1 00:00:00,080 --> 00:00:02,600 Speaker 1: Welcome to How the Money. I'm Joel, I'm Matt, and 2 00:00:02,640 --> 00:00:24,720 Speaker 1: today we are answering your listener questions. My name is Matt. 3 00:00:24,960 --> 00:00:27,880 Speaker 1: I need to enunciate when we do our intros. Folks 4 00:00:27,880 --> 00:00:29,520 Speaker 1: who are listening for the first time, we're thinking, who's 5 00:00:29,520 --> 00:00:31,639 Speaker 1: that other guy? Don't even allow it in man, you 6 00:00:31,680 --> 00:00:34,680 Speaker 1: know you gotta an effort into everything you started before 7 00:00:34,720 --> 00:00:36,040 Speaker 1: I was, I was quite ready. I was taking a 8 00:00:36,040 --> 00:00:38,600 Speaker 1: sip of my beer, which we will get to later 9 00:00:38,760 --> 00:00:41,080 Speaker 1: on in this episode. But this is our ask How 10 00:00:41,080 --> 00:00:44,239 Speaker 1: the Money episode where we're gonna answer it five different questions. 11 00:00:44,640 --> 00:00:48,200 Speaker 1: By the way, some of our question askers have slipped 12 00:00:48,200 --> 00:00:50,600 Speaker 1: in multiple questions and so we're not necessarily going to 13 00:00:50,640 --> 00:00:52,680 Speaker 1: get to five. In one case that there's like four 14 00:00:52,720 --> 00:00:56,280 Speaker 1: distinct questions that he's got, But I'm looking forward to 15 00:00:56,280 --> 00:00:59,640 Speaker 1: get into all of these listeners. She's asking about buying 16 00:00:59,680 --> 00:01:03,280 Speaker 1: a um Fizbo red flags to look out for other 17 00:01:03,320 --> 00:01:06,040 Speaker 1: things to keep in mind. Another listener she is asking 18 00:01:06,080 --> 00:01:10,120 Speaker 1: about getting ahead on a small salary, a librarians salary. 19 00:01:10,160 --> 00:01:12,600 Speaker 1: Looking forward to tackling that one, as well as one 20 00:01:12,800 --> 00:01:17,240 Speaker 1: about vegan banking. What does that even mean? That'll be 21 00:01:17,280 --> 00:01:19,959 Speaker 1: a good one. As well, plus a couple others. That's right, 22 00:01:20,000 --> 00:01:21,479 Speaker 1: all right, we'll get to those in just a second. 23 00:01:21,720 --> 00:01:23,399 Speaker 1: Before we get to that, mat, I just wanted to 24 00:01:23,400 --> 00:01:26,760 Speaker 1: mention I feel like I'm seeing more stuff about budget 25 00:01:26,840 --> 00:01:31,559 Speaker 1: billing right now. And our local power company just sent 26 00:01:31,640 --> 00:01:34,720 Speaker 1: me something in the mail with my bill and they're like, hey, 27 00:01:34,959 --> 00:01:36,960 Speaker 1: if you want to do budget billing, just call this number. Well, 28 00:01:37,040 --> 00:01:38,399 Speaker 1: we'll get you set up. Or maybe it was like 29 00:01:38,440 --> 00:01:40,760 Speaker 1: visit this website. I don't remember it. Either way, I 30 00:01:40,800 --> 00:01:42,840 Speaker 1: threw it in the trash. And I know a lot 31 00:01:42,840 --> 00:01:45,039 Speaker 1: of people out there, especially how the money listeners, they 32 00:01:45,120 --> 00:01:48,280 Speaker 1: might think, why man like budget billing? That sounds like 33 00:01:48,320 --> 00:01:50,400 Speaker 1: something man Joel would be all about. It does seem 34 00:01:50,440 --> 00:01:53,160 Speaker 1: like something we would be all about. Right where every 35 00:01:53,200 --> 00:01:56,480 Speaker 1: single bill is the same all year long and you 36 00:01:56,520 --> 00:02:00,360 Speaker 1: can plan accordingly. Well, I think my aversion to budget 37 00:02:00,360 --> 00:02:02,840 Speaker 1: billing is not about that. I don't mind the fact 38 00:02:02,880 --> 00:02:04,160 Speaker 1: that all your bills are the same. I think it's 39 00:02:04,160 --> 00:02:07,400 Speaker 1: okay in some ways, But the problem is when all 40 00:02:07,440 --> 00:02:09,480 Speaker 1: your bills are the same, it's harder to pay attention 41 00:02:09,760 --> 00:02:12,720 Speaker 1: to your usage and cut back. Because I actually like 42 00:02:12,800 --> 00:02:15,280 Speaker 1: getting a bill that's like a little higher than I 43 00:02:15,320 --> 00:02:18,480 Speaker 1: expected freaking out just a bit and then adjusting my usage, 44 00:02:18,520 --> 00:02:22,160 Speaker 1: like turning the thermostat up in the summer and down 45 00:02:22,200 --> 00:02:24,359 Speaker 1: in the winter, right just to prevent using as much 46 00:02:24,480 --> 00:02:27,280 Speaker 1: energy as I have been using. So I think budget 47 00:02:27,320 --> 00:02:30,120 Speaker 1: billing you might see a call for, especially as energy 48 00:02:30,120 --> 00:02:32,960 Speaker 1: prices are going up, you might be more inclined to 49 00:02:33,040 --> 00:02:35,840 Speaker 1: participate in something like budget billing, but for electricity or 50 00:02:35,960 --> 00:02:38,480 Speaker 1: natural gas in particular. I just think for a lot 51 00:02:38,480 --> 00:02:40,280 Speaker 1: of people though, it doesn't make the most sense because 52 00:02:40,639 --> 00:02:43,320 Speaker 1: you're you'll become less price sensitive exactly, and we want 53 00:02:43,400 --> 00:02:46,480 Speaker 1: you to be incredibly sensitive. Not I mean there's certain 54 00:02:46,560 --> 00:02:49,000 Speaker 1: levels of sensitivity, right, like if you have if you're 55 00:02:49,000 --> 00:02:52,040 Speaker 1: on top of things like should you be freaking out 56 00:02:52,080 --> 00:02:55,040 Speaker 1: about you know, the price of apples going up ten 57 00:02:55,080 --> 00:02:57,320 Speaker 1: cents a pound? Probably not? If you love apples, get 58 00:02:57,320 --> 00:03:00,160 Speaker 1: the dang apples. There's a balance to strike. But man, 59 00:03:00,200 --> 00:03:02,600 Speaker 1: I was going to ask you, did y'all lock into 60 00:03:02,680 --> 00:03:04,880 Speaker 1: speaking of like budget building, it makes me think of 61 00:03:05,200 --> 00:03:08,360 Speaker 1: vary more rates with natural gas. I am so stinking 62 00:03:08,639 --> 00:03:10,920 Speaker 1: happy and so like we bought our house back in April, 63 00:03:11,400 --> 00:03:13,959 Speaker 1: uh and I locked in for like a year, maybe 64 00:03:13,960 --> 00:03:15,680 Speaker 1: even two years because I was like, man, if it 65 00:03:15,720 --> 00:03:19,600 Speaker 1: seems like they're just talking about the nord Jan pipeline 66 00:03:19,639 --> 00:03:21,120 Speaker 1: all of this stuff, I was like, I don't know 67 00:03:21,200 --> 00:03:22,960 Speaker 1: the future holes, but it doesn't seem like prices are 68 00:03:23,080 --> 00:03:25,960 Speaker 1: necessarily going to get cheaper. But seeing where they've gone 69 00:03:26,000 --> 00:03:28,160 Speaker 1: over the like over the past few months, it has 70 00:03:28,520 --> 00:03:31,800 Speaker 1: just reinforced that I think it often makes more sense 71 00:03:31,880 --> 00:03:34,280 Speaker 1: just to go ahead and lock in and if prices 72 00:03:34,320 --> 00:03:38,080 Speaker 1: do drop oftentimes other companies will have um different promotions 73 00:03:38,080 --> 00:03:40,600 Speaker 1: where they'll pay for your your breakup fee, basically like 74 00:03:40,640 --> 00:03:44,600 Speaker 1: there's those early termination fees. And every state has not 75 00:03:44,760 --> 00:03:47,440 Speaker 1: not everyone has the ability to shop their natural gas, 76 00:03:47,840 --> 00:03:49,400 Speaker 1: so much of it depends on what state you live in. 77 00:03:49,480 --> 00:03:51,560 Speaker 1: We do here in Georgia, we do here, and I 78 00:03:51,640 --> 00:03:53,640 Speaker 1: but I agree. And when you look at sometimes it's 79 00:03:53,640 --> 00:03:55,760 Speaker 1: like a hundred fifty bucks that they're willing to credit 80 00:03:55,800 --> 00:03:57,800 Speaker 1: you in order to go with a new company, And 81 00:03:57,800 --> 00:04:00,280 Speaker 1: if you're able to get that cost covered and then 82 00:04:00,320 --> 00:04:02,520 Speaker 1: be go with the company who has a much lower rate, 83 00:04:02,560 --> 00:04:03,680 Speaker 1: well it would make a lot of sense to go 84 00:04:03,680 --> 00:04:05,560 Speaker 1: ahead and make that move. Yeah, I agree. And and 85 00:04:05,680 --> 00:04:09,000 Speaker 1: of course energy is getting more expensive, not as expensive 86 00:04:09,040 --> 00:04:10,800 Speaker 1: as it's getting in a lot of parts of Europe. 87 00:04:10,800 --> 00:04:12,760 Speaker 1: But it's still it's still something. It's going to impact 88 00:04:12,760 --> 00:04:15,840 Speaker 1: our budgets moving forward into this winter, and so your 89 00:04:15,920 --> 00:04:18,479 Speaker 1: usage is something to be aware of. And you don't 90 00:04:18,480 --> 00:04:20,920 Speaker 1: want to probably keep thermostat at like fifty degrees in 91 00:04:20,960 --> 00:04:23,360 Speaker 1: the middle of December or anything like that, like Matt 92 00:04:23,400 --> 00:04:26,080 Speaker 1: and Kate when right after they first got married. You 93 00:04:26,120 --> 00:04:28,200 Speaker 1: don't want to go that hardcore. But putting on a 94 00:04:28,200 --> 00:04:30,640 Speaker 1: sweater and keeping in a couple of degrees colder than 95 00:04:30,680 --> 00:04:33,880 Speaker 1: you normally would is it's it's gonna help your budget. 96 00:04:33,920 --> 00:04:36,880 Speaker 1: It's it's gonna make that bill smaller, and that's gonna 97 00:04:37,040 --> 00:04:39,800 Speaker 1: help your body get by that seven pack of long John's. 98 00:04:39,880 --> 00:04:42,400 Speaker 1: And just constantly wear a layer. I mean, I think 99 00:04:42,400 --> 00:04:45,120 Speaker 1: that that that that is such an underrated thing to do. 100 00:04:45,440 --> 00:04:47,200 Speaker 1: I don't know what it is, like are people too 101 00:04:47,240 --> 00:04:50,200 Speaker 1: good to wear additional layers under their regular clothes? But 102 00:04:50,320 --> 00:04:52,160 Speaker 1: I am. I am all about that. We've gotten used 103 00:04:52,160 --> 00:04:53,839 Speaker 1: to the fancy life where we can wear short than 104 00:04:53,920 --> 00:04:56,560 Speaker 1: our houses in the winter and constantly yeah, like I'm 105 00:04:56,560 --> 00:04:58,560 Speaker 1: just a walk around naked, Like, no, maybe you should 106 00:04:58,560 --> 00:05:01,200 Speaker 1: put some clothes on a b Maybe it's just wear 107 00:05:01,279 --> 00:05:02,560 Speaker 1: some more clothes to stay warm, and the one thing 108 00:05:02,640 --> 00:05:04,719 Speaker 1: sometimes it helps us appreciate, right the reality that we 109 00:05:04,760 --> 00:05:07,919 Speaker 1: do have modern luxuries like heat and air conditioning in 110 00:05:07,920 --> 00:05:10,480 Speaker 1: our homes. I mean those those are still fairly recent 111 00:05:10,520 --> 00:05:12,760 Speaker 1: occurrences when you're talking about zoom zoom and out and 112 00:05:12,760 --> 00:05:15,120 Speaker 1: looking at the timeline of history, and maybe part of 113 00:05:15,120 --> 00:05:17,440 Speaker 1: being thankful for it is not abusing it and also 114 00:05:17,520 --> 00:05:20,680 Speaker 1: saving shaving your your some of your money for other 115 00:05:20,720 --> 00:05:22,960 Speaker 1: things at the same time, not just for paying the 116 00:05:22,960 --> 00:05:25,520 Speaker 1: power company. But Matt Let's mentioned the beer we're having 117 00:05:25,560 --> 00:05:28,159 Speaker 1: on this episode. This one is called Pistol Pete's eighteen 118 00:05:28,240 --> 00:05:30,880 Speaker 1: eighty eight blond Dale. It's by Bosque Brewing. We'll give 119 00:05:30,880 --> 00:05:32,520 Speaker 1: our thoughts on this one at the end of the episode, 120 00:05:32,680 --> 00:05:35,120 Speaker 1: but let's get to listener questions. And if you have 121 00:05:35,160 --> 00:05:36,839 Speaker 1: a question for us, we'd love to hear it. Just 122 00:05:36,880 --> 00:05:39,559 Speaker 1: go to how to money dot com slash ask there's 123 00:05:39,839 --> 00:05:43,240 Speaker 1: simple directions for you to record voice memo and send 124 00:05:43,279 --> 00:05:44,640 Speaker 1: it our way so we can take it hopefully on 125 00:05:44,680 --> 00:05:48,320 Speaker 1: the next ask HTM episode. And this first question comes 126 00:05:48,400 --> 00:05:50,760 Speaker 1: from a listener who's asking whether or not he should 127 00:05:50,800 --> 00:05:54,080 Speaker 1: get a new credit card. Hey, guys, it's Chase from Ohio. 128 00:05:54,440 --> 00:05:57,719 Speaker 1: I'm a longtime listener and love the podcast. So I 129 00:05:57,760 --> 00:06:00,840 Speaker 1: currently have to credit cards, but limits on them are 130 00:06:00,839 --> 00:06:05,080 Speaker 1: only nine hundred dollars and dollars. Therefore, having under a 131 00:06:05,120 --> 00:06:09,320 Speaker 1: ten percent utilization to optimize my credit score is fairly difficult. 132 00:06:10,080 --> 00:06:12,480 Speaker 1: I was a result, I was looking towards acquiring another 133 00:06:12,520 --> 00:06:16,120 Speaker 1: credit card to raise my total credit card limit. Now 134 00:06:16,160 --> 00:06:19,640 Speaker 1: that being said, I'm also looking to possibly buy an 135 00:06:19,640 --> 00:06:22,800 Speaker 1: engagement ring here in the near future, and I could 136 00:06:22,880 --> 00:06:25,320 Speaker 1: use this purchase to help fulfill the sign on bonus 137 00:06:25,320 --> 00:06:29,240 Speaker 1: requirements for that new card. Now, I do have enough 138 00:06:29,360 --> 00:06:31,440 Speaker 1: cash on hand to pay for the ring up front, 139 00:06:31,800 --> 00:06:34,279 Speaker 1: and therefore I would be able to avoid the credit 140 00:06:34,320 --> 00:06:37,640 Speaker 1: card transaction fees. So what option do you think I 141 00:06:37,640 --> 00:06:40,920 Speaker 1: should do? Should I pay cash for the whole ring 142 00:06:41,560 --> 00:06:44,680 Speaker 1: and as a result, I avoid the transaction fee, but 143 00:06:45,080 --> 00:06:47,320 Speaker 1: I would not acquire a new credit card and I 144 00:06:47,360 --> 00:06:50,400 Speaker 1: would not get the sign on bonus. Or should I 145 00:06:50,440 --> 00:06:52,960 Speaker 1: pay for the majority of the ring with cash and 146 00:06:53,000 --> 00:06:55,400 Speaker 1: then use the new credit card to pay for the 147 00:06:55,440 --> 00:06:58,520 Speaker 1: remaining balance You know ideally would be the minimum to 148 00:06:58,600 --> 00:07:01,480 Speaker 1: get the sign on bonus and therefore I would be 149 00:07:01,520 --> 00:07:03,360 Speaker 1: able to get a new credit card, and I would 150 00:07:03,360 --> 00:07:06,080 Speaker 1: also get the sign on botus with it, but I 151 00:07:06,120 --> 00:07:09,360 Speaker 1: would have to pay the credit card transaction fee. I 152 00:07:09,400 --> 00:07:11,360 Speaker 1: would love to hear you guys thoughts on what route 153 00:07:11,360 --> 00:07:15,239 Speaker 1: you think um I should take. Thanks so much, alright, Chase, 154 00:07:15,360 --> 00:07:18,560 Speaker 1: thanks so much for your question. Before we get to 155 00:07:18,920 --> 00:07:21,440 Speaker 1: get to the answer, First of all, congrats on hopefully 156 00:07:21,520 --> 00:07:24,560 Speaker 1: very soon you will be an engaged man. And uh, 157 00:07:24,640 --> 00:07:26,440 Speaker 1: what a great time to get on top of your 158 00:07:26,480 --> 00:07:29,920 Speaker 1: finances to figure out how to make the most out 159 00:07:29,920 --> 00:07:32,560 Speaker 1: of all the different dollars that you're spending, funneling that 160 00:07:32,560 --> 00:07:34,520 Speaker 1: through a credit card. Uh. And so to go ahead 161 00:07:34,520 --> 00:07:37,120 Speaker 1: and answer your question, we think that getting another credit 162 00:07:37,160 --> 00:07:40,400 Speaker 1: card in order to raise your your credit limit, we 163 00:07:40,400 --> 00:07:42,960 Speaker 1: think that would be a smart move. And getting one 164 00:07:43,320 --> 00:07:45,760 Speaker 1: now that will also give you a sweet sign up bonus. 165 00:07:45,800 --> 00:07:48,480 Speaker 1: That would be a double win. I wish that back 166 00:07:48,520 --> 00:07:50,160 Speaker 1: when I was when I bought a ring for Kate, 167 00:07:50,560 --> 00:07:52,480 Speaker 1: I wish I was as savvy as you are, because 168 00:07:52,520 --> 00:07:55,160 Speaker 1: I'm pretty sure I recall signing up for the store 169 00:07:55,160 --> 00:07:58,520 Speaker 1: credit card at the at the jeweler that was there, 170 00:07:58,520 --> 00:08:01,960 Speaker 1: and they were offering like a small discount, and I like, 171 00:08:02,040 --> 00:08:05,480 Speaker 1: in retrospect, looking back, I know I could have gotten 172 00:08:05,520 --> 00:08:08,440 Speaker 1: a much better deal with another sign up bonus paid 173 00:08:08,440 --> 00:08:11,080 Speaker 1: for the honeymoon independently with credit card points. If you had, 174 00:08:11,360 --> 00:08:13,920 Speaker 1: probably probably could on the right direction. But I did 175 00:08:14,000 --> 00:08:17,120 Speaker 1: not do that. So Chase, props to you for just 176 00:08:17,160 --> 00:08:18,760 Speaker 1: getting ahead of it, getting on top of things. Man. 177 00:08:19,000 --> 00:08:21,520 Speaker 1: All right, random thought here, Matt, I think Chase should 178 00:08:21,520 --> 00:08:24,040 Speaker 1: also if they're not doing some marriage counseling. I think 179 00:08:24,040 --> 00:08:25,840 Speaker 1: that's going to be important once they do get engaged. 180 00:08:26,200 --> 00:08:28,680 Speaker 1: And a lot of times when you're going through marriage counselink, 181 00:08:28,720 --> 00:08:31,960 Speaker 1: like the people, depending on who's who's leading it, nobody 182 00:08:31,960 --> 00:08:34,400 Speaker 1: talks about money. But I feel like you guys have 183 00:08:34,440 --> 00:08:36,240 Speaker 1: to get on the same page when it comes to 184 00:08:36,240 --> 00:08:39,079 Speaker 1: money before you tie the not So, even if nobody 185 00:08:39,080 --> 00:08:42,040 Speaker 1: else is leading that conversation for you guys, Chase, it's 186 00:08:42,120 --> 00:08:44,440 Speaker 1: up to you to to start leading that conversation to 187 00:08:44,480 --> 00:08:47,800 Speaker 1: make sure you guys are talking about uh, money habits, 188 00:08:47,880 --> 00:08:50,360 Speaker 1: how you guys want to handle money together, and money 189 00:08:50,360 --> 00:08:53,200 Speaker 1: goals that you might have, and and having those combos 190 00:08:53,280 --> 00:08:56,319 Speaker 1: before marriage. I think it's just you're setting setting a 191 00:08:56,320 --> 00:08:59,160 Speaker 1: salad foundation for your future. And but Matt, let's keep 192 00:08:59,200 --> 00:09:02,000 Speaker 1: talking about the credit card question that Chase has because 193 00:09:02,520 --> 00:09:04,640 Speaker 1: I would say he can and should reach out to 194 00:09:04,679 --> 00:09:07,360 Speaker 1: the issuers of the credit cards he currently has to 195 00:09:07,360 --> 00:09:10,160 Speaker 1: see if maybe they can raise his credit limit. He 196 00:09:10,200 --> 00:09:13,480 Speaker 1: can do that online or over the phone. And uh, Chase, 197 00:09:13,480 --> 00:09:15,160 Speaker 1: if you've been a customer for a while and you've 198 00:09:15,200 --> 00:09:17,880 Speaker 1: always paid on time, they'll often raise that limit as 199 00:09:17,880 --> 00:09:20,000 Speaker 1: a courtesy to you. Let's say you've been a customer 200 00:09:20,000 --> 00:09:22,079 Speaker 1: for three years and you've never paid late. They might 201 00:09:22,080 --> 00:09:23,600 Speaker 1: be like, sure, yeah, we'll give you a four thousand 202 00:09:23,600 --> 00:09:26,480 Speaker 1: dollar bump in your credit limit. And what that's huge? 203 00:09:26,559 --> 00:09:28,439 Speaker 1: That helps me out a lot. And all you have 204 00:09:28,520 --> 00:09:30,560 Speaker 1: to do is ask yeah, I mean literally, you don't. 205 00:09:30,679 --> 00:09:33,319 Speaker 1: You don't typically have to even call and talk to anybody. 206 00:09:33,360 --> 00:09:35,319 Speaker 1: Like oftentimes there's links right there. It's like one of 207 00:09:35,360 --> 00:09:39,000 Speaker 1: the main menu navigations to limit increase, and like you 208 00:09:39,040 --> 00:09:41,880 Speaker 1: will find out and like ten seconds whether or not 209 00:09:42,400 --> 00:09:44,640 Speaker 1: your credit limit just increased by you know, like two 210 00:09:44,720 --> 00:09:47,080 Speaker 1: or three x. And they might ask for a couple 211 00:09:47,120 --> 00:09:50,000 Speaker 1: of updates about your financial status. Right They typically want 212 00:09:50,000 --> 00:09:51,840 Speaker 1: to know if there's been an increase in your income, 213 00:09:51,880 --> 00:09:54,040 Speaker 1: so if you have that in your corner, like if 214 00:09:54,040 --> 00:09:55,960 Speaker 1: you're making more money now than you were when you 215 00:09:56,400 --> 00:09:58,319 Speaker 1: initially signed up for that credit card. That could help 216 00:09:58,440 --> 00:10:00,960 Speaker 1: justify your request, right, And the truth is that just 217 00:10:01,000 --> 00:10:03,480 Speaker 1: by that one action, right, getting your credit limit boosted 218 00:10:03,480 --> 00:10:05,120 Speaker 1: on those cards, it's going to be a massive help 219 00:10:05,160 --> 00:10:06,920 Speaker 1: to your score. It's one It's like one of those 220 00:10:06,920 --> 00:10:08,600 Speaker 1: pieces of low hanging fruit, and not a lot of 221 00:10:08,600 --> 00:10:11,160 Speaker 1: people often think to do. But yeah, like you said, Matt, 222 00:10:11,240 --> 00:10:13,320 Speaker 1: could take ten seconds, and it could boost your score 223 00:10:13,640 --> 00:10:17,240 Speaker 1: by a significant margin in the coming months. Yeah, exactly. 224 00:10:17,280 --> 00:10:18,920 Speaker 1: And and just for everyone out there who's wondering why 225 00:10:18,960 --> 00:10:22,160 Speaker 1: that's the case, the credit bureaus, they place a big 226 00:10:22,200 --> 00:10:26,480 Speaker 1: focus on your credit utilization rate. They want you to 227 00:10:26,520 --> 00:10:28,640 Speaker 1: have access to a lot of debt but then not 228 00:10:28,800 --> 00:10:31,440 Speaker 1: actually use very much of it, which is such an 229 00:10:31,480 --> 00:10:33,920 Speaker 1: odd little relationship. It kind of makes sense. It's just 230 00:10:33,960 --> 00:10:36,440 Speaker 1: like but it's like, we want to see that you're capable, 231 00:10:36,559 --> 00:10:40,320 Speaker 1: but that you are willing to show some restraint. We 232 00:10:40,360 --> 00:10:42,800 Speaker 1: want to know that your fridge is thock full of food, 233 00:10:43,000 --> 00:10:46,120 Speaker 1: but you're not going to sit down and completely gorge yourself, right, Like, 234 00:10:46,160 --> 00:10:49,640 Speaker 1: it's a similar, similar thing. Ideally, you would be using 235 00:10:49,760 --> 00:10:52,280 Speaker 1: less than ten percent of the credit that you have 236 00:10:52,360 --> 00:10:54,960 Speaker 1: available to you each and every month, chase. And so 237 00:10:55,000 --> 00:10:57,600 Speaker 1: if you typically charge let's say five bucks a month, 238 00:10:57,920 --> 00:11:00,360 Speaker 1: but your your credit limit is only fifteen hund dollars, 239 00:11:00,640 --> 00:11:02,480 Speaker 1: even if you pay it off on time and in 240 00:11:02,520 --> 00:11:04,719 Speaker 1: full every single month, it is going to hinder your 241 00:11:04,720 --> 00:11:08,160 Speaker 1: credit score and the upper echelon of you know, eight 242 00:11:08,320 --> 00:11:10,120 Speaker 1: hundred plus that you might be able to reach. But 243 00:11:10,160 --> 00:11:11,839 Speaker 1: if you can get that limit and say race to 244 00:11:11,920 --> 00:11:15,360 Speaker 1: five thousand dollars, just that one little change on their 245 00:11:15,440 --> 00:11:16,880 Speaker 1: end is going to be able to kind of put 246 00:11:16,880 --> 00:11:18,800 Speaker 1: you back in that sweet spot and you'll see your 247 00:11:18,840 --> 00:11:21,680 Speaker 1: score improve. Considering your your current limit is at a 248 00:11:21,720 --> 00:11:24,880 Speaker 1: total of yeah, I'm not surprised that it would be. 249 00:11:24,960 --> 00:11:26,960 Speaker 1: You know, that is difficult for you to keep that 250 00:11:27,000 --> 00:11:30,120 Speaker 1: credit utilization rates down and arrange that we want to 251 00:11:30,120 --> 00:11:32,520 Speaker 1: see it. That's right, Yeah, you to be an upper 252 00:11:32,520 --> 00:11:35,000 Speaker 1: echelon territory. We're talking about not charging more than two 253 00:11:35,960 --> 00:11:39,079 Speaker 1: a month on those credit cards, and that's that's tough 254 00:11:39,160 --> 00:11:41,720 Speaker 1: to do, right if you're if you're trying to if 255 00:11:41,760 --> 00:11:43,720 Speaker 1: you want to use credit cards in a way to 256 00:11:43,800 --> 00:11:47,200 Speaker 1: maximize to maximize points and rewards while still paying them 257 00:11:47,200 --> 00:11:48,960 Speaker 1: off on time and in full every month, that's like 258 00:11:49,000 --> 00:11:52,280 Speaker 1: one grocery store run in one trip to the gas, say, right, exactly, 259 00:11:53,240 --> 00:11:56,120 Speaker 1: So it's it's really you're probably using them more than 260 00:11:56,559 --> 00:11:59,680 Speaker 1: you should, at least for credit utilization purposes. So yeah, 261 00:11:59,679 --> 00:12:01,880 Speaker 1: getting that increase is going to help. But the other 262 00:12:01,920 --> 00:12:04,400 Speaker 1: answer maybe is is to do both right, to get 263 00:12:04,400 --> 00:12:06,559 Speaker 1: a new credit card all the hybrid approach, right, Yeah, 264 00:12:06,600 --> 00:12:09,040 Speaker 1: preferably one with a sweet sign of bonus that I 265 00:12:09,040 --> 00:12:12,160 Speaker 1: don't know, you can snag when making that bigger purchase 266 00:12:12,280 --> 00:12:15,000 Speaker 1: of a ring. And you might see a temporary decline 267 00:12:15,000 --> 00:12:17,400 Speaker 1: in your score for opening up that new card and 268 00:12:17,440 --> 00:12:20,000 Speaker 1: then buying that ring with it, But in the future, 269 00:12:20,000 --> 00:12:21,960 Speaker 1: having that a line of credit, that third line of 270 00:12:21,960 --> 00:12:23,840 Speaker 1: credit is quickly going to become a good thing for 271 00:12:23,880 --> 00:12:26,880 Speaker 1: your credit score. Specific cards worth looking at well. After 272 00:12:26,920 --> 00:12:29,040 Speaker 1: our conversation last week with Brian Kelly, I don't know, 273 00:12:29,040 --> 00:12:31,520 Speaker 1: maybe some of the top travel rewards credit cards, right, 274 00:12:31,520 --> 00:12:34,240 Speaker 1: We've got an article up on the site naming our 275 00:12:34,280 --> 00:12:37,280 Speaker 1: favorite travel rewards credit cards. There's the Chase Sapphire Preferred 276 00:12:37,320 --> 00:12:40,439 Speaker 1: Capital one Venture Rewards and the City Premier Card. Those 277 00:12:40,440 --> 00:12:42,440 Speaker 1: are just a few that we named. But you know, 278 00:12:42,480 --> 00:12:44,640 Speaker 1: not only are those cards excellent if you're looking to 279 00:12:44,640 --> 00:12:48,040 Speaker 1: travel in the future, let's say, book a honeymoon after 280 00:12:48,080 --> 00:12:51,720 Speaker 1: getting married something like that. Right, that's kind of a 281 00:12:51,840 --> 00:12:53,760 Speaker 1: nice use of some of those points you might be 282 00:12:53,800 --> 00:12:57,400 Speaker 1: able to accrue. But they're also fantastic cash back cards 283 00:12:57,440 --> 00:12:59,720 Speaker 1: from a bonus standpoint as well. So you can get 284 00:12:59,720 --> 00:13:01,679 Speaker 1: just a ton of points and you can use those 285 00:13:01,720 --> 00:13:03,160 Speaker 1: for cash if you want it, but they're even more 286 00:13:03,280 --> 00:13:06,480 Speaker 1: valuable using for travel and so yeah, and if you're 287 00:13:06,480 --> 00:13:08,880 Speaker 1: looking for just a straight up cash back card, the 288 00:13:08,920 --> 00:13:11,720 Speaker 1: City Double Cash card still has a sign up bonus, 289 00:13:11,720 --> 00:13:14,120 Speaker 1: which they've never offered before in the history of the card. 290 00:13:14,120 --> 00:13:15,679 Speaker 1: But I think you can get an extra two hundred 291 00:13:15,720 --> 00:13:18,680 Speaker 1: bucks right now. That's absolutely worth looking into as well. 292 00:13:18,720 --> 00:13:21,760 Speaker 1: But doing both getting the new credit card but also 293 00:13:22,120 --> 00:13:25,360 Speaker 1: attempting to get the higher limit on the cards you 294 00:13:25,360 --> 00:13:27,640 Speaker 1: currently have is a great way to go, that's right. Yeah, 295 00:13:27,640 --> 00:13:29,680 Speaker 1: So these I mean, in particular, getting a new card 296 00:13:30,040 --> 00:13:32,680 Speaker 1: that is a total no brainer, even with the annual fees, 297 00:13:33,080 --> 00:13:36,520 Speaker 1: simply because they're signent. Bonuses are going to be so attractive. Uh. 298 00:13:36,559 --> 00:13:39,520 Speaker 1: And actually, Chase, speaking of fees, you mentioned something about 299 00:13:39,640 --> 00:13:42,800 Speaker 1: a transaction fee for paying with a credit card. We 300 00:13:42,960 --> 00:13:45,600 Speaker 1: typically suggest that you not pay with a credit card 301 00:13:45,640 --> 00:13:48,000 Speaker 1: if the fees are there and they're going to outweigh 302 00:13:48,080 --> 00:13:51,400 Speaker 1: the rewards. And so for instance, paying like let's say 303 00:13:51,520 --> 00:13:53,400 Speaker 1: it's a small mom and pop kind of shop, they're 304 00:13:53,400 --> 00:13:55,280 Speaker 1: going to charge you a three percent fee, but you're 305 00:13:55,320 --> 00:13:57,920 Speaker 1: only going to get two percent cash back. Well, that means, 306 00:13:58,040 --> 00:13:59,800 Speaker 1: of course you're gonna have to eat a one percent 307 00:14:00,000 --> 00:14:03,280 Speaker 1: exaction fee or cost, but it's likely going to be 308 00:14:03,320 --> 00:14:05,120 Speaker 1: worth paying a fee if that big spin is going 309 00:14:05,160 --> 00:14:07,480 Speaker 1: to help you to snag you know, just such a 310 00:14:07,640 --> 00:14:10,280 Speaker 1: rich sign up bonus that we're that we mentioned with 311 00:14:10,360 --> 00:14:13,400 Speaker 1: those three or four cards specifically, Like you know, we 312 00:14:13,440 --> 00:14:15,560 Speaker 1: hate fees, but you've got to look at the big picture, 313 00:14:15,880 --> 00:14:18,319 Speaker 1: and in this case, it sounds like the rewards will 314 00:14:18,520 --> 00:14:22,480 Speaker 1: outweigh the fees. But also you you've mentioned using enough 315 00:14:22,520 --> 00:14:25,240 Speaker 1: of the card in order to snag that sign up bonus, 316 00:14:25,280 --> 00:14:28,000 Speaker 1: and if the fees that they're charging you as a 317 00:14:28,040 --> 00:14:31,360 Speaker 1: consumer are higher, it would make sense to do what 318 00:14:31,440 --> 00:14:33,680 Speaker 1: you's sort of like getting the match at work on 319 00:14:33,720 --> 00:14:36,000 Speaker 1: a four O one K, get the minimum spend amount 320 00:14:36,000 --> 00:14:38,240 Speaker 1: in order to snag that sign up bonus. But if 321 00:14:38,280 --> 00:14:41,600 Speaker 1: the credit card transaction fees are more than the rewards 322 00:14:41,600 --> 00:14:43,280 Speaker 1: that you're going to be earning well, then pay off 323 00:14:43,280 --> 00:14:46,360 Speaker 1: the additional balance the remainder with cash like you said, 324 00:14:46,360 --> 00:14:48,160 Speaker 1: that you do have on hand. Which is also the 325 00:14:48,160 --> 00:14:50,240 Speaker 1: best part here is that you're not necessarily going out 326 00:14:50,280 --> 00:14:54,000 Speaker 1: there racking up a bunch of expenses on things, you know, 327 00:14:54,080 --> 00:14:56,560 Speaker 1: crap that you don't need. This is a legitimate expense. 328 00:14:56,640 --> 00:14:59,200 Speaker 1: This is something that you're going to do anyways, so 329 00:14:59,360 --> 00:15:02,000 Speaker 1: you may as well take advantage of this opportunity to 330 00:15:02,400 --> 00:15:05,160 Speaker 1: to get that new card, to snag that sign up bonus, 331 00:15:05,200 --> 00:15:07,560 Speaker 1: but also just to have this additional line of credit, 332 00:15:07,720 --> 00:15:10,200 Speaker 1: you know, moving forward into the future, no doubt. So Chase, 333 00:15:10,320 --> 00:15:12,240 Speaker 1: best of black Man, keep up with good work, and 334 00:15:12,240 --> 00:15:15,280 Speaker 1: I wish i'll a successful lifelong marriage that is rich 335 00:15:15,400 --> 00:15:17,440 Speaker 1: in every sense of the word. So I love it. 336 00:15:17,480 --> 00:15:19,520 Speaker 1: All Right, We got more questions to get to, including 337 00:15:19,760 --> 00:15:22,000 Speaker 1: Matt that question from a frugal librarian. We'll get to 338 00:15:22,120 --> 00:15:32,920 Speaker 1: that and more right after this. All right, we are 339 00:15:32,960 --> 00:15:35,680 Speaker 1: back from the break. Take a listener questions, Joel, you 340 00:15:35,760 --> 00:15:38,920 Speaker 1: just refer to the frugal librarian, which almost sounds a 341 00:15:38,920 --> 00:15:41,400 Speaker 1: little bit redundant, right, Like, are there librarians out there 342 00:15:41,400 --> 00:15:44,600 Speaker 1: who are just like big spenders, not that I've met. 343 00:15:44,920 --> 00:15:47,920 Speaker 1: You know, they're typically they do like it's a certain type, 344 00:15:47,960 --> 00:15:49,920 Speaker 1: like during inter stereotype for a reason. Yeah, they probably 345 00:15:49,920 --> 00:15:53,560 Speaker 1: listen to NPR. Nice. They're very kind, I swear. When 346 00:15:53,560 --> 00:15:55,960 Speaker 1: we signed up for library cards recently because we moved 347 00:15:56,000 --> 00:15:57,360 Speaker 1: right to a new county and we had to get 348 00:15:57,360 --> 00:15:59,440 Speaker 1: new library cards, did you'll get one for each kid? 349 00:15:59,680 --> 00:16:03,479 Speaker 1: Yeah as well? Yeah, great, Yeah, they were incredibly accommodating. 350 00:16:04,160 --> 00:16:06,040 Speaker 1: My kids were so excited to have their own library 351 00:16:06,200 --> 00:16:08,760 Speaker 1: the first time. But it's just true. They're always becoming 352 00:16:08,760 --> 00:16:12,160 Speaker 1: their own people, quiet and kind. So let's get to 353 00:16:12,200 --> 00:16:15,600 Speaker 1: another question first, Matt. This one is about buying a 354 00:16:15,680 --> 00:16:20,160 Speaker 1: house from their neighbor. Hi, guys, my name is Josephine 355 00:16:20,600 --> 00:16:24,040 Speaker 1: and from Miami, Florida. I wanted to say thank you 356 00:16:24,160 --> 00:16:27,880 Speaker 1: so much. Your show has taught me so much and 357 00:16:28,080 --> 00:16:31,960 Speaker 1: I am thinking now about buying my neighbor's home for 358 00:16:32,160 --> 00:16:36,360 Speaker 1: sale by owner. I love this neighborhood and we'll be 359 00:16:36,360 --> 00:16:40,280 Speaker 1: getting an appraisal, but plan on forgoing a realtor. Are 360 00:16:40,280 --> 00:16:43,680 Speaker 1: there any red flags I should be concerned with? Thank you? 361 00:16:44,600 --> 00:16:47,080 Speaker 1: All right, Josephine, First of all, I love that you 362 00:16:47,080 --> 00:16:49,680 Speaker 1: are buying in a neighborhood that you love. I think 363 00:16:49,920 --> 00:16:51,960 Speaker 1: it sounds like I mean, what I picture is that 364 00:16:52,080 --> 00:16:55,160 Speaker 1: you've been renting in a particular neighborhood. You saw a 365 00:16:55,200 --> 00:16:58,320 Speaker 1: sign go up, and it's in old Mr. So and 366 00:16:58,360 --> 00:17:00,880 Speaker 1: So's house. Are it's to be a neighbor who you've 367 00:17:00,920 --> 00:17:02,960 Speaker 1: gotten to know, You've really gotten to know the street. 368 00:17:03,280 --> 00:17:05,560 Speaker 1: Uh and you are about to become a permanent fixture 369 00:17:05,640 --> 00:17:08,840 Speaker 1: within this neighborhood. That is the best. Uh So. Yeah, 370 00:17:08,920 --> 00:17:11,159 Speaker 1: this is a really exciting time for you. And the 371 00:17:11,240 --> 00:17:14,040 Speaker 1: great thing about buying a FISBO or for sale by 372 00:17:14,080 --> 00:17:16,600 Speaker 1: owner is that you can avoid one of the biggest 373 00:17:16,600 --> 00:17:20,400 Speaker 1: expenses involved in buying a home, realtor fees. But here's 374 00:17:20,400 --> 00:17:25,080 Speaker 1: the thing. Agents are massively helpful within the home buying process, right, 375 00:17:25,119 --> 00:17:26,840 Speaker 1: So it's kind of a I don't know, it's a 376 00:17:26,960 --> 00:17:29,639 Speaker 1: catch twenty two. It's not that they that they're just 377 00:17:29,680 --> 00:17:32,040 Speaker 1: good at like touring homes with you. Like. One of 378 00:17:32,080 --> 00:17:35,120 Speaker 1: the toughest parts of the entire process can be hammering 379 00:17:35,119 --> 00:17:38,280 Speaker 1: out a fair price. Negotiating is what we're talking about here, 380 00:17:38,440 --> 00:17:42,320 Speaker 1: and if you do that poorly, that can potentially result 381 00:17:42,320 --> 00:17:45,800 Speaker 1: in hurt feelings as you move forward with the agents 382 00:17:45,840 --> 00:17:48,800 Speaker 1: are typically like working with each other, there's the third party. 383 00:17:48,840 --> 00:17:51,080 Speaker 1: They provide that buffer. And so if you're negotiating with 384 00:17:51,119 --> 00:17:52,600 Speaker 1: your neighbor and you're like, I love you, man, but 385 00:17:52,720 --> 00:17:54,760 Speaker 1: I want to pay thirty dollars less for the house 386 00:17:54,760 --> 00:17:56,560 Speaker 1: and what you say it's worth, they might be like, 387 00:17:56,800 --> 00:17:58,919 Speaker 1: I'm never talking to you again, Whereas if the agents 388 00:17:58,920 --> 00:18:01,200 Speaker 1: are doing it, you kind of over those feelings exactly. Yeah, 389 00:18:01,280 --> 00:18:03,520 Speaker 1: Mr Mr Crockett, he is like, never gonna speak to 390 00:18:03,560 --> 00:18:05,240 Speaker 1: you again. And the rest of his family, who also 391 00:18:05,280 --> 00:18:07,400 Speaker 1: lives in the neighborhood, they will always look the other 392 00:18:07,400 --> 00:18:09,960 Speaker 1: way when they pass your house, or they might egget 393 00:18:10,000 --> 00:18:12,479 Speaker 1: too if they if they're really upset. And again not 394 00:18:12,520 --> 00:18:14,400 Speaker 1: to say that this can't be done, it definitely can, 395 00:18:14,480 --> 00:18:16,800 Speaker 1: but just know that without a third party, there's there's 396 00:18:16,880 --> 00:18:20,879 Speaker 1: more potential for there are being some emotional difficulty, for 397 00:18:20,920 --> 00:18:23,680 Speaker 1: there being some hurdles that you have to get over 398 00:18:23,720 --> 00:18:25,600 Speaker 1: in order for this to be a successful deal. Yeah. 399 00:18:25,800 --> 00:18:27,960 Speaker 1: So I think it's important to mention Matt right that 400 00:18:28,000 --> 00:18:31,359 Speaker 1: negotiating directly with someone you know it can get tricky, 401 00:18:31,600 --> 00:18:34,399 Speaker 1: But like you said, I think the savings are worth it. 402 00:18:34,480 --> 00:18:37,240 Speaker 1: If you know that in advance. So for for going 403 00:18:37,280 --> 00:18:41,399 Speaker 1: agent fees, which are typically around six ish percent of 404 00:18:41,440 --> 00:18:44,160 Speaker 1: the purchase price, is a big deal, right because that 405 00:18:44,160 --> 00:18:48,159 Speaker 1: that uh amounts to a substantial sum of money at 406 00:18:48,160 --> 00:18:50,040 Speaker 1: the end of the day. And you might be saying, 407 00:18:50,240 --> 00:18:53,080 Speaker 1: but the seller typically pays those fees, which is true. 408 00:18:53,320 --> 00:18:56,159 Speaker 1: So if you're moving forward without an agent, it's reasonable, 409 00:18:56,320 --> 00:18:59,600 Speaker 1: we would say to ask for an additional discount on 410 00:18:59,720 --> 00:19:01,680 Speaker 1: the the purchase price the home somewhere in the ball 411 00:19:01,680 --> 00:19:04,720 Speaker 1: park of three or you know, maybe you've already addressed 412 00:19:04,720 --> 00:19:06,880 Speaker 1: that with the seller and the discount is already packed 413 00:19:06,880 --> 00:19:09,600 Speaker 1: into the cake. That's great, but you know, just know 414 00:19:09,880 --> 00:19:12,600 Speaker 1: that if you and the seller are both foregoing having 415 00:19:12,600 --> 00:19:15,320 Speaker 1: an agent represents you, you should both be able to 416 00:19:15,359 --> 00:19:18,480 Speaker 1: realize the benefit, which is more money in your pockets both. 417 00:19:18,680 --> 00:19:21,359 Speaker 1: It should be a win win scenario where the seller 418 00:19:21,480 --> 00:19:23,960 Speaker 1: pays less in fees, where you get more of a 419 00:19:24,000 --> 00:19:26,280 Speaker 1: discount on the price that you're paying for the home 420 00:19:26,320 --> 00:19:28,560 Speaker 1: because of that at the same time, and everybody ends 421 00:19:28,640 --> 00:19:32,040 Speaker 1: up happy. Exactly. Yeah. So one fee actually that you 422 00:19:32,080 --> 00:19:34,879 Speaker 1: won't be able to say uh no thanks to is 423 00:19:34,920 --> 00:19:38,040 Speaker 1: the appraisal fee. Because assuming you're getting a mortgage an 424 00:19:38,040 --> 00:19:40,840 Speaker 1: appraisal will be required by your lender in order for 425 00:19:40,880 --> 00:19:43,119 Speaker 1: them to calculate what they're going to be willing to 426 00:19:43,200 --> 00:19:45,320 Speaker 1: lend you. Because let's say that you and your your 427 00:19:45,359 --> 00:19:47,600 Speaker 1: neighbor agreed. Uh, let's say do a price of phone 428 00:19:47,680 --> 00:19:50,000 Speaker 1: or a thousand, Well, that doesn't really matter if the 429 00:19:50,000 --> 00:19:51,560 Speaker 1: appraiser comes back and they tell the bank that the 430 00:19:51,600 --> 00:19:55,440 Speaker 1: house is only worth dollars uh. In that case, the 431 00:19:55,480 --> 00:19:57,639 Speaker 1: bank is going to make you come to the table 432 00:19:57,680 --> 00:19:59,639 Speaker 1: with a lot more cash if you're still wanting to 433 00:19:59,680 --> 00:20:03,359 Speaker 1: buy it. Uh. But then, aside from lender requirements, UH, 434 00:20:03,560 --> 00:20:06,520 Speaker 1: you would actually want to get an appraisal because they 435 00:20:06,520 --> 00:20:08,920 Speaker 1: can help you to arrive at a fair price in 436 00:20:08,960 --> 00:20:11,560 Speaker 1: the first place. Just keep in mind, though, that appraisals, 437 00:20:11,760 --> 00:20:14,080 Speaker 1: I mean, they're helpful, but they're far from perfect. And 438 00:20:14,119 --> 00:20:17,359 Speaker 1: so you're gonna want to gather some additional information based 439 00:20:17,440 --> 00:20:20,200 Speaker 1: on just some of the recent comps in your neighborhood 440 00:20:20,440 --> 00:20:22,760 Speaker 1: in order to determine if it's a fair fair price. 441 00:20:23,440 --> 00:20:26,960 Speaker 1: Just searching for similar, similar recently sold homes on zillo 442 00:20:27,040 --> 00:20:30,800 Speaker 1: can help you to get an accurate assessment of what 443 00:20:30,880 --> 00:20:33,000 Speaker 1: a fair price might be based on the square footage 444 00:20:33,040 --> 00:20:34,720 Speaker 1: of this house plus other things too, you know, like 445 00:20:34,760 --> 00:20:37,159 Speaker 1: the number of beds and baths. How nice it is 446 00:20:37,560 --> 00:20:40,040 Speaker 1: that you know the number the types of finishes within 447 00:20:40,080 --> 00:20:42,439 Speaker 1: that home, and so it's good for you to do 448 00:20:42,520 --> 00:20:45,959 Speaker 1: some additional research on your end as well. Yeah, you should, 449 00:20:46,119 --> 00:20:48,399 Speaker 1: within a couple of hours time, be able to have 450 00:20:48,800 --> 00:20:51,680 Speaker 1: a decent idea of what that home is worth based 451 00:20:51,720 --> 00:20:53,119 Speaker 1: on what other things have sold for it in the 452 00:20:53,160 --> 00:20:55,439 Speaker 1: past month or so. And by the way, keep in 453 00:20:55,480 --> 00:20:58,040 Speaker 1: mind it is a a quickly changing market. You don't 454 00:20:58,040 --> 00:21:00,119 Speaker 1: want to look at similar least sold houses from six 455 00:21:00,160 --> 00:21:02,840 Speaker 1: months ago because that was a different environment, right, was 456 00:21:02,880 --> 00:21:05,520 Speaker 1: a very hot seller's market, and things have shifted the 457 00:21:05,560 --> 00:21:07,800 Speaker 1: winds yea, the tides have turned, that's right, So you 458 00:21:07,800 --> 00:21:10,199 Speaker 1: want to be careful when you're determining that value. But 459 00:21:10,560 --> 00:21:12,399 Speaker 1: like Matt side, there are a bunch of different uh, 460 00:21:12,560 --> 00:21:15,080 Speaker 1: there's a bunch of different readily available data that you 461 00:21:15,080 --> 00:21:17,440 Speaker 1: can use to come up with a good offer and 462 00:21:17,440 --> 00:21:19,960 Speaker 1: and to hopefully arrive at a purchase price that makes 463 00:21:19,960 --> 00:21:22,560 Speaker 1: sense for both of you. And you'll also want to 464 00:21:22,600 --> 00:21:24,720 Speaker 1: create a written offer so that everything is on paper 465 00:21:24,880 --> 00:21:27,840 Speaker 1: for your neighbor to see, right, including contingencies that you 466 00:21:27,880 --> 00:21:31,200 Speaker 1: might be requesting. One of those should be that you'll 467 00:21:31,240 --> 00:21:33,359 Speaker 1: still want to make sure you get an inspection that 468 00:21:33,480 --> 00:21:37,000 Speaker 1: four costs roughly in that range. It can notify you 469 00:21:37,240 --> 00:21:39,480 Speaker 1: of potential issues with the home. It can actually help 470 00:21:39,480 --> 00:21:42,639 Speaker 1: you negotiate the price further. That is the best negotiating 471 00:21:42,680 --> 00:21:45,520 Speaker 1: tool you have in your pocket is an inspection that 472 00:21:45,640 --> 00:21:47,960 Speaker 1: shows that the house has issues and then asking the 473 00:21:48,000 --> 00:21:50,720 Speaker 1: seller either to fix those issues or to compensate you 474 00:21:50,960 --> 00:21:53,280 Speaker 1: for the repairs that are needed. Because, like let's say 475 00:21:53,359 --> 00:21:55,400 Speaker 1: it turns out the roof needs to be replaced. Well, 476 00:21:55,480 --> 00:21:57,520 Speaker 1: not only is it good to know that ahead of time, 477 00:21:57,680 --> 00:22:00,439 Speaker 1: it gives you the opportunity to ask the neighbor to 478 00:22:00,440 --> 00:22:02,640 Speaker 1: replace it or to reduce the price the home by 479 00:22:02,640 --> 00:22:05,880 Speaker 1: a substantial amount to compensate for how much money that's 480 00:22:05,880 --> 00:22:07,879 Speaker 1: going to cost you, So I don't know. Even though 481 00:22:07,920 --> 00:22:10,080 Speaker 1: you might be able to save some money by avoiding 482 00:22:10,119 --> 00:22:12,840 Speaker 1: realtor fees, there are still a lot of other expenses 483 00:22:13,240 --> 00:22:15,399 Speaker 1: that you can expect to pay and you should be 484 00:22:15,400 --> 00:22:18,359 Speaker 1: willing to pay for, for instance, upfront insurance premiums and 485 00:22:18,359 --> 00:22:20,879 Speaker 1: property taxes. There are two big ones that get tacked 486 00:22:20,920 --> 00:22:22,960 Speaker 1: on that can be a shock to homebuyers. You're gonna 487 00:22:22,960 --> 00:22:24,600 Speaker 1: want to think about all those things ahead of time, 488 00:22:24,720 --> 00:22:26,600 Speaker 1: that's right. Yeah, you're saving a bunch of money if 489 00:22:26,640 --> 00:22:29,640 Speaker 1: you take the FISBO route without representation you know, by 490 00:22:29,720 --> 00:22:31,800 Speaker 1: a realtor. But there are still some of those additional 491 00:22:31,800 --> 00:22:33,520 Speaker 1: costs that a lot of times folks don't think about. 492 00:22:33,600 --> 00:22:35,320 Speaker 1: It's like a frugal or cheap thing. I think it's 493 00:22:35,400 --> 00:22:38,360 Speaker 1: frugal to buy your neighbor's house FISBO, but I think 494 00:22:38,400 --> 00:22:42,080 Speaker 1: it is cheap to buy your neighbor's house fisbo inspection, 495 00:22:42,240 --> 00:22:45,760 Speaker 1: inspection and not doing your due diligence right. Yeah, and 496 00:22:45,840 --> 00:22:48,600 Speaker 1: in your case, Josophine, you know, especially since you might 497 00:22:48,640 --> 00:22:51,000 Speaker 1: be a first time HomeBuyer, expect to split the cost 498 00:22:51,119 --> 00:22:54,320 Speaker 1: of a closing attorney as well. Their fees aren't typically 499 00:22:54,320 --> 00:22:57,399 Speaker 1: a percentage like you would find with realtors, just a 500 00:22:57,440 --> 00:23:00,560 Speaker 1: flat rate typically, but having their expertise on hand is 501 00:23:00,560 --> 00:23:03,800 Speaker 1: going to ensure that this deal is is properly executed personally, 502 00:23:03,880 --> 00:23:06,280 Speaker 1: like I would not be interested in moving forward if 503 00:23:06,320 --> 00:23:10,080 Speaker 1: the seller is wanting two d I Y all aspects 504 00:23:10,160 --> 00:23:12,320 Speaker 1: of this deal. You want to make sure all your 505 00:23:12,359 --> 00:23:14,440 Speaker 1: eyes are dotted, all your teas across and make sure 506 00:23:14,480 --> 00:23:17,280 Speaker 1: that this is a deal that is being executed properly. Like, hey, 507 00:23:17,280 --> 00:23:19,199 Speaker 1: I'm gonna have my eleven year old dropped the document. 508 00:23:19,240 --> 00:23:21,879 Speaker 1: It's like bad idea, Like no matter how much of 509 00:23:21,880 --> 00:23:25,200 Speaker 1: a whiz kid she is, exactly Yeah, another thought too, Actually, 510 00:23:25,240 --> 00:23:26,960 Speaker 1: you might be able to hire I'm thinking of like 511 00:23:27,000 --> 00:23:29,720 Speaker 1: this whole flat, flat fee, flat rate thing, if you 512 00:23:29,720 --> 00:23:32,480 Speaker 1: could potentially find an agent to help you to like 513 00:23:32,520 --> 00:23:35,600 Speaker 1: put together that initial offer, that could also help things 514 00:23:35,600 --> 00:23:38,760 Speaker 1: go really smoothly. And especially if you're able to do 515 00:23:38,800 --> 00:23:41,440 Speaker 1: that not necessarily for a percentage of the price of 516 00:23:41,480 --> 00:23:43,560 Speaker 1: the home, but for a flat rate. They're not signing 517 00:23:43,600 --> 00:23:45,679 Speaker 1: up for nearly as much work since you already know 518 00:23:45,760 --> 00:23:48,080 Speaker 1: the house, you've already been in contact with this neighbor 519 00:23:48,160 --> 00:23:50,359 Speaker 1: with a seller, and so asking around seeing if there 520 00:23:50,359 --> 00:23:53,080 Speaker 1: are a few agents out there who may be willing 521 00:23:53,119 --> 00:23:55,159 Speaker 1: to help draw up some documents, you know, maybe for 522 00:23:55,240 --> 00:23:57,679 Speaker 1: let's say a few hundred bucks. That could be a 523 00:23:57,840 --> 00:24:00,520 Speaker 1: really smart use of money. It'll it'll save you obviously 524 00:24:00,520 --> 00:24:02,840 Speaker 1: time and hassle, but plus they'll be able to provide 525 00:24:02,840 --> 00:24:06,920 Speaker 1: some experience when it comes to a counter offer and negotiating, 526 00:24:06,960 --> 00:24:09,600 Speaker 1: and some of that assistance that realtors are being able 527 00:24:09,640 --> 00:24:12,480 Speaker 1: to provide. Uh. And so, yeah, just keep this in mind, 528 00:24:12,520 --> 00:24:15,600 Speaker 1: because we do think that buying a house that is 529 00:24:16,000 --> 00:24:18,760 Speaker 1: a FISBO that it can be a win win situation, 530 00:24:19,040 --> 00:24:21,199 Speaker 1: especially in a case like this where it sounds like 531 00:24:21,200 --> 00:24:24,119 Speaker 1: you're familiar with the neighborhood. Maybe you are already know 532 00:24:24,359 --> 00:24:26,439 Speaker 1: what it should be selling for. Maybe you know that 533 00:24:26,480 --> 00:24:28,600 Speaker 1: you're getting a deal because they're willing to sell to 534 00:24:28,680 --> 00:24:30,879 Speaker 1: you somebody who's already been there in the neighborhood. But 535 00:24:30,920 --> 00:24:32,720 Speaker 1: we just want you to make sure that you are 536 00:24:32,920 --> 00:24:35,920 Speaker 1: covering all of your bases as you move forward. For sure, 537 00:24:36,000 --> 00:24:39,600 Speaker 1: definitely this is a big undertaking, but Josephine is up 538 00:24:39,640 --> 00:24:41,640 Speaker 1: to the task, it sounds like. And so I hope 539 00:24:41,680 --> 00:24:43,840 Speaker 1: you get your new house for a decent deal, and 540 00:24:43,840 --> 00:24:45,280 Speaker 1: I hope you enjoy it as well. For a good deal, 541 00:24:45,359 --> 00:24:47,920 Speaker 1: especially down there in a hot market like Miami. Uh, 542 00:24:48,200 --> 00:24:50,960 Speaker 1: the the ability to find a pocket listening like that. 543 00:24:51,119 --> 00:24:52,480 Speaker 1: Hopefully we'll hear from here at the end of the 544 00:24:52,520 --> 00:24:54,960 Speaker 1: year and she's got a massive success story. Yeah, nothing 545 00:24:55,080 --> 00:24:57,080 Speaker 1: but good things to say. So all right, let's get 546 00:24:57,080 --> 00:24:59,440 Speaker 1: to our next question, Matt. This one comes from our 547 00:24:59,480 --> 00:25:04,400 Speaker 1: super librarian listener. Hi. My name is Kristen and I'm 548 00:25:04,440 --> 00:25:09,040 Speaker 1: a thirty five year old librarian calling from Fort Lauderdale, Florida. 549 00:25:09,240 --> 00:25:13,359 Speaker 1: I find my work fulfilling, but unfortunately working as a 550 00:25:13,400 --> 00:25:16,919 Speaker 1: school librarian and our public librarian has meant that my 551 00:25:17,000 --> 00:25:20,280 Speaker 1: pay has remained pretty stagnant for the last ten years. 552 00:25:20,960 --> 00:25:24,520 Speaker 1: I feel like financially, I do everything right to avoid debt, 553 00:25:25,000 --> 00:25:27,800 Speaker 1: but I can't seem to get ahead. I paid off 554 00:25:27,800 --> 00:25:30,400 Speaker 1: my student loans and have a mortgage on a condo, 555 00:25:30,640 --> 00:25:33,040 Speaker 1: which I expect to pay off in the next ten years, 556 00:25:33,840 --> 00:25:36,280 Speaker 1: but with the cost of child's care taking up about 557 00:25:36,320 --> 00:25:38,600 Speaker 1: a third of my take home pay, I feel like 558 00:25:38,640 --> 00:25:42,159 Speaker 1: I'm still counting pennies. The thought of having a second 559 00:25:42,240 --> 00:25:46,440 Speaker 1: child or upgrading to a house feels daunting. I put 560 00:25:46,560 --> 00:25:48,439 Speaker 1: enough money in my fore own k to get a 561 00:25:48,480 --> 00:25:51,720 Speaker 1: company match, and I don't splurge on a lot, but 562 00:25:51,880 --> 00:25:54,520 Speaker 1: I do love to travel. I pay off my credit 563 00:25:54,560 --> 00:25:57,679 Speaker 1: card every month, and I do have six months of 564 00:25:57,720 --> 00:26:02,119 Speaker 1: expenses saved. My credit school is over eight hundred, but 565 00:26:02,240 --> 00:26:05,520 Speaker 1: I don't know if or when I'll ever feel financially 566 00:26:05,560 --> 00:26:08,840 Speaker 1: comfortable enough to feel like I can live without worrying 567 00:26:08,920 --> 00:26:12,000 Speaker 1: about money. My husband makes a little bit more than 568 00:26:12,040 --> 00:26:15,000 Speaker 1: I do, but also financially supports his family, so I 569 00:26:15,080 --> 00:26:19,240 Speaker 1: can't rely on his income without changing careers. What are 570 00:26:19,320 --> 00:26:21,920 Speaker 1: some steps I can take to shift into money gear 571 00:26:22,000 --> 00:26:26,960 Speaker 1: number seven profably before I reach retirement age. Thanks in 572 00:26:26,960 --> 00:26:29,440 Speaker 1: advance for your help. All right, we already talked about 573 00:26:29,440 --> 00:26:31,200 Speaker 1: how much we love library, how much we like we 574 00:26:31,320 --> 00:26:34,000 Speaker 1: do Braians and Kristen, we like you too, so I 575 00:26:34,040 --> 00:26:36,080 Speaker 1: love the Libby app. Also, I want to say, I 576 00:26:36,160 --> 00:26:39,040 Speaker 1: hope we didn't like over generalize and paint all librarians 577 00:26:39,080 --> 00:26:42,560 Speaker 1: as like super nerdy. I'm sure there's a wide array 578 00:26:42,600 --> 00:26:45,359 Speaker 1: of librarians out there. There there's libraries out there who 579 00:26:45,400 --> 00:26:49,720 Speaker 1: are in punk rock bands. But generally speaking, if you 580 00:26:49,760 --> 00:26:52,560 Speaker 1: work at a library, you really love reading books, which 581 00:26:52,720 --> 00:26:56,119 Speaker 1: tends to lend itself to a more quiet existence, that's all. 582 00:26:56,240 --> 00:26:57,919 Speaker 1: If you don't like reading books and your work at 583 00:26:57,920 --> 00:26:59,520 Speaker 1: a library, I don't know, maybe you should find a 584 00:26:59,520 --> 00:27:02,119 Speaker 1: new line of work. But the reality is that that 585 00:27:02,200 --> 00:27:04,760 Speaker 1: librarians don't get paid enough. I mean, it's it's not 586 00:27:04,800 --> 00:27:07,159 Speaker 1: a job where you're looking to get rich, right, It's 587 00:27:07,200 --> 00:27:10,600 Speaker 1: not a lucrative career. Correct typically uh, and so yeah, 588 00:27:10,640 --> 00:27:13,040 Speaker 1: we're glad that you find it fulfilling, though, Christen, that 589 00:27:13,080 --> 00:27:15,720 Speaker 1: makes all the difference and and making less We would say, 590 00:27:15,760 --> 00:27:18,119 Speaker 1: in order to do something that you love, is it 591 00:27:18,200 --> 00:27:21,680 Speaker 1: worthwhile trade off? For lots of people much of the time. 592 00:27:22,080 --> 00:27:24,040 Speaker 1: It's part of the reason I went into radio Initially. 593 00:27:24,040 --> 00:27:26,280 Speaker 1: I was like, I know, it's a dying medium, and 594 00:27:26,320 --> 00:27:29,000 Speaker 1: it's not like it's gonna pay a whole lot of money, 595 00:27:29,400 --> 00:27:32,000 Speaker 1: but it's something I'm passionate about, something I'm excited to 596 00:27:32,119 --> 00:27:34,320 Speaker 1: wake up and get to do every day, and so 597 00:27:34,520 --> 00:27:37,159 Speaker 1: it was worth the trade off to me of in 598 00:27:37,200 --> 00:27:40,560 Speaker 1: all likelihood a smaller salary. But to be honest, at 599 00:27:40,560 --> 00:27:42,840 Speaker 1: the same time, it sounds like you've actually put yourself 600 00:27:42,880 --> 00:27:45,880 Speaker 1: in a great financial position. There are very few folks 601 00:27:45,880 --> 00:27:47,960 Speaker 1: who pay off their credit cards every month. Hopefully it's 602 00:27:48,000 --> 00:27:49,960 Speaker 1: a large segment of the how to money audience, but 603 00:27:50,040 --> 00:27:52,600 Speaker 1: not on average across the country, folks. That is not 604 00:27:52,640 --> 00:27:55,159 Speaker 1: something folks are doing and or are is our folks 605 00:27:55,160 --> 00:27:57,399 Speaker 1: paying off their student loans like you mentioned, do folks 606 00:27:57,440 --> 00:28:00,280 Speaker 1: have six months of savings on hand typically the things 607 00:28:00,320 --> 00:28:03,359 Speaker 1: that you mentioned right, So you might not be in 608 00:28:03,400 --> 00:28:05,439 Speaker 1: the top ten percent when it comes to income, but 609 00:28:05,560 --> 00:28:08,199 Speaker 1: you are when it comes to financial habits, so we 610 00:28:08,200 --> 00:28:11,399 Speaker 1: would say don't beat yourself up. And having a young 611 00:28:11,480 --> 00:28:14,040 Speaker 1: kido it really ramps up costs, right, It's it's an 612 00:28:14,040 --> 00:28:17,399 Speaker 1: expensive time of life, and so I think when you 613 00:28:17,480 --> 00:28:20,720 Speaker 1: have little kids in diapers and childcare costs, you're not 614 00:28:20,760 --> 00:28:22,800 Speaker 1: going to make as much progress with your money as 615 00:28:22,840 --> 00:28:26,320 Speaker 1: you like during that phase of your life. Pretty much always, 616 00:28:26,560 --> 00:28:29,440 Speaker 1: I think, uh, it's it's it's just important to mention 617 00:28:29,480 --> 00:28:32,000 Speaker 1: that because different phases of our life cost different amounts 618 00:28:32,040 --> 00:28:34,440 Speaker 1: of money, and you're in a particularly expensive one right now, 619 00:28:34,560 --> 00:28:38,520 Speaker 1: and childcare is only becoming more expensive too, So uh yeah, 620 00:28:38,680 --> 00:28:40,560 Speaker 1: like it can it can feel like it's a time 621 00:28:40,600 --> 00:28:44,040 Speaker 1: in life where you're spending money like gangbusters. But again, 622 00:28:44,080 --> 00:28:47,200 Speaker 1: despite the difficulties, you are doing well with your money. 623 00:28:47,480 --> 00:28:49,200 Speaker 1: I just feel like that has to be said from 624 00:28:49,200 --> 00:28:51,200 Speaker 1: the outset. It's not that there can't and that you 625 00:28:51,200 --> 00:28:53,600 Speaker 1: can't make improvements, and we'll offer our best advice for that, 626 00:28:53,760 --> 00:28:55,760 Speaker 1: but we also want you to know that based on 627 00:28:55,880 --> 00:28:58,800 Speaker 1: your current circumstances, you're crushing it. But that being said, 628 00:28:59,280 --> 00:29:02,000 Speaker 1: while Chris like she truly is doing all the right things, 629 00:29:02,520 --> 00:29:05,160 Speaker 1: I totally understand her desire to be able to make 630 00:29:05,240 --> 00:29:07,960 Speaker 1: more progress right, like to to get ahead, as she 631 00:29:08,040 --> 00:29:10,240 Speaker 1: called it. Uh. And to be honest, it is going 632 00:29:10,280 --> 00:29:13,400 Speaker 1: to be difficult to do this without finding a way 633 00:29:13,440 --> 00:29:17,000 Speaker 1: to increase her income. Uh. And so whether that's through 634 00:29:17,160 --> 00:29:19,960 Speaker 1: like something like house hacking right where Christian like maybe 635 00:29:19,960 --> 00:29:23,160 Speaker 1: where you're bringing in a roommate or getting a completely 636 00:29:23,240 --> 00:29:25,760 Speaker 1: you know, different job, which would suck because it sounds 637 00:29:25,760 --> 00:29:27,479 Speaker 1: like you really like your job, you find it fulfilling, 638 00:29:27,480 --> 00:29:29,320 Speaker 1: you don't want to switch things up, and so instead 639 00:29:29,360 --> 00:29:31,680 Speaker 1: maybe this means starting a side hustle right where you're 640 00:29:31,720 --> 00:29:34,120 Speaker 1: able to bring in additional money that way. But regardless, 641 00:29:34,160 --> 00:29:36,160 Speaker 1: it's important to think outside of the box in order 642 00:29:36,200 --> 00:29:38,800 Speaker 1: to bring more money in every month, especially if you're 643 00:29:38,800 --> 00:29:40,800 Speaker 1: wanting to to keep your current job, like like your 644 00:29:40,800 --> 00:29:44,080 Speaker 1: side hustle. That could be potentially teaching other kids to read, 645 00:29:44,120 --> 00:29:46,480 Speaker 1: you know, teaching on the side. Maybe it's writing book 646 00:29:46,520 --> 00:29:50,440 Speaker 1: reviews for different publications. You could be like a librarian 647 00:29:50,440 --> 00:29:53,680 Speaker 1: influencer um. Or it could be something does have to 648 00:29:53,760 --> 00:29:57,720 Speaker 1: exist because there's influencers in basically every realm. No guarantee 649 00:29:57,800 --> 00:29:59,840 Speaker 1: that they're out there, or I was gonna say, like 650 00:30:00,000 --> 00:30:02,120 Speaker 1: it could be completely unrelated to the work that she's 651 00:30:02,160 --> 00:30:04,400 Speaker 1: doing at the library. Um, you know, like she could 652 00:30:04,600 --> 00:30:07,280 Speaker 1: just flip stuff on Facebook and the evenings because that's 653 00:30:07,280 --> 00:30:09,400 Speaker 1: going to provide her with some more flexibility after the 654 00:30:09,440 --> 00:30:12,120 Speaker 1: kids go down again. With kids and the job. This 655 00:30:12,240 --> 00:30:15,640 Speaker 1: is all easier said than done, but it sounds like 656 00:30:15,680 --> 00:30:17,920 Speaker 1: there's just no real room for you to cut back. 657 00:30:18,320 --> 00:30:21,080 Speaker 1: So you've got to focus on different ways to increase 658 00:30:21,120 --> 00:30:23,000 Speaker 1: what it is that you're bringing in. Some folks call 659 00:30:23,000 --> 00:30:25,800 Speaker 1: it digging, Like a lot of times when you're you know, 660 00:30:25,840 --> 00:30:28,000 Speaker 1: within your financial journey, folks are talking about like you've 661 00:30:28,000 --> 00:30:30,080 Speaker 1: got to shovel, and so your income is the size 662 00:30:30,080 --> 00:30:31,800 Speaker 1: of your shovel, and if you are in debt, you're 663 00:30:31,800 --> 00:30:33,120 Speaker 1: in a hole, and so you're trying to find a 664 00:30:33,120 --> 00:30:36,000 Speaker 1: way to dig yourself out of that hole. Kristen, she 665 00:30:36,040 --> 00:30:38,120 Speaker 1: doesn't have any debt, but she's still trying to, I 666 00:30:38,160 --> 00:30:40,560 Speaker 1: don't know, build a big old pile of dirt. And 667 00:30:40,600 --> 00:30:42,720 Speaker 1: so she's got a small shovel and just trying to 668 00:30:42,720 --> 00:30:44,800 Speaker 1: find some of these different ways to increase the size 669 00:30:44,800 --> 00:30:48,120 Speaker 1: of that shovel is what we're recommending for her to consider. Yeah, 670 00:30:48,160 --> 00:30:50,560 Speaker 1: I agree, and and I don't know, maybe you've got 671 00:30:50,600 --> 00:30:52,960 Speaker 1: the potential to start seeing some more income in your life, 672 00:30:53,040 --> 00:30:55,080 Speaker 1: which would lead to more margin, but you just maybe 673 00:30:55,080 --> 00:30:57,320 Speaker 1: you haven't seen it quite yet. And I'm specifically thinking 674 00:30:57,560 --> 00:30:59,600 Speaker 1: about the student loan that you paid off. That was 675 00:30:59,640 --> 00:31:02,440 Speaker 1: a lie ability, Kristen, that was a debt obligation that 676 00:31:02,600 --> 00:31:05,040 Speaker 1: you no longer have, and so hopefully you're able to 677 00:31:05,040 --> 00:31:08,240 Speaker 1: be incredibly intentional with where that stream of money is 678 00:31:08,240 --> 00:31:10,680 Speaker 1: now going. Ultimately, we would say that there's a lot 679 00:31:10,720 --> 00:31:12,640 Speaker 1: to be said about working a job you like. It's 680 00:31:12,680 --> 00:31:16,000 Speaker 1: not all about the bottom line, right, because how you 681 00:31:16,000 --> 00:31:18,240 Speaker 1: spend your time is how you spend your life, and 682 00:31:18,440 --> 00:31:20,160 Speaker 1: you spend a lot of your time at work, so 683 00:31:20,440 --> 00:31:22,200 Speaker 1: you want to make sure you like your life and 684 00:31:22,240 --> 00:31:24,680 Speaker 1: liking your work is is helpful in that regard, right, 685 00:31:24,800 --> 00:31:27,680 Speaker 1: But there are trade offs to everything, and especially if 686 00:31:27,720 --> 00:31:29,720 Speaker 1: it means you're not making as much money as you could. 687 00:31:30,000 --> 00:31:32,120 Speaker 1: It sure sounds like you're making all the right moves 688 00:31:32,400 --> 00:31:35,080 Speaker 1: even with a limited income. You're on the track to 689 00:31:35,160 --> 00:31:37,640 Speaker 1: financial freedom. You just want to get there more quickly. 690 00:31:37,840 --> 00:31:39,880 Speaker 1: And the only real meaningful way to do that, I mean, 691 00:31:39,880 --> 00:31:42,400 Speaker 1: you can cut more around the edges, but it sounds 692 00:31:42,400 --> 00:31:44,760 Speaker 1: like you're already you're already being thoughtful about that stuff 693 00:31:45,120 --> 00:31:47,400 Speaker 1: is to like Matt, sid increase the size of that trouble. 694 00:31:47,520 --> 00:31:49,320 Speaker 1: It's it's the important, it's the most important thing to 695 00:31:49,360 --> 00:31:52,360 Speaker 1: pay attention to based on where you are currently. But again, 696 00:31:52,400 --> 00:31:55,040 Speaker 1: don't beat yourself up. You're doing great. There are a 697 00:31:55,080 --> 00:31:57,240 Speaker 1: whole lot of people with much higher incomes and yours 698 00:31:57,400 --> 00:32:00,320 Speaker 1: who are in much worse financial position. So it is 699 00:32:00,360 --> 00:32:02,360 Speaker 1: all relative. And I think it's important to step back 700 00:32:02,400 --> 00:32:05,720 Speaker 1: and see that, Matt, because it's easy to say I'm 701 00:32:05,720 --> 00:32:07,400 Speaker 1: not where I want to be, and you can almost 702 00:32:07,440 --> 00:32:09,520 Speaker 1: let that emotionally impact you, let it fester, and it 703 00:32:09,520 --> 00:32:11,920 Speaker 1: can actually inhibit start to inhibit your progress. But if 704 00:32:11,960 --> 00:32:13,680 Speaker 1: you can see you wait a second, like, look at 705 00:32:13,960 --> 00:32:16,760 Speaker 1: the things I've been able to accomplish a really good job. Yeah, 706 00:32:16,880 --> 00:32:19,640 Speaker 1: the progress I've made, And to document that stuff and 707 00:32:19,680 --> 00:32:21,320 Speaker 1: to point back to it, you can be like, all right, 708 00:32:21,360 --> 00:32:23,840 Speaker 1: I'm moving in the right direction. It might feel more 709 00:32:23,880 --> 00:32:26,200 Speaker 1: slow than then you wanted to be, the progress might 710 00:32:26,240 --> 00:32:29,320 Speaker 1: be kind of like eating along, but at the same time, 711 00:32:29,720 --> 00:32:33,000 Speaker 1: you're making progress and that is worth celebrating. What's crazy, too, 712 00:32:33,080 --> 00:32:34,960 Speaker 1: is that we could have gotten these same details, these 713 00:32:35,360 --> 00:32:39,480 Speaker 1: same metrics from another listener. But depending on the context 714 00:32:39,560 --> 00:32:42,160 Speaker 1: of sort of their background and where they were, it 715 00:32:42,200 --> 00:32:45,000 Speaker 1: could be like a complete win, right, Like it could 716 00:32:45,000 --> 00:32:47,000 Speaker 1: be somebody who was saying that, like, this is where 717 00:32:47,000 --> 00:32:49,360 Speaker 1: my life was, but now guess what, I've got six 718 00:32:49,360 --> 00:32:51,480 Speaker 1: months of an emergency fund set said, I'm getting the 719 00:32:51,560 --> 00:32:53,360 Speaker 1: match at work in my four oh one K and 720 00:32:53,440 --> 00:32:55,640 Speaker 1: so christ and maybe this can be just a word 721 00:32:55,720 --> 00:32:59,360 Speaker 1: of encouragement because we've sort of gone through your financial 722 00:32:59,520 --> 00:33:02,000 Speaker 1: laundry little bit, and truly you are doing such a 723 00:33:02,040 --> 00:33:05,200 Speaker 1: great job. And so just keep that in mind. Realize 724 00:33:05,440 --> 00:33:07,800 Speaker 1: just the significant amount of work, the good work that 725 00:33:07,880 --> 00:33:10,840 Speaker 1: you've done as you move forward, as you do continue 726 00:33:10,880 --> 00:33:13,400 Speaker 1: to work towards money geared number seven, and as you're 727 00:33:13,440 --> 00:33:16,880 Speaker 1: hopefully able to accomplish some of those additional goals in life. 728 00:33:16,920 --> 00:33:19,000 Speaker 1: Sometimes we're not moving quiet at the speed that we 729 00:33:19,080 --> 00:33:21,600 Speaker 1: want to, but that doesn't negate any of the progress 730 00:33:21,640 --> 00:33:22,880 Speaker 1: that we've made up to this point. And to be 731 00:33:22,920 --> 00:33:24,720 Speaker 1: able to save about that much money and to pay 732 00:33:24,760 --> 00:33:26,400 Speaker 1: off that debt, and to be investing as much as 733 00:33:26,400 --> 00:33:29,720 Speaker 1: you're investing amazing on a librarian salary, like amazing, you 734 00:33:29,760 --> 00:33:32,040 Speaker 1: should really be slapping yourself on the back and you 735 00:33:32,080 --> 00:33:35,000 Speaker 1: should be pumped about how far you've come, because that's 736 00:33:35,080 --> 00:33:38,880 Speaker 1: worthwhile progress right all along the while you have a 737 00:33:38,960 --> 00:33:41,960 Speaker 1: small child and those aren't children are not cheap, So 738 00:33:42,400 --> 00:33:44,920 Speaker 1: I just I'm seriously big kudos to you and what 739 00:33:45,040 --> 00:33:47,960 Speaker 1: you're doing. And hopefully you can find way to increase 740 00:33:48,000 --> 00:33:49,720 Speaker 1: your income a little bit so you can make more 741 00:33:49,760 --> 00:33:52,040 Speaker 1: progress more quickly. But we love what you've been able 742 00:33:52,080 --> 00:33:54,320 Speaker 1: to accomplish this far. So all right, man, we got 743 00:33:54,360 --> 00:33:56,800 Speaker 1: a couple more questions to get to, and including one 744 00:33:56,840 --> 00:34:00,280 Speaker 1: about vegan banks and eco friendly debit cards, like where 745 00:34:00,280 --> 00:34:01,720 Speaker 1: would you go about getting one of those? Well, we'll 746 00:34:01,720 --> 00:34:13,319 Speaker 1: talk about that and more right after this. All right, 747 00:34:13,400 --> 00:34:15,640 Speaker 1: we are back from the break. We will get to 748 00:34:15,760 --> 00:34:18,840 Speaker 1: that vegan bank question here in a second. But we've 749 00:34:18,960 --> 00:34:21,120 Speaker 1: got a question here from a listener who is engaged. 750 00:34:21,600 --> 00:34:25,640 Speaker 1: Unlike Chase, who was about to be possibly maybe sort 751 00:34:25,680 --> 00:34:28,000 Speaker 1: of kinda engaged hopefully in the future. This is from 752 00:34:28,000 --> 00:34:31,320 Speaker 1: somebody who's legit engaged, and he's got several questions that 753 00:34:31,560 --> 00:34:35,080 Speaker 1: relate to the combining of finances, what to do with 754 00:34:35,160 --> 00:34:38,399 Speaker 1: their money moving forward, Let's hear it. Hi Joel Matt 755 00:34:38,440 --> 00:34:41,040 Speaker 1: This Nike from Manchester, Connecticut, I've been listening to you 756 00:34:41,120 --> 00:34:42,640 Speaker 1: guys for a several years, so I thank you for 757 00:34:42,760 --> 00:34:45,040 Speaker 1: taking the time to listen for your help over the years. 758 00:34:45,520 --> 00:34:48,040 Speaker 1: A couple of months ago we got engaged. We do 759 00:34:48,160 --> 00:34:51,680 Speaker 1: split money responsibilities, but I track and listen to podcasts. 760 00:34:52,280 --> 00:34:55,439 Speaker 1: I created a spreadsheet tracking the inflow and outflow based 761 00:34:55,480 --> 00:34:58,240 Speaker 1: on our take home pay. We both make about sixty 762 00:34:58,600 --> 00:35:02,160 Speaker 1: dollars per year do to a recent new job in raises. 763 00:35:02,520 --> 00:35:05,200 Speaker 1: We both contribute our MAX or h s A accounts 764 00:35:05,760 --> 00:35:09,160 Speaker 1: and contribute six percent to ROTH at five percent before tax, 765 00:35:09,280 --> 00:35:12,160 Speaker 1: which is at least the company matched abount. He currently 766 00:35:12,239 --> 00:35:16,040 Speaker 1: has twenty five thousand student loans, but with the recent forgiveness, 767 00:35:16,400 --> 00:35:19,880 Speaker 1: he might be getting ten thousand and twenty thousand chopped 768 00:35:19,920 --> 00:35:22,480 Speaker 1: off of that. We do have a bunch of investment 769 00:35:22,560 --> 00:35:25,040 Speaker 1: accounts that I made us create. UM. I have a 770 00:35:25,120 --> 00:35:28,160 Speaker 1: personal one which I deposit three fifty per month in, 771 00:35:28,600 --> 00:35:31,879 Speaker 1: which is at about eleven thousand right now, and he's 772 00:35:31,920 --> 00:35:35,040 Speaker 1: twenty five per month. I also had us create separate 773 00:35:35,160 --> 00:35:39,240 Speaker 1: vacation emergency and pet emergency accounts, all with fifty dollars 774 00:35:39,280 --> 00:35:41,960 Speaker 1: per month. We do have five pets, but they're all 775 00:35:42,040 --> 00:35:44,640 Speaker 1: young and healthy and we don't have pet insurance for 776 00:35:44,760 --> 00:35:49,120 Speaker 1: the for them our online savings accounts they aren't exactly 777 00:35:49,160 --> 00:35:51,800 Speaker 1: where we at want them right now, but we do 778 00:35:51,920 --> 00:35:56,120 Speaker 1: deposit monthly into those. He currently has a car that 779 00:35:56,200 --> 00:35:58,200 Speaker 1: he's leasing, but I can prince them to buy, so 780 00:35:58,360 --> 00:36:01,440 Speaker 1: we're looking into that. UM, I've paid off my car, 781 00:36:01,680 --> 00:36:04,279 Speaker 1: did that within two years. We have a thirty year 782 00:36:04,320 --> 00:36:07,760 Speaker 1: mortgage on our house, which is twelve hundred per month minimum, 783 00:36:08,120 --> 00:36:10,520 Speaker 1: and then next November is our wedding where we're hoping 784 00:36:10,520 --> 00:36:14,600 Speaker 1: it's been no more than ten max fifteen. We're hoping 785 00:36:14,680 --> 00:36:18,160 Speaker 1: that to save five dollar a month each for each 786 00:36:18,200 --> 00:36:20,200 Speaker 1: of us, but I haven't decided what account to do 787 00:36:20,360 --> 00:36:22,959 Speaker 1: that in. But we did get a new credit card 788 00:36:23,120 --> 00:36:25,080 Speaker 1: so that we could get a two hundred bonus for that, 789 00:36:25,280 --> 00:36:28,160 Speaker 1: and there's no a pr until next November. So my 790 00:36:28,320 --> 00:36:31,080 Speaker 1: questions are, I want to look into I bonds and 791 00:36:31,120 --> 00:36:33,080 Speaker 1: tragedy bonds, but I'm not sure how much I should 792 00:36:33,120 --> 00:36:37,800 Speaker 1: be doing with those based on everything. Um, which account 793 00:36:37,840 --> 00:36:40,520 Speaker 1: we should be putting our wedding money into? I know, 794 00:36:40,640 --> 00:36:42,839 Speaker 1: you guess I don't invest if it's within in a year, 795 00:36:43,400 --> 00:36:46,280 Speaker 1: and then should we just consolidate all of our investment 796 00:36:46,320 --> 00:36:48,680 Speaker 1: accounts so that they all build off of each other. 797 00:36:49,040 --> 00:36:52,040 Speaker 1: And the last question is I'm not sure when to 798 00:36:52,160 --> 00:36:54,600 Speaker 1: start term life insurance, so I was hoping you could 799 00:36:55,080 --> 00:36:57,680 Speaker 1: direct me in that. Um, thank you so much for 800 00:36:57,840 --> 00:37:00,600 Speaker 1: any help. A right by. I feel like there's love 801 00:37:00,640 --> 00:37:02,560 Speaker 1: in the air on this episode today. Matt's lots of 802 00:37:02,800 --> 00:37:05,200 Speaker 1: young kind of money listeners getting engaged, so that's awesome. 803 00:37:05,400 --> 00:37:07,480 Speaker 1: A lot of new households being for us, right Yeah, 804 00:37:07,560 --> 00:37:11,080 Speaker 1: congrats to you to you guys on your engagements. And 805 00:37:11,640 --> 00:37:14,280 Speaker 1: I feel like, just like our our last question asker, 806 00:37:14,719 --> 00:37:17,800 Speaker 1: Mike and his fiance are being incredibly intentional. The attention 807 00:37:17,880 --> 00:37:20,840 Speaker 1: to detail is really killer. And by the way, you 808 00:37:20,880 --> 00:37:23,200 Speaker 1: can ask a question if you don't have your financial 809 00:37:23,239 --> 00:37:25,759 Speaker 1: stuff together too. But I'm so glad to hear from 810 00:37:26,000 --> 00:37:27,680 Speaker 1: listeners who are like crushing it, but they want to 811 00:37:27,719 --> 00:37:29,560 Speaker 1: take the next step, take it to the next level. 812 00:37:29,920 --> 00:37:31,359 Speaker 1: And by the way, did didn Mike's did he say 813 00:37:31,400 --> 00:37:34,279 Speaker 1: he has five pets? That's I feel like that's an 814 00:37:34,320 --> 00:37:37,480 Speaker 1: expensive endeavor, but yeah, I love that he said he's 815 00:37:37,520 --> 00:37:40,200 Speaker 1: not getting pet insurance, he's self insuring and putting that 816 00:37:40,239 --> 00:37:42,359 Speaker 1: money in savings, which is the right move to make 817 00:37:42,440 --> 00:37:44,279 Speaker 1: for most folks when you look at the numbers when 818 00:37:44,280 --> 00:37:47,319 Speaker 1: you wrote the numbers on pet insurance, it's typically most 819 00:37:47,360 --> 00:37:51,120 Speaker 1: people come out ahead by paying for pet costs out 820 00:37:51,160 --> 00:37:52,800 Speaker 1: of pocket. That's right. So let's get to one of 821 00:37:52,920 --> 00:37:55,399 Speaker 1: Mike's questions. He was talking about where to put wedding money, 822 00:37:56,000 --> 00:37:58,160 Speaker 1: and Mike, you're right. We want the money that you're 823 00:37:58,160 --> 00:38:00,920 Speaker 1: saving up for that wedding to be going into savings, 824 00:38:01,120 --> 00:38:04,400 Speaker 1: not invested. Actually, I think you said if there was 825 00:38:04,440 --> 00:38:06,359 Speaker 1: money that you want to access in less than a year, 826 00:38:06,400 --> 00:38:09,160 Speaker 1: typically I mean even more than that. I would say, 827 00:38:09,280 --> 00:38:11,760 Speaker 1: if like I would be unwilling to touch money invested 828 00:38:12,080 --> 00:38:14,279 Speaker 1: uh for at least eighteen months, if not two years 829 00:38:14,360 --> 00:38:17,600 Speaker 1: or more. There's just extra unnecessary risk if you're you know, 830 00:38:17,680 --> 00:38:20,640 Speaker 1: if you were to invest in any meaningful way. And 831 00:38:20,719 --> 00:38:22,840 Speaker 1: so online banks like C I, T and an ally 832 00:38:22,960 --> 00:38:24,560 Speaker 1: we've we talked about these banks all the time. But 833 00:38:24,880 --> 00:38:27,560 Speaker 1: what's great is they have been seriously stepping up the 834 00:38:27,640 --> 00:38:30,439 Speaker 1: race recently. We're talking well over the two percent mark 835 00:38:31,000 --> 00:38:33,840 Speaker 1: within their high yield savings accounts. And the reality is 836 00:38:33,960 --> 00:38:36,200 Speaker 1: that you're gonna have to start making some deposits with 837 00:38:36,320 --> 00:38:38,719 Speaker 1: wedding vendors in the near future. It's not like all 838 00:38:38,800 --> 00:38:42,160 Speaker 1: that money isn't gonna be spent until November of next year. 839 00:38:42,719 --> 00:38:45,759 Speaker 1: You slowly start, you know, moving towards that. And so 840 00:38:45,880 --> 00:38:49,000 Speaker 1: it's helpful to have that cash on hand, to have 841 00:38:49,239 --> 00:38:51,560 Speaker 1: access to that money. It's gonna be going out almost 842 00:38:51,560 --> 00:38:54,040 Speaker 1: as quickly as it's coming in, as you're booking the venue, 843 00:38:54,080 --> 00:38:58,080 Speaker 1: booking the photographer, booking the food, all that kind of stuff. Exactly. Yeah, 844 00:38:58,200 --> 00:39:00,200 Speaker 1: but you know, have that line out of have that 845 00:39:00,280 --> 00:39:03,439 Speaker 1: dollar amount set aside you're budgeting for that wedding. That's great, 846 00:39:03,560 --> 00:39:05,719 Speaker 1: you're saving the right amount of money, you know, set 847 00:39:05,760 --> 00:39:08,480 Speaker 1: aside every single month. Just be okay without money not 848 00:39:08,640 --> 00:39:11,480 Speaker 1: necessarily working for you. It's just sitting there. You know 849 00:39:11,680 --> 00:39:14,239 Speaker 1: you're going to deploy those funds. Uh. And so yeah, 850 00:39:14,280 --> 00:39:17,680 Speaker 1: don't worry about investing that money at all. Yeah. Sometimes, 851 00:39:17,880 --> 00:39:21,759 Speaker 1: in an attempt to optimize things completely, you might lock 852 00:39:21,800 --> 00:39:23,600 Speaker 1: away money and you're like, dang it, no, now I 853 00:39:23,680 --> 00:39:26,440 Speaker 1: need it, and or oh crap, I try to optimize 854 00:39:26,480 --> 00:39:28,880 Speaker 1: by making some money in the market really quickly when 855 00:39:28,920 --> 00:39:30,919 Speaker 1: you need that money in short order, like you could 856 00:39:30,960 --> 00:39:32,680 Speaker 1: be taking out less money than you put in. That's 857 00:39:33,000 --> 00:39:34,719 Speaker 1: sound the position you want to be in. And the 858 00:39:34,800 --> 00:39:36,839 Speaker 1: good thing is you've got other large piles of money 859 00:39:37,000 --> 00:39:39,759 Speaker 1: working for you in all those other investment accounts. And 860 00:39:39,840 --> 00:39:43,040 Speaker 1: we know every single account that he has because he 861 00:39:43,120 --> 00:39:45,799 Speaker 1: listed them out. And so you asked about consolidating these 862 00:39:45,840 --> 00:39:47,880 Speaker 1: accounts too, and we would say that you don't need 863 00:39:47,880 --> 00:39:49,920 Speaker 1: to worry about that either. It's it's not like we're 864 00:39:49,920 --> 00:39:52,600 Speaker 1: talking about old workplace retirement accounts. If we're talking about 865 00:39:52,600 --> 00:39:55,080 Speaker 1: an old four oh one K with a Crumby insurance company. 866 00:39:55,120 --> 00:39:56,640 Speaker 1: You're like, how do I optimize this? We would say 867 00:39:56,680 --> 00:39:59,440 Speaker 1: with crazy terrible fees. Yeah, we would say, roll it 868 00:39:59,480 --> 00:40:02,320 Speaker 1: over into your own I R A and let a 869 00:40:02,360 --> 00:40:04,759 Speaker 1: company like Capitalize help you do that for free. But yeah, 870 00:40:04,800 --> 00:40:07,080 Speaker 1: you've got H S, A S and RATH for one case, 871 00:40:07,120 --> 00:40:09,360 Speaker 1: and brokerage accounts, which is great. It's nice to have. 872 00:40:09,760 --> 00:40:12,160 Speaker 1: You've got a lot of flexibility by having all those accounts, right, 873 00:40:12,400 --> 00:40:14,800 Speaker 1: but those can't really be combined and nor would you, 874 00:40:15,120 --> 00:40:17,080 Speaker 1: nor would you want them to be. So taking in 875 00:40:17,200 --> 00:40:20,160 Speaker 1: all the above approach gives you lots of flexibility over 876 00:40:20,280 --> 00:40:23,000 Speaker 1: when and how to tap those funds when the time comes. 877 00:40:23,200 --> 00:40:25,279 Speaker 1: So keep them separate, let them keep working for you. 878 00:40:25,600 --> 00:40:29,040 Speaker 1: You're not able to get superior returns somehow by combining 879 00:40:29,120 --> 00:40:33,080 Speaker 1: multiple accounts into one, especially when they're created for separate purposes, 880 00:40:33,120 --> 00:40:35,560 Speaker 1: for separate reasons. That's right, Yeah, these are separate accounts 881 00:40:35,560 --> 00:40:37,320 Speaker 1: that you don't even have the ability to combine. But 882 00:40:37,400 --> 00:40:39,680 Speaker 1: even if you could, right, if you're talking about multiple 883 00:40:39,800 --> 00:40:43,120 Speaker 1: brokerage accounts, say you're gonna combine yours and your fiance's, 884 00:40:43,400 --> 00:40:45,759 Speaker 1: it's not like the combining of those funds into one, 885 00:40:45,920 --> 00:40:48,319 Speaker 1: like mega brokerage account is going to earn you more 886 00:40:48,520 --> 00:40:52,360 Speaker 1: in returns. Ten thousand dollars in a single brokerage account 887 00:40:52,440 --> 00:40:54,680 Speaker 1: earning eight percent is going to earn the exact same 888 00:40:54,719 --> 00:40:57,160 Speaker 1: thing as a thousand dollars and ten separate burgrage accounts 889 00:40:57,360 --> 00:41:00,160 Speaker 1: also earning eight percent. So there's no magic there um. 890 00:41:00,320 --> 00:41:02,440 Speaker 1: And so the only other reason I think you might 891 00:41:02,440 --> 00:41:06,480 Speaker 1: would want to consider combining accounts that are redundant is 892 00:41:06,560 --> 00:41:09,840 Speaker 1: if you're afraid of, like, forgetting those accounts, which I 893 00:41:09,880 --> 00:41:12,920 Speaker 1: also don't see happening because you are incredibly detailed, like 894 00:41:13,040 --> 00:41:15,319 Speaker 1: you are a money nerd uh, And so I don't 895 00:41:15,400 --> 00:41:17,680 Speaker 1: see that happening either, And so it's Michael Librarian too, 896 00:41:17,800 --> 00:41:21,560 Speaker 1: is the question? Or is it organizational studies or something. 897 00:41:21,640 --> 00:41:24,560 Speaker 1: Maybe wouldn't that like the technical librarian term. But Mike, 898 00:41:24,640 --> 00:41:27,680 Speaker 1: he also talked about I bonds. Mike, obviously there the 899 00:41:27,800 --> 00:41:29,920 Speaker 1: rates on those are pretty great right now, but I 900 00:41:30,000 --> 00:41:32,680 Speaker 1: am not sure they fit within your your current plans, 901 00:41:33,080 --> 00:41:35,160 Speaker 1: because we don't want you to sacrifice money that you're 902 00:41:35,160 --> 00:41:38,440 Speaker 1: stalking into those investment accounts right in favor of I bons, 903 00:41:38,480 --> 00:41:43,000 Speaker 1: because there's the potential for a subpar return um and 904 00:41:43,040 --> 00:41:44,760 Speaker 1: then the cash that you have on hand that seems 905 00:41:44,800 --> 00:41:47,520 Speaker 1: like it's going to be for more immediate needs than 906 00:41:47,800 --> 00:41:50,520 Speaker 1: like more medium term ones. And so while we do 907 00:41:50,719 --> 00:41:53,440 Speaker 1: seeing the praises of I bons pretty regularly, unless you've 908 00:41:53,440 --> 00:41:55,600 Speaker 1: got a decent chunk of cash that you aren't ready 909 00:41:55,640 --> 00:41:57,880 Speaker 1: to invest but that you also don't need for at 910 00:41:57,960 --> 00:42:00,839 Speaker 1: least a year, we think just avoiding I bonds um 911 00:42:01,280 --> 00:42:02,680 Speaker 1: for the time being should be the way to go. 912 00:42:02,840 --> 00:42:05,000 Speaker 1: It's it would be one thing, and you also have 913 00:42:05,080 --> 00:42:06,279 Speaker 1: a house. It would be one thing. If you knew 914 00:42:06,320 --> 00:42:07,680 Speaker 1: that you're going to buy a house, say in two 915 00:42:08,200 --> 00:42:10,000 Speaker 1: to four years or something like that, that would be 916 00:42:10,040 --> 00:42:11,960 Speaker 1: a perfect place for you to to stash away some 917 00:42:12,040 --> 00:42:14,120 Speaker 1: of those funds. But you've already got one of those, 918 00:42:14,400 --> 00:42:16,640 Speaker 1: and so it comes down to just the time frame 919 00:42:17,360 --> 00:42:20,160 Speaker 1: that you are going to be not needing to touch 920 00:42:20,239 --> 00:42:22,439 Speaker 1: those funds. If you have another savings goal in mind, 921 00:42:22,600 --> 00:42:25,479 Speaker 1: then absolutely, maybe I bonds might make a lot of sense. 922 00:42:25,520 --> 00:42:27,919 Speaker 1: But we did not hear of any of those sort 923 00:42:27,960 --> 00:42:30,960 Speaker 1: of intermediary goals that you might have. All right, let's 924 00:42:30,960 --> 00:42:32,520 Speaker 1: talk about the last thing that Mike mentioned, and that 925 00:42:32,800 --> 00:42:35,960 Speaker 1: is life insurance. He he asked about term life and 926 00:42:36,000 --> 00:42:39,560 Speaker 1: whether or not they need to have policies, and I guess, like, 927 00:42:39,840 --> 00:42:43,080 Speaker 1: do you need to have it? Not necessarily, but would 928 00:42:43,080 --> 00:42:44,759 Speaker 1: say you're also getting to the point where it is 929 00:42:44,840 --> 00:42:47,600 Speaker 1: starting to make sense. The whole reason to have term 930 00:42:47,680 --> 00:42:50,719 Speaker 1: life coverage is for income replacement. So if you were to, 931 00:42:50,920 --> 00:42:53,440 Speaker 1: let's say, pass away prematurely, could your soon to be 932 00:42:53,560 --> 00:42:56,400 Speaker 1: husband get by without you? It sounds like maybe because 933 00:42:56,480 --> 00:42:59,880 Speaker 1: of how frugal you guys are, um that you probably could, right, 934 00:43:00,120 --> 00:43:02,160 Speaker 1: And what about if the opposite were the case, Mike, 935 00:43:02,239 --> 00:43:04,279 Speaker 1: I mean, I'm sure you could as well. If your 936 00:43:04,360 --> 00:43:07,560 Speaker 1: husband passed aways prematurely sadly, I'm sure you could get 937 00:43:07,600 --> 00:43:10,880 Speaker 1: by without having any life insurance money. But the reality 938 00:43:10,960 --> 00:43:14,399 Speaker 1: is that life insurance is incredibly cheap. The young, healthy 939 00:43:14,440 --> 00:43:17,959 Speaker 1: folks can get a policy for like Netflix subscription dollar 940 00:43:18,080 --> 00:43:21,400 Speaker 1: amounts like it's it's not going to going for the 941 00:43:21,480 --> 00:43:26,920 Speaker 1: ultra HD version of Netflix. Literally, Yeah, life insurance might 942 00:43:26,960 --> 00:43:28,600 Speaker 1: be more affordable if you get a half a million 943 00:43:28,800 --> 00:43:32,320 Speaker 1: or a million dollar policy pretty easily for really meager 944 00:43:32,360 --> 00:43:34,759 Speaker 1: amounts of cash. And so yeah, we would say taking 945 00:43:34,800 --> 00:43:37,680 Speaker 1: out a small policy is smart to provide that peace 946 00:43:37,719 --> 00:43:40,719 Speaker 1: of mind plus that real financial backstop if the worst 947 00:43:40,760 --> 00:43:43,480 Speaker 1: thing possible actually does happen. And so yeah, it makes 948 00:43:43,520 --> 00:43:45,880 Speaker 1: sense to me considering what you'all have been able to 949 00:43:45,960 --> 00:43:49,239 Speaker 1: build thus far, protecting it with insurance, especially as you 950 00:43:49,320 --> 00:43:51,680 Speaker 1: guys are getting married, makes a whole lot of sense. 951 00:43:51,800 --> 00:43:54,560 Speaker 1: And we actually have an article about term life insurance, 952 00:43:54,640 --> 00:43:57,640 Speaker 1: how to decipher how much you need and where to 953 00:43:57,680 --> 00:43:59,719 Speaker 1: go shopping for it upon our site and how the 954 00:43:59,760 --> 00:44:01,439 Speaker 1: money dot Com will link to that in the show notes. 955 00:44:01,719 --> 00:44:03,480 Speaker 1: But it's one of those things where every adult who 956 00:44:03,560 --> 00:44:07,000 Speaker 1: has their income relied on by others really really needs 957 00:44:07,080 --> 00:44:10,279 Speaker 1: to strongly consider getting a term life policy. Term life 958 00:44:10,280 --> 00:44:13,280 Speaker 1: insurance is one of those underappreciated products in the personal 959 00:44:13,360 --> 00:44:16,520 Speaker 1: finance space sadly, and you know, for how inexpensive. It 960 00:44:16,640 --> 00:44:20,040 Speaker 1: is if you have anybody that relies on your income, 961 00:44:20,480 --> 00:44:23,160 Speaker 1: and then we would say you should really look in 962 00:44:23,360 --> 00:44:26,239 Speaker 1: term life insurance immediately. That's right, Yet, so much of 963 00:44:26,320 --> 00:44:29,120 Speaker 1: this does honestly come down to how comfortable you would 964 00:44:29,160 --> 00:44:31,440 Speaker 1: be living off of your own income as opposed to 965 00:44:31,480 --> 00:44:34,640 Speaker 1: your combined incomes. Um, but I would say if y'all 966 00:44:34,800 --> 00:44:38,200 Speaker 1: can have in the future dependent if you adopt, then 967 00:44:38,400 --> 00:44:42,160 Speaker 1: that completely changes the game because the surviving partner would 968 00:44:42,200 --> 00:44:44,800 Speaker 1: need to consider what would life look like, uh, in 969 00:44:45,239 --> 00:44:48,960 Speaker 1: the form of either childcare costs or income that needs 970 00:44:49,000 --> 00:44:50,480 Speaker 1: to be replaced. Either way, there's income that needs to 971 00:44:50,520 --> 00:44:54,400 Speaker 1: be replaced. When you are talking about kids, things change 972 00:44:54,520 --> 00:44:56,520 Speaker 1: once they're in the picture, so definitely keep that in 973 00:44:56,600 --> 00:44:59,560 Speaker 1: mind as you move forward as well. Yeah, the conversation 974 00:44:59,640 --> 00:45:02,200 Speaker 1: about insurance ramps up in a big way when kids 975 00:45:02,239 --> 00:45:04,920 Speaker 1: come into the picture. Exactly, Cats and the plans, then 976 00:45:04,960 --> 00:45:07,600 Speaker 1: I feel like that Mike needs to consider that even 977 00:45:07,640 --> 00:45:11,360 Speaker 1: more more closely. Yeah, we personally, we never even considered 978 00:45:11,520 --> 00:45:14,279 Speaker 1: life insurance until we had until we were pregnant, because 979 00:45:14,320 --> 00:45:16,640 Speaker 1: Kate and I we were both fairly comfortable with saying, 980 00:45:16,680 --> 00:45:19,040 Speaker 1: you know what we're gonna We're taking a little bit 981 00:45:19,080 --> 00:45:21,360 Speaker 1: more risk not having life insurance, but that was a 982 00:45:21,480 --> 00:45:23,000 Speaker 1: risk that we were able to take in order to 983 00:45:23,000 --> 00:45:25,080 Speaker 1: funnel those dollars towards other goals that we had at 984 00:45:25,120 --> 00:45:26,799 Speaker 1: that point in Yeah, all right, let's get to one 985 00:45:26,840 --> 00:45:29,840 Speaker 1: last question, Matt. This one is that banking question and 986 00:45:30,360 --> 00:45:34,200 Speaker 1: how to Yeah, how to bank in an eco friendly way? Hi, 987 00:45:34,360 --> 00:45:36,399 Speaker 1: Joel and Matt. My name is Caroline, and I'm calling 988 00:45:36,560 --> 00:45:40,840 Speaker 1: from northern California. I'm calling because I've been receiving a 989 00:45:40,920 --> 00:45:46,160 Speaker 1: lot of advertisements for these new vegan eco friendly, environmentally 990 00:45:46,239 --> 00:45:50,759 Speaker 1: friendly cards. They're mostly debit cards, I believe, but I'm 991 00:45:50,800 --> 00:45:54,080 Speaker 1: curious what your thoughts are on these These companies claimed 992 00:45:54,120 --> 00:45:59,680 Speaker 1: to be um investing our money into more environmentally conscious 993 00:46:00,000 --> 00:46:05,200 Speaker 1: objects and not supporting oil drilling or pipeline projects. I 994 00:46:05,320 --> 00:46:08,120 Speaker 1: know there's some that also claim to planet Tree according 995 00:46:08,200 --> 00:46:11,960 Speaker 1: to a certain transaction. I'm curious what your thoughts are 996 00:46:12,000 --> 00:46:15,520 Speaker 1: on these cards. Since our money is being invested in 997 00:46:15,760 --> 00:46:18,560 Speaker 1: projects that we may not have a say so, in 998 00:46:18,760 --> 00:46:22,759 Speaker 1: order for us to be more conscious of where our 999 00:46:22,840 --> 00:46:25,600 Speaker 1: money is going, I'm curious what your guys thoughts are 1000 00:46:25,680 --> 00:46:27,239 Speaker 1: on these and if there is a site where we 1001 00:46:27,280 --> 00:46:30,520 Speaker 1: can kind of check out each banks where they invest 1002 00:46:30,640 --> 00:46:32,839 Speaker 1: our money towards. That would be great to know as well. 1003 00:46:32,960 --> 00:46:35,560 Speaker 1: So if you could just review some of our options 1004 00:46:35,880 --> 00:46:40,680 Speaker 1: UM and educate us on these different new cards that 1005 00:46:40,719 --> 00:46:44,799 Speaker 1: are coming in as we UM are looking towards more 1006 00:46:45,320 --> 00:46:51,600 Speaker 1: environmentally conscious choices. Thank you, Caroline, thank you so much 1007 00:46:51,680 --> 00:46:54,720 Speaker 1: for your question. We are all about funneling our dollars 1008 00:46:54,800 --> 00:46:57,480 Speaker 1: towards the things that move the needle for us personally. 1009 00:46:57,840 --> 00:47:02,200 Speaker 1: But I gotta say, Vegan banks are something that, like 1010 00:47:02,440 --> 00:47:04,120 Speaker 1: it was not on my radar at all. It was 1011 00:47:04,280 --> 00:47:06,200 Speaker 1: I had been I had not been getting those advertisements. 1012 00:47:06,320 --> 00:47:08,680 Speaker 1: I don't know what I mean, but not something that, yeah, 1013 00:47:08,760 --> 00:47:14,680 Speaker 1: that I wasn't maybe also guessing Caroline lives in California, 1014 00:47:14,719 --> 00:47:17,640 Speaker 1: which is a more progressive state than Georgia by a 1015 00:47:17,760 --> 00:47:19,920 Speaker 1: long shot, so it doesn't also doesn't surprise me that 1016 00:47:19,960 --> 00:47:23,000 Speaker 1: there might be more of those being advertised to folks 1017 00:47:23,040 --> 00:47:24,920 Speaker 1: out there. Uh, you know, like we've definitely heard of 1018 00:47:24,960 --> 00:47:27,240 Speaker 1: companies in the investing in banking space that are attempting 1019 00:47:27,400 --> 00:47:30,719 Speaker 1: to be more equal conscious, but these specific banks we 1020 00:47:30,880 --> 00:47:32,759 Speaker 1: we haven't heard about. But that being said, we would 1021 00:47:32,760 --> 00:47:34,800 Speaker 1: say that your heart is totally in the right place, 1022 00:47:35,160 --> 00:47:38,320 Speaker 1: but in all likelihood, we don't think that you should 1023 00:47:38,360 --> 00:47:42,719 Speaker 1: be letting your money follow these specific financial institutions. Yeah, 1024 00:47:42,800 --> 00:47:45,319 Speaker 1: and that might sound harsh, Caroline, to hear Matt say 1025 00:47:45,320 --> 00:47:49,839 Speaker 1: the world, I deliver the truth with boldness. Well, yeah, 1026 00:47:49,880 --> 00:47:53,400 Speaker 1: the reality is that many of the attempts at creating 1027 00:47:53,480 --> 00:47:57,200 Speaker 1: eco friendly companies in this space has fallen flat. And 1028 00:47:57,320 --> 00:48:00,520 Speaker 1: that's because the fees are typically higher and the awards 1029 00:48:00,600 --> 00:48:03,800 Speaker 1: are more more paltry and comparison to what other companies 1030 00:48:03,840 --> 00:48:06,279 Speaker 1: in the market offer. So yeah, we would say, for 1031 00:48:06,400 --> 00:48:08,800 Speaker 1: example E s G funds, which we have talked about 1032 00:48:08,880 --> 00:48:11,360 Speaker 1: on the show, and it's not that we are against 1033 00:48:11,680 --> 00:48:15,920 Speaker 1: socially responsible investing, and it's not that we don't want 1034 00:48:15,960 --> 00:48:20,239 Speaker 1: the planets and humanity to thrive, but returns over time 1035 00:48:20,560 --> 00:48:22,400 Speaker 1: haven't been as good in those funds as they have 1036 00:48:22,520 --> 00:48:25,879 Speaker 1: been in traditional index funds. And on the banking space, 1037 00:48:25,920 --> 00:48:29,239 Speaker 1: a lot of the neo banks in the ecospace have 1038 00:48:29,400 --> 00:48:33,120 Speaker 1: similar downsides right there. Interest rates their subpar, and so 1039 00:48:33,280 --> 00:48:36,320 Speaker 1: are their perks. For example, there is an online bank matters. 1040 00:48:36,320 --> 00:48:38,680 Speaker 1: I was looking this up. It's called Purpose and it 1041 00:48:38,840 --> 00:48:42,680 Speaker 1: offers high interest checking at just over point one percent. 1042 00:48:43,160 --> 00:48:45,160 Speaker 1: Is like that wasn't what they were touting point what Okay, 1043 00:48:45,200 --> 00:48:47,920 Speaker 1: so it wasn't point one as in ten percent, you're 1044 00:48:47,960 --> 00:48:51,360 Speaker 1: saying literally point one percent, like attentive over cent. And 1045 00:48:51,480 --> 00:48:54,040 Speaker 1: so when you look at that, it's it's like they're 1046 00:48:54,080 --> 00:48:56,480 Speaker 1: they're basically saying, put your money here with us, because 1047 00:48:56,560 --> 00:48:58,800 Speaker 1: we're doing good. But what they're not doing good on 1048 00:48:59,200 --> 00:49:02,680 Speaker 1: is paying their cust mers real interest rate. Right. It's 1049 00:49:02,719 --> 00:49:06,520 Speaker 1: one thing if you are paying a premium on the 1050 00:49:06,640 --> 00:49:08,600 Speaker 1: rate that you're getting if you knew that that money 1051 00:49:08,719 --> 00:49:10,839 Speaker 1: was going towards something good. But that's honestly, that's that's 1052 00:49:10,880 --> 00:49:13,360 Speaker 1: my biggest problem is that it is unclear what is 1053 00:49:13,400 --> 00:49:17,080 Speaker 1: actually being done. You know, for some of these higher causes. 1054 00:49:17,440 --> 00:49:18,920 Speaker 1: You know, you know you're right. So so there's two 1055 00:49:18,960 --> 00:49:21,279 Speaker 1: things that are problems, right. One is that we'd say 1056 00:49:21,280 --> 00:49:23,560 Speaker 1: there are better options out there where your money is 1057 00:49:23,600 --> 00:49:25,879 Speaker 1: working harder for you. So your money at the banks 1058 00:49:25,920 --> 00:49:28,719 Speaker 1: that we talk about most frequently is gonna earn a 1059 00:49:28,760 --> 00:49:30,680 Speaker 1: whole lot more than it would at a bank like this. 1060 00:49:31,040 --> 00:49:34,200 Speaker 1: But the other problem is that is what we would 1061 00:49:34,200 --> 00:49:36,520 Speaker 1: say is called greenwashing, which seems to be happening a 1062 00:49:36,560 --> 00:49:38,640 Speaker 1: lot in our culture right now, and it's where companies 1063 00:49:38,719 --> 00:49:43,000 Speaker 1: want to tout their environmental bona fides, let's say, you know, 1064 00:49:43,120 --> 00:49:45,920 Speaker 1: even even if the results of their efforts are minimal. 1065 00:49:46,160 --> 00:49:48,879 Speaker 1: We see this all over the place with giant corporations, 1066 00:49:49,200 --> 00:49:52,800 Speaker 1: even down to new startups right where they're they're saying 1067 00:49:52,880 --> 00:49:55,280 Speaker 1: one thing about how much they care about the environment 1068 00:49:55,440 --> 00:49:57,719 Speaker 1: or what they're doing. And it's often it's just really 1069 00:49:57,800 --> 00:50:00,520 Speaker 1: tough to figure out. It's tough to the cipher companies 1070 00:50:00,520 --> 00:50:03,279 Speaker 1: are doing actual good, uh, and which ones are worth 1071 00:50:03,360 --> 00:50:05,879 Speaker 1: aligning with, and then which companies are just really good 1072 00:50:05,920 --> 00:50:08,200 Speaker 1: at marketing to you based on your interest, based on 1073 00:50:08,239 --> 00:50:09,920 Speaker 1: what they know about you. So you've gotta be really 1074 00:50:09,960 --> 00:50:11,640 Speaker 1: careful and you have to look into the details, and 1075 00:50:11,680 --> 00:50:13,640 Speaker 1: you have to decide, does it make sense for me 1076 00:50:13,960 --> 00:50:16,000 Speaker 1: because I care about the mission of this company or 1077 00:50:16,080 --> 00:50:18,680 Speaker 1: this bank so much that I'm willing to take it 1078 00:50:18,760 --> 00:50:20,960 Speaker 1: on the chin with a lower interest rate, uh, in 1079 00:50:21,160 --> 00:50:24,400 Speaker 1: order to live my values out most fully. Yeah, I mean, honestly, 1080 00:50:24,520 --> 00:50:27,320 Speaker 1: Like this certainly is a gray area, And Caroline, what 1081 00:50:27,520 --> 00:50:29,400 Speaker 1: you choose to do with your money is going to 1082 00:50:29,480 --> 00:50:33,120 Speaker 1: largely depend on your personal convictions because of how we 1083 00:50:33,280 --> 00:50:34,839 Speaker 1: roll and how we know, how we talk about money 1084 00:50:34,840 --> 00:50:36,640 Speaker 1: here on the show, We're gonna continue to recommend banks 1085 00:50:36,719 --> 00:50:39,359 Speaker 1: that offer the best perks, highest interest rates, the best 1086 00:50:39,360 --> 00:50:42,120 Speaker 1: customer service out there. But if you've got different priorities, 1087 00:50:42,200 --> 00:50:43,640 Speaker 1: you know, when it comes to where it is that 1088 00:50:43,760 --> 00:50:46,160 Speaker 1: you bank, I think that's totally cool. Just make sure 1089 00:50:46,200 --> 00:50:48,440 Speaker 1: that you are doing your due diligence and know that 1090 00:50:48,600 --> 00:50:51,719 Speaker 1: there could be some significant trade offs with a move 1091 00:50:51,800 --> 00:50:53,920 Speaker 1: like this, not only in the rate that you're going 1092 00:50:53,960 --> 00:50:56,359 Speaker 1: to be receiving, but the actual good that they're able 1093 00:50:56,400 --> 00:50:59,960 Speaker 1: to provide the environment or the world. And I think 1094 00:51:00,040 --> 00:51:02,919 Speaker 1: the even you know, more important question is where are 1095 00:51:03,160 --> 00:51:05,960 Speaker 1: your giving dollars going? Because I think that that is 1096 00:51:06,040 --> 00:51:08,480 Speaker 1: the best way for you to direct your dollars in 1097 00:51:08,600 --> 00:51:10,800 Speaker 1: a way that's going to easily have the biggest impact. 1098 00:51:11,280 --> 00:51:13,480 Speaker 1: And what's great about this approach is that there is 1099 00:51:13,600 --> 00:51:17,280 Speaker 1: a lot of transparency, uh and you can easily research 1100 00:51:17,360 --> 00:51:20,960 Speaker 1: nonprofits at a site like charity navigator dot org. Um 1101 00:51:21,040 --> 00:51:24,560 Speaker 1: what these newer companies are doing, they're just there. The 1102 00:51:24,640 --> 00:51:27,600 Speaker 1: lines are getting blurred essentially, right, and like it makes 1103 00:51:27,640 --> 00:51:29,960 Speaker 1: me think of like Whole Life or Universal Life, where 1104 00:51:29,960 --> 00:51:33,080 Speaker 1: they're combining these two different products. You've got Wait, is 1105 00:51:33,120 --> 00:51:35,600 Speaker 1: it insurance or is it an investment. Well, let's take 1106 00:51:35,640 --> 00:51:38,000 Speaker 1: them both, will combine them, will make it so opake 1107 00:51:38,080 --> 00:51:40,400 Speaker 1: that people can't understand what you're getting. It's easy for you. 1108 00:51:41,040 --> 00:51:42,520 Speaker 1: And like that's the other thing. I feel like some 1109 00:51:42,600 --> 00:51:44,680 Speaker 1: of these banks, they're they're almost take like putting you 1110 00:51:44,960 --> 00:51:46,920 Speaker 1: as the consumer. It feels like you're off the hook 1111 00:51:46,920 --> 00:51:48,960 Speaker 1: a little bit. And so it's just like, oh, maybe 1112 00:51:49,000 --> 00:51:51,520 Speaker 1: you don't have to quite worry about the environment as 1113 00:51:51,680 --> 00:51:54,279 Speaker 1: much because you bank with like what was the name 1114 00:51:54,280 --> 00:51:57,200 Speaker 1: of the mak you mentioned purpose. Uh, it's like they're 1115 00:51:57,200 --> 00:51:59,719 Speaker 1: gonna take care of all the things for you. Uh. 1116 00:51:59,800 --> 00:52:02,640 Speaker 1: And I really don't like the fact that responsibility is 1117 00:52:02,680 --> 00:52:06,400 Speaker 1: being shifted from the consumer instead to these institutions to companies. 1118 00:52:06,840 --> 00:52:08,960 Speaker 1: I feel the same way when it comes to uh, 1119 00:52:09,480 --> 00:52:11,160 Speaker 1: some of these great companies that are doing like the 1120 00:52:11,239 --> 00:52:13,279 Speaker 1: buy a pair, give a pair, right, We've talked about 1121 00:52:13,280 --> 00:52:16,400 Speaker 1: this previously on the show. Uh, this marketing tactic that 1122 00:52:16,560 --> 00:52:19,840 Speaker 1: makes you feel good. And sure, maybe it is providing 1123 00:52:20,000 --> 00:52:23,040 Speaker 1: some good, but I think we should be more involved 1124 00:52:23,160 --> 00:52:25,480 Speaker 1: with the good that our money is doing, and not 1125 00:52:26,040 --> 00:52:28,440 Speaker 1: by not just relying on these sort of default ways 1126 00:52:28,920 --> 00:52:31,120 Speaker 1: of you know, whether it be through our consumption or 1127 00:52:31,160 --> 00:52:33,000 Speaker 1: whether it be through our banking that we're able to 1128 00:52:33,080 --> 00:52:35,480 Speaker 1: provide good. I like to see folks out there intentionally 1129 00:52:35,600 --> 00:52:37,880 Speaker 1: doing good with their money. And let's say there's a 1130 00:52:37,960 --> 00:52:41,800 Speaker 1: bank out there intentionally doing deceitful things like I don't know, 1131 00:52:42,160 --> 00:52:44,520 Speaker 1: signing customers up for accounts so that they never signed 1132 00:52:44,560 --> 00:52:46,440 Speaker 1: up for in the first place, or I don't know, 1133 00:52:46,920 --> 00:52:50,720 Speaker 1: just predatory, predatory things right that are just anti consumer, 1134 00:52:50,800 --> 00:52:54,400 Speaker 1: that are bad for humans, very clearly identifiable things that 1135 00:52:54,960 --> 00:52:57,680 Speaker 1: we can read about and point to that the SEC 1136 00:52:57,840 --> 00:52:59,960 Speaker 1: is cracking down and that maybe the federal government has 1137 00:53:00,800 --> 00:53:04,160 Speaker 1: has find this bank hundreds of millions of dollars for doing. 1138 00:53:04,480 --> 00:53:07,520 Speaker 1: Then we would say, well, stay away from from banks 1139 00:53:07,600 --> 00:53:10,319 Speaker 1: like that, stay away from companies that are purposefully leading 1140 00:53:10,320 --> 00:53:12,840 Speaker 1: people astraight, that are not treating their customers with respect 1141 00:53:13,120 --> 00:53:15,880 Speaker 1: they deserve. But and again, so much of this is 1142 00:53:15,880 --> 00:53:18,600 Speaker 1: going to come down do personal preference. Our preference, like 1143 00:53:18,680 --> 00:53:22,040 Speaker 1: you said, Matt, is customer services rates, the rate that's 1144 00:53:22,080 --> 00:53:24,360 Speaker 1: being paid, is the history of the bank. Is the 1145 00:53:24,600 --> 00:53:27,600 Speaker 1: technology like how user interfaces, how is easy it is 1146 00:53:27,760 --> 00:53:29,480 Speaker 1: is it to use? And we have a few that 1147 00:53:29,520 --> 00:53:31,799 Speaker 1: we traditionally recommend because they kind of meet a high 1148 00:53:31,840 --> 00:53:33,920 Speaker 1: bar on every single one of those categories. So that's 1149 00:53:33,960 --> 00:53:36,239 Speaker 1: what we recommend. But if you have a different set 1150 00:53:36,280 --> 00:53:38,640 Speaker 1: of standards that you prefer when you're looking at a bank, 1151 00:53:38,680 --> 00:53:40,480 Speaker 1: there's still some bare minimums I would have, like is 1152 00:53:40,960 --> 00:53:43,560 Speaker 1: is this online vegan friendly bank? Is it ft I 1153 00:53:43,600 --> 00:53:45,560 Speaker 1: C insured? Like if it's not, there's no way, it 1154 00:53:45,600 --> 00:53:47,520 Speaker 1: doesn't matter what they say, There's no way I'd sick 1155 00:53:47,560 --> 00:53:49,560 Speaker 1: my money there. But yeah, so I would attempt to 1156 00:53:49,640 --> 00:53:52,760 Speaker 1: avoid banks that are behaving badly, and I would attempt 1157 00:53:52,800 --> 00:53:57,320 Speaker 1: to reward banks that are behaving well, treating customers with respect, 1158 00:53:57,600 --> 00:53:59,040 Speaker 1: and like Matt said, I would try to give my 1159 00:53:59,120 --> 00:54:02,880 Speaker 1: dollars away in it two causes that align with my values. 1160 00:54:03,160 --> 00:54:04,879 Speaker 1: That's that's kind of how we think about it here. 1161 00:54:05,160 --> 00:54:07,839 Speaker 1: But yeah, Caroline, we hope that that helps you make 1162 00:54:07,880 --> 00:54:10,680 Speaker 1: an informed decision about which bank you do business with. Heck, yeah, 1163 00:54:10,760 --> 00:54:12,839 Speaker 1: all right, let's get back to our beer. This episode, Joel, 1164 00:54:12,840 --> 00:54:16,800 Speaker 1: you and I enjoy Pistol Peets, brewed in the state 1165 00:54:17,200 --> 00:54:20,360 Speaker 1: of New Mexico, and they made state bigger because this 1166 00:54:20,600 --> 00:54:25,600 Speaker 1: is a beer that specifically for New Mexico State University, which, 1167 00:54:25,719 --> 00:54:27,920 Speaker 1: by the way, I looked it up. They this is 1168 00:54:27,960 --> 00:54:31,120 Speaker 1: basically like a local brewery for New Mexico State, which 1169 00:54:31,120 --> 00:54:33,759 Speaker 1: also makes sense why it's called Pistol Pets because they're 1170 00:54:33,760 --> 00:54:35,719 Speaker 1: not talking about the basketball player. I know, I thought 1171 00:54:35,719 --> 00:54:39,080 Speaker 1: they were talking about Pistol Pete Meravish none. The Pistol 1172 00:54:39,120 --> 00:54:43,040 Speaker 1: Pete is the mascot or whatever for New Mexico State University. 1173 00:54:43,120 --> 00:54:46,200 Speaker 1: So basically, well, I guess it kind of makes sense 1174 00:54:46,280 --> 00:54:47,879 Speaker 1: that this is what is this? This like a four 1175 00:54:47,960 --> 00:54:50,600 Speaker 1: percent something beer. This is like the college drinking this. 1176 00:54:51,040 --> 00:54:53,399 Speaker 1: This is like the local beer that pretty much everyone 1177 00:54:53,400 --> 00:54:56,480 Speaker 1: on campus I'm guessing is drinking. But it stands on 1178 00:54:56,560 --> 00:54:58,480 Speaker 1: the camp that this is a blondel. To me, this 1179 00:54:58,719 --> 00:55:01,360 Speaker 1: was the lightest blondel I pad, and so it was 1180 00:55:01,560 --> 00:55:04,600 Speaker 1: just a perfect game day beer. Honestly. There you go, Yeah, 1181 00:55:04,640 --> 00:55:07,200 Speaker 1: probably exactly what you want to living basically in Mexico. 1182 00:55:07,280 --> 00:55:10,000 Speaker 1: I didn't realize how close to the border, and so 1183 00:55:10,239 --> 00:55:12,960 Speaker 1: like Boss Brewing, they've got a location further north in Albuquerque, 1184 00:55:13,280 --> 00:55:16,800 Speaker 1: but where New Mexico State is as well as this 1185 00:55:16,960 --> 00:55:19,839 Speaker 1: additional location, They're really close to Mexico and so I'm 1186 00:55:19,880 --> 00:55:22,239 Speaker 1: guessing it's pretty hot there and so you probably want 1187 00:55:22,440 --> 00:55:25,239 Speaker 1: a lower a BV beer in order to like I 1188 00:55:25,280 --> 00:55:27,759 Speaker 1: always like to say they hydrated. They're probably not ruined 1189 00:55:27,800 --> 00:55:30,520 Speaker 1: two percent stouts right at Boss Brewing, which makes sense 1190 00:55:30,560 --> 00:55:33,560 Speaker 1: and I'm guessing. But yeah, no, this was an enjoyable beer. Um. 1191 00:55:33,760 --> 00:55:35,040 Speaker 1: Glad this is one that you and I were able 1192 00:55:35,080 --> 00:55:38,520 Speaker 1: to crush on today's episode, Joel, no doubt. All right, 1193 00:55:38,560 --> 00:55:41,000 Speaker 1: that's gonna do it. For this episode, we will put 1194 00:55:41,080 --> 00:55:44,040 Speaker 1: links to all the sites we mentioned everything pertinent in 1195 00:55:44,280 --> 00:55:45,960 Speaker 1: our show notes up on our site at how to 1196 00:55:46,040 --> 00:55:49,399 Speaker 1: money dot com. But Matt, until next time, Best Friends Out, 1197 00:55:49,480 --> 00:56:05,680 Speaker 1: Best Friends Out, m H. My name is Matt