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

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Speaker 1: and today.

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Speaker 2: We're gonna answer some of your listener questions.

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Speaker 1: That's right, buddy, Let's kick the week off with a

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Speaker 1: fresh batch of listener questions that we're going to get to.

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Speaker 1: He got a batch makes me think of cookies. He

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Speaker 1: always like interrupt me, like right before I get into saying, well,

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Speaker 1: we're actually going to talk about it. That's what I do,

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Speaker 1: all right, listeners right in do you love it or

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Speaker 1: do you hate it? Because it's fun because we get

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Speaker 1: to we go, we screw around and talk about whatever

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Speaker 1: it is that we want to talk about.

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Speaker 2: Right now, I just want a cookie?

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Speaker 1: Is that what you're saying? Is it makes you say

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Speaker 1: at yeah, making a batch of cookies chocolate chip? Is

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Speaker 1: there anything better than the glorious bait good smell of

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Speaker 1: fresh chocolate chip cokeys.

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Speaker 2: The only thing better than that is me interrupting you.

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Speaker 2: I would take fresh.

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Speaker 1: Batch of cookies any day the way. No, we do

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Speaker 1: have some great listener questions. A listener is wanting to

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Speaker 1: make the most of a money challenge that he has

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Speaker 1: succeeded in. What to do with that money. Another listener

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Speaker 1: is wondering what the best free options are when it

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Speaker 1: comes to creating a will. We'll get to that plus

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Speaker 1: other aspects of his question, as well as if a

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Speaker 1: pricey real estate investing course is worth it. You remember

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Speaker 1: that show worth It where the two guys, Oh, that

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Speaker 1: was like the best food show of all time? Is

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Speaker 1: that still going? I don't know you saying something about cookies,

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Speaker 1: because they did all sorts of it was two dudes

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Speaker 1: was one of the three. One of the guys was Asian, because.

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Speaker 2: The camera dude would come in and he would be

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Speaker 2: part of the show at times.

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Speaker 1: But if they were rating different versions of a food item,

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Speaker 1: like the cheap version, the medium priced option, or like

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Speaker 1: the premium really expensive option, and their goal was to

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Speaker 1: decide whether or not there was it was worth it.

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Speaker 2: He's like the three dollars Hamburger of the best or

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Speaker 2: is it two hundred and fifty dollars Hamburger the best?

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Speaker 2: The one with the one between with gold flake right right, Yes,

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Speaker 2: that kind of ridiculous. And I was like, always thought

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Speaker 2: that our show could be a version of that for

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Speaker 2: personal finance, but in podcast form, I don't think we're

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Speaker 2: as good as those guys.

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Speaker 1: But is the course worth it. They were really getting

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Speaker 1: off course, off track this way, which is uh, well,

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Speaker 1: you gotta get going too, because you've got to make

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Speaker 1: a We got to record this episode.

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Speaker 2: First appointment, I'm gonna have to go to the orthodonist

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Speaker 2: this afternoon, take my almost nine year old there, and man,

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Speaker 2: it just makes me think. This is one of those

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Speaker 2: things that parents need to plan for and think about,

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Speaker 2: and it's It can be expensive, but pain and cash

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Speaker 2: can save you a little bit of money.

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Speaker 1: Teeth costs money, yeah, and paying all all.

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Speaker 2: In up front in a lump sum can also help

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Speaker 2: you save money instead of paying every single.

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Speaker 1: But it's more painful.

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Speaker 2: Oh my gosh, it feels like a punch in the

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Speaker 2: face when you write that check the teeth, those are expensive.

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Speaker 2: Don't un her in the face. Those two are getting

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Speaker 2: corrected right now. But yeah, I guess pray for me

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Speaker 2: because I'm taking to get to the orthodonist this afternoon.

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Speaker 2: And yeah, for someone who likes to be frugal, I

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Speaker 2: realize this is painful. It's a necessary expense, but it's

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Speaker 2: also a big one.

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Speaker 1: Yeah. All right, that's our banter, no other no other talk,

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Speaker 1: so that you can move on to that appointment. During

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Speaker 1: this episode, you and I are going to enjoy a

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Speaker 1: barrel aged Old rasputin which I am not sure if

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Speaker 1: I've I know I've had Old raspooton before. I don't

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Speaker 1: know if I've ever had the barrel age same variant.

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Speaker 1: This is by North Coast Brewing Company. Looking forward to

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Speaker 1: sharing our thoughts at the end of.

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Speaker 2: The episode of Classic Beers. This has been around a

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Speaker 2: long time. Yeah, and when I saw the barrel age,

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Speaker 2: I was like, Okay, gotta pick that one up.

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Speaker 1: Why not?

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Speaker 2: Yeah, I gotta pick what we do here the twist

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Speaker 2: on a great beer.

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Speaker 1: How to money? That's right, enjoy craft beer? All right?

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Speaker 2: If you have a money question for us, just record

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Speaker 2: a voice memo on the app on your phone, send

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Speaker 2: it our way via email. Hopefully we'll take it next

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Speaker 2: week on the show. And if you want the full

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Speaker 2: directions for how to do that, just got to have

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Speaker 2: to money dot com slash ask and there are tons

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Speaker 2: of great resources up on our site at howtomoney dot com. Matt,

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Speaker 2: let's get to our first question today. This one is

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Speaker 2: about an expensive online course.

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Speaker 3: Hi'm Matt and Joel. This is THEO in Atlanta. I

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Speaker 3: had a question regarding a real estate investor course for newbies.

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Speaker 3: I live a death free lifestyle and I own my

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Speaker 3: primary home outright with no mortgage. I'm a maximum retirement

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Speaker 3: saver to my four to one k, my Wroth, and

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Speaker 3: my HISA at work, and I wanted to kind of

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Speaker 3: diversify and get into real estate. And I came across

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Speaker 3: an online offering of a course that goes for about

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Speaker 3: twelve months, involves a lot of one on one mentoring

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Speaker 3: in small groups, but the price tag is five five

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Speaker 3: hundred dollars, which is pretty expensive. So I was wondering

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Speaker 3: if you could recommend some other options that I could

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Speaker 3: get my feet wet with learning what I need to

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Speaker 3: know as a first time real estate investor, but at

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Speaker 3: a lower price point than five hundred dollars. So love

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Speaker 3: the show and hope you can give me some help.

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Speaker 3: Thank you, COO.

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Speaker 1: I too hope that we can help you out. No promises,

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Speaker 1: though I'm going to do my part. We'll see if

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Speaker 1: Joel pull his end of the bar.

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Speaker 2: Because this is where we show where we state that

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Speaker 2: this show is for entertainment purposes only.

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Speaker 1: It's for entertainment only. It's true. So when you know

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Speaker 1: what this makes me think of On a recent Friday flight,

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Speaker 1: we talked about drop shipping, of us becoming an attractive

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Speaker 1: pursuit is a side gig. I guess for some folks

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Speaker 1: at least a lot of people selling you a course

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Speaker 1: to try to tell you that big bust influencers trying

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Speaker 1: to basically sell you on their course. They're basically praying

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Speaker 1: on people's desire to make easy money as opposed to

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Speaker 1: focusing on the actual job of being a drop ship

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Speaker 1: or why like, why are you making a ton of

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Speaker 1: money that way as opposed to trying to lure people

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Speaker 1: in with marketing it's so lucrative, fancy videos.

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Speaker 2: Why aren't you spending your time making money instead of

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Speaker 2: trying to sell me a course telling me that I

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Speaker 2: can make it exactly.

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Speaker 1: Yeah. So I'm not saying that this is what's going

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Speaker 1: on here with this expensive real estate course, but it

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Speaker 1: seems like a familiar pattern, which is, you know, I

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Speaker 1: like seeing patterns out in the world, and anytime you

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Speaker 1: see something, you're like, wait a minute, that kind of

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Speaker 1: seems like this other thing that I know is a scam.

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Speaker 1: That does make you think twice about this other thing

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Speaker 1: that is perceived as a little bit more legit.

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Speaker 2: It's I feel like I'm seeing more and more online

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Speaker 2: courses pop up, and I'm not going to say that

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Speaker 2: none of them are worth the money. And there are

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Speaker 2: people that put a lot of hard work into creating

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Speaker 2: those online courses, and they've got some people are really

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Speaker 2: to have a ton of expertise. Still, I would be

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Speaker 2: really hesitant to fork over all this money for a

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Speaker 2: course to learn about real estate investing, especially when there

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Speaker 2: are such great, free and cheap resources already in existence.

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Speaker 2: And so it makes me think of hiring a property

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Speaker 2: management manager mat. I think some people think that that's

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Speaker 2: the silver bullet to invest in real estate and make

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Speaker 2: big bucks not have to really put much as much

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Speaker 2: effort as the average person into that investment. But I

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Speaker 2: would want to learn by doing first right, it's going

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Speaker 2: to help you know what questions to ask when hiring

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Speaker 2: a potential property manager and to not get hoodwinked by

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Speaker 2: potentially a bad property manager. So THEO I would say

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Speaker 2: this before plopping down big bucks on a course that

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Speaker 2: promises big results, DIY, you're learning via free and cheap methods,

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Speaker 2: for I would yes exhaust that, at least before I

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Speaker 2: kind of went down this path of inexpensive online course.

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Speaker 1: Yep. So if you didn't hear anything else, there's your answer.

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Speaker 1: But in regards to some of the different free options

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Speaker 1: out there, I'm just thinking about there are tons of books.

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Speaker 1: I feel like I learned the most from the Keller

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Speaker 1: Williams A Millionaire Investor book when I was first getting

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Speaker 1: into investing in a great I want to start with. Yeah,

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Speaker 1: but there are tons of different podcasts out there. There's

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Speaker 1: Facebook groups, all of those can be free, and in fact,

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Speaker 1: we've got a few prior episodes that we'll link to

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Speaker 1: in the show notes and which actually makes me think

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Speaker 1: about our podcast. It is free, But I do know

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Speaker 1: that folks also don't love podcast ads. But this is

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Speaker 1: why we monetize our show in this way, Like we

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Speaker 1: like the idea of being able to do this full time,

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Speaker 1: but being able to give everything away going to cost

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Speaker 1: you a little bit of your time with the different

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Speaker 1: advertisements that you might hear. But we're not planning on

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Speaker 1: launching any courses that cost hundreds or thousands of dollars

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Speaker 1: because I don't know, we prefer the advertising model.

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Speaker 2: What's more annoying paying Matt and Joel A ten dollars

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Speaker 2: grip every month or listening to a few ads, right,

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Speaker 2: And I agree. I think that I always prefer the

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Speaker 2: d support of model. I think ads can be helpful

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Speaker 2: something you get more annoyed with the streaming ads. I

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Speaker 2: don't mind because I know it's saying many big bucks.

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Speaker 1: It's when it's when you have gotten used to the

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Speaker 1: fact that there haven't been ads to see with podcasts,

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Speaker 1: there have always been ads, Yeah, as opposed to when

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Speaker 1: you're used to watching a movie on DVD or something

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Speaker 1: like that. You're used to the movie experience where you're

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Speaker 1: sitting there, you're enjoying the cinematic marvel that is before you,

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Speaker 1: and then it's just like this great highly dramatized moment

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Speaker 1: and then boom it like cuts to a Huggi's commercial

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Speaker 1: or something like that. Like it's like, oh, come on,

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Speaker 1: you've totally killed the vibe here.

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Speaker 2: We're less marvelous and also the cool thing. And we're

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Speaker 2: not supposed to say this out loud. You can skip bats.

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Speaker 2: So there's that.

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Speaker 1: Okay. So, as we're talking about some of these different courses,

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Speaker 1: I do want to highlight Chad Carson. He is, of

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Speaker 1: course one of our favorite folks within the rental real

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Speaker 1: estate game, but a lot of the different real estate

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Speaker 1: stuff that's out there, it's honestly incredibly complex, and it's

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Speaker 1: aimed at folks who are interested in building a real

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Speaker 1: estate empire. They're counting the number of properties they have

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Speaker 1: by the doors, and you hear people talking about how

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Speaker 1: many doors you got, Yeah, you know, they're like seventy eight,

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Speaker 1: two hundred doors.

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Speaker 2: So much of the time, the emphasis is on bigger

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Speaker 2: is better. That's how they market it, and then people

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Speaker 2: get their eyes get as big as saucers, Matt. But

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Speaker 2: typically then the follow through that feels overwhelming and most

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Speaker 2: people aren't going to go for that exactly.

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Speaker 1: Yeah, most folks don't actually want that. And I think

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Speaker 1: a lot of folks what they're looking for is kind

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Speaker 1: of how we talk about real estate. They're looking for

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Speaker 1: a portfolio of like two or three or eight or

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Speaker 1: nine different properties right that can cash flow, they can

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Speaker 1: appreciate over time. You provide a little bit of income now,

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Speaker 1: but with major upside later. And I'm highlighting Chad because

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Speaker 1: he does have a course, it's not nearly the cost

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Speaker 1: of the one that THEO is talking about here. And

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Speaker 1: if you are going to pay for something. We think

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Speaker 1: for most people, that is the kind of model that

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Speaker 1: most folks are going to be drawn to as well,

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Speaker 1: versus the I'm going to build a real estate empire

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Speaker 1: kind of thing.

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Speaker 2: I also just want to say, Matt that THEO is

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Speaker 2: actually in a good position to invest in real estate

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Speaker 2: if he's so inclined, and it sounds like he is inclined,

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Speaker 2: he is interested. I think some people attempt to get

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Speaker 2: into real estate too early in the wealth building journey. Right,

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Speaker 2: They've got too much debt, they haven't really invested in

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Speaker 2: the traditional routes, and so they're looking for something exotic

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Speaker 2: before they've mastered the basics. That's not a good idea.

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Speaker 2: But in Theo's case, he has the basics covered. He

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Speaker 2: said he's a max retirement savers. He says, yet no mortgage, right,

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Speaker 2: so he's in a perfect position owns his home outright, right,

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Speaker 2: who is in that kind of position?

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Speaker 1: I think out.

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Speaker 2: Quality, he can save up money. I almost thinking like this,

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Speaker 2: like why not check out real estate when you're maxing

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Speaker 2: out retirement accounts?

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Speaker 1: You have no debt?

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Speaker 2: And the truth is it could move the needle for

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Speaker 2: him in a major way. It could allow him more flexibility,

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Speaker 2: the ability to grow his net worth even faster, although

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Speaker 2: I do stress could because when we're talking about real estate,

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Speaker 2: it's not a sure thing and there's obviously more work

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Speaker 2: involved too than with traditional investing.

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Speaker 1: Yeah, especially given the current market. Right, Like, if we

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Speaker 1: were talking about buying a rental property back in like

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Speaker 1: twenty eleven, twenty twelve, twenty thirteen, well, it was a

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Speaker 1: lot harder to fail based on housing prices, based on

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Speaker 1: interest rates. If you took a buy and hold strategy,

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Speaker 1: were somewhat savvy, well you did quite well for yourself

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Speaker 1: as an investor.

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Speaker 2: Who's almost like shooting fish in a barrel back then, yes, right,

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Speaker 2: and now it's not Now it's like shooting fish in

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Speaker 2: the ocean, which is possible, it's just harder.

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Speaker 1: It's a lot harder. I mean when we first met, like,

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Speaker 1: we first met around then, and the topic of real

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Speaker 1: estate it dominated our conversations, Joel, like, in fact, so

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Speaker 1: much so that even when we were thinking about starting

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Speaker 1: the podcast, and I think it was late twenty seventeen,

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Speaker 1: we thought about only focusing on real estate because in

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Speaker 1: the prior years, that's that was such a large aspect

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Speaker 1: of our personal finances. But I'm glad we didn't because

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Speaker 1: you like talking about the things you're interested in, and

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Speaker 1: I think we're maybe less interested in real estate because

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Speaker 1: the winds have shift. How much do we talk about

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Speaker 1: real estate now, Matt, not nearly, as Oden, We're less

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Speaker 1: interested now, so I wanted to I don't know mention

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Speaker 1: that as And that's not just because it's not because

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Speaker 1: we don't think real estate can be a good investment.

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Speaker 1: It's because it's much harder to do. Like we knew

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Speaker 1: back then. We're in a special era where it makes

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Speaker 1: it's easy. At least, I feel like we were like, hey,

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Speaker 1: there is a opportunity here, and because of that, it

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Speaker 1: was something that we're pouncing on as opposed to I

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Speaker 1: will say, it does seem like the market might be

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Speaker 1: shifting a little bit.

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Speaker 2: Net it's not we always talk about this. You can

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Speaker 2: find a deal in any market. It's particularly hard as

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Speaker 2: a NEWB investor, and so you might just be getting

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Speaker 2: started at a really difficult time. And so I guess

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Speaker 2: more than i'd hate for THEO to drop more than

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Speaker 2: five grand essentially into this course. And we're talking about

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Speaker 2: affordability still being at record lows it's a tough time

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Speaker 2: to get started.

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Speaker 1: Yeah. Also, i'd say if you're looking for the human touch,

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Speaker 1: if you're looking for the ability to learn from other folks,

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Speaker 1: we'll join a local real estate investors group. There are

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Speaker 1: a lot of these groups. They're kind of like region

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Speaker 1: specific or city specific. So if you're in Atlanta, you're

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Speaker 1: going to easily find a few. They typically meet like

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Speaker 1: once a month, and we would suggest for you to

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Speaker 1: hit those up and then just start asking questions based

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Speaker 1: on what it is that you've been learning from some

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Speaker 1: of the resources that we've already mentioned. Find someone who

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Speaker 1: owns a few rental properties, Find somebody who is doing

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Speaker 1: the thing that you are doing. Try to figure out

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Speaker 1: where does that they're seeing opportunity right now, maybe asking

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Speaker 1: them what mistakes they learned the hard way that you

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Speaker 1: can completely avoid.

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Speaker 2: Emily and I were at a dinner recently, and it's

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Speaker 2: kind of annoying because there was like some real estate

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Speaker 2: meet up, local real estate meet up in the background there.

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Speaker 2: Some guy was on the mic, but I was listening

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Speaker 2: to some of what he was saying, and I was like, man,

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Speaker 2: that guy's actually really smart. He's got a lot of wisdom.

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Speaker 2: When it comes to investing in real estate. He wasn't

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Speaker 2: over selling, over hyping it, and he was giving a

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Speaker 2: lot of good information. So if you can join a

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Speaker 2: group like that, don't do it at the restaurant Emily

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Speaker 2: and I are going to next week, please, But if

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Speaker 2: you can join a group like that and you're learning

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Speaker 2: from people who are doing it, I think that's really powerful.

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Speaker 2: And I think you can, Yeah, you can do that

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Speaker 2: without paying an arm and a leg to get that education.

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Speaker 1: I do think that there's a temptation for folks to

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Speaker 1: want to hit the easy button. And what I do

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Speaker 1: think you can get from a good course is a

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Speaker 1: well delivered packet of information, regardless of how it is

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Speaker 1: that you learn that information. But I think a lot

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Speaker 1: of folks are a tempted into paying for that, thinking

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Speaker 1: that it's also going to give them the results, right,

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Speaker 1: and so like, yes, that will be yeah, well, and

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Speaker 1: it is the silver bullet in the case of information,

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Speaker 1: Like you're gonna learn some great stuff and it's going

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Speaker 1: to be it's gonna remove all the legwork. You're not

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Speaker 1: gonna have to listen to all the different podcasts and

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Speaker 1: do all that. But it doesn't necessarily guarantee that you're

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Speaker 1: gonna find the right properties and that you're gonna be

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Speaker 1: making banks. So keep that in mind as well. But uh, Joe,

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Speaker 1: we got more to get to. We are gonna hear

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Speaker 1: from a listener who he's wanted to get all of

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Speaker 1: his ducks lined up in a row, maybe before he

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Speaker 1: kicks the bucket. We'll get to that and more right

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Speaker 1: after this. At what you said before the break kind

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Speaker 1: of scared me. Do we have a listener's on desk doork?

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Speaker 1: I'm no, not like that. Okay, it's I don't know.

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Speaker 1: It's something that we're all gonna face at some point,

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Speaker 1: so it may as well just be able to talk

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Speaker 1: about it in sometimes humorous ways.

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Speaker 2: Is now the right time to announce our really expensive

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Speaker 2: course that we just launched on how to Money dot Com?

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Speaker 1: It's true, Okay, let's do it. Go check it out.

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Speaker 2: It's only four thousand dollars how Money dot Com Forward

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Speaker 2: Slash course.

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Speaker 1: What a deal.

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Speaker 2: All, Let's get to our next question. This one comes

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Speaker 2: from a listener who's got a couple of differ retirement

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Speaker 2: options he wants to run by us.

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Speaker 4: Hey guys, this is Mike from Albany. I've been a

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Speaker 4: fan since last year when you graciously recorded a surprise

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Speaker 4: birthday video for my wife Emily, who's a huge fan.

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Speaker 4: Here's my question. I'm in my early forties and I

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Speaker 4: just started a job with New York State that's giving

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Speaker 4: me two different retirement options to pick from. The first

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Speaker 4: is a traditional pension that requires twenty years of service,

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Speaker 4: and I can get the full benefit at age sixty three,

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Speaker 4: which would be thirty five percent of the top three

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Speaker 4: year average salary. While I'm there, I do have to

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Speaker 4: contribute six percent of my weekly salary and perpetuity for this.

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Speaker 4: The other option has a little more flexibility and it's

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Speaker 4: brand new. It's called an enhanced four to one A

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Speaker 4: that also requires a weekly six percent paycheck deduction. However,

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Speaker 4: at the end of every year, New York State gives

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Speaker 4: me an eight percent match for self guided investment through

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Speaker 4: the four to one A. Now that does not require

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Speaker 4: a twenty year vesting period. It vests only after one year,

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Speaker 4: so if I leave, I can take that with me

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Speaker 4: somewhere else. Currently, my retirement savings are about five hundred

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Speaker 4: thousand dollars in an old IRA that I rolled over

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Speaker 4: from some four oh one k's and I also contribute

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Speaker 4: seven percent every week to a rowth four to fifty

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Speaker 4: seven B that has no match. So my question is

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Speaker 4: which retirement option do you think is smarter given my age,

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Speaker 4: given the fact that I have so much money already

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Speaker 4: in the market. Should I stick with the safety of

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Speaker 4: the traditional pension or should I roll the dice with

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Speaker 4: the enhanced four h one A and that eight percent match?

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Speaker 2: Ah, Matt, you remember making that video for Mike's wife. Yep,

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Speaker 2: we're happy to do it.

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Speaker 1: We were. It wasn't just us, it was he was

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Speaker 1: putting together a bunch of like friends and I guess

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Speaker 1: podcasts maybe two that she listens to. Yeah, the folks

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Speaker 1: who are wishing her a happy birthday. And we are

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Speaker 1: not on Cameo. I know.

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Speaker 2: Cameo is one of those sites where you can hire

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Speaker 2: George Santos of all people, but really like the people

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Speaker 2: of all the different actual celebrities. He's a celebrity for

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Speaker 2: the wrong reasons. But yeah, like, we're not doing that.

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Speaker 2: But if I don't know, if you want Matt to

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Speaker 2: record a video for your loved one, let him know.

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Speaker 1: Yeah, I don't have to be both ways. So you

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Speaker 1: say that we aren't on cameo, Joe, but you are

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Speaker 1: so Joe. Actually he's a he's got an onlyfan since

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Speaker 1: it's only eight ninety nine a month, huh. And you

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Speaker 1: can basically talk to Joel at twenty four hours a

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Speaker 1: day like whenever it is that you want to talk to.

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Speaker 1: Those pictures of me and my no pick running shorts, No,

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Speaker 1: no pictures, it's just audio, which is like your dream

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Speaker 1: come true. So our ability to fire this and our

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Speaker 1: course up after the end of this recording exactly, no

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Speaker 1: my orthodonosy bo. Yeah, well I got to hurry up here, Mike.

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Speaker 1: Let's talk about your age, because you specifically mentioned you're

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Speaker 1: in your early forties, and that first retirement option, the pension,

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Speaker 1: it's all about you working there with the state for

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Speaker 1: another twenty years. So how long it is that you

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Speaker 1: plan on working, and whether or not you plan on

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Speaker 1: staying in one place, and I'm talking like literally geographically

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Speaker 1: there in New York State, or even just career career wise,

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Speaker 1: whether you want to stay in that same position. These

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Speaker 1: are things that are really important aspects of this decision.

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Speaker 1: So let's say maybe you're not planning on working until

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Speaker 1: you're sixty three, Well, I would take this option completely

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Speaker 1: off the table, and I think the same is true

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Speaker 1: if you don't plan on working for this specific government

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Speaker 1: organization for all of those years as well, you're kind

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Speaker 1: of taking the golden handcuffs direction by signing up for

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Speaker 1: option one. And this is only amplified to by the

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Speaker 1: fact that he said he just started working for New

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Speaker 1: York straight. I think he said last year, and so

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Speaker 1: it's kind of risky in my mind. He was ten, twelve,

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Speaker 1: fifteen years in. You've got a good feel for what

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Speaker 1: the company is like or just what's going on. But

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Speaker 1: this is a relatively I don't know, one year in

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Speaker 1: you might still almost be in like the honeymoon phase,

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Speaker 1: and so I would be very hesitant to say yes

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Speaker 1: to Option one at least at this point in the game.

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Speaker 2: But Matt, it's also important to mention you said golden handcuffs.

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Speaker 2: There's a reason in this scenario the handcuffs are made

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Speaker 2: of gold and that stainless seel. Right, the payout can

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Speaker 2: truly be incredible if you jump through the hoops, if

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Speaker 2: you work there the required number of years and basically

436
00:19:00,400 --> 00:19:03,879
Speaker 2: can be ultimately more financially rewarding than contributing to a

437
00:19:03,920 --> 00:19:07,480
Speaker 2: defined contribution could be right. So dropping six percent of

438
00:19:07,480 --> 00:19:10,600
Speaker 2: your pay and getting thirty five percent of your top

439
00:19:10,640 --> 00:19:13,520
Speaker 2: salary in perpetuity for decades sounds like a pretty good

440
00:19:13,520 --> 00:19:13,760
Speaker 2: trade off.

441
00:19:13,840 --> 00:19:16,560
Speaker 1: It's not the best. Like so we like, there's some

442
00:19:16,560 --> 00:19:18,360
Speaker 1: folks we've talked with and it was like seventy five

443
00:19:18,400 --> 00:19:21,360
Speaker 1: percent of their annual salary, which I'm like, all right,

444
00:19:21,400 --> 00:19:23,360
Speaker 1: that would be more. It's a no brainer. That is amazing.

445
00:19:23,400 --> 00:19:25,960
Speaker 1: Whereas I hear thirty five percent and it's like, eh,

446
00:19:26,000 --> 00:19:29,160
Speaker 1: you know it's decent. Yeah, yeah, agreed it always considering sure,

447
00:19:29,160 --> 00:19:31,520
Speaker 1: if it was a higher percentage, then I would think

448
00:19:31,520 --> 00:19:34,080
Speaker 1: that it would be I would be a little more attempted,

449
00:19:34,280 --> 00:19:36,080
Speaker 1: longer and harder. You say, oh, yeah, it seems like

450
00:19:36,119 --> 00:19:36,800
Speaker 1: a slam dunk.

451
00:19:36,680 --> 00:19:38,560
Speaker 2: Because the truth is that what you're getting to is

452
00:19:38,600 --> 00:19:41,719
Speaker 2: what you gain in potential retirement security you give up

453
00:19:41,720 --> 00:19:43,919
Speaker 2: in options. Yes, And so let's say you have family

454
00:19:44,000 --> 00:19:46,760
Speaker 2: somewhere else Mike in the country, you feel compelled to

455
00:19:46,840 --> 00:19:49,080
Speaker 2: move to be close by them. If your job can't

456
00:19:49,080 --> 00:19:51,679
Speaker 2: be done remotely with this employer, you might find that

457
00:19:51,720 --> 00:19:55,440
Speaker 2: your retirement savings plan that seemed off the charts great

458
00:19:55,880 --> 00:19:59,240
Speaker 2: is now non existent. Right that you're you basically lost

459
00:19:59,720 --> 00:20:03,720
Speaker 2: out on a good chunk of this pension that you'd

460
00:20:03,720 --> 00:20:05,879
Speaker 2: receive in retirement because you couldn't stick it out the

461
00:20:05,880 --> 00:20:08,320
Speaker 2: full length of time. Not because it wasn't your intention,

462
00:20:08,600 --> 00:20:10,679
Speaker 2: but because in reality, that's just not how your life

463
00:20:10,720 --> 00:20:11,040
Speaker 2: laid out.

464
00:20:11,119 --> 00:20:13,040
Speaker 1: Yeah, And it's hard to know what the future holds.

465
00:20:13,160 --> 00:20:14,920
Speaker 1: There are a lot of different scenarios, right Like, let's

466
00:20:14,920 --> 00:20:16,800
Speaker 1: just imagine you're eight years into the job. You get

467
00:20:16,800 --> 00:20:19,159
Speaker 1: a new boss who's a complete jerk. Well, are you

468
00:20:19,200 --> 00:20:22,040
Speaker 1: going to continue working under that insufferable jerk for twelve

469
00:20:22,040 --> 00:20:24,280
Speaker 1: more years because it's necessary to be able to have

470
00:20:24,320 --> 00:20:26,000
Speaker 1: a decent retirement and you want to make sure that

471
00:20:26,040 --> 00:20:27,520
Speaker 1: you snag that pension. That's tough.

472
00:20:27,600 --> 00:20:29,520
Speaker 2: Yeah, Should I hate my life for the next time?

473
00:20:29,520 --> 00:20:30,960
Speaker 1: You know? What do you want your life to look like?

474
00:20:31,040 --> 00:20:33,280
Speaker 1: And I know we're being kind of hard on option

475
00:20:33,720 --> 00:20:36,159
Speaker 1: one here, but if you like this potential job and

476
00:20:36,200 --> 00:20:38,840
Speaker 1: you see yourself there over the long term, even if

477
00:20:38,840 --> 00:20:40,800
Speaker 1: you can't be one hundred percent sure that you'll be

478
00:20:40,840 --> 00:20:43,240
Speaker 1: there for the full twenty years, I think maybe the

479
00:20:43,320 --> 00:20:46,119
Speaker 1: upside of the pension is pretty sweet, right, Like, maybe

480
00:20:46,119 --> 00:20:49,399
Speaker 1: you are taking a very different approach to work and

481
00:20:49,440 --> 00:20:52,479
Speaker 1: how it is that you view your job your your career.

482
00:20:52,520 --> 00:20:55,560
Speaker 1: I think it's a gamble either way. But I do

483
00:20:55,680 --> 00:20:57,960
Speaker 1: think it would be easier to say yes to option

484
00:20:58,000 --> 00:21:01,000
Speaker 1: one if you are ready to com completely hunkered down,

485
00:21:01,040 --> 00:21:03,439
Speaker 1: settle in, if you are sure that this is going

486
00:21:03,520 --> 00:21:05,280
Speaker 1: to be your final job. I just know that for me,

487
00:21:06,040 --> 00:21:08,480
Speaker 1: I couldn't say yes to that because the I mean

488
00:21:08,520 --> 00:21:13,560
Speaker 1: being locked down for twenty years. My goals they morph

489
00:21:13,680 --> 00:21:16,159
Speaker 1: over time, and they don't even more. Sometimes they completely shift,

490
00:21:16,240 --> 00:21:19,000
Speaker 1: and so new people every seven years. That's what I think, truly,

491
00:21:19,160 --> 00:21:21,040
Speaker 1: And so for me, like I haven't done anything for

492
00:21:21,080 --> 00:21:23,040
Speaker 1: twenty years. I haven't even been married for twenty years,

493
00:21:23,160 --> 00:21:25,760
Speaker 1: even though I certainly intend to be married for many

494
00:21:25,840 --> 00:21:28,920
Speaker 1: years beyond twenty years. But yeah, the idea, he told me,

495
00:21:29,000 --> 00:21:32,520
Speaker 1: that's not what you want, the idea of working in

496
00:21:32,560 --> 00:21:35,320
Speaker 1: the same job. It would just limit the optionality that

497
00:21:35,560 --> 00:21:37,280
Speaker 1: I might wouldn't want to have. And it's not that

498
00:21:37,320 --> 00:21:39,280
Speaker 1: I wouldn't want to work at some point off in

499
00:21:39,320 --> 00:21:41,000
Speaker 1: the future, It's just that I think I might want

500
00:21:41,040 --> 00:21:43,360
Speaker 1: it to look like something different than what it looks

501
00:21:43,400 --> 00:21:43,760
Speaker 1: like today.

502
00:21:43,880 --> 00:21:46,480
Speaker 2: I my first job, my first real long term job,

503
00:21:46,520 --> 00:21:48,879
Speaker 2: Matt was fourteen years that's a long time for a

504
00:21:48,920 --> 00:21:53,160
Speaker 2: millennial like that is, dude, doesn't really happen. And leaving

505
00:21:53,200 --> 00:21:55,440
Speaker 2: that job was in some ways really tough because I

506
00:21:55,480 --> 00:21:57,119
Speaker 2: loved it, I love the people I work with. But

507
00:21:57,200 --> 00:21:58,520
Speaker 2: in other ways I was ready to move on to

508
00:21:58,600 --> 00:22:01,240
Speaker 2: the next chapter and I and I had had to

509
00:22:01,240 --> 00:22:03,240
Speaker 2: stay there six more years even though I loved what

510
00:22:03,359 --> 00:22:04,919
Speaker 2: I didn't I love the people I work with in

511
00:22:05,000 --> 00:22:07,000
Speaker 2: order to jump through the golden handcuff hoop what I've

512
00:22:07,000 --> 00:22:09,600
Speaker 2: done it, I don't know. That's a tough decision. Probably not,

513
00:22:10,240 --> 00:22:12,320
Speaker 2: And it's been a tough six years. Yeah, so I

514
00:22:12,359 --> 00:22:14,399
Speaker 2: guess to learn from that, even just my own personal experience,

515
00:22:14,440 --> 00:22:15,959
Speaker 2: even when it's something you love, even if it's not

516
00:22:16,000 --> 00:22:18,800
Speaker 2: like all the bosses a jerk, still like, your goals

517
00:22:18,920 --> 00:22:21,560
Speaker 2: and what you want out of life can change totally

518
00:22:21,600 --> 00:22:23,719
Speaker 2: and you can't even predict those things. So let's talk

519
00:22:23,760 --> 00:22:25,800
Speaker 2: about the four oh one A for a second. Some

520
00:22:25,960 --> 00:22:29,080
Speaker 2: listeners might have thought you misspoke, dropped a different letter

521
00:22:29,080 --> 00:22:31,040
Speaker 2: after four oh one on accident or something, but no.

522
00:22:31,240 --> 00:22:34,840
Speaker 1: The four one A yeah, yeah, kind of like, hey, Jessica.

523
00:22:35,480 --> 00:22:36,959
Speaker 2: It's very similar to a four to one K. But

524
00:22:36,960 --> 00:22:40,120
Speaker 2: for government workers, you're getting essentially an eight percent match

525
00:22:40,160 --> 00:22:43,160
Speaker 2: for investing six percent, which is pretty darn good. Yeah,

526
00:22:43,240 --> 00:22:45,679
Speaker 2: that sounds better to me. That sounds really good. And

527
00:22:45,760 --> 00:22:48,399
Speaker 2: ultimately a man it might pay less than Let's say

528
00:22:48,440 --> 00:22:51,400
Speaker 2: he did this for twenty years and contributed the six

529
00:22:51,480 --> 00:22:54,080
Speaker 2: and got the eight, he might have well one less

530
00:22:54,119 --> 00:22:57,040
Speaker 2: of a guarantee and two less money in retirement. But

531
00:22:57,200 --> 00:23:00,000
Speaker 2: it's close enough. And this option adds so much more

532
00:23:00,080 --> 00:23:03,399
Speaker 2: flexibility that even if you don't stay the full twenty

533
00:23:03,640 --> 00:23:05,919
Speaker 2: you've done well for yourself. So I would say this

534
00:23:06,000 --> 00:23:09,680
Speaker 2: is probably the slam dunk option unless you're one hundred

535
00:23:09,680 --> 00:23:11,480
Speaker 2: percent sure you're going to be here for a long time.

536
00:23:12,000 --> 00:23:13,879
Speaker 2: The one thing I'd want to look into is how

537
00:23:13,920 --> 00:23:15,800
Speaker 2: the money's going to be invested in the four oh

538
00:23:15,800 --> 00:23:19,080
Speaker 2: onna because you typically have fewer options and they're more

539
00:23:19,080 --> 00:23:21,760
Speaker 2: conservative options. So like, for instance, you might not be

540
00:23:21,760 --> 00:23:23,240
Speaker 2: able to invest in a low cost s and P

541
00:23:23,280 --> 00:23:25,160
Speaker 2: five hundred fund. I would want to know that ahead

542
00:23:25,160 --> 00:23:27,840
Speaker 2: of time. So while the match is sweet, if the

543
00:23:27,840 --> 00:23:31,480
Speaker 2: investments are too conservative, that could also impact your decision.

544
00:23:32,080 --> 00:23:33,720
Speaker 2: And by the way, once you sign up for that plan,

545
00:23:34,160 --> 00:23:36,960
Speaker 2: you may not be able to dial back your contribution amount.

546
00:23:37,440 --> 00:23:40,200
Speaker 2: The employer decides if it's mandatory. But I guess really

547
00:23:40,320 --> 00:23:42,800
Speaker 2: neither one of these scenarios Matt, Mike is going to

548
00:23:42,920 --> 00:23:45,960
Speaker 2: have essentially a mandatory contribution that he's going to have

549
00:23:46,000 --> 00:23:48,040
Speaker 2: to give anyway, and ultimately we don't want him to

550
00:23:48,080 --> 00:23:50,080
Speaker 2: go below that investment percentage anyway.

551
00:23:50,160 --> 00:23:52,159
Speaker 1: Yeah, a quick note about you mentioned how he may

552
00:23:52,200 --> 00:23:54,520
Speaker 1: not have access to the SMP, you know, like a

553
00:23:54,560 --> 00:23:57,840
Speaker 1: low cost, widely different slide index fund. Basically a lot

554
00:23:57,840 --> 00:23:59,960
Speaker 1: of times the four O one A options are bomb

555
00:24:00,520 --> 00:24:03,040
Speaker 1: because it's the government, it's super conservative, and so, like

556
00:24:03,080 --> 00:24:05,040
Speaker 1: you said, make sure that you are aware of your

557
00:24:05,040 --> 00:24:07,680
Speaker 1: investing options because if you're thinking ten percent annual returns

558
00:24:07,680 --> 00:24:10,200
Speaker 1: with this, you might not probably going to be less.

559
00:24:10,280 --> 00:24:12,680
Speaker 1: You might not have ACCESSI because Mike has done such

560
00:24:12,680 --> 00:24:15,879
Speaker 1: an awesome job when it comes to he said, he

561
00:24:15,960 --> 00:24:18,920
Speaker 1: rolled over a previous four to one K into his IRA.

562
00:24:19,320 --> 00:24:21,760
Speaker 1: He's got like a pretty fat IRA sitting over there.

563
00:24:21,800 --> 00:24:23,840
Speaker 1: And if it was me, if I was in the situation,

564
00:24:23,880 --> 00:24:25,960
Speaker 1: I would totally take the four to one A get

565
00:24:26,000 --> 00:24:28,320
Speaker 1: the match, knowing that at the end of every year

566
00:24:28,359 --> 00:24:29,920
Speaker 1: you're going to be able to collect that thing, as

567
00:24:29,920 --> 00:24:32,359
Speaker 1: opposed to having to have the carrot dangled out in

568
00:24:32,359 --> 00:24:34,719
Speaker 1: front of you for twenty years. Know that you're invested

569
00:24:34,920 --> 00:24:37,040
Speaker 1: perhaps in bonds, which is often the case, which is

570
00:24:37,200 --> 00:24:40,280
Speaker 1: much more conservative than a total stock exposure. But then

571
00:24:40,280 --> 00:24:42,280
Speaker 1: guess what he said, He's got like over five hundred

572
00:24:42,280 --> 00:24:45,040
Speaker 1: thousand over in his other ira go hog wild when

573
00:24:45,040 --> 00:24:48,080
Speaker 1: it comes to stocks over there. Maintain that exposure to

574
00:24:48,200 --> 00:24:50,560
Speaker 1: the overall stock market there to sort of make up

575
00:24:50,560 --> 00:24:53,600
Speaker 1: because typically in your forties you start seeing your portfolio

576
00:24:54,119 --> 00:24:57,159
Speaker 1: shift towards bonds in order to become more conservative. But

577
00:24:57,200 --> 00:25:00,639
Speaker 1: you're doing that with the contributions you're making to your

578
00:25:00,640 --> 00:25:02,600
Speaker 1: four O one A and that you're surely every year,

579
00:25:02,680 --> 00:25:04,439
Speaker 1: and so in a way, you're you kind of have

580
00:25:04,560 --> 00:25:08,359
Speaker 1: your own target date fund that is like yourself, just

581
00:25:08,359 --> 00:25:10,760
Speaker 1: by continuing to do this work. And so just if

582
00:25:10,760 --> 00:25:12,720
Speaker 1: it was me, I would one hundred percent make sure

583
00:25:13,080 --> 00:25:15,359
Speaker 1: that I was invested either in the total stock market

584
00:25:15,480 --> 00:25:17,120
Speaker 1: or the s and P of F hundred. I would

585
00:25:17,119 --> 00:25:20,640
Speaker 1: honestly even be tempted to like use my full five

586
00:25:20,680 --> 00:25:23,159
Speaker 1: percent that we say, hey for riskier investments or if

587
00:25:23,200 --> 00:25:25,920
Speaker 1: you want to dabble in individual companies. I think if

588
00:25:25,920 --> 00:25:27,520
Speaker 1: it was me, I would say, you know what, I'm

589
00:25:27,520 --> 00:25:30,440
Speaker 1: going to take full license of that, maybe in order

590
00:25:30,480 --> 00:25:32,199
Speaker 1: to pursue a little bit more risk to kind of

591
00:25:32,200 --> 00:25:36,200
Speaker 1: offset the bonds. Is that Paul Merriman small cap value,

592
00:25:36,400 --> 00:25:38,480
Speaker 1: it's a little a little riskier for the potential for

593
00:25:38,480 --> 00:25:40,800
Speaker 1: a higher payoff. I might do that with a solid

594
00:25:40,920 --> 00:25:43,080
Speaker 1: five percent. He does it with much more than that.

595
00:25:43,200 --> 00:25:46,440
Speaker 1: And so I guess I'm giving you license to certainly

596
00:25:46,520 --> 00:25:50,400
Speaker 1: not worry about being too aggressively invested within your IRA

597
00:25:50,560 --> 00:25:52,960
Speaker 1: because of the fact that you know you are likely

598
00:25:53,000 --> 00:25:55,439
Speaker 1: to be invested more conservatively when it comes to your

599
00:25:55,440 --> 00:25:57,680
Speaker 1: four WA I think what we're ultimately getting at is

600
00:25:57,720 --> 00:26:00,280
Speaker 1: it's really hard to predict the future and that that's

601
00:26:00,520 --> 00:26:02,400
Speaker 1: really at the heart of this decision that Mike has

602
00:26:02,440 --> 00:26:04,879
Speaker 1: to make. Even Matt it reminds me of they have

603
00:26:05,000 --> 00:26:08,720
Speaker 1: like specific state specific five twenty nine plans that are prepaid,

604
00:26:09,080 --> 00:26:12,600
Speaker 1: and it's a very very similar sort of situation where oh, hey,

605
00:26:12,640 --> 00:26:14,720
Speaker 1: actually it's going to be cheaper to send my kid

606
00:26:14,760 --> 00:26:16,520
Speaker 1: to a state school in Florida if you live in

607
00:26:16,560 --> 00:26:19,400
Speaker 1: Florida if I do this prepaid plan instead of doing

608
00:26:19,400 --> 00:26:22,840
Speaker 1: the post paid five twenty nine plan. And I get

609
00:26:22,840 --> 00:26:24,520
Speaker 1: why people want to do that, because it means ultimately

610
00:26:24,560 --> 00:26:26,280
Speaker 1: it's going to be a lower price tag for college,

611
00:26:26,560 --> 00:26:29,159
Speaker 1: But then you're also saying I'm going to indoctrinate my

612
00:26:29,240 --> 00:26:30,840
Speaker 1: child and to go to the University of Florida or

613
00:26:30,840 --> 00:26:34,080
Speaker 1: Florida State or whatever instead of what if they end

614
00:26:34,160 --> 00:26:37,320
Speaker 1: up like wanting to go somewhere else. I mean even

615
00:26:37,520 --> 00:26:40,640
Speaker 1: just in a neighboring state, but potentially across the country somewhere.

616
00:26:40,800 --> 00:26:42,879
Speaker 1: That's the risk you're taking you on, and it's an

617
00:26:42,960 --> 00:26:44,920
Speaker 1: unknown for something like for a lot of parents who

618
00:26:44,920 --> 00:26:47,720
Speaker 1: are starting early sixteen, seventeen, eighteen years down the road.

619
00:26:48,040 --> 00:26:50,360
Speaker 1: That's kind of what Mike is doing, and that's why

620
00:26:50,720 --> 00:26:53,280
Speaker 1: I'm kind of typically sour on some of those prepaid plans,

621
00:26:53,320 --> 00:26:55,760
Speaker 1: even though it will mean it's cheaper, but it also

622
00:26:55,880 --> 00:26:58,760
Speaker 1: just prevents any sort of flexibility and that can be

623
00:26:58,840 --> 00:27:02,000
Speaker 1: tough the stomach. That's right. Let's hear from our next listener, Joel,

624
00:27:02,040 --> 00:27:03,800
Speaker 1: who has the same number of kids that you do

625
00:27:03,880 --> 00:27:05,560
Speaker 1: and he's trying to make the right money moves.

626
00:27:05,920 --> 00:27:08,800
Speaker 5: Hey man, Joel, this is Joe from Fairfax. I've got

627
00:27:08,800 --> 00:27:11,399
Speaker 5: a couple of not of fun questions, but hopefully you

628
00:27:11,840 --> 00:27:15,560
Speaker 5: all can help us out with some ideas My wife

629
00:27:15,560 --> 00:27:18,719
Speaker 5: and I have three kids, and we're lucky that her

630
00:27:18,760 --> 00:27:22,760
Speaker 5: sister and husband are willing to take them on if

631
00:27:23,000 --> 00:27:25,359
Speaker 5: the worst case were to happen and we were to

632
00:27:25,400 --> 00:27:28,320
Speaker 5: both pass away. We know they'll be great parents, but

633
00:27:28,440 --> 00:27:31,840
Speaker 5: we're just wondering, logistically, how do you work it into

634
00:27:31,840 --> 00:27:36,000
Speaker 5: your will so that the people who take custody of

635
00:27:36,040 --> 00:27:40,920
Speaker 5: the children get some money to upgrade their house, upgrade,

636
00:27:41,040 --> 00:27:44,359
Speaker 5: you know, buy a big van, provide our kids the

637
00:27:44,400 --> 00:27:50,040
Speaker 5: same type of opportunities we would hope to had we survived. Also,

638
00:27:50,640 --> 00:27:54,359
Speaker 5: relating to life insurance, we both have you know, pretty

639
00:27:54,359 --> 00:28:00,159
Speaker 5: sizable term policies so that the surviving parent would be

640
00:28:00,200 --> 00:28:04,479
Speaker 5: able to take care of the kids in an unfortunate event.

641
00:28:04,640 --> 00:28:10,080
Speaker 5: But if again, if neither parents survive, does someone need

642
00:28:10,119 --> 00:28:12,160
Speaker 5: to be listed in the policy for it to pay

643
00:28:12,160 --> 00:28:14,720
Speaker 5: out or does it always get paid out? And then

644
00:28:15,240 --> 00:28:18,440
Speaker 5: also just wondering if you have any ideas for how

645
00:28:18,480 --> 00:28:22,040
Speaker 5: to make sure our kids don't necessarily get that full

646
00:28:22,040 --> 00:28:26,200
Speaker 5: of them sum right at eighteen. Any information you guys

647
00:28:26,200 --> 00:28:28,119
Speaker 5: can provide on this would be much appreciated.

648
00:28:28,160 --> 00:28:28,439
Speaker 1: Thank you.

649
00:28:28,760 --> 00:28:31,200
Speaker 2: All right, Matt, that's a good question, a tough one

650
00:28:31,320 --> 00:28:33,760
Speaker 2: right for parents, but it's a necessary one. And this

651
00:28:33,840 --> 00:28:36,320
Speaker 2: is I think because it's a tough question and you're

652
00:28:36,320 --> 00:28:38,640
Speaker 2: talking about subject matter that most of us.

653
00:28:38,520 --> 00:28:40,320
Speaker 1: Would prefer not to think about.

654
00:28:40,520 --> 00:28:42,480
Speaker 2: A lot of people kick the can too far down

655
00:28:42,520 --> 00:28:45,680
Speaker 2: the road, whether it's we're talking life insurance for creating

656
00:28:45,720 --> 00:28:49,040
Speaker 2: a will, it's actually so much easier than you think

657
00:28:49,080 --> 00:28:52,080
Speaker 2: it's going to be. It's maybe take a few hours

658
00:28:52,080 --> 00:28:55,360
Speaker 2: of your time, and it's worth it because you're protecting

659
00:28:55,360 --> 00:28:58,040
Speaker 2: your family. So Joe, glad you're thinking about this. I

660
00:28:58,080 --> 00:28:59,800
Speaker 2: haven't told you Matt yet, but you're going to be

661
00:29:00,080 --> 00:29:01,560
Speaker 2: taking my kids. How do you feel about that?

662
00:29:01,600 --> 00:29:01,680
Speaker 4: You?

663
00:29:01,680 --> 00:29:03,960
Speaker 2: Okay, sure, I've figured out I put you on the

664
00:29:04,000 --> 00:29:05,960
Speaker 2: spot in the middle of this answer.

665
00:29:06,000 --> 00:29:07,480
Speaker 1: I think we can handle it. Let's we'll have a

666
00:29:07,480 --> 00:29:11,400
Speaker 1: conversation off air. How about okay, actually your second in line.

667
00:29:11,440 --> 00:29:13,560
Speaker 1: I think my folks are first in line, as long as,

668
00:29:13,600 --> 00:29:16,040
Speaker 1: like Joe, you're gonna throw throw me a few bones. Uh,

669
00:29:16,200 --> 00:29:17,960
Speaker 1: don't worry, because I mean, well, Joe was saying that,

670
00:29:18,000 --> 00:29:20,520
Speaker 1: he's like, I want to make sure that they receive

671
00:29:20,600 --> 00:29:23,320
Speaker 1: some money so that they can whatever, upgrade the house,

672
00:29:23,400 --> 00:29:25,800
Speaker 1: make sure that to afford them the opportunities. I think

673
00:29:25,840 --> 00:29:28,760
Speaker 1: it's totally reasonable to like, whoever has my kids, they

674
00:29:28,800 --> 00:29:31,560
Speaker 1: have all my money, that's right, that's basically because I mean,

675
00:29:31,600 --> 00:29:33,240
Speaker 1: I want them to be able to afford all the

676
00:29:33,280 --> 00:29:36,520
Speaker 1: same opportunities that granted in the moment, maybe they're going

677
00:29:36,600 --> 00:29:39,160
Speaker 1: to make slightly different decisions, but hopefully it's not because

678
00:29:39,160 --> 00:29:39,720
Speaker 1: of money.

679
00:29:39,760 --> 00:29:41,720
Speaker 2: It's not a lack of resources that prevents them from

680
00:29:41,720 --> 00:29:43,400
Speaker 2: being able to take care of your kids the way

681
00:29:43,400 --> 00:29:43,880
Speaker 2: you'd want them.

682
00:29:43,920 --> 00:29:48,440
Speaker 1: Exactly. Yeah, Okay, so some folks who have more complex situations,

683
00:29:48,480 --> 00:29:50,959
Speaker 1: they might want to hire an attorney, a lawyer who

684
00:29:51,040 --> 00:29:55,000
Speaker 1: specializes in a state planning. But many folks will be

685
00:29:55,040 --> 00:29:58,880
Speaker 1: able to turn to online will creation software that exists

686
00:29:58,880 --> 00:30:01,240
Speaker 1: out there, and they've gotten really good. So I'm saying

687
00:30:01,240 --> 00:30:02,840
Speaker 1: this because I don't want you to feel like Joe

688
00:30:02,840 --> 00:30:05,360
Speaker 1: that you've got to fork over big bucks in order

689
00:30:05,440 --> 00:30:06,240
Speaker 1: to get this thing done.

690
00:30:06,320 --> 00:30:08,400
Speaker 2: You have to pay somebody thousands of dollars to sit

691
00:30:08,440 --> 00:30:11,760
Speaker 2: down and that massive fat hourly rate. Thanks to technology,

692
00:30:12,600 --> 00:30:14,680
Speaker 2: a lot of folks can avoid that and you save

693
00:30:14,720 --> 00:30:16,120
Speaker 2: a lot of money in the process, exactly.

694
00:30:16,200 --> 00:30:18,560
Speaker 1: And so just when you're filling out that information online

695
00:30:18,640 --> 00:30:21,520
Speaker 1: and creating that will, you get to choose guardians if

696
00:30:21,600 --> 00:30:23,680
Speaker 1: you and your wife were to both pass at the

697
00:30:23,680 --> 00:30:27,160
Speaker 1: same time. But you can also choose secondary guardians as well,

698
00:30:27,720 --> 00:30:29,800
Speaker 1: and so like for some folks, Joel, like you mentioned,

699
00:30:29,800 --> 00:30:32,520
Speaker 1: you know, maybe picking your parents, but if they are

700
00:30:32,560 --> 00:30:35,000
Speaker 1: getting up there in years, you might want to have

701
00:30:35,080 --> 00:30:38,880
Speaker 1: your besties down there as those backup sort of secondary guardians.

702
00:30:38,960 --> 00:30:41,360
Speaker 1: That's what you are, You're the secondary guardian. Yeah, yeah, again,

703
00:30:41,440 --> 00:30:44,080
Speaker 1: we need to talk about this. Make sure we're prepared.

704
00:30:44,120 --> 00:30:46,040
Speaker 1: You want me to punch you down to tertiary, Well, no,

705
00:30:46,080 --> 00:30:47,600
Speaker 1: I'm fine being secondary, but that's just got to make

706
00:30:47,600 --> 00:30:49,520
Speaker 1: sure we we got to talk that through. I like

707
00:30:49,600 --> 00:30:51,040
Speaker 1: to you know how I am. I like to think

708
00:30:51,040 --> 00:30:52,800
Speaker 1: about things and talk about things. You know how I am.

709
00:30:52,920 --> 00:30:54,600
Speaker 2: I don't like to plan and I just like to

710
00:30:54,680 --> 00:30:55,760
Speaker 2: spraying things on you last minute.

711
00:30:55,760 --> 00:30:57,600
Speaker 1: I would just like to wing it. But so we

712
00:30:57,680 --> 00:31:00,280
Speaker 1: kind of tease to the fact that there are free

713
00:31:00,320 --> 00:31:02,840
Speaker 1: options out there, but do your own will. Dot com

714
00:31:03,360 --> 00:31:06,280
Speaker 1: is a great free online option. If there's a lot

715
00:31:06,320 --> 00:31:09,280
Speaker 1: of folks listening and you're thinking, Okay, we don't have

716
00:31:09,320 --> 00:31:10,840
Speaker 1: a ton of assets, let's just kind of get this

717
00:31:10,880 --> 00:31:14,040
Speaker 1: ball rolling. This is a great option. There's also freewill

718
00:31:14,200 --> 00:31:16,040
Speaker 1: dot com as well. We can link to both of

719
00:31:16,080 --> 00:31:17,720
Speaker 1: those in the show notes. And Trust and Will dot

720
00:31:17,720 --> 00:31:21,160
Speaker 1: com that's one meth that I used myself and it

721
00:31:21,360 --> 00:31:23,320
Speaker 1: was great. They lead you through the process.

722
00:31:23,160 --> 00:31:25,480
Speaker 2: It's like one of those tax filing softwares essentially that

723
00:31:25,520 --> 00:31:27,520
Speaker 2: ask you all the right questions and they put so

724
00:31:27,600 --> 00:31:28,960
Speaker 2: much work on the front end to make sure they're

725
00:31:28,960 --> 00:31:30,920
Speaker 2: asking you the right stuff that you end up with

726
00:31:31,000 --> 00:31:32,400
Speaker 2: the right product on the back end.

727
00:31:32,440 --> 00:31:35,040
Speaker 1: So yeah, it works well. Yeah, yeah, Like you said,

728
00:31:35,040 --> 00:31:36,640
Speaker 1: they walk you through the process and it's just they

729
00:31:36,680 --> 00:31:39,520
Speaker 1: make it the easiest, whereas with do your own will

730
00:31:39,560 --> 00:31:41,240
Speaker 1: dot com it's going to be a little trickier as

731
00:31:41,240 --> 00:31:42,560
Speaker 1: you're trying to figure out like, oh, what am I

732
00:31:42,560 --> 00:31:44,280
Speaker 1: supposed to put here? What am I supposed to put there? Yeah,

733
00:31:44,280 --> 00:31:47,080
Speaker 1: you're not going to run into that with trust and Will. Yeah,

734
00:31:47,120 --> 00:31:49,000
Speaker 1: all right, So let's get onto the heart of Joe's question.

735
00:31:49,240 --> 00:31:52,040
Speaker 1: When you're creating your will, Joe, you can choose to

736
00:31:52,120 --> 00:31:55,440
Speaker 1: leave portions of your estate to certain individuals, and of course,

737
00:31:55,680 --> 00:31:57,520
Speaker 1: if only one of you were to pass away, you

738
00:31:57,720 --> 00:32:00,200
Speaker 1: or your spouse, you'd want the other partner to hear

739
00:32:00,240 --> 00:32:03,000
Speaker 1: it all the assets. Typically, that's typically the choice you make.

740
00:32:03,280 --> 00:32:05,040
Speaker 1: But if you're both to pass away at the same time,

741
00:32:05,320 --> 00:32:08,640
Speaker 1: obviously hopefully not, you can designate who would get what.

742
00:32:09,280 --> 00:32:11,160
Speaker 1: Just know that if you want to particularly call out

743
00:32:11,240 --> 00:32:14,440
Speaker 1: certain assets for specific people inherit to inherit, there's a

744
00:32:14,440 --> 00:32:16,680
Speaker 1: place for you to do that in the will formation process.

745
00:32:16,960 --> 00:32:20,920
Speaker 1: And you mentioned too your kids inheriting money but wanting

746
00:32:21,320 --> 00:32:23,120
Speaker 1: to wait until a certain age for that to take place,

747
00:32:23,120 --> 00:32:25,800
Speaker 1: which totally makes sense, Like, yeah, you don't want them

748
00:32:25,840 --> 00:32:28,760
Speaker 1: all to get all the money that you have stockpiled

749
00:32:29,160 --> 00:32:32,080
Speaker 1: right when they turn eighteen. Most people want to avoid that,

750
00:32:32,200 --> 00:32:35,320
Speaker 1: And so basically you can allocate each child or percentage

751
00:32:35,320 --> 00:32:37,240
Speaker 1: of your assets. But if you're wanting them to be

752
00:32:37,280 --> 00:32:39,400
Speaker 1: a certain age further off in the distance, that's when

753
00:32:39,400 --> 00:32:40,880
Speaker 1: you want to create a trust in exactly. And you

754
00:32:40,920 --> 00:32:43,680
Speaker 1: can create a trust with a lot of these online

755
00:32:44,080 --> 00:32:46,560
Speaker 1: companies too, exactly. Yeah, And I think this is really

756
00:32:46,600 --> 00:32:49,440
Speaker 1: wise because you're not doing this because you don't love them, right,

757
00:32:49,720 --> 00:32:51,840
Speaker 1: It's not like that you don't necessarily trust them. It's

758
00:32:51,840 --> 00:32:55,080
Speaker 1: because kids brains aren't fully developed yet. I think, is

759
00:32:55,120 --> 00:32:57,840
Speaker 1: it like males, Like, truly our brains aren't completely developed

760
00:32:57,840 --> 00:32:59,600
Speaker 1: into we're twenty five years old. Can you imagine what

761
00:32:59,640 --> 00:33:01,360
Speaker 1: would have and if one hundred and fifty grand dropped

762
00:33:01,360 --> 00:33:03,640
Speaker 1: in your lap at age eighteen? More right, I mean,

763
00:33:03,720 --> 00:33:05,880
Speaker 1: like I think back to the decisions I made between

764
00:33:06,600 --> 00:33:09,200
Speaker 1: I mean, certainly younger than eighteen, but like so eighteen

765
00:33:09,240 --> 00:33:13,240
Speaker 1: is quote unquote true adulthood, right, but like, eh, I mean, yeah,

766
00:33:13,360 --> 00:33:15,560
Speaker 1: I guess I would have made some terrible decisions as

767
00:33:15,680 --> 00:33:18,000
Speaker 1: a newly formed adult. But like, man, that period of

768
00:33:18,080 --> 00:33:19,640
Speaker 1: time between eighteen and twenty five.

769
00:33:20,640 --> 00:33:23,120
Speaker 2: It would be like an Amazon Prime The Breaks Baby

770
00:33:23,120 --> 00:33:24,280
Speaker 2: documentary about.

771
00:33:24,040 --> 00:33:27,080
Speaker 1: You if that had happened. Yeah, with it a trust

772
00:33:27,120 --> 00:33:30,720
Speaker 1: as well, you can specify even that money gets allotted

773
00:33:30,920 --> 00:33:33,760
Speaker 1: in different increments or at different stages of life. Even so,

774
00:33:33,840 --> 00:33:36,120
Speaker 1: let's say, oh, okay, you can use this much money for

775
00:33:36,400 --> 00:33:39,280
Speaker 1: higher education, or you can say, hey, once you're married,

776
00:33:39,320 --> 00:33:41,760
Speaker 1: this much, or hey once you have kids. This is

777
00:33:42,200 --> 00:33:44,880
Speaker 1: what you're looking at. And again this isn't to be

778
00:33:45,000 --> 00:33:48,160
Speaker 1: overly controlling from the grave, but it's just to safeguard

779
00:33:48,200 --> 00:33:50,600
Speaker 1: those funds, to make sure that you're setting your kids

780
00:33:50,680 --> 00:33:51,200
Speaker 1: up for success.

781
00:33:51,280 --> 00:33:53,360
Speaker 2: You don't want to be that puppeteer from beyond right,

782
00:33:53,640 --> 00:33:57,880
Speaker 2: still pulling the strings, creepy the John Malcovich per SEC

783
00:33:58,600 --> 00:34:00,200
Speaker 2: and you can. You can also do the same byway

784
00:34:00,240 --> 00:34:02,200
Speaker 2: with a life insurance policy, which I'm hoping you have.

785
00:34:02,400 --> 00:34:04,760
Speaker 2: I'm assuming you have, but it's really crucial to at

786
00:34:04,840 --> 00:34:07,600
Speaker 2: least mention this. The will is one thing, but if

787
00:34:07,640 --> 00:34:11,000
Speaker 2: you're worried about the financial reality and the financial prospects

788
00:34:11,320 --> 00:34:13,160
Speaker 2: that the people who will be taking care of your

789
00:34:13,200 --> 00:34:16,799
Speaker 2: children will face, a term life insurance policy is the

790
00:34:16,880 --> 00:34:20,200
Speaker 2: right and necessary path to take. And we always say

791
00:34:20,280 --> 00:34:22,960
Speaker 2: term life because it's way cheaper than whole life and

792
00:34:23,000 --> 00:34:25,200
Speaker 2: you're not going to need life insurance in all likelihood

793
00:34:25,200 --> 00:34:27,120
Speaker 2: twenty or thirty years down the line, you will have

794
00:34:27,120 --> 00:34:29,839
Speaker 2: been saving and investing and you'll be financially independent right

795
00:34:30,080 --> 00:34:32,360
Speaker 2: once you hit that kind of sixty year mark.

796
00:34:32,520 --> 00:34:34,000
Speaker 1: Hopefully your kids.

797
00:34:33,800 --> 00:34:36,000
Speaker 2: Are going to be grown hopefully too by then. So

798
00:34:36,360 --> 00:34:38,359
Speaker 2: it just means that, hey, life insurance is far less

799
00:34:38,400 --> 00:34:40,640
Speaker 2: of a necessity. We have a life insurance step by

800
00:34:40,640 --> 00:34:42,680
Speaker 2: step guide we're going to link to. But just know

801
00:34:42,880 --> 00:34:45,120
Speaker 2: that having that life insurance policy is going to provide

802
00:34:45,120 --> 00:34:46,640
Speaker 2: a lot of peace of mind. It's going to provide

803
00:34:46,640 --> 00:34:48,839
Speaker 2: a big financial backstop to your partner if you were

804
00:34:48,880 --> 00:34:50,880
Speaker 2: to pass away. But then Also, if you and your

805
00:34:50,880 --> 00:34:53,000
Speaker 2: partner were to pass away to the people who would

806
00:34:53,000 --> 00:34:55,120
Speaker 2: be taking care of your kids, they can essentially be

807
00:34:55,160 --> 00:34:58,040
Speaker 2: the beneficiary of your life insurance policy, and that is huge.

808
00:34:58,040 --> 00:35:00,799
Speaker 2: You're setting them and your kids up for success from

809
00:35:00,800 --> 00:35:02,520
Speaker 2: beyond the grave matifest the case totally.

810
00:35:02,560 --> 00:35:04,120
Speaker 1: Yeah. I don't want to say there's an order of

811
00:35:04,160 --> 00:35:05,520
Speaker 1: things that you should do here, but if it was

812
00:35:05,600 --> 00:35:07,120
Speaker 1: me and I didn't have either of these in place,

813
00:35:07,160 --> 00:35:09,720
Speaker 1: I'd be looking at getting life insurance in place first.

814
00:35:09,760 --> 00:35:12,399
Speaker 1: Because if you don't have a will, and if you

815
00:35:12,480 --> 00:35:14,960
Speaker 1: and your wife were to pass, that's called dying intestate,

816
00:35:15,120 --> 00:35:17,200
Speaker 1: which is always like that word, it always sounds like

817
00:35:17,239 --> 00:35:20,480
Speaker 1: a gi issue that's any might have. But the court

818
00:35:20,719 --> 00:35:25,000
Speaker 1: decides what happens essentially, but like eventually, and yes it's

819
00:35:25,040 --> 00:35:27,719
Speaker 1: a headache, but eventually they're going to figure things out, right,

820
00:35:27,760 --> 00:35:30,879
Speaker 1: It's not like everything evaporates and disappears, right, Like they're

821
00:35:30,880 --> 00:35:32,560
Speaker 1: gonna maybe not the way you would have drawn it out,

822
00:35:32,600 --> 00:35:34,000
Speaker 1: maybe not exactly, which is why you want to have

823
00:35:34,040 --> 00:35:35,920
Speaker 1: a will. It's the court and they're going to do

824
00:35:36,040 --> 00:35:38,879
Speaker 1: things in the manner that they believe is most fair

825
00:35:38,960 --> 00:35:41,719
Speaker 1: and most just. But like you said, if you have

826
00:35:41,880 --> 00:35:44,680
Speaker 1: particular requests. That's why you set this thing up. But

827
00:35:44,719 --> 00:35:47,440
Speaker 1: guess what, when it comes to having money to pass on,

828
00:35:47,480 --> 00:35:49,920
Speaker 1: it's not like if you don't get life insurance that

829
00:35:50,040 --> 00:35:51,520
Speaker 1: the government is going to be like, you know what,

830
00:35:52,000 --> 00:35:54,839
Speaker 1: we got your back. He didn't set this up. There's

831
00:35:54,840 --> 00:35:57,160
Speaker 1: no additional money that's like floating out there. That's that's

832
00:35:57,480 --> 00:36:00,839
Speaker 1: going to get paid to your next of kin or

833
00:36:00,880 --> 00:36:02,479
Speaker 1: any of your kids. That kind of thing. I agree

834
00:36:02,480 --> 00:36:04,600
Speaker 1: that takes top priority over the world, So keep that

835
00:36:04,640 --> 00:36:07,080
Speaker 1: in mind. But Joe, you're talking about like beneficiaries and

836
00:36:07,320 --> 00:36:10,520
Speaker 1: life insurance. Of course the first beneficiary should be your spouse,

837
00:36:10,719 --> 00:36:12,919
Speaker 1: but then make sure that you designate a second one.

838
00:36:12,960 --> 00:36:14,440
Speaker 1: In this case, your friends who are going to be

839
00:36:14,560 --> 00:36:16,440
Speaker 1: or your wife's sister. I guess who's going to be

840
00:36:16,480 --> 00:36:20,160
Speaker 1: tasked with providing for and taken care of your kids.

841
00:36:20,719 --> 00:36:23,239
Speaker 1: If you're leaving behind, let's say a home with four

842
00:36:23,320 --> 00:36:25,800
Speaker 1: hundred thousand dollars in equity, and if you're leaving behind

843
00:36:25,840 --> 00:36:28,799
Speaker 1: a life insurance policy for half a million dollars, well

844
00:36:28,800 --> 00:36:31,440
Speaker 1: that's going to go a long way towards helping them

845
00:36:31,440 --> 00:36:33,120
Speaker 1: to provide. It's going to help them to be able

846
00:36:33,120 --> 00:36:36,040
Speaker 1: to afford those upgrades that they're inevitably going to need.

847
00:36:36,080 --> 00:36:38,360
Speaker 1: But I think those two steps, those two things combined

848
00:36:38,480 --> 00:36:41,160
Speaker 1: should give you peace of mind and a financial backstop

849
00:36:41,160 --> 00:36:43,440
Speaker 1: for those worst case scenarios. One last thing, when it

850
00:36:43,440 --> 00:36:47,319
Speaker 1: comes to beneficiaries, remember too that the beneficial whoever you

851
00:36:47,360 --> 00:36:49,600
Speaker 1: designate as the beneficiary, when it comes to some of

852
00:36:49,600 --> 00:36:52,319
Speaker 1: your different accounts, so certainly life insurance, but also when

853
00:36:52,320 --> 00:36:55,440
Speaker 1: it comes to any investments that you might have, that

854
00:36:55,520 --> 00:36:58,320
Speaker 1: overrides what you have in your will, So pay close

855
00:36:58,320 --> 00:37:00,480
Speaker 1: attention to that. And may this be a reminder to

856
00:37:00,480 --> 00:37:02,759
Speaker 1: everybody else out there who maybe they set up their

857
00:37:02,840 --> 00:37:06,480
Speaker 1: different investment accounts a long time ago, and you just

858
00:37:06,480 --> 00:37:08,319
Speaker 1: want to make sure you don't have somebody the name

859
00:37:08,360 --> 00:37:10,680
Speaker 1: does a beneficiary who's no longer in your life. Maybe

860
00:37:10,760 --> 00:37:13,600
Speaker 1: double check x some sort. We covered that story on Friday,

861
00:37:13,600 --> 00:37:15,879
Speaker 1: Flag Telling Yeah, totally what I'm thinking of, And yeah,

862
00:37:15,920 --> 00:37:18,520
Speaker 1: it was like his ex girlfriend from thirty forty years

863
00:37:18,560 --> 00:37:20,960
Speaker 1: ago and the brothers are like trying to claw out

864
00:37:21,120 --> 00:37:23,120
Speaker 1: some of that money. Yeah, she's only around for like

865
00:37:23,160 --> 00:37:23,920
Speaker 1: two years. I know.

866
00:37:24,120 --> 00:37:26,040
Speaker 2: It's like, oh, we haven't talked in ages, but I'll

867
00:37:26,040 --> 00:37:28,680
Speaker 2: take this inheritance. I'll take this money. Yeah and so yeah,

868
00:37:28,680 --> 00:37:31,600
Speaker 2: that overrides everything. It's two clicks of a mouse, Matt,

869
00:37:31,600 --> 00:37:34,680
Speaker 2: it takes almost no time. Double check your beneficiary. Make

870
00:37:34,680 --> 00:37:36,880
Speaker 2: sure that it's the person who you want to inherit

871
00:37:36,880 --> 00:37:39,600
Speaker 2: your assets, is actually the person listed as the beneficiary

872
00:37:39,600 --> 00:37:41,879
Speaker 2: on your accounts typically for most people listening that it's

873
00:37:41,920 --> 00:37:45,000
Speaker 2: the IRA and the four oh one K. Double check.

874
00:37:45,040 --> 00:37:47,759
Speaker 2: Log into your provider and make sure. We've got more

875
00:37:47,840 --> 00:37:50,239
Speaker 2: to get to on this episode. Map more money talking

876
00:37:50,280 --> 00:37:53,200
Speaker 2: and clear we're gonna talk about money challenges. We'll get

877
00:37:53,200 --> 00:37:54,480
Speaker 2: to that in just a second.

878
00:37:54,520 --> 00:38:04,000
Speaker 1: Right after this, all right, and we are back from

879
00:38:04,040 --> 00:38:06,400
Speaker 1: the break, and everybody knows we've got to get to

880
00:38:06,480 --> 00:38:09,000
Speaker 1: our Facebook question of the week. This one isn't just

881
00:38:09,040 --> 00:38:11,800
Speaker 1: a question, it's almost like a money win of sorts.

882
00:38:12,040 --> 00:38:14,760
Speaker 1: This one is from Alexander and he wrote, my wife

883
00:38:14,800 --> 00:38:17,799
Speaker 1: completed the one hundred envelope challenge and now we have

884
00:38:18,080 --> 00:38:21,600
Speaker 1: five fifty dollars sitting in cash. We really don't have

885
00:38:21,680 --> 00:38:24,279
Speaker 1: a set goal in mind for it. What would be

886
00:38:24,320 --> 00:38:27,520
Speaker 1: the best use or best destination for this money. We

887
00:38:27,560 --> 00:38:30,640
Speaker 1: owe about ten thousand dollars on her car and about

888
00:38:30,640 --> 00:38:33,120
Speaker 1: the same on our roof, and the rates are five

889
00:38:33,160 --> 00:38:36,920
Speaker 1: point two and six and change, respectively. Should we pay

890
00:38:36,960 --> 00:38:39,399
Speaker 1: down debt, find a high yield Javing's account, or put

891
00:38:39,400 --> 00:38:43,040
Speaker 1: it in the market into Sby or VTI. I'd love

892
00:38:43,080 --> 00:38:46,560
Speaker 1: a little direction or advice to get us going, Joel,

893
00:38:46,600 --> 00:38:47,600
Speaker 1: what you think? First thing?

894
00:38:47,600 --> 00:38:50,919
Speaker 2: I think of, Alexander, Your wife's a rockstar. My wife

895
00:38:50,960 --> 00:38:53,600
Speaker 2: did this, and it's like, maybe you take on the

896
00:38:53,600 --> 00:38:56,879
Speaker 2: next challenge, Alexander, you take the reins, but your wife

897
00:38:56,880 --> 00:38:58,880
Speaker 2: did this one and guess what, she just found a

898
00:38:58,880 --> 00:39:01,320
Speaker 2: way to claw back five thousand bucks from your life.

899
00:39:01,160 --> 00:39:02,120
Speaker 1: That could have gone elsewhere.

900
00:39:02,200 --> 00:39:04,520
Speaker 2: So that's what's so cool about these money saving challenges

901
00:39:04,560 --> 00:39:06,120
Speaker 2: because and I'll explain the the.

902
00:39:06,239 --> 00:39:07,719
Speaker 1: Before you're not on the challenge, Before you move on

903
00:39:07,760 --> 00:39:09,120
Speaker 1: to the challenge, you're talking about his wife. I was

904
00:39:09,160 --> 00:39:11,359
Speaker 1: gonna say, so, Alexander, want you go ahead and let

905
00:39:11,360 --> 00:39:14,919
Speaker 1: your wife decide what is money because she's the one

906
00:39:14,920 --> 00:39:17,680
Speaker 1: that succeeded. Of course, it sounds like you'll have a

907
00:39:17,680 --> 00:39:20,839
Speaker 1: great relationship and your money is her money, and money

908
00:39:20,920 --> 00:39:22,640
Speaker 1: is your money. She do the hard work, she gets

909
00:39:22,640 --> 00:39:25,600
Speaker 1: seventy if it's fifty to fifty and you can't decide,

910
00:39:25,640 --> 00:39:27,799
Speaker 1: maybe she should be the tie Breik, that's right, that's right.

911
00:39:27,960 --> 00:39:30,120
Speaker 1: I agree with that. I'm just we're just being critical

912
00:39:30,880 --> 00:39:32,719
Speaker 1: picking on Alexis messing around. Well.

913
00:39:32,920 --> 00:39:35,640
Speaker 2: Yeah, the cool thing about saving challenges, Matt is I

914
00:39:35,640 --> 00:39:38,960
Speaker 2: think it can because of the way humans operate. We

915
00:39:39,160 --> 00:39:41,920
Speaker 2: just like when something's a game. When you think about,

916
00:39:42,360 --> 00:39:44,960
Speaker 2: at least for most people, are fun. Working out sounds terrible,

917
00:39:45,120 --> 00:39:46,640
Speaker 2: going to play a game of tennis with a friend

918
00:39:46,840 --> 00:39:49,279
Speaker 2: sounds different, but that can be great exercise. And so

919
00:39:49,320 --> 00:39:52,560
Speaker 2: I think gamifying your money that can add some fun

920
00:39:52,600 --> 00:39:54,759
Speaker 2: to the equation. It could add some motivation to reach

921
00:39:54,800 --> 00:39:57,920
Speaker 2: your money goals more quickly. And it's amazing how just

922
00:39:58,040 --> 00:40:02,759
Speaker 2: small or seemingly insignificant. If on the surface you're like, Okay, cool,

923
00:40:02,800 --> 00:40:04,040
Speaker 2: I make it a game. Is really that really going

924
00:40:04,120 --> 00:40:06,399
Speaker 2: to change anything? But it does. It really does something

925
00:40:06,440 --> 00:40:09,560
Speaker 2: to our brains. And I've said this before the Garment

926
00:40:09,600 --> 00:40:11,839
Speaker 2: app that when I'm seeing what my friends are doing

927
00:40:11,880 --> 00:40:13,879
Speaker 2: with their runs or whatever, it just makes me want

928
00:40:13,920 --> 00:40:17,239
Speaker 2: to get out there and crush them, not to ruin

929
00:40:17,280 --> 00:40:19,480
Speaker 2: their spirit, break their spirit, but it makes me want

930
00:40:19,520 --> 00:40:23,240
Speaker 2: to win taking souls. And so yeah, so I'm running

931
00:40:23,280 --> 00:40:25,759
Speaker 2: even though I might otherwise not. And it's largely because

932
00:40:25,760 --> 00:40:26,759
Speaker 2: of the gamification thing.

933
00:40:26,840 --> 00:40:28,800
Speaker 1: So we've got it. So when you see my activity,

934
00:40:28,920 --> 00:40:32,239
Speaker 1: do you feel superior? Cau, You're running way more than

935
00:40:32,239 --> 00:40:34,319
Speaker 1: I am. I feel inferior because you're cross inding so

936
00:40:34,320 --> 00:40:34,680
Speaker 1: many times.

937
00:40:35,239 --> 00:40:36,920
Speaker 2: But we've got I'll say this, we have a few

938
00:40:36,920 --> 00:40:38,839
Speaker 2: different savings challenges up on the site that will link

939
00:40:38,880 --> 00:40:41,400
Speaker 2: to in the show notes. This one hundred envelope challenge

940
00:40:41,440 --> 00:40:44,480
Speaker 2: is cool because you literally write a number on the

941
00:40:44,640 --> 00:40:47,120
Speaker 2: each envelope, you pull one out at random every day.

942
00:40:47,120 --> 00:40:48,640
Speaker 2: You don't know what you're gonna say, you put cash

943
00:40:49,200 --> 00:40:51,120
Speaker 2: of that amount in the envelope, and at the end

944
00:40:51,200 --> 00:40:53,760
Speaker 2: of one hundred days you've saved over that five thousand dollars.

945
00:40:53,960 --> 00:40:56,400
Speaker 2: There are different ones, different strokes, are different folks on

946
00:40:56,440 --> 00:40:59,080
Speaker 2: the savings challenges, but truly, I think they can help

947
00:40:59,120 --> 00:41:03,000
Speaker 2: you accomplish something would otherwise take longer for you, or

948
00:41:03,040 --> 00:41:04,840
Speaker 2: something that you continue to put off if you didn't

949
00:41:05,040 --> 00:41:05,600
Speaker 2: make it a game.

950
00:41:05,760 --> 00:41:08,239
Speaker 1: Totally agree. Yeah, And I'll say to the one hundred

951
00:41:08,360 --> 00:41:11,319
Speaker 1: envelope challenge, it doesn't necessarily like what you're literally talking

952
00:41:11,360 --> 00:41:14,120
Speaker 1: about physical envelopes. We're talking about cash, and I know

953
00:41:14,239 --> 00:41:17,239
Speaker 1: for us, at least we don't deal in cash. And

954
00:41:17,320 --> 00:41:19,799
Speaker 1: so for me, I hear this and I think, yeah, no,

955
00:41:19,880 --> 00:41:22,000
Speaker 1: thank you. But listen up, folks, you can also do

956
00:41:22,080 --> 00:41:24,600
Speaker 1: this digitally, and so I know, at least with ally,

957
00:41:24,640 --> 00:41:26,960
Speaker 1: they call them savings buckets. You can designate you can

958
00:41:27,000 --> 00:41:29,920
Speaker 1: just label it envelopes, but regardless of who you bank with,

959
00:41:30,000 --> 00:41:33,080
Speaker 1: you can designate certain funds. And what I would do

960
00:41:33,880 --> 00:41:36,799
Speaker 1: is type out one through one hundred and copy and

961
00:41:36,800 --> 00:41:40,600
Speaker 1: paste that into a number randomizer. Just literally Google google

962
00:41:40,640 --> 00:41:42,879
Speaker 1: that number randomizer on the internet and you can paste

963
00:41:42,920 --> 00:41:45,200
Speaker 1: that into there and it will reshuffle those numbers in

964
00:41:45,239 --> 00:41:47,720
Speaker 1: such a way that boom, Now you have the numbers

965
00:41:47,719 --> 00:41:50,200
Speaker 1: that you're going to draw essentially for each consecutive day

966
00:41:50,200 --> 00:41:52,279
Speaker 1: over the next one hundred days. The digital solution, it's

967
00:41:52,280 --> 00:41:54,160
Speaker 1: the digital solution. And then just make sure that you

968
00:41:54,600 --> 00:41:58,480
Speaker 1: move that dollar amount over into that savings bucket for

969
00:41:58,600 --> 00:42:01,200
Speaker 1: that day, and you're doing the same challenge and you're

970
00:42:01,200 --> 00:42:02,560
Speaker 1: gonna end up with the same amount of money at

971
00:42:02,560 --> 00:42:04,000
Speaker 1: the end of this period of time. Think about that's

972
00:42:04,040 --> 00:42:05,719
Speaker 1: basically I just don't want folks to hear that and

973
00:42:05,760 --> 00:42:07,400
Speaker 1: get turned off by the fact that like they're like,

974
00:42:07,440 --> 00:42:09,960
Speaker 1: all right, guys, I'm not gonna I'm not gonna go

975
00:42:10,000 --> 00:42:11,600
Speaker 1: and like what do I get the what do I

976
00:42:11,640 --> 00:42:13,520
Speaker 1: get the cash? What am I gonna hand with? Butter too?

977
00:42:13,600 --> 00:42:15,320
Speaker 1: Like do I have to go to like the ATM

978
00:42:15,360 --> 00:42:17,160
Speaker 1: every single day? Like how does this work? Right? There

979
00:42:17,200 --> 00:42:20,040
Speaker 1: are digital ways of doing this as well. But what's

980
00:42:20,080 --> 00:42:22,279
Speaker 1: so great about it, though, is the fact that that

981
00:42:22,320 --> 00:42:24,040
Speaker 1: you're clawing back sort of like you're saying, it's like

982
00:42:24,040 --> 00:42:27,279
Speaker 1: this magic money, but you're replacing like day to day

983
00:42:27,360 --> 00:42:29,480
Speaker 1: is sort of spending that you would naturally do and

984
00:42:29,520 --> 00:42:32,200
Speaker 1: you don't miss that money, right like that, like that's

985
00:42:32,239 --> 00:42:34,840
Speaker 1: just money that you just that kind of gets siphoned

986
00:42:34,880 --> 00:42:36,840
Speaker 1: out of your your bank account. But you're doing the

987
00:42:36,840 --> 00:42:39,040
Speaker 1: same thing, except that at the end of the day,

988
00:42:39,280 --> 00:42:41,959
Speaker 1: you've got the money. Yeah, and you probably don't miss

989
00:42:42,000 --> 00:42:44,160
Speaker 1: the fact that you didn't go get drinks with a friend.

990
00:42:44,239 --> 00:42:46,080
Speaker 1: Maybe instead you went for a walk. You can still

991
00:42:46,120 --> 00:42:47,799
Speaker 1: do the same thing, just don't spend the money. Yeah,

992
00:42:47,800 --> 00:42:50,640
Speaker 1: maybe you didn't go shopping after work when you're stressed,

993
00:42:50,760 --> 00:42:53,120
Speaker 1: and now you've got seventy seven dollars from that day

994
00:42:53,400 --> 00:42:55,239
Speaker 1: that is now in your account, as opposed to having

995
00:42:55,280 --> 00:42:57,520
Speaker 1: spent it in five thousand bucks in one hundred days, Matt.

996
00:42:57,560 --> 00:42:58,319
Speaker 1: I mean, that's that's a lot.

997
00:42:58,360 --> 00:42:59,640
Speaker 2: That's a lot of money to have on hand, and

998
00:42:59,680 --> 00:43:01,359
Speaker 2: there are a lot of options for what you can

999
00:43:01,400 --> 00:43:03,640
Speaker 2: do with that. So that's really the hard of Alexander's

1000
00:43:03,719 --> 00:43:06,359
Speaker 2: question here. The first one worth mentioning is the high

1001
00:43:06,360 --> 00:43:08,920
Speaker 2: old savings account. This is the right choice if you

1002
00:43:08,920 --> 00:43:11,920
Speaker 2: feel like your emergency fund is insufficient or non existent.

1003
00:43:12,239 --> 00:43:14,960
Speaker 2: You know, I don't love the car or the roof

1004
00:43:15,000 --> 00:43:17,640
Speaker 2: debt that you've taken on necessarily, but the interest rates

1005
00:43:17,640 --> 00:43:20,400
Speaker 2: aren't egregious on those things either, and the peace of

1006
00:43:20,440 --> 00:43:23,040
Speaker 2: mind that comes from a fully stocked emergency fund is clutched.

1007
00:43:23,040 --> 00:43:24,960
Speaker 2: So I just think that's priority number one here, Matt.

1008
00:43:25,200 --> 00:43:28,560
Speaker 2: I don't know. Maybe Alexander already has twenty five thous

1009
00:43:28,600 --> 00:43:31,239
Speaker 2: in a same these account. And if that's the case,

1010
00:43:31,239 --> 00:43:33,800
Speaker 2: if that covers nine months worth of expenses or something

1011
00:43:33,840 --> 00:43:36,759
Speaker 2: like that, then you can skip past that and move

1012
00:43:36,760 --> 00:43:39,000
Speaker 2: on to the next thing. But if you're not there,

1013
00:43:39,080 --> 00:43:41,680
Speaker 2: if it's meager, this is the perfect place to stick

1014
00:43:41,719 --> 00:43:44,200
Speaker 2: that money, to just beef up that savings account that

1015
00:43:44,200 --> 00:43:46,040
Speaker 2: gives you the peace of mind, and hey, if something

1016
00:43:46,080 --> 00:43:50,440
Speaker 2: happens where you lose your job or you know, just

1017
00:43:50,440 --> 00:43:54,000
Speaker 2: something an unexpected automobile repair, whatever that is. You're fully

1018
00:43:54,000 --> 00:43:56,560
Speaker 2: equipped to deal with that without freaking out because you've

1019
00:43:56,560 --> 00:43:57,920
Speaker 2: got the cash on hand, that's right.

1020
00:43:58,000 --> 00:44:00,640
Speaker 1: Yeah, But if you are beyond that, we're talking about

1021
00:44:00,719 --> 00:44:04,000
Speaker 1: investing or paying off debt, which is a conundrum that

1022
00:44:04,160 --> 00:44:06,480
Speaker 1: many people deal with, and it's not always clear cut

1023
00:44:06,520 --> 00:44:10,600
Speaker 1: because from a psychological perspective, and to avoid paying interest

1024
00:44:10,680 --> 00:44:13,600
Speaker 1: that pays more than your savings account. We'd love to

1025
00:44:13,600 --> 00:44:16,839
Speaker 1: see you pay off these debts, especially if the other

1026
00:44:16,880 --> 00:44:19,560
Speaker 1: option is going to be investing within a brokerage account,

1027
00:44:19,560 --> 00:44:22,120
Speaker 1: which is not tax advantaged. That being said, if we're

1028
00:44:22,120 --> 00:44:24,760
Speaker 1: talking about being able to contribute to your wroth IRA

1029
00:44:25,080 --> 00:44:27,279
Speaker 1: or not, well there's a tax benefit there, well, we

1030
00:44:27,280 --> 00:44:30,759
Speaker 1: would likely prioritize the WROTH because then if you miss

1031
00:44:30,800 --> 00:44:32,359
Speaker 1: a year, well you can't get that back. You can't

1032
00:44:32,360 --> 00:44:35,080
Speaker 1: go back in time and make your contributions for twenty

1033
00:44:35,120 --> 00:44:38,000
Speaker 1: twenty four at seven thousand dollars. But if you are

1034
00:44:38,040 --> 00:44:40,960
Speaker 1: already going to hit that goal, I think that yeah,

1035
00:44:41,160 --> 00:44:43,080
Speaker 1: I think putting that five thousand dollars towards the roof

1036
00:44:43,120 --> 00:44:45,359
Speaker 1: debt that just sounds like something I don't want to have,

1037
00:44:45,480 --> 00:44:48,440
Speaker 1: you know, there's also just the psychological win of knowing

1038
00:44:48,800 --> 00:44:50,960
Speaker 1: that there are different things in your life that you

1039
00:44:51,080 --> 00:44:53,600
Speaker 1: see that are already paid for. And actually, now that

1040
00:44:53,640 --> 00:44:55,480
Speaker 1: I say that out loud, maybe I would even focus

1041
00:44:55,480 --> 00:44:57,640
Speaker 1: on the car because if that's got the higher rate

1042
00:44:58,160 --> 00:45:00,279
Speaker 1: and you drive in the car every single day, I

1043
00:45:00,320 --> 00:45:02,360
Speaker 1: don't know the ability to have a paid for a

1044
00:45:02,400 --> 00:45:04,120
Speaker 1: car that you're driving around. I think it was vice

1045
00:45:04,200 --> 00:45:05,520
Speaker 1: versus I think the was a roof debt was a

1046
00:45:05,520 --> 00:45:09,000
Speaker 1: little more expensive because then you've got the appreciating assets

1047
00:45:09,080 --> 00:45:11,040
Speaker 1: where you don't have the There's like a there's a

1048
00:45:11,040 --> 00:45:13,720
Speaker 1: psychological win layer as well, where you don't have debts

1049
00:45:13,800 --> 00:45:15,719
Speaker 1: on a depreciating asset, whereas you can kind of make

1050
00:45:15,719 --> 00:45:17,480
Speaker 1: the argument that well the roof is a part of

1051
00:45:17,480 --> 00:45:21,000
Speaker 1: the house that's appreciating. Maybe it's ok, you know, slightly

1052
00:45:21,600 --> 00:45:23,920
Speaker 1: less painful that you're making payments on that.

1053
00:45:24,200 --> 00:45:27,320
Speaker 2: I would say this too, Matt, that in one hundred days,

1054
00:45:27,560 --> 00:45:29,920
Speaker 2: this is what Alexander and his family were able to accomplish.

1055
00:45:29,920 --> 00:45:32,040
Speaker 2: That's how much they were able to set aside. Thinking

1056
00:45:32,040 --> 00:45:34,560
Speaker 2: about paying off all those debts, well, you'd be able

1057
00:45:34,600 --> 00:45:37,080
Speaker 2: to get rid of the car debt, the roof debt,

1058
00:45:37,200 --> 00:45:39,359
Speaker 2: and three more of these envelope sessions, And so I'm

1059
00:45:39,400 --> 00:45:41,400
Speaker 2: not I'm curious to hear I would love to hear

1060
00:45:41,400 --> 00:45:44,400
Speaker 2: from Alexander, like, how difficult was it for your family?

1061
00:45:44,440 --> 00:45:47,760
Speaker 2: Did it feel like you were living a dramatically reduced

1062
00:45:47,760 --> 00:45:50,320
Speaker 2: lifestyle in order to achieve this goal? Is this something

1063
00:45:50,320 --> 00:45:51,680
Speaker 2: that I can do it for one hundred days, but

1064
00:45:51,719 --> 00:45:53,560
Speaker 2: there's no way we can do it for four hundred days.

1065
00:45:53,680 --> 00:45:55,920
Speaker 2: But when you talk about essentially a year of living

1066
00:45:55,920 --> 00:45:57,760
Speaker 2: the way you've been living for the past hundred days,

1067
00:45:57,880 --> 00:45:59,560
Speaker 2: you'd be able to get rid of both of these

1068
00:45:59,640 --> 00:46:02,399
Speaker 2: debts your life as long as we're still investing too,

1069
00:46:02,520 --> 00:46:04,440
Speaker 2: and we're being thoughtful about the future and not just

1070
00:46:04,880 --> 00:46:08,000
Speaker 2: getting rid of debt with a myopic gaze. I think

1071
00:46:08,080 --> 00:46:10,279
Speaker 2: that making it a goal to get both of these

1072
00:46:10,280 --> 00:46:12,239
Speaker 2: things out of your life sooner rather than later. Yeah,

1073
00:46:12,280 --> 00:46:13,400
Speaker 2: you've proven that you can do it.

1074
00:46:13,400 --> 00:46:15,960
Speaker 1: You can do it. Yeah. And the ability to just

1075
00:46:16,160 --> 00:46:18,600
Speaker 1: laser focus on these things as debts that you want

1076
00:46:18,640 --> 00:46:20,520
Speaker 1: to knock out, I think that could give you even

1077
00:46:20,880 --> 00:46:23,799
Speaker 1: more encouragement and give you more gasoline port on the

1078
00:46:23,840 --> 00:46:25,920
Speaker 1: fire right, because like he was talking about how they

1079
00:46:25,960 --> 00:46:28,040
Speaker 1: didn't even have these set as goals when they just

1080
00:46:28,040 --> 00:46:29,920
Speaker 1: started it. It's just like something that they were thinking,

1081
00:46:30,160 --> 00:46:31,880
Speaker 1: I wonder if we can do this. Let's do the challenge.

1082
00:46:31,880 --> 00:46:33,920
Speaker 1: See what happens. You've proven now that you can do it. Now,

1083
00:46:34,040 --> 00:46:36,279
Speaker 1: imagine that you're going to completely eliminate these debts from

1084
00:46:36,320 --> 00:46:38,879
Speaker 1: your life. That's really exciting. Like the ability to work

1085
00:46:38,920 --> 00:46:41,080
Speaker 1: together as a team. And again you mentioned your wife

1086
00:46:41,080 --> 00:46:43,280
Speaker 1: did this, not you, So what if you were both

1087
00:46:43,520 --> 00:46:45,879
Speaker 1: able to kind of hunger down focus on this as

1088
00:46:45,920 --> 00:46:49,600
Speaker 1: a goal, a shared goal that you'll have together. To me, man,

1089
00:46:50,000 --> 00:46:51,000
Speaker 1: that sounds really exciting.

1090
00:46:51,000 --> 00:46:53,040
Speaker 2: And think about the difference in cash flow every single

1091
00:46:53,040 --> 00:46:55,200
Speaker 2: month when you're not paying out money for both of

1092
00:46:55,200 --> 00:46:55,520
Speaker 2: these debts.

1093
00:46:55,560 --> 00:46:56,600
Speaker 1: When you have two of these debts that.

1094
00:46:56,600 --> 00:46:59,960
Speaker 2: Are probably larger in nature from an ongoing monthly expense.

1095
00:47:00,200 --> 00:47:02,719
Speaker 2: You about the breathing room that that essentially gives you,

1096
00:47:03,160 --> 00:47:04,000
Speaker 2: and how good that feels.

1097
00:47:04,040 --> 00:47:05,920
Speaker 1: If you deet snowball it right, all the money that

1098
00:47:05,960 --> 00:47:08,200
Speaker 1: was going towards making the other payment, Boom, all that money,

1099
00:47:08,239 --> 00:47:10,120
Speaker 1: it's going to be even easier to knock out that

1100
00:47:10,160 --> 00:47:13,400
Speaker 1: second debt. I guarantee it. But anyway, yeah, Alexander, we

1101
00:47:13,400 --> 00:47:15,320
Speaker 1: hope that gives you plenty to think about and hopefully

1102
00:47:15,320 --> 00:47:16,840
Speaker 1: we've encouraged you in the right direction.

1103
00:47:16,960 --> 00:47:18,920
Speaker 2: Yeah, Roth, I ray or paying off debt and all

1104
00:47:18,920 --> 00:47:19,040
Speaker 2: like that.

1105
00:47:19,239 --> 00:47:21,520
Speaker 1: Yeah, but Joel, we got to get back to our beer.

1106
00:47:21,760 --> 00:47:24,520
Speaker 1: You and I enjoyed a barrel aged Old raspootin what'd

1107
00:47:24,520 --> 00:47:27,560
Speaker 1: you think, buddy? Did you like it? I did like

1108
00:47:27,640 --> 00:47:28,000
Speaker 1: this one.

1109
00:47:28,600 --> 00:47:31,440
Speaker 2: This is we mentioned a kind of a classic beer already,

1110
00:47:31,520 --> 00:47:34,200
Speaker 2: and so it's nice to have the barrel aged versions.

1111
00:47:34,760 --> 00:47:36,399
Speaker 2: It's still a great beer, still holds up. I don't

1112
00:47:36,400 --> 00:47:38,640
Speaker 2: think I've had this beer in years, and the bourbon

1113
00:47:38,719 --> 00:47:41,600
Speaker 2: barrel just adds a depth of flavor to it, the

1114
00:47:42,200 --> 00:47:44,440
Speaker 2: oakiness and just it's so good. Tiny bit of that

1115
00:47:44,440 --> 00:47:46,440
Speaker 2: booziness to it, which tastes so nice. And this one

1116
00:47:46,480 --> 00:47:49,160
Speaker 2: almost had like barley wine vibes. Some stouts can be

1117
00:47:49,280 --> 00:47:52,319
Speaker 2: a little, a little sweet, a little cloying. This one

1118
00:47:52,560 --> 00:47:54,560
Speaker 2: just had I don't know, some of those like dark

1119
00:47:54,719 --> 00:47:57,359
Speaker 2: fruit vibes going on at the same time, which I dug.

1120
00:47:57,400 --> 00:47:59,200
Speaker 1: I like this one. I also say to me it

1121
00:47:59,200 --> 00:48:02,719
Speaker 1: was almost like border line, like Ila Scotch Territory, well,

1122
00:48:02,719 --> 00:48:04,759
Speaker 1: like the worry, almost like there was smoke coming off

1123
00:48:04,760 --> 00:48:06,520
Speaker 1: of the roast. I feel like I could taste the

1124
00:48:06,840 --> 00:48:09,000
Speaker 1: taste of smoke, yeah, off of the roasted sort of

1125
00:48:09,360 --> 00:48:12,279
Speaker 1: coffee like flavors, even though there wasn't any coffee in

1126
00:48:12,280 --> 00:48:14,560
Speaker 1: this actual to be the roasted mos right, so good,

1127
00:48:14,760 --> 00:48:17,120
Speaker 1: so good us. I notice here too that it says

1128
00:48:17,120 --> 00:48:19,799
Speaker 1: contains alcohol on here, like maybe somebody would have thought

1129
00:48:19,800 --> 00:48:22,320
Speaker 1: that this was just like some sort of regular beverage.

1130
00:48:22,360 --> 00:48:23,520
Speaker 1: Is that root beer? I don't think so.

1131
00:48:23,680 --> 00:48:25,520
Speaker 2: No, it's much better than that. All right, that's gonna

1132
00:48:25,520 --> 00:48:27,359
Speaker 2: do it for this, Matt. We'll put links to some

1133
00:48:27,400 --> 00:48:29,799
Speaker 2: of the things we mentioned up on our website at

1134
00:48:29,800 --> 00:48:30,920
Speaker 2: howtomoney dot com.

1135
00:48:31,000 --> 00:48:32,880
Speaker 1: We have new content, new.

1136
00:48:33,000 --> 00:48:36,040
Speaker 2: Articles being created regularly that we're writing regularly every single

1137
00:48:36,120 --> 00:48:38,280
Speaker 2: week to help you in your money journey, So please

1138
00:48:38,280 --> 00:48:39,120
Speaker 2: do go check that out.

1139
00:48:39,120 --> 00:48:40,120
Speaker 1: There's a there's an.

1140
00:48:40,040 --> 00:48:42,160
Speaker 2: Easy guide at the top to help you find what

1141
00:48:42,239 --> 00:48:45,560
Speaker 2: you're looking for, whether you're looking to save better, invest wisely,

1142
00:48:45,680 --> 00:48:47,680
Speaker 2: paydown debt more effect.

1143
00:48:48,160 --> 00:48:48,719
Speaker 1: Yeah, there you go.

1144
00:48:50,640 --> 00:48:52,799
Speaker 2: Whatever you're looking for, we've got something to help you

1145
00:48:52,840 --> 00:48:54,680
Speaker 2: out there up on our site, So please do check

1146
00:48:54,680 --> 00:48:55,960
Speaker 2: that out and sign up for the newsletter at how

1147
00:48:55,960 --> 00:48:58,960
Speaker 2: to money dot com slash newsletter, Matt. That's gonna do

1148
00:48:58,960 --> 00:49:01,239
Speaker 2: it for this. One Until next time, I'm best friends out,

1149
00:49:01,400 --> 00:49:02,759
Speaker 2: best friends out,