1 00:00:00,120 --> 00:00:02,759 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:02,840 --> 00:00:24,800 Speaker 1: and today we are answering your listener questions. We are 3 00:00:24,840 --> 00:00:27,560 Speaker 1: taking our usual five questions on our ask how to 4 00:00:27,600 --> 00:00:30,840 Speaker 1: Money episode today. Even with the current economic craziness that's 5 00:00:30,840 --> 00:00:33,280 Speaker 1: going on, a lot of the personal finance principles that 6 00:00:33,320 --> 00:00:35,680 Speaker 1: we talk about every week they still hold true, and 7 00:00:35,720 --> 00:00:38,040 Speaker 1: a lot of the questions we're getting still reflect that. 8 00:00:38,520 --> 00:00:41,800 Speaker 1: So we're gonna cover the potential for increased cost if 9 00:00:41,800 --> 00:00:43,760 Speaker 1: you're gonna live in a big city, and we're gonna 10 00:00:43,800 --> 00:00:46,640 Speaker 1: cover long term care insurance as well, which is one 11 00:00:46,680 --> 00:00:48,640 Speaker 1: of those topics that we haven't really touched before. But 12 00:00:48,720 --> 00:00:51,159 Speaker 1: I am excited to talk about it in this format. 13 00:00:51,440 --> 00:00:53,360 Speaker 1: Me too, Man, for sure. You know, anytime we're answering 14 00:00:53,360 --> 00:00:56,440 Speaker 1: listener questions and we know that we're hopefully helping somebody 15 00:00:56,480 --> 00:00:59,400 Speaker 1: out makes me happy. It's fun. But Matt, before we 16 00:00:59,400 --> 00:01:01,160 Speaker 1: get to that, think something else that might be able 17 00:01:01,200 --> 00:01:05,040 Speaker 1: to help people out. Is just a quick tip. So 18 00:01:05,400 --> 00:01:09,280 Speaker 1: my family all went down with strapped, stay away from 19 00:01:09,319 --> 00:01:13,800 Speaker 1: me to just just this week, there was a massive 20 00:01:13,840 --> 00:01:16,760 Speaker 1: infection floating through our household. I was the lone survivor 21 00:01:17,280 --> 00:01:20,119 Speaker 1: and so far, so far that's right. Are you taking 22 00:01:20,120 --> 00:01:22,399 Speaker 1: preemptive medicine? Does that work? Should be? I don't know 23 00:01:22,400 --> 00:01:24,840 Speaker 1: who does? I don't know. We should consult a medical professional. 24 00:01:25,920 --> 00:01:28,679 Speaker 1: We will find this out before you attempt to take medicine. 25 00:01:28,720 --> 00:01:30,240 Speaker 1: That nobody needs to email us. But if you want 26 00:01:30,240 --> 00:01:33,640 Speaker 1: to consult a money saving professional, look no further. Because 27 00:01:33,760 --> 00:01:37,160 Speaker 1: the best place to get your antibiotics is public So. 28 00:01:37,280 --> 00:01:40,639 Speaker 1: Public is a regional grocery store in the southeastern United States. 29 00:01:40,800 --> 00:01:42,520 Speaker 1: And we live in the state of Georgia, and so 30 00:01:42,560 --> 00:01:44,680 Speaker 1: Publics has a lot of locations, a new one near 31 00:01:44,720 --> 00:01:47,680 Speaker 1: where we live. I had the prescriptions sent there and man, 32 00:01:47,760 --> 00:01:50,120 Speaker 1: it's awesome because Publics is one of the few grocery 33 00:01:50,120 --> 00:01:55,080 Speaker 1: stores that offers antibiotics scott free, absolutely no money, no 34 00:01:55,280 --> 00:01:57,120 Speaker 1: cost at all, exactly. It's a beautiful thing. So I 35 00:01:57,160 --> 00:01:59,480 Speaker 1: was able to get my family started on the mend 36 00:01:59,640 --> 00:02:03,320 Speaker 1: for for Freeman. And you can also get pet antibotics 37 00:02:03,320 --> 00:02:04,920 Speaker 1: there as well. I don't know if back when you 38 00:02:04,920 --> 00:02:06,960 Speaker 1: you guys had a dog, but if you ever needed 39 00:02:06,960 --> 00:02:10,560 Speaker 1: antibiotics like pets oftentimes take the same antibotics that we do, 40 00:02:10,639 --> 00:02:14,320 Speaker 1: so a mox of sillin, penicillin. It just depends but 41 00:02:14,720 --> 00:02:16,520 Speaker 1: if you go to public you can get those pet 42 00:02:16,560 --> 00:02:19,240 Speaker 1: antibiotics there as well. Nice. Yeah, and so for folks 43 00:02:19,240 --> 00:02:20,880 Speaker 1: that limit other parts of the country. By the way, 44 00:02:21,160 --> 00:02:24,280 Speaker 1: Giant Foods and Stop and Shop apparently are other grocery 45 00:02:24,320 --> 00:02:27,079 Speaker 1: sources that offer free antibiotics. Sam Club too, doesn't sam 46 00:02:27,120 --> 00:02:29,519 Speaker 1: Club think sam slub charges four bucks? I think, oh 47 00:02:29,600 --> 00:02:32,200 Speaker 1: so it's like super reduced, but not in another way. 48 00:02:32,440 --> 00:02:35,600 Speaker 1: By the way, to check out what a prescription is 49 00:02:35,600 --> 00:02:38,320 Speaker 1: going to cost, whether it's an antibiotic or something else, 50 00:02:38,880 --> 00:02:40,800 Speaker 1: is you know, one of those one of those savings 51 00:02:40,840 --> 00:02:44,079 Speaker 1: apps like good our x dot com. And that's been 52 00:02:44,160 --> 00:02:47,440 Speaker 1: a big help to me as I try to navigate 53 00:02:47,440 --> 00:02:50,680 Speaker 1: the world of prescriptions, because sometimes if you have insurance, 54 00:02:50,720 --> 00:02:52,480 Speaker 1: it's actually better not to use your insurance and it's 55 00:02:52,480 --> 00:02:55,359 Speaker 1: better to use an app like that. Uh, just depends, right, 56 00:02:55,400 --> 00:02:58,320 Speaker 1: So it's best to to see what the prices at 57 00:02:58,320 --> 00:03:01,320 Speaker 1: the pharmacy counter through your insurance if you have insurance, 58 00:03:01,560 --> 00:03:04,040 Speaker 1: and then also see what the prices on an app 59 00:03:04,080 --> 00:03:05,919 Speaker 1: like good r x and go with the best price. 60 00:03:06,040 --> 00:03:07,480 Speaker 1: And you know what, it might even make sense to 61 00:03:07,520 --> 00:03:09,280 Speaker 1: go down the street to another pharmacy to have that 62 00:03:09,320 --> 00:03:13,000 Speaker 1: prescription filled because the prices can vary so largely from 63 00:03:13,160 --> 00:03:16,600 Speaker 1: CBS to a Walgreens to a public sir Roger, wherever 64 00:03:16,639 --> 00:03:18,760 Speaker 1: you're going. I feel like it's like buckshot, It's just 65 00:03:18,800 --> 00:03:21,240 Speaker 1: scattered all over the place. Never know, man never. Yeah, 66 00:03:21,480 --> 00:03:23,120 Speaker 1: that happened to us, and Kate looked it up on 67 00:03:23,160 --> 00:03:25,359 Speaker 1: good r X and Walgreens in our mind is sort 68 00:03:25,400 --> 00:03:28,720 Speaker 1: of like this kind of fancy expensive pharmacy typically. Yeah, 69 00:03:29,040 --> 00:03:31,080 Speaker 1: I think of it too, That's just my general perception 70 00:03:31,120 --> 00:03:34,480 Speaker 1: of walking. But she was surprised to learn that the 71 00:03:34,520 --> 00:03:37,400 Speaker 1: prescription she needed was way cheaper at Walgreens, and so 72 00:03:37,640 --> 00:03:39,320 Speaker 1: she was like, well, I got to be fancy, walked 73 00:03:39,320 --> 00:03:42,440 Speaker 1: into Walgreen's, got my prescription for Uber cheap and yeah 74 00:03:42,480 --> 00:03:44,480 Speaker 1: we're happy because of it. Yeah. And one other tip 75 00:03:44,600 --> 00:03:46,600 Speaker 1: is Costco pharmacy always a good place to go, and 76 00:03:46,640 --> 00:03:48,360 Speaker 1: you don't have to have a membership in order to 77 00:03:48,440 --> 00:03:51,600 Speaker 1: get your prescriptions filled there. So that is one of 78 00:03:51,640 --> 00:03:54,240 Speaker 1: the cheaper places. But good r X is awesome. They 79 00:03:54,280 --> 00:03:57,080 Speaker 1: do a great job of helping people find their prescriptions 80 00:03:57,120 --> 00:03:59,280 Speaker 1: for less money. Well, you mentioned Costco, and of course 81 00:03:59,280 --> 00:04:01,560 Speaker 1: I gotta push back a little bit because that means 82 00:04:01,600 --> 00:04:03,560 Speaker 1: you have to drive like thirty minutes to get to 83 00:04:03,600 --> 00:04:05,880 Speaker 1: your nearest costcos depending on where you live, some people 84 00:04:05,920 --> 00:04:08,360 Speaker 1: might live closer. Yeah, maybe so, but throwing a good 85 00:04:08,360 --> 00:04:10,480 Speaker 1: podcast and you'll be there at the end of that 86 00:04:10,560 --> 00:04:14,280 Speaker 1: Joe Rogan episode. There are long episodes. Yeah, well, all right, 87 00:04:14,360 --> 00:04:16,440 Speaker 1: let's take it to the beer. This episode, we're drinking 88 00:04:16,680 --> 00:04:19,920 Speaker 1: Green and this is a beer by Treehouse Brewing Company. 89 00:04:20,160 --> 00:04:23,480 Speaker 1: This one was donated to the show by Brian and Caitlin. Joel, 90 00:04:23,480 --> 00:04:26,640 Speaker 1: I'm looking forward to drinking this world class New England. 91 00:04:26,720 --> 00:04:28,880 Speaker 1: I p a with you and we'll share our tasting notes, 92 00:04:28,920 --> 00:04:31,040 Speaker 1: our thoughts on this one at the end of the episode. 93 00:04:31,040 --> 00:04:32,920 Speaker 1: All right, Matt, let's get to the listener questions. And 94 00:04:33,000 --> 00:04:34,960 Speaker 1: for everybody out there listening, if you want to submit 95 00:04:35,000 --> 00:04:39,240 Speaker 1: a question to be featured on an upcoming ask htm episode, well, 96 00:04:39,279 --> 00:04:41,599 Speaker 1: it's really easy to submit a voice question. Just go 97 00:04:41,640 --> 00:04:44,320 Speaker 1: to how to money dot com slash ask. There are 98 00:04:44,440 --> 00:04:48,159 Speaker 1: simple instructions there for you to submit your voice question. 99 00:04:48,360 --> 00:04:51,400 Speaker 1: Jen did this and let's listen to hers. Now. Hi, 100 00:04:51,520 --> 00:04:55,160 Speaker 1: Joel and Matt, this is Jen from St. Paul. I'm 101 00:04:55,200 --> 00:04:59,920 Speaker 1: wondering about financial preparations partners can take when they decide 102 00:05:00,040 --> 00:05:03,600 Speaker 1: that one partner will step back from a career. That 103 00:05:03,680 --> 00:05:08,200 Speaker 1: decision not only impacts the personal income of the person 104 00:05:08,320 --> 00:05:13,559 Speaker 1: stepping back, but also their lifetime earning potential and level 105 00:05:13,600 --> 00:05:17,039 Speaker 1: of job experience. And I worry that that will leave 106 00:05:17,120 --> 00:05:22,840 Speaker 1: them financially vulnerable. What are practical financial steps partners can 107 00:05:22,839 --> 00:05:28,200 Speaker 1: take to ensure both individuals are financially secure and protected. 108 00:05:29,080 --> 00:05:32,200 Speaker 1: I ask because I've known several women who are financially 109 00:05:32,240 --> 00:05:36,479 Speaker 1: devastated by divorce, and I'd like to help others avoid 110 00:05:36,520 --> 00:05:40,240 Speaker 1: that pain. Thanks Jen, Thanks so much for that question, 111 00:05:40,279 --> 00:05:42,120 Speaker 1: and I love your desire to help others. It is 112 00:05:42,120 --> 00:05:44,880 Speaker 1: clear that your heart is in an awesome spot there. 113 00:05:45,000 --> 00:05:46,760 Speaker 1: And so first of all, let's go ahead and start 114 00:05:47,160 --> 00:05:50,200 Speaker 1: with how to prepare for becoming a one income household. 115 00:05:50,480 --> 00:05:52,320 Speaker 1: And the place you have to start is actually doing 116 00:05:52,320 --> 00:05:55,000 Speaker 1: it now. Start living on one income before you pull 117 00:05:55,000 --> 00:05:57,960 Speaker 1: the trigger and actually have only one income. Right, you 118 00:05:57,960 --> 00:05:59,919 Speaker 1: want to go ahead and amp up your savings now. 119 00:06:00,520 --> 00:06:02,960 Speaker 1: By living this way before you actually need to, you 120 00:06:02,960 --> 00:06:04,719 Speaker 1: can boost your savings, and that will give you a 121 00:06:04,760 --> 00:06:07,080 Speaker 1: cushion that will create some of that breathing room, which 122 00:06:07,080 --> 00:06:08,440 Speaker 1: will help you to kind of get used to that 123 00:06:08,480 --> 00:06:10,480 Speaker 1: new normal. So you're kind of living it before you 124 00:06:10,520 --> 00:06:12,479 Speaker 1: actually need it, right, You're almost doing sort of like 125 00:06:12,480 --> 00:06:14,960 Speaker 1: a role play to see what it would actually be 126 00:06:15,080 --> 00:06:18,040 Speaker 1: like before you or your partner would quit that job. Yeah, yeah, 127 00:06:18,040 --> 00:06:20,040 Speaker 1: I mean I think that's that's perfect, right, test it 128 00:06:20,080 --> 00:06:22,320 Speaker 1: out first. And I think another thing to consider, jen 129 00:06:22,560 --> 00:06:25,679 Speaker 1: is is maybe other ways to bring in income instead 130 00:06:25,720 --> 00:06:29,919 Speaker 1: of going on to zero, not getting paid a dime, 131 00:06:30,320 --> 00:06:33,000 Speaker 1: while retaining some sort of work, even going uber part 132 00:06:33,040 --> 00:06:36,040 Speaker 1: time with your current company or your your partner whoever, 133 00:06:36,080 --> 00:06:38,000 Speaker 1: whoever it is, that's cutting back in their work, And 134 00:06:38,000 --> 00:06:41,360 Speaker 1: you're not saying uber part time work right right, Yeah, yeah, 135 00:06:41,400 --> 00:06:44,159 Speaker 1: I'm saying, like it, go super part time, ultra part 136 00:06:44,200 --> 00:06:46,800 Speaker 1: time exactly. So maybe if it's five or ten hours 137 00:06:46,800 --> 00:06:49,200 Speaker 1: a week, even whatever it is, that helps you avoid 138 00:06:49,240 --> 00:06:53,480 Speaker 1: just this massive income disruption of going from making a 139 00:06:53,480 --> 00:06:56,520 Speaker 1: set salary to making zero dollars. And also it prevents 140 00:06:56,520 --> 00:06:59,960 Speaker 1: a disruption in your resume because that lack of work 141 00:07:00,320 --> 00:07:03,359 Speaker 1: over a period of time reflects poorly to to future 142 00:07:03,440 --> 00:07:06,520 Speaker 1: jobs that you might want to apply for. So keeping 143 00:07:06,520 --> 00:07:08,880 Speaker 1: that work history, even if it's ever so slight five 144 00:07:08,960 --> 00:07:10,400 Speaker 1: or ten hours a week can be really helpful, and 145 00:07:10,400 --> 00:07:12,320 Speaker 1: it can make a big difference in in your income 146 00:07:12,360 --> 00:07:16,120 Speaker 1: as a family, so to help prevent those lower future 147 00:07:16,160 --> 00:07:18,280 Speaker 1: career earnings and also at the same time to be 148 00:07:18,320 --> 00:07:20,520 Speaker 1: able to provide a little bit of a cushion while 149 00:07:20,560 --> 00:07:22,800 Speaker 1: you're trying to live on that one income. Having just 150 00:07:22,960 --> 00:07:25,720 Speaker 1: a little bit of income from the other partner can 151 00:07:25,800 --> 00:07:27,560 Speaker 1: can go a long way. Yeah, like you said, it 152 00:07:27,560 --> 00:07:29,160 Speaker 1: doesn't have to be you know, go from a hundred 153 00:07:29,200 --> 00:07:30,840 Speaker 1: to zero, doesn't have to be black or white. You 154 00:07:30,840 --> 00:07:32,280 Speaker 1: can kind of live in that gray that you like 155 00:07:32,360 --> 00:07:36,000 Speaker 1: to so often. Man combining money and marriage. Bottom line, 156 00:07:36,040 --> 00:07:37,760 Speaker 1: it can be hard, right, Like, so much of how 157 00:07:37,800 --> 00:07:40,360 Speaker 1: you handle your finances together like that can be based 158 00:07:40,400 --> 00:07:43,440 Speaker 1: on your income, your money history, your priorities, things like that. 159 00:07:43,840 --> 00:07:45,920 Speaker 1: And so, because each couple can be so different in 160 00:07:45,920 --> 00:07:48,040 Speaker 1: all of these areas, there's not an easy answer to 161 00:07:48,200 --> 00:07:51,200 Speaker 1: any of these questions. That's why it's so important to 162 00:07:51,200 --> 00:07:55,440 Speaker 1: create a system that works for you both. However, transparency 163 00:07:55,760 --> 00:07:58,120 Speaker 1: is going to be key, so make sure that you 164 00:07:58,160 --> 00:08:01,480 Speaker 1: allow for some individual financial economy while also keeping the 165 00:08:01,520 --> 00:08:04,760 Speaker 1: finances visible to both of you. Um. So, the idea 166 00:08:04,800 --> 00:08:06,680 Speaker 1: here is that both of you are being involved in 167 00:08:06,720 --> 00:08:09,640 Speaker 1: the finances. Is not that one or the other completely 168 00:08:09,680 --> 00:08:12,000 Speaker 1: handles all aspects of it. Yeah, and I think Matt, 169 00:08:12,080 --> 00:08:14,720 Speaker 1: sometimes one partner handles the bill pay and the other 170 00:08:14,760 --> 00:08:19,080 Speaker 1: one maybe keeps an eye on the spending, whatever it is, 171 00:08:19,120 --> 00:08:20,840 Speaker 1: but both of you should be involved to at least 172 00:08:20,880 --> 00:08:24,000 Speaker 1: some degree. I think when one partner handles all of 173 00:08:24,000 --> 00:08:26,960 Speaker 1: the finances and the other partners left out of the 174 00:08:27,000 --> 00:08:29,320 Speaker 1: discussion altogether, I feel like those are when I hear 175 00:08:29,360 --> 00:08:33,200 Speaker 1: the horror stories of you know, financial infidelity or or 176 00:08:33,240 --> 00:08:36,160 Speaker 1: just a partner feeling completely left behind by not even 177 00:08:36,200 --> 00:08:38,680 Speaker 1: being involved in the discussion at all. And and of 178 00:08:38,679 --> 00:08:41,559 Speaker 1: course the context of your question is divorce, right, and 179 00:08:41,600 --> 00:08:44,040 Speaker 1: it's worth mentioning since divorces is you know, it can 180 00:08:44,040 --> 00:08:46,760 Speaker 1: be so prevalent in our society, and it's certainly emotionally 181 00:08:46,800 --> 00:08:50,160 Speaker 1: and relationally difficult, but you're right, it also has massive 182 00:08:50,200 --> 00:08:54,240 Speaker 1: consequences to your finances. And so a quick practical tip 183 00:08:54,400 --> 00:08:57,480 Speaker 1: is that when you're contributing to retirement accounts, it's important 184 00:08:57,520 --> 00:09:01,319 Speaker 1: to invest equally in the accounts for each spouse. And 185 00:09:01,440 --> 00:09:03,760 Speaker 1: you know, with money being the number one reason for divorce, 186 00:09:03,800 --> 00:09:07,040 Speaker 1: we would recommend having open conversations with your partner and 187 00:09:07,040 --> 00:09:10,360 Speaker 1: seeking budget counseling. If it's necessary in order to avoid 188 00:09:10,440 --> 00:09:13,600 Speaker 1: these deeper money issues that can lead to the ending 189 00:09:13,679 --> 00:09:16,520 Speaker 1: of a relationship. It always makes you sad to hear of, 190 00:09:16,880 --> 00:09:19,400 Speaker 1: you know, financial infidelity or just an an ability to 191 00:09:19,480 --> 00:09:23,280 Speaker 1: handle personal finances well, which can lead to, you know, 192 00:09:23,360 --> 00:09:26,880 Speaker 1: the end of the long term, happy and stable relationship. Yeah. Man, 193 00:09:26,960 --> 00:09:29,600 Speaker 1: money such a big issue. That's why, you know, we 194 00:09:29,640 --> 00:09:32,280 Speaker 1: want people to be healthy in the way they view money, 195 00:09:32,280 --> 00:09:34,679 Speaker 1: healthy in the way they handle money, and especially when 196 00:09:34,679 --> 00:09:37,720 Speaker 1: you can come together as a couple and be able 197 00:09:37,760 --> 00:09:40,400 Speaker 1: to do that well. It can provide such stability to 198 00:09:40,400 --> 00:09:43,800 Speaker 1: the relationship when you're not constantly worried about money and 199 00:09:43,840 --> 00:09:46,679 Speaker 1: when you can talk about it well in a healthy way. Man, 200 00:09:46,800 --> 00:09:49,959 Speaker 1: that's just a good recipe for for a healthy relationship. 201 00:09:50,040 --> 00:09:53,120 Speaker 1: So Jen, best of luck to you, and also too, 202 00:09:53,240 --> 00:09:55,120 Speaker 1: I just wanted to say one last word of encouragement. 203 00:09:55,360 --> 00:09:57,960 Speaker 1: Becoming a one income household is possible, and I know 204 00:09:58,040 --> 00:10:01,400 Speaker 1: it feels in our current modern society it almost feels 205 00:10:01,440 --> 00:10:04,640 Speaker 1: next to impossible. Two incomes feel necessary. But I think, 206 00:10:04,720 --> 00:10:06,719 Speaker 1: you know, the more frugal we can be, the more 207 00:10:06,760 --> 00:10:08,920 Speaker 1: we can trim our spending, the more likely it is. 208 00:10:09,200 --> 00:10:10,600 Speaker 1: I don't know, for Emily and I when we went 209 00:10:10,640 --> 00:10:12,720 Speaker 1: to that because it was her desire to stay home 210 00:10:12,760 --> 00:10:14,520 Speaker 1: with the kids. I'm not gonna say it didn't make 211 00:10:14,520 --> 00:10:16,839 Speaker 1: me nervous, but you know, we were able to find 212 00:10:16,840 --> 00:10:18,760 Speaker 1: a budget and a spending pattern that worked for us 213 00:10:18,760 --> 00:10:20,760 Speaker 1: to allow us to do that. And when you prioritize it, 214 00:10:20,800 --> 00:10:22,920 Speaker 1: when it's something that you really really want to make happen, 215 00:10:23,360 --> 00:10:26,199 Speaker 1: it's doable. It just takes the dedication to cutting back 216 00:10:26,200 --> 00:10:29,200 Speaker 1: in other areas if that's your priority, and so, yeah, 217 00:10:29,320 --> 00:10:30,920 Speaker 1: you can do it. Best of luck to you and 218 00:10:30,960 --> 00:10:33,839 Speaker 1: your family. Nice buddy, Yeah, it's totally possible. We've got 219 00:10:33,840 --> 00:10:35,760 Speaker 1: a couple more questions. We're gonna get to those right 220 00:10:35,800 --> 00:10:46,600 Speaker 1: after the break. All right, Matt, we're back from the break. 221 00:10:46,600 --> 00:10:48,800 Speaker 1: We got more questions to come for. This next one 222 00:10:48,840 --> 00:10:52,120 Speaker 1: comes from someone serving in the military who's crushing it 223 00:10:52,160 --> 00:10:54,839 Speaker 1: with their finances right now. Hi'm Matt and Joel. My 224 00:10:54,920 --> 00:10:58,120 Speaker 1: name is Cody, and I'm calling in from Fort Collins, Colorado. 225 00:10:58,640 --> 00:11:02,040 Speaker 1: I'm active duty military and I'm steadily coming up on retirement. 226 00:11:02,600 --> 00:11:06,080 Speaker 1: I've invested in the TSP for several years. I also 227 00:11:06,120 --> 00:11:08,720 Speaker 1: have a roth Ira through Vanguard that I've had since 228 00:11:08,760 --> 00:11:11,840 Speaker 1: the beginning of my career and have made max contributions 229 00:11:11,880 --> 00:11:14,320 Speaker 1: to it for as long as I can remember. I 230 00:11:14,360 --> 00:11:17,760 Speaker 1: have a high interest savings account, some CDs, and live 231 00:11:17,840 --> 00:11:22,040 Speaker 1: well within my means. My question is am I doing enough? 232 00:11:22,720 --> 00:11:25,079 Speaker 1: Is there more I could be doing? I have a 233 00:11:25,120 --> 00:11:28,400 Speaker 1: pretty large nest egg in that high interest savings account, 234 00:11:28,400 --> 00:11:31,000 Speaker 1: but I feel like I could or should be doing more. 235 00:11:31,640 --> 00:11:34,120 Speaker 1: I'm not super educated on all the things out there 236 00:11:34,240 --> 00:11:37,440 Speaker 1: or available to me, and I'm somewhat risk adverse since 237 00:11:37,480 --> 00:11:39,440 Speaker 1: I just got married a couple of months ago and 238 00:11:39,480 --> 00:11:42,160 Speaker 1: planning to start a family sometime soon. What do you 239 00:11:42,200 --> 00:11:45,640 Speaker 1: guys recommend? Thanks a lot gents. Hey, Cody, First of all, 240 00:11:45,760 --> 00:11:47,880 Speaker 1: you are crushing it. It sounds like you've got a 241 00:11:47,920 --> 00:11:49,959 Speaker 1: lot of stuff figured out. Not sure you need much 242 00:11:50,040 --> 00:11:53,240 Speaker 1: advice from Joel and I. I love getting the questions 243 00:11:53,240 --> 00:11:55,199 Speaker 1: when we don't really have to do much because I 244 00:11:55,240 --> 00:11:57,319 Speaker 1: feel like they already know what's going on exactly. But 245 00:11:57,360 --> 00:11:59,560 Speaker 1: I'm seriously sit back in and drink might beer right now. Yeah, 246 00:11:59,640 --> 00:12:01,760 Speaker 1: I mean Cody is maxing out the TSP, which is 247 00:12:01,840 --> 00:12:05,520 Speaker 1: the thrift Savings Plan AID is roth IRA, So that's fantastic. 248 00:12:05,720 --> 00:12:07,600 Speaker 1: You know, Cody man, you are on your way to 249 00:12:08,040 --> 00:12:11,040 Speaker 1: that Doug Nordman style of financial independence. If you haven't 250 00:12:11,040 --> 00:12:13,920 Speaker 1: listened to that episode, look back for his interview. It's fantastic, 251 00:12:14,120 --> 00:12:17,240 Speaker 1: especially for military members who want to reach financial independence. 252 00:12:17,559 --> 00:12:19,640 Speaker 1: Doug Norman like laid out the path cleanings could be 253 00:12:19,720 --> 00:12:23,280 Speaker 1: absolutely well, Cody, you can always be doing more, but 254 00:12:23,360 --> 00:12:25,760 Speaker 1: that doesn't necessarily mean that you should, right, And this 255 00:12:25,840 --> 00:12:28,480 Speaker 1: might even sound like a typical, you know, personal finance advice, 256 00:12:28,800 --> 00:12:31,000 Speaker 1: but a lot of this depends on your specific goals. 257 00:12:31,280 --> 00:12:33,880 Speaker 1: And so with your recent marriage and the potential for kids, 258 00:12:34,000 --> 00:12:36,000 Speaker 1: you might want to prioritize saving for a house that 259 00:12:36,040 --> 00:12:37,920 Speaker 1: will be a great place for your family for years 260 00:12:37,920 --> 00:12:40,440 Speaker 1: to come, and then beyond that, maybe even saving up 261 00:12:40,480 --> 00:12:43,560 Speaker 1: for your kids college and a plan. Yeah, Matt, we 262 00:12:43,600 --> 00:12:46,480 Speaker 1: typically are not like the biggest fans of five nine 263 00:12:46,480 --> 00:12:50,720 Speaker 1: plans because people often prioritize them out of guilt and 264 00:12:50,960 --> 00:12:54,920 Speaker 1: are doing that before they're fully funding their own retirement. 265 00:12:54,920 --> 00:12:57,240 Speaker 1: But Cody is one of those rare people who is 266 00:12:57,280 --> 00:12:59,720 Speaker 1: fully funding his own retirement, and so a five plan 267 00:13:00,000 --> 00:13:02,679 Speaker 1: I think does make sense for him. He's maximum next step, yeah, 268 00:13:02,679 --> 00:13:05,800 Speaker 1: if he's maxim out two separate vehicles towards his retirement, 269 00:13:06,040 --> 00:13:08,679 Speaker 1: like that is fantastic. I wish everybody that called was 270 00:13:08,720 --> 00:13:11,800 Speaker 1: operating from that like as their foundation, right, as their standpoint. 271 00:13:11,920 --> 00:13:14,040 Speaker 1: All right, but let's broaden Cody's horizons real quick. If 272 00:13:14,040 --> 00:13:16,640 Speaker 1: he wants to do something a little bit more and 273 00:13:16,880 --> 00:13:19,520 Speaker 1: he wants to continue to crush it even harder, Well, Cody, 274 00:13:19,520 --> 00:13:21,679 Speaker 1: we're big fans of real estate, but there's a big 275 00:13:21,760 --> 00:13:24,400 Speaker 1: learning curve there, and so lots of folks just aren't 276 00:13:24,400 --> 00:13:27,520 Speaker 1: interested in investing in individual properties. Matt and I have 277 00:13:27,600 --> 00:13:30,760 Speaker 1: been doing this for a decade now, and we're we're 278 00:13:30,760 --> 00:13:34,280 Speaker 1: big fans of becoming a mom and pop real estate 279 00:13:34,360 --> 00:13:37,480 Speaker 1: landlord and owning you know a handful of rental properties 280 00:13:37,520 --> 00:13:41,240 Speaker 1: that provide cash flow and appreciate over time. And so 281 00:13:41,280 --> 00:13:44,600 Speaker 1: if that is an avenue of investing that does interest you, 282 00:13:44,640 --> 00:13:47,640 Speaker 1: we would suggest checking out episodes four and episodes twenty 283 00:13:47,679 --> 00:13:50,439 Speaker 1: seven of this podcast where we kind of talked about 284 00:13:51,000 --> 00:13:54,320 Speaker 1: some real estate investing strategies. And also, you know our 285 00:13:54,360 --> 00:13:57,120 Speaker 1: friend Chad Carson who we had on the show a 286 00:13:57,120 --> 00:14:00,720 Speaker 1: while back, and he's got his own podcast that specifically 287 00:14:00,720 --> 00:14:03,199 Speaker 1: focused on helping real estate investors. You know, we love 288 00:14:03,360 --> 00:14:05,720 Speaker 1: kind of his strategy and his mindset when it comes 289 00:14:05,720 --> 00:14:08,000 Speaker 1: to real estate investing, and that could be a great 290 00:14:08,000 --> 00:14:11,440 Speaker 1: place to go if real estate investing does kind of 291 00:14:11,480 --> 00:14:14,520 Speaker 1: excite you and maybe, uh maybe us just mentioning it 292 00:14:14,559 --> 00:14:16,439 Speaker 1: makes you think, you know what, that that that might 293 00:14:16,480 --> 00:14:18,520 Speaker 1: work for me. Uh, if you're one of those people, 294 00:14:18,559 --> 00:14:21,600 Speaker 1: then we would definitely suggest you go down that rabbit hole. Yeah. 295 00:14:21,600 --> 00:14:23,800 Speaker 1: But Cody, if you aren't into real estate, but you know, 296 00:14:23,840 --> 00:14:26,240 Speaker 1: maybe you do want to see more of your money 297 00:14:26,280 --> 00:14:29,600 Speaker 1: that's currently in your savings invested instead, you want to 298 00:14:29,640 --> 00:14:33,120 Speaker 1: consider opening a taxable brokerage account and these can be 299 00:14:33,120 --> 00:14:35,800 Speaker 1: perfect for folks who are using their tax advantaged accounts 300 00:14:35,880 --> 00:14:38,440 Speaker 1: to the max but still want to invest more. And 301 00:14:38,480 --> 00:14:40,880 Speaker 1: you can do that with our favorite brokerage houses of course, 302 00:14:40,960 --> 00:14:44,600 Speaker 1: like Fidelity, Vanguard and One. But just like all money 303 00:14:44,640 --> 00:14:46,480 Speaker 1: that we have invested in the stock market, you want 304 00:14:46,480 --> 00:14:48,440 Speaker 1: to make sure that you are able to commit to 305 00:14:48,560 --> 00:14:52,640 Speaker 1: not touching that money for at least seven years or longer. Yeah, 306 00:14:52,720 --> 00:14:55,120 Speaker 1: completely agreement. And and one thing that didn't come up 307 00:14:55,200 --> 00:14:57,880 Speaker 1: was whether Cody had any debt or not. I'm assuming 308 00:14:57,920 --> 00:14:59,880 Speaker 1: because he's investing so much of his money and wants 309 00:14:59,880 --> 00:15:01,760 Speaker 1: to invest more that he's not holding on to some 310 00:15:01,800 --> 00:15:04,720 Speaker 1: sort of high interest debt somewhere, and so, yeah, if 311 00:15:04,720 --> 00:15:06,880 Speaker 1: that's a Cody's boss, he doesn't have debt, right, that's 312 00:15:06,880 --> 00:15:09,640 Speaker 1: my assumption. But Cody, but if you do have debt, Yeah, 313 00:15:09,640 --> 00:15:11,880 Speaker 1: if you do have high interest rate debt, then instead 314 00:15:11,880 --> 00:15:15,200 Speaker 1: of going further with investing, start funneling money in that direction, 315 00:15:15,480 --> 00:15:17,760 Speaker 1: especially if real estate doesn't sound interesting because it sounds 316 00:15:17,760 --> 00:15:20,080 Speaker 1: more complicated. Man, if you want to go the opposite 317 00:15:20,120 --> 00:15:22,640 Speaker 1: of complicated, just pay down your debts because that is 318 00:15:22,680 --> 00:15:25,640 Speaker 1: you earning that rate of return while simplifying your life. 319 00:15:25,640 --> 00:15:27,560 Speaker 1: All right, let's get to our next question, and this 320 00:15:27,600 --> 00:15:31,800 Speaker 1: is one about long term care insurance. Hi, Matt and Joel. 321 00:15:32,480 --> 00:15:36,320 Speaker 1: I love your podcast. This is Sandy from Massachusetts, and 322 00:15:36,400 --> 00:15:39,800 Speaker 1: my question has to do with nursing home care. We 323 00:15:39,920 --> 00:15:45,080 Speaker 1: talk a lot about retirement saving, retirement investing, but I'm 324 00:15:45,120 --> 00:15:50,480 Speaker 1: curious what your thoughts are on specific methods to mitigate 325 00:15:51,040 --> 00:15:55,080 Speaker 1: nursing home costs. It's not something that we want to 326 00:15:55,120 --> 00:15:57,960 Speaker 1: think about, and we hope we never need it, but 327 00:15:58,080 --> 00:16:01,160 Speaker 1: people are living longer these days and the reality is 328 00:16:01,240 --> 00:16:04,960 Speaker 1: nursing home care is a fact of life for some people. 329 00:16:05,720 --> 00:16:08,400 Speaker 1: I'm in my forties and I've heard a lot about 330 00:16:08,440 --> 00:16:11,520 Speaker 1: long term insurance and wonder what your thoughts are on that. 331 00:16:11,880 --> 00:16:14,920 Speaker 1: Thanks so much, Sandy. That's a great question. I was 332 00:16:14,960 --> 00:16:18,480 Speaker 1: just assuming that your best friend podcasting buddy usually takes 333 00:16:18,520 --> 00:16:20,160 Speaker 1: care of you when you when you gets to that point. 334 00:16:20,200 --> 00:16:22,120 Speaker 1: Is that not Is that not accurate, Matt. There's a 335 00:16:22,120 --> 00:16:23,920 Speaker 1: there's a chance that might happen, but only if you 336 00:16:23,920 --> 00:16:25,960 Speaker 1: play your cards right, buddy. But yeah, we can. Maybe 337 00:16:25,960 --> 00:16:27,920 Speaker 1: we'll adopt you into our family. Okay, all right, in 338 00:16:27,960 --> 00:16:29,920 Speaker 1: your old age. I'll take it. I'll take it. It's 339 00:16:29,920 --> 00:16:32,120 Speaker 1: good to know there's that backup plane. But let's talk 340 00:16:32,120 --> 00:16:35,640 Speaker 1: about long term care insurance, Sandy, and nursing home costs 341 00:16:35,680 --> 00:16:38,880 Speaker 1: and long term care insurance coverage are really a question 342 00:16:38,920 --> 00:16:41,840 Speaker 1: for the middle class, right, So for folks with little 343 00:16:41,840 --> 00:16:45,040 Speaker 1: to no financial resources, well, you'll be covered by Medicare 344 00:16:45,360 --> 00:16:48,280 Speaker 1: when you get older. And multi millionaires, folks that have 345 00:16:48,360 --> 00:16:52,160 Speaker 1: done a really really good job of saving for retirement 346 00:16:52,160 --> 00:16:55,320 Speaker 1: throughout the years, well, they can typically afford potential nursing 347 00:16:55,320 --> 00:16:57,680 Speaker 1: home costs by paying out a pocket, and they can 348 00:16:57,720 --> 00:17:01,360 Speaker 1: often come out ahead by avoiding long term care insurance altogether. Really, 349 00:17:01,360 --> 00:17:04,160 Speaker 1: the only people that should be even considering long term 350 00:17:04,200 --> 00:17:06,920 Speaker 1: care insurance are middle class folks, and we're you know, Joe, 351 00:17:06,920 --> 00:17:08,600 Speaker 1: We're gonna get to the benefits here, but I'm gonna 352 00:17:08,640 --> 00:17:11,200 Speaker 1: be a downer, as I tend to be um, and 353 00:17:11,280 --> 00:17:13,200 Speaker 1: I want to talk about one of the big downsides 354 00:17:13,560 --> 00:17:16,600 Speaker 1: to long term care insurance and the way I look 355 00:17:16,640 --> 00:17:18,560 Speaker 1: at it, one of the biggest downsides is the fact 356 00:17:18,920 --> 00:17:22,400 Speaker 1: that your premiums are not fixed and could increase over 357 00:17:22,440 --> 00:17:24,840 Speaker 1: the years. And so while you might want to get 358 00:17:24,840 --> 00:17:26,800 Speaker 1: a policy during your younger years, when the policy is 359 00:17:26,840 --> 00:17:30,040 Speaker 1: going to be more affordable, that also means there's gonna 360 00:17:30,080 --> 00:17:32,399 Speaker 1: be years and decades even where you're not likely to 361 00:17:32,480 --> 00:17:34,840 Speaker 1: even need long term care insurance, but you'll be paying 362 00:17:34,920 --> 00:17:37,600 Speaker 1: into that policy the entire time. And of course you 363 00:17:37,600 --> 00:17:39,880 Speaker 1: need to keep in mind the opportunity costs as well. 364 00:17:40,080 --> 00:17:42,439 Speaker 1: Just think, if you're able to invest your premiums that 365 00:17:42,600 --> 00:17:44,880 Speaker 1: entire time, you know, you can not only pay for 366 00:17:45,200 --> 00:17:47,400 Speaker 1: your care in your older age, but you could also 367 00:17:47,680 --> 00:17:49,360 Speaker 1: you know, pay for your your best buddy or maybe 368 00:17:49,400 --> 00:17:52,680 Speaker 1: two of them. All right, I'll keep investing. Made Yeah, 369 00:17:52,680 --> 00:17:56,040 Speaker 1: And long term care insurance premiums have skyrocketed in recent years. 370 00:17:56,280 --> 00:17:58,520 Speaker 1: There have been so many complaints about people that bought 371 00:17:58,520 --> 00:18:01,000 Speaker 1: a policy and have seen their m MS rise fifty 372 00:18:01,240 --> 00:18:05,240 Speaker 1: seventy and that freaks you out. It makes you wonder 373 00:18:05,240 --> 00:18:07,919 Speaker 1: whether it's worthwhile at all. But if you can afford it, 374 00:18:08,160 --> 00:18:10,439 Speaker 1: a long term care policy is a nice thing to have, 375 00:18:10,680 --> 00:18:12,879 Speaker 1: and it ensures that if you were to need nursing 376 00:18:12,880 --> 00:18:14,879 Speaker 1: home care for an extended period of time, that it 377 00:18:14,960 --> 00:18:18,320 Speaker 1: wouldn't bankrupt you. But this is where your individual situation 378 00:18:18,359 --> 00:18:20,240 Speaker 1: is important, Like what kind of health are you in 379 00:18:20,520 --> 00:18:22,720 Speaker 1: and do you have relatives or children nearby that would 380 00:18:22,760 --> 00:18:25,119 Speaker 1: be able to help care for you if you needed it. 381 00:18:25,440 --> 00:18:27,480 Speaker 1: So if you're in a position like that where you 382 00:18:27,520 --> 00:18:30,720 Speaker 1: have an expanded support network, we would say that long 383 00:18:30,800 --> 00:18:33,480 Speaker 1: term care insurance probably makes a little bit less sense, 384 00:18:33,600 --> 00:18:36,359 Speaker 1: especially given the cost. Yeah, if you're in good health 385 00:18:36,560 --> 00:18:38,840 Speaker 1: and you have family that you can depend on, self 386 00:18:38,960 --> 00:18:41,399 Speaker 1: ensure as much as possible, and it might even make 387 00:18:41,480 --> 00:18:45,119 Speaker 1: sense to completely avoid long term care insurance altogether. You know, 388 00:18:45,200 --> 00:18:47,239 Speaker 1: for Sandy and our younger listeners as well, this is 389 00:18:47,280 --> 00:18:49,840 Speaker 1: another reason to save more than you think you actually 390 00:18:49,840 --> 00:18:53,440 Speaker 1: need for retirement to handle some of these unforeseen expenses. Yeah, 391 00:18:53,440 --> 00:18:54,960 Speaker 1: these are the things that people you know in their 392 00:18:54,960 --> 00:18:57,120 Speaker 1: twenties and thirties, they're not they're not even considering thinking 393 00:18:57,119 --> 00:19:00,679 Speaker 1: about that. They're thinking about other retirement expenses. But I 394 00:19:00,680 --> 00:19:03,600 Speaker 1: I gotta say, even for someone who's thirty six, Matt 395 00:19:03,840 --> 00:19:05,840 Speaker 1: and I've been thinking about this stuff for a long time, 396 00:19:05,960 --> 00:19:09,560 Speaker 1: Like saving for my eventual nursing home needs is something 397 00:19:09,600 --> 00:19:12,720 Speaker 1: that has rarely crossed my mind. Yeah, And you know, 398 00:19:12,760 --> 00:19:14,159 Speaker 1: one of the things I think that a long term 399 00:19:14,200 --> 00:19:16,240 Speaker 1: care insurance policy like this, like one of the other 400 00:19:16,280 --> 00:19:18,400 Speaker 1: additional benefits is that if you're not going to save 401 00:19:18,400 --> 00:19:20,919 Speaker 1: towards your retirement maybe well enough like you should, and 402 00:19:20,960 --> 00:19:23,160 Speaker 1: you kind of need some sort of structure. It's it's 403 00:19:23,160 --> 00:19:26,359 Speaker 1: sort of like a means of force savings essentially, right, 404 00:19:26,400 --> 00:19:28,959 Speaker 1: Like if otherwise you're gonna spend this money on a 405 00:19:29,000 --> 00:19:32,440 Speaker 1: cruise or on a tesla Joel on you know, I 406 00:19:32,520 --> 00:19:34,760 Speaker 1: see you I in the Tesla's this is a way 407 00:19:34,840 --> 00:19:36,919 Speaker 1: to kind of sock some of that money away for 408 00:19:37,080 --> 00:19:39,240 Speaker 1: some of those lady years when you normally wouldn't do 409 00:19:39,320 --> 00:19:41,120 Speaker 1: that on your own. Yeah, And so if you are 410 00:19:41,240 --> 00:19:43,919 Speaker 1: actually going to get a long term care insurance policy, 411 00:19:43,960 --> 00:19:46,000 Speaker 1: it's important to look at a couple of the aspects 412 00:19:46,040 --> 00:19:48,480 Speaker 1: of these policies because they vary widely, so getting a 413 00:19:48,480 --> 00:19:51,480 Speaker 1: policy that requires more from you out of pocket will 414 00:19:51,600 --> 00:19:54,560 Speaker 1: lower the premiums. You're almost splitting the difference by choosing 415 00:19:54,560 --> 00:19:57,200 Speaker 1: a policy that puts more skin in the game for you. 416 00:19:57,520 --> 00:20:00,200 Speaker 1: Choosing a shorter benefit period will also cut down those 417 00:20:00,240 --> 00:20:05,119 Speaker 1: premium costs. These policies also offer different levels of inflation protection. 418 00:20:05,400 --> 00:20:07,359 Speaker 1: To the lower level you choose, the less you pay 419 00:20:07,400 --> 00:20:09,120 Speaker 1: in premiums, but the more you might need to fork 420 00:20:09,160 --> 00:20:11,600 Speaker 1: out later. So if you really feel like it is 421 00:20:11,680 --> 00:20:14,320 Speaker 1: right for you, splitting the difference and finding one that 422 00:20:14,400 --> 00:20:16,280 Speaker 1: does require you to have more skin in the game, 423 00:20:16,600 --> 00:20:18,080 Speaker 1: I think makes a lot of sense and will lower 424 00:20:18,119 --> 00:20:21,080 Speaker 1: your costs now but also provide some protection later. And 425 00:20:21,119 --> 00:20:23,280 Speaker 1: if you are someone who is looking for some long 426 00:20:23,400 --> 00:20:25,080 Speaker 1: term care insurance, just make sure that you're you know, 427 00:20:25,160 --> 00:20:28,280 Speaker 1: you're shopping it around, and just like with term life insurance, 428 00:20:28,320 --> 00:20:30,520 Speaker 1: the longer you wait, the more that you're gonna end 429 00:20:30,560 --> 00:20:32,080 Speaker 1: up paying. You know, if you're able to buy a 430 00:20:32,160 --> 00:20:34,400 Speaker 1: policy in your mid fifties, like a lot of times, 431 00:20:34,400 --> 00:20:36,960 Speaker 1: that will make the most sense. If you're looking for 432 00:20:37,000 --> 00:20:39,359 Speaker 1: some of that peace of mind sandy for you, you you 433 00:20:39,440 --> 00:20:41,760 Speaker 1: know you might be planning a little too far ahead. 434 00:20:41,960 --> 00:20:44,000 Speaker 1: But and she said she was in her forties exactly, 435 00:20:44,040 --> 00:20:46,200 Speaker 1: it's too young to be shopping for this, But I'm 436 00:20:46,200 --> 00:20:48,560 Speaker 1: glad to hear that it's, you know, on her mind. Um. 437 00:20:48,560 --> 00:20:50,359 Speaker 1: But when you do end up shopping, make sure that 438 00:20:50,400 --> 00:20:53,399 Speaker 1: you check out policy Genius. That is a fantastic site 439 00:20:53,440 --> 00:20:55,760 Speaker 1: for shopping your rates because when you go there, you're 440 00:20:55,760 --> 00:20:58,000 Speaker 1: not just looking at rates at a single provider, you're 441 00:20:58,000 --> 00:21:00,960 Speaker 1: looking at rates across several provider. Is it's really easy 442 00:21:01,000 --> 00:21:03,800 Speaker 1: to compare apples to apples? Yeah, totally. All right, man. 443 00:21:03,800 --> 00:21:05,800 Speaker 1: We got to get to a couple more questions, including 444 00:21:05,960 --> 00:21:09,560 Speaker 1: one about how to lower the costs of living as 445 00:21:09,560 --> 00:21:12,280 Speaker 1: you move to a bigger city, and we'll get to 446 00:21:12,320 --> 00:21:23,720 Speaker 1: those right after the break. All right, Joel, we are 447 00:21:23,760 --> 00:21:25,119 Speaker 1: back from the break, and before we get to that 448 00:21:25,200 --> 00:21:27,280 Speaker 1: question about moving to the big city, we're gonna take 449 00:21:27,280 --> 00:21:29,960 Speaker 1: a question about budgeting when you have a variable income. 450 00:21:30,040 --> 00:21:32,800 Speaker 1: Let's hear it. Hey, guys, my name is Rusty and 451 00:21:32,840 --> 00:21:35,960 Speaker 1: I'm coming to you from West Texas. Being recently married, 452 00:21:36,200 --> 00:21:38,280 Speaker 1: we are in the middle of creating our family budget. 453 00:21:39,000 --> 00:21:41,960 Speaker 1: My wife is a contract and designer for several different clients. 454 00:21:42,359 --> 00:21:45,280 Speaker 1: The work is consistent, but the pay is not. What 455 00:21:45,359 --> 00:21:47,960 Speaker 1: are your thoughts on actively altering our budget based on 456 00:21:48,000 --> 00:21:50,720 Speaker 1: the amount of hours that she's going to build or 457 00:21:50,760 --> 00:21:53,040 Speaker 1: would you create a budget each month based on the 458 00:21:53,080 --> 00:21:57,640 Speaker 1: unknown lowest amount that's been planned and if so, when 459 00:21:57,640 --> 00:21:59,560 Speaker 1: you do get more hours, what do you do with 460 00:21:59,600 --> 00:22:03,080 Speaker 1: that bonus money? Anyways, thanks for pumping out quality content. 461 00:22:03,359 --> 00:22:06,720 Speaker 1: You guys have been paramount and helping me understand practical 462 00:22:06,760 --> 00:22:10,879 Speaker 1: finances Rusty, thanks for the kind words man, and congrats 463 00:22:10,960 --> 00:22:13,879 Speaker 1: on getting married. Matt and I are fans of keeping 464 00:22:14,000 --> 00:22:16,800 Speaker 1: things simple, and keeping your budget as simple as possible 465 00:22:17,320 --> 00:22:19,720 Speaker 1: is definitely the way to go. We love the idea 466 00:22:19,800 --> 00:22:23,679 Speaker 1: of budgeting based on the lowest potential amount of money 467 00:22:23,760 --> 00:22:26,439 Speaker 1: you could make in a specific month. Yeah, that's the 468 00:22:26,440 --> 00:22:29,080 Speaker 1: frugal option, right, Yeah, exactly. If you're sticking to a 469 00:22:29,119 --> 00:22:32,320 Speaker 1: budget based on those guidelines and all that extra money 470 00:22:32,359 --> 00:22:34,840 Speaker 1: is gravy, well pretty soon you're gonna have a massive 471 00:22:34,960 --> 00:22:37,080 Speaker 1: amount of money saved and you're well on your way 472 00:22:37,119 --> 00:22:40,720 Speaker 1: to a path to creating real financial margin in your life. 473 00:22:41,080 --> 00:22:43,080 Speaker 1: So if that's a possibility for you guys, where you 474 00:22:43,119 --> 00:22:45,440 Speaker 1: can trim your budget to that point, that's a great 475 00:22:45,480 --> 00:22:47,720 Speaker 1: place to start. That's a great base. It's almost like 476 00:22:47,720 --> 00:22:49,800 Speaker 1: the first question we talked about earlier on, right when 477 00:22:49,920 --> 00:22:52,439 Speaker 1: Jen was asking about like switching to a single family 478 00:22:52,440 --> 00:22:55,680 Speaker 1: household but rusty for us, Like early on in my marriage, 479 00:22:55,800 --> 00:22:58,719 Speaker 1: we were in a very similar situation where our income 480 00:22:58,880 --> 00:23:02,080 Speaker 1: was quite very right, we were pretty new to budgeting 481 00:23:02,080 --> 00:23:04,359 Speaker 1: as well, and so in effort to make sure that 482 00:23:04,400 --> 00:23:07,160 Speaker 1: we were behaving and every single dollar had a name, 483 00:23:07,480 --> 00:23:11,200 Speaker 1: we readjusted our budget every single month. Now, at the time, 484 00:23:11,320 --> 00:23:13,440 Speaker 1: I was all about this, but I knew that this 485 00:23:13,520 --> 00:23:16,679 Speaker 1: is a meeting that Keith kind of dreaded every single month, right, 486 00:23:17,040 --> 00:23:19,240 Speaker 1: And over time I actually got tired of it as well. 487 00:23:19,280 --> 00:23:21,960 Speaker 1: Like I realized that even on our leaner months, like, 488 00:23:22,000 --> 00:23:24,639 Speaker 1: there was only a couple hundred dollars worth of wiggle 489 00:23:24,720 --> 00:23:27,639 Speaker 1: room where we could tighten the belt, and so it 490 00:23:27,680 --> 00:23:30,800 Speaker 1: was a lot of work for very little reward essentially. 491 00:23:31,000 --> 00:23:33,000 Speaker 1: And so in the end, what we found to be 492 00:23:33,040 --> 00:23:36,200 Speaker 1: the most valuable aspect of our personal finances with a 493 00:23:36,280 --> 00:23:39,600 Speaker 1: variable income was a healthy emergency fund. Right, you can 494 00:23:39,600 --> 00:23:42,240 Speaker 1: call it a cash cushion slush fund. I don't know, 495 00:23:42,320 --> 00:23:44,920 Speaker 1: like slush fund has like a negative connotation, doesn't it. Agree, 496 00:23:45,840 --> 00:23:47,520 Speaker 1: don't call it a slush fund, but you know, a 497 00:23:47,560 --> 00:23:49,680 Speaker 1: cash cushion. This allowed us to kind of even out 498 00:23:49,680 --> 00:23:52,240 Speaker 1: those peaks and the valleys because we knew essentially that 499 00:23:52,280 --> 00:23:54,880 Speaker 1: we had a basic sort of standard of living that 500 00:23:55,000 --> 00:23:57,960 Speaker 1: we were striving for. We weren't living extravagantly. We were 501 00:23:58,040 --> 00:24:00,440 Speaker 1: you know, we kind of had a similar frugal mindset, 502 00:24:00,640 --> 00:24:02,520 Speaker 1: and over time we were able to trust ourselves with 503 00:24:02,560 --> 00:24:05,160 Speaker 1: the budget that we had planned out for ourselves. Yeah, Matt, 504 00:24:05,200 --> 00:24:07,439 Speaker 1: you describing that makes me think of training wheels. And 505 00:24:07,480 --> 00:24:09,680 Speaker 1: we just took training wheels off my six year old 506 00:24:09,720 --> 00:24:12,040 Speaker 1: bike and she's like riding free now and it's so 507 00:24:12,080 --> 00:24:14,280 Speaker 1: fun to watch. But I think, yeah, the training wheels 508 00:24:14,480 --> 00:24:16,280 Speaker 1: or you know, the balance bike or whatever it is 509 00:24:16,280 --> 00:24:17,960 Speaker 1: that that leads you to that place where you're riding 510 00:24:18,000 --> 00:24:20,359 Speaker 1: on two wheels solo is such an important part of 511 00:24:20,400 --> 00:24:22,240 Speaker 1: the process. It kind of helps you figure out what 512 00:24:22,320 --> 00:24:24,399 Speaker 1: the whole thing is about, what the bike riding is about. 513 00:24:24,440 --> 00:24:27,119 Speaker 1: And so especially as a newly married couple, having this 514 00:24:27,200 --> 00:24:29,560 Speaker 1: kind of firm budget and sticking to it is really 515 00:24:29,560 --> 00:24:32,280 Speaker 1: really important. And living on far less than you make, 516 00:24:32,520 --> 00:24:33,960 Speaker 1: I think makes a whole lot of sense and and 517 00:24:34,080 --> 00:24:37,639 Speaker 1: particularly for people, for couples with variable income or for 518 00:24:37,720 --> 00:24:40,440 Speaker 1: a single individuals with a with a variable income, having 519 00:24:40,440 --> 00:24:43,760 Speaker 1: that stricter budget and that larger cash cushion, it makes 520 00:24:43,800 --> 00:24:46,360 Speaker 1: so much sense to provide some sort of financial security 521 00:24:46,880 --> 00:24:49,960 Speaker 1: because you know, as you know, for someone that has 522 00:24:50,160 --> 00:24:53,439 Speaker 1: had a variable income for years now, at times it 523 00:24:53,440 --> 00:24:56,200 Speaker 1: can be over a month that you don't see any 524 00:24:56,240 --> 00:24:58,640 Speaker 1: sort of payment in the mail, and that can be tough. 525 00:24:58,800 --> 00:25:01,199 Speaker 1: That can be tough. But uh, Matt, I want to 526 00:25:01,200 --> 00:25:04,119 Speaker 1: know your thoughts too. Rusty asked about extra money. Where 527 00:25:04,160 --> 00:25:06,439 Speaker 1: where do you put that extra money? Then, as of 528 00:25:06,560 --> 00:25:08,800 Speaker 1: someone who does get a variable income, maybe you didn't 529 00:25:08,800 --> 00:25:10,520 Speaker 1: get a paycheck for two months, but you had the 530 00:25:10,560 --> 00:25:13,159 Speaker 1: cash cushion to tide you over, Well, how would you 531 00:25:13,200 --> 00:25:16,560 Speaker 1: go about allocating Then you get a massive paycheck, how 532 00:25:16,600 --> 00:25:18,639 Speaker 1: do you figure out where that goes? Yeah, well that's 533 00:25:18,640 --> 00:25:22,080 Speaker 1: a conversation that goes just beyond you know your monthly budget, right, 534 00:25:22,119 --> 00:25:23,440 Speaker 1: this is when you want to make sure that you're 535 00:25:23,440 --> 00:25:26,640 Speaker 1: talking about your bigger goals and those should inform where 536 00:25:26,640 --> 00:25:29,000 Speaker 1: you put that extra money in those fatter months. So, 537 00:25:29,040 --> 00:25:30,919 Speaker 1: for example, maybe you want to save up for a 538 00:25:30,960 --> 00:25:32,800 Speaker 1: home in the next couple of years. Well, you're gonna 539 00:25:32,800 --> 00:25:37,399 Speaker 1: want to funnel that extra money towards high interest savings accounts. 540 00:25:37,400 --> 00:25:40,880 Speaker 1: Retirement of course should be a major goal for you 541 00:25:40,960 --> 00:25:43,840 Speaker 1: as well, and so finding ways to contribute to your 542 00:25:43,880 --> 00:25:47,040 Speaker 1: wrath accounts when you have that excess money, that should 543 00:25:47,080 --> 00:25:49,399 Speaker 1: definitely be a top priority as well. Yeah, I like it. 544 00:25:49,400 --> 00:25:51,879 Speaker 1: And don't forget to enjoy some of the fruits of 545 00:25:51,880 --> 00:25:54,840 Speaker 1: your labors as well. I think sometimes Matt were talking 546 00:25:54,840 --> 00:25:56,680 Speaker 1: about money. We want people to be wise with their money, 547 00:25:56,720 --> 00:25:59,200 Speaker 1: but part of that does mean enjoying the fruits of 548 00:25:59,240 --> 00:26:02,000 Speaker 1: your labors, enjoying what you've worked for. And so yeah, 549 00:26:02,080 --> 00:26:05,040 Speaker 1: when you do have a bigger paycheck come in, obviously 550 00:26:05,080 --> 00:26:07,879 Speaker 1: you want to prioritize retirement. You want to prioritize other goals, 551 00:26:08,080 --> 00:26:10,959 Speaker 1: but also prioritize some of those things, some of those 552 00:26:11,040 --> 00:26:13,480 Speaker 1: other goals that are a little less financially savvy and 553 00:26:13,520 --> 00:26:17,280 Speaker 1: a little more kind of rewarding, be a little more fun. Yeah, exactly, 554 00:26:17,359 --> 00:26:20,200 Speaker 1: all right, So let's get to our question about moving 555 00:26:20,200 --> 00:26:22,920 Speaker 1: to the big city and the increased cost of living there. 556 00:26:23,200 --> 00:26:25,800 Speaker 1: Hey man, Joel, it's Chris here from Canada. I'm super 557 00:26:25,840 --> 00:26:28,480 Speaker 1: excited because I recently got a big promotion at work, 558 00:26:28,760 --> 00:26:30,639 Speaker 1: which not only comes with a nice race, but it 559 00:26:30,680 --> 00:26:34,639 Speaker 1: also comes with a big relocation to the greater Toronto area, 560 00:26:34,680 --> 00:26:38,280 Speaker 1: which is obviously a large city center, much larger than 561 00:26:38,359 --> 00:26:40,800 Speaker 1: the town of five thousand people that I'm currently living in. 562 00:26:41,080 --> 00:26:43,800 Speaker 1: And I'm trying to prepare for all of the additional 563 00:26:43,840 --> 00:26:46,560 Speaker 1: expenses that are going to come with living in a 564 00:26:46,640 --> 00:26:48,960 Speaker 1: large city center. Now. I'm originally from a big city, 565 00:26:49,000 --> 00:26:51,600 Speaker 1: but it's been a really long time, and things like 566 00:26:51,680 --> 00:26:55,160 Speaker 1: housing costs, things like that. Those things I've got down. 567 00:26:55,160 --> 00:26:56,760 Speaker 1: But what I'm really trying to figure out are these 568 00:26:56,760 --> 00:26:58,600 Speaker 1: little things that maybe I'm just not going to think 569 00:26:58,600 --> 00:27:00,920 Speaker 1: of right away or figure out until I get there, 570 00:27:01,520 --> 00:27:03,920 Speaker 1: Or on the flip side, are there maybe costs that 571 00:27:04,000 --> 00:27:06,600 Speaker 1: you think I could save on by moving to a 572 00:27:06,720 --> 00:27:10,000 Speaker 1: larger city center. Any insight would be really great. Thanks 573 00:27:10,000 --> 00:27:13,600 Speaker 1: so much, as always love the show. Hey Chris, congrats 574 00:27:13,680 --> 00:27:15,840 Speaker 1: on that raise, and we hope that you like Toronto. 575 00:27:16,359 --> 00:27:19,160 Speaker 1: I've never been in Toronto. They got that sweet skyline. 576 00:27:19,359 --> 00:27:21,280 Speaker 1: Have you ever been in Toronto, Joel, I've not been, 577 00:27:21,280 --> 00:27:23,919 Speaker 1: but I know that the Toronto housing market, the real 578 00:27:24,000 --> 00:27:27,240 Speaker 1: estate market there is crazy, completely It has been for 579 00:27:27,280 --> 00:27:29,240 Speaker 1: a long time. Now, well, Chris, we're glad that you've 580 00:27:29,280 --> 00:27:31,679 Speaker 1: planned for some of these major costs that will increase, 581 00:27:31,720 --> 00:27:33,639 Speaker 1: but like you said, there might be some areas where 582 00:27:33,960 --> 00:27:36,600 Speaker 1: you see your monthly spending go down. And so let's 583 00:27:36,600 --> 00:27:39,760 Speaker 1: look at the hierarchy essentially of what most Americans and 584 00:27:39,800 --> 00:27:42,520 Speaker 1: Canadians spend most of their money on every month. And 585 00:27:42,640 --> 00:27:44,600 Speaker 1: you know, you mentioned that you've kind of got your 586 00:27:44,600 --> 00:27:46,199 Speaker 1: housing figured out, but we're gonna start with that one 587 00:27:46,240 --> 00:27:48,479 Speaker 1: because that is typically where we spend most of our 588 00:27:48,520 --> 00:27:51,239 Speaker 1: money and we think there's an opportunity here. Yeah, all right, 589 00:27:51,359 --> 00:27:54,159 Speaker 1: let's get into it, man. So Chris might have a 590 00:27:54,200 --> 00:27:56,679 Speaker 1: decent housing situation or have at least kind of a 591 00:27:56,760 --> 00:27:58,719 Speaker 1: handle on how he thinks he wants to to go 592 00:27:58,760 --> 00:28:01,040 Speaker 1: about it. But housing is of course going to be 593 00:28:01,080 --> 00:28:03,440 Speaker 1: that way that, more than anything, is going to influence 594 00:28:03,600 --> 00:28:06,359 Speaker 1: how much extra money you have to put towards the 595 00:28:06,440 --> 00:28:08,679 Speaker 1: other goals that you have in life. And if you 596 00:28:08,680 --> 00:28:10,440 Speaker 1: can trim that back in a major way, it's gonna 597 00:28:10,480 --> 00:28:12,600 Speaker 1: make a big difference. So we would encourage you to 598 00:28:12,600 --> 00:28:16,600 Speaker 1: to consider living with roommates, and especially for a period 599 00:28:16,600 --> 00:28:19,000 Speaker 1: of time while you're getting acclimated at the city. You 600 00:28:19,080 --> 00:28:21,080 Speaker 1: might be thinking that you just got this sweet rais moving, 601 00:28:21,280 --> 00:28:23,200 Speaker 1: moving to the big city, and it's time to treat yourself, 602 00:28:23,320 --> 00:28:26,160 Speaker 1: get swanky with an apartment that you have all to yourself. 603 00:28:26,520 --> 00:28:28,919 Speaker 1: But we would say do your best to resist that 604 00:28:29,280 --> 00:28:31,800 Speaker 1: and strongly consider living in a place with roommates, because 605 00:28:31,880 --> 00:28:33,920 Speaker 1: that is how you're gonna be able to save by 606 00:28:33,960 --> 00:28:36,520 Speaker 1: far the most money living in a big city. And Chris. 607 00:28:36,560 --> 00:28:39,600 Speaker 1: Next on the list is transportation. This is an expense 608 00:28:39,760 --> 00:28:42,600 Speaker 1: that you could cut back on dramatically compared to where 609 00:28:42,640 --> 00:28:45,360 Speaker 1: you're currently living. If you pick the right place to 610 00:28:45,440 --> 00:28:47,560 Speaker 1: live there in the city, you might be able to 611 00:28:47,640 --> 00:28:51,240 Speaker 1: avoid having a car altogether because of public transit, which 612 00:28:51,280 --> 00:28:53,920 Speaker 1: puts lots of money back in your wallet. The Toronto 613 00:28:53,960 --> 00:28:56,920 Speaker 1: Transit Commission the t t C. It looks pretty real best. 614 00:28:56,920 --> 00:28:58,600 Speaker 1: Do people call it TTC or is that just you? 615 00:28:59,000 --> 00:29:01,120 Speaker 1: I'm pretty sure it's TTS. I was reading up on it. 616 00:29:02,200 --> 00:29:03,560 Speaker 1: Just like in New York it's the m t A. 617 00:29:03,680 --> 00:29:07,160 Speaker 1: Like no one says the Metro Transit Authority, right except 618 00:29:07,160 --> 00:29:10,320 Speaker 1: for the guy on the radio, like the doors are closing, 619 00:29:10,520 --> 00:29:13,200 Speaker 1: Welcome to the Metro Transit Authority. And so I'm wanna 620 00:29:13,240 --> 00:29:15,320 Speaker 1: call it the T T C. It looks pretty good 621 00:29:15,480 --> 00:29:17,920 Speaker 1: if you take the street cars into account, right, like 622 00:29:17,960 --> 00:29:20,320 Speaker 1: they've got the solid little subway, and then it looks 623 00:29:20,360 --> 00:29:22,320 Speaker 1: like in the kind of downtown area that they've got 624 00:29:22,360 --> 00:29:23,959 Speaker 1: a lot of the street cars there. And so I 625 00:29:24,000 --> 00:29:27,000 Speaker 1: think that that could be a massive opportunity for you 626 00:29:27,040 --> 00:29:29,800 Speaker 1: to really cut back on your transportation. And don't forget too, 627 00:29:29,800 --> 00:29:32,840 Speaker 1: you're not gonna be paying fees for a garage if 628 00:29:32,840 --> 00:29:34,719 Speaker 1: you don't have a garage included with your apartments. Oh 629 00:29:34,720 --> 00:29:38,280 Speaker 1: my gosh. In big cities, garage parking expensive. Can a 630 00:29:38,320 --> 00:29:41,040 Speaker 1: parking spot in like a place like Toronto, I'm guessing, 631 00:29:41,240 --> 00:29:43,160 Speaker 1: or but definitely in like a place like DC or 632 00:29:43,200 --> 00:29:46,840 Speaker 1: New York City can? It can just massively crush your budget. 633 00:29:46,840 --> 00:29:48,240 Speaker 1: Not mentioned the fact you have a car to go 634 00:29:48,280 --> 00:29:50,600 Speaker 1: along with it, exactly. Yeah, And then and not only that, 635 00:29:50,600 --> 00:29:53,440 Speaker 1: you're probably gonna see your insurance cost increase moving to 636 00:29:53,800 --> 00:29:55,840 Speaker 1: a higher density area like that as well, and not 637 00:29:55,920 --> 00:29:58,640 Speaker 1: to mention just the every day cost of fuel driving 638 00:29:58,640 --> 00:30:00,680 Speaker 1: your car to work. And so these are all ways 639 00:30:00,680 --> 00:30:03,120 Speaker 1: that you could really cut back on your monthly budget. Yeah, 640 00:30:03,160 --> 00:30:06,120 Speaker 1: get a bike for sure, biking around your city, you're 641 00:30:06,160 --> 00:30:09,000 Speaker 1: gonna become more familiar with this new city, right and 642 00:30:09,040 --> 00:30:11,200 Speaker 1: at the same time, you're gonna get your exercise, you're 643 00:30:11,240 --> 00:30:13,239 Speaker 1: gonna get to and fro so much quicker. So then 644 00:30:13,240 --> 00:30:15,080 Speaker 1: you're not paying for a gym membership. We love bikes, 645 00:30:15,200 --> 00:30:17,920 Speaker 1: and that's really the only option we would say besides 646 00:30:18,280 --> 00:30:20,080 Speaker 1: the the t TC is that what what you call it, 647 00:30:20,320 --> 00:30:22,920 Speaker 1: t TC baby TTC are getting a bike, preferably even 648 00:30:22,920 --> 00:30:25,320 Speaker 1: getting a bike. All right, let's talk about food too. Obviously, 649 00:30:25,600 --> 00:30:27,920 Speaker 1: groceries or a category that's going to be difficult to 650 00:30:27,920 --> 00:30:30,040 Speaker 1: to keep at your current levels. Between going out with 651 00:30:30,080 --> 00:30:32,400 Speaker 1: new friends, checking out the food scene, which of course 652 00:30:32,400 --> 00:30:34,560 Speaker 1: in a big city, man, there's gonna be so many 653 00:30:35,120 --> 00:30:37,400 Speaker 1: awesome restaurants that you might want to take advantage of, 654 00:30:37,480 --> 00:30:39,920 Speaker 1: well specifically in Toronto as well. Like they they've got 655 00:30:40,040 --> 00:30:41,960 Speaker 1: such a diverse food scene there. I was. I was 656 00:30:41,960 --> 00:30:43,680 Speaker 1: actually reading an article on it not too long ago, 657 00:30:43,880 --> 00:30:46,920 Speaker 1: and they don't really have like a Canadian culture, which 658 00:30:46,920 --> 00:30:48,600 Speaker 1: sounds kind of weird or maybe funny to say. I 659 00:30:48,600 --> 00:30:50,000 Speaker 1: don't know if this is totally correct, but the way 660 00:30:50,040 --> 00:30:52,280 Speaker 1: the article is presenting it was that like Toronto is 661 00:30:52,320 --> 00:30:54,160 Speaker 1: sort of this melting pot and so because of that 662 00:30:54,400 --> 00:30:57,680 Speaker 1: there is just such an incredibly diverse array of food 663 00:30:57,720 --> 00:31:00,520 Speaker 1: options there. And I was completely into this article and 664 00:31:00,520 --> 00:31:02,160 Speaker 1: I was like, man, I totally want to go to Toronto, 665 00:31:02,600 --> 00:31:04,959 Speaker 1: get a visit on, take a little vek, and just 666 00:31:05,000 --> 00:31:06,880 Speaker 1: eat my way through the city. Yeah. Right, that's one 667 00:31:06,880 --> 00:31:08,520 Speaker 1: of the best ways to see a city. So I'm 668 00:31:08,520 --> 00:31:10,400 Speaker 1: sure that Chris is gonna want to take advantage of 669 00:31:10,440 --> 00:31:13,760 Speaker 1: some of those awesome places to eat, and also navigating 670 00:31:13,760 --> 00:31:17,400 Speaker 1: intown grocery stores. Right, Sometimes, especially in higher density areas, 671 00:31:17,560 --> 00:31:20,000 Speaker 1: it's harder to find some of the less expensive some 672 00:31:20,040 --> 00:31:22,200 Speaker 1: of the cheaper grocery stores around. It's probably not gonna 673 00:31:22,200 --> 00:31:25,520 Speaker 1: be a Costco downtown Toronto, right, I know that makes 674 00:31:25,520 --> 00:31:29,880 Speaker 1: me mad. But also you might have a smaller kitchen 675 00:31:29,880 --> 00:31:31,840 Speaker 1: that just doesn't suit your needs quite as well. But 676 00:31:31,920 --> 00:31:34,160 Speaker 1: there are so many ways for you to to keep 677 00:31:34,200 --> 00:31:36,400 Speaker 1: your food costs down. And so one thing we would 678 00:31:36,400 --> 00:31:39,520 Speaker 1: say is try to take your lunch to work every day, 679 00:31:39,600 --> 00:31:41,840 Speaker 1: try to eat breakfast at home every day, and maybe 680 00:31:41,840 --> 00:31:44,200 Speaker 1: said a max of nights out with friends to go 681 00:31:44,200 --> 00:31:46,440 Speaker 1: out to eat two, two or three per week. And 682 00:31:46,480 --> 00:31:48,320 Speaker 1: at the same time, try to have happy hours with 683 00:31:48,400 --> 00:31:51,040 Speaker 1: friends back at your place. And also of course you 684 00:31:51,120 --> 00:31:52,920 Speaker 1: gotta have that board game night maybe once a week, 685 00:31:53,520 --> 00:31:55,840 Speaker 1: once every other week, and those kind of things. Bringing 686 00:31:55,840 --> 00:31:58,640 Speaker 1: people into your place as opposed to going out all 687 00:31:58,640 --> 00:32:00,400 Speaker 1: the time. That's a that's a big way that you're 688 00:32:00,400 --> 00:32:01,720 Speaker 1: gonna be able to save costs in the big city, 689 00:32:01,760 --> 00:32:03,840 Speaker 1: and that's that's the biggest pole, especially for young people 690 00:32:03,880 --> 00:32:06,120 Speaker 1: when they move to a bigger town. It was for me. 691 00:32:06,440 --> 00:32:08,560 Speaker 1: It's always like a friend every night of the week 692 00:32:08,640 --> 00:32:11,440 Speaker 1: calling or texting saying, hey, we're going here, we're we're 693 00:32:11,440 --> 00:32:14,240 Speaker 1: doing this. And it's easy to say no once, but 694 00:32:14,280 --> 00:32:15,800 Speaker 1: if you have to keep saying no, it can be hard. 695 00:32:15,840 --> 00:32:17,600 Speaker 1: So the more you can bring other people kind of 696 00:32:17,640 --> 00:32:19,880 Speaker 1: unto your turf, I think it's really helpful. Or if 697 00:32:19,920 --> 00:32:22,520 Speaker 1: you're me, it's easy to say no because that's not 698 00:32:22,600 --> 00:32:24,200 Speaker 1: what I want to do. Joel, what you're talking about 699 00:32:24,200 --> 00:32:25,959 Speaker 1: going out every single night of the week, and if 700 00:32:25,960 --> 00:32:28,520 Speaker 1: you're shaking my head no, because like right here is 701 00:32:28,560 --> 00:32:30,280 Speaker 1: I'm shaking my head no and saying no because that's 702 00:32:30,280 --> 00:32:31,960 Speaker 1: not what I want to do. But of course, man, 703 00:32:32,040 --> 00:32:34,520 Speaker 1: you are an extrovert. That's how you roll, and I think, yeah, 704 00:32:34,640 --> 00:32:37,040 Speaker 1: getting folks kind of on your turf, like inviting them 705 00:32:37,080 --> 00:32:39,400 Speaker 1: over to do some of those low cost options, like 706 00:32:39,480 --> 00:32:41,600 Speaker 1: let's cook at home, Like, that's a fantastic way to 707 00:32:41,680 --> 00:32:44,120 Speaker 1: keep some of those food costs to a minimum. Robin 708 00:32:44,160 --> 00:32:46,480 Speaker 1: Newtum Night in my place, We'll put a post egg 709 00:32:46,520 --> 00:32:48,240 Speaker 1: in it. Yeah, that's all you need. Don't go to 710 00:32:48,280 --> 00:32:51,120 Speaker 1: David Chang's fancy place there in Toronto, do your own 711 00:32:51,200 --> 00:32:54,920 Speaker 1: Roman at home. So let let's talk now about entertainment, Chris. 712 00:32:54,960 --> 00:32:58,120 Speaker 1: Interestingly enough, a lot of the smaller areas of your 713 00:32:58,120 --> 00:33:02,080 Speaker 1: budget are often impacted positively by living in a big city. 714 00:33:02,080 --> 00:33:05,000 Speaker 1: We talked about this with Liz Thames back in episode 715 00:33:05,040 --> 00:33:08,480 Speaker 1: one thirty four. There's so much awesome free stuff going 716 00:33:08,560 --> 00:33:12,560 Speaker 1: on in so many cities, especially a city that's his largest, Toronto. 717 00:33:12,920 --> 00:33:15,760 Speaker 1: Obviously you've got the favorites like public parks and libraries, 718 00:33:16,320 --> 00:33:19,240 Speaker 1: but then there's free and cheap entertainment options as well, 719 00:33:19,400 --> 00:33:21,720 Speaker 1: just like different art shows, comedy shows going on. There's 720 00:33:21,720 --> 00:33:23,960 Speaker 1: concert series that happened a lot of times, you know, 721 00:33:24,000 --> 00:33:26,480 Speaker 1: outdoor concert series in the summer. I guess that's a 722 00:33:26,760 --> 00:33:28,880 Speaker 1: more of a limited window up there in Toronto, but 723 00:33:28,920 --> 00:33:32,480 Speaker 1: there are lots up there. There's lots of different options 724 00:33:32,480 --> 00:33:34,920 Speaker 1: out there, Joel, you already even mentioned the free board 725 00:33:34,960 --> 00:33:36,440 Speaker 1: game night, and so keep in mind that there are 726 00:33:36,520 --> 00:33:39,800 Speaker 1: lots of just different fun amenities that are offered in 727 00:33:39,920 --> 00:33:42,800 Speaker 1: these large cities that are for free, that are offered 728 00:33:42,840 --> 00:33:44,959 Speaker 1: to the public. Game at In our city of Atlanta, 729 00:33:45,000 --> 00:33:47,960 Speaker 1: there was like some science festival last month, and you know, 730 00:33:48,040 --> 00:33:51,760 Speaker 1: because of the way coronavirus took down everything, we didn't 731 00:33:51,760 --> 00:33:54,000 Speaker 1: really get to participate like we wanted to. But there 732 00:33:54,000 --> 00:33:58,320 Speaker 1: were some cool activities that were available for kids, for families, 733 00:33:58,440 --> 00:34:00,880 Speaker 1: for free for adults. Like there was like a sour 734 00:34:01,000 --> 00:34:03,720 Speaker 1: beer The thing was I think five bucks at a 735 00:34:03,760 --> 00:34:06,800 Speaker 1: local at a local beer place, and you can learn 736 00:34:06,960 --> 00:34:08,480 Speaker 1: like a deal. Yeah, you can learn all about the 737 00:34:08,480 --> 00:34:11,239 Speaker 1: science behind sour beer. And so that's the kind of 738 00:34:11,280 --> 00:34:13,319 Speaker 1: thing that doesn't happen in a small town, but in 739 00:34:13,360 --> 00:34:16,239 Speaker 1: a big city like Atlanta. This science festival went on 740 00:34:16,320 --> 00:34:19,279 Speaker 1: for I think three weeks, and there were dozens and 741 00:34:19,400 --> 00:34:22,200 Speaker 1: dozens of free things that people can go to and 742 00:34:22,239 --> 00:34:24,040 Speaker 1: what a great thing to do with your kids, right, 743 00:34:24,320 --> 00:34:26,200 Speaker 1: And so I would suggest a Chris to to to 744 00:34:26,280 --> 00:34:29,840 Speaker 1: look for local websites that promote those free things in 745 00:34:29,880 --> 00:34:32,560 Speaker 1: your area. If you can find a few bloggers that 746 00:34:32,640 --> 00:34:34,920 Speaker 1: really cover the city well, and they're talking about the 747 00:34:34,920 --> 00:34:38,480 Speaker 1: frugal and free things uh, to do in your city. Yeah, 748 00:34:38,480 --> 00:34:40,640 Speaker 1: those websites I think will help be a guiding light 749 00:34:40,680 --> 00:34:43,840 Speaker 1: and helping you do the really cool stuff that's available 750 00:34:44,120 --> 00:34:46,480 Speaker 1: for free around the city that most people just don't 751 00:34:46,520 --> 00:34:48,440 Speaker 1: think about or don't know about. And don't forget one 752 00:34:48,440 --> 00:34:50,400 Speaker 1: of my favorite things that Liz mentioned and in our 753 00:34:50,440 --> 00:34:52,840 Speaker 1: interview with her, but she talked about just like getting 754 00:34:52,840 --> 00:34:54,839 Speaker 1: free stuff on the slide of the road, just like 755 00:34:54,880 --> 00:34:57,359 Speaker 1: walking home from work. She even did, you know, her 756 00:34:57,400 --> 00:35:00,040 Speaker 1: fair share of dumpster diving. Uh. It's as like, we 757 00:35:00,040 --> 00:35:03,120 Speaker 1: don't want you to become a social pariah for all 758 00:35:03,160 --> 00:35:04,759 Speaker 1: the weird stuff that you collect on your way home 759 00:35:04,760 --> 00:35:06,839 Speaker 1: from work because you're walking, you're walking home from work, 760 00:35:06,920 --> 00:35:10,160 Speaker 1: or taking couch over your shoulder. Yeah. Yeah, but you know, 761 00:35:10,200 --> 00:35:13,440 Speaker 1: there are some benefits to living in such a concentrated 762 00:35:13,440 --> 00:35:15,160 Speaker 1: amount of people. A lot of times you can score 763 00:35:15,200 --> 00:35:17,839 Speaker 1: those those free home goods. Yeah. A place that has 764 00:35:17,920 --> 00:35:20,560 Speaker 1: a lot of transiency means a lot of people having 765 00:35:20,600 --> 00:35:23,160 Speaker 1: to get rid of stuff really quickly for way less 766 00:35:23,160 --> 00:35:25,319 Speaker 1: than they paid, which means you can score a deal 767 00:35:25,360 --> 00:35:27,400 Speaker 1: if you're kind of keeping your eyes open to furnish 768 00:35:27,400 --> 00:35:29,759 Speaker 1: your room, to furnish your place. Yeah, and even if 769 00:35:29,760 --> 00:35:31,399 Speaker 1: it does cost a little bit more money. Right, I'm 770 00:35:31,480 --> 00:35:34,720 Speaker 1: guessing offer up and Facebook Marketplace are way more active 771 00:35:34,760 --> 00:35:38,200 Speaker 1: in Toronto than the city that he didn't mention. Sure, yeah, 772 00:35:38,640 --> 00:35:40,920 Speaker 1: the city that has no name that Chris used to 773 00:35:40,920 --> 00:35:44,600 Speaker 1: live in. Chris, enjoy this new move to Toronto. Sounds 774 00:35:44,600 --> 00:35:45,880 Speaker 1: like it's gonna be a lot of fun and a 775 00:35:45,920 --> 00:35:48,319 Speaker 1: completely different experience than what you're used to. All right, 776 00:35:48,520 --> 00:35:49,759 Speaker 1: let's get back to the beer that we had on 777 00:35:49,800 --> 00:35:51,839 Speaker 1: this episode. Today on the show, we drank a beer 778 00:35:51,920 --> 00:35:55,160 Speaker 1: called Green by Treehouse Brewing Company. Big thanks to listeners 779 00:35:55,160 --> 00:35:56,880 Speaker 1: Brian and Caitlin for sending this one are away. What 780 00:35:56,880 --> 00:35:59,080 Speaker 1: do you think of it? Man? Well, I thought very 781 00:35:59,160 --> 00:36:01,560 Speaker 1: highly of the spirit and this was a phenomenal New 782 00:36:01,600 --> 00:36:04,120 Speaker 1: England style. I p a kind of had that you know, 783 00:36:04,160 --> 00:36:06,520 Speaker 1: New England hazy color going on where you couldn't really 784 00:36:06,520 --> 00:36:09,279 Speaker 1: see it through it all that well, so stinking good 785 00:36:09,680 --> 00:36:12,640 Speaker 1: kind of had some grassy herbally nose to it, sort 786 00:36:12,640 --> 00:36:14,719 Speaker 1: of like this grassy brightness to it, like like maybe 787 00:36:14,719 --> 00:36:16,600 Speaker 1: like a little bit of squeeze of lemon in there. 788 00:36:16,920 --> 00:36:20,080 Speaker 1: There wasn't acidic, but yeah, it just was really good 789 00:36:20,120 --> 00:36:23,440 Speaker 1: and maybe kind of think of herbs and food, and 790 00:36:23,480 --> 00:36:26,480 Speaker 1: I think that's because it's called green. I think it's 791 00:36:26,480 --> 00:36:29,160 Speaker 1: messing with my head. Did you say grassy brightness by 792 00:36:29,200 --> 00:36:32,239 Speaker 1: the way, Yeah, Okay, that's funny because I never would 793 00:36:32,239 --> 00:36:33,680 Speaker 1: have said that, But I feel like when you said 794 00:36:33,680 --> 00:36:35,920 Speaker 1: that it made sense. It kind of clicked almost like 795 00:36:36,000 --> 00:36:38,200 Speaker 1: a lemon grass kind of like not balm, but you know, 796 00:36:38,320 --> 00:36:40,480 Speaker 1: like I don't know, just the sort of herbal edness 797 00:36:40,480 --> 00:36:42,520 Speaker 1: to it. That's all I can say. I agree, super bright, 798 00:36:42,760 --> 00:36:45,719 Speaker 1: super hoppy, and I had that grassy brightness to it. Um. 799 00:36:45,760 --> 00:36:48,239 Speaker 1: I don't know how else better to describe it, funk, 800 00:36:49,440 --> 00:36:51,160 Speaker 1: But you have a way of putting things into words 801 00:36:51,239 --> 00:36:53,759 Speaker 1: that other people can't. So uh, yeah, that was I 802 00:36:53,760 --> 00:36:55,840 Speaker 1: thought it was a great beer. Loved me some Treehouse. 803 00:36:56,000 --> 00:36:58,400 Speaker 1: I felt like this I PA was really unique and 804 00:36:58,440 --> 00:37:01,480 Speaker 1: no wonder Treehouse has just like this magnificent reputation at 805 00:37:01,480 --> 00:37:05,240 Speaker 1: this beer was really really interesting and really really tasty. 806 00:37:05,320 --> 00:37:07,200 Speaker 1: We gotta we gotta hit him up one of these days. Man, 807 00:37:07,239 --> 00:37:09,240 Speaker 1: it's gonna happen. We're gonna make it happen. Most definitely 808 00:37:09,320 --> 00:37:11,520 Speaker 1: all right, Matt. Well, that's gonna do it for this episode. 809 00:37:11,560 --> 00:37:14,439 Speaker 1: For folks that want show notes for this episode, we'll 810 00:37:14,560 --> 00:37:17,280 Speaker 1: just go to our website how to money dot com 811 00:37:17,320 --> 00:37:19,200 Speaker 1: and you can find them there. That's right, man, And 812 00:37:19,280 --> 00:37:21,680 Speaker 1: up on our website, we also have a lot of articles. 813 00:37:21,719 --> 00:37:24,919 Speaker 1: We have helpful information on all sorts of topics like 814 00:37:25,320 --> 00:37:28,560 Speaker 1: car insurance, like student loans. We've also got one up 815 00:37:28,600 --> 00:37:31,319 Speaker 1: there about credit cards, the best credit card to use 816 00:37:31,400 --> 00:37:33,759 Speaker 1: based on how you spend your money, and so if 817 00:37:33,800 --> 00:37:35,319 Speaker 1: you are looking for a new credit card, we would 818 00:37:35,320 --> 00:37:37,600 Speaker 1: recommend you to check out that article and if you 819 00:37:37,640 --> 00:37:39,480 Speaker 1: were to use some of those links to sign up 820 00:37:39,480 --> 00:37:41,520 Speaker 1: for a new card that supports the show. And we 821 00:37:41,520 --> 00:37:43,560 Speaker 1: couldn't thank you enough. All Right, Matt, that's gonna be 822 00:37:43,560 --> 00:37:46,520 Speaker 1: it for this episode. Until next time, Best Friends Out, 823 00:37:46,600 --> 00:38:01,040 Speaker 1: Best Friends Out.