1
00:00:00,080 --> 00:00:02,880
Speaker 1: Welcome to How the Money. I'm Joel and I am Matt.

2
00:00:03,000 --> 00:00:25,240
Speaker 1: Today we are answering your listener questions. That's right, buddy,

3
00:00:25,239 --> 00:00:28,000
Speaker 1: Happy Monday to you. We've got a great listener questions

4
00:00:28,040 --> 00:00:31,360
Speaker 1: episode lined up for listeners today, and we're gonna hear

5
00:00:31,360 --> 00:00:34,440
Speaker 1: from five different listeners. One is asking about how he

6
00:00:34,479 --> 00:00:38,640
Speaker 1: can avoid busting up his budget. Another listener is wondering

7
00:00:38,640 --> 00:00:41,000
Speaker 1: why she got declined for a new credit card that

8
00:00:41,080 --> 00:00:45,479
Speaker 1: she was looking to get. And yet another listener he

9
00:00:45,640 --> 00:00:48,440
Speaker 1: is wanting to know the best way to pay for

10
00:00:48,520 --> 00:00:50,839
Speaker 1: some surgery that he's got coming up. He wants to

11
00:00:50,880 --> 00:00:53,239
Speaker 1: make sure that he is optimizing his money moves. So

12
00:00:53,400 --> 00:00:56,520
Speaker 1: looking forward to those three questions plus two others today,

13
00:00:56,680 --> 00:00:59,240
Speaker 1: We've got a good lineup of listener questions here today, Matt.

14
00:00:59,400 --> 00:01:01,920
Speaker 1: Look forward to get to them. But before we start

15
00:01:01,960 --> 00:01:03,960
Speaker 1: diving in, I wanted to mention this is something I

16
00:01:04,000 --> 00:01:06,080
Speaker 1: just found out. I'm looking for looking for a new

17
00:01:06,120 --> 00:01:09,280
Speaker 1: bike shop up here by where where we live. I

18
00:01:09,319 --> 00:01:11,520
Speaker 1: haven't been to a bike shop yet, Yeah, I haven't.

19
00:01:11,520 --> 00:01:13,120
Speaker 1: I found a guy. I think I mentioned this on

20
00:01:13,120 --> 00:01:15,400
Speaker 1: the show. I found a mobile bike mobile guy. You don't,

21
00:01:15,440 --> 00:01:16,840
Speaker 1: so you don't want to go with him. Well, so

22
00:01:17,120 --> 00:01:19,199
Speaker 1: it was just I just need a flat repair, and

23
00:01:19,319 --> 00:01:21,200
Speaker 1: I had the bike already in my car, and it

24
00:01:21,280 --> 00:01:24,040
Speaker 1: was I was like, man, I just is there someplace

25
00:01:24,040 --> 00:01:25,880
Speaker 1: I can take this and have it done quickly? Just

26
00:01:25,880 --> 00:01:29,160
Speaker 1: want to get back on the road. And I realized,

27
00:01:29,280 --> 00:01:31,679
Speaker 1: wait a second, there's an ari I like five minutes away.

28
00:01:31,920 --> 00:01:35,040
Speaker 1: And do they do bike repairs? Oh? Wait, I looked

29
00:01:35,040 --> 00:01:37,960
Speaker 1: it up online. Yes they do. And so it turns

30
00:01:38,000 --> 00:01:41,240
Speaker 1: out as I was looking on their website that ari

31
00:01:41,440 --> 00:01:43,200
Speaker 1: I had does want they do a lot of bike

32
00:01:43,240 --> 00:01:46,000
Speaker 1: maintenance and too. If you're an ari I co Op member,

33
00:01:46,200 --> 00:01:48,040
Speaker 1: which I believe cost thirty bucks you used to cost

34
00:01:48,040 --> 00:01:50,440
Speaker 1: twenty bucks back in the day, you get a lot

35
00:01:50,480 --> 00:01:54,200
Speaker 1: of discounted bike services and and some bike services you

36
00:01:54,240 --> 00:01:57,520
Speaker 1: get for free flat repair included. Oh no way. Okay,

37
00:01:57,520 --> 00:02:00,880
Speaker 1: So what if you purchased your bike from ari I, Well,

38
00:02:00,920 --> 00:02:03,120
Speaker 1: I don't know that that has any area. Okay, you know,

39
00:02:03,440 --> 00:02:04,600
Speaker 1: you just have to be a co op member. You

40
00:02:04,640 --> 00:02:07,440
Speaker 1: can bring any bike purchased at our Okay, because I

41
00:02:07,520 --> 00:02:10,880
Speaker 1: purchased my gravel bike from ari I, and that would

42
00:02:10,880 --> 00:02:12,840
Speaker 1: be a killer perk if it's like a you know,

43
00:02:12,880 --> 00:02:15,320
Speaker 1: like the costco tire thing where you can just constantly

44
00:02:15,320 --> 00:02:17,399
Speaker 1: bring back your car for maintenance. If I could bring

45
00:02:17,400 --> 00:02:20,040
Speaker 1: back my bike, I think the bit of maintenance would

46
00:02:20,080 --> 00:02:21,680
Speaker 1: be all about that. Like the perk for people who

47
00:02:21,680 --> 00:02:23,720
Speaker 1: bought their bike from ari I is that that you

48
00:02:23,720 --> 00:02:25,799
Speaker 1: get free tune ups for the first year. I think

49
00:02:25,800 --> 00:02:27,960
Speaker 1: that's how it works. But after that, basically all co

50
00:02:28,080 --> 00:02:29,640
Speaker 1: op members, no matter if you bought the bike at

51
00:02:29,680 --> 00:02:32,600
Speaker 1: A or not, you get the same free or discounted

52
00:02:32,720 --> 00:02:35,840
Speaker 1: Mike perks. So um, not an ad for ari I,

53
00:02:35,919 --> 00:02:38,720
Speaker 1: just a mentioned we like them, though we do like ARII,

54
00:02:39,240 --> 00:02:41,160
Speaker 1: just to mention that that's a that's a cool benefit.

55
00:02:41,200 --> 00:02:43,480
Speaker 1: And so I popped in there and I bought the tube,

56
00:02:43,840 --> 00:02:45,920
Speaker 1: the new tube from mari I, but they put it

57
00:02:45,960 --> 00:02:47,440
Speaker 1: on for me and I was in and out the

58
00:02:47,480 --> 00:02:49,840
Speaker 1: door in no time. And I was like, man, aria

59
00:02:49,919 --> 00:02:52,320
Speaker 1: I might be my new bike shop locally when I

60
00:02:52,360 --> 00:02:55,040
Speaker 1: don't need a lot of work done. And if that's

61
00:02:55,040 --> 00:02:57,240
Speaker 1: the case, I'll call my mobile bike repair guy. Sure.

62
00:02:57,440 --> 00:02:59,600
Speaker 1: Or you could learn how to do some of this yourself.

63
00:02:59,600 --> 00:03:02,400
Speaker 1: I could a buddy of mine who's really into bike

64
00:03:02,440 --> 00:03:04,919
Speaker 1: and he's just like dude. The markup that they put

65
00:03:04,960 --> 00:03:07,280
Speaker 1: on bicycle tubes in particular. You can buy like three

66
00:03:07,400 --> 00:03:10,520
Speaker 1: to five of them online for crazy cheap, and it's

67
00:03:10,560 --> 00:03:13,360
Speaker 1: just it's like one of them like two bucks, right yeah, um,

68
00:03:13,560 --> 00:03:18,080
Speaker 1: and so yeah, maybe we'll bike Lever's nice Joe blow

69
00:03:18,120 --> 00:03:20,200
Speaker 1: bike pump. Those are I feel like, some items that

70
00:03:20,200 --> 00:03:23,000
Speaker 1: everybody needs to have in their garage. But yeah, good

71
00:03:23,000 --> 00:03:24,840
Speaker 1: to know though that that exists for folks out there

72
00:03:24,840 --> 00:03:27,800
Speaker 1: who are just wanting to have that knocked out. Which

73
00:03:28,280 --> 00:03:30,640
Speaker 1: what bike did you have? My road bike? Flat on

74
00:03:30,639 --> 00:03:33,800
Speaker 1: the road bike also ended up getting a new tire

75
00:03:33,800 --> 00:03:36,360
Speaker 1: while I was in there, one that hopefully we'll prevent

76
00:03:36,400 --> 00:03:39,720
Speaker 1: more flats from happening in the near future, but one

77
00:03:39,760 --> 00:03:42,000
Speaker 1: of those gator skin tires or whatever it was. It

78
00:03:42,040 --> 00:03:45,200
Speaker 1: really yeah, okay, I was like like a little stickler

79
00:03:45,600 --> 00:03:49,000
Speaker 1: puncture proof. It's nice, which because flats still ruins on

80
00:03:49,120 --> 00:03:51,680
Speaker 1: road bikes in particular, because it's like you're always riding

81
00:03:51,680 --> 00:03:55,040
Speaker 1: on a like a razor's hedge literally what it feels

82
00:03:55,040 --> 00:03:56,840
Speaker 1: like true, there's there's a little tread on them and

83
00:03:56,880 --> 00:04:00,320
Speaker 1: all this as compared to a beefier tie or that

84
00:04:00,360 --> 00:04:02,120
Speaker 1: can maybe handle some of the some of the shocks

85
00:04:02,120 --> 00:04:04,560
Speaker 1: that can handle crossing over from road tracks for real,

86
00:04:04,640 --> 00:04:07,320
Speaker 1: perhaps exactly so, all right, let let's let's move on.

87
00:04:07,360 --> 00:04:09,640
Speaker 1: Matt uh and le mention the beer that we're having

88
00:04:09,640 --> 00:04:11,440
Speaker 1: on this episode. This one is called two Turtle Doves.

89
00:04:11,480 --> 00:04:13,880
Speaker 1: It's by the brewery. Of course. We're having a Christmas

90
00:04:13,880 --> 00:04:16,920
Speaker 1: team beer right here in the middle of December. Holiday's Baby.

91
00:04:16,960 --> 00:04:18,800
Speaker 1: That's right. We'll give our thoughts on this one at

92
00:04:18,800 --> 00:04:20,880
Speaker 1: the end of the episode, but for now, let's get

93
00:04:20,880 --> 00:04:23,240
Speaker 1: to the listener questions. And if you have a question

94
00:04:23,400 --> 00:04:26,679
Speaker 1: you want us to tackle on an upcoming ask HTM episode,

95
00:04:26,680 --> 00:04:28,320
Speaker 1: we would love to hear it. Just go to how

96
00:04:28,320 --> 00:04:31,040
Speaker 1: to money dot com slash ask. There are simple instructions

97
00:04:31,080 --> 00:04:35,440
Speaker 1: there for you to record your yourself asking that question

98
00:04:35,760 --> 00:04:38,480
Speaker 1: and how to get it over to us. It's pretty easy.

99
00:04:38,640 --> 00:04:40,200
Speaker 1: We would love to hear from you, and we'd like

100
00:04:40,240 --> 00:04:43,440
Speaker 1: to take your question on the next ask HTM episode.

101
00:04:43,720 --> 00:04:46,480
Speaker 1: And but Matt, let's get to our the first listener

102
00:04:46,760 --> 00:04:51,240
Speaker 1: question of today. This one comes from a listener in Michigan.

103
00:04:51,920 --> 00:04:54,200
Speaker 1: This is and he's about to retire and he wants

104
00:04:54,200 --> 00:04:57,040
Speaker 1: to make sure that he's got his eyes dotted and

105
00:04:57,080 --> 00:05:00,680
Speaker 1: his teeths crossed. Hi, Matt, Joel. This is from the

106
00:05:00,760 --> 00:05:05,760
Speaker 1: Detroit area, and I just turned sixty this past August

107
00:05:06,000 --> 00:05:10,159
Speaker 1: and need to figure out how to get a I guess,

108
00:05:10,160 --> 00:05:15,719
Speaker 1: a fee based financial advisor fiduciary. I've got money all

109
00:05:15,720 --> 00:05:19,520
Speaker 1: over the place, got a pension coming in that I

110
00:05:19,560 --> 00:05:24,479
Speaker 1: didn't know about, and have some rath I ras in

111
00:05:24,520 --> 00:05:27,160
Speaker 1: a couple of different places, a lot of savings accounts,

112
00:05:27,160 --> 00:05:31,440
Speaker 1: Internet savings accounts, and just for I would really like

113
00:05:31,520 --> 00:05:33,200
Speaker 1: to get this all in one place and have a

114
00:05:33,279 --> 00:05:37,360
Speaker 1: nice plan going forward. Thank you very much. I've been

115
00:05:37,440 --> 00:05:39,720
Speaker 1: enjoying your podcast now for the last year and a

116
00:05:39,760 --> 00:05:43,960
Speaker 1: half and look forward to it every week. Thank you

117
00:05:44,800 --> 00:05:46,400
Speaker 1: all right, Mike, thank you so much for that question.

118
00:05:46,480 --> 00:05:49,200
Speaker 1: We appreciate you listening for the past year and a half.

119
00:05:49,360 --> 00:05:51,800
Speaker 1: And by the way, he mentioned finding that pension that

120
00:05:51,839 --> 00:05:57,240
Speaker 1: he didn't know about. That is an awesome, uh, you know,

121
00:05:57,240 --> 00:05:59,599
Speaker 1: a little early Christmas present for you here in the

122
00:05:59,600 --> 00:06:01,719
Speaker 1: middle of December. I mean, not many people are gonna

123
00:06:01,760 --> 00:06:05,400
Speaker 1: find better things than that under their treat Yeah, for

124
00:06:05,440 --> 00:06:08,720
Speaker 1: the rest of your life. You forgot about that. Absolutely,

125
00:06:08,960 --> 00:06:11,400
Speaker 1: That's a nice shocked shock right there. Yeah, And so

126
00:06:11,640 --> 00:06:14,680
Speaker 1: let's let's talk I guess generally about financial advisors here

127
00:06:14,680 --> 00:06:17,520
Speaker 1: for a Second, because we've done an entire episodes about

128
00:06:17,600 --> 00:06:20,960
Speaker 1: how financial advisors, how they're they're not quite as necessary

129
00:06:21,000 --> 00:06:22,960
Speaker 1: as most folks think. You know, we actually believe that

130
00:06:22,960 --> 00:06:24,839
Speaker 1: a lot of folks would be better served by hiring

131
00:06:24,880 --> 00:06:28,800
Speaker 1: a money coach. Uh. Not only would that individual be

132
00:06:28,839 --> 00:06:30,479
Speaker 1: able to help you to think through some of the

133
00:06:30,800 --> 00:06:33,599
Speaker 1: some of the more of the financial fundamentals, but then

134
00:06:33,640 --> 00:06:36,240
Speaker 1: they would also be able to help hold you accountable

135
00:06:36,480 --> 00:06:39,240
Speaker 1: when it comes to the execution of the plans that

136
00:06:39,279 --> 00:06:41,880
Speaker 1: you formulated. But you know, when we say that advisors

137
00:06:41,880 --> 00:06:45,000
Speaker 1: are often overrated, which is sometimes what you'll hear us say,

138
00:06:45,080 --> 00:06:47,600
Speaker 1: we're typically trying to help folks who are in their

139
00:06:47,640 --> 00:06:52,320
Speaker 1: early investing years to avoid paying just basically unnecessary fees

140
00:06:52,360 --> 00:06:56,320
Speaker 1: and money to a professional uh. And by saving that money,

141
00:06:56,320 --> 00:06:59,560
Speaker 1: that would allow individuals to sock more money away into

142
00:06:59,560 --> 00:07:02,760
Speaker 1: the retire and accounts. UH. And that's because financial advisors

143
00:07:02,760 --> 00:07:06,479
Speaker 1: can be crazy expensive, especially relative to the amount of

144
00:07:06,480 --> 00:07:09,080
Speaker 1: money that early investors, folks who are earlier on in

145
00:07:09,080 --> 00:07:11,880
Speaker 1: their journey that they have set aside the higher percentage

146
00:07:11,960 --> 00:07:15,040
Speaker 1: of their income of their network exactly. Yeah, and when

147
00:07:15,040 --> 00:07:17,720
Speaker 1: you are younger, oftentimes you should honestly be more intentionally

148
00:07:17,760 --> 00:07:21,520
Speaker 1: focused on just simply living on less money than you

149
00:07:21,560 --> 00:07:24,640
Speaker 1: make and then just investing the rest. But Mike Key

150
00:07:24,720 --> 00:07:27,520
Speaker 1: is in a different position. The wealth accumulation is actually

151
00:07:27,840 --> 00:07:30,800
Speaker 1: easier in some respects, in many respects than the wealth

152
00:07:30,840 --> 00:07:34,240
Speaker 1: draw down, And so I would say it's likely more

153
00:07:34,280 --> 00:07:37,680
Speaker 1: important to have a financial advisor when you are getting

154
00:07:37,720 --> 00:07:40,280
Speaker 1: to that point where, like Mike, you've got accounts all

155
00:07:40,320 --> 00:07:42,280
Speaker 1: over the place and you're trying to figure out how

156
00:07:42,280 --> 00:07:44,560
Speaker 1: and when access those things. Are a lot of tax

157
00:07:44,600 --> 00:07:47,040
Speaker 1: consequences that could cost you big, big money, and that's

158
00:07:47,080 --> 00:07:49,560
Speaker 1: when an advisor can actually come in. Uh. It can

159
00:07:49,560 --> 00:07:51,760
Speaker 1: be a lot more helpful, way more helpful than when

160
00:07:51,760 --> 00:07:53,480
Speaker 1: you're like should I put more in my four own k?

161
00:07:53,680 --> 00:07:57,200
Speaker 1: Like when you're thirty two or eight? Uh, an advisors

162
00:07:57,240 --> 00:08:00,120
Speaker 1: just less helpful and it's pretty simple and straightforward, or

163
00:08:00,240 --> 00:08:03,160
Speaker 1: when you're just investing those dollars as opposed to the

164
00:08:03,200 --> 00:08:05,840
Speaker 1: nuances that go with a draw down. Yes, exactly, And

165
00:08:05,840 --> 00:08:07,640
Speaker 1: and I love that that Mikey's on the right path.

166
00:08:07,640 --> 00:08:10,680
Speaker 1: He's looking for a fee only fiduciary advisor, which is

167
00:08:10,720 --> 00:08:13,000
Speaker 1: which is what we recommend. Fee only means that you're

168
00:08:13,000 --> 00:08:16,160
Speaker 1: paying a flat rate hopefully an hourly rate. That's our

169
00:08:16,240 --> 00:08:19,640
Speaker 1: favorite method. It's it's just a straightforward will hate to

170
00:08:19,640 --> 00:08:22,240
Speaker 1: pay someone for their time, and that's you're you're basically

171
00:08:22,240 --> 00:08:25,040
Speaker 1: paying them three bucks an hour or something like that

172
00:08:25,360 --> 00:08:28,120
Speaker 1: for their advice per hour you meet with them. And

173
00:08:28,160 --> 00:08:30,760
Speaker 1: it may not initially seem like the most affordable advice

174
00:08:30,800 --> 00:08:33,720
Speaker 1: because hundreds of dollars an hour, that that sounds prohibitive.

175
00:08:33,960 --> 00:08:36,000
Speaker 1: Most people are like, wait a second, what am I

176
00:08:36,000 --> 00:08:37,560
Speaker 1: paying you for? And and why do you get paid

177
00:08:37,559 --> 00:08:39,840
Speaker 1: so much? Have I just hired the most expensive attorney

178
00:08:39,840 --> 00:08:43,560
Speaker 1: of all? Right? But it's just there are so many

179
00:08:43,640 --> 00:08:47,040
Speaker 1: worst pays, worst ways actually to to pay a financial

180
00:08:47,040 --> 00:08:50,720
Speaker 1: advisor that when you break it down, this is the

181
00:08:50,760 --> 00:08:53,400
Speaker 1: best method. This is the best way to pay someone

182
00:08:53,400 --> 00:08:55,319
Speaker 1: for their advice because the alternative models you're going to

183
00:08:55,360 --> 00:08:58,000
Speaker 1: see out there are commission only or at least commission based,

184
00:08:58,080 --> 00:09:00,760
Speaker 1: right where the advisor received a kick back from a

185
00:09:00,760 --> 00:09:02,960
Speaker 1: company when they're able to get their clients to sign

186
00:09:03,000 --> 00:09:05,160
Speaker 1: up for a particular financial product. So they might be

187
00:09:05,200 --> 00:09:08,320
Speaker 1: selling you something that comes with higher fees that's not

188
00:09:08,360 --> 00:09:10,520
Speaker 1: in your best interest, and so this model it might

189
00:09:10,559 --> 00:09:12,719
Speaker 1: seem like a bargain up front they're like, no, I

190
00:09:12,840 --> 00:09:15,240
Speaker 1: do it for free, right, you don't have to pay

191
00:09:15,280 --> 00:09:18,240
Speaker 1: me anything up front. But you're often getting saddled with

192
00:09:18,520 --> 00:09:22,560
Speaker 1: the expensive annual fees or subpart investments that are gonna

193
00:09:22,679 --> 00:09:26,440
Speaker 1: slowly harm your future earning potential. So having a fee

194
00:09:26,480 --> 00:09:30,120
Speaker 1: only fiduciary planner is the best way to go. It's

195
00:09:30,160 --> 00:09:33,839
Speaker 1: it's just the model that comes with the fewest conflicts

196
00:09:33,880 --> 00:09:36,160
Speaker 1: of interest, that's right. And so how is it that

197
00:09:36,840 --> 00:09:40,520
Speaker 1: might should find a fee only fiduciary advisor. There are

198
00:09:40,559 --> 00:09:44,640
Speaker 1: actually networks that advisors can join for for younger folks

199
00:09:44,640 --> 00:09:47,480
Speaker 1: out there, actually um x Y Planning Network. That's one

200
00:09:47,520 --> 00:09:50,040
Speaker 1: of our favorites. The folks who participate in this network,

201
00:09:50,080 --> 00:09:54,600
Speaker 1: they serve mostly, of course Gen X and millennial or

202
00:09:54,679 --> 00:09:58,080
Speaker 1: gen Y clientele. That's why it's the x Y Planning Network.

203
00:09:58,520 --> 00:10:00,440
Speaker 1: But I like that they allow you to find an

204
00:10:00,440 --> 00:10:04,439
Speaker 1: advisor by specialty as well, not just by location, because

205
00:10:04,640 --> 00:10:06,800
Speaker 1: you know, you don't necessarily need to find someone near

206
00:10:07,000 --> 00:10:09,640
Speaker 1: where it is that you live, unless that's you know,

207
00:10:09,720 --> 00:10:11,760
Speaker 1: something that you want to prioritize that's really important to

208
00:10:11,800 --> 00:10:14,679
Speaker 1: you for some reason. Yeah, I remember when we interviewed

209
00:10:14,760 --> 00:10:19,560
Speaker 1: Philip and Julia Olsen from the two cents PBS videos

210
00:10:19,559 --> 00:10:23,280
Speaker 1: on YouTube that they make ago. Yeah, well they they're Philipsop.

211
00:10:23,720 --> 00:10:27,239
Speaker 1: They run a financial advisory firm and they cater specifically

212
00:10:27,280 --> 00:10:30,480
Speaker 1: to artists to create a creative Yeah. And so if

213
00:10:30,480 --> 00:10:32,480
Speaker 1: you're in that field like those of you should be

214
00:10:32,520 --> 00:10:35,120
Speaker 1: seeking them out right to help you with money management.

215
00:10:35,160 --> 00:10:37,880
Speaker 1: And I think it's more helpful to work with somebody

216
00:10:38,080 --> 00:10:42,040
Speaker 1: who serves your niche than to find somebody who has

217
00:10:42,080 --> 00:10:44,200
Speaker 1: an office close to you. But what's important to point

218
00:10:44,200 --> 00:10:46,280
Speaker 1: out here, though, is that all of the advisors that

219
00:10:46,320 --> 00:10:48,400
Speaker 1: are on the x Y Planning Network they signed a

220
00:10:48,440 --> 00:10:52,400
Speaker 1: fiduciary oath. Makes it sound way more official when something

221
00:10:52,480 --> 00:10:55,560
Speaker 1: is an oath, like a blood oath. Uh. And so

222
00:10:55,760 --> 00:10:57,720
Speaker 1: you know this isn't just a title that gets used.

223
00:10:58,120 --> 00:11:00,920
Speaker 1: This is a literal promise. The other planners are are

224
00:11:00,920 --> 00:11:04,520
Speaker 1: committed to always working in the best interests of their clients.

225
00:11:05,000 --> 00:11:08,520
Speaker 1: But Mike, you are not gen X or why though

226
00:11:08,600 --> 00:11:11,680
Speaker 1: you can certainly go to the x Y Planning Network

227
00:11:11,920 --> 00:11:13,800
Speaker 1: so for you, you can also check out NAVA, which

228
00:11:13,840 --> 00:11:17,440
Speaker 1: is the National Association of Personal Financial Advisors. That's another

229
00:11:17,840 --> 00:11:20,880
Speaker 1: great place for for you to turn. NAVA dot Org

230
00:11:21,000 --> 00:11:23,760
Speaker 1: is the website for that, and yeah, either one of those,

231
00:11:23,840 --> 00:11:26,040
Speaker 1: um you can find. I don't think people at x

232
00:11:26,120 --> 00:11:28,120
Speaker 1: Y are gonna turn you away because you're a few

233
00:11:28,160 --> 00:11:31,440
Speaker 1: years outside of their demographic, but either one mean gen

234
00:11:31,559 --> 00:11:34,719
Speaker 1: xers are getting older as well. When we whether you

235
00:11:34,720 --> 00:11:36,680
Speaker 1: can be like fifty seven years old and still technically

236
00:11:36,720 --> 00:11:39,200
Speaker 1: be considered a gen xers just crazy thing. So you

237
00:11:39,240 --> 00:11:41,480
Speaker 1: and I'm are millennials and you're but we're turning ford

238
00:11:41,559 --> 00:11:43,680
Speaker 1: here a couple of weeks barely millennials. So like we're

239
00:11:43,880 --> 00:11:46,160
Speaker 1: I mean, I'm barely a millennial. I'm I'm almost almost

240
00:11:46,160 --> 00:11:48,240
Speaker 1: a gen xer. I'm much younger than you. Like that

241
00:11:48,280 --> 00:11:52,760
Speaker 1: should be pointed years, right, I wish not quite? Uh well,

242
00:11:52,800 --> 00:11:55,920
Speaker 1: And so I'll say this to Mike, like put this

243
00:11:55,960 --> 00:11:57,880
Speaker 1: on your to do list. You gotta get organized because

244
00:11:57,920 --> 00:12:00,280
Speaker 1: either way, whether you're hiring a financial advisor or not,

245
00:12:00,720 --> 00:12:04,760
Speaker 1: wrangling all those different account logins, making sure you've tracked

246
00:12:04,760 --> 00:12:07,640
Speaker 1: down all all of the money that you have across

247
00:12:07,640 --> 00:12:11,760
Speaker 1: those dispart accounts, and making sure you've taken into account

248
00:12:11,760 --> 00:12:14,080
Speaker 1: all the pensions that you might have. Maybe there's another

249
00:12:14,120 --> 00:12:16,839
Speaker 1: one hanging out there. He's got like two others hanging

250
00:12:16,840 --> 00:12:18,680
Speaker 1: out in the wings, lift up every rock that you

251
00:12:18,679 --> 00:12:20,680
Speaker 1: can and find all those accounts and find out where

252
00:12:20,720 --> 00:12:22,880
Speaker 1: that money is coming from. Yeah. Also, okay, on that

253
00:12:22,960 --> 00:12:26,000
Speaker 1: note missing money that well, that's another resource too that

254
00:12:26,040 --> 00:12:28,960
Speaker 1: will link to. Because Mike, if you are somebody who

255
00:12:29,000 --> 00:12:31,680
Speaker 1: may not be completely organized, and I'm going to just

256
00:12:31,720 --> 00:12:33,520
Speaker 1: point this out, this is something that you admitted to

257
00:12:33,600 --> 00:12:34,920
Speaker 1: the fact that you didn't know that you had a

258
00:12:34,920 --> 00:12:37,560
Speaker 1: pension that existed. There's a chance that there are some

259
00:12:37,640 --> 00:12:40,280
Speaker 1: states that have money that belongs to you, and so

260
00:12:40,520 --> 00:12:42,800
Speaker 1: what will link to the missing money site where you

261
00:12:42,840 --> 00:12:45,520
Speaker 1: can enter in your personal information and really every hind

262
00:12:45,559 --> 00:12:47,480
Speaker 1: of money listener should go there once a year can

263
00:12:47,920 --> 00:12:50,800
Speaker 1: and type in their their info. It will take you

264
00:12:50,960 --> 00:12:53,440
Speaker 1: literally thirty seconds and you can see if if there

265
00:12:53,559 --> 00:12:56,000
Speaker 1: is money hanging out. We've had tons of listeners when

266
00:12:56,000 --> 00:12:58,000
Speaker 1: we mentioned that. Every time we mentioned that's like a

267
00:12:58,040 --> 00:12:59,600
Speaker 1: dozen people reach out to us. And I've ever heard

268
00:12:59,640 --> 00:13:01,679
Speaker 1: of this. I found thousands of dollars or hundreds of

269
00:13:01,720 --> 00:13:04,160
Speaker 1: dollars that was that was owed to me that I

270
00:13:04,200 --> 00:13:06,320
Speaker 1: didn't know. Especially this time of year, this is like

271
00:13:06,320 --> 00:13:09,719
Speaker 1: a great time to up turn a rock. Then you're like,

272
00:13:09,760 --> 00:13:11,560
Speaker 1: oh my god, there's money there. That's right, that's right,

273
00:13:11,640 --> 00:13:13,319
Speaker 1: love it. So, yeah, go over those old statements, I

274
00:13:13,320 --> 00:13:15,040
Speaker 1: would say, might get and dig up those accounts that

275
00:13:15,080 --> 00:13:17,559
Speaker 1: might have slipped your mind. And yeah, you might even

276
00:13:17,640 --> 00:13:19,480
Speaker 1: realize that you don't need to hire a professional. I

277
00:13:19,480 --> 00:13:21,199
Speaker 1: don't know. It sounds like you have a complex enough

278
00:13:21,200 --> 00:13:23,640
Speaker 1: situation that when it comes to the draw down and

279
00:13:23,679 --> 00:13:25,600
Speaker 1: when it comes to the tax implications, it's gonna make

280
00:13:25,640 --> 00:13:27,920
Speaker 1: sense to talk to a professional, pay for a couple

281
00:13:28,040 --> 00:13:30,520
Speaker 1: to three or four hours of their time, and to

282
00:13:30,600 --> 00:13:33,000
Speaker 1: get their input so that you are making the most

283
00:13:33,040 --> 00:13:36,240
Speaker 1: tax efficient choices for you moving forward. This is um

284
00:13:36,440 --> 00:13:38,480
Speaker 1: you know, these are important years to kind of come

285
00:13:38,559 --> 00:13:41,679
Speaker 1: up with that draw down plan. Uh So, yeah, get

286
00:13:41,720 --> 00:13:44,120
Speaker 1: your financial ducks in a row and then start reaching out.

287
00:13:44,160 --> 00:13:46,079
Speaker 1: Interview a few I don't know, three or four for

288
00:13:46,120 --> 00:13:48,400
Speaker 1: the only advisors to see maybe who's gonna be the

289
00:13:48,440 --> 00:13:51,680
Speaker 1: best trip for you personality wise and specialty wise. And yeah,

290
00:13:51,720 --> 00:13:53,920
Speaker 1: we we hope that they're able to to help you

291
00:13:54,000 --> 00:13:57,360
Speaker 1: make the best decisions for you and for your financial future.

292
00:13:57,600 --> 00:13:59,679
Speaker 1: But Matt, we've got more questions to get to, including

293
00:14:00,200 --> 00:14:02,160
Speaker 1: you got a question from a listener who's like, man,

294
00:14:02,440 --> 00:14:05,960
Speaker 1: there's always a budget buster every single month, i'n't feel

295
00:14:05,960 --> 00:14:08,040
Speaker 1: like I'm encountering something, and I feel like that's not

296
00:14:08,160 --> 00:14:11,040
Speaker 1: an uncommon thought we've heard from other How Money listeners.

297
00:14:11,080 --> 00:14:13,400
Speaker 1: We'll get to that question and more right after this break.

298
00:14:22,680 --> 00:14:24,560
Speaker 1: All right, we are back for the break take and

299
00:14:24,600 --> 00:14:27,040
Speaker 1: listener questions, and Joe, we will get to that budgeting

300
00:14:27,160 --> 00:14:29,520
Speaker 1: question here in a second, but first let's take a

301
00:14:29,600 --> 00:14:33,000
Speaker 1: question about a credit card. Hi, Joela Matt, this is

302
00:14:33,040 --> 00:14:37,120
Speaker 1: Lindsay from Sonoma County, California. I have a question today

303
00:14:37,160 --> 00:14:40,800
Speaker 1: about credit cards. I was using your credit card matching

304
00:14:40,840 --> 00:14:44,000
Speaker 1: tool a couple of days ago to find a new

305
00:14:44,040 --> 00:14:48,560
Speaker 1: credit card offer. I use currently a couple of cards.

306
00:14:48,600 --> 00:14:52,280
Speaker 1: One's a hotel one's a airline card. But I was

307
00:14:52,320 --> 00:14:54,880
Speaker 1: really looking for a cash back card as I don't

308
00:14:54,920 --> 00:14:58,040
Speaker 1: have that in my current wallet. So I found the

309
00:14:58,080 --> 00:15:01,040
Speaker 1: City Premier card through your tool than you and it

310
00:15:01,080 --> 00:15:03,640
Speaker 1: has a great bonus right now. I applied for the

311
00:15:03,720 --> 00:15:07,080
Speaker 1: card and was really surprised to be declined for this

312
00:15:07,200 --> 00:15:11,240
Speaker 1: credit card. Um with a credit score of over eight

313
00:15:11,320 --> 00:15:15,200
Speaker 1: hundred and by the fact that I pay off my

314
00:15:15,320 --> 00:15:20,920
Speaker 1: cards in full every month and have a long credit history. Um. Again,

315
00:15:20,960 --> 00:15:23,560
Speaker 1: I was just really surprised. I got a letter from

316
00:15:23,800 --> 00:15:28,320
Speaker 1: City Bank stating that the reasons for this was that

317
00:15:28,400 --> 00:15:31,680
Speaker 1: my credit report shows a high amount of unused credit

318
00:15:31,800 --> 00:15:36,240
Speaker 1: compared with available lines, and that my credit report shows

319
00:15:36,800 --> 00:15:41,320
Speaker 1: too many open revolving accounts. So those two things I've

320
00:15:41,360 --> 00:15:46,000
Speaker 1: always viewed as positive, having the low credit utilization and

321
00:15:46,080 --> 00:15:50,160
Speaker 1: having the accounts stay open to show that long history. Um,

322
00:15:50,240 --> 00:15:52,160
Speaker 1: Am I doing something wrong? Should I close some of

323
00:15:52,200 --> 00:15:56,040
Speaker 1: these open accounts? Just looking for some advice? Thank you guys.

324
00:15:56,480 --> 00:15:58,640
Speaker 1: All right, so real quick. So she mentioned Sonoma County.

325
00:15:58,920 --> 00:16:01,920
Speaker 1: Is that where Lagunita? Is it depically? Yeah? I think so.

326
00:16:03,080 --> 00:16:05,880
Speaker 1: Too bad. We didn't coordinate our beer with Lindsay's question,

327
00:16:06,200 --> 00:16:08,440
Speaker 1: but I'm guessing yeah, maybe Lindsay knows a little bit

328
00:16:08,440 --> 00:16:10,880
Speaker 1: more about wine than she does craft beer. But there's

329
00:16:10,880 --> 00:16:12,920
Speaker 1: some good stuff out there. Yeah, no, there's I feel

330
00:16:12,920 --> 00:16:15,080
Speaker 1: like there's good beer and and good wine out there,

331
00:16:15,080 --> 00:16:17,200
Speaker 1: like can enjoy both. California, it's like an embarrassment of

332
00:16:17,280 --> 00:16:20,320
Speaker 1: riches when it comes to you know, alcoholic beverages and taxes.

333
00:16:21,600 --> 00:16:24,520
Speaker 1: Well maybe the oppisode of that front. Well, but Lindsay

334
00:16:24,560 --> 00:16:26,880
Speaker 1: has got a great question here, and Matt, when when

335
00:16:26,880 --> 00:16:29,480
Speaker 1: I first heard Lindsay's question. When it first came in,

336
00:16:29,520 --> 00:16:31,360
Speaker 1: I was like a little shocked to hear that she

337
00:16:31,440 --> 00:16:34,200
Speaker 1: was declined for those reasons. It does not these facts

338
00:16:34,200 --> 00:16:37,040
Speaker 1: do not compute, like based on what she's what she experienced,

339
00:16:37,080 --> 00:16:39,560
Speaker 1: that yeah, definitely doesn't make sense. Having too much credit

340
00:16:39,720 --> 00:16:42,480
Speaker 1: is rarely a reason for a credit card issuer to

341
00:16:42,560 --> 00:16:46,040
Speaker 1: deny your application, especially when somebody like Lindsay has shown

342
00:16:46,040 --> 00:16:47,920
Speaker 1: that she handles it so well. Right, she's got that

343
00:16:48,320 --> 00:16:51,160
Speaker 1: impeccable credit score. It seems like, based on everything we've

344
00:16:51,200 --> 00:16:53,240
Speaker 1: ever talked about when it comes to the credit scoring models,

345
00:16:53,680 --> 00:16:58,000
Speaker 1: that she, of all people, should be accepted for any

346
00:16:58,040 --> 00:17:01,320
Speaker 1: credit card that she applied applies for. Well, one possibility

347
00:17:01,320 --> 00:17:03,200
Speaker 1: will mention Lyncy, and there's a there's a couple thoughts

348
00:17:03,240 --> 00:17:05,240
Speaker 1: that we have here on why this could have happened.

349
00:17:05,400 --> 00:17:07,760
Speaker 1: But one possibility is if the bank that you apply

350
00:17:07,880 --> 00:17:10,200
Speaker 1: for that card with thinks that you are what's known

351
00:17:10,240 --> 00:17:13,360
Speaker 1: as a credit card churner, and that is kind of

352
00:17:13,400 --> 00:17:16,760
Speaker 1: a derogatory label they might apply to you if you're

353
00:17:16,760 --> 00:17:18,359
Speaker 1: the kind of person who opens up a lot of

354
00:17:18,400 --> 00:17:21,920
Speaker 1: credit cards in order to score bonuses and so uh,

355
00:17:21,960 --> 00:17:24,600
Speaker 1: it's a great idea to open credit cards on occasion

356
00:17:24,640 --> 00:17:27,520
Speaker 1: and to get those bonuses, because they can be just

357
00:17:27,760 --> 00:17:32,680
Speaker 1: incredibly beneficial for the layperson credit card user. But if

358
00:17:32,720 --> 00:17:34,840
Speaker 1: if this credit card company sees that you've opened maybe

359
00:17:34,920 --> 00:17:37,000
Speaker 1: four or five cards within the past twenty four months,

360
00:17:37,240 --> 00:17:40,560
Speaker 1: they might want to avoid extending credit to you, thinking

361
00:17:40,640 --> 00:17:43,080
Speaker 1: that you're just in it for the bonus and you're

362
00:17:43,080 --> 00:17:46,000
Speaker 1: gonna ditch them at the first moment possible. And so

363
00:17:46,400 --> 00:17:48,840
Speaker 1: Chase actually has the most well known version of this,

364
00:17:48,920 --> 00:17:52,800
Speaker 1: which folks on the internet called the five rule, whereas

365
00:17:52,800 --> 00:17:55,719
Speaker 1: if they they will not allow you to sign up

366
00:17:55,720 --> 00:17:57,640
Speaker 1: for one of their credit cards if you've opened up

367
00:17:57,720 --> 00:17:59,760
Speaker 1: five cards in the past twenty four months. And I'm

368
00:17:59,760 --> 00:18:02,439
Speaker 1: not or if that's your scenario, but it could be

369
00:18:02,480 --> 00:18:04,760
Speaker 1: an explanation if you have opened up a few other

370
00:18:04,760 --> 00:18:07,399
Speaker 1: credit cards in the past year or the past two years,

371
00:18:07,600 --> 00:18:09,919
Speaker 1: they might say, you know what, we don't think you

372
00:18:09,920 --> 00:18:13,000
Speaker 1: actually want this card for for the long term, which

373
00:18:13,000 --> 00:18:14,760
Speaker 1: what they want that we should be a long term customer.

374
00:18:15,040 --> 00:18:16,960
Speaker 1: We think you're in it just for that bonus, and

375
00:18:17,000 --> 00:18:18,879
Speaker 1: so because of that, that's why we're not going to

376
00:18:19,040 --> 00:18:21,680
Speaker 1: accept your application. Yeah, and the different banks they've got

377
00:18:21,760 --> 00:18:24,240
Speaker 1: different sort of like rules of thumb as well, Like

378
00:18:24,280 --> 00:18:26,560
Speaker 1: I'm pretty sure the City has got like this six

379
00:18:26,920 --> 00:18:30,280
Speaker 1: of six rules. So basically, if you had six hard

380
00:18:30,320 --> 00:18:32,720
Speaker 1: inquiries to your credit within the past six months, you'll

381
00:18:32,720 --> 00:18:35,159
Speaker 1: also get denied. So it's not even specific to credit

382
00:18:35,200 --> 00:18:37,840
Speaker 1: cards if that's not what you were doing, Lindsay. And

383
00:18:37,880 --> 00:18:40,359
Speaker 1: by the way, those rules are not hard like that

384
00:18:40,400 --> 00:18:42,480
Speaker 1: you don't find you won't find them on City or

385
00:18:42,760 --> 00:18:44,359
Speaker 1: oh yeah, you won't find them on their website, like

386
00:18:44,440 --> 00:18:46,760
Speaker 1: they don't spell that out, but it's something that people have.

387
00:18:47,040 --> 00:18:50,240
Speaker 1: It's become become kind of like a common understanding, um,

388
00:18:50,240 --> 00:18:52,480
Speaker 1: like like you'll find it on the Reddit forums when

389
00:18:52,480 --> 00:18:54,359
Speaker 1: you're reading about credit cards there. And the fact is too,

390
00:18:54,400 --> 00:18:57,160
Speaker 1: I mean they're constantly changing, like these are different rules

391
00:18:57,240 --> 00:19:00,480
Speaker 1: and guidelines that the different banks are are following, but

392
00:19:00,520 --> 00:19:03,359
Speaker 1: that doesn't mean that they can't change their mind on dime.

393
00:19:03,760 --> 00:19:06,720
Speaker 1: So yeah, Lindsay, we actually reached out to City. Joel,

394
00:19:06,760 --> 00:19:08,679
Speaker 1: you kind of spearheaded this. This is kind of like

395
00:19:08,760 --> 00:19:10,720
Speaker 1: a throwback to your your radio days where you're like

396
00:19:10,760 --> 00:19:12,199
Speaker 1: reaching out to companies and be like, hey, I got

397
00:19:12,240 --> 00:19:14,040
Speaker 1: a question for you. I was like I want the truth,

398
00:19:14,080 --> 00:19:16,000
Speaker 1: and they were like you can't handle the truth. And

399
00:19:16,040 --> 00:19:19,040
Speaker 1: I was like, oh man, give me something. Uh. And so,

400
00:19:19,200 --> 00:19:22,840
Speaker 1: of course, with with City being a gargangean bank that

401
00:19:22,880 --> 00:19:26,480
Speaker 1: doesn't necessarily care a lot about responding to its customer needs. Uh,

402
00:19:26,640 --> 00:19:28,720
Speaker 1: this is the response that we got, and this is

403
00:19:28,720 --> 00:19:32,359
Speaker 1: from an actual individual. But they said, quote, we cannot

404
00:19:32,400 --> 00:19:35,680
Speaker 1: speak to any one customer situation. City strives to build

405
00:19:35,680 --> 00:19:38,760
Speaker 1: long term relationships with our customers and provide value and

406
00:19:38,840 --> 00:19:43,280
Speaker 1: benefits that encouraged sustained engagement. As such, we carefully review

407
00:19:43,359 --> 00:19:47,040
Speaker 1: each application and consider a range of eligibility factors, including

408
00:19:47,080 --> 00:19:49,680
Speaker 1: the number of open accounts. And so while our specific

409
00:19:49,680 --> 00:19:53,920
Speaker 1: eligibility process is proprietary, we believe you like think you know,

410
00:19:54,320 --> 00:19:57,080
Speaker 1: we believe this approach is similar to that of other

411
00:19:57,119 --> 00:20:01,000
Speaker 1: issuers within the industry. And so that's just all long

412
00:20:01,160 --> 00:20:03,760
Speaker 1: winded way of saying that we're not going to tell

413
00:20:03,800 --> 00:20:06,480
Speaker 1: you why it is that she got declined. I was

414
00:20:06,480 --> 00:20:08,080
Speaker 1: something for more than that. I honestly I was hoping

415
00:20:08,080 --> 00:20:11,320
Speaker 1: for something better than just pr spin that's literally what

416
00:20:11,400 --> 00:20:13,400
Speaker 1: this is. And so I was hoping that they would

417
00:20:13,400 --> 00:20:16,800
Speaker 1: give me some some sort of insight into why somebody

418
00:20:16,840 --> 00:20:21,320
Speaker 1: like Lindsay, who is a great customer great credit score

419
00:20:21,440 --> 00:20:24,199
Speaker 1: who has handled credit very well would be denied for

420
00:20:24,240 --> 00:20:26,800
Speaker 1: something like it. But but they don't want to. They

421
00:20:26,840 --> 00:20:28,879
Speaker 1: kind of want to keep that tight lipped. Seems so

422
00:20:29,240 --> 00:20:31,320
Speaker 1: what's so crazy here is is I mean, based on

423
00:20:31,480 --> 00:20:33,840
Speaker 1: this response that she got, it sounds like city like

424
00:20:33,880 --> 00:20:36,480
Speaker 1: they are saying the quiet part out loud. So based

425
00:20:36,520 --> 00:20:39,360
Speaker 1: on the traditional rules, like I'm used to seeing, oh, yeah,

426
00:20:39,480 --> 00:20:41,960
Speaker 1: you've applied for too many accounts or cards in the past,

427
00:20:42,000 --> 00:20:43,960
Speaker 1: you know, in recent in the recent months. But the

428
00:20:43,960 --> 00:20:46,919
Speaker 1: fact that they are literally stating why it is that

429
00:20:47,000 --> 00:20:49,439
Speaker 1: internally that they would be deciding why to turn her

430
00:20:49,440 --> 00:20:52,080
Speaker 1: down right, Like that doesn't make sense. It's it's it's

431
00:20:52,080 --> 00:20:55,320
Speaker 1: almost as if they're like they're changing the rules essentially,

432
00:20:55,520 --> 00:20:58,080
Speaker 1: um And so that's in my mind, in my estimation,

433
00:20:58,160 --> 00:21:01,240
Speaker 1: Like that's the weirdest part here is that, Okay, based

434
00:21:01,280 --> 00:21:03,320
Speaker 1: on what you're saying, it's it's almost as if the

435
00:21:03,359 --> 00:21:06,760
Speaker 1: old traditional rules of credit do not apply, Like they're

436
00:21:06,800 --> 00:21:09,000
Speaker 1: changing the rules. Does that make sense? It's it's almost

437
00:21:09,040 --> 00:21:11,359
Speaker 1: as if they're like they're looking for more like less

438
00:21:11,800 --> 00:21:15,280
Speaker 1: credit worthy card users as opposed to credit card users

439
00:21:15,280 --> 00:21:18,159
Speaker 1: who truly would use their cards responsibly. Like that's the

440
00:21:18,160 --> 00:21:20,520
Speaker 1: part that makes it's it's interestly because the people, makes sense,

441
00:21:20,640 --> 00:21:22,879
Speaker 1: don't use their credit cards as responsibly are the ones

442
00:21:22,920 --> 00:21:25,560
Speaker 1: who make the bank's money. So exactly, not like that's

443
00:21:25,560 --> 00:21:27,760
Speaker 1: the thing. It's almost as if they're revealing their marketing plan.

444
00:21:27,960 --> 00:21:29,479
Speaker 1: It's just like we need to target the folks who

445
00:21:29,520 --> 00:21:31,639
Speaker 1: are going to handle their credit poorly as opposed to

446
00:21:31,640 --> 00:21:34,679
Speaker 1: the folks who are handling their accounts responsibly. Yeah, like

447
00:21:34,680 --> 00:21:38,000
Speaker 1: how the money listeners would be considered exactly because exactly

448
00:21:38,200 --> 00:21:41,800
Speaker 1: going to the banks because they do keep pristine credit scores,

449
00:21:41,880 --> 00:21:44,760
Speaker 1: they don't ever owe any interest or late fees or

450
00:21:44,800 --> 00:21:47,480
Speaker 1: penalties to the credit card companies, and so yeah, that's

451
00:21:47,520 --> 00:21:50,760
Speaker 1: not necessarily the ideal credit card customer for some of

452
00:21:50,760 --> 00:21:52,680
Speaker 1: these for some of these credit card companies. But still,

453
00:21:53,000 --> 00:21:55,760
Speaker 1: I am shocked this he was rejected for this. I'm

454
00:21:55,800 --> 00:21:58,320
Speaker 1: also I just made me think, like, how glad am

455
00:21:58,359 --> 00:22:00,400
Speaker 1: I that I don't work in pr By the way,

456
00:22:00,560 --> 00:22:04,120
Speaker 1: having to write those emails and say something just incredibly

457
00:22:04,160 --> 00:22:07,000
Speaker 1: opaque and silly sounding to us so that we can

458
00:22:07,000 --> 00:22:09,399
Speaker 1: read it on the air and make that company sound ridiculous.

459
00:22:09,640 --> 00:22:12,880
Speaker 1: It's just I would hate having to respond to those

460
00:22:12,920 --> 00:22:15,800
Speaker 1: emails in that way, I prefer a form of a

461
00:22:15,840 --> 00:22:18,879
Speaker 1: little bit of authenticity, at least from I don't know everyone,

462
00:22:18,960 --> 00:22:21,159
Speaker 1: but from a big bank. You don't expect that, but

463
00:22:21,160 --> 00:22:24,679
Speaker 1: I would hope for more. But despite this annoyance and inconvenience, Lindsey,

464
00:22:25,160 --> 00:22:26,840
Speaker 1: we would say, it's actually possible for you to still

465
00:22:26,880 --> 00:22:29,160
Speaker 1: get this credit card. And that's assuming that you still

466
00:22:29,200 --> 00:22:32,280
Speaker 1: want it. Because most credit card companies City included, have

467
00:22:32,680 --> 00:22:36,160
Speaker 1: what's known as a reconsideration line. I would call them

468
00:22:36,200 --> 00:22:38,600
Speaker 1: up and I would ask them to reconsider your application

469
00:22:39,080 --> 00:22:41,560
Speaker 1: and be sure to mention the reasons why you think

470
00:22:41,560 --> 00:22:43,440
Speaker 1: you're a good candidate for the card, why you want

471
00:22:43,480 --> 00:22:46,080
Speaker 1: this card. You know they obviously they know your credit score,

472
00:22:46,240 --> 00:22:48,760
Speaker 1: but point to that and then sprinkle in words like

473
00:22:49,040 --> 00:22:52,359
Speaker 1: loyal and responsible, right, little words that make it sound

474
00:22:52,359 --> 00:22:54,800
Speaker 1: like you're going to be a long term customer, not

475
00:22:54,880 --> 00:22:58,200
Speaker 1: someone who's like a fly by night customer just snagging

476
00:22:58,240 --> 00:23:00,560
Speaker 1: the sign up bonus and then mosing down the road.

477
00:23:00,560 --> 00:23:02,280
Speaker 1: You want to make it sound like you're going to

478
00:23:02,560 --> 00:23:04,760
Speaker 1: use this card for years to come. And make sure

479
00:23:04,800 --> 00:23:06,600
Speaker 1: to be nice too, because most folks they call uphen

480
00:23:06,600 --> 00:23:09,320
Speaker 1: they're annoyed and they're like, hey, why don't you give

481
00:23:09,359 --> 00:23:13,200
Speaker 1: me this card? And you put the representative on the

482
00:23:13,240 --> 00:23:16,040
Speaker 1: back foot. What we'd say, you're not gonna get nearly

483
00:23:16,080 --> 00:23:19,240
Speaker 1: as far with a bad attitude with with anger, So

484
00:23:19,320 --> 00:23:22,000
Speaker 1: be kind to the person you're talking to. And yeah,

485
00:23:22,200 --> 00:23:25,040
Speaker 1: but try to sell yourself to on on why they

486
00:23:25,040 --> 00:23:28,320
Speaker 1: should reconsider and let you be their customer. That's right.

487
00:23:28,640 --> 00:23:30,000
Speaker 1: It feels like you shouldn't have to do that, but

488
00:23:30,280 --> 00:23:32,640
Speaker 1: I mean it's probably the best thing for Lindsay to do. Movie.

489
00:23:32,640 --> 00:23:34,680
Speaker 1: It's all a part of the game, you know, And

490
00:23:35,280 --> 00:23:37,679
Speaker 1: it's a dance. Yeah, it's a dance. And she mentioned

491
00:23:37,680 --> 00:23:39,679
Speaker 1: our credit card tool by the way, which is I mean,

492
00:23:39,680 --> 00:23:41,680
Speaker 1: we're we're glad that you are liking it, when we

493
00:23:41,960 --> 00:23:44,200
Speaker 1: certainly hope that other how the money listeners will you

494
00:23:44,240 --> 00:23:46,400
Speaker 1: know that that they're finding it to be the easiest

495
00:23:46,400 --> 00:23:48,760
Speaker 1: way to find the right card that's going to offer

496
00:23:48,800 --> 00:23:51,280
Speaker 1: them the best perks for how they approach spending. Will

497
00:23:51,320 --> 00:23:53,000
Speaker 1: make sure to to link to that tool in our

498
00:23:53,040 --> 00:23:54,800
Speaker 1: show notes. But it's how the Money dot Com forward

499
00:23:54,840 --> 00:23:58,240
Speaker 1: slash credit cards. And she mentioned the City Premier cards specifically,

500
00:23:58,240 --> 00:24:00,840
Speaker 1: which is pretty sweet. You know, eight tho points that

501
00:24:01,000 --> 00:24:03,560
Speaker 1: is quite attractive, but you also need to make sure

502
00:24:03,720 --> 00:24:06,560
Speaker 1: that you are handling the credit that you have available

503
00:24:06,640 --> 00:24:09,520
Speaker 1: to you well, that you are not participating in spending

504
00:24:09,560 --> 00:24:12,880
Speaker 1: that you would not otherwise incur. But lindsay, we wish

505
00:24:12,920 --> 00:24:14,320
Speaker 1: you the best of luck and we hope that gets

506
00:24:14,359 --> 00:24:16,840
Speaker 1: you pointed in the right direction, and if that reconsideration

507
00:24:16,880 --> 00:24:18,879
Speaker 1: line works out for you, let us know, because yes,

508
00:24:18,920 --> 00:24:20,440
Speaker 1: actually I would love to know that as well. I've

509
00:24:20,440 --> 00:24:23,760
Speaker 1: never I know it exists. I don't know anybody personally

510
00:24:23,760 --> 00:24:25,480
Speaker 1: who has said, like I got rejected, but then I

511
00:24:25,520 --> 00:24:27,040
Speaker 1: called and they were like, hey, it's all good, Yeah,

512
00:24:27,080 --> 00:24:29,280
Speaker 1: we'll send it your way. So I'm I want to

513
00:24:29,280 --> 00:24:31,359
Speaker 1: know how this pans out. Yeah, and anybody else out

514
00:24:31,400 --> 00:24:33,879
Speaker 1: there who's also called one of the reconsideration lens as well.

515
00:24:33,880 --> 00:24:35,639
Speaker 1: It's not something that we have personally done, but we

516
00:24:35,680 --> 00:24:39,080
Speaker 1: would love this. How about your boy? So Joel, let's

517
00:24:39,080 --> 00:24:41,800
Speaker 1: get to our next question. This is from listener Phil

518
00:24:41,880 --> 00:24:47,560
Speaker 1: who is asking about budgeting. Hi, Joelan Matt, this is

519
00:24:47,560 --> 00:24:49,959
Speaker 1: Phil from Annapolis. I'm a long time listener and this

520
00:24:50,040 --> 00:24:53,639
Speaker 1: is my first time sending a question. I'm working on

521
00:24:53,720 --> 00:24:57,880
Speaker 1: improving my monthly budgeting. However, I find it frustrating that

522
00:24:57,920 --> 00:25:01,320
Speaker 1: no month is a normal month. In other words, something

523
00:25:01,320 --> 00:25:04,720
Speaker 1: always comes up the bus busts my monthly budget. Any

524
00:25:04,760 --> 00:25:08,560
Speaker 1: tips or tricks to avoid this issue. Thanks for your guidance.

525
00:25:08,680 --> 00:25:11,320
Speaker 1: Keep up the good work, all right, Phil. First off,

526
00:25:11,320 --> 00:25:13,719
Speaker 1: I gotta say I love that you're trying to improve

527
00:25:13,760 --> 00:25:16,280
Speaker 1: improve your budgeting. This is is one of those things

528
00:25:16,320 --> 00:25:18,320
Speaker 1: where I don't know, we can all stand to get

529
00:25:18,359 --> 00:25:20,520
Speaker 1: a little bit better, tighten things up, except for Matt,

530
00:25:20,600 --> 00:25:24,920
Speaker 1: who's I don't know, probably the budget king, the self annointed.

531
00:25:25,040 --> 00:25:26,479
Speaker 1: You're kind of like the Tiger King in a lot

532
00:25:26,520 --> 00:25:28,480
Speaker 1: of ways, but you're the budget king, dude. This isn't

533
00:25:28,480 --> 00:25:33,000
Speaker 1: Hopefully they can make it. Nobody's watching the Tiger Racing

534
00:25:33,040 --> 00:25:36,280
Speaker 1: Netflix show about your budgeting endeavors. Well, but Phil, we

535
00:25:36,280 --> 00:25:39,160
Speaker 1: totally get what you're where you're coming from. Inflation, obviously,

536
00:25:39,359 --> 00:25:41,359
Speaker 1: is is pinching the budgets of tens of millions of

537
00:25:41,920 --> 00:25:46,639
Speaker 1: It feels like budgeting is harder in two than it

538
00:25:46,720 --> 00:25:50,240
Speaker 1: was a year or two ago, especially with the absence

539
00:25:50,240 --> 00:25:53,000
Speaker 1: of Stimmy payments sit in that bank account. It's uh,

540
00:25:53,359 --> 00:25:55,520
Speaker 1: you're basically you're not alone when it comes to having

541
00:25:55,520 --> 00:25:58,320
Speaker 1: a busted budget. But we will give our best advice

542
00:25:58,480 --> 00:26:00,359
Speaker 1: to you here so you can hopefully stay the course

543
00:26:00,760 --> 00:26:04,000
Speaker 1: and budget effectively moving forward, even with kind of all

544
00:26:04,000 --> 00:26:06,520
Speaker 1: the moving parts, all the things conspiring against you to

545
00:26:06,560 --> 00:26:08,760
Speaker 1: make budgeting a little more difficult. That's right, Yeah, And

546
00:26:08,760 --> 00:26:11,040
Speaker 1: so our first bit of advice fill would be for

547
00:26:11,160 --> 00:26:14,600
Speaker 1: you to change how it is that you are mentally

548
00:26:14,920 --> 00:26:18,760
Speaker 1: approaching budgeting. Can I call you Matt exotic? By the way, No,

549
00:26:20,359 --> 00:26:23,119
Speaker 1: you may not. I mean just between you and me,

550
00:26:23,200 --> 00:26:26,679
Speaker 1: like yes, but not publicly all right, but phil Like,

551
00:26:26,760 --> 00:26:29,040
Speaker 1: basically I want you to change how it is you're

552
00:26:29,080 --> 00:26:30,840
Speaker 1: thinking about it. So from a mental standpoint, I want

553
00:26:30,880 --> 00:26:34,040
Speaker 1: you to be less optimistic, because like, when it comes

554
00:26:34,040 --> 00:26:36,320
Speaker 1: to budgeting, it's I think it's important to be a

555
00:26:36,320 --> 00:26:40,480
Speaker 1: little bit like more realistic, like slightly maybe even pessimistic.

556
00:26:40,520 --> 00:26:43,600
Speaker 1: It makes me think about taking on home projects and

557
00:26:43,640 --> 00:26:47,520
Speaker 1: how much time I allow for their completion because like,

558
00:26:47,560 --> 00:26:50,680
Speaker 1: at this point, I've learned that whatever I actually tell Kate,

559
00:26:50,880 --> 00:26:53,000
Speaker 1: like whatever I think it's gonna take, just multiply that

560
00:26:53,000 --> 00:26:55,199
Speaker 1: by three. Have you told her that? Now? Do you?

561
00:26:55,280 --> 00:26:57,800
Speaker 1: Do you starry? She knows it absolutely, She's like Matt

562
00:26:57,840 --> 00:26:59,920
Speaker 1: is lying through his teeth right now, I'm just way

563
00:27:00,040 --> 00:27:02,240
Speaker 1: too optimistic when it comes to the amount of time,

564
00:27:02,280 --> 00:27:04,040
Speaker 1: because in my mind, I think, well, that's how long

565
00:27:04,080 --> 00:27:07,520
Speaker 1: it should take. But it's times two for the unforeseens,

566
00:27:07,520 --> 00:27:09,399
Speaker 1: and in times three when it comes to actual clean up,

567
00:27:09,680 --> 00:27:11,760
Speaker 1: just like the whole deal for for me, times four

568
00:27:11,760 --> 00:27:14,840
Speaker 1: when it when becomes to lack of skills for like, yeah,

569
00:27:15,000 --> 00:27:18,479
Speaker 1: the medical doctor's visit, just smashing your thumb and just

570
00:27:18,520 --> 00:27:20,800
Speaker 1: for being born Norwegian, that's what happens. Like you're bad

571
00:27:20,800 --> 00:27:24,120
Speaker 1: at fix it stuff. You don't give yourself enough credit. Um.

572
00:27:24,200 --> 00:27:26,359
Speaker 1: But when it comes to your budget, if you're if

573
00:27:26,359 --> 00:27:28,800
Speaker 1: you're too optimistic, phil I think real life is going

574
00:27:28,840 --> 00:27:32,520
Speaker 1: to give you a cold dose of reality and then

575
00:27:32,560 --> 00:27:34,520
Speaker 1: you're gonna be dipping into your savings to make up

576
00:27:34,520 --> 00:27:37,280
Speaker 1: for the spots where you spent too much, or even worse,

577
00:27:37,320 --> 00:27:40,040
Speaker 1: putting it on a credit card that you can't pay

578
00:27:40,040 --> 00:27:42,280
Speaker 1: off in full at the end of the month. And

579
00:27:42,359 --> 00:27:46,879
Speaker 1: so while optimism it's kind of like a good life philosophy,

580
00:27:46,920 --> 00:27:50,160
Speaker 1: but when it comes to budgeting, I feel like optimism

581
00:27:50,280 --> 00:27:54,200
Speaker 1: doesn't lend itself to an accurate, helpful budget. Yeah, for sure.

582
00:27:54,680 --> 00:27:58,440
Speaker 1: My favorite quote and personal finances probably when Morgan Housell says,

583
00:27:58,480 --> 00:28:00,320
Speaker 1: to save like a pessimist, but to an best like

584
00:28:00,359 --> 00:28:02,359
Speaker 1: an optimist. There you go. I don't know that you

585
00:28:02,400 --> 00:28:05,760
Speaker 1: could boil down the essence of how to think about

586
00:28:05,760 --> 00:28:08,840
Speaker 1: money better than that. It's it's just sage advice, and

587
00:28:08,840 --> 00:28:10,960
Speaker 1: so what that looks like in reality. We would say

588
00:28:11,040 --> 00:28:13,520
Speaker 1: to to kind of be that pessimist when it comes

589
00:28:13,520 --> 00:28:15,879
Speaker 1: to saving and budgeting is to is to base your

590
00:28:15,920 --> 00:28:19,120
Speaker 1: current budget on your actual recent spending. So we would say,

591
00:28:19,119 --> 00:28:21,920
Speaker 1: take an average of the last three or six months

592
00:28:21,920 --> 00:28:24,679
Speaker 1: of spending that you've engaged in phil to gauge what

593
00:28:24,880 --> 00:28:27,439
Speaker 1: spending is going to look like for you moving forward.

594
00:28:27,600 --> 00:28:29,800
Speaker 1: We don't want you pulling numbers out of thin air,

595
00:28:30,040 --> 00:28:33,879
Speaker 1: or budgeting for groceries based on hopes and dreams. Like

596
00:28:33,920 --> 00:28:36,720
Speaker 1: we we want you to use recent data to inform

597
00:28:36,840 --> 00:28:39,640
Speaker 1: what you're spending can and should look like moving forward.

598
00:28:40,120 --> 00:28:42,200
Speaker 1: We definitely want you to take into account one off

599
00:28:42,240 --> 00:28:45,280
Speaker 1: items or expenses to that you incurred over the past

600
00:28:45,280 --> 00:28:47,680
Speaker 1: six months or so. It's it's important to have money

601
00:28:47,680 --> 00:28:50,360
Speaker 1: set aside in sinking funds for stuff like car and

602
00:28:50,360 --> 00:28:53,040
Speaker 1: home repairs that are hard to predict but that they're

603
00:28:53,040 --> 00:28:56,760
Speaker 1: certain to occur. Like you don't know, uh, necessarily when

604
00:28:56,760 --> 00:28:58,800
Speaker 1: you need like a new serpent teinae belt or something

605
00:28:58,840 --> 00:29:01,440
Speaker 1: like that. But gosh darn it, it's gonna happen one

606
00:29:01,440 --> 00:29:03,000
Speaker 1: of these days, and so you gotta be prepared. You

607
00:29:03,000 --> 00:29:04,920
Speaker 1: don't want that thing squealing on you. You know you don't.

608
00:29:05,200 --> 00:29:07,160
Speaker 1: And so like, yeah, you know when an oil change

609
00:29:07,160 --> 00:29:09,040
Speaker 1: is gonna happen, You're gonna have probably two of those

610
00:29:09,080 --> 00:29:11,000
Speaker 1: a year, three of those years. I don't know. I

611
00:29:11,080 --> 00:29:13,080
Speaker 1: drive less than the average person, so I have your

612
00:29:13,120 --> 00:29:16,040
Speaker 1: oil changes in the average person. But yeah, you know

613
00:29:16,080 --> 00:29:18,720
Speaker 1: that those are gonna happen. You can budget for those tires.

614
00:29:18,840 --> 00:29:20,720
Speaker 1: You know that's going to happen every two and a

615
00:29:20,760 --> 00:29:22,520
Speaker 1: half to three years, and so you can kind of

616
00:29:22,600 --> 00:29:26,160
Speaker 1: start budgeting ahead for those things. But it's crucial to

617
00:29:26,160 --> 00:29:29,800
Speaker 1: to base your budget, your your budget moving forward based

618
00:29:29,840 --> 00:29:33,640
Speaker 1: on what your recent expenses have hand sure, and and

619
00:29:33,800 --> 00:29:35,959
Speaker 1: the thing is too Phil didn't say how long he

620
00:29:36,080 --> 00:29:39,440
Speaker 1: has been budgeting and keeping up with his with his expenses,

621
00:29:40,160 --> 00:29:42,440
Speaker 1: but over I mean, I would say to like, the

622
00:29:42,520 --> 00:29:45,400
Speaker 1: longer you are budgeting, the tighter it's gonna get, the

623
00:29:45,680 --> 00:29:47,360
Speaker 1: more accurate it's going to be, and the more you're

624
00:29:47,360 --> 00:29:49,640
Speaker 1: gonna be able to build in some of those sinking

625
00:29:49,640 --> 00:29:52,040
Speaker 1: funds because you're gonna have a just a better grasp

626
00:29:52,360 --> 00:29:54,239
Speaker 1: all on when some of those different expenses are are

627
00:29:54,280 --> 00:29:57,240
Speaker 1: gonna sort of crop up. But then, phil after you

628
00:29:57,280 --> 00:29:59,400
Speaker 1: have that information, you're not just gonna sit on it, right,

629
00:29:59,440 --> 00:30:01,640
Speaker 1: You're gonna take that information and you're gonna use that

630
00:30:01,680 --> 00:30:04,640
Speaker 1: information to then update your budget. And that's something you're

631
00:30:04,680 --> 00:30:07,840
Speaker 1: gonna wanna do continually, basically, Like you don't want to

632
00:30:07,880 --> 00:30:10,160
Speaker 1: create a budget at the beginning of the year and say, Okay,

633
00:30:10,200 --> 00:30:11,920
Speaker 1: this is what my monthly budget is going to be.

634
00:30:11,960 --> 00:30:15,960
Speaker 1: Fore it's something that you're gonna want to revisit, especially

635
00:30:16,080 --> 00:30:19,800
Speaker 1: considering how the amount of money that we're spending on

636
00:30:19,840 --> 00:30:22,560
Speaker 1: things has dramatically shifted over the past couple of years.

637
00:30:22,560 --> 00:30:26,400
Speaker 1: In the past years that was less dramatically awful. It's

638
00:30:26,440 --> 00:30:29,600
Speaker 1: still probably probably could set it and almost forget it

639
00:30:29,640 --> 00:30:32,400
Speaker 1: because prices were fairly stable. But that is not what

640
00:30:32,480 --> 00:30:34,880
Speaker 1: we have seen recently, especially when it comes to the

641
00:30:34,920 --> 00:30:37,160
Speaker 1: things like groceries and even just something as basic as

642
00:30:37,240 --> 00:30:39,480
Speaker 1: the cost of eggs. Yeah, if you kept your grocery

643
00:30:39,840 --> 00:30:42,000
Speaker 1: line out and the same, you were just you're eating

644
00:30:42,520 --> 00:30:44,440
Speaker 1: more poorly by the end of the end and you're

645
00:30:44,440 --> 00:30:46,080
Speaker 1: at the beginning of the Yeah, and you can't assume

646
00:30:46,120 --> 00:30:48,840
Speaker 1: that your grocery bill or even what you're gonna pay

647
00:30:48,840 --> 00:30:50,840
Speaker 1: for car or home insurance like that, that is going

648
00:30:50,840 --> 00:30:53,880
Speaker 1: to stay the same, which has become abundantly clear over

649
00:30:53,920 --> 00:30:57,480
Speaker 1: the past eighteen months. Um, those line items will not

650
00:30:57,640 --> 00:31:01,080
Speaker 1: remain static. Uh. These dynamic price says that we're experiencing

651
00:31:01,240 --> 00:31:04,720
Speaker 1: should lead to you having a more dynamic budget. And

652
00:31:04,760 --> 00:31:06,600
Speaker 1: so phil as costs go up, you're gonna want to

653
00:31:06,640 --> 00:31:08,479
Speaker 1: make some of these small tweaks in order to keep

654
00:31:08,480 --> 00:31:11,480
Speaker 1: your budget relevant. Uh. And keep in mind too, I mean,

655
00:31:12,440 --> 00:31:14,520
Speaker 1: most folks aren't going to have an unlimited amount of

656
00:31:14,520 --> 00:31:16,600
Speaker 1: funds that where they can continue to kind of crank

657
00:31:16,640 --> 00:31:18,160
Speaker 1: out the numbers when you know on some of the

658
00:31:18,200 --> 00:31:20,000
Speaker 1: different line items that they have. And everyone can be

659
00:31:20,080 --> 00:31:24,840
Speaker 1: mad exotic, but once she was the TLC was Tiger

660
00:31:24,920 --> 00:31:27,800
Speaker 1: King was was I don't know Netflix, I think of

661
00:31:27,840 --> 00:31:31,280
Speaker 1: his Don't go Chasing Waterfalls? Well, no, I'm talking did

662
00:31:31,280 --> 00:31:33,040
Speaker 1: you know the Learning Channel or whatever I think of

663
00:31:33,080 --> 00:31:37,400
Speaker 1: the band whichever television network that you strike a deal with.

664
00:31:37,720 --> 00:31:39,840
Speaker 1: Even those folks aren't going to have an unlimited amount

665
00:31:39,840 --> 00:31:41,120
Speaker 1: of money that they're going to be able to work with.

666
00:31:41,160 --> 00:31:43,959
Speaker 1: And so you're gonna have to find different areas in

667
00:31:44,040 --> 00:31:47,080
Speaker 1: within your budget where you're gonna cut back in order

668
00:31:47,120 --> 00:31:49,720
Speaker 1: to make everything balance out as well. And so it's

669
00:31:49,760 --> 00:31:52,600
Speaker 1: just important to find that balance between holding yourself to

670
00:31:52,640 --> 00:31:54,720
Speaker 1: a specific number that you've identified that you you know

671
00:31:54,760 --> 00:31:57,080
Speaker 1: where you do want to keep your spending in check,

672
00:31:57,400 --> 00:31:59,360
Speaker 1: but at the same time, don't be afraid to make

673
00:31:59,400 --> 00:32:02,240
Speaker 1: some small weeks along the way as you are seeing

674
00:32:02,840 --> 00:32:05,360
Speaker 1: reality not necessarily match up to what it is that

675
00:32:05,440 --> 00:32:07,840
Speaker 1: you have written down the paper. Yeah, for sure, and

676
00:32:07,920 --> 00:32:10,360
Speaker 1: it's true. It's just a reminder to the budgets are

677
00:32:10,400 --> 00:32:13,120
Speaker 1: not a device for making your life miserable, even if

678
00:32:13,160 --> 00:32:15,320
Speaker 1: that's how they often get discussed. I feel like that

679
00:32:15,480 --> 00:32:17,960
Speaker 1: is something we want to reclaim the word budget, Matt.

680
00:32:17,960 --> 00:32:20,040
Speaker 1: Don't we to a certain extent, we wanted to be

681
00:32:20,080 --> 00:32:23,520
Speaker 1: about people like ensuring that their money actually gets spent

682
00:32:24,000 --> 00:32:26,600
Speaker 1: on the things that matter. It's not about cutting back

683
00:32:26,600 --> 00:32:28,600
Speaker 1: in every single area to ensure that you live the

684
00:32:28,600 --> 00:32:31,440
Speaker 1: blandest life possible. But I think that's often how budgets

685
00:32:31,440 --> 00:32:35,600
Speaker 1: get conveyed. But when you have a budget, it actually

686
00:32:35,880 --> 00:32:39,040
Speaker 1: gives you the ability the freedom to spend on the

687
00:32:39,040 --> 00:32:41,360
Speaker 1: things that you say matter to you. That it allows

688
00:32:41,360 --> 00:32:43,040
Speaker 1: you to cut back on the things that matter less

689
00:32:43,080 --> 00:32:46,040
Speaker 1: and spend more on the fun stuff that you have.

690
00:32:46,160 --> 00:32:50,080
Speaker 1: And everybody's idea or conception of fun stuff is going

691
00:32:50,120 --> 00:32:52,920
Speaker 1: to be different. Mind is going to be more craft beer,

692
00:32:53,280 --> 00:32:56,560
Speaker 1: and it's going to be a two two turtle dove. Yeah,

693
00:32:56,640 --> 00:32:58,320
Speaker 1: it's gonna be like this beer that we'd drinking right here.

694
00:32:58,520 --> 00:33:01,560
Speaker 1: But on top of that, I would say, for Phil

695
00:33:01,600 --> 00:33:03,040
Speaker 1: and for other people out there, you might want to

696
00:33:03,080 --> 00:33:05,680
Speaker 1: use a better system that Matt. You like the old

697
00:33:05,720 --> 00:33:09,000
Speaker 1: school Excel spreadsheet, which is totally fine, But we like

698
00:33:09,080 --> 00:33:11,080
Speaker 1: Whineap a lot. We think that that's a great software

699
00:33:11,120 --> 00:33:12,640
Speaker 1: that works well for a lot of people. It's worth

700
00:33:12,720 --> 00:33:15,120
Speaker 1: the money for a lot of folks to pay because

701
00:33:15,120 --> 00:33:17,440
Speaker 1: they do more than just track your spending. Their goal

702
00:33:17,480 --> 00:33:20,120
Speaker 1: is basically help you build a better relationship with your money.

703
00:33:20,240 --> 00:33:23,120
Speaker 1: And so while it might seem counterintuitive to spend money

704
00:33:23,120 --> 00:33:26,520
Speaker 1: on budgeting software, it's it's also a software that's proven

705
00:33:26,520 --> 00:33:28,600
Speaker 1: to help a lot of folks. And luckily you can

706
00:33:28,640 --> 00:33:31,160
Speaker 1: try it out free for thirty four days, so I

707
00:33:31,160 --> 00:33:32,600
Speaker 1: don't We'll link to that and show up. But it's

708
00:33:32,600 --> 00:33:36,040
Speaker 1: one of those things where if your current methodology, the

709
00:33:36,160 --> 00:33:38,680
Speaker 1: way in which you're interacting with your budget isn't working

710
00:33:38,760 --> 00:33:41,480
Speaker 1: so well for you and phil and maybe that's causing

711
00:33:41,720 --> 00:33:44,720
Speaker 1: some of the overspending because you feel like you're not

712
00:33:44,760 --> 00:33:46,480
Speaker 1: able to check in on it, or you feel like

713
00:33:46,520 --> 00:33:48,600
Speaker 1: it's not as intuitive as you'd like it to be.

714
00:33:48,640 --> 00:33:52,800
Speaker 1: Interacting with a better user interface can be and with

715
00:33:53,360 --> 00:33:55,720
Speaker 1: some software that's actually trying to propel you in the

716
00:33:55,800 --> 00:33:58,720
Speaker 1: right direction, that can be the solution for some folks. Yeah,

717
00:33:58,720 --> 00:34:02,400
Speaker 1: in a small plug for or free Microsoft Excel or

718
00:34:02,400 --> 00:34:07,040
Speaker 1: Google sheets. Maybe in Film's case, he isn't paying as

719
00:34:07,120 --> 00:34:09,040
Speaker 1: much attention to his budget as he needs to write.

720
00:34:09,040 --> 00:34:11,000
Speaker 1: And so I think maybe for some folks out there,

721
00:34:11,080 --> 00:34:13,640
Speaker 1: when they said it, they truly do forget it. And

722
00:34:13,719 --> 00:34:15,759
Speaker 1: so that's one of the reasons why I like to

723
00:34:15,760 --> 00:34:18,200
Speaker 1: go in there and manually entering my expenses because it

724
00:34:18,200 --> 00:34:20,640
Speaker 1: helps me to keep a pulse on our family spending,

725
00:34:20,640 --> 00:34:23,520
Speaker 1: which then allows us in real time to make small

726
00:34:23,600 --> 00:34:26,040
Speaker 1: tweaks and adjustments to our spending. And you actually have

727
00:34:26,280 --> 00:34:29,000
Speaker 1: a budget template that you use that you have made

728
00:34:29,040 --> 00:34:31,680
Speaker 1: available to our listeners relak to that in the show notes. Uh,

729
00:34:32,160 --> 00:34:34,040
Speaker 1: because yeah, for a lot of folks who would say, yeah,

730
00:34:34,040 --> 00:34:36,359
Speaker 1: I don't want to spend the money every single month

731
00:34:36,440 --> 00:34:38,719
Speaker 1: to pay for wine app and I am down with

732
00:34:38,760 --> 00:34:41,080
Speaker 1: manually tracking and that's the best way for me. Sometimes

733
00:34:41,080 --> 00:34:42,400
Speaker 1: you just need a template to go off of. It's

734
00:34:42,440 --> 00:34:44,239
Speaker 1: going to help you get started, that's right. Yeah, So

735
00:34:44,239 --> 00:34:46,560
Speaker 1: we'll make sure to link to that's and Phil, we

736
00:34:46,600 --> 00:34:48,279
Speaker 1: wish you the best of luck. Joel. We've got a

737
00:34:48,280 --> 00:34:51,320
Speaker 1: couple additional questions we're gonna get to, including a question

738
00:34:51,400 --> 00:34:55,319
Speaker 1: about what might be the worst investment option out there

739
00:34:55,400 --> 00:34:57,000
Speaker 1: for a lot of folks. Will get to that one

740
00:34:57,000 --> 00:35:08,799
Speaker 1: plus another right after this. All right, Matt, we're back

741
00:35:08,800 --> 00:35:10,640
Speaker 1: from the break. We're we're going to keep taking a

742
00:35:10,640 --> 00:35:13,319
Speaker 1: couple more listener questions, and we are. In just a second.

743
00:35:13,320 --> 00:35:16,040
Speaker 1: I'm gonna take a question about potentially the worst investment

744
00:35:16,040 --> 00:35:20,240
Speaker 1: option that is available to most people, and the listener

745
00:35:20,320 --> 00:35:22,880
Speaker 1: and wonders whether his wife should participate or not. I'm

746
00:35:22,880 --> 00:35:24,920
Speaker 1: guessing you might have an inkling of what our answer

747
00:35:25,000 --> 00:35:26,640
Speaker 1: might be, but there's a lot of nuances involved too.

748
00:35:27,000 --> 00:35:28,799
Speaker 1: But before we get to that, Matt, let's take this

749
00:35:28,920 --> 00:35:32,480
Speaker 1: next one about medical bills. How to pay for them.

750
00:35:32,560 --> 00:35:36,799
Speaker 1: Hello boys, this is cyber dude. I'm having surgery and

751
00:35:37,400 --> 00:35:41,440
Speaker 1: after insurance, I estimate I'll have around four thousand dollars

752
00:35:41,480 --> 00:35:44,360
Speaker 1: that I may have to pay over time. My doctor's

753
00:35:44,400 --> 00:35:46,880
Speaker 1: office at care Credit would give me eighteen months to

754
00:35:46,920 --> 00:35:50,319
Speaker 1: pay with no interest, which I could handle, but some

755
00:35:50,400 --> 00:35:53,320
Speaker 1: of the reviews are pretty negative and talk about hidden fees.

756
00:35:54,239 --> 00:35:57,799
Speaker 1: My credit score is around seven fifty. Should I go

757
00:35:57,920 --> 00:36:00,840
Speaker 1: with care Credit, put it on my on credit card

758
00:36:01,320 --> 00:36:05,359
Speaker 1: or dip into my savings? Thank you man. I love

759
00:36:05,400 --> 00:36:07,920
Speaker 1: hearing from cyber dude. He's our. He's like a v

760
00:36:08,000 --> 00:36:10,239
Speaker 1: I P. When it comes to listener questions like have

761
00:36:10,400 --> 00:36:13,319
Speaker 1: we taken one other question before? Of course he's got

762
00:36:13,360 --> 00:36:19,440
Speaker 1: the voices, unforgettable, the tone and canber cyber cyber dudes

763
00:36:19,480 --> 00:36:22,879
Speaker 1: work on his larynx? So I'll do. Don't make comut

764
00:36:22,880 --> 00:36:26,239
Speaker 1: of him. What if we know? Yeah, he's protecting his

765
00:36:26,280 --> 00:36:29,319
Speaker 1: identity and so punches it into the computer helps them

766
00:36:29,320 --> 00:36:32,279
Speaker 1: to maintain that anonymity. But let's go ahead and get

767
00:36:32,320 --> 00:36:35,480
Speaker 1: to the heart of cyber dudes question, which is paying

768
00:36:35,480 --> 00:36:38,319
Speaker 1: for medical expenses. I mean we actually we so we

769
00:36:38,320 --> 00:36:42,400
Speaker 1: talked about budgeting right before the break and healthcare expenses.

770
00:36:42,520 --> 00:36:46,120
Speaker 1: Those should totally be a meaningful part of your budget.

771
00:36:46,520 --> 00:36:49,600
Speaker 1: You should have enough set aside to handle the max

772
00:36:49,719 --> 00:36:52,840
Speaker 1: out of pocket that you might be responsible for paying

773
00:36:52,880 --> 00:36:55,719
Speaker 1: based on the medical coverage that you've chosen. But that

774
00:36:55,760 --> 00:36:59,000
Speaker 1: doesn't mean, cyber dude, that you can't op for a

775
00:36:59,120 --> 00:37:02,680
Speaker 1: nifty payment plan if it allows you to perhaps spread

776
00:37:02,680 --> 00:37:06,440
Speaker 1: out payments over time, although, like you said, those often

777
00:37:06,520 --> 00:37:10,720
Speaker 1: come with some massive potential pitfalls. And so this isn't

778
00:37:11,360 --> 00:37:13,759
Speaker 1: We're not giving you free permission. This isn't a slam dunk.

779
00:37:13,840 --> 00:37:15,879
Speaker 1: Say we know what we're saying. Oh yeah, absolutely, take

780
00:37:16,080 --> 00:37:19,200
Speaker 1: take advantage of the surgery now, pay later by now.

781
00:37:19,280 --> 00:37:21,719
Speaker 1: But you know, like like we're seeing that in multiple

782
00:37:21,840 --> 00:37:24,440
Speaker 1: realms of life, not only when it comes to consumer spending,

783
00:37:24,440 --> 00:37:27,120
Speaker 1: but also within the medical industry as well, And so

784
00:37:27,160 --> 00:37:28,760
Speaker 1: you do want to make sure that you're being careful

785
00:37:28,800 --> 00:37:31,360
Speaker 1: with that, for sure. Yeah, it's it's something like it

786
00:37:31,400 --> 00:37:33,359
Speaker 1: makes me think of if someone could get a zero

787
00:37:33,360 --> 00:37:35,600
Speaker 1: percent car loan on a vehicle they want to buy,

788
00:37:36,320 --> 00:37:38,239
Speaker 1: but they already have the cash on hand to pay

789
00:37:38,920 --> 00:37:41,239
Speaker 1: full freight, right, They've got the twenty to buy the

790
00:37:41,280 --> 00:37:44,359
Speaker 1: car they want, But then at the dealership, they said,

791
00:37:44,360 --> 00:37:46,840
Speaker 1: with no additional if hands or butts now, but we

792
00:37:46,840 --> 00:37:48,279
Speaker 1: cat we got a zero percent right for you. So

793
00:37:48,440 --> 00:37:51,719
Speaker 1: keep that money and invested instead while you're paying monthly

794
00:37:51,760 --> 00:37:53,920
Speaker 1: payments for this car loan. That's okay to do, right,

795
00:37:53,960 --> 00:37:56,839
Speaker 1: That's like kind of like optimizing its arbitration. There's nothing

796
00:37:56,920 --> 00:37:59,600
Speaker 1: wrong with taking that approach. And that's kind of what

797
00:37:59,680 --> 00:38:01,400
Speaker 1: cyber He's talking about here, is, well, what if I

798
00:38:01,520 --> 00:38:03,440
Speaker 1: do the same thing with a payment plan that a

799
00:38:03,480 --> 00:38:05,600
Speaker 1: hospital offers. They're gonna give me zero percent on this

800
00:38:05,680 --> 00:38:08,319
Speaker 1: junk for eighteen months, and so it might make the

801
00:38:08,320 --> 00:38:10,680
Speaker 1: most sense for me to take advantage of this payment

802
00:38:10,719 --> 00:38:13,520
Speaker 1: plan and keep my money, keep my cash on hand

803
00:38:13,880 --> 00:38:16,720
Speaker 1: for you know, who knows what else could come along

804
00:38:16,960 --> 00:38:20,279
Speaker 1: if if only these plans didn't completely suck, if only

805
00:38:20,320 --> 00:38:22,920
Speaker 1: they didn't have a lot of other pitfalls and minds

806
00:38:23,040 --> 00:38:25,160
Speaker 1: potentually that you could step on. That's the problem in

807
00:38:25,160 --> 00:38:27,239
Speaker 1: the process. And NPR just ran a piece about some

808
00:38:27,280 --> 00:38:30,000
Speaker 1: of the payment plans that hospitals offer their patients, and

809
00:38:30,040 --> 00:38:31,799
Speaker 1: they sound pretty good on the web page, right. It

810
00:38:31,880 --> 00:38:35,040
Speaker 1: sounds nice that you can get help and get the care,

811
00:38:35,200 --> 00:38:36,439
Speaker 1: to be able to get the care that you need

812
00:38:36,840 --> 00:38:39,440
Speaker 1: and financially speaking, you can pay for it over time,

813
00:38:39,600 --> 00:38:43,640
Speaker 1: no problems, right, how nice? It sounds nice at least,

814
00:38:43,640 --> 00:38:46,120
Speaker 1: but millions of folks around the country have signed up

815
00:38:46,160 --> 00:38:48,279
Speaker 1: for one of these plans and they have found that

816
00:38:48,320 --> 00:38:51,520
Speaker 1: they're paying not single digit but double digit interest rates

817
00:38:51,680 --> 00:38:54,320
Speaker 1: for the medical or dental care that they need, often

818
00:38:54,360 --> 00:38:57,240
Speaker 1: thanks to the fine print in those financing contracts, and

819
00:38:57,239 --> 00:38:59,800
Speaker 1: and the numbers are are shockingly awful. Something like fifty

820
00:39:00,160 --> 00:39:03,680
Speaker 1: Americans currently have outstanding medical debt, which is insane, and

821
00:39:03,680 --> 00:39:06,359
Speaker 1: then a quarter of them are paying interest on that debt,

822
00:39:06,600 --> 00:39:09,759
Speaker 1: which makes it even worse. And these payment plans are

823
00:39:09,880 --> 00:39:12,120
Speaker 1: a huge culprit. They're a huge part of that reason

824
00:39:12,160 --> 00:39:13,880
Speaker 1: because a lot of people think they're signing up for

825
00:39:13,960 --> 00:39:17,560
Speaker 1: something where the fine print actually turns on them, and

826
00:39:17,600 --> 00:39:20,960
Speaker 1: something that looked good, looked appealing at first clients now

827
00:39:21,160 --> 00:39:23,879
Speaker 1: is eating away their personal finances. Right, Yeah, So what

828
00:39:23,920 --> 00:39:26,640
Speaker 1: should he do though? Uh? And first of all, I'm

829
00:39:26,680 --> 00:39:29,040
Speaker 1: glad to hear that you've got money in savings in

830
00:39:29,120 --> 00:39:30,880
Speaker 1: order to pay for this procedure if you wanted to.

831
00:39:31,400 --> 00:39:33,800
Speaker 1: We're not talking about needing a line of credit because

832
00:39:34,120 --> 00:39:37,280
Speaker 1: of an inability to pay here like we're talking about

833
00:39:37,320 --> 00:39:42,359
Speaker 1: making the just the most financially optimized decision and care credit. Again,

834
00:39:42,520 --> 00:39:45,880
Speaker 1: it sounds decent, but at zero percent interest rate, isn't

835
00:39:45,920 --> 00:39:49,200
Speaker 1: all that great if it comes with annoying or hard

836
00:39:49,320 --> 00:39:52,680
Speaker 1: hard to find, pesky you know, monthly fees. These are

837
00:39:52,920 --> 00:39:55,239
Speaker 1: little bits of information that you're gonna want to verify

838
00:39:55,320 --> 00:39:57,480
Speaker 1: in advance, and then you're gonna want to make sure

839
00:39:57,560 --> 00:40:00,000
Speaker 1: to pay that loan off way before they start charge

840
00:40:00,040 --> 00:40:02,839
Speaker 1: arging you interest if you opt to go that route. Uh.

841
00:40:02,840 --> 00:40:05,800
Speaker 1: And so I think he's did you mentioned eighteen months? Uh,

842
00:40:05,840 --> 00:40:07,879
Speaker 1: like an eighteen month period that you have to pay

843
00:40:07,920 --> 00:40:10,919
Speaker 1: that pay that off. Don't even skirt with eighteen months.

844
00:40:11,000 --> 00:40:13,239
Speaker 1: Maybe pay that off like an extra three months early.

845
00:40:13,440 --> 00:40:15,760
Speaker 1: It's like canceling a free trial the day that it expires.

846
00:40:15,800 --> 00:40:18,359
Speaker 1: I'm like, no, no no, no, it's like when exactly does

847
00:40:18,400 --> 00:40:20,680
Speaker 1: the clock strike? You know? I do it like a

848
00:40:20,680 --> 00:40:22,919
Speaker 1: week and half in advance, always on the Google calendar.

849
00:40:22,960 --> 00:40:25,759
Speaker 1: I said, okay, yeah, so if if it's like a

850
00:40:25,760 --> 00:40:28,240
Speaker 1: one week trial, I'll do like one day in advance,

851
00:40:28,280 --> 00:40:30,759
Speaker 1: but I never skirt with the actual day. If they're

852
00:40:30,920 --> 00:40:33,000
Speaker 1: they're like, oh, it'll be the sixteenth, I'm like you

853
00:40:33,040 --> 00:40:36,440
Speaker 1: better believe it's gonna be during business hours on the fifteen. Yeah, well,

854
00:40:36,440 --> 00:40:39,000
Speaker 1: even after you canceled, typically they let you have the

855
00:40:39,000 --> 00:40:41,560
Speaker 1: rest of that window that you paid for. So I'm like,

856
00:40:41,600 --> 00:40:42,879
Speaker 1: all right, cool, I just want to make sure I'm

857
00:40:42,880 --> 00:40:44,640
Speaker 1: ahead of it and I don't forget. It doesn't escape

858
00:40:44,640 --> 00:40:46,399
Speaker 1: my mind. And you're right, like you for like, Man,

859
00:40:46,440 --> 00:40:48,759
Speaker 1: you've got the best of intentions to pay off this

860
00:40:48,880 --> 00:40:52,160
Speaker 1: care Credit loan within eighteen months, but man, it just

861
00:40:52,200 --> 00:40:54,239
Speaker 1: slipped your mind and dang it, you got into month

862
00:40:54,320 --> 00:40:56,960
Speaker 1: month nineteen. Well you could be in a world of

863
00:40:57,200 --> 00:41:00,399
Speaker 1: hurt with interest rate. That's interest, it's rack up over

864
00:41:00,440 --> 00:41:02,800
Speaker 1: time that now is on you. And one felt exactly

865
00:41:02,840 --> 00:41:05,080
Speaker 1: And that's what the review show as well, because i mean,

866
00:41:05,360 --> 00:41:07,239
Speaker 1: based on all the reviews that care Credit gets from

867
00:41:07,280 --> 00:41:09,840
Speaker 1: folks who have used them, there's actually I mean, in

868
00:41:09,880 --> 00:41:11,879
Speaker 1: the end, there's no way that we would go this route.

869
00:41:11,880 --> 00:41:14,000
Speaker 1: There's no way that we would even play with fire

870
00:41:14,040 --> 00:41:16,640
Speaker 1: in this case, because it sounds like the hidden fees

871
00:41:17,160 --> 00:41:19,200
Speaker 1: that like that they are basically the rule, they're not

872
00:41:19,239 --> 00:41:23,759
Speaker 1: the exception, based on just a preponderance of user complaints,

873
00:41:23,800 --> 00:41:27,200
Speaker 1: based on the actual experiences of folks who have given

874
00:41:27,239 --> 00:41:29,279
Speaker 1: care Credit a shot. Yeah, so I feel like, yeah,

875
00:41:29,280 --> 00:41:31,080
Speaker 1: if you play with fire, you're gonna get burned. And

876
00:41:31,560 --> 00:41:33,880
Speaker 1: signing up for one of these payment plans that sounds

877
00:41:33,880 --> 00:41:37,120
Speaker 1: so nice on the front end, for so many people

878
00:41:37,280 --> 00:41:39,799
Speaker 1: get taken on the back end, And it's not something

879
00:41:39,840 --> 00:41:41,880
Speaker 1: I would even I would even give a shot unless

880
00:41:41,920 --> 00:41:44,359
Speaker 1: I was literally behind the eight ball had no other choice,

881
00:41:44,360 --> 00:41:46,680
Speaker 1: which is not the case for cyber dude. He has

882
00:41:46,680 --> 00:41:49,319
Speaker 1: other choices, and and he even mentioned potentially paying with

883
00:41:49,360 --> 00:41:52,560
Speaker 1: a credit card, which is probably the best option here, right,

884
00:41:52,560 --> 00:41:55,000
Speaker 1: This could be a great route. You mentioned having a

885
00:41:55,040 --> 00:41:58,160
Speaker 1: singular credit card, though, so we wouldn't necessarily recommend you

886
00:41:58,280 --> 00:42:01,040
Speaker 1: use that card for once that's your only revolving line

887
00:42:01,080 --> 00:42:03,520
Speaker 1: of credit. There's a decent chance that you you end

888
00:42:03,600 --> 00:42:05,480
Speaker 1: up maxing that puppy out, which isn't great for your

889
00:42:05,520 --> 00:42:08,319
Speaker 1: credit score. But in addition to that, especially since we're

890
00:42:08,360 --> 00:42:10,799
Speaker 1: talking about a four thousand dollar expense here, you could

891
00:42:10,880 --> 00:42:13,879
Speaker 1: literally snag a significant sign up bonus in one fell

892
00:42:13,920 --> 00:42:17,319
Speaker 1: swoop right with this one purchase. So, assuming you don't

893
00:42:17,360 --> 00:42:21,000
Speaker 1: have ongoing spending problems, we'd say suggest like, maybe you

894
00:42:21,040 --> 00:42:22,959
Speaker 1: find a new card that has a great welcome offer

895
00:42:23,239 --> 00:42:25,960
Speaker 1: add that card to your arsenal first, and then use

896
00:42:26,000 --> 00:42:28,399
Speaker 1: that new card to help you keep your utilization low

897
00:42:28,440 --> 00:42:31,799
Speaker 1: moving forward, and get the sweet bonus on top of it.

898
00:42:32,000 --> 00:42:35,799
Speaker 1: So it's win win scenario. Yeah. Yeah, it's because you

899
00:42:35,840 --> 00:42:37,680
Speaker 1: are going to spend down your savings and we want

900
00:42:37,719 --> 00:42:39,960
Speaker 1: you to build that up rather quickly after the fact.

901
00:42:40,280 --> 00:42:41,880
Speaker 1: But this gives you at least a little bit of

902
00:42:41,920 --> 00:42:45,000
Speaker 1: extra time and a little bit of a monetary bonus

903
00:42:45,560 --> 00:42:48,160
Speaker 1: for just based on the method of payment you choose

904
00:42:48,200 --> 00:42:50,640
Speaker 1: to use to pay for this medical procedure. That's right.

905
00:42:50,680 --> 00:42:52,719
Speaker 1: And again, cyber dudees got the cash to pay that

906
00:42:52,760 --> 00:42:55,680
Speaker 1: balance off in full once the bill arise, And so

907
00:42:55,760 --> 00:42:58,800
Speaker 1: he's just in the best possible scenario, he's just funneling

908
00:42:58,840 --> 00:43:01,640
Speaker 1: that spending catbird cy to Some might say that's right. Yeah,

909
00:43:01,680 --> 00:43:05,400
Speaker 1: he's just you know, shuttling that money through that credit

910
00:43:05,440 --> 00:43:08,640
Speaker 1: card and then just reaping the rewards. Uh. And so yeah,

911
00:43:08,640 --> 00:43:11,879
Speaker 1: if the the hospital or the medical office, if they're

912
00:43:11,920 --> 00:43:13,600
Speaker 1: not going to charge you any for you used to

913
00:43:13,600 --> 00:43:15,480
Speaker 1: pay with plastic, I would say that that's totally the

914
00:43:15,520 --> 00:43:17,120
Speaker 1: way to go. And cyber do we wish you the

915
00:43:17,120 --> 00:43:19,040
Speaker 1: best of luck with this. We hope it's that's right.

916
00:43:19,120 --> 00:43:20,879
Speaker 1: We hope it goes well and that you were able

917
00:43:20,880 --> 00:43:24,760
Speaker 1: to recover quickly and that you, yeah, don't get financially

918
00:43:24,800 --> 00:43:28,359
Speaker 1: screwed over in the process of getting this done. That's right. Okay,

919
00:43:28,400 --> 00:43:31,040
Speaker 1: let's go ahead and get to our last listener question

920
00:43:31,080 --> 00:43:33,960
Speaker 1: of the day. Joel, this is the one about perhaps

921
00:43:33,960 --> 00:43:36,960
Speaker 1: the worst investment that's ever existed, and I'm not even

922
00:43:37,000 --> 00:43:40,400
Speaker 1: talking about beanie babies. Let's hear it, Hey, how the money?

923
00:43:40,440 --> 00:43:43,800
Speaker 1: This is calling from San Antonio, Texas with a question

924
00:43:44,000 --> 00:43:48,720
Speaker 1: on variable annuities. My wife works in the nonprofit field

925
00:43:48,800 --> 00:43:51,520
Speaker 1: and her new company had a presentation on their four

926
00:43:51,520 --> 00:43:55,319
Speaker 1: oh three B retirement plan. The only option for the

927
00:43:55,400 --> 00:43:59,239
Speaker 1: plan is a variable annuity through an insurance company. Though

928
00:43:59,280 --> 00:44:01,319
Speaker 1: the money can be in invested in an index fund

929
00:44:01,360 --> 00:44:05,319
Speaker 1: within the annuity, they have high fee structures and it's

930
00:44:05,320 --> 00:44:08,239
Speaker 1: hard to roll the money out of the plan. My

931
00:44:08,239 --> 00:44:10,600
Speaker 1: wife is twenty six and it's likely she'll have other

932
00:44:10,680 --> 00:44:13,960
Speaker 1: jobs before retirement. But our current company will match up

933
00:44:13,960 --> 00:44:18,080
Speaker 1: to four percent of contributions to this plan. I have

934
00:44:18,200 --> 00:44:20,839
Speaker 1: a ROTH four O n K, which I contribute ten

935
00:44:20,880 --> 00:44:22,959
Speaker 1: percent of my salary to and get a five point

936
00:44:23,040 --> 00:44:26,120
Speaker 1: five percent match. We max out a roth IRA for

937
00:44:26,200 --> 00:44:28,200
Speaker 1: my wife. Um I also have an IRA, but we

938
00:44:28,280 --> 00:44:31,080
Speaker 1: won't make contributions to that until there's a little bit

939
00:44:31,120 --> 00:44:34,120
Speaker 1: more income in the picture. In a normal month, we

940
00:44:34,239 --> 00:44:37,840
Speaker 1: have about one thousand dollars extra income above our budget

941
00:44:37,840 --> 00:44:41,720
Speaker 1: and needs for bills and savings. So I think variable

942
00:44:41,719 --> 00:44:45,640
Speaker 1: annuities are bad products and most circumstances. And I think

943
00:44:45,680 --> 00:44:49,000
Speaker 1: good financial products don't need sales people to pitch them.

944
00:44:49,080 --> 00:44:51,880
Speaker 1: But my question is, even if a variable annuity may

945
00:44:51,880 --> 00:44:55,600
Speaker 1: be a relatively poor financial product, does it make financial

946
00:44:55,680 --> 00:44:59,239
Speaker 1: sense to consider it at the four percent contribution match

947
00:44:59,360 --> 00:45:02,480
Speaker 1: level in this case? Let me know your thoughts and thanks.

948
00:45:02,560 --> 00:45:04,560
Speaker 1: Love the show, all right, Matt, let's get to it.

949
00:45:04,600 --> 00:45:08,120
Speaker 1: By the way, I cannot believe you just harangued the

950
00:45:08,200 --> 00:45:12,360
Speaker 1: investing prowess of beanie baby investors. I think they. I

951
00:45:12,360 --> 00:45:14,799
Speaker 1: think I could have called out crypto or tulips. It's

952
00:45:14,800 --> 00:45:18,120
Speaker 1: way better than crypto. Let's be honest. My little sister,

953
00:45:18,160 --> 00:45:19,960
Speaker 1: I think still has a been of old school Beanie

954
00:45:19,960 --> 00:45:22,799
Speaker 1: Babies and she needs to wait until they come back

955
00:45:22,800 --> 00:45:24,840
Speaker 1: and sell them. It's gonna happen at some point, and

956
00:45:24,840 --> 00:45:27,200
Speaker 1: there's gonna be a renewed focus I think on Beanie

957
00:45:27,200 --> 00:45:30,239
Speaker 1: Baby's days. But they're not gonna make you rich. But

958
00:45:30,320 --> 00:45:32,239
Speaker 1: let's talk about something else that won't make you rich,

959
00:45:32,360 --> 00:45:35,560
Speaker 1: and that's variable annuities. Yeah, so we don't talk about

960
00:45:35,560 --> 00:45:39,080
Speaker 1: them much on the show. And and they're inside of

961
00:45:39,080 --> 00:45:41,400
Speaker 1: Colin's wife's four or three B plan. And four or

962
00:45:41,440 --> 00:45:43,799
Speaker 1: three B plans can be all right, but there are

963
00:45:43,840 --> 00:45:46,399
Speaker 1: also a lot of crappy fees as well in many

964
00:45:46,440 --> 00:45:48,880
Speaker 1: of these four or three B plans, which is the

965
00:45:48,880 --> 00:45:51,120
Speaker 1: problem that we have with many four or three B

966
00:45:51,320 --> 00:45:53,600
Speaker 1: plans in existence. But so much comes down to the

967
00:45:53,920 --> 00:45:57,360
Speaker 1: investment options that are available to you. And the reality

968
00:45:57,360 --> 00:46:00,120
Speaker 1: of that is that, especially for public school teachers K

969
00:46:00,200 --> 00:46:04,400
Speaker 1: through twelve public school teachers, the options are subpar, and

970
00:46:04,440 --> 00:46:08,360
Speaker 1: they often like they stink so badly because the fees

971
00:46:08,680 --> 00:46:12,880
Speaker 1: and the fine print are so ridiculous, Like our K

972
00:46:13,000 --> 00:46:15,560
Speaker 1: through twelve teachers are largely being taken advantage of by

973
00:46:15,600 --> 00:46:19,280
Speaker 1: having much fewer options and much worse options in these accounts.

974
00:46:19,440 --> 00:46:21,160
Speaker 1: And you've had a tough nut to crack here, Colin,

975
00:46:21,200 --> 00:46:24,200
Speaker 1: because specifically the fact that your wife's employer is offering

976
00:46:24,200 --> 00:46:26,760
Speaker 1: a match that's what makes to some more difficult questions

977
00:46:27,000 --> 00:46:29,440
Speaker 1: to answer, because let's say there was no match, Matt,

978
00:46:29,640 --> 00:46:32,320
Speaker 1: we would say skip it all together. Sock more money

979
00:46:32,360 --> 00:46:34,080
Speaker 1: in the IRA that you're not able to contribute to

980
00:46:34,120 --> 00:46:36,640
Speaker 1: right now because you don't have enough enough dollars hanging around.

981
00:46:36,680 --> 00:46:39,319
Speaker 1: Just yeah, money is fungible, and just allocate some of

982
00:46:39,320 --> 00:46:43,399
Speaker 1: those dollars instead of in her retirement account there over

983
00:46:43,440 --> 00:46:46,040
Speaker 1: in your roth IRA or whichever accounts that you're not

984
00:46:46,040 --> 00:46:50,759
Speaker 1: fully funding yet exactly because the options are so bad

985
00:46:51,120 --> 00:46:54,600
Speaker 1: in this account. If if in fact the variable nudity

986
00:46:54,719 --> 00:46:56,920
Speaker 1: is really the only place that she can invest inside

987
00:46:56,920 --> 00:46:59,520
Speaker 1: of this account, that's a problem. But the availability of

988
00:46:59,520 --> 00:47:02,279
Speaker 1: the match of compounds the problem makes it a little

989
00:47:02,280 --> 00:47:04,680
Speaker 1: more nuanced and and ultimately this is gonna be come

990
00:47:04,680 --> 00:47:06,360
Speaker 1: down to math, right, It's gonna be a math problem.

991
00:47:06,520 --> 00:47:08,799
Speaker 1: But let's make sure that you know what it is

992
00:47:08,960 --> 00:47:11,160
Speaker 1: that you need to pay attention to as you're trying

993
00:47:11,200 --> 00:47:13,520
Speaker 1: to decide if this four oh three B is going

994
00:47:13,560 --> 00:47:15,640
Speaker 1: to be worth it, if it makes sense for your

995
00:47:15,640 --> 00:47:17,440
Speaker 1: wife to contribute at least up into the match. I

996
00:47:17,480 --> 00:47:19,799
Speaker 1: will say, before we even get to that map, there

997
00:47:19,840 --> 00:47:22,720
Speaker 1: is no need and there is there is no sense

998
00:47:22,960 --> 00:47:26,839
Speaker 1: in contributing beyond that match. Level four. So that's that's

999
00:47:26,880 --> 00:47:30,319
Speaker 1: definitely the most that you should be contributing exactly. I mean,

1000
00:47:30,320 --> 00:47:32,480
Speaker 1: the only reason we're having this conversation is because there

1001
00:47:32,560 --> 00:47:34,120
Speaker 1: is the match, just like you said, like, if that

1002
00:47:34,120 --> 00:47:36,400
Speaker 1: match didn't exist, we would not be having this conversation.

1003
00:47:36,680 --> 00:47:38,040
Speaker 1: And the reason for that is because there are so

1004
00:47:38,120 --> 00:47:42,239
Speaker 1: many downsides to investing in this variable annuity, uh, and

1005
00:47:42,280 --> 00:47:45,359
Speaker 1: the biggest downside is likely the insanely high fees that

1006
00:47:45,400 --> 00:47:48,080
Speaker 1: come with these investments. This high fees will eat into

1007
00:47:48,120 --> 00:47:51,520
Speaker 1: the investment returns that your wife would hope to garner

1008
00:47:51,600 --> 00:47:54,360
Speaker 1: by talking money away into that four or three B

1009
00:47:54,880 --> 00:47:57,360
Speaker 1: according to four H three B wise, which is a

1010
00:47:57,400 --> 00:48:01,440
Speaker 1: fantastic resource like a nonprofit helping teachers in particular nonprofit

1011
00:48:01,440 --> 00:48:04,440
Speaker 1: for the nonprofits on there. But according to them, according

1012
00:48:04,440 --> 00:48:07,520
Speaker 1: to the research, the typical annual fee on a variable

1013
00:48:07,520 --> 00:48:11,680
Speaker 1: annuity is three That is insane. You compare that to

1014
00:48:12,120 --> 00:48:17,120
Speaker 1: a Vanguard SMPF that's got an expense expense ratio of

1015
00:48:17,400 --> 00:48:23,279
Speaker 1: point zero. There is such a disparity between those two

1016
00:48:23,320 --> 00:48:25,000
Speaker 1: figures that I just mentioned, or even just think about

1017
00:48:25,000 --> 00:48:27,320
Speaker 1: Fidelity and they've got some e t F so obviously

1018
00:48:27,400 --> 00:48:30,400
Speaker 1: that have that are completely free that don't don't have

1019
00:48:30,440 --> 00:48:33,360
Speaker 1: any expense ratio would be like me are wrestling Sylvester

1020
00:48:33,400 --> 00:48:35,680
Speaker 1: salone in the movie Over the Top, how quickly would

1021
00:48:35,680 --> 00:48:38,279
Speaker 1: I lose? Like that? It's it's not even a match, right,

1022
00:48:38,320 --> 00:48:41,239
Speaker 1: Like it's or like our or him like anold Schwartzenegger

1023
00:48:41,360 --> 00:48:45,080
Speaker 1: or somebody like Sylvester slone like almost like a baby, like, yeah,

1024
00:48:45,080 --> 00:48:47,080
Speaker 1: you're right, probably what's that? Like I'm almost this week?

1025
00:48:47,160 --> 00:48:48,920
Speaker 1: Is it? Maybe not? Like yeah, yeah, you've got you've

1026
00:48:48,920 --> 00:48:51,799
Speaker 1: got some muscle mass. But it is also important to

1027
00:48:51,800 --> 00:48:54,719
Speaker 1: watch out for surrender charges as well. That's something that

1028
00:48:54,760 --> 00:48:58,759
Speaker 1: you also see associated with these variable annuities. Those can

1029
00:48:58,800 --> 00:49:01,239
Speaker 1: be pretty significant. Uh. And some of the some of

1030
00:49:01,239 --> 00:49:04,520
Speaker 1: these different annuity contracts, they can have surrender periods as

1031
00:49:04,560 --> 00:49:07,319
Speaker 1: long as ten years. And so what that means is

1032
00:49:07,400 --> 00:49:09,440
Speaker 1: that if your wife we're we're looking to move on

1033
00:49:09,480 --> 00:49:12,240
Speaker 1: to a different company, she could be forfeiting a large

1034
00:49:12,320 --> 00:49:15,600
Speaker 1: percentage of her total assets. Oftentimes you're looking at something

1035
00:49:15,640 --> 00:49:18,799
Speaker 1: between five to seven percent of that little nest egg

1036
00:49:18,960 --> 00:49:21,440
Speaker 1: that's going to get eaten up right away. Uh. This

1037
00:49:21,719 --> 00:49:24,120
Speaker 1: probably should be illegal, but sadly it is not. It

1038
00:49:24,320 --> 00:49:27,640
Speaker 1: is costing. Again, like you said, Joll not just nonprofits,

1039
00:49:27,640 --> 00:49:29,479
Speaker 1: but especially a lot of teachers out there. It's costing

1040
00:49:29,520 --> 00:49:31,040
Speaker 1: them a lot of money. And a lot of school

1041
00:49:31,080 --> 00:49:35,000
Speaker 1: teachers do have options outside of just annuities, let's say,

1042
00:49:35,000 --> 00:49:37,400
Speaker 1: inside of their retirement plan, and they could stick money

1043
00:49:37,440 --> 00:49:40,879
Speaker 1: in something like an SMP five fund. But even those

1044
00:49:40,880 --> 00:49:43,520
Speaker 1: funds inside of these teacher retirement plans are often ten

1045
00:49:43,560 --> 00:49:46,879
Speaker 1: times the expenses as a Vanguard fidelity fund. Uh. Still,

1046
00:49:47,120 --> 00:49:48,919
Speaker 1: it may not be, may not be one hundred times

1047
00:49:49,000 --> 00:49:50,800
Speaker 1: is bad? Right? Right? Maybe it's just ten times this

1048
00:49:50,880 --> 00:49:53,880
Speaker 1: week exactly. Yeah, this would be a much better solutions.

1049
00:49:53,880 --> 00:49:56,040
Speaker 1: Still crazy, but it sounds like Colin's wife doesn't even

1050
00:49:56,080 --> 00:49:58,440
Speaker 1: have that choice, which is just a travesty. It's a

1051
00:49:58,440 --> 00:50:01,600
Speaker 1: crying shame. And I would be upset to the point

1052
00:50:01,640 --> 00:50:06,800
Speaker 1: of like writing people trying to get this fixed. I would.

1053
00:50:06,920 --> 00:50:09,040
Speaker 1: I would, because this is it's not right, it's not okay.

1054
00:50:09,280 --> 00:50:11,319
Speaker 1: And so yeah, with without knowing how long your wife

1055
00:50:11,320 --> 00:50:13,000
Speaker 1: plans to stay at the company, it's going to be

1056
00:50:13,040 --> 00:50:15,279
Speaker 1: difficult to know whether or not it makes sense because

1057
00:50:15,280 --> 00:50:17,440
Speaker 1: you mentioned that she would likely move on from this

1058
00:50:17,480 --> 00:50:19,960
Speaker 1: position at some point. One option would be to try

1059
00:50:19,960 --> 00:50:21,680
Speaker 1: and get the best of both worlds, to get the match,

1060
00:50:21,960 --> 00:50:23,800
Speaker 1: but then look to see if there are You mentioned

1061
00:50:23,800 --> 00:50:25,320
Speaker 1: there aren't, but what if there are other places she

1062
00:50:25,360 --> 00:50:27,799
Speaker 1: can investor even save some of that money instead of

1063
00:50:27,800 --> 00:50:30,640
Speaker 1: sticking it into a variable annuity within that four or

1064
00:50:30,640 --> 00:50:33,640
Speaker 1: three B is there a money market account for instance,

1065
00:50:33,840 --> 00:50:36,239
Speaker 1: that could be better snagging the match, getting the money

1066
00:50:36,280 --> 00:50:38,920
Speaker 1: in there, but not investing it yet because the investing

1067
00:50:38,920 --> 00:50:41,200
Speaker 1: options are so terrible. And then you can always roll

1068
00:50:41,239 --> 00:50:43,719
Speaker 1: that four or three B over into a traditional I

1069
00:50:43,840 --> 00:50:46,880
Speaker 1: ra A once she leaves that job, and then you

1070
00:50:46,880 --> 00:50:49,719
Speaker 1: can start investing those funds. Right, It's it's a good

1071
00:50:49,760 --> 00:50:51,520
Speaker 1: idea for your wife to push for better options to

1072
00:50:51,640 --> 00:50:53,920
Speaker 1: like I was just saying, like, it's not just her

1073
00:50:53,960 --> 00:50:55,879
Speaker 1: who's getting the short end of the stick here by

1074
00:50:55,920 --> 00:50:59,120
Speaker 1: not having access to low cost investing options. You know,

1075
00:50:59,200 --> 00:51:01,439
Speaker 1: if or her I'd reach out to HR and started

1076
00:51:01,440 --> 00:51:04,240
Speaker 1: asking some questions, I'd start pushing the envelope to see

1077
00:51:04,280 --> 00:51:06,399
Speaker 1: if if there is a way in which they can

1078
00:51:06,480 --> 00:51:09,680
Speaker 1: have better investing options at their disposal, because right now

1079
00:51:09,719 --> 00:51:12,560
Speaker 1: it sounds like everybody at this organization is getting ripped off,

1080
00:51:12,760 --> 00:51:16,319
Speaker 1: and the if the organization, maybe the organization, maybe the

1081
00:51:16,320 --> 00:51:20,080
Speaker 1: folks in charge don't realize just how poorly they're serving

1082
00:51:20,440 --> 00:51:22,840
Speaker 1: their employees. Uh, and somebody has to bring that to

1083
00:51:22,880 --> 00:51:25,920
Speaker 1: their attentions. And I would say, since you know what's

1084
00:51:25,960 --> 00:51:28,800
Speaker 1: going on, you have the ability and the duty even

1085
00:51:29,080 --> 00:51:31,640
Speaker 1: to reach out and to make some suggestions and to

1086
00:51:31,719 --> 00:51:34,200
Speaker 1: reach out and talk about mentioned four or three B wise.

1087
00:51:34,239 --> 00:51:37,200
Speaker 1: Those folks will will help walk this organization through picking

1088
00:51:37,239 --> 00:51:39,719
Speaker 1: a better plan that's going to be more suitable and

1089
00:51:39,880 --> 00:51:42,560
Speaker 1: lower costs for all the folks involved. Yeah, and you

1090
00:51:42,840 --> 00:51:45,960
Speaker 1: mentioned the four three B wise website, but not just

1091
00:51:46,040 --> 00:51:48,279
Speaker 1: the actual website, but they've got a great Facebook group

1092
00:51:48,280 --> 00:51:50,359
Speaker 1: as well. That would be a great resource, a great

1093
00:51:50,400 --> 00:51:52,719
Speaker 1: place calling for your wife to soak in some of

1094
00:51:52,719 --> 00:51:55,200
Speaker 1: that four or three B wisdom, start asking questions like

1095
00:51:55,200 --> 00:51:57,640
Speaker 1: a people in there have been dealt with crappy four

1096
00:51:57,719 --> 00:52:00,000
Speaker 1: or three B products who may have been in very

1097
00:52:00,000 --> 00:52:03,319
Speaker 1: similar situations that she finds herself, or maybe the exact same.

1098
00:52:03,360 --> 00:52:05,520
Speaker 1: They might say, oh, oh, I know this provider, well,

1099
00:52:05,800 --> 00:52:07,680
Speaker 1: and it's really bad and here he actually they have

1100
00:52:07,719 --> 00:52:09,879
Speaker 1: this one option or actually here's how you go about

1101
00:52:10,000 --> 00:52:12,960
Speaker 1: trying to get things changed where you work. Yeah, and

1102
00:52:13,000 --> 00:52:14,680
Speaker 1: you know it's worth pointing out to one one final

1103
00:52:14,680 --> 00:52:18,520
Speaker 1: note here, Perhaps not all annuities are bad. Like some

1104
00:52:18,600 --> 00:52:21,319
Speaker 1: of them are going to make more sense for individuals

1105
00:52:21,320 --> 00:52:24,839
Speaker 1: in particular as you get closer to retirement age, but

1106
00:52:25,040 --> 00:52:28,160
Speaker 1: annuities are almost never a smart deal for the folks

1107
00:52:28,160 --> 00:52:29,960
Speaker 1: out there who are in the wealth building phase of

1108
00:52:30,000 --> 00:52:32,120
Speaker 1: their lives. In that case, you want to make sure

1109
00:52:32,480 --> 00:52:34,560
Speaker 1: that you are you know that you have some investing

1110
00:52:34,560 --> 00:52:38,359
Speaker 1: options available to you, especially where they're not charging you

1111
00:52:38,360 --> 00:52:40,560
Speaker 1: in arm and a leg just for the privilege of

1112
00:52:40,600 --> 00:52:43,279
Speaker 1: being able to invest with what is most likely an

1113
00:52:43,280 --> 00:52:45,080
Speaker 1: insurance company that is not who you want to be

1114
00:52:45,120 --> 00:52:47,439
Speaker 1: with for sure. Yeah, and it just sucks that that's

1115
00:52:47,520 --> 00:52:50,080
Speaker 1: the option that she has, and the tax advantaged option

1116
00:52:50,120 --> 00:52:52,560
Speaker 1: with a match that she has, because typically, you know,

1117
00:52:52,600 --> 00:52:54,279
Speaker 1: you want to take advantage of a company match, and

1118
00:52:54,320 --> 00:52:57,880
Speaker 1: there aren't many reasons why you would avoid that unless

1119
00:52:58,400 --> 00:53:00,279
Speaker 1: potentially you're not going to be at that in layer

1120
00:53:00,400 --> 00:53:03,640
Speaker 1: very long and the surrender charges and the fees that

1121
00:53:03,680 --> 00:53:07,279
Speaker 1: come along with that variable annuity make it just prohibitively

1122
00:53:07,320 --> 00:53:10,399
Speaker 1: costly for you to do business there. And so yeah,

1123
00:53:10,440 --> 00:53:13,279
Speaker 1: it's not the easiest answer unless we're looking at your

1124
00:53:13,280 --> 00:53:15,680
Speaker 1: paperwork with you, But hopefully that points you in the

1125
00:53:15,760 --> 00:53:17,480
Speaker 1: right direction, all right, let's get back to the beer

1126
00:53:17,520 --> 00:53:19,839
Speaker 1: that we had on this episode, two Turtle Doves by

1127
00:53:19,840 --> 00:53:22,360
Speaker 1: the Brewery. Yeah, what were your thoughts on this Belgian

1128
00:53:22,360 --> 00:53:24,799
Speaker 1: style ale brewed with orange peel and spices. So what's

1129
00:53:24,840 --> 00:53:28,920
Speaker 1: crazy is I scoured the label looking for any descriptive

1130
00:53:29,160 --> 00:53:32,160
Speaker 1: of this flavor that I not only smelled but tasted,

1131
00:53:32,440 --> 00:53:35,279
Speaker 1: but I am picking up major banana notes. I don't

1132
00:53:35,280 --> 00:53:37,560
Speaker 1: know about you, but like when I cracked this thing

1133
00:53:37,600 --> 00:53:39,920
Speaker 1: open and gave it a sniff, I couldn't get past thinking,

1134
00:53:40,080 --> 00:53:43,440
Speaker 1: this smells just like a strawberry banana smoothie, like like

1135
00:53:43,440 --> 00:53:45,320
Speaker 1: like an odd wala or some of like the naked

1136
00:53:45,400 --> 00:53:48,240
Speaker 1: juices or whatever, like a lot of those have banana

1137
00:53:48,400 --> 00:53:51,279
Speaker 1: in them, and I one hundred percent and tasting and

1138
00:53:51,600 --> 00:53:56,239
Speaker 1: picking up on some of those banana ethers. I don't know.

1139
00:53:56,320 --> 00:53:58,200
Speaker 1: I don't know what it is, but for for whatever reason,

1140
00:53:58,239 --> 00:54:01,440
Speaker 1: just the combination of flavors, uh, definitely make me think that.

1141
00:54:01,520 --> 00:54:04,400
Speaker 1: But yeah, I mean it's good, it's it's definitely delicious,

1142
00:54:04,800 --> 00:54:07,120
Speaker 1: makes you kind of gets you nice and warm inside,

1143
00:54:07,120 --> 00:54:09,960
Speaker 1: makes you think of the upcoming holidays. But I what

1144
00:54:10,040 --> 00:54:12,160
Speaker 1: do you think My thought was? It's beginning to taste

1145
00:54:12,200 --> 00:54:14,640
Speaker 1: a lot like Christmas when I drank this, because it's

1146
00:54:14,640 --> 00:54:17,759
Speaker 1: got that gingerbread, a little bit orange peel action going on,

1147
00:54:17,880 --> 00:54:20,880
Speaker 1: maybe nutmeg, like, it's got some of those Christmas spices

1148
00:54:20,960 --> 00:54:24,320
Speaker 1: thrown in, so it feels like, uh, you know, mid December,

1149
00:54:24,320 --> 00:54:26,680
Speaker 1: this is kind of the perfect beer to be drinking. Um.

1150
00:54:26,800 --> 00:54:29,680
Speaker 1: I thought it was tasty. It's the brewery makes so

1151
00:54:29,680 --> 00:54:31,680
Speaker 1: many good beers. I mean, I can't say it's one

1152
00:54:31,680 --> 00:54:33,480
Speaker 1: of my favorites that I've had from them, but that's

1153
00:54:33,520 --> 00:54:36,759
Speaker 1: also because I've had so many because the others. But

1154
00:54:36,800 --> 00:54:40,120
Speaker 1: if you're into and you're wanting some Christmas vibes from

1155
00:54:40,120 --> 00:54:41,840
Speaker 1: a beer right now, those are a great way to

1156
00:54:41,840 --> 00:54:43,640
Speaker 1: pick up for sure, to split with a friend or two,

1157
00:54:43,920 --> 00:54:46,040
Speaker 1: and super easy to drink too, especially if you are

1158
00:54:46,160 --> 00:54:48,000
Speaker 1: not like he is talking about different I p a

1159
00:54:48,120 --> 00:54:50,800
Speaker 1: s and you're thinking, yeah, thanks, boys, I p A

1160
00:54:50,880 --> 00:54:53,160
Speaker 1: s aren't for me. This is basically the opposite of that.

1161
00:54:53,480 --> 00:54:57,080
Speaker 1: A lot of darker like brown pastry notes. Uh, plus

1162
00:54:57,239 --> 00:54:59,040
Speaker 1: a little bit of banana actually makes me think of

1163
00:54:59,040 --> 00:55:01,880
Speaker 1: banana bread. Oh man, that's that's totally like a brand,

1164
00:55:02,840 --> 00:55:07,280
Speaker 1: like a rum soaked raisin banana bread mash up. Throwing

1165
00:55:07,320 --> 00:55:09,800
Speaker 1: a touch a fruitcake. Perhaps there's a lot of that

1166
00:55:09,840 --> 00:55:12,399
Speaker 1: going on. Yeah, definitely. So if that is what you're

1167
00:55:12,400 --> 00:55:15,160
Speaker 1: looking for in a beer, check out two Turtle Doves

1168
00:55:15,200 --> 00:55:17,000
Speaker 1: by the brewery. All Right, that's gonna do it for

1169
00:55:17,200 --> 00:55:19,520
Speaker 1: this episode. For folks who want the show notes, including

1170
00:55:19,560 --> 00:55:22,440
Speaker 1: the links to some of the stuff we mentioned, Matt's

1171
00:55:22,440 --> 00:55:24,799
Speaker 1: budget template included, we'll have that up on our site

1172
00:55:24,960 --> 00:55:26,959
Speaker 1: at how to money dot com. That's right, but Joel,

1173
00:55:26,960 --> 00:55:29,640
Speaker 1: that's gonna be buddy for this episode until next time.

1174
00:55:29,760 --> 00:55:31,680
Speaker 1: Best Friends Out, Best Friends Out,