WEBVTT - Ask HTM - Recasting to Lower Your Mortgage Payment, A Solar Panel Conundrum, & Forfeiting I Bond Interest #568 0:00:00.120 --> 0:00:03.080 Welcome to how the money. I'm Joel and I am Matt, 0:00:03.160 --> 0:00:24.680 and today we're answering your listener questions. You know what, buddy, 0:00:24.720 --> 0:00:27.960 this is our listener question Monday episode, where every other 0:00:28.160 --> 0:00:31.280 Monday we answer listener questions that folks send our way 0:00:31.360 --> 0:00:33.879 via voice memo. Would you like it if we were 0:00:33.880 --> 0:00:37.600 talking to people live, old school radio, and we're taking calls? 0:00:37.640 --> 0:00:39.920 We're like, all right, Tommy and Sandy, we see it 0:00:39.960 --> 0:00:42.040 on the line. You've done that before. I have done 0:00:42.040 --> 0:00:43.600 that before. Keep paying it on the line for us 0:00:43.600 --> 0:00:45.879 and we'll get back to you here right after this break. Now, 0:00:46.040 --> 0:00:47.519 I think I'd be a lot of fun if we actually, 0:00:47.840 --> 0:00:50.920 when we do get to engage with listeners, like we 0:00:51.040 --> 0:00:53.559 just talked about on Friday, how we went to Finn 0:00:53.600 --> 0:00:57.520 Con and a bunch of nerdy financial personal finance folks there, 0:00:57.880 --> 0:01:00.400 and actually, when we landed at the airport work, we 0:01:00.480 --> 0:01:02.400 ran into a listener. Gosh, I'm trying to remember what 0:01:02.400 --> 0:01:04.559 his name was. It was such a quick, quick hang 0:01:05.120 --> 0:01:07.479 for twelve seconds. Took a quick picture, but really, as 0:01:07.480 --> 0:01:09.759 we're hopping into our Uber, yes, I know, I wish 0:01:09.760 --> 0:01:11.520 we had gotten more time, but literally, are Uber was 0:01:11.560 --> 0:01:13.400 pulling up, but it's it's one of those things where 0:01:13.480 --> 0:01:15.960 those interactions like energize me, and so if we got 0:01:16.000 --> 0:01:18.200 to do them, even just digitally or over the phone, 0:01:18.240 --> 0:01:19.679 I'll be down. You just want to be a celebrity, 0:01:19.720 --> 0:01:22.640 you just want you want your face blastered on, trust me, 0:01:22.720 --> 0:01:24.600 Milk Carton's. Now that's not when I'm into. Yeah, you 0:01:24.760 --> 0:01:26.480 don't want to get abducted, but I'd like that. That's 0:01:26.480 --> 0:01:27.759 when your face is on the milk carton. But when, 0:01:27.760 --> 0:01:31.320 when you hear from here, from listeners via email, when 0:01:31.319 --> 0:01:34.039 we get to hear their voices or get to see 0:01:34.120 --> 0:01:36.720 him in person like that is more exciting to me 0:01:36.760 --> 0:01:39.520 than having my face on a billboard. Absolutely no, I 0:01:39.680 --> 0:01:42.600 completely agree, especially hearing from listeners who have made changes 0:01:42.640 --> 0:01:45.520 to their lives. And so we don't always get around 0:01:45.520 --> 0:01:47.880 to responding to every single email that comes our way. We, 0:01:48.000 --> 0:01:49.640 I would say, we get back to like, I don't know, 0:01:49.720 --> 0:01:54.320 maybecent of them, but those, somehow, the people who don't 0:01:54.320 --> 0:01:57.360 get fun and sort like, what's wrong with me? Man? 0:01:57.520 --> 0:01:59.760 I guess sometimes they just sad. You having put any 0:01:59.840 --> 0:02:01.320 numb is that sometimes we slip through the gate and 0:02:01.320 --> 0:02:03.040 then you just got some busy days. That doesn't mean 0:02:03.080 --> 0:02:04.520 we don't love you anyway. I don't know how we 0:02:04.520 --> 0:02:07.160 got on talking about that, but we've got five awesome 0:02:07.200 --> 0:02:09.520 listener questions we are going to get to. Uh. We 0:02:09.560 --> 0:02:12.320 have a listener who is considering a creative way to 0:02:12.400 --> 0:02:14.560 lower her mortgage payment. We're gonna get to that one. 0:02:14.720 --> 0:02:17.840 Another listener. He's got a solar panel dilemma that he's facing, 0:02:18.520 --> 0:02:22.400 as well as somebody else who's considering forfeiting some I 0:02:22.600 --> 0:02:25.720 bond interest. We'll get to those three, plus a couple others, 0:02:25.919 --> 0:02:27.760 right after this. I like it all right. One thing. 0:02:28.440 --> 0:02:31.079 It made it sound like we' about to take a break. No, 0:02:31.680 --> 0:02:33.440 I wanted to. I want to mention real quick that 0:02:33.880 --> 0:02:37.640 I just started reading matt the brothers Karamasov, and it 0:02:37.800 --> 0:02:40.600 is a I've never read it. It's wait a minute, 0:02:40.639 --> 0:02:42.400 that's that's supposedly the best novel of all time. That's 0:02:42.400 --> 0:02:44.480 a Russian book. I can't. You're like a turncoade over here. 0:02:44.560 --> 0:02:48.200 You can't be reading Russian literature. No, the the Russian 0:02:48.240 --> 0:02:51.359 authors are still some of the best, especially from from 0:02:51.360 --> 0:02:54.800 that era. You're about to get canceled. Now. Everybody, like, 0:02:54.800 --> 0:02:56.680 almost everybody like. If you, if you, if you, like 0:02:56.760 --> 0:02:58.799 looked up a list of best books of all time, 0:02:59.000 --> 0:03:00.760 this book would be on there, but I've always been 0:03:00.760 --> 0:03:03.400 reticent to tackle it because it's like a thousand pages. Yes, 0:03:04.040 --> 0:03:06.920 it's super thick, and so I'm like, I'm more like 0:03:06.960 --> 0:03:09.720 the three page book kind of Guy. And but I 0:03:09.960 --> 0:03:12.440 realized I just have to finally read this book because 0:03:12.639 --> 0:03:14.440 if it really is one of the best books ever written, 0:03:14.480 --> 0:03:17.280 I can't let the fact that it's humongous get in 0:03:17.320 --> 0:03:20.000 my way and prevent me from reading a masterpiece. And 0:03:20.040 --> 0:03:22.200 so I decided like, okay, how do I do this? 0:03:22.200 --> 0:03:23.440 I'M gonna do it one by at a time, one 0:03:23.520 --> 0:03:25.240 chapter at a time, I'm gonna get into so I'm 0:03:25.280 --> 0:03:27.560 trying to read one chapter a day. That's my goal, 0:03:27.919 --> 0:03:30.799 and it might take me like four or five six 0:03:30.840 --> 0:03:33.120 months to read this book. How many chapters are there? 0:03:33.160 --> 0:03:35.040 So that I don't know exactly how many chapters there are, 0:03:35.080 --> 0:03:38.360 but there's like a chapter ten, ten page chapters, and 0:03:38.360 --> 0:03:40.480 it's about a thousand pages. Six months. So okay, so 0:03:40.520 --> 0:03:42.280 it's probably like three and a half month, let's right. 0:03:42.840 --> 0:03:45.760 Is it likely likely how long I feel like it's 0:03:45.760 --> 0:03:47.880 taking me that loan. So, so you're reading a long book. 0:03:47.880 --> 0:03:51.920 I'M IN THE MIDDLE OF WARREN BUFFETTS auto biophy, not autobiography. 0:03:51.960 --> 0:03:54.800 I think it's the only biography that was officially approved 0:03:54.840 --> 0:03:56.720 by by Warren Buffett, but it's something like that. I 0:03:56.720 --> 0:04:00.000 think it's it's over eight hundred pages and it's taken me, Oh, 0:04:00.000 --> 0:04:01.920 all time to get through this. It is a beast 0:04:02.080 --> 0:04:04.720 but also really interesting. So wait, how how far into 0:04:04.880 --> 0:04:06.840 yours are you? So I'm like a hundred fifty pages. 0:04:06.880 --> 0:04:09.160 I'm of the way through, enjoying it so far. Enjoying 0:04:09.160 --> 0:04:11.560 it so far. Learn anything? UH, yeah, for sure. It's 0:04:11.600 --> 0:04:13.560 just it's really well written. I'm so glad. I mean, 0:04:13.600 --> 0:04:15.200 I'm reading it and I think one of the most 0:04:15.200 --> 0:04:17.520 popular sub stacks out there is people who are literally 0:04:17.560 --> 0:04:20.040 reading Frankenstein like a few pages at a time or 0:04:20.080 --> 0:04:21.960 something like that, if you just get it in box 0:04:22.000 --> 0:04:24.240 every day. And I thought, well, that's so cool, little 0:04:24.279 --> 0:04:27.400 snippets every single day. Yeah, and like that's how that's 0:04:27.400 --> 0:04:29.200 how you can get the job done, and I think 0:04:29.200 --> 0:04:31.480 the same thing can be true sometimes if you're maybe 0:04:32.080 --> 0:04:34.640 I have a lot of financial hurdles, obstacles in your way. 0:04:34.880 --> 0:04:36.840 You feel like you're making progress slower than you want 0:04:36.880 --> 0:04:39.200 to take that one bite at a time approach, like 0:04:39.240 --> 0:04:41.200 you can't do it all in one day. You can't 0:04:41.200 --> 0:04:42.880 do it all in one fell swoop. It takes time 0:04:42.880 --> 0:04:44.839 to get your to get your money together, just like 0:04:44.839 --> 0:04:47.359 it takes time to read a freaking thousand page books. 0:04:47.360 --> 0:04:50.320 So Um, hopefully that is encouraging to how the money 0:04:50.360 --> 0:04:52.920 listeners out there and I will report back when I 0:04:52.960 --> 0:04:55.760 finish this book in three months time. Check back in 0:04:55.760 --> 0:04:59.640 around Christmas. Uh Nights Man. All right, let's introduce the 0:04:59.640 --> 0:05:02.640 beer that we are going to enjoy during this episode. 0:05:02.680 --> 0:05:05.320 This is a German chocolate cake, another beer that's a 0:05:05.360 --> 0:05:08.560 part of the guilty pleasures series over at wicked weed. 0:05:08.600 --> 0:05:10.719 I'm looking forward to enjoying this one. We will share 0:05:10.720 --> 0:05:12.560 our thoughts at the end of the episode. All right, 0:05:12.680 --> 0:05:14.760 let's get to our first question up. By the way, 0:05:14.800 --> 0:05:16.719 if you have a question for us, you can submit 0:05:16.760 --> 0:05:19.160 yours at how to money dot com. Slash ask. Super 0:05:19.200 --> 0:05:22.719 Simple directions there, and we love to hear your lovely 0:05:22.800 --> 0:05:25.840 voice on the next ask htm episode. But this one 0:05:26.080 --> 0:05:29.080 comes from a Listenermott, who wants to know about recasting 0:05:29.080 --> 0:05:32.280 a mortgage, which isn't something we've talked about very much. Hi, 0:05:32.320 --> 0:05:35.640 Matt and Joel, this is Rachel from Minneapolis. My husband 0:05:35.640 --> 0:05:38.279 and I are currently in money gear seven and recently 0:05:38.279 --> 0:05:40.359 purchased our second home, where we hope to be for 0:05:40.400 --> 0:05:42.960 at least the next ten years, at a purchase price 0:05:43.040 --> 0:05:45.680 of four hundred and eighty thousand, with a thirty year 0:05:45.720 --> 0:05:49.560 mortgage at four point nine interest and ten percent down. 0:05:50.080 --> 0:05:51.960 Once the sale of our first home is complete in 0:05:52.000 --> 0:05:54.480 a couple of weeks, we'll walk away with enough equity 0:05:54.720 --> 0:05:58.039 to pay down the mortgage past so we only carry 0:05:58.080 --> 0:06:00.240 P M I for one month and also refill some 0:06:00.279 --> 0:06:02.880 savings buckets we used to buy the new home. Once 0:06:02.920 --> 0:06:05.320 we pay down the new mortgage, we have the chance 0:06:05.400 --> 0:06:07.479 to recast the loan, since it will be within the 0:06:07.520 --> 0:06:10.200 first sixty days. This means they would keep our interest 0:06:10.279 --> 0:06:12.200 rate the same, but it just our monthly payments to 0:06:12.200 --> 0:06:14.440 be based on the new loan value of around three 0:06:15.200 --> 0:06:18.719 four K over thirty years versus the original Fot k 0:06:18.839 --> 0:06:21.760 over thirty years, our monthly payments would go down about 0:06:21.760 --> 0:06:24.359 four d our question is this, is it better to 0:06:24.400 --> 0:06:26.800 recast the mortgage that we have a lower monthly payment, 0:06:27.120 --> 0:06:28.719 or would it be better to leave it as is 0:06:28.800 --> 0:06:31.120 and just appreciate that paying down the mortgage a big 0:06:31.240 --> 0:06:33.960 chunk right away means paying off the mortgage sooner than 0:06:34.000 --> 0:06:36.480 thirty years. As a side note, we have a friend 0:06:36.520 --> 0:06:38.960 who rents one of our spare bedrooms currently. He is 0:06:39.000 --> 0:06:41.239 moving with us and renting the basement of the new place, 0:06:41.320 --> 0:06:43.520 so he'll be paying part of that mortgage when he 0:06:43.560 --> 0:06:45.720 moves out. Someday. The new basement will be used as 0:06:45.720 --> 0:06:48.800 an AIRBNB and a guest space. Thanks, guys. If you're 0:06:48.800 --> 0:06:50.840 ever in Minneapolis, let us know and we'll take you 0:06:50.880 --> 0:06:54.240 to our favorites of the thirty plus Craft Breweries. Uh, 0:06:54.640 --> 0:06:57.400 plus craft breweries. I had no idea there are that 0:06:57.440 --> 0:06:59.840 mini breweries up there in Minnesota. Did she said this 0:07:00.000 --> 0:07:04.039 in Minneapolis, our Minneapolis. So that's that's a lot of brewers. 0:07:04.240 --> 0:07:06.279 I Guess Minneapolis is. It's bigger than I think it's. 0:07:06.320 --> 0:07:08.800 It's a decent well, it's got the Minneapolis Saint. Paul 0:07:08.839 --> 0:07:11.320 Combo Right, that's true. It's like a dual city. I 0:07:11.320 --> 0:07:14.000 have never been there, so we will visit there one 0:07:14.040 --> 0:07:16.240 of these days. But Rachel thinks. So much for your question. 0:07:16.640 --> 0:07:18.880 And you mentioned too that you are in money year 0:07:19.000 --> 0:07:21.200 number seven, which I wanted to highlight, because that means 0:07:21.280 --> 0:07:24.240 you have a ton of flexibility. Uh, and that also 0:07:24.280 --> 0:07:26.320 means that you have worked really hard to get where 0:07:26.360 --> 0:07:28.320 you are currently. By the way, if you don't know 0:07:28.320 --> 0:07:31.040 about the money years, it's basically our financial order of operations. 0:07:31.200 --> 0:07:33.080 You can find those at how the money dot com. 0:07:33.120 --> 0:07:34.840 If you click the start here button, you can kind 0:07:34.840 --> 0:07:37.160 of see you follow along and figure out which money 0:07:37.200 --> 0:07:39.240 you're you're ine. That's right. Yeah, and also, Rachel, she 0:07:39.280 --> 0:07:41.520 didn't say this in her voice memo, but in her 0:07:41.600 --> 0:07:44.360 email she told us that she actually recently quit her 0:07:44.440 --> 0:07:47.120 job as a civil engineer in order to work part 0:07:47.120 --> 0:07:49.960 time at a local coffee shop and to launch her 0:07:50.000 --> 0:07:52.160 own etsy business. So we know that she has been 0:07:52.200 --> 0:07:54.720 working really hard and now she's kind of on more 0:07:54.760 --> 0:07:57.640 of that coast slash Burrista fire a path. Yeah, I 0:07:57.680 --> 0:08:01.040 love that, because we know that civil engineers make more 0:08:01.040 --> 0:08:03.560 money than Barissa's just just almost all the time, right 0:08:03.640 --> 0:08:06.440 across the board. Yeah, I can pretty much guarantee that 0:08:06.440 --> 0:08:08.360 that's like. But to be able to do well enough 0:08:08.400 --> 0:08:10.120 with your money to where you can make that decision 0:08:10.120 --> 0:08:13.040 consciously and say I just like working in the coffee 0:08:13.040 --> 0:08:15.480 shop more than I like this other job. I think 0:08:15.720 --> 0:08:17.760 that's so cool and that's the kind of power you have, 0:08:17.960 --> 0:08:20.320 that you achieve as you handle your finance as well, 0:08:20.320 --> 0:08:23.440 like Rachel has. And it sounds like to Matt that 0:08:23.440 --> 0:08:26.840 that Rachel, that she's letting her financial choices be determined 0:08:26.840 --> 0:08:29.640 by and informed. Why? We talked about that a lot, 0:08:29.680 --> 0:08:32.160 but it's crucial in order to ensure that your money 0:08:32.160 --> 0:08:35.319 gets funneled into the most helpful places for you personally. 0:08:35.559 --> 0:08:38.199 So let's talk about mortgage recasting here, Matt, because it's 0:08:38.280 --> 0:08:40.160 it's like I said, it's not something we've talked about 0:08:40.160 --> 0:08:42.360 a lot, but there are some real parks for at 0:08:42.440 --> 0:08:46.000 least some folks to doing a mortgage recast, and it's 0:08:46.480 --> 0:08:49.360 very different than a refinance, which is typically the thing 0:08:49.400 --> 0:08:52.080 you hear about. But the thing about refinancing is that 0:08:52.120 --> 0:08:54.480 it's expensive, as everyone knows. It's gonna cost you thousands 0:08:54.520 --> 0:08:58.080 of dollars to to refinance your mortgage, and doing a 0:08:58.120 --> 0:09:00.800 refinance is a major pain. You gotta provide all of 0:09:00.840 --> 0:09:05.000 your information, your paste dubs, your tax documentation like there's 0:09:05.000 --> 0:09:07.520 just there's a lot of paperwork involved in approved for 0:09:07.600 --> 0:09:10.280 a giant loan again, that's right. Yeah, yeah, and in 0:09:10.280 --> 0:09:12.640 addition to that, doing a refinance right now it doesn't 0:09:12.640 --> 0:09:15.040 make much sense because rates have gone up. You don't 0:09:15.040 --> 0:09:16.839 want to go from a three and a half percent 0:09:16.920 --> 0:09:19.760 rate to a seven percent rate. That's just dump. But 0:09:19.760 --> 0:09:21.920 but if you can do a recast with your current 0:09:21.920 --> 0:09:24.480 mortgage provider, you can pay a lump sum and you 0:09:24.520 --> 0:09:27.200 can lower your mortgage payments for years to come. It 0:09:27.240 --> 0:09:30.720 basically it reambortizes the loan, which can be a pretty 0:09:30.720 --> 0:09:33.280 cool option. If that is what you're after, if that's 0:09:33.280 --> 0:09:35.880 what works for your situation, that's right. Yeah, so when 0:09:35.880 --> 0:09:39.360 you pay a lump sum to your mortage provider without recasting, 0:09:39.559 --> 0:09:42.640 you will lessen the overall life of the loan because 0:09:42.679 --> 0:09:45.320 you're paying down that principal balance, which means you will 0:09:45.800 --> 0:09:48.920 run out of balance to pay down, basically, but you're 0:09:48.920 --> 0:09:51.400 not going to reduce how much you owe every single month. 0:09:51.880 --> 0:09:54.040 You'RE gonna pay off the mortgage sooner, but your payments 0:09:54.080 --> 0:09:55.959 will stay the same. But when you do opt to 0:09:55.960 --> 0:09:58.480 do a recast, you you can actually lower that monthly amount, 0:09:58.640 --> 0:10:01.240 that mortgage amount, while key being those other terms in place. 0:10:01.240 --> 0:10:03.440 You're able to keep the number of years you have left, 0:10:03.440 --> 0:10:05.720 you're able to keep your mortgage rate locked in place. 0:10:06.120 --> 0:10:09.520 Hopefully that rate is lower than than more things currently 0:10:09.559 --> 0:10:11.440 are and you would want to hang onto it. And 0:10:11.480 --> 0:10:12.800 if there is a fee, if it does cost you 0:10:12.840 --> 0:10:14.400 some money, it is going to be so much less 0:10:14.640 --> 0:10:17.280 than what you pay for maybe a couple hundred bucks. 0:10:17.280 --> 0:10:20.160 But the range I saw out there, it's sometimes free 0:10:20.320 --> 0:10:22.840 up to at most maybe five hundred bucks, which is 0:10:23.640 --> 0:10:25.920 a fraction of what you're looking to pay when you 0:10:25.960 --> 0:10:29.320 are looking at a refinance. And again, this is particularly 0:10:29.400 --> 0:10:32.120 advantageous in Rachel's case because not only will it lower 0:10:32.160 --> 0:10:35.679 the monthly mortgage amount, that will also eliminate that Pesky 0:10:35.800 --> 0:10:39.680 P M, I. That private mortgage insurance, saving her a 0:10:39.720 --> 0:10:41.680 ton of money for years to come. So, you know, 0:10:41.720 --> 0:10:44.959 for these reasons, it sounds like this is a great decision. 0:10:45.040 --> 0:10:47.880 This is a slam dunk yes from us to take 0:10:47.920 --> 0:10:51.240 advantage of this recast opportunity. And and again, Matt you 0:10:51.280 --> 0:10:53.320 started off by talking about the fact that Rachel is 0:10:53.360 --> 0:10:55.760 in money year number seven, which means the world is 0:10:55.800 --> 0:10:59.080 her oyster. She is basically at this point of financial 0:10:59.080 --> 0:11:02.120 independence where she can make moves for a lot of 0:11:02.120 --> 0:11:04.760 different reasons that make just sense to her. Right that 0:11:04.920 --> 0:11:08.000 because she's got just ultimate flexibility over her finances at 0:11:08.000 --> 0:11:10.200 this point and and this this might not make quite 0:11:10.200 --> 0:11:12.920 as much sense, though, for for some folks who haven't 0:11:12.960 --> 0:11:16.040 made quite this much progress to their finances. For example, 0:11:16.080 --> 0:11:17.959 if you were like just getting started your money gear 0:11:18.040 --> 0:11:20.199 number two or three, you're saving up that fund, you're 0:11:20.240 --> 0:11:22.920 trying to get that that company match in Your Four, 0:11:22.920 --> 0:11:24.680 O one K, it would probably makes sense for you 0:11:24.720 --> 0:11:26.760 to use that lump sum of money to get a 0:11:26.760 --> 0:11:29.320 company match to make sure you're fully taking advantage of 0:11:29.320 --> 0:11:32.240 that perk, or to pay off higher interest consumer debt. Like, 0:11:32.600 --> 0:11:34.680 instead of opting to put a lump some down on 0:11:34.679 --> 0:11:37.439 that mortgage, you might instead want to pay down credit 0:11:37.440 --> 0:11:39.760 card debt that you still owe. Yeah, definitely. Yeah, like 0:11:39.800 --> 0:11:42.320 that would mathematically, of course, make the most sense, which 0:11:42.360 --> 0:11:45.280 is why I think it's important that Rachel pointed out 0:11:45.280 --> 0:11:47.480 the fact that they are on money gear number seven, 0:11:47.520 --> 0:11:49.199 because when it comes to some of those other things, 0:11:49.240 --> 0:11:51.800 those are steps that they've already eliminated. Yeah, if you 0:11:51.880 --> 0:11:54.760 if they were much earlier, long in their in their 0:11:54.880 --> 0:11:57.200 personal finance progress, we would say, I don't know, you 0:11:57.200 --> 0:11:58.600 want to hold off, you want to achieve some other 0:11:58.640 --> 0:12:00.680 things first. You might want to prior ties, putting your 0:12:00.720 --> 0:12:03.679 funds elsewhere before you recast this mortgage and put a 0:12:03.760 --> 0:12:05.520 lump sum into it. But we just want you to 0:12:05.520 --> 0:12:08.000 take into account all those different variables. But for Rachel, 0:12:08.080 --> 0:12:10.760 definitely take advantage of this recast offer. Yeah, I will 0:12:10.800 --> 0:12:12.600 say so. Like what we kind of talk through some 0:12:12.679 --> 0:12:14.960 of the math, like the mathematical reasons for her to 0:12:15.000 --> 0:12:17.160 make sure to have accomplished those other things right, like 0:12:17.200 --> 0:12:20.040 eliminating high interest rate consumer debt, that kind of thing. 0:12:20.280 --> 0:12:22.439 But there are like personal reasons to not pay this 0:12:22.559 --> 0:12:24.680 lump sum to wants her mortgage as well. And so, Rachel, 0:12:25.200 --> 0:12:27.920 This wasn't something you mentioned in your voice memo or 0:12:27.960 --> 0:12:30.280 anything that you shared with us, but if you had 0:12:30.280 --> 0:12:33.560 some other goals that y'all wanted to see happen sometime soon, 0:12:33.920 --> 0:12:37.240 that also might be another reason to potentially consider not 0:12:37.320 --> 0:12:39.120 doing the recast right. Like you could see this lump 0:12:39.120 --> 0:12:41.599 sum of money as seed money, say you wanted to 0:12:41.600 --> 0:12:43.640 start your own business and it was going to require 0:12:43.760 --> 0:12:46.240 some upfront capital. That would be a great reason to 0:12:46.320 --> 0:12:48.280 not necessarily take all of this money and then dump 0:12:48.320 --> 0:12:51.040 it into your primary residence. It sounds like it's going 0:12:51.080 --> 0:12:53.319 to keep those other goals in mind as well. Agreed. Yeah, 0:12:53.360 --> 0:12:56.720 it sounds like even though after they do this recast 0:12:56.720 --> 0:12:57.959 and get rid of P M I, they'll still have 0:12:58.000 --> 0:12:59.719 maybe some money left over from that home so, which 0:12:59.720 --> 0:13:02.000 I think is best of both worlds, because you and 0:13:02.000 --> 0:13:03.520 I we don't really like P m I. It's kind 0:13:03.520 --> 0:13:05.920 of feels like throwing money away every month then, and 0:13:06.000 --> 0:13:07.800 so to be able to get rid of it through 0:13:07.920 --> 0:13:10.880 this recast is a brilliant move. And so, Rachel, it 0:13:10.960 --> 0:13:13.240 sounds like that's probably the best move for you and less, 0:13:13.280 --> 0:13:15.560 like Matt said, you've got some killer business idea that 0:13:15.600 --> 0:13:17.240 you just got a fun right away. So, Rachel, we 0:13:17.240 --> 0:13:18.880 wish you guys the best of luck moving forward. You 0:13:18.880 --> 0:13:21.160 guys are already already crushing it. Matt, we've got more 0:13:21.240 --> 0:13:24.600 questions to get to, including a frugal or cheap when 0:13:24.600 --> 0:13:25.920 it comes to buying a board game. We'll get to 0:13:25.920 --> 0:13:37.360 that one right after this. All right, we're gonna get 0:13:37.360 --> 0:13:39.920 to that I bons question here in in a minute, 0:13:40.040 --> 0:13:41.760 but first let's get to that one from a listener 0:13:41.800 --> 0:13:45.120 who has a frugal or cheap for us. Hi, Matt 0:13:45.120 --> 0:13:49.120 and Joel, this is Wayne from Philadelphia. I have a 0:13:49.120 --> 0:13:51.800 frugal or cheap? I'd like to hear your opinion on 0:13:52.559 --> 0:13:57.280 a day ago, I bought a board game from Amazon. Today, 0:13:57.520 --> 0:14:00.560 when checking the same listing, I noticed that was nine 0:14:00.600 --> 0:14:05.000 dollars cheaper. Yes, still sold by Amazon, so not a 0:14:05.040 --> 0:14:08.680 different seller. This board game hasn't even been shipped yet, 0:14:08.880 --> 0:14:12.440 so I figured, Hey, Amazon probably will give me the 0:14:12.520 --> 0:14:15.800 nine dollars. It should be a pretty simple interaction. So 0:14:15.960 --> 0:14:20.400 I contact their support and I say, Hey, guys, nine 0:14:20.400 --> 0:14:23.920 dollars cheaper. Could you just give me the difference? Amazon 0:14:24.000 --> 0:14:26.440 apparently has a policy where they just don't do that. 0:14:27.400 --> 0:14:30.680 The solution I was provided with was to set up 0:14:30.680 --> 0:14:33.440 a return and then bring it to a coal's or 0:14:33.560 --> 0:14:37.360 whole foods, which is very possible and I guess I'm 0:14:37.400 --> 0:14:40.040 happy to do that, but it just doesn't make a 0:14:40.040 --> 0:14:43.200 lot of sense to me. Why would you push support 0:14:43.560 --> 0:14:46.880 to have your customers waste their time and energy to 0:14:46.960 --> 0:14:49.640 return an item when you're already going to have to 0:14:49.640 --> 0:14:52.760 ship out the same item to that same customer? And 0:14:52.840 --> 0:14:55.320 what makes it even more ridiculous is that I've already 0:14:55.320 --> 0:14:57.680 purchased the second board game and both of them will 0:14:57.720 --> 0:15:00.200 be delivered tomorrow. So I will have to take one 0:15:00.200 --> 0:15:03.960 of those two coals and or whole foods to get 0:15:04.000 --> 0:15:08.400 my full refund. So my question. Nine dollars. Am I 0:15:08.480 --> 0:15:11.400 being frugal or cheap making such a big deal over that? 0:15:11.560 --> 0:15:14.880 And then, on top of that, am I crazy, like, 0:15:14.920 --> 0:15:17.440 wouldn't this just be easier if they just go oh, yeah, 0:15:17.720 --> 0:15:20.600 nine dollars cheaper, it's yours, because we know you're just 0:15:20.640 --> 0:15:23.440 gonna cancel the item and return it anyways, you have it. 0:15:23.720 --> 0:15:26.880 Are they relying on people being lazy, or are they 0:15:26.920 --> 0:15:29.000 just so big that they don't see the inefficiencies of 0:15:29.000 --> 0:15:32.840 their own company? Yes, that's right, I'm criticizing Amazon. Come 0:15:32.880 --> 0:15:35.240 at me, Bezos. Let me know what you think, guys, 0:15:35.760 --> 0:15:37.960 and have a good one. All Right, Matt. First off, 0:15:38.000 --> 0:15:40.200 I think we have to tell Jeff bezos this is 0:15:40.240 --> 0:15:42.200 Wayne here speaking, not not us. I don't want to 0:15:42.200 --> 0:15:45.440 get attacked. That guy's really muscular. We can even he's 0:15:45.480 --> 0:15:49.800 really strong. We can send bezos Wayne's email and his 0:15:49.840 --> 0:15:51.640 home address. Wayne, you're on the hook for this, not us. No, 0:15:51.640 --> 0:15:53.880 I'm just kidding, but uh, I just want to say 0:15:53.880 --> 0:15:55.640 to Matt like that the first offer was on to 0:15:55.680 --> 0:15:58.160 hear that Wayne is buying board games because board games 0:15:58.240 --> 0:16:00.720 are basically the best hobby in the world for Frugal 0:16:00.760 --> 0:16:02.760 folks that disc golf. I don't know. We like we 0:16:02.840 --> 0:16:05.200 like to talk about like cool hobbies that don't cost 0:16:05.200 --> 0:16:06.920 you very much money. Board Games is one of those. 0:16:06.920 --> 0:16:08.240 It's one of those things. That's how we roll man 0:16:08.320 --> 0:16:11.120 by one time and you can play endless amounts of times, 0:16:11.200 --> 0:16:13.040 right and and you know what? You and I, we 0:16:13.040 --> 0:16:14.840 don't really play as much as we used to, sadly, 0:16:14.920 --> 0:16:17.680 but we we played every night on our annual beach 0:16:17.720 --> 0:16:20.160 vacation this past this past summer, didn't we? It just 0:16:20.200 --> 0:16:22.080 goes to show that we have lots of other things 0:16:22.080 --> 0:16:23.880 going on in our day to day lives, but when 0:16:23.880 --> 0:16:27.440 we go off in vacate, specifically, we UH. Like the 0:16:27.440 --> 0:16:29.600 past few years we've been playing acquired it's such a 0:16:29.600 --> 0:16:32.520 good game and I don't know what's going on, but 0:16:32.600 --> 0:16:37.040 my wife destroys, but it never used to be the case. 0:16:37.160 --> 0:16:39.560 We could always count on her to bring in the 0:16:39.600 --> 0:16:41.640 rear for us and and one of us. We played 0:16:41.720 --> 0:16:44.720 like five nights in a row, sometimes multiple games per night. 0:16:44.960 --> 0:16:47.920 Did you win once? I think I didn't. I think. 0:16:47.960 --> 0:16:50.720 I think. I think. I only want like once. Maybe twice, 0:16:50.800 --> 0:16:52.840 but the rest of the entire rest of the trip 0:16:52.920 --> 0:16:55.000 she just totally mopped the floor with this dude. I 0:16:55.320 --> 0:16:57.400 don't know if she was cheating or what she had 0:16:57.480 --> 0:17:01.200 going on, but but yeah, if you're in prostgate for 0:17:01.400 --> 0:17:04.520 dominating in a choir, if you're a budding real estate investor, 0:17:04.560 --> 0:17:07.080 acquire might be a fun board game to check out because, 0:17:07.480 --> 0:17:09.720 my gosh, it's so good. Well, it's not just real estate, 0:17:09.760 --> 0:17:12.439 but it's it talks. I mean it incorporates shares and 0:17:12.480 --> 0:17:15.280 so it has like this investing elements. It's fantastic. I 0:17:15.280 --> 0:17:16.919 think that's probably that's why we like it so much, 0:17:16.920 --> 0:17:20.000 because it kind of combines investing and real estate all 0:17:20.000 --> 0:17:22.040 in one, although we like other ones to like. Viticulture 0:17:22.040 --> 0:17:23.720 is a good one about like, but once the last 0:17:23.720 --> 0:17:26.560 time you play vinticulture over the past three years, the 0:17:26.640 --> 0:17:28.720 number of times you've you've played a choir versus some 0:17:28.800 --> 0:17:31.719 of these other a lot more. Acquire has definitely been 0:17:31.760 --> 0:17:33.560 at the top of the list, even though the version 0:17:33.600 --> 0:17:35.840 that we have is terrible, like the design of the game. 0:17:36.520 --> 0:17:38.119 Every time we play it we complain about it and 0:17:38.160 --> 0:17:40.760 maybe will actually like by one of the old school, 0:17:40.760 --> 0:17:42.920 like vintage versions of the game. The game was just 0:17:42.960 --> 0:17:45.640 laid out better than yeah, yeah, exactly. But let's get 0:17:45.640 --> 0:17:49.040 to Wayne's questions. He's asking if this is a frugal 0:17:49.119 --> 0:17:52.880 or cheap move, and we're gonna say that it depends, 0:17:53.400 --> 0:17:57.160 because there are obviously a number of factors involved in 0:17:57.200 --> 0:17:59.760 a decision like this. Um First of all, Wayne, I'm 0:17:59.760 --> 0:18:01.840 glad you reached out to customer service, because that's a 0:18:02.000 --> 0:18:05.000 great first step. It'll often work out for you to 0:18:05.040 --> 0:18:07.359