1 00:00:00,120 --> 00:00:03,040 Speaker 1: Welcome to Out of Money. I'm Joel, I'm Matt, and 2 00:00:03,080 --> 00:00:07,480 Speaker 1: today we're talking ev incentives, fund fee battles, and reward 3 00:00:07,480 --> 00:00:30,000 Speaker 1: deficiency syndrome. Yeah, we're gonna get all medical and start 4 00:00:30,000 --> 00:00:35,680 Speaker 1: diagnosing people with that reward deficiency syndrome. No, we are 5 00:00:35,840 --> 00:00:37,600 Speaker 1: not going to do that, but we will get to 6 00:00:37,680 --> 00:00:40,720 Speaker 1: that story because we like to talk about money from 7 00:00:40,800 --> 00:00:43,000 Speaker 1: all the different angles. And that's a part of why 8 00:00:43,000 --> 00:00:44,920 Speaker 1: we love our Friday flights is we not only cover 9 00:00:45,240 --> 00:00:46,800 Speaker 1: all the different angles that you can talk about it, 10 00:00:46,840 --> 00:00:49,000 Speaker 1: we talk about some of the different stories that we've 11 00:00:49,000 --> 00:00:50,960 Speaker 1: come across. This past week, I watched a lot of 12 00:00:51,000 --> 00:00:52,600 Speaker 1: Doogie Houser back in my day. I feel like I 13 00:00:52,600 --> 00:00:55,720 Speaker 1: could do some medical analysis. You a doctor. I stayed 14 00:00:55,720 --> 00:00:58,360 Speaker 1: at a holiday and last night, okay, well hey real quick, 15 00:00:58,440 --> 00:01:03,200 Speaker 1: let's mention. Last Friday we had our first how the 16 00:01:03,240 --> 00:01:05,840 Speaker 1: Money listener hang in forever. I mean it's been a while, 17 00:01:05,959 --> 00:01:08,480 Speaker 1: a couple of years, I guess, since we had, like 18 00:01:08,560 --> 00:01:12,040 Speaker 1: you say, crawled out of our hermitshells. It was awesome. 19 00:01:12,240 --> 00:01:15,520 Speaker 1: It was so fun to meet so many different listeners 20 00:01:15,560 --> 00:01:21,360 Speaker 1: out at InterVoice, the Beer Pizza, local brewery. Such great beers, 21 00:01:21,560 --> 00:01:24,920 Speaker 1: such great pizza and even better, even better folks that 22 00:01:24,959 --> 00:01:28,480 Speaker 1: we got to meet. Man. Yeah, one listener Victoria, she 23 00:01:28,920 --> 00:01:31,399 Speaker 1: just paid off her student loans. It was teen k. 24 00:01:31,520 --> 00:01:33,280 Speaker 1: They were celebrating. The next day they're going to have 25 00:01:33,280 --> 00:01:34,640 Speaker 1: like a little party. Some friends are going to come 26 00:01:34,680 --> 00:01:37,440 Speaker 1: over and play games, which, by the way, is totally 27 00:01:37,480 --> 00:01:40,400 Speaker 1: my style of party. Yeah. No, so many great listeners. 28 00:01:40,840 --> 00:01:44,320 Speaker 1: Met listener Nick, who is just moved here to Atlanta. 29 00:01:44,440 --> 00:01:46,080 Speaker 1: Oh who, By the way, can I just say he 30 00:01:46,200 --> 00:01:49,320 Speaker 1: what a cool dude. He started listening since episode two 31 00:01:49,440 --> 00:01:52,200 Speaker 1: when he started school and he graduated and now the 32 00:01:52,200 --> 00:01:54,520 Speaker 1: guys just falling, so he had the best story. He's like, literally, 33 00:01:54,560 --> 00:01:57,520 Speaker 1: I was driving Tobama and pulled up episode two and 34 00:01:57,520 --> 00:01:59,480 Speaker 1: I've been listening to you guys, yeah since And he's 35 00:01:59,840 --> 00:02:03,280 Speaker 1: not only finish undergrad, he's got his NBA. Super cool. 36 00:02:03,480 --> 00:02:05,840 Speaker 1: And by the way, Nick was literally the first dude there, 37 00:02:05,840 --> 00:02:08,800 Speaker 1: and we forgot to grab our socks. So Nick, if 38 00:02:08,800 --> 00:02:12,280 Speaker 1: you're listening, yes, everybody else, not everybody else, but a 39 00:02:12,280 --> 00:02:14,120 Speaker 1: lot of other folks got socks, but you were literally 40 00:02:14,120 --> 00:02:16,919 Speaker 1: the first guy there. If you're listening to this, hit 41 00:02:17,000 --> 00:02:19,239 Speaker 1: us up. We want to send you a pair of socks. Well, 42 00:02:19,280 --> 00:02:21,320 Speaker 1: and just want to mention so it is really really, 43 00:02:21,360 --> 00:02:24,040 Speaker 1: really fun for us to get to enjoy We get 44 00:02:24,040 --> 00:02:26,720 Speaker 1: to enjoy meeting other listeners, but it's really fun to 45 00:02:26,720 --> 00:02:28,880 Speaker 1: watch the listeners interact and enjoy one another too. So 46 00:02:28,880 --> 00:02:30,360 Speaker 1: that was kind of cool. And I just want to 47 00:02:30,480 --> 00:02:32,280 Speaker 1: heads up to We're gonna hopefully do more of these 48 00:02:32,280 --> 00:02:34,400 Speaker 1: hangs in other cities in the future, And in fact, 49 00:02:34,600 --> 00:02:37,640 Speaker 1: we have one on the docket for the calendar baby 50 00:02:37,720 --> 00:02:40,080 Speaker 1: in New Orleans October nineteenth. Matt and I are going 51 00:02:40,160 --> 00:02:43,480 Speaker 1: to be down there, so we will post details shortly, 52 00:02:43,639 --> 00:02:48,440 Speaker 1: but New Orleans, October nineteenth at Courtyard Brewing, planning to 53 00:02:48,440 --> 00:02:50,760 Speaker 1: be there that evening. So if you live in or 54 00:02:50,800 --> 00:02:54,440 Speaker 1: around there anywhere in Louisiana, like just come state of Yeah, 55 00:02:54,840 --> 00:02:56,600 Speaker 1: come over to New Orleans, come hang with us. Yeah, 56 00:02:56,600 --> 00:02:58,239 Speaker 1: but we'll be there for fin Con, so there's a 57 00:02:58,320 --> 00:03:01,760 Speaker 1: chance we'll have some of our other personal finance buddies 58 00:03:01,880 --> 00:03:05,040 Speaker 1: there with us. Well, maybe some other folks that you 59 00:03:05,520 --> 00:03:07,840 Speaker 1: either read or keep up with, which just reminds me 60 00:03:07,880 --> 00:03:09,160 Speaker 1: how great it is and it's like, we need to 61 00:03:09,160 --> 00:03:10,799 Speaker 1: do more of this, so we're gonna man trying to 62 00:03:10,800 --> 00:03:12,800 Speaker 1: make it a priority. But yeah, it's a ton of fun. 63 00:03:12,880 --> 00:03:15,240 Speaker 1: We appreciate all the folks who came out last Friday, 64 00:03:15,240 --> 00:03:17,840 Speaker 1: but Jill, like I mentioned, this is the Friday flight. 65 00:03:18,000 --> 00:03:20,959 Speaker 1: And actually, speaking of last week, we actually we crapped 66 00:03:20,960 --> 00:03:22,880 Speaker 1: on all the new iPhones a little bit last week. 67 00:03:23,840 --> 00:03:27,240 Speaker 1: Twelve hundred dollars, right, that's the new Titanium model. It's 68 00:03:27,280 --> 00:03:30,840 Speaker 1: a lot of money. The other iterations were kind of minimal, 69 00:03:30,880 --> 00:03:32,919 Speaker 1: and so we think and an upgrade, it doesn't make 70 00:03:32,960 --> 00:03:34,720 Speaker 1: a whole lot of sense. Even if you do have 71 00:03:34,760 --> 00:03:38,440 Speaker 1: an older phone, consider getting an older one. Not the 72 00:03:38,480 --> 00:03:41,440 Speaker 1: brand news distincing brand new ones. But one thing that 73 00:03:41,480 --> 00:03:44,880 Speaker 1: we didn't really discuss was the different carrier promotions that 74 00:03:44,920 --> 00:03:47,560 Speaker 1: are happening right now where they're trying to entice you 75 00:03:47,600 --> 00:03:51,760 Speaker 1: with a free or at least massively disco discounted new iPhone. 76 00:03:52,160 --> 00:03:55,480 Speaker 1: But are you really getting something for nothing? No, not really. 77 00:03:56,120 --> 00:03:58,240 Speaker 1: The whole goal, obviously is to keep you locked into 78 00:03:58,320 --> 00:04:01,560 Speaker 1: a more expensive phone plan, to keep you tethered to 79 00:04:01,680 --> 00:04:05,120 Speaker 1: that company that you are currently with. And we have 80 00:04:05,280 --> 00:04:07,880 Speaker 1: seen the space the industry change over the years. The contracts, 81 00:04:07,880 --> 00:04:10,280 Speaker 1: they don't exist in the same way that they used to, 82 00:04:10,320 --> 00:04:13,080 Speaker 1: where you literally can't switch where you were locked in. 83 00:04:13,320 --> 00:04:16,400 Speaker 1: Those were the worst days of the cell phone industry 84 00:04:16,400 --> 00:04:18,440 Speaker 1: when it was like to your contracts, to the dark 85 00:04:18,480 --> 00:04:20,760 Speaker 1: ages of cell phones. And now like you still yeah, 86 00:04:20,960 --> 00:04:22,719 Speaker 1: like you said, you're kind of tethered, but not in 87 00:04:22,800 --> 00:04:25,320 Speaker 1: nearly the same way. Yeah, it's like basically, the way 88 00:04:25,360 --> 00:04:27,359 Speaker 1: that you're getting those discounts, the way that you're getting 89 00:04:27,360 --> 00:04:30,120 Speaker 1: that money off, is that you have to stick with 90 00:04:30,200 --> 00:04:32,760 Speaker 1: them because those those trade and deals, they're paid out 91 00:04:32,760 --> 00:04:35,320 Speaker 1: in monthly installments as opposed to kind of like an 92 00:04:35,400 --> 00:04:39,880 Speaker 1: upfront sort of lump sum. And so you're still again, yeah, 93 00:04:39,880 --> 00:04:42,560 Speaker 1: you're just you're it's like a loose tethering. It's like 94 00:04:42,600 --> 00:04:44,840 Speaker 1: you could leave, but oh, you're gonna You're gonna owe 95 00:04:44,880 --> 00:04:47,479 Speaker 1: us the difference. So and obviously these are folks that 96 00:04:47,680 --> 00:04:49,600 Speaker 1: probably aren't gonna be willing to do that, and so 97 00:04:49,640 --> 00:04:52,560 Speaker 1: instead you're stuck paying those higher monthly rates. And that's 98 00:04:52,560 --> 00:04:54,640 Speaker 1: not how we want you to approach your cell phone. Yeah, 99 00:04:54,680 --> 00:04:56,960 Speaker 1: they they don't want you, these big companies, they don't 100 00:04:57,000 --> 00:04:59,840 Speaker 1: want you looking in the direction of the discounters like Mint, Visible, 101 00:05:00,080 --> 00:05:02,000 Speaker 1: Google five, which are three of our favorites. Right, it's 102 00:05:02,040 --> 00:05:04,360 Speaker 1: like this Jedi mind trick and their marketing is all 103 00:05:04,360 --> 00:05:07,120 Speaker 1: about getting you to like, not see the discount cell 104 00:05:07,120 --> 00:05:10,360 Speaker 1: phone plans that exist out there in the ether, stay 105 00:05:10,400 --> 00:05:12,880 Speaker 1: focused on us, and so the big thing to look 106 00:05:12,920 --> 00:05:14,840 Speaker 1: at though, just like with the purchase of a car, 107 00:05:15,040 --> 00:05:18,719 Speaker 1: is the total cost of ownership. Right these big wireless companies, 108 00:05:18,720 --> 00:05:21,120 Speaker 1: they are not giving away free iPhones like candy out 109 00:05:21,160 --> 00:05:22,440 Speaker 1: of the goodness of their heart. And in fact, they're 110 00:05:22,480 --> 00:05:25,840 Speaker 1: not giving away free iPhones despite what their marketing looks like. 111 00:05:25,960 --> 00:05:29,120 Speaker 1: These are capitalist enterprises and their marketing is geared towards 112 00:05:29,160 --> 00:05:31,880 Speaker 1: folks who want the newest phone but can't fathom the 113 00:05:31,920 --> 00:05:33,560 Speaker 1: idea of coming up with twelve hundred bucks for it 114 00:05:33,560 --> 00:05:36,119 Speaker 1: in one fell swoop. And so if you're thinking about 115 00:05:36,120 --> 00:05:38,920 Speaker 1: the total out of pocket cost, you're gonna face something 116 00:05:39,000 --> 00:05:40,960 Speaker 1: like a fifteen dollars month cell phone plan and paying 117 00:05:40,960 --> 00:05:43,520 Speaker 1: full price for a new or preferably for an older model. 118 00:05:43,560 --> 00:05:45,560 Speaker 1: Like you said, Matt is going to be your best 119 00:05:45,800 --> 00:05:48,000 Speaker 1: money saving bet. And by the way, we'll link to 120 00:05:48,040 --> 00:05:50,080 Speaker 1: this in the show notes. But whilet hub just released 121 00:05:50,240 --> 00:05:52,680 Speaker 1: some really helpful stats and this calculator, so you can 122 00:05:52,720 --> 00:05:55,040 Speaker 1: kind of see, well, if I do want to get 123 00:05:55,040 --> 00:05:56,680 Speaker 1: the newest phone, where am I going to be able 124 00:05:56,680 --> 00:05:59,120 Speaker 1: to get that and service at the cheapest rate? I 125 00:05:59,120 --> 00:06:01,880 Speaker 1: don't think they included actually a couple of our favorite 126 00:06:01,880 --> 00:06:06,080 Speaker 1: cell phone providers in their calculations, but they did talk 127 00:06:06,080 --> 00:06:08,800 Speaker 1: about how a lot of the discount providers are going 128 00:06:08,880 --> 00:06:11,279 Speaker 1: to save you a lot more over, some of these 129 00:06:11,680 --> 00:06:14,000 Speaker 1: these major cell phone plans that do you know, all 130 00:06:14,000 --> 00:06:16,479 Speaker 1: the advertising on the NFL games and the Major League 131 00:06:16,480 --> 00:06:17,919 Speaker 1: Baseball games and stuff like that, you're going to be 132 00:06:17,960 --> 00:06:20,480 Speaker 1: inundated with them if you watch TV, if you watch sports. 133 00:06:20,520 --> 00:06:22,719 Speaker 1: But sure, I mean, and more than anything, what the 134 00:06:22,720 --> 00:06:25,040 Speaker 1: calculator does, it just helps you to see what the 135 00:06:25,080 --> 00:06:27,880 Speaker 1: actual costs are. And folks aren't taking the time even 136 00:06:28,040 --> 00:06:29,760 Speaker 1: like sit down at Google sheets or pull up a 137 00:06:29,760 --> 00:06:31,840 Speaker 1: spreadsheet and punch it like you can do it yourself 138 00:06:31,839 --> 00:06:35,000 Speaker 1: if you wanted to, Like you can just scribble it 139 00:06:35,000 --> 00:06:36,800 Speaker 1: out on a piece of paper and you can quickly 140 00:06:36,839 --> 00:06:39,200 Speaker 1: do the math. But we don't. A lot of folks 141 00:06:39,200 --> 00:06:42,559 Speaker 1: don't do that. They aren't going through the additional step 142 00:06:42,600 --> 00:06:44,920 Speaker 1: to say and to ask themselves how much is this 143 00:06:45,000 --> 00:06:49,520 Speaker 1: actually costing me? Additional in a lot of cases, especially 144 00:06:49,520 --> 00:06:51,719 Speaker 1: if you're looking at some of the pricier plans, versus 145 00:06:51,839 --> 00:06:55,200 Speaker 1: the most affordable plans, you are very likely going to 146 00:06:55,200 --> 00:06:57,640 Speaker 1: be saving hundreds and hundreds of dollars, if not thousands, 147 00:06:57,720 --> 00:06:59,880 Speaker 1: especially if a lot of those family plans. That's what 148 00:07:00,040 --> 00:07:01,640 Speaker 1: all at Heub found out was you might be saving 149 00:07:01,880 --> 00:07:04,520 Speaker 1: thousands over it to year period. It's insane. So on 150 00:07:04,560 --> 00:07:07,120 Speaker 1: that note, the big wireless companies that are also begging 151 00:07:07,160 --> 00:07:10,920 Speaker 1: you to pay with a debit card or via ach 152 00:07:11,320 --> 00:07:15,000 Speaker 1: instead of with a credit card, because we've talked about this, 153 00:07:15,040 --> 00:07:19,120 Speaker 1: but the duopoly of Visa MasterCard, they are continuing to 154 00:07:19,240 --> 00:07:22,240 Speaker 1: raise their transaction fees and so of course it's not 155 00:07:22,280 --> 00:07:26,080 Speaker 1: only impacting smaller businesses, which is oftentimes the context that 156 00:07:26,480 --> 00:07:28,360 Speaker 1: we will discuss on the show here, but it is 157 00:07:28,400 --> 00:07:31,400 Speaker 1: taking a pretty big bite out of their bottom lines 158 00:07:31,400 --> 00:07:33,680 Speaker 1: as well. We talked about how listener Tyler he's able 159 00:07:33,720 --> 00:07:35,520 Speaker 1: to get around this is sort of like a hack 160 00:07:35,560 --> 00:07:38,040 Speaker 1: that he's doing. So he's got t mobile, he schedules 161 00:07:38,040 --> 00:07:40,200 Speaker 1: his payment via debit card, right, so he's got his 162 00:07:40,240 --> 00:07:42,280 Speaker 1: information on there. But then he goes in manually he 163 00:07:42,320 --> 00:07:44,360 Speaker 1: pays with his credit card, and so that gives him 164 00:07:44,400 --> 00:07:46,239 Speaker 1: the best of both worlds. Right, He's got the extra 165 00:07:46,360 --> 00:07:49,720 Speaker 1: discount for having scheduled the payment in advanced, but then 166 00:07:49,760 --> 00:07:52,120 Speaker 1: he also has the protection and the rewards of using 167 00:07:52,280 --> 00:07:54,840 Speaker 1: a credit card. He's got that cell phone insurance, the 168 00:07:54,880 --> 00:07:58,200 Speaker 1: additional points and rewards. So I'm not sure if Verizon 169 00:07:58,280 --> 00:08:00,320 Speaker 1: in eighteen TI are doing the same thing. Not even 170 00:08:00,320 --> 00:08:02,720 Speaker 1: sure how much longer T Mobile is going to allow 171 00:08:02,840 --> 00:08:05,760 Speaker 1: this right to fly. But the worst way to pay 172 00:08:05,800 --> 00:08:08,320 Speaker 1: them is via an AH transfer. And that's because if 173 00:08:08,360 --> 00:08:10,560 Speaker 1: there is a problem with the amount that's taken out 174 00:08:10,600 --> 00:08:12,880 Speaker 1: of your account, well you've got to actually claw to 175 00:08:12,880 --> 00:08:15,840 Speaker 1: get your money back, because it's not the future promise 176 00:08:15,880 --> 00:08:17,400 Speaker 1: of money that you'll pay like with a credit card. 177 00:08:17,480 --> 00:08:20,800 Speaker 1: They've literally taken money out of your account. And yes, 178 00:08:20,880 --> 00:08:23,600 Speaker 1: there are protections and procedures, but it's just better to 179 00:08:23,600 --> 00:08:26,280 Speaker 1: not be out the money in the first place. So 180 00:08:26,800 --> 00:08:28,560 Speaker 1: it's going to come down to the individual to figure 181 00:08:28,560 --> 00:08:30,400 Speaker 1: out whether or it's it's going to be worth it 182 00:08:30,440 --> 00:08:33,840 Speaker 1: to get that extra monthly discount. We think it probably 183 00:08:33,960 --> 00:08:36,680 Speaker 1: is often, you know, because if you're saving five bucks, 184 00:08:36,720 --> 00:08:38,920 Speaker 1: and even if let's just say you have an expensive 185 00:08:39,040 --> 00:08:41,160 Speaker 1: cel phone plan at one hundred bucks, if you're paying 186 00:08:41,200 --> 00:08:45,120 Speaker 1: if you're saving five dollars, that's five percent that's pretty sweet. 187 00:08:45,760 --> 00:08:48,800 Speaker 1: But simultaneously, just know that you're not getting the same 188 00:08:49,000 --> 00:08:51,199 Speaker 1: protections and benefits that you would get with a credit card. 189 00:08:51,240 --> 00:08:53,920 Speaker 1: And that's that's just assuming just a basic cash back. 190 00:08:54,320 --> 00:08:55,920 Speaker 1: There are a lot of cards out there that have 191 00:08:56,520 --> 00:08:59,240 Speaker 1: really sweet welcome offers. Like on personal cards, you are 192 00:08:59,240 --> 00:09:01,520 Speaker 1: looking at at least getting five hundred bucks, But if 193 00:09:01,520 --> 00:09:03,800 Speaker 1: you happen to have a little side hustle and you're 194 00:09:03,800 --> 00:09:05,360 Speaker 1: able to get a business card, you're looking at one 195 00:09:05,360 --> 00:09:08,439 Speaker 1: thousand dollars of just straight cash back. That's not even 196 00:09:08,480 --> 00:09:12,760 Speaker 1: considering using those points towards something like travel, which acts 197 00:09:12,800 --> 00:09:15,320 Speaker 1: as a multiplier on top of that. So just something 198 00:09:15,360 --> 00:09:18,960 Speaker 1: to keep in mind. Yeah, how you pay matters, certain protections, rewards, 199 00:09:18,960 --> 00:09:20,200 Speaker 1: all that kind of stuff. We talk about it all 200 00:09:20,240 --> 00:09:21,800 Speaker 1: the time. But you also have to be disciplined if 201 00:09:21,800 --> 00:09:24,520 Speaker 1: you're using a credit card, that's for sure. And Matt, 202 00:09:24,559 --> 00:09:27,920 Speaker 1: everything in life revolves around incentives, right, we talk about 203 00:09:27,960 --> 00:09:30,520 Speaker 1: that all the time. There are no solutions, there are 204 00:09:30,520 --> 00:09:34,880 Speaker 1: only trade offers, no perfect solutions. There are subpar solutions. Well, 205 00:09:34,920 --> 00:09:37,079 Speaker 1: even when you pick this one thing that's like, okay, 206 00:09:37,080 --> 00:09:39,319 Speaker 1: that's my solution, but you trade off other things by 207 00:09:39,360 --> 00:09:41,320 Speaker 1: going in that direction, Right, that's just kind of the 208 00:09:41,320 --> 00:09:43,640 Speaker 1: reality of life, and it's definitely the reality of economics 209 00:09:44,160 --> 00:09:46,520 Speaker 1: and which way of paying is the most comedian, that 210 00:09:46,559 --> 00:09:48,840 Speaker 1: comes with the most protections and offers the best rewards. 211 00:09:49,120 --> 00:09:51,040 Speaker 1: Which makes me think of a white paper I just 212 00:09:51,080 --> 00:09:54,760 Speaker 1: saw about charging electric vehicles. Right, this doesn't come as 213 00:09:54,840 --> 00:09:57,640 Speaker 1: much of a surprise to me, but EV owners, it 214 00:09:57,640 --> 00:10:00,200 Speaker 1: turns out they end up responding to financial incentive to 215 00:10:00,280 --> 00:10:02,800 Speaker 1: charge their vehicle at different times of day. For instance, 216 00:10:02,880 --> 00:10:06,200 Speaker 1: if charging becomes free or the cost is significantly reduced 217 00:10:06,200 --> 00:10:08,520 Speaker 1: after a certain point in the evening, folks will wait 218 00:10:08,559 --> 00:10:12,040 Speaker 1: to charge. And if there aren't any incentives, if there 219 00:10:12,080 --> 00:10:14,800 Speaker 1: is no reduction in the rate, they'll charge whenever they 220 00:10:14,840 --> 00:10:17,000 Speaker 1: darm well feel like it. So it is interesting, like 221 00:10:17,080 --> 00:10:21,360 Speaker 1: some electric companies are basically telling customers, if you have 222 00:10:21,400 --> 00:10:23,000 Speaker 1: an EV and you charge at this time of day, 223 00:10:23,080 --> 00:10:25,319 Speaker 1: you'll pay a reduced rate. Others are saying that it's 224 00:10:25,360 --> 00:10:28,000 Speaker 1: even free. Listener Greg actually, who was at the hang 225 00:10:28,040 --> 00:10:30,840 Speaker 1: on Friday, he was telling me about he gets to 226 00:10:30,960 --> 00:10:34,680 Speaker 1: charge for free after nine pm his Tesla. So yeah, well, 227 00:10:34,679 --> 00:10:36,760 Speaker 1: like up to a certain amount. And it's funny because 228 00:10:36,760 --> 00:10:38,240 Speaker 1: I actually looked that up because I was curious because 229 00:10:38,240 --> 00:10:40,440 Speaker 1: I knew we're going to talk about electricity, and I couldn't. 230 00:10:40,640 --> 00:10:42,400 Speaker 1: I don't know what his specific plan is, but I 231 00:10:42,440 --> 00:10:44,800 Speaker 1: remember him saying, it's like one of those conversation, you know, 232 00:10:44,800 --> 00:10:46,880 Speaker 1: it's a crowded bar, like a lot of folks are talking. 233 00:10:46,920 --> 00:10:48,839 Speaker 1: I'm like, did I actually did I hear you? Right? 234 00:10:49,000 --> 00:10:51,240 Speaker 1: But what I did find so like Georgia Power were 235 00:10:51,240 --> 00:10:53,120 Speaker 1: here where we live. They got the nights and weekends rate, 236 00:10:53,640 --> 00:10:56,040 Speaker 1: where basically they're charging you more right to run the 237 00:10:56,080 --> 00:10:58,320 Speaker 1: AC at peak times are offering a much more attractive 238 00:10:58,400 --> 00:11:00,720 Speaker 1: rate at other times of the day. They've got like 239 00:11:00,800 --> 00:11:03,320 Speaker 1: off peak hours, but they also have the only thing 240 00:11:03,320 --> 00:11:05,760 Speaker 1: I could find was super off peak And guess what 241 00:11:05,800 --> 00:11:10,280 Speaker 1: they're charging per kilowat hour three cents one cent? Oh wow? Yes, 242 00:11:10,360 --> 00:11:14,319 Speaker 1: which is twenty or twenty four times more affordable than 243 00:11:14,440 --> 00:11:17,120 Speaker 1: just the standard rake. Like could you that's mind blowing? 244 00:11:17,240 --> 00:11:20,040 Speaker 1: So even if you don't have a free option or 245 00:11:20,040 --> 00:11:23,480 Speaker 1: something like that, could you imagine there are lines wrapped around, 246 00:11:23,800 --> 00:11:26,480 Speaker 1: like into the parking lot at Costco just because gas 247 00:11:26,559 --> 00:11:30,480 Speaker 1: is like ten cents twenty cents cheaper. Could you imagine 248 00:11:30,480 --> 00:11:34,520 Speaker 1: if it was twenty four times more affordable. It's just 249 00:11:34,559 --> 00:11:37,480 Speaker 1: mind blowing to think that if you do have an 250 00:11:37,520 --> 00:11:40,960 Speaker 1: EV the ability to slightly change your behavior, how it 251 00:11:40,960 --> 00:11:43,439 Speaker 1: could lead to incredible savings. This is just one of 252 00:11:43,480 --> 00:11:47,319 Speaker 1: those ways where it just massively pays to be a contrarian, 253 00:11:47,480 --> 00:11:49,440 Speaker 1: honestly right and great and not do what other folks 254 00:11:49,440 --> 00:11:50,880 Speaker 1: are doing. If you opt for a plan like that, 255 00:11:50,920 --> 00:11:52,240 Speaker 1: I think it could save you a ton of money. 256 00:11:52,280 --> 00:11:55,040 Speaker 1: But you have to not just change often when you 257 00:11:55,200 --> 00:11:57,160 Speaker 1: charge your electric vehicle. You have to change when you 258 00:11:57,200 --> 00:11:59,040 Speaker 1: do other things too, Change when you run the washer 259 00:11:59,240 --> 00:12:02,000 Speaker 1: and the dryer and allow the house to get a 260 00:12:02,040 --> 00:12:04,400 Speaker 1: whole lot hotter right during that peak period of day 261 00:12:04,440 --> 00:12:07,000 Speaker 1: so that you're not running their conditioner NonStop like other 262 00:12:07,000 --> 00:12:09,120 Speaker 1: people are. So you have to be willing to change 263 00:12:09,160 --> 00:12:11,720 Speaker 1: other things too. But it can be worth the savings 264 00:12:11,720 --> 00:12:13,720 Speaker 1: because the savings can be significant, Like you're talking about 265 00:12:13,720 --> 00:12:17,080 Speaker 1: if you like twenty x all literally is like one 266 00:12:17,120 --> 00:12:20,560 Speaker 1: point something since per kill it's crazy, which I'm like, uh, 267 00:12:20,840 --> 00:12:25,080 Speaker 1: it starts making me think twice about the one vehicle 268 00:12:25,120 --> 00:12:27,360 Speaker 1: that we have. But then again, then I've got to 269 00:12:27,520 --> 00:12:31,439 Speaker 1: purchase a pretty expensive EV or sort of hybrid plug 270 00:12:31,480 --> 00:12:34,280 Speaker 1: in hybrid whatever but definitely something I'm going to be 271 00:12:34,280 --> 00:12:37,400 Speaker 1: considering lolling forward. And this isn't just Georgia power. It's 272 00:12:37,480 --> 00:12:39,640 Speaker 1: there's oh yeah, yeah, this happens across the nation. So 273 00:12:39,640 --> 00:12:42,240 Speaker 1: I guess it's just a call to listeners to say, hey, 274 00:12:42,240 --> 00:12:44,320 Speaker 1: wait a second, can I shift my energy usage? And 275 00:12:44,320 --> 00:12:46,199 Speaker 1: can I save actually a lot on my electricity bill 276 00:12:46,240 --> 00:12:48,680 Speaker 1: by choosing one of these off peak sort of plans 277 00:12:49,040 --> 00:12:52,079 Speaker 1: and then changing my behavior conventionally you might see, yeah, 278 00:12:52,080 --> 00:12:53,080 Speaker 1: I don't know, you might be able to see your 279 00:12:53,080 --> 00:12:55,320 Speaker 1: power bill cut in half by doing something like this, which, yeah, 280 00:12:55,320 --> 00:12:57,960 Speaker 1: which is awesome. And you're also not paying for something 281 00:12:58,200 --> 00:13:01,080 Speaker 1: like filling up at the gas station, yes every week. Like, 282 00:13:01,160 --> 00:13:04,320 Speaker 1: I think the larger lesson here is just find like 283 00:13:04,400 --> 00:13:07,600 Speaker 1: consider doing things a little bit differently, consider times that 284 00:13:07,640 --> 00:13:09,320 Speaker 1: other people like. It makes me think about we talked 285 00:13:09,360 --> 00:13:12,800 Speaker 1: about dynamic pricing for beer last week, right like when 286 00:13:12,840 --> 00:13:14,839 Speaker 1: all the other folks aren't going to the pub or 287 00:13:14,920 --> 00:13:17,640 Speaker 1: going to the bar. So, speaking of timing, the best 288 00:13:17,679 --> 00:13:19,840 Speaker 1: time to buy a home is is almost here. Evidently, 289 00:13:20,120 --> 00:13:23,720 Speaker 1: according to realtor dot com, the first week in October 290 00:13:24,480 --> 00:13:26,920 Speaker 1: is the best time to be making some offers on 291 00:13:27,000 --> 00:13:31,080 Speaker 1: a house certainly still the fraught time out there due 292 00:13:31,160 --> 00:13:34,960 Speaker 1: to the limited inventory due to high prices incredibly high 293 00:13:34,960 --> 00:13:37,000 Speaker 1: interest rates that are tough to stomach as well. But 294 00:13:37,080 --> 00:13:39,839 Speaker 1: this time in the fall is when the least amount 295 00:13:39,880 --> 00:13:43,360 Speaker 1: of buyers are actively looking, and there are actually more 296 00:13:43,360 --> 00:13:45,720 Speaker 1: active listings than usual, So it makes it a great 297 00:13:45,720 --> 00:13:48,880 Speaker 1: time for you to pounce if you are financially ready. 298 00:13:49,040 --> 00:13:52,360 Speaker 1: And so we'll see what actually happens in the housing market, 299 00:13:52,360 --> 00:13:55,160 Speaker 1: because will home prices go down further if you if 300 00:13:55,160 --> 00:13:57,880 Speaker 1: you wait longer, that's a that's a tough question. It's 301 00:13:57,880 --> 00:14:01,079 Speaker 1: anybody's guess. But the supply and demand and imbalance, it's 302 00:14:01,440 --> 00:14:04,600 Speaker 1: likely not going anywhere. Our advice it stands, right, It 303 00:14:04,600 --> 00:14:08,000 Speaker 1: continues to center around personal factors. You got to consider 304 00:14:08,040 --> 00:14:10,679 Speaker 1: your timeline, You got to figure out determine how much 305 00:14:10,880 --> 00:14:13,280 Speaker 1: money you've got actually saved up. You need to actually 306 00:14:13,360 --> 00:14:15,440 Speaker 1: run the numbers and to determine whether or not this 307 00:14:15,480 --> 00:14:17,200 Speaker 1: is going to make sense for you. But then, like 308 00:14:17,240 --> 00:14:20,280 Speaker 1: that's maybe even more the mathematical analytical side of things, 309 00:14:20,360 --> 00:14:24,200 Speaker 1: there's also just personal considerations, as in how badly do 310 00:14:24,280 --> 00:14:26,440 Speaker 1: you want to live in your own home to be 311 00:14:26,480 --> 00:14:28,360 Speaker 1: able to create memories there or maybe to get your 312 00:14:28,440 --> 00:14:31,240 Speaker 1: kid into a certain school district because that's where this 313 00:14:31,280 --> 00:14:33,520 Speaker 1: great school is, and that would actually allow you to 314 00:14:33,560 --> 00:14:35,640 Speaker 1: save money on private school. I guess that kind of 315 00:14:35,640 --> 00:14:38,680 Speaker 1: swings back to the money. The money's ane of things. 316 00:14:38,840 --> 00:14:42,040 Speaker 1: But just consider some of these different different factors. So 317 00:14:42,080 --> 00:14:44,960 Speaker 1: of sometimes no more than a third of your take 318 00:14:45,000 --> 00:14:47,280 Speaker 1: on pay should be you should be spent on housing. 319 00:14:47,280 --> 00:14:49,560 Speaker 1: That's kind of a typical rule of thumb. But that 320 00:14:49,640 --> 00:14:52,440 Speaker 1: being said, there are other considerations as well. It makes 321 00:14:52,440 --> 00:14:55,000 Speaker 1: me think like it allows you to diet your car payment. Yes, yeah, 322 00:14:55,240 --> 00:14:58,200 Speaker 1: think through transportation. But let's say I was thinking about 323 00:14:58,320 --> 00:15:00,280 Speaker 1: like a friend of ours recently went to New York 324 00:15:01,200 --> 00:15:03,960 Speaker 1: and she never travels. I was shocked to learn that 325 00:15:04,000 --> 00:15:06,640 Speaker 1: she's like in her mid to late forties, she had 326 00:15:06,680 --> 00:15:09,360 Speaker 1: never been to New York City before. She hates to travel. 327 00:15:09,560 --> 00:15:11,240 Speaker 1: I was like, how have you never been to New 328 00:15:11,320 --> 00:15:13,520 Speaker 1: York City ever in your entire life before? It is like, 329 00:15:13,680 --> 00:15:15,840 Speaker 1: I don't like to travel. If that's you. If you're 330 00:15:15,840 --> 00:15:17,840 Speaker 1: listening and you're like, oh, that's me. I'm a home buddy. 331 00:15:17,840 --> 00:15:19,920 Speaker 1: I don't I don't like to go out to eat, 332 00:15:19,960 --> 00:15:22,560 Speaker 1: I don't like to travel. That's an instance where your 333 00:15:22,640 --> 00:15:26,280 Speaker 1: personal considerations, what it is that you prefer might slightly 334 00:15:26,320 --> 00:15:28,480 Speaker 1: sway what you would be willing to spend on a house. 335 00:15:28,520 --> 00:15:30,120 Speaker 1: And I think in her case it actually does too 336 00:15:30,120 --> 00:15:31,960 Speaker 1: because they live in a pretty nice place, they want 337 00:15:32,000 --> 00:15:33,520 Speaker 1: to spend a little more on that, which she exactly 338 00:15:33,520 --> 00:15:35,960 Speaker 1: every teacher don't go overboard. If you drive a clunker 339 00:15:36,000 --> 00:15:37,600 Speaker 1: and you don't travel and you don't go out to yep, 340 00:15:37,600 --> 00:15:38,840 Speaker 1: you can afford to spend a little bit more in 341 00:15:38,920 --> 00:15:40,440 Speaker 1: your house. Well, it makes me think too, Matt, like 342 00:15:40,480 --> 00:15:42,280 Speaker 1: when look at the facts on the ground, too, writ 343 00:15:42,960 --> 00:15:45,200 Speaker 1: how badly you mentioned, how badly do you want to 344 00:15:45,200 --> 00:15:47,600 Speaker 1: own that home? Well, yeah, if you're like, yeah, I 345 00:15:47,600 --> 00:15:50,600 Speaker 1: guess home ownership would be great. And oh, Matt just 346 00:15:50,640 --> 00:15:52,960 Speaker 1: said Matt and Joel just said October, the first week 347 00:15:52,960 --> 00:15:54,800 Speaker 1: in October is the time to buy. But you're saving 348 00:15:54,880 --> 00:15:57,200 Speaker 1: so much money because rent is so much cheaper, which 349 00:15:57,240 --> 00:15:59,920 Speaker 1: is the case across most of the country. The despair 350 00:16:00,280 --> 00:16:03,720 Speaker 1: between the cost of a mortgage now and the cost 351 00:16:03,840 --> 00:16:07,720 Speaker 1: of that same house, but renting it is so significant 352 00:16:08,040 --> 00:16:10,440 Speaker 1: that renting makes a whole lot more financial sense for 353 00:16:10,440 --> 00:16:12,920 Speaker 1: a whole lot of people. So unless you're like, I 354 00:16:13,000 --> 00:16:17,360 Speaker 1: really want to own a home, and I'm mountains in 355 00:16:17,440 --> 00:16:19,400 Speaker 1: order to make this happen. Yeah, I'm willing to sacrifice 356 00:16:19,400 --> 00:16:21,560 Speaker 1: and lots of other areas of my life in order 357 00:16:21,600 --> 00:16:24,160 Speaker 1: to make that it's staying put and saving that spread 358 00:16:24,520 --> 00:16:27,200 Speaker 1: and funneling it towards better things like paying off debt, 359 00:16:27,320 --> 00:16:29,760 Speaker 1: saving and investing. That is probably the best way to go, 360 00:16:29,800 --> 00:16:31,200 Speaker 1: at least for the time being, for a whole lot 361 00:16:31,240 --> 00:16:33,280 Speaker 1: of people. But Matt, we've got more to get to 362 00:16:33,400 --> 00:16:35,880 Speaker 1: on this episode, and specifically, I want to let's talk 363 00:16:35,880 --> 00:16:39,200 Speaker 1: about mental health and how that can impact how much 364 00:16:39,240 --> 00:16:41,800 Speaker 1: progress you're able to make on your personal finance journey. 365 00:16:41,800 --> 00:16:53,360 Speaker 1: We'll talk about that and more right after this. All right, man, 366 00:16:53,400 --> 00:16:55,640 Speaker 1: we are back from the break. We've got more money 367 00:16:55,640 --> 00:16:58,120 Speaker 1: stories to get to, and of course it's time now 368 00:16:58,200 --> 00:17:01,120 Speaker 1: to get to our ludicrous headline up the week. This 369 00:17:01,240 --> 00:17:04,800 Speaker 1: one is from the Journal. The headline read, you might 370 00:17:04,840 --> 00:17:07,840 Speaker 1: be paying too much for that index fund. That's right, folks, 371 00:17:08,240 --> 00:17:11,840 Speaker 1: Not all index funds are created equal. Yeah, sometimes we 372 00:17:11,920 --> 00:17:14,960 Speaker 1: just say index funds the way to go. But this 373 00:17:15,040 --> 00:17:17,840 Speaker 1: is a good reminder that the mount of ones. Yeah there. Yeah, 374 00:17:17,960 --> 00:17:22,080 Speaker 1: And so the war on expense ratios continues. State Street 375 00:17:22,160 --> 00:17:24,760 Speaker 1: they just announced that it's S and P five hundred 376 00:17:24,760 --> 00:17:28,560 Speaker 1: fund expense ratio is being cut to point zero two percent, 377 00:17:29,240 --> 00:17:31,879 Speaker 1: and so what's important to keep in mind, Vanguards is 378 00:17:31,920 --> 00:17:36,239 Speaker 1: point zero three percent. So they kind of cave in 379 00:17:36,280 --> 00:17:38,080 Speaker 1: and shots fired a little bit of a slap in 380 00:17:38,119 --> 00:17:41,960 Speaker 1: the face to the big, the big behemoth. But still, well, 381 00:17:42,000 --> 00:17:44,600 Speaker 1: I guess State Street they're they're pretty huge as well. Yeah, 382 00:17:44,600 --> 00:17:46,959 Speaker 1: but when we're talking about like that small of a difference, 383 00:17:47,000 --> 00:17:49,760 Speaker 1: there's no need to shake things up. If you're happy 384 00:17:49,760 --> 00:17:53,119 Speaker 1: with Vaneguard, don't see State Street and be like, oh 385 00:17:53,200 --> 00:17:55,000 Speaker 1: I gotta, I gotta get over there, got to move 386 00:17:55,119 --> 00:17:57,800 Speaker 1: all my accounts to right right. Yeah. But these these 387 00:17:58,080 --> 00:18:00,640 Speaker 1: falling fund fees, they have been a to win four 388 00:18:00,680 --> 00:18:03,080 Speaker 1: investors over the past couple of decades, right like, over 389 00:18:03,119 --> 00:18:06,760 Speaker 1: the course of years. Just as the weighted average fee 390 00:18:06,760 --> 00:18:09,720 Speaker 1: that investors pay based on where their assets are socked away, 391 00:18:09,800 --> 00:18:13,080 Speaker 1: it's actually down to point one point seven percent, which 392 00:18:13,119 --> 00:18:14,840 Speaker 1: is a far cry from where it used to be. 393 00:18:14,840 --> 00:18:17,119 Speaker 1: And so just we wanted to mention this because we 394 00:18:17,119 --> 00:18:19,000 Speaker 1: want you to be careful and pay attention to the 395 00:18:19,040 --> 00:18:21,640 Speaker 1: fees that you're paying. For sure, they definitely add up 396 00:18:22,359 --> 00:18:25,520 Speaker 1: just an increase from a point zero five percent to 397 00:18:25,680 --> 00:18:28,119 Speaker 1: point five to five percent doesn't seem that big, but 398 00:18:28,160 --> 00:18:29,800 Speaker 1: that could cost you almost a quarter of a million 399 00:18:29,840 --> 00:18:32,600 Speaker 1: dollars over the decades. That is quite a bit of money. 400 00:18:32,640 --> 00:18:36,760 Speaker 1: And so even though this particular fee, the change that 401 00:18:36,760 --> 00:18:40,240 Speaker 1: we're seeing is not that significant, it all comes down 402 00:18:40,240 --> 00:18:42,800 Speaker 1: to who you're with, to be honest, it does. Yeah, yeah, exactly. 403 00:18:42,840 --> 00:18:45,480 Speaker 1: Not all index funds are created equal. Depending on where 404 00:18:45,520 --> 00:18:47,960 Speaker 1: you go, it depends on the kind of fee that 405 00:18:47,960 --> 00:18:50,040 Speaker 1: you're going to pay. You don't have full control over this. 406 00:18:50,040 --> 00:18:52,600 Speaker 1: Inside of like let's say a workplace sponsored account, right, 407 00:18:52,640 --> 00:18:54,520 Speaker 1: your four oh one K or your four h three 408 00:18:54,520 --> 00:18:56,280 Speaker 1: B or something in particular, A lot of those four 409 00:18:56,400 --> 00:18:58,840 Speaker 1: or three b's you might be paying higher fees than 410 00:18:59,000 --> 00:19:00,920 Speaker 1: you'd like to, but that might be the price you 411 00:19:00,960 --> 00:19:03,040 Speaker 1: gotta pay to get that match, yes, to get a match. 412 00:19:03,160 --> 00:19:07,560 Speaker 1: But the inside of your own IRA or roth IRA, right, 413 00:19:07,840 --> 00:19:11,280 Speaker 1: you have the ability to choose the specific provider yourself, 414 00:19:11,359 --> 00:19:14,040 Speaker 1: and you can prioritize the one that comes with the 415 00:19:14,160 --> 00:19:16,840 Speaker 1: lowest possible fees. And so you know or at least 416 00:19:17,040 --> 00:19:19,760 Speaker 1: the average of the lowest possible fees. And that's why 417 00:19:19,760 --> 00:19:22,200 Speaker 1: we always Mention, Fidelity, Vanguard, Schwap, those are three of 418 00:19:22,240 --> 00:19:24,520 Speaker 1: the best. The truth is paying an extra point zero 419 00:19:24,560 --> 00:19:25,959 Speaker 1: one percent is not going to kill you, right. It's 420 00:19:26,000 --> 00:19:28,359 Speaker 1: kind of like, how, yeah, it's probably not worth changing 421 00:19:28,400 --> 00:19:30,120 Speaker 1: banks to go from four and a half to four 422 00:19:30,160 --> 00:19:33,280 Speaker 1: point seventy five on your highield savings account, but it 423 00:19:33,359 --> 00:19:35,480 Speaker 1: is worth ditching one of the big banks that pay 424 00:19:35,600 --> 00:19:39,280 Speaker 1: zero point one percent on savings in favor of any 425 00:19:39,359 --> 00:19:41,840 Speaker 1: highyield savings account that pays in the mid single digits. 426 00:19:42,000 --> 00:19:45,320 Speaker 1: And so I don't know, the folks that stay with 427 00:19:45,440 --> 00:19:48,080 Speaker 1: the high fee providers or with the big banks who 428 00:19:48,119 --> 00:19:50,560 Speaker 1: don't pay anything on savings, those are the ones who 429 00:19:50,640 --> 00:19:54,919 Speaker 1: end up missing out big lee. I'll say, it's like, 430 00:19:55,400 --> 00:19:57,399 Speaker 1: it doesn't matter if you go from Vanguard point oh 431 00:19:57,440 --> 00:19:59,520 Speaker 1: three to State Street point oh two, But it does 432 00:19:59,600 --> 00:20:01,600 Speaker 1: matter if you're with someone who's charging you half a 433 00:20:01,600 --> 00:20:03,320 Speaker 1: percent and you go to Vanguard and you're down to 434 00:20:03,359 --> 00:20:05,239 Speaker 1: point zero three. That's just makes me think of like 435 00:20:05,280 --> 00:20:08,159 Speaker 1: the mat there were AOL customers for years still paying 436 00:20:08,440 --> 00:20:11,520 Speaker 1: fees there were, and are they still paying is we 437 00:20:11,560 --> 00:20:13,240 Speaker 1: talked about it wasn't all that long ago. We talked 438 00:20:13,240 --> 00:20:15,959 Speaker 1: about the number of folks who are still paying for AOL, 439 00:20:16,080 --> 00:20:17,800 Speaker 1: which is just crazy. I mean, those are the people 440 00:20:17,840 --> 00:20:20,560 Speaker 1: who are just leaking money every month. And we don't 441 00:20:20,560 --> 00:20:22,560 Speaker 1: want you to be one of those people leaking money 442 00:20:22,560 --> 00:20:25,400 Speaker 1: every month because you're not making it that one big move. Yeah, 443 00:20:25,400 --> 00:20:27,240 Speaker 1: it's a pain in the butt, but it's worth it 444 00:20:27,280 --> 00:20:29,760 Speaker 1: if you're with one of the high few providers, that's right. Okay, 445 00:20:29,800 --> 00:20:32,680 Speaker 1: So since we're talking about investing, let's ask the question 446 00:20:32,720 --> 00:20:35,600 Speaker 1: when should you start saving for retirement? And the truth 447 00:20:35,680 --> 00:20:39,160 Speaker 1: is the earlier the better, And so this is rare 448 00:20:39,160 --> 00:20:41,200 Speaker 1: as all get out, but starting to save for retirement 449 00:20:41,280 --> 00:20:43,320 Speaker 1: in your team, we're speaking in the newborns here right 450 00:20:43,480 --> 00:20:46,919 Speaker 1: as you. Yeah, like literally, I mean seriously, the earlier 451 00:20:47,080 --> 00:20:49,760 Speaker 1: the better. But it would give you a massive leg up. 452 00:20:49,800 --> 00:20:51,919 Speaker 1: It would allow you to save a smaller percentage of 453 00:20:51,960 --> 00:20:54,320 Speaker 1: your income over the years because the dollars that you 454 00:20:54,359 --> 00:20:57,520 Speaker 1: saved early on they are working hard on your behalf. 455 00:20:57,960 --> 00:21:00,000 Speaker 1: If you don't start investing until you reach middle age, 456 00:21:00,200 --> 00:21:01,840 Speaker 1: like you've got your work cut out for you, you're 457 00:21:01,880 --> 00:21:06,119 Speaker 1: going to end up paying a significantly higher portion of 458 00:21:06,119 --> 00:21:07,800 Speaker 1: your investment dollars are going to be from you as 459 00:21:07,840 --> 00:21:11,320 Speaker 1: opposed to your money having multiplied and done. All that 460 00:21:11,359 --> 00:21:13,480 Speaker 1: work for you. If you want to retire on time, 461 00:21:13,600 --> 00:21:17,160 Speaker 1: you are just required to stock away so much higher 462 00:21:17,160 --> 00:21:19,720 Speaker 1: a percentage of your paycheck if you want to retire 463 00:21:19,920 --> 00:21:22,600 Speaker 1: with the same amount of money, whereas if you start earlier, 464 00:21:22,840 --> 00:21:25,360 Speaker 1: you can just sock away so much less. Really, that's right, 465 00:21:25,400 --> 00:21:28,359 Speaker 1: and the wroth part is key. Right. This is a 466 00:21:28,359 --> 00:21:31,120 Speaker 1: part of why we love roth irays because you're paying 467 00:21:31,200 --> 00:21:34,200 Speaker 1: tax on those earnings during years when you aren't making 468 00:21:34,359 --> 00:21:36,520 Speaker 1: much money at all. You are most likely going to 469 00:21:36,520 --> 00:21:39,680 Speaker 1: be in the absolute lowest tax bracket, and you're avoiding 470 00:21:39,680 --> 00:21:43,040 Speaker 1: taxation on the growth of that account forever. You never 471 00:21:43,080 --> 00:21:46,639 Speaker 1: have to worry about taxes ever again. And roth iray 472 00:21:46,640 --> 00:21:49,400 Speaker 1: funds they won't typically impact the kid's ability to score 473 00:21:49,440 --> 00:21:52,000 Speaker 1: financial aid for college either, so that's another big win. 474 00:21:52,560 --> 00:21:54,359 Speaker 1: But I'm going to give a little example here, and 475 00:21:54,400 --> 00:21:56,560 Speaker 1: I'm sure folks have heard something similar to this, but 476 00:21:56,720 --> 00:21:59,320 Speaker 1: just to put into perspective how big of an impact 477 00:21:59,320 --> 00:22:04,480 Speaker 1: this can make. Imagine you've got an entrepreneurial fourteen year old, right, 478 00:22:04,720 --> 00:22:08,199 Speaker 1: and let's say they start maxing out that roth ira Fully, 479 00:22:08,600 --> 00:22:11,360 Speaker 1: we're talking sixty five hundred bucks, Like that's a lot 480 00:22:11,359 --> 00:22:13,480 Speaker 1: of money. But let's imagine though, that they do that 481 00:22:13,560 --> 00:22:16,960 Speaker 1: for six solid years. They do that until they're twenty 482 00:22:17,040 --> 00:22:20,560 Speaker 1: years old, that amount will have grown with their contributions 483 00:22:20,560 --> 00:22:21,960 Speaker 1: and know, you get a little bit of growth to 484 00:22:22,000 --> 00:22:25,240 Speaker 1: fifty eight thousand dollars respectable. Right, Like, it's not a 485 00:22:25,280 --> 00:22:27,840 Speaker 1: life changing amount of money, but it is when you 486 00:22:27,880 --> 00:22:30,919 Speaker 1: consider the fact that we're that kid to leave that 487 00:22:30,960 --> 00:22:35,159 Speaker 1: money untouched from age twenty until sixty right until retirement 488 00:22:35,240 --> 00:22:38,320 Speaker 1: age literally not having contributed another single dollar. Right, maybe 489 00:22:38,359 --> 00:22:41,800 Speaker 1: they're like, Okay, I'm done with my money, nerdery, I've 490 00:22:41,800 --> 00:22:44,080 Speaker 1: got other things I'm interested in to go so my 491 00:22:44,119 --> 00:22:46,640 Speaker 1: while though it's yeah, so end everything I aron. So literally, 492 00:22:46,680 --> 00:22:49,439 Speaker 1: were they to not contribute a single dollar at the 493 00:22:49,440 --> 00:22:51,680 Speaker 1: age of sixty, they would have around one point two 494 00:22:52,200 --> 00:22:55,639 Speaker 1: million dollars, right, So that's that's case A case B. 495 00:22:55,920 --> 00:22:58,400 Speaker 1: Imagine a typical twenty five year old and they hear, oh, 496 00:22:58,720 --> 00:23:01,879 Speaker 1: you need to start investing, okay, And honestly, even twenty 497 00:23:01,880 --> 00:23:03,680 Speaker 1: five investing at the age of twenty five is still young. 498 00:23:03,680 --> 00:23:06,080 Speaker 1: It's still pretty early. But let's say they start maxing 499 00:23:06,080 --> 00:23:08,760 Speaker 1: out there roth Ira as well, sixty five hundred dollars 500 00:23:08,760 --> 00:23:11,960 Speaker 1: a year, and they're gonna continue to do that until 501 00:23:12,280 --> 00:23:15,040 Speaker 1: they hit retirement, until age sixty, they're gonna do that 502 00:23:15,080 --> 00:23:18,200 Speaker 1: for another thirty five years. They will still have never 503 00:23:18,280 --> 00:23:20,400 Speaker 1: caught up to the amount of money that that fourteen 504 00:23:20,520 --> 00:23:23,440 Speaker 1: year old has and their retirement. It's crazy and that insane. 505 00:23:23,760 --> 00:23:27,639 Speaker 1: There's just a golf, a massive chasm of difference between 506 00:23:27,680 --> 00:23:29,520 Speaker 1: the amount of money of their own money that that 507 00:23:29,560 --> 00:23:32,200 Speaker 1: fourteen year old put in versus the amount of money 508 00:23:32,200 --> 00:23:35,400 Speaker 1: that that later investor has put in like clockwork until 509 00:23:35,440 --> 00:23:37,280 Speaker 1: they decide to retire. It's even worse if you don't 510 00:23:37,280 --> 00:23:39,639 Speaker 1: start investing until you're forty forty five or fifty or 511 00:23:39,680 --> 00:23:41,440 Speaker 1: something like that, and the amount required, like I said, 512 00:23:41,440 --> 00:23:43,679 Speaker 1: to catch up and to feel like you're actually prepared 513 00:23:43,720 --> 00:23:47,440 Speaker 1: for retirement becomes just almost impossible to pull off for 514 00:23:47,520 --> 00:23:49,720 Speaker 1: most people. And not to mention just kind of the 515 00:23:49,760 --> 00:23:52,320 Speaker 1: habit that you developed starting early manutes, it's pretty rare 516 00:23:52,359 --> 00:23:55,080 Speaker 1: that you would actually invest sixty five hundred bucks a 517 00:23:55,119 --> 00:23:57,600 Speaker 1: year from fourteen to twenty and then never do it. 518 00:23:57,720 --> 00:23:59,840 Speaker 1: They just stop, Yeah, that's not likely going to have 519 00:24:00,080 --> 00:24:02,800 Speaker 1: and so just imagine the kind of well, and this 520 00:24:02,880 --> 00:24:05,680 Speaker 1: isn't to say that you got to forsake any other 521 00:24:05,760 --> 00:24:08,360 Speaker 1: interests that you might have. But just imagine the kind 522 00:24:08,359 --> 00:24:09,720 Speaker 1: of wealth that you're going to have. You're gonna be 523 00:24:09,720 --> 00:24:13,240 Speaker 1: able to retire quite comfortable. Yes, And so just incentivizing 524 00:24:13,359 --> 00:24:17,480 Speaker 1: just helping your teenager maybe think through that and get started, 525 00:24:17,520 --> 00:24:19,800 Speaker 1: even if it's not like maxing out roth every year, 526 00:24:19,840 --> 00:24:22,879 Speaker 1: but you're like, listen, even five hundred bucks into this 527 00:24:22,920 --> 00:24:25,440 Speaker 1: account is going to be life changing for you. And 528 00:24:25,440 --> 00:24:27,080 Speaker 1: in one great way to kind of help them do 529 00:24:27,119 --> 00:24:30,200 Speaker 1: this is the mom or dad match. It's to incentivize 530 00:24:30,200 --> 00:24:33,480 Speaker 1: good behavior while also summon think some really important money knowledge. 531 00:24:33,560 --> 00:24:36,040 Speaker 1: And there was a recent survey mat which found that 532 00:24:36,320 --> 00:24:38,159 Speaker 1: more than a third of parents they don't believe that 533 00:24:38,160 --> 00:24:40,399 Speaker 1: their child understands the value of a dollar. And this 534 00:24:40,480 --> 00:24:42,520 Speaker 1: is just such a great way of connecting the dots 535 00:24:42,840 --> 00:24:45,560 Speaker 1: because you know, one other concerning thing from that study 536 00:24:45,800 --> 00:24:49,000 Speaker 1: is that adults think that money habits really begin to 537 00:24:49,000 --> 00:24:51,680 Speaker 1: form at age fifteen, which is which is not true. 538 00:24:51,680 --> 00:24:54,679 Speaker 1: They formed start form so much earlier, right, Those beliefs 539 00:24:54,680 --> 00:24:58,320 Speaker 1: and habits begin really in early elementary school, if not 540 00:24:58,359 --> 00:25:00,199 Speaker 1: even a bit earlier than that. And so if we 541 00:25:00,240 --> 00:25:03,359 Speaker 1: wait to have money conversations with our kids until they're fifteen. 542 00:25:03,680 --> 00:25:06,280 Speaker 1: We've missed a lot of ripe opportunities for discussion. And 543 00:25:06,320 --> 00:25:09,480 Speaker 1: then you know, making money a relevant topic regularly in 544 00:25:09,520 --> 00:25:11,880 Speaker 1: the home, finding ways to help your kids just talk 545 00:25:11,920 --> 00:25:14,159 Speaker 1: about it. Earn, Yeah, you help them find ways to 546 00:25:14,200 --> 00:25:17,560 Speaker 1: earn more, to save, to spend wisely, even in those 547 00:25:17,600 --> 00:25:20,399 Speaker 1: elementary school years, even when they're first grade, second grade. 548 00:25:20,560 --> 00:25:22,399 Speaker 1: That's really important and that's going to help them then 549 00:25:22,680 --> 00:25:24,560 Speaker 1: as opposed to being like, hey, it's fifteen, it's time 550 00:25:24,560 --> 00:25:25,840 Speaker 1: to open your roth Ira and they're like, what are 551 00:25:25,840 --> 00:25:28,040 Speaker 1: you talking about? We haven't talked about money my whole life, 552 00:25:28,040 --> 00:25:30,040 Speaker 1: and now you want to Now you want to talk 553 00:25:30,240 --> 00:25:32,439 Speaker 1: and I think sixty five hundred dollars, what do you talk? 554 00:25:32,520 --> 00:25:35,480 Speaker 1: That's crazy talking, right, And I mean it is if 555 00:25:35,480 --> 00:25:37,439 Speaker 1: you've literally never talked about it before. And let's say 556 00:25:37,480 --> 00:25:38,879 Speaker 1: you literally have a fifteen year old and you've never 557 00:25:38,960 --> 00:25:41,880 Speaker 1: had that conversation. It's okay to start today, but it's 558 00:25:41,920 --> 00:25:44,919 Speaker 1: also better to start earlier. And then that makes that 559 00:25:45,000 --> 00:25:48,080 Speaker 1: roth Ira conversation in age fourteen, fifteen, sixteen a little 560 00:25:48,080 --> 00:25:50,680 Speaker 1: more palatable. Yeah, add that to you to do list. 561 00:25:51,000 --> 00:25:52,320 Speaker 1: Got the birds and the beast talk. But then you 562 00:25:52,320 --> 00:25:55,920 Speaker 1: got the money talks, that's right. But I think that's 563 00:25:56,200 --> 00:25:59,000 Speaker 1: also it doesn't need to be this big, giant sit 564 00:25:59,040 --> 00:26:00,679 Speaker 1: down sort of thing. Ye right, They need to be 565 00:26:00,720 --> 00:26:04,199 Speaker 1: the regular conversation, yeah, where we talk about money here 566 00:26:04,240 --> 00:26:06,840 Speaker 1: and there, all over the place, because it is something 567 00:26:06,880 --> 00:26:10,080 Speaker 1: that impacts your life, my life every single day and 568 00:26:10,280 --> 00:26:12,639 Speaker 1: everybody out there listening. And so just let your kids 569 00:26:12,640 --> 00:26:14,919 Speaker 1: in on some of those combos. Just don't make it 570 00:26:14,960 --> 00:26:17,920 Speaker 1: this like taboo topic that doesn't get brought up, or yeah, 571 00:26:18,359 --> 00:26:20,439 Speaker 1: talk about at the dinner table. Sometimes. Hey, our vacation 572 00:26:20,600 --> 00:26:22,200 Speaker 1: does not have to be a big deal. It could 573 00:26:22,200 --> 00:26:24,320 Speaker 1: be something that you lightly touch on here and there, 574 00:26:24,400 --> 00:26:25,959 Speaker 1: talk about the trade off while you're at the grocery 575 00:26:25,960 --> 00:26:28,959 Speaker 1: store perhaps, like this is why we get the this 576 00:26:29,000 --> 00:26:31,639 Speaker 1: is why we go to all d right the public, 577 00:26:32,440 --> 00:26:34,200 Speaker 1: this is why we don't get the name brand serial kids, 578 00:26:34,200 --> 00:26:37,040 Speaker 1: and we're getting bananas and peanut butter instead. Well, and 579 00:26:37,080 --> 00:26:39,920 Speaker 1: because of the nutrition you actually get out of bananas 580 00:26:39,960 --> 00:26:46,480 Speaker 1: and peanut butter, Yeah, empty, weedy whatever, filled sugar laden cereal. 581 00:26:46,720 --> 00:26:49,600 Speaker 1: By the way, while parents can help instill good money 582 00:26:49,640 --> 00:26:52,200 Speaker 1: knowledge and good habits at a young age, well, most 583 00:26:52,240 --> 00:26:56,000 Speaker 1: folks are left to fend for themselves, and it's important 584 00:26:56,040 --> 00:26:59,520 Speaker 1: to mention that sometimes your money issues run deeper than 585 00:26:59,720 --> 00:27:02,560 Speaker 1: allow lack of disciplines. Obviously there's sometimes a lack of 586 00:27:02,560 --> 00:27:04,600 Speaker 1: knowledge if it was never talked about, but for others, 587 00:27:05,200 --> 00:27:07,600 Speaker 1: there are other obstacles that are maybe a little more 588 00:27:07,600 --> 00:27:10,760 Speaker 1: difficult to overcome. The Times they had an interesting article 589 00:27:10,800 --> 00:27:15,600 Speaker 1: about women with ADHD and how that can actually impact 590 00:27:15,600 --> 00:27:19,440 Speaker 1: their ability to make financial progress. It's interesting actually how 591 00:27:19,800 --> 00:27:25,040 Speaker 1: they talked about. Oftentimes, boys they get diagnosed fairly early 592 00:27:25,080 --> 00:27:27,800 Speaker 1: on because of just the behavioral tendencies and the symptoms 593 00:27:27,840 --> 00:27:30,680 Speaker 1: that are shown. But girls oftentimes can fall through the cracks. 594 00:27:30,760 --> 00:27:34,520 Speaker 1: It often expresses itself differently it does in boys. We 595 00:27:34,520 --> 00:27:37,080 Speaker 1: think that our eight year old probably has ADHD, although 596 00:27:37,080 --> 00:27:39,240 Speaker 1: we haven't gotten an official diagnosis. But I'm like, man, 597 00:27:39,280 --> 00:27:41,760 Speaker 1: I can see I can see it, but it looks 598 00:27:42,160 --> 00:27:45,439 Speaker 1: it just exhibits itself so much more. Obviously in boys, 599 00:27:45,520 --> 00:27:50,240 Speaker 1: we're not doctors, we're not psychiatrists. But yet folks with ADHD, 600 00:27:50,440 --> 00:27:53,840 Speaker 1: neurodivergent folks, they can have a tougher time managing their money. 601 00:27:54,119 --> 00:27:57,240 Speaker 1: So apparently folks who have ADHD can feel something called 602 00:27:57,680 --> 00:27:59,520 Speaker 1: This is what we led with at the very top 603 00:27:59,560 --> 00:28:04,080 Speaker 1: of the episode reward deficiency syndrome, which basically means it 604 00:28:04,119 --> 00:28:06,439 Speaker 1: can lead to higher levels of spending in order to 605 00:28:06,480 --> 00:28:09,360 Speaker 1: get a dopamine release. Where it is that you get 606 00:28:09,359 --> 00:28:13,440 Speaker 1: that initial dopamine release to begin with, Like, that's another conversation, 607 00:28:13,520 --> 00:28:17,560 Speaker 1: I guess, but oftentimes we are turning to spending, and 608 00:28:18,040 --> 00:28:21,280 Speaker 1: if you kind of have this deficiency syndrome, you're basically 609 00:28:21,280 --> 00:28:23,440 Speaker 1: you're spending even more in order to get that hit. 610 00:28:24,600 --> 00:28:27,040 Speaker 1: Evidently you can have the opposite effect as well. Sometimes 611 00:28:27,080 --> 00:28:29,880 Speaker 1: it causes folks to become so anxious that they avoid 612 00:28:29,920 --> 00:28:33,840 Speaker 1: spending as much as possible from a financial standpoint. Maybe 613 00:28:33,880 --> 00:28:35,960 Speaker 1: you're not in as bad of a situation, but maybe 614 00:28:35,960 --> 00:28:39,400 Speaker 1: you are still dealing with a similar level of unhealth. Again, 615 00:28:39,520 --> 00:28:41,920 Speaker 1: we're not doctors, but that makes said like, if you 616 00:28:41,960 --> 00:28:44,920 Speaker 1: feel like this is you maybe consider going to see 617 00:28:44,960 --> 00:28:47,840 Speaker 1: an actual doctor. I think just even having a diagnosis 618 00:28:47,880 --> 00:28:50,360 Speaker 1: can help a whole lot. I think talking to like 619 00:28:50,400 --> 00:28:53,120 Speaker 1: a therapist, they could help you to just understand what 620 00:28:53,120 --> 00:28:54,760 Speaker 1: it is that's going on. It could help you to 621 00:28:55,360 --> 00:28:57,400 Speaker 1: not only identify, but then even come up with a 622 00:28:57,400 --> 00:28:59,720 Speaker 1: plan to help you to avoid some of the tendencies 623 00:28:59,720 --> 00:29:01,960 Speaker 1: that you have that you might be drawn towards that 624 00:29:02,080 --> 00:29:06,320 Speaker 1: could be leading to financial instability. Yeah, and I think 625 00:29:06,360 --> 00:29:08,560 Speaker 1: you're right, Like getting a diagnosis, if you think that 626 00:29:08,640 --> 00:29:10,760 Speaker 1: might be you can be helpful because it can at 627 00:29:10,880 --> 00:29:13,520 Speaker 1: least help you see where things are stemming from. Right. 628 00:29:13,600 --> 00:29:17,080 Speaker 1: I think medication can sometimes be helpful. Cognitive behavioral therapy 629 00:29:17,160 --> 00:29:20,120 Speaker 1: is something else that can kind of help your brain rewire, 630 00:29:20,360 --> 00:29:23,280 Speaker 1: teach it new ways of thinking about stuff CBT. Yeah, exactly, 631 00:29:23,560 --> 00:29:26,920 Speaker 1: So I mean again, trying to change the CBT brand, 632 00:29:27,120 --> 00:29:29,560 Speaker 1: you know, make it cool again, Yeah, trying to make 633 00:29:29,560 --> 00:29:32,560 Speaker 1: it sound yeah, sound browie. I appreciate that well. I 634 00:29:32,560 --> 00:29:35,240 Speaker 1: think it's just one of those things where it probably 635 00:29:35,280 --> 00:29:38,800 Speaker 1: doesn't get talked enough about in the personal finance space 636 00:29:38,840 --> 00:29:42,480 Speaker 1: and it feels like it's just math or behavioral change. 637 00:29:42,560 --> 00:29:44,600 Speaker 1: And behavioral change can be more difficult for some than 638 00:29:44,600 --> 00:29:46,640 Speaker 1: others based on what's going on inside the brains, and 639 00:29:46,680 --> 00:29:50,320 Speaker 1: so it's just important to mention that not doctors, but man, 640 00:29:50,480 --> 00:29:53,880 Speaker 1: it can help if you're struggling to unearth maybe some 641 00:29:53,960 --> 00:29:56,800 Speaker 1: of that kind of stuff and not just assume that 642 00:29:56,840 --> 00:29:58,520 Speaker 1: you're the kind of person who can't do it. You 643 00:29:58,600 --> 00:30:01,080 Speaker 1: might have more opticles in your but it doesn't mean 644 00:30:01,120 --> 00:30:03,760 Speaker 1: you can't overcome them with a little bit of help. 645 00:30:04,120 --> 00:30:06,280 Speaker 1: And Matt, this might sound weird, but I think I 646 00:30:06,320 --> 00:30:08,480 Speaker 1: think loneliness can cause us to do weird things with 647 00:30:08,520 --> 00:30:11,360 Speaker 1: our money too. There's been a lot written about kind 648 00:30:11,400 --> 00:30:14,160 Speaker 1: of the epidemic of loneliness that we're experiencing in America 649 00:30:14,200 --> 00:30:17,160 Speaker 1: these days. Irl, stuff like that are how to money 650 00:30:17,160 --> 00:30:19,760 Speaker 1: hang that's becoming more and more rare, sadly. And when 651 00:30:19,760 --> 00:30:22,000 Speaker 1: you can buy whatever you want and have it delivered 652 00:30:22,040 --> 00:30:24,960 Speaker 1: in minutes or hours, yes, it can become easier to 653 00:30:25,120 --> 00:30:28,400 Speaker 1: hunker down and spend like a maniac. And so yeah, yeah, 654 00:30:28,400 --> 00:30:30,160 Speaker 1: I mean that's I think that's a part of like 655 00:30:30,360 --> 00:30:31,920 Speaker 1: what I was kind of hinting at before, like where 656 00:30:31,920 --> 00:30:35,880 Speaker 1: it is that you are receiving those highs, those dopamine releases. Yeah, 657 00:30:36,000 --> 00:30:38,120 Speaker 1: when you don't have individuals in your life to shoot 658 00:30:38,160 --> 00:30:40,680 Speaker 1: straight with you, you don't have anyone saying that like 659 00:30:40,720 --> 00:30:42,960 Speaker 1: hey man, maybe you shouldn't be buying that, or like 660 00:30:42,960 --> 00:30:44,960 Speaker 1: why are you getting another one of those? It seems 661 00:30:45,000 --> 00:30:48,520 Speaker 1: like this endless cycle because when you are purchasing something, 662 00:30:48,600 --> 00:30:52,000 Speaker 1: it's such a short lived dopamine release. It's not a 663 00:30:52,080 --> 00:30:56,040 Speaker 1: robust high right, as opposed to something that you are 664 00:30:56,200 --> 00:30:59,040 Speaker 1: able to, that's able to power you. It's sort of 665 00:30:59,080 --> 00:31:00,720 Speaker 1: like our when we're able to hang out with a 666 00:31:00,760 --> 00:31:04,000 Speaker 1: bunch of listeners and carry that on into the weekend 667 00:31:04,200 --> 00:31:06,160 Speaker 1: and beyond. Or at least there was like just a 668 00:31:06,200 --> 00:31:09,400 Speaker 1: bit more of a shame factor because even if you 669 00:31:09,400 --> 00:31:10,680 Speaker 1: didn't have a friend with you, you had to go 670 00:31:10,680 --> 00:31:13,040 Speaker 1: to the mall and the person or something like that. 671 00:31:13,080 --> 00:31:16,280 Speaker 1: Like there was some sort of in person feeling that 672 00:31:16,360 --> 00:31:18,959 Speaker 1: you can drive based on your spending, but not so 673 00:31:19,040 --> 00:31:21,040 Speaker 1: much anymore. You can just like literally do it from 674 00:31:21,040 --> 00:31:22,800 Speaker 1: the privacy of your own home. And so this is 675 00:31:22,800 --> 00:31:25,680 Speaker 1: how the Amazon man has turned into a drug dealer. 676 00:31:26,280 --> 00:31:28,800 Speaker 1: It's like deliver me in my fix. Yeah, that's kind 677 00:31:28,840 --> 00:31:30,760 Speaker 1: of what we're talking about pretty much. And so, like 678 00:31:30,840 --> 00:31:33,560 Speaker 1: Insider had an article about how Friends and Seinfeld, both 679 00:31:33,600 --> 00:31:35,600 Speaker 1: those shows were onto something back in the day with 680 00:31:35,640 --> 00:31:38,120 Speaker 1: the coffee shop and the diner kind of being places 681 00:31:38,160 --> 00:31:43,000 Speaker 1: to congregate and how it provided a lot of social stimulation, 682 00:31:43,120 --> 00:31:46,760 Speaker 1: necessary social stimulation. And we agree, right, there's been a 683 00:31:46,800 --> 00:31:48,640 Speaker 1: whole lot talked about in the personal finance space about 684 00:31:48,640 --> 00:31:51,600 Speaker 1: how buying coffee is like the worst thing you can 685 00:31:51,640 --> 00:31:54,240 Speaker 1: do for your money. But the truth is those little splurges. Yeah, 686 00:31:54,240 --> 00:31:55,600 Speaker 1: and if you do it every day, you gotta get 687 00:31:55,680 --> 00:31:57,200 Speaker 1: rid of it. You can add up, that's for sure. 688 00:31:57,360 --> 00:31:59,960 Speaker 1: But meeting a friend for a latte it might actually 689 00:32:00,120 --> 00:32:02,800 Speaker 1: able to help you reduce or a beer or beer 690 00:32:02,880 --> 00:32:05,520 Speaker 1: or beer it could help you reduce spending in other areas. Right. 691 00:32:05,560 --> 00:32:08,480 Speaker 1: If it means that, if that meaningful social interaction gives 692 00:32:08,520 --> 00:32:12,560 Speaker 1: you kind of the outlet you need that helps prevent 693 00:32:12,800 --> 00:32:15,440 Speaker 1: some of those other unhealthy spending outlets, I think it 694 00:32:15,440 --> 00:32:17,120 Speaker 1: can be a good thing. It's ok, Matt and I 695 00:32:17,120 --> 00:32:20,040 Speaker 1: I think we would suggest finding an inexpensive third place 696 00:32:20,280 --> 00:32:22,280 Speaker 1: that you hit up regularly. Right, it can be it's 697 00:32:22,280 --> 00:32:24,719 Speaker 1: good for your ability to build community, and it can 698 00:32:24,760 --> 00:32:27,240 Speaker 1: be good for your finances too. And it doesn't have 699 00:32:27,320 --> 00:32:30,040 Speaker 1: to necessarily involve spending money. Your third place can be 700 00:32:30,400 --> 00:32:32,400 Speaker 1: your local hiking trail, right. I mean, I'm spending a 701 00:32:32,400 --> 00:32:34,080 Speaker 1: lot more time online lately, and I run into the 702 00:32:34,080 --> 00:32:36,640 Speaker 1: same people and it's kind of fun. So it doesn't 703 00:32:36,800 --> 00:32:39,000 Speaker 1: have to be even buying a coffee, which is a 704 00:32:39,000 --> 00:32:40,680 Speaker 1: pretty cheap way to get that outlet. It can be 705 00:32:40,680 --> 00:32:42,560 Speaker 1: other things too. Yeah, I mean, I think it just 706 00:32:42,720 --> 00:32:45,160 Speaker 1: It just takes being vulnerable. It takes you going on 707 00:32:45,160 --> 00:32:46,640 Speaker 1: on a limb, because like what we're talking about here 708 00:32:46,680 --> 00:32:49,040 Speaker 1: is community and creating a sense of community, and that's 709 00:32:49,040 --> 00:32:52,160 Speaker 1: something that we've you know, you and I have talked 710 00:32:52,160 --> 00:32:54,640 Speaker 1: about this with our wives altogether, just how it's definitely 711 00:32:54,640 --> 00:32:56,760 Speaker 1: you know, we moved our families a year ago from 712 00:32:56,800 --> 00:32:59,080 Speaker 1: someplace that we had lived for over a decade to 713 00:32:59,200 --> 00:33:01,640 Speaker 1: a complete the new part of town where we didn't 714 00:33:01,680 --> 00:33:04,320 Speaker 1: know anybody, starting from scratch. Yeah, and I think what 715 00:33:04,360 --> 00:33:05,840 Speaker 1: we're what I'm realizing more and more is that it 716 00:33:05,880 --> 00:33:08,520 Speaker 1: just takes vulnerability. It takes going out on a tiny 717 00:33:09,240 --> 00:33:11,640 Speaker 1: not a tiny limit. It takes taking a tiny like 718 00:33:11,680 --> 00:33:15,520 Speaker 1: little leap of faith, essentially saying hi to somebody, introducing yourself. 719 00:33:15,880 --> 00:33:19,160 Speaker 1: And it's uncomfortable doing that because you don't have control 720 00:33:19,280 --> 00:33:21,840 Speaker 1: over the situation, like, oh, what if they don't reciprocate, 721 00:33:21,880 --> 00:33:24,120 Speaker 1: what if they don't respond to me? Or what you 722 00:33:24,160 --> 00:33:25,760 Speaker 1: hug and random people, but if they don't want to 723 00:33:25,800 --> 00:33:29,320 Speaker 1: talk to me, well, that's just the cost of creating community, 724 00:33:29,360 --> 00:33:32,760 Speaker 1: of trying to foster community. But I think that's that's 725 00:33:33,000 --> 00:33:35,120 Speaker 1: it's just what it takes. And oftentimes we're just in 726 00:33:35,120 --> 00:33:39,000 Speaker 1: our own worlds. Dude, we were talking about We're talking 727 00:33:39,000 --> 00:33:41,440 Speaker 1: to a Chick Filay owner and they were saying that 728 00:33:41,520 --> 00:33:44,160 Speaker 1: ninety over ninety percent of their business takes place in 729 00:33:44,200 --> 00:33:45,960 Speaker 1: the dry through. Yes, and that's I feel like that's 730 00:33:45,960 --> 00:33:49,360 Speaker 1: another example of an instance where we are trying to 731 00:33:49,360 --> 00:33:51,920 Speaker 1: be in control. The only relationship is transactional. You're just 732 00:33:51,920 --> 00:33:54,240 Speaker 1: getting your food, you're giving, you're paying for it, and 733 00:33:54,320 --> 00:33:58,160 Speaker 1: you miss those in person brushing of the shoulders, meeting somebody, 734 00:33:58,240 --> 00:34:00,640 Speaker 1: or seeing somebody you hadn't seen before, meeting somebody, hearing 735 00:34:00,680 --> 00:34:05,640 Speaker 1: something new. The ability to not control your life perfectly, 736 00:34:05,720 --> 00:34:09,080 Speaker 1: I think is actually a great way to ultimately lead 737 00:34:09,120 --> 00:34:12,120 Speaker 1: to happiness. And it just Yeah, that's why we love biking, 738 00:34:12,160 --> 00:34:13,920 Speaker 1: right because it gets you out of your car where 739 00:34:13,960 --> 00:34:17,480 Speaker 1: you're not completely insulated from your surroundings. You have more 740 00:34:17,480 --> 00:34:20,480 Speaker 1: of a chance to to actually talk to talk to people. Literally. 741 00:34:20,520 --> 00:34:22,960 Speaker 1: Yesterday I was biking home from work and it was 742 00:34:23,120 --> 00:34:25,560 Speaker 1: I was coming up on the path. My neighbor was 743 00:34:25,600 --> 00:34:27,200 Speaker 1: there and I hadn't talked to him in a couple months, 744 00:34:27,560 --> 00:34:29,560 Speaker 1: and I had my earbuds in I was I was 745 00:34:29,600 --> 00:34:30,960 Speaker 1: listening to a podcast. I was like, let me just 746 00:34:30,960 --> 00:34:32,960 Speaker 1: turn turn it off, pull up next to him, see 747 00:34:32,960 --> 00:34:35,000 Speaker 1: if he's willing to chat a little bit, And we 748 00:34:35,080 --> 00:34:37,040 Speaker 1: ended up talking for over thirty minutes. We went all 749 00:34:37,040 --> 00:34:39,960 Speaker 1: the way back back to the neighborhood. And that was like, 750 00:34:40,000 --> 00:34:42,200 Speaker 1: so that's an instance of not even having to pay 751 00:34:42,239 --> 00:34:45,560 Speaker 1: any money, but just being because I'm like, what if 752 00:34:45,560 --> 00:34:47,640 Speaker 1: he was on a call, or what if he was 753 00:34:47,680 --> 00:34:50,200 Speaker 1: listening to an audiobook that he was really interested in 754 00:34:50,280 --> 00:34:52,759 Speaker 1: and kind of shut me down. Okay, Like that's just 755 00:34:53,200 --> 00:34:55,080 Speaker 1: I guess a risk that I think we should all 756 00:34:55,160 --> 00:34:57,560 Speaker 1: be willing to take if, in particular, you are looking 757 00:34:57,560 --> 00:35:00,160 Speaker 1: for more community, and I think we certainly need need 758 00:35:00,280 --> 00:35:02,560 Speaker 1: more of that based on the stats you're talking about me. Yeah, 759 00:35:02,600 --> 00:35:04,560 Speaker 1: I think that. I think pandemic of loneliness we're all 760 00:35:04,560 --> 00:35:07,560 Speaker 1: dealing with that. I think those relational outlets help relieve 761 00:35:07,800 --> 00:35:11,319 Speaker 1: some of our desire to spend money to fill that void, right, Yeah, 762 00:35:11,320 --> 00:35:13,680 Speaker 1: so yeah, we avoid the cheap that cheap hit of 763 00:35:13,840 --> 00:35:16,040 Speaker 1: like let's go ahead and have it delivered tomorrow. Yeah. 764 00:35:16,040 --> 00:35:19,440 Speaker 1: I had like the best conversation with this older gentleman 765 00:35:19,520 --> 00:35:21,560 Speaker 1: who's on the mountain all the time, like and I was, 766 00:35:21,600 --> 00:35:22,920 Speaker 1: I was on it. I hiked with him for a 767 00:35:22,960 --> 00:35:25,080 Speaker 1: little while, and it's just meeting new people here and 768 00:35:25,120 --> 00:35:28,759 Speaker 1: hearing about their lives, smoking the cool stuff. Dude, he's 769 00:35:28,760 --> 00:35:31,040 Speaker 1: there a lot more than he's in better shape. Yeah, 770 00:35:31,040 --> 00:35:33,480 Speaker 1: he's probably in his early sixties and he respect he 771 00:35:33,520 --> 00:35:35,680 Speaker 1: owned me, but it Yeah, but it's so fun and 772 00:35:35,719 --> 00:35:37,480 Speaker 1: so that's the kind of stuff just encourage you to do. 773 00:35:37,520 --> 00:35:40,359 Speaker 1: It's it's amazing how all these other aspects of our 774 00:35:40,400 --> 00:35:43,560 Speaker 1: lives impact how we think about how we handle our money. 775 00:35:43,760 --> 00:35:46,800 Speaker 1: And it seems small or it seems like they are unrelated, 776 00:35:46,880 --> 00:35:49,960 Speaker 1: but but really everything's interconnected. So it's true. All right, 777 00:35:50,040 --> 00:35:52,320 Speaker 1: that's going to do it for this self help session 778 00:35:52,440 --> 00:35:55,879 Speaker 1: of out of money. Got to talking about not money 779 00:35:55,920 --> 00:35:58,920 Speaker 1: there second exactly. Yeah, we appreciate you listening, and we 780 00:35:59,000 --> 00:36:01,440 Speaker 1: hope you have a great weekend. And again, if you're 781 00:36:01,440 --> 00:36:03,840 Speaker 1: in New Orleans, don't forget to put October nineteenth on 782 00:36:03,920 --> 00:36:05,880 Speaker 1: your calendars. Right, We look forward to doing an in 783 00:36:05,920 --> 00:36:08,759 Speaker 1: person hang there at Courtyard Brewing. We hope to see 784 00:36:08,800 --> 00:36:11,480 Speaker 1: a bunch of you out there on October nineteenth. That's 785 00:36:11,480 --> 00:36:13,600 Speaker 1: a Thursday night, So matth that's going to do it 786 00:36:13,640 --> 00:36:16,480 Speaker 1: for this one. Until next time, Best friends, out, best 787 00:36:16,560 --> 00:36:17,560 Speaker 1: friends out,