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Speaker 1: Welcome to had the Money. I'm Joel, I'm Matt. Today

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Speaker 1: we're answering your listener questions.

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Speaker 2: Joel bringing up with us taccato delivery, which I tend

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Speaker 2: to do sometimes too, if I'm really trying to make

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Speaker 2: a point.

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Speaker 1: I learned staccato delivery in middle school band. Playing the saxophone.

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Speaker 2: Why did I think you played the trumpet for some reason?

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Speaker 1: No, your wife played saxphone. I played to Yeah, y'all

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Speaker 1: both played the sax I wasn't cool enough. I don't

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Speaker 1: think they played the trumpet. Do you have to be cool?

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Speaker 2: I feel like the saxophone players have the cool sax vibes.

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Speaker 1: I don't know. I don't think that's the only thing

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Speaker 1: I of the beholder. I think I My mom really

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Speaker 1: liked Kenny g and so I was like, oh, my

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Speaker 1: mom will love me more if I play saxophone once.

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Speaker 1: I think that dude's cool, and I'm sure he is cool,

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Speaker 1: but I don't know if he's has cool set. Well,

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Speaker 1: he's got the kind of sacks that he played. Well,

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Speaker 1: he plays like all the saxophones, but I think he plays.

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Speaker 2: I saw a picture of him with one one time,

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Speaker 2: and I was like, oh, that's just like the straight thing.

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Speaker 1: It looks clarinet. Look at you. I don't know how

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Speaker 1: much band knowledge you had.

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Speaker 3: You.

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Speaker 1: I've got zero band now. More than I want, I've

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Speaker 1: been trying to get it out of my brain.

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Speaker 2: I literally didn't know that there are certain stereotypes that

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Speaker 2: go with certain instruments, and so what's the stereotype that well,

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Speaker 2: so our oldest daughter, she plays the clarinet, and I

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Speaker 2: was talking to the band guy one time. He's like, oh, yeah,

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Speaker 2: it's that's she the first born or I don't know.

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Speaker 2: He was just something as far as her being responsible,

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Speaker 2: kind of put together. He's like, that's kind of a

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Speaker 2: clarinet type of player. Who versus he's like, you know,

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Speaker 2: the saxophone player, the trombone got.

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Speaker 1: The middle child. They're just loud and just trying to

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Speaker 1: get all the.

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Speaker 2: Attention and they don't care, which I was like, oh wow,

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Speaker 2: this is like a whole other.

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Speaker 1: World that I did not know about.

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Speaker 2: We are not going to continue to talk about band instruments, though,

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Speaker 2: we are going to answer your listener questions. For instance,

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Speaker 2: if delete me is worth it, if you are a

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Speaker 2: listener out there and you're thinking about getting your personal

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Speaker 2: information scrub from the internet.

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Speaker 1: Should you pay for that?

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Speaker 2: We're gonna talk about the Yale Endowment Fund portfolio. Listener

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Speaker 2: is wondering if he should switch things up, MA.

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Speaker 1: Should we invest like the best? Is he o the best? Jill?

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Speaker 1: We will see actually well that they did quite well.

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Speaker 2: Another listener though, he's talking about paying cash for a car,

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Speaker 2: not just any car, though a brand new car. Whether

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Speaker 2: or not that pass the how to money frugal test,

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Speaker 2: there isn't really a test, but we.

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Speaker 1: Will wag in there's a test and share our thoughts.

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Speaker 1: How's it going?

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Speaker 2: By the way, with you mentioned opening a Capital one

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Speaker 2: kids account.

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Speaker 1: For your oldest daughter? Is is that working out for

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Speaker 1: you both girls? Yeah? Eleven and nine year old with them,

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Speaker 1: And it's actually worked out really well because I can

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Speaker 1: have the allowance automatically put into the account on Sundays

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Speaker 1: is typically when we disperse that so I have it

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Speaker 1: automatically in. But if there's like a reason that I

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Speaker 1: don't need to send that money over, like bad behavior.

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Speaker 2: Map uh huh, then I chores didn't get done. Yeah,

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Speaker 2: put a put a pause, put a hold on that payment.

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Speaker 1: There's a there's a debit card that goes along with

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Speaker 1: the girls if they need it lots of times, if

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Speaker 1: we don't have the debit card while they're out, I

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Speaker 1: can pay with my own card and I can literally

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Speaker 1: transfer the money from my phone instantly from their account

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Speaker 1: back into mind.

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Speaker 2: Oh nice, do you show them, like, hey, look, you

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Speaker 2: are actually paying for this, Yeah, because that's the biggest

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Speaker 2: thing I was on my mind because our oldest continues

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Speaker 2: to earn lots of money babysitting, and I'm just like,

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Speaker 2: should we are, Like are we making a mistake by

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Speaker 2: not opening an account, because you know, we talked about

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Speaker 2: this before early on, we maybe went too hard in

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Speaker 2: the digital side of things. Now I've kind of swung

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Speaker 2: the other way, and I'm just like, you know what,

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Speaker 2: for now, what's important is instilling the value of money, right,

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Speaker 2: like a dollar earned, what that's worth to her, what

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Speaker 2: that can potentially buy. And for now we're still doing

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Speaker 2: the cash thing. But you know, I'm still taking about

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Speaker 2: you know, she might be able to make fifty bucks

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Speaker 2: in interests or something like that, where she'd have that

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Speaker 2: money and you know, earning four.

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Speaker 1: Percent met's It's less about the interest. Although that is

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Speaker 1: nice that they can earn something on their money. But

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Speaker 1: we're still talking about such piddly amounts. For it's that

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Speaker 1: for my kids, not a deal breaker about your kids.

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Speaker 1: She's my daughter's don't have quite as much money to

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Speaker 1: deal with as yours. But I do think there is

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Speaker 1: something about being able to show them exactly how much

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Speaker 1: they have, being able to move that money around effortlessly,

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Speaker 1: and even just to be honest, a failure on my

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Speaker 1: part for doubling out the money consistently on allowance day.

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Speaker 1: And so I like the idea of the physical system,

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Speaker 1: especially when kids are younger, but at some point, if

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Speaker 1: dad's too forgiveful or doesn't stick to it well enough,

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Speaker 1: then how much enforcing am I actually doing? And so

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Speaker 1: now when it's on kind of automatic. But then also

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Speaker 1: there's easy ways for me to kind of share their

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Speaker 1: progress with them. They're asking, hey, how much do I have? Hey,

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Speaker 1: I want to go spend on this thing? Well, you

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Speaker 1: know how much is that going to reduce? How much

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Speaker 1: will I have left if I do that? And then

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Speaker 1: it helps them make informed decisions. So yeah, it's say

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Speaker 1: it's working out well.

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Speaker 2: I do wish that she would do a better job

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Speaker 2: keeping up with her running total, because that's something that

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Speaker 2: she doesn't know. She knows she's got enough, but I'm like, well,

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Speaker 2: how much do you have? She's like, I don't know.

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Speaker 2: I know I've got enough to go pay for this

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Speaker 2: or pay a sibling to do something that she doesn't

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Speaker 2: want to do. Actually is what she's been doing lately.

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Speaker 2: But let's get to make my bed for me. Hey,

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Speaker 2: give me a foot rub. Yeah, not quite that, but yeah,

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Speaker 2: there are different incentive structures bouncing around the house, even

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Speaker 2: within just the kids that mom and dad that we're

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Speaker 2: not even involved with. But the beer, Joel, that you

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Speaker 2: and I are going to enjoy during this episode, it

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Speaker 2: is called a Hound's Tooth. This is a sour with

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Speaker 2: a BlackBerry, pear and ginger, a beer by contrast Artists

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Speaker 2: and Ales. I'm looking forward to enjoying this one, and

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Speaker 2: we will share our thoughts at the end of the episode.

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Speaker 1: Buddy.

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Speaker 2: But like we mentioned earlier, this is and ask how

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Speaker 2: the money? And you can send your own voice memo

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Speaker 2: over to Joel and I to review to answer here

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Speaker 2: on the podcast.

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Speaker 1: I'm literally sitting by my email inbox waiting for your question.

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Speaker 1: Do I just keep clicking refresh, refresh, and I'm waiting

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Speaker 1: for your question and yes, if you think I'm talking

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Speaker 1: to you right now, I am. Send your question over.

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Speaker 2: He's boring directly into your soul through well, I guess nothing,

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Speaker 2: your eyes like you normally would, but it's through your eardums.

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Speaker 1: Go ahead, my day, which is a weird way to

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Speaker 1: do it. That's your question.

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Speaker 2: Literally, record your name where you're from, lay out your

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Speaker 2: financial money situation that you've got going on, and email

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Speaker 2: it over to us at how to Money Pod at

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Speaker 2: gmail dot com. And no question too stupid, like literally

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Speaker 2: the weirder the better, and hopefully we will answer that

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Speaker 2: on an upcoming episode. We're going to now hear a

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Speaker 2: question from a listener who is interested in perhaps a

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Speaker 2: fancier way of investing his money.

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Speaker 4: Hey, Matt and Joel, it's Brendan from Temple, Texas calling

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Speaker 4: in with a question. I was wondering y'all's thoughts about

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Speaker 4: the Yale model that was created by David Swinson, who

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Speaker 4: was managing the Yale Endowment Fund. I learned about this

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Speaker 4: on an NPR podcast that was talking about.

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Speaker 3: Money and investments.

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Speaker 4: And this model is thirty percent in stocks, fifteen percent

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Speaker 4: for stocks of companies.

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Speaker 3: And other developed countries like Germany.

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Speaker 4: France, Japan, five percent in emerging markets, twenty percent in

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Speaker 4: US real estate, fifteen percent in US treasury bonds in

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Speaker 4: fifteen percent in US treasury inflation protected securities. And apparently

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Speaker 4: that beat out a lot of the investment in mutual funds.

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Speaker 3: So I was wondering if.

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Speaker 4: Y'all thought it was worth the effort that it would

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Speaker 4: take to split a portfolio into these different categories, if

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Speaker 4: you had any suggestions on how to split into these

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Speaker 4: different categories, especially with the real estate part, as it

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Speaker 4: was very difficult now to get into the real estate market.

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Speaker 4: As you'll know, I hope you'll have a great day.

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Speaker 4: And again, if you're in the Temple area or the

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Speaker 4: Austin area, highly recommend you check out Barrow Do pick

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Speaker 4: up one of their Evil Catfish, which is a very

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Speaker 4: good classic IPA.

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Speaker 3: That's friends out.

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Speaker 1: All right, man, let's let's answer Brennan's question. And I'm

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Speaker 1: gonna if I was gonna give a name to this question,

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Speaker 1: I would say investing like the ivs, because that's kind

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Speaker 1: of what Brennan's getting at here. And I think part

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Speaker 1: of his question, and I know he's not asking this directly,

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Speaker 1: but he's I feel like He's kind of asking us

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Speaker 1: if we're smarter than a team of brilliant people who

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Speaker 1: analyze and manage this complex investment portfolio for a major university.

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Speaker 1: I think the answer to that is easily no one.

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Speaker 1: We're not willing to confess that, admit that out loud,

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Speaker 1: and David Twinston in particular was an incredibly brilliant guy.

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Speaker 1: He passed I think in twenty twenty one. But I

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Speaker 1: think still with that in mind, knowing that upfront we're

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Speaker 1: not as smart as the people inside of the Yale

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Speaker 1: and Dowmond Fund, we'll do our best to offer some

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Speaker 1: some humble thoughts on whether or not you should invest

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Speaker 1: like those people.

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Speaker 2: Yeah, well, that's the thing because like lots of different

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Speaker 2: smart folks out there, there are a whole lot of brilliant

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Speaker 2: folks to come down on different sides of the debate

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Speaker 2: when you're talking about investment diversification, right, and so I think, yeah,

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Speaker 2: there's a lot to take into account there. But it's

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Speaker 2: important to start, I think, by asking the question what

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Speaker 2: was the Swinson model trying to achieve?

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Speaker 1: So, for instance, do you have the.

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Speaker 2: Same needs, do you have the same risk tolerance as

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Speaker 2: the manager of an endowment fund at a major ivy

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Speaker 2: League college and adowment fund, it typically has different goals

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Speaker 2: than when an individual hoping to retire and say thirty

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Speaker 2: years the goals that they have. And Swinson he was

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Speaker 2: opting for a mix of assets where he was rebalancing regularly,

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Speaker 2: and he didn't allow anyone holding to grow more than

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Speaker 2: thirty percent of the overall total portfolio. And so let's

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Speaker 2: just kind of quickly share how.

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Speaker 1: It worked out. Actually, it did pretty well.

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Speaker 2: So there's a chart we came across from nineteen ninety

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Speaker 2: seven to twenty twenty one when he ran that specific fund,

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Speaker 2: it came close to matching the performance of the S

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Speaker 2: and P five hundred and so you might be thinking, whoa,

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Speaker 2: it didn't actually surpass the SMP.

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Speaker 1: It sounds like it failed.

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Speaker 2: But one of the major benefits of Swinson as opposed

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Speaker 2: to the S ANDP is that the maximum draw down

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Speaker 2: was meaningfully less. So basically his portfolio construction actually led

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Speaker 2: to less volatility, which makes a whole lot of sense

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Speaker 2: considering that. I think when it comes to a massive

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Speaker 2: endowment fund, you're probably looking to minimize risk, like you're

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Speaker 2: looking to keep the amount of money that's held like,

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Speaker 2: you don't want to see that number going down, right, Like,

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Speaker 2: if you are in charge of endowment fund, you want

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Speaker 2: to see that number continuously going up into the right,

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Speaker 2: regardless of what the overall market is doing. And I

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Speaker 2: think he was able to.

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Speaker 1: Achieve that draw downs right over that period of time,

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Speaker 1: and meaningful draw downs, but not as as the SMP right,

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Speaker 1: not as severe, And you can't as an investor, like,

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Speaker 1: you can't avoid that altogether. If you do avoid that

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Speaker 1: all together, you played it too safe, right, and you

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Speaker 1: didn't maximize your returns. Yeah, you minimized the downside, but

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Speaker 1: you didn't maximize the upside. And that's where with the

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Speaker 1: Morgan household quote, to save like a pest, invest like

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Speaker 1: an optimist. It's crucial, especially if you've got time on

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Speaker 1: your side, to stay invested in the market. That's the

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Speaker 1: right route to take. But I think this is one

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Speaker 1: of the main reasons Matt, like what you're just pointing

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Speaker 1: out right now, at greater levels of diversification that David

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Speaker 1: Swinson and the Yale portfolio we're going for, that added

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Speaker 1: diversification does help reduce some of the negative consequences that

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Speaker 1: you might encounter if you were too heavily invested in

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Speaker 1: one specific way, right, or if like let's say something

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Speaker 1: like we talk about being invested in the wealth building

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Speaker 1: phase of your life one hundred percent in stocks, and

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Speaker 1: some folks think it's all about trying to juice returns,

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Speaker 1: like investing in a portfolio like this. But from all

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Speaker 1: the evidence we've seen outpacing the total stock market or

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Speaker 1: the S ANDP by purchasing individual stocks or prioritizing a

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Speaker 1: particular asset class or a specific sector, it can lead

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Speaker 1: to greater returns in the short term, but it rarely

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Speaker 1: does so over an extended period of time. But if

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Speaker 1: you want similar or closer turns to the overall market,

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Speaker 1: but you're kind of freaked out by stock market gyrations,

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Speaker 1: by big moves, and you know we've seen at least

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Speaker 1: some of those in the beginning of this year. If

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Speaker 1: you want to invest, but your emotions kind of can't

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Speaker 1: handle intense moves or prolonged downturns, I think opting for

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Speaker 1: greater levels of diversification it can make sense. You're kind

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Speaker 1: of investing knowing your emotional abilities and saying I kind

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Speaker 1: of know myself, so I'm going to take a little

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Speaker 1: bit off the table, and I think it can smooth

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Speaker 1: the ride while allowing you to reap the rewards of investing.

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Speaker 1: And they do think that's what something like the Yale

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Speaker 1: model does. You're still getting a lot of the upside,

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Speaker 1: but you're eliminating at least a bit of the downside. Sure.

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Speaker 2: Yeah, So, as we're discussing different approaches to investing, like,

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Speaker 2: we've tried to feature folks on the show who have

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Speaker 2: thought deeply about asset allocation specifically, and I'm thinking of

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Speaker 2: Paul Merriman with the two fund approach, as well as

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Speaker 2: Brian Ferraldi who invests in single stocks. They both have

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Speaker 2: very different philosophies from each other, and it's important to

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Speaker 2: know that neither one of them is right or wrong.

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Speaker 2: Each of those guys has different goals, desires, and interests

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Speaker 2: when it comes to their overall portfolio. But speaking of

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Speaker 2: guests of the show, let's say future guests of the show, Warren.

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Speaker 1: Buffett, it's going to happen one of these days.

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Speaker 2: He suggested that his heirs be ninety percent invested in

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Speaker 2: a low cost s and P fund. For instance, View

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Speaker 2: and Warren, he might be the greatest investor of all time.

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Speaker 2: It is not what he specific like him personally what

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Speaker 2: he does, but it's what he suggests for individuals who

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Speaker 2: don't want to eat, sleep, and breathe investing to where

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Speaker 2: it completely dominates their life. There is wisdom here and

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Speaker 2: the realization that if you complicate things too much. I

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Speaker 2: think what we're highlighting here is that there's like a

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Speaker 2: hurdle that I think can prevent people from taking action

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Speaker 2: from actually getting in the market. If you feel like that,

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Speaker 2: you've got to it's got to be perfect, otherwise I'm

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Speaker 2: not going to participate at all.

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Speaker 1: Yeah, if you start slicing indicing a pie chart and

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Speaker 1: you start to explain to people, well, you need like

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Speaker 1: twelve percent of this and teen percent of that, and

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Speaker 1: you need to rebalance it once a year, you start

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Speaker 1: to lose a vast majority of people who want to

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Speaker 1: invest but feel like it's too compet It sounds like

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Speaker 1: a massive pain in the butt. Here's the other thing too.

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Speaker 1: Warren said that a while ago. I think he was

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Speaker 1: actually eighty three years old when he made that recommendation.

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Speaker 1: It wasn't just for like was five something like that,

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Speaker 1: but that was for his wife were he to die,

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Speaker 1: and she is pretty dang old. And typically as you

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Speaker 1: get higher up in your years, like you are looking

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Speaker 1: to diversify your portfolio, you are taking on more bonds

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Speaker 1: more than ten percent, which is what he was recommending,

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Speaker 1: there inducing some of the risks.

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Speaker 2: And so that's a very aggressive, highly invested in stocks

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Speaker 2: kind of portfolio for someone who's later on in their years.

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Speaker 2: For everybody else, I would say that age or even younger,

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Speaker 2: I think it makes even more sense to consider a

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Speaker 2: full on portfolio that's invested in stocks. But if you

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Speaker 2: have a lower risk tolerance, if you don't have years

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Speaker 2: of waiting for your portfolio to recover, opting for a

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Speaker 2: low cost target date fund can be really smart because

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Speaker 2: depending on which date you choose, you'd be getting maybe

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Speaker 2: closer to the seventy ish thirty ish mix, so seventy

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Speaker 2: stocks thirty bonds by investing in one single fund, and

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Speaker 2: you know you'd be missing some elements. This is a

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Speaker 2: simpler one fund choice as opposed to trying to, you know,

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Speaker 2: personally create your own Swinson like portfolio.

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Speaker 1: Yeah, and we typically advise to keep it simple, Matt,

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Speaker 1: And I think that's kind of what you're highlighting here,

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Speaker 1: is like, if you want to get pushed a little

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Speaker 1: bit further in that direction. The target date Fund is

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Speaker 1: a reasonable and an incredibly intelligent choice. If you're trying

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Speaker 1: to say, no, I want the ride to be a

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Speaker 1: little bit smoother and I want a little more diversification,

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Speaker 1: the target date fund makes a whole lot of sense.

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Speaker 1: And there are great low cost options through some of

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Speaker 1: our favorite brokerage firms like Vanguard, Fidelity and Schwab. Ultimately,

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Speaker 1: what it comes down to is the more complicated you

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Speaker 1: make portfolio construction, the more you said the word hurdles, Matt,

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Speaker 1: the more hurdles you're setting out, the more barriers to entry,

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Speaker 1: the more someone likely feels that they have to hire

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Speaker 1: an expensive professional, that this can't be a DIY endeavor.

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Speaker 1: And I'm just so thankful that so many people over

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Speaker 1: the years dumbed it down for me and to a

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Speaker 1: place where I was like, Okay, no, I understand why

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Speaker 1: simple is actually a reasonable approach. And that's something a

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Speaker 1: Wall Street's done really well over the years is they've

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Speaker 1: made it seem really difficult for you to be an investor,

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Speaker 1: for you to do this on your own. And I

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Speaker 1: think if we try to tell people to copy some

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Speaker 1: of the investing greats who inside of a day job

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Speaker 1: and an endowment fund can take a different approach. Well,

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Speaker 1: it's kind of fun to think about. I think a

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Speaker 1: lot of people then might feel insufficient to do it

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Speaker 1: by themselves, and I just don't think that's the case.

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Speaker 1: I think most people can do it by themselves.

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Speaker 2: That's right, especially just as you over time build up

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Speaker 2: your skills. That's what's so great about investing, too, is

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Speaker 2: when you first start investing, you don't have a whole

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Speaker 2: lot of money on the line, and so I think

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Speaker 2: that can allow for folks to be like, Okay, you

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Speaker 2: might feel a little bit nervous about it the very

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Speaker 2: first time, but you're like, you know, I'm only talking

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Speaker 2: about putting a couple hundred dollars in, and over time

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Speaker 2: you are able to build that confidence. But then, in

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Speaker 2: addition to that, technology is actually made opting for a

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Speaker 2: specific investing approach a ton easier. M one, for instance,

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Speaker 2: they actually have a David Swinson pie that they've already created.

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Speaker 1: And this isn't a service that they charge for. It's

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Speaker 1: not like you're.

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Speaker 2: Paying a premium to m one in order to have

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Speaker 2: your portfolio foe managed by a late David Swinson. No,

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Speaker 2: there is an average overall expense ratio that is completely reasonable,

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Speaker 2: and actually we'll make sure to link to that in

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Speaker 2: the show notes if anyone happens to be interested. Yeah,

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Speaker 2: but Joe, we've got more to get to, including we're

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Speaker 2: gonna hear from a listener who is interested in paying

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Speaker 2: for metavac insurance whether that's something that's needed or even

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Speaker 2: worth considering. We'll get to that more right after this.

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Speaker 1: All right, Matt, we're back. Let's get to another listener question.

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Speaker 1: This one is specifically about scrubbing yourself from the internet.

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Speaker 5: Hi. This is Kathleen and I live in California. I'm

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Speaker 5: just calling to find out what do you think about

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Speaker 5: the delete me description signing up and it helping with

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Speaker 5: identity staff or spam type of things. If you could

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Speaker 5: let me know appreciate it. I enjoy your show. I

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Speaker 5: love listening to it. Thank you very much.

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Speaker 2: Thank you for the kind words, Kathleen. Joel loves listening.

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Speaker 1: To our show as well. I love listening to myself talk.

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Speaker 1: Do you check?

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Speaker 2: Do you check it to make sure like the like,

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Speaker 2: make sure it's playing properly, make sure the ads are inserted.

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Speaker 1: Sometimes I used to I used to be way more

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Speaker 1: particular about it, so I still check it sometimes with

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Speaker 1: the kids that are like what are you? Why are

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Speaker 1: you listening to yourself? But like it's kind of like work.

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Speaker 2: You got a big ego, Dad, That's that what I'm doing.

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Speaker 2: Oh man, was that an disease? I'm sorry a joke.

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Speaker 2: When he talks about going to Kanye's house, he's like,

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Speaker 2: he's sitting there on his own couch, bob in his

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Speaker 2: own head music, kind of no surprise, no wonder that

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Speaker 2: he is where he.

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Speaker 1: Is pouring out for buddy, former friend.

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Speaker 2: Maybe, Kathleen, you are not the only person out there

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Speaker 2: worried about your privacy and your data. It's hard to

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Speaker 2: believe that the ECHOFAX data breach that impacted roughly half

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Speaker 2: of Americans. I think that was like close to eight

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Speaker 2: years ago at the point, and that was essentially like

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Speaker 2: this turning point in the conversation around privacy, at least

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Speaker 2: for I think maybe the vast general population.

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Speaker 1: It freaked a.

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Speaker 2: Whole lot of folks out. And after that it started

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Speaker 2: a proliferation of companies who were trying to sell you

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Speaker 2: monitoring software in order to help to provide some of

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Speaker 2: that peace of mind, including the credit bureaus. I mean

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Speaker 2: shortly after, like in that period of time is when

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Speaker 2: they started having all these different products out there.

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Speaker 1: Maybe yeah, I mean it was people were expecting that institution,

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Speaker 1: of all institutions to safeguard their data, and they just didn't,

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Speaker 1: and so it kind of turned everything on its head.

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Speaker 1: It's it's like the bank owner stealing from the bank vault.

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Speaker 1: You're just completely unexpected. Wasn't banking on that. Now everyone

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Speaker 1: wants you to take back your privacy. I feel like

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Speaker 1: that's maybe a slogan you hear, or at least that's

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Speaker 1: the general ethos that you hear from marketing of various companies.

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Speaker 1: The thing is, they're making a buck on your back

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Speaker 1: to do this. Almost all the time. You're now having

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Speaker 1: to pay to claw back your privacy, which is also

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Speaker 1: just kind of frustrating when you think about it, because

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Speaker 1: you didn't You weren't the one who dished out your

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Speaker 1: information all over the internet. You didn't make some sort

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Speaker 1: of public decoration on social media of your social Security number,

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Speaker 1: your home address, all that kind of stuff. But it

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Speaker 1: seems like those things are out there, and I think

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Speaker 1: the biggest thing that we want you to protect, Kathleen,

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Speaker 1: is your money in your credit and so this means

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Speaker 1: having like two factor authentication on all your bank and

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Speaker 1: your investment accounts. That massively decreases the chances that someone

433
00:20:43,200 --> 00:20:45,800
Speaker 1: can log in as you and start moving money around. Matt.

434
00:20:45,880 --> 00:20:48,880
Speaker 1: It's like the old password one, two three sort of thing.

435
00:20:49,440 --> 00:20:51,520
Speaker 1: If your password is simple or you don't have two

436
00:20:51,520 --> 00:20:55,240
Speaker 1: factor authentication, it's just going to be easier for hackers

437
00:20:55,240 --> 00:20:56,879
Speaker 1: to get into that one account and then try to

438
00:20:56,880 --> 00:20:59,200
Speaker 1: log into other accounts. Is if they're you, you don't

439
00:20:59,200 --> 00:21:01,680
Speaker 1: want to be the easy target. It's like if you're

440
00:21:01,680 --> 00:21:03,639
Speaker 1: trying to outrun a bear, you just have to outrun

441
00:21:03,800 --> 00:21:06,120
Speaker 1: your friend, your closest friend, or something like that. Right,

442
00:21:06,880 --> 00:21:09,479
Speaker 1: And I think this is similar too, just like you

443
00:21:09,520 --> 00:21:12,480
Speaker 1: have the institute those basic safeguards that'll go a long way,

444
00:21:13,040 --> 00:21:15,360
Speaker 1: and the internet hygiene is yes, yeah, And on top

445
00:21:15,359 --> 00:21:16,879
Speaker 1: of that, we want you to freeze your credit with

446
00:21:16,920 --> 00:21:19,840
Speaker 1: all the major credit bureaus. The cool thing is doing

447
00:21:19,840 --> 00:21:22,920
Speaker 1: both those things. It's a free thing. You don't necessarily

448
00:21:22,920 --> 00:21:24,800
Speaker 1: need to pay anyone for that. I think you're going

449
00:21:24,840 --> 00:21:27,520
Speaker 1: to get most of the way there just by doing

450
00:21:27,520 --> 00:21:29,040
Speaker 1: those two things. We actually have a guide to freezing

451
00:21:29,040 --> 00:21:30,600
Speaker 1: your credit up on the website that will link to

452
00:21:30,760 --> 00:21:33,119
Speaker 1: in the show notes. Super fast, super easy to do.

453
00:21:33,400 --> 00:21:36,160
Speaker 2: But let's talk about delete me, because they are offering

454
00:21:36,240 --> 00:21:38,840
Speaker 2: something a little bit different. So instead of protecting your

455
00:21:38,880 --> 00:21:41,880
Speaker 2: finances or instead of making sure that someone doesn't open

456
00:21:41,960 --> 00:21:44,160
Speaker 2: up a line of credit in your name, what they're

457
00:21:44,200 --> 00:21:48,280
Speaker 2: doing essentially is protecting your online reputation. They're essentially trying

458
00:21:48,320 --> 00:21:51,840
Speaker 2: to take down Internet content that services about you, that's

459
00:21:51,840 --> 00:21:54,840
Speaker 2: got your name or your information associated with it.

460
00:21:54,760 --> 00:21:56,720
Speaker 1: Like when the paparazzi catch you in public map they're

461
00:21:56,720 --> 00:22:00,560
Speaker 1: taking those pictures they're posting under those entertainment tonight is websites.

462
00:22:00,600 --> 00:22:02,000
Speaker 2: I don't want if that to happen, right, And so

463
00:22:02,000 --> 00:22:04,040
Speaker 2: if someone searches your name delete me, they can make

464
00:22:04,080 --> 00:22:06,800
Speaker 2: it appear like you don't exist. They are attempting at

465
00:22:06,880 --> 00:22:10,120
Speaker 2: least to take down all mentions of your name, address, age,

466
00:22:10,119 --> 00:22:12,800
Speaker 2: phone number, stuff like that, and it seems to.

467
00:22:12,720 --> 00:22:15,760
Speaker 1: Work pretty well, although they won't be able to scrub everything.

468
00:22:15,920 --> 00:22:17,160
Speaker 1: The reviews are actually quite good.

469
00:22:17,240 --> 00:22:21,440
Speaker 2: Yeah, the customer reviews are good. So the takeaway here

470
00:22:21,520 --> 00:22:23,480
Speaker 2: is that it's a legit product. And if that's something

471
00:22:23,480 --> 00:22:26,000
Speaker 2: that I don't I almost see it as like a splurge.

472
00:22:26,040 --> 00:22:27,520
Speaker 2: It's not something it's not necessary.

473
00:22:27,560 --> 00:22:29,840
Speaker 6: But if you're kind of if it's a priority for you,

474
00:22:30,119 --> 00:22:31,840
Speaker 6: I guess I could be okay with so some people

475
00:22:31,920 --> 00:22:34,119
Speaker 6: care more about it than others, and I think I

476
00:22:34,160 --> 00:22:37,160
Speaker 6: don't know if this is true, but I largely think

477
00:22:37,560 --> 00:22:39,000
Speaker 6: of it across generational lines.

478
00:22:39,040 --> 00:22:42,560
Speaker 1: I think some people. I guess I'm just of the

479
00:22:42,600 --> 00:22:44,879
Speaker 1: generation Matt, where I just assume all my information is

480
00:22:44,920 --> 00:22:46,600
Speaker 1: out there and that there's not much I can do

481
00:22:46,600 --> 00:22:48,159
Speaker 1: about it besides some of the basic things we just

482
00:22:48,200 --> 00:22:50,000
Speaker 1: talked about. But I get there are other people who

483
00:22:50,040 --> 00:22:52,280
Speaker 1: say no, no, no, Like I'm tired of seeing my information

484
00:22:52,359 --> 00:22:54,480
Speaker 1: out there on all these websites. If I google my name,

485
00:22:54,640 --> 00:22:56,600
Speaker 1: the things that come up, it's kind of scary, it's

486
00:22:56,640 --> 00:23:00,320
Speaker 1: kind of disconcerting. And there is a way to claw

487
00:23:00,320 --> 00:23:02,639
Speaker 1: that back and delete me as a service that allows

488
00:23:02,640 --> 00:23:04,280
Speaker 1: you to do that. I get the value in it

489
00:23:04,280 --> 00:23:06,880
Speaker 1: for people who feel that way, and I think it's sad.

490
00:23:07,080 --> 00:23:09,199
Speaker 1: But just like we're forced into doing business with the

491
00:23:09,200 --> 00:23:13,560
Speaker 1: credit bureaus, there's just no right to privacy online. The

492
00:23:13,640 --> 00:23:15,240
Speaker 1: data brokers they can kind of do what they want

493
00:23:15,280 --> 00:23:18,640
Speaker 1: with our information and it's kind of like guerrilla warfare

494
00:23:19,000 --> 00:23:20,800
Speaker 1: trying to get that stuff taking down on the Internet

495
00:23:20,840 --> 00:23:23,560
Speaker 1: in so many ways, and there are freeways to protect

496
00:23:23,560 --> 00:23:26,840
Speaker 1: yourself online. We just mentioned a couple. But the downside

497
00:23:26,920 --> 00:23:30,440
Speaker 1: of trying to attempt to claw back your publicly posted

498
00:23:30,480 --> 00:23:32,600
Speaker 1: information is it typically it costs you money. Right so

499
00:23:32,920 --> 00:23:35,680
Speaker 1: delete me is a paid service. It's like eleven bucks

500
00:23:35,680 --> 00:23:38,080
Speaker 1: a month something like that. Could be a few dollars less,

501
00:23:38,520 --> 00:23:40,640
Speaker 1: depending on how long of an arrangement you opt for,

502
00:23:41,320 --> 00:23:43,480
Speaker 1: and then whether or not you decide to pay for

503
00:23:43,520 --> 00:23:45,399
Speaker 1: that depends on how nervous you are I think about

504
00:23:45,440 --> 00:23:49,159
Speaker 1: your information being online and whether or not privacy is

505
00:23:49,160 --> 00:23:51,760
Speaker 1: worth the cost to you. Delete me does have on

506
00:23:51,800 --> 00:23:54,800
Speaker 1: their website. They list one hundred percent satisfaction guarantee, which

507
00:23:54,840 --> 00:23:57,480
Speaker 1: allows for full or partial refunds if you're not satisfied

508
00:23:57,480 --> 00:23:59,920
Speaker 1: with the results. I always appreciate doing business with a

509
00:24:00,040 --> 00:24:02,719
Speaker 1: company who stands behind what they do. And then if

510
00:24:02,760 --> 00:24:04,600
Speaker 1: you reach out and you say, hey, that didn't live

511
00:24:04,680 --> 00:24:07,200
Speaker 1: up to what I thought it was going to let

512
00:24:07,200 --> 00:24:09,679
Speaker 1: me point out this instance, in this instance where you

513
00:24:09,720 --> 00:24:12,800
Speaker 1: failed me, if they're willing to back that up with

514
00:24:12,920 --> 00:24:15,600
Speaker 1: a guarantee that that heartens me, it makes me more

515
00:24:15,640 --> 00:24:17,160
Speaker 1: likely to use their service totally.

516
00:24:17,280 --> 00:24:19,080
Speaker 2: Yeah, there are going to be other ways of for

517
00:24:19,119 --> 00:24:22,320
Speaker 2: someone to find you. I think that's it is worth

518
00:24:22,480 --> 00:24:25,480
Speaker 2: pointing out, and it's worth acknowledging that just because you

519
00:24:25,640 --> 00:24:28,480
Speaker 2: are paying delete me to take care of this for you,

520
00:24:28,520 --> 00:24:30,760
Speaker 2: it doesn't guarantee that that's going to happen. There are

521
00:24:30,800 --> 00:24:33,199
Speaker 2: other ways to find your information, like public records at

522
00:24:33,240 --> 00:24:35,280
Speaker 2: a lot of states, it's you can just look up

523
00:24:35,359 --> 00:24:39,320
Speaker 2: people and their property and addresses online. Or I'm also

524
00:24:39,359 --> 00:24:41,800
Speaker 2: thinking about like social engineering, which is another way hackers

525
00:24:41,880 --> 00:24:44,560
Speaker 2: try to kind of backfill information based on not what

526
00:24:44,600 --> 00:24:46,119
Speaker 2: you post, but like what your friends are posting, and

527
00:24:46,160 --> 00:24:47,840
Speaker 2: it's like, oh, you're in a picture. Oh, and they start,

528
00:24:48,040 --> 00:24:49,639
Speaker 2: you know, they start finding a way to piece all

529
00:24:49,640 --> 00:24:52,479
Speaker 2: of this together. It's not guaranteed. It can be messy

530
00:24:52,680 --> 00:24:54,640
Speaker 2: if this is something that you are interested in trying

531
00:24:54,840 --> 00:24:57,960
Speaker 2: to tackle. But some folks will tell you though, that

532
00:24:58,000 --> 00:25:00,119
Speaker 2: you can do this for free. So, for instance, you

533
00:25:00,119 --> 00:25:02,720
Speaker 2: can actually go to like directly to some of the

534
00:25:02,760 --> 00:25:06,280
Speaker 2: sites that delete me is scrubbing your information from. They

535
00:25:06,320 --> 00:25:08,600
Speaker 2: just list these out in detail on their site. I

536
00:25:08,640 --> 00:25:09,280
Speaker 2: love that they.

537
00:25:09,119 --> 00:25:11,160
Speaker 1: Literally put all the websites that they're trying to take

538
00:25:11,200 --> 00:25:13,360
Speaker 1: their information doff. Like they have a really really long

539
00:25:13,400 --> 00:25:15,600
Speaker 1: list of all the companies this website they work with.

540
00:25:15,680 --> 00:25:17,240
Speaker 2: It's not as easy as paying the money and then

541
00:25:17,359 --> 00:25:19,120
Speaker 2: just having them take care of it for you, but

542
00:25:19,640 --> 00:25:22,560
Speaker 2: that's one way of approaching it. If you're attempting more

543
00:25:22,600 --> 00:25:25,439
Speaker 2: of a DIY approach. Consumer reports. They actually have an

544
00:25:25,480 --> 00:25:28,240
Speaker 2: app called Permission Slip that's worth trying as well. It's

545
00:25:28,280 --> 00:25:31,280
Speaker 2: also free, although it's pretty manual though, like there are

546
00:25:31,320 --> 00:25:34,320
Speaker 2: still work some steps that you have to take, hoops

547
00:25:34,320 --> 00:25:36,600
Speaker 2: you have to jump through. But we'll also share a

548
00:25:36,640 --> 00:25:39,320
Speaker 2: link where so this is a GitHub article that was

549
00:25:39,320 --> 00:25:43,760
Speaker 2: actually updated fairly recently, and they very meticulously document a

550
00:25:43,840 --> 00:25:46,400
Speaker 2: ton of different sites. And what I love about this

551
00:25:46,520 --> 00:25:50,720
Speaker 2: is essentially they've created like a triage list and they're like, hey,

552
00:25:50,760 --> 00:25:52,679
Speaker 2: no matter what, you need to focus on these twelve

553
00:25:52,960 --> 00:25:57,520
Speaker 2: or so sites because some of these sites populate or

554
00:25:57,600 --> 00:25:59,480
Speaker 2: propagate to other sites as well.

555
00:25:59,600 --> 00:26:01,040
Speaker 1: So these are off at the source.

556
00:26:01,200 --> 00:26:03,120
Speaker 2: Yeah, yeah, so these are some of the most important ones,

557
00:26:03,440 --> 00:26:05,119
Speaker 2: and some of them are easier than others, Like some

558
00:26:05,160 --> 00:26:08,560
Speaker 2: of them is just literally going on there. You fill

559
00:26:08,600 --> 00:26:10,720
Speaker 2: out a form, make a request go to your email,

560
00:26:10,760 --> 00:26:13,239
Speaker 2: confirm that link, that kind of thing. Other ones are

561
00:26:13,240 --> 00:26:15,440
Speaker 2: a bit more difficult, and I'm gonna I would save

562
00:26:15,480 --> 00:26:19,520
Speaker 2: those for a last like within the triage urgent list

563
00:26:19,600 --> 00:26:22,520
Speaker 2: of different sites. So for instance, like one it's like

564
00:26:22,600 --> 00:26:24,879
Speaker 2: they want a picture of your license driver's license, and

565
00:26:24,920 --> 00:26:27,639
Speaker 2: I'm like, Hey, what's y'all gonna do with that picture?

566
00:26:27,880 --> 00:26:29,520
Speaker 2: This feels like the exact opposite of what I should

567
00:26:29,520 --> 00:26:31,399
Speaker 2: be doing, Right, Are you awesome? Are you going to

568
00:26:31,680 --> 00:26:34,159
Speaker 2: sell that picture for like a premium to the folks

569
00:26:34,440 --> 00:26:37,080
Speaker 2: the different folks out there who are trying to farm

570
00:26:37,080 --> 00:26:39,880
Speaker 2: all the different information out there. But I think that

571
00:26:39,880 --> 00:26:42,000
Speaker 2: that could be a great way for folks to just

572
00:26:42,000 --> 00:26:45,399
Speaker 2: start taking an active step not only in personally removing

573
00:26:45,440 --> 00:26:47,439
Speaker 2: that information, but understanding it as well. I think that

574
00:26:47,480 --> 00:26:49,560
Speaker 2: can be a just a helpful way to learn about

575
00:26:49,560 --> 00:26:51,719
Speaker 2: it when you just spend a few minutes and kind

576
00:26:51,760 --> 00:26:53,120
Speaker 2: of dive in there a little bit, and I think

577
00:26:53,160 --> 00:26:56,160
Speaker 2: that that will help you just moving forward to have

578
00:26:56,240 --> 00:26:59,719
Speaker 2: better online Internet hygiene as well, kind of see how

579
00:26:59,720 --> 00:27:03,320
Speaker 2: the song usage is made from an Internet privacy standpoint. Yeah,

580
00:27:03,359 --> 00:27:05,440
Speaker 2: not to be like a total pro or a total expert,

581
00:27:05,520 --> 00:27:07,040
Speaker 2: but just to have like your head, your.

582
00:27:06,920 --> 00:27:08,800
Speaker 1: Mind wrapped around it. I think it could be really helpful.

583
00:27:08,800 --> 00:27:11,000
Speaker 1: I think any perfectionist here is going to be let down, Matt,

584
00:27:11,040 --> 00:27:13,280
Speaker 1: because it is a little bit like playing whack a

585
00:27:13,320 --> 00:27:16,000
Speaker 1: mole where you're able to get some information scrubbed and

586
00:27:16,000 --> 00:27:18,120
Speaker 1: then well something pops up over here and you got

587
00:27:18,160 --> 00:27:21,639
Speaker 1: to whack that down. So Kathleen, just know that paying

588
00:27:21,680 --> 00:27:23,040
Speaker 1: for a service is going to make it a whole

589
00:27:23,040 --> 00:27:25,040
Speaker 1: lot easier, a whole lot less labor and time intensive

590
00:27:25,320 --> 00:27:27,800
Speaker 1: on your part. But you have to be aware of

591
00:27:27,840 --> 00:27:29,760
Speaker 1: the trade offs and be aware that there are ways

592
00:27:29,760 --> 00:27:33,160
Speaker 1: to at least diy it in part. Hope that's helpful, Matt.

593
00:27:33,240 --> 00:27:37,360
Speaker 1: Let's get to another question. This one is specifically about

594
00:27:37,720 --> 00:27:40,120
Speaker 1: how to pay for expensive healthcare in a pinch.

595
00:27:40,359 --> 00:27:40,520
Speaker 3: Hi.

596
00:27:40,720 --> 00:27:45,479
Speaker 7: This is Beth from beautiful Shelbyville, Illinois. Me and some

597
00:27:45,520 --> 00:27:48,119
Speaker 7: of the other elderly women in our church group have

598
00:27:48,320 --> 00:27:51,959
Speaker 7: been talking about metavac insurance. Some of us have it,

599
00:27:52,040 --> 00:27:56,080
Speaker 7: some of us don't. I thought Medicare covered it, and

600
00:27:56,359 --> 00:27:59,160
Speaker 7: some say it does, some say it doesn't or under

601
00:27:59,160 --> 00:28:03,280
Speaker 7: certain circumstance. I went on the Medicare dot Gov webs

602
00:28:03,400 --> 00:28:06,520
Speaker 7: or site and well, I just can't figure it out?

603
00:28:06,760 --> 00:28:09,760
Speaker 7: Can you enlighten me about it? Thank you?

604
00:28:10,160 --> 00:28:12,240
Speaker 2: So, Joel, I was waiting for Beth to follow up

605
00:28:12,359 --> 00:28:15,120
Speaker 2: her question with the fact that her and the elderly

606
00:28:15,200 --> 00:28:18,320
Speaker 2: church ladies were getting ready to hike Mount Kilimanjaro or

607
00:28:18,359 --> 00:28:19,639
Speaker 2: something like that.

608
00:28:19,400 --> 00:28:22,239
Speaker 1: Oh, that would be awesome. Like my I've got an

609
00:28:22,240 --> 00:28:23,520
Speaker 1: aunt who did that. That's why.

610
00:28:24,080 --> 00:28:26,240
Speaker 2: Yeah, how old was she? She was like in her

611
00:28:26,440 --> 00:28:28,240
Speaker 2: early fifties. That's impressive when she did that.

612
00:28:28,320 --> 00:28:30,359
Speaker 1: Yeah, it was a they like prepared for it and

613
00:28:30,400 --> 00:28:32,240
Speaker 1: trained and did all that. That's what I was picturing

614
00:28:32,800 --> 00:28:35,160
Speaker 1: some young friends who recently did it, and they made

615
00:28:35,200 --> 00:28:36,840
Speaker 1: it sound like it was incredibly challenging. And I think

616
00:28:36,840 --> 00:28:39,600
Speaker 1: it's very dusty, if I'm not wrong, and so in

617
00:28:39,600 --> 00:28:42,600
Speaker 1: the middle of Africa. So just what it does to

618
00:28:42,640 --> 00:28:46,000
Speaker 1: your sinuses is it sounds pretty pretty pretty brutal. Okay, Well,

619
00:28:46,280 --> 00:28:50,720
Speaker 1: more props to Aunt Betsy for having too man. I mean,

620
00:28:50,720 --> 00:28:53,120
Speaker 1: that's just you can't have to air stand up there.

621
00:28:53,240 --> 00:28:56,520
Speaker 2: Yeah, but I think this is why she specifically mentioned

622
00:28:56,720 --> 00:28:57,440
Speaker 2: where she's from.

623
00:28:57,600 --> 00:28:58,080
Speaker 1: She and she.

624
00:28:58,120 --> 00:29:01,600
Speaker 2: Specifically called out Shelbyville, Illinois, And so I had to

625
00:29:01,680 --> 00:29:02,880
Speaker 2: look it up, of course, and it's like out in

626
00:29:02,880 --> 00:29:05,280
Speaker 2: the middle of nowhere. So it started things started clicking

627
00:29:05,320 --> 00:29:07,720
Speaker 2: into place a little bit. It's like, oh, you don't

628
00:29:07,760 --> 00:29:11,240
Speaker 2: have access like nowhere near you is a high quality

629
00:29:11,640 --> 00:29:14,200
Speaker 2: emergency care facility, and so that's probably a little bit

630
00:29:14,240 --> 00:29:16,560
Speaker 2: more on her mind. It's on the mind of her

631
00:29:16,640 --> 00:29:19,360
Speaker 2: and her friends when Saint Louis is over two hours away,

632
00:29:19,600 --> 00:29:22,280
Speaker 2: and that's assuming they live right in the middle of Shelbyville,

633
00:29:22,440 --> 00:29:24,720
Speaker 2: they're probably like out in the rural parts of this

634
00:29:24,880 --> 00:29:25,440
Speaker 2: rural town.

635
00:29:25,640 --> 00:29:28,000
Speaker 1: Yeah, and that's why. Yeah, you're right, that's a really

636
00:29:28,040 --> 00:29:30,400
Speaker 1: good point that different people have different concerns based on

637
00:29:30,440 --> 00:29:32,760
Speaker 1: how close they live to a top tier hospital.

638
00:29:32,840 --> 00:29:33,080
Speaker 2: Yeah.

639
00:29:33,080 --> 00:29:36,000
Speaker 1: And if you do live kind of further out in

640
00:29:36,200 --> 00:29:39,400
Speaker 1: rural America, not only do you probably have slower Internet,

641
00:29:39,400 --> 00:29:42,440
Speaker 1: but you also have less proximity to the healthcare that

642
00:29:42,480 --> 00:29:44,600
Speaker 1: you need in an emergency situation.

643
00:29:44,880 --> 00:29:47,600
Speaker 2: Not something I ever considered, having pretty much always lived

644
00:29:47,600 --> 00:29:50,680
Speaker 2: in the middle of a major metropolitan, major city.

645
00:29:50,720 --> 00:29:53,520
Speaker 1: Yeah, and Beth, it sounds like you're mostly wondering whether

646
00:29:53,840 --> 00:29:56,520
Speaker 1: Medicare has got your back on this, And let me

647
00:29:56,560 --> 00:30:00,480
Speaker 1: reassure you the answer is yes. Medicare Part B particular

648
00:30:00,600 --> 00:30:04,120
Speaker 1: will cover emergency ambulance needs and I looked up this

649
00:30:04,200 --> 00:30:06,640
Speaker 1: specific wording on medicare dot gov for you because I

650
00:30:06,680 --> 00:30:08,959
Speaker 1: wanted you to have it in plain English. At states

651
00:30:09,280 --> 00:30:13,479
Speaker 1: that Medicare PARTB covers ground ambulance transportation when traveling in

652
00:30:13,520 --> 00:30:16,840
Speaker 1: any other vehicle could endanger your health and you need

653
00:30:17,000 --> 00:30:20,320
Speaker 1: medically necessary services from a hospital or skilled nursing facility,

654
00:30:20,640 --> 00:30:24,480
Speaker 1: Medicare may pay for emergency ambulance transportation in an airplane

655
00:30:24,520 --> 00:30:28,120
Speaker 1: or helicopter if you need immediate and rapid transport that

656
00:30:28,240 --> 00:30:31,680
Speaker 1: ground transportation can't provide. So that's specifically the wording on

657
00:30:31,720 --> 00:30:34,800
Speaker 1: the Medicare website. I would imagine you would easily fall

658
00:30:34,920 --> 00:30:38,160
Speaker 1: under those rules, given where you live, and given the

659
00:30:38,200 --> 00:30:40,880
Speaker 1: fact that in an emergency situation, you are far too

660
00:30:40,960 --> 00:30:44,880
Speaker 1: far away to expect an ambulance to take you two

661
00:30:44,920 --> 00:30:47,720
Speaker 1: hours of Saint Louis. If let's say there's some sort

662
00:30:47,760 --> 00:30:50,400
Speaker 1: of catastrophic injury, how fast does the helicopter go.

663
00:30:50,760 --> 00:30:52,760
Speaker 2: Oh, I'm guessing a lot faster than an ambulance, right,

664
00:30:52,760 --> 00:30:55,040
Speaker 2: a lot. I've never Have you ever been in a helicopter?

665
00:30:55,160 --> 00:30:56,320
Speaker 1: No, I would love to.

666
00:30:56,400 --> 00:30:58,280
Speaker 2: I have once when I was really young, but we

667
00:30:58,280 --> 00:31:00,360
Speaker 2: weren't going fast.

668
00:31:00,360 --> 00:31:03,720
Speaker 1: Mount Rushmore. Oh, really, Oh, that's cool. I wasn't like,

669
00:31:03,720 --> 00:31:06,000
Speaker 1: how fast does puppy go? Well, I think they can

670
00:31:06,040 --> 00:31:07,480
Speaker 1: go pretty fast. Yeah, yeah, but I think you know,

671
00:31:07,760 --> 00:31:09,880
Speaker 1: they specifically outlined Matt on the website that it needs

672
00:31:09,920 --> 00:31:13,480
Speaker 1: to be the nearest appropriate medical facility. So you're not

673
00:31:13,480 --> 00:31:15,960
Speaker 1: gonna be able to get like a helicopter ride to

674
00:31:16,000 --> 00:31:17,840
Speaker 1: southern California or something like that. Be like, I'd like

675
00:31:17,880 --> 00:31:20,560
Speaker 1: to go there for my medical coverage. In that case,

676
00:31:20,600 --> 00:31:23,480
Speaker 1: you'd be on the hook for your own medevac flight.

677
00:31:23,800 --> 00:31:27,600
Speaker 1: But that is a huge benefit that Medicare provides. A

678
00:31:28,080 --> 00:31:31,120
Speaker 1: few mile ambulance ride MAC can cost many hundreds, if

679
00:31:31,120 --> 00:31:33,240
Speaker 1: not thousands of dollars, and think about how much the

680
00:31:33,280 --> 00:31:35,680
Speaker 1: helicopter ride would cost. You want to make sure you

681
00:31:35,720 --> 00:31:39,440
Speaker 1: have that coverage before you just assume, right, totally.

682
00:31:39,520 --> 00:31:40,960
Speaker 2: Yeah, And when it comes to the cost, you're going

683
00:31:41,000 --> 00:31:43,880
Speaker 2: to be responsible to cover your annual deductible and you're

684
00:31:43,920 --> 00:31:46,400
Speaker 2: also going to be responsible for the twenty percent copey

685
00:31:46,720 --> 00:31:50,840
Speaker 2: of the Medicare approved amount for that metavac. So with

686
00:31:50,880 --> 00:31:53,000
Speaker 2: that mind, you can rest easy while you're home there

687
00:31:53,000 --> 00:31:55,200
Speaker 2: in Illinois that if something happens to you and you

688
00:31:55,280 --> 00:31:59,080
Speaker 2: need emergency transportation, that Medicare Part B. It's got you covered,

689
00:31:59,520 --> 00:32:03,040
Speaker 2: but we're not talking about having coverage overseas. When you're traveling,

690
00:32:03,520 --> 00:32:05,720
Speaker 2: you'll want to make sure that you buy your own policy.

691
00:32:05,760 --> 00:32:08,080
Speaker 2: And we're just talking about this, not necessarily because you

692
00:32:08,120 --> 00:32:10,760
Speaker 2: mentioned it, but maybe because I don't know, just in case. Yeah,

693
00:32:10,760 --> 00:32:13,600
Speaker 2: in our mind, we're thinking about traveling because you might you.

694
00:32:13,600 --> 00:32:16,400
Speaker 1: Might read that in in Africa. Yeah, I'm covered anywhere

695
00:32:16,400 --> 00:32:18,160
Speaker 1: and everywhere all the time, and you're covered in the

696
00:32:18,240 --> 00:32:21,680
Speaker 1: United States. But if you go climkil Majarro, it's a

697
00:32:21,680 --> 00:32:23,320
Speaker 1: different it's a different deal. Yeah. Yeah.

698
00:32:23,360 --> 00:32:25,920
Speaker 2: So there are sites like ensure my trip dot com

699
00:32:25,960 --> 00:32:29,040
Speaker 2: as well as world nomads. They are worth checking out.

700
00:32:29,040 --> 00:32:31,440
Speaker 2: But just know that this type of insurance could add

701
00:32:31,600 --> 00:32:33,920
Speaker 2: over ten percent to the overall cost.

702
00:32:33,760 --> 00:32:34,360
Speaker 1: Of the trip.

703
00:32:34,720 --> 00:32:38,800
Speaker 2: It's not cheap, but if you're worried about needing medical transportation,

704
00:32:38,880 --> 00:32:41,200
Speaker 2: though it's it's worth a cost. The financial risk it's

705
00:32:41,200 --> 00:32:45,240
Speaker 2: too significant and kind of depends on your personal situation

706
00:32:45,440 --> 00:32:48,480
Speaker 2: whether or not that's necessary. I'm thinking about secondary credit

707
00:32:48,520 --> 00:32:52,880
Speaker 2: card benefits because they typically offer different types of travel

708
00:32:52,960 --> 00:32:57,520
Speaker 2: insurance coverage. We often talk about trip cancelation, lost bags,

709
00:32:57,640 --> 00:33:00,200
Speaker 2: even like the primary CDW that comes.

710
00:33:00,400 --> 00:33:05,760
Speaker 1: Let's say that the Chase Sapphire Preferred card. But if something.

711
00:33:05,600 --> 00:33:08,760
Speaker 2: Happens, let's say while you're abroad, it doesn't include any

712
00:33:08,960 --> 00:33:12,320
Speaker 2: medical insurance. But guess what car does the Chase Sapphire

713
00:33:12,720 --> 00:33:17,000
Speaker 2: Reserved you get medical evacuation services like that.

714
00:33:17,840 --> 00:33:19,200
Speaker 1: You might be on that card. I say free.

715
00:33:19,240 --> 00:33:22,920
Speaker 2: You didn't see my fingers say free because it's over

716
00:33:22,960 --> 00:33:25,520
Speaker 2: five hundred dollars a year for that. Oh yeah, well

717
00:33:25,520 --> 00:33:28,200
Speaker 2: it's a very expensive, but that's still reasonable when you

718
00:33:28,240 --> 00:33:31,360
Speaker 2: consider if you're going on one or two international trips

719
00:33:31,400 --> 00:33:33,280
Speaker 2: a year where you really want that coverage. Hey, maybe

720
00:33:33,320 --> 00:33:36,080
Speaker 2: it pays for itself. It's also I'd be curious to know, Matt.

721
00:33:36,120 --> 00:33:38,440
Speaker 2: Do you know if that has limits on the amount

722
00:33:38,800 --> 00:33:40,240
Speaker 2: of money that's covered.

723
00:33:40,240 --> 00:33:41,680
Speaker 1: I'm sure it does. Maybe it's like up to ten

724
00:33:41,720 --> 00:33:43,560
Speaker 1: thousand dollars expense. So in that case, you might not

725
00:33:43,600 --> 00:33:46,560
Speaker 1: have enough coverage. Even so, look into the fine print

726
00:33:46,600 --> 00:33:49,400
Speaker 1: and make sure that, oh, I'm going with this credit card,

727
00:33:49,480 --> 00:33:52,240
Speaker 1: it's going to cover me? Well, does it offer enough coverage?

728
00:33:52,240 --> 00:33:53,960
Speaker 1: Because you might still, on top of that, need to

729
00:33:53,960 --> 00:33:56,960
Speaker 1: get your own secondary policy. And last, but not least,

730
00:33:57,120 --> 00:33:58,880
Speaker 1: if you have Medicare, questions and you want to talk

731
00:33:58,920 --> 00:34:01,160
Speaker 1: to someone who can walk you through the particulars. There's

732
00:34:01,200 --> 00:34:04,520
Speaker 1: a cool website I stumbled upon called ship heelp dot org.

733
00:34:05,080 --> 00:34:08,480
Speaker 1: It's really cool because trained volunteers are available in every

734
00:34:08,560 --> 00:34:11,720
Speaker 1: single state across this country to help walk you through

735
00:34:12,080 --> 00:34:14,840
Speaker 1: medicare questions you might have because some of the details

736
00:34:14,920 --> 00:34:18,040
Speaker 1: can be tricky, like this right, and you're like, what

737
00:34:18,040 --> 00:34:20,080
Speaker 1: what do I What am I covered for? And when

738
00:34:20,080 --> 00:34:22,440
Speaker 1: am I covered for it? What happens when I go travel? Like,

739
00:34:22,800 --> 00:34:25,160
Speaker 1: I think that's a pretty dang valuable service that I

740
00:34:25,160 --> 00:34:28,040
Speaker 1: love that it exists for seniors across this country to

741
00:34:28,040 --> 00:34:30,520
Speaker 1: get the answers they need when they're not really sure

742
00:34:30,560 --> 00:34:31,480
Speaker 1: whether or not they're covered.

743
00:34:31,520 --> 00:34:33,359
Speaker 2: And you might be thinking, why is it called ship

744
00:34:33,520 --> 00:34:36,239
Speaker 2: heelp dot org. Well, it stands for it State Health

745
00:34:36,239 --> 00:34:40,560
Speaker 2: Insurance Assistance Program, which means they forgot the assistance in

746
00:34:41,239 --> 00:34:44,760
Speaker 2: the A. So really, yeah, it should be she app

747
00:34:45,320 --> 00:34:47,640
Speaker 2: help dot org. Yeah, it's got a much better ring

748
00:34:47,680 --> 00:34:50,960
Speaker 2: to it, if you ask me. It's my opinion.

749
00:34:51,440 --> 00:34:53,400
Speaker 1: I like that. No, I think we'll send them an

750
00:34:53,400 --> 00:34:55,520
Speaker 1: email see what they can do. We've got more money

751
00:34:55,560 --> 00:34:58,720
Speaker 1: questions to get to, including one about retirement account rollovers

752
00:34:58,719 --> 00:35:00,480
Speaker 1: in a down market. We'll get to that more right

753
00:35:00,520 --> 00:35:10,480
Speaker 1: after this. All right, Joe, we are back from the break.

754
00:35:10,719 --> 00:35:13,080
Speaker 2: Let's now get to the Facebook question of the week,

755
00:35:13,400 --> 00:35:16,200
Speaker 2: which is from an anonymous.

756
00:35:15,480 --> 00:35:18,840
Speaker 1: Poster who wrote a favorite kind don't show your face around.

757
00:35:18,560 --> 00:35:21,320
Speaker 2: The anonymous I know you shouldn't cash out any retirement

758
00:35:21,320 --> 00:35:24,080
Speaker 2: accounts and when the market is down like now, but

759
00:35:24,080 --> 00:35:27,560
Speaker 2: should you also avoid rollovers In theory you're locking in

760
00:35:27,719 --> 00:35:30,640
Speaker 2: losses but also buying low in the new account. Not

761
00:35:30,680 --> 00:35:33,719
Speaker 2: sure if there are other considerations. My reason for rolling

762
00:35:33,760 --> 00:35:37,440
Speaker 2: over is simply to consolidate accounts. And man, it's totally

763
00:35:37,440 --> 00:35:39,840
Speaker 2: true that you shouldn't be cashing out when the market

764
00:35:39,880 --> 00:35:43,320
Speaker 2: is declining. The goal is to have a plan in place,

765
00:35:43,400 --> 00:35:46,279
Speaker 2: right so that those those declines barely register. You don't

766
00:35:46,320 --> 00:35:48,879
Speaker 2: want to be checking your your retirement account, jol where

767
00:35:48,920 --> 00:35:52,000
Speaker 2: you're feeling sway to do something about it, as opposed

768
00:35:52,000 --> 00:35:53,160
Speaker 2: to the don't just stay in there.

769
00:35:53,040 --> 00:35:53,480
Speaker 1: Do something.

770
00:35:53,520 --> 00:35:56,040
Speaker 2: It's like no, no, let's like turn that sale onto

771
00:35:56,200 --> 00:35:58,440
Speaker 2: his head stand there, Yeah yeah, just wait around for it.

772
00:35:58,480 --> 00:35:59,880
Speaker 1: Yeah No. I think you're right, and I think that,

773
00:36:00,080 --> 00:36:02,720
Speaker 1: but that is what happens is people are paying attention

774
00:36:02,840 --> 00:36:05,200
Speaker 1: to the headlines, whether they if they read the Wall

775
00:36:05,239 --> 00:36:08,319
Speaker 1: Street Journal or something like that, they're just seeing they're

776
00:36:08,360 --> 00:36:11,200
Speaker 1: they're seeing the mess that's happening all around them, or

777
00:36:11,680 --> 00:36:15,200
Speaker 1: they're seeing the daily moves of the stock market, and

778
00:36:15,280 --> 00:36:18,239
Speaker 1: it just makes them more inclined to try to fix it, right,

779
00:36:18,520 --> 00:36:22,120
Speaker 1: to try to catch that falling knife, which is just

780
00:36:22,160 --> 00:36:24,520
Speaker 1: a bad idea. So you're right, man, it's like that

781
00:36:24,560 --> 00:36:26,840
Speaker 1: knowing your what, your why, and your how that's going

782
00:36:26,920 --> 00:36:28,880
Speaker 1: to make a big difference in helping you stay the

783
00:36:28,920 --> 00:36:30,320
Speaker 1: course as well. It's just kind of tuning some of

784
00:36:30,360 --> 00:36:33,040
Speaker 1: that stuff out. But what's happening with the stock market

785
00:36:33,120 --> 00:36:35,279
Speaker 1: in terms of a rollover, like from a four oh

786
00:36:35,280 --> 00:36:37,920
Speaker 1: one K to an IRA, it really has no bearing.

787
00:36:38,280 --> 00:36:41,440
Speaker 1: Like it's essentially a wash, and what the stock market

788
00:36:41,480 --> 00:36:43,880
Speaker 1: is doing right now, it shouldn't have any impact on

789
00:36:43,920 --> 00:36:46,920
Speaker 1: whether or when you decide to do that rollover. It's

790
00:36:47,000 --> 00:36:49,000
Speaker 1: kind of like in my mind, trading a dollar bill

791
00:36:49,200 --> 00:36:52,239
Speaker 1: for a sackajewee a dollar coin. They're both were at

792
00:36:52,239 --> 00:36:56,040
Speaker 1: the same amount and so you're just in a different form. Yeah, exactly,

793
00:36:56,040 --> 00:36:59,000
Speaker 1: in a different form. So there's no harm in doing that,

794
00:36:59,320 --> 00:37:01,399
Speaker 1: no matter what they week no matter what time of day.

795
00:37:01,560 --> 00:37:04,760
Speaker 1: It's the same is true with making that rollover happen exactly.

796
00:37:05,120 --> 00:37:08,160
Speaker 2: Do, however, make sure that you opt for a direct rollover,

797
00:37:08,200 --> 00:37:11,200
Speaker 2: because if you opt for an indirect rollover, what that

798
00:37:11,239 --> 00:37:13,480
Speaker 2: means is that's when you get a check sent directly

799
00:37:13,480 --> 00:37:13,959
Speaker 2: to you.

800
00:37:14,560 --> 00:37:15,960
Speaker 1: I'm gonna act directly.

801
00:37:15,960 --> 00:37:17,759
Speaker 2: I'm just gonna say you're gonna get a check sent

802
00:37:17,800 --> 00:37:19,919
Speaker 2: to you, because I don't want to confuse the direct

803
00:37:19,960 --> 00:37:22,600
Speaker 2: in direct here, they send it to your your mailing

804
00:37:22,640 --> 00:37:24,759
Speaker 2: address with your name on it. When they do that,

805
00:37:24,800 --> 00:37:27,440
Speaker 2: there are potential tax consequences.

806
00:37:26,800 --> 00:37:27,839
Speaker 1: If he doubts in your court.

807
00:37:28,040 --> 00:37:30,000
Speaker 2: Yeah, if you don't get that money into your new

808
00:37:30,000 --> 00:37:33,000
Speaker 2: account within sixty days. And this is assuming that you're

809
00:37:33,080 --> 00:37:35,480
Speaker 2: rolling again something like a four to one K into

810
00:37:35,600 --> 00:37:38,359
Speaker 2: an IRA. If that's the case, it does not matter.

811
00:37:38,480 --> 00:37:42,279
Speaker 2: It does matter. However, if we're talking about converting let's

812
00:37:42,280 --> 00:37:44,080
Speaker 2: say a four to one K to a wroth ir. Yes,

813
00:37:44,520 --> 00:37:47,359
Speaker 2: if we're talking about a conversion a down market it's

814
00:37:47,400 --> 00:37:50,440
Speaker 2: actually good because you're paying you know, you're paying taxes

815
00:37:50,480 --> 00:37:53,400
Speaker 2: on the amount that it has gone down in value,

816
00:37:53,440 --> 00:37:55,440
Speaker 2: so you owe less tax. And then the idea is

817
00:37:55,480 --> 00:37:58,440
Speaker 2: that that money sits there in that roth account, and

818
00:37:58,480 --> 00:38:01,360
Speaker 2: it grows tax free, hopefull for years, if not decades

819
00:38:01,400 --> 00:38:04,120
Speaker 2: to come. So what you're considering, that's well, that's certainly

820
00:38:04,160 --> 00:38:05,640
Speaker 2: a strategy at least worth considering.

821
00:38:05,719 --> 00:38:08,719
Speaker 1: It's still remember to keep in mind other factors to

822
00:38:09,080 --> 00:38:11,880
Speaker 1: like your income. So you're like, oh, market's down, time

823
00:38:11,920 --> 00:38:16,040
Speaker 1: to time to turn that traditional money into WROTH money. Well,

824
00:38:16,120 --> 00:38:18,880
Speaker 1: let's say you're a big income earner even though the

825
00:38:18,880 --> 00:38:21,880
Speaker 1: market's down, might still not be a great idea to

826
00:38:21,920 --> 00:38:22,200
Speaker 1: do that.

827
00:38:22,200 --> 00:38:24,799
Speaker 2: Yet, because you're gonna taxes right sor right, and you're

828
00:38:24,800 --> 00:38:26,319
Speaker 2: gonna pay a higher rate if you're a big time

829
00:38:26,360 --> 00:38:27,200
Speaker 2: income earner too.

830
00:38:27,760 --> 00:38:29,719
Speaker 1: Last thing, Matt I think we should mention here is

831
00:38:30,040 --> 00:38:34,839
Speaker 1: just for people who want help with these rollovers, there's

832
00:38:34,840 --> 00:38:38,200
Speaker 1: a company called Capitalize that helps for free. They make

833
00:38:38,239 --> 00:38:41,680
Speaker 1: it really easy. We like Capitalize. We've written an article

834
00:38:41,719 --> 00:38:44,919
Speaker 1: about them on the website. Well, we'll link to that

835
00:38:45,080 --> 00:38:47,840
Speaker 1: article in the show notes. I've used them for a

836
00:38:47,920 --> 00:38:51,479
Speaker 1: rollover for my wife's old four one K And why

837
00:38:51,520 --> 00:38:53,600
Speaker 1: is it free? Like, what's the catch? Well, they get

838
00:38:53,640 --> 00:38:55,920
Speaker 1: paid by the brokerage firm you move it to. They

839
00:38:55,920 --> 00:38:57,719
Speaker 1: don't get to choose the brokerage firm. They just have

840
00:38:57,800 --> 00:38:59,719
Speaker 1: deals with a lot of these broken terms, including our

841
00:38:59,719 --> 00:39:02,279
Speaker 1: favorite low cost ones. So if you're like, I want

842
00:39:02,280 --> 00:39:03,600
Speaker 1: to do it, I don't want to screw it up.

843
00:39:03,719 --> 00:39:06,600
Speaker 1: It's honestly not terribly difficult to do it by yourself,

844
00:39:06,920 --> 00:39:09,200
Speaker 1: but I will say they made it easier than it

845
00:39:09,239 --> 00:39:12,160
Speaker 1: otherwise would have been and I appreciated that. So at

846
00:39:12,239 --> 00:39:15,719
Speaker 1: least consider getting capitalized to do it for you, Matt.

847
00:39:15,760 --> 00:39:18,680
Speaker 1: Let's get to another question. This one comes from listener Drew.

848
00:39:18,800 --> 00:39:21,440
Speaker 1: He says, do you guys advise paying cash for a car?

849
00:39:21,640 --> 00:39:25,399
Speaker 1: We're biting the bullet and buying a new Toyota Highland Hybrid. Ooh,

850
00:39:25,600 --> 00:39:28,000
Speaker 1: this is our families one an only vehicle. Dude.

851
00:39:28,080 --> 00:39:32,080
Speaker 2: Okay, this is a very short question with multiple elements

852
00:39:32,120 --> 00:39:35,319
Speaker 2: in it that are quite poignant. Right, and so, first off,

853
00:39:35,520 --> 00:39:38,960
Speaker 2: he's talking about a new car, and typically we recommend

854
00:39:38,960 --> 00:39:43,720
Speaker 2: buying older cars, especially given how expensive SUVs and cars

855
00:39:43,760 --> 00:39:46,239
Speaker 2: have become in recent years. And if Americans would just

856
00:39:46,320 --> 00:39:48,919
Speaker 2: change that one light item and their budgets, it would

857
00:39:48,920 --> 00:39:50,919
Speaker 2: improve their financial standings significantly.

858
00:39:51,320 --> 00:39:53,320
Speaker 1: And a new Highlander.

859
00:39:52,880 --> 00:39:54,480
Speaker 2: Is probably going to set you back like fifty five

860
00:39:54,520 --> 00:39:57,440
Speaker 2: thousand dollars or so What that means is that in

861
00:39:57,760 --> 00:39:59,640
Speaker 2: five years you're going to have coughed up more than

862
00:39:59,680 --> 00:40:04,200
Speaker 2: twenty five thousand dollars simply due to depreciation. And because

863
00:40:04,200 --> 00:40:06,920
Speaker 2: I'm a pretty frugal dude, that is, I have a

864
00:40:06,920 --> 00:40:10,480
Speaker 2: really hard time getting behind the new vehicle. The depreciation

865
00:40:10,560 --> 00:40:11,760
Speaker 2: hit man, it's it's brutal.

866
00:40:11,840 --> 00:40:14,080
Speaker 1: We are a two car family now, Matt, you're a

867
00:40:14,080 --> 00:40:16,600
Speaker 1: one car family still. But when we got that second car,

868
00:40:16,960 --> 00:40:18,520
Speaker 1: I know you were, you were a little bit like,

869
00:40:18,560 --> 00:40:20,399
Speaker 1: I don't know, man, you could have probably got buy

870
00:40:20,400 --> 00:40:23,640
Speaker 1: on one. And I will say the car of the

871
00:40:23,640 --> 00:40:26,120
Speaker 1: second car I bought costs four thousand dollars. So the

872
00:40:26,200 --> 00:40:29,799
Speaker 1: depreciation I've experienced in the two ish years that I've

873
00:40:29,800 --> 00:40:32,640
Speaker 1: owned that car next to nothing, Dude, next to nothing. Yeah.

874
00:40:32,680 --> 00:40:35,160
Speaker 1: And so to me, yeah does that money? Does that

875
00:40:35,160 --> 00:40:37,600
Speaker 1: car cost me a little bit of extra money every

876
00:40:37,640 --> 00:40:41,160
Speaker 1: month in insurance and gas or whatever? Yeah, it does,

877
00:40:41,320 --> 00:40:43,480
Speaker 1: but it doesn't cost me nearly as much as having

878
00:40:44,120 --> 00:40:46,920
Speaker 1: a brand new, fancy car. But there is something we

879
00:40:47,000 --> 00:40:50,520
Speaker 1: said part of this question. The listener Drew says, well,

880
00:40:50,840 --> 00:40:53,080
Speaker 1: we're a one car family, and I do think there's

881
00:40:53,120 --> 00:40:56,200
Speaker 1: more leeway to buy a newer or even a brand

882
00:40:56,200 --> 00:40:59,080
Speaker 1: new car. I guess if it's your only car and

883
00:40:59,120 --> 00:41:02,440
Speaker 1: you feel like you need it to be dependable and accessible.

884
00:41:02,719 --> 00:41:04,480
Speaker 1: So I don't know, man, it sounds like an excuse

885
00:41:04,520 --> 00:41:05,960
Speaker 1: to me. I don't think it means you need a

886
00:41:06,000 --> 00:41:07,800
Speaker 1: brand new car. I certainly don't think that. I know

887
00:41:07,880 --> 00:41:10,839
Speaker 1: it means you don't. You certainly don't need a brand

888
00:41:10,840 --> 00:41:14,880
Speaker 1: new car. But I think it's more understandable, and you know,

889
00:41:15,400 --> 00:41:17,520
Speaker 1: not everyone wants to live their lives like we do.

890
00:41:17,600 --> 00:41:19,520
Speaker 1: So if you have, like let's say, one older car,

891
00:41:19,560 --> 00:41:21,400
Speaker 1: it ends up in the shop on the rag. It's

892
00:41:21,440 --> 00:41:24,279
Speaker 1: a nightmare from a logistical standpoint, and the cost of

893
00:41:24,320 --> 00:41:26,560
Speaker 1: running a car can be a pain to I get

894
00:41:26,600 --> 00:41:30,040
Speaker 1: that we're less down on you opting for a sparkling

895
00:41:30,080 --> 00:41:32,160
Speaker 1: new ride directly off the dealer a lot if it's

896
00:41:32,360 --> 00:41:34,239
Speaker 1: if it's the only one you've gotten, if you plan

897
00:41:34,320 --> 00:41:36,840
Speaker 1: on holding on to it for a whole lot of years.

898
00:41:37,640 --> 00:41:39,600
Speaker 1: But still it's it's not what we would do.

899
00:41:40,120 --> 00:41:41,799
Speaker 2: Yeah, I guess the only thing I pushed back on

900
00:41:41,920 --> 00:41:43,719
Speaker 2: is the fact that it feels like an excuse to

901
00:41:43,760 --> 00:41:46,160
Speaker 2: get the nicer vehicle when like, you can totally get

902
00:41:46,160 --> 00:41:49,000
Speaker 2: by have a perfectly reliable vehicle that you might have

903
00:41:49,040 --> 00:41:51,040
Speaker 2: to proactively maintain a little bit more to make sure

904
00:41:51,040 --> 00:41:52,600
Speaker 2: that it's you want to be able to rely on

905
00:41:52,640 --> 00:41:55,440
Speaker 2: that thing. But I just, yeah, it makes me a

906
00:41:55,480 --> 00:41:57,640
Speaker 2: little bit nervous when you start justifying something like that

907
00:41:57,680 --> 00:41:59,560
Speaker 2: all on something that's going to be depreciating, that's going

908
00:41:59,640 --> 00:42:02,800
Speaker 2: to be going down in value. But do you guys

909
00:42:02,800 --> 00:42:07,040
Speaker 2: advise paying cash for a car totally? Because I will say,

910
00:42:07,160 --> 00:42:10,919
Speaker 2: regardless of how old or new the vehicle is, that's

911
00:42:10,960 --> 00:42:13,200
Speaker 2: going to put you in a better financial spot. Most

912
00:42:13,200 --> 00:42:15,239
Speaker 2: folks buy a new car and then what they're doing

913
00:42:15,239 --> 00:42:17,520
Speaker 2: out there is they typically finance it to the max.

914
00:42:17,680 --> 00:42:19,719
Speaker 2: That's why the average car payment on a new car

915
00:42:19,800 --> 00:42:22,319
Speaker 2: is about seven hundred and fifty dollars these days. And

916
00:42:22,360 --> 00:42:24,640
Speaker 2: then that payment it often hangs around for like five

917
00:42:24,719 --> 00:42:27,279
Speaker 2: or six years time even longer. That's not something we

918
00:42:27,320 --> 00:42:29,959
Speaker 2: want to see you do. So I think it's super

919
00:42:29,960 --> 00:42:32,240
Speaker 2: cool Drew that you've got the cash on hand. Hopefully

920
00:42:33,000 --> 00:42:35,080
Speaker 2: you're thinking about paying.

921
00:42:34,640 --> 00:42:35,640
Speaker 1: For that straight up.

922
00:42:36,040 --> 00:42:39,040
Speaker 2: That's a huge accomplishment. That being said from a logistics

923
00:42:39,160 --> 00:42:44,000
Speaker 2: standpoint here, practically speaking, dealers don't love cash buyers, and

924
00:42:44,000 --> 00:42:47,040
Speaker 2: that's because they stand to benefit more from buyers who

925
00:42:47,080 --> 00:42:49,399
Speaker 2: take out a loan. This is something we talked about

926
00:42:49,400 --> 00:42:52,400
Speaker 2: with our friends over at Car Edge that they shared

927
00:42:52,440 --> 00:42:55,160
Speaker 2: on the show somewhat recently, was that last year Joel, Yeah,

928
00:42:55,200 --> 00:42:57,399
Speaker 2: the dealer they mark up the loans and so when

929
00:42:57,440 --> 00:43:00,880
Speaker 2: you pay cash, they're missing out on the increased profits

930
00:43:00,920 --> 00:43:01,960
Speaker 2: that the dealership.

931
00:43:01,960 --> 00:43:04,080
Speaker 1: So he gets to realize. You think you're doing something smart,

932
00:43:04,120 --> 00:43:06,880
Speaker 1: but you're doing something really dumb by telling the dealer

933
00:43:06,920 --> 00:43:09,480
Speaker 1: that you're paying cash ahead of time. I think there's

934
00:43:09,520 --> 00:43:12,960
Speaker 1: still ways to pay with cash, but you don't want

935
00:43:13,000 --> 00:43:14,799
Speaker 1: to lay your cards on the table ahead of time.

936
00:43:14,880 --> 00:43:16,920
Speaker 1: So don't tell the dealer walking in there and be like, hey,

937
00:43:16,920 --> 00:43:18,560
Speaker 1: i'd like to buy this car, I'm paying with cash.

938
00:43:18,640 --> 00:43:20,880
Speaker 1: By the way, you can reveal that fact later on,

939
00:43:21,000 --> 00:43:23,239
Speaker 1: after you've secured a price that you're happy with. They

940
00:43:23,320 --> 00:43:25,759
Speaker 1: might assume right that you plan on getting a loan

941
00:43:25,800 --> 00:43:27,440
Speaker 1: on that new car, and you don't have to correct

942
00:43:27,800 --> 00:43:30,759
Speaker 1: their assumptions. Another tactic I think you can take is

943
00:43:30,800 --> 00:43:33,279
Speaker 1: to go ahead and finance the vehicle through the f

944
00:43:33,360 --> 00:43:35,680
Speaker 1: nin department at the dealership and then pay it off

945
00:43:35,680 --> 00:43:39,160
Speaker 1: immediately afterward, and you know you stand By the way,

946
00:43:39,160 --> 00:43:41,840
Speaker 1: I think to save more money and headaches by sending

947
00:43:41,840 --> 00:43:44,319
Speaker 1: out emails to a few dealers in your area. Check

948
00:43:44,360 --> 00:43:47,839
Speaker 1: out that episode, episode eight forty five on car buying,

949
00:43:47,840 --> 00:43:50,800
Speaker 1: because if we're talking about a fifty five thousand dollars purchase,

950
00:43:51,120 --> 00:43:53,760
Speaker 1: doing it the right way can lead to a savings

951
00:43:53,800 --> 00:43:56,200
Speaker 1: of many thousands of dollars, and we want you to

952
00:43:56,200 --> 00:43:58,480
Speaker 1: save as much as possible if you're gonna buy this

953
00:43:58,520 --> 00:44:00,680
Speaker 1: brand new car, but hopefully we've given to at least

954
00:44:00,680 --> 00:44:04,960
Speaker 1: think twice and maybe consider a nice, gently use six

955
00:44:05,040 --> 00:44:07,160
Speaker 1: seven eight year old Toyta instead.

956
00:44:07,280 --> 00:44:09,160
Speaker 2: That's right, buddy, Let's get back to the beer. You

957
00:44:09,200 --> 00:44:11,640
Speaker 2: and I enjoyed a Hound's Tooth, which is a sour

958
00:44:11,719 --> 00:44:15,560
Speaker 2: with BlackBerry, pear and ginger by contrast artisan ales.

959
00:44:15,640 --> 00:44:18,279
Speaker 1: What you think, so do? This was a beer, but

960
00:44:18,280 --> 00:44:21,040
Speaker 1: it tasted kind of like a fruited seltzer. I only

961
00:44:21,080 --> 00:44:23,120
Speaker 1: know that because my wife likes to drink those, and

962
00:44:23,160 --> 00:44:24,719
Speaker 1: occasionally I'll have a sip and I'm like, oh, this

963
00:44:24,840 --> 00:44:26,839
Speaker 1: kind of it tastes like one of those things, tasts

964
00:44:26,840 --> 00:44:28,960
Speaker 1: like a sour beer that I like. Yeah, so it's

965
00:44:29,000 --> 00:44:30,880
Speaker 1: kind of somewhere in there a mix. It does have

966
00:44:30,960 --> 00:44:34,480
Speaker 1: that kind of effervescence of a seltzer. Nice and sparkly. Yeah,

967
00:44:34,520 --> 00:44:37,279
Speaker 1: and it's got kind of those those fruited undertones I like.

968
00:44:37,480 --> 00:44:39,560
Speaker 1: I'm not usually a huge fan of ginger, but it's

969
00:44:39,640 --> 00:44:42,239
Speaker 1: just got enough ginger in it where it gives a

970
00:44:42,239 --> 00:44:44,640
Speaker 1: little zip to go with I think the fruit like

971
00:44:44,680 --> 00:44:47,879
Speaker 1: the tiniest little bit of heat. Yeah. So I liked it.

972
00:44:47,960 --> 00:44:50,760
Speaker 1: Even though I would say it feels like a super

973
00:44:50,840 --> 00:44:53,080
Speaker 1: light version tone of a beer, it wasn't quite what

974
00:44:53,120 --> 00:44:54,920
Speaker 1: I was expecting. I love the color of it.

975
00:44:54,960 --> 00:44:58,080
Speaker 2: The color like it totally makes me think of both pear,

976
00:44:58,480 --> 00:44:59,680
Speaker 2: like you know when you bite into a pair.

977
00:44:59,680 --> 00:45:02,600
Speaker 1: It's got this nice, fleshy like barely like.

978
00:45:02,520 --> 00:45:04,879
Speaker 2: Maybe like the tiniest bit pink kind of color to it.

979
00:45:04,880 --> 00:45:07,240
Speaker 2: It looks like that, but it also looks like candy ginger.

980
00:45:09,040 --> 00:45:11,280
Speaker 2: So WHYDFM that we used to get, like the candy

981
00:45:11,320 --> 00:45:13,120
Speaker 2: ginger from there? I don't think we've ever we've gotten

982
00:45:13,120 --> 00:45:15,839
Speaker 2: it since Wait did they sound that at Costco? No,

983
00:45:15,920 --> 00:45:16,720
Speaker 2: I'm thinking of mango.

984
00:45:16,840 --> 00:45:18,680
Speaker 1: Oh, we get the mango, the mags and mango.

985
00:45:19,120 --> 00:45:20,799
Speaker 2: No, we used to go to this international market though

986
00:45:20,800 --> 00:45:24,400
Speaker 2: that had this candy ginger that this exact color van

987
00:45:24,520 --> 00:45:26,799
Speaker 2: and so I guess I've got that on my mind

988
00:45:26,920 --> 00:45:29,319
Speaker 2: because of that, this makes this taste totally legit, not

989
00:45:29,480 --> 00:45:30,920
Speaker 2: normally a combo.

990
00:45:31,120 --> 00:45:34,040
Speaker 1: I'm not getting as much black BlackBerry personally.

991
00:45:34,120 --> 00:45:36,520
Speaker 2: It's there, but yeah, no, I think I can see

992
00:45:36,520 --> 00:45:38,720
Speaker 2: why you say that. Not normally a combo or flavor

993
00:45:38,719 --> 00:45:40,319
Speaker 2: profile that I go for. But yeah, I liked it.

994
00:45:40,360 --> 00:45:42,000
Speaker 1: I know, yeah, I was. When I saw that listed,

995
00:45:42,080 --> 00:45:45,160
Speaker 1: I was like, that's kind of random trio there to

996
00:45:45,200 --> 00:45:47,000
Speaker 1: stick in this beer. But I think it's all working

997
00:45:47,040 --> 00:45:49,520
Speaker 1: together again, better than I thought it was, even though

998
00:45:49,520 --> 00:45:52,160
Speaker 1: it didn't taste like I was expecting. All Right, man,

999
00:45:52,160 --> 00:45:54,240
Speaker 1: I's gonna do it. For this episode, we'll put links

1000
00:45:54,239 --> 00:45:56,080
Speaker 1: to some of the resources we mentioned, and there were

1001
00:45:56,160 --> 00:45:58,440
Speaker 1: quite a few today up in the show notes on

1002
00:45:58,440 --> 00:46:00,560
Speaker 1: our website at how to money dot com.

1003
00:46:00,560 --> 00:46:03,319
Speaker 2: You know, buddy, So until next time, Best Friends Out,

1004
00:46:03,400 --> 00:46:04,879
Speaker 2: Best Friends Out.