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

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Speaker 1: and today we're answering your listener questions.

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Speaker 2: Listen to you having a perfectly healthy voice.

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Speaker 1: I'm back. Maybe it was a process.

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Speaker 2: Right, but I feel like we can kick things off

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Speaker 2: this week with one percent.

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Speaker 1: Joel, my voice is feeling like your hair is looking.

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Speaker 1: I'll tell you that your.

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Speaker 2: Hair looks fresh, like an extra inch tall today.

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Speaker 1: You know, Matt, you it's.

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Speaker 2: Getting a little bit longer using the hair gel and

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Speaker 2: you just use them to use hair glue. Literally, it's

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Speaker 2: like the consistency of Elmer's glues.

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Speaker 1: But how glue in your head?

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Speaker 2: You have to melt it off. Now, this is an

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Speaker 2: ask how to Money episode. We've got some fantastic personal

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Speaker 2: finance topics questions to get to today. Man, we have

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Speaker 2: a question from a listener. He's wondering what the best

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Speaker 2: credit card that he and his soon to be wife

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Speaker 2: should consider for their honeymoon. Another listener is wondering whether

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Speaker 2: or not they should be paying off their mortgage early.

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Speaker 2: And we're gonna also tackle whether or not it makes

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Speaker 2: sense to buy a used car from a car rental agency.

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Speaker 1: There's trade offs involved in that.

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Speaker 2: Yeah, I think so, But we'll get to that one

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Speaker 2: plus other content during this episode for sure.

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Speaker 1: Before we get to that, I just want to quickly

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Speaker 1: mention we were always like that, just like something to

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Speaker 1: talk about. At the beginning of the show, and I

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Speaker 1: saw our friend Jeff Matt, who we've met at fin

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Speaker 1: Con before. He goes by the moniker Homo Money, and

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Speaker 1: Jeff's doing just great work over there. Man, if you're

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Speaker 1: looking for people to follow on Instagram, Matt and I

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Speaker 1: we post static stuff, but Jeff's like interacting with his

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Speaker 1: audience a lot more. We just don't do the socials

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Speaker 1: very well, and it's kind of on purpose, let's be honest. Yeah, yeah,

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Speaker 1: I don't want to just kind of avoided. Yeah. I

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Speaker 1: like the podcast. I like what it is. We do

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Speaker 1: so much more fun than so. Social media would be

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Speaker 1: drudgery if we got into and we've tried it before

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Speaker 1: and we were just like, we don't care enough. But Jeff,

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Speaker 1: on the other hand, that was pretty good on that front,

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Speaker 1: and I think he actually likes it. And one of

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Speaker 1: the things he had this great tip that I hadn't

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Speaker 1: really thought much about because it's just not the way

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Speaker 1: my brain works. But he was talking about how he

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Speaker 1: has this like Patagonia jacket, and.

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Speaker 2: It got my attention. Yeah, I too. Those are the

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Speaker 2: fan of the Patagonia.

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Speaker 1: Those are expensive jackets, but you know those down jackets,

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Speaker 1: like you get a hole in the sleeve, the stuffing

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Speaker 1: starts strolling out. Not the most durable, yeah at time,

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Speaker 1: but they're great and they're super warm and you can

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Speaker 1: pack them up pretty tight too. And so he was

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Speaker 1: talking about how there are these patches you can get

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Speaker 1: you just stick on the hole and guess what, like

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Speaker 1: a sticker? Yeah, pretty much.

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Speaker 2: Literally, super easy, super easy.

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Speaker 1: And so that just like massively links lengthens the life

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Speaker 1: of your jacket and it brings down what he said

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Speaker 1: was the cost per ware, which I think is just

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Speaker 1: a good way to think about your clothing in general. Right, Like,

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Speaker 1: I love it, and that's why you and I, I think,

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Speaker 1: are more okay spending more money on quality items that

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Speaker 1: we think we're gonna wear for years and years and years.

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Speaker 1: I've really changed my tune on this. I used to

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Speaker 1: be all about, like I'll buy that fourteen dollars pair jeans,

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Speaker 1: but forty dollars please, you're dropping like ten dollars jean.

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Speaker 1: But then I ended up, oh wait, they're misshaping really quickly.

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Speaker 1: I don't like the way they fit, and so I

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Speaker 1: didn't really wear them. It's my cot the whiskering that

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Speaker 1: you were looking for out of your nicer jeans, right yeah,

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Speaker 1: And so I'm like, all right, cool, I'm willing to

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Speaker 1: spend more now to get the thing that I'm actually

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Speaker 1: especially like on a pair of jeans where I'm wearing

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Speaker 1: jeans I don't know, three hundred and fifty eight days

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Speaker 1: a year or something like that, Like, I will buy

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Speaker 1: the nice ones because I wear them all the time,

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Speaker 1: and I like that. Yeah, thinking about your items and

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Speaker 1: cost per wear, and thinking about how to extend the

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Speaker 1: life of those quality items too, just smart. Yeah, makes

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Speaker 1: a lot of sense.

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Speaker 2: I haven't checked those out, and I'll need to because

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Speaker 2: the ability to just slap a sticker on it, I

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Speaker 2: assume it's like some sort of high quality epoxy, you know,

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Speaker 2: like something where it's it's not coming off because the idea,

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Speaker 2: like the sticker you get from the doctor's right, right, yeah,

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Speaker 2: the idea of trying to sew. Have you ever done

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Speaker 2: any sewing to try to repair?

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Speaker 1: No, my mom's helped me out on that. Front before,

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Speaker 1: like putting a button back on something like that. That's what

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Speaker 1: moms are sorry, right for. I never learned the skill

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Speaker 1: though either.

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Speaker 2: We have a sewing machine machine at home, but at

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Speaker 2: some point I think I'm going to figure it out,

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Speaker 2: but I have. Yeah, I have not taken on any

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Speaker 2: sewing projects. Although Instagram, speaking of social media, if they've

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Speaker 2: been feeding me, I don't know why. I've been getting

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Speaker 2: an influx of like red wing influencers, like red wing boots, okay,

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Speaker 2: and there are these guys that find like these old

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Speaker 2: boots from like decades ago, and they're like.

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Speaker 1: Restoring them and resoling them, and they just show the

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Speaker 1: whole process. It is the coolest thing.

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Speaker 2: And it definitely kind of lends itself to what you're saying,

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Speaker 2: quality over quantity, right, and like when you have something

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Speaker 2: that is made to be repaired, it is it is

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Speaker 2: something that you can revisit and rewaar and.

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Speaker 1: Resol and use for generator. It's a money saver but

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Speaker 1: also feels good, Like I think it feels so nice

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Speaker 1: to be like, you know what, this is something I

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Speaker 1: feel good from a conscience standpoint. Yeah yeah, earth yeah yeah.

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Speaker 1: So it's like, yeah, it saves your money.

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Speaker 2: But it also actually literally feels better I think too,

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Speaker 2: because that leather's all broken in.

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Speaker 1: You don't have to that's true. Like some of my

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Speaker 1: best items, it's like they're just they get that patina

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Speaker 1: on them, and that's when I like them the most. Yeah, exactly.

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Speaker 2: All right, we are actually going to get to questions.

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Speaker 1: First.

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Speaker 2: Let's introduce the beer that you and I are drinking

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Speaker 2: during this episode. This is a Nelson and I'm assuming

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Speaker 2: it's going to be made from Nelson hots, but we'll

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Speaker 2: share our thoughts on this beer. This is a beer

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Speaker 2: by Piedmont Brewery. But yeah, we'll share our thoughts at

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Speaker 2: the end of the episode.

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Speaker 1: Sure, all right, let's get onto listener questions, Matt. If

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Speaker 1: you have a money question you want Matt and I

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Speaker 1: to tackle, we'd love to hear it. Super easy to

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Speaker 1: get that question our way. Just got to how to

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Speaker 1: money dot Com slash ask Basically, if you're shirrecording a

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Speaker 1: voice memo on your phone, sending it to us via

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Speaker 1: email and hopefully we'll take it on the next ask

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Speaker 1: HTM episode. And Matt, let's get to this first. This

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Speaker 1: first listener question. This one comes from a listener and

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Speaker 1: her family just experienced an unexpected income loss.

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Speaker 3: Hi Matt Joel. My name is Emma Lang and I

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Speaker 3: live in Stony Point, New York. I've been tuning into

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Speaker 3: your podcast for a few months now, and I wanted

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Speaker 3: to share my current situation for your insights. I work

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Speaker 3: in the field of environmental technology and co when a

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Speaker 3: startup focused on sustainable solutions. My partner has generously funded

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Speaker 3: the entire venture from inception. Now, we've began meeting with

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Speaker 3: vcs for round two funding to launch a marketing campaign

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Speaker 3: and propel the company into revenue generation. Once we secure

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Speaker 3: a partnership, I'll be able to draw salary from my company,

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Speaker 3: but there's no way for me to predict exactly when

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Speaker 3: that will happen. My spouse, previously employed as a software engineer,

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Speaker 3: is currently job hunting before diving into entrepreneurship. My annual

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Speaker 3: income range from one twenty to two hundred K, similar

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Speaker 3: to my husband's earnings. We acquired a house a few

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Speaker 3: years back when job security was higher, and our financial

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Speaker 3: landscape has since shifted. With a four hundred thousand dollars

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Speaker 3: mortgage and an additional two hundred thousand dollars helock in

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Speaker 3: New York where foreclosure is a prolonged process. We're not

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Speaker 3: facing aviction immediately, but I aim to avoid it altogether,

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Speaker 3: especially since we have two children. My husband is actively

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Speaker 3: seeking new employment, but the uncertainty has left me grappling

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Speaker 3: with chronic anxiety. We have approximately one hundred K savings

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Speaker 3: and we both have credit scores of seven fifty to

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Speaker 3: eight hundred, so I'm exploring creative ways to utilize our

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Speaker 3: savings safely, specifically to address our helock. Any guidance who

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Speaker 3: can provide me with would be really appreciated, and I

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Speaker 3: look forward to listening to your response on the podcast.

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Speaker 2: Thank you all right, and the thank you so much

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Speaker 2: for sending your question. And first off, we're so sorry

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Speaker 2: about the anxiety that you're feeling. It seems like as

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Speaker 2: we're listening to your question, you shared a bunch of

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Speaker 2: details and a bunch of facts about your situation, but

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Speaker 2: it sound like it got real when you're talking about

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Speaker 2: how this is impacting you from an emotional standpoint, and

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Speaker 2: that seems to be maybe what's up the core of

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Speaker 2: your question here. We know that to be true, Matt

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Speaker 2: from Yeah, so many years of doing this that it's yeah,

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Speaker 2: a terrible financial situation or being kind of behind the

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Speaker 2: eight ball. It just leads to all these other problems

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Speaker 2: in your life. And it's often it's the way that

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Speaker 2: it messes with your psyche that can be the hardest

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Speaker 2: part to overcoming. Exactly, Yeah, and wanted to address to

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Speaker 2: In your case, you've got to start up here that

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Speaker 2: you've been a part of. They can be risky, but

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Speaker 2: there's also potentially a really great reward waiting for you

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Speaker 2: after years of hard work. I think that's one of

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Speaker 2: the reasons why people tend to take that risk, right

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Speaker 2: to pursue something that they're passionate about. Certainly, Yeah, but

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Speaker 2: then also to have the potential for outsized game is awesome.

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Speaker 2: And in a situation like yours, where with like you've

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Speaker 2: got a husband and it makes sense to have a

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Speaker 2: partner or a spouse with a traditional job when you

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Speaker 2: have some of these some of this financial uncertain team

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Speaker 2: when you might be.

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Speaker 1: Lying when you're for going a paycheck for potentially multiple years,

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Speaker 1: it's like the steady paycheck.

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Speaker 2: Is helpful, and it sounds like that was your situation,

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Speaker 2: but then he lost his job.

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Speaker 1: It's something that you can't predict.

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Speaker 2: But I just wanted to say that I wouldn't beat

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Speaker 2: myself up if I were you, because you didn't. It's

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Speaker 2: not like you went out and made a like a

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Speaker 2: boneheaded decision, and in particular, you had a significant amount

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Speaker 2: of savings set aside as well, and so the fact

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Speaker 2: that you were in that position where you have that

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Speaker 2: financial margin, you have that emergency fund on hand, made

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Speaker 2: it sound like that is exactly maybe the steps. That's

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Speaker 2: what I would have done if I was interested in

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Speaker 2: pursuing a startup like you are.

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Speaker 1: But just because you made the right choice on the front,

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Speaker 1: and it doesn't mean difficult, unpredictable things can't happen. And

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Speaker 1: so I guess it's important to note that raking yourself

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Speaker 1: over the coals for this and making it seem like

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Speaker 1: trying to kind of throw yourself under the bus, which

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Speaker 1: I think can sometimes like there's like a psychological aspect

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Speaker 1: of that to mat where it feels like you're making progress,

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Speaker 1: but the reality is you're not, and it's not helpful

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Speaker 1: to moving forward like with kind of the fact current

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Speaker 1: facts on the ground. And it sounds like this is

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Speaker 1: at least hopefully a temporary hurdle. Right your husband is

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Speaker 1: looking for a job, you at some point are going

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Speaker 1: to start drawing a salary. So I would say, let's

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Speaker 1: hope that one or both happens sooner rather than later.

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Speaker 1: And I get why the helock is on your radar.

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Speaker 1: You mentioned that, especially as interest rates have risen. Right

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Speaker 1: paying off helock debt is way more important now than

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Speaker 1: it was just two years ago. When your helock is

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Speaker 1: sitting there at three and a quarter or something like that,

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Speaker 1: you're like, Ah, not that big of a deal. I

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Speaker 1: can just pay as agreed. But right now, if your

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Speaker 1: helock rate is up in the sevens, it certainly feels

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Speaker 1: like you got to make progress on it more quickly.

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Speaker 1: But the one thing you've got going for you right now, Emma,

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Speaker 1: is your strong cash position, and I just would encourage

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Speaker 1: you not to do anything to jeopardize that, especially given

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Speaker 1: kind of the contours of your situation. I would be

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Speaker 1: making them minut on payments on your debt obligations, including

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Speaker 1: that helock, and that wouldn't be our normal advice. Normally,

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Speaker 1: we would want you to be, like I said, like

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Speaker 1: that should be a debt that you're more keen to

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Speaker 1: pay off more quickly, probably a top priority, yeah, in

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Speaker 1: her life, But these aren't normal times, so you're experiencing here,

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Speaker 1: And the truth is, the whole reason you set aside

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Speaker 1: a big chunk of money is for unexpected hardships like

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Speaker 1: you're experiencing. So using that, leaning on that and not

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Speaker 1: expending it too quickly, even in debt payoff service is

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Speaker 1: why I think for this current place where you find yourself. Yeah,

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Speaker 1: it's interesting.

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Speaker 2: It is curious that she seems to be focusing on

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Speaker 2: the helock, but in reality that is not like in

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Speaker 2: our minds, that isn't the focus. And I think it

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Speaker 2: can be difficult, certainly as difficult financially, but I think

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Speaker 2: for her it could potentially be difficult from like a

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Speaker 2: mental standpoint or from an emotional standpoint, because she might

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Speaker 2: be saying herself, well, I always like pay all my

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Speaker 2: debts like above and beyond. Of course, I'm going to

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Speaker 2: eliminate this as quickly as possible, and so it can

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Speaker 2: be difficult to like there's a sense of identity that's

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Speaker 2: tied up with that, right where she's like, oh, I

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Speaker 2: never make late payments or I never carry a balance,

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Speaker 2: but we don't want her to make late payments, but

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Speaker 2: we not late payments. Yeah, I guess even when it

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Speaker 2: comes to like credit card debt. Right, So like the

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Speaker 2: way someone might use a credit card, they might say, well,

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Speaker 2: I use it to gain some of the different benefits

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Speaker 2: and some of the different rewards. And while that's the case,

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Speaker 2: when you find yourself in a situation like this, you

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Speaker 2: don't necessarily want to get rid of all that liquidity

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Speaker 2: in order to make sure that you are up to

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Speaker 2: date when it comes to your payments.

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Speaker 1: I mean ultimately eventually, in the hopefully not too distant future,

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Speaker 1: having no he like debt is a great goal, but

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Speaker 1: in the here and now, funneling more money in that

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Speaker 1: direction could leave you in a worse financial position.

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Speaker 2: Exactly, even more hardship. Yeah, the fact that cash is there,

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Speaker 2: like you've got one hundred k basically in the bank,

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Speaker 2: and it is there to help you to get through

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Speaker 2: the unknown number of months that this difficult situation might persist,

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Speaker 2: and as a way to stretch each single dollar. This

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Speaker 2: is a great time, honestly to create and to implement

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Speaker 2: a bare bones budget. And I know it can be

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Speaker 2: tough to cut back, especially if that means changing things

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Speaker 2: up for the kiddos, like not signing up for soccer

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Speaker 2: or different different activities like three.

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Speaker 1: Hundred bucks a semester or something like that, and you

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Speaker 1: might have to say, listen for right now, soccer's out

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Speaker 1: the window.

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Speaker 2: Yeah, So just keep in mind that that might be

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Speaker 2: necessary in order to keep in order to maintain more

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Speaker 2: stability at home, you might need to start making some

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Speaker 2: of these smaller changes a little more proactively. And we'll

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Speaker 2: actually link to an article all about bare bones budgets

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Speaker 2: in the show notes for this episode. But essentially what

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Speaker 2: we're talking about here is like maybe not eating out

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Speaker 2: for a while.

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Speaker 1: It means like canceling some of your.

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Speaker 2: Streaming services, vacations, new clothes, or at least money that

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Speaker 2: you were sitting aside for those off in the future,

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Speaker 2: we're gonna set that on the back burner. So basically,

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Speaker 2: whatever isn't completely necessary needs to be eradicated. It kind

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Speaker 2: of makes me think of I don't even know if

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Speaker 2: computers still do this today, but like back in the

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Speaker 2: Windows era or back when I used to have a PC,

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Speaker 2: like if something was wrong with your computer, it would

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Speaker 2: like boot up in safe mode where it would allow

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Speaker 2: you to do a few of the critical functions that

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Speaker 2: the computer needed to do, but it'll dominated all the

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Speaker 2: fancy graphics and things those very pixelated. I can't remember

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Speaker 2: exactly how look, but I just remember it not working

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Speaker 2: like it. Other things are off limits, yeah, exactly. Like

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Speaker 2: a more modern day example is like if your phone

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Speaker 2: is on low battery and it's like, would you like

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Speaker 2: to switch to low low battery, low power mode or whatever,

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Speaker 2: and it's like, Okay, it's going to dim the brightness

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Speaker 2: of the screen. It's going to turn off some of

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Speaker 2: your location services, all so that you can at the

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Speaker 2: very least make a call or make a text for

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Speaker 2: someone to come pick you up if you're stranded. Use

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Speaker 2: your phone for the most urgent potential tests exactly, not

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Speaker 2: like to use your flashlight because you just want to

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Speaker 2: see something. Yeah, No, I think that's I think that's

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Speaker 2: a really good analogy. And so I get like the

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Speaker 2: bare bones budget is something that we want most people

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Speaker 2: or all of our listeners really to have thought out

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Speaker 2: and then hopefully not have to implement. But Emma's in

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Speaker 2: the position where it's time to hopefully you've already got

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Speaker 2: it in hand. If you don't, it's time to create

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Speaker 2: one and then implement it. And it's not because we're

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Speaker 2: trying to kill your phone. That's not what this is about.

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Speaker 2: It's actually really there to put you in a position

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Speaker 2: of control which will hopefully reduce your anxiety levels, like

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Speaker 2: actually taking action, making some progress and kind of harnessing

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Speaker 2: that budget in a way that's going to help extend

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Speaker 2: the life of the savings that you have. Is going

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Speaker 2: to put you in a position where you're.

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Speaker 1: Making progress, right, You're making strikees, just like low battery

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Speaker 1: mode on your phone extends the life of your battery

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Speaker 1: until you're able to plug it in exactly. And so

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Speaker 1: instead of letting those activities the current expenses dictate where

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Speaker 1: you're headed, you're putting the reins back in your hands.

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Speaker 1: And no one ever wants to put the barre bones

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Speaker 1: budget in motion, but is there for emergencies like this,

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Speaker 1: Like nobody's like barbones budget. That sounds like fun, Let's

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Speaker 1: do that in perpetuity. That's not the goal of it.

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Speaker 1: It really is to get you through a trying time

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Speaker 1: like you're currently in, and it can really slow the

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Speaker 1: bleeding enough to make a massive emergency feel far less threatening.

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Speaker 1: And so we think that's going to be the case

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Speaker 1: for you. It's all about surviving right now until your

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Speaker 1: husband gets a job or you start getting paid, and

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Speaker 1: then like let's say your husband lands a job three

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Speaker 1: weeks from now, Well, you can dial back on the

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Speaker 1: bare bones budget. It doesn't have to be there for

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Speaker 1: the next two years.

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Speaker 2: Exactly like you can, in my mind, immediately revert back

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Speaker 2: to your normal spending. Yea, once you've got that job

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Speaker 2: lined up.

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Speaker 1: But the fact is, and he can start to prioritize

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Speaker 1: the helock too, Yeah, exactly right now now it's not

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Speaker 1: the time exactly.

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Speaker 2: Yeah, we Yeah, once you're both getting paid, you can

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Speaker 2: start to make that he like a really high priority,

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Speaker 2: funneling large amounts of money towards it every single month,

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Speaker 2: and that's when you'll be able to replenish some of

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Speaker 2: the cash that you also use during this emergency situation

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Speaker 2: as well. But just remember, like you've done a great

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Speaker 2: job saving money, and the goal right now is just

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Speaker 2: to stretch each single dollar until you've got an income,

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Speaker 2: ideally multiple income. This big it's turned back on in

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Speaker 2: your life. And I know this not easy, but yeah,

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Speaker 2: focus on what it is that you can control.

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Speaker 1: Right now. We think that you've got this.

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Speaker 2: And I'm also glad to hear that you said your

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Speaker 2: husband is he's actively searching for a job, and you've

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Speaker 2: got multiple months worth a living expenses set aside. But

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Speaker 2: it's also worth keeping in mind that at a certain

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Speaker 2: point he might be needing to take a job that

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Speaker 2: isn't necessarily the best job for his career a right, Like,

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Speaker 2: maybe it's oh man, this is actually I'm taking a

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Speaker 2: pay cut by taking this job versus the job I.

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Speaker 1: Used to have.

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Speaker 2: With a keyword here is that he used to have

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Speaker 2: that job have that job anymore. It's not like we're

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Speaker 2: moving from one job where you're currently employed to another

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Speaker 2: one that might be better and studied income.

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Speaker 1: Sometimes you have to those trade offs are required.

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Speaker 2: Yeah, at a certain point you got to start making

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Speaker 2: some hard decisions, and not only for him, but also

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Speaker 2: I think for you. It sounds like you are really

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Speaker 2: passionate and excited about the startup. It sounds like y'all

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Speaker 2: are making serious progress. But at a certain point you

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Speaker 2: have to weigh the pros and the cons and think, Okay,

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Speaker 2: is this worth instability at home? What does this mean

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Speaker 2: for my family? What does this mean for the kids?

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Speaker 2: And it's not even black or white, right, maybe it

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Speaker 2: even means, hey, is there any way I can be

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Speaker 2: less involved in the startup, still maintain maybe some sort

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Speaker 2: of equity position, but that it frees up my time

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Speaker 2: to be able to go back to earning, she said,

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Speaker 2: which is like one hundred and twenty to two hundred

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Speaker 2: K yeah a year. I mean, that's an incredible salary

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Speaker 2: with a typical nine to five with a W two

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Speaker 2: job that you left behind. So the ability to go

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Speaker 2: back to something like that, Just keep that in mind

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Speaker 2: as well. At a certain point, hopefully you won't get

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Speaker 2: to this point, but at a certain point you might

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Speaker 2: have to make some.

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Speaker 1: Of those tough, tough decisions. Every founder story you read, Matt,

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Speaker 1: it seems like there were there was at least one,

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Speaker 1: if not like ten, pivot points where things were that

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Speaker 1: the finances were hitting the fan right, and so like,

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Speaker 1: I don't know, I'm like reading Sam Walton's autobiography right now,

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Speaker 1: the guy who started Walmart, and I'm like so fascinated

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Speaker 1: by these moments in time where everything is like hanging

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Speaker 1: on the edge and things almost completely fall apart. And

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Speaker 1: so if you're passionate about what you do, if you

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Speaker 1: like know and are incredibly skilled at the thing you're

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Speaker 1: trying to develop, and you see light at the end

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Speaker 1: of the tunnel. It's really tough to give up on that,

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Speaker 1: and so you want to do whatever it takes to

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Speaker 1: kind of get through this time. And so I think

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Speaker 1: that's what the bare bones budget can be. And I

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Speaker 1: think you're right. At some point her spouse might have

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Speaker 1: to take, Like what a job that pays less than

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Speaker 1: that is ideal? Or maybe it's not on the career

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Speaker 1: trajectory he was hoping for in order to help make

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Speaker 1: ends meet from a month to month perspective, if you

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Speaker 1: want to keep this dream alive, because there could be

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Speaker 1: a lot of just personal reward and then a lot

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Speaker 1: of also financial reward at the end of the day

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Speaker 1: from this startup taking off. So yeah, it doesn't have.

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Speaker 2: To be a career building, resume building job that he takes.

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Speaker 2: Sometimes it means just like, okay, we're done with unemployment,

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Speaker 2: Like how can we start earning some money to start

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Speaker 2: climbing the bleeding He's stuck there for years to come.

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Speaker 1: Either, right, you can take that job and then and

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Speaker 1: then keep looking, keep networking and find something six months,

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Speaker 1: eight months, a year down the road that maybe is

435
00:18:21,119 --> 00:18:23,280
Speaker 1: more in line with what you were wanting in that

436
00:18:23,359 --> 00:18:24,480
Speaker 1: initial job. Sir, that's right.

437
00:18:24,600 --> 00:18:26,520
Speaker 2: Yeah, so Emma, we yeah, we hope that gets you

438
00:18:26,560 --> 00:18:29,000
Speaker 2: pointed in the right direction. Even though we didn't directly

439
00:18:29,040 --> 00:18:31,760
Speaker 2: address your question, hopefully we were able to get you

440
00:18:31,800 --> 00:18:34,200
Speaker 2: thinking about this in a way that's hopefully a little

441
00:18:34,280 --> 00:18:35,800
Speaker 2: more helpful. But Joe, we've got more to get to,

442
00:18:35,840 --> 00:18:38,520
Speaker 2: including we're going to talk about making bi weekly payments

443
00:18:38,560 --> 00:18:40,560
Speaker 2: on a mortgage. We'll get to that, plus more right

444
00:18:40,680 --> 00:18:41,360
Speaker 2: after this.

445
00:18:49,440 --> 00:18:52,120
Speaker 1: All right, Matt, back, Now we're gonna talk about honeymoons.

446
00:18:52,560 --> 00:18:54,959
Speaker 1: Your honeymoon actually got derailed, didn't it It did. You're

447
00:18:55,000 --> 00:18:59,400
Speaker 1: supposed to go to Jamaica a hurricane. Hurricane took it out. Yeah,

448
00:19:00,080 --> 00:19:02,160
Speaker 1: my honeymoon. I had a free place to say thanks

449
00:19:02,160 --> 00:19:03,600
Speaker 1: to my boss, so that was kind of nice. I

450
00:19:03,680 --> 00:19:05,720
Speaker 1: really cut down on the cost. But we've got a

451
00:19:05,760 --> 00:19:08,680
Speaker 1: listener who's wondering, well, can I use credit cards actually

452
00:19:08,680 --> 00:19:10,760
Speaker 1: to help curb the cost of my honeymoon.

453
00:19:11,160 --> 00:19:13,720
Speaker 4: Hey, Matt Jil thanks for all the great financial advice

454
00:19:13,760 --> 00:19:15,760
Speaker 4: you give. I'm getting married next summer and had a

455
00:19:15,800 --> 00:19:18,639
Speaker 4: few questions on how to best use credit card rewards

456
00:19:18,680 --> 00:19:21,639
Speaker 4: for a honeymoon. For a little background, my partner and

457
00:19:21,680 --> 00:19:24,680
Speaker 4: I both have eight hundred plus credit scores. Are both

458
00:19:24,680 --> 00:19:27,560
Speaker 4: in money Gear seven and currently have a two percent

459
00:19:27,640 --> 00:19:31,360
Speaker 4: cash back credit card. Our wedding has been properly budgeted for,

460
00:19:31,560 --> 00:19:33,640
Speaker 4: and we are doing the reception at a restaurant, which

461
00:19:33,640 --> 00:19:36,919
Speaker 4: will be about twenty thousand dollars. We would both be

462
00:19:37,000 --> 00:19:39,480
Speaker 4: willing to take out one new credit card each to

463
00:19:39,560 --> 00:19:43,440
Speaker 4: pay for the wedding and take advantage of rewards for flights, hotels,

464
00:19:43,520 --> 00:19:46,280
Speaker 4: or just cash back. Annual fees are fine, as we

465
00:19:46,280 --> 00:19:49,520
Speaker 4: would likely cancel the card after one year. I've looked

466
00:19:49,560 --> 00:19:51,720
Speaker 4: at your credit card tool and it seems that maybe

467
00:19:51,760 --> 00:19:54,919
Speaker 4: the Chase Sapphire Preferred or the Capitol one Venture cards

468
00:19:54,960 --> 00:19:57,199
Speaker 4: would be best. But would love to hear your thoughts.

469
00:19:57,440 --> 00:20:00,879
Speaker 2: Thanks so much, all right, Dennis, congrats on the upcoming

470
00:20:01,119 --> 00:20:03,720
Speaker 2: wedding or pump for you. And by the way, I

471
00:20:03,720 --> 00:20:07,679
Speaker 2: think he said a like a twenty thousand dollars cost,

472
00:20:08,160 --> 00:20:11,199
Speaker 2: which I will say was specifically for the reception at

473
00:20:11,240 --> 00:20:13,920
Speaker 2: a restaurant. So if that's the bulk of the cost,

474
00:20:13,960 --> 00:20:15,800
Speaker 2: that's actually a little better than average. I think the

475
00:20:16,200 --> 00:20:19,000
Speaker 2: average today is thirty five thousand dollars. So if you're

476
00:20:19,000 --> 00:20:22,040
Speaker 2: getting married somewhere, let's say at a park and it's

477
00:20:22,160 --> 00:20:26,200
Speaker 2: virtually free, and then dropping twenty k at a restaurant,

478
00:20:26,240 --> 00:20:28,800
Speaker 2: which sounds like never an amount of money that I

479
00:20:28,800 --> 00:20:31,920
Speaker 2: want to spend at a restaurant, But big picture, that's

480
00:20:31,920 --> 00:20:32,840
Speaker 2: actually pretty dang good.

481
00:20:32,880 --> 00:20:34,480
Speaker 1: I don't have two minds of this because I think

482
00:20:34,640 --> 00:20:36,159
Speaker 1: you want to save money on the wedding, but at

483
00:20:36,160 --> 00:20:38,439
Speaker 1: the same time, it's like this, it can be this

484
00:20:38,520 --> 00:20:41,639
Speaker 1: super massive fun party. Yeah, you don't have to spend

485
00:20:41,640 --> 00:20:43,040
Speaker 1: an arm in a leg in order to have the

486
00:20:43,080 --> 00:20:45,760
Speaker 1: massively fun party with your friends and family though, So

487
00:20:46,320 --> 00:20:48,200
Speaker 1: that kind of balance I think makes sense when you're

488
00:20:48,200 --> 00:20:50,480
Speaker 1: approaching a wedding. You also don't want to like underspend,

489
00:20:50,560 --> 00:20:51,960
Speaker 1: not in mite people that you would have liked to

490
00:20:51,960 --> 00:20:54,160
Speaker 1: have there in an attempt to save a few bucks,

491
00:20:54,160 --> 00:20:56,200
Speaker 1: because that's a really memorable day.

492
00:20:56,240 --> 00:20:59,000
Speaker 2: Absolutely, yeah, and so we are glad to hear. Though

493
00:20:59,040 --> 00:21:00,840
Speaker 2: you've gotten familiar with the credit card tool, this is

494
00:21:00,880 --> 00:21:02,879
Speaker 2: an easy way to see what credit cards make the

495
00:21:02,960 --> 00:21:05,240
Speaker 2: most sense for you. And by the way, the cards

496
00:21:05,240 --> 00:21:07,840
Speaker 2: that you mentioned, they're truly two of the best travel

497
00:21:07,840 --> 00:21:10,959
Speaker 2: cards for most people to consider. You've got the Capital

498
00:21:11,000 --> 00:21:13,800
Speaker 2: and Venture ex Card, You've got the Chase Sapphire preferred.

499
00:21:14,119 --> 00:21:17,199
Speaker 2: They both offer the most robust rewards, They offer the

500
00:21:17,200 --> 00:21:21,359
Speaker 2: best secondary benefits for just the minimal annual fee.

501
00:21:21,440 --> 00:21:23,520
Speaker 1: Yeah, and you mentioned secondary benefits, we should just mention

502
00:21:23,640 --> 00:21:25,520
Speaker 1: like what does that mean? Well, lots of times it

503
00:21:25,560 --> 00:21:28,440
Speaker 1: means like zero percent foreign transaction fees. That's one of

504
00:21:28,480 --> 00:21:30,040
Speaker 1: those that actually a lot of cards have now.

505
00:21:30,200 --> 00:21:33,719
Speaker 2: But like primary car rental insurance, Yeah, and Chase, especially

506
00:21:33,720 --> 00:21:35,800
Speaker 2: if you're looking at a whole lot of travel where

507
00:21:35,960 --> 00:21:38,640
Speaker 2: you're not just relaxing on the beach but actually traveling

508
00:21:38,640 --> 00:21:40,359
Speaker 2: around which requires you renting.

509
00:21:40,080 --> 00:21:43,040
Speaker 1: A vehicle, especially if you're traveling to Europe or something

510
00:21:43,080 --> 00:21:45,800
Speaker 1: like that and not having to I mean that adds

511
00:21:45,880 --> 00:21:47,520
Speaker 1: up really the interance that you paid directly to the

512
00:21:47,560 --> 00:21:51,359
Speaker 1: renot Hall company. You can decline it with a peace

513
00:21:51,359 --> 00:21:53,680
Speaker 1: of minds knowing that you've booked it with the client.

514
00:21:53,760 --> 00:21:55,840
Speaker 2: Is picking the risk, knowing that there's where something that

515
00:21:55,920 --> 00:21:57,800
Speaker 2: happen that you're going to be covering that with your

516
00:21:57,800 --> 00:22:00,560
Speaker 2: own with your own policy. But Capital One, the venture

517
00:22:00,760 --> 00:22:03,359
Speaker 2: X and the Chase Chase staffire I preferred both have

518
00:22:03,440 --> 00:22:07,320
Speaker 2: that primary rental. But then that being said for everyone else,

519
00:22:07,400 --> 00:22:10,040
Speaker 2: like please check out the rundown there, like head over

520
00:22:10,119 --> 00:22:13,080
Speaker 2: to how to money dot Com forard slash credit card tool,

521
00:22:13,440 --> 00:22:16,320
Speaker 2: and you can see what each of these cards offer,

522
00:22:17,040 --> 00:22:18,399
Speaker 2: some of the different cards, some of the different You

523
00:22:18,400 --> 00:22:20,920
Speaker 2: can narrow it down as well by the different airline.

524
00:22:21,040 --> 00:22:23,399
Speaker 1: Say you're looking to score points with if you want

525
00:22:23,440 --> 00:22:25,280
Speaker 1: one of those airlines specific cards exactly.

526
00:22:25,359 --> 00:22:27,200
Speaker 2: Yeah, and so the and the sign up bonuses. They're

527
00:22:27,200 --> 00:22:29,120
Speaker 2: typically a neck and neck on these two as well.

528
00:22:29,200 --> 00:22:33,119
Speaker 2: Both have similar redemption portals that are fairly user friendly.

529
00:22:33,200 --> 00:22:35,320
Speaker 2: You really, honestly, you really can't go wrong with either

530
00:22:35,480 --> 00:22:36,840
Speaker 2: one of these. Some of a lot of it I

531
00:22:36,880 --> 00:22:38,440
Speaker 2: think kind of comes down to a personal preference.

532
00:22:38,560 --> 00:22:41,439
Speaker 1: Yeah, And I like how Dennis is kind of he's saying, oh,

533
00:22:41,440 --> 00:22:43,200
Speaker 1: we're going to do a single card each of us,

534
00:22:43,560 --> 00:22:45,040
Speaker 1: that this is kind of how we're going to skin

535
00:22:45,080 --> 00:22:47,320
Speaker 1: the cat. And it sounds like you're trying to keep

536
00:22:47,359 --> 00:22:49,200
Speaker 1: it simple and not get too far over your over

537
00:22:49,240 --> 00:22:51,360
Speaker 1: your skis, which is whise. I think some people they

538
00:22:51,359 --> 00:22:54,520
Speaker 1: hear about like using credit cards to get points so

539
00:22:54,560 --> 00:22:57,399
Speaker 1: they can travel for free or cheap, and sometimes people

540
00:22:57,400 --> 00:22:59,560
Speaker 1: ever do it, Matt. They sign up for four at

541
00:22:59,560 --> 00:23:01,760
Speaker 1: a time, you don't meet the spending threshold, and so

542
00:23:02,000 --> 00:23:04,679
Speaker 1: they fall short maybe of being able to get some

543
00:23:04,720 --> 00:23:07,240
Speaker 1: of the bonus miles or points that they can get,

544
00:23:07,520 --> 00:23:10,240
Speaker 1: and they also find that their spending gets out of hand,

545
00:23:10,320 --> 00:23:12,879
Speaker 1: maybe in an attempt to get as many sign of

546
00:23:12,920 --> 00:23:15,320
Speaker 1: bonuses as possible. So I would say, yes, keep it

547
00:23:15,359 --> 00:23:18,800
Speaker 1: manageable in the beginning. That is the best way to start.

548
00:23:19,200 --> 00:23:21,640
Speaker 1: And you can always add complexity to your travel hacking

549
00:23:21,720 --> 00:23:24,600
Speaker 1: down the road. You can, like at some point in

550
00:23:24,640 --> 00:23:27,000
Speaker 1: the future, when you feel like you know what you're doing,

551
00:23:27,359 --> 00:23:29,520
Speaker 1: you can maybe open two credit cards at the same

552
00:23:29,520 --> 00:23:31,840
Speaker 1: time working towards those spends because you know what, you

553
00:23:31,880 --> 00:23:33,840
Speaker 1: know what bills are upcoming in your life, and you

554
00:23:33,880 --> 00:23:35,399
Speaker 1: know you're going to easily be able to meet that

555
00:23:35,440 --> 00:23:38,760
Speaker 1: threshold without like spending extra that you wouldn't have otherwise done,

556
00:23:38,800 --> 00:23:40,720
Speaker 1: because that's the way you're shooting yourself in the foot.

557
00:23:40,720 --> 00:23:42,280
Speaker 1: And a lot of people end up shooting themselves in

558
00:23:42,320 --> 00:23:44,480
Speaker 1: the foot is by spending more than they should in

559
00:23:44,520 --> 00:23:46,560
Speaker 1: an attempt to maximize credit card benefits.

560
00:23:46,640 --> 00:23:48,320
Speaker 2: Yeah, I think wading into those waters makes a whole

561
00:23:48,320 --> 00:23:51,359
Speaker 2: lot of sense, especially considering he mentioned how it sounds

562
00:23:51,400 --> 00:23:54,200
Speaker 2: like he's coming from a two percent cash background. Yeah,

563
00:23:54,200 --> 00:23:56,480
Speaker 2: basically he's got a single card. It always pays two percent.

564
00:23:56,560 --> 00:23:59,000
Speaker 2: It's a solid place to start. But then the ability

565
00:23:59,040 --> 00:24:01,400
Speaker 2: to add that complet city overtime as you get used

566
00:24:01,400 --> 00:24:03,320
Speaker 2: to it and know what's how.

567
00:24:03,200 --> 00:24:05,479
Speaker 1: It works basically. Yeah, and I think this also allows

568
00:24:05,520 --> 00:24:08,720
Speaker 1: you to experiment, Dennis, like with both of these cards,

569
00:24:08,720 --> 00:24:10,680
Speaker 1: maybe and see which platform you preferred, because if you're

570
00:24:10,680 --> 00:24:13,880
Speaker 1: opening one, your significant other is opening one as well.

571
00:24:14,240 --> 00:24:17,520
Speaker 1: Maybe maybe you open the Chase Haffire Preferred and you're

572
00:24:17,800 --> 00:24:21,000
Speaker 1: soon to be spouse opens up the Capital one venture X, right,

573
00:24:21,000 --> 00:24:24,240
Speaker 1: and you're racking up points left and right. Yeah. Well,

574
00:24:24,240 --> 00:24:28,280
Speaker 1: and I think another important thing to mention is that

575
00:24:29,119 --> 00:24:31,360
Speaker 1: not to add each other as an authorized user on

576
00:24:31,400 --> 00:24:34,239
Speaker 1: your own card, because in the future, if you do

577
00:24:34,280 --> 00:24:36,119
Speaker 1: want to open up a second card, well you can

578
00:24:36,119 --> 00:24:38,800
Speaker 1: flip flop, you know, and you open the Chase Alfire Preferred. Well,

579
00:24:38,840 --> 00:24:40,919
Speaker 1: next you open up the Capital one venture X and

580
00:24:41,040 --> 00:24:43,199
Speaker 1: vice versa, and that is what's going to allow you

581
00:24:43,240 --> 00:24:46,920
Speaker 1: to maximize the sign up bonuses, maximize those points earnings.

582
00:24:46,920 --> 00:24:49,119
Speaker 1: But when you add each other as an authorized user,

583
00:24:49,359 --> 00:24:50,880
Speaker 1: you forego the ability to do that.

584
00:24:50,960 --> 00:24:53,040
Speaker 2: Yeah, there is benefit, but it's a minimal benefit that

585
00:24:53,040 --> 00:24:53,560
Speaker 2: you've received.

586
00:24:53,600 --> 00:24:54,920
Speaker 1: It's like the difference.

587
00:24:54,600 --> 00:24:56,600
Speaker 2: Between I don't know, like one hundred thousand points versus

588
00:24:56,600 --> 00:24:59,040
Speaker 2: ten thousand points, because it's like, yeah, they're always touting

589
00:24:59,080 --> 00:25:02,040
Speaker 2: like hey add authorized user, and there is a benefit,

590
00:25:02,080 --> 00:25:04,280
Speaker 2: it's just not nearly as much where your partner to

591
00:25:04,520 --> 00:25:07,000
Speaker 2: go out and get the card themselves. That being said,

592
00:25:07,040 --> 00:25:10,879
Speaker 2: we're talking about keeping things simple. However, another card or

593
00:25:10,920 --> 00:25:14,159
Speaker 2: a strategy worth considering is the Southwest Companion Pass that

594
00:25:14,160 --> 00:25:16,480
Speaker 2: we've talked about here on the show especially.

595
00:25:16,480 --> 00:25:19,159
Speaker 1: I mean, if Southwest flies to the airport that's closest

596
00:25:19,160 --> 00:25:21,080
Speaker 1: to you, right, if that's easy and they're flying to

597
00:25:21,080 --> 00:25:22,399
Speaker 1: the fascinations you want to go.

598
00:25:22,520 --> 00:25:25,640
Speaker 2: Yeah, Airfare is it's the oftentimes the major expense when

599
00:25:25,640 --> 00:25:27,720
Speaker 2: it comes to traveling, and when it comes to going

600
00:25:27,760 --> 00:25:31,000
Speaker 2: on a honeymoon and getting a Southwest card and jumping

601
00:25:31,000 --> 00:25:33,280
Speaker 2: through some of the hoops in order to snag to

602
00:25:33,320 --> 00:25:35,280
Speaker 2: score that companion pass, that can be the best bang

603
00:25:35,320 --> 00:25:38,560
Speaker 2: for your buck from a new credit card perspective. And

604
00:25:38,600 --> 00:25:40,880
Speaker 2: the cool thing is once you get the companion pass,

605
00:25:40,960 --> 00:25:44,280
Speaker 2: not only are we talking about booking that honeymoon flight

606
00:25:44,359 --> 00:25:46,240
Speaker 2: with points that you've earned and a free flight for

607
00:25:46,280 --> 00:25:48,600
Speaker 2: your companion, but you can then do the same on

608
00:25:48,680 --> 00:25:51,040
Speaker 2: your other upcoming trips for the rest of the year

609
00:25:51,240 --> 00:25:53,320
Speaker 2: and then next year as well. The way the companion

610
00:25:53,359 --> 00:25:55,400
Speaker 2: works is companion pass works is the year in which

611
00:25:55,400 --> 00:25:57,560
Speaker 2: you get it, you not only get free travel for

612
00:25:57,600 --> 00:25:59,840
Speaker 2: the rest of that year, but also the following year.

613
00:26:00,000 --> 00:26:01,720
Speaker 2: It's kind of the gift that keeps on giving. And

614
00:26:01,720 --> 00:26:04,240
Speaker 2: we've got an article up on the site that explains

615
00:26:04,680 --> 00:26:07,120
Speaker 2: how it is that you can most quickly earn that

616
00:26:07,160 --> 00:26:09,040
Speaker 2: companion pass. And by the way, too, I want to

617
00:26:09,080 --> 00:26:10,959
Speaker 2: make an argument for Southwest because I think there might

618
00:26:11,000 --> 00:26:13,560
Speaker 2: be some folks who hear us talking about Southwest and

619
00:26:13,600 --> 00:26:16,400
Speaker 2: they're like, Boo, you can't go anywhere cool Southwest.

620
00:26:16,600 --> 00:26:17,680
Speaker 1: That's not the case. True.

621
00:26:17,680 --> 00:26:22,399
Speaker 2: You can the entire Caribbean, basically maybe King Kun you

622
00:26:22,440 --> 00:26:24,680
Speaker 2: can go to Jamaica. Speaking of Jamaica, you can go

623
00:26:24,720 --> 00:26:26,560
Speaker 2: to Jamaica. You can go to like Aruba, you can

624
00:26:26,560 --> 00:26:27,600
Speaker 2: go to the Cayman Islands.

625
00:26:27,720 --> 00:26:29,600
Speaker 1: Yeah, there are a lot of great this is where

626
00:26:29,600 --> 00:26:30,720
Speaker 1: I have most of my bank accounts.

627
00:26:31,520 --> 00:26:34,800
Speaker 2: Yeah, but there's just a lot of cool places that

628
00:26:34,840 --> 00:26:37,480
Speaker 2: you can go, a lot of warm places. And here's

629
00:26:37,520 --> 00:26:39,760
Speaker 2: another part of it too. I'm going to continue to

630
00:26:39,800 --> 00:26:42,240
Speaker 2: make an argument for flying Southwest because you might be saying, well, no,

631
00:26:42,280 --> 00:26:43,600
Speaker 2: we want to go to Europe, we want to do

632
00:26:43,640 --> 00:26:46,919
Speaker 2: the European honeymoon vacation thing. Well, something to keep in

633
00:26:46,960 --> 00:26:50,359
Speaker 2: mind is that I don't know how much you and

634
00:26:50,680 --> 00:26:52,720
Speaker 2: you're soon to be spouse.

635
00:26:52,560 --> 00:26:53,480
Speaker 1: Have traveled together.

636
00:26:53,760 --> 00:26:55,560
Speaker 2: But I feel like there's a learning curve when it

637
00:26:55,600 --> 00:26:58,159
Speaker 2: comes to learning how it figuring out how it is

638
00:26:58,200 --> 00:27:01,320
Speaker 2: that the other person likes to travel, and I think

639
00:27:01,359 --> 00:27:03,240
Speaker 2: it can make a lot of sense to figure that out.

640
00:27:03,119 --> 00:27:03,639
Speaker 1: On the cheap.

641
00:27:04,200 --> 00:27:06,919
Speaker 2: So maybe, like say, and I'm speaking from personal experience,

642
00:27:06,960 --> 00:27:09,280
Speaker 2: because like when Kate and I traveled early on, like

643
00:27:09,320 --> 00:27:11,240
Speaker 2: we would have a lot of fun, but I don't know,

644
00:27:11,240 --> 00:27:12,879
Speaker 2: I feel like it was several trips in before we

645
00:27:12,920 --> 00:27:15,680
Speaker 2: felt like we would really get into the groove of knowing, Oh,

646
00:27:15,720 --> 00:27:18,280
Speaker 2: we want to make sure we always stay at least

647
00:27:18,320 --> 00:27:21,399
Speaker 2: two nights anywhere we stay if we're traveling around Europe.

648
00:27:21,400 --> 00:27:24,600
Speaker 2: We always played disc golf wherever we go, and your

649
00:27:24,640 --> 00:27:27,760
Speaker 2: wife no, like, literally, what activities do we want to

650
00:27:27,760 --> 00:27:30,119
Speaker 2: participate in? Like these are all good things to learn,

651
00:27:30,600 --> 00:27:32,840
Speaker 2: so why not learn those on the cheap? Maybe while

652
00:27:32,840 --> 00:27:37,720
Speaker 2: you're traveling domestically as opposed to a really expensive initial

653
00:27:37,840 --> 00:27:39,879
Speaker 2: education and how the other person likes to travel, and

654
00:27:39,880 --> 00:27:41,480
Speaker 2: I don't want to. All that being said, I think

655
00:27:41,480 --> 00:27:43,400
Speaker 2: there are a lot of great options in Southwest.

656
00:27:43,400 --> 00:27:45,840
Speaker 1: I don't want to like over sales Southwest, but Southwest

657
00:27:46,200 --> 00:27:48,560
Speaker 1: they make it pretty easy to redeem those points, and

658
00:27:48,880 --> 00:27:52,359
Speaker 1: it's it's like less of an endeavor like it is

659
00:27:52,400 --> 00:27:54,679
Speaker 1: with some of the other airlines. And sometimes they have

660
00:27:54,840 --> 00:27:57,359
Speaker 1: really amazing sales, like when Emily and I were booking

661
00:27:57,359 --> 00:28:01,800
Speaker 1: flights for our anniversary trip to New York City, they

662
00:28:01,840 --> 00:28:04,080
Speaker 1: have the Southwest had a forty percent off sale even

663
00:28:04,080 --> 00:28:04,960
Speaker 1: when using points.

664
00:28:04,760 --> 00:28:06,200
Speaker 2: Which I feel like they do that like two or

665
00:28:06,240 --> 00:28:06,880
Speaker 2: three times a year.

666
00:28:06,960 --> 00:28:09,080
Speaker 1: They do that forty percent off. If you amass those

667
00:28:09,160 --> 00:28:11,320
Speaker 1: points and you've got the Companion Pass and you're using

668
00:28:11,320 --> 00:28:14,080
Speaker 1: those points to book travel, and then your your your

669
00:28:14,119 --> 00:28:17,520
Speaker 1: spouse is flying free. On top of that, you're basically

670
00:28:17,520 --> 00:28:19,600
Speaker 1: getting a ton of free flights just by going with

671
00:28:19,600 --> 00:28:22,000
Speaker 1: the Companion passway. So I guess it's just it's an

672
00:28:22,119 --> 00:28:25,560
Speaker 1: underrated way to utilize credit cards to travel. Hack like

673
00:28:25,760 --> 00:28:28,240
Speaker 1: the Chase staff are preferred, and the Capitol and Venturex

674
00:28:28,280 --> 00:28:31,600
Speaker 1: get all the love, all the glory, and for good reason.

675
00:28:31,680 --> 00:28:34,080
Speaker 1: They are two of the best travel credit cards out

676
00:28:34,080 --> 00:28:36,600
Speaker 1: there in existence, like you honed in on the top two. Yeah.

677
00:28:36,600 --> 00:28:39,200
Speaker 1: The other one though, that gets not nearly as much attention,

678
00:28:39,360 --> 00:28:41,600
Speaker 1: is going the Southwest rout. Yeah, exactly.

679
00:28:41,680 --> 00:28:44,720
Speaker 2: Don't sleep on the Southwest Companion Pass and Dennis, don't

680
00:28:44,720 --> 00:28:47,920
Speaker 2: feel like that you have to nail this perfectly. But

681
00:28:48,000 --> 00:28:50,240
Speaker 2: even to just snagger free flight or a few nights

682
00:28:50,240 --> 00:28:52,520
Speaker 2: a free awesome hotel is going to be It's going

683
00:28:52,560 --> 00:28:54,080
Speaker 2: to make a big difference when it comes to reducing

684
00:28:54,160 --> 00:28:56,840
Speaker 2: the overall cost of that honeymoon. And it could be

685
00:28:56,880 --> 00:28:59,840
Speaker 2: the beginning of you doing even more travel hacking to

686
00:29:00,040 --> 00:29:02,440
Speaker 2: save money in the future. But we wish you the best,

687
00:29:02,480 --> 00:29:05,000
Speaker 2: happy honeymooning, Joel. We've got another question to get to.

688
00:29:05,160 --> 00:29:08,400
Speaker 2: This is from a listener who has a new condo,

689
00:29:08,720 --> 00:29:11,880
Speaker 2: But what's the best way of making those mortgage payments?

690
00:29:12,200 --> 00:29:14,800
Speaker 5: Hi, Matt and Joel. My name is Alexis I usually

691
00:29:14,840 --> 00:29:17,840
Speaker 5: them pronouns, and I'm in Seattle, Washington. My wife and

692
00:29:17,880 --> 00:29:19,920
Speaker 5: I just closed on our first condo, So I've got

693
00:29:19,920 --> 00:29:22,600
Speaker 5: a question about mortgage payments. We have the option to

694
00:29:22,600 --> 00:29:24,880
Speaker 5: set up by weekly payments, which I know would give

695
00:29:24,960 --> 00:29:27,840
Speaker 5: us two extra mortgage payments per year if we were

696
00:29:27,840 --> 00:29:29,560
Speaker 5: planning on staying in this condo for the length of

697
00:29:29,600 --> 00:29:31,800
Speaker 5: the loan, which is a thirty year fixed rate that

698
00:29:31,840 --> 00:29:33,760
Speaker 5: we hope to be able to refinance at some point

699
00:29:33,880 --> 00:29:36,600
Speaker 5: in the near future, I understand the difference this would

700
00:29:36,600 --> 00:29:39,600
Speaker 5: make in paying the loan off faster and with less interest. However,

701
00:29:39,840 --> 00:29:42,080
Speaker 5: given the fact that we almost certainly won't live here

702
00:29:42,080 --> 00:29:44,280
Speaker 5: for the full thirty years, does this change the cost

703
00:29:44,280 --> 00:29:46,360
Speaker 5: benefit calculation at all? Or is it still a good

704
00:29:46,360 --> 00:29:48,240
Speaker 5: idea to make those extra payments if we can swing it.

705
00:29:48,680 --> 00:29:51,080
Speaker 1: Thanks, Oh, Matt, this is a great question, Alexis. Thank

706
00:29:51,080 --> 00:29:54,760
Speaker 1: you for sending this one our way, because this is

707
00:29:54,960 --> 00:29:58,280
Speaker 1: if you have a mortgage and you've taken one out. Recently,

708
00:29:58,680 --> 00:30:02,760
Speaker 1: the dynamics have shifted about when or how you pay

709
00:30:02,760 --> 00:30:05,560
Speaker 1: your mortgage off. Those three percent mortgages, Matt, they were

710
00:30:05,600 --> 00:30:08,720
Speaker 1: so sweet, but they are a relic of a bygone era.

711
00:30:08,720 --> 00:30:11,320
Speaker 1: At least at this point, those super low rates are gone,

712
00:30:11,360 --> 00:30:13,560
Speaker 1: and so for so long our advice was like, don't

713
00:30:13,560 --> 00:30:15,360
Speaker 1: pay off your mortgage early because if you have a

714
00:30:15,400 --> 00:30:18,120
Speaker 1: three percent rate, unless you are one of those hyper

715
00:30:18,120 --> 00:30:20,040
Speaker 1: debt averse people and you can't sleep at night, because

716
00:30:20,040 --> 00:30:22,160
Speaker 1: you have a mortgage. It was like, n just let

717
00:30:22,200 --> 00:30:24,959
Speaker 1: it linger because there are better things to do with

718
00:30:25,080 --> 00:30:27,760
Speaker 1: your money. But the calculus looks different. If your rate

719
00:30:27,880 --> 00:30:30,440
Speaker 1: is in that seven percent range, what the average rate

720
00:30:30,520 --> 00:30:32,920
Speaker 1: on a new mortgage now has gone down a little bit,

721
00:30:32,920 --> 00:30:35,640
Speaker 1: but it's still in that six and a half percent range.

722
00:30:35,360 --> 00:30:37,360
Speaker 2: Still a lot higher. Yeah, if you do have a

723
00:30:37,400 --> 00:30:39,120
Speaker 2: rate that high, definitely keep an eye on the market,

724
00:30:39,200 --> 00:30:41,360
Speaker 2: like you mentioned, because refinancing it can make a lot

725
00:30:41,400 --> 00:30:44,240
Speaker 2: of sense if rates come down like many folks are predicting.

726
00:30:44,760 --> 00:30:46,040
Speaker 1: And if you're going.

727
00:30:45,880 --> 00:30:48,320
Speaker 2: To prepay your mortgage, those biweekly payments are just about

728
00:30:48,320 --> 00:30:50,560
Speaker 2: the best way to do it. It's amazing how taking

729
00:30:50,640 --> 00:30:53,400
Speaker 2: that route, making just one extra full payment will knock

730
00:30:53,400 --> 00:30:55,960
Speaker 2: off something like six years off the life of the loan.

731
00:30:55,960 --> 00:30:59,240
Speaker 2: It's a pretty sweet reward decades down the road. And

732
00:30:59,480 --> 00:31:01,920
Speaker 2: I'll say that the bi weekly payments, so you're basically

733
00:31:01,920 --> 00:31:04,080
Speaker 2: making a payment every two weeks, I love it, which.

734
00:31:04,200 --> 00:31:06,479
Speaker 1: Then becomes the equivalent of essentially thirteen payments a year

735
00:31:06,520 --> 00:31:08,400
Speaker 1: instead of twelve, which is what reduces or.

736
00:31:08,320 --> 00:31:11,160
Speaker 2: Bi weekly twenty six payments, so extra extra couple payments.

737
00:31:11,200 --> 00:31:12,560
Speaker 2: So the reason I love it so much is the

738
00:31:12,560 --> 00:31:15,280
Speaker 2: fact that oftentimes folks who have a W two job,

739
00:31:15,800 --> 00:31:18,040
Speaker 2: they are also on a bi weekly payment schedule. They're

740
00:31:18,040 --> 00:31:21,280
Speaker 2: getting paid every other Friday, which means that that payment,

741
00:31:21,480 --> 00:31:23,840
Speaker 2: that extra paycheck that they receive kind of lines up

742
00:31:24,440 --> 00:31:27,400
Speaker 2: perfectly with an extra payment towards a mortgage. And I

743
00:31:27,440 --> 00:31:30,080
Speaker 2: love that because oftentimes when folks receive that extra payment,

744
00:31:30,120 --> 00:31:33,680
Speaker 2: it just it gets absorbed into their monthly budget and

745
00:31:33,760 --> 00:31:35,360
Speaker 2: it's not necessarily put to use.

746
00:31:35,800 --> 00:31:36,960
Speaker 1: It gets like fritted.

747
00:31:36,720 --> 00:31:39,760
Speaker 2: Away almost into just like they're expendable just their expenses

748
00:31:39,800 --> 00:31:42,400
Speaker 2: that month. Whereas now it's like, man, you have given

749
00:31:42,440 --> 00:31:44,680
Speaker 2: it a task, you have assigned it to something that's

750
00:31:44,720 --> 00:31:47,320
Speaker 2: going to lead to more money for you, higher networth

751
00:31:47,320 --> 00:31:47,720
Speaker 2: down the road.

752
00:31:47,760 --> 00:31:49,800
Speaker 1: Kind of like how people use their tax return money.

753
00:31:49,800 --> 00:31:51,640
Speaker 1: It's like, oh, this is free money. I didn't have

754
00:31:51,640 --> 00:31:53,720
Speaker 1: a plan for this, and wait, I'm getting at thirty

755
00:31:53,760 --> 00:31:56,400
Speaker 1: five dollars refund this year. And it often gets fritted

756
00:31:56,400 --> 00:31:58,600
Speaker 1: away too, Matt, because it is this like, it's a

757
00:31:58,640 --> 00:32:00,160
Speaker 1: great way to make a whole lot of progrem us

758
00:32:00,200 --> 00:32:02,400
Speaker 1: at one time if you use it properly, but so

759
00:32:02,440 --> 00:32:05,120
Speaker 1: many people don't use it that way, and that kind

760
00:32:05,160 --> 00:32:08,200
Speaker 1: of you know, just prevents them from making more progress

761
00:32:08,600 --> 00:32:10,800
Speaker 1: than they otherwise could totally. And let's talk about timeline

762
00:32:10,800 --> 00:32:13,200
Speaker 1: for a second. That's really the heart of Alexis's question.

763
00:32:13,680 --> 00:32:16,200
Speaker 1: The truth is the average American takes out a thirty

764
00:32:16,240 --> 00:32:18,760
Speaker 1: year mortgage but doesn't come anywhere close to getting to

765
00:32:18,760 --> 00:32:21,160
Speaker 1: the end of it. The average length of home ownership

766
00:32:21,160 --> 00:32:23,400
Speaker 1: it has like gone up a little bit in recent years,

767
00:32:23,560 --> 00:32:26,000
Speaker 1: but it's something like eight years in total that people

768
00:32:26,000 --> 00:32:28,120
Speaker 1: who buy a house stay in that house. So if

769
00:32:28,120 --> 00:32:30,360
Speaker 1: you don't plan to be in that condo for thirty years,

770
00:32:30,600 --> 00:32:33,120
Speaker 1: your question is, does it even make sense to make

771
00:32:33,160 --> 00:32:35,200
Speaker 1: more mortgage payoff a priority or should you be doing

772
00:32:35,240 --> 00:32:38,000
Speaker 1: other thing other things with that money. I would say

773
00:32:38,040 --> 00:32:40,520
Speaker 1: it can like it can make sense because let's say

774
00:32:40,520 --> 00:32:43,960
Speaker 1: you opt to accelerate that mortgage payoff and you sell

775
00:32:44,160 --> 00:32:46,680
Speaker 1: twelve years from now before you get that mortgage fully

776
00:32:46,720 --> 00:32:48,920
Speaker 1: paid off. So you're staying there maybe a little bit

777
00:32:48,960 --> 00:32:51,840
Speaker 1: longer than the average American, but you're not staying there

778
00:32:51,880 --> 00:32:54,320
Speaker 1: the full life at alone. Was that extra payoff? Was

779
00:32:54,360 --> 00:32:56,280
Speaker 1: all the extra money you threw towards that mortgage was

780
00:32:56,320 --> 00:32:58,800
Speaker 1: it all for not? The answer is no, because at

781
00:32:58,840 --> 00:33:01,600
Speaker 1: the closing table, you owe the bank a whole lot

782
00:33:01,680 --> 00:33:03,640
Speaker 1: less than you would have if you had paid your

783
00:33:03,640 --> 00:33:07,120
Speaker 1: mortgage as agreed. By accelerating that payoff, that means you

784
00:33:07,120 --> 00:33:10,080
Speaker 1: get a bigger check cut to you when you make

785
00:33:10,200 --> 00:33:12,640
Speaker 1: the sale, and so that means then more money to

786
00:33:12,680 --> 00:33:14,680
Speaker 1: funnel into that next real estate purchase, if that's a

787
00:33:14,760 --> 00:33:17,640
Speaker 1: route you opt to take. But it is certainly not wasted.

788
00:33:17,960 --> 00:33:20,440
Speaker 1: Just because you didn't own the home for the full

789
00:33:20,480 --> 00:33:22,440
Speaker 1: life of the loan, you still made a lot of

790
00:33:22,440 --> 00:33:25,200
Speaker 1: extra progress. You still owe less on that mortgage, which

791
00:33:25,240 --> 00:33:27,720
Speaker 1: means you have more equity, which means you have more

792
00:33:27,880 --> 00:33:32,760
Speaker 1: financial flexibility, whether it's through savings, whether it's through investing,

793
00:33:32,840 --> 00:33:36,160
Speaker 1: or whether it's through paying off your mortgage early. Any

794
00:33:36,160 --> 00:33:38,680
Speaker 1: of those avenues you take are going to put you

795
00:33:38,720 --> 00:33:40,320
Speaker 1: on better financial footing, exactly.

796
00:33:40,400 --> 00:33:42,080
Speaker 2: Yeah, So bottom line, if you don't end up staying

797
00:33:42,080 --> 00:33:43,800
Speaker 2: there for thirty years, you're not flushing that money down

798
00:33:43,840 --> 00:33:47,120
Speaker 2: the toilete. And you mentioned refinancing. If you just decide

799
00:33:47,120 --> 00:33:49,040
Speaker 2: to do that at some point, you're now refinancing a

800
00:33:49,080 --> 00:33:51,520
Speaker 2: smaller loan balance, which is awesome as well. So there's

801
00:33:51,520 --> 00:33:54,600
Speaker 2: definitely not a downside to taking the bi weekly payment approach.

802
00:33:55,160 --> 00:33:57,360
Speaker 2: But the only other thing we'd want you and your

803
00:33:57,360 --> 00:34:00,160
Speaker 2: wife to consider, Alexis, is whether or not they're are

804
00:34:00,200 --> 00:34:02,960
Speaker 2: going to be more productive places to put that money. Again,

805
00:34:03,000 --> 00:34:06,920
Speaker 2: this isn't as easy considering you've got a larger mortgage

806
00:34:06,920 --> 00:34:09,680
Speaker 2: interest rate. And we totally understand wanting to take the

807
00:34:09,719 --> 00:34:12,799
Speaker 2: bird in hand approach the known quantity of paying off

808
00:34:12,800 --> 00:34:17,359
Speaker 2: that debt with perhaps uncomfortable interest rate attached. But if

809
00:34:17,400 --> 00:34:19,319
Speaker 2: paying off that mortgage more quickly means that you're going

810
00:34:19,400 --> 00:34:21,080
Speaker 2: to be missing out on let's say a four to

811
00:34:21,080 --> 00:34:24,240
Speaker 2: one K match, well that's when this is a bad idea.

812
00:34:24,440 --> 00:34:27,120
Speaker 2: But if you are already making big strides on the

813
00:34:27,160 --> 00:34:29,960
Speaker 2: tax advantage retirement accounts front, well this is a way

814
00:34:30,040 --> 00:34:32,160
Speaker 2: to maybe balance your scales a little bit by paying

815
00:34:32,200 --> 00:34:34,920
Speaker 2: off some debt. And a lot of it comes down

816
00:34:34,960 --> 00:34:37,640
Speaker 2: to what lights you up, what maybe gets you the

817
00:34:37,640 --> 00:34:40,799
Speaker 2: most excited, Because, on one hand, do you really love

818
00:34:40,840 --> 00:34:43,640
Speaker 2: the idea of paying less every single month for your housing?

819
00:34:43,680 --> 00:34:46,399
Speaker 2: If so, then shoot, maybe paying off the mortgage sooner

820
00:34:46,440 --> 00:34:49,080
Speaker 2: than later is the best route for you to take.

821
00:34:49,320 --> 00:34:51,840
Speaker 2: If you like the idea of investing more of your dollars,

822
00:34:51,880 --> 00:34:53,960
Speaker 2: then we'll shoot, maybe it makes sense to keep that

823
00:34:54,000 --> 00:34:57,279
Speaker 2: mortgage around. You actually didn't state your specific interest rate,

824
00:34:57,800 --> 00:34:59,799
Speaker 2: and so so much of it kind of comes down

825
00:34:59,840 --> 00:35:02,160
Speaker 2: to what you feel the most comfortable with, because you're

826
00:35:02,200 --> 00:35:04,799
Speaker 2: kind of right in that zone. I'm guessing I don't know,

827
00:35:04,880 --> 00:35:08,040
Speaker 2: maybe you're in that six percent range somewhere within there where.

828
00:35:08,160 --> 00:35:10,359
Speaker 2: Any higher than that, we would probably say, yeah, you'd

829
00:35:10,360 --> 00:35:12,760
Speaker 2: most definitely probably want to eliminate that as quickly as possible.

830
00:35:12,920 --> 00:35:16,879
Speaker 2: An eight percent it changes, it's percent certainly higher than that, Yes,

831
00:35:16,920 --> 00:35:19,400
Speaker 2: get rid of pay as much down on that mortgage

832
00:35:19,400 --> 00:35:22,040
Speaker 2: as possible. But honestly, if it was in like the

833
00:35:22,080 --> 00:35:25,440
Speaker 2: fours or fives, like I probably wouldn't prioritize. And I

834
00:35:25,520 --> 00:35:27,319
Speaker 2: say fours because that's I mean literally that I've got

835
00:35:27,320 --> 00:35:30,359
Speaker 2: a mortgage in the four percent range and I'm not

836
00:35:30,440 --> 00:35:33,960
Speaker 2: I'm definitely not paying that thing off early. And so

837
00:35:34,000 --> 00:35:36,160
Speaker 2: some of it comes down to what it is that

838
00:35:36,200 --> 00:35:39,080
Speaker 2: you are most excited about, Like I think one of

839
00:35:39,080 --> 00:35:41,520
Speaker 2: those or the other is going to make you happier

840
00:35:41,640 --> 00:35:43,759
Speaker 2: as you think about what to do with additional money

841
00:35:43,760 --> 00:35:44,160
Speaker 2: that you've got.

842
00:35:44,239 --> 00:35:45,640
Speaker 1: I think it's a good point. I think the plan

843
00:35:45,680 --> 00:35:47,400
Speaker 1: that you're most likely to follow through on because it

844
00:35:47,440 --> 00:35:50,000
Speaker 1: most excites you is probably going to be best for you.

845
00:35:50,200 --> 00:35:52,919
Speaker 1: This is kind of a can't lose situation, I think, yep,

846
00:35:53,080 --> 00:35:54,640
Speaker 1: because if you stick a little more in your four

847
00:35:54,680 --> 00:35:56,759
Speaker 1: one K or your wroth Ira, or you pay down

848
00:35:56,880 --> 00:36:00,200
Speaker 1: your six plus percent mortgage rate debt more quickly, honestly,

849
00:36:00,239 --> 00:36:02,879
Speaker 1: you can't lose either way. So yeah, I love where

850
00:36:02,880 --> 00:36:05,040
Speaker 1: your head's out, alexis best of luck as you move forward,

851
00:36:05,239 --> 00:36:07,680
Speaker 1: curious to hear how you proceed, what action you decided

852
00:36:07,680 --> 00:36:08,920
Speaker 1: to take, feel free to reach out to us and

853
00:36:08,960 --> 00:36:11,240
Speaker 1: let us know. Now we've got a couple more questions

854
00:36:11,520 --> 00:36:15,480
Speaker 1: to get to, including one about buying a drastically discounted

855
00:36:15,480 --> 00:36:18,919
Speaker 1: electric car from a rental car company. Does that make sense?

856
00:36:18,960 --> 00:36:20,759
Speaker 1: We'll talk about that and more right after this.

857
00:36:28,840 --> 00:36:30,919
Speaker 2: Alright, we're back for the break and let's talk about

858
00:36:31,080 --> 00:36:33,560
Speaker 2: hurts car rentals here in a minute. But let's take

859
00:36:33,600 --> 00:36:35,799
Speaker 2: our Facebook question of the week and Joel. This one

860
00:36:35,880 --> 00:36:38,120
Speaker 2: is from Scott and he says, Hey, how to many

861
00:36:38,120 --> 00:36:40,759
Speaker 2: peeps just wondering what the consensus is on the best

862
00:36:40,760 --> 00:36:43,279
Speaker 2: way to save money for my two young children? Is

863
00:36:43,320 --> 00:36:45,879
Speaker 2: a five twenty nine? The best option? Can it only

864
00:36:45,920 --> 00:36:48,759
Speaker 2: be used for higher education? Any and all feedback is

865
00:36:48,760 --> 00:36:50,880
Speaker 2: greatly appreciated, and I'm sure there's an episode on this,

866
00:36:50,960 --> 00:36:53,160
Speaker 2: but i haven't listened in a while, since my commute

867
00:36:53,160 --> 00:36:54,760
Speaker 2: is not nearly as long as.

868
00:36:54,600 --> 00:36:56,200
Speaker 1: It used to be. Scott.

869
00:36:56,360 --> 00:36:59,360
Speaker 2: First off, I'll just say congrats on the shorter commute,

870
00:36:59,640 --> 00:37:01,480
Speaker 2: because the I would say the best part of a

871
00:37:01,480 --> 00:37:03,160
Speaker 2: long commune is being able to listen to a bunch

872
00:37:03,200 --> 00:37:06,680
Speaker 2: of awesome podcasts or audiobooks Joel. Over the weekend I

873
00:37:06,719 --> 00:37:09,480
Speaker 2: started listening to The Martian. Did I talk about Project

874
00:37:09,520 --> 00:37:12,960
Speaker 2: Hill Mary? You've told me andywear fantastic. I would say,

875
00:37:12,960 --> 00:37:14,640
Speaker 2: if you are interested in sci fi, start with a

876
00:37:14,719 --> 00:37:18,560
Speaker 2: Martian because Project Hill Mary is so good. Is good,

877
00:37:18,680 --> 00:37:21,480
Speaker 2: not as not nearly as good, but the ability to yeah,

878
00:37:21,680 --> 00:37:24,520
Speaker 2: enjoy some of that audio listening some of that, that's.

879
00:37:24,440 --> 00:37:26,520
Speaker 1: The best part about a long road trip. Yeah, it's great.

880
00:37:26,560 --> 00:37:29,879
Speaker 2: But even still, I'd take a short commute if given

881
00:37:29,920 --> 00:37:31,879
Speaker 2: the choice. And we've talked about all the different ways

882
00:37:31,960 --> 00:37:35,719
Speaker 2: that reducing your commute time is actually beneficial, including there

883
00:37:35,760 --> 00:37:37,719
Speaker 2: is a recent study that found that a person with

884
00:37:37,800 --> 00:37:40,160
Speaker 2: a one hour commute has to earn forty percent more

885
00:37:40,239 --> 00:37:43,200
Speaker 2: money in order to be satisfied with life. As someone

886
00:37:43,280 --> 00:37:45,719
Speaker 2: who walks to the office. And then I think it

887
00:37:45,760 --> 00:37:48,240
Speaker 2: was a Swedish study that found that folks who endure

888
00:37:48,280 --> 00:37:51,480
Speaker 2: more than a forty five minute commute were evidently forty

889
00:37:51,480 --> 00:37:56,560
Speaker 2: percent more likely to divorce. So, Scott, not sure your situation,

890
00:37:56,880 --> 00:37:59,320
Speaker 2: but I think going for the shorter commute, that's probably

891
00:37:59,600 --> 00:38:01,400
Speaker 2: it's going to be a one wins that eat scenario,

892
00:38:01,480 --> 00:38:01,879
Speaker 2: even if.

893
00:38:01,760 --> 00:38:03,719
Speaker 1: It means a little less hout to money in real life. Yeah, yeah,

894
00:38:03,760 --> 00:38:05,319
Speaker 1: I think so. I think so it's going to keep

895
00:38:05,320 --> 00:38:07,440
Speaker 1: your marriage intact, it's going to keep you happier. Let's

896
00:38:07,440 --> 00:38:08,960
Speaker 1: talk about five to twenty nine plans. So I'm Matt

897
00:38:09,160 --> 00:38:10,799
Speaker 1: and the best options to save money for your kids.

898
00:38:10,800 --> 00:38:12,560
Speaker 1: Who've actually gotten in depth article on the site that

899
00:38:12,600 --> 00:38:14,279
Speaker 1: will link to in the show notes if you're kind

900
00:38:14,280 --> 00:38:16,480
Speaker 1: of figuring out trying to figure out what's the best

901
00:38:16,480 --> 00:38:19,000
Speaker 1: way to save for my offspring. But five to twenty

902
00:38:19,080 --> 00:38:21,520
Speaker 1: nine plans they have always been a solid option to

903
00:38:21,600 --> 00:38:24,720
Speaker 1: help you save and invest for college costs for your children.

904
00:38:25,160 --> 00:38:28,080
Speaker 1: But like you alluded to, Scott, back in the day,

905
00:38:28,120 --> 00:38:31,000
Speaker 1: they could only be used for higher education purposes if

906
00:38:31,040 --> 00:38:33,239
Speaker 1: your kid didn't go to college. That five twenty nine

907
00:38:33,280 --> 00:38:36,520
Speaker 1: plan wasn't nearly as useful as you hoped it would be,

908
00:38:36,880 --> 00:38:38,600
Speaker 1: and that left a lot of people in the lurch. Well,

909
00:38:38,800 --> 00:38:41,160
Speaker 1: we've talked about this before many times on the show now,

910
00:38:41,200 --> 00:38:43,520
Speaker 1: but they're even better now. Five twenty nine plans are

911
00:38:43,560 --> 00:38:45,200
Speaker 1: thanks to the Secure Act two point zero and the

912
00:38:45,320 --> 00:38:49,320
Speaker 1: increased flexibility that that law change allowed to five to

913
00:38:49,360 --> 00:38:52,680
Speaker 1: twenty nine plans. We really do like five twenty nine

914
00:38:52,719 --> 00:38:55,160
Speaker 1: plans a lot more than we used to because of

915
00:38:55,200 --> 00:38:58,319
Speaker 1: this singular change that allows unspent five to twenty nine

916
00:38:58,360 --> 00:39:00,799
Speaker 1: plans dollars to be put into a roth IRA for

917
00:39:00,840 --> 00:39:04,320
Speaker 1: your kids up to thirty five thousand dollars, which is impressive.

918
00:39:04,360 --> 00:39:06,720
Speaker 1: So make sure you know the details like the fifteen

919
00:39:06,800 --> 00:39:09,480
Speaker 1: year rule and the five year rule. Basically, the account

920
00:39:09,480 --> 00:39:11,480
Speaker 1: has to have been open for fifteen years and you

921
00:39:11,520 --> 00:39:14,200
Speaker 1: can't funnel money from the five to twenty nine into

922
00:39:14,200 --> 00:39:16,200
Speaker 1: the roth if it was put in just over the

923
00:39:16,280 --> 00:39:18,799
Speaker 1: last five But five twenty nine plans can be one

924
00:39:18,800 --> 00:39:21,080
Speaker 1: of the best choices to help your kids save for

925
00:39:21,120 --> 00:39:24,720
Speaker 1: his or her future, not just for his or her college,

926
00:39:24,760 --> 00:39:27,759
Speaker 1: but really for their retirement. And so, Matt, I know

927
00:39:27,880 --> 00:39:30,239
Speaker 1: when I saw that kind of new loophole about five

928
00:39:30,239 --> 00:39:32,759
Speaker 1: pointy nine plans. I was thrilled. It made me way

929
00:39:32,800 --> 00:39:35,799
Speaker 1: more inclined to stick more of my investment dollars in

930
00:39:35,840 --> 00:39:38,200
Speaker 1: that direction because I think it's going to help give

931
00:39:38,200 --> 00:39:40,520
Speaker 1: my kids a leg up on investing for their future.

932
00:39:40,560 --> 00:39:42,680
Speaker 2: Yeah, that's right, assuming they don't use all that money

933
00:39:42,719 --> 00:39:44,080
Speaker 2: to pay for college.

934
00:39:44,120 --> 00:39:44,480
Speaker 1: Yeah.

935
00:39:44,480 --> 00:39:47,799
Speaker 2: But another option to Scott is to don't forget to

936
00:39:47,840 --> 00:39:50,160
Speaker 2: help your ChildFund a roth ira directly.

937
00:39:50,320 --> 00:39:51,080
Speaker 1: This is something you can do.

938
00:39:51,120 --> 00:39:53,040
Speaker 2: You can do this directly with money that you've been

939
00:39:53,239 --> 00:39:56,279
Speaker 2: saving in your own Hyo Saman's account. The catch though,

940
00:39:56,640 --> 00:39:58,879
Speaker 2: is you can't do this until they actually have a job.

941
00:39:59,120 --> 00:40:01,279
Speaker 2: They need to have earned income. But let's say they

942
00:40:01,280 --> 00:40:03,960
Speaker 2: start working at age fourteen or fifteen, Well, that's a

943
00:40:03,960 --> 00:40:07,040
Speaker 2: great way to help them to save, and it's a

944
00:40:07,040 --> 00:40:09,120
Speaker 2: great way way for you to teach them about investing

945
00:40:09,200 --> 00:40:11,560
Speaker 2: at the same time. And I would also try to

946
00:40:11,600 --> 00:40:15,000
Speaker 2: like maybe incentivize them. It's like hey, because in this

947
00:40:15,040 --> 00:40:17,279
Speaker 2: way it kind of mirrors reality, but it's like, hey,

948
00:40:17,360 --> 00:40:19,319
Speaker 2: for every dollar you stick in, I'll also stick in

949
00:40:19,440 --> 00:40:22,040
Speaker 2: a dollar as well, obviously not exceeding the amount that

950
00:40:22,080 --> 00:40:25,040
Speaker 2: they actually earned that year. And so just simple basic

951
00:40:25,480 --> 00:40:28,600
Speaker 2: wroth iras. Don't forget about those accounts we don't often

952
00:40:28,600 --> 00:40:31,239
Speaker 2: talk about here on the show, or UGMA or UTMA

953
00:40:31,280 --> 00:40:35,560
Speaker 2: accounts that's Uniform Gift or Uniform Transfer to Minors Act.

954
00:40:36,080 --> 00:40:39,160
Speaker 2: But those are another way to go. And the reason

955
00:40:39,200 --> 00:40:41,960
Speaker 2: we don't talk about those is because there are other

956
00:40:42,280 --> 00:40:44,799
Speaker 2: superior accounts that make a whole lot more sense to them.

957
00:40:44,760 --> 00:40:47,239
Speaker 1: Once we just talked about like the nine and then

958
00:40:47,280 --> 00:40:49,160
Speaker 1: the five point nine to Roth and then exactly the

959
00:40:49,200 --> 00:40:51,480
Speaker 1: Wroth direct, like, there are better ways to go about

960
00:40:51,560 --> 00:40:54,239
Speaker 1: getting money into your kid's hands. Yeah, but that makes send.

961
00:40:54,280 --> 00:40:55,880
Speaker 2: I love that you're trying to think about how to

962
00:40:55,880 --> 00:41:00,640
Speaker 2: help those kiddos to succeed financially. But then also, don't

963
00:41:00,640 --> 00:41:02,880
Speaker 2: forget to model the right behavior. Don't forget to include

964
00:41:02,880 --> 00:41:05,600
Speaker 2: them in some of these different money discussions that you

965
00:41:05,680 --> 00:41:08,000
Speaker 2: might be having, because I think that helps just as

966
00:41:08,040 --> 00:41:11,160
Speaker 2: much as the actual dollars that you set aside for them.

967
00:41:11,320 --> 00:41:13,560
Speaker 2: You know, it's the old teaching a kid teaching a

968
00:41:13,600 --> 00:41:16,080
Speaker 2: man how to fish versus giving them them a fish.

969
00:41:16,200 --> 00:41:18,719
Speaker 2: You saving those those dollars and setting the putting them

970
00:41:18,760 --> 00:41:20,960
Speaker 2: aside for them, that gives them the fish. Yeah, but

971
00:41:21,040 --> 00:41:22,680
Speaker 2: you want to also be able to teach them how

972
00:41:22,719 --> 00:41:24,239
Speaker 2: to go out there and catch throwing fish.

973
00:41:24,320 --> 00:41:26,920
Speaker 1: I think sometimes when you're of this kind of mindset,

974
00:41:27,040 --> 00:41:30,719
Speaker 1: and you might be hyper frugal, hyper intentional about investing,

975
00:41:30,760 --> 00:41:33,759
Speaker 1: you may be more analytical. On the analytical side of things,

976
00:41:33,840 --> 00:41:36,040
Speaker 1: you're focusing on the numbers. Yeah, yep, And you might

977
00:41:36,080 --> 00:41:37,920
Speaker 1: supposed to behavior. You might actually be doing a great

978
00:41:37,960 --> 00:41:40,200
Speaker 1: job at saving the helping them save for their future.

979
00:41:40,520 --> 00:41:42,840
Speaker 1: But if you're not simultaneously teaching them, are they going

980
00:41:42,920 --> 00:41:45,520
Speaker 1: to be able to continue those habits? And so that's

981
00:41:45,520 --> 00:41:47,040
Speaker 1: really something you want to pay attention to. I'm glad

982
00:41:47,080 --> 00:41:49,640
Speaker 1: you brought those deaf all right. We had a one

983
00:41:49,640 --> 00:41:51,319
Speaker 1: final listener question we want to get to. This one

984
00:41:51,360 --> 00:41:55,040
Speaker 1: came actually in email form this past week. Listener Mauricio

985
00:41:55,080 --> 00:41:57,560
Speaker 1: He sent us an article with the question frugal or cheap?

986
00:41:57,600 --> 00:42:00,319
Speaker 1: It was a basic email, but the article was Hurts

987
00:42:00,440 --> 00:42:03,640
Speaker 1: is selling its fleet of rental Tesla Model threes for

988
00:42:03,760 --> 00:42:06,600
Speaker 1: cheap and Matt and I was like, curious to hear

989
00:42:06,640 --> 00:42:10,520
Speaker 1: your take on this, because it's true, you dig in.

990
00:42:11,040 --> 00:42:12,759
Speaker 1: There's been a number of stories written about this at

991
00:42:12,760 --> 00:42:16,600
Speaker 1: this point, and the price point on some of these

992
00:42:16,760 --> 00:42:19,720
Speaker 1: used Teslas being sold from Hurts is pretty impressive.

993
00:42:19,760 --> 00:42:22,040
Speaker 2: Yeah, so Herts they're selling basically, they're selling off a

994
00:42:22,040 --> 00:42:24,200
Speaker 2: bunch of the Teslas that they purchased, basically one third

995
00:42:24,320 --> 00:42:28,600
Speaker 2: of their EV's in total, including twenty twenty one Tesla models,

996
00:42:28,640 --> 00:42:30,400
Speaker 2: for less than twenty one thousand dollars. And so this

997
00:42:30,520 --> 00:42:34,920
Speaker 2: is just another sign that EV adoption and EV demand

998
00:42:35,120 --> 00:42:36,160
Speaker 2: is slowing a bit.

999
00:42:36,360 --> 00:42:38,960
Speaker 1: By the way, we like EV's, so we're not like

1000
00:42:39,200 --> 00:42:42,120
Speaker 1: cheering this because we think EV's are awesome. I drove

1001
00:42:42,160 --> 00:42:44,640
Speaker 1: them for six years, but it is interesting to see

1002
00:42:44,680 --> 00:42:47,600
Speaker 1: that maybe production outpaced demand for the time.

1003
00:42:47,600 --> 00:42:49,279
Speaker 2: Bottom line, if you're in the market for a used EV,

1004
00:42:49,760 --> 00:42:52,000
Speaker 2: this really might be the sale that you're looking for.

1005
00:42:52,400 --> 00:42:54,600
Speaker 2: And I think it's at least worth doing some browsing

1006
00:42:54,640 --> 00:42:57,879
Speaker 2: at like CarMax, Carvana, Auto Trader and seeing if these

1007
00:42:57,920 --> 00:43:02,040
Speaker 2: prices are significantly better. So this article, did you say

1008
00:43:02,080 --> 00:43:05,040
Speaker 2: where I was from? This from Jelopnik, But from what

1009
00:43:05,120 --> 00:43:07,440
Speaker 2: they found and everything we've seen that this discount is

1010
00:43:07,520 --> 00:43:08,680
Speaker 2: pretty dang incredible.

1011
00:43:08,760 --> 00:43:11,839
Speaker 1: Yeah. I looked up prices on Carbon and CarMax, and

1012
00:43:12,520 --> 00:43:14,839
Speaker 1: these prices from Hurts were a whole lot better than

1013
00:43:14,840 --> 00:43:17,400
Speaker 1: what I was seeing at kind of at those places.

1014
00:43:17,600 --> 00:43:20,000
Speaker 1: And the truth is matt because of the four thousand

1015
00:43:20,040 --> 00:43:24,359
Speaker 1: dollars tax credit that's available for used EV purchases. That's

1016
00:43:24,440 --> 00:43:26,959
Speaker 1: another like check mark in the box of like, hey,

1017
00:43:27,320 --> 00:43:28,640
Speaker 1: this might make a whole lot of sense for people.

1018
00:43:28,640 --> 00:43:30,799
Speaker 1: We're talking about buying one of these used teslas for

1019
00:43:30,800 --> 00:43:32,719
Speaker 1: potentially in the seventeen thousand dollar rate. So what do

1020
00:43:32,719 --> 00:43:34,840
Speaker 1: you think frugal or cheap? So I'm gonna say it's frugal,

1021
00:43:34,840 --> 00:43:37,920
Speaker 1: I think, and I guess. Like another thing to talk

1022
00:43:37,960 --> 00:43:40,680
Speaker 1: about here is a lot of people are worried about

1023
00:43:40,719 --> 00:43:44,399
Speaker 1: buying a used rental car, like, hey, maybe this thing

1024
00:43:44,719 --> 00:43:47,040
Speaker 1: has been used and abused kind of like you know,

1025
00:43:47,080 --> 00:43:50,399
Speaker 1: it's alluded to in movies and television shows all the time.

1026
00:43:50,400 --> 00:43:53,200
Speaker 1: There's the Seinfeld episode where they don't keep his reservation

1027
00:43:53,360 --> 00:43:55,719
Speaker 1: or whatever, and he's like, oh, I'm gonna use this

1028
00:43:55,800 --> 00:43:58,560
Speaker 1: rental car now, you know. And that's kind of how

1029
00:43:58,640 --> 00:44:00,520
Speaker 1: I think a lot of people perceive it. But I

1030
00:44:00,560 --> 00:44:01,960
Speaker 1: don't know. When I drive a rental car, I'm not

1031
00:44:02,000 --> 00:44:04,400
Speaker 1: driving it any differently. And the thing is a lot

1032
00:44:04,440 --> 00:44:08,640
Speaker 1: of these rental car companies have a pretty strict maintenance schedule.

1033
00:44:08,520 --> 00:44:11,080
Speaker 2: So I probably taken care of care of better than

1034
00:44:11,120 --> 00:44:13,439
Speaker 2: a lot of the vehicles out there, although because it's

1035
00:44:13,560 --> 00:44:16,440
Speaker 2: literally on their job to maintain these vehicle trust I

1036
00:44:16,440 --> 00:44:18,120
Speaker 2: trust Hurts to do the oil change more than I

1037
00:44:18,160 --> 00:44:20,120
Speaker 2: do my neighbor to do their oil change if I'm

1038
00:44:20,120 --> 00:44:20,920
Speaker 2: buying the car from them.

1039
00:44:21,200 --> 00:44:23,520
Speaker 1: So I don't know. I guess if the price is

1040
00:44:23,560 --> 00:44:25,840
Speaker 1: that superior, I would still get it checked out. I

1041
00:44:25,880 --> 00:44:27,400
Speaker 1: would still make sure that's what it comes in, the

1042
00:44:27,440 --> 00:44:30,080
Speaker 1: car is in good condition. I wouldn't change any of

1043
00:44:30,120 --> 00:44:32,000
Speaker 1: the taxics that I would use when it comes to

1044
00:44:32,000 --> 00:44:34,800
Speaker 1: buying a car, and I wouldn't just trust Hurts or

1045
00:44:34,800 --> 00:44:38,080
Speaker 1: any rental car company implicitly. But I will say, man,

1046
00:44:38,200 --> 00:44:41,879
Speaker 1: the price point is pretty compelling on some of these

1047
00:44:41,920 --> 00:44:44,359
Speaker 1: used electric vehicles that they're selling off. And if you're

1048
00:44:44,400 --> 00:44:45,719
Speaker 1: in the market and you want to pay as little

1049
00:44:45,719 --> 00:44:47,719
Speaker 1: as possible, and you know you're driving a lot and

1050
00:44:47,719 --> 00:44:50,279
Speaker 1: you're gonna save a ton on gas costs because you

1051
00:44:50,480 --> 00:44:53,000
Speaker 1: just make you finally make the EV upgrade, this could

1052
00:44:53,000 --> 00:44:55,360
Speaker 1: be the exact way to go about it. Yeah, I

1053
00:44:55,360 --> 00:44:56,640
Speaker 1: totally agree. Yeah, I would.

1054
00:44:56,960 --> 00:44:59,600
Speaker 2: So I have no qualms with buying a vehicle from

1055
00:45:00,000 --> 00:45:02,120
Speaker 2: a car that used to be a rental though or

1056
00:45:02,200 --> 00:45:04,160
Speaker 2: used to be part of a rental fleet, because that's

1057
00:45:04,160 --> 00:45:07,040
Speaker 2: literally exactly what we did. It's the one vehicle that

1058
00:45:07,040 --> 00:45:10,200
Speaker 2: we have. It's a twenty twelve Honda Odyssey, and it

1059
00:45:10,280 --> 00:45:11,520
Speaker 2: used to be part of a I don't know what

1060
00:45:11,880 --> 00:45:13,400
Speaker 2: rental it was with, but down in Florida.

1061
00:45:13,920 --> 00:45:15,600
Speaker 1: If you look at the carfax on it, like.

1062
00:45:15,520 --> 00:45:17,080
Speaker 2: That's where it was, and it was a part of

1063
00:45:17,080 --> 00:45:22,040
Speaker 2: a fleet. And so for me, the reassurance came because

1064
00:45:22,040 --> 00:45:23,680
Speaker 2: of the fact that I was buying it from Carvana

1065
00:45:23,760 --> 00:45:25,840
Speaker 2: and they've got that seven day return window, so I

1066
00:45:25,920 --> 00:45:28,040
Speaker 2: knew I could drive it around, I could try it out,

1067
00:45:28,200 --> 00:45:30,600
Speaker 2: even though I had purchased it sight unseen. I got said,

1068
00:45:30,600 --> 00:45:32,000
Speaker 2: I got a whole week to drive that bad boy

1069
00:45:32,040 --> 00:45:34,520
Speaker 2: around to go take it to a dealer or not

1070
00:45:34,560 --> 00:45:38,600
Speaker 2: a mechanic that only works on Honda's and Accuras. And

1071
00:45:38,680 --> 00:45:40,160
Speaker 2: during that period of time, I was able to find

1072
00:45:40,160 --> 00:45:42,160
Speaker 2: that actually, this is something that's going to need to

1073
00:45:42,200 --> 00:45:44,960
Speaker 2: be repaired. And guess what carvanah paid for that repair

1074
00:45:45,000 --> 00:45:47,200
Speaker 2: to take place. And so so so much of it

1075
00:45:47,200 --> 00:45:49,000
Speaker 2: comes down to the ability to a get it checked

1076
00:45:49,000 --> 00:45:51,080
Speaker 2: out ahead of time, and then b if you aren't

1077
00:45:51,120 --> 00:45:53,920
Speaker 2: able to what's the return policy? I say Carvana's got

1078
00:45:53,920 --> 00:45:56,360
Speaker 2: seven days Carmacks, is in't it thirty days? Have an

1079
00:45:56,520 --> 00:45:58,640
Speaker 2: entire month to see if this car is going to

1080
00:45:58,680 --> 00:45:59,200
Speaker 2: work out for you.

1081
00:45:59,360 --> 00:46:01,840
Speaker 1: We almost bought our art van via car Max. I

1082
00:46:01,840 --> 00:46:03,920
Speaker 1: finally was able to find one locally via auto Trader,

1083
00:46:04,120 --> 00:46:07,239
Speaker 1: but I literally had one shipped from Nashville Viacarmacks for

1084
00:46:07,320 --> 00:46:09,560
Speaker 1: ninety nine bucks. I just lost ninety nine bucks because

1085
00:46:09,560 --> 00:46:12,520
Speaker 1: then I found something better locally. But yeah, and part

1086
00:46:12,560 --> 00:46:14,400
Speaker 1: of the compelling reason to shop there, even though the

1087
00:46:14,400 --> 00:46:16,200
Speaker 1: prices can be a little more elevated, which is why

1088
00:46:16,239 --> 00:46:19,160
Speaker 1: I wanted to buy locally, is because of that thirty

1089
00:46:19,239 --> 00:46:22,280
Speaker 1: day return window. And I felt really comfortable knowing, like, cool,

1090
00:46:22,360 --> 00:46:25,239
Speaker 1: if it gets here and this car van isn't in

1091
00:46:25,280 --> 00:46:28,680
Speaker 1: the shape that it looks like it's purported to be online,

1092
00:46:28,800 --> 00:46:31,400
Speaker 1: I can always just be like, hey, cool, I'm turning

1093
00:46:31,400 --> 00:46:34,080
Speaker 1: it back in, not interested in anymore exactly.

1094
00:46:34,200 --> 00:46:36,239
Speaker 2: Yeah, And so okay, one last thing. I think there

1095
00:46:36,320 --> 00:46:37,719
Speaker 2: might be some folks who are thinking, well, that's just

1096
00:46:37,760 --> 00:46:41,120
Speaker 2: our traditional combustion gasoline powered engine boys, What.

1097
00:46:41,160 --> 00:46:42,520
Speaker 1: About the fact that these are evs?

1098
00:46:43,680 --> 00:46:45,920
Speaker 2: And I did a little bit of research, and it

1099
00:46:45,960 --> 00:46:49,880
Speaker 2: turns out that superchargers like we all think that superchargers

1100
00:46:50,120 --> 00:46:54,840
Speaker 2: degrade batteries, but evidently there is zero statistical relevance to

1101
00:46:55,200 --> 00:46:58,080
Speaker 2: the fact that supercharging degrades batteries.

1102
00:46:58,320 --> 00:47:00,759
Speaker 1: Really, yes, okay, I'm shocked. Yeah, so this is this

1103
00:47:00,840 --> 00:47:03,280
Speaker 1: is fairly new research. Now I would have founded that ignorant.

1104
00:47:03,760 --> 00:47:05,160
Speaker 2: I think I always felt the same way too, because

1105
00:47:05,200 --> 00:47:08,040
Speaker 2: it's like a nice slow trickle as opposed to zapping

1106
00:47:08,120 --> 00:47:11,360
Speaker 2: it with the supercharger. You do want to avoid supercharging

1107
00:47:11,360 --> 00:47:13,120
Speaker 2: it if you're all the way down to zero and

1108
00:47:13,160 --> 00:47:14,960
Speaker 2: you don't want to supercharge it, and like have it

1109
00:47:15,080 --> 00:47:17,719
Speaker 2: sit above ninety percent, like all the way to one hundred,

1110
00:47:17,760 --> 00:47:20,680
Speaker 2: because evidently that degrades the battery. But bottom line, there's

1111
00:47:20,680 --> 00:47:23,160
Speaker 2: been We've got over a decade's worth of research now

1112
00:47:23,160 --> 00:47:25,719
Speaker 2: from Tesla, from Tesla's that have been on the road,

1113
00:47:26,040 --> 00:47:28,680
Speaker 2: and there is like some small differences, but it goes

1114
00:47:28,719 --> 00:47:31,160
Speaker 2: back and forth as to whether or not supercharging actually

1115
00:47:31,239 --> 00:47:34,959
Speaker 2: comes out ahead versus it degrading the battery. And so yes,

1116
00:47:35,120 --> 00:47:36,800
Speaker 2: my natural instinct is that like, oh yeah, but you

1117
00:47:36,840 --> 00:47:39,440
Speaker 2: wouldn't want to get an Evy that was part of

1118
00:47:39,440 --> 00:47:42,919
Speaker 2: a fleet because they're probably likely always supercharging those bad boys.

1119
00:47:42,960 --> 00:47:44,560
Speaker 2: But bottom line, even if they were, it doesn't see

1120
00:47:44,640 --> 00:47:45,799
Speaker 2: seem like it really matters all that much.

1121
00:47:45,800 --> 00:47:49,399
Speaker 1: Interesting. Yeah, so all right, so basically Mauricio, he's like, hey,

1122
00:47:49,440 --> 00:47:52,640
Speaker 1: is this frugal cheat? Matt, I said, by all the way?

1123
00:47:52,719 --> 00:47:54,839
Speaker 1: All right. Yeah. So it's funny because I think if

1124
00:47:54,840 --> 00:47:56,760
Speaker 1: you'd asked me five years ago too, oh, what about

1125
00:47:56,760 --> 00:48:00,680
Speaker 1: buying a car from a rental car company? How'd you

1126
00:48:00,680 --> 00:48:02,840
Speaker 1: feel about that? And I think until I did the

1127
00:48:02,920 --> 00:48:06,160
Speaker 1: research and looked into how these how these companies take

1128
00:48:06,160 --> 00:48:08,200
Speaker 1: care of their cars, I would have said, oh, that

1129
00:48:08,239 --> 00:48:10,000
Speaker 1: sounds like a bad idea. But the more you look

1130
00:48:10,000 --> 00:48:12,319
Speaker 1: into it, you're like, wait a second, probably not like

1131
00:48:12,680 --> 00:48:15,160
Speaker 1: they're not. I'd still rather buy probably from the grandma

1132
00:48:15,239 --> 00:48:17,239
Speaker 1: down the street who drives six thousand miles in a year,

1133
00:48:17,880 --> 00:48:19,719
Speaker 1: then a rental our company. But I don't think it's

1134
00:48:19,719 --> 00:48:21,560
Speaker 1: a bad idea, And it's not nearly as dumb as

1135
00:48:21,600 --> 00:48:23,120
Speaker 1: it might appear on the surface. Exactly.

1136
00:48:23,120 --> 00:48:26,479
Speaker 2: It's more of like an emotional barrier versus anything else.

1137
00:48:26,520 --> 00:48:28,800
Speaker 2: Because guess what, that grandma that drives six thousand a

1138
00:48:28,840 --> 00:48:31,320
Speaker 2: year might only change for oil once every three years.

1139
00:48:31,400 --> 00:48:33,799
Speaker 1: So that's that's something that you necessarily was, well, what

1140
00:48:33,840 --> 00:48:36,520
Speaker 1: the receipts. Grandma, All right, let me look in the dash.

1141
00:48:36,760 --> 00:48:38,040
Speaker 1: What you got? How can you get that oil?

1142
00:48:38,120 --> 00:48:38,319
Speaker 5: Change?

1143
00:48:38,400 --> 00:48:41,319
Speaker 1: Prove it? All right, Matt, let's get back to the

1144
00:48:41,360 --> 00:48:43,320
Speaker 1: beer we had on this episode. This one's called Nelson.

1145
00:48:43,600 --> 00:48:45,920
Speaker 1: It's by Piedmont Brewery. It's actually we actually picked these

1146
00:48:46,000 --> 00:48:49,319
Speaker 1: up in person in November. We haven't got a round

1147
00:48:49,320 --> 00:48:51,359
Speaker 1: a drinking them until now, but this was a too

1148
00:48:51,360 --> 00:48:53,200
Speaker 1: many other beers to get to. Yeah, this is a

1149
00:48:53,239 --> 00:48:56,400
Speaker 1: brewery down in Making, Georgia that we randomly stumbled upon.

1150
00:48:56,520 --> 00:48:58,759
Speaker 2: Wait, did we share the fact that we got these

1151
00:48:58,760 --> 00:49:01,120
Speaker 2: beers after we went and saw disneyl and Ice with

1152
00:49:01,280 --> 00:49:02,600
Speaker 2: a listener Adrian.

1153
00:49:03,320 --> 00:49:05,399
Speaker 1: I think we did mention that shout out. Yeah, okay,

1154
00:49:05,440 --> 00:49:07,719
Speaker 1: So she was kind enough to reach out and offer

1155
00:49:07,760 --> 00:49:09,719
Speaker 1: both of our families tickets to come see her and

1156
00:49:09,719 --> 00:49:11,320
Speaker 1: her husband listen to the show. The rest of the

1157
00:49:11,360 --> 00:49:13,799
Speaker 1: crew performed. It was so cool. It was super fun.

1158
00:49:14,040 --> 00:49:16,359
Speaker 1: Our kids had a blast tied blast too. And then

1159
00:49:16,360 --> 00:49:18,719
Speaker 1: so we went to this awesome brewery afterwards. Yeah, and

1160
00:49:19,000 --> 00:49:20,880
Speaker 1: the food was great, the beers were great. What are

1161
00:49:20,920 --> 00:49:21,920
Speaker 1: your thoughts on this beer.

1162
00:49:21,719 --> 00:49:24,920
Speaker 2: This one in particular, man, Yeah, so this is a Nelson.

1163
00:49:25,000 --> 00:49:28,239
Speaker 2: This is an IPA for the best boy is the.

1164
00:49:28,360 --> 00:49:31,040
Speaker 1: Little tagline has got I guess that man's best friend

1165
00:49:31,040 --> 00:49:33,360
Speaker 1: of the nice gold golden retriever there is super cute.

1166
00:49:33,800 --> 00:49:35,879
Speaker 1: But this, dude, this is such a great beer.

1167
00:49:36,080 --> 00:49:38,520
Speaker 2: I think we've kind of mentioned this on recent episodes,

1168
00:49:38,800 --> 00:49:41,480
Speaker 2: but the Nelson Hop totally has it going on. It's

1169
00:49:41,760 --> 00:49:45,400
Speaker 2: like it's got the green, hoppy funkiness. I don't not

1170
00:49:45,480 --> 00:49:48,479
Speaker 2: even funky, but it's it's a bit more dank than

1171
00:49:48,719 --> 00:49:51,520
Speaker 2: some of the other hops, less bitter, less pithy, So

1172
00:49:51,560 --> 00:49:54,120
Speaker 2: it's got less of that grape fruit West Coast hot

1173
00:49:54,200 --> 00:49:56,600
Speaker 2: profile going on, and it's morge It's like an all

1174
00:49:56,640 --> 00:49:59,359
Speaker 2: American ipa. Yeah, I don't know how to describe. It's

1175
00:49:59,400 --> 00:50:01,840
Speaker 2: really stinking good, all right, so nice and bright as well.

1176
00:50:01,920 --> 00:50:04,680
Speaker 1: Yeah. I remember having it on draft at the brewery

1177
00:50:04,719 --> 00:50:07,080
Speaker 1: and we were like literally sitting there on the essentially

1178
00:50:07,120 --> 00:50:10,320
Speaker 1: making town Square, and it was, you know, back before Christmas.

1179
00:50:10,320 --> 00:50:11,800
Speaker 1: All the lights were up on the square. It was

1180
00:50:11,840 --> 00:50:14,399
Speaker 1: a beautiful setting. And this beer tastes just as good

1181
00:50:14,400 --> 00:50:16,799
Speaker 1: in the can every half later as it did on draft.

1182
00:50:16,880 --> 00:50:18,400
Speaker 2: So we were a little nervous because we kind of

1183
00:50:18,440 --> 00:50:19,880
Speaker 2: sat on this one for a little bit and a

1184
00:50:19,920 --> 00:50:22,359
Speaker 2: lot of times with IPA's the fresher the better when

1185
00:50:22,360 --> 00:50:24,520
Speaker 2: it comes to the flavor. But this one, it's yeah,

1186
00:50:24,520 --> 00:50:25,400
Speaker 2: it's still total up.

1187
00:50:25,600 --> 00:50:27,880
Speaker 1: And again I was like, this is small town Georgia

1188
00:50:28,000 --> 00:50:30,520
Speaker 1: kind of like, yeah, it's not a big town, no,

1189
00:50:31,120 --> 00:50:34,280
Speaker 1: but this brewery popping out some great stuff worthy worthy

1190
00:50:34,320 --> 00:50:36,600
Speaker 1: of some of like the the arrival to rival to

1191
00:50:36,640 --> 00:50:38,239
Speaker 1: some of the bigger city beers for sure. Yeah.

1192
00:50:38,280 --> 00:50:40,200
Speaker 2: So yeah, craft beer has come a long way where

1193
00:50:40,239 --> 00:50:42,320
Speaker 2: you can just stumble upon just a random bewery in

1194
00:50:42,360 --> 00:50:44,400
Speaker 2: a small town and have some really tasty stuff.

1195
00:50:44,400 --> 00:50:45,960
Speaker 1: It's true. All right, that's going to do it for

1196
00:50:46,000 --> 00:50:48,239
Speaker 1: this episode. Again, if you have a money question you

1197
00:50:48,239 --> 00:50:50,080
Speaker 1: want Matt and I to tackle, we'd love to hear it.

1198
00:50:50,120 --> 00:50:51,759
Speaker 1: Just go to how to money dot com slash ask

1199
00:50:51,840 --> 00:50:54,400
Speaker 1: for the simple instructions to submit your question for an

1200
00:50:54,440 --> 00:50:57,760
Speaker 1: upcoming episode. And of course, if you have not signed

1201
00:50:57,800 --> 00:50:59,960
Speaker 1: up for the how to Money newsletter, what are you doing?

1202
00:51:00,200 --> 00:51:02,280
Speaker 1: Please sign up at how to Money dot com slash newsletter.

1203
00:51:02,320 --> 00:51:05,720
Speaker 1: It is free, it is encouraging and hopefully incredibly helpful

1204
00:51:05,840 --> 00:51:08,240
Speaker 1: every single week, every Tuesday morning, coming into your inbox.

1205
00:51:08,400 --> 00:51:09,840
Speaker 1: But Matt, that's going to do it for this episode

1206
00:51:09,920 --> 00:51:13,160
Speaker 1: until next time. Best Friends Altum, best Friends Out