1 00:00:00,080 --> 00:00:03,240 Speaker 1: Welcome to How the Money and I am Matt and 2 00:00:03,320 --> 00:00:25,120 Speaker 1: today we are answering your listener questions. That's right, We've 3 00:00:25,160 --> 00:00:27,920 Speaker 1: got a listener Questions Monday episode lined up for you, 4 00:00:28,280 --> 00:00:32,239 Speaker 1: and like always, we always have five perfect questions for 5 00:00:32,280 --> 00:00:34,280 Speaker 1: you to hear. Now we've got a good mix of 6 00:00:34,360 --> 00:00:36,839 Speaker 1: questions this time, Joel. We're gonna hear from a listener 7 00:00:37,080 --> 00:00:40,000 Speaker 1: who doubled her income and it almost sounds like that 8 00:00:40,000 --> 00:00:43,000 Speaker 1: that has presented a problem for this listener. We're gonna 9 00:00:43,040 --> 00:00:45,760 Speaker 1: help our solve that problem. You're gonna tell her what 10 00:00:45,760 --> 00:00:47,600 Speaker 1: to do with that money. We're gonna have a question 11 00:00:47,600 --> 00:00:50,160 Speaker 1: from a listener who has a partner who spends money 12 00:00:50,200 --> 00:00:53,680 Speaker 1: in a very different way than she does. And then, uh, 13 00:00:53,720 --> 00:00:56,600 Speaker 1: someone's asking about what they should do with a single 14 00:00:56,640 --> 00:01:00,160 Speaker 1: stock that they've received from their grandparents. We're gonna get 15 00:01:00,200 --> 00:01:03,720 Speaker 1: to those three questions plus a couple others during this episode. Yeah, 16 00:01:03,760 --> 00:01:05,920 Speaker 1: for sure, looking forward to it. Our listeners always have good, 17 00:01:05,959 --> 00:01:09,040 Speaker 1: good questions. That is also the case with today's episode. 18 00:01:09,160 --> 00:01:10,760 Speaker 1: But before we get to that, Matt, I wanted to 19 00:01:10,920 --> 00:01:12,960 Speaker 1: the right mix of questions. Yeah, exactly, that's what we 20 00:01:13,000 --> 00:01:15,920 Speaker 1: try to do here. So my daughter Sama she's eight, 21 00:01:16,120 --> 00:01:17,760 Speaker 1: and the other day we were coming over to your house, 22 00:01:17,760 --> 00:01:20,120 Speaker 1: who do pizza movie night every other Friday night, and 23 00:01:20,600 --> 00:01:23,160 Speaker 1: our girls just like love to, love to pick the 24 00:01:23,200 --> 00:01:26,200 Speaker 1: movie together, but sing too. Do they love to or 25 00:01:26,240 --> 00:01:29,280 Speaker 1: do they fight about it? They might argue sometimes we 26 00:01:29,360 --> 00:01:30,880 Speaker 1: have to step in. I feel like it's one of 27 00:01:30,880 --> 00:01:34,600 Speaker 1: those things where they're happy once it started, but actually arriving, 28 00:01:34,760 --> 00:01:36,600 Speaker 1: or maybe I'm just reading into it because from the 29 00:01:36,600 --> 00:01:39,160 Speaker 1: parents perspective, it can be kind of stressful as they're 30 00:01:39,200 --> 00:01:40,400 Speaker 1: all like, I want to do this, I want to 31 00:01:40,400 --> 00:01:42,399 Speaker 1: watch this, happy votes for this, hands up in the air, 32 00:01:42,400 --> 00:01:44,760 Speaker 1: and it's like there's two out of three. They're always 33 00:01:44,880 --> 00:01:47,160 Speaker 1: against each other. Let's turn this into a silent auction, 34 00:01:47,360 --> 00:01:48,640 Speaker 1: and we really have to do and they have to 35 00:01:48,720 --> 00:01:50,920 Speaker 1: raise their paddles. We want to vote. One thing they 36 00:01:50,960 --> 00:01:53,760 Speaker 1: mostly agreed on the other day was they wanted to 37 00:01:53,760 --> 00:01:58,480 Speaker 1: watch the new Sings. And the trouble with that, like 38 00:01:58,880 --> 00:02:02,440 Speaker 1: cheap joel over here would always veto dollars is how 39 00:02:02,480 --> 00:02:04,840 Speaker 1: much it custom at that movie, which is crazy, like 40 00:02:04,960 --> 00:02:07,720 Speaker 1: I would and my girls actually kind of agreed with 41 00:02:07,720 --> 00:02:10,120 Speaker 1: me as we were coming over, Uh, we knew your 42 00:02:10,160 --> 00:02:12,760 Speaker 1: girls wanted to watch that and apparently in your house, 43 00:02:13,280 --> 00:02:15,520 Speaker 1: if your girls want to watch an expensive movie like that, 44 00:02:15,560 --> 00:02:17,080 Speaker 1: they have to pitch in some of their own money, right, 45 00:02:17,120 --> 00:02:19,240 Speaker 1: They gotta pay for it, man, So you you guys 46 00:02:19,280 --> 00:02:20,800 Speaker 1: pay some of it, you pick up some of the tab. 47 00:02:20,960 --> 00:02:22,320 Speaker 1: But we have never done that in our house. We 48 00:02:22,400 --> 00:02:24,440 Speaker 1: usually just stay away from the expensive movies because we 49 00:02:24,480 --> 00:02:27,760 Speaker 1: don't have as much money as you guys. But uh, false, 50 00:02:29,120 --> 00:02:32,760 Speaker 1: but they have the same amount the same amount of money. 51 00:02:32,880 --> 00:02:35,320 Speaker 1: So uh. Someone was like, yeah, Dad, I don't I 52 00:02:35,320 --> 00:02:38,320 Speaker 1: don't want to pay for this though, because she was like, 53 00:02:38,800 --> 00:02:40,680 Speaker 1: let's just watch something else that doesn't cost money. She's 54 00:02:40,720 --> 00:02:44,280 Speaker 1: got that cheap skate Joel Joel Jane kind of I 55 00:02:44,360 --> 00:02:47,680 Speaker 1: kind of appreciated that she was pushing that she wasn't interested, 56 00:02:47,720 --> 00:02:49,080 Speaker 1: and she's like, can we just watch something else then, 57 00:02:49,080 --> 00:02:51,200 Speaker 1: because if it's gonna cost me money, I'd rather not 58 00:02:51,240 --> 00:02:52,880 Speaker 1: do it. She wasn't down for it. Yeah, And so 59 00:02:52,960 --> 00:02:54,960 Speaker 1: we talked it through and basically we said on the 60 00:02:54,960 --> 00:02:56,600 Speaker 1: fact that Dad, I picked up more of the tab 61 00:02:56,639 --> 00:02:59,720 Speaker 1: because that's not usually what the way we do our thing. 62 00:02:59,840 --> 00:03:02,959 Speaker 1: But you can slowly get to interdce her to the idea. Yeah, 63 00:03:03,000 --> 00:03:04,799 Speaker 1: I didn't want to force her into paying money for 64 00:03:04,880 --> 00:03:06,840 Speaker 1: something she didn't value. This is sort of like back 65 00:03:06,840 --> 00:03:08,560 Speaker 1: in the day, back in your single days, when folks 66 00:03:08,600 --> 00:03:11,240 Speaker 1: are like, hey, let's let's go out to the restaurant. Everybody, 67 00:03:11,560 --> 00:03:13,000 Speaker 1: you know, eat some of the French fries some of 68 00:03:13,040 --> 00:03:15,360 Speaker 1: the appetizer, and somebody's like, hey, we'll just split it. 69 00:03:15,480 --> 00:03:17,920 Speaker 1: You know, like everybody pitches in a couple of bucks 70 00:03:18,160 --> 00:03:20,200 Speaker 1: and you're sitting there thinking, but I didn't need any 71 00:03:20,240 --> 00:03:24,160 Speaker 1: French fries. It's like a similar situation. I just drink 72 00:03:24,160 --> 00:03:27,280 Speaker 1: water over here, guys, how didn't get any drinks? Come on. 73 00:03:27,880 --> 00:03:29,680 Speaker 1: What's interesting to point out, though, is the fact that 74 00:03:29,680 --> 00:03:31,679 Speaker 1: this is something that Kate had initiated with the girls, 75 00:03:31,720 --> 00:03:33,560 Speaker 1: because I guess they had mentioned seeing too. They maybe 76 00:03:33,680 --> 00:03:35,200 Speaker 1: I don't know how they even knew about it, because 77 00:03:35,240 --> 00:03:37,560 Speaker 1: you know, they don't want to watch TV with commercials 78 00:03:37,640 --> 00:03:39,920 Speaker 1: or notthing like how do they even know that that existed? 79 00:03:40,000 --> 00:03:41,720 Speaker 1: But I guess you know, when you go into like 80 00:03:41,760 --> 00:03:44,640 Speaker 1: Disney Plus or wherever, they've got the different ads up 81 00:03:44,640 --> 00:03:46,240 Speaker 1: at the top saying that this movie is gonna be 82 00:03:46,280 --> 00:03:47,960 Speaker 1: out and you know you can now stream it. But 83 00:03:48,000 --> 00:03:50,360 Speaker 1: I wanted to mention having Kate on board because she 84 00:03:50,560 --> 00:03:52,200 Speaker 1: I mean, that's a conversation. I think she had started 85 00:03:52,240 --> 00:03:53,920 Speaker 1: with you all earlier in the day and that gave 86 00:03:53,960 --> 00:03:56,040 Speaker 1: you all time to actually talk about it, um and 87 00:03:56,080 --> 00:03:58,400 Speaker 1: just all around. I think that's a healthy way to 88 00:03:58,440 --> 00:04:01,720 Speaker 1: approach things versus being maybe like thrust into the situation. 89 00:04:02,200 --> 00:04:03,720 Speaker 1: And what if all of a sudden all the kids 90 00:04:03,720 --> 00:04:05,960 Speaker 1: were like clamoring for it. We probably would have been like, 91 00:04:05,960 --> 00:04:08,120 Speaker 1: all right, fine, it's it's Friday, we're you know, it's 92 00:04:08,200 --> 00:04:09,760 Speaker 1: it's been a long week, we're done with it. We're 93 00:04:09,760 --> 00:04:11,360 Speaker 1: just gonna buy it, and you're all in agreement on 94 00:04:11,360 --> 00:04:13,880 Speaker 1: the same thing, okay exactly, we would have caved as 95 00:04:13,920 --> 00:04:17,880 Speaker 1: opposed to talking through it and taking a more nuanced 96 00:04:17,880 --> 00:04:20,440 Speaker 1: approach where we were able to teach them something. But yes, 97 00:04:20,640 --> 00:04:22,640 Speaker 1: I know Evy in particular was just like, oh yeah, 98 00:04:22,640 --> 00:04:24,240 Speaker 1: it was totally worth it, because I asked her after 99 00:04:24,279 --> 00:04:25,960 Speaker 1: the movie. He's like, hey, okay, was it? You know 100 00:04:26,040 --> 00:04:28,200 Speaker 1: they all had a pitch in too fifty Kate coverage 101 00:04:28,240 --> 00:04:30,160 Speaker 1: some of it. She had some Amazon credits I think, 102 00:04:30,240 --> 00:04:32,039 Speaker 1: or something like that. Do you all ever do that, 103 00:04:32,080 --> 00:04:35,039 Speaker 1: by the way, where you get something ships lower so 104 00:04:35,040 --> 00:04:37,520 Speaker 1: you get media credits or whatever. But even still after 105 00:04:37,560 --> 00:04:39,240 Speaker 1: the fact, I asked Evy and she was like, Oh, 106 00:04:39,240 --> 00:04:41,760 Speaker 1: it was totally worth it. And then she goes, I 107 00:04:41,800 --> 00:04:44,520 Speaker 1: would even watch it again. Wait, wait what She's like, yeah, 108 00:04:44,520 --> 00:04:46,320 Speaker 1: paid to fifty again and watch it again. I'm like, 109 00:04:46,320 --> 00:04:49,479 Speaker 1: you're crazy, why don't you watch something for free? So 110 00:04:49,800 --> 00:04:51,560 Speaker 1: she's like, maybe on the other end of the spectrum, like, plus, 111 00:04:51,600 --> 00:04:54,080 Speaker 1: Daddy's not going to cover that part of the second 112 00:04:54,080 --> 00:04:56,599 Speaker 1: time was exactly yeah, so they would have to maybe 113 00:04:57,080 --> 00:04:59,400 Speaker 1: foot more of the bill. But I'm glad you mentioned 114 00:04:59,400 --> 00:05:01,800 Speaker 1: that it's always fun to look out for different teachable 115 00:05:01,839 --> 00:05:03,880 Speaker 1: moments where we can begin to teach our kids some 116 00:05:03,920 --> 00:05:06,720 Speaker 1: of these lessons on a very small scale before we 117 00:05:06,760 --> 00:05:10,800 Speaker 1: start talking about larger things like cars in college and 118 00:05:11,360 --> 00:05:14,040 Speaker 1: of things. Different families are going to do it differently, right, 119 00:05:14,080 --> 00:05:16,240 Speaker 1: Some families are going to say, you know what, we 120 00:05:16,279 --> 00:05:17,800 Speaker 1: want to watch this movie too. The parents might want 121 00:05:17,800 --> 00:05:19,800 Speaker 1: to watch the movie too, or if it's a movie 122 00:05:19,839 --> 00:05:21,520 Speaker 1: I was interested in, I'd be like, all right, I'll 123 00:05:21,520 --> 00:05:23,920 Speaker 1: toss some five bucks team bucks because the other thing, 124 00:05:24,040 --> 00:05:25,560 Speaker 1: but making them have some skin in the game, I 125 00:05:25,560 --> 00:05:27,080 Speaker 1: think is just such it's such a good thing, and 126 00:05:27,080 --> 00:05:29,160 Speaker 1: it is such a good lesson, and it just provides 127 00:05:29,200 --> 00:05:32,920 Speaker 1: you have that conversational ability to kind of go through 128 00:05:32,960 --> 00:05:34,920 Speaker 1: the pros and the cons so that they can make 129 00:05:34,960 --> 00:05:37,680 Speaker 1: a decision with their money for themselves. Plus think about 130 00:05:37,680 --> 00:05:40,160 Speaker 1: what the alternative would be, which is, imagine if COVID 131 00:05:40,200 --> 00:05:42,159 Speaker 1: didn't exist and they're all wanting to go to the 132 00:05:42,200 --> 00:05:44,440 Speaker 1: actual movie theater that's you know, the road from us. 133 00:05:44,520 --> 00:05:46,960 Speaker 1: Could you imagine, I mean, like we would walk out 134 00:05:47,000 --> 00:05:50,880 Speaker 1: of there having spent hundreds of dollars between the two 135 00:05:50,880 --> 00:05:52,560 Speaker 1: of us. Maybe we can like expense it or something. 136 00:05:52,600 --> 00:05:54,440 Speaker 1: I don't know if we talk about on the show, 137 00:05:54,760 --> 00:05:56,680 Speaker 1: but that being said, I mean, twenty five dollars is 138 00:05:56,720 --> 00:05:58,920 Speaker 1: a far cry from having to, you know, drop at 139 00:05:58,960 --> 00:06:01,040 Speaker 1: least a hundred bucks plus next go to the actual 140 00:06:01,080 --> 00:06:04,200 Speaker 1: movie theater for sure. All right, well, Matt, let's move on. 141 00:06:04,320 --> 00:06:06,080 Speaker 1: Let's mention the beer we're gonna have on this episode. 142 00:06:06,240 --> 00:06:09,679 Speaker 1: Today's beers called bird Brains and by Birds Fly South. 143 00:06:09,720 --> 00:06:12,320 Speaker 1: It's a fruited sour. We'll give our thoughts on this 144 00:06:12,360 --> 00:06:14,520 Speaker 1: one at the end of the episode, but for now, 145 00:06:14,600 --> 00:06:16,840 Speaker 1: let's get onto listening questions. And if you have a 146 00:06:16,920 --> 00:06:18,919 Speaker 1: question that you want to submit for Matt and I 147 00:06:19,000 --> 00:06:21,440 Speaker 1: to take on an upcoming Ask how to Money episode. 148 00:06:21,680 --> 00:06:23,719 Speaker 1: Just go to how to Money dot com slash ask. 149 00:06:24,040 --> 00:06:27,120 Speaker 1: There are simple instructions there for you to record a 150 00:06:27,160 --> 00:06:30,040 Speaker 1: voice memo, send it our way in an email, and hopefully, yeah, 151 00:06:30,080 --> 00:06:32,640 Speaker 1: we can take it on the next Ask how to 152 00:06:32,720 --> 00:06:35,159 Speaker 1: Money episode. All right, Mat, let's get to the first question, 153 00:06:35,160 --> 00:06:38,480 Speaker 1: and this question is about how two people can get 154 00:06:38,520 --> 00:06:42,200 Speaker 1: on the same page about money in their relationship. Hi, 155 00:06:42,320 --> 00:06:44,760 Speaker 1: how to Money team, this is Stephanie from Houston, Texas, 156 00:06:45,040 --> 00:06:47,800 Speaker 1: and I'm reaching out for some advice. My partner and 157 00:06:47,839 --> 00:06:51,320 Speaker 1: I are moving into a larger apartment space together. We 158 00:06:51,400 --> 00:06:53,760 Speaker 1: already lived together, but we're moving into a new apartment 159 00:06:53,839 --> 00:06:58,240 Speaker 1: space and we're talking about purchasing larger items mirrors, frames, chairs, 160 00:06:58,279 --> 00:07:02,080 Speaker 1: outdoor furniture, plants, et cetera. Uh and um. This has 161 00:07:02,120 --> 00:07:05,760 Speaker 1: become somewhat of a stressful process because I realized that 162 00:07:05,800 --> 00:07:08,039 Speaker 1: we spend differently. My partner tends to buy things that 163 00:07:08,080 --> 00:07:10,000 Speaker 1: are new or at a higher price point than I'm 164 00:07:10,040 --> 00:07:13,760 Speaker 1: comfortable with. And I'm a thrifter. I like Facebook, Marketplace, 165 00:07:14,040 --> 00:07:16,400 Speaker 1: estate sales, etcetera. And I believe I can decorate an 166 00:07:16,400 --> 00:07:19,440 Speaker 1: apartment in a similar fashion for half the price. My 167 00:07:19,480 --> 00:07:22,520 Speaker 1: partner prefers brand new items, and he wants what he wants, 168 00:07:22,560 --> 00:07:25,280 Speaker 1: not something similar. There seems to be a little bit 169 00:07:25,280 --> 00:07:28,400 Speaker 1: of a standoff because I don't want to spend hundreds 170 00:07:28,440 --> 00:07:30,440 Speaker 1: of dollars on a single item, even if I think 171 00:07:30,480 --> 00:07:33,880 Speaker 1: it's great, I can't fathom spending that much money. I 172 00:07:33,920 --> 00:07:36,440 Speaker 1: even think the idea of buying something not on sale 173 00:07:36,520 --> 00:07:38,920 Speaker 1: is a little bit radical for me. But I know 174 00:07:39,000 --> 00:07:41,360 Speaker 1: that we need to meet in the middle on this. 175 00:07:41,760 --> 00:07:43,880 Speaker 1: What can we do? How can we both adjust our 176 00:07:43,960 --> 00:07:47,920 Speaker 1: thinking and make peace? This really stresses me out, and 177 00:07:47,960 --> 00:07:50,800 Speaker 1: I'm reaching out for your advice again. I don't think 178 00:07:50,840 --> 00:07:55,120 Speaker 1: anyone is right or wrong. It's more of both of 179 00:07:55,200 --> 00:07:57,800 Speaker 1: us being comfortable. I think is is the thing that 180 00:07:57,840 --> 00:08:00,840 Speaker 1: I'm reaching for. Thank you much for your help and 181 00:08:00,880 --> 00:08:03,280 Speaker 1: love the show all right, Stephanie, thank you so much 182 00:08:03,520 --> 00:08:08,320 Speaker 1: for that question. And generally speaking, more space typically means 183 00:08:08,360 --> 00:08:10,640 Speaker 1: more stuff, and so you know, maybe don't move into 184 00:08:10,680 --> 00:08:13,640 Speaker 1: a larger apartment next time. There you go. That's my advice, 185 00:08:13,680 --> 00:08:16,920 Speaker 1: bringing the good advice for just getting here. But obviously 186 00:08:16,920 --> 00:08:19,640 Speaker 1: there is some truth to that. Joel y'all recently expanded 187 00:08:19,840 --> 00:08:22,120 Speaker 1: uh the score footage of your home do you feel 188 00:08:22,120 --> 00:08:26,600 Speaker 1: like that you've kind of realized that inevitable truth of like, Okay, 189 00:08:26,640 --> 00:08:28,760 Speaker 1: now we have to actually find things that go into 190 00:08:28,760 --> 00:08:31,080 Speaker 1: this space. You're not just using it for storage, you know, 191 00:08:31,240 --> 00:08:34,480 Speaker 1: or not exactly, not just space that's completely empty. There's truth. Yeah, 192 00:08:34,520 --> 00:08:36,320 Speaker 1: it's not just the price of the renovation. But then 193 00:08:36,320 --> 00:08:38,800 Speaker 1: it's like it's on furniture to go into some of 194 00:08:38,840 --> 00:08:43,280 Speaker 1: these new spots. So there, yeah, that creep article couch 195 00:08:43,440 --> 00:08:47,080 Speaker 1: or whatever. Yeah, but it's true that you yeah, you 196 00:08:47,160 --> 00:08:49,360 Speaker 1: fill the space. And so if you're that that is 197 00:08:49,480 --> 00:08:52,280 Speaker 1: one of the beautiful things about living simply living in 198 00:08:52,320 --> 00:08:55,520 Speaker 1: a smaller space whenever you hand is that it just 199 00:08:55,559 --> 00:08:57,679 Speaker 1: means less stuff to fill that space, less to clean, 200 00:08:57,920 --> 00:08:59,679 Speaker 1: less to eat and cool all that kind of stuff. Right, 201 00:09:00,280 --> 00:09:02,400 Speaker 1: But let let's get to kind of Stephanie's question, Matt, 202 00:09:02,400 --> 00:09:04,520 Speaker 1: because I feel like this can be such a tough 203 00:09:04,600 --> 00:09:07,640 Speaker 1: dynamic in a relationship, like when folks are in particular 204 00:09:07,640 --> 00:09:10,679 Speaker 1: at the extreme ends of frugal and spendthrift. And that's 205 00:09:10,760 --> 00:09:12,480 Speaker 1: kind of what it sounds like, maybe is the case 206 00:09:12,520 --> 00:09:15,400 Speaker 1: for Stephanie and for her partner. She sounds frugal to 207 00:09:15,400 --> 00:09:18,920 Speaker 1: the core, and then her partner he does on Facebook marketplace. Yeah, 208 00:09:19,000 --> 00:09:21,800 Speaker 1: he doesn't seem to feel the pull towards frugality at all, 209 00:09:22,040 --> 00:09:24,200 Speaker 1: and so I think he wants what he wants. When 210 00:09:24,200 --> 00:09:26,439 Speaker 1: when you're in that kind of situation, when that is 211 00:09:26,480 --> 00:09:29,040 Speaker 1: what's going on in your relationship, this is it becomes 212 00:09:29,080 --> 00:09:31,480 Speaker 1: an opportunity I think for them to grow as a 213 00:09:31,480 --> 00:09:34,720 Speaker 1: couple together and to have some deeper conversations about what 214 00:09:34,760 --> 00:09:38,160 Speaker 1: they value. Those disagreements, I would say, are the friction 215 00:09:38,600 --> 00:09:41,880 Speaker 1: that allows us to go deeper instead of staying on 216 00:09:41,880 --> 00:09:45,040 Speaker 1: the surface and so um, but here's the thing, it's 217 00:09:45,320 --> 00:09:49,200 Speaker 1: it's really hard to to go deeper when you're in 218 00:09:49,240 --> 00:09:51,400 Speaker 1: the heat of the moment, when you're stressed out. And 219 00:09:51,440 --> 00:09:54,080 Speaker 1: so we would say, Stephanie, it's really important to set 220 00:09:54,080 --> 00:09:57,199 Speaker 1: aside time to probe through some of these questions when 221 00:09:57,240 --> 00:10:01,640 Speaker 1: you aren't on edge, and preferably in a location and 222 00:10:01,679 --> 00:10:04,120 Speaker 1: in a setting where you're going to be able to 223 00:10:04,360 --> 00:10:08,520 Speaker 1: have that conversation without getting overheated. We would suggest, like 224 00:10:08,559 --> 00:10:10,600 Speaker 1: with a bottle of wine or a craft beer in hand, 225 00:10:10,600 --> 00:10:12,959 Speaker 1: that kind of thing. So much of the time, the 226 00:10:13,000 --> 00:10:16,040 Speaker 1: atmosphere and like where your headspaces is going to dictate 227 00:10:16,040 --> 00:10:18,160 Speaker 1: how that conversation is going to go. Yeah, it's better 228 00:10:18,160 --> 00:10:20,800 Speaker 1: to have that conversation. Uh, not in your war room 229 00:10:20,880 --> 00:10:23,480 Speaker 1: at home where you have all of your fights. But 230 00:10:23,520 --> 00:10:25,439 Speaker 1: maybe I'm in public we you're surrounded by other people 231 00:10:25,600 --> 00:10:29,040 Speaker 1: where they might frown on YouTube screaming at each other. Yeah, 232 00:10:29,080 --> 00:10:31,079 Speaker 1: you probably don't want to have that conversation after a 233 00:10:31,679 --> 00:10:33,959 Speaker 1: day of back to back to back zoom meetings that 234 00:10:34,000 --> 00:10:36,199 Speaker 1: were super stressful for and then be like, oh, I 235 00:10:36,240 --> 00:10:38,640 Speaker 1: gotta cook dinner, but real quick, right before that, let's 236 00:10:38,640 --> 00:10:41,000 Speaker 1: have this conversation about how we don't get along when 237 00:10:41,040 --> 00:10:42,840 Speaker 1: it comes to money. It's good to be wise, and 238 00:10:42,840 --> 00:10:46,640 Speaker 1: how you approach the whole conversation altogether, curiosity. It's just 239 00:10:46,679 --> 00:10:48,360 Speaker 1: such a great way to get on the same page. 240 00:10:48,600 --> 00:10:50,439 Speaker 1: And so ask him some real questions, you know, and 241 00:10:50,600 --> 00:10:53,400 Speaker 1: not in a sort of accusatory way, but ask him like, 242 00:10:53,440 --> 00:10:55,920 Speaker 1: why is it that you like to buy new stuff? Um? 243 00:10:55,960 --> 00:10:57,400 Speaker 1: You know, like what are the things that you're willing 244 00:10:57,440 --> 00:11:01,520 Speaker 1: to make some compromises on? Uh? And as he starts 245 00:11:01,559 --> 00:11:03,440 Speaker 1: to answer these questions, we would encourage you to be 246 00:11:03,520 --> 00:11:06,600 Speaker 1: willing to be vulnerable yourself. Who wants you to probe 247 00:11:06,640 --> 00:11:08,480 Speaker 1: deeper yourself and and think through why it is that 248 00:11:08,520 --> 00:11:11,160 Speaker 1: you can't allow yourself to pay full price for anything. Um. 249 00:11:11,200 --> 00:11:13,080 Speaker 1: You know, like it does a stem from how maybe 250 00:11:13,120 --> 00:11:15,520 Speaker 1: you were raised, or does something happen in your adult 251 00:11:15,559 --> 00:11:18,760 Speaker 1: life that left you feeling like this. We're glad that 252 00:11:18,800 --> 00:11:21,480 Speaker 1: you lean hard in the frugal direction. Generally speaking, the 253 00:11:21,520 --> 00:11:24,640 Speaker 1: ability to spend less than you make and to take 254 00:11:24,679 --> 00:11:26,520 Speaker 1: that money and invest it for your future is going 255 00:11:26,559 --> 00:11:30,080 Speaker 1: to be incredibly beneficial for you. But it does sound 256 00:11:30,080 --> 00:11:32,079 Speaker 1: like that there could be room for you to both 257 00:11:32,080 --> 00:11:34,760 Speaker 1: grow in regards to how you view money and how 258 00:11:34,800 --> 00:11:37,080 Speaker 1: it is that you talk about money together. Yeah, there's 259 00:11:37,120 --> 00:11:39,719 Speaker 1: but there's also the truth that people can be to 260 00:11:39,880 --> 00:11:42,400 Speaker 1: frugal Matt. And you know, we've seen that before. And 261 00:11:42,400 --> 00:11:45,520 Speaker 1: I see these headlines sometimes of like Janitor dies with 262 00:11:45,600 --> 00:11:48,199 Speaker 1: eight million dollars in his four own k and it's 263 00:11:48,240 --> 00:11:50,080 Speaker 1: one of those things. I think some people celebrate that, 264 00:11:50,120 --> 00:11:51,560 Speaker 1: and I don't think that's a good thing. Like I 265 00:11:51,600 --> 00:11:54,000 Speaker 1: think of that as someone who didn't know how to 266 00:11:54,400 --> 00:11:57,200 Speaker 1: use and enjoy their money in a way that that 267 00:11:57,320 --> 00:11:59,400 Speaker 1: align with their values. Um And I think it is 268 00:11:59,440 --> 00:12:03,079 Speaker 1: possible to be frugal to the extent that it's unhealthy 269 00:12:03,320 --> 00:12:05,720 Speaker 1: um And But to your point, when you're talking about 270 00:12:05,720 --> 00:12:07,520 Speaker 1: having this conversation, I think, yeah, asking some of those 271 00:12:07,520 --> 00:12:10,400 Speaker 1: probe questions, be willing to be vulnerable yourself, and and 272 00:12:10,480 --> 00:12:13,000 Speaker 1: come from that place of curiosity where you do want 273 00:12:13,040 --> 00:12:14,760 Speaker 1: to get to the bottom of it and have a 274 00:12:14,760 --> 00:12:17,920 Speaker 1: good discussion, not where you're trying to like judge your 275 00:12:17,920 --> 00:12:20,120 Speaker 1: partner for for their choices is the way to go. 276 00:12:20,640 --> 00:12:22,760 Speaker 1: And by the way, it's never just one combo right there. 277 00:12:22,760 --> 00:12:26,000 Speaker 1: There are so many layers to our individual relationships with money. 278 00:12:26,120 --> 00:12:28,439 Speaker 1: It's hard even for us to know our own motivation 279 00:12:28,520 --> 00:12:30,920 Speaker 1: behind the decisions that we're making. And by the way, 280 00:12:30,920 --> 00:12:33,679 Speaker 1: in this conversation, your partner might he might realize that 281 00:12:34,080 --> 00:12:36,520 Speaker 1: you have a depth of knowledge Stephanie that he didn't realize. 282 00:12:36,520 --> 00:12:38,560 Speaker 1: He might be like, oh, well wait. A second part 283 00:12:38,559 --> 00:12:40,200 Speaker 1: of this was maybe I didn't know you know what 284 00:12:40,280 --> 00:12:42,839 Speaker 1: you know, and I thought that I had to make 285 00:12:42,880 --> 00:12:46,800 Speaker 1: these decisions. But now that I know that you're so 286 00:12:46,920 --> 00:12:49,400 Speaker 1: money savvy, you know what I'm I'm more than willing 287 00:12:49,440 --> 00:12:51,360 Speaker 1: to let leave some of these decisions up to you. 288 00:12:51,480 --> 00:12:55,760 Speaker 1: Definitely's got skills exactly recognize that. So I would say, yeah, 289 00:12:55,800 --> 00:12:57,800 Speaker 1: that's one cool thing that could potentially come from this, 290 00:12:58,320 --> 00:13:02,000 Speaker 1: and a compromise maybe for you guys, might mean reaching 291 00:13:02,040 --> 00:13:04,560 Speaker 1: and understanding where you do most of the shopping, but 292 00:13:04,600 --> 00:13:06,720 Speaker 1: he's still able to pick out a few key pieces, 293 00:13:07,120 --> 00:13:09,600 Speaker 1: uh in the room that he loves that costs way 294 00:13:09,600 --> 00:13:13,920 Speaker 1: more than you're willing to consider spending typically, and you 295 00:13:13,960 --> 00:13:16,000 Speaker 1: acknowledge the need to meet in the middle, which which 296 00:13:16,040 --> 00:13:19,120 Speaker 1: is great because I think half of the battle is humility, 297 00:13:19,200 --> 00:13:21,200 Speaker 1: being willing to admit that you don't have it all 298 00:13:21,200 --> 00:13:23,440 Speaker 1: figured out, and you're gonna want to say that to 299 00:13:23,600 --> 00:13:26,440 Speaker 1: him as well, like we have to be willing to 300 00:13:26,600 --> 00:13:29,959 Speaker 1: admit that we aren't perfect and that we're working on 301 00:13:30,000 --> 00:13:32,120 Speaker 1: stuff too in the middle of this. And so, yeah, 302 00:13:32,600 --> 00:13:35,640 Speaker 1: it can't be my way or the highway scenario because 303 00:13:35,840 --> 00:13:38,480 Speaker 1: you're gonna be an at an impast immediately if that's 304 00:13:38,520 --> 00:13:41,199 Speaker 1: your stance. Yeah, not only is it just about conversation, 305 00:13:41,240 --> 00:13:43,480 Speaker 1: but you might realize that through that conversation that you're 306 00:13:43,520 --> 00:13:45,320 Speaker 1: not going to agree on this. And so, like, like 307 00:13:45,360 --> 00:13:48,320 Speaker 1: Joel saying compromise, I think oftentimes it's going to mean 308 00:13:48,520 --> 00:13:50,960 Speaker 1: you realizing that this just might be something that you 309 00:13:51,040 --> 00:13:54,800 Speaker 1: disagree to different extents on And Stephanie, like I also 310 00:13:54,840 --> 00:13:57,920 Speaker 1: think it's really awesome that you are leaning into this 311 00:13:58,080 --> 00:14:01,360 Speaker 1: and that you're working towards finding a healthy solution, because 312 00:14:01,400 --> 00:14:03,480 Speaker 1: it's interesting. Right at the beginning of your question, you 313 00:14:03,520 --> 00:14:07,320 Speaker 1: mentioned that this was a somewhat stressful situation or something 314 00:14:07,360 --> 00:14:09,240 Speaker 1: like that, but then by the end of your voice memo, 315 00:14:09,320 --> 00:14:11,440 Speaker 1: after you describe the situation, you said that it was 316 00:14:11,600 --> 00:14:13,880 Speaker 1: really stressful. Uh. And I think that this is a 317 00:14:13,920 --> 00:14:16,800 Speaker 1: perfect example of how there are issues in our lives 318 00:14:16,840 --> 00:14:20,080 Speaker 1: that will quickly dismiss as minor problems, but in reality 319 00:14:20,120 --> 00:14:22,960 Speaker 1: they actually have a larger impact on our lives. So 320 00:14:23,000 --> 00:14:25,200 Speaker 1: in this case, with money, it has a larger impact 321 00:14:25,240 --> 00:14:28,400 Speaker 1: because maybe you're recognizing that how someone handles personal finances 322 00:14:28,480 --> 00:14:31,480 Speaker 1: is really important, or maybe you know you're even thinking ahead. 323 00:14:31,480 --> 00:14:33,560 Speaker 1: You might be thinking to yourself like, well, if we 324 00:14:33,600 --> 00:14:35,960 Speaker 1: disagree about this, what else are we gonna disagree about 325 00:14:35,960 --> 00:14:38,480 Speaker 1: in the future. But either way, it's so important to 326 00:14:38,480 --> 00:14:41,200 Speaker 1: address the stress that you're experiencing and to not just 327 00:14:41,200 --> 00:14:43,760 Speaker 1: sweep it under the rug. The fact that you are 328 00:14:43,840 --> 00:14:46,640 Speaker 1: willing to have these conversations, I think is huge and 329 00:14:46,680 --> 00:14:48,160 Speaker 1: I totally get what you're coming from. I feel like 330 00:14:48,160 --> 00:14:50,200 Speaker 1: I'm even more of a dork, I mean, and we 331 00:14:50,240 --> 00:14:53,120 Speaker 1: shared all my money origin story. How before Kate and 332 00:14:53,120 --> 00:14:55,600 Speaker 1: I were even married, like even while while we're engaged, 333 00:14:55,640 --> 00:14:57,760 Speaker 1: I convinced her to go to a personal finance seminar 334 00:14:58,240 --> 00:15:00,200 Speaker 1: because maybe I was thinking the way that you might 335 00:15:00,240 --> 00:15:02,360 Speaker 1: be thinking now, which is, oh no, what's gonna happen 336 00:15:02,520 --> 00:15:04,880 Speaker 1: once we once we combine our finances? Oh no, Like 337 00:15:05,000 --> 00:15:06,600 Speaker 1: what if we're not completely on the same page when 338 00:15:06,640 --> 00:15:08,280 Speaker 1: it comes to our life goals or at least our 339 00:15:08,320 --> 00:15:12,360 Speaker 1: financial goals. And so kind of preemptively working towards these things, 340 00:15:12,440 --> 00:15:15,840 Speaker 1: these solutions is incredibly healthy. And I'm just really glad 341 00:15:15,880 --> 00:15:18,320 Speaker 1: to see you taking these steps. Yeah, and you found, 342 00:15:18,360 --> 00:15:21,240 Speaker 1: Matt that having a third party was helpful, and sometimes 343 00:15:21,320 --> 00:15:24,080 Speaker 1: that is what's necessary for people who love each other 344 00:15:24,200 --> 00:15:26,640 Speaker 1: to work through things best. Right, And and you know 345 00:15:26,720 --> 00:15:28,840 Speaker 1: you are known as the doctor Pill of the personal 346 00:15:28,840 --> 00:15:31,320 Speaker 1: finance space. I would say, yeah, every everyone says that 347 00:15:31,360 --> 00:15:33,920 Speaker 1: about you. Uh, And I think that what you just 348 00:15:33,920 --> 00:15:36,080 Speaker 1: said was you gave some really good advice there. But 349 00:15:36,240 --> 00:15:39,800 Speaker 1: you and I were not professional counselors. And sometimes a 350 00:15:39,840 --> 00:15:43,240 Speaker 1: professional counselor or a financial therapist even can be like 351 00:15:43,320 --> 00:15:46,600 Speaker 1: helpful to be to kind of actually go through some 352 00:15:46,680 --> 00:15:49,200 Speaker 1: of your history with money and and help you see 353 00:15:49,560 --> 00:15:51,440 Speaker 1: why you handle things the way you do, and can 354 00:15:51,440 --> 00:15:54,360 Speaker 1: they can help a relationship kind of get on track 355 00:15:54,440 --> 00:15:56,920 Speaker 1: with their money by digging a little bit deeper. So 356 00:15:57,000 --> 00:15:58,920 Speaker 1: that might be something you look into at some point, 357 00:15:59,000 --> 00:16:03,320 Speaker 1: to Stephanie if you find yourselves having conversations that don't 358 00:16:03,360 --> 00:16:07,040 Speaker 1: seem to progress anywhere, um after a while. So yeah, 359 00:16:07,200 --> 00:16:09,880 Speaker 1: actually a week from today, we're gonna have a financial 360 00:16:09,920 --> 00:16:12,840 Speaker 1: therapist on this show next Monday's episode. That's right, So 361 00:16:12,920 --> 00:16:15,000 Speaker 1: check that episode out when it comes out, looking forward 362 00:16:15,000 --> 00:16:18,120 Speaker 1: to that conversation, and hopefully it's gonna be U was 363 00:16:18,160 --> 00:16:21,680 Speaker 1: also gonna come out. You might have noticed on February's 364 00:16:21,760 --> 00:16:23,440 Speaker 1: That's right. We we we did that way on purpose, and 365 00:16:23,440 --> 00:16:26,360 Speaker 1: I'm hoping that that gives people some tools to kind 366 00:16:26,360 --> 00:16:29,600 Speaker 1: of maybe do some of that work themselves inside of 367 00:16:29,600 --> 00:16:31,840 Speaker 1: their own relationship, because I think there's a lot of 368 00:16:31,920 --> 00:16:33,880 Speaker 1: d I Y work that can be done as well. 369 00:16:34,040 --> 00:16:36,320 Speaker 1: All Right, now, we've got more questions to get to, 370 00:16:36,640 --> 00:16:38,880 Speaker 1: including how do you give your niece a gift that's 371 00:16:38,880 --> 00:16:40,640 Speaker 1: going to help her get good with money. We'll get 372 00:16:40,640 --> 00:16:52,120 Speaker 1: to that and more right after this break. Right, We're back, 373 00:16:52,120 --> 00:16:54,480 Speaker 1: and we have four more listener questions to get to, 374 00:16:55,000 --> 00:16:59,160 Speaker 1: including this one from a listener who is making bank. Hi, 375 00:16:59,240 --> 00:17:01,200 Speaker 1: Matt and Joel. My name is Laura and I'm from 376 00:17:01,240 --> 00:17:04,919 Speaker 1: New York. My question is pertaining to what to do 377 00:17:05,000 --> 00:17:09,359 Speaker 1: with a big salary increase. I am starting a new 378 00:17:09,440 --> 00:17:12,200 Speaker 1: job at the end of this month that uh doubles 379 00:17:12,440 --> 00:17:16,399 Speaker 1: my salary and I am so nervous about this extra 380 00:17:16,440 --> 00:17:19,560 Speaker 1: money because I don't know how it's going to affect 381 00:17:19,640 --> 00:17:22,480 Speaker 1: my taxes. If I should just pay off on my 382 00:17:22,600 --> 00:17:27,520 Speaker 1: debt immediately with it, help me out. Thanks, you guys 383 00:17:27,520 --> 00:17:30,080 Speaker 1: are great. All right, man, I'm gonna say I like 384 00:17:30,160 --> 00:17:32,560 Speaker 1: this question, and the first thing I would do if 385 00:17:32,640 --> 00:17:36,080 Speaker 1: my salary doubled would be to celebrate. Yeah, probably drinking 386 00:17:36,119 --> 00:17:38,720 Speaker 1: good craft people congrats. Yeah, so Laura can't grass to 387 00:17:38,720 --> 00:17:41,119 Speaker 1: you for real, she doubled her salary, man, that is 388 00:17:41,400 --> 00:17:44,199 Speaker 1: that's a that's a massive increase. Yes, that's huge, and 389 00:17:44,280 --> 00:17:46,639 Speaker 1: most people hope for a day like that when that 390 00:17:46,680 --> 00:17:49,199 Speaker 1: after Yeah, drink from true um. And I think most 391 00:17:49,240 --> 00:17:51,399 Speaker 1: people when they change a job, I think that a 392 00:17:51,440 --> 00:17:54,280 Speaker 1: recent stat showed that they get like a nine jump 393 00:17:54,600 --> 00:17:58,479 Speaker 1: increase in pay. But doubling is about one massively impressed 394 00:17:58,480 --> 00:18:01,159 Speaker 1: it for sure, But it sounds like for Laura that 395 00:18:01,280 --> 00:18:05,359 Speaker 1: worry started to set in immediately, And I get it, 396 00:18:05,480 --> 00:18:07,040 Speaker 1: but that should not be the case when you get 397 00:18:07,040 --> 00:18:09,720 Speaker 1: a big race. Excitement really should be the number one emotion. 398 00:18:10,080 --> 00:18:12,400 Speaker 1: Although she's right, Matt, there are a lot of things 399 00:18:12,400 --> 00:18:14,440 Speaker 1: to consider, that's right. Yeah, so let's get to the meeting. 400 00:18:14,440 --> 00:18:17,000 Speaker 1: Potana's let's talk about what is my favorite part of 401 00:18:17,000 --> 00:18:20,400 Speaker 1: the meal with this money. Veggies are we're realizing are 402 00:18:20,440 --> 00:18:22,920 Speaker 1: more and more important in our lives. But Laura, first, 403 00:18:23,119 --> 00:18:24,399 Speaker 1: we want you to know that you don't have to 404 00:18:24,440 --> 00:18:27,919 Speaker 1: make any rast decisions right now. You can maybe let 405 00:18:27,920 --> 00:18:29,600 Speaker 1: a couple of paychecks rolling, or even a couple of 406 00:18:29,640 --> 00:18:33,040 Speaker 1: months while you're doing your due diligence. And yes, your 407 00:18:33,040 --> 00:18:35,719 Speaker 1: effective tax rate will almost surely go up if you 408 00:18:35,760 --> 00:18:38,560 Speaker 1: are doubling your salary. Some of those dollars are now 409 00:18:38,680 --> 00:18:41,480 Speaker 1: going to be taxed in a higher marginal tax bracket. 410 00:18:41,600 --> 00:18:43,480 Speaker 1: But I wouldn't think of that as a negative. We 411 00:18:43,480 --> 00:18:45,520 Speaker 1: want you to instead, you know, consider it as a 412 00:18:45,520 --> 00:18:48,400 Speaker 1: success tax. You are doing an incredible job and you're 413 00:18:48,400 --> 00:18:51,640 Speaker 1: being compensated at a level which communicates that to you 414 00:18:51,880 --> 00:18:53,640 Speaker 1: and even though that there's a lot going on here. 415 00:18:53,680 --> 00:18:56,240 Speaker 1: We want you to know that it is still, uh, 416 00:18:56,280 --> 00:18:59,879 Speaker 1: this is an overwhelmingly excellent thing to be making more money, 417 00:19:00,080 --> 00:19:01,679 Speaker 1: even though some of those dollars are going to be, 418 00:19:01,720 --> 00:19:04,160 Speaker 1: you know, taxed at at our higher rate, maybe twenty 419 00:19:04,200 --> 00:19:07,800 Speaker 1: four percent. We don't want those negatives to detract from 420 00:19:07,840 --> 00:19:10,080 Speaker 1: all the ground that you're making with your money. Yeah, 421 00:19:10,080 --> 00:19:12,920 Speaker 1: for sure, I think that does confuse people. To Matt 422 00:19:12,960 --> 00:19:15,240 Speaker 1: that there's a lot of people who don't quite understand 423 00:19:15,240 --> 00:19:17,280 Speaker 1: how marginal tax rates work, and they're like, oh, how 424 00:19:17,320 --> 00:19:19,440 Speaker 1: much more am I going to be taxed on? It's like, yeah, 425 00:19:20,000 --> 00:19:22,920 Speaker 1: some of those dollars that of that increased income will 426 00:19:22,960 --> 00:19:25,000 Speaker 1: likely be taxed at a higher rate. But that's not 427 00:19:25,119 --> 00:19:28,280 Speaker 1: a bad thing, right, And Laura mentioned debt, so let's 428 00:19:28,320 --> 00:19:30,160 Speaker 1: talk about that for a second. She asked she should 429 00:19:30,160 --> 00:19:32,439 Speaker 1: pay it off in one fell swoop, And well, that 430 00:19:32,520 --> 00:19:35,399 Speaker 1: depends on a variety of factors, Laura. But what it 431 00:19:35,440 --> 00:19:37,879 Speaker 1: says to me, Matt, is that Laura isn't in a 432 00:19:37,920 --> 00:19:39,840 Speaker 1: whole lot of debt. Like, if she can pay follow 433 00:19:39,920 --> 00:19:42,480 Speaker 1: debt immediately, that means she's in a good spot. She Yeah, 434 00:19:42,760 --> 00:19:45,320 Speaker 1: might just have a few thousand here there maybe even 435 00:19:45,359 --> 00:19:48,240 Speaker 1: a smaller student than just sitting around exactly, And so 436 00:19:48,480 --> 00:19:51,000 Speaker 1: that's a great thing, right, having low levels of debt. 437 00:19:51,440 --> 00:19:54,040 Speaker 1: I'm sure Laura that you've already got some solid savings, 438 00:19:54,160 --> 00:19:56,120 Speaker 1: but we would also suggest to make sure you've got 439 00:19:56,119 --> 00:19:59,400 Speaker 1: at least three months of living expenses on hand, and 440 00:19:59,480 --> 00:20:01,440 Speaker 1: then depend on the kind of debt we're talking about, 441 00:20:01,480 --> 00:20:04,720 Speaker 1: it probably makes sense to get rid of it. I'm 442 00:20:04,760 --> 00:20:06,960 Speaker 1: guessing that we're not talking about a mortgage here because 443 00:20:07,640 --> 00:20:10,119 Speaker 1: my Laura probably like, I'll probably pay that off in 444 00:20:10,200 --> 00:20:12,359 Speaker 1: like the next three weeks, So you know, most people 445 00:20:12,400 --> 00:20:14,200 Speaker 1: don't talk about a mortgage payoff like that. So it's 446 00:20:14,200 --> 00:20:17,200 Speaker 1: probably higher interest at like credit cards or a lingering 447 00:20:17,240 --> 00:20:20,240 Speaker 1: bit of student loan that she hasn't paid off yet. 448 00:20:20,400 --> 00:20:22,600 Speaker 1: And depending on the specifics there, if it's a credit card, 449 00:20:22,800 --> 00:20:25,320 Speaker 1: you do want to go on immediately, if you've got 450 00:20:25,359 --> 00:20:27,359 Speaker 1: the cash on hand and you've got some savings, But 451 00:20:27,440 --> 00:20:30,600 Speaker 1: really so much of it depends on the specifics. That's right, 452 00:20:30,680 --> 00:20:32,320 Speaker 1: And Laura, what we really want to see you do 453 00:20:32,400 --> 00:20:35,320 Speaker 1: next is ramp up your investing game pretty seriously here, 454 00:20:35,640 --> 00:20:37,639 Speaker 1: and that's gonna help you with your long term pursuit 455 00:20:37,640 --> 00:20:40,560 Speaker 1: of financial independence. And also know to when we say 456 00:20:40,560 --> 00:20:42,800 Speaker 1: financial independence, it might even sound silly, right because you've 457 00:20:42,800 --> 00:20:44,960 Speaker 1: got this new position, a new job, you're making a 458 00:20:45,000 --> 00:20:48,240 Speaker 1: ton more money. You're probably really excited for that job. 459 00:20:48,440 --> 00:20:50,280 Speaker 1: But the thing is, you still want to pursue financial 460 00:20:50,280 --> 00:20:53,240 Speaker 1: freedom or financial independence because down the road, we want 461 00:20:53,280 --> 00:20:55,800 Speaker 1: you to have options. Um, all it takes are a 462 00:20:55,800 --> 00:20:57,919 Speaker 1: few changes at your work. Maybe you get a new 463 00:20:57,960 --> 00:20:59,480 Speaker 1: boss or a new manager, and all of a sudden, 464 00:20:59,480 --> 00:21:01,720 Speaker 1: a job that you loved is now something that you hate. 465 00:21:02,040 --> 00:21:04,119 Speaker 1: Or maybe it's not a change at work, but maybe 466 00:21:04,119 --> 00:21:06,560 Speaker 1: it's a personal change. Maybe you've got some different goals, 467 00:21:06,800 --> 00:21:09,520 Speaker 1: or maybe there's health issues or health concerns that come up. 468 00:21:09,560 --> 00:21:11,320 Speaker 1: There are just a host of different reasons that you 469 00:21:11,320 --> 00:21:14,120 Speaker 1: still want to be working towards that financial freedom. Uh, 470 00:21:14,160 --> 00:21:16,160 Speaker 1: even if you do love the work that you do, 471 00:21:16,400 --> 00:21:18,880 Speaker 1: but when your salary doubles, there's a good chance that 472 00:21:18,960 --> 00:21:21,760 Speaker 1: you can do even more than just double your efforts. 473 00:21:21,800 --> 00:21:24,199 Speaker 1: On the investing side, we want you to consider investing 474 00:21:24,240 --> 00:21:26,520 Speaker 1: money first. You know, with an HSA because of the 475 00:21:26,520 --> 00:21:29,560 Speaker 1: triple tax advantage that it has. If you are eligible 476 00:21:29,600 --> 00:21:32,040 Speaker 1: for one of those that's a health savings account UH 477 00:21:32,040 --> 00:21:35,200 Speaker 1: and definitely max out a roth IRA if you're eligible 478 00:21:35,200 --> 00:21:37,240 Speaker 1: for those as well. And instead of just getting the 479 00:21:37,240 --> 00:21:39,639 Speaker 1: company match at work, we want you to opt to 480 00:21:39,640 --> 00:21:42,359 Speaker 1: put even more money aside in your workplace retirement account. 481 00:21:42,359 --> 00:21:44,320 Speaker 1: We want you to potentially max out the four oh 482 00:21:44,359 --> 00:21:46,480 Speaker 1: on k as well. And you know, you should be 483 00:21:46,520 --> 00:21:49,080 Speaker 1: able to do all of these things while still allowing 484 00:21:49,080 --> 00:21:51,000 Speaker 1: yourself a little bit of freedom to spend a bit 485 00:21:51,000 --> 00:21:54,520 Speaker 1: more of this increased salary. If you've been frugal and 486 00:21:54,840 --> 00:21:58,000 Speaker 1: watching where all of your dollars go, a small increase 487 00:21:58,000 --> 00:22:00,119 Speaker 1: in what you spend going out to eat, or a 488 00:22:00,119 --> 00:22:02,240 Speaker 1: small increase on some of the different different things that 489 00:22:02,280 --> 00:22:04,359 Speaker 1: you like to spend money on every single month should 490 00:22:04,359 --> 00:22:07,320 Speaker 1: feel pretty significant. We want you to experience some of 491 00:22:07,320 --> 00:22:09,600 Speaker 1: those boosts in lifestyle a little bit to kind of 492 00:22:09,600 --> 00:22:12,040 Speaker 1: provide you with the encouragement to continue down the path 493 00:22:12,400 --> 00:22:14,239 Speaker 1: of doing smart things with your money. But we do 494 00:22:14,320 --> 00:22:16,840 Speaker 1: want the vast majority of that money to go towards 495 00:22:17,160 --> 00:22:20,199 Speaker 1: retirement savings, towards long term investing. Yeah, and and you 496 00:22:20,240 --> 00:22:22,560 Speaker 1: mentioned potentially maxing out let's say a four one K 497 00:22:22,720 --> 00:22:25,720 Speaker 1: a work Matt the number that she would hit that 498 00:22:25,760 --> 00:22:28,960 Speaker 1: Laura would hit to max out out its twenty this year, 499 00:22:28,960 --> 00:22:31,640 Speaker 1: So that is a good bit of money, total money. 500 00:22:31,680 --> 00:22:33,240 Speaker 1: But when you double your salary, that is the kind 501 00:22:33,240 --> 00:22:36,880 Speaker 1: of thing that now it opens up to you for sure. 502 00:22:37,040 --> 00:22:39,719 Speaker 1: And again, Laura, we want to to say that this 503 00:22:39,760 --> 00:22:41,840 Speaker 1: is a good thing. And if you feel like you're 504 00:22:41,920 --> 00:22:45,720 Speaker 1: now dealing with so much money that you need personalized advice, 505 00:22:46,200 --> 00:22:48,600 Speaker 1: Matt and I would say that it's totally okay to 506 00:22:48,680 --> 00:22:52,160 Speaker 1: pay somebody like an accredited money coach or even a 507 00:22:52,160 --> 00:22:55,760 Speaker 1: CFP for hourly advice. You don't necessarily need to have 508 00:22:55,800 --> 00:22:58,960 Speaker 1: an ongoing relationship, we would say, where you're meeting with 509 00:22:59,040 --> 00:23:02,040 Speaker 1: them like every month, But paying for two to three 510 00:23:02,040 --> 00:23:04,320 Speaker 1: hours of personal intention can make a whole lot of 511 00:23:04,320 --> 00:23:07,280 Speaker 1: sense for you in your situation when things have changed 512 00:23:07,320 --> 00:23:09,119 Speaker 1: in a big way. And so yeah, if you opt 513 00:23:09,480 --> 00:23:12,000 Speaker 1: for a relationship with a CFP, Matt and I we 514 00:23:12,119 --> 00:23:14,879 Speaker 1: like x Y Planning Network a whole lot. Basically, anybody 515 00:23:14,880 --> 00:23:17,439 Speaker 1: who's on that website meets a certain standard level that 516 00:23:17,440 --> 00:23:20,639 Speaker 1: we're comfortable with, So definitely consider that. But then something 517 00:23:20,720 --> 00:23:22,720 Speaker 1: you can do that's totally free, go back and listen 518 00:23:22,760 --> 00:23:24,920 Speaker 1: to episode three oh two. If you haven't listened to 519 00:23:24,960 --> 00:23:28,240 Speaker 1: that one already. It's about our money gears, the order 520 00:23:28,280 --> 00:23:31,280 Speaker 1: of operations that we recommend when it comes to our finances, 521 00:23:31,280 --> 00:23:33,439 Speaker 1: where we systematically go through when to do what with 522 00:23:33,440 --> 00:23:35,959 Speaker 1: your money, and hopefully that is a helpful guide at 523 00:23:35,960 --> 00:23:38,399 Speaker 1: the same time, Yeah, especially when we're answering questions like this, 524 00:23:38,440 --> 00:23:41,480 Speaker 1: we try to take a you know, fundamental approach, but 525 00:23:41,600 --> 00:23:44,160 Speaker 1: on that episode we definitely walk through, step by step 526 00:23:44,200 --> 00:23:46,359 Speaker 1: exactly what to do. And so yeah, Laura, if you 527 00:23:46,359 --> 00:23:50,280 Speaker 1: haven't listened to that episode with your current situation in mind, 528 00:23:50,320 --> 00:23:52,479 Speaker 1: that could be incredibly helpful because I think a lot 529 00:23:52,520 --> 00:23:54,760 Speaker 1: of times we hear things and for a lot of 530 00:23:54,760 --> 00:23:56,920 Speaker 1: people even listening to this right now, they're thinking, oh, yeah, 531 00:23:57,119 --> 00:23:59,720 Speaker 1: maxing out my four four oh one, K, sure I've 532 00:23:59,720 --> 00:24:03,480 Speaker 1: got a spare twenty sitting around please. But then maybe 533 00:24:03,480 --> 00:24:05,600 Speaker 1: they are the person that doubles their salary, you know, 534 00:24:05,680 --> 00:24:07,800 Speaker 1: next month exactly, or even a year for now, and 535 00:24:07,840 --> 00:24:10,080 Speaker 1: all of a sudden that becomes a reality. Something that 536 00:24:10,280 --> 00:24:13,680 Speaker 1: yesterday seemed like a pipe dream can very quickly become reality. 537 00:24:13,920 --> 00:24:16,280 Speaker 1: So Laura, best of luck to you. Joel. Let's get 538 00:24:16,280 --> 00:24:18,800 Speaker 1: to our next listener question, and this is from a 539 00:24:18,880 --> 00:24:22,960 Speaker 1: listener who wants to give the gift of financial literacy. Hey, 540 00:24:23,040 --> 00:24:26,200 Speaker 1: Joel and Matt. My name is Matt from Boise, Idaho. 541 00:24:26,560 --> 00:24:29,280 Speaker 1: My niece's birthday is coming up, and I'm looking to 542 00:24:29,400 --> 00:24:33,800 Speaker 1: give a gift for her birthday that teaches financial literacy. 543 00:24:33,840 --> 00:24:37,760 Speaker 1: That's not just giving cash or donating to a college account, 544 00:24:37,880 --> 00:24:40,720 Speaker 1: even though those may be the most practical. Any advice 545 00:24:40,760 --> 00:24:43,439 Speaker 1: would be great, So, Joel, as we know, practical gifts 546 00:24:43,560 --> 00:24:47,440 Speaker 1: may not always be the best gifts for people. Yeah, 547 00:24:47,480 --> 00:24:49,480 Speaker 1: and and you know, because you know what's really practical 548 00:24:49,480 --> 00:24:51,040 Speaker 1: in my life right now that I need, you know, 549 00:24:51,119 --> 00:24:52,959 Speaker 1: like like new pair of socks without holes in them, 550 00:24:53,080 --> 00:24:56,240 Speaker 1: But like that may not be the best gift bull ring. Well, 551 00:24:56,280 --> 00:24:58,720 Speaker 1: and sometimes it doesn't do the most long term good either. 552 00:24:58,800 --> 00:25:01,280 Speaker 1: I think that's what we're gonna talk about in answer 553 00:25:01,320 --> 00:25:03,800 Speaker 1: to to Matt's question, is, Yeah, you can set her 554 00:25:03,840 --> 00:25:05,480 Speaker 1: up for a five account and she might hit the 555 00:25:05,480 --> 00:25:08,720 Speaker 1: snooze button on that gift, and while you know, ten 556 00:25:08,760 --> 00:25:11,280 Speaker 1: years down the road, it might be really helpful. Which 557 00:25:11,320 --> 00:25:13,000 Speaker 1: one of the things Matt didn't say was how old 558 00:25:13,040 --> 00:25:14,919 Speaker 1: she is? Will still do our best answer this question, 559 00:25:15,119 --> 00:25:17,159 Speaker 1: because if she's too you know, there's not much you 560 00:25:17,160 --> 00:25:21,600 Speaker 1: can do. Yeah, but hopefully Yeah, different story. Yeah, she's 561 00:25:21,640 --> 00:25:23,200 Speaker 1: at this age where you can get her a gift 562 00:25:23,200 --> 00:25:26,600 Speaker 1: that's meaningful not just to help her financially for her future, 563 00:25:26,720 --> 00:25:29,280 Speaker 1: but to help her to get curious about finances from 564 00:25:29,400 --> 00:25:32,360 Speaker 1: from the get go. And uh yeah, so so thinking 565 00:25:32,400 --> 00:25:35,280 Speaker 1: about how to give her something that's not boring is important. 566 00:25:35,400 --> 00:25:37,320 Speaker 1: You want to get her something that she's actually going 567 00:25:37,359 --> 00:25:40,760 Speaker 1: to use instead. Basically, instead of fishing for her, you 568 00:25:40,760 --> 00:25:42,119 Speaker 1: want to teach her to fish. It's kind of the 569 00:25:42,119 --> 00:25:45,440 Speaker 1: way I'm thinking about this. Yeah, I hear you. So, Yeah, 570 00:25:45,440 --> 00:25:47,920 Speaker 1: when you're considering gifts, I would say she's something that's 571 00:25:47,960 --> 00:25:52,280 Speaker 1: not overtly or overly educational, because that also might be 572 00:25:52,400 --> 00:25:56,040 Speaker 1: kind of a snooze button gift. But when she almost 573 00:25:56,080 --> 00:25:58,359 Speaker 1: doesn't realize that she's learning is kind of where you 574 00:25:58,359 --> 00:25:59,880 Speaker 1: want to be. So you kind of want to pick 575 00:26:00,000 --> 00:26:02,280 Speaker 1: a gift in that sweet spot. Um. But yeah, like 576 00:26:02,320 --> 00:26:04,240 Speaker 1: I said, we're not sure how old she is, but Matt, 577 00:26:04,280 --> 00:26:06,719 Speaker 1: let's let's give a few recommendations, and I think we're 578 00:26:06,720 --> 00:26:09,000 Speaker 1: going to kind of slide mostly into the board game 579 00:26:09,040 --> 00:26:11,080 Speaker 1: genre totally. Well before we get to that too, he 580 00:26:11,119 --> 00:26:14,240 Speaker 1: mentioned Matt Mension he's from Boise, Idaho. I did not 581 00:26:14,280 --> 00:26:16,320 Speaker 1: know up until recently. Like in my mind, I always 582 00:26:16,320 --> 00:26:19,240 Speaker 1: pictured Boise being like like potato farmers, and so I 583 00:26:19,280 --> 00:26:22,040 Speaker 1: just picture a very flat state. The whole state of 584 00:26:22,040 --> 00:26:25,600 Speaker 1: Idaho's potatoes. Yeah, basically it's just a punchet high standing 585 00:26:25,600 --> 00:26:27,760 Speaker 1: around farming potato is not sure, there's some beautiful spots 586 00:26:27,840 --> 00:26:29,600 Speaker 1: specifically boys. I mean there's a I guess a lot 587 00:26:29,600 --> 00:26:31,960 Speaker 1: of the state. Uh, but there are a lot of mountains, 588 00:26:32,080 --> 00:26:34,919 Speaker 1: specifically Boise. It's a lot like Denver, and I've kind 589 00:26:34,920 --> 00:26:37,399 Speaker 1: of been on this Denver kick recently, something about the 590 00:26:37,480 --> 00:26:40,119 Speaker 1: you know, the mountains out west. But Boise went all 591 00:26:40,119 --> 00:26:42,280 Speaker 1: of a sudden from I don't know, in my previous 592 00:26:42,280 --> 00:26:44,560 Speaker 1: mind like a very boring place to visit to someplace 593 00:26:44,600 --> 00:26:47,120 Speaker 1: that's like totally awesome. Well you and everybody else thinking 594 00:26:47,200 --> 00:26:49,520 Speaker 1: that now because Boise literally I think it's like at 595 00:26:49,520 --> 00:26:51,359 Speaker 1: the top of the charts and probably the hottest housing 596 00:26:51,400 --> 00:26:54,439 Speaker 1: market in the nation last year. So, uh, prices went 597 00:26:54,520 --> 00:26:58,520 Speaker 1: up proximity to California. Californias has a lot to do. 598 00:26:58,520 --> 00:27:01,240 Speaker 1: I think prices in Boise went up something like seventy 599 00:27:01,640 --> 00:27:04,440 Speaker 1: year over or something insane crazy, Yeah, well, let's let's 600 00:27:04,440 --> 00:27:07,040 Speaker 1: talk about board games, Matt, because I do think that's 601 00:27:07,080 --> 00:27:09,919 Speaker 1: a good a good place, a good gift. One you 602 00:27:09,920 --> 00:27:12,800 Speaker 1: can play the game with your niece. It's fun, yes, 603 00:27:13,200 --> 00:27:15,760 Speaker 1: and it's fun aside from the practical implications or what 604 00:27:15,800 --> 00:27:17,720 Speaker 1: you're what you're trying to teach her, it's just a 605 00:27:17,760 --> 00:27:21,960 Speaker 1: good time. And hopefully that's I guess, cultivating relationship. It's 606 00:27:21,960 --> 00:27:24,359 Speaker 1: not necessarily always at the forefront of everything that we do, 607 00:27:24,400 --> 00:27:26,920 Speaker 1: but hopefully it is something in your mind that is important. Yes, 608 00:27:26,960 --> 00:27:29,120 Speaker 1: And that's just quality time you can spend with your niece. 609 00:27:29,160 --> 00:27:30,760 Speaker 1: But at the same time you can talk about the 610 00:27:30,760 --> 00:27:33,919 Speaker 1: mechanics of the game and help introduce her to some 611 00:27:34,000 --> 00:27:37,720 Speaker 1: of these personal finance uh tidbits that she's going to 612 00:27:37,760 --> 00:27:40,480 Speaker 1: need to know as she gets older. And so uh 613 00:27:40,560 --> 00:27:43,640 Speaker 1: for instance, Monopoly Classic, right, it's a classic class. It's 614 00:27:43,640 --> 00:27:46,119 Speaker 1: a great place to start. And I was playing the 615 00:27:46,160 --> 00:27:49,200 Speaker 1: other day with my eight year old and men Matt. 616 00:27:49,280 --> 00:27:51,800 Speaker 1: It was really cool to see, you know, just like 617 00:27:51,840 --> 00:27:53,720 Speaker 1: we were talking about with the movie things, she's starting 618 00:27:53,760 --> 00:27:56,760 Speaker 1: to connect some of these you know, this is my money, 619 00:27:56,800 --> 00:27:57,960 Speaker 1: and I want to use it in a way that 620 00:27:58,280 --> 00:28:00,800 Speaker 1: makes sense for the things I value you. Well, when 621 00:28:00,840 --> 00:28:03,520 Speaker 1: we were playing Monopoly, she's starting to understand the idea 622 00:28:03,560 --> 00:28:05,600 Speaker 1: of wait a second, if I buy this property and 623 00:28:05,600 --> 00:28:07,760 Speaker 1: then other people land on it, I get paid, and 624 00:28:07,800 --> 00:28:09,960 Speaker 1: then we're able to start talking about real estate investing 625 00:28:10,320 --> 00:28:13,239 Speaker 1: or just the idea of running a business. And so 626 00:28:13,520 --> 00:28:16,960 Speaker 1: it's it's really cool to start talking about income producing 627 00:28:16,960 --> 00:28:19,199 Speaker 1: assets with my eight year old, even though we're not 628 00:28:19,320 --> 00:28:21,720 Speaker 1: using language like that. But that's one of those things, Matt, 629 00:28:21,760 --> 00:28:23,640 Speaker 1: that I think you can do with your niece. Right. 630 00:28:23,920 --> 00:28:27,760 Speaker 1: You can help her make connections to these bigger realities 631 00:28:27,920 --> 00:28:32,600 Speaker 1: of life and free market economies by just playing Monopoly 632 00:28:32,680 --> 00:28:34,880 Speaker 1: with her, and so that could be a really good game. 633 00:28:34,880 --> 00:28:37,199 Speaker 1: They even make Monopoly Junior, so you can get it 634 00:28:37,760 --> 00:28:40,720 Speaker 1: for younger kids if you want. And then, Matt, by 635 00:28:40,720 --> 00:28:43,640 Speaker 1: the way, that led to my eight year old Selma 636 00:28:44,000 --> 00:28:46,120 Speaker 1: deciding that with some of her money, she was going 637 00:28:46,200 --> 00:28:48,920 Speaker 1: to buy an income producing asset, and for her that 638 00:28:49,000 --> 00:28:51,080 Speaker 1: was more like pieces of fabric for her loom so 639 00:28:51,120 --> 00:28:52,840 Speaker 1: she can make more potholders, so she can make money 640 00:28:52,840 --> 00:28:55,240 Speaker 1: by selling those things. And it's just just kind of 641 00:28:55,240 --> 00:28:59,120 Speaker 1: cool to watch her put her dollars where her interests are. 642 00:28:59,200 --> 00:29:02,160 Speaker 1: And then realize that, you know what, this isn't just 643 00:29:02,200 --> 00:29:04,720 Speaker 1: me buying it for consumption. I can potentially make more 644 00:29:04,760 --> 00:29:07,880 Speaker 1: money by buying this stuff totally. So she's starting to 645 00:29:07,880 --> 00:29:10,320 Speaker 1: sell him now as well. That's her goal. Nice. She's 646 00:29:10,400 --> 00:29:12,040 Speaker 1: kind of like trying to make enough to where she 647 00:29:12,080 --> 00:29:14,400 Speaker 1: feels like she can have like a yard sale and something. 648 00:29:14,520 --> 00:29:16,600 Speaker 1: And you need to start like a make created like 649 00:29:16,600 --> 00:29:20,840 Speaker 1: a legitimate business with the producing a lot of these things. 650 00:29:20,840 --> 00:29:23,280 Speaker 1: But I'm totally with you when it comes to board games, 651 00:29:23,600 --> 00:29:25,400 Speaker 1: and you know, Matt, the other thing too, is it 652 00:29:25,440 --> 00:29:28,400 Speaker 1: doesn't even have to be a game that includes actual money, 653 00:29:28,760 --> 00:29:30,920 Speaker 1: you know, or like investing in real estate like with Monopoly, 654 00:29:30,960 --> 00:29:33,880 Speaker 1: because the fact is limited resources is an element that's 655 00:29:33,920 --> 00:29:37,240 Speaker 1: included in virtually all strategic board games. And so for instance, 656 00:29:37,240 --> 00:29:39,360 Speaker 1: if she is playing Settlers of Catan, if she's a 657 00:29:39,400 --> 00:29:41,920 Speaker 1: little bit older, she might be dealing in wheat and 658 00:29:41,960 --> 00:29:45,560 Speaker 1: stone instead of for ten dollars. Or like with Ticket 659 00:29:45,560 --> 00:29:48,840 Speaker 1: to Ride, you know, it's different colored train cars, which 660 00:29:48,840 --> 00:29:51,479 Speaker 1: by the way, y'all gifted our daughter Evy, the junior 661 00:29:51,680 --> 00:29:54,800 Speaker 1: version of that which we've been playing another nerdy board 662 00:29:54,800 --> 00:29:57,320 Speaker 1: game plug, one of the best classic but in both 663 00:29:57,360 --> 00:30:00,479 Speaker 1: of these examples, you're pushed to a lot a limited 664 00:30:00,560 --> 00:30:02,680 Speaker 1: number of resources in order to get ahead in the game, 665 00:30:02,960 --> 00:30:05,040 Speaker 1: and that type of strategic thinking is going to go 666 00:30:05,080 --> 00:30:07,840 Speaker 1: along ways as your niece continues to grow up and 667 00:30:08,120 --> 00:30:10,240 Speaker 1: enter into the real world. But at the same time, 668 00:30:10,280 --> 00:30:12,000 Speaker 1: I want to make sure too, that you're not putting 669 00:30:12,240 --> 00:30:15,719 Speaker 1: so much emphasis on this actual gift as opposed to 670 00:30:15,960 --> 00:30:18,880 Speaker 1: sort of the ongoing relationship that you're gonna have with 671 00:30:18,920 --> 00:30:20,880 Speaker 1: your niece. I think a lot of times, if you 672 00:30:21,000 --> 00:30:23,960 Speaker 1: overly focus on a gift that's gonna be really educational, 673 00:30:24,360 --> 00:30:26,920 Speaker 1: she's either going to completely forget about it, or if 674 00:30:26,920 --> 00:30:28,720 Speaker 1: she's older, she won't just like roll her eyes and 675 00:30:28,760 --> 00:30:31,400 Speaker 1: be like, oh yeah, uncle Matt's got the lame money gift, 676 00:30:31,480 --> 00:30:34,120 Speaker 1: you know, financial gift as opposed to something I actually like. 677 00:30:34,480 --> 00:30:37,560 Speaker 1: And so working to pursue that deeper relationship I think 678 00:30:37,600 --> 00:30:39,120 Speaker 1: could go a long way, because once you have that 679 00:30:39,160 --> 00:30:42,600 Speaker 1: relationship established, well, then guess what you can enter into 680 00:30:42,600 --> 00:30:46,160 Speaker 1: these conversations with her casually just you talking about maybe 681 00:30:46,160 --> 00:30:48,720 Speaker 1: what you're saving your money up for. Uh, find different 682 00:30:48,720 --> 00:30:51,600 Speaker 1: ways to make it real where she can see, oh man, 683 00:30:51,680 --> 00:30:54,680 Speaker 1: uncle Matt, he's talking about the sacrifices he needed to 684 00:30:54,720 --> 00:30:56,640 Speaker 1: make in order to buy this new car that he wanted, 685 00:30:57,080 --> 00:30:59,120 Speaker 1: or in order to go on this vacation with his friends. 686 00:30:59,320 --> 00:31:02,720 Speaker 1: But the different ways that you can weave real life 687 00:31:02,720 --> 00:31:06,040 Speaker 1: stories of money uh into her life that she's growing up, 688 00:31:06,080 --> 00:31:08,200 Speaker 1: I think can go a really long ways in her 689 00:31:08,520 --> 00:31:11,640 Speaker 1: you know, casual financial education. I think I think one 690 00:31:11,680 --> 00:31:14,560 Speaker 1: other thing Matt could consider is buying a potato farm 691 00:31:14,640 --> 00:31:17,080 Speaker 1: for his niece, because that you know, she can work 692 00:31:17,120 --> 00:31:19,600 Speaker 1: the field, she can make American Yeah, I mean, and 693 00:31:19,640 --> 00:31:21,080 Speaker 1: there's gotta be one close by the house. Right well, 694 00:31:21,080 --> 00:31:22,800 Speaker 1: I will say, so you're talking about work in the field. 695 00:31:23,040 --> 00:31:25,040 Speaker 1: If there's a way that he could even enter into 696 00:31:25,080 --> 00:31:27,840 Speaker 1: a financial relationship with her, right like if she and 697 00:31:27,920 --> 00:31:29,840 Speaker 1: the family, if they come over to his house to visit, 698 00:31:30,200 --> 00:31:33,160 Speaker 1: finding little tasks, like little jobs that he can source 699 00:31:33,160 --> 00:31:34,400 Speaker 1: out and be like, hey, if you do this, I'll 700 00:31:34,440 --> 00:31:36,800 Speaker 1: pay you five bucks. That kind of thing, Those small 701 00:31:36,840 --> 00:31:39,280 Speaker 1: little examples I think go a really long ways. But 702 00:31:39,320 --> 00:31:43,600 Speaker 1: obviously keep in mind too, she's not your kid, and 703 00:31:43,680 --> 00:31:45,560 Speaker 1: so I think it's worth noting that you might want 704 00:31:45,560 --> 00:31:48,680 Speaker 1: to tread lightly when it comes to just these hard 705 00:31:48,720 --> 00:31:50,520 Speaker 1: lessons that you're trying to teach her. And maybe your 706 00:31:50,520 --> 00:31:53,200 Speaker 1: brother and sister don't necessarily want you teaching her these 707 00:31:53,240 --> 00:31:57,160 Speaker 1: overt financial lessons. Maybe they hate handling their money responsible. 708 00:31:57,920 --> 00:31:59,880 Speaker 1: But nobody is going to balk at you a pro 709 00:32:00,000 --> 00:32:02,600 Speaker 1: watching that from a relational standpoint where you truly are 710 00:32:02,640 --> 00:32:05,600 Speaker 1: pouring into her. I can't imagine any parent not being 711 00:32:05,640 --> 00:32:07,960 Speaker 1: cool with that. Yeah, for sure. And again, board games 712 00:32:07,960 --> 00:32:10,400 Speaker 1: are probably the perfect place to start because they're fun. 713 00:32:10,600 --> 00:32:13,360 Speaker 1: You need to play them together, and you're learning something 714 00:32:13,400 --> 00:32:16,160 Speaker 1: at the same time, even though it doesn't always feel 715 00:32:16,160 --> 00:32:18,480 Speaker 1: like learning, which I think is key to learning, making 716 00:32:18,520 --> 00:32:21,560 Speaker 1: it fun. Matt, best of luck, hope you find the 717 00:32:21,600 --> 00:32:25,120 Speaker 1: perfect gift for your niece and other Matt. You Matt, 718 00:32:25,200 --> 00:32:27,680 Speaker 1: right here table from me. We have more questions to 719 00:32:27,680 --> 00:32:30,000 Speaker 1: get to. So let's get to a couple more, including 720 00:32:30,320 --> 00:32:34,400 Speaker 1: a investment that is nostalgic. We'll talk about that right 721 00:32:34,400 --> 00:32:45,640 Speaker 1: after this break. So right before the break you mentioned 722 00:32:45,640 --> 00:32:48,480 Speaker 1: a nostalgic investment. In my mind immediately went to somehow 723 00:32:48,560 --> 00:32:52,640 Speaker 1: investing in worth her originals. Like I said, beanie babies, No, 724 00:32:52,760 --> 00:32:55,640 Speaker 1: just beanie babies brings no nostalgia. You know, It's not 725 00:32:55,680 --> 00:32:58,720 Speaker 1: like there's something like nostalgia no, my sister, remember my 726 00:32:58,760 --> 00:33:01,000 Speaker 1: sister in a pile them? She still think a little bit. 727 00:33:01,120 --> 00:33:05,240 Speaker 1: She has like emotional attachments the beanie baby craze of 728 00:33:05,280 --> 00:33:07,400 Speaker 1: the nineties. You know, she didn't get crazed about it 729 00:33:07,400 --> 00:33:10,440 Speaker 1: like some people did, but she enjoyed collecting. There's still 730 00:33:10,440 --> 00:33:14,120 Speaker 1: some nostalgia there from her childhood. But even those kids 731 00:33:14,240 --> 00:33:15,680 Speaker 1: at one point I thought they were going to get 732 00:33:15,760 --> 00:33:19,760 Speaker 1: rich from too, I think, and that We've got that 733 00:33:19,800 --> 00:33:21,920 Speaker 1: question to get to here in a second. But first 734 00:33:21,920 --> 00:33:24,160 Speaker 1: we're gonna hear from a high school er about saving 735 00:33:24,200 --> 00:33:28,320 Speaker 1: for college. Hey, man, Joel, this is Abigail. First of all, 736 00:33:28,360 --> 00:33:30,920 Speaker 1: I'm a huge fan of the podcast. I really enjoy 737 00:33:31,040 --> 00:33:33,280 Speaker 1: listening and it's made me feel a little more prepared 738 00:33:33,360 --> 00:33:35,960 Speaker 1: for getting out into the adult world and taking control 739 00:33:36,000 --> 00:33:38,720 Speaker 1: of my money. I'm a current high school senior and 740 00:33:38,760 --> 00:33:41,920 Speaker 1: I'll be attending university in a few months. I've been 741 00:33:41,920 --> 00:33:45,680 Speaker 1: preparing for the financial side since about ninth grade, applying 742 00:33:45,720 --> 00:33:48,920 Speaker 1: to as many scholarships as possible and getting over a 743 00:33:49,000 --> 00:33:52,200 Speaker 1: year's worth of credits in cheap, ap and dual enrollment 744 00:33:52,200 --> 00:33:55,800 Speaker 1: classes to avoid going into debt. I know the easiest 745 00:33:55,840 --> 00:33:57,920 Speaker 1: way to avoid paying off debt is to never have 746 00:33:58,000 --> 00:34:00,240 Speaker 1: any in the first place, but this can feel like 747 00:34:00,280 --> 00:34:04,560 Speaker 1: an uphill battle. With tuition bills going at fifteen thousand, 748 00:34:05,280 --> 00:34:08,080 Speaker 1: thousand dollars a year. I've done my best for to 749 00:34:08,160 --> 00:34:11,000 Speaker 1: say for college, but one thing I've noticed is the 750 00:34:11,080 --> 00:34:14,400 Speaker 1: more I and my parents save, the more the tutition 751 00:34:14,440 --> 00:34:17,600 Speaker 1: bill is. This can make it feel like saving for 752 00:34:17,640 --> 00:34:21,960 Speaker 1: college is a super unrealistic goal. My question is, is 753 00:34:22,000 --> 00:34:25,000 Speaker 1: there a way I can say for college without hiking 754 00:34:25,040 --> 00:34:29,000 Speaker 1: the bill up and penalizing myself. I'd really appreciate any 755 00:34:29,040 --> 00:34:32,840 Speaker 1: insight you have. Thanks Abigail, thank you for your question, 756 00:34:33,000 --> 00:34:36,240 Speaker 1: and I'm glad the podcast has helped you feel prepared 757 00:34:36,600 --> 00:34:38,680 Speaker 1: for the adult world. Your month is start making some 758 00:34:38,719 --> 00:34:41,640 Speaker 1: really big decisions, of course, But I gonna say, Matt, 759 00:34:42,040 --> 00:34:43,960 Speaker 1: from listening to Abigail's question, it sounds like she's kind 760 00:34:44,000 --> 00:34:46,600 Speaker 1: of maybe had her stuff together long before she started 761 00:34:46,600 --> 00:34:48,719 Speaker 1: listening to us. She started saving when she was in 762 00:34:48,840 --> 00:34:53,800 Speaker 1: ninth grade, and it's like the most responsible ninth grader ever. Seriously, 763 00:34:53,840 --> 00:34:55,400 Speaker 1: I don't think I even realized I was going to 764 00:34:55,400 --> 00:34:57,640 Speaker 1: college until like I was a junior, and then folks 765 00:34:57,640 --> 00:34:59,680 Speaker 1: started talking about it and I thought, oh, yeah, yeah, 766 00:34:59,719 --> 00:35:03,680 Speaker 1: college that's something we're all gonna do, right that I 767 00:35:03,719 --> 00:35:06,640 Speaker 1: was an idiot high schooler. Well, and Abigail also too 768 00:35:07,480 --> 00:35:09,479 Speaker 1: when with this question. She's done a lot of great 769 00:35:09,480 --> 00:35:13,719 Speaker 1: work already by applying for scholarships and taking a p classes, 770 00:35:13,760 --> 00:35:16,680 Speaker 1: which is so great. Is something we we definitely are 771 00:35:16,920 --> 00:35:19,359 Speaker 1: get behind and we I think those ap classes, Matt, 772 00:35:19,880 --> 00:35:22,040 Speaker 1: I know some kids are able to knock off literally 773 00:35:22,080 --> 00:35:26,840 Speaker 1: almost a whole year of college. Yeah, which is incredible. So, um, Abegail, 774 00:35:26,880 --> 00:35:29,320 Speaker 1: we would typically suggest that you look at a community 775 00:35:29,320 --> 00:35:32,719 Speaker 1: college potentially if the if the costs of going to 776 00:35:32,760 --> 00:35:34,440 Speaker 1: the school you want to are too expensive and then 777 00:35:34,440 --> 00:35:37,120 Speaker 1: transferring there. They're well worth considering for lots of high 778 00:35:37,120 --> 00:35:40,080 Speaker 1: school graduates. But Matt, Abigail mentioned in her email that 779 00:35:40,160 --> 00:35:43,080 Speaker 1: she's going to be pursuing a degree through an accelerated 780 00:35:43,120 --> 00:35:46,239 Speaker 1: master's program, and that means that community college isn't an 781 00:35:46,280 --> 00:35:48,799 Speaker 1: option for her. Um, but just want to at least 782 00:35:48,840 --> 00:35:50,880 Speaker 1: note that because for a lot of folks who are like, 783 00:35:51,080 --> 00:35:53,920 Speaker 1: how do I stem the tide of the increased cost 784 00:35:54,000 --> 00:35:56,759 Speaker 1: of college? That is one thing, that one choice that 785 00:35:56,880 --> 00:36:00,560 Speaker 1: goes a long way for a lot of high school senior. Yeah, 786 00:36:00,600 --> 00:36:02,640 Speaker 1: there's two parts of the equation when it comes to college, right, 787 00:36:02,680 --> 00:36:04,759 Speaker 1: You've got the amount that you're able to save up 788 00:36:04,760 --> 00:36:06,719 Speaker 1: in the amount that you're spending on college, and then 789 00:36:06,760 --> 00:36:09,040 Speaker 1: there's the amount that it actually costs. And so we're 790 00:36:09,040 --> 00:36:12,120 Speaker 1: talking about here specifically about reducing the overall cost of 791 00:36:12,160 --> 00:36:15,879 Speaker 1: it by specifically going to a community college. Abigail, she's 792 00:36:15,880 --> 00:36:17,759 Speaker 1: not doing that, but if you know, for everyone else, though, 793 00:36:18,080 --> 00:36:20,520 Speaker 1: our advice is that you should always fill out the 794 00:36:20,520 --> 00:36:22,640 Speaker 1: facts up. But then let's talk about some of the 795 00:36:22,640 --> 00:36:24,920 Speaker 1: other ways UH. And one of those is to apply 796 00:36:25,120 --> 00:36:27,879 Speaker 1: to less competitive schools, because the chances that you'll get 797 00:36:27,920 --> 00:36:31,440 Speaker 1: merit aid at Yale are slim to none. But if 798 00:36:31,440 --> 00:36:33,799 Speaker 1: you set your sights on a school where you are 799 00:36:33,840 --> 00:36:36,120 Speaker 1: in the you know, the very top tier of candidates, 800 00:36:36,360 --> 00:36:38,480 Speaker 1: you're gonna find a lot more money waiting for you. 801 00:36:38,880 --> 00:36:41,440 Speaker 1: Some schools will even publish their merit aid metrics on 802 00:36:41,480 --> 00:36:44,160 Speaker 1: their website how it is that they calculate those packages, 803 00:36:44,400 --> 00:36:46,200 Speaker 1: and so that's worth checking out. Be sure to look 804 00:36:46,200 --> 00:36:49,520 Speaker 1: at those schools, UM and also cast a wide net 805 00:36:49,560 --> 00:36:52,040 Speaker 1: when it comes to the different schools that you're considering, UH, 806 00:36:52,040 --> 00:36:55,280 Speaker 1: and specifically apply early because schools they have got more 807 00:36:55,320 --> 00:36:58,880 Speaker 1: money available early on in the application process. Uh, and 808 00:36:58,920 --> 00:37:01,200 Speaker 1: so you want to be the front of that line 809 00:37:01,360 --> 00:37:04,400 Speaker 1: as they're dolling out those resources. And then regardless, make 810 00:37:04,440 --> 00:37:07,279 Speaker 1: sure that you appeal the financial aid award letter when 811 00:37:07,560 --> 00:37:09,440 Speaker 1: that you get from the school. This is called a 812 00:37:09,480 --> 00:37:12,719 Speaker 1: professional judgment because regardless, you always want to see if 813 00:37:12,760 --> 00:37:16,080 Speaker 1: you can get perhaps a little bit more aid. Yes, math, 814 00:37:16,120 --> 00:37:18,399 Speaker 1: those are some some great tips to to get more 815 00:37:18,480 --> 00:37:21,560 Speaker 1: merit aid, which is where a lot of that money 816 00:37:21,680 --> 00:37:24,839 Speaker 1: is that schools have up for grabs these days. We 817 00:37:24,880 --> 00:37:28,000 Speaker 1: also say make sure you're taking advantage of all of 818 00:37:28,040 --> 00:37:30,919 Speaker 1: the most helpful resources that are out there. So uh. 819 00:37:30,920 --> 00:37:34,000 Speaker 1: There is a Facebook group called paying for College one 820 00:37:34,000 --> 00:37:36,640 Speaker 1: oh one that you should join and ask any relevant 821 00:37:36,719 --> 00:37:40,520 Speaker 1: questions because the hive mind there is incredible. There are 822 00:37:40,640 --> 00:37:43,040 Speaker 1: so many people asking great questions and helping each other 823 00:37:43,040 --> 00:37:46,359 Speaker 1: out based on their experiences with You can ask about 824 00:37:46,400 --> 00:37:49,920 Speaker 1: specific colleges and people in there will have specific answers 825 00:37:49,960 --> 00:37:53,480 Speaker 1: about how the financial aid system works at that school. UM. 826 00:37:53,480 --> 00:37:56,000 Speaker 1: And we would also suggest picking up Ron Lieber's book 827 00:37:56,000 --> 00:37:58,160 Speaker 1: it's called The Price You Pay for College And we 828 00:37:58,200 --> 00:37:59,680 Speaker 1: had him on the show Matt, I don't know what 829 00:38:00,120 --> 00:38:03,360 Speaker 1: year ago almost and he his book is excellent, and 830 00:38:03,360 --> 00:38:06,200 Speaker 1: it's this great resource for anyone who wants to save 831 00:38:06,280 --> 00:38:08,759 Speaker 1: on the cost of college. It's you read like through 832 00:38:08,800 --> 00:38:10,920 Speaker 1: the first two chapters in your mind's kind of already blown. 833 00:38:11,719 --> 00:38:15,200 Speaker 1: It's it's well worth the whatever it is you're gonna 834 00:38:15,200 --> 00:38:16,719 Speaker 1: spend on it because it could save you thousand. But 835 00:38:16,800 --> 00:38:19,520 Speaker 1: not for Abigail, her mind would not be blown because exactly, yeah, 836 00:38:19,560 --> 00:38:21,600 Speaker 1: she's like Ron, I could have written this book. Actually, 837 00:38:22,560 --> 00:38:26,040 Speaker 1: uh one other website I think actually uh Ron mentioned 838 00:38:26,080 --> 00:38:28,200 Speaker 1: it maybe on the episode when he came on is 839 00:38:28,239 --> 00:38:30,880 Speaker 1: his website tuition Fit. And it's a site that you 840 00:38:30,960 --> 00:38:34,799 Speaker 1: absolutely need to visit, Abigail, because it's basically a nonprofit 841 00:38:35,040 --> 00:38:38,400 Speaker 1: data aggregator that can help you see what aid other 842 00:38:38,719 --> 00:38:41,480 Speaker 1: young adults like you are getting, and it's eye opening 843 00:38:41,560 --> 00:38:43,400 Speaker 1: data that can help you push for the aid you deserve. 844 00:38:43,480 --> 00:38:46,239 Speaker 1: You might find somebody else from another region of the 845 00:38:46,280 --> 00:38:49,880 Speaker 1: country with very similar academics as you, applying to the 846 00:38:49,880 --> 00:38:52,200 Speaker 1: same school, is getting more in financial aid, and it 847 00:38:52,239 --> 00:38:54,000 Speaker 1: allows you to push back in the right way on 848 00:38:54,120 --> 00:38:56,680 Speaker 1: that school to say, hey, like, I see other people 849 00:38:56,680 --> 00:38:59,239 Speaker 1: out there getting something like this, can you match that 850 00:38:59,520 --> 00:39:01,479 Speaker 1: the data that you see on tuition Fit can really 851 00:39:01,719 --> 00:39:03,799 Speaker 1: help push you in the right direction and can help 852 00:39:03,840 --> 00:39:06,879 Speaker 1: you know which school is going to maybe give you 853 00:39:06,960 --> 00:39:09,279 Speaker 1: a better package than they initially didn't. That's right. Yeah, 854 00:39:09,280 --> 00:39:11,359 Speaker 1: we'll make sure to link to tuition Fit as well 855 00:39:11,400 --> 00:39:13,239 Speaker 1: as that Facebook group. But Abigail, all of those things 856 00:39:13,239 --> 00:39:16,000 Speaker 1: should help you to save money on your education. Uh. 857 00:39:16,040 --> 00:39:18,160 Speaker 1: You know, because taking on a little bit of debt 858 00:39:18,200 --> 00:39:19,960 Speaker 1: for college it's not the worst thing in the world, 859 00:39:20,200 --> 00:39:22,560 Speaker 1: but we do want you to keep it to a minimum, 860 00:39:22,600 --> 00:39:25,520 Speaker 1: and that's definitely gonna take some work. But ultimately you'll 861 00:39:25,560 --> 00:39:27,279 Speaker 1: want to make sure that the total debt load that 862 00:39:27,280 --> 00:39:29,600 Speaker 1: you're taking on doesn't exceed the salary that you're likely 863 00:39:29,680 --> 00:39:32,800 Speaker 1: to earn during your first year after graduating. That's a 864 00:39:32,840 --> 00:39:35,080 Speaker 1: good general rule of thumb to keep in mind, uh, 865 00:39:35,120 --> 00:39:37,160 Speaker 1: and will help you to keep your debt load in 866 00:39:37,280 --> 00:39:40,440 Speaker 1: check as you are looking. I think oftentimes it can 867 00:39:40,480 --> 00:39:43,040 Speaker 1: just be easy just to write off the price that 868 00:39:43,080 --> 00:39:45,600 Speaker 1: you're paying now, the debt that we're taking on as 869 00:39:45,719 --> 00:39:49,600 Speaker 1: just the necessary means to an end in order to 870 00:39:49,640 --> 00:39:52,719 Speaker 1: achieve the degree or in order to achieve a certain job. 871 00:39:53,040 --> 00:39:55,319 Speaker 1: But the fact is, man like, there is no guarantee 872 00:39:55,360 --> 00:39:57,160 Speaker 1: that a you're going to get that degree and be 873 00:39:57,200 --> 00:39:59,080 Speaker 1: even if you do get get a degree, that you're 874 00:39:59,080 --> 00:40:01,080 Speaker 1: going to necessarily land the job that you're that you're 875 00:40:01,080 --> 00:40:03,120 Speaker 1: hoping for. And so this is a way to minimize 876 00:40:03,200 --> 00:40:06,319 Speaker 1: risk um and we can't eliminate it altogether, but there 877 00:40:06,320 --> 00:40:08,440 Speaker 1: are ways for us to mitigate it. Yes, I agree, 878 00:40:08,480 --> 00:40:11,000 Speaker 1: and just being really really careful about the degree you're 879 00:40:11,040 --> 00:40:13,520 Speaker 1: getting and what the job prospects are for that degree 880 00:40:13,960 --> 00:40:16,520 Speaker 1: after graduation, and what the likely first year salary is. Matt, 881 00:40:16,560 --> 00:40:18,240 Speaker 1: I think that's a great rule of thumb that you mentioned, 882 00:40:18,480 --> 00:40:21,520 Speaker 1: because some people just take on enough debt to get 883 00:40:21,560 --> 00:40:23,440 Speaker 1: the degree they want, and that is not a good 884 00:40:23,480 --> 00:40:25,359 Speaker 1: way to think about about it, because then you're behind 885 00:40:25,360 --> 00:40:27,840 Speaker 1: the eight ball from day one in the working world 886 00:40:27,880 --> 00:40:30,200 Speaker 1: with a student loan payment that looks more like a 887 00:40:30,239 --> 00:40:32,560 Speaker 1: mortgage payment. And that is not where we want Abigail 888 00:40:32,560 --> 00:40:33,840 Speaker 1: to be. That's where a lot of people are, and 889 00:40:33,880 --> 00:40:37,239 Speaker 1: we want UH money Savvy how to money listeners to 890 00:40:37,440 --> 00:40:39,480 Speaker 1: be in a different place with little to know, no 891 00:40:39,640 --> 00:40:44,120 Speaker 1: college debt, because then you're starting off with accelerated earnings 892 00:40:44,400 --> 00:40:47,000 Speaker 1: and none of that debt that's holding you back. Another 893 00:40:47,040 --> 00:40:48,840 Speaker 1: thing I want to mention too, is Abigail. I'm guessing 894 00:40:48,880 --> 00:40:50,399 Speaker 1: she's I mean, she's a go getter. She's been looking 895 00:40:50,400 --> 00:40:52,800 Speaker 1: at colleges since she was a freshman. But if you 896 00:40:52,840 --> 00:40:55,880 Speaker 1: haven't already even considered reaching out to different individuals in 897 00:40:55,920 --> 00:40:58,120 Speaker 1: the field that you want to be working in, I 898 00:40:58,160 --> 00:41:00,759 Speaker 1: think not only getting ready for your college career, but 899 00:41:00,760 --> 00:41:02,880 Speaker 1: getting ready for your actual career can help you to 900 00:41:02,920 --> 00:41:05,640 Speaker 1: set your sights to know what's realistic and what's not 901 00:41:05,719 --> 00:41:07,520 Speaker 1: when it comes to what it is that you're seeking 902 00:41:07,560 --> 00:41:10,640 Speaker 1: to do once you graduate. Abigail, best of luck to you. 903 00:41:10,719 --> 00:41:12,719 Speaker 1: Joel is go ahead and get to our last question. Now, 904 00:41:12,960 --> 00:41:15,920 Speaker 1: this is from a listener who has received some individual 905 00:41:15,960 --> 00:41:19,480 Speaker 1: stock from his grandparents. I met and Joel. This is 906 00:41:19,520 --> 00:41:22,360 Speaker 1: John in Chicago. I've been listening since the poor not 907 00:41:22,440 --> 00:41:24,560 Speaker 1: Poor days, and I appreciate that you guys have given 908 00:41:24,600 --> 00:41:26,440 Speaker 1: me lots of new ways to think about money over 909 00:41:26,480 --> 00:41:29,239 Speaker 1: the years. I have a hopefully fun question about hanging 910 00:41:29,239 --> 00:41:32,400 Speaker 1: onto a stock just for sentimental value. My partner and 911 00:41:32,400 --> 00:41:34,759 Speaker 1: I are both teachers, and we're cruising along pretty good 912 00:41:34,760 --> 00:41:37,640 Speaker 1: in money gear seven. My grandmother didn't have much, but 913 00:41:37,680 --> 00:41:39,840 Speaker 1: she used to give me stock from a certain ubiquitous 914 00:41:39,880 --> 00:41:42,280 Speaker 1: fast food chain when I was a kid. The value 915 00:41:42,280 --> 00:41:45,040 Speaker 1: of the stock is increased significantly over the years, but 916 00:41:45,120 --> 00:41:48,960 Speaker 1: it's still only two to three percent of my total investments. Well, 917 00:41:48,960 --> 00:41:51,120 Speaker 1: I agree with you guys about not investing in single 918 00:41:51,160 --> 00:41:54,279 Speaker 1: stocks Generally, every time I get my quarterly statements and 919 00:41:54,320 --> 00:41:57,320 Speaker 1: invitations to shareholder meetings and whatnot, I always think of 920 00:41:57,400 --> 00:41:59,920 Speaker 1: my Grammy and smile. I have a few little train 921 00:42:00,040 --> 00:42:02,160 Speaker 1: gets from her, but this is the only heirloom that 922 00:42:02,280 --> 00:42:05,480 Speaker 1: literally sends me a reminder every three months. If you 923 00:42:05,520 --> 00:42:07,560 Speaker 1: were in my shoes, would you hang onto this stock 924 00:42:07,600 --> 00:42:10,319 Speaker 1: for the sentimental value or sell it and reinvest the 925 00:42:10,320 --> 00:42:13,239 Speaker 1: money in one of your preferred index funds. Thanks, and 926 00:42:13,280 --> 00:42:15,360 Speaker 1: hopefully some day you guys can come up to Chicago 927 00:42:15,400 --> 00:42:18,520 Speaker 1: and spend a little time in malt Row where I live. Seriously, 928 00:42:18,800 --> 00:42:21,480 Speaker 1: I've got five breweries within half a mile of my place. 929 00:42:22,840 --> 00:42:25,560 Speaker 1: Al Right, John, thank you for listening to the show 930 00:42:25,600 --> 00:42:27,880 Speaker 1: for so long The Poor not Poor Days, And by 931 00:42:27,920 --> 00:42:31,520 Speaker 1: the way, your neighborhood, it sounds like we would enjoy 932 00:42:31,680 --> 00:42:34,520 Speaker 1: visiting there a whole lot. Malt Row. I've never even 933 00:42:34,520 --> 00:42:37,440 Speaker 1: heard of this until this listener question, but it's definitely 934 00:42:37,520 --> 00:42:40,640 Speaker 1: on my my Google maps starred slash. I've got to 935 00:42:40,800 --> 00:42:43,240 Speaker 1: to you know, to visit or to to do lists 936 00:42:43,440 --> 00:42:45,520 Speaker 1: there in Google Maps, and malt Row is now on 937 00:42:45,520 --> 00:42:48,240 Speaker 1: that list. I mean, if there's five breweries within walking distance, 938 00:42:48,239 --> 00:42:49,640 Speaker 1: sounds like our jam And just the fact that it's 939 00:42:49,640 --> 00:42:51,640 Speaker 1: called malt Row, It's like, I mean, how lovely of 940 00:42:51,640 --> 00:42:53,879 Speaker 1: a place? Does it just smell like malt Like when 941 00:42:53,920 --> 00:42:55,840 Speaker 1: when you walk the streets, Um, can you see the 942 00:42:55,840 --> 00:42:58,680 Speaker 1: hops hanging from the vines, Which that smell is not 943 00:42:58,760 --> 00:43:01,120 Speaker 1: like beautiful, but it is is like punge it in 944 00:43:01,120 --> 00:43:03,439 Speaker 1: a good way. I love that smell of like beer 945 00:43:03,480 --> 00:43:05,080 Speaker 1: being made or bread being made. You know, it's kind 946 00:43:05,080 --> 00:43:07,160 Speaker 1: of got a similar similar bube. Yeah, well, I mean 947 00:43:07,160 --> 00:43:09,320 Speaker 1: bread baking, that's that's a whole other Bread baking smells 948 00:43:09,320 --> 00:43:12,360 Speaker 1: even better, like way better. But even the smell of 949 00:43:12,400 --> 00:43:16,279 Speaker 1: beer brewing. Uh and if you've ever been around bucketfuls 950 00:43:16,320 --> 00:43:18,399 Speaker 1: of hot pellets, but you can just like bear your 951 00:43:18,400 --> 00:43:20,759 Speaker 1: face in the and just the smell it makes my 952 00:43:20,800 --> 00:43:23,560 Speaker 1: mouth water even now as we're talking about it, even 953 00:43:23,600 --> 00:43:26,520 Speaker 1: as we're drinking a beer. But I've got in my mind, 954 00:43:26,560 --> 00:43:28,719 Speaker 1: I Pickture malt Road being something like that. Yeah, for sure, 955 00:43:28,960 --> 00:43:30,759 Speaker 1: Wilso make it up one of these days. And in man, 956 00:43:30,800 --> 00:43:34,279 Speaker 1: I gotta say it's cool that John's grandma was so 957 00:43:34,400 --> 00:43:37,040 Speaker 1: intentional helping him think about the long term from the 958 00:43:37,040 --> 00:43:39,160 Speaker 1: get go, from the early days. Going back to Matt's 959 00:43:39,200 --> 00:43:41,000 Speaker 1: question about what to buy for his niece, Like, I 960 00:43:41,040 --> 00:43:43,280 Speaker 1: don't necessarily think a single stock is the best gift, 961 00:43:43,560 --> 00:43:45,279 Speaker 1: but it sounds like it's worked out really well for 962 00:43:45,360 --> 00:43:48,520 Speaker 1: John and it has created this, you know, beautiful deep 963 00:43:48,880 --> 00:43:52,000 Speaker 1: attachment to his grandma even after she's gone. And at 964 00:43:52,000 --> 00:43:54,160 Speaker 1: the same time, it sounds like it's also got him 965 00:43:54,200 --> 00:43:58,200 Speaker 1: interested in in money. And I love the intentionality behind that. 966 00:43:58,280 --> 00:44:00,799 Speaker 1: Even if it's not necessarily the perfect investment that we 967 00:44:00,800 --> 00:44:04,279 Speaker 1: would recommend, Uh, it's still close enough that it, you know, 968 00:44:04,320 --> 00:44:05,800 Speaker 1: like you said, it gets you interested and all of 969 00:44:05,840 --> 00:44:08,040 Speaker 1: a sudden, that's that becomes something that's on your radar 970 00:44:08,320 --> 00:44:10,240 Speaker 1: as opposed to it not having been on your radar 971 00:44:10,280 --> 00:44:12,080 Speaker 1: at all. Yeah. Yeah, And I feel like back then, 972 00:44:12,440 --> 00:44:14,680 Speaker 1: gifts of individual stocks were kind of the best way 973 00:44:14,719 --> 00:44:17,040 Speaker 1: to do it, right, Like there was a physical stock 974 00:44:17,120 --> 00:44:19,320 Speaker 1: certificate that you would give to somebody else and it 975 00:44:19,400 --> 00:44:21,320 Speaker 1: you know, with a company logo on it or whatever, 976 00:44:21,400 --> 00:44:24,440 Speaker 1: and and it was valuable in part because of the 977 00:44:24,480 --> 00:44:26,920 Speaker 1: physicality of the gift. And yeah, it sure seems like 978 00:44:27,000 --> 00:44:29,400 Speaker 1: it has had just a major impact on on John's 979 00:44:29,440 --> 00:44:31,080 Speaker 1: life totally. Yeah, and so John, you know, we're not 980 00:44:31,120 --> 00:44:34,680 Speaker 1: against single stock investing in all cases, right, we're not ideologues. 981 00:44:35,360 --> 00:44:38,640 Speaker 1: But since we are broadcasting two hundreds of thousands of 982 00:44:38,680 --> 00:44:40,680 Speaker 1: people a month, like, we've got to be careful about 983 00:44:40,680 --> 00:44:42,840 Speaker 1: what we say and how we say it. So the 984 00:44:42,840 --> 00:44:45,239 Speaker 1: problem is not that no one can or should ever 985 00:44:45,320 --> 00:44:47,360 Speaker 1: invest in a you know, a single dollar into a 986 00:44:47,360 --> 00:44:49,560 Speaker 1: company that they use or a company that they like 987 00:44:49,719 --> 00:44:52,440 Speaker 1: or enjoy, But our advice is typically just to keep 988 00:44:52,440 --> 00:44:54,640 Speaker 1: that to a minimum. Uh. And that's because the simple 989 00:44:54,680 --> 00:44:57,480 Speaker 1: path of a total stock market index fund or a 990 00:44:57,520 --> 00:45:00,120 Speaker 1: target date fund is going to be far better for 991 00:45:00,120 --> 00:45:03,719 Speaker 1: the vast majority of folks with day jobs, who have families, 992 00:45:03,800 --> 00:45:07,239 Speaker 1: and who actually have lives and hobbies. Not many folks 993 00:45:07,280 --> 00:45:09,480 Speaker 1: are gonna want to be digging into the financial reports 994 00:45:09,600 --> 00:45:12,279 Speaker 1: or tuning into, you know, the different earnings calls. Even 995 00:45:12,320 --> 00:45:15,040 Speaker 1: though you receive a quarterly reminder that you can join 996 00:45:15,120 --> 00:45:16,840 Speaker 1: if you would like to, you don't want to necessarily 997 00:45:16,840 --> 00:45:18,760 Speaker 1: have to do that in order to invest your money. 998 00:45:18,840 --> 00:45:21,120 Speaker 1: But for folks who do want to go that route, 999 00:45:21,120 --> 00:45:23,040 Speaker 1: you know, we totally get it and we're not gonna 1000 00:45:23,120 --> 00:45:25,360 Speaker 1: hate on it. If that's uh something you want to 1001 00:45:25,440 --> 00:45:26,800 Speaker 1: dabble in, right, Yeah, it's like, do I want to 1002 00:45:26,800 --> 00:45:28,600 Speaker 1: go for a family hike, go play disc golf, or 1003 00:45:28,719 --> 00:45:31,759 Speaker 1: dig into the quarterly earnings report, quarterly earnings support from 1004 00:45:31,760 --> 00:45:33,759 Speaker 1: this company that I'm thinking about investing in. And for me, 1005 00:45:33,800 --> 00:45:36,600 Speaker 1: that's an easy choice. I would much rather go the 1006 00:45:36,640 --> 00:45:39,680 Speaker 1: easy routes. And so, yeah, you're right, it's not necessarily 1007 00:45:39,719 --> 00:45:42,680 Speaker 1: more fun route. Yeah, I live your life and invest 1008 00:45:42,719 --> 00:45:44,960 Speaker 1: in the next one. So I agree, Matt, keeping it 1009 00:45:45,080 --> 00:45:48,400 Speaker 1: simple is better for something close to plus percent of 1010 00:45:48,400 --> 00:45:52,400 Speaker 1: phone would you even say that borders on there? Probably, 1011 00:45:52,680 --> 00:45:55,719 Speaker 1: But again, if it's a small percentage, it's not really 1012 00:45:55,719 --> 00:45:57,680 Speaker 1: that big of a deal. And John, he said that 1013 00:45:57,680 --> 00:46:00,200 Speaker 1: he's in money gear seven, that's the last money year. 1014 00:46:00,239 --> 00:46:03,719 Speaker 1: That means that John is basically at the at the 1015 00:46:03,719 --> 00:46:05,920 Speaker 1: point of financial independence, and there's a wide range of 1016 00:46:05,960 --> 00:46:08,000 Speaker 1: choices that are open to him that aren't open to 1017 00:46:08,000 --> 00:46:10,800 Speaker 1: people who are earlier in their money journey. And so basically, 1018 00:46:10,880 --> 00:46:12,360 Speaker 1: you and your partner, you've been crushing it for a 1019 00:46:12,400 --> 00:46:16,040 Speaker 1: long time. If you were holding onto the stock with 1020 00:46:16,160 --> 00:46:18,520 Speaker 1: credit card debt looming over your head, it's probably a 1021 00:46:18,520 --> 00:46:22,080 Speaker 1: different story, right. Should I sell this individual stock? Probably McDonald's. 1022 00:46:22,320 --> 00:46:25,280 Speaker 1: That's why I think John was getting at Right, should 1023 00:46:25,280 --> 00:46:26,600 Speaker 1: I cash out of this lets pay off my credit 1024 00:46:26,600 --> 00:46:28,600 Speaker 1: card day? My mind immediately went to that as well. 1025 00:46:29,040 --> 00:46:31,040 Speaker 1: I know that there are other fast food chains out there, 1026 00:46:31,080 --> 00:46:34,239 Speaker 1: but like, what is the most ubiquitous fast food burger joint? Right, 1027 00:46:34,320 --> 00:46:37,160 Speaker 1: It's got to be that's easy, right, yep. But because 1028 00:46:37,239 --> 00:46:39,560 Speaker 1: that's not the case, I would say that, really, I 1029 00:46:39,560 --> 00:46:41,799 Speaker 1: don't see any reason why you sell this stock when 1030 00:46:41,840 --> 00:46:43,440 Speaker 1: you're in the position you're in and when it holds 1031 00:46:43,719 --> 00:46:46,880 Speaker 1: such sentimental value for for you, right, like keep it 1032 00:46:46,920 --> 00:46:48,880 Speaker 1: and keep those memories of your grandma alive. At the 1033 00:46:48,920 --> 00:46:52,160 Speaker 1: same time, again, single stocks not not our choice for 1034 00:46:52,160 --> 00:46:54,040 Speaker 1: what to do with our time or with our money. 1035 00:46:54,360 --> 00:46:57,320 Speaker 1: And for people that are hyper interested in it were 1036 00:46:57,440 --> 00:47:00,279 Speaker 1: we're not completely against it. But for you, with where 1037 00:47:00,280 --> 00:47:02,640 Speaker 1: you're at with your finances, it makes complete sense to 1038 00:47:02,680 --> 00:47:05,080 Speaker 1: hold onto this thing and just enjoy it because it 1039 00:47:05,160 --> 00:47:09,600 Speaker 1: keeps that deep, rudy connection to someone that you love totally. Yeah. 1040 00:47:09,640 --> 00:47:11,680 Speaker 1: And the other thing too, is this isn't an all 1041 00:47:11,880 --> 00:47:14,120 Speaker 1: or none kind of scenario, right, you know, John, even 1042 00:47:14,160 --> 00:47:16,200 Speaker 1: if you did have some credit card debt, I wouldn't 1043 00:47:16,239 --> 00:47:18,759 Speaker 1: necessarily say to sell all of it, maybe sell most 1044 00:47:18,800 --> 00:47:20,479 Speaker 1: of it, maybe hang on to a couple of shares, 1045 00:47:20,560 --> 00:47:22,319 Speaker 1: or maybe even just one share so that you still 1046 00:47:22,360 --> 00:47:24,520 Speaker 1: have that sitting there in your portfolio, so it's still 1047 00:47:24,560 --> 00:47:27,919 Speaker 1: there as a reminder. But the fact is, I don't 1048 00:47:27,960 --> 00:47:30,680 Speaker 1: necessarily get the impression that your grandma was infatuated with 1049 00:47:30,760 --> 00:47:33,200 Speaker 1: McDonald's or or whatever the company is. I think she 1050 00:47:33,360 --> 00:47:35,640 Speaker 1: was just like the heart and the spirit behind what 1051 00:47:35,760 --> 00:47:38,279 Speaker 1: she was double quarter pounder every day. I don't think 1052 00:47:38,280 --> 00:47:40,640 Speaker 1: it was that. I think it was she was pointing you, John, 1053 00:47:40,640 --> 00:47:43,960 Speaker 1: in the in the direction of investing rather than literally 1054 00:47:44,040 --> 00:47:48,279 Speaker 1: consumption right, literally to be investing, rather than spending that 1055 00:47:48,320 --> 00:47:50,960 Speaker 1: money at McDonald's on a big mac. She's like, John, 1056 00:47:50,960 --> 00:47:53,160 Speaker 1: don't buy the burgers by the company. Yes, exactly. And 1057 00:47:53,320 --> 00:47:55,160 Speaker 1: I think that you are able to keep that the 1058 00:47:55,520 --> 00:47:58,320 Speaker 1: spirit in the heart of what she was going for alive, 1059 00:47:58,920 --> 00:48:01,399 Speaker 1: even if you wanted to completely sell all of that, right, 1060 00:48:01,440 --> 00:48:03,399 Speaker 1: And so I don't think that there is any sort 1061 00:48:03,400 --> 00:48:05,120 Speaker 1: of rule here, because even if you were to sell 1062 00:48:05,160 --> 00:48:07,040 Speaker 1: all of it and then continue to invest that money. 1063 00:48:07,080 --> 00:48:11,279 Speaker 1: You are still keeping uh that philosophy alive. And I 1064 00:48:11,320 --> 00:48:13,040 Speaker 1: think that you're Grammy would be really proud of you, 1065 00:48:13,400 --> 00:48:15,200 Speaker 1: as long as you didn't, like I think the worst 1066 00:48:15,200 --> 00:48:16,840 Speaker 1: thing would be if you sold all that stock and 1067 00:48:16,880 --> 00:48:20,120 Speaker 1: then went and blew it on fast food, because that's 1068 00:48:20,160 --> 00:48:22,600 Speaker 1: like the exact opposite of what she was doing, right, Yes, 1069 00:48:22,760 --> 00:48:25,080 Speaker 1: I agree, So all right, John, the best of luck 1070 00:48:25,120 --> 00:48:26,680 Speaker 1: to you, man, And and yeah, you've got a lot 1071 00:48:26,680 --> 00:48:28,680 Speaker 1: of freedom really to do whatever you want with this. 1072 00:48:28,960 --> 00:48:31,120 Speaker 1: And if you feel like you're honoring her legacy best 1073 00:48:31,160 --> 00:48:33,879 Speaker 1: by holding on to all of this stock, then then 1074 00:48:33,920 --> 00:48:35,879 Speaker 1: go for that. And if you feel like, you know what, 1075 00:48:36,160 --> 00:48:38,319 Speaker 1: maybe it's time to like trim my positions, but I'll 1076 00:48:38,320 --> 00:48:40,400 Speaker 1: still hold some, then do that too. I mean, really, 1077 00:48:40,640 --> 00:48:42,400 Speaker 1: whatever you want, the world is your oyster. When you're 1078 00:48:42,440 --> 00:48:44,120 Speaker 1: in money here seven and you can hold on to 1079 00:48:44,600 --> 00:48:46,919 Speaker 1: some McDonald stock and you want, I think I would. 1080 00:48:47,040 --> 00:48:48,560 Speaker 1: I think I would sell it all except for one. 1081 00:48:48,600 --> 00:48:50,520 Speaker 1: I would at least keep that one, just just because 1082 00:48:50,520 --> 00:48:52,200 Speaker 1: it's a good story as well. You know, you always 1083 00:48:52,239 --> 00:48:53,759 Speaker 1: want to be able to say that I've got some 1084 00:48:53,760 --> 00:48:56,440 Speaker 1: stock that Grammy left me from back in the day 1085 00:48:56,480 --> 00:48:58,839 Speaker 1: for sure. Yeah, super cool. All right, Matt, Let's get 1086 00:48:58,840 --> 00:49:00,640 Speaker 1: back to the beer that we have on this episode. 1087 00:49:00,640 --> 00:49:03,240 Speaker 1: This one was called Bird Brains. It's by Birds Fly South. 1088 00:49:03,320 --> 00:49:06,920 Speaker 1: It is a BlackBerry and boisonberry fruited sour ale. What 1089 00:49:06,960 --> 00:49:08,799 Speaker 1: were your thoughts on this one? This is a really 1090 00:49:08,840 --> 00:49:11,839 Speaker 1: good beer, Man, so honestly because it's a sour, because 1091 00:49:11,880 --> 00:49:14,279 Speaker 1: it poured kind of a pinkish red. It didn't pour 1092 00:49:14,480 --> 00:49:18,240 Speaker 1: nearly as deep or rich of a color as recently 1093 00:49:18,239 --> 00:49:21,160 Speaker 1: we had on an Athena Paradiso from Creature Comforts. But 1094 00:49:21,200 --> 00:49:22,880 Speaker 1: it reminds me a lot of that beer. But I 1095 00:49:22,920 --> 00:49:25,520 Speaker 1: think I even like this one a touch better than 1096 00:49:25,560 --> 00:49:28,920 Speaker 1: the parodies. So it's got a nice funky quality to it. 1097 00:49:29,280 --> 00:49:32,280 Speaker 1: It's really tangy, like it almost has like a savory 1098 00:49:32,320 --> 00:49:34,040 Speaker 1: element to it. Like, for whatever reason, it kind of 1099 00:49:34,080 --> 00:49:37,319 Speaker 1: reminds me of mustard, Like it's it's kind of got 1100 00:49:37,320 --> 00:49:40,960 Speaker 1: this did not cut at all, ye specifically yellow mustard. 1101 00:49:41,160 --> 00:49:43,880 Speaker 1: It certainly has a lot of those fruit flavors going on, 1102 00:49:44,080 --> 00:49:47,279 Speaker 1: but it's not overwhelmingly fruit um Like, I feel like 1103 00:49:47,280 --> 00:49:50,000 Speaker 1: the fruit is just there, it compliments it. But what 1104 00:49:50,040 --> 00:49:53,080 Speaker 1: I pick up most on is this kind of savory, tangy, 1105 00:49:53,200 --> 00:49:56,440 Speaker 1: funky sourness going on, which it's it's really delicious, and 1106 00:49:56,480 --> 00:49:59,560 Speaker 1: I think this makes this a more interesting sour as 1107 00:49:59,560 --> 00:50:01,520 Speaker 1: opposed to some of the other kettle soured beers that 1108 00:50:01,560 --> 00:50:03,960 Speaker 1: are out there, and the mustard sours are particularly fascinating. 1109 00:50:04,000 --> 00:50:07,160 Speaker 1: I would say, yeah, but if you don't taste it 1110 00:50:07,200 --> 00:50:09,319 Speaker 1: at all, it's sort of like this tang nous, Like 1111 00:50:09,360 --> 00:50:11,880 Speaker 1: there's a difference between straight sour. I feel like this 1112 00:50:11,960 --> 00:50:15,400 Speaker 1: kind of has like funky sour, which I call it tangy. Yeah, Okay, 1113 00:50:15,480 --> 00:50:19,879 Speaker 1: I'm not necessarily in agreement, but you're pointing on something there, 1114 00:50:20,160 --> 00:50:23,000 Speaker 1: and I would say, yeah, this one nicely fruity, pretty sour. 1115 00:50:23,320 --> 00:50:25,480 Speaker 1: It's kind of it's kind of brightness to it that 1116 00:50:26,080 --> 00:50:29,000 Speaker 1: I enjoyed and light and the BlackBerry flavors came through nicely. 1117 00:50:29,280 --> 00:50:31,520 Speaker 1: So I dug this one. I would say, a really 1118 00:50:31,560 --> 00:50:34,759 Speaker 1: really solid sour from bird Sly South And this is 1119 00:50:34,800 --> 00:50:37,120 Speaker 1: the kind of beer I expect from them. Uh, this 1120 00:50:37,200 --> 00:50:38,719 Speaker 1: is the kind of beer they're really good at making. 1121 00:50:38,800 --> 00:50:41,480 Speaker 1: So yeah, thanks for bringing this one back from Greenville, 1122 00:50:41,560 --> 00:50:43,719 Speaker 1: South Carolina. Man, this was a good beer. Happy to 1123 00:50:43,800 --> 00:50:45,520 Speaker 1: my friend, and that is going to be it for 1124 00:50:45,560 --> 00:50:47,840 Speaker 1: this episode, listeners can find our show notes up on 1125 00:50:47,880 --> 00:50:50,440 Speaker 1: the website at how some money dot com. We'll have 1126 00:50:50,680 --> 00:50:52,480 Speaker 1: listed out any of the different resources that we may 1127 00:50:52,480 --> 00:50:55,960 Speaker 1: have mentioned during this episode. There no doubt, so all right, 1128 00:50:55,960 --> 00:50:59,520 Speaker 1: my friend, until next time, Best friends out, Best Friends Out. 1129 00:51:01,440 --> 00:51:01,480 Speaker 1: M