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

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Speaker 1: Today we are asking the question what if you won

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Speaker 1: the lottery? Yeah, Joel, this is gonna be a fun episode.

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Speaker 1: We are going to talk about what to do not

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Speaker 1: only if you win the lottery, but also too if

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Speaker 1: you came into possession of a lump sum, right, if

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Speaker 1: you just had some sort of large windfall. Because let's

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Speaker 1: be honest, a few of us are going to actually

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Speaker 1: be lottery winners. That is not the path to wealth

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Speaker 1: that we would recommend. Uh, And so we've got a

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Speaker 1: lot of great thoughts to share regarding what to actually

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Speaker 1: do though, were you to win the lottery or if

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Speaker 1: you came into possession of a large amount of money. Yeah,

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Speaker 1: at some point in your life, there's a chance that

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Speaker 1: somehow you're going to have more money than you know

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Speaker 1: what to do with. And that, Matt, that could be

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Speaker 1: from a whole bunch of different things. That could be

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Speaker 1: like a bonus at work, that could be selling a

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Speaker 1: house and having a pile of money and you're like,

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Speaker 1: what do I do now? You know, a lot of

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Speaker 1: people are granted putting it directly into the down payment

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Speaker 1: on their next house, but there are these moments that

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Speaker 1: arise and even if that moment never happens for you,

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Speaker 1: I think there are some important things we can gain

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Speaker 1: by asking ourselves this question, like what would we do

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Speaker 1: if we won the lottery? And I feel like we

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Speaker 1: should actually be giving away some money on this episode

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Speaker 1: where not you don't have a lot of bills to

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Speaker 1: toss out there to the folks who are listening. Sadly, no,

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Speaker 1: but we'll still discuss this in depth. Will do this

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Speaker 1: this like mind exercise essentially today about what would it

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Speaker 1: look like, and Matt, you and I will actually share

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Speaker 1: our thoughts on kind of how our lives would change

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Speaker 1: if we won the lottery. Not that we're going to

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Speaker 1: that's right, man. But before we get to that, I

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Speaker 1: had a quick question for you. Do you pick up

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Speaker 1: money on the side of the road, Like, like, if

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Speaker 1: you see, say a dollar on the sidewalk, yeah, I

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Speaker 1: think you know, or unless it's there's gum attached to

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Speaker 1: it or and then I'm probably it's gonna let it be.

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Speaker 1: If it's a poop dollar, you would have it. But

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Speaker 1: what about like would you pick up a dime? Uh? Yeah,

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Speaker 1: I'd probably pick up a dime, Okay, penny. What about

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Speaker 1: a penny? No, not a penny. I leave the pennies

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Speaker 1: be I would pay. I want to see we've talked

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Speaker 1: about this on the show before. I want to see

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Speaker 1: pennies be banned anyway. So it's still money though it is,

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Speaker 1: you know, so regardless of what you feel about it,

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Speaker 1: it still exists and it's worth something, even though it's

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Speaker 1: not worth much. I would pick up a penny, I think,

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Speaker 1: depending on what kind of condition it's in, right, Because

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Speaker 1: if it's laying there and it's like shiny, like super

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Speaker 1: shiny and fresh looking, looking like it was just mented,

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Speaker 1: you know, last week, that kind of thing, I'd be

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Speaker 1: willing to pick it up. But if it's looking nasty,

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Speaker 1: I'm not willing to risk my health for something that

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Speaker 1: looks disgusting. But okay, So on a similar note, what

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Speaker 1: would you do if you received a check? I thought

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Speaker 1: you're gonna say for a klondyke bar. No, okay, this

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Speaker 1: isn't like nineties television. What would you do with a

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Speaker 1: check that you received from, say, a credit card company

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Speaker 1: for one cent? So I would deposit it because I think,

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Speaker 1: but there's a reason I think for the difference. One

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Speaker 1: the penny. It's gonna go into my into my like pocket,

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Speaker 1: and I mean, I have to figure out it's some

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Speaker 1: later date what to do with it. I'll stick in

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Speaker 1: like we'll change drawer in the car or something like

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Speaker 1: that in the jar, and eventually you can, you know,

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Speaker 1: take that into a credit union or somewhere local where

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Speaker 1: you can actually deposit that into a real accind of,

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Speaker 1: I guess you're right, but it's just a little more

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Speaker 1: cumbersome than is to quickly deposit a check, even if

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Speaker 1: it's a check for just a penny. I would probably

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Speaker 1: deposit I would. I wouldn't be so bold as to

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Speaker 1: crumple it up and throw it in the trash without

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Speaker 1: depositing it, because principally that feels terrible, right, like to

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Speaker 1: actually throw money away. But even though we still like

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Speaker 1: we might buy pass money that's on the sidewalk. I

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Speaker 1: ask you this because this actually happened to us last week.

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Speaker 1: We received a one cent check from a credit card

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Speaker 1: that we had closed, and we had a credit of

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Speaker 1: one cent, and they went through the trouble of mailing

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Speaker 1: us a check in the mail. I mean, what does

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Speaker 1: it cost a mail a check or you know, a

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Speaker 1: letter these days in liket eight cents, the price went up,

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Speaker 1: and so they must the cost of printing the check

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Speaker 1: and mustn't even count that. Let's let's quantify the known expenses.

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Speaker 1: They spent fifty eight times more money on just getting

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Speaker 1: that stupid check twist than the actual amount of money.

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Speaker 1: It's ridiculous. So I think Kate thought I was just

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Speaker 1: going to toss it, but like you, I was like,

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Speaker 1: of course, not flip that thing over. I signed it,

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Speaker 1: pulled out my phone, took a picture of it, uh,

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Speaker 1: loaded it in the you know, the mobile app, and

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Speaker 1: deposited it. But I agree, there's almost a removed barrier

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Speaker 1: when it comes to depositing money via a mobile deposit

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Speaker 1: as opposed to sitting in the jar for who knows

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Speaker 1: how long. But we want to encourage folks to be frugal.

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Speaker 1: Don't bypass money, even money that you see on the sidewalk,

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Speaker 1: because I'm like, Joel, you can take that money home,

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Speaker 1: maybe wash it if it looks extra nasty. I'm saying

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Speaker 1: this for myself too. Are you're gonna give your penny

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Speaker 1: a bath? Come on? Uh? Yeah? Have you have you

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Speaker 1: never washed money? I've even watched bills before We're like,

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Speaker 1: just put it under the running water in the scene

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Speaker 1: with a little bit of dish soap and just set

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Speaker 1: it over the side to drive. I think if it's

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Speaker 1: money laundering and that's the legal kind of money laundering, yeah, no,

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Speaker 1: I don't think I've done that, but I totally have.

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Speaker 1: I know people that because I in their bills sometimes

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Speaker 1: and I've found that to be kind of fascinating and

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Speaker 1: something I'm probably also not going to partaken. Well, I

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Speaker 1: wanted to share that with you because I thought it

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Speaker 1: was a funny story because Kate was sure that I

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Speaker 1: wasn't actually going to deposit that that one since, but

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Speaker 1: I felt like I had to. I feel like she

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Speaker 1: should know you better at this point, you know, she

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Speaker 1: should have known that you were definitely gonna deposit that.

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Speaker 1: I could have Yeah, I could have fallen on the

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Speaker 1: other side where I was just like, this is ridiculous.

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Speaker 1: I'm not gonna waste my time. I'm being cheap with

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Speaker 1: my time where I had to go through all that,

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Speaker 1: but it isn't very hard to make a mobile deposit anymore.

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Speaker 1: That's right. Your your time is not worth that much yet,

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Speaker 1: you know, all right, Well, let's move on Matt, let's

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Speaker 1: mention the beer that we're gonna have on this episode.

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Speaker 1: This one's called Crucial Crucial Taunt Taunt Enhanced fascinating beer

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Speaker 1: name by the Veil Brewery out of Virginia, and they

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Speaker 1: make some great stuff. Man, looking forward to having this

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Speaker 1: beer today on the show with you. But we'll get

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Speaker 1: to that in just a little bit. Let's get onto

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Speaker 1: the subject at hand, Matt. We are asking the question

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Speaker 1: what if you won the lottery? And there was actually

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Speaker 1: a recent lottery winner from Myrtle Beach, South Carolina. This

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Speaker 1: guy I actually he won the lottery two weeks in

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Speaker 1: a row. I've never heard of this before. He won

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Speaker 1: forty dollars the first time, and then he decided, you

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Speaker 1: know what, I like my chances. I think this is

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Speaker 1: going to happen again. Uh. And he was right, because

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Speaker 1: he won four million dollars with the second ticket, isn't it. Yeah?

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Speaker 1: But here's the thing, right, you have a greater chance

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Speaker 1: of being struck dead by falling airplane parts than winning

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Speaker 1: the Powerball lottery. Actually, you're thirty times more likely to

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Speaker 1: get hits by falling debris from a plane than you

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Speaker 1: are to actually win the Powerball jackpot. Yeah. So I mean,

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Speaker 1: if that doesn't put things in respective, I don't know

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Speaker 1: what does. But I think what that really says is

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Speaker 1: that playing the lottery, it's really just a complete waste

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Speaker 1: of your time and money. Even if this one anecdote

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Speaker 1: of this guy in Myrtle Beach, South Carolina makes it

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Speaker 1: seem like it isn't. It's like, oh, that guy won

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Speaker 1: it twice. I mean I could probably win it once. Right, Well,

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Speaker 1: the answer is no, and I guess you could, but

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Speaker 1: it's incredibly highly unlikely. Right, And so the question is, well,

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Speaker 1: how much money are we wasting playing the lottery each year?

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Speaker 1: And over a thousand dollars per person a year on

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Speaker 1: average is what people are spending playing the lottery. Some

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Speaker 1: people obviously more than that. Somebody's is spending two thousand

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Speaker 1: dollars a year compared to my zero, I guess. But

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Speaker 1: today on the show, we want to get a little

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Speaker 1: imaginative and talk about what life could or should be

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Speaker 1: like if you actually did win the lottery or came

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Speaker 1: into a lump sum. But we want to say you're

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Speaker 1: not actually gonna win the lottery, so don't even try.

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Speaker 1: That in and of itself is a bad idea. It's

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Speaker 1: a waste of your time and money. Yeah, we've all

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Speaker 1: heard of the phrase easy come, easy go, And when

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Speaker 1: it comes to winning the lottery, man, there is a

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Speaker 1: whole lot of truth to this one, because most lottery

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Speaker 1: winners actually go broke, declared bankruptcy in fact. And most

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Speaker 1: of these folks go from you know, having very little

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Speaker 1: to becoming filthy rich and then going back to having

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Speaker 1: nothing within a span of three or five years. It's

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Speaker 1: a short lived cycle. It's not like it even lasts

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Speaker 1: like it's like it wasn't a great twenty year run

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Speaker 1: or anything like that. It's like just a few years, yes, exactly,

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Speaker 1: and receiving just an insane amount of money like this

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Speaker 1: actually ends up causing financial troubles, which is kind of crazy.

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Speaker 1: Studies show that lottery winners don't end up any happier

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Speaker 1: as well. Winning the lottery is actually a quite miserable

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Speaker 1: experience for many. But still, we want to pose this

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Speaker 1: question today. We think that there's a lot that we

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Speaker 1: can learn by pulling it over, by you know, talking

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Speaker 1: it over with a friend or a partner, if you're

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Speaker 1: sitting at home listening, because even though statistically speaking, you're

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Speaker 1: not going to win millions of dollars. We feel that

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Speaker 1: this exercise can provide some insights just about the ways

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Speaker 1: that we want our time and our our money to change.

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Speaker 1: And so yeah, we want you to ask the question,

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Speaker 1: what would I do with a large sum of money

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Speaker 1: that fell into my lap? Well, yeah, many of us

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Speaker 1: are likely, I would say, to see some sort of

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Speaker 1: a windfall at some point in our lives, some of

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Speaker 1: us actually recently. You saw it this past year when

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Speaker 1: it came to stimulus checks. That was kind of a

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Speaker 1: windfall for a lot of people. That was unexpected. And

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Speaker 1: I know a lot of how the money listeners were

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Speaker 1: responding and saying, listen, I'm still employed and I got this.

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Speaker 1: You know, some tossed into my lap, especially if you

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Speaker 1: have a couple of kids. I'm not sure what to

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Speaker 1: do with it. It could be a huge bonus at

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Speaker 1: work that you weren't expecting, or maybe you sold a house,

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Speaker 1: like I said earlier, for fifty more than you thought

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Speaker 1: you were going to, which is not unheard of in

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Speaker 1: this market. Or you know, maybe it is an inheritance

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Speaker 1: that you weren't expecting, some uncle that you're like hadn't

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Speaker 1: spoken to in years, left you in as will, and

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Speaker 1: you've got some cash and you don't know what to

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Speaker 1: do with it. And if we haven't taken the time

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Speaker 1: to think through what we would do in these scenarios,

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Speaker 1: there's a good chance that we can make the wrong

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Speaker 1: decision in the heat of the moment. It's really it's

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Speaker 1: the reason that office buildings and schools have fire drills, right.

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Speaker 1: It's important to plan ahead because when you smell smoke,

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Speaker 1: the alarms blasting, there's like hundreds of coworkers or in

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Speaker 1: the case of a school, little kids running around, it's

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Speaker 1: easy to panic and make the wrong decision. So having

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Speaker 1: that plan and then practicing it helps everyone know what

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Speaker 1: to do when a real fire happens. It helps that

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Speaker 1: muscle memory to kind of take over, as opposed to

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Speaker 1: trying to figure it out in the moment. Yeah, that's true. Yeah,

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Speaker 1: without a plan, we just get swept up into the

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Speaker 1: out running kind of stuff. And here, you know, that

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Speaker 1: might actually work out if you're just trying to get

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Speaker 1: out of the building, because most folks are probably running

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Speaker 1: for the exits, you know, but this could be treacherous

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Speaker 1: when it comes to what we should be doing with

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Speaker 1: our money, because yeah, have you seen the kind of

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Speaker 1: financial decisions that everyone else is making out there? If

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Speaker 1: you don't have a good reason to not go with

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Speaker 1: the flow, well, why wouldn't you do what everyone else

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Speaker 1: is doing? Why wouldn't you live your life in a

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Speaker 1: way that just mirrors your parents or mirrors your co workers?

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Speaker 1: Why not buy that new gadget that everyone else has

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Speaker 1: or that's being marketed to you that popped up in

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Speaker 1: your Instagram feed, which I'm telling you, man, those ads

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Speaker 1: are getting so targeted and so specific. Uh, it's ridiculous.

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Speaker 1: By the way, I saw that TikTok just launched the

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Speaker 1: by feature in that feed too, So it's it's coming

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Speaker 1: at you from everywhere. People are gonna be buying left

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Speaker 1: and right, And so if you haven't given it much

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Speaker 1: or honestly any thought at all, we're likely going to

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Speaker 1: just drift through life. We're gonna be like a ship

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Speaker 1: without a rudder if we don't proactively and intentionally think

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Speaker 1: about what we're going to do, not only with our life,

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Speaker 1: but with our money. Yeah, and I guess some of

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Speaker 1: the things that we see other people doing, they're not

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Speaker 1: always inherently bad, right, there are people around us who

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Speaker 1: are doing good things as well. For example, like taking

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Speaker 1: on an ambitious project at work. You're stepping up and

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Speaker 1: you're looking for ways to prove yourself, to demonstrate that

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Speaker 1: you have the leadership and the brains to get it

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Speaker 1: done what it takes exactly, and that sounds like that's

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Speaker 1: always a good thing, right, in order to move up

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Speaker 1: the corporate ladder and get ahead. Um, that probably does

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Speaker 1: mean that you're closer to that next promotion and maybe

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Speaker 1: even closer to that C suite career path that you

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Speaker 1: had hoped would potentially happen, um and a salary that's

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Speaker 1: commensurate with it. But it also means working over seventy

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Speaker 1: hours every single week if that's the pursuit you take on,

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Speaker 1: and when you realize that, it's crucial to do some

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Speaker 1: soul searching before you end up embarking on that path.

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Speaker 1: Case in point, Matt, look at the junior bankers on

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Speaker 1: Wall Street who make a hundred thousand dollars plus. That's

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Speaker 1: the starting salary for someone fresh out of college, but

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Speaker 1: they don't have a life like they don't have anywhere

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Speaker 1: to spend that money because they're working so much, and

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Speaker 1: I guess the question is like, are the sacrifices worth it? Right?

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Speaker 1: Is it worth the sacrifice of your friends, your health

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Speaker 1: and to be able to even see your family? Is

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Speaker 1: that what you want your life to look like? It's

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Speaker 1: really really important that we're intentional with our lives. And

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Speaker 1: so it's not even always bad things that are leading

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Speaker 1: us astray. It's things that look good, but they're like

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Speaker 1: wolves and cheap clothing, they're they're they're actually bad because

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Speaker 1: it's not what we want. We're just kind of following

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Speaker 1: some stock trajectory. So not only do we feel that

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Speaker 1: it's an important exercise to think through what you do

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Speaker 1: with a load of money, but it's also a fun exercise.

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Speaker 1: It's a fun mind game as well. It's like Brewster's Millions. Man,

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Speaker 1: do you ever watch that movie back in the day

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Speaker 1: Richard Pryor So, I think the premise was basically that

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Speaker 1: he could inherit three million, but first he had to

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Speaker 1: spend thirty million dollars in thirty days and he couldn't

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Speaker 1: have anything left to show for it. So it's kind

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Speaker 1: of like it is a comedy with Richard Prior John

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Speaker 1: Candy and what we should go back and watch it,

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Speaker 1: and I was like, yeah, just kind of a fun exercise, right,

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Speaker 1: But even so, thinking through that, like you know, like

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Speaker 1: what's interesting about this is that it opens up this

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Speaker 1: whole realm of questions that are worth pursuing. And you know,

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Speaker 1: like you mentioned earlier, we're gonna get personal and share

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Speaker 1: our responses to hopefully we've already made a compelling case

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Speaker 1: why winning the lottery is actually a terrible goal and

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Speaker 1: nearly impossible and impossible truth. But rather, dude, I want

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Speaker 1: us to strive to build wealth instead of just striking

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Speaker 1: it rich. And this might sound like semantics, but there's

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Speaker 1: actually an important distinction here. I think the biggest difference

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Speaker 1: is that someone who is rich is gonna be focused

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Speaker 1: on spending and consumption, whereas someone who is wealthy, uh,

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Speaker 1: they're gonna focus on how to preserve, how to invest,

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Speaker 1: how to grow that money. Riches are just kind of

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Speaker 1: like the a flash in the pan, whereas wealth is

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Speaker 1: going to be able to endure not only years, but

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Speaker 1: decades and even generations as well. Uh. And so investing

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Speaker 1: and spending are are both important when it comes to

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Speaker 1: living a balanced life. And so we're gonna walk you

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Speaker 1: through steps you should take. Uh, if you did happen

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Speaker 1: to find yourself the recipient of a load of cash,

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Speaker 1: and so we will actually get some more of that's

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Speaker 1: right after this. Alright, we're back from the break. We

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Speaker 1: are asking the question and posing it to you. Dear

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Speaker 1: out how the money listener, what would you do if

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Speaker 1: you won the lottery? And like Matt said before the break,

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Speaker 1: if you only focus on the spending side of the equation,

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Speaker 1: you might be rich for the moment, but it's it's

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Speaker 1: likely not going to last very long. Right, First, it's

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Speaker 1: important to make sure that you're making wise decisions with

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Speaker 1: your money. And we believe that there are practical steps

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Speaker 1: that everyone needs to take. There's a hierarchy and an

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Speaker 1: order that we want to make sure that you've got

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Speaker 1: inline and you go in order of importance, and we

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Speaker 1: call them the seven money gears. They lay out essentially

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Speaker 1: that pecking order of financial priorities, and it's just really

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Speaker 1: really easy to see, Oh, I'm right here, I'm on

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Speaker 1: money gear two or I'm on money Gear four, and

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Speaker 1: here's what I need to do next. So, yeah, where

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Speaker 1: you are on your financial journey will determine the actual

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Speaker 1: money moves that you should be making. And the best

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Speaker 1: way we know to help you pinpoint exactly where you

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Speaker 1: are is that seven money gears formula that we came up.

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Speaker 1: When that's right, Yeah, So for example, if you're on

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Speaker 1: money your number three, this lump sum that you might

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Speaker 1: receive will act like a supercharger to help you tackle

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Speaker 1: some high interest rate credit card debt that you might

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Speaker 1: have way more quickly, maybe even in one fell swoop.

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Speaker 1: Just depends on how much debt that you've accrued and

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Speaker 1: how big that random sum of money is that just

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Speaker 1: ended your life or maybe your money gear number six.

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Speaker 1: If that's the case, then you'll have more options at

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Speaker 1: your disposal. You've been handling your money well for years.

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Speaker 1: If you're at this point where the only debt that

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Speaker 1: you have is a mortgage, but you now have the

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Speaker 1: added benefit of your financial life becoming a whole lot simpler,

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Speaker 1: which is really appealing for some folks. And so we're

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Speaker 1: not gonna go through all the money gears right now

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Speaker 1: here on this episode. We've talked about it in previous episodes,

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Speaker 1: but we would highly recommend you to head over to

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Speaker 1: How the Money dot Com slash start dash here uh

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Speaker 1: and you can find links to that from our landing

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Speaker 1: page on our website. But we've got all the different

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Speaker 1: money gears listed out and you can easily and quickly

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Speaker 1: determine where you are on your money journey. Yeah, and

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Speaker 1: it can be incredibly satisfying to work your way through

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Speaker 1: the money gears. It's kind of like watching the dominoes fall.

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Speaker 1: You know what that makes me think of? Have you

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Speaker 1: ever seen the like this demonstration where you've got like

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Speaker 1: these dominoes that get way bigger. So there's like a

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Speaker 1: small one, but it's just just thin enough to knock

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Speaker 1: over the this bigger one, which is just big enough

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Speaker 1: to knock over this other one which is huge, and

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Speaker 1: eventually the dominoes and I mean, yeah, seven down the

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Speaker 1: line or whatever that I mean, it's able to knock

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Speaker 1: over this massive board that's a giant domino. And that's

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Speaker 1: kind of what we're doing here with our money gears. Yeah. So,

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Speaker 1: maybe you're currently contributing four to your four one K

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Speaker 1: of work, and you know what, you need to contribute

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Speaker 1: two more percentage points in order to get that full match.

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Speaker 1: Well that's money gear number two. So once you're able

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Speaker 1: to do that, you're like boom, I'm onto the next thing.

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Speaker 1: I'm paying off high interest credit card debt and any

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Speaker 1: sort of high interest debt that's hanging in your life.

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Speaker 1: And it really can be motivating as you start to

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Speaker 1: see the dominoes fall and can tinue to work your

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Speaker 1: way through. It just gets more fun the more dominoes

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Speaker 1: that fall, right, And it's not that it's not fun

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Speaker 1: to knock over some of those first few dominoes. You

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Speaker 1: can have a lot of fun in life before you

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Speaker 1: reach you know, this pinnacle where you're able to spend

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Speaker 1: and invest a lot of money exactly exactly, But there's

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Speaker 1: just more freedom when it comes to like how you

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Speaker 1: want to appropriate that money when you're further along in

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Speaker 1: the money gears, right, But we want to make sure

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Speaker 1: that you are doing the smart things with your money first,

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Speaker 1: and then you begin to start dreaming big. So, yeah,

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Speaker 1: if you want the lottery tomorrow, that's great, but we

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Speaker 1: want to make sure that you know which money gear

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Speaker 1: you're on and which money priorities you would be tackling

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Speaker 1: first before you start to think about the kind of

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Speaker 1: fun things that you would spend that money on. Yeah,

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Speaker 1: for the most part, what we're basically saying here is

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Speaker 1: that money. Years one through six are kind of like

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Speaker 1: required reading before you you're able to move on to

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Speaker 1: number seven. Yeah, it's like, it's like, why would you

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Speaker 1: start with Harry Potter Books seven? You wouldn't you'd read

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Speaker 1: the first six first? U exactly, You wouldn't even really

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Speaker 1: know what was happening. But I would say, you know,

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Speaker 1: if you haven't spent much time thinking about what your

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Speaker 1: life would look like if you received a massive windfall,

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Speaker 1: then like some out there, might feel it difficult to

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Speaker 1: bring himself to spend any of it. You know, maybe

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Speaker 1: you're paralyzed by the fear of doing the wrong thing

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Speaker 1: with that money. But one of the ways to do

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Speaker 1: this is to create a personal mission statement here on

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Speaker 1: the show, oftentimes we call this the why behind your money.

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Speaker 1: But being able to hone in on what is important

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Speaker 1: to you like that will also dictate what you should

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Speaker 1: do with this money, or at least it should dictate

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Speaker 1: what you do with that money. Uh. And so think

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Speaker 1: through some of the longer term goals and what it

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Speaker 1: is that you'd like to achieve over the next five

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Speaker 1: years or over your lifetime. Another question you can ask yourself,

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Speaker 1: if I'm going to die next year, like what are

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Speaker 1: my actual priorities in the here and now? And we've

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Speaker 1: actually got a great free worksheet up on the website

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Speaker 1: that we will link to, but you'll be prompted to

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Speaker 1: answer some some questions like these, uh, and it will

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Speaker 1: give you some clear direction as to what you should

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Speaker 1: be doing not only with your life, but then what

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Speaker 1: you should be doing with your money. We will make

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Speaker 1: sure to link to that in our show notes, but

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Speaker 1: you can go directly there as well by going to

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Speaker 1: how the Money dot Com forward slash money mission statement. Yeah,

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Speaker 1: I love giving our listeners homework assignments on occasion, Matt.

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Speaker 1: We don't do it very often, but this one we

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Speaker 1: think is worth your time. You know, if you go

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Speaker 1: through that link, and we're not trying to sell anything,

429
00:19:18,880 --> 00:19:21,399
Speaker 1: We just really want you to take the time, be introspective,

430
00:19:21,640 --> 00:19:23,399
Speaker 1: take an hour to go through some of the questions

431
00:19:23,400 --> 00:19:25,679
Speaker 1: that we've listed out and to think through some of

432
00:19:25,680 --> 00:19:29,520
Speaker 1: this stuff, because it's gonna be really instructive into not

433
00:19:29,680 --> 00:19:33,000
Speaker 1: only how you move forward with your money regardless of

434
00:19:33,040 --> 00:19:35,199
Speaker 1: whether or not you won the lottery, but also just

435
00:19:35,280 --> 00:19:37,080
Speaker 1: kind of like how you think about what it looks

436
00:19:37,080 --> 00:19:39,400
Speaker 1: like to live a good life. Um, and it's also

437
00:19:39,640 --> 00:19:42,359
Speaker 1: help helpful to keep in mind like your favorite things

438
00:19:42,400 --> 00:19:43,760
Speaker 1: to do that that's one of the other things we

439
00:19:43,800 --> 00:19:47,240
Speaker 1: talked about actually in that Money Mission statement. Research shows

440
00:19:47,240 --> 00:19:50,680
Speaker 1: that the happiest retirees aren't the ones that have saved

441
00:19:50,680 --> 00:19:53,119
Speaker 1: the most money. They're actually the ones who have a

442
00:19:53,200 --> 00:19:57,000
Speaker 1: comprehensive lifestyle plan. And a friend of the show, Wes Moss,

443
00:19:57,000 --> 00:19:59,800
Speaker 1: has actually written extensively on the subject, and he's a

444
00:19:59,800 --> 00:20:02,000
Speaker 1: fine anential planner in the Atlanta area, and he's found

445
00:20:02,040 --> 00:20:05,000
Speaker 1: that it's the hobbies and the people you have around

446
00:20:05,000 --> 00:20:07,960
Speaker 1: you once you're done working that make retirements great for

447
00:20:08,000 --> 00:20:09,879
Speaker 1: you or not so great. You know. He found that

448
00:20:09,880 --> 00:20:13,680
Speaker 1: the average happy retiree has three point six core pursuits,

449
00:20:13,800 --> 00:20:16,520
Speaker 1: while the unhappy person in retirement has less than two.

450
00:20:16,960 --> 00:20:19,600
Speaker 1: Saving money, obviously, we're big fans of that. We think

451
00:20:19,600 --> 00:20:21,879
Speaker 1: it's really important. We talked about it a lot, but

452
00:20:21,960 --> 00:20:24,439
Speaker 1: it's not enough. If you become too focused on the

453
00:20:24,440 --> 00:20:26,199
Speaker 1: money side of things, you'll be missing out on the

454
00:20:26,240 --> 00:20:29,480
Speaker 1: really good stuff. And so that's why this Money Mission Statement,

455
00:20:29,640 --> 00:20:32,399
Speaker 1: we think it's really instructive for individuals to spend a

456
00:20:32,440 --> 00:20:35,960
Speaker 1: bit of time answering those questions because it's gonna inform

457
00:20:36,560 --> 00:20:39,560
Speaker 1: how you decide to allocate your money and whether you

458
00:20:39,600 --> 00:20:42,280
Speaker 1: decide to allocate a little more towards retirement because you're

459
00:20:42,320 --> 00:20:45,240
Speaker 1: not prioritizing it enough right now, or whether you say, actually,

460
00:20:45,320 --> 00:20:47,560
Speaker 1: right now, I'm overdoing it. I need to live life

461
00:20:47,600 --> 00:20:49,280
Speaker 1: a little more in the here and now. But we

462
00:20:49,400 --> 00:20:51,040
Speaker 1: hope you give it a shot, and we hope you

463
00:20:51,040 --> 00:20:53,239
Speaker 1: find it helpful. Yeah, going through these steps will help

464
00:20:53,280 --> 00:20:56,320
Speaker 1: you to think about the most important things in life. Uh.

465
00:20:56,400 --> 00:20:58,800
Speaker 1: And what's fascinating too, is that many of the things

466
00:20:59,560 --> 00:21:02,760
Speaker 1: that you're gonna likely write down don't even cost much money,

467
00:21:02,800 --> 00:21:04,800
Speaker 1: but you know, they might help you to realize that

468
00:21:04,840 --> 00:21:07,880
Speaker 1: you want to, say, workless, maybe cut back to part

469
00:21:07,920 --> 00:21:11,080
Speaker 1: time hours eventually, or even like take an extended leave

470
00:21:11,160 --> 00:21:14,080
Speaker 1: of absence. But at the same time, it also might

471
00:21:14,200 --> 00:21:17,240
Speaker 1: not mean doing less. That kind of depends on you.

472
00:21:17,320 --> 00:21:19,880
Speaker 1: Depends on the individual. Because maybe you've always wanted to

473
00:21:19,920 --> 00:21:22,320
Speaker 1: start your own business or write a book. The slump

474
00:21:22,320 --> 00:21:24,560
Speaker 1: sum of money can help you to do something that

475
00:21:24,600 --> 00:21:27,119
Speaker 1: you've been putting off, and these questions can help you

476
00:21:27,119 --> 00:21:30,119
Speaker 1: to pinpoint the things that you really want to accomplish

477
00:21:30,160 --> 00:21:31,960
Speaker 1: with your life. Yeah, or maybe I made the c

478
00:21:32,119 --> 00:21:34,720
Speaker 1: suite example earlier, Matt, maybe you realize that that is

479
00:21:34,720 --> 00:21:37,160
Speaker 1: actually something that you want to do, and you want

480
00:21:37,200 --> 00:21:40,119
Speaker 1: to work seventy hours a week, and that is truly

481
00:21:40,160 --> 00:21:42,720
Speaker 1: fulfilling for you. Like we all find fulfillment in different ways,

482
00:21:42,880 --> 00:21:45,960
Speaker 1: and we don't want to knock anybody's pursuit of doing

483
00:21:46,000 --> 00:21:49,040
Speaker 1: something that they love and enjoy. We just want them

484
00:21:49,080 --> 00:21:52,000
Speaker 1: to do it with intentionality. And yeah, even if a

485
00:21:52,040 --> 00:21:54,720
Speaker 1: giant lump sumb never falls into your life, you're likely

486
00:21:54,760 --> 00:21:58,040
Speaker 1: to find that doing this introspection um can help you

487
00:21:58,320 --> 00:22:01,440
Speaker 1: to begin to fund certain things that you haven't prioritized

488
00:22:01,520 --> 00:22:04,439
Speaker 1: yet and that you realize, Man, I should have gotten started.

489
00:22:04,520 --> 00:22:07,120
Speaker 1: I should be putting money where my mouth is now

490
00:22:07,160 --> 00:22:08,800
Speaker 1: that I know, and I've got it in writing that

491
00:22:08,840 --> 00:22:11,119
Speaker 1: this is important to me, I'm gonna do so. And

492
00:22:11,160 --> 00:22:13,879
Speaker 1: you might realize that you actually have the money right

493
00:22:13,880 --> 00:22:16,240
Speaker 1: now to make some of those things a priority, even

494
00:22:16,240 --> 00:22:19,720
Speaker 1: though it felt like maybe you know, a multi month

495
00:22:19,800 --> 00:22:22,880
Speaker 1: trip to Ecuador, or that pivot to starting your own

496
00:22:22,880 --> 00:22:26,040
Speaker 1: business was out of reach. Maybe you'll realize that it's

497
00:22:26,080 --> 00:22:28,920
Speaker 1: not that you actually have the money on hand now

498
00:22:29,240 --> 00:22:31,359
Speaker 1: and it's important enough to you that you actually begin

499
00:22:31,680 --> 00:22:34,000
Speaker 1: to get the ball rolling earlier than you thought you could.

500
00:22:34,400 --> 00:22:35,720
Speaker 1: I think you're gonna be able to use some of

501
00:22:35,720 --> 00:22:39,000
Speaker 1: these responses to help you create short and concise money

502
00:22:39,000 --> 00:22:42,080
Speaker 1: mission statements that guide you through good times and bad,

503
00:22:42,760 --> 00:22:45,879
Speaker 1: through market ups and downs, through employment ups and downs,

504
00:22:46,119 --> 00:22:48,560
Speaker 1: and through just, yeah, the shifting landscape of your life.

505
00:22:48,680 --> 00:22:50,399
Speaker 1: So yeah, that's why we think putting pen to paper,

506
00:22:50,600 --> 00:22:53,720
Speaker 1: going through an exercise like this can be just immensely helpful,

507
00:22:54,040 --> 00:22:56,240
Speaker 1: not just in the here now, but also if you

508
00:22:56,320 --> 00:22:58,760
Speaker 1: were to stumble upon just quite a bit of money.

509
00:22:58,960 --> 00:23:01,359
Speaker 1: And yeah, so Matt, after the break, you and I

510
00:23:01,359 --> 00:23:03,040
Speaker 1: were going to talk about what we would do if

511
00:23:03,080 --> 00:23:05,080
Speaker 1: we stumbled into a whole lot of money, and then

512
00:23:05,200 --> 00:23:08,639
Speaker 1: we're going to give some lessons five specific things you

513
00:23:08,680 --> 00:23:11,680
Speaker 1: need to do if a lump sum does land in

514
00:23:11,720 --> 00:23:23,199
Speaker 1: your lap. We'll get to that right after this. All right,

515
00:23:23,240 --> 00:23:25,720
Speaker 1: we are back then. Joel kind of talked about this

516
00:23:25,760 --> 00:23:28,840
Speaker 1: before the break, But what would you do if if

517
00:23:28,880 --> 00:23:30,400
Speaker 1: you win the lottery? You want to kick it off first,

518
00:23:30,520 --> 00:23:33,560
Speaker 1: so I would not go to Vegas? That's that's you know,

519
00:23:34,680 --> 00:23:39,040
Speaker 1: you talk about going to uh the casinos before uh specifically,

520
00:23:39,160 --> 00:23:41,000
Speaker 1: is that black jack that you you enjoy Yes, my

521
00:23:41,000 --> 00:23:43,960
Speaker 1: mother in law lives thirty minutes from casino. The casino

522
00:23:44,119 --> 00:23:46,200
Speaker 1: and once every like two or three years, I'll go

523
00:23:46,240 --> 00:23:47,960
Speaker 1: there and I'll you know, take a hunter Bucks and

524
00:23:47,960 --> 00:23:49,840
Speaker 1: I'll play some black jack, and I do find it

525
00:23:50,000 --> 00:23:53,080
Speaker 1: very enjoyable. But I would not ramp up my gambling

526
00:23:53,880 --> 00:23:56,280
Speaker 1: if if I won the lottery. What I would do?

527
00:23:56,320 --> 00:23:58,440
Speaker 1: I think, Matt it really you know, you know, I

528
00:23:58,520 --> 00:24:00,160
Speaker 1: spend a lot of time talking about this because as

529
00:24:00,440 --> 00:24:02,080
Speaker 1: we're best friends, we've talked about this kind of stuff

530
00:24:02,080 --> 00:24:04,679
Speaker 1: off the air, and you know, it's my goal to

531
00:24:04,760 --> 00:24:06,959
Speaker 1: live life in such a way that winning the lottery

532
00:24:07,000 --> 00:24:09,960
Speaker 1: would really have like a minimal impact on my life.

533
00:24:10,080 --> 00:24:13,440
Speaker 1: I wouldn't want some massive lumps some to change much

534
00:24:13,560 --> 00:24:17,399
Speaker 1: about the way I do the day to day. Uh. Really,

535
00:24:17,480 --> 00:24:19,919
Speaker 1: I don't have any We we actually write about this

536
00:24:20,000 --> 00:24:22,000
Speaker 1: on our about page on our site too. We don't

537
00:24:22,000 --> 00:24:23,840
Speaker 1: have any desire to be the next Jeff Bezos or

538
00:24:23,840 --> 00:24:25,760
Speaker 1: the Elon must like, we don't want billions of dollars

539
00:24:25,800 --> 00:24:28,320
Speaker 1: to our name. So if I somehow landed in that position,

540
00:24:28,359 --> 00:24:30,879
Speaker 1: my first instinct would be to invest a chunk for

541
00:24:30,920 --> 00:24:33,360
Speaker 1: the future, just to make sure that it's growing and

542
00:24:33,600 --> 00:24:36,119
Speaker 1: that I keep my options open. Right. That's money gears

543
00:24:36,200 --> 00:24:38,919
Speaker 1: one through six. Make sure that you are doing eliminating

544
00:24:38,920 --> 00:24:41,000
Speaker 1: debt and making sure that you're preserving your money and

545
00:24:41,040 --> 00:24:44,399
Speaker 1: hopefully making it grow exactly. And even if I'm not

546
00:24:44,440 --> 00:24:46,080
Speaker 1: sure what to do with it right now, I love

547
00:24:46,119 --> 00:24:48,520
Speaker 1: the idea of saying, all right, it's it's going into

548
00:24:48,560 --> 00:24:51,320
Speaker 1: the market just so that I can prepare for the

549
00:24:51,359 --> 00:24:53,360
Speaker 1: eventual things I want to do with it. It gives

550
00:24:53,359 --> 00:24:55,880
Speaker 1: me time to decide, then, Matt, I think I would

551
00:24:55,920 --> 00:24:58,119
Speaker 1: find a way to go out Mackenzie Bezos on like

552
00:24:58,160 --> 00:25:00,480
Speaker 1: a huge swath of that money. I've been like really

553
00:25:00,520 --> 00:25:03,760
Speaker 1: impressed by her approach to philanthropy and her desire to

554
00:25:03,760 --> 00:25:06,399
Speaker 1: give away like a huge chunks of her fortune. Uh.

555
00:25:06,760 --> 00:25:10,480
Speaker 1: You can tell that her desire is not to absorb

556
00:25:10,600 --> 00:25:12,800
Speaker 1: this and live some you know, lives of the rich

557
00:25:12,840 --> 00:25:14,840
Speaker 1: and famous lifestyle, but it really is to say, like,

558
00:25:14,880 --> 00:25:16,560
Speaker 1: what good can I do with this money? And I

559
00:25:16,600 --> 00:25:18,800
Speaker 1: think that's awesome. Um. I think on top of that,

560
00:25:18,800 --> 00:25:20,919
Speaker 1: I would try to find ways to incorporate some of

561
00:25:20,960 --> 00:25:24,199
Speaker 1: that money to give a small boost to some of

562
00:25:24,240 --> 00:25:27,119
Speaker 1: my current financial priorities, especially when it comes to like

563
00:25:27,160 --> 00:25:29,560
Speaker 1: spending more on lifestyle things for my family and I,

564
00:25:29,920 --> 00:25:31,560
Speaker 1: you know, maybe a little bit more on some of

565
00:25:31,560 --> 00:25:33,600
Speaker 1: the art that we love. I've talked about my love

566
00:25:33,680 --> 00:25:36,119
Speaker 1: for local art and full heart on the show before

567
00:25:36,760 --> 00:25:39,639
Speaker 1: and taking trips with my family, taking some maybe trips

568
00:25:39,680 --> 00:25:42,040
Speaker 1: that were a little bit further off in the distance

569
00:25:42,119 --> 00:25:44,080
Speaker 1: for us. Uh, maybe taking some of those trips a

570
00:25:44,119 --> 00:25:46,720
Speaker 1: little bit earlier than I thought. But other than that, like,

571
00:25:46,800 --> 00:25:49,040
Speaker 1: I don't think much would change even if millions of

572
00:25:49,040 --> 00:25:51,560
Speaker 1: dollars were thrust into my lap, which I don't imagine

573
00:25:51,600 --> 00:25:53,760
Speaker 1: that happening anytime soon. But uh, you know, we would

574
00:25:53,840 --> 00:25:55,880
Speaker 1: keep our house, We would keep our old school two

575
00:25:55,880 --> 00:25:57,840
Speaker 1: thousand six minivan. I don't think I would upgrade either

576
00:25:57,880 --> 00:26:00,679
Speaker 1: of those things, you know, from the outside, if it

577
00:26:00,760 --> 00:26:04,080
Speaker 1: wasn't on the news, like Joel won the lottery, most people.

578
00:26:04,119 --> 00:26:06,080
Speaker 1: I don't think most of my friends wouldn't know about

579
00:26:06,080 --> 00:26:08,600
Speaker 1: that windfall unless I actually told them, because I don't

580
00:26:08,600 --> 00:26:11,160
Speaker 1: think they would be like, well, what's that got doing

581
00:26:11,200 --> 00:26:14,120
Speaker 1: over there? He's obviously just spending He's spending so much money.

582
00:26:14,160 --> 00:26:16,280
Speaker 1: He didn't used to live life like that. That's nothing

583
00:26:16,320 --> 00:26:18,479
Speaker 1: kind of I'd really want to keep things very similar

584
00:26:18,480 --> 00:26:20,080
Speaker 1: to the way they are now totally. Yeah. I mean

585
00:26:20,119 --> 00:26:22,040
Speaker 1: I think we're we're in a really similar boat. You know,

586
00:26:22,119 --> 00:26:23,880
Speaker 1: Like over the years, we've given a lot of thought

587
00:26:24,000 --> 00:26:26,239
Speaker 1: to what we want our lives to look like like

588
00:26:26,359 --> 00:26:29,080
Speaker 1: right now, and we've just worked towards that goal. And

589
00:26:29,119 --> 00:26:31,080
Speaker 1: so I feel like we're we're kind of almost living

590
00:26:31,119 --> 00:26:33,439
Speaker 1: like we're millionaires now, like almost like we already have

591
00:26:33,600 --> 00:26:35,879
Speaker 1: won the lottery, right like, And so I wouldn't foresee

592
00:26:35,920 --> 00:26:37,960
Speaker 1: any massive changes to the to the way we live

593
00:26:37,960 --> 00:26:41,040
Speaker 1: our life, but rather maybe a gradual raping up of

594
00:26:41,080 --> 00:26:43,040
Speaker 1: the things that we're already doing, sort like you said,

595
00:26:43,280 --> 00:26:45,240
Speaker 1: like I could see how we could just maybe increase

596
00:26:45,280 --> 00:26:48,560
Speaker 1: the spending on some of those categories just slowly over time.

597
00:26:49,000 --> 00:26:50,800
Speaker 1: And you know, like another practice that I think some

598
00:26:50,840 --> 00:26:54,040
Speaker 1: folks might find helpful is to think through what you

599
00:26:54,080 --> 00:26:56,520
Speaker 1: want your everyday life to look like, Like I know,

600
00:26:57,040 --> 00:26:59,240
Speaker 1: for Kate and I like, because we have kids, like

601
00:26:59,280 --> 00:27:01,399
Speaker 1: the next sixteen years of my life, like they're probably

602
00:27:01,440 --> 00:27:04,359
Speaker 1: gonna look a specific way, right like it's it's going

603
00:27:04,359 --> 00:27:06,679
Speaker 1: to include going to elementary, going to middle school, going

604
00:27:06,680 --> 00:27:09,080
Speaker 1: to high school. Uh, and so like at the moment,

605
00:27:09,320 --> 00:27:12,359
Speaker 1: I can't think of many massive life goals that I

606
00:27:12,359 --> 00:27:14,600
Speaker 1: want to have accomplished by the end of my life.

607
00:27:14,840 --> 00:27:17,040
Speaker 1: But as a parent to kids in school, I have

608
00:27:17,080 --> 00:27:19,879
Speaker 1: a pretty clear view of what my ideal day to

609
00:27:19,920 --> 00:27:22,520
Speaker 1: day life should look like. Now, you know, like earlier

610
00:27:22,520 --> 00:27:25,040
Speaker 1: we're talking about you're saying your biggest priority is more

611
00:27:25,240 --> 00:27:28,840
Speaker 1: family than career oriented, Like you really are more focused

612
00:27:28,880 --> 00:27:30,680
Speaker 1: not just family, but just what I want to fill

613
00:27:30,720 --> 00:27:33,320
Speaker 1: my days with, because sometimes it doesn't include family things, right.

614
00:27:33,600 --> 00:27:35,360
Speaker 1: I guess I mentioned this because earlier we're talking about

615
00:27:35,400 --> 00:27:37,840
Speaker 1: mission statements, and I think sometimes it can be difficult

616
00:27:37,880 --> 00:27:40,800
Speaker 1: for some individuals to latch onto like the big thing

617
00:27:40,920 --> 00:27:43,159
Speaker 1: that they want to have accomplished in twenty years. And

618
00:27:43,200 --> 00:27:45,120
Speaker 1: so if that's you and you have a difficult time

619
00:27:45,320 --> 00:27:48,480
Speaker 1: thinking of this money mission statement that you want to

620
00:27:48,520 --> 00:27:50,320
Speaker 1: wrap your head around, sometimes it can be more helpful

621
00:27:50,359 --> 00:27:52,199
Speaker 1: to think about what you want your your day to

622
00:27:52,280 --> 00:27:54,800
Speaker 1: day to look like, uh yeah, your money can then

623
00:27:54,840 --> 00:27:57,240
Speaker 1: inform it doesn't have to be all these big future things.

624
00:27:57,280 --> 00:27:59,919
Speaker 1: It really can be like, how can my money all

625
00:28:00,000 --> 00:28:03,520
Speaker 1: allow me to live every single day right now? In

626
00:28:03,600 --> 00:28:05,480
Speaker 1: just a way this more conducive, Like it can mean

627
00:28:05,600 --> 00:28:08,800
Speaker 1: less hours worked on a consistent daily basis, Like or

628
00:28:09,520 --> 00:28:13,080
Speaker 1: just more flexibility in your work or commute options, and

629
00:28:13,200 --> 00:28:15,320
Speaker 1: you can say, you know what, right now, I can

630
00:28:15,400 --> 00:28:18,160
Speaker 1: take less money in order to make that a reality,

631
00:28:18,400 --> 00:28:21,120
Speaker 1: um without actually having to win the lottery totally. Yeah. Yeah,

632
00:28:21,160 --> 00:28:23,240
Speaker 1: So so thinking through sort of like that daily rhythm

633
00:28:23,560 --> 00:28:25,800
Speaker 1: of what you want your life to be like that

634
00:28:25,840 --> 00:28:28,360
Speaker 1: could be really helpful for some. In previous episodes, we've

635
00:28:28,400 --> 00:28:30,960
Speaker 1: even kind of referred to it as like designing your life,

636
00:28:31,400 --> 00:28:34,639
Speaker 1: and we've included some questions that pertain to that in

637
00:28:34,800 --> 00:28:37,679
Speaker 1: the money mission statement, and so yeah, you know, like

638
00:28:37,720 --> 00:28:39,040
Speaker 1: at the end of it, like while I wouldn't see

639
00:28:39,120 --> 00:28:40,880
Speaker 1: us making any serious changes to our life, I can

640
00:28:41,160 --> 00:28:43,200
Speaker 1: definitely see ways that we could use that money to

641
00:28:43,360 --> 00:28:47,400
Speaker 1: essentially reinforce and to complement the life that we are

642
00:28:47,400 --> 00:28:49,200
Speaker 1: seeking to live. Right now, you're not gonna go get

643
00:28:49,240 --> 00:28:52,000
Speaker 1: out and get like that new electric hummer or anything

644
00:28:52,040 --> 00:28:54,880
Speaker 1: like that. Well, if there's like a new electric van,

645
00:28:54,960 --> 00:28:56,520
Speaker 1: I don't know, like maybe we would do that, but

646
00:28:56,600 --> 00:28:58,520
Speaker 1: yeah hummer, that would be talking about that for years. Okay,

647
00:28:58,560 --> 00:29:00,440
Speaker 1: don't steal my b W electric van. That would be

648
00:29:00,480 --> 00:29:02,840
Speaker 1: a drastic change. And so we're less I'm at this

649
00:29:02,840 --> 00:29:04,880
Speaker 1: point in my life, I'm less interested in making serious

650
00:29:04,920 --> 00:29:07,640
Speaker 1: changes to my life as opposed to like more wind

651
00:29:07,720 --> 00:29:09,800
Speaker 1: in the sales that are pushing me towards the things

652
00:29:09,840 --> 00:29:12,479
Speaker 1: that I'm already pursuing. Yeah, and I hope that you know,

653
00:29:12,520 --> 00:29:15,120
Speaker 1: most of our listeners find themselves in a position like

654
00:29:15,160 --> 00:29:19,280
Speaker 1: that where a lump sum of money would be helpful

655
00:29:19,520 --> 00:29:22,640
Speaker 1: but not life changing, right in the way that so

656
00:29:22,680 --> 00:29:25,600
Speaker 1: many lottery winners wanted to be. They want to completely

657
00:29:25,640 --> 00:29:28,480
Speaker 1: change their life. And hopefully we are able to find

658
00:29:28,680 --> 00:29:32,640
Speaker 1: enough satisfaction where we are currently, uh that it would

659
00:29:32,680 --> 00:29:35,200
Speaker 1: be more fuel for the fire than it would be

660
00:29:35,280 --> 00:29:37,680
Speaker 1: just like alright, I'm buying a private island. You know

661
00:29:37,720 --> 00:29:39,840
Speaker 1: that that kind of respons But yeah, let's talk about

662
00:29:39,840 --> 00:29:43,240
Speaker 1: Matt lessons that we can learn if we did somehow

663
00:29:43,320 --> 00:29:45,360
Speaker 1: win the lottery, or you know, at least what to

664
00:29:45,400 --> 00:29:47,880
Speaker 1: do if an unexpected lump sum falls into your lap.

665
00:29:48,200 --> 00:29:50,760
Speaker 1: Just some practical steps, like make sure that you think

666
00:29:50,760 --> 00:29:54,040
Speaker 1: through some of these things before you do anything. Yes, yes, yeah,

667
00:29:54,080 --> 00:29:56,280
Speaker 1: hopefully you know if you won the lottery because you

668
00:29:56,400 --> 00:29:58,760
Speaker 1: just like randomly found a ticket lying on the ground,

669
00:29:58,800 --> 00:30:01,280
Speaker 1: as opposed to actually going into the gas station and

670
00:30:01,280 --> 00:30:02,760
Speaker 1: buying that ticket, or would you pick it up off

671
00:30:02,760 --> 00:30:05,920
Speaker 1: the ground, like yeah, outfit with the winning ticket off

672
00:30:05,920 --> 00:30:08,480
Speaker 1: the ground. That goes back to her early discussion. But yeah,

673
00:30:08,600 --> 00:30:12,040
Speaker 1: the the this advice ultimately extends far beyond just winning millions, right.

674
00:30:12,080 --> 00:30:14,120
Speaker 1: It's it speaks to what you would do if you

675
00:30:14,200 --> 00:30:17,520
Speaker 1: receive an inheritance of let's say, even fifty dollars, which

676
00:30:17,560 --> 00:30:19,440
Speaker 1: is a big sum of money, and for most of us,

677
00:30:19,760 --> 00:30:21,880
Speaker 1: that would have the ability to jump start a whole

678
00:30:21,920 --> 00:30:25,440
Speaker 1: lot of our like career or money goals. That's a

679
00:30:25,520 --> 00:30:27,480
Speaker 1: lot that could fall into your lap. And you want

680
00:30:27,520 --> 00:30:29,200
Speaker 1: to have at least thought through what you would do

681
00:30:29,240 --> 00:30:31,840
Speaker 1: with it. You want to use it wisely, not in

682
00:30:31,840 --> 00:30:33,920
Speaker 1: a spur of the moment decision. You don't want life

683
00:30:34,000 --> 00:30:36,160
Speaker 1: changing money to hit and then to screw it up

684
00:30:36,280 --> 00:30:39,480
Speaker 1: like that. That would be demoralizing, That's right. And so

685
00:30:39,640 --> 00:30:41,320
Speaker 1: the first tip, the first lesson that we have for

686
00:30:41,400 --> 00:30:44,760
Speaker 1: folks that we would recommend is to stay anonymous, uh,

687
00:30:44,800 --> 00:30:47,680
Speaker 1: not living in a flashy kind of way, even if

688
00:30:47,760 --> 00:30:51,719
Speaker 1: you can afford to. It's probably good for you mentally anyway.

689
00:30:51,920 --> 00:30:53,680
Speaker 1: I think that would probably be a good sign of

690
00:30:53,840 --> 00:30:56,880
Speaker 1: overall health. Even if we're just you know, talking about

691
00:30:56,880 --> 00:30:59,440
Speaker 1: a smaller inheritance, it's probably best to not spread that

692
00:30:59,440 --> 00:31:02,280
Speaker 1: news around to your entire friend group. We would recommend

693
00:31:02,440 --> 00:31:04,600
Speaker 1: for you to be a little more discerning with who

694
00:31:04,640 --> 00:31:07,120
Speaker 1: you talk to about it. And this might sound like

695
00:31:07,160 --> 00:31:08,880
Speaker 1: it kind of flies in the face of our goal

696
00:31:08,960 --> 00:31:11,280
Speaker 1: to to get people to open up and talk about

697
00:31:11,280 --> 00:31:14,080
Speaker 1: their money, but it actually doesn't. Talking about the big

698
00:31:14,120 --> 00:31:16,960
Speaker 1: money that you've come into can create jealousy, It can

699
00:31:17,000 --> 00:31:20,680
Speaker 1: create division even amongst good friends. UH. It can really

700
00:31:20,800 --> 00:31:22,880
Speaker 1: hurt your your relationships, and so we want you to

701
00:31:22,960 --> 00:31:25,680
Speaker 1: keep that in mind. You know, even on an individual level,

702
00:31:25,720 --> 00:31:27,640
Speaker 1: it can be difficult to figure out what you want

703
00:31:27,680 --> 00:31:30,000
Speaker 1: to do with this money. Uh, and I can imagine

704
00:31:30,040 --> 00:31:33,120
Speaker 1: it would only be even harder if you have a

705
00:31:33,160 --> 00:31:35,440
Speaker 1: litany of folks who are also speaking into your life,

706
00:31:35,520 --> 00:31:38,560
Speaker 1: projecting their values and how you know, they feel that

707
00:31:38,560 --> 00:31:40,560
Speaker 1: that they wish that they could spend their time uh

708
00:31:40,560 --> 00:31:42,720
Speaker 1: and kind of pushing that on you. Or they might

709
00:31:42,720 --> 00:31:45,840
Speaker 1: come asking you for, you know, some seed money to

710
00:31:45,840 --> 00:31:48,040
Speaker 1: start their business or handout or something like trying to

711
00:31:48,080 --> 00:31:49,840
Speaker 1: be like Mark Cuban and get this thing off the

712
00:31:49,880 --> 00:31:52,440
Speaker 1: ground exactly. You can be the shark tank for me now,

713
00:31:52,800 --> 00:31:55,160
Speaker 1: and that can create a whole lot of awkwardness. So

714
00:31:55,160 --> 00:31:57,920
Speaker 1: I agree, Matt. I think staying anonymous and not like

715
00:31:58,280 --> 00:32:00,040
Speaker 1: blasting it out there to everyone how much mone of

716
00:32:00,120 --> 00:32:02,080
Speaker 1: you just landed upon, that's a really good thing to

717
00:32:02,120 --> 00:32:05,880
Speaker 1: avoid if you just stumbled upon some life changing money,

718
00:32:06,320 --> 00:32:09,640
Speaker 1: whether it's to an inheritance or whatnot. Another lesson that

719
00:32:09,760 --> 00:32:12,680
Speaker 1: we think that anybody inheriting a good sum of money

720
00:32:12,720 --> 00:32:16,760
Speaker 1: should should implement is too slowly increased spending in a

721
00:32:16,800 --> 00:32:20,280
Speaker 1: few areas that you've identified as being the places that

722
00:32:20,360 --> 00:32:23,160
Speaker 1: move the needle for you. Right. I mentioned fulk, heart

723
00:32:23,320 --> 00:32:25,680
Speaker 1: and travel as to spending categories that I would amplify.

724
00:32:25,720 --> 00:32:28,760
Speaker 1: I know that now, and so if I do, somehow,

725
00:32:29,000 --> 00:32:32,520
Speaker 1: for some reason, inherit more money, then I know that

726
00:32:32,520 --> 00:32:34,840
Speaker 1: those are two places I am more than happy and

727
00:32:34,880 --> 00:32:37,760
Speaker 1: more than willing to increase my spending. But then there

728
00:32:37,760 --> 00:32:40,680
Speaker 1: are other spending categories that would stay the same for me,

729
00:32:41,000 --> 00:32:43,480
Speaker 1: like keeping that old car and staying in my current home.

730
00:32:44,000 --> 00:32:45,960
Speaker 1: I think for all of us we would find that

731
00:32:46,000 --> 00:32:49,400
Speaker 1: additional money. Uh, it's easy to just absorb it into

732
00:32:49,440 --> 00:32:52,200
Speaker 1: your lifestyle, but it's gonna have an amplified effect if

733
00:32:52,200 --> 00:32:54,960
Speaker 1: it's targeted towards just a couple of areas that you

734
00:32:55,000 --> 00:32:57,200
Speaker 1: get a lot of pleasure from. Otherwise it's going to

735
00:32:57,240 --> 00:32:59,000
Speaker 1: be that easy come, easy go. It is going to

736
00:32:59,080 --> 00:33:01,600
Speaker 1: be funneled out really quickly, and it's not going to

737
00:33:01,680 --> 00:33:04,360
Speaker 1: have the impact on your well being and your happiness

738
00:33:04,520 --> 00:33:06,920
Speaker 1: that you wanted to. That's write. Another lesson we have

739
00:33:06,960 --> 00:33:09,960
Speaker 1: for folks is uh that no matter what money gear

740
00:33:10,040 --> 00:33:13,880
Speaker 1: you're in, spending a small amount like maybe ten percent

741
00:33:13,960 --> 00:33:15,920
Speaker 1: of a lump sum or maybe even less than that

742
00:33:15,960 --> 00:33:18,760
Speaker 1: if you're talking about millions of dollars, but spending that

743
00:33:18,800 --> 00:33:22,000
Speaker 1: in any way you choose, we feel that that might

744
00:33:22,040 --> 00:33:23,920
Speaker 1: be able to provide the strength for you to do

745
00:33:24,080 --> 00:33:27,400
Speaker 1: smarter things with the other We feel that it's okay

746
00:33:27,400 --> 00:33:30,200
Speaker 1: to splurge, but we would want you to splurge thoughtfully

747
00:33:30,240 --> 00:33:32,920
Speaker 1: in a way that aligns with your money mission statement.

748
00:33:33,280 --> 00:33:36,120
Speaker 1: Because again we've referred to this almost as like a

749
00:33:36,120 --> 00:33:38,600
Speaker 1: pressure release valve in the past. Uh. And if you've

750
00:33:38,640 --> 00:33:42,720
Speaker 1: got this iron tank and if the pressure gets too high, well,

751
00:33:42,840 --> 00:33:45,600
Speaker 1: if there's no release valve, and you know, the alternative

752
00:33:45,680 --> 00:33:47,520
Speaker 1: is just for it to explode and for you to

753
00:33:47,560 --> 00:33:50,160
Speaker 1: lose all that pressure, well, we would rather you lose

754
00:33:50,200 --> 00:33:52,440
Speaker 1: a little bit of pressure off on the side, uh,

755
00:33:52,440 --> 00:33:55,720
Speaker 1: in order to maintain the you know, the overall majority,

756
00:33:55,800 --> 00:33:58,080
Speaker 1: the bulk of that pressure to do good things that

757
00:33:58,120 --> 00:34:00,200
Speaker 1: you want to be able to see get accomplished. Yeah. Matter.

758
00:34:00,240 --> 00:34:01,920
Speaker 1: I think of like a yo yo diet where people

759
00:34:02,280 --> 00:34:06,560
Speaker 1: are constantly bouncing back and forth between gaining weight or

760
00:34:06,600 --> 00:34:10,080
Speaker 1: losing weight. It's if it's not sustainable, then it's it's

761
00:34:10,080 --> 00:34:12,719
Speaker 1: gonna lead to something like that exactly. And so I think, yeah,

762
00:34:12,760 --> 00:34:15,040
Speaker 1: you need almost that pressure release valve so that you

763
00:34:15,120 --> 00:34:19,719
Speaker 1: can pursue the greater good by being able to apportion

764
00:34:19,800 --> 00:34:23,920
Speaker 1: a small percentage towards some spending. Now that's going to

765
00:34:24,000 --> 00:34:26,400
Speaker 1: allow you to stay the course. I think one of

766
00:34:26,440 --> 00:34:29,040
Speaker 1: the other lessons that it's important to heed if you

767
00:34:29,120 --> 00:34:31,160
Speaker 1: do end up with a lumps of the money as well,

768
00:34:31,440 --> 00:34:34,719
Speaker 1: is to pay attention to the secondary costs of any

769
00:34:34,760 --> 00:34:36,839
Speaker 1: of the stuff that you end up buying. Like let's

770
00:34:36,880 --> 00:34:39,000
Speaker 1: say you you did inherit some money and you were like,

771
00:34:39,160 --> 00:34:40,920
Speaker 1: it's been a priority for us to get into bigger

772
00:34:40,920 --> 00:34:43,840
Speaker 1: housing and now is the time. Well, that's great, but

773
00:34:43,880 --> 00:34:46,440
Speaker 1: it's important to note that a bigger house means higher

774
00:34:46,480 --> 00:34:49,319
Speaker 1: property taxes and more money to upkeep right you're gonna

775
00:34:49,320 --> 00:34:52,960
Speaker 1: be spending more on repairs. And yeah, let's say a

776
00:34:52,960 --> 00:34:55,160
Speaker 1: new car is something like, you know, I've been meaning

777
00:34:55,160 --> 00:34:57,160
Speaker 1: to upgrade my wheels. Now that I got this lump sum,

778
00:34:57,440 --> 00:34:59,560
Speaker 1: it's the perfect time for me to get a new

779
00:34:59,600 --> 00:35:01,279
Speaker 1: car and my life, well, it's gonna be mean higher

780
00:35:01,320 --> 00:35:04,480
Speaker 1: insurance costs. And uh, those are the kind of secondary

781
00:35:04,480 --> 00:35:06,919
Speaker 1: cost that we want you to prioritize and to think

782
00:35:06,920 --> 00:35:09,960
Speaker 1: about before you make that spend. Let's take it to

783
00:35:10,000 --> 00:35:12,200
Speaker 1: the extreme. I'm thinking about like EMC Hammer back in

784
00:35:12,200 --> 00:35:13,880
Speaker 1: the day when he was worth a ton, and he

785
00:35:13,920 --> 00:35:15,719
Speaker 1: bought like this huge house and bought a bunch of

786
00:35:15,760 --> 00:35:18,920
Speaker 1: race horses. He had like I don't know, like a

787
00:35:18,920 --> 00:35:21,520
Speaker 1: full like a dozen race horses, and you know what,

788
00:35:21,600 --> 00:35:23,440
Speaker 1: horses cause a lot of money. There's a lot of

789
00:35:23,640 --> 00:35:26,320
Speaker 1: people that are required in order to keep these horses healthy.

790
00:35:26,640 --> 00:35:30,000
Speaker 1: It's it's way more than just the price of that horse. Surprises.

791
00:35:30,000 --> 00:35:31,560
Speaker 1: The land and the stables and the food and the

792
00:35:31,560 --> 00:35:33,480
Speaker 1: people that are gonna, you know, help you keep those

793
00:35:33,480 --> 00:35:35,520
Speaker 1: horses in good shape. And then of course ultimately he

794
00:35:35,680 --> 00:35:38,640
Speaker 1: ended up bankrupt. So yeah, so don't follow don't be

795
00:35:38,640 --> 00:35:41,279
Speaker 1: like Emcy Hammer exactly. Uh, the same thing Matt on

796
00:35:41,280 --> 00:35:43,000
Speaker 1: a smaller level too. If you buy some golf clubs,

797
00:35:43,000 --> 00:35:45,080
Speaker 1: it's like, well, I'm gonna go want to play play

798
00:35:45,160 --> 00:35:47,879
Speaker 1: more golf, and it's gonna be in higher greens fees

799
00:35:47,920 --> 00:35:49,719
Speaker 1: for you. Or even like the reverse, if maybe one

800
00:35:49,760 --> 00:35:51,879
Speaker 1: fresh new pollos, if you yeah, well, if you flip

801
00:35:51,960 --> 00:35:54,239
Speaker 1: it right, and if you join a fancy club, it's like,

802
00:35:54,239 --> 00:35:56,840
Speaker 1: oh man, everybody here at this fancy club, I've upgraded

803
00:35:56,880 --> 00:36:00,120
Speaker 1: my friends, and so now these new friends require that

804
00:36:00,160 --> 00:36:02,600
Speaker 1: I have in new clubs, a new car. Oh maybe

805
00:36:02,600 --> 00:36:04,120
Speaker 1: we should move into the same part of town that

806
00:36:04,160 --> 00:36:05,759
Speaker 1: they move into. These are all things that we want

807
00:36:05,760 --> 00:36:09,160
Speaker 1: you to consider when you're thinking about making some changes

808
00:36:09,200 --> 00:36:11,520
Speaker 1: to your life that could drastically upend it. That would

809
00:36:11,560 --> 00:36:14,040
Speaker 1: be uh an example of the Dinero effect right where

810
00:36:14,120 --> 00:36:16,440
Speaker 1: what was it? The French philosopher He got a new

811
00:36:16,560 --> 00:36:19,040
Speaker 1: robe and then he was like, man, everything else looks dingy.

812
00:36:19,040 --> 00:36:23,040
Speaker 1: Now like my waistcoat is beautiful, everything else looks terrible. Right.

813
00:36:23,280 --> 00:36:24,880
Speaker 1: You don't want to be in that position. You know,

814
00:36:24,920 --> 00:36:27,360
Speaker 1: It's okay to spend some of the lump sum that

815
00:36:27,400 --> 00:36:29,520
Speaker 1: you receive, just don't spend more of it than you

816
00:36:29,560 --> 00:36:32,439
Speaker 1: want to and if you don't factor in the secondary cost, well,

817
00:36:32,440 --> 00:36:34,640
Speaker 1: you're bound to do exactly that. You are going to

818
00:36:34,680 --> 00:36:36,759
Speaker 1: spend more than you want to because you haven't really

819
00:36:36,760 --> 00:36:39,719
Speaker 1: thought through the full ramifications of where that first dollar

820
00:36:39,800 --> 00:36:41,719
Speaker 1: goes and how other dollars are going to flow in

821
00:36:41,719 --> 00:36:45,280
Speaker 1: that direction too. Yeah, in that vein, be cognizant of taxes.

822
00:36:45,440 --> 00:36:48,359
Speaker 1: You know, while there's no federal tax on inherited money

823
00:36:48,560 --> 00:36:51,440
Speaker 1: at least below a high, really high threshold, some states

824
00:36:51,560 --> 00:36:55,200
Speaker 1: do have an inheritance tax on the books, others don't.

825
00:36:55,520 --> 00:36:57,560
Speaker 1: So if you inherit an IRA is important to know

826
00:36:57,680 --> 00:37:00,279
Speaker 1: about the ten year rule. It's important to know about

827
00:37:00,320 --> 00:37:02,839
Speaker 1: the ordinary income taxes that you'll owe when you start

828
00:37:02,840 --> 00:37:05,040
Speaker 1: pulling money out, and so keep that in mind because

829
00:37:05,080 --> 00:37:07,839
Speaker 1: port planning can mean that you aren't prepared for a

830
00:37:07,880 --> 00:37:10,680
Speaker 1: major tax bill that comes due. You don't want to

831
00:37:10,680 --> 00:37:12,840
Speaker 1: find yourself in that situation. Yep. So those are the

832
00:37:13,080 --> 00:37:15,319
Speaker 1: main rules we would say to pay attention to if

833
00:37:15,400 --> 00:37:17,319
Speaker 1: you did somehow when the lottery or just to get

834
00:37:17,320 --> 00:37:19,960
Speaker 1: a lump some you know, in in your lap, which

835
00:37:20,480 --> 00:37:22,719
Speaker 1: sounds like it's great, it sounds all good, but there

836
00:37:22,719 --> 00:37:24,360
Speaker 1: are some downsides and there are things that you have

837
00:37:24,400 --> 00:37:26,719
Speaker 1: to think through so that you don't squander that kind

838
00:37:26,719 --> 00:37:29,160
Speaker 1: of money, right, And it's kind of funny to sit

839
00:37:29,200 --> 00:37:31,800
Speaker 1: back and dream about what you would do with millions

840
00:37:31,800 --> 00:37:34,000
Speaker 1: of dollars. That seems like an easy thing, like just

841
00:37:34,040 --> 00:37:36,080
Speaker 1: sit back and think about it and bask in the

842
00:37:36,080 --> 00:37:39,000
Speaker 1: glory that would be your riches. But when we look

843
00:37:39,000 --> 00:37:43,000
Speaker 1: at the evidence of how instant millionaires actually react the

844
00:37:43,000 --> 00:37:45,399
Speaker 1: eventual results that happen in the years that follow, within

845
00:37:45,440 --> 00:37:48,040
Speaker 1: three to five years, most of them are bankrupt. You know,

846
00:37:48,080 --> 00:37:50,080
Speaker 1: we see that this question is actually it's harder than

847
00:37:50,120 --> 00:37:52,600
Speaker 1: it initially seems or than it appears on its face.

848
00:37:53,000 --> 00:37:56,680
Speaker 1: You know, some real introspection is necessary if we're going

849
00:37:56,719 --> 00:37:59,839
Speaker 1: to be able to handle uh money that comes into

850
00:37:59,880 --> 00:38:03,120
Speaker 1: our lives well, especially unexpected money. And while a lump

851
00:38:03,200 --> 00:38:05,279
Speaker 1: sum of money can be a big help when it

852
00:38:05,280 --> 00:38:08,480
Speaker 1: comes to paying off debt or jump starting another financial goal,

853
00:38:08,760 --> 00:38:11,560
Speaker 1: we might just find that money isn't the only solution

854
00:38:11,640 --> 00:38:14,160
Speaker 1: to some of our biggest goals and desires. I think

855
00:38:14,200 --> 00:38:15,759
Speaker 1: a lot of how the money listeners Matt are going

856
00:38:15,800 --> 00:38:18,840
Speaker 1: to find that they actually have enough on hand now

857
00:38:19,239 --> 00:38:22,080
Speaker 1: to pursue some of those goals without delay, that they're

858
00:38:22,120 --> 00:38:25,360
Speaker 1: not going to have to wait until they do stumble

859
00:38:25,440 --> 00:38:28,759
Speaker 1: upon some sort of inheritance from an unknown relative. As

860
00:38:28,760 --> 00:38:31,080
Speaker 1: they ask themselves some of these questions, they're going to realize,

861
00:38:31,160 --> 00:38:33,680
Speaker 1: you know what, I have more ability to pursue some

862
00:38:33,760 --> 00:38:35,560
Speaker 1: of those things that I say are important that I

863
00:38:35,560 --> 00:38:37,880
Speaker 1: just haven't started pursuing yet. Many folks are going to

864
00:38:37,920 --> 00:38:40,200
Speaker 1: be able to get started on their dreams and on

865
00:38:40,239 --> 00:38:43,640
Speaker 1: those goals, I think, sooner than they thought possible. That's right. Yeah,

866
00:38:43,640 --> 00:38:45,600
Speaker 1: it doesn't take a million dollars. It doesn't take winning

867
00:38:45,600 --> 00:38:47,880
Speaker 1: the lottery in order to live the kind of life

868
00:38:48,080 --> 00:38:51,920
Speaker 1: that you would be happy living right now. And on

869
00:38:51,960 --> 00:38:54,480
Speaker 1: that no, jel, a life that we're happy living is

870
00:38:54,480 --> 00:38:57,080
Speaker 1: one that includes craft beer. On this episode, you and

871
00:38:57,120 --> 00:39:00,239
Speaker 1: I enjoyed a crucial crucial tount tunt. But is that

872
00:39:00,320 --> 00:39:03,640
Speaker 1: there's like some sort of kids song or kids saying that, like, uh, dad,

873
00:39:04,680 --> 00:39:06,160
Speaker 1: now I want my money back? What is that? What

874
00:39:06,239 --> 00:39:11,400
Speaker 1: is that saying? Um circled dott, circle dott, I want

875
00:39:09,920 --> 00:39:12,799
Speaker 1: my shot? That's what I'm thinking of, something like that.

876
00:39:13,000 --> 00:39:14,680
Speaker 1: On that note, make sure to get your vaccine if

877
00:39:14,719 --> 00:39:17,560
Speaker 1: you haven't got your cootie shot. But yeah, this is

878
00:39:17,600 --> 00:39:21,759
Speaker 1: crucial Crucial Taunt Taunt Enhanced. This is a beer by

879
00:39:21,960 --> 00:39:24,960
Speaker 1: the Veil out of Richmond, Virginia, the last of a

880
00:39:24,960 --> 00:39:27,759
Speaker 1: few Veil beers that we've been having recently. What were

881
00:39:27,760 --> 00:39:29,680
Speaker 1: your thoughts on this one? But dude, this was another

882
00:39:29,719 --> 00:39:31,840
Speaker 1: great one from them. They're one of my new favorite breweries.

883
00:39:31,920 --> 00:39:34,080
Speaker 1: I love it. They're not too far up the coast

884
00:39:34,080 --> 00:39:37,600
Speaker 1: from us. But the hops, I would say, are vicious

885
00:39:37,640 --> 00:39:40,600
Speaker 1: in the best way, like they are attacking. It's like

886
00:39:40,640 --> 00:39:43,520
Speaker 1: a band of marauding hops has just calm and assaulted

887
00:39:43,560 --> 00:39:46,600
Speaker 1: my tongue. But I'm more than happy with that because

888
00:39:47,000 --> 00:39:51,840
Speaker 1: it was delightfully tasty. It was refreshing, but it's not

889
00:39:51,880 --> 00:39:54,040
Speaker 1: thirst quenching. It's not that kind of beer. It's not

890
00:39:54,200 --> 00:39:56,680
Speaker 1: it's not juicy, I would not say, um, although it

891
00:39:56,680 --> 00:39:58,800
Speaker 1: has elements are not like the fruity elements, but it

892
00:39:59,239 --> 00:40:01,759
Speaker 1: does gonna end on a dry note. Yeah, And it's

893
00:40:01,760 --> 00:40:04,600
Speaker 1: just so intense it's hard to be refreshing. But on

894
00:40:04,640 --> 00:40:06,600
Speaker 1: occasion I like a really intense beer, and this was

895
00:40:06,640 --> 00:40:08,920
Speaker 1: a good example of a really intense I p a. Yeah.

896
00:40:08,960 --> 00:40:11,640
Speaker 1: I think the intensity for me is translated through like

897
00:40:11,680 --> 00:40:14,840
Speaker 1: that tingle that you you you feel sometimes with like

898
00:40:14,880 --> 00:40:16,680
Speaker 1: a freshly hopped I p A or in this case

899
00:40:16,760 --> 00:40:19,080
Speaker 1: just a double dry hopped I p A. It's like

900
00:40:19,120 --> 00:40:21,600
Speaker 1: pop rocks in a beer kind of almost yeah, yeah,

901
00:40:21,600 --> 00:40:24,080
Speaker 1: it's almost. It almost has this like numbing effect on

902
00:40:24,120 --> 00:40:26,200
Speaker 1: your mouth. But I don't know that that makes it

903
00:40:26,200 --> 00:40:28,720
Speaker 1: sound like it's not good like numbing in a good way,

904
00:40:29,120 --> 00:40:31,600
Speaker 1: but super dank, juicy in the sense that it had

905
00:40:31,640 --> 00:40:33,799
Speaker 1: like the fruit going you know, going on. It wasn't

906
00:40:33,840 --> 00:40:36,239
Speaker 1: like this, It wasn't like drinking orange juice, but above

907
00:40:36,280 --> 00:40:39,160
Speaker 1: everything else that had that tingly nature going on, in

908
00:40:39,200 --> 00:40:42,719
Speaker 1: a sharpness that accompanied it that oftentimes you find in

909
00:40:42,719 --> 00:40:45,600
Speaker 1: a blue cheese, not what most folks are looking for

910
00:40:45,760 --> 00:40:48,160
Speaker 1: when they're drinking a beer. But I still can't remove

911
00:40:48,200 --> 00:40:52,120
Speaker 1: myself from thinking about that dry sharpness when it comes

912
00:40:52,160 --> 00:40:53,920
Speaker 1: to some of these beers that are really hot like this.

913
00:40:54,080 --> 00:40:56,279
Speaker 1: That's why the Veil is not gonna have us do

914
00:40:56,360 --> 00:40:58,440
Speaker 1: any of their commercials anytime soon. I'm sure not not

915
00:40:58,560 --> 00:41:00,840
Speaker 1: even know if they do commercials, but I guess Caesar salad.

916
00:41:02,840 --> 00:41:04,640
Speaker 1: But it really is good, and they make it makes

917
00:41:04,640 --> 00:41:06,480
Speaker 1: just some really good beer, so really delicious, and it's

918
00:41:06,480 --> 00:41:08,640
Speaker 1: got this dope label where it almost looks like you

919
00:41:08,640 --> 00:41:11,800
Speaker 1: should be wearing like three D glasses. You're looking at it. Actually,

920
00:41:11,840 --> 00:41:13,200
Speaker 1: I wonder what it would look like if you had

921
00:41:13,200 --> 00:41:15,440
Speaker 1: on like those red and blue glasses. I wish I

922
00:41:15,480 --> 00:41:17,520
Speaker 1: had a pair hanging out here. I don't, unfortunately we don't.

923
00:41:17,560 --> 00:41:20,759
Speaker 1: But but yeah, this was out of Richmond, Virginia, and

924
00:41:20,800 --> 00:41:23,839
Speaker 1: again this is the Veil Brewing Company. And I'm glad

925
00:41:23,880 --> 00:41:25,120
Speaker 1: that you and I got to enjoy this one on

926
00:41:25,160 --> 00:41:27,360
Speaker 1: the show. But that is going to be it for

927
00:41:27,400 --> 00:41:30,040
Speaker 1: this episode. Listeners can find all of our show notes

928
00:41:30,160 --> 00:41:32,520
Speaker 1: up on the website how the Money dot com, and

929
00:41:32,560 --> 00:41:35,279
Speaker 1: we will make sure to link to that worksheet for

930
00:41:35,320 --> 00:41:38,520
Speaker 1: you to fill out your own money mission statement. We

931
00:41:38,520 --> 00:41:40,480
Speaker 1: think that that could help you tremendously when it comes

932
00:41:40,520 --> 00:41:43,359
Speaker 1: to knowing what you should be setting your sights on

933
00:41:43,480 --> 00:41:45,160
Speaker 1: with your money. Yeah, and just know that Matt and

934
00:41:45,200 --> 00:41:47,399
Speaker 1: I we always love to hear from listeners. Feel free

935
00:41:47,400 --> 00:41:49,359
Speaker 1: to drop us a line at how the Money Pod

936
00:41:49,480 --> 00:41:52,040
Speaker 1: at gmail dot com, especially if you do have a

937
00:41:52,120 --> 00:41:54,239
Speaker 1: chance to do this money mission statement, let us know

938
00:41:54,239 --> 00:41:57,080
Speaker 1: if it's helpful. But that's gonna do it for this episode, Matt.

939
00:41:57,239 --> 00:42:00,200
Speaker 1: Until next time, Best Friends Out and Best Friends Out.