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Speaker 1: Welcome to Out of Money. I'm Joel, I'm Matt's and

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

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Speaker 2: Happy Monday everybody, as you are likely recovering from having

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Speaker 2: lost one hour of sleep yesterday, well last night. Spring

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Speaker 2: Ford is the worst.

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Speaker 1: Man. Oh yeah, fall Back the absolute best.

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Speaker 2: I remember realizing that for the first time as a

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Speaker 2: freshman in college, someone mentioning that, and it was we're

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Speaker 2: hanging out and it's like eleven thirty at night, thinking okay,

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Speaker 2: maybe we should kind of wrap things up, but then

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Speaker 2: someone said no, it's actually technically it's more like ten thirty, and.

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Speaker 1: We're like, yeah, let's keep gaming, you'll.

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Speaker 2: We kept the party going then because of that. Fallback

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Speaker 2: is the best.

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Speaker 1: Yeah, spring Ford is the worst. Hope you guys are recovering, Well.

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Speaker 2: Yeah, this is our how to Money Monday episode. Though,

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Speaker 2: we're going to hear from a listener who's asking for

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Speaker 2: our favorite way to book a travel deal for all

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Speaker 2: the folks out there who are looking to get some

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Speaker 2: vacation under your belt this summer this spring. Another listener

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Speaker 2: she's got some four to one K match changes there

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Speaker 2: at her employer, who's it's getting a little more generous.

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Speaker 2: It's thrown her for a loop. She's trying to figure

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Speaker 2: out what's going on, and another listener is wondering what

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Speaker 2: our take is on long term disability insurance. Maybe we'll

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Speaker 2: even share whether or not we have long term disability ourselves.

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Speaker 2: We'll get to that and more during our episode today.

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Speaker 1: Buddy and ebe charging question too, Mattha will take so

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Speaker 1: electric vehicles. If you want the electric vehicle to save

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Speaker 1: you the most money, you got to figure out think

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Speaker 1: about how you charge it and when you charge it.

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Speaker 2: I don't know if there is anything else out there

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Speaker 2: that Jiel thinks about more that he doesn't have than

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Speaker 2: an electric vehicle.

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Speaker 1: That's true that Yeah, you're right. One of these days though,

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Speaker 1: I'll get back in the EB game. Have that Nissan

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Speaker 1: lead for six years, loved it, that's right. I think

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Speaker 1: evs are fantastic. Just you were an early adopter is

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Speaker 1: what they're called, Joel. Yeah, and what do they say

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Speaker 1: that you've earned it? Pioneers get slaughtered and I might

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Speaker 1: have with my eighty mile range in Nissan Leaf, I

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Speaker 1: see people selling those now.

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Speaker 2: You can still drive it around for like twenty miles

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Speaker 2: before the thing crapped out by the time you sold it.

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Speaker 1: Well, I see people selling them now and it's amazing.

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Speaker 1: They're like, uh, it really only gets about forty five

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Speaker 1: miles which to charge these days.

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Speaker 2: I'm thinking about it from a kids standpoint, like in

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Speaker 2: that kind of what you want, it's like they can't

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Speaker 2: get far from home before it's like a boomerang where

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Speaker 2: they have to kind of like get back home, Like, yeah,

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Speaker 2: I gotta charge charge the right.

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Speaker 1: If you get that car for your kid, make sure

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Speaker 1: you have triple A because you might need to tow

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Speaker 1: it on occasion. It's true.

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Speaker 2: Before we get going, I've actually got a frugal or

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Speaker 2: cheap for you. And this is going to be part

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Speaker 2: confessional as well. Oh yeah right, sure bring it. I

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Speaker 2: think our listeners you, I think equas I know what

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Speaker 2: I'm about to share, but listeners, hopefully should would get

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Speaker 2: a kick out of this.

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Speaker 1: I like playing priests to your confession.

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Speaker 2: So obviously we've got a small business here that we run,

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Speaker 2: and so obviously we have a business checking account, but

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Speaker 2: we don't just have one business checking account. We actually

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Speaker 2: have two separate banks who we bank with because.

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Speaker 1: Of just the massive amounts of money that are gone

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Speaker 1: exactly once you go above that two fifty. Just kidding,

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Speaker 1: just kidding.

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Speaker 2: Now, the reason that we have two separate bank accounts

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Speaker 2: is because so we've always had a Capital one checking account.

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Speaker 2: We got grandfathered in. It's a total, completely free account.

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Speaker 1: One of the best business accounts. But then we found

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Speaker 1: another one.

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Speaker 2: It's great, there's another one. And we've talked about this company,

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Speaker 2: this bank on the show before Leley. It's l I

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Speaker 2: l I dot Co. And the reason we'd previously mentioned

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Speaker 2: them it was, actually, I'm pretty sure it was in

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Speaker 2: response to a listener's question, Oh yeah, and they're looking

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Speaker 2: to find a place to stash their business funds for

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Speaker 2: their small business, and we went and found this bank.

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Speaker 2: And the reason we still have them is because they

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Speaker 2: pay three percent in the savings account that you can

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Speaker 2: link to the business checking account.

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Speaker 1: And like, six nine months ago, is four percent? Wasn't

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Speaker 1: it was?

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Speaker 2: I think it was a little bit higher, but even still,

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Speaker 2: three percent is fantastic, especially for.

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Speaker 1: Business accounts which typically paid nothing.

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Speaker 2: And so someone might ask, well, why are you keeping

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Speaker 2: that Capital Wan account around, Well, it's because when we

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Speaker 2: open that account with them, they send us a bunch.

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Speaker 1: Of checks, a bunch of paper checks.

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Speaker 2: We've got these big oversized almost you know, like the

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Speaker 2: big oversized check that business.

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Speaker 1: Is, right.

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Speaker 2: They make you feel so legit. It makes you feel

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Speaker 2: like a little kid, like you're writing fake checks. But

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Speaker 2: I don't know, but we rarely write checks except for

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Speaker 2: our four win k, which is with fidelity. The way

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Speaker 2: it's set up, we have to send in a paper check.

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Speaker 2: It's not something that we can do digitally. And I

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Speaker 2: think folks can probably hear when we're going with this.

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Speaker 2: In an effort to optimize, we keep most of our

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Speaker 2: cash over in Leley, earning that interest, which, by the way,

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Speaker 2: they charge you for the best rate, but of course

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Speaker 2: you earn back more than what that rate is if

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Speaker 2: you've got a decent amount of money in there. And

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Speaker 2: so when I cut checks for the employer portion of

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Speaker 2: our four wind k JUAL, I have to transfer money

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Speaker 2: from Leey over to Capital one. And guess what I

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Speaker 2: forgot to do in the most recent iteration reason.

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Speaker 1: Yeah, got to send it over.

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Speaker 2: There's just a lot financially going on with a business

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Speaker 2: in my life. Completely slipped my mind, and so I

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Speaker 2: saw the insufficient funds. Basically a bounce check is what happened.

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Speaker 2: And so we got hit you and I four fifty each,

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Speaker 2: I guess with a nine dollars insufficient funds charge. And

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Speaker 2: so the question here is are we being frugal or

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Speaker 2: cheap by having two separate accounts? And in this case

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Speaker 2: it came back to bite us or you know, I

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Speaker 2: dropped the ball basically as well. What I'm confessing here,

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Speaker 2: but I want to know no word. You know it's

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Speaker 2: worth it. I'm not mad at you if you're wondering, Yeah,

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Speaker 2: thank you. Well, I think the question comes down to

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Speaker 2: how onerous is it? And then how much are we

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Speaker 2: actually making by having a higher interest rate from Ley

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Speaker 2: and so part of it too, was just a testing

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Speaker 2: for so we could offer good information to our listeners

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Speaker 2: like you and O are guinea pigs of a sort

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Speaker 2: from time to time for financial products to a certain extent.

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Speaker 1: So for that reason alone, it was worth at least

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Speaker 1: giving it a go. But point now that we've given

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Speaker 1: both a go, they're both great accounts. Yeah, should we

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Speaker 1: consolidate back to one? Maybe? Maybe just for simplicity.

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Speaker 2: I like seeing that interest payment every single month. Yeah,

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Speaker 2: and it more than pays for the It's a fifteen

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Speaker 2: dollars a month charge and we make much more than that. Yeah, again,

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Speaker 2: not because we have the vast quantities of money there

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Speaker 2: in our business checking account, but enough in my opinion

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Speaker 2: to handle making one digital transfer every three months, which

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Speaker 2: is how often I typically do that.

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Speaker 1: Yeah, so I think, yeah's let's hold onto both. I mean,

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Speaker 1: I have frugal multiple.

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Speaker 2: It sounds like you sounds like you're giving up the

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Speaker 2: thumbs up frugal. I think so.

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Speaker 1: And yeah, I think that's one of those things too.

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Speaker 1: Where Lily, maybe for someone who has a small business

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Speaker 1: that doesn't have much money sitting in there for long,

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Speaker 1: the three percent interest might sound great, and you might

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Speaker 1: be like, well, I haven't seen any other business accounts

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Speaker 1: that offer a rate of interest like this. But if

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Speaker 1: you don't have a decent chunk sitting there inside of

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Speaker 1: your business account, which you and I have to do

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Speaker 1: to pay other people, or when money just kind of

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Speaker 1: sits for a minute before we pay ourselves, it's gonna yeah,

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Speaker 1: have to cover rent, but futilities. Super small businesses, it's

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Speaker 1: it's just we're very small business. But super small businesses

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Speaker 1: might get you know, their eyes might pop open and

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Speaker 1: be like, WHOA great, this is awesome, But in reality,

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Speaker 1: it's probably not worth jumping through those hoops if you

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Speaker 1: got to pay the fifteen bucks a month and you

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Speaker 1: don't have much money earning interest.

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Speaker 2: All right, The beer that you and I are going

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Speaker 2: to enjoy during this episode, it's called a beer a missou.

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Speaker 1: That's right. It's like tier massou, but beer. This is

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Speaker 1: a gotta love a beer with a bad pun.

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Speaker 2: An Imperial Milk porter. Buy six bridges and we will

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Speaker 2: share our thoughts on this one at the end.

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Speaker 1: Of the episode, no doubt. All right, if you have

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Speaker 1: a money question, we'd love to take your question on

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Speaker 1: the next ask htm episode. Just basically record a voice

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Speaker 1: memo on your phone, email it over to us at

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Speaker 1: how too Money pod at gmail dot com. And if

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Speaker 1: you're like a little confused, just got to how to

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Speaker 1: money dot com slash ask for the simple directions spelled out.

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Speaker 1: Make it nice and easy for you. Matt, let's get

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Speaker 1: to a question specifically about what to do when your

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Speaker 1: employer changes the four h one K match that you're

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Speaker 1: eligible for. By the way, this comes from listener Chelsea, Hi.

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Speaker 3: Joel, and Matt. I had a question about an update

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Speaker 3: that my company is making to the four to one

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Speaker 3: K plan. Specifically how they structure the matching of employee contributions.

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Speaker 3: So previously the way it worked was that the company

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Speaker 3: matched contributions up to seven percent of eligible pay, and

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Speaker 3: now they are dividing that into a three percent non

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Speaker 3: elective contribution. So the company contributes three percent whether or

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Speaker 3: not an employee pays into the four one K plan

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Speaker 3: or not, and then they're also adding a four percent

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Speaker 3: elective dollar for dollar match on top of that, so

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Speaker 3: everybody gets three percent, and then if an employee contributes

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Speaker 3: more of their own then they can get the full

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Speaker 3: match up to seven percent. And previously I don't believe

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Speaker 3: there was any non elective contribution.

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Speaker 2: So.

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Speaker 3: To me, it's it seems like the company is now

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Speaker 3: paying more into the employee's four one K accounts, basically

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Speaker 3: a three percent for everybody. It doesn't affect me because

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Speaker 3: they've always contributed more than seven percent and gotten the

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Speaker 3: full match. But I guess I'm just wondering why they

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Speaker 3: would make this change.

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Speaker 1: I'm sure it.

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Speaker 3: Maybe has tax implications or something, but yeah, just curious

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Speaker 3: in wondering if you could clear that up for me.

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Speaker 3: Thank you.

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Speaker 2: Oh, I think Chelsea's got a suspicious streaking her she's thinking, Hey,

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Speaker 2: you guys are going to pull the wall over my eyes. No,

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Speaker 2: that's I don't think that's actually the case.

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Speaker 1: I think Chelsea, I get that instinct because it feels

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Speaker 1: like in the financial world like they're trying to dupe.

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Speaker 2: Yet there's they're gotcha's they're trying to get one over.

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Speaker 2: Yet Yeah, all over the.

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Speaker 1: Place, you and I we highlight scams or we highlight

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Speaker 1: people who get taken advantage of, and so Chelsea's just alert.

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Speaker 2: I don't want to become that person totally. No, I

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Speaker 2: don't think that that's actually what's happening. It sounds like, Chelsea,

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Speaker 2: and you didn't share what company you work for, but

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Speaker 2: it sounds like it's a just a generous, solid company.

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Speaker 2: It doesn't sound like that they're trying to the trick

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Speaker 2: here or anything. I think they might be paying a

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Speaker 2: bit more. Right, So you're saying, well, like, why would

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Speaker 2: they do this? There are many reasons I think that

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Speaker 2: we'll get to but bottom line, they're just making some

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Speaker 2: of those matching funds easier to access, no matter what

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Speaker 2: the financial status of the individual employee is. You, of course,

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Speaker 2: you were brilliant to have always gotten the free money

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Speaker 2: you've always gotten the full match, and that means that

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Speaker 2: you've been contributing with the employer money included at least

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Speaker 2: fourteen percent.

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Speaker 1: Of your overall salary each year.

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Speaker 2: Because I think she said she was even going above

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Speaker 2: and beyond that, and so that's that's amazing, that's fantastic.

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Speaker 1: That's ultimately where we want everyone to be. The fact

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Speaker 1: that Chelsea was there even before she got an added

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Speaker 1: incentive from her employer is great, it's laudable, and it's

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Speaker 1: truly what most people should shoot for. Is I think

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Speaker 1: a minimum saving trade of fifteen percent, and that you

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Speaker 1: kind of alluded to this, Let's talk about why her

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Speaker 1: employer is doing this. I think at least in part,

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Speaker 1: they're probably doing it to ensure that every single employee

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Speaker 1: is at least saving something for their future. This is,

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Speaker 1: especially with Secure Act two point zero, kind of part

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Speaker 1: of the push to get the average employee invested, many

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Speaker 1: of whom don't invest at all if there's not an

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Speaker 1: automatic opt in. And so, you know, financial literacy in

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Speaker 1: our country is pretty bad. That's pretty self evident. And

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Speaker 1: your employer, well, they might see that a decent chunk

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Speaker 1: of folks are missing out on this perk altogether, like

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Speaker 1: they're just not banking anything for their future. And maybe

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Speaker 1: it sounds a little paternalistic, but I think of it

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Speaker 1: as a good thing for employers to kind of watch

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Speaker 1: out for that segment of the population and kind of

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Speaker 1: force their hand in that way, although really it's the

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Speaker 1: employer forcing their own hand to make those contributions.

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Speaker 2: And sure, well, and you can always opt out. It's

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Speaker 2: not like you don't have a choice, like you automatically

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Speaker 2: get roll but enrolled, but if you don't want to

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Speaker 2: continue to do that, it's just back out.

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Speaker 1: You can back out.

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Speaker 2: It's just a nudge in the right direction.

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Speaker 1: There's as yeah, right, I think this is this is

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Speaker 1: going to help write the ship at least for some

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Speaker 1: of those people at least a little bit, right, getting

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Speaker 1: them to invest something. And then you know, with these

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Speaker 1: automatic contribution requirements becoming normal, this is just an on

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Speaker 1: trend move for your employer, Chelsea, And it could also

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Speaker 1: make budgeting more simple for your employer. This is another

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Speaker 1: reason that they might be interested in doing this. Right,

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Speaker 1: with elective contributions, it's hard to know what percentage of

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Speaker 1: folks are going to invest and how much they're going

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Speaker 1: to invest. And so the employer's like, wait, is Chelsea

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Speaker 1: gonna max her four one K and we're going to

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Speaker 1: be giving the full match to her? And what about

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Speaker 1: other people? What are they going to do? Well, now

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Speaker 1: they're going to have at least a better idea of

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Speaker 1: how much the match overall each year is likely going

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Speaker 1: to cost them. I think it just makes for easier

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Speaker 1: financial planning for your employer, so maybe it feels a

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Speaker 1: little more generous, and it also just gives them a

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Speaker 1: little more future knowledge about what they're gonna have to

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Speaker 1: fork over.

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Speaker 2: Yeah, I think that's definitely true. It's both for the benefit,

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Speaker 2: I think of the employer, but also the employee because

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Speaker 2: from an employee standpoint, it's like, hey, we're all in

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Speaker 2: this together, like we are all saving for our future.

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Speaker 2: There's like a cohesive team sort of like can do attitude. Sure,

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Speaker 2: and I think that that is well, especially for new hires.

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Speaker 2: You know, Let's say you're look, you're considering a few

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Speaker 2: different employers and you've got this one and they're saying, hey,

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Speaker 2: no matter what, and this isn't going to affect your pay,

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Speaker 2: but you're going to be enrolled in a four and

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Speaker 2: K where you get a three percent match of your salary.

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Speaker 2: It feels like free money. There's something that's really attractive

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Speaker 2: about that that I think I would be drawn to,

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Speaker 2: especially if I was early in my career.

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Speaker 1: Well, I think the other thing that maybe goes underrated,

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Speaker 1: undernoticed is those benevolent employers. They tend to get good

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Speaker 1: street cred. I think about the employers in our town,

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Speaker 1: matt where we live, and there are companies who just

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Speaker 1: constantly make the headlines about being great places to work,

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Speaker 1: and part of that is often what the benefits are.

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Speaker 1: And some of these companies just have superior matches or

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Speaker 1: better four one K plans and.

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Speaker 2: Completely free healthcare where everything is covered, including dude.

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Speaker 1: Man, the word gets around in your network and people

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Speaker 1: are like, oh, ye, you should come over here to

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Speaker 1: work at mail Trimp because hey, they got these like

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Speaker 1: cool benefits that most people don't offer, and that's just

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Speaker 1: great press for anybody out there who's looking for work.

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Speaker 1: They're like, yeah, maybe well apply over there.

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Speaker 2: It's funny that you mention that's totally what I was

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Speaker 2: thinking of when I mentioned the healthcare one, because I

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Speaker 2: get like I considered applying for a job like a

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Speaker 2: long time begue, because I had a bunch of friends.

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Speaker 2: So you're gonna say last week, I was gonna last week. Well,

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Speaker 2: that's the thing that this was years ago. I don't

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Speaker 2: know if they've changed their benefits since they were purchased

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Speaker 2: by the big company that took them over. But even still, yes,

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Speaker 2: like you said, I think that's something that absolutely that

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Speaker 2: is worth considering.

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Speaker 1: It's like that halo effect, right. The company gets and

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Speaker 1: the more generous they are with their employees, the more

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Speaker 1: likely they are to get lauded for that, and that's

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Speaker 1: going to attract more great employees totally.

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Speaker 2: And it's again so it's not just for the benefit

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Speaker 2: of the employee, but for the employer as well. I

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Speaker 2: think you're talking about budgeting, but I think it's just

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Speaker 2: going to be more I think it could be easier

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Speaker 2: to administer as well, when you know that everyone is

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Speaker 2: on board and that out of minimum they're getting a

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Speaker 2: three percent match. Like you said, it's good from a

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Speaker 2: planning standpoint, but it's gonna be much easier to administer.

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Speaker 2: I think the other big thing that this could do

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Speaker 2: for your employer is that it allows them to achieve

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Speaker 2: us known as safe harbor status by contributing to everyone's

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Speaker 2: for when who works throughout the company. They can avoid

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Speaker 2: certain non discrimination testing requirements, and this can be just

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Speaker 2: a big pain in the butt that the something that

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Speaker 2: the IRS requires. Many small businesses ought to go this route,

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Speaker 2: and basically it's just easier to ensure that their plan

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Speaker 2: is completely compliant with government regulations. And the cool thing

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Speaker 2: for employees about a safe harbor forlwan K is that

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Speaker 2: the three percent match also vests immediately. It happens right away,

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Speaker 2: so there's no need to wait a year or two

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Speaker 2: to ensure that those funds are actually years before they

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Speaker 2: have the ability to claw them back.

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Speaker 1: Yeah.

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Speaker 2: Yeah, And you and I we can easily count on

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Speaker 2: the dollars being yours.

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Speaker 1: You and I were actually talking about that at lunch

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Speaker 1: time before we recorded Matt and just how with the

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Speaker 1: job hopping that happens so much in today's world, especially

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Speaker 1: younger workers not staying at jobs nearly as long those

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Speaker 1: You've got to look at the fine print of how

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Speaker 1: long it takes for that match to vest, because if

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Speaker 1: it's two years, if it's three or four years, and

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Speaker 1: you're not there that long, all those match dollars could

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Speaker 1: just like fly away vanish out the window, and so

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Speaker 1: that it's nice to know that in one of these

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Speaker 1: sorts of four to one K plans, the match is

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Speaker 1: vested immediately, there's no risk of losing it.

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Speaker 2: Yeah, i'd call those phantom four one ks. Yeah, that'd

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Speaker 2: be the Friday flight headline. That's a it's a good term.

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Speaker 2: I'm sure it's been used before. Just take that one away, Okay, Yeah,

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Speaker 2: I actually probably have already used that. I probably stole

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Speaker 2: it from somebody just unknowingly. There's I think maybe a

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Speaker 2: potential downside for you, and that I just want to

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Speaker 2: highlight that you could dial back your paycheck deduction two

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Speaker 2: four percent right to where you're still getting the full

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Speaker 2: seven percent from your employer because of this change, but

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Speaker 2: your overall savings rate would go down, you know, And

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Speaker 2: I would just say, we're ok with you taking the

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Speaker 2: extra money and putting it into like, let's say a

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Speaker 2: roth IRA or an HSA or a different retirement vehicle

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Speaker 2: if your funds would be better suited. If you're like, hey,

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Speaker 2: I'm gonna get the full match, which means I can

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Speaker 2: reduce my overall contribution, but I hey, I'm gonna take

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Speaker 2: those funds and put them in another vehicle that's going

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Speaker 2: to be just as good for my future.

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Speaker 1: That's great, But don't let this non elective match change

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Speaker 1: cause you to save and invest less overall. That's the

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Speaker 1: only way I think this could have a negative impact.

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Speaker 1: If you like cool, I'm just going to down my

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Speaker 1: contributions back. I'm investing instead of that fourteen percent, only

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Speaker 1: eleven percent, and I'm just going to consume the rest

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Speaker 1: and up upgrade my budget, increase my spending. That is truly,

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Speaker 1: as I thought about it, the real only downside from

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Speaker 1: your perspective that I could think of.

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Speaker 2: And that's only I mean. So, yeah, you're taking a

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Speaker 2: more conservative financial approach to the long term, making sure

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Speaker 2: you have enough set aside. That's only a downside if

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Speaker 2: let's say you have only been contributing towards your four

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Speaker 2: one K or saving four retirement for like five years,

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Speaker 2: or let's say you are early earlier on in your career.

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Speaker 2: But let's say you've been doing this for twenty, maybe

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Speaker 2: even thirty years. I see this as not necessarily a

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Speaker 2: downside if you now have the ability to perhaps pull

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Speaker 2: back a little bit on your savings rate, and that

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Speaker 2: allows you to prioritize some other financial other not financial goals,

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Speaker 2: but other Oh yeah, financial goals too, like you gotta yeah,

401
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Speaker 2: Like those still take money, and so not knowing how

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Speaker 2: much you have set aside, that's the only thing that

403
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Speaker 2: makes me want to qualify the fact that that might

404
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Speaker 2: be a negative, because it could be a positive. It

405
00:18:06,760 --> 00:18:09,040
Speaker 2: could be a great thing. I think Chelsea, either way,

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Speaker 2: is going to continue to She sounds like a saver,

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Speaker 2: so she's going to get after it. And I love

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Speaker 2: that more of her fellow employees are going to have

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Speaker 2: the chance to get that nest egg rolling. Oh you know,

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Speaker 2: it takes a little bit. Sometimes it takes a little

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Speaker 2: kick in the pants, and in this case, the employee

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Speaker 2: is doing that.

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Speaker 1: For for folks. And now when she passes the HR

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Speaker 1: person in the parking garage, she doesn't have to give

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Speaker 1: them the stink eye because she's like, way, oh no,

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Speaker 1: it's all good.

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Speaker 2: She's like, oh, how come, Chelsea. She doesn't look nearly

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Speaker 2: as suspicious as we would pass each other. But we

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Speaker 2: do hope that that answers your question. Gives you plenty

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Speaker 2: to think about, Joe, We've got more to get to

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Speaker 2: including we're talking about retirement accounts here. We're going to

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Speaker 2: hear from another listener who has a proliferation of retirement

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Speaker 2: account options available to him. We'll get to that and

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Speaker 2: more right after this.

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Speaker 1: All right, Matt, we're back. Let's keep the ask HDM

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Speaker 1: questions rolling. This next question is specifically about a benefit

427
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Speaker 1: that you get from your employer, but is it going

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Speaker 1: to be enough to cover you in a time of need?

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Speaker 4: Hi, guys, this is Mike from Maryland, longtime listener and

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Speaker 4: I love the show. My question for you is about

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Speaker 4: long term disability policies. I'm a healthcare worker and I

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Speaker 4: bought a disability policy three years ago that pays out

433
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Speaker 4: about one hundred thousand a year, with riders to automatically

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Speaker 4: injust for inflation. I recently became a federal employee, literally

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Speaker 4: a week before the new administration came into office, and

436
00:19:33,160 --> 00:19:35,520
Speaker 4: reading through my benefit package, I saw that I have

437
00:19:35,600 --> 00:19:38,520
Speaker 4: the opportunity to buy into a policy through the federal government.

438
00:19:39,200 --> 00:19:41,800
Speaker 4: If you were in my position, would you drop the

439
00:19:42,160 --> 00:19:45,840
Speaker 4: private policy and join the government policy. There's a couple

440
00:19:45,840 --> 00:19:49,040
Speaker 4: of reasons I'm hesitant to drop my policy. One is

441
00:19:49,119 --> 00:19:52,000
Speaker 4: I work for an agency that the current administration is

442
00:19:52,040 --> 00:19:55,399
Speaker 4: not very fond of, and being a new employee in

443
00:19:55,760 --> 00:19:58,960
Speaker 4: the probationary period. Even though it's a federal job, I'm

444
00:19:58,960 --> 00:20:01,359
Speaker 4: not one hundred percent sure how secure my job is.

445
00:20:02,040 --> 00:20:05,040
Speaker 4: Second is I prefer not to rely on my employer

446
00:20:05,080 --> 00:20:08,119
Speaker 4: completely when it comes to my livelihood. For example, I

447
00:20:08,119 --> 00:20:11,480
Speaker 4: could purchase mal practice insurance through my employer, but I

448
00:20:11,520 --> 00:20:14,240
Speaker 4: always keep a private policy because in the end, I

449
00:20:14,240 --> 00:20:16,280
Speaker 4: don't think the company will always have my best interests

450
00:20:16,280 --> 00:20:18,760
Speaker 4: in mind. And third is, I've never stayed at a

451
00:20:18,840 --> 00:20:21,320
Speaker 4: job for more than two years, sustaining twenty years and

452
00:20:21,400 --> 00:20:24,160
Speaker 4: keeping the policy seems daunting, and I know it will

453
00:20:24,200 --> 00:20:26,560
Speaker 4: be more expensive to restart the policy when I'm older.

454
00:20:27,040 --> 00:20:28,080
Speaker 4: Curious to know what you think?

455
00:20:28,280 --> 00:20:32,680
Speaker 2: Thanks, all right, long term disability insurance.

456
00:20:32,320 --> 00:20:33,760
Speaker 1: Policy, and I start one thing out there before we

457
00:20:33,760 --> 00:20:37,040
Speaker 1: get into long term dispelling Sure. Just when Mike mentioned

458
00:20:37,240 --> 00:20:40,640
Speaker 1: he works for the federal governments and we talked about

459
00:20:40,640 --> 00:20:42,560
Speaker 1: this on a recent Friday flight with what doge has

460
00:20:42,560 --> 00:20:45,800
Speaker 1: been up to? Well, that's true. Just prioritize your savings

461
00:20:45,840 --> 00:20:48,720
Speaker 1: and be prepared for whatever might come down the pike.

462
00:20:49,080 --> 00:20:52,040
Speaker 1: It sounds like in Mike's case, his position and might

463
00:20:52,080 --> 00:20:55,360
Speaker 1: be disfavored. So I just want to yeah, put that

464
00:20:55,480 --> 00:20:59,080
Speaker 1: blinking in red on his radar, just to be prepared

465
00:20:59,160 --> 00:21:00,880
Speaker 1: in case he ort to lose his job or something

466
00:21:00,920 --> 00:21:01,200
Speaker 1: like that.

467
00:21:01,240 --> 00:21:03,439
Speaker 2: Sure, Well, the fact is Mike has done his homework.

468
00:21:03,520 --> 00:21:06,919
Speaker 2: You know, he's purchased his own long term disability policy

469
00:21:06,960 --> 00:21:10,160
Speaker 2: before even taking this job. And we think that most folks,

470
00:21:10,400 --> 00:21:12,480
Speaker 2: not everyone out there, but we think most folks need

471
00:21:12,680 --> 00:21:16,119
Speaker 2: term life insurance. We talk about it fairly regularly, but

472
00:21:16,240 --> 00:21:19,359
Speaker 2: disability insurance it kind of gets a short end of

473
00:21:19,359 --> 00:21:22,680
Speaker 2: the stick. Talk about it, Yeah, nearly as much, and

474
00:21:22,840 --> 00:21:26,160
Speaker 2: it might even be more crucial. And that's because stats

475
00:21:26,200 --> 00:21:29,480
Speaker 2: show that one in four folks will actually become disabled

476
00:21:29,600 --> 00:21:32,720
Speaker 2: at least for a short period of time before they retire.

477
00:21:33,560 --> 00:21:35,320
Speaker 2: And so Mike, if you were to become disabled for

478
00:21:35,320 --> 00:21:36,679
Speaker 2: a couple of years, well, that's going to have a

479
00:21:36,680 --> 00:21:39,880
Speaker 2: significant impact on your income most likely. And while there

480
00:21:39,960 --> 00:21:42,639
Speaker 2: might be some different programs out there, like state or

481
00:21:42,640 --> 00:21:45,720
Speaker 2: government benefits that might be open to you, getting those

482
00:21:45,760 --> 00:21:48,480
Speaker 2: benefits is a it can be a hassle, it's a process,

483
00:21:48,680 --> 00:21:51,560
Speaker 2: and they likely won't provide anything close to what your

484
00:21:51,600 --> 00:21:54,600
Speaker 2: current long term insurance policy is willing to pay out.

485
00:21:54,680 --> 00:21:56,200
Speaker 1: Yeah, it might be a drop in the bucket, right

486
00:21:56,240 --> 00:21:58,679
Speaker 1: compared to what you need compared to your current income,

487
00:21:58,720 --> 00:22:02,560
Speaker 1: and so that could help, but it's it's certainly not

488
00:22:02,600 --> 00:22:05,320
Speaker 1: going to cover the vast majority of your expenses. So

489
00:22:05,440 --> 00:22:08,280
Speaker 1: having a disability insurance policy, yeah, it could could help

490
00:22:08,320 --> 00:22:10,480
Speaker 1: you if you can't work for an extended period of time.

491
00:22:11,200 --> 00:22:13,600
Speaker 1: But you might not need the one you purchased on

492
00:22:13,640 --> 00:22:16,200
Speaker 1: the open market anymore thanks to this new policy offered

493
00:22:16,200 --> 00:22:18,159
Speaker 1: by your work. I say, you might not. But there

494
00:22:18,200 --> 00:22:20,639
Speaker 1: are a few caveats here, by the way, in our opinion,

495
00:22:20,840 --> 00:22:23,679
Speaker 1: most folks don't need a short term disability policy.

496
00:22:23,720 --> 00:22:28,040
Speaker 2: There are oh good opportunity to talk about the duck insurance.

497
00:22:28,040 --> 00:22:30,280
Speaker 1: That's right, Yeah, yeah, yeah, that's what that's that's what

498
00:22:30,359 --> 00:22:32,119
Speaker 1: AFLAC is typically trying to sell you, Like if you

499
00:22:32,119 --> 00:22:32,560
Speaker 1: get hurt.

500
00:22:32,640 --> 00:22:35,159
Speaker 2: I try to avoid the actual names of companies just

501
00:22:35,200 --> 00:22:36,600
Speaker 2: in case they want to spised on the podcast.

502
00:22:38,000 --> 00:22:40,440
Speaker 1: Well, but you will not hear us voicing for a flag,

503
00:22:40,480 --> 00:22:42,800
Speaker 1: that's for sure true. And so yeah, that's that's what

504
00:22:42,840 --> 00:22:44,719
Speaker 1: an emergency fund is supposed to help with. So some

505
00:22:44,720 --> 00:22:46,200
Speaker 1: folks might say, oh, yeah, let me get the short

506
00:22:46,240 --> 00:22:48,480
Speaker 1: term disability policy just in case I get injured, but

507
00:22:48,520 --> 00:22:51,080
Speaker 1: it doesn't last that long. Well, the emergency fund. We

508
00:22:51,080 --> 00:22:54,000
Speaker 1: think of that as self insuring, as essentially your short

509
00:22:54,080 --> 00:22:57,720
Speaker 1: term disability policy that you are covering with funds that

510
00:22:57,760 --> 00:22:59,760
Speaker 1: you have in a high heel savings account. We like

511
00:22:59,800 --> 00:23:04,440
Speaker 1: the idea right of self ensuring for a potential six

512
00:23:04,480 --> 00:23:06,080
Speaker 1: month work drout or something like that if you were

513
00:23:06,119 --> 00:23:08,320
Speaker 1: to lose your job. It's why we're so keen on

514
00:23:09,000 --> 00:23:12,040
Speaker 1: saving up a substantial emergency fund, and it's part of

515
00:23:12,040 --> 00:23:13,480
Speaker 1: our money gears if you go check it out at

516
00:23:13,480 --> 00:23:16,480
Speaker 1: how money dot com. But a long term disability policy

517
00:23:16,800 --> 00:23:19,480
Speaker 1: that can particul is something we're more keen on. It's

518
00:23:19,520 --> 00:23:21,639
Speaker 1: something that can help if something happens to you and

519
00:23:21,680 --> 00:23:24,119
Speaker 1: you can't work for quite a while, for an extended

520
00:23:24,119 --> 00:23:28,160
Speaker 1: period of time, and my given your particular circumstances, I'd

521
00:23:28,160 --> 00:23:30,560
Speaker 1: be reluctant. I would say to let go of this

522
00:23:30,640 --> 00:23:31,920
Speaker 1: individual policy right now.

523
00:23:31,960 --> 00:23:33,959
Speaker 2: Well, and I think that it's clear that Mike is

524
00:23:34,240 --> 00:23:36,520
Speaker 2: he's hesitant to give this thing up. And I think

525
00:23:36,560 --> 00:23:39,560
Speaker 2: this in part comes down to your risk tolerance and

526
00:23:40,119 --> 00:23:43,960
Speaker 2: how comfortable you are playing around the edges essentially clips

527
00:23:43,960 --> 00:23:46,159
Speaker 2: to the edge of the cliff, And so if you

528
00:23:46,400 --> 00:23:49,240
Speaker 2: are someone who likes to be a bit more independent

529
00:23:49,560 --> 00:23:52,000
Speaker 2: or if you don't have others who you can count

530
00:23:52,040 --> 00:23:54,359
Speaker 2: on for income. This is absolutely something that you're going

531
00:23:54,440 --> 00:23:57,120
Speaker 2: to be more drawn towards. But at the same time,

532
00:23:57,160 --> 00:24:00,159
Speaker 2: like let's say you're thinking, Okay, what would happen if

533
00:24:00,160 --> 00:24:01,840
Speaker 2: I couldn't work, if I couldn't earn an income for

534
00:24:01,840 --> 00:24:04,040
Speaker 2: a couple of years, what would that scenario look like?

535
00:24:04,480 --> 00:24:06,240
Speaker 2: And if you've got a mom who would like basically

536
00:24:06,280 --> 00:24:08,959
Speaker 2: make you move home and take care of you and

537
00:24:09,359 --> 00:24:12,120
Speaker 2: help cover your expenses or something like that, Okay, well

538
00:24:12,160 --> 00:24:14,160
Speaker 2: maybe or you know, you've got some parents who are like, man,

539
00:24:14,200 --> 00:24:16,160
Speaker 2: I know that they would love to have me back

540
00:24:16,440 --> 00:24:19,560
Speaker 2: back home in my hometown, back in my childhood bedroom.

541
00:24:19,880 --> 00:24:21,560
Speaker 2: You know, like if that's the kind of scenario that

542
00:24:21,720 --> 00:24:25,040
Speaker 2: and there's like in a really solid financial position, well

543
00:24:25,080 --> 00:24:26,960
Speaker 2: guess what, I don't think long term disability is something

544
00:24:27,000 --> 00:24:30,000
Speaker 2: that you wouldn't necessarily want to consider all that much.

545
00:24:30,040 --> 00:24:32,359
Speaker 1: And so, yeah, a lot of other backstops.

546
00:24:32,400 --> 00:24:34,760
Speaker 2: A lot of it comes down to your individual situation. Yeah, yeah,

547
00:24:34,760 --> 00:24:35,280
Speaker 2: and just.

548
00:24:35,280 --> 00:24:36,840
Speaker 1: Especially with the price of it, which is something we

549
00:24:36,840 --> 00:24:38,120
Speaker 1: need to talk about too totally.

550
00:24:38,160 --> 00:24:39,359
Speaker 2: And it comes down to like, if you have a

551
00:24:39,640 --> 00:24:41,879
Speaker 2: I don't hear him mentioning a partner necessarily and so

552
00:24:41,960 --> 00:24:43,959
Speaker 2: it's kind of it comes down to him and his

553
00:24:44,040 --> 00:24:45,960
Speaker 2: ability to earn an income. But if you have a partner,

554
00:24:46,040 --> 00:24:48,600
Speaker 2: a partner who can work or who is currently working,

555
00:24:49,040 --> 00:24:51,359
Speaker 2: it's like, okay, well we're not going to necessarily be

556
00:24:51,440 --> 00:24:53,480
Speaker 2: in dire straits. If the worst were to happen to me.

557
00:24:53,600 --> 00:24:56,240
Speaker 1: That dephrased some of that risk. The emergency funds as

558
00:24:56,280 --> 00:25:00,320
Speaker 1: well as another paycheck coming into the household, maybe having

559
00:25:00,440 --> 00:25:03,480
Speaker 1: kids yet that you would also have to support less responsibility. Yeah,

560
00:25:03,560 --> 00:25:05,840
Speaker 1: all those things would allow you to take a little

561
00:25:05,840 --> 00:25:07,280
Speaker 1: bit more risk. And it sounds like one of the

562
00:25:07,280 --> 00:25:11,159
Speaker 1: things Mike said is he doesn't necessarily plan on staying

563
00:25:11,200 --> 00:25:12,840
Speaker 1: in this job for too long, or any job for

564
00:25:12,880 --> 00:25:15,400
Speaker 1: too long. And I think even if you wanted to, Mike,

565
00:25:15,520 --> 00:25:17,520
Speaker 1: it sounds like your job might not be super secure.

566
00:25:17,800 --> 00:25:20,160
Speaker 1: But if neither of those things were true, we might

567
00:25:20,200 --> 00:25:23,840
Speaker 1: have different advice. Because opting for the work provided policy only,

568
00:25:24,680 --> 00:25:26,879
Speaker 1: you'd likely be paying a fair amount less every single

569
00:25:26,880 --> 00:25:30,600
Speaker 1: month for that coverage. But for everyone listening, I would

570
00:25:30,600 --> 00:25:34,160
Speaker 1: say double check and see what the actual coverage includes.

571
00:25:34,560 --> 00:25:39,520
Speaker 1: Because employer provided insurance policies rarely provide enough coverage on

572
00:25:39,560 --> 00:25:42,879
Speaker 1: both the life and disability front. So you might say, oh, great,

573
00:25:43,240 --> 00:25:47,320
Speaker 1: a free plan from my employer. Fantastic, I don't have

574
00:25:47,359 --> 00:25:50,679
Speaker 1: to buy my own policy because I am covered. And

575
00:25:51,040 --> 00:25:55,119
Speaker 1: that's just like maybe but probably not right. Sometimes doubling

576
00:25:55,200 --> 00:25:57,800
Speaker 1: up actually makes the most sense. I think, you know,

577
00:25:58,040 --> 00:26:00,240
Speaker 1: taking the minimum amount of life insurance for insta for

578
00:26:00,320 --> 00:26:03,480
Speaker 1: most employer plans and getting extra coverage on your own

579
00:26:03,560 --> 00:26:06,040
Speaker 1: often makes the most sense. Matt. Back when I worked

580
00:26:06,119 --> 00:26:09,560
Speaker 1: for a company getting a W two, they offered life

581
00:26:09,600 --> 00:26:13,520
Speaker 1: insurance at one x your pay, and so that just

582
00:26:13,640 --> 00:26:16,359
Speaker 1: wasn't enough life insurance, but you could buy more through

583
00:26:16,359 --> 00:26:18,399
Speaker 1: the company. But the race that they would charge if

584
00:26:18,440 --> 00:26:21,000
Speaker 1: you were to buy through the company were far in

585
00:26:21,080 --> 00:26:23,600
Speaker 1: excess of what I could get on the private market.

586
00:26:23,680 --> 00:26:26,080
Speaker 1: And so let's say I was uninsurable, that I'd had

587
00:26:26,440 --> 00:26:30,120
Speaker 1: a bunch of different health catastrophes, then maybe it would

588
00:26:30,119 --> 00:26:32,280
Speaker 1: make sense for me to get life insurance, more life

589
00:26:32,280 --> 00:26:34,880
Speaker 1: insurance through my employer, because it would be prohibitively expensive

590
00:26:35,000 --> 00:26:38,080
Speaker 1: on the open market. But for young healthy people in particular,

591
00:26:38,480 --> 00:26:41,159
Speaker 1: not getting more insurance through your employer and getting it

592
00:26:41,240 --> 00:26:44,280
Speaker 1: on the private market means you're going to have enough coverage,

593
00:26:44,320 --> 00:26:45,440
Speaker 1: it means it's going to cost less.

594
00:26:45,520 --> 00:26:48,080
Speaker 2: Yeah, just because there's a policy available to you through

595
00:26:48,119 --> 00:26:51,760
Speaker 2: your employer doesn't mean it's the best nor necessarily the

596
00:26:51,800 --> 00:26:54,000
Speaker 2: most cost effective way to go about it. And it

597
00:26:54,040 --> 00:26:55,920
Speaker 2: sounds like Mike's you know that he's got his own

598
00:26:55,960 --> 00:26:57,879
Speaker 2: solid policy there that's going to pay out well if

599
00:26:57,920 --> 00:27:01,040
Speaker 2: he does encounter a disability. And he also mentioned the

600
00:27:01,080 --> 00:27:04,919
Speaker 2: inflation adjustment as well. There's an inflation adjustment clause and

601
00:27:04,960 --> 00:27:07,359
Speaker 2: that's pretty massive, Like that's a huge deal. And so

602
00:27:07,560 --> 00:27:10,760
Speaker 2: I think if I were these days, yeah, yeah, well

603
00:27:10,800 --> 00:27:12,960
Speaker 2: hopefully yeah, hopefully re pass the worst of it, but man,

604
00:27:13,080 --> 00:27:16,040
Speaker 2: it's inflation. It is sticky. If I were you, Mike,

605
00:27:16,080 --> 00:27:18,280
Speaker 2: I would hang on to that policy at least for now.

606
00:27:18,960 --> 00:27:20,359
Speaker 2: And by the way, for folks out there who might

607
00:27:20,359 --> 00:27:22,800
Speaker 2: be considering this, if you are looking into it, just

608
00:27:22,920 --> 00:27:25,080
Speaker 2: know that a policy out there on the open market,

609
00:27:25,119 --> 00:27:28,000
Speaker 2: it's not cheap. It often costs one to three percent

610
00:27:28,520 --> 00:27:31,760
Speaker 2: of your annual salary. It depends on a number of factors,

611
00:27:32,080 --> 00:27:34,520
Speaker 2: elimination periods and things like that are built into your

612
00:27:34,520 --> 00:27:37,200
Speaker 2: specific policy. But given the stats, it is an insurance

613
00:27:37,480 --> 00:27:40,639
Speaker 2: policy that more folks should consider that being said, I

614
00:27:40,640 --> 00:27:42,840
Speaker 2: don't want to discourage folks, but I don't personally have

615
00:27:43,480 --> 00:27:46,400
Speaker 2: a long term disability policy in play strol, do you?

616
00:27:46,440 --> 00:27:48,440
Speaker 1: No? I do not either, But I will say we're

617
00:27:48,560 --> 00:27:51,640
Speaker 1: risky dudes. I guess if I lost my voice completely

618
00:27:51,800 --> 00:27:55,400
Speaker 1: that would be that potentially put me in a bad position.

619
00:27:55,720 --> 00:27:57,720
Speaker 1: But talking about kind of how much risk we.

620
00:27:57,680 --> 00:28:00,320
Speaker 2: Can, there's also other things well here before you keep moving, Yeah,

621
00:28:00,359 --> 00:28:03,760
Speaker 2: like you're touching on like a specialized career, right, and

622
00:28:04,040 --> 00:28:06,439
Speaker 2: if you, let's say you're like a concert pianist and

623
00:28:06,520 --> 00:28:08,080
Speaker 2: like this is the only thing that you can do

624
00:28:08,160 --> 00:28:10,160
Speaker 2: and you make a ton of money doing that, that's

625
00:28:10,200 --> 00:28:12,720
Speaker 2: the kind of scenario, the kind of situation where it

626
00:28:12,800 --> 00:28:15,080
Speaker 2: might pay to go with some long term disability.

627
00:28:15,400 --> 00:28:19,199
Speaker 1: Or they're literally people who have like football players pianists

628
00:28:19,240 --> 00:28:22,640
Speaker 1: who have insurance policies on the parts of their body

629
00:28:22,800 --> 00:28:25,800
Speaker 1: that make them income. Right, they're specialized policies for those people.

630
00:28:26,600 --> 00:28:29,640
Speaker 1: And you and I don't think we qualify to get

631
00:28:29,640 --> 00:28:32,399
Speaker 1: that sort of level of insurance from our you know,

632
00:28:32,440 --> 00:28:33,280
Speaker 1: from our carriers.

633
00:28:33,320 --> 00:28:35,719
Speaker 2: But anybody and can talk like I do, and most

634
00:28:35,760 --> 00:28:38,959
Speaker 2: folks actually can speak a little bit better.

635
00:28:38,120 --> 00:28:38,560
Speaker 1: Than I can.

636
00:28:38,640 --> 00:28:41,960
Speaker 2: Dole but that's an important consideration though, like if you

637
00:28:42,000 --> 00:28:44,480
Speaker 2: are flexible to doing other like I've done lots of

638
00:28:44,480 --> 00:28:46,040
Speaker 2: different things in my life. I don't have like a

639
00:28:46,640 --> 00:28:50,800
Speaker 2: career that looks incredibly specialized. I'm very open to being

640
00:28:50,880 --> 00:28:53,760
Speaker 2: flexible to trying new things. Okay, and I we've even

641
00:28:53,760 --> 00:28:55,400
Speaker 2: talked about this, and she's like, well, I would go

642
00:28:55,520 --> 00:28:57,440
Speaker 2: to work if something happened to you. It's like, okay, cool,

643
00:28:57,480 --> 00:28:59,400
Speaker 2: these are conversations that are important now. And if you

644
00:28:59,480 --> 00:29:02,720
Speaker 2: broke your back, maybe I would host for by myself

645
00:29:02,760 --> 00:29:03,800
Speaker 2: for a little bit and then you'd be back on

646
00:29:03,840 --> 00:29:06,160
Speaker 2: the mic, hopefully a no time, like they're also hosted

647
00:29:06,200 --> 00:29:07,760
Speaker 2: from the bed. Just be like, all right, this is true.

648
00:29:07,880 --> 00:29:10,320
Speaker 2: That's just what it looks like, right, we could do that.

649
00:29:10,720 --> 00:29:12,360
Speaker 1: I think the other thing to note of why like

650
00:29:12,520 --> 00:29:15,000
Speaker 1: I don't have a policy is I'm comfortable holding on

651
00:29:15,040 --> 00:29:18,120
Speaker 1: to more cash self ensuring more even for long term

652
00:29:18,160 --> 00:29:20,600
Speaker 1: potential disability needs. And you're right, Matt, there's just a

653
00:29:20,600 --> 00:29:24,240
Speaker 1: lot of flexibility I think that we have that. Maybe

654
00:29:24,440 --> 00:29:27,240
Speaker 1: not everybody has exactly, and so I would say, yeah,

655
00:29:27,320 --> 00:29:29,880
Speaker 1: it's not for everyone, but more people should consider it.

656
00:29:30,080 --> 00:29:32,520
Speaker 2: Yeah, And it depends too how close you are to retirement,

657
00:29:32,560 --> 00:29:34,480
Speaker 2: because that means you're you just you've got more money

658
00:29:34,520 --> 00:29:37,760
Speaker 2: set aside. You're less dependent on your income to provide

659
00:29:37,800 --> 00:29:39,600
Speaker 2: for your standard of living as opposed to your investment

660
00:29:39,640 --> 00:29:40,920
Speaker 2: dollars doing some of that heavy lifting.

661
00:29:41,000 --> 00:29:43,400
Speaker 1: The culture you are to financial independence, the less likely

662
00:29:43,440 --> 00:29:44,040
Speaker 1: it makes sense to.

663
00:29:45,120 --> 00:29:48,320
Speaker 2: Per But let's get to our next listener question. This

664
00:29:48,360 --> 00:29:50,720
Speaker 2: is from a listener who is considering a number of

665
00:29:50,720 --> 00:29:54,280
Speaker 2: different options to make sure that he is properly prepared

666
00:29:54,360 --> 00:29:55,280
Speaker 2: for retirement.

667
00:29:55,760 --> 00:29:59,360
Speaker 5: Hi, Matt and Joel, this is Greg from Los Angeles.

668
00:30:00,200 --> 00:30:02,880
Speaker 5: I really enjoy the show and all the knowledge and

669
00:30:02,960 --> 00:30:06,120
Speaker 5: insight that it provides, and I keep telling my friends

670
00:30:06,160 --> 00:30:09,200
Speaker 5: and coworkers about it to help give them a better

671
00:30:09,240 --> 00:30:16,560
Speaker 5: financial footing. I am a public servant, so I am

672
00:30:16,800 --> 00:30:21,280
Speaker 5: contributing towards a pension when I retire. Over the last

673
00:30:21,280 --> 00:30:24,560
Speaker 5: couple of years, I have been maxing out my roth IRA.

674
00:30:26,240 --> 00:30:30,160
Speaker 5: My question is I am in the beneficial position of

675
00:30:30,320 --> 00:30:33,760
Speaker 5: potentially earning more than one hundred and forty thousand in

676
00:30:33,800 --> 00:30:36,720
Speaker 5: the next couple of years, and I wanted to get

677
00:30:36,760 --> 00:30:41,719
Speaker 5: your thoughts about you contributing to my personal wrath. Should

678
00:30:41,720 --> 00:30:45,960
Speaker 5: I continue to do the roth Ira and once I

679
00:30:46,000 --> 00:30:47,400
Speaker 5: get to that limit, just do.

680
00:30:47,400 --> 00:30:48,479
Speaker 2: A backdoor WROTH.

681
00:30:49,280 --> 00:30:52,280
Speaker 5: Or what I'm finding from my employer is that we

682
00:30:52,400 --> 00:30:57,000
Speaker 5: have the ability to contribute to a savings account which

683
00:30:57,080 --> 00:31:00,320
Speaker 5: is a four to oh one K, and I'm wondering

684
00:31:00,360 --> 00:31:04,200
Speaker 5: if I should just start that post tax and roll

685
00:31:04,240 --> 00:31:08,760
Speaker 5: over my current roth IRA. I am in the process

686
00:31:09,080 --> 00:31:12,880
Speaker 5: of also my pension. I contribute to the four fifty

687
00:31:12,960 --> 00:31:15,960
Speaker 5: seven offered by my employer, and this four oh one

688
00:31:16,080 --> 00:31:20,880
Speaker 5: K would then be a third bucket to fill, either

689
00:31:21,000 --> 00:31:25,000
Speaker 5: pre or post tax. Appreciate all your time and consideration

690
00:31:25,600 --> 00:31:27,760
Speaker 5: and wishing you the best in coffee and beer.

691
00:31:28,880 --> 00:31:31,400
Speaker 1: Oh Greg, thank you first of all for spreading the word,

692
00:31:31,400 --> 00:31:33,680
Speaker 1: for telling other people about the show. We really appreciate it.

693
00:31:33,960 --> 00:31:36,360
Speaker 1: If every single one out there listening told one friend,

694
00:31:36,800 --> 00:31:39,920
Speaker 1: just told one friend, just proselytized a little bit about HTM,

695
00:31:40,000 --> 00:31:42,440
Speaker 1: we double our listenership. Joe. That's how it works, Matt.

696
00:31:44,080 --> 00:31:46,040
Speaker 1: So thank you, Greg. Appreciate that. And by the way,

697
00:31:46,520 --> 00:31:49,760
Speaker 1: great coffee and beer, they really are inexpensive ways in

698
00:31:49,800 --> 00:31:51,920
Speaker 1: modern way, in moderation to bring some extra joy to

699
00:31:51,960 --> 00:31:53,000
Speaker 1: your life, even.

700
00:31:52,920 --> 00:31:55,760
Speaker 2: It can be in expensive ways sometimes ye like we

701
00:31:55,800 --> 00:31:57,760
Speaker 2: say it's our craft beer equivalent for a reason.

702
00:31:57,840 --> 00:31:58,400
Speaker 1: We don't.

703
00:31:58,480 --> 00:32:00,840
Speaker 2: We're not spending the bare minim on our beard drool.

704
00:32:01,000 --> 00:32:03,080
Speaker 1: No, and you're not on your coffee either.

705
00:32:03,080 --> 00:32:05,959
Speaker 2: In particular, I've actually I've kind of changed it all

706
00:32:05,960 --> 00:32:06,920
Speaker 2: them back a little bit.

707
00:32:06,960 --> 00:32:10,000
Speaker 1: Yeah. Is that partly because coffee bean prices have gone

708
00:32:10,080 --> 00:32:11,720
Speaker 1: up so much that the kinds of stuff is going

709
00:32:11,760 --> 00:32:12,400
Speaker 1: to have?

710
00:32:12,480 --> 00:32:15,680
Speaker 2: You personally experienced that if you were just to look

711
00:32:15,840 --> 00:32:18,160
Speaker 2: at what they call it, I mean interesting, I shop

712
00:32:18,280 --> 00:32:20,000
Speaker 2: mostly at Costco, but yes, I look at the price.

713
00:32:20,120 --> 00:32:21,960
Speaker 2: What if it's impacting the cheaper beans in because the

714
00:32:22,040 --> 00:32:25,520
Speaker 2: nicer stuff. So okay, So first of all, personally, all right,

715
00:32:25,880 --> 00:32:27,920
Speaker 2: try not to let this be a massive tangent. But

716
00:32:27,960 --> 00:32:30,000
Speaker 2: I have personally dialed back my coffee consumption. I don't

717
00:32:30,000 --> 00:32:31,560
Speaker 2: know if you've noticed, but I don't make coffee here

718
00:32:31,600 --> 00:32:32,200
Speaker 2: in the office.

719
00:32:31,960 --> 00:32:34,560
Speaker 1: Anymore, now that you point it out, Yeah, no, I

720
00:32:34,560 --> 00:32:35,160
Speaker 1: didn't think about that.

721
00:32:35,200 --> 00:32:36,680
Speaker 2: It's been a couple months and I realized, you know what,

722
00:32:36,720 --> 00:32:38,560
Speaker 2: I feel like my coffee drinking has gotten out of hand,

723
00:32:38,600 --> 00:32:40,719
Speaker 2: and not from like a health standpoint. I could totally

724
00:32:40,720 --> 00:32:42,880
Speaker 2: fall asleep at night, just fine, but I realized it

725
00:32:42,920 --> 00:32:45,520
Speaker 2: was something I wasn't needing I guess, I don't know.

726
00:32:45,560 --> 00:32:47,480
Speaker 2: It felt like it was getting just a bit out

727
00:32:47,520 --> 00:32:49,440
Speaker 2: of hand, in particular when I was and I was

728
00:32:49,480 --> 00:32:51,080
Speaker 2: just buying some of the nicer stuff, Like some of

729
00:32:51,120 --> 00:32:52,920
Speaker 2: the bags I was mining. Man, it's like a ten

730
00:32:52,960 --> 00:32:55,040
Speaker 2: ounce bag or like a twelve ounce bag for like

731
00:32:55,040 --> 00:32:57,320
Speaker 2: twenty five bucks instead of what I'm talking about were

732
00:32:57,320 --> 00:32:59,400
Speaker 2: fancy coffee that you're looking at like over two dollars

733
00:32:59,440 --> 00:33:01,520
Speaker 2: an ounce. But I think Kate and I have found

734
00:33:01,520 --> 00:33:05,160
Speaker 2: the sweet spot specifically, if folks want to know countercultures,

735
00:33:05,800 --> 00:33:08,400
Speaker 2: Big Trouble. They sell it at Whole Foods, which is

736
00:33:08,440 --> 00:33:13,480
Speaker 2: on our path to school Hu for carpool, and oftentimes

737
00:33:13,480 --> 00:33:14,880
Speaker 2: you can go in there and you get it on sale,

738
00:33:15,040 --> 00:33:17,000
Speaker 2: and like when it's on sale, I'm paying less than

739
00:33:17,000 --> 00:33:20,600
Speaker 2: a dollar an ounce. And this is like solid, really

740
00:33:20,640 --> 00:33:23,040
Speaker 2: tasty stuff that we're drinking on the regular. I still

741
00:33:23,040 --> 00:33:24,960
Speaker 2: go out and splurriage and we'll get like a bag

742
00:33:25,000 --> 00:33:27,640
Speaker 2: of the nice stuff, or someone gives me some really

743
00:33:27,680 --> 00:33:29,560
Speaker 2: good stuff, which you like to do. Yeah, one of

744
00:33:29,600 --> 00:33:32,200
Speaker 2: our local roasters. That's phenomenal. I'm still drinking, but those

745
00:33:32,200 --> 00:33:34,800
Speaker 2: bags are expensive. I'm still drinking the Kirkland signature. But

746
00:33:35,520 --> 00:33:36,880
Speaker 2: I don't know any better, and I kind of don't

747
00:33:36,880 --> 00:33:39,320
Speaker 2: want to know better. I'm like purposely blindfolding myself. That's

748
00:33:39,440 --> 00:33:41,760
Speaker 2: to fancy coffee to make sure that I don't spend

749
00:33:41,800 --> 00:33:43,360
Speaker 2: too much. I'm trying to do that with wine. But

750
00:33:43,520 --> 00:33:46,200
Speaker 2: the more wine I drink, I'm like, oh, that's now

751
00:33:46,280 --> 00:33:47,800
Speaker 2: I know. I don't even know how to say it.

752
00:33:48,120 --> 00:33:48,560
Speaker 1: Rio hoo.

753
00:33:49,680 --> 00:33:52,480
Speaker 2: Yeah, it's like a Spanish wine. I had like one

754
00:33:52,520 --> 00:33:53,600
Speaker 2: of those recently and I was.

755
00:33:53,600 --> 00:33:57,200
Speaker 1: Like, oh, this is I like this. Okay, so sorry,

756
00:33:57,200 --> 00:33:58,800
Speaker 1: we'll stop this changent very soon, but I'm going to

757
00:33:58,840 --> 00:34:00,440
Speaker 1: pick you up a bottle. I haven't tried the Kirkland

758
00:34:00,440 --> 00:34:02,600
Speaker 1: signature version of the Rio. I wonder if it's anything. Oh,

759
00:34:02,640 --> 00:34:04,160
Speaker 1: we'll give it a try. Yeah, okay, I have to

760
00:34:04,160 --> 00:34:06,400
Speaker 1: give it a go. But let's get to Greg's question, Matt,

761
00:34:06,480 --> 00:34:09,240
Speaker 1: because that's what we do on the show, is answer questions.

762
00:34:09,280 --> 00:34:11,400
Speaker 2: At some point. We will get to your question, Greg,

763
00:34:11,880 --> 00:34:13,200
Speaker 2: after we talk about all the things that we want

764
00:34:13,239 --> 00:34:15,600
Speaker 2: to talk about this right, this is our show, after all, Greg,

765
00:34:15,600 --> 00:34:17,280
Speaker 2: not yours. Hey, he's the one that brought up coffee

766
00:34:17,520 --> 00:34:19,799
Speaker 2: and beerus. I'm assuming he's a fan as well.

767
00:34:19,840 --> 00:34:21,560
Speaker 1: If you didn't want that tangent. You shouldn't have asked

768
00:34:21,600 --> 00:34:24,200
Speaker 1: for it. Well, congrats on having a pension available to you.

769
00:34:24,239 --> 00:34:27,520
Speaker 1: That's that's becoming more rare obviously. But what should you do, Matt,

770
00:34:27,520 --> 00:34:29,719
Speaker 1: when you're making the big bucks and you can't contribute

771
00:34:29,719 --> 00:34:32,960
Speaker 1: directly to a roth ira? That is a question that

772
00:34:33,239 --> 00:34:36,080
Speaker 1: is actually a good question to have. It's a good

773
00:34:36,120 --> 00:34:38,200
Speaker 1: problem to have because it means you're moving up the

774
00:34:38,280 --> 00:34:41,200
Speaker 1: income spectrum. And some people they think of that as

775
00:34:41,280 --> 00:34:42,960
Speaker 1: a sad day, but I think of it as like

776
00:34:43,160 --> 00:34:46,040
Speaker 1: a happy day because it means you're crushing it when

777
00:34:46,040 --> 00:34:48,520
Speaker 1: it comes to the money you're making. I would rather

778
00:34:48,640 --> 00:34:51,839
Speaker 1: make more and lose access then make less and still

779
00:34:51,840 --> 00:34:53,640
Speaker 1: be ROTH eligible, like if I had to, you know,

780
00:34:54,080 --> 00:34:55,640
Speaker 1: had to pull the lever on that choice.

781
00:34:55,640 --> 00:34:57,239
Speaker 2: It's like option A or option B.

782
00:34:57,280 --> 00:34:58,959
Speaker 1: Which one would you choose? Is okay? Well?

783
00:34:59,000 --> 00:35:01,319
Speaker 2: I hate that I ca contribute directly to a wrath,

784
00:35:01,360 --> 00:35:04,080
Speaker 2: but it means good things, right, And you know, Greg

785
00:35:04,120 --> 00:35:06,560
Speaker 2: must be single because the income limit for joint filers

786
00:35:06,600 --> 00:35:09,240
Speaker 2: is like two hundred and thirty thousand dollars, he cates

787
00:35:09,360 --> 00:35:11,960
Speaker 2: one hundred and forty six thousand dollars for single individuals.

788
00:35:12,200 --> 00:35:15,959
Speaker 1: But as you crust that threshold. My first suggestion would

789
00:35:15,960 --> 00:35:19,239
Speaker 1: be to invest more overall dollars, which could help you

790
00:35:19,280 --> 00:35:21,920
Speaker 1: remain ROTH eligible one escially, I guess the solution more

791
00:35:21,920 --> 00:35:23,200
Speaker 1: people should consider him totally.

792
00:35:23,280 --> 00:35:25,960
Speaker 2: Yeah, So if Greg were to start contributing to his

793
00:35:26,120 --> 00:35:29,520
Speaker 2: traditional four one K so not his WROTH, if that's

794
00:35:29,760 --> 00:35:32,120
Speaker 2: an option that's available to him, WROTH war one K

795
00:35:32,200 --> 00:35:34,360
Speaker 2: no no no no, go with a traditional four onin K,

796
00:35:34,440 --> 00:35:38,200
Speaker 2: and that could reduce your modified adjusted gross income, allowing

797
00:35:38,239 --> 00:35:41,239
Speaker 2: you to keep contributing directly to a WROTH, meaning that

798
00:35:41,280 --> 00:35:43,400
Speaker 2: there are going to be no extra hoops for you

799
00:35:43,440 --> 00:35:46,680
Speaker 2: to jump through. Basically, if you're right on that line,

800
00:35:46,760 --> 00:35:50,120
Speaker 2: every dollar you contribute to a pre tax account, it's

801
00:35:50,160 --> 00:35:53,520
Speaker 2: going to help you to lower that modified adjusted gross income,

802
00:35:53,680 --> 00:35:56,399
Speaker 2: potentially keeping you under that income threshold, which can mean

803
00:35:56,680 --> 00:35:59,040
Speaker 2: you can keep talking money into your roth ira L

804
00:35:59,080 --> 00:36:01,480
Speaker 2: like clockwork, just like you always have, and then you

805
00:36:01,520 --> 00:36:03,959
Speaker 2: know if your income does go up substantially over time,

806
00:36:04,239 --> 00:36:06,960
Speaker 2: or if you aren't keen on investing more money there.

807
00:36:07,120 --> 00:36:09,000
Speaker 1: There's other ways to pull this off as well, which

808
00:36:09,040 --> 00:36:11,960
Speaker 1: you've touched on, but I think that's sometimes matts. People

809
00:36:12,000 --> 00:36:15,000
Speaker 1: are asking about, oh, student loan payments. If I contribute

810
00:36:15,040 --> 00:36:16,560
Speaker 1: more to my retirement account, I might be able to

811
00:36:16,560 --> 00:36:18,080
Speaker 1: lower those student loan payments. And I think that's just

812
00:36:18,120 --> 00:36:22,040
Speaker 1: another reason yes, consider investing more, particularly in those years

813
00:36:22,080 --> 00:36:25,800
Speaker 1: where it might make a difference in your monthly budget,

814
00:36:25,880 --> 00:36:28,080
Speaker 1: right and in this case where it might make a

815
00:36:28,080 --> 00:36:31,239
Speaker 1: difference in your WROTH eligibility and greg. You know, higher

816
00:36:31,239 --> 00:36:33,839
Speaker 1: earners such as yourself can take advantage of what's known

817
00:36:33,920 --> 00:36:36,720
Speaker 1: as the backdoor wroth. So that's something else that's worth mentioning.

818
00:36:37,000 --> 00:36:39,239
Speaker 1: It's not another account some people think that it is.

819
00:36:39,520 --> 00:36:42,280
Speaker 1: It's a process that you go through that involves basically

820
00:36:42,320 --> 00:36:45,600
Speaker 1: extra hoops. And so what happens is you contribute money

821
00:36:45,600 --> 00:36:48,840
Speaker 1: to your traditional IRA and then you convert those dollars

822
00:36:48,880 --> 00:36:52,440
Speaker 1: into your wroth IRA instead of making that direct contribution

823
00:36:52,560 --> 00:36:54,880
Speaker 1: to the wroth. And what you need to know is

824
00:36:54,880 --> 00:36:57,719
Speaker 1: you're not claiming any sort of tax deduction for that

825
00:36:57,760 --> 00:37:01,040
Speaker 1: initial contribution to your traditional IRA. You'll make what's known

826
00:37:01,040 --> 00:37:04,320
Speaker 1: as a non deductible contribution. Read up on the details.

827
00:37:04,360 --> 00:37:07,600
Speaker 1: We've got a piece on this up on our website.

828
00:37:07,600 --> 00:37:09,080
Speaker 1: We'll link to it in the show notes. But the

829
00:37:09,120 --> 00:37:11,279
Speaker 1: backdoor wroth can be the perfect way for you to

830
00:37:11,280 --> 00:37:14,400
Speaker 1: basically keep contributing to that account if your income continues

831
00:37:14,440 --> 00:37:17,680
Speaker 1: to rise. And we love that you're trying to continue

832
00:37:17,719 --> 00:37:22,879
Speaker 1: to put in after tax dollars into investments, because yeah,

833
00:37:23,239 --> 00:37:25,560
Speaker 1: I think having more WROTH dollars Matt is just going

834
00:37:25,600 --> 00:37:29,600
Speaker 1: to mean more tax flexibility for Greg when he gets

835
00:37:29,640 --> 00:37:32,120
Speaker 1: into his retirement years, he's going to have kind of

836
00:37:32,160 --> 00:37:35,360
Speaker 1: the ability to dial in his tax rate if he

837
00:37:35,480 --> 00:37:37,120
Speaker 1: has two bucks to pull from.

838
00:37:37,360 --> 00:37:40,960
Speaker 2: And the last strategy that Greg mentioned contributing to his

839
00:37:41,080 --> 00:37:44,400
Speaker 2: four one K and then converting those funds to a

840
00:37:44,520 --> 00:37:48,040
Speaker 2: roth IRA. That's what's known as a mega backdoor WROTH,

841
00:37:48,360 --> 00:37:51,080
Speaker 2: which I know is kind of ridiculous, gets a bit confusing,

842
00:37:51,239 --> 00:37:53,040
Speaker 2: But if you've got even more money that you want

843
00:37:53,080 --> 00:37:55,080
Speaker 2: to invest on top of maxing out your roth IRA,

844
00:37:55,520 --> 00:37:57,719
Speaker 2: but contributing to that would allow you to invest even

845
00:37:57,719 --> 00:38:01,560
Speaker 2: more dollars there towards your taxi managed rath IRA. So

846
00:38:01,760 --> 00:38:04,040
Speaker 2: and with him, he's talking about all these options that

847
00:38:04,080 --> 00:38:06,240
Speaker 2: he's got available to him, right Like he's got the pension,

848
00:38:06,480 --> 00:38:08,399
Speaker 2: he's got the roth iray that he's been maxing out

849
00:38:08,400 --> 00:38:11,400
Speaker 2: every year. But then on top of that, contributing to

850
00:38:11,640 --> 00:38:14,120
Speaker 2: your employer plan as well, that's I feel like he's

851
00:38:14,200 --> 00:38:17,759
Speaker 2: entering Greg's entering beast mode sort of territory. He's like

852
00:38:18,040 --> 00:38:22,080
Speaker 2: or god mode you remember doing in Doom. Oh yeah,

853
00:38:22,400 --> 00:38:24,759
Speaker 2: back in the day. His eyes have glazed over, they're

854
00:38:24,800 --> 00:38:28,560
Speaker 2: like white, and he's like indestructible. From the retirement standpoint, it's.

855
00:38:28,440 --> 00:38:31,319
Speaker 1: An embarrassment of riches essentially that Greg has here. And

856
00:38:31,480 --> 00:38:33,839
Speaker 1: I will say too, Matt, I feel like I got

857
00:38:33,880 --> 00:38:36,160
Speaker 1: a little confused listening to Greg's question. I just want

858
00:38:36,160 --> 00:38:38,719
Speaker 1: to make sure that we're not missing anything here. So

859
00:38:38,800 --> 00:38:42,040
Speaker 1: one thing I would suggest Greg, since there are there's

860
00:38:42,040 --> 00:38:43,719
Speaker 1: a lot of money you're investing at this point, and

861
00:38:43,760 --> 00:38:45,640
Speaker 1: there are a lot of options open to you, I

862
00:38:45,680 --> 00:38:49,120
Speaker 1: think it might make sense to talk to a financial advisor.

863
00:38:49,520 --> 00:38:52,160
Speaker 1: We have talked about two different places that we suggest

864
00:38:52,200 --> 00:38:55,400
Speaker 1: people go find an advisor. There's hellonectarine dot com, and

865
00:38:55,440 --> 00:38:58,480
Speaker 1: then there's Domain Money. Those are both too great places

866
00:38:58,520 --> 00:39:02,240
Speaker 1: to turn Domain Money likes to. They're all about giving

867
00:39:02,239 --> 00:39:04,799
Speaker 1: you kind of an all encompassing financial plan, and so

868
00:39:04,880 --> 00:39:09,520
Speaker 1: the cost is more expensive. Hello Nectarine, I've actually went there, Matt.

869
00:39:09,560 --> 00:39:10,960
Speaker 1: It used to be one hundred and fifty bucks flat

870
00:39:10,960 --> 00:39:13,600
Speaker 1: for an hour. Now they have advisors who charge between

871
00:39:13,600 --> 00:39:15,480
Speaker 1: one hundred and fifty and three hundred dollars an hour,

872
00:39:15,719 --> 00:39:18,320
Speaker 1: so they've changed their business model, and more of those advisors.

873
00:39:17,960 --> 00:39:19,040
Speaker 2: Are offering premium model.

874
00:39:19,160 --> 00:39:21,640
Speaker 1: Yeah, and more of those advisors are now offering domain

875
00:39:21,680 --> 00:39:24,279
Speaker 1: money ish sort of plans too. So if you're like

876
00:39:24,360 --> 00:39:26,319
Speaker 1: I just got a few questions about this, that might

877
00:39:26,360 --> 00:39:29,279
Speaker 1: be a great place to go. Especially again, you don't

878
00:39:29,280 --> 00:39:30,920
Speaker 1: want to let the tax tail wag the dog, but

879
00:39:31,200 --> 00:39:33,320
Speaker 1: you do want to make sure you're making a smart

880
00:39:33,320 --> 00:39:36,760
Speaker 1: decision for your future and for your current and future taxes,

881
00:39:37,040 --> 00:39:39,160
Speaker 1: So it might make sense to pay somebody for a

882
00:39:39,200 --> 00:39:41,759
Speaker 1: couple hours of their time to kind of dice the

883
00:39:41,800 --> 00:39:42,880
Speaker 1: details here totally.

884
00:39:42,960 --> 00:39:45,160
Speaker 2: So on the note of planning for your future, one, well,

885
00:39:45,200 --> 00:39:47,359
Speaker 2: I guess one caveat too. It's always great to plan

886
00:39:47,440 --> 00:39:49,680
Speaker 2: for your future. But Greg I wouldn't spend too much

887
00:39:49,680 --> 00:39:51,799
Speaker 2: time on this as well, because so he said that

888
00:39:51,840 --> 00:39:54,360
Speaker 2: he in the future years might be getting close to

889
00:39:54,800 --> 00:39:58,640
Speaker 2: like earning close to one like you mentioned. One for

890
00:39:58,920 --> 00:40:01,080
Speaker 2: six is the cutof off for Rotha, right, but that

891
00:40:01,120 --> 00:40:03,400
Speaker 2: was actually for last year, for twenty twenty four, For

892
00:40:03,440 --> 00:40:05,640
Speaker 2: twenty twenty five, it's one hundred and fifty thousand dollars,

893
00:40:06,080 --> 00:40:08,480
Speaker 2: And so what I'm pointing out here is that by

894
00:40:08,520 --> 00:40:10,960
Speaker 2: the time you hit that, you get closer to a

895
00:40:11,000 --> 00:40:13,680
Speaker 2: one forty greg like there's a good chance that that

896
00:40:13,719 --> 00:40:16,520
Speaker 2: threshold is moved even higher. And I'm not saying that

897
00:40:16,560 --> 00:40:18,520
Speaker 2: you don't have the ability to like catch that threshold

898
00:40:18,560 --> 00:40:20,600
Speaker 2: at some point. More power to you, man, I think

899
00:40:20,600 --> 00:40:22,520
Speaker 2: you can totally do that. That's the goal. Yeah, absolutely,

900
00:40:22,560 --> 00:40:24,880
Speaker 2: I think there's likely a very good chance that you're

901
00:40:24,920 --> 00:40:26,719
Speaker 2: going to be able to earn more than what that

902
00:40:26,760 --> 00:40:27,440
Speaker 2: threshold is.

903
00:40:27,400 --> 00:40:29,400
Speaker 1: Like a greyhound, you want to catch that rabbit or

904
00:40:29,440 --> 00:40:29,880
Speaker 1: whatever it is.

905
00:40:29,960 --> 00:40:33,040
Speaker 2: But I'm just highlighting the fact that you're not quite there,

906
00:40:33,320 --> 00:40:35,840
Speaker 2: and they're going to continue to raise that with inflation.

907
00:40:35,880 --> 00:40:38,000
Speaker 2: I mean, I think like just a few years ago,

908
00:40:38,080 --> 00:40:40,040
Speaker 2: or maybe four or five years ago, it was at

909
00:40:40,040 --> 00:40:41,879
Speaker 2: like one hundred and twenty five thousand dollars or something

910
00:40:41,920 --> 00:40:44,440
Speaker 2: like that. So it has come a long ways, and

911
00:40:44,480 --> 00:40:46,560
Speaker 2: I think it will continue to do that as long

912
00:40:46,600 --> 00:40:50,840
Speaker 2: as inflation continues to be sort of a thorn in

913
00:40:50,920 --> 00:40:53,160
Speaker 2: everyone's side. So something else to keep in.

914
00:40:53,200 --> 00:40:55,560
Speaker 1: Mind, no doubt. So, yeah, you might not actually have

915
00:40:55,640 --> 00:40:57,440
Speaker 1: much of a problem, and you might be able to

916
00:40:57,520 --> 00:41:00,240
Speaker 1: kind of keep going the easy route of contributing to

917
00:41:00,239 --> 00:41:02,640
Speaker 1: to that roth for many years to come. Just depends

918
00:41:02,680 --> 00:41:05,319
Speaker 1: on how quickly that income escalates. But Matt, we've got

919
00:41:05,320 --> 00:41:07,960
Speaker 1: more to get to on this episode, including we'll talk

920
00:41:08,040 --> 00:41:10,120
Speaker 1: travel tips. We'll get to that and more right after this.

921
00:41:18,000 --> 00:41:19,319
Speaker 1: All right, buddy, we're back from the break.

922
00:41:19,360 --> 00:41:22,120
Speaker 2: Let's keep talking about money. And of course now we've

923
00:41:22,120 --> 00:41:24,080
Speaker 2: gotten the Facebook question of the week, and this week

924
00:41:24,080 --> 00:41:26,839
Speaker 2: it's from Nathan and he asked, I was wondering if

925
00:41:26,840 --> 00:41:30,600
Speaker 2: anyone had tips on booking flights and hotel? Are there

926
00:41:30,600 --> 00:41:33,360
Speaker 2: sites that are good? Should I book them together or separately?

927
00:41:33,400 --> 00:41:36,280
Speaker 2: Should I book directly with the hotel or with prices

928
00:41:36,320 --> 00:41:39,360
Speaker 2: I see on other sites if they are cheaper? What

929
00:41:39,400 --> 00:41:40,760
Speaker 2: do you think, Joel, all of the above.

930
00:41:41,800 --> 00:41:43,719
Speaker 1: That's a good question. There's a lot to talk about here.

931
00:41:43,760 --> 00:41:46,760
Speaker 1: We'll do our best to offer a brief but helpful answer.

932
00:41:47,080 --> 00:41:49,680
Speaker 2: Just don't travel. Look nothing. If you want to say

933
00:41:49,719 --> 00:41:51,680
Speaker 2: the most amount of money right, stay home.

934
00:41:51,719 --> 00:41:53,520
Speaker 1: If you want to save you more, live in your

935
00:41:53,560 --> 00:41:56,160
Speaker 1: mom's basement. That is going to be the best way

936
00:41:56,200 --> 00:41:58,760
Speaker 1: to have that ninety percent savings. Right that everyone's shooting Formatt,

937
00:41:58,760 --> 00:41:59,680
Speaker 1: but occasionally.

938
00:41:59,280 --> 00:42:01,480
Speaker 2: Buy some groceries for the house. Come on, man, you

939
00:42:01,480 --> 00:42:02,880
Speaker 2: don't want to be a total leech.

940
00:42:02,719 --> 00:42:05,319
Speaker 1: Otherwise she's gonna kick you out. Well, we are all

941
00:42:05,320 --> 00:42:08,000
Speaker 1: about traveling and saving money on travel. Maybe we should

942
00:42:08,040 --> 00:42:10,040
Speaker 1: just mention a few of our favorite sites Matt for

943
00:42:10,160 --> 00:42:12,200
Speaker 1: travel and flights specifically, it used to be this combo

944
00:42:12,480 --> 00:42:16,319
Speaker 1: of Google Flights and Southwest, but now think the good

945
00:42:16,360 --> 00:42:20,440
Speaker 1: Lord above. Southwest Flights are included in the Google results,

946
00:42:20,640 --> 00:42:23,000
Speaker 1: so it's a one stop shop. You can set up

947
00:42:23,080 --> 00:42:25,839
Speaker 1: fair alerts, which is clutch, and I don't know if

948
00:42:25,840 --> 00:42:29,640
Speaker 1: you need any other sites for booking besides maybe a

949
00:42:29,880 --> 00:42:32,360
Speaker 1: Going membership which she used to be known as Scott's

950
00:42:32,440 --> 00:42:35,759
Speaker 1: Cheap Flights if you are a flexible travel nerd. I

951
00:42:35,800 --> 00:42:40,640
Speaker 1: think Going is great because they're delivering those sweet deals

952
00:42:40,960 --> 00:42:42,680
Speaker 1: to your inbox and you might be like, wait a

953
00:42:42,719 --> 00:42:45,920
Speaker 1: second Germany for three hundred and eighty two dollars, I'm in.

954
00:42:46,320 --> 00:42:48,080
Speaker 1: I didn't even realize I could get there that cheap.

955
00:42:48,080 --> 00:42:51,120
Speaker 1: And that's what Scot's Chief Flights does so well. If

956
00:42:51,160 --> 00:42:53,279
Speaker 1: you just take one international flight a year based on

957
00:42:53,280 --> 00:42:57,440
Speaker 1: their recommendations, you easily more than pay for the membership fee.

958
00:42:58,040 --> 00:43:01,560
Speaker 1: I think skyscanner is another solid site, But I don't know.

959
00:43:01,600 --> 00:43:05,640
Speaker 1: I think that combo of Google Flights Southwest Scotts Chief Flights,

960
00:43:05,960 --> 00:43:08,640
Speaker 1: if you're just using those three resources, I think you

961
00:43:08,680 --> 00:43:10,440
Speaker 1: can get mostly where you want to go.

962
00:43:10,600 --> 00:43:14,719
Speaker 2: Yeah, and that's the typically the most expensive part of traveling.

963
00:43:14,800 --> 00:43:17,840
Speaker 1: But one other thing on Google flights is setting fair alerts.

964
00:43:18,000 --> 00:43:20,080
Speaker 1: So when you're like, here's where I want to go,

965
00:43:20,520 --> 00:43:22,719
Speaker 1: make sure you set that fair alert and look at those.

966
00:43:22,719 --> 00:43:24,120
Speaker 2: You don't have to keep checking on it every time.

967
00:43:24,160 --> 00:43:26,719
Speaker 1: And Google even tells you, hey, actually, right now, this

968
00:43:26,760 --> 00:43:28,480
Speaker 1: is like an average time to buy, or hey, this

969
00:43:28,560 --> 00:43:30,360
Speaker 1: is a really good price. You should book now. And

970
00:43:30,400 --> 00:43:32,240
Speaker 1: that's always helpful. That helps me know when to pounce.

971
00:43:32,360 --> 00:43:35,200
Speaker 2: Yeah, by make it happen, be done with it. As

972
00:43:35,200 --> 00:43:38,520
Speaker 2: far as hotels, though, hot Wire price Line they're great.

973
00:43:38,960 --> 00:43:41,920
Speaker 2: Don't forget about Airbnb, of course, we're always big fans

974
00:43:41,960 --> 00:43:44,200
Speaker 2: of them. But if you really want a hotel, we

975
00:43:44,360 --> 00:43:47,440
Speaker 2: like those third party sites, especially if you're willing to

976
00:43:47,440 --> 00:43:50,880
Speaker 2: book a hotel room without knowing specifically where you're staying,

977
00:43:50,880 --> 00:43:53,040
Speaker 2: like if you don't really care about the name of

978
00:43:53,080 --> 00:43:56,759
Speaker 2: the place and you just want like a star rating, right,

979
00:43:56,880 --> 00:44:00,319
Speaker 2: like a certain quality, certain caliber, of hotel that's totally

980
00:44:00,360 --> 00:44:04,120
Speaker 2: the way to go. The hot wire hot rates that

981
00:44:04,160 --> 00:44:07,239
Speaker 2: could give you an incredibly low price price line. They've

982
00:44:07,239 --> 00:44:09,600
Speaker 2: got the express deals, and I think that that can

983
00:44:09,640 --> 00:44:12,640
Speaker 2: be a great way to score a deal. And these

984
00:44:12,640 --> 00:44:14,960
Speaker 2: sites used to have the best deals the majority of

985
00:44:15,000 --> 00:44:18,160
Speaker 2: the time, but things have changed recently. Many of the

986
00:44:18,160 --> 00:44:21,279
Speaker 2: hotels that you see listed on these actual websites, they've

987
00:44:21,360 --> 00:44:23,200
Speaker 2: kind of wised up. And so if you see one

988
00:44:23,200 --> 00:44:28,000
Speaker 2: that you like, look up pricing directly on their website,

989
00:44:28,520 --> 00:44:30,200
Speaker 2: and what you can do. You can actually give them

990
00:44:30,200 --> 00:44:32,680
Speaker 2: a call, which very few folks are willing to do

991
00:44:32,719 --> 00:44:34,640
Speaker 2: these days. But if you call them up, there's a

992
00:44:34,640 --> 00:44:36,960
Speaker 2: good chance that they'll match or even be a deal

993
00:44:37,080 --> 00:44:39,680
Speaker 2: that you're seeing elsewhere. And then on top of that,

994
00:44:40,120 --> 00:44:42,919
Speaker 2: you typically will get a better cancelation policy as well.

995
00:44:43,160 --> 00:44:46,279
Speaker 2: By booking directly with hotel versus one of these third

996
00:44:46,280 --> 00:44:49,279
Speaker 2: party sites. Non refundable. It can be worth it if

997
00:44:49,320 --> 00:44:52,000
Speaker 2: you're getting like the absolute sickest deal, but if not,

998
00:44:52,719 --> 00:44:54,400
Speaker 2: you know, I like the idea of keeping your options

999
00:44:54,440 --> 00:44:56,480
Speaker 2: open just in case you want to change your mind

1000
00:44:56,560 --> 00:44:58,080
Speaker 2: or something else comes up and you want to pounce

1001
00:44:58,120 --> 00:44:59,359
Speaker 2: over there instead.

1002
00:44:59,040 --> 00:45:01,719
Speaker 1: Of over here, of the things that I think that

1003
00:45:01,760 --> 00:45:04,279
Speaker 1: I've noticed, Matt, we're trying to book through hot Wire

1004
00:45:04,400 --> 00:45:07,640
Speaker 1: or price line on occasion, is man, the deal the

1005
00:45:07,719 --> 00:45:10,439
Speaker 1: nightly rate looks like it's way better than maybe what's

1006
00:45:10,480 --> 00:45:13,640
Speaker 1: offered through the same hotel boo booking directly on their site,

1007
00:45:13,760 --> 00:45:15,440
Speaker 1: But you click all the way through and you look

1008
00:45:15,480 --> 00:45:18,560
Speaker 1: at the taxes and fees, fees, they're much more expensive

1009
00:45:18,719 --> 00:45:22,200
Speaker 1: on some of these third party travel sites that talk

1010
00:45:22,239 --> 00:45:25,000
Speaker 1: about helping you finding the best deal, and so you're like,

1011
00:45:25,040 --> 00:45:26,640
Speaker 1: at the end of the day, I'm not really saving

1012
00:45:26,719 --> 00:45:31,360
Speaker 1: much money, and yeah, the cancelation policy is way crummier,

1013
00:45:31,960 --> 00:45:35,400
Speaker 1: and actually maybe I'm paying more my going through one

1014
00:45:35,440 --> 00:45:37,840
Speaker 1: of these third party sites. Think going directly through the hotel.

1015
00:45:38,000 --> 00:45:39,480
Speaker 1: That did not used to be the case. It felt

1016
00:45:39,520 --> 00:45:41,239
Speaker 1: like you could almost always get a better deal on

1017
00:45:41,280 --> 00:45:43,919
Speaker 1: a third party site. That just feels like the era

1018
00:45:44,320 --> 00:45:46,400
Speaker 1: that hot Wire and price line, when they had the

1019
00:45:46,440 --> 00:45:49,040
Speaker 1: monopoly on the best prices. That's not really where we're

1020
00:45:49,040 --> 00:45:50,320
Speaker 1: at anymore. It's not like it used to be.

1021
00:45:50,400 --> 00:45:54,480
Speaker 2: Yeah, it's worth it to have another Safari or Firefox,

1022
00:45:54,520 --> 00:45:55,600
Speaker 2: not Firefox.

1023
00:45:55,200 --> 00:45:55,480
Speaker 1: What is it?

1024
00:45:55,520 --> 00:45:58,759
Speaker 2: Chrome Browser open and doing the command till day to

1025
00:45:58,800 --> 00:46:01,799
Speaker 2: be able to Firefox. Firefox is what the people still

1026
00:46:01,840 --> 00:46:03,960
Speaker 2: use that. I'm sure there's some Firefox users out there.

1027
00:46:04,040 --> 00:46:07,480
Speaker 2: But also, hey, we almost forgot about this costco travel.

1028
00:46:07,480 --> 00:46:09,680
Speaker 2: Don't forget about that, because you got to mention, depending

1029
00:46:09,719 --> 00:46:12,000
Speaker 2: on the type of trip that you're taking, you might

1030
00:46:12,120 --> 00:46:15,360
Speaker 2: find better deals on all sorts of like in particular

1031
00:46:15,440 --> 00:46:19,960
Speaker 2: like the all inclusive style travel packages. And that's particularly

1032
00:46:19,960 --> 00:46:24,600
Speaker 2: true for like more exotic destinations like Cleveland, not Cleveland,

1033
00:46:24,719 --> 00:46:28,480
Speaker 2: like Hawaii, like the Caribbean. And as always, the number

1034
00:46:28,480 --> 00:46:30,360
Speaker 2: one way to get a great travel deal is just

1035
00:46:30,360 --> 00:46:33,040
Speaker 2: to be flexible, not only on the dates that you're

1036
00:46:33,080 --> 00:46:35,360
Speaker 2: looking to travel, but also the location. I think the

1037
00:46:35,360 --> 00:46:38,000
Speaker 2: best way to think about going on a trip is

1038
00:46:38,040 --> 00:46:41,520
Speaker 2: just to be like, at some point in this season,

1039
00:46:42,160 --> 00:46:45,239
Speaker 2: I want to take a break. Yeah, and then man,

1040
00:46:45,280 --> 00:46:47,560
Speaker 2: the world's your oyster and you're gonna absolutely get the

1041
00:46:47,600 --> 00:46:50,400
Speaker 2: best deal. And then the Google Flights Explore feature is

1042
00:46:50,400 --> 00:46:52,520
Speaker 2: going to be awesome. For that you might get crazy

1043
00:46:52,600 --> 00:46:54,560
Speaker 2: cheap flights too, in awesome plays that wasn't even on

1044
00:46:54,600 --> 00:46:57,319
Speaker 2: your radar just because you clicked around some you were

1045
00:46:57,320 --> 00:46:59,120
Speaker 2: like doing a little bit exploring, see what's out there,

1046
00:46:59,160 --> 00:47:01,440
Speaker 2: Look what the deals are? And it doesn't take long

1047
00:47:01,480 --> 00:47:03,240
Speaker 2: before you're like, guess I'm gonna.

1048
00:47:03,000 --> 00:47:04,120
Speaker 1: Go to Mongolia?

1049
00:47:04,960 --> 00:47:05,520
Speaker 2: Sure, why not?

1050
00:47:05,640 --> 00:47:07,560
Speaker 1: Didn't realize you get there for two to eighty round trip.

1051
00:47:07,760 --> 00:47:09,360
Speaker 1: That's yeah, that's the cool thing. When you click the

1052
00:47:09,440 --> 00:47:13,320
Speaker 1: Explore feature, you might just be made aware of insanely

1053
00:47:13,360 --> 00:47:15,960
Speaker 1: low prices to a destination that you hadn't even thought about.

1054
00:47:16,080 --> 00:47:18,319
Speaker 1: And it might be guess what, especially if we're talking

1055
00:47:18,320 --> 00:47:20,600
Speaker 1: about Europe, a train ride away from the place you

1056
00:47:20,640 --> 00:47:22,840
Speaker 1: really want to go, And so you're like, sound, was

1057
00:47:22,840 --> 00:47:25,080
Speaker 1: like fine, great, let me fly into Milan and then

1058
00:47:25,200 --> 00:47:28,360
Speaker 1: I'll still get to hang out in Tuscany because the

1059
00:47:28,360 --> 00:47:29,920
Speaker 1: flight to Milan was way cheaper're.

1060
00:47:29,600 --> 00:47:31,799
Speaker 2: Describing my travel back in gosh when it was two

1061
00:47:31,800 --> 00:47:32,879
Speaker 2: thousand and three, Joel, Oh.

1062
00:47:32,840 --> 00:47:34,600
Speaker 1: Did you do that exactly? Tenrary?

1063
00:47:34,880 --> 00:47:36,799
Speaker 2: If we flew into Milan? Okay, we didn't. We went

1064
00:47:37,200 --> 00:47:39,919
Speaker 2: took a It was like a really long train ride.

1065
00:47:40,120 --> 00:47:43,280
Speaker 2: This is one of my first those train rational Yeah.

1066
00:47:43,480 --> 00:47:48,720
Speaker 1: Yeah, this one was rough. Well, especially when you're younger,

1067
00:47:48,760 --> 00:47:50,920
Speaker 1: you got extra free time. Yeah, we're willing to do

1068
00:47:50,920 --> 00:47:51,560
Speaker 1: it to save the money.

1069
00:47:51,560 --> 00:47:53,919
Speaker 2: We totally did that. And here is a little piece

1070
00:47:53,920 --> 00:47:56,880
Speaker 2: of advice that Nathan isn't asking, but consider driving because

1071
00:47:56,960 --> 00:47:58,680
Speaker 2: especially if you have a fam can't drive them alone,

1072
00:47:58,680 --> 00:48:00,720
Speaker 2: You can't drive them alone. But like I mean, consider

1073
00:48:00,719 --> 00:48:02,840
Speaker 2: something a little bit more local instead of going abroad.

1074
00:48:02,880 --> 00:48:05,279
Speaker 2: Everyone thinks about something more exotic. But there's a lot

1075
00:48:05,320 --> 00:48:07,759
Speaker 2: of amazing stuff here in the United States, and I know,

1076
00:48:07,960 --> 00:48:09,760
Speaker 2: especially with kids, when they can't fully.

1077
00:48:09,560 --> 00:48:10,879
Speaker 1: Appreciate all that's out there.

1078
00:48:11,360 --> 00:48:13,239
Speaker 2: Plus they're also not appreciating how much it costs to

1079
00:48:13,239 --> 00:48:15,920
Speaker 2: fly in a plane, the ability to pile everybody in

1080
00:48:15,960 --> 00:48:18,759
Speaker 2: a car, and to go see the mountains of West

1081
00:48:18,840 --> 00:48:21,839
Speaker 2: Virginia before we go see the mountains in the Alps.

1082
00:48:21,520 --> 00:48:24,040
Speaker 1: Says the guy who scoffed at my Cleveland suggestion.

1083
00:48:24,120 --> 00:48:25,799
Speaker 2: Hey, I'm going to hit up Cleveland at some point,

1084
00:48:25,840 --> 00:48:28,319
Speaker 2: but just haven't been there one of these days. Yeah,

1085
00:48:28,360 --> 00:48:29,799
Speaker 2: so something to consider as well.

1086
00:48:29,680 --> 00:48:31,719
Speaker 1: All right, Matt. One more quick Facebook question. This one's

1087
00:48:31,719 --> 00:48:34,960
Speaker 1: from an anonymous poster. They said, frugler cheap, unplugging my

1088
00:48:35,080 --> 00:48:37,640
Speaker 1: EV when peak hours hit and plugging back in after

1089
00:48:37,680 --> 00:48:40,400
Speaker 1: seven pm when I'm home and don't need to go anywhere,

1090
00:48:40,480 --> 00:48:43,680
Speaker 1: No brainer, one hundred percent approval. Right, I'd be curious

1091
00:48:43,719 --> 00:48:46,319
Speaker 1: to know the killawatt per hour price difference here, but

1092
00:48:46,360 --> 00:48:48,799
Speaker 1: often we're talking about getting that electricity for less than

1093
00:48:48,840 --> 00:48:51,839
Speaker 1: half of the price of full PA costs. I don't

1094
00:48:51,880 --> 00:48:54,120
Speaker 1: see why you'd pay extra if there's an easy way

1095
00:48:54,160 --> 00:48:56,880
Speaker 1: to avoid it, Matt, I think for this poster too,

1096
00:48:56,920 --> 00:48:59,279
Speaker 1: I would check with your electricity provider to see if

1097
00:48:59,280 --> 00:49:01,440
Speaker 1: there's an even better plan that you can be on

1098
00:49:01,520 --> 00:49:03,759
Speaker 1: as an EV owner at least or we live, the

1099
00:49:03,840 --> 00:49:06,799
Speaker 1: power companies offer something that's known as a super off

1100
00:49:06,840 --> 00:49:10,040
Speaker 1: peak rate, and so this rate is between eleven PM

1101
00:49:10,080 --> 00:49:12,279
Speaker 1: and seven am. It's only two point two cents per

1102
00:49:12,360 --> 00:49:15,279
Speaker 1: kill a whatt hour, which is like a fraction of

1103
00:49:15,280 --> 00:49:17,400
Speaker 1: what it costs typically to get electricity.

1104
00:49:17,480 --> 00:49:20,279
Speaker 2: I think on peak is thirty and so literally it's

1105
00:49:20,400 --> 00:49:22,920
Speaker 2: fifteen times more affordable crazy time.

1106
00:49:22,960 --> 00:49:25,800
Speaker 1: That's insane. So if you're an EV owner in particularly

1107
00:49:25,800 --> 00:49:28,200
Speaker 1: that it's worth considering think about how much something like

1108
00:49:28,239 --> 00:49:30,400
Speaker 1: that could save you, especially especially if you're the kind

1109
00:49:30,400 --> 00:49:32,319
Speaker 1: of person who's willing to I don't know, maybe do

1110
00:49:32,400 --> 00:49:35,200
Speaker 1: your start your washer and your dryer at night before

1111
00:49:35,239 --> 00:49:38,120
Speaker 1: you go to bed to or early in the morning dishwasher. Also,

1112
00:49:38,400 --> 00:49:41,520
Speaker 1: if you're using those appliances to during those hours and

1113
00:49:41,640 --> 00:49:43,640
Speaker 1: charging your EV. I think it's a no brainer to

1114
00:49:43,640 --> 00:49:44,760
Speaker 1: get that lower rate.

1115
00:49:44,719 --> 00:49:47,440
Speaker 2: Totally, and ultimately the biggest one is that you're not

1116
00:49:47,520 --> 00:49:50,359
Speaker 2: charging while you're out and about on the road, because

1117
00:49:50,360 --> 00:49:52,520
Speaker 2: if your unwillingness to pay peak prices meant that you

1118
00:49:52,640 --> 00:49:55,360
Speaker 2: forgot to charge your car at home and then you

1119
00:49:55,400 --> 00:49:58,120
Speaker 2: had to stop at is It charge point though some

1120
00:49:58,160 --> 00:50:00,960
Speaker 2: of the different stations, you gonna paying a whole lot

1121
00:50:01,000 --> 00:50:04,640
Speaker 2: more like five to seven times more. So the more

1122
00:50:04,680 --> 00:50:06,920
Speaker 2: you can charge at home, even if it's not the

1123
00:50:06,920 --> 00:50:09,640
Speaker 2: most optimized time, the more money that you're going to save.

1124
00:50:09,760 --> 00:50:11,240
Speaker 2: This might be the last time I shared the story,

1125
00:50:11,239 --> 00:50:14,440
Speaker 2: but when we were traveling in Colorado, we rented a Tesla.

1126
00:50:14,480 --> 00:50:16,920
Speaker 2: Onturo wanted to get a feel for what it's like

1127
00:50:16,960 --> 00:50:20,000
Speaker 2: to drive a Tesla and have an ev What that meant, though,

1128
00:50:20,080 --> 00:50:22,520
Speaker 2: is that we charged were charging at the Tesla superchargers,

1129
00:50:22,880 --> 00:50:27,319
Speaker 2: and I tracked my charges religiously, and the cost was

1130
00:50:27,520 --> 00:50:31,360
Speaker 2: pretty much exactly the same as had we rented a

1131
00:50:31,400 --> 00:50:34,759
Speaker 2: traditional internal combustion engine, based on the average price per

1132
00:50:34,840 --> 00:50:37,440
Speaker 2: gallon there in Colorado, times the number of miles that

1133
00:50:37,480 --> 00:50:39,720
Speaker 2: we drove. And so if that's you and you're constantly

1134
00:50:40,480 --> 00:50:44,040
Speaker 2: paying top tier charging prices, you're not doing this to

1135
00:50:44,080 --> 00:50:45,840
Speaker 2: save money. You're doing this for lifestyle.

1136
00:50:45,920 --> 00:50:47,960
Speaker 1: The money saving benefits of an EB come when you

1137
00:50:48,040 --> 00:50:49,960
Speaker 1: charge at home, and it can be amplified if you

1138
00:50:50,000 --> 00:50:52,040
Speaker 1: get one of those off super off pak rates, or

1139
00:50:52,080 --> 00:50:54,640
Speaker 1: if you charge at work. Oh yeah, more folks have

1140
00:50:54,680 --> 00:50:58,279
Speaker 1: a When I had, it's a benefit. Oh yeah, you

1141
00:50:58,719 --> 00:51:01,720
Speaker 1: did that, so I I would. They had one hundred

1142
00:51:01,719 --> 00:51:04,000
Speaker 1: and twenty bolt outlets, and I would plug in when

1143
00:51:04,080 --> 00:51:07,000
Speaker 1: I got to work. But eventually they installed real charging

1144
00:51:07,000 --> 00:51:09,680
Speaker 1: stations and they covered up all the one twenty volt.

1145
00:51:09,880 --> 00:51:11,680
Speaker 1: You know, I'm true frugal enough, I would have kept

1146
00:51:11,760 --> 00:51:14,200
Speaker 1: charging at the one twenty volt even though it was slower.

1147
00:51:14,360 --> 00:51:16,520
Speaker 1: I just charged it home. Then it just changed my habits.

1148
00:51:16,800 --> 00:51:18,719
Speaker 2: The more employers are even offering that as a perk,

1149
00:51:18,719 --> 00:51:20,399
Speaker 2: where it's just like, oh yeah, we got level two

1150
00:51:20,440 --> 00:51:23,719
Speaker 2: chargers here, like they are intentionally promo stalling level two

1151
00:51:23,760 --> 00:51:26,919
Speaker 2: the faster chargers for free. Speaking of attracting the top talent,

1152
00:51:26,960 --> 00:51:29,080
Speaker 2: that's the way to get folks on board, no doubt.

1153
00:51:29,120 --> 00:51:31,200
Speaker 2: When it's like a soft benefit.

1154
00:51:30,920 --> 00:51:32,600
Speaker 1: That folks were able to realize.

1155
00:51:32,760 --> 00:51:34,560
Speaker 2: But buddy, let's mention the beer that you and I

1156
00:51:34,680 --> 00:51:37,040
Speaker 2: enjoyed today, which is beer Missou? Do you want to

1157
00:51:37,040 --> 00:51:38,240
Speaker 2: say it? I said at the first time.

1158
00:51:38,120 --> 00:51:42,640
Speaker 1: Too, yea beer on massoue beer Massou, Tierra Missou, milk porter,

1159
00:51:42,680 --> 00:51:45,640
Speaker 1: Imperial milk porter. This matt was thinner than I thought

1160
00:51:45,640 --> 00:51:48,040
Speaker 1: it was going to be, but solid. It's a yeah,

1161
00:51:48,160 --> 00:51:49,680
Speaker 1: but it was an Imperial Porter, so I was like, oh,

1162
00:51:49,719 --> 00:51:51,200
Speaker 1: is it gonna be Is it gonna be bigger?

1163
00:51:51,239 --> 00:51:53,000
Speaker 2: Expecting it to be a bit heavier, kind.

1164
00:51:52,920 --> 00:51:55,520
Speaker 1: Of tasted more like a traditional porter, but I like

1165
00:51:55,560 --> 00:51:56,400
Speaker 1: the flavor profile.

1166
00:51:56,480 --> 00:51:57,040
Speaker 2: I was super good.

1167
00:51:57,080 --> 00:52:00,319
Speaker 1: Definitely had the Tierra Masioux vibes going on. A little

1168
00:52:00,320 --> 00:52:04,359
Speaker 1: bit sweet and lactosey for my taste, but a solid beer.

1169
00:52:04,360 --> 00:52:06,000
Speaker 1: And this is a local option too. I don't know

1170
00:52:06,040 --> 00:52:08,520
Speaker 1: that I've had much buy six bridges before. So yeah,

1171
00:52:08,680 --> 00:52:10,879
Speaker 1: we mualty dark but not too dark.

1172
00:52:10,960 --> 00:52:11,160
Speaker 5: Yeah.

1173
00:52:11,160 --> 00:52:13,320
Speaker 2: I had the like it wasn't bitter. That's one of

1174
00:52:13,360 --> 00:52:15,120
Speaker 2: the things that you get with a milk stout is

1175
00:52:15,160 --> 00:52:17,600
Speaker 2: that it does have some of that lactose sweetness. But

1176
00:52:17,600 --> 00:52:19,000
Speaker 2: I wouldn't call it. I don't think it was too sweet.

1177
00:52:19,000 --> 00:52:21,120
Speaker 2: It was just like milky smooth, yeah, as opposed to

1178
00:52:21,160 --> 00:52:24,239
Speaker 2: like hitting you over the head with a sweetness, just

1179
00:52:24,239 --> 00:52:26,960
Speaker 2: like a touch, a sweetness, really enjoyed. It definitely makes

1180
00:52:26,960 --> 00:52:29,200
Speaker 2: me realize I don't think I've eaten enough Tira Massou

1181
00:52:29,400 --> 00:52:32,480
Speaker 2: in my life. Speaking of Tuscany, but that's gonna be

1182
00:52:32,560 --> 00:52:34,560
Speaker 2: it for this episode. Listeners can find our show notes

1183
00:52:34,640 --> 00:52:37,240
Speaker 2: up on the website at howto money dot com, including

1184
00:52:37,280 --> 00:52:40,640
Speaker 2: that article to the back door roth Ira how to

1185
00:52:40,640 --> 00:52:43,640
Speaker 2: pull that off. So buddy, let's wrap it until next time.

1186
00:52:43,800 --> 00:52:45,759
Speaker 2: Best friends out, best friends out.

1187
00:52:46,480 --> 00:52:46,839
Speaker 1: Yeah, it's