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

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Speaker 1: and today we're offering some postgrad money advice for the

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Speaker 1: real world. I never watched a ton of the show,

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Speaker 1: But did you ever watch The Real World back in

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Speaker 1: the day on MTV. I didn't get a cable until

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Speaker 1: I was like a deeens, No, not really, you were.

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Speaker 1: You were spared that road Rules were so hot back then.

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Speaker 2: They so they were like the original reality TV shows.

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Speaker 2: They gave you that behind the behind the peak, yeah,

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Speaker 2: the peak, behind the curtain.

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Speaker 1: And now like reality TV shows are a diamond dozen,

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Speaker 1: it dominates the entertainment that most folks watch. But yeah, man,

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Speaker 1: we're gonna give some graduate money advice for folks out

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Speaker 1: there who are entering the real real world.

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Speaker 2: And this is going to be a timely episode, of course,

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Speaker 2: because a lot of folks are graduating right now. Life

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Speaker 2: is looking different for a lot of folks as they

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Speaker 2: are leaving the comforts of their university or they're living

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Speaker 2: there with their parents.

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Speaker 1: It's one of those hinge points. And like, I think

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Speaker 1: that this advice can equally apply to high school grads

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Speaker 1: and college grads. Probably a little more appable to college

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Speaker 1: grads who are kind of moving out there into the

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Speaker 1: real world, starting your career, stuff like that. But I

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Speaker 1: do think, yeah, when you're at a hinge point, sometimes

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Speaker 1: you need specialty advice to kind of help you get

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Speaker 1: where you're going. That's what a commencement address is all about.

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Speaker 1: And it's funny. You don't always remember what you heard

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Speaker 1: in your commencement address, but often you're motivated by it.

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Speaker 2: So hopefully and hopefully you remember what it is that

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Speaker 2: we say to at least a couple things, at least

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Speaker 2: be able to actually effectuate some change in your life, because, yeah,

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Speaker 2: you may not know exactly how to cook yourself a

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Speaker 2: proper meal now that you're living on your own.

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Speaker 1: You'll get there. You'll get there.

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Speaker 2: You'll get there, and hopefully we will set you on

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Speaker 2: the right path when it comes to how it is

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Speaker 2: that you should be handling your money.

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Speaker 1: Yeah, all right, before we get to that, Matt, I

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Speaker 1: just wanted to mention that. So I was looking for

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Speaker 1: a replacement vacuum, and I think I mentioned a couple

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Speaker 1: of years ago we bought one of those stick vacuums

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Speaker 1: from wys and it. Oh, yeah, it was okay. I

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Speaker 1: guess I'm not sure if it's just that this vacuum

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Speaker 1: was okay, or if it's just stick vacuums in general

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Speaker 1: don't live up to Oh.

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Speaker 2: I completely believe it is the stick vacuum, Like you're

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Speaker 2: talking about the chord lists, the battery powered inferior.

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Speaker 1: Product two pounds, which I think people are all jazzed about.

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Speaker 1: They don't have a chord, but they just don't suck

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Speaker 1: as much as they should. They suck right exactly, and

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Speaker 1: in fact, they actually blow. They're not getting the job done. Yeah,

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Speaker 1: so it's time to get a different one, one that

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Speaker 1: actually works. You get you a good one, especially with

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Speaker 1: three kids. Well, I was like doing the research, and

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Speaker 1: it turns out some of those shark vacuums seemed to

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Speaker 1: review well.

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Speaker 2: And over to the dark side, my friend shark vacuums.

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Speaker 2: So I feel like I've been a proponent of them

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Speaker 2: for a long time because I'm willing to spend a

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Speaker 2: little bit more on a tool that's going to allow

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Speaker 2: you to get the job done more effectively.

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Speaker 1: Exactly, especially that lasts a long time. I'm with you

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Speaker 1: on that. I saw that it was on sale at Costco,

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Speaker 1: and I was like, oh man, all right, looks like

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Speaker 1: I might need to make this happen. But then I

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Speaker 1: did a Google shopping search. I found out that the

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Speaker 1: same vacuum was on a scratch and dent sale at

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Speaker 1: Woot for less than half the price. So I think

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Speaker 1: it was one sixty at Costco and I got it

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Speaker 1: for sixty on woot Snap and I was like, yeah,

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Speaker 1: I'm gonna I'm gonna give those ago because scratch it

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Speaker 1: looks it doesn't look d er scratched at all. I

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Speaker 1: was like, this looks perfectly fine.

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Speaker 2: It doesn't have other people's dander, pet dander.

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Speaker 1: Not that I could tell. Hair. Maybe some of the

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Speaker 1: models were worse than what I received, but mine looked

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Speaker 1: like the brush perfectly good and it's working like a

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Speaker 1: champ man for sixty bucks. Well, I said, brush roll.

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Speaker 2: That is in particular, I think what sets those Shark

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Speaker 2: vacuum cleaners apart from all the others is the brush roll.

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Speaker 1: On those things. It can beat the heck out of a.

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Speaker 2: Rug and some carpet and it knocks up all the

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Speaker 2: dust and then it sucks it up and then get

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Speaker 2: I run a huge.

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Speaker 1: That was one of the things, because like that's what

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Speaker 1: always gets clogged because we've got cats and messy kids

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Speaker 1: and those brusholes would just get flogged. But the sharks

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Speaker 1: don't seem to be in the same way.

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Speaker 2: Yeah, they don't as much. So the question is it.

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Speaker 1: Sounds like an advertisement for a shark, but it's really

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Speaker 1: it's not.

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Speaker 2: It's mostly I really am such a big like we've

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Speaker 2: always like we've we got a shark like years ago,

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Speaker 2: and we are actually on our second shark after the

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Speaker 2: first one crapped out after like a decade.

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Speaker 1: And really it's a lesson in typing the item that

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Speaker 1: you're interested into Google and seeing if you can find

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Speaker 1: it cheaper elsewhere, and not being afraid to go scratch

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Speaker 1: in dent. There's even like scratching dent like appliance places

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Speaker 1: up here where we live, so you can go. Yet,

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Speaker 1: who cares what your washing machine looks like as long

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Speaker 1: as it does the job. I don't care if scratching

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Speaker 1: dent just some people care. I don't care.

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Speaker 2: I don't care, and I think we So what's the

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Speaker 2: warranty because that's one of the things. So were you

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Speaker 2: to buy it at costs?

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Speaker 1: That's the biggest downside? Yeah, right, but you does yours

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Speaker 1: have a warranty? It's like ninety days or sixty days

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Speaker 1: or something like that.

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Speaker 2: So as long as you know that you can get

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Speaker 2: it and that it's actually working for a period of time,

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Speaker 2: it's a minimal but it might this might end up

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Speaker 2: being a frugal or cheap So you let us know,

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Speaker 2: were to crap out at day one hundred and twenty, right, obviously, yeah.

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Speaker 1: You wouldn't. You can't plan on that. But I guess

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Speaker 1: the other thing is if the prices were similar, Like

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Speaker 1: if I was gonna save twenty bucks getting it on wood,

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Speaker 1: I probably would have gone Costco at the Costco route

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Speaker 1: for that additional piece of mind. But I was like,

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Speaker 1: the price cut is drastic enough cut where it makes

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Speaker 1: so nice. Yeah, don't be afraid to use Google Shopper,

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Speaker 1: don't be afraid to go scratch in dent with items

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Speaker 1: if it means you're gonna save a decent chunk of money.

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Speaker 1: All right, let's mention the beer we're having on this episode.

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Speaker 1: This is the taken by Costa Agria and they collabed

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Speaker 1: with a brew called There does Not Exist. It's a

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Speaker 1: farmhouse sale. We'll give our thoughts on this one at

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Speaker 1: the end of the episode.

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Speaker 2: Yeah, and I'm going to comment on the label just

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Speaker 2: right out of the gate, because I remember the we

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Speaker 2: had Costan agreed beers like years ago on the show,

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Speaker 2: and I remember the labels being way traditional. This is

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Speaker 2: a pretty dope minimal black label that I can really

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Speaker 2: get into.

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Speaker 1: Yeah, it looks good, looks good, so the beer tastes good.

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Speaker 2: We'll share our actual thoughts on the beer though at

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Speaker 2: the end.

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Speaker 1: Yeah, for sure. Episode, But let's get onto the subject

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Speaker 1: of him, Matt. We're offering some postgrad money advice that

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Speaker 1: hopefully people can take into the real world and use,

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Speaker 1: and especially our younger listeners. And it made me think

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Speaker 1: about getting my driver's license for us back in the day.

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Speaker 1: It was earth shattering, it was game changing. It meant

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Speaker 1: freedom on the open road, and I geographic freedom. That's right, Yeah,

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Speaker 1: go wherever you want. And I remember studying to get

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Speaker 1: my learner's permit the day I turned fifteen, like I

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Speaker 1: wanted to. I wanted to, didn't want to delay at

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Speaker 1: all on my path to getting in a car and

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Speaker 1: being able to go wherever I wanted.

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Speaker 2: Did you go to the driver Department of drive DDS,

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Speaker 2: the Department of Driver Services in the long line and

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Speaker 2: they had those books that you could take out and

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Speaker 2: where you would learn how to stop out.

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Speaker 1: A red light before you get right right. I still

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Speaker 1: remember having to learn the sign for slow moving vehicle.

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Speaker 1: Do you remember that. It's like now it goes on

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Speaker 1: the back of like a tractor or something like that,

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Speaker 1: if they're driving on an interstate and it's like it's

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Speaker 1: like a triangle with like an orange. Yeah, yeah, means vehicle, right.

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Speaker 1: And I remember someone said that's gonna be one of

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Speaker 1: those little questions I ask you, and it was.

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Speaker 2: Well, that's what was cool is that you always had

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Speaker 2: friends who are, you know, a couple of months older

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Speaker 2: than you. Yeah, they give you the inside track. That's right,

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Speaker 2: that's right, they give you the cliff notes version. But

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Speaker 2: it's it's interesting. The youth of today seem a little

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Speaker 2: less interested in getting their driver's license, but for us

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Speaker 2: geriatric millennials, it was like the most important event on

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Speaker 2: our calendar. Sure we nothing else mattered except for except

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Speaker 2: for getting getting your license. In your well and graduating

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Speaker 2: high school or college, I would say, is similarly a

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Speaker 2: pretty freaking momentous occasion, easily on par with getting your license,

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Speaker 2: And everyone seems to have a word of advice for

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Speaker 2: people who are graduating. There's the classic handing of the

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Speaker 2: book or the places would go. Who needs ten copies

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Speaker 2: of that? But a lot of people are getting that

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Speaker 2: that's just kind of marks the occasion.

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Speaker 1: Did you get ten copies?

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Speaker 2: No?

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Speaker 1: I don't think I did. But I'm just I don't.

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Speaker 2: Even know if I got a single copy of Bellishing,

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Speaker 2: So I did, Okay, I didn't even I've read certain

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Speaker 2: people knew you weren't going to place doctors doctors's books

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Speaker 2: when I was a kid, but I had never even

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Speaker 2: heard of that one until my senior year. Well, Miss Anderson,

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Speaker 2: I still remember. She was like one of my best teachers,

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Speaker 2: and she read that to us and it was such

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Speaker 2: a a because I never heard of it. It was

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Speaker 2: pretty impactful. But she was dude, she had like tears

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Speaker 2: in her eyes. And there's something about teachers of seniors

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Speaker 2: when they know that this is a class that's like

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Speaker 2: actually gonna go out there. It's it's heartwarming. You know,

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Speaker 2: they believe in you. Yeah, yeah, and it really does

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Speaker 2: I think have an impact. And when you see that,

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Speaker 2: there's like, oh man, there's like other adults other than

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Speaker 2: my parents who think I'm actually going to do. And

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Speaker 2: even my parents, I'm like, yeah, I'm not totally sure

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Speaker 2: they're totally bought in.

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Speaker 1: They're just saying because they have to exactly. Well, we've

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Speaker 1: got some thoughts too. I think I think the people

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Speaker 1: listening to this podcast can can amount to a lot

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Speaker 1: of things, but they got to get things right on

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Speaker 1: the money front. So we're going to do our best

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Speaker 1: to deliver kind of some money advice for postgrads, for

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Speaker 1: folks who are just finishing school. We'll do our best

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Speaker 1: to deliver it in aspiring commencement format. So don't screw

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Speaker 1: the su have a way of doing that.

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Speaker 2: So, of course this is a time of year that

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Speaker 2: there are a lot of just new adults setting sail.

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Speaker 2: They're out there, they're launching out the far off horizons.

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Speaker 2: Whatever imagery that it is you want to use. And

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Speaker 2: so like you said a word, I think you said

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Speaker 2: like hinge point or something like that, right, And I

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Speaker 2: think that's totally true. It reminds me of our conversation

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Speaker 2: that we had with Katie Milkman, and she like, there

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Speaker 2: is research pointing to the fact that if you want

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Speaker 2: to make some changes in your life, if you want

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Speaker 2: to pick up a new habit. If you can coordinate

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Speaker 2: that with some either major dates or just life change,

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Speaker 2: you are more likely to be able to stick with

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Speaker 2: that a fresh start effect exactly. And it's like, for instance,

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Speaker 2: like folks who wanted to quit smoking, I think, who

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Speaker 2: are just randomly like a random day based on call.

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Speaker 1: Those people quitters. By the way, Matt, it's good for

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Speaker 1: you to be a quitter, sure in this case. In

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Speaker 1: this case, but for folks who decided to quit on

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Speaker 1: their actual birthday, I mean, it was like chart blowing

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Speaker 1: just the amount of success that those folks were able

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Speaker 1: to have versus folks who were just assigned a regular day.

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Speaker 1: It's amazing. I mean, when you think about a psychological

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Speaker 1: element exactly really sticks with you. And I think that's

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Speaker 1: a part of why this is so important for us

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Speaker 1: to talk about. In particular, for all the all the

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Speaker 1: gradsze the functioning effect of our primordial brains, and it's

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Speaker 1: kind of cool that you can tap into that. And

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Speaker 1: I do think, yeah, that listening to this more, yeah, exactly,

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Speaker 1: there's a gravity to it, and I think gravitas. There's

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Speaker 1: an ability, yeah, for people to make outsized changes now

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Speaker 1: based on the fact that they're changing life circumstances.

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Speaker 2: Yeah, and on top of that, personal finance education is lacking, right,

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Speaker 2: and it's mostly to be honest, it's mostly non existent.

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Speaker 2: I think only something like seventeen states are now making

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Speaker 2: it mandatory to have like any sort of personal finance

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Speaker 2: education before high school graduation. So that is helpful, but

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Speaker 2: it's also not a cure, all right, Like this, it

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Speaker 2: still leaves tens of millions of young adults out there

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Speaker 2: without any knowledge at all about a subject that is

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Speaker 2: going to impact them every single day for the rest

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Speaker 2: of their lives. Makes me think of, like back what

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Speaker 2: those tax sees and folks are like, I don't know

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Speaker 2: how to file my taxes, but I know I do

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Speaker 2: know what a parallelogram.

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Speaker 1: Is exactly arambas. I mean, there's all sorts of things

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Speaker 1: that we remember, stupid stupid things so we will never

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Speaker 1: use again. And maybe a small small fraction of high

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Speaker 1: school students will use that moving onto the future if

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Speaker 1: they go into like yeah, engineering or something.

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Speaker 2: And this isn't a dig against a like classical education

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Speaker 2: or like a liberal arts education, but it is helpful

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Speaker 2: to focus on things that are going to that are

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Speaker 2: actually going to impact us in the day to day.

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Speaker 1: Some practicalities times. It's kind of like call back that

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Speaker 1: was a class, that's a very practical class.

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Speaker 2: Yeah, Yeah, totally learned how to bake some biscuits, and

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Speaker 2: we're trying to keep them maybe alive too. And so

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Speaker 2: this episode is particularly geared toward young folks who maybe

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Speaker 2: aren't quite sure how to about and how to handle

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Speaker 2: money as they enter this brave new world home.

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Speaker 1: Yeah, that's true. Well, and there's a lot of conflicting

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Speaker 1: advice out there in the real world as about how

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Speaker 1: you should handle your money as well, and.

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Speaker 2: The advice is limited, and what advice there is out there,

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Speaker 2: it's conflicting.

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Speaker 1: Yeah, you might find a few different people, start following them,

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Speaker 1: start listening, and be like, I feel like i' met

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Speaker 1: more of a loss than I was before I started

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Speaker 1: following these people, because they seem to take different taks,

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Speaker 1: And we're not holding ourselves out to be the end

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Speaker 1: all be all on the money advice front. There are

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Speaker 1: lots of wise people worth listening to, but we will

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Speaker 1: rely on wisdom beyond our own creation here on this episode,

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Speaker 1: and so we will offer a bunch of advice that

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Speaker 1: you can hopefully implement that will impact a wide range

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Speaker 1: of money decisions that you'll have to make in your life,

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Speaker 1: not just a few specific ones, but hopefully time tested

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Speaker 1: truths that are going to help you no matter the

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Speaker 1: specific circumstances you find yourself in. And it's also true

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Speaker 1: by the way that the best commencement addresses are inspiring.

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Speaker 1: I mentioned that Matt, and they help you think through

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Speaker 1: something that's eternally true in kind of a new light,

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Speaker 1: through a new perspective. It makes me think of JK.

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Speaker 1: Rowling's Harvard commencement to Beach in two thousand and eight.

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Speaker 1: It's one of my favorites, and she talks about totalitarianism,

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Speaker 1: human suffering, hope, and empathy, but in brilliant ways that

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Speaker 1: you're never going to forget. These are like timeless human

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Speaker 1: emotions and things that were impacted by but the way

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Speaker 1: she weaves her story it leaves a long lasting impact.

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Speaker 1: And so we don't have her pedigree or imagination, but

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Speaker 1: we'll do our best.

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Speaker 2: She basically spoke of all the different virtues, all the

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Speaker 2: things that Harry experiences within Harry.

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Speaker 1: Potter by yes, exactly.

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Speaker 2: Okay, let's start off with some framing because in your

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Speaker 2: late teens, maybe your early twenties.

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Speaker 1: I think it can be.

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Speaker 2: Really difficult to figure out what it is that you

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Speaker 2: should be striving for and what you want to achieve

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Speaker 2: is going to directly impact what you do with the

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Speaker 2: money that starts flowing in, and so what we recommend

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Speaker 2: is to start with the end in mind. Warren Buffett,

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Speaker 2: he was just asked at the annual Berkshire Hathaway Conference

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Speaker 2: about how to live your life, and he, as always

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Speaker 2: he gave some sage advice, and here's a quote. He said,

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Speaker 2: you should write your obituary and then try to figure

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Speaker 2: out how to live up to it. I love that

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Speaker 2: I've heard other folks basically speak to like the difference

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Speaker 2: between eulogy virtues and resume virtues, right because oftentimes we

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Speaker 2: know that we want to have eulogy virtues in our

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Speaker 2: life and like at the end of the day that

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Speaker 2: folks will be able to say things about us as

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Speaker 2: a person. But a lot of times what ends up

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Speaker 2: happening is we focus on our careers, we focus on

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Speaker 2: the resume. We're careerists and are focusing just on whether

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Speaker 2: it's the next rung of the latter to achieve or

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Speaker 2: what skills we can gain in order to make more money.

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Speaker 2: It's not that those aren't bad things, but especially when

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Speaker 2: you're young, you need to not lose sight of some

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Speaker 2: of those eulogy virtues as well.

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Speaker 1: We're leaving some of that character development on the sidelines

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Speaker 1: as we pursue kind of the some of those other

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Speaker 1: things that are more short term in nature. Totally.

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Speaker 2: Yeah, Jeff Bezos, he said something similar, you know, many

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Speaker 2: years ago about why started Amazon. Basically, he said something

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Speaker 2: about like when I'm like old, when I'm eighty years old,

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Speaker 2: I'm not going to regret at having at least tried this.

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Speaker 1: Ya. I'm talking about how the Internet was fledgling, and

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Speaker 1: he knew it was going to be something, and he said,

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Speaker 1: I might fail spectacularly, but yeah, I feel like a

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Speaker 1: bigger failure if I don't even give it a shot.

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Speaker 1: That's right. Yeah.

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Speaker 2: And so the natural thing, it seems, is just to

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Speaker 2: take the route of those who are closest to you. You know, basically,

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Speaker 2: what your friends are doing, just going along with a flow,

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Speaker 2: and not not only in your career, but also when

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Speaker 2: it comes to your saving and how does that you

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Speaker 2: spend your money, But when you're able to start with

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Speaker 2: the end in mind, When you start with your desired end,

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Speaker 2: it's going to become a lot easier to take a different.

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Speaker 1: A more unique path.

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Speaker 2: You're going to be able to run all of those

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Speaker 2: different decisions through a filter, and hopefully you can ask

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Speaker 2: yourself and say, hey, does this get me closer to

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Speaker 2: that desired end? Having these goals in mind, even if

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Speaker 2: they're not solidified, if they're not crystallizing concrete yet, I

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Speaker 2: think can still be a good practice to start thinking

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Speaker 2: through this process of setting some of these bigger goals

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Speaker 2: in life.

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Speaker 1: I mean, I think all of us can, at least

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Speaker 1: to some extent, come up with some eulogy virtues we

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Speaker 1: want to have said about us at some point in

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Speaker 1: the future when we do pass away. And I think

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Speaker 1: all of us could benefit from thinking about that a

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Speaker 1: little bit more in the here and now. And I

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Speaker 1: think this means for for graduates, considering your values and

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Speaker 1: your goals, and I mean your values and your goals,

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Speaker 1: and you might not know right now the exact field

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Speaker 1: you want to end up working in. That's okay. I

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Speaker 1: mean podcasts, they didn't exist, Matt when you and I graduated,

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Speaker 1: Yet here we are, we didn't know it barely existed.

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Speaker 2: I remember listening to some podcasts. I guess, yeah, I was.

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Speaker 2: I was an early adopter, so yeah, that's true. Okay,

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Speaker 2: so they barely existed maybe, but yeah, it was pretty much.

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Speaker 2: It was not what it is today, right.

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Speaker 1: And nobody really had a career in podcasting, And you

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Speaker 1: would have been silly to say that you're going to

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Speaker 1: because they certainly didn't exist on that level. There were

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Speaker 1: no Joe Rogan's right to aspire to be or anything like.

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Speaker 2: It felt more like like av Club back in the eighties.

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Speaker 1: Right, is what it felt like. It might be like

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Speaker 1: I'm gonna do something super nerdy and see what happened,

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Speaker 1: but totally that's yeah, absolutely, yeah, not getting into that

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Speaker 1: as a career. But you can still use your personal

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Speaker 1: values in your goals, even if you're not exactly sure

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Speaker 1: which they're going to take in which field you're going

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Speaker 1: to direct them into, to help you make choices in

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Speaker 1: the here and now that are slowly but surely moving

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Speaker 1: you in the right direction. And man, I think what

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Speaker 1: we're talking about here is like regret minimization is kind

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Speaker 1: of what we're after. So we would suggest to make

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Speaker 1: a list of things you want to accomplish before you die.

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Speaker 1: That can be helpful in the day to day, pushing

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Speaker 1: you in a direction that leads you more towards choices

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Speaker 1: that aren't going to help you just in the short term.

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Speaker 1: We're are gonna really help you accomplish some of those

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Speaker 1: bigger goals that you have. Maybe it's like learning a

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Speaker 1: foreign language. Maybe you've just got to see the Great

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Speaker 1: Wall of China before you die. I mean, whatever it is,

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Speaker 1: write these things down, is it having kids? Stuff like that.

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Speaker 1: It'll help inform the route you take now because if

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Speaker 1: you say, hey, kids are massively important to me, you're

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Speaker 1: unlikely to be nose to the grindstone until you're forty

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Speaker 1: and then look up and start to see, oh wait,

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Speaker 1: do I have a life partner? Is kids still on

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Speaker 1: the table? Like, if kids are important to you're probably

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Speaker 1: gonna start thinking about that sooner rather than later. So

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Speaker 1: just knowing what it is that you want is going

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Speaker 1: to help you minimize regrets later on. Absolutely.

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Speaker 2: By the way, Like, I know, it feels like you

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Speaker 2: got just this unlimited amount of time on hand, right

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Speaker 2: I think, especially when you're younger, that's how it feels.

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Speaker 2: The horizon it seems endless, but it is important to

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Speaker 2: realize that this just is not true. It makes me

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Speaker 2: think of the tim Urban post from back in the day,

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Speaker 2: like several years ago. We'll make sure to link to it,

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Speaker 2: but it is paradigm shifting. He basically like he's got

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Speaker 2: a knack of being able to provide perspective on the

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Speaker 2: amount of time we have left on Earth based on

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Speaker 2: the different things that we want to be able to

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Speaker 2: do in life. And like one of the examples he gives,

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Speaker 2: I remember he's a big Red Sox fan, and by

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Speaker 2: simply doing some math, he's able to calculate, oh man,

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Speaker 2: based on how often I go to actual Red Sox games,

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Speaker 2: that probably means I'm only going to go to like

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Speaker 2: twenty more and the rest, Like basically.

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Speaker 1: Before I die. Puts it in a different perspective.

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Speaker 2: It completely changes how we view things.

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Speaker 1: Well, he's terrible of illustrations, but his terrible illustrations really

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Speaker 1: do convey like really deeper, profound truths about in particularly

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Speaker 1: that post our time, how much we have left. He

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Speaker 1: just came out with the new book I haven't ready yet, Yeah,

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Speaker 1: I want to, Yeah exactly.

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Speaker 2: So maybe you're like, well that doesn't seem very appealing

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Speaker 2: to me, so for everyone out there, even if you're

435
00:18:01,760 --> 00:18:03,960
Speaker 2: still in your teams or your early twenties, for instance.

436
00:18:04,280 --> 00:18:06,639
Speaker 2: This impacts your relationships as well, because the reality is

437
00:18:06,680 --> 00:18:09,080
Speaker 2: that you've already spent the vast majority of the time

438
00:18:09,080 --> 00:18:10,879
Speaker 2: that you're going to spend with your parents already. I

439
00:18:10,920 --> 00:18:13,040
Speaker 2: think it's something like by the time you hit eighteen,

440
00:18:13,080 --> 00:18:16,080
Speaker 2: I think like you spent like ninety two or that

441
00:18:16,320 --> 00:18:18,159
Speaker 2: amount of time that you're ever going to spend with

442
00:18:18,200 --> 00:18:19,959
Speaker 2: your parents, which is mind blowing.

443
00:18:20,480 --> 00:18:23,080
Speaker 1: But having a bit, you've only spent fifty it's time

444
00:18:23,080 --> 00:18:24,920
Speaker 1: to move out of the house, like it, come on through.

445
00:18:25,920 --> 00:18:28,439
Speaker 2: We just want folks to appreciate, you know, how fleeing

446
00:18:28,480 --> 00:18:30,520
Speaker 2: time can be in order to help you to cherish

447
00:18:30,600 --> 00:18:32,520
Speaker 2: the good times that you have in the present. We

448
00:18:32,560 --> 00:18:35,119
Speaker 2: want folks to understand that time, it truly is more

449
00:18:35,240 --> 00:18:38,719
Speaker 2: valuable than money, because we like time is that limited resource.

450
00:18:38,760 --> 00:18:41,000
Speaker 2: You can always make a little bit more money, maybe

451
00:18:41,040 --> 00:18:42,679
Speaker 2: spend a little bit less if you don't have the

452
00:18:42,720 --> 00:18:45,280
Speaker 2: ability to make more to achieve the goal of having

453
00:18:45,320 --> 00:18:47,359
Speaker 2: more on hand, but you cannot change the amount of

454
00:18:47,359 --> 00:18:48,040
Speaker 2: time that you have.

455
00:18:48,240 --> 00:18:48,880
Speaker 1: Here on earth.

456
00:18:48,880 --> 00:18:50,480
Speaker 2: And so we want to make sure that folks are

457
00:18:50,480 --> 00:18:53,679
Speaker 2: thinking about that that you are prioritizing accordingly, and that,

458
00:18:53,840 --> 00:18:56,399
Speaker 2: like Joel said, that you are striving after those goals

459
00:18:56,400 --> 00:18:59,200
Speaker 2: that truly matter, not the goals of all the people

460
00:18:59,240 --> 00:18:59,679
Speaker 2: around you.

461
00:19:00,080 --> 00:19:03,800
Speaker 1: Still remember early twenties, first job, still small amounts of money,

462
00:19:03,840 --> 00:19:06,640
Speaker 1: First salary was minimal even, and then I went from

463
00:19:06,680 --> 00:19:08,840
Speaker 1: being full time to go into a part time job

464
00:19:09,000 --> 00:19:11,960
Speaker 1: with a still really low hourly rate, and it felt

465
00:19:12,000 --> 00:19:16,720
Speaker 1: like money was definitely the biggest priority. And I think

466
00:19:16,880 --> 00:19:19,920
Speaker 1: there's probably a lot of new graduates, whether it's high

467
00:19:19,920 --> 00:19:22,760
Speaker 1: school or college who feel that right. They're like, no, no, no,

468
00:19:23,160 --> 00:19:25,280
Speaker 1: I have tons of time. Money is the thing I

469
00:19:25,280 --> 00:19:27,360
Speaker 1: have in short supply. I got to get that figured out.

470
00:19:27,480 --> 00:19:29,560
Speaker 1: And it's you're not wrong that you got to get

471
00:19:29,600 --> 00:19:31,480
Speaker 1: the money thing figured out, and then it's really important

472
00:19:31,680 --> 00:19:34,639
Speaker 1: to work towards earning more, growing in your career, and

473
00:19:34,640 --> 00:19:36,800
Speaker 1: building wealth, like those are all important things that we're

474
00:19:36,800 --> 00:19:39,920
Speaker 1: going to talk about in this episode. But but that's

475
00:19:39,960 --> 00:19:42,920
Speaker 1: so right. It's so easy and to kind of lower

476
00:19:42,960 --> 00:19:45,639
Speaker 1: your head forget that time's the most important thing, and

477
00:19:45,720 --> 00:19:47,840
Speaker 1: you wake up a decade later and you're like, wait

478
00:19:47,880 --> 00:19:50,280
Speaker 1: a second, what did I Yeah, I've been able to

479
00:19:50,280 --> 00:19:52,560
Speaker 1: build this wealth, but how much life did I miss

480
00:19:52,560 --> 00:19:54,280
Speaker 1: out on along the way, And so it's just always

481
00:19:54,280 --> 00:19:57,960
Speaker 1: important to remember continually along the way that time is

482
00:19:58,000 --> 00:20:00,720
Speaker 1: the most important resource and to treat it wisely.

483
00:20:00,880 --> 00:20:03,119
Speaker 2: Yeah, well, I like what you said about waking up

484
00:20:03,119 --> 00:20:05,320
Speaker 2: a decade later, because I think that's exactly what happens.

485
00:20:05,359 --> 00:20:07,760
Speaker 2: We've got our you know, our heads down, nose to

486
00:20:07,760 --> 00:20:09,760
Speaker 2: the grindstone. We start working, and we start getting good

487
00:20:09,760 --> 00:20:12,040
Speaker 2: at our jobs, we start making more money, and guess

488
00:20:12,080 --> 00:20:13,240
Speaker 2: what we like to do, things.

489
00:20:13,040 --> 00:20:13,639
Speaker 1: That we're good at.

490
00:20:14,119 --> 00:20:17,800
Speaker 2: And so it's this self fulfilling prophecy, and you end

491
00:20:17,880 --> 00:20:21,439
Speaker 2: up hurtling faster and faster towards being a workaholic to

492
00:20:21,600 --> 00:20:23,240
Speaker 2: not necessarily having a life outside of work.

493
00:20:23,320 --> 00:20:24,600
Speaker 1: Like that's what you get patted on the back for,

494
00:20:24,720 --> 00:20:26,920
Speaker 1: that's what you get raises for exactly, and nothing else

495
00:20:26,960 --> 00:20:30,560
Speaker 1: in life is giving you quite that same response mechanism.

496
00:20:30,760 --> 00:20:34,040
Speaker 1: And so we start avoiding our hobbies. We don't hang

497
00:20:34,040 --> 00:20:35,320
Speaker 1: out with our friends as much as we we.

498
00:20:35,240 --> 00:20:36,800
Speaker 2: Don't even know what our hobbies are because we haven't

499
00:20:36,840 --> 00:20:38,520
Speaker 2: taken the time to actually figure those out.

500
00:20:38,600 --> 00:20:40,119
Speaker 1: Yeah, and then we're like, wait a second, Now I

501
00:20:40,160 --> 00:20:41,760
Speaker 1: have plenty of money, and now I don't know what

502
00:20:41,800 --> 00:20:43,359
Speaker 1: to do with it because I don't really have a

503
00:20:43,400 --> 00:20:46,480
Speaker 1: life outside of my job, which is an awful place

504
00:20:46,520 --> 00:20:47,800
Speaker 1: that a lot of Americans end up in.

505
00:20:47,920 --> 00:20:49,640
Speaker 2: Yeah, so we're talking about time. We're you know, we've

506
00:20:49,680 --> 00:20:52,639
Speaker 2: zoomed out and we've talked about some of these bigger goals,

507
00:20:52,680 --> 00:20:56,160
Speaker 2: these bigger ideas and concepts that we need to have

508
00:20:56,560 --> 00:20:58,760
Speaker 2: in the forefront of our minds, not just the nuts

509
00:20:58,760 --> 00:21:00,720
Speaker 2: and bolts, but we are we're going to talk about

510
00:21:00,720 --> 00:21:02,520
Speaker 2: the practical side of things, how it is that we

511
00:21:02,520 --> 00:21:04,840
Speaker 2: should be handling our money, specifically, how it is that

512
00:21:04,880 --> 00:21:06,480
Speaker 2: we should be spending our money, and we'll.

513
00:21:06,320 --> 00:21:18,040
Speaker 1: Get to that right after this. All right, we're back.

514
00:21:18,080 --> 00:21:21,040
Speaker 1: We're still talking about kind of advice for recent graduates

515
00:21:21,119 --> 00:21:23,119
Speaker 1: still drinking craft beer, still drinking craft beer, and that

516
00:21:23,200 --> 00:21:25,520
Speaker 1: is something you should It's if you're high school graduate,

517
00:21:25,520 --> 00:21:27,479
Speaker 1: not yet, but if you're a college graduate, Yeah, make

518
00:21:27,480 --> 00:21:29,280
Speaker 1: sure to incorporate a little bit of good beer money

519
00:21:29,320 --> 00:21:32,040
Speaker 1: and all the good stuff, not the all the crappiest,

520
00:21:32,119 --> 00:21:34,679
Speaker 1: drink less and drink better. That's a good modelor a.

521
00:21:34,680 --> 00:21:38,760
Speaker 2: Half wise saved words from Joel the professional beer drink

522
00:21:38,800 --> 00:21:41,040
Speaker 2: That might be the best advice we can offer in

523
00:21:41,080 --> 00:21:43,359
Speaker 2: this episode, but there's a lot more we want to

524
00:21:43,359 --> 00:21:46,240
Speaker 2: get through in a lot of kind of specifics on

525
00:21:46,359 --> 00:21:49,760
Speaker 2: kind of thoughts on how we approach consumption, thoughts on

526
00:21:49,800 --> 00:21:50,960
Speaker 2: how we approach investing.

527
00:21:51,200 --> 00:21:53,280
Speaker 1: But at the heart of kind of everything we want

528
00:21:53,320 --> 00:21:55,520
Speaker 1: to talk about in this episode as well, and it's

529
00:21:55,640 --> 00:21:58,520
Speaker 1: really the heart of what this whole show is about.

530
00:21:58,680 --> 00:22:01,920
Speaker 1: It's to reframe what money is, what it can do.

531
00:22:02,119 --> 00:22:05,960
Speaker 1: And one of the things that we constantly go back

532
00:22:06,000 --> 00:22:08,840
Speaker 1: to is the fact that money is a tool that

533
00:22:08,920 --> 00:22:11,639
Speaker 1: is a core belief of ours here at how to Money.

534
00:22:12,080 --> 00:22:14,280
Speaker 1: It's an important tool, it's a crucial tool, but it's

535
00:22:14,320 --> 00:22:16,920
Speaker 1: a poor value to live by, and so we want

536
00:22:16,960 --> 00:22:18,280
Speaker 1: you to be good with money, to know how to

537
00:22:18,280 --> 00:22:20,960
Speaker 1: handle it effectively, not so that you can become a

538
00:22:21,000 --> 00:22:24,040
Speaker 1: billionaire or even a multimillionaire, although that might be in

539
00:22:24,119 --> 00:22:26,480
Speaker 1: your future and it's not the worst thing ever, but

540
00:22:26,960 --> 00:22:29,679
Speaker 1: it in fact, it can be a wonderful aspiration. But

541
00:22:29,720 --> 00:22:32,240
Speaker 1: we want you to handle money effectively because it generates

542
00:22:32,240 --> 00:22:35,040
Speaker 1: confidence and it gives you options. And basically, you're going

543
00:22:35,080 --> 00:22:37,359
Speaker 1: to touch money in some way, form or fashion every

544
00:22:37,359 --> 00:22:40,800
Speaker 1: single day from here on out. You will not have

545
00:22:41,560 --> 00:22:44,840
Speaker 1: a day in all likelihood unless you just I don't know,

546
00:22:45,240 --> 00:22:47,719
Speaker 1: you're going you're paying at least a portion of that

547
00:22:47,840 --> 00:22:51,040
Speaker 1: subscription for Netflix or whatever every day of your life.

548
00:22:51,119 --> 00:22:54,280
Speaker 1: So you are going to be spending saving, investing in

549
00:22:54,280 --> 00:22:56,240
Speaker 1: some way, form or fashion every day from here on out.

550
00:22:56,400 --> 00:22:59,119
Speaker 1: And you neglect educating yourself on personal finances at your

551
00:22:59,119 --> 00:23:03,119
Speaker 1: own peril, same time fixating on money too greatly, making

552
00:23:03,119 --> 00:23:05,520
Speaker 1: it the end goal is gonna come with other massive

553
00:23:05,560 --> 00:23:08,359
Speaker 1: costs in your life that just aren't worth it. You

554
00:23:08,440 --> 00:23:13,040
Speaker 1: end up falling solely but surely into Scrooge territory. I

555
00:23:13,040 --> 00:23:15,200
Speaker 1: don't think. I mean, look about you. Remember the Ghost

556
00:23:15,240 --> 00:23:20,119
Speaker 1: of Christmas Past Matt and Ebenezer. Scrooge's young life was

557
00:23:20,240 --> 00:23:23,080
Speaker 1: filled with joy and a loving relationship, and he had

558
00:23:23,080 --> 00:23:24,879
Speaker 1: the best boss in the world. He didn't think in

559
00:23:24,920 --> 00:23:26,280
Speaker 1: all like youhood at that point in time he would

560
00:23:26,359 --> 00:23:28,879
Speaker 1: end up into the greedy, miserly, terrible man that he

561
00:23:28,960 --> 00:23:32,320
Speaker 1: ended up becoming. But it happens solely but surely to

562
00:23:32,400 --> 00:23:34,600
Speaker 1: us when we fixate, when we focus too much on

563
00:23:34,640 --> 00:23:35,120
Speaker 1: the wrong things.

564
00:23:35,200 --> 00:23:37,760
Speaker 2: Yeah, I think oftentimes we think like we see that

565
00:23:37,800 --> 00:23:40,200
Speaker 2: and we think, oh, yeah, that's silly, that's just dickens.

566
00:23:40,240 --> 00:23:42,640
Speaker 2: Doing the Dickens things over the top, but like, that's

567
00:23:42,640 --> 00:23:45,040
Speaker 2: the reality for a lot of folks out there, hopefully

568
00:23:45,119 --> 00:23:48,000
Speaker 2: not to that extent, but it is definitely true. But Joe,

569
00:23:48,080 --> 00:23:51,840
Speaker 2: let's talk about spending our money. Seventy percent of the

570
00:23:51,960 --> 00:23:56,320
Speaker 2: US economy, Well, it revolves around consumption. And economists they

571
00:23:56,359 --> 00:23:58,320
Speaker 2: have a word, you know, that they use to refer

572
00:23:58,359 --> 00:24:00,960
Speaker 2: to us. The two of us use it too, although

573
00:24:01,000 --> 00:24:03,240
Speaker 2: we do try to use it sparingly. But that word

574
00:24:03,400 --> 00:24:07,000
Speaker 2: is consumer. And you know, there's nothing wrong with the

575
00:24:07,040 --> 00:24:10,040
Speaker 2: fact that we actually do consume things, whether it's food

576
00:24:10,160 --> 00:24:12,840
Speaker 2: or beer or clothing, right, Like I like wearing clothes,

577
00:24:12,840 --> 00:24:14,960
Speaker 2: I like to eat pizza. But I think that most

578
00:24:14,960 --> 00:24:18,600
Speaker 2: of us we end up subtly believing that because we consume,

579
00:24:18,840 --> 00:24:22,119
Speaker 2: therefore we are which is not true. But we want

580
00:24:22,160 --> 00:24:24,160
Speaker 2: to talk about a few ways to think about your

581
00:24:24,280 --> 00:24:26,480
Speaker 2: role as a human being, you know, walking through this

582
00:24:26,520 --> 00:24:30,040
Speaker 2: world occasionally doing consuming like we're not living off in

583
00:24:30,080 --> 00:24:32,679
Speaker 2: the woods, like sewing our own clothes together from animal

584
00:24:32,680 --> 00:24:35,480
Speaker 2: skins and eating berries, like we live in the real world,

585
00:24:35,480 --> 00:24:38,240
Speaker 2: and therefore, we think it's really important to think about

586
00:24:38,280 --> 00:24:41,040
Speaker 2: how it is that we consume in a very thoughtful manner.

587
00:24:41,119 --> 00:24:43,960
Speaker 1: Yeah, it's really easy to take kind of the incessant

588
00:24:44,040 --> 00:24:47,800
Speaker 1: marketing that we are inundated with, whether it's on social media,

589
00:24:47,920 --> 00:24:50,520
Speaker 1: billboards driving around now, we're just you know, in Scotland,

590
00:24:50,840 --> 00:24:52,880
Speaker 1: I didn't I don't really remember seeing billboards. But when

591
00:24:52,920 --> 00:24:54,760
Speaker 1: we drive around here, wow, billboards all the time. I

592
00:24:54,760 --> 00:24:56,680
Speaker 1: don't even think I realized it. All over the place, Yeah,

593
00:24:56,680 --> 00:24:59,199
Speaker 1: there were no billboards, yes, constantly feeding us things that

594
00:24:59,200 --> 00:25:01,679
Speaker 1: we should buy or or a way of being. And

595
00:25:01,760 --> 00:25:03,720
Speaker 1: so it's just really easy to buy into that living here,

596
00:25:03,760 --> 00:25:07,000
Speaker 1: whereas I think in other places it's easier to divorce

597
00:25:07,040 --> 00:25:10,000
Speaker 1: yourself from the reality that you are a consumer, right,

598
00:25:10,000 --> 00:25:13,040
Speaker 1: because that's ultimately not the greatest definition of who we are.

599
00:25:13,160 --> 00:25:14,399
Speaker 1: And it's not that we want you to live some

600
00:25:14,400 --> 00:25:16,720
Speaker 1: sort of minor league existence, some sort of Walden Pond

601
00:25:17,040 --> 00:25:21,919
Speaker 1: sort of asceticism, away from everything worldly. But we just

602
00:25:21,960 --> 00:25:23,640
Speaker 1: want you to be very cautious and to be sure

603
00:25:23,640 --> 00:25:26,080
Speaker 1: that you're upgrading your lifestyle on purpose because you've thought

604
00:25:26,080 --> 00:25:30,040
Speaker 1: about it, not simply because it seems like the socially

605
00:25:30,080 --> 00:25:32,760
Speaker 1: conventional thing to do. And that's because it's hard to

606
00:25:32,760 --> 00:25:35,639
Speaker 1: put the toothpaste back in the bottle once you make

607
00:25:35,640 --> 00:25:38,399
Speaker 1: an upgrade, it's pretty darn hard to go back. Madam

608
00:25:38,400 --> 00:25:40,840
Speaker 1: makes me think about when we were just rear ended

609
00:25:41,000 --> 00:25:43,240
Speaker 1: in our van. We had to get new to us

610
00:25:43,480 --> 00:25:46,920
Speaker 1: used minivan and I was talking about, how, oh man,

611
00:25:47,000 --> 00:25:48,240
Speaker 1: is it worth it to save a little bit of

612
00:25:48,280 --> 00:25:50,720
Speaker 1: money by going with the Lex model, which is like

613
00:25:50,720 --> 00:25:53,720
Speaker 1: the most basic model of the Honda Odyssey. And I

614
00:25:53,760 --> 00:25:55,800
Speaker 1: was like, it doesn't come with power sliding doors. And

615
00:25:55,840 --> 00:25:58,840
Speaker 1: you said, it's really hard to put the toothpaste back

616
00:25:58,840 --> 00:26:01,040
Speaker 1: in the tube on that. Now that you've gotten adjusted

617
00:26:01,080 --> 00:26:02,760
Speaker 1: to life with power siding doors, how are you going

618
00:26:02,800 --> 00:26:03,240
Speaker 1: to go back?

619
00:26:03,400 --> 00:26:05,720
Speaker 2: I didn't realize they still made vans without power sliding doors.

620
00:26:05,840 --> 00:26:09,119
Speaker 2: That's all you mean, I'm talking about ten year old cards. Yeah, no,

621
00:26:09,200 --> 00:26:11,119
Speaker 2: these are I think they did ten years ago. I

622
00:26:11,119 --> 00:26:12,920
Speaker 2: don't know if they do anymore. But when we're talking

623
00:26:12,920 --> 00:26:15,760
Speaker 2: about that used car, I was like, you're right, You're right.

624
00:26:15,840 --> 00:26:17,720
Speaker 2: I don't know that I can with three young kids

625
00:26:17,800 --> 00:26:19,760
Speaker 2: go back to no power sliding doors. And so we

626
00:26:19,840 --> 00:26:24,040
Speaker 2: ended up finding an awesome used van that still had

627
00:26:24,040 --> 00:26:27,240
Speaker 2: power siding doors. But part of saving and why we

628
00:26:27,280 --> 00:26:29,960
Speaker 2: save and invest is because we have higher aspirations and

629
00:26:30,080 --> 00:26:33,119
Speaker 2: we do want some nicer things and that's okay. So

630
00:26:33,119 --> 00:26:34,680
Speaker 2: how do we go about it the right way without

631
00:26:34,760 --> 00:26:37,480
Speaker 2: letting lifestyle creep drive us to spend more than we should.

632
00:26:37,960 --> 00:26:40,280
Speaker 2: It really comes down to it means spending your money

633
00:26:40,320 --> 00:26:43,199
Speaker 2: on purpose, and it can be helpful to remember that

634
00:26:43,280 --> 00:26:45,960
Speaker 2: the stuff you're buying now is going to take away

635
00:26:46,040 --> 00:26:48,879
Speaker 2: choices that you can make in the future. That is

636
00:26:48,960 --> 00:26:51,200
Speaker 2: like a crucial lesson we all have to learn about money.

637
00:26:51,680 --> 00:26:54,080
Speaker 2: The best example I can give of this for myself

638
00:26:54,160 --> 00:26:56,560
Speaker 2: was when I was a kid and I wanted a

639
00:26:56,600 --> 00:26:59,159
Speaker 2: new gaming system and I think the new Xbox had

640
00:26:59,200 --> 00:27:01,040
Speaker 2: just come out. In one of my friend said, hey, listen,

641
00:27:01,200 --> 00:27:04,320
Speaker 2: i'll sell you my segred Dreamcast games included all this stuff,

642
00:27:04,600 --> 00:27:06,800
Speaker 2: but because it was kind of the old system, I

643
00:27:07,400 --> 00:27:09,439
Speaker 2: spent a good bit of money on it, but I

644
00:27:09,440 --> 00:27:11,280
Speaker 2: didn't end up playing it very much. And I still

645
00:27:11,320 --> 00:27:13,480
Speaker 2: think about what a waste of money that was because

646
00:27:13,480 --> 00:27:14,960
Speaker 2: I wasn't thoughtful enough about that purchase.

647
00:27:15,000 --> 00:27:17,639
Speaker 1: And maybe it still haunts you. It does, it does,

648
00:27:17,800 --> 00:27:20,320
Speaker 1: but I, like, I live with that in not a

649
00:27:20,800 --> 00:27:23,760
Speaker 1: horrific way, but I live with that as a method

650
00:27:23,800 --> 00:27:26,760
Speaker 1: of informing how I spend now. Like, is this going

651
00:27:26,840 --> 00:27:28,200
Speaker 1: to be one of those things. Have I thought through

652
00:27:28,200 --> 00:27:30,480
Speaker 1: the purchase well enough? Is it something that I'm planning

653
00:27:30,560 --> 00:27:33,000
Speaker 1: to use like for a long period of time, or

654
00:27:33,040 --> 00:27:34,879
Speaker 1: is it something I'm going to get bored of really quickly.

655
00:27:35,000 --> 00:27:35,880
Speaker 1: It's thirty years.

656
00:27:35,760 --> 00:27:37,919
Speaker 2: Later, but is this my new Sega Dreamcast exactly?

657
00:27:38,000 --> 00:27:39,840
Speaker 1: I hold it up to the second Dreamcast test. It's

658
00:27:39,880 --> 00:27:42,119
Speaker 1: so weird. Although Crazy Taxi was a fun game, but

659
00:27:42,160 --> 00:27:44,359
Speaker 1: it's fun for like an hour or two, remember that one,

660
00:27:44,400 --> 00:27:45,440
Speaker 1: and then it gets more really quick.

661
00:27:46,280 --> 00:27:47,720
Speaker 2: So it makes me think of what the white coat

662
00:27:47,720 --> 00:27:50,760
Speaker 2: investor says to new doctors out there, and he tells

663
00:27:50,800 --> 00:27:53,800
Speaker 2: them to keep living like a resident, especially if you're

664
00:27:53,840 --> 00:27:55,920
Speaker 2: graduating from college and you know you've got a sweet

665
00:27:56,080 --> 00:27:58,159
Speaker 2: job offer, like you are going to be making a

666
00:27:58,200 --> 00:28:01,080
Speaker 2: lot more money than you're used to, and it's going

667
00:28:01,160 --> 00:28:03,320
Speaker 2: to be so easy to start treating yourself now because

668
00:28:03,600 --> 00:28:06,119
Speaker 2: you've just got a massive pay bump, and you know,

669
00:28:06,440 --> 00:28:08,640
Speaker 2: like you don't need to continue to have five roommates,

670
00:28:08,960 --> 00:28:11,680
Speaker 2: you don't need to keep eating cheap Ramen and PB

671
00:28:11,760 --> 00:28:14,439
Speaker 2: and J's every single night. But holding on to some

672
00:28:14,520 --> 00:28:18,960
Speaker 2: of those frugal ways of being, I would say some

673
00:28:19,080 --> 00:28:22,200
Speaker 2: choice frugal ways, like, because for some folks out there,

674
00:28:22,000 --> 00:28:24,480
Speaker 2: they're thinking, all right, no, the quality of food that

675
00:28:24,520 --> 00:28:25,680
Speaker 2: I eat, that's gonna.

676
00:28:25,440 --> 00:28:27,240
Speaker 1: Be the first thing that I upgrade. Greats.

677
00:28:27,560 --> 00:28:30,240
Speaker 2: Maybe that means though, that you don't buy a nicer vehicle.

678
00:28:30,440 --> 00:28:32,600
Speaker 2: I think there's all there's always different ways that we

679
00:28:32,640 --> 00:28:34,159
Speaker 2: can choose to upgrade certain things.

680
00:28:34,200 --> 00:28:37,040
Speaker 1: Yeah, you can life selectively do it intentionally as opposed

681
00:28:37,040 --> 00:28:39,120
Speaker 1: to just upgrading everything. Exactly what we're.

682
00:28:38,960 --> 00:28:42,760
Speaker 2: Taking about, yeah, being spending your money intentionally. But this

683
00:28:42,840 --> 00:28:44,400
Speaker 2: is going to allow you to increase that savings rate

684
00:28:44,520 --> 00:28:46,160
Speaker 2: if you're able to keep some of those expenses in

685
00:28:46,280 --> 00:28:49,880
Speaker 2: check and just start developing some breathing room with your money.

686
00:28:49,960 --> 00:28:52,440
Speaker 2: But it's also about establishing just the habit of living

687
00:28:52,520 --> 00:28:54,760
Speaker 2: below your means, which is so cr crucial. You're never

688
00:28:54,800 --> 00:28:57,720
Speaker 2: going to be able to get ahead with your savings

689
00:28:57,840 --> 00:29:00,280
Speaker 2: or your investments if you're constantly blowing out your if

690
00:29:00,280 --> 00:29:02,040
Speaker 2: you're always spending more than you're actually bringing in.

691
00:29:02,200 --> 00:29:05,080
Speaker 1: Yeah, and I love that you said breathing room, man,

692
00:29:05,200 --> 00:29:07,040
Speaker 1: that is something a whole lot of Americans, when you

693
00:29:07,080 --> 00:29:10,160
Speaker 1: look at the statistics, don't have an experience with when

694
00:29:10,160 --> 00:29:12,320
Speaker 1: it comes to money. And sometimes it's because of a

695
00:29:12,400 --> 00:29:14,480
Speaker 1: lack of income, but most of the time, much of

696
00:29:14,520 --> 00:29:17,080
Speaker 1: the time, it's because of a lack of thoughtfulness and

697
00:29:17,080 --> 00:29:20,959
Speaker 1: intentionality and saving little by little to have that breathing

698
00:29:21,040 --> 00:29:23,600
Speaker 1: room to achieve that. And boy, what a weight off

699
00:29:23,600 --> 00:29:26,320
Speaker 1: your shoulders, what a stress relief it is to have

700
00:29:26,360 --> 00:29:29,120
Speaker 1: that breathing room. We want everyone to experience that, and

701
00:29:29,200 --> 00:29:32,120
Speaker 1: we want graduates to never experience the time when they

702
00:29:32,120 --> 00:29:34,120
Speaker 1: didn't have that breathing room. Now is the time to

703
00:29:34,160 --> 00:29:37,120
Speaker 1: create it and then make sure you never lose it, right,

704
00:29:37,200 --> 00:29:41,200
Speaker 1: So start start that kind of rule of living below

705
00:29:41,240 --> 00:29:44,560
Speaker 1: your means now, never change it so that you always

706
00:29:44,600 --> 00:29:45,880
Speaker 1: have that breathing room now and forever.

707
00:29:46,000 --> 00:29:48,400
Speaker 2: And basically what we're talking about is avoiding living paycheck

708
00:29:48,400 --> 00:29:50,320
Speaker 2: to paycheck. If you're out there listening and maybe you

709
00:29:50,760 --> 00:29:54,000
Speaker 2: know you're beyond undergrad and you've been working for a

710
00:29:54,000 --> 00:29:56,600
Speaker 2: little bit, if you're thinking, yeah, if I didn't get

711
00:29:56,600 --> 00:29:58,239
Speaker 2: my check, like it makes me think of with all

712
00:29:58,240 --> 00:30:01,560
Speaker 2: the debt ceiling talk about government employees not being able

713
00:30:01,600 --> 00:30:03,320
Speaker 2: to get paid, and if you are in a position

714
00:30:03,360 --> 00:30:06,040
Speaker 2: to where not getting you know, payroll not happening and

715
00:30:06,080 --> 00:30:09,080
Speaker 2: you not receiving that check puts you in a precarious position. Well,

716
00:30:09,080 --> 00:30:11,160
Speaker 2: that is the definition of living paycheck to paycheck. That

717
00:30:11,280 --> 00:30:13,480
Speaker 2: is the definition of not having some of that financial

718
00:30:13,560 --> 00:30:15,280
Speaker 2: margin in your life. And that's what it is.

719
00:30:15,240 --> 00:30:16,440
Speaker 1: That we want folks to avoid.

720
00:30:16,600 --> 00:30:18,760
Speaker 2: Yeah, But that being said, when it comes to actually

721
00:30:18,800 --> 00:30:20,880
Speaker 2: spending your money, because like we said earlier, it's gonna

722
00:30:21,080 --> 00:30:22,719
Speaker 2: you are gonna have to spend some of your money,

723
00:30:23,000 --> 00:30:26,280
Speaker 2: we would recommend prioritizing experiences over stuff.

724
00:30:26,280 --> 00:30:28,560
Speaker 1: We think the way everyone should spend money like that, Yes,

725
00:30:29,000 --> 00:30:30,800
Speaker 1: and I think that there's a lot of spend spending

726
00:30:30,840 --> 00:30:33,080
Speaker 1: shaming that goes on in the personal finance community.

727
00:30:33,120 --> 00:30:35,960
Speaker 2: Well, it depends on what crevice, what dark corners of

728
00:30:35,960 --> 00:30:38,040
Speaker 2: the internet that right where you're a lurking if because

729
00:30:38,080 --> 00:30:40,440
Speaker 2: if you are in like the extreme financial independence retired

730
00:30:40,480 --> 00:30:43,160
Speaker 2: early folks like yeah, you will get hit with a

731
00:30:43,200 --> 00:30:45,520
Speaker 2: big sense of oh, you shouldn't be spending any your money,

732
00:30:45,520 --> 00:30:48,360
Speaker 2: like how dare you buy any items that actually bring

733
00:30:48,400 --> 00:30:51,160
Speaker 2: you any joy? But when it comes to experiences, like

734
00:30:51,200 --> 00:30:53,000
Speaker 2: I do think that that's a reasonable rule of thumb,

735
00:30:53,160 --> 00:30:57,120
Speaker 2: because it's like popular culture, it's a constantly evolving enigma.

736
00:30:57,720 --> 00:30:59,880
Speaker 2: And for a while there it seemed that there was

737
00:30:59,880 --> 00:31:02,720
Speaker 2: a lot of self justification when it came to spending

738
00:31:02,840 --> 00:31:06,920
Speaker 2: on vacations or on concerts, things like that. I think

739
00:31:06,960 --> 00:31:10,040
Speaker 2: experiences over stuff like that emerged, you know, as a

740
00:31:10,120 --> 00:31:12,840
Speaker 2: sort of rallying cry, and many folks were out there

741
00:31:12,880 --> 00:31:14,600
Speaker 2: were taking things too far, like they were going into

742
00:31:14,720 --> 00:31:17,840
Speaker 2: debt for trips that they couldn't afford. But the fact is,

743
00:31:18,080 --> 00:31:19,840
Speaker 2: I think some of the biggest regrets that we do

744
00:31:19,920 --> 00:31:22,920
Speaker 2: hear from some of those ultra frugal folks, you know,

745
00:31:22,960 --> 00:31:25,720
Speaker 2: in those dark corners of the fire community. I don't

746
00:31:25,760 --> 00:31:27,040
Speaker 2: want to denigrate it too much because we have a

747
00:31:27,080 --> 00:31:29,840
Speaker 2: lot of friends within the fire community, but some of

748
00:31:29,840 --> 00:31:31,719
Speaker 2: the regrets that we hear is that those folks are

749
00:31:31,760 --> 00:31:35,160
Speaker 2: just so focused on maintaining an extraordinary savings rate that

750
00:31:35,160 --> 00:31:38,240
Speaker 2: they failed to pay, sometimes even just tiny amounts of

751
00:31:38,280 --> 00:31:42,640
Speaker 2: money to partake in meaningful, very life fulfilling experiences with

752
00:31:42,680 --> 00:31:45,160
Speaker 2: their friends and with their family. So, going back to

753
00:31:45,240 --> 00:31:47,560
Speaker 2: what we said earlier, starting with the end in mind

754
00:31:47,800 --> 00:31:50,720
Speaker 2: and essentially beginning to design what it is that you

755
00:31:50,760 --> 00:31:52,520
Speaker 2: want your life to look like, that is an important

756
00:31:52,560 --> 00:31:54,760
Speaker 2: step that you don't want to skip that. Maybe this

757
00:31:54,920 --> 00:31:59,760
Speaker 2: is coming from a self professed overly frugal person who's

758
00:32:00,200 --> 00:32:03,480
Speaker 2: borderline been cheap at times, and maybe I have some

759
00:32:03,520 --> 00:32:06,960
Speaker 2: of my own regrets about not attending different events or

760
00:32:07,040 --> 00:32:07,520
Speaker 2: things like that.

761
00:32:07,600 --> 00:32:09,480
Speaker 1: Yeah, when I look back, well, yeah, and I think

762
00:32:09,720 --> 00:32:13,200
Speaker 1: I don't know. I do agree that experiences over stuff

763
00:32:13,360 --> 00:32:15,400
Speaker 1: is a good rule of thumb, but I also think

764
00:32:15,760 --> 00:32:18,160
Speaker 1: it's too simplistic at times. And I think there are

765
00:32:18,200 --> 00:32:20,440
Speaker 1: a lot of actual purchases that bring us a lot

766
00:32:20,440 --> 00:32:22,440
Speaker 1: of value too. So one of the things I've talked

767
00:32:22,480 --> 00:32:24,080
Speaker 1: about this on the show Emily and I, we buy

768
00:32:24,200 --> 00:32:26,360
Speaker 1: a piece of folk art that's new to us every

769
00:32:26,360 --> 00:32:28,520
Speaker 1: single year brings us so much joy. We've got all

770
00:32:28,560 --> 00:32:30,680
Speaker 1: these amazing memories and all this amazing art that we

771
00:32:30,680 --> 00:32:33,600
Speaker 1: get to look at every single day that decorates our home.

772
00:32:33,880 --> 00:32:37,360
Speaker 1: And so figure out what are those items too, the

773
00:32:37,480 --> 00:32:39,840
Speaker 1: specific things you do like to purchase that are going

774
00:32:39,880 --> 00:32:42,920
Speaker 1: to provide you joy. So I think experiences are often

775
00:32:42,960 --> 00:32:44,640
Speaker 1: better because they give you something to look forward to,

776
00:32:44,680 --> 00:32:48,520
Speaker 1: something to reflect back on, which is great. But some

777
00:32:48,560 --> 00:32:51,280
Speaker 1: purchases can have a similar sort of impact totally if

778
00:32:51,280 --> 00:32:51,960
Speaker 1: you're smart about it.

779
00:32:52,000 --> 00:32:54,040
Speaker 2: Well, I think so that I think the argument for experiences,

780
00:32:54,080 --> 00:32:55,240
Speaker 2: of course, then we're not going to make this all

781
00:32:55,280 --> 00:32:59,000
Speaker 2: about stuff versus experiences. But oftentimes with experiences there's somebody

782
00:32:59,000 --> 00:33:02,600
Speaker 2: else involved and so and when you're able to build

783
00:33:03,160 --> 00:33:05,560
Speaker 2: and foster the growth of a relationship, whether it be

784
00:33:05,600 --> 00:33:07,720
Speaker 2: through trips or vacations like you know, like we just

785
00:33:07,760 --> 00:33:10,400
Speaker 2: took with you and Emily, that can certainly seem like

786
00:33:10,400 --> 00:33:12,200
Speaker 2: a wise use of money. But what you're saying about

787
00:33:12,200 --> 00:33:14,120
Speaker 2: the folk art is it does a similar thing. Like

788
00:33:14,240 --> 00:33:16,640
Speaker 2: y'all are able to look back over the years and

789
00:33:16,680 --> 00:33:18,960
Speaker 2: you know when it is that you purchase that item,

790
00:33:19,160 --> 00:33:20,320
Speaker 2: we got to appreciate that.

791
00:33:20,280 --> 00:33:22,400
Speaker 1: Festival or this is called that favorite local artist that

792
00:33:22,440 --> 00:33:25,200
Speaker 1: we love and exactly for our ninth anniversary or whatever.

793
00:33:25,240 --> 00:33:27,800
Speaker 2: It has a story like it's a meaningful purchase in

794
00:33:27,840 --> 00:33:29,920
Speaker 2: that way, And I think you can absolutely do that

795
00:33:30,000 --> 00:33:32,600
Speaker 2: with stuff. What we're talking about is avoiding knee jerk

796
00:33:32,640 --> 00:33:35,200
Speaker 2: Camizon persons. Yeah, just the dumb stuff that doesn't have

797
00:33:35,240 --> 00:33:37,560
Speaker 2: any story. You just saw it because it was on

798
00:33:37,600 --> 00:33:40,280
Speaker 2: sale or because you thought that that's something that you want.

799
00:33:40,120 --> 00:33:42,160
Speaker 1: Which I was guilty of back in the day in particular.

800
00:33:42,280 --> 00:33:43,280
Speaker 2: Yeah, bunch, we all fall.

801
00:33:43,200 --> 00:33:44,600
Speaker 1: Prey to it. It's a good deal, let me, let

802
00:33:44,640 --> 00:33:46,720
Speaker 1: me get it and that. But now I can become

803
00:33:46,720 --> 00:33:48,840
Speaker 1: what I would say is essentially a valuist. And we

804
00:33:48,840 --> 00:33:51,600
Speaker 1: talk about Matt why we spend so much on craft beer.

805
00:33:51,800 --> 00:33:53,680
Speaker 1: It's one of those things that one of the few

806
00:33:53,680 --> 00:33:55,400
Speaker 1: things really in our lives. So we're happy to spend

807
00:33:55,400 --> 00:33:58,480
Speaker 1: extravagantly on while we're saving investing for the future. But

808
00:33:58,520 --> 00:34:00,480
Speaker 1: there are so many other things that you don't move

809
00:34:00,480 --> 00:34:02,560
Speaker 1: the needle for us, and we reduce the cost of

810
00:34:02,560 --> 00:34:04,240
Speaker 1: those things as much as possible in our lives.

811
00:34:04,360 --> 00:34:06,680
Speaker 2: Like for you, it's the vacuum cleaner, but for me,

812
00:34:07,000 --> 00:34:10,319
Speaker 2: I like, I value maybe having some tools, so I'm like,

813
00:34:10,480 --> 00:34:11,960
Speaker 2: maybe a little more willing.

814
00:34:12,239 --> 00:34:14,560
Speaker 1: To spend a little bit more, even with our minivans.

815
00:34:14,560 --> 00:34:17,120
Speaker 1: Like we're one car families, and it kind of killed

816
00:34:17,160 --> 00:34:19,319
Speaker 1: me that our five thousand dollars minivan bit the dust

817
00:34:19,480 --> 00:34:21,040
Speaker 1: and we had to get one of those twelve thousand

818
00:34:21,080 --> 00:34:23,319
Speaker 1: dollars right, and it was hard for me to fork

819
00:34:23,360 --> 00:34:25,360
Speaker 1: over those dollars, but we needed something reliable, and especially

820
00:34:25,400 --> 00:34:27,320
Speaker 1: since we're a one car family. But these are the

821
00:34:27,400 --> 00:34:30,280
Speaker 1: kind of things, right, Like, if you're naturally super frugal,

822
00:34:30,600 --> 00:34:33,239
Speaker 1: it's not a bad thing to reduce what you pay

823
00:34:33,560 --> 00:34:37,040
Speaker 1: on things that aren't of significant value. To you, but

824
00:34:37,080 --> 00:34:39,680
Speaker 1: it's important also to find a way to enjoy spending

825
00:34:39,680 --> 00:34:41,280
Speaker 1: on the things that you love at the same time.

826
00:34:41,520 --> 00:34:43,560
Speaker 1: And I just want to encourage you to not do

827
00:34:43,640 --> 00:34:46,840
Speaker 1: it painstakingly. Every time you do it kills the enjoyment

828
00:34:47,160 --> 00:34:52,719
Speaker 1: of those purchases. For me as a recovering ultra frugalite myself, Matt,

829
00:34:53,000 --> 00:34:55,760
Speaker 1: very similar to kind of how you were just describing yourself.

830
00:34:55,800 --> 00:34:57,480
Speaker 1: We've grown over the years. We have, we.

831
00:34:57,440 --> 00:34:59,000
Speaker 2: Have, and I still look back to that com We're

832
00:34:59,000 --> 00:35:01,759
Speaker 2: still cheap in some ways, Like folks looking in from

833
00:35:01,800 --> 00:35:03,920
Speaker 2: the outside would say, I can't believe you guys do

834
00:35:03,960 --> 00:35:05,440
Speaker 2: that right, Like that is ridiculous.

835
00:35:05,560 --> 00:35:07,960
Speaker 1: Yeah, But I think about our conversation with Ken Honda

836
00:35:08,000 --> 00:35:10,279
Speaker 1: back in the day and how it was his book

837
00:35:10,360 --> 00:35:12,880
Speaker 1: was called Happy Money, and he really reframed kind of

838
00:35:12,880 --> 00:35:16,640
Speaker 1: my thought process on spending certain things, and he allowed

839
00:35:17,000 --> 00:35:19,280
Speaker 1: he made me think that I could experience more joy

840
00:35:19,480 --> 00:35:21,680
Speaker 1: in spending on things that I that mattered to me,

841
00:35:21,719 --> 00:35:25,279
Speaker 1: as opposed to buying those things through gritted teeth, which

842
00:35:25,320 --> 00:35:27,399
Speaker 1: I was often doing. I was like, I definitely want

843
00:35:27,400 --> 00:35:29,319
Speaker 1: this thing, but oh my gosh, I'm working over the

844
00:35:29,320 --> 00:35:33,120
Speaker 1: morning just because I can't, And like that really removed

845
00:35:33,120 --> 00:35:37,080
Speaker 1: the joy from that purchase, and it diminished the value

846
00:35:37,080 --> 00:35:38,360
Speaker 1: and the joy I was able to get from it.

847
00:35:38,400 --> 00:35:41,319
Speaker 1: So I'm glad to have not fully reformed in that way,

848
00:35:41,360 --> 00:35:43,560
Speaker 1: but I've changed a lot. So I want people to

849
00:35:43,560 --> 00:35:46,000
Speaker 1: be able to experience joy on the things that they're

850
00:35:46,000 --> 00:35:48,319
Speaker 1: buying that matter to them. But Matt, we've got more

851
00:35:48,440 --> 00:35:51,480
Speaker 1: advice for new graduates that we've got to get to

852
00:35:51,600 --> 00:35:54,279
Speaker 1: on this episode. We in particular, it's really easy to

853
00:35:54,320 --> 00:35:57,360
Speaker 1: think about current DAYU and it's really really hard, especially

854
00:35:57,360 --> 00:35:59,120
Speaker 1: in your early twenties, to think about future you. But

855
00:35:59,160 --> 00:36:01,399
Speaker 1: we want to talk about why that's so important and

856
00:36:01,520 --> 00:36:04,520
Speaker 1: give some more advice, specifically on the investing front. We'll

857
00:36:04,560 --> 00:36:05,680
Speaker 1: get to that right after this.

858
00:36:15,520 --> 00:36:18,000
Speaker 2: We are back, and we still have some additional post

859
00:36:18,120 --> 00:36:21,120
Speaker 2: grad financial advice for folks out there. We just spent

860
00:36:21,239 --> 00:36:24,040
Speaker 2: a good amount of time discussing what's probably honestly the

861
00:36:24,320 --> 00:36:27,279
Speaker 2: easiest thing to do with your money, spending it. So

862
00:36:27,360 --> 00:36:31,680
Speaker 2: let's now dive into delaying that gratification. Right, Let's talk

863
00:36:31,719 --> 00:36:35,160
Speaker 2: about socking away money by saving and investing your money.

864
00:36:35,280 --> 00:36:37,480
Speaker 2: And you know what's interesting is that we're so kind

865
00:36:37,520 --> 00:36:41,280
Speaker 2: of talking about spending money, but What we've changed is

866
00:36:41,320 --> 00:36:44,400
Speaker 2: the timing of spending that money, right, like when it

867
00:36:44,440 --> 00:36:46,439
Speaker 2: is that you're going to spend that money, because the goal,

868
00:36:46,719 --> 00:36:48,919
Speaker 2: like we mentioned this a little bit earlier, the goal

869
00:36:48,960 --> 00:36:51,560
Speaker 2: isn't to die with just millions of dollars in the bank,

870
00:36:52,120 --> 00:36:54,280
Speaker 2: but it's simply to be able to have some money

871
00:36:54,280 --> 00:36:57,239
Speaker 2: on hand to spend in your later years when you're

872
00:36:57,280 --> 00:36:59,759
Speaker 2: not capable of working, or maybe just simply because you

873
00:36:59,760 --> 00:37:03,280
Speaker 2: don't want to work anymore for a paycheck.

874
00:37:03,000 --> 00:37:04,400
Speaker 1: Or yeah, you don't want to work as much, or

875
00:37:04,400 --> 00:37:05,680
Speaker 1: you want to work at a job that pays less

876
00:37:05,680 --> 00:37:07,520
Speaker 1: because it's more feeling all that kind of Yeah, you've got.

877
00:37:07,400 --> 00:37:10,160
Speaker 2: A different mission, something that you want to pursue. But

878
00:37:10,200 --> 00:37:12,560
Speaker 2: I think just the simple shift of how it is

879
00:37:12,600 --> 00:37:14,400
Speaker 2: that we think about the money that we save or

880
00:37:14,440 --> 00:37:19,440
Speaker 2: invest it can dramatically just improve the emotions surrounding what

881
00:37:19,520 --> 00:37:22,520
Speaker 2: feels like deprivation. Right what surrounding what feels like even

882
00:37:22,520 --> 00:37:26,400
Speaker 2: a chore. We're not just foregoing fun now, we're insure

883
00:37:26,719 --> 00:37:29,680
Speaker 2: ensuring future joy. It's just a matter of focus. Like

884
00:37:29,880 --> 00:37:32,040
Speaker 2: it makes me think, and we try to avoid health

885
00:37:32,080 --> 00:37:35,799
Speaker 2: and weight loss analogies because it's just overdone there diamond does.

886
00:37:35,880 --> 00:37:37,959
Speaker 2: But it's so true, Like it makes me think about

887
00:37:37,960 --> 00:37:40,759
Speaker 2: folks losing weight. You don't necessarily think about the fact

888
00:37:40,880 --> 00:37:43,640
Speaker 2: that I can't eat all the all of my favorite

889
00:37:43,640 --> 00:37:46,440
Speaker 2: foods right now. Instead, what you're focusing on is what

890
00:37:46,520 --> 00:37:48,680
Speaker 2: you are going to achieve later down the road. You're

891
00:37:48,680 --> 00:37:51,279
Speaker 2: not thinking about the deprivation now, you're thinking about the

892
00:37:51,680 --> 00:37:52,879
Speaker 2: goals that you're striving after.

893
00:37:53,000 --> 00:37:55,000
Speaker 1: What's going to enhance your life for you in decades

894
00:37:55,000 --> 00:37:55,400
Speaker 1: to come, you know.

895
00:37:55,480 --> 00:37:58,640
Speaker 2: And so whether that's just being able to run a

896
00:37:58,680 --> 00:38:01,400
Speaker 2: certain ten k time or I don't know, whatever it

897
00:38:01,440 --> 00:38:03,040
Speaker 2: is that you know from a health standpoint, the same

898
00:38:03,040 --> 00:38:04,759
Speaker 2: thing is true with your money. You just want to

899
00:38:04,760 --> 00:38:07,880
Speaker 2: be able to have the ability to not necessarily be

900
00:38:07,960 --> 00:38:09,920
Speaker 2: tied to your nine to five. You want to have

901
00:38:09,960 --> 00:38:11,479
Speaker 2: the options to be able to maybe spend a little

902
00:38:11,480 --> 00:38:13,680
Speaker 2: more lavishly in your later years. That's what we're getting

903
00:38:13,680 --> 00:38:14,359
Speaker 2: at here, all right.

904
00:38:14,360 --> 00:38:16,319
Speaker 1: So let's give a few nuggets, a few takeaways on

905
00:38:16,320 --> 00:38:18,279
Speaker 1: the investing front, Matt, Maybe just a few sort of

906
00:38:18,640 --> 00:38:22,440
Speaker 1: pithy phrases and describe them of what it looks like

907
00:38:22,840 --> 00:38:25,879
Speaker 1: to be successful on the investing front, especially like because

908
00:38:25,920 --> 00:38:28,080
Speaker 1: if you're in your early twenties and you learn this stuff,

909
00:38:28,120 --> 00:38:30,759
Speaker 1: now you're going to be light years ahead of your

910
00:38:30,800 --> 00:38:33,319
Speaker 1: peers when it comes to building wealth and kind of

911
00:38:33,360 --> 00:38:35,240
Speaker 1: doing things the right way. So just a few things.

912
00:38:35,520 --> 00:38:37,960
Speaker 1: Let's start with get rich slowly, which is a phrase

913
00:38:37,960 --> 00:38:41,040
Speaker 1: that we would say is worth living by, because honestly, yeah,

914
00:38:41,160 --> 00:38:42,560
Speaker 1: the phrase has a ring to it. I like it,

915
00:38:42,600 --> 00:38:44,000
Speaker 1: But you know what I would change it to, Matt Actually,

916
00:38:44,000 --> 00:38:46,759
Speaker 1: I would probably change it to build wealth slowly if

917
00:38:46,800 --> 00:38:50,280
Speaker 1: I was going to kind of jolify that phrase, because

918
00:38:50,600 --> 00:38:52,960
Speaker 1: we just think there's a meaningful difference between wanting to

919
00:38:52,960 --> 00:38:55,520
Speaker 1: be rich and wanting to build wealth. To me, those

920
00:38:55,560 --> 00:38:57,480
Speaker 1: are kind of I know they sound the same, but

921
00:38:57,520 --> 00:39:00,319
Speaker 1: they're a little distinct. They're a little different. Rich kind

922
00:39:00,360 --> 00:39:03,840
Speaker 1: of takes flash, in my opinion, and a willingness maybe

923
00:39:03,880 --> 00:39:06,520
Speaker 1: to take the expedient route to get there. But we

924
00:39:06,560 --> 00:39:09,000
Speaker 1: would say that attempting to take shortcuts in order to

925
00:39:09,120 --> 00:39:12,120
Speaker 1: accelerate your progress with your finances is often going to

926
00:39:12,160 --> 00:39:15,160
Speaker 1: have the opposite effect. We've heard from so many listeners

927
00:39:15,400 --> 00:39:19,160
Speaker 1: who time the market, bought individual stocks or meme stocks,

928
00:39:19,600 --> 00:39:22,120
Speaker 1: or jumped on the crypto train at the wrong time.

929
00:39:22,640 --> 00:39:26,160
Speaker 1: They've lost precious dollars really that could have served their future.

930
00:39:26,360 --> 00:39:28,640
Speaker 1: And it's a tough lesson to take, and it's really

931
00:39:28,640 --> 00:39:31,239
Speaker 1: one we'd rather you learn by hearing than experiencing. A

932
00:39:31,280 --> 00:39:33,359
Speaker 1: lot of people Matt kind of have to make their

933
00:39:33,400 --> 00:39:37,560
Speaker 1: own mistakes. But there's also ways if you're wise enough

934
00:39:37,719 --> 00:39:40,880
Speaker 1: when you're young to basically learn from other people's mistakes.

935
00:39:40,880 --> 00:39:43,480
Speaker 1: And isn't that the best way to approach it? Yeah? Absolutely, Yeah.

936
00:39:43,520 --> 00:39:45,000
Speaker 2: I like that you change it to wealth because like

937
00:39:45,040 --> 00:39:46,560
Speaker 2: there's something like when you think about what I think

938
00:39:46,600 --> 00:39:48,440
Speaker 2: about wealth, it makes me think of health, like it

939
00:39:48,800 --> 00:39:53,400
Speaker 2: seems healthy as just as they rhyme, Yeah, basically, whereas

940
00:39:53,480 --> 00:39:55,720
Speaker 2: if you're rich, you're gonna end up in the ditch.

941
00:39:57,280 --> 00:40:00,160
Speaker 2: But another sort of maxim when it comes to what

942
00:40:00,160 --> 00:40:01,799
Speaker 2: people tune in for. By the way, Matt is all

943
00:40:01,840 --> 00:40:06,040
Speaker 2: the all our things. Yeah, but time in the market

944
00:40:06,360 --> 00:40:08,720
Speaker 2: is better than timing the market. That's another good approach

945
00:40:08,719 --> 00:40:11,320
Speaker 2: when it comes to investing your money. This is another oldie,

946
00:40:11,880 --> 00:40:14,279
Speaker 2: but a goodie, and it might sound weird coming from

947
00:40:14,360 --> 00:40:18,000
Speaker 2: us money guys, but the less you actually think about investing,

948
00:40:18,040 --> 00:40:20,359
Speaker 2: I think, the better off you're going to be. And

949
00:40:20,600 --> 00:40:22,960
Speaker 2: that doesn't mean avoiding it. It just means that you

950
00:40:23,040 --> 00:40:24,920
Speaker 2: do the right thing and then you just move on

951
00:40:25,040 --> 00:40:27,400
Speaker 2: with your life. And the best way to accomplish this

952
00:40:27,600 --> 00:40:30,040
Speaker 2: is to dollar cost average, where you invest money into

953
00:40:30,080 --> 00:40:32,279
Speaker 2: the market with every single paycheck, and you can do

954
00:40:32,320 --> 00:40:35,360
Speaker 2: that within simply put, you know, just your workplace retirement account.

955
00:40:35,400 --> 00:40:37,960
Speaker 2: You can do that within a roth IRA, but make

956
00:40:38,000 --> 00:40:41,360
Speaker 2: it like clockwork, something that hopefully even better is automated

957
00:40:41,400 --> 00:40:44,239
Speaker 2: and where you don't necessarily have control over whether or

958
00:40:44,280 --> 00:40:47,400
Speaker 2: not something gets invested or not. It just happens. But

959
00:40:47,440 --> 00:40:49,839
Speaker 2: then over time, grow those contributions each and every year

960
00:40:50,200 --> 00:40:52,960
Speaker 2: as you progress and as your income grows. Those are

961
00:40:53,000 --> 00:40:55,560
Speaker 2: the kind of changes that we would love for you

962
00:40:55,640 --> 00:40:58,560
Speaker 2: to make. But then when it comes to the amount

963
00:40:58,680 --> 00:41:02,480
Speaker 2: of wealth that you humilated over time, we would recommend

964
00:41:02,520 --> 00:41:06,480
Speaker 2: for you to not necessarily look at your balance all

965
00:41:06,520 --> 00:41:08,440
Speaker 2: that often. Honestly, it kind of makes it more fun

966
00:41:08,480 --> 00:41:11,840
Speaker 2: to see those dramatic increases when you finally do log

967
00:41:11,880 --> 00:41:14,319
Speaker 2: into your account. But this is one of the one

968
00:41:14,320 --> 00:41:17,480
Speaker 2: of the arguments we have against apps out there like Robinhood.

969
00:41:17,680 --> 00:41:20,200
Speaker 2: They make it so dang easy for you to get

970
00:41:20,239 --> 00:41:22,239
Speaker 2: in there to fiddle with it, to see how much

971
00:41:22,280 --> 00:41:24,560
Speaker 2: money you've lost or how much money you've you know,

972
00:41:24,840 --> 00:41:26,200
Speaker 2: how much you've gained today.

973
00:41:26,440 --> 00:41:28,400
Speaker 1: They almost make it a little too easy.

974
00:41:28,400 --> 00:41:31,000
Speaker 2: We'd rather it be something that you don't see all

975
00:41:31,040 --> 00:41:33,239
Speaker 2: that often, right, Like, there should be a little bit

976
00:41:33,280 --> 00:41:37,520
Speaker 2: of friction there. And so if you use the software

977
00:41:37,600 --> 00:41:40,480
Speaker 2: like in power where it automatically tracks your net worth,

978
00:41:40,560 --> 00:41:41,920
Speaker 2: or if you're like me and your old school and

979
00:41:42,080 --> 00:41:44,680
Speaker 2: you budget via EXL, I think it's totally fine to

980
00:41:44,680 --> 00:41:46,840
Speaker 2: get in there once a month update your numbers. So

981
00:41:46,920 --> 00:41:49,120
Speaker 2: you've got that data mostly so that at the end

982
00:41:49,120 --> 00:41:50,560
Speaker 2: of the year you can kind of see just the

983
00:41:51,000 --> 00:41:52,799
Speaker 2: movement over the course of the year. Right, so where

984
00:41:52,800 --> 00:41:56,200
Speaker 2: you can look and say, oh, man, sweet, we invested

985
00:41:56,200 --> 00:41:58,759
Speaker 2: thirty three percent of our income this year. That's up

986
00:41:58,800 --> 00:42:01,560
Speaker 2: three percent from last year. That's awesome. That's the kind

987
00:42:01,600 --> 00:42:04,000
Speaker 2: of big picture information we want you to focus on

988
00:42:04,200 --> 00:42:07,480
Speaker 2: as opposed to the small fluctuations over the course of

989
00:42:08,239 --> 00:42:10,200
Speaker 2: days and weeks even of your net.

990
00:42:10,160 --> 00:42:12,280
Speaker 1: Worth one just because it's a time suck too, because

991
00:42:12,280 --> 00:42:15,000
Speaker 1: its probably actually going to detract from your bigger goals. Right. So, yep,

992
00:42:15,080 --> 00:42:17,600
Speaker 1: there's a whole lot of reasons to take the time

993
00:42:17,600 --> 00:42:19,839
Speaker 1: in the market versus timing the market and just to

994
00:42:19,960 --> 00:42:22,760
Speaker 1: take a step back. Still keep investing, but don't focus

995
00:42:22,840 --> 00:42:25,480
Speaker 1: on it nearly as much as other people around you,

996
00:42:25,560 --> 00:42:27,759
Speaker 1: who are just looking at the belts and whistles and

997
00:42:27,800 --> 00:42:30,160
Speaker 1: looking at the gyrations all the time. Like, what a

998
00:42:30,320 --> 00:42:33,000
Speaker 1: worthless thing to be focused on, really, And so it

999
00:42:33,040 --> 00:42:35,239
Speaker 1: makes me think about just something else we recommend to

1000
00:42:35,760 --> 00:42:37,960
Speaker 1: new grads, and that's to be a boring investor, but

1001
00:42:38,040 --> 00:42:40,279
Speaker 1: to be a fun person. Notice all of these things

1002
00:42:40,320 --> 00:42:43,000
Speaker 1: are related, by the way, Yeah, they're all investing related.

1003
00:42:43,320 --> 00:42:46,799
Speaker 1: But being I would say, being uninteresting in one area

1004
00:42:46,960 --> 00:42:49,800
Speaker 1: doesn't mean you can't be exciting in another. Just because

1005
00:42:49,800 --> 00:42:52,400
Speaker 1: you're taking the super lazy not much to see your

1006
00:42:52,520 --> 00:42:55,720
Speaker 1: route to investing, but you have a dynamic personality. Yeah,

1007
00:42:55,880 --> 00:42:58,640
Speaker 1: it's very you can totally do both. I've talked to

1008
00:42:58,680 --> 00:43:00,440
Speaker 1: people man who have the most boring job, and they

1009
00:43:00,440 --> 00:43:03,279
Speaker 1: are the most fascinating people. It's like they they don't

1010
00:43:03,320 --> 00:43:05,960
Speaker 1: necessarily have to go hand in hand. And I think

1011
00:43:05,960 --> 00:43:08,160
Speaker 1: the same thing is true on the investing front, like

1012
00:43:08,200 --> 00:43:10,279
Speaker 1: when you're picking funds like a total stock market fund

1013
00:43:10,320 --> 00:43:11,839
Speaker 1: or an S and P five hundred fund, or a

1014
00:43:11,960 --> 00:43:15,040
Speaker 1: target date retirement fund that matches the year you're most

1015
00:43:15,040 --> 00:43:17,600
Speaker 1: likely to retire. Well, that doesn't mean you can't be

1016
00:43:18,520 --> 00:43:22,240
Speaker 1: Ryan Reynolds desk level interesting across a swath of other pursuits.

1017
00:43:22,239 --> 00:43:23,760
Speaker 1: I mean, that guy's fascinating.

1018
00:43:23,360 --> 00:43:26,000
Speaker 2: When to buy a gin company, right, then a soccer company,

1019
00:43:26,239 --> 00:43:28,000
Speaker 2: soccer team, and then I'm gonna show about it. You know,

1020
00:43:28,040 --> 00:43:30,200
Speaker 2: It's like then I'm gonna own mint mobile. Then I'm

1021
00:43:30,200 --> 00:43:31,640
Speaker 2: gonna sell it's a team mobile. And I mean, the

1022
00:43:31,719 --> 00:43:38,240
Speaker 2: guy's just an interesting entrepreneur. But keeping your investing boring, really,

1023
00:43:38,280 --> 00:43:40,520
Speaker 2: I think ensures that you're gonna have ample time to

1024
00:43:40,520 --> 00:43:42,319
Speaker 2: focus on cooler craft.

1025
00:43:42,320 --> 00:43:45,520
Speaker 1: In this world. Not many of us have the abilities

1026
00:43:45,600 --> 00:43:46,720
Speaker 1: at Ryan Reynolds posession.

1027
00:43:47,520 --> 00:43:49,759
Speaker 2: No, yeah, I think what you're getting at here is

1028
00:43:50,040 --> 00:43:53,320
Speaker 2: basically what we're doing is we're shifting from being financially

1029
00:43:53,360 --> 00:43:58,760
Speaker 2: literate to combating the psychological and emotional and mental forces

1030
00:43:58,760 --> 00:44:02,080
Speaker 2: that might cause us to make investments that would later

1031
00:44:02,200 --> 00:44:04,480
Speaker 2: harm us. Right, Like, you need to know enough to

1032
00:44:04,640 --> 00:44:06,840
Speaker 2: actually invest, but then you need to know enough to

1033
00:44:06,880 --> 00:44:09,760
Speaker 2: actually let it be and to not basically shoot yourself

1034
00:44:09,760 --> 00:44:10,400
Speaker 2: in the foot.

1035
00:44:10,200 --> 00:44:12,759
Speaker 1: To know your limits and to know the reality that

1036
00:44:12,880 --> 00:44:14,520
Speaker 1: the more you try. It's like one of the it's

1037
00:44:14,520 --> 00:44:16,200
Speaker 1: funny because it's such a paradox. It's one of the

1038
00:44:16,200 --> 00:44:19,400
Speaker 1: only places in this life where more effort is actually

1039
00:44:19,400 --> 00:44:22,520
Speaker 1: gonna ensure inferior results. Oh yeah, I can't think of

1040
00:44:22,560 --> 00:44:24,359
Speaker 1: almost anything else in this life where that's the case,

1041
00:44:24,400 --> 00:44:27,800
Speaker 1: But in investing, it's almost certainly the case for almost everyone.

1042
00:44:27,920 --> 00:44:30,000
Speaker 2: Well, I mean, I think it does apply. It could

1043
00:44:30,000 --> 00:44:32,600
Speaker 2: apply to a lot of different areas where most of

1044
00:44:32,600 --> 00:44:34,640
Speaker 2: what you need to know will get you most of

1045
00:44:34,680 --> 00:44:37,040
Speaker 2: the way there. And like like if you're focused on again,

1046
00:44:37,320 --> 00:44:39,320
Speaker 2: like a health thing and you're trying to get healthy,

1047
00:44:39,480 --> 00:44:42,000
Speaker 2: that's great, start going to the gym, whatever, But if

1048
00:44:42,000 --> 00:44:45,160
Speaker 2: you overly obsess on it or whatever, like it's gonna

1049
00:44:45,160 --> 00:44:47,239
Speaker 2: start taking away in other areas of your life, right.

1050
00:44:47,200 --> 00:44:49,560
Speaker 1: Or like true, but the truth, like you obsess over

1051
00:44:49,719 --> 00:44:52,200
Speaker 1: your health more and more, you will see more and

1052
00:44:52,239 --> 00:44:54,520
Speaker 1: more improvement. But that's not the true and true in

1053
00:44:54,560 --> 00:44:55,800
Speaker 1: the stock market, that is true.

1054
00:44:55,840 --> 00:44:58,640
Speaker 2: But like I guess, okay, maybe a better example, like

1055
00:44:58,640 --> 00:45:01,360
Speaker 2: like you mentioned like seeing a a deal or whatever,

1056
00:45:01,440 --> 00:45:03,600
Speaker 2: like something on sale, And I think it's totally fine

1057
00:45:03,600 --> 00:45:05,560
Speaker 2: to get things on sale, but if you're constantly looking

1058
00:45:05,560 --> 00:45:07,560
Speaker 2: at the sales, if you're constantly looking at the deals, well,

1059
00:45:07,600 --> 00:45:09,840
Speaker 2: in fact, you might end up spending destroy of your

1060
00:45:09,880 --> 00:45:10,279
Speaker 2: money or.

1061
00:45:10,320 --> 00:45:12,520
Speaker 1: Like take your own ship. Yeah yeah, Like.

1062
00:45:12,520 --> 00:45:16,400
Speaker 2: It's similarly like earlier we're talking about focusing on your career.

1063
00:45:16,440 --> 00:45:18,600
Speaker 2: It is good to try to get ahead when it

1064
00:45:18,600 --> 00:45:20,680
Speaker 2: comes to your career. It is good to build up

1065
00:45:20,719 --> 00:45:23,400
Speaker 2: your resume, but if you are so overly focused on

1066
00:45:23,440 --> 00:45:25,160
Speaker 2: your job, you're going to miss out on other areas.

1067
00:45:25,160 --> 00:45:26,640
Speaker 2: And when it comes to how it is that we

1068
00:45:26,680 --> 00:45:28,759
Speaker 2: talk about money, we're not just talking about money in

1069
00:45:28,880 --> 00:45:31,480
Speaker 2: of itself, or we tend to take a big picture

1070
00:45:31,520 --> 00:45:34,319
Speaker 2: of view and how is this going to impact you

1071
00:45:34,400 --> 00:45:38,040
Speaker 2: as a whole person, not necessarily just your your finances,

1072
00:45:38,080 --> 00:45:40,760
Speaker 2: not just how much you've got saved in the bank

1073
00:45:40,960 --> 00:45:42,960
Speaker 2: and so on. The note of stepping outside of just

1074
00:45:43,000 --> 00:45:46,560
Speaker 2: the financial realm is that we want all of you

1075
00:45:46,600 --> 00:45:50,240
Speaker 2: grads out there to continue investing in yourself. And obviously

1076
00:45:50,320 --> 00:45:53,000
Speaker 2: we're not just going to be talking about spending money

1077
00:45:53,360 --> 00:45:55,360
Speaker 2: on your education. That's obviously something that a lot of

1078
00:45:55,360 --> 00:45:58,719
Speaker 2: folks have done if you are graduating from college, but

1079
00:45:58,960 --> 00:46:02,560
Speaker 2: finding different ways to continue to learn. And this is

1080
00:46:02,600 --> 00:46:05,080
Speaker 2: going to sound really dumb and pithy or whatever, but

1081
00:46:05,120 --> 00:46:07,160
Speaker 2: like we literally want you to continue to be curious

1082
00:46:07,200 --> 00:46:09,000
Speaker 2: and we want you to be a student in life.

1083
00:46:09,320 --> 00:46:13,720
Speaker 2: It pays invisible but honestly, oftentimes more valuable, more valuable

1084
00:46:13,800 --> 00:46:16,919
Speaker 2: life dividends. We actually talked about this in depth back

1085
00:46:16,960 --> 00:46:20,240
Speaker 2: in the day, But it's possible to get so focused

1086
00:46:20,280 --> 00:46:22,640
Speaker 2: on investing in the market that you fail to use

1087
00:46:22,800 --> 00:46:25,040
Speaker 2: some of those dollars to invest in your own skills

1088
00:46:25,320 --> 00:46:28,719
Speaker 2: and your own career. Like we're not necessarily talking about

1089
00:46:28,719 --> 00:46:31,000
Speaker 2: degrees here, although that certainly can be one way to

1090
00:46:31,040 --> 00:46:33,160
Speaker 2: invest in yourself if you do it the right way.

1091
00:46:33,560 --> 00:46:34,480
Speaker 1: But as you are.

1092
00:46:34,320 --> 00:46:37,080
Speaker 2: Socking away money for your future, which is great, don't

1093
00:46:37,080 --> 00:46:39,000
Speaker 2: forget to also find ways to funnel some of your

1094
00:46:39,040 --> 00:46:42,880
Speaker 2: income towards growing your skills, growing your network, your career,

1095
00:46:42,920 --> 00:46:47,400
Speaker 2: even because not only can it generate eventually a higher

1096
00:46:47,400 --> 00:46:49,600
Speaker 2: income because you're able to earn more, but it's just

1097
00:46:49,800 --> 00:46:52,759
Speaker 2: enriching in and of itself. And we think that that can,

1098
00:46:52,880 --> 00:46:55,399
Speaker 2: again stepping outside of the realm of finances, that can

1099
00:46:55,480 --> 00:46:57,600
Speaker 2: lead to a more satisfying and fulfilling life.

1100
00:46:57,640 --> 00:47:00,840
Speaker 1: Makes me think about how some folks prioritize is investing

1101
00:47:00,920 --> 00:47:02,920
Speaker 1: money in a five twenty nine account for their kids

1102
00:47:03,320 --> 00:47:06,640
Speaker 1: one before they've invested for their own retirement nearly enough,

1103
00:47:06,760 --> 00:47:10,120
Speaker 1: big no, no, yeah, but also before they've prioritized in,

1104
00:47:10,360 --> 00:47:13,680
Speaker 1: you know, spending money in ways that enrich their child's

1105
00:47:14,160 --> 00:47:16,600
Speaker 1: future in the here and now right that whether it's

1106
00:47:16,600 --> 00:47:19,040
Speaker 1: a Zoom membership, whether it's travel, some sort of like

1107
00:47:19,120 --> 00:47:21,759
Speaker 1: you know, world schooling kind of stuff. There's so many

1108
00:47:21,760 --> 00:47:23,759
Speaker 1: ways that we can spend that money to help our

1109
00:47:23,840 --> 00:47:28,160
Speaker 1: kids become more well rounded, interesting people, well educated people,

1110
00:47:28,520 --> 00:47:30,640
Speaker 1: as opposed to just socking money away for their future

1111
00:47:30,640 --> 00:47:32,239
Speaker 1: a five twentynine account. If you can do both, and

1112
00:47:32,640 --> 00:47:34,239
Speaker 1: more power to you. But I think a lot of

1113
00:47:34,239 --> 00:47:39,080
Speaker 1: people are so prioritized because, especially if they're prone towards

1114
00:47:39,160 --> 00:47:42,200
Speaker 1: frugality and they're prone towards making smart moves with their money,

1115
00:47:42,400 --> 00:47:44,279
Speaker 1: all they can see is a dollars and cents portion

1116
00:47:44,320 --> 00:47:46,279
Speaker 1: of it, and they have a hard time seeing the

1117
00:47:46,360 --> 00:47:49,560
Speaker 1: other ways in which using money now can generate a

1118
00:47:49,600 --> 00:47:52,719
Speaker 1: massive return over the years, but just from less of

1119
00:47:52,719 --> 00:47:54,239
Speaker 1: a dollars cent standpoint.

1120
00:47:54,320 --> 00:47:56,719
Speaker 2: Yeah, absolutely, Yeah, we want folks to continue to find

1121
00:47:56,719 --> 00:47:59,440
Speaker 2: some of those non traditional ways to invest not only

1122
00:47:59,480 --> 00:48:02,960
Speaker 2: in your off but in those around you, in particular.

1123
00:48:02,719 --> 00:48:03,360
Speaker 1: Of your kids.

1124
00:48:03,719 --> 00:48:05,640
Speaker 2: But you know, like as we're talking, like almost thought

1125
00:48:05,640 --> 00:48:08,040
Speaker 2: about mentioning this earlier when we were talking about like

1126
00:48:08,160 --> 00:48:10,840
Speaker 2: checking in on your net worth, but we it's important

1127
00:48:10,840 --> 00:48:12,839
Speaker 2: to note that like your net worth, like how much

1128
00:48:12,880 --> 00:48:14,640
Speaker 2: money you have in the bank, it does not equal

1129
00:48:14,800 --> 00:48:18,040
Speaker 2: your personal worth because it is Again it's super fun

1130
00:48:18,080 --> 00:48:20,440
Speaker 2: to check in occasionally and see your net worth grow.

1131
00:48:20,960 --> 00:48:22,360
Speaker 2: In fact, we do want you tracking it so that

1132
00:48:22,400 --> 00:48:25,480
Speaker 2: you can see your progress. It's not necessarily guaranteed to

1133
00:48:25,520 --> 00:48:28,080
Speaker 2: go up every single year, but the general trajectory it

1134
00:48:28,120 --> 00:48:30,880
Speaker 2: hopefully will be up into the right as you continue

1135
00:48:30,920 --> 00:48:34,240
Speaker 2: to invest, like we suggested, But don't let that number.

1136
00:48:34,960 --> 00:48:37,279
Speaker 2: Don't let that way too heavily on how it is

1137
00:48:37,320 --> 00:48:39,719
Speaker 2: that you feel about yourself, because, like we said earlier,

1138
00:48:39,880 --> 00:48:43,000
Speaker 2: money it's a tool. It is not the measuring stick

1139
00:48:43,080 --> 00:48:45,080
Speaker 2: in and of itself. It measures how much money you

1140
00:48:45,080 --> 00:48:46,640
Speaker 2: have in the bank, but it is not a measure

1141
00:48:46,680 --> 00:48:49,399
Speaker 2: of you as an individual, as a person. We want

1142
00:48:49,400 --> 00:48:51,680
Speaker 2: you to enjoy making that progress, but don't allow it

1143
00:48:51,719 --> 00:48:53,480
Speaker 2: to take up too much of your focus. There are

1144
00:48:54,160 --> 00:48:56,719
Speaker 2: far more interesting things for you to think about for

1145
00:48:57,120 --> 00:48:59,480
Speaker 2: you to place your focus on then your net worth. Instead,

1146
00:48:59,480 --> 00:49:02,400
Speaker 2: focus on the important relationships in your life, your best friends,

1147
00:49:02,440 --> 00:49:06,440
Speaker 2: your family, or even the next gen company that you're

1148
00:49:06,440 --> 00:49:07,879
Speaker 2: gonna fight, purchase or whatever.

1149
00:49:07,920 --> 00:49:10,920
Speaker 1: There are more interesting things about you, too, right than

1150
00:49:10,920 --> 00:49:13,279
Speaker 1: your net worth, Like, nobody cares like that. There's so

1151
00:49:13,320 --> 00:49:15,440
Speaker 1: many other questions that you're gonna get asked in the

1152
00:49:15,480 --> 00:49:17,480
Speaker 1: course of a conversation. No one ever is ever going

1153
00:49:17,560 --> 00:49:20,040
Speaker 1: to ask what's your four one K balance. It's a

1154
00:49:20,040 --> 00:49:21,840
Speaker 1: good thing to have a healthy four one K balance,

1155
00:49:21,920 --> 00:49:23,640
Speaker 1: but that is not an interesting thing about you. So

1156
00:49:23,640 --> 00:49:26,000
Speaker 1: make sure you're developing things in your life that make

1157
00:49:26,080 --> 00:49:29,880
Speaker 1: you interesting from a personal human perspective, that make you

1158
00:49:30,000 --> 00:49:32,360
Speaker 1: a good friend and a generous human being, as opposed

1159
00:49:32,400 --> 00:49:35,880
Speaker 1: to just just focusing on growing that balance, right and

1160
00:49:35,920 --> 00:49:38,960
Speaker 1: speaking of like, I think generosity can be enriching Matt.

1161
00:49:39,000 --> 00:49:41,399
Speaker 1: That's something else that I want young people to think

1162
00:49:41,400 --> 00:49:45,040
Speaker 1: about even now. And it seems counterintuitive, but giving your

1163
00:49:45,040 --> 00:49:47,080
Speaker 1: money and your time away is going to give you

1164
00:49:47,080 --> 00:49:51,600
Speaker 1: a better sense of the limited abilities that money has. Yeah, sure,

1165
00:49:51,640 --> 00:49:53,440
Speaker 1: you could use it to consume more. You might even

1166
00:49:53,480 --> 00:49:55,000
Speaker 1: be able to convince yourself that it's time to buy

1167
00:49:55,000 --> 00:49:56,480
Speaker 1: a boat or something like that, right, or it's like

1168
00:49:56,520 --> 00:49:58,640
Speaker 1: it's jet ski time. I've reached that level of wealth.

1169
00:49:58,960 --> 00:50:02,239
Speaker 1: But I would suggest that seeing those dollars do good

1170
00:50:02,239 --> 00:50:05,120
Speaker 1: for other people in the world is not only gratifying

1171
00:50:05,200 --> 00:50:07,839
Speaker 1: from an individual perspective, but it also helps put money

1172
00:50:07,840 --> 00:50:10,960
Speaker 1: in its proper place. I think it reframes kind of

1173
00:50:10,960 --> 00:50:13,080
Speaker 1: that subject that you come into contact with all day,

1174
00:50:13,520 --> 00:50:15,400
Speaker 1: all day, every day, or at least portions of the

1175
00:50:15,440 --> 00:50:15,960
Speaker 1: day every day.

1176
00:50:16,000 --> 00:50:18,160
Speaker 2: Right, Yeah, Well, and I think it can just act

1177
00:50:18,200 --> 00:50:22,400
Speaker 2: as a check on how it is that we relate

1178
00:50:22,440 --> 00:50:25,040
Speaker 2: to money. It can act as like a ballast, you know,

1179
00:50:25,120 --> 00:50:28,920
Speaker 2: like in a boat, acts as a counterweight. But obviously,

1180
00:50:29,000 --> 00:50:31,319
Speaker 2: like money advice and what we've talked about today, like

1181
00:50:31,400 --> 00:50:34,440
Speaker 2: these different points, they can and they probably should be

1182
00:50:34,480 --> 00:50:37,600
Speaker 2: to a certain extent and be a bit paradoxical because

1183
00:50:37,800 --> 00:50:40,160
Speaker 2: for you as an individual, it's gonna take some time

1184
00:50:40,200 --> 00:50:42,480
Speaker 2: to figure out where it is that you land on

1185
00:50:42,600 --> 00:50:44,000
Speaker 2: all of these things. You know, Like just think about

1186
00:50:44,000 --> 00:50:47,080
Speaker 2: a pendulum swinging, trying to find that happy medium for

1187
00:50:47,120 --> 00:50:49,000
Speaker 2: yourself and hopefully you're not swinging too far from one

1188
00:50:49,080 --> 00:50:51,480
Speaker 2: end to the other where you're gonna totally wreck yourself.

1189
00:50:51,600 --> 00:50:54,640
Speaker 1: Yeah. Part of it does involve a little experimentation. Yeah,

1190
00:50:54,719 --> 00:50:56,799
Speaker 1: and so you're going to you're trying things out, you're

1191
00:50:56,800 --> 00:50:58,719
Speaker 1: trying to get close to the center of the pendulum,

1192
00:50:58,719 --> 00:51:01,560
Speaker 1: but nobody ever gets directly to the center of the pendulum.

1193
00:51:01,560 --> 00:51:04,600
Speaker 2: Well, I think if somebody basically has found if they're

1194
00:51:04,640 --> 00:51:06,680
Speaker 2: completely happy with how it is that they're spending their money,

1195
00:51:06,719 --> 00:51:08,360
Speaker 2: I think for them, they have found that perfect.

1196
00:51:08,120 --> 00:51:08,799
Speaker 1: Yeah sweet spot.

1197
00:51:08,840 --> 00:51:11,600
Speaker 2: Right. So it's and so there's no human being.

1198
00:51:11,640 --> 00:51:14,080
Speaker 1: We're always changing and our hopes and our goals are

1199
00:51:14,080 --> 00:51:16,920
Speaker 1: always morphing, even little by little, so it's tough to

1200
00:51:16,920 --> 00:51:19,000
Speaker 1: find the exact center. But we're always kind of looking.

1201
00:51:19,120 --> 00:51:20,360
Speaker 1: You're always striving after that.

1202
00:51:20,520 --> 00:51:22,880
Speaker 2: Yeah, And I think there's points to the fact that

1203
00:51:22,920 --> 00:51:25,520
Speaker 2: there's no perfect formula, right, Like there's no way for

1204
00:51:25,600 --> 00:51:27,560
Speaker 2: us to say, well, you should be saving exactly this

1205
00:51:27,760 --> 00:51:28,760
Speaker 2: much towards your retirement.

1206
00:51:29,520 --> 00:51:30,560
Speaker 1: We know that there are.

1207
00:51:30,480 --> 00:51:33,160
Speaker 2: More and less aggressive ways to save for your retirement,

1208
00:51:33,160 --> 00:51:35,200
Speaker 2: and we know that if you're only saving a small

1209
00:51:35,239 --> 00:51:38,640
Speaker 2: amount towards retirement that things may not pan out for you,

1210
00:51:38,760 --> 00:51:41,200
Speaker 2: right Like, Like if you're if you're the average American and

1211
00:51:41,239 --> 00:51:43,160
Speaker 2: you're only saving like two percent of your pay, you know,

1212
00:51:43,200 --> 00:51:46,120
Speaker 2: and you've got crappy debt that you're not really eliminating,

1213
00:51:46,120 --> 00:51:48,439
Speaker 2: you're never really amassing any peace out money. You don't

1214
00:51:48,440 --> 00:51:51,439
Speaker 2: have any margin. Well, things aren't really going to work

1215
00:51:51,480 --> 00:51:53,239
Speaker 2: out for you in a way that's going to land

1216
00:51:53,320 --> 00:51:56,880
Speaker 2: you in a place of financial stability for a really

1217
00:51:57,040 --> 00:51:58,720
Speaker 2: long time. But at the other end of the spectrum,

1218
00:51:58,760 --> 00:52:01,680
Speaker 2: if you're chasing after fire, you want to be financially

1219
00:52:01,719 --> 00:52:04,120
Speaker 2: independent in ten years, that also kind of sounds like

1220
00:52:04,160 --> 00:52:06,880
Speaker 2: an existence that doesn't necessarily.

1221
00:52:06,360 --> 00:52:07,799
Speaker 1: Appeal to a lot of folks. Gonna be a rough

1222
00:52:07,800 --> 00:52:11,279
Speaker 1: next decade, right, yeah, full of just a lot of work,

1223
00:52:11,440 --> 00:52:16,120
Speaker 1: long hours, and maybe not enough enjoyment of the things

1224
00:52:16,120 --> 00:52:18,200
Speaker 1: that matter during a really important decade where there's a

1225
00:52:18,239 --> 00:52:19,200
Speaker 1: lot to enjoy. Yeah.

1226
00:52:19,280 --> 00:52:21,719
Speaker 2: Yeah, So basically like neither of those options sounds all

1227
00:52:21,719 --> 00:52:24,319
Speaker 2: that appealing it to us. But we want folks to

1228
00:52:24,320 --> 00:52:25,680
Speaker 2: get out there. We want you to try some stuff,

1229
00:52:25,680 --> 00:52:28,080
Speaker 2: We want you to make some mistakes, but form some

1230
00:52:28,160 --> 00:52:30,719
Speaker 2: good habits early. And that's what we tried to get

1231
00:52:30,760 --> 00:52:33,960
Speaker 2: at today and enjoy some of the experiences that money

1232
00:52:34,000 --> 00:52:37,000
Speaker 2: can buy in all the while working towards the freedom

1233
00:52:37,160 --> 00:52:40,000
Speaker 2: that money is able to garner you as well. And

1234
00:52:40,080 --> 00:52:42,440
Speaker 2: that being said, if you are not a recent grad,

1235
00:52:42,480 --> 00:52:45,200
Speaker 2: maybe you are further along in your career. That doesn't

1236
00:52:45,239 --> 00:52:47,520
Speaker 2: mean that you can't take some of the different pieces

1237
00:52:47,520 --> 00:52:49,720
Speaker 2: of advice that we discussed today and begin to apply

1238
00:52:49,800 --> 00:52:52,560
Speaker 2: them within your life. Obviously, the younger you are, the

1239
00:52:52,560 --> 00:52:54,440
Speaker 2: more you've got time on your side, you got that

1240
00:52:54,520 --> 00:52:58,799
Speaker 2: compounding interest working with you, working for you, not against you.

1241
00:52:59,120 --> 00:53:01,000
Speaker 2: But that doesn't mean that you can begin to implement

1242
00:53:01,040 --> 00:53:04,440
Speaker 2: some of these positive changes regardless of how old you are.

1243
00:53:04,560 --> 00:53:06,680
Speaker 1: Matt. You know, what I always loved about kind of

1244
00:53:06,760 --> 00:53:09,279
Speaker 1: a phase of life change was that you could kind

1245
00:53:09,320 --> 00:53:13,240
Speaker 1: of almost reinvent yourself, right. You could never change your stripes,

1246
00:53:13,320 --> 00:53:14,960
Speaker 1: change who you were in so many ways.

1247
00:53:14,800 --> 00:53:16,880
Speaker 2: To give yourself a new nickname, right exactly.

1248
00:53:16,960 --> 00:53:19,520
Speaker 1: People call me Thunder, you know. And and there's just

1249
00:53:19,640 --> 00:53:21,920
Speaker 1: but there is a whole There are a whole lot

1250
00:53:21,920 --> 00:53:23,680
Speaker 1: of ways as you enter a new phase of life

1251
00:53:23,680 --> 00:53:25,400
Speaker 1: and are into the workforce when you were in college,

1252
00:53:25,600 --> 00:53:28,799
Speaker 1: that you can start to change the direction of your

1253
00:53:28,840 --> 00:53:31,319
Speaker 1: life for the better. It is, like we said at

1254
00:53:31,320 --> 00:53:34,640
Speaker 1: the beginning, kind of a hinge point, and you you

1255
00:53:34,680 --> 00:53:36,560
Speaker 1: don't have to be the person you've been. Maybe you've

1256
00:53:36,560 --> 00:53:39,160
Speaker 1: been a spendthrift and you're like, I want I want

1257
00:53:39,160 --> 00:53:41,080
Speaker 1: to have more options at my disposal in the near

1258
00:53:41,160 --> 00:53:43,160
Speaker 1: term future. You can you can take some of these things,

1259
00:53:43,200 --> 00:53:44,960
Speaker 1: you can implement them, and you could start to move

1260
00:53:44,960 --> 00:53:47,120
Speaker 1: into different direction. You can use it as a chance

1261
00:53:47,320 --> 00:53:50,640
Speaker 1: to pivot. And that pivot move in basketball is like

1262
00:53:50,719 --> 00:53:52,879
Speaker 1: the the is like the coolest thing because you can

1263
00:53:53,040 --> 00:53:55,360
Speaker 1: you can like break somebody's ankles, as they say in

1264
00:53:55,400 --> 00:53:57,520
Speaker 1: the lingo of and One. That's the brand we used

1265
00:53:57,560 --> 00:53:59,040
Speaker 1: to wear back in the day in middle school. You

1266
00:53:59,040 --> 00:54:01,279
Speaker 1: can break somebody's ankle and drive towards the hoop and

1267
00:54:01,360 --> 00:54:03,759
Speaker 1: leave that person off balance, all with a really sick

1268
00:54:03,800 --> 00:54:08,920
Speaker 1: pivot move. And these are just inflection points. Graduating from

1269
00:54:09,000 --> 00:54:11,760
Speaker 1: high school or college is a massive inflection point, allowing

1270
00:54:11,800 --> 00:54:14,000
Speaker 1: you to kind of start to change your trajectory for

1271
00:54:14,040 --> 00:54:16,200
Speaker 1: the better, to start to make moves that are going

1272
00:54:16,200 --> 00:54:20,120
Speaker 1: to impact your future positively. And it's really easy to

1273
00:54:20,160 --> 00:54:22,000
Speaker 1: say to just kind of keep doing the things you've

1274
00:54:22,000 --> 00:54:25,279
Speaker 1: been doing, But man, how big can it be? If

1275
00:54:25,320 --> 00:54:26,799
Speaker 1: you were to just implement a few of the things

1276
00:54:26,840 --> 00:54:29,160
Speaker 1: we're talking about here, you're going to be in a

1277
00:54:29,200 --> 00:54:31,120
Speaker 1: whole different place than you otherwise would be. Just a

1278
00:54:31,160 --> 00:54:33,840
Speaker 1: decade from now, we want all of the how to

1279
00:54:33,880 --> 00:54:37,080
Speaker 1: money graduates and listeners who have kids that are graduating

1280
00:54:37,280 --> 00:54:39,440
Speaker 1: to some of these tactics, some of these methods to

1281
00:54:39,520 --> 00:54:42,160
Speaker 1: their advantage to change their future financial lives.

1282
00:54:42,280 --> 00:54:44,480
Speaker 2: Sorry man, all right, let's get back to our beer.

1283
00:54:44,680 --> 00:54:46,280
Speaker 1: You know, I enjoyed it during this episode.

1284
00:54:46,440 --> 00:54:49,600
Speaker 2: This was the taken which was a farmhouse ale with

1285
00:54:49,640 --> 00:54:54,440
Speaker 2: honey by cassa Agria collab with there does not exist

1286
00:54:54,840 --> 00:54:57,400
Speaker 2: and that is the name of the brewery, I guess, yeah,

1287
00:54:57,520 --> 00:54:58,239
Speaker 2: or is it no?

1288
00:54:58,360 --> 00:55:02,160
Speaker 1: That is it is? I believe San Luis Obispo. Well.

1289
00:55:02,239 --> 00:55:04,040
Speaker 2: I was thinking there's a chance that they were the

1290
00:55:04,040 --> 00:55:05,799
Speaker 2: honey supplier, like it could have been.

1291
00:55:05,760 --> 00:55:07,640
Speaker 1: A maybe it is, I don't know.

1292
00:55:07,680 --> 00:55:09,600
Speaker 2: Could have been a honey keep Is that what you

1293
00:55:09,600 --> 00:55:12,600
Speaker 2: call them? I don't know, but uh yeah, what were

1294
00:55:12,600 --> 00:55:14,239
Speaker 2: your thoughts on this farmhouse?

1295
00:55:14,280 --> 00:55:18,400
Speaker 1: To me, it was like super barnyardy. It was really

1296
00:55:18,600 --> 00:55:21,560
Speaker 1: but it wasn't super funky. But it had a lot

1297
00:55:21,600 --> 00:55:24,239
Speaker 1: of like rustic notes to it and a little bit

1298
00:55:24,280 --> 00:55:26,239
Speaker 1: of that honey sweetness but honestly not a lot so.

1299
00:55:26,680 --> 00:55:29,880
Speaker 1: But I like farmhouse beers picked up on the honey notes.

1300
00:55:30,320 --> 00:55:32,560
Speaker 1: It gave it that earthiness as opposed to like a

1301
00:55:33,000 --> 00:55:35,480
Speaker 1: like it wasn't overwhelmingly sweet like because you might see

1302
00:55:35,480 --> 00:55:38,120
Speaker 1: this and think, oh, it's got honey. It's gonna taste like,

1303
00:55:38,480 --> 00:55:40,120
Speaker 1: I don't know, what's something you putts put honey on

1304
00:55:40,120 --> 00:55:41,480
Speaker 1: peanut butter toast. Oh yeah yeah.

1305
00:55:41,480 --> 00:55:43,360
Speaker 2: But you might be thinking, oh, this is gonna be

1306
00:55:43,400 --> 00:55:46,120
Speaker 2: super sweet and crystallized with the sugars from the honey, Like, no,

1307
00:55:46,280 --> 00:55:48,440
Speaker 2: it's it's it's still got that farmhouse funk, like you're

1308
00:55:48,719 --> 00:55:50,320
Speaker 2: much a touch of honey, but it almost has like

1309
00:55:50,360 --> 00:55:52,600
Speaker 2: a like a Belgian kind of yeastiness that you get

1310
00:55:52,640 --> 00:55:55,440
Speaker 2: with like a Belgian white to a certain stoke as well,

1311
00:55:55,680 --> 00:55:56,760
Speaker 2: not like yeah.

1312
00:55:56,760 --> 00:55:58,279
Speaker 1: Not over the top, but a little bit for sure,

1313
00:55:58,440 --> 00:56:00,279
Speaker 1: just just a touch. Yeah, this beer is act more

1314
00:56:00,280 --> 00:56:01,560
Speaker 1: reserved than I thought it was going to be, but

1315
00:56:01,600 --> 00:56:04,080
Speaker 1: it's still it was chill, still interesting. It was honestly good.

1316
00:56:04,200 --> 00:56:06,439
Speaker 2: It was reserved because if it was over the top

1317
00:56:06,480 --> 00:56:08,640
Speaker 2: and that that honey flavor, it can be a bit much.

1318
00:56:08,680 --> 00:56:10,600
Speaker 1: That's true. All right, let's go do it for this episode,

1319
00:56:10,680 --> 00:56:13,400
Speaker 1: Matt for Listeners can find more show notes up on

1320
00:56:13,400 --> 00:56:15,800
Speaker 1: our website at how to money dot com for this episode,

1321
00:56:15,800 --> 00:56:17,480
Speaker 1: and they can also find our newsletter there at how

1322
00:56:17,480 --> 00:56:20,840
Speaker 1: to money dot com. Slash newsletter comes out every Tuesday morning,

1323
00:56:20,920 --> 00:56:24,040
Speaker 1: chock full of financial advice that's helpful and fun and

1324
00:56:24,120 --> 00:56:26,759
Speaker 1: laid back. Also, if the newsletter's free, so make sure

1325
00:56:26,760 --> 00:56:27,200
Speaker 1: to sign up.

1326
00:56:27,239 --> 00:56:29,879
Speaker 2: So you're gonna say, chock full of financial bits kind

1327
00:56:29,880 --> 00:56:33,840
Speaker 2: of sounds like nuts. Oh but that is gonna be

1328
00:56:33,840 --> 00:56:36,920
Speaker 2: it for this episode, buddy, Until next time, best Friends Out,

1329
00:56:37,040 --> 00:56:38,439
Speaker 2: Best Friends Out,