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Speaker 1: Welcome to Had of Money. I'm Joel and I'm Matt,

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Speaker 1: and today we're talking about how to overcome your idiot brain.

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Speaker 2: Hey, we've all done some dumb things. Joel, Actually, so

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Speaker 2: what's the is there something that you do on a

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Speaker 2: recurring basis that is kind of an idiot thing or

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Speaker 2: a dumb thing? Or ask my wife? You have two options.

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Speaker 2: What's the one of the dumbest things you've ever done,

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Speaker 2: or what's something that you do more regularly that you're like,

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Speaker 2: why do I do that?

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Speaker 1: That's not gonna minute, that's probably Matt.

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Speaker 2: Well, we'll make sure to hit those topics when we

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Speaker 2: have our Wives episodes later this summer. If I said,

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Speaker 2: I thought about this because I was gonna ask you

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Speaker 2: this question. But I think one of the dumbest things

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Speaker 2: I ever did was I a jeep when I was

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Speaker 2: in high school, and I thought that meant oh that

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Speaker 2: means I can drive through mud of any depth and.

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Speaker 1: Pipe worked like that.

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Speaker 2: Well, I I was such an idiot, Like I drove,

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Speaker 2: we went not we It was just me that there's

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Speaker 2: one mistake I wasn't. I didn't have a buddy there,

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Speaker 2: you know, who had my back. But I went to

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Speaker 2: this field that I had never been to before, and

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Speaker 2: it brained a whole lot, and there's a bunch of

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Speaker 2: big puddles, or so I thought. And so I'm like,

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Speaker 2: why driving around mud splashing everywhere. I'm just like living

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Speaker 2: the life until the nose of the jeep just like

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Speaker 2: dives down and it was this massive hole and I

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Speaker 2: couldn't get out, and we had a call like a

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Speaker 2: tow truck to winch me out of there. There is Yeah,

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Speaker 2: it was a mess. That was most likely the dumbest

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Speaker 2: thing I've ever done in my life.

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Speaker 1: I mean, that's not the worst thing about A lot

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Speaker 1: of people have done a lot of dumber things.

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Speaker 2: It ruined the transmission, okay, like like mud and liquid

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Speaker 2: water got into the transmission and the transmission had to

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Speaker 2: be That was a costly misfan.

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Speaker 1: That's no fun. Well, we're gonna talk about all sorts

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Speaker 1: of things today on this episode. Ways, especially specifically that

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Speaker 1: our brain works largely because of the thousands and millions

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Speaker 1: of years of evolution, right, and and how it doesn't

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Speaker 1: really work to our advantage in the modern modern day society.

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Speaker 1: That's true, ways that we're conspiring against ourselves. And then

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Speaker 1: how to overcome them.

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Speaker 2: Yeah, and there's certain things and more in our more

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Speaker 2: recent history and in our own personal lives that has

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Speaker 2: an impact on how it is that we handle our money,

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Speaker 2: and you didn't reciprocate. I was hoping you would have

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Speaker 2: a good dumb story, but you keep thinking about it.

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Speaker 2: Folks can hang on for at the end of the episode. Uh,

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Speaker 2: maybe you'll not tell you So my girls they love

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Speaker 2: to hear this one. You tell us one story. When

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Speaker 2: I was in college in South Carolina, it didn't really

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Speaker 2: snow very often, but one time it snowed, and what

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Speaker 2: idiot college dudes think to do when that happens. Well,

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Speaker 2: we wanted to go skiing, but there's no place to

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Speaker 2: ski in Greenville, South Carolina, naturally, So what we did

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Speaker 2: was we put on the skis, we threw an electrical cable,

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Speaker 2: slammed it in the trunck on Mytota camera, and we

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Speaker 2: went skiing on the icy roads.

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Speaker 1: And nobody got terribly injured. But there's a minor injury

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Speaker 1: at least. That's just like one dumb thing that I

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Speaker 1: remember doing.

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Speaker 2: See that just sounds like fun because it was, like

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Speaker 2: you said, nothing bad happened, So that was just a

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Speaker 2: good time.

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Speaker 1: It's not been like a dislocated shoulder or something like that.

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Speaker 2: But that's about it. Stuff like that all the time,

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Speaker 2: Like okay, maybe we'll say this one for yeah, I

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Speaker 2: don't want to go down this path of dumb stuff

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Speaker 2: that we did that was actually fun, not considered dumb

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Speaker 2: because it didn't come with it come at a high cost.

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Speaker 2: But actually, speaking of college, a quick little story to

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Speaker 2: share with folks, Amazon is actually no longer in the

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Speaker 2: college textbook rental business.

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Speaker 1: My wife found this out the hard way. So we've

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Speaker 1: talked about this before, how that's a massive way to

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Speaker 1: save when it comes to the tech instead of buying

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Speaker 1: brand new or even buying used and then returning into

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Speaker 1: the school bookstore renting it instead. And if you're.

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Speaker 2: Talking about I mean hundreds and even thousands of dollars

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Speaker 2: when it comes to the amount that these college textbooks

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Speaker 2: cost for sure.

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Speaker 1: And so my wife, she's in grad school and she's

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Speaker 1: been using Amazon Textbooks, checking it against the prices other

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Speaker 1: places too, But Amazon Textbooks, I guess they found out

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Speaker 1: we're pricing these things too low and we're not making

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Speaker 1: any money, so they shut her down. And so now

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Speaker 1: if you want to rent a textbook to save money,

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Speaker 1: which I think is still a good way to go,

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Speaker 1: still good route to choose, get a tactic. Yeah, book Scouter,

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Speaker 1: e Campus, and cheg are the three websites you should

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Speaker 1: be checking out. We'll link to those in the show notes.

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Speaker 2: But those are I think book scouter in particular, it's

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Speaker 2: like a marketplace, like it aggregates a bunch of different

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Speaker 2: additional websites and you can compare prices easily on there,

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Speaker 2: which is huge, huge.

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Speaker 1: And I hate to see one less competitor, especially one

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Speaker 1: as big as Amazon in the space. But yeah, if

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Speaker 1: you were like my wife and you were bummed and

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Speaker 1: you're like, I don't know where to go now, we'll

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Speaker 1: check out one of these sites, because yep, yeah, you

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Speaker 1: still it's better to rent than to buy.

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Speaker 2: And so I bet there's probably still a lot of

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Speaker 2: folks out there who have Amazon books that they had rented,

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Speaker 2: and you actually have I think it's until sometime this fall,

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Speaker 2: like August or September, in order to return those those books.

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Speaker 1: We just returned hers for the last sulster. You don't

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Speaker 1: get to keep them. We were shopping for the next

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Speaker 1: semester and we were like, oh, bummer, but we found

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Speaker 1: we went to cheg for some of hers and save

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Speaker 1: some money. But if he had just word otherwise, if

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Speaker 1: you're in school or you know someone who's in school

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Speaker 1: and they're like, these books are expensive, this is definitely

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Speaker 1: one way to save money. Absolutely.

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Speaker 2: All right, man, are you ready for this beer?

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Speaker 1: I'm ready, We're born ready.

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Speaker 2: It's time to tap some of the beers that I

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Speaker 2: grabbed recently from Asheville, North Carolina. But this is End

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Speaker 2: of Plagues and this is a beer by Burial Brewing Company.

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Speaker 2: We will enjoy this one during this episode and share

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Speaker 2: our thoughts at the end of the episode.

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Speaker 1: Burial always so chill in their naming conventions. Not all right,

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Speaker 1: let's move on, Matt. Let's say, let's get to the

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Speaker 1: topic we want to discuss on this episode, which is

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Speaker 1: overcoming your idiot brain, and specifically, how are brains process

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Speaker 1: information that make us bad with money? And we've all

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Speaker 1: seen the meme of the guy on the bike who

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Speaker 1: puts a stick in his own wheel and he falls off.

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Speaker 1: That's kind of becoming ubiquitous at this point. There are

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Speaker 1: literally hundreds of different memes based on this goofy poorly

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Speaker 1: drawn comic and for instance, Matt I saw one. The

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Speaker 1: first line says, fifteen holes a good go, and then

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Speaker 1: it says, my brain realizing I'm playing well as he

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Speaker 1: puts the stick in the front wheel, and then what happens.

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Speaker 1: He's lying on the ground writhing in pain. It's amazing.

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Speaker 1: That just reveals a deeper truth whenever you attach something

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Speaker 1: to this meme.

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Speaker 2: Yeah, one of my favorite. It makes me think of,

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Speaker 2: Like the first one's like, I'm tired at work, falling

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Speaker 2: asleep at my desk, drinks a big old cup of

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Speaker 2: afternoon coffee as he sticks the stick in the spokes

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Speaker 2: and can't sleep that night. Is the end result, which

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Speaker 2: I feel like is something we've all done.

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Speaker 1: Yeah, for sure. And the truth is it's not really

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Speaker 1: all that hard for any of us to become our

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Speaker 1: own worst enemy on the money front, right, and that, yeah,

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Speaker 1: good intentions just aren't going to get the job done.

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Speaker 1: So today we want to talk about some of the

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Speaker 1: common ways we're inspiring against ourselves, and we want to

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Speaker 1: offer an antidote or multiple antidotes to help us make

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Speaker 1: the progress we're looking to achieve more possible, more of

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Speaker 1: a reality.

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Speaker 2: Yeah, Like that's what makes these memes so hilarious and

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Speaker 2: poignant at the exact same time. Right is that because

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Speaker 2: like we know the truth, like we know what it

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Speaker 2: is that we should be doing, but then we go

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Speaker 2: we basically do the exact opposite. Right, We have all

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Speaker 2: been there and it's impacted all areas of our lives

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Speaker 2: as well. I think like anyone ever sabotage relationship? Have

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Speaker 2: you ever sabotaged a job interview? Almost like subconsciously though, right, Yeah,

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Speaker 2: Like even without realizing. I think sometimes we only become

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Speaker 2: aware of it, like what we have done after the

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Speaker 2: fact in hindsight, like.

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Speaker 1: Oh wait, that's how I That's how I ruined that thing.

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Speaker 2: Yeah, Like, I mean honestly, like that's what it's what

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Speaker 2: it means to be human. Like we get to just

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Speaker 2: revel in the complexity and the incomprehensibility of being human beings.

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Speaker 2: But as Carl Jung said, until you make the unconscious conscious,

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Speaker 2: it will direct your life and you will call it fate.

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Speaker 2: And yeah, yeah, when we leave these underground, subterranean thoughts

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Speaker 2: and beliefs unexamined, untapped, we're going to be prone to

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Speaker 2: make the same mistakes just on repeat throughout our lives.

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Speaker 2: It's honestly, it's truly amazing that humanity has even come

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Speaker 2: this far, given our tendencies to self sabotage. Luckily, great

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Speaker 2: philosophers and thinkers like Carl Jung who have paused, and

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Speaker 2: they cause us to think a little bit and so

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Speaker 2: maybe spend some time digging below the service a little bit.

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Speaker 2: And and honestly, even today, I think just the emotional

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Speaker 2: or like mental health has risen in prominence. And I

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Speaker 2: think that's a good thing because I think that has

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Speaker 2: allowed a lot of folks to maybe think a little

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Speaker 2: bit more about why it is that they're doing the

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Speaker 2: things that they're doing.

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Speaker 1: So they can hopefully avoid sticking the stick in the

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Speaker 1: wheel again exactly basically styming their own progress and hurting

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Speaker 1: their inability to do the things that they really do

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Speaker 1: want to achieve in favor of often kind of some

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Speaker 1: sort of short term reward. And I do think that

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Speaker 1: thinking and feeling affect the way we handle our money

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Speaker 1: so much more than we give it credit for, and

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Speaker 1: even more so than the immutable characteristics that we possess,

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Speaker 1: like our personal history and our personality. Tendencies are likely

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Speaker 1: to play a bigger role in how we react to

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Speaker 1: spending and investing than even our age or our education level.

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Speaker 2: Yees about their skills and how good you are, right, yeah,

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Speaker 2: it's it's really about your history and kind of different

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Speaker 2: things probably that formed early in life.

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Speaker 1: I mean, we're going to sound like a psychotherapist here,

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Speaker 1: like you're laying down on a couch and we're you know,

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Speaker 1: picking your brain or something like that. But that's it

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Speaker 1: really is true that a lot of kind of how

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Speaker 1: we have come to view and think about money has

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Speaker 1: been tainted, has been informed by those early years. And

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Speaker 1: so it doesn't matter how good you are at math,

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Speaker 1: that's not a prerequisite for handling money well. Either. It's

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Speaker 1: really difficult to remove ourselves from our day to day

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Speaker 1: way of living in order to understand and come to

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Speaker 1: grips with the groundwork that we've laid already that's been

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Speaker 1: laid over, you know, especially those first formative years, which

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Speaker 1: informs how we're making decisions in the present that impact

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Speaker 1: our lives on an ongoing basis. I mean, it doesn't

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Speaker 1: help that everyone out there is basically trying to sell

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Speaker 1: you something, you know, like attention. It's the most important

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Speaker 1: commodity that we have in this day and age. And

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Speaker 1: every company out there is they're doing their absolutely best

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Speaker 1: to hijack our attention for their profit.

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Speaker 2: We think about we recently talked about the TV and like,

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Speaker 2: you're having your attention, you're having your literally your eyeball

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Speaker 2: is hijacked in order to get something for free, free TV.

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Speaker 1: And you say, and then you know it comes at

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Speaker 1: a high cost.

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Speaker 2: That well, initially it seems like it's a low cost

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Speaker 2: in that case, right, like the free TV, but.

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Speaker 1: They ultimately except for no money.

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Speaker 2: Yeah, ultimately what this means are more dollars flowing out

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Speaker 2: of your life because of it. In social media is

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Speaker 2: a great example as well, but a plethora of streaming

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Speaker 2: options like that's an entirely additional front.

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Speaker 1: I feel like that we have to fight.

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Speaker 2: Right Like there are still like more good TV shows

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Speaker 2: out there than any sane human being could possibly watch.

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Speaker 1: There's a lot of bad ones out there too.

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Speaker 2: But a lot even just goofy little games like candy

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Speaker 2: Crush on our phones, Like these are all distractions that

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Speaker 2: are pulling at us. And the more that we give

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Speaker 2: into these distractions, the less productive and the more unhappy

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Speaker 2: that we're going to become. And we say it like,

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Speaker 2: no judgment here right by the way, we fall prey

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Speaker 2: to these same distractions, these same things that are constantly

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Speaker 2: viol for our attention. And so maybe a part of

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Speaker 2: why we're covering this topic, like we're doing this for

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Speaker 2: ourselves sure, as well.

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Speaker 1: As for you. Yeah no, I mean I think ye

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Speaker 1: that the goal of this is where you and I

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Speaker 1: are always trying to be lifelong learners too. We don't

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Speaker 1: want to just point fingers at anybody who uses candy

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Speaker 1: crush and call them crazy or anything like that. I

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Speaker 1: try to avoid games, video games, any sort of games

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Speaker 1: on my phone, but I realized that they bring some

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Speaker 1: people a lot of joy, and in fact, they help

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Speaker 1: your voter skills and coordination to some degree too. So

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Speaker 1: I'm not saying there's no visit at all. Yeah, yeah,

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Speaker 1: but we're talking just.

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Speaker 2: A double edged sword though, you know, like like that's

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Speaker 2: the thing with tech in particular, Like like when we

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Speaker 2: were talking about counseling earlier. It also makes me think

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Speaker 2: of like the rise in like headspace, Like there are

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Speaker 2: some different apps out there that cause people to slow

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Speaker 2: down and to pause and reflect. But it's a double

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Speaker 2: edged sword because like five hundred years ago, like back

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Speaker 2: in the day. I'm guessing there was probably less issues

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Speaker 2: when it came to mental health. I don't know if

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Speaker 2: that's proven. That's just this is that's just my assumption.

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Speaker 2: They probably didn't need some of these apps because today

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Speaker 2: environment like the way things are today, our again, our

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Speaker 2: attention is just hijacked constantly, instead of having downtime where

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Speaker 2: we might naturally reflect on things, where we might naturally

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Speaker 2: have a conversation with the loved one and do some

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Speaker 2: of the things that matter more. Instead, yeah, we're just

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Speaker 2: scrolling social media, and so we have to be more purchases,

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Speaker 2: more proactive.

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Speaker 1: Basically because of the nature of the society society we

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Speaker 1: live in, and because of the things that are the

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Speaker 1: flaming arrows that are aimed our way, we need some

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Speaker 1: sort of like shield to fin them off so that

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Speaker 1: we can protect ourselves and seth godin he writes about

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Speaker 1: defeating the lizard brain, and that's kind of like what

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Speaker 1: we're talking about here in this episode. You know, the

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Speaker 1: basic part of our psyche that only cares about the

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Speaker 1: most fundamental aspects of life, like surviving, eating, and procreating,

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Speaker 1: which are all good, necessary things. I like all the above,

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Speaker 1: you know, but that lizard brain can also cause us

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Speaker 1: to function with the survivalist short term mentality. And Matt,

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Speaker 1: I remember hearing Tim Urban say this. He said, the

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Speaker 1: world we were programmed to be in and didn't have

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Speaker 1: long term projects that often. So so basically the reality

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Speaker 1: that our ancestors grew up in long term wasn't really

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Speaker 1: a thing, Like nobody was investing for retirement. Like our

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Speaker 1: brains haven't kept up with the new reality of much

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Speaker 1: longer life spans and four one k's and all the

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Speaker 1: stuff that come along with those things. Three baby, right,

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Speaker 1: And so it's just no surprise that our brains have

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Speaker 1: had trouble keeping up with this new reality, albeit a

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Speaker 1: very fortunate reality, right. I mean, I personally like electricity,

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Speaker 1: indoor plumbing. I'm not mad about any of the progress

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Speaker 1: that we've made, but it comes with, like I said,

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Speaker 1: double edged short, it comes with the downside and somethings

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Speaker 1: with something we need to pay attention to if we

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Speaker 1: want to live a fulfilling life and one that also

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Speaker 1: comes along with financial security at the same time.

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Speaker 2: Yeah, yeah, there's no part of me that wants to

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Speaker 2: go back five hundred years ago. There are a lot

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Speaker 2: of things that we don't have to worry about There

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Speaker 2: are a lot of diseases that would not so much progress. Yeah, exactly,

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Speaker 2: Like I'm very, very happy to be living in the

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Speaker 2: air that works.

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Speaker 1: I mean, even even if you're in the bottom twentieth

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Speaker 1: percentile of Americans, you're living better than French kings did

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Speaker 1: three hundred years ago, which is I mean, just pretty

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Speaker 1: amazing to think about.

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Speaker 2: Like had some perks they.

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Speaker 1: Okay.

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Speaker 2: So one of the problems I think we face that

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Speaker 2: stems from what Seth Goudin calls the lizard brain, is

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Speaker 2: that we all have a tendency to overvalue the present.

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Speaker 2: This is called present bias. There's a study from twenty

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Speaker 2: nineteen and they found that present biased consumers are more

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Speaker 2: likely to spend in the present and less likely to.

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Speaker 1: Save for the future.

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Speaker 2: And obviously this makes sense given where we've come from ancestrally,

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Speaker 2: like our brains they just haven't adapted to this long

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Speaker 2: term thinking that's required as lifespans have increased and just

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Speaker 2: our need to build up assets for you know, like

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Speaker 2: potentially multiple decades. That's the reality now that we live

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Speaker 2: in Like this is the.

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Speaker 1: Exact opposite of what used to happen when our ancestors

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Speaker 1: would come across food like they didn't. Now we have

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Speaker 1: as much food as we want at our fingertips to

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Speaker 1: a certain area. Right, you can walk into a gross

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Speaker 1: story get whatever you want. Before it was like you

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Speaker 1: come upon food, you almost have to hoard it. Yeah,

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Speaker 1: you almost have to eat.

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Speaker 2: You can arrise that honey, like that's some good stuff.

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Speaker 2: But now everything is sweet, and we still crave sugar.

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Speaker 1: That's right. But unlike our ancestors, we can get them

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Speaker 1: whenever we want it, and so we don't have to

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Speaker 1: and they're quite refined, but we still like to eat

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Speaker 1: them the way ancestors did. And so when we have

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Speaker 1: it like we want to consume it. Yeah.

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Speaker 2: Yeah, because this present bias is something that we're continually

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Speaker 2: rubbing up against. We just have a hard time mustering

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Speaker 2: this self control, even though we know that we don't need,

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Speaker 2: for instance, those additional calories via that sugar. We lack

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Speaker 2: this self control that's needed when it comes to your finances,

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Speaker 2: curb spending and to set more aside for your future.

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Speaker 2: But the good news is that there are some tools

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Speaker 2: at our disposal in order to help us, you know,

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Speaker 2: within this quest on our as we're on our path

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Speaker 2: to financial independence. So we'll discuss some other psychological hurdles

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Speaker 2: that we face and how to overcome them right after this.

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Speaker 1: All right, Matt, let's keep going. We're getting psychological with

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Speaker 1: this one. It's true our brains conspire against us and

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Speaker 1: they cause us to do things that aren't in our

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Speaker 1: best interest.

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Speaker 2: And overcoming the ancestral lizard brain.

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Speaker 1: Yeah, I mean, I think back to middle school and

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Speaker 1: uh it just or even even high school. I was

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Speaker 1: babb with the ladies and I remember trying, like I

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Speaker 1: wanted to ask somebody out on a date or something

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Speaker 1: like that. I was so nervous that that person was

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Speaker 1: going to say no. And it took me a while

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Speaker 1: to come to grips with the fact that what if

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Speaker 1: they do say, Now, what's the worst thing that happens,

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Speaker 1: Like you feel bad for a second. What if they

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Speaker 1: say yes, you have this awesome chance to hang out

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Speaker 1: with this person that you would really like to spend

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Speaker 1: some time with.

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Speaker 2: So, coming back to Joel's base desire, exactly.

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Speaker 1: Well, these are the kind of things that, like we

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Speaker 1: we have a hard time rationalize. It took me a

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Speaker 1: long time to come to that conclusion, to realize that

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Speaker 1: the stakes were actually a lot lower than I thought.

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Speaker 2: That you weren't in literal life harm because like, that's

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Speaker 2: what it feels like. It's exactly when it's when faced

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Speaker 2: with either confrontation, at least when you're sixteen, Yeah, something

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Speaker 2: like that. It feels that like, literally, I'm going to die, like,

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Speaker 2: which is why that's a phrase that you hear teenagers say,

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Speaker 2: because I think a lot of time, like haven't oftentimes

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Speaker 2: like identified that, No, you're not literally gonna die, even

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Speaker 2: though I totally get that that's what it feels like. Yeah,

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Speaker 2: that's what we're oftentimes trying to overcome. But like we

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Speaker 2: were just talking about present bias, you know, just before

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Speaker 2: the break, and how we fail to think ahead, how

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Speaker 2: we fail to prepare for the future by investing our money.

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Speaker 2: And I think that one of the reasons that so

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Speaker 2: many folks don't have enough in retirement is simply because

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Speaker 2: it's so difficult for us to understand the concept of compounding, right,

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Speaker 2: Like it is tough to wrap your mind around. I

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Speaker 2: would say that most things in our lives actually occur linearly.

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Speaker 2: It's nice and orderly. One thing happens after the other,

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Speaker 2: as opposed to things happening exponentially, which, at least personally,

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Speaker 2: it feels a bit more chaotic. It's certainly more complex,

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Speaker 2: but it's also more difficult to comprehend.

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Speaker 1: It's too complex for us to really wrap our minds arend.

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Speaker 1: It's kind of like those big, big numbers, like, oh,

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Speaker 1: we a trillion dollars worth of this.

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Speaker 2: Or that spending. It's like, what exactly does that mean?

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Speaker 1: And we see a bill like that and we just

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Speaker 1: chalk it up to how future generations just ahead paying

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Speaker 1: off these desks. But a trillion dollars is substantial, and

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Speaker 1: we just I'll admit I have a hard time explaining

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Speaker 1: how much a trillion dollars is. It's pretty it blows

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Speaker 1: my mind. Yes, okay, So, for instance, so we're talking

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Speaker 1: about numbers. Take a simple math problem of addition five

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Speaker 1: plus five plus five plus five plus five and so

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Speaker 1: you know the answer.

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Speaker 2: Pick me if you're keeping up. You heard me say

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Speaker 2: five five times, So we're talking about a sum of

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Speaker 2: twenty five.

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Speaker 1: There you go, so smart.

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Speaker 2: I'm hoping there's a lot of folks that answered out loud.

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Speaker 2: But now take those same fives and then multiply them, right,

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Speaker 2: So five times five times five times five times five.

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Speaker 2: We might have some rare math geniuses out there, but

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Speaker 2: the answer here is three twenty five. And this is

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Speaker 2: I wouldn't have gotten the one I wouldn't have either. Basically,

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Speaker 2: what I'm getting at it's this is a much more

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Speaker 2: complex problem, and it's just simply more difficult to comprehend

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Speaker 2: and then to actually apply it to our money, specifically

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Speaker 2: to our investments.

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Speaker 1: But this is so important to understand because this is

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Speaker 1: the basis for turns that we're going to get in

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Speaker 1: the stock market. It's a different set of skills, and

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Speaker 1: most folks are not able to simply figure this out

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Speaker 1: on the fly. So let's give another example on the

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Speaker 1: compounding front, Matt, Like, imagine taking a big sheet of

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Speaker 1: paper and folding it in half, but then you fold

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Speaker 1: it in half again and again until you've done this

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Speaker 1: fifty times, which fifty sounds reasonable, right, right, because you're like, oh,

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Speaker 1: you can do something and a half fifty times, but no,

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Speaker 1: you've actually yeah, that's actually physically impossible. Right, But if

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Speaker 1: you were to do this, if it were possible, how

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Speaker 1: tall would that stack of paper be? It turns out

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Speaker 1: would be sixty four million miles tall, around two thirds

436
00:19:34,920 --> 00:19:37,359
Speaker 1: of the distance of the Sun, which is crazy, doesn't

437
00:19:37,400 --> 00:19:39,080
Speaker 1: seem right when you put it in terms like that,

438
00:19:39,280 --> 00:19:41,000
Speaker 1: But that's what would happen if you had the ability

439
00:19:41,040 --> 00:19:43,040
Speaker 1: to make it happen. And so it's no wonder that

440
00:19:43,080 --> 00:19:46,520
Speaker 1: Einstein called compounding interest the eighth wonder of the world.

441
00:19:46,520 --> 00:19:48,919
Speaker 1: It's it's a wonder in the fact that we, like

442
00:19:48,960 --> 00:19:50,639
Speaker 1: our brains can't wrap around it. But it's also a

443
00:19:50,640 --> 00:19:52,440
Speaker 1: wonder in the fact that it can be a wealth generator.

444
00:19:52,680 --> 00:19:56,119
Speaker 1: Even though our rudimentary brains have a hard time understanding

445
00:19:56,119 --> 00:20:00,480
Speaker 1: exactly how it works. The reality is that it does work,

446
00:20:00,520 --> 00:20:01,440
Speaker 1: and it works hard advantage.

447
00:20:01,520 --> 00:20:03,399
Speaker 2: It just doesn't work the way we think it should work, like,

448
00:20:03,440 --> 00:20:05,679
Speaker 2: it just doesn't make sense, even though you can like

449
00:20:05,720 --> 00:20:07,639
Speaker 2: sit down and crunch the numbers, do the math. I

450
00:20:07,960 --> 00:20:10,400
Speaker 2: like the I think the rest of the Einstein quote

451
00:20:10,440 --> 00:20:13,520
Speaker 2: is that, like, those who understand compound interest will actually

452
00:20:13,520 --> 00:20:15,720
Speaker 2: earn it, and those who don't are going to end

453
00:20:15,800 --> 00:20:18,240
Speaker 2: up paying it. But again, just because our dumb brains

454
00:20:18,240 --> 00:20:21,840
Speaker 2: don't actually, like naturally conclude that this is possible, this

455
00:20:21,920 --> 00:20:24,439
Speaker 2: doesn't mean that we can't actually do the math and.

456
00:20:24,440 --> 00:20:24,920
Speaker 1: Figure it out.

457
00:20:24,920 --> 00:20:27,800
Speaker 2: Because we just did it right like people have calculated

458
00:20:28,040 --> 00:20:30,000
Speaker 2: what the distance of that sheet of paper would be

459
00:20:30,119 --> 00:20:32,720
Speaker 2: were you to fold it fifty times and then so

460
00:20:32,800 --> 00:20:34,960
Speaker 2: the trick is to then take these principles and apply

461
00:20:35,040 --> 00:20:37,919
Speaker 2: them to investing. Basically, the earlier that you're able to

462
00:20:37,960 --> 00:20:40,560
Speaker 2: start investing, the more that you're able to keep at it,

463
00:20:41,119 --> 00:20:42,560
Speaker 2: the more that you're going to have at the end

464
00:20:42,560 --> 00:20:45,000
Speaker 2: of the day. What seems small is going to be

465
00:20:45,040 --> 00:20:47,280
Speaker 2: able to grow large because of this reality that can

466
00:20:47,359 --> 00:20:49,840
Speaker 2: just be so difficult to grasp. The longer you allow

467
00:20:49,840 --> 00:20:52,560
Speaker 2: your investments to double and then double again, the more

468
00:20:52,680 --> 00:20:55,879
Speaker 2: money is going to grow, giving you lots more options.

469
00:20:56,160 --> 00:20:58,600
Speaker 2: So one last example, let's say you start out with

470
00:20:58,920 --> 00:21:03,000
Speaker 2: nothing safe for retirement, like literally you've got zero in

471
00:21:03,040 --> 00:21:05,600
Speaker 2: your roth ira or your four one k.

472
00:21:05,680 --> 00:21:07,760
Speaker 1: Hopefully that's not where most of our listens find themselves.

473
00:21:07,800 --> 00:21:10,160
Speaker 2: Hopefully you've got like a little bit of seed money, right,

474
00:21:10,200 --> 00:21:11,760
Speaker 2: but let's say that's that is where you're starting from.

475
00:21:11,760 --> 00:21:14,920
Speaker 2: You you've literally got nothing set aside for retirement. Were

476
00:21:14,960 --> 00:21:17,720
Speaker 2: you to max out your roth ira every year at

477
00:21:17,760 --> 00:21:20,359
Speaker 2: sixty five hundred dollars, it's going to take you a

478
00:21:20,359 --> 00:21:23,720
Speaker 2: little less than thirty six years to reach millionaire status.

479
00:21:23,720 --> 00:21:26,560
Speaker 2: To hit those you know, those seven digits. That is

480
00:21:26,600 --> 00:21:28,240
Speaker 2: a long time, I will say, and again, but that's

481
00:21:28,280 --> 00:21:30,680
Speaker 2: assuming you know you're you're starting with nothing, a little

482
00:21:30,760 --> 00:21:33,879
Speaker 2: less than thirty six years. But then how long before

483
00:21:34,119 --> 00:21:37,240
Speaker 2: you have two million dollars? Well, you'll actually hit that

484
00:21:37,280 --> 00:21:40,680
Speaker 2: milestone in less than ten additional years. But then guess

485
00:21:40,680 --> 00:21:43,560
Speaker 2: what five more years in addition to that. Well, then

486
00:21:43,600 --> 00:21:46,080
Speaker 2: you're up to three million dollars. So the first million

487
00:21:46,400 --> 00:21:48,639
Speaker 2: took you a little less than thirty six years, but

488
00:21:48,680 --> 00:21:51,959
Speaker 2: then the subsequent millions after that then take less than

489
00:21:52,000 --> 00:21:54,080
Speaker 2: ten and then around five years.

490
00:21:54,080 --> 00:21:56,879
Speaker 1: Now we say your first crazy, the first million is

491
00:21:56,880 --> 00:21:57,280
Speaker 1: the hardest.

492
00:21:57,320 --> 00:22:01,399
Speaker 2: Well, yeah, no joke. When you understand compound exactly like

493
00:22:01,480 --> 00:22:03,760
Speaker 2: you can truly understand Like again, it's hard to wrap

494
00:22:03,800 --> 00:22:07,760
Speaker 2: your mind around, but you don't have to totally understand

495
00:22:07,760 --> 00:22:11,000
Speaker 2: it where it makes sense in your mind in order

496
00:22:11,040 --> 00:22:11,600
Speaker 2: for you to put.

497
00:22:11,440 --> 00:22:13,040
Speaker 1: It to use, in order for you to trust the

498
00:22:13,040 --> 00:22:15,880
Speaker 1: principle exactly see the reality of what it can provide. Yeah,

499
00:22:15,880 --> 00:22:17,640
Speaker 1: you're right, and I do think that is a really

500
00:22:17,640 --> 00:22:20,920
Speaker 1: interesting point, that the first million is harder, largely because

501
00:22:20,920 --> 00:22:23,040
Speaker 1: your money is not working for you on your behalf

502
00:22:23,119 --> 00:22:25,920
Speaker 1: yet you're working to funnel money into this account that's

503
00:22:25,960 --> 00:22:28,119
Speaker 1: going to eventually do the work for you. But it

504
00:22:28,119 --> 00:22:30,359
Speaker 1: takes a while for that work to start to start happening.

505
00:22:30,359 --> 00:22:32,760
Speaker 1: But then once it starts happening, it starts to happen quickly.

506
00:22:32,760 --> 00:22:36,200
Speaker 1: It's like a snowball rolling downhill, right, And so that's why, Yeah,

507
00:22:36,200 --> 00:22:39,400
Speaker 1: our brains again have a hard time understanding this concept.

508
00:22:39,520 --> 00:22:42,119
Speaker 1: But if we can kind of at least understand it

509
00:22:42,160 --> 00:22:45,440
Speaker 1: a little bit and then do trust the principle, trust

510
00:22:45,520 --> 00:22:48,399
Speaker 1: the other reality that this is how money works and

511
00:22:48,400 --> 00:22:51,639
Speaker 1: how investing your money is going to help grow your

512
00:22:51,680 --> 00:22:54,040
Speaker 1: money over time, we can take advantage of it. Whereas

513
00:22:54,040 --> 00:22:56,760
Speaker 1: our lizard brain wants to say, I don't know about this.

514
00:22:57,160 --> 00:23:00,000
Speaker 1: I can't quite understand it, and so maybe I should

515
00:23:00,040 --> 00:23:02,680
Speaker 1: avoid like going in this direction. I think that's probably

516
00:23:02,680 --> 00:23:04,240
Speaker 1: where a lot of people, a lot of people stand

517
00:23:04,240 --> 00:23:06,600
Speaker 1: the way a lot of people think about investing or

518
00:23:06,640 --> 00:23:07,680
Speaker 1: saving money for the future.

519
00:23:07,680 --> 00:23:09,159
Speaker 2: Okay, so this is a random thought, but I was

520
00:23:09,160 --> 00:23:11,159
Speaker 2: thinking a back to like five hundred years ago or

521
00:23:11,160 --> 00:23:13,600
Speaker 2: I don't know, like five thousand years ago or something.

522
00:23:13,640 --> 00:23:16,440
Speaker 2: But like, in my mind, the only way that I

523
00:23:16,480 --> 00:23:19,440
Speaker 2: feel like folks way back in time had the ability

524
00:23:19,480 --> 00:23:24,200
Speaker 2: to experience exponential growth or compounding like that is if

525
00:23:24,240 --> 00:23:26,040
Speaker 2: so the beer we're drinking it is called end of plagues.

526
00:23:26,280 --> 00:23:28,280
Speaker 2: Is if they were if there's a plague upon them,

527
00:23:28,280 --> 00:23:30,639
Speaker 2: like literally, like a plague of locusts or rats or

528
00:23:30,680 --> 00:23:32,720
Speaker 2: something like that. I feel like back then they would

529
00:23:32,760 --> 00:23:35,919
Speaker 2: say even then, they didn't totally understand it, even though

530
00:23:35,960 --> 00:23:37,719
Speaker 2: they experienced it. And what they would say is like,

531
00:23:37,760 --> 00:23:40,639
Speaker 2: oh man, the gods must be mad at me. We

532
00:23:40,720 --> 00:23:43,240
Speaker 2: must sacrifice whatever we need to do in order to

533
00:23:43,480 --> 00:23:46,600
Speaker 2: appease the appease the gods. But like that's an example

534
00:23:46,680 --> 00:23:49,920
Speaker 2: of exponential growth, right, Like when you've got a locust

535
00:23:50,640 --> 00:23:53,480
Speaker 2: that multiplies and then those locusts multiple, you know, like

536
00:23:53,520 --> 00:23:57,320
Speaker 2: that is in an instance, I think in natural I

537
00:23:57,359 --> 00:23:59,520
Speaker 2: don't know in the natural environment where you might have

538
00:23:59,600 --> 00:24:03,560
Speaker 2: experienced exponential growth or compounding. Maybe again five hundred years aga,

539
00:24:03,600 --> 00:24:04,880
Speaker 2: so if they've known a little bit more, they would

540
00:24:04,880 --> 00:24:07,040
Speaker 2: have realized what was going on beneath you would have said, Aha,

541
00:24:07,400 --> 00:24:08,239
Speaker 2: here's what's going on.

542
00:24:08,320 --> 00:24:13,119
Speaker 1: This is just science, not some sort of apocalyptic plague

543
00:24:13,280 --> 00:24:16,359
Speaker 1: being sent after me and by some higher power. Yeah sure, yeah, right,

544
00:24:16,400 --> 00:24:18,880
Speaker 1: let's talk about how our lizard brains work against us

545
00:24:18,920 --> 00:24:21,560
Speaker 1: in regards to how we use money in the present too.

546
00:24:21,920 --> 00:24:24,960
Speaker 1: I think one way that our idiot brains keep us

547
00:24:25,119 --> 00:24:27,800
Speaker 1: from making progress is it stops us from investing as

548
00:24:27,880 --> 00:24:29,399
Speaker 1: much as we could or as much as we should,

549
00:24:29,560 --> 00:24:32,080
Speaker 1: because we don't fully comprehend the process or we're not

550
00:24:32,119 --> 00:24:35,560
Speaker 1: willing to funnel our money in that direction. But on

551
00:24:35,600 --> 00:24:37,520
Speaker 1: the other side of the coin is the fact that

552
00:24:37,560 --> 00:24:40,320
Speaker 1: we don't save and invest enough because we're spending every

553
00:24:40,320 --> 00:24:43,199
Speaker 1: dollar we make, and that is the American way, right.

554
00:24:43,240 --> 00:24:45,520
Speaker 1: I think when you look at the savings rate right

555
00:24:45,560 --> 00:24:47,880
Speaker 1: now in the United States of America, it's like, what

556
00:24:48,000 --> 00:24:50,639
Speaker 1: two point three cents on the dollar is what we

557
00:24:50,680 --> 00:24:54,840
Speaker 1: save on average, which is pretty pathetic. And specifically, let's

558
00:24:54,880 --> 00:24:57,160
Speaker 1: throw out some examples, Matt and discuss kind of what's

559
00:24:57,200 --> 00:25:00,679
Speaker 1: going on under the surface. Some situations it might trigger

560
00:25:00,760 --> 00:25:03,879
Speaker 1: our idiot brains, but tricking us really into doing something

561
00:25:04,080 --> 00:25:06,600
Speaker 1: that's not in our best interest. I feel like this

562
00:25:06,720 --> 00:25:10,600
Speaker 1: often hits us on the shopping front, and I think,

563
00:25:10,880 --> 00:25:15,520
Speaker 1: especially in our ever interconnected world, we're just bombarded by ways,

564
00:25:15,640 --> 00:25:18,680
Speaker 1: avenues and means to shop more than ever before too.

565
00:25:18,840 --> 00:25:23,000
Speaker 2: Yeah, like the seventy percent off sign falling prices at

566
00:25:23,040 --> 00:25:27,120
Speaker 2: Walmart or resist like sales like this is trigger us

567
00:25:27,240 --> 00:25:30,080
Speaker 2: so much like I feel like it activates something within

568
00:25:30,160 --> 00:25:32,920
Speaker 2: that lizard brain. It's sort of like this this limited

569
00:25:32,960 --> 00:25:36,439
Speaker 2: time only phenomena, which again a long time ago, we

570
00:25:36,520 --> 00:25:38,520
Speaker 2: had to take advantage of stuff like that when we

571
00:25:38,520 --> 00:25:42,680
Speaker 2: were hunter gatherers. But now the impulse is working against us,

572
00:25:43,040 --> 00:25:46,000
Speaker 2: and even more so given the preponderance actually a fake

573
00:25:46,040 --> 00:25:48,159
Speaker 2: deals out there that can be found online thanks to

574
00:25:48,240 --> 00:25:51,080
Speaker 2: the way that pricing works on the internet. What's the

575
00:25:51,119 --> 00:25:52,600
Speaker 2: actual real price? Who knows?

576
00:25:52,680 --> 00:25:52,960
Speaker 1: Right?

577
00:25:53,240 --> 00:25:55,520
Speaker 2: Like, what is the actual list price? What is the manufacturer?

578
00:25:55,560 --> 00:25:57,040
Speaker 2: Is that the where.

579
00:25:56,840 --> 00:25:57,600
Speaker 1: The thing actually costs?

580
00:25:57,600 --> 00:26:00,119
Speaker 2: Well, of course not because there's profit built in, but

581
00:26:00,160 --> 00:26:02,840
Speaker 2: it's tough to know what, you know, how good of

582
00:26:02,960 --> 00:26:05,320
Speaker 2: a deal that you're actually that you're actually looking at.

583
00:26:05,400 --> 00:26:07,280
Speaker 2: But yeah, when you're shopping Allline and you see that

584
00:26:07,320 --> 00:26:10,640
Speaker 2: it's a negative thirty percent and it's written in all read, yeah,

585
00:26:10,680 --> 00:26:14,880
Speaker 2: we're conditioned to know, oh, it's time to pounce. We've

586
00:26:14,920 --> 00:26:16,800
Speaker 2: been conditioned to know that this is a deal. It's

587
00:26:16,800 --> 00:26:20,120
Speaker 2: a signal to buy and the original price it's great

588
00:26:20,160 --> 00:26:23,000
Speaker 2: out It's got like a little little line cut through

589
00:26:23,040 --> 00:26:26,840
Speaker 2: it and I saw two Amazon. They're just stacking all

590
00:26:26,920 --> 00:26:29,600
Speaker 2: the tactics against us, and now it says like deal

591
00:26:29,720 --> 00:26:32,199
Speaker 2: and is also written in like all caps red letters

592
00:26:32,240 --> 00:26:35,760
Speaker 2: in order to again to kind of evoke that emotion

593
00:26:36,119 --> 00:26:37,840
Speaker 2: that tells us that we should be making a purchase

594
00:26:37,920 --> 00:26:38,200
Speaker 2: right now.

595
00:26:38,240 --> 00:26:40,399
Speaker 1: They want you to feel like a fool for passing

596
00:26:40,520 --> 00:26:43,040
Speaker 1: up on a deal as good as this one, which

597
00:26:43,040 --> 00:26:44,960
Speaker 1: I'm gonna be honest, like this is one that has

598
00:26:45,040 --> 00:26:47,879
Speaker 1: been difficult for me for a long time because that

599
00:26:48,080 --> 00:26:50,080
Speaker 1: I feel like I've gotten a lot better. I've grown

600
00:26:50,119 --> 00:26:53,480
Speaker 1: in this, but only as I've started to realize the

601
00:26:53,520 --> 00:26:55,640
Speaker 1: fact that this is what's happening behind the scenes, right

602
00:26:55,760 --> 00:26:57,480
Speaker 1: only as I've started to be like, wait a second,

603
00:26:57,520 --> 00:26:59,399
Speaker 1: that's my lizard brain trying to get me to do

604
00:26:59,440 --> 00:27:01,520
Speaker 1: something that's not my best interest. But I was like

605
00:27:01,880 --> 00:27:04,040
Speaker 1: all about the deals, and I was like, I realized

606
00:27:04,040 --> 00:27:06,080
Speaker 1: I was just spending too much time thinking about buying

607
00:27:06,119 --> 00:27:08,439
Speaker 1: stuff and trying to get a good deal on things,

608
00:27:08,600 --> 00:27:11,320
Speaker 1: and the best thing to do was to want less

609
00:27:11,320 --> 00:27:13,800
Speaker 1: stuff and to care less about the prices of things

610
00:27:14,119 --> 00:27:17,199
Speaker 1: and just not be into shopping nearly as much as

611
00:27:17,200 --> 00:27:20,359
Speaker 1: I was. So it's I think I inherited that gene

612
00:27:20,400 --> 00:27:22,240
Speaker 1: from my mom to a certain dream. Not trying to

613
00:27:22,280 --> 00:27:24,840
Speaker 1: throw shade mom, but this is one of those things

614
00:27:24,840 --> 00:27:29,119
Speaker 1: where I think a lot of people, especially in today's era,

615
00:27:29,280 --> 00:27:34,080
Speaker 1: when Amazon and Instagram and email newsletters kind of pull

616
00:27:34,119 --> 00:27:36,560
Speaker 1: at us, trying to get us to spend money, hard

617
00:27:36,640 --> 00:27:38,200
Speaker 1: us from our money, and they're using all sorts of

618
00:27:38,240 --> 00:27:40,879
Speaker 1: sneaky tactics. It is. It is something like most of

619
00:27:40,960 --> 00:27:41,840
Speaker 1: us are susceptible to.

620
00:27:41,960 --> 00:27:44,520
Speaker 2: Yeah, well, I mean, like you said, email newsletter or whatever,

621
00:27:44,680 --> 00:27:47,840
Speaker 2: like the abandoned cart email where retailer checks in with you.

622
00:27:47,880 --> 00:27:50,520
Speaker 2: I mean, dude, like there is an entire offering you an.

623
00:27:50,480 --> 00:27:52,520
Speaker 1: Additional discount because you walked away.

624
00:27:52,560 --> 00:27:55,080
Speaker 2: Here's a coupon code. Did life get busy? Like all

625
00:27:55,119 --> 00:27:57,119
Speaker 2: of these things that triggered the like, Oh yeah, this

626
00:27:57,160 --> 00:27:58,840
Speaker 2: is something that was important to me that I should

627
00:27:58,840 --> 00:28:01,200
Speaker 2: be doing and I should be so thankful that they're

628
00:28:01,200 --> 00:28:05,160
Speaker 2: following up with it. At CRM, like customer relationship management,

629
00:28:05,240 --> 00:28:09,320
Speaker 2: that is an entire industry, and it's not that it's evil,

630
00:28:09,400 --> 00:28:11,760
Speaker 2: but I mean their sole goal is to get you

631
00:28:11,840 --> 00:28:15,040
Speaker 2: to buy more stuff, whether that's them keeping up with

632
00:28:15,119 --> 00:28:17,560
Speaker 2: the different purchases that you've made, but not Oftentimes it's

633
00:28:17,560 --> 00:28:19,040
Speaker 2: not even the things that you buy, it's the stuff

634
00:28:19,040 --> 00:28:22,119
Speaker 2: that you're looking at. It's the things like on Instagram,

635
00:28:22,160 --> 00:28:24,320
Speaker 2: it's the ads that you linger on or the ads

636
00:28:24,359 --> 00:28:26,920
Speaker 2: that you swipe on where there's a carousel because you're like, oh,

637
00:28:26,960 --> 00:28:28,879
Speaker 2: I really like that first item. Let me see if

638
00:28:28,880 --> 00:28:31,800
Speaker 2: they got some of the other stuff on sale, And

639
00:28:31,840 --> 00:28:34,400
Speaker 2: then you're feeding the system, going back to the whole

640
00:28:34,400 --> 00:28:37,119
Speaker 2: free TV thing, like they now know more about you.

641
00:28:37,200 --> 00:28:39,280
Speaker 2: That's gonna end up costing you more money down the road.

642
00:28:39,360 --> 00:28:42,400
Speaker 1: Yeah, window shopping used to be a completely innocent activity,

643
00:28:42,680 --> 00:28:46,480
Speaker 1: and now window shopping is watching you a window into

644
00:28:46,520 --> 00:28:49,240
Speaker 1: your soul for advertisers, for people that want to sell

645
00:28:49,240 --> 00:28:52,920
Speaker 1: you stuff, which is only really putting us at more

646
00:28:52,960 --> 00:28:55,680
Speaker 1: of a disadvantage when it comes to like our brain

647
00:28:56,040 --> 00:28:57,000
Speaker 1: and how we react.

648
00:28:57,080 --> 00:28:59,320
Speaker 2: Yeah, and this isn't to like demonize the folks that

649
00:28:59,360 --> 00:29:01,520
Speaker 2: are in that, like I used to be in advertising myself,

650
00:29:01,520 --> 00:29:04,680
Speaker 2: but it's important as consumers to highlight the fact that

651
00:29:04,680 --> 00:29:07,360
Speaker 2: this is what's going on, so that we're essentially we're

652
00:29:07,360 --> 00:29:08,560
Speaker 2: equipping other consumers out.

653
00:29:08,640 --> 00:29:11,360
Speaker 1: So you can put that shield up it's a fair fight, yeah,

654
00:29:11,440 --> 00:29:14,360
Speaker 1: and be like stop, Yeah, well, and we'll give some

655
00:29:14,360 --> 00:29:17,000
Speaker 1: practical ways to in a bit to kind of help

656
00:29:17,080 --> 00:29:19,720
Speaker 1: make that a reality, to help stop your brain from

657
00:29:19,760 --> 00:29:22,520
Speaker 1: progressing this way. But part of the beginning at least

658
00:29:22,520 --> 00:29:24,040
Speaker 1: is to highlight some of the ways that it happens.

659
00:29:24,160 --> 00:29:26,080
Speaker 1: Another thing is like the impulse by right, that's a

660
00:29:26,080 --> 00:29:27,760
Speaker 1: struggle for lots of other people out there. It's not

661
00:29:27,840 --> 00:29:30,800
Speaker 1: just a sale. It's a good deal, but it's and

662
00:29:30,840 --> 00:29:32,640
Speaker 1: maybe sometimes you do find the perfect thing at a

663
00:29:32,640 --> 00:29:35,120
Speaker 1: thrift store or an artist market. I've done that, and

664
00:29:35,160 --> 00:29:37,520
Speaker 1: you make the purchase because it really is kind of

665
00:29:37,520 --> 00:29:40,000
Speaker 1: something that's not going to come along again. But there's

666
00:29:40,000 --> 00:29:42,920
Speaker 1: often something else that causes us to make an impulse buy.

667
00:29:43,160 --> 00:29:45,320
Speaker 1: It's when we feel like we deserve it, right, it's

668
00:29:45,360 --> 00:29:47,560
Speaker 1: time to treat ourselves. Ye. And so maybe you've had

669
00:29:47,560 --> 00:29:48,480
Speaker 1: a hard week at work.

670
00:29:48,360 --> 00:29:50,760
Speaker 2: Which in reality is just a moment of weakness.

671
00:29:50,480 --> 00:29:52,560
Speaker 1: Exactly, That's exactly what it is. It's not that you've

672
00:29:52,600 --> 00:29:54,800
Speaker 1: actually found the right thing that's never going to come

673
00:29:54,800 --> 00:29:57,520
Speaker 1: along again. It's that you're trying to soothe yourself through

674
00:29:57,560 --> 00:30:01,320
Speaker 1: some consumption. And so yet buying something can provide a

675
00:30:01,360 --> 00:30:03,560
Speaker 1: temporary relief, It can make you feel better for a second,

676
00:30:03,560 --> 00:30:05,720
Speaker 1: like you click buy and you're like, ah, I feel

677
00:30:06,000 --> 00:30:08,520
Speaker 1: I'm you know, this is just a method of sweet solace,

678
00:30:08,720 --> 00:30:12,160
Speaker 1: self soothing, right, But look back maybe to a recent

679
00:30:12,200 --> 00:30:14,320
Speaker 1: impulse buy, what emotions triggered it, and how did you

680
00:30:14,360 --> 00:30:17,280
Speaker 1: feel afterwards? I think those are good questions to ask yourself.

681
00:30:17,680 --> 00:30:20,200
Speaker 1: And I realized maybe I'm sounding a little bit like

682
00:30:20,240 --> 00:30:21,800
Speaker 1: a therapist right now, taking a page out of my

683
00:30:21,800 --> 00:30:24,600
Speaker 1: wife's book. But asking those questions are going to help

684
00:30:24,640 --> 00:30:27,360
Speaker 1: you get to the heart of the why behind the

685
00:30:27,360 --> 00:30:29,360
Speaker 1: impulse spending that you've done, and it can allow you

686
00:30:29,400 --> 00:30:32,520
Speaker 1: to recognize them moving forward, because it's typically matt it's

687
00:30:32,520 --> 00:30:35,480
Speaker 1: going to be those same impulses, those same triggers that

688
00:30:35,600 --> 00:30:36,760
Speaker 1: cause you to do it in the future, and if

689
00:30:36,760 --> 00:30:38,760
Speaker 1: you can identify them, you might be able to catch

690
00:30:38,760 --> 00:30:41,960
Speaker 1: yourself in the act next time you are tempted to

691
00:30:42,000 --> 00:30:43,040
Speaker 1: buy on the fly. That's right.

692
00:30:43,160 --> 00:30:45,960
Speaker 2: Yeah, So retailers they also use just different subtle tricks

693
00:30:45,960 --> 00:30:48,640
Speaker 2: out there as well, like free shipping. Again, like when

694
00:30:48,640 --> 00:30:50,840
Speaker 2: it comes to online shopping, that's one of the words

695
00:30:50,840 --> 00:30:53,840
Speaker 2: that's written in all caps emboldened off to the side.

696
00:30:53,840 --> 00:30:55,000
Speaker 1: Do you see free and you.

697
00:30:54,920 --> 00:30:59,040
Speaker 2: Think, oh, yeah, somehow this is free even though there

698
00:30:59,080 --> 00:30:59,840
Speaker 2: is a prices station.

699
00:31:00,040 --> 00:31:01,800
Speaker 1: We know they're not losing money on shipping.

700
00:31:01,840 --> 00:31:04,960
Speaker 2: Come on, exactly, it's not truly free shipping. And we

701
00:31:05,120 --> 00:31:07,080
Speaker 2: also know that even if we pay for something in

702
00:31:07,440 --> 00:31:10,400
Speaker 2: for easy installments, that will end up paying the same

703
00:31:10,400 --> 00:31:11,160
Speaker 2: amount in the end.

704
00:31:11,160 --> 00:31:14,040
Speaker 1: They're just making it easier for you by not pay later.

705
00:31:14,080 --> 00:31:16,840
Speaker 1: Adds to the frictionlessness of it all. Yeah, they're reducing

706
00:31:16,840 --> 00:31:19,400
Speaker 1: the friction just enough, but we know it logically we're

707
00:31:19,400 --> 00:31:20,760
Speaker 1: paying the same amount anyway.

708
00:31:20,920 --> 00:31:23,440
Speaker 2: Yeah, but by doing that, they're able to actually garner

709
00:31:23,480 --> 00:31:25,920
Speaker 2: a sale from us that otherwise they wouldn't get and

710
00:31:26,160 --> 00:31:28,880
Speaker 2: we find ourselves parted with our money when we might

711
00:31:28,920 --> 00:31:32,080
Speaker 2: have otherwise saved it. So again, awareness of how these

712
00:31:32,120 --> 00:31:35,280
Speaker 2: different strategies and tactics and tricks impact us is crucial

713
00:31:35,320 --> 00:31:37,120
Speaker 2: so that we can put up a good fight. I

714
00:31:37,120 --> 00:31:39,400
Speaker 2: will say, like I think for me, I don't know

715
00:31:39,480 --> 00:31:41,560
Speaker 2: for me to say the whole sale mentality, it's not

716
00:31:41,600 --> 00:31:44,720
Speaker 2: something that gets me. You know, my adrenaline, myes don't

717
00:31:45,000 --> 00:31:46,200
Speaker 2: dilate or whatever.

718
00:31:46,400 --> 00:31:48,760
Speaker 1: My people don't do. It's an impervious robot to a

719
00:31:48,760 --> 00:31:49,240
Speaker 1: certain extent.

720
00:31:49,280 --> 00:31:51,800
Speaker 2: But we know what I'm not impervious to what is

721
00:31:52,200 --> 00:31:55,200
Speaker 2: uh messaging, like when they try to sell you an

722
00:31:55,200 --> 00:31:58,080
Speaker 2: image or when they're trying to sell you basically like

723
00:31:58,120 --> 00:32:02,280
Speaker 2: a message, even if it's subconscious, right, Like like I'm

724
00:32:02,320 --> 00:32:04,560
Speaker 2: specifically thinking about it. Like I bought a really nice

725
00:32:05,000 --> 00:32:07,520
Speaker 2: coffee grinder recently. We talked about it, maybe a couple

726
00:32:07,560 --> 00:32:09,840
Speaker 2: months ago. I was thinking about getting Actually we talked

727
00:32:09,840 --> 00:32:11,479
Speaker 2: with Brandon on Monday. That's one of the things him

728
00:32:11,520 --> 00:32:13,520
Speaker 2: and I nerded out about because he actually recently bought

729
00:32:14,360 --> 00:32:16,800
Speaker 2: a blade. Well mine is a flat blade grinder. I

730
00:32:16,840 --> 00:32:19,920
Speaker 2: think his was kinic coal. Oh, I don't know the difference. Yeah,

731
00:32:19,920 --> 00:32:22,880
Speaker 2: he was also considering mine. But the way that that

732
00:32:22,920 --> 00:32:25,280
Speaker 2: thing is styled and the way it's designed, it's it's

733
00:32:25,320 --> 00:32:28,440
Speaker 2: like Matt Black. The design is I mean, it's beautiful.

734
00:32:28,440 --> 00:32:31,600
Speaker 2: It sits there on your counter, and so the reason

735
00:32:31,640 --> 00:32:33,680
Speaker 2: it's well reviewed and stuff is because it actually does

736
00:32:34,040 --> 00:32:37,040
Speaker 2: grind your coffee really really well. So practically speaking, it

737
00:32:37,080 --> 00:32:40,560
Speaker 2: does an excellent job. But you're also buying the image, right.

738
00:32:40,480 --> 00:32:42,960
Speaker 1: Like the way we're always being sold in the image, right.

739
00:32:43,120 --> 00:32:45,200
Speaker 2: Yeah, It's just branded in such a cool way and

740
00:32:45,240 --> 00:32:47,280
Speaker 2: it is like minimalist, and I think there's a part

741
00:32:47,320 --> 00:32:49,040
Speaker 2: of me that bought into that where it's just like,

742
00:32:49,080 --> 00:32:52,000
Speaker 2: by getting this thing, you're gonna be cool, like the

743
00:32:52,560 --> 00:32:54,280
Speaker 2: like all the other guys, like like this is gonna

744
00:32:54,280 --> 00:32:58,240
Speaker 2: make your house look like the counters that this coffee

745
00:32:58,240 --> 00:33:00,640
Speaker 2: grinder is featured on within the picture on our website.

746
00:33:00,720 --> 00:33:02,960
Speaker 1: Yeah, it's okay to have certain aesthetic preferences and to

747
00:33:03,000 --> 00:33:05,720
Speaker 1: say this is my style, this is this is my jam,

748
00:33:05,760 --> 00:33:07,960
Speaker 1: I'm into this. That's totally fine. But I think there's

749
00:33:07,960 --> 00:33:10,240
Speaker 1: also a lot of advertising that is subtly weaving that

750
00:33:10,320 --> 00:33:12,880
Speaker 1: into absolutely our brains and it's saying it's not even

751
00:33:12,920 --> 00:33:15,400
Speaker 1: telling us about the product, it's just by association saying

752
00:33:15,480 --> 00:33:18,080
Speaker 1: if you do or drink or buy or hang out

753
00:33:18,080 --> 00:33:21,640
Speaker 1: with this product, you are by proxy gonna be cooler.

754
00:33:21,680 --> 00:33:24,160
Speaker 1: Then you're gonna be You're currently a cool hit dude,

755
00:33:24,240 --> 00:33:25,240
Speaker 1: right Yeah, And.

756
00:33:25,200 --> 00:33:28,240
Speaker 2: Even if it practically accomplishes what it is that you

757
00:33:28,320 --> 00:33:31,200
Speaker 2: want to accomplish because you are checking off the boxes

758
00:33:31,240 --> 00:33:34,280
Speaker 2: and whatnot, I think we are still susceptible to that

759
00:33:34,280 --> 00:33:36,800
Speaker 2: that kind of branding. And the fact is nobody cares.

760
00:33:36,960 --> 00:33:39,080
Speaker 2: It's not like anybody thinks that I'm cooler because I

761
00:33:39,080 --> 00:33:41,520
Speaker 2: got Like nobody sees the stupid thing like I don't

762
00:33:41,600 --> 00:33:43,600
Speaker 2: invite people over for coffee. Maybe I should, I guess,

763
00:33:43,720 --> 00:33:46,280
Speaker 2: is what I'm now learning just to show off, just

764
00:33:46,320 --> 00:33:49,920
Speaker 2: to show off my fancy grinder. Anyway, I just wanted

765
00:33:49,920 --> 00:33:51,280
Speaker 2: to mention that too, because I think there are some

766
00:33:51,320 --> 00:33:55,280
Speaker 2: of these more subtle, subconscious brandy kind of not like

767
00:33:55,320 --> 00:33:57,280
Speaker 2: you know, not the liquor, but like where there's a

768
00:33:57,320 --> 00:33:59,880
Speaker 2: brand and you're kind of buying into the brand, and

769
00:34:00,200 --> 00:34:02,400
Speaker 2: that's actually how they're able to make this sale. Right,

770
00:34:02,440 --> 00:34:04,320
Speaker 2: it's not that they dropped a sale on me. Is

771
00:34:04,400 --> 00:34:07,480
Speaker 2: it's not that I did it impulsively where no, I've

772
00:34:07,520 --> 00:34:09,640
Speaker 2: been researching this for months, but there's another part of

773
00:34:09,680 --> 00:34:11,360
Speaker 2: it where I paid a premium for it.

774
00:34:11,360 --> 00:34:13,320
Speaker 1: Well, I think that's where they say about billboards and commercials.

775
00:34:13,320 --> 00:34:15,160
Speaker 1: It's not that they're trying to make the sale instantly.

776
00:34:15,200 --> 00:34:17,720
Speaker 1: They're trying to slowly mold your mind into thinking something

777
00:34:17,760 --> 00:34:21,000
Speaker 1: about that product or brand so that eventually you come

778
00:34:21,040 --> 00:34:23,040
Speaker 1: around when you're like, oh wait, now I need a car.

779
00:34:23,320 --> 00:34:25,719
Speaker 1: Ah remember that toilet rab four commercial. Maybe that's the

780
00:34:25,719 --> 00:34:26,480
Speaker 1: one for me. I don't know.

781
00:34:26,480 --> 00:34:28,520
Speaker 2: It's that kind of stuff that really family looked like

782
00:34:28,560 --> 00:34:30,880
Speaker 2: my family. I would see us driving that kind of car.

783
00:34:30,960 --> 00:34:33,560
Speaker 1: Yeah, exactly, that's kind of tricks are being played on us,

784
00:34:33,560 --> 00:34:35,919
Speaker 1: slowly but surely. But there are a lot of things

785
00:34:35,920 --> 00:34:37,120
Speaker 1: that we can do. There are a lot of things

786
00:34:37,160 --> 00:34:41,320
Speaker 1: in our power to react and to combat these subtle

787
00:34:41,400 --> 00:34:44,320
Speaker 1: and not so subtle hints. Sure ways that we're parted

788
00:34:44,360 --> 00:34:46,480
Speaker 1: with our money, whether it's on the spending or just

789
00:34:46,520 --> 00:34:48,919
Speaker 1: on the not investing side. We'll get to a bunch

790
00:34:48,960 --> 00:34:51,520
Speaker 1: of our thoughts on how to make progress, how to

791
00:34:51,560 --> 00:34:54,600
Speaker 1: overcome the lizard brain financially speaking, we'll get to that

792
00:34:54,680 --> 00:35:06,280
Speaker 1: right after this. All right, folks, we are back.

793
00:35:06,080 --> 00:35:09,680
Speaker 2: And we are talking about overcoming your idiot brain. And

794
00:35:09,840 --> 00:35:12,080
Speaker 2: this is just a fun conversation because we're just really

795
00:35:12,360 --> 00:35:13,759
Speaker 2: diving into the psychology.

796
00:35:13,840 --> 00:35:16,080
Speaker 1: Right. I just say, this is not about IQ either.

797
00:35:16,160 --> 00:35:17,480
Speaker 1: This is oh yeah. I think there's a lot of

798
00:35:17,520 --> 00:35:19,799
Speaker 1: people who are like, I'm in mensa, Okay, I don't

799
00:35:19,800 --> 00:35:22,040
Speaker 1: have an idiot brain. My IQ is one forty eight.

800
00:35:22,080 --> 00:35:25,600
Speaker 1: And I think these are the things that again, we

801
00:35:25,640 --> 00:35:28,360
Speaker 1: all have this lizard brain part in the back, and

802
00:35:28,480 --> 00:35:31,839
Speaker 1: we're all tempted to or subconsciously reacting in these ways.

803
00:35:31,840 --> 00:35:34,080
Speaker 1: We're talking about the subconscious no matter how freakan smart

804
00:35:34,080 --> 00:35:36,960
Speaker 1: you are. No matter whether you're an engineer or you

805
00:35:37,120 --> 00:35:39,120
Speaker 1: stock the shelter your local grocery store, it doesn't it

806
00:35:39,160 --> 00:35:40,839
Speaker 1: doesn't matter. We're all susceptible police.

807
00:35:40,960 --> 00:35:43,080
Speaker 2: Well, that's what makes this so interesting, right, Like, we

808
00:35:43,120 --> 00:35:46,799
Speaker 2: are fascinated by just this behavioral psychology element and how

809
00:35:46,840 --> 00:35:49,160
Speaker 2: it is that it's going to impact how we handle

810
00:35:49,280 --> 00:35:53,560
Speaker 2: our money, both collectively as a society but also as individuals.

811
00:35:53,960 --> 00:35:57,120
Speaker 2: And so another factor that plays into how we personally

812
00:35:57,200 --> 00:36:00,600
Speaker 2: interact with our finances has to do with our history

813
00:36:00,640 --> 00:36:04,000
Speaker 2: with money. Our beliefs about money often stem from how

814
00:36:04,040 --> 00:36:06,920
Speaker 2: it impacted us in our childhood. This makes me think

815
00:36:06,960 --> 00:36:09,640
Speaker 2: back to our Freudian Yeah, so we had a conversation

816
00:36:09,719 --> 00:36:13,000
Speaker 2: we had Christy Sheen on the podcast as an interview

817
00:36:13,040 --> 00:36:14,799
Speaker 2: back in episode one to eighteen. We'll link to that

818
00:36:14,840 --> 00:36:16,880
Speaker 2: one in the show in the show notes. But she

819
00:36:16,960 --> 00:36:20,480
Speaker 2: grew up on forty four cents a day in China,

820
00:36:20,840 --> 00:36:23,040
Speaker 2: and when you do that, that is going to make

821
00:36:23,080 --> 00:36:26,000
Speaker 2: you appreciate the wealth and the opportunities available to you

822
00:36:26,040 --> 00:36:28,839
Speaker 2: when you finally arrive in North America or for her,

823
00:36:28,880 --> 00:36:34,560
Speaker 2: Canada specifically Canada's in North America. But if you grew

824
00:36:34,640 --> 00:36:37,440
Speaker 2: up in like an affluent suburb, like, you might have

825
00:36:37,680 --> 00:36:40,160
Speaker 2: seen the downsides of money, right, Like you may have

826
00:36:40,239 --> 00:36:43,799
Speaker 2: been confronted with the signaling and the unhappiness that it

827
00:36:43,840 --> 00:36:46,680
Speaker 2: can produce. Some people, like Christy and much of the

828
00:36:46,680 --> 00:36:49,440
Speaker 2: Fire community, like they are able to see money as

829
00:36:49,440 --> 00:36:52,120
Speaker 2: a tool in order to earn their freedom, And we

830
00:36:52,200 --> 00:36:54,880
Speaker 2: tend to agree that freedom is one of the best

831
00:36:54,960 --> 00:36:57,680
Speaker 2: things that money can buy. But it's important to identify

832
00:36:58,640 --> 00:37:01,080
Speaker 2: your history and what it is is that informs how

833
00:37:01,120 --> 00:37:03,560
Speaker 2: it is that you view money, some of the different

834
00:37:03,600 --> 00:37:06,319
Speaker 2: attributes that you associate with your money.

835
00:37:06,440 --> 00:37:07,759
Speaker 1: Yeah, I think if you grew up in China and

836
00:37:07,800 --> 00:37:12,560
Speaker 1: you come to North America, Canada, Canada, Canada, you see

837
00:37:12,640 --> 00:37:15,319
Speaker 1: I think as mostly a good thing, right, Yeah. But

838
00:37:15,360 --> 00:37:17,800
Speaker 1: if you let's say you hung out with Jordan Belfort,

839
00:37:17,840 --> 00:37:19,759
Speaker 1: Wolf of Wall Street sort of thing which I never

840
00:37:19,800 --> 00:37:21,920
Speaker 1: saw in the movie. I just know very little, But

841
00:37:22,280 --> 00:37:24,320
Speaker 1: if you hung out it's good in those environments, you

842
00:37:24,360 --> 00:37:27,600
Speaker 1: would you might think money is all bad and only

843
00:37:27,800 --> 00:37:30,719
Speaker 1: terrible people have money, right, And so you might just

844
00:37:30,960 --> 00:37:33,759
Speaker 1: there's associations that we make that really when you think

845
00:37:33,760 --> 00:37:36,239
Speaker 1: about it and when you do a little bit of introspection,

846
00:37:36,560 --> 00:37:39,040
Speaker 1: you might be able to find some ties that you

847
00:37:39,080 --> 00:37:42,320
Speaker 1: can untangle a little bit in terms of how you

848
00:37:42,440 --> 00:37:45,520
Speaker 1: view money, and maybe the way you think about it

849
00:37:45,560 --> 00:37:49,680
Speaker 1: stems from some experiences from elementary, middle or high school,

850
00:37:50,000 --> 00:37:53,000
Speaker 1: and some of those things might have informed you well.

851
00:37:53,000 --> 00:37:55,920
Speaker 1: In others maybe not so well. And Sarah Newcomb, who

852
00:37:55,920 --> 00:37:59,040
Speaker 1: writes about money psychology for Morning Star, I like that

853
00:37:59,040 --> 00:38:00,839
Speaker 1: she shared this article you wrote some She had some

854
00:38:00,880 --> 00:38:04,120
Speaker 1: great prompts, some questions really to help reveal what's going

855
00:38:04,160 --> 00:38:06,400
Speaker 1: on under the surface in terms of our money beliefs.

856
00:38:06,520 --> 00:38:08,080
Speaker 1: We'll link to that article in the show notes because

857
00:38:08,080 --> 00:38:10,520
Speaker 1: I think it's helpful to look at. But let's go

858
00:38:10,560 --> 00:38:12,800
Speaker 1: over them real quick, because I think they're just really

859
00:38:13,520 --> 00:38:16,880
Speaker 1: insightful or they can help you find some insight. But

860
00:38:17,000 --> 00:38:19,120
Speaker 1: first she tells people to fill in the blank money

861
00:38:19,239 --> 00:38:22,400
Speaker 1: is what, and then you tell your answer and you

862
00:38:22,560 --> 00:38:24,960
Speaker 1: talk about why. It'll tell you a lot about your

863
00:38:24,960 --> 00:38:28,160
Speaker 1: current underlying beliefs. Money is blank, like fill in the

864
00:38:28,239 --> 00:38:31,160
Speaker 1: blank what is money for you? I think that is

865
00:38:31,200 --> 00:38:34,279
Speaker 1: going to give you a lot of insight as to

866
00:38:34,920 --> 00:38:37,160
Speaker 1: how you think about money, how you feel about money,

867
00:38:37,280 --> 00:38:40,399
Speaker 1: and what's going on below the surface. Second, she says

868
00:38:40,480 --> 00:38:42,560
Speaker 1: if money was a character in your life, would be

869
00:38:42,560 --> 00:38:44,600
Speaker 1: a friend or foe, a villain or hero. I think

870
00:38:44,640 --> 00:38:46,640
Speaker 1: that's a helpful question as well, because some people have

871
00:38:47,000 --> 00:38:50,719
Speaker 1: an inherently antagonistic view and approach towards money. They kind

872
00:38:50,719 --> 00:38:53,440
Speaker 1: of view it as inherently bad. We've talked about how

873
00:38:53,560 --> 00:38:56,080
Speaker 1: it's not. It's really just this kind of neutral thing,

874
00:38:56,400 --> 00:38:59,920
Speaker 1: but we make attachments to it, and I think seeing

875
00:39:00,120 --> 00:39:02,319
Speaker 1: how you view it from that perspective can be helpful. Third,

876
00:39:02,400 --> 00:39:05,560
Speaker 1: she says, growing up, what was your financial situation? How

877
00:39:05,600 --> 00:39:08,319
Speaker 1: did the people raising you handle their money? Do you

878
00:39:08,360 --> 00:39:10,640
Speaker 1: see any ways that this affects the way you think

879
00:39:10,640 --> 00:39:14,799
Speaker 1: about or handle money today? For me, yes, You've talked

880
00:39:14,800 --> 00:39:17,319
Speaker 1: about it with Brandon on Monday's episode. I mean, this

881
00:39:17,360 --> 00:39:20,759
Speaker 1: is one of those things where I was particularly especially

882
00:39:21,080 --> 00:39:23,759
Speaker 1: influenced by the way money was handled in my house

883
00:39:23,800 --> 00:39:26,840
Speaker 1: growing up. I'm sure other listeners have a similar sort

884
00:39:26,960 --> 00:39:31,480
Speaker 1: of story, right background. So, but thinking through those things

885
00:39:31,520 --> 00:39:34,839
Speaker 1: and not just letting them subconsciously inform how you handle money,

886
00:39:34,840 --> 00:39:37,520
Speaker 1: but bringing them to the forefront, to the surface, consciously

887
00:39:37,520 --> 00:39:40,440
Speaker 1: thinking about them will allow you then maybe to combat

888
00:39:40,640 --> 00:39:43,239
Speaker 1: some of those ark realities that you grew up with.

889
00:39:43,400 --> 00:39:45,560
Speaker 2: Yeah, and I would say that, Well, the argument we're

890
00:39:45,600 --> 00:39:48,560
Speaker 2: making is that regardless if it was good or bad,

891
00:39:48,800 --> 00:39:51,040
Speaker 2: your history is going to have an impact no matter what,

892
00:39:51,080 --> 00:39:54,000
Speaker 2: and it oftentimes comes down to how you then react

893
00:39:54,239 --> 00:39:58,759
Speaker 2: to that history, because like in your case, you reactive,

894
00:39:59,239 --> 00:40:01,640
Speaker 2: reacted like you were polarized, like you did the opposite

895
00:40:01,760 --> 00:40:04,640
Speaker 2: essentially right. But like I think back to my history,

896
00:40:05,360 --> 00:40:08,719
Speaker 2: me growing up with money, and like we certainly had enough,

897
00:40:09,120 --> 00:40:12,000
Speaker 2: but it wasn't like the amount of money my folks had.

898
00:40:12,440 --> 00:40:15,399
Speaker 2: But honestly, it was just the great way that they

899
00:40:15,440 --> 00:40:17,759
Speaker 2: talked about it. Like I specifically like I might be

900
00:40:17,800 --> 00:40:20,640
Speaker 2: one of the like, okay, we were talking about compounding earlier,

901
00:40:20,800 --> 00:40:23,440
Speaker 2: and this was a lesson that that I learned, literally,

902
00:40:23,480 --> 00:40:26,640
Speaker 2: I think at age eleven. I specifically remember my dad

903
00:40:26,680 --> 00:40:28,800
Speaker 2: sitting at the desk in our kitchen and him explaining

904
00:40:29,160 --> 00:40:32,000
Speaker 2: compounding interest and when your money starts working harder for

905
00:40:32,040 --> 00:40:35,120
Speaker 2: you than you are able to like, and that puts

906
00:40:35,160 --> 00:40:38,440
Speaker 2: me in incredibly like rarefied waters, Like I was incredibly

907
00:40:38,520 --> 00:40:40,800
Speaker 2: lucky to have had that taught to me at a

908
00:40:40,880 --> 00:40:43,120
Speaker 2: young age. I didn't fully understand it then, but I

909
00:40:43,120 --> 00:40:46,560
Speaker 2: do think that that certainly planted the seeds of my

910
00:40:46,960 --> 00:40:49,960
Speaker 2: you know, the basis I guess of my my financial education.

911
00:40:50,040 --> 00:40:53,160
Speaker 2: But again I'm highlighting this because a I was most

912
00:40:53,200 --> 00:40:56,160
Speaker 2: definitely lucky. But a lot of folks like you said there,

913
00:40:57,000 --> 00:40:58,839
Speaker 2: you tend to go to one extreme or the other right,

914
00:40:58,920 --> 00:41:02,520
Speaker 2: like you either vilify money or you worship it. It

915
00:41:02,560 --> 00:41:05,799
Speaker 2: kind of depends on what happened in your past and

916
00:41:05,840 --> 00:41:09,279
Speaker 2: then how you are reacting to it. But Sarah she Man,

917
00:41:09,360 --> 00:41:11,840
Speaker 2: she had such a great article there, and one of

918
00:41:11,880 --> 00:41:13,600
Speaker 2: the other things she mentioned was to ask yourself if

919
00:41:13,600 --> 00:41:17,279
Speaker 2: money affects your social life, specifically in a good way

920
00:41:17,600 --> 00:41:20,400
Speaker 2: or a bad way. And then finally, this is a quote,

921
00:41:20,600 --> 00:41:23,319
Speaker 2: if money were not a consideration, how would you be

922
00:41:23,360 --> 00:41:25,759
Speaker 2: living your life? Would it be very different from how

923
00:41:25,800 --> 00:41:28,760
Speaker 2: you currently live? And how do you feel about that?

924
00:41:29,880 --> 00:41:32,600
Speaker 2: And that's just I think that's such an incredible and

925
00:41:32,680 --> 00:41:35,360
Speaker 2: incredibly insightful question to ask yourself because I think it

926
00:41:35,360 --> 00:41:38,640
Speaker 2: can help you to be awares to the fact that

927
00:41:38,800 --> 00:41:41,160
Speaker 2: are you doing this truly because of money or maybe

928
00:41:41,160 --> 00:41:44,960
Speaker 2: because of some other deeper maybe calling or mission that's

929
00:41:45,040 --> 00:41:48,520
Speaker 2: driving you. We actually included some other similar questions in

930
00:41:48,560 --> 00:41:51,680
Speaker 2: our how to Money Money Mission Statement worksheet. We'll make

931
00:41:51,680 --> 00:41:53,200
Speaker 2: sure to link to that in our show notes. But

932
00:41:53,239 --> 00:41:55,120
Speaker 2: the truth is, if you want to make more progress

933
00:41:55,120 --> 00:41:57,319
Speaker 2: with your money, the problem likely isn't that you don't

934
00:41:57,360 --> 00:41:57,960
Speaker 2: know enough.

935
00:41:57,760 --> 00:42:01,200
Speaker 1: About roth IRA's right, Like for most of us, the.

936
00:42:01,200 --> 00:42:03,600
Speaker 2: Problem is the man in the mirror, the woman in

937
00:42:03,600 --> 00:42:05,719
Speaker 2: the mirror. Like, it goes much deeper. Don't make me

938
00:42:05,719 --> 00:42:08,160
Speaker 2: throw that song right now? And asking ourselves some of

939
00:42:08,200 --> 00:42:10,359
Speaker 2: these hard questions, you know, doing some of this deep work,

940
00:42:11,080 --> 00:42:13,920
Speaker 2: we think it can transform how it is that everyone

941
00:42:13,920 --> 00:42:16,319
Speaker 2: out there relates to their finances. Just some of the

942
00:42:16,360 --> 00:42:19,239
Speaker 2: realization can be freeing, and it can impact how it

943
00:42:19,280 --> 00:42:20,960
Speaker 2: is that we spend and save our money. It is

944
00:42:20,960 --> 00:42:23,680
Speaker 2: not just the spendaholics, right that need to perform this

945
00:42:23,719 --> 00:42:27,160
Speaker 2: exercise and to look inward. It's possible to be too

946
00:42:27,480 --> 00:42:29,439
Speaker 2: miserly and too frugal as well.

947
00:42:29,600 --> 00:42:33,480
Speaker 1: Yeah that's true. Yeah, no, when you said that if

948
00:42:33,520 --> 00:42:35,239
Speaker 1: money were not in consideration, how would you be living

949
00:42:35,239 --> 00:42:36,600
Speaker 1: your life? Would it be very different from how you

950
00:42:36,640 --> 00:42:40,080
Speaker 1: currently live? I think it's a really really important question

951
00:42:40,120 --> 00:42:41,839
Speaker 1: for us to ask ourselves. For a lot of people

952
00:42:41,880 --> 00:42:43,560
Speaker 1: they might find wait a second, I'm putting too much

953
00:42:43,560 --> 00:42:45,880
Speaker 1: emphasis on money. I have all that I need. If

954
00:42:45,960 --> 00:42:49,319
Speaker 1: only I could incorporate and think about money a little

955
00:42:49,320 --> 00:42:51,600
Speaker 1: bit less and just have more free time. Like those

956
00:42:51,600 --> 00:42:53,080
Speaker 1: are the kind of questions you and I are asking

957
00:42:53,080 --> 00:42:57,480
Speaker 1: ourselves now at this stage in our lives where it's we're.

958
00:42:57,360 --> 00:42:59,239
Speaker 2: A little more coast fire and yeah, we have the

959
00:42:59,280 --> 00:43:01,359
Speaker 2: ability to kind of choose our own path.

960
00:43:02,320 --> 00:43:04,440
Speaker 1: And like we could say, no, we want to continue

961
00:43:04,480 --> 00:43:06,560
Speaker 1: to enhance our lifestyle in a massive way, and so

962
00:43:06,640 --> 00:43:08,200
Speaker 1: it's going to require a lot more money to fund

963
00:43:08,200 --> 00:43:11,200
Speaker 1: this juggernaut for years to come. But no, that's not

964
00:43:11,200 --> 00:43:13,520
Speaker 1: what we care about. But the only asked by asking

965
00:43:13,560 --> 00:43:16,239
Speaker 1: yourself these kinds of questions, can you get to that

966
00:43:16,400 --> 00:43:19,600
Speaker 1: deeper understanding. But you know, regardless of which of those

967
00:43:19,640 --> 00:43:21,360
Speaker 1: camps you might find yourself in at the end of

968
00:43:21,400 --> 00:43:23,920
Speaker 1: the day, both of those tendencies can be taken to

969
00:43:23,960 --> 00:43:28,520
Speaker 1: the extreme, which is really just a manifestation of selfishness.

970
00:43:28,880 --> 00:43:31,640
Speaker 2: And this so basically, if you spend so much, it's

971
00:43:31,640 --> 00:43:33,160
Speaker 2: because you're being selfish and you're spending a lot of

972
00:43:33,200 --> 00:43:35,719
Speaker 2: money on yourself. But if you're being cheap and like

973
00:43:35,840 --> 00:43:38,160
Speaker 2: you know, like I was saying earlier, like meserly, that's

974
00:43:38,200 --> 00:43:41,160
Speaker 2: also a very selfish ash where you're just yeah, it

975
00:43:41,239 --> 00:43:43,240
Speaker 2: makes you think of storing it all away for yourself,

976
00:43:43,239 --> 00:43:45,600
Speaker 2: freaking bad where Walter White always says he's doing it

977
00:43:45,600 --> 00:43:47,560
Speaker 2: for his family, but the reality is his family is

978
00:43:47,600 --> 00:43:50,200
Speaker 2: falling apart while he's like making meth and making bank.

979
00:43:50,560 --> 00:43:52,839
Speaker 2: And the truth is at the end he admits he's

980
00:43:52,840 --> 00:43:54,960
Speaker 2: doing it all for himself the whole time, when it

981
00:43:55,000 --> 00:43:58,000
Speaker 2: was clear to the viewer for all the seasons that

982
00:43:58,080 --> 00:44:02,960
Speaker 2: sounds like he did some good internal work exactly exactly.

983
00:44:03,239 --> 00:44:04,960
Speaker 1: It was all that therapy he was doing that really

984
00:44:04,960 --> 00:44:07,600
Speaker 1: got him to that point. Yeah, glad he reached that point.

985
00:44:07,640 --> 00:44:09,799
Speaker 2: As someone who's never watched the show, right, I'm sure

986
00:44:09,800 --> 00:44:12,239
Speaker 2: that's exactly what it was like, right, something like that

987
00:44:12,280 --> 00:44:14,400
Speaker 2: while counseling or kind of like the Sopranos, Well he

988
00:44:14,440 --> 00:44:17,000
Speaker 2: actually goes to counseling. This doesn't really Yeah, yeah, although

989
00:44:17,120 --> 00:44:19,680
Speaker 2: I never saw that show, but I hear it's great.

990
00:44:19,760 --> 00:44:21,839
Speaker 2: But this is this is natural tendency, right, Like we're

991
00:44:21,840 --> 00:44:25,240
Speaker 2: born as selfish, selfish beings. Our brains are wired toward

992
00:44:25,320 --> 00:44:27,279
Speaker 2: what we can get. Now, this is the lizard brain

993
00:44:27,320 --> 00:44:29,799
Speaker 2: in action, and to keep it all for ourselves or

994
00:44:29,840 --> 00:44:33,320
Speaker 2: for our small tribe, our family. But just because a

995
00:44:33,360 --> 00:44:35,799
Speaker 2: behavior is natural doesn't mean that it's the best path

996
00:44:35,800 --> 00:44:39,440
Speaker 2: to take, and especially in again modern society. And so

997
00:44:39,719 --> 00:44:41,960
Speaker 2: one of the more ultimate ways that were able to

998
00:44:42,000 --> 00:44:45,000
Speaker 2: overcome our dumb brains is to spend our money in

999
00:44:45,040 --> 00:44:47,720
Speaker 2: ways that are sacrificial, to spend or give it away

1000
00:44:48,680 --> 00:44:50,719
Speaker 2: in a way that doesn't bring us any benefit at all.

1001
00:44:51,080 --> 00:44:53,160
Speaker 2: This is one hundred percent a way that we can

1002
00:44:53,200 --> 00:44:55,400
Speaker 2: overcome our idiot brains. And it's a reason that we

1003
00:44:55,480 --> 00:44:57,920
Speaker 2: like to encourage folks to be charitable, yes, to give

1004
00:44:57,960 --> 00:45:00,759
Speaker 2: their money away, because pretty much all stages of your

1005
00:45:00,760 --> 00:45:03,120
Speaker 2: financial journey, if you can be giving away a small

1006
00:45:03,160 --> 00:45:06,000
Speaker 2: portion and hopefully a growing portion of what you have

1007
00:45:06,080 --> 00:45:08,400
Speaker 2: what you make, it can help reframe money, put it

1008
00:45:08,440 --> 00:45:11,200
Speaker 2: in the proper light. And that is so powerful. It's powerful,

1009
00:45:12,000 --> 00:45:15,640
Speaker 2: largely for psychological reasons, and to get to see that

1010
00:45:15,719 --> 00:45:18,719
Speaker 2: money do good in the world around you. That's beautiful too. Yeah,

1011
00:45:18,760 --> 00:45:21,240
Speaker 2: And of course there are, like you said, in ways

1012
00:45:21,280 --> 00:45:24,200
Speaker 2: that where we receive no benefit, but we're also even

1013
00:45:24,200 --> 00:45:26,719
Speaker 2: incentivized to give money away, like that's just how the

1014
00:45:26,760 --> 00:45:29,320
Speaker 2: tax goes to the tax go yeah, yeah, like yeah,

1015
00:45:29,360 --> 00:45:32,800
Speaker 2: So it's important to realize that from a principal standpoint,

1016
00:45:32,880 --> 00:45:35,160
Speaker 2: we want you to be doing it because it's not

1017
00:45:35,239 --> 00:45:37,839
Speaker 2: necessarily going to give you any benefit. But there's also

1018
00:45:38,000 --> 00:45:40,360
Speaker 2: the tax benefits, and there's there's kind of like the

1019
00:45:40,400 --> 00:45:43,239
Speaker 2: emotional feel good benefits as well, but we're not going

1020
00:45:43,320 --> 00:45:45,319
Speaker 2: to get into all of that because something else that

1021
00:45:45,360 --> 00:45:47,600
Speaker 2: we can do to actually overcome our idiot brain is

1022
00:45:47,640 --> 00:45:51,959
Speaker 2: to automate and to impose limitations on ourselves. We're talking

1023
00:45:52,040 --> 00:45:54,480
Speaker 2: about rules and automation because they can help us to

1024
00:45:54,520 --> 00:45:57,799
Speaker 2: do the right thing consistently without even having to think

1025
00:45:57,800 --> 00:46:00,319
Speaker 2: about it. Because once you opt to put let's say

1026
00:46:00,360 --> 00:46:02,840
Speaker 2: six percent into your four h one k, well, that

1027
00:46:02,920 --> 00:46:05,040
Speaker 2: joker is on autopilot. You don't have to think about

1028
00:46:05,080 --> 00:46:08,600
Speaker 2: it ever. Again, your your paycheck is smaller, but you

1029
00:46:08,640 --> 00:46:12,040
Speaker 2: forget about that pretty quickly. Automation helps us to overcome

1030
00:46:12,320 --> 00:46:15,560
Speaker 2: our own lack of discipline. And it's not to say

1031
00:46:15,600 --> 00:46:18,520
Speaker 2: that it's some sort of crutch. It's an effective tool

1032
00:46:18,600 --> 00:46:20,600
Speaker 2: and it's out there and so we want folks to

1033
00:46:20,680 --> 00:46:23,200
Speaker 2: use it. But you can also impose artificial limits on

1034
00:46:23,239 --> 00:46:25,719
Speaker 2: yourself where you're able to create some friction where it

1035
00:46:25,719 --> 00:46:28,759
Speaker 2: didn't exist before, specifically on the shopping front. You know,

1036
00:46:28,920 --> 00:46:32,720
Speaker 2: that's something like instituting a twenty four or a forty

1037
00:46:32,719 --> 00:46:35,840
Speaker 2: eight hour waiting period. That way, you're not giving into

1038
00:46:35,880 --> 00:46:40,719
Speaker 2: those base desires of impulse buying, right or if that

1039
00:46:40,760 --> 00:46:43,680
Speaker 2: means that you're on Facebook too much, which can oftentimes

1040
00:46:43,760 --> 00:46:48,279
Speaker 2: lead to purchases that maybe you shouldn't have made. A

1041
00:46:48,680 --> 00:46:52,480
Speaker 2: loved one of mine recently made approachase on Facebook that

1042
00:46:52,800 --> 00:46:55,120
Speaker 2: I'm not sure if that would have happened had that

1043
00:46:55,400 --> 00:46:58,719
Speaker 2: ad not been seen. But if that's the case, use

1044
00:46:58,800 --> 00:47:02,160
Speaker 2: the newsfeed erratic or plug in. That way, you can

1045
00:47:02,200 --> 00:47:05,000
Speaker 2: go straight to the how to Money Facebook group, because

1046
00:47:05,040 --> 00:47:07,120
Speaker 2: surely that's the only reason that you need to be

1047
00:47:07,120 --> 00:47:07,680
Speaker 2: taking advantage.

1048
00:47:07,680 --> 00:47:09,279
Speaker 1: I got to say, I've been using that plug in

1049
00:47:09,320 --> 00:47:11,359
Speaker 1: for years. I have no idea what's going on on

1050
00:47:11,360 --> 00:47:13,799
Speaker 1: Facebook outside of the how to Money Facebook group, and

1051
00:47:13,840 --> 00:47:15,319
Speaker 1: I live in Bliss. I love it.

1052
00:47:15,680 --> 00:47:18,120
Speaker 2: Or maybe it even means on your phone just deleting

1053
00:47:18,160 --> 00:47:22,719
Speaker 2: Instagram if like me, you have sometimes find yourself, you know,

1054
00:47:22,719 --> 00:47:24,800
Speaker 2: flipping through the carousel of the different sales or a

1055
00:47:24,920 --> 00:47:29,480
Speaker 2: minimum backcountry put it on page two of your apps. Yes, yeah, yeah,

1056
00:47:29,680 --> 00:47:31,720
Speaker 2: push it back a little bit. But there are different

1057
00:47:31,920 --> 00:47:34,439
Speaker 2: app limiting services out there. There is this one called

1058
00:47:34,520 --> 00:47:37,839
Speaker 2: one sec like one second and opal, but they can

1059
00:47:37,880 --> 00:47:41,680
Speaker 2: impose a delay between opening an app and actually seeing

1060
00:47:41,719 --> 00:47:44,440
Speaker 2: the content. This is I think can be really helpful

1061
00:47:44,480 --> 00:47:47,399
Speaker 2: for both social and investing apps where you're trying to

1062
00:47:47,640 --> 00:47:50,319
Speaker 2: give yourself a minute to actually pause and to think

1063
00:47:50,400 --> 00:47:52,440
Speaker 2: is this something I need to do? Honestly, I like

1064
00:47:52,480 --> 00:47:56,279
Speaker 2: to just stepping backwards, Like, don't necessarily include more technology

1065
00:47:56,320 --> 00:47:59,360
Speaker 2: to solve the problems of more technology, but even consider

1066
00:47:59,400 --> 00:48:01,120
Speaker 2: taking a step backwards. I mean, I think this is

1067
00:48:01,160 --> 00:48:04,600
Speaker 2: why we're seeing the number of flip phones like dumb phones.

1068
00:48:05,000 --> 00:48:08,680
Speaker 2: Sales of those have been skyrocketing, whereas sales of smartphones

1069
00:48:08,719 --> 00:48:11,719
Speaker 2: have actually declined. Thank Q four of last year, smartphone

1070
00:48:11,760 --> 00:48:12,719
Speaker 2: sales decline.

1071
00:48:12,760 --> 00:48:14,960
Speaker 1: Oh, I seeing that, whereas.

1072
00:48:14,520 --> 00:48:19,040
Speaker 2: Flip phones and like old school Nokia's sales are are

1073
00:48:19,080 --> 00:48:21,920
Speaker 2: actually on the rise. But Yeah, that's to me that

1074
00:48:21,920 --> 00:48:23,759
Speaker 2: that's an encouraging note. And I think that's something like

1075
00:48:23,800 --> 00:48:26,359
Speaker 2: I feel like we're seeing more of that with with

1076
00:48:26,760 --> 00:48:29,399
Speaker 2: gen Z because there's a younger, younger generation and they're

1077
00:48:29,400 --> 00:48:33,520
Speaker 2: tired of being highjacked having their screen time just completely

1078
00:48:33,520 --> 00:48:34,520
Speaker 2: dominate all their free time.

1079
00:48:34,600 --> 00:48:36,880
Speaker 1: Yeah, I've been very intrigued by the light phone. I

1080
00:48:36,920 --> 00:48:39,720
Speaker 1: haven't made the jump. I haven't even played around with one,

1081
00:48:39,920 --> 00:48:43,000
Speaker 1: but I've contemplated, you know, jumping to something like that.

1082
00:48:43,160 --> 00:48:45,879
Speaker 1: I don't want to lose. I like podcasts on my phone.

1083
00:48:45,880 --> 00:48:48,279
Speaker 1: There's certain things that I like having at my fingertips.

1084
00:48:48,360 --> 00:48:50,440
Speaker 1: But then I also realized that that it's that there

1085
00:48:50,440 --> 00:48:52,759
Speaker 1: are other things at my fingertips that I wish were

1086
00:48:52,760 --> 00:48:55,279
Speaker 1: not there, that are constantly buying for my attention. And

1087
00:48:55,320 --> 00:48:57,160
Speaker 1: I wish I didn't even have to think about them.

1088
00:48:57,200 --> 00:48:59,680
Speaker 1: I wish they didn't exist. But Mett to wrap this up,

1089
00:48:59,719 --> 00:49:01,759
Speaker 1: I mean, going back to that that Carl Jung quote

1090
00:49:01,800 --> 00:49:04,280
Speaker 1: at the beginning of the episode that you mentioned about

1091
00:49:04,280 --> 00:49:07,839
Speaker 1: making the unconscious conscious our lives, I feel like they

1092
00:49:07,880 --> 00:49:10,840
Speaker 1: often feel guided by an invisible hand, which really is

1093
00:49:10,840 --> 00:49:13,200
Speaker 1: our subconscious right as well as the market, as like

1094
00:49:13,200 --> 00:49:14,920
Speaker 1: Adam Smith said, I know that's really a nod to

1095
00:49:14,920 --> 00:49:18,239
Speaker 1: Adam Smith using that terminology, But that invisible hand that guys, I.

1096
00:49:18,200 --> 00:49:20,160
Speaker 2: Mean, it's more than you think, because it is the market.

1097
00:49:20,239 --> 00:49:22,520
Speaker 2: It is actual companies truing a profit and that are

1098
00:49:22,560 --> 00:49:24,680
Speaker 2: trying to sell to you. But it's yeah, it's also

1099
00:49:24,680 --> 00:49:25,120
Speaker 2: the subcost.

1100
00:49:25,239 --> 00:49:27,400
Speaker 1: It's also the things about today we've experienced at an

1101
00:49:27,400 --> 00:49:29,560
Speaker 1: early age, or the things that we've heard our friends say,

1102
00:49:30,000 --> 00:49:32,840
Speaker 1: or some sort of experience we had back in eighth grade.

1103
00:49:33,000 --> 00:49:34,920
Speaker 1: That informs how we think about money and how we

1104
00:49:34,960 --> 00:49:37,000
Speaker 1: handle it now more true than we realize. Yeah, And

1105
00:49:37,040 --> 00:49:39,240
Speaker 1: so I think when we unearth some of these thoughts

1106
00:49:39,239 --> 00:49:42,280
Speaker 1: and beliefs, we ask some of the deeper why questions,

1107
00:49:42,400 --> 00:49:45,760
Speaker 1: it's going to inevitably provide us with new information about ourselves,

1108
00:49:45,920 --> 00:49:47,799
Speaker 1: which is going to cause us to change some of

1109
00:49:47,800 --> 00:49:51,359
Speaker 1: our preconceived notions and beliefs about money. And then those

1110
00:49:51,400 --> 00:49:55,000
Speaker 1: altered beliefs are going to invariably impact how we act,

1111
00:49:55,040 --> 00:49:57,000
Speaker 1: how we move forward in this world, how we spend,

1112
00:49:57,000 --> 00:49:59,200
Speaker 1: how we say, how we invest. And the truth is,

1113
00:49:59,280 --> 00:50:01,680
Speaker 1: money is not good or evil, right. It's a tool

1114
00:50:01,760 --> 00:50:03,480
Speaker 1: that can be used well or it can be used poorly.

1115
00:50:03,680 --> 00:50:05,600
Speaker 1: And we can either put too much stock in the

1116
00:50:05,680 --> 00:50:08,719
Speaker 1: value of a dollar or not enough. But it's hard,

1117
00:50:08,760 --> 00:50:11,120
Speaker 1: if not impossible, to change our habits and our approach

1118
00:50:11,160 --> 00:50:13,560
Speaker 1: to money when we're not sure where the source belief

1119
00:50:13,600 --> 00:50:18,120
Speaker 1: material is coming from, what's subconsciously guiding us where that originates.

1120
00:50:18,120 --> 00:50:20,160
Speaker 1: And so I think it's important to do to do

1121
00:50:20,239 --> 00:50:21,799
Speaker 1: some of that deep work, not just to go, like

1122
00:50:21,840 --> 00:50:25,160
Speaker 1: you said, to some sort of technological halting mechanism to

1123
00:50:25,200 --> 00:50:28,120
Speaker 1: prevent us from taking the worst action possible.

1124
00:50:27,920 --> 00:50:29,759
Speaker 2: And apps to help you to become your lizard brain.

1125
00:50:29,920 --> 00:50:31,839
Speaker 1: Right. Yeah, it's not that some of those apps can't

1126
00:50:31,840 --> 00:50:34,720
Speaker 1: be helpful, but I think it's there's deeper work required

1127
00:50:34,800 --> 00:50:39,200
Speaker 1: really when it comes to fighting and overcoming our idiot brains.

1128
00:50:39,320 --> 00:50:41,640
Speaker 2: Absolutely, man, Yeah, I couldn't have said it better myself.

1129
00:50:41,760 --> 00:50:43,800
Speaker 2: Let's get back to the beer that you and I enjoyed.

1130
00:50:43,840 --> 00:50:46,840
Speaker 2: This was an end of plagues and IPA by Burial.

1131
00:50:47,080 --> 00:50:50,960
Speaker 2: What I'll say, I'll describe the label art. It's a

1132
00:50:51,960 --> 00:50:54,040
Speaker 2: the artist that they have that makes all their labels.

1133
00:50:54,040 --> 00:50:56,040
Speaker 2: I forget his name. I'll actually make sure to link

1134
00:50:56,280 --> 00:51:00,319
Speaker 2: to his Instagram accounts after we've bashed in to Graham

1135
00:51:00,360 --> 00:51:01,719
Speaker 2: and how you should believe it in your phone, But

1136
00:51:01,800 --> 00:51:04,200
Speaker 2: all of his artwork is super metal.

1137
00:51:05,000 --> 00:51:07,120
Speaker 1: This is just the best way to describe it.

1138
00:51:07,160 --> 00:51:09,520
Speaker 2: But it's got a rat sitting there who's just like

1139
00:51:09,880 --> 00:51:12,840
Speaker 2: eating the earth that a rat or possum possume, I

1140
00:51:12,880 --> 00:51:16,200
Speaker 2: don't know either. Plagues are like rats, you know, like

1141
00:51:16,200 --> 00:51:19,080
Speaker 2: the bubony, filthy animal. Yeah, it's got the tail, but

1142
00:51:19,200 --> 00:51:21,240
Speaker 2: it's just Yeah, there's like filth all.

1143
00:51:21,120 --> 00:51:25,120
Speaker 1: Around the earth. Yeah, the conventions gel up really well

1144
00:51:25,120 --> 00:51:28,120
Speaker 1: with the pictures, with the artwork, and they're both just

1145
00:51:28,920 --> 00:51:30,120
Speaker 1: a little over the top. Yeah.

1146
00:51:30,239 --> 00:51:34,360
Speaker 2: Yeah, expect many more ridiculous names of the different burial

1147
00:51:34,400 --> 00:51:36,520
Speaker 2: beers that will have in the coming weeks. Yeah, but yeah,

1148
00:51:36,560 --> 00:51:38,080
Speaker 2: what were your thoughts though on this beer? I say,

1149
00:51:38,120 --> 00:51:40,200
Speaker 2: this was juicy and sharp, and it was almost like

1150
00:51:40,360 --> 00:51:43,200
Speaker 2: I pa concentrate, like, yeah, that's how I think of this,

1151
00:51:43,360 --> 00:51:45,440
Speaker 2: and but that's how I think of most of the

1152
00:51:45,440 --> 00:51:48,759
Speaker 2: burial beers and burial IPAs in particular, because they just

1153
00:51:48,920 --> 00:51:53,960
Speaker 2: make some of the thickest, juiciest, beastly, most beastly iPAH. Yeah,

1154
00:51:54,160 --> 00:51:56,160
Speaker 2: I would say, so this is a single like a

1155
00:51:56,239 --> 00:51:59,080
Speaker 2: regular and in my mind the boty it was relatively

1156
00:51:59,160 --> 00:52:02,120
Speaker 2: light and body considering it's burial, and so it felt

1157
00:52:02,160 --> 00:52:05,680
Speaker 2: like a like a foundational IPA because there's some other

1158
00:52:05,719 --> 00:52:08,280
Speaker 2: ones that we're gonna have that are more.

1159
00:52:08,120 --> 00:52:10,799
Speaker 1: Over the top, like maybe this is a nine and

1160
00:52:10,840 --> 00:52:12,320
Speaker 1: then the other one's taking up to twelve.

1161
00:52:12,320 --> 00:52:15,319
Speaker 2: This is like their equivalent of a session idea. But

1162
00:52:15,440 --> 00:52:17,640
Speaker 2: it was really good, solid, and again when you poured it,

1163
00:52:17,640 --> 00:52:20,560
Speaker 2: it's kind of got that pale, milky golden color where

1164
00:52:20,560 --> 00:52:22,440
Speaker 2: you can't see through it at all. It's sort of

1165
00:52:22,480 --> 00:52:24,479
Speaker 2: like the new cars today where like your paint jobs,

1166
00:52:24,480 --> 00:52:27,839
Speaker 2: they've got zero metallic speck or fleck or whatever that's

1167
00:52:27,840 --> 00:52:29,400
Speaker 2: in them, you know, because like the old school and

1168
00:52:29,440 --> 00:52:31,960
Speaker 2: it's super traditional paint jobs. You see them and it's

1169
00:52:32,040 --> 00:52:34,160
Speaker 2: kind of it's got a sparkle to it. Yeah, but

1170
00:52:34,320 --> 00:52:36,000
Speaker 2: like the new ones, they don't have any sparkle. It's

1171
00:52:36,000 --> 00:52:38,319
Speaker 2: just like a flat color. It's shiny, but there's just

1172
00:52:38,400 --> 00:52:39,960
Speaker 2: no additional metallic in it.

1173
00:52:40,200 --> 00:52:40,840
Speaker 1: That's what this is.

1174
00:52:40,960 --> 00:52:46,160
Speaker 2: Yeah, Like it's just solid one note color, but the

1175
00:52:46,320 --> 00:52:47,759
Speaker 2: flavor was anything but one note.

1176
00:52:47,800 --> 00:52:49,359
Speaker 1: I'm glad you and I got to enjoy this one

1177
00:52:49,400 --> 00:52:51,680
Speaker 1: todays definitely all right, that's gonna do it for this one.

1178
00:52:51,840 --> 00:52:54,279
Speaker 1: You can as always find show notes for this and

1179
00:52:54,560 --> 00:52:56,919
Speaker 1: links to everything we mentioned, as well as a bunch

1180
00:52:56,920 --> 00:52:58,799
Speaker 1: of other money resources up on our site at how

1181
00:52:58,840 --> 00:53:01,760
Speaker 1: tomoney dot com. Don't forget the how to Money credit

1182
00:53:01,800 --> 00:53:03,640
Speaker 1: card tool. You can find that in the upper right

1183
00:53:03,680 --> 00:53:06,359
Speaker 1: hand corner of the homepage at howtomoney dot com. It's

1184
00:53:06,520 --> 00:53:08,520
Speaker 1: super easy to find the best credit card for you.

1185
00:53:08,920 --> 00:53:10,320
Speaker 1: But Matt that's going to do it for this episode

1186
00:53:10,400 --> 00:53:13,399
Speaker 1: until next time. Best Friends out and best Friends Out