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

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Speaker 1: Matt's and today we're answering your listener questions. That's right, Joel.

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Speaker 1: It's listener question Monday. We've got five awesome questions from

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Speaker 1: our listeners, and we're gonna answer all five of them.

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Speaker 1: We'll see if I have the staminam Matt, maybe we'll

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Speaker 1: only get to three of them. Well, a few that

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Speaker 1: we are going to get to our about getting a

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Speaker 1: credit card, or at least trying to get a credit

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Speaker 1: card while you have frozen credit. We're gonna discuss paying

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Speaker 1: off student loans or investing that money instead, as well

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Speaker 1: as making a large purchase like buying a car when

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Speaker 1: you don't have a local brick and mortar bank. How

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Speaker 1: do you go about doing that. We're gonna get to

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Speaker 1: those plus two others on this episode. I'm looking forward

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Speaker 1: to it, Matt. But before we get to these listener questions,

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Speaker 1: there's something you wanted to talk about, and it's something

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Speaker 1: that that we've had to deal with a couple of

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Speaker 1: times recently as our own kind of small business, and

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Speaker 1: that's hiring other people to do things for us, and

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Speaker 1: in particular, we've hired a couple of friends to to

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Speaker 1: do a couple of projects, and we learned a couple

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Speaker 1: of lessons along the way. Yeah, and I think this

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Speaker 1: is important for us to cover because as our lives

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Speaker 1: become kind of more complicated and intertwined with maybe those

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Speaker 1: who live in our neighborhood, our friends, if a lot

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Speaker 1: of us are starting side hustles, sometimes we are looking

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Speaker 1: to to do business with friends of ours as well.

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Speaker 1: We want to support them, but also it kind of

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Speaker 1: makes sense from a doing business standpoint, right. Uh So, Yeah,

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Speaker 1: we asked a friend of ours to do some professional

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Speaker 1: work for us, and we will not say their name

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Speaker 1: as we want to make sure that things stay confidential. Right,

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Speaker 1: we'll call in Baltimore. You're still on your and we

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Speaker 1: still haven't talked about it. We need too soon. But

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Speaker 1: early on I had asked about price, because this is

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Speaker 1: something that you and I we wanted to keep at

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Speaker 1: a certain point. We didn't want to spend too much money, right,

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Speaker 1: I mean, this is how the money. But the problem

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Speaker 1: is we didn't really address that question head on before

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Speaker 1: we started the work, and we kind of didn't come

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Speaker 1: back around to it until the very end, and it

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Speaker 1: ended up costing us way more than we thought it

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Speaker 1: was gonna cost. It was about three times more, I think,

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Speaker 1: than than we were wanting to spend, which is a

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Speaker 1: huge discrepancy, you know, six dollars and sent too. It

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Speaker 1: was yeah, that was the right ratio at least. But

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Speaker 1: so yeah, so the question then comes down to us

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Speaker 1: asking this person about the cost, about the price, and

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Speaker 1: so the question that we want to ask now is

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Speaker 1: is that frugal or is that cheap? So I think

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Speaker 1: the way we went about it was the right way

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Speaker 1: to go about it, and I think there is which

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Speaker 1: is how okay, So let's talk about it. So we

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Speaker 1: we basically asked our friend. We said, hey, you know,

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Speaker 1: we didn't come up with the pricing ahead of time,

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Speaker 1: and so we're sorry. You know, we know we asked,

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Speaker 1: but we never really honed in on it. We're so

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Speaker 1: appreciative of your work, but we're just wondering if you

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Speaker 1: could kind of tell us, like how you came up

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Speaker 1: with the price. And so we kind of put the

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Speaker 1: ball in their court and they did a really good

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Speaker 1: job of replying and being kind of understanding and apologizing

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Speaker 1: that we didn't come up with any sort of a

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Speaker 1: price ahead of time. Knowing that that was something that

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Speaker 1: that we had mentioned, and they explained, you know, the

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Speaker 1: reasoning behind the price, and they also at that point

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Speaker 1: offered to to take you know, a little bit off

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Speaker 1: of the final price, which was which was really kind

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Speaker 1: because I think they understood that it was an awkward

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Speaker 1: predicament on both sides. Yeah, and during that discussion too,

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Speaker 1: I'll say that we had the chance to also apologize

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Speaker 1: because it was something that we did ask upfront, but

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Speaker 1: it's not something we followed up on. And so in

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Speaker 1: both of our cases, it was sort of new territory. Uh,

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Speaker 1: this person hadn't done business this way, and this isn't

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Speaker 1: something that you and I are are were really used

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Speaker 1: to as well. And so I think in both of

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Speaker 1: our cases, what we learned was that communication is key, right.

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Speaker 1: It's paramount that we talk about the price. This is

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Speaker 1: going to be from you and me. We talked about

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Speaker 1: money all the time, but it's not it's sort of

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Speaker 1: something that kind of got pushed to the side a

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Speaker 1: little bit. We're focused on the task at hand. We

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Speaker 1: weren't overly focused on the costs, but that ended up

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Speaker 1: coming back to bite us. Yea, And I will say

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Speaker 1: to money should never, hopefully never come in between friendships.

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Speaker 1: For instance, this was not just twenty bucks more right

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Speaker 1: then we were hoping to spend. It was a good

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Speaker 1: bit more than we were hoping to spend that we

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Speaker 1: thought we were going to spend. And and so yeah,

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Speaker 1: I think it could if we handled it poorly, it

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Speaker 1: could have kind of come between us. But we realized

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Speaker 1: our friend does really good work. We're thankful for their help.

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Speaker 1: It was really quick and thorough, and so it was

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Speaker 1: one of those things where we learned a good lesson,

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Speaker 1: and I think we learned a good lesson together and

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Speaker 1: at the same time paying them with their worth and

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Speaker 1: what they've asked for. Um. After that initial question that

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Speaker 1: we asked about the pricing, it didn't make sense to

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Speaker 1: try to push any further because they're a good friend

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Speaker 1: and we don't want to ruin that. That's the most

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Speaker 1: important part. And and twenty bucks here or a hundred

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Speaker 1: bucks there, it doesn't matter in comparison to how much

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Speaker 1: that friendship means to us. So yeah, I think when

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Speaker 1: you're doing business with a friend, you want to make

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Speaker 1: sure you have all these details clarified on the front end.

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Speaker 1: Do a better job than we did. On this one.

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Speaker 1: Learned from our experience. Yeah, but we had another friend

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Speaker 1: do do a project for us recently to Matt, and

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Speaker 1: that went swimmingly because I think we did kind of

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Speaker 1: actually get those things out on the front end. We

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Speaker 1: have this beautiful table that we're sitting at that our

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Speaker 1: friend Pat built and that was a great transaction. So yeah,

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Speaker 1: I think so much of it does come down to

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Speaker 1: that early on communication, making sure you both have the

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Speaker 1: same expectations and if something does come up in the process,

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Speaker 1: it's best to air on the side of friendship as

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Speaker 1: opposed to money. Yes, and so for all the folks

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Speaker 1: out there who are looking to maybe hire a friend,

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Speaker 1: make sure you have those talks on the front end,

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Speaker 1: make sure you communicate very clearly. Yeah. I mean it's funny, Matt.

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Speaker 1: We work together, right, we're best friends. And there is

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Speaker 1: something too a little more difficult at times about working

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Speaker 1: with your best friend. It can change your relationship, can

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Speaker 1: change the dynamics, and sometimes your best friend when you

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Speaker 1: start to work with them, it doesn't feel like your

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Speaker 1: best friend anymore. I think you and I have done

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Speaker 1: a pretty good job trying to maintain What are you

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Speaker 1: saying if you're about to break up with me. So

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Speaker 1: I got this new best friend on the podcast. He's

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Speaker 1: real cool. That's cold, dude. No. I mean, I think

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Speaker 1: we've done a good job at main training best friends

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Speaker 1: status even while working together and and kind of creating something.

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Speaker 1: But there are a lot of businesses that don't thrive,

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Speaker 1: and when best friends creating together, I know it can

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Speaker 1: be really really hard for a lot of people. Yeah,

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Speaker 1: just watch the social network exactly. Yeah. And I don't

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Speaker 1: know why we've been able to do it well exactly.

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Speaker 1: I don't think I can pin more on anything necessarily,

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Speaker 1: at least not off the top of my mind. But

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Speaker 1: I'm glad we have been able to. Yeah, and when

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Speaker 1: we do, we'll write a book and that'll ruin us.

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Speaker 1: All right, man, Let's go ahead to introduce our beer

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Speaker 1: for this episode. This is another beer that you and

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Speaker 1: I picked up on a bike ride, uh at a

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Speaker 1: from a local market that we check out sometimes, and

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Speaker 1: it's called Inexplicable Unease. And this is a beer by

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Speaker 1: Bromari Brewining Company out of Asheville. You know, we've actually

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Speaker 1: shared one of their beers in the past before and

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Speaker 1: another sour I p a But yeah, man, looking forward

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Speaker 1: to enjoying this one with you on the episode and

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Speaker 1: sharing our thoughts at the end of the episode should

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Speaker 1: be good man. All right, let's get onto the listener

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Speaker 1: questions for this episode, and if anybody out there wants

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Speaker 1: to submit a question for us to take on a

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Speaker 1: upcoming ask htm episode, just go to how to money

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Speaker 1: dot com slash ask and there's a really simple directions

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Speaker 1: right there for you to be able to submit your

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Speaker 1: audio question for the show. Matt, let's get to the

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Speaker 1: first one. This one is about how big of an

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Speaker 1: emergency fund do we really need to have? Hey, guys,

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Speaker 1: this is Laura from the Twin Cities in Minnesota. It's

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Speaker 1: okay if you think my accent is weird, it comes

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Speaker 1: with the territory. Now for my question. Because of COVID

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Speaker 1: nineteen and generally sprucing up our financial practices, my husband

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Speaker 1: and I have been working on the goal of saving

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Speaker 1: three months worth of income into our emergency fund. This

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Speaker 1: is to prevent risk if one of us loses our jobs.

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Speaker 1: We've been great investors, but never saw a need to

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Speaker 1: have a large liquid emergency fund until now. I have

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Speaker 1: two questions about this. First question, what is the general

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Speaker 1: best practice around how many months worth we should have.

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Speaker 1: We have two right now, working on the third month,

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Speaker 1: but should we stop there is three month's worth pretty

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Speaker 1: good considering we're a dual income household, or would you

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Speaker 1: say go for more? The trade off, of course is

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Speaker 1: that the money could perform better if invested, but having

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Speaker 1: it liquid is a nice space of mind. Second question,

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Speaker 1: We've both been contributing to roth iiras for about eight

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Speaker 1: years now, and I know that our contributions can be

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Speaker 1: taken out without penalty in case of emergency like a

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Speaker 1: job lost. Do people generally count that dollar sum into

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Speaker 1: the emergency fund total? Or should that not be counted in?

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Speaker 1: Should roth I area contributions be treated more like an

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Speaker 1: untouchable safety net. Thanks for your help, Laura, great question

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Speaker 1: about safety nets, emergency funds, roth iras, all these things

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Speaker 1: that we love to talk about. And by the way,

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Speaker 1: we love hearing your accent. Like personally, I love getting

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Speaker 1: listener questions where there's folks from all over the not

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Speaker 1: just the country, but the world. You're able to get

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Speaker 1: a sense of the region a little bit that they're

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Speaker 1: from right based on these accents, kind of like how

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Speaker 1: you say, y'all, probably a lot do you do you

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Speaker 1: wonder if people think that we have accents. I've always

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Speaker 1: wondered that, and every time I asked somebody, they they

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Speaker 1: seem to tell me that they don't think I have

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Speaker 1: much of an accent. I know, just saying y'all probably

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Speaker 1: puts the impression in people's minds that were hard core

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Speaker 1: Southerners or Southerners. If you say y'all, you're you're from

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Speaker 1: the South, right. But my family is all from the

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Speaker 1: Pacific Northwest, and so I think I think of myself

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Speaker 1: as having a very neutral, almost no accent at all.

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Speaker 1: But I could be wrong. I'd be interested to hear

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Speaker 1: the feedback. Yeah, I feel like you have a very

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Speaker 1: kind of neutral radio voice, right, I don't necessarily pinpoint

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Speaker 1: you to a specific region. I feel like that I

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Speaker 1: do sound kind of Southern, though, like I grew up

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Speaker 1: in Augusta. But the thing is with me, I feel

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Speaker 1: like it's a Southern accent mixed a little bit with

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Speaker 1: like an Asian accent because my mom's from Korea, but

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Speaker 1: my dad grew up in the Midwest as well, So

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Speaker 1: you know, I don't really I feel like I don't

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Speaker 1: really have a strong Southern kind of dialect. Heritage, you know,

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Speaker 1: when it comes to how I speak, but I have

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Speaker 1: my own unique way of saying things oftentimes, Well, Laura's

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Speaker 1: got the Minnesota thing Downpat, that's for sure, Laura. We

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Speaker 1: appreciate your question. Let's kind of let's kind of get

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Speaker 1: to it. And emergency funds like can be this point

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Speaker 1: of contention in the personal finance world. There's so many

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Speaker 1: different rules of them that people have, and they can

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Speaker 1: be helpful, but also it's not set in stone, right.

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Speaker 1: There's nothing that you absolutely have to hit in order

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Speaker 1: to be decent at personal finances. And how much you

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Speaker 1: actually should have in an emergency fund is going to

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Speaker 1: differ from personal finance nerd to personal finance nerds. Some

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Speaker 1: people will think that we're being too conservative, and some

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Speaker 1: people will think the opposite, that we're being too risky.

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Speaker 1: But I would say I prefer to have more of

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Speaker 1: my money invested than sitting on the sidelines. But that's

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Speaker 1: also partly because a good portion of my investment portfolio

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Speaker 1: is in real estate. It pays monthly dividends essentially, whereas

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Speaker 1: money that you have invested in the stock market, it

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Speaker 1: doesn't do that right, it is growing for the your

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Speaker 1: eventual future for your retirement. But having physical, tangible real

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Speaker 1: estate where you have people paying you rent every single

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Speaker 1: month gives you the opportunity to reap some of the

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Speaker 1: rewards now it offers that monthly cash flow. So my

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Speaker 1: income is also pretty diverse. With having a day job,

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Speaker 1: having the real estate, a little bit of podcasting income,

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Speaker 1: that means that my cash cushion can be smaller, I

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Speaker 1: can still feel comfortable. So a couple of questions that

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Speaker 1: you need to ask yourself in order to decide is

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Speaker 1: how much of your income do you live on? I

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Speaker 1: think that's one of the biggest questions that people need

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Speaker 1: to ask themselves. Could you live on one income? Right

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Speaker 1: you said you live in a dual income house. If

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Speaker 1: worse came to worse, could you live on one income?

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Speaker 1: And if that's the case, I think you can get

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Speaker 1: by on a smaller emergency fund on that two months.

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Speaker 1: And also, do you work in a stable industry? And

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Speaker 1: that question is of particular significance right now. If both

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Speaker 1: you and your partner work in a stable industries and

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Speaker 1: you feel like your jobs are pretty secure, then I

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Speaker 1: think that also lends itself to the ability to have

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Speaker 1: less of your money in an emergency fund. And maybe

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Speaker 1: on the flip side of this, you know, Laura, you

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Speaker 1: mentioned the piece that having an emergency fund brings, like

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Speaker 1: that's something really intangible that can't be quantified, and it's

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Speaker 1: part of the reason that many people do opt for

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Speaker 1: a larger emergency fund before investing more of that money.

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Speaker 1: I know, for me, uh, six months is what I

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Speaker 1: like to have, you know, in the bank account at

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Speaker 1: this point. You know, having a larger family, were a

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Speaker 1: little less flexible when it comes to being able to

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Speaker 1: make changes to our expenses kind of on the dime.

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Speaker 1: Like back when it was just me and Kate. Back then,

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Speaker 1: I was really comfortable with just three months worth of

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Speaker 1: living expenses. But now for me it's six. But here

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Speaker 1: is the other thing. Even if you do have diversified income,

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Speaker 1: there are still going to be these unforeseen emergencies that

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Speaker 1: come up, right, Like they're obviously widespread pandemics that affect

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Speaker 1: millions of people or billions of people, Yeah, the whole world.

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Speaker 1: That is something that happens, as we've seen, or there

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Speaker 1: might just be something that happens to you specifically, right

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Speaker 1: like maybe you're at fault in a car accident and

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Speaker 1: you don't have enough coverage and so they're gonna maybe

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Speaker 1: come after you for that additional money. There are some

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Speaker 1: things that we feel that we have control over that

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Speaker 1: we can kind of wrap our minds around, right, whether

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Speaker 1: that be Okay, if I lose my job, this is

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Speaker 1: what it would take to get by if our household

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Speaker 1: is reduced to one income. This is how we would

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Speaker 1: make it work. Those events, yes, they are rare, but

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Speaker 1: they do happen to people. Those are the things that

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Speaker 1: we need to make sure that we don't discount as well,

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Speaker 1: and to make sure that we're saved up and well

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Speaker 1: prepared for those. Yeah, you can't plan for everything, right,

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Speaker 1: You can't plan for a pandemic. I don't think any

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Speaker 1: of us had an emergency fund that could survivedemic fund,

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Speaker 1: did you know? I think not. Your foresight is impeccable, sir.

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Speaker 1: But yeah, that's the thing though, like you never know

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Speaker 1: what's what's on the horizon. But it really is such

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Speaker 1: a hard balance to strike. Yeah, yeah it is, but

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Speaker 1: I love to you know. Laura asked about the roth Ira,

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Speaker 1: and I think the roth Ira is actually this this

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Speaker 1: perfect vehicle, Matt. We talked about it back in episode

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Speaker 1: eighty three one of the reasons that we love the

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Speaker 1: roth ira is that it can if you've been contributing

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Speaker 1: well to a roth Ira over a good number of years,

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Speaker 1: it can kind of function as a backup to the

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Speaker 1: emergency fund that you have, right, that you could tap

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Speaker 1: in case of an actual emergency. You're still hoping to

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Speaker 1: never have to tap it, right, You're still hoping that

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Speaker 1: the rath money can grow until you eventually retire in

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Speaker 1: your fifties, sixties or seventies, right, But it's nice to

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Speaker 1: know that that is a backup plan, uh. And it

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Speaker 1: also allows you, I think, to not be forced to

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Speaker 1: have as much in just a liquid savings account. And

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Speaker 1: Laura said that she and her partner have been contributing

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Speaker 1: to that roth for eight years I think, and eight

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Speaker 1: years I mean she she and her partner that that

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Speaker 1: could be ninety dollars total in contributions roughly right in

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Speaker 1: that that area. And that's a lot of money at

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Speaker 1: your disposal that you can withdraw in case of necessity.

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Speaker 1: So I think if you have been contributing to a

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Speaker 1: roth for somewhere in that seven, eight, ten, twelve year range,

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Speaker 1: you've been funding it, well, that does give you I

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Speaker 1: think the added ability to have a slightly smaller emergency fund.

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Speaker 1: I'm not gonna say a whole lot smaller, but slightly smaller,

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Speaker 1: And and to be able to focus more on investing

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Speaker 1: than continuing to ramp up your level of savings. Yeah. Lord,

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Speaker 1: that the cash is trash mentality like that has really

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Speaker 1: come up against some legitimate opposition during this pandemic. Having

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Speaker 1: cash in a savings account it's crucial for everyone. But

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Speaker 1: you know, how much is really up to you in

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Speaker 1: your specific circumstances. In your case, if you are living

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Speaker 1: on a good bit less than what you bring in,

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Speaker 1: both of you have, you know, those roths as a backup.

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Speaker 1: You know, it's definitely okay to invest maybe beyond that

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Speaker 1: three or maybe you know, for me, I would feel comfortable,

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Speaker 1: you know, investing beyond that six months worth of living expenses.

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Speaker 1: I think Joel, you probably would side more or maybe

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Speaker 1: on the three months side of things, right, Yeah, typically,

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Speaker 1: I mean, but also again, yes, so much of it

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Speaker 1: depends on those specific circumstances. The fact that I invest

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Speaker 1: in real estate is a big game changer in the

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Speaker 1: fact that I don't feel like I need quite as

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Speaker 1: much in an emergency fund, but everybody has kind of

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Speaker 1: their own particular details. Some of us are in really

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Speaker 1: on steady jobs or jobs that you might see a

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Speaker 1: whole lot of income one month, no income for two

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Speaker 1: or three months. It really really depends on your specific circumstances.

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Speaker 1: And I think to what you said, Matt is so true.

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Speaker 1: Cash is not trash. And I think a lot of

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Speaker 1: people that's like a when the stock markets booming, that's

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Speaker 1: something that people say, like, why would you have any cash? Yeah,

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Speaker 1: folks said that for the last ten years basically, right, Yeah,

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Speaker 1: And that's just not true. And we always say that

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Speaker 1: having some amount of cash on hand is important. That's

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Speaker 1: the margin to weather storms like this. And so yeah, Laura,

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Speaker 1: best of luck deciding what's right for you. It's hard

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Speaker 1: to give you a specific number, but hopefully that gives

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Speaker 1: you some questions to ask, some things to think through

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Speaker 1: as you're figuring out what's best for you and best

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Speaker 1: for your family. All Right, man, We've got more questions

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Speaker 1: to get to though, and the next one after the

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Speaker 1: break is going to be about saving for a newborn baby.

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Speaker 1: All right, So we're back from the break, and let's

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Speaker 1: take our next question, which is about baby money. Babies

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Speaker 1: making that money. Hey, Matt and Joel, this is James

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Speaker 1: from Lexington, Kentucky. My wife Kate and I just had

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Speaker 1: a baby boy. His grandparents gave him some cash as

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Speaker 1: a baptism gift, and we're wondering the best thing to

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Speaker 1: do with it and anymore he might receive in the future.

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Speaker 1: I can think of two options. One open a custodial

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Speaker 1: savings account at a high yield online bank, or to

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Speaker 1: open a five nine investing for college in a low

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Speaker 1: cost index fund at Fidelity or Vanguard. I'm leaning towards

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Speaker 1: based on family history. He's extremely likely to go to college.

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Speaker 1: I know previous episodes that in sting my money for

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Speaker 1: his college education in a five twenty nine is low

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Speaker 1: priority compared to investing for my retirement. But is his

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Speaker 1: money we're talking about, not mine. The safety and flexibility

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Speaker 1: of his savings account are definitely a consideration, but the

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Speaker 1: higher yields of the stock market are really tempting. Looking

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Speaker 1: forward to hearing what Joell think. Thanks in advance by James.

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Speaker 1: First off man, Congrats on the baby boy. That's exciting. Yeah.

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Speaker 1: By the way, James, I have a wife named Kate

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Speaker 1: and we just had a baby boy so so much

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Speaker 1: in comedy. All right, let's get into James's question about

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Speaker 1: saving for for his child, And yeah, I think James,

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Speaker 1: you're on the right track here, right. The bank account

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Speaker 1: isn't really going to grow very much, and especially in

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Speaker 1: today's environment where savings rates are mega depressed, they're really low.

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Speaker 1: And I think I've seen, you know, our our listeners

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Speaker 1: kind of griping about it a little bit in the

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Speaker 1: Facebook group because it's true. I mean, every every few

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Speaker 1: months it seems like you're getting an email from your

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Speaker 1: bank and they're saying, we just lowered your savings rate

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Speaker 1: just a little bit more So I dropping in today, really,

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Speaker 1: did you really? Oh my gosh. Yeah, So it's it's

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Speaker 1: kind of Unfortunate's a bummer to see that, but that's

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Speaker 1: kind of part of the environment that we're in right now.

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Speaker 1: But really the question is do you need either of

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Speaker 1: those things for your baby? Right, you're not going to

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Speaker 1: see any fluctuations on your balance that of the money

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Speaker 1: that would be in a savings account, really, but you

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Speaker 1: will see the value of that money decrease over time

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Speaker 1: as inflation erodes its purchasing power. So having money just

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Speaker 1: stashed in savings for an extended period of time for

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Speaker 1: a small child who doesn't need access to it just

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Speaker 1: doesn't really make that much sense. On average, you're looking

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Speaker 1: at roughly like a seven percent return if that money

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Speaker 1: was invested, and the worst twenty year period, the worst

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Speaker 1: returns in a twenty year period since the nineteen seventies

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Speaker 1: was six point four percent. That sounds really high. That

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Speaker 1: sounds a lot more than like your one point three

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Speaker 1: five online savings account right now, right, And if you're

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Speaker 1: looking at the worst fifteen year period, well, the return

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Speaker 1: was still three point seven percent, which is way more

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Speaker 1: than you see in a savings account. So I think

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Speaker 1: putting that money in a plan and investing inside of

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Speaker 1: that for your young child is is a really good

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Speaker 1: way to go. And James, you also mentioned the sibility

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Speaker 1: that the savings account offers, but it doesn't really sound

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Speaker 1: like you need that flexibilities, right since there is a

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Speaker 1: high likelihood of him going to college. So yeah, a

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Speaker 1: five twenty nine plan for your little man is going

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Speaker 1: to be ideal. Um, and five nine are pretty flexible,

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Speaker 1: you know in themselves, right, If you happen to have

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Speaker 1: another baby, you could always use those funds for the

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Speaker 1: next kiddo, or you can even put those funds to

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Speaker 1: use for yourself or another family member. There's a lot

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Speaker 1: of flexibility within the five twenty nine plan, but the assumption,

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Speaker 1: of course is that it's always going to go do

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Speaker 1: some type of higher education. Yeah, you can always change

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Speaker 1: the beneficiary to somebody else in your family. Map. That's

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Speaker 1: another awesome point, right, That's a good bit of flexibility

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Speaker 1: for people that do open up a five plan. Another

430
00:19:39,760 --> 00:19:42,560
Speaker 1: really interesting thing about five plans, James, is you said

431
00:19:42,560 --> 00:19:46,720
Speaker 1: you're from Kentucky. Interestingly enough, you probably shouldn't be opening

432
00:19:46,720 --> 00:19:50,080
Speaker 1: a five account through the Kentucky Says program, Right, So

433
00:19:50,119 --> 00:19:52,600
Speaker 1: I like to look up what state people are from

434
00:19:52,600 --> 00:19:55,160
Speaker 1: and kind of see what the fees are inside of

435
00:19:55,200 --> 00:19:58,919
Speaker 1: the investments for your state's plan, and the fees are

436
00:19:59,000 --> 00:20:01,280
Speaker 1: higher than what a lot of other states offer. And

437
00:20:01,320 --> 00:20:03,440
Speaker 1: the great thing about five nine accounts is you aren't

438
00:20:03,440 --> 00:20:07,080
Speaker 1: confined to opening a five account within your state. You

439
00:20:07,119 --> 00:20:09,440
Speaker 1: can take your money to any state plan. Right. All

440
00:20:09,480 --> 00:20:11,879
Speaker 1: the fifty states have plans that they offer, and you

441
00:20:11,920 --> 00:20:13,880
Speaker 1: can take your money to any single one of those.

442
00:20:14,040 --> 00:20:15,960
Speaker 1: You're not stuck with your states, so you can get

443
00:20:15,960 --> 00:20:19,320
Speaker 1: that exotic Hawaii plan. But I would make you feel

444
00:20:19,320 --> 00:20:21,680
Speaker 1: like you're on vacation. That's true, that's true. I would say,

445
00:20:21,760 --> 00:20:23,800
Speaker 1: go for a little bit of Midwestern grid. Go with

446
00:20:23,800 --> 00:20:26,400
Speaker 1: the Ohio plan. That's gonna serve you a little bit better.

447
00:20:26,440 --> 00:20:28,160
Speaker 1: I feel like Ohio comes up often when it comes

448
00:20:28,200 --> 00:20:30,520
Speaker 1: to like fiscal responsibility. Is that just an oppression or

449
00:20:30,560 --> 00:20:33,040
Speaker 1: is that factual? Well, I would say, all right, So,

450
00:20:33,080 --> 00:20:34,679
Speaker 1: I don't know how many statistics to back me up

451
00:20:34,720 --> 00:20:39,680
Speaker 1: on this, but Midwesterners always the most fiscally responsible generally speaking. Yes, yeah, yeah,

452
00:20:39,720 --> 00:20:43,680
Speaker 1: Generally speaking, Midwesterners are vastly more fiscally responsible than any

453
00:20:43,680 --> 00:20:47,719
Speaker 1: other region in the country. Yeah. So, Ohio's college Advantage

454
00:20:47,760 --> 00:20:50,439
Speaker 1: plan is probably the best plan out there when it

455
00:20:50,440 --> 00:20:53,440
Speaker 1: comes to low fee investment options. They offer a lot

456
00:20:53,480 --> 00:20:56,040
Speaker 1: of our favorite Vanguard funds, Matt, If you want another

457
00:20:56,040 --> 00:20:58,600
Speaker 1: option to consider, Utah's my five twenty nine plan also

458
00:20:58,640 --> 00:21:02,200
Speaker 1: has some really low investment options as well. So yeah,

459
00:21:02,240 --> 00:21:04,159
Speaker 1: we would say five twenty nine plan seems to make

460
00:21:04,160 --> 00:21:07,399
Speaker 1: sense for your young child. It offers you enough flexibility

461
00:21:07,400 --> 00:21:09,640
Speaker 1: you don't really need the safety of a savings account,

462
00:21:09,800 --> 00:21:11,240
Speaker 1: and in the end, when it's time for him to

463
00:21:11,280 --> 00:21:12,720
Speaker 1: go to to go to school, you're gonna have a

464
00:21:12,760 --> 00:21:14,000
Speaker 1: lot more money for him to be able to get

465
00:21:14,000 --> 00:21:16,560
Speaker 1: an education. Yeah, so best of luck to you, James.

466
00:21:16,600 --> 00:21:18,359
Speaker 1: I'm sure you're gonna make the best choice for you

467
00:21:18,400 --> 00:21:20,600
Speaker 1: and your family. And our next question has to do

468
00:21:20,640 --> 00:21:24,840
Speaker 1: with frozen credit as well as a little ethical quandary. Hey, guys,

469
00:21:24,920 --> 00:21:26,960
Speaker 1: my younger sister may have thought of a loophole that

470
00:21:27,000 --> 00:21:29,960
Speaker 1: can get a good discount at some retail stores. As

471
00:21:29,960 --> 00:21:32,200
Speaker 1: I'm sure you may know, many retail stores now offer

472
00:21:32,680 --> 00:21:35,600
Speaker 1: credit cards that have pretty high interest rates and are

473
00:21:35,640 --> 00:21:38,720
Speaker 1: generally pretty bad deals. Now, I've never been interested in these,

474
00:21:39,160 --> 00:21:43,160
Speaker 1: but I know that some stores will offer a pretty

475
00:21:43,200 --> 00:21:45,920
Speaker 1: good discount if you sign up for them at the register,

476
00:21:46,720 --> 00:21:49,200
Speaker 1: you get the discount, and you walk away whether you

477
00:21:49,280 --> 00:21:51,879
Speaker 1: get approved or not, although approval takes a couple of

478
00:21:51,880 --> 00:21:54,800
Speaker 1: business days. From what I understand now, I haven't tried

479
00:21:54,840 --> 00:21:58,520
Speaker 1: this myself, but my sister seems the thing that if

480
00:21:58,560 --> 00:22:01,639
Speaker 1: you have your credit frozen, and you will automatically be

481
00:22:01,760 --> 00:22:04,080
Speaker 1: denied for the card if you do sign up, but

482
00:22:04,440 --> 00:22:06,880
Speaker 1: you still get the discount at the point of purchase. Now,

483
00:22:06,920 --> 00:22:10,840
Speaker 1: my question is will you damage your credit by doing this?

484
00:22:11,320 --> 00:22:13,640
Speaker 1: I know that a hard credit inquiry will slightly leading

485
00:22:13,640 --> 00:22:16,720
Speaker 1: your credit score, and doing it more will damage it more.

486
00:22:17,440 --> 00:22:20,120
Speaker 1: But will this still be true if your credit is frozen?

487
00:22:20,920 --> 00:22:23,080
Speaker 1: Would it be worth it for me to awkwardly send

488
00:22:23,080 --> 00:22:25,000
Speaker 1: it the register of filling out this form to say,

489
00:22:25,040 --> 00:22:27,480
Speaker 1: if you know, a hundred dollars and more on a

490
00:22:27,560 --> 00:22:31,160
Speaker 1: big purchase, especially if it doesn't impact my credit score. Heck,

491
00:22:31,440 --> 00:22:33,600
Speaker 1: even if it does impact my credit score, I have

492
00:22:33,640 --> 00:22:37,320
Speaker 1: a pretty good score and I could take a ding

493
00:22:37,480 --> 00:22:39,640
Speaker 1: every once in a while to save email a few

494
00:22:39,680 --> 00:22:42,520
Speaker 1: hundred bucks. What do you guys think would be worth it?

495
00:22:42,640 --> 00:22:44,480
Speaker 1: If so, how often do you think would be safe

496
00:22:44,480 --> 00:22:46,800
Speaker 1: to do this? Thanks for making me a great podcast,

497
00:22:47,480 --> 00:22:49,639
Speaker 1: Joel Man. This is a really interesting question, right because

498
00:22:49,680 --> 00:22:52,120
Speaker 1: you know, getting a deal it's not always black and white. Uh,

499
00:22:52,160 --> 00:22:54,399
Speaker 1: it involves maybe this this sort of gray area. And

500
00:22:54,440 --> 00:22:56,080
Speaker 1: so that's why I guess we're kind of calling this

501
00:22:56,119 --> 00:22:58,480
Speaker 1: into the sort of ethics one O one how to

502
00:22:58,520 --> 00:23:01,640
Speaker 1: Money episode. But at the same time, it's it's something

503
00:23:01,640 --> 00:23:04,199
Speaker 1: that's important to discuss, right And so Jacob, if you

504
00:23:04,280 --> 00:23:06,600
Speaker 1: know that you're going to be declined since your credit

505
00:23:06,600 --> 00:23:10,080
Speaker 1: score is frozen, then like essentially you're going to be

506
00:23:10,119 --> 00:23:12,760
Speaker 1: a part of a transaction where you're intentionally not holding

507
00:23:12,840 --> 00:23:15,680
Speaker 1: up your end of the bargain, and that transaction, you're

508
00:23:15,680 --> 00:23:17,879
Speaker 1: basically saying that I'm going to agree to sign up

509
00:23:17,880 --> 00:23:21,119
Speaker 1: for this card in order to get a discount. And

510
00:23:21,160 --> 00:23:23,119
Speaker 1: but if, again, if you know that you're not going

511
00:23:23,160 --> 00:23:25,160
Speaker 1: to get it proved for the card because your credit

512
00:23:25,240 --> 00:23:28,639
Speaker 1: is frozen, that to me doesn't quite feel right. Yeah. Plus, Jacob,

513
00:23:28,680 --> 00:23:31,400
Speaker 1: there's a good chance that if you're applying for this

514
00:23:31,480 --> 00:23:34,280
Speaker 1: card in person at the store, that you're just going

515
00:23:34,320 --> 00:23:36,720
Speaker 1: to get denied for the card because they can't pull

516
00:23:36,800 --> 00:23:39,240
Speaker 1: your credit score. And when you get denied, you're not

517
00:23:39,240 --> 00:23:41,840
Speaker 1: gonna have access to the discount anyway, right, And so

518
00:23:42,240 --> 00:23:44,480
Speaker 1: you might just end up standing there at the counter

519
00:23:44,640 --> 00:23:46,680
Speaker 1: with people looking at you and then hanging your head

520
00:23:46,720 --> 00:23:48,800
Speaker 1: a little bit because you just got rejected for this

521
00:23:48,840 --> 00:23:50,760
Speaker 1: creditr I mean, you could just add to the quandary

522
00:23:50,800 --> 00:23:53,359
Speaker 1: into the difficulty of this whole situation. So I would

523
00:23:53,359 --> 00:23:56,800
Speaker 1: say I don't really like the idea of applying for

524
00:23:56,800 --> 00:23:59,480
Speaker 1: for store cards anyway. I don't think store cards are

525
00:23:59,520 --> 00:24:01,359
Speaker 1: a good kind of credit for people to have. And

526
00:24:01,400 --> 00:24:03,600
Speaker 1: obviously you're not trying to get the store card, You're

527
00:24:03,640 --> 00:24:05,480
Speaker 1: just trying to get the discount. I tend to agree

528
00:24:05,480 --> 00:24:08,360
Speaker 1: with Matt though. I think if you know that your

529
00:24:08,359 --> 00:24:11,480
Speaker 1: credits frozen and you're getting rejected, and you're sort of

530
00:24:11,560 --> 00:24:13,119
Speaker 1: just doing it to get the discount, I think that

531
00:24:13,160 --> 00:24:15,280
Speaker 1: there are other ways to get a discount, right signing

532
00:24:15,320 --> 00:24:18,679
Speaker 1: up for a company email list in order to score five, ten,

533
00:24:18,800 --> 00:24:21,439
Speaker 1: twenty bucks off you know, a particular purchase. There are

534
00:24:21,440 --> 00:24:23,680
Speaker 1: other ways to get discounts. Granted, not quite as rich

535
00:24:23,840 --> 00:24:26,760
Speaker 1: probably as signing up for that store credit card. But

536
00:24:26,800 --> 00:24:28,760
Speaker 1: I would say, yeah, this is probably something to be

537
00:24:28,800 --> 00:24:33,440
Speaker 1: avoided for the kind of nuanced morality, if you, if you,

538
00:24:33,520 --> 00:24:35,280
Speaker 1: if you might say that, and so yeah, I would

539
00:24:35,280 --> 00:24:37,800
Speaker 1: say that this is likely more of a cheap move

540
00:24:37,920 --> 00:24:39,639
Speaker 1: then than a frugal move, if we're talking about in

541
00:24:39,680 --> 00:24:42,560
Speaker 1: those terms. Yeah. And additionally, Jacob like, oftentimes you're gonna

542
00:24:42,560 --> 00:24:45,320
Speaker 1: get approved or denied within like seconds. It's not a

543
00:24:45,359 --> 00:24:47,439
Speaker 1: matter of a couple of days. Sometimes it's it's literally

544
00:24:47,520 --> 00:24:50,080
Speaker 1: within seconds. If you apply for a credit card online,

545
00:24:50,359 --> 00:24:52,720
Speaker 1: you find out immediately whether or not you get approved,

546
00:24:52,760 --> 00:24:54,800
Speaker 1: And so I think you would find out right then

547
00:24:54,800 --> 00:24:56,879
Speaker 1: and there that your credit is frozen, and then you're

548
00:24:56,920 --> 00:24:59,920
Speaker 1: gonna be stuck without that discount. Yeah, Matt, typically too,

549
00:25:00,080 --> 00:25:02,520
Speaker 1: you're willing to ding your credit. I like your approach

550
00:25:02,520 --> 00:25:05,040
Speaker 1: because you're often willing to use your score and in

551
00:25:05,160 --> 00:25:07,800
Speaker 1: order to get you benefits like sign up bonuses from

552
00:25:07,800 --> 00:25:10,240
Speaker 1: credit cards. Right, And that's just like you would say,

553
00:25:10,240 --> 00:25:13,000
Speaker 1: a proper use of your credit. Yeah, yeah, exactly. And

554
00:25:13,040 --> 00:25:15,199
Speaker 1: so let's kind of finish off this question under the

555
00:25:15,200 --> 00:25:17,800
Speaker 1: assumption that, Okay, let's say you unfreeze your credit, is

556
00:25:17,800 --> 00:25:19,800
Speaker 1: it worth signing up for some of these cards at

557
00:25:19,840 --> 00:25:22,000
Speaker 1: the different stores? And you edu, I'm not at all

558
00:25:22,119 --> 00:25:24,280
Speaker 1: above digging my credit score a little bit in order

559
00:25:24,320 --> 00:25:28,400
Speaker 1: to score a ten discount you off a bigger ticket

560
00:25:28,480 --> 00:25:30,880
Speaker 1: item could be some serious money. Like it all comes

561
00:25:30,960 --> 00:25:33,359
Speaker 1: back to why it is that we have credit scores

562
00:25:33,520 --> 00:25:35,400
Speaker 1: to begin with. So I'm all about putting a good

563
00:25:35,400 --> 00:25:38,480
Speaker 1: score to use in order to realize those benefits. Um.

564
00:25:38,520 --> 00:25:40,919
Speaker 1: You know. Plus, if you're looking to apply for a

565
00:25:40,960 --> 00:25:43,360
Speaker 1: new loan on something big, like a mortgage, like someone

566
00:25:43,400 --> 00:25:45,800
Speaker 1: with a higher credit score like maybe Jacob, he can

567
00:25:45,840 --> 00:25:48,000
Speaker 1: afford to lose some of those points because you don't

568
00:25:48,000 --> 00:25:50,439
Speaker 1: need a perfect eight fifty in order to get the

569
00:25:50,440 --> 00:25:52,359
Speaker 1: best terms. A lot of times, all you need is

570
00:25:52,560 --> 00:25:54,959
Speaker 1: you know, like seven sixty or higher, so you can

571
00:25:55,000 --> 00:25:57,280
Speaker 1: afford some of those hard inquiries, you know, every couple

572
00:25:57,280 --> 00:25:59,000
Speaker 1: of months or so. Yeah, I would say too that

573
00:25:59,080 --> 00:26:01,520
Speaker 1: this is kind of more of that advanced level tactic

574
00:26:01,680 --> 00:26:04,919
Speaker 1: that Jacobs trying to use. If you're not particularly in

575
00:26:05,000 --> 00:26:08,440
Speaker 1: tune with your credit score, if you don't know kind

576
00:26:08,440 --> 00:26:11,280
Speaker 1: of where you stand and realize the thresholds that you

577
00:26:11,280 --> 00:26:13,399
Speaker 1: could be crossing, that could be costing you money in

578
00:26:13,440 --> 00:26:15,840
Speaker 1: other ways. For instance, man, when we talk about credit,

579
00:26:16,160 --> 00:26:17,880
Speaker 1: it can affect the amount you pay every month for

580
00:26:18,080 --> 00:26:20,640
Speaker 1: car insurance or homeowners insurance. It can just have all

581
00:26:20,680 --> 00:26:23,879
Speaker 1: these wide ranging impacts on your life. Your credit score

582
00:26:24,000 --> 00:26:26,600
Speaker 1: is so important in so many other financial areas. If

583
00:26:26,600 --> 00:26:29,320
Speaker 1: you're looking to buy a car with a loan, or

584
00:26:29,359 --> 00:26:32,440
Speaker 1: you're buying a home and you want the best term

585
00:26:32,480 --> 00:26:35,040
Speaker 1: store mortgage, having that high credit score is really important.

586
00:26:35,200 --> 00:26:36,639
Speaker 1: And so for a lot of people that might hear

587
00:26:36,640 --> 00:26:38,760
Speaker 1: the answer to this question, if you're going to try

588
00:26:38,840 --> 00:26:41,920
Speaker 1: to use your credit and be willing to get the

589
00:26:41,960 --> 00:26:43,840
Speaker 1: dings in order to get perks, well, you have to

590
00:26:43,880 --> 00:26:45,919
Speaker 1: make sure that it's not going to negatively affect you

591
00:26:45,960 --> 00:26:48,199
Speaker 1: in other ways. And the only way you can know

592
00:26:48,280 --> 00:26:51,280
Speaker 1: that is by really digging into the specifics of what

593
00:26:51,400 --> 00:26:54,280
Speaker 1: makes up a credit score and how that impacts your life, right,

594
00:26:54,280 --> 00:26:56,879
Speaker 1: and so yeah, signing up a site like credit carma

595
00:26:56,920 --> 00:26:59,240
Speaker 1: dot com can be helpful. It can help you monitor

596
00:26:59,359 --> 00:27:01,720
Speaker 1: your score and kind of come to grips with what

597
00:27:01,840 --> 00:27:04,520
Speaker 1: makes up that credit score. But I would say following

598
00:27:04,560 --> 00:27:07,399
Speaker 1: tracking your credit score, if you're going to implement something

599
00:27:07,440 --> 00:27:10,200
Speaker 1: like this, a strategy like this is crucial to make

600
00:27:10,200 --> 00:27:13,240
Speaker 1: sure that you're not burning yourself trying to score a

601
00:27:13,280 --> 00:27:15,439
Speaker 1: quick twenty or thirty bucks. Yeah, man, monitoring it's a

602
00:27:15,440 --> 00:27:18,640
Speaker 1: crucial element to you know, taking advantage of your credit score,

603
00:27:18,640 --> 00:27:20,080
Speaker 1: of a good credit score. And you can go to

604
00:27:20,119 --> 00:27:22,119
Speaker 1: annual Credit report dot com as well, because at this

605
00:27:22,160 --> 00:27:24,320
Speaker 1: point you're you can get a full credit report every

606
00:27:24,359 --> 00:27:26,800
Speaker 1: single week. So now actually might be a great time

607
00:27:26,840 --> 00:27:28,679
Speaker 1: to kind of play with the system a little bit

608
00:27:28,680 --> 00:27:31,160
Speaker 1: see how some of those hard inquiries affect your credit score.

609
00:27:31,600 --> 00:27:33,479
Speaker 1: For me, personally, I'm all about signing up for new

610
00:27:33,520 --> 00:27:35,440
Speaker 1: credit cards and getting that sign up bonus. I'm I'm

611
00:27:35,480 --> 00:27:37,560
Speaker 1: a big fan of doing that. You can score some

612
00:27:37,560 --> 00:27:39,919
Speaker 1: big bucks that way. That being said, I know that

613
00:27:39,960 --> 00:27:42,600
Speaker 1: credit cards they're not offering huge sign up bonuses like

614
00:27:42,680 --> 00:27:45,000
Speaker 1: they once were, but I'm still doing it, and I'm

615
00:27:45,000 --> 00:27:47,320
Speaker 1: also monitoring my credit score just to make sure I

616
00:27:47,400 --> 00:27:50,679
Speaker 1: am not overly negatively affecting my credit score. Yeah, definitely.

617
00:27:50,680 --> 00:27:52,480
Speaker 1: One of the bummers of being in a down economy

618
00:27:52,560 --> 00:27:55,320
Speaker 1: is is less rich offers from the credit card companies

619
00:27:55,400 --> 00:27:57,239
Speaker 1: right now. Yeah, so all right, Matt, We're gonna get

620
00:27:57,280 --> 00:27:59,920
Speaker 1: too a couple more questions, including that question about whether

621
00:28:00,000 --> 00:28:01,920
Speaker 1: you should be investing more or paying down your student

622
00:28:01,960 --> 00:28:14,199
Speaker 1: loans more quickly. We'll get to those right after the break. Right,

623
00:28:14,320 --> 00:28:16,399
Speaker 1: we are back from the break, and let's hear a

624
00:28:16,440 --> 00:28:19,919
Speaker 1: question from a recent graduate. Hi, Joelan, Matt. This is

625
00:28:19,960 --> 00:28:23,560
Speaker 1: page from acron Ohio. I'm a recent graduate and I'm

626
00:28:23,600 --> 00:28:26,879
Speaker 1: just now getting into my job field. I'm very lucky

627
00:28:26,960 --> 00:28:29,679
Speaker 1: to have work during this pandemic, and oddly enough, I

628
00:28:29,680 --> 00:28:33,719
Speaker 1: am starting a new job this upcoming week. My question

629
00:28:33,920 --> 00:28:37,199
Speaker 1: is should I be focusing only on paying down the

630
00:28:37,320 --> 00:28:40,120
Speaker 1: ridiculous amount of student debt that I have, or should

631
00:28:40,160 --> 00:28:43,880
Speaker 1: I also be taking advantage of the stock market right

632
00:28:43,920 --> 00:28:48,280
Speaker 1: now and begin investing. I just recently refinanced my private

633
00:28:48,280 --> 00:28:51,720
Speaker 1: student loans to a ten year fixed rate loan at

634
00:28:51,760 --> 00:28:56,360
Speaker 1: five point four three. I have a plan to expedite

635
00:28:56,360 --> 00:29:00,560
Speaker 1: that payment process to four years if I don't start investing,

636
00:29:01,200 --> 00:29:02,800
Speaker 1: But I feel like I would be missing out on

637
00:29:02,840 --> 00:29:06,000
Speaker 1: a really good opportunity to get my feet wet. My

638
00:29:06,080 --> 00:29:09,920
Speaker 1: new job doesn't start four oh one k plan until

639
00:29:10,120 --> 00:29:12,760
Speaker 1: I have been working with them for a year, so

640
00:29:12,800 --> 00:29:14,880
Speaker 1: I just I'm not sure what to do right now.

641
00:29:15,320 --> 00:29:18,520
Speaker 1: I would appreciate any advice that you have on this topic,

642
00:29:18,600 --> 00:29:20,360
Speaker 1: and thank you so much for your help and everything

643
00:29:20,400 --> 00:29:25,040
Speaker 1: that you do. Page First off, congrats on graduating. That's great. Also,

644
00:29:25,120 --> 00:29:27,800
Speaker 1: congrats on having a job coming straight out of school. Yea.

645
00:29:27,960 --> 00:29:31,280
Speaker 1: Also sorry that you missed that normal graduation ceremony. You

646
00:29:31,280 --> 00:29:32,840
Speaker 1: know it's funny, man, I didn't even go to mind

647
00:29:33,000 --> 00:29:34,920
Speaker 1: and so did you not. I didn't walk, but did

648
00:29:35,000 --> 00:29:37,320
Speaker 1: not walk. I think my mom was out of town,

649
00:29:37,320 --> 00:29:39,480
Speaker 1: so it gave me the ability to actually do that,

650
00:29:39,520 --> 00:29:42,080
Speaker 1: because if she was in town, she would have forced

651
00:29:42,080 --> 00:29:44,360
Speaker 1: me to be able to walk across the stage. I

652
00:29:44,400 --> 00:29:47,360
Speaker 1: didn't walk with my overall giant class, you know it's

653
00:29:47,480 --> 00:29:49,480
Speaker 1: u g A. But I did walk when it came

654
00:29:49,520 --> 00:29:52,760
Speaker 1: to my specific college, so Grady College School of Journalism.

655
00:29:52,840 --> 00:29:54,480
Speaker 1: I went to that graduation. I didn't go to the

656
00:29:54,480 --> 00:29:56,360
Speaker 1: giant one where you set out in the field and

657
00:29:56,360 --> 00:29:58,520
Speaker 1: baked under the sun. It didn't sound like much fun

658
00:29:58,560 --> 00:30:00,560
Speaker 1: to me or my parents. Yeah, it didn't sound like

659
00:30:00,600 --> 00:30:02,040
Speaker 1: fun to me either. That's why I ditched it. But

660
00:30:02,080 --> 00:30:03,760
Speaker 1: I know some people are into that and Page missed it,

661
00:30:03,880 --> 00:30:05,960
Speaker 1: so sorry Page. So Page, let's ahead and give you

662
00:30:05,960 --> 00:30:08,200
Speaker 1: the quick answer. Yes, get your few wet and go

663
00:30:08,200 --> 00:30:12,360
Speaker 1: ahead and start investing. Now. That student loan debt isn't ideal,

664
00:30:12,640 --> 00:30:16,280
Speaker 1: but reasonably low interest rates on student loan debt isn't

665
00:30:16,320 --> 00:30:18,720
Speaker 1: all that bad. Um, And the thing is too you

666
00:30:18,800 --> 00:30:20,760
Speaker 1: might be able to get that even lower. I know

667
00:30:20,840 --> 00:30:23,400
Speaker 1: you said that you have recently refinanced, but that might

668
00:30:23,440 --> 00:30:26,240
Speaker 1: be something that's worth looking into again. You might be

669
00:30:26,320 --> 00:30:28,200
Speaker 1: able to get a fixed interest rate in the low

670
00:30:28,240 --> 00:30:30,640
Speaker 1: to mid three percent range, maybe down even into the

671
00:30:30,720 --> 00:30:33,760
Speaker 1: high twos. And a lower interest rate makes investing an

672
00:30:33,840 --> 00:30:36,840
Speaker 1: even better decision for your extra funds, So we would

673
00:30:36,840 --> 00:30:40,320
Speaker 1: recommend you check out sites like so Fi, splash Credible.

674
00:30:40,720 --> 00:30:45,440
Speaker 1: These are all online based financial institutions that make refinancing easy. Plus,

675
00:30:45,560 --> 00:30:48,200
Speaker 1: refinancing private student loan debt is free, so if other

676
00:30:48,200 --> 00:30:50,280
Speaker 1: listeners out there have never done that. That's definitely a

677
00:30:50,320 --> 00:30:53,000
Speaker 1: benefit to looking at refinancing. Yeah, and if you are

678
00:30:53,040 --> 00:30:54,600
Speaker 1: able to refhigh page I know you said you did

679
00:30:54,600 --> 00:30:56,840
Speaker 1: it recently, but recently could mean four or five months ago,

680
00:30:56,920 --> 00:30:59,040
Speaker 1: and rates have dropped a good bit since then. So

681
00:30:59,160 --> 00:31:01,560
Speaker 1: if you're able to re fight into that uber low

682
00:31:01,600 --> 00:31:05,040
Speaker 1: interest rate, then investing makes even more sense. And so

683
00:31:05,160 --> 00:31:07,760
Speaker 1: why are we so keen on you getting started investing

684
00:31:07,800 --> 00:31:10,480
Speaker 1: as opposed to paying down that debt even more quickly. Well,

685
00:31:10,760 --> 00:31:12,239
Speaker 1: part of the reason that we're so keen to have

686
00:31:12,240 --> 00:31:14,800
Speaker 1: you start investing now is well, of course, it's the

687
00:31:14,800 --> 00:31:17,800
Speaker 1: compounding returns that you're going to experience throughout the years.

688
00:31:18,160 --> 00:31:20,240
Speaker 1: But there's also this other element to it, right, It's

689
00:31:20,360 --> 00:31:24,200
Speaker 1: it's also behaviorally powerful to begin to get started early on,

690
00:31:24,560 --> 00:31:27,400
Speaker 1: right in your working career. There's something about becoming an

691
00:31:27,480 --> 00:31:31,800
Speaker 1: investor early that becomes a self fulfilling prophecy. As you

692
00:31:31,840 --> 00:31:34,040
Speaker 1: begin investing, you kind of start to think of yourself

693
00:31:34,120 --> 00:31:37,560
Speaker 1: as like an investor, right, like quote unquote an investor,

694
00:31:37,800 --> 00:31:41,240
Speaker 1: and once you start, you're likely to become an investor

695
00:31:41,360 --> 00:31:44,640
Speaker 1: for life. So there's something so powerful about actually getting

696
00:31:44,680 --> 00:31:48,320
Speaker 1: started beginning the process and feeling like you are an investor.

697
00:31:48,680 --> 00:31:50,920
Speaker 1: It gets you interested in it from the get go.

698
00:31:51,280 --> 00:31:52,680
Speaker 1: So I would say go ahead and open up a

699
00:31:52,720 --> 00:31:55,480
Speaker 1: roth Ira until that four oh one K becomes available

700
00:31:55,480 --> 00:31:58,400
Speaker 1: through your work. That way, you're getting started, you're on

701
00:31:58,440 --> 00:32:00,360
Speaker 1: the right track, and you know what, you're probably going

702
00:32:00,360 --> 00:32:01,720
Speaker 1: to be investing for the rest of your life, which

703
00:32:01,760 --> 00:32:03,560
Speaker 1: is great news. It's just like we used to say,

704
00:32:03,560 --> 00:32:05,520
Speaker 1: it's like flexing that muscle. You know, you you build

705
00:32:05,520 --> 00:32:08,840
Speaker 1: these habits in these practices of investing. You know, a

706
00:32:08,920 --> 00:32:11,479
Speaker 1: portion of your paycheck every single month, and that just

707
00:32:11,560 --> 00:32:14,160
Speaker 1: becomes something that you're used to doing. And Page. I

708
00:32:14,200 --> 00:32:16,760
Speaker 1: think that's especially important too, with it being so early

709
00:32:16,880 --> 00:32:19,720
Speaker 1: in your career. You're not used to receiving that full paycheck.

710
00:32:19,840 --> 00:32:21,720
Speaker 1: You know, let's start siphening a little bit of that

711
00:32:21,960 --> 00:32:24,920
Speaker 1: off to future page. And also, this is all assuming

712
00:32:24,960 --> 00:32:27,479
Speaker 1: that you have an emergency fund to give yourself some

713
00:32:27,600 --> 00:32:30,560
Speaker 1: financial margin. If not, then that needs to take priority.

714
00:32:30,960 --> 00:32:33,400
Speaker 1: But then, assuming you have that emergency fund in place,

715
00:32:33,800 --> 00:32:36,040
Speaker 1: when you are vested in your company's four O one K,

716
00:32:36,320 --> 00:32:38,000
Speaker 1: you know, a year from now, make sure that you

717
00:32:38,040 --> 00:32:41,080
Speaker 1: start investing and grab that match if there is one.

718
00:32:41,560 --> 00:32:44,360
Speaker 1: Since the matches essentially free money from your employer that

719
00:32:44,400 --> 00:32:47,240
Speaker 1: should even come before paying down any debts. You know

720
00:32:47,320 --> 00:32:50,560
Speaker 1: you can't beat return on your money. Yeah, unless it's

721
00:32:50,600 --> 00:32:52,240
Speaker 1: like a payday loan, because of those are the worst

722
00:32:52,240 --> 00:32:55,520
Speaker 1: those are like, so hopefully you don't have any of those. Pages.

723
00:32:55,680 --> 00:32:57,640
Speaker 1: But uh, let's also to you mentioned. I think when

724
00:32:57,640 --> 00:33:01,240
Speaker 1: we're talking about young people investing, Matt, sometimes the forgotten

725
00:33:01,280 --> 00:33:04,400
Speaker 1: topic is investing in yourself and page. You're still young, right,

726
00:33:04,440 --> 00:33:06,400
Speaker 1: You're fresh out of school, and some of the biggest

727
00:33:06,400 --> 00:33:09,160
Speaker 1: payoffs come from a larger income as you improve your

728
00:33:09,200 --> 00:33:12,120
Speaker 1: skills and take on increased responsibilities. The further you advance

729
00:33:12,200 --> 00:33:14,080
Speaker 1: in your career, right, the more money you make, the

730
00:33:14,120 --> 00:33:16,440
Speaker 1: more you can invest. So I would say, don't shy

731
00:33:16,520 --> 00:33:19,120
Speaker 1: away from using the money that you're earning to be

732
00:33:19,120 --> 00:33:21,920
Speaker 1: able to attend a conference if those still even exists

733
00:33:22,000 --> 00:33:26,000
Speaker 1: right now. Probably not what conferences, job or taking continuing

734
00:33:26,120 --> 00:33:29,440
Speaker 1: education like, whatever it is that's going to allow you

735
00:33:29,480 --> 00:33:32,960
Speaker 1: to boost your skills, boost your marketability, boost your earnings.

736
00:33:33,000 --> 00:33:36,479
Speaker 1: It's important to parallel the idea of investing and saving

737
00:33:36,480 --> 00:33:39,360
Speaker 1: well for the future with the idea of investing in

738
00:33:39,400 --> 00:33:42,200
Speaker 1: yourself for the future because that's going to pay potentially

739
00:33:42,200 --> 00:33:46,480
Speaker 1: even bigger dividends as you maybe pivot to another company,

740
00:33:46,520 --> 00:33:49,480
Speaker 1: another field, starting your own business, all these different things.

741
00:33:49,520 --> 00:33:51,160
Speaker 1: You just want to make sure that you're not forgetting

742
00:33:51,400 --> 00:33:53,760
Speaker 1: about investing in yourself to be able to grow the

743
00:33:53,800 --> 00:33:56,280
Speaker 1: overall earning potential for yourself. All right, Matt, let's get

744
00:33:56,320 --> 00:33:58,920
Speaker 1: to the next question. This one is about how to

745
00:33:59,040 --> 00:34:01,800
Speaker 1: purchase the large item, specifically a car, because I know

746
00:34:01,840 --> 00:34:03,600
Speaker 1: that this can be done improperly and it can cause

747
00:34:03,640 --> 00:34:06,400
Speaker 1: a lot of headaches. Hi, Matt and Jewel. This is

748
00:34:06,440 --> 00:34:09,880
Speaker 1: Andy from Ogden, Utah. I recently made a purchase of

749
00:34:09,880 --> 00:34:13,080
Speaker 1: a new to me used vehicle by going down to

750
00:34:13,120 --> 00:34:15,520
Speaker 1: the bank and getting a cashier check to be able

751
00:34:15,560 --> 00:34:17,920
Speaker 1: to pay the person I bought it from. I've had

752
00:34:17,960 --> 00:34:19,719
Speaker 1: to do this a couple of times over the last

753
00:34:19,760 --> 00:34:22,680
Speaker 1: decade or so, and I'm just curious if there's any

754
00:34:22,719 --> 00:34:25,240
Speaker 1: other option to be able to make a large purchase

755
00:34:25,320 --> 00:34:27,920
Speaker 1: like this without having to go to a bank and

756
00:34:27,960 --> 00:34:30,680
Speaker 1: get the money or get a cashier's check. I know

757
00:34:30,840 --> 00:34:33,680
Speaker 1: Matt had advocated to leave brick and mortar banks in

758
00:34:33,680 --> 00:34:37,160
Speaker 1: a recent episode, So how would you overcome an obstacle

759
00:34:37,280 --> 00:34:40,319
Speaker 1: like making a large purchase like this without having that

760
00:34:40,400 --> 00:34:42,280
Speaker 1: ability to be able to go and get the money

761
00:34:42,480 --> 00:34:44,839
Speaker 1: right out of the bank. Thanks a lot. I look

762
00:34:44,880 --> 00:34:47,200
Speaker 1: forward to the answer, and hope you guys are weathering

763
00:34:47,239 --> 00:34:49,200
Speaker 1: the storm, and I'll try to bring you some tasty

764
00:34:49,280 --> 00:34:53,759
Speaker 1: Utah beers this summer when I come back to Georgia. Thanks. Bye, Yeah, Joel,

765
00:34:53,800 --> 00:34:55,880
Speaker 1: This is from our friend of the show Andy. He

766
00:34:56,000 --> 00:34:58,399
Speaker 1: brought us some beers last year that we actually had

767
00:34:58,440 --> 00:35:00,680
Speaker 1: on the show. So Andy, great to hear from you,

768
00:35:01,160 --> 00:35:03,520
Speaker 1: and I hope that you know this pandemic doesn't hamper

769
00:35:03,640 --> 00:35:06,560
Speaker 1: your summer travels. And I did mention that I've been

770
00:35:06,680 --> 00:35:09,439
Speaker 1: proudly free of my big brick and mortar bank for

771
00:35:09,480 --> 00:35:11,399
Speaker 1: a while now. But you do have a great question

772
00:35:11,440 --> 00:35:13,320
Speaker 1: here for us to address. And the first thing to

773
00:35:13,360 --> 00:35:17,239
Speaker 1: consider our credit unions. Right, while we're not fans of

774
00:35:17,239 --> 00:35:20,000
Speaker 1: of the big banks, we're all about credit unions. Yeah.

775
00:35:20,040 --> 00:35:22,600
Speaker 1: I purchased our last car from Carbonna, so I haven't

776
00:35:22,640 --> 00:35:25,319
Speaker 1: been in your exact situation. But if I were, and

777
00:35:25,320 --> 00:35:28,480
Speaker 1: I needed guaranteed funds to give an individual, say for

778
00:35:28,640 --> 00:35:30,840
Speaker 1: the purchase of a used car, I would get a

779
00:35:30,880 --> 00:35:33,080
Speaker 1: cashier's check for my local credit union that I have

780
00:35:33,120 --> 00:35:36,560
Speaker 1: an account with UM. Oftentimes these are called official checks,

781
00:35:36,920 --> 00:35:40,040
Speaker 1: but essentially they're the same as cashier's checks. So I

782
00:35:40,040 --> 00:35:42,080
Speaker 1: want to point out that we don't dislike brick and

783
00:35:42,080 --> 00:35:44,919
Speaker 1: mortar banks. Is that we dislike the big banks, which

784
00:35:45,000 --> 00:35:48,360
Speaker 1: oftentimes are in these brick and mortar locations that we

785
00:35:48,400 --> 00:35:50,480
Speaker 1: often see while we're driving around town. Yeah, there's a

786
00:35:50,480 --> 00:35:54,160
Speaker 1: big difference between the giant banks and the local community

787
00:35:54,160 --> 00:35:56,839
Speaker 1: banks and credit unions that serve people a whole lot

788
00:35:56,880 --> 00:35:59,600
Speaker 1: better with a lot less fees, Right, Matt, What I

789
00:35:59,600 --> 00:36:01,680
Speaker 1: would do would hand somebody a piece of construction paper

790
00:36:01,719 --> 00:36:04,800
Speaker 1: that said bitcoin, and I would I would just assume

791
00:36:04,840 --> 00:36:07,160
Speaker 1: they would take that, right, well, at least kind of

792
00:36:07,200 --> 00:36:09,560
Speaker 1: colored in with like color pencil and maybe laminated it

793
00:36:09,600 --> 00:36:11,960
Speaker 1: so it looks official. I'll make it look legit. If

794
00:36:11,960 --> 00:36:13,719
Speaker 1: they don't accept it, they don't know a bitcoin is.

795
00:36:14,000 --> 00:36:17,120
Speaker 1: But yeah, so I think to Andy, one other thing

796
00:36:17,200 --> 00:36:21,240
Speaker 1: that people are paying with more frequently these days besides bitcoin,

797
00:36:21,840 --> 00:36:25,520
Speaker 1: is is the apps, Right, Cash, App, Venmo, PayPal and

798
00:36:25,600 --> 00:36:27,520
Speaker 1: those are those are some awesome apps, right, I think

799
00:36:27,520 --> 00:36:29,040
Speaker 1: they do help in a lot of ways. They help

800
00:36:29,080 --> 00:36:31,640
Speaker 1: make our lives more clutter and paper free and germ

801
00:36:31,640 --> 00:36:33,719
Speaker 1: free to right now, which is important. They've done a

802
00:36:33,760 --> 00:36:36,399
Speaker 1: good job at digitizing the small cash that we keep

803
00:36:36,400 --> 00:36:39,279
Speaker 1: on hand for minor transactions, and you can send up

804
00:36:39,280 --> 00:36:42,040
Speaker 1: to five thousand bucks according to Venmo, and you could

805
00:36:42,080 --> 00:36:44,080
Speaker 1: potentially buy a decent use car with that kind of money.

806
00:36:44,160 --> 00:36:47,680
Speaker 1: Right PayPal allows up to sixty dollars. But be careful

807
00:36:48,000 --> 00:36:50,160
Speaker 1: using these apps because there's a potential that the buyer

808
00:36:50,320 --> 00:36:52,759
Speaker 1: could attempt to claw that money back, and there's no

809
00:36:52,800 --> 00:36:57,200
Speaker 1: fraud protection with Venmo or PayPal, and payments that look completed, well,

810
00:36:57,239 --> 00:36:59,600
Speaker 1: they're not always completed, right, So so I would say

811
00:36:59,600 --> 00:37:01,880
Speaker 1: avoid the apps for doing business with anybody that you

812
00:37:01,920 --> 00:37:05,319
Speaker 1: don't actually know. If you're settling up a restaurant bill

813
00:37:05,360 --> 00:37:09,160
Speaker 1: amongst friends, paying your law in person, whatever it might be,

814
00:37:09,280 --> 00:37:12,400
Speaker 1: then that is okay. But paying someone you don't know

815
00:37:12,480 --> 00:37:15,919
Speaker 1: at all for a really expensive purchase like a car,

816
00:37:16,080 --> 00:37:17,960
Speaker 1: I would not use one of these apps for that,

817
00:37:18,120 --> 00:37:20,239
Speaker 1: you know, Just like with a cashier's check, they're they're

818
00:37:20,239 --> 00:37:22,880
Speaker 1: not completely bulletproof because you can potentially get a fraudulent

819
00:37:22,920 --> 00:37:25,480
Speaker 1: cashiers check or an official check if you know, if

820
00:37:25,480 --> 00:37:28,320
Speaker 1: you're the seller and you're the one accepting the money,

821
00:37:28,480 --> 00:37:30,240
Speaker 1: that's one of the ways that these apps are similar.

822
00:37:30,360 --> 00:37:31,800
Speaker 1: The money would show up in your account and you

823
00:37:31,800 --> 00:37:33,200
Speaker 1: think it's good to go, but then the person who

824
00:37:33,280 --> 00:37:35,279
Speaker 1: sent you that money can cancel that transaction and you're

825
00:37:35,360 --> 00:37:38,160
Speaker 1: left without that money. So if you ever are using

826
00:37:38,480 --> 00:37:41,279
Speaker 1: a cashier's check or using these different apps, like, there's

827
00:37:41,320 --> 00:37:43,640
Speaker 1: a degree of trust that goes into these transactions, and

828
00:37:43,680 --> 00:37:44,920
Speaker 1: so you kind of have to use some of your

829
00:37:44,960 --> 00:37:48,319
Speaker 1: your own judgment depending on the size of the transaction. Yeah,

830
00:37:48,320 --> 00:37:50,200
Speaker 1: that's why I think my favorite piece of advice for

831
00:37:50,239 --> 00:37:52,680
Speaker 1: people looking to buy or sell a car in particular,

832
00:37:52,960 --> 00:37:55,520
Speaker 1: is to meet the seller at their bank right when

833
00:37:55,560 --> 00:37:57,560
Speaker 1: they're getting the cashier check or when they're pulling the

834
00:37:57,560 --> 00:38:00,600
Speaker 1: cash out. It's the safest place to do the transaction anyway.

835
00:38:00,640 --> 00:38:02,759
Speaker 1: There's all sorts of shady places right to do a

836
00:38:02,800 --> 00:38:04,880
Speaker 1: deal and to buy that car, but the least shady

837
00:38:04,880 --> 00:38:06,799
Speaker 1: place of all is to do it at that person's bank.

838
00:38:06,920 --> 00:38:09,400
Speaker 1: Right they feel comfortable, You feel comfortable. If you need

839
00:38:09,440 --> 00:38:11,680
Speaker 1: a notary right to be able to notarize the bill

840
00:38:11,680 --> 00:38:14,520
Speaker 1: of sale. There's often a notary on hand at a

841
00:38:14,560 --> 00:38:17,239
Speaker 1: local bank too, So yeah, I would say if you're

842
00:38:17,280 --> 00:38:20,160
Speaker 1: the buyer in particular meeting at that person's bank in

843
00:38:20,239 --> 00:38:22,560
Speaker 1: order to finalize the transaction. Is it is a great

844
00:38:22,560 --> 00:38:24,000
Speaker 1: place to do it. And so if you're the one

845
00:38:24,040 --> 00:38:26,280
Speaker 1: doing the buying, you know, if I was the buyer,

846
00:38:26,280 --> 00:38:28,319
Speaker 1: I'm going to find the most convenient way for me

847
00:38:28,360 --> 00:38:31,040
Speaker 1: to be able to give them payment. But as the seller,

848
00:38:31,440 --> 00:38:33,520
Speaker 1: I'm not looking to rip somebody off and cheat them, right,

849
00:38:34,160 --> 00:38:35,880
Speaker 1: But if I was the seller, I'm gonna make sure

850
00:38:35,880 --> 00:38:38,360
Speaker 1: I'm going to be extra careful. And so the only

851
00:38:38,440 --> 00:38:41,160
Speaker 1: true guaranteed way of getting paid is cash. So Joe,

852
00:38:41,239 --> 00:38:44,040
Speaker 1: like you mentioned, you know, making sure that transaction happens

853
00:38:44,239 --> 00:38:46,560
Speaker 1: at a bank, the tailor can immediately verify whether or

854
00:38:46,600 --> 00:38:48,920
Speaker 1: not that money is counterfeit or not, and you can

855
00:38:49,000 --> 00:38:52,040
Speaker 1: have a very clean transaction. But that's again assuming that

856
00:38:52,080 --> 00:38:54,520
Speaker 1: you have a local branch to go to, and we

857
00:38:54,520 --> 00:38:56,640
Speaker 1: would recommend that with a local small bank or like

858
00:38:56,680 --> 00:38:59,400
Speaker 1: we mentioned, a local credit union, as they oftentimes have

859
00:38:59,520 --> 00:39:01,600
Speaker 1: the best. It's when it comes to different loan products

860
00:39:01,640 --> 00:39:04,040
Speaker 1: as well. So while we do love our online savings

861
00:39:04,080 --> 00:39:07,640
Speaker 1: accounts because they are still offering the best interest rates

862
00:39:07,680 --> 00:39:11,000
Speaker 1: even though they have decreased over the months, having a

863
00:39:11,000 --> 00:39:13,520
Speaker 1: relationship with them in addition to having a relationship with

864
00:39:13,520 --> 00:39:16,439
Speaker 1: a local small bank or a local credit union, that's

865
00:39:16,440 --> 00:39:18,279
Speaker 1: totally the way to go. There's a spot for both

866
00:39:18,320 --> 00:39:21,400
Speaker 1: of them within each of our personal finances. And not

867
00:39:21,440 --> 00:39:23,640
Speaker 1: to mention some of the conveniences that having a local

868
00:39:23,680 --> 00:39:26,279
Speaker 1: credit union offers as well. Yeah, completely, and and most

869
00:39:26,320 --> 00:39:29,040
Speaker 1: of us don't really buy cars or sell cars frequently,

870
00:39:29,360 --> 00:39:30,799
Speaker 1: so I think it's easy for us to get taken

871
00:39:30,840 --> 00:39:33,319
Speaker 1: advantage of or go about it the wrong way. And

872
00:39:33,360 --> 00:39:36,399
Speaker 1: so making sure that you're prioritizing your safety and while

873
00:39:36,400 --> 00:39:39,879
Speaker 1: at the same time verifying the payment method, I think

874
00:39:39,920 --> 00:39:42,879
Speaker 1: doing the actual transaction at a bank actually accomplishes both

875
00:39:42,920 --> 00:39:44,680
Speaker 1: of those things quite well. So, yeah, that's what we

876
00:39:44,719 --> 00:39:47,160
Speaker 1: would recommend. All right, that's gonna be it for listener questions. Matt,

877
00:39:47,239 --> 00:39:48,600
Speaker 1: Let's get back to the beer that we had on

878
00:39:48,640 --> 00:39:51,399
Speaker 1: the show today. We drank a really nice beer called

879
00:39:51,400 --> 00:39:54,600
Speaker 1: Inexplicable Unease, which that's the way I feel around you.

880
00:39:54,680 --> 00:39:56,719
Speaker 1: It's I can't explain it. It's hard to put my

881
00:39:56,760 --> 00:39:58,120
Speaker 1: finger on it, but I'm gonna say a lot of

882
00:39:58,120 --> 00:40:00,799
Speaker 1: people are probably feeling that these days, the world that

883
00:40:00,800 --> 00:40:03,319
Speaker 1: we live in not about their best buddy. But you know,

884
00:40:03,440 --> 00:40:06,719
Speaker 1: to each their own. Well, what did you get up here?

885
00:40:06,760 --> 00:40:08,520
Speaker 1: I'm just joking, by the way, Oh I know, Uh,

886
00:40:08,520 --> 00:40:10,160
Speaker 1: this was a really good one man, you know, I'll

887
00:40:10,200 --> 00:40:12,839
Speaker 1: say as we poured, it poured that hazy golden color.

888
00:40:12,920 --> 00:40:14,799
Speaker 1: So it definitely set itself up to kind of be

889
00:40:14,840 --> 00:40:17,160
Speaker 1: a New England style I p A. But this is

890
00:40:17,200 --> 00:40:19,680
Speaker 1: a sour I p A. And maybe it was so

891
00:40:19,840 --> 00:40:23,480
Speaker 1: sneaking good. It totally had that bite that you associate

892
00:40:23,520 --> 00:40:25,359
Speaker 1: with New England I p a s and the hops there,

893
00:40:25,600 --> 00:40:28,000
Speaker 1: but the sour and kind of almost bitter element added

894
00:40:28,000 --> 00:40:30,200
Speaker 1: to that sharpness as well, and it sort of made

895
00:40:30,200 --> 00:40:32,040
Speaker 1: it taste more like a New England style I p

896
00:40:32,160 --> 00:40:34,840
Speaker 1: A than maybe they were expecting. It kind of reminded

897
00:40:34,840 --> 00:40:37,239
Speaker 1: me of quinine, which is like that tonic water. It's

898
00:40:37,239 --> 00:40:39,359
Speaker 1: the chemical and tonic water, and I'm pretty sure that's

899
00:40:39,400 --> 00:40:40,919
Speaker 1: what kind of makes it taste a little bit bitter.

900
00:40:41,239 --> 00:40:44,160
Speaker 1: But to me, this almost had elements of tonic in

901
00:40:44,200 --> 00:40:46,239
Speaker 1: it in addition to sort of the some of the

902
00:40:46,280 --> 00:40:48,640
Speaker 1: juicy notes that you get from the hops. I've not

903
00:40:48,680 --> 00:40:50,680
Speaker 1: had many sour I pas ever in my life, but

904
00:40:50,800 --> 00:40:52,920
Speaker 1: the few that I've had, I've really enjoyed them, so

905
00:40:52,960 --> 00:40:55,320
Speaker 1: I'm definitely gonna look more into two sour I p

906
00:40:55,400 --> 00:40:57,560
Speaker 1: as on some of the different menus around town. Yeah,

907
00:40:57,560 --> 00:40:59,640
Speaker 1: I really like that style, and I agree there aren't

908
00:40:59,680 --> 00:41:01,680
Speaker 1: many of them out there. This one, Yeah, it calls

909
00:41:01,719 --> 00:41:03,680
Speaker 1: itself a sour I p A, but but it's just

910
00:41:03,920 --> 00:41:07,080
Speaker 1: slightly sour, right. It's not super tart, aggressively tart or

911
00:41:07,080 --> 00:41:08,719
Speaker 1: anything like that. It's just enough to kind of give

912
00:41:08,719 --> 00:41:10,239
Speaker 1: it a little sparkle. Yeah, And I would say it

913
00:41:10,239 --> 00:41:13,319
Speaker 1: had like this nice pillowy mouth field and the beer

914
00:41:13,360 --> 00:41:15,960
Speaker 1: wine hybrid is kind of like a hot segment of

915
00:41:16,000 --> 00:41:18,760
Speaker 1: the craft beer market now. People are going for wine

916
00:41:18,760 --> 00:41:21,560
Speaker 1: grapes inside of craft beers, and I really kind of

917
00:41:21,840 --> 00:41:25,560
Speaker 1: like that style. It's it's different, it's nuanced, it's unique.

918
00:41:25,680 --> 00:41:27,799
Speaker 1: But I thought these guys pulled it off incredibly well.

919
00:41:27,840 --> 00:41:29,799
Speaker 1: This was a great beer. Part of the reason Matt

920
00:41:29,840 --> 00:41:31,120
Speaker 1: I had to pick this beer up when I saw

921
00:41:31,120 --> 00:41:33,480
Speaker 1: it in the cooler at our local market, was it

922
00:41:33,520 --> 00:41:36,440
Speaker 1: says it was it's brewed with geverts demeanor grapes. Is

923
00:41:36,440 --> 00:41:38,799
Speaker 1: that how you say that? So apparently my dad doesn't

924
00:41:38,840 --> 00:41:41,800
Speaker 1: know that though, So my dad he bought a bottle

925
00:41:41,800 --> 00:41:45,440
Speaker 1: of Diverse Remaner for Thanksgiving one year, and he called

926
00:41:45,440 --> 00:41:50,200
Speaker 1: a Goosemeister, and so we've been teasing him for years

927
00:41:50,239 --> 00:41:53,239
Speaker 1: about that, but he buys it every single well he

928
00:41:53,239 --> 00:41:55,879
Speaker 1: he calls it that now for fun the thing. Yeah,

929
00:41:55,960 --> 00:41:58,160
Speaker 1: and so we get Goosemeister every year for Thanksgiving. And

930
00:41:58,160 --> 00:42:00,920
Speaker 1: I saw, holy crap, this beer has give verse demeanor

931
00:42:01,040 --> 00:42:02,920
Speaker 1: grapes in it. It's got the goose mister going on.

932
00:42:03,040 --> 00:42:04,520
Speaker 1: We got to give this one a shot so my

933
00:42:04,600 --> 00:42:06,160
Speaker 1: dad will be proud that we drank this appear on

934
00:42:06,160 --> 00:42:09,040
Speaker 1: the show. And yeah, I just I really enjoyed this one.

935
00:42:09,400 --> 00:42:12,280
Speaker 1: Um nice little gentle sour. I p a really really tasty.

936
00:42:12,520 --> 00:42:14,800
Speaker 1: So all right, man, that's gonna do it for this episode.

937
00:42:15,040 --> 00:42:17,000
Speaker 1: And for folks who want show notes for this episode,

938
00:42:17,000 --> 00:42:18,799
Speaker 1: well you can go to our website how to money

939
00:42:18,840 --> 00:42:21,160
Speaker 1: dot com. And if you're listening to this episode and

940
00:42:21,160 --> 00:42:23,960
Speaker 1: you're not already subscribed, please hit subscribe. We want to

941
00:42:23,960 --> 00:42:26,279
Speaker 1: make sure that you don't miss any episodes. And if

942
00:42:26,280 --> 00:42:28,680
Speaker 1: you haven't already, head over to Apple Podcasts where you

943
00:42:28,719 --> 00:42:31,600
Speaker 1: can mash that five stars, maybe even leave us some

944
00:42:31,719 --> 00:42:34,279
Speaker 1: kind words over there. We would really appreciate it. Most off.

945
00:42:34,280 --> 00:42:37,319
Speaker 1: All right, Matt, until next time, Best friends out, best

946
00:42:37,320 --> 00:42:37,839
Speaker 1: friends out,