:20,359
Speaker 1: return so far, but something else that's important to keep

585
00:27:20,359 --> 00:27:21,840
Speaker 1: in mind. I think a lot of folks have liked

586
00:27:21,840 --> 00:27:24,199
Speaker 1: their returns over the past year, regardless of how it

587
00:27:24,280 --> 00:27:26,800
Speaker 1: is that you've been investing. Since the stock market has

588
00:27:26,840 --> 00:27:30,000
Speaker 1: been on fire for the past year, I will say, yeah,

589
00:27:30,000 --> 00:27:31,760
Speaker 1: I think you're right, man. I think some people they

590
00:27:31,800 --> 00:27:34,560
Speaker 1: they're like, my returns have been great, but everybody's returns

591
00:27:34,560 --> 00:27:37,480
Speaker 1: of if you've been regardless invested normally in the market. Yeah,

592
00:27:37,520 --> 00:27:40,080
Speaker 1: even if you're paying like a one or two percent

593
00:27:40,400 --> 00:27:43,120
Speaker 1: you know, expense ratio or fee like which which would

594
00:27:43,160 --> 00:27:45,280
Speaker 1: be insane. You know, we wouldn't recommend that. But like,

595
00:27:45,400 --> 00:27:48,440
Speaker 1: you know what, when you're earning like on the market,

596
00:27:48,640 --> 00:27:51,440
Speaker 1: like thirty eight, still seems pretty good, right, but that's

597
00:27:51,440 --> 00:27:54,040
Speaker 1: not what we'd recommend. Is that the question of staying

598
00:27:54,160 --> 00:27:57,639
Speaker 1: or going it should center around whether jen your current

599
00:27:57,680 --> 00:28:00,640
Speaker 1: needs are being met or if an advisor would be

600
00:28:00,760 --> 00:28:02,919
Speaker 1: you know, of more substantial help for you. Yeah, and

601
00:28:03,000 --> 00:28:06,600
Speaker 1: so if you do want to go with a financial advisor,

602
00:28:07,119 --> 00:28:11,160
Speaker 1: it's really important to know how that financial advisor is compensated.

603
00:28:11,400 --> 00:28:13,000
Speaker 1: That's one of the crucial things you need to find

604
00:28:13,000 --> 00:28:16,600
Speaker 1: out before you ditch l VEST and you move on

605
00:28:16,680 --> 00:28:19,960
Speaker 1: with a financial advisor that of your own. Choosing in

606
00:28:20,000 --> 00:28:23,440
Speaker 1: particular a CFP designation along with that advisor being a

607
00:28:23,440 --> 00:28:27,320
Speaker 1: fee only fiduciary, it was a long way. And so yeah,

608
00:28:27,359 --> 00:28:30,320
Speaker 1: we would suggest asking how they're compensated, asking if their

609
00:28:30,320 --> 00:28:33,040
Speaker 1: fee only, and asking if they're a fiduciary. You'll even

610
00:28:33,040 --> 00:28:35,320
Speaker 1: want them to sign something stating that they will act

611
00:28:35,359 --> 00:28:37,640
Speaker 1: as a fiduciary with your money. You want to pay

612
00:28:37,720 --> 00:28:40,680
Speaker 1: your advisor directly for his or her time and expertise.

613
00:28:40,960 --> 00:28:44,320
Speaker 1: That's a much better arrangement than paying a percentage of

614
00:28:44,400 --> 00:28:47,760
Speaker 1: your assets or paying commissions to that person. You'll also

615
00:28:47,800 --> 00:28:51,360
Speaker 1: want to ask specific questions about whether that advisor uses

616
00:28:51,400 --> 00:28:54,120
Speaker 1: funds with low cost companies. Luckily, you mentioned that you

617
00:28:54,160 --> 00:28:56,840
Speaker 1: met with a registered investment advisor or some people call

618
00:28:56,880 --> 00:29:00,000
Speaker 1: it area for short, and they legally have a fiduy

619
00:29:00,080 --> 00:29:02,560
Speaker 1: Sherry duty to their clients, so you know that what

620
00:29:02,600 --> 00:29:04,760
Speaker 1: they're picking, the funds, are putting you in, how they're

621
00:29:04,800 --> 00:29:07,560
Speaker 1: investing your money is in your best interest. That's what

622
00:29:07,560 --> 00:29:10,719
Speaker 1: fiduciary means. It just means like, hey, I am legally

623
00:29:10,760 --> 00:29:13,680
Speaker 1: bound to do what's in your best interest, not um

624
00:29:13,720 --> 00:29:15,840
Speaker 1: a blend of what's best for you and what's best

625
00:29:15,880 --> 00:29:18,120
Speaker 1: for me. Yeah, and so, in our opinion, the top

626
00:29:18,200 --> 00:29:21,400
Speaker 1: reason to consider hiring your own financial advisor is because

627
00:29:21,400 --> 00:29:23,400
Speaker 1: of the behavioral health that they can provide. They can

628
00:29:23,440 --> 00:29:26,200
Speaker 1: give you the coaching that you need to continue investing

629
00:29:26,240 --> 00:29:28,760
Speaker 1: and to help you to not sell at an opportune

630
00:29:28,800 --> 00:29:31,000
Speaker 1: time when the market is having a rough month or

631
00:29:31,080 --> 00:29:33,560
Speaker 1: or a rough year. So, for instance, look back uh

632
00:29:33,760 --> 00:29:36,760
Speaker 1: to like March of last year. Did you continue to

633
00:29:36,800 --> 00:29:39,680
Speaker 1: invest like you had planned on doing? Great? Did you

634
00:29:39,680 --> 00:29:41,800
Speaker 1: buy more? That's great as well, But did you sell

635
00:29:42,320 --> 00:29:44,760
Speaker 1: as the market was tanking? Uh? Then this would be

636
00:29:44,840 --> 00:29:46,760
Speaker 1: an instance where I'm sure it would have been great

637
00:29:46,760 --> 00:29:49,600
Speaker 1: to have had a coach there alongside you. And so

638
00:29:49,640 --> 00:29:52,680
Speaker 1: if that's important to you, considering an advisor relationship might

639
00:29:52,720 --> 00:29:55,080
Speaker 1: be helpful. But if you feel like you just need

640
00:29:55,120 --> 00:29:57,400
Speaker 1: someone to sign off on what you're doing or kind

641
00:29:57,400 --> 00:29:59,360
Speaker 1: of give you a tip or two, you probably don't

642
00:29:59,480 --> 00:30:02,480
Speaker 1: need one, or maybe you just need, you know, limited

643
00:30:02,520 --> 00:30:05,760
Speaker 1: access to an advisor like that. And LVES will actually

644
00:30:05,840 --> 00:30:07,840
Speaker 1: let you purchase a small amount of time with one

645
00:30:07,880 --> 00:30:11,360
Speaker 1: of its cfps. You can get to retirement check up

646
00:30:11,400 --> 00:30:14,200
Speaker 1: sessions for less than three d bucks uh with just

647
00:30:14,320 --> 00:30:17,520
Speaker 1: the basic plan with l vest so um in that case, yeah,

648
00:30:17,560 --> 00:30:19,840
Speaker 1: maybe just stick with them for now. Try that out

649
00:30:20,280 --> 00:30:22,240
Speaker 1: and if you feel like you need more help down

650
00:30:22,240 --> 00:30:23,920
Speaker 1: the road, you can always opt for that one on

651
00:30:23,920 --> 00:30:26,120
Speaker 1: one relationship at that point. That That is one of

652
00:30:26,160 --> 00:30:28,920
Speaker 1: the things I love about some of the robot advisors

653
00:30:29,440 --> 00:30:31,440
Speaker 1: is I think it is daunting to be like, how

654
00:30:31,480 --> 00:30:33,160
Speaker 1: do I find the right advisor? How do I pick

655
00:30:33,200 --> 00:30:35,280
Speaker 1: the right person who's gonna help me? And the fees

656
00:30:35,280 --> 00:30:37,280
Speaker 1: can be daunting to right and you're like, try need

657
00:30:37,320 --> 00:30:39,640
Speaker 1: to pay it every single year. And that's the business

658
00:30:39,640 --> 00:30:42,760
Speaker 1: model for a financial advisor is you know, you continue

659
00:30:42,760 --> 00:30:44,360
Speaker 1: to get their advice and you continue to pay them.

660
00:30:44,600 --> 00:30:46,720
Speaker 1: But the cool thing about some of the robot advisors

661
00:30:46,800 --> 00:30:48,560
Speaker 1: is you kind of pick a choose when you want

662
00:30:48,560 --> 00:30:50,440
Speaker 1: to talk to somebody and you can get a few

663
00:30:50,440 --> 00:30:52,240
Speaker 1: of your questions answered, or you can have some of

664
00:30:52,280 --> 00:30:54,200
Speaker 1: your fears calmed and just you know a couple of

665
00:30:54,200 --> 00:30:56,240
Speaker 1: short meetings. So that might be the best of both

666
00:30:56,280 --> 00:30:58,840
Speaker 1: worlds really for Jen here and also to Jen if

667
00:30:58,840 --> 00:31:01,600
Speaker 1: you do decide at you want to go with a

668
00:31:01,640 --> 00:31:04,840
Speaker 1: financial planner that offers more robust services than what LVEST

669
00:31:05,160 --> 00:31:08,080
Speaker 1: is offering you, if you're looking to get more than

670
00:31:08,120 --> 00:31:10,400
Speaker 1: just that check up than x Y Planning Network is

671
00:31:10,440 --> 00:31:12,840
Speaker 1: probably one of our favorite spots to find an advisor.

672
00:31:13,040 --> 00:31:15,040
Speaker 1: Will link to that in the show notes. NAPA is

673
00:31:15,040 --> 00:31:18,360
Speaker 1: another great place. Just by going through one of those websites,

674
00:31:18,600 --> 00:31:21,160
Speaker 1: you're going to find a feel only produciary planner. Like you,

675
00:31:21,160 --> 00:31:23,640
Speaker 1: you don't even have to sort through that, like those

676
00:31:23,680 --> 00:31:26,760
Speaker 1: networks only refer if you only produciary planners, So you

677
00:31:26,760 --> 00:31:29,480
Speaker 1: can feel confident when you're finding a financial advisor through

678
00:31:29,480 --> 00:31:31,640
Speaker 1: one of those websites and interview to a couple of

679
00:31:31,640 --> 00:31:34,040
Speaker 1: different advisors and see what they offer you. You might

680
00:31:34,040 --> 00:31:36,000
Speaker 1: be impressed with with what they have to offer. They

681
00:31:36,080 --> 00:31:38,320
Speaker 1: might be offering services that you didn't even know that

682
00:31:38,360 --> 00:31:42,520
Speaker 1: you needed. So yeah, interview three or four potential advisors

683
00:31:42,520 --> 00:31:44,640
Speaker 1: set up a quick thirty minute call that will help

684
00:31:44,680 --> 00:31:46,680
Speaker 1: you make an informed decision. And the benefit there to

685
00:31:46,720 --> 00:31:48,560
Speaker 1: reaching out to a couple of those different networks is

686
00:31:48,600 --> 00:31:50,800
Speaker 1: that you're kind of you're you're stepping outside of the

687
00:31:50,800 --> 00:31:53,280
Speaker 1: fence of l vest and they seem great, but it's

688
00:31:53,280 --> 00:31:55,880
Speaker 1: also good to get a second opinion outside of the

689
00:31:55,920 --> 00:31:58,640
Speaker 1: platform that you've been investing with. So Jen, best of

690
00:31:58,720 --> 00:32:01,160
Speaker 1: luck to you, or the go ahead and switch things up. Now.

691
00:32:01,200 --> 00:32:03,959
Speaker 1: We actually have not a question, but a tip our

692
00:32:04,000 --> 00:32:07,720
Speaker 1: recommendation from a listener that pertains to our cars. Let's

693
00:32:07,720 --> 00:32:10,800
Speaker 1: hear it. Hey, guys, this is Chris from Making Georgia.

694
00:32:11,280 --> 00:32:13,080
Speaker 1: I recently heard him one of your podcast how you

695
00:32:13,160 --> 00:32:16,440
Speaker 1: struggled with headlights that were fogging. The critical part that

696
00:32:16,720 --> 00:32:19,880
Speaker 1: often is missed which results in the headlights degrading after

697
00:32:19,960 --> 00:32:23,400
Speaker 1: going through the process, is we fail to protect the

698
00:32:23,440 --> 00:32:27,240
Speaker 1: headlights after in the cleaning process, you're sending off the

699
00:32:27,280 --> 00:32:29,640
Speaker 1: protective layer of the headlights and we need to restore

700
00:32:29,720 --> 00:32:33,400
Speaker 1: this layer after completing the polishing phase. You can restore

701
00:32:33,440 --> 00:32:36,240
Speaker 1: that layer either through applying a wax or special scene

702
00:32:36,280 --> 00:32:39,360
Speaker 1: light to the headlight. Most people already have a wax

703
00:32:39,400 --> 00:32:41,640
Speaker 1: for the car and can get by with reapplying the

704
00:32:41,640 --> 00:32:44,560
Speaker 1: wax every three to four months on the headlights. Have

705
00:32:44,600 --> 00:32:47,800
Speaker 1: a good one, Chris, thank you for the tip. And Matt,

706
00:32:48,000 --> 00:32:50,760
Speaker 1: I will say I did actually get around to to

707
00:32:51,320 --> 00:32:53,520
Speaker 1: defogging my headlights. Like when you looked at them, they

708
00:32:53,560 --> 00:32:56,480
Speaker 1: were kind of yellow and gross and like you know,

709
00:32:56,480 --> 00:33:00,680
Speaker 1: like your van head like cataracts, exactly a little foggy

710
00:33:00,720 --> 00:33:02,320
Speaker 1: and the eyes there. But it has to be expected

711
00:33:02,360 --> 00:33:04,280
Speaker 1: from a little oh six Honda. Honestly, you know, still

712
00:33:04,320 --> 00:33:06,880
Speaker 1: put button around. But uh yeah, So what I did

713
00:33:06,920 --> 00:33:09,400
Speaker 1: actually I looked up some YouTube videos and I found

714
00:33:09,400 --> 00:33:11,880
Speaker 1: out that that one of the easiest ways to go

715
00:33:11,960 --> 00:33:16,240
Speaker 1: about clearing your your headlights was to put some gritty

716
00:33:16,240 --> 00:33:19,000
Speaker 1: toothpaste on them using old toothbrush. I just use my

717
00:33:19,000 --> 00:33:23,520
Speaker 1: wife's toothbrush. She'll find about it about that later. But

718
00:33:24,000 --> 00:33:26,160
Speaker 1: and then you like literally just you kind of you know,

719
00:33:26,240 --> 00:33:28,080
Speaker 1: use your elbow grease and you go go hard and

720
00:33:28,080 --> 00:33:30,720
Speaker 1: you rub it into the light um in in a

721
00:33:30,760 --> 00:33:34,240
Speaker 1: swirling motion. And so I did that. Man. We'll post

722
00:33:34,240 --> 00:33:36,440
Speaker 1: some pictures on Instagram of the before and after. It

723
00:33:36,480 --> 00:33:38,959
Speaker 1: made a huge difference, and I feel like, you know

724
00:33:39,120 --> 00:33:42,240
Speaker 1: it just looking at it. From the outside like makes

725
00:33:42,240 --> 00:33:44,280
Speaker 1: me love my car more and then too, it makes

726
00:33:44,320 --> 00:33:47,440
Speaker 1: the lights shine better on the road. So it was

727
00:33:47,600 --> 00:33:50,760
Speaker 1: super simple, took five minutes, and I recommend it to anybody.

728
00:33:50,800 --> 00:33:53,240
Speaker 1: But I had not done what Chris said here, and

729
00:33:53,280 --> 00:33:55,640
Speaker 1: I haven't done anything to kind of make sure it

730
00:33:55,680 --> 00:33:58,240
Speaker 1: doesn't happen again quickly to seal it. Yeah, so we

731
00:33:58,240 --> 00:34:00,160
Speaker 1: appreciate that tip, Chris. This is a way to make

732
00:34:00,200 --> 00:34:03,360
Speaker 1: sure that the work that Joel has done will last

733
00:34:03,480 --> 00:34:05,920
Speaker 1: in vain. Yeah, seriously, And I'm super impressed that you

734
00:34:05,920 --> 00:34:07,800
Speaker 1: didn't use like one of the drills with like the

735
00:34:07,840 --> 00:34:10,600
Speaker 1: spinny scrubby things or even like a rag where you're

736
00:34:10,760 --> 00:34:12,160
Speaker 1: like really able to lay into it. The fact that

737
00:34:12,160 --> 00:34:13,879
Speaker 1: you literally just used your toothbrush and kind of like,

738
00:34:14,280 --> 00:34:16,880
Speaker 1: you know, just kind of wiped it with the toothbrush.

739
00:34:16,960 --> 00:34:18,480
Speaker 1: That's when I saw somebody do on YouTube. I was like,

740
00:34:18,520 --> 00:34:21,360
Speaker 1: all right, can do super It's super impressive that it

741
00:34:21,360 --> 00:34:24,359
Speaker 1: actually got that clear by just using that. But dude,

742
00:34:24,360 --> 00:34:25,959
Speaker 1: this actually makes me wonder like, have you ever watched

743
00:34:26,000 --> 00:34:29,080
Speaker 1: your car like at all? Never? Dude, Well, like I

744
00:34:29,120 --> 00:34:31,440
Speaker 1: haven't since like high school. I've never had a nice

745
00:34:31,520 --> 00:34:33,160
Speaker 1: enough car to feel like I should wax. Well, here's

746
00:34:33,160 --> 00:34:35,239
Speaker 1: the thing, Like, you know, I recently used some turtle

747
00:34:35,280 --> 00:34:37,440
Speaker 1: wax to buff out of scuff on on our Honda,

748
00:34:37,640 --> 00:34:39,399
Speaker 1: which totally worked. By the way, it kind of got

749
00:34:39,400 --> 00:34:41,760
Speaker 1: that scrape out, but it also made that section super

750
00:34:41,800 --> 00:34:43,880
Speaker 1: smooth and slick, and it made me realize that waxing

751
00:34:44,200 --> 00:34:47,359
Speaker 1: your car that's not just to make it look extra fancy. Yeah,

752
00:34:47,480 --> 00:34:49,800
Speaker 1: but you know, you're also protecting the paint in the finish.

753
00:34:50,040 --> 00:34:51,360
Speaker 1: I think maybe for a lot of folks this is

754
00:34:51,400 --> 00:34:54,680
Speaker 1: probably a no brainer, like dumb Matt, but it puts

755
00:34:54,719 --> 00:34:57,000
Speaker 1: the idea of waxing my car in a new light.

756
00:34:57,040 --> 00:34:58,680
Speaker 1: This It's not something I would have at all been

757
00:34:58,880 --> 00:35:01,000
Speaker 1: interested in before because I'm like, I've got a you know,

758
00:35:01,120 --> 00:35:03,320
Speaker 1: it's kind of old van. I'm not interested in maintaining

759
00:35:03,360 --> 00:35:05,080
Speaker 1: this thing. Like I don't want it to look super nice.

760
00:35:05,080 --> 00:35:06,560
Speaker 1: That's not what I'm trying to do. But if I

761
00:35:06,600 --> 00:35:09,160
Speaker 1: were to do that, you know, it's gonna stay cleaner longer,

762
00:35:09,239 --> 00:35:11,279
Speaker 1: It's going to maintain that that paint, keep it in

763
00:35:11,280 --> 00:35:14,520
Speaker 1: good shape. I think, just in general, maintenance is highly underrated.

764
00:35:14,520 --> 00:35:16,319
Speaker 1: We're always kind of looking to the next greatest thing

765
00:35:16,360 --> 00:35:18,160
Speaker 1: to get to replace whatever it is that we have

766
00:35:18,200 --> 00:35:20,080
Speaker 1: instead of taking care of the things that we have,

767
00:35:20,239 --> 00:35:22,600
Speaker 1: so we buy disposable stuff, toss us get the next

768
00:35:22,600 --> 00:35:24,719
Speaker 1: thing exactly. Yeah, So Chris, neither one of us knew

769
00:35:24,719 --> 00:35:27,279
Speaker 1: about that wax tip, So make sure I get that

770
00:35:27,320 --> 00:35:29,760
Speaker 1: wax on the headlines to protect it. We really appreciate

771
00:35:29,760 --> 00:35:31,160
Speaker 1: that tip, all right. Nice to have a tip on

772
00:35:31,200 --> 00:35:33,160
Speaker 1: the show too, because I don't know everything. We need

773
00:35:33,160 --> 00:35:36,160
Speaker 1: our listeners to inform ust of stuff too, especially about cars,

774
00:35:36,200 --> 00:35:38,440
Speaker 1: and we we had the car chicken recently. She let

775
00:35:38,480 --> 00:35:39,959
Speaker 1: us know what's up. It's good to hear from Chris

776
00:35:39,960 --> 00:35:41,520
Speaker 1: as well, no doubt. Let's get back to the beer

777
00:35:41,560 --> 00:35:43,000
Speaker 1: that we had on the show. This one was love

778
00:35:43,080 --> 00:35:47,360
Speaker 1: Birds for um delicious raspberry beer from Birds Fly South.

779
00:35:47,640 --> 00:35:51,000
Speaker 1: What was your take on this blended sour aged in

780
00:35:51,160 --> 00:35:54,160
Speaker 1: oak barrels. Dude, anytime we have a sour that's aged

781
00:35:54,160 --> 00:35:59,720
Speaker 1: in oak, I'm going to basically swoon. It was so good, uh, fruity,

782
00:36:00,440 --> 00:36:02,680
Speaker 1: really acidic. It had a little bit of fun going on,

783
00:36:03,080 --> 00:36:05,160
Speaker 1: but dude, it had so many of those woody barrel

784
00:36:05,200 --> 00:36:07,640
Speaker 1: notes and I can't get enough of that flavor. Again.

785
00:36:07,680 --> 00:36:11,359
Speaker 1: It was just really high uh in acidity. I really

786
00:36:11,400 --> 00:36:13,080
Speaker 1: love this kind of beer. It's totally a mobile house.

787
00:36:13,360 --> 00:36:15,600
Speaker 1: I cannot speak highly of it enough, but yeah, what

788
00:36:15,640 --> 00:36:18,560
Speaker 1: were your thoughts? So I think sours that are aged

789
00:36:18,600 --> 00:36:22,799
Speaker 1: in oak barrels are almost always better than sours that

790
00:36:22,880 --> 00:36:25,280
Speaker 1: are made quickly. And they call him kettle sour beers,

791
00:36:25,480 --> 00:36:27,359
Speaker 1: and this beer is like, man, this this is one

792
00:36:27,360 --> 00:36:28,799
Speaker 1: of the top ten beers I think we've ever had

793
00:36:28,800 --> 00:36:32,160
Speaker 1: on the show. I think this is that delicious, it's um,

794
00:36:32,160 --> 00:36:34,279
Speaker 1: it's a real winner from bird Slyestouth. Makes me want

795
00:36:34,280 --> 00:36:35,560
Speaker 1: to try even more of their stuff. I think I

796
00:36:35,800 --> 00:36:38,040
Speaker 1: only had a couple of their beers. And no, they're

797
00:36:38,080 --> 00:36:39,360
Speaker 1: not too far away, so maybe I've went up to

798
00:36:39,360 --> 00:36:41,879
Speaker 1: their tasting room before. Say I'm jealousy taking me next

799
00:36:41,880 --> 00:36:43,400
Speaker 1: time up there in Greenville. Let's do it, dude, it's

800
00:36:43,440 --> 00:36:44,959
Speaker 1: not that far away, all right, we'll make it happen.

801
00:36:45,120 --> 00:36:47,839
Speaker 1: And yeah, if anybody out there likes sour beers, like

802
00:36:48,080 --> 00:36:51,040
Speaker 1: fruited sour beers, love birds for total winner, make sure

803
00:36:51,080 --> 00:36:52,839
Speaker 1: you pick it up. That's right, well, Joe, that's gonna

804
00:36:52,840 --> 00:36:54,759
Speaker 1: be it for this episode listeners. You can find show

805
00:36:54,800 --> 00:36:56,480
Speaker 1: notes up on the website at how to money dot

806
00:36:56,480 --> 00:36:58,480
Speaker 1: com and We'll make sure to link to any resources

807
00:36:58,960 --> 00:37:01,360
Speaker 1: any of the different websites that we may have mentioned

808
00:37:01,480 --> 00:37:04,000
Speaker 1: during this episode. Yeah, and if you have a question

809
00:37:04,040 --> 00:37:06,080
Speaker 1: to submit for a future ask how the Money episode,

810
00:37:06,239 --> 00:37:08,400
Speaker 1: we'd love to hear it. Just record your question on

811
00:37:08,440 --> 00:37:10,600
Speaker 1: the voice memo app on your phone, send it to

812
00:37:10,719 --> 00:37:12,680
Speaker 1: us at how the Money Pod at gmail dot com.

813
00:37:12,880 --> 00:37:14,960
Speaker 1: Super simple, and we hope to take it on an

814
00:37:15,040 --> 00:37:18,359
Speaker 1: upcoming episode, But Matt, until next time, Best Friends Out,

815
00:37:18,440 --> 00:37:19,640
Speaker 1: Best Friends Out,