1 00:00:00,040 --> 00:00:03,320 Speaker 1: Welcome to Had of Money. I'm Joel and I am Matt. 2 00:00:03,360 --> 00:00:25,680 Speaker 1: Today we're answering your listener questions. That's right, buddy, Happy Monday. 3 00:00:26,040 --> 00:00:28,320 Speaker 1: And you know what I just realized looking over some 4 00:00:28,400 --> 00:00:31,880 Speaker 1: of the listener questions we're taking today, is that we're 5 00:00:31,880 --> 00:00:34,480 Speaker 1: talking about all these things that I've never personally experienced. 6 00:00:34,560 --> 00:00:37,840 Speaker 1: We're talking about vehicle reimbursements and employee stock purchase plan, 7 00:00:38,960 --> 00:00:41,760 Speaker 1: a large inheritance. These are all things that I have 8 00:00:41,880 --> 00:00:45,560 Speaker 1: not that I do not have firsthand knowledge or experience with. Well, 9 00:00:45,640 --> 00:00:48,120 Speaker 1: it makes me a little bit somebody, because a big 10 00:00:48,159 --> 00:00:50,120 Speaker 1: inheritance means that you lost someone that you love. That's 11 00:00:50,120 --> 00:00:52,680 Speaker 1: bad news. And I have lost someone that I love 12 00:00:52,920 --> 00:00:56,880 Speaker 1: but didn't come with any sort of financial plus side. 13 00:00:57,440 --> 00:01:00,480 Speaker 1: I wouldn't mind receiving all of these one ful things. 14 00:01:00,640 --> 00:01:03,680 Speaker 1: And we'll get some some other aspects of personal finance 15 00:01:03,760 --> 00:01:06,479 Speaker 1: during our episode today. But hey, I wanted to share 16 00:01:07,120 --> 00:01:08,640 Speaker 1: a lot of times at the beginning of the episodes, 17 00:01:08,640 --> 00:01:10,759 Speaker 1: we share a little personal story. A lot of times 18 00:01:10,800 --> 00:01:13,680 Speaker 1: we'll share money wins, like a deal that we got 19 00:01:13,840 --> 00:01:16,480 Speaker 1: or was it last week I talked about the air 20 00:01:16,480 --> 00:01:19,240 Speaker 1: conditioning fixed. Oh, that's right, it's been holding up so well, 21 00:01:20,080 --> 00:01:22,680 Speaker 1: so great. Have you had any issues with yours? No, 22 00:01:22,720 --> 00:01:24,959 Speaker 1: not yet, Okay, all right, I was gonna say. The 23 00:01:25,000 --> 00:01:27,000 Speaker 1: reason I'm asking is because I didn't use the entire 24 00:01:27,000 --> 00:01:30,399 Speaker 1: bottle of the stuff, So you ought to stick it 25 00:01:30,400 --> 00:01:32,080 Speaker 1: on your van, and just to see where your gauge 26 00:01:32,160 --> 00:01:34,560 Speaker 1: is at h and if so, you can preempt just 27 00:01:34,600 --> 00:01:36,360 Speaker 1: a little, a little top off, top it off. All right, 28 00:01:36,400 --> 00:01:39,759 Speaker 1: I'll tek it out anyway, enough of the good news. 29 00:01:39,959 --> 00:01:42,360 Speaker 1: It's time for some bad news. Throw yourself under the 30 00:01:42,360 --> 00:01:46,240 Speaker 1: bus real quick. Yes, we were driving out of town 31 00:01:46,800 --> 00:01:50,080 Speaker 1: and it was just me and Kate and I, you know, 32 00:01:50,160 --> 00:01:52,320 Speaker 1: were cruising along talking with her, and I look up 33 00:01:52,320 --> 00:01:54,000 Speaker 1: in the rearview and you know what I saw? 34 00:01:54,160 --> 00:01:54,400 Speaker 2: Oh? 35 00:01:54,480 --> 00:01:59,880 Speaker 1: No blue lights? Yes, yes, I knew what she was going. Yeah. 36 00:02:00,080 --> 00:02:02,760 Speaker 1: I wasn't rooting for it, don't you cheer the police 37 00:02:02,800 --> 00:02:07,200 Speaker 1: officer on. Now, of course I got a speeding ticket. Uh, 38 00:02:07,280 --> 00:02:11,040 Speaker 1: And I swear that I was. I was just going 39 00:02:11,080 --> 00:02:14,079 Speaker 1: along with the flow. That's just how I drive by defaults. 40 00:02:14,720 --> 00:02:19,079 Speaker 1: And evidently he had to make an example of somebody, 41 00:02:19,120 --> 00:02:22,160 Speaker 1: and he chose the gray Honda Odyssey. I don't know why. 42 00:02:22,200 --> 00:02:24,520 Speaker 1: He was just like, let's uh let's go after that, Like, 43 00:02:25,160 --> 00:02:27,760 Speaker 1: let that yellow Corvette go and grab this guy driving 44 00:02:27,840 --> 00:02:30,000 Speaker 1: was there not a Porsche or a beam right zooming 45 00:02:30,040 --> 00:02:33,079 Speaker 1: passed as well. But of course it doesn't really matter 46 00:02:33,080 --> 00:02:34,600 Speaker 1: if you're breaking the law. If you're going above the 47 00:02:34,600 --> 00:02:37,440 Speaker 1: speed limit, there's no excuse. I can get a ticket, 48 00:02:37,480 --> 00:02:39,200 Speaker 1: of course. But I do think he felt bad for me, 49 00:02:39,680 --> 00:02:42,160 Speaker 1: so he pulled me over. And I mean truly, like 50 00:02:42,240 --> 00:02:43,600 Speaker 1: I even drove for a little bit because I didn't 51 00:02:43,600 --> 00:02:44,919 Speaker 1: think he was coming after me. I was like, surely 52 00:02:45,280 --> 00:02:47,960 Speaker 1: he's not coming after me get arrested for abating. And 53 00:02:48,000 --> 00:02:49,720 Speaker 1: then he asked me to step out of the vehicle. No, 54 00:02:49,919 --> 00:02:52,720 Speaker 1: actually he did because I think he kind of knew 55 00:02:52,720 --> 00:02:55,840 Speaker 1: that maybe he was maybe barely going faster than any 56 00:02:55,840 --> 00:02:58,680 Speaker 1: of the other cars, but I don't know. He's pulled 57 00:02:58,680 --> 00:03:01,800 Speaker 1: me over, told me off speed, and knock the speed 58 00:03:01,840 --> 00:03:03,520 Speaker 1: down a little bit so that it wasn't a super 59 00:03:03,520 --> 00:03:06,080 Speaker 1: expensive speeding ticket. Was like ninety five bucks. Oh it's 60 00:03:06,120 --> 00:03:07,760 Speaker 1: not bad, not bad at all, I mean compared to 61 00:03:07,800 --> 00:03:10,080 Speaker 1: what I hear other speeding tickets cant. Yes, Yes, this 62 00:03:10,320 --> 00:03:13,560 Speaker 1: was honestly the most affordable moving violation I think I've 63 00:03:13,560 --> 00:03:15,960 Speaker 1: ever heard of it. But it's not that that I'm 64 00:03:16,000 --> 00:03:20,000 Speaker 1: concerned about. Of course, I'm concerned about the comprehensive loss 65 00:03:20,040 --> 00:03:24,720 Speaker 1: underwriting exchange report, the tick mark, the demerit that's going 66 00:03:24,800 --> 00:03:27,600 Speaker 1: to go on my clue report, And I am like 67 00:03:27,680 --> 00:03:29,359 Speaker 1: shaking in my boots a little bit as to how 68 00:03:29,360 --> 00:03:32,200 Speaker 1: that's going to impact my car insurance. Man, I'm so 69 00:03:32,919 --> 00:03:34,560 Speaker 1: I'm not looking forward to it. It makes me want 70 00:03:34,560 --> 00:03:38,240 Speaker 1: to preemptively, proactively go out well see if they've got 71 00:03:38,280 --> 00:03:41,360 Speaker 1: any courses I can take online, because give me all 72 00:03:41,400 --> 00:03:42,920 Speaker 1: the trackers you want to you want to track me 73 00:03:42,920 --> 00:03:44,400 Speaker 1: while I drive, so I can prove to you that 74 00:03:44,440 --> 00:03:48,360 Speaker 1: I'm responsible, that I come to a slow stop whenever 75 00:03:48,360 --> 00:03:51,880 Speaker 1: there's a stoplight, that I accelerate slowly, that I don't 76 00:03:51,920 --> 00:03:54,760 Speaker 1: speed well. In some insurance companies, they don't automatically raise 77 00:03:54,800 --> 00:03:58,080 Speaker 1: your rates immediately upon that one moving balance, and especially 78 00:03:58,120 --> 00:04:01,320 Speaker 1: it's under a certain like auto. What about auto owners, 79 00:04:01,680 --> 00:04:03,680 Speaker 1: because that's why I don't know. I don't know exactly 80 00:04:03,680 --> 00:04:06,720 Speaker 1: how they respond, but we'll see. Yeah, I'll keep folks 81 00:04:06,720 --> 00:04:08,960 Speaker 1: post you know it. Also, that kind of stuff, it 82 00:04:09,640 --> 00:04:12,240 Speaker 1: damages your ability to go out there and get to 83 00:04:12,360 --> 00:04:14,400 Speaker 1: shop around, because if you get the more stuff on 84 00:04:14,400 --> 00:04:18,000 Speaker 1: your clue report, the more other insurance carriers are like, yeah, no, 85 00:04:18,160 --> 00:04:20,000 Speaker 1: we don't, we want to quatch your policy right now. 86 00:04:20,000 --> 00:04:21,880 Speaker 1: Because I had that problem because I've had two homeowners 87 00:04:21,880 --> 00:04:25,240 Speaker 1: insurance claims oh in the last like six years. The 88 00:04:26,080 --> 00:04:27,800 Speaker 1: beg one the tree. Yeah, and then when we were 89 00:04:27,800 --> 00:04:30,360 Speaker 1: renovating our home, there was like, remember someone broke into 90 00:04:30,400 --> 00:04:32,520 Speaker 1: our basement and they stole the hack, they stole the 91 00:04:32,600 --> 00:04:35,240 Speaker 1: HVAC and so your old house mate's right, that's right. 92 00:04:35,279 --> 00:04:37,720 Speaker 1: And so because of that, I have two claims and 93 00:04:37,760 --> 00:04:39,240 Speaker 1: so I had reached out to someone and they're like, 94 00:04:39,279 --> 00:04:42,520 Speaker 1: you know, you're a call me in six months when 95 00:04:42,000 --> 00:04:45,159 Speaker 1: this one falls through, falls off your clue report. And 96 00:04:45,160 --> 00:04:46,960 Speaker 1: I was like, oh, okay, good to know. Well at 97 00:04:47,040 --> 00:04:50,200 Speaker 1: least you're getting closer to CLO that was a while ago. Yeah, 98 00:04:49,839 --> 00:04:53,600 Speaker 1: the HVAC issue. Yeah, Anyway, I wanted to share that 99 00:04:53,640 --> 00:04:56,160 Speaker 1: because a lot of times when we share these little stories, 100 00:04:56,160 --> 00:04:58,400 Speaker 1: we're like, hey, you can do this too, you too 101 00:04:58,480 --> 00:05:01,080 Speaker 1: can change the springs what do you call the suspension 102 00:05:01,120 --> 00:05:04,920 Speaker 1: springs on your dryer and keep it from wow wow, wow, 103 00:05:05,040 --> 00:05:07,120 Speaker 1: you know getting out Now. This is one of those 104 00:05:07,120 --> 00:05:10,919 Speaker 1: instances where I'm like don't be like me. Drive slower. 105 00:05:11,360 --> 00:05:13,839 Speaker 1: It was also in a construction zone, okay, and I 106 00:05:13,839 --> 00:05:15,720 Speaker 1: think that had something to do with it too. But 107 00:05:16,040 --> 00:05:18,280 Speaker 1: slow down, drive safer. Not only are you going to 108 00:05:18,320 --> 00:05:21,280 Speaker 1: save money because you're your gas mileage is better, Yeah, 109 00:05:21,320 --> 00:05:24,560 Speaker 1: but then on top of that, you've got the ability 110 00:05:24,600 --> 00:05:27,400 Speaker 1: to avoid a moving violation. It's like a speeding ticket. 111 00:05:27,440 --> 00:05:29,440 Speaker 1: Worse feeling too. I can't think of many feelings that 112 00:05:29,440 --> 00:05:31,440 Speaker 1: are worth than just like a sink. What a sinking 113 00:05:31,440 --> 00:05:33,320 Speaker 1: in the stomach? Yeah, your something just like falls down 114 00:05:33,360 --> 00:05:34,960 Speaker 1: to your feet, You're like, oh, when you see the 115 00:05:35,040 --> 00:05:36,720 Speaker 1: lights of it, it's like, what was I thinking? It 116 00:05:36,839 --> 00:05:40,240 Speaker 1: was so stupid of me. But ten or fifteen minutes faster, 117 00:05:40,400 --> 00:05:42,440 Speaker 1: you know. But yeah, sure a lot of folks getting 118 00:05:42,480 --> 00:05:44,560 Speaker 1: ready to do some driving maybe over the fourth uh 119 00:05:44,600 --> 00:05:47,640 Speaker 1: huh uh yeah, slow it down a little low down. Yeah. Anyway, 120 00:05:47,680 --> 00:05:49,719 Speaker 1: that's my story. All right, Well, thanks for sharing. Sorry 121 00:05:49,800 --> 00:05:52,960 Speaker 1: that happened to you. Yeah, fun how it goes? The 122 00:05:52,960 --> 00:05:54,720 Speaker 1: beer Joel that you and I are going to enjoy 123 00:05:54,839 --> 00:05:59,000 Speaker 1: today is a sixty minute ipa by dogfish Head, one 124 00:05:59,040 --> 00:06:02,360 Speaker 1: of the ogs classic have we never had this on 125 00:06:02,400 --> 00:06:04,520 Speaker 1: the show before. Maybe I should look it up. Well, 126 00:06:04,560 --> 00:06:06,400 Speaker 1: it's all right, maybe we have. It's been a long 127 00:06:06,760 --> 00:06:08,520 Speaker 1: long time, all right, have we? I think one of 128 00:06:08,520 --> 00:06:10,360 Speaker 1: our my friends gave us like one one hundred and 129 00:06:10,360 --> 00:06:11,680 Speaker 1: twenty minute back in the day. How we had that 130 00:06:11,760 --> 00:06:14,040 Speaker 1: on the show? Was it one twenty or was it ninety? 131 00:06:14,240 --> 00:06:15,440 Speaker 1: It was one of the two. I don't know, like 132 00:06:15,600 --> 00:06:17,640 Speaker 1: and one twenty is like, oh, you know what else 133 00:06:17,640 --> 00:06:21,080 Speaker 1: he gave me? I still remember the www though, So 134 00:06:21,160 --> 00:06:23,640 Speaker 1: there's some sort of worldwide stout that's why he gave 135 00:06:23,720 --> 00:06:26,560 Speaker 1: us as well. That was insane. That was off the check, right. Uh, 136 00:06:26,680 --> 00:06:28,120 Speaker 1: it was a really big one. We've had some good 137 00:06:28,360 --> 00:06:31,080 Speaker 1: so this is kind of the They sell the sixty 138 00:06:31,080 --> 00:06:32,960 Speaker 1: minute in six packs, so if you're looking for it, 139 00:06:33,120 --> 00:06:35,400 Speaker 1: you can find it wherever your finer beers are sold. 140 00:06:35,760 --> 00:06:38,279 Speaker 1: But let's get to listener questions. Matt, if for for 141 00:06:38,320 --> 00:06:40,640 Speaker 1: anybody out there who's like, I've got a question for 142 00:06:40,760 --> 00:06:42,080 Speaker 1: Matt and Joel, we'd love to hear from you. How 143 00:06:42,080 --> 00:06:45,520 Speaker 1: to money dot com slash ask has the simple instructions, 144 00:06:45,600 --> 00:06:47,680 Speaker 1: or you just say your question into the voicemaan map 145 00:06:47,720 --> 00:06:49,400 Speaker 1: on your phone and email it back over to us. 146 00:06:49,760 --> 00:06:51,680 Speaker 1: Let's get by the way, I just looked it up. 147 00:06:51,960 --> 00:06:55,000 Speaker 1: I couldn't resist. We have not had any of the minutes. Okay, 148 00:06:55,000 --> 00:06:57,080 Speaker 1: so we haven't had a sixty ninety and I guess 149 00:06:57,120 --> 00:06:59,719 Speaker 1: we didn't have that one twenty. That's some price show either. 150 00:06:59,760 --> 00:07:02,200 Speaker 1: Maybe maybe we just enjoyed that on the Maybe that 151 00:07:02,279 --> 00:07:04,720 Speaker 1: was the burner of an episode. I think we've only 152 00:07:04,760 --> 00:07:06,719 Speaker 1: had two of those that we never not Actually that 153 00:07:06,760 --> 00:07:08,040 Speaker 1: was the one stuck out there. I don't know back 154 00:07:08,080 --> 00:07:09,920 Speaker 1: in the day, but we did have that worldwide stuf 155 00:07:10,000 --> 00:07:12,160 Speaker 1: so bad we couldn't release it. Yes, we've been there, 156 00:07:12,160 --> 00:07:13,960 Speaker 1: which early on it had to have been really really 157 00:07:14,000 --> 00:07:16,520 Speaker 1: bad because we've put we put out some growth episodes. 158 00:07:16,640 --> 00:07:18,800 Speaker 1: Let's be honest. I know when people say, oh, I've 159 00:07:18,800 --> 00:07:20,160 Speaker 1: been listening to the pod, I love it. I'm going 160 00:07:20,200 --> 00:07:22,280 Speaker 1: back to the early episodes, I'm always like, stop, no, no, 161 00:07:23,600 --> 00:07:25,320 Speaker 1: you can maybe go back one hundred episodes if you're 162 00:07:25,320 --> 00:07:27,560 Speaker 1: so inclined, don't go back a thousand episodes. So let's 163 00:07:27,600 --> 00:07:30,640 Speaker 1: just do it. That's just brutality to yourself. Although, do 164 00:07:30,800 --> 00:07:33,760 Speaker 1: hit play and and just put on repeat and walk 165 00:07:33,800 --> 00:07:37,360 Speaker 1: away because that helps the numbers. That's right, Yeah, that's good. 166 00:07:37,400 --> 00:07:39,120 Speaker 1: Help your boys out. All right, Let's get to our 167 00:07:39,160 --> 00:07:42,720 Speaker 1: first question. This one is about money falling into your lap. 168 00:07:44,120 --> 00:07:47,440 Speaker 3: What big dogs? Is Brady's so a long entrepreneur, have 169 00:07:47,480 --> 00:07:49,320 Speaker 3: a pretty healthy business, make a decent living with the 170 00:07:49,360 --> 00:07:51,600 Speaker 3: small family. I've inherited some money after the past and 171 00:07:51,720 --> 00:07:54,320 Speaker 3: family member that money has been with their wealth management 172 00:07:54,320 --> 00:07:56,920 Speaker 3: team for quite some time now and chosen to keep 173 00:07:56,960 --> 00:07:59,920 Speaker 3: it with these guys for several years. But I do 174 00:08:00,000 --> 00:08:02,160 Speaker 3: I feel like they're under performing the market a little bit, 175 00:08:02,360 --> 00:08:05,720 Speaker 3: which I know is pretty standard. They say it's best 176 00:08:05,720 --> 00:08:08,720 Speaker 3: of diverse by the PORFOLI with stocks, bonds, T bills, 177 00:08:08,880 --> 00:08:13,120 Speaker 3: dividendyealing stocks in anticipation of market volatility and to reduce risk, 178 00:08:13,760 --> 00:08:16,120 Speaker 3: hence the lower performance compared to say the S and 179 00:08:16,120 --> 00:08:18,720 Speaker 3: P five hundred. I know you guys say to drop 180 00:08:18,720 --> 00:08:22,160 Speaker 3: financial advisors altogether, but I'm concerned about the stress I'm 181 00:08:22,160 --> 00:08:25,280 Speaker 3: managing these investments myself, and that stress affecting the performance 182 00:08:25,280 --> 00:08:27,680 Speaker 3: of my business. Is there such a thing as a 183 00:08:27,680 --> 00:08:30,200 Speaker 3: peace of mind with a financial advisor. I've come back 184 00:08:30,240 --> 00:08:32,360 Speaker 3: and forth of whether to go to the DIY approach 185 00:08:32,440 --> 00:08:35,760 Speaker 3: or continue with the advisors. On a completely different note, 186 00:08:35,920 --> 00:08:37,960 Speaker 3: have either of you guys entered all or some of 187 00:08:37,960 --> 00:08:43,400 Speaker 3: your data into AI to get an analysis. I did, 188 00:08:43,400 --> 00:08:45,679 Speaker 3: say with my robin Hood investments for advice and got 189 00:08:45,679 --> 00:08:50,520 Speaker 3: some interesting feedback around sax loast, harvesting, redundancy, collecting gains 190 00:08:50,520 --> 00:08:54,880 Speaker 3: while ahead, and reallocating. You're curious about your thoughts and 191 00:08:54,960 --> 00:08:58,800 Speaker 3: using AI for financial advice and to be clear, by 192 00:08:59,000 --> 00:09:04,120 Speaker 3: robin Hood Pope portfolio is completely separated from my inherited portfolio. 193 00:09:04,880 --> 00:09:10,040 Speaker 3: And lastly, a frugal or cheap for you started roasting 194 00:09:10,080 --> 00:09:13,320 Speaker 3: my own coffee beans, which I did that because I 195 00:09:13,360 --> 00:09:17,280 Speaker 3: was tired of the price of coffee at the grocery store. Anyways, 196 00:09:17,760 --> 00:09:21,800 Speaker 3: it's turned into a little bit of a slippery slope 197 00:09:21,840 --> 00:09:26,679 Speaker 3: pain for the roasting machine spursing machine you know, will 198 00:09:26,720 --> 00:09:28,520 Speaker 3: probably take a couple of years to break even. But 199 00:09:29,240 --> 00:09:32,560 Speaker 3: I know how the sweet equipment and can make my 200 00:09:32,640 --> 00:09:35,440 Speaker 3: own fun batches and give it to some friends, which 201 00:09:35,440 --> 00:09:38,400 Speaker 3: is also pretty fun. Anyways, thanks to Allows. 202 00:09:40,040 --> 00:09:43,800 Speaker 1: What a big dog. Oh we're going to call each other? Yeah? No, 203 00:09:44,280 --> 00:09:46,560 Speaker 1: I like that. I was gonna say, speaking of helping 204 00:09:46,640 --> 00:09:50,360 Speaker 1: your boys out, Brady hook your boys up. As far 205 00:09:50,440 --> 00:09:52,920 Speaker 1: as like coffee, I would love to try some of 206 00:09:52,960 --> 00:09:55,280 Speaker 1: Brady's coffee. So he's talking about you know, being able 207 00:09:55,280 --> 00:09:58,120 Speaker 1: to gift it as to friends and family, but only 208 00:09:58,160 --> 00:10:01,160 Speaker 1: if they're the finest Guatemalan bean. It's grown at fifty 209 00:10:01,160 --> 00:10:03,160 Speaker 1: one hundred feet above sea level. Right, Oh, no, no, 210 00:10:03,400 --> 00:10:05,400 Speaker 1: you can. You can get amazing beans from all over 211 00:10:05,480 --> 00:10:08,200 Speaker 1: the world. Okay, yeah, you can get some incredible like 212 00:10:08,320 --> 00:10:11,600 Speaker 1: African being like the Ethiopian, the Kenyon. You can get 213 00:10:11,640 --> 00:10:14,680 Speaker 1: some great stuff from Central America as well. It's yeah, 214 00:10:15,080 --> 00:10:17,200 Speaker 1: I personally don't discriminate. A lot of it comes down 215 00:10:17,240 --> 00:10:21,000 Speaker 1: to Yeah, also how it's roasted. Yeah, yeah, anyway, it's 216 00:10:21,080 --> 00:10:23,040 Speaker 1: and coffee is kind of like beer, right in terms 217 00:10:23,080 --> 00:10:25,480 Speaker 1: of flavor profiles being all across the board depending on 218 00:10:25,480 --> 00:10:28,560 Speaker 1: where it was grown. Okay, yeah, yeah, Yeah, I don't know. 219 00:10:28,679 --> 00:10:30,760 Speaker 1: I don't know much. I know enough to be dangerous 220 00:10:30,760 --> 00:10:32,400 Speaker 1: in a conversation, but I don't know. Yeah, and yeah, 221 00:10:32,440 --> 00:10:34,600 Speaker 1: you're more familiar. You've had some of the stuff coming 222 00:10:34,640 --> 00:10:37,120 Speaker 1: out of Hawaii, the ConA beans. Wait is it? Yeah? 223 00:10:37,400 --> 00:10:39,439 Speaker 1: I think Cona's overrated though, you think so, Yeah, I 224 00:10:39,440 --> 00:10:41,360 Speaker 1: think it's the I mean, the lore is that they 225 00:10:41,440 --> 00:10:43,640 Speaker 1: keep all the good stuff for themselves, and so they're 226 00:10:43,679 --> 00:10:46,840 Speaker 1: actually shipping out blends. Oh yeah, they sent almost anything 227 00:10:46,880 --> 00:10:49,599 Speaker 1: you buy that's not that's sold in the mainland the 228 00:10:49,679 --> 00:10:51,360 Speaker 1: United States. It is like ten percent ConA, which it 229 00:10:51,400 --> 00:10:53,800 Speaker 1: says Cone on it. But if you actually go to 230 00:10:53,840 --> 00:10:55,560 Speaker 1: Hawaii you can get the like one hundred percent cond 231 00:10:55,559 --> 00:10:57,720 Speaker 1: of stuff. But it's really expensive. Yeah, but then again, 232 00:10:57,800 --> 00:11:00,400 Speaker 1: coffee is expensive. It is except that. So this is 233 00:11:00,400 --> 00:11:03,400 Speaker 1: what's really funny. So Brady's talking about like dabbling into 234 00:11:03,440 --> 00:11:06,079 Speaker 1: coffee roasting. He's like, it's so expensive aout the store 235 00:11:07,559 --> 00:11:09,840 Speaker 1: and I love that. He's just it is a slippery slope. 236 00:11:09,880 --> 00:11:11,959 Speaker 1: And at this point you can't say that, well, I 237 00:11:12,040 --> 00:11:14,600 Speaker 1: bought a separate roasting machine. Oh and I've also got 238 00:11:14,600 --> 00:11:17,720 Speaker 1: the espressive like you're not doing that because you're saving 239 00:11:17,760 --> 00:11:20,679 Speaker 1: money doing that, Like you're doing that because it's fun. Well, 240 00:11:20,679 --> 00:11:24,320 Speaker 1: it's a hobby and you love it and you enjoy it. Okay, 241 00:11:24,360 --> 00:11:25,640 Speaker 1: I mean that is true, but I will say, hear 242 00:11:25,640 --> 00:11:28,559 Speaker 1: what you're saying that over time money. Yeah, Like I'm 243 00:11:28,600 --> 00:11:31,880 Speaker 1: thinking about our little bread making endeavors at home. So 244 00:11:31,960 --> 00:11:34,040 Speaker 1: we got like we literally go to this store and 245 00:11:34,080 --> 00:11:38,640 Speaker 1: we buy the five gallon buckets worth of wheatberries and Emily, 246 00:11:38,880 --> 00:11:43,040 Speaker 1: we've got a grinder, we've got a bread machine and 247 00:11:43,080 --> 00:11:46,400 Speaker 1: she's like making fresh bread many times, many times a week, 248 00:11:46,440 --> 00:11:48,920 Speaker 1: and the bread machine is unnecessary, but it makes it 249 00:11:48,960 --> 00:11:50,520 Speaker 1: a lot, a lot easier if you want to make 250 00:11:50,520 --> 00:11:51,960 Speaker 1: it regular. If you got to like actually fire up 251 00:11:51,960 --> 00:11:53,559 Speaker 1: the oven, you're probably going to do it less, and 252 00:11:54,000 --> 00:11:56,400 Speaker 1: so like it's a more efficient use of energy. From 253 00:11:56,440 --> 00:11:58,560 Speaker 1: that standpoint, You're not getting the whole house super hot, 254 00:11:59,080 --> 00:12:00,960 Speaker 1: but you are getting all all the good smells. So 255 00:12:01,160 --> 00:12:02,520 Speaker 1: and I think you can say I'm doing it to 256 00:12:02,520 --> 00:12:05,240 Speaker 1: save money, And the truth is maybe over the course 257 00:12:05,280 --> 00:12:07,240 Speaker 1: of like a decade, you save money, but over the 258 00:12:07,280 --> 00:12:08,880 Speaker 1: course of the first like two to three years, you 259 00:12:09,160 --> 00:12:12,240 Speaker 1: definitely don't. Sure. Yeah, okay, So and what I was 260 00:12:12,280 --> 00:12:13,840 Speaker 1: gonna I was gonna backtrack a little bit and say, 261 00:12:13,840 --> 00:12:16,480 Speaker 1: maybe for my own person, in my own personal case, 262 00:12:16,720 --> 00:12:20,120 Speaker 1: I can't justify that I'm saving money by the fact 263 00:12:20,120 --> 00:12:22,880 Speaker 1: that I got the lemozuko or zoko I think is 264 00:12:22,880 --> 00:12:25,120 Speaker 1: how you say it, espresso machine. I wasn't at all 265 00:12:25,120 --> 00:12:28,080 Speaker 1: trying to justify it. I was just a splurge. It 266 00:12:28,120 --> 00:12:30,160 Speaker 1: was a splurge, and now I was owning it. I'm like, hey, 267 00:12:30,720 --> 00:12:32,959 Speaker 1: I think we would love this and enjoy it. So 268 00:12:33,120 --> 00:12:35,000 Speaker 1: I literally did not even run the numbers on it 269 00:12:35,800 --> 00:12:39,120 Speaker 1: ahead of time. But because Brady came in with his 270 00:12:39,320 --> 00:12:43,640 Speaker 1: coffee roasting expertise or experience, the proogular cheap I did 271 00:12:43,679 --> 00:12:47,199 Speaker 1: run the numbers, and it would take a year and 272 00:12:47,240 --> 00:12:50,840 Speaker 1: a half of me ordering two drinks, two flat whites 273 00:12:50,840 --> 00:12:53,280 Speaker 1: at our local coffee shop. That's really good, uh huh. 274 00:12:53,320 --> 00:12:55,440 Speaker 1: I would have to do that every single day of 275 00:12:55,440 --> 00:12:57,480 Speaker 1: the week or every day of the year. Yeah, two 276 00:12:57,520 --> 00:13:00,800 Speaker 1: drinks in order for me to earn back the cost 277 00:13:00,840 --> 00:13:03,559 Speaker 1: of the machine in a year and a half. A 278 00:13:03,640 --> 00:13:05,360 Speaker 1: year and a half. But the thing is is that's 279 00:13:05,400 --> 00:13:08,000 Speaker 1: totally absurd because that just feels like such a nice 280 00:13:08,679 --> 00:13:10,320 Speaker 1: I'm not going to go to a coffee shop in 281 00:13:10,400 --> 00:13:12,680 Speaker 1: order to go cough, like to to go coffees every 282 00:13:12,679 --> 00:13:15,480 Speaker 1: single day of the year. Gosh, if you did, it 283 00:13:15,480 --> 00:13:18,760 Speaker 1: does not just seem insane, it just seems crazy. And 284 00:13:18,800 --> 00:13:21,240 Speaker 1: so in that sense, it's not like it would in reality, 285 00:13:21,360 --> 00:13:22,800 Speaker 1: like I only go there once a week with you, 286 00:13:22,880 --> 00:13:25,080 Speaker 1: but it's changed your coffee consumption habits and you drink 287 00:13:25,120 --> 00:13:26,880 Speaker 1: more good coffee. It has changed it at home, and 288 00:13:26,920 --> 00:13:29,000 Speaker 1: so in that case, it's not it's somewhat of a 289 00:13:29,160 --> 00:13:32,319 Speaker 1: money when but it's more of like a lifestyle upgrade 290 00:13:32,400 --> 00:13:34,560 Speaker 1: in that's in that sense because we are, in fact, 291 00:13:34,640 --> 00:13:35,880 Speaker 1: even though I'm not going to go to the coffee 292 00:13:35,880 --> 00:13:38,000 Speaker 1: shop every single day because guess what we're not. I'm 293 00:13:38,000 --> 00:13:40,880 Speaker 1: not making I'm not pulling two drinks every morning. I'm 294 00:13:40,880 --> 00:13:43,720 Speaker 1: pulling four. Like I make one for Kate and one 295 00:13:43,720 --> 00:13:45,400 Speaker 1: for me first thing when we wake up, and then 296 00:13:45,440 --> 00:13:46,840 Speaker 1: after I take the kids to school when I come 297 00:13:46,880 --> 00:13:50,720 Speaker 1: back round two. Baby, I could be even more indulgent 298 00:13:50,880 --> 00:13:54,560 Speaker 1: because yeah, yeah, and it's just it is very, very 299 00:13:54,800 --> 00:13:57,559 Speaker 1: very good, and I love it and the summer year 300 00:13:57,559 --> 00:14:01,480 Speaker 1: man with it being warmer outside doing I slattes, yeah, 301 00:14:01,520 --> 00:14:03,160 Speaker 1: it's so good. Well do I mean this is so 302 00:14:03,240 --> 00:14:05,600 Speaker 1: freaking great. Like not to highlight the thing that we 303 00:14:05,679 --> 00:14:08,000 Speaker 1: talk about regularly on the show, but the craft beer equivalent, right, 304 00:14:08,000 --> 00:14:09,680 Speaker 1: it's like, find what that is in you for you 305 00:14:09,800 --> 00:14:11,560 Speaker 1: coffee is one of those things and you're willing to 306 00:14:11,559 --> 00:14:15,160 Speaker 1: spend a lot. It's surpassed craft It feels like it 307 00:14:15,200 --> 00:14:18,240 Speaker 1: feels like we don't drink nearly nearly as much beers 308 00:14:18,280 --> 00:14:19,560 Speaker 1: we used to. I think it's against the law for 309 00:14:19,600 --> 00:14:21,920 Speaker 1: me to say that that my craft beer equivalent is 310 00:14:21,920 --> 00:14:23,560 Speaker 1: is espresso but you get some hate mail. What Kate 311 00:14:23,600 --> 00:14:24,840 Speaker 1: and I enjoy him in the morning, Like we look 312 00:14:24,880 --> 00:14:26,880 Speaker 1: at each other and I'm like, it doesn't feel like 313 00:14:26,880 --> 00:14:29,920 Speaker 1: it should be legal to have this good of coffee. 314 00:14:29,960 --> 00:14:30,040 Speaker 4: Ut. 315 00:14:30,080 --> 00:14:33,040 Speaker 1: Yeah, like it's so great. We love it so freaking much, 316 00:14:33,120 --> 00:14:34,920 Speaker 1: isn't it. It's just so fun to spend money on 317 00:14:34,960 --> 00:14:37,240 Speaker 1: something Like we don't talk about the joys of spending 318 00:14:37,280 --> 00:14:40,200 Speaker 1: money well very often. Yeah. Actually, we're gonna have some 319 00:14:40,320 --> 00:14:42,680 Speaker 1: upcoming interviews about that, which I'm excited about. But yeah, okay, 320 00:14:42,760 --> 00:14:44,480 Speaker 1: let's get to That's only one part of Brady's questions. 321 00:14:44,560 --> 00:14:46,800 Speaker 1: That's only one part. Yeah, he stuck a three for winner. 322 00:14:46,960 --> 00:14:48,960 Speaker 1: We'll get we'll get to all the good stuff. Brady 323 00:14:49,000 --> 00:14:51,520 Speaker 1: specifically about this inheritance, I think it's the most pressing 324 00:14:51,560 --> 00:14:53,240 Speaker 1: and as to it, man, I'm sorry to hear about 325 00:14:53,280 --> 00:14:55,240 Speaker 1: the passing of a family member. That is obviously what 326 00:14:55,480 --> 00:14:59,200 Speaker 1: precipitates an inheritance. And man, I gotta say this, I 327 00:14:59,240 --> 00:15:01,960 Speaker 1: don't think bra did anything wrong by not making a 328 00:15:02,040 --> 00:15:06,080 Speaker 1: huge change immediately upon receiving the inheritance. I think there's 329 00:15:06,080 --> 00:15:08,080 Speaker 1: just a lot of wisdom and letting things stay the 330 00:15:08,120 --> 00:15:10,840 Speaker 1: same for a little while. But that does settle. Yeah, yeah, 331 00:15:11,240 --> 00:15:14,440 Speaker 1: I get that mixing grief and crucial investing decisions is 332 00:15:14,480 --> 00:15:16,840 Speaker 1: just a bad idea. And it's not that you should 333 00:15:16,880 --> 00:15:19,600 Speaker 1: let things stay the same or ride forever, just kind 334 00:15:19,640 --> 00:15:23,640 Speaker 1: of like checking out of the finances of this inheritance. 335 00:15:24,000 --> 00:15:27,280 Speaker 1: But taking a beat right is really smart and it's 336 00:15:27,280 --> 00:15:29,480 Speaker 1: actually something that we tend to suggest in a situation 337 00:15:29,640 --> 00:15:33,920 Speaker 1: like this. So I'm glad glad you're considering a change now, Brady, 338 00:15:34,200 --> 00:15:37,720 Speaker 1: But I'm glad you also didn't rush into making meaningful 339 00:15:37,800 --> 00:15:40,120 Speaker 1: changes in the heat of the moment. I'm totally yeah, 340 00:15:40,160 --> 00:15:43,280 Speaker 1: I'm totally fine with thats. And Brady also touched on 341 00:15:43,480 --> 00:15:47,280 Speaker 1: the underperformance that he has seen though with the management 342 00:15:47,320 --> 00:15:49,800 Speaker 1: of those funds. Well, you know what, that's not illegal either. 343 00:15:49,800 --> 00:15:51,160 Speaker 1: We're talking about a lot of different things that are 344 00:15:51,360 --> 00:15:54,160 Speaker 1: legal and not legal, Jo, because it totally depends on 345 00:15:54,200 --> 00:15:57,840 Speaker 1: what your goals are, right, So this underperformance could turn 346 00:15:57,880 --> 00:16:01,120 Speaker 1: into reduced losses if the market were to enter correction 347 00:16:01,240 --> 00:16:03,520 Speaker 1: territory if you're young enough and you're willing to take 348 00:16:03,560 --> 00:16:06,000 Speaker 1: the risk underperforming like it does feel like a crime. 349 00:16:06,000 --> 00:16:08,520 Speaker 1: But as you get closer to the wealth preservation stage, 350 00:16:09,000 --> 00:16:11,680 Speaker 1: stead of your returns are going to be a higher 351 00:16:11,680 --> 00:16:15,520 Speaker 1: priority than seeing massive gains, So when you've got time 352 00:16:15,640 --> 00:16:18,400 Speaker 1: to recover from market drops. Yeah, that volatility is it's 353 00:16:18,640 --> 00:16:22,040 Speaker 1: ultimately to your benefit as you continue to buy and 354 00:16:22,080 --> 00:16:24,480 Speaker 1: if you want to continue with its advisor, I think 355 00:16:24,520 --> 00:16:27,880 Speaker 1: it's important to have maybe a more frank conversation about 356 00:16:28,040 --> 00:16:30,720 Speaker 1: what it is that you want and how your asset 357 00:16:31,280 --> 00:16:33,600 Speaker 1: allocation is going to change over time, how that's going 358 00:16:33,680 --> 00:16:37,400 Speaker 1: to help you to achieve your goals, and ultimately to 359 00:16:37,480 --> 00:16:40,680 Speaker 1: discuss the tradeoffs that come with making those changes there 360 00:16:40,760 --> 00:16:43,960 Speaker 1: to your portfolio. So it just again not only when 361 00:16:44,000 --> 00:16:46,480 Speaker 1: it comes to life stage and what your future goals are, 362 00:16:46,560 --> 00:16:48,200 Speaker 1: but just in what you were saying too, Joel, the 363 00:16:48,240 --> 00:16:51,120 Speaker 1: fact that like taking a beat, hit and pause, I 364 00:16:51,120 --> 00:16:53,120 Speaker 1: think that was a goal right then and there, was 365 00:16:53,200 --> 00:16:54,760 Speaker 1: to make sure that you weren't making any sort of 366 00:16:54,800 --> 00:16:57,840 Speaker 1: emotional knee jerk reactions. And you can just say, well, 367 00:16:57,880 --> 00:16:59,680 Speaker 1: that's what allows you to do that, because you could 368 00:16:59,680 --> 00:17:03,520 Speaker 1: have made much bigger mistakes had you made a decision 369 00:17:03,560 --> 00:17:05,720 Speaker 1: that may not have been completely thought through. Yeah, in 370 00:17:05,800 --> 00:17:07,760 Speaker 1: that moment, in the heat of the moment, always easier 371 00:17:07,840 --> 00:17:10,359 Speaker 1: to look back and see things in retrospect. Let's say 372 00:17:10,800 --> 00:17:14,280 Speaker 1: the market had had a port go of it, you'd 373 00:17:14,320 --> 00:17:16,840 Speaker 1: be like, oh man, those more conservative investments serve me 374 00:17:16,880 --> 00:17:18,920 Speaker 1: well as the market was going down. And so it's 375 00:17:19,000 --> 00:17:21,879 Speaker 1: hindsight's twenty twenty and this is too. I want to 376 00:17:21,920 --> 00:17:24,320 Speaker 1: get to Brady talked about Oh, well, you guys, I 377 00:17:24,440 --> 00:17:26,760 Speaker 1: know you guys are all about ditching advisors. I want 378 00:17:26,760 --> 00:17:29,720 Speaker 1: to say we're not like I think maybe we were 379 00:17:30,400 --> 00:17:33,040 Speaker 1: earlier on more so at least in our podcasting days. 380 00:17:33,040 --> 00:17:34,600 Speaker 1: I don't know if I would call us anti advisor. 381 00:17:34,600 --> 00:17:36,240 Speaker 1: I think we would just say think we're still probably 382 00:17:36,240 --> 00:17:39,120 Speaker 1: pretty balanced when it came to oh, it just depends 383 00:17:39,160 --> 00:17:41,160 Speaker 1: on who you are, which you know, what you want 384 00:17:41,160 --> 00:17:43,320 Speaker 1: to what kind of professional help you want to have 385 00:17:43,359 --> 00:17:46,119 Speaker 1: alongside you, And I think personally we probably were much 386 00:17:46,200 --> 00:17:48,920 Speaker 1: more like, yeah, you can get by without that well, 387 00:17:48,920 --> 00:17:50,760 Speaker 1: and especially when you think about like who the head 388 00:17:50,760 --> 00:17:53,280 Speaker 1: of money audience is, who the core had a money audiences, 389 00:17:53,080 --> 00:17:56,160 Speaker 1: It's it's millennials and gen Z is the bulk, right, 390 00:17:56,200 --> 00:18:00,760 Speaker 1: and so for those for that segment of for those individuals, 391 00:18:00,800 --> 00:18:04,119 Speaker 1: it's just it makes more sense so often to di 392 00:18:04,440 --> 00:18:08,880 Speaker 1: wyatt and not pay big fees. But as your investing 393 00:18:08,920 --> 00:18:12,720 Speaker 1: decisions and your kind of life finance has become more complicated. 394 00:18:12,760 --> 00:18:16,560 Speaker 1: You might want the input of somebody who has who 395 00:18:16,640 --> 00:18:19,520 Speaker 1: knows what they're doing and so. And at the same time, 396 00:18:19,560 --> 00:18:21,760 Speaker 1: I think even since we've started the podcast, Matt, the 397 00:18:21,840 --> 00:18:24,720 Speaker 1: advisor offerings have improved. So the pitch I think that's 398 00:18:24,760 --> 00:18:27,720 Speaker 1: true from advisors is less. Now I'm going to beat 399 00:18:27,760 --> 00:18:29,840 Speaker 1: the market, which was like a pitch I think that 400 00:18:29,880 --> 00:18:32,919 Speaker 1: you used to hear and now people are like, uh, okay, 401 00:18:33,080 --> 00:18:35,160 Speaker 1: but I don't know, I've heard about this, and most 402 00:18:35,160 --> 00:18:37,119 Speaker 1: advisors don't beat the market, So how are you actually 403 00:18:37,160 --> 00:18:38,879 Speaker 1: going to beat the market? Tell me about that? And 404 00:18:39,240 --> 00:18:44,000 Speaker 1: advisors are more pitching holistic planning, right, like thinking about 405 00:18:44,160 --> 00:18:47,199 Speaker 1: taxes a decade or more into the future, thinking about 406 00:18:47,760 --> 00:18:49,960 Speaker 1: your short term, your medium, your long term goals. Kind 407 00:18:49,960 --> 00:18:52,679 Speaker 1: of in the trajectory of those things. What was it 408 00:18:52,760 --> 00:18:54,480 Speaker 1: like to say, for a house and to invest for 409 00:18:54,560 --> 00:18:57,879 Speaker 1: your future, like all sending your kids to college without 410 00:18:57,880 --> 00:19:01,600 Speaker 1: going broke. Taking vacations are good for you, like they're 411 00:19:01,600 --> 00:19:05,439 Speaker 1: going to create long lasting family memories. Maybe you're like, 412 00:19:05,560 --> 00:19:07,040 Speaker 1: I want to I want to start my own business 413 00:19:07,080 --> 00:19:09,359 Speaker 1: as well, Like those are the kind of things advisors 414 00:19:09,359 --> 00:19:12,520 Speaker 1: can help you prioritize all of those goals, like trying 415 00:19:12,520 --> 00:19:16,359 Speaker 1: to achieve all those goals simultaneously effectively. They can right Like, 416 00:19:17,080 --> 00:19:19,439 Speaker 1: but again, most young how to money listeners, we be 417 00:19:19,440 --> 00:19:22,920 Speaker 1: better off the DEI wying it because every dollar matters 418 00:19:23,240 --> 00:19:25,119 Speaker 1: in those early years and your your life is just 419 00:19:25,160 --> 00:19:28,840 Speaker 1: typically less complex. But as as you get older and 420 00:19:28,880 --> 00:19:31,960 Speaker 1: as you accrue a bigger nest egg, more money, more problems, 421 00:19:32,040 --> 00:19:34,760 Speaker 1: matt or or at least more complexity, right where an 422 00:19:34,800 --> 00:19:37,000 Speaker 1: expert can offer a lot of help and I think 423 00:19:37,040 --> 00:19:39,440 Speaker 1: some peace of mind. Yeah, I think so much of it. 424 00:19:39,720 --> 00:19:41,159 Speaker 1: Like as I think about, like what it is that 425 00:19:41,240 --> 00:19:43,800 Speaker 1: sets a younger investor apart, it's just the fact that 426 00:19:43,840 --> 00:19:46,119 Speaker 1: what they're doing is just the same thing, rinse and repeat, 427 00:19:46,600 --> 00:19:50,080 Speaker 1: as opposed to it's somewhat I think the complexity, yes, 428 00:19:50,160 --> 00:19:52,560 Speaker 1: but I think it's also the drawing down of the 429 00:19:52,600 --> 00:19:55,879 Speaker 1: portfolio that feels a little like, okay, how do we 430 00:19:55,880 --> 00:19:58,359 Speaker 1: shift gears? How do we transition? Like it makes me think, okay, 431 00:19:58,400 --> 00:20:00,959 Speaker 1: so I'm thinking about like a road trip. Imagine if 432 00:20:01,000 --> 00:20:03,560 Speaker 1: you like, if I uh said, Okay, I'm just gonna 433 00:20:03,560 --> 00:20:05,440 Speaker 1: get in the car and I'm gonna head west and 434 00:20:05,480 --> 00:20:07,120 Speaker 1: I'm gonna drive for like twelve hours and I'm gonna 435 00:20:07,119 --> 00:20:09,159 Speaker 1: go ninety five miles per hour because I'm at now, 436 00:20:09,160 --> 00:20:10,600 Speaker 1: I'm gonna follow this bed the limit and not get 437 00:20:10,600 --> 00:20:13,679 Speaker 1: his feeding ticket. But I can do that. Now. Equate 438 00:20:13,720 --> 00:20:15,359 Speaker 1: that to me just being like, oh, all right, I'm 439 00:20:15,359 --> 00:20:17,639 Speaker 1: gonna save and invest over the you know, over my lifetime. 440 00:20:18,080 --> 00:20:21,520 Speaker 1: Now the amount of time that I'm spending on the interstate, 441 00:20:22,240 --> 00:20:24,240 Speaker 1: I think you can equate that to investing in low 442 00:20:24,280 --> 00:20:27,440 Speaker 1: cost index funds. Like you're just doing that mile after 443 00:20:27,520 --> 00:20:29,920 Speaker 1: mile after state after state after state, and you don't 444 00:20:29,920 --> 00:20:31,960 Speaker 1: need the turn by turn directions right, Like literally, I 445 00:20:31,960 --> 00:20:33,479 Speaker 1: can just look at the big green signs and just 446 00:20:33,960 --> 00:20:36,119 Speaker 1: generally head west and I'm probably gonna end up in Texas. 447 00:20:36,200 --> 00:20:38,760 Speaker 1: I'm gonna end up Dallas Fort Worth by the end 448 00:20:38,800 --> 00:20:40,760 Speaker 1: of the day if I just like, you know, keep 449 00:20:40,840 --> 00:20:45,240 Speaker 1: on going. Now, when it comes to arriving at my 450 00:20:45,320 --> 00:20:48,680 Speaker 1: actual airbnb, right that I've got, okay, well, I don't know, 451 00:20:48,960 --> 00:20:50,600 Speaker 1: I don't know where exactly where it is, like, oh, 452 00:20:50,800 --> 00:20:52,760 Speaker 1: at some point, I know I need to take this exit. 453 00:20:53,000 --> 00:20:55,480 Speaker 1: But then you're dealing with like state highways and surface 454 00:20:55,520 --> 00:20:58,440 Speaker 1: streets and oh, don't turn into this drive, which turned 455 00:20:58,440 --> 00:21:01,080 Speaker 1: into like there's all these other fire sort of details 456 00:21:01,680 --> 00:21:03,280 Speaker 1: where you know what, I am going to pull up 457 00:21:03,280 --> 00:21:04,760 Speaker 1: the phone, I am going to punch in the address. 458 00:21:04,800 --> 00:21:06,639 Speaker 1: But for the most part, there's not a whole lot 459 00:21:06,640 --> 00:21:09,360 Speaker 1: of complexity, and because you're just doing the same thing, 460 00:21:09,440 --> 00:21:13,199 Speaker 1: like those interstate miles, to me are like investing in 461 00:21:13,240 --> 00:21:16,359 Speaker 1: low cost index funds, where there's not much change or 462 00:21:16,400 --> 00:21:18,760 Speaker 1: any sort of variables that you really need to think 463 00:21:18,800 --> 00:21:21,439 Speaker 1: about because you're just doubling that's all you're doing. In 464 00:21:21,440 --> 00:21:24,000 Speaker 1: a similar way. I think that's maybe al I think 465 00:21:24,000 --> 00:21:26,320 Speaker 1: that could be a helpful way for folks to think 466 00:21:26,320 --> 00:21:29,280 Speaker 1: about financial advisors. It's a lot of times there towards 467 00:21:29,320 --> 00:21:32,080 Speaker 1: the end where they're thinking, Okay, you know, we've been 468 00:21:32,080 --> 00:21:33,879 Speaker 1: going the right direction to help us land this plane, 469 00:21:33,960 --> 00:21:38,040 Speaker 1: like help us to arrive at the desired final destination 470 00:21:38,280 --> 00:21:40,600 Speaker 1: in a way that's not going to completely derail the 471 00:21:40,680 --> 00:21:42,639 Speaker 1: entire trip. Yeah, yeah, yeah. And I just want to 472 00:21:42,800 --> 00:21:45,200 Speaker 1: mention too that just because an advisor might make sense 473 00:21:45,359 --> 00:21:49,160 Speaker 1: given the added kind of complexity and nuanced that Brady's facing. 474 00:21:49,200 --> 00:21:52,080 Speaker 1: And I don't know how much money this inheritance is 475 00:21:53,080 --> 00:21:56,520 Speaker 1: in whether like he feels comfortable kind of managing on 476 00:21:56,520 --> 00:21:58,640 Speaker 1: his own and funding some of those short term, medium term, 477 00:21:58,640 --> 00:22:00,960 Speaker 1: and long term goals that he has kind of divving 478 00:22:01,000 --> 00:22:02,960 Speaker 1: it up in some ways, or if he's like, no, 479 00:22:03,040 --> 00:22:05,479 Speaker 1: I really do feel like I need to a pro 480 00:22:05,640 --> 00:22:07,480 Speaker 1: because this is a substantial amount and I want to 481 00:22:07,480 --> 00:22:10,360 Speaker 1: make sure from a tax perspective, from like an optimization perspective, 482 00:22:10,359 --> 00:22:12,679 Speaker 1: I'm I'm including somebody who knows more than I do. 483 00:22:13,480 --> 00:22:15,879 Speaker 1: To me, that feels like it's not just you. If 484 00:22:15,880 --> 00:22:17,119 Speaker 1: it's a lot of money, all right, I'm going to 485 00:22:17,160 --> 00:22:18,880 Speaker 1: really extend the metaphor here. Yeah, if it's a lot 486 00:22:18,880 --> 00:22:21,600 Speaker 1: of money, then that's you driving a whole bus float 487 00:22:21,640 --> 00:22:25,320 Speaker 1: of your family members. Whereas if it's just you, it's like, Okay, 488 00:22:25,320 --> 00:22:27,280 Speaker 1: it's no big deal. It's just me. There's not a 489 00:22:27,320 --> 00:22:29,600 Speaker 1: whole lot at stake. But if there's more people counting 490 00:22:29,640 --> 00:22:32,000 Speaker 1: on you, it feels like you're driving a tour bus 491 00:22:32,119 --> 00:22:34,399 Speaker 1: full of your relatives relatives, and you're also trying to 492 00:22:34,400 --> 00:22:36,520 Speaker 1: get to this air dage. And truly, when it comes 493 00:22:36,520 --> 00:22:39,640 Speaker 1: down to it, some of the like making an incorrect 494 00:22:39,920 --> 00:22:43,240 Speaker 1: like non advantageous tax move just has a bigger impact 495 00:22:43,240 --> 00:22:44,960 Speaker 1: in terms of them on it's exact perspective, right, it 496 00:22:45,000 --> 00:22:49,200 Speaker 1: impacts everybody on the trip, So it's a little more costly. Yeah, 497 00:22:49,240 --> 00:22:51,760 Speaker 1: and so like getting that right, it's it's more work. 498 00:22:51,800 --> 00:22:53,760 Speaker 1: The cost you can justify it more than if you're 499 00:22:53,760 --> 00:22:55,920 Speaker 1: early on and you're just like in those early miles 500 00:22:55,920 --> 00:22:58,560 Speaker 1: of that road trip. And so yeah, I just want 501 00:22:58,600 --> 00:23:00,320 Speaker 1: to mention to Brady that, like, you don't have to 502 00:23:00,359 --> 00:23:03,240 Speaker 1: stick with the advisor that the inheritance is currently with, 503 00:23:03,359 --> 00:23:05,560 Speaker 1: Like you might want to go out there and you 504 00:23:05,600 --> 00:23:08,360 Speaker 1: probably do want to find an advisor you feel comfortable, 505 00:23:08,480 --> 00:23:12,159 Speaker 1: not just because this this current advisor has underperformed the market, 506 00:23:12,160 --> 00:23:14,160 Speaker 1: but because you're like, I want to find the person 507 00:23:14,240 --> 00:23:17,040 Speaker 1: that I trust that kind of thinks about money the 508 00:23:17,080 --> 00:23:19,120 Speaker 1: way I think about it. And so I would say, 509 00:23:19,160 --> 00:23:21,720 Speaker 1: like a fee only fiduciary. That's paramount when you're looking 510 00:23:22,080 --> 00:23:25,120 Speaker 1: at advisors, and then you can decide, you know, whether 511 00:23:25,119 --> 00:23:28,639 Speaker 1: the cost is worth the reduced headaches of delegating some 512 00:23:28,640 --> 00:23:31,360 Speaker 1: of these bigger financial decisions that you have coming up 513 00:23:31,680 --> 00:23:33,840 Speaker 1: the you know, we've got the site how to money 514 00:23:33,880 --> 00:23:37,440 Speaker 1: dot com slash advisor. It's pulling from vetted, fee only 515 00:23:37,480 --> 00:23:39,800 Speaker 1: fiduciary advisor. So that's where we recommend people turn if 516 00:23:39,800 --> 00:23:41,919 Speaker 1: they're looking for an advisor. But it's just it's one 517 00:23:41,920 --> 00:23:44,679 Speaker 1: of those things where whether or not you're ready for 518 00:23:44,720 --> 00:23:47,240 Speaker 1: it depends on a whole lot of personal factors, and 519 00:23:47,280 --> 00:23:50,080 Speaker 1: then hiring the right one becomes important, and it's okay 520 00:23:50,240 --> 00:23:52,320 Speaker 1: to break up with the old financial advisor you didn't 521 00:23:52,400 --> 00:23:56,000 Speaker 1: choose to move to one that you did on purpose. Yeah, yep. 522 00:23:56,200 --> 00:23:59,879 Speaker 1: It's for that reason that I find his question about 523 00:24:00,119 --> 00:24:04,920 Speaker 1: using ai for to direct his investments incredibly interesting, because 524 00:24:05,000 --> 00:24:06,600 Speaker 1: because on one of end, it seems like he's like, oh, 525 00:24:06,600 --> 00:24:08,439 Speaker 1: I'm not totally sure. I think I need need to 526 00:24:08,440 --> 00:24:10,399 Speaker 1: have somebody here to kind of guide me along. But 527 00:24:10,440 --> 00:24:12,600 Speaker 1: then on the other hand, he's just like, I feels 528 00:24:12,600 --> 00:24:15,520 Speaker 1: like shoot from the hip a little bit when it comes. 529 00:24:15,520 --> 00:24:19,160 Speaker 1: And maybe it's because there's fewer passengers on the robin 530 00:24:19,200 --> 00:24:21,879 Speaker 1: Hood train, which is his brokerage account. He doesn't have 531 00:24:21,880 --> 00:24:24,320 Speaker 1: a whole lot of dollars in there. That being said, 532 00:24:24,359 --> 00:24:26,480 Speaker 1: I mean, I'm not I'm not turning too ai for 533 00:24:27,040 --> 00:24:30,000 Speaker 1: or any large language model any I'm not looking at Chat, 534 00:24:30,040 --> 00:24:32,880 Speaker 1: I'm not looking at Claude when it comes to directing 535 00:24:32,880 --> 00:24:35,840 Speaker 1: where my dollars go. I would Brady use it to 536 00:24:37,400 --> 00:24:41,399 Speaker 1: engage in thoughts and conversations that could give you the 537 00:24:41,400 --> 00:24:44,679 Speaker 1: type of questions to help you to vet your financial 538 00:24:44,720 --> 00:24:47,560 Speaker 1: advisor or whoever it is that you have punch them 539 00:24:47,600 --> 00:24:49,880 Speaker 1: scenarios into there, and I think that that could give 540 00:24:49,880 --> 00:24:53,600 Speaker 1: you some maybe even a better understanding to understand why 541 00:24:53,640 --> 00:24:56,840 Speaker 1: it is they're doing what they're doing. Why maybe in fact, hey, 542 00:24:56,960 --> 00:24:58,439 Speaker 1: I'm going to push back against that a little bit. 543 00:24:58,440 --> 00:25:00,000 Speaker 1: I don't think we need we should be we should 544 00:25:00,119 --> 00:25:02,960 Speaker 1: be doing this, and yeah, in that way, I think 545 00:25:02,960 --> 00:25:05,159 Speaker 1: it can be another tool for you to help you 546 00:25:05,640 --> 00:25:08,840 Speaker 1: to partner with some of those advisors. Well, but I'm 547 00:25:08,840 --> 00:25:10,360 Speaker 1: definitely not going to be upload you know, he said 548 00:25:10,359 --> 00:25:12,640 Speaker 1: something about uploading his info. Oh that that's a no, 549 00:25:12,640 --> 00:25:15,439 Speaker 1: no no man, Like I'm gonna delegate or I'm going 550 00:25:15,520 --> 00:25:17,359 Speaker 1: to dictate what it is that I've got going on. 551 00:25:17,440 --> 00:25:19,400 Speaker 1: But you know what that reminds me of It feels 552 00:25:19,400 --> 00:25:21,840 Speaker 1: a little Yeah, I don't I don't like the integration 553 00:25:22,119 --> 00:25:25,679 Speaker 1: just yet. I'll just say, just giving away your some 554 00:25:25,760 --> 00:25:29,159 Speaker 1: personal data information that you really should probably keep private. 555 00:25:29,359 --> 00:25:31,760 Speaker 1: It makes me think of the like ancestry dot com 556 00:25:31,760 --> 00:25:34,439 Speaker 1: and stuff like that, and how it's really kind of 557 00:25:34,640 --> 00:25:37,520 Speaker 1: fun to look into your family history. I never did it, 558 00:25:37,960 --> 00:25:40,040 Speaker 1: not I'm not even like a privacy freak, but I 559 00:25:40,080 --> 00:25:43,080 Speaker 1: was like, golly, it seems like you're giving up a 560 00:25:43,080 --> 00:25:45,560 Speaker 1: lot of information in this company. And then didn't one 561 00:25:45,600 --> 00:25:47,359 Speaker 1: of the companies go bankrupt and we talk about it, 562 00:25:47,359 --> 00:25:48,960 Speaker 1: and then they were like selling some of the information 563 00:25:49,000 --> 00:25:51,680 Speaker 1: to third party companies and I think it's twenty three 564 00:25:51,680 --> 00:25:54,160 Speaker 1: and so that feels a little more innovasion of privacy 565 00:25:54,200 --> 00:25:57,600 Speaker 1: to me, because that's like your literal physical genetic material 566 00:25:57,720 --> 00:26:00,520 Speaker 1: versus like the family ancestry thing. I don't know, if 567 00:26:00,560 --> 00:26:03,000 Speaker 1: it's a little outside of you. It's like, Okay, these 568 00:26:03,040 --> 00:26:05,120 Speaker 1: people could also give that information, but there's only one 569 00:26:05,160 --> 00:26:08,439 Speaker 1: person who can give my DNA information. Yeah. Like if 570 00:26:08,440 --> 00:26:09,919 Speaker 1: I'm going to put a swab in my mouth and 571 00:26:10,000 --> 00:26:12,720 Speaker 1: send it and mail it off and they're gonna I 572 00:26:12,760 --> 00:26:14,720 Speaker 1: don't know what's it called where they map out your 573 00:26:15,440 --> 00:26:17,840 Speaker 1: the matt genome projects, Yeah, Like, I don't think I 574 00:26:17,880 --> 00:26:20,400 Speaker 1: want to engage in that any like for real. That's 575 00:26:20,400 --> 00:26:22,040 Speaker 1: something I'm going to think twice about. I'm also going 576 00:26:22,040 --> 00:26:24,840 Speaker 1: to think twice about uploading or giving direct access to 577 00:26:25,080 --> 00:26:28,720 Speaker 1: any sort of large language model my investing logins or 578 00:26:28,720 --> 00:26:30,800 Speaker 1: anything like that. I agree, Yeah, I would not upload 579 00:26:30,840 --> 00:26:32,600 Speaker 1: everything and ask it for a plan, use it as 580 00:26:32,600 --> 00:26:35,879 Speaker 1: a tool. I think that's great. But personally, I yeah, 581 00:26:36,160 --> 00:26:39,439 Speaker 1: maybe it's fun to upload some or to manually upload 582 00:26:39,480 --> 00:26:41,240 Speaker 1: some of the information just to see what it would say. 583 00:26:41,320 --> 00:26:43,520 Speaker 1: But again, it's for you to engage in a sort 584 00:26:43,560 --> 00:26:48,520 Speaker 1: of dialogue with yourself, with your family, business partners, and ultimately, 585 00:26:48,560 --> 00:26:50,159 Speaker 1: I think your financial advisor as well. I was going 586 00:26:50,200 --> 00:26:52,879 Speaker 1: to say, I guarantee a great financial advisor asks a 587 00:26:52,880 --> 00:26:55,479 Speaker 1: lot of questions. They're trying to get a lot of 588 00:26:55,480 --> 00:26:58,240 Speaker 1: information from you about who you are, what you want, 589 00:26:58,440 --> 00:27:01,280 Speaker 1: where you're headed, and if you're just like uploading something 590 00:27:01,400 --> 00:27:04,639 Speaker 1: to a large language model, they're making a lot of assumption. 591 00:27:04,640 --> 00:27:06,840 Speaker 1: They're making a lot. Yeah, exactly exactly. They're treating you 592 00:27:06,880 --> 00:27:11,359 Speaker 1: like a stock American individual, and you are not. You're Brady. 593 00:27:11,480 --> 00:27:13,399 Speaker 1: So that's right. We got more to get to, Matt, 594 00:27:13,440 --> 00:27:16,040 Speaker 1: including we're going to talk about leasing a car. Does 595 00:27:16,080 --> 00:27:19,159 Speaker 1: it make sense, especially when the business you work for 596 00:27:19,200 --> 00:27:21,719 Speaker 1: reimburses that expense. We'll get to that and more right 597 00:27:21,760 --> 00:27:32,240 Speaker 1: after this. All right, buddy, we are back, and yes, 598 00:27:32,280 --> 00:27:34,800 Speaker 1: we will get to that car leasing question. We'll also 599 00:27:34,880 --> 00:27:38,719 Speaker 1: cover some mortgage hacks or some quote unquote air quotes 600 00:27:39,040 --> 00:27:42,119 Speaker 1: mortgage hacks. We're still using the term hacks. We are okay. 601 00:27:42,640 --> 00:27:44,840 Speaker 1: But before that, let's hear from a listener who has 602 00:27:44,880 --> 00:27:46,800 Speaker 1: a question about his ESPP. 603 00:27:47,760 --> 00:27:51,720 Speaker 2: Hey, Matt Joel. This is also Matt's calling from Medford, Massachusetts. 604 00:27:52,240 --> 00:27:55,359 Speaker 2: My question is related to my employee stock purchase plan. 605 00:27:55,640 --> 00:27:58,639 Speaker 2: I have a pretty typical ESPP. It gives me fifteen 606 00:27:58,680 --> 00:28:02,360 Speaker 2: percent of a discount my company stock. There is no 607 00:28:02,720 --> 00:28:05,840 Speaker 2: holding period after the purchase date, and I have the 608 00:28:06,200 --> 00:28:10,919 Speaker 2: look back provision as well. My question is it seems 609 00:28:10,960 --> 00:28:13,240 Speaker 2: like from the research I'm doing that doing a quick 610 00:28:13,280 --> 00:28:16,800 Speaker 2: sale of the ESPP is a no brainer that I 611 00:28:16,840 --> 00:28:21,040 Speaker 2: get a I think it's like a seventeen percent return 612 00:28:21,119 --> 00:28:24,040 Speaker 2: on investment no matter what, and that assumes that the 613 00:28:24,080 --> 00:28:27,520 Speaker 2: stock does not perform well between now and the purchase states. 614 00:28:28,359 --> 00:28:33,040 Speaker 2: It doesn't seem like the tax implications of this are 615 00:28:33,080 --> 00:28:37,240 Speaker 2: anything to be worried about, So I'm just curious what 616 00:28:37,320 --> 00:28:40,000 Speaker 2: your thoughts are. What else do I need to consider 617 00:28:40,520 --> 00:28:45,160 Speaker 2: or should I utilize a ESPP and just hold the stock. 618 00:28:45,600 --> 00:28:48,080 Speaker 2: I think it's important to note that I do believe 619 00:28:48,120 --> 00:28:51,120 Speaker 2: in my company stock. I think I'm in a good 620 00:28:51,200 --> 00:28:54,720 Speaker 2: industry and a good company with great growth projections. But 621 00:28:54,760 --> 00:28:58,480 Speaker 2: I just don't like having all of my eggs in 622 00:28:58,560 --> 00:29:01,840 Speaker 2: one basket or one stock. So I'd rather get the 623 00:29:02,000 --> 00:29:06,520 Speaker 2: guaranteed ROI cash that, out sell it, and potentially consider 624 00:29:06,640 --> 00:29:10,960 Speaker 2: putting that money into a well diversified index fine or RETF. 625 00:29:11,200 --> 00:29:13,840 Speaker 2: So I'm to know your thoughts and really enjoy the show. 626 00:29:14,000 --> 00:29:16,720 Speaker 1: Thanks Matt. Did farmers back in the day really take 627 00:29:16,760 --> 00:29:19,000 Speaker 1: two baskets out to get their eggs just in case 628 00:29:19,000 --> 00:29:19,720 Speaker 1: they dropped one? 629 00:29:20,440 --> 00:29:21,200 Speaker 2: Oh? 630 00:29:21,320 --> 00:29:24,600 Speaker 1: Maybe they stored them in multiple baskets once they got 631 00:29:24,680 --> 00:29:27,040 Speaker 1: them back to the farmhouse. Yeah, I don't know. Well, 632 00:29:27,080 --> 00:29:29,080 Speaker 1: I mean I guess that's like, wait, that's why they 633 00:29:29,080 --> 00:29:31,240 Speaker 1: that's why they created the double the basket that's got 634 00:29:31,280 --> 00:29:33,480 Speaker 1: the two lobes. Have you seen those? They kind of 635 00:29:33,520 --> 00:29:35,360 Speaker 1: looks like a butt. They'll talk about it like it 636 00:29:35,440 --> 00:29:36,920 Speaker 1: kind of comes up in the middle a little bit. Huh. 637 00:29:37,240 --> 00:29:40,320 Speaker 1: Maybe that's because in case one side falls out, there 638 00:29:40,360 --> 00:29:44,760 Speaker 1: you go, you're diversified. That's right. Original farmer wisdom, Yeah, 639 00:29:44,880 --> 00:29:48,080 Speaker 1: is applicable to personal finances. It is. I love that 640 00:29:48,120 --> 00:29:51,560 Speaker 1: we're like still using aphorisms. Like that, because I mean, dude, 641 00:29:51,560 --> 00:29:54,920 Speaker 1: that's that wisdom still holds, right, and and so yeah, 642 00:29:55,000 --> 00:29:58,480 Speaker 1: that's that's a plug for diversification there and and this 643 00:29:58,560 --> 00:30:00,440 Speaker 1: is kind of part of Matt's question, is like can 644 00:30:00,480 --> 00:30:05,040 Speaker 1: I use an ESPP effectively without essentially having like too 645 00:30:05,160 --> 00:30:08,040 Speaker 1: much tied up in my company because I get a 646 00:30:08,040 --> 00:30:11,600 Speaker 1: paycheck there and then I also like have I'm investing 647 00:30:11,600 --> 00:30:14,840 Speaker 1: in that company stock and so yeah, also a lot 648 00:30:14,880 --> 00:30:16,920 Speaker 1: of my friends are at my company as well. Right, 649 00:30:17,040 --> 00:30:19,320 Speaker 1: let's talk about social like there's other ways, right, you know, 650 00:30:19,280 --> 00:30:20,760 Speaker 1: it's like good point. Just think about all the things 651 00:30:20,760 --> 00:30:22,640 Speaker 1: that our jobs do for us. So I don't know, 652 00:30:22,680 --> 00:30:24,800 Speaker 1: he's not asking about that, but but yeah, that's that 653 00:30:24,800 --> 00:30:26,200 Speaker 1: can be a weird tangent if you go done that. 654 00:30:26,320 --> 00:30:28,200 Speaker 1: So I don't feel the need. But that is where 655 00:30:28,240 --> 00:30:30,120 Speaker 1: the risk of like, hey, I think things are good 656 00:30:30,120 --> 00:30:31,800 Speaker 1: at my company, but maybe there's some things I'm not 657 00:30:32,240 --> 00:30:36,960 Speaker 1: privy to and maybe yeah, who knows, maybe there's leadership 658 00:30:37,080 --> 00:30:40,520 Speaker 1: change and the like the next course over the next 659 00:30:40,520 --> 00:30:41,920 Speaker 1: five years is not gonna be good for the company. 660 00:30:41,920 --> 00:30:43,600 Speaker 1: I sure hope that's not the case, Matt, But like 661 00:30:43,840 --> 00:30:46,000 Speaker 1: you never know, you never know, And this is the 662 00:30:46,080 --> 00:30:51,760 Speaker 1: reason to not like over index right into one one 663 00:30:51,920 --> 00:30:56,800 Speaker 1: one company and uh tying not just your livelihood but 664 00:30:56,840 --> 00:31:00,640 Speaker 1: also your future investments to their performance. And but espps 665 00:31:00,640 --> 00:31:03,400 Speaker 1: are great. So if I was in Matt shoes, I 666 00:31:03,400 --> 00:31:06,479 Speaker 1: would take full advantage of the ESPP. Oh yeah, despite 667 00:31:06,480 --> 00:31:09,320 Speaker 1: what I just said about the versification. And I'll explain, 668 00:31:09,360 --> 00:31:11,680 Speaker 1: we can, we'll explain why. But you know, let's just 669 00:31:11,760 --> 00:31:15,280 Speaker 1: first highlight how good this ESPP is. Matt mentioned a 670 00:31:15,320 --> 00:31:17,960 Speaker 1: look back provision in the question, so nice, which means 671 00:31:18,040 --> 00:31:20,920 Speaker 1: he gets like a not only like a fifteen percent 672 00:31:20,920 --> 00:31:23,440 Speaker 1: discount on the stock that he's buying, but he also 673 00:31:23,520 --> 00:31:27,240 Speaker 1: gets a lower price than the general public is able 674 00:31:27,320 --> 00:31:29,520 Speaker 1: to get, right because he can get the stock price 675 00:31:29,600 --> 00:31:32,280 Speaker 1: at the beginning or the end of a six month window. 676 00:31:32,760 --> 00:31:35,600 Speaker 1: And so yeah, like which whichever one's the lowest, exactly, Yeah, 677 00:31:35,600 --> 00:31:37,800 Speaker 1: you're getting the best stinking deal, which is awesome. So 678 00:31:37,800 --> 00:31:40,160 Speaker 1: you get a fifteen percent discount on potentially and even 679 00:31:40,760 --> 00:31:44,600 Speaker 1: much more discounted price. Must be nice, That's all I'm 680 00:31:44,600 --> 00:31:48,040 Speaker 1: going to say. Well, public, we'll offer that same thing 681 00:31:48,120 --> 00:31:50,840 Speaker 1: to ever had ESPP. Yeah sounds awesome for the folks 682 00:31:50,880 --> 00:31:53,040 Speaker 1: who work here. But yeah, so this makes the deal 683 00:31:53,080 --> 00:31:56,160 Speaker 1: look even better, could potentially substantially better than just a 684 00:31:56,160 --> 00:31:58,800 Speaker 1: straight fifteen percent discount, which is already a nice perk. 685 00:31:58,920 --> 00:32:00,920 Speaker 1: So I guess I I just want to say I'm 686 00:32:00,920 --> 00:32:02,480 Speaker 1: with you, Matt, Like it's a no brainer to take 687 00:32:02,480 --> 00:32:05,600 Speaker 1: advantage of this ESPP option. We just want you to 688 00:32:05,640 --> 00:32:07,760 Speaker 1: use it wisely, that's right. And part of using it 689 00:32:07,800 --> 00:32:11,080 Speaker 1: wisely is dialing in your specific strategy so that you 690 00:32:11,160 --> 00:32:13,840 Speaker 1: are not taking on too much risk. So you would 691 00:32:13,920 --> 00:32:17,600 Speaker 1: take the quick flip strategy. This is something that I 692 00:32:17,640 --> 00:32:19,800 Speaker 1: think I would do were I in your situation, and 693 00:32:19,800 --> 00:32:22,880 Speaker 1: basically sell your stocks as soon as you're able. Essentially 694 00:32:22,960 --> 00:32:25,520 Speaker 1: you're taking advantage of the discount that you're you are 695 00:32:25,600 --> 00:32:28,960 Speaker 1: immediately getting, but then you are getting out. But this 696 00:32:29,200 --> 00:32:33,680 Speaker 1: is known as a disqualifying disposition, so you're gonna have 697 00:32:33,480 --> 00:32:36,560 Speaker 1: to pay tax on that, depending on your income. It's 698 00:32:36,720 --> 00:32:40,240 Speaker 1: likely not the best move from a tax standpoint, although 699 00:32:40,680 --> 00:32:43,960 Speaker 1: from a mental standpoint, from a diversification standpoint, a future 700 00:32:43,960 --> 00:32:47,640 Speaker 1: well standpoint, I think it is. And you mentioned not 701 00:32:47,680 --> 00:32:49,560 Speaker 1: want to put all your eggs in one basket, right, 702 00:32:49,960 --> 00:32:52,080 Speaker 1: this is why you would take this approach, the sort 703 00:32:52,080 --> 00:32:55,760 Speaker 1: of flip approach, and it's why a generous ESPP like 704 00:32:55,800 --> 00:32:59,040 Speaker 1: this is worth taking advantage of. But again, if you 705 00:32:59,040 --> 00:33:02,200 Speaker 1: hold onto companies stock too long, you are definitely amping 706 00:33:02,280 --> 00:33:05,560 Speaker 1: up your risk and in other ways, yeah yeah, because 707 00:33:05,560 --> 00:33:08,120 Speaker 1: if you if you hold on too long, you're just 708 00:33:08,640 --> 00:33:12,440 Speaker 1: that's right, you're just like the indexing in a riskier direction. 709 00:33:13,040 --> 00:33:14,760 Speaker 1: Even if you believe in the upside of the company, 710 00:33:14,760 --> 00:33:16,719 Speaker 1: which what you do. It's just unwise to own too 711 00:33:16,760 --> 00:33:20,960 Speaker 1: much company stock ever, and that that goes matt not 712 00:33:21,040 --> 00:33:24,760 Speaker 1: just for individual companies right investing in individual stocks, but 713 00:33:24,800 --> 00:33:28,600 Speaker 1: it's even it's even riskier to invest in invest heavily 714 00:33:28,640 --> 00:33:31,000 Speaker 1: into the individual stock of the company that employs you. 715 00:33:31,120 --> 00:33:34,560 Speaker 1: So I think that your belief in the company's future 716 00:33:34,920 --> 00:33:37,800 Speaker 1: will shake out already in like steady employment and promotions 717 00:33:37,800 --> 00:33:39,880 Speaker 1: and raises, and just be thankful for that, like you 718 00:33:39,880 --> 00:33:41,720 Speaker 1: don't have to try to capitalize on the upside of 719 00:33:41,760 --> 00:33:45,080 Speaker 1: the stock as well. Like the the only real reason 720 00:33:45,160 --> 00:33:48,760 Speaker 1: to own this stock is is because the optimization play 721 00:33:48,800 --> 00:33:51,280 Speaker 1: you're able to make, not to buy a low price 722 00:33:51,320 --> 00:33:53,320 Speaker 1: and to hold on for many years or even decades 723 00:33:53,560 --> 00:33:56,160 Speaker 1: in hopes that you're going to outperform a total stock 724 00:33:56,160 --> 00:33:58,680 Speaker 1: market or S and P five hundred index fund. And 725 00:33:58,720 --> 00:34:00,400 Speaker 1: I think some people Matt, think that it's this way 726 00:34:00,440 --> 00:34:02,920 Speaker 1: to support your company, to be a team player, But 727 00:34:03,120 --> 00:34:05,440 Speaker 1: I think like you can be a team player a 728 00:34:05,480 --> 00:34:06,760 Speaker 1: whole lot of other ways. You don't have to put 729 00:34:06,800 --> 00:34:09,719 Speaker 1: your your future investments at greater risk in order to 730 00:34:09,719 --> 00:34:12,640 Speaker 1: do that. So I'm speaking as an outsider yet again, 731 00:34:12,800 --> 00:34:15,440 Speaker 1: I'm highlighting how this is not something ever ever had 732 00:34:15,840 --> 00:34:18,200 Speaker 1: available to me, and it must be nice, right, Like 733 00:34:18,200 --> 00:34:19,480 Speaker 1: I was kind of joking about that, and I was 734 00:34:19,640 --> 00:34:21,959 Speaker 1: literally thinking through that. I bet it does feel nice. 735 00:34:22,000 --> 00:34:24,560 Speaker 1: Like there's something about it that feels like you maybe 736 00:34:24,760 --> 00:34:26,680 Speaker 1: that you're privy to information that like the rest of 737 00:34:26,719 --> 00:34:28,480 Speaker 1: the market doesn't have. Like it feels like maybe you've 738 00:34:28,480 --> 00:34:32,279 Speaker 1: got the inside scoop. And by over indexing on your 739 00:34:32,280 --> 00:34:33,960 Speaker 1: company stock and the fact that you're getting it for 740 00:34:34,000 --> 00:34:36,440 Speaker 1: a discount, I think in a way, I think it 741 00:34:36,520 --> 00:34:39,319 Speaker 1: kind of plays into the endowment effect, right, Like you're like, oh, 742 00:34:39,360 --> 00:34:41,120 Speaker 1: this is my stock, and what did you see with 743 00:34:41,239 --> 00:34:43,680 Speaker 1: that stock? Your company stock, and you've got the name, 744 00:34:43,960 --> 00:34:47,320 Speaker 1: you got the security badge and whatever, all the accolades 745 00:34:47,320 --> 00:34:50,399 Speaker 1: that come with that particular it's like salesforce or something, 746 00:34:50,400 --> 00:34:52,160 Speaker 1: you know, So like like you've got the briefcase and 747 00:34:52,200 --> 00:34:56,440 Speaker 1: the the you might even have the brand ZIP or 748 00:34:56,480 --> 00:35:01,759 Speaker 1: the three quarters for three quarters zip. But because you've 749 00:35:01,760 --> 00:35:04,040 Speaker 1: seen that immediate sort of discount, the fact that you're 750 00:35:04,040 --> 00:35:06,200 Speaker 1: getting it on sale, I think maybe what happens is 751 00:35:06,239 --> 00:35:08,600 Speaker 1: it puts it in a better light than it actually is, 752 00:35:08,640 --> 00:35:11,080 Speaker 1: and you feel some sort of like emotional attachment to it, 753 00:35:11,840 --> 00:35:14,560 Speaker 1: and so because of that, that indomitant effect kicks in 754 00:35:14,600 --> 00:35:18,360 Speaker 1: and you I wouldn't I am curious if there's no 755 00:35:18,440 --> 00:35:20,399 Speaker 1: data or studies here, I'm just like making this up. 756 00:35:20,440 --> 00:35:22,440 Speaker 1: But I'm just again trying to picture myself in his shoes, 757 00:35:22,440 --> 00:35:25,239 Speaker 1: and I could see myself falling into that where I'm like, oh, no, no, 758 00:35:25,320 --> 00:35:27,080 Speaker 1: this is a winner, Like why would I want to 759 00:35:27,080 --> 00:35:28,920 Speaker 1: get rid of this? Are you kidding me? I want 760 00:35:28,960 --> 00:35:31,560 Speaker 1: to grow my wealth, man, And I've seen it grow 761 00:35:31,920 --> 00:35:34,400 Speaker 1: not only because of the discount, but oh because he 762 00:35:34,480 --> 00:35:36,719 Speaker 1: mentioned seventeen percent, and so maybe it's gone up like 763 00:35:36,760 --> 00:35:39,920 Speaker 1: a little bit over the course of the quarter. And 764 00:35:40,920 --> 00:35:43,920 Speaker 1: let's just say you see it improve like five percent 765 00:35:44,120 --> 00:35:46,080 Speaker 1: or something like that over the period, Like you're seeing 766 00:35:46,400 --> 00:35:49,480 Speaker 1: over twenty percent in gain, And it would be very 767 00:35:49,520 --> 00:35:51,719 Speaker 1: easy to talk yourself into saying I want to let 768 00:35:51,760 --> 00:35:54,239 Speaker 1: my winners ride, Like why would I get rid of this? 769 00:35:54,680 --> 00:35:57,240 Speaker 1: You a dummy? But the wind was in the buying, 770 00:35:57,280 --> 00:35:59,560 Speaker 1: in the special deal, in the holding, and that's what 771 00:35:59,560 --> 00:36:02,080 Speaker 1: you have to But I think just by holding it 772 00:36:02,120 --> 00:36:04,560 Speaker 1: for a second, there's something that takes place mentally where 773 00:36:04,600 --> 00:36:07,240 Speaker 1: you're like, no, no, no, no, no, these are my stocks. 774 00:36:07,480 --> 00:36:08,960 Speaker 1: You can't have these. I'm not going to sell these 775 00:36:08,960 --> 00:36:10,439 Speaker 1: to you. Why would I want to do that? Yeah, 776 00:36:10,480 --> 00:36:12,960 Speaker 1: So you want to avoid that sort of trap instead, 777 00:36:13,120 --> 00:36:15,360 Speaker 1: look to market some look to what history shows us, 778 00:36:15,400 --> 00:36:17,160 Speaker 1: which is being diversified as the way to win. Yep. 779 00:36:17,400 --> 00:36:20,839 Speaker 1: I do see that as like a potential mistake, like 780 00:36:20,920 --> 00:36:24,040 Speaker 1: to kind of I get too attached to something that man, 781 00:36:24,120 --> 00:36:26,120 Speaker 1: really this is this is a benefit, a straight up 782 00:36:26,160 --> 00:36:28,520 Speaker 1: benefit that you should take advantage of and not something 783 00:36:28,560 --> 00:36:31,960 Speaker 1: it's like a one time benefit versus like this ongoing relationship. Right. Yeah, 784 00:36:32,160 --> 00:36:34,080 Speaker 1: And I guess at worst you mentioned the flip strategy. 785 00:36:34,239 --> 00:36:37,319 Speaker 1: The maybe most risky thing you could do if you 786 00:36:37,360 --> 00:36:40,600 Speaker 1: wanted to try to reduce tax implications is to hold 787 00:36:40,600 --> 00:36:42,480 Speaker 1: on for a year post purchase, because that's when you 788 00:36:42,960 --> 00:36:46,240 Speaker 1: cross like essentially a threshold you receive superior tax treatment, 789 00:36:46,280 --> 00:36:49,360 Speaker 1: Like you'd still be taxed on the discount you received 790 00:36:49,400 --> 00:36:51,759 Speaker 1: at your ordinary income tax rate, but the gains that 791 00:36:51,800 --> 00:36:54,680 Speaker 1: you experienced would be taxed at a superior capital gains 792 00:36:54,719 --> 00:36:57,160 Speaker 1: tax rate. Again, though this ramps up your risk level. 793 00:36:57,160 --> 00:37:00,200 Speaker 1: I'm not sure we're talking about high enough dollar amount 794 00:37:00,320 --> 00:37:03,880 Speaker 1: to really merit holding on to it longer, but it 795 00:37:04,000 --> 00:37:05,839 Speaker 1: just kind of wanted to throw that out there that, yes, 796 00:37:05,840 --> 00:37:08,080 Speaker 1: that does change the tax implications at least a little bit, 797 00:37:08,200 --> 00:37:11,759 Speaker 1: that's right. And then what should you do once you sell, Well, 798 00:37:11,840 --> 00:37:14,680 Speaker 1: take that money, put it in more diversified investments. That's 799 00:37:14,719 --> 00:37:16,600 Speaker 1: the uh, that's the name of the game here. That's 800 00:37:16,440 --> 00:37:20,440 Speaker 1: the answer we're giving. If you are WROTH eligible, right, 801 00:37:20,440 --> 00:37:22,120 Speaker 1: if you're, if your income is low enough, make sure 802 00:37:22,160 --> 00:37:25,440 Speaker 1: to max out your wroth IRA and invest in more 803 00:37:25,480 --> 00:37:28,960 Speaker 1: diversified assets like you mentioned. But if not, either contribute 804 00:37:29,000 --> 00:37:32,719 Speaker 1: more to your tax advantage plan there at work. That's 805 00:37:32,760 --> 00:37:35,759 Speaker 1: like next on the order of operations here, and then 806 00:37:35,840 --> 00:37:39,600 Speaker 1: after that consider a taxable brokerage account. But ultimately, the 807 00:37:39,600 --> 00:37:41,840 Speaker 1: best way to think about your ESPP again is like 808 00:37:41,960 --> 00:37:46,520 Speaker 1: as this compensation enhancements, not as a long term investment strategy. 809 00:37:46,600 --> 00:37:49,680 Speaker 1: You this is a relationship. You're not marrying these stocks. 810 00:37:49,760 --> 00:37:52,160 Speaker 1: You can unload them as as soon as you'd like. 811 00:37:52,840 --> 00:37:55,799 Speaker 1: It's a part of your total compensation plan here. It's 812 00:37:55,800 --> 00:37:57,640 Speaker 1: a kin to your four win k or even to 813 00:37:57,760 --> 00:38:00,239 Speaker 1: like a solid health care plan. So make sure to 814 00:38:00,320 --> 00:38:03,319 Speaker 1: use it properly. Set a calendar reminder too, that way 815 00:38:03,360 --> 00:38:06,440 Speaker 1: you don't forget. It's one thing to intentionally do it, 816 00:38:06,440 --> 00:38:08,719 Speaker 1: it's another. It's a whole other thing to fall into that. Oh, 817 00:38:08,800 --> 00:38:12,080 Speaker 1: I forgot to unsubscribe to Netflix after the seven day trial. Yeah, 818 00:38:12,200 --> 00:38:14,640 Speaker 1: I actually did that recently with what was it? They 819 00:38:14,640 --> 00:38:16,400 Speaker 1: still do free trials on the Peacock No, I did 820 00:38:16,440 --> 00:38:19,600 Speaker 1: it recently Peacock three Prime. We were looking for oh, 821 00:38:19,920 --> 00:38:22,600 Speaker 1: the Mario movie, okay, and they had it there, so 822 00:38:22,640 --> 00:38:25,480 Speaker 1: I'm like, we can rent it for four dollars or 823 00:38:25,520 --> 00:38:28,359 Speaker 1: we can I can set a calendar reminder, just kind 824 00:38:28,400 --> 00:38:30,920 Speaker 1: of actually sure, you got to make sure to do it, so, Matt, 825 00:38:30,960 --> 00:38:33,239 Speaker 1: just make sure that you're not letting that one slip 826 00:38:33,280 --> 00:38:37,000 Speaker 1: through the cracks. Jewels get to another listener. This is 827 00:38:37,080 --> 00:38:39,359 Speaker 1: the lease that the car least question, and this one 828 00:38:39,440 --> 00:38:41,040 Speaker 1: is specifically from Jesse. 829 00:38:42,160 --> 00:38:45,800 Speaker 4: My question is about cars. I currently own a twenty 830 00:38:45,880 --> 00:38:49,120 Speaker 4: twenty two or have four prime. I have no payments. 831 00:38:49,640 --> 00:38:53,480 Speaker 4: My company utilizes the Favor program or the fixed and 832 00:38:53,640 --> 00:38:58,920 Speaker 4: Variable rate Reimbursement program, allowing tax free reimbursement. I am 833 00:38:58,960 --> 00:39:01,960 Speaker 4: currently incompliance with the program, but at the beginning of 834 00:39:01,960 --> 00:39:04,560 Speaker 4: twenty twenty seven, my vehicle will pass out of the 835 00:39:04,560 --> 00:39:09,280 Speaker 4: compliance window. Of a vehicle being four years old or less, 836 00:39:10,280 --> 00:39:13,359 Speaker 4: a monthly payment is calculated based on location, and then 837 00:39:13,400 --> 00:39:16,120 Speaker 4: a variable rate is paid out for each mile driven. 838 00:39:16,760 --> 00:39:20,120 Speaker 4: Have you worked with the Favor program before in twenty 839 00:39:20,160 --> 00:39:22,960 Speaker 4: twenty seven? Does the math say, take the decrease in 840 00:39:23,000 --> 00:39:26,360 Speaker 4: monthly payments to keep using a vehicle owned outright? Do 841 00:39:26,480 --> 00:39:28,680 Speaker 4: I sell the vehicle and buy a new or used 842 00:39:28,719 --> 00:39:31,640 Speaker 4: car and keep me in compliance for another a year 843 00:39:31,800 --> 00:39:35,160 Speaker 4: or two? Or lease based on the rolling nature of 844 00:39:35,200 --> 00:39:38,640 Speaker 4: the program. Leasing has always been a bad choice for 845 00:39:38,760 --> 00:39:42,200 Speaker 4: me financially, But based on my new situation, could it 846 00:39:42,320 --> 00:39:45,680 Speaker 4: make sense? Car brand does not matter to me in 847 00:39:45,719 --> 00:39:48,200 Speaker 4: the least. I look forward to hearing your opinion, and 848 00:39:48,239 --> 00:39:48,920 Speaker 4: I love the show. 849 00:39:49,920 --> 00:39:52,400 Speaker 1: Oh man, have we just found the rare exception to 850 00:39:52,560 --> 00:39:55,360 Speaker 1: the leasing cars is a really dumb idea advice that 851 00:39:55,400 --> 00:39:59,719 Speaker 1: we typically Let's unpack it yeah, let's tell let Jesse know. Yeah, 852 00:40:00,280 --> 00:40:02,640 Speaker 1: we'll find out like it's it's actually in this situation 853 00:40:02,760 --> 00:40:04,879 Speaker 1: depends what you're trying to optimize. It does. It does 854 00:40:04,960 --> 00:40:07,600 Speaker 1: if you're optimizing for that new car, smell get it 855 00:40:08,200 --> 00:40:11,160 Speaker 1: at least that car. Well in this in this circumstance, 856 00:40:11,400 --> 00:40:14,320 Speaker 1: it's maybe less bad right than it would for somebody 857 00:40:14,320 --> 00:40:15,920 Speaker 1: who's not getting any sort of reimburse in but it's 858 00:40:15,920 --> 00:40:18,719 Speaker 1: still not the bad, but still bad, still bad. Still 859 00:40:18,719 --> 00:40:22,400 Speaker 1: have the best decision. So let's mention quick Favor, which 860 00:40:22,560 --> 00:40:25,160 Speaker 1: Jesse mentioned with stands for fixed and variable rates. This 861 00:40:25,520 --> 00:40:29,400 Speaker 1: is a tax free reimbursement program for your vehicle if 862 00:40:29,440 --> 00:40:32,719 Speaker 1: you drive one for work, and if your employer subscribes 863 00:40:32,760 --> 00:40:35,160 Speaker 1: to the Favor method. It's it's pretty great for people 864 00:40:35,200 --> 00:40:38,279 Speaker 1: who drive their own car for work. It's it's the 865 00:40:38,320 --> 00:40:40,399 Speaker 1: most accurate system too, because it has this like two 866 00:40:40,400 --> 00:40:43,520 Speaker 1: bucket approach. One bucket covers the fixed costs that you 867 00:40:43,560 --> 00:40:47,319 Speaker 1: incur like insurance premiums and depreciation, and the other is 868 00:40:47,360 --> 00:40:51,879 Speaker 1: for variable costs like gas, maintenance, and tires. And so 869 00:40:51,920 --> 00:40:54,600 Speaker 1: the flat monthly check approach to car allowance. It might 870 00:40:54,719 --> 00:40:57,719 Speaker 1: sound like it's going to be easier but it's not 871 00:40:57,760 --> 00:41:01,040 Speaker 1: necessarily and it doesn't come with those same tax benefits. 872 00:41:01,080 --> 00:41:03,239 Speaker 1: So I think this is this is a good perk 873 00:41:03,320 --> 00:41:05,279 Speaker 1: for Jesse to be in this favor program. He had 874 00:41:05,320 --> 00:41:08,560 Speaker 1: another one of these sweet employee Yea offered perks that 875 00:41:08,600 --> 00:41:10,840 Speaker 1: we've never Maybe this is one we can do, Joel. 876 00:41:11,239 --> 00:41:14,080 Speaker 1: Although we always talk about how we walk in bike 877 00:41:14,120 --> 00:41:16,200 Speaker 1: to the r so there's no I don't think there's 878 00:41:16,200 --> 00:41:20,359 Speaker 1: any favor benefits being paid out legally. At least maybe 879 00:41:20,360 --> 00:41:22,560 Speaker 1: we can pay for my new running shoes or something. 880 00:41:24,520 --> 00:41:26,680 Speaker 1: What's great too about this program is it takes into 881 00:41:26,719 --> 00:41:29,399 Speaker 1: account local conditions. So it's a federal program, but it's 882 00:41:29,440 --> 00:41:34,400 Speaker 1: administered it takes into account local information. Basically, Jesse, he 883 00:41:34,400 --> 00:41:37,239 Speaker 1: didn't say this, but in his email he included that 884 00:41:37,280 --> 00:41:40,799 Speaker 1: he's from was it like Tacoma or spoking to Washington? Yea, 885 00:41:40,840 --> 00:41:43,640 Speaker 1: somewhere up there. But he's in Washington State and the 886 00:41:43,680 --> 00:41:46,719 Speaker 1: gas prices are higher out there, which means you're going 887 00:41:46,760 --> 00:41:49,399 Speaker 1: to be reimbursed out a higher rate, which is pretty cool. 888 00:41:50,360 --> 00:41:54,000 Speaker 1: I once point this out though, Jesse, just because you 889 00:41:54,080 --> 00:41:57,719 Speaker 1: are getting reimbursed does not mean that you have to 890 00:41:57,719 --> 00:42:01,879 Speaker 1: actually spend that reimbursement. There on the vehicle. So most 891 00:42:01,880 --> 00:42:05,040 Speaker 1: folks think that because it's their quote unquote car allowance, 892 00:42:05,600 --> 00:42:07,880 Speaker 1: that oh, okay, well I'm gonna spend that entire amount 893 00:42:08,000 --> 00:42:10,520 Speaker 1: on a car payment or just on the like the 894 00:42:10,520 --> 00:42:13,640 Speaker 1: total cost of car ownership. You can. But instead, I 895 00:42:13,680 --> 00:42:16,200 Speaker 1: would rather like to think of this reimbursement as just 896 00:42:16,640 --> 00:42:18,400 Speaker 1: sort of like we're talking about the ESPP and the 897 00:42:18,440 --> 00:42:21,160 Speaker 1: previous question, this is just a part of your overall compensation, 898 00:42:21,600 --> 00:42:24,960 Speaker 1: which means that every dollar that you eradicate from spending 899 00:42:24,960 --> 00:42:29,000 Speaker 1: on car stuff is more of this tax free money 900 00:42:29,120 --> 00:42:30,880 Speaker 1: that it's come in your way that you get to 901 00:42:30,960 --> 00:42:33,200 Speaker 1: keep it it. Actually, it makes me think back to 902 00:42:33,640 --> 00:42:37,280 Speaker 1: speaking of car stuff. I remember getting hit as a teenager. 903 00:42:37,760 --> 00:42:39,520 Speaker 1: Somebody can kind of seise wipe me a little bit. 904 00:42:39,640 --> 00:42:41,960 Speaker 1: I was like, I don't know was this I'm sixteen, 905 00:42:42,000 --> 00:42:43,520 Speaker 1: I don't know how to do any of this whatever. 906 00:42:43,680 --> 00:42:45,319 Speaker 1: And my dad's like, all right, we you know, got 907 00:42:45,360 --> 00:42:48,440 Speaker 1: the police report, they were ticketed, got quoted out, and 908 00:42:49,640 --> 00:42:51,960 Speaker 1: send it over to they're insured, and got the check. 909 00:42:52,000 --> 00:42:53,919 Speaker 1: And I remember my dad telling me, he's like, great, 910 00:42:53,960 --> 00:42:56,239 Speaker 1: that check is there to you. You don't have to 911 00:42:56,239 --> 00:42:57,759 Speaker 1: fix the car if you don't want to because it 912 00:42:57,800 --> 00:43:02,960 Speaker 1: wasn't that big of a thing. And of course, young foolish, 913 00:43:03,040 --> 00:43:05,480 Speaker 1: not money savvy, Matt was like, no, I want to. 914 00:43:05,600 --> 00:43:07,440 Speaker 1: I don't want to have a busted up ride. I'm 915 00:43:07,480 --> 00:43:12,400 Speaker 1: sixteen sixteen, this matters. Whereas now I would one hundred 916 00:43:12,400 --> 00:43:15,839 Speaker 1: percent just keep the money. Yeah a SMP wait for 917 00:43:15,840 --> 00:43:19,520 Speaker 1: someone else to talk it yet again. Anyway, just wanted 918 00:43:19,760 --> 00:43:22,000 Speaker 1: to mention that Jesse that you don't have to necessarily 919 00:43:22,040 --> 00:43:24,000 Speaker 1: spend this money that's coming your way. No, that's right, 920 00:43:24,040 --> 00:43:25,640 Speaker 1: that's right, Like that you can think of this as 921 00:43:25,920 --> 00:43:28,120 Speaker 1: the gap that you can grow between what you're spending 922 00:43:28,160 --> 00:43:32,000 Speaker 1: and what the car allowance you receive. Is is free money, right, 923 00:43:32,040 --> 00:43:35,960 Speaker 1: Like it's additional pay, just coming from essentially a different direction. 924 00:43:36,560 --> 00:43:39,160 Speaker 1: And so I would think of this as a business expense, 925 00:43:39,200 --> 00:43:42,120 Speaker 1: and the goal is to minimize this business expense to 926 00:43:42,239 --> 00:43:44,600 Speaker 1: keep more money in your pocket. It's kind of similar 927 00:43:44,640 --> 00:43:47,360 Speaker 1: how we talk about ride offs. Matt like, yeah, you 928 00:43:47,360 --> 00:43:49,359 Speaker 1: can buy a more expensive computer and you can write 929 00:43:49,400 --> 00:43:52,080 Speaker 1: off a bigger amount, but you also spend more money 930 00:43:52,080 --> 00:43:54,760 Speaker 1: on the computer. And so if you don't need the fancy, 931 00:43:54,800 --> 00:43:56,960 Speaker 1: high end laptop, don't get it. Because you're like I'm 932 00:43:56,960 --> 00:43:59,759 Speaker 1: doing it to get that sweet larger tax benefit. That's 933 00:43:59,840 --> 00:44:02,400 Speaker 1: just self defeating, right, you still have more money and 934 00:44:02,600 --> 00:44:05,080 Speaker 1: you don't want a crappy car that's gonna have problems regularly. 935 00:44:05,120 --> 00:44:07,120 Speaker 1: I mean, and in fact, Jesse's kind of forced to 936 00:44:07,120 --> 00:44:10,080 Speaker 1: have a new ish car and you're just not allowed 937 00:44:10,080 --> 00:44:11,600 Speaker 1: to drive a ten or fifteen year old car if 938 00:44:11,600 --> 00:44:13,319 Speaker 1: he could, man like, think about how big he could 939 00:44:13,320 --> 00:44:15,200 Speaker 1: grow that gap if he could, if he could drive 940 00:44:15,239 --> 00:44:20,560 Speaker 1: something older. But leasing will almost inevitably cost more every month. Yeah, 941 00:44:20,640 --> 00:44:22,879 Speaker 1: I mean, could you lease a car and pay less 942 00:44:22,920 --> 00:44:26,319 Speaker 1: each month because of your reimbursement, Sure, I guess, but 943 00:44:26,440 --> 00:44:29,200 Speaker 1: it still wouldn't be as financially optimized as driving a 944 00:44:29,239 --> 00:44:31,359 Speaker 1: slightly older car that gets the job done. Oh that's 945 00:44:31,360 --> 00:44:33,040 Speaker 1: so what's going to keep more money in your pocket? Yeah? 946 00:44:33,040 --> 00:44:35,160 Speaker 1: I like that you said newish because I think what 947 00:44:35,280 --> 00:44:37,840 Speaker 1: he's doing now is pretty ideal. By the way, he 948 00:44:38,040 --> 00:44:41,080 Speaker 1: mentioned the twenty twenty two year alf four prime man, 949 00:44:41,400 --> 00:44:43,239 Speaker 1: So I saw one in one of those yes a 950 00:44:43,320 --> 00:44:45,000 Speaker 1: few years ago. But that being said, I'm glad I 951 00:44:45,000 --> 00:44:47,680 Speaker 1: don't actually, But then, and when you're thinking about ideal 952 00:44:47,920 --> 00:44:51,040 Speaker 1: cars to have a solid gap on like that's that's 953 00:44:51,040 --> 00:44:54,520 Speaker 1: a great car right to have into this reimbursement program. Yeah, 954 00:44:54,600 --> 00:44:59,160 Speaker 1: but again going back to new Ish, I like that approach. 955 00:44:59,440 --> 00:45:02,880 Speaker 1: I think folks who are keen on wealth building should 956 00:45:02,880 --> 00:45:05,840 Speaker 1: opt to make sort of a more calculated upgrade in 957 00:45:05,920 --> 00:45:08,719 Speaker 1: order to keep the car compliant. And because of the 958 00:45:08,760 --> 00:45:13,480 Speaker 1: depreciation piece of favor, it's based on a car's new value. 959 00:45:13,840 --> 00:45:16,640 Speaker 1: So if you keep that mind buying a generally used 960 00:45:16,840 --> 00:45:19,759 Speaker 1: car that has already taken that massive depreciation hit, it 961 00:45:19,800 --> 00:45:22,799 Speaker 1: puts you ahead financially. So yes, you know, if you 962 00:45:22,880 --> 00:45:24,839 Speaker 1: lose lease every three years, you wouldn't have to worry 963 00:45:24,880 --> 00:45:27,560 Speaker 1: about saying in compliance at all. But you're not going 964 00:45:27,640 --> 00:45:30,960 Speaker 1: to reap the massive financial benefit of buying a very 965 00:45:31,080 --> 00:45:34,840 Speaker 1: nice newsh vehicle that's very fuel efficient, that's only a 966 00:45:34,920 --> 00:45:38,600 Speaker 1: year or two two years old, just something pretty dang new. 967 00:45:38,880 --> 00:45:40,920 Speaker 1: I think that's how I would do it. Well. I 968 00:45:40,960 --> 00:45:42,600 Speaker 1: guess the other place that a lease could come back 969 00:45:42,600 --> 00:45:44,880 Speaker 1: to bite you as well is if you drive a 970 00:45:44,880 --> 00:45:47,240 Speaker 1: ton of miles and you go over the mileage amount 971 00:45:47,360 --> 00:45:49,480 Speaker 1: that the lease says you can do. So if it's 972 00:45:49,480 --> 00:45:51,799 Speaker 1: twelve thousand miles a year, let's say, on your lease, 973 00:45:52,200 --> 00:45:54,879 Speaker 1: and you're a heavy driver, because you're driving all over 974 00:45:54,920 --> 00:45:57,759 Speaker 1: the state or all over the region. Yep. Then think 975 00:45:57,800 --> 00:46:00,839 Speaker 1: about how much of an over mileage penalty you could 976 00:46:00,880 --> 00:46:03,960 Speaker 1: pay right and that could be that could put you 977 00:46:04,000 --> 00:46:06,520 Speaker 1: in the penalty box even more from a financial standpoint, 978 00:46:06,920 --> 00:46:11,080 Speaker 1: just sucking up maybe the whole you know, car reimbursement 979 00:46:11,200 --> 00:46:13,480 Speaker 1: and more. I don't know, so I guess I would 980 00:46:13,480 --> 00:46:15,600 Speaker 1: say hold on to this wrap four as long as 981 00:46:15,640 --> 00:46:17,919 Speaker 1: you can, until you can't anymore, until it literally falls 982 00:46:17,920 --> 00:46:20,799 Speaker 1: out of compliance, and look for something right at that 983 00:46:20,920 --> 00:46:23,640 Speaker 1: line for that's that's a few years newer, that's similar, 984 00:46:23,719 --> 00:46:27,600 Speaker 1: it's comfortable, gets good gas mileage. The leasing is not 985 00:46:27,640 --> 00:46:29,920 Speaker 1: going to be the most financially advantageous choice. I think 986 00:46:29,920 --> 00:46:32,120 Speaker 1: you're right, Matt. The one year old car, do that, 987 00:46:32,360 --> 00:46:35,680 Speaker 1: you're reaping some of those depreciation benefits, and then just wash, rinse, 988 00:46:35,719 --> 00:46:37,680 Speaker 1: and repeat. Do that every three years, because you know 989 00:46:37,800 --> 00:46:39,279 Speaker 1: the one you bought just a few years ago is 990 00:46:39,280 --> 00:46:41,440 Speaker 1: going out of compliance. It's kind of sad like that 991 00:46:41,480 --> 00:46:43,480 Speaker 1: you have to recycle cars like that in some ways. 992 00:46:43,480 --> 00:46:45,759 Speaker 1: But if those are the rules and you got to 993 00:46:45,760 --> 00:46:47,759 Speaker 1: abide by them, so abide by them, but do them 994 00:46:47,760 --> 00:46:49,960 Speaker 1: in the way that's gonna like be the most financially 995 00:46:49,960 --> 00:46:52,680 Speaker 1: advantageous for you. That's right, Joe. We've got more to 996 00:46:52,680 --> 00:46:54,520 Speaker 1: get to. We're gonna hear from a listener who's got 997 00:46:54,520 --> 00:46:57,399 Speaker 1: an insurance win. We'll hear from that one. We'll get 998 00:46:57,400 --> 00:47:07,080 Speaker 1: to that one and more. Right after this, we're back. 999 00:47:07,120 --> 00:47:09,080 Speaker 1: We got more of your questions to get to. This 1000 00:47:09,160 --> 00:47:10,879 Speaker 1: is of course, we've gotta get to the Facebook question 1001 00:47:10,920 --> 00:47:12,240 Speaker 1: of the week. Man, this is more of a statement, 1002 00:47:12,239 --> 00:47:14,040 Speaker 1: but I was like, Oh, this is worth sharing and 1003 00:47:14,040 --> 00:47:15,799 Speaker 1: we could talk about it for a second. This one 1004 00:47:16,040 --> 00:47:17,920 Speaker 1: was from an anonymous listener posting in the how to 1005 00:47:17,960 --> 00:47:19,840 Speaker 1: Money Facebook group, who said I wanted to share a 1006 00:47:19,880 --> 00:47:22,640 Speaker 1: money win. Several years ago, I bought a thirty year 1007 00:47:22,760 --> 00:47:26,000 Speaker 1: term life insurance, but my premium was surcharged because I 1008 00:47:26,040 --> 00:47:28,640 Speaker 1: was overweight. Over the last two years, I've lost the 1009 00:47:28,680 --> 00:47:31,000 Speaker 1: extra weight and was able to re quote my existing 1010 00:47:31,040 --> 00:47:33,839 Speaker 1: policy and obtain a quote for a new one that's 1011 00:47:33,880 --> 00:47:36,120 Speaker 1: about five hundred dollars a year cheaper. He says, I'm 1012 00:47:36,160 --> 00:47:38,640 Speaker 1: still not getting the best rates because of the history, 1013 00:47:38,840 --> 00:47:40,279 Speaker 1: but I was told that if I could maintain a 1014 00:47:40,320 --> 00:47:42,440 Speaker 1: healthy weight for two more years, I could ask them 1015 00:47:42,480 --> 00:47:45,120 Speaker 1: to rerate me again for a further discount noise. So 1016 00:47:45,160 --> 00:47:47,120 Speaker 1: if you've had a positive change in your health, consider 1017 00:47:47,160 --> 00:47:51,120 Speaker 1: requoting or asking for a rerating for your life insurance policy. Nowice. 1018 00:47:51,160 --> 00:47:55,080 Speaker 1: I love this and to this anonymous poster, congrats on 1019 00:47:55,200 --> 00:47:57,239 Speaker 1: losing the weight because I've you know, it takes a 1020 00:47:57,280 --> 00:47:59,600 Speaker 1: lot of hard work, takes some dedication, and it also 1021 00:47:59,640 --> 00:48:01,560 Speaker 1: makes sense so that your insurance company is going to 1022 00:48:01,640 --> 00:48:04,120 Speaker 1: charge more if your BMI is too high, right, Like, 1023 00:48:04,200 --> 00:48:06,280 Speaker 1: it makes me think about if you're underwriting a smoker, 1024 00:48:06,920 --> 00:48:11,359 Speaker 1: you are ensuring a higher risk individual, but over time, yeah, 1025 00:48:11,400 --> 00:48:14,400 Speaker 1: reducing those risk factors. Man, I love that this poster 1026 00:48:14,520 --> 00:48:17,280 Speaker 1: is really saving money by yeah, you know, not only 1027 00:48:17,960 --> 00:48:22,120 Speaker 1: decreasing their risk and exposure to that insurance company, but 1028 00:48:22,400 --> 00:48:24,560 Speaker 1: by keeping that in mind and then reshopping with a 1029 00:48:24,560 --> 00:48:26,440 Speaker 1: different provider. So like you were saying earlier too, like 1030 00:48:26,480 --> 00:48:28,839 Speaker 1: you get some of those claims rolling off the back 1031 00:48:28,920 --> 00:48:32,640 Speaker 1: end of your clue report, now's the time to take advantage. 1032 00:48:32,680 --> 00:48:35,160 Speaker 1: So I love that this person. I've not heard someone 1033 00:48:35,200 --> 00:48:38,719 Speaker 1: doing that when it comes to life insurance, So I 1034 00:48:38,719 --> 00:48:40,520 Speaker 1: think it's great and that's smart. So cool. Yeah, it's 1035 00:48:40,520 --> 00:48:42,680 Speaker 1: only I don't know how long it's been, right since 1036 00:48:42,800 --> 00:48:46,239 Speaker 1: the original policy was written, said what several years ago? 1037 00:48:46,320 --> 00:48:47,759 Speaker 1: I think, So if it's only been let's say a 1038 00:48:47,760 --> 00:48:50,160 Speaker 1: few years, you might still want to shop the open 1039 00:48:50,160 --> 00:48:53,280 Speaker 1: market again, right, because if it's been a lot longer 1040 00:48:53,440 --> 00:48:56,400 Speaker 1: and you're much older, getting a requote on your existing 1041 00:48:56,440 --> 00:48:58,080 Speaker 1: policy that might be the best bet in terms of 1042 00:48:58,120 --> 00:49:00,960 Speaker 1: saving money. But you know, if if you're you know, 1043 00:49:01,200 --> 00:49:03,360 Speaker 1: just been a couple of years, you might find that 1044 00:49:03,560 --> 00:49:05,880 Speaker 1: going back to a site like policy Genius, checking with 1045 00:49:05,920 --> 00:49:08,560 Speaker 1: Costco if you're a Costco member and their life and 1046 00:49:08,680 --> 00:49:11,759 Speaker 1: term life insurance program, that you might save even more 1047 00:49:11,840 --> 00:49:15,120 Speaker 1: by getting a completely new policy instead of sticking with 1048 00:49:15,600 --> 00:49:17,880 Speaker 1: the one that you got a couple of years ago. So, 1049 00:49:18,800 --> 00:49:20,560 Speaker 1: and I just want to say this too, Matt. Your 1050 00:49:20,600 --> 00:49:22,920 Speaker 1: insurance company isn't kindly going to ask if there's a 1051 00:49:22,920 --> 00:49:25,360 Speaker 1: reason they should reduce your premiums. That's not how it 1052 00:49:25,360 --> 00:49:28,400 Speaker 1: works in the real world, right, And so you this, 1053 00:49:28,400 --> 00:49:30,600 Speaker 1: this listener did it, you can do it other listeners. 1054 00:49:31,280 --> 00:49:34,759 Speaker 1: You need to make the formal request for reconsideration. Not 1055 00:49:34,800 --> 00:49:37,319 Speaker 1: all life insurance companies offer this either, And so if 1056 00:49:37,360 --> 00:49:39,680 Speaker 1: yours doesn't, I would check the market to see if 1057 00:49:39,680 --> 00:49:41,239 Speaker 1: you can score a better rate. We have a term 1058 00:49:41,280 --> 00:49:43,440 Speaker 1: life insurance shopping guide. We'll link to it in the 1059 00:49:43,480 --> 00:49:46,520 Speaker 1: show notes. But again, what we are like fans of 1060 00:49:46,800 --> 00:49:49,760 Speaker 1: term life for most people because it is dirt cheap 1061 00:49:50,040 --> 00:49:52,960 Speaker 1: and you can get a lot of coverage for your 1062 00:49:52,960 --> 00:49:55,239 Speaker 1: family if you were to pass away prematurely. It's one 1063 00:49:55,239 --> 00:49:59,279 Speaker 1: of those like adulting tasks that's really important, and most 1064 00:49:59,320 --> 00:50:01,640 Speaker 1: people put a off too long and then they shop 1065 00:50:01,719 --> 00:50:04,279 Speaker 1: around and they're like, oh, about five hundred thousand dollars 1066 00:50:04,280 --> 00:50:07,040 Speaker 1: policies like twenty four dollars a month, that's crazy. I 1067 00:50:07,040 --> 00:50:08,440 Speaker 1: would have done it earlier if I had known that 1068 00:50:08,480 --> 00:50:10,279 Speaker 1: it was, you know, roughly the cost of one or 1069 00:50:10,280 --> 00:50:13,239 Speaker 1: two of my streaming subscriptions in this right. Some would 1070 00:50:13,280 --> 00:50:16,160 Speaker 1: even call a shopping for life assurance a summer chore. 1071 00:50:17,840 --> 00:50:20,880 Speaker 1: Let's take that mortgage hack question here, because we teased 1072 00:50:20,880 --> 00:50:22,719 Speaker 1: to it earlier. Even though we're going along here. This 1073 00:50:22,760 --> 00:50:25,080 Speaker 1: is an anonymous poster as well, who wrote, my feed 1074 00:50:25,160 --> 00:50:27,759 Speaker 1: is full of mortgage hacks to save or cut years 1075 00:50:27,760 --> 00:50:30,040 Speaker 1: of payments over the years. Looks like I have to 1076 00:50:30,080 --> 00:50:33,279 Speaker 1: take my principal and my interest and then divide by 1077 00:50:33,320 --> 00:50:35,160 Speaker 1: six and then pay on the fifteenth of the month 1078 00:50:35,200 --> 00:50:37,640 Speaker 1: to get the benefit. Does anyone else do this. Mine 1079 00:50:37,680 --> 00:50:39,480 Speaker 1: looks like it would be an additional one hundred and 1080 00:50:39,520 --> 00:50:42,239 Speaker 1: ninety dollars a month. Part of me thinks I could 1081 00:50:42,239 --> 00:50:43,640 Speaker 1: do this, but then the other part of me is 1082 00:50:43,680 --> 00:50:46,839 Speaker 1: thinking I should put that money somewhere else. Also, if 1083 00:50:46,880 --> 00:50:48,319 Speaker 1: you stand on one foot and put your finger on 1084 00:50:48,360 --> 00:50:51,680 Speaker 1: your nose and hop three hops to the west, and 1085 00:50:51,800 --> 00:50:53,000 Speaker 1: what do you think? What does that do? What does 1086 00:50:53,040 --> 00:50:55,399 Speaker 1: that do? It magically makes your PMI go away? Ooh, 1087 00:50:56,040 --> 00:50:58,879 Speaker 1: that's fascinating. I didn't know that, which when I say 1088 00:50:59,000 --> 00:51:03,320 Speaker 1: like that makes it sound like be like health ailment. 1089 00:51:03,360 --> 00:51:05,320 Speaker 1: But that's not what we're talking about about, your referencing 1090 00:51:05,400 --> 00:51:08,200 Speaker 1: private mortgage insurance, which is different. But first I got 1091 00:51:08,239 --> 00:51:10,279 Speaker 1: to say I love the desire to get rid of debt. 1092 00:51:10,280 --> 00:51:12,239 Speaker 1: I mean, I think that is a good thing, and 1093 00:51:12,960 --> 00:51:17,040 Speaker 1: there is in terms of even when we're thinking about optimization, 1094 00:51:17,080 --> 00:51:19,960 Speaker 1: we also have to think about the negative realities that 1095 00:51:20,480 --> 00:51:22,440 Speaker 1: having too much debt on our plates comes along with 1096 00:51:22,520 --> 00:51:24,719 Speaker 1: right And so I guess the first question I would 1097 00:51:24,719 --> 00:51:27,560 Speaker 1: ask this listener is whether they have other forms of debt, 1098 00:51:27,880 --> 00:51:30,000 Speaker 1: because if so, chances are high that it's worth paying 1099 00:51:30,040 --> 00:51:32,120 Speaker 1: off those first, that the mortgage debt is just like 1100 00:51:32,200 --> 00:51:34,919 Speaker 1: the very least of your problems. Right, You're gonna free 1101 00:51:35,000 --> 00:51:38,040 Speaker 1: up more cash flow. You're gonna be eradicating these worst 1102 00:51:38,040 --> 00:51:40,800 Speaker 1: forms of debt that come with higher interest rates if 1103 00:51:40,920 --> 00:51:42,799 Speaker 1: you were to kind of start paying those off first 1104 00:51:42,800 --> 00:51:45,839 Speaker 1: instead of trying to like fully optimize your mortgage. Sometimes, Matt, 1105 00:51:45,880 --> 00:51:49,319 Speaker 1: you hear like a social media video about optimizing your 1106 00:51:49,360 --> 00:51:51,439 Speaker 1: mortgage payoff and you're like, oh, that's what I want 1107 00:51:51,440 --> 00:51:54,160 Speaker 1: to do, and you're just not thinking because you're like 1108 00:51:54,880 --> 00:51:57,560 Speaker 1: it got that tunnel vision. You're just not thinking about 1109 00:51:57,600 --> 00:52:00,879 Speaker 1: how imprudent it would be compared to some of the other, 1110 00:52:01,400 --> 00:52:03,600 Speaker 1: maybe Pescio kinds of debts you have hanging on, and 1111 00:52:03,600 --> 00:52:06,359 Speaker 1: getting rid of those sooner would be just so much 1112 00:52:06,360 --> 00:52:08,680 Speaker 1: more valuable. And so I think those mortgage tacts can 1113 00:52:08,719 --> 00:52:11,040 Speaker 1: be enticing. Just don't want to get the cart before 1114 00:52:11,080 --> 00:52:16,680 Speaker 1: the horse. Paying off the less nefarious mortgage then let's 1115 00:52:16,680 --> 00:52:19,480 Speaker 1: say credit card debt, personal loans, yeah, car loan, whatever 1116 00:52:19,560 --> 00:52:21,120 Speaker 1: else you might have going on, that's right. Yeah, So 1117 00:52:21,120 --> 00:52:22,759 Speaker 1: that's the debt side of the equation. On the other 1118 00:52:22,800 --> 00:52:25,759 Speaker 1: side of the equation is what else you could do 1119 00:52:25,760 --> 00:52:28,759 Speaker 1: with that money? And I'm talking about investing, right, like, 1120 00:52:28,840 --> 00:52:31,640 Speaker 1: I don't know if you are investing your dollars, but 1121 00:52:32,640 --> 00:52:34,279 Speaker 1: on the positive side of the ledger, if you don't 1122 00:52:34,280 --> 00:52:37,080 Speaker 1: already well even before that, if you don't have a 1123 00:52:37,160 --> 00:52:39,839 Speaker 1: really good emergency fund, well you need to do that. 1124 00:52:39,880 --> 00:52:41,960 Speaker 1: But then in addition to that, if you're not getting 1125 00:52:42,000 --> 00:52:44,440 Speaker 1: the full match from your employer on a four to 1126 00:52:44,440 --> 00:52:46,359 Speaker 1: one K, if you aren't maxing out your roth IRA, 1127 00:52:46,480 --> 00:52:48,920 Speaker 1: there's a lot of other options out there and that 1128 00:52:48,920 --> 00:52:51,200 Speaker 1: would be a better place for you to put your money. 1129 00:52:51,800 --> 00:52:53,640 Speaker 1: So I would agree with you there. You know, it's 1130 00:52:53,680 --> 00:52:55,640 Speaker 1: great to pay off a mortgage early. Going back to 1131 00:52:55,680 --> 00:52:57,680 Speaker 1: what Joel was saying, I love the desire, I love 1132 00:52:57,719 --> 00:53:00,399 Speaker 1: the general attitude there, but only if you've taken care 1133 00:53:00,600 --> 00:53:03,439 Speaker 1: of those other money gears first. And by the way, 1134 00:53:03,680 --> 00:53:05,520 Speaker 1: even if you do find yourself in money year seven, 1135 00:53:05,800 --> 00:53:09,279 Speaker 1: it's unlikely that paying more towards your mortgage principle is 1136 00:53:09,320 --> 00:53:12,200 Speaker 1: going to be the absolute best way to proceed, although 1137 00:53:12,200 --> 00:53:14,080 Speaker 1: there is going to be a lot more optionality to make, 1138 00:53:14,520 --> 00:53:16,719 Speaker 1: you know, a less optimized choice at that point in 1139 00:53:16,719 --> 00:53:18,520 Speaker 1: your money journey. At that point, what I'm saying is 1140 00:53:18,560 --> 00:53:21,960 Speaker 1: more about the emotional payoff as opposed to the financial payoff. 1141 00:53:22,160 --> 00:53:24,680 Speaker 1: So I'm not gonna totally knock on it, but for 1142 00:53:24,800 --> 00:53:27,520 Speaker 1: most people, there are other things, better things you can 1143 00:53:27,560 --> 00:53:30,000 Speaker 1: do with your money, including paying off higher interest debt, 1144 00:53:30,120 --> 00:53:32,920 Speaker 1: but then making sure you're investing to the to the hilt. 1145 00:53:33,000 --> 00:53:35,560 Speaker 1: So maybe find the social media content. It's like credit 1146 00:53:35,600 --> 00:53:39,399 Speaker 1: card hack for pay something like it. Turn your rize 1147 00:53:39,400 --> 00:53:41,319 Speaker 1: in that direction. Again, we don't know exactly where this 1148 00:53:41,360 --> 00:53:43,799 Speaker 1: listener stands as far as like debt and investing, but 1149 00:53:44,239 --> 00:53:47,640 Speaker 1: just hopefully that provides just a step back from that's 1150 00:53:47,640 --> 00:53:49,040 Speaker 1: what you need to do here. Yeah, exactly, it's a 1151 00:53:49,080 --> 00:53:50,920 Speaker 1: zoom out that needs to take place. All right, Let's 1152 00:53:50,960 --> 00:53:52,680 Speaker 1: get back to the beer. Matt sixty minute IPA by 1153 00:53:52,719 --> 00:53:54,719 Speaker 1: Doctor's Head A true classic. This one's probably been they've 1154 00:53:54,760 --> 00:53:57,240 Speaker 1: probably been ruining this for what, I don't know, twenty 1155 00:53:57,239 --> 00:53:59,279 Speaker 1: five plus years. You think you think that along five 1156 00:54:00,000 --> 00:54:03,759 Speaker 1: maybe twenty, But goodness, that's true. I guess I think 1157 00:54:03,760 --> 00:54:05,759 Speaker 1: I had my first IPA in two thousand and six, 1158 00:54:05,840 --> 00:54:07,239 Speaker 1: now that I say it out loud, twenty years ago. 1159 00:54:07,280 --> 00:54:09,120 Speaker 1: They weren't too far after Sierra Nevada and Sierra Nevada 1160 00:54:09,160 --> 00:54:10,719 Speaker 1: want to say it's been around for thirty So yeah, 1161 00:54:10,760 --> 00:54:13,279 Speaker 1: I remember my buddy just being like, IPA's it's an 1162 00:54:13,280 --> 00:54:16,880 Speaker 1: acquired taste because at the time I'd just being like, whoa, 1163 00:54:17,320 --> 00:54:19,240 Speaker 1: this is better well, and they were just so different 1164 00:54:19,280 --> 00:54:22,399 Speaker 1: back then, as evidence by drinking this today. Yeah, this 1165 00:54:22,440 --> 00:54:26,120 Speaker 1: is a classic. It's got much more of a malt presence, 1166 00:54:26,360 --> 00:54:29,400 Speaker 1: but very nicely balanced. Even though it's malty, it's not 1167 00:54:29,840 --> 00:54:31,879 Speaker 1: I don't know, is there some multi IPAs you get 1168 00:54:31,920 --> 00:54:34,359 Speaker 1: and they still taste bitter, whereas this one that's got 1169 00:54:34,480 --> 00:54:36,600 Speaker 1: it's just well balanced. It's it's got the sweetness going 1170 00:54:36,640 --> 00:54:40,640 Speaker 1: on as well, nice backbone. Yeah, very enjoyable. Yeah, I 1171 00:54:40,680 --> 00:54:42,040 Speaker 1: was gonna say multier, and I was also going to 1172 00:54:42,080 --> 00:54:45,800 Speaker 1: say the hops instead of being super citrusy or piny, 1173 00:54:45,880 --> 00:54:49,279 Speaker 1: they're more floral on this one too, which, Yeah, it's 1174 00:54:49,320 --> 00:54:53,719 Speaker 1: just kind of like a classic, you know, two thousand's 1175 00:54:54,080 --> 00:54:58,040 Speaker 1: ipa and it's a nice mid ots. It's like a 1176 00:54:58,080 --> 00:55:00,839 Speaker 1: blast from the early hots beer. Yeah, really enjoyed it, 1177 00:55:00,880 --> 00:55:02,960 Speaker 1: and I hope you enjoyed this episode. If so, leave 1178 00:55:03,040 --> 00:55:06,680 Speaker 1: us a solid review only I'm not gonna say it. 1179 00:55:06,760 --> 00:55:08,759 Speaker 1: Leave a positive review over there wherever it is you 1180 00:55:08,760 --> 00:55:11,640 Speaker 1: listen to your podcasts Apple podcast, wherever it is that 1181 00:55:11,680 --> 00:55:14,239 Speaker 1: you might listen. If you want to send you a 1182 00:55:14,280 --> 00:55:16,359 Speaker 1: secret message, that's the place to do it. He alway 1183 00:55:16,400 --> 00:55:18,080 Speaker 1: checks him right before it goes to bed, and so 1184 00:55:18,160 --> 00:55:21,280 Speaker 1: if you want to communicate, you can leave that message 1185 00:55:21,480 --> 00:55:23,799 Speaker 1: of the night time routine over there. But that's gonna 1186 00:55:23,800 --> 00:55:27,160 Speaker 1: be it for this episode with warm milk. Yeah, tart check. 1187 00:55:27,920 --> 00:55:30,320 Speaker 1: More people are doing that now, are they? Yeah. Evidently 1188 00:55:30,360 --> 00:55:33,160 Speaker 1: it's a It doesn't like put you to sleep, it's 1189 00:55:33,160 --> 00:55:35,840 Speaker 1: not like a sedative, but it does sort of partner 1190 00:55:35,920 --> 00:55:38,960 Speaker 1: with the body naturally shutting down. Evidently Kate just bought 1191 00:55:39,000 --> 00:55:41,360 Speaker 1: them recently and we're starting to do it. It's a 1192 00:55:41,440 --> 00:55:43,719 Speaker 1: nice sort of ritual, not unlike your warm milk at 1193 00:55:43,800 --> 00:55:47,600 Speaker 1: night and podcast reviews. Yeah, exactly, all right, that is 1194 00:55:47,640 --> 00:55:49,759 Speaker 1: gonna do it until next time. Best Friends Out, Best 1195 00:55:49,800 --> 00:56:03,880 Speaker 1: Friends Out. The specific creates time it has tripped philin