1 00:00:00,040 --> 00:00:02,920 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,040 --> 00:00:26,599 Speaker 1: and today we're discussing the key characteristics of great investors. Yeah, boie, 3 00:00:26,840 --> 00:00:30,440 Speaker 1: this should we start an episode with me saying, yeah, boy, 4 00:00:30,520 --> 00:00:32,640 Speaker 1: yes we should. It's okay to do that occasionally. If 5 00:00:32,640 --> 00:00:35,320 Speaker 1: we did that every single episode, I think folks would 6 00:00:35,320 --> 00:00:37,800 Speaker 1: not like it drop off. But to me, it's more 7 00:00:37,840 --> 00:00:41,840 Speaker 1: of a Scrubs throwback for anybody who's never seen didn't 8 00:00:42,080 --> 00:00:44,000 Speaker 1: j D or Turk one of them. I feel like 9 00:00:44,040 --> 00:00:46,080 Speaker 1: one of them used to always say, yeah, boy, don't 10 00:00:46,120 --> 00:00:49,240 Speaker 1: those guys have a podcast to uh with? I heart actually, 11 00:00:49,320 --> 00:00:51,159 Speaker 1: or they used to where they would they're going back 12 00:00:51,280 --> 00:00:54,400 Speaker 1: kind of reliving glory days. I didn't either, even though 13 00:00:54,440 --> 00:00:58,200 Speaker 1: I loved Scrubs, that sitcom. It was a salad show, fantastic. 14 00:00:58,240 --> 00:01:00,400 Speaker 1: I definitely enjoyed watching that one in college. But that 15 00:01:00,480 --> 00:01:02,880 Speaker 1: is not what we're talking about today. We are dedicating 16 00:01:02,880 --> 00:01:06,560 Speaker 1: an entire episode to investing. You know, like every episode 17 00:01:06,640 --> 00:01:09,240 Speaker 1: we touch on investing a little bit, but we felt 18 00:01:09,280 --> 00:01:11,880 Speaker 1: it was necessary that it was time to do a 19 00:01:11,920 --> 00:01:15,560 Speaker 1: deep dive into the realm of investing and specifically kind 20 00:01:15,560 --> 00:01:18,560 Speaker 1: of some of the things that go on internally that 21 00:01:18,640 --> 00:01:21,319 Speaker 1: make the best investors out there. And these are things. 22 00:01:21,680 --> 00:01:23,920 Speaker 1: Some of these things might may become more naturally to 23 00:01:24,040 --> 00:01:27,840 Speaker 1: people than others, based on your personality type or your inclination. 24 00:01:28,280 --> 00:01:30,160 Speaker 1: But I think all the things we're gonna mention here 25 00:01:30,240 --> 00:01:32,920 Speaker 1: you can also develop, like you can become better at 26 00:01:33,319 --> 00:01:34,920 Speaker 1: and so as we kind of point these things out, 27 00:01:34,959 --> 00:01:37,399 Speaker 1: you might be like, I'm not naturally a patient person, 28 00:01:37,720 --> 00:01:39,760 Speaker 1: but it's something we can we can all work on. 29 00:01:39,800 --> 00:01:42,480 Speaker 1: You're given away the goods already. All right, that's all 30 00:01:42,800 --> 00:01:45,920 Speaker 1: no more until we'll get there. Sure, But first we 31 00:01:45,920 --> 00:01:49,080 Speaker 1: we need to continue the So you've talked about your pixel, 32 00:01:49,680 --> 00:01:51,840 Speaker 1: your your new phone. It's it's sort of like a 33 00:01:51,880 --> 00:01:55,400 Speaker 1: saga here, this this epic journey of your phone. And 34 00:01:55,520 --> 00:01:58,480 Speaker 1: you've got a little update. Uh well, do I okay 35 00:01:58,560 --> 00:01:59,920 Speaker 1: sharing this? I thought you were going to share it 36 00:02:00,000 --> 00:02:03,760 Speaker 1: for me because I'm too bashful, because we've got to 37 00:02:03,800 --> 00:02:08,480 Speaker 1: talk about this. So I have. I finally got a 38 00:02:08,480 --> 00:02:13,800 Speaker 1: case because but it was too late, Yeah, too little, 39 00:02:13,800 --> 00:02:15,240 Speaker 1: too late. I did the steps out of order. I 40 00:02:15,280 --> 00:02:17,160 Speaker 1: cracked the screen and then got the case, and I 41 00:02:17,280 --> 00:02:19,040 Speaker 1: really should have done it the other way around. I 42 00:02:19,040 --> 00:02:22,440 Speaker 1: have learned my lesson point typically for a lot of years. Man, 43 00:02:22,520 --> 00:02:24,560 Speaker 1: I didn't crack my screen. I was pretty good and 44 00:02:24,639 --> 00:02:27,160 Speaker 1: not having a case. We came into work a couple 45 00:02:27,160 --> 00:02:29,800 Speaker 1: of days ago, I saw your phone and had the 46 00:02:29,840 --> 00:02:32,200 Speaker 1: crack screen, and I was so pissed you. I was 47 00:02:32,240 --> 00:02:34,320 Speaker 1: pissed for you. I was just like, no, we literally 48 00:02:34,400 --> 00:02:37,560 Speaker 1: just shook your head, like you idiot, you just got 49 00:02:37,600 --> 00:02:40,200 Speaker 1: that phone. It's just it's been a few weeks. But 50 00:02:41,000 --> 00:02:42,840 Speaker 1: I think it's fair to share it because like we 51 00:02:42,880 --> 00:02:45,040 Speaker 1: share wins that we have, and I think it's it's 52 00:02:45,040 --> 00:02:47,480 Speaker 1: good for folks to know that we're human. Sometimes we 53 00:02:47,840 --> 00:02:50,240 Speaker 1: make dumb mistakes. Uh, And I think you would categorize 54 00:02:50,280 --> 00:02:52,519 Speaker 1: this as a as a dumb mistake. Yes, And unfortunately 55 00:02:52,600 --> 00:02:54,960 Speaker 1: it's only in a small corner and it doesn't really 56 00:02:55,040 --> 00:02:57,880 Speaker 1: affect until you drop it again in that one crack. 57 00:02:58,720 --> 00:03:01,520 Speaker 1: But that's why I got the case. Now the case, 58 00:03:01,600 --> 00:03:04,680 Speaker 1: I'm even gonna give screen protectors. Get that screen protector there. 59 00:03:05,080 --> 00:03:07,560 Speaker 1: It should act as like like glue. Let hold it 60 00:03:07,600 --> 00:03:09,640 Speaker 1: all together. That's the goal. There. We're going from getting 61 00:03:09,639 --> 00:03:12,720 Speaker 1: worse and my wife, she's like, one, just go get 62 00:03:12,760 --> 00:03:16,320 Speaker 1: another screen, and I'm too cheap. Yeah, you just paid 63 00:03:16,320 --> 00:03:18,720 Speaker 1: for this, No, no, I am such an idiot. I 64 00:03:18,800 --> 00:03:22,680 Speaker 1: must like walk around with this crack screen for years 65 00:03:22,680 --> 00:03:24,880 Speaker 1: to kind of walk of shame, just to remind myself 66 00:03:24,880 --> 00:03:27,600 Speaker 1: of how much dummy I am. So I'm gonna I'm 67 00:03:27,600 --> 00:03:29,440 Speaker 1: gonna leave it as is, but I'm gonna have the screen, 68 00:03:29,440 --> 00:03:32,600 Speaker 1: get the screen protector, and hopefully it will stay just 69 00:03:32,919 --> 00:03:37,160 Speaker 1: a small crack. And obviously that's absolutely the most affordable, cheapest, 70 00:03:37,200 --> 00:03:40,120 Speaker 1: easiest thing that for folks to do to protect their phones, 71 00:03:40,200 --> 00:03:43,120 Speaker 1: as folks might be upgrading getting new gadgets this fall, 72 00:03:43,480 --> 00:03:46,880 Speaker 1: get that, get that case. I think the screen protectors 73 00:03:46,880 --> 00:03:49,120 Speaker 1: are like five for nine dollars or something like that, 74 00:03:49,200 --> 00:03:51,720 Speaker 1: so the the expenses minimal. You don't necessarily need an 75 00:03:51,720 --> 00:03:54,040 Speaker 1: insurance policy. I didn't have an insurance policy that I'm 76 00:03:54,040 --> 00:03:55,360 Speaker 1: not I'm not going to do that. That's a that's 77 00:03:55,360 --> 00:03:57,680 Speaker 1: a waste of money. We're not crazy self insure, right, 78 00:03:57,760 --> 00:04:00,840 Speaker 1: and the cheapest self insurance is a case. I realized 79 00:04:00,880 --> 00:04:03,160 Speaker 1: that I just kind of thought it was poppy cock 80 00:04:03,240 --> 00:04:05,480 Speaker 1: and thought I was above the law. So I thought 81 00:04:05,520 --> 00:04:07,200 Speaker 1: you were better than me because I got was it 82 00:04:07,560 --> 00:04:09,400 Speaker 1: last week or two weeks ago? I got a case 83 00:04:09,520 --> 00:04:11,960 Speaker 1: or got the screen protector on there kind of mentioned 84 00:04:11,960 --> 00:04:14,720 Speaker 1: it as an aside, but how did you drop your phone? Like? 85 00:04:14,760 --> 00:04:16,479 Speaker 1: How did it happen? Had it? Literally I said it 86 00:04:16,520 --> 00:04:19,080 Speaker 1: on the night table and it like slipped off like 87 00:04:19,200 --> 00:04:21,760 Speaker 1: or something. Yeah. I was like what, No, And it 88 00:04:21,880 --> 00:04:23,640 Speaker 1: was a short drop. I just assumed that it was 89 00:04:23,640 --> 00:04:25,880 Speaker 1: gonna be okay, but it wasn't. Oh my gosh, when 90 00:04:25,920 --> 00:04:28,400 Speaker 1: did Well you've got concrete floors in that room. Uh, 91 00:04:28,560 --> 00:04:32,839 Speaker 1: They're like, aren't they there? There? No, that's tile, okay, 92 00:04:33,279 --> 00:04:39,160 Speaker 1: hard hardwoods on a cross space or a basement where 93 00:04:39,240 --> 00:04:42,120 Speaker 1: there's a little more bounced to. Well, sorry to hear that, dude. Hey, 94 00:04:42,160 --> 00:04:45,600 Speaker 1: all right, I'll be okay. It's a minor inconvenience really 95 00:04:45,600 --> 00:04:47,599 Speaker 1: when it comes down to it. But for everyone else 96 00:04:47,600 --> 00:04:50,720 Speaker 1: out there, this is your warning. Don't be like me. 97 00:04:51,120 --> 00:04:53,279 Speaker 1: All right, let's move on. Let's mention the beer we're having, Matt. 98 00:04:53,320 --> 00:04:56,800 Speaker 1: This is October Fest by Dry County Brewing. They are 99 00:04:57,279 --> 00:04:59,520 Speaker 1: right around the corner from where we live now, so 100 00:04:59,520 --> 00:05:01,640 Speaker 1: I figured should try that. And it's gonna be that 101 00:05:01,680 --> 00:05:04,599 Speaker 1: time of year where October Fests are on the shelves again, 102 00:05:04,960 --> 00:05:07,960 Speaker 1: so let's let's drink one of these. September, though, Joel 103 00:05:08,080 --> 00:05:11,240 Speaker 1: I know, but still you're like pumping spice Lotte guy, 104 00:05:11,240 --> 00:05:13,200 Speaker 1: where you're like jumping the gun. You're like, okay, it's 105 00:05:13,240 --> 00:05:17,120 Speaker 1: still summer, you're sweating, You're it's only not okay in July, right, 106 00:05:17,200 --> 00:05:19,240 Speaker 1: So that's that's when I start to get annoyed. But 107 00:05:19,320 --> 00:05:21,920 Speaker 1: October Fest beers, it's it's May now, is it okay 108 00:05:21,920 --> 00:05:24,400 Speaker 1: to dream? Right? Not cool? Or they have the pumpkin 109 00:05:24,480 --> 00:05:26,320 Speaker 1: beers are on the shelves obviously in full force at 110 00:05:26,320 --> 00:05:27,880 Speaker 1: this point in time too. I think it's okay to 111 00:05:27,880 --> 00:05:31,280 Speaker 1: start for taking in September if you start drinking in yeah, 112 00:05:31,400 --> 00:05:35,520 Speaker 1: July or even early August. Sorry too soon? Fair enough, 113 00:05:35,560 --> 00:05:37,359 Speaker 1: looking forward to enjoying one of these. And this is 114 00:05:37,520 --> 00:05:40,640 Speaker 1: we've never had a beer by Dry County on the show, 115 00:05:40,680 --> 00:05:42,719 Speaker 1: so looking forward to talking about them here at the 116 00:05:42,800 --> 00:05:44,960 Speaker 1: end for sure. All right, well, let's get to the 117 00:05:44,960 --> 00:05:47,880 Speaker 1: topic of hand. We're talking about the key characteristics of 118 00:05:48,080 --> 00:05:51,200 Speaker 1: great investors, and Matt, there's been this, uh, I don't 119 00:05:51,240 --> 00:05:53,279 Speaker 1: know if you've noticed. I think everyone's noticed this mass 120 00:05:53,320 --> 00:05:57,440 Speaker 1: proliferation of micro transportation devices in recent years. I think 121 00:05:57,480 --> 00:05:59,320 Speaker 1: That's what I'm gonna call it, at least, And there 122 00:05:59,360 --> 00:06:02,480 Speaker 1: were the Bird scooters. I think they were maybe at 123 00:06:02,520 --> 00:06:05,640 Speaker 1: least the most popular um of these micro transportation vices 124 00:06:05,720 --> 00:06:08,080 Speaker 1: to show up in cities, and then all these competitors, 125 00:06:08,160 --> 00:06:10,400 Speaker 1: Lime and all these other companies just sprung up and 126 00:06:10,400 --> 00:06:14,360 Speaker 1: started putting hundreds in thousands of scooters in different cities 127 00:06:14,680 --> 00:06:16,200 Speaker 1: and kind of got out of hand. A lot of 128 00:06:16,279 --> 00:06:20,320 Speaker 1: them got became electronic litter on the sidewalks that people 129 00:06:20,320 --> 00:06:22,040 Speaker 1: stopped using. A lot of them ended up just kind 130 00:06:22,040 --> 00:06:25,440 Speaker 1: of thrown thrown in the trash sadly. But segways that's 131 00:06:25,440 --> 00:06:27,600 Speaker 1: another one, right, they kind of make like a nerd. 132 00:06:27,720 --> 00:06:32,200 Speaker 1: I feel like the actual Segways, the actual site Joe Blue. Yes, 133 00:06:32,680 --> 00:06:36,320 Speaker 1: they're the nerdiest of the micro transportation devices, and I 134 00:06:36,320 --> 00:06:39,200 Speaker 1: think mostly only used by downtown tourists at this point. Uh. 135 00:06:39,400 --> 00:06:44,400 Speaker 1: Electric true electric skateboards. They're another interesting transportation to Actually, 136 00:06:44,400 --> 00:06:46,240 Speaker 1: I'm pretty fascinated in those because those look like a 137 00:06:46,240 --> 00:06:48,960 Speaker 1: ton of fund Like the ability just to go carbon 138 00:06:49,200 --> 00:06:50,880 Speaker 1: down a hill like or not not even down a 139 00:06:50,960 --> 00:06:53,560 Speaker 1: hill like. That's the fun on a regular skateboard is 140 00:06:53,800 --> 00:06:55,200 Speaker 1: having to find a hill to go down, but the 141 00:06:55,240 --> 00:06:57,960 Speaker 1: ability to be on flat ground and leg and do 142 00:06:58,040 --> 00:06:59,720 Speaker 1: it do some carbon like, that's like a lot of 143 00:06:59,720 --> 00:07:01,520 Speaker 1: fun of the one of the other really cool micro 144 00:07:01,560 --> 00:07:04,400 Speaker 1: transportation devices is the one wheel, Like those things are 145 00:07:04,480 --> 00:07:07,160 Speaker 1: kind of taken off. Well, I gotta be honest, right, 146 00:07:07,520 --> 00:07:09,800 Speaker 1: there's some really cool stuff out there, but none of 147 00:07:09,840 --> 00:07:13,240 Speaker 1: these newer transportation inventions holds a candle to the old, 148 00:07:13,320 --> 00:07:16,480 Speaker 1: ultimate classic, to the bicycle. It's we talked about bikes 149 00:07:16,480 --> 00:07:18,040 Speaker 1: all the time. I see where you're going. It's and 150 00:07:18,080 --> 00:07:20,440 Speaker 1: it's not that bikes haven't improved in the past hundred years, right, 151 00:07:20,480 --> 00:07:23,960 Speaker 1: they certainly have, but those iterations have been relatively minor. 152 00:07:24,440 --> 00:07:27,440 Speaker 1: Yet bikes continue to reign supreme as the number one 153 00:07:27,480 --> 00:07:30,760 Speaker 1: personal transportation device, at least in our opinion. Bicycles were 154 00:07:30,840 --> 00:07:33,160 Speaker 1: the o g They were the one point of personal 155 00:07:33,200 --> 00:07:37,600 Speaker 1: transportation vehicle for sure. And similarly, our world, it changes quickly, right, 156 00:07:37,800 --> 00:07:40,560 Speaker 1: There's always something new that were supposed to be considering. 157 00:07:40,600 --> 00:07:43,560 Speaker 1: There's new diets, there's new kids toys. I was shocked 158 00:07:43,600 --> 00:07:46,040 Speaker 1: at the latest toy that probably got that like makes potions, 159 00:07:46,400 --> 00:07:50,120 Speaker 1: and it's there's never an end to the iterations on 160 00:07:50,200 --> 00:07:52,720 Speaker 1: kids toys. There's always something fancy or knew that they want. 161 00:07:52,880 --> 00:07:55,040 Speaker 1: There's new gurus out there, pitching new products. I mean, 162 00:07:55,720 --> 00:07:58,200 Speaker 1: our world is constantly changing and there's always something new 163 00:07:58,280 --> 00:08:01,640 Speaker 1: to grab our attention, and there's also new investments. But 164 00:08:02,040 --> 00:08:04,600 Speaker 1: is the new stuff better than the old stuff? Almost 165 00:08:04,600 --> 00:08:07,400 Speaker 1: always answers no. And so today we're going to discuss 166 00:08:07,440 --> 00:08:09,840 Speaker 1: how to be a great investor, and particularly in a 167 00:08:09,880 --> 00:08:12,680 Speaker 1: world where there's so many new fangled offerings, there's so many, 168 00:08:12,800 --> 00:08:14,640 Speaker 1: there's so much more for us to choose from. How 169 00:08:14,680 --> 00:08:17,320 Speaker 1: do we stay the course and make good decisions when 170 00:08:17,440 --> 00:08:19,800 Speaker 1: everything around us is changing? What what seems like all 171 00:08:19,800 --> 00:08:22,240 Speaker 1: the time. That's right. Even though there are all those 172 00:08:22,280 --> 00:08:25,680 Speaker 1: new forms of micro transportation, fact is, we both still 173 00:08:25,720 --> 00:08:29,720 Speaker 1: have our leg powered bikes that are set up here 174 00:08:29,760 --> 00:08:32,760 Speaker 1: on the walls in our office. Um, And it's not 175 00:08:32,800 --> 00:08:35,480 Speaker 1: that technology or like the advanced advancements that we've seen 176 00:08:35,480 --> 00:08:37,360 Speaker 1: in our world. It's not that it's all bad. Right, 177 00:08:37,400 --> 00:08:40,080 Speaker 1: And in particular when we're talking about investments, there have 178 00:08:40,240 --> 00:08:42,320 Speaker 1: certainly been some like there are there are some pros 179 00:08:42,559 --> 00:08:46,160 Speaker 1: to things changing and things evolving. Accessibility that folks have 180 00:08:46,240 --> 00:08:48,520 Speaker 1: not to be able to invest is great. Uh, you 181 00:08:48,520 --> 00:08:50,680 Speaker 1: don't have to know somebody, You don't have to hop 182 00:08:50,679 --> 00:08:52,760 Speaker 1: on the phone and call up the brokerage and actually 183 00:08:52,760 --> 00:08:55,200 Speaker 1: place in order. Those advancements are good. Uh. The fact 184 00:08:55,240 --> 00:08:57,199 Speaker 1: that fees don't exist, like, that's a good thing as well. 185 00:08:57,559 --> 00:09:00,120 Speaker 1: But like, there really are a lot more crap your 186 00:09:00,120 --> 00:09:02,760 Speaker 1: investments out there though. Uh. And there's also been a 187 00:09:02,760 --> 00:09:07,319 Speaker 1: proliferation of not so awesome investment advice as well. It's 188 00:09:07,320 --> 00:09:10,160 Speaker 1: a constantly changing space. Uh, there's a wider range of 189 00:09:10,200 --> 00:09:12,800 Speaker 1: options available to us. We actually discussed this back in 190 00:09:13,120 --> 00:09:17,240 Speaker 1: episode four forty six, where we talked about investing in farmland, 191 00:09:17,280 --> 00:09:20,960 Speaker 1: investing in wine, investing in art and whiskey. And that's right. 192 00:09:21,600 --> 00:09:23,800 Speaker 1: I prefer to drink it and not invest in it. 193 00:09:24,000 --> 00:09:26,400 Speaker 1: There's a way you can do both it. But these 194 00:09:26,400 --> 00:09:29,600 Speaker 1: new fingled like they're sexier options, right, but they can 195 00:09:29,600 --> 00:09:32,720 Speaker 1: throw us off our game, and it's difficult to address 196 00:09:32,760 --> 00:09:35,160 Speaker 1: every single product that's out there. We like, we certainly 197 00:09:35,160 --> 00:09:38,480 Speaker 1: weren't able to cover all of the alternative investment products 198 00:09:38,480 --> 00:09:40,480 Speaker 1: out there on that episode. I'm sure there's a bunch 199 00:09:40,640 --> 00:09:42,440 Speaker 1: that we haven't even heard of, and I know that 200 00:09:42,480 --> 00:09:45,440 Speaker 1: there are plenty more that will be invented in the future, 201 00:09:45,640 --> 00:09:48,160 Speaker 1: and so we wanted to make sure that you are 202 00:09:48,200 --> 00:09:52,200 Speaker 1: able to cultivate and then embody the characteristics of what 203 00:09:52,280 --> 00:09:54,920 Speaker 1: it takes to be a great investor so that you'll 204 00:09:54,920 --> 00:09:58,440 Speaker 1: be able to make wise decisions with your money, even 205 00:09:58,480 --> 00:10:01,520 Speaker 1: in an era where there are our potential investment options 206 00:10:01,559 --> 00:10:03,960 Speaker 1: at your disposal. We want you to know why it 207 00:10:04,040 --> 00:10:06,160 Speaker 1: is that you are investing, because in the fact is 208 00:10:06,200 --> 00:10:08,080 Speaker 1: like Joe and I were doing the show, but we 209 00:10:08,120 --> 00:10:10,800 Speaker 1: may not always be here for you. There might come 210 00:10:10,800 --> 00:10:14,719 Speaker 1: in a day. That's why we have life insurance like 211 00:10:14,880 --> 00:10:17,480 Speaker 1: a policy genius. But we're planning to be here and 212 00:10:17,520 --> 00:10:19,760 Speaker 1: we want to be able to continue to to be 213 00:10:20,040 --> 00:10:23,600 Speaker 1: sort of like your partner as you advance along, as 214 00:10:23,600 --> 00:10:26,440 Speaker 1: you travel down the personal finance path, as you're seeking 215 00:10:26,520 --> 00:10:28,880 Speaker 1: financial freedom. But we may not always be there. That's 216 00:10:28,880 --> 00:10:32,079 Speaker 1: all I'm saying. It's true, it's true. That's the ultimate reality. 217 00:10:32,120 --> 00:10:34,840 Speaker 1: But the I want to say what this episode isn't, Matt, 218 00:10:34,880 --> 00:10:36,880 Speaker 1: because I think you might read the title and you 219 00:10:36,960 --> 00:10:39,120 Speaker 1: might say, well, the key characteristics of great investors. They're 220 00:10:39,120 --> 00:10:42,559 Speaker 1: going to talk about the individuals who are great and investing. 221 00:10:42,600 --> 00:10:45,720 Speaker 1: The greats we can replicate what they did and know 222 00:10:45,840 --> 00:10:47,360 Speaker 1: the goal of this episode is not to turn you 223 00:10:47,400 --> 00:10:50,120 Speaker 1: into the next warm buffet, the next Charlie Munger or 224 00:10:50,160 --> 00:10:51,840 Speaker 1: the next Peter Lynch. And you might say, I don't 225 00:10:51,840 --> 00:10:54,079 Speaker 1: know who any of those people are, and that's okay, 226 00:10:54,240 --> 00:10:57,880 Speaker 1: I don't need to. But those are individuals who have, 227 00:10:58,080 --> 00:11:01,240 Speaker 1: over a long time span, out performed the market, even 228 00:11:01,280 --> 00:11:03,559 Speaker 1: though that's really really hard to do. If we were 229 00:11:03,559 --> 00:11:06,280 Speaker 1: to create some sort of mount rushmore of greatest investors 230 00:11:06,320 --> 00:11:08,520 Speaker 1: like those, those three guys would probably be on it. 231 00:11:08,679 --> 00:11:10,960 Speaker 1: I don't know who else we would include necessarily, but 232 00:11:10,960 --> 00:11:12,839 Speaker 1: it's widely accepted that those are three of the greatest 233 00:11:12,880 --> 00:11:15,360 Speaker 1: investors to have ever lived. And you know, most of us, 234 00:11:15,400 --> 00:11:18,040 Speaker 1: we've got jobs, we've got families. We're just not interested 235 00:11:18,080 --> 00:11:20,920 Speaker 1: in nor are we even equipped to start competing on 236 00:11:20,960 --> 00:11:23,200 Speaker 1: their level, to even seek to rival what they've done. 237 00:11:23,520 --> 00:11:26,120 Speaker 1: But the good news is that's not necessary for us 238 00:11:26,120 --> 00:11:28,440 Speaker 1: to achieve our financial goals. That there are certain key 239 00:11:28,480 --> 00:11:31,360 Speaker 1: things we can learn from folks like them and we 240 00:11:31,400 --> 00:11:34,520 Speaker 1: can implement into our own lives, increasing the possibility that 241 00:11:34,559 --> 00:11:36,880 Speaker 1: we're able to get out of our own way in 242 00:11:36,960 --> 00:11:39,600 Speaker 1: order to watch our investments grow over the years and 243 00:11:39,640 --> 00:11:41,360 Speaker 1: over the decades. But I just want to mention that 244 00:11:41,360 --> 00:11:44,520 Speaker 1: we don't necessarily need to be exactly like these folks, 245 00:11:44,520 --> 00:11:47,480 Speaker 1: we don't necessarily need to become professional investors, but we 246 00:11:47,480 --> 00:11:49,040 Speaker 1: would say there's still a lot that we can learn 247 00:11:49,040 --> 00:11:51,360 Speaker 1: from the way they go about their jobs. Sure, there's 248 00:11:51,360 --> 00:11:53,840 Speaker 1: a way that you can continue living your life and 249 00:11:53,840 --> 00:11:56,280 Speaker 1: the life that you want to lead and live without 250 00:11:56,559 --> 00:11:59,400 Speaker 1: you know, becoming a total nerd, which is what it 251 00:11:59,400 --> 00:12:02,880 Speaker 1: takes to be uh, the very very best investor. But 252 00:12:02,920 --> 00:12:05,800 Speaker 1: one of the characteristics that we think is really important, 253 00:12:06,040 --> 00:12:07,800 Speaker 1: body is that you need to be hungry to learn 254 00:12:08,240 --> 00:12:10,760 Speaker 1: and specifically learning from others. That is one of the 255 00:12:10,760 --> 00:12:14,040 Speaker 1: biggest keys to success. You don't need to reinvent the 256 00:12:14,040 --> 00:12:17,560 Speaker 1: wheel if you can pattern your investing game after the 257 00:12:17,600 --> 00:12:19,520 Speaker 1: best folks out there, you know, and not the ones 258 00:12:19,559 --> 00:12:22,160 Speaker 1: who who say that they're the best, like on YouTube 259 00:12:22,160 --> 00:12:25,319 Speaker 1: and TikTok. Those platforms are full of those folks. A 260 00:12:25,360 --> 00:12:26,880 Speaker 1: lot of a lot of big heads out there, man 261 00:12:27,000 --> 00:12:29,240 Speaker 1: telling people that you've got to follow their plan in 262 00:12:29,360 --> 00:12:32,240 Speaker 1: order to succeed, and that's pop Yeah. And we're also 263 00:12:32,240 --> 00:12:34,520 Speaker 1: not saying twice this episode, I think so, yeah, you've 264 00:12:34,520 --> 00:12:39,160 Speaker 1: already hit your one poppy cock per episode limit. Uh, 265 00:12:39,200 --> 00:12:42,200 Speaker 1: And like we're also not talking about just finding a 266 00:12:42,240 --> 00:12:45,200 Speaker 1: single individual, right like like a guru and following them 267 00:12:45,240 --> 00:12:47,120 Speaker 1: to the ends of the earth. That's more cult like 268 00:12:47,200 --> 00:12:49,719 Speaker 1: behavior that we are not in favor of. What we're 269 00:12:49,760 --> 00:12:52,760 Speaker 1: talking about is using time tested wisdom that has accumulated 270 00:12:52,800 --> 00:12:55,599 Speaker 1: over the decades and over the centuries um. And it 271 00:12:55,880 --> 00:12:58,560 Speaker 1: can also be helpful to find a group of folks, 272 00:12:58,640 --> 00:13:01,920 Speaker 1: right like a hive mind of individuals who are dispensing 273 00:13:01,960 --> 00:13:05,040 Speaker 1: information that you can trust on a regular basis that 274 00:13:05,080 --> 00:13:08,000 Speaker 1: tends to work together in order to inform sort of 275 00:13:08,160 --> 00:13:11,520 Speaker 1: a cohesive strategy. We think that that will make a 276 00:13:11,559 --> 00:13:14,560 Speaker 1: massive difference for you moving forward as well. It makes 277 00:13:14,640 --> 00:13:16,959 Speaker 1: I mean, specifically, we talk a lot about the how 278 00:13:16,960 --> 00:13:19,800 Speaker 1: the money Facebook group, the ability for folks who share 279 00:13:19,840 --> 00:13:23,720 Speaker 1: a lot of common goals, right like, the actual ends 280 00:13:24,040 --> 00:13:27,400 Speaker 1: that they're seeking after might vary slightly, but the means 281 00:13:27,440 --> 00:13:30,400 Speaker 1: to get there are oftentimes very similar. And that's what 282 00:13:30,440 --> 00:13:32,760 Speaker 1: I love about personal finances, that we we all can 283 00:13:32,800 --> 00:13:35,839 Speaker 1: take a very similar path, a similar strategy, even if 284 00:13:35,920 --> 00:13:38,360 Speaker 1: our end goals are slightly different. Yeah, and even if 285 00:13:38,400 --> 00:13:40,600 Speaker 1: our particular situations look a whole lot different, if our 286 00:13:40,600 --> 00:13:43,280 Speaker 1: income is differently, if we live in opposite parts of 287 00:13:43,280 --> 00:13:45,960 Speaker 1: the country or even different different countries like, there are 288 00:13:45,960 --> 00:13:48,240 Speaker 1: a lot of similar principles that we can adopt and 289 00:13:48,360 --> 00:13:51,320 Speaker 1: put into practice. And so, yeah, Matt, you mentioned basically 290 00:13:51,360 --> 00:13:53,960 Speaker 1: the first characteristic is being hungry to learn or being 291 00:13:53,960 --> 00:13:58,040 Speaker 1: thirsty for knowledge, right, because information builds on itself and 292 00:13:58,440 --> 00:14:00,520 Speaker 1: we're all indebted to those who have gone but for us, Right, 293 00:14:00,640 --> 00:14:02,800 Speaker 1: I'm thankful that that we can iterate based on the 294 00:14:02,840 --> 00:14:05,720 Speaker 1: discoveries and the inventions of others without having to start 295 00:14:05,800 --> 00:14:09,160 Speaker 1: over from square one, because the reality is knowledge really 296 00:14:09,200 --> 00:14:11,560 Speaker 1: can get lost over time if we're not vigilant, Like, 297 00:14:11,720 --> 00:14:13,400 Speaker 1: is there anybody out there who knows how to build 298 00:14:13,440 --> 00:14:15,679 Speaker 1: a pyramid these days? Uh? Like one of the great 299 00:14:15,880 --> 00:14:18,760 Speaker 1: Egyptian pyramids? No, Like nobody knows how to do that. 300 00:14:18,760 --> 00:14:21,240 Speaker 1: That knowledge has actually been lost, like it wasn't transmitted 301 00:14:21,280 --> 00:14:24,760 Speaker 1: down to future generations. And that's a really important thing 302 00:14:24,800 --> 00:14:27,680 Speaker 1: to realize, Like, we're fortunate the level of information we 303 00:14:27,760 --> 00:14:30,640 Speaker 1: have available to us as investors, Like it can be overwhelming, 304 00:14:30,720 --> 00:14:33,600 Speaker 1: but we should also be pretty thankful because there is 305 00:14:33,640 --> 00:14:35,560 Speaker 1: a whole lot that we can learn in less time 306 00:14:35,560 --> 00:14:38,200 Speaker 1: than ever because of what's at our fingertips, and that 307 00:14:38,320 --> 00:14:41,360 Speaker 1: maybe real quickly we should discuss our biggest influences because 308 00:14:41,880 --> 00:14:43,520 Speaker 1: we've actually been able to have a lot of them 309 00:14:43,520 --> 00:14:45,960 Speaker 1: on the show. Sadly, Warren Buffett still hasn't responded to 310 00:14:45,960 --> 00:14:48,160 Speaker 1: our emails, but a lot of the other folks who 311 00:14:48,240 --> 00:14:50,320 Speaker 1: have come on the show, we would we would say 312 00:14:50,360 --> 00:14:55,520 Speaker 1: they're worthy of you listening to regularly reading, reading their 313 00:14:55,560 --> 00:15:00,680 Speaker 1: books or blog posts or whatever. Morgan Household, Clark, Howard, A. L. Collins, 314 00:15:00,720 --> 00:15:02,920 Speaker 1: Ben Carlson. There there are a few of our favorite 315 00:15:02,920 --> 00:15:05,600 Speaker 1: money writers and thinkers. We've had the good fortune of 316 00:15:05,640 --> 00:15:08,040 Speaker 1: having each one of them on How the Money. That's right, 317 00:15:08,280 --> 00:15:11,120 Speaker 1: Warren Buffett and Jack Bogle they are from there, from 318 00:15:11,120 --> 00:15:13,200 Speaker 1: an even more distant generation. So those guys have been 319 00:15:13,200 --> 00:15:15,880 Speaker 1: around for decades and decades and we haven't had them 320 00:15:15,880 --> 00:15:17,640 Speaker 1: on the show, and sadly Jack Bogol is no longer 321 00:15:17,680 --> 00:15:21,720 Speaker 1: with us. But their thoughtfulness about investing has been invaluable 322 00:15:21,800 --> 00:15:25,240 Speaker 1: to informing how we view investing. We haven't created these 323 00:15:25,280 --> 00:15:27,040 Speaker 1: concepts out of thin air like Matt and I. We 324 00:15:27,080 --> 00:15:31,400 Speaker 1: didn't just stumble upon our own investing philosophy through self actualization. 325 00:15:31,760 --> 00:15:35,280 Speaker 1: This is really has been a project of many years 326 00:15:35,360 --> 00:15:38,440 Speaker 1: of reading and learning from the wisdom of others. Yeah again, 327 00:15:38,520 --> 00:15:41,760 Speaker 1: you don't have to reinvent the wheel, right because chances are, like, 328 00:15:41,800 --> 00:15:43,960 Speaker 1: if you wanted to, you could self actualize your way 329 00:15:44,000 --> 00:15:48,280 Speaker 1: into a winning strategy. Perhaps there is a chance that 330 00:15:48,320 --> 00:15:51,640 Speaker 1: things don't pan out very well, uh, depending on your 331 00:15:51,920 --> 00:15:54,720 Speaker 1: proclivity to learn and to make the right decisions. But 332 00:15:54,760 --> 00:15:56,880 Speaker 1: if you're a smart individual, if you're willing to not 333 00:15:57,000 --> 00:15:59,480 Speaker 1: make decisions based on your emotions, there is a chance 334 00:15:59,520 --> 00:16:02,760 Speaker 1: that you could just isolate yourself, look at the data, 335 00:16:02,880 --> 00:16:06,560 Speaker 1: and make the right decisions. But why like, why would 336 00:16:06,600 --> 00:16:09,440 Speaker 1: you be off in the corner by yourself kind of 337 00:16:09,480 --> 00:16:11,560 Speaker 1: spending your wheels when you can just look at these 338 00:16:11,600 --> 00:16:15,240 Speaker 1: proven methods, these proven paths that are well worn that 339 00:16:15,520 --> 00:16:17,600 Speaker 1: I mean millions of people have taken in order to 340 00:16:17,600 --> 00:16:19,920 Speaker 1: grow their wealth. That's why it's important to to be 341 00:16:19,960 --> 00:16:21,720 Speaker 1: able to learn from others. Well, maybe you read that 342 00:16:21,840 --> 00:16:24,040 Speaker 1: Robert Frost poem and you're like, I'm gonna want to 343 00:16:24,040 --> 00:16:26,720 Speaker 1: go the road less traveled, and in some cases that 344 00:16:26,880 --> 00:16:28,560 Speaker 1: is the way to go in life. But when it 345 00:16:28,560 --> 00:16:31,800 Speaker 1: comes to patterning your investing decisions, like, you don't necessarily 346 00:16:32,320 --> 00:16:34,480 Speaker 1: want to go the road less traveled, Exactly, it's gonna 347 00:16:34,480 --> 00:16:38,040 Speaker 1: be boring. Is better to be the route for misery exactly. Yeah. 348 00:16:38,080 --> 00:16:39,920 Speaker 1: And you know, not only should we learn from history 349 00:16:39,960 --> 00:16:42,760 Speaker 1: and the experiences of others, we think it pays to 350 00:16:42,760 --> 00:16:45,840 Speaker 1: be constantly curious as we're looking to learn from everything 351 00:16:45,840 --> 00:16:48,080 Speaker 1: around us. We want you to be like a sponge 352 00:16:48,280 --> 00:16:51,560 Speaker 1: that's constantly soaking up the nuggets of wisdom that you 353 00:16:51,720 --> 00:16:54,560 Speaker 1: encountered every day. But not only is it important to 354 00:16:54,640 --> 00:16:57,560 Speaker 1: learn and understand what's going on in the world, but 355 00:16:57,680 --> 00:17:01,920 Speaker 1: understanding yourself is just as important. Increasing yourself awareness is 356 00:17:01,920 --> 00:17:05,119 Speaker 1: a vital part of increasing your knowledge, where you know, 357 00:17:05,200 --> 00:17:07,840 Speaker 1: you're recognizing that they're they're gonna be limits to what 358 00:17:07,880 --> 00:17:10,000 Speaker 1: you can know, to what you can do. It's it's 359 00:17:10,000 --> 00:17:12,440 Speaker 1: not difficult for us to begin to think that we're 360 00:17:12,560 --> 00:17:15,760 Speaker 1: smarter than than we actually are. But the reality is 361 00:17:16,040 --> 00:17:18,480 Speaker 1: that the more you learn, the more you realize that 362 00:17:18,560 --> 00:17:21,000 Speaker 1: you don't actually understand. I remember people saying that when 363 00:17:21,000 --> 00:17:22,159 Speaker 1: I was in my early twenties, and I was like, now, 364 00:17:22,160 --> 00:17:23,479 Speaker 1: I'm pretty sure I'm gonna learn a lot and I'm 365 00:17:23,480 --> 00:17:25,960 Speaker 1: gonna know it at all. And it is true, though, 366 00:17:26,000 --> 00:17:27,959 Speaker 1: the more you learn, you're like, wow, there's still a 367 00:17:28,000 --> 00:17:30,680 Speaker 1: lot to be It almost like heightens your sense of 368 00:17:30,760 --> 00:17:33,920 Speaker 1: humility because you realize how much you don't understand. Sure, 369 00:17:33,960 --> 00:17:35,560 Speaker 1: it's it's sort of like you're walking along with a 370 00:17:35,600 --> 00:17:38,399 Speaker 1: torch and like when you're younger, you think that, oh no, 371 00:17:38,520 --> 00:17:41,560 Speaker 1: when I specifically, I'm thinking of like the old school Zelda, 372 00:17:41,640 --> 00:17:43,440 Speaker 1: because like you create the map, you know, like as 373 00:17:43,480 --> 00:17:46,080 Speaker 1: you go into these certain areas. Um. But it's it's 374 00:17:46,119 --> 00:17:48,200 Speaker 1: as if you think in your earlier years that once 375 00:17:48,240 --> 00:17:51,480 Speaker 1: you discover the boundaries of the level, or you know, 376 00:17:51,600 --> 00:17:53,680 Speaker 1: once you figure out where all the walls are, then 377 00:17:53,880 --> 00:17:55,360 Speaker 1: it's all you gotta do is just kind of fill 378 00:17:55,359 --> 00:17:58,120 Speaker 1: in the gaps, right, But in reality, instead of there 379 00:17:58,119 --> 00:18:00,560 Speaker 1: being walls, there's just more doors there. There are always 380 00:18:00,560 --> 00:18:04,480 Speaker 1: going to be more doors and more arenas or industries 381 00:18:04,520 --> 00:18:06,840 Speaker 1: that you could learn more about. I'm so glad you 382 00:18:06,960 --> 00:18:09,800 Speaker 1: brought a Zelda reference. It's here, I mean this episode 383 00:18:10,400 --> 00:18:12,520 Speaker 1: reference before. I don't know, but that was one of 384 00:18:12,520 --> 00:18:15,680 Speaker 1: the classics. Man, it really was the gold the gold cartridge, 385 00:18:15,720 --> 00:18:18,080 Speaker 1: that's right. Remember you had always like blow on it 386 00:18:18,119 --> 00:18:20,800 Speaker 1: in order to if it wasn't working, that does build up, 387 00:18:20,880 --> 00:18:23,600 Speaker 1: blow like it, run your finger across it. Yeah, I 388 00:18:23,600 --> 00:18:25,200 Speaker 1: don't know the last time I played the video games 389 00:18:25,320 --> 00:18:27,160 Speaker 1: all the tricks. I don't even know how they work 390 00:18:27,280 --> 00:18:29,680 Speaker 1: or what games are hot these days. But the reason 391 00:18:29,720 --> 00:18:31,919 Speaker 1: I mentioned that mention this is because it's actually a 392 00:18:32,000 --> 00:18:36,359 Speaker 1: helpful realization. Obviously, by you realizing that you don't know everything, 393 00:18:36,400 --> 00:18:37,880 Speaker 1: this is going to keep you from trying to make 394 00:18:38,000 --> 00:18:40,760 Speaker 1: investing decisions with hubris. And you know, we're kind of 395 00:18:40,760 --> 00:18:43,480 Speaker 1: talking about humility here, which we feel is is another 396 00:18:43,600 --> 00:18:46,840 Speaker 1: great characteristic to possess when when you know yourself better, 397 00:18:47,200 --> 00:18:50,680 Speaker 1: you can be humble. Um And and not only is 398 00:18:50,760 --> 00:18:53,720 Speaker 1: it important to realize what it is that you don't know, 399 00:18:54,000 --> 00:18:57,919 Speaker 1: but it's important to understand your natural inclinations and how 400 00:18:57,960 --> 00:19:00,159 Speaker 1: it is that you behave. And the reason I and 401 00:19:00,200 --> 00:19:02,000 Speaker 1: this is because you literally could have all of the 402 00:19:02,040 --> 00:19:05,600 Speaker 1: knowledge that Warren Buffett has, but if you are not 403 00:19:05,680 --> 00:19:08,879 Speaker 1: able to actively implement that knowledge into how it is 404 00:19:08,920 --> 00:19:10,600 Speaker 1: that you invest, well, you're not gonna be a good 405 00:19:10,600 --> 00:19:14,600 Speaker 1: investor if you haven't developed the other characteristics aside from knowledge. Yes, 406 00:19:14,800 --> 00:19:17,040 Speaker 1: you're still you can know everything there is to know, 407 00:19:17,119 --> 00:19:19,880 Speaker 1: but make massive mistakes exactly if you cannot implement it well, 408 00:19:20,040 --> 00:19:22,879 Speaker 1: then that doesn't automatically make you a good investor. So 409 00:19:22,920 --> 00:19:25,199 Speaker 1: let's get to those other characteristics mats. We'll get to 410 00:19:25,880 --> 00:19:29,119 Speaker 1: a laundry list of the important, the key characteristics that 411 00:19:29,240 --> 00:19:31,040 Speaker 1: you need to develop if you want to be a 412 00:19:31,080 --> 00:19:33,199 Speaker 1: good investor, and we'll talk about those right after this. 413 00:19:42,720 --> 00:19:44,600 Speaker 1: All right, we're back from the break talking about some 414 00:19:44,640 --> 00:19:47,720 Speaker 1: of these key characteristics what it takes to be a 415 00:19:47,840 --> 00:19:51,000 Speaker 1: great investor. These are not poppy cock. These are sorry 416 00:19:51,600 --> 00:19:55,440 Speaker 1: if you if you say that one more time. Uh no, okay, 417 00:19:55,480 --> 00:19:58,720 Speaker 1: So we already talked about a desire to learn, a 418 00:19:58,800 --> 00:20:01,960 Speaker 1: thirst for knowledge. Uh. The next characteristic that we wanted 419 00:20:02,000 --> 00:20:05,679 Speaker 1: to get to is patients because the truth is that 420 00:20:05,960 --> 00:20:09,040 Speaker 1: investing it is a long game. When when we talk 421 00:20:09,080 --> 00:20:12,000 Speaker 1: about investing in the market, we're talking about like typically 422 00:20:12,119 --> 00:20:16,200 Speaker 1: investing at a minimum of five years, if not five decades, 423 00:20:16,640 --> 00:20:19,159 Speaker 1: and so over that course of time, you're going to 424 00:20:19,280 --> 00:20:21,560 Speaker 1: experience a lot of volatility. You're gonna see a lot 425 00:20:21,600 --> 00:20:24,960 Speaker 1: of ups and downs. And it's important to maintain that 426 00:20:25,080 --> 00:20:27,600 Speaker 1: scope to understand that you are investing for the long 427 00:20:27,680 --> 00:20:30,560 Speaker 1: haul in order to see out those ups and downs, 428 00:20:30,640 --> 00:20:33,680 Speaker 1: right because in reality that you know those fluctuations, that volatility, 429 00:20:33,920 --> 00:20:37,440 Speaker 1: those aren't bugs, right, Like, those are features of the market. Uh. 430 00:20:37,440 --> 00:20:39,880 Speaker 1: And if you are too focused on the near term 431 00:20:40,160 --> 00:20:41,920 Speaker 1: and you see the market crashing, you see you see 432 00:20:41,920 --> 00:20:44,120 Speaker 1: a dropt Well if if you don't, if you don't 433 00:20:44,160 --> 00:20:47,080 Speaker 1: have a thirty year time arizon, you're freaking out in 434 00:20:47,119 --> 00:20:49,199 Speaker 1: that stress. First of all, it's not good for you, 435 00:20:49,400 --> 00:20:51,520 Speaker 1: but then secondly it could potentially lead you to make 436 00:20:51,560 --> 00:20:54,640 Speaker 1: decisions that are not wise. And the same the opposite 437 00:20:54,680 --> 00:20:56,400 Speaker 1: is true as well. Right like you start, you see 438 00:20:56,400 --> 00:20:59,639 Speaker 1: something taken off and you're thinking, oh, my gosh, is 439 00:20:59,720 --> 00:21:01,800 Speaker 1: take it in. I need to jump on that to 440 00:21:01,840 --> 00:21:03,639 Speaker 1: make sure I don't get left behind under chairs of 441 00:21:03,640 --> 00:21:07,159 Speaker 1: bed bathroom on stock right now exactly. And were you 442 00:21:07,280 --> 00:21:09,200 Speaker 1: to do that, you'd be out a lot of money 443 00:21:09,280 --> 00:21:12,040 Speaker 1: right now. And so being patient, having a proper view 444 00:21:12,119 --> 00:21:14,880 Speaker 1: of your your time frame super important. Well, it makes 445 00:21:14,880 --> 00:21:16,720 Speaker 1: me think that there was a tweet I saw recently 446 00:21:16,880 --> 00:21:19,760 Speaker 1: from Alex Lieberman who started Morning Brew, which I think 447 00:21:19,840 --> 00:21:21,760 Speaker 1: is just a killer email newsletter. I mean, it's not 448 00:21:21,840 --> 00:21:23,560 Speaker 1: quite as good as the How the Money newsletter, but 449 00:21:23,800 --> 00:21:26,720 Speaker 1: you know they're doing what they're doing, all right, They're trying. Yeah. Well, 450 00:21:26,720 --> 00:21:28,040 Speaker 1: then I have a lot of respect for Alex. I 451 00:21:28,080 --> 00:21:30,159 Speaker 1: think he's great, but but he asked this question of 452 00:21:30,160 --> 00:21:32,200 Speaker 1: his followers, Hey, if you wanted to turn a hundred 453 00:21:32,200 --> 00:21:34,840 Speaker 1: thousand dollars into a million dollars within twelve months, what 454 00:21:35,000 --> 00:21:37,760 Speaker 1: investments would you make? And the only thing I could 455 00:21:37,800 --> 00:21:40,040 Speaker 1: think when I read that was, if you're trying to 456 00:21:40,080 --> 00:21:44,480 Speaker 1: grow your money ten x in just a year, chances 457 00:21:44,480 --> 00:21:47,120 Speaker 1: are you're putting in at too much risk and there's 458 00:21:47,160 --> 00:21:49,199 Speaker 1: a really big chance you're gonna lose it, or at 459 00:21:49,280 --> 00:21:51,080 Speaker 1: least lose a big portion of it, because you have 460 00:21:51,160 --> 00:21:53,919 Speaker 1: to make risk of your bets if you're not patient 461 00:21:54,000 --> 00:21:57,120 Speaker 1: enough to see that hundred k grow a lot more slowly. Right, 462 00:21:57,440 --> 00:22:00,119 Speaker 1: The greedier you get, the less patients that you have, 463 00:22:00,560 --> 00:22:03,280 Speaker 1: the more likely you are to invest in a way 464 00:22:03,600 --> 00:22:06,439 Speaker 1: that doesn't align with your long term goals and then 465 00:22:06,480 --> 00:22:08,560 Speaker 1: puts your capital a whole lot more risk. Yeah, fact 466 00:22:08,600 --> 00:22:10,760 Speaker 1: is that's that's kind of an invalid question. Yeah, like 467 00:22:10,760 --> 00:22:14,080 Speaker 1: like the same question. Yeah, Like how could you ask, uh, 468 00:22:14,200 --> 00:22:16,280 Speaker 1: what's the best investment in order to turn a hundred 469 00:22:16,320 --> 00:22:18,600 Speaker 1: k into one million? It's like, well, and in reality, 470 00:22:18,640 --> 00:22:21,560 Speaker 1: that's not truly investing. It feels a bit more like 471 00:22:21,560 --> 00:22:23,480 Speaker 1: like gambling to how do you do that over twenty years? 472 00:22:23,480 --> 00:22:25,840 Speaker 1: Like that's a different question, right, Yeah, we can talk 473 00:22:25,840 --> 00:22:30,000 Speaker 1: about that how to do it that is investing versus something. Yeah, 474 00:22:30,000 --> 00:22:31,640 Speaker 1: a shorter time frame like that feels a lot more 475 00:22:31,680 --> 00:22:33,879 Speaker 1: like speculators. Literally, if you're doing this, I would take 476 00:22:33,880 --> 00:22:36,960 Speaker 1: the hunter k to Vegas, Like that's the only legitimate 477 00:22:37,000 --> 00:22:39,360 Speaker 1: answer then, I know, probably be the most fun way 478 00:22:39,359 --> 00:22:40,879 Speaker 1: to do it as well, Like could you imagine going 479 00:22:40,880 --> 00:22:42,879 Speaker 1: to Vegas with a hundred k? I've never have you 480 00:22:42,920 --> 00:22:45,359 Speaker 1: been to Vegas and like gone to the casina, dude 481 00:22:46,320 --> 00:22:48,440 Speaker 1: one of these days. Because I feel like there's something. 482 00:22:49,600 --> 00:22:51,520 Speaker 1: There's just something that I think I'm gonna learn when 483 00:22:51,520 --> 00:22:53,080 Speaker 1: I go and do that, right, Like, I feel like 484 00:22:53,080 --> 00:22:55,359 Speaker 1: there are going to be certain life lessons, not because 485 00:22:55,440 --> 00:22:57,800 Speaker 1: I'm trying to strike it rich, but just like we're 486 00:22:57,840 --> 00:23:00,680 Speaker 1: talking about earlier, the process of learning there's something. But 487 00:23:00,800 --> 00:23:03,119 Speaker 1: you know, from exposing myself, they're going there with a 488 00:23:03,160 --> 00:23:06,280 Speaker 1: certain amount of money and literally betting it, knowing that 489 00:23:06,320 --> 00:23:08,119 Speaker 1: there's a good chance I could lose it. All I 490 00:23:08,160 --> 00:23:10,440 Speaker 1: want to experience that I've gambled. I've gone to Tunic 491 00:23:10,480 --> 00:23:12,520 Speaker 1: Coup before, but I bought a lot of the ticket. 492 00:23:12,520 --> 00:23:14,480 Speaker 1: But I mean I bought the Megan millions or whatever, 493 00:23:14,520 --> 00:23:16,119 Speaker 1: a few weeks ago. I kept it. You kept as 494 00:23:16,119 --> 00:23:19,120 Speaker 1: small though, right you might one ticket. Yeah, technically that's 495 00:23:19,160 --> 00:23:21,200 Speaker 1: not totally true because in Georgia they require you to 496 00:23:21,200 --> 00:23:23,359 Speaker 1: put tim Bucks in if you do it via the app. 497 00:23:23,640 --> 00:23:25,480 Speaker 1: And I had downloaded the app, and so I did 498 00:23:25,480 --> 00:23:27,720 Speaker 1: ten dollars, which I was kind of pissed about because 499 00:23:28,080 --> 00:23:30,720 Speaker 1: because I wanted to drop too. In reality, I did more. 500 00:23:30,720 --> 00:23:32,760 Speaker 1: I did some upgrades or something. It's a total sham. 501 00:23:32,880 --> 00:23:34,639 Speaker 1: But even still, I do want to go to Vegas 502 00:23:34,640 --> 00:23:36,879 Speaker 1: one of these days. But what we're talking about here 503 00:23:36,920 --> 00:23:38,479 Speaker 1: is the opposite of going to Vegas, which is being 504 00:23:38,520 --> 00:23:43,679 Speaker 1: patient with your investments. Uh. And like like delayed gratification, 505 00:23:43,760 --> 00:23:45,639 Speaker 1: you know, like that might come easier for certain folks, 506 00:23:45,840 --> 00:23:49,679 Speaker 1: but delayed gratification is the direct action that accompanies the 507 00:23:49,760 --> 00:23:53,120 Speaker 1: virtue of patients, right, like you just wait, you waited out, uh, 508 00:23:53,160 --> 00:23:55,879 Speaker 1: And then like the true impact of patients is going 509 00:23:55,920 --> 00:23:59,560 Speaker 1: to be shown through the magic of compound returns as 510 00:23:59,560 --> 00:24:02,120 Speaker 1: your patient, and as you delay that gratification and wait, 511 00:24:02,680 --> 00:24:05,840 Speaker 1: you get rewarded with those returns over the years and decades. 512 00:24:06,040 --> 00:24:09,280 Speaker 1: Because great investors do not get rich overnight. It takes time. 513 00:24:09,520 --> 00:24:11,399 Speaker 1: Even though you're doing the right thing. You know, like, 514 00:24:11,440 --> 00:24:14,640 Speaker 1: even though you're sacking money away into the market paycheck 515 00:24:14,720 --> 00:24:17,920 Speaker 1: after paycheck, the results are they're often going to be 516 00:24:17,960 --> 00:24:21,480 Speaker 1: like invisible for for months or even years. But over time, 517 00:24:21,520 --> 00:24:23,480 Speaker 1: eventually you might start to think that your net worth 518 00:24:23,560 --> 00:24:26,040 Speaker 1: is looking somewhat impressive. Like say, after a decade, I 519 00:24:26,080 --> 00:24:27,919 Speaker 1: feel like a decade that's the time frame when you're like, 520 00:24:28,080 --> 00:24:31,080 Speaker 1: oh wow, okay, I'm starting to see what the compounding 521 00:24:31,080 --> 00:24:33,679 Speaker 1: returns things all about. Whereas to three years in you're like, 522 00:24:33,680 --> 00:24:35,000 Speaker 1: I don't know, I don't get it, you don't really 523 00:24:35,040 --> 00:24:36,960 Speaker 1: feel it. But I mean both of us, I mean 524 00:24:36,960 --> 00:24:39,480 Speaker 1: we're we're pretty young even still, even though we're getting older, 525 00:24:39,680 --> 00:24:41,680 Speaker 1: I feel like we're young when it comes to our investments, 526 00:24:42,440 --> 00:24:44,960 Speaker 1: like to to to really see those incredible results. I 527 00:24:44,960 --> 00:24:47,040 Speaker 1: feel like we've got another ten years ahead of us. 528 00:24:47,600 --> 00:24:49,760 Speaker 1: I feel like they're on their way, they're coming, and 529 00:24:49,760 --> 00:24:52,720 Speaker 1: those investments that that seems so small ten years ago, 530 00:24:53,200 --> 00:24:55,199 Speaker 1: uh a few percentage points you know, of of your 531 00:24:55,200 --> 00:24:57,840 Speaker 1: paycheck or me maxing out my my wrath I ra 532 00:24:57,880 --> 00:25:01,320 Speaker 1: a as a self employed person. Eventually, at some point 533 00:25:01,680 --> 00:25:05,440 Speaker 1: those are going to look crazy impressive, exactly a little 534 00:25:05,440 --> 00:25:07,639 Speaker 1: bit over a long time makes a big difference, but 535 00:25:07,680 --> 00:25:09,879 Speaker 1: it takes patience to then reap those results. And so 536 00:25:09,920 --> 00:25:12,159 Speaker 1: we've got a couple of characteristics down, but well we've 537 00:25:12,160 --> 00:25:14,879 Speaker 1: got more to cover. And another one is becoming a specialist. Right. 538 00:25:14,920 --> 00:25:17,720 Speaker 1: The more the more you try to accomplish, the less 539 00:25:17,720 --> 00:25:20,520 Speaker 1: you're gonna be able to do well. I heard someone 540 00:25:20,600 --> 00:25:22,560 Speaker 1: say the other day math that they were the thing 541 00:25:22,600 --> 00:25:24,560 Speaker 1: they were good at was multitasking, and I was like, 542 00:25:24,840 --> 00:25:27,520 Speaker 1: that's interesting, because I think of that. I like to 543 00:25:27,520 --> 00:25:29,520 Speaker 1: think of myself as a good multitasker. But I've been 544 00:25:29,560 --> 00:25:32,679 Speaker 1: told and from everything I've read, people aren't like, it's 545 00:25:32,720 --> 00:25:35,520 Speaker 1: not possible. It's not possible to be doing a few 546 00:25:35,560 --> 00:25:37,679 Speaker 1: things well at the same time, and so I do 547 00:25:37,760 --> 00:25:39,480 Speaker 1: think of it. It's I don't know, it's made me 548 00:25:39,480 --> 00:25:41,960 Speaker 1: more critical of myself as I as I think that 549 00:25:42,320 --> 00:25:44,480 Speaker 1: and try to just hone in on doing one thing 550 00:25:44,480 --> 00:25:47,159 Speaker 1: at a time instead of trying to spread myself too thin. 551 00:25:47,520 --> 00:25:49,800 Speaker 1: It actually makes me think of a recent like Stoic 552 00:25:50,040 --> 00:25:52,920 Speaker 1: proverb that I saw from one of the Stoics. I 553 00:25:52,960 --> 00:25:55,760 Speaker 1: don't know who it was, but he who is everywhere 554 00:25:56,240 --> 00:25:58,840 Speaker 1: is nowhere, and that is absolutely true when it comes 555 00:25:58,840 --> 00:26:00,600 Speaker 1: to our mind, because if we're trying to do multiple 556 00:26:00,600 --> 00:26:03,080 Speaker 1: things at once, we're not truly anywhere fully. Yeah, I 557 00:26:03,119 --> 00:26:05,120 Speaker 1: don't know. It makes me think of two sport athletes 558 00:26:05,480 --> 00:26:07,439 Speaker 1: and you're back in the nineties, like there were a 559 00:26:07,440 --> 00:26:10,720 Speaker 1: few guys that were really good at multiple sports, like 560 00:26:10,760 --> 00:26:15,080 Speaker 1: Michael Jordan's. Uh see, he wasn't so great at baseball, 561 00:26:15,080 --> 00:26:17,240 Speaker 1: as it turns out, even as the one of the 562 00:26:17,280 --> 00:26:19,600 Speaker 1: most accomplished basketball players of all time. And I kind 563 00:26:19,600 --> 00:26:21,119 Speaker 1: of wonder if you'd just stuck with bass, like how 564 00:26:21,119 --> 00:26:24,399 Speaker 1: many championships would you have? Maybe maybe eight? But you know, 565 00:26:24,440 --> 00:26:27,399 Speaker 1: Bo Jackson, he was a pretty good two sport athlete. 566 00:26:27,400 --> 00:26:30,280 Speaker 1: We had Neon Dion Sanders here in Atlanta, and remember 567 00:26:30,320 --> 00:26:32,640 Speaker 1: that guy, he was pretty good at both. But they're 568 00:26:32,720 --> 00:26:35,680 Speaker 1: the exception to the rule. And and we're not saying 569 00:26:35,680 --> 00:26:38,240 Speaker 1: that doesn't mean that you can't have multiple investment accounts 570 00:26:38,320 --> 00:26:39,960 Speaker 1: that you have to specialize in just your four own 571 00:26:40,000 --> 00:26:41,800 Speaker 1: k or something like that. Of course you can, and 572 00:26:41,800 --> 00:26:44,480 Speaker 1: you probably should have a roth IRA and you should 573 00:26:44,480 --> 00:26:47,080 Speaker 1: also be using let's say your HSA in order to 574 00:26:47,160 --> 00:26:49,600 Speaker 1: invest in your future too. But if you're spreading yourself 575 00:26:49,720 --> 00:26:52,359 Speaker 1: too thin by investing in too many different types of 576 00:26:52,400 --> 00:26:55,119 Speaker 1: asset classes. That's that's what I'm talking about. Or if 577 00:26:55,119 --> 00:26:57,760 Speaker 1: you're investing in let's say a dozen or more individual stocks, 578 00:26:58,000 --> 00:26:59,920 Speaker 1: you're way more likely to make mistakes that are gonna 579 00:27:00,000 --> 00:27:02,680 Speaker 1: pamper your progress. And again, we're not trying to be 580 00:27:02,760 --> 00:27:04,240 Speaker 1: like Warren Buffett. If we had all the time in 581 00:27:04,280 --> 00:27:06,680 Speaker 1: the world to research these companies, to dig into their financials, 582 00:27:06,920 --> 00:27:09,800 Speaker 1: we might be able to be uh investors on par 583 00:27:09,960 --> 00:27:11,840 Speaker 1: with Warren Buffett. But most of us don't have that time. 584 00:27:11,880 --> 00:27:13,800 Speaker 1: So we have to specialize, and we have to we 585 00:27:13,840 --> 00:27:16,080 Speaker 1: can't spend ourselves too thin, or we're not gonna be 586 00:27:16,080 --> 00:27:17,840 Speaker 1: good at any of the things that we're attempting to do. 587 00:27:17,960 --> 00:27:20,880 Speaker 1: That's right. Yeah, we're talking about being focused here, uh 588 00:27:20,920 --> 00:27:23,920 Speaker 1: and like generally speaking, for a lot of these different 589 00:27:23,960 --> 00:27:26,280 Speaker 1: characteristics we're talking we're talking about the stock market, but 590 00:27:26,359 --> 00:27:28,680 Speaker 1: this is especially true when it comes to real estate 591 00:27:28,800 --> 00:27:30,879 Speaker 1: as well, because we know we talk about going hyper 592 00:27:31,000 --> 00:27:35,640 Speaker 1: local and finding the particular path, the specific path that 593 00:27:35,720 --> 00:27:38,200 Speaker 1: makes the most sense to you. But if you're looking 594 00:27:38,240 --> 00:27:41,560 Speaker 1: at condos and quad plexes, you're looking at apartment complexes, 595 00:27:41,880 --> 00:27:44,399 Speaker 1: you're also thinking about maybe doing the flip, maybe starting 596 00:27:44,400 --> 00:27:46,959 Speaker 1: your own HDTV show. I'm gonna all the above, man, 597 00:27:47,200 --> 00:27:49,280 Speaker 1: let's go at all. If you do all that, the 598 00:27:49,359 --> 00:27:52,639 Speaker 1: chances that you accidentally ignore an important red flag about 599 00:27:52,680 --> 00:27:55,560 Speaker 1: at property, or maybe you fail to crunch the numbers 600 00:27:55,640 --> 00:27:59,480 Speaker 1: well enough before making an offer, the chances grow significantly 601 00:27:59,520 --> 00:28:02,160 Speaker 1: that that happen. And so when we spread ourselves too thin, 602 00:28:02,480 --> 00:28:05,080 Speaker 1: we are often going to end up doing everything, maybe 603 00:28:05,080 --> 00:28:07,760 Speaker 1: a little bit more poorly than you would otherwise. So 604 00:28:07,880 --> 00:28:10,879 Speaker 1: limiting our scope and becoming experts on just a couple 605 00:28:10,920 --> 00:28:13,879 Speaker 1: of things, becoming those specialists, we think that will increase 606 00:28:13,880 --> 00:28:17,199 Speaker 1: our chances of success markedly. Yeah. Man, that makes me 607 00:28:17,240 --> 00:28:22,040 Speaker 1: think of simplicity. Right. That is another just intelligent investors 608 00:28:22,240 --> 00:28:25,520 Speaker 1: value simplicity because the more complex something is, the more 609 00:28:25,600 --> 00:28:28,120 Speaker 1: likely it is to be a bad investment. Right, I'm 610 00:28:28,160 --> 00:28:31,880 Speaker 1: looking at you, ad two kinds of annuities or awkward 611 00:28:31,920 --> 00:28:35,560 Speaker 1: mixtures of life insurance and investments. If you can't, if 612 00:28:35,560 --> 00:28:38,280 Speaker 1: you can't explain the investment that you're taking into a 613 00:28:38,320 --> 00:28:40,640 Speaker 1: seven or eight year old, chances are you probably don't 614 00:28:40,680 --> 00:28:43,680 Speaker 1: quite understand it fully yourself, and you've let someone else 615 00:28:43,720 --> 00:28:47,040 Speaker 1: convince you of something based on faulty assumptions and bad 616 00:28:47,120 --> 00:28:51,200 Speaker 1: numbers and just an excess of exuberance. And so it's 617 00:28:51,240 --> 00:28:53,800 Speaker 1: kind of like how the best writers they actually avoid 618 00:28:54,000 --> 00:28:57,680 Speaker 1: the most flowery, cut ci language, the ones who are okay, 619 00:28:58,000 --> 00:29:01,000 Speaker 1: they're using their the source like a much uh in 620 00:29:01,080 --> 00:29:03,640 Speaker 1: order to make their prose sound better than it actually is. 621 00:29:04,080 --> 00:29:06,479 Speaker 1: The absolute best writers they don't need to do that. 622 00:29:06,760 --> 00:29:09,560 Speaker 1: And and similarly, the best investors, they don't need to 623 00:29:09,600 --> 00:29:12,320 Speaker 1: get too cute with their money investing in things that 624 00:29:12,360 --> 00:29:15,240 Speaker 1: are more complicated. Those are those are usually more hassle 625 00:29:15,320 --> 00:29:17,520 Speaker 1: than their worth, and they're gonna they're gonna push you 626 00:29:17,560 --> 00:29:20,080 Speaker 1: into a worse place when it comes to your overall 627 00:29:20,120 --> 00:29:22,680 Speaker 1: investment choices. That's right. Yeah, so we're talking about keeping 628 00:29:22,720 --> 00:29:25,200 Speaker 1: it simple. We're talking about having a high degree of focus. 629 00:29:26,200 --> 00:29:29,840 Speaker 1: You mentioned being a specialist, being patient, being thirsty for knowledge. 630 00:29:30,120 --> 00:29:33,560 Speaker 1: Another characteristic is to be blissfully ignorant. It sounds like 631 00:29:33,560 --> 00:29:35,520 Speaker 1: the opposite of thirsty for knowledge. Mass so please do 632 00:29:35,640 --> 00:29:38,720 Speaker 1: tell we do not want investors to pay attention to 633 00:29:38,800 --> 00:29:42,080 Speaker 1: the results. And this again kind of goes counter and 634 00:29:42,120 --> 00:29:43,800 Speaker 1: to maybe what we've been saying so far, because you 635 00:29:43,840 --> 00:29:47,800 Speaker 1: might be thinking, well, I'm investing to grow my money idiots. 636 00:29:47,800 --> 00:29:49,640 Speaker 1: I need to be focused on the results. They're kind 637 00:29:49,680 --> 00:29:52,600 Speaker 1: of important, uh, And you're not wrong. But the more 638 00:29:52,640 --> 00:29:54,640 Speaker 1: you're checking in on the growth that you're experiencing, the 639 00:29:54,680 --> 00:29:57,959 Speaker 1: more likely you are to tinker in order to just 640 00:29:58,080 --> 00:29:59,960 Speaker 1: juice those returns and see if you can kind of 641 00:30:00,000 --> 00:30:02,680 Speaker 1: outsmart the market. But those changes are often implemented as 642 00:30:02,720 --> 00:30:06,120 Speaker 1: an emotional reaction, not because our actual goals have changed, 643 00:30:06,120 --> 00:30:08,320 Speaker 1: and not because the way that we were investing no 644 00:30:08,360 --> 00:30:10,840 Speaker 1: longer makes sense to us. We're making a knee jerk 645 00:30:10,880 --> 00:30:13,400 Speaker 1: emotional reaction to buy or sell or to invest in 646 00:30:13,480 --> 00:30:17,040 Speaker 1: something else, And so ignorance is bliss in so many 647 00:30:17,080 --> 00:30:20,200 Speaker 1: areas of life, investing included. It's a it's a good 648 00:30:20,200 --> 00:30:22,000 Speaker 1: idea to check in maybe just once or twice a 649 00:30:22,080 --> 00:30:24,200 Speaker 1: year if you want to update your net worth uh, 650 00:30:24,200 --> 00:30:27,120 Speaker 1: and to have a general idea of where you are at. 651 00:30:27,520 --> 00:30:29,400 Speaker 1: But other than that, we would just recommend that you, 652 00:30:29,600 --> 00:30:31,400 Speaker 1: for the most part, just try to ignore it. Yeah, 653 00:30:31,400 --> 00:30:33,400 Speaker 1: if the market, ladies, it loses like three percent in 654 00:30:33,440 --> 00:30:34,960 Speaker 1: one day, you don't want to log into your accounts 655 00:30:35,000 --> 00:30:37,000 Speaker 1: and see the red and then do something about it. 656 00:30:37,600 --> 00:30:39,360 Speaker 1: That's actually what I love about when we talk about 657 00:30:39,360 --> 00:30:42,640 Speaker 1: the robo advisors. Matt Betterment is the best of the 658 00:30:42,720 --> 00:30:46,600 Speaker 1: robo advisors, largely because they implement so many great behavioral 659 00:30:46,600 --> 00:30:49,240 Speaker 1: tools to help people stay the course. Um, they're kind 660 00:30:49,240 --> 00:30:50,600 Speaker 1: of like, wait, are you sure you want to do that? 661 00:30:50,640 --> 00:30:53,240 Speaker 1: They're holding people's hands to help them make smart decisions 662 00:30:53,280 --> 00:30:55,800 Speaker 1: to help them be better investors, which I think is cool. 663 00:30:55,960 --> 00:30:59,160 Speaker 1: And what we're talking about here is being indistractable, centering 664 00:30:59,160 --> 00:31:02,360 Speaker 1: our attention on what matters to us and ignoring the 665 00:31:02,440 --> 00:31:05,320 Speaker 1: headlines and the noise that are kind of floating all 666 00:31:05,360 --> 00:31:08,960 Speaker 1: around us. There's like an endless stream of predictions about 667 00:31:09,000 --> 00:31:12,600 Speaker 1: what the market's gonna do today or tomorrow, about recessions, 668 00:31:12,600 --> 00:31:14,800 Speaker 1: are we in one, are we headed for one? We're 669 00:31:14,800 --> 00:31:18,080 Speaker 1: talking about macro trends. There's no shortage of people on 670 00:31:18,120 --> 00:31:22,080 Speaker 1: Twitter or on CNBC telling you what they think is 671 00:31:22,080 --> 00:31:24,400 Speaker 1: going to happen. But here's the thing that is noise, 672 00:31:24,480 --> 00:31:27,280 Speaker 1: and it shouldn't impact our day to day decisions in 673 00:31:27,320 --> 00:31:30,000 Speaker 1: the least. And then another benefit is that those civil 674 00:31:30,080 --> 00:31:32,360 Speaker 1: choices you set in motion, they just allow you to 675 00:31:32,640 --> 00:31:34,840 Speaker 1: going back to focus. They allow you to focus on 676 00:31:34,840 --> 00:31:37,240 Speaker 1: the stuff that really matters, which often has nothing to 677 00:31:37,280 --> 00:31:40,760 Speaker 1: do with your portfolio, keeping it simple. I'm talking about 678 00:31:40,760 --> 00:31:43,600 Speaker 1: living life, man. I'm talking about riding your you know, 679 00:31:43,680 --> 00:31:45,720 Speaker 1: riding your electric skateboard or whatever it is that you 680 00:31:45,760 --> 00:31:48,120 Speaker 1: want to do. Talking about doing the normal stuff and 681 00:31:48,160 --> 00:31:50,920 Speaker 1: not not having to think about constantly like well, do 682 00:31:50,960 --> 00:31:52,360 Speaker 1: I need to buy yourself? Do I need to make 683 00:31:52,400 --> 00:31:53,880 Speaker 1: a shift here? Do I need to change things up 684 00:31:53,920 --> 00:31:56,840 Speaker 1: based on what's happening today? And if you're taking the 685 00:31:56,840 --> 00:31:59,920 Speaker 1: long term approach, if you're taking the blissfully ignorant, sim 686 00:32:00,000 --> 00:32:01,920 Speaker 1: pull approach, you don't have to think that way. You 687 00:32:01,960 --> 00:32:04,120 Speaker 1: can kind of like tune that stuff out completely and 688 00:32:04,120 --> 00:32:05,800 Speaker 1: get on with your life. Yeah. And one thing that's 689 00:32:05,840 --> 00:32:08,080 Speaker 1: worth mentioning as well, right, Like we're talking about tuning 690 00:32:08,120 --> 00:32:11,600 Speaker 1: out all the noise, and folks might be thinking, well, man, Joel, 691 00:32:11,880 --> 00:32:14,400 Speaker 1: you'll talk about the meme stunks, you talk about crypto, 692 00:32:14,440 --> 00:32:18,360 Speaker 1: you talk about whatever crazy thing that Elon's tweeted recently. 693 00:32:18,760 --> 00:32:21,440 Speaker 1: He's talking about buying another soccer club, maybe buying a country. 694 00:32:21,600 --> 00:32:23,720 Speaker 1: I will say we we have not talked about Elon 695 00:32:23,800 --> 00:32:26,040 Speaker 1: Musk very much, even though the headlines all the people 696 00:32:26,040 --> 00:32:27,720 Speaker 1: love to Halon elong and they're like, but they publish 697 00:32:27,760 --> 00:32:31,360 Speaker 1: headlines about him on every single little thing he does. 698 00:32:31,680 --> 00:32:33,640 Speaker 1: We we we try not to major on Elon musk Well. 699 00:32:33,720 --> 00:32:35,680 Speaker 1: What I'm saying, though, is that we do talk about 700 00:32:35,720 --> 00:32:38,320 Speaker 1: these things that we're telling that we're kind of from 701 00:32:38,320 --> 00:32:41,160 Speaker 1: a very high lofty perch, saying that you should be ignoring. 702 00:32:41,240 --> 00:32:42,880 Speaker 1: But but wait a minute, you guys are bringing this 703 00:32:42,920 --> 00:32:45,280 Speaker 1: to my attention. I wanted to clarify as well. The 704 00:32:45,280 --> 00:32:46,960 Speaker 1: reason we talk about those things is because we think 705 00:32:46,960 --> 00:32:49,200 Speaker 1: it's funny, right, Like, like, we're not talking about those 706 00:32:49,200 --> 00:32:51,480 Speaker 1: things because we think that that is actually where you 707 00:32:51,480 --> 00:32:53,960 Speaker 1: should be putting your money. And usually what we're saying is, hey, 708 00:32:54,000 --> 00:32:56,120 Speaker 1: this is a trend that's happening, and do the opposite, 709 00:32:56,160 --> 00:32:58,920 Speaker 1: and here's why and how you should avoid it. Because 710 00:32:59,040 --> 00:33:01,440 Speaker 1: if you let this thing become too influential on your thought, 711 00:33:01,440 --> 00:33:04,800 Speaker 1: if you let the cryptocurrency spike in price, you know, 712 00:33:04,880 --> 00:33:07,440 Speaker 1: not now, but like of a year ago, if you 713 00:33:07,520 --> 00:33:10,600 Speaker 1: let that influence your decisions now, in all likelihood, you're 714 00:33:10,600 --> 00:33:12,640 Speaker 1: gonna be poor in the end because of it. Exactly. 715 00:33:12,760 --> 00:33:14,200 Speaker 1: We we put it out there as a warning. And 716 00:33:14,280 --> 00:33:16,160 Speaker 1: so even though we do talk about these things, it's 717 00:33:16,160 --> 00:33:18,480 Speaker 1: important to be aware of them and for them to 718 00:33:18,520 --> 00:33:21,239 Speaker 1: be on your radar. But hopefully you're not thinking, oh, 719 00:33:21,280 --> 00:33:24,160 Speaker 1: wait a minute, these guys are making how much and 720 00:33:24,280 --> 00:33:26,680 Speaker 1: you ignore the part where we say, uh, you should 721 00:33:26,680 --> 00:33:28,800 Speaker 1: not be doing that. We hope that that's not the 722 00:33:28,840 --> 00:33:30,840 Speaker 1: case for you. Those are the headlines, but what you're 723 00:33:30,840 --> 00:33:33,000 Speaker 1: not seeing is all the people on the other side 724 00:33:33,040 --> 00:33:35,120 Speaker 1: of that trade who lost a lot of money, exactly. 725 00:33:35,240 --> 00:33:36,760 Speaker 1: And you know it's it's worth pointing out to a 726 00:33:36,760 --> 00:33:38,520 Speaker 1: lot of what we're talking about here in this section 727 00:33:38,800 --> 00:33:42,240 Speaker 1: is about removing things from your life, right, Like we're 728 00:33:42,280 --> 00:33:44,520 Speaker 1: talking about cutting out the note, like we're talking about 729 00:33:44,520 --> 00:33:48,080 Speaker 1: curating and culling and cutting. Uh and yeah, like in 730 00:33:48,120 --> 00:33:50,080 Speaker 1: the first section we talked for a little bit about 731 00:33:50,120 --> 00:33:53,160 Speaker 1: in putting new and proper things into your mind, like 732 00:33:53,200 --> 00:33:55,320 Speaker 1: the proper knowledge and who you should be learning from. 733 00:33:55,360 --> 00:33:58,200 Speaker 1: And but there is a lot of information out there, 734 00:33:58,240 --> 00:34:00,440 Speaker 1: just like we said at the very beginning, and so 735 00:34:00,560 --> 00:34:03,360 Speaker 1: much more work I think is required of us to 736 00:34:03,520 --> 00:34:06,600 Speaker 1: put the blinders on, because we are like, there is 737 00:34:06,640 --> 00:34:10,120 Speaker 1: no shortage of information of that investing advice. And I 738 00:34:10,120 --> 00:34:12,080 Speaker 1: think it's really interesting that we may not have been 739 00:34:12,160 --> 00:34:16,040 Speaker 1: used to limiting the inputs of our lives. But I 740 00:34:16,080 --> 00:34:18,319 Speaker 1: do think that that's something we need to implement more 741 00:34:18,400 --> 00:34:20,279 Speaker 1: of in our life. It's more important now than ever 742 00:34:20,600 --> 00:34:23,120 Speaker 1: because there's never been so many people vying for There's 743 00:34:23,160 --> 00:34:24,759 Speaker 1: so much stuff out there, there's so much media, there's 744 00:34:24,760 --> 00:34:26,560 Speaker 1: so many podcasts, there's so many books. It's never been 745 00:34:26,600 --> 00:34:29,040 Speaker 1: so readily accessible. So right in our fingertips to have 746 00:34:29,080 --> 00:34:30,960 Speaker 1: a hundred people screaming at us telling us what to do, 747 00:34:31,080 --> 00:34:32,879 Speaker 1: and so we have to find the right people who 748 00:34:32,920 --> 00:34:36,440 Speaker 1: probably aren't screaming, trying to help us figure out what 749 00:34:36,520 --> 00:34:38,400 Speaker 1: the best course of action is for us, and not 750 00:34:38,400 --> 00:34:40,319 Speaker 1: not just trying to sell us on what's best for 751 00:34:40,360 --> 00:34:44,120 Speaker 1: them or what's most beneficial in the here and now, 752 00:34:44,239 --> 00:34:46,239 Speaker 1: right in the very moment. Yeah, the investing guys that 753 00:34:46,280 --> 00:34:48,880 Speaker 1: are screaming, you just want to completely stay away from 754 00:34:48,920 --> 00:34:51,400 Speaker 1: that guy. If they're read in the face, veins bulging 755 00:34:51,400 --> 00:34:53,319 Speaker 1: in the neck, you're like, oh, sorry, man, I think 756 00:34:53,320 --> 00:34:55,040 Speaker 1: I wanna avoid you. We try to stay calm when 757 00:34:55,040 --> 00:34:59,279 Speaker 1: we're talking about this stuff right in. Another Another characteristic 758 00:34:59,280 --> 00:35:01,680 Speaker 1: math that we would say that great investors possess is 759 00:35:01,719 --> 00:35:05,640 Speaker 1: that they consider tradeoffs well. They think through risk and reward. 760 00:35:05,960 --> 00:35:08,360 Speaker 1: There's obviously there's no free lunch in life. For example, 761 00:35:08,440 --> 00:35:10,279 Speaker 1: let's say you say yes to one of those free 762 00:35:10,280 --> 00:35:12,919 Speaker 1: state dinners. Typically you're going to be sold a really 763 00:35:12,920 --> 00:35:16,000 Speaker 1: crappy financial product like an annuity, and so that free 764 00:35:16,040 --> 00:35:18,280 Speaker 1: lunch could actually end up costing you a lot of money. 765 00:35:18,560 --> 00:35:20,600 Speaker 1: Great investors, as it turns out, they're able to figure 766 00:35:20,600 --> 00:35:23,480 Speaker 1: out what the tradeoffs are between different class, asset classes 767 00:35:23,480 --> 00:35:26,399 Speaker 1: and different fund types. For for instance, like sticking all 768 00:35:26,440 --> 00:35:28,920 Speaker 1: your money in meta stock right now, like Facebook right 769 00:35:29,360 --> 00:35:32,600 Speaker 1: because you assume that virtual beers with your friends are 770 00:35:32,640 --> 00:35:37,200 Speaker 1: the future. Nothing sounds further from the truth. Yeah, nothing, 771 00:35:37,239 --> 00:35:38,839 Speaker 1: So like that's like the opposite of what I want 772 00:35:38,840 --> 00:35:40,480 Speaker 1: to do. I would rather fat beers, Like what does 773 00:35:40,520 --> 00:35:42,239 Speaker 1: the FaceTime a friend who lives somewhere else than meeting 774 00:35:42,280 --> 00:35:44,640 Speaker 1: him in the metaverse for a beer? But the reality 775 00:35:44,680 --> 00:35:46,719 Speaker 1: is meta stock It could double over the next six 776 00:35:46,760 --> 00:35:48,960 Speaker 1: months as the metaverse is starting to see maybe some 777 00:35:48,960 --> 00:35:51,200 Speaker 1: signs of life. I don't know. But the reality is 778 00:35:51,239 --> 00:35:54,200 Speaker 1: that the downside is steep to if everyone realizes that 779 00:35:54,640 --> 00:35:57,640 Speaker 1: in person beers are superior in every way, which they 780 00:35:57,719 --> 00:36:00,879 Speaker 1: might already know that, well, uh, then it could tank 781 00:36:01,120 --> 00:36:03,680 Speaker 1: that stock and maybe your bet that had a lot 782 00:36:03,719 --> 00:36:05,920 Speaker 1: of upside. Well, it's also got a lot of potential downside, 783 00:36:06,160 --> 00:36:09,080 Speaker 1: so knowing your personal risk tolerance is important. It also 784 00:36:09,320 --> 00:36:13,520 Speaker 1: helps you avoid speculation and gambling behavior because one of 785 00:36:13,560 --> 00:36:16,040 Speaker 1: the most surefire ways to help you experience less risk 786 00:36:16,360 --> 00:36:18,880 Speaker 1: while getting most of the upside, it's just by investing 787 00:36:18,920 --> 00:36:21,839 Speaker 1: in low cost index funds. But knowing those traineoffs, knowing 788 00:36:21,960 --> 00:36:24,160 Speaker 1: your personal risk and reward is going to help you 789 00:36:24,280 --> 00:36:27,000 Speaker 1: make decisions that allow you to invest in such a 790 00:36:27,000 --> 00:36:30,080 Speaker 1: way that you don't feel compelled to make changes based 791 00:36:30,120 --> 00:36:32,640 Speaker 1: on curn events. That's right. Yeah, So those are some 792 00:36:32,680 --> 00:36:35,640 Speaker 1: of the characteristics, and it turns out, Jill, there's actually 793 00:36:35,640 --> 00:36:38,920 Speaker 1: a subset of the population of investors out there who 794 00:36:38,960 --> 00:36:41,400 Speaker 1: are already doing this. Who are these people who have 795 00:36:41,440 --> 00:36:44,520 Speaker 1: already implemented a lot of these these characteristics into their lives, 796 00:36:44,800 --> 00:36:47,120 Speaker 1: And so we'll get to that's as well as how 797 00:36:47,160 --> 00:36:49,160 Speaker 1: it is that you should go about starting to invest 798 00:36:49,160 --> 00:36:51,640 Speaker 1: your money. We'll get to all that right after this break. 799 00:37:00,920 --> 00:37:02,400 Speaker 1: All right, for folks out there who want to be 800 00:37:02,440 --> 00:37:06,080 Speaker 1: a great investor, which doesn't necessarily mean being some ninety 801 00:37:06,160 --> 00:37:09,480 Speaker 1: year old billionaire, It just means investing in a way 802 00:37:09,480 --> 00:37:12,640 Speaker 1: that you can continue to do weekend, week out decade in, 803 00:37:12,719 --> 00:37:15,080 Speaker 1: decade out, so that you have enough money on hand 804 00:37:15,360 --> 00:37:18,560 Speaker 1: to become financially independent earlier than most. That's what we're 805 00:37:18,560 --> 00:37:21,520 Speaker 1: shooting for here. Well, Matt, you tease to kind of 806 00:37:21,560 --> 00:37:24,239 Speaker 1: a subset of the population who has more figured out. 807 00:37:24,440 --> 00:37:27,160 Speaker 1: You want to reveal who that is? You do it? Okay, 808 00:37:27,920 --> 00:37:30,640 Speaker 1: it's women, it's the ladies out There's right. So it 809 00:37:30,880 --> 00:37:33,920 Speaker 1: might sound weird, but a Fidelity survey from like five 810 00:37:34,000 --> 00:37:36,680 Speaker 1: years ago found that women end up talking more money 811 00:37:36,719 --> 00:37:38,879 Speaker 1: away on a regular basis. I think it was nine 812 00:37:38,880 --> 00:37:42,279 Speaker 1: percent of their paycheck versus eight point six percent for men. 813 00:37:42,880 --> 00:37:45,840 Speaker 1: And so yeah, women are are typically investing more of 814 00:37:45,880 --> 00:37:48,279 Speaker 1: their money than men do. And if you if you 815 00:37:48,320 --> 00:37:51,040 Speaker 1: want to talk about something that's very much in your control, 816 00:37:51,360 --> 00:37:54,040 Speaker 1: it's your savings rate and how much of the money 817 00:37:54,160 --> 00:37:56,239 Speaker 1: that you save they were able to stock away into 818 00:37:56,280 --> 00:37:59,040 Speaker 1: those tax advantaged accounts. We would love to see you 819 00:37:59,080 --> 00:38:02,000 Speaker 1: increase your four when K or your TSP contribution or 820 00:38:02,040 --> 00:38:05,200 Speaker 1: your four oh three B contribution like clockwork every time 821 00:38:05,400 --> 00:38:07,319 Speaker 1: you get a raise, but you might not even want 822 00:38:07,360 --> 00:38:09,480 Speaker 1: to wait until then. Right, maybe maybe you can increase 823 00:38:09,719 --> 00:38:12,279 Speaker 1: by a percentage point or two. Now, the reality is 824 00:38:12,280 --> 00:38:14,000 Speaker 1: that You're barely going to feel it in your paycheck, 825 00:38:14,080 --> 00:38:16,319 Speaker 1: but future you is going to be thankful that you 826 00:38:16,360 --> 00:38:18,000 Speaker 1: did more right now. So, if you want to be 827 00:38:18,040 --> 00:38:20,279 Speaker 1: a successful investor, you heard it here first, you I 828 00:38:20,280 --> 00:38:21,640 Speaker 1: want to think a little bit more like a woman. 829 00:38:21,680 --> 00:38:24,440 Speaker 1: That's right. And not only do ladies invest more of 830 00:38:24,440 --> 00:38:27,400 Speaker 1: their income, but they also tend to see higher returns. Again, 831 00:38:27,400 --> 00:38:29,880 Speaker 1: this is according to the Fidelity study based on the 832 00:38:29,920 --> 00:38:33,120 Speaker 1: average of men and women that they studied. Uh. And 833 00:38:33,360 --> 00:38:36,399 Speaker 1: one other reasons for this is because women tend to 834 00:38:36,440 --> 00:38:40,040 Speaker 1: mess around with their investments less often. Men, turns out, 835 00:38:40,040 --> 00:38:44,080 Speaker 1: our thirty more likely to make regular investment trades and 836 00:38:44,160 --> 00:38:47,319 Speaker 1: fiddle with their accounts than their female counterparts. And so 837 00:38:47,400 --> 00:38:49,720 Speaker 1: what that means is that the average woman is taking 838 00:38:49,719 --> 00:38:52,239 Speaker 1: more of a long term view, which actually leads to 839 00:38:52,239 --> 00:38:55,240 Speaker 1: more success and larger balances at the end of the day. 840 00:38:55,320 --> 00:38:58,239 Speaker 1: And so yeah, you know, focusing on on these two characteristics, 841 00:38:58,280 --> 00:39:01,560 Speaker 1: investing more every page a check and then touching your 842 00:39:01,600 --> 00:39:05,920 Speaker 1: investments less that will massively improve your ability to build wealth. Uh. 843 00:39:05,920 --> 00:39:08,279 Speaker 1: And what's also great here is that neither one of 844 00:39:08,280 --> 00:39:13,480 Speaker 1: these two behaviors is overly complicated or complex or requires 845 00:39:13,480 --> 00:39:16,200 Speaker 1: like a ton of discipline. Just literally do less. Yeah, 846 00:39:16,360 --> 00:39:17,840 Speaker 1: that's what we're trying to get you to do. Do 847 00:39:17,880 --> 00:39:20,080 Speaker 1: more on one hand, put more money away, and then 848 00:39:20,120 --> 00:39:22,719 Speaker 1: do less by not doing anything once you put that 849 00:39:22,760 --> 00:39:25,840 Speaker 1: money into the index fund of your choice. It's it 850 00:39:25,920 --> 00:39:28,400 Speaker 1: really is as simple as that. And we like to 851 00:39:28,520 --> 00:39:30,799 Speaker 1: make it more complex and make people think that they 852 00:39:30,840 --> 00:39:32,239 Speaker 1: need to jump through a bunch of hoops in order 853 00:39:32,239 --> 00:39:34,919 Speaker 1: to be a good investor. But if if you boil 854 00:39:34,960 --> 00:39:37,040 Speaker 1: it down to just a couple of things, that's really key. 855 00:39:37,320 --> 00:39:39,200 Speaker 1: And and so let's talk about how to do this 856 00:39:39,239 --> 00:39:42,359 Speaker 1: map because you're also going to learn by doing. You're 857 00:39:42,360 --> 00:39:44,920 Speaker 1: not gonna be perfect. There's just there is no perfect 858 00:39:44,960 --> 00:39:47,759 Speaker 1: when it comes to investing. And you you don't necessarily 859 00:39:47,800 --> 00:39:50,040 Speaker 1: need to hire someone in order to be a good investor. 860 00:39:50,080 --> 00:39:51,600 Speaker 1: I think we have to put that out there too. 861 00:39:51,920 --> 00:39:54,040 Speaker 1: It can help to have a coach in your corner. 862 00:39:54,239 --> 00:39:56,080 Speaker 1: We think that more folks need a money coach than 863 00:39:56,120 --> 00:39:59,400 Speaker 1: they need a financial advisor. Somebody like Erica Taylor, who 864 00:39:59,440 --> 00:40:01,480 Speaker 1: we had on the She can help you think through 865 00:40:01,520 --> 00:40:04,840 Speaker 1: budgeting and cutting expenses and increasing your savings and and 866 00:40:04,880 --> 00:40:09,160 Speaker 1: even getting started investing. Whereas financial advisors they can make 867 00:40:09,320 --> 00:40:11,840 Speaker 1: sense for some folks, But we would say cultivating the 868 00:40:11,840 --> 00:40:14,560 Speaker 1: traits we're talking about here can help you become the 869 00:40:14,640 --> 00:40:16,920 Speaker 1: kind of person who can effectively d i y their 870 00:40:16,920 --> 00:40:22,280 Speaker 1: own investments. No incredibly expensive person uh necessary in your corner. 871 00:40:22,840 --> 00:40:24,600 Speaker 1: And if you feel like you do need somebody's help, 872 00:40:24,760 --> 00:40:27,399 Speaker 1: typically most folks actually the help of a money coach 873 00:40:27,440 --> 00:40:29,800 Speaker 1: more than they need the help of a financial advisor. 874 00:40:30,000 --> 00:40:33,120 Speaker 1: That's right. Coaches focus more on behavior as opposed to 875 00:40:33,200 --> 00:40:35,840 Speaker 1: financial advisors who are looking more at the nuts and bolts. 876 00:40:36,120 --> 00:40:38,799 Speaker 1: And oftentimes we already know the nuts and bolts, we 877 00:40:38,880 --> 00:40:40,799 Speaker 1: just need maybe a little kick in the butt when 878 00:40:40,840 --> 00:40:42,840 Speaker 1: it comes to actually doing the dame things. And sometimes 879 00:40:42,840 --> 00:40:45,440 Speaker 1: financial advisors are are focused more on the big picture. 880 00:40:45,560 --> 00:40:47,680 Speaker 1: And it turns out there's a lot of like small 881 00:40:47,840 --> 00:40:49,719 Speaker 1: changes that you can eat more easily make in your 882 00:40:49,719 --> 00:40:53,000 Speaker 1: life that are gonna make a bigger difference behavior in psychology, 883 00:40:53,120 --> 00:40:55,400 Speaker 1: part of it that that they tend to focus on UH. 884 00:40:55,440 --> 00:40:56,880 Speaker 1: And so let's kind of talk through some of the 885 00:40:57,480 --> 00:41:00,680 Speaker 1: easiest ways that you can get investing, specially the different 886 00:41:00,680 --> 00:41:03,759 Speaker 1: accounts that you can be investing in. And first we 887 00:41:03,760 --> 00:41:06,279 Speaker 1: want to mention the employer match, because if you've got 888 00:41:06,280 --> 00:41:08,799 Speaker 1: to work sponsored account with an employer match, you better 889 00:41:08,800 --> 00:41:12,000 Speaker 1: be getting it. And you know this is this might 890 00:41:12,040 --> 00:41:14,319 Speaker 1: be kind of like Noah kind of advice, but there 891 00:41:14,320 --> 00:41:16,640 Speaker 1: are still so many folks who are not doing this. 892 00:41:17,080 --> 00:41:19,360 Speaker 1: Somewhere close to thirty percent of folks who have access 893 00:41:19,400 --> 00:41:22,399 Speaker 1: to a workplace retirement account either aren't contributing at all 894 00:41:23,200 --> 00:41:26,480 Speaker 1: or they aren't contributing enough to get the full freebie 895 00:41:26,640 --> 00:41:29,879 Speaker 1: basically that their employer is laying out for them. This 896 00:41:29,960 --> 00:41:32,920 Speaker 1: is why on our money gears. Aside from having some 897 00:41:33,000 --> 00:41:34,520 Speaker 1: cash like if you you know a little bit of 898 00:41:34,520 --> 00:41:36,799 Speaker 1: cash in the bank, you need to be getting that 899 00:41:36,840 --> 00:41:40,319 Speaker 1: employer match and literally money number number two besides having 900 00:41:40,520 --> 00:41:43,160 Speaker 1: two thousand, four hundred seven dollars in your bank account. 901 00:41:43,160 --> 00:41:44,600 Speaker 1: The second thing we want you to do is get 902 00:41:44,640 --> 00:41:47,160 Speaker 1: the full employer gear you Number two is is massive 903 00:41:47,320 --> 00:41:49,399 Speaker 1: if that's a gear that's available to you for sure, 904 00:41:49,560 --> 00:41:51,920 Speaker 1: so employer match that's one how to. The other thing 905 00:41:52,040 --> 00:41:55,759 Speaker 1: is tax advantaged accounts. Like after scoring that free money 906 00:41:55,760 --> 00:41:57,560 Speaker 1: from your employer, the next thing you want to do 907 00:41:57,680 --> 00:42:00,719 Speaker 1: is to take advantage of accounts that allow your investments 908 00:42:00,760 --> 00:42:03,680 Speaker 1: to grow in attack sheltered way. And these are accounts 909 00:42:03,719 --> 00:42:06,200 Speaker 1: like four oh, one ks t sp s if you're 910 00:42:06,239 --> 00:42:08,680 Speaker 1: a federal employee or you're a member of the military. 911 00:42:09,120 --> 00:42:11,680 Speaker 1: I RA as individual retirement accounts that any of us 912 00:42:11,760 --> 00:42:14,759 Speaker 1: really have access to, and h S A S and last, 913 00:42:15,239 --> 00:42:18,719 Speaker 1: but but also least actually via cony nine accounts. Those 914 00:42:18,719 --> 00:42:21,160 Speaker 1: are tax advantage, but those are are our least favorite 915 00:42:21,160 --> 00:42:24,160 Speaker 1: because saving for your kids college should be a lower priority, 916 00:42:24,200 --> 00:42:27,280 Speaker 1: a much lower priority on your financial bucket list, compared 917 00:42:27,320 --> 00:42:29,480 Speaker 1: to staving for your retirement. It's not that five nine 918 00:42:29,480 --> 00:42:32,400 Speaker 1: accounts aren't good, like those are excellent accounts if you 919 00:42:32,719 --> 00:42:34,960 Speaker 1: are looking to say, if your kids college, but compared 920 00:42:35,000 --> 00:42:37,719 Speaker 1: to you putting a side money in your wrath, uh, 921 00:42:37,840 --> 00:42:41,040 Speaker 1: if that's your only retirement account, well that definitely needs 922 00:42:41,080 --> 00:42:43,080 Speaker 1: to come first, no brain or choice there, Rath all 923 00:42:43,120 --> 00:42:45,400 Speaker 1: the way every time. But if you focus on growing 924 00:42:45,719 --> 00:42:49,040 Speaker 1: wealth in those other ones via simple index funds or 925 00:42:49,080 --> 00:42:51,480 Speaker 1: target date funds, there's no need to go any further. 926 00:42:51,560 --> 00:42:53,719 Speaker 1: If you don't want to write. We actually sent out 927 00:42:53,760 --> 00:42:55,680 Speaker 1: a newsletter a few weeks ago, Matt talking about how 928 00:42:55,719 --> 00:42:59,040 Speaker 1: you can become a millionaire really easily by just maxing 929 00:42:59,080 --> 00:43:01,359 Speaker 1: out one of these accounts. That's right for a few 930 00:43:01,400 --> 00:43:03,480 Speaker 1: decades and with something like a roth IRA A the 931 00:43:03,520 --> 00:43:06,320 Speaker 1: annual contribution limit. It's only six thousand dollars, but you 932 00:43:06,360 --> 00:43:09,080 Speaker 1: can still become a millionaire investing only in a roth IRA, 933 00:43:09,520 --> 00:43:11,160 Speaker 1: which I think is saying something. It means a lot. 934 00:43:11,239 --> 00:43:14,560 Speaker 1: It says these tax advantaged accounts are really important. You 935 00:43:14,600 --> 00:43:18,360 Speaker 1: should prioritize those soccer as much money you can away 936 00:43:18,800 --> 00:43:21,480 Speaker 1: in those accounts. They're really the best wealth building tool 937 00:43:21,640 --> 00:43:23,480 Speaker 1: that's available to us. That's right. Yeah, And so some 938 00:43:23,520 --> 00:43:25,319 Speaker 1: of those accounts, like the IRA, you can set up 939 00:43:25,400 --> 00:43:29,719 Speaker 1: on your own without an employer, but definitely UH take 940 00:43:29,719 --> 00:43:33,200 Speaker 1: advantage of those employer sponsored accounts. But the thing is, 941 00:43:33,239 --> 00:43:35,200 Speaker 1: if you work for yourself, that's that's that's not a 942 00:43:35,200 --> 00:43:37,719 Speaker 1: big deal, because there are awesome accounts available for you 943 00:43:38,520 --> 00:43:41,279 Speaker 1: that allow you to sack away even more money then 944 00:43:41,360 --> 00:43:45,399 Speaker 1: you're traditionally employed. Friends, if you're so inclined, the step 945 00:43:45,640 --> 00:43:47,480 Speaker 1: I ra A and the solo for ohn k are 946 00:43:47,719 --> 00:43:49,960 Speaker 1: are the two worth looking into. And if you have 947 00:43:50,040 --> 00:43:52,399 Speaker 1: a high deductible health plan, you can open up your 948 00:43:52,560 --> 00:43:55,600 Speaker 1: your own hs A, your own health savings account as well. 949 00:43:56,080 --> 00:43:59,560 Speaker 1: It just takes a little more intentionality because income you 950 00:43:59,600 --> 00:44:01,560 Speaker 1: know to is to be maybe a little more irregular 951 00:44:01,560 --> 00:44:03,439 Speaker 1: if you own your own business and plus you don't 952 00:44:03,560 --> 00:44:06,360 Speaker 1: have an employer, making it easy to contribute, perhaps on 953 00:44:06,400 --> 00:44:09,800 Speaker 1: a bi weekly basis, But it is still super important 954 00:44:09,800 --> 00:44:12,280 Speaker 1: and not terribly complicated, and it's one of those workplace 955 00:44:12,320 --> 00:44:14,920 Speaker 1: benefits that you can participate in as well, even though 956 00:44:14,960 --> 00:44:17,600 Speaker 1: it doesn't feel like one of those free benefits because 957 00:44:17,800 --> 00:44:19,520 Speaker 1: you know, with your friends who have all of their 958 00:44:19,760 --> 00:44:22,400 Speaker 1: healthcare coverage provided for them for free, or you know, 959 00:44:22,480 --> 00:44:24,319 Speaker 1: maybe they have a match, well, guess what, you can 960 00:44:24,360 --> 00:44:26,960 Speaker 1: suck away a ton of money as well. Yep, you can. 961 00:44:27,160 --> 00:44:29,160 Speaker 1: And then the next thing. Let's say you're a high 962 00:44:29,160 --> 00:44:31,120 Speaker 1: income earner or you're just a go getter who's hoping 963 00:44:31,160 --> 00:44:33,960 Speaker 1: to retire early. Your brokerage accounts are a great next 964 00:44:33,960 --> 00:44:36,839 Speaker 1: step worth considering. Even though they don't offer you any 965 00:44:36,920 --> 00:44:40,120 Speaker 1: sort of tax advantage, they can be really helpful if 966 00:44:40,160 --> 00:44:42,600 Speaker 1: you're on the path to let's say fire right, you 967 00:44:42,640 --> 00:44:44,480 Speaker 1: wanna you want to retire early at the age of 968 00:44:44,520 --> 00:44:47,200 Speaker 1: forty five, and a brokerage account can help you get 969 00:44:47,239 --> 00:44:49,839 Speaker 1: there because you're gonna need to pull those that money out. 970 00:44:49,880 --> 00:44:51,480 Speaker 1: You need to pull some of those funds out to 971 00:44:51,600 --> 00:44:54,319 Speaker 1: live before you reach retirement. Age, it's right, you gotta 972 00:44:54,360 --> 00:44:57,080 Speaker 1: bridge that gap that's right before you hit retirement age. 973 00:44:57,120 --> 00:44:59,560 Speaker 1: Investing in real estate, that's another one of those things 974 00:44:59,680 --> 00:45:03,000 Speaker 1: you can consider. It's worth molding over if you're if 975 00:45:03,040 --> 00:45:06,080 Speaker 1: you're kind of interested in investing in real estate, we'd 976 00:45:06,120 --> 00:45:08,680 Speaker 1: say becoming a mom and pop landlord has a lot 977 00:45:08,760 --> 00:45:11,920 Speaker 1: of benefits for investors. It's definitely a route to consider 978 00:45:12,320 --> 00:45:15,920 Speaker 1: if that's something you're interested in. But beyond those basic 979 00:45:15,960 --> 00:45:18,080 Speaker 1: pieces of how to advice, you know, which route you 980 00:45:18,320 --> 00:45:20,400 Speaker 1: decide to go in is largely going to be dependent 981 00:45:20,440 --> 00:45:24,080 Speaker 1: on your specific goals in your specific timeline. Like investing 982 00:45:24,120 --> 00:45:26,359 Speaker 1: in real estate. It's not for everyone, and some people 983 00:45:26,400 --> 00:45:28,239 Speaker 1: are like, listen the four one case, set it and 984 00:45:28,320 --> 00:45:30,200 Speaker 1: forget a thing and just putting more and more money 985 00:45:30,320 --> 00:45:32,880 Speaker 1: into that every year. That's easy and I don't really 986 00:45:32,920 --> 00:45:35,080 Speaker 1: have to think about it, whereas if I start investing 987 00:45:35,120 --> 00:45:37,040 Speaker 1: in real estate, I do have to think about it 988 00:45:37,120 --> 00:45:39,120 Speaker 1: more Right it is on my radar. I can't just 989 00:45:39,400 --> 00:45:41,520 Speaker 1: hop on my electric skateboard and go because I gotta 990 00:45:41,520 --> 00:45:43,279 Speaker 1: go fix the leaky toilet. Those are the kind of 991 00:45:43,360 --> 00:45:46,920 Speaker 1: things that you should consider. But in reality, Matt, this episode, 992 00:45:47,160 --> 00:45:49,200 Speaker 1: it's all about the characteristics, right, and not even the 993 00:45:49,239 --> 00:45:51,120 Speaker 1: how to But we just wanted to provide that here 994 00:45:51,200 --> 00:45:53,719 Speaker 1: as well, because the reality is a lot of people 995 00:45:53,760 --> 00:45:56,800 Speaker 1: are like, cool, I'm down to develop those characteristics. I 996 00:45:57,000 --> 00:46:00,239 Speaker 1: see the need to to be more patient, right, see 997 00:46:00,280 --> 00:46:03,880 Speaker 1: the need to pick something that's a simpler option than 998 00:46:03,960 --> 00:46:07,160 Speaker 1: maybe the way my assets are currently allocated. But yeah, 999 00:46:07,200 --> 00:46:10,120 Speaker 1: so much of the specific how to direction it will 1000 00:46:10,120 --> 00:46:14,000 Speaker 1: be determined on your specific goals in your specific timeline. 1001 00:46:14,320 --> 00:46:17,520 Speaker 1: The reality is, though, that those characteristics of investors that 1002 00:46:17,560 --> 00:46:20,000 Speaker 1: we talked about, those are necessary for all of us 1003 00:46:20,040 --> 00:46:22,880 Speaker 1: to develop no matter which how to direction we go in. 1004 00:46:23,239 --> 00:46:28,239 Speaker 1: Those are crucial to us succeeding in whichever path we choose. Yeah, 1005 00:46:28,280 --> 00:46:31,120 Speaker 1: this characteristics hold fast regardless of what you're what you 1006 00:46:31,160 --> 00:46:32,759 Speaker 1: want your personal life to look like, because I think 1007 00:46:32,800 --> 00:46:35,719 Speaker 1: that's a lot of what those additional steps and how 1008 00:46:35,920 --> 00:46:38,400 Speaker 1: you want to achieve that sense of financial freedom, A 1009 00:46:38,440 --> 00:46:40,000 Speaker 1: lot of that is going to come down to what 1010 00:46:40,120 --> 00:46:41,560 Speaker 1: you want your life to look like like. If you 1011 00:46:41,680 --> 00:46:44,680 Speaker 1: want to be uh that mom and pop landlord where 1012 00:46:44,680 --> 00:46:46,400 Speaker 1: you're you know, occasionally, yeah, you are going to have 1013 00:46:46,480 --> 00:46:48,239 Speaker 1: to take some calls. You are going to have to 1014 00:46:48,280 --> 00:46:50,839 Speaker 1: show the show the property but you know, on that note, 1015 00:46:50,880 --> 00:46:52,960 Speaker 1: one more thing that we should mention as we wrap 1016 00:46:53,080 --> 00:46:56,000 Speaker 1: this puppy up. Investing it's great, right, but we do 1017 00:46:56,120 --> 00:46:59,040 Speaker 1: not want you to overdo it. You should have some 1018 00:46:59,160 --> 00:47:01,279 Speaker 1: other life, probably parties. Like here on the show, we 1019 00:47:01,360 --> 00:47:04,960 Speaker 1: we we drink beer and the craft beer equivalent. That's 1020 00:47:04,960 --> 00:47:07,640 Speaker 1: a huge part of our ethos of how the money, uh, 1021 00:47:07,680 --> 00:47:10,160 Speaker 1: and so building wealth, starting to create a nest egg 1022 00:47:10,200 --> 00:47:12,680 Speaker 1: for your future like that is great, but it is 1023 00:47:12,760 --> 00:47:16,160 Speaker 1: possible to focus too hard on that goal while you 1024 00:47:16,280 --> 00:47:20,239 Speaker 1: are depriving yourself today, while you're wrecking maybe your health, 1025 00:47:20,360 --> 00:47:23,440 Speaker 1: maybe you're wrecking relationships, you're wrecking all of these other 1026 00:47:23,560 --> 00:47:26,760 Speaker 1: things that you will not find on a Google sheet 1027 00:47:27,080 --> 00:47:30,640 Speaker 1: or within an Excel document or on personal capital. There 1028 00:47:30,719 --> 00:47:33,200 Speaker 1: there are things that are not reflected within your net 1029 00:47:33,239 --> 00:47:35,399 Speaker 1: worth UH. And so we want you to find ways 1030 00:47:35,480 --> 00:47:37,279 Speaker 1: to spend money freely on the things that matter to you, 1031 00:47:37,440 --> 00:47:40,840 Speaker 1: while saving and while investing for your future. Because we 1032 00:47:40,960 --> 00:47:44,520 Speaker 1: believe that balance is impossible to fully achieve, but it 1033 00:47:44,719 --> 00:47:47,200 Speaker 1: is definitely worth consistently striving for. And that's what we 1034 00:47:47,280 --> 00:47:49,600 Speaker 1: do here on the show, and it's what we're constantly 1035 00:47:49,640 --> 00:47:51,680 Speaker 1: seeking after in our own lives. As well. Yeah, it's 1036 00:47:51,719 --> 00:47:53,839 Speaker 1: like a pendulum, right, and you're always kind of trying 1037 00:47:53,880 --> 00:47:55,560 Speaker 1: to find that center, but you're always off by just 1038 00:47:56,239 --> 00:47:58,160 Speaker 1: just a little bit. But it doesn't mean we're always 1039 00:47:58,239 --> 00:48:00,880 Speaker 1: we're not always striving to get to that place right 1040 00:48:00,920 --> 00:48:03,879 Speaker 1: where we are good investors, but where we have enough 1041 00:48:03,920 --> 00:48:08,120 Speaker 1: free time to have great hobbies and great relationships, great 1042 00:48:08,120 --> 00:48:10,200 Speaker 1: family lives like we want we kind of want all 1043 00:48:10,239 --> 00:48:12,960 Speaker 1: of the above approach, and and sometimes that that's not 1044 00:48:13,040 --> 00:48:16,200 Speaker 1: gonna lend us being becoming the next warm Buffett. Like 1045 00:48:16,239 --> 00:48:18,480 Speaker 1: it's just not because when you actually look at some 1046 00:48:18,520 --> 00:48:20,239 Speaker 1: of the lives of some of the greatest investors, their 1047 00:48:20,239 --> 00:48:23,920 Speaker 1: personal lives were not so great. And so if you 1048 00:48:24,040 --> 00:48:26,800 Speaker 1: really want to be the best investor out there, that 1049 00:48:26,840 --> 00:48:28,480 Speaker 1: means you're gonna have to sacrifice a lot of those things, 1050 00:48:28,600 --> 00:48:30,520 Speaker 1: just like Michael Jordan's. If you want to be the 1051 00:48:30,560 --> 00:48:33,640 Speaker 1: best basketball player so good at baseball, it means you're 1052 00:48:33,640 --> 00:48:35,319 Speaker 1: not gonna make a lot of friends on the basketball court, 1053 00:48:35,360 --> 00:48:37,200 Speaker 1: and your teammates are not gonna love you at times 1054 00:48:37,440 --> 00:48:39,560 Speaker 1: until you hoist the championship in the year and you're like, boom, 1055 00:48:39,600 --> 00:48:41,719 Speaker 1: we did it. But all along the way, it's a 1056 00:48:41,760 --> 00:48:45,319 Speaker 1: difficult route because you're so hyper focused. We're not talking 1057 00:48:45,360 --> 00:48:48,000 Speaker 1: about that. We're talking about being a great investor, not 1058 00:48:48,160 --> 00:48:50,320 Speaker 1: being the best investor. And I think there's a difference, 1059 00:48:50,400 --> 00:48:54,520 Speaker 1: there's a real meaningful difference in trying to become the 1060 00:48:54,560 --> 00:48:57,239 Speaker 1: best versus becoming great when you can become a great 1061 00:48:57,280 --> 00:48:59,920 Speaker 1: investor actually pretty easily, and you can still kind of 1062 00:49:00,040 --> 00:49:02,160 Speaker 1: retain the things that matter team most in life while 1063 00:49:02,160 --> 00:49:04,920 Speaker 1: I'm doing that. Again, that's a well worn path that's proven. 1064 00:49:05,360 --> 00:49:07,319 Speaker 1: Like Warren Buffett, he couldn't he couldn't talk to girls 1065 00:49:07,480 --> 00:49:09,880 Speaker 1: like That's one of the things like as a teenager 1066 00:49:10,600 --> 00:49:12,640 Speaker 1: as he went off to school that he was terrible at. 1067 00:49:12,920 --> 00:49:16,120 Speaker 1: I guess he spent all this time reading about companies. 1068 00:49:16,200 --> 00:49:17,560 Speaker 1: His marriage fell apart too. I mean, I think I 1069 00:49:17,760 --> 00:49:20,360 Speaker 1: read one story about where one of his children was 1070 00:49:20,400 --> 00:49:22,680 Speaker 1: on the floor or something and he like stepped over 1071 00:49:22,800 --> 00:49:24,640 Speaker 1: his child to walk up to the office. Is John 1072 00:49:24,719 --> 00:49:27,600 Speaker 1: having a tantrum? And there's just there are all these 1073 00:49:27,640 --> 00:49:29,879 Speaker 1: things you sacrifice sometimes in order to be the best 1074 00:49:29,960 --> 00:49:32,200 Speaker 1: at something, and we're not willing to do that. We 1075 00:49:32,239 --> 00:49:33,879 Speaker 1: don't want to be the best podcasters, we don't want 1076 00:49:33,880 --> 00:49:36,160 Speaker 1: to be the best investors. We want to be really 1077 00:49:36,200 --> 00:49:38,000 Speaker 1: good at what we do, but it wouldn't be worth 1078 00:49:38,040 --> 00:49:40,120 Speaker 1: the sacrifice in order to get to the number one 1079 00:49:40,160 --> 00:49:43,400 Speaker 1: slot on iTunes or whatever it is. I mean, the 1080 00:49:43,480 --> 00:49:45,480 Speaker 1: negatives would just far outway the positives in that case. 1081 00:49:45,560 --> 00:49:48,320 Speaker 1: That's right. Yeah, we're just trying to be great all around, dude. 1082 00:49:49,840 --> 00:49:51,960 Speaker 1: And a part of how we do that, like, like 1083 00:49:52,040 --> 00:49:53,879 Speaker 1: we just said, is that we enjoy a beer during 1084 00:49:53,880 --> 00:49:57,880 Speaker 1: every episode. Man, And this was Octoberfest by Dry Candy 1085 00:49:57,920 --> 00:50:00,840 Speaker 1: Brewing in Kennel Saw, Georgia. What your thought on this 1086 00:50:01,239 --> 00:50:04,680 Speaker 1: seasonal beer? Yeah, so obviously I don't really have october 1087 00:50:04,760 --> 00:50:06,800 Speaker 1: Fest about the year. Much of the time they're not 1088 00:50:07,040 --> 00:50:10,440 Speaker 1: really available. But so I don't even remember the last time. 1089 00:50:10,440 --> 00:50:11,400 Speaker 1: I haven't. I don't. I don't know if I had 1090 00:50:11,480 --> 00:50:13,359 Speaker 1: one last fall. But I thought it was good, man, 1091 00:50:13,400 --> 00:50:15,719 Speaker 1: I thought it was good. It's safety, it's multi it's 1092 00:50:15,800 --> 00:50:18,080 Speaker 1: kind of like a very melty if you like brown nails. 1093 00:50:18,120 --> 00:50:19,960 Speaker 1: It's like a much lighter version of a brown nil. 1094 00:50:20,320 --> 00:50:23,960 Speaker 1: And it's it's not my go to style, that's for sure, um, 1095 00:50:24,040 --> 00:50:26,520 Speaker 1: but it is like it's kind of one of those Okay, hey, 1096 00:50:26,600 --> 00:50:28,759 Speaker 1: I like regular beer, but I don't like any of 1097 00:50:28,880 --> 00:50:31,600 Speaker 1: the fancy stuff. This is one more step into beer 1098 00:50:31,760 --> 00:50:34,520 Speaker 1: for for people like that, finding in october Fest this 1099 00:50:34,600 --> 00:50:36,400 Speaker 1: time of beer on the shelves, you might be like, oh, 1100 00:50:36,440 --> 00:50:38,759 Speaker 1: I'm pleasantly surprised, I actually like this beer. So for 1101 00:50:38,880 --> 00:50:42,120 Speaker 1: the beer newbies or novices, I think october Fest and 1102 00:50:42,760 --> 00:50:44,520 Speaker 1: this one if you probably don't get this one where 1103 00:50:44,520 --> 00:50:46,920 Speaker 1: you live unless you live around where we live in Georgia. 1104 00:50:46,920 --> 00:50:52,279 Speaker 1: I don't think this brewery distributes very far. But or 1105 00:50:52,320 --> 00:50:54,680 Speaker 1: look for a mars En because that's it's the same style. 1106 00:50:54,840 --> 00:50:57,080 Speaker 1: Oftentimes though, like mars N's were served. It's like the 1107 00:50:57,160 --> 00:50:59,680 Speaker 1: German word for it. I guess maybe, yeah, yeah, like 1108 00:50:59,800 --> 00:51:02,319 Speaker 1: that's the actual type of beer. October Fest is more 1109 00:51:02,320 --> 00:51:04,320 Speaker 1: of like a brainding, like like a marketing thing, like 1110 00:51:04,440 --> 00:51:08,640 Speaker 1: Marsen is March in German because it was a beer 1111 00:51:08,680 --> 00:51:10,680 Speaker 1: that they brewed because back in the day they weren't 1112 00:51:10,680 --> 00:51:13,719 Speaker 1: allowed to brew beer during the summer because it was 1113 00:51:13,800 --> 00:51:16,560 Speaker 1: too dry and the high temperatures and having the fire 1114 00:51:16,640 --> 00:51:20,120 Speaker 1: and boiling water could lead to buildings burning down and whatnot, 1115 00:51:20,160 --> 00:51:22,800 Speaker 1: and so they actually outlawed brewing during the summer months, 1116 00:51:23,080 --> 00:51:25,680 Speaker 1: and so this beer they would brew in March and 1117 00:51:25,760 --> 00:51:28,319 Speaker 1: it had a higher alcohol content. It had higher hops 1118 00:51:28,360 --> 00:51:32,040 Speaker 1: and higher malts, which means generally speaking, more flavor than 1119 00:51:32,160 --> 00:51:35,640 Speaker 1: like the typical lager or pilsener that they were used 1120 00:51:35,719 --> 00:51:38,560 Speaker 1: to brewing. So that's a little Marsen october Fest beer 1121 00:51:38,640 --> 00:51:40,680 Speaker 1: history for you. And it's called october Fest because they 1122 00:51:40,680 --> 00:51:42,640 Speaker 1: would it would sit in like the basements or the 1123 00:51:42,719 --> 00:51:44,880 Speaker 1: sellers all summer and then they would drink it in 1124 00:51:44,880 --> 00:51:46,759 Speaker 1: the fall. There you go, There you go. That that 1125 00:51:46,760 --> 00:51:48,480 Speaker 1: would be another one of those things like I have 1126 00:51:48,560 --> 00:51:50,319 Speaker 1: no desire to go to Mount Rushmore, but I would 1127 00:51:50,400 --> 00:51:52,759 Speaker 1: love to go. So we just mentioned Mountain Rushmore in 1128 00:51:52,800 --> 00:51:54,400 Speaker 1: the investing Mount rush but I would love to go 1129 00:51:54,440 --> 00:51:57,120 Speaker 1: to Octobertoberfest. Yeah, I would be a lot of fun. 1130 00:51:57,160 --> 00:51:59,080 Speaker 1: Maybe how do Money trip with some listeners in Vegas 1131 00:51:59,640 --> 00:52:04,360 Speaker 1: and then professed, yes, I'm in I'm in opposite directions, 1132 00:52:04,360 --> 00:52:06,120 Speaker 1: but let's go. We can make them both happen. Pull 1133 00:52:06,120 --> 00:52:08,120 Speaker 1: it off, all right, that's gonna do it for this episode. 1134 00:52:08,160 --> 00:52:10,160 Speaker 1: For folks who want the show notes and links to 1135 00:52:10,400 --> 00:52:12,440 Speaker 1: everything we mentioned, we'll put those up on our website 1136 00:52:12,480 --> 00:52:14,360 Speaker 1: at how to Money dot com. That's right. If you 1137 00:52:14,480 --> 00:52:16,520 Speaker 1: have not subscribed to our newsletter, head to how to 1138 00:52:16,600 --> 00:52:19,680 Speaker 1: Money dot com forward slash newsletter. It is free, It 1139 00:52:19,719 --> 00:52:22,080 Speaker 1: shows up on Tuesday mornings, and it has all of 1140 00:52:22,120 --> 00:52:24,680 Speaker 1: the personal finance news that you're gonna need for the week, 1141 00:52:25,080 --> 00:52:28,399 Speaker 1: along with some encouragement to get you through to Friday. Joel, 1142 00:52:28,520 --> 00:52:30,560 Speaker 1: that's gonna be it for today, buddy. Until next time. 1143 00:52:30,680 --> 00:52:32,759 Speaker 1: Best Friends Out, Best Friends Out,