1 00:00:00,080 --> 00:00:02,920 Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt, 2 00:00:03,000 --> 00:00:25,040 Speaker 1: and today we are answering your listener questions. Listen, there 3 00:00:24,960 --> 00:00:27,400 Speaker 1: are questions, man, That's what we're gonna talk about on 4 00:00:27,520 --> 00:00:30,800 Speaker 1: this episode. For instance, we're gonna talk about condos, We're 5 00:00:30,800 --> 00:00:33,680 Speaker 1: gonna talk about auto insurance, and three more that I'm 6 00:00:33,680 --> 00:00:35,320 Speaker 1: not going to talk about because we'll get to those 7 00:00:35,360 --> 00:00:37,360 Speaker 1: in a second. Yeah, I can't give all the goods 8 00:00:37,360 --> 00:00:39,720 Speaker 1: away up front. Yeah, that's right. And the first question 9 00:00:39,760 --> 00:00:42,000 Speaker 1: we're gonna tackle it just a minute, is about buying 10 00:00:42,040 --> 00:00:44,960 Speaker 1: a condo, and that is so different than buying a house. 11 00:00:45,280 --> 00:00:47,640 Speaker 1: So yeah, parting the particulars in that case should be 12 00:00:47,640 --> 00:00:49,440 Speaker 1: a lot of fun. We'll get to that in just 13 00:00:49,479 --> 00:00:52,080 Speaker 1: a minute. But Matt, before we get to these listener questions, 14 00:00:52,320 --> 00:00:55,440 Speaker 1: we have to mention that Costco recently, just about a 15 00:00:55,480 --> 00:00:59,080 Speaker 1: month ago, open their first store in China and it 16 00:00:59,160 --> 00:01:02,760 Speaker 1: was pandemonium. And I find that so fascinating because by myself, 17 00:01:02,800 --> 00:01:04,959 Speaker 1: I'm a huge Costco fan. Yeah, man, this has been 18 00:01:04,959 --> 00:01:06,759 Speaker 1: out there for a little bit, so maybe you've heard 19 00:01:06,760 --> 00:01:09,480 Speaker 1: about it, but the pictures that they showed from that 20 00:01:09,600 --> 00:01:12,679 Speaker 1: grand opening at Costco, I guess it's not surprising like 21 00:01:12,720 --> 00:01:15,039 Speaker 1: you see video or you see pictures in particular in 22 00:01:15,120 --> 00:01:17,520 Speaker 1: China of them kind of loading up on their subways 23 00:01:17,600 --> 00:01:19,560 Speaker 1: or their trains, and the folks who work there in 24 00:01:19,560 --> 00:01:22,160 Speaker 1: the station are literally just putting all their weight onto 25 00:01:22,200 --> 00:01:24,039 Speaker 1: the last person that's trying to fit through the doors 26 00:01:24,040 --> 00:01:25,560 Speaker 1: of the door can close and they can, you know, 27 00:01:25,680 --> 00:01:28,360 Speaker 1: kind of jam in there. So so picture that, but 28 00:01:28,440 --> 00:01:31,600 Speaker 1: in a Costco right which it's like my worst nightmare. 29 00:01:31,640 --> 00:01:34,479 Speaker 1: I have been on the subway in Shanghai, oh my god, 30 00:01:34,600 --> 00:01:36,440 Speaker 1: and it does get a little hectic, it gets a 31 00:01:36,480 --> 00:01:39,800 Speaker 1: little crazy. They are actually well designed, oh yeah, and 32 00:01:39,880 --> 00:01:43,200 Speaker 1: the directions are fantastic around the station, but they are 33 00:01:43,280 --> 00:01:46,959 Speaker 1: not afraid of getting close personal spaces. Is treated much 34 00:01:46,959 --> 00:01:49,440 Speaker 1: differently over there, and you can tell at this Costco 35 00:01:49,440 --> 00:01:53,160 Speaker 1: opening things went so crazy. Apparently there were incredibly long 36 00:01:53,200 --> 00:01:56,280 Speaker 1: lines just to try to use the bathroom and insane 37 00:01:56,280 --> 00:01:59,360 Speaker 1: traffic jams outside the Costco. They had to close it early. 38 00:01:59,720 --> 00:02:03,160 Speaker 1: The sure especially of folks at the rotistory chicken counter 39 00:02:04,720 --> 00:02:06,600 Speaker 1: for me, yeah, reaching for the chickens that are no 40 00:02:06,640 --> 00:02:10,040 Speaker 1: longer there, y yeah there, and shelves. It was. It 41 00:02:10,120 --> 00:02:12,320 Speaker 1: was really interesting. My favorite quote from the whole thing 42 00:02:12,639 --> 00:02:14,840 Speaker 1: was basically, like you said, they had to shut down early, 43 00:02:15,120 --> 00:02:17,679 Speaker 1: and they sent on a text to Costco members or 44 00:02:17,720 --> 00:02:20,560 Speaker 1: Costco customers, and the text read to provide you with 45 00:02:20,639 --> 00:02:24,520 Speaker 1: a better shopping experience. Costco will suspend business this afternoon. 46 00:02:24,960 --> 00:02:29,320 Speaker 1: Please don't come. Man, that just totally cracked me up. 47 00:02:29,560 --> 00:02:31,760 Speaker 1: I got that out of hand. Yes, yeah, But I mean, 48 00:02:31,800 --> 00:02:34,079 Speaker 1: I love though, how well you know some of these 49 00:02:34,080 --> 00:02:36,880 Speaker 1: American businesses are doing overseas. I think it's great to 50 00:02:36,880 --> 00:02:40,560 Speaker 1: see an international embrace of a company that I'll say 51 00:02:40,720 --> 00:02:42,640 Speaker 1: that that we love so much. Even though I'm not 52 00:02:42,720 --> 00:02:45,119 Speaker 1: a member, I love what Costco does, but my true 53 00:02:45,120 --> 00:02:49,079 Speaker 1: allegiance does lie with all the Sometimes in our Facebook group, 54 00:02:49,120 --> 00:02:51,840 Speaker 1: there are all the people in Costco people and occasionally 55 00:02:51,880 --> 00:02:53,880 Speaker 1: they battle it out, but they do it kindly. I 56 00:02:53,960 --> 00:02:57,120 Speaker 1: was like west Side Story. One thing I wanted to 57 00:02:57,160 --> 00:03:00,840 Speaker 1: mention really quickly about big companies, big American companies doing 58 00:03:00,880 --> 00:03:04,280 Speaker 1: business overseas. We talk a lot about investing in a 59 00:03:04,320 --> 00:03:07,280 Speaker 1: total stock market index fund, and we're usually talking about 60 00:03:07,280 --> 00:03:10,080 Speaker 1: the American stock market, and there are certainly other ways 61 00:03:10,080 --> 00:03:12,400 Speaker 1: to invest your money. You can diversify in a ton 62 00:03:12,480 --> 00:03:15,400 Speaker 1: of different manners. But when you see companies like Costco, 63 00:03:15,720 --> 00:03:19,640 Speaker 1: companies like Coca Cola, companies like McDonald's just doing insane 64 00:03:19,639 --> 00:03:23,880 Speaker 1: amounts of business overseas being well received in countries around 65 00:03:23,880 --> 00:03:25,640 Speaker 1: the world. It just goes to show you that when 66 00:03:25,680 --> 00:03:28,280 Speaker 1: you're investing in the total American stock market, you're not 67 00:03:28,320 --> 00:03:30,840 Speaker 1: really just doing business in the United States. You're investing 68 00:03:30,840 --> 00:03:33,680 Speaker 1: in companies whose profits are coming in a major way 69 00:03:33,960 --> 00:03:37,600 Speaker 1: from dozens and dozens of countries around the world. And 70 00:03:37,640 --> 00:03:39,960 Speaker 1: so I find that to be a comforting fact. And 71 00:03:39,960 --> 00:03:43,000 Speaker 1: to see Costco being this well received in Shanghai, Yeah, 72 00:03:43,120 --> 00:03:44,960 Speaker 1: made in my heart, glad, And it reminded me that 73 00:03:45,040 --> 00:03:47,800 Speaker 1: this investing strategy is a good one for a lot 74 00:03:47,880 --> 00:03:50,160 Speaker 1: of reasons. Yeah, that's right, man. I mean, if John 75 00:03:50,200 --> 00:03:52,839 Speaker 1: Bogel is down with that method of investing, I'm down 76 00:03:52,880 --> 00:03:54,800 Speaker 1: with it as well. And so let's go ahead and 77 00:03:54,800 --> 00:03:57,760 Speaker 1: introduce our beer for this episode. We are drinking Second 78 00:03:57,760 --> 00:04:01,080 Speaker 1: Fiddle by a fiddle Head Brewing Company, and this is 79 00:04:01,160 --> 00:04:03,080 Speaker 1: a double I p A. Is this one also out 80 00:04:03,080 --> 00:04:06,400 Speaker 1: of Vermont? It is? This one's out of Shelburne, Vermont. Nice. Yeah, 81 00:04:06,400 --> 00:04:08,960 Speaker 1: this is another beer donated to the show by Cameron 82 00:04:09,000 --> 00:04:11,040 Speaker 1: here in Atlanta. Man, thanks so much for this one, 83 00:04:11,120 --> 00:04:12,920 Speaker 1: and I'm looking forward to sharing our thoughts on this 84 00:04:12,960 --> 00:04:16,159 Speaker 1: beer at the end of this episode. Yeah, thanks, Cameron, 85 00:04:16,200 --> 00:04:18,320 Speaker 1: can't wait to try this one out. All right, Matt, 86 00:04:18,360 --> 00:04:20,400 Speaker 1: Let's get to the subject at hand. We're answering listener 87 00:04:20,520 --> 00:04:23,600 Speaker 1: questions on this episode, and first, to anybody out there 88 00:04:23,600 --> 00:04:26,159 Speaker 1: who wants to submit a question to be on the show, 89 00:04:26,200 --> 00:04:29,080 Speaker 1: we'll just follow the easy directions on our website. Go 90 00:04:29,120 --> 00:04:31,479 Speaker 1: to how to money dot com slash ask you will 91 00:04:31,480 --> 00:04:34,680 Speaker 1: find the simple steps to submit your voice question to 92 00:04:34,760 --> 00:04:37,200 Speaker 1: be considered for the show. And the first question, like 93 00:04:37,279 --> 00:04:40,440 Speaker 1: we mentioned, is about buying a condo. Hey, guys, it's 94 00:04:40,480 --> 00:04:43,520 Speaker 1: Ike from New York. Love the show. I'm curious what 95 00:04:43,560 --> 00:04:46,560 Speaker 1: you think about condos. As a young person, it seems 96 00:04:46,600 --> 00:04:49,560 Speaker 1: like my options are either renting, where I'm kind of 97 00:04:49,560 --> 00:04:54,000 Speaker 1: throwing money away, or uh owning a home and or 98 00:04:54,000 --> 00:04:57,039 Speaker 1: a piece of land, which is very capital intensive and 99 00:04:57,080 --> 00:04:59,960 Speaker 1: there's all these maintenance costs that can come up, et cetera. 100 00:05:00,040 --> 00:05:02,840 Speaker 1: A condo seemed like a great middle ground. You get 101 00:05:02,839 --> 00:05:05,320 Speaker 1: to work towards owning something, but on the other hand, 102 00:05:05,440 --> 00:05:07,760 Speaker 1: you don't have to own the entire building and land. 103 00:05:08,120 --> 00:05:11,440 Speaker 1: So a lot of maintenance costs and etcetera fall uh 104 00:05:11,520 --> 00:05:14,440 Speaker 1: not on you? Is that true? Is that? Do you 105 00:05:14,440 --> 00:05:17,640 Speaker 1: think it's a good investment. I'm hearing conflicting things from 106 00:05:17,680 --> 00:05:19,800 Speaker 1: friends and you know, people joking about it being like 107 00:05:19,839 --> 00:05:23,040 Speaker 1: an old person option but not really good for young people. 108 00:05:23,560 --> 00:05:25,760 Speaker 1: Curious what you think and then real quick, we'd love 109 00:05:25,800 --> 00:05:28,159 Speaker 1: to hear you guys review some non alcoholic beers sometime. 110 00:05:28,600 --> 00:05:31,200 Speaker 1: Thank you, I thanks so much for the question man. 111 00:05:31,320 --> 00:05:34,880 Speaker 1: And on the note of non alcoholic beers, you know, Joel, 112 00:05:34,880 --> 00:05:37,240 Speaker 1: I have not actually had one that I thought was 113 00:05:37,480 --> 00:05:40,720 Speaker 1: really great, but I am not opposed to trying one, 114 00:05:40,720 --> 00:05:42,680 Speaker 1: how about you? Yeah, no, I'm not opposed to it either. 115 00:05:42,839 --> 00:05:45,120 Speaker 1: The question is is there enough flavor to make it 116 00:05:45,160 --> 00:05:47,839 Speaker 1: worth it? Because some of my favorite beers are incredibly 117 00:05:47,880 --> 00:05:51,080 Speaker 1: low alcoholic beers, like two or three percent. Like there's 118 00:05:51,120 --> 00:05:53,400 Speaker 1: some really good beers that have that are low A 119 00:05:53,480 --> 00:05:56,360 Speaker 1: b V. Yeah, that have tons of flavor. But I've 120 00:05:56,400 --> 00:05:59,479 Speaker 1: just never tasted something that was non alcoholic that brought 121 00:05:59,600 --> 00:06:02,359 Speaker 1: enough FLA to make it worthwhile. But Ike will continue 122 00:06:02,360 --> 00:06:04,280 Speaker 1: the search and if we find something, Man will totally 123 00:06:04,320 --> 00:06:05,760 Speaker 1: feature it on the show. You know, I've been wanting 124 00:06:05,800 --> 00:06:09,120 Speaker 1: to try the Heineken zero point zero send for that 125 00:06:09,240 --> 00:06:11,320 Speaker 1: makes you popping up When we watch our soccer matches, 126 00:06:11,600 --> 00:06:13,120 Speaker 1: they kind of pop up on the screens there. It's 127 00:06:13,240 --> 00:06:16,080 Speaker 1: I guess they're a big advertiser when it comes to soccer. 128 00:06:16,320 --> 00:06:18,240 Speaker 1: But I have not had one of those either, and 129 00:06:18,360 --> 00:06:20,200 Speaker 1: I'm up for trying that though. I'll give it a shot. 130 00:06:20,320 --> 00:06:22,960 Speaker 1: All right, all right, so let's get to Ike's question. 131 00:06:23,120 --> 00:06:25,080 Speaker 1: We're talking about condos, and like one of the things 132 00:06:25,160 --> 00:06:27,880 Speaker 1: you mentioned in your question was that you were you 133 00:06:27,920 --> 00:06:30,679 Speaker 1: feel like you're throwing away your money when you're renting, 134 00:06:30,920 --> 00:06:32,920 Speaker 1: and we talked about that actually all the way back 135 00:06:32,960 --> 00:06:35,279 Speaker 1: in the episode fifteen, and we don't actually think that 136 00:06:35,320 --> 00:06:37,960 Speaker 1: you are throwing your money away when you're renting. There 137 00:06:38,000 --> 00:06:40,640 Speaker 1: are a lot of great reasons to own, but thinking 138 00:06:40,680 --> 00:06:43,840 Speaker 1: of your home as an investment is not necessarily one 139 00:06:43,880 --> 00:06:45,600 Speaker 1: of them. So we would just encourage you to go 140 00:06:45,640 --> 00:06:47,040 Speaker 1: back and listen to that episode, and I think it 141 00:06:47,080 --> 00:06:50,240 Speaker 1: will make you feel better about renting even while you're 142 00:06:50,240 --> 00:06:52,760 Speaker 1: considering this condo purchase. And so while we're on the 143 00:06:52,760 --> 00:06:55,680 Speaker 1: note of thinking of your condo as an investment, you know, 144 00:06:55,720 --> 00:07:00,279 Speaker 1: we're thinking about value, right generally speaking, detached single family homes, 145 00:07:00,279 --> 00:07:03,720 Speaker 1: they're going to appreciate more. However, it depends on your 146 00:07:03,720 --> 00:07:06,839 Speaker 1: specific market. I'm thinking of in San Francisco because the 147 00:07:06,839 --> 00:07:09,960 Speaker 1: condos they're appreciate like crazy, and they've been appreciating at 148 00:07:09,960 --> 00:07:12,880 Speaker 1: a faster rate than single family homes. That being said, 149 00:07:13,480 --> 00:07:17,120 Speaker 1: the increased value of your condo or of your house 150 00:07:17,200 --> 00:07:20,800 Speaker 1: should not be the only deciding factor. Yeah, and the 151 00:07:20,880 --> 00:07:24,040 Speaker 1: value of condos can actually fluctuate a lot more than 152 00:07:24,080 --> 00:07:26,320 Speaker 1: the value of single family homes. And part of that 153 00:07:26,360 --> 00:07:28,120 Speaker 1: has to do with the fact that condos can be 154 00:07:28,160 --> 00:07:30,720 Speaker 1: more difficult to sell. And part of that is the 155 00:07:30,720 --> 00:07:32,840 Speaker 1: fact that you can't control who your neighbors are. They 156 00:07:32,920 --> 00:07:34,400 Speaker 1: might not take care of the building in the same 157 00:07:34,440 --> 00:07:36,240 Speaker 1: way you do. And also when they put their unit 158 00:07:36,320 --> 00:07:38,920 Speaker 1: up for sale, if you're planning on selling at the 159 00:07:38,960 --> 00:07:42,280 Speaker 1: same time, will you have this direct competition that doesn't 160 00:07:42,280 --> 00:07:44,679 Speaker 1: play itself out in the same way when you're selling 161 00:07:44,680 --> 00:07:46,960 Speaker 1: a single family home. So we'll get to the reasons 162 00:07:47,000 --> 00:07:49,160 Speaker 1: I think that we think condos can be a good purchase, 163 00:07:49,200 --> 00:07:51,960 Speaker 1: but these are things to keep in mind before you 164 00:07:52,040 --> 00:07:53,920 Speaker 1: decide that it is a great idea and and make 165 00:07:53,920 --> 00:07:57,080 Speaker 1: the purchase and then Ike You also mentioned maintenance costs, right, 166 00:07:57,200 --> 00:07:59,600 Speaker 1: And while it's true that with a condo you don't 167 00:07:59,640 --> 00:08:03,200 Speaker 1: have to think about the maintenance perhaps of the building, 168 00:08:03,480 --> 00:08:05,440 Speaker 1: you are still going to be responsible for it and 169 00:08:05,480 --> 00:08:07,560 Speaker 1: that is because you pay for it via your h 170 00:08:07,600 --> 00:08:10,080 Speaker 1: o A fees, which you don't often have a say in. 171 00:08:10,520 --> 00:08:12,760 Speaker 1: Oftentimes that really just depends on the board. And so 172 00:08:12,840 --> 00:08:15,600 Speaker 1: before you buy a condo, make sure to research the 173 00:08:15,640 --> 00:08:18,840 Speaker 1: financial health of the condo complex. Uh your h o 174 00:08:18,920 --> 00:08:21,000 Speaker 1: A fees could they could skyrocket. There could be a 175 00:08:21,000 --> 00:08:23,720 Speaker 1: special assessment depending on the condition of the building. Just 176 00:08:23,760 --> 00:08:27,120 Speaker 1: remember that these are expenses that you are going to experience, right, 177 00:08:27,160 --> 00:08:29,000 Speaker 1: It's just part of the cost of admission. But it 178 00:08:29,120 --> 00:08:30,520 Speaker 1: is true that it's not something that you're going to 179 00:08:30,600 --> 00:08:32,000 Speaker 1: have to worry about. It's not going to be on 180 00:08:32,000 --> 00:08:33,800 Speaker 1: your mind. Well that's true. It's not gonna be staring 181 00:08:33,800 --> 00:08:35,280 Speaker 1: you in the face like it is if you own 182 00:08:35,320 --> 00:08:38,440 Speaker 1: a single family home. But depending on how the boards run, 183 00:08:38,520 --> 00:08:42,200 Speaker 1: depending on the way the homeowners Association has thought about 184 00:08:42,440 --> 00:08:45,280 Speaker 1: long term maintenance needs for the building that you're going 185 00:08:45,320 --> 00:08:48,160 Speaker 1: to live in, those special assessments could be thousands of 186 00:08:48,200 --> 00:08:50,680 Speaker 1: dollars and that could be something that you hadn't planned 187 00:08:50,679 --> 00:08:53,040 Speaker 1: for at all, You just didn't realize was coming and 188 00:08:53,120 --> 00:08:55,319 Speaker 1: hits you out of the blue. When you buy the condo. 189 00:08:55,440 --> 00:08:57,120 Speaker 1: The h A F s could be pretty minimal at 190 00:08:57,120 --> 00:08:58,719 Speaker 1: the very beginning. Yeah, I mean just say maybe like 191 00:08:58,760 --> 00:09:00,760 Speaker 1: two hun bucks, right, Yeah, But if they haven't planned 192 00:09:00,840 --> 00:09:02,640 Speaker 1: very well and they don't want to do a special 193 00:09:02,679 --> 00:09:04,840 Speaker 1: assessment on everyone and make them pay thousands of dollars, 194 00:09:05,040 --> 00:09:07,520 Speaker 1: well they could quickly bump that up to a month, 195 00:09:07,679 --> 00:09:10,280 Speaker 1: and it just quickly changes the dynamics of whether that 196 00:09:10,360 --> 00:09:12,360 Speaker 1: condo feels like a good deal to you or not. 197 00:09:12,840 --> 00:09:14,960 Speaker 1: My mother in law bought a condo just on the 198 00:09:14,960 --> 00:09:16,840 Speaker 1: other side of the park from us here in Atlanta 199 00:09:16,880 --> 00:09:18,760 Speaker 1: that she wanted to stand when she comes to visit. 200 00:09:19,040 --> 00:09:20,440 Speaker 1: She got a great deal on it, and it's been 201 00:09:20,480 --> 00:09:22,640 Speaker 1: a great place to live. But the condo unit is 202 00:09:22,679 --> 00:09:25,080 Speaker 1: almost a hundred years old, and so they're really having 203 00:09:25,080 --> 00:09:27,160 Speaker 1: to do a lot of maintenance right now. And so 204 00:09:27,200 --> 00:09:30,959 Speaker 1: the debates in the board meetings about potential special assessments, well, 205 00:09:30,960 --> 00:09:34,200 Speaker 1: they've gotten a little heated. And it's that those are fun. Yeah, 206 00:09:34,360 --> 00:09:36,720 Speaker 1: she loves one of those, and but it's just one 207 00:09:36,720 --> 00:09:38,440 Speaker 1: of those things that you have to consider because the 208 00:09:38,480 --> 00:09:40,559 Speaker 1: building needs to be maintained in order to keep the 209 00:09:40,640 --> 00:09:43,199 Speaker 1: value up. But that means everybody's got to pay in 210 00:09:43,280 --> 00:09:45,559 Speaker 1: order to make that happen. So it does get a 211 00:09:45,600 --> 00:09:48,400 Speaker 1: little tricky at times. Yep, Yeah, that's raight, chel. And 212 00:09:48,440 --> 00:09:51,280 Speaker 1: so these are sort of the money considerations that you're 213 00:09:51,320 --> 00:09:53,840 Speaker 1: taking into account. And while that is great for you 214 00:09:53,880 --> 00:09:56,320 Speaker 1: to consider, there are a couple of other things that 215 00:09:56,360 --> 00:09:58,560 Speaker 1: we do want you to also consider, and one of 216 00:09:58,559 --> 00:10:01,120 Speaker 1: those being how long and you're gonna plan to be 217 00:10:01,160 --> 00:10:03,520 Speaker 1: in that location. If you don't think you're gonna be 218 00:10:03,520 --> 00:10:05,760 Speaker 1: there that long, we would suggest for you to keep renting. 219 00:10:06,040 --> 00:10:07,959 Speaker 1: You want to keep renting unless you're probably gonna be 220 00:10:08,040 --> 00:10:10,760 Speaker 1: there for at least five years for a single family home, 221 00:10:10,920 --> 00:10:13,000 Speaker 1: and you know, even longer for a condo. Yeah, if 222 00:10:13,040 --> 00:10:14,680 Speaker 1: you're going to buy a condo, you need to be 223 00:10:14,720 --> 00:10:17,120 Speaker 1: able to envision yourself there for for longer than five 224 00:10:17,200 --> 00:10:19,400 Speaker 1: years in all likelihood that the minimum, I would say 225 00:10:19,480 --> 00:10:21,920 Speaker 1: seven years, and a good thing to shoot for us 226 00:10:22,040 --> 00:10:24,760 Speaker 1: is ten years. The transaction costs involved in buying and 227 00:10:24,800 --> 00:10:28,719 Speaker 1: selling real estate or just are huge, and condos fluctuating 228 00:10:28,800 --> 00:10:31,480 Speaker 1: value so much more than single family homes. You could 229 00:10:31,480 --> 00:10:34,040 Speaker 1: buy a condo and the market could be down for 230 00:10:34,120 --> 00:10:36,760 Speaker 1: quite a few years, and if you find yourself needing 231 00:10:36,800 --> 00:10:38,760 Speaker 1: to get out of that condo, you can wind up 232 00:10:38,800 --> 00:10:41,000 Speaker 1: losing money if you're only there a few years. So 233 00:10:41,120 --> 00:10:43,560 Speaker 1: planning to stay for a longer period of time just 234 00:10:43,640 --> 00:10:46,240 Speaker 1: really solidifies the fact that you're not going to lose 235 00:10:46,320 --> 00:10:48,600 Speaker 1: a ton of money on your way out. And don't 236 00:10:48,600 --> 00:10:52,760 Speaker 1: forget to consider the lifestyle factors as well. Obviously with 237 00:10:52,800 --> 00:10:55,560 Speaker 1: a condo, they're going to typically be in better locations. 238 00:10:55,600 --> 00:10:57,920 Speaker 1: You've got the higher density, and that can allow you 239 00:10:57,920 --> 00:11:00,800 Speaker 1: to be closer to work and just other or honestly 240 00:11:00,840 --> 00:11:02,560 Speaker 1: just other fun stuff right when you're living in a 241 00:11:02,600 --> 00:11:07,480 Speaker 1: city in particular, there's amenities oftentimes with condos, like pools, gyms, 242 00:11:07,600 --> 00:11:10,760 Speaker 1: different things like that. They also tend to be more social, Joel, 243 00:11:10,800 --> 00:11:13,360 Speaker 1: I could picture you in a condo in your earlier years, 244 00:11:13,360 --> 00:11:16,560 Speaker 1: for sure. My sister just moved into an apartment complex 245 00:11:16,600 --> 00:11:19,200 Speaker 1: that feels like a condo building. It's so nice and 246 00:11:19,200 --> 00:11:22,400 Speaker 1: they have this sweet gym, this amazing pool, and awesome 247 00:11:22,440 --> 00:11:24,840 Speaker 1: common space. I could totally see myself there, and I 248 00:11:24,840 --> 00:11:26,880 Speaker 1: feel like I have to ditch my awesome kids just 249 00:11:26,920 --> 00:11:30,200 Speaker 1: because they cramped my condo living style. But uh, and 250 00:11:30,240 --> 00:11:32,040 Speaker 1: I'm not willing to do that, so I'm sticking to 251 00:11:32,080 --> 00:11:34,040 Speaker 1: the single family home life right now. That being said, 252 00:11:34,040 --> 00:11:36,640 Speaker 1: I'm sure there are lots of happy families who have kids, 253 00:11:36,720 --> 00:11:38,640 Speaker 1: maybe who even have lots of kids and they're in 254 00:11:38,640 --> 00:11:40,640 Speaker 1: a condo. But I do think for a lot of people, 255 00:11:40,720 --> 00:11:43,360 Speaker 1: when it comes to finding a home for their growing family, 256 00:11:43,360 --> 00:11:46,240 Speaker 1: the a condo may not always fit the bill. And 257 00:11:46,280 --> 00:11:49,000 Speaker 1: something else to consider too is if you're traveling a lot, man, 258 00:11:49,000 --> 00:11:51,760 Speaker 1: a condo is going to be a fantastic option for you. 259 00:11:52,000 --> 00:11:53,440 Speaker 1: And a lot of that does have to do with 260 00:11:53,480 --> 00:11:55,400 Speaker 1: the fact that you do not have to take care 261 00:11:55,480 --> 00:11:57,600 Speaker 1: of the exterior of the home. You don't have a yard, 262 00:11:57,640 --> 00:11:59,520 Speaker 1: you don't have branches that are following on your house. 263 00:11:59,720 --> 00:12:01,880 Speaker 1: They're just so much less to think about when you're 264 00:12:01,920 --> 00:12:04,120 Speaker 1: only having to worry about the interior of your home 265 00:12:04,240 --> 00:12:06,880 Speaker 1: versus the you know, the whole lot. Yeah, man, and 266 00:12:06,880 --> 00:12:09,760 Speaker 1: you mentioned researching the financial health of the condo complex. 267 00:12:09,800 --> 00:12:11,200 Speaker 1: We'll put a link in the show notes. There's this 268 00:12:11,280 --> 00:12:14,200 Speaker 1: great article about how you do that. We're not gonna 269 00:12:14,200 --> 00:12:15,960 Speaker 1: get into all of that right now, but I feel 270 00:12:15,960 --> 00:12:17,600 Speaker 1: like that will be really helpful to Ike as he 271 00:12:17,640 --> 00:12:20,079 Speaker 1: looks to buy a condo in a complex that is 272 00:12:20,120 --> 00:12:21,960 Speaker 1: doing really well financially where he's not going to be 273 00:12:22,000 --> 00:12:25,320 Speaker 1: blindsided by inexpensive special assessment. And by the way, I 274 00:12:25,600 --> 00:12:27,640 Speaker 1: condos are not just for old people, man. In fact, 275 00:12:27,720 --> 00:12:29,959 Speaker 1: I don't even really associate condos of old people. I 276 00:12:30,000 --> 00:12:32,920 Speaker 1: think it's funny that your friends do, but I feel 277 00:12:32,960 --> 00:12:36,720 Speaker 1: like condos forget those friends. Yeah, you don't need them anyway. Now, 278 00:12:36,720 --> 00:12:38,800 Speaker 1: I'm just kidding. But or if instead of calling it 279 00:12:38,840 --> 00:12:40,720 Speaker 1: a condo, call it a flat, like that's what they 280 00:12:40,720 --> 00:12:42,960 Speaker 1: do in the UK. And I'll be honest anytime I 281 00:12:42,960 --> 00:12:44,679 Speaker 1: hear that, I think it sounds super cool. St Yeah, 282 00:12:44,679 --> 00:12:46,640 Speaker 1: it sounds rey cool. It sounds way cooler. But yeah, 283 00:12:46,640 --> 00:12:49,000 Speaker 1: condos definitely are not just for old people, for all 284 00:12:49,040 --> 00:12:50,880 Speaker 1: sorts of different kinds of people. It just really depends 285 00:12:50,880 --> 00:12:52,800 Speaker 1: on how long you're gonna stay there, how much you 286 00:12:52,880 --> 00:12:55,560 Speaker 1: care about the amenities and the location that you're gonna 287 00:12:55,600 --> 00:12:58,080 Speaker 1: live in. Cool. So that's our first question. We're gonna 288 00:12:58,080 --> 00:13:01,600 Speaker 1: talk some about insurance, but two very different types of insurance. 289 00:13:01,679 --> 00:13:12,559 Speaker 1: Right after the break, All right, Matt, we're back and 290 00:13:12,640 --> 00:13:15,480 Speaker 1: we're talking about insurance. We had two different questions back 291 00:13:15,520 --> 00:13:19,280 Speaker 1: to back about two totally different kinds of insurance. Hello, 292 00:13:19,360 --> 00:13:21,160 Speaker 1: Matt and Jeel. My name is Amber and I live 293 00:13:21,200 --> 00:13:23,840 Speaker 1: in Denver, Colorado. I'm calling to ask if you can 294 00:13:23,840 --> 00:13:26,800 Speaker 1: talk about the different auto insurance options within your plan. 295 00:13:27,440 --> 00:13:29,840 Speaker 1: I have collision and comprehensive, but then there are all 296 00:13:29,840 --> 00:13:31,920 Speaker 1: these other options that I'm not sure whether I need. 297 00:13:32,520 --> 00:13:38,679 Speaker 1: These include bodily injury liability, property damage liability, medical payments, 298 00:13:38,960 --> 00:13:43,679 Speaker 1: and uninsured and underinsured motorist coverage. I didn't have collision 299 00:13:43,720 --> 00:13:45,120 Speaker 1: for a while, but then I was hit by someone 300 00:13:45,160 --> 00:13:46,920 Speaker 1: who had to pay out a pocket for everything for 301 00:13:47,040 --> 00:13:49,560 Speaker 1: months until he could reimburse me, so I added it back. 302 00:13:50,400 --> 00:13:52,280 Speaker 1: But the cost of insurance is so high that I'm 303 00:13:52,320 --> 00:13:54,959 Speaker 1: not sure what to do with it. Thanks for your help. Amber, 304 00:13:54,960 --> 00:13:57,920 Speaker 1: A great question, and yes, auto insurance can be really expensive, 305 00:13:58,120 --> 00:14:00,319 Speaker 1: and we'll get into all the specific things that you 306 00:14:00,360 --> 00:14:03,560 Speaker 1: need to consider when you're buying an insurance policy in 307 00:14:03,559 --> 00:14:05,000 Speaker 1: just a second. But I want to mention at the 308 00:14:05,040 --> 00:14:09,120 Speaker 1: outset that's Shopping around for your insurance with different providers 309 00:14:09,400 --> 00:14:12,679 Speaker 1: can result in vastly differing rates, So it might make 310 00:14:12,720 --> 00:14:14,720 Speaker 1: sense for you if you've been with the same provider 311 00:14:14,800 --> 00:14:17,520 Speaker 1: for a while to do some shopping, because you can 312 00:14:17,600 --> 00:14:20,119 Speaker 1: likely cut your rate by hundreds and hundreds of dollars 313 00:14:20,160 --> 00:14:21,840 Speaker 1: just by switching to a new company. So just make 314 00:14:21,840 --> 00:14:24,080 Speaker 1: sure that's on your radar. And Matt, let's kind of 315 00:14:24,080 --> 00:14:26,960 Speaker 1: get into the meat of the question now too. Yeah, so, Amber, 316 00:14:27,000 --> 00:14:28,880 Speaker 1: it sounds like you have most of the types of 317 00:14:28,920 --> 00:14:31,600 Speaker 1: coverage that are offered, right. You've got comprehensive, You've got 318 00:14:31,640 --> 00:14:35,840 Speaker 1: collision liability is required. Almost all states require that, but 319 00:14:35,960 --> 00:14:38,880 Speaker 1: everything else is optional depending on the state that you 320 00:14:38,960 --> 00:14:41,040 Speaker 1: live in, except for that weird state of New Hampshire. 321 00:14:41,200 --> 00:14:43,120 Speaker 1: You don't have to have car insurance at all New Hamshire. 322 00:14:43,160 --> 00:14:45,600 Speaker 1: How weird? Is that? Super weird? That completely through me. 323 00:14:45,640 --> 00:14:48,040 Speaker 1: I wonder if there's an actual good reason why they 324 00:14:48,080 --> 00:14:50,760 Speaker 1: don't require it. Maybe we should look into it further. 325 00:14:50,960 --> 00:14:53,160 Speaker 1: One of these days. I'm sure some listener will reach 326 00:14:53,160 --> 00:14:55,240 Speaker 1: out to us and let us know, Yeah, please do 327 00:14:55,360 --> 00:14:57,080 Speaker 1: They're really good about that. Let's go ahead kick this 328 00:14:57,080 --> 00:14:59,840 Speaker 1: whole thing off and talk about liability insurance. If you 329 00:15:00,040 --> 00:15:03,080 Speaker 1: are at faults in an accident, liability will cover the 330 00:15:03,120 --> 00:15:07,400 Speaker 1: other driver's car. That's what's considered property damage liability age. 331 00:15:07,440 --> 00:15:10,320 Speaker 1: Your liability would also cover other medical bills, and that's 332 00:15:10,360 --> 00:15:13,480 Speaker 1: the bodily injury part that you mentioned. Again, your state 333 00:15:13,640 --> 00:15:16,240 Speaker 1: has minimum requirements, but we would recommend that you have 334 00:15:16,480 --> 00:15:20,800 Speaker 1: enough liability coverage to cover your total value of assets. Yeah, 335 00:15:20,800 --> 00:15:22,440 Speaker 1: you don't want to get in an accident and not 336 00:15:22,520 --> 00:15:25,160 Speaker 1: have enough coverage. That essentially leaves you and your assets 337 00:15:25,200 --> 00:15:27,760 Speaker 1: exposed in the case of an accident that did a 338 00:15:27,840 --> 00:15:30,240 Speaker 1: lot more damage than you're actually covered for. Yeah, that's 339 00:15:30,280 --> 00:15:32,320 Speaker 1: basically being underinsured, which we're gonna get to in a 340 00:15:32,400 --> 00:15:38,160 Speaker 1: little bit. But these are all very insurancey words, asset exposure, vulnerability, 341 00:15:38,240 --> 00:15:40,360 Speaker 1: but it's true. The whole reason we have insurances to 342 00:15:40,400 --> 00:15:42,520 Speaker 1: be able to protect our assets, and we want to 343 00:15:42,520 --> 00:15:44,240 Speaker 1: make sure that the insurance that we have in place 344 00:15:44,600 --> 00:15:46,920 Speaker 1: does cover us in case we're at fault. Yeah, So 345 00:15:47,080 --> 00:15:49,720 Speaker 1: comprehensive coverage. It covers your car if it's stolen, or 346 00:15:49,760 --> 00:15:51,920 Speaker 1: if there's damage caused by storms, or even if your 347 00:15:51,920 --> 00:15:54,080 Speaker 1: car is damage from hitting something like a deer. You've 348 00:15:54,120 --> 00:15:57,480 Speaker 1: been there, Matt, Yeah, Yeah, that's me unfortunately. Yeah, comprehensive 349 00:15:57,520 --> 00:16:01,080 Speaker 1: coverage is not required, but it's often recommended, it could be, 350 00:16:01,120 --> 00:16:03,800 Speaker 1: and likely is required though by your lender if you 351 00:16:03,840 --> 00:16:06,560 Speaker 1: still have a car note on that vehicle. So let's 352 00:16:06,560 --> 00:16:08,960 Speaker 1: say your vehicle is paid off, though, but your driveway 353 00:16:09,000 --> 00:16:12,280 Speaker 1: sits underneath a massive hundred year old oak tree. Hey, 354 00:16:12,320 --> 00:16:14,640 Speaker 1: that's also me. Yeah, we we we have a lot 355 00:16:14,680 --> 00:16:17,200 Speaker 1: of giant trees in our part of town, matt and 356 00:16:17,240 --> 00:16:19,680 Speaker 1: there are these precarious limbs that are essentially the size 357 00:16:19,680 --> 00:16:23,720 Speaker 1: of a normal tree that just hang sideways right defying gravity. 358 00:16:23,760 --> 00:16:25,520 Speaker 1: And I'm just waiting for the day for that thing 359 00:16:25,560 --> 00:16:28,080 Speaker 1: to smash my car. Yeah, So in that case, it 360 00:16:28,160 --> 00:16:31,640 Speaker 1: makes sense probably have comprehensive coverage because there's a higher 361 00:16:31,720 --> 00:16:35,480 Speaker 1: likelihood of something happening that would necessitate you needing it. 362 00:16:35,760 --> 00:16:38,200 Speaker 1: And then there's also collision coverage, and this is also 363 00:16:38,320 --> 00:16:41,080 Speaker 1: optional unless you don't own your car outright right, if 364 00:16:41,120 --> 00:16:43,000 Speaker 1: you still have payments on it, your lender is going 365 00:16:43,040 --> 00:16:46,200 Speaker 1: to require you to have likely comprehensive and collision But 366 00:16:46,280 --> 00:16:49,760 Speaker 1: collision coverage covers the cost of repairs or replacement to 367 00:16:49,840 --> 00:16:52,680 Speaker 1: your car if you're in an accident that is your fault. 368 00:16:53,040 --> 00:16:55,840 Speaker 1: That coverage acts as that safety net. However, you might 369 00:16:55,840 --> 00:16:59,160 Speaker 1: be asking yourself, when should I consider dropping collision coverage 370 00:16:59,280 --> 00:17:01,080 Speaker 1: a good rule? Of thumb is that when your premiums 371 00:17:01,080 --> 00:17:04,399 Speaker 1: exceed ten percent of the value of your car and 372 00:17:04,840 --> 00:17:07,160 Speaker 1: you can self insure. So, for example, if the value 373 00:17:07,160 --> 00:17:09,840 Speaker 1: of your car is four thousand dollars and collision and 374 00:17:09,920 --> 00:17:13,920 Speaker 1: comprehensive premiums are over four annually, and you have the 375 00:17:13,920 --> 00:17:16,160 Speaker 1: money set aside to be able to buy a new 376 00:17:16,200 --> 00:17:18,240 Speaker 1: car for yourself, that can be a good time to 377 00:17:18,240 --> 00:17:21,719 Speaker 1: consider dropping collision and comprehensive coverage. Yeah, if you've got 378 00:17:21,720 --> 00:17:24,280 Speaker 1: the money essentially to replace that car with another used 379 00:17:24,280 --> 00:17:26,720 Speaker 1: car that's really similar, that's when you probably don't need it. 380 00:17:26,960 --> 00:17:28,440 Speaker 1: But if you don't have the cash in the bank, 381 00:17:28,720 --> 00:17:31,359 Speaker 1: it makes sense to maintain full coverage on that car. 382 00:17:31,480 --> 00:17:34,680 Speaker 1: All right, let's talk about uninsured underinsured motorist protection. It's 383 00:17:34,760 --> 00:17:36,639 Speaker 1: just like it sounds. It provides coverage to you if 384 00:17:36,640 --> 00:17:38,920 Speaker 1: you're hit by a driver who doesn't have enough insurance 385 00:17:39,280 --> 00:17:42,119 Speaker 1: or any insurance to cover damages to your car or 386 00:17:42,200 --> 00:17:45,120 Speaker 1: medical expenses that you incur in the case of an accident. 387 00:17:45,280 --> 00:17:47,040 Speaker 1: And you might think that most of the folks that 388 00:17:47,080 --> 00:17:49,560 Speaker 1: you're driving on the road with, well they probably have insurance, right, 389 00:17:49,720 --> 00:17:52,800 Speaker 1: you might think they're responsible human beings. Yeah, they're decent. Right, 390 00:17:53,119 --> 00:17:55,680 Speaker 1: they might be decent, but they're not responsible, okay, because 391 00:17:55,680 --> 00:17:58,000 Speaker 1: they probably don't have insurance. There's a huge swath of 392 00:17:58,040 --> 00:18:01,920 Speaker 1: the American public that's driving around without car insurance. In Florida, 393 00:18:02,080 --> 00:18:06,000 Speaker 1: for instance, the estimates are that of drivers on the 394 00:18:06,080 --> 00:18:09,199 Speaker 1: road don't have any sort of car insurance. So that 395 00:18:09,240 --> 00:18:12,439 Speaker 1: means that if you get into an accident with that person, 396 00:18:12,640 --> 00:18:15,680 Speaker 1: you're gonna need this uninsured Motoris coverage. Yeah, it's also 397 00:18:15,720 --> 00:18:18,159 Speaker 1: worth mentioning that hit and runs that also falls in 398 00:18:18,240 --> 00:18:19,800 Speaker 1: this category. So if you happen to be an offender 399 00:18:19,840 --> 00:18:22,160 Speaker 1: bender and you do the responsible thing and pull over 400 00:18:22,200 --> 00:18:24,480 Speaker 1: to exchange information and you just see that car speed 401 00:18:24,520 --> 00:18:27,399 Speaker 1: off really quick, you're sorry out of luck if you 402 00:18:27,400 --> 00:18:30,399 Speaker 1: don't have uninsured Motorus coverage, because that's when that coverage 403 00:18:30,400 --> 00:18:33,720 Speaker 1: would kick in. I've been there, Matt. Fortunately, Yeah, yeah, 404 00:18:33,720 --> 00:18:36,119 Speaker 1: something sped off after hitting me. But fortunately it was 405 00:18:36,160 --> 00:18:38,480 Speaker 1: just a little bit of damage and there wasn't even 406 00:18:38,600 --> 00:18:41,840 Speaker 1: enough to necessitate a claim to insurance under my own 407 00:18:41,880 --> 00:18:45,200 Speaker 1: insured Motoris protection. But it's a bomber dude. That feels terrible. Yeah, 408 00:18:45,240 --> 00:18:47,320 Speaker 1: it sucks, and so amber you know, the different types 409 00:18:47,359 --> 00:18:49,800 Speaker 1: of coverage, how much coverage you should have and then 410 00:18:49,920 --> 00:18:52,480 Speaker 1: even what to set your deductibles at. That all depends 411 00:18:52,480 --> 00:18:55,000 Speaker 1: on your comfort level with risk and the amount of 412 00:18:55,000 --> 00:18:58,520 Speaker 1: cash that you have on hand, and ideally that cash 413 00:18:58,520 --> 00:19:00,680 Speaker 1: would be in your emergency funds sit there in a 414 00:19:00,920 --> 00:19:03,719 Speaker 1: high interest earning savings accounts. Yeah, so there's a lot 415 00:19:03,800 --> 00:19:05,760 Speaker 1: to think about. You don't want to cheap out when 416 00:19:05,800 --> 00:19:07,719 Speaker 1: it comes to your auto insurance. You want to make 417 00:19:07,720 --> 00:19:09,960 Speaker 1: sure that you have the right coverage for your needs, 418 00:19:10,280 --> 00:19:12,919 Speaker 1: that in the case of an accident, you have the 419 00:19:12,920 --> 00:19:15,240 Speaker 1: proper insurance to be able to pay for the damages. 420 00:19:15,480 --> 00:19:18,080 Speaker 1: The biggest way to save money is not to skimp 421 00:19:18,080 --> 00:19:22,600 Speaker 1: on coverage, but it's truly to shop with different insurance providers. So, 422 00:19:22,640 --> 00:19:24,880 Speaker 1: I know it's tough. I know auto insurance can be really, 423 00:19:24,880 --> 00:19:27,840 Speaker 1: really expensive, but your coverage amounts are not the place 424 00:19:28,119 --> 00:19:30,880 Speaker 1: where you want to dial back and increase your savings. 425 00:19:31,040 --> 00:19:33,120 Speaker 1: And by the way, we have an article on the site, 426 00:19:33,119 --> 00:19:34,960 Speaker 1: will link to it in the show notes that covers 427 00:19:35,000 --> 00:19:36,760 Speaker 1: a lot of easy ways that you can save money 428 00:19:36,800 --> 00:19:39,000 Speaker 1: on car insurance and so yeah, check that out too. 429 00:19:39,040 --> 00:19:41,639 Speaker 1: All right, so we have another insurance question, but this 430 00:19:41,680 --> 00:19:45,560 Speaker 1: one is about life insurance. Hey, guys. My name is David. 431 00:19:45,560 --> 00:19:47,640 Speaker 1: I'm from Kansas. I had a question about whole life 432 00:19:47,680 --> 00:19:52,000 Speaker 1: insurance UM. In my younger and less educated years, I 433 00:19:52,040 --> 00:19:55,040 Speaker 1: signed up for a whole life insurance plan, thinking it 434 00:19:55,119 --> 00:19:57,159 Speaker 1: was a pretty sweet deal with the cash value and 435 00:19:57,200 --> 00:20:00,720 Speaker 1: all that. Needless to say, I found your podcast and 436 00:20:00,840 --> 00:20:03,520 Speaker 1: started doing some research on my own and realized it 437 00:20:03,560 --> 00:20:06,920 Speaker 1: was not a sweet deal. So I started putting about 438 00:20:06,920 --> 00:20:10,040 Speaker 1: a hundred fifty bucks a month into that around two 439 00:20:10,080 --> 00:20:13,360 Speaker 1: years ago, and now I am looking at canceling that 440 00:20:14,119 --> 00:20:17,480 Speaker 1: I didn't know with it having some cash value. Obviously, 441 00:20:17,520 --> 00:20:19,520 Speaker 1: the cash value is low right now because a lot 442 00:20:19,600 --> 00:20:24,399 Speaker 1: of those early months go towards commissions. So I didn't 443 00:20:24,440 --> 00:20:26,760 Speaker 1: know if it would be better to just cancel a 444 00:20:26,880 --> 00:20:30,000 Speaker 1: SAP or to wait a little bit and let the 445 00:20:30,040 --> 00:20:32,840 Speaker 1: cash value grow a bit. I think it's best to 446 00:20:32,920 --> 00:20:35,800 Speaker 1: just go ahead and cancel it as soon as I can, 447 00:20:36,040 --> 00:20:39,359 Speaker 1: but I wasn't sure if there was a good line 448 00:20:39,400 --> 00:20:42,520 Speaker 1: of reasoning at that. Just let me know. Thanks David, 449 00:20:42,600 --> 00:20:45,160 Speaker 1: great question, And which of us hasn't done something dumb 450 00:20:45,160 --> 00:20:47,639 Speaker 1: in our younger days? So don't beat yourself up. But 451 00:20:48,040 --> 00:20:50,359 Speaker 1: now that you know that whole life isn't the best 452 00:20:50,359 --> 00:20:52,800 Speaker 1: decision and cost you a whole heck of a lot 453 00:20:52,840 --> 00:20:55,280 Speaker 1: more than you should be paying for life insurance. It 454 00:20:55,320 --> 00:20:57,240 Speaker 1: makes a whole lot of sense, in my opinion, to 455 00:20:57,320 --> 00:20:59,760 Speaker 1: cut your losses and start moving on down the road 456 00:20:59,800 --> 00:21:02,720 Speaker 1: to a better, less expensive life insurance product. Yeah, David, 457 00:21:02,720 --> 00:21:04,639 Speaker 1: our answer here, it's gonna be pretty straightforward. But I 458 00:21:04,680 --> 00:21:07,040 Speaker 1: know that doesn't necessarily mean that that's going to be easy. 459 00:21:07,240 --> 00:21:09,240 Speaker 1: I'll touch on that in a second, but we would 460 00:21:09,280 --> 00:21:10,919 Speaker 1: recommend for you to go ahead and bite that bullet, 461 00:21:11,000 --> 00:21:13,920 Speaker 1: cancel that policy as soon as possible, and get whatever 462 00:21:13,960 --> 00:21:17,320 Speaker 1: cash value you have out of it. The problem would 463 00:21:17,320 --> 00:21:20,280 Speaker 1: be if you continued within that whole life policy, you'd 464 00:21:20,280 --> 00:21:23,720 Speaker 1: be committing what's considered the sunk cost fallacy. What's done 465 00:21:23,800 --> 00:21:25,760 Speaker 1: is done, and if you were to continue, you would 466 00:21:25,760 --> 00:21:29,160 Speaker 1: just be throwing good money in after bad. It's tempting 467 00:21:29,200 --> 00:21:31,119 Speaker 1: to want to continue to do that, right because in 468 00:21:31,119 --> 00:21:32,919 Speaker 1: an instance like this, you've paid money towards that, and 469 00:21:32,960 --> 00:21:35,680 Speaker 1: so you literally do feel invested, and emotionally you want 470 00:21:35,720 --> 00:21:37,640 Speaker 1: to continue. You either want to see it made right 471 00:21:38,160 --> 00:21:40,440 Speaker 1: or you feel that you can't leave it because emotionally 472 00:21:40,440 --> 00:21:43,119 Speaker 1: you do feel tied to this account. But again, the 473 00:21:43,160 --> 00:21:44,560 Speaker 1: best thing for you to do at this point is 474 00:21:44,600 --> 00:21:47,399 Speaker 1: to go ahead and cancel that policy. Yeah, a hundred 475 00:21:47,440 --> 00:21:49,639 Speaker 1: fifty dollars a month, that's a good chunk of change 476 00:21:50,040 --> 00:21:52,840 Speaker 1: that David is essentially paying for this whole life policy 477 00:21:53,119 --> 00:21:55,679 Speaker 1: that isn't in his best interest. Whole life insurance is 478 00:21:55,720 --> 00:21:58,560 Speaker 1: just not a sweet deal. In almost every situation, term 479 00:21:58,600 --> 00:22:01,199 Speaker 1: life insurance makes the most sense. So we have a 480 00:22:01,200 --> 00:22:04,360 Speaker 1: new guide on our site about shopping for term life insurance, 481 00:22:04,400 --> 00:22:06,680 Speaker 1: the factors that you need to consider and how to 482 00:22:06,720 --> 00:22:08,720 Speaker 1: go about shopping for it. Will link to that in 483 00:22:08,760 --> 00:22:10,440 Speaker 1: the show notes, but we think that's a good place 484 00:22:10,480 --> 00:22:13,720 Speaker 1: to start. And basically, the biggest factor for why term 485 00:22:13,880 --> 00:22:16,440 Speaker 1: is so much better than whole life insurance is because 486 00:22:16,480 --> 00:22:19,600 Speaker 1: you're insuring for a set amount of time, which decreases 487 00:22:19,640 --> 00:22:22,800 Speaker 1: the cost massively. Instead of a hundred fifty bucks a month, 488 00:22:22,960 --> 00:22:25,880 Speaker 1: you might be looking at something closer to a or 489 00:22:25,920 --> 00:22:29,160 Speaker 1: thirty dollar a month premium because you're buying insurance for 490 00:22:29,280 --> 00:22:32,639 Speaker 1: a fifteen, twenty or thirty year span instead of ensuring 491 00:22:32,680 --> 00:22:34,480 Speaker 1: the entire rest of your life. So it's a huge 492 00:22:34,520 --> 00:22:36,800 Speaker 1: money saver and also gives you that peace of mind 493 00:22:36,960 --> 00:22:39,600 Speaker 1: that you need to know that you're insured during pretty 494 00:22:39,680 --> 00:22:42,800 Speaker 1: much the rest of your working lifetime. Yeah, so, David, 495 00:22:42,800 --> 00:22:44,760 Speaker 1: it's something like you already were planning to do that. 496 00:22:44,840 --> 00:22:47,840 Speaker 1: Hopefully our answer here will give you that additional motivation, 497 00:22:48,080 --> 00:22:50,880 Speaker 1: that additional encouragement to go ahead and cancel that policy. 498 00:22:51,080 --> 00:22:53,280 Speaker 1: We've got a couple more questions. We've got one about 499 00:22:53,280 --> 00:22:56,240 Speaker 1: a debt settlement company, and we have a listeners frugal 500 00:22:56,320 --> 00:22:58,800 Speaker 1: or cheap that I'm excited to tackle both after the break. 501 00:23:07,600 --> 00:23:11,080 Speaker 1: All right, matt Our next question is a little bit alliterative. 502 00:23:11,200 --> 00:23:14,440 Speaker 1: It's from Pete in Pittsburgh. I like that. Hey, Matt, 503 00:23:14,560 --> 00:23:18,080 Speaker 1: Hey Joel Pete from Pittsburgh here. I've been listening to 504 00:23:18,119 --> 00:23:20,399 Speaker 1: your podcast for a while now, and you're doing a 505 00:23:20,480 --> 00:23:23,840 Speaker 1: great job. Thanks for all the advice you guys make 506 00:23:23,920 --> 00:23:26,480 Speaker 1: my drive to work a little more bearable. I have 507 00:23:26,520 --> 00:23:29,720 Speaker 1: a question about your debt settlement episode. Long story short, 508 00:23:30,000 --> 00:23:32,679 Speaker 1: I'm in a lot of debt, about fifty dollars between 509 00:23:32,680 --> 00:23:36,000 Speaker 1: personal loans and credit cards, and I tried consolidation loans 510 00:23:36,280 --> 00:23:39,639 Speaker 1: and the debt snowball, but I just wasn't succeeding. A 511 00:23:39,680 --> 00:23:42,600 Speaker 1: few months ago, I learned about a debt settlement and 512 00:23:42,600 --> 00:23:44,560 Speaker 1: I thought it sounded great, so I signed up for it. 513 00:23:45,000 --> 00:23:47,600 Speaker 1: Then I listened to your episode about how terrible it 514 00:23:47,640 --> 00:23:50,119 Speaker 1: really was and how I shouldn't have done it. But 515 00:23:50,200 --> 00:23:52,720 Speaker 1: now it's too late. I'm already working with them, and 516 00:23:52,720 --> 00:23:55,880 Speaker 1: I've settled one debt already, two more on a payment plan, 517 00:23:56,240 --> 00:24:00,200 Speaker 1: and three more art in negotiations. My question is is 518 00:24:00,240 --> 00:24:02,159 Speaker 1: there anything I can do now to get out of 519 00:24:02,160 --> 00:24:04,760 Speaker 1: this situation? Or am I stuck until they settle all 520 00:24:04,800 --> 00:24:07,720 Speaker 1: of the debts I have under contract with them. Thanks 521 00:24:07,760 --> 00:24:09,720 Speaker 1: for your time, and I look forward to any advice 522 00:24:09,800 --> 00:24:12,160 Speaker 1: you can give me. Well, the first thing, I am 523 00:24:12,240 --> 00:24:14,280 Speaker 1: glad that Joel and I that we can brighten up 524 00:24:14,280 --> 00:24:16,919 Speaker 1: your commute man, when I'm driving by myself. That is 525 00:24:16,960 --> 00:24:18,880 Speaker 1: the number one thing that I like to do listen 526 00:24:18,920 --> 00:24:22,280 Speaker 1: to podcasts. But let's dive into debt settlement companies. Man. 527 00:24:22,280 --> 00:24:25,080 Speaker 1: The reason that we don't like those companies is because 528 00:24:25,160 --> 00:24:29,040 Speaker 1: oftentimes you get scammed. You'll end up paying money upfront, 529 00:24:29,160 --> 00:24:31,320 Speaker 1: which is an illegal practice by the way. Yeah, and 530 00:24:31,359 --> 00:24:34,040 Speaker 1: then in addition to that, nothing actually happens to the 531 00:24:34,080 --> 00:24:36,480 Speaker 1: actual debt that you have, whether that be credit card 532 00:24:36,560 --> 00:24:38,960 Speaker 1: or personal loans like you mentioned, Pete. So depending on 533 00:24:38,960 --> 00:24:41,119 Speaker 1: your contract or the agreement that you signed, there's a 534 00:24:41,119 --> 00:24:43,480 Speaker 1: good chance that money upfront is probably gone. We would 535 00:24:43,560 --> 00:24:45,560 Speaker 1: encourage you to read that fine print, make sure you 536 00:24:45,600 --> 00:24:48,520 Speaker 1: know your contract well so that you know what's at stake. 537 00:24:48,840 --> 00:24:51,879 Speaker 1: You knowing the terms is really important. And Pete, it 538 00:24:52,200 --> 00:24:55,000 Speaker 1: sounds like you might actually be with one of those 539 00:24:55,040 --> 00:24:59,400 Speaker 1: incredibly rare, decent debt settlement firms. I can't be sure 540 00:24:59,440 --> 00:25:02,520 Speaker 1: about that from your question, but I would encourage you 541 00:25:02,560 --> 00:25:06,080 Speaker 1: to look for online reviews about this company. See what 542 00:25:06,119 --> 00:25:09,200 Speaker 1: other people have to say, especially if they've taken advantage 543 00:25:09,240 --> 00:25:11,600 Speaker 1: of people. You'll be able to find people writing about 544 00:25:11,600 --> 00:25:14,600 Speaker 1: that online, in particular at sites like rip off report 545 00:25:14,640 --> 00:25:18,560 Speaker 1: dot com. Also contact your state attorney general. They often 546 00:25:18,600 --> 00:25:21,880 Speaker 1: have information about that settlement companies that can be really 547 00:25:21,880 --> 00:25:24,440 Speaker 1: helpful as you're doing your research. Basically, you want to 548 00:25:24,480 --> 00:25:26,600 Speaker 1: get the skinny on the company that you've hired to 549 00:25:26,920 --> 00:25:28,879 Speaker 1: do this work on your behalf, and you want to 550 00:25:28,920 --> 00:25:31,240 Speaker 1: know what complaints are out there so that you can 551 00:25:31,240 --> 00:25:33,520 Speaker 1: know how to move forward in this relationship. Yeah, a 552 00:25:33,520 --> 00:25:36,320 Speaker 1: lot of that comes down to your individual circumstances. It 553 00:25:36,359 --> 00:25:39,520 Speaker 1: depends on the specific company who you're with. So Joel 554 00:25:39,560 --> 00:25:41,400 Speaker 1: Let's go ahead and assume though, that this debt settlement 555 00:25:41,440 --> 00:25:44,159 Speaker 1: company that they are like most of the companies that 556 00:25:44,200 --> 00:25:46,320 Speaker 1: are out there, and that they're not going to fulfill 557 00:25:46,440 --> 00:25:48,640 Speaker 1: what they said that they're going to do big promises, 558 00:25:48,680 --> 00:25:51,840 Speaker 1: little follow through. If you've given them access to your 559 00:25:51,880 --> 00:25:54,680 Speaker 1: bank account, then let your bank know that you're canceling 560 00:25:54,760 --> 00:25:58,520 Speaker 1: your agreements with that debt settlement company first before you 561 00:25:58,560 --> 00:26:01,040 Speaker 1: let the debt settlement company know. And if you believe 562 00:26:01,119 --> 00:26:04,320 Speaker 1: that that debt settlement company will continue to debit your account, 563 00:26:04,600 --> 00:26:06,240 Speaker 1: what you're gonna want to do in that case is 564 00:26:06,280 --> 00:26:08,479 Speaker 1: closed that account and open another. You want to make 565 00:26:08,520 --> 00:26:11,120 Speaker 1: sure that your funds are safe. Once you've done all 566 00:26:11,160 --> 00:26:13,880 Speaker 1: of that, then you can contact that settlement company and 567 00:26:13,960 --> 00:26:16,840 Speaker 1: cancel that agreement. The biggest thing if you're dealing with 568 00:26:16,880 --> 00:26:19,480 Speaker 1: a shady debt settlement company, you don't want them to 569 00:26:19,520 --> 00:26:21,680 Speaker 1: have access to your account. And if you've given them 570 00:26:21,680 --> 00:26:24,400 Speaker 1: access and you don't trust them, well, you might need 571 00:26:24,440 --> 00:26:26,560 Speaker 1: to shift that money into another account so that they 572 00:26:26,600 --> 00:26:29,000 Speaker 1: don't have ready access to your funds and trying to 573 00:26:29,040 --> 00:26:31,760 Speaker 1: cancel your agreement, well that that can be really difficult, 574 00:26:31,760 --> 00:26:34,399 Speaker 1: depending on the terms that you've agreed to and in 575 00:26:34,440 --> 00:26:36,760 Speaker 1: the worst case scenario, you might need a lawyer to 576 00:26:36,880 --> 00:26:38,359 Speaker 1: look through some of those terms and see if he 577 00:26:38,440 --> 00:26:39,960 Speaker 1: or she can help you find a way out of 578 00:26:40,000 --> 00:26:42,520 Speaker 1: that agreement. And that's why, ultimately we say that people's 579 00:26:42,560 --> 00:26:46,080 Speaker 1: best bet is to negotiate directly with creditors and not 580 00:26:46,240 --> 00:26:48,639 Speaker 1: hire a company to do that on their behalf. You 581 00:26:48,720 --> 00:26:52,440 Speaker 1: often get better terms by cutting the middleman out altogether. Yeah, 582 00:26:52,440 --> 00:26:55,240 Speaker 1: and p. In order to negotiate directly with the creditors, 583 00:26:55,440 --> 00:26:57,680 Speaker 1: you've got to have a plan, and if that's something 584 00:26:57,680 --> 00:26:59,359 Speaker 1: that you're having a tough time coming to you on 585 00:26:59,400 --> 00:27:02,280 Speaker 1: your own, we would completely recommend for you to check 586 00:27:02,320 --> 00:27:05,359 Speaker 1: out an FCC dot org. They will be able to 587 00:27:05,359 --> 00:27:09,400 Speaker 1: provide you with some affordable or free credit counseling and 588 00:27:09,440 --> 00:27:11,760 Speaker 1: they can most definitely help you to put together a 589 00:27:11,800 --> 00:27:14,360 Speaker 1: payment plan so that you can eliminate this debt from 590 00:27:14,359 --> 00:27:18,240 Speaker 1: your life without the help of a debt settlement company. Yes, so, Pete, 591 00:27:18,280 --> 00:27:20,959 Speaker 1: best of luck in shedding this debt from your life 592 00:27:21,240 --> 00:27:24,040 Speaker 1: and shedding this debt settlement company from your life. Make 593 00:27:24,040 --> 00:27:26,320 Speaker 1: sure to always tell the truth in your dealings with them, 594 00:27:26,359 --> 00:27:29,000 Speaker 1: and to stick up for yourself. Do your homework and 595 00:27:29,000 --> 00:27:31,280 Speaker 1: don't let them push you around and Joel So our 596 00:27:31,359 --> 00:27:34,240 Speaker 1: last question for this episode is essentially a frugal or 597 00:27:34,320 --> 00:27:38,440 Speaker 1: cheap question from a listener out in California. Let's hear it. Hello. 598 00:27:38,560 --> 00:27:41,240 Speaker 1: My name's Hannalore. I'm from Los Angeles, and I have 599 00:27:41,280 --> 00:27:46,840 Speaker 1: a question. It's sort of like a frugal versus chief question. Um. 600 00:27:46,880 --> 00:27:49,960 Speaker 1: I not too long ago bought an electric vehicle, and 601 00:27:50,160 --> 00:27:53,640 Speaker 1: sometimes when I'm at work or at home, because there's 602 00:27:53,680 --> 00:27:56,560 Speaker 1: free charging places not far away, like about four blocks 603 00:27:56,560 --> 00:27:59,840 Speaker 1: away or two blocks away, I'll go out of my 604 00:28:00,040 --> 00:28:04,600 Speaker 1: way to the free charging stations to charge my car 605 00:28:04,720 --> 00:28:07,879 Speaker 1: for free. And so what I'm wondering is, is the 606 00:28:07,920 --> 00:28:10,360 Speaker 1: effort to walk like that extra three or four blocks 607 00:28:10,920 --> 00:28:16,119 Speaker 1: to get a free charge cheap or frugal? Is it 608 00:28:16,160 --> 00:28:18,359 Speaker 1: better to just because there's one that costs money, like 609 00:28:18,560 --> 00:28:20,920 Speaker 1: right in front of my job, and then you know, 610 00:28:20,960 --> 00:28:24,679 Speaker 1: I could charge at home. But I feel like maybe 611 00:28:24,680 --> 00:28:27,480 Speaker 1: I'm being cheap because it's really not that much money. 612 00:28:27,520 --> 00:28:30,320 Speaker 1: It's like anywhere between two and a half to six dollars, 613 00:28:30,359 --> 00:28:33,320 Speaker 1: depending on how much charge I need. Anyway, I would 614 00:28:33,400 --> 00:28:36,960 Speaker 1: love to hear what you guys think. By oh Man, Matt, 615 00:28:37,000 --> 00:28:38,880 Speaker 1: what a great question. I think this is our first 616 00:28:39,080 --> 00:28:42,040 Speaker 1: listener submitted frugal or cheap question. Yeah, I think so, man, 617 00:28:42,200 --> 00:28:44,160 Speaker 1: So Hannah Lourie, this is a really fun one to tackle. 618 00:28:44,520 --> 00:28:46,560 Speaker 1: It is something, honestly, when I first got my niece 619 00:28:46,560 --> 00:28:49,080 Speaker 1: on leaf that I struggled with quite a bit. It 620 00:28:49,160 --> 00:28:51,680 Speaker 1: was a little different, a little bit different scenario than yours. 621 00:28:51,880 --> 00:28:54,600 Speaker 1: But for me, there was a quick charge station about 622 00:28:54,600 --> 00:28:56,440 Speaker 1: a mile from where I worked, so it was a 623 00:28:56,520 --> 00:28:59,000 Speaker 1: little bit further out of the way, and sometimes the 624 00:28:59,120 --> 00:29:02,520 Speaker 1: wait for that quick charging station could be thirty forty minutes, 625 00:29:02,840 --> 00:29:05,400 Speaker 1: and I just wasted a lot of time to save 626 00:29:05,440 --> 00:29:07,560 Speaker 1: a couple of bucks and get a free charge. And 627 00:29:07,600 --> 00:29:09,719 Speaker 1: it took me a few weeks to realize that charging 628 00:29:09,720 --> 00:29:11,840 Speaker 1: at my house just made so much more sense. It 629 00:29:11,880 --> 00:29:14,360 Speaker 1: was pretty inexpensive. So for me, I was being cheap 630 00:29:14,360 --> 00:29:16,200 Speaker 1: by spending so much time waiting in line to get 631 00:29:16,240 --> 00:29:18,600 Speaker 1: a free charge when it just fit into my life 632 00:29:18,680 --> 00:29:20,880 Speaker 1: so much better to just plug it at home. But 633 00:29:20,920 --> 00:29:22,880 Speaker 1: I feel like your situation is a little bit different, 634 00:29:23,000 --> 00:29:25,040 Speaker 1: So Matt, let's let's take this on. What do you 635 00:29:25,080 --> 00:29:28,720 Speaker 1: think is Hanna Lori being frugal or cheap in this instance? Well, first, 636 00:29:28,760 --> 00:29:31,160 Speaker 1: I want to direct our listeners to episode forty three. 637 00:29:31,200 --> 00:29:33,840 Speaker 1: That was when we actually did the episode called frugal 638 00:29:33,960 --> 00:29:36,200 Speaker 1: versus cheaper or frugal or are you frugal or are 639 00:29:36,200 --> 00:29:38,720 Speaker 1: you cheap? Right? And in that episode we were able 640 00:29:38,760 --> 00:29:41,280 Speaker 1: to identify a few things to consider when you're looking 641 00:29:41,320 --> 00:29:44,200 Speaker 1: at these different purchases. So one of them is the 642 00:29:44,280 --> 00:29:47,240 Speaker 1: quality of the product that you're purchasing. Let's ask that question. 643 00:29:47,320 --> 00:29:49,840 Speaker 1: Is the quality of the free charge worse than the 644 00:29:49,920 --> 00:29:52,640 Speaker 1: quality of the charge that you're gonna get at work 645 00:29:52,720 --> 00:29:55,760 Speaker 1: or at home? Probably not right. It's this the same electricity. 646 00:29:55,800 --> 00:29:58,600 Speaker 1: I'm guessing even the charger might even be the same. 647 00:29:58,680 --> 00:30:00,440 Speaker 1: So if that's the case, there's no difference in quality. 648 00:30:00,640 --> 00:30:04,120 Speaker 1: And then something else is the social implications your coworkers. 649 00:30:04,120 --> 00:30:06,120 Speaker 1: They might think it's weird that you're walking up to 650 00:30:06,160 --> 00:30:08,640 Speaker 1: the office or but as long as you're not damaging 651 00:30:08,640 --> 00:30:12,680 Speaker 1: those relationships and imposing sort of your frugal nous on them, Yeah, 652 00:30:12,720 --> 00:30:14,880 Speaker 1: like making someone else drive you to work because you're 653 00:30:14,880 --> 00:30:18,400 Speaker 1: trying to get that free charge and park super far away. Yeah, totally. 654 00:30:18,520 --> 00:30:21,680 Speaker 1: That would one be a case where your frugalness or 655 00:30:21,720 --> 00:30:25,360 Speaker 1: your cheapness in that case is being imposed onto others. 656 00:30:25,400 --> 00:30:27,920 Speaker 1: So that leaves the final factor to consider, right, like 657 00:30:27,960 --> 00:30:30,320 Speaker 1: the last filter, and that one is based on time. 658 00:30:30,720 --> 00:30:33,840 Speaker 1: Really it's the only consideration left. Some would say that 659 00:30:33,880 --> 00:30:37,080 Speaker 1: you are wasting time having to walk three or four blocks, 660 00:30:37,120 --> 00:30:39,320 Speaker 1: but I see that as a benefit. You're able to 661 00:30:39,320 --> 00:30:42,040 Speaker 1: get the blood flowing before and after work. You can 662 00:30:42,040 --> 00:30:44,200 Speaker 1: even see it as a small but simple and easy 663 00:30:44,200 --> 00:30:46,480 Speaker 1: way to get some exercise. And it doesn't just have 664 00:30:46,560 --> 00:30:48,560 Speaker 1: to be a physical break, but this can be a 665 00:30:48,680 --> 00:30:52,280 Speaker 1: break for you mentally. I know for me personally, it's 666 00:30:52,320 --> 00:30:54,120 Speaker 1: always helpful for me to have a period of time, 667 00:30:54,440 --> 00:30:57,280 Speaker 1: say after work or after having a conversation, where my 668 00:30:57,440 --> 00:31:00,920 Speaker 1: brain can essentially unpack some of the conversations I've had 669 00:31:00,960 --> 00:31:03,440 Speaker 1: that day. So for me, having that space mentally is 670 00:31:03,480 --> 00:31:06,560 Speaker 1: incredibly important. So essentially, instead of seeing that three to 671 00:31:06,600 --> 00:31:09,680 Speaker 1: four blocks as wasted time, you can see that as 672 00:31:09,680 --> 00:31:11,920 Speaker 1: a time to decompress after work or you know, once 673 00:31:11,960 --> 00:31:13,640 Speaker 1: you're going into work, that's a time where you can 674 00:31:13,720 --> 00:31:16,800 Speaker 1: kind of get into that working mindset while at the 675 00:31:16,840 --> 00:31:19,520 Speaker 1: same time saving a few bucks. Yes, this awesome little 676 00:31:19,560 --> 00:31:22,440 Speaker 1: buffer zone where you have those few minutes built in 677 00:31:22,480 --> 00:31:25,280 Speaker 1: that transition time each and every day on your way 678 00:31:25,320 --> 00:31:27,120 Speaker 1: in and out of work. So yeah, I like that. 679 00:31:27,200 --> 00:31:30,120 Speaker 1: I like considering that time as meaningful and important and 680 00:31:30,200 --> 00:31:32,480 Speaker 1: assigning some value to it, as opposed to thinking that 681 00:31:32,520 --> 00:31:36,120 Speaker 1: it's just wasted. So yeah, I think ultimately this is 682 00:31:36,320 --> 00:31:39,320 Speaker 1: a frugal decision. If there's a place a few blocks 683 00:31:39,320 --> 00:31:41,880 Speaker 1: away from where you work where you can charge for free, 684 00:31:42,160 --> 00:31:43,800 Speaker 1: well I would do the same thing. I would park 685 00:31:43,840 --> 00:31:46,120 Speaker 1: a few blocks away, I would make that walk every day, 686 00:31:46,200 --> 00:31:48,360 Speaker 1: and I would save that money. This could easily end 687 00:31:48,400 --> 00:31:50,920 Speaker 1: up being a good fifteen, maybe twenty bucks a week 688 00:31:51,160 --> 00:31:54,000 Speaker 1: for you back in your life by taking advantage of 689 00:31:54,040 --> 00:31:56,520 Speaker 1: the free charging that's just around the corner. So yeah, 690 00:31:56,520 --> 00:31:58,800 Speaker 1: I really like the idea. Yeah, I'm totally with you, man, 691 00:31:58,840 --> 00:32:01,080 Speaker 1: I think this is a huge frugal win. I would 692 00:32:01,120 --> 00:32:03,840 Speaker 1: be doing this every single day. Hand, Laura, you didn't 693 00:32:03,880 --> 00:32:06,240 Speaker 1: mention how long it would take you to actually get 694 00:32:06,240 --> 00:32:08,600 Speaker 1: one of those spots. This is also assuming that you're 695 00:32:08,640 --> 00:32:11,720 Speaker 1: not having to like circle the block twenty times waiting 696 00:32:11,760 --> 00:32:13,720 Speaker 1: for someone to leave where a spot would open up, 697 00:32:13,800 --> 00:32:16,440 Speaker 1: right like I did all those years ago. It was 698 00:32:16,480 --> 00:32:18,080 Speaker 1: such a waste of my time. I would never do 699 00:32:18,120 --> 00:32:21,280 Speaker 1: that again. But yeah, if the spots are readily available. 700 00:32:21,400 --> 00:32:24,280 Speaker 1: I say, make it happen. Yeah, and that is frugal sweet. 701 00:32:24,280 --> 00:32:26,120 Speaker 1: All right, man, we had an awesome beer on the 702 00:32:26,120 --> 00:32:29,560 Speaker 1: show today, second fiddle by fiddle Head Brewing Company. Listener 703 00:32:29,600 --> 00:32:31,880 Speaker 1: Cameron donated this one to the show. What did you 704 00:32:31,880 --> 00:32:33,880 Speaker 1: think of this one? Man? Well, Man, I liked it. 705 00:32:33,920 --> 00:32:36,720 Speaker 1: I'll say that, and I'll start with the name fiddle Head. 706 00:32:37,080 --> 00:32:39,760 Speaker 1: It makes me think of ferns, right, fiddle Head. Ferns 707 00:32:39,760 --> 00:32:42,320 Speaker 1: are green, which makes me think of organic matter, which 708 00:32:42,320 --> 00:32:46,200 Speaker 1: makes me think of hops, like just green flavors, hops, 709 00:32:46,200 --> 00:32:48,800 Speaker 1: all this kind of flowing together. This was a big 710 00:32:48,800 --> 00:32:51,760 Speaker 1: old double I p A. The way I was tasting it, man, 711 00:32:51,800 --> 00:32:54,240 Speaker 1: I didn't pick up on a lot of fruit flavors. 712 00:32:54,280 --> 00:32:56,400 Speaker 1: I feel like it was predominantly just sort of like 713 00:32:56,520 --> 00:32:59,080 Speaker 1: malts and hops, like a classic I p A. But 714 00:32:59,160 --> 00:33:01,000 Speaker 1: with us being a bull, it definitely had a lot 715 00:33:01,040 --> 00:33:03,280 Speaker 1: more flavor than you would get out of a traditional 716 00:33:03,400 --> 00:33:05,280 Speaker 1: single I P A. But I really done this one, man, 717 00:33:05,320 --> 00:33:06,760 Speaker 1: I'm really glad we got to share it. What were 718 00:33:06,760 --> 00:33:10,280 Speaker 1: your thoughts? Yeah, man, I thought this beer was super aromatic, 719 00:33:10,560 --> 00:33:12,680 Speaker 1: and I felt like that really drew me in. When 720 00:33:12,680 --> 00:33:14,320 Speaker 1: you draw the nose in, it kind of makes your 721 00:33:14,360 --> 00:33:17,280 Speaker 1: mouth water and anticipation of the flavor, which is always 722 00:33:17,320 --> 00:33:19,960 Speaker 1: a good sign. I thought the flavors were a little 723 00:33:20,000 --> 00:33:22,600 Speaker 1: more subdued than the Hetty Topper flavors from last week, 724 00:33:22,800 --> 00:33:25,040 Speaker 1: but really the beers don't compare to each other. They're 725 00:33:25,040 --> 00:33:27,800 Speaker 1: both fantastic in their own right. And this beer, although 726 00:33:27,840 --> 00:33:29,920 Speaker 1: it didn't have quite the epic flavor notes that I 727 00:33:29,960 --> 00:33:32,880 Speaker 1: thought Hetty Topper presented, it was still jam packed with 728 00:33:32,920 --> 00:33:36,200 Speaker 1: flavor and it was its own unique offering. I really 729 00:33:36,240 --> 00:33:38,000 Speaker 1: really enjoyed this beer, and I felt like it was 730 00:33:38,040 --> 00:33:40,720 Speaker 1: totally in that line of Vermont I p as. They 731 00:33:40,720 --> 00:33:42,320 Speaker 1: really do stand out and they've kind of got this 732 00:33:42,360 --> 00:33:45,800 Speaker 1: flavor profile of their own. This one was really really good. 733 00:33:46,160 --> 00:33:49,400 Speaker 1: Big thanks to listener Cameron for donating this one to 734 00:33:49,480 --> 00:33:51,400 Speaker 1: the show. We really appreciate it. Man. Yeah, and if 735 00:33:51,400 --> 00:33:53,600 Speaker 1: you happen to be in Vermont, like Cameron was, make 736 00:33:53,600 --> 00:33:56,239 Speaker 1: sure that you look up fiddle Head Brewing Company if 737 00:33:56,240 --> 00:33:58,160 Speaker 1: you're in the area. Man, I'm definitely gonna add this 738 00:33:58,160 --> 00:34:00,600 Speaker 1: one to my list to check out. And in Vermont, 739 00:34:00,640 --> 00:34:02,560 Speaker 1: you can literally just put a blindfold over your eyes 740 00:34:02,600 --> 00:34:04,560 Speaker 1: walk in one direction. You're bound to hit a brewery 741 00:34:04,600 --> 00:34:08,759 Speaker 1: within five or six minutes. What a wonderful place to live. Yeah, 742 00:34:08,760 --> 00:34:10,520 Speaker 1: I haven't even visited there, man. That's on my two 743 00:34:10,600 --> 00:34:12,960 Speaker 1: visit list for sure. All Right, that was a really 744 00:34:12,960 --> 00:34:16,480 Speaker 1: fun listener question episode. We'll tackle five more in two weeks. 745 00:34:16,560 --> 00:34:18,439 Speaker 1: And if you have a question for us that you'd 746 00:34:18,440 --> 00:34:20,279 Speaker 1: like to submit to me on the show, well, it's 747 00:34:20,320 --> 00:34:21,920 Speaker 1: super simple to do so. Just go to how to 748 00:34:22,000 --> 00:34:25,000 Speaker 1: money dot com slash ask. The easy steps for doing 749 00:34:25,040 --> 00:34:27,680 Speaker 1: so are listed right there. Yeah, and if you have 750 00:34:28,120 --> 00:34:30,880 Speaker 1: enjoyed and have found this podcast of this episode helpful, 751 00:34:31,200 --> 00:34:33,360 Speaker 1: we would love for you to leave us a review 752 00:34:33,640 --> 00:34:36,279 Speaker 1: over on Apple Podcast or wherever it is that you listen. 753 00:34:36,520 --> 00:34:40,080 Speaker 1: So Joel until next time, Best Friends Out, Best Friends Out.