WEBVTT - Popular Money Advice That Just Ain’t Right #1173 0:00:00.120 --> 0:00:02.800 Welcome to Had of Money. I'm Joel, I'm Matt, and 0:00:02.840 --> 0:00:26.240 today we're discussing popular money advice that just ain't right, Joel. 0:00:26.320 --> 0:00:29.360 Even the crappiest financial advice that's out there, it still 0:00:29.400 --> 0:00:32.839 has a little negative truth, right, Like, oftentimes, the reason 0:00:33.320 --> 0:00:35.680 I think it resonates with folks is because they're like, oh, no, no, no, 0:00:35.800 --> 0:00:38.240 that's true. I've heard that before. I've heard my parents 0:00:38.320 --> 0:00:40.440 talk about that, I've heard friends talk about that. But 0:00:40.440 --> 0:00:44.000 that doesn't necessarily mean that it's like this super bulletproof 0:00:44.080 --> 0:00:46.879 piece of financial advice that you should be following to 0:00:46.960 --> 0:00:48.559 the letter with every dollar that you made. 0:00:48.600 --> 0:00:50.640 Yeah, some of the pieces of advice we're going to 0:00:50.680 --> 0:00:53.000 cover in this episode are things that you've heard people 0:00:53.040 --> 0:00:55.920 say and they are smart people, and so you automatically 0:00:55.960 --> 0:00:58.960 assume that based on their other advice, or based on 0:00:58.960 --> 0:01:01.600 the back that you've heard this from sources of information, 0:01:01.680 --> 0:01:02.920 that it's good and it's. 0:01:02.720 --> 0:01:05.040 Reliable advice that your grandparents gave you. And you're like, 0:01:05.160 --> 0:01:07.640 they would never steer me wrong. It's like, well it's 0:01:07.680 --> 0:01:08.280 not quite right. 0:01:08.360 --> 0:01:10.880 Yeah, we want you to question everything your grandparents taught 0:01:10.920 --> 0:01:13.039 you in this episode. Now that's okay, that's too far, 0:01:13.160 --> 0:01:16.000 not really. But there are a lot of things, yeah, 0:01:16.040 --> 0:01:18.880 that we're going to cover today, and some of it has, 0:01:19.040 --> 0:01:20.720 like you said, Matt, a ring of truth, but we're 0:01:20.720 --> 0:01:23.400 going to say, Okay, here's the nugget that is actually true, 0:01:23.400 --> 0:01:24.920 but here's where you should throw out the rest of it. 0:01:25.400 --> 0:01:26.800 And so yeah, we've got a lot to get to 0:01:26.840 --> 0:01:28.399 on this episode. But before we get to that, Matt, 0:01:28.440 --> 0:01:31.200 I wanted to mention that you and I we've talked 0:01:31.200 --> 0:01:34.480 about on the show, how we have meta share covering 0:01:34.520 --> 0:01:39.480 our families. When it comes to our health insurance, it's actual. 0:01:39.160 --> 0:01:43.240 Insurance, not technically health insurance. It's a health sharing plan exactly, 0:01:43.319 --> 0:01:47.319 but it is a lot cheaper than insurance. And I 0:01:47.360 --> 0:01:48.720 was even talking to a neighbor the other day and 0:01:48.760 --> 0:01:51.560 he was saying what he gets through his work, that 0:01:51.640 --> 0:01:54.440 his premiums every month are really expensive, Like even though 0:01:54.440 --> 0:01:58.360 his employer subsidizes a decent chunk of those premiums, like 0:01:58.480 --> 0:02:01.480 it's there's still a lot on the plate for him 0:02:01.520 --> 0:02:04.320 to have to pay every single month. And so for us, 0:02:04.160 --> 0:02:07.000 it seems it's the cheapest, most effective way for us 0:02:07.040 --> 0:02:09.720 to cover our families. And we've got a review on it. 0:02:09.760 --> 0:02:10.959 If you want to read it, we'll link to it 0:02:11.000 --> 0:02:13.040 in the show notes that Matt wrote about how it's 0:02:13.040 --> 0:02:15.560 worked for his family. But I found on one of 0:02:15.560 --> 0:02:19.160 my new favorite features of metashare is that they have 0:02:19.320 --> 0:02:22.280 partnered with basically this tele dot company called md Live 0:02:22.720 --> 0:02:26.440 and you can virtually visit a doctor on the computer 0:02:26.600 --> 0:02:31.400 or via phone for free, which is just another massive 0:02:31.440 --> 0:02:34.320 win for us. Is included in the price. There is 0:02:34.360 --> 0:02:37.960 no yeah, baseline fee, there's no copay that comes with that. 0:02:38.080 --> 0:02:39.880 It is included, so like a week and a half 0:02:39.960 --> 0:02:42.480 what we've seen before, but like I've never we've never 0:02:42.760 --> 0:02:44.200 taken advantage of it. So we used it for the 0:02:44.240 --> 0:02:46.720 first time a couple of weeks ago, Like all of 0:02:46.760 --> 0:02:49.480 our kids were sick. I think everybody that we knew 0:02:49.760 --> 0:02:51.919 had sick kids. Like it was going around. 0:02:52.080 --> 0:02:58.040 It's like flu, it's COVID, it's colds, everything hitting simultaneously. 0:02:58.160 --> 0:02:59.720 Everyone I know who had a kid like had to 0:03:00.000 --> 0:03:01.640 pulled out of school for a couple of days. And 0:03:01.720 --> 0:03:03.400 so we were like, Okay, we're gonna try to go 0:03:03.400 --> 0:03:06.360 see the pediatrician. They were full up, man, they didn't 0:03:06.400 --> 0:03:08.799 have room to take us because everybody was sick, and 0:03:08.880 --> 0:03:12.000 so We're like, Okay, we're gonna give this Teledoc MD live. 0:03:12.000 --> 0:03:14.360 We're gonna give it a shot. And it was great, 0:03:14.560 --> 0:03:17.120 Like it was so simple. We waited forty five minutes 0:03:17.240 --> 0:03:18.880 and you don't even like you're not like sitting in 0:03:18.880 --> 0:03:21.240 a waiting room though, you're literally at home kicking it. 0:03:21.360 --> 0:03:22.640 And then you get a text and it's like the 0:03:22.639 --> 0:03:24.320 doctor will see you now, so you hop into the 0:03:24.600 --> 0:03:27.000 to the chat, to the to, you click the link. 0:03:27.080 --> 0:03:29.200 Waiting forty five minutes at home while you're cooking dinner 0:03:29.360 --> 0:03:31.720 or cleaning the dishes or something like that. It's much 0:03:31.760 --> 0:03:34.200 much better than sitting in a waiting room full of 0:03:34.240 --> 0:03:38.840 other sick kids, yeah, sneezing on you and being all nasty. 0:03:39.120 --> 0:03:42.040 Right, and then there's no sick visit that we had 0:03:42.040 --> 0:03:45.160 to pay. There's it's literally free to get the diagnostics in. Yeah, 0:03:45.200 --> 0:03:46.800 so I will say I'm super happy with it. 0:03:46.800 --> 0:03:51.000 Sounds like Joel's pretty bullish on teledoc teledox stocks. 0:03:51.040 --> 0:03:53.400 I know, well, you know teledox stock in particular has 0:03:53.400 --> 0:03:55.360 not been doing well as a plate. But yeah, it's 0:03:55.440 --> 0:03:57.200 it's just one of those things that adds a lot 0:03:57.200 --> 0:03:59.240 of value to our ministure membership. 0:03:59.320 --> 0:04:01.280 Nice. Looking forward to checking that out. That's not something 0:04:01.320 --> 0:04:03.120 that we've taken advantage of yet, but I could totally 0:04:03.160 --> 0:04:05.320 see where that would come in handy. In particular, if 0:04:05.360 --> 0:04:08.800 you know that you just need we probably need this prescription. 0:04:08.880 --> 0:04:11.440 You know this prescribed. We just need some meds. My 0:04:11.520 --> 0:04:14.560 kids are particularly susceptible to SHREP for some reason. It's 0:04:14.560 --> 0:04:16.560 a favorite. So yeah, we had to answer a couple 0:04:16.680 --> 0:04:18.640 questions at the doc, and typically they like to do 0:04:18.680 --> 0:04:19.120 a swab. 0:04:19.160 --> 0:04:22.159 But he even prescribed an antibiotic you know in that 0:04:22.279 --> 0:04:24.200 in that chat, which is cool. Did he did they 0:04:24.240 --> 0:04:26.560 make make your daughter? Make her open up her mouth? 0:04:26.800 --> 0:04:28.919 We took a picture. Oh yeah, yeah, we took a picture. 0:04:28.920 --> 0:04:31.200 We sent it in even before the appointment, So because. 0:04:30.960 --> 0:04:32.320 If you're on a video call, he could just be like, 0:04:32.360 --> 0:04:34.279 all right, make sure the video light's on and just 0:04:34.279 --> 0:04:38.280 just jam it in there real close. You hear him talking, 0:04:38.360 --> 0:04:43.400 it's like echoing in her her mouth. Water. Uh, that's cool, 0:04:43.480 --> 0:04:45.279 that's cool though. I'm glad you were able to take 0:04:45.320 --> 0:04:48.359 advantage of that. Hopefully we won't need to take advantae 0:04:48.360 --> 0:04:50.799 of that soon, but I'm glad to know that it exists. 0:04:51.360 --> 0:04:53.679 Let's introduce the beer you and I. We are enjoying 0:04:53.720 --> 0:04:57.560 another Talisman beer and this one is called Uplifted. It 0:04:57.640 --> 0:05:00.520 is a Scottish style. Ale Hady, thank you so much 0:05:00.560 --> 0:05:03.239 for donating this. This is our last of the Talisman beers. 0:05:03.560 --> 0:05:06.440 They're out of Utah, but looking forward to enjoying this one, 0:05:06.640 --> 0:05:08.839 and we will share our thoughts at the end of 0:05:08.839 --> 0:05:09.919 the episode. 0:05:09.560 --> 0:05:11.159 No doubt, all right, but let's get onto it, Matt. 0:05:11.360 --> 0:05:13.799 The subject of hands is do it popular money advice 0:05:13.839 --> 0:05:16.400 that just ain't right. And it made me think of 0:05:16.640 --> 0:05:19.160 maybe some other pieces of advice that we just assume 0:05:19.160 --> 0:05:21.320 are correct because you've heard it so much, so many times. 0:05:21.680 --> 0:05:24.960 And I personally like to get out there and grill 0:05:25.040 --> 0:05:29.360 on occasion. And you've heard everybody say it that searing 0:05:29.400 --> 0:05:32.200 your meat is the best way to lock in the flavor, right, 0:05:32.200 --> 0:05:34.000 you want to get that grill, piping hot. 0:05:33.720 --> 0:05:35.400 Lock in the moisture, slap that. 0:05:36.000 --> 0:05:38.360 Steak down or whatever it is, and that is going 0:05:38.400 --> 0:05:40.640 to yeah, lock in the moisture. It's something I've heard 0:05:40.680 --> 0:05:43.480 folks say for years. And then you get to right 0:05:43.760 --> 0:05:46.800 after they click their tongs and they're like, all right, 0:05:46.800 --> 0:05:48.520 it's ready, that's right, and then it's like, oh, you're 0:05:48.520 --> 0:05:50.760 going to get to get to eat that juicy, medium 0:05:50.839 --> 0:05:53.320 rare steak that you have always dreamed of, But you 0:05:53.440 --> 0:05:55.880 got to get the seer right. But as it turns out, 0:05:56.520 --> 0:05:59.640 that's actually the farthest thing from the truth. Culinary scientists 0:05:59.760 --> 0:06:02.360 tell us that although this sounds like good advice, it's 0:06:02.360 --> 0:06:04.479 not actually the best method if you want to get 0:06:04.720 --> 0:06:08.520 the proper outcome. And it's true that searing your steak 0:06:08.600 --> 0:06:11.040 is going to brown it, which does increase some caramelization. 0:06:11.120 --> 0:06:13.320 Oh yeah, flavor and texture. So that is seared at 0:06:13.320 --> 0:06:13.560 some point. 0:06:13.640 --> 0:06:15.880 Yeah, it's good for other reasons, but not necessarily what 0:06:15.920 --> 0:06:17.920 you're saying from a moisture standpoint, Yeah, like that's the 0:06:18.279 --> 0:06:21.760 Millard reaction whatever, where basically you're reducing some of those 0:06:21.760 --> 0:06:24.600 sugars and that's what creates that delicious smell. Like when 0:06:24.640 --> 0:06:27.640 you smell delicious food, it's because of the browning. It's 0:06:27.680 --> 0:06:30.160 because of the searing that often is taking place. But 0:06:30.160 --> 0:06:32.640 that doesn't necessarily have anything to do with like you're saying, 0:06:32.640 --> 0:06:35.120 the moisture of the meat that you're ceiling in like 0:06:35.120 --> 0:06:37.560 a I picture like a raincoat or you know, or 0:06:37.600 --> 0:06:39.400 like somebody who's like trying to make weight for like 0:06:39.440 --> 0:06:41.599 wrestling or something like that, and they're like wearing trash bags. 0:06:41.640 --> 0:06:44.000 Huh huh uh. They're just like locking in all that 0:06:44.040 --> 0:06:46.799 make all that nasty moisture and they're just wating like crazy. 0:06:47.120 --> 0:06:49.039 That seer does not act like a rain jacket for 0:06:49.080 --> 0:06:49.520 your steak. 0:06:49.680 --> 0:06:52.240 No, no, it doesn't. And the truth is starting to 0:06:52.279 --> 0:06:55.960 cook your steak slower and then doing a reverse sere 0:06:56.040 --> 0:06:58.040 to add that flavor in the end is the best method. 0:06:57.760 --> 0:06:59.720 And getting really fancy, aren't you. 0:07:00.480 --> 0:07:02.720 So even let's say you put that steak in a suv, 0:07:02.880 --> 0:07:05.560 you cook it until it reaches a certain temperature, and 0:07:05.640 --> 0:07:06.880 then you slap it on the grill for like a 0:07:06.920 --> 0:07:08.240 minute a half on each side or something like that. 0:07:08.360 --> 0:07:10.000 Typically a lot of folks say that's the way you're 0:07:10.000 --> 0:07:11.640 going to get the best tasting steak in the end. 0:07:12.160 --> 0:07:15.320 But it's just not what you normally hear as typical 0:07:15.320 --> 0:07:18.559 grilling advice from most folks. And just like that BS 0:07:18.640 --> 0:07:21.280 grilling advice, right, that just isn't right. We're going to 0:07:21.320 --> 0:07:24.080 spend some time talking smack about personal finance advice today 0:07:24.080 --> 0:07:26.800 on the show that we just dislike or maybe that 0:07:27.120 --> 0:07:30.320 has taken on this element of gospel truth, but we 0:07:30.320 --> 0:07:32.680 would say, in reality, there's a lot of mistruth in 0:07:33.000 --> 0:07:34.840 that statement, and so we're going to kind of like 0:07:34.880 --> 0:07:36.560 break them down and talk about them today's show. 0:07:36.600 --> 0:07:38.240 Yeah, Like, there's just a lot of crappy things out 0:07:38.240 --> 0:07:41.120 there being said, and oftentimes I think the problem is 0:07:41.160 --> 0:07:44.320 that we like we hear something and because it intuitively makes, 0:07:44.400 --> 0:07:45.960 you know, some sort of sense, like we just stick 0:07:46.000 --> 0:07:48.000 with it, just like you were talking about with the 0:07:48.080 --> 0:07:51.080 searing meat, or maybe it's just packaged in such a 0:07:51.080 --> 0:07:53.520 way that it makes it easy to remember, right Because 0:07:53.560 --> 0:07:55.680 like we're all living, busy live, so anytime we're able 0:07:55.680 --> 0:07:58.600 to hear something that allows us to simplify and make 0:07:58.640 --> 0:08:00.920 life a little bit easier, we're going to cling to 0:08:00.960 --> 0:08:02.800 that basic rule of thumb. I think it's one of 0:08:02.800 --> 0:08:05.520 the ways that we're that we're able to be super productive, right, Like, 0:08:05.560 --> 0:08:08.680 most folks are looking for shortcuts, but it doesn't always 0:08:08.720 --> 0:08:10.720 mean that those shortcuts are accurate in that day and 0:08:10.720 --> 0:08:13.400 that they're the best method of action for you and 0:08:13.440 --> 0:08:16.080 your money. And the fact is there have always been 0:08:16.920 --> 0:08:19.560 folks out there who are just spouting bad information, right Like, 0:08:19.600 --> 0:08:22.760 I think most folks are well intentioned, but you're likely 0:08:22.760 --> 0:08:25.800 going to encounter some bad advice as you are working 0:08:25.880 --> 0:08:28.160 to get your personal finances in order. Yeah, as you're 0:08:28.160 --> 0:08:29.720 trying to make that progress. And so we're going to 0:08:29.880 --> 0:08:32.560 call out some of the biggest culprits today on the show, 0:08:32.600 --> 0:08:34.679 and we're going to share how it is that you 0:08:34.840 --> 0:08:36.560 should be thinking about your money. 0:08:36.600 --> 0:08:38.040 Yeah, And I like how you said most people are 0:08:38.040 --> 0:08:41.520 well intentioned. I think there's a couple of things. One, 0:08:41.440 --> 0:08:44.480 people are out there are trying to simplify advice for 0:08:44.920 --> 0:08:47.280 the masses, trying to give them good information in a 0:08:47.320 --> 0:08:50.160 bite sized way, but oftentimes then you're missing a lot 0:08:50.160 --> 0:08:52.680 of kind of the important truth that surrounds it. But also, 0:08:53.160 --> 0:08:55.080 there are a lot of people who just don't know 0:08:55.200 --> 0:08:58.559 enough about personal finance, and so they might be newbie 0:08:58.600 --> 0:09:01.920 influencers on social media hoping to talk about their experience 0:09:01.920 --> 0:09:03.720 and how they've been able to change their lives, but 0:09:03.760 --> 0:09:06.760 oftentimes they're missing some of the most important ingredients to 0:09:06.800 --> 0:09:09.080 be able to help people do it in their own lives. 0:09:08.920 --> 0:09:12.080 Right, Yeah. Yeah, they might have a good story, just 0:09:12.160 --> 0:09:14.800 good heart, yeah exactly, and kind of where they are personally, 0:09:15.000 --> 0:09:17.840 maybe there's some wisdom that you can clean from their experiences, 0:09:18.040 --> 0:09:19.760 but they may not be fully informed. 0:09:19.800 --> 0:09:21.920 Yeah, and you may not be able to directly apply 0:09:22.000 --> 0:09:24.920 it to your own situation because their situation could be 0:09:25.160 --> 0:09:27.320 quite a bit different. Actly, And so yeah, we would 0:09:27.320 --> 0:09:29.400 say some of the basic advice still holds. Like we're 0:09:29.400 --> 0:09:31.640 not trying to throw out the baby with the bathwater 0:09:31.720 --> 0:09:35.160 in this episode. Some of the most basic advice out there, 0:09:35.679 --> 0:09:37.920 for instance, like the number one rule of personal finance, 0:09:37.920 --> 0:09:40.559 which is spending lesson you make That holds water, right, 0:09:40.600 --> 0:09:44.120 that makes sense to us. But even in something like that, 0:09:44.720 --> 0:09:46.920 even in such a basic piece of advice that's like 0:09:46.960 --> 0:09:49.520 the number one rule of personal finance, that can even 0:09:49.520 --> 0:09:51.960 get warps into folks, leading you to think that you 0:09:52.000 --> 0:09:56.160 shouldn't spend money, a push towards maximum frugality, which we 0:09:56.200 --> 0:09:59.760 would say can become unhealthy. Plus, even that little basic 0:09:59.760 --> 0:10:02.360 piece advice, which is helpful, it just doesn't tell you 0:10:02.440 --> 0:10:05.560 how much less you should be spending, like how you 0:10:05.600 --> 0:10:08.760 should be changing your habits and you know, should that 0:10:08.760 --> 0:10:11.360 be a constant amount over the decades. Well, that pithy 0:10:11.600 --> 0:10:14.440 a little bit of advice doesn't really tell you. So 0:10:14.559 --> 0:10:16.800 we would say even the most basic advice that has 0:10:16.840 --> 0:10:19.240 truth to it needs some context needs some fleshing out, 0:10:19.679 --> 0:10:23.400 in particular depending on your personal situation, and naturally that 0:10:23.440 --> 0:10:27.280 context that fleshing out requires time and attention, which is 0:10:27.480 --> 0:10:30.160 unfortunately in short supply. Right, So, most folks in our 0:10:30.200 --> 0:10:33.040 modern age, they're content with these five second sound bites 0:10:33.080 --> 0:10:35.600 and they're just not willing to read past the headlines. 0:10:35.960 --> 0:10:38.720 But that additional time is what it often takes in 0:10:38.800 --> 0:10:42.040 order to understand the nuance of any conversation or debate. 0:10:42.280 --> 0:10:45.360 And it's it's it's true everywhere, but it's definitely true 0:10:45.720 --> 0:10:47.720 of these personal finance conversations as. 0:10:47.679 --> 0:10:49.760 Right, yeah, all right, yeah, So let's talk about some 0:10:49.800 --> 0:10:51.920 of the some of the crappy advice in the realm 0:10:52.120 --> 0:10:55.240 of spending first, and one of the popular lines of 0:10:55.320 --> 0:10:59.800 advice is skip the latte, skip the avocado toast. This is, 0:11:00.840 --> 0:11:02.720 I mean, honestly, it's barn on one of the pieces 0:11:02.720 --> 0:11:06.000 of advice I hate the most. And it's not that 0:11:06.120 --> 0:11:08.440 spending too much money at your local coffee shop like that, 0:11:08.480 --> 0:11:11.600 it's not possible. It definitely is. And it's not that 0:11:11.679 --> 0:11:14.200 the small expenses that you make that they don't add 0:11:14.280 --> 0:11:17.000 up to a meaningful amount of money, because they do. 0:11:17.080 --> 0:11:19.400 And you know, you might be wasting money without even 0:11:19.440 --> 0:11:21.800 thinking enough about it. Now, this happens to a lot 0:11:21.800 --> 0:11:24.160 of folks. It's just I don't understand why coffee shops 0:11:24.160 --> 0:11:26.200 specifically bear the brunt. 0:11:26.000 --> 0:11:28.480 Of this right coffee shop owner. There's so many other 0:11:28.520 --> 0:11:29.400 places you could. 0:11:29.320 --> 0:11:32.160 Attack exactly, so many other places where where folks were 0:11:32.200 --> 0:11:35.400 wasting money, like a ridiculous car payment for a fancy 0:11:35.440 --> 0:11:37.120 car that you don't really need when you could have 0:11:37.160 --> 0:11:40.240 just paid cash for something more affordable, or like having 0:11:40.440 --> 0:11:43.600 your meals delivered. Or speaking of food, think about the 0:11:43.640 --> 0:11:47.160 countless containers of leftovers that you've tossed or jol the 0:11:47.160 --> 0:11:49.520 accountless that's your favorite thing to attacked by the people 0:11:49.559 --> 0:11:51.680 that don't eat their leftovers. What is wrong with you? You 0:11:51.559 --> 0:11:53.880 don't like those people. It's a terrible habit. It's just 0:11:53.920 --> 0:11:56.959 an inefficient way of going about making your meals at home. 0:11:57.320 --> 0:12:01.160 And yet we're kind of digressing herealking about the latte factor. 0:12:01.360 --> 0:12:03.600 But folks, and in particular media, I think it's just 0:12:03.640 --> 0:12:06.680 picked one of the loveliest spots that's often the like 0:12:06.720 --> 0:12:09.199 a cornerstone of community hangs. It just seems like the 0:12:09.200 --> 0:12:11.200 coffee shop has kind of gotten a bad rap maybe 0:12:11.200 --> 0:12:13.920 this is on my mind, Joel, because this morning you 0:12:13.920 --> 0:12:15.679 and I w went and got a coffee before our 0:12:15.720 --> 0:12:16.319 morning meeting. 0:12:16.360 --> 0:12:18.240 We had a new neighbor who was awesome, We saw 0:12:18.280 --> 0:12:20.280 old neighbors who we love, and. 0:12:20.240 --> 0:12:23.000 It's something that I don't know, maybe we're biased a 0:12:23.000 --> 0:12:25.520 little bit because it's something that we are realizing it. 0:12:25.720 --> 0:12:28.240 It's important in our sort of It's not like something 0:12:28.240 --> 0:12:30.600 we do every day, but when we do partake in 0:12:30.640 --> 0:12:32.959 it typically, Yeah, it provides a lot of meeting and 0:12:33.040 --> 0:12:33.520 value to us. 0:12:33.559 --> 0:12:36.120 That's four dollar flat white provides a lot more than 0:12:36.240 --> 0:12:39.160 just like a delicious cup of coffee exactly. And that's, 0:12:39.520 --> 0:12:41.240 by the way, my beverage of choice. Typically if I'm 0:12:41.240 --> 0:12:42.520 going out to a coffee shop, flat. 0:12:42.320 --> 0:12:45.520 Whites, Grotado all the way. So Tortata's are great too, 0:12:45.600 --> 0:12:47.720 slightly less milk, Yeah, thats true. 0:12:48.040 --> 0:12:49.760 Well so yeah, so we would say that that is 0:12:49.760 --> 0:12:52.000 one of those things where that is up to the individual. 0:12:52.000 --> 0:12:52.960 And I think you're right, Matt. 0:12:53.040 --> 0:12:56.120 There are other places, in particular, larger line items in 0:12:56.160 --> 0:12:58.760 our budget that are much easier to cut back, especially 0:12:58.760 --> 0:13:00.600 if the coffee shop is a place where you do 0:13:00.920 --> 0:13:03.120 derive a lot of joy in community from or you 0:13:03.200 --> 0:13:05.440 enjoy even you know, when you're working from home, going 0:13:05.440 --> 0:13:07.199 to work there, and it really, when you think about it, 0:13:07.240 --> 0:13:09.520 in the grand scheme of things, it's a minimal cost. 0:13:09.760 --> 0:13:12.120 For some reason, we've singled out coffee shops. It's wrong, 0:13:12.200 --> 0:13:15.640 it needs to stop. But speaking of those just a right, 0:13:15.840 --> 0:13:18.360 that's right, those bigger ticket items, though, you have bigger 0:13:18.400 --> 0:13:20.920 fish to fry. So when you spend an inordinate amount 0:13:21.160 --> 0:13:23.360 of your time thinking about these tiny little ways that 0:13:23.559 --> 0:13:26.240 you could potentially eke out a few more bucks, I'm 0:13:26.280 --> 0:13:28.439 not saying I don't think either of us would say, Matt, 0:13:28.440 --> 0:13:31.640 that that's time poorly spent, but we would say you 0:13:31.720 --> 0:13:35.199 might be hogging valuable mental bandwidth that could be spent 0:13:35.679 --> 0:13:37.840 on those bigger ticket items where you could be getting 0:13:38.000 --> 0:13:41.040 a bigger ROI by looking elsewhere. And so instead of 0:13:41.200 --> 0:13:44.480 constantly worrying about spending money on coffee, get a more 0:13:44.520 --> 0:13:47.360 affordable car insurance provider boom that just paid for your 0:13:47.360 --> 0:13:50.839 coffee for the entire year. I love doing those bigger things, 0:13:51.040 --> 0:13:53.480 a one time task that allows you then to use 0:13:53.480 --> 0:13:55.719 your money in a way that's more effectively going to 0:13:55.800 --> 0:13:58.679 move the needle value wise in your life. And this 0:13:58.720 --> 0:14:01.199 is of course a fine balanced strike because you and 0:14:01.280 --> 0:14:02.960 I we're all about frugal living. Like, we don't want 0:14:03.000 --> 0:14:04.839 people necessarily going out there and get that flat white 0:14:04.880 --> 0:14:07.080 every day. That's not what we're that's not what we're saying. 0:14:07.120 --> 0:14:10.520 But if you're counting pennies of every single purchase, not 0:14:10.600 --> 0:14:12.760 only are you like sucking the fund the joy out 0:14:12.800 --> 0:14:15.240 of some of those simple pleasures of life, but it's 0:14:15.280 --> 0:14:17.880 it could also just be a highly inefficient use of 0:14:17.920 --> 0:14:20.400 your time. You're majoring on the miners, and we would 0:14:20.400 --> 0:14:23.400 say that there's a whole lot more financial ground you 0:14:23.440 --> 0:14:25.680 can cover focusing more on those big ticket items. 0:14:25.680 --> 0:14:27.240 That's right. I gotta keep you in check in case 0:14:27.280 --> 0:14:29.160 I start hearing Joel saying, all right, this kind of 0:14:29.160 --> 0:14:31.360 feels like a two flat white kind of day. 0:14:32.080 --> 0:14:34.200 Oh man, I don't think I've ever done two coffees 0:14:34.240 --> 0:14:36.920 in one day a week. Maybe we could justify that 0:14:36.960 --> 0:14:37.480 on occasion. 0:14:37.880 --> 0:14:40.840 All right, Well, not only should you be thinking about 0:14:40.920 --> 0:14:43.080 like some of these big ways to save money, but 0:14:43.360 --> 0:14:46.080 also the big ways that you can make more money 0:14:46.200 --> 0:14:48.440 as well, right, Because I think you can easily adopt 0:14:48.520 --> 0:14:51.720 that same like latte factor mindset and then just apply 0:14:51.800 --> 0:14:54.160 it to how it is that you make money, and 0:14:54.240 --> 0:14:56.360 so it's like, specifically, what I'm thinking of here is like, 0:14:56.360 --> 0:14:58.400 we see a lot of folks who are spending a 0:14:58.400 --> 0:15:02.120 tremendous amount of time their side hustle use, in particular 0:15:02.200 --> 0:15:05.680 using different apps like swag Bucks, Uber, Instacart, or feel. 0:15:05.680 --> 0:15:07.440 They come to mind, and again we're you know, we're 0:15:07.440 --> 0:15:09.800 all about folks using the spare time that they've got 0:15:09.800 --> 0:15:13.400 to get after whatever financial goal that they've set for themselves. 0:15:13.400 --> 0:15:15.520 But this is an instance, man like where it would 0:15:15.560 --> 0:15:18.239 be really helpful to pause for a moment and imagine 0:15:18.400 --> 0:15:20.680 where this side hustle is going to take you. But 0:15:20.720 --> 0:15:24.280 the allure to immediately make some instant cash is attractive, 0:15:25.120 --> 0:15:27.120 not to mention, you know, like all the apps, they 0:15:27.120 --> 0:15:29.800 are designed to keep folks coming back, to keep you 0:15:29.840 --> 0:15:32.200 coming back for more due to how it is that 0:15:32.240 --> 0:15:35.840 they're designed, how they're they've essentially gamified the tasks or 0:15:35.920 --> 0:15:38.920 the jobs that literally pop up from within the app. 0:15:39.240 --> 0:15:41.080 They don't want you to slow down and think about 0:15:41.120 --> 0:15:43.000 the big picture. They just want you to keep working. 0:15:43.280 --> 0:15:46.160 So don't lose sight of the forest for the trees. Simultaneously, 0:15:46.200 --> 0:15:49.120 don't let the desire to hustle and to make a 0:15:49.120 --> 0:15:52.240 small amount of money today keep you from making a 0:15:52.360 --> 0:15:55.640 large amount of money tomorrow. This is when, like I 0:15:55.960 --> 0:15:59.160 even hate using this phrase, but oftentimes folks who kind 0:15:59.160 --> 0:16:01.960 of fall into this pattern fall into like the scarcity mindset. 0:16:02.240 --> 0:16:03.600 And I don't like saying that because it makes it 0:16:03.600 --> 0:16:05.520 seem like that you can just manifest stuff and think 0:16:05.560 --> 0:16:08.240 it and bring it into existence. You can't just do that. 0:16:08.280 --> 0:16:10.080 It takes a lot of hard work. But sometimes we 0:16:10.120 --> 0:16:13.080 do get locked into that scarcity mindset as opposed to 0:16:13.120 --> 0:16:15.400 thinking about like an abundance mindset. Right, Like if you 0:16:15.480 --> 0:16:18.080 are so focused in particular going back to the spending 0:16:18.120 --> 0:16:21.760 on just watching every single little penny and instead what 0:16:21.840 --> 0:16:23.560 if you took that same amount of energy and poured 0:16:23.560 --> 0:16:25.920 it into ways that you can not only make money 0:16:26.200 --> 0:16:28.680 via some of these different apps that feel immediate, but like, 0:16:28.760 --> 0:16:30.600 let's talk about some of the bigger pictures, some of 0:16:30.600 --> 0:16:33.680 the larger, big thinking kind of ways that will allow 0:16:33.720 --> 0:16:36.760 you to advance your career and make some serious positive 0:16:36.800 --> 0:16:37.800 impacts on your income. 0:16:37.880 --> 0:16:39.560 Yeah, it almost makes me think of when you go 0:16:39.600 --> 0:16:42.080 to a casino and how you have no idea what 0:16:42.120 --> 0:16:43.680 time of day it is and they're probably in oxygen, 0:16:43.680 --> 0:16:45.280 and so your blinders around. You don't know how long 0:16:45.280 --> 0:16:47.240 you've been there, you don't know how much money you've lost, 0:16:47.280 --> 0:16:49.720 like because you're getting free drinks and so it's but 0:16:49.760 --> 0:16:51.400 you got a free buffet, and so maybe that makes 0:16:51.480 --> 0:16:52.480 up for all the time. 0:16:52.640 --> 0:16:54.840 And that's how this tells me that I should not 0:16:54.880 --> 0:16:57.720 go to Vegas because I hear that and I have 0:16:57.800 --> 0:17:01.720 fallen into similar traps at other points in my life. Yes, 0:17:01.760 --> 0:17:04.840 in particular, I'm thinking about playing video games in college. 0:17:05.359 --> 0:17:07.119 I was just like, wait, what day is It's like 0:17:07.160 --> 0:17:09.120 everything is conspiring against you to get you to lose 0:17:09.119 --> 0:17:11.160 your money. And I think with some of these side hustles, 0:17:11.400 --> 0:17:14.000 it's not that they can't be effective in the short term. 0:17:14.160 --> 0:17:16.680 We've talked about kind of the nefarious elements that side 0:17:16.760 --> 0:17:19.840 hustles come with, and so people have to be really 0:17:19.840 --> 0:17:22.480 careful before they dedicate too much time to making money 0:17:22.520 --> 0:17:25.080 on the side. There are often more effective ways to 0:17:25.160 --> 0:17:27.120 grow your to grow your income over the long term. 0:17:27.160 --> 0:17:28.960 That doesn't mean to you know, the great thing about 0:17:29.000 --> 0:17:30.760 side hustles is you can like literally hit a button 0:17:30.800 --> 0:17:33.000 and start making money today, and that's a great short 0:17:33.080 --> 0:17:35.040