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

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

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Speaker 1: we have a listener question Monday episode lined up for folks,

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Speaker 1: and we've got five excellent questions that we're gonna get to,

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Speaker 1: including how to work with a partner who maybe isn't

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Speaker 1: so great with money? And are you talking about me? Oh,

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Speaker 1: not a business partner, like a romantic partner, which you

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Speaker 1: and I are not, How best to pay for tuition

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Speaker 1: if you're looking at going back to school, And we've

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Speaker 1: got a couple of questions to regarding inherited money the

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Speaker 1: best moves to make with that money. We'll get to

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Speaker 1: both of those, plus one of those little bonus questions.

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Speaker 1: Five questions total for this episode. Looking forward to it,

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Speaker 1: all right, it's looking forward to it as well. And

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Speaker 1: before we get to that, man, I just wanted to

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Speaker 1: quickly mention that our family has two new members. We uh,

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Speaker 1: we adopted a couple of kittens. Andingrats. If you've got twins,

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Speaker 1: don't tell anybody about the pregnancy, right right, So we

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Speaker 1: got them for my daughter's birthday. My my daughter just

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Speaker 1: herd eight my oldest daughter, and she she's like really

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Speaker 1: wanting to kind of take on some added responsibility, and

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Speaker 1: I really wanted that to be in the form of

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Speaker 1: a pet. Uh, And so that was kind of the

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Speaker 1: direction we went in. We were like trying to figure

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Speaker 1: out what kind of pet we were going to get.

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Speaker 1: It wasn't because of she didn't sit down to watch Cats,

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Speaker 1: the movie, that abomination of a film. I might have

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Speaker 1: scared her away from want to get cats. I don't know,

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Speaker 1: watch that before we get into cats, and like, do

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Speaker 1: you really want to, you know, get a couple of kiddies? Well,

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Speaker 1: we're looking at like guinea pigs, or should we get

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Speaker 1: like a hamster, or should we even go all the

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Speaker 1: way and get a dog? Cats just seemed to make

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Speaker 1: the most sense for us, at least for the time being.

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Speaker 1: But I wanted to let people know that, like where

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Speaker 1: you get your cat matters, and so we did a

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Speaker 1: good bit of research into that as well. And there's

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Speaker 1: this place nearby where we live, let me see, out

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Speaker 1: in the suburbs, about a thirty minute drive called good

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Speaker 1: Mute and uh always like a good pun, cute name,

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Speaker 1: right option. But this this was a really cool shelter

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Speaker 1: with a cool mission and yes, so it's a cage

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Speaker 1: free cash shelter. It's a no kill shelter and um,

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Speaker 1: it's really it's run by volunteers and it relies on

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Speaker 1: donations from the public. So we thought, like the mission

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Speaker 1: behind it was cool, but then the pricing was incredibly

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Speaker 1: cool too. So we're able to get two kittens plus

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Speaker 1: you know, quite a bit of initial supplies to help

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Speaker 1: us get started for fifty bucks, um. And so yeah,

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Speaker 1: it was like cool, we're supporting this cool shelter, but

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Speaker 1: at the same time, like we're not working over almost

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Speaker 1: any money and we're helping you know, these little kiddies

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Speaker 1: who need a home. So he said that it's like

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Speaker 1: a no cage shelter, And I just pictured just this giant,

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Speaker 1: massive room with a bunch of nooks and crannies and

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Speaker 1: there's just cats everywhere. So that's kind of what it is.

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Speaker 1: It's not like kind of like duking it out. It's

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Speaker 1: like the kitty world. So there's like one big room

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Speaker 1: for the kiddies and then there's another big room for

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Speaker 1: like adult cats and um. But yeah, it's just to

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Speaker 1: get out of the way of it's free range man

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Speaker 1: and they're all all over the place. Um, so it's

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Speaker 1: kind of like fun to experience that. Um, but well, yeah,

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Speaker 1: not now my house smells like cat, I will say that. Okay,

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Speaker 1: so I was over there, it actually doesn't smell like cat.

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Speaker 1: And I feel like I tend to be a little

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Speaker 1: more sensitive. I kind of yeah, there's sweet. Got to

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Speaker 1: know Nina and Bertie when I was over there for

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Speaker 1: the date night swap when I was kind of keeping

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Speaker 1: your house holding on the fort while you and Emily

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Speaker 1: were out on a date. But I'm kind of surprised.

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Speaker 1: I mean, so obviously you didn't pay a whole lot

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Speaker 1: of money up front foose cats, but the I mean,

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Speaker 1: there are gonna be ongoing costs. And I was over

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Speaker 1: there too, because when you all came home from your

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Speaker 1: date before I left, Emily like cracked the can of

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Speaker 1: one of one of these wet cat foods. Smelled wonderful.

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Speaker 1: But there's some ongoing might be the worst sentence. Yeah, um,

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Speaker 1: but the ongoing costs as well. It's definitely something to

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Speaker 1: keep in mind. And obviously money alone shouldn't be the

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Speaker 1: only reason that you say no to a pet. Right

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Speaker 1: if one of one of our kids said, hey, this

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Speaker 1: is something we're interested in. It would probably most definitely

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Speaker 1: be cheap if you're only looking at the costs and

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Speaker 1: not the additional things that a pet would bring to

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Speaker 1: your household, U the a rewarding experience. Yeah, but I

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Speaker 1: guess I just know that you tend to definitely be

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Speaker 1: a cheap guy. I don't know. Sometimes I think you're

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Speaker 1: more cheap than I am, but then there's other times

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Speaker 1: when I realized, maybe I'm the cheap you might be. Yeah,

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Speaker 1: you really might be out of the two of us. Yeah,

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Speaker 1: I'm excited for for my kids and it's it's been

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Speaker 1: fun to have them already, even though like in a

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Speaker 1: perfect world we wouldn't have any pets. Um, Yeah, that's

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Speaker 1: just kind of a perfect financial world, well the financial world.

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Speaker 1: And honestly, like I don't know, like I would love

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Speaker 1: to get a dog at some point, um, but I

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Speaker 1: don't know. It felt like cats made the most sense

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Speaker 1: for us now and they have grown on me already,

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Speaker 1: so it's kind of fun and I just wanted to

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Speaker 1: get throw that out there. Make sure you're put in

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Speaker 1: the research and find out, like where's the best place

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Speaker 1: near you to to get a cat, to adopt a cat,

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Speaker 1: or or any animal really that you're looking to get,

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Speaker 1: because I don't know, there's some people met that some

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Speaker 1: of our neighbors who spend thousands of dollars on an

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Speaker 1: animal because designer kiddies, they drive hours away in order

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Speaker 1: to pick up that that puppy or whatever. And there's

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Speaker 1: just other ways to get a cat and to like

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Speaker 1: really help a cat out at the same time. Most definitely. Yeah,

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Speaker 1: let's introduce the beer that we're gonna enjoy on this episode.

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Speaker 1: You and I are both drinking a Coco Frio and

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Speaker 1: this is by a brewery out of Chicago called Cruise Blanca.

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Speaker 1: This one, as well as a few others, were donated

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Speaker 1: to the show by Dennis. I'm looking forward to enjoying

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Speaker 1: this one and getting to our thoughts on this beer

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Speaker 1: at the end of the episode. Very nice. All right, Well,

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Speaker 1: let's move on to the topic of hand Matt. We're

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Speaker 1: answering listener questions on today's episode, and if you have

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Speaker 1: a question you want to Matt and I a tackle

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Speaker 1: on an upcoming ask HTM episode, just go to how

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Speaker 1: to money dot com slash ask. There are simple directions

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Speaker 1: there for you to record a voice memo send it

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Speaker 1: our way, and hopefully we can take that your question

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Speaker 1: on next week's episode. So yeah, Matt, let's get to

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Speaker 1: that first question. This one is about what it looks

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Speaker 1: like to be in a partnership with somebody who really

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Speaker 1: isn't very good with money. Joel and Matt, this is

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Speaker 1: Gina from New York. I'm in a hopefully long term relationship.

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Speaker 1: We have drastically different attitudes towards money. However, I say

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Speaker 1: ave and invest a lot and he spends. Since marriage

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Speaker 1: combines financial aspects of two people, is the spender saver

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Speaker 1: difference enough of a reason to not tie the knot.

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Speaker 1: We have also discussed wills, and I've read about durable

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Speaker 1: powers of attorney, living trusts, and beneficiaries. We will keep

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Speaker 1: separate bank accounts whether or not we marry. We both

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Speaker 1: work rent together and share household expenses. He has kids,

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Speaker 1: but we will not. I'm aware of that money can

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Speaker 1: be a source of discontent for couples and want to

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Speaker 1: avoid that. We've managed to skirt conflicts so far by

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Speaker 1: agreeing to disagree. As a daily bicycle commuter, my worst

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Speaker 1: case scenario is getting hit and having my money go

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Speaker 1: to my parents, who have achieved fire or my sister

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Speaker 1: who earned plenty of money your advice, please, Gene. It's

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Speaker 1: always great to hear from another bike enthusiast bike commuter

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Speaker 1: out there. Um, and yeah, that would be it would

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Speaker 1: be pretty bad news if you were to get hits.

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Speaker 1: Definitely make yourself visible, whether that's with reflectors or bike lights.

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Speaker 1: I actually want to make sure I get some bike

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Speaker 1: lights on all of our kids bikes because they don't

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Speaker 1: ride without us. But even still, I want to make

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Speaker 1: sure that we're this entire fleet of blinking red lights

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Speaker 1: that you know when there's cars coming up behind. Hyper visible. Seriously, yeah, yeah,

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Speaker 1: but you know, yeah, you're talking about relationships, and man,

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Speaker 1: isn't it true that opposites attracts. That's definitely the case

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Speaker 1: for you from what it sounds like, and that's totally okay.

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Speaker 1: But what leads to marriage difficulty is when you aren't

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Speaker 1: able to recognize that or you know you you aren't

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Speaker 1: able to communicate effectively about your differences. And so we

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Speaker 1: would encourage you to talk about money, work towards more

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Speaker 1: of a common understanding now before you have more difficulties

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Speaker 1: that might arise in the future. You just want to

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Speaker 1: make sure that you're getting on the same page as

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Speaker 1: much as possible before tying them not um. And you know,

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Speaker 1: you don't have to be perfectly aligned. You just have

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Speaker 1: to be able to communicate effectively so that you both understand,

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Speaker 1: you both respect each other. It is okay to want

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Speaker 1: to do things differently in all relationships. There's always going

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Speaker 1: to be more of a spender, more of a saver.

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Speaker 1: Typically you're gonna have different personality types and that's totally fine,

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Speaker 1: but we want to make sure that you both are

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Speaker 1: working towards a similar goal. Yeah, that communication aspect is

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Speaker 1: crucial because even if you handle things differently, or maybe

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Speaker 1: even disagree about things, as long as you can communicate

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Speaker 1: well about them, as long as the lines of communication

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Speaker 1: are open, you feel seen and heard. That's a huge

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Speaker 1: part of the equation, right, Yeah. Yeah. She said that

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Speaker 1: they've so far gotten by by just agreeing to disagree,

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Speaker 1: and that's that's fine, and you can easily do that

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Speaker 1: too when it comes to smaller things, right, like the

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Speaker 1: color of a bedroom. But if you're agreeing to disagree

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Speaker 1: about some of these larger things, I think that's when

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Speaker 1: it could really turn into a big problem. Yeah, yeah, yeah,

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Speaker 1: so I think One of the things Gine is asking

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Speaker 1: about is also like, whether these differences are big enough

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Speaker 1: to keep someone from getting married, And I feel like

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Speaker 1: that just kind of depends, right, It depends on if

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Speaker 1: these differences are because of even deeper issues than just money,

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Speaker 1: or if the differences in how you've money are that distinct,

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Speaker 1: if they're wildly opposite. So we don't want to sound

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Speaker 1: like marriage counselors, because we're definitely not that, But in

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Speaker 1: our experience, problems or disagreements with money specifically, are are

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Speaker 1: really just the symptom of some other differences in your lives. Right, So, Gene,

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Speaker 1: if I was in your shoes, I would focus less

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Speaker 1: on the money and I would start to ask more

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Speaker 1: questions that focus on the goals that the two of

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Speaker 1: you share, because money is often the funding source for

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Speaker 1: those goals. By getting on the same page for some

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Speaker 1: of these bigger life goals, that should help to inform

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Speaker 1: the actions and the decisions that you're making as a

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Speaker 1: couple in the day today. But it's so often the

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Speaker 1: case that starting the conversation from the standpoint of what

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Speaker 1: your goals are as a couple together can kick off

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Speaker 1: a conversation about money that feels less threatening because you

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Speaker 1: actually started by talking about something that's more core and

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Speaker 1: crucial to who you both both are together, as opposed

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Speaker 1: to starting on the negative note, which is like how

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Speaker 1: much you disagree about money. You're starting to dream together,

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Speaker 1: which really does make a big difference in like how

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Speaker 1: that conversation and comes about and is perceived exactly. Yeah,

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Speaker 1: because if you can identify a goal that you have

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Speaker 1: both said that this is important, this is something I

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Speaker 1: want to achieve, you can agree to that and say

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Speaker 1: there's a month goes by and then maybe say he

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Speaker 1: does something crazy with his money, it's something that he

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Speaker 1: might deem irresponsible. Then you have an established groundwork, and

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Speaker 1: I think there's a more healthy discussion that could come

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Speaker 1: from that where you'd say, hey, how does this actually

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Speaker 1: get us close to that large You can point back

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Speaker 1: to that prior conversation and say, listen, we were on

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Speaker 1: the same page here. But then you know what you actually, yeah,

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Speaker 1: they're saying something different exactly. A man. Now, let's kind

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Speaker 1: of get to some more than nuts and bolts when

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Speaker 1: it comes to protecting your assets in here. Now, the

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Speaker 1: only way to ensure that the assets you currently possess

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Speaker 1: that they won't be at risk if the marriage doesn't

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Speaker 1: work out, is to have a pre nup. We're not

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Speaker 1: huge fans of those, because the idea of marriage is

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Speaker 1: that you love and you trust someone enough to combine

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Speaker 1: everything with them, But they are becoming a little more

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Speaker 1: commonplace these days. Uh. NU can protect your assets, but

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Speaker 1: can also hurt in your relationship if you don't approach

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Speaker 1: it well, if you don't have good communication ahead of time,

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Speaker 1: and it's like, yeah, you're springing on somebody last minute,

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Speaker 1: You're like, wait a second, you don't trust me, Like,

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Speaker 1: what in the world is this? Yeah, and we're not married,

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Speaker 1: you know, that can be again, uh, just a symptom

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Speaker 1: of a deeper issue. That's why it's important to kind

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Speaker 1: of have some of those those deeper conversations first, um,

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Speaker 1: and so yeah, your your partner actually might be hurt

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Speaker 1: if it's even considered, even if it's brought up. And so, yeah,

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Speaker 1: I consider your approach and make sure that you talk

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Speaker 1: about it, you know, with care and consideration, in order

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Speaker 1: to avoid these fights as well as those potential hurt feelings. Yeah,

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Speaker 1: I think there are some other ways to the gena

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Speaker 1: can protect herself as the person who is better with money,

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Speaker 1: who has been saving and investing for a while. She

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Speaker 1: has been taking really important steps to make sure that

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Speaker 1: she is going to be financially independent someday. So Gina

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Speaker 1: would say, you know, dual accounts is another step that

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Speaker 1: you're gonna want to take, in particular in this relationship.

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Speaker 1: You know, having one account where you put both put

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Speaker 1: money every month for shared expenses is something that most

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Speaker 1: couples do, and it's helpful, but then you're gonna want

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Speaker 1: to keep another separate account for each of you. I

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Speaker 1: think that will help give you both peace of mind.

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Speaker 1: And I don't think that this is necessary for every couple,

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Speaker 1: but in particular, if you have you're finding that there's

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Speaker 1: this big of a gap between how you both handle money.

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Speaker 1: It's crucial for you to have your own account in

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Speaker 1: your name that's separate um. And it's also crucial to

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Speaker 1: have retirement accounts in your name as well. It sounds

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Speaker 1: like you're already doing that, but you definitely want to

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Speaker 1: continue to prioritize that having retirement money that's in your

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Speaker 1: name specifically. Yeah, and Jina, you also asked about making

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Speaker 1: sure that he gets any money in your name if

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Speaker 1: you were to pass away prematurely. It sounded like that

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Speaker 1: was sort of your worst case scenario, the fact that

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Speaker 1: you might have family members who would receive that money

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Speaker 1: when they don't necessarily need it. And I think that's

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Speaker 1: really thoughtful to make sure that your your partner there

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Speaker 1: would be receiving some of that money. And so if

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Speaker 1: you want to do that, you just need to make

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Speaker 1: sure that he is listed as the beneficiary on all

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Speaker 1: of your accounts, uh and that you create a will together.

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Speaker 1: You know you don't necess sarely need to see a

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Speaker 1: lawyer to do that. Free Will is a great site

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Speaker 1: for straightforward will creation. Will link to that in our

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Speaker 1: show notes. But you know, since he has kids from

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Speaker 1: a previous relationship, it actually might be best for you

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Speaker 1: to have a lawyer that specializes in wills, estates and

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Speaker 1: trust to help you with that. But the best part

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Speaker 1: about naming a beneficiary to your investments is the fact

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Speaker 1: that you don't have to get married in order to

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Speaker 1: make sure that he is financially taken care of or

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Speaker 1: you to pass. Marriage can be something that you work

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Speaker 1: towards as you kind of are figuring out what your

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Speaker 1: relationship is gonna look like. But in the meantime, you

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Speaker 1: can kind of have some peace of mind knowing that

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Speaker 1: that financial aspect of things is going to be taken

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Speaker 1: care of. Uh. And yeah, again, you just you don't

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Speaker 1: have to be married in order for that to happen. Yeah,

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Speaker 1: it's really not that difficult to change up your beneficiary.

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Speaker 1: You just gotta go into the back end of your

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Speaker 1: account and you know, and add him as your primary beneficiary.

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Speaker 1: And that should alleviate some of your worst case scenario

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Speaker 1: concerns rather quickly. Um. But yeah, Gina, best of luck

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Speaker 1: as you move forward into marriage. I hope you all

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Speaker 1: are able to sort some of this stuff out as

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Speaker 1: a couple. Those conversations can be tricky, but yeah, having

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Speaker 1: those conversations and communicating about it and not just sweeping

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Speaker 1: that stuff under the rug is crucial to be able

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Speaker 1: to move forward well as a couple when it comes

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Speaker 1: to money. All Right, Matt, We've got more questions to

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Speaker 1: get to, including a question about how to pay tuition. Uh.

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Speaker 1: We'll get to that and more right after this break.

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Speaker 1: All Right, we are back, and this next question is

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Speaker 1: from Tony until he's actually got a question. Uh, He's

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Speaker 1: he's in a similar position that you are in. When

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Speaker 1: it comes to the best way to pay for higher

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Speaker 1: education for his spouse. Let's hear it. Hey, Matt and Jel,

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Speaker 1: I hope you're both doing well. I was hoping to

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Speaker 1: get some financial advice on how to handle tuisue costs.

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Speaker 1: My wife is currently starting a graduate program that will

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Speaker 1: run about two years in total. We are able to

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Speaker 1: comfortably pay for the first year of tuition, but paying

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Speaker 1: for the second year would cause our savings STU to

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Speaker 1: go below our six months of expenses total, which I've

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Speaker 1: heard is not a smart decision to make. In order

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Speaker 1: to pay for the second year of tuition, we could

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Speaker 1: either take out a student loan of roughly ten thousand dollars,

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Speaker 1: or we could dip into an investment account that has

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Speaker 1: more than enough to cover the second year of tuition. However,

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Speaker 1: we were hoping to save this investment account for a

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Speaker 1: down payment on a house in the future, as we

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Speaker 1: currently rent, but at the same time I prefer to

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Speaker 1: avoid taking out a student loan to avoid the interest payments. Overall,

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Speaker 1: I think the three options to pay for the second

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Speaker 1: year would be to use our savings, dip into our

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Speaker 1: investment account, or take out a student loan. Are any

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Speaker 1: of these options preferable to the others, and if the

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Speaker 1: student loan is more preferable, do you have any recommendations

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Speaker 1: on good student loan options. If you're ever in Milwaukee,

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Speaker 1: you should check out Eagle Park Brewing as they have

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Speaker 1: some great options. I think you both would enjoy. Thank

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Speaker 1: you both for any advice you may have on the situation,

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Speaker 1: and keep up the great work on the podcast. So

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Speaker 1: real quick before we get into the question, Jill, Eagle

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Speaker 1: Park Brewing. I looked it up and it's actually a

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Speaker 1: pretty solid brewery. Not surprisingly, they have a lot of

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Speaker 1: I P A s and so of course that caught mine.

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Speaker 1: I'd like to try that. I've never had any beers

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Speaker 1: by them before. Now, yeah, we have it, Yeah, all right, well, yeah,

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Speaker 1: let's get into yeah, Tony's question, and Matt, you're right,

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Speaker 1: I'm in a similar situation right now where you know,

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Speaker 1: my wife, she's going back to school to become a

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Speaker 1: license therapist. It's going to take a few years, it's

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Speaker 1: gonna cost um, you know, decent chunk of change. And

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Speaker 1: I like, I will say, I like Tony's idea of

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Speaker 1: trying to avoid student loan debt and graduate student loan

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Speaker 1: debt in particular, right because graduate loans come with a

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Speaker 1: higher interest rate, especially now after that bump in July,

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Speaker 1: we're talking about an interest rate close to five and

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Speaker 1: a half percent. So any way that you can avoid

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Speaker 1: that or not not in any way I guess, or

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Speaker 1: some ways that you can avoid that that would be bad,

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Speaker 1: like you know, stealing from someone. Ways that you can

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Speaker 1: avoid paying that, we would encourage, Yeah, yeah, yeah, so,

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Speaker 1: but it's just it's important to note that it's not

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Speaker 1: ideal to take on a graduate student loan right now.

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Speaker 1: So when it comes to where you're gonna take that

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Speaker 1: money from, we would rather see you dip into more

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Speaker 1: of your savings, even though it means going below that

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Speaker 1: six month threshold, right And and one important thing for

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Speaker 1: you to consider before you do that, though, is how

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Speaker 1: secure you feel with your employment. Like if you're like

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Speaker 1: things are rocky and you know they've been laying some

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Speaker 1: bl off around me, and I feel like I'm next, well,

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Speaker 1: then dipping below that six month threshold isn't ideal. Um.

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Speaker 1: But if you've been there quite a while and the

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Speaker 1: likelihood of losing your job isn't minimal, then we would

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Speaker 1: say that's the spot to grab money from. Um is

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Speaker 1: a place where you're literally earning you know, next to

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Speaker 1: nothing and uh and being able to avoid taking on

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Speaker 1: loans at that you know, higher interest rate. Yeah, that's right.

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Speaker 1: There's a significant interest rate disparity between what you're earning

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Speaker 1: on your savings and what you would be shelling out

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Speaker 1: with those graduate loans and Tony. One other thing that

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Speaker 1: you could do to trim the cost is to put

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Speaker 1: money in a five nine plan. Streamline things a little

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Speaker 1: bit here, right. Uh. We we believe you live in

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Speaker 1: Wisconsin based on your email and so based on the

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Speaker 1: brewery recommendation. Uh So, it would be ideal if you

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Speaker 1: could contribute to a plan in your wife's name in

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Speaker 1: order to be able to not have to pay state

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Speaker 1: income tax on some of those dollars. However, don't get

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Speaker 1: crazy by investing that money, since you'll need it in

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Speaker 1: order to pay the tuition bill in short order. But

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Speaker 1: at least you'll get to minimize what you owe and

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Speaker 1: state taxes for the money you contribute. Yeah, that's one

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Speaker 1: of the steps that my wife and I are taking.

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Speaker 1: We are putting money in her name in a five plan.

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Speaker 1: It's not something we necessarily planned for. I won't say

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Speaker 1: that her idea to go to school came out of

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Speaker 1: left field or anything, but it wasn't something we were

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Speaker 1: planning for. We we probably should have done better talking

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Speaker 1: about that, planning for it in advance, so we could

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Speaker 1: have been investing money to pay for this education. Um.

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Speaker 1: But since we didn't do that, the next best thing

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Speaker 1: is at least to get that state tax break on

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Speaker 1: that money, UM when we know we're going to be

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Speaker 1: spending it on tuition no matter what exactly. And also

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Speaker 1: that five nine money can count towards supplies. Uh. So

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Speaker 1: let's say your wife needs a new laptop for that education,

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Speaker 1: you get a tax break on that money as well.

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Speaker 1: And don't forget as well, Tony to look hard for

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Speaker 1: scholarships that could cut down on the cost of school.

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Speaker 1: It's worth the time in the effort, right because even

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Speaker 1: just snabbing two or three scholarships can cut down on

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Speaker 1: the costs, allowing you to keep more of your savings

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Speaker 1: where it is. And since you'll be tapping some of

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Speaker 1: that savings to pay for the cost of school, you know,

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Speaker 1: make sure you prioritize building that up quickly over maybe

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Speaker 1: some of the other financial goals that you've had for

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Speaker 1: a little while. So maybe instead of contributing more to

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Speaker 1: that investment account that you mentioned, stop for a small

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Speaker 1: period of time while you're building back up that savings buffer, um,

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Speaker 1: and then you can resume it once you hit that

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Speaker 1: you know, six month mark again. Yeah. And another behavioral

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Speaker 1: reason to avoid taking the the easy path and signing

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Speaker 1: up for student loans is that you're probably less likely

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Speaker 1: to put in the hard work to find those scholarships

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Speaker 1: were you to get a loan. I think it's easier

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Speaker 1: to think like, Okay, we've got school paid forward, now

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Speaker 1: let's just move on with life, as opposed to essentially

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Speaker 1: kind of feeling the pain of having to dip into

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Speaker 1: your emergency fund a little bit. You're kind of like,

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Speaker 1: how can I dip in as little as possible? Um it? Actually, yeah,

429
00:19:41,000 --> 00:19:44,000
Speaker 1: I would say encourages you and goads you into searching

430
00:19:44,000 --> 00:19:45,960
Speaker 1: for scholarships, you know a little more. Yeah, when you

431
00:19:45,960 --> 00:19:47,520
Speaker 1: start skimming off the top a little bit of your

432
00:19:47,520 --> 00:19:50,240
Speaker 1: savings and you see it decrease, I think that could

433
00:19:50,280 --> 00:19:53,080
Speaker 1: just be the motivation that you need in order to

434
00:19:53,119 --> 00:19:55,600
Speaker 1: find ways to reduce the cost of school or you know,

435
00:19:55,720 --> 00:19:57,840
Speaker 1: or even to find ways to increase your income as

436
00:19:57,840 --> 00:20:01,560
Speaker 1: a couple. UM. Necess It is always the mother of invention.

437
00:20:01,960 --> 00:20:04,600
Speaker 1: But if you take if you hit the easy button

438
00:20:04,600 --> 00:20:06,920
Speaker 1: and you get the loan, well, necessity is no longer

439
00:20:07,000 --> 00:20:10,040
Speaker 1: there because you've got this pool of money that you

440
00:20:10,040 --> 00:20:12,480
Speaker 1: can draw on. UM. And we want you to feel

441
00:20:12,520 --> 00:20:14,119
Speaker 1: that pain a little bit, sort of like with budgeting.

442
00:20:14,119 --> 00:20:15,960
Speaker 1: I mean one of the reasons I tracked all of

443
00:20:15,960 --> 00:20:18,840
Speaker 1: our expenses so that I can feel every single one

444
00:20:18,840 --> 00:20:21,000
Speaker 1: of those expenses to a certain extent, uh, and just

445
00:20:21,040 --> 00:20:23,320
Speaker 1: to have my mind wrapped around what it is our

446
00:20:23,359 --> 00:20:26,040
Speaker 1: family is spending. And Sony, we think that mindset could

447
00:20:26,080 --> 00:20:30,040
Speaker 1: also allow you to see money up here in ways

448
00:20:30,080 --> 00:20:32,439
Speaker 1: that maybe you had no way of thinking that it

449
00:20:32,480 --> 00:20:35,080
Speaker 1: could appear, or finding ways to reduce the cost of

450
00:20:35,119 --> 00:20:37,760
Speaker 1: school when before you thought that there were no options

451
00:20:37,800 --> 00:20:40,199
Speaker 1: for you, and talk to the admissions department to see, like,

452
00:20:40,240 --> 00:20:42,640
Speaker 1: are there any scholarship opportunities that I'm missing? Like there

453
00:20:42,640 --> 00:20:44,919
Speaker 1: are websites out there where you can go search for scholarships.

454
00:20:45,240 --> 00:20:48,000
Speaker 1: But sometimes talking to the emissions department is going to

455
00:20:48,040 --> 00:20:50,879
Speaker 1: get you, especially in in like grad school is going

456
00:20:50,920 --> 00:20:53,800
Speaker 1: to help you find out about scholarship opportunities you might

457
00:20:53,840 --> 00:20:56,119
Speaker 1: not have known about. I know, you know, we've found

458
00:20:56,119 --> 00:21:00,280
Speaker 1: out about some really incredible scholarship opportunities from the Asians

459
00:21:00,320 --> 00:21:02,399
Speaker 1: department at the school that my wife is attending, and

460
00:21:02,440 --> 00:21:04,480
Speaker 1: those are ones that we would not have found out

461
00:21:04,480 --> 00:21:06,800
Speaker 1: about on some of the major websites. So it's definitely

462
00:21:06,840 --> 00:21:09,640
Speaker 1: worth asking the question, sending that email, making that phone call,

463
00:21:09,720 --> 00:21:12,760
Speaker 1: because there might be some impressive scholarships that are available

464
00:21:13,000 --> 00:21:15,440
Speaker 1: that could save you a whole lot of money. All right, Tony, Well,

465
00:21:15,440 --> 00:21:18,000
Speaker 1: we wish you and your wife the best of luck. Joel.

466
00:21:18,040 --> 00:21:20,000
Speaker 1: Let's get to our next question. We have one here

467
00:21:20,119 --> 00:21:22,480
Speaker 1: about from a listener who's looking to find ways to

468
00:21:22,560 --> 00:21:26,760
Speaker 1: maximize self employment benefits. Hey, guys, my name is Eric.

469
00:21:26,800 --> 00:21:30,280
Speaker 1: I'm from Eugene, Oregon. Started listening to this show thanks

470
00:21:30,320 --> 00:21:33,399
Speaker 1: to Joel's time as a producer of another podcast and

471
00:21:33,560 --> 00:21:36,560
Speaker 1: finding out that way. So I am really blessed to

472
00:21:36,560 --> 00:21:38,840
Speaker 1: own a business that continues to grow even though my

473
00:21:38,920 --> 00:21:41,560
Speaker 1: role in the company is diminishing. It pays all of

474
00:21:41,560 --> 00:21:43,439
Speaker 1: our household bills and max is out My wife and

475
00:21:43,480 --> 00:21:47,000
Speaker 1: I as roth Iras and Simple Iras. We began flipping

476
00:21:47,000 --> 00:21:49,080
Speaker 1: homes as a February this year, and I have three

477
00:21:49,119 --> 00:21:51,679
Speaker 1: under contract already. We're gonna list two of them at

478
00:21:51,720 --> 00:21:53,479
Speaker 1: the end of the month, and I'm starting to realize

479
00:21:53,480 --> 00:21:56,760
Speaker 1: the legitimacy of this business as well. Can I start

480
00:21:56,760 --> 00:21:59,640
Speaker 1: a solo for owen k or sep Ira and contribute

481
00:21:59,680 --> 00:22:02,800
Speaker 1: the max contributions for both my wife and I. I've

482
00:22:02,800 --> 00:22:05,000
Speaker 1: read that you can have two different retirement accounts as

483
00:22:05,000 --> 00:22:08,000
Speaker 1: an employee, but I can't seem to find information if

484
00:22:08,000 --> 00:22:11,160
Speaker 1: that applies to employers as well. On a separate note,

485
00:22:11,320 --> 00:22:13,359
Speaker 1: can I have my business each pay five thousand, two

486
00:22:13,440 --> 00:22:16,399
Speaker 1: hundred fifty dollars towards our student loans thanks to the

487
00:22:16,400 --> 00:22:19,760
Speaker 1: Cares Act. Thank you guys for your advice. Eric, thanks

488
00:22:19,800 --> 00:22:22,520
Speaker 1: so much for listening. And uh yeah, you mentioned the

489
00:22:22,520 --> 00:22:24,680
Speaker 1: podcast I used to work on with the Clark Howard Show.

490
00:22:24,800 --> 00:22:27,520
Speaker 1: We had Clark on recently. Super fun interview to have,

491
00:22:27,640 --> 00:22:30,600
Speaker 1: like literally the guy that taught me so many of

492
00:22:30,640 --> 00:22:32,360
Speaker 1: the things I know and care about when it comes

493
00:22:32,359 --> 00:22:34,600
Speaker 1: to money. He taught you everything that I haven't taught

494
00:22:34,600 --> 00:22:38,440
Speaker 1: you exactly, so most of it really um but yeah,

495
00:22:38,480 --> 00:22:39,760
Speaker 1: so it was fun to have him on the show.

496
00:22:39,800 --> 00:22:41,800
Speaker 1: That was episode I think if anyone wants to go

497
00:22:41,840 --> 00:22:44,080
Speaker 1: back and take a listen, um, But I'm also yeah,

498
00:22:44,080 --> 00:22:45,960
Speaker 1: I gotta say pump to be doing how the money

499
00:22:46,040 --> 00:22:48,760
Speaker 1: full time now? And and let's get to your question.

500
00:22:49,320 --> 00:22:51,320
Speaker 1: It sounds like owning a business has been really good

501
00:22:51,320 --> 00:22:53,760
Speaker 1: for you, Eric and being able to still generate a

502
00:22:53,800 --> 00:22:57,160
Speaker 1: solid income while also being able to spend less time

503
00:22:57,200 --> 00:22:59,760
Speaker 1: doing so. I mean, that's pretty excellent. That's for both worlds,

504
00:22:59,880 --> 00:23:01,879
Speaker 1: so real nice so people one, right, it's like to

505
00:23:01,920 --> 00:23:04,400
Speaker 1: make a good living without having to work fifty hours

506
00:23:04,400 --> 00:23:07,359
Speaker 1: a week. But let's specifically talk about house flipping for

507
00:23:07,359 --> 00:23:10,359
Speaker 1: a second. It can definitely be illegitimate business. Matt. We

508
00:23:10,359 --> 00:23:11,919
Speaker 1: haven't talked about this much on the show, but you

509
00:23:12,000 --> 00:23:14,440
Speaker 1: actually flipped a house at one point in time. We're

510
00:23:14,480 --> 00:23:18,360
Speaker 1: mostly buy and whole, long term mom and pop real

511
00:23:18,480 --> 00:23:21,359
Speaker 1: estate investors, but you did actually flip a house and

512
00:23:21,359 --> 00:23:23,200
Speaker 1: you did well with it. But it's also a whole

513
00:23:23,200 --> 00:23:25,400
Speaker 1: lot more risky, right, and you would readily admit that too.

514
00:23:25,840 --> 00:23:28,520
Speaker 1: So yeah, we really do encourage folks who are engaged

515
00:23:28,560 --> 00:23:31,720
Speaker 1: in riskier ways of making money, such as flipping a house,

516
00:23:32,000 --> 00:23:34,200
Speaker 1: to have extra cash on hand, to have more cash

517
00:23:34,400 --> 00:23:37,920
Speaker 1: than we would normally recommend to an individual. Right, Uh,

518
00:23:37,960 --> 00:23:39,959
Speaker 1: you know, market turns in real estate can either be

519
00:23:40,040 --> 00:23:42,680
Speaker 1: a huge boost to your profitability or it could leave

520
00:23:42,720 --> 00:23:46,040
Speaker 1: you with a home or three eventually. In your case,

521
00:23:46,160 --> 00:23:49,280
Speaker 1: Eric on hand that that are hard to sell unless

522
00:23:49,320 --> 00:23:51,320
Speaker 1: you're willing to take a loss. So yeah, you just

523
00:23:51,359 --> 00:23:54,399
Speaker 1: have to tread lightly, have to be careful when you're

524
00:23:54,920 --> 00:23:57,560
Speaker 1: flipping real estate because it can leave you in a

525
00:23:57,640 --> 00:24:00,479
Speaker 1: precarious position. That's right. And let's get to the part

526
00:24:00,520 --> 00:24:03,040
Speaker 1: of your question, Eric, where you're asking about maybe setting

527
00:24:03,119 --> 00:24:04,760
Speaker 1: up a solo for OH one K or a SEP

528
00:24:04,800 --> 00:24:08,119
Speaker 1: I ra A. We're actually pretty huge fans of specifically

529
00:24:08,160 --> 00:24:10,000
Speaker 1: the solo for OH one K, also known as the

530
00:24:10,040 --> 00:24:12,800
Speaker 1: self employed or SE four own K. Joe and I

531
00:24:12,840 --> 00:24:14,320
Speaker 1: we actually have one of those set up here for

532
00:24:14,480 --> 00:24:16,280
Speaker 1: you know, with our company, with how the money. But

533
00:24:16,320 --> 00:24:17,679
Speaker 1: whether or not you can set one of those up

534
00:24:18,000 --> 00:24:21,639
Speaker 1: with your house flipping business, unfortunately you can't. Based on

535
00:24:21,680 --> 00:24:24,040
Speaker 1: what you're saying, it sounds like that your owner of

536
00:24:24,080 --> 00:24:26,960
Speaker 1: both businesses. So if that's the case and you own

537
00:24:27,760 --> 00:24:30,639
Speaker 1: or more than these businesses are considered to be in

538
00:24:30,680 --> 00:24:33,720
Speaker 1: a brother sister controlled group according to the I R S,

539
00:24:33,760 --> 00:24:36,480
Speaker 1: and they won't allow you to essentially double up your

540
00:24:36,520 --> 00:24:40,760
Speaker 1: retirement contributions. Uh. There are some instances, however, where an

541
00:24:40,760 --> 00:24:44,320
Speaker 1: individual could sock away the maximum allowable fifty eight thousand

542
00:24:44,359 --> 00:24:48,080
Speaker 1: dollars with both companies. Uh so yeah, you heard me right,

543
00:24:48,119 --> 00:24:51,320
Speaker 1: A hundred and sixteen thousand potentially set aside towards retirement

544
00:24:51,359 --> 00:24:54,680
Speaker 1: that that would be um, a whole lot of that retires.

545
00:24:55,560 --> 00:24:58,600
Speaker 1: Not many people have the opportunity to do that or

546
00:24:58,640 --> 00:25:01,800
Speaker 1: the income to do that either. Yeah. Uh, but if

547
00:25:01,800 --> 00:25:03,800
Speaker 1: you did want to do something like that, the companies

548
00:25:03,840 --> 00:25:05,840
Speaker 1: that you were employed by would need to be completely

549
00:25:05,880 --> 00:25:08,760
Speaker 1: unrelated to employers. Uh. And so sometimes you actually see

550
00:25:08,760 --> 00:25:12,200
Speaker 1: this with doctors who are paid by two separate hospitals.

551
00:25:12,480 --> 00:25:14,680
Speaker 1: There's actually a great article over at the White Coat

552
00:25:14,720 --> 00:25:17,160
Speaker 1: Investor that will link to in our show notes if

553
00:25:17,240 --> 00:25:19,000
Speaker 1: you want to do some more reading. But eric for

554
00:25:19,040 --> 00:25:21,280
Speaker 1: you specifically, there's a lot of potential money on the

555
00:25:21,320 --> 00:25:24,160
Speaker 1: line here, and we would encourage you definitely to consult

556
00:25:24,200 --> 00:25:27,359
Speaker 1: a tax professional. There are a lot of aspects of

557
00:25:27,400 --> 00:25:30,960
Speaker 1: personal finance that we believe you can completely on d

558
00:25:31,119 --> 00:25:34,840
Speaker 1: I Yatt. Paying a tax professional is one area that

559
00:25:35,000 --> 00:25:38,120
Speaker 1: we that Joe and I gladly pay for the latest,

560
00:25:38,240 --> 00:25:40,879
Speaker 1: most up to date information. Someone who understands all the

561
00:25:40,880 --> 00:25:43,600
Speaker 1: different loopholes, all the things, all the the tease that

562
00:25:43,720 --> 00:25:45,960
Speaker 1: got across, all the eyes you need to dot. And

563
00:25:45,960 --> 00:25:47,800
Speaker 1: so while it doesn't sound like that this is something

564
00:25:47,840 --> 00:25:50,200
Speaker 1: you can participate in, we would encourage you to do

565
00:25:50,320 --> 00:25:52,640
Speaker 1: your own due diligence and seek out a professional. Yeah.

566
00:25:52,640 --> 00:25:56,000
Speaker 1: I think it would be cheap, not frugal to try

567
00:25:56,000 --> 00:25:58,400
Speaker 1: to completely do this on on your own and to not,

568
00:25:58,560 --> 00:26:00,959
Speaker 1: you know, get somebody who is specialized and has a

569
00:26:01,000 --> 00:26:03,520
Speaker 1: ton of tax knowledge to help you out in your

570
00:26:03,520 --> 00:26:06,879
Speaker 1: specific situation. You know. And your last question to you

571
00:26:07,080 --> 00:26:09,240
Speaker 1: was about having the business, one of the businesses that

572
00:26:09,280 --> 00:26:12,600
Speaker 1: you own, paid down some of your student loans for you,

573
00:26:12,960 --> 00:26:14,719
Speaker 1: and that was actually, you know, something included in the

574
00:26:14,720 --> 00:26:17,760
Speaker 1: Cares Act. And it's pretty cool because employers are actually

575
00:26:17,800 --> 00:26:20,720
Speaker 1: allowed to contribute five thousand, two d and fifty dollars

576
00:26:20,920 --> 00:26:23,800
Speaker 1: in tax free money towards the student loans of an

577
00:26:23,800 --> 00:26:26,359
Speaker 1: employee each year, and that money can actually be paid

578
00:26:26,400 --> 00:26:30,240
Speaker 1: directly to the employee, doesn't have to go directly to

579
00:26:30,520 --> 00:26:34,439
Speaker 1: the student loan servicing company in order to qualify for

580
00:26:34,480 --> 00:26:37,120
Speaker 1: that tax break. Although it's it's important to note employers

581
00:26:37,160 --> 00:26:39,879
Speaker 1: that want to participate in this must have a written

582
00:26:40,200 --> 00:26:44,240
Speaker 1: educational assistance program in place documenting how that company is

583
00:26:44,280 --> 00:26:47,200
Speaker 1: handling these payments to employees. So, yeah, you've got to

584
00:26:47,200 --> 00:26:49,600
Speaker 1: be buttoned up on this and the more admin work

585
00:26:49,640 --> 00:26:52,160
Speaker 1: than maybe yeah you're hoping for. But it's still something

586
00:26:52,200 --> 00:26:53,840
Speaker 1: that you can participate and it doesn't have to be

587
00:26:53,880 --> 00:26:55,679
Speaker 1: fancy either. I mean that's something that we learned. I

588
00:26:55,680 --> 00:26:58,320
Speaker 1: mean kind of going back to the self employed for

589
00:26:58,400 --> 00:27:00,199
Speaker 1: oh one k S or the solo for one k is,

590
00:27:00,440 --> 00:27:02,680
Speaker 1: you have to basically outline the terms of the plan.

591
00:27:03,080 --> 00:27:05,920
Speaker 1: But it's it sounds super frazy, but in reality, it's

592
00:27:05,960 --> 00:27:07,720
Speaker 1: just kind of like the name of the plan, how

593
00:27:07,720 --> 00:27:09,800
Speaker 1: it's going to work. As long as it's documented, that's

594
00:27:09,800 --> 00:27:11,119
Speaker 1: what the i r S wants to see. Yeah, you

595
00:27:11,160 --> 00:27:13,280
Speaker 1: want to have that document prepared in order to take

596
00:27:13,359 --> 00:27:16,399
Speaker 1: full advantage of that benefit. But yeah, it's also important

597
00:27:16,400 --> 00:27:20,640
Speaker 1: to know this benefit is available through So yeah, that's

598
00:27:20,720 --> 00:27:23,080
Speaker 1: fifty two fifty like each year, you know, for the

599
00:27:23,119 --> 00:27:26,840
Speaker 1: next four years. So for folks who work for somebody else,

600
00:27:27,080 --> 00:27:30,160
Speaker 1: if you work for traditional employer and that employer isn't

601
00:27:30,200 --> 00:27:33,040
Speaker 1: participating in this program, if they're not offering to pay

602
00:27:33,040 --> 00:27:36,640
Speaker 1: down your student loans, via this benefit that this provision

603
00:27:36,640 --> 00:27:38,560
Speaker 1: in the Cares Act. We would suggest reaching out to

604
00:27:38,680 --> 00:27:40,840
Speaker 1: HR because maybe it's not on their radar, but that

605
00:27:41,040 --> 00:27:43,280
Speaker 1: is a benefit that more and more employers are offering

606
00:27:43,320 --> 00:27:46,640
Speaker 1: in particular because of this specific provision um and it's

607
00:27:46,640 --> 00:27:48,320
Speaker 1: something that yeah, you're gonna want to put on their

608
00:27:48,400 --> 00:27:51,240
Speaker 1: radar if it's not right now, because it could help

609
00:27:51,320 --> 00:27:55,120
Speaker 1: you out and some of your fellow employees to all right, well, Eric,

610
00:27:55,119 --> 00:27:59,560
Speaker 1: congrats on being a successful serial entrepreneur, and we hope

611
00:27:59,600 --> 00:28:01,520
Speaker 1: that this gets you pointed in the right direction. Joel,

612
00:28:01,520 --> 00:28:03,280
Speaker 1: we've got a couple more questions that we're gonna get to.

613
00:28:03,840 --> 00:28:06,000
Speaker 1: Both of them actually have to do with inherited money.

614
00:28:06,040 --> 00:28:08,879
Speaker 1: But what's to do with that money? That's specifically what

615
00:28:08,880 --> 00:28:10,600
Speaker 1: we're gonna get to, and we'll get to both of

616
00:28:10,600 --> 00:28:21,720
Speaker 1: those questions right after this break. All Right, we're back.

617
00:28:21,760 --> 00:28:24,920
Speaker 1: We have two different inheritance questions that we're gonna tackle

618
00:28:25,320 --> 00:28:29,000
Speaker 1: in this last segment of our Ask htm episode. But

619
00:28:29,080 --> 00:28:31,680
Speaker 1: this first one is about what to do with an

620
00:28:31,720 --> 00:28:35,320
Speaker 1: ira that you inherit from someone. Hey, Joel and Matt,

621
00:28:35,440 --> 00:28:38,560
Speaker 1: my name is Nick. I'm twenty nine. I live in Denver, Colorado.

622
00:28:39,480 --> 00:28:42,320
Speaker 1: My question is this. I recently had a family member

623
00:28:42,360 --> 00:28:45,400
Speaker 1: passed and I inherited about eleven thousand dollars in a

624
00:28:45,440 --> 00:28:49,440
Speaker 1: beneficiary IRA. My girlfriend and I are looking to buy

625
00:28:49,480 --> 00:28:52,360
Speaker 1: a house in about two years, so we're trying to

626
00:28:52,400 --> 00:28:54,560
Speaker 1: do everything we can to save for a down payment.

627
00:28:55,160 --> 00:28:57,320
Speaker 1: I know that I need to start taking required minimum

628
00:28:57,360 --> 00:29:00,400
Speaker 1: distributions from the IRA, and I'm one during what the

629
00:29:00,440 --> 00:29:02,960
Speaker 1: best use of that money is after it's been taken

630
00:29:02,960 --> 00:29:05,400
Speaker 1: out in light of our two year a goal to say,

631
00:29:05,440 --> 00:29:09,440
Speaker 1: for a house and to avoid any additional tax liability.

632
00:29:09,640 --> 00:29:12,760
Speaker 1: Thanks again, any guidance you have is much appreciated. Huge

633
00:29:12,760 --> 00:29:14,240
Speaker 1: fan of the show, and I hope to hear back

634
00:29:14,280 --> 00:29:17,080
Speaker 1: from you soon. Thanks all right, Nick, First of all,

635
00:29:17,160 --> 00:29:19,040
Speaker 1: we are sorry to hear about the passing of the

636
00:29:19,120 --> 00:29:21,840
Speaker 1: family member, but we're gonna go ahead and kind of

637
00:29:21,840 --> 00:29:24,560
Speaker 1: dive into your question here. Since your goal is to

638
00:29:24,600 --> 00:29:26,600
Speaker 1: buy a home in the next couple of years, I

639
00:29:26,600 --> 00:29:28,920
Speaker 1: would be more likely to take all of that money

640
00:29:29,080 --> 00:29:31,400
Speaker 1: from the IRA that you've inherited out of that IRA

641
00:29:32,120 --> 00:29:34,760
Speaker 1: uh here all at once. You can also take half

642
00:29:34,760 --> 00:29:37,080
Speaker 1: of the money out now and maybe half out next year.

643
00:29:37,520 --> 00:29:39,160
Speaker 1: But part of the way that you would want to

644
00:29:39,200 --> 00:29:42,440
Speaker 1: think about this is determining whether the IRA money is

645
00:29:42,480 --> 00:29:45,200
Speaker 1: going to increase your tax bracket or not. If it's

646
00:29:45,200 --> 00:29:47,440
Speaker 1: a roth IRA that was open more than five years ago,

647
00:29:47,680 --> 00:29:51,480
Speaker 1: those withdrawals won't affect your taxes. But if it's a

648
00:29:51,520 --> 00:29:54,840
Speaker 1: traditional IRA it will. So if you're at the upper

649
00:29:54,880 --> 00:29:57,640
Speaker 1: limit of a tax bracket right now, taking all that

650
00:29:57,680 --> 00:30:00,720
Speaker 1: traditional IRA money this year, that would cause more taxation

651
00:30:00,800 --> 00:30:04,200
Speaker 1: all those funds, and so splitting that withdrawal out over

652
00:30:04,280 --> 00:30:06,920
Speaker 1: two years or you know, maybe even longer, say you

653
00:30:06,920 --> 00:30:08,960
Speaker 1: don't get to buy in that house, maybe for maybe

654
00:30:08,960 --> 00:30:12,320
Speaker 1: three years. Uh, that could be even more beneficial. But

655
00:30:12,360 --> 00:30:14,960
Speaker 1: spreading it out to limit your tax liability is what

656
00:30:15,000 --> 00:30:17,239
Speaker 1: you want to keep in mind. Yeah, and where you

657
00:30:17,280 --> 00:30:19,600
Speaker 1: fall within that tax bracket range, Matt is really the

658
00:30:19,640 --> 00:30:21,880
Speaker 1: biggest consideration that you have to make their you know,

659
00:30:22,000 --> 00:30:23,320
Speaker 1: for the number of years that you want to make

660
00:30:23,360 --> 00:30:26,280
Speaker 1: those withdrawals over because yeah, like Nick said, he wants

661
00:30:26,320 --> 00:30:30,080
Speaker 1: to minimize his tax liability on this inheritance, which makes sense.

662
00:30:30,320 --> 00:30:32,560
Speaker 1: Just make sure you know where you fall a g

663
00:30:32,720 --> 00:30:35,600
Speaker 1: I wise in those tax brackets to see if taking

664
00:30:35,600 --> 00:30:38,200
Speaker 1: it all at once is going to have uh, you know,

665
00:30:38,240 --> 00:30:40,680
Speaker 1: a negative impact in that regard. Or not. By the way,

666
00:30:40,720 --> 00:30:44,320
Speaker 1: the Secure Act changed some important things when it comes

667
00:30:44,360 --> 00:30:48,040
Speaker 1: to inheriting in i RA and this doesn't necessarily apply

668
00:30:48,120 --> 00:30:50,280
Speaker 1: to Nick, but we felt like we should mention it anyway.

669
00:30:50,480 --> 00:30:54,400
Speaker 1: But because of the dollar amount of the inheritance and

670
00:30:54,480 --> 00:30:56,400
Speaker 1: his desire to use that money in the near future

671
00:30:56,400 --> 00:30:58,600
Speaker 1: in order to buy a home, these rules, although they

672
00:30:58,760 --> 00:31:00,520
Speaker 1: still apply to him, they don't really how much bearing

673
00:31:00,600 --> 00:31:02,880
Speaker 1: on a situation. But there is now a ten year

674
00:31:02,960 --> 00:31:06,160
Speaker 1: rule that applies to an IRA that's inherited. Basically, instead

675
00:31:06,240 --> 00:31:11,040
Speaker 1: of taking smaller distributions from that inherited IRA over your

676
00:31:11,280 --> 00:31:14,400
Speaker 1: entire lifetime what was known as the stretch i array,

677
00:31:15,120 --> 00:31:20,920
Speaker 1: which was really advantageous to especially someone who's younger, inheriting one, well,

678
00:31:21,160 --> 00:31:24,160
Speaker 1: you now have to withdraw the entire amount of that

679
00:31:24,240 --> 00:31:28,120
Speaker 1: IRA within ten years of the death of the person

680
00:31:28,160 --> 00:31:30,880
Speaker 1: that you inherited that i RA from. But the one

681
00:31:30,960 --> 00:31:33,720
Speaker 1: benefit of the tenure rule is that there are no

682
00:31:33,920 --> 00:31:36,720
Speaker 1: r m D s. Right, you could let that money

683
00:31:36,720 --> 00:31:38,760
Speaker 1: continue to grow and take all of it out just

684
00:31:38,800 --> 00:31:41,040
Speaker 1: before you reach that ten year deadline. But we would

685
00:31:41,080 --> 00:31:43,600
Speaker 1: say this if you inherit a big i RA with

686
00:31:43,960 --> 00:31:47,200
Speaker 1: large sums of money um more than eleven thousand dollars. Right,

687
00:31:47,280 --> 00:31:49,600
Speaker 1: Let's say it's just a hefty sum and you're not

688
00:31:49,680 --> 00:31:52,800
Speaker 1: sure how to structure those withdrawals. It might be worth

689
00:31:52,880 --> 00:31:56,520
Speaker 1: creating a withdrawal strategy with a financial advisor because there

690
00:31:56,640 --> 00:31:58,680
Speaker 1: is so much nuance and there's so much at stake

691
00:31:58,720 --> 00:32:01,440
Speaker 1: here when it comes to your personal tax rate and

692
00:32:01,520 --> 00:32:04,360
Speaker 1: when you make those withdrawals um and making sure that

693
00:32:04,400 --> 00:32:06,719
Speaker 1: you do it in a way to kind of minimize

694
00:32:06,840 --> 00:32:08,840
Speaker 1: the amount that is going to be psycled away due

695
00:32:08,880 --> 00:32:11,920
Speaker 1: to taxes. That's right, and you know about what to

696
00:32:12,000 --> 00:32:14,160
Speaker 1: do with that money in the meantime, you know what's

697
00:32:14,200 --> 00:32:15,960
Speaker 1: all that money is out of the IRA. The best

698
00:32:15,960 --> 00:32:18,640
Speaker 1: place to keep it is in savings. You could put

699
00:32:18,720 --> 00:32:20,960
Speaker 1: some of that money, uh specifically up to ten thousand

700
00:32:20,960 --> 00:32:24,400
Speaker 1: dollars into Series I savings bonds as long as you

701
00:32:24,440 --> 00:32:27,280
Speaker 1: can commit to keeping that money there for at least

702
00:32:27,320 --> 00:32:29,720
Speaker 1: one year. But it wouldn't be wise to get any

703
00:32:29,800 --> 00:32:31,920
Speaker 1: riskier without money that you're gonna need within the next

704
00:32:31,960 --> 00:32:34,200
Speaker 1: couple of years, you know, and just having some of

705
00:32:34,200 --> 00:32:36,200
Speaker 1: that money, that thousand dollars there in the eye bines

706
00:32:36,200 --> 00:32:39,000
Speaker 1: will help ensure that inflation doesn't eat your money's lunch

707
00:32:39,280 --> 00:32:41,800
Speaker 1: in the short term, because that's the real battle with

708
00:32:42,000 --> 00:32:43,520
Speaker 1: short term money. You know, you want to keep it

709
00:32:43,560 --> 00:32:44,880
Speaker 1: on hand. You know, you want to keep it fluid

710
00:32:44,920 --> 00:32:48,120
Speaker 1: in order to purchase this home, but it always feels

711
00:32:48,280 --> 00:32:51,800
Speaker 1: bad keeping that money liquid in your savings account. Earning

712
00:32:52,320 --> 00:32:55,000
Speaker 1: point five percent is pitally, but in order to have

713
00:32:55,240 --> 00:32:57,360
Speaker 1: options and in order for that money to be ready,

714
00:32:57,440 --> 00:32:59,080
Speaker 1: you know, ready at to go in case you come

715
00:32:59,120 --> 00:33:01,920
Speaker 1: across the property maybe sooner than you realized, you don't

716
00:33:01,920 --> 00:33:04,120
Speaker 1: want to have that money in volatile assets that could

717
00:33:04,200 --> 00:33:07,280
Speaker 1: have lost value in the meantime. Yeah, Matt, what you

718
00:33:07,320 --> 00:33:10,080
Speaker 1: just said made me think that inflation is kind of

719
00:33:10,120 --> 00:33:11,960
Speaker 1: like a middle school bully. He's trying to steal your lunch.

720
00:33:12,280 --> 00:33:14,160
Speaker 1: And uh, it kind of is right. It's trying to

721
00:33:14,200 --> 00:33:17,720
Speaker 1: steal your savings and it will over time. So long

722
00:33:17,840 --> 00:33:20,400
Speaker 1: term money, having that in savings is a bad idea.

723
00:33:20,520 --> 00:33:23,680
Speaker 1: Like you, your only way to combat that inflation took

724
00:33:23,720 --> 00:33:27,800
Speaker 1: about that bully is to be investing. But yeah, when

725
00:33:27,800 --> 00:33:29,640
Speaker 1: you need that money in the short term, that bully

726
00:33:29,720 --> 00:33:31,760
Speaker 1: is gonna get you. I don't know, a few bites

727
00:33:31,840 --> 00:33:34,200
Speaker 1: of whatever you brought to school that day, and the

728
00:33:34,320 --> 00:33:36,479
Speaker 1: Nick's case, I mean he's gonna lose a little bit

729
00:33:36,520 --> 00:33:38,760
Speaker 1: of that money to inflation, but because he needs it

730
00:33:38,760 --> 00:33:40,920
Speaker 1: in the relatively near future that there's just not much

731
00:33:41,000 --> 00:33:42,880
Speaker 1: much else he can do. That's the difference between him

732
00:33:43,000 --> 00:33:45,320
Speaker 1: like snagging a couple of thoughts off of your as

733
00:33:45,320 --> 00:33:48,040
Speaker 1: opposed to him like swiping all of your lunch more

734
00:33:48,040 --> 00:33:52,200
Speaker 1: exactly exactly. Yeah, all right, let's get to the next question.

735
00:33:52,440 --> 00:33:54,920
Speaker 1: This one also is about an inheritance, but this one's

736
00:33:54,960 --> 00:33:58,360
Speaker 1: about should you buy a rental property with that inheritance.

737
00:33:58,440 --> 00:34:02,120
Speaker 1: Let's get to that one now. Hi, my name is Jenny.

738
00:34:02,320 --> 00:34:05,120
Speaker 1: I don't think i'm your typical listener. My husband and

739
00:34:05,160 --> 00:34:08,960
Speaker 1: I have been full time, unpaid volunteers for twenty three

740
00:34:09,040 --> 00:34:13,319
Speaker 1: years in Central America. We receive a small allowance for

741
00:34:13,360 --> 00:34:17,440
Speaker 1: our basic needs. Your shows have helped me with ideas

742
00:34:17,440 --> 00:34:21,640
Speaker 1: on how to use our small allowance wisely. Thanks for that.

743
00:34:22,480 --> 00:34:26,200
Speaker 1: My husband is sixty and I'm fifty. We have no debt,

744
00:34:26,560 --> 00:34:32,000
Speaker 1: also no significant savings until now. My in laws recently

745
00:34:32,120 --> 00:34:35,359
Speaker 1: passed away in Europe, which is where we are temporarily

746
00:34:35,480 --> 00:34:38,799
Speaker 1: due to COVID. They left my husband some money and

747
00:34:38,800 --> 00:34:41,920
Speaker 1: a house. We plan on renting out the house and

748
00:34:42,000 --> 00:34:46,080
Speaker 1: also establishing our emergency fund, but we don't know what

749
00:34:46,200 --> 00:34:48,120
Speaker 1: the best thing is to do with the rest of

750
00:34:48,200 --> 00:34:52,279
Speaker 1: the money. We wanted to buy a second rental property,

751
00:34:52,560 --> 00:34:56,320
Speaker 1: but prices right now are sky high and we can't

752
00:34:56,360 --> 00:35:00,279
Speaker 1: compete with the bidding wars from your shows. I've learned

753
00:35:00,320 --> 00:35:03,280
Speaker 1: that long term investing isn't right for us at this stage.

754
00:35:03,920 --> 00:35:07,280
Speaker 1: Plus we'd like to have the money handy in case

755
00:35:07,320 --> 00:35:09,680
Speaker 1: the property markets settles down up it in the less

756
00:35:09,680 --> 00:35:13,840
Speaker 1: popular winter months and we can afford something. Then is

757
00:35:13,840 --> 00:35:17,880
Speaker 1: our thought process headed in the right direction or should

758
00:35:17,880 --> 00:35:22,839
Speaker 1: we be looking into something else? Thanks guys. All right, Jenny,

759
00:35:22,880 --> 00:35:24,920
Speaker 1: thanks so much for your question, and we appreciate you

760
00:35:24,920 --> 00:35:27,200
Speaker 1: reaching out because it can be it can be tricky

761
00:35:27,320 --> 00:35:29,919
Speaker 1: when you receive a you know, maybe a larger sum

762
00:35:29,960 --> 00:35:31,520
Speaker 1: of money like this out of the blue, when you

763
00:35:31,560 --> 00:35:34,440
Speaker 1: didn't necessarily have a plan for it. And so again,

764
00:35:34,520 --> 00:35:37,200
Speaker 1: another situation where someone's lost a family member, and yeah,

765
00:35:37,200 --> 00:35:40,200
Speaker 1: that's the bad news, right. We are sorry for your loss, uh,

766
00:35:40,239 --> 00:35:42,520
Speaker 1: specifically for you and your husband. Is tough to lose

767
00:35:42,680 --> 00:35:45,440
Speaker 1: both of your in laws in such a short time span,

768
00:35:45,760 --> 00:35:48,319
Speaker 1: and so we wish you both the best as you

769
00:35:48,360 --> 00:35:50,719
Speaker 1: grieve and as you move forward. The good news, oh

770
00:35:51,000 --> 00:35:54,400
Speaker 1: is uh, you don't have any debts. You've done a

771
00:35:54,400 --> 00:35:56,960
Speaker 1: great job with your personal finances, and that means that

772
00:35:57,000 --> 00:35:58,640
Speaker 1: you can put all of this money to work for

773
00:35:58,719 --> 00:36:01,000
Speaker 1: you and to help build up this savings for your

774
00:36:01,040 --> 00:36:04,200
Speaker 1: future retirement. I'm just so glad that you've prioritized living

775
00:36:04,239 --> 00:36:07,600
Speaker 1: with no debts, and that certainly makes a huge difference

776
00:36:07,719 --> 00:36:10,160
Speaker 1: with the options that you have when you receive a

777
00:36:10,200 --> 00:36:12,879
Speaker 1: big inheritance like this. Yeah, it's to have options, right,

778
00:36:12,920 --> 00:36:17,080
Speaker 1: And Jenny and her husband, they have given themselves options

779
00:36:17,440 --> 00:36:20,080
Speaker 1: by not allowing that into their lives. And so, yeah,

780
00:36:20,320 --> 00:36:23,400
Speaker 1: where should you put that money? That is a good question, Jenny.

781
00:36:23,640 --> 00:36:26,719
Speaker 1: You know, our recommendation for you right now is one

782
00:36:26,800 --> 00:36:28,759
Speaker 1: to not be afraid to keep that money in savings,

783
00:36:29,160 --> 00:36:31,319
Speaker 1: you know, while you're figuring out what your plans are

784
00:36:31,360 --> 00:36:34,080
Speaker 1: going to be moving forward, having that money, you know,

785
00:36:34,200 --> 00:36:36,560
Speaker 1: in a same music account. Even though we just talked

786
00:36:36,560 --> 00:36:39,960
Speaker 1: about that middle school bully, which is inflation right now

787
00:36:39,960 --> 00:36:42,320
Speaker 1: pushing some of that money around, making it less valuable

788
00:36:42,400 --> 00:36:44,960
Speaker 1: over time, it's still an important place to be able

789
00:36:45,000 --> 00:36:47,680
Speaker 1: to park it for the time being. And yeah, we're

790
00:36:47,680 --> 00:36:49,239
Speaker 1: not sure if you're still in Europe right now. If

791
00:36:49,239 --> 00:36:51,520
Speaker 1: you're back in Central America. My guess is with the

792
00:36:51,560 --> 00:36:54,120
Speaker 1: delta variant, you might still be stuck in Europe. We'll see,

793
00:36:54,560 --> 00:36:57,440
Speaker 1: but it sounds like there might be a lot up

794
00:36:57,440 --> 00:36:59,759
Speaker 1: in the air regarding what life looks like in the

795
00:36:59,760 --> 00:37:02,080
Speaker 1: fut Sure for you guys. And you said that you're

796
00:37:02,080 --> 00:37:04,280
Speaker 1: planning to rent that house out in Europe, that's great.

797
00:37:04,560 --> 00:37:07,640
Speaker 1: But before you start making plans to purchase an additional property,

798
00:37:07,640 --> 00:37:09,279
Speaker 1: which it sounds like you're already kind of going down

799
00:37:09,280 --> 00:37:12,120
Speaker 1: that path, maybe wait and see if you enjoy being

800
00:37:12,120 --> 00:37:14,960
Speaker 1: a landlord, like if it works out for you, because yeah,

801
00:37:15,040 --> 00:37:17,080
Speaker 1: being an out of state landlord can be tricky as

802
00:37:17,080 --> 00:37:18,799
Speaker 1: it is. We talked about that on the show. It's

803
00:37:18,840 --> 00:37:22,680
Speaker 1: harder to manage your property from far. But I'm guessing

804
00:37:22,719 --> 00:37:26,000
Speaker 1: that being out of the country altogether, being on another continent,

805
00:37:27,280 --> 00:37:30,399
Speaker 1: learning completely across you know, the sea, well that can

806
00:37:30,440 --> 00:37:33,880
Speaker 1: throw another mentionto things too. So yeah, assuming you have

807
00:37:33,960 --> 00:37:36,680
Speaker 1: a good management in place and things do go smoothly,

808
00:37:37,160 --> 00:37:40,160
Speaker 1: then that money that you've stored in savings will be

809
00:37:40,239 --> 00:37:43,400
Speaker 1: ready for additional potential properties. I would say, when the

810
00:37:43,400 --> 00:37:45,960
Speaker 1: time is right. Yeah, And Jenny, I do love the

811
00:37:45,960 --> 00:37:49,040
Speaker 1: idea that you're thinking towards using the money for additional

812
00:37:49,040 --> 00:37:53,040
Speaker 1: properties and not maybe some fantastic vacation. It sounds like

813
00:37:53,080 --> 00:37:55,719
Speaker 1: maybe I'll do enough travel and being abroad as it is,

814
00:37:55,760 --> 00:37:58,080
Speaker 1: And maybe that's not a temptation for y'all. But I

815
00:37:58,160 --> 00:38:00,280
Speaker 1: like the idea that you're talking. You're thinking about putting

816
00:38:00,280 --> 00:38:04,120
Speaker 1: this money towards other income generating assets. Uh, And so

817
00:38:04,200 --> 00:38:06,439
Speaker 1: specifically a second rental property is where your head's at.

818
00:38:06,640 --> 00:38:08,600
Speaker 1: If that's your goal, I think then investing that money

819
00:38:08,880 --> 00:38:12,120
Speaker 1: while you're actively looking is definitely a bad idea. You

820
00:38:12,120 --> 00:38:14,040
Speaker 1: don't want to lose any of the capital that you're

821
00:38:14,040 --> 00:38:17,240
Speaker 1: planning to use for down payment. Also, I wouldn't assume

822
00:38:17,320 --> 00:38:19,239
Speaker 1: that there aren't any deals to be had right now.

823
00:38:19,360 --> 00:38:21,879
Speaker 1: You mentioned that it's certainly harder to find a deal

824
00:38:21,920 --> 00:38:24,160
Speaker 1: in today's market, But just make sure that you use

825
00:38:24,239 --> 00:38:27,319
Speaker 1: this time to to do the research about maybe where

826
00:38:27,360 --> 00:38:30,040
Speaker 1: you're hoping to buy another property. Um, you want to

827
00:38:30,080 --> 00:38:31,960
Speaker 1: focus on just a handful of areas and find out

828
00:38:31,960 --> 00:38:35,360
Speaker 1: which specific location is likely to get you the best

829
00:38:35,440 --> 00:38:38,319
Speaker 1: r o I. And so by looking every day for

830
00:38:38,480 --> 00:38:40,680
Speaker 1: a couple of months, like you're you're gonna be bound

831
00:38:40,719 --> 00:38:43,440
Speaker 1: to develop insights about what's a deal what's not a deal.

832
00:38:44,000 --> 00:38:46,600
Speaker 1: We talked about what makes a good rental property back

833
00:38:46,640 --> 00:38:48,560
Speaker 1: way back in the day, back in the episode twenty seven.

834
00:38:49,160 --> 00:38:52,839
Speaker 1: We talked more recently about managing effectively an episode two

835
00:38:52,880 --> 00:38:55,400
Speaker 1: sixty nine, but also be sure to check out this

836
00:38:55,440 --> 00:38:58,480
Speaker 1: coming Wednesday's episode, uh in two days, where we're gonna

837
00:38:58,480 --> 00:39:01,000
Speaker 1: actually do a deep dive on real estate investing. We're

838
00:39:01,000 --> 00:39:03,520
Speaker 1: gonna kind of dive more into the nuances of what

839
00:39:03,600 --> 00:39:05,919
Speaker 1: you need to keep in mind for I would say,

840
00:39:06,040 --> 00:39:09,239
Speaker 1: more traditional landlording, Jenny. For you, I feel that the

841
00:39:09,320 --> 00:39:12,480
Speaker 1: chances of you actively managing this property might be pretty slim,

842
00:39:12,520 --> 00:39:15,480
Speaker 1: But for everybody else out there, we would highly recommend

843
00:39:15,920 --> 00:39:19,000
Speaker 1: looking to this Wednesday's episode for more insight there. Yeah,

844
00:39:19,000 --> 00:39:22,160
Speaker 1: and besides the idea of active management, on this Wednesday's episode,

845
00:39:22,160 --> 00:39:24,680
Speaker 1: we're gonna like actually propose a bunch of questions you

846
00:39:24,680 --> 00:39:27,440
Speaker 1: should ask yourself before you get into real estate investing.

847
00:39:27,520 --> 00:39:29,480
Speaker 1: So there are just a lot of things that you

848
00:39:29,520 --> 00:39:33,359
Speaker 1: need to ask yourself before you make the plunge. Um.

849
00:39:33,400 --> 00:39:35,440
Speaker 1: And so yeah, I think that'll be helpful to Jenny

850
00:39:35,440 --> 00:39:39,560
Speaker 1: to like asking asking those questions might reveal whether or

851
00:39:39,560 --> 00:39:42,200
Speaker 1: not that that's the next right step for them. And yeah,

852
00:39:42,239 --> 00:39:44,200
Speaker 1: I think having two or three rentals can be an

853
00:39:44,239 --> 00:39:47,480
Speaker 1: excellent path for folks who are nearing their retirement years. Right.

854
00:39:47,760 --> 00:39:50,279
Speaker 1: The cash flow that a rental property can provide is

855
00:39:50,400 --> 00:39:54,279
Speaker 1: very convenient, in particular for someone who isn't getting a

856
00:39:54,320 --> 00:39:58,120
Speaker 1: regular paycheck anymore. You can kind of supplement your your

857
00:39:58,400 --> 00:40:01,879
Speaker 1: social Security or your other sources of retirement income. It's

858
00:40:01,880 --> 00:40:04,640
Speaker 1: just important to know that there are other forms of

859
00:40:04,680 --> 00:40:08,520
Speaker 1: investing where you won't have to be as involved, Right, Jenny,

860
00:40:08,560 --> 00:40:11,040
Speaker 1: I'm all for you becoming a landlord, and it's not

861
00:40:11,120 --> 00:40:12,960
Speaker 1: as hard as a whole lot of folks would make

862
00:40:12,960 --> 00:40:15,239
Speaker 1: you believe it is, especially since you're likely going to

863
00:40:15,320 --> 00:40:17,319
Speaker 1: have a property manager and you're not going to be

864
00:40:17,360 --> 00:40:21,920
Speaker 1: managing tenants, um and repairs day to day. But it

865
00:40:21,960 --> 00:40:24,359
Speaker 1: is important to go into this new venture with eyes

866
00:40:24,400 --> 00:40:26,920
Speaker 1: wide open, because even still, it's going to take some

867
00:40:26,960 --> 00:40:29,760
Speaker 1: active work on your part. And if you're not interested

868
00:40:29,800 --> 00:40:32,440
Speaker 1: in taking on additional work at your age a fifty

869
00:40:32,480 --> 00:40:35,360
Speaker 1: years old, then you know you might want to consider

870
00:40:35,440 --> 00:40:38,480
Speaker 1: something more passive, like selling that property and putting all

871
00:40:38,520 --> 00:40:41,359
Speaker 1: that money into a simple target date fund. And you

872
00:40:41,400 --> 00:40:43,799
Speaker 1: mentioned that you weren't really a long term investor, but

873
00:40:43,920 --> 00:40:45,600
Speaker 1: at your age you still need to think like a

874
00:40:45,600 --> 00:40:48,239
Speaker 1: long term investor. Actually, I would say, and putting at

875
00:40:48,280 --> 00:40:50,520
Speaker 1: least some of that money, maybe all that money. If

876
00:40:50,520 --> 00:40:53,879
Speaker 1: you decide that across the ocean landlording just isn't gonna

877
00:40:53,880 --> 00:40:55,920
Speaker 1: work out in the same way, that could be the

878
00:40:56,000 --> 00:40:59,120
Speaker 1: right move for you. But there are so many variables

879
00:40:59,120 --> 00:41:01,319
Speaker 1: to figure out as to which one is the right

880
00:41:01,320 --> 00:41:04,279
Speaker 1: move for you. Just make sure that you keep your

881
00:41:04,320 --> 00:41:07,839
Speaker 1: options open in this time, have some conversations with your

882
00:41:07,920 --> 00:41:10,319
Speaker 1: husband about what you want your lives to look like

883
00:41:10,680 --> 00:41:13,040
Speaker 1: and if that is more rental properties. If the first

884
00:41:13,080 --> 00:41:14,680
Speaker 1: one works out well and you want to do some

885
00:41:14,719 --> 00:41:17,040
Speaker 1: more of that, that's great. But if you say it's

886
00:41:17,040 --> 00:41:18,800
Speaker 1: not for us. Now we're sitting on a lot of cash,

887
00:41:19,040 --> 00:41:21,400
Speaker 1: we do need to have that money invested to avoid

888
00:41:21,719 --> 00:41:25,040
Speaker 1: you know, inflation continuing to erode that money. Starting to

889
00:41:25,160 --> 00:41:28,000
Speaker 1: do some investing you know, in the market might make

890
00:41:28,040 --> 00:41:29,840
Speaker 1: sense for you too. But I would say you're on

891
00:41:30,000 --> 00:41:32,640
Speaker 1: the right path, You're asking the right questions, and you're

892
00:41:32,640 --> 00:41:35,160
Speaker 1: headed in the right direction. So best of luck to

893
00:41:35,239 --> 00:41:38,040
Speaker 1: you both as you're making some of these like strategic decisions.

894
00:41:38,400 --> 00:41:41,040
Speaker 1: That's right, And Jenny said that she's probably not our

895
00:41:41,040 --> 00:41:43,480
Speaker 1: typical listener, but we know there's folks out there who

896
00:41:43,560 --> 00:41:45,880
Speaker 1: are and maybe not the exact boat that she's in

897
00:41:46,320 --> 00:41:48,480
Speaker 1: where they're kind of stranded in Europe for the you know,

898
00:41:48,560 --> 00:41:51,279
Speaker 1: at the moment, but just folks who are more at

899
00:41:51,280 --> 00:41:53,600
Speaker 1: that stage of life where they are trying to figure

900
00:41:53,600 --> 00:41:56,600
Speaker 1: out how to balance their goals of retirement, which are

901
00:41:56,680 --> 00:42:00,640
Speaker 1: a lot closer than they maybe realize. But either regardless

902
00:42:00,680 --> 00:42:02,560
Speaker 1: of what phase of life you're in, we appreciate all

903
00:42:02,560 --> 00:42:05,160
Speaker 1: of our listeners out there. Joel, we're kind of transitioning

904
00:42:05,160 --> 00:42:07,080
Speaker 1: now back to our beer. This episode, you and I

905
00:42:07,200 --> 00:42:11,239
Speaker 1: enjoyed a Coco Frio by Cruise Blanca. This one was

906
00:42:11,280 --> 00:42:14,560
Speaker 1: donated to the show by Dennis uh And specifically, I think,

907
00:42:14,640 --> 00:42:17,120
Speaker 1: is it Dennis's girlfriend who who's there at the building

908
00:42:18,000 --> 00:42:21,560
Speaker 1: And this was a tropical lagger with pineapple coconut and

909
00:42:21,560 --> 00:42:23,759
Speaker 1: says it right there on the can. Were you picking

910
00:42:23,840 --> 00:42:25,840
Speaker 1: up pineapple and coconut? What are your thoughts? I was,

911
00:42:25,880 --> 00:42:27,759
Speaker 1: I was speaking of both, and I don't think I've

912
00:42:27,760 --> 00:42:30,279
Speaker 1: ever had a tropical lagger before. I don't think I

913
00:42:30,360 --> 00:42:31,719
Speaker 1: have either, So it's kind of nice to try a

914
00:42:31,760 --> 00:42:34,080
Speaker 1: style for the first time, and I would say, it's

915
00:42:34,080 --> 00:42:36,960
Speaker 1: a really good style. It's it's uh, it's nice because

916
00:42:37,000 --> 00:42:39,279
Speaker 1: the beer is more light and refreshing, right, just kind

917
00:42:39,280 --> 00:42:42,320
Speaker 1: of an old school lagger, but with like a fresh

918
00:42:42,360 --> 00:42:46,719
Speaker 1: take and then the coconut and pineapple added, like a

919
00:42:46,760 --> 00:42:49,480
Speaker 1: delicious tropical twist. I would say, so, yeah, it was

920
00:42:49,600 --> 00:42:53,080
Speaker 1: light enough or it wasn't overwhelming, because sometimes I like

921
00:42:53,160 --> 00:42:55,279
Speaker 1: a good tropical I p A. But sometimes it's just

922
00:42:55,360 --> 00:42:57,239
Speaker 1: like too heavy for you. There's too much going on,

923
00:42:57,360 --> 00:42:59,440
Speaker 1: and there's and it is too heavy and it's too intense.

924
00:42:59,680 --> 00:43:02,120
Speaker 1: And this one was like it really let the tropical

925
00:43:02,200 --> 00:43:05,239
Speaker 1: notes shine through because it was a logger um and

926
00:43:05,280 --> 00:43:08,440
Speaker 1: it was just easily drinkable but also refreshing at the

927
00:43:08,480 --> 00:43:10,200
Speaker 1: same time. So yeah, I dug this one. Yeah, this

928
00:43:10,239 --> 00:43:13,440
Speaker 1: is like one of these late summer porch nipping beers.

929
00:43:13,840 --> 00:43:15,680
Speaker 1: Like you and I we were talking on the beach,

930
00:43:15,719 --> 00:43:17,799
Speaker 1: how there are some beers that we want to have

931
00:43:17,960 --> 00:43:21,360
Speaker 1: on the beach, specifically rattlers, but then beers that have

932
00:43:21,400 --> 00:43:23,640
Speaker 1: a little more backbone that I have a little more complexity.

933
00:43:23,920 --> 00:43:25,799
Speaker 1: You don't really enjoy those on the beach at all.

934
00:43:26,040 --> 00:43:28,359
Speaker 1: And like we would try it occasionally and it's like,

935
00:43:28,440 --> 00:43:30,719
Speaker 1: this is a goold beer. However, I wish I was

936
00:43:31,080 --> 00:43:34,480
Speaker 1: further from the ocean while enjoying this, I feel like

937
00:43:34,520 --> 00:43:36,279
Speaker 1: time and place for everything exactly. I feel like this

938
00:43:36,280 --> 00:43:38,400
Speaker 1: beer would be perfect sitting on a front porch or

939
00:43:38,400 --> 00:43:41,560
Speaker 1: a back porch, you pick. But I honestly I picked

940
00:43:41,600 --> 00:43:44,000
Speaker 1: up on the coconut notes a little bit um but

941
00:43:44,040 --> 00:43:47,080
Speaker 1: I felt like instead of saying, what is it pineapple

942
00:43:47,200 --> 00:43:49,960
Speaker 1: and coconut, I would have said pineapple and lime. I

943
00:43:49,960 --> 00:43:52,520
Speaker 1: feel like there's very much a line e element to it.

944
00:43:52,520 --> 00:43:55,359
Speaker 1: It almost kind of reminded me of a Gin and Tonic, Like,

945
00:43:55,520 --> 00:43:56,759
Speaker 1: I mean, we poured this beer and it had a

946
00:43:56,800 --> 00:43:58,959
Speaker 1: lot of effervescence, so it was a really fizzy beer,

947
00:43:59,280 --> 00:44:00,879
Speaker 1: but they really ground that it and held it down

948
00:44:00,920 --> 00:44:04,239
Speaker 1: with those pineapple and what i'll call line notes that

949
00:44:04,280 --> 00:44:05,920
Speaker 1: I picked up on. I really enjoy this one. Never

950
00:44:05,920 --> 00:44:08,080
Speaker 1: had a style like this, I agree, never had something

951
00:44:08,160 --> 00:44:09,960
Speaker 1: unique like this. But I am so glad that you

952
00:44:10,000 --> 00:44:11,680
Speaker 1: and I got to enjoy this one on the episode.

953
00:44:11,800 --> 00:44:14,400
Speaker 1: And I'm actually looking forward to a few more beers

954
00:44:14,760 --> 00:44:17,479
Speaker 1: from Cruz Blanca as well. All Right, but that's gonna

955
00:44:17,480 --> 00:44:20,520
Speaker 1: do it for this episode. For listeners who want the

956
00:44:20,560 --> 00:44:22,560
Speaker 1: show notes for this episode, well, you can go to

957
00:44:22,640 --> 00:44:25,719
Speaker 1: our website at how to money dot com. And there's

958
00:44:25,760 --> 00:44:28,239
Speaker 1: a reason why we end every single episode asking you

959
00:44:28,320 --> 00:44:31,400
Speaker 1: to leave us a review if you have found this

960
00:44:31,480 --> 00:44:34,960
Speaker 1: episode helpful, and it's because these reviews help others to

961
00:44:35,040 --> 00:44:37,359
Speaker 1: find our show. We want other folks to make sure

962
00:44:37,400 --> 00:44:41,360
Speaker 1: that they're exposed to solid knowledge about their personal finances

963
00:44:41,400 --> 00:44:44,320
Speaker 1: because we want them to make a smart, wise sound

964
00:44:44,480 --> 00:44:46,279
Speaker 1: decisions when it comes to their money, and so we

965
00:44:46,360 --> 00:44:49,399
Speaker 1: appreciate you partnering with us in that mission. Thank you

966
00:44:49,440 --> 00:44:51,680
Speaker 1: in advance, Joel. That's gonna be it for this episode, Buddy.

967
00:44:51,760 --> 00:45:00,160
Speaker 1: Until next time, Best Friends Out, Best Friends Out. M