1 00:00:00,080 --> 00:00:02,680 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt, 2 00:00:02,800 --> 00:00:24,640 Speaker 1: and today we are answering your listener questions. All right, Joel, 3 00:00:24,680 --> 00:00:28,120 Speaker 1: it's time for a listener questions episode. And we've discussed 4 00:00:28,120 --> 00:00:30,880 Speaker 1: this before, but Listener Questions are are They might be 5 00:00:30,880 --> 00:00:34,279 Speaker 1: our favorite episodes because it links us directly to our 6 00:00:34,320 --> 00:00:37,320 Speaker 1: listeners where we're able to specifically answer questions that they 7 00:00:37,320 --> 00:00:39,880 Speaker 1: have when it comes to their personal finances. So I'm 8 00:00:39,880 --> 00:00:43,199 Speaker 1: excited that we've got some great questions on this episode. Specifically, 9 00:00:43,240 --> 00:00:45,839 Speaker 1: we're gonna talk about high yield checking accounts. We've got 10 00:00:45,880 --> 00:00:47,720 Speaker 1: a question from a listener here in Atlanta and he's 11 00:00:47,720 --> 00:00:50,120 Speaker 1: asked what to do with money that he has, and 12 00:00:50,159 --> 00:00:52,239 Speaker 1: he's gonna be coming straight out of college. And we're 13 00:00:52,240 --> 00:00:55,680 Speaker 1: also going to answer a question about cash value life 14 00:00:55,680 --> 00:00:57,960 Speaker 1: insurance and that's not something we often talk about. So 15 00:00:58,000 --> 00:01:01,200 Speaker 1: I'm looking forward to those three plus two others. Yeah, man, 16 00:01:01,200 --> 00:01:03,080 Speaker 1: we're gonna get to them. And I do love the 17 00:01:03,080 --> 00:01:06,200 Speaker 1: listener Questions episodes. They're always fun. But before we get 18 00:01:06,200 --> 00:01:09,320 Speaker 1: to the actual questions, Matt, there was an article I 19 00:01:09,360 --> 00:01:12,080 Speaker 1: saw in Morning Star which is just this awesome publication 20 00:01:12,200 --> 00:01:15,839 Speaker 1: where they dedicate all of their resources to to talking 21 00:01:15,840 --> 00:01:19,360 Speaker 1: about investing in investing well, and one of the investments 22 00:01:19,440 --> 00:01:21,480 Speaker 1: that many of us choose to make at different points 23 00:01:21,480 --> 00:01:24,160 Speaker 1: in time is investing money inside of a five twenty 24 00:01:24,240 --> 00:01:27,840 Speaker 1: nine plan for our kids college future. And they had 25 00:01:27,840 --> 00:01:31,200 Speaker 1: a really great article just the other day asking the 26 00:01:31,280 --> 00:01:34,120 Speaker 1: question does your States five twenty nine plan pay for itself? 27 00:01:34,319 --> 00:01:36,720 Speaker 1: And they kind of went into the investment fees that 28 00:01:37,000 --> 00:01:39,279 Speaker 1: are incurred when you invest in some of these state plans, 29 00:01:39,280 --> 00:01:41,959 Speaker 1: and they also talked about the state tax benefits that 30 00:01:42,080 --> 00:01:44,000 Speaker 1: some of these plans offer too. And so I think 31 00:01:44,000 --> 00:01:46,240 Speaker 1: it's really important for any of our listeners out there 32 00:01:46,240 --> 00:01:48,040 Speaker 1: who have had the idea, who have had the thought 33 00:01:48,120 --> 00:01:49,520 Speaker 1: that that maybe I do want to invest for my 34 00:01:49,600 --> 00:01:52,840 Speaker 1: kids future, well, you should do some digging before you 35 00:01:52,880 --> 00:01:55,240 Speaker 1: make the the default choice just to invest inside of 36 00:01:55,280 --> 00:01:57,800 Speaker 1: your States five twenty nine plan offering, because you might 37 00:01:57,840 --> 00:02:00,480 Speaker 1: find that that opening up a five nine with another 38 00:02:00,880 --> 00:02:05,040 Speaker 1: States nine plan, that you're going to have better investment 39 00:02:05,040 --> 00:02:08,240 Speaker 1: options that have lower fees. And in particular, Matt, a 40 00:02:08,240 --> 00:02:10,680 Speaker 1: couple of the ones that offer the absolute lowest fees 41 00:02:10,680 --> 00:02:12,920 Speaker 1: are Utah in Ohio and so a lot of people 42 00:02:12,919 --> 00:02:15,240 Speaker 1: that don't have a state tax benefit attached to their 43 00:02:15,280 --> 00:02:18,000 Speaker 1: five twenty nine plan, they should consider opening up a 44 00:02:18,000 --> 00:02:20,800 Speaker 1: five account through one of those states that has massively 45 00:02:20,880 --> 00:02:25,000 Speaker 1: prioritized the consumer and and passing on low cost to them. Yeah. Man. 46 00:02:25,120 --> 00:02:26,760 Speaker 1: And one of the things that's really cool about the 47 00:02:26,800 --> 00:02:29,840 Speaker 1: study that Morning Star, uh, that they identified within the 48 00:02:29,880 --> 00:02:33,560 Speaker 1: study is that there are nine states where the benefits 49 00:02:33,560 --> 00:02:36,360 Speaker 1: that you receive from being in state and going with 50 00:02:36,400 --> 00:02:40,440 Speaker 1: your local plan, that those benefits outweigh the additional costs 51 00:02:40,480 --> 00:02:43,119 Speaker 1: of their plan for all eighteen years that you could 52 00:02:43,160 --> 00:02:46,000 Speaker 1: be saving for your kids education. And so if you 53 00:02:46,040 --> 00:02:48,080 Speaker 1: happen to live in one of those states, that's actually 54 00:02:48,320 --> 00:02:50,120 Speaker 1: a huge win. So you don't necessarily have to go 55 00:02:50,240 --> 00:02:53,320 Speaker 1: looking outside of your state. Uh. And you know, like 56 00:02:53,320 --> 00:02:55,880 Speaker 1: you mentioned, will link to this article. We won't go 57 00:02:55,919 --> 00:02:58,320 Speaker 1: through and list all those states necessarily, but we want 58 00:02:58,320 --> 00:03:01,720 Speaker 1: our listeners to be aware that these are options to them. Until. 59 00:03:01,760 --> 00:03:04,000 Speaker 1: One other thing that they mentioned in the study that 60 00:03:04,000 --> 00:03:06,600 Speaker 1: I thought was interesting is that they said that most 61 00:03:06,800 --> 00:03:10,040 Speaker 1: people don't start saving for their kids five twenty nine 62 00:03:10,040 --> 00:03:12,960 Speaker 1: plans until they're at least seven years old, and so 63 00:03:13,000 --> 00:03:15,280 Speaker 1: in those cases, you don't necessarily even need to have 64 00:03:15,480 --> 00:03:18,400 Speaker 1: the full eighteen years worth of expenses covered. You're looking 65 00:03:18,480 --> 00:03:21,280 Speaker 1: at fewer years because obviously you're getting a later start. 66 00:03:21,840 --> 00:03:24,880 Speaker 1: My oldest isn't quite yet seven years old, and I 67 00:03:24,919 --> 00:03:27,400 Speaker 1: will be getting a later start as well if we 68 00:03:27,400 --> 00:03:29,440 Speaker 1: were to uh to fund of five twenty nine. We 69 00:03:29,440 --> 00:03:31,079 Speaker 1: haven't talked about five twenty ns in a while. Do 70 00:03:31,120 --> 00:03:32,680 Speaker 1: you think that's something you and Emily are gonna get 71 00:03:32,680 --> 00:03:34,680 Speaker 1: started for your kids? You know that there's definitely more 72 00:03:34,680 --> 00:03:36,880 Speaker 1: of a likelihood now than when we first talked about it, 73 00:03:36,920 --> 00:03:38,280 Speaker 1: like I don't know, maybe a year and a half, 74 00:03:38,320 --> 00:03:40,720 Speaker 1: two years ago. And it's not just because my oldest 75 00:03:40,800 --> 00:03:43,600 Speaker 1: is just about to reach that magical age seven, but 76 00:03:43,880 --> 00:03:46,240 Speaker 1: it just truly is that we feel comfortable with how 77 00:03:46,320 --> 00:03:48,600 Speaker 1: much we've been able to to save at this point 78 00:03:48,680 --> 00:03:51,160 Speaker 1: for a retirement. We feel like we've kind of accomplished 79 00:03:51,200 --> 00:03:53,280 Speaker 1: a goal in that, and so I feel more ready 80 00:03:53,320 --> 00:03:55,480 Speaker 1: to to start investing for my kids future and for 81 00:03:55,520 --> 00:03:58,320 Speaker 1: their college future, Whereas you know, just two or three 82 00:03:58,360 --> 00:04:00,720 Speaker 1: years ago, I wasn't in that boat. I wanted to 83 00:04:00,760 --> 00:04:03,680 Speaker 1: continue to pile more money into my own retirement accounts 84 00:04:03,680 --> 00:04:05,840 Speaker 1: because for everybody out there listening, that should be your 85 00:04:05,880 --> 00:04:08,560 Speaker 1: number one priority. You shouldn't feel obligated necessarily to save 86 00:04:08,640 --> 00:04:10,400 Speaker 1: for your kids college, although it can be a really 87 00:04:10,480 --> 00:04:12,400 Speaker 1: nice thing to do for your kids. But but the 88 00:04:12,480 --> 00:04:14,920 Speaker 1: number one priority for so many reasons, and we've talked 89 00:04:14,960 --> 00:04:18,440 Speaker 1: about it before, Matt, is your own retirement. Because there 90 00:04:18,440 --> 00:04:20,880 Speaker 1: are any scholarships for retirement right there, but there are 91 00:04:20,920 --> 00:04:23,360 Speaker 1: for college. Yeah, that's right, man. The illustration that we've 92 00:04:23,360 --> 00:04:25,920 Speaker 1: always given is that it's like when you're on a plane, 93 00:04:26,440 --> 00:04:28,520 Speaker 1: or not as much these days, but when you are 94 00:04:28,520 --> 00:04:30,360 Speaker 1: on a plane and they're going through the safety demonstration 95 00:04:30,440 --> 00:04:32,240 Speaker 1: and when the mask falls down, they say, make sure 96 00:04:32,279 --> 00:04:34,720 Speaker 1: that you take care of yourself before you help your kids, 97 00:04:34,800 --> 00:04:36,960 Speaker 1: because if you're not getting oxygen yourself, you're not going 98 00:04:37,000 --> 00:04:39,200 Speaker 1: to be of any help to any of those around you. 99 00:04:39,400 --> 00:04:41,080 Speaker 1: And obviously it might be tough for your kid to 100 00:04:41,120 --> 00:04:42,720 Speaker 1: get a mask on you if you're passed out. So 101 00:04:43,800 --> 00:04:45,560 Speaker 1: can you imagine my little nine month old trying to 102 00:04:45,560 --> 00:04:47,880 Speaker 1: put that mask on me? Be fun? This reaching up 103 00:04:47,880 --> 00:04:50,839 Speaker 1: smacking in the phase. All right, Matt, Let's move on 104 00:04:50,920 --> 00:04:52,880 Speaker 1: to the beer that we're having on the show today. 105 00:04:53,160 --> 00:04:56,200 Speaker 1: This beer is called BLANKI Kong and it's by Savannah 106 00:04:56,279 --> 00:04:59,479 Speaker 1: River Brewing Company. It's a tropical I p a. And 107 00:04:59,520 --> 00:05:01,200 Speaker 1: this is a b re out of your home city 108 00:05:01,240 --> 00:05:03,520 Speaker 1: of Augusta, Georgia. That's right, and I've never been to 109 00:05:03,560 --> 00:05:06,200 Speaker 1: this brewery, so I'm excited to have my first beer 110 00:05:06,480 --> 00:05:09,040 Speaker 1: from Savannah River Brewing Company. Maybe next time Kate and 111 00:05:09,080 --> 00:05:11,600 Speaker 1: I go visit my folks sneak away for a little 112 00:05:11,600 --> 00:05:13,800 Speaker 1: brewery date. Who knows that sounds nice? And by the way, 113 00:05:13,839 --> 00:05:15,920 Speaker 1: big thanks to listener Jeff who sent this one our away. 114 00:05:16,120 --> 00:05:18,360 Speaker 1: All right, Matt, let's get onto the mattered hand. We're 115 00:05:18,400 --> 00:05:20,520 Speaker 1: going to take some listener questions and for folks that 116 00:05:20,600 --> 00:05:22,840 Speaker 1: want to submit their own question for the show, well 117 00:05:22,880 --> 00:05:25,000 Speaker 1: we'd love to hear it and hopefully feature it on 118 00:05:25,000 --> 00:05:27,039 Speaker 1: an upcoming episode. Just go to how to money dot 119 00:05:27,080 --> 00:05:30,120 Speaker 1: com slash ask their super simple directions there for you 120 00:05:30,160 --> 00:05:32,200 Speaker 1: to submit your voice question for us to take on 121 00:05:32,200 --> 00:05:34,560 Speaker 1: an upcoming episode. All right, let's get to the first question. 122 00:05:34,600 --> 00:05:36,520 Speaker 1: This one is about buying real estate when you live 123 00:05:36,560 --> 00:05:40,000 Speaker 1: in an expensive city. Hey guys, my name is Phil. 124 00:05:40,200 --> 00:05:42,800 Speaker 1: Thanks for taking my question. I live outside of Los 125 00:05:42,880 --> 00:05:46,679 Speaker 1: Angeles and my wife and I are interested in investing 126 00:05:46,720 --> 00:05:50,240 Speaker 1: in real estate. We see the one percent rule as 127 00:05:50,279 --> 00:05:55,320 Speaker 1: a common guideline for investors to know whether a property 128 00:05:55,360 --> 00:05:59,440 Speaker 1: is going to work work out or not profitably compared 129 00:05:59,480 --> 00:06:03,560 Speaker 1: to the types of investments. But here in southern California, 130 00:06:03,640 --> 00:06:08,760 Speaker 1: that's pretty impossible to find, at least right now. And 131 00:06:08,839 --> 00:06:11,440 Speaker 1: so I'm wondering, is there ever a time or a 132 00:06:11,520 --> 00:06:15,200 Speaker 1: way that purchasing a property that does not meet the 133 00:06:15,240 --> 00:06:20,280 Speaker 1: one percent rule will actually make sense. We aren't comfortable 134 00:06:20,440 --> 00:06:23,919 Speaker 1: at this time investing out of our market. We like 135 00:06:24,000 --> 00:06:27,760 Speaker 1: the idea of investing in our local town or area, 136 00:06:28,440 --> 00:06:33,039 Speaker 1: but it's just very expensive. So if you can answer that, 137 00:06:33,040 --> 00:06:36,560 Speaker 1: that would be great. Thanks so much. Enjoy the show. Hey, Phil, 138 00:06:36,560 --> 00:06:40,919 Speaker 1: thanks so much for that question. And southern California. California 139 00:06:41,000 --> 00:06:43,000 Speaker 1: is a different ball game altogether when it comes to 140 00:06:43,040 --> 00:06:45,320 Speaker 1: real estate, that's for sure. So one percent, that's a 141 00:06:45,320 --> 00:06:48,400 Speaker 1: great rule of thumb, but it definitely doesn't work everywhere, 142 00:06:48,480 --> 00:06:51,520 Speaker 1: right and in some places like Montgomery, Alabama, or the 143 00:06:51,520 --> 00:06:54,520 Speaker 1: Midwest there in the heartland, you should easily be looking 144 00:06:54,560 --> 00:06:56,760 Speaker 1: to exceed one percent and real quick. For those who 145 00:06:56,800 --> 00:06:58,559 Speaker 1: may not have heard of the one percent rule before, 146 00:06:58,600 --> 00:07:00,719 Speaker 1: the way it works is actually really some uh. The 147 00:07:00,800 --> 00:07:02,360 Speaker 1: one percent rule is when you should be able to 148 00:07:02,400 --> 00:07:04,880 Speaker 1: receive one percent of the purchase price of the home 149 00:07:05,320 --> 00:07:07,640 Speaker 1: in monthly rent. Yeah, that's a good back of the 150 00:07:07,720 --> 00:07:10,240 Speaker 1: envelope figure to have when you're beginning to assess our 151 00:07:10,280 --> 00:07:12,240 Speaker 1: rental property. And when I see a listing and I 152 00:07:12,280 --> 00:07:14,360 Speaker 1: see that it's in the range of the one percent rule, 153 00:07:14,520 --> 00:07:17,280 Speaker 1: for instance, it's a hud house that I could potentially 154 00:07:17,320 --> 00:07:20,920 Speaker 1: get a month in rent for, then I know I'm 155 00:07:20,920 --> 00:07:22,360 Speaker 1: on the right track and it's something i want to 156 00:07:22,440 --> 00:07:26,080 Speaker 1: keep looking into. But first, for you, specifically, Phil, and 157 00:07:26,120 --> 00:07:28,160 Speaker 1: for everyone out there listening, you want to make sure 158 00:07:28,240 --> 00:07:30,520 Speaker 1: that you're not getting the cart before the horse. And 159 00:07:30,640 --> 00:07:32,600 Speaker 1: it's not on the recording, but Phil actually mentioned to 160 00:07:32,640 --> 00:07:35,040 Speaker 1: us in his email that he and his family they're 161 00:07:35,040 --> 00:07:38,360 Speaker 1: doing great maxing out their other retirement accounts. That is awesome. 162 00:07:38,400 --> 00:07:40,440 Speaker 1: If that weren't the case, especially living in a high 163 00:07:40,440 --> 00:07:43,400 Speaker 1: cost market, we would suggest doing that first, taking the 164 00:07:43,440 --> 00:07:46,040 Speaker 1: easy route and putting your money in those tax advantage 165 00:07:46,040 --> 00:07:48,080 Speaker 1: retirement accounts like the one you might have through work 166 00:07:48,200 --> 00:07:50,520 Speaker 1: or a roth IRA. That would be our first suggestion 167 00:07:50,560 --> 00:07:53,080 Speaker 1: before you kind of go down the real estate rabbit hole. Yeah, 168 00:07:53,080 --> 00:07:54,960 Speaker 1: sort of like we just talked about with five twenty 169 00:07:55,000 --> 00:07:57,600 Speaker 1: nine planes, there's an order of investing, there's a hierarchy 170 00:07:57,640 --> 00:07:59,400 Speaker 1: that you kind of want to follow. And Phil also, 171 00:07:59,480 --> 00:08:02,080 Speaker 1: you know, when it comes investing in an expensive city, 172 00:08:02,480 --> 00:08:05,600 Speaker 1: unfortunately your main avenue for wealth building will be appreciation, 173 00:08:05,840 --> 00:08:08,720 Speaker 1: not monthly income. And you know that monthly cash flow 174 00:08:08,760 --> 00:08:11,280 Speaker 1: it's a huge part of why we like real estate. 175 00:08:11,600 --> 00:08:14,040 Speaker 1: So it's a bummer. But in really expensive cities, the 176 00:08:14,080 --> 00:08:17,480 Speaker 1: rent likely won't fully cover your mortgage, and so that's 177 00:08:17,520 --> 00:08:20,120 Speaker 1: sort of another check in the box against real estate 178 00:08:20,160 --> 00:08:23,400 Speaker 1: investing in expensive cities. But fills not dead in the 179 00:08:23,400 --> 00:08:25,560 Speaker 1: water on this, I don't think. I think there are options. 180 00:08:25,800 --> 00:08:27,360 Speaker 1: So let's kind of go over what we think would 181 00:08:27,360 --> 00:08:29,640 Speaker 1: make it possible to actually invest when you do live 182 00:08:29,680 --> 00:08:33,040 Speaker 1: in a high cost city. We think that multifamily properties 183 00:08:33,120 --> 00:08:37,000 Speaker 1: become even more important in your consideration when you're looking 184 00:08:37,000 --> 00:08:40,440 Speaker 1: to invest. That can potentially help up that income generation. 185 00:08:40,480 --> 00:08:42,839 Speaker 1: Matthe you were talking about the cash flow. It may 186 00:08:42,840 --> 00:08:46,960 Speaker 1: not appreciate as quickly because multifamily properties typically don't, but 187 00:08:47,120 --> 00:08:50,000 Speaker 1: the increased revenue should make up for it. And it's 188 00:08:50,040 --> 00:08:52,000 Speaker 1: also even more important to buy a property that you 189 00:08:52,000 --> 00:08:56,160 Speaker 1: can improve yourself and essentially force equity into that property, 190 00:08:56,360 --> 00:09:00,000 Speaker 1: right by doing renovations, landscaping. It's important to get creative. 191 00:09:00,080 --> 00:09:03,000 Speaker 1: But that's something every real estate investor should be looking into. 192 00:09:03,280 --> 00:09:06,240 Speaker 1: If you're only looking at the homes with beautiful pictures 193 00:09:06,480 --> 00:09:09,160 Speaker 1: and you're hoping to make that work, well, then the 194 00:09:09,200 --> 00:09:12,440 Speaker 1: likelihood of making a successful real estate transaction where you're 195 00:09:12,440 --> 00:09:14,760 Speaker 1: actually going to make money is a whole lot less 196 00:09:14,800 --> 00:09:18,720 Speaker 1: if you're looking at the ugly homes that maybe smell 197 00:09:18,800 --> 00:09:21,080 Speaker 1: like a dead animal was was in there. I mean, seriously, 198 00:09:21,120 --> 00:09:23,559 Speaker 1: the uglier the home, the more issues going on, stink 199 00:09:23,640 --> 00:09:26,120 Speaker 1: you're the home exactly, the better, the more likely you're 200 00:09:26,160 --> 00:09:28,960 Speaker 1: gonna get a good deal and that you're going to 201 00:09:29,240 --> 00:09:31,160 Speaker 1: be able to actually reap some profit from it. So 202 00:09:31,160 --> 00:09:33,959 Speaker 1: I would definitely make sure Phil looks in that direction 203 00:09:33,960 --> 00:09:36,240 Speaker 1: and he's not just looking at the nice cute homes 204 00:09:36,480 --> 00:09:39,880 Speaker 1: nearby where where he lives, probably that everybody is looking at, right. Yeah, 205 00:09:39,920 --> 00:09:41,400 Speaker 1: And so I like what you said there, Joe about 206 00:09:41,440 --> 00:09:43,360 Speaker 1: just getting creative. It makes me think of the last 207 00:09:43,400 --> 00:09:46,400 Speaker 1: investment property that Kate and I purchased. It was kind 208 00:09:46,400 --> 00:09:48,720 Speaker 1: of weird. It didn't have a dining room because what 209 00:09:48,760 --> 00:09:51,240 Speaker 1: had happened at some point, maybe thirty years ago, someone 210 00:09:51,240 --> 00:09:54,440 Speaker 1: had converted the dining room into another bedroom, and so 211 00:09:54,520 --> 00:09:56,160 Speaker 1: it was great that it was a three bedroom to 212 00:09:56,320 --> 00:09:59,640 Speaker 1: bath but no dining room, which felt really weird. However, 213 00:09:59,760 --> 00:10:02,520 Speaker 1: what this house did have going for is just adjacent 214 00:10:02,640 --> 00:10:05,520 Speaker 1: to the kitchen was a section of the back deck 215 00:10:05,800 --> 00:10:08,320 Speaker 1: that was completely covered by the roof, and so we 216 00:10:08,360 --> 00:10:11,840 Speaker 1: managed to see the potential that hey, we could enclose 217 00:10:11,920 --> 00:10:13,920 Speaker 1: that space and that could become the dining room. And 218 00:10:13,960 --> 00:10:15,760 Speaker 1: so we were able to you know, a open up 219 00:10:15,760 --> 00:10:18,000 Speaker 1: the wall there to that portion of the covered deck 220 00:10:18,240 --> 00:10:21,000 Speaker 1: and then we enclose that space altogether, finish out the floor. 221 00:10:21,000 --> 00:10:22,760 Speaker 1: I gotta proper interior floor in there, you know, all 222 00:10:22,800 --> 00:10:25,000 Speaker 1: that kind of stuff. And now that's a massive kitchen 223 00:10:25,040 --> 00:10:27,200 Speaker 1: with this nice little eating breakfast nook area off to 224 00:10:27,200 --> 00:10:28,760 Speaker 1: the side where you can have a full size table. 225 00:10:29,000 --> 00:10:31,720 Speaker 1: Because there wasn't plumbing involved, the costs were relatively low, 226 00:10:32,240 --> 00:10:35,760 Speaker 1: and we greatly increased the utility of that house. Uh, 227 00:10:35,800 --> 00:10:37,320 Speaker 1: and it wasn't this weird thing where we had to 228 00:10:37,320 --> 00:10:39,520 Speaker 1: tell potential renters that, oh, yeah, you've got to put 229 00:10:39,559 --> 00:10:41,559 Speaker 1: your your little dining room like right here, right in 230 00:10:41,600 --> 00:10:43,920 Speaker 1: the middle of the kitchen. It's kind of awkward. Sorry, 231 00:10:44,480 --> 00:10:46,080 Speaker 1: it's Something else to mention too, is that, you know, 232 00:10:46,080 --> 00:10:47,840 Speaker 1: we say that this is something that you do yourself, 233 00:10:48,080 --> 00:10:49,720 Speaker 1: and what we mean by that is that you just 234 00:10:50,000 --> 00:10:52,400 Speaker 1: make sure the work happens after you purchase it. We're 235 00:10:52,440 --> 00:10:54,320 Speaker 1: not necessarily saying that you have to actually, you know, 236 00:10:54,360 --> 00:10:56,400 Speaker 1: do the hammering, do the dry wall, to the framing. 237 00:10:56,440 --> 00:10:58,200 Speaker 1: You don't need to do all that yourself. You can't 238 00:10:58,240 --> 00:11:00,599 Speaker 1: say more money can But if that not what you know, 239 00:11:00,600 --> 00:11:02,600 Speaker 1: really do, it's probably best to leave that to the pros. 240 00:11:03,000 --> 00:11:06,880 Speaker 1: I mean, I'm not tackling that handy, but I am 241 00:11:06,880 --> 00:11:09,800 Speaker 1: not willing to construct new walls and expect them to 242 00:11:09,800 --> 00:11:13,760 Speaker 1: be standing within a couple of years. Yeah exactly, Well, yeah, Matt, 243 00:11:13,800 --> 00:11:16,599 Speaker 1: I think to be a landlord, to get into the 244 00:11:16,640 --> 00:11:18,400 Speaker 1: real estate game, you do have to be willing to 245 00:11:18,440 --> 00:11:20,720 Speaker 1: do a little bit of the lake work yourself, and 246 00:11:20,720 --> 00:11:23,080 Speaker 1: it particularly often means being able to see the potential 247 00:11:23,200 --> 00:11:25,800 Speaker 1: in a house as well. And one of the key 248 00:11:25,840 --> 00:11:29,600 Speaker 1: requirements I think of a real estate investor is probably 249 00:11:29,640 --> 00:11:31,920 Speaker 1: a little bit of optimism. It's really helpful to be 250 00:11:31,960 --> 00:11:34,160 Speaker 1: a little bit of an optimist. And when you're looking 251 00:11:34,160 --> 00:11:36,920 Speaker 1: for properties, phil I would say look for lower price 252 00:11:37,000 --> 00:11:40,400 Speaker 1: pockets of properties. On the fringes of town in particularly 253 00:11:40,440 --> 00:11:43,160 Speaker 1: in an expensive city, right, and think about what neighborhoods 254 00:11:43,200 --> 00:11:45,680 Speaker 1: might be the next neighborhood to experience a renaissance or 255 00:11:45,720 --> 00:11:48,520 Speaker 1: to see people flocking to move in there. There's often 256 00:11:48,640 --> 00:11:52,120 Speaker 1: like this domino like effect as neighborhoods change. So look 257 00:11:52,200 --> 00:11:56,760 Speaker 1: to the still mostly undesirable locations neighborhoods right around the 258 00:11:56,760 --> 00:12:00,560 Speaker 1: corner from the neighborhood that's currently experiencing revitalization. Often you're 259 00:12:00,559 --> 00:12:02,920 Speaker 1: gonna pay a much lower price than you would two 260 00:12:02,920 --> 00:12:04,760 Speaker 1: neighborhoods over, But at the same time, there's a lot 261 00:12:04,760 --> 00:12:07,600 Speaker 1: of upside. And in particular because you might be looking 262 00:12:07,720 --> 00:12:11,440 Speaker 1: to invest more for appreciation than cash flow, you're really 263 00:12:11,480 --> 00:12:14,280 Speaker 1: gonna want to be particular about the specific neighborhoods you 264 00:12:14,320 --> 00:12:16,199 Speaker 1: choose to invest in. Yeah, And so, just like we're 265 00:12:16,200 --> 00:12:19,160 Speaker 1: looking for potential in individual homes, you're also looking for 266 00:12:19,200 --> 00:12:21,680 Speaker 1: potential when it comes to parts of town, right. Like, 267 00:12:21,720 --> 00:12:24,319 Speaker 1: So if you know, for instance, that there's this pretty great, 268 00:12:24,440 --> 00:12:28,040 Speaker 1: underrated park you know, near this neighborhood that maybe hasn't 269 00:12:28,080 --> 00:12:31,800 Speaker 1: appreciated quite as much, that's a good sign, right, But 270 00:12:31,840 --> 00:12:33,559 Speaker 1: at the same time, we don't want you to speculate, 271 00:12:33,600 --> 00:12:35,720 Speaker 1: you know, if if you're buying in an area that 272 00:12:35,800 --> 00:12:38,160 Speaker 1: you have high hopes for, like, it still needs to 273 00:12:38,160 --> 00:12:41,720 Speaker 1: be a solid property that's cash flowing. But I personally 274 00:12:41,760 --> 00:12:43,480 Speaker 1: would be willing to accept a little bit less than 275 00:12:43,480 --> 00:12:46,240 Speaker 1: one percent if you feel really good about an area. 276 00:12:46,320 --> 00:12:48,640 Speaker 1: You know, you can just crunch the numbers. Uh. And 277 00:12:48,920 --> 00:12:50,520 Speaker 1: what I would do too, is compare your r o 278 00:12:50,679 --> 00:12:53,040 Speaker 1: I versus what you'd likely be able to get if 279 00:12:53,080 --> 00:12:55,360 Speaker 1: you were to take that money, that down payment and 280 00:12:55,400 --> 00:12:57,880 Speaker 1: put it in the stock market. By looking at the numbers, 281 00:12:57,920 --> 00:13:00,920 Speaker 1: that might actually make your decision a lot easier for you. 282 00:13:01,280 --> 00:13:02,920 Speaker 1: Unless you're really wanting real estate to kind of be 283 00:13:02,960 --> 00:13:04,680 Speaker 1: a part of your life, right, unless you're looking for 284 00:13:04,720 --> 00:13:06,920 Speaker 1: that kind of lifestyle that real estate might be able 285 00:13:06,920 --> 00:13:09,800 Speaker 1: to provide for you long term. Yeah, it's important to Matt. 286 00:13:09,840 --> 00:13:12,640 Speaker 1: You just said long term. And if Phil buys his property, 287 00:13:12,720 --> 00:13:14,320 Speaker 1: he needs to be willing to own it for the 288 00:13:14,360 --> 00:13:18,680 Speaker 1: long term because transaction costs in real estate are incredibly high. 289 00:13:18,920 --> 00:13:21,760 Speaker 1: And so if you buy something and you realize this 290 00:13:21,800 --> 00:13:24,760 Speaker 1: isn't for me, I don't really like being a landlord. 291 00:13:25,040 --> 00:13:26,840 Speaker 1: And again that's another thing Phil is going to need 292 00:13:26,840 --> 00:13:30,120 Speaker 1: to consider is being the landlord is not hiring a 293 00:13:30,160 --> 00:13:33,080 Speaker 1: property management company because they're gonna take a cut, and 294 00:13:33,120 --> 00:13:36,840 Speaker 1: when margins are already thin, that's just another expense that 295 00:13:36,840 --> 00:13:38,800 Speaker 1: that means he's probably not going to be casually positive. 296 00:13:38,880 --> 00:13:42,040 Speaker 1: So Phil, take all those things into consideration. Best of luck. 297 00:13:42,240 --> 00:13:44,240 Speaker 1: We hope you are able to buy some real estate 298 00:13:44,480 --> 00:13:47,360 Speaker 1: in the city where you live, and the appreciation upside 299 00:13:47,600 --> 00:13:50,640 Speaker 1: could be great, even though the monthly cash flow might 300 00:13:50,679 --> 00:13:53,440 Speaker 1: be minimal. Nice. All right, Joel, We've got several more questions, 301 00:13:53,640 --> 00:13:55,480 Speaker 1: including when we didn't mention, we are going to take 302 00:13:55,480 --> 00:13:58,160 Speaker 1: a question from the youngest listener ever I think to 303 00:13:58,280 --> 00:14:00,120 Speaker 1: have ever written into the show. We're gonna get to 304 00:14:00,200 --> 00:14:03,359 Speaker 1: that one. Uh, We're gonna get to hi yield, checking accounts, 305 00:14:03,360 --> 00:14:05,240 Speaker 1: some life insurance. We're gonna get to all that right 306 00:14:05,280 --> 00:14:16,360 Speaker 1: after the break. All right, now, we're back from the break, 307 00:14:16,440 --> 00:14:18,640 Speaker 1: and I'm always surprised at the amount of people that 308 00:14:19,080 --> 00:14:21,360 Speaker 1: don't know that they shouldn't be banking with one of 309 00:14:21,400 --> 00:14:23,720 Speaker 1: the big banks and that they should instead be banking 310 00:14:23,720 --> 00:14:27,080 Speaker 1: with an online bank or potentially even a brokerage account. 311 00:14:27,080 --> 00:14:29,720 Speaker 1: That's what this next question is about. Hey guys, my 312 00:14:29,840 --> 00:14:32,520 Speaker 1: name is Chris, I'm living in Baltimore, Maryland right now, 313 00:14:32,560 --> 00:14:35,680 Speaker 1: but hopefully, you know, later in the summer, I'll move 314 00:14:35,760 --> 00:14:38,800 Speaker 1: back to the Washington, D C. Area where I'm from. 315 00:14:38,920 --> 00:14:41,840 Speaker 1: I am a pretty new listener. I love your podcast, 316 00:14:42,080 --> 00:14:44,520 Speaker 1: and I just had a question. Uh, I've been doing 317 00:14:44,600 --> 00:14:48,120 Speaker 1: research into my checking account and I'm thinking I want 318 00:14:48,160 --> 00:14:50,960 Speaker 1: to make a change. Right now, I'm just in a 319 00:14:51,000 --> 00:14:54,520 Speaker 1: Capital one three account and I'm thinking about making it 320 00:14:54,520 --> 00:14:59,720 Speaker 1: a change to Charles Swabs high yield checking account. Would 321 00:14:59,720 --> 00:15:02,760 Speaker 1: you recommend to hi yield checking account? And you know, 322 00:15:02,800 --> 00:15:05,200 Speaker 1: what's the difference between a high yield checking account and 323 00:15:05,240 --> 00:15:08,080 Speaker 1: just the run of the mill checking account that most 324 00:15:08,120 --> 00:15:12,240 Speaker 1: of us use. Thanks guys, Hey Chris, thanks so much 325 00:15:12,240 --> 00:15:15,240 Speaker 1: for the question. And let's talk about checking and savings 326 00:15:15,240 --> 00:15:17,840 Speaker 1: accounts as well. That's not something you specifically highlighted, but 327 00:15:17,880 --> 00:15:19,400 Speaker 1: we're going to make sure that we we touch on 328 00:15:19,440 --> 00:15:22,600 Speaker 1: that as well. But you mentioned Schwab they in particular, 329 00:15:22,720 --> 00:15:24,640 Speaker 1: you know, they do have one of the best banking 330 00:15:24,640 --> 00:15:27,520 Speaker 1: options out there, not necessarily because of the rate, but 331 00:15:27,600 --> 00:15:30,640 Speaker 1: because their benefits are so solid. Uh. You know, I 332 00:15:30,640 --> 00:15:33,840 Speaker 1: think Schwab actually started the no fee a t M withdrawals, 333 00:15:34,080 --> 00:15:36,800 Speaker 1: So you know, if you do tend to grab cash frequently, 334 00:15:37,120 --> 00:15:38,960 Speaker 1: this is a huge perk. You know, you also won't 335 00:15:39,000 --> 00:15:41,640 Speaker 1: incur any monthly fees like you would with most of 336 00:15:41,640 --> 00:15:43,840 Speaker 1: the big banks. A lot of the online banks these 337 00:15:43,880 --> 00:15:45,800 Speaker 1: days are making sure that they're taking care of all 338 00:15:45,840 --> 00:15:48,240 Speaker 1: the fees for you, and Schwab in particular, they have 339 00:15:48,280 --> 00:15:51,600 Speaker 1: no foreign transaction fees if you're gonna use their debit 340 00:15:51,600 --> 00:15:54,360 Speaker 1: card either, so this is a legit great option if 341 00:15:54,360 --> 00:15:56,560 Speaker 1: you're going to be looking to get money out of 342 00:15:56,600 --> 00:15:59,280 Speaker 1: an a T M overseas. Yeah, man, most people don't 343 00:15:59,280 --> 00:16:03,160 Speaker 1: think about investment companies for banking right We're typically uh 344 00:16:03,280 --> 00:16:05,600 Speaker 1: inundated with ads for the big banks, which is why 345 00:16:05,680 --> 00:16:08,680 Speaker 1: most people end up going there. And maybe sometimes you're 346 00:16:08,680 --> 00:16:11,280 Speaker 1: spending some time on YouTube or Hulu, you might see 347 00:16:11,360 --> 00:16:13,600 Speaker 1: an ad for an online bank and you're like, huh okay, 348 00:16:13,600 --> 00:16:16,640 Speaker 1: maybe I'll check that out. But most people avoid them, 349 00:16:16,680 --> 00:16:19,640 Speaker 1: but you never see ads. It seems like for the 350 00:16:20,160 --> 00:16:23,520 Speaker 1: brokerage companies that have actually really good banking services, and 351 00:16:23,640 --> 00:16:26,080 Speaker 1: Schwab is one of them. Fidelities another so if I 352 00:16:26,080 --> 00:16:28,680 Speaker 1: am wealth Front are kind of newer players in the 353 00:16:28,680 --> 00:16:31,600 Speaker 1: space too, and they've had great options as well, so, Matt. Ultimately, 354 00:16:31,640 --> 00:16:33,600 Speaker 1: I think you and I both think that more people 355 00:16:33,800 --> 00:16:37,240 Speaker 1: should consider actually doing banking with the company that they 356 00:16:37,320 --> 00:16:40,160 Speaker 1: invest through totally man and and also too, I'm expecting 357 00:16:40,200 --> 00:16:42,600 Speaker 1: to see maybe even more innovation coming from some of 358 00:16:42,640 --> 00:16:44,920 Speaker 1: these online companies right as more players enter the market. 359 00:16:44,960 --> 00:16:48,240 Speaker 1: They're all looking to get everyone's attention right like they 360 00:16:48,280 --> 00:16:50,560 Speaker 1: want their business, they want to stand out exactly, and 361 00:16:50,560 --> 00:16:52,280 Speaker 1: so I'm hoping to see some really cool stuff in 362 00:16:52,280 --> 00:16:54,240 Speaker 1: the future when it comes to some of these online banks, 363 00:16:54,480 --> 00:16:57,080 Speaker 1: some of these brokerages as well. But Chris, let's talk 364 00:16:57,080 --> 00:16:59,400 Speaker 1: specifically about the rates. You know, if the perks of 365 00:16:59,440 --> 00:17:01,440 Speaker 1: the SCHWABA count, if that works well for you, then 366 00:17:01,480 --> 00:17:03,960 Speaker 1: you know, make that happen. But it's definitely worth noting 367 00:17:04,040 --> 00:17:07,000 Speaker 1: that the current rate on Schwab's High Yield Investor Savings 368 00:17:07,040 --> 00:17:09,919 Speaker 1: account it's almost a full one percent less than the 369 00:17:09,960 --> 00:17:13,840 Speaker 1: Capital one through sixty performance savings account. You only mentioned 370 00:17:13,840 --> 00:17:15,919 Speaker 1: the checking accounts. I'm not sure if you're aware that 371 00:17:15,920 --> 00:17:18,280 Speaker 1: that's an option for you, but since you already have 372 00:17:18,320 --> 00:17:20,800 Speaker 1: an account with Capital one, it might be easier just 373 00:17:20,840 --> 00:17:23,480 Speaker 1: to hop onto your existing account, open up a new 374 00:17:23,480 --> 00:17:25,800 Speaker 1: account and get that savings going and you'll get a 375 00:17:25,840 --> 00:17:28,520 Speaker 1: lot of the digital online benefits that you would receive 376 00:17:28,640 --> 00:17:31,880 Speaker 1: from Schwab from Capital one through sixty. And again, since 377 00:17:31,920 --> 00:17:35,280 Speaker 1: you already have that checking account with Capital one through sixty, 378 00:17:35,400 --> 00:17:37,680 Speaker 1: that could really make a lot of your online banking 379 00:17:37,760 --> 00:17:40,520 Speaker 1: really convenient. Yeah, and I'm probably taking two seconds to 380 00:17:40,560 --> 00:17:42,639 Speaker 1: open up that other account to since they already know 381 00:17:42,720 --> 00:17:44,600 Speaker 1: all about him. It's also important too to note that 382 00:17:44,640 --> 00:17:48,080 Speaker 1: there is a pretty big difference in rates between high 383 00:17:48,119 --> 00:17:51,280 Speaker 1: interest savings and high interest checking accounts for the most part, 384 00:17:51,520 --> 00:17:54,080 Speaker 1: So I personally keep more of my money in a 385 00:17:54,160 --> 00:17:56,520 Speaker 1: high yield savings account and I move funds back and 386 00:17:56,560 --> 00:17:59,920 Speaker 1: forth as needed into the checking account when I'm writing 387 00:18:00,080 --> 00:18:02,000 Speaker 1: check or at the beginning of the months when I 388 00:18:02,040 --> 00:18:04,520 Speaker 1: know that my mortgage payments coming out of there. But 389 00:18:04,600 --> 00:18:07,600 Speaker 1: it's really important, I would say to have both, whether 390 00:18:07,640 --> 00:18:10,320 Speaker 1: it's with the same institution or different institutions. And Matt 391 00:18:10,400 --> 00:18:12,960 Speaker 1: Capital one obviously is a great online bank. They've been 392 00:18:13,040 --> 00:18:15,240 Speaker 1: around a long time. But we also love Ally, we 393 00:18:15,280 --> 00:18:17,800 Speaker 1: love c I T, we love Discover. Those are other 394 00:18:17,880 --> 00:18:20,760 Speaker 1: great online banks worth considering. And now I mean, like 395 00:18:20,800 --> 00:18:24,640 Speaker 1: we said to the broker's houses have great banking options. 396 00:18:24,840 --> 00:18:27,200 Speaker 1: I mean, really, it's an embarrassment of bridges that we 397 00:18:27,200 --> 00:18:29,719 Speaker 1: we have when it comes to choice in the online 398 00:18:29,760 --> 00:18:32,240 Speaker 1: banking space. Nice, We're moving right along, man, Let's get 399 00:18:32,240 --> 00:18:36,359 Speaker 1: to our next question. This one is about life insurance. Hi, Joel, 400 00:18:36,440 --> 00:18:38,359 Speaker 1: Hi man, my name is Kena, and I'm calling to 401 00:18:38,440 --> 00:18:41,920 Speaker 1: inquired by cash value left insurance policies opened up one 402 00:18:42,000 --> 00:18:44,960 Speaker 1: last year as investment tool. However, as I learned more 403 00:18:45,000 --> 00:18:48,080 Speaker 1: about the cash value life insurance policy, I'm seeing it 404 00:18:48,200 --> 00:18:50,120 Speaker 1: more as a negative light than that's a long term 405 00:18:50,160 --> 00:18:52,720 Speaker 1: benefit for me. Do you believe that a cash value 406 00:18:52,760 --> 00:18:55,520 Speaker 1: left insurance policy can be used as investment tool or not? 407 00:18:55,800 --> 00:18:59,320 Speaker 1: If so, why? Thank you? Kina, thanks to your question. 408 00:18:59,400 --> 00:19:00,720 Speaker 1: By the way you do and say where you're from, 409 00:19:00,720 --> 00:19:03,520 Speaker 1: I'm just gonna assume that you are from Hawaii, right, 410 00:19:03,600 --> 00:19:05,480 Speaker 1: because that's where I wish I was. Right now, why 411 00:19:05,520 --> 00:19:08,840 Speaker 1: not then, Kena from Hawaii? All right? Well, Kena, let's 412 00:19:08,840 --> 00:19:12,680 Speaker 1: get to your question and the question of can life 413 00:19:12,680 --> 00:19:16,680 Speaker 1: insurance be used as an investment tool? The answer is yes. 414 00:19:17,080 --> 00:19:20,040 Speaker 1: Cash value when it comes to a life insurance policy 415 00:19:20,280 --> 00:19:23,320 Speaker 1: refers to the savings component that some permanent life insurance 416 00:19:23,359 --> 00:19:25,959 Speaker 1: policies have. The cash value grows the longer you have 417 00:19:26,040 --> 00:19:29,400 Speaker 1: the policy. And there are multiple types of life insurance 418 00:19:29,400 --> 00:19:33,120 Speaker 1: policies and they accrue cash value differently, so it can 419 00:19:33,160 --> 00:19:37,320 Speaker 1: get confusing depending on what particular type of life insurance 420 00:19:37,359 --> 00:19:40,640 Speaker 1: policy you're looking at or what kind of life insurance 421 00:19:40,640 --> 00:19:43,639 Speaker 1: policy you're being sold. Yeah, and Joel, so the reason 422 00:19:43,720 --> 00:19:47,160 Speaker 1: you said sold is because cash value life insurance policies 423 00:19:47,200 --> 00:19:50,720 Speaker 1: they come with a lot more fees and commissions as well. Uh, 424 00:19:50,760 --> 00:19:53,000 Speaker 1: They're being sold to you because whoever is selling it 425 00:19:53,040 --> 00:19:55,720 Speaker 1: to you, like they make a buck, like stand to benefit. Yeah, 426 00:19:55,960 --> 00:19:57,879 Speaker 1: not to mention your monthly premiums. They're also gonna be 427 00:19:58,000 --> 00:20:00,119 Speaker 1: much more every single month than they would be with 428 00:20:00,240 --> 00:20:03,760 Speaker 1: simple level term insurance. Not to mention your monthly premiums, 429 00:20:03,760 --> 00:20:05,879 Speaker 1: they're gonna be much more every single month than they 430 00:20:05,920 --> 00:20:08,720 Speaker 1: would be with simple level term insurance. They can cost 431 00:20:08,840 --> 00:20:12,240 Speaker 1: roughly ten times as much. Uh. And also almost half 432 00:20:12,240 --> 00:20:14,639 Speaker 1: of people they end up ditching these policies within the 433 00:20:14,640 --> 00:20:17,919 Speaker 1: first ten years of the policy because of the exorbitant cost. 434 00:20:18,440 --> 00:20:20,879 Speaker 1: Then you've kind of got the worst of both worlds, right, 435 00:20:20,920 --> 00:20:22,879 Speaker 1: You've paid too much, and then on top of that, 436 00:20:22,920 --> 00:20:25,640 Speaker 1: you don't even have coverage. Yes, so should life insurance 437 00:20:25,680 --> 00:20:29,320 Speaker 1: be used as an investment tool, No, definitely no, because 438 00:20:29,400 --> 00:20:32,400 Speaker 1: returns are much lower than investing in the market through 439 00:20:32,440 --> 00:20:35,639 Speaker 1: tax advantage accounts kinda that you have access to. And 440 00:20:35,680 --> 00:20:37,520 Speaker 1: there's only a small fraction to people where it makes 441 00:20:37,560 --> 00:20:40,320 Speaker 1: sense to actually have a cash value life insurance plan, 442 00:20:40,640 --> 00:20:44,080 Speaker 1: and that's typically people with incredibly high incomes who max 443 00:20:44,160 --> 00:20:46,560 Speaker 1: out all of their other retirement accounts. And even then 444 00:20:46,800 --> 00:20:48,960 Speaker 1: you would want to talk to a financial advisor to 445 00:20:49,000 --> 00:20:50,880 Speaker 1: make sure there weren't other things you should be doing 446 00:20:51,080 --> 00:20:53,760 Speaker 1: before you considered one of these, right. That's because the 447 00:20:53,760 --> 00:20:57,119 Speaker 1: goal of life insurance should be replacement of income for 448 00:20:57,200 --> 00:20:59,920 Speaker 1: loved ones if you pass away. Right, in term, life 449 00:21:00,000 --> 00:21:02,800 Speaker 1: insurance is the thing that does this the very best 450 00:21:03,160 --> 00:21:06,040 Speaker 1: for the least amount of money. It just makes by 451 00:21:06,080 --> 00:21:10,000 Speaker 1: far the most sense for people who are considering life 452 00:21:10,000 --> 00:21:12,439 Speaker 1: insurance in order to take care of their families if 453 00:21:12,480 --> 00:21:14,679 Speaker 1: they were to pass away prematurely. Yeah, and so what 454 00:21:14,720 --> 00:21:17,040 Speaker 1: we would recommend for the vast majority of folks listening 455 00:21:17,080 --> 00:21:19,439 Speaker 1: to this is to think about your life insurance and 456 00:21:19,520 --> 00:21:23,199 Speaker 1: investing completely separately. It's much simpler this way, and the 457 00:21:23,200 --> 00:21:25,760 Speaker 1: products are going to be much easier to understand. As well. 458 00:21:26,080 --> 00:21:28,719 Speaker 1: Just you know, insurance and investing they just don't belong together. 459 00:21:29,240 --> 00:21:31,639 Speaker 1: So shop for a term life policy online at a 460 00:21:31,680 --> 00:21:34,800 Speaker 1: site like policy genius that gets quotes from a dozen 461 00:21:34,840 --> 00:21:37,440 Speaker 1: of the biggest insurance companies out there. Your family will 462 00:21:37,480 --> 00:21:39,680 Speaker 1: be covered in the case of an early death, and 463 00:21:39,760 --> 00:21:41,720 Speaker 1: it won't cost you much at all either. And then 464 00:21:41,760 --> 00:21:44,000 Speaker 1: you can take that difference in premium price, which could 465 00:21:44,000 --> 00:21:45,800 Speaker 1: be hundreds of dollars a month, and then you can 466 00:21:45,800 --> 00:21:48,960 Speaker 1: take that money and invest it in a roth Ira instead. Yeah, 467 00:21:49,000 --> 00:21:52,359 Speaker 1: lower fees. Kina's life insurance will be taken care of. 468 00:21:52,760 --> 00:21:55,439 Speaker 1: She'll be investing more than she otherwise would be, and 469 00:21:55,520 --> 00:21:58,040 Speaker 1: she doesn't have to deal with a cash value life 470 00:21:58,040 --> 00:22:01,159 Speaker 1: insurance policy, which is complicated and also just isn't going 471 00:22:01,200 --> 00:22:04,520 Speaker 1: to provide the returns that she needs. So, Kina, we 472 00:22:04,520 --> 00:22:07,440 Speaker 1: would just say, yeah, avoid cash value life insurance altogether 473 00:22:07,640 --> 00:22:08,960 Speaker 1: and go to the sample route, which is going to 474 00:22:09,040 --> 00:22:11,400 Speaker 1: be better for your finances altogether. All right, Matt, let's 475 00:22:11,440 --> 00:22:14,159 Speaker 1: get to a couple more questions, including in just a minute, 476 00:22:14,280 --> 00:22:17,439 Speaker 1: our youngest listener ever. We're gonna have her question on 477 00:22:17,480 --> 00:22:19,760 Speaker 1: the show. We'll get to those right after the break, 478 00:22:29,160 --> 00:22:31,000 Speaker 1: all right, Joel we're back from the branking. Before we 479 00:22:31,040 --> 00:22:33,800 Speaker 1: take that question from perhaps our youngest listener of all time, 480 00:22:33,840 --> 00:22:36,439 Speaker 1: we've got a question from a listener who's maybe a 481 00:22:36,480 --> 00:22:40,080 Speaker 1: little bit older than her. Let's hear that one now, Hi, Mangel, 482 00:22:40,160 --> 00:22:42,439 Speaker 1: this is called from Atlanta. I just graduated from Georgia 483 00:22:42,480 --> 00:22:44,199 Speaker 1: Tech and decided to blitz through all of your episodes 484 00:22:44,200 --> 00:22:46,120 Speaker 1: of the past three days. Having done that, I feared 485 00:22:46,160 --> 00:22:48,480 Speaker 1: I might as well participate and ask out of money. Basically, 486 00:22:48,520 --> 00:22:50,000 Speaker 1: over my three years in the undergrad I managed to 487 00:22:50,040 --> 00:22:52,960 Speaker 1: pull together about twenty K through winning engineering challenges, campus studies, 488 00:22:52,960 --> 00:22:55,640 Speaker 1: and hot jobs. I specifically finished early to avoid having 489 00:22:55,640 --> 00:22:57,840 Speaker 1: to take student loans us on an issue. So right 490 00:22:57,840 --> 00:22:59,760 Speaker 1: now this money is kind of just sitting around with 491 00:22:59,880 --> 00:23:02,200 Speaker 1: the just to block out four cavid for an emergency fund, 492 00:23:02,200 --> 00:23:04,840 Speaker 1: but I don't do the rest. If my INJURISHIP doesn't 493 00:23:04,880 --> 00:23:07,200 Speaker 1: get canceled, I want to use my internship funds to 494 00:23:07,240 --> 00:23:09,560 Speaker 1: open a raw but that leaves me with like sixteen 495 00:23:09,600 --> 00:23:12,960 Speaker 1: caves previous money. I understand I should dump about it 496 00:23:12,960 --> 00:23:14,640 Speaker 1: in a high interest same as account, but being fresh 497 00:23:14,680 --> 00:23:16,560 Speaker 1: out of college, what should I do with the rest? 498 00:23:17,040 --> 00:23:18,920 Speaker 1: Just a heads up, I'm continue with Graduate School of 499 00:23:18,920 --> 00:23:21,159 Speaker 1: Georgia Tech and was thankfully able to get funded as 500 00:23:21,160 --> 00:23:23,480 Speaker 1: a grad student. Basically, my tuition is gonna get paid 501 00:23:23,520 --> 00:23:25,880 Speaker 1: for and I'm receiving a small stipend, so more educational 502 00:23:25,920 --> 00:23:28,320 Speaker 1: expenses are not really concern for me. Thanks for men 503 00:23:28,400 --> 00:23:30,320 Speaker 1: advice you may provide. Keep up the good work, and 504 00:23:30,359 --> 00:23:33,240 Speaker 1: I really enjoyed the podcast, guys, Carl, thanks to your question. 505 00:23:33,320 --> 00:23:36,360 Speaker 1: I'm glad to have another local Atlanta listener. And man, 506 00:23:36,400 --> 00:23:38,160 Speaker 1: you listen to all of our episodes in three days. 507 00:23:38,520 --> 00:23:41,480 Speaker 1: Some people would consider that tortuous. Other people might think 508 00:23:41,480 --> 00:23:43,600 Speaker 1: that's physically impossible. I think you can. You can do 509 00:23:43,640 --> 00:23:46,760 Speaker 1: it if you listen at like eight times speed like hayex. 510 00:23:47,400 --> 00:23:48,960 Speaker 1: That might be the best way to listen to us. Which, 511 00:23:49,000 --> 00:23:50,719 Speaker 1: by the way, do you still listen that sped up? 512 00:23:50,720 --> 00:23:51,920 Speaker 1: I know you used to do it at like one 513 00:23:52,080 --> 00:23:54,560 Speaker 1: one point five one one point five. I'm more like 514 00:23:54,560 --> 00:23:57,240 Speaker 1: one point five one point seven five. But really, yeah, 515 00:23:56,760 --> 00:23:59,080 Speaker 1: I guess what I can't. I can't even really enjoy 516 00:23:59,119 --> 00:24:00,880 Speaker 1: it if I listen to it that spet up. I'm 517 00:24:00,920 --> 00:24:04,800 Speaker 1: a traditionalist man one X all the way now. I mean, 518 00:24:04,880 --> 00:24:06,600 Speaker 1: there are just a lot of podcasts I like to 519 00:24:06,640 --> 00:24:08,480 Speaker 1: listen to, and I wouldn't get to them if it 520 00:24:08,480 --> 00:24:11,960 Speaker 1: weren't for that. I just delete those. I just Marie 521 00:24:12,000 --> 00:24:14,480 Speaker 1: Condo those things for my life, man. I I'm also 522 00:24:14,560 --> 00:24:17,520 Speaker 1: often listening for kind of the overarching theme of the 523 00:24:17,520 --> 00:24:21,200 Speaker 1: podcast and less for the specifics and the nuance of it. Um, 524 00:24:21,240 --> 00:24:24,600 Speaker 1: I get that which I fits your personality, that can 525 00:24:24,640 --> 00:24:27,080 Speaker 1: be listening on one xso fits my personalities. Yeah, I 526 00:24:27,080 --> 00:24:28,560 Speaker 1: don't know what that says about me here if it's good, 527 00:24:28,560 --> 00:24:31,639 Speaker 1: but that's what I do. So all right, But Carl, 528 00:24:31,680 --> 00:24:35,000 Speaker 1: you must be frugal to have saved that much money 529 00:24:35,280 --> 00:24:37,920 Speaker 1: while in college, which are typically the most frugal times 530 00:24:38,040 --> 00:24:40,680 Speaker 1: of all of our lives. And and right off the bat, 531 00:24:40,920 --> 00:24:43,200 Speaker 1: we do love the idea of keeping at least four 532 00:24:43,280 --> 00:24:45,280 Speaker 1: K in an emergency fund that's going to really help 533 00:24:45,359 --> 00:24:47,439 Speaker 1: you out, and in particular with the uncertainty in our 534 00:24:47,440 --> 00:24:50,399 Speaker 1: economy these days, having that solid emergency fund is a 535 00:24:50,520 --> 00:24:52,560 Speaker 1: great move. And it sounds like you're in a sweet 536 00:24:52,560 --> 00:24:56,359 Speaker 1: position with your additional education and no tuition plus that 537 00:24:56,480 --> 00:25:00,040 Speaker 1: stipend for grad school. That's awesome. That's great, right, And 538 00:25:00,080 --> 00:25:01,960 Speaker 1: if your expenses are going to remain low, then you 539 00:25:01,960 --> 00:25:04,919 Speaker 1: should definitely be looking to invest a portion of this 540 00:25:05,000 --> 00:25:07,440 Speaker 1: additional money you've got. Yeah, Carl, what's great about that 541 00:25:07,440 --> 00:25:09,239 Speaker 1: grad school set up that you've got going on is 542 00:25:09,320 --> 00:25:12,760 Speaker 1: that you're stipend. It's not counted as wages for tax purposes, 543 00:25:13,160 --> 00:25:15,520 Speaker 1: but it does count as income, which is great because 544 00:25:15,520 --> 00:25:17,680 Speaker 1: that means you can then open up that roth ira 545 00:25:17,680 --> 00:25:20,480 Speaker 1: a with the great low cost investment company like Fidelity 546 00:25:20,560 --> 00:25:23,600 Speaker 1: Vanguard and one's great as well. Since you can put 547 00:25:23,600 --> 00:25:25,840 Speaker 1: in six thousand dollars a year into that rath, we 548 00:25:25,840 --> 00:25:27,720 Speaker 1: would recommend that you go ahead and toss as much 549 00:25:27,880 --> 00:25:30,480 Speaker 1: in it as you can now and then if possible, 550 00:25:30,480 --> 00:25:33,080 Speaker 1: put another six thousand dollars in it come January and 551 00:25:33,119 --> 00:25:35,679 Speaker 1: so boom, that's twelve thous dollars right there. You've we've 552 00:25:35,680 --> 00:25:37,520 Speaker 1: already mentioned four thousand dollars that's gonna be in your 553 00:25:37,520 --> 00:25:40,000 Speaker 1: emergency fund. So that's sixteen. Now we've only got four 554 00:25:40,040 --> 00:25:42,040 Speaker 1: thousand dollars left to deal with. Yeah. By the way, man, 555 00:25:42,119 --> 00:25:43,720 Speaker 1: I'm gonna ask my employer if I can get paid 556 00:25:43,760 --> 00:25:46,080 Speaker 1: a stipend instead of status because it sounds like it 557 00:25:46,119 --> 00:25:49,200 Speaker 1: is better for tax purposes, right, Yeah, what's technically required 558 00:25:49,240 --> 00:25:52,280 Speaker 1: to be able to call what we earn stipends, not salaries. 559 00:25:52,359 --> 00:25:54,000 Speaker 1: That's a good question, sounds great. I didn't delve that 560 00:25:54,040 --> 00:25:57,200 Speaker 1: far into it. Uh, And so Carl, we would say, 561 00:25:57,240 --> 00:26:00,000 Speaker 1: with that last four thousand bucks, and normally we'd also 562 00:26:00,080 --> 00:26:02,760 Speaker 1: recommend to set aside some of that money either for 563 00:26:02,840 --> 00:26:06,760 Speaker 1: additional investment opportunities, maybe seed money for a side business 564 00:26:06,840 --> 00:26:08,760 Speaker 1: that you wanted to start. But with grad school on 565 00:26:08,800 --> 00:26:12,880 Speaker 1: the horizon for you, entrepreneurship probably isn't your likely next move, 566 00:26:12,960 --> 00:26:15,359 Speaker 1: or at least it's not in your super immediate future. 567 00:26:15,600 --> 00:26:18,200 Speaker 1: So we'd recommend that you take ten percent maybe more, 568 00:26:18,560 --> 00:26:21,160 Speaker 1: have some fun with that money, maybe travel when normal 569 00:26:21,200 --> 00:26:23,080 Speaker 1: travel starts to kind of resume, or setting aside some 570 00:26:23,119 --> 00:26:25,520 Speaker 1: of the money for experiences that you really want to have, 571 00:26:25,800 --> 00:26:27,680 Speaker 1: at least the ones that are still possible these days, right, 572 00:26:28,040 --> 00:26:30,800 Speaker 1: Or start saving up for your next big purchase, maybe 573 00:26:30,800 --> 00:26:33,840 Speaker 1: a sweet bike or maybe even like a triplex, right 574 00:26:33,960 --> 00:26:36,200 Speaker 1: that that's going to be the next great investment. Where 575 00:26:36,480 --> 00:26:38,680 Speaker 1: near the school where you're currently going, near Georgia Tech, 576 00:26:38,760 --> 00:26:40,720 Speaker 1: and you can run out the other parts to other 577 00:26:40,760 --> 00:26:43,119 Speaker 1: students for grand probably isn't gonna get you very far 578 00:26:43,160 --> 00:26:44,840 Speaker 1: into down payment, but at least they can get you 579 00:26:44,920 --> 00:26:46,960 Speaker 1: kind of started in that direction or other things to 580 00:26:47,040 --> 00:26:50,359 Speaker 1: think about. But also don't be afraid to have fun 581 00:26:50,480 --> 00:26:52,520 Speaker 1: with your money, because Matt and I fully believe that 582 00:26:52,560 --> 00:26:55,520 Speaker 1: there is a really important need to enjoy some of 583 00:26:55,560 --> 00:26:57,639 Speaker 1: the money that you have and not solely be thinking 584 00:26:57,640 --> 00:27:00,679 Speaker 1: about your financial future. So Carl, congrat on being in 585 00:27:00,760 --> 00:27:03,760 Speaker 1: great shape financially, right, you know, starting investing this early 586 00:27:04,119 --> 00:27:06,320 Speaker 1: in your early twenties, and then on top ofot graduating 587 00:27:06,320 --> 00:27:08,720 Speaker 1: with zero dollars in student loan debt, You're just in 588 00:27:08,880 --> 00:27:11,520 Speaker 1: a fantastic place, all right. Well, Joel, it's time now 589 00:27:11,520 --> 00:27:13,440 Speaker 1: for our last question, and this is from our young 590 00:27:13,520 --> 00:27:15,920 Speaker 1: listener out there on the West Coast. Let's hear it. Hey, 591 00:27:16,040 --> 00:27:19,000 Speaker 1: Joelan Matte. My name is Lilah. I'm fourteen years old 592 00:27:19,040 --> 00:27:21,760 Speaker 1: and I'm from California. I am a circus performer, and 593 00:27:21,760 --> 00:27:24,239 Speaker 1: I'm starting a podcast called The Little Circus with one 594 00:27:24,240 --> 00:27:26,959 Speaker 1: of my friends and teammates. I've been listening to your 595 00:27:27,000 --> 00:27:29,920 Speaker 1: podcast for a while and absolutely love it. I wanted 596 00:27:29,920 --> 00:27:33,840 Speaker 1: to ask how you edit and publish your podcast. Thanks, Lila, 597 00:27:33,960 --> 00:27:35,720 Speaker 1: We're so glad to have you as a listener and 598 00:27:35,800 --> 00:27:37,480 Speaker 1: so happy to take your question on the show to 599 00:27:37,840 --> 00:27:40,120 Speaker 1: you're definitely the youngest listener we've had reach out let 600 00:27:40,119 --> 00:27:42,560 Speaker 1: alone send us a question, and we hope that we 601 00:27:42,680 --> 00:27:46,240 Speaker 1: can have a positive impact on your endeavors to create 602 00:27:46,280 --> 00:27:48,240 Speaker 1: this podcast. And that one thing I want us to 603 00:27:48,240 --> 00:27:52,080 Speaker 1: mention because when we were just answering Carl's question about investing, well, 604 00:27:52,359 --> 00:27:56,560 Speaker 1: Lila has this incredible opportunity being just fourteen years old 605 00:27:57,200 --> 00:28:01,679 Speaker 1: for compounding returns to draft change how much she is 606 00:28:01,680 --> 00:28:04,240 Speaker 1: able to have in retirement. So live, I promise we're 607 00:28:04,240 --> 00:28:06,439 Speaker 1: gonna get your question in one second. But if you 608 00:28:06,480 --> 00:28:09,160 Speaker 1: start investing while you're this young, with some of your 609 00:28:09,160 --> 00:28:12,960 Speaker 1: earnings from the circus or potentially from podcast income, you'll 610 00:28:13,000 --> 00:28:15,720 Speaker 1: have a ton of money save for retirement someday. Basically, 611 00:28:16,240 --> 00:28:18,760 Speaker 1: Matt and I ran the numbers of a fourteen year old, 612 00:28:18,840 --> 00:28:22,119 Speaker 1: which is you saves three thousand dollars annually for eight years, 613 00:28:22,320 --> 00:28:25,040 Speaker 1: putting the money into a roth Ira account. And let's 614 00:28:25,040 --> 00:28:27,639 Speaker 1: say you just stopped when you were aged twenty two, right, 615 00:28:28,160 --> 00:28:31,280 Speaker 1: you would still have almost a million dollars by the 616 00:28:31,280 --> 00:28:33,840 Speaker 1: time you turn sixty five. And that's just pretty incredible. 617 00:28:33,880 --> 00:28:35,720 Speaker 1: I just wanted to throw that out there as motivation 618 00:28:36,040 --> 00:28:39,040 Speaker 1: that a small sum of money invested for just a 619 00:28:39,160 --> 00:28:43,280 Speaker 1: small handful of years can turn into something gigantic because 620 00:28:43,520 --> 00:28:46,680 Speaker 1: of the power of compounding returns. It's pretty incredible. That's 621 00:28:46,680 --> 00:28:50,120 Speaker 1: the power of compounding interest. Man. Uh So, Lilah, you know, 622 00:28:50,160 --> 00:28:52,320 Speaker 1: congrats on getting ready to start a podcast. It is 623 00:28:52,360 --> 00:28:55,000 Speaker 1: a ton of fun. Uh And when it comes to editing, 624 00:28:55,440 --> 00:28:59,160 Speaker 1: we use Adobe Audition to edit. Joel specifically been using 625 00:28:59,200 --> 00:29:02,160 Speaker 1: Audition for past fifteen years and it's a really great product. 626 00:29:02,360 --> 00:29:04,760 Speaker 1: But there are great freeways for you to edit podcasts 627 00:29:04,760 --> 00:29:08,520 Speaker 1: as well because that Adobe Audition program becomes at a premium. 628 00:29:08,640 --> 00:29:10,800 Speaker 1: Uh So, check out Garage Band if you happen to 629 00:29:10,800 --> 00:29:13,480 Speaker 1: have a Mac. If not, or even if you do 630 00:29:13,520 --> 00:29:15,680 Speaker 1: have a Mac, you can check out Audacity as well, 631 00:29:15,720 --> 00:29:18,040 Speaker 1: which you can get online as a free download. It's 632 00:29:18,040 --> 00:29:21,160 Speaker 1: an open source software. Those are both really solid free 633 00:29:21,240 --> 00:29:23,560 Speaker 1: editing programs that will allow you to to tweak and 634 00:29:23,640 --> 00:29:26,520 Speaker 1: enhance your sound with different manual changes you can use 635 00:29:26,760 --> 00:29:29,840 Speaker 1: or by just using filters. Yeah, editing is certainly a 636 00:29:29,880 --> 00:29:33,080 Speaker 1: helpful thing to understand. And in addition to the fact 637 00:29:33,320 --> 00:29:36,480 Speaker 1: that some of these editing programs are free and they've 638 00:29:36,480 --> 00:29:38,920 Speaker 1: gotten pretty good and at the same time, you can 639 00:29:38,960 --> 00:29:42,160 Speaker 1: search for YouTube or blog posts on how to make 640 00:29:42,160 --> 00:29:45,280 Speaker 1: your audio sound great before you press record on your 641 00:29:45,320 --> 00:29:47,800 Speaker 1: first episode. Right, it's so important that you have a 642 00:29:47,840 --> 00:29:49,840 Speaker 1: good setup and that you work to reduce noise in 643 00:29:49,840 --> 00:29:51,960 Speaker 1: the room when you're recording. Some of this is trial 644 00:29:52,040 --> 00:29:54,440 Speaker 1: and air, like for example, Matt and I used to 645 00:29:54,440 --> 00:29:57,600 Speaker 1: sit in a big empty room upstairs in his dining room, 646 00:29:57,760 --> 00:30:00,640 Speaker 1: and that gave us a lot of echo in are recording. 647 00:30:00,840 --> 00:30:02,520 Speaker 1: But if you can sit in a small quiet room 648 00:30:02,560 --> 00:30:04,800 Speaker 1: with lots of rugs and curtains, some things that kind 649 00:30:04,800 --> 00:30:07,800 Speaker 1: of helped dampen that sound, then you'll find you'll get 650 00:30:07,840 --> 00:30:10,440 Speaker 1: a better audio result. And when it comes to hosting 651 00:30:10,480 --> 00:30:12,880 Speaker 1: and how you get your podcast up everywhere so people 652 00:30:12,880 --> 00:30:15,840 Speaker 1: can listen to it, well, we would recommend buzz Sprout. 653 00:30:15,920 --> 00:30:19,080 Speaker 1: There are lots of great, super cheap hosting platforms for podcasts. 654 00:30:19,240 --> 00:30:21,320 Speaker 1: Buzz Sprout is one that we used for quite a 655 00:30:21,320 --> 00:30:23,560 Speaker 1: long time and we had a great experience with them, 656 00:30:23,720 --> 00:30:26,080 Speaker 1: and we thought their pricing was pretty great too. And 657 00:30:26,120 --> 00:30:27,960 Speaker 1: at the same time, they'll make it super easy for 658 00:30:28,040 --> 00:30:30,920 Speaker 1: you to push your podcast out everywhere so that Matt 659 00:30:30,920 --> 00:30:32,480 Speaker 1: and I can listen to it or anybody else who's 660 00:30:32,480 --> 00:30:34,360 Speaker 1: currently listening to the show and wants to know more 661 00:30:34,400 --> 00:30:36,320 Speaker 1: about The Little Circus and what you're up to. Yes, 662 00:30:36,320 --> 00:30:38,160 Speaker 1: said loudly, thanks so much for your question. And you 663 00:30:38,160 --> 00:30:40,640 Speaker 1: know what, drop us a line once the Little Circus, 664 00:30:40,640 --> 00:30:43,560 Speaker 1: once your podcast goes live, we would love to give 665 00:30:43,560 --> 00:30:45,560 Speaker 1: it a listen and to to hear what life is 666 00:30:45,640 --> 00:30:48,760 Speaker 1: like on the inside of a an artistic, high caliber 667 00:30:49,160 --> 00:30:50,719 Speaker 1: circus that you're a part of, like that out there 668 00:30:50,720 --> 00:30:52,960 Speaker 1: in California. Yeah, Matt, you got requested to be in 669 00:30:53,000 --> 00:30:54,800 Speaker 1: a low grade circus one time, right because you got 670 00:30:54,840 --> 00:30:57,880 Speaker 1: these like and I accepted because I'm all about you 671 00:30:57,960 --> 00:31:00,000 Speaker 1: got some weird talents, man. Yeah. One of the thing 672 00:31:00,000 --> 00:31:01,840 Speaker 1: as they called me on for was to talk about beer. 673 00:31:01,880 --> 00:31:04,280 Speaker 1: They wanted to know what my thoughts were on specific beers, 674 00:31:04,280 --> 00:31:05,840 Speaker 1: and I said, no, I've got a podcast for that. 675 00:31:06,200 --> 00:31:09,840 Speaker 1: Just tune into that you'll find out. Yeah. Malilah super cool, 676 00:31:09,880 --> 00:31:12,000 Speaker 1: really interested to see what she does with the podcast. 677 00:31:12,240 --> 00:31:14,040 Speaker 1: And the great thing is, Matt, anybody can start one, 678 00:31:14,240 --> 00:31:16,560 Speaker 1: and with just a few little things, you can make 679 00:31:16,600 --> 00:31:19,440 Speaker 1: it sound so much better than the average podcast it 680 00:31:19,480 --> 00:31:21,560 Speaker 1: gets released, and it's just so fun because you can 681 00:31:21,560 --> 00:31:23,800 Speaker 1: be as creative as you want to be with it, 682 00:31:23,960 --> 00:31:25,560 Speaker 1: And so, like you said, I mean, we have had 683 00:31:26,120 --> 00:31:28,800 Speaker 1: a great deal of fun creating this show, making it 684 00:31:28,800 --> 00:31:31,240 Speaker 1: our own, developing a community around it, and I think 685 00:31:31,320 --> 00:31:32,960 Speaker 1: Lila is going to be able to do the same 686 00:31:33,160 --> 00:31:35,440 Speaker 1: with the Little Circus. So all right, Matt, let's get 687 00:31:35,440 --> 00:31:37,600 Speaker 1: back to the beer that we had on the show today. 688 00:31:38,040 --> 00:31:41,480 Speaker 1: This one's called Blanky Kong and it's a tropical I 689 00:31:41,600 --> 00:31:45,360 Speaker 1: p A from Savannah River Brewing Company. You said blanky 690 00:31:45,440 --> 00:31:47,200 Speaker 1: Kong at the beginning of the episode two, and I 691 00:31:47,240 --> 00:31:48,719 Speaker 1: thought by the end of it you would you call 692 00:31:48,760 --> 00:31:51,480 Speaker 1: it blanky Kong because it's like Donkey Kong. Yeah, oh 693 00:31:51,480 --> 00:31:54,000 Speaker 1: that's a good king. It's like Savignon blanc Hops or whatever. 694 00:31:54,080 --> 00:31:56,520 Speaker 1: But it's not Hellertow blank Hops. There you go, it's 695 00:31:56,520 --> 00:31:59,160 Speaker 1: not Savignon. But but yeah, I think it's blank like, 696 00:31:59,480 --> 00:32:01,160 Speaker 1: you know, like the French say. That's a good point. 697 00:32:01,920 --> 00:32:05,480 Speaker 1: I'm not very refined, but yeah, this beer was was 698 00:32:05,520 --> 00:32:08,920 Speaker 1: really interesting. Sent to us by listener Jeff from Augusta 699 00:32:09,320 --> 00:32:11,720 Speaker 1: and Matt, I'll give my thoughts first, real quick. This 700 00:32:12,120 --> 00:32:14,120 Speaker 1: definitely tasted like an I p A that I would 701 00:32:14,280 --> 00:32:16,880 Speaker 1: order on like a tropical vacation. I feel like it. 702 00:32:16,880 --> 00:32:20,600 Speaker 1: It had a lot of those tropical tones coming through 703 00:32:20,920 --> 00:32:23,320 Speaker 1: because of the hops, Like there weren't actually any fruits 704 00:32:23,360 --> 00:32:25,600 Speaker 1: put into this beer. It was just the hops kind 705 00:32:25,600 --> 00:32:28,440 Speaker 1: of coming forward and shining through. And so yeah, I 706 00:32:28,480 --> 00:32:30,560 Speaker 1: really enjoyed this one. I like it a nice tropical 707 00:32:30,600 --> 00:32:32,240 Speaker 1: I pa every now and again. You know, I wonder 708 00:32:32,240 --> 00:32:35,040 Speaker 1: if they make it from Savannah River water. Maybe, I 709 00:32:35,040 --> 00:32:38,800 Speaker 1: guess after it's cleaned. I'm just as I love Blankie 710 00:32:38,840 --> 00:32:40,640 Speaker 1: Kong so much. That might be like the most Southern 711 00:32:40,720 --> 00:32:42,520 Speaker 1: thing you've ever said it. Also, it makes me think 712 00:32:42,560 --> 00:32:46,000 Speaker 1: that I'm like he's holding a blanket or something. You know, Blanky, Well, 713 00:32:46,040 --> 00:32:48,560 Speaker 1: you have very refined taste in beer, I'll say that, Joel. 714 00:32:48,800 --> 00:32:50,240 Speaker 1: You know, as we poured this one, it poured a 715 00:32:50,320 --> 00:32:54,040 Speaker 1: nice hazy golden color, definitely had that tropical nose. It 716 00:32:54,080 --> 00:32:56,080 Speaker 1: smelled really good, and to me, it had a lot 717 00:32:56,160 --> 00:32:59,400 Speaker 1: of pineapple flavors going on a little bit of that 718 00:32:59,480 --> 00:33:02,000 Speaker 1: freshness because the beer was like kind of tingly, so 719 00:33:02,040 --> 00:33:03,880 Speaker 1: it made me think it was really fresh, but it 720 00:33:03,920 --> 00:33:06,080 Speaker 1: also kind of reminded me of the pineapple flavors that 721 00:33:06,120 --> 00:33:08,959 Speaker 1: you get out of one of those dull metal tubs 722 00:33:09,000 --> 00:33:11,720 Speaker 1: of pineapple juice, you know, like imagine taking a little 723 00:33:11,760 --> 00:33:14,000 Speaker 1: triangle puncher and you like punch one hole on one 724 00:33:14,000 --> 00:33:15,400 Speaker 1: side and then you punch the other hole on the 725 00:33:15,440 --> 00:33:17,080 Speaker 1: other side so it can breathe, and then you pour 726 00:33:17,080 --> 00:33:19,560 Speaker 1: out all that pineapple juice. I gotta think that maybe 727 00:33:19,560 --> 00:33:21,520 Speaker 1: that was part of their brain process. Maybe not. I 728 00:33:21,520 --> 00:33:23,920 Speaker 1: don't want to offend, like maybe they only use, you know, 729 00:33:23,960 --> 00:33:27,400 Speaker 1: the finest, freshest ingredients, But I think it's really good. Man. 730 00:33:27,440 --> 00:33:29,160 Speaker 1: I'm not against one of those old flavors. I'm not 731 00:33:29,160 --> 00:33:31,000 Speaker 1: against pineapple juice in my I p a like, yeah, 732 00:33:31,080 --> 00:33:35,080 Speaker 1: I'm all about weird concoctions and interesting new attempts at 733 00:33:35,080 --> 00:33:37,840 Speaker 1: making something unique and delicious. And yeah, I thought this 734 00:33:37,920 --> 00:33:42,040 Speaker 1: beer Blanky Kong was was very good. So yeah, another 735 00:33:42,040 --> 00:33:44,280 Speaker 1: big thanks to Jeff for sending this one our way. Yeah. Plus, 736 00:33:44,320 --> 00:33:46,440 Speaker 1: it's got really cool illustration. The labels are really tight. 737 00:33:46,480 --> 00:33:48,360 Speaker 1: I love the all the colors. It's got all those 738 00:33:48,400 --> 00:33:50,920 Speaker 1: tropical fun colors on there as well. Makes you feel 739 00:33:50,920 --> 00:33:53,040 Speaker 1: like I'm in a tiki bar, which are awesome. I 740 00:33:53,080 --> 00:33:55,560 Speaker 1: love tikey bars too. All right, man, Well that's gonna 741 00:33:55,600 --> 00:33:57,520 Speaker 1: be it for this episode. Listeners can find our shot 742 00:33:57,520 --> 00:34:00,800 Speaker 1: notes up on our website at how to Money. Come Yeah, 743 00:34:00,840 --> 00:34:03,280 Speaker 1: And if you are an awesome person, you've been listening 744 00:34:03,320 --> 00:34:05,479 Speaker 1: for a long time, but you un awesomely have not 745 00:34:05,600 --> 00:34:08,279 Speaker 1: left a review yet, we would greatly appreciate it if 746 00:34:08,280 --> 00:34:10,680 Speaker 1: you would hop on over to Apple Podcast and take 747 00:34:10,680 --> 00:34:13,200 Speaker 1: twenty seconds to say something nice about the show. It 748 00:34:13,239 --> 00:34:15,440 Speaker 1: helps other people find out about our podcast so that 749 00:34:15,520 --> 00:34:18,200 Speaker 1: they too can take more control over their money, having 750 00:34:18,360 --> 00:34:20,919 Speaker 1: better financial results, and that's what we're all about, all right, Matt, 751 00:34:20,960 --> 00:34:23,799 Speaker 1: that's gonna be it for this episode until next time. 752 00:34:24,080 --> 00:34:25,960 Speaker 1: Best Friends Out, Best Friends Out,