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Speaker 1: Welcome to Had the Money. I'm Joel, I'm Matt. Today

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Speaker 1: we're answering your listener questions.

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Speaker 2: You know what, buddy, We're gonna hear from listeners directly today,

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Speaker 2: their voices straight to your ear drums.

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Speaker 1: The pipeline the people.

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Speaker 2: Is that the little snail, the snail shaped bone that's

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Speaker 2: in your ear, your inner ear that think vibrates. It's

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Speaker 2: been a minute since I have thought about the uh.

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Speaker 1: I've been thinking about it more, actually, not as much

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Speaker 1: as I think about like ancient Roman civilization, of course, Matt,

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Speaker 1: but it's uh. I don't want to talk about why,

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Speaker 1: so we'll move on. Oh, oh the ear thing? Oh,

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Speaker 1: we don't don't say anything. Do we talk about this

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Speaker 1: in the show? No, we don't think. I think this

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Speaker 1: is too much and they don't want to know that.

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Speaker 2: They don't want to get that personal with you and

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Speaker 2: your earbuds where you shove them into your ear.

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Speaker 1: It's enough. I'll stop quite enough. I'll stop right there.

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Speaker 2: Do you have anything you want to share with us

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Speaker 2: other than your medical misadventure?

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Speaker 1: No, I'm good. Hey, I'll share.

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Speaker 2: I got something to share. I want to share my

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Speaker 2: new hobby that we I don't think we've talked about

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Speaker 2: this on the show, which is DIY Home Improvement, Joel,

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Speaker 2: And this is something that you and I have talked about.

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Speaker 2: You've actually engaged in some of this DIY improvement with me.

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Speaker 1: But last summer I helped you put a door knob on.

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Speaker 1: That counts. Didn't you help me take the door off

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Speaker 1: of the old bathroom as well? You'd already taken it off.

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Speaker 1: I was just telling your boss came over for Christmas.

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Speaker 2: I was like, hey, you know, do a little, tiny

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Speaker 2: little project while we're waiting on dinner to cold.

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Speaker 1: It make me feel like, oh, we accomplished something before.

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Speaker 2: I know that it was a tiny, little like team

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Speaker 2: building exercise.

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Speaker 1: It felt kind of token, but it was fun. No,

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Speaker 1: I was gonna share. So, Kate.

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Speaker 2: Now, we've been wanting to essentially convert our old half

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Speaker 2: powder room bath into like an extension of the kitchen, right,

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Speaker 2: and so in that case specifically, I kind of want

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Speaker 2: to turn it into a coffee bar. But it also

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Speaker 2: means adding a toilet and a sink to our laundry room,

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Speaker 2: which I started last summer, which we I don't think.

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Speaker 1: We've talked about. You finished.

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Speaker 2: It looks great, Yeah, yeah, so I kind of kicked

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Speaker 2: that off then, and that it sat dormant up until

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Speaker 2: about Christmas. And that's when I kind of got a

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Speaker 2: fire lit, A fire lit under me again to tackle it,

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Speaker 2: which was a bit more tricky than I was expecting

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Speaker 2: because I had to redo a whole lot of plumbing

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Speaker 2: in order to get it up to code, all that

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Speaker 2: kind of stuff. But then over Christmas after that, so

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Speaker 2: you got to see some of this I had already

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Speaker 2: taken out.

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Speaker 1: Had I taken up the toilet yet?

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Speaker 2: Yeah, toilet, I can't remember. The sink was out, but yeah,

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Speaker 2: you helped me put Oh, we put the correct doorknob

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Speaker 2: on the laundryroom one that in order for it for

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Speaker 2: folks to have privacy. Anyway, I did a little bit

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Speaker 2: of research and evidently, just labor alone, it would have

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Speaker 2: cost me somewhere in the range of five thousand dollars

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Speaker 2: to add a new toilet and a new sink to

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Speaker 2: the laundry room, and closer to seven or eight thousand

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Speaker 2: dollars at least to convert the existing powder room into

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Speaker 2: what I'm hoping to turn it into. Let's just say

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Speaker 2: fifteen grands thirteen to fifteen grand and labor two projects

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Speaker 2: in labor alone as opposed to And I don't know

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Speaker 2: if this is weird, but I really enjoy doing this

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Speaker 2: kind of work. That like learning something new is these

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Speaker 2: are new skills that I'm acquiring. With all the content

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Speaker 2: and resources that are on the internet. I mean there

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Speaker 2: are like I found this guy I forgot gosh, I

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Speaker 2: forgot it now, but he dedicates He's got an entire

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Speaker 2: like YouTube channel dedicated to plumbing venting specifically, which is

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Speaker 2: what something I needed to learn.

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Speaker 1: That's what it's amazing cool about YouTube is the specialization

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Speaker 1: and so you can find somebody who's an expert on

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Speaker 1: almost anything. They might have like three hundred and fifty

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Speaker 1: views on the video, but it could help you out. Dude,

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Speaker 1: it's so good.

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Speaker 2: Well and in this case, this guy had a ton

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Speaker 2: and like I signed up for his newsletter, got the

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Speaker 2: free venting guide, so to me my email. But like

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Speaker 2: between that's in between chat or Gemini to be able

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Speaker 2: to figure out what the code is, Oh how much

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Speaker 2: drop do I need my toilet waistline? You know, over

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Speaker 2: this distance, you really can equip yourself with the knowledge

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Speaker 2: to be able to do some of the stuff yourself.

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Speaker 2: Now so yes, it will be up to code and

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Speaker 2: I'm gonna save a lot of money, and that's why

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Speaker 2: I wanted to share it real quickly here with listeners.

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Speaker 2: Will it be pretty I don't know about that because

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Speaker 2: I've never done any a lot of this Stuff'm also

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Speaker 2: doing it slowly but surely, because this is one of

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Speaker 2: those projects where I think there is something that makes it.

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Speaker 2: It makes it a little bit easier to bite off

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Speaker 2: this project. If you're not shutting something completely down. That's

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Speaker 2: that's incredibly necessary to how your family functions in the house,

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Speaker 2: right right, So you're like, oh, this is a coffee bar, Like,

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Speaker 2: if it takes me nine months to finish this project,

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Speaker 2: that's okay, and I can take off bite sized portions

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Speaker 2: every weekend or every other weekend exactly. So the reason

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Speaker 2: I think it's on my mind is I wrapped up

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Speaker 2: the framing of so I've already done electrical. That was

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Speaker 2: a whole other thing to explore to make sure I'm

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Speaker 2: doing all that correctly, because had to move some switches

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Speaker 2: at a receptacle all that make sure the load on

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Speaker 2: that certain circuit was going to be enough to handle

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Speaker 2: the electronics that are going to be on that line

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Speaker 2: as well. Super nerdy but fascinating stuff. It's not on

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Speaker 2: like personal finances. It's like, how does this work? How

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Speaker 2: can I ensure that this is going to be able

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Speaker 2: to deliver the results I want in the end?

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Speaker 1: I guess they can both shock you in a different

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Speaker 1: way exactly.

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Speaker 2: But oh, yes, So last night I finished up framing it,

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Speaker 2: and I don't know, I was able to step back

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Speaker 2: and I got really excited because you could literally see

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Speaker 2: the opening and how it's going to work with the space.

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Speaker 2: It's not literally pretty yet, but yeah, it just got

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Speaker 2: me excited for what that's going to hold for us.

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Speaker 1: And yes, being.

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Speaker 2: Able to slowly get to it over time. You just

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Speaker 2: mentioned that, like that is a big part of it

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Speaker 2: not being rushed, being like I worked on it something

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Speaker 2: like for two hours, an hour and a half maybe

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Speaker 2: on Saturday, as I kind of finalize some of the

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Speaker 2: electrical and did some of the framing on Sunday yesterday.

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Speaker 2: But then I cleaned up my mess make sure we're

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Speaker 2: not living in a total construction zone. And luckily it's

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Speaker 2: very patient and kind as far as it not being

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Speaker 2: completely done. But I wanted to put that out there

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Speaker 2: because some hobbies that you take on, that you choose

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Speaker 2: to adopt, can be not only money savers, but also

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Speaker 2: just really satisfying in a way that maybe it's like

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Speaker 2: a muscle that you don't get to use in other

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Speaker 2: parts of your life.

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Speaker 1: So it kind of scratch scratches the stitch I've got. Yeah,

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Speaker 1: you're not working with your hands Monday through Friday. You're

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Speaker 1: working with your mouth, work with my fingertips. Fingertips and

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Speaker 1: mouth or the computer. Yeah, yeah, and lips, and so

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Speaker 1: I can see how that would be like soothing in

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Speaker 1: a way, right, to get to use.

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Speaker 2: Therapeutical a little bit. Yeah, it's just a different aspect

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Speaker 2: of who we are as human beings.

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Speaker 1: Well the cool thing is too, Yeah, not only saving

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Speaker 1: thirteen to fifteen grand in labor on this project, but

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Speaker 1: think about you. You're learning a little bit of all

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Speaker 1: these different trades.

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Speaker 2: The additional skills I'm learning to be able to tackle

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Speaker 2: future stuff kind of crop up in your early forties.

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Speaker 1: Man, you got decades to use these skills, so you'll

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Speaker 1: save a lot of Money're gonna rack up a lot

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Speaker 1: of savings over time. But just knowing how to do

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Speaker 1: some of these basics. All right, let's mention the beer

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Speaker 1: we're having on this episode. This one is a porter

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Speaker 1: by Incendiary, brewing our last beer sadly from Incendiary. We'll

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Speaker 1: give our thoughts on this one later on. And if

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Speaker 1: you have a money question, please do send it our way.

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Speaker 1: We love to hear from you, guys. We love taking

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Speaker 1: your questions. It's so much fun and hopefully enlightening for

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Speaker 1: everyone who listens. Go to how to money dot com,

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Speaker 1: slash ask, or literally just record the voice membo on

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Speaker 1: your phone, email it over to us. Matt. Student loans

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Speaker 1: still paining the butt for a lot of people. Let's

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Speaker 1: take a question about that.

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Speaker 3: Hi Jael, Hi Matt. My name is Alex. I'm calling

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Speaker 3: from Pittsburgh, Pennsylvania, and this is regarding a private student

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Speaker 3: loan that I had taken out in twenty ten from

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Speaker 3: Sally May's been transferred to Mohila. I have a balance

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Speaker 3: of forty one thousand, four hundred and sixty seven dollars.

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Speaker 3: I have total paid fifty three thousand, one hundred and

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Speaker 3: twelve dollars and fifteen cents, with the principal being eleven thousand,

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Speaker 3: nine hundred and fifty seven dollars total interest. And here's

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Speaker 3: the kicker, forty thousand, four hundred and thirty eight dollars

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Speaker 3: and seventy nine cents With seven hundred and fifteen dollars

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Speaker 3: in fees, I pay five hundred and seventy dollars a month.

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Speaker 3: I have thirteen point seventy five percent interest, and I

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Speaker 3: have tried to refinance the loan. But the problem is

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Speaker 3: I went to a nursing school at my local hospital

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Speaker 3: and even my local credit unions. I've tried all these

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Speaker 3: different avenues to go to get this refinance, but the

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Speaker 3: problem I'm finding is I do not have a degree

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Speaker 3: further than a diploma. I am an RN and it's

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Speaker 3: not a title for school, so I feel like I

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Speaker 3: am locked in and I can't get out. My credit

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Speaker 3: score is seven hundred and twenty and I am fifty

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Speaker 3: six years old, so I would like to be able

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Speaker 3: to refinance this if you have any suggestions, Uh.

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Speaker 2: Joel, This drives me crazy, the fact that Alex is

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Speaker 2: in the situation. She owes more her balance on it,

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Speaker 2: like four times larger than the original amount that she

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Speaker 2: took out. She's already paid that much and interest payments

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Speaker 2: allows hard to stomach.

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Speaker 1: It feels like a gut punch just hearing Alex, you know,

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Speaker 1: tell us what's going on.

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Speaker 2: Yeah, basically, and in large part because of that high

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Speaker 2: interest rate, you've been battling this compounding interest like essentially

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Speaker 2: in the wrong direction, right, Like, like the escalator is

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Speaker 2: going up, you are trying to walk down. You are

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Speaker 2: fighting against it, but you're only taking like one measured

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Speaker 2: step at a time, and this escalator is like shooting upwards.

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Speaker 2: And I think it can really feel debilitating. But we'll

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Speaker 2: try to offer some advice to get you moving in

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Speaker 2: the right direction, down that escalator, down that load of debt.

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Speaker 1: I appreciate it. Soon. Alex didn't seem to feel despondent

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Speaker 1: like she. I think she's probably frustrated or annoyed, but

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Speaker 1: she's trying to look for a way forward, right despite

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Speaker 1: kind of this growing balance, and man, because it's really

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Speaker 1: hard not to get just out of been out of

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Speaker 1: shape over something like that. And I wonder if if it.

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Speaker 2: Has large If I heard her correctly on the balances,

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Speaker 2: the balance, it sounds like the balance is approaching what

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Speaker 2: she's already paid.

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Speaker 1: An interest as well.

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Speaker 2: Right, it's not only the fact that it's obviously so

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Speaker 2: much larger than the initial loan amounts.

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Speaker 1: Uh, but yeah, it's just a ment that there's like

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Speaker 1: it's like a mental hurdle that there's like a mental

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Speaker 1: threshold that you're approaching that is causing you to say,

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Speaker 1: wait a minute, what do I I need to switch

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Speaker 1: things up because what's going on, this is not working out.

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Speaker 1: Let me get to the bottom of it. And so yeah,

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Speaker 1: she mentioned that this student loan has nearly fourteen percent

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Speaker 1: interest rate attached to it, which means it's not all

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Speaker 1: that dissimilar from a nasty credit card or something like that. Right.

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Speaker 1: The minimum payment just isn't covering the interest that's accruing,

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Speaker 1: which results in negative amortization. Yeah, and so the unpaid

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Speaker 1: interest it gets added to the balance like clockwork, and

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Speaker 1: the student loan debt hole just continues to get bigger. Yeah.

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Speaker 2: Yeah, it makes me think. It makes me envision her

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Speaker 2: in a boat and there's a leak. Yeah, Like there's

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Speaker 2: like a gallon of water coming in and she's only

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Speaker 2: got like a little cup and it's just like.

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Speaker 1: She's working and she's removing that water but more water.

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Speaker 1: Never be fast enough, yeah, is what it feels like, right, Yeah, yeah, yeah,

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Speaker 1: and you can't be fast enough we need a better device. Yeah,

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Speaker 1: you know what I'm saying, Like, instead of the ten,

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Speaker 1: we got to replace that with one of those five

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Speaker 1: gallon home debo buckets. That's how we got a roll.

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Speaker 1: And so it would have been easier to solve this

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Speaker 1: years ago right by finding ways to pay more than

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Speaker 1: the minimum. But we are where we are, and so

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Speaker 1: we would say, first things first, you need to look

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Speaker 1: into refinancing again. I would bark up every tree I could,

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Speaker 1: because lowering your interest rate is a huge It's not

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Speaker 1: the only way, but it would be radically. It would

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Speaker 1: radically change your situation. If you could go from fourteen

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Speaker 1: to five or six or seven percent interest, that would

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Speaker 1: make a big difference in allowing you to pay more

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Speaker 1: towards the balance instead of towards interest every single month.

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Speaker 1: You got a great credit score and you got solid income.

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Speaker 1: I would just look at some of those student loan

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Speaker 1: refinancing websites like Credible and earnest that specialize in student

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Speaker 1: loan refinances. Fingers crossed they can help, can't promise that

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Speaker 1: they will, but either way, that's that's just one step

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Speaker 1: in the process of getting rid of this nefarious private

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Speaker 1: student loan debt. But I just wouldn't leave that stone unturned.

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Speaker 1: I just I would want to see if anybody out

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Speaker 1: there I could possibly refinance your student loan, because that

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Speaker 1: would be that would take at least that that would

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Speaker 1: be like kind of at least getting you to having

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Speaker 1: a better water unloaded removal.

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Speaker 2: Yeah. Yeah, and she did. She started in the right place, right.

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Speaker 2: She mentioned going to a local credit union, but yeah,

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Speaker 2: looked at maybe some of those more specialized online providers

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Speaker 2: as well.

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Speaker 1: Specifically, that's what they do student loan refinancing.

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Speaker 2: An attempt to get that rate down lower. But one

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Speaker 2: product that might allow you to make more progress a

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Speaker 2: little bit more quickly is if you are able to

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Speaker 2: get that interest right down to zero at least for

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Speaker 2: a time being. And I'm talking about potentially using a

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Speaker 2: credit card balance transfer. You might be able to do

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Speaker 2: a transfer at least on a portion of the balance

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Speaker 2: that you have there. And I say this immediately following

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Speaker 2: that suggestion, but make sure that you can truly pull

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Speaker 2: like pay that sum off in the fifteen or the

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Speaker 2: eighteen or sometimes twenty two month window. If not, it's

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Speaker 2: going to do you even more harm because this is

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Speaker 2: a you know, this is a situation overall, where minimum

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Speaker 2: payments to your current lender aren't going to cut it.

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Speaker 2: I think the lender is going to be happy just

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Speaker 2: to watch the bounce grow so that you are essentially

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Speaker 2: going to stay in debt for the rest of your life.

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Speaker 2: Who knows how much you might end up paying by

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Speaker 2: the end of it. But this is not a sort

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Speaker 2: of scenario where we want you to just to sit

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Speaker 2: by and watch this continue to like devolve essentially into

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Speaker 2: you not being able to afford these payments.

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Speaker 1: And truly a system that allows for loans like this

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Speaker 1: kind of sucks, like it's hard to stomach, But there

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Speaker 1: are I think ways for you to navigate and move

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Speaker 1: forward with this, Alex. So you can even call your

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Speaker 1: current lender. You can ask for help there the wording matters,

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Speaker 1: like how you ask your lender for help matters, But

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Speaker 1: I would say something like, Hey, I want to avoid delinquency,

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Speaker 1: I want to pay this loan back. I have been

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Speaker 1: paying this loan with regularity, but is there a way

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Speaker 1: to modify the structure so that my balance isn't growing right,

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Speaker 1: because if it keeps doing that, it means I'll never

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Speaker 1: be able to pay this loan off. What options do

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Speaker 1: you have for me to get a temporary rate reduction

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Speaker 1: or maybe a modification of this loan. Tell them that

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Speaker 1: the growing balance is making it I would use terms

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Speaker 1: something like increasingly unlikely that I'm going to be able

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Speaker 1: to avoid default, that's totally true, and that you're trying

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Speaker 1: to address this before it becomes a problem. Lenders like

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Speaker 1: to hear that, right, that proactive nature, like, hey, I'm trying,

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Speaker 1: I'm trying so hard it's becoming unsustainable. How can we

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Speaker 1: move forward in a way that's positive for both of us.

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Speaker 1: It shows that you're acting in good faith and you

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Speaker 1: might be surprised at what they offer. And so yet,

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Speaker 1: by the way, you might need to go beyond the

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Speaker 1: initial representative. You might need to talk to a supervisor

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Speaker 1: or something like that to get a real answer. But

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Speaker 1: that's another tree. I would bark up and use some

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Speaker 1: of that terminology, some of that language to try to

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Speaker 1: see if that's like those are trigger words for them, Matt, right,

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Speaker 1: they get them. My ears are waitec you might not

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Speaker 1: be able to what Oh, okay, default, Oh we got

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Speaker 1: to help this person out. Yeah.

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Speaker 2: And also I think a little bit of triage might

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Speaker 2: be in order as well, so, I'm not sure if

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Speaker 2: you've made a bare bones budget or not. I don't

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Speaker 2: think you addressed your spending side, that side of things,

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Speaker 2: Alex like that side of the equation. But now is

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Speaker 2: definitely an opportune time to address that. It's sort of like,

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Speaker 2: so I mentioned triage, just like a tourniquet if you

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Speaker 2: are expensive experiencing like a massive blood loss.

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Speaker 1: She's a nurse, right, she understands this.

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Speaker 2: You're speaking her language, man, So find every spare dime

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Speaker 2: in your budget that you can to be able to

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Speaker 2: throw out this debt in order to stop the bleeding,

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Speaker 2: keep the balance from growing in a way that doesn't

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Speaker 2: completely like upend like your way of living, you're just

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Speaker 2: kind of dialing back in a lot of different areas.

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Speaker 1: Yeah, maybe I'm not telling you not to eat food, yeah,

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Speaker 1: or pay your rent, but.

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Speaker 2: I think if you haven't been paying attention to your expenses,

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Speaker 2: now is definitely the time as opposed to kind of

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Speaker 2: live and yeah, live in the same way that you've

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Speaker 2: been living before. Certainly hit pause when it comes to investing, right, Like,

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Speaker 2: if you're talking about like maybe you are investing in

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Speaker 2: your roth Ira.

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Speaker 1: Maybe you gosh, if you've got a four to three

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Speaker 1: B match, certainly keep contributing there, but beyond that, I

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Speaker 1: would say hold off on all additional investing. Could you

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Speaker 1: want to concentrate all of your essentially all your like

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Speaker 1: financial firepower on this student loan debt because this thing

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Speaker 1: has been around for too long and it's getting too big,

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Speaker 1: almost like a fire hose, right, think about how much

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Speaker 1: water those admit there's a lot of water references in

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Speaker 1: this one, Matt, But like it's just it's a really

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Speaker 1: it's really water and blood when you focus that that

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Speaker 1: extreme amount. I don't even know how many gallons for

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Speaker 1: a minute you get out of those fire hoses. But

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Speaker 1: it's got to be insane, right, And and so no

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Speaker 1: wonder it's easier to fight fire with that versus like

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Speaker 1: the pesky little garden hose that you are working with

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Speaker 1: right now, Alex. And so you might even want to

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Speaker 1: look to more extreme ways of getting this done off

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Speaker 1: your shoulders, right, If you have a car that's worth

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Speaker 1: a decent chunk of money, could you sell it for

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Speaker 1: like twenty five grand and jump into a car that's

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Speaker 1: like ten thousand dollars or fifteen thousand dollars in the

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Speaker 1: with the and you got like ten or fifteen extra

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Speaker 1: grand by a little arbitrage move there to toss towards

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Speaker 1: immediately reducing that balance.

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Speaker 2: Yeah, and that coupled with maybe ten or fifteen that

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Speaker 2: you're able to do as your percent transfer on. Yeah,

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Speaker 2: that you have a plan to pay off. Again, that's

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Speaker 2: the key part there. I kind of don't like that

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Speaker 2: I didn't harp on that longer that I reg I

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Speaker 2: mentioned the zero percent transfer. But you need to have

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Speaker 2: a plan, I think. Yeah, those two things combined, right,

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Speaker 2: that could totally entually do it.

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Speaker 1: The kind of thing I think most people would not

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Speaker 1: consider sell my car, downgrade my car to get rid

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Speaker 1: of this loan. Well yeah, I mean when you think

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Speaker 1: about how poorly this this loan is treating you, and

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Speaker 1: how bad it's been for over a decade now, and

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Speaker 1: it could continue to be bad for many many years

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Speaker 1: unless you do something drastic. For sure, I think uncomfortable

385
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Speaker 1: suggestions outside of the box tactics or stuff you might

386
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Speaker 1: need to employ so the balance doesn't continue to essentially

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Speaker 1: be the bane of your existence for many many years

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Speaker 1: to come. Totally.

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Speaker 2: Yeah, And again this is going to sound uncomfortable that

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Speaker 2: these are all things that you're gonna not want to

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Speaker 2: do at this point in your life and at this

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Speaker 2: point in your career even But this is all for

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Speaker 2: some like a greater good right, This is for greater

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Speaker 2: long term financial peace, like you are willingly accepting and

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Speaker 2: choosing to embark on some of this short term pain

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Speaker 2: in order to fix the thing over the long whole.

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Speaker 2: Another medical analogy is like the surgery right like you

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Speaker 2: are going in Like, Man, I wish we could have

399
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Speaker 2: avoided the surgery, but here we are the passes in

400
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Speaker 2: the past. We got to address the issue at hand.

401
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Speaker 2: We got to cut deep and find a way to

402
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Speaker 2: make this thing right.

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Speaker 1: Gaps. There are some good analogies in that answer. Man,

404
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Speaker 1: if I do say so myself, are we got more

405
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Speaker 1: we got to get to, including Man, what if you're

406
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Speaker 1: spending out paces your income. We'll talk about that and

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Speaker 1: more right after this. All right, Joe, we are back

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Speaker 1: from the break.

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Speaker 2: Let's go here from a listener who is who's living

410
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Speaker 2: beyond paycheck to paycheck, but somehow he's still wealthy, but

411
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Speaker 2: it's not trending in the right direction, at least the

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Speaker 2: direction that where he feels comfortable.

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Speaker 4: Let's take this question, Hello, My name is Tom from Callsbell, Montana.

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Speaker 4: I'm a thirty seven year old teacher with a wife

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Speaker 4: and three children, and need some advice. To date, our

416
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Speaker 4: investing has been driven by large profit gains, primarily from

417
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Speaker 4: the sale of our first home and, with summers off

418
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Speaker 4: as a teacher, the sale of a spec house I build.

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Speaker 4: We currently have a substantial emergency fund and approximately four

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Speaker 4: hundred thousand dollars invested. However, we generally do not contribute

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Speaker 4: to our roth ira or four to one K unless

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Speaker 4: we receive a large windfall. The primary issue is that,

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Speaker 4: on a month to month basis, our spending exceeds our income.

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Speaker 4: Although we follow a fairly bare bones budget, we still

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Speaker 4: struggle to balance the books, and I'm fairly uncomfortable watching

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Speaker 4: our bank account balance decrease each month. I would appreciate

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Speaker 4: your suggestions or answers, like should I consider taking on

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Speaker 4: another job to balance our monthly budget? Given that we

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Speaker 4: have this large cushion and emergency fund, should I be

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Speaker 4: less stressed or concerned about the monthly deficit? Any ideas

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Speaker 4: our suggestions would be super helpful.

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Speaker 1: Thanks guys. All right, met, Since I'm the optimist in

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Speaker 1: this duo between you and me. Uh not that you're

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Speaker 1: a pessimist, but I'm just like an optimistic realist. I'm

435
00:20:12,400 --> 00:20:15,639
Speaker 1: not the most optimistic person I've ever met, but I'm

436
00:20:15,640 --> 00:20:19,600
Speaker 1: probably I'm probably top top five percent. Yeah, you're up there. Actually,

437
00:20:19,600 --> 00:20:22,840
Speaker 1: our mutual friend Joel, he's the most optim optimistic person

438
00:20:22,800 --> 00:20:23,359
Speaker 1: I've ever met.

439
00:20:23,880 --> 00:20:26,679
Speaker 2: There's there's a there's a streak of realism when it

440
00:20:26,680 --> 00:20:28,200
Speaker 2: comes to how you purchase things as well.

441
00:20:28,560 --> 00:20:30,320
Speaker 1: He just has a friendly disposition. Well let me, I

442
00:20:30,400 --> 00:20:32,200
Speaker 1: want I'm trying to say, let me take the optimist.

443
00:20:32,240 --> 00:20:33,879
Speaker 1: What do you get into here? And then I'll let

444
00:20:33,960 --> 00:20:36,720
Speaker 1: you maybe deliver the hard news. How does that sound fine?

445
00:20:36,720 --> 00:20:39,800
Speaker 1: I'm fine with a good cop bad cop. Sure, Okay,

446
00:20:39,840 --> 00:20:42,000
Speaker 1: so i'll discuss the good Tom. You got a great

447
00:20:42,000 --> 00:20:45,960
Speaker 1: emergency fund, You've been investing diligently over a decently long

448
00:20:46,000 --> 00:20:48,880
Speaker 1: period of time. And you said you're willing to get creative,

449
00:20:48,920 --> 00:20:51,360
Speaker 1: like or at least you know, you said talked about

450
00:20:51,400 --> 00:20:53,920
Speaker 1: building the spec house as a side hustle. That is

451
00:20:54,280 --> 00:20:58,119
Speaker 1: getting creative right in its wealth. That's awesome. Like, I

452
00:20:58,200 --> 00:21:01,080
Speaker 1: love that you're thinking outside the box. You're hard to

453
00:21:01,119 --> 00:21:03,320
Speaker 1: be honest. You might not need to put pressure on

454
00:21:03,359 --> 00:21:06,240
Speaker 1: yourself to be investing a lot more like you said, oh,

455
00:21:06,280 --> 00:21:09,760
Speaker 1: we're not really investing right now inside of the retirement accounts. Well,

456
00:21:09,840 --> 00:21:12,040
Speaker 1: you've kind of frontloaded a lot of your investing. I'm

457
00:21:12,080 --> 00:21:14,520
Speaker 1: not sure if you're officially coast fire or not, but

458
00:21:14,680 --> 00:21:16,800
Speaker 1: like that, that's that essentially means you never need to

459
00:21:16,840 --> 00:21:19,160
Speaker 1: invest another dime because you did so much in those

460
00:21:19,200 --> 00:21:23,640
Speaker 1: first decades or decade. But I guess I just want

461
00:21:23,720 --> 00:21:26,560
Speaker 1: to alleviate the pressure on your shoulders of feeling like

462
00:21:26,600 --> 00:21:27,840
Speaker 1: you need to invest more right now.

463
00:21:27,840 --> 00:21:28,160
Speaker 5: I don't.

464
00:21:28,200 --> 00:21:31,040
Speaker 1: I don't know that you necessarily do. You might be

465
00:21:31,080 --> 00:21:32,600
Speaker 1: okay on that front. You might want to go back

466
00:21:32,600 --> 00:21:34,800
Speaker 1: to it later. I don't know. But I'm just saying,

467
00:21:34,800 --> 00:21:37,399
Speaker 1: four hundred thousand dollars, that's a lot that's inside of

468
00:21:37,400 --> 00:21:40,240
Speaker 1: an investment account. You're given tom a pass. Huh. I'm

469
00:21:40,280 --> 00:21:43,160
Speaker 1: just saying, Tommy, you ain't gonta worry about it. No, No,

470
00:21:43,240 --> 00:21:45,080
Speaker 1: I'm not saying that. I think there is still worrying

471
00:21:45,080 --> 00:21:47,320
Speaker 1: that needs to be done, and there's still changes that

472
00:21:47,359 --> 00:21:51,960
Speaker 1: need to be made. But yeah, like it's important we

473
00:21:52,000 --> 00:21:55,320
Speaker 1: need to work on closing the gap. But I just

474
00:21:55,359 --> 00:21:57,399
Speaker 1: don't think you necessarily need to be like, oh, on

475
00:21:57,480 --> 00:21:59,360
Speaker 1: top of that, I need to be trying to max

476
00:21:59,359 --> 00:22:02,080
Speaker 1: out my wrath eigh and contributing fifteen percent to my

477
00:22:02,400 --> 00:22:04,280
Speaker 1: place retirement account. If you try to put all that

478
00:22:04,320 --> 00:22:06,760
Speaker 1: pressure on yourself, you might spontaneously combust.

479
00:22:06,880 --> 00:22:08,760
Speaker 2: It's not like a light your hair kind of on

480
00:22:08,840 --> 00:22:12,720
Speaker 2: fire sort of moment where you're trying to Yeah, okay,

481
00:22:12,720 --> 00:22:14,600
Speaker 2: so I'm gonna double I'm gonna tag on a little

482
00:22:14,600 --> 00:22:16,760
Speaker 2: bit because I agree. I'm going to give a buck

483
00:22:16,840 --> 00:22:20,119
Speaker 2: the sort of traditional financial advice and where I'm going

484
00:22:20,160 --> 00:22:22,119
Speaker 2: to tell him to cut back dramatically.

485
00:22:22,240 --> 00:22:24,960
Speaker 1: We've already done that. I mean, that's important to do,

486
00:22:25,400 --> 00:22:27,520
Speaker 1: but he actually, I'm gonna ahead of myself. I'm thinking

487
00:22:27,560 --> 00:22:27,879
Speaker 1: about the.

488
00:22:27,880 --> 00:22:31,520
Speaker 2: Fact that I think Tom he sees the fact that

489
00:22:31,760 --> 00:22:35,800
Speaker 2: his accounts are decreasing, and yes, that is generally not

490
00:22:35,880 --> 00:22:37,439
Speaker 2: a great trend in what you want to see, but

491
00:22:37,520 --> 00:22:41,120
Speaker 2: Tom isn't most people like he has done made moves

492
00:22:41,119 --> 00:22:43,719
Speaker 2: in the past where he has made bank which has

493
00:22:43,760 --> 00:22:47,240
Speaker 2: allowed him to be in this incredibly strong sort of position.

494
00:22:47,280 --> 00:22:49,239
Speaker 2: And I guess what I'm saying is that I know

495
00:22:49,320 --> 00:22:52,120
Speaker 2: it is uncomfortable to see that number decrease over time

496
00:22:52,200 --> 00:22:54,440
Speaker 2: like typically especially when you are in your thirties. You

497
00:22:54,440 --> 00:22:57,879
Speaker 2: want to see that number continuing to get larger. But

498
00:22:58,800 --> 00:23:01,600
Speaker 2: run the numbers, and not only might you already be

499
00:23:01,640 --> 00:23:04,240
Speaker 2: coast fire, but you might I'm assuming because of these

500
00:23:04,280 --> 00:23:06,400
Speaker 2: these are singular sort of windfalls. I'm assuming he's also

501
00:23:06,440 --> 00:23:08,400
Speaker 2: got some money invested in a brokerage accounts as well.

502
00:23:08,520 --> 00:23:10,399
Speaker 2: You can't just take all that and immediately dump it

503
00:23:10,400 --> 00:23:12,679
Speaker 2: into retirement acaut. That's a teacher, and I'd be curious

504
00:23:12,680 --> 00:23:15,040
Speaker 2: to know what sort of pension he's got coming on

505
00:23:15,280 --> 00:23:17,399
Speaker 2: the pike. So exact's another reason. I just want to

506
00:23:17,400 --> 00:23:20,120
Speaker 2: be like, you don't need to invest to the max totally,

507
00:23:20,160 --> 00:23:21,879
Speaker 2: and you don't need to like put yourself in a

508
00:23:22,480 --> 00:23:27,160
Speaker 2: ridiculously uncomfortable position to max out accounts when you probably

509
00:23:27,240 --> 00:23:29,360
Speaker 2: need more of that money right now than you will,

510
00:23:29,400 --> 00:23:32,720
Speaker 2: not even not seventy and not even not investing. But

511
00:23:32,760 --> 00:23:34,640
Speaker 2: I'm I think I might even be okay with him

512
00:23:34,640 --> 00:23:37,960
Speaker 2: considering drawing down some because of where he is, Like,

513
00:23:38,040 --> 00:23:39,320
Speaker 2: I don't know what his he didn't say what his

514
00:23:39,359 --> 00:23:42,080
Speaker 2: monthly expenses are, But if you run the numbers and

515
00:23:42,119 --> 00:23:45,879
Speaker 2: see that, actually we are good for another fifteen years

516
00:23:45,880 --> 00:23:49,960
Speaker 2: most likely, and to have plenty on hand before maybe

517
00:23:49,960 --> 00:23:52,720
Speaker 2: in the next decade we'll find another project to work

518
00:23:52,760 --> 00:23:55,919
Speaker 2: on something like that. But I think you are not

519
00:23:56,240 --> 00:23:58,760
Speaker 2: happy with the direction, the fact that the number is

520
00:23:58,800 --> 00:24:02,080
Speaker 2: getting smaller. But run the numbers, Like, all this is

521
00:24:02,080 --> 00:24:04,600
Speaker 2: is a math problem, and your ability to figure out, Okay,

522
00:24:04,600 --> 00:24:06,240
Speaker 2: where is this going to take us? Where are we

523
00:24:06,280 --> 00:24:09,040
Speaker 2: going to land? I think could provide a whole lot

524
00:24:09,080 --> 00:24:11,480
Speaker 2: of peace of mind. So it's less and sometimes the

525
00:24:11,880 --> 00:24:14,199
Speaker 2: direction that you're going, but more at the speed at

526
00:24:14,200 --> 00:24:15,480
Speaker 2: which you are going to arrive there.

527
00:24:15,520 --> 00:24:16,840
Speaker 1: And I think is important here. I think what you're

528
00:24:16,920 --> 00:24:18,880
Speaker 1: highlighting is that once you run the numbers, it can

529
00:24:18,880 --> 00:24:22,040
Speaker 1: actually help take some of the emotion out of it,

530
00:24:22,080 --> 00:24:25,680
Speaker 1: because if emotionally feels really crappy to watch the number

531
00:24:25,720 --> 00:24:28,320
Speaker 1: go down, but like by how much is it going down?

532
00:24:28,680 --> 00:24:31,800
Speaker 1: And how long can that run rate last you? And

533
00:24:32,320 --> 00:24:35,040
Speaker 1: you know, let's say you've got a certain big chunk

534
00:24:35,080 --> 00:24:39,320
Speaker 1: in your highyield savings account, like and you're making three

535
00:24:39,359 --> 00:24:42,600
Speaker 1: point seventy five percent or something like that, Well, you know,

536
00:24:43,240 --> 00:24:45,680
Speaker 1: what percentage are you drawing down of that high yeld

537
00:24:45,720 --> 00:24:48,440
Speaker 1: savings account? And are you able to leave your investments

538
00:24:48,520 --> 00:24:51,080
Speaker 1: essentially untapped? I mean, there's just like there's a lot

539
00:24:51,119 --> 00:24:54,000
Speaker 1: to consider in that. Yeah, But I will say this too,

540
00:24:54,880 --> 00:24:59,080
Speaker 1: I'm also not keen, especially at this stage in my

541
00:24:59,200 --> 00:25:03,880
Speaker 1: life or in time life, probably watching that cushion just dwindle, right,

542
00:25:03,880 --> 00:25:06,280
Speaker 1: because that's also unsustainable kind of like we talked about

543
00:25:06,280 --> 00:25:10,359
Speaker 1: recently with an inheritance, Matt, like just the idea of

544
00:25:10,520 --> 00:25:13,680
Speaker 1: using it to pay for essentials. Well, at some point

545
00:25:13,840 --> 00:25:19,879
Speaker 1: the cushion evaporates, and then you still have a problem

546
00:25:19,920 --> 00:25:21,560
Speaker 1: that you have to solve, and it's just easier to

547
00:25:21,600 --> 00:25:24,080
Speaker 1: solve it when you still have some cushion available, right.

548
00:25:24,280 --> 00:25:26,400
Speaker 1: He said, they're living on a bare bones budget, which

549
00:25:26,440 --> 00:25:28,440
Speaker 1: means there's not much wiggle room on the spending side

550
00:25:28,480 --> 00:25:31,040
Speaker 1: of the equation. But can you check that again, like,

551
00:25:31,640 --> 00:25:33,840
Speaker 1: can you shop the big things that don't change your

552
00:25:33,840 --> 00:25:37,080
Speaker 1: life much like insurance and cell phone and question some

553
00:25:37,160 --> 00:25:39,040
Speaker 1: of the other expenses that you have in your life.

554
00:25:39,080 --> 00:25:42,000
Speaker 1: Could you hodgepodge savings of something like two hundred and

555
00:25:42,000 --> 00:25:44,639
Speaker 1: fifty dollars a month like that that in and of

556
00:25:44,680 --> 00:25:47,520
Speaker 1: itself could be huge just by tightening up the budgets.

557
00:25:47,560 --> 00:25:49,639
Speaker 1: And people like to talk smack about the latte factor

558
00:25:49,720 --> 00:25:52,119
Speaker 1: or something like that, but truly, like, this is the

559
00:25:52,200 --> 00:25:55,679
Speaker 1: kind of thing five bucks here, ten bucks there, It

560
00:25:55,720 --> 00:25:58,119
Speaker 1: adds up, and if you're talking about a couple hundred

561
00:25:58,119 --> 00:25:59,600
Speaker 1: bucks a month, well that makes a big difference, and

562
00:25:59,640 --> 00:26:03,640
Speaker 1: at least that cushion dwindling less quickly. That's right.

563
00:26:03,640 --> 00:26:05,520
Speaker 2: If you don't want to deal with that, though, that's

564
00:26:05,560 --> 00:26:07,439
Speaker 2: when it comes to the other side of the equation,

565
00:26:07,520 --> 00:26:09,879
Speaker 2: which is making more money. So on the income front,

566
00:26:10,400 --> 00:26:12,800
Speaker 2: I mean, teachers, it's tough to ask for a raise

567
00:26:12,840 --> 00:26:15,240
Speaker 2: the way that others can, like in different industries and

568
00:26:15,480 --> 00:26:18,119
Speaker 2: different sectors, but I think it is worth seeing what

569
00:26:18,200 --> 00:26:20,600
Speaker 2: it would take to increase your pay, and a lot

570
00:26:20,600 --> 00:26:24,479
Speaker 2: of times that comes with your training, so specifically, like

571
00:26:24,720 --> 00:26:27,080
Speaker 2: could you potentially get a certificate that would put you

572
00:26:27,119 --> 00:26:30,840
Speaker 2: in a different pay tier. I think a master's would

573
00:26:30,920 --> 00:26:33,359
Speaker 2: take longer and obviously would cost more, but that could

574
00:26:33,359 --> 00:26:36,000
Speaker 2: certainly increase your pay a good bit over time. And

575
00:26:36,040 --> 00:26:38,760
Speaker 2: then the earlier you go down this path, obviously, the

576
00:26:38,760 --> 00:26:40,480
Speaker 2: more years you're going to have for that pay raise

577
00:26:40,520 --> 00:26:43,720
Speaker 2: to impact your earnings in addition to your pension as well.

578
00:26:43,800 --> 00:26:45,679
Speaker 1: So I think that's sort of a bigger.

579
00:26:45,440 --> 00:26:48,679
Speaker 2: Question as to whether or not you want to continue teaching.

580
00:26:48,680 --> 00:26:50,840
Speaker 2: If you see yourself doing that for the long haul,

581
00:26:50,880 --> 00:26:55,040
Speaker 2: then yeah, boost that experience, that teacher training that's going

582
00:26:55,119 --> 00:26:57,879
Speaker 2: to basically return dividends over the course of years and

583
00:26:57,920 --> 00:26:59,720
Speaker 2: even decades. A lot of the teachers I know have

584
00:26:59,800 --> 00:27:02,120
Speaker 2: done and very similar things to try to like get

585
00:27:02,119 --> 00:27:04,119
Speaker 2: towards that upper echelon of pay that you can get

586
00:27:04,160 --> 00:27:05,840
Speaker 2: as a teacher. And you're right, it's not as easy

587
00:27:05,880 --> 00:27:08,080
Speaker 2: as just like walking into your boss and looking at

588
00:27:08,320 --> 00:27:11,240
Speaker 2: past results from last year and being like, I'm top tier.

589
00:27:11,560 --> 00:27:14,399
Speaker 2: They're like, yeah, there's still a pay scale that we

590
00:27:14,400 --> 00:27:15,000
Speaker 2: don't stay.

591
00:27:14,880 --> 00:27:18,359
Speaker 1: Give us a much. Yeah, we can't do much about that.

592
00:27:18,600 --> 00:27:21,199
Speaker 1: But the other thing I guess Tom could consider is

593
00:27:21,200 --> 00:27:25,159
Speaker 1: moving to a nearby district because especially if they'll like

594
00:27:25,240 --> 00:27:28,080
Speaker 1: honor your current service time, you could maybe bump your

595
00:27:28,119 --> 00:27:31,719
Speaker 1: salary by five thousand bucks or more with just that

596
00:27:31,760 --> 00:27:35,239
Speaker 1: one move. That can make a dent too. And it

597
00:27:35,320 --> 00:27:38,119
Speaker 1: is just worth asking how much do you love teaching?

598
00:27:38,560 --> 00:27:40,400
Speaker 1: We don't want to convince you to leave that profession

599
00:27:40,520 --> 00:27:43,159
Speaker 1: or to pivot if you're not keen on that. You're like,

600
00:27:43,400 --> 00:27:45,520
Speaker 1: I love teaching. I think we need I think we

601
00:27:45,560 --> 00:27:48,800
Speaker 1: need more teachers. Matt, especially male teachers. That seems to

602
00:27:48,800 --> 00:27:52,119
Speaker 1: be a dwindling subset of the teacher population. But it

603
00:27:52,160 --> 00:27:54,920
Speaker 1: sounds tom like you're gifted in other areas. You could

604
00:27:54,960 --> 00:27:57,320
Speaker 1: do well if you shifted careers, if you desired to

605
00:27:57,320 --> 00:27:59,520
Speaker 1: do that. It's just at least worth putting on the radar.

606
00:27:59,560 --> 00:28:02,520
Speaker 2: Assenet question totally, especially if he's considering it, like he

607
00:28:02,560 --> 00:28:04,280
Speaker 2: mentioned in his email, a second income.

608
00:28:04,720 --> 00:28:06,360
Speaker 1: Maybe it's his wife, maybe it's him.

609
00:28:07,040 --> 00:28:11,719
Speaker 2: And I mean, let's say you love teaching, and he

610
00:28:11,760 --> 00:28:14,679
Speaker 2: mentioned the spec house, I would say, like, you obviously

611
00:28:14,720 --> 00:28:16,360
Speaker 2: are drawn to real estate, and so I would say,

612
00:28:16,400 --> 00:28:20,320
Speaker 2: continuing to lean in that direction, like you're obviously either handy,

613
00:28:20,359 --> 00:28:21,880
Speaker 2: I don't know if you did it yourself. If you're

614
00:28:21,880 --> 00:28:24,640
Speaker 2: not handy, then you've got a really good network of subs.

615
00:28:24,680 --> 00:28:27,199
Speaker 2: I'm guessing who worked on that property. So look to

616
00:28:27,240 --> 00:28:30,520
Speaker 2: other projects I think like that, or maybe you find

617
00:28:30,760 --> 00:28:33,480
Speaker 2: that was a lot of physical labor work and you

618
00:28:33,520 --> 00:28:35,080
Speaker 2: don't want to necessarily do that again. But you do

619
00:28:35,160 --> 00:28:37,720
Speaker 2: like real estate, you are familiar with the market. Maybe

620
00:28:37,720 --> 00:28:40,479
Speaker 2: that means getting your real estate license. So in your

621
00:28:40,480 --> 00:28:42,719
Speaker 2: email you mentioned that it's a gap of one thousand dollars,

622
00:28:43,200 --> 00:28:45,440
Speaker 2: and I looked oh, I forgot to mention, like he

623
00:28:45,960 --> 00:28:48,600
Speaker 2: where he's from in Montana is really close to Glacier,

624
00:28:49,120 --> 00:28:51,960
Speaker 2: which is like, oh gosh, a beautiful, beautiful part of

625
00:28:52,360 --> 00:28:54,440
Speaker 2: not only the country but the state building. Maybe you

626
00:28:54,440 --> 00:28:57,120
Speaker 2: in your backyard and dude, well have a National partners

627
00:28:57,320 --> 00:29:00,200
Speaker 2: stay there. The average home that's listed is around six

628
00:29:00,240 --> 00:29:02,800
Speaker 2: hundred thousand dollars in that market. So let's say you've

629
00:29:02,800 --> 00:29:04,920
Speaker 2: got your real estate license and you're helping out friends,

630
00:29:05,240 --> 00:29:09,040
Speaker 2: you could undercut competition. Let's say you're only charging two percent.

631
00:29:09,800 --> 00:29:12,760
Speaker 2: That's twelve thousand dollars. That is one thousand dollars a month,

632
00:29:13,280 --> 00:29:16,040
Speaker 2: which would close the gap from selling and being involved

633
00:29:16,080 --> 00:29:18,280
Speaker 2: in one transaction a year. So it could kind of

634
00:29:18,320 --> 00:29:19,640
Speaker 2: be like this part time thing.

635
00:29:19,520 --> 00:29:21,760
Speaker 1: Barely more than the average realtor is involved in.

636
00:29:22,040 --> 00:29:24,760
Speaker 2: When you look at it, so few deals because so

637
00:29:24,800 --> 00:29:26,320
Speaker 2: many of them are doing it like this where it's

638
00:29:26,360 --> 00:29:27,840
Speaker 2: just a little bit on the side, it's not their

639
00:29:27,880 --> 00:29:29,920
Speaker 2: full time gig. And I think, Tom, if you've got

640
00:29:29,960 --> 00:29:31,800
Speaker 2: any interest that could be something that you do there,

641
00:29:32,040 --> 00:29:35,160
Speaker 2: I would certainly look into that before and like that

642
00:29:35,240 --> 00:29:37,040
Speaker 2: kind of gives you this sort of creative endeavor on

643
00:29:37,080 --> 00:29:39,760
Speaker 2: the side, where especially over the summers when you've got

644
00:29:39,800 --> 00:29:41,720
Speaker 2: a little more time, maybe a little more energy to

645
00:29:41,760 --> 00:29:44,480
Speaker 2: do something like that while maintaining the teaching gig. I'm

646
00:29:44,480 --> 00:29:46,200
Speaker 2: assuming that you that you love teaching, so it's a

647
00:29:46,200 --> 00:29:50,720
Speaker 2: way to sort of flex your entrepreneurial muscles like.

648
00:29:50,680 --> 00:29:52,760
Speaker 1: That right where we're the most demanding day for real

649
00:29:52,880 --> 00:29:57,480
Speaker 1: estate agents, Matt closing day where you know that, But Saturdays, Saturdays,

650
00:29:57,680 --> 00:29:59,400
Speaker 1: that's what you're showing people around. Like you're working Monday

651
00:29:59,400 --> 00:30:01,080
Speaker 1: through Friday. You can probably hit some emails or hit

652
00:30:01,120 --> 00:30:02,960
Speaker 1: a phone call in the morning or the night, but

653
00:30:03,280 --> 00:30:06,320
Speaker 1: Saturdays are when you probably needed the most. And guess what,

654
00:30:06,520 --> 00:30:08,400
Speaker 1: I guess you got to teach the kids on Saturdays.

655
00:30:08,400 --> 00:30:10,520
Speaker 1: I'm not a realtor, so I don't know my realtors.

656
00:30:10,720 --> 00:30:12,200
Speaker 1: I feel like we're emailing a bunch of it throughout

657
00:30:12,240 --> 00:30:13,320
Speaker 1: the week too, But yeah, I don't know.

658
00:30:13,320 --> 00:30:14,960
Speaker 2: It's like, you can make it whatever it is that

659
00:30:15,400 --> 00:30:18,560
Speaker 2: you want it to be. But I think not discounting

660
00:30:18,640 --> 00:30:21,880
Speaker 2: the fact that you have taken a more entrepreneurial approach

661
00:30:21,960 --> 00:30:23,920
Speaker 2: to this where you've had like feast and fame in

662
00:30:23,960 --> 00:30:26,440
Speaker 2: kind of years. There's nothing wrong with that personal finance

663
00:30:26,520 --> 00:30:28,920
Speaker 2: Like it's in his literal name. The fact that this

664
00:30:29,000 --> 00:30:31,680
Speaker 2: is personal to you and how does that you tom

665
00:30:31,800 --> 00:30:33,760
Speaker 2: want to live your life and just the rhythms that

666
00:30:33,800 --> 00:30:34,720
Speaker 2: are going to work for your family.

667
00:30:34,760 --> 00:30:36,520
Speaker 1: There's nothing. I don't think there's anything wrong with that.

668
00:30:36,800 --> 00:30:38,960
Speaker 1: You just have to be used to great.

669
00:30:39,200 --> 00:30:41,960
Speaker 2: We've had a ton of cash in the savings account

670
00:30:41,960 --> 00:30:45,560
Speaker 2: and now we're seeing that slowly erode over time, and

671
00:30:45,600 --> 00:30:47,400
Speaker 2: then kind of coming up with the next sort of

672
00:30:47,480 --> 00:30:49,320
Speaker 2: venture that you might want to the next path that

673
00:30:49,360 --> 00:30:51,760
Speaker 2: you want to go down. I think I think that

674
00:30:51,880 --> 00:30:53,840
Speaker 2: can provide a whole lot of motivation, right Like the

675
00:30:53,880 --> 00:30:57,240
Speaker 2: necessity being the mother of all invention, I think definitely

676
00:30:57,280 --> 00:31:00,080
Speaker 2: rings true for entrepreneurs when they find themselves pinched a

677
00:31:00,120 --> 00:31:01,080
Speaker 2: little bit more financially.

678
00:31:01,240 --> 00:31:03,880
Speaker 1: Yeah, let's give you the next question. This is about

679
00:31:04,320 --> 00:31:06,720
Speaker 1: taxable brokerage accounts? What are those about? How do I

680
00:31:06,720 --> 00:31:07,560
Speaker 1: know if I'm ready for one?

681
00:31:08,480 --> 00:31:10,840
Speaker 5: Hi, Matt and Joel. My name's Lisa and I live

682
00:31:10,840 --> 00:31:14,200
Speaker 5: in southern California. I'm in my mid twenties and I

683
00:31:14,240 --> 00:31:16,440
Speaker 5: have never had a job that has offered a four

684
00:31:16,440 --> 00:31:20,520
Speaker 5: to one K. I opened a rough iray about three

685
00:31:20,640 --> 00:31:24,080
Speaker 5: years ago, but last year was my first year of

686
00:31:24,280 --> 00:31:27,760
Speaker 5: maxing it out. I track all my spending very closely,

687
00:31:27,840 --> 00:31:29,800
Speaker 5: and I have a detailed plan to max out my

688
00:31:29,880 --> 00:31:33,240
Speaker 5: ROTH again this year and invest a significant portion of

689
00:31:33,280 --> 00:31:36,480
Speaker 5: my income. On top of that, I have a fully

690
00:31:36,560 --> 00:31:40,280
Speaker 5: funded emergency fund and a little bit of low interest

691
00:31:40,320 --> 00:31:43,320
Speaker 5: student debt, but it's not my biggest priority to pay

692
00:31:43,320 --> 00:31:45,719
Speaker 5: it off since I know I can get higher returns

693
00:31:45,720 --> 00:31:49,440
Speaker 5: in the stock market. I have already opened up a

694
00:31:49,480 --> 00:31:52,440
Speaker 5: taxable brokerage account to invest the rest of my income

695
00:31:52,560 --> 00:31:54,600
Speaker 5: since I cannot put it into a four to one K.

696
00:31:55,240 --> 00:31:58,920
Speaker 5: But my question is that the best next step? Should

697
00:31:58,960 --> 00:32:02,280
Speaker 5: I open up a traditional IRA or a solo four

698
00:32:02,320 --> 00:32:05,040
Speaker 5: oh one K. For context, I am on a ten

699
00:32:05,160 --> 00:32:07,480
Speaker 5: ninety nine as a contract employee, so I think I

700
00:32:07,480 --> 00:32:11,840
Speaker 5: would qualify, but also not really sure. And I already

701
00:32:11,880 --> 00:32:14,520
Speaker 5: open up a tax little brokerage account because that's just

702
00:32:14,560 --> 00:32:16,920
Speaker 5: what I've heard about the most after maxing out your WRAW,

703
00:32:17,520 --> 00:32:19,560
Speaker 5: But I want to make sure I'm not overlooking a

704
00:32:19,600 --> 00:32:21,600
Speaker 5: better tax advantaged option.

705
00:32:22,560 --> 00:32:25,320
Speaker 1: Jul sounds like ASA is on the right track, doesn't it,

706
00:32:25,480 --> 00:32:28,320
Speaker 1: I think, so, yeah, yeah, she's crushing it, I mean,

707
00:32:28,840 --> 00:32:31,000
Speaker 1: and it's always nice to hear from someone Matt who

708
00:32:31,040 --> 00:32:34,880
Speaker 1: has reasonable student loan debt obviously, like we're just in

709
00:32:34,920 --> 00:32:37,040
Speaker 1: a time and place in our country where the average

710
00:32:37,040 --> 00:32:40,920
Speaker 1: person graduates with more student loan debt than is ideal

711
00:32:41,360 --> 00:32:44,320
Speaker 1: or than we would suggest. And so it's nice to

712
00:32:44,320 --> 00:32:47,400
Speaker 1: hear from somebody's got like a manageable amount that she's

713
00:32:47,480 --> 00:32:50,680
Speaker 1: not like breaking the bank, and so love that for her.

714
00:32:50,920 --> 00:32:53,479
Speaker 1: I'm glad she's prioritizing investing over getting rid of that

715
00:32:53,480 --> 00:32:55,880
Speaker 1: debt and short er because I think especially if the

716
00:32:56,480 --> 00:32:57,840
Speaker 1: I don't remember did she say what the interest rate

717
00:32:57,920 --> 00:33:00,920
Speaker 1: it was on that students a manageable reason. So if

718
00:33:00,920 --> 00:33:02,840
Speaker 1: we're not talking about something that's going to keep growing

719
00:33:02,920 --> 00:33:07,120
Speaker 1: the balance then and it is truly manageable, then it

720
00:33:07,160 --> 00:33:10,719
Speaker 1: probably does make sense to prioritize other financial goals. So

721
00:33:10,840 --> 00:33:12,360
Speaker 1: keep an eye on the ball, So make sure you're

722
00:33:12,360 --> 00:33:14,600
Speaker 1: actually making progress. I think some people are like, oh,

723
00:33:14,600 --> 00:33:17,360
Speaker 1: it's not that much money, but if you're not paying

724
00:33:17,360 --> 00:33:19,000
Speaker 1: attention to the details, it can grow.

725
00:33:19,160 --> 00:33:21,680
Speaker 2: Yeah, totally, And she's I love that she's just preparing,

726
00:33:21,800 --> 00:33:23,960
Speaker 2: she's looking off to the future. She's setting herself in

727
00:33:23,960 --> 00:33:26,160
Speaker 2: a great position even though she doesn't have access to

728
00:33:26,200 --> 00:33:27,400
Speaker 2: a workplace retirement account.

729
00:33:27,440 --> 00:33:28,240
Speaker 1: It just goes to show.

730
00:33:28,760 --> 00:33:30,760
Speaker 2: Like a lot of the articles these days are like,

731
00:33:30,840 --> 00:33:33,360
Speaker 2: oh man, four one K millionaires. It's like the new thing,

732
00:33:33,480 --> 00:33:36,280
Speaker 2: right like you, people are essentially becoming millionaires without even

733
00:33:36,320 --> 00:33:36,800
Speaker 2: realizing it.

734
00:33:36,840 --> 00:33:38,560
Speaker 1: And that's great and I love that for a lot

735
00:33:38,560 --> 00:33:40,080
Speaker 1: of people. But I love that you say is.

736
00:33:40,080 --> 00:33:42,520
Speaker 2: Able to she's going to make that happen without having

737
00:33:42,600 --> 00:33:45,640
Speaker 2: access to a work sponsored four one K with a match.

738
00:33:45,800 --> 00:33:48,680
Speaker 2: So I love that you have gone with the roth Ira.

739
00:33:49,520 --> 00:33:51,600
Speaker 2: She mentioned that she's in her twenties, so she's pretty.

740
00:33:51,840 --> 00:33:52,480
Speaker 1: I think she's.

741
00:33:52,360 --> 00:33:54,640
Speaker 2: Earlier on in her career and that is a huge

742
00:33:54,640 --> 00:33:57,560
Speaker 2: step in your money progress where you're maxing that out

743
00:33:57,560 --> 00:33:59,360
Speaker 2: without fail every single year.

744
00:33:59,400 --> 00:34:02,320
Speaker 1: Make that a top I already. And you asked about

745
00:34:02,320 --> 00:34:03,440
Speaker 1: the solo for a one.

746
00:34:03,360 --> 00:34:07,640
Speaker 2: K, and yes, you are eligible as a self employed

747
00:34:07,680 --> 00:34:10,640
Speaker 2: ten ninety nine contractor to set up a solo four

748
00:34:10,719 --> 00:34:16,120
Speaker 2: one K. Freelancers, independent consultants, they meet that definition. And man,

749
00:34:16,160 --> 00:34:17,640
Speaker 2: I love the idea of you opening up a solo

750
00:34:17,680 --> 00:34:19,880
Speaker 2: four one K putting some of your extra investment dollars

751
00:34:19,880 --> 00:34:23,239
Speaker 2: in there. And of course I'm sure you know this,

752
00:34:23,320 --> 00:34:25,400
Speaker 2: but you know we want you to have all of

753
00:34:25,400 --> 00:34:28,600
Speaker 2: your accounts, so whether we're talking about your WROTH, your

754
00:34:29,000 --> 00:34:31,640
Speaker 2: your taxable broke account as well this new solo four

755
00:34:31,640 --> 00:34:33,120
Speaker 2: one K that you might open up. We want all

756
00:34:33,120 --> 00:34:36,480
Speaker 2: of these with our low cost favorites out there, and

757
00:34:36,480 --> 00:34:39,759
Speaker 2: in particular, we personally have our solo four one k

758
00:34:40,200 --> 00:34:44,680
Speaker 2: our s self employed four one K with Fidelity. They

759
00:34:44,719 --> 00:34:46,480
Speaker 2: made it really easy to set that up as well,

760
00:34:46,560 --> 00:34:49,200
Speaker 2: so they make it very easy and the costs are

761
00:34:49,480 --> 00:34:51,839
Speaker 2: are super low, so virtually non existent. Yeah, I think

762
00:34:51,880 --> 00:34:55,120
Speaker 2: that's that's a good wreck, Matt. And in the solo

763
00:34:55,160 --> 00:34:57,120
Speaker 2: for one k. By the way, ec you cannot for

764
00:34:57,160 --> 00:35:00,000
Speaker 2: traditional or for WROTH, which one you pick comes to

765
00:35:00,080 --> 00:35:03,640
Speaker 2: down to your tax bracket now versus your expected tax

766
00:35:03,719 --> 00:35:06,600
Speaker 2: bracket down the road. Lots of prior conversations on that

767
00:35:06,719 --> 00:35:10,120
Speaker 2: topic on this podcast and in stuff that's written up

768
00:35:10,120 --> 00:35:12,120
Speaker 2: on the side at how to money dot com. You know,

769
00:35:12,360 --> 00:35:14,640
Speaker 2: opening a solo form one case, it's it's similar to

770
00:35:14,640 --> 00:35:17,320
Speaker 2: getting your IRA going just from a clicking around on

771
00:35:17,360 --> 00:35:20,879
Speaker 2: the internet. Uh, standpoint right, So it's it's it's going

772
00:35:20,920 --> 00:35:23,440
Speaker 2: to have a very similar look and feel to open

773
00:35:23,480 --> 00:35:26,240
Speaker 2: and fund that account. And one of the cool perks

774
00:35:26,280 --> 00:35:29,560
Speaker 2: is that you can actually contribute more than w two

775
00:35:29,600 --> 00:35:33,200
Speaker 2: employees can to their four one case. So this is yeah,

776
00:35:33,280 --> 00:35:36,480
Speaker 2: this is where being self employed shines. If you're a

777
00:35:36,520 --> 00:35:37,240
Speaker 2: super saver.

778
00:35:37,040 --> 00:35:40,279
Speaker 1: It's the solo four one k secret sauce. It's like

779
00:35:40,280 --> 00:35:42,440
Speaker 1: whatever they're putting on the Big Mac, which I haven't no,

780
00:35:42,440 --> 00:35:45,279
Speaker 1: nonetheless a lot of Big Mac, but rose. Yeah, I

781
00:35:45,320 --> 00:35:46,320
Speaker 1: prefer chickil Ay sauce.

782
00:35:47,040 --> 00:35:50,360
Speaker 2: Yeah, you have y'all purchased the Chickila sauce at the

783
00:35:50,360 --> 00:35:52,440
Speaker 2: store with like the big old squeeze.

784
00:35:52,640 --> 00:35:55,440
Speaker 1: Yeah, because my kids, my kids, Yeah, we haven't gone.

785
00:35:56,040 --> 00:35:58,920
Speaker 1: I know, I hated breaking that seal because it felt ridiculous.

786
00:35:59,480 --> 00:36:01,680
Speaker 1: You're holding that Yeah, fella ridiculous happened in the fridge.

787
00:36:01,680 --> 00:36:02,319
Speaker 1: But I think we do them.

788
00:36:02,520 --> 00:36:05,600
Speaker 2: See, anytime we get it, we always max out the

789
00:36:05,680 --> 00:36:06,640
Speaker 2: number of packets that.

790
00:36:06,600 --> 00:36:08,279
Speaker 1: We get taken home with on the mobile order.

791
00:36:08,360 --> 00:36:11,640
Speaker 2: Yeah, we just got like a little Some people dedicate

792
00:36:11,680 --> 00:36:15,640
Speaker 2: a whole drawer to the take home swy sauces, mustards, ketchups,

793
00:36:15,760 --> 00:36:18,040
Speaker 2: sat you know, barbecues, chick Flay sauces or whatever.

794
00:36:18,160 --> 00:36:20,000
Speaker 1: I think it's a reasonable approach as long as you're

795
00:36:20,000 --> 00:36:23,120
Speaker 1: not like shoving them into your pockets and being.

796
00:36:23,200 --> 00:36:25,440
Speaker 2: They Yeah, like if you go in I guess they

797
00:36:25,440 --> 00:36:27,000
Speaker 2: have free access to it. You get as much as

798
00:36:27,040 --> 00:36:28,680
Speaker 2: you want, but a lot of times that's over the top.

799
00:36:28,760 --> 00:36:31,400
Speaker 2: I mean, yeah, we're often only getting chick fl a

800
00:36:31,440 --> 00:36:33,319
Speaker 2: when we're on like road trips. But even still, that's

801
00:36:33,320 --> 00:36:36,520
Speaker 2: when we met hit the max number. And because it's

802
00:36:36,520 --> 00:36:38,880
Speaker 2: an option on the app, I'm saying that they're.

803
00:36:38,680 --> 00:36:40,520
Speaker 1: Okay with They're telling me it's fine, so do it.

804
00:36:41,440 --> 00:36:44,000
Speaker 1: But yeah, I mean, you can contribute the reason you

805
00:36:44,040 --> 00:36:46,600
Speaker 1: can contribute more to a solo form on K versus

806
00:36:46,640 --> 00:36:49,920
Speaker 1: traditionals because you get to contribute as the business owner

807
00:36:50,000 --> 00:36:53,200
Speaker 1: and as the employee. So this year you can stick

808
00:36:53,280 --> 00:36:57,239
Speaker 1: twenty four thousand, five hundred dollars in as an employee contribution,

809
00:36:57,719 --> 00:37:00,839
Speaker 1: and then you can stick twenty percent of your adjusted

810
00:37:01,040 --> 00:37:06,880
Speaker 1: business compensation in there as well. This doesn't happen overnight typically,

811
00:37:06,920 --> 00:37:09,200
Speaker 1: right to build a maxt thing out, some people never

812
00:37:09,239 --> 00:37:11,000
Speaker 1: get there. That's a lot of money. It's a lot

813
00:37:11,520 --> 00:37:14,720
Speaker 1: a lot of money, because I think the max total

814
00:37:15,440 --> 00:37:18,200
Speaker 1: is for solo four and K contributions between employee and

815
00:37:18,239 --> 00:37:22,680
Speaker 1: employer contributions is like seventy thousand dollars. That's insane, right,

816
00:37:22,680 --> 00:37:25,080
Speaker 1: think about that. In addition, to your that's almost eighty

817
00:37:25,120 --> 00:37:28,200
Speaker 1: thousand dollars total. You'd be stalking away in investments. So

818
00:37:28,600 --> 00:37:30,279
Speaker 1: if that's what she got going on here, she gets there.

819
00:37:30,320 --> 00:37:30,960
Speaker 1: Good for you.

820
00:37:31,080 --> 00:37:33,839
Speaker 2: Yeah, this means your question is impressive. But that's a

821
00:37:33,920 --> 00:37:35,839
Speaker 2: ton of money. It's just good to know that you

822
00:37:35,920 --> 00:37:38,239
Speaker 2: can do that in a tax advantage way. But you

823
00:37:38,320 --> 00:37:41,200
Speaker 2: may not even want to lock away that much money

824
00:37:41,239 --> 00:37:44,680
Speaker 2: for your future for future issa uh. And that's where

825
00:37:44,680 --> 00:37:46,680
Speaker 2: a mix of solo like a solofour onin k and

826
00:37:46,760 --> 00:37:51,000
Speaker 2: a taxable broke account actually works pretty well together because

827
00:37:51,320 --> 00:37:55,040
Speaker 2: taxable brokene accounts they can be more attractive than the

828
00:37:55,040 --> 00:37:57,640
Speaker 2: solofour win k. But it just kind of depends on

829
00:37:57,680 --> 00:37:59,759
Speaker 2: what your what your goals are, and what it is

830
00:37:59,760 --> 00:38:02,160
Speaker 2: that you want to do with that money. Because it's

831
00:38:02,239 --> 00:38:05,480
Speaker 2: nice to invest in tax advantage accounts even if you don't.

832
00:38:05,239 --> 00:38:06,600
Speaker 1: Have access to a match.

833
00:38:07,400 --> 00:38:10,080
Speaker 2: But it's also nice to not have to wait until

834
00:38:10,360 --> 00:38:13,319
Speaker 2: full retirement age in order to access that money. So

835
00:38:14,040 --> 00:38:16,000
Speaker 2: you know, like you, on one hand, you might be

836
00:38:16,000 --> 00:38:18,040
Speaker 2: putting all your eggs in this sort of far off

837
00:38:18,120 --> 00:38:22,280
Speaker 2: future you basket to the exclusion of saving for whatever

838
00:38:22,360 --> 00:38:24,440
Speaker 2: sort of medium term goals that you might have right, like,

839
00:38:24,480 --> 00:38:27,040
Speaker 2: it's cool to have five hundred thousand dollars in retirement

840
00:38:27,560 --> 00:38:30,640
Speaker 2: by age thirty three, But if it prevents you from

841
00:38:30,640 --> 00:38:32,960
Speaker 2: reaching other life goals that you might have, like owning

842
00:38:32,960 --> 00:38:35,719
Speaker 2: a home, then you're gonna have to find a way

843
00:38:35,760 --> 00:38:36,759
Speaker 2: to kind of balance those two.

844
00:38:36,800 --> 00:38:38,840
Speaker 1: So it's good to know that those options.

845
00:38:38,480 --> 00:38:40,560
Speaker 2: Exist, but you need to do a little bit of

846
00:38:41,640 --> 00:38:44,439
Speaker 2: goal set in a little bit of soul searching and all.

847
00:38:45,160 --> 00:38:47,200
Speaker 2: This is also to say too that your medium term

848
00:38:47,200 --> 00:38:51,360
Speaker 2: goals may not even be physical, tangible in nature.

849
00:38:51,400 --> 00:38:51,759
Speaker 1: As well.

850
00:38:51,840 --> 00:38:55,120
Speaker 2: You being an independent contractor, I'm going to deduce that

851
00:38:55,200 --> 00:38:57,600
Speaker 2: maybe you like the freedom that comes with that. Right

852
00:38:57,640 --> 00:38:58,920
Speaker 2: You're like, oh, yeah, I get to work on the

853
00:38:58,920 --> 00:39:01,120
Speaker 2: projects I want to work on, and then.

854
00:39:01,000 --> 00:39:01,760
Speaker 1: Off in the future.

855
00:39:02,120 --> 00:39:03,880
Speaker 2: I think it would be very easy for you to

856
00:39:04,040 --> 00:39:06,399
Speaker 2: envision a scenario where you say, well, I don't want

857
00:39:06,400 --> 00:39:08,080
Speaker 2: to take on that project. Actually I don't even want

858
00:39:08,080 --> 00:39:09,360
Speaker 2: to do this work anymore. I would love to be

859
00:39:09,400 --> 00:39:11,360
Speaker 2: able to do this kind of work that aligns a

860
00:39:11,400 --> 00:39:14,359
Speaker 2: little bit more with where my heart's at. Well, guess what.

861
00:39:14,640 --> 00:39:17,520
Speaker 2: Let's say that's in fifteen years and you are like

862
00:39:17,560 --> 00:39:19,640
Speaker 2: barely forty years old. If you've got a ton of

863
00:39:19,640 --> 00:39:22,000
Speaker 2: money in your brokerage account that's going to allow you

864
00:39:22,080 --> 00:39:24,640
Speaker 2: that freedom and those options to be able to say

865
00:39:24,719 --> 00:39:26,640
Speaker 2: yes to that, to that sort of lifestyle.

866
00:39:26,920 --> 00:39:28,680
Speaker 1: So what I'm saying is that's piece out money right now,

867
00:39:28,680 --> 00:39:29,439
Speaker 1: that's piece out of money.

868
00:39:29,480 --> 00:39:32,800
Speaker 2: That's those medium terms like these are goals that align

869
00:39:32,920 --> 00:39:36,040
Speaker 2: more with freedom and sort of optionality as opposed to

870
00:39:36,160 --> 00:39:39,600
Speaker 2: only fixating on like, oh, a really nice car or

871
00:39:40,280 --> 00:39:42,960
Speaker 2: a globe, like an around the world sort of mass

872
00:39:43,200 --> 00:39:45,040
Speaker 2: amazing trip that I go on with my friends. Like

873
00:39:45,040 --> 00:39:48,279
Speaker 2: that's totally fine, but I just wanted to highlight some

874
00:39:48,360 --> 00:39:50,799
Speaker 2: of the optionality that you can buy yourself in the

875
00:39:50,800 --> 00:39:51,399
Speaker 2: future as well.

876
00:39:51,440 --> 00:39:54,320
Speaker 1: And I think if you go too hard into retirement accounts,

877
00:39:54,320 --> 00:39:56,520
Speaker 1: you're like, ah, maxing out all the tax advantage stuff

878
00:39:57,040 --> 00:40:00,279
Speaker 1: to the exclusion of the taxable brokerage account or other

879
00:40:00,480 --> 00:40:04,279
Speaker 1: more slightly more flexible accounts you is similar to the

880
00:40:04,320 --> 00:40:07,600
Speaker 1: concept of being house poor. Right, most of my most

881
00:40:07,640 --> 00:40:09,560
Speaker 1: of my money every month goes to pay the mortgage

882
00:40:09,600 --> 00:40:12,239
Speaker 1: and I just find yeah, granted that that home's gone

883
00:40:12,320 --> 00:40:15,320
Speaker 1: up in value, so I'm not totally sunk, but my goodness,

884
00:40:15,360 --> 00:40:16,759
Speaker 1: it's a tough position to be in when you hear

885
00:40:16,800 --> 00:40:19,759
Speaker 1: people who are house poor, it feels very constraining, And

886
00:40:19,880 --> 00:40:22,320
Speaker 1: I think the same can be true if your retirement account.

887
00:40:22,320 --> 00:40:25,400
Speaker 1: For if you stick all of your investment dollars into

888
00:40:26,040 --> 00:40:29,480
Speaker 1: accounts that you can't tap until like you're hit and

889
00:40:29,480 --> 00:40:33,000
Speaker 1: retirement age, Yeah, that can feel incredibly constraining for many

890
00:40:33,000 --> 00:40:35,839
Speaker 1: decades too. So balancing it at least a little bit

891
00:40:35,840 --> 00:40:38,720
Speaker 1: and trying to grow some money in inside of investment

892
00:40:38,719 --> 00:40:41,760
Speaker 1: accounts that it's at least a little more accessible makes sense.

893
00:40:42,160 --> 00:40:44,840
Speaker 1: Last thing I wanted to address here, Matt is Lisa

894
00:40:44,920 --> 00:40:48,640
Speaker 1: mentioned contributing to a traditional IRA as well. You could,

895
00:40:49,040 --> 00:40:51,560
Speaker 1: but you would have to reduce your roth IRA contributions

896
00:40:51,600 --> 00:40:54,520
Speaker 1: in order to do that. That's because the combined total

897
00:40:54,520 --> 00:40:57,560
Speaker 1: contribution limit is seventy five hundred. You can't contribute seventy

898
00:40:57,560 --> 00:40:59,759
Speaker 1: five hundred to each. If you could, that be cool.

899
00:41:00,520 --> 00:41:01,680
Speaker 1: So we prefer you to stick.

900
00:41:01,520 --> 00:41:03,920
Speaker 2: With the roth all the way, assuming too, Yeah, that

901
00:41:03,960 --> 00:41:06,919
Speaker 2: she's not making that she's going to earn more often

902
00:41:06,960 --> 00:41:09,959
Speaker 2: the future, and that she's fairly earlier on.

903
00:41:09,880 --> 00:41:11,799
Speaker 1: In her career where she's not in this higher tax

904
00:41:11,800 --> 00:41:14,120
Speaker 1: brackets and she might lose the ability to contribute to

905
00:41:14,120 --> 00:41:16,600
Speaker 1: a rothiray someday. So I love the idea max max

906
00:41:16,600 --> 00:41:18,400
Speaker 1: out of it while you can while you can't, and

907
00:41:18,440 --> 00:41:20,080
Speaker 1: the other cool thing. And you can read about this

908
00:41:20,120 --> 00:41:22,040
Speaker 1: more on the site and stuff if you're interested. But

909
00:41:22,360 --> 00:41:24,040
Speaker 1: the roth Iray, one of the things that makes it

910
00:41:24,120 --> 00:41:26,560
Speaker 1: so fun is that it is tax advantaged and it's

911
00:41:26,560 --> 00:41:29,239
Speaker 1: also got flexibility. Right ten years down the road you've

912
00:41:29,239 --> 00:41:31,920
Speaker 1: been maxing it out, well, you might have seventy seventy

913
00:41:31,920 --> 00:41:34,960
Speaker 1: five thousand dollars right of contribution dollars that you can

914
00:41:34,960 --> 00:41:37,560
Speaker 1: pull out to do other things with as well. So

915
00:41:37,680 --> 00:41:40,200
Speaker 1: the roth Iray is that's what makes that such a

916
00:41:40,200 --> 00:41:43,080
Speaker 1: great account is because it's got the taxi vanier status. Yes,

917
00:41:43,600 --> 00:41:47,040
Speaker 1: growing tax free for your future, but it also has

918
00:41:47,080 --> 00:41:49,480
Speaker 1: the ability to tap at least some of those dollars

919
00:41:49,719 --> 00:41:51,480
Speaker 1: down the road before you reach retirement age.

920
00:41:51,680 --> 00:41:53,480
Speaker 2: That's right, buddy. All right, we got more to get to.

921
00:41:54,360 --> 00:41:56,400
Speaker 2: Let's talk about Amazon Prime accounts.

922
00:41:56,480 --> 00:41:59,200
Speaker 1: Joel excited about that. Let's do it. We'll get to

923
00:41:59,239 --> 00:42:02,080
Speaker 1: that more. Always excited. Yes you are, We'll get all

924
00:42:02,120 --> 00:42:11,680
Speaker 1: that more right after this. All right, we're back. Let's

925
00:42:11,680 --> 00:42:13,760
Speaker 1: get to the Facebook question in the week. I'm so excited,

926
00:42:13,760 --> 00:42:16,400
Speaker 1: Matt This one's from Nicole. She says, I'm finally canceling

927
00:42:16,440 --> 00:42:20,080
Speaker 1: my Amazon Prime. Oh man, such individual empowerment there, I'm

928
00:42:20,120 --> 00:42:22,040
Speaker 1: so proud of her. She says, I wondered whether I

929
00:42:22,080 --> 00:42:24,840
Speaker 1: will still be able to use my fireTV and subscribed

930
00:42:24,840 --> 00:42:29,200
Speaker 1: Toto individual channels using their platform. Can I first say,

931
00:42:29,400 --> 00:42:33,239
Speaker 1: I could see do addictiveness from Amazon at some point

932
00:42:33,600 --> 00:42:35,640
Speaker 1: disallowing you from using your fire TV, But it's at

933
00:42:35,760 --> 00:42:37,360
Speaker 1: least not the case right now. Wouldn't you think that

934
00:42:37,400 --> 00:42:41,000
Speaker 1: it's somewhat some vindictiveness from Amazon, Like Samuel, you're not

935
00:42:41,000 --> 00:42:43,160
Speaker 1: a Prime remember anymore, We're gonna break your device that

936
00:42:43,200 --> 00:42:46,840
Speaker 1: you bought from us. Oh gotcha? Not the case yet? No, yeah, yeah, yeah.

937
00:42:46,880 --> 00:42:48,960
Speaker 2: Like, so, for instance, you cancel your Amazon Prime, your

938
00:42:48,960 --> 00:42:52,080
Speaker 2: fireTV will still work just fine. And actually you can

939
00:42:52,120 --> 00:42:56,680
Speaker 2: still subscribe to individual streaming services through Amazon, though you

940
00:42:56,760 --> 00:42:58,920
Speaker 2: might find better deals, especially in November.

941
00:42:58,920 --> 00:43:00,640
Speaker 1: It seems like towards the end of the year, like

942
00:43:00,760 --> 00:43:03,400
Speaker 1: Black Friday, that that time of year. I think HBO

943
00:43:03,440 --> 00:43:06,120
Speaker 1: Max was like a dollar a month for the whole

944
00:43:06,160 --> 00:43:08,799
Speaker 1: year if you subscribed during that Black Friday window. Yeah,

945
00:43:08,880 --> 00:43:13,440
Speaker 1: so if you subscribe through those streaming services directly, I

946
00:43:13,440 --> 00:43:15,680
Speaker 1: think you're gonna come out on top. So just keep

947
00:43:15,680 --> 00:43:18,480
Speaker 1: that in mind. That's to address your specific will my

948
00:43:18,600 --> 00:43:22,320
Speaker 1: fire TV, you know, will that still work after I

949
00:43:22,520 --> 00:43:23,480
Speaker 1: cancel Amazon Prime?

950
00:43:23,520 --> 00:43:25,480
Speaker 2: But I was also impressed you seem really excited to

951
00:43:25,480 --> 00:43:27,440
Speaker 2: talk about Amazon Prime generally speaking in the.

952
00:43:27,440 --> 00:43:29,080
Speaker 1: In the comment section, a lot of how the Money

953
00:43:29,120 --> 00:43:32,360
Speaker 1: the stars chimed in who have either never subscribed or

954
00:43:32,400 --> 00:43:34,759
Speaker 1: have ditched Amazon Prime, and they basically were like, I

955
00:43:34,800 --> 00:43:37,799
Speaker 1: don't I don't really miss it right, And I found

956
00:43:37,840 --> 00:43:40,400
Speaker 1: that to be a powerful testimony, and it makes me

957
00:43:40,520 --> 00:43:45,520
Speaker 1: want to reconsider my own Prime subscription. I think I think, uh,

958
00:43:45,719 --> 00:43:49,399
Speaker 1: Emily would have a harder time than I would, but gosh,

959
00:43:49,480 --> 00:43:51,000
Speaker 1: it makes me want to I think ours is supposed

960
00:43:51,000 --> 00:43:51,360
Speaker 1: to renew it.

961
00:43:51,480 --> 00:43:52,920
Speaker 2: She's like, all right, buddy, how about you go out

962
00:43:52,960 --> 00:43:55,760
Speaker 2: and the exactly get all the crap that we need exactly,

963
00:43:56,040 --> 00:43:57,120
Speaker 2: like you run in a good will and get the

964
00:43:57,120 --> 00:44:00,839
Speaker 2: boots Ford or whatever. But like, uh yeah, maybe no,

965
00:44:00,920 --> 00:44:02,480
Speaker 2: I'm willing to take it on that burden.

966
00:44:02,600 --> 00:44:05,680
Speaker 1: Okay, you're gonna give it a shot. Well, I don't

967
00:44:05,719 --> 00:44:07,520
Speaker 1: know yet. I think I think we were new in

968
00:44:07,560 --> 00:44:09,239
Speaker 1: about a month, and I will say you think of

969
00:44:09,239 --> 00:44:10,640
Speaker 1: it as one hundred and thirty nine bucks and you

970
00:44:10,680 --> 00:44:13,120
Speaker 1: get all these things, and there's some truth to that, right,

971
00:44:13,160 --> 00:44:15,759
Speaker 1: You get some free streaming options as far as music,

972
00:44:15,800 --> 00:44:18,120
Speaker 1: as far as video, and you get the delivery. Like

973
00:44:18,160 --> 00:44:21,480
Speaker 1: they're they're making a decent value proposition over there at amateur.

974
00:44:22,200 --> 00:44:24,319
Speaker 1: But the other thing they're doing is trying to get

975
00:44:24,360 --> 00:44:26,080
Speaker 1: you one percent in their orbit so that when you

976
00:44:26,120 --> 00:44:27,440
Speaker 1: think about buying stuff. You were and I were talking

977
00:44:27,440 --> 00:44:29,520
Speaker 1: about this just the other day, how you went over

978
00:44:29,520 --> 00:44:31,440
Speaker 1: to Walmart's site and you were like, wait a second,

979
00:44:31,520 --> 00:44:33,440
Speaker 1: that's right, Oh, this stuff was way cheaper on Walmart.

980
00:44:33,560 --> 00:44:35,840
Speaker 1: But people will shop around, folks. What Amazon's trying to

981
00:44:35,840 --> 00:44:38,200
Speaker 1: get you to do is the knee jerk buy without

982
00:44:38,320 --> 00:44:40,640
Speaker 1: even looking. Hey, you've already sent cost of the Prime

983
00:44:40,680 --> 00:44:43,359
Speaker 1: membership and now, oh it's just so easy to use.

984
00:44:43,600 --> 00:44:45,319
Speaker 1: So you're just going to spend more because you don't

985
00:44:45,320 --> 00:44:46,359
Speaker 1: even think about shopping around.

986
00:44:46,400 --> 00:44:48,600
Speaker 2: Yeah, because okay, so it costs one forty that's not

987
00:44:48,719 --> 00:44:51,080
Speaker 2: that much money, right, and it would be different.

988
00:44:50,920 --> 00:44:52,480
Speaker 1: Especially when you break it out over you know, a

989
00:44:52,480 --> 00:44:55,000
Speaker 1: monthly basis. That's a fairly cheap subscription.

990
00:44:54,640 --> 00:44:56,640
Speaker 2: Right now, Yeah, Like we we're talking about getting value

991
00:44:56,640 --> 00:44:58,560
Speaker 2: out of it, Like, that's not that much. It would

992
00:44:58,600 --> 00:45:01,280
Speaker 2: be different if they were, if they were raising their prices.

993
00:45:01,880 --> 00:45:03,520
Speaker 2: But because I think that for a lot of folks

994
00:45:03,560 --> 00:45:06,279
Speaker 2: can be like, oh, here's a more natural time to reconsider.

995
00:45:06,560 --> 00:45:10,200
Speaker 2: But I do think it might be tricky. I mean,

996
00:45:10,239 --> 00:45:11,680
Speaker 2: you have you go ahead to have the conversation with

997
00:45:11,719 --> 00:45:13,359
Speaker 2: Emily so what she says, because like you just get

998
00:45:13,440 --> 00:45:15,640
Speaker 2: used to certain things, right, and like that's that loss

999
00:45:15,640 --> 00:45:19,040
Speaker 2: of version, right, Like the fact that rolling back certain

1000
00:45:19,080 --> 00:45:22,680
Speaker 2: conveniences or rolling back certain luxuries is hard to do once.

1001
00:45:22,520 --> 00:45:23,919
Speaker 1: You've kind of gotten used to those things.

1002
00:45:23,960 --> 00:45:27,000
Speaker 2: Yeah, it doesn't mean it's not worthwhile, no, Yeah, but

1003
00:45:27,200 --> 00:45:30,440
Speaker 2: again it would be different if it was like a substate.

1004
00:45:30,920 --> 00:45:32,719
Speaker 2: It makes me think about the beach house that we

1005
00:45:32,760 --> 00:45:35,759
Speaker 2: rented not last summer, but so three summers ago. It

1006
00:45:35,800 --> 00:45:39,640
Speaker 2: was by far the most expensive spot that we've rented

1007
00:45:39,640 --> 00:45:42,000
Speaker 2: for both of our families for a week over the summer, right,

1008
00:45:42,160 --> 00:45:45,840
Speaker 2: And I remember my top reason that I was hesitant

1009
00:45:46,000 --> 00:45:48,440
Speaker 2: to rent that place to begin with was that I said,

1010
00:45:48,840 --> 00:45:50,440
Speaker 2: I don't know if we're going to be able to

1011
00:45:50,840 --> 00:45:51,680
Speaker 2: walk this thing back.

1012
00:45:52,120 --> 00:45:53,000
Speaker 1: And sure enough, the.

1013
00:45:53,040 --> 00:45:56,200
Speaker 2: Next summer we did it again. But then what happened

1014
00:45:56,239 --> 00:45:59,000
Speaker 2: by the third summer, they like almost double the price.

1015
00:45:59,239 --> 00:46:01,680
Speaker 2: And so in that case, it wasn't necessarily that we

1016
00:46:01,719 --> 00:46:04,359
Speaker 2: thought that the luxury that the pool that came with

1017
00:46:04,360 --> 00:46:07,040
Speaker 2: the house wasn't worth it. It was it wasn't worth it

1018
00:46:07,160 --> 00:46:09,200
Speaker 2: because of where the price was going, and so that

1019
00:46:09,320 --> 00:46:12,000
Speaker 2: was so we downgraded, and so we downgraded. Also in

1020
00:46:12,080 --> 00:46:14,319
Speaker 2: part the we downgraded to a house that actually had

1021
00:46:14,400 --> 00:46:16,879
Speaker 2: more a better sleeping arrangement for the kids or whatever,

1022
00:46:16,920 --> 00:46:20,239
Speaker 2: but but we paid a lot less. We paid substantially

1023
00:46:20,600 --> 00:46:23,040
Speaker 2: substantially less. But the Yeah, I don't know. I guess

1024
00:46:23,040 --> 00:46:25,520
Speaker 2: I'm just addressing that sort of loss of version, having

1025
00:46:25,560 --> 00:46:28,920
Speaker 2: something that's really nice taken away from you without there

1026
00:46:28,920 --> 00:46:33,279
Speaker 2: being a significant financial burden that's also being heaped upon you.

1027
00:46:33,280 --> 00:46:35,080
Speaker 2: Maybe that's why because they haven't raised the prices for

1028
00:46:35,120 --> 00:46:38,520
Speaker 2: Amazon Prime in years. I can't remember. I know it

1029
00:46:38,600 --> 00:46:40,840
Speaker 2: used to be. Yeah, I forget what it was, to

1030
00:46:40,840 --> 00:46:42,479
Speaker 2: be honest with you, I feel like it's been at.

1031
00:46:42,360 --> 00:46:44,840
Speaker 1: This price for when it last years, ninety nine dollars

1032
00:46:44,840 --> 00:46:46,880
Speaker 1: maybe when it first started something like that, trying to remember,

1033
00:46:47,000 --> 00:46:49,480
Speaker 1: and then maybe one nineteen, then maybe one thirty.

1034
00:46:49,280 --> 00:46:50,920
Speaker 2: Nine, Oh it was, Yeah, it was one twenty. It

1035
00:46:50,920 --> 00:46:52,560
Speaker 2: was I think it was one twenty. I remember prepaying

1036
00:46:52,600 --> 00:46:54,320
Speaker 2: it was one nineteen. Yes, it was right at one twenty.

1037
00:46:54,440 --> 00:46:56,840
Speaker 1: Fortunately for Nicole, Fire TV is still gonna work fines.

1038
00:46:56,920 --> 00:46:59,239
Speaker 1: Don't let that commence you to stick around. But I

1039
00:46:59,280 --> 00:47:02,560
Speaker 1: guess ultimately at the root of this conversation is just

1040
00:47:03,239 --> 00:47:06,840
Speaker 1: questioning what brings me value instead of saying, I don't know,

1041
00:47:06,880 --> 00:47:10,200
Speaker 1: we got it, it's pretty good. Let's just keep it around.

1042
00:47:10,560 --> 00:47:13,720
Speaker 1: It's at least worth reassessing and saying going through the checklist.

1043
00:47:13,719 --> 00:47:16,839
Speaker 1: Well of all the services the Amazon Prime offers. Actually, Matt,

1044
00:47:16,880 --> 00:47:19,400
Speaker 1: you and I we recently talked about free photo storage.

1045
00:47:19,760 --> 00:47:22,279
Speaker 1: I didn't realize this till the other day. I was like, wait,

1046
00:47:22,360 --> 00:47:24,799
Speaker 1: Amazon Prime gives you free photo stores. Really, so maybe

1047
00:47:24,800 --> 00:47:26,759
Speaker 1: that's one reason I keep it around so that I

1048
00:47:26,800 --> 00:47:28,879
Speaker 1: don't have to pay Apple. I've already paying the fee

1049
00:47:28,920 --> 00:47:31,400
Speaker 1: to Amazon. Wait, I'll just take their free photo storage.

1050
00:47:31,840 --> 00:47:36,239
Speaker 1: But this is Yeah, maybe that alone, that extra park

1051
00:47:36,280 --> 00:47:37,680
Speaker 1: makes it worth it for me. But it's worth at

1052
00:47:37,800 --> 00:47:39,839
Speaker 1: least questioning and saying, am I getting the value from

1053
00:47:39,880 --> 00:47:42,800
Speaker 1: it or not? And don't listen to what Amazon tells you.

1054
00:47:42,840 --> 00:47:44,399
Speaker 1: The value is because every time you make a purchase,

1055
00:47:44,400 --> 00:47:46,160
Speaker 1: and now they're like, you just say fifteen dollars on

1056
00:47:46,160 --> 00:47:48,600
Speaker 1: shipping costs and you're like, that's chet, that's not how much.

1057
00:47:48,600 --> 00:47:50,520
Speaker 1: I don't want to hear your propaganda. Yes, Jeff Bezos,

1058
00:47:50,760 --> 00:47:53,719
Speaker 1: that's just lies. So and if it means that you

1059
00:47:53,760 --> 00:47:56,840
Speaker 1: would actually spend less and save on the Prime membership fee,

1060
00:47:57,239 --> 00:47:58,719
Speaker 1: it could be worth it for you. Yeah.

1061
00:47:59,000 --> 00:48:00,719
Speaker 2: I think one of the morning a fair things that

1062
00:48:00,960 --> 00:48:03,200
Speaker 2: Amazon Prime Shipping has done for us as well is

1063
00:48:03,200 --> 00:48:05,600
Speaker 2: the fact that we because we expect our things so quickly,

1064
00:48:06,520 --> 00:48:08,600
Speaker 2: Like normally it was just these one time items. It's

1065
00:48:08,640 --> 00:48:10,960
Speaker 2: just like, oh, I need an extension cord, or I

1066
00:48:11,000 --> 00:48:13,480
Speaker 2: need like a pair of socks, or like something for

1067
00:48:13,520 --> 00:48:15,040
Speaker 2: the house, right Like it's not something that you're buying

1068
00:48:15,040 --> 00:48:17,239
Speaker 2: on a recurring basis. But you get used to that

1069
00:48:17,320 --> 00:48:19,160
Speaker 2: and you're like, oh, yeah, actually I see the option

1070
00:48:19,239 --> 00:48:21,600
Speaker 2: for this to show up between three and seven pm today,

1071
00:48:21,840 --> 00:48:23,360
Speaker 2: of course I'm going to choose that as opposed to

1072
00:48:23,400 --> 00:48:24,120
Speaker 2: waiting for two days.

1073
00:48:24,160 --> 00:48:26,040
Speaker 1: I want. My thing now is.

1074
00:48:26,000 --> 00:48:29,120
Speaker 2: That we then expect that same sort of delivery with

1075
00:48:29,160 --> 00:48:31,239
Speaker 2: like other things, and then when we see that sort

1076
00:48:31,280 --> 00:48:33,160
Speaker 2: of creep and find its way into like groceries.

1077
00:48:33,200 --> 00:48:34,640
Speaker 1: For instance, that's.

1078
00:48:34,480 --> 00:48:37,799
Speaker 2: When you're paying out the nose for a delivery or

1079
00:48:37,840 --> 00:48:40,560
Speaker 2: your dinner that night from the even restaurant down the road.

1080
00:48:40,640 --> 00:48:41,000
Speaker 1: Yeah.

1081
00:48:41,040 --> 00:48:43,239
Speaker 2: See, yeah, even worse as opposed to like we used

1082
00:48:43,239 --> 00:48:46,480
Speaker 2: to be totally fine with going to the grocery. I mean,

1083
00:48:46,480 --> 00:48:47,759
Speaker 2: we go to a grocery store like once a week.

1084
00:48:47,840 --> 00:48:51,200
Speaker 2: Maybe we'll stop in like one other time for something

1085
00:48:51,280 --> 00:48:52,160
Speaker 2: like like you know.

1086
00:48:52,120 --> 00:48:53,200
Speaker 1: One apuplimentary supplies.

1087
00:48:53,400 --> 00:48:56,359
Speaker 2: Yeah, exactly what we need to do is see our

1088
00:48:56,520 --> 00:48:58,520
Speaker 2: one off items, the things that we normally buy from

1089
00:48:58,520 --> 00:49:01,000
Speaker 2: Amazon also shift to that sort of once a week

1090
00:49:01,480 --> 00:49:04,759
Speaker 2: timeline versus the opposite. Right, Like, because we started with

1091
00:49:04,800 --> 00:49:06,279
Speaker 2: Amazon Prime, now we expect all of our.

1092
00:49:06,200 --> 00:49:07,959
Speaker 1: Food to also show up that quickly, as.

1093
00:49:07,880 --> 00:49:10,960
Speaker 2: Opposed to being getting back to the point where we

1094
00:49:10,960 --> 00:49:12,480
Speaker 2: were used to only going in the store like once

1095
00:49:12,560 --> 00:49:14,680
Speaker 2: or twice a week and being like, oh yeah, all

1096
00:49:14,680 --> 00:49:16,560
Speaker 2: the other things I need in life can also wait

1097
00:49:16,560 --> 00:49:18,000
Speaker 2: a few days before I get my hands.

1098
00:49:18,000 --> 00:49:19,799
Speaker 1: If I think that's a great point, I think it it.

1099
00:49:19,960 --> 00:49:23,319
Speaker 1: Actually it's worth considering that if you ditch Prime, well,

1100
00:49:23,360 --> 00:49:25,200
Speaker 1: the way that you're gonna make Amazon work for you

1101
00:49:25,320 --> 00:49:27,439
Speaker 1: is to put stuff in your cart throughout the week

1102
00:49:27,480 --> 00:49:29,640
Speaker 1: and then check out once a week because guess what

1103
00:49:29,680 --> 00:49:31,479
Speaker 1: you get free shipping on orders of thirty five dollars

1104
00:49:31,560 --> 00:49:33,719
Speaker 1: or more without a Prime membership. Yea, so maybe that's

1105
00:49:33,760 --> 00:49:35,000
Speaker 1: the best. Then you've got the built in like you

1106
00:49:35,040 --> 00:49:37,160
Speaker 1: got a built in cooling off. Here's right. Yeah, I

1107
00:49:37,200 --> 00:49:39,319
Speaker 1: don't know. Maybe I'll maybe I'm gonna cut Prime too,

1108
00:49:39,719 --> 00:49:44,000
Speaker 1: and our wives are gonna hate us. Yeah'na, all right,

1109
00:49:44,040 --> 00:49:47,000
Speaker 1: let's get to another question. This was from Michelle. She says,

1110
00:49:47,080 --> 00:49:49,800
Speaker 1: what are the best business save us accounts?

1111
00:49:49,960 --> 00:49:53,200
Speaker 2: Ooh, business savings or just savings not checking? So yeah,

1112
00:49:53,239 --> 00:49:55,680
Speaker 2: but we can address both. Yeah, yeah, we've talked about

1113
00:49:55,680 --> 00:49:58,520
Speaker 2: this before on the show a lot of times. So

1114
00:49:58,600 --> 00:50:01,319
Speaker 2: what's great? So one of the ones we have is

1115
00:50:01,600 --> 00:50:04,640
Speaker 2: Lee Lee l I or maybe it's Lili Leee. I

1116
00:50:04,640 --> 00:50:06,200
Speaker 2: think it's Leely. I don't know how to say it.

1117
00:50:06,280 --> 00:50:09,080
Speaker 1: L I l I Lily City CEO, no, because that'd

1118
00:50:09,080 --> 00:50:10,759
Speaker 1: be l I l Y I think so okay, But

1119
00:50:11,040 --> 00:50:15,040
Speaker 1: they offer additional services with their online checking, and so

1120
00:50:15,080 --> 00:50:17,800
Speaker 1: I think that's something that's worth considering. What other services

1121
00:50:17,880 --> 00:50:21,800
Speaker 1: like invoicing different Like I do everything manually, So I

1122
00:50:21,840 --> 00:50:23,160
Speaker 1: don't know, I don't.

1123
00:50:23,000 --> 00:50:25,440
Speaker 2: Know but there are a lot of other services that

1124
00:50:25,520 --> 00:50:28,359
Speaker 2: some of these online banking platforms that they offer, So

1125
00:50:28,640 --> 00:50:31,279
Speaker 2: just keep that in mind. It depends, like what is

1126
00:50:31,280 --> 00:50:33,279
Speaker 2: the quote unquote best I don't know. It depends what

1127
00:50:33,280 --> 00:50:35,200
Speaker 2: you're looking for. Are you looking for something to supplement

1128
00:50:35,280 --> 00:50:38,239
Speaker 2: your business to maybe replace some software that you would

1129
00:50:38,239 --> 00:50:41,000
Speaker 2: normally pay for. Are you looking for something that's got

1130
00:50:41,000 --> 00:50:43,600
Speaker 2: the sweetest app. We'll make sure to check out the

1131
00:50:43,960 --> 00:50:46,520
Speaker 2: reviews of the app for that bank. Maybe you're looking

1132
00:50:46,560 --> 00:50:50,360
Speaker 2: for the best rate interest rates specifically, which are typically.

1133
00:50:49,920 --> 00:50:52,640
Speaker 1: Going to be offered on savings accounts, not on checking

1134
00:50:52,719 --> 00:50:55,160
Speaker 1: So even with Lily Yeah or Lyle like I have

1135
00:50:55,239 --> 00:50:58,360
Speaker 1: to manually keep money in the savings portion of it

1136
00:50:58,480 --> 00:51:00,960
Speaker 1: until we need to cut some chit exoray, and if

1137
00:51:00,960 --> 00:51:03,480
Speaker 1: you want the higher rate with Leelee or whatever, you

1138
00:51:03,480 --> 00:51:05,759
Speaker 1: have to pay a monthly fee for that as well. Right, No,

1139
00:51:05,880 --> 00:51:08,480
Speaker 1: that changed, Oh that changed? Okay, yeah, oh thank you

1140
00:51:08,520 --> 00:51:10,480
Speaker 1: for bringing that up. Actually, so that's a brand new thing.

1141
00:51:10,560 --> 00:51:13,680
Speaker 2: So up until this year, so twenty twenty six, it

1142
00:51:13,760 --> 00:51:16,040
Speaker 2: used to be where you had to pay for the

1143
00:51:16,360 --> 00:51:18,480
Speaker 2: I think what they called it the pro account, which

1144
00:51:18,680 --> 00:51:21,600
Speaker 2: was fifteen dollars a month, and we didn't have a

1145
00:51:21,600 --> 00:51:23,520
Speaker 2: ton of money in there, but it was worth paying

1146
00:51:23,560 --> 00:51:25,960
Speaker 2: the fifty two hundred bucks a year. And we're earning

1147
00:51:26,280 --> 00:51:28,719
Speaker 2: like again, I don't know this reveals too much, but

1148
00:51:28,920 --> 00:51:30,480
Speaker 2: like we were earning like a little over a thousand

1149
00:51:30,520 --> 00:51:32,000
Speaker 2: bucks in there just based on some of the money

1150
00:51:32,000 --> 00:51:33,319
Speaker 2: that we're keeping there.

1151
00:51:34,160 --> 00:51:37,280
Speaker 1: Really worth it. But now it's an even better proposition

1152
00:51:37,320 --> 00:51:39,400
Speaker 1: because you don't have to pay the free account I

1153
00:51:39,400 --> 00:51:43,080
Speaker 1: think it's called the core account. You get, you get

1154
00:51:43,239 --> 00:51:45,879
Speaker 1: the higher interest rate. That's great. Yeah, I didn't realize

1155
00:51:45,880 --> 00:51:48,080
Speaker 1: that it change. Yeah, well it just it just happened.

1156
00:51:48,120 --> 00:51:50,799
Speaker 1: So there you go, buddy, excellent breaking news, extra one

1157
00:51:50,840 --> 00:51:55,359
Speaker 1: hundred bucks each twenty six high five. Yeah. Well, and

1158
00:51:55,760 --> 00:51:57,920
Speaker 1: I think to what you're alluding to as far as

1159
00:51:57,960 --> 00:52:01,720
Speaker 1: business accounts is for personal accounts, it's a lot easier

1160
00:52:01,760 --> 00:52:05,320
Speaker 1: to compare apples to apples because you're mostly comparing rates,

1161
00:52:05,880 --> 00:52:08,400
Speaker 1: customer service, and a few of the perks. Right, And

1162
00:52:08,440 --> 00:52:12,800
Speaker 1: so most of our favorite online savings high online savings

1163
00:52:12,800 --> 00:52:16,600
Speaker 1: accounts that we discussed regularly on the show, they are

1164
00:52:16,960 --> 00:52:19,040
Speaker 1: they're pretty much in the same ballpark as far as

1165
00:52:19,080 --> 00:52:22,000
Speaker 1: interest rates and as far as perks. But when you're

1166
00:52:22,040 --> 00:52:25,520
Speaker 1: talking about online banks, there's a wider variety in the

1167
00:52:25,600 --> 00:52:28,839
Speaker 1: kind of perks you can get, right, So like Bluevine,

1168
00:52:28,960 --> 00:52:32,239
Speaker 1: Axos and Nobo are all worth looking into as well

1169
00:52:32,280 --> 00:52:34,759
Speaker 1: as they're all good because yeah, there's different fees, are

1170
00:52:34,800 --> 00:52:38,360
Speaker 1: different rates, and there's different perks. So there is just

1171
00:52:38,520 --> 00:52:42,000
Speaker 1: no one easy best business bank, right that's best for everyone.

1172
00:52:42,080 --> 00:52:44,640
Speaker 1: Part of it, Like when you're talking about yeah, fees

1173
00:52:44,680 --> 00:52:46,839
Speaker 1: to get higher rates, you know that just went away

1174
00:52:46,880 --> 00:52:51,520
Speaker 1: thankfully on the Lily account, Leelly account. But the fact

1175
00:52:51,520 --> 00:52:53,160
Speaker 1: that we had to do that, well, so much of

1176
00:52:53,200 --> 00:52:54,440
Speaker 1: whether or not you're going to get the value for

1177
00:52:54,480 --> 00:52:56,239
Speaker 1: that depends on how much money stays in your business

1178
00:52:56,280 --> 00:52:58,480
Speaker 1: account for how long. So you have to think through

1179
00:52:58,560 --> 00:53:01,640
Speaker 1: a lot of individual things. But I would look towards Hey,

1180
00:53:01,880 --> 00:53:04,400
Speaker 1: if I like to make it you want it easy

1181
00:53:04,440 --> 00:53:07,800
Speaker 1: to invoice companies or to file taxes, even your business taxes.

1182
00:53:08,160 --> 00:53:11,880
Speaker 1: Some of these business banks have made it easier to

1183
00:53:11,960 --> 00:53:14,120
Speaker 1: do some of those other things. So you might value

1184
00:53:14,120 --> 00:53:16,640
Speaker 1: that service pretty highly and say, well, that's going to

1185
00:53:16,680 --> 00:53:18,080
Speaker 1: save me money over herecause I don't have to pay

1186
00:53:18,080 --> 00:53:20,000
Speaker 1: for this other service. I would just look at some

1187
00:53:20,040 --> 00:53:23,400
Speaker 1: of those extra perks that some of these business banks

1188
00:53:23,560 --> 00:53:27,160
Speaker 1: online business banks offer because they can be significant and

1189
00:53:27,200 --> 00:53:29,640
Speaker 1: they can save you money in other areas. Yeah, that's right.

1190
00:53:29,640 --> 00:53:30,960
Speaker 2: You got to look at the full picture and what

1191
00:53:31,040 --> 00:53:34,520
Speaker 2: you need as a small business owner and all those

1192
00:53:34,520 --> 00:53:36,640
Speaker 2: other one options that you mentioned. They've only gotten better

1193
00:53:36,640 --> 00:53:38,040
Speaker 2: over the years. It used to be like, I mean

1194
00:53:38,120 --> 00:53:41,880
Speaker 2: ten years ago, there were no good options. It's like, Okay,

1195
00:53:42,000 --> 00:53:45,480
Speaker 2: what online business banking or savings and checking account can

1196
00:53:45,520 --> 00:53:47,719
Speaker 2: I get that isn't going to charge me money? And

1197
00:53:47,760 --> 00:53:50,640
Speaker 2: now more and more perks and offerings are heading our way.

1198
00:53:50,920 --> 00:53:54,440
Speaker 2: I think that's a large part why leally drop the

1199
00:53:54,800 --> 00:53:57,239
Speaker 2: extended the fact that you can earn money on your

1200
00:53:57,280 --> 00:53:59,520
Speaker 2: savings to the free account as well, because you've got

1201
00:53:59,560 --> 00:54:01,800
Speaker 2: all this competition and they're trying to attract business, and

1202
00:54:01,800 --> 00:54:03,719
Speaker 2: they're also trying to attract dollars, and so if you're

1203
00:54:04,280 --> 00:54:07,400
Speaker 2: a larger small a big small business, it's an oxymoron,

1204
00:54:07,800 --> 00:54:10,080
Speaker 2: but anything over five hundred thousand dollars with them and

1205
00:54:10,080 --> 00:54:12,279
Speaker 2: you're going to earn four percent. That's at the time

1206
00:54:12,280 --> 00:54:15,440
Speaker 2: of this recording. Might change, but that's really great for

1207
00:54:15,520 --> 00:54:18,400
Speaker 2: a business savings as opposed to I think we're earning

1208
00:54:18,440 --> 00:54:20,400
Speaker 2: something in the two percent range.

1209
00:54:20,600 --> 00:54:24,480
Speaker 1: Ten years ago, business banking accounts sucked. They were terrible.

1210
00:54:24,480 --> 00:54:26,640
Speaker 1: They weren't paying anything, and they're charging you a lot

1211
00:54:26,640 --> 00:54:28,680
Speaker 1: of them. So there's been a lot of competition in

1212
00:54:28,719 --> 00:54:31,360
Speaker 1: this space, and there have been a lot of newer

1213
00:54:32,000 --> 00:54:35,600
Speaker 1: online business accounts that have really opened it up, and

1214
00:54:35,719 --> 00:54:39,560
Speaker 1: so there's a wider variety of good options that entrepreneurs

1215
00:54:39,560 --> 00:54:41,040
Speaker 1: didn't used to have to have. I love it.

1216
00:54:41,120 --> 00:54:42,799
Speaker 2: Yeah, all right, let's get it back to the beer.

1217
00:54:42,840 --> 00:54:45,840
Speaker 2: The beer that you and I enjoyed today was simply

1218
00:54:45,880 --> 00:54:46,760
Speaker 2: called porter.

1219
00:54:46,960 --> 00:54:50,040
Speaker 1: I don't see any other labeling on here. Oh. World

1220
00:54:50,160 --> 00:54:53,600
Speaker 1: Beer Cup Winner twenty twenty three Gold Award for Brown Porter.

1221
00:54:54,360 --> 00:54:56,640
Speaker 1: Is this the brown porter? They poured black?

1222
00:54:57,520 --> 00:54:59,480
Speaker 2: I wonder if this was an instance where they were like, man,

1223
00:54:59,480 --> 00:55:03,799
Speaker 2: there's nobody entering into the competition for round porter. Can

1224
00:55:03,840 --> 00:55:06,000
Speaker 2: we be considered a round porter? I don't know what

1225
00:55:06,360 --> 00:55:08,839
Speaker 2: is considered a brown porter versus traditional porter.

1226
00:55:08,920 --> 00:55:11,879
Speaker 1: Yeah, that was really good. What'd you think? Honestly, I'm

1227
00:55:11,920 --> 00:55:14,520
Speaker 1: not a huge porter guy. I think sometimes they can

1228
00:55:14,560 --> 00:55:19,520
Speaker 1: be a little bland or uninteresting, and especially if it

1229
00:55:19,560 --> 00:55:22,000
Speaker 1: doesn't have any sort of adjuncts into it, sometimes that

1230
00:55:22,000 --> 00:55:24,080
Speaker 1: can spice up a porter and make it fascinating or

1231
00:55:24,719 --> 00:55:27,799
Speaker 1: at least more approachable. In my opinion, this was like

1232
00:55:28,160 --> 00:55:31,920
Speaker 1: the picture textbook definition of a porter in my opinion

1233
00:55:31,960 --> 00:55:33,960
Speaker 1: of what I want it to taste like. Yeah, and

1234
00:55:34,160 --> 00:55:37,440
Speaker 1: so much flavor added to it with such a relatively.

1235
00:55:37,080 --> 00:55:40,839
Speaker 2: Light adv I mean, yeah, we don't normally get into

1236
00:55:41,040 --> 00:55:43,200
Speaker 2: to the numbers, like when it comes to ABV on beers,

1237
00:55:43,200 --> 00:55:46,000
Speaker 2: but this was only a five point six percent beer

1238
00:55:46,360 --> 00:55:48,319
Speaker 2: on this porter, And there's so much flavor coming out

1239
00:55:48,360 --> 00:55:49,880
Speaker 2: of this thing, which I think is typically like a

1240
00:55:49,880 --> 00:55:51,640
Speaker 2: lot of times some of the bigger styles that we've

1241
00:55:51,719 --> 00:55:54,280
Speaker 2: historically had. I mean, you're in like the thirteen fourteen

1242
00:55:54,280 --> 00:55:57,200
Speaker 2: percent range, which is a really big beer. Makes it

1243
00:55:57,320 --> 00:56:00,879
Speaker 2: difficult to certainly to enjoy buyer, but even to share.

1244
00:56:00,960 --> 00:56:02,799
Speaker 2: Sometimes we're like, who, I don't know if I can

1245
00:56:02,840 --> 00:56:04,799
Speaker 2: finish this bad boy, because there's so much going on there.

1246
00:56:04,800 --> 00:56:06,800
Speaker 1: But yeah, certainly darker.

1247
00:56:07,520 --> 00:56:10,279
Speaker 2: It was toasty, but it wasn't like roasty, you know,

1248
00:56:10,400 --> 00:56:13,160
Speaker 2: like like toasty, it's got some of those darker flavors.

1249
00:56:13,480 --> 00:56:15,640
Speaker 2: Roasty is when it starts feeling a little bit more

1250
00:56:16,000 --> 00:56:19,799
Speaker 2: I don't know, like roasted roasty's marshmallows or coffee or

1251
00:56:19,840 --> 00:56:21,719
Speaker 2: something like that. Whereas this is like, oh, it's got

1252
00:56:21,719 --> 00:56:25,800
Speaker 2: that nice brown taste flavor flavor profile going on, taste

1253
00:56:25,840 --> 00:56:27,080
Speaker 2: like brown, taste like brown.

1254
00:56:28,320 --> 00:56:30,000
Speaker 1: No, I agree, it is a good thing. Gosh, I

1255
00:56:30,040 --> 00:56:32,160
Speaker 1: really did enjoy this one, and I was I was thinking,

1256
00:56:32,600 --> 00:56:34,600
Speaker 1: if it's just called porter, my guess is I'm gonna

1257
00:56:34,600 --> 00:56:37,799
Speaker 1: think it's mack. But no, it was nice, really stinking good,

1258
00:56:37,920 --> 00:56:40,680
Speaker 1: quite good for a porter. So thanks agetting to the

1259
00:56:40,719 --> 00:56:42,719
Speaker 1: folks that incendiary for donating this pier of the show.

1260
00:56:43,000 --> 00:56:45,040
Speaker 1: We will post show notes up on the site at

1261
00:56:45,080 --> 00:56:48,000
Speaker 1: hadamoney dot com, and there's tons of other money saving

1262
00:56:48,280 --> 00:56:49,960
Speaker 1: information up there on the site. If you're like, oh,

1263
00:56:49,960 --> 00:56:52,319
Speaker 1: I'm trying to figure more out more about HSA's or

1264
00:56:52,800 --> 00:56:56,279
Speaker 1: roth IRA's or even just kind of going back to

1265
00:56:56,280 --> 00:56:57,960
Speaker 1: the money gears, click start here at the top of

1266
00:56:57,960 --> 00:57:00,239
Speaker 1: the website. If you're looking for money help, that's a

1267
00:57:00,239 --> 00:57:02,600
Speaker 1: great place to turn. Or hey, guess what, Send your

1268
00:57:02,880 --> 00:57:05,000
Speaker 1: question over to us. Hopefully we can take it next

1269
00:57:05,000 --> 00:57:05,799
Speaker 1: week on the show.

1270
00:57:05,840 --> 00:57:08,600
Speaker 2: That's right, But we hope everyone has a fantastic week.

1271
00:57:08,640 --> 00:57:10,880
Speaker 2: We hope this has helped you to kick off your

1272
00:57:10,920 --> 00:57:12,919
Speaker 2: week right on this Monday. We'll see you back here

1273
00:57:13,080 --> 00:57:15,839
Speaker 2: in a couple of days, so until next time. Best

1274
00:57:15,840 --> 00:57:17,640
Speaker 2: friends out, best friends out,