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

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Speaker 1: Today we're going to answer your listener questions.

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Speaker 2: That's right, buddy, these Monday episodes. You said at one

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Speaker 2: time the pipeline to the people.

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Speaker 1: I like that.

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Speaker 2: Where we actually do it's like a it's like a

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Speaker 2: little bat phone on our on our desk here in

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Speaker 2: the office, and we're able to hear directly from listener.

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Speaker 1: I think, by the way, you called it this money episode,

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Speaker 1: but it's a Monday, but all of episodes are by

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Speaker 1: no Monday. My bad.

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Speaker 2: Now we've got a listener who's wondering how she can

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Speaker 2: factor gift cards into her budget. Another listener is asking

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Speaker 2: about inherited debt what that's all about. And another listener

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Speaker 2: is wondering if there are any hidden costs of early retirement.

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Speaker 1: We've got that. Lets more during today's ask how to Monday?

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Speaker 1: How about that?

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Speaker 2: I'm really crossing my wires. Yeah, there you know, how

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Speaker 2: to Monday episode. No, this is what we do on Monday's.

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Speaker 2: We take listener questions.

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Speaker 1: But what's that, man?

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Speaker 2: I feel like we haven't most of the time we have.

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Speaker 2: We have a few hours of hanging out together before

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Speaker 2: we sit down to record, but we both got to

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Speaker 2: work from home a little bit. Our bosses relented and

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Speaker 2: we've got we've got.

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Speaker 1: A pretty good So I don'rt really do the hybrid thing,

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Speaker 1: but yeah, this morning we did. I had a kid

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Speaker 1: at home. You had some couples at home as well.

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Speaker 1: Summer dude, I will say, yeah, the summer childcare thing.

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Speaker 1: And I'm moving parts a beast, and you know, my

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Speaker 1: wife is now like she's a working woman, and so

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Speaker 1: like the way we have to kind of tackle childcare

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Speaker 1: together a lot more. Paying attention to the calendar. All right,

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Speaker 1: are y'all doing It's a puzzle, and I got a

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Speaker 1: I'm required my hands are on deck a lot more.

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Speaker 1: Is it the Google calendar where y'all are doing that?

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Speaker 1: Or is it just kind of like texts and conversations

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Speaker 1: here and there and you're piecing it together. The Google

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Speaker 1: calendar is a life saver. There's no one.

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Speaker 2: If you have any other any questions, always you just

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Speaker 2: always got to look at that shendar. It's always on there.

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Speaker 1: So we basically have like a Sunday night meeting every

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Speaker 1: single Sunday, and then we like I put everything on

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Speaker 1: the calendar according to them Okay, cool, I'm at home

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Speaker 1: covering this shift like I'm doing this, like I've got

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Speaker 1: dinner this night, literally down to I'm cooking dinner on

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Speaker 1: Tuesdays and Thursdays or whatever it is. Yeah, or oh,

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Speaker 1: a pool dinner night on Wednesday. Let's do that. So

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Speaker 1: everything's on my calendar, because if it wasn't, I would

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Speaker 1: forget the cracks. It doesn't she could have told me

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Speaker 1: some thirty seconds ago if I didn't put it on

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Speaker 1: my calendar. Sorry, it's it's leaked out of my ears.

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Speaker 1: I think it's just a male problem too that we

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Speaker 1: have a hard time forgetting. Or maybe it's a Joel

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Speaker 1: specific problem. But yeah, I like the details. So this

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Speaker 1: is Joe, this is why you and I are business procesa.

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Speaker 1: We got different strengths, yeah, different weaknesses. The things that

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Speaker 1: you gravitate towards. I could care less of them. We're

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Speaker 1: still trying to figure out where my strengths are'm at.

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Speaker 1: But one of these days will pinpoint them, so we'll

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Speaker 1: figure them out. We'll do a self assessment. We had

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Speaker 1: to go to like let's drop like ten thousand dollars

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Speaker 1: and go see Tony Robbins and figure out like what

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Speaker 1: it is that fires us up, is that gonna work

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Speaker 1: his investing. I don't like his investing advice. So does

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Speaker 1: he give investing advice? Talk about that? Actually, he just

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Speaker 1: had to remember he had a new book that came out,

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Speaker 1: and his whole pitch was to invest the way rich

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Speaker 1: people invest, which is with these like high foluton hedge

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Speaker 1: funds and stuff like that that are incredibly expensive. And

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Speaker 1: he I think he makes a stance to make a

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Speaker 1: lot of money if you invest in the company that

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Speaker 1: he works does business with. So yeah, well either way,

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Speaker 1: be careful of the different gurus that you follow up there. Yeah, exactly,

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Speaker 1: And I mean to be honest, it's a good time

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Speaker 1: just to mention again even what we say in here,

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Speaker 1: We're gonna answer a lot of questions today on this episode.

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Speaker 1: Do your own homework, do your own due diligence, Like

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Speaker 1: we are not soothsayers. We do our best. Like money

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Speaker 1: is a topic we are incredibly passionate about. We have

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Speaker 1: been studying for many, many years and it's the space

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Speaker 1: we've worked in for a long time. This podcast has

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Speaker 1: been around now for what six plus years? Matt yea,

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Speaker 1: So this yeah, so like take what we say listen

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Speaker 1: to it hopefully, but also take it with a grain

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Speaker 1: of salt and figure out on your own use what

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Speaker 1: we've said to further your exploration. It's our goal, of

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Speaker 1: course to offer great advice, to be helpful, but we

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Speaker 1: were part of mistakes as well. We're human, So Matt,

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Speaker 1: let's move on. Let's mention the beer that we're having

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Speaker 1: on this episode. So it's called Community Connection. It's by

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Speaker 1: Creature Comforts, brewing out of Athens, Georgia, in collaboration with

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Speaker 1: something called Dancing Gnome. Never heard of another brewery, I wonder,

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Speaker 1: I believe it is all right, Well, we'll give our

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Speaker 1: thoughts on this pilsner, which, oh my gosh, we need

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Speaker 1: to be celebrating because this is our first beer back

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Speaker 1: after our hiatus of whole yearly drinking crap beers, and

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Speaker 1: I am really excited to share our thoughts on the

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Speaker 1: spear at the end of the episode. I'm so pumped

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Speaker 1: to actually be drinking something tasty like this. Our time

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Speaker 1: in beer purgatory is over, so we'll give our thoughts

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Speaker 1: on this our dues. And by the way, if you

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Speaker 1: have a money question, you can go to how to

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Speaker 1: money dot com slash ask and find the easy instructions

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Speaker 1: for how to record and submit your question to us

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Speaker 1: there or literally just record your question, be a voice

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Speaker 1: memo and tend it our way at how to Money

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Speaker 1: Pod at gmail dot com. Matt, let's get to the

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Speaker 1: first question. This one is specifically about what if your

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Speaker 1: parents are so good with money?

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Speaker 3: Hey, Matt and Joel, this has been from Grand Rapids.

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Speaker 3: So I've got a question, and this is for me

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Speaker 3: and my three brothers, but probably for a lot of

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Speaker 3: people that are in, you know, somewhat similar situations. So,

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Speaker 3: you know, I grew up in a family where I

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Speaker 3: wouldn't you know, by no means say we grew up

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Speaker 3: in poverty. But you know, we have never had a

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Speaker 3: ton of money around the house, and you know, arguably worse.

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Speaker 3: You know, we just saw a lot of bad financial scripts.

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Speaker 3: My parents were just pretty bad with money, kind of

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Speaker 3: took on a lot of debt, and you know, they

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Speaker 3: never really came together as a team on money or

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Speaker 3: just really made any kind of good financial decisions. So anyway,

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Speaker 3: my brothers and I we're all very well aware of that,

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Speaker 3: even at a young age. So we've been very intentional

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Speaker 3: as we've grown up and gone to school and got

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Speaker 3: jobs to you know, be smart with money to get educated.

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Speaker 3: So we've read a lot of books. That's kind of

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Speaker 3: how I found your podcast. And now we're kind of

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Speaker 3: all in this situation where we're getting married, some of

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Speaker 3: us are having kids, and we're starting to build families,

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Speaker 3: and you know, we really want to set our families

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Speaker 3: up for financial success. And I think we've done a

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Speaker 3: pretty good job so far. But there's this kind of

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Speaker 3: looming cloud over us of our parents. And you know,

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Speaker 3: while neither of them are sick and like dying right now,

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Speaker 3: you know, we do have a concern of you know,

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Speaker 3: kind of in the short term some like medical long

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Speaker 3: term care that you know, they have no money set

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Speaker 3: aside for, but also you know, in a more morbid way,

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Speaker 3: you know, one day they will pass away. And they

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Speaker 3: have a lot of debt, whether it's college debt from

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Speaker 3: helping some of my brothers with school, credit card, car

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Speaker 3: potential medical debt, and they have just been quite unwise

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Speaker 3: with the way that they've handled things. And you know,

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Speaker 3: really we're just kind of wondering, I guess two questions. One,

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Speaker 3: what specific things can we do or should we know

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Speaker 3: of debt that might get passed down to us. And

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Speaker 3: then the second thing is, how would you recommend approaching

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Speaker 3: your parents in this situation where you know, we still

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Speaker 3: love them, We want to be respectful, but we also

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Speaker 3: want to be kind of stern and say, hey, you

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Speaker 3: know it affects us and it more importantly affects our families.

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Speaker 3: We want to know what your financial situation is so

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Speaker 3: we can understand the potential liabilities that we might have

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Speaker 3: to deal with and you know, get them on, you know,

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Speaker 3: whether it's a Dave Ramsey baby steps or something like that.

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Speaker 3: I think there is potential that they want to learn.

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Speaker 3: But you know, one of our concerns is that pride

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Speaker 3: might get in the way and that might they might

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Speaker 3: not want to show us some of the skeletons in

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Speaker 3: their closet. So, you know, how would you recommend just

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Speaker 3: having a respectful conversation where you know, we really do

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Speaker 3: get honest and they can just share what we're dealing with,

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Speaker 3: or you know, is this not necessary and that just

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Speaker 3: doesn't get passed down and we can we can move on. Thanks, guys,

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Speaker 3: really appreciate your show.

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Speaker 1: Matt. First things first, I'm curious how do you think

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Speaker 1: about thinking about death?

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Speaker 2: How do I think about thinking about death? It's something

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Speaker 2: I visit occasionally.

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Speaker 1: Okay, I'm just like, you know, I feel like, uh, focus,

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Speaker 1: did you latch onto that part of Ben's question? Well,

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Speaker 1: it just I mean he made it sound like it

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Speaker 1: was a taboo thing to mention, and I'm like, well,

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Speaker 1: I don't know, man, the stoics would say that it's

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Speaker 1: something we should think about more often and it's the

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Speaker 1: ultimate reality, and so similar with money, like maybe talking

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Speaker 1: about death shouldn't be as taboo as it is. Yeah,

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Speaker 1: what is the what is the stoic saying momento? MORI?

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Speaker 2: Yes, what is? And that means like one day you

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Speaker 2: will die? Yeah, like eventually we're all going to die,

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Speaker 2: and so to be reminded.

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Speaker 1: Of that, I think it's really like a coin or

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Speaker 1: we'll put a skull on the desk or something exactly.

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Speaker 3: No.

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Speaker 2: Well, I mean, like Ben's mentioning that not necessarily because

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Speaker 2: his parents are you know, like like you said, they're

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Speaker 2: not on their deathbed or anything like that, But this

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Speaker 2: is something that's on his mind because of the fact

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Speaker 2: that they've made not great financial decisions during their lifetimes.

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Speaker 2: But bottom line, I think that there is a lot

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Speaker 2: to be said up about Ben and his brothers. I

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Speaker 2: like that it sounds like even though they had an

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Speaker 2: upbringing where money wasn't necessarily handled well, that somehow that

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Speaker 2: they were still able to find their way to personal

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Speaker 2: finance and to handle their money in a healthy and

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Speaker 2: responsible way shows a lot of personal fortitude, a lot

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Speaker 2: of wisdom that he's been able to gain over the years.

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Speaker 1: His brothers too, And it's this interesting thing, Matt. I

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Speaker 1: feel like parental financial issues can sour a relationship. They

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Speaker 1: don't have to, but they can. It makes me think

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Speaker 1: of a friend who she had like the utmost respect

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Speaker 1: for her dad, and then she found out that he,

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Speaker 1: you know, in his sixties, had gotten into all these

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Speaker 1: financial issues and it just changed the way she perceived him.

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Speaker 1: And I think like, sometimes it can show if we're

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Speaker 1: bad with money, or if we make some bigger mistakes

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Speaker 1: that affect our family, that affect maybe like a parent

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Speaker 1: has to move in with a kid or something like that,

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Speaker 1: and you're just like, oh, man, I wish you had

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Speaker 1: prepared better. And so I think handling money well and

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Speaker 1: it doesn't mean getting uber rich or anything like that,

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Speaker 1: but just like not being bad with money can is

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Speaker 1: part of healthy relationships, and if we handle money poorly,

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Speaker 1: it can change the way other people view us. I

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Speaker 1: don't know if it should or not, but I think

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Speaker 1: it does. I think it's just like a reality of life.

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Speaker 2: And that's I think that's a reality too, of getting older,

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Speaker 2: because like when you're younger, you think your parents are infallible, right,

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Speaker 2: like they're like, oh, I mean they're your hero and

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Speaker 2: oftentimes that they can do no wrong in your eye.

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Speaker 2: But then as you get a little bit older, you're like,

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Speaker 2: wait a minute, that's not exactly how I view the world,

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Speaker 2: and you start to I don't know what the term

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Speaker 2: is called, but when you start to differentiate and create

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Speaker 2: your own, your own persona, I think I think that's

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Speaker 2: the word differentiating. So but I love that Ben said

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Speaker 2: that there's potential for his folks to want to learn,

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Speaker 2: and I think that that is a good sign because

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Speaker 2: I do think that like when it comes to parents

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Speaker 2: in situations like this, I think pride and I think

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Speaker 2: shame they can often get in the way, and fear

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Speaker 2: often keeps the kids from bringing this topic up with

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Speaker 2: their parents, and so there's a lot of emotions involved.

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Speaker 2: But I think if you attempt to have these conversations

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Speaker 2: with humility and with kindness. I think it is really

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Speaker 2: possible to get that conversation rolling, to have these conversations

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Speaker 2: without hurting their feelings. And specifically, Ben, I want to

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Speaker 2: encourage you to go back. And this is a pretty

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Speaker 2: deep cut, but listen back to episode one fourteen, which

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Speaker 2: is all about having hard financial conversations with your parents.

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Speaker 2: There's a lot of great advice from guest Cameron Huddleston

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Speaker 2: about exactly how to approach those kind of conversations. And

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Speaker 2: I think it certainly makes sense to have a conversation.

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Speaker 2: It can be a good trust building thing. And you know,

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Speaker 2: I'm not sure how old your folks are, but I

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Speaker 2: think they still got time to make some real progress

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Speaker 2: despite their money issues up to this point. It's not

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Speaker 2: like a foregone conclusion that they're going to die destitute necessarily.

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Speaker 2: It's not easy, but it sounds like that you are

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Speaker 2: in a good headspace in order to do this well.

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Speaker 2: You're approaching it. I don't know the words that you're using.

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Speaker 2: Makes it sound like that you're looking at this from

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Speaker 2: a healthy perspective.

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Speaker 1: Yeah, we talk all the time about getting started early,

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Speaker 1: but even though getting started late and even putting yourself

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Speaker 1: behind the eight ball doesn't mean you can't make significant

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Speaker 1: progress for yourself and for your kids too. So your

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Speaker 1: parents have time in good health, you said, like they

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Speaker 1: maybe let's say they're in their sixties, maybe they're in

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Speaker 1: their early seventies, they could still have I was talking

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Speaker 1: to my grandma the other day, Matt. She's ninety three.

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Speaker 1: I was like, you might have a decade left, Grandma.

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Speaker 2: She's still still working that nine to five nice and

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Speaker 2: weekends a little bit too. Yeah, Oh, you know, she's

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Speaker 2: a hustler. She buys that Gary Vee juice, right, so

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Speaker 2: she's all about that. No, she's obviously been retired for

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Speaker 2: a long time now. But I'm like, Graa, you might

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Speaker 2: have a lot of time left on this earth. Like

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Speaker 2: my neighbor's ninety nine. My neighbor's sister is one hundred

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Speaker 2: and two, So like, you just never know, don't tell

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Speaker 2: me that you talk to your grandma? Was like, what

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Speaker 2: do you want to do when you grow up? No,

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Speaker 2: it's not that kind of thing. Oh, Joel's the guru

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Speaker 2: over nothing like that. You guys so much life ahead

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Speaker 2: of you.

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Speaker 1: But it's true, like there's a lot still potentially multiple decades.

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Speaker 1: Sure to make changes to how you handle things, to

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Speaker 1: make changes to your habits, and to make changes to

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Speaker 1: your trajectory to where your financial future is headed. Because again,

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Speaker 1: that impacts you, and that impacts the people around you

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Speaker 1: that you love too. Let's get to kind of the

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Speaker 1: heart of Ben's question. He wants to know, like what

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Speaker 1: debts he's going to be responsible for, and he alluded

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Speaker 1: to this us to the googling that he did, but

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Speaker 1: likely none. Right, if there are any co signed loans,

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Speaker 1: those could potentially present an issue. College loans perhaps, But

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Speaker 1: when your parents do pass away, their personal property and

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Speaker 1: their assets will pass to their estate, and so then

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Speaker 1: their estate repays any unpaid debt like taxes or unpaid

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Speaker 1: credit card balances, and then if the total outstanding debt

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Speaker 1: exceeds the value of the estate, then the remaining debt

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Speaker 1: typically doesn't get paid. Right, the companies that hold that debt,

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Speaker 1: they're out of luck. And that doesn't mean the debt

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Speaker 1: collectors won't try to trick you into thinking you're responsible,

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Speaker 1: because debt collectors can be a nefarious bunch, but you're

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Speaker 1: not on the hook for it. So you might start

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Speaker 1: to get some phone calls after that fateful date, but

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Speaker 1: just know that legally you're not obligated to pay off

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Speaker 1: the debts that your parents took out exactly.

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Speaker 2: Yeah, I feel like this is one of those areas

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Speaker 2: where folks it's something that is in the back of

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Speaker 2: their minds and it's just like been described, it's like

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Speaker 2: this thing that's kind of like the dark cloud looming,

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Speaker 2: and you're just like, oh, at some point, we're going

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Speaker 2: to have to address this, and we're going to get

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Speaker 2: into the mess and figure out all that we owe.

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Speaker 2: There is no such thing as inherited debt, like Jill said,

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Speaker 2: unless you co signed, and hopefully you did not, And

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Speaker 2: we're also not keen on you helping your folks actually

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Speaker 2: to pay off their debts given your lack of illegal

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Speaker 2: obligation to do that. I didn't hear you mention anything

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Speaker 2: along those lines about you trying to clean up the

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Speaker 2: mess perhaps that they've made.

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Speaker 1: But instead, I think, especially if you love your parents,

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Speaker 1: I think that might be a fee natural feel. Yeah,

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Speaker 1: I feel kind.

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Speaker 2: To do that, but you talk to your brothers and

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Speaker 2: you're like, hey, let's pitch in and help them out.

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Speaker 2: But yeah, it sounds like it might be even bigger

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Speaker 2: than something that they could even the three of them

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Speaker 2: tackle and take on together. But I think if you

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Speaker 2: were to point your folks in the direction of help,

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Speaker 2: like for instance, money management international, like that's one thing,

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Speaker 2: but yeah, pooling your sibling resources, it doesn't make a

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Speaker 2: lot of sense given that this debt isn't yours. That

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Speaker 2: being said, I think the only exception is potentially the

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Speaker 2: student loans that you mentioned. I think I could see

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Speaker 2: you possibly having like a moral responsibility to maybe help

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Speaker 2: out a little bit. I think it's worth at least

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Speaker 2: considering maybe helping your folks out with that part of

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Speaker 2: the debt burden.

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Speaker 1: That they have.

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Speaker 2: So again, yeah, there's no legal obligation, but I could

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Speaker 2: see that being something that if you wanted to that

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Speaker 2: that could be a nice thing to kind of help

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Speaker 2: them out with.

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Speaker 1: Yeah, and I think I could also help break down

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Speaker 1: some of the conversational walls that often get thrown up

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Speaker 1: when you're trying to talk about money with your parents,

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Speaker 1: Like it allows them to see that you are willing

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Speaker 1: to help them on multiple fronts, not just be like

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Speaker 1: go through this person to fix what you've screwed up.

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Speaker 1: You're kind of getting your hands dirty a little bit.

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Speaker 1: At the same time, keep those boundaries clear, don't start

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Speaker 1: paying off any of their other debts. But I do

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Speaker 1: think that gesture goes a long way towards helping your

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Speaker 1: parents see the light. And nobody really likes to be

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Speaker 1: lectured at nauseam about their mistakes or even just pointed

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Speaker 1: towards resources. But I think, yeah, if you're willing to

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Speaker 1: partake in at least that one debt with them, alongside

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Speaker 1: of them, that can help move the ball forward. And

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Speaker 1: I think it also matters want to highlight that Ben

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Speaker 1: is not alone in this. Obviously he's got his brothers.

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Speaker 1: But even besides that, like millions of kids are going

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Speaker 1: through something similar in this country, the old Sandwich generation,

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Speaker 1: and those kids are now growing up. They're like millennials

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Speaker 1: with jobs or our young gen zers with who are

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Speaker 1: in the workforce now, and they're realizing that their parents

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Speaker 1: didn't know anything about personal finance and that their parents

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Speaker 1: have slowly dug themselves into a financial hole and decades

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Speaker 1: later after like poor financial decisions, Matt, those things can

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Speaker 1: compound the whole can be quite deep. But there are

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Speaker 1: steps that they can take right now to write the

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Speaker 1: ship and the help, I would say of a nonprofit

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Speaker 1: debt counselor an informed third party could be the perfect

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Speaker 1: place to start if they're willing and so hopefully, Yeah,

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Speaker 1: you can enter into that conversation with humility combined with information,

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Speaker 1: combined with a can do spirit, so they actually maybe

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Speaker 1: get excited about jumping in fixing this mess and kind

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Speaker 1: of you know, changing the narrative totally.

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Speaker 2: Yeah, I will say there. I think there can be

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Speaker 2: certain times in certain situations where somebody doesn't want to

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Speaker 2: make progress. It sounds like that his parents are willing

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Speaker 2: to make progress. But again, given the fact that he's

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Speaker 2: not nor his brothers are legally responsible for any of

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Speaker 2: this debt, I think it's willing to try to have

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Speaker 2: some of these conversations. But at the same time, if

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Speaker 2: they're not willing to have these conversations, man, I would

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Speaker 2: much rather value the state of your relationship with them

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Speaker 2: rather than making sure that they've got all their ducks

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Speaker 2: lined up and how they're all their ducks all in

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Speaker 2: a row, that kind of thing.

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Speaker 1: Like another animal reference, you can lead a horse to water.

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Speaker 2: Yeah, that's that's exactly what I was thinking about. You

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Speaker 2: can't make them drink and in this case, maybe they

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Speaker 2: don't want to drink and so you can be a resource,

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Speaker 2: you can be encouraging, but ultimately they may not necessarily

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Speaker 2: want to change their ways. But uh, Ben, yeah, we

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Speaker 2: do hope that that gives you some food for thought

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Speaker 2: and hopefully, yeah, you are able to equip your parents

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Speaker 2: with some better money scripts since it sounds like that

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Speaker 2: you didn't grow up with many of those. But Joel,

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Speaker 2: we've got more to get to during this episode. Specifically,

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Speaker 2: we're gonna talk about something we don't often talk about.

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Speaker 1: We're gonna talk about.

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Speaker 2: Gift cards, how to go about handling those. We'll get

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Speaker 2: to that more right after.

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Speaker 1: This our Matt, we're back. We've got more money questions.

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Speaker 1: We got to get to. This next question is actually

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Speaker 1: more existential. Money's involved, but it's not at the core

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Speaker 1: of this question.

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Speaker 4: Hey, Matt and Joel, this is Justin Peters from Austin, Texas.

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Speaker 4: My question for you. I am moving into a period

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Speaker 4: of life where I don't know, maybe I'm inching closer

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Speaker 4: to coast fire, but I'm having a lot of trouble

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Speaker 4: letting go of the type a personality that's really gotten

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Speaker 4: me here and starting to enjoy some of the fruits

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Speaker 4: of my labor. I'm wondering through your own experience, was

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Speaker 4: there something that helped you transition out of savor and

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Speaker 4: frugality mindset and into somebody that could spend some money

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Speaker 4: on some things they can enjoy right now. I really

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Speaker 4: appreciate your insight and thanks again for the awesome show.

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Speaker 1: Joe.

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Speaker 2: We should have let into this question sharing that Justin

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Speaker 2: is a fellow personal finance money nerd in the space.

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Speaker 1: He's got his own podcast, The Struggle is Real. Of

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Speaker 1: course he didn't mention that, but we wanted to make

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Speaker 1: sure we give his show a little a quick little plug.

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Speaker 1: I was on there a few months ago. I had

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Speaker 1: a great combo. He asked killer questions. So, yeah, great

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Speaker 1: show that Justin.

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Speaker 2: Did y'all talk about running because you have gotten more

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Speaker 2: into running since you saw him last and he's a

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Speaker 2: pretty hardcore run he is. No, we didn't talk about that,

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Speaker 2: but U BO, Yeah, yes, talk about next, but do.

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Speaker 2: Let's talk about Justin's conundrum here though, And first off,

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Speaker 2: Coast Fire. That's a big achievement like that and what

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Speaker 2: that really means if you don't into the intricate lingo

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Speaker 2: of the fire movement is that you have frontloaded the

433
00:19:26,760 --> 00:19:30,520
Speaker 2: sacrifice to such an extent that you have saved and

434
00:19:30,560 --> 00:19:34,399
Speaker 2: invested enough money that even if you didn't invest another dollar,

435
00:19:34,480 --> 00:19:36,560
Speaker 2: you'd have enough money to retire by the time you

436
00:19:36,600 --> 00:19:39,840
Speaker 2: reach retirement age. So that's a that's a pretty cool accomplishment, right,

437
00:19:39,960 --> 00:19:42,640
Speaker 2: and it's our favorite fire approach. Like the cool thing

438
00:19:42,880 --> 00:19:45,880
Speaker 2: about hitting coast fire is that you you've invested enough

439
00:19:45,880 --> 00:19:47,760
Speaker 2: so that growth alone does the work for you in

440
00:19:47,760 --> 00:19:49,880
Speaker 2: the coming year, so that you can kind of chill

441
00:19:49,920 --> 00:19:53,159
Speaker 2: ax a little bit and and spend more of your

442
00:19:53,200 --> 00:19:55,960
Speaker 2: money in the here and now. And that's really only

443
00:19:55,960 --> 00:19:57,960
Speaker 2: possible mat we're talking about getting started early. If you

444
00:19:58,000 --> 00:20:00,879
Speaker 2: get started really early for most of I mean, if

445
00:20:00,920 --> 00:20:04,000
Speaker 2: you're not starting in your twenties.

446
00:20:03,880 --> 00:20:06,080
Speaker 1: It's pretty hard to hit that. And most folks ultimately

447
00:20:06,119 --> 00:20:10,120
Speaker 1: don't abandon contributions altogether. Typically they just reduce them, which

448
00:20:10,160 --> 00:20:12,760
Speaker 1: allows them to again enjoy some more of those dollars

449
00:20:12,800 --> 00:20:15,320
Speaker 1: now trying to strike that healthy balance, which is exactly

450
00:20:15,400 --> 00:20:17,359
Speaker 1: kind of what Justin's asking now. He's like, hey, I

451
00:20:17,400 --> 00:20:20,080
Speaker 1: went so hard. I took the nose to the grindstone approach.

452
00:20:20,359 --> 00:20:23,240
Speaker 1: I funneled so many dollars into my retirement accounts, and

453
00:20:23,280 --> 00:20:26,800
Speaker 1: I'm so used to living on a small portion of

454
00:20:26,800 --> 00:20:28,520
Speaker 1: what I make, maybe maybe half. I don't know. I

455
00:20:28,560 --> 00:20:30,359
Speaker 1: don't know what a savings right was, So how do

456
00:20:30,400 --> 00:20:32,199
Speaker 1: I start to incorporate those now that I've already hit

457
00:20:32,240 --> 00:20:34,679
Speaker 1: this milestone and it can be tough to turn on

458
00:20:34,720 --> 00:20:36,879
Speaker 1: a dime like that. Yeah, No, I totally agree.

459
00:20:37,040 --> 00:20:39,440
Speaker 2: If you've been getting really getting after you, if you've

460
00:20:39,440 --> 00:20:42,400
Speaker 2: been say, socking away like forty percent of your income,

461
00:20:42,520 --> 00:20:44,280
Speaker 2: I think it's going to be hard to reduce that

462
00:20:44,359 --> 00:20:46,879
Speaker 2: to the standard ten percent. What are you gonna do

463
00:20:46,880 --> 00:20:49,639
Speaker 2: with all that extra money? Which isn't necessarily a You know,

464
00:20:49,680 --> 00:20:51,359
Speaker 2: that's not a problem that most Americans have, That's not

465
00:20:51,359 --> 00:20:54,440
Speaker 2: a terrible conundrum, but I do think it's a real problem,

466
00:20:54,520 --> 00:20:57,760
Speaker 2: especially for folks who have been really focused, They've been.

467
00:20:57,640 --> 00:20:59,479
Speaker 1: Really buttoned up when it comes to their finances. Yea,

468
00:20:59,600 --> 00:21:02,119
Speaker 1: the typical American issue is it's the opposite. I spend

469
00:21:02,119 --> 00:21:04,880
Speaker 1: too much, I spend more than I earn. I've done

470
00:21:04,880 --> 00:21:06,640
Speaker 1: myself into a debt hole. How do I get out?

471
00:21:06,720 --> 00:21:08,920
Speaker 1: This is like abnormal, but it's it's still a problem

472
00:21:08,920 --> 00:21:09,359
Speaker 1: worth fixing.

473
00:21:09,400 --> 00:21:11,679
Speaker 2: It's worth mentioning too that and this might be a

474
00:21:11,680 --> 00:21:14,320
Speaker 2: slightly different take that it's okay to not spend all

475
00:21:14,320 --> 00:21:16,240
Speaker 2: of your money. And I know this isn't necessarily what

476
00:21:16,280 --> 00:21:18,720
Speaker 2: you're what you're asking justin but I think everyone is

477
00:21:18,720 --> 00:21:21,640
Speaker 2: wired differently, and you might maybe like maybe you've done

478
00:21:21,640 --> 00:21:23,480
Speaker 2: a little bit of soul searching and you've realized, you

479
00:21:23,480 --> 00:21:27,720
Speaker 2: know what, I have found that I don't garner a

480
00:21:27,720 --> 00:21:30,480
Speaker 2: whole lot of purpose out of being an American consumer, right, Like,

481
00:21:30,560 --> 00:21:32,879
Speaker 2: maybe you have spent some money more in some of

482
00:21:32,880 --> 00:21:35,000
Speaker 2: the different areas of your life and you're just not

483
00:21:35,160 --> 00:21:36,679
Speaker 2: it's just not moving the needle for you. And I

484
00:21:36,680 --> 00:21:39,040
Speaker 2: think that's okay, But like, what is it that is

485
00:21:39,080 --> 00:21:41,200
Speaker 2: going to bring you more fulfillment? And maybe that's giving

486
00:21:41,200 --> 00:21:44,080
Speaker 2: your money away, and maybe that's volunteering. Maybe that's taking

487
00:21:44,119 --> 00:21:47,240
Speaker 2: a job in a career industry that is less, that

488
00:21:47,280 --> 00:21:50,159
Speaker 2: doesn't pay nearly as well, but perhaps brings you a

489
00:21:50,160 --> 00:21:53,960
Speaker 2: lot more life satisfaction. And I think that's totally worth considering.

490
00:21:54,000 --> 00:21:56,280
Speaker 2: Like it makes me think of like Victor Frankel and

491
00:21:56,280 --> 00:22:00,159
Speaker 2: how the individuals who survive that those terrible circumstances that

492
00:22:00,200 --> 00:22:02,760
Speaker 2: he documents, the folks who survived were the ones that

493
00:22:02,840 --> 00:22:05,680
Speaker 2: had purpose, and it was oftentimes something that was outside

494
00:22:05,720 --> 00:22:07,560
Speaker 2: of them, right there was like a hope, whether it

495
00:22:07,600 --> 00:22:10,199
Speaker 2: was like a family member or like a study that

496
00:22:10,280 --> 00:22:12,200
Speaker 2: wanted to be published, or a book that they wanted

497
00:22:12,200 --> 00:22:12,480
Speaker 2: to write.

498
00:22:12,480 --> 00:22:14,200
Speaker 1: The other mission, they have a mission.

499
00:22:14,240 --> 00:22:16,720
Speaker 2: There are these things outside of yourself other than just

500
00:22:16,800 --> 00:22:20,200
Speaker 2: like your temporary happiness. And I think that's what we're

501
00:22:20,200 --> 00:22:22,160
Speaker 2: trying trying to avoid here. And I don't I don't

502
00:22:22,160 --> 00:22:24,000
Speaker 2: mean to go like too deep too quickly here, but

503
00:22:25,480 --> 00:22:29,040
Speaker 2: like I think Justin specifically is looking for some practical

504
00:22:29,040 --> 00:22:31,320
Speaker 2: tips on some hey, how can I just start ramping

505
00:22:31,400 --> 00:22:33,159
Speaker 2: up my spending in a way, like he said that

506
00:22:33,240 --> 00:22:35,480
Speaker 2: does give him the freedom to let go a little

507
00:22:35,480 --> 00:22:37,960
Speaker 2: bit to where it doesn't feel like, yeah, he is

508
00:22:38,359 --> 00:22:42,080
Speaker 2: going counter to who he is as an individual. While

509
00:22:42,520 --> 00:22:44,480
Speaker 2: you know, I don't think there's many people who want

510
00:22:44,520 --> 00:22:47,399
Speaker 2: to die, you know, and end up on their deathbed

511
00:22:47,480 --> 00:22:49,960
Speaker 2: with tons of money in the bank without there being

512
00:22:50,119 --> 00:22:52,640
Speaker 2: stones unturned, right, Like, that's the thing, That's what I guess,

513
00:22:52,640 --> 00:22:54,520
Speaker 2: that's what I'm trying to get at. I think it's

514
00:22:54,560 --> 00:22:56,320
Speaker 2: okay to have a ton of money in your old

515
00:22:56,320 --> 00:22:58,639
Speaker 2: age as long as you've turned over all those stones

516
00:22:58,680 --> 00:23:01,359
Speaker 2: and been like, is this something that that brings me

517
00:23:01,359 --> 00:23:02,199
Speaker 2: happiness and fulfillment?

518
00:23:02,320 --> 00:23:04,399
Speaker 1: What about this? What about that? It's the folks who

519
00:23:04,640 --> 00:23:07,600
Speaker 1: don't explore, but it sounds like Justin's doing a whole

520
00:23:07,600 --> 00:23:08,520
Speaker 1: lot of self exploration.

521
00:23:08,560 --> 00:23:10,639
Speaker 2: The fact that he's even asking this question tells me

522
00:23:10,680 --> 00:23:12,040
Speaker 2: a lot about where he is on his journey.

523
00:23:12,119 --> 00:23:15,520
Speaker 1: Yeah, he's kind of gnawing it over right in his mind,

524
00:23:15,800 --> 00:23:18,040
Speaker 1: He's molding it over. And I will say I think

525
00:23:18,040 --> 00:23:19,680
Speaker 1: that this is one of the faults of the fire

526
00:23:19,720 --> 00:23:23,000
Speaker 1: movement is that it can become so about the numbers,

527
00:23:23,000 --> 00:23:24,960
Speaker 1: and so about a massively high savings rate, and so

528
00:23:25,080 --> 00:23:27,159
Speaker 1: about all the levers that you can pull to be

529
00:23:27,359 --> 00:23:31,520
Speaker 1: the most efficient, that maybe you're missing out you haven't

530
00:23:31,560 --> 00:23:34,720
Speaker 1: done enough thinking about the life part of things. Yes,

531
00:23:34,760 --> 00:23:37,199
Speaker 1: and money in and of itself, there's a lot of

532
00:23:37,359 --> 00:23:41,560
Speaker 1: important things. It's an important tool that impacts our lives

533
00:23:41,600 --> 00:23:44,560
Speaker 1: in incredible ways. But it's also important to think so

534
00:23:44,640 --> 00:23:47,240
Speaker 1: much about money that we're not thinking you enough about

535
00:23:47,280 --> 00:23:50,840
Speaker 1: like the more important things that are going on around us,

536
00:23:51,040 --> 00:23:55,800
Speaker 1: the relationships community, friends, family, and activities, like even just

537
00:23:55,920 --> 00:23:58,320
Speaker 1: kind of balance in our lives. And right, I think

538
00:23:58,359 --> 00:24:01,640
Speaker 1: This is a problem that specifically plagues the fire community.

539
00:24:01,840 --> 00:24:04,280
Speaker 1: When an intensely high savings rate is the highest virtue

540
00:24:04,480 --> 00:24:06,320
Speaker 1: and you've been practicing it for a long time, it's

541
00:24:06,359 --> 00:24:08,760
Speaker 1: just it's hard to get out of that mindset, right.

542
00:24:09,440 --> 00:24:12,480
Speaker 1: I think the first thing you need is the desire

543
00:24:12,760 --> 00:24:14,920
Speaker 1: to get out of that mindset, which Justin has totally.

544
00:24:14,960 --> 00:24:17,040
Speaker 1: He wants to find a way to spend more or

545
00:24:17,080 --> 00:24:19,959
Speaker 1: at least find ways to be a little less focused

546
00:24:20,040 --> 00:24:22,879
Speaker 1: on the money goal. And I think the next thing

547
00:24:22,920 --> 00:24:24,320
Speaker 1: you need to realize is that it's a process.

548
00:24:24,400 --> 00:24:24,480
Speaker 2: Right.

549
00:24:24,520 --> 00:24:26,760
Speaker 1: It's more like turning the rudder of a ship a

550
00:24:26,760 --> 00:24:29,720
Speaker 1: couple of clicks. It's less like going from Clark Kent

551
00:24:29,800 --> 00:24:33,760
Speaker 1: to Superman, right, where you just have to Yeah, it's

552
00:24:33,960 --> 00:24:37,040
Speaker 1: it's just, yeah, it's not something that happens overnight. And

553
00:24:37,400 --> 00:24:39,040
Speaker 1: I think we also, like in Matt, you and I

554
00:24:39,160 --> 00:24:41,480
Speaker 1: mindful spending to a muscle that needs to be exercised.

555
00:24:41,760 --> 00:24:43,760
Speaker 1: You've seen pictures of that dude, the liver King, you know,

556
00:24:43,840 --> 00:24:46,920
Speaker 1: the like outrageously strong dude who kind of faked it.

557
00:24:46,960 --> 00:24:50,000
Speaker 1: Actually it starts out on teroids. Yeah yeah, but like

558
00:24:50,000 --> 00:24:52,080
Speaker 1: his body it's like insane, it's like insane and probably

559
00:24:52,119 --> 00:24:53,600
Speaker 1: some of you out there might want to be buff

560
00:24:53,680 --> 00:24:55,600
Speaker 1: like that. Dude. That's just not how it works though, right,

561
00:24:55,640 --> 00:24:58,320
Speaker 1: And you know that doesn't happen overnight. The most important

562
00:24:58,600 --> 00:25:00,640
Speaker 1: shifts that are going to happen for so whether it's

563
00:25:00,680 --> 00:25:03,119
Speaker 1: in how we relate to money, whether it's in how

564
00:25:03,200 --> 00:25:05,840
Speaker 1: we relate to our bodies, it does take a mindset shift.

565
00:25:05,960 --> 00:25:07,960
Speaker 1: But I think it's also important to note that it's

566
00:25:08,000 --> 00:25:09,800
Speaker 1: going to take time to know that ahead of time,

567
00:25:09,840 --> 00:25:12,040
Speaker 1: so you're not expecting immediate results and that you're going

568
00:25:12,080 --> 00:25:14,960
Speaker 1: to like, you know, change your colors immediately totally.

569
00:25:15,040 --> 00:25:17,560
Speaker 2: And I don't know how old Justin is, but he's

570
00:25:17,560 --> 00:25:19,240
Speaker 2: a little bit younger. He's younger than me. I'll just

571
00:25:19,240 --> 00:25:22,399
Speaker 2: say that, who isn't now speaking of you know, kind

572
00:25:22,400 --> 00:25:24,000
Speaker 2: of adding on to what you're saying there. It does

573
00:25:24,040 --> 00:25:26,320
Speaker 2: take some time, but I do think, like for me,

574
00:25:26,480 --> 00:25:28,960
Speaker 2: the craft beer equivalent like that has been a guiding

575
00:25:29,040 --> 00:25:31,320
Speaker 2: LFE for us, you know, especially here on the show.

576
00:25:31,760 --> 00:25:34,000
Speaker 2: We don't want to end up like the French philosopher Didero,

577
00:25:34,480 --> 00:25:36,720
Speaker 2: where you upgrade one thing, but then you realize that

578
00:25:36,760 --> 00:25:39,240
Speaker 2: everything else in your life looks dingy, and you know,

579
00:25:39,280 --> 00:25:40,840
Speaker 2: so you go on a spending spree, and it just

580
00:25:40,880 --> 00:25:42,840
Speaker 2: undoes all the hard work and all the frugality that

581
00:25:42,840 --> 00:25:46,000
Speaker 2: you've established up to this point. But we do want

582
00:25:46,000 --> 00:25:48,119
Speaker 2: to intentionally highlight a few things that we're willing to

583
00:25:48,119 --> 00:25:51,200
Speaker 2: spend more on. We do want you to boost your

584
00:25:51,280 --> 00:25:55,359
Speaker 2: budget on purpose though, within those areas, and for a

585
00:25:55,400 --> 00:25:57,720
Speaker 2: while it might feel like you have to force yourself

586
00:25:57,720 --> 00:25:59,320
Speaker 2: to spend a little bit more, but I think it

587
00:25:59,320 --> 00:26:02,119
Speaker 2: won't take long before you get used to, you know,

588
00:26:02,160 --> 00:26:04,280
Speaker 2: those purse strings being a little bit looser. It makes

589
00:26:04,280 --> 00:26:05,920
Speaker 2: me think about my I don't want to say I

590
00:26:05,920 --> 00:26:09,400
Speaker 2: have an obsession with coffee, but maybe like ten years

591
00:26:09,440 --> 00:26:09,920
Speaker 2: ago I started.

592
00:26:09,920 --> 00:26:10,920
Speaker 1: I don't know what you call it. If you don't

593
00:26:10,920 --> 00:26:11,680
Speaker 1: call it an obsessions.

594
00:26:11,680 --> 00:26:13,600
Speaker 2: We started by Actually it wasn't even ten years ago,

595
00:26:13,600 --> 00:26:16,359
Speaker 2: because I remember talking about Aldi coffee on the show.

596
00:26:16,200 --> 00:26:17,360
Speaker 1: Which was like six years ago.

597
00:26:17,400 --> 00:26:20,760
Speaker 2: So over the past six years, we always had a burgrinder,

598
00:26:20,800 --> 00:26:23,439
Speaker 2: so we'd always freshly grind our coffee at home and

599
00:26:23,520 --> 00:26:25,119
Speaker 2: try to make the best coffee you can. But then

600
00:26:25,119 --> 00:26:26,840
Speaker 2: over time you kind of reach the limit of what

601
00:26:26,840 --> 00:26:29,840
Speaker 2: you're able to do with that, and then you start thinking, Okay,

602
00:26:29,960 --> 00:26:32,400
Speaker 2: what we need now is a little kettle that way,

603
00:26:32,440 --> 00:26:35,080
Speaker 2: I know the exact temperature that I'm brewing my coffee, okay,

604
00:26:35,280 --> 00:26:37,240
Speaker 2: And you kind of reach the limit of that and

605
00:26:37,320 --> 00:26:39,760
Speaker 2: you realize, oh, it's time to start spending a little

606
00:26:39,760 --> 00:26:41,880
Speaker 2: bit more on coffee beans. And I'm at the point

607
00:26:41,880 --> 00:26:45,080
Speaker 2: now to where I've got a really nice burgrinder at

608
00:26:45,080 --> 00:26:47,200
Speaker 2: home that I'm kind of embarrassed at how much money

609
00:26:47,200 --> 00:26:49,600
Speaker 2: I spent on it, and dropping twenty plus dollars on

610
00:26:49,720 --> 00:26:53,919
Speaker 2: like twelve ounces of beans. It's not something I like.

611
00:26:53,960 --> 00:26:55,639
Speaker 2: It's not like at the beginning of that whole process,

612
00:26:55,680 --> 00:26:58,040
Speaker 2: I was looking to drop a whole lot of money

613
00:26:58,080 --> 00:27:00,840
Speaker 2: into the thing. But I did follow my curiosity and

614
00:27:00,880 --> 00:27:03,159
Speaker 2: I allowed myself to start to spend a little bit

615
00:27:03,160 --> 00:27:05,520
Speaker 2: more in this thing that I found enjoyable. So maybe

616
00:27:05,560 --> 00:27:07,320
Speaker 2: I guess maybe what I'm pointing out here justin is

617
00:27:07,840 --> 00:27:10,040
Speaker 2: follow your curiosity, Like what is it that lights you up?

618
00:27:10,040 --> 00:27:13,280
Speaker 2: But I'm pretty sure you're like into music festivals stuff

619
00:27:13,320 --> 00:27:15,639
Speaker 2: like that, because we know you personally, But like, what

620
00:27:15,680 --> 00:27:18,000
Speaker 2: does it look like to spend more like in that

621
00:27:18,040 --> 00:27:19,639
Speaker 2: area of life, Like what does it look like to

622
00:27:19,680 --> 00:27:21,560
Speaker 2: you know, as far as live music or or other

623
00:27:21,600 --> 00:27:24,240
Speaker 2: things associated with that yeah, things, all of the curiosities

624
00:27:24,280 --> 00:27:26,960
Speaker 2: that you already have, and like, I'm not going to

625
00:27:27,000 --> 00:27:28,800
Speaker 2: go like some folks talk about like cranking that up

626
00:27:28,840 --> 00:27:31,320
Speaker 2: to eleven and going like balls of the wall and

627
00:27:31,400 --> 00:27:33,040
Speaker 2: going crazy with it. But I think there's a way

628
00:27:33,480 --> 00:27:35,840
Speaker 2: to say, Okay, what's a way that I could just

629
00:27:36,560 --> 00:27:38,680
Speaker 2: one click up, just like you said, like the rudder,

630
00:27:38,680 --> 00:27:41,560
Speaker 2: it's just a couple of clicks, find the enjoyment within that,

631
00:27:41,640 --> 00:27:44,440
Speaker 2: but then then continue to move and progress beyond that

632
00:27:44,480 --> 00:27:44,920
Speaker 2: as well.

633
00:27:45,000 --> 00:27:47,639
Speaker 1: Yeah, And I think like we don't appreciate in the

634
00:27:47,640 --> 00:27:49,600
Speaker 1: same way if we go zero to eleven, but if

635
00:27:49,600 --> 00:27:52,160
Speaker 1: we go one click, two clicks at a time, we're like, oh,

636
00:27:52,200 --> 00:27:53,919
Speaker 1: we start to appreciate the nuance or something, and then

637
00:27:53,960 --> 00:27:55,480
Speaker 1: we like take the next step, and then.

638
00:27:55,440 --> 00:27:57,399
Speaker 2: You want to savor each step along the way, as

639
00:27:57,400 --> 00:27:59,760
Speaker 2: opposed to skipping a bunch of steps to where there's

640
00:27:59,760 --> 00:28:00,720
Speaker 2: like a whole lot of waste.

641
00:28:00,760 --> 00:28:01,960
Speaker 1: It feels like in the middle when you do that.

642
00:28:01,960 --> 00:28:03,560
Speaker 1: I think you're right. I think the craft beer equivalent

643
00:28:03,560 --> 00:28:05,399
Speaker 1: can be an influence here where it's like pick two

644
00:28:05,520 --> 00:28:08,879
Speaker 1: or three things that you're willing and excited to spend

645
00:28:08,880 --> 00:28:11,120
Speaker 1: more money on. Whether it's the running pursuit, whether it's

646
00:28:11,440 --> 00:28:14,399
Speaker 1: the music festival pursuit, whatever it is, where you're like,

647
00:28:14,480 --> 00:28:16,400
Speaker 1: here's how much I spend. Now what if I did

648
00:28:16,400 --> 00:28:18,480
Speaker 1: double that? Like, what would that look like? What would

649
00:28:18,480 --> 00:28:20,480
Speaker 1: I do? What's been on my bucket list that I

650
00:28:20,480 --> 00:28:23,239
Speaker 1: said no to because I was so trying to hit

651
00:28:23,280 --> 00:28:26,639
Speaker 1: some of these financial independence metrics that now I can

652
00:28:26,760 --> 00:28:29,960
Speaker 1: say yes too and still have money left over. I

653
00:28:29,960 --> 00:28:32,520
Speaker 1: think it's also helpful, Matt to think about the purchases

654
00:28:32,600 --> 00:28:34,359
Speaker 1: or trips that aren't going to pay off in the

655
00:28:34,359 --> 00:28:36,000
Speaker 1: same way if you were to wait too long.

656
00:28:36,119 --> 00:28:36,280
Speaker 3: Right.

657
00:28:37,320 --> 00:28:40,880
Speaker 1: It's crucial obviously to know about delayed gratification compounding returns,

658
00:28:41,480 --> 00:28:44,080
Speaker 1: but justin know that stuff. Most of the folks listening

659
00:28:44,080 --> 00:28:46,000
Speaker 1: to this podcast know that stuff. Basically, what I'm saying

660
00:28:46,080 --> 00:28:48,479
Speaker 1: is like the incredible backpacking or skiing trip in your

661
00:28:48,520 --> 00:28:51,160
Speaker 1: late thirties, it's going to hit differently than it will

662
00:28:51,160 --> 00:28:53,560
Speaker 1: in your late sixties. Yep. Not that you're not still

663
00:28:53,560 --> 00:28:56,800
Speaker 1: going to be spry, potentially in great shape. But aging

664
00:28:56,840 --> 00:28:59,560
Speaker 1: is of course real, and some experiencers are best enjoyed

665
00:28:59,640 --> 00:29:02,360
Speaker 1: sooner rather than later. So maybe for you it's taken

666
00:29:02,400 --> 00:29:06,000
Speaker 1: more time off work and just getting paid lesser going

667
00:29:06,040 --> 00:29:08,040
Speaker 1: part time even how crazy would that be because hey,

668
00:29:08,040 --> 00:29:10,000
Speaker 1: guess what, I don't need the same income that I

669
00:29:10,080 --> 00:29:11,600
Speaker 1: used to need, and it leaves me all this time

670
00:29:11,640 --> 00:29:15,400
Speaker 1: for these other endeavors I'm interested in. But yeah, I think,

671
00:29:15,600 --> 00:29:17,680
Speaker 1: just know that there are windows of time where certain

672
00:29:17,720 --> 00:29:20,520
Speaker 1: things are going to be more valuable, especially in your youth,

673
00:29:20,520 --> 00:29:22,440
Speaker 1: and they're going to be later on. And I would

674
00:29:22,440 --> 00:29:24,120
Speaker 1: start to put things into buckets like what do I

675
00:29:24,160 --> 00:29:26,120
Speaker 1: need to get done in the next three years? What

676
00:29:26,240 --> 00:29:29,000
Speaker 1: can wait thirty years and start to kind of plan

677
00:29:29,040 --> 00:29:31,040
Speaker 1: your schedule and plan your purchases accordingly.

678
00:29:31,160 --> 00:29:32,800
Speaker 2: Yeah, like I you said windows of time because there

679
00:29:32,800 --> 00:29:35,719
Speaker 2: are different seasons that things are available to you. So

680
00:29:36,200 --> 00:29:38,640
Speaker 2: I will say that getting married, having a family, these

681
00:29:38,640 --> 00:29:42,760
Speaker 2: are things that have expanded the different financial goal and

682
00:29:42,800 --> 00:29:44,600
Speaker 2: not just financial goals but just life goals that I

683
00:29:44,640 --> 00:29:47,440
Speaker 2: have for myself as well, because I'm like, Okay, this

684
00:29:47,600 --> 00:29:49,880
Speaker 2: is not something I would have chosen, but turns out

685
00:29:49,920 --> 00:29:51,640
Speaker 2: now that I'm married and have a wife and have kids,

686
00:29:51,840 --> 00:29:54,120
Speaker 2: there are things that are more of a priority for

687
00:29:54,200 --> 00:29:56,920
Speaker 2: me now than they would have been, say, ten years ago.

688
00:29:56,960 --> 00:29:59,720
Speaker 2: And it makes me think about my oldest daughter, whose

689
00:29:59,800 --> 00:30:04,120
Speaker 2: life more than halfway through her residency at the Alt Mix.

690
00:30:03,960 --> 00:30:06,080
Speaker 1: Household before she's like out the door.

691
00:30:06,120 --> 00:30:08,160
Speaker 2: And so what that does is it causes me to

692
00:30:08,200 --> 00:30:11,720
Speaker 2: prioritize my spending a little bit differently now, knowing that, like, man,

693
00:30:11,760 --> 00:30:14,400
Speaker 2: there is a runway and she's started down that runway

694
00:30:14,400 --> 00:30:17,120
Speaker 2: and at a certain point she's launching off into adulthood

695
00:30:17,120 --> 00:30:20,120
Speaker 2: on her own. And so that's another area where I

696
00:30:20,160 --> 00:30:22,440
Speaker 2: would say it's it's just good to be patient because

697
00:30:22,480 --> 00:30:24,720
Speaker 2: things are going to change, and you don't exactly know

698
00:30:24,760 --> 00:30:28,080
Speaker 2: how they're gonna change. But there are other goals and

699
00:30:28,120 --> 00:30:31,160
Speaker 2: desires that you might have once you move on to

700
00:30:31,200 --> 00:30:34,040
Speaker 2: different stages of life, and not to rush into any

701
00:30:34,120 --> 00:30:36,520
Speaker 2: of those different stages, but just to know that those are,

702
00:30:36,920 --> 00:30:38,960
Speaker 2: I don't know, they're kind of like looming on the horizon.

703
00:30:39,040 --> 00:30:41,720
Speaker 2: And even here's the other thing, even if they never

704
00:30:41,760 --> 00:30:43,800
Speaker 2: come and say, I'm like, okay, yeah, you got to

705
00:30:43,960 --> 00:30:46,280
Speaker 2: prioritize like the different goals that you're gonna have once

706
00:30:46,280 --> 00:30:49,560
Speaker 2: you have kids. Maybe it means like there's ways that

707
00:30:49,600 --> 00:30:52,479
Speaker 2: you travel now that guess what, like you naturally are

708
00:30:52,480 --> 00:30:54,000
Speaker 2: going to spend more when you get older, Like there

709
00:30:54,000 --> 00:30:57,200
Speaker 2: are certain things you're willing to sacrifice. You may be

710
00:30:57,320 --> 00:31:01,600
Speaker 2: willing to sleep on the cheapest couch at a friend's

711
00:31:01,640 --> 00:31:03,600
Speaker 2: place now while you're young, but when you're older, you're

712
00:31:03,600 --> 00:31:05,560
Speaker 2: just naturally going to be less willing to make those

713
00:31:05,640 --> 00:31:06,520
Speaker 2: kind of sacrific.

714
00:31:06,200 --> 00:31:07,280
Speaker 1: That's I was going to say. It is like, yeah,

715
00:31:07,320 --> 00:31:09,560
Speaker 1: you might hit your coast fire giving your current lifestyle,

716
00:31:09,600 --> 00:31:13,160
Speaker 1: but your lifestyle might change. Yeah, We're constantly changing in dynamics,

717
00:31:13,280 --> 00:31:16,320
Speaker 1: and that's particularly true if your family situation changes, like yeah,

718
00:31:16,400 --> 00:31:18,760
Speaker 1: married with kids and all the things like summer camps

719
00:31:18,800 --> 00:31:21,200
Speaker 1: is here, Matt, Like, we're spending more money than I

720
00:31:21,400 --> 00:31:23,160
Speaker 1: I never even thought about that as a reality of

721
00:31:23,160 --> 00:31:26,719
Speaker 1: a future budget need when I was in my late twenties,

722
00:31:26,760 --> 00:31:29,440
Speaker 1: like even having first kids, it wasn't on my radar.

723
00:31:29,480 --> 00:31:31,040
Speaker 1: I was thinking about diapers and stuff like that, and

724
00:31:31,080 --> 00:31:34,120
Speaker 1: it's like, oh wow, some of these experiences for these

725
00:31:34,120 --> 00:31:37,040
Speaker 1: for the kids can be expensive. They add up, And

726
00:31:37,080 --> 00:31:39,160
Speaker 1: so yeah, I would say that's why you never want

727
00:31:39,160 --> 00:31:43,320
Speaker 1: to completely abandon the frugality and saving gene that got

728
00:31:43,360 --> 00:31:45,760
Speaker 1: you here. You definitely want to morph it and kind

729
00:31:45,760 --> 00:31:48,080
Speaker 1: of allow that to atrophy a little bit while you

730
00:31:48,080 --> 00:31:51,120
Speaker 1: pump up the spending abilities. But you also never want

731
00:31:51,120 --> 00:31:53,240
Speaker 1: that to go away completely because you never know. You

732
00:31:53,240 --> 00:31:55,040
Speaker 1: want that. You want to continue to be adding to

733
00:31:55,080 --> 00:31:57,520
Speaker 1: your freedom pile so that you have the ability to

734
00:31:58,160 --> 00:32:01,160
Speaker 1: change directions and to incorporate even more spending down the

735
00:32:01,160 --> 00:32:05,040
Speaker 1: line as circumstances changed. You just that freedom, that flexibility

736
00:32:05,320 --> 00:32:07,840
Speaker 1: is crucial. I think sometimes folks in the early parts

737
00:32:07,840 --> 00:32:10,280
Speaker 1: of the Fire movement, some of the youngest folks kind

738
00:32:10,280 --> 00:32:13,080
Speaker 1: of maybe they run the numbers, but then they're not

739
00:32:13,160 --> 00:32:16,480
Speaker 1: really thinking about the potential for future changes, and then

740
00:32:16,520 --> 00:32:18,200
Speaker 1: the plan doesn't get you as far in that.

741
00:32:18,280 --> 00:32:20,720
Speaker 2: Yes, yeah, it's good to have optionality and to continue

742
00:32:20,760 --> 00:32:22,840
Speaker 2: to save for the future, even though right now you

743
00:32:22,920 --> 00:32:25,160
Speaker 2: might be saying to yourself, well, I'm happy, like nothing's

744
00:32:25,160 --> 00:32:27,760
Speaker 2: going to change. Well, changes are. You will have different priorities,

745
00:32:27,760 --> 00:32:29,959
Speaker 2: different goals down the road. But justin we hope that

746
00:32:29,960 --> 00:32:32,240
Speaker 2: that gets you pointed in the right direction. Joel us

747
00:32:32,280 --> 00:32:35,600
Speaker 2: here from our next listener. She's got a question, specifically

748
00:32:35,880 --> 00:32:38,160
Speaker 2: a nerdy budgeting question. Let's hear it.

749
00:32:38,640 --> 00:32:41,480
Speaker 5: Hey, Matt and Jeel. My name's Georgia, I too live

750
00:32:41,480 --> 00:32:44,680
Speaker 5: in Atlanta. I'm wondering how you all account for gift

751
00:32:44,680 --> 00:32:47,880
Speaker 5: cards in your budget. Well, it's awesome that gift cards

752
00:32:47,920 --> 00:32:50,520
Speaker 5: can feel like bonus income. I don't love that the

753
00:32:50,600 --> 00:32:54,160
Speaker 5: redemption transactions are hidden from my budget. I think there's

754
00:32:54,280 --> 00:32:58,320
Speaker 5: value in tracking expenses for historical purposes, especially the ones

755
00:32:58,320 --> 00:33:00,280
Speaker 5: that I would have done anyways, but just so happen

756
00:33:00,320 --> 00:33:03,120
Speaker 5: to pay with the gift card. My budgeting system can't

757
00:33:03,160 --> 00:33:05,880
Speaker 5: connect to gift cards and read the transaction, so I

758
00:33:05,920 --> 00:33:09,920
Speaker 5: have to manually track them and categorize them appropriately and

759
00:33:10,080 --> 00:33:12,480
Speaker 5: just kind of a pain. Should I just ditch the

760
00:33:12,560 --> 00:33:15,080
Speaker 5: tracking and leave them out of my budget altogether? Or

761
00:33:15,160 --> 00:33:17,240
Speaker 5: is there a better way to ensure that my expenses

762
00:33:17,240 --> 00:33:20,920
Speaker 5: are accurate. I use my spending data to estimate how

763
00:33:21,000 --> 00:33:24,840
Speaker 5: much to budget annually or monthly, so ignoring expenses that

764
00:33:24,880 --> 00:33:28,080
Speaker 5: were paid with the gift card skews my estimates. Thanks

765
00:33:28,080 --> 00:33:28,440
Speaker 5: so much.

766
00:33:28,600 --> 00:33:31,800
Speaker 1: Love the show, Matt. I feel like Georgia lives in

767
00:33:31,840 --> 00:33:33,520
Speaker 1: the right city, not only because it's our city, but

768
00:33:33,560 --> 00:33:36,400
Speaker 1: because you know, if your name is Georgia gash live, we.

769
00:33:36,320 --> 00:33:38,800
Speaker 2: Should have a producer sitting here to kind of likem

770
00:33:39,480 --> 00:33:40,480
Speaker 2: like a jult of electricity.

771
00:33:40,520 --> 00:33:41,760
Speaker 1: And you tid me to make a dad joke again,

772
00:33:41,800 --> 00:33:43,960
Speaker 1: I'm saying you can't moved to New York or San Francisco.

773
00:33:44,000 --> 00:33:45,680
Speaker 1: With that name, you got to live in the southeast.

774
00:33:45,880 --> 00:33:48,000
Speaker 2: So and you know, she hears that like every time

775
00:33:48,040 --> 00:33:51,640
Speaker 2: she goes to fill out a form somewhere, especially sorry online.

776
00:33:51,720 --> 00:33:54,200
Speaker 2: It's one thing, but like in person, like if you're

777
00:33:54,240 --> 00:33:55,360
Speaker 2: in the state of Georgia, I'm.

778
00:33:55,280 --> 00:33:56,000
Speaker 1: Sure she hears it all.

779
00:33:56,160 --> 00:33:56,240
Speaker 4: So.

780
00:33:56,280 --> 00:33:58,400
Speaker 1: One of my favorite all time movies is True Romance

781
00:33:58,600 --> 00:34:02,760
Speaker 1: and Patrici shark HiT's character is named Alabama, and I

782
00:34:02,800 --> 00:34:05,160
Speaker 1: don't know, I thought about naming my daughter Alabama, even

783
00:34:05,200 --> 00:34:07,000
Speaker 1: though I live in Georgia. But my wife was like, nah,

784
00:34:07,000 --> 00:34:09,760
Speaker 1: that's we're not doing really. Yeah, I'm sure she veted

785
00:34:09,800 --> 00:34:10,200
Speaker 1: that that's like.

786
00:34:11,920 --> 00:34:15,160
Speaker 2: To name one of our girls Savannah, not because it's

787
00:34:15,200 --> 00:34:17,439
Speaker 2: like a super kind of Southern name, but I wanted

788
00:34:17,440 --> 00:34:18,280
Speaker 2: to call her Van.

789
00:34:18,400 --> 00:34:21,279
Speaker 1: Because I thought that was totally rad. She totally vetoed that.

790
00:34:21,320 --> 00:34:23,759
Speaker 2: It's like, Nope, we're not going to do that, all right,

791
00:34:23,920 --> 00:34:25,200
Speaker 2: wax out the veto power on that.

792
00:34:26,000 --> 00:34:29,120
Speaker 1: I love George's attention to detail here too. Like gift cards,

793
00:34:29,480 --> 00:34:32,560
Speaker 1: people usually receive them and of course from somebody else

794
00:34:32,600 --> 00:34:35,480
Speaker 1: as a gift, and then I think most folks think

795
00:34:35,520 --> 00:34:37,560
Speaker 1: of them as free money to be spent however, they

796
00:34:37,640 --> 00:34:41,120
Speaker 1: like without repercussions, which I think is a totally fine approach, Like,

797
00:34:41,120 --> 00:34:43,919
Speaker 1: I'm not no shame in that game. But of course

798
00:34:43,960 --> 00:34:46,440
Speaker 1: you're going to gain more ground by incorporating, you know,

799
00:34:46,520 --> 00:34:49,080
Speaker 1: spending none of those gift cards into your budget. Right,

800
00:34:49,520 --> 00:34:52,279
Speaker 1: unless you're getting like gargantuane gift cards on the rag,

801
00:34:52,560 --> 00:34:55,000
Speaker 1: it's not going to make a massive difference. But it's

802
00:34:55,040 --> 00:34:58,600
Speaker 1: a cool conservative approach that functions in essence like a

803
00:34:58,600 --> 00:35:00,839
Speaker 1: forced method of saving. So I kind of like how

804
00:35:00,840 --> 00:35:04,000
Speaker 1: she's paying attention to that every nook and cranny of

805
00:35:04,000 --> 00:35:07,160
Speaker 1: her financial life. I mean, she's got it all buttoned up. Yeah,

806
00:35:07,320 --> 00:35:10,000
Speaker 1: But I'm not sure if there are any budgeting apps

807
00:35:10,040 --> 00:35:12,360
Speaker 1: that allow you to account forgift cards. I looked, I didn't.

808
00:35:12,400 --> 00:35:13,439
Speaker 1: I definitely didn't see any.

809
00:35:13,920 --> 00:35:15,759
Speaker 2: But I think since it's kind of a one and

810
00:35:15,800 --> 00:35:18,920
Speaker 2: done thing, unlike a de better credit card, right, I

811
00:35:18,960 --> 00:35:20,960
Speaker 2: think it kind of makes sense though that budgeting software

812
00:35:21,000 --> 00:35:24,359
Speaker 2: doesn't have anyway to get to that data unless you

813
00:35:24,360 --> 00:35:27,280
Speaker 2: input it manually, which of course it is not seamless,

814
00:35:27,640 --> 00:35:28,080
Speaker 2: but it.

815
00:35:28,000 --> 00:35:30,000
Speaker 1: Is a way to keep track of those dollars that

816
00:35:30,040 --> 00:35:30,520
Speaker 1: you spend.

817
00:35:30,640 --> 00:35:33,400
Speaker 2: And I think there is something about the manual inputting

818
00:35:33,400 --> 00:35:36,600
Speaker 2: of data that connects our brain to what it is

819
00:35:36,600 --> 00:35:40,480
Speaker 2: that we're spending in a more thorough way. I don't know,

820
00:35:40,640 --> 00:35:43,200
Speaker 2: it's not that like you're rubbing your face in the

821
00:35:43,239 --> 00:35:45,160
Speaker 2: mess that you made. But sometimes it depends on how

822
00:35:45,200 --> 00:35:48,200
Speaker 2: you spent that that month in a particular category. And

823
00:35:48,239 --> 00:35:50,480
Speaker 2: so I guess all that to say, this could be

824
00:35:50,520 --> 00:35:53,160
Speaker 2: a situation where it's a blessing in disguise and Georgia.

825
00:35:53,280 --> 00:35:55,799
Speaker 2: This is one of the reasons why I know there

826
00:35:55,840 --> 00:35:59,279
Speaker 2: are lots of different budgeting apps and software out there

827
00:35:59,280 --> 00:36:03,480
Speaker 2: that automates that I still manually input my expenses in

828
00:36:03,600 --> 00:36:05,040
Speaker 2: order for me to be able to pay attention to

829
00:36:05,080 --> 00:36:06,560
Speaker 2: what it is that we're spending in order to catch

830
00:36:06,600 --> 00:36:10,440
Speaker 2: any fluctuations in our behavior, which over time, could you know,

831
00:36:10,880 --> 00:36:13,600
Speaker 2: it compounds And so for me, it's something that even

832
00:36:13,640 --> 00:36:15,840
Speaker 2: though it from a does it make sense for me

833
00:36:15,880 --> 00:36:18,080
Speaker 2: to spend my time in this way, well not if

834
00:36:18,120 --> 00:36:20,600
Speaker 2: I'm only looking at like my hourly rate, but it

835
00:36:20,640 --> 00:36:22,600
Speaker 2: has more of an impact and I just want to.

836
00:36:22,840 --> 00:36:25,440
Speaker 2: I really enjoy keeping tabs on my spending in that way.

837
00:36:25,560 --> 00:36:26,759
Speaker 2: I like being able to keep up with it, and

838
00:36:26,760 --> 00:36:28,279
Speaker 2: I like being able to compare previously, like at the

839
00:36:28,360 --> 00:36:29,600
Speaker 2: end of the year, we had the ability to look

840
00:36:29,600 --> 00:36:33,160
Speaker 2: back on our expenses, compare that to previous years of spending,

841
00:36:33,200 --> 00:36:34,960
Speaker 2: and to see where we are as a family. I

842
00:36:35,000 --> 00:36:37,840
Speaker 2: think that's really important and it drives and it informs

843
00:36:37,880 --> 00:36:39,719
Speaker 2: the decisions that we make in the coming year. And

844
00:36:39,760 --> 00:36:41,400
Speaker 2: it seems like that's a big part of why Georgia

845
00:36:41,400 --> 00:36:41,959
Speaker 2: wants to keep.

846
00:36:41,880 --> 00:36:43,480
Speaker 1: Up with this. I'm curious how many gift cards she's

847
00:36:43,480 --> 00:36:45,640
Speaker 1: getting and what she's getting these gift cards for. If

848
00:36:45,640 --> 00:36:47,719
Speaker 1: this is like a minor thing and just kind of

849
00:36:47,760 --> 00:36:50,799
Speaker 1: like a type a perfectionism it's coming through, or maybe

850
00:36:50,800 --> 00:36:52,879
Speaker 1: I don't know, maybe some employers will give you gift

851
00:36:52,920 --> 00:36:55,719
Speaker 1: cards as like a bonus sometimes, so maybe they are

852
00:36:56,080 --> 00:36:59,960
Speaker 1: a significant part of kind of her quote unquote income essentially, maybe,

853
00:37:00,040 --> 00:37:01,960
Speaker 1: And so I get wanting to document that. I get.

854
00:37:02,000 --> 00:37:04,239
Speaker 1: The bad news is that there's not really it's a

855
00:37:04,239 --> 00:37:07,160
Speaker 1: manual thing. There's not really any way to do this

856
00:37:07,520 --> 00:37:09,959
Speaker 1: with any of the software that we like the best

857
00:37:10,000 --> 00:37:12,320
Speaker 1: when it comes to budgeting, which is like why NAB

858
00:37:12,400 --> 00:37:14,560
Speaker 1: and Monarch Money, those are two of the best out

859
00:37:14,560 --> 00:37:16,719
Speaker 1: there in the business right now, especially now the Mint

860
00:37:16,800 --> 00:37:19,799
Speaker 1: has gone away. So yeah, if you really really want

861
00:37:19,800 --> 00:37:21,160
Speaker 1: to keep track of this, you're going to have to

862
00:37:21,239 --> 00:37:23,920
Speaker 1: kind of implement a mat like system. There's not something

863
00:37:24,920 --> 00:37:28,759
Speaker 1: super deu breasy and Matt, we haven't really posted your

864
00:37:28,880 --> 00:37:32,440
Speaker 1: Excel budget spreadsheet recently. For all the nerds out there

865
00:37:32,600 --> 00:37:34,200
Speaker 1: are interested, we should put that in the show notes

866
00:37:34,600 --> 00:37:37,239
Speaker 1: for this episode up on howdmoney dot com. Yeah, so

867
00:37:37,280 --> 00:37:39,480
Speaker 1: the other option, So that's one one option right to

868
00:37:39,640 --> 00:37:41,560
Speaker 1: actually keep up with it. But the other option is

869
00:37:41,960 --> 00:37:43,919
Speaker 1: just a ditch it. That's what she said, to ditch

870
00:37:43,960 --> 00:37:48,680
Speaker 1: it completely. And I might recommend doing taking that approach,

871
00:37:49,080 --> 00:37:51,480
Speaker 1: treating those gift cards more like a complete and total

872
00:37:51,560 --> 00:37:54,120
Speaker 1: gift that just allows you to spend in a way

873
00:37:54,120 --> 00:37:57,040
Speaker 1: that you otherwise wouldn't and almost treat it more like

874
00:37:57,080 --> 00:37:59,640
Speaker 1: a bonus. And that's exactly how I treat it basically.

875
00:37:59,680 --> 00:38:01,920
Speaker 1: Any we have a gift card, like even cash on

876
00:38:02,000 --> 00:38:04,719
Speaker 1: hand as well, I treat like free money. It's just

877
00:38:04,800 --> 00:38:07,120
Speaker 1: it's just a little bit of extra spending money. And

878
00:38:07,320 --> 00:38:08,960
Speaker 1: someone gives you a bottle of bourbon. You don't stick

879
00:38:09,000 --> 00:38:11,320
Speaker 1: that into your booze budget like you know, deduct accordingly.

880
00:38:11,360 --> 00:38:12,280
Speaker 1: You just enjoy the bourbon.

881
00:38:12,320 --> 00:38:14,200
Speaker 2: I guess you could, but yeah, no, you just I

882
00:38:14,280 --> 00:38:16,120
Speaker 2: just enjoy it, and most of that comes down to

883
00:38:16,280 --> 00:38:19,319
Speaker 2: just not necessarily wanting to personally keep up with it. Yeah,

884
00:38:19,360 --> 00:38:21,799
Speaker 2: so that's yeah. I assume that's what you'll do as well.

885
00:38:23,080 --> 00:38:26,440
Speaker 2: On no perfect solution here we you know. Yeah, similarly,

886
00:38:26,560 --> 00:38:28,400
Speaker 2: we'll just use the gift cards and often it's to

887
00:38:28,560 --> 00:38:31,319
Speaker 2: a restaurant or something like that from a relative, and

888
00:38:31,360 --> 00:38:34,600
Speaker 2: we just enjoy it and we it basically means we

889
00:38:34,640 --> 00:38:36,600
Speaker 2: can eat out another time that we know we hadn't

890
00:38:36,640 --> 00:38:38,799
Speaker 2: budgeted for, so it feels like a sweet bonus and

891
00:38:39,200 --> 00:38:41,640
Speaker 2: it feels like an extra perk that we hadn't planned on,

892
00:38:42,000 --> 00:38:44,040
Speaker 2: which I which I love and appreciate. It's free money

893
00:38:44,040 --> 00:38:45,800
Speaker 2: more than anything, I will say. I think what's important

894
00:38:45,800 --> 00:38:47,239
Speaker 2: to do is just to make sure that you use

895
00:38:47,280 --> 00:38:48,800
Speaker 2: that gift card, because I don't know where the stats

896
00:38:48,800 --> 00:38:50,359
Speaker 2: are off the top of my head, but the number

897
00:38:50,400 --> 00:38:55,439
Speaker 2: of gift cards that are languishing in drum drawers, whether

898
00:38:55,520 --> 00:38:57,200
Speaker 2: or not your gift of that gift card, or whether

899
00:38:57,280 --> 00:39:00,480
Speaker 2: it's you that has that's gone out, because maybe you're

900
00:39:00,520 --> 00:39:03,640
Speaker 2: able to buy three hundred dollars worth of dining credit

901
00:39:03,800 --> 00:39:05,640
Speaker 2: for two hundred dollars Joel, that's something that you've done

902
00:39:05,680 --> 00:39:08,560
Speaker 2: at a favorite Mexican restaurant of ours back in town.

903
00:39:09,280 --> 00:39:12,720
Speaker 2: But if you don't use that gift card, well obviously

904
00:39:12,719 --> 00:39:13,400
Speaker 2: that's a big no no.

905
00:39:13,640 --> 00:39:15,080
Speaker 1: Yeah. Now you got to make sure you use it,

906
00:39:15,160 --> 00:39:17,000
Speaker 1: keep them in a place where you're gonna take them

907
00:39:17,000 --> 00:39:19,680
Speaker 1: out with you all the time, yep, if they get prominent. Yeah,

908
00:39:19,680 --> 00:39:22,319
Speaker 1: and no one to overlook it, exactly. So that's the

909
00:39:22,320 --> 00:39:24,960
Speaker 1: worst thing about gift cards is people that go unused

910
00:39:25,000 --> 00:39:26,880
Speaker 1: and you forget about. It's wasted money. I think I

911
00:39:26,880 --> 00:39:29,680
Speaker 1: heard something about like Starbucks is like one of the

912
00:39:29,680 --> 00:39:31,759
Speaker 1: biggest banks out in the world just because of how

913
00:39:31,840 --> 00:39:34,640
Speaker 1: much money is sitting in Starbucks gift cards in people's accounts. Yeah,

914
00:39:34,800 --> 00:39:37,880
Speaker 1: it just doesn't get used or or lingers for a

915
00:39:37,880 --> 00:39:38,839
Speaker 1: long time at least. Yeah.

916
00:39:38,840 --> 00:39:40,680
Speaker 2: And I will say, you're more likely not to use

917
00:39:40,719 --> 00:39:42,600
Speaker 2: the card if it was gifted to you, because it

918
00:39:42,680 --> 00:39:45,080
Speaker 2: might be a restaurant or a store someplace that you

919
00:39:45,080 --> 00:39:47,600
Speaker 2: don't often frequent. And if that's the case, it's worth

920
00:39:47,680 --> 00:39:50,360
Speaker 2: checking out some different sites like card cash or giftcash

921
00:39:50,640 --> 00:39:53,560
Speaker 2: dot com or you can go on there and then

922
00:39:53,680 --> 00:39:56,080
Speaker 2: you put in your gift card how much it is

923
00:39:56,239 --> 00:39:57,160
Speaker 2: and they'll give you a quote.

924
00:39:57,320 --> 00:39:59,959
Speaker 1: They'll tell you like, basically, let's say.

925
00:39:59,840 --> 00:40:02,040
Speaker 2: You twenty five dollars gift card. You can go to

926
00:40:02,040 --> 00:40:03,920
Speaker 2: these different sites and they'll say, all right, we'll give

927
00:40:03,960 --> 00:40:04,920
Speaker 2: you twenty one bucks for that.

928
00:40:05,080 --> 00:40:07,160
Speaker 1: Yeah, and you might be for like Amazon than you

929
00:40:07,200 --> 00:40:09,799
Speaker 1: will for like the Gap. Sure, and you might be thinking, man,

930
00:40:09,840 --> 00:40:12,560
Speaker 1: that's a pretty steep cut. But here's the deal. What's

931
00:40:12,760 --> 00:40:15,160
Speaker 1: better to have like most of your money or none

932
00:40:15,160 --> 00:40:15,680
Speaker 1: of your money.

933
00:40:15,719 --> 00:40:17,480
Speaker 2: Like let's say you lose that gift card, or let's

934
00:40:17,480 --> 00:40:19,400
Speaker 2: say you have a gift card that expires. Man, it

935
00:40:19,440 --> 00:40:21,600
Speaker 2: is so much better to go ahead and exchange that

936
00:40:21,680 --> 00:40:24,040
Speaker 2: card for actual cash that you can then immediately deposit

937
00:40:24,040 --> 00:40:26,160
Speaker 2: in your account or go spend wherever it is that

938
00:40:26,239 --> 00:40:29,279
Speaker 2: you want. And so this is an instance where you

939
00:40:29,480 --> 00:40:31,719
Speaker 2: might be allowing perfect to be the enemy of good.

940
00:40:31,800 --> 00:40:33,840
Speaker 2: And if you have cards on hand that folks have

941
00:40:33,920 --> 00:40:35,680
Speaker 2: given you that you're not going to use, man, I

942
00:40:35,680 --> 00:40:39,000
Speaker 2: would totally unload those that again sites like card cash

943
00:40:39,080 --> 00:40:39,920
Speaker 2: or gift cash.

944
00:40:39,680 --> 00:40:41,920
Speaker 1: Doctor, or use them to buy gifts for other people.

945
00:40:42,080 --> 00:40:43,920
Speaker 1: Or I don't know, can you regift gift cards? I

946
00:40:43,920 --> 00:40:45,440
Speaker 1: think you can. Sure, I'm okay with that.

947
00:40:45,520 --> 00:40:48,960
Speaker 2: If you're like by the way, this expires next week. Well, typically,

948
00:40:49,000 --> 00:40:49,880
Speaker 2: like I might want to get on it.

949
00:40:49,920 --> 00:40:52,160
Speaker 1: Most of those gift cards don't expire, right, so, especially

950
00:40:52,200 --> 00:40:55,439
Speaker 1: like the big major brands, less of times they're good

951
00:40:55,440 --> 00:40:57,319
Speaker 1: in perpetuity. So if you're like I don't shop at

952
00:40:57,320 --> 00:41:00,520
Speaker 1: Old maybe, but my friend Sheila does, or I don't

953
00:41:00,520 --> 00:41:03,480
Speaker 1: know if she's your friends with other state names like

954
00:41:04,200 --> 00:41:07,400
Speaker 1: but just yeah, Montana, Montana exactly, they'd be a good name.

955
00:41:07,480 --> 00:41:09,600
Speaker 1: All right, But I hope that helps Georgia. Best of

956
00:41:09,640 --> 00:41:11,399
Speaker 1: luck to you, Thank you for listening. All right, Matt,

957
00:41:11,400 --> 00:41:13,600
Speaker 1: We've got more to get to and actually kind of

958
00:41:13,640 --> 00:41:17,120
Speaker 1: another fire related question, kind of piggybacking on Justin's a

959
00:41:17,160 --> 00:41:20,239
Speaker 1: little bit how expensive retiring early can be. We'll talk

960
00:41:20,239 --> 00:41:25,640
Speaker 1: about that in just a minute.

961
00:41:28,920 --> 00:41:31,399
Speaker 2: All right, buddy, we are back from the break and

962
00:41:31,760 --> 00:41:33,880
Speaker 2: it is now time for the Facebook Question of the

963
00:41:33,920 --> 00:41:37,239
Speaker 2: Weekness is from an anonymous poster and they write for

964
00:41:37,320 --> 00:41:40,839
Speaker 2: someone retiring significantly early, think someone in their forties. What

965
00:41:41,000 --> 00:41:44,160
Speaker 2: are some of the hidden costs or catches that can

966
00:41:44,200 --> 00:41:46,680
Speaker 2: be a surprise and they can lead back to needing

967
00:41:46,719 --> 00:41:50,600
Speaker 2: employment or significant cuts to lifestyle. You want to make

968
00:41:50,640 --> 00:41:52,520
Speaker 2: sure they're planning ahead.

969
00:41:52,560 --> 00:41:54,520
Speaker 1: What you think, Joel, well, this goes back to kind

970
00:41:54,520 --> 00:41:56,240
Speaker 1: of what we were saying with Justin, who's a little

971
00:41:56,239 --> 00:41:58,480
Speaker 1: bit younger. And so you want to be thinking about

972
00:41:58,520 --> 00:42:02,600
Speaker 1: these potential shifts, these potential life changes, or the potential

973
00:42:02,640 --> 00:42:06,839
Speaker 1: gotchas of retiring early. And yeah, if you are in

974
00:42:06,880 --> 00:42:09,400
Speaker 1: the lean fire camp where you're saving barely enough to

975
00:42:09,440 --> 00:42:13,040
Speaker 1: cover your bills, you might find that a bunch of

976
00:42:13,040 --> 00:42:17,359
Speaker 1: different things could impact your ability to stay retired. So

977
00:42:17,760 --> 00:42:20,080
Speaker 1: not that you need the one more year syndrome is

978
00:42:20,120 --> 00:42:23,000
Speaker 1: real too, but it's also crucial to be thinking about

979
00:42:23,360 --> 00:42:26,160
Speaker 1: patting and some of these other inevitable things that can

980
00:42:26,200 --> 00:42:28,600
Speaker 1: catch up to you. So let's cover a few that

981
00:42:28,640 --> 00:42:31,320
Speaker 1: could slap someone upside the face. Matt, who is retiring

982
00:42:31,360 --> 00:42:34,040
Speaker 1: in their forties. I think the first one is lifestyle

983
00:42:34,040 --> 00:42:36,640
Speaker 1: creep And actually this was something that a lot of

984
00:42:36,800 --> 00:42:41,520
Speaker 1: fellow how to Money Facebook members mentioned, which is so true?

985
00:42:40,840 --> 00:42:41,920
Speaker 2: Is it?

986
00:42:41,920 --> 00:42:44,040
Speaker 1: Basically, if all your friends are working, what are you

987
00:42:44,080 --> 00:42:47,040
Speaker 1: going to do with your time? You might have a

988
00:42:47,040 --> 00:42:48,880
Speaker 1: bunch of free or cheap hobbies, which is great. You

989
00:42:48,960 --> 00:42:52,600
Speaker 1: might be into disc golf and running and biking, and

990
00:42:52,640 --> 00:42:55,080
Speaker 1: those are like fairly cheap things to do on the rag,

991
00:42:55,480 --> 00:42:58,640
Speaker 1: But you also might be tempted to increase your spending too,

992
00:42:59,080 --> 00:43:02,440
Speaker 1: and so realize that, Hey, with more free time can

993
00:43:02,920 --> 00:43:05,600
Speaker 1: come more spending, it could come less spending too, Matt.

994
00:43:05,640 --> 00:43:07,440
Speaker 1: Maybe you're able to ditch a car, you're not spending

995
00:43:07,440 --> 00:43:09,759
Speaker 1: as much time commuting to work, something like that, Maybe

996
00:43:09,760 --> 00:43:11,360
Speaker 1: you can actually reduce some of your costs.

997
00:43:11,440 --> 00:43:13,000
Speaker 2: Have to spend all that money at Brooks Brothers on

998
00:43:13,080 --> 00:43:17,000
Speaker 2: your right when your business attire? Yes, so, but what

999
00:43:17,040 --> 00:43:19,040
Speaker 2: does that look like for you? At least be willing

1000
00:43:19,080 --> 00:43:21,520
Speaker 2: to think about, how will I want to increase my

1001
00:43:21,560 --> 00:43:23,600
Speaker 2: lifestyle if I'm working less, am I going to be

1002
00:43:23,600 --> 00:43:24,279
Speaker 2: traveling more?

1003
00:43:24,560 --> 00:43:27,440
Speaker 1: Yeah? Credit card rewards points will take you part of

1004
00:43:27,440 --> 00:43:28,640
Speaker 1: the way, but they're not going to take you the

1005
00:43:28,640 --> 00:43:31,120
Speaker 1: whole way. And so you're gonna need to budget accordingly

1006
00:43:31,160 --> 00:43:32,799
Speaker 1: for that. And I would just make sure cool your

1007
00:43:32,840 --> 00:43:35,879
Speaker 1: budget now looks one way, it's gonna look different when

1008
00:43:35,880 --> 00:43:38,399
Speaker 1: you hit retirement in your forties, So just make sure

1009
00:43:38,560 --> 00:43:40,640
Speaker 1: you're kind of at least thinking through how it could

1010
00:43:40,640 --> 00:43:41,120
Speaker 1: be impacted.

1011
00:43:41,200 --> 00:43:45,320
Speaker 2: Yeah, vacations specifically, because when you're working full time, taking

1012
00:43:45,320 --> 00:43:47,719
Speaker 2: an offer a week or two, like once a year

1013
00:43:47,840 --> 00:43:50,480
Speaker 2: like that seems like a normal amount of vacation. But

1014
00:43:50,600 --> 00:43:52,840
Speaker 2: when you're retired, you're probably thinking, how come I'm not

1015
00:43:52,880 --> 00:43:56,799
Speaker 2: always on vacation. That's certainly something to work to think through.

1016
00:43:57,840 --> 00:44:00,560
Speaker 2: But healthcare, this was honestly the first thing I thought of,

1017
00:44:00,600 --> 00:44:03,320
Speaker 2: because other members in the Facebook group they mentioned this

1018
00:44:03,360 --> 00:44:05,239
Speaker 2: as well. But the cool thing for folks in the

1019
00:44:05,360 --> 00:44:08,520
Speaker 2: fire crowd is that when you retire early, even if

1020
00:44:08,520 --> 00:44:12,080
Speaker 2: you have millions of dollars in investments, it's often going

1021
00:44:12,120 --> 00:44:15,120
Speaker 2: to make it look like your income is minimal. And

1022
00:44:15,200 --> 00:44:18,120
Speaker 2: so the subsidies that you qualify for and the ultimate

1023
00:44:18,160 --> 00:44:20,879
Speaker 2: price that you're gonna end up paying for healthcare, well,

1024
00:44:20,920 --> 00:44:23,880
Speaker 2: it revolves around your family size and your income, not your.

1025
00:44:23,800 --> 00:44:25,880
Speaker 1: Net worse, which is a good sign. Right, So you're

1026
00:44:25,920 --> 00:44:28,239
Speaker 1: basically good healthcare might not cost you as much as

1027
00:44:28,239 --> 00:44:28,560
Speaker 1: you think.

1028
00:44:28,680 --> 00:44:31,000
Speaker 2: Yeah, but it depends too on how long these massively

1029
00:44:31,080 --> 00:44:33,560
Speaker 2: generous subsidies are going to continue, right, Like how long

1030
00:44:33,560 --> 00:44:36,000
Speaker 2: they're actually going to be around that's another conversation. But

1031
00:44:36,160 --> 00:44:39,799
Speaker 2: just build in some substantial flexibility for your cost I

1032
00:44:39,800 --> 00:44:41,640
Speaker 2: think potentially to rise dramatically.

1033
00:44:41,880 --> 00:44:43,840
Speaker 1: There's certain things even on the books now, Matt, that

1034
00:44:43,880 --> 00:44:46,640
Speaker 1: are set to expire, including some of those generous subsidies

1035
00:44:46,640 --> 00:44:50,399
Speaker 1: for people making under certain certain income thresholds. There's even

1036
00:44:50,440 --> 00:44:52,960
Speaker 1: the tax cuts and job dec which is set to expire.

1037
00:44:53,000 --> 00:44:55,359
Speaker 1: So these are not even just like, oh, will politicians

1038
00:44:55,400 --> 00:44:57,920
Speaker 1: do this or that? And granted they might do something

1039
00:44:57,920 --> 00:44:59,960
Speaker 1: that keeps those things around, but they also might not.

1040
00:45:00,239 --> 00:45:03,480
Speaker 1: And so if you're planning on your health care costs

1041
00:45:03,520 --> 00:45:06,880
Speaker 1: staying the exact same or going up at just the

1042
00:45:06,960 --> 00:45:10,080
Speaker 1: general rate of inflation, you're being myopic. On the note

1043
00:45:10,080 --> 00:45:12,560
Speaker 1: of healthcare listener, hew, do you mentioned dental work that's

1044
00:45:12,600 --> 00:45:14,839
Speaker 1: not covered by health insurance most of the time, right,

1045
00:45:15,120 --> 00:45:19,160
Speaker 1: there's a separate dental policy. It is, well, I think

1046
00:45:19,200 --> 00:45:21,000
Speaker 1: depends on how about your teeth are and you can

1047
00:45:21,040 --> 00:45:23,920
Speaker 1: do like medical tourism rights to potentially cut down on

1048
00:45:23,960 --> 00:45:26,480
Speaker 1: some of the costs vacationion and get your teeth fixed

1049
00:45:26,600 --> 00:45:31,000
Speaker 1: exactly exactly, sitting pool side anyway, sitting Pinicolada, you don't

1050
00:45:31,040 --> 00:45:32,759
Speaker 1: need to be chewing, then you don't even need teeth,

1051
00:45:32,840 --> 00:45:35,759
Speaker 1: yeah for that, But a lot of those costs are

1052
00:45:35,800 --> 00:45:37,480
Speaker 1: going to be out of pocket. Who knows what your

1053
00:45:37,480 --> 00:45:40,160
Speaker 1: mouth situation is, like anonymous poster, but I would at

1054
00:45:40,239 --> 00:45:43,359
Speaker 1: least think about having money on hand for potential dental care.

1055
00:45:43,760 --> 00:45:46,560
Speaker 1: And then Matt continuing on, I think something else inflation right.

1056
00:45:46,920 --> 00:45:49,760
Speaker 1: Many retirement models factor in a two or three percent

1057
00:45:49,840 --> 00:45:52,319
Speaker 1: rate of inflation, but what if it's hire right? Can

1058
00:45:52,360 --> 00:45:55,560
Speaker 1: you imagine having been the person who retired in late

1059
00:45:55,600 --> 00:45:59,680
Speaker 1: twenty nineteen, right, running standard numbers, it seemed reasonable At

1060
00:45:59,680 --> 00:46:02,439
Speaker 1: the time, rates had been relatively steady. We hadn't seen

1061
00:46:02,440 --> 00:46:06,319
Speaker 1: out of control inflation in decades. But alas inflation reared

1062
00:46:06,320 --> 00:46:09,200
Speaker 1: its suddly head in a massive way. And so if

1063
00:46:09,239 --> 00:46:11,759
Speaker 1: you had just reduced your liquidity paying off your two

1064
00:46:11,800 --> 00:46:13,759
Speaker 1: and a half percent mortgage and you moved into more

1065
00:46:13,760 --> 00:46:17,160
Speaker 1: conservative investments, largely missing out on the massive stock market

1066
00:46:17,239 --> 00:46:20,000
Speaker 1: run up that happened after that COVID dip, you found

1067
00:46:20,040 --> 00:46:22,759
Speaker 1: yourself in a really tough spot financially speaking, and your

1068
00:46:22,760 --> 00:46:26,080
Speaker 1: plans just didn't shake out the way the hoped, And

1069
00:46:26,120 --> 00:46:29,280
Speaker 1: so inflation was not slowly, but it was rapidly reducing

1070
00:46:29,360 --> 00:46:32,200
Speaker 1: your buying power. Inflation is back under control to a

1071
00:46:32,200 --> 00:46:35,439
Speaker 1: certain extent, not back where the Feds won it, but man,

1072
00:46:35,480 --> 00:46:37,239
Speaker 1: you've got at least factor in for some of those

1073
00:46:37,440 --> 00:46:40,080
Speaker 1: outsized things that you can't control. I think COVID, which

1074
00:46:40,480 --> 00:46:43,719
Speaker 1: has shown a dramatic spotlight on some of the things

1075
00:46:43,719 --> 00:46:46,320
Speaker 1: that are out of our control that can significantly impact

1076
00:46:46,320 --> 00:46:46,920
Speaker 1: our finances.

1077
00:46:47,000 --> 00:46:48,680
Speaker 2: Yeah, and you kind of rolled two things into one there,

1078
00:46:48,680 --> 00:46:50,399
Speaker 2: like you're talking about inflation, but then you were kind

1079
00:46:50,400 --> 00:46:52,080
Speaker 2: of talking about the stock market, and that's I think

1080
00:46:52,120 --> 00:46:54,800
Speaker 2: that's another risk because when you're drawing down on your investments,

1081
00:46:54,840 --> 00:46:59,680
Speaker 2: you're typically moving your assets into more conservative investments, which means, Yeah,

1082
00:47:00,040 --> 00:47:02,440
Speaker 2: the risks that you do run is missing out on

1083
00:47:02,520 --> 00:47:06,399
Speaker 2: outsized returns there within the market. I'll point out though,

1084
00:47:06,400 --> 00:47:08,160
Speaker 2: that everything we've talked about so far, so we've talked

1085
00:47:08,200 --> 00:47:12,359
Speaker 2: about like lifestyle, cree, healthcare, taxes, these are all sort

1086
00:47:12,400 --> 00:47:16,719
Speaker 2: of financial considerations. And I think one other consideration is

1087
00:47:16,760 --> 00:47:18,480
Speaker 2: how it is not that you're gonna be spending your money,

1088
00:47:18,520 --> 00:47:21,480
Speaker 2: but how you're gonna be spending your time. Because as

1089
00:47:21,640 --> 00:47:24,520
Speaker 2: an individual who's maybe been in a job or an

1090
00:47:24,560 --> 00:47:27,880
Speaker 2: industry for like twenty thirty years, I think it can

1091
00:47:27,920 --> 00:47:29,799
Speaker 2: be difficult to break out of the mindset of where

1092
00:47:29,800 --> 00:47:32,319
Speaker 2: it is that you find your identity because like the

1093
00:47:32,480 --> 00:47:34,560
Speaker 2: jobs that we have that like that is most likely

1094
00:47:34,600 --> 00:47:37,839
Speaker 2: the biggest impact that we have on society, right, Like

1095
00:47:38,120 --> 00:47:40,279
Speaker 2: this is something you do at least eight hours a

1096
00:47:40,360 --> 00:47:42,680
Speaker 2: day typically, and and you do such a good job

1097
00:47:42,719 --> 00:47:44,440
Speaker 2: at it that they pay you thousands.

1098
00:47:44,080 --> 00:47:45,080
Speaker 1: Of dollars every month.

1099
00:47:45,600 --> 00:47:48,160
Speaker 2: Okay, Now imagine a world where you are completely divorced

1100
00:47:48,200 --> 00:47:50,480
Speaker 2: from that situation like that is what retirement.

1101
00:47:50,080 --> 00:47:52,360
Speaker 1: Is like, the jarring, Yes, exactly.

1102
00:47:52,520 --> 00:47:54,319
Speaker 2: And so for a lot of folks, I think one

1103
00:47:54,320 --> 00:47:56,080
Speaker 2: of the risks you run is not going back to

1104
00:47:56,160 --> 00:47:58,719
Speaker 2: work because you need the money, but because you need

1105
00:47:58,760 --> 00:48:01,319
Speaker 2: the purpose. And so I think it pays to make

1106
00:48:01,360 --> 00:48:04,160
Speaker 2: sure that you've found purpose and how it is that

1107
00:48:04,160 --> 00:48:06,680
Speaker 2: you want to spend your time outside of the walls

1108
00:48:06,719 --> 00:48:08,720
Speaker 2: of weir of your employees.

1109
00:48:08,320 --> 00:48:10,600
Speaker 1: Makes the thing. We had a friend who she and

1110
00:48:10,640 --> 00:48:12,600
Speaker 1: her husband early retired, and you know what he was

1111
00:48:12,640 --> 00:48:14,960
Speaker 1: doing not too long after he quit his day job.

1112
00:48:15,200 --> 00:48:17,880
Speaker 1: He was driving for Uber yep. And it wasn't because

1113
00:48:17,960 --> 00:48:19,839
Speaker 1: they ran on the funds or because the stock market

1114
00:48:19,880 --> 00:48:21,719
Speaker 1: took a step back. It was because he didn't know

1115
00:48:21,719 --> 00:48:22,600
Speaker 1: what to do with his time.

1116
00:48:23,000 --> 00:48:25,960
Speaker 2: He is looking to be an active member of society

1117
00:48:26,000 --> 00:48:27,080
Speaker 2: and find a way to contribute.

1118
00:48:27,080 --> 00:48:28,799
Speaker 1: He was one of those talking to buber drivers, Matt

1119
00:48:28,800 --> 00:48:31,040
Speaker 1: because he was missing the personal connection that you get

1120
00:48:31,040 --> 00:48:32,960
Speaker 1: with people. And I'm sure every time someone came in

1121
00:48:32,960 --> 00:48:34,880
Speaker 1: with earbuds and he that would be you put a

1122
00:48:34,880 --> 00:48:37,319
Speaker 1: frown on, so it would be me exactly. That's why

1123
00:48:37,520 --> 00:48:40,000
Speaker 1: I know I need this outlet at least to some degree.

1124
00:48:40,239 --> 00:48:42,120
Speaker 1: But dialing it back maybe he was like, I need

1125
00:48:42,120 --> 00:48:43,799
Speaker 1: to be somewhere where I can just talk and people lin't.

1126
00:48:45,000 --> 00:48:46,879
Speaker 1: Dialing it back a little bit and maybe not going

1127
00:48:46,880 --> 00:48:49,040
Speaker 1: to whole hog all or nothing, maybe that's a better

1128
00:48:49,080 --> 00:48:51,480
Speaker 1: way to at least like test the waters, or kind

1129
00:48:51,480 --> 00:48:53,320
Speaker 1: of like we talked about with Jillian Johns, are doing

1130
00:48:53,600 --> 00:48:57,800
Speaker 1: a long a sabbatical, like taking two months off, taking

1131
00:48:57,920 --> 00:49:00,000
Speaker 1: four months off, finding a way to test the way

1132
00:49:00,320 --> 00:49:03,120
Speaker 1: before you go all in and say I'm just bagging

1133
00:49:03,160 --> 00:49:05,200
Speaker 1: work and I'm never going to work again. I think

1134
00:49:05,239 --> 00:49:07,360
Speaker 1: I can be a healthier approach. It can at least

1135
00:49:07,600 --> 00:49:09,520
Speaker 1: allow you to know how you're going to respond to

1136
00:49:09,560 --> 00:49:12,560
Speaker 1: it in ways other than just the financial ones. Totally.

1137
00:49:12,600 --> 00:49:14,719
Speaker 2: Absolutely, it's important to think through how you're going to

1138
00:49:15,000 --> 00:49:18,560
Speaker 2: garner that life satisfaction and fulfillment once that's no longer

1139
00:49:18,600 --> 00:49:20,480
Speaker 2: something that you're doing every single day and I or not.

1140
00:49:20,560 --> 00:49:21,920
Speaker 1: Dudes who think that work is the only thing they

1141
00:49:21,920 --> 00:49:24,879
Speaker 1: can give you that satisfaction but it's recognizing the fact

1142
00:49:24,880 --> 00:49:27,759
Speaker 1: that it does because truly, especially in America, sadly, for

1143
00:49:27,800 --> 00:49:29,920
Speaker 1: so many people, it is it is probably like one

1144
00:49:29,960 --> 00:49:32,520
Speaker 1: of those top three things, if not the number one thing. Well,

1145
00:49:32,880 --> 00:49:34,600
Speaker 1: like I get it because it's what we spend most

1146
00:49:34,600 --> 00:49:36,320
Speaker 1: of our time doing, like throughout the day, right, and

1147
00:49:36,360 --> 00:49:38,400
Speaker 1: so on one hand, like there's a healthy approach to it,

1148
00:49:38,440 --> 00:49:40,239
Speaker 1: but there's got to be things outside of that, And

1149
00:49:40,320 --> 00:49:43,200
Speaker 1: I do think that over time you can start shifting

1150
00:49:43,239 --> 00:49:46,160
Speaker 1: towards some of those things outside of work. Like early

1151
00:49:46,200 --> 00:49:46,680
Speaker 1: it's sort of.

1152
00:49:46,640 --> 00:49:49,000
Speaker 2: Like investing, right, We're like, early on, you're going after

1153
00:49:49,040 --> 00:49:51,720
Speaker 2: it really hard. But over time you start to maybe

1154
00:49:51,800 --> 00:49:54,160
Speaker 2: I don't know, maybe it's maturity, Maybe you realize that

1155
00:49:54,160 --> 00:49:57,320
Speaker 2: there are things outside of the walls of your employer,

1156
00:49:57,400 --> 00:49:59,400
Speaker 2: outside of your business, that you want to do. But

1157
00:49:59,680 --> 00:50:01,719
Speaker 2: I guess what I'm pointing out is the fact that

1158
00:50:01,920 --> 00:50:05,080
Speaker 2: not everyone has given that thought that there is something

1159
00:50:05,080 --> 00:50:07,240
Speaker 2: beyond that, and that's that's when it starts to get dangerous,

1160
00:50:07,239 --> 00:50:08,720
Speaker 2: and that's when it's unhealthy, I think.

1161
00:50:08,560 --> 00:50:10,560
Speaker 1: Yeah, and that's when you retire and then you find

1162
00:50:10,560 --> 00:50:13,160
Speaker 1: yourself watching your freakingity on repeat at two PM in

1163
00:50:13,200 --> 00:50:15,600
Speaker 1: the after and like all those soap operas that apparently

1164
00:50:15,640 --> 00:50:18,040
Speaker 1: are still on television. I didn't nice. One of my

1165
00:50:18,040 --> 00:50:20,000
Speaker 1: friends like when to look for to get her car fixed?

1166
00:50:20,040 --> 00:50:21,480
Speaker 1: Her the other day she was like, apparently this is

1167
00:50:21,560 --> 00:50:23,520
Speaker 1: like General Hospital still on. I was like, oh, okay, wow,

1168
00:50:23,960 --> 00:50:25,560
Speaker 1: it's had a long run. All right, let's get back

1169
00:50:25,560 --> 00:50:28,440
Speaker 1: to the beer for this episode. This one's called Community Connection.

1170
00:50:28,560 --> 00:50:31,600
Speaker 1: Speaking of what we were just talking about, uh an

1171
00:50:31,640 --> 00:50:34,400
Speaker 1: apt name for this New Zealand pilsner. What were your

1172
00:50:34,400 --> 00:50:35,600
Speaker 1: thoughts on this beer?

1173
00:50:35,800 --> 00:50:38,279
Speaker 2: What's great is that a lot of the crappier beers

1174
00:50:38,320 --> 00:50:41,000
Speaker 2: we've had over the in the previous weeks were also

1175
00:50:41,120 --> 00:50:43,480
Speaker 2: pilsners because it's typically just an eat. I guess it's

1176
00:50:43,480 --> 00:50:47,279
Speaker 2: an easy to make, widely enjoyed style of beer, and

1177
00:50:47,320 --> 00:50:50,040
Speaker 2: so it's awesome to kick things off come back to

1178
00:50:50,040 --> 00:50:53,480
Speaker 2: the craft beer scene with an amazing pilsner.

1179
00:50:53,560 --> 00:50:56,239
Speaker 1: Yeah, this one's this one is levels above so good.

1180
00:50:56,280 --> 00:50:58,000
Speaker 2: So, you know, the first thing that I noticed, like

1181
00:50:58,040 --> 00:51:01,120
Speaker 2: the there's almost like a dank funkiness to the hops

1182
00:51:01,120 --> 00:51:04,839
Speaker 2: and it reminded me a ton of Katie where it's

1183
00:51:04,880 --> 00:51:06,960
Speaker 2: a weird way to describe it, but it's it reminds

1184
00:51:06,960 --> 00:51:09,879
Speaker 2: me of like a burnt clutch or something like that,

1185
00:51:10,239 --> 00:51:12,400
Speaker 2: like sometimes like like when you're on the interstate, like

1186
00:51:12,760 --> 00:51:14,640
Speaker 2: which most people don't even know what that smells like,

1187
00:51:14,640 --> 00:51:17,080
Speaker 2: Like if someone's like frying out their clutch, if you've

1188
00:51:17,080 --> 00:51:18,759
Speaker 2: got like somebody learning how to drive for the first time,

1189
00:51:18,800 --> 00:51:21,680
Speaker 2: I'm shift, do you know what I'm talking about? It's

1190
00:51:21,719 --> 00:51:25,719
Speaker 2: sort of like this smoky, kind of dank, funky funkiness

1191
00:51:25,719 --> 00:51:27,839
Speaker 2: I'm picking up with that oftentimes you get in some

1192
00:51:27,880 --> 00:51:31,640
Speaker 2: of those spontaneously fermented Belgian beers, but there's a note

1193
00:51:31,640 --> 00:51:33,400
Speaker 2: of that within this, uh, this pilsner.

1194
00:51:33,440 --> 00:51:35,400
Speaker 1: I thought I had like some some earthy grassiness to

1195
00:51:35,440 --> 00:51:37,640
Speaker 1: it too, like it had some kind of like rootsy

1196
00:51:38,719 --> 00:51:41,040
Speaker 1: vibes going on. But it also had like the the

1197
00:51:41,080 --> 00:51:43,560
Speaker 1: hop action too, and those New Zealand hops for some

1198
00:51:43,600 --> 00:51:46,279
Speaker 1: reason so good. The New Zealand and Australian hops are

1199
00:51:46,400 --> 00:51:48,520
Speaker 1: like better than a lot of the American hops. And

1200
00:51:48,920 --> 00:51:52,480
Speaker 1: this being a pilsner with hops, it's not like mouth

1201
00:51:52,520 --> 00:51:55,040
Speaker 1: blowing like a like an ipa, but it's like those

1202
00:51:55,080 --> 00:51:58,320
Speaker 1: subtle that subtle hot presence in there. It's just is money.

1203
00:51:58,360 --> 00:52:01,279
Speaker 1: This is some grassy, delicious fly. Yeah. Yeah, you don't

1204
00:52:01,320 --> 00:52:04,799
Speaker 1: get in Macro Pilsners. That's for sure. Yeah. Cool, Glad we.

1205
00:52:04,760 --> 00:52:06,600
Speaker 2: Got to enjoy that together. Glad you picked this one up,

1206
00:52:06,600 --> 00:52:08,560
Speaker 2: and that's gonna be it for this episode of How

1207
00:52:08,600 --> 00:52:11,120
Speaker 2: to Money. You can find our show notes up on

1208
00:52:11,120 --> 00:52:13,000
Speaker 2: the website at how tomoney dot com some of the

1209
00:52:13,000 --> 00:52:16,120
Speaker 2: different resources we may have mentioned. If you have not

1210
00:52:16,200 --> 00:52:18,359
Speaker 2: left us a review, well we would love it if

1211
00:52:18,400 --> 00:52:21,240
Speaker 2: you did. You can head to Apple Podcasts or wherever

1212
00:52:21,320 --> 00:52:23,360
Speaker 2: it is that you listen to podcasts and leave us

1213
00:52:23,360 --> 00:52:24,879
Speaker 2: a solid one over there. It helps us to get

1214
00:52:24,880 --> 00:52:27,160
Speaker 2: the word out for folks to find How to Money podcast.

1215
00:52:27,239 --> 00:52:29,080
Speaker 1: Say something nice, maybe hit the five star button. We'd

1216
00:52:29,080 --> 00:52:30,800
Speaker 1: appreciate it. That's right, all right, that's gonna do it

1217
00:52:30,840 --> 00:52:32,920
Speaker 1: for this one, Matt. Until next time, best friends Out.

1218
00:52:32,920 --> 00:52:34,359
Speaker 1: I'm best friends Out.