1 00:00:00,120 --> 00:00:03,000 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,000 --> 00:00:24,599 Speaker 1: and today we are answering your listener questions. That's right, Sheel. 3 00:00:24,680 --> 00:00:27,040 Speaker 1: We've got a listener question Monday line up for everybody. 4 00:00:27,040 --> 00:00:31,960 Speaker 1: We've got five great questions, including a question including frugal 5 00:00:32,040 --> 00:00:36,080 Speaker 1: or cheap pertaining to meal kit delivery services. We've got 6 00:00:36,120 --> 00:00:37,960 Speaker 1: a question from a listener who wants to know what 7 00:00:38,000 --> 00:00:41,960 Speaker 1: happens to five nine money if their kids get full 8 00:00:42,080 --> 00:00:44,519 Speaker 1: rides scholarships. I'm sure a lot of folks out there 9 00:00:44,520 --> 00:00:47,360 Speaker 1: with kids want to hear that one. And what if 10 00:00:47,360 --> 00:00:49,440 Speaker 1: my kid is doogie howser? And I don't know if 11 00:00:49,479 --> 00:00:53,360 Speaker 1: our younger listeners even genius. I want to know. And 12 00:00:53,360 --> 00:00:56,040 Speaker 1: then we're gonna talk about some tax implications of inherited 13 00:00:56,080 --> 00:00:58,480 Speaker 1: real estate. We're gonna get to those three questions plus 14 00:00:58,560 --> 00:01:01,240 Speaker 1: a few others. But real man, I wanted to update 15 00:01:01,280 --> 00:01:05,520 Speaker 1: you on my home coffee roasting venture. I've started a 16 00:01:05,560 --> 00:01:07,840 Speaker 1: side of business. Well, you've brought me down a cup 17 00:01:07,880 --> 00:01:09,640 Speaker 1: of coffee the other day. I got to try it 18 00:01:09,760 --> 00:01:12,120 Speaker 1: and with thoughts, it was very very good. Where I 19 00:01:12,120 --> 00:01:14,160 Speaker 1: want to hear your official review. I was okay, I'll 20 00:01:14,200 --> 00:01:16,680 Speaker 1: say this one I don't think my taste buds are 21 00:01:16,720 --> 00:01:19,320 Speaker 1: nearly as refined as yours, and so I am. I 22 00:01:19,520 --> 00:01:21,800 Speaker 1: I like it tastes like coffee. I can tell that 23 00:01:21,840 --> 00:01:25,160 Speaker 1: there was between, like really crummy coffee or decent coffee, 24 00:01:25,200 --> 00:01:27,240 Speaker 1: but then some of the nicer cuff cups of coffee 25 00:01:27,240 --> 00:01:28,440 Speaker 1: that I've had in my life or what people have 26 00:01:28,440 --> 00:01:30,560 Speaker 1: told me. It's nicer tastes like a little too fruity 27 00:01:30,640 --> 00:01:33,720 Speaker 1: for my liking. But yours was not fruity. It was 28 00:01:33,840 --> 00:01:36,000 Speaker 1: kind of like just a good cup of coffee. So 29 00:01:36,000 --> 00:01:39,479 Speaker 1: it depends on the type of bean obviously. So I'm 30 00:01:39,520 --> 00:01:42,679 Speaker 1: a total coffee nerd. Now I have gone down the 31 00:01:42,760 --> 00:01:45,560 Speaker 1: rabbit hole. So just to catch folks up a little bit, 32 00:01:45,800 --> 00:01:49,000 Speaker 1: Kate got me like a coffee roasting kit basically for Christmas. 33 00:01:49,200 --> 00:01:51,920 Speaker 1: It's been a couple of months now, and I wanted 34 00:01:51,960 --> 00:01:55,040 Speaker 1: to update folks on my thoughts on roasting your own coffee. 35 00:01:55,200 --> 00:01:57,200 Speaker 1: How hard is it? It is not hard. How much 36 00:01:57,200 --> 00:01:59,240 Speaker 1: are you saving? Uh? Saving a lot of money? Okay, 37 00:01:59,240 --> 00:02:01,880 Speaker 1: and it's the coffee up to your standards, dude. Okay, 38 00:02:01,880 --> 00:02:03,920 Speaker 1: so that's the best part. So okay, the quick t 39 00:02:04,120 --> 00:02:07,320 Speaker 1: LDR is it is awesome. On all accounts. Okay, So 40 00:02:07,440 --> 00:02:11,400 Speaker 1: your first question is that is it easy to do? Yes? Specifically, 41 00:02:11,400 --> 00:02:13,360 Speaker 1: the way I'm roasting at home is you do it 42 00:02:13,480 --> 00:02:16,200 Speaker 1: in an air popper, like a traditional popcorn air popper, 43 00:02:16,200 --> 00:02:18,040 Speaker 1: where you just dumped the seeds in there, you flip 44 00:02:18,040 --> 00:02:20,119 Speaker 1: the thing on. Literally, that's it. Like you can walk 45 00:02:20,200 --> 00:02:21,839 Speaker 1: you can said it. Once you get to know how 46 00:02:21,840 --> 00:02:23,600 Speaker 1: long it's gonna take, you can literally set a timer 47 00:02:23,600 --> 00:02:26,600 Speaker 1: and walk away. It's that easy. You are saving a 48 00:02:26,600 --> 00:02:28,480 Speaker 1: lot of money when it comes to buying these beans 49 00:02:28,520 --> 00:02:30,560 Speaker 1: because the way it works is you can go to 50 00:02:30,560 --> 00:02:33,080 Speaker 1: a site like Sweet Maria's. That's the site that Marshall 51 00:02:33,080 --> 00:02:35,320 Speaker 1: Allen actually shared with us when we interviewed him, and 52 00:02:36,040 --> 00:02:38,280 Speaker 1: home roasted coffee was kind of was was his splurge. 53 00:02:38,360 --> 00:02:41,480 Speaker 1: He's really into coffee even though it's saving you money. Yeah, exactly, 54 00:02:42,200 --> 00:02:44,240 Speaker 1: that's that. That's kind of splurge, right one one that's 55 00:02:44,240 --> 00:02:48,280 Speaker 1: actually saving you money. But you can buy green coffee 56 00:02:48,320 --> 00:02:50,000 Speaker 1: beans there right so they're you know, they're dried out, 57 00:02:50,000 --> 00:02:52,840 Speaker 1: but they're not roasted yet for a fraction of the cost. 58 00:02:52,960 --> 00:02:56,000 Speaker 1: I mean generally speaking, you're getting beans for two to 59 00:02:56,120 --> 00:02:58,800 Speaker 1: three times less expensive compared to if you were to 60 00:02:58,800 --> 00:03:01,639 Speaker 1: get that coffee from a high quality local roaster, so 61 00:03:01,680 --> 00:03:03,720 Speaker 1: it's more affordable and you save even more because you 62 00:03:03,760 --> 00:03:05,919 Speaker 1: can instead of buying it by the pound, instead of 63 00:03:05,919 --> 00:03:07,440 Speaker 1: getting the one pound bag, you can get a five 64 00:03:07,440 --> 00:03:09,600 Speaker 1: pound bag or a tin pound bag. Once you've identified 65 00:03:09,600 --> 00:03:11,920 Speaker 1: as specific being that you really like, yeah, so you're 66 00:03:11,960 --> 00:03:14,280 Speaker 1: saving money. But then the quality of the coffee, man, 67 00:03:14,360 --> 00:03:17,160 Speaker 1: like these beans are I mean, you get to source 68 00:03:17,200 --> 00:03:18,960 Speaker 1: your beans from wherever you want in the entire world. 69 00:03:19,000 --> 00:03:22,200 Speaker 1: You get to pick the type of being from a 70 00:03:22,200 --> 00:03:24,640 Speaker 1: specific country, so you can really nerd out on it. 71 00:03:24,680 --> 00:03:27,240 Speaker 1: And they have different characteristics. Like you're talking about some 72 00:03:27,240 --> 00:03:29,480 Speaker 1: of the nicer coffees that you've had, how there may 73 00:03:29,520 --> 00:03:32,440 Speaker 1: be more floral, more fruity, that's that's a particular type 74 00:03:32,480 --> 00:03:35,000 Speaker 1: of bean. The the kind of coffee I brought down 75 00:03:35,040 --> 00:03:36,960 Speaker 1: for you the other day was a Kenyon, which is like, 76 00:03:37,240 --> 00:03:38,720 Speaker 1: I don't know, Like in my mind, Kenyon is kind 77 00:03:38,720 --> 00:03:41,200 Speaker 1: of like a Colombian. They're a very basic kind of 78 00:03:41,240 --> 00:03:43,920 Speaker 1: what people think of when they think of coffee, whereas 79 00:03:43,920 --> 00:03:46,400 Speaker 1: you can go with some more exotic beans that do 80 00:03:46,520 --> 00:03:49,000 Speaker 1: have some of these different characteristics. But bottom line, it's 81 00:03:49,000 --> 00:03:51,880 Speaker 1: incredibly hard to get a fresher cup of coffee than 82 00:03:52,200 --> 00:03:54,880 Speaker 1: roasting it yourself. And I typically do it on the weekend, 83 00:03:54,920 --> 00:03:56,480 Speaker 1: like on a Sunday, I'll do it in the afternoon. 84 00:03:56,480 --> 00:03:58,360 Speaker 1: It's like a nice thing that I do. How long 85 00:03:58,360 --> 00:04:00,920 Speaker 1: does it take the roast, like ten minutes? For well? 86 00:04:01,000 --> 00:04:03,040 Speaker 1: Do you do it outsider? And how many matches you 87 00:04:03,040 --> 00:04:05,080 Speaker 1: do it outside? Because it does smoke a little bit 88 00:04:05,320 --> 00:04:08,560 Speaker 1: in the air popper and instead of popcorn shooting down 89 00:04:08,560 --> 00:04:10,800 Speaker 1: the shoot, you know, into a bowl, what happens is 90 00:04:10,840 --> 00:04:14,400 Speaker 1: the husks off the coffee beans, they crackle, and then 91 00:04:14,400 --> 00:04:16,760 Speaker 1: the husk kind of blows away out into the wild. 92 00:04:16,839 --> 00:04:17,960 Speaker 1: And so I do it on my back deck on 93 00:04:18,000 --> 00:04:19,920 Speaker 1: the on the griddle, and so the wind just kind 94 00:04:19,920 --> 00:04:21,440 Speaker 1: of catches it and carries it off into the yard. 95 00:04:21,560 --> 00:04:24,360 Speaker 1: It's like, yeah, it just disintegrates and becomes a part 96 00:04:24,360 --> 00:04:27,080 Speaker 1: of my surroundings, you know, all right, But you do 97 00:04:27,120 --> 00:04:29,360 Speaker 1: want to do it? Make backyard smell like coffee too? Well? 98 00:04:29,360 --> 00:04:30,800 Speaker 1: It makes the I think it makes the whole area 99 00:04:30,839 --> 00:04:33,560 Speaker 1: smell like it. So generally speaking, it's a lovely experience. 100 00:04:33,560 --> 00:04:36,920 Speaker 1: And if anybody out there is interested in coffee being 101 00:04:36,960 --> 00:04:39,800 Speaker 1: their craft beer equivalent, I would highly recommend it. And 102 00:04:39,800 --> 00:04:42,520 Speaker 1: but even again, like we said, what Marshall and now 103 00:04:42,560 --> 00:04:45,080 Speaker 1: with you, you're actually gonna save money on how much 104 00:04:45,080 --> 00:04:47,080 Speaker 1: you spend on coffee every month by roasting your own beans. 105 00:04:47,320 --> 00:04:50,839 Speaker 1: But you'll potentially get to drink even better coffee because 106 00:04:51,080 --> 00:04:53,800 Speaker 1: you get to buy the exact beans that you want 107 00:04:53,839 --> 00:04:57,480 Speaker 1: and roast them to your exact specifications. Because I'm guessing right, 108 00:04:57,520 --> 00:04:59,480 Speaker 1: the length of time that you that you roast those 109 00:04:59,560 --> 00:05:02,480 Speaker 1: beans had determines kind of the flavor that you're gonna 110 00:05:02,480 --> 00:05:04,479 Speaker 1: taste in the cup. Exactly. You can be like, I 111 00:05:04,480 --> 00:05:06,400 Speaker 1: want this one to be a little bit lighters seven 112 00:05:06,440 --> 00:05:08,120 Speaker 1: or eight, and you can be like, no, I want 113 00:05:08,120 --> 00:05:10,200 Speaker 1: to like Starbucks. Someone I want to do it for 114 00:05:10,400 --> 00:05:13,560 Speaker 1: thirty five minutes, wanted to be black and oily exactly. Yeah, 115 00:05:13,640 --> 00:05:16,080 Speaker 1: so you can totally fine tune it like that. I 116 00:05:16,080 --> 00:05:18,240 Speaker 1: haven't gotten that nerdy with it. And you know, this 117 00:05:18,279 --> 00:05:19,720 Speaker 1: is one of those things too that I can just 118 00:05:19,880 --> 00:05:21,800 Speaker 1: stop doing it. I guess after a while. If I 119 00:05:21,839 --> 00:05:23,279 Speaker 1: ever get tired of it, it's like, well, now I 120 00:05:23,320 --> 00:05:25,960 Speaker 1: know how to do this, and I have learned something 121 00:05:26,040 --> 00:05:28,600 Speaker 1: and I understand the process. I really like learning how 122 00:05:28,600 --> 00:05:30,640 Speaker 1: to do these types of things, and so even if 123 00:05:30,680 --> 00:05:32,280 Speaker 1: I stopped doing it after a while, I feel like 124 00:05:32,279 --> 00:05:34,479 Speaker 1: there's still a net gain because I've been able to 125 00:05:34,640 --> 00:05:37,680 Speaker 1: gain some knowledge against some experience. Yeah for sure. All right, well, yeah, 126 00:05:37,720 --> 00:05:39,400 Speaker 1: bring me another cup soon, dude. I'll do it. I'll 127 00:05:39,480 --> 00:05:43,159 Speaker 1: maybe I'll. I'll purchase an actual full pound roasted up 128 00:05:43,200 --> 00:05:44,680 Speaker 1: for you and send it your way. I want a 129 00:05:44,720 --> 00:05:47,960 Speaker 1: ten pound bag, just not on the fruity stuff. Those 130 00:05:48,000 --> 00:05:51,320 Speaker 1: can be between uh forty and seventy bucks. I think 131 00:05:51,320 --> 00:05:53,440 Speaker 1: typically it's not bad, like five bucks a pound. Then 132 00:05:53,480 --> 00:05:56,000 Speaker 1: where is normally at that kind of coffee. It's gonna 133 00:05:56,000 --> 00:05:59,160 Speaker 1: be totally all right? Well U yeah, and what we'll 134 00:05:59,160 --> 00:06:01,600 Speaker 1: post a link to where you're getting your coffee and 135 00:06:01,800 --> 00:06:03,400 Speaker 1: maybe the device you're using as well. We'll put that 136 00:06:03,400 --> 00:06:04,880 Speaker 1: in the show notes to include all that. Okay, well, 137 00:06:04,960 --> 00:06:06,960 Speaker 1: let's move on, Matt. Let's mention the beer that we're 138 00:06:06,960 --> 00:06:09,719 Speaker 1: having on this episode. This is called Peanut Butter and Jelly. 139 00:06:09,760 --> 00:06:12,880 Speaker 1: It's by Edmund's Past and technically not a beer. It's 140 00:06:12,880 --> 00:06:15,559 Speaker 1: a malt beverage that you picked up for us today. 141 00:06:15,560 --> 00:06:17,920 Speaker 1: But yeah, we'll give our thoughts on this one. At 142 00:06:17,920 --> 00:06:19,600 Speaker 1: the end of the episode. I giofed a little bit, 143 00:06:19,640 --> 00:06:22,280 Speaker 1: but I will. We'll hear all about it, you know, 144 00:06:22,480 --> 00:06:24,400 Speaker 1: end of the episode. It's close enough. And I was 145 00:06:24,440 --> 00:06:27,280 Speaker 1: reading about the difference between malt beverages and beers, and 146 00:06:27,320 --> 00:06:29,280 Speaker 1: so I'll mention that at the end of the episode two. 147 00:06:29,480 --> 00:06:30,719 Speaker 1: Looking forward to it. But for now, let's get on 148 00:06:30,760 --> 00:06:33,800 Speaker 1: the topic at hand. Let's take your listener questions, and 149 00:06:33,839 --> 00:06:36,960 Speaker 1: if you have a question for Matt and me, you 150 00:06:37,000 --> 00:06:39,960 Speaker 1: can submit it at how to Money dot com slash 151 00:06:40,040 --> 00:06:42,919 Speaker 1: ask simple directions there for you to submit your question. 152 00:06:42,960 --> 00:06:45,240 Speaker 1: We'd love to feature it on an upcoming maybe the 153 00:06:45,240 --> 00:06:47,440 Speaker 1: next Ask How the Money episode. All right, Matt, this 154 00:06:47,560 --> 00:06:51,240 Speaker 1: this first question is about the particulars of how you 155 00:06:51,279 --> 00:06:54,560 Speaker 1: pay your credit card bill. Hey, what up, fellows. This 156 00:06:54,640 --> 00:06:58,279 Speaker 1: is our sinew in d C. And my question today 157 00:06:58,320 --> 00:07:01,920 Speaker 1: relates to credit cards. So I've avoided them like the plague, 158 00:07:02,080 --> 00:07:04,560 Speaker 1: and after listening to your show, I have come to 159 00:07:04,560 --> 00:07:06,760 Speaker 1: realize that they're not as bad as I thought they were. 160 00:07:07,839 --> 00:07:10,600 Speaker 1: With that being said, I was looking over my new 161 00:07:10,640 --> 00:07:14,840 Speaker 1: credit card bank statement and I realized there are two sections. 162 00:07:15,240 --> 00:07:18,960 Speaker 1: It's there's a current balance and the current statement balance. 163 00:07:19,560 --> 00:07:22,040 Speaker 1: And of course the current balance is higher than the 164 00:07:22,040 --> 00:07:25,720 Speaker 1: current statement balance. So my question is what is the 165 00:07:25,760 --> 00:07:30,920 Speaker 1: difference between these two and which should I be paying on? 166 00:07:31,360 --> 00:07:35,720 Speaker 1: Thanks Phyllis, alright, great question, there are Sinio. We were 167 00:07:35,760 --> 00:07:37,080 Speaker 1: first of all, we're glad that you've come around with 168 00:07:37,080 --> 00:07:39,520 Speaker 1: credit cards because you know, like, we're not trying to 169 00:07:39,600 --> 00:07:42,920 Speaker 1: necessarily convert people two our way of thinking on this. 170 00:07:43,000 --> 00:07:44,720 Speaker 1: We're not the kind of guys who would preach on 171 00:07:44,760 --> 00:07:47,400 Speaker 1: the street corner about the benefits credit card. We're not 172 00:07:47,400 --> 00:07:49,240 Speaker 1: gonna stand in there and hold up a sign like 173 00:07:49,280 --> 00:07:52,520 Speaker 1: that guy. But we do believe that when you handle 174 00:07:52,560 --> 00:07:56,160 Speaker 1: credit cards responsibly, that they are a worthwhile tool in 175 00:07:56,280 --> 00:07:58,800 Speaker 1: your personal finance tool kit. Some of the pitfalls that 176 00:07:58,840 --> 00:08:01,000 Speaker 1: exist when you use a debit card they just aren't 177 00:08:01,000 --> 00:08:03,440 Speaker 1: there when you opt for a credit card instead. Plus 178 00:08:03,480 --> 00:08:05,480 Speaker 1: the sign up bonuses which I am a big fan 179 00:08:05,560 --> 00:08:08,360 Speaker 1: of that, and the rewards can be considerable. But again, 180 00:08:08,400 --> 00:08:11,240 Speaker 1: only if you are handling your credit card responsibly. Don't 181 00:08:11,240 --> 00:08:13,640 Speaker 1: buy stuff that you don't need uh, and be sure 182 00:08:13,680 --> 00:08:16,000 Speaker 1: to pay that balance off on time and in full 183 00:08:16,120 --> 00:08:18,640 Speaker 1: each month. If you do that, the credit card benefits 184 00:08:18,680 --> 00:08:22,320 Speaker 1: that you reap will be a nice additional park That's right. Yeah, 185 00:08:22,320 --> 00:08:25,080 Speaker 1: So I don't necessarily Again, I don't necessarily think that 186 00:08:25,080 --> 00:08:26,880 Speaker 1: we need to commence everyone to use credit cards if 187 00:08:26,880 --> 00:08:28,840 Speaker 1: they don't feel comfortable doing that. And there are some 188 00:08:28,880 --> 00:08:31,160 Speaker 1: people who should not be using credit cards because they 189 00:08:31,480 --> 00:08:34,720 Speaker 1: can't handle that tool. Well, speaking of tools, Matt, similarly, 190 00:08:34,720 --> 00:08:37,160 Speaker 1: I probably shouldn't behind the wheel of a steam roller, 191 00:08:37,320 --> 00:08:39,920 Speaker 1: or you know, be operating one of those giant cranes 192 00:08:39,920 --> 00:08:42,160 Speaker 1: that's building a skyscraper. I would accidentally knock it down 193 00:08:42,280 --> 00:08:45,320 Speaker 1: or an arc welder, like yes, whatever that is. Yeah, 194 00:08:45,320 --> 00:08:47,000 Speaker 1: So like there's a lot of things that can go 195 00:08:47,040 --> 00:08:50,160 Speaker 1: wrong in that scenario, and I should avoid it. And 196 00:08:50,200 --> 00:08:53,720 Speaker 1: so the same is true some people should avoid credit cards. 197 00:08:53,760 --> 00:08:57,320 Speaker 1: But it sounds like our senio is handling credit cards well, 198 00:08:57,880 --> 00:08:59,520 Speaker 1: and that's his goal. That being said, if you had 199 00:08:59,520 --> 00:09:02,320 Speaker 1: a chance to it behind the levers of a like 200 00:09:02,320 --> 00:09:04,360 Speaker 1: a like a little bobcat in the in your backyard, 201 00:09:04,400 --> 00:09:06,000 Speaker 1: would you do that? Because I think I totally what 202 00:09:06,040 --> 00:09:08,160 Speaker 1: that's that sounds like fun? Yeah, And like you know, 203 00:09:08,520 --> 00:09:09,840 Speaker 1: what are you what am I gonna do? Make things 204 00:09:09,840 --> 00:09:12,240 Speaker 1: money that that you know that the consequences are less 205 00:09:12,280 --> 00:09:14,520 Speaker 1: dire as those You're far enough from a building anything 206 00:09:14,520 --> 00:09:15,920 Speaker 1: that would cost a lot of money were you to 207 00:09:16,320 --> 00:09:19,720 Speaker 1: puncture it refresh into it. But let's let's get onto 208 00:09:19,720 --> 00:09:22,000 Speaker 1: our sending his question, and and he's asking the difference 209 00:09:22,000 --> 00:09:25,120 Speaker 1: between like the statement balance and the current balance, And yes, yes, 210 00:09:25,160 --> 00:09:28,760 Speaker 1: those things are are different. And the statement balance reflects 211 00:09:28,800 --> 00:09:31,640 Speaker 1: what you need to pay in order to avoid paying 212 00:09:31,800 --> 00:09:34,760 Speaker 1: interest to the credit card company. The current balance reflects 213 00:09:34,760 --> 00:09:37,880 Speaker 1: how much you owe the credit card company altogether. So 214 00:09:37,960 --> 00:09:39,880 Speaker 1: let's say that that point in time. Yea. So let's 215 00:09:39,920 --> 00:09:42,640 Speaker 1: say the statement wraps up on March two, but you 216 00:09:42,679 --> 00:09:45,320 Speaker 1: purchase a few items between March three and March five, 217 00:09:45,600 --> 00:09:48,560 Speaker 1: and then the credit card company sends you the monthly statement. Well, 218 00:09:48,600 --> 00:09:52,559 Speaker 1: those newer charges will will also reflect in the current 219 00:09:52,600 --> 00:09:55,959 Speaker 1: balance that you have, but the statement balance is not 220 00:09:56,040 --> 00:09:58,560 Speaker 1: going to reflect those new purchases that you made because 221 00:09:58,600 --> 00:10:01,280 Speaker 1: the billing cycle is oh her. So that's essentially the 222 00:10:01,320 --> 00:10:03,400 Speaker 1: difference between those two things. That's that's kind of how 223 00:10:03,400 --> 00:10:05,280 Speaker 1: it works. Yeah, And so that means that you need 224 00:10:05,320 --> 00:10:07,840 Speaker 1: to absolutely make sure that you at least pay the 225 00:10:07,920 --> 00:10:11,320 Speaker 1: statement balance in order to avoid paying interest to the banks. 226 00:10:11,679 --> 00:10:13,560 Speaker 1: And again, if anyone can't handle doing that, then they 227 00:10:13,600 --> 00:10:16,360 Speaker 1: should avoid credit cards altogether. So, like how the money 228 00:10:16,360 --> 00:10:18,120 Speaker 1: disclaimer that we have to attach every time we talk 229 00:10:18,160 --> 00:10:20,400 Speaker 1: about credit card exactly. Yeah, kind of like going back 230 00:10:20,440 --> 00:10:23,160 Speaker 1: to the you know, the giant crane. If you can't 231 00:10:23,160 --> 00:10:25,400 Speaker 1: handle it, you should not be behind the wheel. And 232 00:10:25,400 --> 00:10:27,560 Speaker 1: so if you want to hit the easy button our cineo, 233 00:10:27,679 --> 00:10:29,719 Speaker 1: we suggest that you set up auto payments so that 234 00:10:29,760 --> 00:10:32,160 Speaker 1: you don't forget to pay that bill and then accidentally 235 00:10:32,280 --> 00:10:34,679 Speaker 1: end up paying late. Uh. And you're you know, you're 236 00:10:34,679 --> 00:10:36,719 Speaker 1: probably thinking like, I'm not gonna pay late. I am 237 00:10:36,840 --> 00:10:41,160 Speaker 1: a responsible adult. And while that is likely true, I mean, 238 00:10:41,240 --> 00:10:43,040 Speaker 1: let's be honest. Life can get busy. You might find 239 00:10:43,040 --> 00:10:44,720 Speaker 1: yourself in the middle of a week where you've just 240 00:10:44,760 --> 00:10:46,280 Speaker 1: got a lot of other stuff going on and it 241 00:10:46,320 --> 00:10:49,160 Speaker 1: slipped your mind. Um, or maybe you decide to add 242 00:10:49,160 --> 00:10:52,240 Speaker 1: another credit card to the mix, and then that statement 243 00:10:52,240 --> 00:10:54,360 Speaker 1: cycle is different from what you've been used to with 244 00:10:54,400 --> 00:10:57,720 Speaker 1: your other card. That could easily happen. That's actually I 245 00:10:57,720 --> 00:10:59,439 Speaker 1: mentioned that because that's something that happened to me once. 246 00:10:59,520 --> 00:11:02,720 Speaker 1: I'm like a number of years ago. Happened to me. Yeah, 247 00:11:02,720 --> 00:11:04,720 Speaker 1: I had a late payments, but I was able to 248 00:11:04,760 --> 00:11:06,480 Speaker 1: call the credit card up on the phone and be like, hey, 249 00:11:06,600 --> 00:11:09,480 Speaker 1: I've been a long standing customer. I always pay on time, 250 00:11:09,520 --> 00:11:12,560 Speaker 1: can you, you know, waive any penalties, any interest that 251 00:11:12,640 --> 00:11:14,240 Speaker 1: I am going to have to pay this time? And 252 00:11:14,360 --> 00:11:16,600 Speaker 1: they said yes, And then you immediately went to put 253 00:11:16,640 --> 00:11:18,600 Speaker 1: it on autopay hope, right, because you like, I don't 254 00:11:18,600 --> 00:11:20,719 Speaker 1: want that to happen again. Yeah, but obviously auto pay 255 00:11:20,840 --> 00:11:23,800 Speaker 1: takes care of that altogether. And speaking of adding another 256 00:11:23,840 --> 00:11:25,920 Speaker 1: credit card to the mix, Yeah, if you are looking 257 00:11:25,960 --> 00:11:28,760 Speaker 1: at optimizing the credit cards that you're using based on 258 00:11:28,800 --> 00:11:31,079 Speaker 1: how you spend, Willing to an article where we talk 259 00:11:31,160 --> 00:11:33,760 Speaker 1: about the specific credit cards that Joel and I use 260 00:11:34,120 --> 00:11:35,920 Speaker 1: and why it is that we use those cards. Willing 261 00:11:35,920 --> 00:11:37,480 Speaker 1: to that in the show notes as well, because they 262 00:11:37,559 --> 00:11:39,880 Speaker 1: have the specific cards you use can make a huge 263 00:11:39,880 --> 00:11:42,920 Speaker 1: difference in the rewards that you reap from using them. 264 00:11:43,520 --> 00:11:46,640 Speaker 1: And yeah, let's let's talk about this too, Matt. Another option, like, 265 00:11:46,760 --> 00:11:48,559 Speaker 1: because Arsening was like, well, which which one of these 266 00:11:48,600 --> 00:11:51,520 Speaker 1: do I have? Hey, the statement balance or the current balance. 267 00:11:51,600 --> 00:11:53,640 Speaker 1: And one option is to go ahead and pay the 268 00:11:53,679 --> 00:11:56,800 Speaker 1: current balance in full. And that might be helpful to 269 00:11:56,920 --> 00:11:59,600 Speaker 1: some folks who are looking to to grow their credit score. 270 00:11:59,640 --> 00:12:03,360 Speaker 1: For the most part, these are these are small little things, right, 271 00:12:03,400 --> 00:12:06,880 Speaker 1: It's not a big deal. And paying just the statement 272 00:12:06,920 --> 00:12:09,520 Speaker 1: balance makes the most sense because that's all you have 273 00:12:09,559 --> 00:12:12,040 Speaker 1: to pay in order to avoid paying interest. But since 274 00:12:12,120 --> 00:12:16,000 Speaker 1: credit utilization makes up of your overall credit score, then 275 00:12:16,240 --> 00:12:18,600 Speaker 1: you know, keeping your balance as low as possible could 276 00:12:18,679 --> 00:12:21,600 Speaker 1: be advantageous to some folks. And you don't even have 277 00:12:21,600 --> 00:12:23,400 Speaker 1: to keep it as low as possible, but but even 278 00:12:23,440 --> 00:12:26,280 Speaker 1: making additional payments on your credit card balance throughout the month, 279 00:12:26,559 --> 00:12:28,960 Speaker 1: maybe every week or twice a month, that can be 280 00:12:29,000 --> 00:12:31,160 Speaker 1: a helpful way for people who are trying to rebuild 281 00:12:31,160 --> 00:12:33,920 Speaker 1: their credit. They're trying to get above that magical number 282 00:12:33,960 --> 00:12:36,840 Speaker 1: of seven forty because that's really the point in which 283 00:12:36,840 --> 00:12:39,160 Speaker 1: you qualify for the best rates on on almost everything. 284 00:12:39,360 --> 00:12:41,760 Speaker 1: But for most folks, just pay the full statement balance 285 00:12:41,760 --> 00:12:43,360 Speaker 1: each month and you're good to go. That's all you 286 00:12:43,360 --> 00:12:46,440 Speaker 1: gotta do. Well, So there's another option actually as well. 287 00:12:46,440 --> 00:12:49,839 Speaker 1: While we're talking about this, because they're gonna complicate it, well, 288 00:12:49,840 --> 00:12:51,440 Speaker 1: I'll share real quickly what it is that I do. 289 00:12:51,480 --> 00:12:53,600 Speaker 1: Because you've got your statement balance, you've got your current balance, 290 00:12:53,600 --> 00:12:56,000 Speaker 1: and then there's always that third option, which is other 291 00:12:56,480 --> 00:12:58,880 Speaker 1: And that's what I do every month because I specifically 292 00:12:58,960 --> 00:13:01,480 Speaker 1: like to pay the exact amount that I spent the 293 00:13:01,520 --> 00:13:04,240 Speaker 1: previous month, and so when I close out a month, uh, 294 00:13:04,280 --> 00:13:07,040 Speaker 1: it's not it doesn't necessarily coincide with my statement cycle. 295 00:13:07,320 --> 00:13:09,360 Speaker 1: You know, those statement cycle notifications come in and I 296 00:13:09,400 --> 00:13:11,640 Speaker 1: just I literally ignore them because no matter what, I'm 297 00:13:11,679 --> 00:13:13,920 Speaker 1: going to pay my card at the end of the month. 298 00:13:14,200 --> 00:13:15,839 Speaker 1: Although I guess if not that I'm thinking about it, 299 00:13:15,880 --> 00:13:19,240 Speaker 1: I could you can change that building cycle. Credit cards 300 00:13:19,240 --> 00:13:21,920 Speaker 1: make that very easy. So maybe I've never thought about that. 301 00:13:21,920 --> 00:13:23,800 Speaker 1: It's all right now, So maybe I'll go in there 302 00:13:24,120 --> 00:13:27,000 Speaker 1: and alter my cycle so that it ends at the 303 00:13:27,080 --> 00:13:29,120 Speaker 1: very end of the month, or maybe on the first 304 00:13:29,120 --> 00:13:31,400 Speaker 1: I guess on the first, Yeah, and then I can 305 00:13:31,480 --> 00:13:34,240 Speaker 1: utilize the actual statement that comes in and schedule it 306 00:13:34,240 --> 00:13:36,640 Speaker 1: that way, simplify your life a little bit. Going in 307 00:13:36,679 --> 00:13:39,880 Speaker 1: there manually making other payments. That sounds like something, Well, 308 00:13:39,920 --> 00:13:42,840 Speaker 1: I track it myself manually, and we've talked about how 309 00:13:42,960 --> 00:13:45,040 Speaker 1: I budget every single month, and literally I know where 310 00:13:45,040 --> 00:13:47,280 Speaker 1: every single sentence goes, and so no matter what, I'm 311 00:13:47,280 --> 00:13:50,120 Speaker 1: still keeping up with it. But if that coincides naturally 312 00:13:50,200 --> 00:13:51,920 Speaker 1: with the building cycle, I've never thought about that, So 313 00:13:51,960 --> 00:13:54,400 Speaker 1: I'm gonna go ahead because I've seen it before where 314 00:13:54,400 --> 00:13:56,880 Speaker 1: they're like change the because you're really allowed to do 315 00:13:56,920 --> 00:13:58,599 Speaker 1: it so many times a month or maybe maybe so 316 00:13:58,640 --> 00:14:00,839 Speaker 1: many times a year. I literally never done this before, 317 00:14:01,160 --> 00:14:03,040 Speaker 1: So stay tuned. I'm gonna do this and I will 318 00:14:03,120 --> 00:14:04,640 Speaker 1: let folks know how it goes. There you go, I 319 00:14:04,720 --> 00:14:06,959 Speaker 1: like it, and but but for everybody else, really, that 320 00:14:07,080 --> 00:14:09,520 Speaker 1: the simplest thing to do. The people who don't want 321 00:14:09,520 --> 00:14:12,440 Speaker 1: to over complicate their lives, like like, you should just 322 00:14:12,559 --> 00:14:16,160 Speaker 1: really pay pick pay statement balance in full, uh, you know, 323 00:14:16,240 --> 00:14:18,160 Speaker 1: by the DOE date every single month, and have that 324 00:14:18,200 --> 00:14:20,400 Speaker 1: as a recurring automatic action so that you don't have 325 00:14:20,440 --> 00:14:21,880 Speaker 1: to think about it. That's right. I'm just talking to 326 00:14:21,880 --> 00:14:23,480 Speaker 1: all the technical nerds out there who would also be 327 00:14:23,560 --> 00:14:27,040 Speaker 1: interested in resting their own coffee. All right, We've got 328 00:14:27,200 --> 00:14:29,600 Speaker 1: more questions to get to Matt, including a frugal or 329 00:14:29,680 --> 00:14:32,920 Speaker 1: cheap about taking advantage of meal kid offers. We'll get 330 00:14:32,920 --> 00:14:43,960 Speaker 1: to that and more right after this. Alright, we're back. 331 00:14:44,080 --> 00:14:47,080 Speaker 1: We are answering listener questions, and our next question comes 332 00:14:47,080 --> 00:14:50,040 Speaker 1: from a listener. She is specifically trying to figure out 333 00:14:50,120 --> 00:14:53,280 Speaker 1: how she can utilize the five twenty nine to offset 334 00:14:53,320 --> 00:14:56,880 Speaker 1: some of those exorbitant college costs. Hi, my name is 335 00:14:56,920 --> 00:15:00,360 Speaker 1: Lorna and I'm from Houston, Texas, and I have since 336 00:15:00,400 --> 00:15:04,280 Speaker 1: about college funds. So my husband and I have a 337 00:15:04,400 --> 00:15:06,200 Speaker 1: three year old and a one year old, and we've 338 00:15:06,240 --> 00:15:09,560 Speaker 1: started the conversation of starting a college fund for them. 339 00:15:09,640 --> 00:15:12,160 Speaker 1: We just don't know which direction to go. UM. I 340 00:15:12,200 --> 00:15:15,440 Speaker 1: know we've heard a lot about plans, but we weren't 341 00:15:15,440 --> 00:15:18,680 Speaker 1: sure if that's the best option, or maybe mutual fund 342 00:15:18,760 --> 00:15:20,760 Speaker 1: is better. So I'd like to get your thoughts on that. 343 00:15:21,280 --> 00:15:23,720 Speaker 1: One thing that we want to consider is that, you know, 344 00:15:23,880 --> 00:15:28,360 Speaker 1: if our children do get full rights scholarships, what can 345 00:15:28,400 --> 00:15:30,640 Speaker 1: we do with the money that we had saved for 346 00:15:30,680 --> 00:15:33,800 Speaker 1: college UM, and what our options are with that. So 347 00:15:34,040 --> 00:15:36,280 Speaker 1: would love your input and I look forward to hearing 348 00:15:36,480 --> 00:15:39,440 Speaker 1: from you. Thanks all right, Matt. When I when I 349 00:15:39,480 --> 00:15:42,800 Speaker 1: first heard Lorraine's question, I was like, all right, she's 350 00:15:42,920 --> 00:15:46,080 Speaker 1: starting to think about her kids financial futures, and in 351 00:15:46,160 --> 00:15:49,200 Speaker 1: particular hoping that her kids are not going to take 352 00:15:49,240 --> 00:15:51,920 Speaker 1: on copious amounts of college debt. And she's she's thinking 353 00:15:51,960 --> 00:15:54,880 Speaker 1: about that. I think, like early enough that she can 354 00:15:54,920 --> 00:15:58,000 Speaker 1: participate as part of the solution so that they aren't 355 00:15:58,000 --> 00:16:00,400 Speaker 1: overwhelmed by college that like so many young adults are 356 00:16:00,560 --> 00:16:03,360 Speaker 1: right now. And but here's the thing. We should probably 357 00:16:03,400 --> 00:16:07,040 Speaker 1: give an overview of our thoughts on five nine plans 358 00:16:07,040 --> 00:16:08,760 Speaker 1: real quick. I don't know if I would say that 359 00:16:08,800 --> 00:16:12,440 Speaker 1: they're conventional from like people who think about money in 360 00:16:12,440 --> 00:16:14,440 Speaker 1: personal finance all the time. Yeah, it's a fairly go 361 00:16:14,520 --> 00:16:16,320 Speaker 1: to account that a lot of folks are thinking about 362 00:16:16,320 --> 00:16:18,560 Speaker 1: when they're you know, saving money for their kids education. Yeah, 363 00:16:18,640 --> 00:16:21,600 Speaker 1: but you and I think that five nine plans are 364 00:16:21,640 --> 00:16:24,520 Speaker 1: overrated and it's not that they that nobody should take 365 00:16:24,520 --> 00:16:27,040 Speaker 1: advantage of them. And in fact, at this point in time, 366 00:16:27,080 --> 00:16:30,840 Speaker 1: I have utilized account for my kids, and because my 367 00:16:30,880 --> 00:16:33,040 Speaker 1: wife is in grad school, we put money in a 368 00:16:33,040 --> 00:16:36,480 Speaker 1: five nine account every year for for that known quantity 369 00:16:36,720 --> 00:16:38,480 Speaker 1: of the amount of her school. And that's the best 370 00:16:38,520 --> 00:16:41,040 Speaker 1: way to do it. Yeah. But uh, and so yeah, 371 00:16:41,080 --> 00:16:43,160 Speaker 1: they can be a great place to stash money for 372 00:16:43,200 --> 00:16:46,360 Speaker 1: your child's future education needs. You can invest money, and 373 00:16:46,400 --> 00:16:48,200 Speaker 1: you can grow it while taking advantage of a nice 374 00:16:48,200 --> 00:16:51,200 Speaker 1: tax break. But a lot of parents opt to start 375 00:16:51,240 --> 00:16:54,640 Speaker 1: funding a five nine account for their kids before they're 376 00:16:54,680 --> 00:16:57,120 Speaker 1: fully taking care of their own financial needs. And that 377 00:16:57,440 --> 00:16:59,120 Speaker 1: is what we want to push back against. A lot 378 00:16:59,160 --> 00:17:02,520 Speaker 1: of people are like thinking of their kids college future 379 00:17:02,680 --> 00:17:06,119 Speaker 1: before they really think about their own retirement. So basically 380 00:17:06,200 --> 00:17:08,440 Speaker 1: what we say is, if you're not crushing it with 381 00:17:08,640 --> 00:17:11,240 Speaker 1: your own retirement accounts, if you're not contributing a heck 382 00:17:11,240 --> 00:17:13,679 Speaker 1: of a lot of money potentially maxing them out, you 383 00:17:13,720 --> 00:17:17,040 Speaker 1: really should take care of that financial obligation before the 384 00:17:17,800 --> 00:17:19,760 Speaker 1: plan even gets on your radar. Yeah, and when it's 385 00:17:19,760 --> 00:17:21,600 Speaker 1: a highlight too that you said that money that goes 386 00:17:21,640 --> 00:17:24,840 Speaker 1: within the five twenty nine is money that you can invest, Loreno. 387 00:17:25,040 --> 00:17:27,320 Speaker 1: She in her question mentioned should we put money in 388 00:17:27,320 --> 00:17:29,399 Speaker 1: a five twenty nine or maybe instead we should put it, 389 00:17:29,520 --> 00:17:31,919 Speaker 1: you know, in mutual funds. Well, you can put your 390 00:17:31,920 --> 00:17:35,200 Speaker 1: money within an index fund within a five account, And 391 00:17:35,240 --> 00:17:38,439 Speaker 1: so basically imagine the five twenty nine as the vehicle, 392 00:17:38,840 --> 00:17:41,720 Speaker 1: and the different funds that you invest within that vehicle 393 00:17:41,880 --> 00:17:44,080 Speaker 1: are the passengers. Right, Yeah, that's that's your real goal 394 00:17:44,119 --> 00:17:46,280 Speaker 1: is to put in is to have more money once 395 00:17:46,359 --> 00:17:49,400 Speaker 1: your kid is ready for college, a lot more money 396 00:17:49,400 --> 00:17:51,360 Speaker 1: than you even put in the first thing. Exactly. Yeah, 397 00:17:51,400 --> 00:17:54,080 Speaker 1: And so Lorena, even if you are doing a killer 398 00:17:54,160 --> 00:17:56,880 Speaker 1: job maxing out your retirement accounts, like Joel mentioned, maybe 399 00:17:56,920 --> 00:17:59,400 Speaker 1: you're saving well for other near term goals as well. 400 00:17:59,760 --> 00:18:01,560 Speaker 1: That's all doesn't mean that a five twenty nine plan 401 00:18:01,680 --> 00:18:04,240 Speaker 1: is a no brainer move for you and your husband. 402 00:18:04,440 --> 00:18:06,280 Speaker 1: We want to make sure that you are setting aside 403 00:18:06,320 --> 00:18:11,560 Speaker 1: money for different educational priorities and extracurricular activities now in 404 00:18:11,600 --> 00:18:15,239 Speaker 1: addition towards you know, looking uh, sixteen fifteen years off 405 00:18:15,240 --> 00:18:19,040 Speaker 1: into the future. This well rounded education, this approach uh, 406 00:18:19,119 --> 00:18:22,000 Speaker 1: these experiences for your kids while they are still under 407 00:18:22,000 --> 00:18:24,760 Speaker 1: your roof, we we believe are so crucial. And so 408 00:18:24,840 --> 00:18:26,720 Speaker 1: if you are able to do all of the above, 409 00:18:27,160 --> 00:18:29,439 Speaker 1: and it's highly likely that your child will go to college, 410 00:18:29,480 --> 00:18:31,840 Speaker 1: then then that's when we think it makes sense to 411 00:18:31,840 --> 00:18:34,800 Speaker 1: start contributing to a five twenty nine plan. We're sorry 412 00:18:34,840 --> 00:18:36,760 Speaker 1: that it seems like these are a lot of hurdles 413 00:18:37,200 --> 00:18:39,320 Speaker 1: that you've got to leap over before it makes sense, 414 00:18:39,359 --> 00:18:40,959 Speaker 1: but we do want to make sure that you have 415 00:18:41,160 --> 00:18:44,080 Speaker 1: your money priorities in order. Yeah, yeah, and and that 416 00:18:44,240 --> 00:18:46,720 Speaker 1: is again I agree that we set up a lot 417 00:18:46,760 --> 00:18:49,120 Speaker 1: of hurdles that we want people to jump over before 418 00:18:49,240 --> 00:18:50,960 Speaker 1: they get to the five twenty nine plan. And it's 419 00:18:51,000 --> 00:18:53,679 Speaker 1: not that it's it's not a great account. It's just 420 00:18:53,800 --> 00:18:57,000 Speaker 1: that it's inferior to many other accounts, and it's inferior, 421 00:18:57,080 --> 00:18:59,320 Speaker 1: like you said, to some of those experiences that you 422 00:18:59,320 --> 00:19:02,199 Speaker 1: can give your kids is now which just cash. So 423 00:19:02,240 --> 00:19:04,359 Speaker 1: if it means like you're taking that trip that you 424 00:19:04,400 --> 00:19:06,919 Speaker 1: think is gonna like brought in their horizons or putting 425 00:19:06,920 --> 00:19:08,960 Speaker 1: money in a five account, would say take the trip. 426 00:19:09,359 --> 00:19:12,120 Speaker 1: I think that is more important. Now it's like memories, 427 00:19:12,160 --> 00:19:14,800 Speaker 1: but it's also potentially giving them access to a culture 428 00:19:14,800 --> 00:19:17,359 Speaker 1: they might not have experienced, opening their eyes to to 429 00:19:17,440 --> 00:19:19,920 Speaker 1: the world that we live in. So I think instead 430 00:19:19,960 --> 00:19:21,280 Speaker 1: of going to college, you're gonna be like, I want 431 00:19:21,280 --> 00:19:23,760 Speaker 1: to be a sheep farmer because we visited New Zealand right, 432 00:19:24,480 --> 00:19:26,560 Speaker 1: and now I'm not going to college, mom, because sheep 433 00:19:26,560 --> 00:19:29,680 Speaker 1: farmers don't need a four your degree. Now you don't 434 00:19:29,680 --> 00:19:33,080 Speaker 1: have to save put day. So that's a good question. Well, 435 00:19:33,080 --> 00:19:35,280 Speaker 1: what happens if that was and that was part of 436 00:19:35,359 --> 00:19:38,119 Speaker 1: Lorena's question. What happens if that money doesn't end up 437 00:19:38,119 --> 00:19:41,400 Speaker 1: getting does put money in that five accounts and then 438 00:19:41,440 --> 00:19:44,159 Speaker 1: doesn't need to use that money for college exactly? So 439 00:19:44,200 --> 00:19:46,960 Speaker 1: what happens if your kid gets a scholarship? Well, normally, 440 00:19:47,240 --> 00:19:49,679 Speaker 1: if the money in the five plan doesn't get used 441 00:19:49,720 --> 00:19:52,600 Speaker 1: for higher education, you oh tax and penalty on the 442 00:19:52,600 --> 00:19:55,560 Speaker 1: gains you you've experienced, and so if in the sheep 443 00:19:55,600 --> 00:19:58,399 Speaker 1: farmer scenario, that would be tax and penalties, right. But 444 00:19:58,720 --> 00:20:01,200 Speaker 1: the great thing is that you won't oh that penalty 445 00:20:01,280 --> 00:20:04,360 Speaker 1: on the gains equivalent to the scholarship money that your 446 00:20:04,440 --> 00:20:07,720 Speaker 1: child receives. But here's the thing. You will still be 447 00:20:07,800 --> 00:20:10,280 Speaker 1: taxed on the gains that the account has seen when 448 00:20:10,320 --> 00:20:12,640 Speaker 1: you're pulling that money out. And so that's why it's 449 00:20:12,680 --> 00:20:14,800 Speaker 1: really important to think through whether or not your kids 450 00:20:15,040 --> 00:20:18,160 Speaker 1: are likely to go to college. And it's just they're 451 00:20:18,160 --> 00:20:21,680 Speaker 1: not for everybody because they come with these potential downside 452 00:20:21,800 --> 00:20:24,239 Speaker 1: and some people matter. I think stock their five nine 453 00:20:24,240 --> 00:20:27,240 Speaker 1: accounts so full while they're neglecting some of their own 454 00:20:27,240 --> 00:20:30,040 Speaker 1: personal retirement accounts, and that's just not a great move because, 455 00:20:30,080 --> 00:20:32,080 Speaker 1: like Lorena said, what if they get a scholarship. There 456 00:20:32,119 --> 00:20:36,399 Speaker 1: are plenty of ways to find financial aid and and 457 00:20:36,440 --> 00:20:38,920 Speaker 1: help in paying for for school, but when it comes 458 00:20:38,960 --> 00:20:41,119 Speaker 1: to retirement, there's really only one option, and that's you 459 00:20:41,240 --> 00:20:44,480 Speaker 1: being consistent and steady every two weeks or every month 460 00:20:44,640 --> 00:20:47,840 Speaker 1: putting money into your own retirement accounts over the long haul. 461 00:20:47,960 --> 00:20:50,560 Speaker 1: Two options. You forgot social Security, but that's not gonna 462 00:20:50,600 --> 00:20:52,920 Speaker 1: cut it. That's right. Yeah, that's that's not enough. Yeah, 463 00:20:53,080 --> 00:20:55,200 Speaker 1: there is something out there in the form of Social 464 00:20:55,240 --> 00:20:58,240 Speaker 1: Security waiting for you, but it's not gonna be enough exactly. Uh. 465 00:20:58,280 --> 00:21:00,840 Speaker 1: And So Lorena, one other thing wanted to mention as well, 466 00:21:00,880 --> 00:21:03,800 Speaker 1: as let's talk about where you open up that five 467 00:21:04,160 --> 00:21:07,040 Speaker 1: nine account, because if your state offers a tax benefit, 468 00:21:07,040 --> 00:21:08,920 Speaker 1: it's almost always gonna make sense for you to open 469 00:21:09,000 --> 00:21:11,280 Speaker 1: up an account through your states direct sold plan. You 470 00:21:11,320 --> 00:21:13,760 Speaker 1: get that tax and of offered by your state, but 471 00:21:14,119 --> 00:21:18,040 Speaker 1: your state, specifically of Texas, it doesn't offer any tax benefit. Uh. 472 00:21:18,080 --> 00:21:20,520 Speaker 1: And Plus the fees on the Texas plan are way 473 00:21:20,560 --> 00:21:22,920 Speaker 1: too high for our liking as well. So the great 474 00:21:22,920 --> 00:21:25,080 Speaker 1: thing here is that you don't have to go with 475 00:21:25,240 --> 00:21:27,720 Speaker 1: your state's plan. You can literally for any other state 476 00:21:27,760 --> 00:21:31,680 Speaker 1: plan that you'd like. Ohio, they have probably the best 477 00:21:31,720 --> 00:21:34,440 Speaker 1: plan for non residents out there and for you specifically, 478 00:21:34,440 --> 00:21:36,320 Speaker 1: that's what we would recommend. We would not recommend that 479 00:21:36,359 --> 00:21:39,119 Speaker 1: you stick with the Texas plan. Yeah. Everything is bigger 480 00:21:39,119 --> 00:21:41,879 Speaker 1: in Texas mat but not necessarily better, including the fees. 481 00:21:42,920 --> 00:21:45,160 Speaker 1: And that's the reason right why we would say Ohio 482 00:21:45,240 --> 00:21:47,720 Speaker 1: over Texas in this case. And you know it gets 483 00:21:47,720 --> 00:21:50,440 Speaker 1: a little more difficult if you are in a state 484 00:21:50,440 --> 00:21:52,880 Speaker 1: that offers a tax benefit, but their fees still aren't great, 485 00:21:53,119 --> 00:21:56,280 Speaker 1: and and that becomes a trickier needle to thread. But 486 00:21:56,480 --> 00:21:58,760 Speaker 1: it's pretty clear for Lorraina that she should not go 487 00:21:58,840 --> 00:22:01,080 Speaker 1: with the Texas plan and that HIO is probably the 488 00:22:01,080 --> 00:22:03,879 Speaker 1: best one to go with. And so yeah, just one 489 00:22:03,920 --> 00:22:06,560 Speaker 1: of the things to wrap things up, Lorena, don't feel 490 00:22:06,560 --> 00:22:10,120 Speaker 1: obligated to open up a five account. We totally understand 491 00:22:10,160 --> 00:22:12,560 Speaker 1: the desire to help your kids to say for their future. 492 00:22:12,840 --> 00:22:15,640 Speaker 1: There's nothing wrong with that. I think it's completely natural, 493 00:22:15,720 --> 00:22:17,800 Speaker 1: and there's probably something wrong actually if you if you 494 00:22:17,840 --> 00:22:20,440 Speaker 1: didn't want to try to help your kids and set 495 00:22:20,480 --> 00:22:22,880 Speaker 1: them up for success. It's just that so many folks 496 00:22:22,880 --> 00:22:27,000 Speaker 1: start allocating money to five acounts prematurely before they've done 497 00:22:27,000 --> 00:22:30,000 Speaker 1: the necessary work of of saving meaningful chunks for their 498 00:22:30,000 --> 00:22:32,879 Speaker 1: own retirement. And so, um, we just want to make 499 00:22:32,920 --> 00:22:35,160 Speaker 1: sure you're not getting the cart ahead of the horse. 500 00:22:35,560 --> 00:22:37,840 Speaker 1: But let's say you are doing all those other things 501 00:22:38,000 --> 00:22:40,680 Speaker 1: and you are also prioritizing some of those more important 502 00:22:40,680 --> 00:22:43,800 Speaker 1: experiences with your kids. Now by all means start shoveling 503 00:22:43,800 --> 00:22:46,440 Speaker 1: money away into a five nine account. They are great 504 00:22:46,560 --> 00:22:49,159 Speaker 1: and if your kid gets a scholarship, you're gonna be okay. 505 00:22:49,280 --> 00:22:52,160 Speaker 1: It's still a worthwhile place to start growing money for 506 00:22:52,200 --> 00:22:54,640 Speaker 1: that future potential need. That's right, So Larina, the best 507 00:22:54,640 --> 00:22:56,520 Speaker 1: of luck to you, Jill. Our next question comes from 508 00:22:56,520 --> 00:22:59,320 Speaker 1: a listener here in Georgia who has a really good 509 00:22:59,320 --> 00:23:02,639 Speaker 1: frugal or cheap for us, Hey fellas, This is Tyler 510 00:23:02,800 --> 00:23:06,639 Speaker 1: from Flowery Branch, Georgia, home of the Falcons training camp. 511 00:23:07,359 --> 00:23:10,040 Speaker 1: I had a frugal or cheap question for y'all. For 512 00:23:10,080 --> 00:23:13,000 Speaker 1: the past two years, I have been getting mel kit 513 00:23:13,080 --> 00:23:16,720 Speaker 1: delivery services and I rotate all of them. So I'll 514 00:23:16,760 --> 00:23:20,200 Speaker 1: just go through the different ones. I'll use different emails 515 00:23:20,240 --> 00:23:23,320 Speaker 1: for each that are my own that I create. You know, 516 00:23:23,359 --> 00:23:26,480 Speaker 1: I get the intro offer, so I get a great deal, 517 00:23:27,240 --> 00:23:30,280 Speaker 1: and as soon as that offer is up, I canceled 518 00:23:30,280 --> 00:23:33,719 Speaker 1: before I'm charged the next full amount. Then I just 519 00:23:33,760 --> 00:23:36,399 Speaker 1: repeat the process for a different meal kit delivery service. 520 00:23:36,760 --> 00:23:40,840 Speaker 1: I also wait until UM they email me new offers 521 00:23:41,280 --> 00:23:43,639 Speaker 1: UM wanting me to come back, and I use those 522 00:23:43,800 --> 00:23:49,000 Speaker 1: and canceled again. I am also using friends and families 523 00:23:49,080 --> 00:23:52,840 Speaker 1: addresses to have the meal kids delivered to with their permission, 524 00:23:53,560 --> 00:23:56,399 Speaker 1: and that's how I do it. I just keep getting deals. 525 00:23:56,440 --> 00:23:59,960 Speaker 1: So am I being frugal or cheap? Guys? Thanks a lot, 526 00:24:00,520 --> 00:24:02,680 Speaker 1: all right, Matt Tyler. Tyler mentioned the Atlanta Falcons. They're 527 00:24:02,680 --> 00:24:05,040 Speaker 1: still bad, right, Yeah, Unfortunately they have not followed in 528 00:24:05,080 --> 00:24:09,000 Speaker 1: the footsteps of the Atlanta braise of the Georgia Bulldogs. Actually, 529 00:24:09,080 --> 00:24:10,720 Speaker 1: has there ever been a state that has won multiple 530 00:24:10,880 --> 00:24:13,400 Speaker 1: championships in the same year? For sure? Yeah, I'm pretty sure, 531 00:24:13,680 --> 00:24:15,639 Speaker 1: like the Patriots and the Red Sox, maybe one in 532 00:24:15,640 --> 00:24:18,719 Speaker 1: the same year, Butteresting, I'm sure there's definitely a few 533 00:24:18,760 --> 00:24:22,320 Speaker 1: times that's happened. Luckily I've got you for night when 534 00:24:22,359 --> 00:24:24,800 Speaker 1: we get to the sports sections. I think it's just 535 00:24:24,800 --> 00:24:26,879 Speaker 1: the first time it's happening in Georgia because we're not 536 00:24:27,160 --> 00:24:29,840 Speaker 1: doesn't often happen in the state of Georgia were strangers 537 00:24:29,840 --> 00:24:32,560 Speaker 1: to winning. But Tyler, let's let's get onto your question. 538 00:24:32,680 --> 00:24:35,280 Speaker 1: And um, first off, I gotta say, um, I appreciate 539 00:24:35,320 --> 00:24:39,159 Speaker 1: your your ingenuity. Yeah, it sounds like you found this 540 00:24:39,200 --> 00:24:42,040 Speaker 1: way to game the system. But because of that, there 541 00:24:42,200 --> 00:24:45,359 Speaker 1: there's a question any thing. But yes, is your ingenuity 542 00:24:45,560 --> 00:24:48,520 Speaker 1: being misplaced? And um, yeah, are you being frugal or 543 00:24:48,600 --> 00:24:51,560 Speaker 1: cheap with this workaround to get those uh, those meal 544 00:24:51,680 --> 00:24:54,280 Speaker 1: kit deals. And so we're going to dive into these 545 00:24:54,520 --> 00:24:59,320 Speaker 1: murky ethnically ambiguous waters here and give our thoughts, and yeah, 546 00:24:59,320 --> 00:25:02,280 Speaker 1: that's probably a good place to start, right, regardless of 547 00:25:02,400 --> 00:25:05,560 Speaker 1: what we recommend or what Tyler thinks is right, I 548 00:25:05,640 --> 00:25:07,960 Speaker 1: do think we're talking about a moral gray area here. 549 00:25:08,000 --> 00:25:11,439 Speaker 1: I don't think there's clear boundaries as to yes or 550 00:25:11,480 --> 00:25:14,760 Speaker 1: no or I think people, good, good, good people can 551 00:25:14,800 --> 00:25:17,720 Speaker 1: come down on different sides of this answer. Some people 552 00:25:17,720 --> 00:25:19,680 Speaker 1: are going to feel comfortable and others aren't. And so 553 00:25:19,880 --> 00:25:22,000 Speaker 1: as you're listening to this answer, you might have heard 554 00:25:22,080 --> 00:25:25,000 Speaker 1: Tyler's question, and yeah, you might end up somewhere completely 555 00:25:25,000 --> 00:25:27,120 Speaker 1: different than us. And I think that's okay because there's 556 00:25:27,160 --> 00:25:30,040 Speaker 1: no actual rule being broken here, which I don't think 557 00:25:30,080 --> 00:25:32,960 Speaker 1: there is that puts this kind of in that murky middle, 558 00:25:33,200 --> 00:25:35,120 Speaker 1: that's right. Yeah. So the first thing that Tyler's question 559 00:25:35,160 --> 00:25:37,479 Speaker 1: made me think of was the fact that Netflix has 560 00:25:37,520 --> 00:25:39,720 Speaker 1: different subscription levels that are all listed out on a 561 00:25:39,760 --> 00:25:41,879 Speaker 1: table on their website. We we talked about Netflix recently 562 00:25:41,880 --> 00:25:44,439 Speaker 1: a few weeks ago, and on that table, after the 563 00:25:44,480 --> 00:25:46,560 Speaker 1: price of the different levels, the very next thing that 564 00:25:46,600 --> 00:25:49,240 Speaker 1: they address in that table are the number of screens 565 00:25:49,320 --> 00:25:52,040 Speaker 1: that you can watch on at the same time. Sure, 566 00:25:52,080 --> 00:25:54,440 Speaker 1: you can get the basic plan for just tim bucks, 567 00:25:54,480 --> 00:25:55,879 Speaker 1: but if you want to be able to watch on 568 00:25:55,920 --> 00:25:58,560 Speaker 1: four screens at the same time, you've got to pay extra. 569 00:25:58,920 --> 00:26:01,639 Speaker 1: It's gonna cost you twenty bucks. So it seems obvious 570 00:26:01,640 --> 00:26:04,200 Speaker 1: to us that Netflix is taking into account that friends 571 00:26:04,200 --> 00:26:07,000 Speaker 1: and family share their logins and that they've built that 572 00:26:07,040 --> 00:26:10,000 Speaker 1: into their actual pricing model. And so I share that 573 00:26:10,040 --> 00:26:13,240 Speaker 1: anecdote because it's not that you're necessarily screwing a company 574 00:26:13,240 --> 00:26:16,359 Speaker 1: over by doing this. Uh, oftentimes they account for that. 575 00:26:16,400 --> 00:26:19,000 Speaker 1: And so this is a small argument I guess for 576 00:26:19,040 --> 00:26:21,240 Speaker 1: this being maybe a little more frugal, maybe a little 577 00:26:21,240 --> 00:26:23,080 Speaker 1: bit less cheap. Okay, all right, I hear where you're 578 00:26:23,080 --> 00:26:25,879 Speaker 1: coming from. Let me maybe offer a counter argument to that. 579 00:26:26,400 --> 00:26:28,639 Speaker 1: And because at the same time, there's a big difference 580 00:26:28,640 --> 00:26:31,720 Speaker 1: between what Tyler is doing, which requires a lot of legwork, 581 00:26:32,280 --> 00:26:35,960 Speaker 1: and just creating that new profiling Netflix, which is incredibly easy. 582 00:26:35,960 --> 00:26:38,119 Speaker 1: Like literally, my parents and I share Netflix, and I 583 00:26:38,160 --> 00:26:41,240 Speaker 1: have one called your son on there, and so it's yeah, 584 00:26:41,320 --> 00:26:44,280 Speaker 1: I think that that is part of kind of how 585 00:26:44,320 --> 00:26:48,640 Speaker 1: Netflix set things up. It's not necessarily skirting the rules. 586 00:26:48,680 --> 00:26:50,600 Speaker 1: So an argument for the fact that this is a 587 00:26:50,680 --> 00:26:53,000 Speaker 1: cheap move can be based on the fact that how 588 00:26:53,040 --> 00:26:55,960 Speaker 1: he's going about getting those meal deals is not what 589 00:26:56,080 --> 00:26:59,399 Speaker 1: they're intended for, right, Yeah, I mean I think I 590 00:26:59,440 --> 00:27:03,560 Speaker 1: feel like we're kind of like pretending to be lawyers. No, definitely, 591 00:27:03,600 --> 00:27:06,959 Speaker 1: nowhere close to that. But those promos are intended to 592 00:27:07,000 --> 00:27:09,879 Speaker 1: snag new customers. There. There it is again, you said it, 593 00:27:11,760 --> 00:27:13,840 Speaker 1: And the folks who haven't tried out the service before, 594 00:27:13,920 --> 00:27:15,680 Speaker 1: that's that's who they want. They want people to try 595 00:27:15,720 --> 00:27:17,960 Speaker 1: it out. And so even though there is this potential 596 00:27:18,000 --> 00:27:21,480 Speaker 1: workaround that technically allows you Tyler to get cheap food, 597 00:27:21,640 --> 00:27:24,000 Speaker 1: that doesn't necessarily mean that you should take advantage of it. Man, 598 00:27:24,080 --> 00:27:27,160 Speaker 1: it kind of makes me think of for a while. 599 00:27:27,200 --> 00:27:28,480 Speaker 1: I don't know how many of there are now, but 600 00:27:28,720 --> 00:27:30,840 Speaker 1: the mattress websites where you get a mattress in a 601 00:27:30,840 --> 00:27:33,120 Speaker 1: box delivered to your door for I don't know, five 602 00:27:33,200 --> 00:27:37,119 Speaker 1: six and there were always these one hundred night return policies. 603 00:27:37,160 --> 00:27:39,840 Speaker 1: Almost every one of these mattress companies had it, and 604 00:27:39,840 --> 00:27:41,760 Speaker 1: so there were some people gaming the system. They were like, 605 00:27:42,000 --> 00:27:44,960 Speaker 1: I can sleep for free on a mattress for the 606 00:27:44,960 --> 00:27:47,720 Speaker 1: rest of my life, honestly, pretty close to it, because 607 00:27:47,720 --> 00:27:50,080 Speaker 1: there were that many companies doing this, and to me, 608 00:27:50,520 --> 00:27:55,080 Speaker 1: that's gaming the system, and that is also creating a 609 00:27:55,119 --> 00:27:57,400 Speaker 1: lot of waste in the system. And so yeah, while 610 00:27:57,440 --> 00:28:01,520 Speaker 1: Tyler can get around the intention, it feels like a 611 00:28:01,560 --> 00:28:03,520 Speaker 1: great area to me, and I don't necessarily it's not 612 00:28:03,600 --> 00:28:05,439 Speaker 1: something I don't think I would do. Yeah, and you know, 613 00:28:05,480 --> 00:28:07,920 Speaker 1: you also have to consider that if you abuse this 614 00:28:08,040 --> 00:28:10,880 Speaker 1: feature or just take advantage of this loophole, then there's 615 00:28:10,880 --> 00:28:13,360 Speaker 1: a chance that the company will completely do away with 616 00:28:13,400 --> 00:28:16,520 Speaker 1: this promotion or this deal altogether. Uh. Sure, you know 617 00:28:16,520 --> 00:28:18,199 Speaker 1: they're not going to change the rules just because you 618 00:28:18,240 --> 00:28:20,240 Speaker 1: did it, Tyler, but if enough folks do it, then 619 00:28:20,240 --> 00:28:22,000 Speaker 1: it might not be an option anymore. They're like, we're 620 00:28:22,040 --> 00:28:25,760 Speaker 1: calling it the Tyler rule. But seriously, this is exactly 621 00:28:25,800 --> 00:28:28,119 Speaker 1: what happened. I'm thinking of l being they used to 622 00:28:28,200 --> 00:28:30,160 Speaker 1: have that lifetime warranty right like back in the day, 623 00:28:30,359 --> 00:28:33,119 Speaker 1: you could return any ll being product, however old and 624 00:28:33,160 --> 00:28:36,080 Speaker 1: however ratty it might be. Uh, And so folks were 625 00:28:36,080 --> 00:28:38,040 Speaker 1: sending back stuff that they'd even pick up at yard 626 00:28:38,040 --> 00:28:41,040 Speaker 1: sales for like a quarter so obviously that wasn't the 627 00:28:41,080 --> 00:28:45,080 Speaker 1: intent of the lifetime warranty that l being was going for, 628 00:28:45,560 --> 00:28:47,200 Speaker 1: and so they had to do away with it. And 629 00:28:47,200 --> 00:28:48,640 Speaker 1: so what I'm pointing out here is that there's a 630 00:28:48,720 --> 00:28:50,680 Speaker 1: chance that you could ruin it for everyone, Tyler, you 631 00:28:50,760 --> 00:28:53,320 Speaker 1: and you alone. It's all your fault, Tyler. It's like, 632 00:28:53,480 --> 00:28:55,640 Speaker 1: it's like returning your tires to Costco after, you know, 633 00:28:55,720 --> 00:28:58,800 Speaker 1: driving sixty tho miles on them. Can you do this technically, 634 00:28:58,920 --> 00:29:02,400 Speaker 1: yes you can? Should you well know, because even though 635 00:29:02,400 --> 00:29:04,360 Speaker 1: it's allowed, we feel like that that would kind of 636 00:29:04,400 --> 00:29:06,560 Speaker 1: be more of a cheap move, right, Yeah, And that's 637 00:29:06,840 --> 00:29:09,920 Speaker 1: Costco and at some point had to amend their the 638 00:29:09,960 --> 00:29:12,920 Speaker 1: electronics part of their return policy because people were returning 639 00:29:12,920 --> 00:29:15,000 Speaker 1: computers that were ten years old that back in the 640 00:29:15,080 --> 00:29:17,080 Speaker 1: day cost two thousand bucks. Now you can get a 641 00:29:17,160 --> 00:29:20,280 Speaker 1: way better computer for six dollars. They were pocketing four 642 00:29:20,760 --> 00:29:23,320 Speaker 1: bucks getting a new computer, and there were just too 643 00:29:23,320 --> 00:29:25,440 Speaker 1: many people jumping through that loophole and then and it 644 00:29:25,520 --> 00:29:28,560 Speaker 1: ruined it for everybody. Um, And so yeah, even if 645 00:29:28,600 --> 00:29:31,640 Speaker 1: the rules allow it, it doesn't mean that it's it's 646 00:29:31,680 --> 00:29:33,720 Speaker 1: the best thing to do. But on the other hand, Matt, 647 00:29:33,800 --> 00:29:36,360 Speaker 1: let me let me provide another counterpoint here, because the 648 00:29:36,440 --> 00:29:39,160 Speaker 1: tax code, for instance, there there are certain ways of 649 00:29:39,200 --> 00:29:42,320 Speaker 1: accounting for for income and what feels like loopholes that 650 00:29:42,320 --> 00:29:44,720 Speaker 1: you can jump through in order to reduce your tax liability. 651 00:29:45,040 --> 00:29:47,480 Speaker 1: One of those things is something as basic as contributing 652 00:29:47,480 --> 00:29:49,440 Speaker 1: to a four oh one K or a traditional I 653 00:29:49,600 --> 00:29:51,760 Speaker 1: RA A. It's saying I'm gonna take a tax break now, 654 00:29:51,960 --> 00:29:55,200 Speaker 1: I'm gonna pay tax on these funds years and years 655 00:29:55,200 --> 00:29:58,720 Speaker 1: and decades down the road. But they're clearly stated by 656 00:29:58,760 --> 00:30:01,120 Speaker 1: the I R S, and in this case it's clearly 657 00:30:01,160 --> 00:30:03,240 Speaker 1: black and white. The I R S doesn't make a 658 00:30:03,240 --> 00:30:05,760 Speaker 1: whole lot of room for intent, which is the lord 659 00:30:05,800 --> 00:30:08,800 Speaker 1: I was talking about about earlier. It's either allowed or 660 00:30:08,800 --> 00:30:11,760 Speaker 1: it's not. It's legal or it's illegal, And makes me 661 00:30:11,800 --> 00:30:13,800 Speaker 1: think of a of a conversation you and I had 662 00:30:13,840 --> 00:30:16,520 Speaker 1: recently in answer to a listener question about the backdoor 663 00:30:16,560 --> 00:30:19,920 Speaker 1: wrath I R ray because our listeners like it sounds catchy, 664 00:30:20,200 --> 00:30:22,959 Speaker 1: just like, how how dodgy is this thing that they 665 00:30:23,000 --> 00:30:24,760 Speaker 1: have to call in the backdoor roth ira A right, 666 00:30:24,840 --> 00:30:27,560 Speaker 1: and it sounds like it is, but clearly the rules 667 00:30:27,600 --> 00:30:29,920 Speaker 1: allow for it. So in that case we clearly encourage 668 00:30:29,920 --> 00:30:32,120 Speaker 1: her to take advantage of the backdoor wrath because it 669 00:30:32,200 --> 00:30:34,360 Speaker 1: is kind of one of those things that is, uh, 670 00:30:34,440 --> 00:30:38,000 Speaker 1: it sounds murky, but it is clearly a good way 671 00:30:38,080 --> 00:30:40,640 Speaker 1: to start investing for the future. It is clearly something 672 00:30:40,640 --> 00:30:42,280 Speaker 1: that the I R S has kind of given its 673 00:30:42,280 --> 00:30:44,479 Speaker 1: blessing too. Yeah, even though the process of the backdoor 674 00:30:44,560 --> 00:30:47,760 Speaker 1: roth Ira, even though that there are basically hoops that 675 00:30:47,800 --> 00:30:50,560 Speaker 1: you have to jump through because they have specifically addressed it, 676 00:30:50,720 --> 00:30:52,520 Speaker 1: that doesn't mean that it's wrong to do. Yeah, And 677 00:30:52,560 --> 00:30:55,040 Speaker 1: so we're seeing certain companies actually start to change our 678 00:30:55,120 --> 00:30:58,000 Speaker 1: policies maybe because this is happening too much and people 679 00:30:58,000 --> 00:31:02,120 Speaker 1: are gaming the sign up offers from meal delivery services 680 00:31:02,120 --> 00:31:05,240 Speaker 1: and Blue Apron is one of those companies. The main 681 00:31:05,320 --> 00:31:08,480 Speaker 1: deal they're promoting on their website. It's only for specific individuals, 682 00:31:08,560 --> 00:31:11,080 Speaker 1: and you have to verify yourself with I D dot 683 00:31:11,120 --> 00:31:14,040 Speaker 1: Me and that's not something you can work around. Yeah, 684 00:31:14,040 --> 00:31:16,720 Speaker 1: that's a government sponsored thing where you have to like 685 00:31:16,760 --> 00:31:18,880 Speaker 1: prove who you are with your driver's license, Like Tyler, 686 00:31:18,920 --> 00:31:20,200 Speaker 1: we know who you are, and you're not gonna get 687 00:31:20,200 --> 00:31:21,800 Speaker 1: away with it this time. Exactly. You can't just create 688 00:31:21,800 --> 00:31:24,640 Speaker 1: a new I D dot Me account and so yeah, 689 00:31:24,640 --> 00:31:27,120 Speaker 1: maybe the meal kit delivery companies have caught up with you, Tyler, 690 00:31:27,520 --> 00:31:29,320 Speaker 1: But we hope that this has given you some food 691 00:31:29,320 --> 00:31:31,920 Speaker 1: for thought as you are deciding if this was out 692 00:31:31,920 --> 00:31:36,400 Speaker 1: of pond food for thought, A very light punk. It's because, like, 693 00:31:36,480 --> 00:31:38,360 Speaker 1: bottom line, I don't think this is right or wrong. 694 00:31:38,440 --> 00:31:41,080 Speaker 1: That's not the question being asked here. You're not breaking 695 00:31:41,080 --> 00:31:44,520 Speaker 1: any laws. But especially as you're having to use some 696 00:31:44,720 --> 00:31:47,120 Speaker 1: you know, your friends addresses, you've got to trek over 697 00:31:47,160 --> 00:31:49,080 Speaker 1: there to pick up your food, it is starting to 698 00:31:49,120 --> 00:31:51,840 Speaker 1: feel a little cheap in our book. Um, and especially 699 00:31:51,880 --> 00:31:53,760 Speaker 1: if that means that they like your friends, or your 700 00:31:53,760 --> 00:31:56,560 Speaker 1: neighbors or your family. If this means that they can 701 00:31:56,600 --> 00:31:58,840 Speaker 1: no longer take advantage of the discount because you've sort 702 00:31:58,840 --> 00:32:02,400 Speaker 1: of like used up their option, well, if that's the case, 703 00:32:02,440 --> 00:32:04,520 Speaker 1: then it is definitely cheap. But one of one other 704 00:32:04,560 --> 00:32:06,920 Speaker 1: thing you mentioned to you're talking about if they were 705 00:32:06,960 --> 00:32:09,520 Speaker 1: to email you saying, hey, please come back, we will 706 00:32:09,560 --> 00:32:12,360 Speaker 1: offer you another deal, I think that's totally fine, because 707 00:32:12,400 --> 00:32:15,680 Speaker 1: it's very clear that they are acknowledging that, hey, this 708 00:32:15,720 --> 00:32:18,480 Speaker 1: is somebody who had tried us out. They stopped. Let's 709 00:32:18,520 --> 00:32:20,400 Speaker 1: see if we can win them back. If that's the case, 710 00:32:20,440 --> 00:32:22,400 Speaker 1: I think you're being totally frugal, But pretty much every 711 00:32:22,440 --> 00:32:24,920 Speaker 1: other scenario that you mentioned, I think you are being cheap. 712 00:32:25,400 --> 00:32:27,479 Speaker 1: All right, we got to the bottom of this, and Tyler, 713 00:32:27,600 --> 00:32:30,360 Speaker 1: it doesn't we're not casting moralist persons as a person 714 00:32:31,400 --> 00:32:33,280 Speaker 1: And it's one of those things Matt, I could see, 715 00:32:33,320 --> 00:32:36,760 Speaker 1: like honestly, even like when I was potentially Tyler's age. 716 00:32:36,760 --> 00:32:37,920 Speaker 1: I don't know how old he is, but when I 717 00:32:37,960 --> 00:32:40,200 Speaker 1: was in my early twenties, it's totally something I could 718 00:32:40,200 --> 00:32:42,400 Speaker 1: have seen myself doing. I think I've evolved since then, 719 00:32:42,400 --> 00:32:44,080 Speaker 1: and I see that as more of a cheap move. 720 00:32:44,360 --> 00:32:46,560 Speaker 1: And so uh, Like we said at the beginning of 721 00:32:46,560 --> 00:32:48,560 Speaker 1: our answer to that question, I think good people can 722 00:32:48,600 --> 00:32:51,600 Speaker 1: come down on different sides um of this, of this question. 723 00:32:51,840 --> 00:32:54,160 Speaker 1: We don't want to make any major moral pronouncements, and 724 00:32:54,200 --> 00:32:56,360 Speaker 1: I'm sure Tyler is a great dude, but we've got 725 00:32:56,400 --> 00:32:58,880 Speaker 1: more questions to get to, ones that are less moral 726 00:32:58,920 --> 00:33:03,560 Speaker 1: in nature. Any one about inheriting a rental property, like 727 00:33:03,680 --> 00:33:05,280 Speaker 1: what do you do with it? We'll talk about that 728 00:33:05,320 --> 00:33:17,440 Speaker 1: and more right after this. Right, we are back in. 729 00:33:17,640 --> 00:33:20,480 Speaker 1: It is now time for a student loan question. We've 730 00:33:20,480 --> 00:33:23,000 Speaker 1: got a listener here who is asking if he should 731 00:33:23,000 --> 00:33:25,280 Speaker 1: go ahead and pay off his student loans in one 732 00:33:25,320 --> 00:33:28,920 Speaker 1: fell swoop. Hey, guys, a stander from Pennsylvania. Thanks for 733 00:33:28,960 --> 00:33:31,720 Speaker 1: what you're doing. I really love the show. The defermative 734 00:33:31,720 --> 00:33:34,480 Speaker 1: student loan payments is recently extended into May of this year. 735 00:33:35,080 --> 00:33:37,000 Speaker 1: I have enough money safe that I could pay them off. 736 00:33:37,480 --> 00:33:40,640 Speaker 1: I could do it presently at zero percent interest. However, 737 00:33:40,680 --> 00:33:43,240 Speaker 1: it would put a major dent in my savings. What's 738 00:33:43,280 --> 00:33:45,920 Speaker 1: the move? All right, let's get into it. This This 739 00:33:45,960 --> 00:33:49,760 Speaker 1: one is um it's it's not completely straightforward, obviously, that's 740 00:33:49,760 --> 00:33:52,640 Speaker 1: why andrews asking the question. But on one hand, you 741 00:33:52,680 --> 00:33:54,680 Speaker 1: and I were not fans of debt. We wouldn't tell 742 00:33:54,720 --> 00:33:56,800 Speaker 1: people to go out there and just like load on 743 00:33:56,840 --> 00:33:59,320 Speaker 1: debt up to their eyeballs just because it's fun. It's 744 00:33:59,320 --> 00:34:01,120 Speaker 1: it's it's not and it's certainly not a good thing. 745 00:34:01,400 --> 00:34:03,680 Speaker 1: But at the same time, we are fans of having 746 00:34:03,760 --> 00:34:06,400 Speaker 1: money in savings, and so one of these things is 747 00:34:06,400 --> 00:34:08,279 Speaker 1: going to have to lose out in a way. It 748 00:34:08,360 --> 00:34:11,520 Speaker 1: is another moral dilemma. Yes, yeah, I guess so. But 749 00:34:11,640 --> 00:34:13,960 Speaker 1: so much of the answer really comes down to Andrew's 750 00:34:14,280 --> 00:34:18,120 Speaker 1: specific situation, and we have to really kind of parse 751 00:34:18,200 --> 00:34:20,799 Speaker 1: out what it would look like for his finances to 752 00:34:20,960 --> 00:34:22,919 Speaker 1: pay off the student loans or to kind of hold 753 00:34:23,000 --> 00:34:25,400 Speaker 1: onto that money. That's right. Yeah, Jil you said that 754 00:34:25,400 --> 00:34:28,520 Speaker 1: we're fans of savings, and that is true. But as 755 00:34:28,560 --> 00:34:31,080 Speaker 1: we all know, money in savings right now isn't doing 756 00:34:31,200 --> 00:34:34,840 Speaker 1: much for you these days from a return perspective, right. Uh, Andrew, 757 00:34:34,880 --> 00:34:37,600 Speaker 1: I'm guessing you're savings account it's probably earning less than 758 00:34:37,680 --> 00:34:40,040 Speaker 1: half a percent right now. Uh. And inflation is still 759 00:34:40,120 --> 00:34:43,320 Speaker 1: running hot in the seven percent range. But your savings 760 00:34:43,440 --> 00:34:45,840 Speaker 1: here's the thing. It's not there to generate big returns. 761 00:34:46,120 --> 00:34:48,359 Speaker 1: It's supposed to be there in case you lose your 762 00:34:48,440 --> 00:34:50,839 Speaker 1: job or something like that, right, so that your life 763 00:34:50,840 --> 00:34:54,439 Speaker 1: isn't thrown into financial turmoil, or maybe in the case 764 00:34:54,440 --> 00:34:57,680 Speaker 1: of an unexpected emergency if that comes along, like for instance, 765 00:34:57,719 --> 00:35:00,560 Speaker 1: the transmission going out on your car something plan, you 766 00:35:00,560 --> 00:35:02,800 Speaker 1: want to make sure you've got that emergency funds set aside. 767 00:35:02,880 --> 00:35:05,760 Speaker 1: That's right. Yeah, So having enough money in savings depends 768 00:35:06,080 --> 00:35:09,480 Speaker 1: really on your specific situation. How secure is your job, 769 00:35:09,800 --> 00:35:11,920 Speaker 1: Do you own a home or do you rent? Do 770 00:35:11,960 --> 00:35:14,000 Speaker 1: you have a car, do you take public transit? Like 771 00:35:14,600 --> 00:35:16,960 Speaker 1: if you've got no one depending on your income and 772 00:35:16,960 --> 00:35:19,560 Speaker 1: your a renter who has just just really secure job, 773 00:35:19,920 --> 00:35:24,040 Speaker 1: there's or multiple jobs streams of income. If that's the case, 774 00:35:24,200 --> 00:35:26,600 Speaker 1: then there's less of a need to have an enormous 775 00:35:26,640 --> 00:35:29,600 Speaker 1: stash of savings on hand, and so you'd likely be 776 00:35:29,640 --> 00:35:31,960 Speaker 1: all right keeping just a minimum of three months worth 777 00:35:31,960 --> 00:35:34,680 Speaker 1: of expenses set aside. But if you're the sole red winner, 778 00:35:34,840 --> 00:35:38,400 Speaker 1: you've got five kids in your job situation is more tenuous. 779 00:35:38,440 --> 00:35:40,600 Speaker 1: You're not sure whether you're gonna be there six months 780 00:35:40,600 --> 00:35:43,200 Speaker 1: from now, and let's say you're driving a fifteen year 781 00:35:43,200 --> 00:35:46,080 Speaker 1: old car, You're gonna want to prioritizing having more cash 782 00:35:46,120 --> 00:35:49,160 Speaker 1: on hand, likely a salad six months worth of expenses 783 00:35:49,480 --> 00:35:51,640 Speaker 1: in your savings account, because there are a lot more 784 00:35:51,680 --> 00:35:54,080 Speaker 1: things that could happen to like upset the apple cart, 785 00:35:54,160 --> 00:35:57,080 Speaker 1: so to speak. When it comes to your personal finances yep. 786 00:35:57,160 --> 00:35:59,160 Speaker 1: And by the way, it's important to note that if 787 00:35:59,160 --> 00:36:01,319 Speaker 1: this is low interest rate debt, we want to make 788 00:36:01,320 --> 00:36:03,799 Speaker 1: sure that you aren't focusing too much on it in 789 00:36:03,840 --> 00:36:06,359 Speaker 1: that you are simultaneously investing a chunk of what you 790 00:36:06,440 --> 00:36:09,759 Speaker 1: make Andrew Again, we're not fans of debt, but there 791 00:36:09,760 --> 00:36:12,560 Speaker 1: are worse forms of debt than student loans from an 792 00:36:12,560 --> 00:36:14,680 Speaker 1: interest rate perspective, and so make sure that you're not 793 00:36:14,680 --> 00:36:18,439 Speaker 1: getting overly focused on this debt to the exclusion of 794 00:36:18,480 --> 00:36:20,879 Speaker 1: getting you know, for instance, the full match that your 795 00:36:20,880 --> 00:36:24,160 Speaker 1: employer might be offering, or for instance, not opening a 796 00:36:24,239 --> 00:36:26,760 Speaker 1: roth IRA because this debt it's your number one focus 797 00:36:26,760 --> 00:36:29,920 Speaker 1: and you're all about eliminating of all of your debt. Sure, 798 00:36:29,960 --> 00:36:32,279 Speaker 1: it's important to work towards getting rid of debt, but 799 00:36:32,320 --> 00:36:34,840 Speaker 1: not to the exclusion of some of those other important 800 00:36:34,840 --> 00:36:36,839 Speaker 1: money moves. Yeah, yeah, I think I think you're right. 801 00:36:36,840 --> 00:36:39,440 Speaker 1: And I think there's there's one other important piece to 802 00:36:39,440 --> 00:36:41,200 Speaker 1: this puzzle, and it's that there's no need to rush 803 00:36:41,280 --> 00:36:44,120 Speaker 1: this decision right that these loans are gonna be hanging out, 804 00:36:44,280 --> 00:36:46,919 Speaker 1: not accruing interest for a few more months, and so 805 00:36:47,239 --> 00:36:51,360 Speaker 1: there is always a chance that student loan forbearance continues 806 00:36:51,400 --> 00:36:54,120 Speaker 1: past early summer. That's just some from some of my 807 00:36:54,160 --> 00:36:56,319 Speaker 1: friends who are insiders in the industry. They say, we 808 00:36:56,360 --> 00:36:58,359 Speaker 1: think it's going to happen again. I don't know if 809 00:36:58,360 --> 00:37:01,359 Speaker 1: that's the case, and I but we'll see. So keep 810 00:37:01,400 --> 00:37:03,879 Speaker 1: beefing up your savings in the meantime and hopefully you'll 811 00:37:03,920 --> 00:37:05,600 Speaker 1: get to the point over the next few months where 812 00:37:05,600 --> 00:37:07,319 Speaker 1: you've got a little more of a cash cushion, and 813 00:37:07,320 --> 00:37:09,640 Speaker 1: then you feel more comfortable paying off those loans in 814 00:37:09,719 --> 00:37:12,320 Speaker 1: one fell swoop. But really, you don't need to decide 815 00:37:12,560 --> 00:37:15,000 Speaker 1: right now, and you want to make sure, like Matt said, 816 00:37:15,040 --> 00:37:18,840 Speaker 1: that you're prioritizing those other financial choices, including and especially 817 00:37:19,160 --> 00:37:22,960 Speaker 1: your retirement accounts for your future above paying off this debt. 818 00:37:23,160 --> 00:37:25,279 Speaker 1: But Matt, we got one last question to get to, 819 00:37:25,440 --> 00:37:28,840 Speaker 1: and this is about the inheritance of a piece of 820 00:37:28,880 --> 00:37:32,040 Speaker 1: property and what to do with it. Hi, Joel and Matt, 821 00:37:32,520 --> 00:37:35,080 Speaker 1: my brother and I recently inherited our parents house in 822 00:37:35,160 --> 00:37:38,959 Speaker 1: Central Florida. It's a larger, four bedroom, three bathroom house 823 00:37:39,040 --> 00:37:41,680 Speaker 1: that's about twenty years old. We were trying to decide 824 00:37:41,800 --> 00:37:43,960 Speaker 1: whether to sell the house or perhaps use it to 825 00:37:43,960 --> 00:37:46,520 Speaker 1: make some money and print it out. My brother lives 826 00:37:46,560 --> 00:37:48,600 Speaker 1: in San Francisco and I live in New York City, 827 00:37:48,800 --> 00:37:50,440 Speaker 1: so neither one of us would be there to look 828 00:37:50,480 --> 00:37:52,880 Speaker 1: after the house. We would need to hire a property 829 00:37:52,920 --> 00:37:55,160 Speaker 1: manager to take care of any needs on the house 830 00:37:55,160 --> 00:37:57,560 Speaker 1: that come up. I'm not sure how much hiring a 831 00:37:57,600 --> 00:38:00,279 Speaker 1: property manager would cost us on a monthly basis, so 832 00:38:00,320 --> 00:38:01,800 Speaker 1: I'm not sure if it would be worth it for 833 00:38:01,880 --> 00:38:04,480 Speaker 1: us to print it out. We would appreciate any insight 834 00:38:04,560 --> 00:38:06,960 Speaker 1: you have on this. By the way, I love your 835 00:38:06,960 --> 00:38:09,000 Speaker 1: show and listen to it as soon as it comes out. 836 00:38:09,200 --> 00:38:11,560 Speaker 1: I've learned so much from it from you guys, So 837 00:38:11,680 --> 00:38:14,439 Speaker 1: thank you so much for all that you do. Thank 838 00:38:14,440 --> 00:38:17,440 Speaker 1: you all right, thanks so much for those kind words. 839 00:38:17,560 --> 00:38:19,480 Speaker 1: And he actually forgot to mention his name, but this 840 00:38:19,560 --> 00:38:22,399 Speaker 1: is from Rob, he emailed us. But first of all, Rob, 841 00:38:22,400 --> 00:38:24,400 Speaker 1: we wanted to mention that we are so sorry for 842 00:38:24,400 --> 00:38:27,359 Speaker 1: your loss. Obviously, with an inheritance that means somebody passed away, 843 00:38:27,360 --> 00:38:29,440 Speaker 1: and so we also want to acknowledge that it can 844 00:38:29,480 --> 00:38:32,000 Speaker 1: be tough to make these decisions, you know, while you 845 00:38:32,040 --> 00:38:34,640 Speaker 1: are still grieving, but we will do our best to 846 00:38:34,640 --> 00:38:37,120 Speaker 1: give you the information to make a wise decision here. 847 00:38:37,400 --> 00:38:39,560 Speaker 1: And one of the great things about inheriting real estate 848 00:38:39,680 --> 00:38:43,600 Speaker 1: is that the stepped up basis tax rule applies, uh. 849 00:38:43,640 --> 00:38:45,319 Speaker 1: And so what that means is that even if your 850 00:38:45,360 --> 00:38:47,799 Speaker 1: parents owned that home for twenty years like they did, UH, 851 00:38:47,840 --> 00:38:51,160 Speaker 1: and they saw the value let's say quadruple, you aren't 852 00:38:51,160 --> 00:38:53,760 Speaker 1: going to be taxed on that massive increase in value, 853 00:38:53,840 --> 00:38:57,400 Speaker 1: which is awesome. If you sold that home immediately, you 854 00:38:57,400 --> 00:38:59,560 Speaker 1: would owe nothing in taxes. And so if you are 855 00:38:59,680 --> 00:39:01,040 Speaker 1: you and your brother, if you're worried about a big 856 00:39:01,080 --> 00:39:03,759 Speaker 1: tax bill on the sale of that home, just know 857 00:39:03,880 --> 00:39:06,920 Speaker 1: that that's not going to happen. So take that into consideration. Yes, yes, 858 00:39:07,000 --> 00:39:10,759 Speaker 1: you don't want taxes to necessarily drive your decision, but 859 00:39:10,880 --> 00:39:13,040 Speaker 1: it is an important component. And the fact that the 860 00:39:13,040 --> 00:39:16,120 Speaker 1: step up rule exists means you don't have to worry 861 00:39:16,200 --> 00:39:19,400 Speaker 1: about taxes if you sell it. So now, Rob, you 862 00:39:19,440 --> 00:39:21,359 Speaker 1: need to determine whether or not this house is an 863 00:39:21,360 --> 00:39:23,560 Speaker 1: asset that you want to keep. Do you and your 864 00:39:23,560 --> 00:39:25,839 Speaker 1: brother want to own a rental property? And if so, 865 00:39:25,960 --> 00:39:28,239 Speaker 1: does this specific property well does it make for a 866 00:39:28,239 --> 00:39:31,080 Speaker 1: good rental property, because not not every property does. Let's 867 00:39:31,080 --> 00:39:33,840 Speaker 1: say this is a million dollar home. The numbers probably 868 00:39:33,840 --> 00:39:35,600 Speaker 1: don't make sense. It's not going to provide a great 869 00:39:35,600 --> 00:39:37,640 Speaker 1: return for you. And you know, what are you gonna 870 00:39:37,640 --> 00:39:40,560 Speaker 1: do when capital expenses are necessary, like a new roof 871 00:39:40,640 --> 00:39:42,480 Speaker 1: is needed, or you gotta put in a new hot 872 00:39:42,480 --> 00:39:46,040 Speaker 1: water heater, or there's a leak happening that in the plumbing. 873 00:39:46,320 --> 00:39:48,560 Speaker 1: I think what this boils down to is, if you 874 00:39:48,600 --> 00:39:52,480 Speaker 1: are offered cash or this house, which one would you choose? Like, 875 00:39:52,800 --> 00:39:55,280 Speaker 1: there's no question that's more important than that. In the scenario, 876 00:39:55,760 --> 00:39:58,239 Speaker 1: we would say, don't fall victim to what's known as 877 00:39:58,239 --> 00:40:01,160 Speaker 1: the sunk cost fallacy, which would say, all right, we 878 00:40:01,200 --> 00:40:02,960 Speaker 1: own this home, now, let's do the best we can 879 00:40:03,000 --> 00:40:05,880 Speaker 1: with it, because yeah, since taxes aren't really an issue, 880 00:40:06,239 --> 00:40:09,360 Speaker 1: it's really about which direction makes the most sense for 881 00:40:09,360 --> 00:40:12,320 Speaker 1: for both of you. And my guess is that owning 882 00:40:12,320 --> 00:40:15,480 Speaker 1: this home from far away probably isn't the best route. 883 00:40:15,520 --> 00:40:17,120 Speaker 1: That's right. It comes down to personal preference. That comes 884 00:40:17,120 --> 00:40:19,160 Speaker 1: down to designing the life that you basically want to 885 00:40:19,200 --> 00:40:21,200 Speaker 1: live here. It doesn't make me think that if one 886 00:40:21,360 --> 00:40:24,400 Speaker 1: of you already owned a rental property or two, or 887 00:40:24,440 --> 00:40:26,680 Speaker 1: if you actually lived in the area, it would seem 888 00:40:26,719 --> 00:40:28,719 Speaker 1: like a better fit to hang onto that as a 889 00:40:28,719 --> 00:40:31,440 Speaker 1: as a as a rental property. But long distance laneloording 890 00:40:31,600 --> 00:40:34,400 Speaker 1: can be tough, and hiring a good property manager is 891 00:40:34,480 --> 00:40:36,239 Speaker 1: likely you're going to be necessary if you wanted to 892 00:40:36,320 --> 00:40:38,320 Speaker 1: hang onto that property, and it can definitely help a lot, 893 00:40:38,719 --> 00:40:41,120 Speaker 1: but they will take a decent chunk of the profit 894 00:40:41,200 --> 00:40:44,520 Speaker 1: for their services. Typically they take the first month's rent 895 00:40:44,560 --> 00:40:48,240 Speaker 1: plus ten percent every single month. Um. So my guess 896 00:40:48,280 --> 00:40:50,360 Speaker 1: is that the best course of action for y'all is 897 00:40:50,400 --> 00:40:53,840 Speaker 1: to sell that home invest the proceeds either locally in 898 00:40:53,880 --> 00:40:55,920 Speaker 1: real estate there if you're actually interested in doing that, 899 00:40:56,239 --> 00:40:58,879 Speaker 1: although probably not actually because you'll live in the two 900 00:40:58,880 --> 00:41:01,840 Speaker 1: most expensive markets. True. Um, So otherwise, if it was me, 901 00:41:01,880 --> 00:41:04,640 Speaker 1: I would just take those proceeds and passively invest in 902 00:41:04,640 --> 00:41:07,960 Speaker 1: the market. Yeah. I agree. Sometimes trying to to run 903 00:41:08,000 --> 00:41:11,280 Speaker 1: and maintain a rental property from all the way across 904 00:41:11,280 --> 00:41:14,080 Speaker 1: the country, which is essentially where these brothers are, is 905 00:41:14,160 --> 00:41:15,840 Speaker 1: more of a pain than it's worth than if the 906 00:41:15,840 --> 00:41:19,000 Speaker 1: house has sentimental value and you plan to, you know, 907 00:41:19,600 --> 00:41:22,239 Speaker 1: at some point use that as a vacation property, then 908 00:41:22,320 --> 00:41:25,120 Speaker 1: maybe and you're planning on renting it out for a 909 00:41:25,160 --> 00:41:27,759 Speaker 1: couple of years in season, Yeah, fully use it for that, 910 00:41:27,800 --> 00:41:30,240 Speaker 1: then that's a different story. But if that's not the case, 911 00:41:30,280 --> 00:41:32,680 Speaker 1: then I agree, Matt. I think the right move here 912 00:41:33,120 --> 00:41:36,080 Speaker 1: for Rob and his brother is is to sell the home, 913 00:41:36,239 --> 00:41:38,960 Speaker 1: take the money, avoid taxes, and use it or invest 914 00:41:38,960 --> 00:41:41,120 Speaker 1: it in ways that they see fit that that's that 915 00:41:41,160 --> 00:41:43,200 Speaker 1: are better for their lives. Yeah. And if Rob, if 916 00:41:43,200 --> 00:41:45,040 Speaker 1: you have more questions, we would recommend you reaching out 917 00:41:45,040 --> 00:41:47,720 Speaker 1: to a tax professional. Sometimes things can get a little tricky, 918 00:41:47,840 --> 00:41:50,000 Speaker 1: especially in your case. You were talking about you and 919 00:41:50,000 --> 00:41:52,400 Speaker 1: your brother. You're in different states. There are a number 920 00:41:52,440 --> 00:41:54,640 Speaker 1: of things to consider when it comes to some of 921 00:41:54,680 --> 00:41:56,799 Speaker 1: the different tax laws, and so you want to make 922 00:41:56,800 --> 00:41:59,080 Speaker 1: sure that you're up to date on the best, most 923 00:41:59,120 --> 00:42:02,319 Speaker 1: accurate information. And all right, Julie, got anything else, that's it. 924 00:42:02,400 --> 00:42:04,520 Speaker 1: Let's get back to the beer then, or well, we 925 00:42:04,560 --> 00:42:06,440 Speaker 1: can't even call it a beer. I guess this is 926 00:42:06,520 --> 00:42:08,759 Speaker 1: the malt beverage. Okay, so this is peanut butter and 927 00:42:08,840 --> 00:42:11,440 Speaker 1: jelly And it should have been a clue that it 928 00:42:11,480 --> 00:42:15,359 Speaker 1: didn't say peanut butter and jelly stout or something like that. 929 00:42:15,920 --> 00:42:19,719 Speaker 1: This is a drink by Edmund's Oasts Brewing, And yeah, 930 00:42:19,800 --> 00:42:22,280 Speaker 1: it says this is a malt beverage with natural flavors 931 00:42:22,360 --> 00:42:25,800 Speaker 1: and caramel color. Also should have been a red flag. 932 00:42:27,080 --> 00:42:29,120 Speaker 1: But I was just going for something that looked different, 933 00:42:29,280 --> 00:42:31,040 Speaker 1: and it had been a while, I think, or maybe 934 00:42:31,080 --> 00:42:32,160 Speaker 1: I don't know if you've ever had a P B 935 00:42:32,280 --> 00:42:36,120 Speaker 1: and j um beer on the show, and we still haven't. 936 00:42:36,160 --> 00:42:37,920 Speaker 1: If that's the case, because this is not a beer, 937 00:42:38,200 --> 00:42:40,719 Speaker 1: we probably won't give this one a full shake, a 938 00:42:40,760 --> 00:42:44,200 Speaker 1: full review. I like edmunds os is a brewery. Yeah, 939 00:42:44,200 --> 00:42:47,239 Speaker 1: they're great Charleston, South Carolina, And so I was surprised 940 00:42:47,600 --> 00:42:50,120 Speaker 1: to see that this is not a beer because they 941 00:42:50,120 --> 00:42:53,160 Speaker 1: make great beers, and I would say this one, this 942 00:42:53,200 --> 00:42:56,960 Speaker 1: one tasted a little muddled and out of sorts, like 943 00:42:57,000 --> 00:42:59,719 Speaker 1: this is not what I expected from them. Um, and yeah, 944 00:42:59,760 --> 00:43:01,279 Speaker 1: you to know the difference, by the way, between a 945 00:43:01,320 --> 00:43:04,120 Speaker 1: malt beverage and a beer. It's the fermentation process. And 946 00:43:04,160 --> 00:43:08,840 Speaker 1: apparently malt beverages are bottom fermented and beers are mostly 947 00:43:08,920 --> 00:43:11,800 Speaker 1: top fermented. I don't even know what that means necessarily, 948 00:43:11,800 --> 00:43:13,799 Speaker 1: but I thought that was a difference to between like 949 00:43:13,920 --> 00:43:17,320 Speaker 1: ales and loggers. Yeah, there's something something something similar like that. 950 00:43:17,360 --> 00:43:19,520 Speaker 1: I think. Yeah, ales and laggers are also also fermented 951 00:43:19,640 --> 00:43:21,840 Speaker 1: differently differently. So maybe I was gonna have to do 952 00:43:21,920 --> 00:43:24,480 Speaker 1: with the fact that malt beverages only have malt, that 953 00:43:24,480 --> 00:43:26,759 Speaker 1: that they don't have any hops in them. I don't know, no, 954 00:43:26,800 --> 00:43:29,080 Speaker 1: not that I saw at least, But um, do you 955 00:43:29,120 --> 00:43:31,000 Speaker 1: think you know next week we're gonna be drinking stuff 956 00:43:31,000 --> 00:43:32,840 Speaker 1: like Colt forty five on the shower? Is is this 957 00:43:32,840 --> 00:43:35,839 Speaker 1: the direction we're headed in Seltzer's only from hard Hard 958 00:43:35,880 --> 00:43:38,359 Speaker 1: seltz is from now on. Now I will say that. 959 00:43:38,520 --> 00:43:41,760 Speaker 1: So my initial taste, I was hugely disappointed because obviously 960 00:43:41,760 --> 00:43:43,400 Speaker 1: it's not a beer. But once you get past that, 961 00:43:43,440 --> 00:43:45,439 Speaker 1: which if you were thinking, okay, this is not a beer, 962 00:43:45,480 --> 00:43:47,800 Speaker 1: this is uh, you know, it's a malt beverage. Is 963 00:43:47,800 --> 00:43:50,240 Speaker 1: an alcoholic drink that tastes like peanut, peanut butter and jelly. 964 00:43:50,680 --> 00:43:53,840 Speaker 1: Once I kind of shifted how I viewed it, I'm like, Okay, 965 00:43:53,920 --> 00:43:55,560 Speaker 1: this is pretty good. It's got some good flavors that 966 00:43:55,600 --> 00:43:58,200 Speaker 1: actually tastes like peanut butter and jelly, specifically the peanut 967 00:43:58,200 --> 00:44:00,960 Speaker 1: butter side of it. Like it just it tasted like peanuts. 968 00:44:01,040 --> 00:44:06,240 Speaker 1: It's like they're actual peanuts in this drink, which feels 969 00:44:06,280 --> 00:44:08,319 Speaker 1: so weird to say that this is the drink. This 970 00:44:08,360 --> 00:44:10,080 Speaker 1: is a beverage. This is not a beer. It's not 971 00:44:10,160 --> 00:44:12,920 Speaker 1: normally how we roll. It's like a it's like a 972 00:44:12,960 --> 00:44:15,480 Speaker 1: cousin to beer. Yeah, it's close. All that. Being sat 973 00:44:15,520 --> 00:44:17,440 Speaker 1: next to my go to the our package shop, I 974 00:44:17,480 --> 00:44:19,399 Speaker 1: will not have my two year old with me because 975 00:44:19,400 --> 00:44:22,000 Speaker 1: I had him and I'll tell you what. He's walking along, 976 00:44:22,440 --> 00:44:25,520 Speaker 1: you know, he wasn't knocking bottles un fortunately off the 977 00:44:25,520 --> 00:44:27,160 Speaker 1: shelves or anything like a bill would have been larger. 978 00:44:27,200 --> 00:44:29,000 Speaker 1: But I looked down and at one point I just 979 00:44:29,000 --> 00:44:33,719 Speaker 1: heard him going like boom boom, and I thought, what 980 00:44:33,800 --> 00:44:36,279 Speaker 1: is he doing? And he was pulling all of the 981 00:44:36,320 --> 00:44:39,080 Speaker 1: price tags off of the you know how they have 982 00:44:39,160 --> 00:44:41,000 Speaker 1: like the little tags the price and they kind of 983 00:44:41,040 --> 00:44:44,000 Speaker 1: pop into the front facing edge of the shelf. He 984 00:44:44,080 --> 00:44:45,799 Speaker 1: had He had like eight of them in his hand, 985 00:44:46,560 --> 00:44:49,359 Speaker 1: and I was like, dude, no, and he was just 986 00:44:49,520 --> 00:44:52,400 Speaker 1: walking down the aisle pulling them all off. I felt 987 00:44:52,400 --> 00:44:53,800 Speaker 1: so bad, and so I just grabbed a bunch of 988 00:44:53,800 --> 00:44:55,319 Speaker 1: stuff and got out of there because I don't want 989 00:44:55,320 --> 00:44:57,200 Speaker 1: to get kicked out because I'm my two year old. 990 00:44:57,640 --> 00:44:59,439 Speaker 1: He'll get you kicking out a lot of places. He's 991 00:44:59,440 --> 00:45:01,960 Speaker 1: a he's a not job. It's the joys of joys 992 00:45:01,960 --> 00:45:04,839 Speaker 1: of babies, exact kids. All right, Well, um, yeah, it's 993 00:45:04,880 --> 00:45:07,719 Speaker 1: interesting non beer today on the show. But we'll get 994 00:45:07,719 --> 00:45:11,360 Speaker 1: back to our regular beer drink regular programming on Wednesday. 995 00:45:11,480 --> 00:45:13,719 Speaker 1: Yeah exactly, So all right, Matt, that's gonna do it 996 00:45:13,760 --> 00:45:16,359 Speaker 1: for this episode. If you have a question you want 997 00:45:16,440 --> 00:45:19,080 Speaker 1: us to answer on an upcoming ask htm episode we'd 998 00:45:19,080 --> 00:45:20,520 Speaker 1: love to hear it. Just go to how to money 999 00:45:20,560 --> 00:45:23,920 Speaker 1: dot com slash ask and you'll see the easy directions 1000 00:45:23,920 --> 00:45:26,520 Speaker 1: to submit your voice question. Hopefully we can take it soon. 1001 00:45:26,680 --> 00:45:29,080 Speaker 1: That's right, man, So until next time, best friends Out, 1002 00:45:29,200 --> 00:45:30,439 Speaker 1: Best Friends Out,