1 00:00:00,080 --> 00:00:02,920 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt, 2 00:00:03,080 --> 00:00:25,439 Speaker 1: and today we are answering your listener questions. Yeah, Joel, 3 00:00:25,440 --> 00:00:27,080 Speaker 1: that's one of those episodes where we get to hear 4 00:00:27,160 --> 00:00:30,120 Speaker 1: directly from our listeners and we get to answer some 5 00:00:30,160 --> 00:00:32,160 Speaker 1: of their questions. A few that we have this week. 6 00:00:32,200 --> 00:00:34,479 Speaker 1: We're gonna take one about an app that allows you 7 00:00:34,520 --> 00:00:37,400 Speaker 1: to invest in different startups. We're gonna answer a question 8 00:00:37,479 --> 00:00:40,800 Speaker 1: regarding a fixed rate versus a variable rate when it 9 00:00:40,800 --> 00:00:43,440 Speaker 1: comes to student loans. And then we're also going to 10 00:00:43,520 --> 00:00:46,160 Speaker 1: take a question as to why some homeowners are seeing 11 00:00:46,159 --> 00:00:49,680 Speaker 1: their insurance rates skyrocket as well as what to do 12 00:00:49,840 --> 00:00:52,360 Speaker 1: about those increased rates as well. And plus then we've 13 00:00:52,400 --> 00:00:54,480 Speaker 1: got two other questions as well. Man, Yeah, if my 14 00:00:54,520 --> 00:00:57,800 Speaker 1: homeowners insurance rates go up, I'm walking, I'm leaving. I 15 00:00:57,880 --> 00:01:00,240 Speaker 1: want to burn that house down. I'll shy so you 16 00:01:00,280 --> 00:01:02,560 Speaker 1: can do that. That's home's fraud. Don't do that. That's 17 00:01:02,560 --> 00:01:04,360 Speaker 1: in church froud. Don't do that. Yeah. Yeah, not a 18 00:01:04,360 --> 00:01:06,840 Speaker 1: good idea, but yeah, some good questions lined up, some 19 00:01:06,920 --> 00:01:09,399 Speaker 1: kind of unique questions I think to today on the show, Matt. 20 00:01:09,600 --> 00:01:12,000 Speaker 1: But before we get to those, I want to mention 21 00:01:12,040 --> 00:01:15,399 Speaker 1: really quickly that Acorns, which is an app that we've 22 00:01:15,400 --> 00:01:17,679 Speaker 1: talked about on the show before which kind of helps 23 00:01:17,760 --> 00:01:20,399 Speaker 1: people save more money. It kind of rounds up you're 24 00:01:20,440 --> 00:01:23,880 Speaker 1: spending and then siphons off and almost indecipherable amount of 25 00:01:23,880 --> 00:01:26,679 Speaker 1: your money into a savings account, so so that you 26 00:01:26,720 --> 00:01:30,399 Speaker 1: can develop savings much quicker than you otherwise normally would. Well, 27 00:01:30,440 --> 00:01:33,640 Speaker 1: they've just launched something called Acorns Early, and basically what 28 00:01:33,640 --> 00:01:35,640 Speaker 1: they're trying to do with this is help you save 29 00:01:35,680 --> 00:01:38,399 Speaker 1: and invest for your children in a similar fashion. And 30 00:01:38,400 --> 00:01:40,240 Speaker 1: I just think that's so cool math that Acorns is 31 00:01:40,319 --> 00:01:42,480 Speaker 1: launching this, And it does cost five bucks a month 32 00:01:42,480 --> 00:01:44,360 Speaker 1: in order to have one of these accounts to start 33 00:01:44,360 --> 00:01:46,920 Speaker 1: investing for your kid early. But the cool thing is 34 00:01:46,920 --> 00:01:50,280 Speaker 1: if you had a baby in you qualify for a 35 00:01:50,440 --> 00:01:54,000 Speaker 1: free Acorns family plan until your child turns eighteen. So 36 00:01:54,360 --> 00:01:55,920 Speaker 1: I don't know the math on that right off the 37 00:01:55,920 --> 00:01:58,040 Speaker 1: top of my head, but five dollars a month times 38 00:01:58,200 --> 00:02:00,760 Speaker 1: twelve months times eighteen years, that's a lot of free 39 00:02:00,760 --> 00:02:03,520 Speaker 1: Acorns Early account time, right. I thought you're gonna say 40 00:02:03,520 --> 00:02:05,280 Speaker 1: it didn't know the math of how many free years 41 00:02:05,280 --> 00:02:07,279 Speaker 1: that meant you had, And I was gonna say eighteen 42 00:02:07,560 --> 00:02:10,160 Speaker 1: eighteen free years, but how many months overall? That's math 43 00:02:10,200 --> 00:02:12,520 Speaker 1: that's beyond my pay grade, right, Yeah, but it's worth 44 00:02:12,600 --> 00:02:16,200 Speaker 1: pointing out to that there are other brokerages and banks 45 00:02:16,240 --> 00:02:19,480 Speaker 1: out there that offer accounts for kids for free. However, 46 00:02:19,560 --> 00:02:22,200 Speaker 1: what's kind of special about this Acorn's Early account is 47 00:02:22,200 --> 00:02:24,440 Speaker 1: they seem to be focusing on some of that personal 48 00:02:24,440 --> 00:02:27,920 Speaker 1: finance education, right. I saw that if when you sign up, 49 00:02:28,000 --> 00:02:30,560 Speaker 1: you get like a couple of free books, uh to 50 00:02:30,600 --> 00:02:33,080 Speaker 1: teach kids, you know, different lessons. It's sort of like, uh, 51 00:02:33,280 --> 00:02:35,799 Speaker 1: the Little Red Hen but with money instead, you know, 52 00:02:35,840 --> 00:02:38,520 Speaker 1: a Little Red Hen, classic great book, but just different 53 00:02:38,520 --> 00:02:41,320 Speaker 1: ways to teach kids and connect with them about how 54 00:02:41,400 --> 00:02:43,880 Speaker 1: saving works and how you know, interest works, how compounding 55 00:02:43,880 --> 00:02:46,200 Speaker 1: interest works. It really does seem like that they're committed 56 00:02:46,480 --> 00:02:49,320 Speaker 1: to partnering with parents when it comes to raising your 57 00:02:49,400 --> 00:02:52,600 Speaker 1: kids to be financially savvy. Yeah, and I know that's 58 00:02:52,639 --> 00:02:55,079 Speaker 1: a question that comes up quite a bit for from 59 00:02:55,080 --> 00:02:58,440 Speaker 1: our listeners, from most Americans. How do I teach my 60 00:02:58,520 --> 00:03:02,040 Speaker 1: kids to to handle mone a well? And having something 61 00:03:02,120 --> 00:03:05,720 Speaker 1: like acorns Early that service where not only are you 62 00:03:06,000 --> 00:03:08,600 Speaker 1: investing for their future, but you're also at the same 63 00:03:08,600 --> 00:03:11,920 Speaker 1: time helping them with financial literacy tools that are going 64 00:03:11,960 --> 00:03:14,160 Speaker 1: to benefit them in the long run. That's kind of 65 00:03:14,160 --> 00:03:16,040 Speaker 1: a nice little pairing, right, even though it does cost 66 00:03:16,080 --> 00:03:18,160 Speaker 1: that five bucks a month. I agree. I think having 67 00:03:18,520 --> 00:03:21,680 Speaker 1: both of those things simultaneously, actually doing the savings and 68 00:03:21,680 --> 00:03:25,200 Speaker 1: then having Acorns as a partner essentially helping you teach 69 00:03:25,200 --> 00:03:27,560 Speaker 1: your kids about money and how to handle it well 70 00:03:27,919 --> 00:03:30,120 Speaker 1: is is pretty great. Yeah, And the fact that it's 71 00:03:30,120 --> 00:03:32,320 Speaker 1: free definitely worth signing up, even if you're not totally 72 00:03:32,320 --> 00:03:34,920 Speaker 1: sure what you want to do with that account yet, right, 73 00:03:34,960 --> 00:03:36,960 Speaker 1: you know, you may not even have a need for 74 00:03:37,360 --> 00:03:39,800 Speaker 1: an account for your kids, but because it is free, 75 00:03:39,880 --> 00:03:41,400 Speaker 1: it doesn't hurt to go ahead and sign up, and 76 00:03:41,400 --> 00:03:43,320 Speaker 1: you can even sit on that account until you find 77 00:03:43,360 --> 00:03:46,240 Speaker 1: yourself in a position where it is necessary. Sort of 78 00:03:46,280 --> 00:03:48,240 Speaker 1: like the fact that I signed us up for TikTok 79 00:03:48,400 --> 00:03:52,200 Speaker 1: Joel just in case. Just in case, I mean, I 80 00:03:52,200 --> 00:03:53,920 Speaker 1: feel that way about a lot of the news different 81 00:03:53,920 --> 00:03:56,560 Speaker 1: social media accounts. Don't want somebody grabbing that how the 82 00:03:56,600 --> 00:03:59,000 Speaker 1: Money handle on TikTok. Well, I waited too late. Somebody 83 00:03:59,000 --> 00:04:01,880 Speaker 1: already did, Like kid has how the Money, so I 84 00:04:01,920 --> 00:04:04,960 Speaker 1: had to get how the Money pod and so I'm 85 00:04:05,000 --> 00:04:06,960 Speaker 1: not totally sure if we're ever gonna use that accounts 86 00:04:06,960 --> 00:04:08,440 Speaker 1: and you know what that would look like, but I 87 00:04:08,480 --> 00:04:10,360 Speaker 1: wanted to go ahead and make that happen just in 88 00:04:10,440 --> 00:04:12,360 Speaker 1: case we do want to use that in the future. 89 00:04:12,480 --> 00:04:14,280 Speaker 1: Never hurts to go ahead and sign up for another account. 90 00:04:14,480 --> 00:04:17,120 Speaker 1: Go ahead and reserve your spot now. Yeah, and if 91 00:04:17,160 --> 00:04:20,000 Speaker 1: that TikTok squatter wants to hand us back regular how 92 00:04:20,000 --> 00:04:21,800 Speaker 1: the Money will take it, well, we can reach out 93 00:04:21,800 --> 00:04:25,120 Speaker 1: to them, even though we'll probably never use it. All right, Matt, Well, 94 00:04:25,440 --> 00:04:27,680 Speaker 1: let's mention the beer that we're having on the show today. 95 00:04:27,880 --> 00:04:31,200 Speaker 1: We're drinking a beer called Barry Salty by Talisman Brewing Company. 96 00:04:31,200 --> 00:04:33,400 Speaker 1: Big thanks to listener Andy for donating this one to 97 00:04:33,440 --> 00:04:36,360 Speaker 1: the show. We'll give our thoughts on this Raspberry Goza 98 00:04:36,440 --> 00:04:38,520 Speaker 1: at the end of this episode. That's right, Joel, And 99 00:04:38,520 --> 00:04:41,080 Speaker 1: and again this is a listener questions episode, and so 100 00:04:41,200 --> 00:04:42,920 Speaker 1: we want to make sure our listeners know that they 101 00:04:42,920 --> 00:04:45,800 Speaker 1: can submit their own questions on our website at how 102 00:04:45,800 --> 00:04:48,640 Speaker 1: the Money dot com forward slash ask. There you can 103 00:04:48,680 --> 00:04:51,200 Speaker 1: find the simple instructions on how you can send us 104 00:04:51,240 --> 00:04:53,839 Speaker 1: a voice memo. And we appreciate all of our listeners 105 00:04:53,839 --> 00:04:55,920 Speaker 1: who send in their questions and if you have a 106 00:04:55,960 --> 00:04:57,840 Speaker 1: good one for us, we would love to hear from you. 107 00:04:57,920 --> 00:04:59,640 Speaker 1: And so Joel, let's go ahead and take our first 108 00:04:59,760 --> 00:05:02,640 Speaker 1: question from this episode. Hey, Matt and Joel, this is 109 00:05:02,720 --> 00:05:06,560 Speaker 1: Zach from Atlanta, fellow a t L resident, and fellow 110 00:05:06,560 --> 00:05:10,000 Speaker 1: fan of Monday Night Brewing. Hey, so, my question is 111 00:05:10,160 --> 00:05:16,320 Speaker 1: regarding fixed rate versus variable rate loan refinancing, specifically for 112 00:05:16,560 --> 00:05:20,640 Speaker 1: my student loan. So I know the best advice usually 113 00:05:21,240 --> 00:05:25,480 Speaker 1: is to go with a fixed rate refinance because interest 114 00:05:25,560 --> 00:05:30,560 Speaker 1: rates have been historically very low lately and it's less 115 00:05:30,680 --> 00:05:35,240 Speaker 1: risk to have a fixed rate. However, since the Chairman 116 00:05:35,240 --> 00:05:39,719 Speaker 1: of the Fed recently committed to keeping interest rates very 117 00:05:39,760 --> 00:05:42,800 Speaker 1: low for the next two years in light of the 118 00:05:42,800 --> 00:05:46,200 Speaker 1: pandemic and whatnot, I'm wondering if it would be more 119 00:05:46,240 --> 00:05:51,120 Speaker 1: prudent to actually refinance with a variable rate since I 120 00:05:51,160 --> 00:05:54,000 Speaker 1: could count on that race staying pretty low the next 121 00:05:54,040 --> 00:05:58,160 Speaker 1: couple of years, especially if I tried to pay off 122 00:05:58,160 --> 00:06:00,640 Speaker 1: this thing in the next few years. So yeah, I'm 123 00:06:00,640 --> 00:06:03,080 Speaker 1: just wondering if you guys thoughts have changed on that 124 00:06:03,160 --> 00:06:06,120 Speaker 1: at all. So thank you and thank you guys for 125 00:06:06,160 --> 00:06:09,279 Speaker 1: the show. I really appreciate all the advice you guys 126 00:06:09,279 --> 00:06:12,320 Speaker 1: have motivated me to recently buy a house here in 127 00:06:12,320 --> 00:06:16,720 Speaker 1: Atlanta and pursue house hacking. So yeah, really thankful. Keep 128 00:06:16,720 --> 00:06:19,760 Speaker 1: it up, guys, Zach your house hacking, Oh my gosh, 129 00:06:19,800 --> 00:06:22,800 Speaker 1: I love it. I love hearing that. It's like, seriously 130 00:06:22,839 --> 00:06:25,680 Speaker 1: one of the number one ways to jump start your 131 00:06:25,720 --> 00:06:29,160 Speaker 1: wealth building by massively lowering the amount of money outgoing 132 00:06:29,200 --> 00:06:31,640 Speaker 1: every month towards like what you pay to live somewhere 133 00:06:31,880 --> 00:06:34,040 Speaker 1: and owning that home and running out parts of it 134 00:06:34,080 --> 00:06:36,719 Speaker 1: two people for years to come. And that's gonna be 135 00:06:36,760 --> 00:06:39,520 Speaker 1: a big head start to Zack and building his finances 136 00:06:39,640 --> 00:06:42,320 Speaker 1: in a positive direction. Not only is he possibly lowering 137 00:06:42,320 --> 00:06:44,800 Speaker 1: his expenses significantly, but he might even be making some 138 00:06:44,920 --> 00:06:46,880 Speaker 1: every single month on top of, you know, ways paying 139 00:06:46,880 --> 00:06:49,520 Speaker 1: towards his mortgage. So that's when house hacking it reaches 140 00:06:49,560 --> 00:06:51,920 Speaker 1: a just like the perfect level possible if you're actually 141 00:06:51,920 --> 00:06:54,960 Speaker 1: making money to live in a place like house hacking nirvana. 142 00:06:55,200 --> 00:06:57,359 Speaker 1: And then Zach also a great job on supporting an 143 00:06:57,400 --> 00:07:00,880 Speaker 1: amazing local craft brewery. Monday Night Man, they rule the 144 00:07:00,960 --> 00:07:03,000 Speaker 1: day that actually that we're recording this uh, they are 145 00:07:03,000 --> 00:07:06,120 Speaker 1: releasing another one of their special hop hut I p A. S. 146 00:07:06,440 --> 00:07:08,160 Speaker 1: And Joel, you and I we went in on one. Uh, 147 00:07:08,279 --> 00:07:09,479 Speaker 1: one of us needs to go pick that up in 148 00:07:09,480 --> 00:07:10,880 Speaker 1: the next few days. Yeah, we do. It's gonna be 149 00:07:10,920 --> 00:07:12,280 Speaker 1: a good one that I'm excited and the beers have 150 00:07:12,360 --> 00:07:15,200 Speaker 1: gotten so good. Yeah, we love Monday Night. But Zack 151 00:07:15,240 --> 00:07:17,760 Speaker 1: onto your question about fixed rate or floating rate student 152 00:07:17,840 --> 00:07:22,600 Speaker 1: loan refinancing, Well, you make an astute observation. First, Matt 153 00:07:22,600 --> 00:07:25,600 Speaker 1: and I were typically fans of fixed rates for mortgages 154 00:07:25,640 --> 00:07:27,800 Speaker 1: and for student loans. We have been over the past 155 00:07:27,840 --> 00:07:31,120 Speaker 1: few years, in particular because we've basically been at historically 156 00:07:31,120 --> 00:07:34,000 Speaker 1: low rates and we're still at historically low rates. But 157 00:07:34,080 --> 00:07:36,640 Speaker 1: for some people it actually does make more sense right 158 00:07:36,680 --> 00:07:39,840 Speaker 1: now to have a floating rate instead of a fixed rate. 159 00:07:39,880 --> 00:07:42,200 Speaker 1: And so yeah, let's talk about why that's the case 160 00:07:42,480 --> 00:07:45,840 Speaker 1: and who that applies to. Refinancing into a variable rate 161 00:07:46,040 --> 00:07:49,440 Speaker 1: makes more sense for your situation, in particular because of 162 00:07:49,480 --> 00:07:51,840 Speaker 1: the Fed's decision to keep rates low for the next 163 00:07:51,840 --> 00:07:54,480 Speaker 1: couple of years, which is kind of uncommon to have 164 00:07:54,560 --> 00:07:57,160 Speaker 1: that signal, for them to announce that and say that 165 00:07:57,200 --> 00:07:58,880 Speaker 1: this is what we're gonna do, because you know what 166 00:07:58,920 --> 00:08:01,240 Speaker 1: if they go back on what they said, they're going 167 00:08:01,280 --> 00:08:04,200 Speaker 1: to get a lot of crap. Yeah, exactly, exactly, So 168 00:08:04,520 --> 00:08:06,560 Speaker 1: it just really helps people out when it comes to 169 00:08:06,600 --> 00:08:09,680 Speaker 1: planning and how they're going to organize their debt, which 170 00:08:09,720 --> 00:08:11,640 Speaker 1: is Zac's question, right, And it's just such a sweet 171 00:08:11,640 --> 00:08:13,440 Speaker 1: advantage to be able to know and count on the 172 00:08:13,480 --> 00:08:15,640 Speaker 1: fact that that floating rate is going to stay low 173 00:08:16,040 --> 00:08:18,720 Speaker 1: for at least a few years. Yeah, exact. This could 174 00:08:18,800 --> 00:08:21,520 Speaker 1: be an especially great decision for you because you mentioned 175 00:08:21,560 --> 00:08:23,480 Speaker 1: that you want to pay this loan off in the 176 00:08:23,520 --> 00:08:26,560 Speaker 1: next few years. Right. We wouldn't normally recommend a floating 177 00:08:26,600 --> 00:08:28,600 Speaker 1: rate for someone who you know, might take you know, 178 00:08:28,680 --> 00:08:31,160 Speaker 1: eight or twelve years to pay off their student loan, Butza, 179 00:08:31,280 --> 00:08:33,160 Speaker 1: it sounds like you can really get after it in 180 00:08:33,440 --> 00:08:36,520 Speaker 1: short order. So a floating rate a variable rates for you, 181 00:08:36,679 --> 00:08:39,199 Speaker 1: it's gonna be a solid move, and it will mean 182 00:08:39,200 --> 00:08:41,360 Speaker 1: that you'll be able to pay less in interest overall, 183 00:08:41,440 --> 00:08:43,200 Speaker 1: which is a huge win. Yes, so much if it 184 00:08:43,200 --> 00:08:45,800 Speaker 1: comes down to time frame as to whether you're choosing 185 00:08:45,840 --> 00:08:48,960 Speaker 1: something that's variable or or a rate that's floating. When 186 00:08:48,960 --> 00:08:51,120 Speaker 1: it comes to the mortgage you're choosing, or when you're 187 00:08:51,120 --> 00:08:53,880 Speaker 1: considering a home equity line of credit, versus a home 188 00:08:53,880 --> 00:08:56,400 Speaker 1: equity loan in a short time frame with kind of 189 00:08:56,440 --> 00:08:59,040 Speaker 1: the FED telegraphing what they're gonna do, means that a 190 00:08:59,080 --> 00:09:01,360 Speaker 1: floating rate is a better idea for a lot of 191 00:09:01,360 --> 00:09:03,920 Speaker 1: people right now. And Zach also too, it's it's really 192 00:09:03,960 --> 00:09:06,760 Speaker 1: important to mention and for anybody else with the student loan, 193 00:09:06,960 --> 00:09:10,800 Speaker 1: that federal student loan payments are essentially on hiatus until October, 194 00:09:11,000 --> 00:09:13,600 Speaker 1: and so if you are refinancing a federal student loan, 195 00:09:13,840 --> 00:09:15,840 Speaker 1: you're going to lose that benefit and you're going to 196 00:09:15,880 --> 00:09:17,920 Speaker 1: need to start paying on it pretty quickly. But it 197 00:09:17,960 --> 00:09:20,120 Speaker 1: sounds like that's not a deal breaker for you because 198 00:09:20,120 --> 00:09:21,960 Speaker 1: you are looking to pay it off as quickly as possible. 199 00:09:22,120 --> 00:09:25,720 Speaker 1: But for everybody listening before you decide to do something 200 00:09:25,720 --> 00:09:29,280 Speaker 1: like this in refinance a federal student loan, read our 201 00:09:29,360 --> 00:09:31,360 Speaker 1: article on how to money dot com about student loan 202 00:09:31,440 --> 00:09:33,600 Speaker 1: refinancing before you do it. There are a lot of 203 00:09:33,640 --> 00:09:35,080 Speaker 1: ins and outs and a lot of particulars that you 204 00:09:35,120 --> 00:09:37,320 Speaker 1: need to take into consideration, and there are certainly some 205 00:09:37,360 --> 00:09:40,679 Speaker 1: cases where it makes more sense to stick with having 206 00:09:40,760 --> 00:09:44,000 Speaker 1: your federal loan instead of refinancing because of the rights 207 00:09:44,240 --> 00:09:46,600 Speaker 1: that you have as a federal student loan holder. But 208 00:09:46,679 --> 00:09:48,880 Speaker 1: still it can make sense to refinance with a private lender, 209 00:09:49,000 --> 00:09:50,520 Speaker 1: in particular if it means that you can pay off 210 00:09:50,520 --> 00:09:53,080 Speaker 1: your loan more quickly while paying less interest. And in 211 00:09:53,080 --> 00:09:55,120 Speaker 1: that article, Matt, we also talked about a couple of 212 00:09:55,120 --> 00:09:58,400 Speaker 1: our favorite companies for people to consider doing a student 213 00:09:58,400 --> 00:10:01,040 Speaker 1: loan refinance with. So will make sure to put that 214 00:10:01,160 --> 00:10:03,880 Speaker 1: article in our show notes for this episode, Yes, we will, man, 215 00:10:03,880 --> 00:10:05,839 Speaker 1: all right. Next up, we're gonna take one on four 216 00:10:05,960 --> 00:10:08,840 Speaker 1: one K distributions as well as increasing insurance rates. But 217 00:10:08,920 --> 00:10:20,839 Speaker 1: first let's take a quick break. All right, we're back 218 00:10:20,840 --> 00:10:23,240 Speaker 1: from the break in. Our next question is about taking 219 00:10:23,360 --> 00:10:26,000 Speaker 1: a distribution from your retirement account, and this one comes 220 00:10:26,040 --> 00:10:29,960 Speaker 1: from the Windy City. Hi guys, this is Elizabeth in Chicago. 221 00:10:30,440 --> 00:10:33,199 Speaker 1: I hope you and your families are well. I wanted 222 00:10:33,240 --> 00:10:35,760 Speaker 1: to ask what you thought about taking a four one 223 00:10:35,840 --> 00:10:39,520 Speaker 1: K distribution under the Cares Act. It looks like my 224 00:10:39,640 --> 00:10:43,280 Speaker 1: company is offering this if you meet certain criteria. I 225 00:10:43,400 --> 00:10:47,360 Speaker 1: understand there's no early withdrawal penalty, which is provided under 226 00:10:47,400 --> 00:10:50,280 Speaker 1: the Act. However, it's not clear if you have to 227 00:10:50,320 --> 00:10:53,599 Speaker 1: pay back the distribution or not. An example would be 228 00:10:53,760 --> 00:10:56,640 Speaker 1: to take a small amount of my balance, say ten 229 00:10:57,080 --> 00:11:01,040 Speaker 1: dollars to do some home improvement surround my house that 230 00:11:01,120 --> 00:11:04,480 Speaker 1: are not critical but do increase the value of my 231 00:11:04,600 --> 00:11:08,439 Speaker 1: home in the long term. Thanks Elizabeth, Thanks so much 232 00:11:08,440 --> 00:11:10,080 Speaker 1: for that question, and we hope that you are doing 233 00:11:10,120 --> 00:11:12,920 Speaker 1: well too. And as much as I like renovating homes. Uh, 234 00:11:13,240 --> 00:11:14,960 Speaker 1: the ore quick answer is going to be that we're 235 00:11:15,000 --> 00:11:17,320 Speaker 1: not a fan of you taking money out of your 236 00:11:17,320 --> 00:11:20,360 Speaker 1: froe owen k, even though it's become easier to do so. 237 00:11:20,760 --> 00:11:23,200 Speaker 1: The Cares Act. It did away with a penalty for 238 00:11:23,280 --> 00:11:26,400 Speaker 1: taking money out of your froe own k early, specifically 239 00:11:26,600 --> 00:11:28,520 Speaker 1: as a way to help people who do need to 240 00:11:28,559 --> 00:11:31,720 Speaker 1: access that money that they otherwise wouldn't be able to touch. 241 00:11:32,200 --> 00:11:33,920 Speaker 1: And you know, you can take up two hundred thousand 242 00:11:33,920 --> 00:11:36,920 Speaker 1: dollars out while avoiding that ten percent penalty that you 243 00:11:36,920 --> 00:11:39,760 Speaker 1: would normally incur, and you can pay the taxes over 244 00:11:39,840 --> 00:11:42,160 Speaker 1: a three year period as well. And so you know, 245 00:11:42,280 --> 00:11:44,120 Speaker 1: I say all these things, and you might be thinking 246 00:11:44,120 --> 00:11:46,920 Speaker 1: to yourself, like, this sounds pretty great, right, Yeah, in reality, 247 00:11:47,040 --> 00:11:49,080 Speaker 1: is not something that we would recommend. Yeah, And that's 248 00:11:49,200 --> 00:11:52,720 Speaker 1: ultimately because your money is best left in your account 249 00:11:52,760 --> 00:11:56,160 Speaker 1: to grow for years to come, and in particular, home 250 00:11:56,200 --> 00:11:59,520 Speaker 1: improvements is not a good reason to tap your retirement 251 00:11:59,520 --> 00:12:02,880 Speaker 1: accounts early. If you had lost your job and this 252 00:12:02,920 --> 00:12:05,360 Speaker 1: money would would be needed to put food on the table, 253 00:12:05,400 --> 00:12:07,599 Speaker 1: I think you know we'd be having a different conversation. 254 00:12:07,880 --> 00:12:10,160 Speaker 1: But to do something like like home improvements, it doesn't 255 00:12:10,200 --> 00:12:12,720 Speaker 1: make sense to tap your retirement account, even just to 256 00:12:12,760 --> 00:12:15,280 Speaker 1: take ten tho dollars out, despite the fact that it's 257 00:12:15,320 --> 00:12:18,640 Speaker 1: become easier and less financially burdensome to tap that four 258 00:12:18,640 --> 00:12:20,600 Speaker 1: O one K right now. Right if you really do 259 00:12:20,679 --> 00:12:22,800 Speaker 1: want to do those home improvements, Matt and I would 260 00:12:22,800 --> 00:12:25,199 Speaker 1: suggest a couple of other ways to tackle it. One 261 00:12:25,600 --> 00:12:27,360 Speaker 1: is to make a goal to save up ten thousand 262 00:12:27,400 --> 00:12:30,440 Speaker 1: dollars and pay for those renovations in cash. You could 263 00:12:30,440 --> 00:12:32,719 Speaker 1: even right now consider taking out a home equity line 264 00:12:32,760 --> 00:12:36,680 Speaker 1: of credit and pay for the repairs that way, and 265 00:12:36,760 --> 00:12:39,520 Speaker 1: bonus rates are incredibly low on those right now. But 266 00:12:39,520 --> 00:12:41,600 Speaker 1: we're just not fans of taking money out of your 267 00:12:41,640 --> 00:12:44,120 Speaker 1: retirement account in order to get work done on your home. 268 00:12:44,440 --> 00:12:46,840 Speaker 1: I know that the Cares Act and the ability to 269 00:12:46,920 --> 00:12:49,000 Speaker 1: withdraw funds from your four O one K have caused 270 00:12:49,000 --> 00:12:51,280 Speaker 1: a lot of people to tap their retirement accounts, and 271 00:12:51,320 --> 00:12:53,800 Speaker 1: lots of people just took that as a signal that 272 00:12:53,880 --> 00:12:55,800 Speaker 1: now was a good time to take money out of 273 00:12:55,840 --> 00:12:58,760 Speaker 1: retirement in particular too to avoid those fees and pay 274 00:12:58,800 --> 00:13:01,400 Speaker 1: the taxes over a more time year period. But there 275 00:13:01,440 --> 00:13:03,400 Speaker 1: are very few people who are going to be better 276 00:13:03,480 --> 00:13:06,320 Speaker 1: financially served to take money out of their retirement accounts 277 00:13:06,400 --> 00:13:08,400 Speaker 1: instead of just continuing to let it grow. Yeah, and 278 00:13:08,440 --> 00:13:11,120 Speaker 1: one last thing, Elizabeth, Uh, if you make renovations and 279 00:13:11,160 --> 00:13:13,240 Speaker 1: make improvements to your home, make sure that you're doing 280 00:13:13,280 --> 00:13:16,559 Speaker 1: them for yourself, right. Don't necessarily go into that thinking 281 00:13:16,600 --> 00:13:18,080 Speaker 1: that you're gonna be able to get that money out 282 00:13:18,559 --> 00:13:21,040 Speaker 1: when it does come time to sell at home. Oftentimes, 283 00:13:21,040 --> 00:13:22,960 Speaker 1: the dollar amount that we put into our homes to 284 00:13:23,080 --> 00:13:25,959 Speaker 1: improve it, that doesn't necessarily translate dollar for dollar when 285 00:13:26,000 --> 00:13:27,959 Speaker 1: it comes time to sell. So make sure that those 286 00:13:28,000 --> 00:13:30,920 Speaker 1: improvements are for you, not for the next owner of 287 00:13:30,960 --> 00:13:32,920 Speaker 1: your house. All right, Joe. Our next question is from 288 00:13:33,160 --> 00:13:36,839 Speaker 1: a listener who is seeing his homeowner insurance premiums skyrockets, 289 00:13:36,880 --> 00:13:40,400 Speaker 1: so let's hear from him. Hey, guys, my name is Pavel. 290 00:13:40,679 --> 00:13:43,600 Speaker 1: I'm from Central Florida, work here as a police officer, 291 00:13:43,640 --> 00:13:47,000 Speaker 1: and I have a question about a home insurance. I 292 00:13:47,080 --> 00:13:49,400 Speaker 1: have a whole house mortgage. We've been paying it for 293 00:13:49,440 --> 00:13:52,960 Speaker 1: about six years, have nine years left. And I know 294 00:13:53,080 --> 00:13:56,000 Speaker 1: just when I started with a house mortgage, my home 295 00:13:56,040 --> 00:13:58,439 Speaker 1: insurance used to be about thousand dollars a years, and 296 00:13:58,520 --> 00:14:02,559 Speaker 1: I went to eleven hundred. This year, my house insurance 297 00:14:02,760 --> 00:14:05,320 Speaker 1: is eighteen hundred. I have no idea what happened. I 298 00:14:05,320 --> 00:14:08,680 Speaker 1: didn't file any claims, maybe because I live in Florida 299 00:14:08,800 --> 00:14:11,920 Speaker 1: and we have hurricanes once in a while, but it 300 00:14:12,040 --> 00:14:14,680 Speaker 1: used to be thousand dollars a year and it's eighteen hundreds. 301 00:14:14,800 --> 00:14:19,080 Speaker 1: I message my insurance company or group that manages insurance companies, 302 00:14:19,160 --> 00:14:21,680 Speaker 1: ask them to find me a better rate, and they 303 00:14:21,720 --> 00:14:24,720 Speaker 1: told me they can't find anything cheaper. Do you think 304 00:14:24,760 --> 00:14:28,680 Speaker 1: it's because Florida is a hurricane state or you think 305 00:14:28,800 --> 00:14:33,720 Speaker 1: I can still find a cheaper, better insurance at another places. 306 00:14:34,160 --> 00:14:38,760 Speaker 1: Please let me know. Thanks love your show by Pablo. 307 00:14:38,800 --> 00:14:41,000 Speaker 1: Thanks so much for your question, man, and thanks for 308 00:14:41,040 --> 00:14:43,640 Speaker 1: being a police officer. It's really hard work right now, 309 00:14:43,840 --> 00:14:45,360 Speaker 1: and so yeah, we just want to wish you luck 310 00:14:45,720 --> 00:14:48,480 Speaker 1: and please stay safe out there. Also, congrats, by the way, 311 00:14:48,480 --> 00:14:50,080 Speaker 1: and getting a fifteen year moreach did you notice how 312 00:14:50,120 --> 00:14:51,360 Speaker 1: he kind of snucked at it at the beginning of 313 00:14:51,360 --> 00:14:53,920 Speaker 1: the question, Matt, he he has what nine years left, 314 00:14:54,160 --> 00:14:57,960 Speaker 1: nine plus six fifteen years exactly, So that's huge. And 315 00:14:58,040 --> 00:15:00,080 Speaker 1: Paul is going to have his home paid off a 316 00:15:00,200 --> 00:15:02,520 Speaker 1: faster than most people are, that's for sure, and that's 317 00:15:02,520 --> 00:15:05,280 Speaker 1: caused for celebrations. So yeah, before we get to your question, Pablo, 318 00:15:05,360 --> 00:15:07,760 Speaker 1: just congrats on that man. That's a big time financial feat. 319 00:15:07,960 --> 00:15:09,640 Speaker 1: And so Pavla, let's go ahead and first and address 320 00:15:09,680 --> 00:15:12,840 Speaker 1: you know, why you are seeing your rates increase Florida. 321 00:15:12,920 --> 00:15:16,080 Speaker 1: It's a tricky beast when it comes to home insurance rates. 322 00:15:16,080 --> 00:15:18,720 Speaker 1: They've been rising across the board in your state for years. 323 00:15:19,320 --> 00:15:21,960 Speaker 1: You mentioned hurricanes, like, yeah, they definitely have something to 324 00:15:22,000 --> 00:15:24,000 Speaker 1: do with that, but there are other reasons for increased 325 00:15:24,000 --> 00:15:26,520 Speaker 1: insurance costs as well. There has been a tidal wave 326 00:15:26,640 --> 00:15:31,000 Speaker 1: of lawsuits against insurance companies as unscrupulous contractors have been 327 00:15:31,040 --> 00:15:34,360 Speaker 1: combing neighborhoods, encouraging homeowners to fill out claims even you know, 328 00:15:34,360 --> 00:15:37,640 Speaker 1: when they necessarily haven't been valid even and so because 329 00:15:37,640 --> 00:15:40,320 Speaker 1: of this, some insurers are ceasing operations in the state 330 00:15:40,640 --> 00:15:43,080 Speaker 1: um or at least in some specific counties. And then 331 00:15:43,080 --> 00:15:45,400 Speaker 1: when that happens, there's a lack of competition, which only 332 00:15:45,480 --> 00:15:47,920 Speaker 1: drives up rates. Yeah, so hurricanes part of the problem, 333 00:15:48,080 --> 00:15:50,880 Speaker 1: not the whole problem. And if you are a homeowner 334 00:15:50,960 --> 00:15:54,360 Speaker 1: in the state of Florida, you have definitely noticed that 335 00:15:54,480 --> 00:15:57,600 Speaker 1: your homeowners insurance that the premiums have gone up quite 336 00:15:57,640 --> 00:15:59,800 Speaker 1: a bit. So in addition to that lack of competition 337 00:15:59,800 --> 00:16:02,040 Speaker 1: map that you just mentioned, for the insurers who are 338 00:16:02,080 --> 00:16:04,440 Speaker 1: still insuring homes in Florida, it just costs more to 339 00:16:04,480 --> 00:16:07,440 Speaker 1: do business too, and they're having the rais rates in 340 00:16:07,520 --> 00:16:10,640 Speaker 1: order to remain profitable. The Tampa Bay Times actually reported 341 00:16:10,680 --> 00:16:13,440 Speaker 1: that some insurance companies are requesting rate hikes ranging from 342 00:16:13,440 --> 00:16:17,680 Speaker 1: twenty to sixty percent, and analysts say that basically everybody 343 00:16:17,680 --> 00:16:19,920 Speaker 1: in the state it should expect at least a twenty 344 00:16:20,360 --> 00:16:23,880 Speaker 1: increase in their homeowners insurance costs this year. So Pavlos, 345 00:16:23,960 --> 00:16:27,120 Speaker 1: not just you, it's actually everybody. So talk to your neighbors. 346 00:16:27,200 --> 00:16:30,400 Speaker 1: You'll find out that they're having the same experience. Yeah. Unfortunately, 347 00:16:30,440 --> 00:16:32,160 Speaker 1: in Pavlo's case, it sounds like he's maybe more on 348 00:16:32,200 --> 00:16:35,000 Speaker 1: the sixty percent end of things, which totally sucks. Yeah. Yeah, 349 00:16:35,040 --> 00:16:38,000 Speaker 1: and I don't know if that's comforting or that's just 350 00:16:38,080 --> 00:16:40,440 Speaker 1: disconcerting that basically everybody in the state of Florida is 351 00:16:40,480 --> 00:16:42,760 Speaker 1: going through this this same thing. But knowing the facts 352 00:16:42,760 --> 00:16:45,080 Speaker 1: and knowing that that it's happening to everybody at least 353 00:16:45,120 --> 00:16:47,480 Speaker 1: in part at least helps you make sense of the situation. 354 00:16:47,800 --> 00:16:49,600 Speaker 1: And then you know, you said you asked your insurance 355 00:16:49,600 --> 00:16:52,200 Speaker 1: company for a better rate, Pavel, But the thing that 356 00:16:52,240 --> 00:16:54,360 Speaker 1: you need to do is shop with multiple of insurers 357 00:16:54,400 --> 00:16:56,840 Speaker 1: to to get a new quote. Rates can vary widely 358 00:16:56,920 --> 00:16:59,560 Speaker 1: from insure to insure. So because of that, we like 359 00:16:59,640 --> 00:17:03,120 Speaker 1: policy genius for shopping your homeowner's policy uh and also 360 00:17:03,200 --> 00:17:05,720 Speaker 1: reaching out to a local independent agent who can quickly 361 00:17:05,720 --> 00:17:09,080 Speaker 1: shop with multiple insurers as well. In addition to that too, 362 00:17:09,240 --> 00:17:10,800 Speaker 1: you know, there might be some other creative ways that 363 00:17:10,840 --> 00:17:13,840 Speaker 1: you can reduce your premiums. UH. You can raise your deductible, 364 00:17:13,920 --> 00:17:16,119 Speaker 1: you can kind of bundle your policy with your auto 365 00:17:16,160 --> 00:17:18,840 Speaker 1: insurance as well, and really just see what other discounts 366 00:17:18,840 --> 00:17:20,639 Speaker 1: there are available to you. May maybe even being a 367 00:17:20,640 --> 00:17:23,000 Speaker 1: police officer, there might be some discounts available to you 368 00:17:23,640 --> 00:17:26,120 Speaker 1: just because of your work. Yeah, I know, my insurance 369 00:17:26,119 --> 00:17:28,439 Speaker 1: agent has gotten annoyed at me. Through the year, sometimes 370 00:17:28,440 --> 00:17:31,359 Speaker 1: asking about what discounts are available, basically like harangked her, 371 00:17:32,320 --> 00:17:34,000 Speaker 1: what about where I went to college? What about this stuff? 372 00:17:34,000 --> 00:17:35,960 Speaker 1: I mean, they are all sorts of discounts available, and 373 00:17:35,960 --> 00:17:38,080 Speaker 1: so it's important to ask for them. And so much 374 00:17:38,080 --> 00:17:40,920 Speaker 1: of the time the discounts go to the people who 375 00:17:41,400 --> 00:17:43,560 Speaker 1: ask for it. And and this is definitely one of 376 00:17:43,600 --> 00:17:46,360 Speaker 1: those cases where there are probably some discounts you're eligible 377 00:17:46,359 --> 00:17:49,200 Speaker 1: before that you just haven't been notified of, and you know, 378 00:17:49,200 --> 00:17:51,200 Speaker 1: all you gotta do is ask. But hopefully those tips 379 00:17:51,200 --> 00:17:53,840 Speaker 1: for for shopping around, for asking about those discounts with 380 00:17:53,840 --> 00:17:56,840 Speaker 1: your current insurer can help you lower those costs. I 381 00:17:56,840 --> 00:17:59,560 Speaker 1: know that's that's a pretty steep increase and that's a 382 00:17:59,560 --> 00:18:02,320 Speaker 1: tough burden to bear financially. So best of luck to 383 00:18:02,400 --> 00:18:04,399 Speaker 1: you and to all your neighbors and everybody in Florida 384 00:18:04,400 --> 00:18:08,040 Speaker 1: there who's fighting these ridiculously high home insurance rates. All right, 385 00:18:08,200 --> 00:18:10,359 Speaker 1: we got a couple more questions that we need to 386 00:18:10,359 --> 00:18:13,280 Speaker 1: get to, including one listener who IT wants to know 387 00:18:13,359 --> 00:18:16,480 Speaker 1: about getting a credit line increase and opening a new 388 00:18:16,520 --> 00:18:18,680 Speaker 1: credit card. And we'll take that question and one more 389 00:18:18,800 --> 00:18:30,000 Speaker 1: right after this break. All right, Joe, we are back 390 00:18:30,000 --> 00:18:32,000 Speaker 1: for the break. We're taking a listener questions, and before 391 00:18:32,000 --> 00:18:34,879 Speaker 1: we get to that question about credit cards and credit scores, 392 00:18:35,200 --> 00:18:37,760 Speaker 1: let's take one about an app that allows you to 393 00:18:37,880 --> 00:18:43,200 Speaker 1: invest in new startups. Hey guys, this is Jeff from Augusta, Georgia. 394 00:18:43,720 --> 00:18:46,160 Speaker 1: First off, want to thank you all for all y'all 395 00:18:46,200 --> 00:18:49,600 Speaker 1: have done and the advice y'all give people, and I 396 00:18:49,680 --> 00:18:52,720 Speaker 1: just really appreciate, uh, what you'll do for everybody out there. 397 00:18:53,080 --> 00:18:56,359 Speaker 1: I have a question about investing through a website called 398 00:18:56,440 --> 00:19:02,600 Speaker 1: republic Dot. CEO camera Carl them Um, and I wanted 399 00:19:02,680 --> 00:19:06,879 Speaker 1: to invest in a company called Wherewell who I was 400 00:19:07,080 --> 00:19:12,680 Speaker 1: contacted by through a nonprofit called co Op for Education, 401 00:19:12,920 --> 00:19:18,520 Speaker 1: who helps support Guatemalan kids get through school. And I 402 00:19:18,680 --> 00:19:21,760 Speaker 1: was just, um curious if y'all think this is a 403 00:19:21,800 --> 00:19:24,400 Speaker 1: safe company because I've never heard of it. I've only 404 00:19:24,440 --> 00:19:28,879 Speaker 1: seen six five star reviews on Google and one article 405 00:19:28,960 --> 00:19:32,680 Speaker 1: on Forbes, and that's pretty much all the information I've 406 00:19:32,680 --> 00:19:36,080 Speaker 1: been able to find. Uh. Where Will is a company 407 00:19:36,119 --> 00:19:41,960 Speaker 1: that makes consciously made clothing and I would like to 408 00:19:42,000 --> 00:19:44,560 Speaker 1: help support them or get in on an investment opportunity 409 00:19:44,560 --> 00:19:47,160 Speaker 1: with them. Let me know why y'all think about this 410 00:19:47,240 --> 00:19:50,480 Speaker 1: and have a good one. Jeff, thanks for your question, man, 411 00:19:50,520 --> 00:19:53,000 Speaker 1: and and thanks for saying thanks. We love doing this. 412 00:19:53,280 --> 00:19:55,040 Speaker 1: It really is a whole lot of fun to get 413 00:19:55,080 --> 00:19:57,760 Speaker 1: to talk about money with your best buddy. And also 414 00:19:57,800 --> 00:20:00,560 Speaker 1: to Jeff sent us some beers recently, so Jeff big 415 00:20:00,560 --> 00:20:02,560 Speaker 1: thanks for that too. Yeah, if only we had kind 416 00:20:02,560 --> 00:20:03,880 Speaker 1: of been on our game a little bit, we could 417 00:20:03,920 --> 00:20:06,280 Speaker 1: have enjoyed one of those beers while we answered his question. 418 00:20:06,320 --> 00:20:07,760 Speaker 1: It would have been like he was sitting right here 419 00:20:07,800 --> 00:20:10,080 Speaker 1: with us. We're so not thoughtful. Yeah. Well, actually we 420 00:20:10,160 --> 00:20:11,800 Speaker 1: just couldn't wait to drink this beer, so we would 421 00:20:11,800 --> 00:20:13,720 Speaker 1: have made it happen. They were good. They were good. 422 00:20:13,920 --> 00:20:17,280 Speaker 1: Years don't keep as well as questions do. That's right. 423 00:20:17,359 --> 00:20:18,560 Speaker 1: You can put a question on the shelf for a 424 00:20:18,560 --> 00:20:20,080 Speaker 1: few months, but beers you kind of need to get 425 00:20:20,080 --> 00:20:22,480 Speaker 1: to him. So that's true. So Jeff, let's get to 426 00:20:22,480 --> 00:20:25,240 Speaker 1: your question. Speaking of which, first, Man, I love your 427 00:20:25,240 --> 00:20:28,080 Speaker 1: desire to invest in in companies that are doing good. 428 00:20:28,640 --> 00:20:31,720 Speaker 1: But first let's talk about this kind of investing, specifically 429 00:20:32,040 --> 00:20:35,640 Speaker 1: start up investing. It's really really risky in most startups 430 00:20:35,680 --> 00:20:38,000 Speaker 1: that are raising capital don't end up providing a big 431 00:20:38,040 --> 00:20:42,040 Speaker 1: investor return, and startups overall, they end up failing. You 432 00:20:42,040 --> 00:20:44,960 Speaker 1: would be lucky to even get your initial investment back 433 00:20:45,080 --> 00:20:47,399 Speaker 1: years down the road. Also too, when it comes to 434 00:20:47,440 --> 00:20:49,800 Speaker 1: investing in a startup, it's not some sort of liquid 435 00:20:49,840 --> 00:20:52,600 Speaker 1: investment where you can always pull that money back, taking 436 00:20:52,600 --> 00:20:54,920 Speaker 1: either a small loss or pulling some of that gain 437 00:20:54,960 --> 00:20:57,080 Speaker 1: off the table. It's it's one of those investments where 438 00:20:57,080 --> 00:20:59,040 Speaker 1: your money is tied up for quite a bit of time, 439 00:20:59,160 --> 00:21:01,200 Speaker 1: typically for quite an number of years. So you really 440 00:21:01,200 --> 00:21:03,240 Speaker 1: have to be committed to it in order to look 441 00:21:03,280 --> 00:21:06,159 Speaker 1: past those risks and still do it anyway. Yeah, So 442 00:21:06,200 --> 00:21:09,040 Speaker 1: not only do we not recommend investing with a single company, 443 00:21:09,119 --> 00:21:11,840 Speaker 1: we definitely don't recommend investing with a company that is 444 00:21:11,920 --> 00:21:14,640 Speaker 1: just getting started. Uh. And so what do we recommend 445 00:21:14,760 --> 00:21:17,680 Speaker 1: and that is widely diversified index funds. Jeff, you probably 446 00:21:17,680 --> 00:21:19,600 Speaker 1: have heard to say that before, but worth mentioning again. 447 00:21:20,160 --> 00:21:23,200 Speaker 1: But Jeff, we wanted to specifically talk about Republic. There 448 00:21:23,240 --> 00:21:26,399 Speaker 1: are other companies that have similar business models like we 449 00:21:26,560 --> 00:21:30,400 Speaker 1: funder and seed invest. These different platforms allow you to 450 00:21:30,440 --> 00:21:33,240 Speaker 1: even get started for as little as ten dollars, and 451 00:21:33,280 --> 00:21:36,080 Speaker 1: there are a lot of new businesses and startups out 452 00:21:36,080 --> 00:21:39,080 Speaker 1: there that you can invest in as a novice investor, 453 00:21:39,200 --> 00:21:41,000 Speaker 1: you know, through these sites, which is pretty cool. And 454 00:21:41,040 --> 00:21:43,560 Speaker 1: the reason it is cool is because traditionally you wouldn't 455 00:21:43,560 --> 00:21:46,200 Speaker 1: be able to invest in these startups unless you were 456 00:21:46,240 --> 00:21:49,199 Speaker 1: an accredited investor, and that means that you would have 457 00:21:49,240 --> 00:21:51,840 Speaker 1: to have over one million dollars of net worth. So 458 00:21:52,000 --> 00:21:53,880 Speaker 1: that's you, right, right, Matt. Yeah, I was actually gonna 459 00:21:53,920 --> 00:21:56,679 Speaker 1: say you you're at the accredited investor at this table. 460 00:21:56,800 --> 00:22:00,840 Speaker 1: Oh please, maybe in like a few decades. But even 461 00:22:00,880 --> 00:22:03,400 Speaker 1: if I were an accredited investor in like a couple 462 00:22:03,400 --> 00:22:06,679 Speaker 1: of decades, I would still be investing in widely diversified, 463 00:22:06,760 --> 00:22:09,280 Speaker 1: low cost index funds. Yeah. No, I'm with you, And Matt, 464 00:22:09,320 --> 00:22:11,560 Speaker 1: let's talk to about fees, because that's one of our 465 00:22:11,600 --> 00:22:16,760 Speaker 1: reasons for talking about investing mostly in low cost mutual 466 00:22:16,800 --> 00:22:20,840 Speaker 1: funds is not only the diversification, but it's the low fees. 467 00:22:21,080 --> 00:22:22,879 Speaker 1: And when you look into what fees are being charged 468 00:22:22,880 --> 00:22:26,639 Speaker 1: on platforms like Republic, well they claim that investing is 469 00:22:26,800 --> 00:22:30,520 Speaker 1: free for investors, but Republic is making a chunk of 470 00:22:30,600 --> 00:22:33,399 Speaker 1: six percent of the total funds raised plus two percent 471 00:22:33,480 --> 00:22:36,320 Speaker 1: of the securities offered in a successful financing deal. And 472 00:22:36,359 --> 00:22:38,840 Speaker 1: that's a that's a huge chunk of change given the 473 00:22:38,880 --> 00:22:41,679 Speaker 1: shaky nature of investing in startups generally, and then the 474 00:22:41,760 --> 00:22:44,879 Speaker 1: increased disadvantage that you're at when you consider those fees 475 00:22:44,880 --> 00:22:46,880 Speaker 1: that are charged on the platform. It's just not how 476 00:22:46,920 --> 00:22:49,520 Speaker 1: I would want to invest my money. Those fees make 477 00:22:49,560 --> 00:22:51,720 Speaker 1: me weary, and I understand the need for them because 478 00:22:51,760 --> 00:22:55,200 Speaker 1: Republic is essentially entering this new platform, this new way 479 00:22:55,240 --> 00:22:57,280 Speaker 1: of investing. There there's a lot of risk involved, and 480 00:22:57,320 --> 00:22:59,880 Speaker 1: they want a higher percentage commensurate with with the risk. 481 00:23:00,200 --> 00:23:03,320 Speaker 1: But as an individual investor, I would just be hesitant 482 00:23:03,359 --> 00:23:06,200 Speaker 1: to to pay those fees and to invest in that way. Yeah. Well, Joel, 483 00:23:06,200 --> 00:23:08,520 Speaker 1: speaking of risk, that's something else we need to consider 484 00:23:08,640 --> 00:23:11,880 Speaker 1: here as well. You know, Republic they claim to vet 485 00:23:11,920 --> 00:23:14,280 Speaker 1: the companies that are able to raise funding on their 486 00:23:14,280 --> 00:23:17,600 Speaker 1: platform where they take only less than five percent of applicants, 487 00:23:18,160 --> 00:23:20,119 Speaker 1: and Republic they actually do a pretty good job on 488 00:23:20,160 --> 00:23:24,000 Speaker 1: their site warning potential investors of the risks that exists. 489 00:23:24,119 --> 00:23:26,080 Speaker 1: You know when you are investing in startups. You know, 490 00:23:26,119 --> 00:23:29,000 Speaker 1: that's pretty impressive. They even specifically say on their site 491 00:23:29,040 --> 00:23:32,360 Speaker 1: to quote unquote invest in a startup because you love 492 00:23:32,359 --> 00:23:36,320 Speaker 1: their mission, product or service, not just for potential profit 493 00:23:36,440 --> 00:23:38,840 Speaker 1: or return. And I love that they put that on 494 00:23:38,880 --> 00:23:40,960 Speaker 1: there because that is truly the proper way to think 495 00:23:40,960 --> 00:23:43,800 Speaker 1: about it. You know, this isn't a guaranteed slam dunk 496 00:23:43,880 --> 00:23:46,080 Speaker 1: return on investment, you know, where you're gonna make a 497 00:23:46,080 --> 00:23:49,399 Speaker 1: lot of money. Uh, it's there's a lot of risk involved. Yeah, 498 00:23:49,440 --> 00:23:52,520 Speaker 1: but you know what, Matt, that's actually exactly what Jeff 499 00:23:52,560 --> 00:23:54,600 Speaker 1: wanted to do. It sounds like he just really wanted 500 00:23:54,600 --> 00:23:57,520 Speaker 1: to support this company that he believes in through investing 501 00:23:57,520 --> 00:23:59,160 Speaker 1: in them, and so I can understand why he's drawn 502 00:23:59,200 --> 00:24:01,160 Speaker 1: to it. It doesn't sound Jeff thinks he's gonna get 503 00:24:01,240 --> 00:24:04,359 Speaker 1: rich making this investment in this startup. It's just because 504 00:24:04,400 --> 00:24:06,720 Speaker 1: he he loves the company and wants to support them 505 00:24:06,760 --> 00:24:08,440 Speaker 1: in what they're doing. And so I think that brings 506 00:24:08,480 --> 00:24:10,720 Speaker 1: up the next point on how he should go about 507 00:24:10,840 --> 00:24:13,640 Speaker 1: supporting a company that he actually believes in. Instead of 508 00:24:13,720 --> 00:24:16,159 Speaker 1: investing in the startup you love, Matt, and Matt, you 509 00:24:16,200 --> 00:24:18,080 Speaker 1: and I would say to support them as much as 510 00:24:18,119 --> 00:24:20,840 Speaker 1: you can in other ways, like buying what they're selling 511 00:24:21,000 --> 00:24:23,520 Speaker 1: and then giving those items that that company sells as 512 00:24:23,560 --> 00:24:25,720 Speaker 1: gifts to your friends and family, and then let other 513 00:24:25,760 --> 00:24:28,600 Speaker 1: people know about the crucial mission that this company is on. 514 00:24:28,920 --> 00:24:31,080 Speaker 1: Those are all ways that you can support a company 515 00:24:31,080 --> 00:24:34,000 Speaker 1: that you believe in without investing in a high fee 516 00:24:34,040 --> 00:24:37,359 Speaker 1: manner hoping for a potential return. So basically funding that 517 00:24:37,359 --> 00:24:40,120 Speaker 1: mission from an investor standpoint, it's just not the best move. 518 00:24:40,320 --> 00:24:41,959 Speaker 1: And but at the same time, considering you can get 519 00:24:42,000 --> 00:24:43,680 Speaker 1: started for so little money, if you wanted to put 520 00:24:43,720 --> 00:24:45,919 Speaker 1: a hundred bucks or two hundred bucks towards it, it 521 00:24:45,960 --> 00:24:48,320 Speaker 1: doesn't hurt to invest a little. I would just consider 522 00:24:48,359 --> 00:24:51,320 Speaker 1: that more of a donation that has, you know, some 523 00:24:51,359 --> 00:24:53,640 Speaker 1: extra potential at the same time, but the biggest way 524 00:24:53,760 --> 00:24:56,280 Speaker 1: is just to to support that company in the traditional 525 00:24:56,320 --> 00:24:57,840 Speaker 1: ways that you would support a company that you love. 526 00:24:58,160 --> 00:25:00,600 Speaker 1: Nice man, those are some wise words. Totally agree with 527 00:25:00,600 --> 00:25:02,720 Speaker 1: you there. Let's go ahead now and here our last 528 00:25:02,800 --> 00:25:05,159 Speaker 1: question for the episode. This one has to do with 529 00:25:05,400 --> 00:25:10,000 Speaker 1: credit cards. Hi, Joel him Matt, This is aoka from 530 00:25:10,040 --> 00:25:14,040 Speaker 1: Grand Rapids, Michigan. I'm twenty five and new to personal finance. 531 00:25:14,320 --> 00:25:16,760 Speaker 1: So I'm trying to build my credit up by looking 532 00:25:16,800 --> 00:25:19,439 Speaker 1: up my credit score. What's bringing it down is my 533 00:25:19,560 --> 00:25:23,119 Speaker 1: high credit usage. I didn't even know until finding your 534 00:25:23,200 --> 00:25:27,520 Speaker 1: podcast recently that it was bad to spun your limit. 535 00:25:28,359 --> 00:25:31,439 Speaker 1: I only have one visa card and a store card 536 00:25:31,480 --> 00:25:34,439 Speaker 1: that I opened a few months ago. I want to 537 00:25:34,480 --> 00:25:37,560 Speaker 1: ask my bank for a raised credit, but how much 538 00:25:37,600 --> 00:25:42,240 Speaker 1: do I ask for I'm currently at one thousand. Also, 539 00:25:42,760 --> 00:25:44,960 Speaker 1: I wanted to get two new credit card so I 540 00:25:44,960 --> 00:25:48,200 Speaker 1: can have multiple lines of credit open, but when should 541 00:25:48,240 --> 00:25:52,439 Speaker 1: I do that? Thanks for your help, Erica, A great question, 542 00:25:52,680 --> 00:25:55,560 Speaker 1: and congrats on getting into personal finance. It's a it's 543 00:25:55,600 --> 00:25:59,040 Speaker 1: an interesting world and you can go it's interesting, but 544 00:25:59,080 --> 00:26:01,680 Speaker 1: it's fun, right, It's got like slightly higher stakes version 545 00:26:01,760 --> 00:26:05,639 Speaker 1: of maybe play Monopoly or something because real money. Yeah, yeah, no, 546 00:26:05,800 --> 00:26:08,520 Speaker 1: And it's really I think as someone who nerds out 547 00:26:08,520 --> 00:26:11,960 Speaker 1: on it, I'm interested in delving deeper, and I hope 548 00:26:11,960 --> 00:26:13,760 Speaker 1: that Erica feels the same way as she learns a 549 00:26:13,800 --> 00:26:16,000 Speaker 1: little bit more. I think sometimes it can be frustrating 550 00:26:16,040 --> 00:26:17,359 Speaker 1: that we have to learn as much as we do 551 00:26:17,400 --> 00:26:19,440 Speaker 1: in order to kind of survive in the modern world. 552 00:26:19,600 --> 00:26:21,639 Speaker 1: But I kind of take it as a challenge to 553 00:26:21,760 --> 00:26:25,520 Speaker 1: learn more. But into Yeah, Erica, using most of your 554 00:26:25,520 --> 00:26:28,080 Speaker 1: available credit does way negatively on your score in a 555 00:26:28,080 --> 00:26:30,800 Speaker 1: big way. Most people don't know that, so especially now, 556 00:26:30,960 --> 00:26:33,679 Speaker 1: definitely don't charge more than three a month on that 557 00:26:33,720 --> 00:26:36,440 Speaker 1: card that you have, and consider paying the balance maybe 558 00:26:36,520 --> 00:26:38,960 Speaker 1: two or three times every month as well. I have 559 00:26:39,000 --> 00:26:42,040 Speaker 1: a friend Matt, who is personally so concerned with her 560 00:26:42,080 --> 00:26:44,320 Speaker 1: credit score that even I mean, even though she's in 561 00:26:44,320 --> 00:26:46,720 Speaker 1: great shape, she pays off her credit card balance about 562 00:26:46,880 --> 00:26:50,879 Speaker 1: once a week just to ensure that Yeah, exactly right. 563 00:26:50,920 --> 00:26:53,080 Speaker 1: She just wants to do the most to make sure 564 00:26:53,320 --> 00:26:56,000 Speaker 1: that her credit score isn't being negatively impacted by the 565 00:26:56,040 --> 00:26:58,240 Speaker 1: spending that she's putting on her credit card, even though 566 00:26:58,240 --> 00:27:00,399 Speaker 1: she pays it off in full every month. Right, and 567 00:27:00,440 --> 00:27:04,080 Speaker 1: considering the low limit that Erica has, that approach makes 568 00:27:04,280 --> 00:27:06,399 Speaker 1: a lot of sense for her because we want to 569 00:27:06,440 --> 00:27:09,920 Speaker 1: make sure she doesn't exceed that thirty percent utilization threshold, 570 00:27:10,080 --> 00:27:12,680 Speaker 1: which won't be great for her score. Yeah, and so Erica, 571 00:27:12,760 --> 00:27:16,000 Speaker 1: on asking for you know, that credit line increase, make 572 00:27:16,000 --> 00:27:18,679 Speaker 1: sure that you have a multi year history of on 573 00:27:18,880 --> 00:27:21,520 Speaker 1: time payments, you know, and if you've recently gotten a 574 00:27:21,640 --> 00:27:23,840 Speaker 1: raise maybe I worked, that's a great reason that you 575 00:27:23,880 --> 00:27:27,119 Speaker 1: can easily justify your request as well. Also, you know, 576 00:27:27,160 --> 00:27:29,480 Speaker 1: if you've been able to raise your credit score, uh, 577 00:27:29,520 --> 00:27:33,040 Speaker 1: your credit card company will be more likely to respond favorably. 578 00:27:33,359 --> 00:27:36,080 Speaker 1: And increase that limit. Um, you know, and the worst 579 00:27:36,080 --> 00:27:38,679 Speaker 1: they can say is no, uh, that won't hurt you 580 00:27:38,760 --> 00:27:41,199 Speaker 1: in any way. And so one other part two as 581 00:27:41,240 --> 00:27:43,560 Speaker 1: far as how much like I would personally take as 582 00:27:43,680 --> 00:27:46,280 Speaker 1: much as they're willing to offer you. Essentially, the higher 583 00:27:46,280 --> 00:27:48,360 Speaker 1: that you can get your credit line, the lower your 584 00:27:48,440 --> 00:27:51,280 Speaker 1: utilization rate will typically be, and that's only a boon 585 00:27:51,560 --> 00:27:54,920 Speaker 1: for your credit score. Yeah, I completely agree. The only 586 00:27:54,960 --> 00:27:57,440 Speaker 1: thing you have to be wary of, Erica, is spending 587 00:27:57,440 --> 00:28:00,119 Speaker 1: too much on that credit card if your limit gets 588 00:28:00,160 --> 00:28:02,679 Speaker 1: massively increased, and it sounds like since you're getting into 589 00:28:02,720 --> 00:28:05,840 Speaker 1: personal finance, that's something you're going to avoid. Let's also 590 00:28:05,880 --> 00:28:07,880 Speaker 1: talk about getting a new credit card. We think that's 591 00:28:07,920 --> 00:28:10,080 Speaker 1: great as well. We think most people should have more 592 00:28:10,080 --> 00:28:12,200 Speaker 1: than one card. They should probably have three or four. 593 00:28:12,520 --> 00:28:14,640 Speaker 1: That's gonna be the best case scenario for you when 594 00:28:14,640 --> 00:28:17,720 Speaker 1: it comes to credit card rewards and diversifying those rewards 595 00:28:17,760 --> 00:28:20,640 Speaker 1: too so, but of course, again, that only makes sense 596 00:28:20,680 --> 00:28:22,520 Speaker 1: if you're paying them off in full every month. If 597 00:28:22,520 --> 00:28:24,639 Speaker 1: your score is pretty good, you'll want to apply for 598 00:28:24,680 --> 00:28:27,600 Speaker 1: a card that offers those additional perks for spending in 599 00:28:27,640 --> 00:28:31,119 Speaker 1: specific ways. If your score is relatively low, though Erica, well, 600 00:28:31,160 --> 00:28:33,000 Speaker 1: we would say consider going to your credit union to 601 00:28:33,040 --> 00:28:35,639 Speaker 1: apply for a card. They're oftentimes they're more lenient and 602 00:28:35,720 --> 00:28:38,360 Speaker 1: giving their members access to credit cards. You can also 603 00:28:38,400 --> 00:28:40,960 Speaker 1: look into getting this card called the Pedal card, which 604 00:28:41,040 --> 00:28:44,320 Speaker 1: doesn't check your credit score before approving. You will link 605 00:28:44,400 --> 00:28:46,200 Speaker 1: to that one in the show notes. But it's by 606 00:28:46,240 --> 00:28:48,880 Speaker 1: far the best credit card at this point for people 607 00:28:48,920 --> 00:28:51,640 Speaker 1: that do have lower credit scores. And of course that's 608 00:28:51,680 --> 00:28:54,600 Speaker 1: assuming Erica that you have maybe a lower credit score. 609 00:28:54,640 --> 00:28:56,520 Speaker 1: But if you have a pretty decent credit score, you 610 00:28:56,640 --> 00:28:58,880 Speaker 1: by all means look to just a traditional credit card 611 00:28:58,960 --> 00:29:01,200 Speaker 1: and get the good ones like City Double Cash or 612 00:29:01,200 --> 00:29:03,680 Speaker 1: something like that. And when it comes to applying for 613 00:29:03,680 --> 00:29:06,120 Speaker 1: for new cards Erica, you'll probably want to wait about 614 00:29:06,200 --> 00:29:08,640 Speaker 1: six months or you know, maybe a year between each 615 00:29:08,720 --> 00:29:11,840 Speaker 1: credit card application. Every time you apply, you'll get a 616 00:29:11,920 --> 00:29:14,480 Speaker 1: ding to your credit score that will take some time 617 00:29:14,480 --> 00:29:17,040 Speaker 1: to recover, and applying, you know, for two or three 618 00:29:17,160 --> 00:29:19,240 Speaker 1: cards in a short amount of time, that's gonna be 619 00:29:19,240 --> 00:29:21,800 Speaker 1: a red flag. Something else to consider as well is 620 00:29:21,840 --> 00:29:24,120 Speaker 1: that if you're planning to finance a bigger purchase like 621 00:29:24,160 --> 00:29:26,640 Speaker 1: a car or a home, right, if you're looking at 622 00:29:26,640 --> 00:29:29,560 Speaker 1: getting a new loan anytime soon, be sure to avoid 623 00:29:29,640 --> 00:29:32,120 Speaker 1: opening up any new lines of credit, you know, within 624 00:29:32,200 --> 00:29:34,880 Speaker 1: the preceding year if possible. So you don't want to 625 00:29:34,880 --> 00:29:37,560 Speaker 1: open any of these new lines of credits before any 626 00:29:37,600 --> 00:29:39,280 Speaker 1: of these big purchases, because you want to make sure 627 00:29:39,320 --> 00:29:41,760 Speaker 1: that your score is gonna be rock solid. That way, 628 00:29:41,800 --> 00:29:43,480 Speaker 1: you get the best loan terms and the best interest 629 00:29:43,560 --> 00:29:46,120 Speaker 1: rate possible. Yeah. One more kind of outside the box 630 00:29:46,200 --> 00:29:49,479 Speaker 1: way to to look at helping your credit score is 631 00:29:49,520 --> 00:29:51,200 Speaker 1: if you have a family member, like a parent, who 632 00:29:51,280 --> 00:29:53,360 Speaker 1: has great credit, you can ask them if they'd be 633 00:29:53,400 --> 00:29:55,480 Speaker 1: willing to make you an authorized user on one of 634 00:29:55,520 --> 00:29:58,240 Speaker 1: their credit cards, preferably one that has a long standing 635 00:29:58,320 --> 00:30:00,880 Speaker 1: history that they've had for ten or twelve of twenty years. 636 00:30:00,880 --> 00:30:02,840 Speaker 1: Even there are lots of credits. Have your parents out 637 00:30:02,840 --> 00:30:04,680 Speaker 1: there who do this for their kids in order to 638 00:30:04,720 --> 00:30:07,920 Speaker 1: help them establish solid credit footing. This will quickly help 639 00:30:07,920 --> 00:30:10,040 Speaker 1: your score rise, and it could be a great way 640 00:30:10,080 --> 00:30:12,120 Speaker 1: to help your kids kind of get started on the 641 00:30:12,200 --> 00:30:15,080 Speaker 1: right path when it comes to their credit standing. And Matt, 642 00:30:15,120 --> 00:30:17,440 Speaker 1: we've talked about this so many times. Your credit score 643 00:30:17,480 --> 00:30:19,560 Speaker 1: is one of those things that is so important in 644 00:30:19,560 --> 00:30:22,000 Speaker 1: modern society. You need to pay special attention to it, 645 00:30:22,040 --> 00:30:24,840 Speaker 1: because it impacts everything from the rate you're gonna pay 646 00:30:24,920 --> 00:30:26,719 Speaker 1: on a mortgage or a car loan to the rate 647 00:30:26,720 --> 00:30:29,280 Speaker 1: you might pay for for homeowners insurance as well. I mean, 648 00:30:29,320 --> 00:30:33,080 Speaker 1: there's so many impacts of that credit score on your finances, 649 00:30:33,280 --> 00:30:35,240 Speaker 1: and so I'm glad that Eric is thinking about this 650 00:30:35,320 --> 00:30:37,440 Speaker 1: because taking a long, hard look at your credit score 651 00:30:37,600 --> 00:30:40,440 Speaker 1: and working to improve it is definitely one of those 652 00:30:40,480 --> 00:30:42,600 Speaker 1: important things to do when you're kind of setting out 653 00:30:42,640 --> 00:30:45,640 Speaker 1: on your personal finance journey. Ye. Man, it's implications are 654 00:30:45,760 --> 00:30:48,280 Speaker 1: pretty far reaching. All right, let's go ahead and shift gears. 655 00:30:48,280 --> 00:30:51,360 Speaker 1: Now let's get back to the beer for this episode. Um, 656 00:30:51,400 --> 00:30:53,720 Speaker 1: this is a beer, another one that Andy donated to 657 00:30:53,760 --> 00:30:56,240 Speaker 1: the show. So Andy, thank you again for donating this one. 658 00:30:56,280 --> 00:30:58,280 Speaker 1: He sent this one to us in a crawler, so 659 00:30:58,400 --> 00:31:01,800 Speaker 1: that means he probably was there at the himself when 660 00:31:01,840 --> 00:31:03,640 Speaker 1: they filled this one up, which is pretty cool. This 661 00:31:03,680 --> 00:31:06,280 Speaker 1: one is called Berry Salty, and this is a lightly 662 00:31:06,280 --> 00:31:09,880 Speaker 1: fruited goza and this one was brewed by Talisman Brewing Company. 663 00:31:10,080 --> 00:31:11,640 Speaker 1: Do I'll let you take the first go at it. 664 00:31:11,880 --> 00:31:13,680 Speaker 1: What were your thoughts on this beer, buddy? So it's 665 00:31:13,680 --> 00:31:17,880 Speaker 1: called berry Salty, so very salty, so very It really 666 00:31:17,920 --> 00:31:20,800 Speaker 1: does kind of taste like eating a raspberry with a 667 00:31:20,840 --> 00:31:23,160 Speaker 1: little bit of sea salt on it, which is kind 668 00:31:23,200 --> 00:31:25,520 Speaker 1: of what I was expecting actually, based on the name 669 00:31:25,600 --> 00:31:27,640 Speaker 1: and based on, you know, the initial look of the 670 00:31:27,640 --> 00:31:29,800 Speaker 1: beer and the smell of it, and it was pretty 671 00:31:29,800 --> 00:31:31,720 Speaker 1: spot on. I feel like they named it well, and 672 00:31:31,800 --> 00:31:34,720 Speaker 1: I love raspberry beers, and in particular, with a little 673 00:31:34,720 --> 00:31:36,480 Speaker 1: bit of that salt, it rounds it out and kind 674 00:31:36,480 --> 00:31:39,280 Speaker 1: of creates two different dynamics going on. I really enjoyed 675 00:31:39,280 --> 00:31:41,000 Speaker 1: this one because it's like, right up my alley. Yeah, 676 00:31:41,040 --> 00:31:42,960 Speaker 1: you also like putting salt on all of your fruit, 677 00:31:43,080 --> 00:31:47,400 Speaker 1: don't you know? I wouldn't say necessarily that people do that, right, 678 00:31:47,600 --> 00:31:51,040 Speaker 1: Some people don't salt on watermelon. Oh yeah, some people 679 00:31:51,040 --> 00:31:52,960 Speaker 1: think that's an actual thing. I don't even eat watermelon, 680 00:31:53,040 --> 00:31:56,400 Speaker 1: so what ever, ever, what's wrong with you? I don't know. 681 00:31:56,400 --> 00:31:59,640 Speaker 1: I don't like watermelon. I like most fruits, but watermelon 682 00:31:59,680 --> 00:32:01,360 Speaker 1: just isn't out one of them. I don't. I don't 683 00:32:01,360 --> 00:32:03,600 Speaker 1: think there's a single fruit that I don't like. All 684 00:32:03,640 --> 00:32:05,880 Speaker 1: the fruits. Man in my six year old get along 685 00:32:06,280 --> 00:32:08,520 Speaker 1: you get along so well. Her and I were actually 686 00:32:08,520 --> 00:32:12,200 Speaker 1: both fighting over some chaerries the other day. So my thoughts, Man, 687 00:32:12,200 --> 00:32:14,000 Speaker 1: I really like this beery it was. I felt it 688 00:32:14,040 --> 00:32:16,560 Speaker 1: was lightly fruity. Sometimes I feel like raspberry beers can 689 00:32:16,760 --> 00:32:19,280 Speaker 1: kind of overdo it. I do enjoy raspberries, but only 690 00:32:19,280 --> 00:32:22,280 Speaker 1: in moderation, I'll say that. But this was a goza segment. 691 00:32:22,360 --> 00:32:25,240 Speaker 1: It had a slightly briny flavor to it. It almost 692 00:32:25,240 --> 00:32:28,360 Speaker 1: makes this beer kind of savory. Uh, And then that 693 00:32:28,520 --> 00:32:30,959 Speaker 1: mixed with with this light kind of berry flavor to it, 694 00:32:30,960 --> 00:32:33,959 Speaker 1: it made me think of tomatoes. Plus the color it's 695 00:32:34,000 --> 00:32:36,120 Speaker 1: kind of got got like this like light orange kind 696 00:32:36,120 --> 00:32:37,400 Speaker 1: of color to it kind of makes me think of 697 00:32:37,440 --> 00:32:39,840 Speaker 1: tomatoes as well. Plus it's in the middle of summer 698 00:32:40,160 --> 00:32:42,360 Speaker 1: and we've had some fresh tomatoes from our garden. But 699 00:32:42,440 --> 00:32:44,360 Speaker 1: because of that salt, it almost gives this beer and 700 00:32:44,640 --> 00:32:47,520 Speaker 1: umm a kind of flavory. You know about ummy. I've 701 00:32:47,520 --> 00:32:50,040 Speaker 1: heard you use the term. I'm not educated in the 702 00:32:50,040 --> 00:32:53,000 Speaker 1: ways of mom is terms. It's it's one of those 703 00:32:53,120 --> 00:32:56,480 Speaker 1: terms where it's like salty, sweet, sour, bitter, and it's 704 00:32:56,520 --> 00:33:00,480 Speaker 1: like tomatoes and steak like meat. Our supposed to have 705 00:33:00,480 --> 00:33:03,280 Speaker 1: this additional flavor and they call it umm a because 706 00:33:03,440 --> 00:33:05,800 Speaker 1: it doesn't really fall in any of the other categories 707 00:33:05,880 --> 00:33:09,000 Speaker 1: on its own. Uh, it's like this sort of savory richness, 708 00:33:09,240 --> 00:33:11,520 Speaker 1: and I feel like this beer totally has that, even 709 00:33:11,520 --> 00:33:15,440 Speaker 1: though we can probably easily call it salty. But I 710 00:33:15,440 --> 00:33:17,840 Speaker 1: think my head is also thinking about tomatoes as well, 711 00:33:17,880 --> 00:33:19,520 Speaker 1: because I know tonight that we're gonna have b l 712 00:33:19,560 --> 00:33:21,520 Speaker 1: T s and those tomatoes are going to be from 713 00:33:21,560 --> 00:33:24,440 Speaker 1: the garden as well, so it should be some particularly 714 00:33:24,480 --> 00:33:26,840 Speaker 1: wonderful BLT s. Man. Yeah, and I actually probably will 715 00:33:26,840 --> 00:33:29,040 Speaker 1: put a little bit of salt on my tomato, not 716 00:33:29,120 --> 00:33:31,240 Speaker 1: on my raspberries, though I don't roll like that. Would 717 00:33:31,280 --> 00:33:33,560 Speaker 1: you ever drink a beer that had tomatoes in it? Like, 718 00:33:33,600 --> 00:33:35,360 Speaker 1: do you think that would be a wise thing to 719 00:33:35,440 --> 00:33:37,760 Speaker 1: brew a beer with tomatoes? Hey? I try it? I 720 00:33:37,760 --> 00:33:40,120 Speaker 1: mean seriously, Like, this beer really does take my palette 721 00:33:40,120 --> 00:33:42,720 Speaker 1: down that path of of savory and kind of umam a, 722 00:33:43,080 --> 00:33:44,760 Speaker 1: you know, not to the point to where it feels 723 00:33:44,760 --> 00:33:47,080 Speaker 1: like I'm like, you know, eating us a steak or 724 00:33:47,120 --> 00:33:49,040 Speaker 1: eating a tomato. But it just kind of reminds me 725 00:33:49,040 --> 00:33:50,840 Speaker 1: of that a little bit. So so I'm never gonna 726 00:33:50,880 --> 00:33:52,840 Speaker 1: knock anything until I try it. How about that? There 727 00:33:52,880 --> 00:33:54,400 Speaker 1: you go, I'd give it a shot to all Right, Matt, 728 00:33:54,400 --> 00:33:57,160 Speaker 1: that's gonna do it for for this episode. For anybody 729 00:33:57,200 --> 00:33:59,400 Speaker 1: who wants show notes for this episode, well you can 730 00:33:59,400 --> 00:34:01,480 Speaker 1: get to our website, how to Money dot com and 731 00:34:01,520 --> 00:34:03,840 Speaker 1: you'll get those there. Yeah, and we would also love 732 00:34:03,880 --> 00:34:06,080 Speaker 1: it if you were a subscriber to the show. So 733 00:34:06,120 --> 00:34:07,480 Speaker 1: if you haven't already done that, make sure you hit 734 00:34:07,520 --> 00:34:09,440 Speaker 1: that button. And if you haven't left us a review 735 00:34:09,520 --> 00:34:12,360 Speaker 1: over at Apple podcast we would be incredibly thankful if 736 00:34:12,400 --> 00:34:13,880 Speaker 1: you were to do that. Just head over to Apple 737 00:34:13,920 --> 00:34:16,439 Speaker 1: Podcasts and search how to Money, leave us a slid 738 00:34:16,480 --> 00:34:18,799 Speaker 1: review over there, and thanks in advance. So Joel, that's 739 00:34:18,840 --> 00:34:21,719 Speaker 1: going to be it, buddy. Until next time, Best Friends Out, 740 00:34:21,880 --> 00:34:23,080 Speaker 1: Best Friends Out.