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

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Speaker 1: and today we are talking prepping for a looming recession.

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Speaker 1: That's right, man, we are talking about what you should

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Speaker 1: do with a recession on the horizon. Could like the

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Speaker 1: foreboding in my voice, the looming. Yeah, it's like you're

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Speaker 1: reading a kid's horse Boy. But so the prepping part

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Speaker 1: of it, it it makes me think back to recently we

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Speaker 1: talked with Nick Ma Julie and he talked a little

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Speaker 1: bit about prepping. So he lives up in New York

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Speaker 1: and as we're talking with him, he talked about keeping

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Speaker 1: some water on hand or like like a certain amount

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Speaker 1: of water like in his apartment, which is something I

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Speaker 1: guess I think I would do that. I guess if

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Speaker 1: I live there in New York City when there's you know,

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Speaker 1: like millions and millions of people packed into a very

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Speaker 1: very small geographic location, and then you have less room

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Speaker 1: in your apartment to store. So you're like, what all

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Speaker 1: that story? But you're right. He said he had a

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Speaker 1: mask ahead of time when nobody else in New York. Yeah,

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Speaker 1: So I'm like, man, respect like, major props to Nick

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Speaker 1: for being slightly prepared. I mean, he's not like by

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Speaker 1: any means an actual prepper where he's got meals or

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Speaker 1: anything like that. Like we don't even have I mean

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Speaker 1: we to know of we didn't get that far with him,

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Speaker 1: but that's that's true. He's like in the walls, this

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Speaker 1: is where this is where I keep my zombe. You

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Speaker 1: want everyone to know where he keeps his can goods

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Speaker 1: and all of his all of his gida. I could

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Speaker 1: I think I've mentioned this before, but I feel like

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Speaker 1: I could see himself getting into that a little bit. Um,

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Speaker 1: not because I necessarily think it's something that's going to happen,

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Speaker 1: but just because it seems kind of fun, you know,

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Speaker 1: just to be it's I mean, and we're gonna get

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Speaker 1: to this during this episode, but just to be able

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Speaker 1: to kind of flex your muscles a little bit and

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Speaker 1: be like, Okay, if something were to happen, if it

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Speaker 1: were all to potentially hit the fan, I would be prepared. Uh.

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Speaker 1: That's what we're gonna talk about when it comes to

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Speaker 1: a me not necessarily that everything is about completely good

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Speaker 1: own hill, but that if it were to happen that

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Speaker 1: you would absolutely be prepared. That's what we're talking about today,

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Speaker 1: and specifically Joel's gonna give his take on as to

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Speaker 1: exactly when the recession is, it's gonna start, when it's

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Speaker 1: gonna end. I'm gonna give you I've got my crystal

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Speaker 1: ball out here, and i will give my predictions. Well no,

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Speaker 1: but there are a lot of people who are giving

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Speaker 1: their predictions right right now, Mattain, and so I made

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Speaker 1: us want to actually talk about this today because if

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Speaker 1: you read pay attention, if you read newspapers, if you

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Speaker 1: are on Twitter or whatever, you've probably seen the R

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Speaker 1: words start popping up in your feed and you're like, uh,

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Speaker 1: when where what? Huh? I thought things were going well

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Speaker 1: and with the economy, So what the heck are we

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Speaker 1: talking about a recession for? Well, we'll get into that

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Speaker 1: in this episode. That's right, man. So we'll get to

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Speaker 1: all that here later on. But first, a quick little

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Speaker 1: story to share with listeners and our family. We are

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Speaker 1: looking at a new house, uh, and specifically we so

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Speaker 1: we put an offer in on this house. It got accepted,

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Speaker 1: So that means work technically under contract now at this

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Speaker 1: point a feat in today's market, that islation. That is

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Speaker 1: very true. Um, However, here's where things gets sticky. That

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Speaker 1: thing didn't fully a praise, which is also not surprising

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Speaker 1: given you know the rapid increase in home prices that

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Speaker 1: we've seen here in Atlanta over the past year. We've

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Speaker 1: seen an average increase of twenty percent. Likely this particular

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Speaker 1: house has seen somewhat less of that. But regardless, it

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Speaker 1: didn't fully a praise, which means, you know where I'm

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Speaker 1: gonna go with this. There's a gap there that you

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Speaker 1: gotta that you gotta come to the table more money exactly. Yeah,

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Speaker 1: there's a gap between the twenty percent that I was

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Speaker 1: that we were looking to put down, uh and what

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Speaker 1: I have to put down now. So I thought we

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Speaker 1: were gonna, you know, have to just come to the

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Speaker 1: table with a little bit more money. But then I

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Speaker 1: was talking with my lender and he specifically said that, hey,

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Speaker 1: you could always consider p M I, and I was

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Speaker 1: just like, dude, private Morgan Insurance, not for me. Have

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Speaker 1: you listened to how the money that's for losers? Check

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Speaker 1: out my show? However, even though that's something that we

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Speaker 1: wouldn't normally recommend, uh, this is a situation where I

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Speaker 1: realized that it could make sense because specifically it seemed

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Speaker 1: like it was gonna make sense maybe for two reasons,

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Speaker 1: one of which I asked him to shop it around

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Speaker 1: and he was able to find p m I that

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Speaker 1: was only going to cost sixty dollars a month, which

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Speaker 1: is pretty affordable. And then secondly, he said that they

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Speaker 1: would offer a lender credit, so they were going to

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Speaker 1: chip in fift undred dollars towards closing costs, which that

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Speaker 1: would effectively pay for our p m I for two years.

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Speaker 1: And so what that means is that at the end

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Speaker 1: of that two years, then I'm gonna have to pay

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Speaker 1: for that p m I myself right basically out of

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Speaker 1: out of pocket. Uh, that's not a cost that has

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Speaker 1: essentially kind of been subsidized. But by that point, there

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Speaker 1: will be enough paid down on that balance to have

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Speaker 1: reached that in equity threshold. And so in this case,

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Speaker 1: I'm not necessarily even counting on the home appreciating even more.

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Speaker 1: It's just a matter of looking at the amortization schedule

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Speaker 1: and seeing that literally, like I think it's actually twenty

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Speaker 1: five months past when we might be set to purchase

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Speaker 1: the home, we will enter that territory. And so essentially

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Speaker 1: that means we're gonna be able to come to the

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Speaker 1: table with a little bit less money. That's money that

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Speaker 1: we will be able to continue to invest in the

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Speaker 1: market or put towards other goals or other projects that

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Speaker 1: we might have in mind. So I wanted to share

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Speaker 1: that because this is just one of those situations where

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Speaker 1: the general rule of thumb like that we do often

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Speaker 1: talk about here on the show doesn't necessarily apply. Yeah,

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Speaker 1: it makes me think there are a lot of things

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Speaker 1: that we say on the show from time to time,

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Speaker 1: and we're we're talking to a wide range of people

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Speaker 1: who are in a bunch of different circumstances, and we're

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Speaker 1: giving our best advice, and that doesn't mean that that

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Speaker 1: advice applies to every specific situation. It makes me think

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Speaker 1: of we you know, we hate when people take out

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Speaker 1: loans for vehicles. Buying a new car and taking out

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Speaker 1: some sort of five six year loan. It's not ideal,

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Speaker 1: and if it's an even longer loan, it's even worse. Right,

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Speaker 1: But if you have the cash on hand to pay

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Speaker 1: for that car and you can get a zero percent interest, right, well,

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Speaker 1: that that changes the game. That's basically like it's it's

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Speaker 1: in my mind, is sort of like a credit card

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Speaker 1: with a yearly statement, or like it's like, hey, this

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Speaker 1: statement doesn't actually hit for like two or three years,

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Speaker 1: and so our views are subject to change. We've recently

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Speaker 1: talked about how our views have changed a little bit,

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Speaker 1: at least when it comes to how those by now

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Speaker 1: pay later things work on on websites when you're checking out,

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Speaker 1: And the same is true for certain specific situations where

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Speaker 1: the numbers pan out differently than they normally do. So

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Speaker 1: p am I typically isn't sixty bucks a month. It's

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Speaker 1: usually quite a bit more for most can be a

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Speaker 1: lot more, and not everyone gets offered a lender credit. Right,

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Speaker 1: But if all the if it all lines up and

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Speaker 1: the numbers make sense, then like a general piece of

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Speaker 1: advice that we do give, and like we would still give,

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Speaker 1: we we don't we don't want you to pay an

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Speaker 1: additional fee. Essentially, Like that's how I view p m I.

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Speaker 1: It's just like man, even just the principle of it,

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Speaker 1: I still don't like it. But at the end of

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Speaker 1: the day, when I look at the numbers, I'm saying

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Speaker 1: to myself, oh, this actually makes a lot more sense

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Speaker 1: for me to go ahead and do this, even though

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Speaker 1: it's going to be difficult. I mean, I feel like

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Speaker 1: I'm kind of confessing here on the podcast that I

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Speaker 1: will likely have p M I for the next couple

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Speaker 1: of years. I guess if we go through with buying

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Speaker 1: this house the Scarlet letter, Matthew, that's what it feels like.

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Speaker 1: But specifically, I'm willing to say that because at the

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Speaker 1: end of the day, what do the numbers show? And

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Speaker 1: the numbers show that it makes sense for us to

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Speaker 1: go ahead and accept and eat this feed because essentially

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Speaker 1: it's getting paid for by the When I took out

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Speaker 1: a loan on my niece on Leaf, I felt like

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Speaker 1: a fraud. I was like, who am I? I've never

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Speaker 1: bought a new car, I've never had a car loan

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Speaker 1: like I had, like some one of those existential moments,

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Speaker 1: like some cognitive business between what you've normally said but

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Speaker 1: then versus what the reality is showing on the ground

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Speaker 1: with the number exactly. But when it comes down to it,

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Speaker 1: you gotta look at the numbers and you gotta look

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Speaker 1: at the reality, which is like, well, if you could

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Speaker 1: afford to buy that car anyway, and you can do

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Speaker 1: more productive things with that money than it's not a

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Speaker 1: bad idea. Yeah, it's exactly. You have to leave room

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Speaker 1: for that new once. So we have the money on

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Speaker 1: hand to where we could come to the table with

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Speaker 1: the full In this case, we're choosing not to similar

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Speaker 1: to just like you, like you could have paid cash

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Speaker 1: for that vehicle, but like you said, zero percent loan,

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Speaker 1: Like that is something that is worth considering because okay,

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Speaker 1: what else could I do, especially to if you're going

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Speaker 1: to have that money set aside? Uh, you know, maybe

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Speaker 1: you're going to beef up your your reserves a little

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Speaker 1: bit more, your emergency fund a little bit more. That

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Speaker 1: still keeps you in that strong position just in case

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Speaker 1: something were to happen that you could quickly eliminate that.

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Speaker 1: Oh the unique and quirky world of personal finance. There

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Speaker 1: are so many things to consider. But I'm glad you

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Speaker 1: you shared one of those coqurks with us today because

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Speaker 1: it's something that I think we can we can all

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Speaker 1: learn from and apply to our personal situations. Absolutely. All right,

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

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Speaker 1: today's episode. This one is called ironer all barish duncle.

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Speaker 1: I think I pronounced ever on. I might have mispronounced

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Speaker 1: every single one of those words. Just now, No, you

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Speaker 1: got the Dunkle part right, Uh, well, this is a

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Speaker 1: Bavarian dark logger. We'll give our thoughts at the end

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Speaker 1: of the episode, but for now, Matt, we're talking prepping

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Speaker 1: for a looming recession. And when I was thinking about

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Speaker 1: this episode, I was, I was, I don't know. For

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Speaker 1: some reason, it made me think about backup actors. And

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Speaker 1: I never actually really did any acting myself. Did you

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Speaker 1: Were you in the drama school place. I was not

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Speaker 1: a drama kid. Okay, well, uh, it just made me

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Speaker 1: think that the person in that role, the person who

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Speaker 1: is the backup actor, they have to they're the understudy,

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Speaker 1: and they have to be prepared like they were going

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Speaker 1: to take the stage that night, right, like they're gonna

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Speaker 1: let's say they're preparing for the main role in like

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Speaker 1: a Shakespearean drama. You better prepare like you're actually you're

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Speaker 1: going to be the person there on stage, even though

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Speaker 1: the greater likelihood is that you're going to be sitting

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Speaker 1: on the sidelines, right, And if you only halfway studied

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Speaker 1: let's say the lines, so you didn't really put much

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Speaker 1: effort in at practice, then you're not going to be

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Speaker 1: ready to shine in case the lead actor gets sick.

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Speaker 1: Or injured. And so yeah, while there's a chance you

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Speaker 1: might never perform in front of a crowd on this

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Speaker 1: specific production, you better prepare like you're gonna be out

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Speaker 1: there every single night four weeks to come. And so yeah,

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Speaker 1: I think of recession prepping the same way. You know,

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Speaker 1: are we gonna see a recession next year? Well, I

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Speaker 1: don't really know. There are predictions going around saying that

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Speaker 1: we will, we might or might not when we see

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Speaker 1: one in the next five years, we could, um, But

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Speaker 1: whether we do or we don't, we still need to

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Speaker 1: prepare financially as though we're going to And just like

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Speaker 1: that understudy, you want to make sure that you're ready

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Speaker 1: just in case, because yeah, flooding half your lines because

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Speaker 1: you didn't prepare adequately, that sounds that sounds pretty stressful, exactly. Yeah.

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Speaker 1: So the reason we're talking about this today again is

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Speaker 1: because there's a good chance that you are hearing these rumblings,

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Speaker 1: you know, these musings from the expert. It is out

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Speaker 1: there that we might be in for a bumpy economic ride.

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Speaker 1: I mean, not just the United States, the whole world

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Speaker 1: just feeling this way. Deutsch Bank, they just put out

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Speaker 1: a warning that were likely to see a recession next year.

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Speaker 1: In a recent Wall Street Journal survey of economists shows

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Speaker 1: a massive upward trend in the number of folks who

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Speaker 1: are predicting in upcoming recession. And it kind of reminds

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Speaker 1: me to you of the joke that economists have correctly

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Speaker 1: predicted thirteen of the last four recession. If you call

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Speaker 1: them often enough, eventually you're gonna be right. Yeah, meaning that,

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Speaker 1: like the R word, it just gets overused. Even still,

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Speaker 1: it is something worth talking about because one of the

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Speaker 1: current signs point directly to this possibility, and that's the

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Speaker 1: inverting of the yield curve that happened recently. You might

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Speaker 1: have seen that in the financial headlines recently as well.

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Speaker 1: UH and the FED it will continue to raise rates

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Speaker 1: in order to try and calm some of the inflation

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Speaker 1: we've been seeing. This adds more risk. But what is

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Speaker 1: it that you need to do. That's what we're talking

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Speaker 1: about here today. We want to get granular on this topic.

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Speaker 1: We want to give some specific steps that you should

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Speaker 1: take in or to be prepared whether we enter a

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Speaker 1: recession territory in a month or maybe not even for

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Speaker 1: another decade. Who does that's right? So I think that

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Speaker 1: it's an important point to make, Matt that that we're

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Speaker 1: not necessarily going into a recession. Right. There are all

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Speaker 1: these predictions, there are more headlines, there's more consensus around

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Speaker 1: the idea that we might be closing in on a recession,

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Speaker 1: but it doesn't mean it does not guarantee that it's

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Speaker 1: inevitable exactly, and so there's no need to freak out.

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Speaker 1: That is not what this episode is trying to do

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Speaker 1: is to get you to to freak out in stockpile

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Speaker 1: food for the next two years because you know, in

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Speaker 1: your root celler Nick mcjulie style, because he doesn't actually

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Speaker 1: do that. I think I gave him a hard time

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Speaker 1: on that episode too. I feel a little bad about that,

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Speaker 1: but we had a good time. But yeah, while these

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Speaker 1: predictions are being thrown around like hotcakes, that's not that's

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Speaker 1: not really our jam. We're not going to make any

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Speaker 1: predictions here. We don't we don't know, we'll we'll claim uncertainty.

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Speaker 1: But a friend of the show, former guest Morgan Housel,

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Speaker 1: he tweeted the other day and I thought this was

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Speaker 1: just a brilliant way of saying he said, we're definitely

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Speaker 1: heading towards the recession. The only thing that's uncertain is

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Speaker 1: the timing, location, duration, magnitude, and policy response, and so

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Speaker 1: aside from all of those things, this will happen exactly.

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Speaker 1: So basically, yes, it will happen one of these days.

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Speaker 1: It's just we don't know when, where, how it's going

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Speaker 1: to come about. And it's still worth being prepared for

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Speaker 1: her because historically we do experience a recession every five

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Speaker 1: point nine years. And then that brings up the question,

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Speaker 1: I guess, Matt, people like you've been using this word

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Speaker 1: recession a lot now early on the show, what does

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Speaker 1: that mean? You know, we had to define terms when

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Speaker 1: we did crashes corrections in your Reaction episode, So let's

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Speaker 1: talk about that, because a recession is is when the

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Speaker 1: economy hits a rough spot and stops growing and and

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Speaker 1: we're officially in recession territory when that happens for two

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Speaker 1: consecutive quarters or for six months total, and and you know,

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Speaker 1: it's it's often that you don't know that you're in

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Speaker 1: a recession in the middle of it. You you find

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Speaker 1: out based on data at the end of it, and

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Speaker 1: you can kind of extrapolate or assume or or predict,

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Speaker 1: but it's hard to know really until the event is

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Speaker 1: actually is actually over. Yeah, you know, it's not unlike

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Speaker 1: someone trying to time the stock market, right, Like, so,

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Speaker 1: I remember having a conversation with a friend who is

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Speaker 1: an investment advisor back in this is like yeah, nearly

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Speaker 1: ten years ago, and after a couple of years of

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Speaker 1: amazing growth, he was expecting for the market to significantly correct.

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Speaker 1: Like I don't specifically remember if he was saying that

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Speaker 1: we should be expecting a bear market or anything like that,

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Speaker 1: but regardless, he was saying that he wasn't going to

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Speaker 1: be investing until things dropped back down. And you know,

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Speaker 1: like maybe he was able to time the market perfectly

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Speaker 1: back in steen when things corrected a little bit, when

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Speaker 1: the market was down like only about I think it

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Speaker 1: was about ten percent. But if you would have stopped

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Speaker 1: investing back in when when we were having this conversation,

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Speaker 1: you would have missed out on over growth during that period.

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Speaker 1: You know, even if you had checked your you know,

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Speaker 1: checked your your your rate of growth, uh, in the

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Speaker 1: midst of some of those little declines there. So like

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Speaker 1: aside from that, you would have been up like thirty

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Speaker 1: and if you didn't even get in and you're still

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Speaker 1: waiting for that composing on on over, you know, like

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Speaker 1: hundreds of percents uh in in in growth. Uh And

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Speaker 1: so similar to the stock market, trying to time and

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Speaker 1: to pinpoint exactly when a recession is about to hit

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Speaker 1: is a really difficult and ever, that's right. That's that's

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Speaker 1: why you and I we don't want to prognosticate anything. One,

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Speaker 1: we're not smart enough. And too, we don't think anybody

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Speaker 1: smart en run enough necessarily to do that. It's uh,

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Speaker 1: it's a fool's Errand but despite our inability to time

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Speaker 1: a recession, in order to optimize things, we think that

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Speaker 1: folks should always treat their finances in a way that

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Speaker 1: that assumes that a recession could happen, and and you

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Speaker 1: gotta treat it with respect. That's right. You gotta know that. Uh,

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Speaker 1: you make hay while the sunshines, right, realizing that negative

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Speaker 1: things have the potential to arise in the future. And

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Speaker 1: that's because it's not just broad economic trends that impact

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Speaker 1: our finances. Right, the the economy might even keep roaring along,

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Speaker 1: but you might still experience what we would call a

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Speaker 1: personal recession. You could fall on hard times health wise

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Speaker 1: in your own life or or your spous or or

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Speaker 1: partner has some health issues that arise and you have

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Speaker 1: to take time off of work to help care for them,

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Speaker 1: um some steep medical bills that you have to pay for,

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Speaker 1: or your monthly expenses might dramatically increase or or even

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Speaker 1: matt take with with rents going up across the country,

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Speaker 1: someone might have a personal recession where their rent went

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Speaker 1: up two dollars a month and they weren't prepared for that,

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Speaker 1: and so these are the kind of thing that you

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Speaker 1: can payment. Exactly, that's a big increase in your monthly expenses.

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Speaker 1: And so these are the kind of things that it's

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Speaker 1: it's not just a macro level recession that can impact you.

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Speaker 1: It's all these micro things that happened along the way.

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Speaker 1: You could lose your job, you know, effectively eliminating the

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Speaker 1: majority of your income altogether. And so basically, you know,

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Speaker 1: a personal recession that specifically affects you and your family

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Speaker 1: could come at any time. And you know, even if

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Speaker 1: the American economy continues to crush, continues to cruise along,

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Speaker 1: even if wages are up, unemployment is low, it's wise

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Speaker 1: to be prepared in your own life, in your own

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Speaker 1: family to make sure your personal finances already for whatever comes.

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Speaker 1: That's right, But the question still remains, what should you

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Speaker 1: be doing in what ways should you be preparing for

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Speaker 1: an upcoming recession, whether it happens in the next year

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Speaker 1: or the next ten years. We will get to all

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Speaker 1: of that right after this break. All right, we're back.

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Speaker 1: We're still talking about processions and the possibility that one

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Speaker 1: comes in the near future. There's a chance, there's a chance,

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Speaker 1: there's a definite chance. And it's like it's sort of like, hey,

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Speaker 1: you're gonna die. It's like, oh my gosh, well, yeah,

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Speaker 1: I guess we all die eventually, right, Like it will

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Speaker 1: happen at some point. We don't know when, we don't

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Speaker 1: know how. Yeah, And we still want you to get

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Speaker 1: term life in church just in case, because even if

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Speaker 1: you're thirty two and you know, the actual aerial tables

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Speaker 1: show and your current health standing shows that there's a

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Speaker 1: really it's a really really low percent unlikely. Yeah, it

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Speaker 1: will still happen, exactly, and so it's still still wants

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Speaker 1: to prepare for it. So life in church would be yeah,

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Speaker 1: I think a similar sort of thing. And and there

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Speaker 1: is good news here, Matt. Before if we do enter

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Speaker 1: recession territory. Fortunately, the American consumer, the American individual is

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Speaker 1: kind of in good standing financially. Overall, Americans are sitting

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Speaker 1: pretty in a lot of ways. One is just to

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Speaker 1: say I have more cash on hand. Some estimates show

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Speaker 1: that we've got two and a half trillion dollars in

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Speaker 1: excess savings trillion with the T. Yeah, that's a lot

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Speaker 1: that bill and trillion that has been built up during

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Speaker 1: the pandemic thanks to stimulus payments and UH and just

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Speaker 1: people banking more of the money that comes in, and

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Speaker 1: so saving sabit's really changed quite a bit during the pandemic,

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Speaker 1: which makes sense understandably. So the normal savings right in

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Speaker 1: the US, it's typically pitifully small, and so it's good

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Speaker 1: to see a little bit of a change in in

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Speaker 1: the savings direction. But for the time being, everyone it

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Speaker 1: seems to be keeping that money stocked away. And then

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Speaker 1: this bodes well for individuals and families. If you know,

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Speaker 1: an overall macro recession hits, or if a micro recession

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Speaker 1: hits in your life, having cash on hand is key.

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Speaker 1: And it's good to know that if a storm does

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Speaker 1: kind of pop up on the horizon recession wise, that

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Speaker 1: people are mostly prepared, they got their umbrella out. For

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Speaker 1: a second, I thought you're gonna say, having cash on

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Speaker 1: hand is king. They're gonna say king, which I don't

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Speaker 1: think that's something we've ever said. King. Cash is king

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Speaker 1: because cash is helpful. Cash is helpful, and sometimes, depending

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Speaker 1: on what you've got going on, having more cash on

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Speaker 1: hand is smart. But a lot of times oftentimes, uh,

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Speaker 1: it seems that folks, you know, they've got too much

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Speaker 1: cash on hand and they're not investing those dollars. It

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Speaker 1: kind of just depends who you're talking to. But I

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Speaker 1: thought you're gonna say cash is king. But I mean, essentially,

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Speaker 1: like we're talking about some of the different reasons why

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Speaker 1: you shouldn't be worried about a recession, uh that might

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Speaker 1: be looming on the horizon. And and another one of

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Speaker 1: those reasons, Joel, you just mentioned cash on hand, But

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Speaker 1: another reason too is that the unemployment rate it's almost

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Speaker 1: at three and a half percent, which is essentially a

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Speaker 1: fifty year low. Uh. There are still roughly about two

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Speaker 1: jobs out there for everyone who is looking for a job.

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Speaker 1: And so yeah, you know, while the labor market it's

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Speaker 1: not perfect, it's kind of been a bright spot economically,

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Speaker 1: and it's become easier for for a lot of folks

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Speaker 1: to bounce to another job in order to earn more money,

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Speaker 1: or you know, even just to ask for a more

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Speaker 1: meaningful raise from their their current employer. At the very least,

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Speaker 1: it means that most Americans can continue to count on

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Speaker 1: a steady paycheck and obviously having that regular income it's

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Speaker 1: always a great thing, regardless if there's a recession coming

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Speaker 1: or not. Yeah, So, even if the economy cools off,

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Speaker 1: it's well, maybe there's just one job opening for every

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Speaker 1: individual looking for a job. And so the economy has

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Speaker 1: been running so well that just a slowdown that we

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Speaker 1: might experience might not even indicate a recession. It might

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Speaker 1: just be indicate maybe a return to normal. Yeah. So

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Speaker 1: in another bright spot, mattes consumer demand. Right, So, you know,

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Speaker 1: one of the natural outcomes of lots of cash on

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Speaker 1: hand that I talked about just a minute ago and

429
00:19:21,600 --> 00:19:24,120
Speaker 1: more cash flowing into people's bank accounts, flowing into their

430
00:19:24,160 --> 00:19:26,119
Speaker 1: lives is is a willingness to spend more of the

431
00:19:26,119 --> 00:19:28,600
Speaker 1: money that they've got in That demand is still hot

432
00:19:28,640 --> 00:19:32,040
Speaker 1: for so many items. We're talking about houses, cars, travel,

433
00:19:32,560 --> 00:19:34,840
Speaker 1: you know, all of the demand in those sectors points

434
00:19:34,880 --> 00:19:36,800
Speaker 1: to the fact that demand is intense and and we're

435
00:19:36,800 --> 00:19:39,879
Speaker 1: not seeing signs of consumers curving their spending in in

436
00:19:39,960 --> 00:19:42,600
Speaker 1: big ways, not yet at least, And so in part

437
00:19:42,640 --> 00:19:45,320
Speaker 1: this consumer demand we're seeing, it's this pent up demand

438
00:19:45,640 --> 00:19:48,600
Speaker 1: that's you know, finally able to be quenched because COVID

439
00:19:48,640 --> 00:19:50,960
Speaker 1: has dropped off a cliff and and travel for instance,

440
00:19:51,040 --> 00:19:53,399
Speaker 1: right this is an area that we we literally weren't

441
00:19:53,480 --> 00:19:56,439
Speaker 1: able to spend on uh most of the past two years,

442
00:19:56,560 --> 00:19:58,480
Speaker 1: and and so folks are itching to get back out there.

443
00:19:58,640 --> 00:20:01,040
Speaker 1: They're spending their dollars that have been sitting idle in

444
00:20:01,119 --> 00:20:03,600
Speaker 1: savings accounts, and so I think there is a right

445
00:20:03,600 --> 00:20:06,000
Speaker 1: spot here that people have the cash on hand and

446
00:20:06,200 --> 00:20:08,240
Speaker 1: they are saving it, but they're also willing to spend

447
00:20:08,240 --> 00:20:10,159
Speaker 1: on things that matter to them, and I think that

448
00:20:10,200 --> 00:20:12,680
Speaker 1: bodes well for businesses right who are looking to hire

449
00:20:12,880 --> 00:20:15,600
Speaker 1: and the economy in general. The fact that there are dollars,

450
00:20:15,640 --> 00:20:18,560
Speaker 1: that there is a thriving marketplace, that that people are

451
00:20:18,640 --> 00:20:22,080
Speaker 1: engaged in. The average American consumer has a significant amount

452
00:20:22,080 --> 00:20:24,520
Speaker 1: of optimism right now. Yeah, certainly seems like it's a

453
00:20:24,560 --> 00:20:27,080
Speaker 1: symptom that points to the health and the confidence that

454
00:20:27,119 --> 00:20:31,320
Speaker 1: folks have with their financial situation. So we've highlighted the

455
00:20:31,359 --> 00:20:33,360
Speaker 1: strength of the economy, you know, the fact that things

456
00:20:33,400 --> 00:20:36,200
Speaker 1: are getting back to normal. Jobs are plentiful, spending is strong.

457
00:20:36,560 --> 00:20:38,960
Speaker 1: Let's talk about recessions and what it is that you

458
00:20:38,960 --> 00:20:41,520
Speaker 1: should be doing right now. Uh. You know, because of

459
00:20:41,560 --> 00:20:44,720
Speaker 1: the Fed's attempt to rain in inflation, we could see

460
00:20:44,760 --> 00:20:47,480
Speaker 1: slower growth, which which could halt this recovery that we're seeing.

461
00:20:47,880 --> 00:20:50,800
Speaker 1: And so even though it remains anyone's guests as to

462
00:20:51,040 --> 00:20:53,360
Speaker 1: you know, what will actually happen and when that thing

463
00:20:53,359 --> 00:20:56,240
Speaker 1: will happen, it's important to talk about what you should

464
00:20:56,240 --> 00:20:58,359
Speaker 1: be doing in order to prepare for a recession. So

465
00:20:58,400 --> 00:20:59,960
Speaker 1: the first thing that we want to talk about is

466
00:21:00,040 --> 00:21:03,240
Speaker 1: shoring up your income. Specifically, we want you to firm

467
00:21:03,320 --> 00:21:05,880
Speaker 1: up your your position at your current job. So whether

468
00:21:05,920 --> 00:21:08,359
Speaker 1: that means you are working from home, whether you're working

469
00:21:08,400 --> 00:21:11,119
Speaker 1: in person, you want to make yourself indispensable. You know,

470
00:21:11,160 --> 00:21:13,600
Speaker 1: if you feel like you're maybe a little off your

471
00:21:13,600 --> 00:21:16,480
Speaker 1: boss's radar, it's worth scheduling a chat to make sure

472
00:21:16,520 --> 00:21:20,040
Speaker 1: that that you're living up to expectations, maybe even seeing hey,

473
00:21:20,040 --> 00:21:21,800
Speaker 1: what else could I take on? Like just kind of

474
00:21:21,800 --> 00:21:23,320
Speaker 1: getting on the radar seeing how it is that you

475
00:21:23,320 --> 00:21:25,240
Speaker 1: can step up, how you can take a lead in

476
00:21:25,240 --> 00:21:28,480
Speaker 1: in future projects, because if a recession does come along

477
00:21:28,480 --> 00:21:30,359
Speaker 1: and you happen to work in an industry that gets

478
00:21:30,400 --> 00:21:32,680
Speaker 1: hit hard, you want to be like the last person

479
00:21:32,720 --> 00:21:34,399
Speaker 1: on the chopping block, right like like you want to

480
00:21:34,400 --> 00:21:36,240
Speaker 1: be the person where that she's like, well, certainly, like

481
00:21:36,280 --> 00:21:38,040
Speaker 1: I can't get rid of Joel because of you know,

482
00:21:38,119 --> 00:21:42,640
Speaker 1: like Joel does this instead because he's really tall. Yeah, okay,

483
00:21:42,680 --> 00:21:44,240
Speaker 1: he's gonna reach the toilet paper in the break room

484
00:21:44,280 --> 00:21:48,400
Speaker 1: to exactly. That's what I'm good for. Yeah, you got

485
00:21:48,359 --> 00:21:50,960
Speaker 1: you gotta keep all those things in Mike. But um, yeah,

486
00:21:51,080 --> 00:21:53,120
Speaker 1: I think firming up your current job, matt Is makes

487
00:21:53,119 --> 00:21:55,840
Speaker 1: a lot of sense. Making yourself indispensable. That's good advice.

488
00:21:56,119 --> 00:21:58,920
Speaker 1: And then another thing to do is is to try

489
00:21:58,960 --> 00:22:00,680
Speaker 1: to get a raise, um, to try to make more

490
00:22:00,720 --> 00:22:02,960
Speaker 1: money now so you can be banking more money in

491
00:22:03,000 --> 00:22:05,320
Speaker 1: the months ahead. And you know, I know that lots

492
00:22:05,320 --> 00:22:07,439
Speaker 1: of folks wish that pay bumps were just equal across

493
00:22:07,440 --> 00:22:09,200
Speaker 1: the board, that you didn't have to fight to get

494
00:22:09,240 --> 00:22:11,320
Speaker 1: more money, that it was just kind of standard um

495
00:22:11,359 --> 00:22:13,400
Speaker 1: cost of living bumps plus a little more on top

496
00:22:13,400 --> 00:22:16,080
Speaker 1: of it. But the truth is that that's not the case,

497
00:22:16,160 --> 00:22:19,080
Speaker 1: and and the squeaky wheel gets the grease. And I'm

498
00:22:19,080 --> 00:22:21,080
Speaker 1: not saying that you should wine and complain or pester

499
00:22:21,200 --> 00:22:22,960
Speaker 1: your boss for a raise, Like there's a way to

500
00:22:22,960 --> 00:22:24,800
Speaker 1: do this, and then there's a way that's going to

501
00:22:24,960 --> 00:22:28,239
Speaker 1: end up in you becoming actually the dispensable person at

502
00:22:28,280 --> 00:22:30,719
Speaker 1: your job by being too much of a complainer, but

503
00:22:31,119 --> 00:22:33,600
Speaker 1: pointing out the value that you're bringing to the table

504
00:22:34,000 --> 00:22:37,440
Speaker 1: and equating that to a reasonable increase in salary. It's

505
00:22:37,440 --> 00:22:39,720
Speaker 1: crucial to make sure that you're not leaving money on

506
00:22:39,800 --> 00:22:43,640
Speaker 1: the table, especially in this environment where employees are incredibly valuable,

507
00:22:43,800 --> 00:22:47,439
Speaker 1: where the labor market is offering a premium for workers

508
00:22:47,480 --> 00:22:49,879
Speaker 1: who fight for themselves, who speak up for themselves, this

509
00:22:49,960 --> 00:22:52,040
Speaker 1: is a great time to increase the amount of money

510
00:22:52,080 --> 00:22:54,160
Speaker 1: that you're making this right, Yeah, So, like the way

511
00:22:54,200 --> 00:22:56,040
Speaker 1: I like to view the world, or that I naturally

512
00:22:56,119 --> 00:22:58,399
Speaker 1: view the world is I agree, Like I feel like

513
00:22:58,480 --> 00:23:00,480
Speaker 1: you shouldn't have to be this week wheel, right because

514
00:23:00,480 --> 00:23:03,800
Speaker 1: in like the perfect world, markets are like perfectly efficient,

515
00:23:03,920 --> 00:23:07,480
Speaker 1: people would recognize your accomplishments and reward you commensurate exactly,

516
00:23:07,520 --> 00:23:09,600
Speaker 1: So if like Hey, you are bringing more value to

517
00:23:09,680 --> 00:23:11,560
Speaker 1: your your boss or to your company, there should be

518
00:23:11,720 --> 00:23:14,720
Speaker 1: a perfect and equivalent rays to your salary. But the

519
00:23:14,720 --> 00:23:17,040
Speaker 1: fact is that's just not how the world actually works.

520
00:23:17,119 --> 00:23:19,840
Speaker 1: Like it does make me think of the efficient market

521
00:23:19,920 --> 00:23:23,560
Speaker 1: hypothesis where it's just like all data is available and

522
00:23:23,720 --> 00:23:26,280
Speaker 1: with the given data that more production is now happening

523
00:23:26,320 --> 00:23:29,400
Speaker 1: at X company, you should see a proper a proper race.

524
00:23:30,040 --> 00:23:32,000
Speaker 1: But the fact is you also have your boss or

525
00:23:32,000 --> 00:23:34,240
Speaker 1: your manager, because what they're trying to do is create

526
00:23:34,359 --> 00:23:36,840
Speaker 1: as an efficient of a company as possible as well.

527
00:23:37,040 --> 00:23:40,200
Speaker 1: And if they can keep you happy while keeping expenses low,

528
00:23:40,440 --> 00:23:42,760
Speaker 1: well then they win or not, you know, they don't win,

529
00:23:42,840 --> 00:23:44,680
Speaker 1: but like that then they're they're the ones doing a

530
00:23:44,720 --> 00:23:47,199
Speaker 1: really good job. And so I guess all that to say,

531
00:23:47,400 --> 00:23:50,160
Speaker 1: you do have to advocate for yourself and whether that's

532
00:23:50,240 --> 00:23:52,160
Speaker 1: you know, just being the squeaky wheel or finding other

533
00:23:52,160 --> 00:23:54,080
Speaker 1: ways to to kind of step up, that's what we

534
00:23:54,080 --> 00:23:55,920
Speaker 1: want to see folks do. Yeah, And so I think

535
00:23:55,960 --> 00:23:57,919
Speaker 1: one one other thing when it comes to income, mac

536
00:23:57,960 --> 00:24:00,560
Speaker 1: because the first tip you mentioned was sure your income,

537
00:24:00,920 --> 00:24:03,199
Speaker 1: and I think another way to do that is to

538
00:24:03,240 --> 00:24:06,280
Speaker 1: diversify your income. So if we're talking about a recession

539
00:24:06,400 --> 00:24:09,560
Speaker 1: on the horizon, or or even the possibility of you

540
00:24:09,600 --> 00:24:12,080
Speaker 1: having a personal recession in your life. It's important to

541
00:24:12,119 --> 00:24:13,720
Speaker 1: make sure that not all of your money is coming

542
00:24:13,720 --> 00:24:16,000
Speaker 1: from one place. You know, one of our listeners they

543
00:24:16,040 --> 00:24:19,080
Speaker 1: recently sent us a message, um And and she said

544
00:24:19,280 --> 00:24:22,520
Speaker 1: that she's trying to actively monetize her hobbies right now,

545
00:24:22,720 --> 00:24:24,520
Speaker 1: if only to cut down on the costs of the

546
00:24:24,520 --> 00:24:26,840
Speaker 1: things that she loves to do. And I loved hearing

547
00:24:26,840 --> 00:24:29,640
Speaker 1: that mindset, Matt, that she's like she's even thinking about

548
00:24:30,040 --> 00:24:32,879
Speaker 1: in in just some of those hot hobby pursuits, that

549
00:24:33,000 --> 00:24:35,359
Speaker 1: she's like trying to make sure that she's not spending

550
00:24:35,359 --> 00:24:37,399
Speaker 1: too much or that she's at least breaking even. But

551
00:24:37,520 --> 00:24:40,160
Speaker 1: having having those multiple streams of income is so helpful

552
00:24:40,400 --> 00:24:43,879
Speaker 1: when the economy is starting to contract. Like it always

553
00:24:43,880 --> 00:24:46,120
Speaker 1: sucks to lose your job, but it's way worse if

554
00:24:46,119 --> 00:24:47,800
Speaker 1: that's the only income you have, right if you don't

555
00:24:47,800 --> 00:24:51,560
Speaker 1: have any other methods of making income, making money at

556
00:24:51,560 --> 00:24:54,080
Speaker 1: your disposal, if you are a one trick pony when

557
00:24:54,080 --> 00:24:56,120
Speaker 1: it comes to income, If if it literally only comes

558
00:24:56,119 --> 00:24:58,359
Speaker 1: from one place and that's your your w two job,

559
00:24:58,680 --> 00:25:01,520
Speaker 1: then we would say start thinking about that now, finding

560
00:25:01,560 --> 00:25:04,840
Speaker 1: other ways to not only save money, but potentially diversify

561
00:25:04,880 --> 00:25:07,120
Speaker 1: the way money comes into your life. That's a that's

562
00:25:07,160 --> 00:25:09,800
Speaker 1: a smart way to prepare for a recession. Absolutely, man.

563
00:25:09,920 --> 00:25:12,000
Speaker 1: That is why we're such huge fans of real estate.

564
00:25:12,119 --> 00:25:13,560
Speaker 1: We're not going to be the ones here that tells

565
00:25:13,600 --> 00:25:16,080
Speaker 1: you that you know small you know real estate investing,

566
00:25:16,200 --> 00:25:18,560
Speaker 1: that it's a purely passive endeavor. It does take a

567
00:25:18,600 --> 00:25:21,159
Speaker 1: little bit, a little bit of time, but way less

568
00:25:21,280 --> 00:25:23,439
Speaker 1: than anything else out there. And so this is one

569
00:25:23,440 --> 00:25:25,359
Speaker 1: of those areas where as you ramp up the amount

570
00:25:25,359 --> 00:25:27,520
Speaker 1: of capital, the amount of money that you're able to

571
00:25:27,600 --> 00:25:30,440
Speaker 1: put towards a side hustle, the less time that you're

572
00:25:30,440 --> 00:25:32,919
Speaker 1: having to to dedicate towards. I see it as like

573
00:25:32,920 --> 00:25:35,639
Speaker 1: the sliding scale. Like initially, a lot of times, like

574
00:25:35,680 --> 00:25:38,280
Speaker 1: the thing that is available to anybody, it oftentimes requires

575
00:25:38,320 --> 00:25:40,399
Speaker 1: the most amount of time, right uh, And oftentimes it

576
00:25:40,440 --> 00:25:42,800
Speaker 1: doesn't require much money because there's a lot more folks

577
00:25:42,800 --> 00:25:44,760
Speaker 1: out there who have time than money. But then as

578
00:25:44,800 --> 00:25:47,280
Speaker 1: you kind of progress down that scale, the amount of

579
00:25:47,440 --> 00:25:49,680
Speaker 1: money that is going to be required of you increases,

580
00:25:49,720 --> 00:25:53,200
Speaker 1: and the amount of time can oftentimes be reduced. Ultimately,

581
00:25:53,440 --> 00:25:55,920
Speaker 1: you end up with just passively investing that money in

582
00:25:55,960 --> 00:25:58,399
Speaker 1: the market, which literally requires no time. It's just a

583
00:25:58,480 --> 00:26:01,080
Speaker 1: matter of getting that money in that investment and then

584
00:26:01,160 --> 00:26:03,119
Speaker 1: just seeing it grow from there. But obviously to to

585
00:26:03,119 --> 00:26:05,119
Speaker 1: be able to live off of that it requires a

586
00:26:05,119 --> 00:26:07,520
Speaker 1: lot more money. But so, you know, we're talking about

587
00:26:07,560 --> 00:26:09,360
Speaker 1: what to do during recession, and we kind of talked

588
00:26:09,359 --> 00:26:11,760
Speaker 1: about from the different ways that you can make sure

589
00:26:11,800 --> 00:26:15,120
Speaker 1: that you still have money flowing into your life. Let's

590
00:26:15,119 --> 00:26:17,680
Speaker 1: talk about your expenses, because when you are able to

591
00:26:17,880 --> 00:26:20,760
Speaker 1: cut down your expenses, then you can keep money from

592
00:26:20,760 --> 00:26:23,399
Speaker 1: flowing out of your life, right And specifically, I want

593
00:26:23,440 --> 00:26:26,680
Speaker 1: to talk about holding off on some big purchases. And

594
00:26:26,720 --> 00:26:29,240
Speaker 1: so whether you know, we're talking about an expensive month

595
00:26:29,320 --> 00:26:32,760
Speaker 1: long European vocation, maybe if you're maybe you're really fancy

596
00:26:32,800 --> 00:26:35,480
Speaker 1: and you're thinking about buying a second home like either way,

597
00:26:35,520 --> 00:26:38,760
Speaker 1: making a big splash purchase like this that depletes your reserves,

598
00:26:38,800 --> 00:26:41,679
Speaker 1: it's it's not wise if you're worried that recession might

599
00:26:41,720 --> 00:26:44,880
Speaker 1: be on the horizon. Uh, And regardless of what's going

600
00:26:44,880 --> 00:26:46,800
Speaker 1: on with the economy, these are the types of expenses

601
00:26:46,800 --> 00:26:48,679
Speaker 1: that you want to make sure that you've carefully planned

602
00:26:48,760 --> 00:26:52,080
Speaker 1: for and that you've performed your due diligence right not

603
00:26:52,119 --> 00:26:54,440
Speaker 1: only to make sure that you're getting the best deal possible,

604
00:26:54,440 --> 00:26:55,919
Speaker 1: but also to make sure that this is an expense

605
00:26:55,960 --> 00:26:58,160
Speaker 1: that you can easily stomach. You want to be able

606
00:26:58,200 --> 00:27:02,000
Speaker 1: to absorb these types of expenses in in good or

607
00:27:02,119 --> 00:27:04,560
Speaker 1: in bad, in lean times or in fat times. Yeah.

608
00:27:04,560 --> 00:27:07,119
Speaker 1: I don't think we're saying cancel that plan vacation that

609
00:27:07,160 --> 00:27:09,480
Speaker 1: you have, but think, think long and hard, like do

610
00:27:09,560 --> 00:27:12,320
Speaker 1: you actually have the expendable income to take it? Yeah?

611
00:27:12,320 --> 00:27:14,080
Speaker 1: I mean it shouldn't push you to the brink, but

612
00:27:14,200 --> 00:27:16,600
Speaker 1: like your financials shouldn't be like just dangling by a

613
00:27:16,680 --> 00:27:19,080
Speaker 1: thread were YouTube, you know, go forward with whatever it

614
00:27:19,119 --> 00:27:20,680
Speaker 1: is that you're thinking about. If you're taking money out

615
00:27:20,680 --> 00:27:22,320
Speaker 1: of your home equity line of credit or put it

616
00:27:22,359 --> 00:27:24,119
Speaker 1: on your credit card to pay for it, that's a

617
00:27:24,119 --> 00:27:26,679
Speaker 1: scary sign. And so we would say back away and

618
00:27:26,760 --> 00:27:29,400
Speaker 1: wait to take a vacation until you you can keep

619
00:27:29,400 --> 00:27:32,080
Speaker 1: your emergency fund intact until you can you know, pay

620
00:27:32,160 --> 00:27:34,280
Speaker 1: pay for it with cash on hand. And you know,

621
00:27:34,320 --> 00:27:36,600
Speaker 1: another another thing when it comes down to cutting down expenses,

622
00:27:36,640 --> 00:27:39,159
Speaker 1: Matt is is to save more on the little stuff.

623
00:27:39,200 --> 00:27:41,359
Speaker 1: And it's funny. I'm kind of the guy who prefers

624
00:27:41,400 --> 00:27:43,240
Speaker 1: to get the big things right and then not really

625
00:27:43,359 --> 00:27:45,480
Speaker 1: sweat the small stuff. That's kind of my vibe. Um.

626
00:27:45,520 --> 00:27:47,879
Speaker 1: You know. For instance, we we only have one super

627
00:27:47,920 --> 00:27:50,640
Speaker 1: old car, and that means my transportation expenses are so low.

628
00:27:51,119 --> 00:27:53,080
Speaker 1: It allows me not have to not have to fixate

629
00:27:53,119 --> 00:27:54,720
Speaker 1: on the smaller things. And I'd like to live life

630
00:27:54,720 --> 00:27:58,399
Speaker 1: that way, because otherwise I would be constantly worried about,

631
00:27:58,680 --> 00:28:01,280
Speaker 1: you know, how much I'm spending with every single grocery

632
00:28:01,280 --> 00:28:03,359
Speaker 1: store trip, or whether I can afford that additional item

633
00:28:03,359 --> 00:28:05,679
Speaker 1: I want to put in my card. But it doesn't

634
00:28:05,720 --> 00:28:09,400
Speaker 1: mean that those small expenses don't matter. And so yeah,

635
00:28:09,400 --> 00:28:11,719
Speaker 1: if you have trouble with some of those small expenses

636
00:28:12,080 --> 00:28:14,080
Speaker 1: and you want to get back to focusing on them

637
00:28:14,080 --> 00:28:15,879
Speaker 1: a little bit better, there's this app that I was

638
00:28:15,880 --> 00:28:18,080
Speaker 1: recently made aware of called the flip app f L

639
00:28:18,160 --> 00:28:20,280
Speaker 1: I P P. Will link to it in the show notes,

640
00:28:20,320 --> 00:28:23,480
Speaker 1: And so it helps you see all the retailer flyers

641
00:28:23,560 --> 00:28:25,840
Speaker 1: in one place for that week, so that can help

642
00:28:25,880 --> 00:28:28,439
Speaker 1: you maybe make better grocery lists, shop the sales so

643
00:28:28,480 --> 00:28:31,200
Speaker 1: that you're not overspending on the little things. So you're

644
00:28:31,200 --> 00:28:34,119
Speaker 1: doing a better job planning out your budget. Specifically at

645
00:28:34,119 --> 00:28:36,480
Speaker 1: the grocery store, it's help with that, but there's flyers

646
00:28:36,480 --> 00:28:38,960
Speaker 1: to other businesses too, But being able to see that

647
00:28:39,000 --> 00:28:40,640
Speaker 1: and all in one place can help you make make

648
00:28:40,640 --> 00:28:43,440
Speaker 1: better plans. And really, when it comes down to it, yeah,

649
00:28:43,480 --> 00:28:46,440
Speaker 1: those small things do add up. So finding little ways

650
00:28:46,480 --> 00:28:49,360
Speaker 1: to save more at places that you shop regularly, we

651
00:28:49,400 --> 00:28:51,120
Speaker 1: would say, makes a lot of sense. Nice man, I

652
00:28:51,160 --> 00:28:53,040
Speaker 1: don't think we've ever heard of that one. Another way

653
00:28:53,040 --> 00:28:57,600
Speaker 1: that we can often hemorrhage money, UH is through debt payments.

654
00:28:57,760 --> 00:29:00,640
Speaker 1: And currently Americans say that they are going into more

655
00:29:00,720 --> 00:29:03,840
Speaker 1: debt than ever to pay for higher costs due to inflation.

656
00:29:04,120 --> 00:29:05,680
Speaker 1: And so we want to encourage folks to do your

657
00:29:05,680 --> 00:29:07,520
Speaker 1: best to only carry what what a lot of folks

658
00:29:07,560 --> 00:29:11,160
Speaker 1: will call good debts. Any debt is inherently bad, right

659
00:29:11,200 --> 00:29:14,680
Speaker 1: because you're having to pay interest to a lender. But

660
00:29:14,840 --> 00:29:17,840
Speaker 1: there are certain expenses where it makes more sense, you know,

661
00:29:17,920 --> 00:29:19,880
Speaker 1: depending on what you're able to do without money, that

662
00:29:19,880 --> 00:29:22,800
Speaker 1: that you then free up. Specifically we're talking about like

663
00:29:22,800 --> 00:29:27,040
Speaker 1: a mortgage, uh, student loans, but not too many student loans.

664
00:29:27,600 --> 00:29:30,000
Speaker 1: I think that's a slippery slote for a lot of folks.

665
00:29:30,200 --> 00:29:33,000
Speaker 1: But if you have debt, uh specifically with a variable

666
00:29:33,040 --> 00:29:36,160
Speaker 1: interest rate, it's really important to start paying special attention

667
00:29:36,200 --> 00:29:38,680
Speaker 1: to those credit cards. They're often the biggest culprits here.

668
00:29:38,680 --> 00:29:41,360
Speaker 1: But the rate on your helock, your home equity line

669
00:29:41,360 --> 00:29:44,720
Speaker 1: of credit, it's gonna be heading north as well. But

670
00:29:44,760 --> 00:29:47,240
Speaker 1: we should be looking to pair back on the number

671
00:29:47,280 --> 00:29:50,080
Speaker 1: of you know, of these different debt obligations that we

672
00:29:50,160 --> 00:29:54,200
Speaker 1: have now before recession hits, paying off debt it's almost

673
00:29:54,200 --> 00:29:57,080
Speaker 1: never a bad move, but with a recession potentially looming,

674
00:29:57,200 --> 00:30:00,280
Speaker 1: it makes even more sense now. Yeah, the one yeah,

675
00:30:00,280 --> 00:30:02,120
Speaker 1: I think I would say is just a low interest

676
00:30:02,240 --> 00:30:05,400
Speaker 1: rate mortgage and keeping more cash on hand just provides

677
00:30:05,400 --> 00:30:08,320
Speaker 1: you maybe more security, especially with inflation doing what it's

678
00:30:08,360 --> 00:30:11,280
Speaker 1: doing now, putting more money towards that three percent mortgage

679
00:30:11,480 --> 00:30:14,040
Speaker 1: makes very little sense. But for the most part, we're

680
00:30:14,040 --> 00:30:16,440
Speaker 1: not big fans of paying off your mortgage. If that's

681
00:30:16,440 --> 00:30:18,840
Speaker 1: something that especially that if you've acquired in the past

682
00:30:18,960 --> 00:30:21,280
Speaker 1: three years, or if you've refinanced in the past three years,

683
00:30:21,280 --> 00:30:25,000
Speaker 1: it's right, yeah, because it's still just incredibly low. And yeah,

684
00:30:25,080 --> 00:30:27,920
Speaker 1: you're you're actually not in a bad position given the

685
00:30:27,960 --> 00:30:29,360
Speaker 1: rate of inflation. That we've got going on in the

686
00:30:29,360 --> 00:30:32,400
Speaker 1: country right now. But it's those other debts you're right, Matt, like,

687
00:30:32,640 --> 00:30:35,800
Speaker 1: especially credit cards, hometically lines of credit. As those rates

688
00:30:35,880 --> 00:30:38,240
Speaker 1: go up, it's only going to make those debt payments

689
00:30:38,240 --> 00:30:40,440
Speaker 1: go up. And so getting on the ball now to

690
00:30:40,480 --> 00:30:42,880
Speaker 1: start getting rid of your debt makes sense in advance

691
00:30:42,920 --> 00:30:45,480
Speaker 1: of a potential recession. And you know one other thing

692
00:30:45,560 --> 00:30:48,920
Speaker 1: that we would suggest everybody um do. It's like an exercise.

693
00:30:48,960 --> 00:30:51,000
Speaker 1: We would say that all how the Money Listeners should

694
00:30:51,080 --> 00:30:53,320
Speaker 1: have done is to create a bare bones budget. And

695
00:30:53,360 --> 00:30:58,760
Speaker 1: we've talked about that in depth actually back in episode two. Uh,

696
00:30:59,000 --> 00:31:01,720
Speaker 1: you don't necessarily need to when you do this, to

697
00:31:01,760 --> 00:31:04,200
Speaker 1: cut your spending to the bone right now, right because

698
00:31:04,240 --> 00:31:07,160
Speaker 1: you're not currently in an emergency like we're not currently

699
00:31:07,200 --> 00:31:11,040
Speaker 1: in a recession. You haven't actually lost your job, hopefully.

700
00:31:11,240 --> 00:31:13,120
Speaker 1: And here's the thing, it's it's it's never a terrible

701
00:31:13,120 --> 00:31:14,920
Speaker 1: idea to cut back here and there, even when things

702
00:31:14,960 --> 00:31:17,840
Speaker 1: are going good, in order to accelerate your your path

703
00:31:17,880 --> 00:31:20,400
Speaker 1: towards financial freedom, to increase your savings, right, to be

704
00:31:20,440 --> 00:31:22,280
Speaker 1: able to put a little bit more aside in your

705
00:31:22,320 --> 00:31:25,000
Speaker 1: wrath or your four oh on k. But but at least,

706
00:31:25,080 --> 00:31:27,800
Speaker 1: that act of creating a bare bones budget and knowing

707
00:31:28,040 --> 00:31:30,160
Speaker 1: that you can implement it in order to decrease your

708
00:31:30,160 --> 00:31:32,840
Speaker 1: expenses at a moment's notice is smart. I think it.

709
00:31:32,840 --> 00:31:34,800
Speaker 1: It's such a cool tool because you might say, my

710
00:31:34,840 --> 00:31:38,000
Speaker 1: month expenses right now are tht but this bare bones

711
00:31:38,000 --> 00:31:42,200
Speaker 1: budget says I can get by on And so to

712
00:31:42,320 --> 00:31:44,200
Speaker 1: know that at a moment's notice you can switch over

713
00:31:44,200 --> 00:31:46,080
Speaker 1: to this other budget and save nine dollars a month.

714
00:31:46,080 --> 00:31:48,720
Speaker 1: You can switch to eco mode. It's it's exactly, it's

715
00:31:48,760 --> 00:31:50,760
Speaker 1: it's like eco mode for your car. You can switch

716
00:31:50,800 --> 00:31:52,360
Speaker 1: over there, start saving gas and you know it's not

717
00:31:52,400 --> 00:31:54,280
Speaker 1: gonna be as punchy and stuff like that. And obviously

718
00:31:54,520 --> 00:31:56,360
Speaker 1: you don't want to necessarily move over to that bare

719
00:31:56,440 --> 00:31:59,120
Speaker 1: bones budget unless you have to. But having it just

720
00:31:59,160 --> 00:32:01,760
Speaker 1: the just having created it and knowing that you can

721
00:32:01,760 --> 00:32:03,960
Speaker 1: do it provides so much peace of mind and and

722
00:32:04,000 --> 00:32:06,360
Speaker 1: just then the ability to to be able to thrive

723
00:32:06,440 --> 00:32:09,120
Speaker 1: if if a recession does come along, instead of continue

724
00:32:09,160 --> 00:32:12,000
Speaker 1: to struggle and finding ways to pare down then in

725
00:32:12,040 --> 00:32:14,040
Speaker 1: the heat of the moment. And so I know specifically

726
00:32:14,080 --> 00:32:15,840
Speaker 1: that when I said eco mode, I'm sure you're thinking

727
00:32:15,880 --> 00:32:18,080
Speaker 1: about like an electric vehicle, like an actual EV. But

728
00:32:18,120 --> 00:32:22,080
Speaker 1: did you know, like there's some actual internal combustion engine cars, uh,

729
00:32:22,120 --> 00:32:25,600
Speaker 1: ice vehicles that would sometimes run on fewer cylinders than

730
00:32:26,120 --> 00:32:27,600
Speaker 1: it would be like a V eight that could run

731
00:32:27,600 --> 00:32:30,960
Speaker 1: on like my six cylinders, my sister cylinders maybe has

732
00:32:30,960 --> 00:32:32,600
Speaker 1: something something like a real sort of eco mode. I

733
00:32:32,600 --> 00:32:35,239
Speaker 1: don't know if it actually takes a cylinder down. I'm

734
00:32:35,280 --> 00:32:38,040
Speaker 1: sure that's more like the transmission where it's like, yeah,

735
00:32:38,080 --> 00:32:41,080
Speaker 1: it's less sporty or whatever. But there were literal like

736
00:32:41,120 --> 00:32:43,200
Speaker 1: I think Cadillac back in the day, they had cars,

737
00:32:43,240 --> 00:32:45,560
Speaker 1: they had engines that on the highway you could switch

738
00:32:45,560 --> 00:32:47,360
Speaker 1: it over and it would it would literally shut down

739
00:32:47,400 --> 00:32:48,880
Speaker 1: some of the cylinders. And so it's kind of like

740
00:32:48,960 --> 00:32:53,000
Speaker 1: a bare bones super fuel efficient way. But that's kind

741
00:32:53,000 --> 00:32:54,560
Speaker 1: of what we're talking about here, doing you know, with

742
00:32:54,560 --> 00:32:56,200
Speaker 1: with your money, because once you've got it up to speed,

743
00:32:56,280 --> 00:32:57,920
Speaker 1: it's like you don't really easy, you're just kind of

744
00:32:57,960 --> 00:33:00,920
Speaker 1: you're cruising along, you're keeping it going. Get It reminds

745
00:33:00,920 --> 00:33:02,600
Speaker 1: me too, like it makes me think of working out.

746
00:33:03,040 --> 00:33:04,680
Speaker 1: And so if I'm working out, like do I need

747
00:33:04,720 --> 00:33:07,160
Speaker 1: to be able to squat like hundreds of pounds? No,

748
00:33:07,800 --> 00:33:10,800
Speaker 1: but I know that I'm now capable of doing that.

749
00:33:11,040 --> 00:33:14,040
Speaker 1: And that's what a bare bones budget does. It lets

750
00:33:14,040 --> 00:33:16,760
Speaker 1: you know what you're capable of when the situation arises

751
00:33:16,760 --> 00:33:18,640
Speaker 1: that I do need to like move some furniture or

752
00:33:18,680 --> 00:33:20,840
Speaker 1: something like that, I know what I'm capable of. Right,

753
00:33:20,880 --> 00:33:23,040
Speaker 1: I'm gonna be more prepared. I'm gonna be less likely

754
00:33:23,080 --> 00:33:26,000
Speaker 1: to hurt myself too. But that's what we're talking about

755
00:33:26,000 --> 00:33:28,120
Speaker 1: with the with the bare bones budget here. That's right,

756
00:33:28,120 --> 00:33:29,760
Speaker 1: all right, But we gotta still talk about what to

757
00:33:29,760 --> 00:33:32,120
Speaker 1: do with your investments. That's something that people people want

758
00:33:32,160 --> 00:33:34,200
Speaker 1: to know ahead of time too, is like, well, do

759
00:33:34,280 --> 00:33:36,400
Speaker 1: I need to change my my investing style? Do I

760
00:33:36,440 --> 00:33:39,480
Speaker 1: need to you know, reallocate some of my money before

761
00:33:39,640 --> 00:33:41,760
Speaker 1: or if a recession hits. We'll we'll talk about that

762
00:33:41,920 --> 00:33:53,600
Speaker 1: right after this. All right, we're back and we are.

763
00:33:53,720 --> 00:33:55,760
Speaker 1: Let's let's continue talking about what you're gonna do with

764
00:33:55,800 --> 00:33:58,520
Speaker 1: your money. We're a recession to hit. Until you asked

765
00:33:58,560 --> 00:34:00,560
Speaker 1: this question, you post this question, but right for the break,

766
00:34:00,880 --> 00:34:03,280
Speaker 1: but let's go ahead and answer it. Because regardless of

767
00:34:03,280 --> 00:34:05,520
Speaker 1: what state the economy is in, we're always going to

768
00:34:05,560 --> 00:34:09,120
Speaker 1: invest the exact same way that we would normally. That

769
00:34:09,200 --> 00:34:13,560
Speaker 1: is specifically and widely diversified low cost index funds. Instead

770
00:34:13,840 --> 00:34:17,520
Speaker 1: of changing your investment allocation because a recession seems likely,

771
00:34:17,640 --> 00:34:20,759
Speaker 1: we would rather you have the right investment allocation. Now,

772
00:34:21,120 --> 00:34:23,960
Speaker 1: it's a good idea to know how much risk tolerance

773
00:34:24,200 --> 00:34:27,440
Speaker 1: uh you are comfortable with before a recession hits, so

774
00:34:27,480 --> 00:34:29,319
Speaker 1: that you don't buy, so that you don't sell in

775
00:34:29,320 --> 00:34:31,040
Speaker 1: a way that locks in your losses to where you

776
00:34:31,080 --> 00:34:32,520
Speaker 1: end up losing a lot of money. It's kind of

777
00:34:32,520 --> 00:34:34,440
Speaker 1: like going to a theme park and you're like, I'm

778
00:34:34,520 --> 00:34:36,440
Speaker 1: not sure if I like upside down roller coasters or not,

779
00:34:36,440 --> 00:34:38,319
Speaker 1: but you sit on one anyway, and then you freak out.

780
00:34:38,760 --> 00:34:41,000
Speaker 1: It's better to know your risk tolerance before you get

781
00:34:41,000 --> 00:34:43,640
Speaker 1: strapped in, like they have to forcibly remove you from

782
00:34:43,680 --> 00:34:45,879
Speaker 1: the ride. Well now, for it's as if you wrote

783
00:34:45,920 --> 00:34:47,759
Speaker 1: the roller coaster and then you have the option to

784
00:34:47,840 --> 00:34:51,360
Speaker 1: unbuckle or like hit some sort of a jack button,

785
00:34:51,760 --> 00:34:54,160
Speaker 1: and surely that would be you know, when you're on

786
00:34:54,160 --> 00:34:55,920
Speaker 1: the loop de loop or whatever, that would be a

787
00:34:56,040 --> 00:34:59,400
Speaker 1: terrible time to bail from the roller coaster. It's luckily

788
00:34:59,680 --> 00:35:01,640
Speaker 1: that's not that's something you're capable of doing. But you

789
00:35:01,920 --> 00:35:03,799
Speaker 1: can do that with your investments, and that's that's kind

790
00:35:03,800 --> 00:35:05,440
Speaker 1: of a terrible thing and a lot of people do

791
00:35:05,600 --> 00:35:07,799
Speaker 1: end up doing that because they didn't prepare properly on

792
00:35:07,840 --> 00:35:10,600
Speaker 1: the front end. Yeah, they're not properly strapped in. Uh.

793
00:35:10,840 --> 00:35:13,560
Speaker 1: It reminds me something that a famous investor, Peter Lynch.

794
00:35:13,600 --> 00:35:15,560
Speaker 1: He he once said this, and that is that more

795
00:35:15,560 --> 00:35:18,320
Speaker 1: money has been lost by folks preparing for a recession

796
00:35:18,760 --> 00:35:21,000
Speaker 1: assuming that it was coming soon, then it was actually

797
00:35:21,040 --> 00:35:23,600
Speaker 1: lost because of the recession itself. And man, we we

798
00:35:23,600 --> 00:35:26,440
Speaker 1: feel that he is totally spot on here. Truly. It's

799
00:35:26,480 --> 00:35:29,080
Speaker 1: thinking that we can outsmart or get timey right on

800
00:35:29,120 --> 00:35:32,279
Speaker 1: shifting things around. Those are the bigger things at risk here.

801
00:35:32,520 --> 00:35:35,319
Speaker 1: Then the recession itself, at least in regards to our

802
00:35:35,360 --> 00:35:37,719
Speaker 1: specific investment. Makes me think of the story you told

803
00:35:37,719 --> 00:35:39,879
Speaker 1: earlier about your friend and he's like, I'm gonna wait

804
00:35:39,960 --> 00:35:42,400
Speaker 1: until the market takes a dip, and it's like, cool,

805
00:35:42,719 --> 00:35:45,160
Speaker 1: you can try and maybe you'll be successful, but most

806
00:35:45,200 --> 00:35:46,719
Speaker 1: of the time you're not. And most of the time

807
00:35:46,760 --> 00:35:49,719
Speaker 1: people like you said, with that Peter Lynch quote, lose

808
00:35:49,760 --> 00:35:52,480
Speaker 1: money because they're trying to outsmart. And yeah, I mean

809
00:35:52,520 --> 00:35:54,440
Speaker 1: a recession, while it might happen next year, and we

810
00:35:54,520 --> 00:35:56,840
Speaker 1: might see a correction in the market. And that's not

811
00:35:56,920 --> 00:35:59,040
Speaker 1: a bad thing that it's a buying opportunity for long,

812
00:35:59,280 --> 00:36:02,239
Speaker 1: long term buying hold investors. It's still not something that

813
00:36:02,320 --> 00:36:05,640
Speaker 1: you can actively anticipate. You kind of gotta keep going

814
00:36:05,680 --> 00:36:09,359
Speaker 1: the course recession or not. You know, over the long haul,

815
00:36:09,440 --> 00:36:11,759
Speaker 1: the market tends to go up more than it goes down.

816
00:36:11,920 --> 00:36:13,960
Speaker 1: This so you should continue to buy. And you mentioned

817
00:36:13,960 --> 00:36:15,600
Speaker 1: the word risk there just now, Matt, and and I

818
00:36:15,600 --> 00:36:18,520
Speaker 1: think that's another important part of this when it comes

819
00:36:18,560 --> 00:36:21,480
Speaker 1: to our investing strategy, is is finding ways to eliminate

820
00:36:21,680 --> 00:36:25,239
Speaker 1: unnecessary risk. And and now is the perfect time to

821
00:36:25,360 --> 00:36:29,160
Speaker 1: rethink whether or not you want to consider investing, let's say,

822
00:36:29,200 --> 00:36:32,960
Speaker 1: into any more speculative assets. Were typically comfortable with no

823
00:36:33,000 --> 00:36:36,520
Speaker 1: more than five percent of your overall portfolio in your

824
00:36:36,560 --> 00:36:40,080
Speaker 1: favorite company stock or uh, some cryptocurrency or even n

825
00:36:40,120 --> 00:36:42,319
Speaker 1: f T like if you if you happen to really

826
00:36:42,320 --> 00:36:44,879
Speaker 1: love a particular artist. But keeping it small, we would

827
00:36:44,880 --> 00:36:47,560
Speaker 1: say is crucial because some of those more volatile assets

828
00:36:47,719 --> 00:36:50,520
Speaker 1: very small, they could see wilder downward swings if a

829
00:36:50,560 --> 00:36:54,120
Speaker 1: recession comes along. Uh. It's been particularly easy to misjudge

830
00:36:54,160 --> 00:36:56,520
Speaker 1: your risk tolerance given the bull market that we've been

831
00:36:56,560 --> 00:36:59,160
Speaker 1: on for for more than a decade, especially if you're

832
00:36:59,160 --> 00:37:02,200
Speaker 1: a younger investor and you don't even remember remember the

833
00:37:02,280 --> 00:37:06,440
Speaker 1: downturn of the two two thousand nine two era, uh

834
00:37:06,920 --> 00:37:08,719
Speaker 1: and so vanguard, because what are you talking about. I've

835
00:37:08,760 --> 00:37:12,080
Speaker 1: only seen my investments go up dramatically in value over

836
00:37:12,120 --> 00:37:14,480
Speaker 1: the past twelve years. That's right. It's it's been easy

837
00:37:14,520 --> 00:37:16,960
Speaker 1: to think that, like, well, who saves money because investments

838
00:37:16,960 --> 00:37:19,080
Speaker 1: only go up all the time. But that's I feel

839
00:37:19,080 --> 00:37:22,480
Speaker 1: like it doesn't even register anymore because it happened so quickly.

840
00:37:22,480 --> 00:37:24,000
Speaker 1: It was such a blip. It was such a blip,

841
00:37:24,040 --> 00:37:26,840
Speaker 1: it was such a quick rebound that it's it's almost

842
00:37:26,880 --> 00:37:29,240
Speaker 1: as if and grated. A lot of that was artificially

843
00:37:29,280 --> 00:37:31,840
Speaker 1: imposed with lockdowns and just the fear of the virus,

844
00:37:31,880 --> 00:37:33,840
Speaker 1: But it's almost as if there was no lesson to

845
00:37:33,840 --> 00:37:36,919
Speaker 1: be learned there because of how quickly it did bounce back,

846
00:37:37,360 --> 00:37:39,719
Speaker 1: or how quickly the market specifically bounce. It's important to

847
00:37:39,719 --> 00:37:42,440
Speaker 1: know that that those downturns can and are often more

848
00:37:42,480 --> 00:37:44,840
Speaker 1: prolonged than that, like that that that short lived of

849
00:37:44,880 --> 00:37:47,560
Speaker 1: a downturn, I mean, that's the most rapid stock Parker

850
00:37:47,600 --> 00:37:50,400
Speaker 1: recovery we've had in the history, in the history of stocks.

851
00:37:50,560 --> 00:37:52,920
Speaker 1: And so Vanguard actually has this helpful quiz that you

852
00:37:52,960 --> 00:37:55,080
Speaker 1: can take to get more accurate idea of your own

853
00:37:55,160 --> 00:37:57,000
Speaker 1: risk tolerance. Will put that the link to that in

854
00:37:57,040 --> 00:37:58,440
Speaker 1: the show notes. But I think it's helpful. It's like

855
00:37:58,440 --> 00:38:01,400
Speaker 1: eleven questions. And I actually took the quiz, Matt. I

856
00:38:01,400 --> 00:38:03,279
Speaker 1: wanted to know, all right, what does Vandguard saying my

857
00:38:03,360 --> 00:38:05,359
Speaker 1: risk tolerance is? And and they were like, you should

858
00:38:05,400 --> 00:38:07,239
Speaker 1: probably be a hunter present invests in the stocks because

859
00:38:07,280 --> 00:38:09,160
Speaker 1: you're totally cool with the risk and they ask you

860
00:38:09,239 --> 00:38:11,600
Speaker 1: some really good questions and I was like, well, funny enough, Vanguard,

861
00:38:11,680 --> 00:38:15,279
Speaker 1: that's exactly my allocation. But interesting that you say that.

862
00:38:15,400 --> 00:38:17,759
Speaker 1: But you might find out by answering certain questions that

863
00:38:17,920 --> 00:38:21,479
Speaker 1: your risk tolerance is not as robust maybe as mine,

864
00:38:21,560 --> 00:38:24,319
Speaker 1: And so you might find that you should have a

865
00:38:24,360 --> 00:38:28,040
Speaker 1: different portfolio set up in advance of things getting rocky.

866
00:38:28,360 --> 00:38:30,879
Speaker 1: And and that's better right than hitting that inject button

867
00:38:30,920 --> 00:38:33,279
Speaker 1: in the middle of the roller coaster, lying uh to

868
00:38:33,400 --> 00:38:36,080
Speaker 1: strap on really before it even gets started. Man, that

869
00:38:36,120 --> 00:38:37,799
Speaker 1: makes me think of I think this is like a

870
00:38:37,840 --> 00:38:39,879
Speaker 1: prank video or something that was fed to me one time.

871
00:38:39,960 --> 00:38:42,600
Speaker 1: But it was this guy who got on a roller

872
00:38:42,600 --> 00:38:45,000
Speaker 1: coaster like next to a stranger. You know, like sometimes

873
00:38:45,040 --> 00:38:46,759
Speaker 1: you get partnered with somebody and you don't know who's

874
00:38:46,760 --> 00:38:49,600
Speaker 1: sitting next to you. And after they had strapped in,

875
00:38:49,719 --> 00:38:51,640
Speaker 1: you know, the things came down over their chests and

876
00:38:51,640 --> 00:38:54,919
Speaker 1: and like basically the roller coaster had launched, like maybe

877
00:38:54,960 --> 00:38:56,600
Speaker 1: it had like it started going up the like the

878
00:38:56,640 --> 00:38:59,279
Speaker 1: big ramp. The guy like reached into his pocket and

879
00:38:59,280 --> 00:39:02,440
Speaker 1: pulled out like this giant bolt. It was just like,

880
00:39:02,520 --> 00:39:04,640
Speaker 1: oh my gosh, what's this. And the guy next toe

881
00:39:04,760 --> 00:39:07,799
Speaker 1: just like completely started flipping up, which is kind of

882
00:39:07,960 --> 00:39:09,840
Speaker 1: a mean trick, but like that that's what I picture.

883
00:39:10,040 --> 00:39:11,560
Speaker 1: That's what I think of when you think about the

884
00:39:11,600 --> 00:39:14,239
Speaker 1: eject button, because that guy I wanted off before that

885
00:39:14,280 --> 00:39:16,560
Speaker 1: thing took that massive plummet, afraid that you know, his

886
00:39:16,640 --> 00:39:20,920
Speaker 1: restraints were going to be loosened. But you know, like

887
00:39:20,920 --> 00:39:24,920
Speaker 1: what we're talking about here basically is like some mental preparation, right,

888
00:39:25,120 --> 00:39:26,480
Speaker 1: Like if you know that you're the kind of person

889
00:39:26,520 --> 00:39:29,000
Speaker 1: who's likely going to make changes based on some of

890
00:39:29,000 --> 00:39:32,040
Speaker 1: these day to day news events or even like month

891
00:39:32,120 --> 00:39:34,880
Speaker 1: a month, right because recessions like it might last a while.

892
00:39:35,360 --> 00:39:37,959
Speaker 1: You need to make sure that you ingest a lot

893
00:39:38,040 --> 00:39:41,120
Speaker 1: less news. Uh. And if you aren't willing to stay

894
00:39:41,120 --> 00:39:43,400
Speaker 1: in the course despite the difficulty, you likely need to

895
00:39:43,400 --> 00:39:46,080
Speaker 1: make changes before a recession occurs so that you can

896
00:39:46,120 --> 00:39:49,399
Speaker 1: stay the course without wavering. But for most folks, though,

897
00:39:49,560 --> 00:39:52,280
Speaker 1: the best course of action, assuming that you are invested,

898
00:39:52,680 --> 00:39:55,360
Speaker 1: is probably in action. Right Like, just like with a

899
00:39:55,400 --> 00:39:57,600
Speaker 1: bare bones budget, you want to prepare. You went to

900
00:39:57,600 --> 00:39:59,800
Speaker 1: forecast what it might be like in the future, and

901
00:39:59,840 --> 00:40:01,600
Speaker 1: that what we're doing here with your investments. You want

902
00:40:01,600 --> 00:40:04,640
Speaker 1: to picture yourself. You're forecasting you, and you're saying to yourself,

903
00:40:04,680 --> 00:40:07,560
Speaker 1: if this world had happened, what would I do? Uh?

904
00:40:07,560 --> 00:40:09,520
Speaker 1: What kind of situation would I be in? You want

905
00:40:09,560 --> 00:40:11,880
Speaker 1: to place yourself mentally in the future and make sure

906
00:40:11,920 --> 00:40:15,040
Speaker 1: that you make the changes now while you your feet

907
00:40:15,080 --> 00:40:18,600
Speaker 1: are like firmly planted on ground that that you're comfortable

908
00:40:18,640 --> 00:40:20,280
Speaker 1: with you. It makes me think one of my friends,

909
00:40:20,360 --> 00:40:23,040
Speaker 1: Matt he for some reason, he has this obsession every

910
00:40:23,040 --> 00:40:24,680
Speaker 1: time he goes to a restaurant or something like that

911
00:40:25,000 --> 00:40:27,759
Speaker 1: he thinks, what happens if an active shooter shows up here?

912
00:40:27,880 --> 00:40:29,360
Speaker 1: And what am I going to do. What's my reaction

913
00:40:29,360 --> 00:40:31,440
Speaker 1: to be, what's the quickest route of escape? You're talking

914
00:40:31,480 --> 00:40:34,719
Speaker 1: about me? No, do you do that too? I mean

915
00:40:34,719 --> 00:40:36,839
Speaker 1: I think about it. I guess it's not something that like,

916
00:40:36,960 --> 00:40:38,200
Speaker 1: that's like one of the first things he does. He

917
00:40:38,239 --> 00:40:39,640
Speaker 1: makes a plan of actually, how would I get out

918
00:40:39,640 --> 00:40:40,920
Speaker 1: when I run out to the kitchen when I kick

919
00:40:40,920 --> 00:40:43,360
Speaker 1: open window. It's smart, but at the same time, like,

920
00:40:43,400 --> 00:40:46,640
Speaker 1: should it completely change your dyning experience? And hopefully that's

921
00:40:46,640 --> 00:40:49,560
Speaker 1: what you're getting to. It shouldn't change everything about your

922
00:40:49,560 --> 00:40:51,680
Speaker 1: your dyning experience. I think it's important to be aware

923
00:40:51,840 --> 00:40:53,239
Speaker 1: of that kind of thing. Well, it's something that never

924
00:40:53,320 --> 00:40:56,000
Speaker 1: crosses my mind, and so if it happened, I would

925
00:40:56,000 --> 00:40:58,200
Speaker 1: be my job would drop and I would have no

926
00:40:58,239 --> 00:41:00,319
Speaker 1: idea how to proceed. But but for him, at least,

927
00:41:00,360 --> 00:41:03,160
Speaker 1: like maybe it has gotten to an extreme level, but

928
00:41:03,440 --> 00:41:05,239
Speaker 1: at least he would have a plan. He would know

929
00:41:05,280 --> 00:41:06,480
Speaker 1: what to do, He would know what he was going

930
00:41:06,600 --> 00:41:10,279
Speaker 1: if if you know, things got Yeah, it's worth thinking through,

931
00:41:10,360 --> 00:41:12,719
Speaker 1: just in the same way it's worth thinking through you

932
00:41:12,760 --> 00:41:15,120
Speaker 1: know what a recession might be like and what it

933
00:41:15,200 --> 00:41:17,120
Speaker 1: might look like for your finances, you know, or your

934
00:41:17,160 --> 00:41:20,399
Speaker 1: investment portfolio to take a fifty percent plunge, Like, that's

935
00:41:20,400 --> 00:41:22,239
Speaker 1: where it's worth thinking through, even though you hope that

936
00:41:22,280 --> 00:41:25,239
Speaker 1: it obviously never happens, and it makes me think that,

937
00:41:25,360 --> 00:41:27,399
Speaker 1: but it doesn't at least prevent him from going out

938
00:41:27,440 --> 00:41:29,800
Speaker 1: to eat. He still goes, but he's always got a

939
00:41:29,840 --> 00:41:32,760
Speaker 1: plan to bust somebody up in the that it's necessary.

940
00:41:33,400 --> 00:41:35,520
Speaker 1: But it's like one of the last pieces of advices

941
00:41:35,600 --> 00:41:37,680
Speaker 1: we want to give on this episode is to don't

942
00:41:37,760 --> 00:41:40,600
Speaker 1: deviate from your larger plans. I think if that possibility

943
00:41:40,600 --> 00:41:43,120
Speaker 1: prevented him from going out to eat and enjoying his

944
00:41:43,200 --> 00:41:46,959
Speaker 1: conversation with his partner or his friends, yeah, that would

945
00:41:46,960 --> 00:41:49,080
Speaker 1: be tough. It's overtaking his life too much at that point.

946
00:41:49,160 --> 00:41:51,479
Speaker 1: And and so I think recessions they can cause people

947
00:41:51,520 --> 00:41:54,160
Speaker 1: to panic and to change up their strategy. But if

948
00:41:54,200 --> 00:41:56,560
Speaker 1: you're in the wealth building stage of your life, um

949
00:41:56,880 --> 00:41:59,200
Speaker 1: then continuing to save and invest the way that you

950
00:41:59,239 --> 00:42:01,799
Speaker 1: have been up until this point, it continues to make sense.

951
00:42:01,800 --> 00:42:04,920
Speaker 1: It continues to be the best path forward. Nothing is

952
00:42:04,920 --> 00:42:08,080
Speaker 1: ever certain for any of us in any given day.

953
00:42:08,800 --> 00:42:10,879
Speaker 1: No one was even talking about a recession just six

954
00:42:10,920 --> 00:42:14,040
Speaker 1: months ago. That was the farthest thing from economist minds

955
00:42:14,080 --> 00:42:16,839
Speaker 1: from any of our minds, but world events, they've they've

956
00:42:16,840 --> 00:42:19,880
Speaker 1: created some changes that have made a bumpy economic future

957
00:42:20,120 --> 00:42:22,719
Speaker 1: a little more likely, and that doesn't mean that it

958
00:42:22,960 --> 00:42:25,920
Speaker 1: should impact you in any meaningful way aside from the

959
00:42:25,920 --> 00:42:28,320
Speaker 1: things that we've talked about on this episode. And in fact,

960
00:42:28,600 --> 00:42:30,840
Speaker 1: if you could weather a recession well, you'll likely have

961
00:42:30,920 --> 00:42:33,960
Speaker 1: the ability to buy more stocks, to invest more at

962
00:42:33,960 --> 00:42:37,319
Speaker 1: depressed prices, which which helping you build wealth over the

963
00:42:37,360 --> 00:42:40,120
Speaker 1: long haul. So it's one of those things that this

964
00:42:40,239 --> 00:42:42,680
Speaker 1: potential shouldn't cause you to freeze up, shouldn't cause you

965
00:42:42,719 --> 00:42:45,360
Speaker 1: to panic. Have a plan, but don't let it necessarily

966
00:42:45,360 --> 00:42:48,200
Speaker 1: impact the things that you're doing already. Keep moving forward,

967
00:42:48,320 --> 00:42:51,640
Speaker 1: keep proceeding towards those goals that are already working towards. Exactly.

968
00:42:51,640 --> 00:42:53,640
Speaker 1: You don't want it to keep you from enjoying your

969
00:42:53,640 --> 00:42:56,720
Speaker 1: beer or enjoying your dinner out. Uh, I mean, ultimately,

970
00:42:56,760 --> 00:43:00,400
Speaker 1: preparing for a recession and just solid personal finance management

971
00:43:00,440 --> 00:43:02,560
Speaker 1: are very similar. In our book, it's wise to be

972
00:43:02,800 --> 00:43:06,160
Speaker 1: cognizant of these macro trends at play, but you also

973
00:43:06,360 --> 00:43:07,920
Speaker 1: don't want to live your life and fear that a

974
00:43:07,960 --> 00:43:10,480
Speaker 1: recession like that. It's just always lurking around the corner.

975
00:43:10,760 --> 00:43:13,280
Speaker 1: Like we said, there's always someone out there predicting doom

976
00:43:13,360 --> 00:43:15,640
Speaker 1: and gloom. I can name a few, actually, I think

977
00:43:16,239 --> 00:43:19,719
Speaker 1: what the guy Robert Kyosaki. He's predicting a recession every

978
00:43:19,760 --> 00:43:21,799
Speaker 1: single year, and you know what, maybe he'll be right

979
00:43:21,840 --> 00:43:24,200
Speaker 1: one of these years, but he's wrong so many times.

980
00:43:23,920 --> 00:43:26,080
Speaker 1: But if you listen to those naysayer voices, it's like

981
00:43:26,120 --> 00:43:28,080
Speaker 1: you're always gonna be looking around the corner and not

982
00:43:28,120 --> 00:43:29,920
Speaker 1: doing the things you need to be doing because of

983
00:43:30,040 --> 00:43:31,719
Speaker 1: the doom and gloom folks. And he's made a living

984
00:43:31,760 --> 00:43:33,360
Speaker 1: doing that, right, right, But the more debt that you

985
00:43:33,400 --> 00:43:36,400
Speaker 1: pay off, the more savings you accrue, the less likely

986
00:43:36,640 --> 00:43:39,239
Speaker 1: that you'll have cause to worry about any of this. Uh,

987
00:43:39,320 --> 00:43:41,719
Speaker 1: making more of an impact at your job, finding another

988
00:43:41,719 --> 00:43:43,719
Speaker 1: stream of income. These can also provide some peace of

989
00:43:43,760 --> 00:43:45,799
Speaker 1: mind as you sure up the amount of money that's

990
00:43:45,800 --> 00:43:48,239
Speaker 1: flowing into your life. It's just basically looking at all

991
00:43:48,239 --> 00:43:50,800
Speaker 1: the different you know, it's like a RESK risk assessment

992
00:43:51,000 --> 00:43:53,600
Speaker 1: session where you're sitting down and you're thinking, Okay, where's

993
00:43:53,600 --> 00:43:55,640
Speaker 1: my money coming from? All right, how do I make

994
00:43:55,640 --> 00:43:57,839
Speaker 1: sure that that's solid? Where does my money go? How

995
00:43:57,840 --> 00:43:59,840
Speaker 1: do I make sure to plug any of those leaks

996
00:44:00,480 --> 00:44:02,799
Speaker 1: or that I know if things were to hit the fan,

997
00:44:02,880 --> 00:44:04,960
Speaker 1: that I can plug up leaks in a certain way. Um,

998
00:44:05,040 --> 00:44:07,320
Speaker 1: and when it comes to my investing, is that within

999
00:44:07,400 --> 00:44:10,360
Speaker 1: a portfolio? Is that within an investment that can that

1000
00:44:10,440 --> 00:44:12,759
Speaker 1: I am comfortable with standing scenes some you know, some

1001
00:44:12,880 --> 00:44:15,680
Speaker 1: ups and downs, some of that volatility. That is what

1002
00:44:15,719 --> 00:44:17,799
Speaker 1: we've talked through today, and hopefully we've given you some

1003
00:44:17,840 --> 00:44:22,040
Speaker 1: good food for thoughts. As we may or they not.

1004
00:44:22,280 --> 00:44:25,600
Speaker 1: It's a recession, but hopefully this gives you a good

1005
00:44:25,640 --> 00:44:28,120
Speaker 1: framework to assess and to analyze what you should be

1006
00:44:28,120 --> 00:44:30,560
Speaker 1: doing with your money. Yeah, alright, one more analogy, one

1007
00:44:30,560 --> 00:44:33,080
Speaker 1: more example. It makes me think of all right, I

1008
00:44:33,080 --> 00:44:35,000
Speaker 1: went to got that going out to dinner scenario. We

1009
00:44:35,080 --> 00:44:38,600
Speaker 1: got the roller coaster, we got the understudy, um, we

1010
00:44:38,719 --> 00:44:41,000
Speaker 1: got the working out one. Let's keep going. We've got

1011
00:44:41,040 --> 00:44:43,359
Speaker 1: too many analogies during this episode. Now we need one more,

1012
00:44:43,400 --> 00:44:45,160
Speaker 1: and that's for sure, right that's here. Not enough. So

1013
00:44:45,239 --> 00:44:47,640
Speaker 1: this reminds me of just a couple of weeks ago.

1014
00:44:47,719 --> 00:44:50,080
Speaker 1: I got to go to the Master, the most prestigious

1015
00:44:50,120 --> 00:44:52,480
Speaker 1: golf tournament matt in your hometown with a buddy and

1016
00:44:52,480 --> 00:44:56,400
Speaker 1: it was super fun. But we were standing on whole fifteen.

1017
00:44:56,400 --> 00:44:57,759
Speaker 1: I was standing a whole fifteen with a couple of

1018
00:44:57,800 --> 00:45:01,680
Speaker 1: buds and a ball. A golf ball ended up five

1019
00:45:01,680 --> 00:45:04,319
Speaker 1: ft from where we were standing and in a pine

1020
00:45:04,320 --> 00:45:07,239
Speaker 1: straw or like actually in this like mud pile. So

1021
00:45:07,320 --> 00:45:09,120
Speaker 1: it was like not an ideal place to hit a shot.

1022
00:45:09,320 --> 00:45:10,920
Speaker 1: The guy, I don't want to go too far with

1023
00:45:10,920 --> 00:45:12,879
Speaker 1: this analogy, but he got to move. Move the ball

1024
00:45:12,920 --> 00:45:16,759
Speaker 1: actually a club length away. Yeah, I gotta drop. And

1025
00:45:16,760 --> 00:45:20,400
Speaker 1: and the planning that goes into these guys attacking the

1026
00:45:20,400 --> 00:45:22,960
Speaker 1: golf course, they're reading the green starre out there before

1027
00:45:23,200 --> 00:45:26,520
Speaker 1: the tournament even begins. He couldn't have predicted necessarily that

1028
00:45:26,560 --> 00:45:28,680
Speaker 1: he was he was gonna end up in this exact

1029
00:45:28,760 --> 00:45:30,920
Speaker 1: spot on the course, five ft from where I was

1030
00:45:30,960 --> 00:45:32,920
Speaker 1: standing while I was heckling him. No I wasn't. I

1031
00:45:32,920 --> 00:45:34,680
Speaker 1: wasn't heckling you don't. You're not supposed to that golf

1032
00:45:34,840 --> 00:45:37,320
Speaker 1: But so hitting it out of the pine straw towards

1033
00:45:37,400 --> 00:45:40,640
Speaker 1: the green, but he's still all of that other planning

1034
00:45:40,880 --> 00:45:44,440
Speaker 1: really came in handy. His shot was incredible, like it was.

1035
00:45:44,960 --> 00:45:47,080
Speaker 1: Everybody else would have hit fifty two branches on the

1036
00:45:47,080 --> 00:45:49,680
Speaker 1: way to the green. This guy somehow snaked it through everything.

1037
00:45:49,719 --> 00:45:52,160
Speaker 1: It was impressive, but it really is it's all that

1038
00:45:52,200 --> 00:45:55,200
Speaker 1: preparation that came in clutch in a moment of difficulty

1039
00:45:55,440 --> 00:45:57,279
Speaker 1: on the course for this guy. So I don't maybe

1040
00:45:57,280 --> 00:46:00,200
Speaker 1: it's not a great analogy. It's good. He practices, not

1041
00:46:00,239 --> 00:46:01,880
Speaker 1: hoping that he will end up in the rough or

1042
00:46:02,040 --> 00:46:04,120
Speaker 1: end up in some mud, but he practices. So that

1043
00:46:04,160 --> 00:46:06,439
Speaker 1: were that situation to arise, Like that's why you work

1044
00:46:06,480 --> 00:46:08,600
Speaker 1: on your whatever. I don't know what club you used.

1045
00:46:08,640 --> 00:46:10,560
Speaker 1: I wasn't there, but like that's why he used his wedge,

1046
00:46:10,640 --> 00:46:12,560
Speaker 1: you know, until like like where he was, he's used

1047
00:46:12,560 --> 00:46:13,719
Speaker 1: an iron man he would have to go like a

1048
00:46:13,760 --> 00:46:17,040
Speaker 1: hundred ninety yards through. Yeah, it was nuts, Like I

1049
00:46:17,080 --> 00:46:18,440
Speaker 1: don't know, a hundred nine yards or is that like

1050
00:46:18,480 --> 00:46:21,400
Speaker 1: a four iron something? Um? And so yeah, I mean

1051
00:46:21,520 --> 00:46:23,359
Speaker 1: that's not something you hope happens, but hopefully you have

1052
00:46:23,600 --> 00:46:26,160
Speaker 1: the skill and it's something that you've you've practiced and

1053
00:46:26,160 --> 00:46:28,560
Speaker 1: you've rehearsed in your mind to be able to tackle.

1054
00:46:28,719 --> 00:46:31,000
Speaker 1: But let's go ahead and shift gears and get back

1055
00:46:31,040 --> 00:46:33,280
Speaker 1: to the beer that you and I enjoyed during this episode.

1056
00:46:33,280 --> 00:46:36,680
Speaker 1: This was an alt battish dun cool. I think that's

1057
00:46:36,680 --> 00:46:39,080
Speaker 1: how the Germans say it, don't. I just kind of

1058
00:46:39,080 --> 00:46:41,120
Speaker 1: made that up, so I will say, so we've never

1059
00:46:41,160 --> 00:46:43,000
Speaker 1: talked about this before. This isn't so it's it's an

1060
00:46:43,000 --> 00:46:45,759
Speaker 1: alt beer. So that's what the alt bearish stands for.

1061
00:46:46,120 --> 00:46:47,799
Speaker 1: And some folks might know that my last name is

1062
00:46:47,840 --> 00:46:52,680
Speaker 1: alt mix, and in German alt means old and technically mix.

1063
00:46:52,840 --> 00:46:56,160
Speaker 1: So what we think the original spelling was m I

1064
00:46:56,280 --> 00:46:59,080
Speaker 1: K and a mick is up. From what I understand,

1065
00:46:59,200 --> 00:47:01,400
Speaker 1: it's a stage in the beer brewing process. And so

1066
00:47:01,480 --> 00:47:05,279
Speaker 1: if you combine alts, which is old to mick, I mean,

1067
00:47:05,280 --> 00:47:07,160
Speaker 1: what is that? How do you read that? I read

1068
00:47:07,160 --> 00:47:09,839
Speaker 1: that as old, ale and first, and I believe that

1069
00:47:09,920 --> 00:47:12,319
Speaker 1: like brewing beer is just my bones. That might be

1070
00:47:12,480 --> 00:47:17,040
Speaker 1: like my fourth career change my allegens of brewing beer.

1071
00:47:17,280 --> 00:47:19,799
Speaker 1: But this is an altar bearish. Obviously. This is from

1072
00:47:19,800 --> 00:47:23,120
Speaker 1: my dad's side. The Germans, um, I don't look very German,

1073
00:47:23,160 --> 00:47:25,560
Speaker 1: but I look a little bit more like a Korean

1074
00:47:25,840 --> 00:47:29,400
Speaker 1: from my mom's side. But but yeah, this is a dunkle. Technically,

1075
00:47:29,440 --> 00:47:31,839
Speaker 1: I guess this is a dark logger. But I want

1076
00:47:31,840 --> 00:47:33,680
Speaker 1: your thoughts on this one. Okay, well sorry, I just

1077
00:47:33,719 --> 00:47:34,960
Speaker 1: saw that. I don't know if you've ever had an

1078
00:47:34,960 --> 00:47:36,920
Speaker 1: alt beer on the show before, because I was like,

1079
00:47:36,920 --> 00:47:39,440
Speaker 1: we have, that's a European style. I appreciate the insight

1080
00:47:39,480 --> 00:47:41,080
Speaker 1: for everyone out there to your name a little bit

1081
00:47:41,080 --> 00:47:43,759
Speaker 1: of history there on the Old Man myth, the legend

1082
00:47:43,920 --> 00:47:45,759
Speaker 1: old Ale. I'm gonna call you old Man because you're

1083
00:47:45,800 --> 00:47:48,600
Speaker 1: old Man. So good man. Well, so this is a

1084
00:47:48,640 --> 00:47:50,279
Speaker 1: beer soum at that you and I we don't really

1085
00:47:50,360 --> 00:47:53,200
Speaker 1: drink very often. I thought it was refreshing. It was

1086
00:47:53,280 --> 00:47:56,200
Speaker 1: light but still flavorful. I think the dark Bavarian lagger

1087
00:47:56,440 --> 00:47:58,759
Speaker 1: is just kind of a clutch style, and it's it's

1088
00:47:58,800 --> 00:48:00,640
Speaker 1: one that I want to ingut more of. So this

1089
00:48:00,680 --> 00:48:02,720
Speaker 1: was a good example. It's kind of a classic example

1090
00:48:02,960 --> 00:48:04,840
Speaker 1: a brewery that's been doing it for a long time.

1091
00:48:05,000 --> 00:48:07,239
Speaker 1: But yeah, I dug it, what do you think? Yeah, totally, No,

1092
00:48:07,320 --> 00:48:08,719
Speaker 1: it was a great change of pace. This is, like

1093
00:48:08,920 --> 00:48:10,440
Speaker 1: you said, it's not a good it's not a style

1094
00:48:10,480 --> 00:48:12,719
Speaker 1: that we often have, but it was really good. It

1095
00:48:12,800 --> 00:48:15,400
Speaker 1: was novel in that sense. It wasn't the standard New

1096
00:48:15,440 --> 00:48:18,760
Speaker 1: England hazy I PA that we are often fond of having.

1097
00:48:19,640 --> 00:48:21,040
Speaker 1: But this is like one of the classic beers that

1098
00:48:21,080 --> 00:48:22,960
Speaker 1: you often see on the shelf and you're like, what

1099
00:48:23,120 --> 00:48:25,719
Speaker 1: is that? Just looks like some old generic European beer

1100
00:48:26,480 --> 00:48:29,240
Speaker 1: that's been around for hundreds of years blah blah blah,

1101
00:48:29,239 --> 00:48:31,920
Speaker 1: But it's actually good. I like that we're starting to

1102
00:48:32,280 --> 00:48:34,200
Speaker 1: we're not. It's not that we never branched out before.

1103
00:48:34,200 --> 00:48:36,600
Speaker 1: It's just that there were so many options surrounding us,

1104
00:48:36,640 --> 00:48:37,960
Speaker 1: and we're just like, Oh, I want to try this

1105
00:48:38,000 --> 00:48:40,600
Speaker 1: barrel edge sour. Oh I'm gonna try this, you know,

1106
00:48:40,840 --> 00:48:43,960
Speaker 1: Russian Imperial stout with cocoa nibs and chili peppers in it.

1107
00:48:44,200 --> 00:48:46,120
Speaker 1: But oftentimes it can be good to go back to

1108
00:48:46,120 --> 00:48:48,040
Speaker 1: some of the classics, and I think we've kind of

1109
00:48:48,040 --> 00:48:50,560
Speaker 1: been doing that a little bit more lately. But but yeah,

1110
00:48:50,560 --> 00:48:52,640
Speaker 1: I really enjoy this one, and we would recommend for

1111
00:48:52,640 --> 00:48:55,080
Speaker 1: folks who are maybe if you're first getting into beer,

1112
00:48:55,440 --> 00:48:57,759
Speaker 1: this would be a very approachable style, right because it's

1113
00:48:57,760 --> 00:49:01,200
Speaker 1: really multi If you like bread, uh, you know, like

1114
00:49:01,280 --> 00:49:03,200
Speaker 1: whole wheat bread has kind of got this dark flavor

1115
00:49:03,239 --> 00:49:05,960
Speaker 1: going on with this, I would totally recommend. Uh this

1116
00:49:06,320 --> 00:49:10,239
Speaker 1: einger a bearished uncle awesome. Yeah, I know this should

1117
00:49:10,239 --> 00:49:12,560
Speaker 1: be on the shelves pretty much wherever you would think,

1118
00:49:12,600 --> 00:49:15,640
Speaker 1: so it's a nationwide kind of a classic. I think

1119
00:49:15,640 --> 00:49:18,359
Speaker 1: that the Ironer has a few different beers that they brew,

1120
00:49:18,680 --> 00:49:21,160
Speaker 1: but early Doug this one, so all right, it was tasty.

1121
00:49:21,239 --> 00:49:23,080
Speaker 1: That's gonna do it for this episode. For folks who

1122
00:49:23,120 --> 00:49:25,399
Speaker 1: want the show notes for this episode, well you can

1123
00:49:25,440 --> 00:49:27,520
Speaker 1: find those up on our website at how to money

1124
00:49:27,560 --> 00:49:29,719
Speaker 1: dot com. That's right. So that's gonna be it for

1125
00:49:29,760 --> 00:49:32,919
Speaker 1: this episode until next time. Joel, best Friends Out, Best

1126
00:49:32,960 --> 00:49:33,759
Speaker 1: Friends Out,