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

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Speaker 1: Matt and today we are answering your listener questions. Listener questions. Baby,

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Speaker 1: you know what, man, this is our listener question Monday.

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Speaker 1: You dick fightal. I don't even know who that is.

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Speaker 1: It sounds like a sports announcer and he let me

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Speaker 1: guess football, No basketball, basketball, he's quite famous for his babies.

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Speaker 1: Oh really, Yeah, I gotta look this guy up. Maybe

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Speaker 1: we are soul mates. Maybe. Now we've got listener questions

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Speaker 1: lined up for folks today. We've got five great ones,

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Speaker 1: including one about a listener who's thinking about renovating his

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Speaker 1: home to generate some income. We've got an investing question,

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Speaker 1: and we might be getting behind some single stock investing.

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Speaker 1: I'm sure folks are like, wait, shut up, guys, y'all

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Speaker 1: are such hypocrites, because I know y'all don't single stock

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Speaker 1: invention as there are always specifics and nuances that you

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Speaker 1: have to take into account. We're gonna get to to

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Speaker 1: that one. Uh. And then we've got a listener as well,

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Speaker 1: who's wondering what she can do about her rent going

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Speaker 1: up significantly. We've got a few tips for her in

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Speaker 1: some ways to keep that expense and check. Plus to

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Speaker 1: other questions that we're going to get to today. But uh, okay,

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Speaker 1: I got a quick story for you. Ready. So we

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Speaker 1: mentioned a couple of weeks ago we are going to

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Speaker 1: be selling our house, and okay, now we've been doing

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Speaker 1: a bunch of different little projects around the around the place.

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Speaker 1: You know, you live with certain things for a while

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Speaker 1: and then all of a sudden, you put like some

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Speaker 1: different goggles on and you see it for what it is,

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Speaker 1: and you're like, oh my, oh my gosh, we live

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Speaker 1: like slops. This was nice, but this house, but in

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Speaker 1: reality it's not a turn. But like, there's a few

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Speaker 1: things that you live with that you just ignore until

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Speaker 1: you kind of look at it from from a different perspective.

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Speaker 1: One of those things in one of the showers in

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Speaker 1: our house. In one of the bathrooms, we've got two

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Speaker 1: different shower heads, which is totally fine, but they're both

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Speaker 1: kind of crusty. One of them had kind of like

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Speaker 1: this weird, kind of gangly adjustable arm thing that didn't

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Speaker 1: really adjust. Uh, And so we thought, you know what,

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Speaker 1: let's get a couple new shower heads. They'll match. They

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Speaker 1: look nice. And when these things showed up. When I

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Speaker 1: went to stick them on, I saw that you could

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Speaker 1: remove the the water flow restrictor on them, and so

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Speaker 1: it belinks it's a legal requirement for these shower head

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Speaker 1: companies to place it in there, but it's not illegal

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Speaker 1: for you to itself as an individual of it. And

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Speaker 1: obviously they stick them in there to help you to

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Speaker 1: save water. But I thought, I wonder what it's like

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Speaker 1: to take that thing off, like, like, what is it

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Speaker 1: like to shower under a shower head that's like, you know,

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Speaker 1: full throut. And so I tried it out, and dude,

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Speaker 1: I've got to say, it is really really nice. Especially

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Speaker 1: I mean I've still got my long hair, which means

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Speaker 1: that's a lot of shampoo, a lot of conditioning to

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Speaker 1: rinse out. Uh. It was incredibly awesome just to get

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Speaker 1: my have my scout blasted by the Atlanta City water.

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Speaker 1: But it got me thinking about whether or not it's

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Speaker 1: frugal or cheap to remove those things, because on one hand,

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Speaker 1: you leave the restrictor in, obviously you're saving uh it's

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Speaker 1: it's less water is coming out, but you might be

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Speaker 1: taking longer to shower. So in my case, it literally

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Speaker 1: does take a while for me to rinse all that

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Speaker 1: shampoo that like, I have to shower with a brush

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Speaker 1: and I brushed my hair in the shower. It's it's

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Speaker 1: something I gotta do now. On the other hand, now

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Speaker 1: that we're going full force with the water, I think

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Speaker 1: that I'm able to get out of that shower and

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Speaker 1: a much shorter period of time. Not to mention, it

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Speaker 1: feels nice. I really I just like how that feels

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Speaker 1: on the scout. But what do you think, because on

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Speaker 1: one hand it could be good, on on the other hand,

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Speaker 1: it could be bad. What are your thoughts. So when

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Speaker 1: we recently renovated the shower in our new bathroom, our

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Speaker 1: new master bathroom was is great, but the shower head

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Speaker 1: was like, it's like it's leaving something to be desired,

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Speaker 1: Like it's just not the water pressure is just it's okay.

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Speaker 1: And so yeah, I talked to my buddy Brent, and

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Speaker 1: he was like, well, you don't even bullet a little

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Speaker 1: joker out and test it out. And so similarly, I

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Speaker 1: just I pulled it out with some needle nose fiers

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Speaker 1: it's and it was this is like so a much

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Speaker 1: better experience. And so I ripped it out and I'm

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Speaker 1: not going back, which is funny because I have at

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Speaker 1: different times in the past I have put low flow

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Speaker 1: devices on a sink or a faucet or put in

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Speaker 1: a low flow shower head in order to curb water consumption.

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Speaker 1: So I think it's one of those things that it's

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Speaker 1: if it if it helps you to take your shower

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Speaker 1: more quickly, and you're kind of it's kind of negligible,

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Speaker 1: then take it out. Or if it just makes it

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Speaker 1: more enjoyable, take it out. But if it if it

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Speaker 1: doesn't make a difference, if you haven't noticed up until now,

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Speaker 1: probably leave it in there. Because it's saving you money

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Speaker 1: by saving you water. Yeah, you probably will see a

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Speaker 1: difference in your water bill if you're not getting any

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Speaker 1: enjoyment or if it's not saving you any time. Right,

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Speaker 1: if I get in the shower and I'm taking just

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Speaker 1: as long as a shower, well there's no water saving,

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Speaker 1: you know, like there's no trade off there. I'm just

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Speaker 1: wasting more water. It is just going down the drain.

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Speaker 1: But if I'm able to get in that shower down

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Speaker 1: literally it might just be a wash. Keep these going,

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Speaker 1: but yeah, just something to keep in mind. Something I'm

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Speaker 1: this is something that y'all have have dealt with recently

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Speaker 1: as well, just briefly on the topic of low flow

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Speaker 1: water devices lowflo toilets. Actually, though I've gotten really good,

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Speaker 1: there's no reason if you've got one of those old

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Speaker 1: school toilets that takes like what like three gallons per

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Speaker 1: flush versus like was it like one point to Yeah,

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Speaker 1: some and someone have the dual flush where it's less

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Speaker 1: than a gallon per flush for for number one, um,

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Speaker 1: and so I would suggest definitely switching up to upgrading

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Speaker 1: to a newer toilet that is low flow. Oftentimes the

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Speaker 1: water department will basically pay you to do that. Those

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Speaker 1: rebates baby, exactly. So that's another baby. Okay, take fine,

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Speaker 1: tell but so yeah, So I would say, yeah, maybe

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Speaker 1: not worth it in the showerhead, at least for me.

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Speaker 1: Maybe it is for some, but when it comes to

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Speaker 1: the toilet, worth it for basically everyone. Yeah, there's no

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Speaker 1: enjoyment I get by seeing more water flush the toilet exactly.

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Speaker 1: So all right, man, let's move on. Let's mention the

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Speaker 1: beer we're having on this episode. This one is called

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Speaker 1: White Tie. It's by Westbrook Brewing Company, and Tie as

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Speaker 1: in Thailand, not as in like um, tie, that white

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Speaker 1: top white bow tie. That is not what this beer is.

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Speaker 1: This is this is a classic. And I also think

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Speaker 1: that most anyone listening to this episode, we'll be able

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Speaker 1: to find this beer at whatever major grocery store is

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Speaker 1: close to them carrys craft beer. I don't know. I

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Speaker 1: don't know how far Westbrook distributes. Really, yeah, I hope

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Speaker 1: they do. I guess around here, I always see them

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Speaker 1: on the shelves. It's it's kind of like one of

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Speaker 1: those goes because they're based out of South Carolina, right

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Speaker 1: up the road from News. But I didn't think about it.

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Speaker 1: If you never mind, if you can find this beer.

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Speaker 1: But let's move on. Let's get to the subject at hand.

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Speaker 1: We're answering listener questions, and if you have a question

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Speaker 1: that you want Matt and had to tackle on an

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Speaker 1: upcoming episode, we would love to hear it. Just go

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Speaker 1: to how to money dot com slash ask. There are

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Speaker 1: simple instructions there for how you can submit your question

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Speaker 1: to be featured on an upcoming ask htm episode. But Matt,

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Speaker 1: let's get to this first one. This one is about

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Speaker 1: the conundrum that so many renters are facing right now. Hey,

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Speaker 1: Joel and Matt, this is Sabrina from Hoffmann Estate's Illinois.

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Speaker 1: I'm a huge fan of the How the Money podcast.

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Speaker 1: If you guys have helped me learned so much on

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Speaker 1: my journey to financial independence, so keep up the good

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Speaker 1: work and looking forward to new episodes. My question for

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Speaker 1: you guys is currently at my one bedroom, one bath apartment,

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Speaker 1: I'm paying twelve sixty one a month. My lease will

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Speaker 1: be up in July. The leasing office has provided me

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Speaker 1: a list of new rental rates if I want to renew.

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Speaker 1: For instance, for a new twelve month lease, they've increased

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Speaker 1: the rent price by as much as thirteent that would

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Speaker 1: increase my rent by a hundred and seventy dollars a month,

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Speaker 1: or for a nine month lease would increase by sixteen

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Speaker 1: percent or two hundred and six dollars more a month,

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Speaker 1: just as an example. I'm having a hard time justifying this.

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Speaker 1: What is your advice? Should I renew at the rates provided,

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Speaker 1: try to negotiate, or look elsewhere for a new apartment.

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Speaker 1: I always pay my rent early and was looking to renew,

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Speaker 1: but I'm shocked at the increases they are providing. Any

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Speaker 1: advice you have would be awesome. Thanks so much, and

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Speaker 1: have a great day, Sabrina, thank you for your question.

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Speaker 1: We are sad to hear that you're having the expense

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Speaker 1: go up in your life, especially he mentioned how you're

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Speaker 1: on the path to financial independence, to financial freedom. Having

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Speaker 1: an expense go up when you are not going to

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Speaker 1: receive any additional benefit, that sucks. And you can just

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Speaker 1: see the dollar signs increase on your monthly budget within

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Speaker 1: your expenses. But you know what's happening to you, it's

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Speaker 1: it's happening to almost everyone out there. You're not alone.

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Speaker 1: I'm not actually sure if that makes you feel any better,

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Speaker 1: but misery does love some company. And actually, before we

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Speaker 1: dig in with our own best answers here, we wanted

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Speaker 1: to mention we actually covered this topic in depth with

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Speaker 1: Justin Pogue. That was back in episode four sixty nine.

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Speaker 1: He had a smorgasborg of great insights for negotiating your rent.

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Speaker 1: It's worth listening to and he's coming at it too

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Speaker 1: from the side of the landlord. He managed hundreds of doors.

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Speaker 1: He was the guy that you would be talking to

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Speaker 1: when it comes to negotiating your rent. It's always nice

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Speaker 1: to hear from someone on the inside. He was like, no,

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Speaker 1: no rent decrease for you, guy, um. But he had

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Speaker 1: some really good insights, and he talked about the landlord's

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Speaker 1: dilemma and kind of how you know what the land

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Speaker 1: lord is going through so that you can actually negotiate properly.

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Speaker 1: And and so that is one of the things actually

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Speaker 1: that Sabrina mentioned was should you be negotiating And we

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Speaker 1: would say yes, it's you might not be in an

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Speaker 1: amazing position to negotiate right now in the current climates.

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Speaker 1: Given these current circumstances, there's a decent chance that your

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Speaker 1: apartment complex isn't going to budge at all. But we

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Speaker 1: would say your best negotiation tactic is to offer to

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Speaker 1: sign a longer term lease. So if if you plan

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Speaker 1: to stay put in this apartment complex for a couple

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Speaker 1: more years, then if I were you, I would offer

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Speaker 1: to sign a two year lease, which might get you

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Speaker 1: a better rate. And that's because vacancy is one of

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Speaker 1: those landlord dilemmas. It's one of those things that costs

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Speaker 1: landlord's money. Having that apartment unoccupied for a month or two,

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Speaker 1: it's going to cost them more than being able to

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Speaker 1: cut you a great tenant a little bit of a

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Speaker 1: break on your rent right now. And I would suggest

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Speaker 1: this to Sabrina. It's also helpful to have market data

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Speaker 1: for what other apartment complexes in your area are offering

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Speaker 1: for similar units, because if something nearby that is very

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Speaker 1: much in the same vein as the apartment that you're

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Speaker 1: in right now, it's running for a hundred dollars less

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Speaker 1: than what your complex is demanding from you, that data

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Speaker 1: can help your case, and it might convince the management

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Speaker 1: company maybe to meet you in the middle, so you

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Speaker 1: can avoid having to move annoyingly, but that you can

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Speaker 1: at least maybe avoid the full wrath of the rain

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Speaker 1: increase that they're currently proposing. Exactly. It helps you to

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Speaker 1: deflect it a little bit. I would also suggest at night,

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Speaker 1: just pulling the fire alarm, uh, and so then all

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Speaker 1: the kidets are upsets. Just do that a few nights

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Speaker 1: in a row, and then folks will choose not to renew,

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Speaker 1: and then all of a sudden the demand has dramatically decreased.

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Speaker 1: Just start slashing tires in the parking lot. And vandalism

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Speaker 1: is always the way to get what you want, Matt. Obviously,

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Speaker 1: that's a great way to go if you're looking to

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Speaker 1: make a lot of enemies, and maybe also not even

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Speaker 1: actually saving money, um, but Sabrina, maybe just landing in

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Speaker 1: a jail cell. Yeah, it's important to note we're in

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Speaker 1: an era of apidly rising rents, but it's important to

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Speaker 1: keep in mind that, you know, you might find some

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Speaker 1: bigger discrepancies between what different apartment complexes are charging. Some

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Speaker 1: property managers are more in tune with what's happening in

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Speaker 1: the market than others. And then it could actually be

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Speaker 1: even more helpful to look at other properties that are

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Speaker 1: managed by smaller mom and pop landlords. You might find

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Speaker 1: the carriage house, you can find an a d u

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Speaker 1: or even a duplex. By snagging that you could potentially,

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Speaker 1: you know, lock in some lower rent for years to come. Yeah,

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Speaker 1: I think it's a really good suggestion, Matt. Sometimes mom

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Speaker 1: and pop landlords are their mortgages locked in. They're less

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Speaker 1: in tune with market forces and and so their rent

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Speaker 1: prices are pretty stable, and maybe they go up with

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Speaker 1: taxes every year. But but they might not be quite

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Speaker 1: as keen to raise rents thirteen to thirty seven percent

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Speaker 1: the marine is experiencing for some folks. It just it

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Speaker 1: may not be as much of a business as opposed

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Speaker 1: to just like well, we like having somebody, you know,

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Speaker 1: in the garage apartment, and we want to keep somebody

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Speaker 1: back there helps keep an eye on the property. Things

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Speaker 1: like that, where they think of it as mitigate their

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Speaker 1: mortgage to a certain extent, not as this like profit

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Speaker 1: motive and must yeah, must yeah, not that they're not

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Speaker 1: for profits or anything like that, but that they are

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Speaker 1: looking maybe more at lifestyle than actually just the numbers. Well,

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Speaker 1: and that reminds me exactly of kind of the position

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Speaker 1: that we were in when the house that we're currently in,

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Speaker 1: when we first moved in, it was a duplex and

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Speaker 1: we rented out the back half for four and a

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Speaker 1: half years, and we charged below market rent, and for

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Speaker 1: that entire length of time, we never raised the rent

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Speaker 1: on our tenant because she ended up becoming a friend

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Speaker 1: and she was literally living in our house like under

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Speaker 1: the same roof, and so there are other things at play.

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Speaker 1: She got a better deal than most people are in

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Speaker 1: our neighborhood. Couldn't find a unit similar to that for

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Speaker 1: the same price she was paying. Um. But because that

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Speaker 1: landlord and tendant have more of a direct relationship when

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Speaker 1: they live under the same roof, sometimes I can have

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Speaker 1: a beautiful impact on what you actually end up paying for. Yeah, totally.

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Speaker 1: I mean it makes me think too, like consider a

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Speaker 1: place that may not be like quite as nice, or

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Speaker 1: or like maybe a place that's a little bit smaller

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Speaker 1: than what you're currently like where you're currently not ingesting,

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Speaker 1: like rat infested? Are you definitely not? I mean, but like,

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Speaker 1: like so she's living in a one one, but like,

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Speaker 1: could you find something that's a little more affordable that

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Speaker 1: happens to be like a studio apartment? Right? I think

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Speaker 1: one of the ways to fight inflation and these rising

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Speaker 1: costs of rent is to maybe just change your expectations

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Speaker 1: for what you want out of your place. It could

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Speaker 1: almost be a game of sorts to lock into a

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Speaker 1: dollar amount that you're wanting to spend and then just

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Speaker 1: see what steps you can take, you know what, what discipline,

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Speaker 1: what pain that you know you might be willing to

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Speaker 1: endure to ensure that you're not going to pay more

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Speaker 1: for rent you want to. You know, in this way,

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Speaker 1: you're kind of like maintaining your costs and you're decreasing

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Speaker 1: your expectations. It makes me think about how I feel

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Speaker 1: like over the years, we've sort of done that with

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Speaker 1: our food budget, where we've tried to keep it locked in,

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Speaker 1: and we have seen the price of food go up,

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Speaker 1: and we've kind of we are no longer doing the

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Speaker 1: one dollar per meal per person uh model anymore. We

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Speaker 1: were all basically physically impossible. We were all that trained

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Speaker 1: for I mean over a decade, like literally for years

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Speaker 1: and years, and as we added more folks, as we

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Speaker 1: had more kids, we still adhered to that general principle,

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Speaker 1: that general philosophy. It was a way for us to

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Speaker 1: try to lock in our food costs, but it forced

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Speaker 1: us to be more creative and to find some different

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Speaker 1: ways to uh cook food for ourselves that was still healthy. Yeah. Well,

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Speaker 1: I think it's important to mention too that moving comes

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Speaker 1: with a cost, right and and so so you can't

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Speaker 1: just think about the price of rent. You have to

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Speaker 1: think about the price and the hassle of moving down

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Speaker 1: the street. And so if you know that you can

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Speaker 1: save twenty bucks a month, are you are you going

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Speaker 1: to move for twenty bucks a month? Probably not? Probably?

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Speaker 1: Probably not. Are you gonna Are you gonna move for

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Speaker 1: a hundred fifty dollars a month? Probably? But so much

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Speaker 1: of that too depends on how much stuff you have,

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Speaker 1: whether you're living kind of that minimalist lifestyle. How much

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Speaker 1: it's gonna cost you to move? Are you gonna hire

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Speaker 1: some sort of fancy professional moving company where it's gonna

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Speaker 1: cost you a thousand bucks? Or are you going to

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Speaker 1: rent a U haul and move your own stuff and

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Speaker 1: spend eighty bucks? Um? It just so much. Yeah, I've

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Speaker 1: got a Ford Explorer and I can fit all of

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Speaker 1: my possessions into my vehicle and make one trip. The

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Speaker 1: easier it is to move, that's the case, Yeah, the

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Speaker 1: more likelier to do it, because for like for for us,

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Speaker 1: now in a bigger house with three kids and all

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Speaker 1: the stuff you accrue over years of just life, it's

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Speaker 1: moving becomes a little more daunting. So I would just

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Speaker 1: suggest be sure to to factor in all of the

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Speaker 1: costs associated with moving, not just the difference in monthly rents.

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Speaker 1: And again, it is a tough environment out there for

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Speaker 1: tenants in most of the country, and while you don't

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Speaker 1: have tons of leverage, you still don't have to take

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Speaker 1: massive rent increases. Lying down, there are things you can do,

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Speaker 1: and I think Matt your suggestion in particular to look

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Speaker 1: to those smaller landlords, to look to a d U

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Speaker 1: S and carriage houses and stuff like that. I think

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Speaker 1: that is often where the best deals can be had.

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Speaker 1: So I'd be scouring Zillo if I were you, Sabrina,

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Speaker 1: I would be looking every day to see what pops up,

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Speaker 1: and not just on the actual listings, but just asking around,

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Speaker 1: like ask within your personal network, just like, hey, do

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Speaker 1: you happen to know anybody who has an a d

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Speaker 1: U S, somebody who has the basement that I can

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Speaker 1: rent out, someone who has an extra room over their garage,

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Speaker 1: that kind of thing, because sometimes those opportunities, don't you know.

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Speaker 1: I feel like if you go through all the steps

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Speaker 1: where you are actually gonna list it on Zelo, maybe

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Speaker 1: you've taken a few photos. At that point you're like, well, shoot,

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Speaker 1: I want it to be worth it as opposed to

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Speaker 1: going and finding the opportunity. Uh, And you're making life

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Speaker 1: a little bit easier for the landowner. Yeah, So alright,

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Speaker 1: best of Lex Sabrina. We hope you find a great

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Speaker 1: deal on a place, or you're able to at least

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Speaker 1: negotiate with your current landlord and get that rent increase

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Speaker 1: at least mitigated in some former fashion. But Matt, we've

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Speaker 1: got more questions to get to including the next question

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Speaker 1: is going to be about real estate, about creating a

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Speaker 1: rental unit of their own, and we'll get to that

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Speaker 1: one the flip side of questions exactly this is who

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Speaker 1: Sabrina is actually looking for, is a landlord that's going

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Speaker 1: to create a space for to live in. I don't

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Speaker 1: think they live in the same city though, But we'll

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Speaker 1: get to that question and more right after this break.

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Speaker 1: All right, we are back from the break. We're taking

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Speaker 1: listener questions, and let's hear from a listener who is

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Speaker 1: looking to renovate his house. Hey, Matt and Joel, this

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Speaker 1: is Joe from Fairfax, Virginia. My wife and I recently

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Speaker 1: bought our first single family house that was built in

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Speaker 1: the nineties sixties with down payment. I noticed that a

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Speaker 1: neighbor who has the same model house as us dug

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Speaker 1: out their crawl space to build a one bedroom, finished

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Speaker 1: basement apartment. The county we live in recently revised their

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Speaker 1: zoning laws to allow what they call additional living units

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Speaker 1: such as this. Your podcast has got me interested in

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Speaker 1: real estate investing, and my wife and I have started

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Speaker 1: casually talking about whether it would be a good idea

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Speaker 1: for us to take on this type of project. I

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Speaker 1: haven't done any research into the cost of this project

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Speaker 1: versus potential rent, but I had a general question about

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Speaker 1: how and when we might pursue a similar renovation. Specifically,

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Speaker 1: we're interested in your thoughts on best ways to finance

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Speaker 1: something like this and where we should be financially before

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Speaker 1: taking it on. We are thirty years old and currently

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Speaker 1: have about four months of expenses and savings, a hundred

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Speaker 1: thirty thousand dollars the roth Ira and a hundred thousand

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Speaker 1: dollars in a mix of other workplace for one case

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Speaker 1: and pensions. My wife does have a car loan of

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Speaker 1: about eight thousand dollars, which is our only outstanding debt

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Speaker 1: besides the mortgage. Thank you so much for all the

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Speaker 1: valuable education you have provided me. Matt. Do you remember

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Speaker 1: that time you're gonna dig your own basement out in

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Speaker 1: my hands? I think you even talked about it on

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Speaker 1: the show. I was so close, yet so far away

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Speaker 1: from that actually doing that. I love to dig, It's

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Speaker 1: no joke. Anytime we go to the beach, I like

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Speaker 1: to bring along my shovel dig holes that are way

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Speaker 1: too deep. But no, Ultimately, in the end, I I

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Speaker 1: left that to the pros bulldozer to take care of.

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Speaker 1: Let's tell Joe that if if he pays for your

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Speaker 1: your bus ticket up to Virginia, that you'll help him

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Speaker 1: dig out his basement. You know, it's funny that you

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Speaker 1: mentioned that, because we do have a friend who what

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Speaker 1: does Carl call it? He calls it like, uh, like

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Speaker 1: construction tourism, Like he'll go and visit his friends and

401
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Speaker 1: help them work on work on their house, to install

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Speaker 1: some solar panels or you know, build a shed something

403
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Speaker 1: like that, and he might spend a week with them.

404
00:18:59,240 --> 00:19:02,440
Speaker 1: They're like hanging out, enjoying themselves, but also actually doing

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Speaker 1: some work at some point, most likely when we're empty dusters,

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Speaker 1: when maybe I've got some fewer responsibilities, I would like

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Speaker 1: to do something like that. I will read the bus

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Speaker 1: for the time being. The you Joe to build out

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Speaker 1: your basement, Joe's gotta figure it out on his own.

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Speaker 1: And and Matt did end up digging out the basement,

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Speaker 1: I mean not himself, like he had somebody else do

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Speaker 1: it because he's quite um lay so, uh, you're I

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Speaker 1: don't see you digit holes on the fature. But I

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Speaker 1: never said I was going to either, Okay, I never

415
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Speaker 1: promised and then under delivered, but ended up being a

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Speaker 1: smart movement because that is actually currently the space we

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Speaker 1: are in recording this, where we're sitting right into life

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Speaker 1: a podcast. And and here's the thing though, these these renovations,

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Speaker 1: they don't necessarily pay off right away. And so what

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Speaker 1: I mean is that if you were to sell Joe

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Speaker 1: immediately after completing this work, it's not like you're gonna

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Speaker 1: get every dollar back upon resale. So it's really important

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Speaker 1: to think about your timeline. If this is a property

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Speaker 1: that you plan to own for a number of years,

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Speaker 1: and the cash flow numbers make sense, I really like

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00:19:56,400 --> 00:19:58,840
Speaker 1: where your head is at, because then you're turning your

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Speaker 1: property from a money rain into a money generating asset.

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Speaker 1: That's something we can get behind. Improving your property to

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Speaker 1: make it more of an income property is something that

430
00:20:07,760 --> 00:20:10,000
Speaker 1: we love. Yeah, especially too if you are able to

431
00:20:10,080 --> 00:20:12,520
Speaker 1: slightly increase that maybe the utility that you're able to

432
00:20:12,600 --> 00:20:15,040
Speaker 1: get out of your house by digging out the spaceman.

433
00:20:15,080 --> 00:20:17,399
Speaker 1: I know, when we finished out the space above, we

434
00:20:17,560 --> 00:20:20,480
Speaker 1: we finished out a dining room which connected our dining

435
00:20:20,560 --> 00:20:22,359
Speaker 1: room to our kitchen. It gave us a lot more

436
00:20:22,600 --> 00:20:25,840
Speaker 1: usable functional space. Though Joe, from what you said, you

437
00:20:25,880 --> 00:20:28,440
Speaker 1: said you've got a nineteen sixties home, which sounds like

438
00:20:28,520 --> 00:20:30,040
Speaker 1: a ranch in my mind, and I know a lot

439
00:20:30,080 --> 00:20:31,680
Speaker 1: of those ranches kind of have some of those like

440
00:20:31,880 --> 00:20:35,800
Speaker 1: walk out terrorists level basements. So for you, it may

441
00:20:35,880 --> 00:20:38,600
Speaker 1: be less about the utility that you would be generating

442
00:20:38,640 --> 00:20:40,600
Speaker 1: for yourself, and it would be more about the actual

443
00:20:40,880 --> 00:20:42,879
Speaker 1: cash or the income that you'd be able to generate.

444
00:20:43,119 --> 00:20:44,879
Speaker 1: And so that's something that you've got to pay attention to.

445
00:20:44,920 --> 00:20:47,080
Speaker 1: You've got to look at the numbers, and specifically you

446
00:20:47,119 --> 00:20:49,040
Speaker 1: want to get some firm numbers on what it would

447
00:20:49,160 --> 00:20:51,760
Speaker 1: cost to perform this renovation, but you also want to

448
00:20:51,800 --> 00:20:53,960
Speaker 1: know what sort of rent that you would be able

449
00:20:54,000 --> 00:20:56,800
Speaker 1: to collect for a finished basement apartment. A good rule

450
00:20:56,840 --> 00:20:58,040
Speaker 1: of thumb that we'd like to keep in mind, the

451
00:20:58,080 --> 00:21:01,160
Speaker 1: one percent rule. Let that be a guiding here, because

452
00:21:01,280 --> 00:21:03,320
Speaker 1: for instance, if you can finish this apartment out for

453
00:21:03,320 --> 00:21:06,439
Speaker 1: maybe a hundred thousand dollars, then you you'd likely want

454
00:21:06,480 --> 00:21:08,919
Speaker 1: to be able to collect something close to a thousand

455
00:21:08,960 --> 00:21:11,440
Speaker 1: dollars in rent each month. You know you might not

456
00:21:11,440 --> 00:21:13,720
Speaker 1: be able to hit those numbers exactly, but you want

457
00:21:13,800 --> 00:21:15,800
Speaker 1: to be in the ballpark. So For instance, if it

458
00:21:15,800 --> 00:21:19,040
Speaker 1: would cost you like two hundred thousand dollars and you'd

459
00:21:19,080 --> 00:21:21,480
Speaker 1: only be able to snag yourself like six hundred bucks

460
00:21:21,480 --> 00:21:23,080
Speaker 1: a month and rent, you know, you might want to

461
00:21:23,080 --> 00:21:25,520
Speaker 1: go in a different direction. This probably isn't a great

462
00:21:25,600 --> 00:21:28,399
Speaker 1: financial move. As you're looking at the numbers, there's a

463
00:21:29,040 --> 00:21:30,600
Speaker 1: few things you want to keep in mind. But as

464
00:21:30,600 --> 00:21:32,320
Speaker 1: you're looking at the numbers, keep that in mind. Yeah,

465
00:21:32,320 --> 00:21:34,600
Speaker 1: and Joe said that his neighbor did this exact same thing.

466
00:21:34,880 --> 00:21:37,080
Speaker 1: That's the perfect person to ask, Like walk down the

467
00:21:37,119 --> 00:21:39,520
Speaker 1: street and say, hey, can I take a look your apartment? Hey?

468
00:21:39,560 --> 00:21:41,399
Speaker 1: Who did you have to the work? Hey? How did

469
00:21:41,480 --> 00:21:43,040
Speaker 1: it cost? How's it going? How's it going? Do you

470
00:21:43,080 --> 00:21:45,000
Speaker 1: have a tending in there? Can I can I see

471
00:21:45,000 --> 00:21:47,440
Speaker 1: the space? Those are the kind of things like there's

472
00:21:47,480 --> 00:21:49,639
Speaker 1: somebody right down the street who did exactly what you

473
00:21:49,720 --> 00:21:51,560
Speaker 1: want to do. I would go pick their brain and

474
00:21:51,760 --> 00:21:54,800
Speaker 1: learn from how they did it. And when we talk

475
00:21:54,840 --> 00:21:57,679
Speaker 1: about financing, we have to ask the question, too, are

476
00:21:57,680 --> 00:21:59,680
Speaker 1: you financially ready to do this? I think in a

477
00:21:59,760 --> 00:22:02,080
Speaker 1: lot of ways you're getting close because you put down

478
00:22:02,720 --> 00:22:05,320
Speaker 1: in your home like a smart guy, and you've got

479
00:22:05,440 --> 00:22:08,600
Speaker 1: almost no debt on hand, which is which is excellent,

480
00:22:08,960 --> 00:22:11,159
Speaker 1: And this is a great way to get started in

481
00:22:11,520 --> 00:22:13,879
Speaker 1: rental real estate by doing it at the home that

482
00:22:13,920 --> 00:22:16,639
Speaker 1: you already own, and it's it's just less complex than

483
00:22:16,720 --> 00:22:18,840
Speaker 1: buying a fourplex or something like that right off the bat,

484
00:22:18,920 --> 00:22:22,320
Speaker 1: right trying to get started by by buying an apartment complex.

485
00:22:22,880 --> 00:22:24,800
Speaker 1: You probably don't want that to be your first deal.

486
00:22:25,400 --> 00:22:27,439
Speaker 1: So then the question is where do you get these

487
00:22:27,480 --> 00:22:29,600
Speaker 1: funds from? And I'd hate to see you take money

488
00:22:29,640 --> 00:22:32,000
Speaker 1: away from your retirement accounts to fund this project. You

489
00:22:32,000 --> 00:22:34,440
Speaker 1: don't want to be taking four one K loans necessarily

490
00:22:34,640 --> 00:22:36,920
Speaker 1: in order to get this, uh, this job off the ground.

491
00:22:37,359 --> 00:22:40,680
Speaker 1: Contributions to your roth IRA would be the only source

492
00:22:40,760 --> 00:22:43,720
Speaker 1: of retirement funds that I'd even consider, and and even

493
00:22:43,800 --> 00:22:46,439
Speaker 1: then it's not ideal. So I think saving up more

494
00:22:46,480 --> 00:22:49,160
Speaker 1: money and looking to home equity are the best options.

495
00:22:49,400 --> 00:22:51,399
Speaker 1: We talked about that last week on the show for

496
00:22:51,480 --> 00:22:53,200
Speaker 1: a bit. But here's the thing though, since you just

497
00:22:53,359 --> 00:22:55,560
Speaker 1: purchased the home, it just might be too soon for

498
00:22:55,640 --> 00:22:57,639
Speaker 1: you to try and tap home equity. There might not

499
00:22:57,720 --> 00:23:00,639
Speaker 1: be enough there. So sounds like saying just kind of

500
00:23:00,800 --> 00:23:03,040
Speaker 1: how you're gonna have to fundness or maybe he has

501
00:23:03,080 --> 00:23:07,680
Speaker 1: seen increase in the past, maybe, but we we would

502
00:23:07,720 --> 00:23:10,600
Speaker 1: recommend saving up cash. But Joe, like, I love your

503
00:23:10,600 --> 00:23:12,479
Speaker 1: goal here, this is a great one. You've been doing

504
00:23:12,520 --> 00:23:14,680
Speaker 1: a great job saving for retirement. It sounds like y'all

505
00:23:14,680 --> 00:23:17,520
Speaker 1: are in a solid financial position. Now is a great

506
00:23:17,560 --> 00:23:19,760
Speaker 1: time to figure out how much you'll need to amass

507
00:23:19,840 --> 00:23:22,080
Speaker 1: the funds to get this real estate investment off the ground,

508
00:23:22,400 --> 00:23:24,080
Speaker 1: but then figure out how long it's gonna take you

509
00:23:24,119 --> 00:23:26,840
Speaker 1: to get there, not only from a financial standpoint, because

510
00:23:26,880 --> 00:23:28,960
Speaker 1: it's you know, obviously it takes time to build up cash,

511
00:23:29,000 --> 00:23:30,600
Speaker 1: but it takes time to build a home and to

512
00:23:30,720 --> 00:23:33,760
Speaker 1: to finish up property out as well. Uh, there is

513
00:23:34,119 --> 00:23:36,560
Speaker 1: a lot of demand for folks who are adding onto

514
00:23:36,640 --> 00:23:38,919
Speaker 1: homes or building homes, and it could be it might

515
00:23:38,960 --> 00:23:40,600
Speaker 1: take you a little bit maybe to get the drawings

516
00:23:40,680 --> 00:23:43,640
Speaker 1: or the permitting and lining up the contractor. And so honestly,

517
00:23:44,080 --> 00:23:46,280
Speaker 1: even though right now mentally you might want to pull

518
00:23:46,320 --> 00:23:48,960
Speaker 1: the trigger on this renovation, and reality it might be

519
00:23:49,119 --> 00:23:51,760
Speaker 1: another nine to twelve months and by then you might

520
00:23:51,800 --> 00:23:54,080
Speaker 1: actually have saved up the right amount of cash that

521
00:23:54,119 --> 00:23:55,920
Speaker 1: you need on hand. And so when we shall the

522
00:23:55,960 --> 00:23:57,639
Speaker 1: best of luck and hopefully this is something that is

523
00:23:57,680 --> 00:24:00,400
Speaker 1: going to to serve you and your family. Well, yeah,

524
00:24:00,440 --> 00:24:02,119
Speaker 1: and one last thing I'll say is we need more

525
00:24:02,200 --> 00:24:05,439
Speaker 1: housing density in this country. So I think these are

526
00:24:05,480 --> 00:24:07,040
Speaker 1: the kind of things, These are the kind of projects

527
00:24:07,119 --> 00:24:09,800
Speaker 1: that ultimately are good because we're in a housing shortage

528
00:24:09,800 --> 00:24:11,959
Speaker 1: in this country. We need more rental units, we need

529
00:24:12,040 --> 00:24:15,120
Speaker 1: more like single family homes, we need more town homes,

530
00:24:15,200 --> 00:24:17,480
Speaker 1: we need everything. And so Joe building out this unit

531
00:24:17,880 --> 00:24:20,960
Speaker 1: to how somebody actually is going to be better overall

532
00:24:21,080 --> 00:24:23,240
Speaker 1: for us as a society. So Joe solving some problems

533
00:24:23,280 --> 00:24:27,239
Speaker 1: for em exactly. Joe, You're a regular problem solver. So uh,

534
00:24:27,520 --> 00:24:29,000
Speaker 1: let's get to the next question though, Matt. This one

535
00:24:29,440 --> 00:24:32,080
Speaker 1: is about credit scores and wait, can they actually go

536
00:24:32,359 --> 00:24:35,119
Speaker 1: down if you pay your debt off? Hey guys, Sarah

537
00:24:35,200 --> 00:24:38,879
Speaker 1: from Iowa here new fanical podcast. I was listening to

538
00:24:39,000 --> 00:24:41,920
Speaker 1: you on my walk yesterday and was listening to the

539
00:24:42,000 --> 00:24:46,040
Speaker 1: episode on Myths about your credit score. And as somebody

540
00:24:46,160 --> 00:24:49,200
Speaker 1: who has been trying to pay down some debt over

541
00:24:49,200 --> 00:24:52,280
Speaker 1: the past several years, I have noticed that my credit

542
00:24:52,359 --> 00:24:55,160
Speaker 1: score has been dropping when I've gotten some loans paid off.

543
00:24:55,960 --> 00:25:00,440
Speaker 1: So I'm currently down to thousand left in debt that

544
00:25:00,640 --> 00:25:02,960
Speaker 1: I have a plan to pay off by September of

545
00:25:03,040 --> 00:25:06,719
Speaker 1: next year. But I'm also planning on hopefully moving out

546
00:25:06,760 --> 00:25:09,680
Speaker 1: of state and buying a house with my boyfriend within

547
00:25:09,760 --> 00:25:12,879
Speaker 1: the year. So my question to you now is, I

548
00:25:13,040 --> 00:25:15,920
Speaker 1: have two credit cards and two personal loans. I'm doing

549
00:25:15,960 --> 00:25:18,960
Speaker 1: the death snowball. My first loan to pay off is

550
00:25:19,080 --> 00:25:21,600
Speaker 1: a personal loan, followed by two credit cards, followed by

551
00:25:21,640 --> 00:25:26,080
Speaker 1: another personal loan. So my question to you, do I

552
00:25:27,040 --> 00:25:30,879
Speaker 1: pay off the credit cards first or the personal loans

553
00:25:31,200 --> 00:25:33,399
Speaker 1: or well, it doesn't matter. I have done my research

554
00:25:33,440 --> 00:25:35,960
Speaker 1: and I'm planning on just continuing as is, and I

555
00:25:36,000 --> 00:25:39,280
Speaker 1: guess if my score drops, hopefully my credit report will

556
00:25:39,320 --> 00:25:41,399
Speaker 1: show what I'm trying to do. I just want to

557
00:25:41,440 --> 00:25:44,280
Speaker 1: know what your thoughts are. Thank you all right, Sarah,

558
00:25:44,480 --> 00:25:46,600
Speaker 1: Congrats I'm paying off your debt. I love that you

559
00:25:47,000 --> 00:25:48,720
Speaker 1: that you've got a plan here to pay this off

560
00:25:48,920 --> 00:25:51,720
Speaker 1: by sounds like fall of next year. It sounds like

561
00:25:51,840 --> 00:25:53,919
Speaker 1: you've you've got a lot of financial priorities on your

562
00:25:53,920 --> 00:25:55,920
Speaker 1: plate at once, and we want to just encourage you

563
00:25:56,000 --> 00:25:57,560
Speaker 1: that this is something that you can do. You've got

564
00:25:57,680 --> 00:25:59,840
Speaker 1: a plan, you've got some goals in mind. You can

565
00:25:59,880 --> 00:26:01,720
Speaker 1: do this and since you you know, you've got some

566
00:26:01,760 --> 00:26:03,600
Speaker 1: of these bigger goals on the horizon, like buying a house.

567
00:26:04,040 --> 00:26:06,960
Speaker 1: I love that you're paying attention to your credit now,

568
00:26:07,160 --> 00:26:09,840
Speaker 1: your credit score now, because as long as you have

569
00:26:10,000 --> 00:26:12,320
Speaker 1: some time, you can take some some pretty clear steps

570
00:26:12,359 --> 00:26:13,920
Speaker 1: to make sure that your credit score is in a

571
00:26:14,000 --> 00:26:17,320
Speaker 1: healthy uh place down the road, because the worst position

572
00:26:17,359 --> 00:26:19,200
Speaker 1: to be in is when you say, like, okay, I

573
00:26:19,280 --> 00:26:22,080
Speaker 1: want to buy a house now it's time, but you

574
00:26:22,200 --> 00:26:24,720
Speaker 1: haven't been paying any attention to your credit score, because

575
00:26:24,760 --> 00:26:26,760
Speaker 1: then you could easily be paying well over what the

576
00:26:26,840 --> 00:26:29,760
Speaker 1: average more mortgage rates are, or even get denied altogether

577
00:26:29,800 --> 00:26:32,280
Speaker 1: if your credit scores and sad shape. Just generally speaking,

578
00:26:32,320 --> 00:26:35,040
Speaker 1: here a great job on proactively tackling this and starting

579
00:26:35,080 --> 00:26:36,840
Speaker 1: to look ahead. Yeah to me, it's like, hey, I

580
00:26:36,880 --> 00:26:40,280
Speaker 1: think I'm gonna run a marathon tomorrow, But that's really

581
00:26:40,320 --> 00:26:41,600
Speaker 1: what it's like. That's like that, at least for me,

582
00:26:41,680 --> 00:26:43,600
Speaker 1: that would not end up very well. You know, it's

583
00:26:43,880 --> 00:26:46,680
Speaker 1: puking on mile seven. So it's a good idea to

584
00:26:46,880 --> 00:26:48,680
Speaker 1: to make sure that you've actually trained for that and

585
00:26:48,960 --> 00:26:52,480
Speaker 1: that you've been proactively uh paying attention to how many

586
00:26:52,520 --> 00:26:55,320
Speaker 1: miles you can actually run. And and slowly building up

587
00:26:55,520 --> 00:26:58,720
Speaker 1: your ability to run further and further distances in that

588
00:26:58,960 --> 00:27:01,000
Speaker 1: that takes months and months, and it takes a similar

589
00:27:01,000 --> 00:27:03,760
Speaker 1: amount of time often to raise your credit score, ahle

590
00:27:03,800 --> 00:27:06,399
Speaker 1: seven to be like mile three for you. You're probably right,

591
00:27:06,600 --> 00:27:10,520
Speaker 1: I overestimate my own abilities, but yeah, when it comes

592
00:27:10,600 --> 00:27:13,439
Speaker 1: to Sarah, she mentioned her her credit score drops as

593
00:27:13,760 --> 00:27:16,359
Speaker 1: she pays off certain debts, and it is a weird thing,

594
00:27:16,520 --> 00:27:18,159
Speaker 1: but it does happen. We talked about that in that

595
00:27:18,240 --> 00:27:22,080
Speaker 1: episode that Sarah referenced that sometimes you pay off a

596
00:27:22,200 --> 00:27:25,040
Speaker 1: loan and the credit bureau says, oh, no, no, no, no,

597
00:27:25,160 --> 00:27:29,359
Speaker 1: We're gonna give you a point drop because we actually

598
00:27:29,440 --> 00:27:31,880
Speaker 1: kind of liked that debt in your credit mix. It's

599
00:27:31,960 --> 00:27:34,240
Speaker 1: it's part of the somewhat a logical way that the

600
00:27:34,280 --> 00:27:38,080
Speaker 1: credit scoring model works. So let's talk about whether Sarah

601
00:27:38,080 --> 00:27:41,240
Speaker 1: should pay off personal loans or credit cards first. We

602
00:27:41,280 --> 00:27:44,280
Speaker 1: would typically suggest paying off your credit card debt first,

603
00:27:44,720 --> 00:27:47,520
Speaker 1: and it's partly because those come with a higher interest rate,

604
00:27:47,880 --> 00:27:50,000
Speaker 1: often by a pretty big margin, and so I think

605
00:27:50,040 --> 00:27:52,080
Speaker 1: that's the best course of action for Sarah. Here too,

606
00:27:52,280 --> 00:27:55,480
Speaker 1: right that this approach would squarely fall under the debt

607
00:27:55,680 --> 00:27:58,520
Speaker 1: avalanche approach, which is not what Sarah's currently doing, where

608
00:27:58,520 --> 00:28:01,160
Speaker 1: you're you're solely focusing on the interest rate that you're

609
00:28:01,200 --> 00:28:04,200
Speaker 1: paying and you're ignoring the balance that you're carrying on

610
00:28:04,280 --> 00:28:06,200
Speaker 1: those loans or credit cards. And I think this is

611
00:28:06,280 --> 00:28:09,440
Speaker 1: actually like good for multiple purposes, but the main one

612
00:28:09,560 --> 00:28:12,320
Speaker 1: is really to make sure that you're eliminating the highest

613
00:28:12,359 --> 00:28:15,040
Speaker 1: interest rate debt first. Yeah, exactly. It's it's really important

614
00:28:15,080 --> 00:28:17,280
Speaker 1: to note here that she did say that she's doing

615
00:28:17,320 --> 00:28:19,960
Speaker 1: the dest snowball, and so Sarah, what's really important to

616
00:28:20,040 --> 00:28:22,160
Speaker 1: keep in mind is why are you doing the debt

617
00:28:22,160 --> 00:28:24,960
Speaker 1: snowball approach versus the debt avalanche where you are focusing

618
00:28:25,280 --> 00:28:28,440
Speaker 1: higher probably wants that psychological boost paying off one debt

619
00:28:28,560 --> 00:28:31,440
Speaker 1: more quickly, but that could be the to the detriment

620
00:28:31,480 --> 00:28:34,240
Speaker 1: of what she's like the long term things achieve exactly.

621
00:28:34,240 --> 00:28:36,560
Speaker 1: And so if you are going to start losing momentum

622
00:28:36,600 --> 00:28:40,040
Speaker 1: because you're not receiving those psychological winds, then maybe it

623
00:28:40,120 --> 00:28:42,640
Speaker 1: doesn't make sense for you to focus on the credit cards.

624
00:28:42,680 --> 00:28:46,560
Speaker 1: Maybe instead you focus on whichever balances are the smallest,

625
00:28:46,600 --> 00:28:48,959
Speaker 1: which is what the debt snowball is. However, it does

626
00:28:49,040 --> 00:28:50,600
Speaker 1: sound like that you were on a roll that you

627
00:28:50,720 --> 00:28:53,719
Speaker 1: are in control, that you're in charge of the situation. Uh,

628
00:28:53,840 --> 00:28:55,680
Speaker 1: it sounds like you've got a plan, you're sticking with it,

629
00:28:56,120 --> 00:28:58,760
Speaker 1: you've seen some progress, You've got these further goals down

630
00:28:58,840 --> 00:29:00,480
Speaker 1: the road, and so in your case, it sounds like

631
00:29:00,560 --> 00:29:02,440
Speaker 1: maybe like you might kind of be able to switch gears,

632
00:29:02,480 --> 00:29:04,320
Speaker 1: like like you were doing the debt snowball, but now

633
00:29:04,400 --> 00:29:07,360
Speaker 1: maybe you've advanced to the l right, I am no

634
00:29:07,480 --> 00:29:10,480
Speaker 1: longer controlled by my emotions. I am a robots. I

635
00:29:10,560 --> 00:29:12,960
Speaker 1: will do whatever I have written down that I'm gonna do.

636
00:29:13,360 --> 00:29:14,880
Speaker 1: If that's the case, then it kind of does come

637
00:29:14,920 --> 00:29:16,840
Speaker 1: down to the numbers as opposed to the psychology. Well,

638
00:29:16,960 --> 00:29:19,280
Speaker 1: especially because Sarah has this bigger goal in mind, which

639
00:29:19,360 --> 00:29:22,000
Speaker 1: is to buy a house. And it's important to point

640
00:29:22,040 --> 00:29:24,400
Speaker 1: out that paying off a personal loan is more likely

641
00:29:24,480 --> 00:29:26,720
Speaker 1: to dent your credit score than paying off credit card

642
00:29:26,760 --> 00:29:29,720
Speaker 1: debt because of again that oddball methodology that the credit

643
00:29:29,760 --> 00:29:33,400
Speaker 1: cauros us. So focusing on those credit cards first, eradicating

644
00:29:33,480 --> 00:29:36,360
Speaker 1: those from your life quickly, well, then you can turn

645
00:29:36,440 --> 00:29:38,920
Speaker 1: your focus to the personal loans, because when you pay

646
00:29:38,960 --> 00:29:40,520
Speaker 1: off the credit card debt, it's it's not going to

647
00:29:40,760 --> 00:29:43,520
Speaker 1: in all likelihood impact your score in any meaningful way,

648
00:29:43,600 --> 00:29:46,320
Speaker 1: but paying off a personal loan could actually create a

649
00:29:46,360 --> 00:29:48,960
Speaker 1: short term dent. So yeah, keep in mind, even though

650
00:29:49,040 --> 00:29:51,080
Speaker 1: you're going to eliminate the balances that you're carrying on

651
00:29:51,160 --> 00:29:53,600
Speaker 1: those credit cards, you don't actually want to close those

652
00:29:53,600 --> 00:29:55,400
Speaker 1: credit cards because of course you want to have that

653
00:29:55,440 --> 00:29:57,720
Speaker 1: credit available for you to use, and closing it could

654
00:29:57,720 --> 00:30:00,479
Speaker 1: impact your score, hurting your ability to get that mortgage. Um.

655
00:30:00,600 --> 00:30:03,040
Speaker 1: This is doubly true if these are accounts that you've

656
00:30:03,080 --> 00:30:05,880
Speaker 1: had open for a while, because the length of credit

657
00:30:05,960 --> 00:30:08,640
Speaker 1: history is so important in that mix. Two. So yeah,

658
00:30:08,720 --> 00:30:10,520
Speaker 1: for instance, if these are your first two credit cards

659
00:30:10,560 --> 00:30:13,240
Speaker 1: that you opened, let's say when you graduated from college

660
00:30:13,640 --> 00:30:15,720
Speaker 1: or when you set off on your own, you want

661
00:30:15,760 --> 00:30:17,800
Speaker 1: to keep them around. You don't want to ask them

662
00:30:17,960 --> 00:30:19,720
Speaker 1: when once you're done, you know, paying off the debt,

663
00:30:19,960 --> 00:30:22,080
Speaker 1: even if there's an annual fee, right like, maybe that's

664
00:30:22,120 --> 00:30:23,840
Speaker 1: an annual fee that you can pay for another couple

665
00:30:23,880 --> 00:30:27,080
Speaker 1: of years until you've got that mortgage secured, at which

666
00:30:27,160 --> 00:30:29,680
Speaker 1: point you will likely see your credit score really boost

667
00:30:29,680 --> 00:30:32,200
Speaker 1: because then you're going to have that new installment loan

668
00:30:32,320 --> 00:30:35,280
Speaker 1: on your credit report. And Sarah, especially since you'll need

669
00:30:35,320 --> 00:30:37,160
Speaker 1: to have that top notch credit score. In the not

670
00:30:37,320 --> 00:30:40,320
Speaker 1: statistant future, there's a lot more on the line, and

671
00:30:40,400 --> 00:30:42,280
Speaker 1: so in order to not damage that score, you'll want

672
00:30:42,320 --> 00:30:44,440
Speaker 1: to make sure that you also develop a plan to

673
00:30:44,640 --> 00:30:46,960
Speaker 1: stay out of debt. You know, we talked about this

674
00:30:47,200 --> 00:30:49,320
Speaker 1: in detail back in the episode four sixty seven, but

675
00:30:49,400 --> 00:30:50,840
Speaker 1: we want you to make sure that you never go

676
00:30:51,000 --> 00:30:54,040
Speaker 1: back into credit card debt again. We want that behind you.

677
00:30:54,160 --> 00:30:57,080
Speaker 1: That is not who you are anymore. But let's offer

678
00:30:57,120 --> 00:30:59,680
Speaker 1: a couple of other ideas to help Sarah boost for

679
00:30:59,800 --> 00:31:02,960
Speaker 1: her at score, maybe like ten fifty points, because that

680
00:31:03,000 --> 00:31:05,800
Speaker 1: could potentially snag you a lower rate on a homeland

681
00:31:05,840 --> 00:31:08,040
Speaker 1: saving you thousands of dollars. So this is a big deal.

682
00:31:08,560 --> 00:31:11,240
Speaker 1: But check out self dot ink. This is the cheap

683
00:31:11,320 --> 00:31:13,680
Speaker 1: way to incorporate another loan that will help you to

684
00:31:13,720 --> 00:31:16,560
Speaker 1: boost your credit score. And also, now that by now

685
00:31:16,600 --> 00:31:19,160
Speaker 1: pay later companies they're starting to report to the bureaus,

686
00:31:19,560 --> 00:31:22,440
Speaker 1: consider buying something that you would have purchased anyway via

687
00:31:23,080 --> 00:31:25,120
Speaker 1: some one of these different companies like a firm uh

688
00:31:25,360 --> 00:31:28,600
Speaker 1: Clara after pay, but pay of course, pay that item

689
00:31:28,640 --> 00:31:31,520
Speaker 1: off as agreed, and if you do, that can potentially

690
00:31:31,720 --> 00:31:34,120
Speaker 1: boost your score a bit as well, But you want

691
00:31:34,160 --> 00:31:35,640
Speaker 1: to make sure that you do both of those things

692
00:31:35,920 --> 00:31:39,240
Speaker 1: at least six months before you start applying for home loans.

693
00:31:39,400 --> 00:31:40,880
Speaker 1: These aren't the kind of moves that you want to

694
00:31:40,960 --> 00:31:44,280
Speaker 1: make as you're also shopping shopping, you know, to get

695
00:31:44,280 --> 00:31:47,640
Speaker 1: prequalified or to get a letter from a lender or

696
00:31:47,720 --> 00:31:50,479
Speaker 1: something like that. And again, you are looking far off

697
00:31:50,480 --> 00:31:52,320
Speaker 1: into the future, and so you have time to make

698
00:31:52,360 --> 00:31:55,400
Speaker 1: some of these moves that might temporarily ding your score slightly,

699
00:31:55,480 --> 00:31:58,000
Speaker 1: but over the long haul, over the course of months

700
00:31:58,080 --> 00:32:00,600
Speaker 1: and years, you're gonna see your score in a much

701
00:32:00,760 --> 00:32:03,520
Speaker 1: healthier place. That's right, So, Matt, more than they think.

702
00:32:03,520 --> 00:32:05,280
Speaker 1: It sounds like Sarah's on the right path. Just need

703
00:32:05,320 --> 00:32:07,280
Speaker 1: a few little tweaks here and there to ensure that

704
00:32:07,360 --> 00:32:09,040
Speaker 1: she can achieve both the goal of paying off that

705
00:32:09,240 --> 00:32:11,200
Speaker 1: she knows what's in buying this house. She's got to

706
00:32:11,200 --> 00:32:13,320
Speaker 1: play and she got it all right. But Matt, we

707
00:32:13,400 --> 00:32:15,760
Speaker 1: got more questions to get to, including one about single

708
00:32:15,800 --> 00:32:18,680
Speaker 1: stock investing and an instance in which it's actually a

709
00:32:18,720 --> 00:32:20,440
Speaker 1: great thing. Well, we'll get to that and more right

710
00:32:20,480 --> 00:32:31,880
Speaker 1: after this break. Al Right, we are back from the break.

711
00:32:31,960 --> 00:32:34,240
Speaker 1: Let's continue on with our listener. Questions Joe. Before we

712
00:32:34,560 --> 00:32:38,000
Speaker 1: get to that single stock investing question, let's hear from

713
00:32:38,040 --> 00:32:42,640
Speaker 1: a listener. He has a question about commuting on two wheels. Hey,

714
00:32:42,760 --> 00:32:45,560
Speaker 1: Matt and Joel, this is Wayne from Philadelphia. I had

715
00:32:45,560 --> 00:32:48,560
Speaker 1: a question for you about bikes. I'm hoping you can

716
00:32:48,600 --> 00:32:52,280
Speaker 1: help me out. Recently, my job moved, and due to that,

717
00:32:52,640 --> 00:32:54,640
Speaker 1: I am now only a half an hour away via

718
00:32:54,720 --> 00:32:58,280
Speaker 1: bike to my new job. However, I don't know anything

719
00:32:58,400 --> 00:33:01,480
Speaker 1: about bikes. This is where you guys come in. I'm

720
00:33:01,520 --> 00:33:03,640
Speaker 1: hoping that you can lend some of your expertise to me.

721
00:33:03,960 --> 00:33:05,800
Speaker 1: A little Bertie told me that you guys know a

722
00:33:05,920 --> 00:33:08,600
Speaker 1: thing or two about bikes. All right, let me drop

723
00:33:08,720 --> 00:33:12,600
Speaker 1: some facts. So I'm about five miles away from my employer.

724
00:33:13,080 --> 00:33:16,360
Speaker 1: The roads between me and there are all paved and

725
00:33:16,520 --> 00:33:19,640
Speaker 1: mostly bike paths or bike lanes, so I'm not too

726
00:33:19,760 --> 00:33:24,360
Speaker 1: worried about traffic. Also, it's mostly flat terrain, so I

727
00:33:24,400 --> 00:33:26,600
Speaker 1: don't have any hills that I have to really worry about.

728
00:33:27,040 --> 00:33:29,760
Speaker 1: All right, let's get into the money side of things.

729
00:33:30,160 --> 00:33:32,600
Speaker 1: So my workplace is offering us a hundred and five

730
00:33:32,680 --> 00:33:36,400
Speaker 1: dollars to help with the travel expenses to the new office.

731
00:33:36,880 --> 00:33:40,360
Speaker 1: I have to use of that to get a gym

732
00:33:40,440 --> 00:33:45,040
Speaker 1: membership so my co workers don't hate my new bike habit.

733
00:33:45,800 --> 00:33:48,080
Speaker 1: So at the end of the day, I'm actually netting

734
00:33:48,160 --> 00:33:51,960
Speaker 1: money after I purchased the bike and hopefully once it

735
00:33:52,000 --> 00:33:54,120
Speaker 1: pays for itself. But that's where you guys come in.

736
00:33:54,360 --> 00:33:57,280
Speaker 1: I don't know anything about bike brands. You could tell

737
00:33:57,320 --> 00:33:59,600
Speaker 1: me that I need a Huffy with pegs and I

738
00:33:59,640 --> 00:34:02,360
Speaker 1: would leave you. I'm a complete neal fight at this

739
00:34:02,760 --> 00:34:04,960
Speaker 1: so any information that you can give me would be

740
00:34:05,040 --> 00:34:07,360
Speaker 1: a great help. Thank you so much for taking time

741
00:34:07,400 --> 00:34:10,200
Speaker 1: to answer my question. We're really looking forward to hearing

742
00:34:10,280 --> 00:34:13,000
Speaker 1: your answer, and also thanks so much for the podcast.

743
00:34:13,239 --> 00:34:15,239
Speaker 1: I love all the things you guys do. Keep it up.

744
00:34:15,560 --> 00:34:18,040
Speaker 1: I'm at the answer to this question. It's very simple.

745
00:34:18,040 --> 00:34:19,840
Speaker 1: For ye Yeah, it's it's a healfy with pegs. I

746
00:34:19,880 --> 00:34:21,960
Speaker 1: think he he already knew, and yet he still asked

747
00:34:21,960 --> 00:34:24,200
Speaker 1: the question, did you ever have a bike with pegs

748
00:34:24,239 --> 00:34:25,680
Speaker 1: on it where you could do like the BMX Dray

749
00:34:25,800 --> 00:34:29,319
Speaker 1: I didn't. I definitely so did not either. Next question, Matt,

750
00:34:29,320 --> 00:34:32,360
Speaker 1: please please your next que Just kidding so way, Wayne,

751
00:34:32,440 --> 00:34:34,640
Speaker 1: don't don't go down that path. You you want to

752
00:34:34,680 --> 00:34:37,200
Speaker 1: buy something a little bit nicer, right, legit, we'll give

753
00:34:37,200 --> 00:34:40,000
Speaker 1: you hopefully are some some good opinions on that's And

754
00:34:40,400 --> 00:34:42,200
Speaker 1: I just want to say, like, hooray for now being

755
00:34:42,239 --> 00:34:44,960
Speaker 1: within biking distance of your job. Five miles is a

756
00:34:45,040 --> 00:34:47,719
Speaker 1: delightful little commute. That's not even that's perfect. Yeah, that's

757
00:34:47,760 --> 00:34:50,279
Speaker 1: not gonna wind you to too much, especially without having

758
00:34:50,320 --> 00:34:52,880
Speaker 1: too many hills. Sadly in Atlanta usually there we live

759
00:34:52,920 --> 00:34:54,960
Speaker 1: in a hilly place, and so when you're when you're

760
00:34:54,960 --> 00:34:56,520
Speaker 1: going five miles here, you get a little or winded

761
00:34:56,520 --> 00:34:58,400
Speaker 1: because you're going up and down a whole lot um.

762
00:34:58,520 --> 00:35:01,640
Speaker 1: But bike paths, bike lanes or flat is is wonderful,

763
00:35:01,960 --> 00:35:04,000
Speaker 1: And uh yeah, it sounds like the perfect setup to

764
00:35:04,080 --> 00:35:07,400
Speaker 1: be biking regularly. And I hope that this becomes a

765
00:35:07,480 --> 00:35:10,359
Speaker 1: habit for you, Wayne, because incorporating this into your life

766
00:35:10,400 --> 00:35:12,920
Speaker 1: on a regular basis means you're gonna be just incredibly

767
00:35:12,960 --> 00:35:16,000
Speaker 1: fit by doing this basically every day of your life.

768
00:35:16,200 --> 00:35:18,240
Speaker 1: I just can't think of many things, Matt that surpassed

769
00:35:18,560 --> 00:35:21,880
Speaker 1: bike commuting in terms of efficiency and just getting that

770
00:35:21,960 --> 00:35:25,440
Speaker 1: workout regimen in without having to necessarily go to the

771
00:35:25,520 --> 00:35:28,160
Speaker 1: gym and like hop on a stationary bike, which always

772
00:35:28,480 --> 00:35:30,759
Speaker 1: I don't know, it seems crazy to me. Yeah, man, Yeah,

773
00:35:30,800 --> 00:35:33,239
Speaker 1: I totally agree. Actually, I was recently messaging with a

774
00:35:33,360 --> 00:35:35,880
Speaker 1: listener who happens to be a personal fitness coach. I

775
00:35:35,960 --> 00:35:37,279
Speaker 1: was kind of picking his brain a little bit to

776
00:35:37,360 --> 00:35:39,799
Speaker 1: see like what sort of exercises would be the best,

777
00:35:39,880 --> 00:35:42,400
Speaker 1: like which one had the best bang for its buck essentially,

778
00:35:42,920 --> 00:35:45,360
Speaker 1: And you know, the top bit of advice that he

779
00:35:45,520 --> 00:35:49,000
Speaker 1: had was that whatever you choose, it needs to be something.

780
00:35:49,360 --> 00:35:50,800
Speaker 1: It needs to be a workout, or it needs to

781
00:35:50,840 --> 00:35:54,879
Speaker 1: be an activity that you could easily sustain. And yeah, Wayne,

782
00:35:54,920 --> 00:35:56,319
Speaker 1: so if you're able to keep this up, you're going

783
00:35:56,360 --> 00:35:58,800
Speaker 1: to have an incredible impact on your fitness. This is

784
00:35:58,840 --> 00:36:01,000
Speaker 1: one of those side benefits that you're going to experience

785
00:36:01,200 --> 00:36:04,240
Speaker 1: that is worth mentioning. And so, not only are Wayne's

786
00:36:04,440 --> 00:36:06,919
Speaker 1: legs gonna get swull, but so's his bank account because

787
00:36:07,719 --> 00:36:09,960
Speaker 1: especially with gas prices where they are right now, and

788
00:36:10,480 --> 00:36:13,359
Speaker 1: just just driving your car less. We haven't really mentioned

789
00:36:13,400 --> 00:36:15,120
Speaker 1: this in a long time, but typically if you drive

790
00:36:15,160 --> 00:36:19,080
Speaker 1: your car fewer than a year, your insurance company will

791
00:36:19,160 --> 00:36:22,960
Speaker 1: provide you a discount for being a low usage driver.

792
00:36:23,160 --> 00:36:25,840
Speaker 1: So all of these things can factor in to saving

793
00:36:25,880 --> 00:36:29,040
Speaker 1: you money while you're getting fit Wayne, and over the years,

794
00:36:29,080 --> 00:36:31,120
Speaker 1: you're gonna be able to save a ton. But we

795
00:36:31,200 --> 00:36:33,960
Speaker 1: gotta say, uh, for anybody who is considering taking this

796
00:36:34,160 --> 00:36:36,839
Speaker 1: leap to starting biking to work, it's definitely a good

797
00:36:36,840 --> 00:36:39,120
Speaker 1: idea to try it out on the weekend first. That

798
00:36:39,200 --> 00:36:41,880
Speaker 1: way you don't have the pressure of making sure that

799
00:36:41,960 --> 00:36:44,000
Speaker 1: you're arriving to work on time and that you're not

800
00:36:44,440 --> 00:36:47,040
Speaker 1: ridiculously overly sweaty um. You know, try it out with

801
00:36:47,120 --> 00:36:50,239
Speaker 1: like a leisurely Saturday ride just to kind of get

802
00:36:50,320 --> 00:36:52,560
Speaker 1: your bearings and make sure that you have the best

803
00:36:52,719 --> 00:36:54,480
Speaker 1: route and make sure that you know how long the

804
00:36:54,520 --> 00:36:57,080
Speaker 1: commute is actually gonna take and you'll have a realistic

805
00:36:57,160 --> 00:37:00,360
Speaker 1: expectation moving forward. Um. And even before you take that

806
00:37:00,440 --> 00:37:03,640
Speaker 1: first ride, Google Maps does a great job with giving

807
00:37:03,680 --> 00:37:06,120
Speaker 1: you good bike routs. Check out a few options to

808
00:37:06,200 --> 00:37:08,000
Speaker 1: find what works best for you. I'm pretty sure I've

809
00:37:08,000 --> 00:37:09,239
Speaker 1: mentioned this on the show before. And I tell you

810
00:37:09,239 --> 00:37:12,680
Speaker 1: about a friend and he hit his idea for an

811
00:37:12,760 --> 00:37:16,000
Speaker 1: app for bike commuters was He's gonna call it flat,

812
00:37:16,080 --> 00:37:18,640
Speaker 1: so it's sort of like fat so but like flats,

813
00:37:19,000 --> 00:37:20,480
Speaker 1: And it was going to find the route that was

814
00:37:20,600 --> 00:37:23,080
Speaker 1: the that had the least amount of smart elevation game,

815
00:37:23,320 --> 00:37:25,480
Speaker 1: don't You're like, yeah, that's great, So if nobody has

816
00:37:25,520 --> 00:37:27,880
Speaker 1: already done that, if you're listening, you should do that.

817
00:37:29,040 --> 00:37:31,040
Speaker 1: But let's get to the heart of your question. Wayne.

818
00:37:31,120 --> 00:37:33,560
Speaker 1: This is maybe the more fun part where you get

819
00:37:33,600 --> 00:37:35,600
Speaker 1: to buy stuff. It's the fun part for a lot

820
00:37:35,640 --> 00:37:38,640
Speaker 1: of folks at least, But you are asking specifically about

821
00:37:38,640 --> 00:37:40,759
Speaker 1: what kind of bike you should get, And honestly, it

822
00:37:41,080 --> 00:37:43,560
Speaker 1: really depends because there is no clear could answer here,

823
00:37:43,600 --> 00:37:46,560
Speaker 1: because it's going to depend on what your priorities are

824
00:37:46,880 --> 00:37:49,040
Speaker 1: and then sort of what kind of writing that you

825
00:37:49,120 --> 00:37:51,800
Speaker 1: might be doing when you're not commuting to work. So,

826
00:37:51,960 --> 00:37:55,000
Speaker 1: for instance, someone might naturally make the recommendation that you

827
00:37:55,040 --> 00:37:57,120
Speaker 1: should totally get a road bike. You know you're gonna

828
00:37:57,120 --> 00:37:59,680
Speaker 1: be on paved roads the entire time. You mentioned bike

829
00:37:59,760 --> 00:38:02,719
Speaker 1: lane bike paths. You are one lucky dude to be

830
00:38:02,800 --> 00:38:04,759
Speaker 1: on bike lanes or bike passed the whole time. You know,

831
00:38:04,840 --> 00:38:06,840
Speaker 1: as you're biking five miles to work, that is awesome.

832
00:38:07,280 --> 00:38:09,680
Speaker 1: But if you see yourself spending the weekends driving to

833
00:38:09,760 --> 00:38:12,600
Speaker 1: a trailhead somewhere and riding on some single track, uh,

834
00:38:12,800 --> 00:38:14,880
Speaker 1: then you might want to consider a mountain bike, you know,

835
00:38:15,000 --> 00:38:18,120
Speaker 1: or at least a gravel bike. But alternatively, if the

836
00:38:18,239 --> 00:38:21,880
Speaker 1: idea of riding super fast, throwing down some series mileage

837
00:38:22,080 --> 00:38:24,200
Speaker 1: as quickly as possible, if that sounds exciting to you,

838
00:38:24,520 --> 00:38:26,359
Speaker 1: then you know, maybe in that case you should get

839
00:38:26,360 --> 00:38:29,200
Speaker 1: a road bike after all. Yeah, So I I personally

840
00:38:29,400 --> 00:38:31,439
Speaker 1: like my road bike. It's a lot of fun, Matt,

841
00:38:31,440 --> 00:38:33,279
Speaker 1: You've got more of a gravel bike, and they're both

842
00:38:33,320 --> 00:38:35,880
Speaker 1: good for different things, and the road bike is best

843
00:38:36,120 --> 00:38:39,279
Speaker 1: for longer commutes, especially if there is more elevation change

844
00:38:39,360 --> 00:38:41,359
Speaker 1: with the flatter ride. You have probably a few more

845
00:38:41,400 --> 00:38:45,239
Speaker 1: options at your disposal because in either way, virtually any

846
00:38:45,280 --> 00:38:48,000
Speaker 1: bike you have you can get five five miles exactly,

847
00:38:48,040 --> 00:38:49,719
Speaker 1: you know, like I feel like it's twenty miles. And

848
00:38:49,840 --> 00:38:51,320
Speaker 1: then you're like, well, probably want to stick with the

849
00:38:51,360 --> 00:38:53,160
Speaker 1: road bike. Yeah, it's like the knobby tires not so

850
00:38:53,320 --> 00:38:55,279
Speaker 1: great on the on the on the road. Yeah, not

851
00:38:55,400 --> 00:38:57,560
Speaker 1: not for that long of a commute. And I think

852
00:38:58,200 --> 00:39:01,200
Speaker 1: where you're going to purchase this bike, there are a

853
00:39:01,320 --> 00:39:04,360
Speaker 1: few options there too. Normally we'd recommend for folks to

854
00:39:04,680 --> 00:39:07,480
Speaker 1: check out bikes over at bike's direct dot com, but

855
00:39:07,719 --> 00:39:10,680
Speaker 1: it sounds like maybe when you're a total nube when

856
00:39:10,680 --> 00:39:14,000
Speaker 1: it comes to biking, which is totally fine, But I

857
00:39:14,120 --> 00:39:17,000
Speaker 1: think going to a local bike shop makes a lot

858
00:39:17,080 --> 00:39:20,520
Speaker 1: of sense when you don't have almost any experience and

859
00:39:20,560 --> 00:39:23,000
Speaker 1: when you don't know what you're getting into. And not

860
00:39:23,160 --> 00:39:25,319
Speaker 1: only can they help you find a specific bike that's

861
00:39:25,360 --> 00:39:29,480
Speaker 1: gonna work for the biggest variety of circumstances for how

862
00:39:29,560 --> 00:39:31,520
Speaker 1: you're going to be riding, but this way you won't

863
00:39:31,520 --> 00:39:33,320
Speaker 1: have to figure out how to put it together what

864
00:39:33,440 --> 00:39:35,600
Speaker 1: you'd have to do if you ordered good bike online.

865
00:39:35,880 --> 00:39:38,680
Speaker 1: And since the local shops oftentimes specialize in a few

866
00:39:38,719 --> 00:39:41,279
Speaker 1: specific brands of bikes, when the time comes to get

867
00:39:41,320 --> 00:39:43,439
Speaker 1: it tuned up or if you need something repaired, they'll

868
00:39:43,520 --> 00:39:45,960
Speaker 1: know exactly what to do. The customer service that you're

869
00:39:45,960 --> 00:39:47,960
Speaker 1: gonna get from a local bike shop is going to

870
00:39:48,040 --> 00:39:50,880
Speaker 1: be vastly superior, almost always from what you're going to

871
00:39:50,960 --> 00:39:53,359
Speaker 1: receive when you buy it online. Yeah, they like seeing

872
00:39:53,360 --> 00:39:55,800
Speaker 1: their own bikes show back up at the shop for

873
00:39:55,880 --> 00:39:57,520
Speaker 1: them to work on it right. Sometimes they only got

874
00:39:57,560 --> 00:39:59,480
Speaker 1: their own little sticker on their maintenance and stuff like that,

875
00:39:59,560 --> 00:40:00,759
Speaker 1: kind of like a when you buy a car from

876
00:40:00,760 --> 00:40:02,600
Speaker 1: a place where like free oil changes for the first year.

877
00:40:02,840 --> 00:40:04,600
Speaker 1: It can be similar to that with a bike shop.

878
00:40:04,840 --> 00:40:06,680
Speaker 1: One other good place to look at bikes I think

879
00:40:06,719 --> 00:40:10,840
Speaker 1: it's r I because they often include tune ups or

880
00:40:11,000 --> 00:40:13,080
Speaker 1: they have cheap maintenance options. If there's an ari I

881
00:40:13,160 --> 00:40:15,000
Speaker 1: near where you live, I think that's a good major

882
00:40:15,080 --> 00:40:18,560
Speaker 1: retailer where you can find good bikes with good customer service.

883
00:40:18,719 --> 00:40:20,680
Speaker 1: But a local bike shop is is definitely one of

884
00:40:20,719 --> 00:40:22,880
Speaker 1: the best places to begin looking where they can provide

885
00:40:22,880 --> 00:40:24,880
Speaker 1: some helpful advice, help you hone in on the right

886
00:40:24,960 --> 00:40:26,560
Speaker 1: bike for you, and at the same time kind of

887
00:40:26,600 --> 00:40:29,759
Speaker 1: provide the maintenance know how to totally And depending on

888
00:40:29,840 --> 00:40:31,640
Speaker 1: who's there, I mean, you might come across somebody who's

889
00:40:31,640 --> 00:40:34,160
Speaker 1: a total bike nerd and they could really get you

890
00:40:34,360 --> 00:40:36,560
Speaker 1: set up, like they can get you fitted to a frame,

891
00:40:36,640 --> 00:40:38,120
Speaker 1: and there's there's a lot more that goes into it

892
00:40:38,200 --> 00:40:40,840
Speaker 1: than just Okay, what's your what's the standover heights? You know,

893
00:40:41,000 --> 00:40:43,600
Speaker 1: like how tarlow you that kind of stuff. Some guys

894
00:40:43,640 --> 00:40:45,279
Speaker 1: can can really nerd out and it really does have

895
00:40:45,920 --> 00:40:48,880
Speaker 1: an impact on how comfortable a bike can be for you.

896
00:40:49,440 --> 00:40:51,799
Speaker 1: But Wayne, if you're looking to save as much money

897
00:40:51,880 --> 00:40:54,600
Speaker 1: as possible and if you're down to you know kind

898
00:40:54,600 --> 00:40:56,759
Speaker 1: of d I Wyatt and learn about how to maintain

899
00:40:56,800 --> 00:40:59,040
Speaker 1: a bike. Then bikes Direct it really is one of

900
00:40:59,120 --> 00:41:02,200
Speaker 1: the best options online because you're you're ordering straight from

901
00:41:02,200 --> 00:41:04,560
Speaker 1: the manufacturer, so there's no markup and you can get

902
00:41:04,640 --> 00:41:07,440
Speaker 1: some fantastic bikes from them in that sort of what

903
00:41:07,560 --> 00:41:09,120
Speaker 1: I feel is is the sweet spot is like the

904
00:41:09,160 --> 00:41:12,960
Speaker 1: four hundred seven price point. I've done that myself, and

905
00:41:13,120 --> 00:41:15,640
Speaker 1: then when it comes up putting it together, it's really

906
00:41:15,760 --> 00:41:18,520
Speaker 1: already like put together, it's it's not too difficult to

907
00:41:18,600 --> 00:41:20,840
Speaker 1: do the rest, and you can learn everything there is

908
00:41:20,880 --> 00:41:24,240
Speaker 1: to know about ongoing maintenance just from YouTube. But ultimately,

909
00:41:24,320 --> 00:41:26,000
Speaker 1: though like we don't want you to overthink it. Here,

910
00:41:26,040 --> 00:41:28,600
Speaker 1: you can literally commute to work again, you know, on

911
00:41:28,719 --> 00:41:32,040
Speaker 1: virtually any bike, even a Huffey with pegs, though we

912
00:41:32,040 --> 00:41:34,359
Speaker 1: wouldn't recommend that because bikes like you know that are

913
00:41:34,400 --> 00:41:37,560
Speaker 1: sold at local superstores are are pretty much garbage, like

914
00:41:37,680 --> 00:41:39,839
Speaker 1: even Schwinn. Like back in the day, Shwin bikes were

915
00:41:39,920 --> 00:41:42,279
Speaker 1: were pretty solid, but I'm pretty sure they sell them

916
00:41:42,320 --> 00:41:45,160
Speaker 1: now at Walmart and the quality has gone downhill. That

917
00:41:45,320 --> 00:41:46,839
Speaker 1: is not the direction you want to go in. It's

918
00:41:46,840 --> 00:41:48,919
Speaker 1: just such a bummer too. When you ride a bike

919
00:41:49,160 --> 00:41:53,440
Speaker 1: that is clunky, that squeaks, that's too heavy, and just

920
00:41:53,880 --> 00:41:56,200
Speaker 1: ill fitted fifited all those things. Yeah, if you don't

921
00:41:56,239 --> 00:41:58,560
Speaker 1: have a bike that works for you, you're probably not

922
00:41:58,600 --> 00:41:59,799
Speaker 1: going to stick with it. And so this is one

923
00:41:59,800 --> 00:42:02,080
Speaker 1: of the things where your employer is helping fuit the

924
00:42:02,120 --> 00:42:04,759
Speaker 1: bill get something good that's going to last you for

925
00:42:04,840 --> 00:42:07,279
Speaker 1: a long time. This is um I hate to use

926
00:42:07,360 --> 00:42:09,880
Speaker 1: the term investment for any sort of consumer purchase, and

927
00:42:10,120 --> 00:42:13,080
Speaker 1: this is the only time I ever I ever remember

928
00:42:13,480 --> 00:42:15,200
Speaker 1: maybe this like a hundred episodes ago, but I was like,

929
00:42:15,280 --> 00:42:18,120
Speaker 1: I'm almost gonna say that with bikes, it almost is

930
00:42:18,320 --> 00:42:20,720
Speaker 1: because it's saving you money on in these other areas,

931
00:42:20,760 --> 00:42:22,560
Speaker 1: it's getting you fit, and it is one of those

932
00:42:22,560 --> 00:42:26,320
Speaker 1: things where a good bike doesn't really drop precipitously in value.

933
00:42:26,600 --> 00:42:28,840
Speaker 1: Having a great mike, having the right mike is going

934
00:42:28,880 --> 00:42:30,279
Speaker 1: to make such a difference in your life and just

935
00:42:30,600 --> 00:42:32,719
Speaker 1: in the level of joy you get from hopping on

936
00:42:32,800 --> 00:42:34,799
Speaker 1: it every day. So, yeah, this is one of those

937
00:42:34,880 --> 00:42:37,120
Speaker 1: cases where you don't want to cheap out, especially if

938
00:42:37,160 --> 00:42:38,680
Speaker 1: you think you're going to use it as much as

939
00:42:38,719 --> 00:42:40,600
Speaker 1: it looks like you're going to. That's right, man, All

940
00:42:40,920 --> 00:42:43,359
Speaker 1: great points, all right. Finally, we're getting to that last

941
00:42:43,440 --> 00:42:46,800
Speaker 1: question that we've teased to, the question about investing in

942
00:42:46,920 --> 00:42:49,920
Speaker 1: single stocks, and we actually might be really excited to

943
00:42:50,000 --> 00:42:52,560
Speaker 1: do that in this situation. Let's hear this question. Hi,

944
00:42:52,680 --> 00:42:55,840
Speaker 1: man Joel, my name is Dakota and I live in Milwaukee, Wisconsin.

945
00:42:56,280 --> 00:42:59,320
Speaker 1: I work for Malina Healthcare, which has recently become a

946
00:42:59,480 --> 00:43:02,360
Speaker 1: fortune of hundred company. I to leave, and they offer

947
00:43:02,520 --> 00:43:06,880
Speaker 1: an employee stock purchasing plan option where they can withhold

948
00:43:07,000 --> 00:43:09,919
Speaker 1: up to fifteen percent of my paycheck for six months,

949
00:43:10,120 --> 00:43:12,319
Speaker 1: and then they will take that money and buy as

950
00:43:12,400 --> 00:43:15,120
Speaker 1: much stock as they can with it at the lowest price,

951
00:43:15,400 --> 00:43:17,839
Speaker 1: whether it was the first day of that six month

952
00:43:17,920 --> 00:43:20,960
Speaker 1: period or the last day, whichever one's lowest, they'll buy

953
00:43:21,000 --> 00:43:24,600
Speaker 1: it at a discount. Now, if it were you, and

954
00:43:24,680 --> 00:43:26,520
Speaker 1: I know you guys are not a fan of single

955
00:43:26,600 --> 00:43:28,520
Speaker 1: stock options, but I feel like this is a really

956
00:43:28,600 --> 00:43:31,799
Speaker 1: good deal given that you're saving you know, you're getting

957
00:43:31,800 --> 00:43:36,680
Speaker 1: a r o I of at least now. Would it

958
00:43:36,719 --> 00:43:39,600
Speaker 1: be the safest option to just or safest or best

959
00:43:39,680 --> 00:43:42,279
Speaker 1: you know option to sell it right away and get

960
00:43:42,600 --> 00:43:45,959
Speaker 1: hit with that short term capital gains tax or would

961
00:43:46,040 --> 00:43:48,520
Speaker 1: you hope for the best hope that the stock doesn't

962
00:43:48,560 --> 00:43:51,399
Speaker 1: tank and just keep it for at least a year

963
00:43:51,680 --> 00:43:53,800
Speaker 1: and then maybe sell it, uh, so that you have

964
00:43:53,880 --> 00:43:56,640
Speaker 1: the long term capital gains. I know that you know

965
00:43:56,880 --> 00:43:58,680
Speaker 1: stocks can fluctuate and it's kind of a gamble. But

966
00:43:58,719 --> 00:44:01,160
Speaker 1: if it were you, what were you doing? Thanks by

967
00:44:01,760 --> 00:44:03,480
Speaker 1: all right, Matt, this is this is a great question.

968
00:44:03,640 --> 00:44:06,120
Speaker 1: It's something that's a really good question. We've actually before

969
00:44:06,160 --> 00:44:07,719
Speaker 1: on the show, but it's been it's been a minute,

970
00:44:07,719 --> 00:44:10,840
Speaker 1: so it's definitely time to revisit. Talk about ees pps

971
00:44:11,000 --> 00:44:13,080
Speaker 1: and and the code. You're right, this what you've got

972
00:44:13,160 --> 00:44:16,040
Speaker 1: access to is a great deal. We did talk about

973
00:44:16,160 --> 00:44:18,600
Speaker 1: not investing in single stocks recently on the show. That

974
00:44:18,680 --> 00:44:20,640
Speaker 1: was just I don't know, a month ago, and we

975
00:44:20,840 --> 00:44:24,000
Speaker 1: didn't have many positive things to say. And it's actually

976
00:44:24,040 --> 00:44:26,440
Speaker 1: even more risky to buy stock in a company you

977
00:44:26,520 --> 00:44:29,200
Speaker 1: work for. So you might think we're gonna be like no, no, no, no,

978
00:44:29,600 --> 00:44:31,960
Speaker 1: hold up, don't do this. But here's the thing. Because

979
00:44:31,960 --> 00:44:34,000
Speaker 1: you are, you're putting more eggs in the same basket.

980
00:44:34,080 --> 00:44:36,680
Speaker 1: Not only are you putting your your income eggs, but

981
00:44:36,800 --> 00:44:39,480
Speaker 1: now you're talking about your investment eggs. It's right, that's right.

982
00:44:39,640 --> 00:44:41,759
Speaker 1: There's a lot of consolidation happening here, It's right, a

983
00:44:41,800 --> 00:44:44,080
Speaker 1: lot of eggs too. Right. So when you get a

984
00:44:44,120 --> 00:44:47,800
Speaker 1: special deal like this, though, Dakota, it actually mitigates a

985
00:44:47,920 --> 00:44:50,600
Speaker 1: lot of the risk that we're talking about. Getting the

986
00:44:50,719 --> 00:44:54,120
Speaker 1: lowest price plus fifteen percent off is a killer perk,

987
00:44:54,360 --> 00:44:57,640
Speaker 1: and this is a situation where you'll likely want to

988
00:44:57,719 --> 00:45:00,920
Speaker 1: take full advantage of this offering. But there are some

989
00:45:01,080 --> 00:45:03,399
Speaker 1: caveats that we have to throw in there. That's right. Yeah.

990
00:45:03,480 --> 00:45:06,239
Speaker 1: E spps, which are employee stock purchase plans, there are

991
00:45:06,239 --> 00:45:09,680
Speaker 1: a great perk that lots of folks should consider if

992
00:45:09,719 --> 00:45:12,560
Speaker 1: that's a benefit that their employer offers. Da coda. However,

993
00:45:13,120 --> 00:45:15,880
Speaker 1: you also want to create a process to prevent you

994
00:45:16,000 --> 00:45:19,920
Speaker 1: from acquiring too much company stock where you're ramping up

995
00:45:19,920 --> 00:45:22,239
Speaker 1: that risk level, and so selling that this kind of

996
00:45:22,280 --> 00:45:24,960
Speaker 1: stock that you've acquired sooner rather than later is what

997
00:45:25,040 --> 00:45:27,000
Speaker 1: we'd suggest, sort of like what you're saying here. For

998
00:45:27,120 --> 00:45:30,680
Speaker 1: qualified ESPP plans, that means selling the stock at least

999
00:45:30,760 --> 00:45:33,799
Speaker 1: a year after the purchase date and two years after

1000
00:45:33,920 --> 00:45:36,000
Speaker 1: the offering date, and that's going to allow you to

1001
00:45:36,520 --> 00:45:38,879
Speaker 1: not hold onto it for too long while still making

1002
00:45:38,960 --> 00:45:42,560
Speaker 1: sure that your earnings receive a more favorable long term

1003
00:45:42,800 --> 00:45:45,080
Speaker 1: capital gains tax rate. Yeah, true, you could. You could

1004
00:45:45,080 --> 00:45:47,880
Speaker 1: sell that stock even sooner and pay more in tax

1005
00:45:48,120 --> 00:45:50,920
Speaker 1: on the gains if you wanted, right the short term

1006
00:45:51,000 --> 00:45:53,040
Speaker 1: compital gains rate, which which means that your profit is

1007
00:45:53,040 --> 00:45:56,320
Speaker 1: going to be taxed at ordinary income tax rates. And

1008
00:45:56,719 --> 00:45:58,440
Speaker 1: that's not a bad way to think about it either,

1009
00:45:58,480 --> 00:46:01,600
Speaker 1: because paying a little more in tax on free money, well,

1010
00:46:01,680 --> 00:46:03,640
Speaker 1: that's that's not the worst thing in the world, right,

1011
00:46:03,760 --> 00:46:06,080
Speaker 1: But yeah, that's more of a personal decision with how

1012
00:46:06,160 --> 00:46:08,640
Speaker 1: comfortable you feel holding onto that stock because you don't

1013
00:46:08,719 --> 00:46:11,840
Speaker 1: know what is going to happen with the price of

1014
00:46:11,960 --> 00:46:13,680
Speaker 1: that stock. Even though they might be a great employer.

1015
00:46:13,719 --> 00:46:15,520
Speaker 1: You might have a great boss, what is the actual

1016
00:46:15,600 --> 00:46:17,759
Speaker 1: company stock going to do? Who knows exactly. And it

1017
00:46:17,840 --> 00:46:20,000
Speaker 1: also depends on how much money you've built up in

1018
00:46:20,080 --> 00:46:23,480
Speaker 1: your other retirement accounts. It also comes down to what

1019
00:46:23,760 --> 00:46:27,480
Speaker 1: risk and volatility you're comfortable with. But here's another thing.

1020
00:46:27,520 --> 00:46:29,520
Speaker 1: It also comes down to what tax bracket you're currently in,

1021
00:46:29,760 --> 00:46:31,840
Speaker 1: because if you're if you're a higher way journer and

1022
00:46:31,920 --> 00:46:34,240
Speaker 1: you're in the thirty two or thirty five percent tax bracket,

1023
00:46:34,480 --> 00:46:36,879
Speaker 1: then you might be more willing to roll the dice

1024
00:46:36,960 --> 00:46:39,160
Speaker 1: holding onto that tax longer, making sure that you get

1025
00:46:39,200 --> 00:46:42,080
Speaker 1: into the long term capital gains tax rate because there's

1026
00:46:42,120 --> 00:46:44,719
Speaker 1: a huge difference in the amount of tax you're gonna

1027
00:46:44,760 --> 00:46:47,120
Speaker 1: pay on the gains. There's just a lot to consider.

1028
00:46:47,160 --> 00:46:49,719
Speaker 1: There's a lot of moving parts, but ultimately this is

1029
00:46:49,960 --> 00:46:52,920
Speaker 1: a great offering, and Dakota could score a sweet deal

1030
00:46:53,000 --> 00:46:55,040
Speaker 1: on company stock that she's able to profit from from

1031
00:46:55,480 --> 00:46:58,080
Speaker 1: UH in the short term with with not too much risk.

1032
00:46:58,120 --> 00:46:59,960
Speaker 1: I don't think exactly well. And the thing is too

1033
00:47:00,120 --> 00:47:02,680
Speaker 1: she's talking about how that she can set aside of

1034
00:47:02,880 --> 00:47:05,000
Speaker 1: her paycheck as well. That's something that she could slowly

1035
00:47:05,080 --> 00:47:06,839
Speaker 1: ramp up as well. So you can kind of start

1036
00:47:07,200 --> 00:47:09,200
Speaker 1: like wading into those waters. You don't have to go

1037
00:47:09,360 --> 00:47:11,880
Speaker 1: full bore all in. But this also reminds me one

1038
00:47:11,880 --> 00:47:14,319
Speaker 1: more suggestion we need to share with Dakota. She asked

1039
00:47:14,400 --> 00:47:16,719
Speaker 1: what we would do if we were in her situation,

1040
00:47:16,840 --> 00:47:19,000
Speaker 1: and you know, we would totally take advantage of this,

1041
00:47:19,440 --> 00:47:21,680
Speaker 1: but only as long as we were just crushing it

1042
00:47:21,920 --> 00:47:25,279
Speaker 1: with our other money, with our other personal finance goals. UH.

1043
00:47:25,360 --> 00:47:27,680
Speaker 1: And so it's important to assess, Dakoda, whether or not

1044
00:47:27,960 --> 00:47:31,120
Speaker 1: you are saving and investing like Gangbusters already, or if

1045
00:47:31,160 --> 00:47:33,600
Speaker 1: you're out there listening and you have access to your

1046
00:47:33,760 --> 00:47:36,960
Speaker 1: corporate employer and they've got a stock that's publicly traded

1047
00:47:36,960 --> 00:47:39,080
Speaker 1: as well, this could be something that you should consider,

1048
00:47:39,320 --> 00:47:41,000
Speaker 1: but you need to keep in mind what is going

1049
00:47:41,080 --> 00:47:43,680
Speaker 1: on within your own house. And if so, if you're

1050
00:47:43,680 --> 00:47:46,600
Speaker 1: doing a great job this you know ESPP. If it's

1051
00:47:46,640 --> 00:47:48,520
Speaker 1: the cherry on top, then we would want you to

1052
00:47:48,640 --> 00:47:51,120
Speaker 1: take full advantage. But if it's not, if you don't

1053
00:47:51,160 --> 00:47:53,440
Speaker 1: already have your your financial house in shape, if you

1054
00:47:53,440 --> 00:47:56,120
Speaker 1: don't have an emergency fund, different things like that, we

1055
00:47:56,160 --> 00:47:59,160
Speaker 1: would want you to focus on those areas of your

1056
00:47:59,200 --> 00:48:01,359
Speaker 1: money first. Yeah, it's like trying to go from first

1057
00:48:01,400 --> 00:48:03,759
Speaker 1: gear to fourth gear. You're gonna start sputtering. You want

1058
00:48:03,800 --> 00:48:05,480
Speaker 1: to make sure you get those money gears in order.

1059
00:48:05,600 --> 00:48:08,839
Speaker 1: And ESPP is something that that happens further down the line,

1060
00:48:09,040 --> 00:48:11,120
Speaker 1: after you've gotten the full company match in your four

1061
00:48:11,160 --> 00:48:13,720
Speaker 1: one K, after you've really been crushing it for a while,

1062
00:48:13,960 --> 00:48:16,880
Speaker 1: saving and investing for your your future. If you're already

1063
00:48:16,960 --> 00:48:19,120
Speaker 1: kind of in fourth gear and this is the fifth gear, man,

1064
00:48:19,200 --> 00:48:21,839
Speaker 1: this is like ramping up into an even even faster speed.

1065
00:48:21,880 --> 00:48:24,040
Speaker 1: For Dakota. Then this is great. Then this is something

1066
00:48:24,080 --> 00:48:26,600
Speaker 1: you definitely want to get into, but it's it's hard

1067
00:48:26,680 --> 00:48:28,920
Speaker 1: to start off the line though in fifth gear. That's right.

1068
00:48:29,200 --> 00:48:30,839
Speaker 1: Just don't let it derail you from your other goals,

1069
00:48:30,920 --> 00:48:33,400
Speaker 1: thinking like, look at the discount I gotta get, I

1070
00:48:33,440 --> 00:48:35,759
Speaker 1: gotta take advantage of this, when there are other less

1071
00:48:35,840 --> 00:48:38,360
Speaker 1: risky things you should be participating in. First, it probably

1072
00:48:38,360 --> 00:48:41,320
Speaker 1: depends on how susceptible you are to the sales. If

1073
00:48:41,360 --> 00:48:43,320
Speaker 1: you find yourself drawn to sales, then this might be

1074
00:48:43,400 --> 00:48:45,320
Speaker 1: something you have to be a little more careful of.

1075
00:48:45,800 --> 00:48:47,800
Speaker 1: You don't want to be persuaded into buying something that

1076
00:48:47,800 --> 00:48:50,760
Speaker 1: you don't necessarily need at this point in your life. Yes, exactly,

1077
00:48:50,880 --> 00:48:52,919
Speaker 1: all right, Matt, that's gonna do it for a listener. Questions,

1078
00:48:53,000 --> 00:48:54,160
Speaker 1: Let's get back to the beer that we had on

1079
00:48:54,239 --> 00:48:57,320
Speaker 1: this episode. This is called White Tie. It's by Westbrook

1080
00:48:57,320 --> 00:48:59,479
Speaker 1: Brewing Company. What were your thoughts on this wheat ale?

1081
00:48:59,800 --> 00:49:01,879
Speaker 1: That right, it's a wheats also known as a wit

1082
00:49:02,360 --> 00:49:05,960
Speaker 1: in Europeans speak. But this is so it's a Belgian style,

1083
00:49:06,239 --> 00:49:09,240
Speaker 1: which means it's got those some of those Belgian yeasts

1084
00:49:09,360 --> 00:49:12,279
Speaker 1: and flavors going on. This is the kind of beer

1085
00:49:12,600 --> 00:49:15,400
Speaker 1: that if if you're looking to enjoy a beer with pizza,

1086
00:49:15,960 --> 00:49:18,520
Speaker 1: I can think of no better beer than a than

1087
00:49:18,600 --> 00:49:20,600
Speaker 1: a Belgian white or like I'm thinking enough, Ala Gash.

1088
00:49:20,680 --> 00:49:23,240
Speaker 1: They've got Ala Gash White that is a very similar

1089
00:49:23,280 --> 00:49:25,120
Speaker 1: style beer to this. So if that's the one that

1090
00:49:25,160 --> 00:49:28,480
Speaker 1: you've enjoyed, I would recommend checking out Westbrook Ruining Company.

1091
00:49:28,520 --> 00:49:30,360
Speaker 1: But truly, I feel like I should have a slice

1092
00:49:30,400 --> 00:49:32,880
Speaker 1: of spicy pizza because that is what this is what

1093
00:49:32,960 --> 00:49:35,200
Speaker 1: you want to be drinking. If you're enjoying something like that, Yeah,

1094
00:49:35,239 --> 00:49:37,880
Speaker 1: this would definitely cut some spice and it's got just

1095
00:49:38,000 --> 00:49:41,920
Speaker 1: like refreshing qualities for sure. And this one is different

1096
00:49:41,960 --> 00:49:44,600
Speaker 1: than Ala Gash White because it doesn't have like that coriander,

1097
00:49:44,680 --> 00:49:46,640
Speaker 1: those some of those traditional white beer flavors. They kind

1098
00:49:46,680 --> 00:49:48,840
Speaker 1: of they gotta tweaked it just a little bit and

1099
00:49:49,120 --> 00:49:51,279
Speaker 1: it comes through nicely. Um with with some of those

1100
00:49:51,360 --> 00:49:55,520
Speaker 1: thie spices lemon, grass and stuff. You can totally you

1101
00:49:55,560 --> 00:49:57,960
Speaker 1: can totally get that. And so I don't know, I

1102
00:49:58,080 --> 00:50:00,839
Speaker 1: like pretty much everything Westbrook makes and this is one

1103
00:50:00,880 --> 00:50:03,919
Speaker 1: of their older, more classic beers. So just to enjoy

1104
00:50:04,000 --> 00:50:05,719
Speaker 1: to have a good Westbrook beer on the show, yeah,

1105
00:50:05,760 --> 00:50:08,640
Speaker 1: it's it's it's a bit brighter than like ali ash White,

1106
00:50:08,880 --> 00:50:11,600
Speaker 1: like like the Belgian singles like that, they tend to

1107
00:50:11,680 --> 00:50:13,840
Speaker 1: be a bit heavy, I feel like, whereas this is

1108
00:50:14,239 --> 00:50:17,000
Speaker 1: nice and bright. Certainly a great beer to be enjoying

1109
00:50:17,200 --> 00:50:19,719
Speaker 1: this time of year. But that's gonna be it for

1110
00:50:20,040 --> 00:50:22,600
Speaker 1: this episode of How to Money. Listeners can find our

1111
00:50:22,600 --> 00:50:24,480
Speaker 1: show notes up on our website at how to money

1112
00:50:24,560 --> 00:50:26,879
Speaker 1: dot com, and we'll make sure to link to any

1113
00:50:27,239 --> 00:50:29,879
Speaker 1: of the different resources that we may have mentioned during

1114
00:50:29,920 --> 00:50:32,000
Speaker 1: this episode. Begin of resources, we've got to how the

1115
00:50:32,040 --> 00:50:34,160
Speaker 1: Money Facebook group that you should join because if you

1116
00:50:34,200 --> 00:50:35,840
Speaker 1: go on Facebook every once in a while and you

1117
00:50:35,920 --> 00:50:38,920
Speaker 1: want actually helpful information instead of people arguing, and you

1118
00:50:39,160 --> 00:50:41,360
Speaker 1: don't want to feel like dog dookie and after someone's

1119
00:50:41,360 --> 00:50:43,160
Speaker 1: like trying to tear you down, that's right, Well, How

1120
00:50:43,200 --> 00:50:45,279
Speaker 1: the Money Facebook group is a great place to spend

1121
00:50:45,360 --> 00:50:47,239
Speaker 1: at least a little bit of your time on the

1122
00:50:47,320 --> 00:50:50,040
Speaker 1: internet because people are helping each other out and you're

1123
00:50:50,040 --> 00:50:53,120
Speaker 1: gaining knowledge and information to help you in your quest

1124
00:50:53,200 --> 00:50:55,800
Speaker 1: towards financial freedom. Right, all right, Matt, that's gonna do

1125
00:50:55,880 --> 00:50:58,759
Speaker 1: it for this episode. Until next time, Best Friends Out,

1126
00:50:58,800 --> 00:51:01,920
Speaker 1: Best Friends Out. M