1 00:00:00,120 --> 00:00:02,840 Speaker 1: Welcome to Had the Money. I'm Joel and I'm Matt, 2 00:00:02,880 --> 00:00:06,320 Speaker 1: and today we're talking about how to overcome your idiot brain. 3 00:00:25,840 --> 00:00:29,319 Speaker 2: Hey, we've all done some dumb things. Joel, Actually, so, 4 00:00:29,360 --> 00:00:32,559 Speaker 2: what's the Is there something that you do on a 5 00:00:32,640 --> 00:00:35,800 Speaker 2: recurring basis that is kind of an idiot thing or 6 00:00:35,800 --> 00:00:39,479 Speaker 2: a dumb thing? Or ask my wife? You have two options. 7 00:00:39,479 --> 00:00:41,160 Speaker 2: What's that one of the dumbest things you've ever done? 8 00:00:41,360 --> 00:00:44,519 Speaker 2: Or what's something that you do more regularly that you're like, 9 00:00:45,080 --> 00:00:45,960 Speaker 2: why do I do that? 10 00:00:45,960 --> 00:00:46,720 Speaker 1: That's not gonna minute. 11 00:00:46,680 --> 00:00:50,239 Speaker 2: It's probably a Matt. Well, we'll make sure to hit 12 00:00:50,280 --> 00:00:53,479 Speaker 2: those topics when we have our Wives episodes later this summer. 13 00:00:53,880 --> 00:00:56,360 Speaker 2: If I so, I thought about this because I was 14 00:00:56,360 --> 00:00:58,160 Speaker 2: gonna ask you this question. But I think one of 15 00:00:58,160 --> 00:01:00,200 Speaker 2: the dumbest things I ever did was I had a 16 00:01:00,240 --> 00:01:01,800 Speaker 2: jeep when I was in high school and I thought 17 00:01:01,840 --> 00:01:04,720 Speaker 2: that meant oh that means I can drive through mud 18 00:01:04,720 --> 00:01:09,160 Speaker 2: of any depth and worked like that. Well, I I 19 00:01:09,280 --> 00:01:11,360 Speaker 2: was such an idiot, Like I drove, we went, not 20 00:01:11,440 --> 00:01:13,880 Speaker 2: we It was just me that there's one mistake I wasn't. 21 00:01:13,959 --> 00:01:15,680 Speaker 2: I didn't have a buddy there to you know, who 22 00:01:15,720 --> 00:01:17,400 Speaker 2: had my back. But I went to this field that 23 00:01:17,440 --> 00:01:20,720 Speaker 2: I'd never been to before, and it brained a whole lot, 24 00:01:20,760 --> 00:01:23,200 Speaker 2: and there's a bunch of big puddles, or so I thought, 25 00:01:23,400 --> 00:01:26,800 Speaker 2: And so I'm like, why driving around mud splashing everywhere. 26 00:01:26,840 --> 00:01:29,560 Speaker 2: I'm just like living the life until the nose of 27 00:01:29,640 --> 00:01:32,080 Speaker 2: the jeep just like dives down and it was this 28 00:01:32,200 --> 00:01:34,240 Speaker 2: massive hole and I couldn't get out, and we had 29 00:01:34,240 --> 00:01:37,800 Speaker 2: a call like a tow truck to winch me out 30 00:01:37,800 --> 00:01:40,119 Speaker 2: of there. There is Yeah, it was a mess. That 31 00:01:40,240 --> 00:01:42,640 Speaker 2: was most likely the dumbest thing I've ever done in 32 00:01:42,640 --> 00:01:42,920 Speaker 2: my life. 33 00:01:42,959 --> 00:01:44,720 Speaker 1: I mean, that's not the worst thing. A lot of 34 00:01:44,720 --> 00:01:46,040 Speaker 1: people have done, a lot of dumber things. 35 00:01:45,840 --> 00:01:49,320 Speaker 2: It ruined the transmission, okay, Like like mud and liquid 36 00:01:49,520 --> 00:01:52,680 Speaker 2: water got into the transmission and the transmission had to 37 00:01:52,680 --> 00:01:56,160 Speaker 2: be That was a costly misfand that's no fun. 38 00:01:56,480 --> 00:01:58,320 Speaker 1: Well, we're gonna talk about all sorts of things today 39 00:01:58,360 --> 00:02:02,200 Speaker 1: on this episode. Ways, especially specifically that our brain works 40 00:02:02,280 --> 00:02:07,600 Speaker 1: largely because of the thousands and millions of years of evolution, right, 41 00:02:07,880 --> 00:02:11,079 Speaker 1: and and how it doesn't really work to our advantage 42 00:02:11,360 --> 00:02:13,840 Speaker 1: in the modern modern day society. That's true, Ways that 43 00:02:13,880 --> 00:02:16,080 Speaker 1: we're inspiring against ourselves. And then how to overcome them. 44 00:02:16,160 --> 00:02:18,480 Speaker 2: Yeah, there's certain things and more in our more recent 45 00:02:18,560 --> 00:02:20,960 Speaker 2: history and in our own personal lives that has an 46 00:02:21,040 --> 00:02:23,160 Speaker 2: impact on how it is that we handle our money, 47 00:02:23,360 --> 00:02:25,360 Speaker 2: and you didn't reciprocate. I was hoping you would have 48 00:02:25,400 --> 00:02:27,720 Speaker 2: a good dumb story, but you keep thinking about it. 49 00:02:28,040 --> 00:02:30,160 Speaker 2: Folks can hang on for at the end of the episode, 50 00:02:30,560 --> 00:02:31,440 Speaker 2: maybe you'll not tell you. 51 00:02:32,200 --> 00:02:34,239 Speaker 1: So my girls they love to hear this one. You 52 00:02:34,320 --> 00:02:36,200 Speaker 1: tell us one story. When I was in college in 53 00:02:36,240 --> 00:02:38,360 Speaker 1: South Carolina, it didn't really snow very often, but one 54 00:02:38,400 --> 00:02:41,960 Speaker 1: time it snowed, and what idiot college dudes think to 55 00:02:42,000 --> 00:02:44,680 Speaker 1: do when that happens. Well, we wanted to go skiing, 56 00:02:44,680 --> 00:02:47,080 Speaker 1: but there's no place to ski in Greenville, South Carolina, naturally, 57 00:02:47,160 --> 00:02:49,360 Speaker 1: So what we did was we put on the skis, 58 00:02:49,639 --> 00:02:52,800 Speaker 1: we threw an electrical cable, slammed it in the trunck 59 00:02:52,800 --> 00:02:56,280 Speaker 1: on mytoita camera, and we went skiing on the icy roads. 60 00:02:56,440 --> 00:03:00,000 Speaker 1: And nobody got terribly injured. But there's some minor injury 61 00:03:00,200 --> 00:03:02,000 Speaker 1: at least. That's just like one dumb thing that I 62 00:03:02,000 --> 00:03:02,519 Speaker 1: remember doing. 63 00:03:02,880 --> 00:03:04,920 Speaker 2: See that just sounds like fun, because you know, like 64 00:03:04,919 --> 00:03:06,840 Speaker 2: you said, nothing bad happened, So that was just a 65 00:03:06,880 --> 00:03:07,320 Speaker 2: good time. 66 00:03:07,880 --> 00:03:09,960 Speaker 1: It's not been like a dislocated shoulder or something like that. 67 00:03:10,080 --> 00:03:13,120 Speaker 2: But I think that's about it. Stuff like that all 68 00:03:13,160 --> 00:03:15,880 Speaker 2: the time, Like, Okay, maybe we'll say this one for yeah, 69 00:03:15,880 --> 00:03:17,560 Speaker 2: I don't want to go down this path of dumb 70 00:03:17,560 --> 00:03:20,200 Speaker 2: stuff that we did that was actually fun, not considered 71 00:03:20,240 --> 00:03:21,760 Speaker 2: dumb because it didn't come with it come at a 72 00:03:21,840 --> 00:03:24,839 Speaker 2: high cost. But actually, speaking of college, a quick little 73 00:03:24,880 --> 00:03:27,840 Speaker 2: story to share with folks, Amazon is actually no longer 74 00:03:27,880 --> 00:03:30,880 Speaker 2: in the college textbook rental business. 75 00:03:30,919 --> 00:03:32,680 Speaker 1: And my wife found this out the hard way. So 76 00:03:32,760 --> 00:03:35,040 Speaker 1: we've talked about this before, how that's a massive way 77 00:03:35,360 --> 00:03:37,600 Speaker 1: to save when it comes to the tech instead of 78 00:03:37,640 --> 00:03:40,040 Speaker 1: buying brand new or even buying used and then returning 79 00:03:40,080 --> 00:03:42,280 Speaker 1: into the school bookstore renting it instead. 80 00:03:42,640 --> 00:03:45,040 Speaker 2: And if you're talking about I mean hundreds and even 81 00:03:45,040 --> 00:03:47,960 Speaker 2: thousands of dollars when it comes to the amount that 82 00:03:48,080 --> 00:03:50,400 Speaker 2: these college textbooks cost for sure. 83 00:03:50,520 --> 00:03:52,360 Speaker 1: And so my wife, she's in grad school and she's 84 00:03:52,400 --> 00:03:55,120 Speaker 1: been using Amazon Textbooks, checking it against the prices other 85 00:03:55,200 --> 00:03:58,520 Speaker 1: places too, But Amazon Textbooks, I guess they found out 86 00:03:58,720 --> 00:04:00,600 Speaker 1: we're pressing these things too low and we're not making 87 00:04:00,600 --> 00:04:02,800 Speaker 1: any money, so they shut her down. And so now 88 00:04:02,880 --> 00:04:05,720 Speaker 1: if you want to rent a textbook to save money, 89 00:04:05,720 --> 00:04:08,000 Speaker 1: which I think is still a good way to go, 90 00:04:08,080 --> 00:04:10,880 Speaker 1: still good route to choose, get a tactic. Yeah, book Scouter, 91 00:04:11,160 --> 00:04:14,200 Speaker 1: e Campus, and cheg are the three websites you should 92 00:04:14,200 --> 00:04:16,280 Speaker 1: be checking out. We'll link to those in the show notes, 93 00:04:16,320 --> 00:04:17,040 Speaker 1: but those. 94 00:04:16,920 --> 00:04:20,120 Speaker 2: Are I think book scouter in particular, it's like a marketplace, 95 00:04:20,160 --> 00:04:23,520 Speaker 2: like it aggregates a bunch of different additional websites and 96 00:04:23,600 --> 00:04:27,120 Speaker 2: you can compare prices easily on there, which is huge. 97 00:04:26,920 --> 00:04:30,719 Speaker 1: Huge, and I hate to see one less competitor, especially 98 00:04:30,760 --> 00:04:33,760 Speaker 1: one as big as Amazon in the space. But yeah, 99 00:04:33,800 --> 00:04:35,880 Speaker 1: if you were like my wife and you were bummed 100 00:04:35,880 --> 00:04:37,160 Speaker 1: and you're like, I don't know where to go now, 101 00:04:37,200 --> 00:04:39,240 Speaker 1: we'll check out one of these sites, because yep, yeah, 102 00:04:39,279 --> 00:04:41,000 Speaker 1: you still it's better to rent than to buy. 103 00:04:41,240 --> 00:04:43,320 Speaker 2: And so I bet there's probably still a lot of 104 00:04:43,320 --> 00:04:46,480 Speaker 2: folks out there who have Amazon books that they had rented, 105 00:04:46,520 --> 00:04:48,640 Speaker 2: and you actually have I think it's until sometime this fall, 106 00:04:48,680 --> 00:04:51,479 Speaker 2: like August or September, in order to return those those books. 107 00:04:51,480 --> 00:04:53,360 Speaker 2: We just returned hers for the last semester. You don't 108 00:04:53,360 --> 00:04:53,920 Speaker 2: get to keep them. 109 00:04:54,560 --> 00:04:57,520 Speaker 1: We were shopping for the next semester and we were like, oh, bummer, 110 00:04:57,760 --> 00:05:00,880 Speaker 1: but we found we went to cheg for some of 111 00:05:00,880 --> 00:05:03,440 Speaker 1: hers and save some money. But he hat just word. Otherwise, 112 00:05:03,480 --> 00:05:05,960 Speaker 1: if you're in school or you know someone who's in 113 00:05:05,960 --> 00:05:08,479 Speaker 1: school and they're like, these books are expensive, this is 114 00:05:08,480 --> 00:05:09,760 Speaker 1: definitely one way to save money. 115 00:05:09,800 --> 00:05:12,120 Speaker 2: Absolutely. All right, man, are you ready for this beer? 116 00:05:12,240 --> 00:05:13,839 Speaker 1: I'm ready, We're born ready. 117 00:05:13,839 --> 00:05:16,919 Speaker 2: It's time to tap some of the beers that I 118 00:05:16,960 --> 00:05:20,000 Speaker 2: grabbed recently from Asheville, North Carolina. But this is end 119 00:05:20,000 --> 00:05:23,920 Speaker 2: of Plagues and this is a beer buy Burial Brewing Company. 120 00:05:24,080 --> 00:05:26,360 Speaker 2: We will enjoy this one during this episode and share 121 00:05:26,400 --> 00:05:28,360 Speaker 2: our thoughts at the end of the episode. 122 00:05:28,440 --> 00:05:31,760 Speaker 1: Burial always so chill in their naming conventions. Not all right, 123 00:05:31,839 --> 00:05:33,960 Speaker 1: let's move on, Matt. Let's say, let's get to the 124 00:05:33,960 --> 00:05:36,080 Speaker 1: topic we want to discuss on this episode, which is 125 00:05:36,560 --> 00:05:40,680 Speaker 1: overcoming your idiot brain, and specifically, how are brains process 126 00:05:40,720 --> 00:05:43,680 Speaker 1: information that make us bad with money? And we've all 127 00:05:43,720 --> 00:05:46,320 Speaker 1: seen the meme of the guy on the bike who 128 00:05:46,320 --> 00:05:48,279 Speaker 1: puts a stick in his own wheel and he falls off. 129 00:05:48,680 --> 00:05:50,880 Speaker 1: That's kind of becoming ubiquitous at this point. There are 130 00:05:50,920 --> 00:05:54,800 Speaker 1: literally hundreds of different memes based on this goofy poorly 131 00:05:54,880 --> 00:05:57,520 Speaker 1: drawn comic and for instance, Matt I saw one. The 132 00:05:57,520 --> 00:06:00,600 Speaker 1: first line says, fifteen holes a good go, and then 133 00:06:00,640 --> 00:06:03,479 Speaker 1: it says, my brain realizing him playing well as he 134 00:06:03,520 --> 00:06:06,640 Speaker 1: puts the stick in the front wheel, and then what happens. 135 00:06:06,760 --> 00:06:09,320 Speaker 1: He's lying on the ground writhing in pain. It's amazing. 136 00:06:09,600 --> 00:06:13,000 Speaker 1: That just reveals a deeper truth whenever you attach something 137 00:06:13,000 --> 00:06:13,479 Speaker 1: to this meme. 138 00:06:13,760 --> 00:06:15,400 Speaker 2: Yeah, one of my favorite. It makes me think of, 139 00:06:15,560 --> 00:06:18,360 Speaker 2: Like the first one's like, I'm tired at work, falling 140 00:06:18,360 --> 00:06:20,760 Speaker 2: asleep at my desk, drinks a big old cup of 141 00:06:20,800 --> 00:06:24,279 Speaker 2: afternoon coffee as he sticks the stick in the spokes 142 00:06:24,640 --> 00:06:27,279 Speaker 2: and can't sleep that night. Is the end result, which 143 00:06:27,320 --> 00:06:28,600 Speaker 2: I feel like is something we've all done. 144 00:06:28,720 --> 00:06:31,919 Speaker 1: Yeah, for sure. And the truth is it's not really 145 00:06:31,960 --> 00:06:33,880 Speaker 1: all that hard for any of us to become our 146 00:06:33,920 --> 00:06:36,920 Speaker 1: own worst enemy on the money front, right, and that, yeah, 147 00:06:37,240 --> 00:06:39,360 Speaker 1: good intentions just aren't going to get the job done. 148 00:06:39,440 --> 00:06:41,159 Speaker 1: So today we want to talk about some of the 149 00:06:41,279 --> 00:06:44,640 Speaker 1: common ways we're inspiring against ourselves, and we want to 150 00:06:44,640 --> 00:06:47,520 Speaker 1: offer an antidote or multiple antidotes to help us make 151 00:06:47,560 --> 00:06:50,880 Speaker 1: the progress we're looking to achieve more possible, more of 152 00:06:50,880 --> 00:06:51,400 Speaker 1: a reality. 153 00:06:51,480 --> 00:06:53,880 Speaker 2: Yeah, Like that's what makes these memes so hilarious and 154 00:06:54,080 --> 00:06:56,360 Speaker 2: poignant at the exact same time. Right is that because 155 00:06:56,400 --> 00:06:58,400 Speaker 2: like we know the truth, like we know what it 156 00:06:58,520 --> 00:07:01,320 Speaker 2: is that we should be doing, but then we go 157 00:07:01,520 --> 00:07:04,400 Speaker 2: we basically do the exact opposite. Right, We have all 158 00:07:04,440 --> 00:07:08,080 Speaker 2: been there and it's impacted all areas of our lives 159 00:07:08,120 --> 00:07:11,600 Speaker 2: as well. I think like anyone ever sabotage relationship? Have 160 00:07:11,640 --> 00:07:15,760 Speaker 2: you ever sabotage a job interview? Almost like subconsciously though, right? Yeah, 161 00:07:15,760 --> 00:07:18,760 Speaker 2: Like even without realizing. I think sometimes we only become 162 00:07:18,800 --> 00:07:20,960 Speaker 2: aware of it, like what we have done after the 163 00:07:21,000 --> 00:07:22,360 Speaker 2: fact in hindsight. 164 00:07:22,040 --> 00:07:24,440 Speaker 1: Like, oh wait, that's how I That's how I ruined 165 00:07:24,440 --> 00:07:24,680 Speaker 1: that thing. 166 00:07:24,760 --> 00:07:26,440 Speaker 2: Yeah, Like, I mean honestly, like that's what it's what 167 00:07:26,480 --> 00:07:28,560 Speaker 2: it means to be human. Like we get to just 168 00:07:28,640 --> 00:07:33,200 Speaker 2: revel in the complexity and the incomprehensibility of being human beings. 169 00:07:33,560 --> 00:07:38,560 Speaker 2: But as Carl Jung said, until you make the unconscious conscious, 170 00:07:38,920 --> 00:07:41,280 Speaker 2: it will direct your life and you will call it fate. 171 00:07:42,200 --> 00:07:46,160 Speaker 2: And yeah, yeah, when we leave these underground, subterranean thoughts 172 00:07:46,160 --> 00:07:49,360 Speaker 2: and beliefs unexamined, untapped, we're going to be prone to 173 00:07:49,360 --> 00:07:52,560 Speaker 2: make the same mistakes just on repeat throughout our lives. 174 00:07:52,560 --> 00:07:55,440 Speaker 2: It's honestly, it's truly amazing that humanity has even come 175 00:07:55,480 --> 00:07:59,960 Speaker 2: this far, given our tendencies to self sabotage. Luckily, we 176 00:08:00,080 --> 00:08:04,200 Speaker 2: have great philosophers and thinkers like Carl Jung who have paused, 177 00:08:04,200 --> 00:08:06,040 Speaker 2: and they cause us to think a little bit and 178 00:08:06,080 --> 00:08:09,560 Speaker 2: so maybe spend some time digging below the service a 179 00:08:09,600 --> 00:08:12,080 Speaker 2: little bit. And honestly, even today, I think just the 180 00:08:12,600 --> 00:08:15,480 Speaker 2: emotional or like mental health has risen in prominence, and 181 00:08:15,480 --> 00:08:16,800 Speaker 2: I think that's a good thing because I think that 182 00:08:16,800 --> 00:08:19,200 Speaker 2: has allowed a lot of folks to maybe think a 183 00:08:19,200 --> 00:08:22,000 Speaker 2: little bit more about why it is that they're doing 184 00:08:22,040 --> 00:08:23,160 Speaker 2: the things that they're doing. 185 00:08:23,360 --> 00:08:26,720 Speaker 1: So they can hopefully avoid sticking the stick in the 186 00:08:26,760 --> 00:08:30,640 Speaker 1: wheel again exactly basically styming their own progress and hurting 187 00:08:30,640 --> 00:08:32,640 Speaker 1: their inability to do the things that they really do 188 00:08:32,679 --> 00:08:35,719 Speaker 1: want to achieve, in favor of often kind of some 189 00:08:35,720 --> 00:08:38,240 Speaker 1: sort of short term reward. And I do think that 190 00:08:38,360 --> 00:08:41,120 Speaker 1: thinking and feeling affect the way we handle our money 191 00:08:41,360 --> 00:08:43,240 Speaker 1: so much more than we give it credit for, and 192 00:08:43,600 --> 00:08:46,480 Speaker 1: even more so than the immutable characteristics that we possess. 193 00:08:47,000 --> 00:08:50,600 Speaker 1: Our personal history and our personality tendencies are likely to 194 00:08:50,760 --> 00:08:53,000 Speaker 1: play a bigger role in how we react to spending 195 00:08:53,040 --> 00:08:56,960 Speaker 1: and investing than even our age or our education level. Yeah, 196 00:08:57,120 --> 00:08:59,960 Speaker 1: about your skills and how good you are, right, Yeah, 197 00:09:00,080 --> 00:09:03,120 Speaker 1: it's it's really about your history and kind of different 198 00:09:03,400 --> 00:09:05,360 Speaker 1: things probably that formed early in life. I mean, we're 199 00:09:05,360 --> 00:09:08,560 Speaker 1: going to sound like a psychotherapist here, like you're laying 200 00:09:08,559 --> 00:09:10,480 Speaker 1: down on a couch and we're you know, picking your 201 00:09:10,480 --> 00:09:12,840 Speaker 1: brain or something like that. But that's it really is 202 00:09:12,880 --> 00:09:14,920 Speaker 1: true that a lot of kind of how we have 203 00:09:15,000 --> 00:09:18,160 Speaker 1: come to view and think about money has been tainted, 204 00:09:18,240 --> 00:09:21,319 Speaker 1: has been informed by those early years. And so it 205 00:09:21,679 --> 00:09:24,440 Speaker 1: doesn't matter how good you are at math, that's not 206 00:09:24,520 --> 00:09:26,440 Speaker 1: a prerequisite for handling money well. 207 00:09:26,640 --> 00:09:26,920 Speaker 2: Either. 208 00:09:27,640 --> 00:09:31,319 Speaker 1: It's really difficult to remove ourselves from our day to 209 00:09:31,440 --> 00:09:34,839 Speaker 1: day way of living in order to understand and come 210 00:09:34,840 --> 00:09:37,800 Speaker 1: to grips with the groundwork that we've laid already that's 211 00:09:37,840 --> 00:09:41,120 Speaker 1: been laid over, you know, especially those first formative years, 212 00:09:41,320 --> 00:09:43,960 Speaker 1: which informs how we're making decisions in the present that 213 00:09:44,040 --> 00:09:45,840 Speaker 1: impact our lives on an ongoing basis. 214 00:09:46,080 --> 00:09:48,080 Speaker 2: I mean, it doesn't help that everyone out there is 215 00:09:48,120 --> 00:09:50,880 Speaker 2: basically trying to sell you something, you know, like attention. 216 00:09:50,960 --> 00:09:53,280 Speaker 2: It's the most important commodity that we have in this 217 00:09:53,360 --> 00:09:56,000 Speaker 2: day and age and every company out there is they're 218 00:09:56,040 --> 00:09:59,760 Speaker 2: doing their absolutely best to hijack our attention for their profit. 219 00:10:00,120 --> 00:10:03,200 Speaker 2: We think about we recently talked about the TV and like, 220 00:10:03,360 --> 00:10:06,880 Speaker 2: you're having your attention, you're having your literally your eyeball 221 00:10:06,960 --> 00:10:09,880 Speaker 2: is hijacked in order to get something for free, free TV. 222 00:10:10,200 --> 00:10:12,440 Speaker 1: And you say, and then you know it comes at 223 00:10:12,720 --> 00:10:13,400 Speaker 1: a high cost. 224 00:10:13,520 --> 00:10:15,640 Speaker 2: That well, initially it seems like it's a low cost 225 00:10:15,679 --> 00:10:17,400 Speaker 2: in that case, right, like the free TV, but they 226 00:10:17,480 --> 00:10:19,880 Speaker 2: ultimately except for no money. Yeah, ultimately what this means 227 00:10:20,040 --> 00:10:23,800 Speaker 2: are more dollars flowing out of your life because of it. 228 00:10:24,240 --> 00:10:26,360 Speaker 2: And social media is a great example as well, but 229 00:10:26,480 --> 00:10:31,040 Speaker 2: a plethora of streaming options like that's an entirely additional front. 230 00:10:31,160 --> 00:10:33,599 Speaker 2: I feel like that we have to fight right, Like 231 00:10:33,679 --> 00:10:36,120 Speaker 2: there are still like more good TV shows out there 232 00:10:36,120 --> 00:10:38,959 Speaker 2: than any sane human being could possibly watch. There's a 233 00:10:39,000 --> 00:10:41,160 Speaker 2: lot of bad ones out there too, but a lot 234 00:10:41,640 --> 00:10:44,240 Speaker 2: even just goofy little games like candy Crush on our phones, 235 00:10:44,280 --> 00:10:47,360 Speaker 2: Like these are all distractions that are pulling at us. 236 00:10:47,640 --> 00:10:49,520 Speaker 2: And the more that we give into these distractions, the 237 00:10:49,600 --> 00:10:52,800 Speaker 2: less productive and the more unhappy that we're going to become. 238 00:10:52,840 --> 00:10:55,280 Speaker 2: And we say it like no judgment here right by 239 00:10:55,280 --> 00:10:58,280 Speaker 2: the way, we fall prey to these same distractions, these 240 00:10:58,280 --> 00:11:01,080 Speaker 2: same things that are constantly viol for our attention, and 241 00:11:01,080 --> 00:11:03,720 Speaker 2: so maybe a part of why we're covering this topic, 242 00:11:03,800 --> 00:11:05,920 Speaker 2: like we're doing this for ourselves sure, as well as 243 00:11:05,920 --> 00:11:07,240 Speaker 2: for you. Yeah. 244 00:11:07,520 --> 00:11:09,640 Speaker 1: No, I mean, I think the goal of this is 245 00:11:09,720 --> 00:11:12,000 Speaker 1: where you and I are always trying to be lifelong 246 00:11:12,040 --> 00:11:15,000 Speaker 1: learners too. We don't want to just point fingers at 247 00:11:15,000 --> 00:11:17,839 Speaker 1: anybody who uses candy crush and call them crazy or 248 00:11:17,880 --> 00:11:21,240 Speaker 1: anything like that. I try to avoid games, video games, 249 00:11:21,280 --> 00:11:23,560 Speaker 1: any sort of games on my phone, but I realized 250 00:11:23,559 --> 00:11:24,960 Speaker 1: that they bring some people a lot of joy, and 251 00:11:25,000 --> 00:11:27,960 Speaker 1: in fact, they help your mooter skills and coordination to 252 00:11:28,000 --> 00:11:29,680 Speaker 1: some degree too. So I'm not saying there's no visit 253 00:11:29,720 --> 00:11:32,240 Speaker 1: at all. Yeah, yeah, but we're talking just. 254 00:11:32,240 --> 00:11:34,040 Speaker 2: A double edged sword though, you know, like like that's 255 00:11:34,080 --> 00:11:37,480 Speaker 2: the thing with tech in particular, like like what we 256 00:11:37,480 --> 00:11:39,559 Speaker 2: were talking about counseling earlier. It also makes me think 257 00:11:39,600 --> 00:11:41,520 Speaker 2: of like the rise in like headspace, Like there are 258 00:11:41,520 --> 00:11:43,600 Speaker 2: some different apps out there that cause people to slow 259 00:11:43,640 --> 00:11:46,320 Speaker 2: down and to pause and reflect. But it's a double 260 00:11:46,400 --> 00:11:49,120 Speaker 2: edged sword because like five hundred years ago, like back 261 00:11:49,120 --> 00:11:53,280 Speaker 2: in the day, I'm guessing there was probably less issues 262 00:11:53,320 --> 00:11:54,720 Speaker 2: when it came to mental health. I don't know if 263 00:11:54,720 --> 00:11:57,280 Speaker 2: that's proven. That's just this is that's just my assumption. 264 00:11:57,600 --> 00:12:00,160 Speaker 2: They probably didn't need some of these apps because today 265 00:12:00,440 --> 00:12:03,360 Speaker 2: environment like the way things are today, our again, our 266 00:12:03,400 --> 00:12:07,720 Speaker 2: attention is just hijacked constantly, instead of having downtime where 267 00:12:07,760 --> 00:12:10,360 Speaker 2: we might naturally reflect on things where we might naturally 268 00:12:10,360 --> 00:12:12,720 Speaker 2: have a conversation with the loved one and do some 269 00:12:12,800 --> 00:12:15,640 Speaker 2: of the things that matter more. Instead, yeah, we're just 270 00:12:15,760 --> 00:12:17,920 Speaker 2: scrolling social media. And so we have to be more purchases, 271 00:12:17,960 --> 00:12:18,560 Speaker 2: more proactive. 272 00:12:18,600 --> 00:12:22,560 Speaker 1: Basically because of the nature of the society society we 273 00:12:22,600 --> 00:12:24,600 Speaker 1: live in, and because of the things that are the 274 00:12:24,640 --> 00:12:26,440 Speaker 1: flaming arrows that are aimed our way, we need some 275 00:12:26,480 --> 00:12:28,800 Speaker 1: sort of like shield to fin them off so that 276 00:12:28,840 --> 00:12:31,800 Speaker 1: we can protect ourselves and seth godin he writes about 277 00:12:31,840 --> 00:12:33,880 Speaker 1: defeating the lizard brain, and that's kind of like what 278 00:12:33,920 --> 00:12:35,920 Speaker 1: we're talking about here in this episode. You know, the 279 00:12:36,200 --> 00:12:38,840 Speaker 1: basic part of our psyche that only cares about the 280 00:12:38,840 --> 00:12:43,080 Speaker 1: most fundamental aspects of life, like surviving, eating, and procreating, 281 00:12:43,240 --> 00:12:46,480 Speaker 1: which are all good, yea necessary things. I like all 282 00:12:46,520 --> 00:12:50,440 Speaker 1: the above, you know, but that lizard brain can also 283 00:12:50,520 --> 00:12:54,160 Speaker 1: cause us to function with the survivalist short term mentality. 284 00:12:54,520 --> 00:12:58,280 Speaker 1: And Matt, I remember hearing Tim Urban say this. He said, 285 00:12:58,520 --> 00:13:00,840 Speaker 1: the world we were programmed to be in and didn't 286 00:13:00,840 --> 00:13:04,240 Speaker 1: have long term projects that often. So so basically the 287 00:13:04,760 --> 00:13:08,079 Speaker 1: reality that our ancestors grew up in long term wasn't 288 00:13:08,120 --> 00:13:11,960 Speaker 1: really a thing, Like nobody was investing for retirement. Like 289 00:13:11,960 --> 00:13:14,480 Speaker 1: our brains haven't kept up with the new reality of 290 00:13:14,760 --> 00:13:16,960 Speaker 1: much longer life spans and four one k's and all 291 00:13:17,000 --> 00:13:19,760 Speaker 1: the stuff that come along with those things, right, and 292 00:13:19,800 --> 00:13:22,400 Speaker 1: so it's just no surprise that our brains have had 293 00:13:22,440 --> 00:13:26,040 Speaker 1: trouble keeping up with this new reality, albeit a very fortunate. 294 00:13:25,679 --> 00:13:26,360 Speaker 2: Reality, right. 295 00:13:26,360 --> 00:13:29,800 Speaker 1: I mean, I personally like electricity or plumbing. I'm not 296 00:13:29,880 --> 00:13:31,720 Speaker 1: mad about any of the progress that we've made, but 297 00:13:31,760 --> 00:13:33,839 Speaker 1: it comes with, like I said, double edged short, it 298 00:13:33,840 --> 00:13:36,400 Speaker 1: comes to the downside and somethings with something we need 299 00:13:36,440 --> 00:13:38,520 Speaker 1: to pay attention to if we want to live a 300 00:13:38,559 --> 00:13:41,319 Speaker 1: fulfilling life and one that also comes along with financial 301 00:13:41,360 --> 00:13:42,240 Speaker 1: security at the same time. 302 00:13:42,320 --> 00:13:43,800 Speaker 2: Yeah, yeah, there's no part of me that wants to 303 00:13:43,840 --> 00:13:47,160 Speaker 2: go back five hundred years ago. There are a lot 304 00:13:47,200 --> 00:13:48,640 Speaker 2: of things that we don't have to worry about there 305 00:13:48,640 --> 00:13:52,440 Speaker 2: are a lot of diseases that would not so much progress. Yeah, exactly, 306 00:13:52,440 --> 00:13:54,319 Speaker 2: Like I'm very, very happy to be living in the 307 00:13:54,360 --> 00:13:54,760 Speaker 2: air that word. 308 00:13:54,800 --> 00:13:57,760 Speaker 1: I mean, even even if you're in the bottom twentieth 309 00:13:57,800 --> 00:14:00,160 Speaker 1: percentile of Americans, you're living better than French kings did 310 00:14:00,160 --> 00:14:03,640 Speaker 1: three hundred years ago, which is I mean just pretty 311 00:14:03,679 --> 00:14:05,600 Speaker 1: amazing to think about, Like had some perks they would 312 00:14:05,600 --> 00:14:06,440 Speaker 1: trade places for. 313 00:14:07,320 --> 00:14:09,160 Speaker 2: Yeah, okay. So one of the problems I think we 314 00:14:09,240 --> 00:14:13,439 Speaker 2: face that stems from what Seth Goudin calls the lizard brain, 315 00:14:14,160 --> 00:14:16,760 Speaker 2: is that we all have a tendency to overvalue the present. 316 00:14:17,280 --> 00:14:20,360 Speaker 2: This is called present bias. There's a study from twenty 317 00:14:20,440 --> 00:14:23,920 Speaker 2: nineteen and they found that present biased consumers are more 318 00:14:24,040 --> 00:14:27,000 Speaker 2: likely to spend in the present and less likely to 319 00:14:27,120 --> 00:14:31,080 Speaker 2: save for the future. And obviously this makes sense given 320 00:14:31,360 --> 00:14:35,240 Speaker 2: where we've come from ancestrally, like our brains they just 321 00:14:35,320 --> 00:14:38,320 Speaker 2: haven't adapted to this long term thinking that's required as 322 00:14:38,400 --> 00:14:40,800 Speaker 2: lifespans have increased and just our need to build up 323 00:14:40,840 --> 00:14:44,560 Speaker 2: assets for you know, like potentially multiple decades. That's the 324 00:14:44,560 --> 00:14:46,240 Speaker 2: reality now that we live in Like this is. 325 00:14:46,240 --> 00:14:48,320 Speaker 1: The exact opposite of what used to happen when our 326 00:14:48,320 --> 00:14:51,760 Speaker 1: ancestors would come across food like they didn't. Now we 327 00:14:51,800 --> 00:14:53,720 Speaker 1: have as much food as we want and our fingertips 328 00:14:53,720 --> 00:14:54,960 Speaker 1: to a certain career. Right, you can walk into a 329 00:14:54,960 --> 00:14:56,960 Speaker 1: gross shore get whatever you want. Before it was like 330 00:14:56,960 --> 00:14:59,280 Speaker 1: you come upon food, you almost have to hoard it. Yeah, 331 00:14:59,360 --> 00:14:59,880 Speaker 1: you almost have to. 332 00:15:00,320 --> 00:15:02,880 Speaker 2: You can arrise that honey, like that's some good stuff. 333 00:15:02,960 --> 00:15:06,200 Speaker 2: But now everything is sweet, and we still crave sugar, 334 00:15:06,760 --> 00:15:07,160 Speaker 2: that's right. 335 00:15:07,200 --> 00:15:09,880 Speaker 1: But unlike our ancestors, we can get them whenever we 336 00:15:09,920 --> 00:15:11,440 Speaker 1: want it, and so we don't have to. 337 00:15:11,600 --> 00:15:13,680 Speaker 2: And they're quite refined, but we still like to eat. 338 00:15:13,520 --> 00:15:15,160 Speaker 1: Them the way ancestors did. And so when we have 339 00:15:15,200 --> 00:15:16,200 Speaker 1: it like we want to consume it. 340 00:15:16,280 --> 00:15:18,440 Speaker 2: Yeah. Yeah, because this present bias is something that we're 341 00:15:18,440 --> 00:15:21,040 Speaker 2: continually rubbing up against. We just have a hard time 342 00:15:21,200 --> 00:15:23,720 Speaker 2: mustering this self control, even though we know that we 343 00:15:23,720 --> 00:15:26,480 Speaker 2: don't need, for instance, those additional calories via that sugar. 344 00:15:26,600 --> 00:15:28,960 Speaker 2: We lack this self control that's needed when it comes 345 00:15:29,000 --> 00:15:32,120 Speaker 2: to your finances, curb spending and to set more aside 346 00:15:32,160 --> 00:15:34,280 Speaker 2: for your future. But the good news is that there 347 00:15:34,280 --> 00:15:37,080 Speaker 2: are some tools at our disposal in order to help us, 348 00:15:37,440 --> 00:15:38,920 Speaker 2: you know, within this quest on our as we're on 349 00:15:39,000 --> 00:15:42,320 Speaker 2: our path to financial independence. So we'll discuss some other 350 00:15:42,480 --> 00:15:45,640 Speaker 2: psychological hurdles that we face and how to overcome them 351 00:15:46,080 --> 00:15:46,680 Speaker 2: right after this. 352 00:15:56,080 --> 00:15:58,880 Speaker 1: All right, Matt, let's keep going. We're getting psychological with 353 00:15:58,920 --> 00:16:02,040 Speaker 1: this one. It's true our brains conspire against us and 354 00:16:02,240 --> 00:16:03,800 Speaker 1: they cause us to do things that aren't in our 355 00:16:03,840 --> 00:16:04,440 Speaker 1: best interest. 356 00:16:04,880 --> 00:16:07,400 Speaker 2: And overcoming the ancestral lizard brain. 357 00:16:07,520 --> 00:16:10,400 Speaker 1: Yeah, I mean, I think back to middle school and 358 00:16:10,800 --> 00:16:13,560 Speaker 1: uh it just or even even high school. I was 359 00:16:13,600 --> 00:16:16,400 Speaker 1: babb with the ladies and I remember trying, like I 360 00:16:16,480 --> 00:16:18,600 Speaker 1: wanted to ask somebody out on a date or something 361 00:16:18,640 --> 00:16:20,920 Speaker 1: like that. I was so nervous that that person was 362 00:16:20,960 --> 00:16:22,320 Speaker 1: going to say no. And it took me a while 363 00:16:22,400 --> 00:16:24,720 Speaker 1: to come to grips with the fact that what if 364 00:16:24,720 --> 00:16:26,480 Speaker 1: they do say, Now, what's the worst thing that happens, 365 00:16:26,600 --> 00:16:28,480 Speaker 1: Like you feel bad for a second. What if they 366 00:16:28,520 --> 00:16:30,400 Speaker 1: say yes, you have this awesome chance to hang out 367 00:16:30,400 --> 00:16:32,200 Speaker 1: with this person that you would really like to spend 368 00:16:32,240 --> 00:16:32,720 Speaker 1: some time with. 369 00:16:33,000 --> 00:16:36,400 Speaker 2: So I com back to Joel's base desire exactly. 370 00:16:36,960 --> 00:16:39,320 Speaker 1: Well, these are the kind of things that, like we 371 00:16:39,080 --> 00:16:41,520 Speaker 1: we have a hard time rationalize. It took me a 372 00:16:41,520 --> 00:16:44,040 Speaker 1: long time to come to that conclusion, to realize that 373 00:16:44,200 --> 00:16:45,800 Speaker 1: the stakes were actually a lot lower than. 374 00:16:45,680 --> 00:16:48,880 Speaker 2: I thought that you weren't in literal life harm because like, 375 00:16:48,920 --> 00:16:50,840 Speaker 2: that's what it feels like. That's exactly when it's when 376 00:16:50,880 --> 00:16:53,440 Speaker 2: faced with either confrontation, at least when you're sixteen, Yeah, 377 00:16:53,560 --> 00:16:55,680 Speaker 2: something like that. It feels that like, literally, I'm going 378 00:16:55,720 --> 00:16:58,040 Speaker 2: to die, like, which is why that's a phrase that 379 00:16:58,080 --> 00:16:59,600 Speaker 2: you hear teenagers say, because I think a lot of 380 00:16:59,640 --> 00:17:02,640 Speaker 2: time like the haven't oftentimes like identified that, No, you're 381 00:17:02,640 --> 00:17:05,719 Speaker 2: not literally gonna die, even though I totally get that 382 00:17:05,720 --> 00:17:08,400 Speaker 2: that's what it feels like. Yeah, that's what we're oftentimes 383 00:17:08,440 --> 00:17:10,480 Speaker 2: trying to overcome. Right, But like we were just talking 384 00:17:10,480 --> 00:17:13,040 Speaker 2: about present bias, you know, just before the break, and 385 00:17:13,080 --> 00:17:15,080 Speaker 2: how we fail to think ahead, how we fail to 386 00:17:15,119 --> 00:17:17,280 Speaker 2: prepare for the future by investing our money. And I 387 00:17:17,320 --> 00:17:19,720 Speaker 2: think that one of the reasons that so many folks 388 00:17:19,760 --> 00:17:22,159 Speaker 2: don't have enough in retirement is simply because it's so 389 00:17:22,240 --> 00:17:26,160 Speaker 2: difficult for us to understand the concept of compounding, right, 390 00:17:26,240 --> 00:17:28,879 Speaker 2: Like it is tough to wrap your mind around. I 391 00:17:28,880 --> 00:17:31,840 Speaker 2: would say that most things in our lives actually occur linearly. 392 00:17:32,320 --> 00:17:35,320 Speaker 2: It's nice and orderly. One thing happens after the other, 393 00:17:35,640 --> 00:17:40,240 Speaker 2: as opposed to things happening exponentially, which at least personally, 394 00:17:40,359 --> 00:17:43,080 Speaker 2: it feels a bit more chaotic. It's certainly more complex, 395 00:17:43,320 --> 00:17:45,679 Speaker 2: but it's also more difficult to comprehend. 396 00:17:46,040 --> 00:17:47,960 Speaker 1: It's too complex for us to really wrap our minds are. 397 00:17:48,040 --> 00:17:50,280 Speaker 1: It's kind of like those big, big numbers, like, oh, 398 00:17:50,440 --> 00:17:52,320 Speaker 1: we a trillion dollars worth of. 399 00:17:52,240 --> 00:17:54,560 Speaker 2: This or that spending. It's like, what exactly does that mean? 400 00:17:54,600 --> 00:17:56,480 Speaker 1: And we see a bill like that and we just 401 00:17:56,560 --> 00:18:00,480 Speaker 1: chalk it up to how future generations just ahead paying 402 00:18:00,520 --> 00:18:03,239 Speaker 1: off these desks. But a trillion dollars is substantial, and 403 00:18:03,280 --> 00:18:06,000 Speaker 1: we just I'll admit I have a hard time explaining 404 00:18:06,040 --> 00:18:08,280 Speaker 1: how much a trillion dollars is. It's pretty it blows 405 00:18:08,280 --> 00:18:08,560 Speaker 1: my mind. 406 00:18:08,680 --> 00:18:11,440 Speaker 2: Yes, okay, So, for instance, so we're talking about numbers. 407 00:18:11,480 --> 00:18:14,760 Speaker 2: Take a simple math problem of addition five plus five 408 00:18:15,119 --> 00:18:18,000 Speaker 2: plus five plus five plus five and so you know 409 00:18:18,080 --> 00:18:19,880 Speaker 2: the answer. Pick me if you're keeping up. You heard 410 00:18:19,880 --> 00:18:23,320 Speaker 2: me say five five times, So we're talking about a sum. 411 00:18:23,280 --> 00:18:24,520 Speaker 1: Of twenty five. 412 00:18:24,600 --> 00:18:26,520 Speaker 2: There you go, so smart. I'm hoping there's a lot 413 00:18:26,520 --> 00:18:29,360 Speaker 2: of folks that answered out loud. But now take those 414 00:18:29,400 --> 00:18:33,480 Speaker 2: same fives and then multiply them, right, So five times 415 00:18:33,520 --> 00:18:37,640 Speaker 2: five times five times five times five. We might have 416 00:18:37,680 --> 00:18:40,000 Speaker 2: some rare math geniuses out there, but the answer here 417 00:18:40,720 --> 00:18:44,800 Speaker 2: is three twenty five. And this is I wouldn't have 418 00:18:44,840 --> 00:18:47,240 Speaker 2: gotten there. I wouldn't have either. Basically, what I'm getting 419 00:18:47,240 --> 00:18:50,040 Speaker 2: at it's this is a much more complex problem, and 420 00:18:50,119 --> 00:18:52,879 Speaker 2: it's just simply more difficult to comprehend and then to 421 00:18:53,160 --> 00:18:56,240 Speaker 2: actually apply it to our money, specifically to our investments. 422 00:18:56,480 --> 00:18:58,840 Speaker 1: But this is so important to understand because this is 423 00:18:58,880 --> 00:19:01,240 Speaker 1: the basis for turns that we're going to get in 424 00:19:01,280 --> 00:19:03,919 Speaker 1: the stock market. It's a different set of skills, and 425 00:19:03,960 --> 00:19:06,400 Speaker 1: most folks are not able to simply figure this out 426 00:19:06,400 --> 00:19:08,760 Speaker 1: on the fly. So let's give another example on the 427 00:19:08,760 --> 00:19:11,679 Speaker 1: compounding front, Matt, Like, imagine taking a big sheet of 428 00:19:11,680 --> 00:19:13,800 Speaker 1: paper and folding it in half. But then you fold 429 00:19:13,840 --> 00:19:15,760 Speaker 1: it in half again and again until you've done this 430 00:19:16,200 --> 00:19:19,840 Speaker 1: fifty times, which fifty sounds reasonable, right, right, because you're like, oh, 431 00:19:20,000 --> 00:19:22,040 Speaker 1: you can do something and fifty times, but no, you've 432 00:19:22,119 --> 00:19:25,359 Speaker 1: actually yeah, that's actually physically impossible. Right, But if you 433 00:19:25,400 --> 00:19:28,760 Speaker 1: were to do this, if it were possible, how tall 434 00:19:28,800 --> 00:19:31,159 Speaker 1: would that stack of paper be? It turns out to 435 00:19:31,320 --> 00:19:35,000 Speaker 1: be sixty four million miles tall, around two thirds of 436 00:19:35,000 --> 00:19:37,640 Speaker 1: the distance of the Sun, which is crazy doesn't seem 437 00:19:37,720 --> 00:19:39,399 Speaker 1: right when you put it in terms like that, But 438 00:19:39,440 --> 00:19:41,080 Speaker 1: that's what would happen if you had the ability to 439 00:19:41,320 --> 00:19:43,639 Speaker 1: make it happen. And so it's no wonder that Einstein 440 00:19:43,960 --> 00:19:46,679 Speaker 1: called compounding interest the eighth wonder of the world. It's 441 00:19:47,280 --> 00:19:49,119 Speaker 1: it's a wonder in the fact that we, like our 442 00:19:49,119 --> 00:19:50,880 Speaker 1: brains can't wrap around it. But it's also a wonder 443 00:19:50,880 --> 00:19:52,480 Speaker 1: in the fact that it can be a wealth generator. 444 00:19:52,680 --> 00:19:56,119 Speaker 1: Even though our rudimentary brains have a hard time understanding 445 00:19:56,160 --> 00:20:00,439 Speaker 1: exactly how it works. The reality is that it does. 446 00:20:00,320 --> 00:20:02,000 Speaker 2: Work, and it works to hard advantage. It just doesn't 447 00:20:02,040 --> 00:20:03,480 Speaker 2: work the way we think it should work, like it 448 00:20:03,720 --> 00:20:05,920 Speaker 2: just doesn't make sense, even though you can like sit 449 00:20:05,960 --> 00:20:08,159 Speaker 2: down and crunch the numbers, do the math like the 450 00:20:08,640 --> 00:20:10,840 Speaker 2: I think the rest of the Einstein quote is that, like, 451 00:20:10,960 --> 00:20:14,159 Speaker 2: those who understand compound interest will actually earn it, and 452 00:20:14,240 --> 00:20:16,320 Speaker 2: those who don't are going to end up paying it. 453 00:20:16,560 --> 00:20:19,560 Speaker 2: But again, just because our dumb brains don't actually, like 454 00:20:19,680 --> 00:20:22,560 Speaker 2: naturally conclude that this is possible, this doesn't mean that 455 00:20:22,600 --> 00:20:24,920 Speaker 2: we can't actually do the math and figure it out 456 00:20:24,920 --> 00:20:27,800 Speaker 2: because we just did it right, Like people have calculated 457 00:20:28,040 --> 00:20:30,040 Speaker 2: what the distance of that sheet of paper would be 458 00:20:30,160 --> 00:20:32,720 Speaker 2: were you to fold it fifty times and then so 459 00:20:32,800 --> 00:20:34,960 Speaker 2: the trick is to then take these principles and apply 460 00:20:35,040 --> 00:20:37,919 Speaker 2: them to investing. Basically, the earlier that you're able to 461 00:20:37,960 --> 00:20:40,280 Speaker 2: start investing and the more that you're able to keep 462 00:20:40,320 --> 00:20:42,359 Speaker 2: at it, the more that you're going to have at 463 00:20:42,359 --> 00:20:44,879 Speaker 2: the end of the day. What seems small is going 464 00:20:44,920 --> 00:20:46,760 Speaker 2: to be able to grow large because of this reality 465 00:20:47,000 --> 00:20:49,440 Speaker 2: that can just be so difficult to grasp. The longer 466 00:20:49,480 --> 00:20:51,879 Speaker 2: you allow your investments to double and then double again, 467 00:20:52,160 --> 00:20:55,000 Speaker 2: the more money is going to grow, giving you lots 468 00:20:55,040 --> 00:20:58,160 Speaker 2: more options. So one last example, let's say you start 469 00:20:58,200 --> 00:21:01,880 Speaker 2: out with nothing safe for retirement, like literally you've got 470 00:21:02,000 --> 00:21:05,600 Speaker 2: zero in your roth ira or your four one k. 471 00:21:05,680 --> 00:21:07,800 Speaker 1: Hopefully that's not where most of our lists find themselves. 472 00:21:07,800 --> 00:21:10,160 Speaker 2: Hopefully you've got like a little bit of seed money, right, 473 00:21:10,240 --> 00:21:11,760 Speaker 2: but let's say that's that is where you're starting from. 474 00:21:11,760 --> 00:21:14,920 Speaker 2: You you've literally got nothing set aside for retirement. Were 475 00:21:14,960 --> 00:21:17,720 Speaker 2: you to max out your roth Ira every year at 476 00:21:17,760 --> 00:21:20,359 Speaker 2: sixty five hundred dollars, it's going to take you a 477 00:21:20,359 --> 00:21:23,679 Speaker 2: little less than thirty six years to reach millionaire status. 478 00:21:23,760 --> 00:21:26,600 Speaker 2: To hit those you know those seven digits. That is 479 00:21:26,640 --> 00:21:28,280 Speaker 2: a long time, I will say, and again, but that's 480 00:21:28,280 --> 00:21:30,680 Speaker 2: assuming you know you're you're starting with nothing, a little 481 00:21:30,760 --> 00:21:33,919 Speaker 2: less than thirty six years. But then how long before 482 00:21:34,160 --> 00:21:37,240 Speaker 2: you have two million dollars? Well, you'll actually hit that 483 00:21:37,280 --> 00:21:40,720 Speaker 2: milestone in less than ten additional years. But then guess 484 00:21:40,720 --> 00:21:43,560 Speaker 2: what five more years in addition to that. Well, then 485 00:21:43,600 --> 00:21:46,080 Speaker 2: you're up to three million dollars. So the first million 486 00:21:46,440 --> 00:21:48,639 Speaker 2: took you a little less than thirty six years, but 487 00:21:48,680 --> 00:21:52,000 Speaker 2: then the subsequent millions after that then take less than 488 00:21:52,000 --> 00:21:54,080 Speaker 2: ten and then around five years. 489 00:21:54,080 --> 00:21:56,800 Speaker 1: And I always say your first crazy, the first million 490 00:21:56,840 --> 00:21:57,320 Speaker 1: is the hardest. 491 00:21:57,320 --> 00:22:01,399 Speaker 2: Well, yeah, no joke. And when you understand compound exactly like, 492 00:22:01,480 --> 00:22:03,800 Speaker 2: you can truly understand Like again, it's hard to wrap 493 00:22:03,800 --> 00:22:07,760 Speaker 2: your mind around, but you don't have to totally understand 494 00:22:07,800 --> 00:22:11,040 Speaker 2: it where it makes sense in your mind in order 495 00:22:11,040 --> 00:22:11,560 Speaker 2: for you to put. 496 00:22:11,480 --> 00:22:13,040 Speaker 1: It to use, in order for you to trust the 497 00:22:13,080 --> 00:22:15,880 Speaker 1: principle exactly see the reality of what it can provide. Yeah, 498 00:22:15,880 --> 00:22:17,359 Speaker 1: you're right, and I do think that that is a 499 00:22:17,400 --> 00:22:20,600 Speaker 1: really interesting point, that the first million is harder, largely 500 00:22:20,640 --> 00:22:23,080 Speaker 1: because your money is not working for you on your behalf. 501 00:22:23,119 --> 00:22:25,920 Speaker 1: Yet you're working to funnel money into this account that's 502 00:22:25,960 --> 00:22:28,119 Speaker 1: going to eventually do the work for you. But it 503 00:22:28,160 --> 00:22:30,359 Speaker 1: takes a while for that work to start to start happening. 504 00:22:30,359 --> 00:22:32,800 Speaker 1: But then once it starts happening, it starts to happen quickly. 505 00:22:32,800 --> 00:22:35,199 Speaker 1: It's like a snowball rolling down hill, right, And so 506 00:22:35,359 --> 00:22:38,160 Speaker 1: that's why, Yeah, our brains again have a hard time 507 00:22:38,240 --> 00:22:40,719 Speaker 1: understanding this concept. But if we can kind of at 508 00:22:40,800 --> 00:22:44,560 Speaker 1: least understand it a little bit and then to trust 509 00:22:44,560 --> 00:22:47,119 Speaker 1: the principle, trust the other reality that this is how 510 00:22:47,680 --> 00:22:51,080 Speaker 1: money works and how investing your money is going to 511 00:22:51,080 --> 00:22:53,480 Speaker 1: help grow your money over time, we can take advantage 512 00:22:53,480 --> 00:22:56,040 Speaker 1: of it. Whereas our lizard brain wants to say, I 513 00:22:56,040 --> 00:22:58,719 Speaker 1: don't know about this. I can't quite understand it, and 514 00:22:58,760 --> 00:23:01,919 Speaker 1: so maybe I should avoid like going in this direction. 515 00:23:02,080 --> 00:23:03,560 Speaker 1: I think it's probably where a lot of people, a 516 00:23:03,560 --> 00:23:04,960 Speaker 1: lot of people stand the way a lot of people 517 00:23:04,960 --> 00:23:07,680 Speaker 1: think about investing or saving money for the future. 518 00:23:07,680 --> 00:23:09,159 Speaker 2: Okay, so this is a random thought, but I was 519 00:23:09,200 --> 00:23:11,159 Speaker 2: thinking a back to like five hundred years ago or 520 00:23:11,160 --> 00:23:13,600 Speaker 2: I don't know, like five thousand years ago or something. 521 00:23:13,680 --> 00:23:16,480 Speaker 2: But like, in my mind, the only way that I 522 00:23:16,480 --> 00:23:19,440 Speaker 2: feel like folks way back in time had the ability 523 00:23:19,520 --> 00:23:24,200 Speaker 2: to experience exponential growth or compounding like that is if 524 00:23:24,240 --> 00:23:26,040 Speaker 2: so the beer we're drinking it is called end of plagues. 525 00:23:26,280 --> 00:23:28,280 Speaker 2: Is if they were if there's a plague upon them, 526 00:23:28,320 --> 00:23:30,679 Speaker 2: like literally, like a plague of locusts or rats or 527 00:23:30,680 --> 00:23:32,760 Speaker 2: something like that. I feel like back then they would 528 00:23:32,760 --> 00:23:35,960 Speaker 2: say even then, they didn't totally understand it, even though 529 00:23:35,960 --> 00:23:38,440 Speaker 2: they experienced it. And what they would say is like, oh, man, 530 00:23:38,520 --> 00:23:41,600 Speaker 2: the gods must be mad at me. We must sacrifice 531 00:23:41,720 --> 00:23:44,000 Speaker 2: whatever we need to do in order to appease the 532 00:23:44,320 --> 00:23:48,080 Speaker 2: appease the gods. But like that's an example of exponential growth, right, 533 00:23:48,119 --> 00:23:52,040 Speaker 2: Like when you've got a locust that multiplies and then 534 00:23:52,160 --> 00:23:54,880 Speaker 2: those locust multiplely, you know, Like that is an instance 535 00:23:55,560 --> 00:23:58,400 Speaker 2: I think in natural I don't know in the natural 536 00:23:58,520 --> 00:24:01,760 Speaker 2: environment where you might have experienced exponential growth or compounding. 537 00:24:02,000 --> 00:24:03,520 Speaker 2: Maybe again five hundred years. 538 00:24:03,359 --> 00:24:04,639 Speaker 1: Agea, so if theyve known a little bit more, they 539 00:24:04,640 --> 00:24:06,320 Speaker 1: would have realized what was going on beneath you. 540 00:24:06,280 --> 00:24:08,280 Speaker 2: Would have said, Aha, here's what's going on. 541 00:24:08,320 --> 00:24:13,200 Speaker 1: This is just science, not some sort of apocalyptic plague 542 00:24:13,320 --> 00:24:16,359 Speaker 1: being sent after me and by some higher power. Yeah sure, yeah, right, 543 00:24:16,400 --> 00:24:18,880 Speaker 1: let's talk about how our lizard brains work against us 544 00:24:18,920 --> 00:24:21,600 Speaker 1: in regards to how we use money in the present too. 545 00:24:21,920 --> 00:24:24,840 Speaker 1: I think one way that our idiot brains keep us 546 00:24:25,119 --> 00:24:27,840 Speaker 1: from making progress is it stops us from investing as 547 00:24:27,880 --> 00:24:29,399 Speaker 1: much as we could or as much as we should, 548 00:24:29,560 --> 00:24:32,080 Speaker 1: because we don't fully comprehend the process or we're not 549 00:24:32,160 --> 00:24:35,600 Speaker 1: willing to funnel our money in that direction. But on 550 00:24:35,640 --> 00:24:37,520 Speaker 1: the other side of the coin is the fact that 551 00:24:37,560 --> 00:24:40,320 Speaker 1: we don't save and invest enough because we're spending every 552 00:24:40,320 --> 00:24:43,240 Speaker 1: dollar we make. And that is the American way, right. 553 00:24:43,240 --> 00:24:45,520 Speaker 1: I think when you look at the savings rate right 554 00:24:45,560 --> 00:24:47,920 Speaker 1: now in the United States of America, it's like, what 555 00:24:48,000 --> 00:24:50,639 Speaker 1: two point three cents on the dollar is what we 556 00:24:50,680 --> 00:24:54,879 Speaker 1: save on average, which is pretty pathetic. And specifically, let's 557 00:24:54,880 --> 00:24:57,160 Speaker 1: throw out some examples, Matt and discuss kind of what's 558 00:24:57,200 --> 00:25:00,679 Speaker 1: going on under the surface. Some situations it might trigger 559 00:25:00,760 --> 00:25:03,840 Speaker 1: our idiot brains, but tricking us really into doing something 560 00:25:04,080 --> 00:25:06,600 Speaker 1: that's not in our best interest. I feel like this 561 00:25:06,720 --> 00:25:10,640 Speaker 1: often hits us on the shopping front, and I think, 562 00:25:10,880 --> 00:25:15,560 Speaker 1: especially in our ever interconnected world, we're just bombarded by ways, 563 00:25:15,640 --> 00:25:18,720 Speaker 1: avenues and means to shop more than ever before too. 564 00:25:18,840 --> 00:25:23,000 Speaker 2: Yeah, like the seventy percent off sign falling prices at 565 00:25:23,040 --> 00:25:27,160 Speaker 2: Walmart or Resist like. Sales like this just trigger us 566 00:25:27,280 --> 00:25:30,080 Speaker 2: so much, like I feel like it activates something within 567 00:25:30,160 --> 00:25:32,960 Speaker 2: that lizard brain. It's sort of like this this limited 568 00:25:33,000 --> 00:25:36,439 Speaker 2: time only phenomena, which again a long time ago, we 569 00:25:36,520 --> 00:25:38,520 Speaker 2: had to take advantage of stuff like that when we 570 00:25:38,520 --> 00:25:42,680 Speaker 2: were hunter gatherers. But now that impulse is working against us, 571 00:25:43,040 --> 00:25:46,000 Speaker 2: and even more so given the preponderance actually a fake 572 00:25:46,080 --> 00:25:48,159 Speaker 2: deals out there that can be found online thanks to 573 00:25:48,240 --> 00:25:51,119 Speaker 2: the way that pricing works on the internet. What's the 574 00:25:51,119 --> 00:25:53,720 Speaker 2: actual real price? Who knows? Right? Like, what is the 575 00:25:53,760 --> 00:25:56,840 Speaker 2: actual list price? What is the manufacturer? Is that where 576 00:25:56,840 --> 00:25:58,680 Speaker 2: the thing actually costs? Well, of course not because there's 577 00:25:58,880 --> 00:26:02,000 Speaker 2: profit built in, but it's tough to know what, you know, 578 00:26:02,080 --> 00:26:04,680 Speaker 2: how good of a deal that you're actually that you're 579 00:26:04,680 --> 00:26:06,800 Speaker 2: actually looking at. But yeah, when you're shopping all line 580 00:26:06,800 --> 00:26:08,800 Speaker 2: and you see that it's a negative thirty percent and 581 00:26:08,840 --> 00:26:12,359 Speaker 2: it's written in all read, yeah, we're conditioned to know, oh, 582 00:26:12,680 --> 00:26:15,600 Speaker 2: it's time to pounce. We have been conditioned to know 583 00:26:15,640 --> 00:26:17,760 Speaker 2: that this is a deal. It's a signal to buy. 584 00:26:18,560 --> 00:26:21,240 Speaker 2: And the original price it's great out It's got like 585 00:26:21,280 --> 00:26:24,000 Speaker 2: a little little line cut through it, and I saw 586 00:26:24,080 --> 00:26:28,080 Speaker 2: two Amazon. They're just stacking all the tactics against us, 587 00:26:28,440 --> 00:26:30,200 Speaker 2: and now it says like deal and it is also 588 00:26:30,240 --> 00:26:32,760 Speaker 2: written in like all caps red letters in order to 589 00:26:33,200 --> 00:26:36,719 Speaker 2: again to kind of evoke that emotion that tells us 590 00:26:36,720 --> 00:26:38,359 Speaker 2: that we should be making a purchase right now. They 591 00:26:38,359 --> 00:26:40,680 Speaker 2: want you to feel like a fool for passing up 592 00:26:40,800 --> 00:26:43,240 Speaker 2: on a deal as good as this one, which I'm 593 00:26:43,240 --> 00:26:45,200 Speaker 2: gonna be honest, like, this is one that has been 594 00:26:45,240 --> 00:26:48,159 Speaker 2: difficult for me for a long time because that I 595 00:26:48,160 --> 00:26:50,359 Speaker 2: feel like I've gotten a lot better. I've grown in this, 596 00:26:50,800 --> 00:26:53,840 Speaker 2: but only as I've started to realize the fact that 597 00:26:53,880 --> 00:26:56,119 Speaker 2: this is what's happening behind the scenes, right only as 598 00:26:56,160 --> 00:26:57,760 Speaker 2: I've started to be like, wait a second, that's my 599 00:26:57,800 --> 00:26:59,840 Speaker 2: lizard brain trying to get me to do something that's 600 00:26:59,840 --> 00:27:02,280 Speaker 2: not my best interest. But I was like all about 601 00:27:02,280 --> 00:27:04,240 Speaker 2: the deals, and I was like, I realized I was 602 00:27:04,240 --> 00:27:06,800 Speaker 2: just spending too much time thinking about buying stuff and 603 00:27:06,880 --> 00:27:09,400 Speaker 2: trying to get a good deal on things, and the 604 00:27:09,400 --> 00:27:11,760 Speaker 2: best thing to do was to want less stuff and 605 00:27:11,800 --> 00:27:14,520 Speaker 2: to care less about the prices of things and just 606 00:27:15,080 --> 00:27:17,480 Speaker 2: not be into shopping nearly as much as I was. 607 00:27:17,560 --> 00:27:20,679 Speaker 2: So it's I think I inherited that gene from my 608 00:27:20,680 --> 00:27:23,080 Speaker 2: mom to a certain dream. Not trying to throw shade mom, 609 00:27:23,320 --> 00:27:25,239 Speaker 2: but this is one of those things where I think 610 00:27:25,280 --> 00:27:30,399 Speaker 2: a lot of people, especially in today's era, when Amazon 611 00:27:30,680 --> 00:27:34,440 Speaker 2: and Instagram and email newsletters kind of pull at us, 612 00:27:34,520 --> 00:27:36,920 Speaker 2: trying to get us to spend money, hard us from 613 00:27:36,920 --> 00:27:39,120 Speaker 2: our money, and they're using all sorts of sneaky tactics. 614 00:27:39,400 --> 00:27:41,199 Speaker 1: It is. It is something like most of us are 615 00:27:41,240 --> 00:27:41,879 Speaker 1: susceptible to. 616 00:27:42,000 --> 00:27:44,560 Speaker 2: Yeah, well, I mean, like you said, email newsletter or whatever, 617 00:27:44,680 --> 00:27:47,840 Speaker 2: like the abandoned cart email where retailer checks in with you. 618 00:27:47,880 --> 00:27:50,440 Speaker 2: I mean, dude, like there is an entire offering you. 619 00:27:50,359 --> 00:27:52,560 Speaker 1: An additional discount because you walked away. 620 00:27:52,600 --> 00:27:55,120 Speaker 2: Here's a coupon code. Did life get busy? Like all 621 00:27:55,160 --> 00:27:57,119 Speaker 2: of these things that triggered the like, oh yeah, this 622 00:27:57,160 --> 00:27:58,840 Speaker 2: is something that was important to me that it should 623 00:27:58,840 --> 00:28:01,240 Speaker 2: be doing, and I should be so thankful that they're 624 00:28:01,240 --> 00:28:05,359 Speaker 2: following up with at CRM, Like customer relationship management, that 625 00:28:05,560 --> 00:28:09,320 Speaker 2: is an entire industry, and it's not that it's evil, 626 00:28:09,400 --> 00:28:11,800 Speaker 2: but I mean their sole goal is to get you 627 00:28:11,840 --> 00:28:15,040 Speaker 2: to buy more stuff, whether that's them keeping up with 628 00:28:15,119 --> 00:28:17,560 Speaker 2: the different purchases that you've made, but not. Oftentimes it's 629 00:28:17,560 --> 00:28:19,040 Speaker 2: not even the things that you buy, it's the stuff 630 00:28:19,040 --> 00:28:22,119 Speaker 2: that you're looking at. It's the things like on Instagram, 631 00:28:22,200 --> 00:28:24,359 Speaker 2: it's the ads that you linger on or the ads 632 00:28:24,359 --> 00:28:26,920 Speaker 2: that you swipe on where there's a carousel because you're like, oh, 633 00:28:26,960 --> 00:28:28,919 Speaker 2: I really like that first item. Let me see if 634 00:28:28,920 --> 00:28:31,240 Speaker 2: they got some of the other stuff on sale up. 635 00:28:31,640 --> 00:28:34,199 Speaker 2: And then you're feeding the system, going back to the 636 00:28:34,200 --> 00:28:37,159 Speaker 2: whole free TV thing, like they now know more about you. 637 00:28:37,200 --> 00:28:39,320 Speaker 2: That's gonna end up costing you more money down the road. 638 00:28:39,400 --> 00:28:42,440 Speaker 1: Yeah, window shopping used to be a completely innocent activity, 639 00:28:42,680 --> 00:28:46,480 Speaker 1: and now window shopping is watching you a window into 640 00:28:46,560 --> 00:28:49,240 Speaker 1: your soul for advertisers, for people that want to sell 641 00:28:49,280 --> 00:28:52,960 Speaker 1: you stuff, which is only really putting us at more 642 00:28:52,960 --> 00:28:55,680 Speaker 1: of a disadvantage when it comes to like our brain 643 00:28:56,040 --> 00:28:57,000 Speaker 1: and how we react. 644 00:28:57,080 --> 00:28:59,360 Speaker 2: Yeah, and this isn't to like demonize the folks that 645 00:28:59,400 --> 00:29:01,520 Speaker 2: are in that, Like I used to be an advertising myself, 646 00:29:01,560 --> 00:29:04,680 Speaker 2: but it's important as consumers to highlight the fact that 647 00:29:04,720 --> 00:29:07,360 Speaker 2: this is what's going on, so that we're essentially we're 648 00:29:07,360 --> 00:29:08,560 Speaker 2: equipping other consumers out. 649 00:29:08,680 --> 00:29:10,400 Speaker 1: So you can put that shield up because it's a 650 00:29:10,400 --> 00:29:13,840 Speaker 1: fair fight and yeah, and be like stop yeah. Well, 651 00:29:13,840 --> 00:29:15,880 Speaker 1: and we'll give some practical ways to in a bit 652 00:29:15,920 --> 00:29:18,240 Speaker 1: to kind of help make that a reality, to help 653 00:29:18,360 --> 00:29:21,600 Speaker 1: stop your brain from progressing this way. But part of 654 00:29:21,640 --> 00:29:23,280 Speaker 1: the beginning at least is to highlight some of the 655 00:29:23,280 --> 00:29:25,880 Speaker 1: ways that happens. Another thing is like the impulse by right, 656 00:29:25,880 --> 00:29:27,479 Speaker 1: that's a struggle for lots of other people out there. 657 00:29:27,480 --> 00:29:29,600 Speaker 1: It's not just a sale. It's a good deal, but 658 00:29:29,640 --> 00:29:32,400 Speaker 1: it's and maybe sometimes you do find the perfect thing 659 00:29:32,440 --> 00:29:34,760 Speaker 1: at a thrift store or an artist market. I've done that, 660 00:29:35,040 --> 00:29:37,480 Speaker 1: and you make the purchase because it really is kind 661 00:29:37,480 --> 00:29:39,640 Speaker 1: of something that's not going to come along again. But 662 00:29:39,680 --> 00:29:42,400 Speaker 1: there's often something else that causes us to make an 663 00:29:42,400 --> 00:29:45,080 Speaker 1: impulse buy. It's when we feel like we deserve it, right, 664 00:29:45,160 --> 00:29:46,400 Speaker 1: it's time to treat ourselves. 665 00:29:46,520 --> 00:29:46,600 Speaker 2: Ye. 666 00:29:46,800 --> 00:29:48,320 Speaker 1: And so maybe you've had a hard week at work, 667 00:29:48,400 --> 00:29:48,680 Speaker 1: which in. 668 00:29:48,760 --> 00:29:50,760 Speaker 2: Reality is just a moment of weakness. 669 00:29:50,480 --> 00:29:52,560 Speaker 1: Exactly, That's exactly what it is. It's not that you've 670 00:29:52,600 --> 00:29:54,800 Speaker 1: actually found the right thing that's never going to come 671 00:29:54,840 --> 00:29:57,520 Speaker 1: along again. It's that you're trying to soothe yourself through 672 00:29:57,560 --> 00:30:01,320 Speaker 1: some consumption, and so yet buying something can provide a 673 00:30:01,360 --> 00:30:03,560 Speaker 1: temporary relief, It can make you feel better for a second, 674 00:30:03,560 --> 00:30:05,720 Speaker 1: like you click buy and you're like, ah, I feel 675 00:30:06,040 --> 00:30:08,600 Speaker 1: I'm you know, this is just a method of sweet 676 00:30:08,240 --> 00:30:12,200 Speaker 1: self soothing, right, But look back maybe to a recent 677 00:30:12,200 --> 00:30:14,360 Speaker 1: impulse buy, what emotions triggered it, and how did you 678 00:30:14,360 --> 00:30:17,280 Speaker 1: feel afterwards? I think those are good questions to ask yourself. 679 00:30:17,680 --> 00:30:20,240 Speaker 1: And I realized maybe I'm sounding a little bit like 680 00:30:20,240 --> 00:30:21,800 Speaker 1: a therapist right now, taking a page out of my 681 00:30:21,800 --> 00:30:24,600 Speaker 1: wife's book. But asking those questions are going to help 682 00:30:24,640 --> 00:30:27,360 Speaker 1: you get to the heart of the why behind the 683 00:30:27,400 --> 00:30:29,360 Speaker 1: impulse spending that you've done, and it can allow you 684 00:30:29,400 --> 00:30:32,520 Speaker 1: to recognize them moving forward, because it's typically matt it's 685 00:30:32,520 --> 00:30:35,480 Speaker 1: going to be those same impulses, those same triggers that 686 00:30:35,600 --> 00:30:36,760 Speaker 1: cause you to do it in the future, and if 687 00:30:36,800 --> 00:30:38,760 Speaker 1: you can identify them, you might be able to catch 688 00:30:38,760 --> 00:30:41,960 Speaker 1: yourself in the act next time you are tempted to 689 00:30:42,000 --> 00:30:42,560 Speaker 1: buy on the fly. 690 00:30:42,720 --> 00:30:45,320 Speaker 2: That's right. Yeah, So retailers they also use just different 691 00:30:45,320 --> 00:30:48,280 Speaker 2: subtle tricks out there as well, like free shipping. Again, 692 00:30:48,400 --> 00:30:50,040 Speaker 2: like when it comes to online shopping, that's one of 693 00:30:50,080 --> 00:30:53,360 Speaker 2: the words that's written in all caps emboldened off to 694 00:30:53,400 --> 00:30:56,200 Speaker 2: the side. Do you see free and you think, oh, yeah, 695 00:30:56,800 --> 00:30:59,800 Speaker 2: somehow this is free even though there is a prices station. 696 00:31:00,080 --> 00:31:02,720 Speaker 2: You know, they're not losing money on shipping. Come on, exactly, 697 00:31:02,760 --> 00:31:05,880 Speaker 2: it's not truly free shipping. And we also know that 698 00:31:05,920 --> 00:31:08,840 Speaker 2: even if we pay for something in for easy installments, 699 00:31:09,200 --> 00:31:11,120 Speaker 2: that will end up paying the same amount in the end. 700 00:31:11,160 --> 00:31:14,040 Speaker 2: They're just making it easier for you by not pay later. 701 00:31:14,120 --> 00:31:16,840 Speaker 1: Adds to the frictionlessness of it all. Yeah, they're reducing 702 00:31:16,840 --> 00:31:19,400 Speaker 1: the friction just enough, but we know it logically we're 703 00:31:19,400 --> 00:31:20,800 Speaker 1: paying the same amount anyway. 704 00:31:20,920 --> 00:31:23,480 Speaker 2: Yeah, but by doing that, they're able to actually garner 705 00:31:23,480 --> 00:31:25,960 Speaker 2: a sale for most that otherwise they wouldn't get and 706 00:31:26,160 --> 00:31:28,880 Speaker 2: we find ourselves parted with our money when we might 707 00:31:28,920 --> 00:31:32,120 Speaker 2: have otherwise saved it. So again, awareness of how these 708 00:31:32,120 --> 00:31:35,320 Speaker 2: different strategies and tactics and tricks impact us is crucial 709 00:31:35,360 --> 00:31:37,120 Speaker 2: so that we can put up a good fight. I 710 00:31:37,160 --> 00:31:39,400 Speaker 2: will say, like I think for me, I don't know 711 00:31:39,480 --> 00:31:41,560 Speaker 2: for me to say, the whole sale mentality, it's not 712 00:31:41,640 --> 00:31:44,760 Speaker 2: something that gets me. You know, my adrenaline mies don't 713 00:31:45,000 --> 00:31:47,160 Speaker 2: dilate or whatever. My people don't use. 714 00:31:47,160 --> 00:31:49,280 Speaker 1: It's an impervious robot to a certain extent. 715 00:31:49,280 --> 00:31:53,040 Speaker 2: But we know what I'm not impervious to what is uh, messaging, 716 00:31:53,080 --> 00:31:55,800 Speaker 2: like when they try to sell you an image or 717 00:31:55,840 --> 00:31:59,360 Speaker 2: when they're trying to sell you basically like a message, 718 00:31:59,600 --> 00:32:03,120 Speaker 2: even if it's subconscious, right, Like, like I'm specifically thinking 719 00:32:03,160 --> 00:32:06,320 Speaker 2: about it. Like I bought a really nice coffee grinder recently. 720 00:32:06,480 --> 00:32:07,960 Speaker 2: We talked about it maybe a couple months ago. I 721 00:32:08,000 --> 00:32:10,760 Speaker 2: was thinking about getting Actually we talked with Brandon on Monday. 722 00:32:10,800 --> 00:32:12,040 Speaker 2: That's one of the things him and I nerded out 723 00:32:12,080 --> 00:32:15,600 Speaker 2: about because he actually recently bought a blade. Well, mine 724 00:32:15,640 --> 00:32:18,200 Speaker 2: is a flat blade grinder. I think his was kindic cool. Oh, 725 00:32:18,640 --> 00:32:21,120 Speaker 2: I don't know the difference. Yeah, he was also considering mine. 726 00:32:21,760 --> 00:32:23,960 Speaker 2: But the way that that thing is styled and the 727 00:32:23,960 --> 00:32:27,120 Speaker 2: way it's designed, it's it's like Matt Black. The design 728 00:32:27,240 --> 00:32:29,880 Speaker 2: is I mean, it's beautiful. It sits there on your counter, 729 00:32:30,280 --> 00:32:32,800 Speaker 2: and so the reason it's well reviewed and stuff is 730 00:32:32,840 --> 00:32:35,880 Speaker 2: because it actually does grind your coffee really really well. 731 00:32:35,920 --> 00:32:38,880 Speaker 2: So practically speaking, it does an excellent job. But you're 732 00:32:38,920 --> 00:32:42,160 Speaker 2: also buying the image, right, like the way we're always 733 00:32:42,200 --> 00:32:44,080 Speaker 2: being sold in the image, right. Yeah, It's just branded 734 00:32:44,120 --> 00:32:46,520 Speaker 2: in such a cool way and it's like minimalist. And 735 00:32:46,600 --> 00:32:48,280 Speaker 2: I think there's a part of me that bought into 736 00:32:48,280 --> 00:32:50,680 Speaker 2: that where it's just like, by getting this thing, you're 737 00:32:50,720 --> 00:32:53,400 Speaker 2: gonna be cool, like the like all the other guys, 738 00:32:53,440 --> 00:32:55,479 Speaker 2: like like this is gonna make your house look like 739 00:32:56,080 --> 00:32:59,640 Speaker 2: the counters that this coffee grinder is featured on within 740 00:32:59,680 --> 00:33:01,480 Speaker 2: the picture on our website. Yeah, it's okay to. 741 00:33:01,400 --> 00:33:04,360 Speaker 1: Have certain aesthetic preferences and to say this is my style, 742 00:33:04,440 --> 00:33:06,640 Speaker 1: this is this is my jam, I'm into this. That's 743 00:33:06,680 --> 00:33:08,520 Speaker 1: totally fine. But I think there's also a lot of 744 00:33:08,560 --> 00:33:11,840 Speaker 1: advertising that is subtenly weaving that into absolute brains, and 745 00:33:11,880 --> 00:33:13,840 Speaker 1: it's saying it's not even telling us about the product, 746 00:33:13,920 --> 00:33:16,560 Speaker 1: it's just by association saying if you do or drink 747 00:33:16,720 --> 00:33:19,440 Speaker 1: or buy or hang out with this product, you are 748 00:33:20,000 --> 00:33:22,640 Speaker 1: by proxy gonna be cooler. Then you're gonna be you 749 00:33:22,720 --> 00:33:24,600 Speaker 1: currently a cool hip dude, right right. 750 00:33:24,760 --> 00:33:28,080 Speaker 2: Yeah, And even if it practically accomplishes what it is 751 00:33:28,120 --> 00:33:30,760 Speaker 2: that you want to accomplish because you are checking off 752 00:33:30,760 --> 00:33:33,880 Speaker 2: the boxes and whatnot, I think we are still susceptible 753 00:33:33,920 --> 00:33:36,000 Speaker 2: to that that kind of branding. And the fact is 754 00:33:36,040 --> 00:33:38,720 Speaker 2: nobody cares. It's not like anybody thinks that I'm cooler 755 00:33:38,720 --> 00:33:41,000 Speaker 2: because I got Like nobody sees the stupid thing like 756 00:33:41,280 --> 00:33:43,320 Speaker 2: I don't invite people over for coffee. Maybe I should, 757 00:33:43,360 --> 00:33:46,160 Speaker 2: I guess is when I'm now learning just to show off, 758 00:33:46,200 --> 00:33:49,640 Speaker 2: just to show off my fancy grinder. Anyway, I just 759 00:33:49,680 --> 00:33:51,160 Speaker 2: wanted to mention that too, because I think there are 760 00:33:51,160 --> 00:33:55,080 Speaker 2: some of these more subtle, subconscious brandy kind of not 761 00:33:55,240 --> 00:33:57,200 Speaker 2: like you know, not the liquor, but like where there's 762 00:33:57,200 --> 00:33:59,560 Speaker 2: a brand and you're kind of buying into the brand, 763 00:33:59,840 --> 00:34:02,400 Speaker 2: and that's actually how they're able to make this sale. Right, 764 00:34:02,600 --> 00:34:04,360 Speaker 2: It's not that they dropped a sale on me. Is 765 00:34:04,400 --> 00:34:07,480 Speaker 2: it's not that I did it impulsively where no, I've 766 00:34:07,520 --> 00:34:09,640 Speaker 2: been researching this for months, but there's another part of 767 00:34:09,680 --> 00:34:11,360 Speaker 2: it where I paid a premium for it. 768 00:34:11,440 --> 00:34:13,320 Speaker 1: I think that's what they say about billboards and commercials. 769 00:34:13,360 --> 00:34:15,160 Speaker 1: It's not that they're trying to make the sale instantly. 770 00:34:15,200 --> 00:34:17,719 Speaker 1: They're trying to slowly mold your mind into thinking something 771 00:34:17,760 --> 00:34:21,000 Speaker 1: about that product or brand so that eventually you come 772 00:34:21,040 --> 00:34:23,040 Speaker 1: around when you're like, oh wait, now I need a car. 773 00:34:23,320 --> 00:34:25,640 Speaker 1: Ah Remember that toilet to rab four commercial. Maybe that's 774 00:34:25,640 --> 00:34:26,160 Speaker 1: the one for me. 775 00:34:26,200 --> 00:34:27,640 Speaker 2: I don't know. It's that kind of stuff that really 776 00:34:27,800 --> 00:34:30,400 Speaker 2: family looked like my family. I can reade us driving 777 00:34:30,400 --> 00:34:30,880 Speaker 2: that kind of car. 778 00:34:30,960 --> 00:34:33,560 Speaker 1: Yeah, exactly, that's kind of tricks are being played on us, 779 00:34:33,560 --> 00:34:35,919 Speaker 1: slowly but surely. But there are a lot of things 780 00:34:35,920 --> 00:34:37,120 Speaker 1: that we can do. There are a lot of things 781 00:34:37,160 --> 00:34:41,320 Speaker 1: in our power to react and to combat these subtle 782 00:34:41,400 --> 00:34:44,320 Speaker 1: and not so subtle hints. Sure ways that we're parted 783 00:34:44,360 --> 00:34:46,480 Speaker 1: with our money, whether it's on the spending or just 784 00:34:46,560 --> 00:34:48,959 Speaker 1: on the not investing side. We'll get to a bunch 785 00:34:49,000 --> 00:34:51,520 Speaker 1: of our thoughts on how to make progress, how to 786 00:34:51,560 --> 00:34:54,640 Speaker 1: overcome the lizard brain financially speaking, we'll get to that 787 00:34:54,719 --> 00:34:55,200 Speaker 1: right after this. 788 00:35:04,719 --> 00:35:06,960 Speaker 2: All right, folks, we are back and we are talking 789 00:35:07,000 --> 00:35:10,239 Speaker 2: about overcoming your idiot brain. And this is just a 790 00:35:10,239 --> 00:35:13,960 Speaker 2: fun conversation because we're just really diving into the psychology, right. 791 00:35:14,000 --> 00:35:16,080 Speaker 1: I just say, this is not about IQ either. 792 00:35:16,160 --> 00:35:16,920 Speaker 2: This is oh yeah. 793 00:35:16,920 --> 00:35:18,120 Speaker 1: I think there's a lot of people who are like, 794 00:35:18,160 --> 00:35:20,640 Speaker 1: I'm in mensa, Okay, I don't have an idiot brain. 795 00:35:20,840 --> 00:35:23,600 Speaker 1: My IQ is one forty eight. And I think these 796 00:35:23,719 --> 00:35:26,560 Speaker 1: are the things that again, we all have this lizard 797 00:35:26,600 --> 00:35:29,680 Speaker 1: brain part in the back, and we're all tempted to 798 00:35:30,080 --> 00:35:32,400 Speaker 1: or subconsciously reacting in these ways. We're talking about the 799 00:35:32,440 --> 00:35:34,640 Speaker 1: subconscious no matter how freakan smart you are, no matter 800 00:35:34,680 --> 00:35:37,880 Speaker 1: whether you're an engineer or you stock the shelter your 801 00:35:37,920 --> 00:35:40,200 Speaker 1: local grocery store. It doesn't it doesn't matter. We're also 802 00:35:40,200 --> 00:35:40,840 Speaker 1: sept the police. 803 00:35:40,960 --> 00:35:43,080 Speaker 2: Well, that's what makes this so interesting, right, Like, we 804 00:35:43,120 --> 00:35:46,839 Speaker 2: are fascinated by just this behavioral psychology element and how 805 00:35:46,840 --> 00:35:49,200 Speaker 2: it is that it's going to impact how we handle 806 00:35:49,280 --> 00:35:53,560 Speaker 2: our money, both collectively as a society but also as individuals. 807 00:35:53,960 --> 00:35:57,160 Speaker 2: And so another factor that plays into how we personally 808 00:35:57,200 --> 00:36:00,600 Speaker 2: interact with our finances has to do with our history 809 00:36:00,640 --> 00:36:04,000 Speaker 2: with money. Our beliefs about money often stem from how 810 00:36:04,040 --> 00:36:06,960 Speaker 2: it impacted us in our childhood. This makes me think 811 00:36:06,960 --> 00:36:09,640 Speaker 2: back to our Freudian Yeah, so we had a conversation. 812 00:36:09,719 --> 00:36:12,960 Speaker 2: We had Christy Sheen on the podcast as an interview 813 00:36:13,040 --> 00:36:14,840 Speaker 2: back in episode one to eighteen. We'll link to that 814 00:36:14,840 --> 00:36:16,880 Speaker 2: one in the show in the show notes. But she 815 00:36:16,960 --> 00:36:20,480 Speaker 2: grew up on forty four cents a day in China, 816 00:36:20,840 --> 00:36:23,080 Speaker 2: and when you do that, that is going to make 817 00:36:23,120 --> 00:36:25,880 Speaker 2: you appreciate the wealth and the opportunity is available to 818 00:36:25,920 --> 00:36:28,839 Speaker 2: you when you finally arrive in North America or for her, 819 00:36:28,880 --> 00:36:34,319 Speaker 2: Canada specifically, and Canada's in North America. But if you 820 00:36:34,320 --> 00:36:37,359 Speaker 2: grew up in like an affluent suburb, like you might 821 00:36:37,400 --> 00:36:40,080 Speaker 2: have seen the downsides of money, right, Like you may 822 00:36:40,120 --> 00:36:43,680 Speaker 2: have been confronted with the signaling and the unhappiness that 823 00:36:43,719 --> 00:36:46,600 Speaker 2: it can produce. Some people like Christie and much of 824 00:36:46,640 --> 00:36:49,319 Speaker 2: the Fire community, like they are able to see money 825 00:36:49,320 --> 00:36:51,960 Speaker 2: as a tool in order to earn their freedom, And 826 00:36:52,040 --> 00:36:54,600 Speaker 2: we tend to agree that freedom is one of the 827 00:36:54,600 --> 00:36:56,880 Speaker 2: best things that money can buy. But it's important to 828 00:36:57,040 --> 00:37:00,880 Speaker 2: identify your history and what it is is that informs 829 00:37:00,920 --> 00:37:03,239 Speaker 2: how it is that you view money, some of the 830 00:37:03,239 --> 00:37:06,359 Speaker 2: different attributes that you associate with your money. 831 00:37:06,440 --> 00:37:07,799 Speaker 1: Yeah, I think if you grew up in China and 832 00:37:07,800 --> 00:37:12,560 Speaker 1: you come to North America, Canada, Canada, Canada, you see 833 00:37:12,640 --> 00:37:15,319 Speaker 1: I think as mostly a good thing, right, Yeah. But 834 00:37:15,360 --> 00:37:17,840 Speaker 1: if you let's say you hung out with Jordan Belford, 835 00:37:17,880 --> 00:37:19,799 Speaker 1: Wolf of Wall Street sort of thing which I never 836 00:37:19,800 --> 00:37:22,480 Speaker 1: saw the movie, I just know very little, But if 837 00:37:22,480 --> 00:37:24,600 Speaker 1: you hung out it's good in those environments, you would 838 00:37:24,640 --> 00:37:28,160 Speaker 1: you might think money is all bad and only terrible 839 00:37:28,160 --> 00:37:31,160 Speaker 1: people have money, right, And so you might just there's 840 00:37:31,200 --> 00:37:34,200 Speaker 1: associations that we make that really when you think about it, 841 00:37:34,239 --> 00:37:36,640 Speaker 1: and when you do a little bit of introspection, you 842 00:37:36,719 --> 00:37:39,359 Speaker 1: might be able to find some ties that you can 843 00:37:39,440 --> 00:37:42,960 Speaker 1: untangle a little bit in terms of how you view money, 844 00:37:43,239 --> 00:37:46,160 Speaker 1: and maybe the way you think about it stems from 845 00:37:46,200 --> 00:37:51,040 Speaker 1: some experiences from elementary, middle or high school, and some 846 00:37:51,120 --> 00:37:53,440 Speaker 1: of those things might have informed you well, in others 847 00:37:53,640 --> 00:37:56,439 Speaker 1: maybe not so well. And Sarah Newcomb, who writes about 848 00:37:56,440 --> 00:37:59,439 Speaker 1: money psychology for Morning Star, I like that she shared 849 00:37:59,440 --> 00:38:01,640 Speaker 1: this article you wrote some She had some great prompts, 850 00:38:02,040 --> 00:38:04,600 Speaker 1: some questions really to help reveal what's going on under 851 00:38:04,600 --> 00:38:06,839 Speaker 1: the surface in terms of our money beliefs. We'll link 852 00:38:06,880 --> 00:38:08,279 Speaker 1: to that article in the show notes because I think 853 00:38:08,280 --> 00:38:10,920 Speaker 1: it's helpful to look at. But let's go over them 854 00:38:10,920 --> 00:38:14,160 Speaker 1: real quick, because I think they're just really insightful or 855 00:38:14,200 --> 00:38:17,360 Speaker 1: they can help you find some insight. But first she 856 00:38:17,400 --> 00:38:19,560 Speaker 1: tells people to fill in the blank money is what, 857 00:38:20,600 --> 00:38:23,400 Speaker 1: and then you tell your answer and you talk about why. 858 00:38:23,800 --> 00:38:26,160 Speaker 1: It'll tell you a lot about your current underlying beliefs. 859 00:38:26,200 --> 00:38:29,640 Speaker 1: Money is blank, like fill in the blank what is 860 00:38:29,719 --> 00:38:31,799 Speaker 1: money for you? I think that is going to give 861 00:38:31,840 --> 00:38:35,399 Speaker 1: you a lot of insight as to how you think 862 00:38:35,440 --> 00:38:37,799 Speaker 1: about money, how you feel about money, and what's going 863 00:38:37,880 --> 00:38:41,040 Speaker 1: on below the surface. Second, she says, if money was 864 00:38:41,080 --> 00:38:43,279 Speaker 1: a character in your life would be a friend or foe, 865 00:38:43,360 --> 00:38:45,479 Speaker 1: a villain or hero. I think that's a helpful question 866 00:38:45,560 --> 00:38:49,120 Speaker 1: as well, because some people have an inherently antagonistic view 867 00:38:49,160 --> 00:38:51,319 Speaker 1: and approach towards money. They kind of view it as 868 00:38:52,000 --> 00:38:54,720 Speaker 1: inherently bad. We've talked about how it's not. It's really 869 00:38:54,840 --> 00:38:57,640 Speaker 1: just this kind of neutral thing, but we make attachments 870 00:38:57,680 --> 00:39:00,759 Speaker 1: to it, and I think seeing how you view it 871 00:39:00,760 --> 00:39:03,719 Speaker 1: from that perspective can be helpful. Third, she says, growing up, 872 00:39:03,960 --> 00:39:07,160 Speaker 1: what was your financial situation? How did the people raising 873 00:39:07,200 --> 00:39:09,520 Speaker 1: you handle their money? Do you see any ways that 874 00:39:09,560 --> 00:39:11,920 Speaker 1: this affects the way you think about or handle money today? 875 00:39:12,600 --> 00:39:16,200 Speaker 1: For me, yes, You've talked about it with Brandon on 876 00:39:16,280 --> 00:39:18,080 Speaker 1: Monday's episode. I mean, this is one of those things 877 00:39:18,080 --> 00:39:22,840 Speaker 1: where I was particularly especially influenced by the way money 878 00:39:22,880 --> 00:39:25,160 Speaker 1: was handled in my house growing up. I'm sure other 879 00:39:25,200 --> 00:39:29,799 Speaker 1: listeners have a similar sort of story, right background. So, 880 00:39:30,080 --> 00:39:32,560 Speaker 1: but thinking through those things and not just letting them 881 00:39:32,760 --> 00:39:35,920 Speaker 1: subconsciously inform how you handle money, but bringing them to 882 00:39:35,960 --> 00:39:38,719 Speaker 1: the forefront, to the surface, consciously thinking about them will 883 00:39:38,760 --> 00:39:41,680 Speaker 1: allow you then maybe to combat some of those ark 884 00:39:41,719 --> 00:39:43,279 Speaker 1: realities that you grew up with. 885 00:39:43,400 --> 00:39:45,600 Speaker 2: Yeah, and I would say that well, the argument we're 886 00:39:45,600 --> 00:39:48,640 Speaker 2: making is that regardless if it was good or bad, 887 00:39:48,800 --> 00:39:51,040 Speaker 2: your history is going to have an impact no matter what, 888 00:39:51,080 --> 00:39:54,000 Speaker 2: and it oftentimes comes down to how you then react 889 00:39:54,239 --> 00:39:58,799 Speaker 2: to that history, because like in your case, you reactive, 890 00:39:59,280 --> 00:40:01,680 Speaker 2: reacted like you were polarized, like you did the opposite 891 00:40:01,800 --> 00:40:04,680 Speaker 2: essentially right. But like I think back to my history, 892 00:40:05,360 --> 00:40:08,759 Speaker 2: me growing up with money, and like we certainly had enough, 893 00:40:09,120 --> 00:40:11,360 Speaker 2: but it wasn't like the amount of money my my 894 00:40:11,400 --> 00:40:15,000 Speaker 2: folks had. But honestly, it was just the great way 895 00:40:15,080 --> 00:40:17,400 Speaker 2: that they talked about it. Like I specifically like I 896 00:40:17,480 --> 00:40:19,160 Speaker 2: might be one of the like, okay, we were talking 897 00:40:19,200 --> 00:40:22,160 Speaker 2: about compounding earlier, and I this was a lesson that 898 00:40:22,160 --> 00:40:25,000 Speaker 2: that I learned, literally, I think at age eleven. I 899 00:40:25,040 --> 00:40:27,680 Speaker 2: specifically remember my dad sitting at the desk in our 900 00:40:27,719 --> 00:40:30,879 Speaker 2: kitchen and him explaining compounding interest and when your money 901 00:40:30,880 --> 00:40:33,600 Speaker 2: starts working harder for you than you are able to like, 902 00:40:34,280 --> 00:40:37,600 Speaker 2: and that puts me in incredibly like rarefied waters, Like 903 00:40:37,640 --> 00:40:40,400 Speaker 2: I was incredibly lucky to have had that taught to 904 00:40:40,480 --> 00:40:42,560 Speaker 2: me at a young age. I didn't fully understand it then, 905 00:40:42,920 --> 00:40:45,240 Speaker 2: but I do think that that certainly planted the seeds 906 00:40:45,960 --> 00:40:48,680 Speaker 2: of my you know the basis I guess of my 907 00:40:48,680 --> 00:40:52,319 Speaker 2: my financial education. But again I'm highlighting this because a 908 00:40:52,560 --> 00:40:55,360 Speaker 2: I was most definitely lucky. But a lot of folks, 909 00:40:55,400 --> 00:40:57,799 Speaker 2: like you said there, you tend to go to one 910 00:40:57,920 --> 00:41:01,120 Speaker 2: extreme or the other right, like you either vilify money 911 00:41:01,320 --> 00:41:04,880 Speaker 2: or you worship it. It kind of depends on what 912 00:41:04,960 --> 00:41:07,160 Speaker 2: happened in your past and then how you are reacting 913 00:41:07,200 --> 00:41:10,040 Speaker 2: to it. But Sarah she Man, she had such a 914 00:41:10,080 --> 00:41:12,360 Speaker 2: great article there, and one of the other things she 915 00:41:12,440 --> 00:41:15,080 Speaker 2: mentioned was to ask yourself if money affects your social life, 916 00:41:15,800 --> 00:41:18,880 Speaker 2: specifically in a good way or a bad way. And 917 00:41:18,920 --> 00:41:21,400 Speaker 2: then finally, this is a quote, if money were not 918 00:41:21,520 --> 00:41:24,600 Speaker 2: a consideration, how would you be living your life? Would 919 00:41:24,640 --> 00:41:27,160 Speaker 2: it be very different from how you currently live? And 920 00:41:27,160 --> 00:41:30,680 Speaker 2: how do you feel about that? And that's just I 921 00:41:30,719 --> 00:41:34,200 Speaker 2: think that's such an incredible and incredibly insightful question to 922 00:41:34,239 --> 00:41:37,080 Speaker 2: ask yourself because I think it can help you to 923 00:41:37,520 --> 00:41:39,600 Speaker 2: be awares to the fact that are you doing this 924 00:41:39,760 --> 00:41:42,040 Speaker 2: truly because of money or maybe because of some other 925 00:41:42,440 --> 00:41:46,120 Speaker 2: deeper maybe calling or mission that's driving you. We actually 926 00:41:46,120 --> 00:41:49,360 Speaker 2: included some other similar questions in our how to Money 927 00:41:49,480 --> 00:41:52,200 Speaker 2: Money Mission Statement worksheet. We'll make sure to link to 928 00:41:52,239 --> 00:41:53,880 Speaker 2: that in our show notes. But the truth is, if 929 00:41:53,880 --> 00:41:55,960 Speaker 2: you want to make more progress with your money, the 930 00:41:56,000 --> 00:41:58,560 Speaker 2: problem likely isn't that you don't know enough about roth 931 00:41:58,640 --> 00:42:02,399 Speaker 2: iras right, Like for most of us, the problem is 932 00:42:02,480 --> 00:42:03,960 Speaker 2: the man in the mirror, the woman in the mirror, 933 00:42:04,000 --> 00:42:06,040 Speaker 2: Like it goes much deeper. Don't make me say that 934 00:42:06,040 --> 00:42:08,920 Speaker 2: song right now? And asking ourselves some of these hard questions, 935 00:42:09,000 --> 00:42:11,440 Speaker 2: you know, doing some of this deep work, we think 936 00:42:11,480 --> 00:42:14,200 Speaker 2: it can transform how it is that everyone out there 937 00:42:14,239 --> 00:42:17,160 Speaker 2: relates to their finances. Just some of the realization can 938 00:42:17,200 --> 00:42:19,480 Speaker 2: be freeing, and it can impact how it is that 939 00:42:19,520 --> 00:42:21,239 Speaker 2: we spend and save our money. It is not just 940 00:42:21,280 --> 00:42:24,360 Speaker 2: the spendaholics, right that need to perform this exercise and 941 00:42:24,400 --> 00:42:28,360 Speaker 2: to look inward. It's possible to be too miserly and 942 00:42:28,400 --> 00:42:29,439 Speaker 2: too frugal as well. 943 00:42:29,600 --> 00:42:33,480 Speaker 1: Yeah that's true. Yeah no, when you said that if 944 00:42:33,520 --> 00:42:35,239 Speaker 1: money were not a consideration, how would you be living 945 00:42:35,280 --> 00:42:36,640 Speaker 1: your life? Would it be very different from how you 946 00:42:36,680 --> 00:42:40,080 Speaker 1: currently live? I think it's a really really important question 947 00:42:40,120 --> 00:42:41,879 Speaker 1: for us to ask ourselves. For a lot of people 948 00:42:41,920 --> 00:42:43,560 Speaker 1: they might find wait a second, I'm putting too much 949 00:42:43,560 --> 00:42:45,880 Speaker 1: emphasis on money. I have all that I need. If 950 00:42:45,960 --> 00:42:49,319 Speaker 1: only I could incorporate and think about money a little 951 00:42:49,320 --> 00:42:51,600 Speaker 1: bit less and just have more free time. Like those 952 00:42:51,600 --> 00:42:53,040 Speaker 1: are the kind of questions you and I are asking 953 00:42:53,120 --> 00:42:56,880 Speaker 1: ourselves now at this stage in our lives where it's. 954 00:42:57,200 --> 00:42:59,160 Speaker 2: We're a little more coast fire and yeah, we have 955 00:42:59,200 --> 00:43:01,360 Speaker 2: the ability to kind of choose our own. 956 00:43:01,160 --> 00:43:04,040 Speaker 1: Path to and like we could say, no, we want 957 00:43:04,080 --> 00:43:06,120 Speaker 1: to continue to enhance our lifestyle in a massive way, 958 00:43:06,360 --> 00:43:07,879 Speaker 1: and so it's going to require a lot more money 959 00:43:07,920 --> 00:43:10,799 Speaker 1: to fund this juggernaut for years to come. But no, 960 00:43:10,920 --> 00:43:13,120 Speaker 1: that's not what we care about. But the only asked 961 00:43:13,120 --> 00:43:15,640 Speaker 1: by asking yourself these kinds of questions, can you get 962 00:43:15,880 --> 00:43:19,359 Speaker 1: to that deeper understanding. But you know, regardless of which 963 00:43:19,360 --> 00:43:21,160 Speaker 1: of those camps you might find yourself in at the 964 00:43:21,200 --> 00:43:23,600 Speaker 1: end of the day, both of those tendencies can be 965 00:43:23,600 --> 00:43:27,400 Speaker 1: taken to the extreme, which is really just a manifestation 966 00:43:27,480 --> 00:43:31,160 Speaker 1: of selfishness. And this so basically, if you spend so much, 967 00:43:31,480 --> 00:43:33,120 Speaker 1: it's because you're being selfish and you're spending a lot 968 00:43:33,160 --> 00:43:35,279 Speaker 1: of money on yourself. But if you're being cheap and 969 00:43:35,640 --> 00:43:37,480 Speaker 1: like you know, like I was saying earlier, like miserly, 970 00:43:37,920 --> 00:43:40,920 Speaker 1: that's also a very selfish ash where you're just yeah, 971 00:43:41,160 --> 00:43:43,240 Speaker 1: it makes you think of storing it all away for yourself, 972 00:43:43,239 --> 00:43:45,600 Speaker 1: freaking bad. Where Walter White always says he's doing it 973 00:43:45,640 --> 00:43:47,600 Speaker 1: for his family, but the reality is his family is 974 00:43:47,600 --> 00:43:50,200 Speaker 1: falling apart while he's like making meth and making bank. 975 00:43:50,560 --> 00:43:52,839 Speaker 1: And the truth is at the end he admits he's 976 00:43:52,880 --> 00:43:54,960 Speaker 1: doing it all for himself the whole time, when it 977 00:43:55,000 --> 00:43:57,960 Speaker 1: was clear to the viewer for all the seasons that 978 00:43:58,080 --> 00:44:03,000 Speaker 1: sounds like he did some good internal work exactly exactly. 979 00:44:03,239 --> 00:44:04,960 Speaker 1: It was all that therapy he was doing that really 980 00:44:05,000 --> 00:44:07,600 Speaker 1: got him to that point. Yeah, glad he reached that point. 981 00:44:07,640 --> 00:44:09,799 Speaker 1: As someone who's never watched the show, right, I'm sure 982 00:44:09,800 --> 00:44:12,160 Speaker 1: that's exactly what it was like, right, something like that 983 00:44:12,280 --> 00:44:14,440 Speaker 1: while counseling or kind of like the Sopranos, Well he 984 00:44:14,440 --> 00:44:17,040 Speaker 1: actually goes to counseling. This doesn't really Yeah, yeah, although 985 00:44:17,120 --> 00:44:19,640 Speaker 1: I never saw that show, but I hear it's great. 986 00:44:19,800 --> 00:44:21,839 Speaker 1: But this is this is natural tendency, right, Like we're 987 00:44:21,840 --> 00:44:25,240 Speaker 1: born as selfish, selfish beings. Our brains are wired toward 988 00:44:25,320 --> 00:44:27,279 Speaker 1: what we can get. Now, this is the lizard brain 989 00:44:27,320 --> 00:44:29,799 Speaker 1: in action, and to keep it all for ourselves or 990 00:44:29,840 --> 00:44:33,320 Speaker 1: for our small tribe, our family. But just because a 991 00:44:33,400 --> 00:44:35,799 Speaker 1: behavior is natural, doesn't mean that it's the best path 992 00:44:35,840 --> 00:44:39,440 Speaker 1: to take, and especially in again modern society. And so 993 00:44:39,719 --> 00:44:41,960 Speaker 1: one of the more ultimate ways that were able to 994 00:44:42,000 --> 00:44:45,040 Speaker 1: overcome our dumb brains is to spend our money in 995 00:44:45,040 --> 00:44:47,720 Speaker 1: ways that are sacrificial, to spend or give it away 996 00:44:48,680 --> 00:44:50,680 Speaker 1: in a way that doesn't bring us any benefit at all. 997 00:44:51,080 --> 00:44:53,160 Speaker 1: This is one hundred percent a way that we can 998 00:44:53,239 --> 00:44:55,440 Speaker 1: overcome our idiot brains. And it's a reason that we 999 00:44:55,520 --> 00:44:57,960 Speaker 1: like to encourage folks to be charitable, yes, to give 1000 00:44:57,960 --> 00:45:00,759 Speaker 1: their money away because pretty much all stages of your 1001 00:45:00,800 --> 00:45:03,160 Speaker 1: financial journey, if you can be giving away a small 1002 00:45:03,160 --> 00:45:06,000 Speaker 1: portion and hopefully a growing portion of what you have 1003 00:45:06,080 --> 00:45:08,400 Speaker 1: what you make, it can help reframe money, put it 1004 00:45:08,440 --> 00:45:11,200 Speaker 1: in the proper light. And that is so powerful. It's powerful, 1005 00:45:12,000 --> 00:45:15,680 Speaker 1: largely for psychological reasons, and to get to see that 1006 00:45:15,719 --> 00:45:18,440 Speaker 1: money do good in the world around you. That's beautiful too. 1007 00:45:18,520 --> 00:45:20,719 Speaker 2: Yeah, And of course there are, like you said, in 1008 00:45:20,920 --> 00:45:23,919 Speaker 2: ways that where we receive no benefit, but we're also 1009 00:45:24,000 --> 00:45:26,640 Speaker 2: even incentivized to give money away, like that's just how 1010 00:45:26,680 --> 00:45:29,320 Speaker 2: the tax goes to the tax go yeah, yeah, like yeah, 1011 00:45:29,360 --> 00:45:32,880 Speaker 2: So it's important to realize that from a principal standpoint 1012 00:45:32,880 --> 00:45:35,160 Speaker 2: we want you to be doing it because it's not 1013 00:45:35,239 --> 00:45:37,839 Speaker 2: necessarily going to give you any benefit. But there's also 1014 00:45:38,000 --> 00:45:40,360 Speaker 2: the tax benefits, and there's there's kind of like the 1015 00:45:40,400 --> 00:45:43,239 Speaker 2: emotional feel good benefits as well, but we're not going 1016 00:45:43,320 --> 00:45:45,319 Speaker 2: to get into all of that because something else that 1017 00:45:45,360 --> 00:45:47,600 Speaker 2: we can do to actually overcome our idiot brain is 1018 00:45:47,640 --> 00:45:52,040 Speaker 2: to automate and to impose limitations on ourselves. We're talking 1019 00:45:52,040 --> 00:45:54,520 Speaker 2: about rules and automation because they can help us to 1020 00:45:54,520 --> 00:45:57,799 Speaker 2: do the right thing consistently without even having to think 1021 00:45:57,840 --> 00:46:00,319 Speaker 2: about it. Because once you opt to put let's say 1022 00:46:00,360 --> 00:46:02,840 Speaker 2: six percent into your four h one k, well, that 1023 00:46:02,920 --> 00:46:05,080 Speaker 2: joker is on autopilot. You don't have to think about 1024 00:46:05,080 --> 00:46:08,600 Speaker 2: it ever. Again, you your paycheck is smaller, but you 1025 00:46:08,640 --> 00:46:12,040 Speaker 2: forget about that pretty quickly. Automation helps us to overcome 1026 00:46:12,360 --> 00:46:15,600 Speaker 2: our own lack of discipline. And it's not to say 1027 00:46:15,600 --> 00:46:18,520 Speaker 2: that it's some sort of crutch. It's an effective tool 1028 00:46:18,600 --> 00:46:20,600 Speaker 2: and it's out there and so we want folks to 1029 00:46:20,680 --> 00:46:23,200 Speaker 2: use it. But you can also impose artificial limits on 1030 00:46:23,239 --> 00:46:25,719 Speaker 2: yourself where you're able to create some friction where it 1031 00:46:25,760 --> 00:46:28,759 Speaker 2: didn't exist before, specifically on the shopping front. You know, 1032 00:46:28,920 --> 00:46:32,719 Speaker 2: that's something like instituting a twenty four or a forty 1033 00:46:32,719 --> 00:46:35,880 Speaker 2: eight hour waiting period. That way, you're not giving into 1034 00:46:35,920 --> 00:46:40,719 Speaker 2: those base desires of impulse buying, right or if that 1035 00:46:40,760 --> 00:46:43,680 Speaker 2: means that you're on Facebook too much, which can oftentimes 1036 00:46:43,800 --> 00:46:48,319 Speaker 2: lead to purchases that maybe you shouldn't have made. A 1037 00:46:48,680 --> 00:46:52,480 Speaker 2: loved one of mine recently made approachase on Facebook that 1038 00:46:52,800 --> 00:46:55,160 Speaker 2: I'm not sure if that would have happened had that 1039 00:46:55,440 --> 00:46:58,719 Speaker 2: ad not been seen. But if that's the case, use 1040 00:46:58,800 --> 00:47:02,359 Speaker 2: the newsfeed erratic plug in. That way, you can go 1041 00:47:02,560 --> 00:47:05,279 Speaker 2: straight to the how to Money Facebook group, because surely 1042 00:47:05,320 --> 00:47:07,680 Speaker 2: that's the only reason that you need to be taking advantage. 1043 00:47:07,680 --> 00:47:09,319 Speaker 1: I got to say, I've been using that plug in 1044 00:47:09,320 --> 00:47:11,359 Speaker 1: for years. I have no idea what's going on on 1045 00:47:11,360 --> 00:47:13,799 Speaker 1: Facebook outside of the how to Money Facebook group, and 1046 00:47:13,840 --> 00:47:14,840 Speaker 1: I live in Bliss. 1047 00:47:14,960 --> 00:47:17,319 Speaker 2: I love it. Or maybe it even means on your 1048 00:47:17,360 --> 00:47:21,239 Speaker 2: phone just deleting Instagram if like me, you have sometimes 1049 00:47:21,239 --> 00:47:23,960 Speaker 2: find yourself, you know, flipping through the carousel of the 1050 00:47:23,960 --> 00:47:26,879 Speaker 2: different sales or a minimum backcountry put it on page 1051 00:47:26,880 --> 00:47:30,200 Speaker 2: two of your apps. Yes, yeah, yeah, push it back 1052 00:47:30,200 --> 00:47:33,240 Speaker 2: a little bit. But there are different app limiting services 1053 00:47:33,280 --> 00:47:35,560 Speaker 2: out there. There is this one called one sec like 1054 00:47:35,600 --> 00:47:38,920 Speaker 2: one second and opal, but they can impose a delay 1055 00:47:39,200 --> 00:47:42,839 Speaker 2: between opening an app and actually seeing the content. This 1056 00:47:42,920 --> 00:47:45,400 Speaker 2: is I think can be really helpful for both social 1057 00:47:45,520 --> 00:47:48,440 Speaker 2: and investing apps where you're trying to give yourself a 1058 00:47:48,560 --> 00:47:50,880 Speaker 2: minute to actually pause and to think is this something 1059 00:47:50,920 --> 00:47:53,920 Speaker 2: I need to do? Honestly, I like to just stepping backwards, Like, 1060 00:47:53,920 --> 00:47:57,799 Speaker 2: don't necessarily include more technology to solve the problems of 1061 00:47:57,880 --> 00:48:00,640 Speaker 2: more technology, but even consider taking a step backwards. I mean, 1062 00:48:00,680 --> 00:48:02,759 Speaker 2: I think this is why we're seeing the number of 1063 00:48:02,800 --> 00:48:07,000 Speaker 2: flip phones like dumb phones. Sales of those have been skyrocketing, 1064 00:48:07,520 --> 00:48:10,160 Speaker 2: whereas sales of smartphones have actually declined. Thank Q four 1065 00:48:10,280 --> 00:48:15,120 Speaker 2: of last year, smartphone sales declined Alexia, whereas flip phones 1066 00:48:15,160 --> 00:48:19,600 Speaker 2: and like old school Nokia's sales are are actually on 1067 00:48:19,640 --> 00:48:22,160 Speaker 2: the rise. But Yeah, that's to me that that's an 1068 00:48:22,200 --> 00:48:24,080 Speaker 2: encouraging note. And I think that's something like I feel 1069 00:48:24,120 --> 00:48:27,160 Speaker 2: like we're seeing more of that with with gen Z 1070 00:48:27,560 --> 00:48:30,040 Speaker 2: because there's a younger, younger generation and they're tired of 1071 00:48:30,239 --> 00:48:34,040 Speaker 2: being highjacked having their screen time just completely dominate all 1072 00:48:34,080 --> 00:48:34,520 Speaker 2: their free time. 1073 00:48:34,600 --> 00:48:36,880 Speaker 1: Yeah, I've been very intrigued by the light phone. I 1074 00:48:36,920 --> 00:48:39,680 Speaker 1: haven't made the jump I haven't even played around with one, 1075 00:48:39,920 --> 00:48:43,000 Speaker 1: but I've contemplated, you know, jump into something like that. 1076 00:48:43,160 --> 00:48:45,919 Speaker 1: I don't want to lose. I like podcasts on my phone. 1077 00:48:45,920 --> 00:48:48,319 Speaker 1: There's certain things that I like having at my fingertips. 1078 00:48:48,360 --> 00:48:50,440 Speaker 1: But then I also realized that that it's that there 1079 00:48:50,440 --> 00:48:52,759 Speaker 1: are other things at my fingertips that I wish were 1080 00:48:52,760 --> 00:48:55,319 Speaker 1: not there, that are constantly buying for my attention. And 1081 00:48:55,360 --> 00:48:57,200 Speaker 1: I wish I didn't even have to think about them. 1082 00:48:57,200 --> 00:48:59,719 Speaker 1: I wish they didn't exist. But met to wrap this up, 1083 00:48:59,719 --> 00:49:01,800 Speaker 1: I mean, going back to that that Carl Jung quote 1084 00:49:01,800 --> 00:49:04,279 Speaker 1: at the beginning of the episode that you mentioned about 1085 00:49:04,280 --> 00:49:07,839 Speaker 1: making the unconscious conscious our lives, I feel like they 1086 00:49:07,880 --> 00:49:10,840 Speaker 1: often feel guided by an invisible hand, which really is 1087 00:49:10,880 --> 00:49:12,200 Speaker 1: our subconscious right. 1088 00:49:12,000 --> 00:49:14,000 Speaker 2: As well as the market. As like Godam Smith said. 1089 00:49:14,000 --> 00:49:15,759 Speaker 1: I know that's really a nod to Adam Smith using 1090 00:49:15,800 --> 00:49:18,200 Speaker 1: that terminology, But that invisible hand that guys, I. 1091 00:49:18,200 --> 00:49:20,200 Speaker 2: Mean, it's more than you think, because it is the market. 1092 00:49:20,239 --> 00:49:22,560 Speaker 2: It is actual companies truly a profit and that are 1093 00:49:22,560 --> 00:49:24,680 Speaker 2: trying to sell to you. But it's yeah, it's also 1094 00:49:24,719 --> 00:49:25,240 Speaker 2: the subcomstry. 1095 00:49:25,239 --> 00:49:27,400 Speaker 1: It's also the things about today we've experienced at an 1096 00:49:27,440 --> 00:49:29,560 Speaker 1: early age, or the things that we've heard our friends say, 1097 00:49:30,000 --> 00:49:32,520 Speaker 1: or some sort of experience we had back in eighth 1098 00:49:32,520 --> 00:49:34,839 Speaker 1: grade that informs how we think about money and how 1099 00:49:34,840 --> 00:49:36,879 Speaker 1: we handle it now more true than we realize. Yeah, 1100 00:49:36,920 --> 00:49:38,960 Speaker 1: And so I think when we unearth some of these 1101 00:49:38,960 --> 00:49:42,320 Speaker 1: thoughts and beliefs, we ask some of the deeper why questions, 1102 00:49:42,400 --> 00:49:45,760 Speaker 1: it's going to inevitably provide us with new information about ourselves, 1103 00:49:45,960 --> 00:49:47,800 Speaker 1: which is going to cause us to change some of 1104 00:49:47,840 --> 00:49:51,359 Speaker 1: our preconceived notions and beliefs about money. And then those 1105 00:49:51,400 --> 00:49:55,040 Speaker 1: altered beliefs are going to invariably impact how we act, 1106 00:49:55,040 --> 00:49:56,959 Speaker 1: how we move forward in this world, how we spend, 1107 00:49:57,000 --> 00:49:59,200 Speaker 1: how we say, how we invest. And the truth is, 1108 00:49:59,280 --> 00:50:01,680 Speaker 1: money is not good or evil, right. It's a tool 1109 00:50:01,760 --> 00:50:03,480 Speaker 1: that can be used well or it can be used poorly. 1110 00:50:03,680 --> 00:50:05,600 Speaker 1: And we can either put too much stock in the 1111 00:50:05,680 --> 00:50:08,719 Speaker 1: value of a dollar or not enough. But it's hard, 1112 00:50:08,760 --> 00:50:11,160 Speaker 1: if not impossible, to change our habits and our approach 1113 00:50:11,200 --> 00:50:13,560 Speaker 1: to money when we're not sure where the source belief 1114 00:50:13,600 --> 00:50:18,120 Speaker 1: material is coming from, what's subconsciously guiding us where that originates. 1115 00:50:18,120 --> 00:50:20,160 Speaker 1: And so I think it's important to do to do 1116 00:50:20,239 --> 00:50:21,839 Speaker 1: some of that deep work, not just to go like 1117 00:50:21,840 --> 00:50:25,160 Speaker 1: he said, to some sort of technological halting mechanism to 1118 00:50:25,200 --> 00:50:27,640 Speaker 1: prevent us from taking the worst action possible. 1119 00:50:27,800 --> 00:50:29,759 Speaker 2: To the apps to help you to overcome your lizard brain. 1120 00:50:29,920 --> 00:50:31,839 Speaker 1: Right, Yeah, it's not that some of those apps can't 1121 00:50:31,840 --> 00:50:34,720 Speaker 1: be helpful, but I think it's there's deeper work required 1122 00:50:34,800 --> 00:50:39,240 Speaker 1: really when it comes to fighting and overcoming our idiot brains. 1123 00:50:39,360 --> 00:50:41,680 Speaker 2: Absolutely, man, Yeah, I couldn't have said it better myself. 1124 00:50:41,760 --> 00:50:43,800 Speaker 2: Let's get back to the beer that you and I enjoyed. 1125 00:50:43,880 --> 00:50:46,880 Speaker 2: This was an end of plagues and IPA by Burial. 1126 00:50:47,080 --> 00:50:51,000 Speaker 2: What I'll say, I'll describe the label art. It's a 1127 00:50:51,960 --> 00:50:54,040 Speaker 2: the artist that they have that makes all their labels. 1128 00:50:54,040 --> 00:50:56,040 Speaker 2: I forget his name. I'll actually make sure to link 1129 00:50:56,280 --> 00:51:00,319 Speaker 2: to his Instagram accounts after we've bashed in to Graham 1130 00:51:00,360 --> 00:51:01,719 Speaker 2: and how you should delete it in their phone. But 1131 00:51:01,800 --> 00:51:05,480 Speaker 2: all of his artwork is super metal. This is just 1132 00:51:05,520 --> 00:51:07,640 Speaker 2: the best way to describe it. But it's got a 1133 00:51:07,760 --> 00:51:10,840 Speaker 2: rat sitting there who's just like eating the earth. That 1134 00:51:10,920 --> 00:51:13,520 Speaker 2: a rat or a possum is powsesome. I don't know either. 1135 00:51:14,640 --> 00:51:17,120 Speaker 2: Plagues are like rats, you know, like the bubon of 1136 00:51:17,120 --> 00:51:19,960 Speaker 2: filthy animal. Yeah, it's got the tail, but it's just yeah, 1137 00:51:19,960 --> 00:51:21,920 Speaker 2: there's like filth all around the earth. 1138 00:51:22,000 --> 00:51:25,800 Speaker 1: Yeah, the name conventions gel up really well with the pictures, 1139 00:51:26,320 --> 00:51:29,480 Speaker 1: with the artwork, and they're both just a little over 1140 00:51:29,520 --> 00:51:29,799 Speaker 1: the top. 1141 00:51:29,960 --> 00:51:34,080 Speaker 2: Yeap. Yeah, expect many more ridiculous names of the different 1142 00:51:34,120 --> 00:51:36,160 Speaker 2: burial beers that will have in the coming weeks. Yeah, 1143 00:51:36,200 --> 00:51:37,759 Speaker 2: but yeah, what were your thoughts though on this beer? All? Right? 1144 00:51:37,960 --> 00:51:40,080 Speaker 1: Say, this was juicy and sharp and it was almost 1145 00:51:40,160 --> 00:51:43,200 Speaker 1: like IPA concentrate, Like, yeah, that's how I think of this, 1146 00:51:43,360 --> 00:51:45,440 Speaker 1: and but that's how I think of most of the 1147 00:51:45,480 --> 00:51:48,759 Speaker 1: burial beers and burial IPAs in particular, because they just 1148 00:51:48,960 --> 00:51:53,760 Speaker 1: make some of the thickest, juiciest, beastly, most beastly IPAs. 1149 00:51:53,800 --> 00:51:55,920 Speaker 2: Yeah, I would say, so this is a single like 1150 00:51:56,120 --> 00:51:58,279 Speaker 2: a regular and in my mind the bot it was 1151 00:51:58,600 --> 00:52:01,640 Speaker 2: relatively light and body considering it's burial, and so it 1152 00:52:01,920 --> 00:52:05,520 Speaker 2: felt like a like a foundational IPA because there's some 1153 00:52:05,560 --> 00:52:08,520 Speaker 2: other ones that we're gonna have that are more over. 1154 00:52:08,360 --> 00:52:10,960 Speaker 1: The top, like maybe this is a nine and then 1155 00:52:11,000 --> 00:52:11,879 Speaker 1: the other one's take. 1156 00:52:11,760 --> 00:52:13,239 Speaker 2: It up to twelve. This is like their equivalent of 1157 00:52:13,280 --> 00:52:16,480 Speaker 2: a session IPA. Just but it was really good, solid 1158 00:52:16,560 --> 00:52:18,160 Speaker 2: and again when you poured it it's kind of got 1159 00:52:18,200 --> 00:52:21,359 Speaker 2: that pale, milky golden color where you can't see through 1160 00:52:21,360 --> 00:52:23,479 Speaker 2: it at all. It's sort of like the new cars today, 1161 00:52:23,600 --> 00:52:26,520 Speaker 2: or like their paint jobs. They've got zero metallic speck 1162 00:52:26,920 --> 00:52:28,560 Speaker 2: or fleck or whatever that's in them, you know, because 1163 00:52:28,600 --> 00:52:30,960 Speaker 2: like the old school and it's super traditional paint jobs. 1164 00:52:31,000 --> 00:52:33,120 Speaker 2: You see them and it's kind of it's got a 1165 00:52:33,120 --> 00:52:34,960 Speaker 2: sparkle to it, Yeah, but like the new ones, they 1166 00:52:34,960 --> 00:52:37,040 Speaker 2: don't have any sparkle. It's just like a flat color. 1167 00:52:37,080 --> 00:52:40,120 Speaker 2: It's shiny, but there's just no additional metallic in it. 1168 00:52:40,200 --> 00:52:43,640 Speaker 2: That's what this is. Yeah, Like it's just solid one 1169 00:52:43,680 --> 00:52:47,799 Speaker 2: note color, but the flavor was anything but one note. 1170 00:52:47,840 --> 00:52:49,720 Speaker 2: I'm glad you and I got to enjoy this one today. 1171 00:52:49,800 --> 00:52:51,720 Speaker 1: Most definitely. All right, that's gonna do it for this one. 1172 00:52:51,880 --> 00:52:54,319 Speaker 1: You can, as always find show notes for this and 1173 00:52:54,560 --> 00:52:56,879 Speaker 1: links to everything we mentioned, as well as a bunch 1174 00:52:56,920 --> 00:52:58,839 Speaker 1: of other money resources up on our site at how 1175 00:52:58,840 --> 00:53:01,719 Speaker 1: toomoney dot com. Don't forget the how to Money credit 1176 00:53:01,800 --> 00:53:03,680 Speaker 1: card tool. You can find that in the upper right 1177 00:53:03,680 --> 00:53:06,399 Speaker 1: hand corner of the homepage at howtomoney dot com. It's 1178 00:53:06,520 --> 00:53:08,520 Speaker 1: super easy to find the best credit card for you, 1179 00:53:08,920 --> 00:53:10,320 Speaker 1: but Matt, that's going to do it for this episode 1180 00:53:10,400 --> 00:53:13,479 Speaker 1: until next time. Best Friends Out and best Friends Out