1 00:00:00,040 --> 00:00:03,000 Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt, 2 00:00:03,080 --> 00:00:26,080 Speaker 1: and today we are debunking conventional financial advice. Yeah, Joe, 3 00:00:26,120 --> 00:00:29,480 Speaker 1: this is gonna be like MythBusters, but the financial advised version. 4 00:00:29,800 --> 00:00:31,560 Speaker 1: But I'm excited that we are going to cover just 5 00:00:31,640 --> 00:00:34,199 Speaker 1: a ton of variety of different topics. It's gonna run 6 00:00:34,200 --> 00:00:36,720 Speaker 1: the gamut between. Can we also do some science experiments too, 7 00:00:36,760 --> 00:00:37,960 Speaker 1: As long as we can blow up like a water 8 00:00:38,000 --> 00:00:39,760 Speaker 1: heater in the desert, I think that's that's all I 9 00:00:39,800 --> 00:00:43,440 Speaker 1: care about. How how would science experiments translate to a podcast? 10 00:00:43,640 --> 00:00:45,919 Speaker 1: Probably not very well. I think that's called alchemy, right, 11 00:00:45,960 --> 00:00:48,600 Speaker 1: Like that's the whole premise of trying to turn lead 12 00:00:48,680 --> 00:00:51,680 Speaker 1: into gold or whatever metal into gold. But yeah, I 13 00:00:51,720 --> 00:00:53,840 Speaker 1: am excited that we're going to cover a variety of topics, 14 00:00:53,880 --> 00:00:56,280 Speaker 1: everything from just something that you would hear at work 15 00:00:56,640 --> 00:00:59,600 Speaker 1: talking with a coworker or maybe even h R because 16 00:00:59,640 --> 00:01:02,480 Speaker 1: sometimes they're dispensing financial advice because that's part of what 17 00:01:02,520 --> 00:01:04,640 Speaker 1: they do all the way, maybe even to something you 18 00:01:04,680 --> 00:01:08,160 Speaker 1: would even hear like a money expert, a financial advisor, 19 00:01:08,240 --> 00:01:10,280 Speaker 1: maybe on the radio even And we're gonna get to 20 00:01:10,319 --> 00:01:12,160 Speaker 1: that later in the show. Yeah, there's a lot of 21 00:01:12,160 --> 00:01:15,319 Speaker 1: financial advice floating around, and so not only are we 22 00:01:15,400 --> 00:01:17,720 Speaker 1: going to to tell you some common financial advice that 23 00:01:17,800 --> 00:01:20,440 Speaker 1: we think just isn't really all that good, we're also 24 00:01:20,520 --> 00:01:22,160 Speaker 1: kind of towards the end of the show going to 25 00:01:22,280 --> 00:01:25,440 Speaker 1: give you some ideas on where to go, some ways 26 00:01:25,480 --> 00:01:28,119 Speaker 1: to think about how how you filter that financial advice 27 00:01:28,120 --> 00:01:30,319 Speaker 1: that comes into your life. Okay, but but first, Matt, 28 00:01:30,360 --> 00:01:33,000 Speaker 1: I wanted to tell you that my wife this week 29 00:01:33,200 --> 00:01:37,759 Speaker 1: tried Kroger clicklist nice and she loved it. Oh, yeah, 30 00:01:38,120 --> 00:01:39,800 Speaker 1: she loved it. But wait a minute, does that mean 31 00:01:39,800 --> 00:01:42,080 Speaker 1: you're gonna go ahead and cancel your costco membership for 32 00:01:42,120 --> 00:01:44,520 Speaker 1: the year? And uh you are you a clicklist convert? Now? 33 00:01:44,680 --> 00:01:46,560 Speaker 1: I mean I can be loyal to both. They both 34 00:01:46,560 --> 00:01:49,440 Speaker 1: have different Oh but can you really? Oh I can? Oh? 35 00:01:49,560 --> 00:01:51,640 Speaker 1: I can so. And I know it's not Aldi. We 36 00:01:51,720 --> 00:01:54,160 Speaker 1: like Aldi two, but Kroger Clicklist it's kind of this 37 00:01:54,200 --> 00:01:57,880 Speaker 1: really cool tool where it's this happy medium between going 38 00:01:57,920 --> 00:02:01,320 Speaker 1: into the store and shopping in true sational manner and 39 00:02:01,520 --> 00:02:04,240 Speaker 1: going with something like instat cart or shipped where you 40 00:02:04,360 --> 00:02:06,560 Speaker 1: order groceries and have them show up on your door. 41 00:02:06,880 --> 00:02:10,119 Speaker 1: And the problem, in my opinion with the grocery delivery 42 00:02:10,160 --> 00:02:13,280 Speaker 1: services is the additional expense. Not only do you pay 43 00:02:13,280 --> 00:02:16,079 Speaker 1: a delivery fee and have to tip the driver, et cetera, 44 00:02:16,560 --> 00:02:19,919 Speaker 1: but you pay an inflated price for groceries when you 45 00:02:20,040 --> 00:02:22,480 Speaker 1: use those services. But Kroger click List is kind of 46 00:02:22,520 --> 00:02:24,120 Speaker 1: a thing of its own. What you do is you 47 00:02:24,200 --> 00:02:27,079 Speaker 1: kind of buy your groceries on Kroger's website and then 48 00:02:27,120 --> 00:02:29,320 Speaker 1: you pick them up at the Kroger store. But you 49 00:02:29,360 --> 00:02:30,840 Speaker 1: don't even have to get out of your car. As 50 00:02:30,880 --> 00:02:33,280 Speaker 1: a mom of kids, you're trying to pick up the groceries. 51 00:02:33,280 --> 00:02:35,919 Speaker 1: It's it's really nice that essentially someone just brings them 52 00:02:35,919 --> 00:02:37,640 Speaker 1: and sticks them in your car and you pay the 53 00:02:37,680 --> 00:02:40,040 Speaker 1: five dollar fee. That's the only thing. So there is 54 00:02:40,040 --> 00:02:42,600 Speaker 1: a cost. So there is a cost, it's five bucks, 55 00:02:42,600 --> 00:02:45,360 Speaker 1: but the prices of the actual food that you're buying 56 00:02:45,560 --> 00:02:47,040 Speaker 1: are the exact same as what you would pay in 57 00:02:47,040 --> 00:02:49,840 Speaker 1: the store, so you're not paying those inflated internet prices. 58 00:02:50,520 --> 00:02:52,519 Speaker 1: But the coolest thing is that we're easily going to 59 00:02:52,639 --> 00:02:55,760 Speaker 1: save that five bucks every time we do a Kroger 60 00:02:55,800 --> 00:02:58,960 Speaker 1: clicklist order. Because when you're shopping online, you tend to 61 00:02:58,960 --> 00:03:01,600 Speaker 1: do a couple of different things. You tend to a 62 00:03:01,800 --> 00:03:04,520 Speaker 1: spend less money. You're not impulse buying certain things as 63 00:03:04,560 --> 00:03:06,799 Speaker 1: you're walking around the grocery store, right. And then the 64 00:03:06,840 --> 00:03:09,440 Speaker 1: other thing is Kroger does a great job of offering 65 00:03:09,440 --> 00:03:12,680 Speaker 1: digital coupons, and so while you're shopping online, you're just 66 00:03:12,880 --> 00:03:15,000 Speaker 1: gonna see the coupons and it's gonna make it a 67 00:03:15,040 --> 00:03:17,280 Speaker 1: whole lot easier to apply those to your order. Yeah. Well, 68 00:03:17,320 --> 00:03:18,920 Speaker 1: I will say the last time I was actually in 69 00:03:19,000 --> 00:03:21,760 Speaker 1: Kroger buying some fancy seltzer because there's a certain kind 70 00:03:21,800 --> 00:03:25,560 Speaker 1: of looking for actually for the Airbnb. I scanned it 71 00:03:25,560 --> 00:03:27,200 Speaker 1: and I was getting ready to put it in the bag, 72 00:03:27,320 --> 00:03:29,040 Speaker 1: and then right there on the spot, it's spit out 73 00:03:29,040 --> 00:03:30,880 Speaker 1: a coupon. I didn't really read it. I just saw 74 00:03:30,880 --> 00:03:33,080 Speaker 1: that it said peri air, which is the fancy sealzer 75 00:03:33,160 --> 00:03:34,920 Speaker 1: that I buy for the Airbnb. And we're trying to 76 00:03:34,920 --> 00:03:37,520 Speaker 1: make it nice down there, fancy dude. So at the 77 00:03:37,600 --> 00:03:39,600 Speaker 1: end when you are supposed to kind of skin the coupons, 78 00:03:39,600 --> 00:03:41,160 Speaker 1: I scanned it and it freaking took like a ton 79 00:03:41,200 --> 00:03:43,000 Speaker 1: of money off. And so if Kroger is able to 80 00:03:43,040 --> 00:03:45,360 Speaker 1: do the digital version of that online and I don't 81 00:03:45,360 --> 00:03:46,960 Speaker 1: even have to go in the store that might be 82 00:03:47,160 --> 00:03:49,160 Speaker 1: attempting for us to use as well. Man, Yeah, so 83 00:03:49,200 --> 00:03:52,000 Speaker 1: we're gonna keep trying it out, especially as you know, 84 00:03:52,000 --> 00:03:54,000 Speaker 1: you and I were both about to have newborn babies. 85 00:03:54,240 --> 00:03:56,280 Speaker 1: The idea of sleeping babies, taking them out of the 86 00:03:56,320 --> 00:03:59,080 Speaker 1: car seat, blah blah blah, going grocery shopping, it becomes 87 00:03:59,080 --> 00:04:01,920 Speaker 1: a whole lot less appealing. And so this Kroger clicklist 88 00:04:02,120 --> 00:04:04,480 Speaker 1: might be this happy medium solution for us, at least 89 00:04:04,480 --> 00:04:06,800 Speaker 1: for a while. And yeah, we'll kind of keep folks updated, 90 00:04:06,880 --> 00:04:10,440 Speaker 1: let them know if this click list experiment continues. Nice man. 91 00:04:10,600 --> 00:04:13,280 Speaker 1: Are Kroger's nationwide? I think so, but I think in 92 00:04:13,320 --> 00:04:15,800 Speaker 1: other cities they have different names. Yeah, I think they 93 00:04:15,840 --> 00:04:18,400 Speaker 1: own a bunch of different grocery stores like Ralph's and 94 00:04:18,480 --> 00:04:21,080 Speaker 1: a couple others. So yeah, they're they're a very big company. 95 00:04:21,120 --> 00:04:23,360 Speaker 1: They think they're the nation's largest grocer if I'm If 96 00:04:23,400 --> 00:04:25,359 Speaker 1: I'm not mistaken, maybe in South Carolina they call it 97 00:04:25,440 --> 00:04:29,560 Speaker 1: k Rogers instead of Roger's. Well, I've been to South Carolina. 98 00:04:29,560 --> 00:04:31,480 Speaker 1: That would make sense. I don't want to hate on 99 00:04:31,520 --> 00:04:34,160 Speaker 1: South Carolina too much. Plus, man, Laws are from South Carolina, 100 00:04:34,200 --> 00:04:36,160 Speaker 1: so now, dude, I love South Carolina. I'm just saying 101 00:04:36,160 --> 00:04:38,120 Speaker 1: there's some weird stuff that happens from time to time, right, 102 00:04:38,400 --> 00:04:41,720 Speaker 1: great people, though, beautiful scenery, It's it's a lovely state, 103 00:04:41,839 --> 00:04:44,520 Speaker 1: but it's not quite as beautiful of a state as Hawaii. 104 00:04:44,560 --> 00:04:46,919 Speaker 1: And I think we can readily admit that. And the 105 00:04:46,960 --> 00:04:49,479 Speaker 1: beer that we're drinking today on the show is from Hawaii. 106 00:04:49,800 --> 00:04:52,720 Speaker 1: The beer is called Golden Sabbath. It's a Belgian style 107 00:04:52,760 --> 00:04:55,719 Speaker 1: ale brewed with Hawaiian honey, made by the brewery Big 108 00:04:55,760 --> 00:04:58,440 Speaker 1: Island brew House. And big thanks to listener Cody for 109 00:04:58,480 --> 00:05:00,360 Speaker 1: sending this one our way. I like their litt saying 110 00:05:00,360 --> 00:05:02,720 Speaker 1: on the bottle here says share the Aloha. I think 111 00:05:02,760 --> 00:05:05,520 Speaker 1: another brewery in Hawaii. There. There's some lookings like Liquid Aloha, 112 00:05:05,560 --> 00:05:07,480 Speaker 1: which is another good one. So yeah, I guess anything 113 00:05:07,480 --> 00:05:09,719 Speaker 1: Aloha is quiet on brand for anything coming out of 114 00:05:09,760 --> 00:05:12,479 Speaker 1: Why Yeah, for sure, for sure. But yeah, looking forward 115 00:05:12,480 --> 00:05:14,120 Speaker 1: to sharing this one with you man, and we'll talk 116 00:05:14,160 --> 00:05:16,560 Speaker 1: about this one at the end of the episode. Sounds good, 117 00:05:16,600 --> 00:05:20,600 Speaker 1: everybody onto the topic at hand today, we are debunking 118 00:05:20,640 --> 00:05:23,640 Speaker 1: conventional financial advice, and like we mentioned in the outset, 119 00:05:23,880 --> 00:05:26,840 Speaker 1: there's a lot of financial advice floating around there's some 120 00:05:26,880 --> 00:05:29,120 Speaker 1: good stuff, right, there's a lot of people delivering good 121 00:05:29,120 --> 00:05:31,279 Speaker 1: financial advice, but there's also a lot of bad financial 122 00:05:31,320 --> 00:05:33,479 Speaker 1: advice out there. And there are some sayings that you 123 00:05:33,520 --> 00:05:35,479 Speaker 1: might hear all the time you're not even sure what 124 00:05:35,480 --> 00:05:39,040 Speaker 1: they're based on. Maybe it's more of a proverbial phrase even, 125 00:05:39,279 --> 00:05:41,320 Speaker 1: And some of these things are said by a whole 126 00:05:41,360 --> 00:05:44,240 Speaker 1: lot of people. They get repeated and repeated, and some 127 00:05:44,320 --> 00:05:46,640 Speaker 1: of these sayings deserve a second glance. They might not 128 00:05:46,680 --> 00:05:49,760 Speaker 1: be completely off, we might not disagree with them, but 129 00:05:49,800 --> 00:05:52,040 Speaker 1: it's important to tackle these things so that we can 130 00:05:52,040 --> 00:05:55,279 Speaker 1: get a better perspective on what our response should actually 131 00:05:55,400 --> 00:05:58,720 Speaker 1: be to the conventional financial wisdom that we hear touted 132 00:05:58,760 --> 00:06:01,039 Speaker 1: out there. As Stephen bart would say, there's a certain 133 00:06:01,080 --> 00:06:03,560 Speaker 1: amount of truthiness that some of these statements have, but 134 00:06:03,880 --> 00:06:07,920 Speaker 1: are they actually true that their truth he has truthiness, Yeah, 135 00:06:07,920 --> 00:06:11,160 Speaker 1: there's some sort of kernel right in there. Well, that's 136 00:06:11,160 --> 00:06:12,800 Speaker 1: the thing though, that I mean, a reason I think 137 00:06:12,839 --> 00:06:15,640 Speaker 1: a lot of this popular advice takes root is because 138 00:06:15,680 --> 00:06:18,760 Speaker 1: there is typically some truth in it. And sometimes we 139 00:06:18,800 --> 00:06:20,400 Speaker 1: may not have thought about it that much, but it 140 00:06:20,440 --> 00:06:23,520 Speaker 1: seems fairly logical, so we just go with it, Okay, Joel. 141 00:06:23,560 --> 00:06:25,040 Speaker 1: On that note, let's go ahead and kick it off 142 00:06:25,120 --> 00:06:28,440 Speaker 1: with our first piece of financial advice. More money will 143 00:06:28,480 --> 00:06:32,400 Speaker 1: make you happier, like me personally, you specifically, a little 144 00:06:32,440 --> 00:06:34,880 Speaker 1: more might make me happier. Right, And that's a phrase 145 00:06:34,880 --> 00:06:38,040 Speaker 1: that you're less likely to hear from a financial expert 146 00:06:38,200 --> 00:06:40,120 Speaker 1: or someone giving you money advice. But it is this 147 00:06:40,200 --> 00:06:43,159 Speaker 1: kind of general, vague notion out there that more money 148 00:06:43,560 --> 00:06:48,240 Speaker 1: is always equivalent to greater happiness. It's an attitude, yeah, yeah, yeah, 149 00:06:48,240 --> 00:06:50,360 Speaker 1: that I need to acquire more and if I get more, 150 00:06:50,480 --> 00:06:53,160 Speaker 1: it will make me happier. And that's just not true. 151 00:06:53,480 --> 00:06:56,839 Speaker 1: And in fact, although there are some instances in which 152 00:06:56,920 --> 00:06:59,440 Speaker 1: a bit more money could make us happier. Yeah. For example, 153 00:06:59,440 --> 00:07:01,480 Speaker 1: if someone's in poverty, right, if they're able to increase 154 00:07:01,480 --> 00:07:03,479 Speaker 1: their salary to a certain amount and they're able to 155 00:07:03,520 --> 00:07:07,560 Speaker 1: achieve some sort of baseline standard of living, certainly their 156 00:07:07,640 --> 00:07:09,520 Speaker 1: quality of life is going to improve and there should 157 00:07:09,520 --> 00:07:11,920 Speaker 1: be some happiness derived from that, right. Yeah, most definitely, 158 00:07:12,000 --> 00:07:15,080 Speaker 1: If if we can't afford the basic necessities of life, 159 00:07:15,360 --> 00:07:18,200 Speaker 1: then an increase in access to money would make a 160 00:07:18,200 --> 00:07:21,520 Speaker 1: big difference. Right. But oftentimes, most of us, in middle 161 00:07:21,520 --> 00:07:24,440 Speaker 1: class America, we end up buying ourselves more headaches than 162 00:07:24,480 --> 00:07:27,520 Speaker 1: more money we get. We don't become happier by hoarding 163 00:07:27,560 --> 00:07:31,680 Speaker 1: more or or even by pursuing happiness itself. Typically there's 164 00:07:31,840 --> 00:07:34,040 Speaker 1: kind of a law of diminishing returns when it comes 165 00:07:34,040 --> 00:07:37,360 Speaker 1: to having more money. Yeah, it's no surprise that the 166 00:07:37,480 --> 00:07:41,640 Speaker 1: overconsumption of goods and services and just buying lots of stuff, 167 00:07:41,640 --> 00:07:44,080 Speaker 1: how that does not lead to our happiness. And with that, 168 00:07:44,200 --> 00:07:45,840 Speaker 1: over the past several years, I feel that there has 169 00:07:45,880 --> 00:07:49,720 Speaker 1: been a shift towards folks pursuing experiences, right, Like you 170 00:07:49,760 --> 00:07:51,880 Speaker 1: hear people say that, like, Oh, I'm all about the experiences. 171 00:07:51,880 --> 00:07:53,880 Speaker 1: I'm not about stuff. You know, there's a little more 172 00:07:53,920 --> 00:07:58,040 Speaker 1: mindfulness in that area, especially publicly. There's just a broader realization. 173 00:07:58,120 --> 00:08:01,520 Speaker 1: I think that stuff matters less and experiences matter more. 174 00:08:01,720 --> 00:08:04,840 Speaker 1: Right exactly, they can be better than stuff. They can 175 00:08:04,920 --> 00:08:07,440 Speaker 1: change your life. You have an amazing experience, you learn 176 00:08:07,520 --> 00:08:09,800 Speaker 1: something about yourself, you learn something about other cultures. But 177 00:08:09,920 --> 00:08:13,640 Speaker 1: even trips, even vacations, even different experiences that you can 178 00:08:13,680 --> 00:08:15,600 Speaker 1: go on, you can get used to those the same 179 00:08:15,640 --> 00:08:18,800 Speaker 1: hedonic treadmill that we experience when it comes to purchasing 180 00:08:18,920 --> 00:08:21,920 Speaker 1: things at home and the inflated lifestyle that we have 181 00:08:22,120 --> 00:08:24,920 Speaker 1: that applies to vacations and trips and these different experiences 182 00:08:24,960 --> 00:08:27,960 Speaker 1: as well. Our friend Carl Mr He's got a great 183 00:08:27,960 --> 00:08:31,440 Speaker 1: post over on his site about that very thing. We'll 184 00:08:31,480 --> 00:08:33,240 Speaker 1: link to that in our show notes. But the conclusion 185 00:08:33,280 --> 00:08:35,840 Speaker 1: that he comes to, at least for himself personally, is 186 00:08:35,880 --> 00:08:37,840 Speaker 1: that for him, it's not about stuff. For him, it 187 00:08:37,920 --> 00:08:41,160 Speaker 1: is not about vacations and travel. It's about finding joy 188 00:08:41,280 --> 00:08:44,679 Speaker 1: and contentment in the everyday life. The vast majority of 189 00:08:44,880 --> 00:08:47,800 Speaker 1: our lives are spent doing very normal things, and if 190 00:08:47,840 --> 00:08:50,280 Speaker 1: we're able to find enjoyment in those things, how much 191 00:08:50,360 --> 00:08:53,160 Speaker 1: richer would our lives be? Right If you enjoy your 192 00:08:53,160 --> 00:08:55,720 Speaker 1: coffee a certain way every single morning and you're able 193 00:08:55,760 --> 00:08:58,480 Speaker 1: to recognize that, just imagine how much value that you're 194 00:08:58,480 --> 00:09:00,560 Speaker 1: actually bringing to your life with something that does not 195 00:09:00,760 --> 00:09:03,160 Speaker 1: cost very much money. If you know that by buying 196 00:09:03,160 --> 00:09:05,600 Speaker 1: this one burg grinder, that you're gonna be able to 197 00:09:05,600 --> 00:09:08,240 Speaker 1: make some fantastic coffee, which is, by the way, that's 198 00:09:08,280 --> 00:09:11,400 Speaker 1: what you need. You need a burg grinder. We touched 199 00:09:11,440 --> 00:09:13,000 Speaker 1: on coffee a few weeks ago. We didn't even talk 200 00:09:13,000 --> 00:09:14,640 Speaker 1: about how to grind your beans. But I've got some 201 00:09:14,720 --> 00:09:18,600 Speaker 1: crummy grinder. I need a burg Grinderrinder's that you guys do? No, man, 202 00:09:18,640 --> 00:09:22,640 Speaker 1: you can need to get one, all right. It crushes 203 00:09:22,679 --> 00:09:25,240 Speaker 1: the bean instead of chops it. Okay, it doesn't overheat 204 00:09:25,280 --> 00:09:28,439 Speaker 1: it and spoil the flavor. That's I'm getting nerdy over here. 205 00:09:28,480 --> 00:09:31,160 Speaker 1: But but if you know that just something as simple 206 00:09:31,200 --> 00:09:33,319 Speaker 1: as that can can bring a lot of value and 207 00:09:33,440 --> 00:09:36,040 Speaker 1: joy to your every day, that's something worth investing in. 208 00:09:36,160 --> 00:09:39,160 Speaker 1: Think about the efficiency and the practicality of something like 209 00:09:39,200 --> 00:09:41,520 Speaker 1: that and the impact that it could have on your life. Yeah. 210 00:09:41,559 --> 00:09:43,960 Speaker 1: The last thing I really want to say about money 211 00:09:44,000 --> 00:09:46,200 Speaker 1: not making us happier, because I think that's just not 212 00:09:46,280 --> 00:09:48,200 Speaker 1: a truism, is that part of the way that we 213 00:09:48,240 --> 00:09:51,760 Speaker 1: combat that is by developing an understanding of what enough 214 00:09:51,800 --> 00:09:54,000 Speaker 1: looks like in our lives. And so if we can 215 00:09:54,160 --> 00:09:57,679 Speaker 1: become okay with what we have, if we can practice thankfulness, 216 00:09:57,720 --> 00:10:00,240 Speaker 1: a little bit more gratitude for what we have, and 217 00:10:00,240 --> 00:10:04,280 Speaker 1: an understanding that more doesn't necessarily equate to better, I 218 00:10:04,360 --> 00:10:07,120 Speaker 1: think really that's going to help us see that more 219 00:10:07,200 --> 00:10:10,160 Speaker 1: money doesn't necessarily make us happier, that those things just 220 00:10:10,240 --> 00:10:12,560 Speaker 1: aren't equivalent. All right, Matt, you want to debunk that 221 00:10:12,600 --> 00:10:15,040 Speaker 1: next piece of financial advice. Yeah, let's do it, man. 222 00:10:15,480 --> 00:10:18,880 Speaker 1: The next piece of advice. It takes money to make money. Obviously, 223 00:10:18,960 --> 00:10:20,840 Speaker 1: this is something that lots of folks have heard. Right. 224 00:10:21,240 --> 00:10:24,080 Speaker 1: While this is true for businesses maybe that are looking 225 00:10:24,080 --> 00:10:26,760 Speaker 1: to grow, maybe get that venture capital money. I mean, 226 00:10:26,800 --> 00:10:29,319 Speaker 1: I'm still looking for my own personal angel investor. Are 227 00:10:29,320 --> 00:10:33,680 Speaker 1: you willing to auction off shares of your soul? Probably would. 228 00:10:33,679 --> 00:10:36,280 Speaker 1: It would take things though, But that's you know, with businesses, 229 00:10:36,360 --> 00:10:39,040 Speaker 1: but also for you personally as well. That might be 230 00:10:39,080 --> 00:10:41,520 Speaker 1: true when it comes to investing in the stock market 231 00:10:41,640 --> 00:10:43,640 Speaker 1: or saving for retirement. If you're trying to make passive 232 00:10:43,640 --> 00:10:45,640 Speaker 1: income a real thing, you have to do that with 233 00:10:45,760 --> 00:10:49,280 Speaker 1: money because that's the vehicle that's actually earning you money. Yeah, 234 00:10:49,320 --> 00:10:51,600 Speaker 1: of course you need some sort of money to be 235 00:10:51,640 --> 00:10:54,440 Speaker 1: able to invest, right. It does take, for instance, being 236 00:10:54,440 --> 00:10:57,000 Speaker 1: able to invest a couple of thousand dollars into your 237 00:10:57,000 --> 00:10:59,720 Speaker 1: i RA every year or to hit a certain percentage 238 00:10:59,720 --> 00:11:01,880 Speaker 1: in your four oh one K in order to grow 239 00:11:01,920 --> 00:11:05,079 Speaker 1: your wealth. Yeah, that's actually when you have money making 240 00:11:05,120 --> 00:11:07,080 Speaker 1: you money. And like that's the truth of the statement, 241 00:11:07,160 --> 00:11:09,480 Speaker 1: right right, right, right, So there is definitely this carnal 242 00:11:09,520 --> 00:11:12,640 Speaker 1: a truth still. But but however today it's more often 243 00:11:12,760 --> 00:11:15,240 Speaker 1: used as an excuse by folks as to why they 244 00:11:15,240 --> 00:11:17,840 Speaker 1: can't get ahead and save more. It's a reason to 245 00:11:17,960 --> 00:11:22,800 Speaker 1: justify not pursuing entrepreneurial endeavors that you just don't have 246 00:11:22,840 --> 00:11:24,719 Speaker 1: the money in order to get started. And I think 247 00:11:24,760 --> 00:11:27,760 Speaker 1: in today's day and age, this truism has actually become 248 00:11:27,880 --> 00:11:31,240 Speaker 1: so much less true because of the ease of being 249 00:11:31,240 --> 00:11:34,800 Speaker 1: able to invest. You're rounded up change on an app 250 00:11:34,840 --> 00:11:38,520 Speaker 1: like Acorns, or open up a retirement account with five 251 00:11:38,880 --> 00:11:42,360 Speaker 1: bucks or zero dollars depending on who you're with, with 252 00:11:42,480 --> 00:11:46,320 Speaker 1: no minimum balances, no minimum monthly contribution. It's just gotten 253 00:11:46,360 --> 00:11:47,960 Speaker 1: so much easier. It doesn't take a lot of money 254 00:11:48,000 --> 00:11:50,240 Speaker 1: to get started. It just takes something. It just takes 255 00:11:50,280 --> 00:11:54,000 Speaker 1: prioritizing it. And when we're talking about entrepreneurial endeavors, becoming 256 00:11:54,000 --> 00:11:56,959 Speaker 1: an online entrepreneur, creating something and putting it out there, 257 00:11:57,080 --> 00:12:00,440 Speaker 1: the barrier to entry has been demolished. And there's something 258 00:12:00,440 --> 00:12:03,000 Speaker 1: that almost all of us could do if we would 259 00:12:03,040 --> 00:12:05,280 Speaker 1: just take the time and the energy to learn how 260 00:12:05,320 --> 00:12:07,120 Speaker 1: to do it and to just get started. Ye Joel, 261 00:12:07,160 --> 00:12:10,280 Speaker 1: So what it takes to pursue that entrepreneurial endeavor is 262 00:12:10,520 --> 00:12:13,640 Speaker 1: that hard work, and that hard work over time. That's 263 00:12:13,640 --> 00:12:16,120 Speaker 1: the thing, right, is to not get burnt out and think, yeah, 264 00:12:16,160 --> 00:12:17,760 Speaker 1: I can you know, hit this hard for maybe a 265 00:12:17,760 --> 00:12:20,240 Speaker 1: couple of months, but often it takes a long time. 266 00:12:20,640 --> 00:12:23,080 Speaker 1: And that's the sort of sweat equity that it takes 267 00:12:23,120 --> 00:12:25,680 Speaker 1: to get something off the ground. And on a personal level, 268 00:12:25,679 --> 00:12:28,760 Speaker 1: it doesn't absolutely require you to make a lot more money. 269 00:12:28,840 --> 00:12:31,240 Speaker 1: You could also just spend less. So what that means 270 00:12:31,360 --> 00:12:34,240 Speaker 1: is cutting back, and I know that can be really difficult. 271 00:12:34,240 --> 00:12:36,760 Speaker 1: Once you've sort of gotten to a certain level of comfort, 272 00:12:36,840 --> 00:12:38,800 Speaker 1: it's a lot harder to remove that from your life 273 00:12:38,840 --> 00:12:40,400 Speaker 1: than it is to have never gotten there in the 274 00:12:40,400 --> 00:12:42,920 Speaker 1: first place. So it's easy to say, oh, yeah, I 275 00:12:42,920 --> 00:12:45,280 Speaker 1: just cut back, but I know that that's difficult. And 276 00:12:45,280 --> 00:12:48,040 Speaker 1: that's why priorities are so important to give you that focus, 277 00:12:48,040 --> 00:12:50,440 Speaker 1: in that drive to actually accomplish what it is that 278 00:12:50,480 --> 00:12:52,680 Speaker 1: you truly want to accomplish. So you're saying, I don't 279 00:12:52,679 --> 00:12:54,600 Speaker 1: have to sell part of my soul to that angel investor, 280 00:12:54,880 --> 00:12:57,679 Speaker 1: just work hard and uh spend less. All right, it's 281 00:12:57,679 --> 00:12:59,800 Speaker 1: so easy. It's so easy when you say it. All right, Well, 282 00:12:59,800 --> 00:13:03,240 Speaker 1: there are some more conventional financial mantras that Matt and 283 00:13:03,280 --> 00:13:05,400 Speaker 1: I feel compelled to tackle, and we'll get to a 284 00:13:05,400 --> 00:13:17,040 Speaker 1: few more after the break. All right, Joe, we have 285 00:13:17,160 --> 00:13:21,080 Speaker 1: talked through two of these conventional financial pieces of advice 286 00:13:21,440 --> 00:13:23,880 Speaker 1: or truisms. We're kind of calling them truisms too, aren't we? 287 00:13:23,920 --> 00:13:28,160 Speaker 1: More like false is um? There's truthiness involved here. Let's 288 00:13:28,160 --> 00:13:29,959 Speaker 1: get to our next one, though, which is save ten 289 00:13:30,000 --> 00:13:33,160 Speaker 1: percent of your income. That sounds nice, right, It does 290 00:13:33,200 --> 00:13:35,400 Speaker 1: sound nice, and honestly, that is a great place to start, 291 00:13:35,679 --> 00:13:38,480 Speaker 1: but don't stop there. If you're looking to achieve any 292 00:13:38,480 --> 00:13:41,280 Speaker 1: sort of financial independence while you still have some energy 293 00:13:41,360 --> 00:13:44,200 Speaker 1: left to actually enjoy financial independence, you're going to need 294 00:13:44,240 --> 00:13:46,960 Speaker 1: a savings rate that is more than ten percent. Yeah. Man, 295 00:13:46,960 --> 00:13:48,560 Speaker 1: I feel like when I was just starting out, I 296 00:13:48,600 --> 00:13:52,319 Speaker 1: was listening to financial experts, I was trying to garner wisdom, 297 00:13:52,360 --> 00:13:53,840 Speaker 1: and I heard a lot of people say to save 298 00:13:53,880 --> 00:13:56,079 Speaker 1: and invest ten percent of your income. I heard others 299 00:13:56,200 --> 00:13:58,560 Speaker 1: go out there on a limb and say fift And 300 00:13:58,600 --> 00:14:00,760 Speaker 1: I think because I wasn't challenge us to save more, 301 00:14:01,160 --> 00:14:04,120 Speaker 1: I didn't save more. And ultimately, now that I'm older 302 00:14:04,160 --> 00:14:06,560 Speaker 1: and I've seen what the numbers look like and what 303 00:14:06,679 --> 00:14:08,680 Speaker 1: I'll actually need to save in order to reach any 304 00:14:08,720 --> 00:14:11,640 Speaker 1: sort of financial independence goals I have. It's just gonna 305 00:14:11,679 --> 00:14:14,199 Speaker 1: take saving at a much higher clip. And so we 306 00:14:14,200 --> 00:14:17,400 Speaker 1: would say that is a great minimum goal to aim for, 307 00:14:17,679 --> 00:14:19,360 Speaker 1: which might sound crazy to some people. I mean, the 308 00:14:19,440 --> 00:14:21,920 Speaker 1: national savings rate is what like five to seven percent 309 00:14:22,040 --> 00:14:24,280 Speaker 1: something like that, And a great way to portion out 310 00:14:24,600 --> 00:14:28,160 Speaker 1: that savings rate is to put half of your money 311 00:14:28,200 --> 00:14:30,560 Speaker 1: in a savings account with a good rate to return 312 00:14:30,960 --> 00:14:33,320 Speaker 1: for nearer term goals that you have, and then and 313 00:14:33,360 --> 00:14:35,880 Speaker 1: in the other half in retirement accounts like your four 314 00:14:35,880 --> 00:14:39,080 Speaker 1: own k roth, Ira, h s A, etcetera. Yeah, with 315 00:14:39,120 --> 00:14:41,840 Speaker 1: those near term goals in addition to those long term 316 00:14:41,840 --> 00:14:44,600 Speaker 1: goals of retirement, you have some balance, right, You have 317 00:14:44,640 --> 00:14:46,840 Speaker 1: those near term goals of maybe saving up enough money 318 00:14:46,920 --> 00:14:49,120 Speaker 1: to put down a nice down payments or paying for 319 00:14:49,200 --> 00:14:52,240 Speaker 1: that new used car that you're gonna buy in cash. 320 00:14:52,560 --> 00:14:54,680 Speaker 1: I think striking that balance is so important when it 321 00:14:54,720 --> 00:14:57,400 Speaker 1: comes to staying motivated and feeling like that you're able 322 00:14:57,440 --> 00:15:00,320 Speaker 1: to enjoy the benefits of your hard work now while 323 00:15:00,360 --> 00:15:02,600 Speaker 1: at the same time setting yourself up for the future. 324 00:15:03,040 --> 00:15:05,000 Speaker 1: And I want to say as well too that these 325 00:15:05,000 --> 00:15:06,800 Speaker 1: are awesome goals to have, and this is something that 326 00:15:06,800 --> 00:15:09,280 Speaker 1: we work towards. But you know, in particular me being 327 00:15:09,280 --> 00:15:11,760 Speaker 1: self employed, some years are better than others, and there's 328 00:15:11,880 --> 00:15:14,760 Speaker 1: years where I don't actually hit that percentage, and that's okay, 329 00:15:14,760 --> 00:15:16,600 Speaker 1: Like it's not the end of the world. But knowing 330 00:15:16,640 --> 00:15:18,640 Speaker 1: what it is that you're seeking after, what the goal is, 331 00:15:18,760 --> 00:15:21,120 Speaker 1: that's the high bar that we're trying to set here. Yeah. Man, 332 00:15:21,160 --> 00:15:24,120 Speaker 1: sometimes I just feel like a bigger challenge helps me 333 00:15:24,240 --> 00:15:26,560 Speaker 1: rise to the occasion. It helps give me that subtle 334 00:15:26,600 --> 00:15:28,560 Speaker 1: shift in mindset. And it might be a goal that 335 00:15:28,600 --> 00:15:31,320 Speaker 1: even feels almost a little bit impossible, but but having 336 00:15:31,320 --> 00:15:33,200 Speaker 1: it on your radar at least something that you want 337 00:15:33,200 --> 00:15:34,880 Speaker 1: to aim for in the distant future can be really 338 00:15:34,920 --> 00:15:37,120 Speaker 1: helpful even now to kind of tweak some things to 339 00:15:37,120 --> 00:15:39,400 Speaker 1: start getting you headed in that direction. It sounds to 340 00:15:39,400 --> 00:15:41,800 Speaker 1: me like maybe you would enjoy a nice Friday Night 341 00:15:41,880 --> 00:15:44,560 Speaker 1: Lights like kind of locker room speech like that, you're 342 00:15:44,560 --> 00:15:47,280 Speaker 1: all about the underdog. I've never seen Friday Night Lights, 343 00:15:47,320 --> 00:15:49,840 Speaker 1: but yeah, I mean either, but I'm guessing there's awesome 344 00:15:49,880 --> 00:15:52,640 Speaker 1: halftime speeches that are given in the locker room. Right now, 345 00:15:52,680 --> 00:15:55,320 Speaker 1: You're probably right, You're probably right. Yeah, I'll take it, go, go, 346 00:15:55,360 --> 00:15:58,280 Speaker 1: get it, go, save, take home pay. Yeah, make it happen. 347 00:15:58,480 --> 00:16:01,440 Speaker 1: It's all night. That's not Friday night lights. That's the 348 00:16:01,680 --> 00:16:04,120 Speaker 1: other one. Who knows? Who knows? Okay, all right, let's 349 00:16:04,120 --> 00:16:06,840 Speaker 1: get to the next conventional piece of financial wisdom that 350 00:16:06,880 --> 00:16:09,640 Speaker 1: we have to debunk here, which is that stock market 351 00:16:09,680 --> 00:16:12,400 Speaker 1: investing is risky. And we went into a good bit 352 00:16:12,440 --> 00:16:14,760 Speaker 1: of depth hill on this back in episode sixty nine. 353 00:16:14,880 --> 00:16:19,160 Speaker 1: And it's true that investing haphazardly is risky, and money 354 00:16:19,160 --> 00:16:22,400 Speaker 1: in the stock market will fluctuate, there will be great 355 00:16:22,480 --> 00:16:25,480 Speaker 1: highs and there will be low lows, but that's not 356 00:16:25,720 --> 00:16:30,480 Speaker 1: necessarily risk. The true risk in stock market investing is 357 00:16:30,520 --> 00:16:33,560 Speaker 1: not doing it, because inflation eats at your money. And 358 00:16:33,600 --> 00:16:36,239 Speaker 1: another risk is thinking that you can time or outsmart 359 00:16:36,320 --> 00:16:39,240 Speaker 1: the market. Both of those are much worse outcomes than 360 00:16:39,360 --> 00:16:42,480 Speaker 1: slowly and steadily investing the money that you have. And 361 00:16:42,560 --> 00:16:45,680 Speaker 1: so the true solution to avoiding that risk while investing 362 00:16:45,680 --> 00:16:48,640 Speaker 1: in the stock market is to invest in index funds, 363 00:16:48,680 --> 00:16:52,960 Speaker 1: widely diversified index funds, but over the long term, because again, 364 00:16:53,200 --> 00:16:54,920 Speaker 1: the market is going to have those ups and downs. 365 00:16:54,960 --> 00:16:57,440 Speaker 1: But when you are invested over the long haul, thirty 366 00:16:57,440 --> 00:16:59,880 Speaker 1: to forty years of ups and downs. When you're zoomed, 367 00:17:00,280 --> 00:17:02,800 Speaker 1: it looks pretty smooth. It's smooth riding. You don't notice 368 00:17:02,840 --> 00:17:05,240 Speaker 1: those bumps along the way. So that's the lens, right, 369 00:17:05,240 --> 00:17:06,960 Speaker 1: that's the mindset that I want to have when it 370 00:17:06,960 --> 00:17:09,640 Speaker 1: comes to investing in the stock market. You know, related 371 00:17:09,680 --> 00:17:12,280 Speaker 1: to investing the stock market is bonds. There's a piece 372 00:17:12,280 --> 00:17:14,439 Speaker 1: of financial advice out there that says that you should 373 00:17:14,440 --> 00:17:17,800 Speaker 1: hold a percentage of your bonds that's equivalent to your age. 374 00:17:18,119 --> 00:17:20,880 Speaker 1: And it's true you want to minimize that volatility as 375 00:17:20,920 --> 00:17:23,760 Speaker 1: you near retirement. But what if you don't start saving 376 00:17:23,760 --> 00:17:27,400 Speaker 1: and investing for retirement until you're much much older. For example, 377 00:17:27,440 --> 00:17:29,280 Speaker 1: if you're fifty years old, you don't want half of 378 00:17:29,280 --> 00:17:32,639 Speaker 1: your portfolio in bonds if you don't have much value 379 00:17:32,680 --> 00:17:35,119 Speaker 1: in your portfolio. Regardless of your age, if you're in 380 00:17:35,160 --> 00:17:38,440 Speaker 1: that wealth building stage of investing, you need the majority 381 00:17:38,520 --> 00:17:41,560 Speaker 1: of your investments in stocks. Yeah, there's a big difference 382 00:17:41,560 --> 00:17:45,360 Speaker 1: between wealth accumulation and wealth preservation, right, Matt. And and 383 00:17:45,520 --> 00:17:49,199 Speaker 1: it's not necessarily dependent on the age you're at. You 384 00:17:49,280 --> 00:17:51,800 Speaker 1: might be in the wealth building phase at age fifty 385 00:17:51,800 --> 00:17:54,119 Speaker 1: five because you're brand new to investing and you're just 386 00:17:54,160 --> 00:17:57,200 Speaker 1: getting started. That fifty year old you mentioned might still 387 00:17:57,240 --> 00:17:59,760 Speaker 1: be in the wealth building phase, even though experts would 388 00:17:59,760 --> 00:18:03,159 Speaker 1: be them towards a less risky portfolio. We think that 389 00:18:03,200 --> 00:18:05,760 Speaker 1: when you're in the beginning stages of investing, it doesn't 390 00:18:05,800 --> 00:18:07,840 Speaker 1: matter what age you are, you need to have a 391 00:18:07,880 --> 00:18:11,000 Speaker 1: portfolio that's more open to risk, which is more open 392 00:18:11,040 --> 00:18:14,280 Speaker 1: to volatility, which means having more of your money in 393 00:18:14,520 --> 00:18:17,879 Speaker 1: stock type choices. While we're still talking about investing, another 394 00:18:17,960 --> 00:18:19,879 Speaker 1: quick piece of advice that you often hear is that 395 00:18:19,920 --> 00:18:22,200 Speaker 1: you need to educate yourself on investing and make sure 396 00:18:22,240 --> 00:18:26,120 Speaker 1: that you stay informed. Oftentimes, in lots of areas of life, 397 00:18:26,119 --> 00:18:28,399 Speaker 1: it's important to know what you're doing and to make 398 00:18:28,440 --> 00:18:30,680 Speaker 1: sure that you've done the research. But a little bit 399 00:18:30,800 --> 00:18:33,040 Speaker 1: goes a long way, and in the world of investing, 400 00:18:33,480 --> 00:18:36,600 Speaker 1: too much reading and too much screen watching can actually 401 00:18:36,720 --> 00:18:40,320 Speaker 1: lead to hubrists and worse eventual outcomes. Yes, so the 402 00:18:40,320 --> 00:18:42,800 Speaker 1: answer on this one is to invest in the entire 403 00:18:42,880 --> 00:18:45,439 Speaker 1: market by choosing one of our favorite funds, like with 404 00:18:45,520 --> 00:18:48,480 Speaker 1: Vanguard vt s A X or v T I or 405 00:18:48,520 --> 00:18:51,399 Speaker 1: with Fidelity f z R O X f c Rocks 406 00:18:51,480 --> 00:18:54,880 Speaker 1: FC Rocks. There are so many people who pride themselves 407 00:18:54,880 --> 00:18:57,639 Speaker 1: on their investing knowledge, but that knowledge can lead to 408 00:18:57,640 --> 00:19:01,840 Speaker 1: worse outcomes by essentially fiddling with their portfolio too frequently 409 00:19:02,160 --> 00:19:05,280 Speaker 1: and making changes more than they should. The best investors 410 00:19:05,320 --> 00:19:07,960 Speaker 1: aren't necessarily the ones that know the most, that watch 411 00:19:08,040 --> 00:19:12,080 Speaker 1: CNBC every day. They're the ones that know enough, and 412 00:19:12,119 --> 00:19:14,919 Speaker 1: they know enough to kind of set it and forget 413 00:19:14,960 --> 00:19:17,120 Speaker 1: it and stay the course. Please, Joe, if you don't 414 00:19:17,160 --> 00:19:19,080 Speaker 1: have a stock ticker, you know, on your computer at 415 00:19:19,119 --> 00:19:21,040 Speaker 1: work with all the stocks on there, you're not a 416 00:19:21,080 --> 00:19:23,920 Speaker 1: real investor. Not doing it right. No, man, I don't 417 00:19:23,920 --> 00:19:26,600 Speaker 1: even open statements. I very rarely look at my balance, 418 00:19:26,680 --> 00:19:29,040 Speaker 1: just a couple of times a year. And honestly, ignorance 419 00:19:29,119 --> 00:19:31,359 Speaker 1: is bliss. It makes me a better investor. And Jill, 420 00:19:31,400 --> 00:19:34,520 Speaker 1: another really popular piece of advice that you here tossed 421 00:19:34,560 --> 00:19:38,040 Speaker 1: around a lot is that your house is a good investment. 422 00:19:38,119 --> 00:19:40,320 Speaker 1: Heard that one before. Yeah, we actually did an entire 423 00:19:40,320 --> 00:19:43,680 Speaker 1: episode on just this topic on episode thirty. And yes, 424 00:19:43,720 --> 00:19:46,280 Speaker 1: while it is true that homes do typically go up 425 00:19:46,280 --> 00:19:48,479 Speaker 1: in value, well, the fact is they don't go up 426 00:19:48,640 --> 00:19:52,320 Speaker 1: enough to be considered a good investments. On average, real 427 00:19:52,400 --> 00:19:56,440 Speaker 1: estate has increased about four percent annually since the nineteen sixties. 428 00:19:56,520 --> 00:19:58,720 Speaker 1: And I don't know if you are aware. Four percent 429 00:19:58,920 --> 00:20:01,040 Speaker 1: isn't a great rate of return? Yeah, not not as 430 00:20:01,080 --> 00:20:03,639 Speaker 1: good as the market overall. Right, In some of those 431 00:20:03,720 --> 00:20:05,879 Speaker 1: funds that we mentioned, if you were invested there, you 432 00:20:05,960 --> 00:20:08,600 Speaker 1: get a much better rate of return over the years. Yeah, 433 00:20:08,640 --> 00:20:11,240 Speaker 1: closer to ten percent over that very same period of time. Yeah. 434 00:20:11,480 --> 00:20:13,919 Speaker 1: So the average person, instead of buying a home and 435 00:20:13,920 --> 00:20:16,240 Speaker 1: thinking it's a good investment, funnel more of your money 436 00:20:16,280 --> 00:20:19,080 Speaker 1: towards the stock market or run the numbers, and treat 437 00:20:19,119 --> 00:20:21,960 Speaker 1: your primary home more like an investment. There are ways 438 00:20:21,960 --> 00:20:23,960 Speaker 1: to do that too, And we're not against buying a 439 00:20:24,000 --> 00:20:26,199 Speaker 1: home even if it's not a good investment, but just 440 00:20:26,280 --> 00:20:28,359 Speaker 1: know the truth that you're buying the home because you 441 00:20:28,440 --> 00:20:31,080 Speaker 1: love it. Don't trick yourself into thinking that it's also 442 00:20:31,320 --> 00:20:33,879 Speaker 1: just this fantastic investment, because there's a good chance that 443 00:20:33,960 --> 00:20:36,360 Speaker 1: it isn't. That's Rachel. And so we're going to cover 444 00:20:36,400 --> 00:20:39,360 Speaker 1: a few more sayings, including one or two said by 445 00:20:39,400 --> 00:20:41,359 Speaker 1: this guy named Dave Ramsey. Have you heard of him before? 446 00:20:41,480 --> 00:20:43,199 Speaker 1: Heard of him? Yeah, we're gonna get to that right 447 00:20:43,240 --> 00:20:54,040 Speaker 1: after the break, all right, that we're back and We're 448 00:20:54,040 --> 00:20:56,440 Speaker 1: gonna myth bust a couple of those Dave Ramsey things 449 00:20:56,440 --> 00:20:58,359 Speaker 1: in just a minute. But the next piece of financial 450 00:20:58,359 --> 00:21:01,400 Speaker 1: advice that we need to debunk is to start saving 451 00:21:01,440 --> 00:21:04,399 Speaker 1: for your kids college early. And yes, we agree, right, 452 00:21:04,440 --> 00:21:07,760 Speaker 1: the earlier the better when you're saving and investing for anything. 453 00:21:08,000 --> 00:21:09,880 Speaker 1: But I feel like right now we're in this interesting 454 00:21:09,920 --> 00:21:12,240 Speaker 1: space in personal finance where there's a lot of pressure 455 00:21:12,280 --> 00:21:14,639 Speaker 1: on parents to save for their kids, to save for 456 00:21:14,680 --> 00:21:17,159 Speaker 1: their kids college, and to save a lot. But I 457 00:21:17,160 --> 00:21:19,199 Speaker 1: feel like this puts a lot of pressure on us 458 00:21:19,240 --> 00:21:22,560 Speaker 1: as parents from putting money where it often should be 459 00:21:22,600 --> 00:21:25,480 Speaker 1: going first. Yeah, well that's what is so key, Jill. 460 00:21:25,520 --> 00:21:28,080 Speaker 1: You said it right there. We're talking about retirement and 461 00:21:28,119 --> 00:21:30,760 Speaker 1: that's where your money should be going first. The thing is, 462 00:21:30,800 --> 00:21:33,920 Speaker 1: we're not against saving for our kids college, right, We're 463 00:21:33,920 --> 00:21:36,480 Speaker 1: not against being generous trying to do nice things for 464 00:21:36,480 --> 00:21:38,320 Speaker 1: our kids. We just want to make sure that we 465 00:21:38,359 --> 00:21:41,800 Speaker 1: are prioritizing retirements so that when we are older, twenty 466 00:21:41,840 --> 00:21:43,840 Speaker 1: years down the road, that we are in a strong 467 00:21:43,880 --> 00:21:46,639 Speaker 1: place financially. Because when you're in a strong position with 468 00:21:46,720 --> 00:21:49,040 Speaker 1: your money, that gives you more options, and that is 469 00:21:49,080 --> 00:21:51,240 Speaker 1: an incredible and a very healthy place to be able 470 00:21:51,280 --> 00:21:54,080 Speaker 1: to help your children with college at that point, make 471 00:21:54,119 --> 00:21:56,520 Speaker 1: sure your own financial footing is solid before you try 472 00:21:56,560 --> 00:21:58,680 Speaker 1: to start helping your kids with theirs. All right, Matt, 473 00:21:58,720 --> 00:22:00,960 Speaker 1: we're gonna step in here be us. We have to 474 00:22:01,000 --> 00:22:03,359 Speaker 1: disagree with Dave Ramsey. And there are are a lot 475 00:22:03,400 --> 00:22:05,359 Speaker 1: of Dave Ramsey heads out there, and for good reason. 476 00:22:05,400 --> 00:22:07,320 Speaker 1: You know, we've talked about how much of a difference 477 00:22:07,359 --> 00:22:09,200 Speaker 1: he's made in so many lives. He's made a huge 478 00:22:09,240 --> 00:22:11,359 Speaker 1: impact in my life, man, Yeah, yeah, I know, I 479 00:22:11,400 --> 00:22:13,280 Speaker 1: know he's he kind of got you started down the 480 00:22:13,280 --> 00:22:15,359 Speaker 1: path of thinking about money. But we do have to 481 00:22:15,400 --> 00:22:17,119 Speaker 1: say that there are a couple things we disagree with 482 00:22:17,160 --> 00:22:19,800 Speaker 1: and and here's the first one. Debt is dumb. And 483 00:22:19,840 --> 00:22:22,600 Speaker 1: that's a statement that's made popular by Dave. Right that 484 00:22:22,640 --> 00:22:23,919 Speaker 1: you that you heard a lot, Matt when you were 485 00:22:23,920 --> 00:22:26,320 Speaker 1: listening to him. Yeah, he loves saying that, man. And 486 00:22:26,359 --> 00:22:29,359 Speaker 1: the fact is, Dave hates any type of debt, including 487 00:22:29,440 --> 00:22:33,080 Speaker 1: mortgages like sure, you should be getting rid of consumer debt, right, 488 00:22:33,160 --> 00:22:36,280 Speaker 1: and even any other debt with higher interest rates. But man, 489 00:22:36,320 --> 00:22:38,679 Speaker 1: you and I we feel that lower levels of debt 490 00:22:38,880 --> 00:22:41,600 Speaker 1: are okay as long as you're investing. Yeah, man, I 491 00:22:41,640 --> 00:22:44,520 Speaker 1: think taking on debt with low interest rates, like let's 492 00:22:44,520 --> 00:22:47,280 Speaker 1: say a mortgage or student loan debt, even you want 493 00:22:47,280 --> 00:22:49,120 Speaker 1: to be wise about it. You want to be really intentional, 494 00:22:49,160 --> 00:22:50,720 Speaker 1: You want to be smart, and you don't want to 495 00:22:50,720 --> 00:22:53,000 Speaker 1: bite off more than you can chew. But most of us, 496 00:22:53,080 --> 00:22:54,840 Speaker 1: if we think about how long it would take to 497 00:22:54,920 --> 00:22:57,360 Speaker 1: buy a house in a hund percent cash, I mean 498 00:22:57,359 --> 00:22:59,480 Speaker 1: it would be a long, long, long long time for 499 00:22:59,520 --> 00:23:01,480 Speaker 1: many of us who would never happen. And the same 500 00:23:01,520 --> 00:23:03,960 Speaker 1: thing goes for a college education. And I do think 501 00:23:04,040 --> 00:23:06,199 Speaker 1: student loans have gotten out of control and we need 502 00:23:06,240 --> 00:23:08,280 Speaker 1: to be really thoughtful and reserved in the debts that 503 00:23:08,320 --> 00:23:10,960 Speaker 1: we're willing to take on because it can get overwhelming 504 00:23:11,080 --> 00:23:15,000 Speaker 1: really quickly. But debt is not dumb, and there are 505 00:23:15,080 --> 00:23:17,480 Speaker 1: reasons that a smart person can take out debt and 506 00:23:17,600 --> 00:23:20,280 Speaker 1: use it to their advantage as they're trying to build wealth. Yeah. 507 00:23:20,280 --> 00:23:22,520 Speaker 1: So on that note, it is no surprise that you 508 00:23:22,560 --> 00:23:24,960 Speaker 1: and I are both a fan of our mortgages that 509 00:23:25,000 --> 00:23:26,720 Speaker 1: we have that are in the threes, because that allows 510 00:23:26,800 --> 00:23:28,800 Speaker 1: us to take our money and instead of paying down 511 00:23:28,800 --> 00:23:31,399 Speaker 1: those mortgages, instead of paying down those debts, we are 512 00:23:31,400 --> 00:23:33,720 Speaker 1: taking that money and we are investing it. Yeah, and 513 00:23:33,760 --> 00:23:37,760 Speaker 1: prioritizing investing not only allows us to get higher returns 514 00:23:37,760 --> 00:23:41,360 Speaker 1: over the years, but it also gives us current tax advantages. Right. Yeah, 515 00:23:41,359 --> 00:23:44,080 Speaker 1: this whole conversation around debt really is just a nuanced 516 00:23:44,080 --> 00:23:45,760 Speaker 1: one that we need to have. It's I think it's 517 00:23:45,760 --> 00:23:48,199 Speaker 1: difficult to come to a discussion like this and have 518 00:23:48,240 --> 00:23:50,560 Speaker 1: a blanket statement where you say, just across the board, 519 00:23:50,600 --> 00:23:53,199 Speaker 1: debt is dumb, right, And I don't want it to 520 00:23:53,240 --> 00:23:55,399 Speaker 1: sound like that we're picking on Dave Ramsey here, but 521 00:23:55,600 --> 00:23:58,040 Speaker 1: you know, something that's interesting is that he started his 522 00:23:58,080 --> 00:24:00,760 Speaker 1: whole approach to finances we know where all debt is 523 00:24:00,840 --> 00:24:03,560 Speaker 1: dumb back in the nineties. And man, I got curious 524 00:24:03,560 --> 00:24:05,840 Speaker 1: and I was looking at what thirty year mortgage interest 525 00:24:05,920 --> 00:24:07,919 Speaker 1: rates were back in the nineties when he was starting, 526 00:24:08,240 --> 00:24:10,480 Speaker 1: and they were over eight percent, as a far cry 527 00:24:10,480 --> 00:24:12,560 Speaker 1: from where they are now. Yeah, that's that's really high. 528 00:24:12,640 --> 00:24:15,240 Speaker 1: So back then, yeah, it made a lot of sense 529 00:24:15,280 --> 00:24:17,040 Speaker 1: to pay down your mortgage to get rid of that 530 00:24:17,080 --> 00:24:19,600 Speaker 1: debt as soon as possible, because that is a guaranteed 531 00:24:19,760 --> 00:24:22,760 Speaker 1: eight and a half percent that you are essentially making 532 00:24:22,840 --> 00:24:25,320 Speaker 1: on your money. It makes a ton of sense. But 533 00:24:25,400 --> 00:24:28,880 Speaker 1: the fact is the financial landscape has changed since then, 534 00:24:29,200 --> 00:24:31,119 Speaker 1: and so I think it's just healthy for us from 535 00:24:31,119 --> 00:24:34,080 Speaker 1: a financial standpoint to revisit the statements that we hear 536 00:24:34,320 --> 00:24:36,560 Speaker 1: because there has been changed that has occurred, and so 537 00:24:36,600 --> 00:24:40,400 Speaker 1: it's important for us to correspondingly change our behavior. In response, Yeah, 538 00:24:40,400 --> 00:24:42,480 Speaker 1: you just talked about mortgage rates. Well, I think something 539 00:24:42,520 --> 00:24:46,520 Speaker 1: similar could be said for student loans. Back in college 540 00:24:46,560 --> 00:24:48,720 Speaker 1: costs a whole lot less than it does today. Student 541 00:24:48,760 --> 00:24:51,480 Speaker 1: loans for a lot of people are almost this necessary. 542 00:24:51,480 --> 00:24:53,760 Speaker 1: Evil you and I met, We would encourage people to 543 00:24:53,800 --> 00:24:56,680 Speaker 1: figure out any way they could to to save money 544 00:24:56,800 --> 00:24:59,880 Speaker 1: on school, to to pay less, to find more scholarships, 545 00:25:00,119 --> 00:25:03,639 Speaker 1: take more ap classes, clip out altogether of certain classes 546 00:25:03,720 --> 00:25:06,639 Speaker 1: that you can become an r A, whatever, all these 547 00:25:06,680 --> 00:25:08,760 Speaker 1: ways that you can cut down on the cost of college. 548 00:25:09,000 --> 00:25:11,040 Speaker 1: But for a lot of people, taking out some sort 549 00:25:11,119 --> 00:25:13,960 Speaker 1: of student loan debt is going to be necessary. So 550 00:25:14,000 --> 00:25:17,320 Speaker 1: in that case, to further your education and pursue a 551 00:25:17,359 --> 00:25:20,920 Speaker 1: career that will be more lucrative than for going to 552 00:25:21,000 --> 00:25:23,720 Speaker 1: college education altogether, well, debt is not dumb in that 553 00:25:23,800 --> 00:25:26,440 Speaker 1: case either. Okay, while we're talking about Dave Ramsey, let's 554 00:25:26,440 --> 00:25:29,320 Speaker 1: talk about his approach towards credit cards, and he would say, 555 00:25:29,359 --> 00:25:32,280 Speaker 1: to cut up your credit cards. That's what he does. 556 00:25:32,720 --> 00:25:35,160 Speaker 1: We've talked about this fairly often, but your credit score 557 00:25:35,240 --> 00:25:38,119 Speaker 1: is so important today and credit cards are one of 558 00:25:38,160 --> 00:25:41,000 Speaker 1: the best ways to get a healthy credit score and 559 00:25:41,040 --> 00:25:43,520 Speaker 1: to keep it there. We're talking about mortgage rates, the 560 00:25:43,520 --> 00:25:46,400 Speaker 1: potential to land a job or not, and even insurance rates. 561 00:25:46,440 --> 00:25:50,320 Speaker 1: These are all things that are affected by our credit score. Yeah, Matt, 562 00:25:50,400 --> 00:25:52,960 Speaker 1: not to mention some of the protections that credit cards 563 00:25:53,040 --> 00:25:56,160 Speaker 1: provide for us as consumers when we buy things. Yeah, 564 00:25:56,160 --> 00:25:57,840 Speaker 1: we talked about that a little bit in our episode 565 00:25:57,840 --> 00:26:00,440 Speaker 1: about lesser known credit card benefits back in the day. 566 00:26:00,840 --> 00:26:03,680 Speaker 1: Another thing is the rewards that can be earned if 567 00:26:03,760 --> 00:26:07,080 Speaker 1: we put our normal, everyday shopping and purchases onto a 568 00:26:07,119 --> 00:26:09,760 Speaker 1: credit card as opposed to paying in cash or with 569 00:26:09,760 --> 00:26:12,440 Speaker 1: a debit card. You can get sweet sign up bonuses 570 00:26:12,640 --> 00:26:15,720 Speaker 1: or or mega discounted travel, or even just two percent 571 00:26:15,760 --> 00:26:18,240 Speaker 1: cash back by paying with the credit card instead of 572 00:26:18,240 --> 00:26:21,400 Speaker 1: paying in other ways. So the answer is not that 573 00:26:21,440 --> 00:26:23,359 Speaker 1: you should cut up your credit cards, but that you 574 00:26:23,400 --> 00:26:25,960 Speaker 1: should be very very careful about how you use them. 575 00:26:26,160 --> 00:26:28,160 Speaker 1: That you should use them as a tool because that's 576 00:26:28,160 --> 00:26:30,399 Speaker 1: what they are. They can be very good for the 577 00:26:30,440 --> 00:26:33,879 Speaker 1: conscious consumer that pays their credit card bill in full 578 00:26:34,080 --> 00:26:36,680 Speaker 1: and on time every single month. Yeah, and here's the thing. 579 00:26:36,840 --> 00:26:39,640 Speaker 1: As we go through these conventional tropes, right, these standard 580 00:26:39,640 --> 00:26:42,560 Speaker 1: pieces of advice that we're used to hearing, we can 581 00:26:42,560 --> 00:26:45,560 Speaker 1: see where people are coming from. Rules of thumb can 582 00:26:45,640 --> 00:26:48,560 Speaker 1: help us along our way as we make financial decisions, 583 00:26:48,880 --> 00:26:52,000 Speaker 1: but it's important for us to question these assumptions as well. 584 00:26:52,320 --> 00:26:53,760 Speaker 1: I think for a lot of folks who don't have 585 00:26:53,840 --> 00:26:56,520 Speaker 1: a grasp on their finances, these rules of thumb are 586 00:26:56,600 --> 00:26:58,640 Speaker 1: are good, they can be helpful. They're they're good, sort 587 00:26:58,680 --> 00:27:01,600 Speaker 1: of like markers along the right. But for someone who 588 00:27:01,600 --> 00:27:04,520 Speaker 1: has maybe just a little bit better understanding other finances, 589 00:27:04,600 --> 00:27:07,600 Speaker 1: I'm gonna guess anyone that's listening to this podcast, those 590 00:27:07,640 --> 00:27:09,600 Speaker 1: hard and fast rules don't stand. And I think we 591 00:27:09,600 --> 00:27:12,640 Speaker 1: could greatly benefit by questioning these pieces of advice and 592 00:27:12,680 --> 00:27:15,399 Speaker 1: seeing what we should and shouldn't do with our money. Yeah, man, 593 00:27:15,440 --> 00:27:16,760 Speaker 1: I feel like there's a lot of nuance in the 594 00:27:16,760 --> 00:27:18,920 Speaker 1: way that we had to tackle a lot of these 595 00:27:18,960 --> 00:27:22,720 Speaker 1: conventional pieces of advice. Not all of them are completely idiotic, 596 00:27:22,760 --> 00:27:24,760 Speaker 1: Like there's something there that makes sense to a lot 597 00:27:24,800 --> 00:27:26,800 Speaker 1: of people. But I think if we do question a 598 00:27:26,880 --> 00:27:29,399 Speaker 1: lot of these assumptions and do a little more digging, 599 00:27:29,600 --> 00:27:32,080 Speaker 1: there's way better advice. There are way better ways that 600 00:27:32,119 --> 00:27:35,199 Speaker 1: we can behave as opposed to just blindly following the 601 00:27:35,200 --> 00:27:37,320 Speaker 1: things that we've heard over a long period of time. 602 00:27:37,520 --> 00:27:40,000 Speaker 1: But think this all kind of begs the question if 603 00:27:40,000 --> 00:27:43,720 Speaker 1: we are debunking some of this conventional financial advice, like 604 00:27:43,760 --> 00:27:46,280 Speaker 1: where can we turn? And I guess, really like, why 605 00:27:46,320 --> 00:27:48,919 Speaker 1: should people trust and believe that that we have a 606 00:27:48,920 --> 00:27:51,720 Speaker 1: better idea or a better way of thinking than some 607 00:27:51,760 --> 00:27:53,520 Speaker 1: of the folks out there that have been touting some 608 00:27:53,600 --> 00:27:57,080 Speaker 1: of these pieces of advice for for years, maybe even decades. Well, 609 00:27:57,119 --> 00:27:59,479 Speaker 1: part of that answer is that we would encourage folks 610 00:27:59,560 --> 00:28:02,840 Speaker 1: to look for financial advice that is unbiased. A question 611 00:28:02,880 --> 00:28:05,000 Speaker 1: that you can always ask yourself, is our folks trying 612 00:28:05,000 --> 00:28:07,520 Speaker 1: to sell me something. If you have a financial advisor, 613 00:28:07,720 --> 00:28:10,400 Speaker 1: you need to know how they are paid. Are they 614 00:28:10,400 --> 00:28:12,800 Speaker 1: paid on a commission by the products that they sell you? 615 00:28:12,960 --> 00:28:15,680 Speaker 1: Or are they a fee only advisor where they are 616 00:28:15,720 --> 00:28:18,679 Speaker 1: there to give you great, sound financial advice that's in 617 00:28:18,720 --> 00:28:21,160 Speaker 1: your own best interest. Yeah, And really an important part 618 00:28:21,160 --> 00:28:23,600 Speaker 1: of this is to do your own due diligence, dig 619 00:28:23,640 --> 00:28:26,800 Speaker 1: a little bit deeper. Multiple sources of information can be 620 00:28:26,800 --> 00:28:30,480 Speaker 1: helpful as you seek to understand concepts of personal finance 621 00:28:30,680 --> 00:28:34,600 Speaker 1: investing in more. I think blindly following one person, listening 622 00:28:34,640 --> 00:28:37,280 Speaker 1: to their advice and just trusting it wholeheartedly and not 623 00:28:37,359 --> 00:28:39,040 Speaker 1: testing it for yourself, and that that's just not a 624 00:28:39,040 --> 00:28:41,280 Speaker 1: good way to go. There are a lot of great 625 00:28:41,280 --> 00:28:43,920 Speaker 1: people out there giving really good financial advice, but you 626 00:28:43,920 --> 00:28:46,000 Speaker 1: also have to be careful when people are giving you 627 00:28:46,040 --> 00:28:48,720 Speaker 1: advice about money. And it's amazing how even just buying 628 00:28:48,760 --> 00:28:52,480 Speaker 1: into a few of these misconceptions can massively affect the 629 00:28:52,480 --> 00:28:54,600 Speaker 1: way you spend, the way you save, and the way 630 00:28:54,640 --> 00:28:56,760 Speaker 1: you invest. And one other thing to keep in mind 631 00:28:56,840 --> 00:28:59,960 Speaker 1: is that most all of these financial concepts that were 632 00:29:00,000 --> 00:29:03,200 Speaker 1: discussing here are easy to understand. The vast majority of 633 00:29:03,240 --> 00:29:05,000 Speaker 1: folks out there should be able to wrap their heads 634 00:29:05,000 --> 00:29:07,040 Speaker 1: around them. And if you were talking to a financial 635 00:29:07,040 --> 00:29:09,720 Speaker 1: advisor or somebody else that's giving you advice, there should 636 00:29:09,720 --> 00:29:11,640 Speaker 1: be a red flag that goes up if they are 637 00:29:11,680 --> 00:29:14,040 Speaker 1: not easily able to explain to you how that products 638 00:29:14,120 --> 00:29:16,960 Speaker 1: or how that service works, if it seems overly complicated, 639 00:29:16,960 --> 00:29:19,520 Speaker 1: there's a good chance that it could be a crappy 640 00:29:19,600 --> 00:29:22,520 Speaker 1: product that is being sort of disguised, or that there 641 00:29:22,520 --> 00:29:24,840 Speaker 1: would even be fees built into them in such a 642 00:29:24,840 --> 00:29:28,200 Speaker 1: way that you would not be able to easily identify them. 643 00:29:28,600 --> 00:29:32,040 Speaker 1: You man, lofty promises and complex products, or just major 644 00:29:32,080 --> 00:29:34,479 Speaker 1: warning signs like while we're on this path to figuring 645 00:29:34,480 --> 00:29:38,120 Speaker 1: out what financial wisdom is worth following? Yes, so are 646 00:29:38,120 --> 00:29:40,320 Speaker 1: you ready to talk about this beer? Let's do it 647 00:29:40,400 --> 00:29:43,480 Speaker 1: all right? We had on the show Golden Sabbath. This 648 00:29:43,560 --> 00:29:47,400 Speaker 1: is my big Island brew Hoss sent to us by Cody. 649 00:29:47,520 --> 00:29:49,000 Speaker 1: So this is the second beer that we got to 650 00:29:49,120 --> 00:29:52,240 Speaker 1: enjoy from Hawaii. So thanks again to Cody. Joel. Were 651 00:29:52,240 --> 00:29:54,440 Speaker 1: your thoughts on this beer? Next time? Can Cody send 652 00:29:54,520 --> 00:29:56,880 Speaker 1: us plane tickets? Because, uh, you know what, this beer 653 00:29:56,960 --> 00:29:58,560 Speaker 1: was almost as good as a plane ticket. It was 654 00:29:58,600 --> 00:30:01,680 Speaker 1: really really tasty. Made with Hawaiian honey. You totally get 655 00:30:01,760 --> 00:30:04,880 Speaker 1: that nice honey sweetness with just a touch of hot 656 00:30:04,920 --> 00:30:08,040 Speaker 1: bitterness and then really strong Belgian yeast flavors coming through. 657 00:30:08,320 --> 00:30:10,120 Speaker 1: I love it when a beer has kind of multiple 658 00:30:10,200 --> 00:30:12,680 Speaker 1: notes to to pique your interest, and this one had that. 659 00:30:12,800 --> 00:30:15,080 Speaker 1: It was really really tasty. Yeah for me, What stood 660 00:30:15,080 --> 00:30:18,520 Speaker 1: out about this beer was it's beautiful golden honey color. 661 00:30:18,800 --> 00:30:20,720 Speaker 1: Right you poured in the glass and when you read 662 00:30:20,760 --> 00:30:22,959 Speaker 1: on the bottle of that, you see the word like honey, 663 00:30:23,040 --> 00:30:24,880 Speaker 1: and then you actually see what looks like honey in 664 00:30:24,920 --> 00:30:27,880 Speaker 1: your glass, although not quite as viscous. I don't know. 665 00:30:27,960 --> 00:30:29,880 Speaker 1: Something about that rings true to me. And while I 666 00:30:29,960 --> 00:30:32,360 Speaker 1: was drinking this, I was just imagining myself sitting there 667 00:30:32,360 --> 00:30:36,320 Speaker 1: in Hawaii, even though I never have, but drinking a nice, clean, 668 00:30:36,400 --> 00:30:39,680 Speaker 1: refreshing Belgian style a like this definitely made me think 669 00:30:39,760 --> 00:30:42,200 Speaker 1: of Hawaii. Maybe not like on the beach necessarily, but 670 00:30:42,240 --> 00:30:44,760 Speaker 1: sort of like maybe sitting on a porch overlooking a beach. 671 00:30:44,800 --> 00:30:47,440 Speaker 1: How about that? There you go, Okay, that sounds nice? Yeah, 672 00:30:47,680 --> 00:30:49,160 Speaker 1: And man, I feel like we don't need any final 673 00:30:49,160 --> 00:30:50,920 Speaker 1: thoughts here. We kind of just wrapped it up right 674 00:30:50,920 --> 00:30:52,760 Speaker 1: before we got to the beer. We got some really 675 00:30:52,760 --> 00:30:55,320 Speaker 1: smart listeners and hopefully they can see that that kernel 676 00:30:55,320 --> 00:30:58,520 Speaker 1: of truth that exists in in some of these conventional 677 00:30:58,600 --> 00:31:02,880 Speaker 1: money sayings doesn't necessarily always hold true. Sometimes is inaccurate, 678 00:31:03,200 --> 00:31:05,680 Speaker 1: or at most maybe used to be true and isn't 679 00:31:05,720 --> 00:31:07,920 Speaker 1: true anymore, And so a little bit of question can 680 00:31:07,960 --> 00:31:09,480 Speaker 1: be really good for us when it comes to some 681 00:31:09,520 --> 00:31:11,880 Speaker 1: of these money sayings that we've heard throughout the years. Yeah, 682 00:31:11,920 --> 00:31:15,400 Speaker 1: these tidbits of popular financial advice, they might be helpful 683 00:31:15,440 --> 00:31:17,560 Speaker 1: for someone who is doing just a really, really poor 684 00:31:17,640 --> 00:31:19,240 Speaker 1: job and they have no clue on what to do 685 00:31:19,280 --> 00:31:22,960 Speaker 1: with their money. These tidbits of financial advice, they might 686 00:31:23,000 --> 00:31:25,120 Speaker 1: be helpful. But we know for you, how the money 687 00:31:25,120 --> 00:31:26,960 Speaker 1: listeners out there, that it's not going to cut it, 688 00:31:27,000 --> 00:31:28,800 Speaker 1: and we would encourage you to dig a little bit 689 00:31:28,840 --> 00:31:31,440 Speaker 1: deeper and take your money to the next level. Next 690 00:31:31,520 --> 00:31:34,400 Speaker 1: level stuff, baby, I like it? Is that going to 691 00:31:34,480 --> 00:31:36,720 Speaker 1: be it? Yeah? That's it for this episode, man. So 692 00:31:37,040 --> 00:31:39,560 Speaker 1: folks want the show notes, they can check those out 693 00:31:39,600 --> 00:31:42,640 Speaker 1: on our website, how to money dot com. And if 694 00:31:42,680 --> 00:31:44,600 Speaker 1: you're listening to this episode and this is the first 695 00:31:44,840 --> 00:31:47,080 Speaker 1: or even second or third episode that you've listened to 696 00:31:47,440 --> 00:31:49,520 Speaker 1: and you have not yet hit that subscribe button, go 697 00:31:49,560 --> 00:31:52,800 Speaker 1: ahead and mash that button so you're notified of upcoming episodes. 698 00:31:53,160 --> 00:31:55,720 Speaker 1: All right, Matt, that's gonna do it, buddy. Until next time, 699 00:31:55,960 --> 00:32:06,800 Speaker 1: Best Friends Out, Best Friends Out. M