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

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Speaker 1: and today we're discussing fending off financial fomo. If you

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Speaker 1: have three more fs to that, right, so we have

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Speaker 1: six fs, you'll have white. That's a that's a graphic

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Speaker 1: design joke. Okay, I don't care. I didn't get it. Like,

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Speaker 1: there's codes associated with colors, and if you're trying to

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Speaker 1: find a specific color, like stay with a specific brand,

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Speaker 1: they've got their own six digit codes for their colors,

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Speaker 1: and white is just f f F. That's now, you know,

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Speaker 1: not good to know, but it's fine. It's fine. Um.

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Speaker 1: And I was thinking through fending off financial fomo. We

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Speaker 1: had three fs there. It's kind of like a tongue

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Speaker 1: twister going on a little bit. Peter Piper picked up

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Speaker 1: peck of I don't know. Yeah, that's it, some alliteration,

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Speaker 1: and it's what we got going on here. By the way,

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Speaker 1: I'm sure you know fomo is common parlance at this

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Speaker 1: point in time. But if anybody doesn't know what it means,

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Speaker 1: it means the fear of missing out. I can't believe

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Speaker 1: you defined it. I had to know everybody. Okay, everybody

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Speaker 1: knows it. I think I just insulted everyone's intelligence. Yeah,

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Speaker 1: just a little bit, but we appreciate you being thorough.

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Speaker 1: But yeah, so before we launched into this, though, you

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Speaker 1: want to tell us about you. You got a great

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Speaker 1: curb aler, right, almost a curbler almost. I got a

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Speaker 1: text notification from a neighbor just after Christmas that they

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Speaker 1: had bought their daughter a new bed and they were

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Speaker 1: getting rid of her old bed. And this was like,

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Speaker 1: exactly what you're looking for. She sent me a picture, um,

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Speaker 1: and it was, you know, one of those I Kea

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Speaker 1: you gotta put together with an Alan wrench. And sometimes

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Speaker 1: when you move Ikea furniture, it doesn't last the move.

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Speaker 1: But when you're only moving in a couple of doors down, um,

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Speaker 1: you can be careful. And it it did great. But

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Speaker 1: so do I score this awesome bed for my seven

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Speaker 1: year old that she is obsessed with and that fits, um,

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Speaker 1: that works perfectly for in her room for a hundred bucks. Man,

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Speaker 1: My neighborhood was just sweet to put us on alert

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Speaker 1: about that. I looked it up on IKEA's website. It's

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Speaker 1: uh just under five bucks to buy that bed brand news.

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Speaker 1: That's a sweet deal fo the savings right there, man,

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Speaker 1: Uh and I'll say it is super solid. When I

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Speaker 1: came over to look at it, like I'm kind of

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Speaker 1: critical of Ikea stuff as well, and I reached up,

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Speaker 1: I kind of gave it a shake, and I was surprised.

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Speaker 1: I was like, did you like bolt this to the

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Speaker 1: wall or something like? It did not move at all.

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Speaker 1: And I'm a little jealous to you, man, I think

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Speaker 1: that's the direction we might want to go as well,

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Speaker 1: kind of getting the girls all their beds up in

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Speaker 1: the air. And with schooling and they're you know, they're

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Speaker 1: starting to amass their own possessions. It's not just kind

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Speaker 1: of like kids toys, like they have their own little

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Speaker 1: things or journals, pens, things like that. At the in particular,

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Speaker 1: you know, she's getting older and so I could see

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Speaker 1: having a desk, you know, the area underneath the bed

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Speaker 1: being like her space, Like you can't go in there.

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Speaker 1: There's drawers, things like that. We don't have anything like

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Speaker 1: that right now. It's just kind of like a free

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Speaker 1: for all in their room and they all invade each

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Speaker 1: other's space. It's a problem. I will say to you're

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Speaker 1: just letting your neighbors know that you're open to you stuff.

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Speaker 1: You're open to hand me downs. Um, you know, they

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Speaker 1: just they think of us now and they'll shoot us

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Speaker 1: a text. And that's just kind of it's kind of

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Speaker 1: nice to be thought of, because there's sometimes where I'm

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Speaker 1: almost like surprised that they thought to include us, like

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Speaker 1: a really really old refrigerator, but it actually makes sense

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Speaker 1: because I think I have taken one of their old

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Speaker 1: refrigerators before. But it's all the old things that they're getting. Ready,

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Speaker 1: I'm like, all right, that's just trash. Okay, I don't

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Speaker 1: really you don't even want to know about saying, hey, buddy,

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Speaker 1: we've got a crumpled up piece of paper here for you.

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Speaker 1: Would you like it exactly? But for the most part

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Speaker 1: it works out really well. Um, you know, it's it's

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Speaker 1: about half and half when we say yes to the

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Speaker 1: to the item. But yeah, just nice to get a

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Speaker 1: sweep bunk bed at a deep discount. Absolutely. And if

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Speaker 1: you don't have neighbors, check out online and you know,

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Speaker 1: and and a lot of cities on Facebook there are

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Speaker 1: these buy nothing groups where you can exchange things for free.

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Speaker 1: You gotta you need to do some contributing as well. Uh,

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Speaker 1: if you're gonna you know, participate and take things for free.

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Speaker 1: But that's another great way to find free items in

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Speaker 1: order to to save some money, like like you guys

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Speaker 1: were able to do. But it's really nice when something

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Speaker 1: comes along that you're already looking for like that, for sure.

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Speaker 1: That's right, that's right. All right, let's mention the beer

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Speaker 1: that we're having on the show today. This one's called

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Speaker 1: Dank Daniel or Dang Dang Daniel by High Screwing Company,

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Speaker 1: and Matt apparently this was based on some sort of

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Speaker 1: meme from five years ago or video from five years ago. Dude,

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Speaker 1: I thought it was you. You asked. We were talking

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Speaker 1: about it, and I was like, I think it's like

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Speaker 1: a couple of years ago, and then I looked it up.

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Speaker 1: It was in way longer ago than I actually realized. Okay,

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Speaker 1: can we post the video a link to the video

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Speaker 1: in our show notes? Okay, all right, it's it's actually

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Speaker 1: it's pretty funny. It's so good. I'm glad. I finally,

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Speaker 1: I'm always left out of stuff like that. I don't

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Speaker 1: know why I'm not. I'm not like in tune with

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Speaker 1: what's going on in the cultural zeitgeist all the time.

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Speaker 1: And so yeah, catching up on stuff like that is

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Speaker 1: is nice. I skip out on the some of the

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Speaker 1: TV shows and instead, I guess I just watch memes

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Speaker 1: because I don't know all the things out there. But

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Speaker 1: for whatever reason, I'm done with the memes. But yeah,

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Speaker 1: I'm looking forward to sharing this beer with you, man. Uh.

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Speaker 1: And we'll talk about it at the end of the episode.

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Speaker 1: But this episode we're talking about financial fomo. Yeah fomo,

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Speaker 1: which again means no, I'm just kidding. I won't repeat it,

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Speaker 1: but Teddy Roosevelt Matt once said, one of the great

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Speaker 1: American presidents said, comparison the thief of joy. And how

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Speaker 1: true is that, man? When we think about our own lives,

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Speaker 1: that sometimes we can be completely happy doing going on

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Speaker 1: our own merry way, and all of a sudden, something

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Speaker 1: happening somewhere else in the world or in our neighborhood

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Speaker 1: can immediately make us feel the opposite of happy. Uh.

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Speaker 1: And it's purely because of comparison. And this episode is

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Speaker 1: going to focus on how to deal with fomo so

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Speaker 1: that we don't make moves that mess up our ultimate

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Speaker 1: money goals. Due to short term experiences with the world

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Speaker 1: around us, those feelings that it can foster can can

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Speaker 1: lead us to make some really poor money decisions, and

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Speaker 1: that's what we're hoping to avoid in our own lives

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Speaker 1: and hoping to help our listeners avoid, you know, as

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Speaker 1: we talked through it today. Yeah, a lot of folks

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Speaker 1: might feel some significant FOMO if they're seeing individual stocks

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Speaker 1: like Tesla sore this past year while you are investing

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Speaker 1: in plain old index funds right, or even target date

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Speaker 1: retirement funds, or maybe even mortgage rates you know, they've

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Speaker 1: been at all time lows, and that might make you

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Speaker 1: feel like you are the only person in your peer

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Speaker 1: group who's not buying a house right now. Uh, and

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Speaker 1: you don't want to miss out. But living life according

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Speaker 1: to that FOMO could cause you to speculate and maybe

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Speaker 1: buy bitcoin because others have seen success, or rushing the

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Speaker 1: purchase maybe of a home just to secure that low

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Speaker 1: andgest rate when you aren't actually ready to own a home,

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Speaker 1: you know, either financially or for a number of other reasons.

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Speaker 1: We don't want to let fomo dictate our personal finances.

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Speaker 1: Fomo can cause us to put the cart before the horse,

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Speaker 1: can cause us to do something in the wrong order,

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Speaker 1: or just do something ill advised altogether. Right, And let's

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Speaker 1: talk to fomo is often based on false assumptions of

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Speaker 1: what is actually happening around us. Everyone else isn't actually

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Speaker 1: buy a home while you're the only person sitting on

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Speaker 1: the sidelines. That's just what's going through your brain. It

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Speaker 1: might feel like you are, or anecdotally that might be true,

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Speaker 1: like you might know somebody or a couple of folks

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Speaker 1: who are doing that, but statistically that's not true. Everybody

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Speaker 1: isn't doing that, right. It's just like when you flip

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Speaker 1: through your Instagram feed and you see like three your

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Speaker 1: friends in their bathing suit, you know, at the beach,

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Speaker 1: You're like, everybody's there and I'm not. It's like, not everybody.

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Speaker 1: And maybe some of those pictures from We're from weeks ago,

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Speaker 1: who knows. But yeah, the amount of store reads that

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Speaker 1: were written about like Tesla millionaires, right, there were certainly

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Speaker 1: a few people that made a lot of money investing

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Speaker 1: in Tesla. But do you actually know any of them?

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Speaker 1: Probably not? And if you if you do know one, um,

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Speaker 1: can you name two? Like do you know? I know?

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Speaker 1: Maybe too? That's it. I don't. I don't even know too.

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Speaker 1: I know one friend who made like grand and I'm

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Speaker 1: super happy for him, But also, no, that's not the norm, right, Uh.

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Speaker 1: And so even more key, have those friends who have

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Speaker 1: done well and something like that ever talked to you

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Speaker 1: about money that they've lost investing in other stocks, investing

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Speaker 1: in other arenas. It's kind of like the gambler detailing

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Speaker 1: his or her most amazing day at the table playing craps,

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Speaker 1: but yet they've lost a fortune over the years. They

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Speaker 1: had that one glorious night, but when it comes down

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Speaker 1: to it, most of the time they're actually losing money.

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Speaker 1: And I feel like fomo matt is often fueled by

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Speaker 1: cherry pick sample size. It's people choosing which things they

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Speaker 1: want to relay the biggest successes they've had, and they're

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Speaker 1: leaving out all the other failures. And it prevents a

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Speaker 1: shiny look to something that under the surface is much

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Speaker 1: more sinister. That's right, But so why does fomo seem

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Speaker 1: more prevalent today? You know, the whole notion that you're

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Speaker 1: missing out on something important has become more pronounced, I

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Speaker 1: think in recent years. Uh. And it's it's worth talking

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Speaker 1: about how pomo has grown in scale and scope so

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Speaker 1: that we can begin to combat it. So the first

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Speaker 1: reason that we want to point to is just the

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Speaker 1: twenty four our news cycle. You know that certainly plays

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Speaker 1: a major role in the rise of FOMO in our

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Speaker 1: collective anxiety. Uh. The amount of information that gets presented

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Speaker 1: to us every single day has shot through the roof.

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Speaker 1: We took in five times the amount of information that

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Speaker 1: people encountered in and I would venture to say that

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Speaker 1: it would be even more to day with the advent

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Speaker 1: of you know how prevalent our smartphones are in our

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Speaker 1: day to day lives. But bottom line, our generation has

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Speaker 1: just been exposed to way more information, way more news

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Speaker 1: uh than previous generations. And you know, the thing is,

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Speaker 1: we're not all that great at processing these massive amounts

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Speaker 1: of information on a daily basis. Yes, it's information overload,

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Speaker 1: and we don't know how to determine what's important, what's meaningful,

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Speaker 1: from what's not. And that lack of being able to

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Speaker 1: filter things well when that much is coming out us,

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Speaker 1: when we're essentially drinking from a fire hose, can make

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Speaker 1: it hard to make the right decisions, especially when it

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Speaker 1: comes to our money. Another reason why FOLMO seems more

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Speaker 1: prevalent today is of course the culprit that everyone points

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Speaker 1: to social media, and that that's another part of the

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Speaker 1: reason we're encountering way too much information. We're encountering so

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Speaker 1: much information than prior generations Facebook, Twitter, and even Instagram. Now, man,

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Speaker 1: it's not just pictures anymore. People got along soliloquy to

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Speaker 1: write underneath that picture, and so we're confronted with and

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Speaker 1: we're forced to dissect everyone's opinion. And just to be honest,

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Speaker 1: there are a lot of lamb opinions out there. And

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Speaker 1: let's not forget to YouTube. We're apparently users are uploading

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Speaker 1: five minutes of content every single minute. I mean, that's

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Speaker 1: a lot of content out there. Yeah, more content being

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Speaker 1: uploaded than any human being could watch in their entire lifetime. Um.

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Speaker 1: And that's a lot of content that can distract and

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Speaker 1: overload your faculties. Um. And I think that can actually

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Speaker 1: just heighten the sense of fomo that we feel in

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Speaker 1: our everyday lives. Yeah, and you just mentioned Instagram too,

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Speaker 1: as far as like the long essays written underneath the

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Speaker 1: actual images. But like, let's not discount the images themselves.

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Speaker 1: You know, it's not just social media where we're kind

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Speaker 1: of writing, like sharing our thoughts on a personal blog

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Speaker 1: or things like that. But dude, images are really really

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Speaker 1: powerful you know the example you gave earlier talking about

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Speaker 1: folks hanging out at the beach. You know, when we

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Speaker 1: see these images of people's you know, possessions or what

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Speaker 1: they're doing, it can have a pretty big impact on

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Speaker 1: our psyche. Uh and hopefully it doesn't have an impact

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Speaker 1: on our money, but it can. You know, like you

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Speaker 1: feel a certain way if you see a friend, um,

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Speaker 1: you know, post a picture of their new tesla, or

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Speaker 1: you see somebody on a vacation, because experiences are something

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Speaker 1: that we value these days as well. Obviously we're not

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Speaker 1: traveling as much, but hopefully we will be soon. But

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Speaker 1: let's not discount the ability of just images to to

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Speaker 1: influence our decisions as well. Can I say to In

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Speaker 1: recent years, I've just kind of stopped posting um really

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Speaker 1: anywhere is in particular on Facebook, I haven't posted in

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Speaker 1: probably years. And Instagram I post maybe twice a year,

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Speaker 1: and it's just a couple of pictures that I want

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Speaker 1: to remember in like a extremely curated feed. But part

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Speaker 1: of that was seeing how other people react to the

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Speaker 1: images that that are posted, seeing how I felt sometimes

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Speaker 1: seeing some of the images around as I scrolled through

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Speaker 1: my feed, and I was like, what do I want

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Speaker 1: to put out there in the world. Um, And I

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Speaker 1: think ultimately I decided and I wanted to put out

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Speaker 1: just less stuffy. Yeah, it's certainly weird. I mean the

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Speaker 1: relationship we have with Instagram, social media things that project

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Speaker 1: something when we know that it's not true. But at

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Speaker 1: the same time, like, I don't want to be one

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Speaker 1: of those people that that states like, oh, by the way,

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Speaker 1: this is just the highlight reel. It's like, well, like, yeah,

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Speaker 1: I I get that, like that's how we treat it.

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Speaker 1: But at the same time, it's weird to continue to

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Speaker 1: do that when we know it does have an impact

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Speaker 1: on folks. Folks want to put that disclaimer out there.

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Speaker 1: But at the same time, I think we are I

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Speaker 1: don't know, maybe wising up a little bit with how

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Speaker 1: we perceive and how we use social media ourselves. Um.

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Speaker 1: But you know, another thing to kind of think through

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Speaker 1: is who are the ones that are participating in this,

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Speaker 1: you know, different types of social media. Who is susceptible

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Speaker 1: to FOMO basically, and statistics certainly point towards younger folks

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Speaker 1: who have grown up being constantly connected as having more

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Speaker 1: anxiety in general and an increase of uh you know

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Speaker 1: in that fear of missing out. But it isn't just

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Speaker 1: the youngest folks in our society. People who consider themselves

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Speaker 1: news junkies obviously, and even social extroverts are at higher

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Speaker 1: risk for feeling FOMO as well. So a lot of

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Speaker 1: it kind of does come down to your individual personality

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Speaker 1: that in addition to your generation. Man, I'm extrovert, as

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Speaker 1: you know, Matt. And when I was younger, and I

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Speaker 1: would hear like some people got together on on Thursday

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Speaker 1: and I wasn't there. I was like, I would, I

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Speaker 1: would get that pomo, but it didn't feel the same

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Speaker 1: because you didn't necessarily see the pictures um on social

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Speaker 1: media and so you just kind of heard about it

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Speaker 1: and then it left your mind really quickly after that.

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Speaker 1: But now it's got this like stickability that makes the

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Speaker 1: pomo I think worse for a lot of people. So

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Speaker 1: I don't know, I guess I just gotta say I'm

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Speaker 1: thankful that I grew up in an era where we

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Speaker 1: didn't have internet at least for a portion of our youth,

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Speaker 1: and then we're dial up. Internet was kind of the thing,

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Speaker 1: you know, you remember the sound to try to get

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Speaker 1: on and then when you when your family members would

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Speaker 1: pick up the phone and you got kicked off and

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Speaker 1: you're like, up the phone, what do you do? Like? Um?

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Speaker 1: And I think just even growing up in an era

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Speaker 1: where my first cell phone wasn't connected to the internet,

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Speaker 1: we're the only thing you could actually do on it

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Speaker 1: that was fun was play snake. Um. Like, there's something

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Speaker 1: that like sets you up for a better life than that.

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Speaker 1: I feel bad for the kids these days that are

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Speaker 1: essentially you know, on Instagram or Twitter or on social media.

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Speaker 1: Their whole lives kind of revolve around virtual interactions and

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Speaker 1: that has some difficulties associated with it. But here on

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Speaker 1: the show, you know, we we specifically like to talk

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Speaker 1: about money, of course, and uh, fomo impacts our psyche

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Speaker 1: as we've talked about a little bit in this segment,

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Speaker 1: but it also affects our money too, and we want

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Speaker 1: to get into some of the specifics of how that

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Speaker 1: works and the impact that fomo has in that arena.

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Speaker 1: Right after this break and so we're back from the

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Speaker 1: break and I was just actually during the break, I

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Speaker 1: was thinking about how like when when do a lot

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Speaker 1: of people kind of catch up on social media at night,

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Speaker 1: you know, like right before they go to bed. Uh,

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Speaker 1: you know he's like, Okay, I haven't been on all day,

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Speaker 1: or it's been several hours and or have been on

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Speaker 1: eighty two times today, but I'm gonna do it again. Yeah.

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Speaker 1: But like the ability for us to scroll through and

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Speaker 1: look at what other people are doing, what they're buying,

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Speaker 1: what they're purchasing. Could you imagine like, Okay, you're getting

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Speaker 1: ready to go to bed, but then you're gonna jump

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Speaker 1: in the car real quick and make a round of

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Speaker 1: all of your friends. Obviously it's not possible because we've

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Speaker 1: got friends obviously in other cities as well, But like,

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Speaker 1: what would that do to you mentally? Like, no wonder

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Speaker 1: people have anxiety, No wonder we have difficulties sleeping, you

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Speaker 1: know for folks who are on their phones on social media, um,

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Speaker 1: you know, right before bed. It's just kind of mind

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Speaker 1: blowing to think through what that would actually look like.

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Speaker 1: If we didn't have that technology, it wouldn't be possible,

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Speaker 1: but be it would be ridiculous. You know. Um, just

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Speaker 1: a little thought I had. But like you said, let's

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Speaker 1: talk about it from like the standpoint of money, right. Uh,

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Speaker 1: we're also seeing a major dose of fomo when it

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Speaker 1: comes to our personal finances, and so let's let's talk

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Speaker 1: about how the you know, fomo phenomenon has translate to

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Speaker 1: the temptation to handle our money with the same reactionary behavior.

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Speaker 1: You know, that Teddy Roosevelt quote you quoted earlier about

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Speaker 1: comparison being the thief of joy is totally true. But

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Speaker 1: in the world of personal finance, comparison can be the

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Speaker 1: enemy of attaining our investing in savings goals. You know,

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Speaker 1: it's the keeping up of the joneses and the treat

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Speaker 1: yourself mentality that caused us to put too much emphasis

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Speaker 1: on the here now, and it harms our ability to

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Speaker 1: delay gratification that would lead to our own future. Good. Yeah,

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Speaker 1: and comparing things like we talked about with the cherry

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Speaker 1: picking aspect, it's it's not always an accurate picture you're getting.

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Speaker 1: The interesting thing about comparing our financial lives with with

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Speaker 1: those of others is that you know, what shape our

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Speaker 1: personal finances are actually in is pretty dang hidden from

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Speaker 1: everybody else, Right, you don't actually know. You can't actually

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Speaker 1: see what my personal finances look like. You can only

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Speaker 1: see what I'm projecting to the world. So what we see,

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Speaker 1: at least in some degree is is the spending that

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Speaker 1: takes place in the lives of those around us, not

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Speaker 1: the saving and investing habits of them, the new car,

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Speaker 1: the expensive vacation, or the private school education for the kids,

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Speaker 1: or what you're seeing your friends spending their money on.

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Speaker 1: But you don't see is what's happening behind that spending

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Speaker 1: or your friends or coworkers or loved ones paying in

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Speaker 1: cash or are they taking on a boatload of debt

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Speaker 1: in order to finance those purchases, and is it keeping

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Speaker 1: them up at night and causing them a bunch of stress,

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Speaker 1: Because that's the case. Comparison in this case can cause

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Speaker 1: you to make faulty assumptions that then mess up your

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Speaker 1: own money situation. Well, if that person can afford it,

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Speaker 1: you know, they're at a job that you know, I

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Speaker 1: bet they make about as much as I do. I

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Speaker 1: guess I can afford that too. Well, those things don't

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Speaker 1: necessarily correlate, and you're not getting the full picture because

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Speaker 1: you're only seeing a small portion of kind of their

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Speaker 1: personal finance decisions. Yeah, man, you know, when what's taking

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Speaker 1: place in the market becomes sort of like this national obsession,

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Speaker 1: we should all be worried that FOMO is setting in.

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Speaker 1: I know, any one of your favorite money writers, Christine

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Speaker 1: Ben's over there at morning Star. She tweeted recently about

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Speaker 1: some of the warning signs that are taking place with

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Speaker 1: how investors are acting. People are treating individual stocks um

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Speaker 1: like bitcoin, cryptocurrencies, and just the market in general as

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Speaker 1: a high interest savings account that never goes down. But

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Speaker 1: history shows us that the market will experience turbulence, you know.

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Speaker 1: Uh so don't let POMO change your investing plan and

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Speaker 1: cause you to to make risky your bets. Yeah, man,

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Speaker 1: I think that's an extreme. Part of what's currently happening

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Speaker 1: in the financial FOMO atmosphere is that people are seeing

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Speaker 1: just an extreme rising stock prices. They're seeing certain individual

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Speaker 1: stocks just leaping off the charts um. They're seeing crazy

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Speaker 1: things like bitcoin just shooting up to to record highs,

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Speaker 1: and they're like, what am I doing with my life?

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Speaker 1: And why is my money not invested in that way?

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Speaker 1: It makes them rethink their plan. Am I doing things wrong?

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Speaker 1: Because this all this is happening around me and I'm

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Speaker 1: not involved. But let's talk about those riskier bets and

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Speaker 1: what FOMO can lead you to do when it majorly

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Speaker 1: sets in. Well, it can lead you to a rational

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Speaker 1: decision making, like let's say, jumping into individual stock investing

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Speaker 1: because you want to ride the wave that others are on.

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Speaker 1: That has led to financial ruin in some cases, Like

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Speaker 1: I don't know if on the show we've ever talked

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Speaker 1: about the young Robin investor who killed himself after seeing

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Speaker 1: a massive negative balance that was in the summer of

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Speaker 1: last year. I think, but investing in ways that you

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Speaker 1: don't know much about can take a massive toll on

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Speaker 1: your finances and your personal health to those rational decisions

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Speaker 1: can lead to severe consequences, and in that case, the

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Speaker 1: most severe of consequences. But I feel like the turbo

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Speaker 1: charged feelings of FOMO that people are are feeling right

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Speaker 1: now can definitely lead to that sort of decision making

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Speaker 1: that doesn't really have any basis in facts or reality

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Speaker 1: or your own personalized money plan. Yeah, it's in a

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Speaker 1: sense like FOMO leads to the sort of echo chamber

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Speaker 1: of people all like participating in this sort of hive

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Speaker 1: mind where they're all thinking the same thing. Nobody is

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Speaker 1: really questioning reality, and they're gonna continue doing what has

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Speaker 1: been working, even though there may not be a basis

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Speaker 1: for that continuing in that direction and on the contrary, right,

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Speaker 1: I'm like, I'm thinking through to how someone might actually

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Speaker 1: take a contrarian view as justification, you know, like leading

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Speaker 1: to actions that can maybe similarly be harmful. I'm thinking

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Speaker 1: about the Tesla short sellers, like they were so sure

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Speaker 1: that Tesla's rise couldn't continue that they then lost tens

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Speaker 1: of billions of dollars taking that contrarian position. Uh, but

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Speaker 1: you know yet Tesla's dot continues to rise to the

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Speaker 1: tune of se last year. FOMO can cause you to

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Speaker 1: to make ill advised bets in an attempt to prove

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Speaker 1: something to yourself or others, and that could also cause

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Speaker 1: financial damage. Yeah, I think to another thing that FOMO

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Speaker 1: can lead you to do when it comes to your

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Speaker 1: money is make not just the wrong decision, but make

426
00:19:27,440 --> 00:19:30,560
Speaker 1: the wrong decision for you, because like, depending on where

427
00:19:30,600 --> 00:19:33,160
Speaker 1: you are at in your personal finance journey, you might

428
00:19:33,240 --> 00:19:35,680
Speaker 1: end up making a move with your money that makes

429
00:19:35,720 --> 00:19:39,240
Speaker 1: perfect sense for someone else, but it could be catastrophic

430
00:19:39,280 --> 00:19:43,400
Speaker 1: for your own personal financial situation. Context is so key

431
00:19:43,480 --> 00:19:46,520
Speaker 1: when we're talking about money. Like let's say Warren Buffett,

432
00:19:46,720 --> 00:19:48,560
Speaker 1: it makes makes a decision to go all in on

433
00:19:48,560 --> 00:19:50,880
Speaker 1: a company. That doesn't mean that you've got the green

434
00:19:50,960 --> 00:19:53,640
Speaker 1: light to follow suit though, right, Remember that the game

435
00:19:53,640 --> 00:19:55,920
Speaker 1: that you're playing and the game that Warren Buffett is

436
00:19:55,960 --> 00:19:59,159
Speaker 1: playing are completely different ball games. The game you're playing

437
00:19:59,280 --> 00:20:02,000
Speaker 1: is to be to retire someday with enough money to

438
00:20:02,040 --> 00:20:03,920
Speaker 1: be able to fund your lifestyle. You're not in the

439
00:20:03,920 --> 00:20:06,960
Speaker 1: business of making billion dollar deals, So don't compare yourself

440
00:20:07,000 --> 00:20:09,120
Speaker 1: to the people that are in that business. I think

441
00:20:09,160 --> 00:20:12,000
Speaker 1: that's another thing that FOMO can produce in us is

442
00:20:12,200 --> 00:20:14,239
Speaker 1: we want to invest like the big timers. We might

443
00:20:14,280 --> 00:20:17,040
Speaker 1: want to get rich quick or do something that isn't

444
00:20:17,040 --> 00:20:19,280
Speaker 1: in our wheelhouse. Um, and we have to remember, like

445
00:20:19,359 --> 00:20:21,320
Speaker 1: who we are in the game that we're playing with

446
00:20:21,359 --> 00:20:23,560
Speaker 1: our money. Yeah no, nor are we in the business

447
00:20:23,560 --> 00:20:25,879
Speaker 1: of eating at McDonald's every morning. Uh. Let's leave that

448
00:20:25,920 --> 00:20:28,600
Speaker 1: to Warren. We'll leave that to our good but to Warren. Uh.

449
00:20:28,600 --> 00:20:30,680
Speaker 1: And So that's a good example when it comes to investing, right.

450
00:20:31,000 --> 00:20:33,239
Speaker 1: But the same is true in other areas of our

451
00:20:33,240 --> 00:20:35,480
Speaker 1: financial lives as well, you know, especially when it comes

452
00:20:35,520 --> 00:20:38,680
Speaker 1: to spending. You know, we mentioned housing earlier, Like who

453
00:20:38,800 --> 00:20:41,920
Speaker 1: would have thought that mortgage interest rates would be as

454
00:20:41,960 --> 00:20:45,399
Speaker 1: low as they are right now? But just because this

455
00:20:45,480 --> 00:20:47,600
Speaker 1: is the right time for someone else to buy a home,

456
00:20:47,600 --> 00:20:49,119
Speaker 1: you know that maybe they've been saving up for a

457
00:20:49,119 --> 00:20:51,600
Speaker 1: couple of years, that doesn't mean that you should be

458
00:20:51,800 --> 00:20:54,520
Speaker 1: doing the same thing. Uh. It does feel like there's

459
00:20:54,520 --> 00:20:56,480
Speaker 1: there's like a kind of a closing window for folks

460
00:20:56,480 --> 00:20:58,280
Speaker 1: to kind of snag these all time low rates. But

461
00:20:58,320 --> 00:21:01,160
Speaker 1: it doesn't matter if it's not the right time for you,

462
00:21:01,520 --> 00:21:03,280
Speaker 1: for you as an individual. And I think we even

463
00:21:03,280 --> 00:21:05,879
Speaker 1: see this too when it comes to just how certain

464
00:21:05,880 --> 00:21:08,720
Speaker 1: things are marketed to us, right like aside from a

465
00:21:08,760 --> 00:21:11,320
Speaker 1: financial like a larger financial purchase like a home with

466
00:21:11,320 --> 00:21:14,040
Speaker 1: mortgage traits, but even just like retail consumption. I think

467
00:21:14,040 --> 00:21:19,040
Speaker 1: about all the different mattress companies that advertise on podcasts

468
00:21:19,119 --> 00:21:21,639
Speaker 1: like ours. There are hundreds of them. There are so

469
00:21:21,680 --> 00:21:23,639
Speaker 1: many of them, uh that you know, when you hear

470
00:21:23,680 --> 00:21:26,240
Speaker 1: it being talked about so often, it makes you think, oh,

471
00:21:26,359 --> 00:21:28,600
Speaker 1: am I missing out on a good night's sleep, Like

472
00:21:28,600 --> 00:21:32,000
Speaker 1: everbody's getting a mattress? Why aren't I everybody's sleeping? So well,

473
00:21:32,040 --> 00:21:34,239
Speaker 1: this is something that I need as well, And you

474
00:21:34,320 --> 00:21:37,280
Speaker 1: haven't necessarily questioned, oh, well, maybe I shouldn't be on

475
00:21:37,320 --> 00:21:39,440
Speaker 1: my phone at night before I go to bed. Maybe

476
00:21:39,440 --> 00:21:41,199
Speaker 1: I just need to sleep longer, Maybe need to go

477
00:21:41,200 --> 00:21:43,600
Speaker 1: to go to bed earlier, maybe turn off Netflix. Right, Like,

478
00:21:43,640 --> 00:21:45,879
Speaker 1: there's so many things that we need to consider, uh

479
00:21:45,920 --> 00:21:48,639
Speaker 1: and it and and our behavior doesn't need to be reactionary.

480
00:21:48,640 --> 00:21:50,040
Speaker 1: We don't need to see what's out there, what's being

481
00:21:50,040 --> 00:21:52,119
Speaker 1: fed to us, what's being marketed to us, uh and

482
00:21:52,160 --> 00:21:54,680
Speaker 1: then making sort of a knee jerk reaction based on that.

483
00:21:54,760 --> 00:21:56,359
Speaker 1: So we can have an impact on you know, not

484
00:21:56,400 --> 00:21:58,520
Speaker 1: only how we invest our money, but also how we yeah,

485
00:21:58,560 --> 00:22:00,760
Speaker 1: how we spend it as well. That's true. Fomo can

486
00:22:00,800 --> 00:22:03,040
Speaker 1: cause us to spend more than we otherwise should, that's

487
00:22:03,080 --> 00:22:04,840
Speaker 1: for sure. And these are just some of the ways

488
00:22:04,840 --> 00:22:07,760
Speaker 1: that fomo can can wreck our personal finances. We of

489
00:22:07,760 --> 00:22:09,720
Speaker 1: course want to make sure that you're not doing that,

490
00:22:10,080 --> 00:22:11,879
Speaker 1: and so we're going to talk about what to do

491
00:22:11,960 --> 00:22:14,679
Speaker 1: the ways that you can actually fend off fomo so

492
00:22:14,720 --> 00:22:17,200
Speaker 1: that you don't make those terrible money moves. And we'll

493
00:22:17,200 --> 00:22:19,480
Speaker 1: get to our thoughts on that right after this break.

494
00:22:28,600 --> 00:22:30,880
Speaker 1: All right, we're back from the break, and we're discussing

495
00:22:30,880 --> 00:22:34,320
Speaker 1: how you can fend off financial fomo. Uh jel, I'm

496
00:22:34,359 --> 00:22:36,800
Speaker 1: thinking of it like like fencers going back and forth

497
00:22:36,840 --> 00:22:38,679
Speaker 1: with you know, you also have to kind of like

498
00:22:38,720 --> 00:22:42,280
Speaker 1: have that attitude towards them. There's offending, there's some defending

499
00:22:42,480 --> 00:22:47,120
Speaker 1: fending fencing, and with the foil the other f right, uh,

500
00:22:47,160 --> 00:22:49,040
Speaker 1: And so I mean generally speaking here there's there's a

501
00:22:49,040 --> 00:22:51,280
Speaker 1: couple of problems that we've identified. One of them is

502
00:22:51,320 --> 00:22:54,520
Speaker 1: comparison and the other one is just all the news,

503
00:22:54,800 --> 00:22:58,280
Speaker 1: all the noise that we allow into our lives every day.

504
00:22:58,560 --> 00:23:00,840
Speaker 1: And so instead of allowing the things to dictate, how

505
00:23:00,880 --> 00:23:03,920
Speaker 1: does that we behave? Instead, we want you to first

506
00:23:03,960 --> 00:23:06,439
Speaker 1: of all, cut the noise as much as possible. Right,

507
00:23:06,480 --> 00:23:09,080
Speaker 1: this is including the news. Ask yourself, is there actually

508
00:23:09,080 --> 00:23:10,879
Speaker 1: twenty four hours worth of news in a day that

509
00:23:10,960 --> 00:23:13,280
Speaker 1: is that is actually worth consuming? Oh? I can answer

510
00:23:13,320 --> 00:23:16,000
Speaker 1: that yeah, No, no, no way of course not. But

511
00:23:16,080 --> 00:23:19,000
Speaker 1: because it exists, we can use the excuse that we

512
00:23:19,080 --> 00:23:21,320
Speaker 1: are just trying to stay informed. You know, this is

513
00:23:21,880 --> 00:23:24,199
Speaker 1: something I find myself telling myself where I'm like, I

514
00:23:24,200 --> 00:23:26,600
Speaker 1: need to stay informed, especially given all that's going on

515
00:23:26,680 --> 00:23:29,760
Speaker 1: these days. But can find your news and take and

516
00:23:29,920 --> 00:23:32,800
Speaker 1: as attempt to find maybe even better venues in order

517
00:23:32,840 --> 00:23:35,960
Speaker 1: to get informed than just having you know, whether it

518
00:23:36,000 --> 00:23:39,280
Speaker 1: be talk radio or just like podcast just blaring constantly

519
00:23:39,280 --> 00:23:41,960
Speaker 1: in the background. Make sure that you are actively participating

520
00:23:42,000 --> 00:23:44,600
Speaker 1: in this versus allowing it just to kind of constantly

521
00:23:44,680 --> 00:23:47,320
Speaker 1: bombard your senses. Yeah, for sure, there's only one podcast

522
00:23:47,320 --> 00:23:49,240
Speaker 1: I'm okay with you blaring in the background at all

523
00:23:49,280 --> 00:23:51,680
Speaker 1: hours of the day. And then you know, we Matt.

524
00:23:51,720 --> 00:23:54,000
Speaker 1: We recently had Rachel Cruise on the show. She admitted

525
00:23:54,040 --> 00:23:56,159
Speaker 1: that she used to check her her email first thing

526
00:23:56,200 --> 00:23:59,600
Speaker 1: when she woke up. There's something I think about before

527
00:23:59,640 --> 00:24:03,560
Speaker 1: your feet even touched the floor, getting inundated with information

528
00:24:03,880 --> 00:24:06,440
Speaker 1: problems that might be coming at you via email or

529
00:24:06,520 --> 00:24:08,719
Speaker 1: checking your Twitter feed even right, those are the kind

530
00:24:08,720 --> 00:24:10,320
Speaker 1: of things that are going to start your day off

531
00:24:10,400 --> 00:24:13,159
Speaker 1: on the wrong foot. So allow yourself at least a

532
00:24:13,160 --> 00:24:15,760
Speaker 1: cup of coffee and a few moments of silence before

533
00:24:15,760 --> 00:24:17,639
Speaker 1: you start checking your phone stuff. That's just like a

534
00:24:17,680 --> 00:24:20,359
Speaker 1: minor tweak, but it does cut down on the noise

535
00:24:20,400 --> 00:24:23,080
Speaker 1: that's reaching you literally immediately as you open your eyes.

536
00:24:23,240 --> 00:24:25,800
Speaker 1: And I do think there's a number of our listeners

537
00:24:25,840 --> 00:24:28,000
Speaker 1: out there who probably start their way that day. I

538
00:24:28,000 --> 00:24:29,840
Speaker 1: know I used to too, Like Rachel's not alone, a

539
00:24:29,840 --> 00:24:31,760
Speaker 1: lot of people do that, And so yeah, I think

540
00:24:31,880 --> 00:24:34,399
Speaker 1: putting your phone aside, maybe for the first thirty minutes

541
00:24:34,400 --> 00:24:37,080
Speaker 1: of every morning is a really great way to combat

542
00:24:37,200 --> 00:24:40,560
Speaker 1: that information overloaded, anti combat FOMO at the same time, Yeah,

543
00:24:40,600 --> 00:24:42,960
Speaker 1: and you know, this even means avoiding financial sites if

544
00:24:43,080 --> 00:24:45,439
Speaker 1: if they begin to tell at your fomo feelings, you know, like,

545
00:24:45,480 --> 00:24:49,399
Speaker 1: stop watching financial news like CNBC, stop looking at your

546
00:24:49,440 --> 00:24:52,280
Speaker 1: retirement account statements so frequently, like you know, stop looking

547
00:24:52,280 --> 00:24:55,000
Speaker 1: at the small things that might cause you a little

548
00:24:55,040 --> 00:24:57,640
Speaker 1: bit of stress. The stats have shown that the more

549
00:24:57,640 --> 00:25:00,719
Speaker 1: frequently investors check their phone for one case, stay meants, uh,

550
00:25:00,760 --> 00:25:03,680
Speaker 1: the more likely they are to make ill informed changes

551
00:25:03,960 --> 00:25:06,639
Speaker 1: to their investment choices. Awareness is so important here, and

552
00:25:06,640 --> 00:25:09,280
Speaker 1: if you see that you are participating in some of

553
00:25:09,280 --> 00:25:11,880
Speaker 1: these knee jerk behaviors and some of these reactions, then

554
00:25:11,880 --> 00:25:13,960
Speaker 1: it's gonna be time for you to make a change. Yeah, man,

555
00:25:14,040 --> 00:25:17,560
Speaker 1: I think you're wise to to mention limiting the role

556
00:25:17,640 --> 00:25:20,720
Speaker 1: that traditional media plays in our lives and social media

557
00:25:20,880 --> 00:25:22,679
Speaker 1: same thing, right, I think we should actually be massively

558
00:25:22,680 --> 00:25:24,320
Speaker 1: cutting down the time that we spend on both of

559
00:25:24,320 --> 00:25:26,240
Speaker 1: those things. And so when it comes to the issue

560
00:25:26,280 --> 00:25:28,360
Speaker 1: of comparison, but we we would suggest that you begin

561
00:25:28,440 --> 00:25:30,879
Speaker 1: to cut the number of influences or lifestyle accounts that

562
00:25:30,880 --> 00:25:35,840
Speaker 1: you follow on social media, but unquote influencers like you right, no, exactly,

563
00:25:36,680 --> 00:25:39,520
Speaker 1: I've got a lifestyle account. I can't wait to follow it.

564
00:25:39,960 --> 00:25:43,440
Speaker 1: How to money life, you know exactly exactly. That might

565
00:25:43,560 --> 00:25:47,720
Speaker 1: even mean unfollowing some of your actual friends too. Since

566
00:25:47,800 --> 00:25:50,000
Speaker 1: so much of our interactions are taking place in this

567
00:25:50,040 --> 00:25:53,199
Speaker 1: cleaned up, moderated digital world, we're not actually seeing the

568
00:25:53,240 --> 00:25:56,680
Speaker 1: messy reality that that all of us live in. We're

569
00:25:56,720 --> 00:25:59,400
Speaker 1: just seeing the perfectly appointed living room that you walk

570
00:25:59,440 --> 00:26:02,119
Speaker 1: into when you first arrived at the house. And so

571
00:26:02,200 --> 00:26:04,360
Speaker 1: this doesn't mean that you're not still friends. I think

572
00:26:04,400 --> 00:26:06,720
Speaker 1: for a lot of people, especially younger generations, it can

573
00:26:06,800 --> 00:26:08,960
Speaker 1: feel like that. But give him a call and actually

574
00:26:09,000 --> 00:26:11,520
Speaker 1: catch up, grab a coffee or a beer, and talk

575
00:26:11,560 --> 00:26:13,760
Speaker 1: about the stuff that actually matters instead of just the

576
00:26:13,760 --> 00:26:16,520
Speaker 1: stuff that they're buying. Instead of your friendship purely living

577
00:26:16,600 --> 00:26:18,720
Speaker 1: in the digital world. Bring it back into reality, Bring

578
00:26:18,760 --> 00:26:21,000
Speaker 1: it back into the physical world. Yeah, So cutting back

579
00:26:21,080 --> 00:26:23,800
Speaker 1: on the amount of information that we're bombarded with every

580
00:26:23,800 --> 00:26:25,720
Speaker 1: single day is one way to to make sure that

581
00:26:25,720 --> 00:26:29,400
Speaker 1: we're not falling victim to fomo. Also having a plan

582
00:26:29,520 --> 00:26:31,320
Speaker 1: is really important, and having one that you can you

583
00:26:31,359 --> 00:26:34,320
Speaker 1: can actually stick to like that is even better. Actually

584
00:26:34,320 --> 00:26:36,720
Speaker 1: pulled up my investing plan from a few years ago,

585
00:26:37,200 --> 00:26:39,280
Speaker 1: uh that I had looked at in quite some time,

586
00:26:39,400 --> 00:26:41,680
Speaker 1: and dude, it was so fun to see how I'm

587
00:26:41,960 --> 00:26:43,960
Speaker 1: doing and how I'm actually sticking to it. It's fun

588
00:26:43,960 --> 00:26:45,480
Speaker 1: to see kind of like some of the fundamentals that

589
00:26:45,520 --> 00:26:48,120
Speaker 1: I identified way back then, uh, and how they still

590
00:26:48,119 --> 00:26:50,880
Speaker 1: inform me today. Uh. And you know, even though it's

591
00:26:50,880 --> 00:26:53,679
Speaker 1: it's not something I have to physically look at often,

592
00:26:54,080 --> 00:26:57,040
Speaker 1: it's still informs my investing decisions when I when I

593
00:26:57,080 --> 00:26:58,920
Speaker 1: do have periods of doubt, you know, like when Tesla

594
00:26:59,200 --> 00:27:02,240
Speaker 1: stock Shop the the roof last year. Writing that plan

595
00:27:02,320 --> 00:27:05,000
Speaker 1: out is a I think a key part of having

596
00:27:05,080 --> 00:27:07,720
Speaker 1: a plan. You know, our our brains can easily play

597
00:27:07,720 --> 00:27:10,400
Speaker 1: tricks on us, and it allows us to maybe bend

598
00:27:10,440 --> 00:27:13,160
Speaker 1: the truth a little bit when we are in an

599
00:27:13,160 --> 00:27:16,399
Speaker 1: emotionally vulnerable spot, you know, and that's exactly what is

600
00:27:16,400 --> 00:27:19,680
Speaker 1: happening to us when fomo is coursing through our veins.

601
00:27:20,160 --> 00:27:23,320
Speaker 1: Were far more likely to react emotionally. Yes, I totally

602
00:27:23,320 --> 00:27:25,560
Speaker 1: agree you need a plan, right, but more than just

603
00:27:25,640 --> 00:27:27,359
Speaker 1: having a plan and a plan this written down is

604
00:27:27,480 --> 00:27:29,520
Speaker 1: you need to have a plan that you can stick with,

605
00:27:29,680 --> 00:27:31,879
Speaker 1: and like a plan that you can't stick to is

606
00:27:31,880 --> 00:27:34,000
Speaker 1: going to be a plan that doesn't make sense. It's

607
00:27:34,000 --> 00:27:35,720
Speaker 1: almost a worthless plan at that point. So, right, a

608
00:27:35,760 --> 00:27:37,320
Speaker 1: plan that you can stick to that aligns with your

609
00:27:37,359 --> 00:27:40,359
Speaker 1: values is crucial and and so yeah, it needs to

610
00:27:40,359 --> 00:27:42,560
Speaker 1: be something that's durable, Matt. We talked about this with

611
00:27:42,600 --> 00:27:45,959
Speaker 1: Morgan housell Uh just a few months ago, and he

612
00:27:46,440 --> 00:27:48,720
Speaker 1: told us that he paid off his home even though

613
00:27:48,760 --> 00:27:50,639
Speaker 1: it wasn't the best use of his money from a

614
00:27:50,720 --> 00:27:54,280
Speaker 1: numerical standpoint, especially as a younger dude. Morgan could be

615
00:27:54,320 --> 00:27:56,960
Speaker 1: putting more money in the stock market, and over the

616
00:27:56,960 --> 00:28:00,119
Speaker 1: decades he's going to see a far greater return on

617
00:28:00,240 --> 00:28:03,680
Speaker 1: his money from a numerical standpoint if he chose investing

618
00:28:03,680 --> 00:28:06,520
Speaker 1: over paying off the house. But he told us that

619
00:28:06,880 --> 00:28:10,400
Speaker 1: this choice allowed him to stay invested in stocks through

620
00:28:10,440 --> 00:28:13,040
Speaker 1: thick and through thin, when things are good in the

621
00:28:13,080 --> 00:28:15,600
Speaker 1: market and when things are rough, not to mention just

622
00:28:15,680 --> 00:28:17,960
Speaker 1: the peace of mind that it brings him knowing that

623
00:28:18,080 --> 00:28:20,240
Speaker 1: his family can live in this home no matter what.

624
00:28:20,480 --> 00:28:22,720
Speaker 1: Nobody's taking that home away from him. And so yeah,

625
00:28:22,760 --> 00:28:26,040
Speaker 1: make sure your plan is similarly thought through, so that

626
00:28:26,119 --> 00:28:28,679
Speaker 1: your plan can inform how you treat your money for

627
00:28:28,760 --> 00:28:31,959
Speaker 1: years to come, and that you're not being reactionary with

628
00:28:32,000 --> 00:28:34,480
Speaker 1: how you handle your money. Yeah. Man, Like an example

629
00:28:34,480 --> 00:28:36,720
Speaker 1: for me is my approach to single stock investing. You know,

630
00:28:36,760 --> 00:28:39,360
Speaker 1: I'll admit that, like I'm having some serious fomo not

631
00:28:39,440 --> 00:28:42,440
Speaker 1: being in on Tesla not the only one. Yeah, and

632
00:28:42,480 --> 00:28:45,640
Speaker 1: even like some cryptocurrencies to you know, it crosses my

633
00:28:45,680 --> 00:28:49,040
Speaker 1: mind to switch up my portfolio completely, But then I

634
00:28:49,040 --> 00:28:51,720
Speaker 1: remind myself that I'm I'm not investing to get rich quickly.

635
00:28:51,960 --> 00:28:54,120
Speaker 1: Why am I investing. I'm doing it to provide financial

636
00:28:54,160 --> 00:28:57,880
Speaker 1: security and freedom and for my family to have financial stability.

637
00:28:58,440 --> 00:29:01,840
Speaker 1: And you know, by being my portfolio at risk, by

638
00:29:01,880 --> 00:29:04,479
Speaker 1: not diversifying and putting all that you know into single stocks,

639
00:29:04,600 --> 00:29:08,080
Speaker 1: I'm putting that financial stability at risk. And so for me, man,

640
00:29:08,160 --> 00:29:11,160
Speaker 1: being patient and having stability as a goal like that

641
00:29:11,240 --> 00:29:14,120
Speaker 1: informs my plan. Uh, and that plan then informs my

642
00:29:14,160 --> 00:29:16,840
Speaker 1: behavior and directs my behavior. Having that written down is

643
00:29:16,920 --> 00:29:19,240
Speaker 1: so important, right, and it's it's so helpful to know

644
00:29:19,320 --> 00:29:21,640
Speaker 1: that that's why you're doing what you're doing. And I

645
00:29:21,680 --> 00:29:24,800
Speaker 1: think when we don't have that informed why behind our plan.

646
00:29:25,160 --> 00:29:27,200
Speaker 1: It can be easy to want to shake things up

647
00:29:27,360 --> 00:29:29,600
Speaker 1: based on what's happening around us in the moment, and

648
00:29:29,640 --> 00:29:32,320
Speaker 1: that can lead to to bad decision making. Yeah, and

649
00:29:32,360 --> 00:29:35,080
Speaker 1: I think to Matt, just one other thing that people

650
00:29:35,120 --> 00:29:38,560
Speaker 1: should consider if they and particularly if they struggle from

651
00:29:38,560 --> 00:29:40,880
Speaker 1: FOMO on the regular is that it can be helpful

652
00:29:40,920 --> 00:29:43,080
Speaker 1: to have a release valve in your life that allows

653
00:29:43,120 --> 00:29:46,280
Speaker 1: you to scratch maybe some of those smaller FOMO itches

654
00:29:46,520 --> 00:29:48,680
Speaker 1: so that they don't become I don't know, something like

655
00:29:49,080 --> 00:29:52,680
Speaker 1: full blown fomo chickenpox. Uh, you know you wanted to

656
00:29:53,080 --> 00:29:55,400
Speaker 1: stay small and and I think if you have just

657
00:29:55,480 --> 00:29:58,840
Speaker 1: that smaller release valve, it can help you stick to

658
00:29:58,880 --> 00:30:00,960
Speaker 1: your plan too. Right, due to the pandemic, a lot

659
00:30:00,960 --> 00:30:03,120
Speaker 1: of us are feeling the strain of not seeing or

660
00:30:03,120 --> 00:30:05,840
Speaker 1: catching up with friends well. In order to scratch that

661
00:30:05,920 --> 00:30:08,320
Speaker 1: itch some the solution could be as simple as a

662
00:30:08,360 --> 00:30:10,720
Speaker 1: beer with a friend outdoors on a porch around a fire.

663
00:30:11,120 --> 00:30:15,080
Speaker 1: Don't cave to that FOMO by hosting a massive indoor party, right, Like,

664
00:30:15,360 --> 00:30:16,520
Speaker 1: that's not what you don't want to do right now,

665
00:30:16,600 --> 00:30:17,920
Speaker 1: is the opposite of what you want to do. Maybe

666
00:30:17,920 --> 00:30:19,680
Speaker 1: in the fall you can but not right now. Um,

667
00:30:19,680 --> 00:30:20,880
Speaker 1: but that's the kind of thing is like you have

668
00:30:20,920 --> 00:30:22,480
Speaker 1: to have a release foul for those things you're gonna

669
00:30:22,480 --> 00:30:24,400
Speaker 1: go crazy. You gotta find some way to see the

670
00:30:24,440 --> 00:30:26,520
Speaker 1: people that mean the most to you, but do it

671
00:30:26,520 --> 00:30:29,200
Speaker 1: in a smart way that's not going to get you sick. Yeah.

672
00:30:29,320 --> 00:30:31,160
Speaker 1: So that's a good relational example. When it comes to

673
00:30:31,200 --> 00:30:33,280
Speaker 1: your spending. There's little things that we can do as

674
00:30:33,320 --> 00:30:36,040
Speaker 1: well to kind of have a pressure release valve. You can,

675
00:30:36,160 --> 00:30:40,080
Speaker 1: for instance, uh, make a smaller change that doesn't cost much. Like,

676
00:30:40,160 --> 00:30:42,160
Speaker 1: So for me, I'm thinking through like I like d

677
00:30:42,240 --> 00:30:45,320
Speaker 1: I y home renovation projects things like that, but instead

678
00:30:45,320 --> 00:30:47,520
Speaker 1: of doing a full blown renovation, you know, to a

679
00:30:47,640 --> 00:30:50,000
Speaker 1: room or knocking out a wall or something like that,

680
00:30:50,040 --> 00:30:53,480
Speaker 1: maybe you could just do something more affordable like painting. Um, dude,

681
00:30:53,680 --> 00:30:56,240
Speaker 1: we're getting a nice indoor plant. Honestly, that makes a

682
00:30:56,240 --> 00:30:59,240
Speaker 1: big difference, it really does. Uh. So recently I haven't

683
00:30:59,240 --> 00:31:00,680
Speaker 1: we don't think we've ad about this on the show,

684
00:31:00,680 --> 00:31:02,400
Speaker 1: but recently, like Ca and I've been talking through how

685
00:31:02,600 --> 00:31:04,520
Speaker 1: like we want to renovate the girls bathroom at some point,

686
00:31:04,560 --> 00:31:06,480
Speaker 1: and I'm like toying with the idea of doing that myself.

687
00:31:06,520 --> 00:31:09,000
Speaker 1: Because like I enjoy working with my hands and seeing

688
00:31:09,040 --> 00:31:12,280
Speaker 1: something I've accomplished, Uh, interacting with a space, like I

689
00:31:12,400 --> 00:31:14,840
Speaker 1: get a lot of joy out of that. But having

690
00:31:14,880 --> 00:31:17,000
Speaker 1: a plan in this case is really helful because we're

691
00:31:17,040 --> 00:31:19,400
Speaker 1: identifying that, like you know what, like that is not necessary.

692
00:31:19,400 --> 00:31:21,000
Speaker 1: I just want to do that. It's not because it's

693
00:31:21,000 --> 00:31:23,720
Speaker 1: a need. Uh. And so over the holidays, I was

694
00:31:23,760 --> 00:31:25,120
Speaker 1: just like, okay, I want to scratch that. Itche a

695
00:31:25,160 --> 00:31:27,280
Speaker 1: little bit, and uh, you know, we talked with I

696
00:31:27,320 --> 00:31:29,600
Speaker 1: talked with the girls, and we decided that let's let's

697
00:31:29,600 --> 00:31:33,160
Speaker 1: build a secret passageway. And so you know, we cut

698
00:31:33,160 --> 00:31:35,240
Speaker 1: out the back of a built in cabinet that we

699
00:31:35,240 --> 00:31:37,640
Speaker 1: have in our playroom and now it leads to a

700
00:31:37,680 --> 00:31:40,800
Speaker 1: closet that the girls are able to play in. Uh. Dude,

701
00:31:41,280 --> 00:31:42,680
Speaker 1: it was a lot of fun, first of all, to

702
00:31:42,680 --> 00:31:44,640
Speaker 1: to do the project, but the girls are freaking loving it.

703
00:31:45,000 --> 00:31:47,560
Speaker 1: And I spend no money building this thing out because

704
00:31:47,720 --> 00:31:49,520
Speaker 1: these were all materials we had laying around the house

705
00:31:49,560 --> 00:31:51,360
Speaker 1: just so they go on to Narnia. They getting transported

706
00:31:51,360 --> 00:31:53,560
Speaker 1: when that thing. We read those books last year and

707
00:31:53,600 --> 00:31:55,000
Speaker 1: so that's where Kate and I kind of got the

708
00:31:55,080 --> 00:31:57,480
Speaker 1: idea we're actually reading the hobbit now so now they

709
00:31:57,520 --> 00:32:01,480
Speaker 1: call it a hobbit hole. Uh. But like for for me,

710
00:32:01,640 --> 00:32:03,120
Speaker 1: that was a way to kind of all right, I'm

711
00:32:03,120 --> 00:32:04,840
Speaker 1: gonna work with my hands, pull out the tools, do

712
00:32:04,960 --> 00:32:07,680
Speaker 1: you know, change the environment around me some which is

713
00:32:07,840 --> 00:32:10,440
Speaker 1: are all things that are really enjoy But instead of

714
00:32:10,440 --> 00:32:12,440
Speaker 1: doing that like on a massive scale where we're going

715
00:32:12,480 --> 00:32:14,880
Speaker 1: to spend potentially thousands of dollars of you know, buying

716
00:32:14,920 --> 00:32:17,520
Speaker 1: materials and obviously the amount of time as well, I

717
00:32:17,560 --> 00:32:20,360
Speaker 1: was able to spend time on the weekend over the

718
00:32:20,400 --> 00:32:23,000
Speaker 1: holiday doing this, you know, cutting out a hole into

719
00:32:23,040 --> 00:32:24,760
Speaker 1: a wall, like supporting the stud I did have to

720
00:32:24,800 --> 00:32:27,840
Speaker 1: move an electrical box. That was exciting, but I've never

721
00:32:27,880 --> 00:32:30,200
Speaker 1: done electrical work before. But you know, just watch a

722
00:32:30,200 --> 00:32:32,400
Speaker 1: few YouTube videos. But the bottom line though, I was

723
00:32:32,440 --> 00:32:35,080
Speaker 1: able to do that without spending any money at all.

724
00:32:35,400 --> 00:32:37,000
Speaker 1: That was a way that was able to scratch that

725
00:32:37,080 --> 00:32:39,120
Speaker 1: itch without it costing me a lot of money, without

726
00:32:39,120 --> 00:32:41,400
Speaker 1: it affecting my my finances. There you go, I like it.

727
00:32:41,480 --> 00:32:44,080
Speaker 1: That's the release valve so that you don't go overboard

728
00:32:44,120 --> 00:32:46,040
Speaker 1: and spend more money than than you should or then

729
00:32:46,240 --> 00:32:48,600
Speaker 1: you actually have in order to do like some rentow

730
00:32:48,640 --> 00:32:51,120
Speaker 1: work that you're wanting to do. Another thing too, like

731
00:32:51,160 --> 00:32:53,400
Speaker 1: when we're talking about a release valve, you can have

732
00:32:53,800 --> 00:32:56,400
Speaker 1: a release valve built into the way that you invest.

733
00:32:56,800 --> 00:32:59,120
Speaker 1: And the way to do that is to dedicate a percentage,

734
00:32:59,320 --> 00:33:01,959
Speaker 1: a very small sentage, like five pc or less, of

735
00:33:02,000 --> 00:33:05,800
Speaker 1: your portfolio to investing in companies or sectors that intrigue you.

736
00:33:06,240 --> 00:33:07,840
Speaker 1: Do you want to own a little Tesla. We've been

737
00:33:07,840 --> 00:33:10,160
Speaker 1: talking about Tesla a lot, but that's just because they've

738
00:33:10,160 --> 00:33:12,040
Speaker 1: been on its hair. Yeah, it's the meteorc chries that

739
00:33:12,080 --> 00:33:14,800
Speaker 1: everyone everyone knows about. But do you want to own

740
00:33:14,880 --> 00:33:17,160
Speaker 1: some Tesla or do you just want or maybe Amazon

741
00:33:17,240 --> 00:33:19,960
Speaker 1: or Apple or whatever, just companies that you like, or

742
00:33:20,080 --> 00:33:21,680
Speaker 1: or just do you want to have the ability to

743
00:33:21,760 --> 00:33:23,920
Speaker 1: run some experiments kind of like you know what we

744
00:33:23,960 --> 00:33:26,480
Speaker 1: did in grade school with the stock market experiment. I

745
00:33:26,480 --> 00:33:28,600
Speaker 1: remember that, By the way, that's a terrible way to

746
00:33:28,600 --> 00:33:32,040
Speaker 1: teach kids about investing, it really is. I specifically remember

747
00:33:32,080 --> 00:33:36,080
Speaker 1: investing in Xerox, like I think the stocks was x

748
00:33:36,080 --> 00:33:37,560
Speaker 1: ir rex back in the day that you have to

749
00:33:37,560 --> 00:33:40,280
Speaker 1: look it up in the newspaper. Yeah, terrible, terrible way

750
00:33:40,320 --> 00:33:42,080
Speaker 1: to teach about the stock market. It is. It is.

751
00:33:42,400 --> 00:33:44,520
Speaker 1: But but for you, you you know, if you want to

752
00:33:44,560 --> 00:33:46,400
Speaker 1: be able to dabble, like, if you don't want to

753
00:33:46,440 --> 00:33:50,280
Speaker 1: completely be missing out, you can not miss out completely

754
00:33:50,320 --> 00:33:53,520
Speaker 1: by putting just a small percentage of your resources towards

755
00:33:53,600 --> 00:33:55,400
Speaker 1: some of those things that you're interested in, and that

756
00:33:55,440 --> 00:33:57,400
Speaker 1: can be just the release vout that you need in

757
00:33:57,480 --> 00:34:00,560
Speaker 1: order to keep the nine or more of your money

758
00:34:00,720 --> 00:34:03,800
Speaker 1: well diversified for your future. You've got that little play money,

759
00:34:03,800 --> 00:34:05,560
Speaker 1: that little fun stuff that you can do whatever you

760
00:34:05,560 --> 00:34:08,960
Speaker 1: want with, but the vast majority remains in a target

761
00:34:09,080 --> 00:34:11,880
Speaker 1: date retirement funds or total stock market index funds that

762
00:34:11,920 --> 00:34:14,640
Speaker 1: are building wealth for your future without that massive amount

763
00:34:14,640 --> 00:34:16,719
Speaker 1: of risk involved. Yea. So it's so funny about by

764
00:34:16,719 --> 00:34:18,440
Speaker 1: the fact that we've been talking about Tesla so much,

765
00:34:18,600 --> 00:34:20,680
Speaker 1: is that this you know, I mentioned that I have

766
00:34:20,840 --> 00:34:24,880
Speaker 1: had some FOMO regarding Tesla specifically, And what's really interesting

767
00:34:25,000 --> 00:34:28,800
Speaker 1: is that the SMP five fundered inducted Tesla at the

768
00:34:28,880 --> 00:34:31,000
Speaker 1: end of last year, and so I am all about

769
00:34:31,000 --> 00:34:33,960
Speaker 1: the SP five. I have all of my personal retirement

770
00:34:33,960 --> 00:34:36,759
Speaker 1: invested in vou v o O, which is the Vanguard's

771
00:34:36,880 --> 00:34:40,640
Speaker 1: SMP index fund. Uh and now that that is included

772
00:34:40,680 --> 00:34:44,040
Speaker 1: and reflected in that e t F, I technically now

773
00:34:44,080 --> 00:34:47,440
Speaker 1: own like two percent of that e t F is

774
00:34:47,520 --> 00:34:52,040
Speaker 1: made up of Tesla, So like problem solved. Like I

775
00:34:52,080 --> 00:34:54,680
Speaker 1: literally feel differently about Tesla than I did, you know,

776
00:34:54,719 --> 00:34:56,440
Speaker 1: towards the end of last you know, before the end

777
00:34:56,440 --> 00:34:58,239
Speaker 1: of last year, because now I'm like, oh, well, at

778
00:34:58,320 --> 00:35:00,400
Speaker 1: least two percent of my portfolio is actually made up

779
00:35:00,440 --> 00:35:03,799
Speaker 1: of Tesla, so that it's has been scratched, right, uh.

780
00:35:03,800 --> 00:35:05,279
Speaker 1: And so that's just another word too. I mean we're

781
00:35:05,280 --> 00:35:08,520
Speaker 1: talking about diversification here. That's a way to avoid FOMO

782
00:35:08,600 --> 00:35:11,760
Speaker 1: because when you are widely diversified, when you are invested

783
00:35:11,840 --> 00:35:14,359
Speaker 1: in a little bit of everything, there's no missing out

784
00:35:14,440 --> 00:35:16,760
Speaker 1: because you're you're you're invited to the party. You're invited

785
00:35:17,000 --> 00:35:19,719
Speaker 1: a little bit to all the parties out there. And

786
00:35:19,800 --> 00:35:21,400
Speaker 1: so that's definitely something to keep in mind as well.

787
00:35:21,480 --> 00:35:24,400
Speaker 1: If you are experiencing FOMO, don't worry about that. Instead

788
00:35:24,440 --> 00:35:27,440
Speaker 1: rely on index funds. Yeah, and and Matt Ultimately, at

789
00:35:27,480 --> 00:35:31,399
Speaker 1: its heart, FOMO is reactionary, and it's something that we're

790
00:35:31,520 --> 00:35:33,480
Speaker 1: tempted to more and more of these days by the

791
00:35:33,520 --> 00:35:36,360
Speaker 1: various inputs that come into our lives. We're tempted to

792
00:35:36,400 --> 00:35:38,480
Speaker 1: buy something new or to make changes to our lives

793
00:35:38,800 --> 00:35:41,240
Speaker 1: when just a few minutes ago we were completely content

794
00:35:41,320 --> 00:35:43,200
Speaker 1: with the way that things were. And I think that

795
00:35:43,280 --> 00:35:45,520
Speaker 1: knowing the subtle ways that FOMO works its way into

796
00:35:45,520 --> 00:35:48,040
Speaker 1: our personal finances it can be helpful. But it's also

797
00:35:48,120 --> 00:35:50,840
Speaker 1: important to cut out the unnecessary noise and also to

798
00:35:51,320 --> 00:35:53,040
Speaker 1: combat it with a plan that you can stick to

799
00:35:53,400 --> 00:35:56,399
Speaker 1: and remind yourself that the things that you're seeing don't

800
00:35:56,400 --> 00:36:00,600
Speaker 1: always resemble the the exact truth. Often there some cherry

801
00:36:00,600 --> 00:36:03,520
Speaker 1: picking involved. We're always being sold a version of the

802
00:36:03,520 --> 00:36:06,360
Speaker 1: truth we're not We're not getting the full honest truth

803
00:36:06,520 --> 00:36:08,960
Speaker 1: from everyone out there from all these inputs that were

804
00:36:08,960 --> 00:36:11,320
Speaker 1: constantly seen. Yeah, and and honestly, man that the truth

805
00:36:11,360 --> 00:36:13,279
Speaker 1: is that living life on your own terms is is

806
00:36:13,320 --> 00:36:15,960
Speaker 1: way better than buying into much of the stuff that

807
00:36:16,000 --> 00:36:18,920
Speaker 1: FOMO is pushing you towards. You know, being content with

808
00:36:18,960 --> 00:36:21,920
Speaker 1: your work, you your life and finances is a great

809
00:36:21,960 --> 00:36:26,040
Speaker 1: goal to have amidst the sea of everyone wanting it all.

810
00:36:26,520 --> 00:36:27,839
Speaker 1: And so I think this is a good word for us.

811
00:36:27,840 --> 00:36:30,560
Speaker 1: You know, offending off and curving fomo is going to

812
00:36:30,640 --> 00:36:33,799
Speaker 1: have much better emotional and financial outcomes for all of us.

813
00:36:34,040 --> 00:36:36,359
Speaker 1: That's true. I I think that maybe this feels kind

814
00:36:36,360 --> 00:36:39,319
Speaker 1: of like an odd topic for a money podcast to

815
00:36:39,360 --> 00:36:41,720
Speaker 1: take on, but it just it totally feels like something

816
00:36:41,760 --> 00:36:45,600
Speaker 1: that this psychological trick that is played on us pretty

817
00:36:45,680 --> 00:36:47,799
Speaker 1: much every day just by living life, like just by

818
00:36:47,840 --> 00:36:50,600
Speaker 1: walking through this world, fomo happens um to all of

819
00:36:50,680 --> 00:36:52,400
Speaker 1: us at one time or another. And I think pulling

820
00:36:52,440 --> 00:36:55,200
Speaker 1: back the curtain seeing how it happens um can allow

821
00:36:55,280 --> 00:36:57,799
Speaker 1: us to make better choices moving forward. But all right,

822
00:36:57,920 --> 00:36:59,359
Speaker 1: let's get back to the beer that we had on

823
00:36:59,400 --> 00:37:03,000
Speaker 1: this show. This one's called Dank Daniel and this one

824
00:37:03,400 --> 00:37:06,560
Speaker 1: was the Hazy Palele from Heist Brewing at. What were

825
00:37:06,560 --> 00:37:08,760
Speaker 1: your thoughts on this beer, man, Yeah, it's worth mentioning

826
00:37:08,760 --> 00:37:09,920
Speaker 1: to you. On the label, they got a pair of

827
00:37:10,120 --> 00:37:15,160
Speaker 1: the white Vans saying there underneath, uh, dank Daniel on

828
00:37:15,200 --> 00:37:17,279
Speaker 1: the label. But I enjoyed this beer. Man. This was

829
00:37:17,320 --> 00:37:20,080
Speaker 1: a hazy, but as hazies go, I will say, it

830
00:37:20,120 --> 00:37:23,200
Speaker 1: wasn't overly hazy like sometimes you know, I we're drinking hazy.

831
00:37:23,280 --> 00:37:25,239
Speaker 1: I p a s and they really they put an

832
00:37:25,280 --> 00:37:29,160
Speaker 1: astric only partially hazy, like if this was orange juice,

833
00:37:29,280 --> 00:37:31,440
Speaker 1: it would say no pulp. Because some of the ones

834
00:37:31,520 --> 00:37:33,480
Speaker 1: we drink, I swear it's like there's pulp in there.

835
00:37:33,480 --> 00:37:36,720
Speaker 1: There's like the hop thickness going on. This one wasn't

836
00:37:36,760 --> 00:37:38,840
Speaker 1: like that. It was certainly opaque, you know, you couldn't

837
00:37:38,840 --> 00:37:41,359
Speaker 1: see through it. It had that tingly hot flavor going on,

838
00:37:41,400 --> 00:37:44,360
Speaker 1: but it wasn't overly cloudy. I think this would be

839
00:37:44,480 --> 00:37:46,279
Speaker 1: a good introduction to hazy I p A s if

840
00:37:46,360 --> 00:37:48,239
Speaker 1: you've never had one. But yeah, I liked it. That's

841
00:37:48,239 --> 00:37:49,560
Speaker 1: all I'm gonna say. It's a good I p A.

842
00:37:50,200 --> 00:37:53,719
Speaker 1: And actually you're wrong, it's a pale ale. Yeah, but

843
00:37:53,920 --> 00:37:56,080
Speaker 1: hazy pale. I keep calling hazy I p A that. Sorry,

844
00:37:56,080 --> 00:37:58,400
Speaker 1: Oh that explains it. Then, yeah, okay, it's it's a

845
00:37:58,400 --> 00:38:01,640
Speaker 1: little warm reserved, which you know. That's honestly. That's why

846
00:38:01,680 --> 00:38:04,280
Speaker 1: I think paleos right now are my sweet spot, dude. Yeah,

847
00:38:04,440 --> 00:38:06,000
Speaker 1: and I actually kind of like it more now that

848
00:38:06,040 --> 00:38:09,160
Speaker 1: I know it's a hazy pale. It's not an underwhelming

849
00:38:09,160 --> 00:38:12,680
Speaker 1: IP anymore. It's a high performing pale. Yeah, exactly. Well, yeah,

850
00:38:12,680 --> 00:38:15,239
Speaker 1: I think it's like it's just low key method of

851
00:38:15,640 --> 00:38:18,480
Speaker 1: solid hop distribution. In my mind, I feel like palels

852
00:38:18,520 --> 00:38:21,279
Speaker 1: can be a little bit cleaner a little more accessible

853
00:38:21,520 --> 00:38:24,560
Speaker 1: and not overwhelm your palette nearly as much. So, I mean,

854
00:38:24,600 --> 00:38:26,399
Speaker 1: I still like a good I PA, love a good

855
00:38:26,400 --> 00:38:29,640
Speaker 1: I PA, but this was a really solid pail that

856
00:38:29,800 --> 00:38:32,080
Speaker 1: brought the hops without being too much. Yeah. Absolutely. I

857
00:38:32,239 --> 00:38:34,000
Speaker 1: feel like sometimes pales can be kind of written off

858
00:38:34,080 --> 00:38:36,680
Speaker 1: as like like j V I P A S. You know,

859
00:38:36,760 --> 00:38:38,560
Speaker 1: like like they're not like pales don't stand up on

860
00:38:38,600 --> 00:38:40,360
Speaker 1: their own. They're just you know, they're they're waiting for

861
00:38:40,360 --> 00:38:42,239
Speaker 1: their chance to get on the varsity team that like

862
00:38:42,239 --> 00:38:45,000
Speaker 1: they want to someday be in India pale ale. But yeah,

863
00:38:45,040 --> 00:38:47,040
Speaker 1: you and I would disagree. We totally feel that pale

864
00:38:47,080 --> 00:38:49,319
Speaker 1: ales are totally where it's at. And I love that

865
00:38:49,360 --> 00:38:52,759
Speaker 1: more breweries are incorporating some of the hot flavors within

866
00:38:52,800 --> 00:38:55,640
Speaker 1: the pale als and so they're lighter in body, easier

867
00:38:55,640 --> 00:38:57,319
Speaker 1: to drink, but still have a ton of flavor. Can't

868
00:38:57,320 --> 00:38:59,160
Speaker 1: go wrong, man, no doubt. Yeah. All right, Well that's

869
00:38:59,160 --> 00:39:00,880
Speaker 1: gonna be it for this episod. Listeners can find our

870
00:39:00,880 --> 00:39:03,080
Speaker 1: show notes up at our website at how to money

871
00:39:03,080 --> 00:39:04,759
Speaker 1: dot com. Definitely head over there if you have a

872
00:39:04,840 --> 00:39:07,120
Speaker 1: visit our website before. We've got lots of different resources

873
00:39:07,120 --> 00:39:09,400
Speaker 1: on there to help you with your money. Yeah, and

874
00:39:09,440 --> 00:39:11,839
Speaker 1: if you're relatively new to the podcast, um, and you're

875
00:39:11,960 --> 00:39:13,799
Speaker 1: enjoying it, but you haven't been able to leave a

876
00:39:13,800 --> 00:39:15,440
Speaker 1: review yet, well, Matt and I, we'd appreciate if you

877
00:39:15,440 --> 00:39:18,279
Speaker 1: would leave just a quick rating and review over on

878
00:39:18,320 --> 00:39:21,120
Speaker 1: Apple Podcasts or wherever you listen. It just helps other

879
00:39:21,120 --> 00:39:23,120
Speaker 1: people find out about the show, find out what we're

880
00:39:23,200 --> 00:39:25,200
Speaker 1: up to here at how to Money, and of course

881
00:39:25,239 --> 00:39:27,439
Speaker 1: it helps us to continue making the show. Yeah, that's true,

882
00:39:27,440 --> 00:39:29,719
Speaker 1: and thanks in advance for doing that for us. We

883
00:39:29,719 --> 00:39:31,719
Speaker 1: appreciate it. All right, Matt, that's gonna be it for

884
00:39:31,800 --> 00:39:35,319
Speaker 1: this episode. Until next time, Best Friends Out, Best Friends Out,