1 00:00:00,040 --> 00:00:02,440 Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt 2 00:00:02,600 --> 00:00:23,919 Speaker 1: and today we are answering your listener questions. Yeah, Joel, 3 00:00:23,960 --> 00:00:26,640 Speaker 1: we have our diverse little group of questions to answer 4 00:00:26,720 --> 00:00:29,560 Speaker 1: on the episodes. Today, we are gonna discuss our thoughts 5 00:00:29,560 --> 00:00:32,599 Speaker 1: on writing out a spare bedroom as well as when 6 00:00:32,640 --> 00:00:35,320 Speaker 1: you should consider kind of shifting your side hustle to 7 00:00:35,520 --> 00:00:38,160 Speaker 1: a full fledged business. And then we're also gonna answer 8 00:00:38,159 --> 00:00:40,680 Speaker 1: one regarding four or three bees for all of our 9 00:00:40,720 --> 00:00:43,080 Speaker 1: teacher listeners out there as well as all those who 10 00:00:43,120 --> 00:00:46,199 Speaker 1: work for nonprofit organizations. Yeah, we haven't covered four or 11 00:00:46,200 --> 00:00:48,440 Speaker 1: three B plans in particular. There's so much to say, 12 00:00:48,760 --> 00:00:50,519 Speaker 1: so yeah, we'll get into that in a little bit. Man, 13 00:00:50,560 --> 00:00:52,240 Speaker 1: I want to let you know real quick as it's 14 00:00:52,280 --> 00:00:55,040 Speaker 1: gotten colder and we've had some more rain here lately too. 15 00:00:55,640 --> 00:00:59,960 Speaker 1: I feel like trying to maintain my bite commuting habit 16 00:01:00,480 --> 00:01:02,800 Speaker 1: just gets tougher, right, It's it's just like hard when 17 00:01:02,840 --> 00:01:04,880 Speaker 1: it's cold and rainy to keep going. Have folks been 18 00:01:04,880 --> 00:01:06,720 Speaker 1: asking you, like, are you still biking the girls to 19 00:01:06,800 --> 00:01:08,559 Speaker 1: school with it being cold? Because it's so it's smack 20 00:01:08,600 --> 00:01:11,000 Speaker 1: in the middle of winter, and I feel like that's 21 00:01:11,120 --> 00:01:13,520 Speaker 1: maybe half the conversations I have with the parents at 22 00:01:13,800 --> 00:01:15,600 Speaker 1: at school because they see us in the morning dropping 23 00:01:15,600 --> 00:01:17,200 Speaker 1: our kids off and they're like, man, are you still 24 00:01:17,200 --> 00:01:19,880 Speaker 1: doing the bike thing in the middle of winter. It's like, yeah, man, 25 00:01:20,600 --> 00:01:22,480 Speaker 1: as often as possible, just buttling the girls up and 26 00:01:22,480 --> 00:01:24,680 Speaker 1: doing it. I think it would be easy for maybe 27 00:01:24,840 --> 00:01:28,000 Speaker 1: two lesser committed podcast host to see that as an 28 00:01:28,040 --> 00:01:30,080 Speaker 1: excuse be like, yeah, you know what, it is cold. 29 00:01:30,760 --> 00:01:32,120 Speaker 1: You know what it actually makes me think of this 30 00:01:32,240 --> 00:01:37,280 Speaker 1: saying there's no bad weather, there's only uh, bad clothing. No, 31 00:01:37,440 --> 00:01:39,400 Speaker 1: but that makes sense. Yeah, I feel like it's from 32 00:01:39,720 --> 00:01:43,360 Speaker 1: like Scandinavia's it's like from your motherland. I should know that. Yeah, 33 00:01:43,400 --> 00:01:45,600 Speaker 1: you definitely should should be your motto. But it is true, man, 34 00:01:45,600 --> 00:01:47,120 Speaker 1: I feel like you have the clothing that we wear 35 00:01:47,280 --> 00:01:49,680 Speaker 1: can allow us to actually continue to bike in those 36 00:01:49,720 --> 00:01:53,480 Speaker 1: harsher conditions. And that's something that it's easy just to 37 00:01:53,520 --> 00:01:54,760 Speaker 1: kind of call it off and be like, no, I'm 38 00:01:54,760 --> 00:01:56,960 Speaker 1: not gonna bike anymore. But man, biking is so good 39 00:01:56,960 --> 00:01:59,040 Speaker 1: for me mentally, it's so good for me physically, and 40 00:01:59,040 --> 00:02:01,000 Speaker 1: it's worth it for me to it like proper gear 41 00:02:01,080 --> 00:02:03,760 Speaker 1: that actually helps me continue to to stick to the 42 00:02:03,760 --> 00:02:06,640 Speaker 1: habit stuff cheapen out right. Yeah, And so I will say, man, 43 00:02:06,680 --> 00:02:09,280 Speaker 1: I had these like old school rain pants that were 44 00:02:09,320 --> 00:02:11,560 Speaker 1: like they went over the top of my clothes and 45 00:02:11,600 --> 00:02:13,720 Speaker 1: they just man, I just didn't like to wear them, 46 00:02:13,800 --> 00:02:16,079 Speaker 1: and so I ended up not using them and I'm 47 00:02:16,120 --> 00:02:17,880 Speaker 1: not riding in the rain a lot of times. And 48 00:02:17,919 --> 00:02:20,000 Speaker 1: so I got these these new pants. I'm picturing like 49 00:02:20,040 --> 00:02:23,200 Speaker 1: a ski bib basically goes over really exactly like that 50 00:02:23,320 --> 00:02:25,639 Speaker 1: sounds pretty nerdy. It was very nerdy, and so I 51 00:02:25,720 --> 00:02:27,880 Speaker 1: got these. I got these new rain pants by this 52 00:02:27,960 --> 00:02:31,960 Speaker 1: company called Chrome, and they actually they look like regular pants. 53 00:02:31,960 --> 00:02:34,080 Speaker 1: They fit well, but they just wick away the water. 54 00:02:34,120 --> 00:02:36,040 Speaker 1: And so now when it rains, I'm like, cool, I'm 55 00:02:36,080 --> 00:02:38,639 Speaker 1: just gonna put on these trousers and Biggie's so much 56 00:02:38,639 --> 00:02:40,920 Speaker 1: easier to wear. So yeah, I think, yeah, what you 57 00:02:40,960 --> 00:02:43,280 Speaker 1: wear makes such a huge difference in actually allowing you 58 00:02:43,520 --> 00:02:45,800 Speaker 1: to continue to bike through the elements. Yeah, dude, the 59 00:02:45,840 --> 00:02:48,720 Speaker 1: proper pants, especially when you're biking, makes a huge difference. 60 00:02:48,760 --> 00:02:51,040 Speaker 1: I've I've had these, uh these genes that are made 61 00:02:51,120 --> 00:02:54,560 Speaker 1: for biking by this company out in California, Swerve. So 62 00:02:54,600 --> 00:02:56,760 Speaker 1: their jeans, but they have a good amount of flex 63 00:02:57,200 --> 00:03:00,480 Speaker 1: micra or whatever like whatever makes pandex to atchy so 64 00:03:00,520 --> 00:03:03,320 Speaker 1: you can get your leg over the bar. Right. Well, 65 00:03:03,639 --> 00:03:06,000 Speaker 1: that's exactly the thing, because before that, I've always had 66 00:03:06,040 --> 00:03:09,600 Speaker 1: my my Japanese elevig geens, right, which super stiff, and 67 00:03:09,639 --> 00:03:12,320 Speaker 1: they look really good and they and they age well, right, 68 00:03:12,360 --> 00:03:15,520 Speaker 1: but man, they really restrict movement when it comes to 69 00:03:15,600 --> 00:03:18,240 Speaker 1: getting on the bike, and it makes it not very fun. 70 00:03:18,360 --> 00:03:21,079 Speaker 1: So I've been rocking those for a while now. What's 71 00:03:21,080 --> 00:03:22,760 Speaker 1: so great about them is that they look like jeans, 72 00:03:22,800 --> 00:03:25,000 Speaker 1: Like they're just black jeans, and you know, it doesn't 73 00:03:25,040 --> 00:03:27,200 Speaker 1: look like I'm crazy biker dude, like on the on 74 00:03:27,240 --> 00:03:30,080 Speaker 1: the road kind of biking for exercise land In. Yeah, exactly. 75 00:03:30,120 --> 00:03:32,480 Speaker 1: I just get to wear what I would normally wear anyway, 76 00:03:32,520 --> 00:03:34,400 Speaker 1: except for these jokers are stretchy and I love them. 77 00:03:34,440 --> 00:03:36,440 Speaker 1: So let's do this frugal or cheap kind of on 78 00:03:36,440 --> 00:03:38,400 Speaker 1: the back end. And I think what we're doing is 79 00:03:38,440 --> 00:03:41,880 Speaker 1: if we refuse to upgrade some gear in order to 80 00:03:41,920 --> 00:03:44,200 Speaker 1: help us keep going on the bike, I think we're 81 00:03:44,240 --> 00:03:45,960 Speaker 1: cheaping out, you know. And so I think for me 82 00:03:46,360 --> 00:03:48,240 Speaker 1: being willing to spend just a little bit more in 83 00:03:48,320 --> 00:03:51,040 Speaker 1: order to have legit bike gear that reminds me that, 84 00:03:51,080 --> 00:03:52,840 Speaker 1: you know what, I can do it. I've got the ability, 85 00:03:52,880 --> 00:03:54,640 Speaker 1: I've got the gear. I can actually power through rain, 86 00:03:54,680 --> 00:03:56,960 Speaker 1: I can power through cold. Keeps that habit going. Man, 87 00:03:56,960 --> 00:03:59,480 Speaker 1: That's so crucial for me, because otherwise I would find 88 00:03:59,480 --> 00:04:02,440 Speaker 1: an excuse, right, I would easily finding an excuse. And 89 00:04:02,480 --> 00:04:04,360 Speaker 1: so yeah, I'd prefer to be to be frugal in 90 00:04:04,360 --> 00:04:06,720 Speaker 1: this regard and not cheap and actually, you know, buy 91 00:04:06,760 --> 00:04:08,680 Speaker 1: something that that maybe costs a little more that actually 92 00:04:08,720 --> 00:04:11,320 Speaker 1: keeps me, keeps me going. Yeah, the quality over quantity 93 00:04:11,360 --> 00:04:13,520 Speaker 1: for sure. And you know, like we've talked about before, 94 00:04:13,640 --> 00:04:15,560 Speaker 1: like we don't wear that many different pairs of pants, 95 00:04:15,560 --> 00:04:17,240 Speaker 1: Like once we find a pair that we like, I 96 00:04:17,320 --> 00:04:19,520 Speaker 1: just wear that same thing like constantly. It's in that 97 00:04:19,800 --> 00:04:23,279 Speaker 1: really really small rotation of pants that yeah, all right, Matt, 98 00:04:23,320 --> 00:04:25,040 Speaker 1: let's quickly introduced the beer that we're having on the 99 00:04:25,040 --> 00:04:28,360 Speaker 1: show today. Today we're drinking a farmhouse pale Ale by 100 00:04:28,360 --> 00:04:31,880 Speaker 1: Oxbow Brewing Company out of Portland, Maine, and we are 101 00:04:32,040 --> 00:04:33,839 Speaker 1: my wife and I. We actually have been to this brewery. 102 00:04:34,240 --> 00:04:36,960 Speaker 1: It's a lovely place. We had the same here, we 103 00:04:37,000 --> 00:04:39,840 Speaker 1: had a slice of what we didn't go together exactly. 104 00:04:39,960 --> 00:04:42,320 Speaker 1: But we had a nice slice of blueberry pie. Remember 105 00:04:42,320 --> 00:04:45,880 Speaker 1: when we were there, beer and pie. They were at 106 00:04:45,920 --> 00:04:47,520 Speaker 1: least pie. I don't remember if I had anything else, 107 00:04:47,560 --> 00:04:50,040 Speaker 1: but remember being a big space. And we got there 108 00:04:50,080 --> 00:04:51,560 Speaker 1: right when they opened, so there weren't a lot of 109 00:04:51,600 --> 00:04:52,960 Speaker 1: folks there and we're like, oh this is you know, 110 00:04:52,960 --> 00:04:54,279 Speaker 1: they've got some good beers and stuff like that, but 111 00:04:54,320 --> 00:04:56,200 Speaker 1: we went else times. We're still in the oven. Gotcha 112 00:04:56,240 --> 00:04:59,720 Speaker 1: think at that point probably they weren't done cooking. But yeah, man, 113 00:04:59,760 --> 00:05:02,000 Speaker 1: I'm and forward to uh enjoy a couple of these 114 00:05:02,080 --> 00:05:04,560 Speaker 1: with you, and we'll share our thoughts on this beer 115 00:05:04,640 --> 00:05:06,680 Speaker 1: at the end of the episode. All right, now on 116 00:05:06,839 --> 00:05:10,320 Speaker 1: to our listener questions, Matt. First, for anybody out there 117 00:05:10,320 --> 00:05:12,400 Speaker 1: listening who's got a question that they want to submit 118 00:05:12,480 --> 00:05:15,039 Speaker 1: for us to take on the show, Well, it's super 119 00:05:15,080 --> 00:05:16,880 Speaker 1: simple for you to submit your question. Just go to 120 00:05:16,920 --> 00:05:19,560 Speaker 1: how to money dot com slash ask and it'll take 121 00:05:19,600 --> 00:05:22,039 Speaker 1: you a minute, all of a minute to submit your 122 00:05:22,120 --> 00:05:24,760 Speaker 1: question for us to feature on the show, and we'd 123 00:05:24,800 --> 00:05:26,440 Speaker 1: love to hear it. So let's get to our first 124 00:05:26,440 --> 00:05:29,240 Speaker 1: one about running out a spare room. Hi guys, this 125 00:05:29,320 --> 00:05:32,320 Speaker 1: is Alyssa from those my Montana, where the cost of 126 00:05:32,360 --> 00:05:36,160 Speaker 1: living and cost of housing in particular is really high. 127 00:05:36,320 --> 00:05:39,160 Speaker 1: I have a question about short term house hacking. So 128 00:05:39,240 --> 00:05:42,039 Speaker 1: I rent a two bedroom apartment on my own and 129 00:05:42,040 --> 00:05:45,200 Speaker 1: I'm looking to reduce my housing costs. I know plenty 130 00:05:45,200 --> 00:05:48,599 Speaker 1: of folks need short term seasonal housing in town, but 131 00:05:48,680 --> 00:05:51,719 Speaker 1: I'm just a little bit nervous about getting a roommate. 132 00:05:51,800 --> 00:05:54,600 Speaker 1: I've been living by myself for about five years now. 133 00:05:55,520 --> 00:05:58,480 Speaker 1: I have a furnished spare room, and I rarely use 134 00:05:58,520 --> 00:06:01,480 Speaker 1: it for anything during What you think about offering the 135 00:06:01,520 --> 00:06:03,920 Speaker 1: spare room during the winter months to folks who just 136 00:06:04,000 --> 00:06:07,400 Speaker 1: need a little bit of seasonal housing, And how I 137 00:06:07,440 --> 00:06:10,200 Speaker 1: can vet potential roommates so I can feel more comfortable 138 00:06:10,200 --> 00:06:13,680 Speaker 1: in biding them into my home. Thanks alright, Alyssa, So 139 00:06:13,760 --> 00:06:16,440 Speaker 1: you're asking for our thoughts on this, you bet that 140 00:06:16,480 --> 00:06:18,400 Speaker 1: we're gonna encourage you to get a roommate. With the 141 00:06:18,440 --> 00:06:20,919 Speaker 1: cost of housing being at the top of the list 142 00:06:21,160 --> 00:06:23,880 Speaker 1: of most of our monthly expenses, anyway that you can 143 00:06:23,880 --> 00:06:27,400 Speaker 1: take some steps that would dramatically decrease that expense is 144 00:06:27,440 --> 00:06:29,760 Speaker 1: going to be an excellent thing to do. I've started 145 00:06:29,800 --> 00:06:31,479 Speaker 1: doing that and Joel Man You've got a lot of 146 00:06:31,480 --> 00:06:33,599 Speaker 1: experience with that. You've done that for a number of years. Yeah, 147 00:06:33,600 --> 00:06:35,120 Speaker 1: I've rant it out a room in my house the 148 00:06:35,160 --> 00:06:36,560 Speaker 1: first house I bought, and then we ran it out 149 00:06:36,600 --> 00:06:38,080 Speaker 1: kind of the back of our house and the house 150 00:06:38,120 --> 00:06:40,719 Speaker 1: we currently live in for a lot of years, you know, Matt. 151 00:06:40,760 --> 00:06:43,840 Speaker 1: I actually just ended up talking chatting with someone who 152 00:06:43,839 --> 00:06:45,840 Speaker 1: listens to the show, a young couple, and they ran 153 00:06:45,920 --> 00:06:49,200 Speaker 1: out a spare room on Airbnb in their house, and 154 00:06:49,440 --> 00:06:51,640 Speaker 1: so I specifically asked the question because I was curious 155 00:06:51,680 --> 00:06:53,400 Speaker 1: and I was hoping I wasn't getting a little too personal, 156 00:06:53,520 --> 00:06:55,000 Speaker 1: but I was like, how much of your mortgage does 157 00:06:55,040 --> 00:06:56,919 Speaker 1: discover And they were like, a lot of months, it 158 00:06:56,960 --> 00:06:59,960 Speaker 1: covers the whole thing, and but but at least over 159 00:07:00,040 --> 00:07:02,239 Speaker 1: the year it covers over a whole year, it covers 160 00:07:02,279 --> 00:07:05,440 Speaker 1: half of our mortgage easily, but some months it's covering 161 00:07:05,480 --> 00:07:07,480 Speaker 1: the whole thing, And so good for them. Yeah, I know, right, 162 00:07:07,520 --> 00:07:10,480 Speaker 1: that's huge. So LISTA. I think it's definitely something that's 163 00:07:10,480 --> 00:07:13,160 Speaker 1: worth considering because it just gives you this ability to 164 00:07:13,640 --> 00:07:15,840 Speaker 1: jump start your savings in a massive way that almost 165 00:07:15,920 --> 00:07:18,960 Speaker 1: nothing else can do. But all right, here's first things first. 166 00:07:19,280 --> 00:07:22,960 Speaker 1: Before you start putting up flyers and start soliciting people 167 00:07:23,000 --> 00:07:25,720 Speaker 1: to rent your place. It's important to check your lease 168 00:07:25,960 --> 00:07:29,239 Speaker 1: to make sure that you're allowed to sublease your second bedroom. 169 00:07:29,640 --> 00:07:31,560 Speaker 1: You mentioned that you're renting currently, you don't know in 170 00:07:31,600 --> 00:07:34,200 Speaker 1: your place, so that means that you can't do whatever 171 00:07:34,280 --> 00:07:36,920 Speaker 1: you want. Well, even if you did on your own place, 172 00:07:37,200 --> 00:07:39,120 Speaker 1: you still have to abide by the rules of an 173 00:07:39,240 --> 00:07:41,800 Speaker 1: h o A if there was one. But your lease 174 00:07:41,800 --> 00:07:44,280 Speaker 1: should spell the options available to you. And let's say 175 00:07:44,320 --> 00:07:46,760 Speaker 1: yourly says that you're not allowed to sublease, well, it 176 00:07:46,800 --> 00:07:48,600 Speaker 1: might be worth even reaching out to your landlord and 177 00:07:48,640 --> 00:07:50,280 Speaker 1: asking if they'd be amenable. If you've been a good 178 00:07:50,280 --> 00:07:52,560 Speaker 1: tenant for a long time, they might be willing to 179 00:07:52,680 --> 00:07:55,280 Speaker 1: change the term in order to let you sublease if 180 00:07:55,320 --> 00:07:57,560 Speaker 1: they know that you're going to handle it well. So 181 00:07:57,560 --> 00:07:59,840 Speaker 1: hopefully it is an option for you, and we want 182 00:07:59,840 --> 00:08:01,640 Speaker 1: you get someone solid in there, but we also want 183 00:08:01,680 --> 00:08:04,040 Speaker 1: to make sure that you're doing it above board in 184 00:08:04,120 --> 00:08:06,960 Speaker 1: the legal sense. Yeah, and and so the next thing 185 00:08:06,960 --> 00:08:10,760 Speaker 1: we want you to consider basically as airbnb, especially since 186 00:08:10,760 --> 00:08:13,040 Speaker 1: you have the room already furnished. Airbnb might be a 187 00:08:13,160 --> 00:08:15,400 Speaker 1: great option for you that would give you a lot 188 00:08:15,440 --> 00:08:18,520 Speaker 1: of flexibility as to when you could rent it out. So, 189 00:08:18,560 --> 00:08:20,160 Speaker 1: for example, if you knew that you're gonna have family 190 00:08:20,200 --> 00:08:21,920 Speaker 1: in town or an old friend who's gonna come and 191 00:08:22,000 --> 00:08:24,360 Speaker 1: visit you, like over New Year's Eve or something, it's 192 00:08:24,440 --> 00:08:26,680 Speaker 1: really easy to block off some of the dates so 193 00:08:26,760 --> 00:08:28,880 Speaker 1: you can reserve it for your own use. And it's 194 00:08:28,920 --> 00:08:31,840 Speaker 1: also easy to set minimum stays so that it's not 195 00:08:32,120 --> 00:08:35,000 Speaker 1: super transient right where you're constantly flipping the space and 196 00:08:35,000 --> 00:08:37,600 Speaker 1: people are, you know, coming and going. You can set minimums, 197 00:08:37,840 --> 00:08:39,720 Speaker 1: and you can also set maximums as well, so that 198 00:08:39,760 --> 00:08:42,240 Speaker 1: you're not stuck with somebody that you know wants to 199 00:08:42,280 --> 00:08:44,720 Speaker 1: stay with you for for weeks on end and they're 200 00:08:44,760 --> 00:08:46,720 Speaker 1: not a good fit. Yeah, but if you really want 201 00:08:46,760 --> 00:08:49,320 Speaker 1: to go the traditional route, you don't want to rent 202 00:08:49,320 --> 00:08:52,160 Speaker 1: it out on a nightly basis, then well the traditional 203 00:08:52,200 --> 00:08:54,199 Speaker 1: listing is a good way to go. So if if 204 00:08:54,200 --> 00:08:55,880 Speaker 1: you don't want to do the Airbnb thing, put your 205 00:08:55,960 --> 00:08:59,440 Speaker 1: room up on Zillo, which feeds pretty much everywhere at 206 00:08:59,440 --> 00:09:01,360 Speaker 1: this point. They fee like so many sites where people 207 00:09:01,400 --> 00:09:03,600 Speaker 1: look for rooms to rent. They feed hot pads, they 208 00:09:03,640 --> 00:09:07,559 Speaker 1: feed Craigslists, anywhere that someone's looking for a place to rent. Well, 209 00:09:07,840 --> 00:09:10,079 Speaker 1: Zilo is going to feed those websites. But just keep 210 00:09:10,120 --> 00:09:12,720 Speaker 1: in mind that if your market doesn't have seasonal swings, well, 211 00:09:12,800 --> 00:09:14,920 Speaker 1: then annual lease is likely going to get you the 212 00:09:14,920 --> 00:09:17,640 Speaker 1: most responses. So, for instance, here in Atlanta, we've got 213 00:09:17,679 --> 00:09:20,640 Speaker 1: this booming movie industry, and so for folks wanting they 214 00:09:20,679 --> 00:09:24,160 Speaker 1: call it Yollywood by the way, not Hollywood y'allywood, yeah, 215 00:09:24,280 --> 00:09:27,480 Speaker 1: which is just the perfect name. But yeah, we have 216 00:09:27,559 --> 00:09:30,319 Speaker 1: this just booming movie industry. And so for folks that 217 00:09:30,480 --> 00:09:33,200 Speaker 1: want to rent on a one month, two month, or 218 00:09:33,200 --> 00:09:35,760 Speaker 1: three month basis, they're always just these abilities for short 219 00:09:35,880 --> 00:09:39,320 Speaker 1: term rentals in our neighborhoods are around where we live. 220 00:09:39,679 --> 00:09:42,920 Speaker 1: But for a lot of folks, seasonal renting is just 221 00:09:42,960 --> 00:09:44,920 Speaker 1: harder to come by. There's just not nearly as much 222 00:09:45,000 --> 00:09:46,600 Speaker 1: of a need for it. Maybe you live near a 223 00:09:46,679 --> 00:09:49,960 Speaker 1: college and so seasonal renting makes sense to someone who's 224 00:09:50,400 --> 00:09:54,280 Speaker 1: going to school getting their education still, but it really 225 00:09:54,320 --> 00:09:56,400 Speaker 1: is circumstantial depending on where you live. And so if 226 00:09:56,440 --> 00:09:59,280 Speaker 1: there isn't much desire, if there isn't much need for 227 00:09:59,360 --> 00:10:02,440 Speaker 1: that seasonal housing, then you're probably going to either need 228 00:10:02,480 --> 00:10:05,439 Speaker 1: to choose the airbnb or the long term, year long 229 00:10:05,520 --> 00:10:07,680 Speaker 1: lease route. You know, I am curious because she mentioned 230 00:10:07,720 --> 00:10:09,600 Speaker 1: like it that is seasonal in the Winner, and she 231 00:10:09,640 --> 00:10:12,079 Speaker 1: lives in Montana where it's cold, right, so it makes 232 00:10:12,120 --> 00:10:13,839 Speaker 1: it sound like there's more people coming up to her 233 00:10:14,160 --> 00:10:16,440 Speaker 1: in the winter, which I don't really understand. Yeah, what's 234 00:10:16,480 --> 00:10:18,760 Speaker 1: that about? That is interesting? Yeah, I don't know, maybe 235 00:10:18,800 --> 00:10:21,439 Speaker 1: it's like a special snowtime festival thing. But make sure 236 00:10:21,480 --> 00:10:24,000 Speaker 1: that you are certainly taking into account like your your 237 00:10:24,040 --> 00:10:26,439 Speaker 1: local conditions there. And then, like the second part of 238 00:10:26,440 --> 00:10:29,320 Speaker 1: your question, you're asking about how you can vet folks, 239 00:10:29,800 --> 00:10:31,640 Speaker 1: you want to make sure that you are screening any 240 00:10:31,720 --> 00:10:35,079 Speaker 1: tendant through the standard procedures that we normally would talk about, 241 00:10:35,320 --> 00:10:37,600 Speaker 1: especially if you're going to go with that traditional lease. 242 00:10:37,760 --> 00:10:39,920 Speaker 1: We discussed the easiest ways to screen tenants back in 243 00:10:39,960 --> 00:10:42,160 Speaker 1: episode forty four, so definitely give that one a listen. 244 00:10:42,480 --> 00:10:44,160 Speaker 1: But just when you're doing this, make sure that you 245 00:10:44,240 --> 00:10:47,240 Speaker 1: treat it like a business, right, Have your potential roommates, 246 00:10:47,520 --> 00:10:50,560 Speaker 1: have them fill out an actual application, and then you know, 247 00:10:50,640 --> 00:10:52,719 Speaker 1: call those previous landlords that are listed to make sure 248 00:10:52,720 --> 00:10:55,200 Speaker 1: that they have a history of paying their rents and 249 00:10:55,200 --> 00:10:56,959 Speaker 1: not just paying it, but pay it on time. And 250 00:10:57,000 --> 00:10:58,680 Speaker 1: the next you want to make sure that you run 251 00:10:58,679 --> 00:11:00,240 Speaker 1: a background check on them, and you can use a 252 00:11:00,240 --> 00:11:03,040 Speaker 1: site like trans Unions my smart Move, which can be 253 00:11:03,360 --> 00:11:05,400 Speaker 1: free for you to use, and it's just a great 254 00:11:05,440 --> 00:11:08,520 Speaker 1: website that makes tenants screening easy. I've been using that 255 00:11:08,559 --> 00:11:10,040 Speaker 1: one a long time. There are other good ones too. 256 00:11:10,160 --> 00:11:12,160 Speaker 1: Cozy dot c o is another good website that a 257 00:11:12,200 --> 00:11:14,320 Speaker 1: lot of people use. But I've just been using the 258 00:11:14,400 --> 00:11:16,320 Speaker 1: my smart Move site for a long time now, so 259 00:11:16,480 --> 00:11:18,280 Speaker 1: I stick with it. Yeah, especially if you just don't 260 00:11:18,320 --> 00:11:20,200 Speaker 1: have a ton of need for the additional services that 261 00:11:20,280 --> 00:11:23,079 Speaker 1: Cozy offers. Yeah, smart move can be great. But then 262 00:11:23,120 --> 00:11:25,880 Speaker 1: after that, right, if if they seem great, then take 263 00:11:25,920 --> 00:11:27,959 Speaker 1: those next steps. You get that security deposit and it 264 00:11:28,040 --> 00:11:31,040 Speaker 1: signed an actual sublease, you know, the sublease. It doesn't 265 00:11:31,080 --> 00:11:33,319 Speaker 1: have to be like something that's super crazy long, It 266 00:11:33,320 --> 00:11:35,400 Speaker 1: doesn't need to be fancy, really, it just needs to 267 00:11:35,400 --> 00:11:37,600 Speaker 1: be a document that spells out the house rules and 268 00:11:37,600 --> 00:11:40,000 Speaker 1: that you both agree to. Yeah, those house rules are 269 00:11:40,000 --> 00:11:42,360 Speaker 1: gonna be really important because you're gonna be living in 270 00:11:42,400 --> 00:11:45,080 Speaker 1: a in a space together. You're gonna be cohabitating essentially, 271 00:11:45,120 --> 00:11:47,040 Speaker 1: and so you definitely want to make sure those ground 272 00:11:47,120 --> 00:11:48,800 Speaker 1: rules are laid up front, and then you can both 273 00:11:48,800 --> 00:11:50,920 Speaker 1: agree to them. But if the sublease thing and the 274 00:11:51,000 --> 00:11:52,920 Speaker 1: screening sounds like more than what you had in mind, well, well, 275 00:11:52,960 --> 00:11:56,120 Speaker 1: seriously consider an Airbnb. It really does sound like it 276 00:11:56,160 --> 00:11:59,160 Speaker 1: could be perfect in your situation unless there is just 277 00:11:59,200 --> 00:12:02,360 Speaker 1: that like high to and for seasonal renting. And if 278 00:12:02,400 --> 00:12:04,760 Speaker 1: that's the case that then maybe then subleasing might work 279 00:12:04,800 --> 00:12:07,319 Speaker 1: best for you. But basically, Airbnb has removed so many 280 00:12:07,320 --> 00:12:08,920 Speaker 1: of these technical barriers they made it's so easy to 281 00:12:08,960 --> 00:12:11,679 Speaker 1: get your space listed and rented. In episode one seven, 282 00:12:11,679 --> 00:12:14,440 Speaker 1: we discussed kind of all the details of what it's 283 00:12:14,520 --> 00:12:17,080 Speaker 1: like hosting an Airbnb, So check that out before you 284 00:12:17,120 --> 00:12:19,240 Speaker 1: kind of write it off altogether. Yeah, and you mentioned Joel, 285 00:12:19,280 --> 00:12:21,160 Speaker 1: like how they've removed like those technical barriers. It makes 286 00:12:21,160 --> 00:12:22,559 Speaker 1: me think of if you don't want to have to 287 00:12:22,600 --> 00:12:25,480 Speaker 1: go through those steps of screening somebody, well, Airbnb, they've 288 00:12:25,520 --> 00:12:28,600 Speaker 1: solved that problem because you just look at the person's reviews, 289 00:12:29,520 --> 00:12:33,160 Speaker 1: right like that Airbnb, Yeah, exactly, like they've they've taken 290 00:12:33,200 --> 00:12:35,360 Speaker 1: the legwork out of going through those steps of screening 291 00:12:35,360 --> 00:12:38,040 Speaker 1: somebody by having a star rating, and you can read 292 00:12:38,080 --> 00:12:39,920 Speaker 1: those reviews and see how well they treat the space. 293 00:12:39,960 --> 00:12:41,800 Speaker 1: And I mean, that's just One of the things I 294 00:12:41,880 --> 00:12:44,079 Speaker 1: love about airbnb as well is that you just get 295 00:12:44,120 --> 00:12:45,920 Speaker 1: to try out what it's like to have a roommate 296 00:12:46,000 --> 00:12:48,360 Speaker 1: right before committing to even like a six month or 297 00:12:48,400 --> 00:12:50,640 Speaker 1: a twelve month you know, long lease. It's like, I 298 00:12:50,720 --> 00:12:52,800 Speaker 1: can just try this out for a month where I've 299 00:12:52,840 --> 00:12:55,240 Speaker 1: got somebody staying every weekend, or maybe somebody that stays 300 00:12:55,240 --> 00:12:57,160 Speaker 1: for five days, like that sort of thing. It's a 301 00:12:57,240 --> 00:12:59,599 Speaker 1: much easier way to kind of test the waters a 302 00:12:59,640 --> 00:13:01,080 Speaker 1: little bit and see if you're cut out for it. 303 00:13:01,200 --> 00:13:03,559 Speaker 1: If you're totally in, yeah, give it a shot first. 304 00:13:03,720 --> 00:13:05,280 Speaker 1: That's a good point, man. All Right, Well, we've got 305 00:13:05,280 --> 00:13:07,160 Speaker 1: more questions to get to, and right after the break 306 00:13:07,160 --> 00:13:10,120 Speaker 1: we're gonna get to one specifically about diversifying your investments. 307 00:13:19,120 --> 00:13:21,160 Speaker 1: All right, Joel, we're back to the break taking listen 308 00:13:21,160 --> 00:13:23,880 Speaker 1: to your questions, and we've got one about diversification. Let's 309 00:13:23,880 --> 00:13:26,600 Speaker 1: hear it. Hi, guys, this is Matt from Sarah Sota. 310 00:13:26,679 --> 00:13:30,079 Speaker 1: I've really been enjoying your show. I've started my Vanguard 311 00:13:30,080 --> 00:13:34,080 Speaker 1: account of roth ira A and I was wondering how 312 00:13:34,160 --> 00:13:38,479 Speaker 1: much money I should have in it before I started diversifying. 313 00:13:38,480 --> 00:13:42,240 Speaker 1: I've heard you recommend the O V o X amongst 314 00:13:42,240 --> 00:13:45,200 Speaker 1: some others. It's a little overwhelming, and I'm wondering what 315 00:13:45,280 --> 00:13:48,280 Speaker 1: percentage I should have in each one and how many 316 00:13:48,320 --> 00:13:51,480 Speaker 1: different ones? Thanks guys, Bye, Oh Matt, we haven't really 317 00:13:52,000 --> 00:13:54,680 Speaker 1: talked a whole lot about diversification. I feel like it 318 00:13:54,840 --> 00:13:56,959 Speaker 1: is an important subject to broach, and so I'm so 319 00:13:57,000 --> 00:13:59,520 Speaker 1: glad that Matt and Sarah Sota brought it up. We 320 00:13:59,600 --> 00:14:02,120 Speaker 1: do talk about index funds and but we haven't really 321 00:14:02,160 --> 00:14:06,679 Speaker 1: discussed diversifying your entire portfolio. So diversification is crucial when 322 00:14:06,720 --> 00:14:09,000 Speaker 1: it comes to investing. It keeps us from putting all 323 00:14:09,040 --> 00:14:11,040 Speaker 1: of our eggs in one basket. But there are so 324 00:14:11,080 --> 00:14:14,920 Speaker 1: many different opinions on how to diversify, and that's when 325 00:14:15,000 --> 00:14:17,280 Speaker 1: it can start to feel a bit overwhelming, right, Matt, 326 00:14:17,400 --> 00:14:19,840 Speaker 1: And that's Matt me sitting at the table, all right, 327 00:14:19,920 --> 00:14:21,840 Speaker 1: not Matt from Sara Sota. It's a little bit confusing 328 00:14:21,840 --> 00:14:23,520 Speaker 1: when you've got a third party who also has the 329 00:14:23,520 --> 00:14:25,400 Speaker 1: same name. Yeah. Too many maths right now, just making 330 00:14:25,440 --> 00:14:27,520 Speaker 1: the clarification. All right, Let's let's talk about index funds 331 00:14:27,520 --> 00:14:29,480 Speaker 1: a little bit. We are fans of v o O 332 00:14:29,840 --> 00:14:33,760 Speaker 1: and VT sacks as they are pretty highly diversified funds 333 00:14:33,880 --> 00:14:36,640 Speaker 1: in and of themselves right where you're basically owning most 334 00:14:36,680 --> 00:14:39,720 Speaker 1: of the American stock market. And this is, in our opinion, 335 00:14:40,080 --> 00:14:42,720 Speaker 1: just a simple way to be diversified if you're in 336 00:14:42,720 --> 00:14:46,400 Speaker 1: the wealth accumulation phase of your investing life. Some folks 337 00:14:46,440 --> 00:14:49,840 Speaker 1: would say that this kind of diversification isn't enough, that 338 00:14:49,880 --> 00:14:51,720 Speaker 1: maybe you're not exposed enough to like some of the 339 00:14:51,720 --> 00:14:55,200 Speaker 1: different international markets. But the genius is out there like J. L. Collins, 340 00:14:55,280 --> 00:14:58,480 Speaker 1: Jack Bogel, Warren Buffett, they all believe that these low cost, 341 00:14:58,640 --> 00:15:02,640 Speaker 1: widely diversified funds are exactly what most funds should focus on. 342 00:15:02,880 --> 00:15:04,800 Speaker 1: So you know, I believe that you are getting most 343 00:15:04,840 --> 00:15:08,480 Speaker 1: of your diversification needs without complicating things too much. And 344 00:15:08,520 --> 00:15:11,120 Speaker 1: the lack of complication like that, right there is a 345 00:15:11,240 --> 00:15:14,640 Speaker 1: huge reason that we love this approach. Also, Matt question 346 00:15:14,680 --> 00:15:17,120 Speaker 1: ask or Matt not you, buddy. It also kind of 347 00:15:17,200 --> 00:15:21,640 Speaker 1: sounded like you were asking about diversifying and maybe portioning 348 00:15:21,680 --> 00:15:25,120 Speaker 1: your money out investing in multiple total stock market index funds, 349 00:15:25,400 --> 00:15:28,400 Speaker 1: multiple SMP five hundred funds. Maybe, well, that's not really 350 00:15:28,400 --> 00:15:30,720 Speaker 1: a necessary step. For example, let's say you opened up 351 00:15:30,720 --> 00:15:32,560 Speaker 1: an account with Vanguard, and you opened up an account 352 00:15:32,560 --> 00:15:35,560 Speaker 1: with Fidelity and you invested in each of their own 353 00:15:35,960 --> 00:15:40,120 Speaker 1: sp index funds. Well, that's not doing anything for your diversification. 354 00:15:40,280 --> 00:15:42,800 Speaker 1: You're doing business with two different companies, but you're still 355 00:15:42,840 --> 00:15:45,800 Speaker 1: invested in all of the same companies within that roth 356 00:15:45,880 --> 00:15:49,440 Speaker 1: ira A. So there's no point investing in in multiple 357 00:15:49,560 --> 00:15:51,720 Speaker 1: different index funds that are tracking the same companies. But 358 00:15:51,760 --> 00:15:56,480 Speaker 1: there are other ways that you can diversify your your money. Ultimately, 359 00:15:56,520 --> 00:15:59,200 Speaker 1: you find one low cost company, Vanguards a great one, 360 00:15:59,400 --> 00:16:03,480 Speaker 1: stick your money into a highly diversified fund like VOO 361 00:16:03,640 --> 00:16:06,720 Speaker 1: or vt sacks, and boom, you're well diversified and you're 362 00:16:06,800 --> 00:16:09,080 Speaker 1: on the simple path to investing. Well, yeah, that's all 363 00:16:09,120 --> 00:16:11,120 Speaker 1: you need to do, right, Like, once you are diversified, 364 00:16:11,200 --> 00:16:13,440 Speaker 1: like your set like I know for me, like I 365 00:16:13,480 --> 00:16:18,200 Speaker 1: personally have joell of my retirement money in a single fund. Yeah, 366 00:16:18,240 --> 00:16:20,240 Speaker 1: And while that sounds kind of dangerous, folks are like, 367 00:16:20,240 --> 00:16:22,640 Speaker 1: oh my gosh, like you have nine of your money 368 00:16:22,640 --> 00:16:24,760 Speaker 1: in a single fund. It's like, yeah, but that one 369 00:16:24,800 --> 00:16:27,200 Speaker 1: fund is made up of hundreds of different companies until 370 00:16:27,160 --> 00:16:29,920 Speaker 1: a whole lot of stuff exactly. And so so buying 371 00:16:30,000 --> 00:16:33,400 Speaker 1: multiple funds that yeah, track the same index are it's 372 00:16:33,440 --> 00:16:36,880 Speaker 1: a redundancy that doesn't bring you any value. Uh So, yeah, 373 00:16:36,920 --> 00:16:38,480 Speaker 1: make sure that if that's kind of how you're thinking 374 00:16:38,520 --> 00:16:40,160 Speaker 1: about it, to make sure that you are keeping that 375 00:16:40,200 --> 00:16:43,160 Speaker 1: in mind as you approach your retirement funds. All right, 376 00:16:43,200 --> 00:16:44,880 Speaker 1: And I think one more thing we can add when 377 00:16:44,880 --> 00:16:48,640 Speaker 1: we're talking about diversification, in one easy way that a 378 00:16:48,640 --> 00:16:51,680 Speaker 1: lot of people actually do diversify their money and do 379 00:16:51,720 --> 00:16:54,800 Speaker 1: it well is through target date retirement funds, and those have, 380 00:16:54,920 --> 00:16:59,240 Speaker 1: Matt been a boon to investors. It's been super super easy, 381 00:16:59,440 --> 00:17:02,000 Speaker 1: just kind of like the VT sacks or voo like. 382 00:17:02,000 --> 00:17:04,760 Speaker 1: It's a really simple product to understand. I can put 383 00:17:04,800 --> 00:17:06,720 Speaker 1: all or most of my money in something like that, 384 00:17:07,040 --> 00:17:10,159 Speaker 1: and I know that I'm highly diversified. Well, a target 385 00:17:10,160 --> 00:17:13,680 Speaker 1: retirement fund does something similar, it's just allocated a little 386 00:17:13,680 --> 00:17:16,119 Speaker 1: bit differently. So if you want to kind of smooth 387 00:17:16,280 --> 00:17:18,400 Speaker 1: the ride out a little bit by not being all 388 00:17:18,440 --> 00:17:21,360 Speaker 1: in on stocks and be more diversified as well with 389 00:17:21,440 --> 00:17:26,000 Speaker 1: some more international exposure, in particular, as you're reaching the 390 00:17:26,040 --> 00:17:29,480 Speaker 1: wealth preservation stage of your investing life, target retirement funds 391 00:17:29,480 --> 00:17:31,399 Speaker 1: with the low cost companies can be a great option 392 00:17:31,440 --> 00:17:35,520 Speaker 1: for you. They automatically adjust holdings from stocks into bonds 393 00:17:35,600 --> 00:17:38,640 Speaker 1: over the decades, as you get closer to retirement, you're 394 00:17:38,640 --> 00:17:41,399 Speaker 1: holding has just become more conservative as you get closer 395 00:17:41,400 --> 00:17:44,560 Speaker 1: to that target retirement date. Right. Also, they offer just 396 00:17:44,800 --> 00:17:48,119 Speaker 1: a little bit more international exposure, and so yeah, I 397 00:17:48,119 --> 00:17:51,280 Speaker 1: think those are worth considering. I think the target retirement funds, 398 00:17:51,600 --> 00:17:55,399 Speaker 1: especially through the low cost companies like Vanguard Infidelity and 399 00:17:55,560 --> 00:17:58,320 Speaker 1: SWAB like they get the great low cost companies, those 400 00:17:58,359 --> 00:18:01,119 Speaker 1: target funds are definitely worth cansidering. They're going to kind 401 00:18:01,160 --> 00:18:04,640 Speaker 1: of offer you more of that like textbook diversification. Yeah, 402 00:18:04,680 --> 00:18:07,600 Speaker 1: and getting personal here again, man, my wife Kate for 403 00:18:07,640 --> 00:18:09,639 Speaker 1: her rath ira A. You know, we've got a spousal 404 00:18:09,720 --> 00:18:12,920 Speaker 1: wrath for her going and one of her funds are 405 00:18:12,960 --> 00:18:16,199 Speaker 1: in guess what retirement that's right? Okay, all right, so 406 00:18:16,240 --> 00:18:18,960 Speaker 1: you guys kind of have different investing strategies. Well, I 407 00:18:19,000 --> 00:18:20,719 Speaker 1: mean it's basically the same thing. It's just about being 408 00:18:20,760 --> 00:18:24,160 Speaker 1: widely diversified. But hers is just a little more traditional 409 00:18:24,240 --> 00:18:26,240 Speaker 1: and part of it was almost like a little a 410 00:18:26,359 --> 00:18:29,040 Speaker 1: B testing. We're kind of curious to see how hers performs. 411 00:18:29,320 --> 00:18:32,960 Speaker 1: But yeah, I mean again, all in and that fund 412 00:18:33,040 --> 00:18:35,640 Speaker 1: right there is you know, well diversified, and again when 413 00:18:35,640 --> 00:18:37,240 Speaker 1: it does come to those target funds, they have a 414 00:18:37,280 --> 00:18:39,639 Speaker 1: good bit more bond exposure. I think there's like so 415 00:18:39,760 --> 00:18:42,000 Speaker 1: much depth we could potentially get into on this, but 416 00:18:42,160 --> 00:18:44,040 Speaker 1: we might be getting into the weeds way too much 417 00:18:44,040 --> 00:18:45,679 Speaker 1: if we did that. There really are a lot of 418 00:18:45,720 --> 00:18:48,919 Speaker 1: opinions on this. I do think Matt and I both agree, 419 00:18:49,080 --> 00:18:51,560 Speaker 1: and a lot of experts, like we said at the beginning, 420 00:18:51,600 --> 00:18:54,640 Speaker 1: also agree that basically those index funds attract the entire 421 00:18:54,680 --> 00:18:57,440 Speaker 1: U stock market are just great options for you, and 422 00:18:57,480 --> 00:19:00,760 Speaker 1: they're super simple. Just one more option to consider. Vanguard 423 00:19:00,800 --> 00:19:03,199 Speaker 1: has a fun called VT It's an et F that 424 00:19:03,440 --> 00:19:06,520 Speaker 1: is their total World stock market et F, and so 425 00:19:06,680 --> 00:19:09,879 Speaker 1: that is invested heavily in US stocks, in in a 426 00:19:09,880 --> 00:19:11,720 Speaker 1: lot of the biggest U S companies, but then also 427 00:19:11,720 --> 00:19:15,680 Speaker 1: provides a lot more exposure to world stock markets, which 428 00:19:15,720 --> 00:19:19,840 Speaker 1: just gives you more access to companies based in countries 429 00:19:19,880 --> 00:19:22,160 Speaker 1: all around the world. And that's a really good one too, 430 00:19:22,160 --> 00:19:25,520 Speaker 1: because the expense ratio is super low. It's point o nine, 431 00:19:26,200 --> 00:19:29,640 Speaker 1: which is yeah, incredibly low for a total world stock 432 00:19:29,680 --> 00:19:31,879 Speaker 1: market ETF. So yeah, that's a good one to consider 433 00:19:31,920 --> 00:19:33,720 Speaker 1: as well. If you're like man, I want to be 434 00:19:34,119 --> 00:19:37,199 Speaker 1: just broadly diversified in stocks overall. Then that's one of 435 00:19:37,200 --> 00:19:39,480 Speaker 1: our favorites, all right, Matt onto the next one about 436 00:19:39,560 --> 00:19:42,440 Speaker 1: taking out a car loan. Hey, Jelan Math. This is 437 00:19:42,520 --> 00:19:46,960 Speaker 1: Jessica from southern California, and I've been getting notifications in 438 00:19:47,000 --> 00:19:50,879 Speaker 1: the mail with like pre approved car loans, mostly for 439 00:19:51,000 --> 00:19:55,639 Speaker 1: my credit Union. But I'm curious, am I obligated to 440 00:19:55,960 --> 00:20:02,040 Speaker 1: use that money for a new car? Or am I 441 00:20:02,160 --> 00:20:08,680 Speaker 1: able to use those funds for higher interest rate credit 442 00:20:08,760 --> 00:20:13,240 Speaker 1: cards to pay those off and then use the remainder 443 00:20:13,400 --> 00:20:16,879 Speaker 1: for a maybe not as nice but still new to 444 00:20:16,920 --> 00:20:19,200 Speaker 1: me car. I'm just kind of curious what you guys 445 00:20:19,240 --> 00:20:22,119 Speaker 1: think about that. Thank you so much for all of 446 00:20:22,160 --> 00:20:26,880 Speaker 1: the financial advice. You've made my workday go a lot 447 00:20:27,160 --> 00:20:32,200 Speaker 1: faster and better. And thanks for the beer suggestions. I 448 00:20:32,240 --> 00:20:34,119 Speaker 1: don't know that I ever would have tried a sour 449 00:20:34,240 --> 00:20:37,359 Speaker 1: beer or without you guys having suggested it, so thanks 450 00:20:37,440 --> 00:20:41,320 Speaker 1: very much, Jessica. Awesome question. I have to say, life 451 00:20:41,359 --> 00:20:43,879 Speaker 1: without sour beers just isn't worth living, at least for 452 00:20:43,920 --> 00:20:46,280 Speaker 1: someone who actually like sour beers like me. Yeah, but 453 00:20:46,280 --> 00:20:48,920 Speaker 1: it's it's an acquired taste. Though Rachel like I feel 454 00:20:48,960 --> 00:20:50,520 Speaker 1: like sour beers like they kind of came on the 455 00:20:50,520 --> 00:20:53,320 Speaker 1: scene later in regardless to kind of craft beer in America, 456 00:20:53,680 --> 00:20:55,480 Speaker 1: and so because of that, I feel like it's typically 457 00:20:55,480 --> 00:20:57,920 Speaker 1: one of those later styles that like that folks get 458 00:20:57,960 --> 00:21:00,840 Speaker 1: into and for me, like I started, I'll drinking craft 459 00:21:00,960 --> 00:21:05,080 Speaker 1: stouts first, like stouts, brown nails pals, then my I 460 00:21:05,200 --> 00:21:08,400 Speaker 1: p A s yeah, and then finally sours. Yeah. They're 461 00:21:08,480 --> 00:21:10,919 Speaker 1: kind of like the last is how it was for 462 00:21:10,960 --> 00:21:14,160 Speaker 1: you as well, exactly. My wife got me an I PA. 463 00:21:14,240 --> 00:21:15,840 Speaker 1: She was super indowment. I was like, I don't know 464 00:21:15,880 --> 00:21:18,399 Speaker 1: about these, they're kind of bitter, and then I mean, 465 00:21:18,440 --> 00:21:19,960 Speaker 1: what do we drink mostly on the show A lot? 466 00:21:20,000 --> 00:21:22,080 Speaker 1: I PA is nothing, but I p A. Thanks Emily. 467 00:21:23,520 --> 00:21:27,280 Speaker 1: All right, but let's get onto Jessica's question about taking 468 00:21:27,280 --> 00:21:29,480 Speaker 1: out a car loan through a credit union, and Jessica, yes, 469 00:21:29,520 --> 00:21:32,240 Speaker 1: actually you are obligated to use the proceeds from that 470 00:21:32,280 --> 00:21:35,800 Speaker 1: car loan on an actual vehicle, and it typically it's 471 00:21:35,840 --> 00:21:38,000 Speaker 1: not even possible to use those funds elsewhere because the 472 00:21:38,080 --> 00:21:41,280 Speaker 1: lender will typically pay whoever you're purchasing the car from directly. 473 00:21:41,600 --> 00:21:43,480 Speaker 1: You don't get to touch that money. And since you're 474 00:21:43,520 --> 00:21:46,320 Speaker 1: lender essentially paid for the car. Well, that's why they 475 00:21:46,320 --> 00:21:48,439 Speaker 1: have the title until the loan is paid off. The 476 00:21:48,520 --> 00:21:51,320 Speaker 1: reason that those auto loan rates are so attractive is 477 00:21:51,320 --> 00:21:55,320 Speaker 1: because that they're secured, right, they have the vehicle to 478 00:21:55,400 --> 00:21:57,679 Speaker 1: back it up. And if someone, let's say we're to 479 00:21:57,720 --> 00:22:00,600 Speaker 1: stop paying their monthly payment on that view Coal, well 480 00:22:00,600 --> 00:22:03,040 Speaker 1: then the bank has the vehicle as collateral and they 481 00:22:03,040 --> 00:22:06,080 Speaker 1: could repossess that vehicle. So that's exactly why the credit 482 00:22:06,160 --> 00:22:09,399 Speaker 1: union isn't willing to write you a car note for 483 00:22:09,600 --> 00:22:12,240 Speaker 1: thirty grand on and let's say, allow you to kind 484 00:22:12,240 --> 00:22:13,600 Speaker 1: of do what you want with it and maybe only 485 00:22:13,640 --> 00:22:15,879 Speaker 1: buy a car that was ten or twelve grand. Yeah. Man. 486 00:22:15,880 --> 00:22:17,199 Speaker 1: And on the flip side of that, I'm thinking of 487 00:22:17,240 --> 00:22:20,080 Speaker 1: personal loans right where the bank does not have collateral 488 00:22:20,480 --> 00:22:22,000 Speaker 1: and you're not going to get as good of an 489 00:22:22,000 --> 00:22:24,840 Speaker 1: interest rate all those loans because you know, it's it's 490 00:22:24,880 --> 00:22:26,480 Speaker 1: more risk for them, and so that's one of the 491 00:22:26,520 --> 00:22:29,080 Speaker 1: ways that they're able to kind of mitigate that risk. So, Jessica, 492 00:22:29,119 --> 00:22:31,040 Speaker 1: if your goal, you know, is to get a new car, 493 00:22:31,280 --> 00:22:33,440 Speaker 1: like a new to you car, right, then our preference 494 00:22:33,480 --> 00:22:35,840 Speaker 1: is that you would attempt to buy uh, that car 495 00:22:35,920 --> 00:22:38,800 Speaker 1: in cash. If you have high interest rate credit card debt, 496 00:22:39,080 --> 00:22:41,480 Speaker 1: then you know, buying a cheaper car and cash is 497 00:22:41,520 --> 00:22:44,359 Speaker 1: even more important. Right, Yeah, man, I I bought at 498 00:22:45,240 --> 00:22:47,960 Speaker 1: Ultimat and it lasted me for seven years, and then 499 00:22:48,320 --> 00:22:49,560 Speaker 1: when I was done with it, I was able to 500 00:22:49,600 --> 00:22:52,160 Speaker 1: sell it for for close to two thousand bucks seven 501 00:22:52,200 --> 00:22:55,520 Speaker 1: years later. Right, Cheap transportation, I don't think. I don't 502 00:22:55,520 --> 00:22:58,040 Speaker 1: think it has to be awful or unreliable if you've 503 00:22:58,080 --> 00:22:59,880 Speaker 1: met the car thoroughly, right, if you get it checked 504 00:22:59,880 --> 00:23:02,919 Speaker 1: out by a mechanic, and you buy something that's well reviewed, 505 00:23:02,920 --> 00:23:05,159 Speaker 1: has a good history, and consumer reports is a good 506 00:23:05,200 --> 00:23:08,040 Speaker 1: place to turn for that. But basically, buying something that's 507 00:23:08,040 --> 00:23:11,400 Speaker 1: inexpensive doesn't mean it's trash. Yeah, nobody wants to drive 508 00:23:11,440 --> 00:23:13,280 Speaker 1: around a piece of junk, right, you know, But if 509 00:23:13,320 --> 00:23:15,000 Speaker 1: you have to take out a loan in order to 510 00:23:15,040 --> 00:23:17,920 Speaker 1: buy a car, like you're already looking in the right place. 511 00:23:18,119 --> 00:23:19,679 Speaker 1: Your your credit union is going to be one of 512 00:23:19,680 --> 00:23:22,840 Speaker 1: the best places to go looking for an auto loan. Yeah, 513 00:23:22,880 --> 00:23:25,160 Speaker 1: you're gonna get the best rates typically at a credit union. 514 00:23:25,320 --> 00:23:28,399 Speaker 1: But you know, Jessica, I think ultimately that your credit 515 00:23:28,440 --> 00:23:31,760 Speaker 1: card debt is is a problem here basically, it's important 516 00:23:31,760 --> 00:23:34,000 Speaker 1: to address the root of the issue and to not 517 00:23:34,119 --> 00:23:36,480 Speaker 1: look towards taking out additional debt in order to fix 518 00:23:36,520 --> 00:23:39,159 Speaker 1: the problem, and not alone might be part of the 519 00:23:39,160 --> 00:23:42,320 Speaker 1: solution potentially, but only after you create a solid plan 520 00:23:42,400 --> 00:23:44,560 Speaker 1: to getting out of debt. An episode eighty five, we 521 00:23:44,600 --> 00:23:47,640 Speaker 1: talked about two approaches to paying down debt, the debt snowball, 522 00:23:47,680 --> 00:23:49,920 Speaker 1: which is more behavioral based, or that avalanche, which is 523 00:23:49,960 --> 00:23:52,840 Speaker 1: all about numbers and getting your debt paid off as 524 00:23:52,880 --> 00:23:56,440 Speaker 1: quickly as humanly possible. But looking to this car loan 525 00:23:56,560 --> 00:24:00,159 Speaker 1: essentially to fix that issue, well, it doesn't address the 526 00:24:00,240 --> 00:24:02,760 Speaker 1: root issue of spending. And it also and basically you 527 00:24:02,760 --> 00:24:05,400 Speaker 1: need to create a payment plan that that basically funnels 528 00:24:05,680 --> 00:24:09,439 Speaker 1: all of your extra funds towards that high interest credit 529 00:24:09,440 --> 00:24:12,000 Speaker 1: card debt as quickly as possible, because that's a hair 530 00:24:12,040 --> 00:24:14,200 Speaker 1: on fire kind of situation where you want to be 531 00:24:14,280 --> 00:24:16,879 Speaker 1: rid of that as quickly as possible. So, Jessica, hopefully 532 00:24:16,920 --> 00:24:18,800 Speaker 1: that answered your question and was able to point you 533 00:24:18,840 --> 00:24:21,320 Speaker 1: in the right direction. Yeah, get that debt snowball going, 534 00:24:21,480 --> 00:24:23,800 Speaker 1: get that debt paid off, and you know what, by uh, 535 00:24:23,840 --> 00:24:25,800 Speaker 1: an inexpensive car that can get you where you need 536 00:24:25,840 --> 00:24:27,760 Speaker 1: to go exact. It doesn't have to be like a beater, 537 00:24:27,880 --> 00:24:29,399 Speaker 1: it doesn't have to be a piece of junket. There 538 00:24:29,400 --> 00:24:31,440 Speaker 1: are a lot of great, affordable, decent looking cars out there. 539 00:24:31,480 --> 00:24:33,200 Speaker 1: I completely agree, and I think it's something that is 540 00:24:33,280 --> 00:24:35,920 Speaker 1: so that's often overlooked. We think we need a new 541 00:24:36,000 --> 00:24:37,560 Speaker 1: ish car, even if it's not brand new, it needs 542 00:24:37,600 --> 00:24:39,000 Speaker 1: to be new issue, and that's that's just not the 543 00:24:39,040 --> 00:24:41,240 Speaker 1: case always. Yeah. Well, to me, the reasons being is 544 00:24:41,440 --> 00:24:43,560 Speaker 1: folks are afraid of, you know, their cars breaking down. 545 00:24:43,840 --> 00:24:45,600 Speaker 1: Guess what I'm not afraid of doing if my car 546 00:24:45,640 --> 00:24:48,639 Speaker 1: were to break down, halen uber or get a lift, right, like, 547 00:24:48,720 --> 00:24:50,840 Speaker 1: we have technologies on our phone that allow us to 548 00:24:50,840 --> 00:24:52,760 Speaker 1: still get to wherever we need to get to. I 549 00:24:52,800 --> 00:24:54,840 Speaker 1: personally don't see it nearly as much of an issue 550 00:24:55,040 --> 00:24:56,879 Speaker 1: like it was twenty years ago. And when you actually 551 00:24:56,880 --> 00:24:59,280 Speaker 1: look at the numbers of how much car repairs cost, 552 00:24:59,760 --> 00:25:02,040 Speaker 1: when you're talking about a car that's fifteen years old, 553 00:25:02,280 --> 00:25:04,439 Speaker 1: the repair expenses obviously aren't as low as a car 554 00:25:04,480 --> 00:25:08,280 Speaker 1: that's five years old, but they're not dramatically different. Cars 555 00:25:08,440 --> 00:25:10,640 Speaker 1: are built so well these days, and especially if you're 556 00:25:10,640 --> 00:25:13,840 Speaker 1: looking at one with good, reliable repair histories, a car 557 00:25:13,920 --> 00:25:16,720 Speaker 1: that consistently rates well in consumer reports or JD Power 558 00:25:16,800 --> 00:25:18,800 Speaker 1: in their reliability ratings, and you get that checked out 559 00:25:18,800 --> 00:25:20,359 Speaker 1: by a mechanic. I mean, your odds of buying a 560 00:25:20,440 --> 00:25:22,840 Speaker 1: lemon are are almost zero at that point, and you're 561 00:25:22,840 --> 00:25:25,200 Speaker 1: going to buy a car that's solid, that requires obviously 562 00:25:25,240 --> 00:25:27,479 Speaker 1: some maintenance, but it's just not going to train your 563 00:25:27,480 --> 00:25:29,800 Speaker 1: wallet like people think it is. Yeah, buddy, that's rights. 564 00:25:29,920 --> 00:25:32,520 Speaker 1: So we had a couple more questions, including one about 565 00:25:32,800 --> 00:25:35,760 Speaker 1: when you should consider transitioning your side hustle to a 566 00:25:35,760 --> 00:25:38,160 Speaker 1: small business. We're gonna get to that right after the break, 567 00:25:47,200 --> 00:25:49,520 Speaker 1: all right, Matt, we'll back. And this is a question 568 00:25:49,560 --> 00:25:52,080 Speaker 1: that a lot of people have who start a side hustle. 569 00:25:52,480 --> 00:25:56,159 Speaker 1: When do I know I'm ready to make that transition? Hi, guys, 570 00:25:56,240 --> 00:25:59,120 Speaker 1: this is Patrick from Northern California. I had a money 571 00:25:59,200 --> 00:26:02,240 Speaker 1: question relating to side hustles, which is, at what point 572 00:26:02,280 --> 00:26:04,720 Speaker 1: should you transition a side hustle into more of a 573 00:26:04,760 --> 00:26:08,240 Speaker 1: small business and what are the basic differences and advantages 574 00:26:08,280 --> 00:26:12,920 Speaker 1: of the business types such as LLCs, SO proprietorships, escorts, etcetera. 575 00:26:13,440 --> 00:26:16,280 Speaker 1: I recently picked up a side hustle doing restorations and 576 00:26:16,320 --> 00:26:18,520 Speaker 1: realized that I could easily do more and would enjoy 577 00:26:18,640 --> 00:26:20,800 Speaker 1: doing so. But I'm just not sure about if I 578 00:26:20,800 --> 00:26:23,879 Speaker 1: should be incorporating and separating the business income from my 579 00:26:24,000 --> 00:26:26,320 Speaker 1: personal income so that I'm not paying taxes on the 580 00:26:26,400 --> 00:26:30,479 Speaker 1: side hustle income without accounting for expenses come tax season. 581 00:26:31,040 --> 00:26:33,680 Speaker 1: Given that you've made this transition from side hustle to 582 00:26:33,760 --> 00:26:37,399 Speaker 1: small business already, I'm especially interested to hear your thoughts 583 00:26:37,400 --> 00:26:40,120 Speaker 1: on this. Matt. Thank you guys for anything you can 584 00:26:40,320 --> 00:26:44,760 Speaker 1: tell me. I'm honestly shocked that they never talk about 585 00:26:44,760 --> 00:26:48,080 Speaker 1: this side of small businesses when we're going through school. Patrick, 586 00:26:48,119 --> 00:26:50,720 Speaker 1: thanks so much for the question, and I am completely 587 00:26:50,760 --> 00:26:53,560 Speaker 1: with you. I think students they spend so much time 588 00:26:53,960 --> 00:26:56,679 Speaker 1: learning a particular subject or a skill, or getting like 589 00:26:56,720 --> 00:26:59,040 Speaker 1: a specific degree in college, and then they spend so 590 00:26:59,119 --> 00:27:01,800 Speaker 1: little time on top that would help these graduates start 591 00:27:01,800 --> 00:27:05,280 Speaker 1: their own businesses where they could work for themselves. Given 592 00:27:05,320 --> 00:27:07,480 Speaker 1: the changing landscapes of what it looks like to have 593 00:27:07,680 --> 00:27:11,560 Speaker 1: a professional career these days, I think classes focusing specifically 594 00:27:11,560 --> 00:27:15,280 Speaker 1: on entrepreneurship need to be prioritized. Yeah. I'm not gonna 595 00:27:15,280 --> 00:27:16,960 Speaker 1: say anything here, Matt, because I think he directed this 596 00:27:17,040 --> 00:27:20,159 Speaker 1: question directly towards you, so I get to chill. No, 597 00:27:20,160 --> 00:27:24,280 Speaker 1: no, no no too, buddy, Okay, alright, well yeah, Patrick, the 598 00:27:24,320 --> 00:27:27,120 Speaker 1: great question. I think there are a couple of things 599 00:27:27,160 --> 00:27:29,760 Speaker 1: you need to ask yourself, like as your think about this. 600 00:27:29,840 --> 00:27:32,080 Speaker 1: And first, congrats on finding a side hustle that you 601 00:27:32,119 --> 00:27:35,680 Speaker 1: really enjoy. I mean, that's something that we encourage people 602 00:27:35,680 --> 00:27:38,800 Speaker 1: to do, to step out there and try to find 603 00:27:38,880 --> 00:27:42,160 Speaker 1: something that might be able to make them some money, 604 00:27:42,200 --> 00:27:45,159 Speaker 1: but that they're actually super into. And then this is 605 00:27:45,160 --> 00:27:47,600 Speaker 1: the beautiful question, I think when you get to the 606 00:27:47,640 --> 00:27:50,840 Speaker 1: point in that process where that thing that you're doing 607 00:27:50,880 --> 00:27:53,720 Speaker 1: on the side that you really like could potentially pay 608 00:27:53,800 --> 00:27:56,159 Speaker 1: some bills too at the same time. And so all right, 609 00:27:56,200 --> 00:27:58,800 Speaker 1: one of the questions you have to ask yourself is, well, 610 00:27:59,000 --> 00:28:01,480 Speaker 1: just because it's working out, now, what does that That 611 00:28:01,520 --> 00:28:03,960 Speaker 1: doesn't necessarily mean you should upgrade it into a fully 612 00:28:03,960 --> 00:28:06,200 Speaker 1: fledged business and go full time with it. It does 613 00:28:06,280 --> 00:28:08,240 Speaker 1: sound like you're being organized and thoughtful with how you're 614 00:28:08,240 --> 00:28:12,119 Speaker 1: approaching this, but make sure you're crunching numbers and you 615 00:28:12,160 --> 00:28:14,600 Speaker 1: know if this is something that could actually support you 616 00:28:14,600 --> 00:28:19,160 Speaker 1: full time doing both jobs for a length of time 617 00:28:19,480 --> 00:28:22,359 Speaker 1: until you've beefed up your savings can be really really huge. 618 00:28:22,800 --> 00:28:25,280 Speaker 1: Oftentimes the best financial move is to to do both 619 00:28:25,440 --> 00:28:28,480 Speaker 1: for a certain period of time until you've beefed up 620 00:28:28,520 --> 00:28:30,960 Speaker 1: your savings, and that can be huge and kind of 621 00:28:30,960 --> 00:28:33,399 Speaker 1: giving you the peace of mind as you actually do 622 00:28:33,520 --> 00:28:37,440 Speaker 1: transition into doing that side hustle as your full time gig. Yeah, 623 00:28:37,440 --> 00:28:39,240 Speaker 1: and Patrick, it does sound like that you are thinking 624 00:28:39,280 --> 00:28:41,680 Speaker 1: about this carefully, but you just want to make sure 625 00:28:41,680 --> 00:28:44,400 Speaker 1: you've taken some some of those due diligent steps, right. 626 00:28:44,600 --> 00:28:46,040 Speaker 1: You want to make sure that you kind of have 627 00:28:46,080 --> 00:28:48,280 Speaker 1: a loose business plan. It doesn't need to be something 628 00:28:48,320 --> 00:28:51,760 Speaker 1: that's overly complicated, but making sure that you know your markets, 629 00:28:51,840 --> 00:28:54,240 Speaker 1: making sure you're you're aware of your competition, the ups 630 00:28:54,280 --> 00:28:56,840 Speaker 1: and downs of that specific industry. Those are things that 631 00:28:56,880 --> 00:28:58,720 Speaker 1: you do want to consider. But you know, Joel is 632 00:28:58,760 --> 00:29:01,360 Speaker 1: talking about beefing up your saving that's really important as well. 633 00:29:01,360 --> 00:29:04,160 Speaker 1: You want to make sure your personal finances already, you know, like, 634 00:29:04,280 --> 00:29:07,080 Speaker 1: let's let's be up front. Not all businesses succeed. The 635 00:29:07,120 --> 00:29:11,560 Speaker 1: Small Business Association they say that of all businesses failed 636 00:29:11,600 --> 00:29:14,320 Speaker 1: during their first five years. Heart or makest out alert 637 00:29:14,360 --> 00:29:16,760 Speaker 1: from Matt. Yeah, dude, that's it's a little depressing, right, 638 00:29:16,960 --> 00:29:19,320 Speaker 1: So with that risk of a business not working out, 639 00:29:19,360 --> 00:29:22,160 Speaker 1: like you run the risk of losing your own personal money. 640 00:29:22,280 --> 00:29:24,800 Speaker 1: So before you ramp up your side hustle, you want 641 00:29:24,800 --> 00:29:27,080 Speaker 1: to ensure that your personal finances are in good order, 642 00:29:27,120 --> 00:29:29,680 Speaker 1: that you that you have manageable amounts of debt with 643 00:29:29,720 --> 00:29:32,080 Speaker 1: a plan to pay them off, and ideally with an 644 00:29:32,120 --> 00:29:34,960 Speaker 1: emergency fund made of anywhere between three and six months 645 00:29:34,960 --> 00:29:37,120 Speaker 1: worth of expenses. Yeah. Man, I've been talking to my 646 00:29:37,120 --> 00:29:38,840 Speaker 1: friend John who wants to open up a brewery and 647 00:29:38,840 --> 00:29:40,920 Speaker 1: we've actually had some of his beer on the show before. 648 00:29:40,960 --> 00:29:43,120 Speaker 1: He His brewer is called Little Cottage and right now 649 00:29:43,120 --> 00:29:45,880 Speaker 1: makes it good stuff. Man, makes some amazing beers and 650 00:29:46,040 --> 00:29:48,400 Speaker 1: and he's just a homebrewer right now. But he's like, 651 00:29:48,400 --> 00:29:49,440 Speaker 1: you know what, I want to take this to the 652 00:29:49,520 --> 00:29:52,200 Speaker 1: next level. And he's kind of created his business plan. 653 00:29:52,280 --> 00:29:54,640 Speaker 1: He's really thinking through this a lot right now, but 654 00:29:54,720 --> 00:29:56,840 Speaker 1: it's gonna take some time because what he wants to 655 00:29:56,880 --> 00:30:01,120 Speaker 1: do in the interim before he actually creates a concrete 656 00:30:01,160 --> 00:30:03,600 Speaker 1: space and takes this side gig full time. And it 657 00:30:03,600 --> 00:30:05,160 Speaker 1: makes a lot of sense, and we've talked through this, 658 00:30:05,360 --> 00:30:07,880 Speaker 1: is is it getting his personal financial house in order 659 00:30:08,000 --> 00:30:10,280 Speaker 1: just makes a whole lot of sense. It makes transitioning 660 00:30:10,320 --> 00:30:13,760 Speaker 1: into doing that business full time a whole lot easier 661 00:30:13,960 --> 00:30:15,960 Speaker 1: because you're not sweating over the personal debts that you 662 00:30:16,040 --> 00:30:18,040 Speaker 1: have hanging over your head. You can kind of go 663 00:30:18,080 --> 00:30:19,800 Speaker 1: in with this clean slate. And I think that is 664 00:30:19,840 --> 00:30:22,920 Speaker 1: honestly a big part of the reason that people fail 665 00:30:23,000 --> 00:30:26,160 Speaker 1: in their first five years of business is there overleveraged, 666 00:30:26,320 --> 00:30:28,840 Speaker 1: They've taken on more in their own personal life than 667 00:30:28,880 --> 00:30:30,960 Speaker 1: they can than they can bear, and at the same time, 668 00:30:30,960 --> 00:30:33,720 Speaker 1: they're taking on this business debt while they're getting ramped up. 669 00:30:33,960 --> 00:30:35,760 Speaker 1: And so yeah, I think it's just so important to 670 00:30:35,760 --> 00:30:38,760 Speaker 1: make sure that your personal finances are in order while 671 00:30:38,800 --> 00:30:41,440 Speaker 1: you're making this transition. Yeah, it's so helpful to have 672 00:30:41,520 --> 00:30:44,800 Speaker 1: that solid financial foundation built before you kind of take 673 00:30:44,840 --> 00:30:47,720 Speaker 1: on some additional risks. And so Patrick, for you, let's 674 00:30:47,720 --> 00:30:49,600 Speaker 1: go ahead and answer your question about kind of how 675 00:30:49,640 --> 00:30:51,960 Speaker 1: you should, you know, maybe structure your business. And the 676 00:30:52,000 --> 00:30:54,760 Speaker 1: fact is you may not actually want to incorporate your business. 677 00:30:54,800 --> 00:30:57,000 Speaker 1: There are a lot of differences between the different ways 678 00:30:57,040 --> 00:30:59,080 Speaker 1: that you can structure your business. But for you, like, 679 00:30:59,160 --> 00:31:01,960 Speaker 1: let's specifically because on taxes, because that's what you mentioned, well, 680 00:31:02,000 --> 00:31:03,880 Speaker 1: you said that you want to be able to deduct 681 00:31:03,880 --> 00:31:06,200 Speaker 1: your expenses. Right, Well, here's the thing you don't have 682 00:31:06,280 --> 00:31:09,040 Speaker 1: to incorporate in order to claim those deductions. You can 683 00:31:09,080 --> 00:31:12,120 Speaker 1: claim those deduction is by just reporting those business expenses 684 00:31:12,120 --> 00:31:14,760 Speaker 1: on your schedule C when you follow your taxes. So 685 00:31:14,840 --> 00:31:16,400 Speaker 1: what that does is it allows you to get the 686 00:31:16,440 --> 00:31:20,400 Speaker 1: benefit of taking deductions like health insurance or regular day 687 00:31:20,440 --> 00:31:23,600 Speaker 1: to day business expenses, and even like a home office deduction. 688 00:31:23,640 --> 00:31:25,760 Speaker 1: These are all that the kind of standard deductions that 689 00:31:25,800 --> 00:31:28,480 Speaker 1: a business would take, and you can take those without 690 00:31:28,480 --> 00:31:31,720 Speaker 1: going through all the rigamar role of incorporating, paying those 691 00:31:31,720 --> 00:31:33,800 Speaker 1: fees and keeping up with that year after year. All 692 00:31:33,840 --> 00:31:35,440 Speaker 1: right now, I want you to say rigamar role three 693 00:31:35,440 --> 00:31:38,360 Speaker 1: times fast. I can't do it. I would pay to 694 00:31:38,440 --> 00:31:41,040 Speaker 1: hear that right now. But Patrick, here's the downside of 695 00:31:41,080 --> 00:31:43,760 Speaker 1: being a sole proprietor. You won't have the added legal 696 00:31:43,760 --> 00:31:47,120 Speaker 1: protections that come with incorporating into an LLC or an escorp. 697 00:31:47,480 --> 00:31:49,720 Speaker 1: So what that means is that as a sole proprietor, 698 00:31:49,800 --> 00:31:52,040 Speaker 1: if someone who's your business, well they can come after 699 00:31:52,080 --> 00:31:54,400 Speaker 1: your personal assets as well. So I'm not sure what 700 00:31:54,480 --> 00:31:57,160 Speaker 1: kind of restorations you're up to, whether it's houses or 701 00:31:57,200 --> 00:31:59,840 Speaker 1: cars or what I want to see them. Yeah exactly. Yeah, 702 00:32:00,000 --> 00:32:02,760 Speaker 1: into some picks, but this is more up to you 703 00:32:02,840 --> 00:32:06,080 Speaker 1: and how comfortable you are with that potential risk. Not surprisingly, 704 00:32:06,320 --> 00:32:09,080 Speaker 1: incorporating comes with the cost to the filing fees in 705 00:32:09,120 --> 00:32:12,280 Speaker 1: such Secretary of State. Yeah, they want your money hundreds 706 00:32:12,280 --> 00:32:15,360 Speaker 1: of bucks, but there's no cost as a sole proprietor 707 00:32:15,360 --> 00:32:17,320 Speaker 1: there's no cost to you to being that. But there 708 00:32:17,360 --> 00:32:19,400 Speaker 1: is that risk right at the same time, So you 709 00:32:19,440 --> 00:32:22,040 Speaker 1: want to be wise. It depends kind of how far 710 00:32:22,080 --> 00:32:25,240 Speaker 1: your reach is extending with this business and how comfortable 711 00:32:25,240 --> 00:32:27,200 Speaker 1: you are with risk, and all those questions kind of 712 00:32:27,200 --> 00:32:29,600 Speaker 1: come into play when you're making this decision. Yeah, you know, 713 00:32:29,760 --> 00:32:32,040 Speaker 1: restorations of furniture like in your garage sort of thing 714 00:32:32,120 --> 00:32:33,800 Speaker 1: or in a shaid like that doesn't seem too risky. 715 00:32:33,840 --> 00:32:36,080 Speaker 1: But if you're doing like, uh, like one off surgery 716 00:32:36,120 --> 00:32:39,960 Speaker 1: is on people, it sounds like that's pretty risky. Left 717 00:32:40,000 --> 00:32:43,160 Speaker 1: arm transplants, Yeah, that that you probably want to incorporate. 718 00:32:43,200 --> 00:32:45,640 Speaker 1: You want to like shield yourself from those legal liabilities 719 00:32:45,680 --> 00:32:48,640 Speaker 1: into that point, Yeah exactly, and hopefully Patrick to that, 720 00:32:48,680 --> 00:32:51,120 Speaker 1: like you find this kind of answer encouraging as well. 721 00:32:51,120 --> 00:32:52,320 Speaker 1: We don't want to kind of go through all of 722 00:32:52,360 --> 00:32:55,160 Speaker 1: these kind of complicated steps and discourage you from doing 723 00:32:55,240 --> 00:32:58,080 Speaker 1: something that you've found a lot of enjoyment doing. We 724 00:32:58,080 --> 00:32:59,560 Speaker 1: we do want to make sure that we're covering some 725 00:32:59,600 --> 00:33:02,239 Speaker 1: of those eye points and hopefully you're walking away from 726 00:33:02,240 --> 00:33:04,440 Speaker 1: this encouraged to ramp up your side hustle. That's one 727 00:33:04,440 --> 00:33:06,440 Speaker 1: of the things that we love about side hustles, sort 728 00:33:06,440 --> 00:33:08,440 Speaker 1: of like the question we answered earlier about Airbnb, you're 729 00:33:08,480 --> 00:33:11,120 Speaker 1: able to try it out before going all in. When 730 00:33:11,160 --> 00:33:12,480 Speaker 1: you have a slide hustle, you get to kind of 731 00:33:12,480 --> 00:33:14,000 Speaker 1: try it out and see how it goes, get to 732 00:33:14,000 --> 00:33:15,360 Speaker 1: know the business, and if it works out and you 733 00:33:15,400 --> 00:33:17,040 Speaker 1: want to do a full time well, it's a lot 734 00:33:17,040 --> 00:33:20,360 Speaker 1: easier to transition into doing something like that versus say 735 00:33:20,400 --> 00:33:23,440 Speaker 1: I'm gonna open this massive restaurant right, which is restaurants 736 00:33:23,520 --> 00:33:25,680 Speaker 1: fail left and right. Very true. All right, Matt Nick 737 00:33:25,760 --> 00:33:29,040 Speaker 1: onto our next question. Teachers and nonprofit people. They've got 738 00:33:29,080 --> 00:33:32,080 Speaker 1: access to this funky little retirement account called a four 739 00:33:32,160 --> 00:33:35,280 Speaker 1: or three B. Hi, Ma Angel, this is Cat from 740 00:33:35,280 --> 00:33:38,040 Speaker 1: New York. I have a question regarding four or three 741 00:33:38,040 --> 00:33:42,640 Speaker 1: B contributions for the next year. Currently, my employer is 742 00:33:42,720 --> 00:33:45,320 Speaker 1: asking if we want to make any changes. And right 743 00:33:45,320 --> 00:33:48,760 Speaker 1: now I'm doing the four or three B pretext contribution 744 00:33:48,880 --> 00:33:52,440 Speaker 1: for this year, but for next year, I don't know 745 00:33:52,480 --> 00:33:55,560 Speaker 1: if I should continue that or switch over to four 746 00:33:55,640 --> 00:34:00,080 Speaker 1: or three B ROTH. I really don't know what's a 747 00:34:00,160 --> 00:34:04,920 Speaker 1: difference in terms of saving money now versus in the future. 748 00:34:05,640 --> 00:34:09,239 Speaker 1: Please advise, Love you guys, alright, chat, thanks so much 749 00:34:09,280 --> 00:34:12,720 Speaker 1: for that question. Four three b's can be an excellent 750 00:34:12,760 --> 00:34:15,720 Speaker 1: savings tool, but sadly, so much of the time insurance 751 00:34:15,719 --> 00:34:18,799 Speaker 1: companies with insanely high fees they've taken over the four 752 00:34:18,840 --> 00:34:22,839 Speaker 1: three B accounts of teachers just all across the country. Jerks. Yeah, 753 00:34:22,880 --> 00:34:25,080 Speaker 1: they're after that money, getting those fees. Man. So on 754 00:34:25,080 --> 00:34:28,799 Speaker 1: that note, four H three b wise dot org is 755 00:34:28,800 --> 00:34:31,759 Speaker 1: the site that's dedicated to sort of demystifying four three 756 00:34:31,760 --> 00:34:35,800 Speaker 1: b's for teachers and to also advocate for better investment choices, 757 00:34:35,840 --> 00:34:37,640 Speaker 1: So or fans of what they're up to, make sure 758 00:34:37,680 --> 00:34:40,080 Speaker 1: that you check that out. Yeah, So, just wanted to 759 00:34:40,120 --> 00:34:42,399 Speaker 1: say that up front right about what four or three 760 00:34:42,440 --> 00:34:43,840 Speaker 1: vs are and kind of there are a lot of 761 00:34:43,840 --> 00:34:46,520 Speaker 1: problems that exist inside of four or three b's because 762 00:34:46,560 --> 00:34:50,000 Speaker 1: of those high fees. Because oftentimes it's insurance companies that 763 00:34:50,040 --> 00:34:52,799 Speaker 1: are involved. The investment choices you have inside of your 764 00:34:52,800 --> 00:34:56,000 Speaker 1: four or three B are oftentimes kind of rotten. So 765 00:34:56,360 --> 00:34:59,560 Speaker 1: it's not an inherently bad accounts, it's just who typically 766 00:34:59,560 --> 00:35:03,440 Speaker 1: adminis or those accounts tend to be higher cost providers. Yeah, exactly, 767 00:35:03,480 --> 00:35:06,880 Speaker 1: And you don't have access to these bigger investment companies 768 00:35:06,880 --> 00:35:09,120 Speaker 1: like Vanguard and Fidelity. They're they're not involved in the 769 00:35:09,120 --> 00:35:12,640 Speaker 1: four or three B system. The decisions basically four who 770 00:35:12,719 --> 00:35:14,360 Speaker 1: is going to administer the four or three B are 771 00:35:14,400 --> 00:35:17,320 Speaker 1: made at the local level, and oftentimes these investment companies 772 00:35:17,320 --> 00:35:19,120 Speaker 1: come in and they're like, hey, choose us, and these 773 00:35:19,160 --> 00:35:21,520 Speaker 1: school systems do and it's just a shame. What happens 774 00:35:21,520 --> 00:35:23,239 Speaker 1: to teachers because of it, and how it eats away 775 00:35:23,280 --> 00:35:25,800 Speaker 1: at their retirement accounts kind of makes me mad, actually, 776 00:35:26,040 --> 00:35:28,160 Speaker 1: And so because of that cat, we would say our 777 00:35:28,200 --> 00:35:30,000 Speaker 1: first piece of advice is to only invest in your 778 00:35:30,000 --> 00:35:32,400 Speaker 1: four or three B up to the match you'll be receiving. 779 00:35:32,800 --> 00:35:35,080 Speaker 1: Because of the higher fees associated with the four or 780 00:35:35,080 --> 00:35:37,719 Speaker 1: three B account, you're going to want to kind of 781 00:35:37,840 --> 00:35:40,759 Speaker 1: cap the amount that you're contributing to that match, and 782 00:35:40,800 --> 00:35:42,840 Speaker 1: so we typically wouldn't say that for a lot of 783 00:35:42,840 --> 00:35:45,600 Speaker 1: people investing in a four oh one K or a 784 00:35:45,640 --> 00:35:48,840 Speaker 1: t SP or whatever, that those are great places to invest. 785 00:35:48,920 --> 00:35:51,640 Speaker 1: And there are often lots of low cost providers that 786 00:35:51,680 --> 00:35:54,320 Speaker 1: you might be doing business with, but because you're likely 787 00:35:54,360 --> 00:35:57,640 Speaker 1: doing business with a higher cost company cap, what you're 788 00:35:57,640 --> 00:36:01,239 Speaker 1: contributing to the match theory eligible four. There's a law 789 00:36:01,280 --> 00:36:04,000 Speaker 1: passed recently in Texas that actually took away the caps 790 00:36:04,080 --> 00:36:07,560 Speaker 1: on fees for teachers in the state of Texas. And 791 00:36:07,600 --> 00:36:10,160 Speaker 1: it's that kind of stuff that just already they were high, 792 00:36:10,200 --> 00:36:12,759 Speaker 1: they were astronomical. Yeah, it's just it's crazy to see 793 00:36:12,760 --> 00:36:14,680 Speaker 1: stuff like that happen. It's like the complete opposite of 794 00:36:14,719 --> 00:36:16,799 Speaker 1: what we want to see happen, right, Yeah, it's like 795 00:36:17,040 --> 00:36:19,200 Speaker 1: it was already kind of the wild West with even 796 00:36:19,280 --> 00:36:21,759 Speaker 1: just like an astronomically high high cap and then and 797 00:36:21,840 --> 00:36:24,879 Speaker 1: now it's unlimited. Now it's like man like yosebody Sam 798 00:36:24,960 --> 00:36:28,920 Speaker 1: all over the place. Just it's it's ridiculous. So after 799 00:36:29,120 --> 00:36:30,960 Speaker 1: getting that match, we would suggest that you open up 800 00:36:31,000 --> 00:36:33,200 Speaker 1: your own i RA with one of our favorite low 801 00:36:33,200 --> 00:36:35,760 Speaker 1: cost companies so that the rest of your investment dollars 802 00:36:36,080 --> 00:36:38,919 Speaker 1: are going somewhere where they're not going to be eaten 803 00:36:39,000 --> 00:36:41,160 Speaker 1: up by fees. Alright, and so the next thing that 804 00:36:41,160 --> 00:36:42,959 Speaker 1: we're going to recommend is for you to go ahead 805 00:36:42,960 --> 00:36:44,799 Speaker 1: and switch it up, right, to go ahead and answer 806 00:36:44,800 --> 00:36:47,160 Speaker 1: your question. You've been investing into your four or three 807 00:36:47,160 --> 00:36:49,840 Speaker 1: B with pre tax dollars, so you've been getting that 808 00:36:49,920 --> 00:36:53,839 Speaker 1: tax break up front. However, we'd recommend that you do 809 00:36:54,000 --> 00:36:55,640 Speaker 1: go ahead and switch it up. Go ahead and sign 810 00:36:55,719 --> 00:36:57,759 Speaker 1: up for that RATH four or three B, and this 811 00:36:57,840 --> 00:37:01,120 Speaker 1: year you invest with post tax dollars instead. So what 812 00:37:01,239 --> 00:37:03,080 Speaker 1: that means is you do pay taxes on the money 813 00:37:03,200 --> 00:37:06,080 Speaker 1: you invest now, but you don't later down the road. 814 00:37:06,600 --> 00:37:09,479 Speaker 1: We think that this is a better option considering our 815 00:37:09,680 --> 00:37:12,640 Speaker 1: low current tax rates. In fact is we never really 816 00:37:12,640 --> 00:37:15,000 Speaker 1: know right what will happen with our future tax rates, 817 00:37:15,040 --> 00:37:17,840 Speaker 1: but with them being really low, assumptions are pretty easy. Well, like, 818 00:37:17,920 --> 00:37:19,799 Speaker 1: there's a good chance that they're going to go up. Yeah, 819 00:37:19,920 --> 00:37:22,080 Speaker 1: It's kind of like mortgage rates. If I were a 820 00:37:22,120 --> 00:37:25,600 Speaker 1: gambling man, I would I would say that in all likelihood, 821 00:37:25,800 --> 00:37:27,600 Speaker 1: mortgage interest rates are going to go up over the 822 00:37:27,600 --> 00:37:31,319 Speaker 1: next ten years, and taxes, I mean over the next years. 823 00:37:31,520 --> 00:37:35,359 Speaker 1: You know, I'm pretty confident that tax rates are going 824 00:37:35,400 --> 00:37:36,640 Speaker 1: to have to go up to pay for all the 825 00:37:36,640 --> 00:37:39,080 Speaker 1: liabilities that our country is facing. So it just makes 826 00:37:39,080 --> 00:37:41,480 Speaker 1: sense to kind of take advantage of of the current 827 00:37:41,560 --> 00:37:44,560 Speaker 1: low tax rate and and pay your taxes now and 828 00:37:44,560 --> 00:37:47,080 Speaker 1: then never pay taxes on that money again. Exactly. But 829 00:37:47,160 --> 00:37:49,279 Speaker 1: even aside from you know what we think tax rates 830 00:37:49,440 --> 00:37:51,480 Speaker 1: might do, it's good for you to kind of spread 831 00:37:51,480 --> 00:37:54,680 Speaker 1: out your tax liability on your retirement accounts. Right, so 832 00:37:54,719 --> 00:37:57,160 Speaker 1: you've already been contributing to your four three B where 833 00:37:57,160 --> 00:37:59,640 Speaker 1: you're gonna pay that tax later down the road. Well, 834 00:38:00,160 --> 00:38:01,840 Speaker 1: let's go ahead and focus now and paying that tax 835 00:38:01,920 --> 00:38:05,080 Speaker 1: now so that you're basically hedging your bets. No matter 836 00:38:05,200 --> 00:38:06,800 Speaker 1: what ends up happening down the road, you're gonna be 837 00:38:06,800 --> 00:38:08,920 Speaker 1: set because you have a nice mix of what it 838 00:38:09,000 --> 00:38:11,319 Speaker 1: is that you are paying taxes on your income. Yeah, 839 00:38:11,320 --> 00:38:13,160 Speaker 1: it gives you that ability when you do get to 840 00:38:13,239 --> 00:38:17,359 Speaker 1: that far off date we're actually withdrawing your retirement money 841 00:38:17,400 --> 00:38:21,360 Speaker 1: that you can kind of control your tax status by 842 00:38:21,400 --> 00:38:23,240 Speaker 1: having a kind of a pre tax and a post 843 00:38:23,280 --> 00:38:25,759 Speaker 1: tax lump some amount. It just gives you so much 844 00:38:25,800 --> 00:38:28,839 Speaker 1: flexibility as you're withdrawing those funds in order to to 845 00:38:28,880 --> 00:38:31,719 Speaker 1: not pay too much in taxes in retirement either. So yeah, 846 00:38:31,760 --> 00:38:33,920 Speaker 1: we're big fans of the Rath for a whole lot 847 00:38:34,000 --> 00:38:36,400 Speaker 1: of reasons, and the Rath four or three B in 848 00:38:36,440 --> 00:38:38,799 Speaker 1: your case makes so much sense. So I would go 849 00:38:38,800 --> 00:38:40,640 Speaker 1: in that direction and then open up a Rath r 850 00:38:40,719 --> 00:38:43,719 Speaker 1: A too with one of our low cost providers. We 851 00:38:43,760 --> 00:38:46,920 Speaker 1: love Vanguard Fidelity in one. There's so many good low 852 00:38:46,960 --> 00:38:49,960 Speaker 1: cost investment options out there now they're proliferating. It's a 853 00:38:49,960 --> 00:38:53,560 Speaker 1: beautiful thing. So yeah, make that happen, Cat, continue investing 854 00:38:53,600 --> 00:38:55,759 Speaker 1: for your future. And we definitely think this Rath four 855 00:38:55,840 --> 00:38:57,560 Speaker 1: or three B is A is a great way for 856 00:38:57,600 --> 00:39:00,840 Speaker 1: you to go. Nice buddy, those are our questions for 857 00:39:00,880 --> 00:39:02,799 Speaker 1: this week. Let's let's take it back to the beer 858 00:39:02,960 --> 00:39:05,640 Speaker 1: we had Farmhouse Pale Ale and this is an American 859 00:39:05,719 --> 00:39:09,839 Speaker 1: hot blonde Farmhouse Ale by ox Bow Brewing Company. Let 860 00:39:09,840 --> 00:39:12,000 Speaker 1: me hear your thoughts, buddy, man, I love a good 861 00:39:12,000 --> 00:39:15,640 Speaker 1: farmhouse beer. Uh. It's got that kind of the rustic quality, 862 00:39:15,719 --> 00:39:18,799 Speaker 1: It's got earthy tones and you know that a little 863 00:39:18,800 --> 00:39:21,439 Speaker 1: bit of hot presence. Honestly, man, it took me back 864 00:39:21,480 --> 00:39:25,279 Speaker 1: to my visit there with my wife Emily, and I 865 00:39:25,360 --> 00:39:27,399 Speaker 1: just had the best time. That was one of our 866 00:39:27,440 --> 00:39:30,239 Speaker 1: our favorite trips going to Portland, Maine. It's such a 867 00:39:30,239 --> 00:39:32,759 Speaker 1: beautiful town. My favorite thing actually, I think that we 868 00:39:32,800 --> 00:39:35,560 Speaker 1: did while we were there, We did this tour of 869 00:39:35,880 --> 00:39:38,359 Speaker 1: on the water and you can you can do it 870 00:39:38,480 --> 00:39:41,440 Speaker 1: on a postal boat and so you actually just literally 871 00:39:41,440 --> 00:39:44,840 Speaker 1: hop on the US post Postal Service boat that's making 872 00:39:44,840 --> 00:39:47,680 Speaker 1: the rounds to the islands the surrounding islands, and they're 873 00:39:47,760 --> 00:39:50,120 Speaker 1: dropping off the packages and the letters and stuff. It's 874 00:39:50,160 --> 00:39:51,680 Speaker 1: super cheap way to get get out there on the 875 00:39:51,680 --> 00:39:53,480 Speaker 1: water and get to see a little bit more. And 876 00:39:53,520 --> 00:39:55,719 Speaker 1: it was it was really interesting too at the same time, 877 00:39:55,800 --> 00:39:57,359 Speaker 1: so it just kind of brought me back. All those 878 00:39:57,400 --> 00:39:59,680 Speaker 1: memories come flooding back as I'm drinking this beer. So 879 00:39:59,719 --> 00:40:01,319 Speaker 1: funny it makes me think of what was it was 880 00:40:01,320 --> 00:40:04,720 Speaker 1: that Kevin Costner movie? Like that was it The Postman 881 00:40:04,960 --> 00:40:07,120 Speaker 1: or the Mail? You know I'm talking about it was like, 882 00:40:07,280 --> 00:40:08,840 Speaker 1: uh was he was it in Maine? I don't know, 883 00:40:08,840 --> 00:40:11,000 Speaker 1: I don't think it's a name. But actually, like you're 884 00:40:11,000 --> 00:40:12,959 Speaker 1: talking about going on a tour with like a mail 885 00:40:13,000 --> 00:40:14,560 Speaker 1: delivery service, that's just kind of want It made me 886 00:40:14,560 --> 00:40:17,040 Speaker 1: think of, Yeah, except on a boat. Random memory there, 887 00:40:17,080 --> 00:40:19,400 Speaker 1: but super fun. What were your thoughts On this beer. Yeah, man, 888 00:40:19,440 --> 00:40:22,719 Speaker 1: this beer to me like a classic says On farmhouse 889 00:40:22,760 --> 00:40:25,080 Speaker 1: like it had some of those kind of clove almost 890 00:40:25,120 --> 00:40:27,400 Speaker 1: banana notes a little bit as well, where it tasted 891 00:40:27,440 --> 00:40:29,160 Speaker 1: a little bit more like a Belgian beer to me, 892 00:40:29,640 --> 00:40:32,040 Speaker 1: but definitely had a little bit of funkiness going on 893 00:40:32,120 --> 00:40:33,719 Speaker 1: where it made you think, oh, yeah, this is a 894 00:40:33,760 --> 00:40:36,600 Speaker 1: farmhouse beer. And so if you're not yet really into 895 00:40:36,680 --> 00:40:38,680 Speaker 1: those bitter I p A s and kind of trying 896 00:40:38,680 --> 00:40:40,680 Speaker 1: those out, I'd say give Farmhouse and give says On 897 00:40:40,880 --> 00:40:43,279 Speaker 1: a try. It's they're easy drinking beers. They're they're the 898 00:40:43,400 --> 00:40:45,480 Speaker 1: kind of beers that you can have with meals. You 899 00:40:45,520 --> 00:40:48,600 Speaker 1: can drink these beers whenever you want, just not at 900 00:40:48,600 --> 00:40:51,360 Speaker 1: your day job. Probably not while you're listening to this 901 00:40:51,360 --> 00:40:54,719 Speaker 1: podcast at work or driving home from work. Right Okay, Yeah, 902 00:40:54,880 --> 00:40:56,640 Speaker 1: not a good idea to drink and drive. But thanks 903 00:40:56,640 --> 00:40:59,000 Speaker 1: to the folks there at Oxbo Brewing Company for sending 904 00:40:59,040 --> 00:41:01,239 Speaker 1: these are away. We really appreciate it. Yeah, alright, Matt, 905 00:41:01,239 --> 00:41:03,920 Speaker 1: that's gonna do it for this episode, And for anybody 906 00:41:03,960 --> 00:41:06,600 Speaker 1: that wants to submit a question for a future ask 907 00:41:06,880 --> 00:41:09,799 Speaker 1: htm episode, we'd love to hear your question. We'd love 908 00:41:09,840 --> 00:41:12,080 Speaker 1: to take it on an upcoming episode. Just go to 909 00:41:12,239 --> 00:41:15,120 Speaker 1: how to Money dot com slash ask simple instructions there 910 00:41:15,120 --> 00:41:17,440 Speaker 1: and it'll take you thirty seconds one minute to submit 911 00:41:17,480 --> 00:41:19,000 Speaker 1: your question and we'd love to feature it on an 912 00:41:19,080 --> 00:41:21,840 Speaker 1: upcoming show. That's right, man. And if you are enjoying 913 00:41:21,880 --> 00:41:24,400 Speaker 1: our podcast and funding helpful, we would love for you 914 00:41:24,440 --> 00:41:27,000 Speaker 1: to rate and review wherever it is that you listen 915 00:41:27,040 --> 00:41:29,200 Speaker 1: to your podcasts, and you know, head over to Apple 916 00:41:29,239 --> 00:41:31,399 Speaker 1: podcasts as well. Leave us a review there. That really 917 00:41:31,400 --> 00:41:33,000 Speaker 1: helps us to get the word out, get folks who 918 00:41:33,080 --> 00:41:35,279 Speaker 1: haven't heard of our show yet to discover it and 919 00:41:35,400 --> 00:41:37,000 Speaker 1: help us to get them to do smart things with 920 00:41:37,040 --> 00:41:39,040 Speaker 1: their money. And really it just brings a smile to 921 00:41:39,120 --> 00:41:41,160 Speaker 1: math face. It's like every time a bell rings and 922 00:41:41,160 --> 00:41:43,160 Speaker 1: angel get its wings, every time a review gets left 923 00:41:43,160 --> 00:41:44,719 Speaker 1: how to Money, Matt gets a smile on his face. 924 00:41:44,719 --> 00:41:47,960 Speaker 1: It's a beautiful thing. I do. Smile all right, buddy. 925 00:41:47,960 --> 00:41:49,799 Speaker 1: That's gonna be it for this episode until next time. 926 00:41:50,000 --> 00:42:03,160 Speaker 1: Best Friends Out Man, Best Friends Out m BO