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Speaker 1: Welcome to How to Money.

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Speaker 2: I'm Joel and I am Matt.

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Speaker 1: Today we're going to answer some of your listener questions.

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Speaker 2: Happy Monday, everybody. I hope everyone had a lovely weekend.

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Speaker 2: And yes it's Monday, and you know we've got listener

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Speaker 2: questions line up for you, because that is what we

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Speaker 2: do here on the show. On Mondays, We've got a

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Speaker 2: listener asking about perpetual homeowners insurance, whether or not it's

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Speaker 2: the everlasting gap stopper of insurance products.

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Speaker 1: Most people probably haven't even heard of this, Matt, it

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Speaker 1: was fresh.

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Speaker 2: Including us. Yeah, so I'm actually really excited to talk

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Speaker 2: about that. Another listener is wondering how he should go

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Speaker 2: about appealing his property tax assessment. We're not just gonna

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Speaker 2: talk about homeowner stuff. Another listener, she's asking about how

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Speaker 2: she can pay less for a living trust, plus some

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Speaker 2: other money saving content that we'll get to during this episode.

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Speaker 2: No doubt, I'm looking forward to it.

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Speaker 1: Okay, So, Matt, not too long ago you and meet

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Speaker 1: Before we give this questions, I wanted to mention something

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Speaker 1: I saw one of my friends per take in and

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Speaker 1: he took a trip, which is awesome. You and I

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Speaker 1: we like to travel. We just got back not too

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Speaker 1: long ago from the Caribbean, a nice little four day stint,

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Speaker 1: which was lovely getaway.

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Speaker 2: But we five days, four nights, five days. We got

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Speaker 2: to count that fifth day, bab.

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Speaker 1: I'm sure it's actually that's the way to go, is

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Speaker 1: like wake up early and get there, spend an extra

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Speaker 1: day there. But Okay, this trip that my friend planned,

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Speaker 1: well he didn't actually plan it, and somebody else planned

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Speaker 1: the trip for him. He didn't even know where he

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Speaker 1: was going until he got to the airport. So there's

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Speaker 1: this website, there's this company that will plan the trip

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Speaker 1: for you, And I was wondering, is that something you

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Speaker 1: would be interested in doing or are you willing to

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Speaker 1: relinquish enough control for that.

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Speaker 2: Well yeah, so let's first say so, this is the

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Speaker 2: name of the company is Journey. It's spelled with like

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Speaker 2: two e's at the end instead of the ei, and

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Speaker 2: it's pretty cool. I was looking into it. You were like, hey,

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Speaker 2: check this out, les, let's talk about it on the show.

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Speaker 2: I will say that I don't think it's not the

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Speaker 2: most competitive pricing. I don't think it's going to be

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Speaker 2: the absolute cheapest way for you to travel a country

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Speaker 2: that you've been dying to see. It looks like it's

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Speaker 2: huge in the UK, but it looks like they also

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Speaker 2: have trip certifications that originate out of the US. But

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Speaker 2: the minimum price for a seventy trip is thirty I

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Speaker 2: think thirty four hundred dollars, with the average being closer

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Speaker 2: to four thousand, which isn't I mean, it's cheap. It's

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Speaker 2: not cheap. It's comparable for sure, but you got the

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Speaker 2: element of not having to go through all the legwork

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Speaker 2: of planning the trip because I don't know, in like

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Speaker 2: a previous life, perhaps a life without kids, like it's

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Speaker 2: something that you can work on in the evenings a

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Speaker 2: little bit more instead of working on homework with your kids.

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Speaker 2: It's something that you had the energy to get to

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Speaker 2: after dinner as opposed to just completely conking out on

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Speaker 2: the couch after you've wrestled them wrestled them to bed.

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Speaker 2: And so as I was thinking through you, I was like,

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Speaker 2: oh man, this would have been awesome to do, Like

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Speaker 2: in my twenties. I feel like it's an amazing service

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Speaker 2: or a site or whatever. If you are a little

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Speaker 2: bit younger and you're like a sense of adventure.

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Speaker 1: See as seen as the exact opposite, because we're wrestling

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Speaker 1: our kids to bed and stuff like that. I'm less,

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Speaker 1: I have less time to plan the trip that I

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Speaker 1: want to plan, and so I might be willing to it. Well,

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Speaker 1: I'm saying I'm all for it, because I also have

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Speaker 1: enough of like kind of there's some things that people

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Speaker 1: love to do when they're traveling, and I like to

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Speaker 1: go maybe more off the beaten path, and so I

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Speaker 1: might be a little annoyed if I got your pickier. Yeah,

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Speaker 1: if I got booked on a specific trip the destination,

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Speaker 1: I don't care as much about that as opposed to

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Speaker 1: the specific things that they booked me to do during

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Speaker 1: the day. And I don't know if I want to

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Speaker 1: go on some of those group destinations. Yea, I might

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Speaker 1: want to do like a two day bike ride through

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Speaker 1: a certain part, and maybe that's not on the itinerary,

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Speaker 1: and so I'd be bummed if I went all the

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Speaker 1: way to the south of France.

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Speaker 2: And then I didn't do the thing I wanted to do,

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Speaker 2: totally true. So it would feel like a missed opportunity

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Speaker 2: if you were in a part of the world that

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Speaker 2: would allow you to do some awesome things, but instead

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Speaker 2: it's like, well, okay, actually you're not going to be

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Speaker 2: that town. And it turns out, well, that town makes

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Speaker 2: the best beers in the entire world, and that would

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Speaker 2: be a priority for us.

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Speaker 1: And this is where and actually met a new friend recently.

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Speaker 1: His wife is a travel agent. He was kind of

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Speaker 1: telling me about her job. Sounds awesome. That might be

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Speaker 1: the happy medium is if you're able to then tell

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Speaker 1: that person, hey, listen, these are the kind of things

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Speaker 1: I like to do. This is the kind of place

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Speaker 1: I like to go. Can you help me plan this trip?

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Speaker 2: And so maybe it's got a little question there, so

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Speaker 2: exactly they do exactly. You're right, I'm not saying that

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Speaker 2: that's equivalent to having a personal friend perhaps who knows

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Speaker 2: you really well and knows what you're looking for.

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Speaker 1: So it's an interesting product. I can see why I

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Speaker 1: would appeal to some people, and it kind of sort

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Speaker 1: of appeals to me in a busier phase of life,

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Speaker 1: when planning the trip is actually harder to do, But

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Speaker 1: just finding the time and the ability to go is

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Speaker 1: it's not even the money. Sometimes how can we get

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Speaker 1: away with.

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Speaker 2: Kids and school? It's the time. And I agree, it's

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Speaker 2: the fact that if I'm going to take four or

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Speaker 2: five days off. I want to pick exactly what it

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Speaker 2: is that I'm doing, Like I know, like Kate and

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Speaker 2: I like, we probably want to go out west again,

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Speaker 2: out to Colorado like this fall. Well, I specifically want

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Speaker 2: to go out there and hike a couple of fourteen

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Speaker 2: ers because that was fun. Instead to say, all right, well,

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Speaker 2: maybe we'll do a European vacation, which sounds maybe a

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Speaker 2: little more exotic, a little fancier, but then you're doing

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Speaker 2: something I don't know that may not totally jive with

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Speaker 2: what it is that you're looking for.

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Speaker 1: That's the biggest townside of this to me is not

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Speaker 1: even that you get to a because I want to

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Speaker 1: explore every destination, so I wouldn't be like, oh, man

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Speaker 1: Iceland or whatever, like I would go to anywhere they

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Speaker 1: want to send me.

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Speaker 2: It's about the romania.

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Speaker 1: Yeah, it's okay, right, I'm down with that.

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Speaker 3: Ye.

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Speaker 1: Yeah, He's about these specific things you do on that

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Speaker 1: trip and how they plan out.

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Speaker 2: He takes something that would be awesome if you're like

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Speaker 2: an empty nester. So, because time off is so valuable

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Speaker 2: right now, it does seem that like, yeah, once the

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Speaker 2: kids are kind of out and gone, and you're gonna

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Speaker 2: you would have more money. You know, most likely we're

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Speaker 2: going to have more wealth accumulated by the time we're

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Speaker 2: empty nesters. And so the ability to say, Okay, we

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Speaker 2: travel a little more often and it doesn't quite matter

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Speaker 2: where it is that we're traveling too. Yep, that sounds

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Speaker 2: really appealing too. Yeah, so maybe on the extreme, like

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Speaker 2: on the younger end of the spectrum and on the

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Speaker 2: older end of the spectrum, it might be something worth

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Speaker 2: looking into.

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Speaker 1: And you and I we have always said that the

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Speaker 1: number one way to save money on travel is to

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Speaker 1: let the deal drive the destination. So if you're like,

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Speaker 1: I really really really want to go to Denmark, well,

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Speaker 1: what if it's expensive to go to Denmark right now?

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Speaker 1: You might find a sale next year, so go somewhere

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Speaker 1: else for the time being, wherever's on sale. That way

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Speaker 1: you can travel more and then you can hit up

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Speaker 1: more destinations instead of saying, I guess I'll bite the

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Speaker 1: bullet and I'll buy the fourteen hundred dollars ticket to Denmark.

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Speaker 1: No no, no, no, wait for the sale at a

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Speaker 1: future time. That is the best way to save on

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Speaker 1: travel that we know of. Then there's all sorts of

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Speaker 1: other great ways to save too. What we'll maybe put

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Speaker 1: links to some of our favorite how to Money resources

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Speaker 1: on saving money for travel in the show notes for

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Speaker 1: today's episode. But Matt, speaking of this episode, we got

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Speaker 1: to get to some listener questions. Let's mention the beer

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Speaker 1: that we're having first though. This one is called Mexican Cake.

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Speaker 1: It's by Westbrook Brewing Company out of North Carolina. Really

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Speaker 1: excited to share this one with you on the episode today.

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Speaker 1: Man South here letter, oh South Carolina, Charles.

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Speaker 2: Yeah, there we go. By the way, if you have

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Speaker 2: your own listener question that you would like to submit

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Speaker 2: to the show for us to answer here on the podcast,

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Speaker 2: you can just head over to how tomoney dot com

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Speaker 2: forward slash ask and there you have the very simple,

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Speaker 2: straightforward instructions on how it is that you can do that.

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Speaker 2: But basically it's a voice memo. Just email it to us.

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Speaker 2: Yeah at how to moneypod at gmail dot com. Superchill.

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Speaker 2: But Joe, let's hear from a listener who is asking

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Speaker 2: about an insurance product that might be too good to

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Speaker 2: be true.

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Speaker 3: This is Travis from the Great State of Maryland. I've

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Speaker 3: been a homeowner here for eight years and have recently

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Speaker 3: learned about perpetual homeowners insurance. When it was explained to me,

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Speaker 3: it sounded too good to be true, so I started

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Speaker 3: doing some research For those not familiar, Instead of a

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Speaker 3: yearly payment for homeowners insurance, a large deposit is placed

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Speaker 3: with the insurance company.

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Speaker 2: Every year.

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Speaker 3: You have the option of increasing your deposit due to inflation.

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Speaker 3: All deposits are one hundred percent refundable. I'm awaiting a

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Speaker 3: final quote, but it appears the coverages are identical to

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Speaker 3: traditional homeowners insurance. Anyways, I was wondering if this is

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Speaker 3: a product you've ever heard of, and what your thoughts.

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Speaker 2: Were on it.

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Speaker 1: Thanks Matt, Travis is not the only one in the

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Speaker 1: dark about perpetual homeowners insurance. You and I were also like, ah,

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Speaker 1: what is this? We said to start doing a lot

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Speaker 1: of research because this is for a good reason, by

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Speaker 1: the way, because this is apparently a very rare product

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Speaker 1: in the homeowners insurance game. This is like a unicorn

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Speaker 1: of an insurance product that Travis has access to. So

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Speaker 1: did a lot of reading and it sounds like it's

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Speaker 1: a cool product with a few caveats so that people

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Speaker 1: have to be aware of before they sign up the

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Speaker 1: dotted line and opt for this perpetual homeowners insurance product,

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Speaker 1: and that part of the research that I opted to do.

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Speaker 1: I emailed our listener Nate, who he's like an independent

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Speaker 1: insurance agent, that's right, and we've corresponded multiple times across

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Speaker 1: the years, and I was curious to get his thoughts

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Speaker 1: as well. So I just wanted to also just publicly

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Speaker 1: thank Nate because some of the info that we're going

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Speaker 1: to divulge here he sent our way in response to

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Speaker 1: my question of him about this product. So it was

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Speaker 1: like some independent research also some Nate provided stuff.

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Speaker 2: So thanks to Nate for that insider knowledge. Hey, from

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Speaker 2: within the industry.

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Speaker 1: It's nice to have for in high places.

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Speaker 2: Thank you, Nate. I'll say the first thing that he

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Speaker 2: mentioned was the history of this type of insurance, because

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Speaker 2: it turns out it started with good old Benjamin Franklin

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Speaker 2: and the company that he was a part of founding

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Speaker 2: back of the day. It's still around today, which is

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Speaker 2: super cool. He even ate he included a screenshot of

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Speaker 2: what the insurance document looked like. Maybe we'll link to

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Speaker 2: it in the show notes.

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Speaker 1: I think the company Curious was what founded in seventeen

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Speaker 1: fifty two or something. Yeah, I mean think about that.

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Speaker 1: How many companies have been around that long? Very few,

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Speaker 1: not many in.

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Speaker 2: The United States at least strike But like, bottom line,

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Speaker 2: the way this works is that someone who can afford

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Speaker 2: to fork over a higher lump sum like Travis is

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Speaker 2: considering and has this kind of insurance available to them. Well,

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Speaker 2: if that's you, this could be a really smart money

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Speaker 2: saving move. Basically, like it makes me think about going

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Speaker 2: to Costco and buying in bulk, which I was reading somewhere,

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Speaker 2: and this shouldn't be too surprising, but the majority of

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Speaker 2: Costco members of folks who shot there are solidly like

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Speaker 2: wealthy middle class folks, like middle upper middle class folks,

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Speaker 2: which kind of makes sense because you have to be

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Speaker 2: able to afford well, most likely a deep freeze to

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Speaker 2: put all your goods in. But on top of that,

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Speaker 2: you're buying more than you actually need right there in

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Speaker 2: that moment. You are buying in advance, and that means

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Speaker 2: you got to have the cash on hand in order

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Speaker 2: to make that kind of a purchase. And so I

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Speaker 2: don't know, I kind of like to think about this.

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Speaker 2: Perpessional homeowners insurance is like the costco equivalent, which makes

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Speaker 2: me like it even more. Maybe I would have originally

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Speaker 2: thought of.

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Speaker 1: It as we like the smart, frugal, thoughtful, forward thinking person.

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Speaker 2: Yeah, this is what's.

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Speaker 1: Gonna it's gonna suit them.

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Speaker 2: Well, yeah, exactly so. But again, yeah, these are crazy rare.

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Speaker 2: And this is just driven home by the fact that

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Speaker 2: most of these insures they seem to be based up

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Speaker 2: in the northeast. So for instance, Travis he mentioned he's

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Speaker 2: in Maryland. Well there's one of them, and it's called

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Speaker 2: Baltimore or something like. That's just the name of one

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Speaker 2: of the companies. The two or three companies that yeah, many. Yeah,

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Speaker 2: So like if you're in Tennessee, or if you're in Washington,

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Speaker 2: you can't just call up your insurance provider and ask

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Speaker 2: for this type of product.

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Speaker 1: Mean you mean Washington State, not Washington d C. Because

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Speaker 1: in DC you might actually have access Washington State at

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Speaker 1: the northwest. But bottom line, these different insurances they put

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Speaker 1: it like a geographical fence around who that they are

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Speaker 1: willing to ensure. That's exactly right. So so for the

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Speaker 1: most part, if you hear us talking about this and

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Speaker 1: you live in most of the country, you probably don't

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Speaker 1: have access to these policies, although I'd be curious to

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Speaker 1: hear if other smaller insurers offer perpetuals perpetual homeowners insurance

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Speaker 1: maybe that we haven't heard about, but from everything we

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Speaker 1: saw yet, it seems like it's really just a few

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Speaker 1: insurers in the Northeast. And it's partly a legacy thing

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Speaker 1: because these companies have been doing it for so long

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Speaker 1: they've continued to do it, and it's a product that

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Speaker 1: they've offered.

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Speaker 2: But are like, hey, if your grandfathered in, if you

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Speaker 2: were founded before the beginning of.

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Speaker 1: Our correct yeah, exactly. And well, and the few companies

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Speaker 1: that offer this type of insurance they can charge here's

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Speaker 1: how it works. They've charged a much higher one time

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Speaker 1: upfront deposit, which can be as much as ten times

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Speaker 1: the typical annual homeowners insurance premium amount. But then that's it, right,

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Speaker 1: You're not paying That's why it's called perpetual homewers church.

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Speaker 1: You're not paying an annual premium every single year, right,

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Speaker 1: you know, you have to keep up with that. You

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Speaker 1: have to pay that out of scrow, and of course,

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Speaker 1: over time you end up paying far more than that

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Speaker 1: initial deposit under this product. And so yeah, that's basically

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Speaker 1: the way it works. That the large deposit, then the

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Speaker 1: insurer has this money a much bigger sum. They can

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Speaker 1: invest those dollars to cover insurance claims and operating expenses.

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Speaker 1: And so by your ability to float a much larger premium,

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Speaker 1: you're buying yourself future financial flexibility. And the coolest part

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Speaker 1: is that if or when you cancel the policy, you

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Speaker 1: get your entire deposit back. So it's not like these

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Speaker 1: premiums you're forking out every single year are are gone, right.

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Speaker 2: They vaporized like typical home owners in shoit Exactly. It's like, sweet, well,

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Speaker 2: I'm glad I paid for it just in case the

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Speaker 2: tree fell in my house like it did Joel's. But

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Speaker 2: that didn't happen, And it almost feels like you're discussion

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Speaker 2: that's a waste of money.

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Speaker 1: Yeah, And that's what a lot of people Matt when

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Speaker 1: they talk to us about insurance, life insurance, homeowners insurance,

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Speaker 1: car insurance, whatever. It's like, well, I never used it,

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Speaker 1: and it's like, well, I'm glad you didn't die, exactly,

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Speaker 1: And second, I'm glad tree didn't fall through your house,

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Speaker 1: and I'm glad you didn't get in a carrack and

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Speaker 1: all those things. But it can feel like you're throwing

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Speaker 1: away money, but that's really not the point of insurance

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Speaker 1: is to use it. It's hopefully you don't have to

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Speaker 1: and then paying those premiums. Hopefully you're able to be

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Speaker 1: smart about it and reduce your premiums and reduce your

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Speaker 1: overall cost of insurance. But still it's important to have

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Speaker 1: that insurance insurance just in case. But this specific kind

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Speaker 1: of insurance, yeah, you get that entire deposit back, it

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Speaker 1: gets refunded to you. That's one of the many ways

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Speaker 1: that this insurance product is set apart from a traditional

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Speaker 1: homeowner's insurance with annual premiums. And it's definitely the sexiest

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Speaker 1: part of it, right, It's the most appealing part for

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Speaker 1: anybody who cares about their money and likes being frugal.

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Speaker 1: It's like, yeah, fifteen hundred bucks a year, I'd rather

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Speaker 1: pay fifteen thousand and one time with the chance of

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Speaker 1: getting that refunded in the future.

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Speaker 2: It kind of makes me think of different scenarios where

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Speaker 2: you have to put down a deposit and if you're good,

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Speaker 2: then they give you your deposit back basically, and my

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Speaker 2: mind immediately went to our local skating rink where you

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Speaker 2: got to give them your shoe, like just one of

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Speaker 2: your shoes because they know that you're not gonna leave

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Speaker 2: with just one of your shoes, and you get to

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Speaker 2: come back and they're gonna get their skates back, You

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Speaker 2: get your you get your shoe back. Yeah, because they

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Speaker 2: went through skates back. But yeah, I guess there aren't

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Speaker 2: very many like what else.

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Speaker 1: Like a trick around that is to get good Will shoes, Matt,

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Speaker 1: and then you don't care and you steal the skates.

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Speaker 2: That's the unenoughal jrol A way to do things. No,

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Speaker 2: I agree, though the ability to get refunded that deposit

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Speaker 2: is super cool and was a part of the reason

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Speaker 2: why we're so excited to talk about this, even though

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Speaker 2: it's not something that is personally available to us. And

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Speaker 2: so for you, Travis, whether or not it's worth it,

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Speaker 2: that's going to depend, I think on how big of

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Speaker 2: a lump sum deposit that they require. You gotta do

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Speaker 2: some math, you gotta run the numbers, you gotta figure

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Speaker 2: out if you have the cash on hand to be

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Speaker 2: able to to take advantage of that bulk discount. And honestly,

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Speaker 2: it's kind of like even this is a very parallel example,

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Speaker 2: but with insurance premiums, you get that discount by paying

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Speaker 2: all at once at the beginning of the year for

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Speaker 2: a lot of providers rather than the monthly installments. This

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Speaker 2: it's sort of like an extended version of that. But

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Speaker 2: again you get the positive back. It's pretty sweet. But

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Speaker 2: as you crunch the numbers, that's going to help you

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Speaker 2: to determine the relative value of this product for you.

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Speaker 2: But the other thing that Nate mentioned and as we

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Speaker 2: were looking into this, these policies they often aren't as

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Speaker 2: robust as more traditional homeowners insurance policies today that you

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Speaker 2: can get on the market.

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Speaker 1: A little bit of a downside caveat Yeah, and so

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Speaker 1: Travis definitely be sure to read the fine print because

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Speaker 1: some of the coverage items that have become just standard today,

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Speaker 1: and then the policies that would be underwritten with a

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Speaker 1: traditional insurance provider.

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Speaker 2: They may not be included in a perpetual homeowner's insurance policies. So,

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Speaker 2: for instance, when they created these insurance companies, like houses

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Speaker 2: didn't have electricity, right, and so things like that interior

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Speaker 2: water damage due to your water waistline backing up, that's

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Speaker 2: sometimes something that is not included home sharing risks, like

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Speaker 2: if you rent out your place on Airbnb because you're

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Speaker 2: looking to make some extra money. These are all things

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Speaker 2: that are sometimes not included with these perpetual, everlasting home

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Speaker 2: owners insurance policies. So just make sure that you look

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Speaker 2: into that read that fine print for s.

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Speaker 1: Yeah, it's true. Airbnb was not around in the seventeen

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Speaker 1: fifties when Benjamin Franklin started this company. And Matt independent

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Speaker 1: insurance agent Nate who we talked to for this question's

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Speaker 1: official title, Yeah, that's what he goes by. He mentions

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Speaker 1: what all his friends call him too, just like like

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Speaker 1: everyone costs you how to money, Joel, Right, only when

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Speaker 1: they recognize me, which is never. But he mentioned that

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Speaker 1: these policies might not be updating coverage limits as frequently

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Speaker 1: as traditional policies either, right, which might mean you don't

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Speaker 1: have adequate coverage when you need it.

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Speaker 2: And so you know.

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Speaker 1: Travis mentioned the annual deposit increase to reflect rising costs,

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Speaker 1: but the cost of repairing or rebuilding homes after catastrophic

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Speaker 1: events has gone up significantly in recent years. Matt. We've

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Speaker 1: seen that we reflected in rising insurance prices and just

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Speaker 1: inflation in general. Right, So the question is has your

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Speaker 1: policy been updated to fully reflect that or not, And

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Speaker 1: if not, the insurance policy could cover a portion of

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Speaker 1: what you need to fork over, but you might not

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Speaker 1: be made fully whole either. So it's an important reminder

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Speaker 1: really for everyone to check their insurance limits because your

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Speaker 1: house might now be worth seven hundred fifty thousand dollars,

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Speaker 1: but you bought it for four hundred thousand, and guess

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Speaker 1: what you're insured for five hundred thousand. Your insurance isn't

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Speaker 1: up to snuff. If you were to encoura a total loss,

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Speaker 1: you would have to come out of pocket some to

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Speaker 1: do the rebuilding. So it's worth looking at your limits,

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Speaker 1: and it particularly so on these policies.

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Speaker 2: Yeah, and this is for anyone, honestly that who has

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Speaker 2: a home. If you haven't revisited your declarations page and

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Speaker 2: you haven't taken a look at what your limits are,

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Speaker 2: you might want to make sure to do that.

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Speaker 1: But by the way, increasing the amounts that your home

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Speaker 1: is insured for is going to cost you more money,

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Speaker 1: but it's also going to mean you're adequately adequately covered, which.

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Speaker 2: Is important exactly. And one other thing, this might be

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Speaker 2: kind of minor, but consider the financial stability of the

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Speaker 2: insurance company itself. And so what that means is looking

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Speaker 2: up the am best rating. And this feels a little

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Speaker 2: technical and a little nerdy this because personally, I've always

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Speaker 2: gone off of reviews of different insurance insurance companies that

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Speaker 2: I've decided to do business with. So, for instance, the

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Speaker 2: currents ensure that I am with with my home owners

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Speaker 2: is Auto Owners and I look them up and they

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Speaker 2: are an A plus plus. But I didn't go with

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Speaker 2: them necessarily because I knew ahead of time that they

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Speaker 2: were a plus plus. But it was because my independent

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Speaker 2: broker said that, hey, this is a great company. They've

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Speaker 2: been able to underwrite a bunch of great policies for

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Speaker 2: them at a good price.

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Speaker 1: And Zummer Reports always has good things to say too.

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Speaker 2: Yeah, exactly, and so but ideally you'd be doing business

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Speaker 2: with an A invest rating of a company that has

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Speaker 2: an A minus or higher. And you know the reason

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Speaker 2: is that you want your insurance company to be able

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Speaker 2: to obviously pay out when everything hits the fan, when

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Speaker 2: the chips are down.

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Speaker 1: Yeah, I think when it comes down to it, if

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Speaker 1: you are able to get a proper amount of insurance

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Speaker 1: for less money overall because you're able to do it

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Speaker 1: in some sort of lump sum Matt kind of like

436
00:18:48,680 --> 00:18:52,040
Speaker 1: the sneaker for the roller skates sort of thing. Having

437
00:18:52,080 --> 00:18:54,440
Speaker 1: a little more skin in the game. Yeah, I think

438
00:18:54,480 --> 00:18:56,280
Speaker 1: that's a great approach, and I think that the same

439
00:18:56,359 --> 00:18:56,720
Speaker 1: thing can.

440
00:18:56,720 --> 00:18:58,560
Speaker 2: Be I like having skin in the game same you know,

441
00:18:58,720 --> 00:19:01,600
Speaker 2: like because it puts the response disability on homeowners, It

442
00:19:01,680 --> 00:19:06,160
Speaker 2: puts responsibility on us as individuals as opposed to maybe

443
00:19:06,280 --> 00:19:08,680
Speaker 2: over relying on a company like this, at which point

444
00:19:08,720 --> 00:19:12,360
Speaker 2: you are paying a steep premium for that reliance.

445
00:19:12,400 --> 00:19:15,520
Speaker 1: Well in everything, when we're talking about the realm of insurance,

446
00:19:15,600 --> 00:19:17,640
Speaker 1: the more skin we have in the game, the less

447
00:19:17,680 --> 00:19:20,480
Speaker 1: we're going to have to fork over to the insurance companies. Again,

448
00:19:20,640 --> 00:19:23,440
Speaker 1: insurance really important. You want to have it when you

449
00:19:23,520 --> 00:19:26,159
Speaker 1: don't when you're not financially independent. All these types of

450
00:19:26,240 --> 00:19:29,880
Speaker 1: insurance are necessities to cover your family in the case

451
00:19:29,960 --> 00:19:35,640
Speaker 1: of a severe financial disaster, whether it's home, life or whatever, health,

452
00:19:35,760 --> 00:19:38,520
Speaker 1: all those insurance they're crucial. But whether that's having more

453
00:19:38,560 --> 00:19:41,119
Speaker 1: cash on hand, whether that's raising your deductible to score

454
00:19:41,200 --> 00:19:43,800
Speaker 1: a much reduced premium, whether that's going with something like

455
00:19:43,880 --> 00:19:46,400
Speaker 1: a perpetual homeowners insurance policy. I think those are all

456
00:19:46,800 --> 00:19:49,959
Speaker 1: reasonable and potentially wise moves that people can make, allowing

457
00:19:50,040 --> 00:19:52,280
Speaker 1: them to keep more of their hard earned dollars and

458
00:19:52,400 --> 00:19:55,399
Speaker 1: choosing an insurance policy that reflects a at least somewhat

459
00:19:55,440 --> 00:19:58,920
Speaker 1: reduced need for like some sort of total, all encompassing

460
00:19:59,000 --> 00:20:01,200
Speaker 1: insurance product. And all I can say is, I wish

461
00:20:01,280 --> 00:20:02,560
Speaker 1: I had one of these policies.

462
00:20:02,600 --> 00:20:04,159
Speaker 2: I was going to I was going to say the

463
00:20:04,200 --> 00:20:05,600
Speaker 2: exact same thing, because I think if I did, I

464
00:20:05,640 --> 00:20:09,720
Speaker 2: would totally I love the idea of having more cash

465
00:20:09,800 --> 00:20:12,200
Speaker 2: on hand to be able to get a policy like

466
00:20:12,280 --> 00:20:14,720
Speaker 2: that in place, and also for us to like we're

467
00:20:14,760 --> 00:20:16,840
Speaker 2: not saying to completely self insurre and just to have

468
00:20:17,320 --> 00:20:19,600
Speaker 2: hundreds of thousands of dollars in the bank, Like there

469
00:20:19,640 --> 00:20:23,119
Speaker 2: are some things you can't financially prepare for on your own,

470
00:20:23,119 --> 00:20:24,520
Speaker 2: which is why insurance companies exist.

471
00:20:24,560 --> 00:20:26,639
Speaker 1: And for most people that would mean I'm not investing

472
00:20:26,680 --> 00:20:28,800
Speaker 1: in that because I'm just self insuring.

473
00:20:29,080 --> 00:20:31,920
Speaker 2: But again, just given where interest rates are, it makes me.

474
00:20:32,640 --> 00:20:35,080
Speaker 2: It makes me more and more comfortable with self insuring

475
00:20:35,119 --> 00:20:37,280
Speaker 2: and keeping that money in the bank where I'm earning

476
00:20:37,320 --> 00:20:39,480
Speaker 2: the interest as well. And the way you get there

477
00:20:39,600 --> 00:20:42,440
Speaker 2: is just by increasing that financial margin, that financial that

478
00:20:42,560 --> 00:20:45,560
Speaker 2: cash cushion, and making sure you do have the funds

479
00:20:45,600 --> 00:20:48,080
Speaker 2: set aside though in case the worst or to happen.

480
00:20:48,200 --> 00:20:50,720
Speaker 1: Speaking of the worst happening, we've got a question coming

481
00:20:50,800 --> 00:20:53,560
Speaker 1: up on creating a living trust. We'll get to that

482
00:20:53,680 --> 00:20:54,879
Speaker 1: and more right after this.

483
00:21:02,920 --> 00:21:04,480
Speaker 2: Man, we are back for the bright We've got more

484
00:21:04,600 --> 00:21:07,000
Speaker 2: listener questions to get to and Joel, you know, just

485
00:21:07,119 --> 00:21:09,399
Speaker 2: like the cost of everything has been going up in

486
00:21:09,760 --> 00:21:13,040
Speaker 2: recent years, property taxes, those have been going up as

487
00:21:13,040 --> 00:21:15,560
Speaker 2: well as here from a listener, and he's specifically wondering

488
00:21:15,640 --> 00:21:16,680
Speaker 2: what he can do about it.

489
00:21:17,160 --> 00:21:20,040
Speaker 4: Hey, guys, this is Matt from Athens. A quick question

490
00:21:20,160 --> 00:21:22,960
Speaker 4: about property taxes. We just got our assessment in the mail.

491
00:21:23,359 --> 00:21:25,520
Speaker 4: What we think or what the government will think it

492
00:21:25,560 --> 00:21:28,080
Speaker 4: will be next year. I know that you guys have

493
00:21:28,200 --> 00:21:30,920
Speaker 4: talked about appealing that in the past, and there's a

494
00:21:30,960 --> 00:21:33,640
Speaker 4: few different ways, whether it's like a service you pay

495
00:21:33,720 --> 00:21:36,520
Speaker 4: for are doing it yourself. I was saying if you

496
00:21:36,560 --> 00:21:38,680
Speaker 4: guys could talk about that again in the different ways,

497
00:21:38,720 --> 00:21:41,679
Speaker 4: and maybe it's any different this year, at least in Georgia.

498
00:21:42,359 --> 00:21:45,159
Speaker 1: Thanks again, Oh Matt, I just got mine in the

499
00:21:45,200 --> 00:21:49,399
Speaker 1: mail recently too. I was shocked by the increase this year, fortunately,

500
00:21:49,680 --> 00:21:52,440
Speaker 1: but it was still not enjoyable.

501
00:21:52,440 --> 00:21:53,520
Speaker 2: Did you go up the tiniest amount?

502
00:21:53,840 --> 00:21:56,440
Speaker 1: No, it wasn't tiny. Oh really no, I mean there's definitely.

503
00:21:56,240 --> 00:21:57,360
Speaker 2: There's what at three thousand bucks?

504
00:21:57,600 --> 00:21:59,920
Speaker 1: Three thousand okay? No, no, no, not like the tax

505
00:22:00,119 --> 00:22:03,520
Speaker 1: the evalussed value head. I was like, oh my gosh, no,

506
00:22:03,720 --> 00:22:05,840
Speaker 1: my assess value went up by like sixty thousand dollars

507
00:22:06,359 --> 00:22:08,520
Speaker 1: a lot. Yeah, but it wasn't like as bad as

508
00:22:08,560 --> 00:22:10,920
Speaker 1: it could have been, I guess, but still rough, okay,

509
00:22:11,119 --> 00:22:14,359
Speaker 1: still rough. Okay, but given I think the rapid your

510
00:22:14,359 --> 00:22:15,119
Speaker 1: actual tax will.

511
00:22:14,960 --> 00:22:16,720
Speaker 2: Probably did go up only three thousand dollars, No, not

512
00:22:16,800 --> 00:22:17,320
Speaker 2: quite that much.

513
00:22:17,560 --> 00:22:19,399
Speaker 1: Good, it's less than a thousand. Yeah, still a lot

514
00:22:19,440 --> 00:22:22,880
Speaker 1: of money. But okay, I just considering how quickly home

515
00:22:22,960 --> 00:22:25,040
Speaker 1: prices have escalated, a lot of folks are going to

516
00:22:25,080 --> 00:22:26,000
Speaker 1: find themselves in this boat.

517
00:22:26,160 --> 00:22:26,360
Speaker 2: Yeah.

518
00:22:26,440 --> 00:22:28,840
Speaker 1: Sometimes we're talking about one hundreds of dollars or more

519
00:22:28,920 --> 00:22:32,160
Speaker 1: a year in taxes. Sometimes six figures are more. Unfortunately,

520
00:22:32,200 --> 00:22:34,400
Speaker 1: I'm not quite in that boat. And you know, while

521
00:22:34,440 --> 00:22:36,760
Speaker 1: that property tax amount it might be justified, it also

522
00:22:36,840 --> 00:22:39,520
Speaker 1: might not be. And so Matt and everyone else out

523
00:22:39,560 --> 00:22:41,560
Speaker 1: there listening. You might want to fight the man on

524
00:22:41,680 --> 00:22:41,960
Speaker 1: this one.

525
00:22:42,040 --> 00:22:42,360
Speaker 2: You might.

526
00:22:42,720 --> 00:22:44,400
Speaker 1: You might want to make sure you put a stake

527
00:22:44,440 --> 00:22:45,600
Speaker 1: in there around and you're like, no, no, no, no,

528
00:22:46,040 --> 00:22:47,040
Speaker 1: you're not going to take more than.

529
00:22:47,000 --> 00:22:50,000
Speaker 2: Your designed in the same Yeah, I think I'm actually

530
00:22:50,040 --> 00:22:52,280
Speaker 2: surprised that years went up. Jill isn't a fancier part

531
00:22:52,320 --> 00:22:55,320
Speaker 2: of town. Guys, all the houses there are flipping like hotcakes.

532
00:22:56,240 --> 00:22:59,280
Speaker 1: Listen, I don't live in a gated community. Yes, I'm

533
00:22:59,320 --> 00:23:01,320
Speaker 1: not one of those super anti times. We live in

534
00:23:01,320 --> 00:23:01,879
Speaker 1: a beautiful home.

535
00:23:01,920 --> 00:23:04,120
Speaker 2: I was gonna say, we do too. We love where

536
00:23:04,119 --> 00:23:06,600
Speaker 2: we are. But I guess the assessed value was sort

537
00:23:06,600 --> 00:23:09,520
Speaker 2: of what we were expecting. And that's because of the

538
00:23:09,560 --> 00:23:12,119
Speaker 2: fact that we've recently purchased our home and like, literally

539
00:23:12,280 --> 00:23:14,800
Speaker 2: you have told the market and the government that this

540
00:23:14,920 --> 00:23:17,359
Speaker 2: house is worth X amount because that's what you just

541
00:23:17,400 --> 00:23:17,800
Speaker 2: paid for it.

542
00:23:19,080 --> 00:23:20,160
Speaker 1: That's when it's most hard today.

543
00:23:20,200 --> 00:23:22,359
Speaker 2: I know, yeah, no case, really you gay zero case

544
00:23:22,440 --> 00:23:24,880
Speaker 2: because it's like, well, no, it is worth it because

545
00:23:24,880 --> 00:23:27,280
Speaker 2: that's what you paid. But I'm thinking this could be

546
00:23:27,640 --> 00:23:30,800
Speaker 2: a little sneak year for folks who are like longtime residents.

547
00:23:31,359 --> 00:23:33,879
Speaker 2: They have seen the houses around them selling perhaps for

548
00:23:33,960 --> 00:23:36,320
Speaker 2: a lot more than they certainly bought their home for

549
00:23:36,520 --> 00:23:38,240
Speaker 2: for ten years ago, you know, ten years ago, twenty

550
00:23:38,320 --> 00:23:41,480
Speaker 2: years ago. Like that should be a warning signed for

551
00:23:41,560 --> 00:23:44,320
Speaker 2: you if you have not received a tax assessment, a

552
00:23:44,359 --> 00:23:47,560
Speaker 2: property tax assessment that is much higher. The writing's on

553
00:23:47,600 --> 00:23:50,720
Speaker 2: the walls. There is a good chance that is coming.

554
00:23:51,080 --> 00:23:53,000
Speaker 2: And pay close attention to what we're about to say.

555
00:23:53,240 --> 00:23:56,119
Speaker 1: We saw stats recently about how much home values have

556
00:23:56,200 --> 00:23:58,919
Speaker 1: increased and how much property tax assessments have increased. Home

557
00:23:59,000 --> 00:24:01,040
Speaker 1: values have increased a whole lot more. At some point,

558
00:24:01,080 --> 00:24:03,919
Speaker 1: those property tax values assessments are going to creep up.

559
00:24:03,960 --> 00:24:07,040
Speaker 2: They're lagging and a rival. Yeah, they're a lagging metric.

560
00:24:07,119 --> 00:24:09,200
Speaker 1: And it just takes these local municipalities. I mean, I

561
00:24:09,280 --> 00:24:10,120
Speaker 1: think it's their game together.

562
00:24:10,240 --> 00:24:13,360
Speaker 2: Yeah. And so the way that property taxes and appeals work,

563
00:24:13,400 --> 00:24:15,800
Speaker 2: it varies across across the country, but in Georgia it's

564
00:24:15,840 --> 00:24:19,960
Speaker 2: particularly advantageous to challenge and win even if you only

565
00:24:20,040 --> 00:24:23,320
Speaker 2: secure a minor decrease in the value. And that's because

566
00:24:23,400 --> 00:24:25,920
Speaker 2: then the state is forced to lock that lower valuation

567
00:24:26,119 --> 00:24:29,639
Speaker 2: amount in for a three year period, which means you

568
00:24:29,720 --> 00:24:32,720
Speaker 2: get to enjoy those lower taxes and you get to

569
00:24:32,800 --> 00:24:35,360
Speaker 2: enjoy less headaches for many years to come.

570
00:24:35,400 --> 00:24:37,960
Speaker 1: So even like a five thousand dollars decrease would mean

571
00:24:38,000 --> 00:24:41,360
Speaker 1: a whole lot because five thousand dollars valuation decrease over

572
00:24:41,400 --> 00:24:43,800
Speaker 1: the period of three years is helpful. But guess what

573
00:24:44,200 --> 00:24:47,040
Speaker 1: it also means. I can't raise evaluation the following or

574
00:24:47,080 --> 00:24:47,480
Speaker 1: the year after.

575
00:24:47,560 --> 00:24:49,919
Speaker 2: Well, it's not even a decrease. Even if you appeal

576
00:24:50,000 --> 00:24:51,920
Speaker 2: and lose completely, they're like, no, it is, it is

577
00:24:51,960 --> 00:24:53,760
Speaker 2: what it is. They still get you still get to

578
00:24:53,840 --> 00:24:55,720
Speaker 2: lock it in for years to come. So it's worth

579
00:24:55,760 --> 00:24:58,119
Speaker 2: a shot either way. And you know, the way you

580
00:24:58,200 --> 00:25:00,600
Speaker 2: do this locally is to do so on the Board

581
00:25:00,640 --> 00:25:03,560
Speaker 2: of Assessors website. Just do a quick little search that

582
00:25:03,640 --> 00:25:07,000
Speaker 2: so I'm sure the URL is on the paper tax

583
00:25:07,119 --> 00:25:09,359
Speaker 2: assessment that you received in the mail, but it's just

584
00:25:09,400 --> 00:25:12,040
Speaker 2: a few clicks and then you are on your way.

585
00:25:12,359 --> 00:25:14,399
Speaker 2: But before you take this step, I guess something you

586
00:25:14,480 --> 00:25:16,080
Speaker 2: need to consider is whether or not you want to

587
00:25:16,560 --> 00:25:18,879
Speaker 2: DII why this or if you kind of want to

588
00:25:18,960 --> 00:25:21,720
Speaker 2: pull in the big guns for some additional backup. Oh okay, yeah,

589
00:25:21,800 --> 00:25:23,200
Speaker 2: let's talk about that. So if you want to hire

590
00:25:23,280 --> 00:25:25,080
Speaker 2: somebody else to maybe do this on your behalf. You

591
00:25:25,240 --> 00:25:28,080
Speaker 2: might not want to go ahead and file the appeal yourself.

592
00:25:28,080 --> 00:25:29,119
Speaker 2: You might to let them handle it.

593
00:25:29,160 --> 00:25:32,040
Speaker 1: But let's talk about going the DIY route first, Matt,

594
00:25:32,359 --> 00:25:35,080
Speaker 1: and just kind of how to do that successfully or

595
00:25:35,840 --> 00:25:37,919
Speaker 1: hopefully you'll be successful if you take some of these

596
00:25:39,080 --> 00:25:42,359
Speaker 1: some of these, some of this advice and tailor your

597
00:25:42,440 --> 00:25:45,080
Speaker 1: argument accordingly. First, you're going to need to gather evidence

598
00:25:45,160 --> 00:25:47,600
Speaker 1: to support why you think a lower valuation is in

599
00:25:47,760 --> 00:25:49,960
Speaker 1: order to prove your point, right, you can't just say

600
00:25:50,040 --> 00:25:52,240
Speaker 1: it's too high, I don't like it, or I can't

601
00:25:52,280 --> 00:25:55,280
Speaker 1: believe the valuation rose by twenty two percent, because again,

602
00:25:55,440 --> 00:25:57,639
Speaker 1: if they've been behind the eight ball, just because now

603
00:25:57,720 --> 00:26:00,760
Speaker 1: they're getting on it doesn't mean they shouldn't be raising

604
00:26:00,800 --> 00:26:01,400
Speaker 1: your valuation.

605
00:26:01,520 --> 00:26:01,600
Speaker 5: Right.

606
00:26:01,640 --> 00:26:04,200
Speaker 1: You're gonna lose if you make that argument. Look around

607
00:26:04,359 --> 00:26:06,800
Speaker 1: on sites like zillow, see what's similar homes in your

608
00:26:06,840 --> 00:26:09,320
Speaker 1: neck of the woods sold for last year. Have those

609
00:26:09,400 --> 00:26:12,200
Speaker 1: examples to show when you meet with the board. You

610
00:26:12,280 --> 00:26:13,960
Speaker 1: might even be able to ask your real estate agent

611
00:26:14,040 --> 00:26:15,960
Speaker 1: if they can pull comps to help you out on

612
00:26:16,040 --> 00:26:18,480
Speaker 1: this front. And then if your home is being valued

613
00:26:18,560 --> 00:26:21,560
Speaker 1: like it was recently remodeled, but it's not, oh yeah,

614
00:26:21,680 --> 00:26:24,320
Speaker 1: have pictures of your home to share the condition as well.

615
00:26:24,400 --> 00:26:27,560
Speaker 1: I mean that what's going on with your specific home

616
00:26:27,920 --> 00:26:30,320
Speaker 1: influences the valuation too, so make sure you have that

617
00:26:30,400 --> 00:26:33,440
Speaker 1: documentation ready. But the only way to appeal, and to

618
00:26:33,560 --> 00:26:36,560
Speaker 1: do so successfully is to be armed with information that's

619
00:26:36,560 --> 00:26:37,440
Speaker 1: going to help aid your case.

620
00:26:37,560 --> 00:26:40,760
Speaker 2: Yeah. Yeah, you don't want to lie, obviously, but like

621
00:26:40,920 --> 00:26:43,560
Speaker 2: you do want to present your house in the worst

622
00:26:43,600 --> 00:26:44,280
Speaker 2: light possible.

623
00:26:45,080 --> 00:26:46,920
Speaker 1: You want to it'd be like if you weren't selling it,

624
00:26:47,000 --> 00:26:48,240
Speaker 1: the opposite of trying to sell it.

625
00:26:48,440 --> 00:26:51,840
Speaker 2: Yeah, Like you want to document any any deferred maintenance

626
00:26:51,920 --> 00:26:54,960
Speaker 2: that you have chosen to postpone a little bit, and

627
00:26:55,119 --> 00:26:57,919
Speaker 2: like these might be headaches that you and or your

628
00:26:58,040 --> 00:27:01,440
Speaker 2: wife or significant other doesn't like the fact that you

629
00:27:01,560 --> 00:27:04,040
Speaker 2: have a crack down the tile in your bathroom floor

630
00:27:04,240 --> 00:27:06,879
Speaker 2: that signifies maybe some settling and you hate that, Like

631
00:27:07,640 --> 00:27:10,040
Speaker 2: personally you hate it, But guess what that's gonna mean.

632
00:27:10,080 --> 00:27:12,320
Speaker 2: You're gonna pay less when it comes to your property taxes.

633
00:27:12,520 --> 00:27:15,720
Speaker 2: The formica kitchen countertops or whatever. You probably hate those

634
00:27:15,760 --> 00:27:18,520
Speaker 2: counters but guess what it's gonna save you money. Or

635
00:27:18,600 --> 00:27:20,760
Speaker 2: shingles that are that look kind of old on the outside,

636
00:27:20,760 --> 00:27:22,280
Speaker 2: like these are all things that you want to document,

637
00:27:22,320 --> 00:27:25,080
Speaker 2: and these are a lot of things that I've actually documented,

638
00:27:25,560 --> 00:27:28,879
Speaker 2: so I'm able to speak from personal experience here. But

639
00:27:29,000 --> 00:27:31,120
Speaker 2: it's not rocket science, and this is I think something

640
00:27:31,160 --> 00:27:35,280
Speaker 2: you can definitely do yourself, Matt if you wanted to. However,

641
00:27:35,920 --> 00:27:37,600
Speaker 2: hiring a pro to do this for you it might

642
00:27:37,680 --> 00:27:40,800
Speaker 2: not be the worst idea ever, because because here's the thing.

643
00:27:40,840 --> 00:27:42,879
Speaker 2: If you d why, you'll have to be able to

644
00:27:42,960 --> 00:27:46,639
Speaker 2: attend either the actual appeal like at the courthouse or

645
00:27:46,640 --> 00:27:48,399
Speaker 2: wherever it is that they ask you to show up.

646
00:27:48,720 --> 00:27:52,800
Speaker 2: Although like lately it was big during the pandemic is

647
00:27:52,800 --> 00:27:56,040
Speaker 2: when they started doing the zoom hearings and a lot

648
00:27:56,080 --> 00:27:59,520
Speaker 2: of municipalities have maintained that, so you might not have

649
00:27:59,600 --> 00:28:02,440
Speaker 2: to actually show up downtown and do that. But that

650
00:28:02,520 --> 00:28:05,040
Speaker 2: being said, sometimes you might be required to show up

651
00:28:05,040 --> 00:28:07,600
Speaker 2: in person, which can be a huge inconvenience. But it

652
00:28:07,680 --> 00:28:09,960
Speaker 2: turns out there are lawyers, there are folks who do

653
00:28:10,119 --> 00:28:13,399
Speaker 2: this all day, every day, and they'll charge you a

654
00:28:13,480 --> 00:28:15,640
Speaker 2: simple flat fee like two hundred and fifty bucks three

655
00:28:15,720 --> 00:28:18,800
Speaker 2: hundred dollars. That's not bad if you think you can

656
00:28:18,840 --> 00:28:21,840
Speaker 2: save let's say, one thousand dollars every single year for

657
00:28:22,080 --> 00:28:24,280
Speaker 2: in your case, Matt, for the next three years. And

658
00:28:24,880 --> 00:28:28,119
Speaker 2: that's you know, that's like a conservative estimate. Like they

659
00:28:28,200 --> 00:28:30,280
Speaker 2: might be able to save you even more than you'd

660
00:28:30,320 --> 00:28:32,200
Speaker 2: be able to do so on your own because of

661
00:28:32,320 --> 00:28:35,600
Speaker 2: their familiarity with the system. They've got friends there, Like

662
00:28:36,000 --> 00:28:38,320
Speaker 2: they eat lunch together, you know, it's just like their Yeah,

663
00:28:38,320 --> 00:28:38,760
Speaker 2: they're buddies.

664
00:28:38,800 --> 00:28:40,640
Speaker 1: Part of it's about potentially saving you time, but part

665
00:28:40,680 --> 00:28:42,520
Speaker 1: of it is also saying, I'm going to hire an expert.

666
00:28:42,560 --> 00:28:45,440
Speaker 2: There's expertise and experience. When you've got something like that

667
00:28:45,520 --> 00:28:46,120
Speaker 2: who literally does that.

668
00:28:46,360 --> 00:28:48,000
Speaker 1: They're going to know the ways to push back or

669
00:28:48,200 --> 00:28:50,240
Speaker 1: know the answers to the questions that I might feel

670
00:28:50,240 --> 00:28:53,479
Speaker 1: inadequate to answer and in that case saving me more

671
00:28:53,520 --> 00:28:55,960
Speaker 1: money than I'm working out. There's also maybe a happy

672
00:28:56,040 --> 00:28:56,680
Speaker 1: medium of sorts.

673
00:28:56,720 --> 00:28:56,840
Speaker 5: Matt.

674
00:28:57,280 --> 00:29:01,080
Speaker 1: There's a fintech solution now to help you with this problem.

675
00:29:01,160 --> 00:29:04,160
Speaker 1: There's a startup called course the wells. Yeah, sorry, did

676
00:29:04,200 --> 00:29:06,520
Speaker 1: everybody hear what Jorja said? There's a startup called own

677
00:29:06,600 --> 00:29:11,120
Speaker 1: well And the cool thing here is no upfront fee.

678
00:29:11,200 --> 00:29:12,800
Speaker 1: So with the lawyer, you're paying a two hundred fifty

679
00:29:12,840 --> 00:29:14,800
Speaker 1: dollars three hundred dollars upfront fee like you mentioned, Matt,

680
00:29:15,040 --> 00:29:17,880
Speaker 1: and guess what if they don't win, you're out the money.

681
00:29:18,120 --> 00:29:21,680
Speaker 1: Your tax evaluation stays the same, and you didn't save

682
00:29:21,720 --> 00:29:24,320
Speaker 1: any money, and you also paid the lawyer when they

683
00:29:24,400 --> 00:29:26,000
Speaker 1: didn't do what they said they were going to do.

684
00:29:26,400 --> 00:29:28,480
Speaker 1: Own Well doesn't take any fee, but they will take

685
00:29:28,600 --> 00:29:31,120
Speaker 1: twenty five percent of the savings and it's a fairly

686
00:29:31,200 --> 00:29:34,840
Speaker 1: automated process. You submit documentation on their site, they handle

687
00:29:34,880 --> 00:29:38,400
Speaker 1: the rest. So I've actually done both, Matt. I've hired

688
00:29:38,400 --> 00:29:40,560
Speaker 1: a lawyer, I've used own well. It's worked out in

689
00:29:40,640 --> 00:29:43,920
Speaker 1: my favor in both cases. People in seven states can

690
00:29:44,040 --> 00:29:46,360
Speaker 1: use own well at this point to help them with

691
00:29:46,440 --> 00:29:49,320
Speaker 1: this annoying task, and they claim an eighty six percent

692
00:29:49,400 --> 00:29:53,120
Speaker 1: success rate with an average savings of eleven hundred bucks

693
00:29:53,400 --> 00:29:56,040
Speaker 1: per user. Pretty sweet, and that's the cool thing. If

694
00:29:56,080 --> 00:29:58,160
Speaker 1: you're part of the fourteen percent though, who doesn't win

695
00:29:58,320 --> 00:30:00,480
Speaker 1: with own well, you don't pay them a dime. So

696
00:30:01,160 --> 00:30:03,280
Speaker 1: I really like this new service. I think it's really

697
00:30:03,680 --> 00:30:06,240
Speaker 1: it's worth checking out for people who live in those

698
00:30:06,640 --> 00:30:09,720
Speaker 1: states where you can and should challenge your property tax assessment.

699
00:30:10,200 --> 00:30:12,440
Speaker 1: But no matter which way you go, we hope you

700
00:30:12,480 --> 00:30:15,320
Speaker 1: find significant savings. Matt, I think whether you do doi

701
00:30:15,680 --> 00:30:17,680
Speaker 1: hire a lawyer, go with the kind of happy medium,

702
00:30:17,840 --> 00:30:20,760
Speaker 1: own well tech driven approach, they all can help you

703
00:30:20,880 --> 00:30:22,600
Speaker 1: save a big bundle. But the biggest thing you don't

704
00:30:22,600 --> 00:30:24,440
Speaker 1: want to do, I guess is is it on your hands.

705
00:30:24,640 --> 00:30:27,280
Speaker 2: That's true, Yeah, you've had success with unwell. I have

706
00:30:27,400 --> 00:30:30,520
Speaker 2: not actually recently heard back from one of the properties

707
00:30:30,560 --> 00:30:33,440
Speaker 2: I appealed and they said they have decided that it

708
00:30:33,600 --> 00:30:36,160
Speaker 2: is fair like okay, well again, at least I didn't

709
00:30:36,320 --> 00:30:39,320
Speaker 2: lose out on a few hundred bucks in going through that.

710
00:30:39,400 --> 00:30:40,880
Speaker 2: And one other thing Matt I would say too, is

711
00:30:40,960 --> 00:30:43,240
Speaker 2: that I know this. There's a chance this might sound

712
00:30:43,360 --> 00:30:45,440
Speaker 2: really overwhelming, right because this is something that you've never

713
00:30:45,520 --> 00:30:47,400
Speaker 2: done before, and it's complicated, And how do I go

714
00:30:47,480 --> 00:30:49,240
Speaker 2: about doing all this? And what do I find the forms?

715
00:30:49,680 --> 00:30:52,520
Speaker 2: How do I present my argument in a way that's compelling?

716
00:30:52,600 --> 00:30:55,080
Speaker 2: How do I figure out what the fair square footage

717
00:30:55,160 --> 00:30:57,160
Speaker 2: price per square foot that I should be paying? These

718
00:30:57,200 --> 00:30:59,560
Speaker 2: are all things that there's kind of a steep learning

719
00:30:59,600 --> 00:31:01,280
Speaker 2: curve there that you're going to learn a whole lot

720
00:31:01,400 --> 00:31:04,040
Speaker 2: in a very short amount of time. Specifically if you

721
00:31:04,160 --> 00:31:07,560
Speaker 2: diyat but here is where you can use all this

722
00:31:07,680 --> 00:31:09,760
Speaker 2: work that you're doing now to your advantage. Make sure

723
00:31:09,960 --> 00:31:12,520
Speaker 2: you say of all that information, like create a folder

724
00:31:12,640 --> 00:31:15,880
Speaker 2: on your computer and it says appeals, and guess what

725
00:31:15,960 --> 00:31:17,440
Speaker 2: it has in there. It's got photos of all the

726
00:31:17,520 --> 00:31:21,120
Speaker 2: busted stuff that I am keeping up with. It has

727
00:31:21,480 --> 00:31:23,200
Speaker 2: it also has a copy of the Excel file that

728
00:31:23,280 --> 00:31:26,240
Speaker 2: I use with different comps where I've calculated the price

729
00:31:26,280 --> 00:31:29,080
Speaker 2: per square foot and therefore what mind should also be

730
00:31:29,520 --> 00:31:31,920
Speaker 2: assessed at because this is information that you can go

731
00:31:32,000 --> 00:31:33,800
Speaker 2: back to, not the comps. The pictures you have to

732
00:31:33,840 --> 00:31:35,920
Speaker 2: get updated once, but still the file is there, and

733
00:31:35,920 --> 00:31:37,240
Speaker 2: all I've got to do is go in there, look

734
00:31:37,320 --> 00:31:40,080
Speaker 2: up recently sold in the past twelve months homes and

735
00:31:40,280 --> 00:31:42,719
Speaker 2: punching that information of something that's comparable and boom, it's

736
00:31:42,760 --> 00:31:45,040
Speaker 2: it's pretty much ready to go. And so I highlight

737
00:31:45,160 --> 00:31:47,160
Speaker 2: this to encourage you to go ahead and do some

738
00:31:47,200 --> 00:31:49,520
Speaker 2: of this work that seems difficult now, knowing that you

739
00:31:49,600 --> 00:31:51,320
Speaker 2: can kind of rest on that in a few years.

740
00:31:52,640 --> 00:31:54,719
Speaker 2: In a few years, you're going to have forgotten basically,

741
00:31:54,800 --> 00:31:57,400
Speaker 2: and it's going to seem overwhelming and kind of like

742
00:31:57,480 --> 00:32:01,040
Speaker 2: an emotional mental burden. See you organized, you can get

743
00:32:01,080 --> 00:32:01,480
Speaker 2: right back to it.

744
00:32:01,520 --> 00:32:04,120
Speaker 1: That's what's tough about these tasks that we do so regularly, right,

745
00:32:04,280 --> 00:32:06,440
Speaker 1: because we forget how it has done.

746
00:32:06,480 --> 00:32:08,440
Speaker 2: And so I think, you're right, where are those documents?

747
00:32:08,480 --> 00:32:09,160
Speaker 2: How does this work?

748
00:32:09,320 --> 00:32:12,600
Speaker 1: Keeping up Just a little bit of record keeping goes

749
00:32:12,640 --> 00:32:14,240
Speaker 1: a long way, I think in this because it at

750
00:32:14,320 --> 00:32:16,160
Speaker 1: least can help you inform the next time you go

751
00:32:16,240 --> 00:32:18,520
Speaker 1: through this kind of the things you had to present

752
00:32:18,600 --> 00:32:20,520
Speaker 1: last time, and you can just update those those same

753
00:32:20,560 --> 00:32:22,920
Speaker 1: things and kind of make a similar pitch to the

754
00:32:22,960 --> 00:32:25,280
Speaker 1: board of assessors down the road. All right, Matt, let's

755
00:32:25,280 --> 00:32:27,920
Speaker 1: get to the next question. This one is about protecting

756
00:32:28,040 --> 00:32:28,680
Speaker 1: your loved ones.

757
00:32:29,320 --> 00:32:32,840
Speaker 5: Hi, this is Angel Leak. We recently attended a free

758
00:32:32,920 --> 00:32:38,000
Speaker 5: presentation for a living trust attorney. The cost was going

759
00:32:38,080 --> 00:32:41,200
Speaker 5: to be four seven and fifty dollars for a basic

760
00:32:41,360 --> 00:32:46,360
Speaker 5: revocable trust. All we have is our house and since

761
00:32:46,440 --> 00:32:49,560
Speaker 5: then I have received ads on Instagram for trust as

762
00:32:49,600 --> 00:32:52,680
Speaker 5: low as five hundred and ninety nine dollars. I'm going

763
00:32:52,720 --> 00:32:55,560
Speaker 5: to listen to a couple more presentations before we settle

764
00:32:55,600 --> 00:32:59,440
Speaker 5: on a trust attorney to hire to do our living trust.

765
00:33:00,400 --> 00:33:02,640
Speaker 5: Anything we should be aware of other than the.

766
00:33:02,720 --> 00:33:06,200
Speaker 2: Cost and Julique, thank you so much for your question,

767
00:33:06,520 --> 00:33:08,400
Speaker 2: and right out of the gate, the first thing I

768
00:33:08,440 --> 00:33:11,640
Speaker 2: want to mention is to be aware of these quote

769
00:33:11,680 --> 00:33:14,800
Speaker 2: unquote free presentations and in fact they may have even

770
00:33:14,880 --> 00:33:16,880
Speaker 2: fed you. You may have gotten a free meal out

771
00:33:16,880 --> 00:33:17,000
Speaker 2: of it.

772
00:33:17,240 --> 00:33:18,200
Speaker 1: That's often how they work.

773
00:33:18,720 --> 00:33:20,520
Speaker 2: It makes me. I'm thinking back to when I went

774
00:33:20,560 --> 00:33:23,120
Speaker 2: to a timeshare presentation when I was in college. Guess what, Joel,

775
00:33:23,320 --> 00:33:25,240
Speaker 2: I could not afford a timeshare. I did not have

776
00:33:25,320 --> 00:33:28,240
Speaker 2: a job, but we went for the for the free brunch.

777
00:33:29,560 --> 00:33:31,560
Speaker 2: I'm telling you it's crazy, but like that is how

778
00:33:31,600 --> 00:33:34,000
Speaker 2: they get you. And there is something about someone giving

779
00:33:34,080 --> 00:33:36,480
Speaker 2: you a meal and making you feel at home, giving

780
00:33:36,480 --> 00:33:38,120
Speaker 2: you a smile and a hate shake. There's a degree

781
00:33:38,200 --> 00:33:41,400
Speaker 2: of like reciprocity that you feel. Is perhaps I think

782
00:33:41,520 --> 00:33:43,520
Speaker 2: I will say at the time that the folks at

783
00:33:43,560 --> 00:33:44,960
Speaker 2: the hotel were like, hey, if you just go to

784
00:33:45,040 --> 00:33:47,120
Speaker 2: the scene, get a free brunch. Like I literally didn't

785
00:33:47,200 --> 00:33:50,080
Speaker 2: know what it was all about at all. I guess

786
00:33:50,120 --> 00:33:52,680
Speaker 2: in retrospect it feels like a crazy cheap thing to do,

787
00:33:53,240 --> 00:33:55,080
Speaker 2: knowing that you weren't going to do that, but we

788
00:33:55,280 --> 00:33:58,400
Speaker 2: just heard free meal. We're broke college students and we said,

789
00:33:58,520 --> 00:34:00,719
Speaker 2: oh heck, yeah, I'll show up and presentation. I think

790
00:34:00,760 --> 00:34:02,720
Speaker 2: here's the pitch, the same reason people end up buying

791
00:34:02,760 --> 00:34:04,360
Speaker 2: a car. When they spend an hour on the car lot,

792
00:34:04,600 --> 00:34:06,240
Speaker 2: they get a little bit worn down, but they also

793
00:34:06,280 --> 00:34:07,800
Speaker 2: develop a relationship with somebody.

794
00:34:07,560 --> 00:34:10,600
Speaker 1: And they're like, all right, okay, let's do it, let's

795
00:34:10,600 --> 00:34:13,000
Speaker 1: close the deal. And you might end up costing yourself

796
00:34:13,040 --> 00:34:15,800
Speaker 1: thousands of dollars in the process. Same thing here, Angelique.

797
00:34:15,800 --> 00:34:18,440
Speaker 1: You might be costing yourself money by attending these free

798
00:34:18,600 --> 00:34:21,920
Speaker 1: quote unquote presentations like you said, Matt, and then you

799
00:34:21,960 --> 00:34:23,400
Speaker 1: feel compelled to buy the product.

800
00:34:23,480 --> 00:34:26,000
Speaker 2: That's right. First, let's talk about so living trust. Who

801
00:34:26,360 --> 00:34:29,000
Speaker 2: might be in a situation where they need a living

802
00:34:29,040 --> 00:34:33,640
Speaker 2: trust and like it. It's an important financial product if

803
00:34:33,800 --> 00:34:35,440
Speaker 2: you need it. If you don't need it, it is

804
00:34:35,520 --> 00:34:37,640
Speaker 2: not an important financial product. Like in that way, it's

805
00:34:37,640 --> 00:34:39,960
Speaker 2: sort of like having life insurance, because guess what, if

806
00:34:39,960 --> 00:34:42,520
Speaker 2: you're single and you've got no dependence, you don't need

807
00:34:42,600 --> 00:34:44,759
Speaker 2: life insurance. But if you do have a family, if

808
00:34:44,800 --> 00:34:46,240
Speaker 2: you do have folk who are counting on your income,

809
00:34:46,360 --> 00:34:48,080
Speaker 2: it's like one of the most important financial products you

810
00:34:48,080 --> 00:34:50,160
Speaker 2: can you could ever have. And so the first thing

811
00:34:50,280 --> 00:34:53,000
Speaker 2: to ask yourself. For other folks out there, it sounds

812
00:34:53,000 --> 00:34:55,239
Speaker 2: like Angel League that they've that she's thought through this

813
00:34:55,320 --> 00:34:58,080
Speaker 2: and it probably makes sense for their situation. But whether

814
00:34:58,200 --> 00:35:00,360
Speaker 2: or not you have assets, that is an important factor

815
00:35:00,440 --> 00:35:03,520
Speaker 2: because if you don't have any assets to pass along

816
00:35:03,600 --> 00:35:07,200
Speaker 2: to future generations or others that you want those assets

817
00:35:07,239 --> 00:35:09,680
Speaker 2: to go to, you don't need a living trust. It's

818
00:35:09,800 --> 00:35:14,160
Speaker 2: completely unnecessary. And so let's say, Okay, I've got assets,

819
00:35:14,360 --> 00:35:16,000
Speaker 2: but what about wills.

820
00:35:16,000 --> 00:35:16,720
Speaker 1: I've heard of wills?

821
00:35:16,880 --> 00:35:18,919
Speaker 2: Doesn't that address the same problems that a living trust

822
00:35:19,000 --> 00:35:21,920
Speaker 2: were to solve and address for you? And so the

823
00:35:21,960 --> 00:35:24,040
Speaker 2: next question you'd have to ask yourself though, is whether

824
00:35:24,120 --> 00:35:25,880
Speaker 2: or not you like privacy, because one of the biggest

825
00:35:25,920 --> 00:35:28,040
Speaker 2: differences between a living trust and a will is that

826
00:35:28,160 --> 00:35:31,719
Speaker 2: a will has to go through probate. Literally it's heard

827
00:35:31,760 --> 00:35:34,320
Speaker 2: before the court and it becomes public knowledge as to

828
00:35:35,200 --> 00:35:37,680
Speaker 2: your assets. And so if that's not something that you

829
00:35:37,840 --> 00:35:41,520
Speaker 2: want to share with the public, that's oftentimes when a

830
00:35:41,560 --> 00:35:43,719
Speaker 2: living trust comes into play. And the reason I bring

831
00:35:43,800 --> 00:35:45,719
Speaker 2: up willzo is because wills are so much more affordable

832
00:35:45,840 --> 00:35:48,680
Speaker 2: yeah to establish than a living trust, because with a trust,

833
00:35:48,760 --> 00:35:51,120
Speaker 2: I mean, like literally, it's just a lot more complicated,

834
00:35:51,320 --> 00:35:53,560
Speaker 2: Like you are literally transferring ownership. You have to fund

835
00:35:53,600 --> 00:35:55,880
Speaker 2: the trust as opposed to a will, which essentially goes

836
00:35:55,920 --> 00:35:57,400
Speaker 2: into effect upon your passing.

837
00:35:57,480 --> 00:35:58,759
Speaker 1: So it's going to cost you a lot more money,

838
00:35:58,800 --> 00:36:00,560
Speaker 1: and Angelique is finding that out firsthand.

839
00:36:00,600 --> 00:36:00,839
Speaker 2: Right now.

840
00:36:01,120 --> 00:36:03,520
Speaker 1: We should probably also admit that we're not lawyers, so

841
00:36:03,680 --> 00:36:04,880
Speaker 1: I feel like we got to get that out of

842
00:36:04,880 --> 00:36:05,120
Speaker 1: the way.

843
00:36:05,280 --> 00:36:05,680
Speaker 2: Mentioned that.

844
00:36:06,200 --> 00:36:08,480
Speaker 1: But just like anything else you buy in life, I

845
00:36:08,480 --> 00:36:10,640
Speaker 1: would be shopping around on this, Angelique, and I'm glad

846
00:36:10,640 --> 00:36:12,560
Speaker 1: you didn't just go with the first pitch so many

847
00:36:12,600 --> 00:36:15,760
Speaker 1: people do. I would place calls to different lawyer offices

848
00:36:15,800 --> 00:36:18,040
Speaker 1: in your area to see if that price that you

849
00:36:18,160 --> 00:36:20,440
Speaker 1: heard is based in reality. Hey, I've got I'm in

850
00:36:20,480 --> 00:36:22,600
Speaker 1: this basic situation. How much do you charge for a

851
00:36:22,920 --> 00:36:26,799
Speaker 1: basic revocable living trust. It's not outrageous, I don't think

852
00:36:26,840 --> 00:36:28,840
Speaker 1: what you were quoted, But because we're talking about a

853
00:36:28,880 --> 00:36:30,560
Speaker 1: fairly expensive product, don't go with.

854
00:36:30,600 --> 00:36:31,160
Speaker 2: The first quote.

855
00:36:31,239 --> 00:36:33,839
Speaker 1: Yeah, just like anything, you could save hundreds or maybe

856
00:36:33,920 --> 00:36:38,919
Speaker 1: thousands by at least asking other calling around and trying

857
00:36:39,000 --> 00:36:39,680
Speaker 1: to shop that.

858
00:36:39,840 --> 00:36:42,279
Speaker 2: Service, and even just asking around to your friends. I've

859
00:36:42,320 --> 00:36:44,319
Speaker 2: got a feeling, Angeliki, you might have friends who are

860
00:36:44,360 --> 00:36:46,680
Speaker 2: also in a similar situation, a similar stage of life,

861
00:36:46,719 --> 00:36:49,680
Speaker 2: who might have similar needs of the different legal services

862
00:36:49,800 --> 00:36:52,160
Speaker 2: that they're looking for. You don't have to reinvent the

863
00:36:52,160 --> 00:36:54,440
Speaker 2: wheel here. You can go to somebody who wherever they

864
00:36:54,560 --> 00:36:56,680
Speaker 2: left off, you're grabbing their notes and you're taking it

865
00:36:56,719 --> 00:36:59,160
Speaker 2: from there. But as something else worth considering is opting

866
00:36:59,239 --> 00:37:01,880
Speaker 2: for a technological product that will give you what it

867
00:37:01,960 --> 00:37:05,080
Speaker 2: is that you're looking for for a fraction of the price.

868
00:37:05,440 --> 00:37:07,480
Speaker 2: And one of the key things that you mentioned was

869
00:37:07,520 --> 00:37:10,680
Speaker 2: that you had a fairly simple and straightforward situation. I

870
00:37:10,719 --> 00:37:12,920
Speaker 2: think I think you said you only had the house

871
00:37:13,280 --> 00:37:17,120
Speaker 2: to consider there. That's really important. And the more complicated

872
00:37:17,360 --> 00:37:21,200
Speaker 2: in the more your relational and your financial situation as

873
00:37:21,280 --> 00:37:24,160
Speaker 2: it rises in complexity, well, the more likely you're going

874
00:37:24,200 --> 00:37:26,359
Speaker 2: to need to hire a lawyer to draw something up

875
00:37:26,440 --> 00:37:28,560
Speaker 2: for you. But in this case, we suggest that you

876
00:37:28,600 --> 00:37:31,279
Speaker 2: at least consider a site like trust and will dot com.

877
00:37:31,760 --> 00:37:34,040
Speaker 2: Over there you can get a revocable living trust for

878
00:37:34,239 --> 00:37:36,800
Speaker 2: just five hundred and ninety nine dollars. That actually that

879
00:37:36,880 --> 00:37:39,920
Speaker 2: might have been the Instagram ad. You really might have

880
00:37:39,960 --> 00:37:41,960
Speaker 2: been because like you show up at one of these things,

881
00:37:42,239 --> 00:37:45,160
Speaker 2: our phones are listening to us even though, dude, it's crazy.

882
00:37:45,000 --> 00:37:47,160
Speaker 1: Because there's a couple Google searches that went alongside sir,

883
00:37:47,239 --> 00:37:49,680
Speaker 1: and then there's some cookies and then boom, She's getting

884
00:37:49,719 --> 00:37:52,160
Speaker 1: fed Trust and Will ads, which makes sense because that's

885
00:37:52,560 --> 00:37:53,640
Speaker 1: she's a perfect client for them.

886
00:37:53,680 --> 00:37:55,000
Speaker 2: I have been shocked at some of the things I've

887
00:37:55,000 --> 00:37:57,640
Speaker 2: been fed recently, and like, I don't use Siri or

888
00:37:57,880 --> 00:38:00,600
Speaker 2: like any of the automated thing where it's always listening

889
00:38:00,600 --> 00:38:02,600
Speaker 2: to you and you just just activated. I have all

890
00:38:02,680 --> 00:38:04,759
Speaker 2: that turned off, dude, And I swear there are things

891
00:38:05,160 --> 00:38:08,720
Speaker 2: that like I'm just talking about with friends, nobody's googled anything,

892
00:38:09,000 --> 00:38:10,920
Speaker 2: and then before you know it, I'm getting dished, upshed

893
00:38:10,960 --> 00:38:12,879
Speaker 2: up ads for it. Specifically, I don't know how that works,

894
00:38:12,920 --> 00:38:13,600
Speaker 2: but I know I hate it.

895
00:38:13,640 --> 00:38:15,319
Speaker 1: They're always listening. I hate It's like a boom mic

896
00:38:15,320 --> 00:38:16,279
Speaker 1: above your head all the time.

897
00:38:16,600 --> 00:38:19,439
Speaker 2: It's like I'm living in the Truman Showers. But wanted

898
00:38:19,480 --> 00:38:21,520
Speaker 2: to mention that though, because Trust and Will specifically they're

899
00:38:22,160 --> 00:38:24,719
Speaker 2: they're a pretty big player, and that would represent a

900
00:38:24,800 --> 00:38:26,600
Speaker 2: huge savings for you. Where you to go with somebody

901
00:38:26,680 --> 00:38:30,080
Speaker 2: like them, given your simple and straightforward situation.

902
00:38:29,760 --> 00:38:32,719
Speaker 1: Yeah, forty five hundred bucks down to six hundred bucks. Yeah,

903
00:38:32,800 --> 00:38:35,719
Speaker 1: I'll take that savings all day, every day. And on

904
00:38:35,840 --> 00:38:37,800
Speaker 1: top of that trust and will allows you to do

905
00:38:38,400 --> 00:38:42,040
Speaker 1: update that revocable living trust for free in the year

906
00:38:42,080 --> 00:38:43,759
Speaker 1: following its creation, and then it's thirty nine bucks a

907
00:38:43,840 --> 00:38:45,520
Speaker 1: year after that, so you don't necessarily have to go

908
00:38:45,600 --> 00:38:47,239
Speaker 1: back to the drawing board, go back to the same

909
00:38:47,320 --> 00:38:50,640
Speaker 1: legal office, pay huge fees to update your trust over time.

910
00:38:51,200 --> 00:38:53,240
Speaker 1: And by the way, if you want the full treatment,

911
00:38:53,480 --> 00:38:55,320
Speaker 1: which means being able to speak to an attorney on

912
00:38:55,360 --> 00:38:57,640
Speaker 1: their team, that's an extra three hundred bucks. So you're

913
00:38:57,719 --> 00:38:59,560
Speaker 1: still coming out matt at a fraction of the price,

914
00:39:00,000 --> 00:39:02,520
Speaker 1: even with the ability to talk to a real, live, living,

915
00:39:02,719 --> 00:39:05,320
Speaker 1: breathing attorney that can give you advice in the creation

916
00:39:05,520 --> 00:39:08,600
Speaker 1: of that trust. And so that could be kind of

917
00:39:08,600 --> 00:39:10,719
Speaker 1: the happy medium approach like we were talking about with own, Well,

918
00:39:11,040 --> 00:39:14,719
Speaker 1: the fintech solution to a problem for us that says, hey,

919
00:39:14,760 --> 00:39:16,759
Speaker 1: we're going to reduce the cost substantially. We're not going

920
00:39:16,840 --> 00:39:18,800
Speaker 1: to make it free or anything like that, but we

921
00:39:18,880 --> 00:39:20,640
Speaker 1: are going to bring the cost down a lot, and

922
00:39:20,719 --> 00:39:22,959
Speaker 1: it just makes it far more approachable for most people.

923
00:39:23,760 --> 00:39:25,920
Speaker 1: Eight ninety nine bucks. It's not cheap, but it's obviously

924
00:39:25,960 --> 00:39:28,040
Speaker 1: a lot less than five grand or more than a

925
00:39:28,080 --> 00:39:29,960
Speaker 1: lot of people pay for a trust like that.

926
00:39:30,120 --> 00:39:33,040
Speaker 2: Well, the price that she was dished that was presented

927
00:39:33,080 --> 00:39:34,880
Speaker 2: to her, I'm sure that's on the lower end, and

928
00:39:34,960 --> 00:39:38,000
Speaker 2: that's not including that because there's annual maintenance and what

929
00:39:38,120 --> 00:39:39,920
Speaker 2: it takes to maintain a trust as well.

930
00:39:40,040 --> 00:39:42,000
Speaker 1: That's at least just the initial price. Yes, but there's

931
00:39:42,040 --> 00:39:44,480
Speaker 1: probably I guarantee it money you're gonna have to pork

932
00:39:44,520 --> 00:39:44,879
Speaker 1: over later.

933
00:39:44,920 --> 00:39:47,440
Speaker 2: It's also worth mentioning too that there are free services

934
00:39:47,480 --> 00:39:50,000
Speaker 2: out there that will that'll help you out again, especially

935
00:39:50,080 --> 00:39:52,560
Speaker 2: given what sounds like a pretty straightforard situation for you.

936
00:39:52,640 --> 00:39:55,640
Speaker 2: But Rocket Lawyer they have templates that you can go

937
00:39:55,840 --> 00:39:58,560
Speaker 2: and check out, and there's also a site called freewill

938
00:39:58,760 --> 00:40:01,880
Speaker 2: dot com and that's just one of those free sights

939
00:40:01,880 --> 00:40:03,480
Speaker 2: where you know you might at least want to look at.

940
00:40:04,000 --> 00:40:06,200
Speaker 2: It's not as robust as a service, but it could

941
00:40:06,280 --> 00:40:09,239
Speaker 2: meet some of those basic needs. It's certainly a better

942
00:40:09,280 --> 00:40:11,360
Speaker 2: option than just doing nothing. I'm glad to hear that

943
00:40:11,440 --> 00:40:13,880
Speaker 2: you're taking you're taking part in some of this financial

944
00:40:14,200 --> 00:40:18,239
Speaker 2: hygiene that is so important. It's the non glamorous monotony

945
00:40:18,800 --> 00:40:20,640
Speaker 2: that I think a lot of folks have to do

946
00:40:20,719 --> 00:40:22,840
Speaker 2: because and I say a lot of folks, because not

947
00:40:22,880 --> 00:40:24,600
Speaker 2: everybody is going to be in a situation where they

948
00:40:24,680 --> 00:40:27,919
Speaker 2: have prepared and saved up and are growing their wealth

949
00:40:28,000 --> 00:40:30,200
Speaker 2: that they'll be able to pass on to future generations.

950
00:40:30,239 --> 00:40:32,120
Speaker 2: But for you, Angelique, I don't know, maybe you kind

951
00:40:32,160 --> 00:40:33,560
Speaker 2: of try to look at this through a different lens.

952
00:40:33,600 --> 00:40:35,239
Speaker 2: This is almost like a privilege. The fact that you've

953
00:40:35,280 --> 00:40:37,440
Speaker 2: done so well with your money. I think that's just

954
00:40:37,520 --> 00:40:40,640
Speaker 2: amazing that you have found yourself in a situation where

955
00:40:40,800 --> 00:40:43,000
Speaker 2: you are needing to set up a trust like this.

956
00:40:43,120 --> 00:40:45,000
Speaker 1: There are all sorts of financial products Matt that you

957
00:40:45,040 --> 00:40:47,640
Speaker 1: and I that we talk about that become necessary the

958
00:40:47,760 --> 00:40:50,640
Speaker 1: more financial success you have. There's like an umbrella policy. Right,

959
00:40:50,719 --> 00:40:52,960
Speaker 1: Let's say you need to get a few rental properties

960
00:40:53,040 --> 00:40:55,680
Speaker 1: under your belt. You probably need an umbrella policy to

961
00:40:55,719 --> 00:40:58,719
Speaker 1: protect the wealth that you've created that happens along the way.

962
00:40:58,719 --> 00:41:00,839
Speaker 1: And this is one of those things where a will

963
00:41:01,000 --> 00:41:05,280
Speaker 1: or revocable trust could become necessary expenses for people. Anybody

964
00:41:05,280 --> 00:41:08,000
Speaker 1: who's making progress and who has built up a decent

965
00:41:08,120 --> 00:41:10,680
Speaker 1: nest egg, if they want to protect it, it's crucial

966
00:41:10,719 --> 00:41:12,200
Speaker 1: to make sure you get these things done, all right,

967
00:41:12,200 --> 00:41:14,520
Speaker 1: But we've got more to discuss on this episode.

968
00:41:14,560 --> 00:41:14,759
Speaker 2: Matt.

969
00:41:14,800 --> 00:41:17,560
Speaker 1: We've got a listener who's wondering if there's a way

970
00:41:17,600 --> 00:41:20,480
Speaker 1: to traumatically reduce what they spend on health insurance. We'll

971
00:41:20,520 --> 00:41:21,759
Speaker 1: tackle that one right after this.

972
00:41:29,800 --> 00:41:32,279
Speaker 2: Right man, we are back. Let's continue on with the

973
00:41:32,360 --> 00:41:35,600
Speaker 2: money saving advice that we've got for folks today. And

974
00:41:36,239 --> 00:41:38,800
Speaker 2: now we've got our Facebook question of the week. This

975
00:41:39,040 --> 00:41:42,120
Speaker 2: is from an anonymous poster and they wrote, if you

976
00:41:42,239 --> 00:41:44,759
Speaker 2: have a health share plan, can you tell me about it?

977
00:41:45,040 --> 00:41:47,160
Speaker 2: Which one do you have? How much is it? What

978
00:41:47,280 --> 00:41:50,160
Speaker 2: are the pros and cons? I'm looking for something to

979
00:41:50,280 --> 00:41:52,400
Speaker 2: get into the new year. I can't sign up for

980
00:41:52,440 --> 00:41:54,920
Speaker 2: a regular plan right now because it isn't open enrollment

981
00:41:55,239 --> 00:41:58,920
Speaker 2: and I don't have a qualifying event. Oh, healthcare so

982
00:41:59,080 --> 00:41:59,880
Speaker 2: easy in this country.

983
00:42:00,120 --> 00:42:01,480
Speaker 1: That's what I love about evolving here.

984
00:42:01,600 --> 00:42:03,600
Speaker 2: The reason we show this one too is Joel, you

985
00:42:03,640 --> 00:42:05,960
Speaker 2: and I we can both speak from personal experience when

986
00:42:06,000 --> 00:42:07,919
Speaker 2: it comes to health sharing. So listen up, folks.

987
00:42:08,040 --> 00:42:08,200
Speaker 4: Yeah.

988
00:42:08,239 --> 00:42:09,960
Speaker 1: So okay, so this is one that we were human

989
00:42:10,000 --> 00:42:12,640
Speaker 1: guinea pigs in this way. Well, and first thing starts.

990
00:42:12,719 --> 00:42:14,480
Speaker 1: This question comes from the how to Money Facebook group.

991
00:42:14,480 --> 00:42:16,239
Speaker 1: If you're not in the how to Money Facebook group,

992
00:42:16,440 --> 00:42:19,000
Speaker 1: go join it if you're on Facebook and you can

993
00:42:19,320 --> 00:42:22,160
Speaker 1: handle your scroll time. But yeah, we haven't talked about

994
00:42:22,160 --> 00:42:23,520
Speaker 1: health sharing plans in a bit, which is part of

995
00:42:23,560 --> 00:42:26,040
Speaker 1: the reason we wanted to tackle this question in particular.

996
00:42:26,080 --> 00:42:28,640
Speaker 1: So I'm glad that this question was posed. We of

997
00:42:28,719 --> 00:42:31,640
Speaker 1: course do have thoughts. I think the first thing to

998
00:42:31,760 --> 00:42:34,520
Speaker 1: mention is that health sharing plans aren't for everyone, because

999
00:42:34,560 --> 00:42:36,480
Speaker 1: sometimes you'll talk to people who are on a health

1000
00:42:36,520 --> 00:42:38,400
Speaker 1: sharing plan and they'll be like, it's the greatest thing

1001
00:42:38,480 --> 00:42:40,960
Speaker 1: since slic spread. It's saving me so much money, and

1002
00:42:41,040 --> 00:42:42,960
Speaker 1: they'll go on and on and on about how good

1003
00:42:43,000 --> 00:42:45,919
Speaker 1: it's been. And it's not that health sharing plans can't

1004
00:42:45,960 --> 00:42:47,520
Speaker 1: be good. I think they can be. You and I

1005
00:42:47,600 --> 00:42:51,279
Speaker 1: are both on them for a reason. But the truth is,

1006
00:42:51,360 --> 00:42:53,400
Speaker 1: for folks who have the ability to get a massively

1007
00:42:53,480 --> 00:42:57,080
Speaker 1: subsidized plan through healthcare dot Gov, that's likely a much

1008
00:42:57,120 --> 00:43:00,160
Speaker 1: better option for them because you're getting traditional insurance at

1009
00:43:00,160 --> 00:43:04,080
Speaker 1: a fraction of the cost. And this listener says they

1010
00:43:04,120 --> 00:43:06,160
Speaker 1: aren't able to get on a regular health insurance plan

1011
00:43:06,280 --> 00:43:08,759
Speaker 1: right now, so health is sharing might be their best

1012
00:43:08,960 --> 00:43:11,560
Speaker 1: or even only option at least for the time being,

1013
00:43:11,600 --> 00:43:13,160
Speaker 1: and I think that's probably true. I think if you

1014
00:43:13,280 --> 00:43:17,040
Speaker 1: can't get a massively discounted health insurance plan, or you

1015
00:43:17,120 --> 00:43:19,879
Speaker 1: don't have COBRA from a previous job, and heck, even

1016
00:43:19,880 --> 00:43:21,840
Speaker 1: if you do have COBRA from a previous job, so

1017
00:43:22,000 --> 00:43:25,239
Speaker 1: expensive can be so prohibitively expensive. You might be talking

1018
00:43:25,440 --> 00:43:27,600
Speaker 1: because you're paying the full price of insurance plus a

1019
00:43:27,680 --> 00:43:30,600
Speaker 1: little you might be talking about paying for a family

1020
00:43:30,680 --> 00:43:32,800
Speaker 1: of four or something like twenty five twenty eight hundred

1021
00:43:32,800 --> 00:43:36,000
Speaker 1: bucks a month for that coverage. Ridiculous, and that becomes

1022
00:43:36,040 --> 00:43:37,200
Speaker 1: prohibitive real quick.

1023
00:43:37,360 --> 00:43:39,320
Speaker 2: Yeah, So, by my mind, we are big fans of

1024
00:43:39,560 --> 00:43:42,399
Speaker 2: health sharing personally. That being said, we know that they're

1025
00:43:42,440 --> 00:43:44,480
Speaker 2: not for everybody, but do look into some of the

1026
00:43:44,520 --> 00:43:47,120
Speaker 2: different options out there. They all function just a little

1027
00:43:47,120 --> 00:43:50,080
Speaker 2: bit differently. So Joel and I, your family and my

1028
00:43:50,160 --> 00:43:52,600
Speaker 2: family Joe are both on metas Share. I've been on

1029
00:43:52,640 --> 00:43:54,680
Speaker 2: it for like, gosh man, like maybe close to a

1030
00:43:54,760 --> 00:43:57,399
Speaker 2: decade at this point, and they've been around for thirty plus.

1031
00:43:57,560 --> 00:43:59,200
Speaker 2: They're one of the Yeah, they're one of the players

1032
00:43:59,200 --> 00:44:00,360
Speaker 2: that have been on this see the law longest. But

1033
00:44:00,440 --> 00:44:02,120
Speaker 2: it was a good bit cheaper than the rest of

1034
00:44:02,160 --> 00:44:04,319
Speaker 2: them out there, and you're mostly paying a monthly fee

1035
00:44:04,560 --> 00:44:06,880
Speaker 2: in case you encounter a really large medical bill or

1036
00:44:06,960 --> 00:44:08,839
Speaker 2: something catastrophic for that to happen.

1037
00:44:08,880 --> 00:44:11,160
Speaker 1: Talk about throwing away money on insurance. That's basically what

1038
00:44:11,200 --> 00:44:13,600
Speaker 1: we're doing. This isn't technically insurance, which is important to

1039
00:44:13,640 --> 00:44:16,319
Speaker 1: mention too, but it feels like we're throwing it away

1040
00:44:16,360 --> 00:44:18,840
Speaker 1: because we're not taking advantage of what Medica Midisture has

1041
00:44:18,880 --> 00:44:20,360
Speaker 1: to offer. And the only reason, the only way that

1042
00:44:20,400 --> 00:44:23,319
Speaker 1: we would is if something happen exactly which of course

1043
00:44:23,400 --> 00:44:23,839
Speaker 1: we don't want.

1044
00:44:23,880 --> 00:44:25,520
Speaker 2: And now lighting against I like that you mentioned that

1045
00:44:25,560 --> 00:44:27,800
Speaker 2: it's not technically insurance. In one of the ways that

1046
00:44:28,360 --> 00:44:31,160
Speaker 2: you know that it's not technically insurance is because what

1047
00:44:31,280 --> 00:44:33,000
Speaker 2: it is that you pay every month, they can't call

1048
00:44:33,040 --> 00:44:35,279
Speaker 2: it a premium because it's not insurance. It's it's called

1049
00:44:35,320 --> 00:44:38,759
Speaker 2: a share or a family household portion. It's it's a

1050
00:44:38,840 --> 00:44:41,200
Speaker 2: share amount, and that lingo is going to differ again,

1051
00:44:41,239 --> 00:44:43,560
Speaker 2: it's going to vary depending on the provider. Yeah, so

1052
00:44:43,719 --> 00:44:46,400
Speaker 2: hours that we pay, we're a little over three hundred

1053
00:44:46,400 --> 00:44:47,719
Speaker 2: dollars for our family of six.

1054
00:44:47,800 --> 00:44:49,560
Speaker 1: I think we're a little bit under three hundred bucks

1055
00:44:49,560 --> 00:44:50,239
Speaker 1: for our family five.

1056
00:44:50,800 --> 00:44:53,160
Speaker 2: Are y'all really because I thought beyond five, it doesn't

1057
00:44:53,440 --> 00:44:54,720
Speaker 2: it doesn't get any more expensive.

1058
00:44:54,719 --> 00:44:56,279
Speaker 1: I want to say, we pay two eighty six a month.

1059
00:44:56,400 --> 00:44:59,040
Speaker 2: So I don't know why it's cheap. What's your what's

1060
00:44:59,080 --> 00:45:01,960
Speaker 2: your maximum out of hocket family responsibility? That's the thing.

1061
00:45:02,000 --> 00:45:05,640
Speaker 2: You also can't call it a deductive right. That's another lingo.

1062
00:45:05,760 --> 00:45:07,359
Speaker 1: I have to go look at the details. It's either

1063
00:45:07,400 --> 00:45:08,600
Speaker 1: twelve or fourteen thousand dollars.

1064
00:45:08,640 --> 00:45:10,920
Speaker 2: Oh, okay, maybe we need to mop ours that or

1065
00:45:10,960 --> 00:45:13,160
Speaker 2: on ten thousand, five hundred, okay, And so that's why

1066
00:45:13,200 --> 00:45:13,759
Speaker 2: I was just cheaper.

1067
00:45:13,800 --> 00:45:13,960
Speaker 4: Huh.

1068
00:45:14,000 --> 00:45:16,120
Speaker 2: Maybe I'll look into that. But so, the thing I

1069
00:45:16,160 --> 00:45:18,759
Speaker 2: wanted to point out that with Metashares specifically is that

1070
00:45:18,920 --> 00:45:22,200
Speaker 2: it's faith based. Most of the different health share companies are.

1071
00:45:22,440 --> 00:45:24,279
Speaker 2: One that comes to mind is Liberty, and I think

1072
00:45:24,320 --> 00:45:26,120
Speaker 2: there's another one too that we considered way back in

1073
00:45:26,200 --> 00:45:30,000
Speaker 2: the day, Samaritans perhaps, Okay, I don't don't quote me

1074
00:45:30,080 --> 00:45:31,719
Speaker 2: on that one. I think that's one is that one

1075
00:45:31,719 --> 00:45:34,160
Speaker 2: of them. I know Liberty is for sure, But if

1076
00:45:34,239 --> 00:45:37,640
Speaker 2: that doesn't float your boat, look into Sedera because it's

1077
00:45:37,680 --> 00:45:39,880
Speaker 2: one of the only health sharing companies that we know

1078
00:45:40,000 --> 00:45:43,080
Speaker 2: of that isn't faith based, and I think you still

1079
00:45:43,120 --> 00:45:46,560
Speaker 2: have the opportunity to join an organization to be a

1080
00:45:46,600 --> 00:45:49,400
Speaker 2: part of something that again is not insurance, but functions

1081
00:45:49,800 --> 00:45:52,759
Speaker 2: very similarly as health sharing, okay, as the other faith

1082
00:45:52,760 --> 00:45:53,160
Speaker 2: based ones.

1083
00:45:53,239 --> 00:45:54,880
Speaker 1: Yeah, so the people might have heard the numbers we

1084
00:45:55,000 --> 00:45:56,840
Speaker 1: just tossed out there, roughly three hundred bucks for a

1085
00:45:56,920 --> 00:46:01,680
Speaker 1: family for the monthly not real amium but premium amount. Right,

1086
00:46:02,040 --> 00:46:03,920
Speaker 1: they can't call it that, but that's basically what it is.

1087
00:46:04,360 --> 00:46:06,800
Speaker 1: And they might say, oh my gosh, that sounds like

1088
00:46:06,880 --> 00:46:09,120
Speaker 1: nineteen nineties prices, and it is in a lot of ways,

1089
00:46:09,280 --> 00:46:11,640
Speaker 1: and that's why we do it. Yeah, the reason it's

1090
00:46:11,719 --> 00:46:14,640
Speaker 1: so cheap is because it doesn't have the same oversight regulation,

1091
00:46:14,760 --> 00:46:17,080
Speaker 1: It doesn't function like insurance in the same way, and

1092
00:46:17,200 --> 00:46:19,320
Speaker 1: it is more of a catastrophic only plan. So a

1093
00:46:19,360 --> 00:46:21,200
Speaker 1: matter anytime we go to the doctor, guess what we

1094
00:46:21,400 --> 00:46:23,640
Speaker 1: have to ask for the cash price we're negotiating with

1095
00:46:23,719 --> 00:46:26,920
Speaker 1: that provider directly. Meta share essentially never gets involved in

1096
00:46:27,280 --> 00:46:30,239
Speaker 1: our in our business unless we get to that point

1097
00:46:30,280 --> 00:46:34,160
Speaker 1: where we're spending over the allotted annual amount. So that's

1098
00:46:34,160 --> 00:46:36,160
Speaker 1: why I said where feelings feels like in some ways

1099
00:46:36,200 --> 00:46:38,640
Speaker 1: we're throwing away money every year. It really is only

1100
00:46:38,800 --> 00:46:40,680
Speaker 1: a catastrophic plan for our.

1101
00:46:40,600 --> 00:46:43,640
Speaker 2: Families, not unlike a high deductible healthcare right, so exactly

1102
00:46:43,680 --> 00:46:45,800
Speaker 2: what it is, I mean, it's basically a version of that,

1103
00:46:45,920 --> 00:46:48,640
Speaker 2: but even more affordable. I remember when we first joined

1104
00:46:49,080 --> 00:46:52,000
Speaker 2: with Meta Share, our neighbors who had three kids at

1105
00:46:52,040 --> 00:46:54,520
Speaker 2: the time, or they mean, they still had three, three girls,

1106
00:46:55,040 --> 00:46:57,359
Speaker 2: but they're paying something like and I'm sure it's more,

1107
00:46:57,520 --> 00:46:59,880
Speaker 2: but at the time this just blew my mind. But

1108
00:47:00,000 --> 00:47:03,640
Speaker 2: they're paying something like seven times what we're paying every

1109
00:47:03,680 --> 00:47:06,920
Speaker 2: single month, and they are a fairly healthy family. And

1110
00:47:07,160 --> 00:47:09,200
Speaker 2: in the subsequent years, as they both went out on

1111
00:47:09,239 --> 00:47:11,200
Speaker 2: their own, guess what they did, they also switched to

1112
00:47:11,400 --> 00:47:13,200
Speaker 2: the health sharing because they realized that it was just

1113
00:47:13,280 --> 00:47:15,959
Speaker 2: untenable for them to maintain that monthly amount for something

1114
00:47:15,960 --> 00:47:17,080
Speaker 2: that they weren't taking advantage of.

1115
00:47:17,200 --> 00:47:19,520
Speaker 1: Yeah, and again you have to reiterate, it's not doesn't

1116
00:47:19,920 --> 00:47:22,239
Speaker 1: function like traditional health insurance. You have to recognize that,

1117
00:47:22,280 --> 00:47:24,520
Speaker 1: and you have to realize the potential downfalls of that.

1118
00:47:24,760 --> 00:47:26,160
Speaker 1: But you also have to look at the history of

1119
00:47:26,200 --> 00:47:28,640
Speaker 1: these organizations. Some of these organizations have been around for

1120
00:47:29,560 --> 00:47:33,400
Speaker 1: multiple decades, serving their customers providing a helpful service, and

1121
00:47:33,440 --> 00:47:35,440
Speaker 1: they've been able to pay the monthly bills of the

1122
00:47:35,480 --> 00:47:37,719
Speaker 1: people who use their service. So I mean to me

1123
00:47:37,880 --> 00:47:39,839
Speaker 1: that bodes well even though they don't have the same

1124
00:47:39,880 --> 00:47:42,239
Speaker 1: oversight and regulation. So for this listener, I would say,

1125
00:47:42,239 --> 00:47:44,840
Speaker 1: shop around, see what sorts of plans are available with

1126
00:47:44,960 --> 00:47:47,520
Speaker 1: a few of the different health sharing companies, look at

1127
00:47:47,560 --> 00:47:50,399
Speaker 1: the nuance of each one, and then check and see

1128
00:47:50,440 --> 00:47:52,360
Speaker 1: will it save you a ton over getting insurance on

1129
00:47:52,400 --> 00:47:54,839
Speaker 1: the open market. Chances are it will, and it could

1130
00:47:54,880 --> 00:47:57,000
Speaker 1: be a great stop gap, or depending on your work

1131
00:47:57,000 --> 00:47:59,560
Speaker 1: in financial situation, it honestly, it might be something that

1132
00:47:59,560 --> 00:48:01,799
Speaker 1: you stick with for years to come. Yeah, you might say,

1133
00:48:02,200 --> 00:48:05,920
Speaker 1: actually I don't qualify for the substantial discount on healthcare

1134
00:48:05,960 --> 00:48:08,560
Speaker 1: dot cup. It looks like even with the minor subsidies

1135
00:48:08,600 --> 00:48:10,759
Speaker 1: i'm gonna get, it's going to cost me twelve hundred

1136
00:48:10,800 --> 00:48:12,400
Speaker 1: dollars a month, and this is going to cost me

1137
00:48:12,400 --> 00:48:14,640
Speaker 1: two hundred dollars a month. And guess what, I know

1138
00:48:14,760 --> 00:48:16,880
Speaker 1: the differences and it's worth a thousand dollars in savings

1139
00:48:17,120 --> 00:48:19,000
Speaker 1: or for you it might not be, depending on your

1140
00:48:19,160 --> 00:48:21,440
Speaker 1: financial and your your medical situation.

1141
00:48:21,640 --> 00:48:23,520
Speaker 2: I think it's the kind of situation too, where it

1142
00:48:23,640 --> 00:48:25,480
Speaker 2: might be something you get into thinking it's a short

1143
00:48:25,600 --> 00:48:27,359
Speaker 2: term thing, but it ends up being something you stick

1144
00:48:27,400 --> 00:48:29,520
Speaker 2: with over the long haul. Because I know the situation

1145
00:48:29,640 --> 00:48:31,880
Speaker 2: that Kate and I found ourselves in was when I

1146
00:48:32,040 --> 00:48:34,320
Speaker 2: was looking into the cost of health insurance with my

1147
00:48:34,719 --> 00:48:37,400
Speaker 2: current WQ job at the time. I found that was

1148
00:48:37,560 --> 00:48:39,400
Speaker 2: going to be more affordable for us to get a

1149
00:48:39,480 --> 00:48:42,239
Speaker 2: plan on the open market. But then we eventually found

1150
00:48:42,239 --> 00:48:44,680
Speaker 2: our way over to health sharing. And again we've been

1151
00:48:44,719 --> 00:48:47,080
Speaker 2: with them for close to a decade and I've got

1152
00:48:47,239 --> 00:48:50,680
Speaker 2: zero plans in switching things up. Yeah, we are incredibly happy.

1153
00:48:50,800 --> 00:48:52,359
Speaker 2: The only thing I might be switching up is what's

1154
00:48:52,360 --> 00:48:53,960
Speaker 2: your annual household.

1155
00:48:53,600 --> 00:48:55,960
Speaker 1: It's either twelve fourteen, I think it's three team.

1156
00:48:56,080 --> 00:48:58,920
Speaker 2: Yeah, that's that's up there. But again that's the I

1157
00:48:58,920 --> 00:49:01,520
Speaker 2: don't know if I sure. We talked about like twenty

1158
00:49:01,600 --> 00:49:03,640
Speaker 2: bucks a month maybe, but I don't know. Maybe I will,

1159
00:49:03,840 --> 00:49:04,400
Speaker 2: I'll look into it.

1160
00:49:04,560 --> 00:49:06,200
Speaker 1: It's like forty or fifty bucks a month. I think

1161
00:49:06,200 --> 00:49:08,360
Speaker 1: that we're saying whatever you depends, it depends three eleven,

1162
00:49:08,960 --> 00:49:11,640
Speaker 1: what do you I think two seventy six something like that.

1163
00:49:11,800 --> 00:49:13,840
Speaker 2: Yeah, yeah, so it might be worth it.

1164
00:49:13,960 --> 00:49:15,400
Speaker 1: You never know, that's the thing. You got to run

1165
00:49:15,440 --> 00:49:15,840
Speaker 1: the numbers.

1166
00:49:15,920 --> 00:49:17,520
Speaker 2: And then what that also means, though, is having more

1167
00:49:17,600 --> 00:49:19,040
Speaker 2: cash on hand. Kind of like we were going back

1168
00:49:19,080 --> 00:49:23,320
Speaker 2: to earlier when we were talking about the perpetual insurance.

1169
00:49:23,360 --> 00:49:25,680
Speaker 2: I mean, the ability to self insure to a larger

1170
00:49:25,719 --> 00:49:29,680
Speaker 2: extent means having a larger financial margin on hand, more

1171
00:49:29,760 --> 00:49:31,919
Speaker 2: cash cushion, you got it. Yeah, that's the other side

1172
00:49:31,920 --> 00:49:33,880
Speaker 2: of the equation. You can't just immediately hop over to

1173
00:49:33,960 --> 00:49:37,400
Speaker 2: one of these jack up your deductible or your household

1174
00:49:37,480 --> 00:49:41,000
Speaker 2: portion to astronomical levels and expect to be totally fine

1175
00:49:41,120 --> 00:49:43,560
Speaker 2: next month when something God forbid terrible happens.

1176
00:49:43,600 --> 00:49:45,239
Speaker 1: Right then the first big medical bill comes along and

1177
00:49:45,280 --> 00:49:47,440
Speaker 1: you're wiped out because you weren't properly self insured.

1178
00:49:47,480 --> 00:49:49,920
Speaker 2: Then you're shaking your fist edgele on that. Yeah, No,

1179
00:49:50,040 --> 00:49:50,239
Speaker 2: that's so.

1180
00:49:50,280 --> 00:49:52,200
Speaker 1: I think it's a crucial point to make, and that's

1181
00:49:52,239 --> 00:49:54,400
Speaker 1: true with any insurance. Like whatever you're deductible is, you

1182
00:49:54,440 --> 00:49:56,320
Speaker 1: got to make sure you have enough cash in the

1183
00:49:56,320 --> 00:49:59,560
Speaker 1: account to meet that deductible and more further emergency expenses

1184
00:49:59,560 --> 00:50:01,400
Speaker 1: that might pop up in your life. So don't just

1185
00:50:01,520 --> 00:50:03,560
Speaker 1: raise the deductible and not have the cash in the

1186
00:50:03,600 --> 00:50:04,359
Speaker 1: bank to back yard.

1187
00:50:04,560 --> 00:50:06,759
Speaker 2: You know what, buddy, Let's get to the beer. You

1188
00:50:06,840 --> 00:50:10,200
Speaker 2: and I enjoyed a Mexican cake by Westbrook Brewing out

1189
00:50:10,239 --> 00:50:13,520
Speaker 2: of Mount Pleasant, South Carolina, not North Carolina. What were

1190
00:50:13,520 --> 00:50:14,600
Speaker 2: your thoughts on this one? Joel?

1191
00:50:15,000 --> 00:50:17,439
Speaker 1: Okay, this is a goat beer, greatest of all time,

1192
00:50:17,600 --> 00:50:19,560
Speaker 1: so good. This is one of the best beers ever

1193
00:50:19,680 --> 00:50:21,439
Speaker 1: made in human history. What's the first thing that stood

1194
00:50:21,440 --> 00:50:22,960
Speaker 1: out to you? And by the way, when you started drinking,

1195
00:50:22,960 --> 00:50:24,399
Speaker 1: you know how many beers we've had on this show,

1196
00:50:24,440 --> 00:50:26,680
Speaker 1: with a hundreds, I am a I can say that

1197
00:50:27,239 --> 00:50:33,040
Speaker 1: with confidence. The things stood out to me next be thousands, right, Cinnamon, vanilla,

1198
00:50:33,200 --> 00:50:34,480
Speaker 1: the little pepper kick as well.

1199
00:50:34,880 --> 00:50:34,920
Speaker 5: This.

1200
00:50:36,320 --> 00:50:38,960
Speaker 1: I find a lot of stouts to be a little boring.

1201
00:50:39,360 --> 00:50:41,480
Speaker 1: This one the opposite of boring. It's got a lot

1202
00:50:41,520 --> 00:50:44,320
Speaker 1: of things going on, but it's also not overwhelming. You

1203
00:50:44,400 --> 00:50:47,520
Speaker 1: can very much taste each little ingredient that's put in there,

1204
00:50:47,680 --> 00:50:49,600
Speaker 1: and it's put in in the proper amounts. They function

1205
00:50:49,760 --> 00:50:52,480
Speaker 1: really well together. This beer is an absolute gem.

1206
00:50:52,640 --> 00:50:55,640
Speaker 2: Yeah. So on the label it mentions cocoa nibs. Check.

1207
00:50:55,800 --> 00:50:59,000
Speaker 2: I could totally taste that vanilla beans absolutely, cinnamon sticks.

1208
00:50:59,080 --> 00:51:01,640
Speaker 2: Uh huh, for sure, and fresh habit narrow peppers. You

1209
00:51:01,719 --> 00:51:03,920
Speaker 2: could you said a little kick. I felt like this

1210
00:51:04,040 --> 00:51:06,319
Speaker 2: has had a little more heat than the last time

1211
00:51:06,360 --> 00:51:09,080
Speaker 2: I remember drinking this. But what's amazing is that the

1212
00:51:09,160 --> 00:51:11,239
Speaker 2: heat and the sweet from the fact that this is

1213
00:51:11,280 --> 00:51:13,680
Speaker 2: like an imperial stop that they both kicked in at

1214
00:51:13,680 --> 00:51:16,080
Speaker 2: the exact same time, which is, you know, it's kind

1215
00:51:16,080 --> 00:51:18,799
Speaker 2: of like on the back end of the and they're oh,

1216
00:51:19,120 --> 00:51:21,520
Speaker 2: then you feel that, you feel that sweet. But the

1217
00:51:21,560 --> 00:51:23,400
Speaker 2: first thing I noticed, like even right out of the

1218
00:51:23,480 --> 00:51:26,120
Speaker 2: gate pouring this thing, was the viscosity. It's a bigger beer.

1219
00:51:26,200 --> 00:51:28,239
Speaker 2: This is a thicker beer. You got that, and you

1220
00:51:28,320 --> 00:51:31,120
Speaker 2: got the immediate roasty notes. But yeah, this is a classic.

1221
00:51:31,480 --> 00:51:33,440
Speaker 2: This is one of the very few beers we've had

1222
00:51:33,520 --> 00:51:36,719
Speaker 2: on the show before was maybe six years ago. I

1223
00:51:36,760 --> 00:51:39,319
Speaker 2: thought I saw my notes that we actually had this one,

1224
00:51:39,360 --> 00:51:40,719
Speaker 2: but it was sitting there in the fridge. One of

1225
00:51:40,840 --> 00:51:42,799
Speaker 2: us picked it up, and this was not one we're

1226
00:51:42,800 --> 00:51:44,759
Speaker 2: gonna like go to waste. I'm glad you and I

1227
00:51:44,840 --> 00:51:46,280
Speaker 2: got to enjoy it today on the podcast.

1228
00:51:46,360 --> 00:51:50,000
Speaker 1: I'm always fun to revisit an epic one, and especially

1229
00:51:50,040 --> 00:51:52,480
Speaker 1: you're hoping that it holds up to how you thought

1230
00:51:52,520 --> 00:51:52,840
Speaker 1: about it.

1231
00:51:53,040 --> 00:51:55,080
Speaker 2: Back in the day. Where is it? So good? Glad

1232
00:51:55,080 --> 00:51:56,880
Speaker 2: you and I got to enjoy it today. On the podcast,

1233
00:51:57,040 --> 00:51:59,040
Speaker 2: head over to how to money dot com. Our show

1234
00:51:59,080 --> 00:52:01,560
Speaker 2: notes are up there. You can find resources that we

1235
00:52:01,680 --> 00:52:04,279
Speaker 2: may have mentioned during this episode, as well as everything

1236
00:52:04,280 --> 00:52:06,080
Speaker 2: else that we're up to these days, buddy, including the

1237
00:52:06,160 --> 00:52:09,360
Speaker 2: newsletter at how toomoney dot com forward slash newsletter, but

1238
00:52:09,560 --> 00:52:13,000
Speaker 2: so good, so informational, every Tuesday morning, so inspiring, it'll

1239
00:52:13,040 --> 00:52:14,840
Speaker 2: change your life, and if it doesn't, you get a

1240
00:52:14,880 --> 00:52:17,319
Speaker 2: money back guarantee. That's right, all right, it's a free

1241
00:52:17,360 --> 00:52:19,120
Speaker 2: news it's a free newsletter, folks. That's going to be

1242
00:52:19,160 --> 00:52:21,200
Speaker 2: a buddy. Until next time, best friends out and best

1243
00:52:21,440 --> 00:52:22,480
Speaker 2: Friends Out.