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Speaker 1: Welcome to Had of Money. I'm Joel, I'm Matt, and

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Speaker 1: today we're answering your listener questions.

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Speaker 2: That's right, buddy, We've got listener questions to get to.

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Speaker 2: This Monday. We've got a relational money question that I'm

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Speaker 2: actually really looking forward. It's not the best situation, but

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Speaker 2: I am looking forward to it because we don't talk

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Speaker 2: about relationship kind of stuff as opposed to like the

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Speaker 2: nuts and bolts, which is typically what we talk about

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Speaker 2: here on the show.

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Speaker 1: All right, so let's talk about this. Should you marry

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Speaker 1: rich Matt? Should you marry for money? That's going to

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Speaker 1: be the question that we get to. That's what actually

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Speaker 1: Emily always tells me if you were to die, I

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Speaker 1: would only marry for money the next time around.

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Speaker 2: Really, yeah, she's like one hundred percent. Serio.

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Speaker 1: I don't think she means it, Okay, I mean she

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Speaker 1: says it a lot, so maybe she does. I think

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Speaker 1: it was just trying to say. What she means is

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Speaker 1: I love you. I could never love someone else like you.

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Speaker 1: So for just the bank accounts, see, that's how you

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Speaker 1: interpret it.

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Speaker 2: But I feel like there are more layers to this

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Speaker 2: financial onion to appeal. But no we will get to

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Speaker 2: that relational mini question. We've got somebody else who's trying

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Speaker 2: to figure out when to ditch his car, when to

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Speaker 2: replace it. Another listener is looking for different ways or

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Speaker 2: I guess he's trying to figure out how to afford

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Speaker 2: long term care insurance, which isn't something we often talk

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Speaker 2: about on the show.

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Speaker 1: So wants to know whether even needs it to Yeah, yeah.

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Speaker 2: Yeah, So we've got a great show lined up for

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Speaker 2: y'all today.

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Speaker 1: All right, let's do a frugal cheap we haven't done

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Speaker 1: one in a second. This one Matt someone the other

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Speaker 1: day My two thousand and five accurate SUV still running fine, nice,

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Speaker 1: and it's it's been a good car. I've had it

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Speaker 1: for a year and a half now. Bought it super

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Speaker 1: duper used for cheap. But when I bought it, there

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Speaker 1: was a crack in the passenger side of the windshield.

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Speaker 1: And I remember the first time Emily got into it

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Speaker 1: and she was like, what.

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Speaker 2: Are you doing? Man? Like, why did you buy this thing?

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Speaker 2: I was like, because what kind of hoop do you?

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Speaker 3: Right?

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Speaker 2: Has parked in my driveway.

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Speaker 1: Because I can see just find out on my side.

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Speaker 1: I don't care if you can see or not, and

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Speaker 1: so I could see how it'd be more distracting from

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Speaker 1: the passenger. The passenger that's way on the other side

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Speaker 1: of the car, who cares?

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Speaker 2: Are you so?

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Speaker 1: And then I had someone that that they say, when

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Speaker 1: are you going to replace your windshield?

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Speaker 2: Man?

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Speaker 1: I was like, this is a four thousand dollars car.

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Speaker 1: I'm not planning on putting in a four hundred dollars windshield.

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Speaker 1: Like it's not interested. I bought this knowing this. I

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Speaker 1: knew I could see out of it. Not willing to

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Speaker 1: pay ten percent of the overall cost of the vehicle

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Speaker 1: just to have a clear windshield. I know in some

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Speaker 1: states they actually either one they forced insurance to pay.

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Speaker 2: For it or zero deductible states.

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Speaker 1: Yeah, or they force you to do this because there

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Speaker 1: are safety checks every year from the state. But in

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Speaker 1: Georgia that's not the case. So I can keep rolling

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Speaker 1: with this Florida busted windshield, New York, Arizona. I think

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Speaker 1: those are all states that have the zero deductible. Essentially,

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Speaker 1: it's like cracked windshield, boom, you get a replace for free.

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Speaker 2: Yeah.

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Speaker 1: I think it was in Virginia. I remember my friend

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Speaker 1: lived there for a while and I think they had

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Speaker 1: those safety checks and so if there was a crack

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Speaker 1: or something, even just a nick, they might be like, hey,

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Speaker 1: you gotta fix that thing. And so okay, am I

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Speaker 1: frugal or cheap?

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Speaker 2: Is it? Uh?

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Speaker 3: Well?

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Speaker 2: Has it gotten worse or the same? It's bad, It's

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Speaker 2: been bad. What's funny is I've written obviously I've ridden

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Speaker 2: in the vehicle. I can't really picture it. It's pretty

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Speaker 2: big crack, is it really? Oh yeah, it's that's so funny.

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Speaker 1: It's going up and down like three quarters of the windshield.

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Speaker 2: Okay, I would say if you didn't have the ability

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Speaker 2: to see through your windshield clearly, sure it's appos dumb

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Speaker 2: and dumber style looking out the side. Yes, like have

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Speaker 2: you obviously you've you've driven it in the rain?

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Speaker 4: Right?

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Speaker 2: Does the crack impact the ability of your wipers to

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Speaker 2: clear the windshield?

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Speaker 3: No?

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Speaker 2: Okay. I think if you, let's say you were a

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Speaker 2: realtor where you did business out of your vehicle, you know,

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Speaker 2: like if you had a sales like job or you

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Speaker 2: had clients in your car, of course that would be

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Speaker 2: cheap because that could hinder the potential sale.

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Speaker 1: That would be a cheap move. I'm trying to impress

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Speaker 1: no one though.

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Speaker 2: You are a podcaster, so the visuals don't really matter

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Speaker 2: so much, especially when it comes to our vehicle. So, dude,

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Speaker 2: I'm with you, one hundred percent frugal, Okay, keep the

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Speaker 2: crack windshield all right, and feel free.

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Speaker 1: If you are out there listening and you're like, that's

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Speaker 1: so dump you should totally replace it, let me know why.

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Speaker 1: Feel free to emails how to moneypod at gmail dot com.

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Speaker 1: I always love hearing from you guys and hearing what

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Speaker 1: I bet in some people's minds.

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Speaker 2: Matt, that is cheap.

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Speaker 1: It's not frugal, but I knew it buying it. It's

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Speaker 1: got this crack, but to me, it's just it's basically

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Speaker 1: what do you call it?

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Speaker 2: Cosmetic? That's it.

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Speaker 1: Yeah, And so because of that, I was down to

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Speaker 1: buy it and to not replace that, and to hold

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Speaker 1: on to this thing as long as I can.

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Speaker 2: I'm with you, okay, So I guess on a somewhat

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Speaker 2: related note, quick question, another frugal or cheap though, The

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Speaker 2: side mirrors on our van are twenty twelve hundred Odyssey.

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Speaker 2: It's made of plastic, and the plastic is like or

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Speaker 2: the paint. It's like a covering or something. It's coming off,

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Speaker 2: you know, you go through the high powered car washes,

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Speaker 2: and bottom line, it looks like it's it looks pretty ratty.

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Speaker 2: Do you think I should take the pressure washer and

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Speaker 2: just blast it off completely and like spray it with

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Speaker 2: some like black shiny spray paint to make it liquid

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Speaker 2: or should I not even worry about that? This is

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Speaker 2: similar because this, I would even say, is maybe even

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Speaker 2: more visible because when people see our van, they know

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Speaker 2: it's us because I don't know what it is. But

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Speaker 2: it's like the it's almost like a vinyl covering that's

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Speaker 2: getting that's that's peeling. Have you noticed it?

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Speaker 3: No?

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Speaker 2: I haven't, And honestly, clearly we are pointing out the

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Speaker 2: fact that we don't care at all about what our

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Speaker 2: vehicles look like. Yeah, I don't. I think that's true.

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Speaker 2: That'd be like a that would come in about our

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Speaker 2: bottle of spray paint or something.

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Speaker 1: Yeah, exactly, that's so much cheaper, and that would come

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Speaker 1: down I think more less about oh what am I

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Speaker 1: projecting to other people as opposed to what do I

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Speaker 1: care about in the car that I'm driving?

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Speaker 2: Yeah, it's about like trying to keep our ride looking fresh.

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Speaker 2: So like my dad.

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Speaker 1: He scraped the side of our van when he was

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Speaker 1: driving it, like like last year, and I didn't even

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Speaker 1: bother getting it fixed that He was like, oh, no,

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Speaker 1: I'll pay for it. I'm not gonna make my dad

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Speaker 1: pay for that, Like come on, yeah, that to me,

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Speaker 1: that would be that'd be cheap, not frugal. So I'm like, no, Dad,

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Speaker 1: let's just leave it. That's the story about it. The

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Speaker 1: beauty of driving old cars is that I care less

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Speaker 1: about those cosmetic things and dents.

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Speaker 2: But if you had pulled the trigger and you had

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Speaker 2: a one to two year old Rivian and he did

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Speaker 2: that in that case.

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Speaker 1: That's part of the reason I don't want to one.

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Speaker 1: In some ways, I'm like, because I'll freak out more

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Speaker 1: about it, and I don't want to because I don't

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Speaker 1: want to care about cars. Yeah, all right, let's mention

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Speaker 1: the beer we're having on this episode, Matt. This one's

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Speaker 1: called Ube Macapuno Delight. It's by Brewyard Beer Company. This

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Speaker 1: one was given to us by our friend Joel, and

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Speaker 1: we'll give our thoughts on this one at the end.

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Speaker 2: Of the episode.

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Speaker 1: Great job on the pronunciation there. We'll also reveal what

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Speaker 1: ube means y o you had to look it up.

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Speaker 1: So we both looked it up because because I didn't

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Speaker 1: know either. Well, yeah, we'll talk about that later. But

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Speaker 1: all right, let's get to listener questions. If you have

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Speaker 1: a money question for us, we would love to take it.

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Speaker 1: We'd love to hear it. You can just go to

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Speaker 1: howtimoney dot com slash ask for simple directions on how

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Speaker 1: to record your voice memo and send it our way.

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Speaker 2: But really that's all it is.

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Speaker 1: It's recording a voice membo on your phone, emailing it

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Speaker 1: over to us, and hopefully we can take it next

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Speaker 1: week on the show. Matt, It's time now to get

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Speaker 1: to a money question that has a lot of relational

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Speaker 1: dynamics infused into it.

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Speaker 3: Hey, y'all, this is Amanda from San Antonio. I have

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Speaker 3: a bit of a doozy for you. My best friend

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Speaker 3: in the whole world is in about twenty thousand dollars

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Speaker 3: of credit card debt with interest rates ranging from twenty

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Speaker 3: five to thirty percent as I understand it, and her

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Speaker 3: husband's car was just repossessed for the second time in

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Speaker 3: four years. She is a stable W two job. He

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Speaker 3: works a job that is unstable and unreliable and also

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Speaker 3: an hour and a half from their home, and now

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Speaker 3: he can no longer commute to it. They are living

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Speaker 3: outside of their means. I don't have all the details,

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Speaker 3: but from what I've gathered, they're going further into credit

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Speaker 3: card debt month by month, and now they have this,

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Speaker 3: you know, car repossession emergency. I've done all the things

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Speaker 3: I've you know, suggested he get a job that's walkable,

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Speaker 3: and they get an emergency fund under them, and everything

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Speaker 3: you guys would recommend, I think I've recommended to them.

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Speaker 3: So what I'm asking about is how to navigate this.

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Speaker 3: I want to be a good friend, and I have

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Speaker 3: the money to help, but I also want to hold

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Speaker 3: a boundary and I do not want to enable the

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Speaker 3: behavior that got them into this position. Man. That's That's

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Speaker 3: what I'm dealing with right now. I hope you guys

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Speaker 3: can help. I love the show.

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Speaker 2: Thank you, guys, joel Man. This is tough to hear,

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Speaker 2: like you can literally hear it in her voice, just

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Speaker 2: how like this the situation that Amanda's friend is in

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Speaker 2: is how it pains her aially.

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Speaker 1: I mean, it's tough to see your friends struggle, and

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Speaker 1: it's tough to see your friends kind of especially when

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Speaker 1: you know better, and it's tough to see them just

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Speaker 1: continually put themselves behind me.

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Speaker 2: All like them. Yeah, as they continue to make some

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Speaker 2: of these decisions that you know, continue to dig them

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Speaker 2: into a deeper hole. It sounds like a lot of

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Speaker 2: things need to change for your friend though and her husband, Amanda, Like,

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Speaker 2: you know, they got the job issue, You've got the

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Speaker 2: I think if there is just like one Cary possession,

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Speaker 2: I mean, yeah, there's the car repo which has hit

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Speaker 2: me of things, the second one that's happened now. I

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Speaker 2: think if they if this was a situation where they

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Speaker 2: were kind of cruising along and everything, you know, maybe

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Speaker 2: what you would call typical or normal, but then all

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Speaker 2: of a sudden something came up out of nowhere. Like

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Speaker 2: I could totally see that being a situation where you

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Speaker 2: might step in from a financial standpoint, But because of

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Speaker 2: the fact that this seems to be ongoing behavior, I

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Speaker 2: think the way that you are thinking about this is

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Speaker 2: the complete right way of doing it, where you don't

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Speaker 2: want to enable the behavior that has gotten them into

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Speaker 2: this situation.

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Speaker 1: I think it can feel like the empathetic thing to

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Speaker 1: do to step in and help make the fix, But

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Speaker 1: I think then you could end up putting yourself in harmsuoy,

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Speaker 1: you can put your relationship in harms. Way, it's you

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Speaker 1: have to be really careful.

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Speaker 2: Amandon.

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Speaker 1: You mentioned the term boundaries, and I think that's a

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Speaker 1: really good term to use. I think that's often necessary

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Speaker 1: when we're talking about relationships, Like you have to have

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Speaker 1: healthy boundaries so you can remain friends and be a

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Speaker 1: positive influence in the ways that you can, and then

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Speaker 1: realize the ways in which you maybe can't have an

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Speaker 1: impact and don't try on those levels.

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Speaker 5: Yeah.

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Speaker 1: So, like, for instance, match you mentioned, Hey, I've got

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Speaker 1: the money to help, but if you give your friends money,

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Speaker 1: that's money you don't have in your bank account anymore,

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Speaker 1: and you might not be enough to make any sort

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Speaker 1: of real meaningful tents in their situation depending on how

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Speaker 1: much you have. That is true, right, So, Yeah, over

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Speaker 1: twenty thousand dollars in yeah, in credit card credit card debts,

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Speaker 1: that's a lot of money. Yeah, I mean to get

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Speaker 1: that car Loan back in good graces all of the

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Speaker 1: things that need to happen. Amanda might not have enough

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Speaker 1: to actually fix all this stuff, and even if she did,

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Speaker 1: it might not be the best thing for her or

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Speaker 1: for them, And so I guess I would suggest that

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Speaker 1: the biggest thing, Amanda, you can offer is a sympathetic here,

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Speaker 1: some light guidance, preferably in a way that doesn't involve shaming,

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Speaker 1: which doesn't sound like is something you would do anyway.

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Speaker 1: Shame obviously it creates the opposite instinct, right, Like it

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Speaker 1: makes us want to stop sharing and hide our flaws.

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Speaker 1: And that can happen with your friend where she's like, now,

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Speaker 1: this isn't a safe place to talk to Amanda anymore,

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Speaker 1: because every time I talk to her, she makes me

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Speaker 1: feel bad about my choices, like, you don't want to

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Speaker 1: do that. It can perpetuate negative feelings, and it can

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Speaker 1: lead to more unwise behavior, which is what got them

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Speaker 1: here in the first place in so many ways. So

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Speaker 1: one way to avoid that dynamic, I think, is to

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Speaker 1: share some of your own mistakes with them. I think

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Speaker 1: that can make them feel more comfortable learning from you.

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Speaker 1: And when you do have advice, they're like, oh, Amanda's

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Speaker 1: been here, she's been through hard stuff too, so she's

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Speaker 1: a person worth listening to.

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Speaker 2: That's true. Yeah, it sounds like you have shared with

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Speaker 2: them a lot of good advice, and so maybe that's

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Speaker 2: not the tact that you should take. So maybe switching

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Speaker 2: things up where you are not their main source of

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Speaker 2: financial information might be the way to go. But that

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Speaker 2: doesn't mean that you need to leave them high and dry.

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Speaker 2: Like what I would do in this case would be

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Speaker 2: to connect them with a helpful resource.

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Speaker 1: Oh, I thought you were going to say, put had

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Speaker 1: a money podcast onto the background.

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Speaker 2: Ford, that's also good. How do you think something that's

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Speaker 2: a whole other question. Do you think somebody hearing their

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Speaker 2: situation being described on a podcast would make them more

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Speaker 2: or less inclined to then want to turn things around?

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Speaker 2: I don't know that depends, Amanda is gonna be up

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Speaker 2: to you as to whether or not you share this

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Speaker 2: episode with them. But what I was gonna say, though,

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Speaker 2: is to get them hooked up with someone like NFCC,

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Speaker 2: the National Foundation for Credit Counseling or MMI Money Management International.

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Speaker 2: They're a professional who has seen plenty of folks in

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Speaker 2: a position just like your bestie there is going to

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Speaker 2: be able to take the reins and help them out significantly.

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Speaker 2: And even if you, Amanda, have been listening like for

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Speaker 2: the show, to the show for a really long time.

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Speaker 2: Let's say like since episode one, you might have a

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Speaker 2: whole lot of knowledge, but I think trying to be

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Speaker 2: their their budget counselor that could actually do lasting damage

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Speaker 2: to your relationship. And considering you said that this is

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Speaker 2: like your best friend, this is something that I think

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Speaker 2: I would want to risk. So instead, just help them

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Speaker 2: to find someone else who can fill that role, and

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Speaker 2: then you can just be more of like a supporter type, right,

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Speaker 2: Like you can encourage your friend, you can be there

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Speaker 2: for them. Who can you know, chime in with some

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Speaker 2: money wisdom from time to time, But your ability to

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Speaker 2: be like the sole provider of the information, Like like

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Speaker 2: if you are at the center of this whole plan,

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Speaker 2: I personally I feel like it things can get really

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Speaker 2: messy really quickly.

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Speaker 1: Yeah, there's some saying, man, I've heard that be the

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Speaker 1: wall that holds them up, not the roof over their head, right,

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Speaker 1: And maybe that's Hey, I'm going to be one of

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Speaker 1: the support pillars in their lives, but I can't be

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Speaker 1: the whole thing to them. I think you're right, Like,

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Speaker 1: there are great organizations out there doing good work, and

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Speaker 1: there are awesome people who work there, and it's not

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Speaker 1: going to call them an arm and a leg if

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Speaker 1: you go to one of these not for profit places

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Speaker 1: that you mentioned, and with all of the issues you've described, man,

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Speaker 1: it's kind of a litany of things going on. This

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Speaker 1: situation could get worse before it gets better, and there's

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Speaker 1: a chance that bankruptcy might be necessary. But the folks

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Speaker 1: at these nonprofit organizations can help determine that by digging

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Speaker 1: into their numbers and looking at the specifics, and they

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Speaker 1: should not only be able to help with budgeting, but

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Speaker 1: also in creating basically a triage list of which money

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Speaker 1: moves they need to make and in what order. They're

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Speaker 1: also going to have access to working with some of

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Speaker 1: the companies, some of the credit card companies in particular

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Speaker 1: that they on their own or you helping them won't

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Speaker 1: have access too, So I think that's an important thing

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Speaker 1: to mention also. And then once they have their marching

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Speaker 1: orders from one of these non nonprofit debt counseling centers,

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Speaker 1: your encouragement, your insights are going to come in handy

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Speaker 1: because they're going to be making progress, they're going to

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Speaker 1: be bouncing things off of you. They're probably going to

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Speaker 1: have lots of questions, and it's going to be really

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Speaker 1: nice to have someone they trust deeply, who knows their

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Speaker 1: stuff on the money front, who they can bounce those

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Speaker 1: questions off of.

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Speaker 2: Yeah, and I mean remember too that turning this around,

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Speaker 2: I think is going to take a long time. It's

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Speaker 2: taken them a long time to get into the mess

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Speaker 2: that they are currently finding themselves in, and so I

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Speaker 2: think it's going to take a while for them to

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Speaker 2: get out as well. You are a good friend, you

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Speaker 2: can continue to be one there who is helping them,

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Speaker 2: But just know that you aren't going to be again

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Speaker 2: like at the center of their universe as they're turning

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Speaker 2: their financial lives around. That doesn't mean you don't check

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Speaker 2: in with them, certainly do that talk about it. You know, Joe,

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Speaker 2: you mentioned a shame there earlier that can easily take over,

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Speaker 2: meaning that your friend might even just go silent for

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Speaker 2: a while. And a good friend knows that that can

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Speaker 2: be a tendency, and so reach out see if she's

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Speaker 2: willing to or wanting to talk about that. And by

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Speaker 2: the way, if you actually if you do feel compelled

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Speaker 2: to financially help in order to help your friend to

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Speaker 2: accelerate their progress as they are making changes, as you've seen,

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Speaker 2: you know, positive movements in the right direction. Essentially, I

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Speaker 2: would avoid loaning the money instead see it purely as

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Speaker 2: a gift, something that they don't have to return, just

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Speaker 2: again because of the relation dynamics and how messy things

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Speaker 2: could get. But I think if I were in your situation, though,

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Speaker 2: I would find different ways to be present as a friend,

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Speaker 2: to demonstrate that you are willing to give in a

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Speaker 2: way but specifically that invests in your friendship together. And

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Speaker 2: so practically speaking, what that means is like if y'all

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Speaker 2: go out to get some Mexican food or something like that,

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Speaker 2: like picking up the tab, or like if you're gonna

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Speaker 2: go grab coffee, paying for it, because it shows that, Hey,

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Speaker 2: it's not that I'm not willing to put forth some

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Speaker 2: of my financial resources towards us. It's just that this

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Speaker 2: particular problem seems like it's something that that y'all keep

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Speaker 2: finding yourselves in. And so I think what that demonstrates, though,

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Speaker 2: is that you are there for your friend no matter what,

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Speaker 2: in this case, for richer or for poor. Yeah, it's

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Speaker 2: not like you you didn't take any vals. It's not

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Speaker 2: like y'all got married or anything. But like, that's what

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Speaker 2: a good friend is is someone who sticks with you

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Speaker 2: through this hard phase in life, which also begs the question, Joel,

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Speaker 2: do you think do you think it ever would get

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Speaker 2: to a point to where Amanda shouldn't maintain the friendship

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Speaker 2: with her friends, Like, because what I hear in her voice,

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Speaker 2: like kind of going back to the beginning we're talking

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Speaker 2: about how exasperated she sounds, is that like almost it

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Speaker 2: almost seems like she's at the end of her row.

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Speaker 2: That's a good question. I guess I'm pointing to Amanda's

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Speaker 2: mental health.

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Speaker 1: I think you don't abandon your friends when they're when

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Speaker 1: when they're in a hard situation. Yeah, I think that's

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Speaker 1: what that's that's my gut reaction and totally I guess

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Speaker 1: if your friends are like, we love the lifestyle we're living,

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Speaker 1: that's jeopardizing everything we've worked for. I don't know that

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Speaker 1: that might be a different conversation than that's sure, but

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Speaker 1: I think if they're trying, and they and they actually

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Speaker 1: want to get better, yeah, you continue being there for them.

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Speaker 2: Yeah, stick it out. That's yeah, as long as they

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Speaker 2: are respecting boundaries, right, Like if you are saying, hey,

404
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Speaker 2: I'm not willing, I'm not able to help you for

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Speaker 2: the for X SO and so reasons, and if they

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Speaker 2: keep coming back to you, like not demanding money, but

407
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Speaker 2: but asking, I feel like that would warrant a bigger

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Speaker 2: conversation where it's just like, look, you need to know

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Speaker 2: what kind of impact this is having on me from

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Speaker 2: a mental health standpoint. But it doesn't necessarily sound like that.

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Speaker 2: That's where you are, at least not yet, Amanda. And

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Speaker 2: it's a bummer to find yourself in a situation like this,

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Speaker 2: But hopefully we've given you some fodder, giving you some

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Speaker 2: good thoughts as you are trying to be a good friend.

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Speaker 2: But Joe, We've got more to get to, including that

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Speaker 2: question about long term care, our thoughts on that and

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Speaker 2: more right after this.

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Speaker 1: All right, Matt, we got more money saving information to

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Speaker 1: get to on this episode. Let's get to a question

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Speaker 1: about cars, Wendy upgrade and how do you do it?

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Speaker 4: Well, Hey, Matt and Joel, my name is Jay and

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Speaker 4: I am calling from Marietta, Georgia. I have a couple

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Speaker 4: of car related questions for you guys. I currently own

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Speaker 4: a used Hyundai Accent that I purchased back in twenty eighteen.

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Speaker 4: Since I've owned this car, I have experienced a variety

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Speaker 4: of small to major mechanical and other issues with this

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Speaker 4: car that have ended up costing me a lot of

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Speaker 4: money to maintain. The conventional wisdom that I inherited from

429
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Speaker 4: my parents is that when you own a car, you

430
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Speaker 4: should drive it basically into the ground. But since this

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Speaker 4: car has cost me so much money, at this point,

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Speaker 4: I am ready to look at selling it and purchasing

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Speaker 4: a different car. A quick search on CarMax and Carvana

434
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Speaker 4: gave me a trade in offer that looked like it

435
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Speaker 4: was a lot lower than my car might actually be worth.

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00:18:15,080 --> 00:18:17,399
Speaker 4: So my question is, do you have any advice on

437
00:18:18,080 --> 00:18:21,560
Speaker 4: finding a private party that I might be able to

438
00:18:21,600 --> 00:18:25,399
Speaker 4: sell my car to. I've looked at other places like

439
00:18:25,800 --> 00:18:27,840
Speaker 4: an auto trader, but if you guys have any other

440
00:18:27,880 --> 00:18:31,880
Speaker 4: advice in that area, I would greatly appreciate it. Additionally,

441
00:18:31,960 --> 00:18:34,280
Speaker 4: my plan right now is to try and hold onto

442
00:18:34,320 --> 00:18:36,280
Speaker 4: this car and hope that I don't have any more

443
00:18:36,320 --> 00:18:39,160
Speaker 4: major issues until around the end of the year, as

444
00:18:39,200 --> 00:18:40,840
Speaker 4: that looks like it might be a better time to

445
00:18:40,840 --> 00:18:44,679
Speaker 4: look at purchasing a newer car, since dealerships typically offer

446
00:18:45,000 --> 00:18:49,240
Speaker 4: a lot of discounts or rebates during the holidays. In

447
00:18:49,359 --> 00:18:51,439
Speaker 4: terms of purchasing a new car. I was also wondering

448
00:18:51,480 --> 00:18:56,159
Speaker 4: if you have any advice on financing and purchasing a

449
00:18:56,200 --> 00:18:59,919
Speaker 4: newer car. Would it be better to go through finance

450
00:19:00,240 --> 00:19:04,080
Speaker 4: from a car dealership or a used car dealership like

451
00:19:04,119 --> 00:19:06,960
Speaker 4: CarMax or Carvana, or would it be better to seek

452
00:19:06,960 --> 00:19:10,280
Speaker 4: out an auto loan from a credit union or other

453
00:19:10,400 --> 00:19:14,720
Speaker 4: financial institution. I appreciate any advice you can offer. I

454
00:19:14,800 --> 00:19:16,560
Speaker 4: really enjoy listening to the podcast.

455
00:19:16,880 --> 00:19:19,280
Speaker 2: Thank you so much, Right, Joel, do you feel like

456
00:19:19,359 --> 00:19:21,359
Speaker 2: Jay cheated a little bit? He has like three different questions,

457
00:19:22,560 --> 00:19:25,520
Speaker 2: so many questions at once. It's a complex situation when

458
00:19:25,520 --> 00:19:28,440
Speaker 2: you're like, do I keep it? If I'm selling it? Sure?

459
00:19:28,520 --> 00:19:30,280
Speaker 2: How do I go about it? What I'm buy the

460
00:19:30,280 --> 00:19:30,520
Speaker 2: new car?

461
00:19:30,560 --> 00:19:33,040
Speaker 1: I mean, there's of course it's because it's really one

462
00:19:33,040 --> 00:19:35,439
Speaker 1: big decision that's a big expense and wrapped up to

463
00:19:35,520 --> 00:19:37,600
Speaker 1: a bunch of different ones. It's sorry that you've had

464
00:19:37,640 --> 00:19:39,200
Speaker 1: so many problems with this car, by the way, Jay,

465
00:19:39,240 --> 00:19:41,639
Speaker 1: that's that is the worst, Matt. It's a bummer to have.

466
00:19:41,640 --> 00:19:44,120
Speaker 1: Perpetual car problems can be really frustrating. And I think

467
00:19:44,119 --> 00:19:46,600
Speaker 1: the general rule of thumb that Jay's parents taught him

468
00:19:46,800 --> 00:19:48,520
Speaker 1: is a pretty good one, right, that the longer you

469
00:19:48,560 --> 00:19:51,119
Speaker 1: hold on to the car, on average, the more freedom

470
00:19:51,160 --> 00:19:53,719
Speaker 1: you're going to have to save and invest intentionally, the

471
00:19:53,720 --> 00:19:56,120
Speaker 1: more margin you're going to have in your life, because hey,

472
00:19:56,160 --> 00:19:58,520
Speaker 1: guess what it means not having a car payment for

473
00:19:59,040 --> 00:20:01,960
Speaker 1: potentially a long period of time. And we think that

474
00:20:02,080 --> 00:20:04,480
Speaker 1: the longer you can go in life without having a

475
00:20:04,480 --> 00:20:07,720
Speaker 1: car payment, or if you can essentially make that commitment

476
00:20:07,760 --> 00:20:10,080
Speaker 1: to not having a car payment ever, that's like a

477
00:20:10,080 --> 00:20:12,320
Speaker 1: financial cheat code. That is game Genie for your money.

478
00:20:12,600 --> 00:20:15,600
Speaker 1: Because for Matt, for the average American, they're spending so

479
00:20:15,680 --> 00:20:17,840
Speaker 1: much money on their car every month. To not have

480
00:20:17,920 --> 00:20:19,560
Speaker 1: any of that, it just gives you a lot more

481
00:20:19,600 --> 00:20:24,320
Speaker 1: wiggle room into making other decisions. But as mechanical issues proliferate, right,

482
00:20:24,680 --> 00:20:27,320
Speaker 1: we get that you want to drive something more reliable,

483
00:20:28,040 --> 00:20:30,359
Speaker 1: and I think when to ditch a used car is

484
00:20:30,400 --> 00:20:33,280
Speaker 1: kind of this perpetually difficult question. I think the truth

485
00:20:33,359 --> 00:20:36,640
Speaker 1: is money is only one part of the equation. Makes

486
00:20:36,640 --> 00:20:38,040
Speaker 1: you think Matt, I was talking to a friend recently.

487
00:20:38,080 --> 00:20:41,240
Speaker 1: He's got this Toyota Siena that's like twenty twelve or something.

488
00:20:41,280 --> 00:20:43,080
Speaker 1: It's in good condition, and he's like, should I get

489
00:20:43,160 --> 00:20:45,480
Speaker 1: rid of it before the issues start. I'm like, dude,

490
00:20:45,520 --> 00:20:47,480
Speaker 1: if you do, I'm buying it from you because that's

491
00:20:47,520 --> 00:20:50,199
Speaker 1: a great car. But that's how people tend to think

492
00:20:50,240 --> 00:20:52,399
Speaker 1: of cars. They want to beat it to sell it

493
00:20:52,480 --> 00:20:56,439
Speaker 1: before the issues begin. But oftentimes I think we need

494
00:20:56,480 --> 00:20:59,320
Speaker 1: to get more comfortable with realizing that repairs are a

495
00:20:59,320 --> 00:21:02,080
Speaker 1: part of life. Is or age, Yes, exactly.

496
00:21:02,160 --> 00:21:03,320
Speaker 2: And that's that's kind of where I want to go

497
00:21:03,400 --> 00:21:05,040
Speaker 2: is because I'm reading between the lines a little bit

498
00:21:05,080 --> 00:21:07,440
Speaker 2: and I want Jay to be honest with himself because

499
00:21:07,960 --> 00:21:09,520
Speaker 2: he said that there have been a lot of expenses

500
00:21:09,560 --> 00:21:12,720
Speaker 2: and it's been maybe inordinately expensive, but.

501
00:21:13,440 --> 00:21:15,040
Speaker 1: I want to know how much and over what period

502
00:21:15,080 --> 00:21:15,280
Speaker 1: of time?

503
00:21:15,440 --> 00:21:17,480
Speaker 2: Yeah, and like what's the mileage on the vehicle, because

504
00:21:17,520 --> 00:21:19,600
Speaker 2: if we're talking, you know, is it because you've recently

505
00:21:19,680 --> 00:21:21,600
Speaker 2: rolled over one hundred thousand miles? Well, that's when there

506
00:21:21,600 --> 00:21:24,919
Speaker 2: are a lot of more expensive sort of maintenance and

507
00:21:24,960 --> 00:21:27,359
Speaker 2: repairs that need to be done. Break system, Yeah, to

508
00:21:27,440 --> 00:21:29,639
Speaker 2: a vehicle like that. And it's not like that this

509
00:21:29,720 --> 00:21:31,760
Speaker 2: is an expensive vehicle to maintain. Like we're not talking

510
00:21:31,800 --> 00:21:34,679
Speaker 2: about like a land Rover or something like that, some

511
00:21:35,359 --> 00:21:38,040
Speaker 2: foreign or European car. I should say this is a Hyundai,

512
00:21:38,240 --> 00:21:42,040
Speaker 2: a Hundai Accent. Those aren't expensive cars to maintain necessarily,

513
00:21:42,080 --> 00:21:45,520
Speaker 2: and they get pretty good gas mileage, and they're also

514
00:21:45,600 --> 00:21:49,000
Speaker 2: not flashy or sexy. So Jay, I guess I want

515
00:21:49,040 --> 00:21:51,040
Speaker 2: you to be honest with yourself, and I hope that

516
00:21:51,080 --> 00:21:54,640
Speaker 2: you're not using some of these repairs as any excuse

517
00:21:54,960 --> 00:21:56,600
Speaker 2: to be like, you know what, maybe it's time for

518
00:21:56,600 --> 00:21:58,200
Speaker 2: me to go ahead and make the upgrade. I'm kind

519
00:21:58,200 --> 00:22:01,199
Speaker 2: of not so keen on the old used Hyundai Accent

520
00:22:01,240 --> 00:22:02,960
Speaker 2: anymore because he said he bought it. He bought it

521
00:22:03,080 --> 00:22:05,919
Speaker 2: used several years ago, so it's an older vehicle. I

522
00:22:05,960 --> 00:22:08,920
Speaker 2: get that. I understand when you're at the car shop

523
00:22:08,920 --> 00:22:10,720
Speaker 2: and you get hit with like a five hundred dollars repair,

524
00:22:10,840 --> 00:22:13,320
Speaker 2: you start doing the math, You start calculating in your

525
00:22:13,359 --> 00:22:15,479
Speaker 2: head and you start thinking, dude, I could have a

526
00:22:15,480 --> 00:22:18,800
Speaker 2: brand new, sweet new ride for that much money. But

527
00:22:19,000 --> 00:22:20,560
Speaker 2: and you start to justify it.

528
00:22:20,480 --> 00:22:22,639
Speaker 1: If I sign up for seventy two months of payment.

529
00:22:22,520 --> 00:22:24,160
Speaker 2: Yeah, basically to do this for the rest of my life.

530
00:22:24,560 --> 00:22:27,960
Speaker 2: So again, I'm assuming a lot here. Reading between the lines,

531
00:22:28,280 --> 00:22:31,560
Speaker 2: I hear a used Hyundai Accent that you've purchased in

532
00:22:31,560 --> 00:22:34,320
Speaker 2: twenty eighteen, and I think that sounds like sounds like

533
00:22:34,320 --> 00:22:36,280
Speaker 2: you're just hitting your stride when it comes to that

534
00:22:36,400 --> 00:22:38,200
Speaker 2: vehicle and some and you've made some of these repairs.

535
00:22:38,240 --> 00:22:40,240
Speaker 2: Maybe that means this is something now that's good for

536
00:22:40,240 --> 00:22:42,960
Speaker 2: another fifty to seventy five to one hundred thousand miles,

537
00:22:42,960 --> 00:22:45,080
Speaker 2: Like maybe you're about to like this is going to

538
00:22:45,119 --> 00:22:46,400
Speaker 2: put you on the path to being able to drive

539
00:22:46,400 --> 00:22:48,160
Speaker 2: that thing for another one hundred thousand miles to where

540
00:22:48,160 --> 00:22:50,640
Speaker 2: you're at two hundred thousand miles and the entire time

541
00:22:50,680 --> 00:22:51,560
Speaker 2: you don't have a car payment.

542
00:22:51,600 --> 00:22:53,560
Speaker 1: So yeah, I think base what you're saying is even

543
00:22:53,560 --> 00:22:56,240
Speaker 1: if you're paying two thousand dollars a year in like

544
00:22:56,320 --> 00:22:58,760
Speaker 1: maintenance and repair costs for that car, that would be

545
00:22:58,840 --> 00:23:01,439
Speaker 1: far less than the payments you would even buying like

546
00:23:01,480 --> 00:23:05,080
Speaker 1: a gently used newer car. To you like that would

547
00:23:05,080 --> 00:23:07,280
Speaker 1: be a cheaper route to take. So make sure. If

548
00:23:07,280 --> 00:23:08,920
Speaker 1: this car is a lemon, that's one thing. But if

549
00:23:08,920 --> 00:23:11,240
Speaker 1: this car, if this is just traditional maintenance that most

550
00:23:11,320 --> 00:23:14,280
Speaker 1: cars of this age need, I would just realize that

551
00:23:14,320 --> 00:23:15,040
Speaker 1: that's part of the game.

552
00:23:15,200 --> 00:23:17,320
Speaker 2: Jay's probably like, man, of course, this is when the

553
00:23:17,320 --> 00:23:20,320
Speaker 2: guys have recently talked about crack windshields and pain coming

554
00:23:20,320 --> 00:23:23,080
Speaker 2: off their side mirrors. Yeah, Jay, you should know what

555
00:23:23,160 --> 00:23:24,679
Speaker 2: kind of answers we're gonna give when it comes to

556
00:23:25,320 --> 00:23:26,880
Speaker 2: potentially upgrading and getting a new.

557
00:23:26,800 --> 00:23:28,879
Speaker 1: Car, right, Yeah, well, and okay, so if you are

558
00:23:28,880 --> 00:23:30,960
Speaker 1: going to upgrade, let's say this car is having more

559
00:23:31,040 --> 00:23:34,520
Speaker 1: significant issues, right, that these are perpetual there, they're bad, And.

560
00:23:34,640 --> 00:23:36,960
Speaker 2: Let's say that we actually believe you. Jay.

561
00:23:37,280 --> 00:23:39,680
Speaker 1: We're not calling here your truthfulness in to question here,

562
00:23:40,320 --> 00:23:42,640
Speaker 1: but we are just saying, like, think again. But sure,

563
00:23:42,680 --> 00:23:44,760
Speaker 1: Let's say you're gonna buy another car. You mentioned buying

564
00:23:44,760 --> 00:23:47,320
Speaker 1: from a dealership. That could be a solid route to take.

565
00:23:47,520 --> 00:23:49,160
Speaker 1: But it sounds like you've got some time here, right,

566
00:23:49,160 --> 00:23:51,080
Speaker 1: You're not in a massive rush to ditch this car.

567
00:23:51,119 --> 00:23:53,240
Speaker 1: It's not like it's currently in the shop and it's

568
00:23:53,280 --> 00:23:55,520
Speaker 1: got like a transmission issue and so you don't have

569
00:23:55,560 --> 00:23:57,800
Speaker 1: any way to get around. If you've got the patience

570
00:23:57,840 --> 00:23:59,720
Speaker 1: to do some digging, you might be able to score

571
00:23:59,720 --> 00:24:02,320
Speaker 1: a better car at a nicer price. If you're buying,

572
00:24:02,359 --> 00:24:05,360
Speaker 1: I would say directly from an individual, that is, it's

573
00:24:05,359 --> 00:24:09,840
Speaker 1: becoming harder and harder sadly to do that. More people

574
00:24:09,960 --> 00:24:12,119
Speaker 1: are matt selling their cars to middle men like Carbon

575
00:24:12,240 --> 00:24:15,159
Speaker 1: and Carmacks are buying from those companies too. They're not

576
00:24:15,160 --> 00:24:17,480
Speaker 1: bad companies necessarily, and in fact, some of their warranties

577
00:24:17,640 --> 00:24:20,760
Speaker 1: are nice. I appreciate that. But they've become the go

578
00:24:20,840 --> 00:24:23,520
Speaker 1: to for sellers and buyers alike, meaning that there's less

579
00:24:23,880 --> 00:24:28,240
Speaker 1: buyer to seller face to face transactions happening. But this

580
00:24:28,320 --> 00:24:30,560
Speaker 1: also means that those people aren't going to get as

581
00:24:30,640 --> 00:24:32,760
Speaker 1: much money for their ride. So where should you look?

582
00:24:32,760 --> 00:24:34,879
Speaker 1: I would say, look at auto Trader, right, but filter

583
00:24:35,040 --> 00:24:37,399
Speaker 1: down to private sales only. There's literally button at the

584
00:24:37,440 --> 00:24:40,080
Speaker 1: bottom left you can click and you can say, don't

585
00:24:40,080 --> 00:24:42,399
Speaker 1: show me anything from dealers, just show me from private

586
00:24:42,440 --> 00:24:45,640
Speaker 1: individuals who are listing their automobile for sale. Facebook Marketplace

587
00:24:45,720 --> 00:24:47,880
Speaker 1: is another one, but Matt even that's gotten a little

588
00:24:47,880 --> 00:24:50,320
Speaker 1: scammy at times, or not even scammy, but just overrun

589
00:24:50,359 --> 00:24:52,800
Speaker 1: with auto brokers who are buying from the auctions and

590
00:24:52,840 --> 00:24:55,840
Speaker 1: then selling them on there. I personally prefer to find

591
00:24:55,840 --> 00:24:58,199
Speaker 1: a private individual who's selling a car that I'm interested in.

592
00:24:58,440 --> 00:24:59,760
Speaker 1: I think that's the way to get the best car

593
00:24:59,800 --> 00:25:01,560
Speaker 1: for the for the best price, and then they've got

594
00:25:01,560 --> 00:25:03,919
Speaker 1: the records to show that they've had it. Yeah, for

595
00:25:03,960 --> 00:25:06,119
Speaker 1: how however long that they've maintained it. I think, no

596
00:25:06,200 --> 00:25:08,359
Speaker 1: matter what though, you always get that car checked out

597
00:25:08,359 --> 00:25:10,919
Speaker 1: by a mechanic you trust, whether it's from a dealership

598
00:25:11,040 --> 00:25:12,320
Speaker 1: or whether it's from an individual.

599
00:25:12,480 --> 00:25:14,960
Speaker 2: Yeah. And because of the fact that Carvon and Carmacks

600
00:25:15,119 --> 00:25:17,560
Speaker 2: have made it so easy, I think fewer and fewer

601
00:25:17,560 --> 00:25:20,879
Speaker 2: folks than ever are actually selling their vehicles via a

602
00:25:20,960 --> 00:25:24,320
Speaker 2: private sale. They're basically trading in every single time. And dude,

603
00:25:24,359 --> 00:25:26,880
Speaker 2: I have always felt like it's worth the extra thousands

604
00:25:26,880 --> 00:25:29,760
Speaker 2: of dollars that you can net buy dii wining that sale.

605
00:25:29,920 --> 00:25:32,240
Speaker 2: It's not a joyous experience. It's not the most fun

606
00:25:32,240 --> 00:25:33,800
Speaker 2: that you've ever had in your entire life, but the

607
00:25:33,800 --> 00:25:36,080
Speaker 2: financial stakes are high when it comes to these larger

608
00:25:36,119 --> 00:25:37,520
Speaker 2: ticket items. I think it's worth it.

609
00:25:37,600 --> 00:25:39,480
Speaker 1: You don't love when me and people are random parking

610
00:25:39,480 --> 00:25:40,960
Speaker 1: lots letting them to test rive your car.

611
00:25:41,119 --> 00:25:43,560
Speaker 2: No, you come to me first, all, but go ahead,

612
00:25:43,720 --> 00:25:46,199
Speaker 2: get a quote from both Carvana and CarMax. If you

613
00:25:46,240 --> 00:25:49,200
Speaker 2: went see how it stacks up to what KBB says

614
00:25:49,240 --> 00:25:51,639
Speaker 2: that your car is worth, and if the gap is significant,

615
00:25:51,640 --> 00:25:53,600
Speaker 2: we'll go ahead and list it on Auto Trader. Get

616
00:25:53,600 --> 00:25:55,720
Speaker 2: it up there on Facebook. See what sort of response

617
00:25:55,760 --> 00:25:58,719
Speaker 2: that you might get. Because if it's minimal, well then

618
00:25:58,760 --> 00:26:01,080
Speaker 2: just hit the easy button. But again, if there's a

619
00:26:01,080 --> 00:26:03,160
Speaker 2: lot of folks clamoring for that vehicle, because it turns

620
00:26:03,200 --> 00:26:05,840
Speaker 2: out maybe you made all the expensive repairs and this

621
00:26:06,000 --> 00:26:08,399
Speaker 2: is a very attractive vehicle. Now I'm going back to

622
00:26:08,440 --> 00:26:11,000
Speaker 2: the whole thing about him keeping his access. I suppose

623
00:26:11,040 --> 00:26:12,960
Speaker 2: to selling it. But if you see a lot of

624
00:26:13,119 --> 00:26:15,600
Speaker 2: interest in your vehicle, then that could either a make

625
00:26:15,640 --> 00:26:18,479
Speaker 2: you reconsider selling it or B means that it's going

626
00:26:18,520 --> 00:26:20,920
Speaker 2: to be an even better financial decision to sell it privately.

627
00:26:21,000 --> 00:26:23,199
Speaker 1: Yeah, and I think, Matt, there's actually more nuanced to

628
00:26:23,200 --> 00:26:24,280
Speaker 1: this question than ever before.

629
00:26:24,320 --> 00:26:24,520
Speaker 2: Too.

630
00:26:24,840 --> 00:26:27,879
Speaker 1: If you're thinking about buying a used electric vehicle, for instance,

631
00:26:27,920 --> 00:26:30,240
Speaker 1: because of the way the tax credit works, you would

632
00:26:30,240 --> 00:26:32,159
Speaker 1: want to buy that car from a dealer, because you

633
00:26:32,200 --> 00:26:34,359
Speaker 1: don't get the credit if you buy from an individual.

634
00:26:34,520 --> 00:26:36,399
Speaker 1: If I buy a Nissan Leaf from my neighbor, Matt,

635
00:26:36,600 --> 00:26:38,480
Speaker 1: I'm not getting a four thousand dollars tax credit. But

636
00:26:38,480 --> 00:26:40,600
Speaker 1: if I buy it from the dealership, And this depends

637
00:26:40,600 --> 00:26:43,080
Speaker 1: on where you follow in the income tax bracket, but

638
00:26:43,520 --> 00:26:46,280
Speaker 1: you are going to get a tax credit of four

639
00:26:46,320 --> 00:26:49,480
Speaker 1: thousand dollars for buying that vehicle. So make sure you

640
00:26:49,520 --> 00:26:51,320
Speaker 1: know that too, and you might actually save money, by

641
00:26:51,320 --> 00:26:54,320
Speaker 1: the way on tax by training in your car in

642
00:26:54,359 --> 00:26:56,880
Speaker 1: certain states. And Jay mentioned he lives in our fair

643
00:26:56,920 --> 00:26:59,919
Speaker 1: state of Georgia. This we're in one of those states

644
00:27:00,080 --> 00:27:02,760
Speaker 1: where if you're planning on buying from that same dealership,

645
00:27:03,080 --> 00:27:04,760
Speaker 1: it's worth finding out what they would pay for your

646
00:27:04,800 --> 00:27:07,200
Speaker 1: beat up Hundai because by training that in, maybe you

647
00:27:07,240 --> 00:27:09,320
Speaker 1: don't get as much money, but you will save money

648
00:27:09,320 --> 00:27:11,600
Speaker 1: on the sales tax portion, I think, which bridges that

649
00:27:11,640 --> 00:27:13,680
Speaker 1: gap at least a little bit. And I think one

650
00:27:13,800 --> 00:27:15,320
Speaker 1: last thing I want to say here, Matt is don't

651
00:27:15,320 --> 00:27:17,840
Speaker 1: forget to look at the reliability ratings on the new

652
00:27:17,840 --> 00:27:20,920
Speaker 1: car you're looking at purchasing from a site like Consumer Reports,

653
00:27:21,160 --> 00:27:23,840
Speaker 1: because we want you in a car that rates highly

654
00:27:24,200 --> 00:27:26,480
Speaker 1: so you can keep this next one you buy for many,

655
00:27:26,520 --> 00:27:27,680
Speaker 1: many many years to come.

656
00:27:27,880 --> 00:27:28,440
Speaker 2: That'd be the goal.

657
00:27:28,440 --> 00:27:30,000
Speaker 1: I think if you just kind of, oh, I like

658
00:27:30,040 --> 00:27:33,000
Speaker 1: the way that one looks, I get why people do that.

659
00:27:33,119 --> 00:27:35,119
Speaker 1: But if you look at the reliability ratings, find that

660
00:27:35,920 --> 00:27:38,280
Speaker 1: nice overlap of a car that rates highly from Consumer

661
00:27:38,280 --> 00:27:40,600
Speaker 1: Reports and then also looks good to you sure.

662
00:27:40,400 --> 00:27:44,080
Speaker 2: And then you asked about financing. Definitely get a quote,

663
00:27:44,160 --> 00:27:47,720
Speaker 2: maybe two or three from local credit unions. Every stat

664
00:27:47,760 --> 00:27:49,240
Speaker 2: points to the fact that you're going to get a

665
00:27:49,240 --> 00:27:52,679
Speaker 2: lower rate from a credit union versus financing via the

666
00:27:52,720 --> 00:27:55,760
Speaker 2: dealership or financing with like one of the bigger banks.

667
00:27:56,119 --> 00:27:58,320
Speaker 2: But that being said, and we basically have to say

668
00:27:58,320 --> 00:28:01,119
Speaker 2: this every single time, but we are fans, big fans

669
00:28:01,200 --> 00:28:04,480
Speaker 2: of buying cars in cash. I also know that this

670
00:28:04,640 --> 00:28:08,320
Speaker 2: is easier said than done. But because of the fact

671
00:28:08,359 --> 00:28:10,359
Speaker 2: that it does not sound like you are in a

672
00:28:10,480 --> 00:28:15,119
Speaker 2: rush to unload that vehicle, I think it sounds like,

673
00:28:15,160 --> 00:28:17,840
Speaker 2: at least that this is more maybe a lifestyle sort

674
00:28:17,840 --> 00:28:20,159
Speaker 2: of decision as opposed to I need a reliable vehicle

675
00:28:20,160 --> 00:28:22,760
Speaker 2: to be able to get to work. And I think

676
00:28:22,760 --> 00:28:24,680
Speaker 2: another part of this too is the inconvenience of having

677
00:28:24,760 --> 00:28:26,399
Speaker 2: to take it into the shop. Like you have a

678
00:28:26,440 --> 00:28:29,440
Speaker 2: string of repairs and you start getting on a first

679
00:28:29,480 --> 00:28:32,480
Speaker 2: name basis with a mechanic. That's not a good feeling.

680
00:28:33,119 --> 00:28:34,440
Speaker 2: It's a noise, like, Hey, you want to go out

681
00:28:34,440 --> 00:28:36,680
Speaker 2: for beers? After this? You're like, I mean, you seem cool.

682
00:28:36,720 --> 00:28:38,680
Speaker 2: I'm here way too much. Man, I'm sorry. I was

683
00:28:38,680 --> 00:28:41,239
Speaker 2: hoping not to have that relationship with you though, But like,

684
00:28:41,280 --> 00:28:43,840
Speaker 2: nobody likes the inconvenience of having to take their vehicle in,

685
00:28:43,960 --> 00:28:46,000
Speaker 2: But I think that's that also just gets blown out

686
00:28:46,040 --> 00:28:49,280
Speaker 2: of proportion much more than it actually inconveniences or prevents

687
00:28:49,320 --> 00:28:50,600
Speaker 2: us from doing the things that we want to be

688
00:28:50,640 --> 00:28:53,320
Speaker 2: able to do, and typically basically because of uber and

689
00:28:53,400 --> 00:28:55,520
Speaker 2: left the ability. Like I don't want to have to

690
00:28:55,560 --> 00:28:57,720
Speaker 2: drop twenty or thirty bucks because I got to take

691
00:28:57,760 --> 00:29:00,280
Speaker 2: the van up to get the get a break job done.

692
00:29:00,520 --> 00:29:02,920
Speaker 2: But you know what, twenty or thirty dollars is nothing

693
00:29:02,960 --> 00:29:05,560
Speaker 2: when in comparison to a monthly payment where I to

694
00:29:05,640 --> 00:29:07,960
Speaker 2: finance a vehicle. So again I'm kind of going back

695
00:29:08,000 --> 00:29:11,280
Speaker 2: to the jay me wanting you to not use this

696
00:29:11,320 --> 00:29:13,880
Speaker 2: as an excuse to get a new vehicle if that's

697
00:29:13,920 --> 00:29:15,920
Speaker 2: the case. But if it's not the case and you

698
00:29:15,960 --> 00:29:18,400
Speaker 2: do need a vehicle and now you're considering financing, just

699
00:29:18,440 --> 00:29:21,360
Speaker 2: realize that financing and paying interest on a depreciating asset

700
00:29:21,680 --> 00:29:23,760
Speaker 2: that is not a winning formula to getting ahead.

701
00:29:23,520 --> 00:29:25,760
Speaker 1: With your fight, which means you want to prioritize taking

702
00:29:25,800 --> 00:29:28,080
Speaker 1: on as short of a loan as possible. Maybe that's

703
00:29:28,200 --> 00:29:29,960
Speaker 1: two year loan or a three year loan at Max.

704
00:29:29,960 --> 00:29:32,000
Speaker 1: But if you're buying a used car taking out a

705
00:29:32,080 --> 00:29:35,080
Speaker 1: forty eight or sixty month loan, it's just it's really

706
00:29:35,120 --> 00:29:37,600
Speaker 1: bad news bears. So we would say buy a cheaper

707
00:29:37,640 --> 00:29:41,160
Speaker 1: car if you can find reliable cars that aren't thirty grand,

708
00:29:41,320 --> 00:29:45,080
Speaker 1: despite you know, I think popular assumptions. So make sure, yeah,

709
00:29:45,080 --> 00:29:46,840
Speaker 1: you're getting that loan, likely from a credit union.

710
00:29:46,840 --> 00:29:47,400
Speaker 2: You're going to get the.

711
00:29:47,360 --> 00:29:49,400
Speaker 1: Best rates and keep that loan term as short as

712
00:29:49,440 --> 00:29:52,920
Speaker 1: possible because that's going to be in the best interest

713
00:29:52,960 --> 00:29:56,080
Speaker 1: of your overall holistic financial situation. All right, let's get

714
00:29:56,080 --> 00:29:58,920
Speaker 1: to another question. This one's from a listener who wants

715
00:29:58,960 --> 00:29:59,680
Speaker 1: to quit his job.

716
00:30:00,160 --> 00:30:02,360
Speaker 5: I joll them, Matt. My name is Kip and I

717
00:30:02,400 --> 00:30:05,120
Speaker 5: live out in the western suburb of Atlanta. I really

718
00:30:05,160 --> 00:30:07,480
Speaker 5: appreciate the show that you guys do, and the one

719
00:30:07,520 --> 00:30:10,360
Speaker 5: approach to advice that you guys provide is just really

720
00:30:10,480 --> 00:30:15,160
Speaker 5: encouraging and I enjoyed. I'm forty six and my wife

721
00:30:15,240 --> 00:30:17,840
Speaker 5: is forty seven, and personally I'm ready to bag work

722
00:30:17,880 --> 00:30:21,320
Speaker 5: and retire. Over the years, we've been able to get

723
00:30:21,320 --> 00:30:24,240
Speaker 5: all expenses down to about five K a month, and

724
00:30:24,840 --> 00:30:27,840
Speaker 5: we have enough for the four percent rule. And so

725
00:30:28,000 --> 00:30:30,520
Speaker 5: what I thought was that we'd go sit down which

726
00:30:30,920 --> 00:30:34,600
Speaker 5: was built as a produciary financial planner, just to give

727
00:30:34,680 --> 00:30:37,200
Speaker 5: the final blessing to pull the trigger on this. And

728
00:30:37,840 --> 00:30:40,200
Speaker 5: you know, and then the interview that we had with him,

729
00:30:40,320 --> 00:30:42,280
Speaker 5: all he really wanted to do was U pitch us

730
00:30:42,360 --> 00:30:44,800
Speaker 5: a bunch of our annuities and that kind of thing.

731
00:30:44,880 --> 00:30:47,480
Speaker 5: But you know, it's one thing he didn't mention that

732
00:30:47,520 --> 00:30:49,960
Speaker 5: got me to think in it is long term care.

733
00:30:50,680 --> 00:30:52,560
Speaker 5: Just looking at some of the costs, you know that

734
00:30:52,560 --> 00:30:54,520
Speaker 5: the long term chara can you know, if you need

735
00:30:54,560 --> 00:30:57,400
Speaker 5: to go nursing can end up being you know, ten

736
00:30:57,480 --> 00:31:00,640
Speaker 5: km month, you know, ten k for me CA for

737
00:31:00,760 --> 00:31:03,880
Speaker 5: my wife. So you see how that that could really

738
00:31:03,920 --> 00:31:08,640
Speaker 5: skywrocket your expenses. But you know, I started trying to

739
00:31:08,640 --> 00:31:12,200
Speaker 5: find some some various insurance plans and for long term care,

740
00:31:12,240 --> 00:31:15,040
Speaker 5: and you know, they all had some really define benefits

741
00:31:15,240 --> 00:31:18,160
Speaker 5: and in some cases, you know, you could pay the

742
00:31:18,200 --> 00:31:20,840
Speaker 5: insurance for years and they just keep raising the prices

743
00:31:21,080 --> 00:31:23,680
Speaker 5: and ultimately end up with nothing but a bunch of

744
00:31:23,680 --> 00:31:28,000
Speaker 5: money spent. So I started thinking, you know, I'd really

745
00:31:28,200 --> 00:31:30,959
Speaker 5: feel horrible if you know, I quit work at forty

746
00:31:30,960 --> 00:31:33,600
Speaker 5: six and you know ended up broke, you know, fifteen

747
00:31:33,680 --> 00:31:37,040
Speaker 5: years down the road. So what I'm wondering guys, if

748
00:31:37,040 --> 00:31:39,400
Speaker 5: you guys have had any ideas on how to deal

749
00:31:39,440 --> 00:31:43,160
Speaker 5: with the whole long term care issue or you know,

750
00:31:43,280 --> 00:31:46,040
Speaker 5: do you you just got to get six million bugs

751
00:31:46,080 --> 00:31:48,720
Speaker 5: saved up so that you know you can have enough

752
00:31:48,720 --> 00:31:52,040
Speaker 5: money on four percent rule. Thanks you, I I appreciate

753
00:31:52,200 --> 00:31:53,520
Speaker 5: any of us will be helpful.

754
00:31:53,880 --> 00:31:56,280
Speaker 2: Kip, thank you so much for your question. And Joe,

755
00:31:56,360 --> 00:31:58,520
Speaker 2: the first thing and I think we should address here

756
00:31:58,560 --> 00:32:00,040
Speaker 2: is the fact that he is ready to.

757
00:32:00,280 --> 00:32:03,920
Speaker 1: Retire, but he's only forty six years old, which is basically,

758
00:32:03,960 --> 00:32:06,200
Speaker 1: I'm done with that job. I'm tired of that jump

759
00:32:06,680 --> 00:32:08,640
Speaker 1: quote unquote. I think he said he's ready to bag it.

760
00:32:08,680 --> 00:32:11,160
Speaker 1: I think he's just love it. He's tired of being

761
00:32:11,200 --> 00:32:13,719
Speaker 1: a working stiff. And I get that sometimes the nine

762
00:32:13,760 --> 00:32:14,920
Speaker 1: to five can grind on it.

763
00:32:15,000 --> 00:32:16,640
Speaker 2: I get it, I get it. But that being said,

764
00:32:16,840 --> 00:32:20,320
Speaker 2: so maybe the first thing worth talking through is it

765
00:32:20,360 --> 00:32:22,880
Speaker 2: might be helpful to think through what your life might

766
00:32:23,080 --> 00:32:25,680
Speaker 2: end up looking like were you to do something else.

767
00:32:26,040 --> 00:32:28,440
Speaker 2: Let's say you've been working over fifty hours a week

768
00:32:28,640 --> 00:32:31,480
Speaker 2: like the typical American. If that's the case, I get

769
00:32:31,520 --> 00:32:35,400
Speaker 2: the fatigue, I get the exhaustion, and the fact that

770
00:32:35,440 --> 00:32:37,280
Speaker 2: you've got so much money saved up that's incredible. So

771
00:32:37,360 --> 00:32:41,680
Speaker 2: if you have the capacity to retire, you are financially ready.

772
00:32:41,840 --> 00:32:45,920
Speaker 2: But from a retirement lifestyle perspective, as well as the

773
00:32:45,920 --> 00:32:48,600
Speaker 2: financial concerns, I think it's important to at least consider

774
00:32:48,680 --> 00:32:51,840
Speaker 2: maybe finding more enjoyable work, maybe find some different ways

775
00:32:52,120 --> 00:32:54,920
Speaker 2: to keep the paycheck flowing a little bit, but maybe

776
00:32:54,960 --> 00:32:58,280
Speaker 2: just reducing your overall workload, even if that also means

777
00:32:58,560 --> 00:33:01,400
Speaker 2: a reduced income, because you can always dial back even

778
00:33:01,400 --> 00:33:03,480
Speaker 2: more over time if you're like, no, guys, I really

779
00:33:03,480 --> 00:33:06,959
Speaker 2: want to be done with work altogether. Going from you know,

780
00:33:07,000 --> 00:33:09,600
Speaker 2: we've talked about retirement not necessarily being an on off

781
00:33:09,600 --> 00:33:11,680
Speaker 2: switch DOL, but like a dimmer switch, and I think

782
00:33:11,680 --> 00:33:14,640
Speaker 2: finding a way to gradually phase out of work could

783
00:33:14,760 --> 00:33:18,160
Speaker 2: lead to more positive outcomes in multiple areas of life,

784
00:33:18,200 --> 00:33:20,840
Speaker 2: not only financial, but that lifestyle. So you get used

785
00:33:20,880 --> 00:33:22,880
Speaker 2: to the idea of not having to, like you said,

786
00:33:22,920 --> 00:33:25,240
Speaker 2: go in and slog at the wherever it is that

787
00:33:25,280 --> 00:33:28,320
Speaker 2: you're working from nine to five at a minimum every single.

788
00:33:28,240 --> 00:33:31,000
Speaker 1: Day, not to mention a commute all the whole nine yards,

789
00:33:31,240 --> 00:33:33,120
Speaker 1: and I get especially if you've been in the same

790
00:33:33,120 --> 00:33:35,280
Speaker 1: industry for twenty plus years and you're like, I'm just

791
00:33:35,400 --> 00:33:37,520
Speaker 1: done with this, man, I'm burnt out. I think that

792
00:33:37,840 --> 00:33:39,880
Speaker 1: happens to a lot of people, and not many people

793
00:33:39,960 --> 00:33:42,480
Speaker 1: have kIPS ability because they don't have the savings that

794
00:33:42,520 --> 00:33:44,920
Speaker 1: he's amass to be able to make this choice. But

795
00:33:45,000 --> 00:33:47,040
Speaker 1: I do want to say, like, yeah, you are only

796
00:33:47,080 --> 00:33:48,840
Speaker 1: forty six, and so maybe it's some sort of part

797
00:33:48,840 --> 00:33:50,760
Speaker 1: time work, or maybe it's working for yourself, maybe it's

798
00:33:50,760 --> 00:33:53,880
Speaker 1: doing something ultra part time, or maybe just pivoting to

799
00:33:53,960 --> 00:33:56,120
Speaker 1: another career that doesn't pay as much but where you

800
00:33:56,160 --> 00:33:59,959
Speaker 1: have more freedom over your lifestyle. Those could be worthwhile

801
00:34:00,080 --> 00:34:02,800
Speaker 1: considerations because I think typically Matt, we talk about it

802
00:34:02,840 --> 00:34:04,360
Speaker 1: as a dimmer switch. Most people think of it as

803
00:34:04,400 --> 00:34:06,280
Speaker 1: an on off switch. That's the traditional views. And so

804
00:34:06,320 --> 00:34:09,120
Speaker 1: it's like retirement. I guess my choice is either to

805
00:34:09,160 --> 00:34:11,960
Speaker 1: keep working here and doing something I hate, or to

806
00:34:12,000 --> 00:34:15,440
Speaker 1: stop and retire fully. That's not those aren't your only choices.

807
00:34:15,440 --> 00:34:17,160
Speaker 2: Where you're kicking it on the front porch, right, that's

808
00:34:17,160 --> 00:34:19,440
Speaker 2: a lot of a lot of decades of hanging out

809
00:34:19,440 --> 00:34:21,000
Speaker 2: on the front porch. If that's if that's the case.

810
00:34:21,160 --> 00:34:22,680
Speaker 1: Yeah, and he listened to the South like us, so

811
00:34:22,680 --> 00:34:24,360
Speaker 1: he's gonna be drinking sweet tea on the porch like

812
00:34:24,360 --> 00:34:27,680
Speaker 1: I would be, which is great. But you talked to Kip.

813
00:34:27,719 --> 00:34:30,920
Speaker 1: You you've taken this, this brilliant route of reducing your

814
00:34:30,920 --> 00:34:34,840
Speaker 1: expenses and of increasing your investments. That's the classic recipe

815
00:34:34,840 --> 00:34:38,200
Speaker 1: that leads to more choice for you. Our next pushback, though,

816
00:34:38,200 --> 00:34:39,960
Speaker 1: I guess, would be on the subject of annuities. You

817
00:34:40,000 --> 00:34:43,160
Speaker 1: mentioned talking to the financial planner. Jeez, yeah, be very

818
00:34:43,160 --> 00:34:45,080
Speaker 1: careful talking to that person any longer I would want

819
00:34:45,080 --> 00:34:46,960
Speaker 1: to get a second opinion from somebody else, I would

820
00:34:47,160 --> 00:34:49,680
Speaker 1: consider talking to somebody at Domain Money or Nectarine. Those

821
00:34:49,719 --> 00:34:53,080
Speaker 1: are cheaper ways to talk to a financial planner. And

822
00:34:53,160 --> 00:34:57,600
Speaker 1: while annuities, yes, they can offer a more predictable stream

823
00:34:57,640 --> 00:35:01,080
Speaker 1: of cash flow and more peace of mind, and potentially

824
00:35:01,360 --> 00:35:04,799
Speaker 1: they can be quite expensive. And so the way those

825
00:35:05,160 --> 00:35:08,440
Speaker 1: most annuities get sold, they're typically done through fear based tactics,

826
00:35:09,120 --> 00:35:10,839
Speaker 1: and often the fear is you're going to run out

827
00:35:10,840 --> 00:35:13,479
Speaker 1: of money in retirement, so you need this predictable source

828
00:35:13,480 --> 00:35:16,400
Speaker 1: of income, and you've done such a good job saving

829
00:35:16,440 --> 00:35:18,799
Speaker 1: and investing that you really might be able to stop

830
00:35:18,840 --> 00:35:21,160
Speaker 1: working before you turn fifty, which is awesome, but we

831
00:35:21,160 --> 00:35:23,239
Speaker 1: don't think you need to buy an annuity to turn

832
00:35:23,280 --> 00:35:24,080
Speaker 1: that into a reality.

833
00:35:24,160 --> 00:35:26,080
Speaker 2: That's right. Yeah, he's doing a lot of his math

834
00:35:26,160 --> 00:35:28,880
Speaker 2: based on the four percent rule, which basically states that

835
00:35:28,920 --> 00:35:31,719
Speaker 2: if you've saved up twenty five times your annual expenses

836
00:35:32,040 --> 00:35:34,040
Speaker 2: and so this is the inverse of the four percent rule,

837
00:35:34,239 --> 00:35:35,960
Speaker 2: that for you to do that, you should feel comfortable

838
00:35:36,000 --> 00:35:38,680
Speaker 2: making this decision. But you've also got to make sure

839
00:35:38,719 --> 00:35:41,560
Speaker 2: that we're not just talking about your current expenses, but

840
00:35:41,640 --> 00:35:44,520
Speaker 2: that we are talking about your expenses way off there

841
00:35:44,600 --> 00:35:45,719
Speaker 2: into the future, and.

842
00:35:45,800 --> 00:35:50,000
Speaker 1: Why there's long term things considerations coming to exactly in

843
00:35:50,040 --> 00:35:50,359
Speaker 1: the play.

844
00:35:50,480 --> 00:35:53,319
Speaker 2: Yeah, and well and also too, like considering what you

845
00:35:53,360 --> 00:35:55,600
Speaker 2: want your retirement years to look like. I guess I'm

846
00:35:55,600 --> 00:35:58,439
Speaker 2: pointing to a lifestyle inflation. And again, we don't want

847
00:35:58,480 --> 00:36:00,000
Speaker 2: to push you to work like a dog until you

848
00:36:00,160 --> 00:36:02,600
Speaker 2: seventy years old, but we do want to make sure

849
00:36:02,600 --> 00:36:04,360
Speaker 2: that you're not bowing out too soon and that you

850
00:36:04,360 --> 00:36:06,680
Speaker 2: can handle a potential you know, a potential downturn in

851
00:36:06,719 --> 00:36:10,200
Speaker 2: the market from a mental and a portfolio perspective, and

852
00:36:10,200 --> 00:36:12,280
Speaker 2: that you are taking into account some of the future

853
00:36:12,760 --> 00:36:15,360
Speaker 2: lifestyle choices that you and your wife might have in

854
00:36:15,360 --> 00:36:16,280
Speaker 2: store for yourself.

855
00:36:16,400 --> 00:36:18,399
Speaker 1: Would you still be meeting the four percent rule if

856
00:36:18,400 --> 00:36:20,560
Speaker 1: the stock market were to drop fifteen or twenty percent.

857
00:36:20,600 --> 00:36:22,919
Speaker 1: That's a that's a good question to ask, and Matt,

858
00:36:22,960 --> 00:36:25,759
Speaker 1: I think let's talk about long term care specifically, which

859
00:36:25,800 --> 00:36:28,000
Speaker 1: is basically the need for support as you age, right,

860
00:36:28,080 --> 00:36:31,040
Speaker 1: especially if you have like a chronic illness or disability,

861
00:36:31,600 --> 00:36:33,960
Speaker 1: and even if Kip, if you're in fantastic shape, you

862
00:36:34,000 --> 00:36:35,479
Speaker 1: don't know what things are going to be like thirty

863
00:36:35,520 --> 00:36:37,680
Speaker 1: years down the road. You might need some sort of

864
00:36:37,680 --> 00:36:39,719
Speaker 1: long term care at some point, and it can be

865
00:36:39,760 --> 00:36:43,000
Speaker 1: crazy expensive. It's gotten so much more costly over the

866
00:36:43,040 --> 00:36:46,320
Speaker 1: past ten or fifteen years as well. Insurance companies basically

867
00:36:46,360 --> 00:36:49,719
Speaker 1: they didn't price some of these policies appropriately, Matt. And

868
00:36:49,760 --> 00:36:51,960
Speaker 1: it's amazing to see some of the premium increases that

869
00:36:51,960 --> 00:36:55,000
Speaker 1: people have gotten stuck with. And what ultimately ends up

870
00:36:55,040 --> 00:36:57,839
Speaker 1: happening for so many of those folks is that they

871
00:36:57,880 --> 00:37:01,160
Speaker 1: bought this long term care policy assuming that premiums would

872
00:37:01,160 --> 00:37:05,080
Speaker 1: increase you moderately at most, and then what happens is

873
00:37:05,120 --> 00:37:07,400
Speaker 1: they get stuck with a thirty forty fifty percent premium

874
00:37:07,480 --> 00:37:09,840
Speaker 1: hike and they have to ditch their long term care insurance.

875
00:37:09,840 --> 00:37:11,840
Speaker 1: So it basically feels like and it actually kind of

876
00:37:11,960 --> 00:37:16,520
Speaker 1: is money that was tossed aside, completely wasted. Yeah, it

877
00:37:16,520 --> 00:37:19,560
Speaker 1: feels like you threw it into a fire. The other thing, too,

878
00:37:19,800 --> 00:37:22,840
Speaker 1: is stats from insurance companies show that something like seventy

879
00:37:22,880 --> 00:37:24,480
Speaker 1: percent of folks are going to need at least some

880
00:37:24,520 --> 00:37:26,480
Speaker 1: form of long term care insurance in their life, and

881
00:37:26,520 --> 00:37:28,600
Speaker 1: they always give this stat mat that the costs can

882
00:37:28,600 --> 00:37:31,920
Speaker 1: exceed one hundred thousand dollars per year, which certainly makes

883
00:37:31,960 --> 00:37:34,600
Speaker 1: it opens my eyes, but those facts can be a

884
00:37:34,600 --> 00:37:37,719
Speaker 1: bit misleading too. And plus, your insurance company could go

885
00:37:37,760 --> 00:37:39,799
Speaker 1: out of business in that time where your claim could

886
00:37:39,800 --> 00:37:42,840
Speaker 1: be denied, or again, like I said, those premiums could skyrocket,

887
00:37:42,880 --> 00:37:46,680
Speaker 1: making it unaffordable long term care insurance. The market for

888
00:37:46,800 --> 00:37:50,560
Speaker 1: it sucks. Yeah, there is potentially a need for greater

889
00:37:50,680 --> 00:37:53,920
Speaker 1: spending in some of those later years. I'm not sold

890
00:37:53,960 --> 00:37:56,480
Speaker 1: on the fact that long term care insurance is the

891
00:37:56,520 --> 00:37:59,000
Speaker 1: proper product though for most people. And the truth is,

892
00:37:59,000 --> 00:38:01,759
Speaker 1: middle class folks often find themselves in the most uncomfortable

893
00:38:01,800 --> 00:38:05,319
Speaker 1: positions because they've saved decently well and Folks who haven't

894
00:38:05,360 --> 00:38:08,960
Speaker 1: saved much at all can often depend on medicaid, and

895
00:38:08,960 --> 00:38:11,040
Speaker 1: folks who have saved tons of money can self ensure.

896
00:38:11,200 --> 00:38:12,880
Speaker 1: But if you're in that messy middle, that can be

897
00:38:13,000 --> 00:38:14,320
Speaker 1: a really tough spot to find yourself.

898
00:38:14,360 --> 00:38:16,960
Speaker 2: Totally. Yeah, that messy middle, it seems like that that's

899
00:38:16,960 --> 00:38:19,279
Speaker 2: where Kip is finding himself. I would say, if you

900
00:38:19,280 --> 00:38:22,680
Speaker 2: can comfortably afford the premiums on a solid long term

901
00:38:22,680 --> 00:38:25,399
Speaker 2: care policy, that might be the best course of action.

902
00:38:25,440 --> 00:38:27,200
Speaker 2: But it's also worth highlighting here too that you're only

903
00:38:27,239 --> 00:38:29,600
Speaker 2: forty six years old, and so that's actually way too

904
00:38:29,719 --> 00:38:31,800
Speaker 2: young to pull the trigger on getting a long term

905
00:38:32,200 --> 00:38:35,120
Speaker 2: care policy in place. Typically a lot of experts say

906
00:38:35,160 --> 00:38:38,839
Speaker 2: to look around the age of sixty and so if

907
00:38:38,880 --> 00:38:40,319
Speaker 2: you were to go ahead and get one of those

908
00:38:40,360 --> 00:38:43,399
Speaker 2: in place, now, that's what fifteen years of potentially paying

909
00:38:43,440 --> 00:38:45,399
Speaker 2: premiums on something that you don't need to be paying

910
00:38:45,440 --> 00:38:48,719
Speaker 2: premiums on. And at that age, you would still likely

911
00:38:48,800 --> 00:38:53,000
Speaker 2: qualify with the medical underwriting to still qualify for affordable

912
00:38:53,000 --> 00:38:55,920
Speaker 2: products without having to pay these annual premiums from now

913
00:38:56,000 --> 00:38:58,000
Speaker 2: until then, which is most likely going to be when

914
00:38:58,040 --> 00:39:01,719
Speaker 2: you wouldn't need that policy in place and Something else

915
00:39:01,719 --> 00:39:03,799
Speaker 2: worth pointing out here too, is that it sounded like

916
00:39:03,920 --> 00:39:06,040
Speaker 2: this was not something that was on Kip's radar until

917
00:39:06,040 --> 00:39:09,840
Speaker 2: he met with the financial advisor who was trying to

918
00:39:09,840 --> 00:39:12,640
Speaker 2: sell him on the annuities, which is great because it

919
00:39:12,680 --> 00:39:15,440
Speaker 2: didn't the sales pitch didn't work on the annuities, but

920
00:39:15,480 --> 00:39:18,760
Speaker 2: it has gotten him thinking about this. But they're always

921
00:39:18,800 --> 00:39:22,200
Speaker 2: going to run through the worst possible scenarios where they're

922
00:39:22,360 --> 00:39:24,759
Speaker 2: looking at the largest amount possible to end up paying

923
00:39:24,760 --> 00:39:27,799
Speaker 2: for long term care. They're looking and they're also forecasting

924
00:39:28,160 --> 00:39:30,680
Speaker 2: years and even decades of this long term care because

925
00:39:30,719 --> 00:39:32,560
Speaker 2: if you're thinking, oh, yeah, we're talking about one hundred

926
00:39:32,560 --> 00:39:34,840
Speaker 2: thousand dollars each, but when you look at the numbers,

927
00:39:35,200 --> 00:39:37,799
Speaker 2: I think the average stay in a long term care

928
00:39:37,880 --> 00:39:40,600
Speaker 2: facility is only something like three point seven years. And

929
00:39:40,680 --> 00:39:42,520
Speaker 2: so I'm not saying that that's not a whole lot

930
00:39:42,520 --> 00:39:44,920
Speaker 2: of money, But that being said that it's also not

931
00:39:45,120 --> 00:39:47,520
Speaker 2: a guarantee that you're going to find yourself in that

932
00:39:47,600 --> 00:39:50,080
Speaker 2: sort of position. So at the very least, I'm glad

933
00:39:50,120 --> 00:39:51,960
Speaker 2: that this is something that you are thinking about in

934
00:39:52,000 --> 00:39:55,040
Speaker 2: the here now and for you to make informed decisions,

935
00:39:55,320 --> 00:39:57,279
Speaker 2: but it's definitely not something that you need to look

936
00:39:57,320 --> 00:39:59,480
Speaker 2: at getting in place right now.

937
00:40:00,000 --> 00:40:02,160
Speaker 1: I think Kip's got plenty of time to plan for

938
00:40:02,200 --> 00:40:04,920
Speaker 1: that and to put himself into that self insurance camp

939
00:40:05,239 --> 00:40:08,200
Speaker 1: right where if he not. Like, we want you to

940
00:40:08,200 --> 00:40:09,759
Speaker 1: work for the next thirty years, Kip, but I think

941
00:40:09,800 --> 00:40:12,960
Speaker 1: you can plan for potentially a few hundred thousand dollars

942
00:40:13,040 --> 00:40:15,840
Speaker 1: worth of potential long term care needs at some point

943
00:40:16,000 --> 00:40:18,560
Speaker 1: in your future decades down the road. But that might

944
00:40:18,640 --> 00:40:21,600
Speaker 1: mean delaying your retirement date by a couple of years

945
00:40:21,600 --> 00:40:23,120
Speaker 1: so that you can continue to fund some of those

946
00:40:23,160 --> 00:40:25,200
Speaker 1: accounts and that you can have more of a cushion

947
00:40:25,200 --> 00:40:27,640
Speaker 1: to fall back on the long term care insurance market.

948
00:40:28,120 --> 00:40:28,319
Speaker 2: Yeah.

949
00:40:28,480 --> 00:40:29,920
Speaker 1: Like, I think you're right, Matt. I think it's probably

950
00:40:29,920 --> 00:40:32,080
Speaker 1: too early to be looking there anyway. But the truth

951
00:40:32,200 --> 00:40:34,239
Speaker 1: is a lot of those policies that are expensive, they

952
00:40:34,239 --> 00:40:37,560
Speaker 1: can be volatile. The premium need, the premium amounts can change,

953
00:40:37,880 --> 00:40:41,799
Speaker 1: and self funding is a better approach to take if

954
00:40:41,840 --> 00:40:42,560
Speaker 1: you can pull it off.

955
00:40:42,680 --> 00:40:43,400
Speaker 2: And it's also.

956
00:40:43,200 --> 00:40:45,439
Speaker 1: Important to note, Matt that there are other ways. Let's

957
00:40:45,480 --> 00:40:47,080
Speaker 1: say I don't know if Kip is a renter or

958
00:40:47,120 --> 00:40:49,480
Speaker 1: a homeowner, but if you own your home free and clear,

959
00:40:49,920 --> 00:40:51,960
Speaker 1: well there's a lot of equity built up in that home,

960
00:40:52,000 --> 00:40:54,359
Speaker 1: and so lots of times people choose to do something

961
00:40:54,440 --> 00:40:57,359
Speaker 1: like a reverse mortgage instead of having a long term

962
00:40:57,360 --> 00:40:59,719
Speaker 1: care policy. Those can be expensive, those aren't the best

963
00:40:59,719 --> 00:41:01,840
Speaker 1: product either, but that might be a better choice for

964
00:41:01,840 --> 00:41:03,719
Speaker 1: a lot of people than a long term care policy too,

965
00:41:03,800 --> 00:41:06,200
Speaker 1: especially when a lot of those long term care policies

966
00:41:06,719 --> 00:41:10,239
Speaker 1: get ditched before it gets time to use them. So

967
00:41:10,480 --> 00:41:12,680
Speaker 1: I think that might be at least a more flexible approach.

968
00:41:12,760 --> 00:41:15,200
Speaker 2: Yeah, and another consideration too, and this wasn't at all

969
00:41:15,239 --> 00:41:16,840
Speaker 2: something that get brought up in his question, but I

970
00:41:16,840 --> 00:41:19,320
Speaker 2: think look into family because, like I think one of

971
00:41:19,320 --> 00:41:22,080
Speaker 2: the reasons people don't like reverse mortgages is because they

972
00:41:22,080 --> 00:41:23,640
Speaker 2: start to think, well, then I don't have anything to

973
00:41:23,680 --> 00:41:26,960
Speaker 2: give to my kids, right, they're thinking about generational wealth.

974
00:41:27,000 --> 00:41:28,600
Speaker 2: But if you have kids, I think it's worth having

975
00:41:28,600 --> 00:41:33,280
Speaker 2: a conversation with them and considering a multi generational household.

976
00:41:33,320 --> 00:41:36,520
Speaker 2: It's something that's very common in other countries, but it's

977
00:41:36,600 --> 00:41:38,320
Speaker 2: just not a part of our society. It's not a

978
00:41:38,320 --> 00:41:40,360
Speaker 2: part of our culture here in the US. But I

979
00:41:40,360 --> 00:41:42,200
Speaker 2: think it's like it's the best of both worlds because

980
00:41:42,200 --> 00:41:44,920
Speaker 2: you've got aging parents where they're at the point in

981
00:41:44,960 --> 00:41:48,000
Speaker 2: time where they might need some of that help and

982
00:41:48,120 --> 00:41:51,000
Speaker 2: it would be more affordable for them for the assets

983
00:41:51,040 --> 00:41:53,560
Speaker 2: that they have to be able to offset the costs

984
00:41:53,560 --> 00:41:56,719
Speaker 2: associated with an adult child who's then helping to take

985
00:41:56,760 --> 00:41:59,239
Speaker 2: care of them. And then they also have additional time

986
00:41:59,239 --> 00:42:02,120
Speaker 2: with their kids or even the grandkids. You've got built

987
00:42:02,160 --> 00:42:05,000
Speaker 2: in community, Like it's just a win win. And if

988
00:42:05,040 --> 00:42:07,239
Speaker 2: that's not a conversation, and again may not be a

989
00:42:07,280 --> 00:42:10,680
Speaker 2: part of Kip's situation, but for everyone else out there,

990
00:42:10,719 --> 00:42:12,759
Speaker 2: I think this is a real consideration. I want this

991
00:42:12,880 --> 00:42:14,840
Speaker 2: just to be more of a talking point, something that

992
00:42:14,880 --> 00:42:17,879
Speaker 2: comes up, something that's considered, because it's totally on our

993
00:42:17,960 --> 00:42:20,160
Speaker 2: radar as something that might be off in our future.

994
00:42:20,600 --> 00:42:23,200
Speaker 2: We just live in a world, in a country specifically

995
00:42:23,239 --> 00:42:26,600
Speaker 2: that glorifies and holds up independence and sort of in

996
00:42:26,640 --> 00:42:28,799
Speaker 2: that independent sort of lifestyle as opposed to being more

997
00:42:29,440 --> 00:42:32,239
Speaker 2: reliant in community with each other, which I think can

998
00:42:32,280 --> 00:42:35,319
Speaker 2: be more beautiful and healthier on multiple fronts, not only

999
00:42:35,320 --> 00:42:37,160
Speaker 2: in relational ways, but also financially as.

1000
00:42:37,040 --> 00:42:40,120
Speaker 1: Well, especially that familiar level. And I think this is

1001
00:42:40,160 --> 00:42:41,960
Speaker 1: just keeps asking a great question at a great time

1002
00:42:42,000 --> 00:42:44,239
Speaker 1: for him, because he still has so many options in

1003
00:42:44,239 --> 00:42:46,200
Speaker 1: front of him. He's still working, still earning an income.

1004
00:42:46,360 --> 00:42:48,360
Speaker 1: He could choose to prolong that retirement age by just

1005
00:42:48,400 --> 00:42:50,920
Speaker 1: a little bit. There's so many different choices he can

1006
00:42:50,960 --> 00:42:54,920
Speaker 1: make on the way to be prepared for these possible

1007
00:42:54,960 --> 00:42:58,680
Speaker 1: future large expenses coming down the pike. I wouldn't you know,

1008
00:42:58,760 --> 00:43:01,239
Speaker 1: put blinders on and assume that you're not going to

1009
00:43:01,360 --> 00:43:03,839
Speaker 1: encounter any sort of health headwinds. You know that as

1010
00:43:03,920 --> 00:43:07,799
Speaker 1: you get further along into your retirement years. But now

1011
00:43:07,880 --> 00:43:09,520
Speaker 1: is the right time to start planning for those things

1012
00:43:09,560 --> 00:43:11,880
Speaker 1: and to start saving ahead so that you're ready to

1013
00:43:11,960 --> 00:43:14,080
Speaker 1: tackle those things and so you don't feel kind of

1014
00:43:14,200 --> 00:43:18,520
Speaker 1: hoodwinked into buying some sort of expensive policy that doesn't

1015
00:43:18,520 --> 00:43:19,680
Speaker 1: make sense for you and your family.

1016
00:43:19,719 --> 00:43:22,160
Speaker 2: That's right, man, But everyone out there stick with us

1017
00:43:22,160 --> 00:43:24,920
Speaker 2: because we've got more personal finance content to get to

1018
00:43:25,520 --> 00:43:35,319
Speaker 2: just right after this break. All right, we're back.

1019
00:43:35,600 --> 00:43:37,600
Speaker 1: It is, of course time now for the Facebook question

1020
00:43:37,760 --> 00:43:40,120
Speaker 1: of the week. Comes from the how to Money Facebook group,

1021
00:43:40,160 --> 00:43:41,759
Speaker 1: which you should join if you're not a member of

1022
00:43:42,040 --> 00:43:44,160
Speaker 1: This question comes from Catherine. She says, Hey, Matt and

1023
00:43:44,239 --> 00:43:47,040
Speaker 1: Joel love your podcast. Thank you for everything you do

1024
00:43:47,080 --> 00:43:49,319
Speaker 1: and everything you've taught me. I'm newly married and my

1025
00:43:49,400 --> 00:43:51,880
Speaker 1: husband and I are opening a joint bank account at

1026
00:43:51,920 --> 00:43:55,080
Speaker 1: the end of this year. We discussed Bank of America,

1027
00:43:55,440 --> 00:43:57,880
Speaker 1: being that it's conveniently located near where we live. But

1028
00:43:57,960 --> 00:44:01,040
Speaker 1: I just listened to your Friday Flight episode. Please tell

1029
00:44:01,040 --> 00:44:03,640
Speaker 1: me the cons of banking with a big bank so

1030
00:44:03,640 --> 00:44:06,160
Speaker 1: that I can explain it to my new husband. Why

1031
00:44:06,200 --> 00:44:09,080
Speaker 1: do you favor online banks such as Discover? My husband

1032
00:44:09,160 --> 00:44:10,799
Speaker 1: loves the idea of being able to go to his

1033
00:44:10,840 --> 00:44:13,279
Speaker 1: bank and pull out cash at any given time, so

1034
00:44:13,320 --> 00:44:15,719
Speaker 1: that's his reasoning the bank with Bank of America. Let

1035
00:44:15,840 --> 00:44:17,759
Speaker 1: us know what you guys think. First, we got to

1036
00:44:17,760 --> 00:44:20,080
Speaker 1: say congrats on getting married. Oh yeah, yeah, congrats to

1037
00:44:20,200 --> 00:44:20,560
Speaker 1: you too.

1038
00:44:20,719 --> 00:44:23,080
Speaker 2: And let's go ahead and just address that specific question,

1039
00:44:23,120 --> 00:44:25,680
Speaker 2: which is that most of the online banks reimburse ATM fees,

1040
00:44:25,800 --> 00:44:27,799
Speaker 2: so you can pretty much get cash. You don't have

1041
00:44:27,840 --> 00:44:30,080
Speaker 2: to go to the actual actual bank branch in order

1042
00:44:30,160 --> 00:44:31,440
Speaker 2: to get your hands on some cash.

1043
00:44:31,440 --> 00:44:33,840
Speaker 1: They're part of some sort of ATM network, and they're

1044
00:44:33,880 --> 00:44:36,200
Speaker 1: like at the local drug store. Instead of the bank

1045
00:44:36,239 --> 00:44:37,879
Speaker 1: that's on the street corner, it's at the drug store

1046
00:44:38,000 --> 00:44:40,600
Speaker 1: thread around the corner. So in fact, Target, like I

1047
00:44:40,640 --> 00:44:43,960
Speaker 1: think Capital One has all their banks have They've got

1048
00:44:44,000 --> 00:44:45,760
Speaker 1: ATMs at every target around the country.

1049
00:44:45,800 --> 00:44:48,239
Speaker 2: So it's actually more convenient for your husband to get

1050
00:44:48,239 --> 00:44:50,759
Speaker 2: his hands on cash. I think most likely were he

1051
00:44:50,840 --> 00:44:52,799
Speaker 2: to go with some of the online banks.

1052
00:44:52,520 --> 00:44:54,120
Speaker 1: That we loved, and you need cash these days, not

1053
00:44:54,280 --> 00:44:56,480
Speaker 1: much the ability some people.

1054
00:44:56,640 --> 00:44:58,200
Speaker 2: I don't know. I don't want to make it assumptions

1055
00:44:58,200 --> 00:44:59,400
Speaker 2: about Catherine's husband.

1056
00:44:59,440 --> 00:45:01,319
Speaker 1: I pay with the that they put in my wrist map,

1057
00:45:01,560 --> 00:45:03,239
Speaker 1: which you don't actually, although I see that a whole

1058
00:45:03,239 --> 00:45:05,360
Speaker 1: Foods you can pay like Amazon customers can pay with

1059
00:45:05,400 --> 00:45:06,600
Speaker 1: a chip in their body.

1060
00:45:06,360 --> 00:45:08,759
Speaker 2: While someone's they're buying pizza. Though a little freaky it

1061
00:45:08,800 --> 00:45:12,680
Speaker 2: was out of order or whatever. Did you see that? Yeah,

1062
00:45:12,719 --> 00:45:14,919
Speaker 2: the cath Let's highlight some of the main issues. First

1063
00:45:14,960 --> 00:45:18,799
Speaker 2: of all, bad customer service. Uh. This makes me think

1064
00:45:18,840 --> 00:45:22,000
Speaker 2: about Wells Fargo and all that they have done to

1065
00:45:22,080 --> 00:45:24,600
Speaker 2: their customers, some of the awful ways that they've treated

1066
00:45:24,880 --> 00:45:27,160
Speaker 2: folks over the past decade. We would rather see you

1067
00:45:27,200 --> 00:45:29,640
Speaker 2: do business with companies who don't actively hate you. The

1068
00:45:29,680 --> 00:45:32,040
Speaker 2: culture at some of these gargangum banks is just so

1069
00:45:32,160 --> 00:45:34,839
Speaker 2: toxic that we would just we would honestly rather see

1070
00:45:34,840 --> 00:45:38,560
Speaker 2: how money listeners completely avoid them, and maybe you're thinking, well, yeah,

1071
00:45:38,640 --> 00:45:41,120
Speaker 2: customer service, like what kind of customer service do you

1072
00:45:41,160 --> 00:45:43,120
Speaker 2: actually have when it comes to some of these online banks.

1073
00:45:43,280 --> 00:45:45,120
Speaker 2: You know what, maybe it's not any better than were

1074
00:45:45,160 --> 00:45:48,400
Speaker 2: you to reach out to a bigger bank digitally online,

1075
00:45:48,640 --> 00:45:51,720
Speaker 2: but the fact that they haven't participated in underhanded schemes

1076
00:45:51,719 --> 00:45:54,520
Speaker 2: to be able to open accounts as branches are trying

1077
00:45:54,520 --> 00:45:57,799
Speaker 2: to reach certain quotas. There's just there's a history of

1078
00:45:58,360 --> 00:46:01,840
Speaker 2: untrustworthy behavior that we've seen some of the bigger branches

1079
00:46:01,880 --> 00:46:03,480
Speaker 2: that were not fans of I think.

1080
00:46:03,280 --> 00:46:04,680
Speaker 1: And actually a lot of the banks that you and

1081
00:46:04,680 --> 00:46:08,120
Speaker 1: I talk about, Matt, it's actively less bad and it's

1082
00:46:08,239 --> 00:46:10,719
Speaker 1: it's proactively better too. I think it's easier to get

1083
00:46:11,000 --> 00:46:12,800
Speaker 1: a human on the phone to talk about a problem

1084
00:46:12,800 --> 00:46:15,640
Speaker 1: you have. Yeah, there's no bank branch you can walk into,

1085
00:46:15,760 --> 00:46:18,040
Speaker 1: but the one hundred numbers are typically better with the

1086
00:46:18,080 --> 00:46:20,160
Speaker 1: online bank. So if you need or you care about

1087
00:46:20,160 --> 00:46:22,279
Speaker 1: customer service with your bank, I think that is a

1088
00:46:22,320 --> 00:46:25,160
Speaker 1: selling point. The truth ist too, the products from the

1089
00:46:25,160 --> 00:46:28,960
Speaker 1: big banks often suck too. Like think about savings accounts,

1090
00:46:29,000 --> 00:46:31,840
Speaker 1: for instance, the big banks don't come close to paying

1091
00:46:31,880 --> 00:46:35,879
Speaker 1: you a reasonable return on your savings. I think Wells Fargo, Matt,

1092
00:46:35,880 --> 00:46:38,040
Speaker 1: who you just aptly mentioned, they're paying point one five

1093
00:46:38,080 --> 00:46:41,719
Speaker 1: percent on their savings account. That's awful. Chase is paying

1094
00:46:41,760 --> 00:46:44,640
Speaker 1: point zero one percent, which is even worse. And then

1095
00:46:44,840 --> 00:46:47,160
Speaker 1: at Bank of America, which is the bank that's right

1096
00:46:47,160 --> 00:46:50,160
Speaker 1: around the corner from Catherine, point zero three percent is

1097
00:46:50,200 --> 00:46:51,680
Speaker 1: standard the gold tier.

1098
00:46:51,800 --> 00:46:53,520
Speaker 2: Oh you want to know what that is, Matt, point

1099
00:46:53,640 --> 00:46:54,440
Speaker 2: zero four percent.

1100
00:46:54,520 --> 00:46:57,239
Speaker 1: Oh, and then oh you want to go platinum dog

1101
00:46:57,560 --> 00:47:00,839
Speaker 1: point zero five percent. It's you can't make this up.

1102
00:47:02,000 --> 00:47:05,800
Speaker 1: It's these like incremental increases that mean essentially nothing, whereas

1103
00:47:05,800 --> 00:47:08,040
Speaker 1: like competitive banks are paying you know, four and a

1104
00:47:08,120 --> 00:47:10,040
Speaker 1: quarter four and a half percent. Say, but you missed

1105
00:47:10,040 --> 00:47:13,120
Speaker 1: out on Platinum Honors, which is point zero six percent. Yeah,

1106
00:47:13,120 --> 00:47:17,120
Speaker 1: you found you missed the upper tier, which maybe you're thinking, Catherin,

1107
00:47:17,120 --> 00:47:18,960
Speaker 1: you're hearing to say these numbers, and you're like, yeah,

1108
00:47:19,040 --> 00:47:21,439
Speaker 1: but like he doesn't that doesn't mean all that much.

1109
00:47:21,600 --> 00:47:23,640
Speaker 1: All right, listen up, because if you run the numbers,

1110
00:47:23,719 --> 00:47:27,399
Speaker 1: the average two person household in America has seventy five

1111
00:47:27,440 --> 00:47:30,839
Speaker 1: thousand in annual expenses. So cut that in half, you're

1112
00:47:30,840 --> 00:47:33,520
Speaker 1: looking at thirty seven thousand dollars. That's what you should

1113
00:47:33,600 --> 00:47:36,120
Speaker 1: roughly have in your emergency fund if you've got six

1114
00:47:36,200 --> 00:47:39,279
Speaker 1: months worth of living expenses set aside. Now, if you

1115
00:47:39,320 --> 00:47:41,680
Speaker 1: go with a bank like cit who I believe at

1116
00:47:41,680 --> 00:47:43,840
Speaker 1: this point is paying four point seven percent, it's definitely

1117
00:47:43,840 --> 00:47:47,400
Speaker 1: over four percent. That's good, not point zero four like

1118
00:47:47,520 --> 00:47:52,160
Speaker 1: literally four plus percent. You're talking about earning seventeen hundred

1119
00:47:52,200 --> 00:47:54,879
Speaker 1: dollars on the money that you've got just sitting there

1120
00:47:55,000 --> 00:47:58,040
Speaker 1: parked in your emergency fund versus guess what it is

1121
00:47:58,040 --> 00:48:01,840
Speaker 1: you'll at point zero six percent, guessing it's about ninety

1122
00:48:01,840 --> 00:48:02,680
Speaker 1: two cents.

1123
00:48:03,360 --> 00:48:05,920
Speaker 2: It's not that lot. Okay, twenty two bucksky, but still

1124
00:48:06,120 --> 00:48:09,520
Speaker 2: over seventeen hundred dollars versus twenty two dollars. That there's

1125
00:48:09,560 --> 00:48:13,239
Speaker 2: a big difference there. Just in a credit mathmath, it's

1126
00:48:13,320 --> 00:48:15,920
Speaker 2: revealing of what you think of of the large I

1127
00:48:16,480 --> 00:48:19,479
Speaker 2: have so little regard for those big banks and matt

1128
00:48:19,560 --> 00:48:21,839
Speaker 2: So you're talking about rates of return, but then talk

1129
00:48:21,840 --> 00:48:23,839
Speaker 2: about the fees too. So a lot of these these

1130
00:48:23,920 --> 00:48:25,960
Speaker 2: checking accounts or savings accounts again worse with some of

1131
00:48:26,000 --> 00:48:28,479
Speaker 2: the big banks, they might that one hundred and seventy

1132
00:48:28,560 --> 00:48:31,440
Speaker 2: dollars or whatever you might have earned can be completely

1133
00:48:31,440 --> 00:48:33,719
Speaker 2: wiped away thanks to the monthly service fees they are

1134
00:48:33,760 --> 00:48:35,719
Speaker 2: going to charge you. So, I mean the big banks,

1135
00:48:35,719 --> 00:48:38,359
Speaker 2: they keep threatening to bring on new fees even while

1136
00:48:38,360 --> 00:48:41,799
Speaker 2: the banks we love are taking fees away, they're eliminating them. Yeah,

1137
00:48:41,880 --> 00:48:44,040
Speaker 2: the rates on the product, like on the loan products

1138
00:48:44,080 --> 00:48:45,920
Speaker 2: as well, are going to be much worse. And so

1139
00:48:46,200 --> 00:48:49,239
Speaker 2: I just I literally searched the first credit union that

1140
00:48:49,239 --> 00:48:51,719
Speaker 2: popped up in the mind here locally, and it's over

1141
00:48:51,880 --> 00:48:54,919
Speaker 2: half a percent better than what it is that Bank

1142
00:48:54,920 --> 00:48:56,799
Speaker 2: of America's got, and that's for a just a thirty

1143
00:48:56,880 --> 00:48:58,560
Speaker 2: year mortgage with twenty percent down.

1144
00:48:58,640 --> 00:49:01,040
Speaker 1: It's amazing. The big banks are actually banking on name

1145
00:49:01,120 --> 00:49:04,160
Speaker 1: recognition and brick and mortars near you, yep, to retain

1146
00:49:04,200 --> 00:49:07,280
Speaker 1: your loyalty. And we would say that's not good enough,

1147
00:49:07,440 --> 00:49:10,359
Speaker 1: Like there's so many reasons to choose the online banks

1148
00:49:10,400 --> 00:49:13,800
Speaker 1: and credit unions instead. People remain, though, Matt, because inertia

1149
00:49:13,840 --> 00:49:16,319
Speaker 1: bias it's hard for humans to overcome. I'm hoping here

1150
00:49:16,480 --> 00:49:18,880
Speaker 1: that we've convinced Catherine and that she can convince her husband,

1151
00:49:19,200 --> 00:49:22,520
Speaker 1: because the best banks these days are online banks like

1152
00:49:22,560 --> 00:49:25,520
Speaker 1: Discover ally cit We mentioned them all the time. Low cost.

1153
00:49:25,520 --> 00:49:28,200
Speaker 1: Broker's firms like Fidelity and Schwab actually have good banking

1154
00:49:28,239 --> 00:49:31,239
Speaker 1: products too. Betterment has a good one as well. They

1155
00:49:31,239 --> 00:49:34,440
Speaker 1: pay really good rates on your savings. Customer service is superior.

1156
00:49:34,719 --> 00:49:37,680
Speaker 1: They're still big enough to have solid fee free ATM networks.

1157
00:49:37,680 --> 00:49:40,080
Speaker 1: I mean, you get all the modern amenities without the

1158
00:49:40,120 --> 00:49:41,000
Speaker 1: horrible downsides.

1159
00:49:41,120 --> 00:49:43,520
Speaker 2: That's right. So just point that out. And for me

1160
00:49:43,600 --> 00:49:45,799
Speaker 2: it's I mean the savings rate that they're paying, like

1161
00:49:45,880 --> 00:49:48,280
Speaker 2: if you are willing to pay over but you're basically

1162
00:49:48,320 --> 00:49:51,319
Speaker 2: paying over fifteen hundred dollars for the convenience every single

1163
00:49:51,400 --> 00:49:53,080
Speaker 2: year to be able to pop into your local branch.

1164
00:49:53,200 --> 00:49:55,440
Speaker 1: Not worth it, Not worth it, You're right. I think

1165
00:49:55,440 --> 00:49:58,240
Speaker 1: of that as a gargantuan fee that the big banks

1166
00:49:58,239 --> 00:50:01,680
Speaker 1: are charging. And to have that comedian brick and mortar location,

1167
00:50:02,120 --> 00:50:03,400
Speaker 1: it ain't worth it. You don't want to fund that

1168
00:50:03,400 --> 00:50:03,920
Speaker 1: building for them.

1169
00:50:03,960 --> 00:50:05,640
Speaker 2: But all right, let's get to the beer that you

1170
00:50:05,680 --> 00:50:06,320
Speaker 2: and I enjoyed.

1171
00:50:06,440 --> 00:50:06,720
Speaker 5: Joel.

1172
00:50:06,840 --> 00:50:11,480
Speaker 2: This was the Ube Macapuno Delight. It's an Ube chocolate

1173
00:50:11,520 --> 00:50:14,720
Speaker 2: coconut porter donated to the show by our buddy Joel,

1174
00:50:15,160 --> 00:50:18,200
Speaker 2: and this is brewed by Brewyard Beer Company. What were

1175
00:50:18,280 --> 00:50:18,680
Speaker 2: your thoughts?

1176
00:50:18,760 --> 00:50:21,200
Speaker 1: Well, I had to look up ube. Ube is apparently

1177
00:50:21,239 --> 00:50:23,560
Speaker 1: purple yam. Yeah, I didn't even realize that it's like

1178
00:50:23,600 --> 00:50:26,399
Speaker 1: a so yams were harmed in the making of this beer.

1179
00:50:27,080 --> 00:50:30,200
Speaker 2: It's from the Philippines, so ube is like it's evidently

1180
00:50:30,200 --> 00:50:33,200
Speaker 2: it's got like sweet potata like vibes. But it's often

1181
00:50:33,320 --> 00:50:36,399
Speaker 2: used in making desserts, which makes sense because the can

1182
00:50:36,480 --> 00:50:39,720
Speaker 2: is purple. It looks like a cake, like a layered

1183
00:50:39,719 --> 00:50:41,399
Speaker 2: cake of sorts. But uh, yeah, what were your thoughts?

1184
00:50:41,440 --> 00:50:42,200
Speaker 2: I thought this was good.

1185
00:50:42,280 --> 00:50:46,000
Speaker 1: Yeah, it had like coconut, vanilla, and chocolate be vibes

1186
00:50:46,080 --> 00:50:48,920
Speaker 1: kind of all combined together in a porter package, which

1187
00:50:48,960 --> 00:50:51,080
Speaker 1: is kind of a lighter version of a stout in

1188
00:50:51,120 --> 00:50:54,080
Speaker 1: so many ways, And I enjoyed it. It was it

1189
00:50:54,120 --> 00:50:56,400
Speaker 1: was a little a little sweet for my taste, like

1190
00:50:56,440 --> 00:50:58,400
Speaker 1: not my favorite thing, but I thought it was solid.

1191
00:50:58,600 --> 00:51:00,680
Speaker 2: Was it sweet or were you convinced that sweet based

1192
00:51:00,719 --> 00:51:03,239
Speaker 2: on the icing that the design ont of this can

1193
00:51:03,280 --> 00:51:05,480
Speaker 2: that's dripping down, so it makes you think that, oh,

1194
00:51:05,520 --> 00:51:07,880
Speaker 2: this has got it. There's maybe a little more vanilla

1195
00:51:07,960 --> 00:51:10,800
Speaker 2: than I would totally typically go for. Yeah, the vanilla

1196
00:51:10,840 --> 00:51:13,239
Speaker 2: and the coconut kind of joined forces and both come

1197
00:51:13,280 --> 00:51:16,280
Speaker 2: across stronger than I think they would have otherwise. Yeah,

1198
00:51:16,320 --> 00:51:19,000
Speaker 2: but it's also like I guess maybe the roasty sort

1199
00:51:19,000 --> 00:51:22,239
Speaker 2: of flavors, but do you remember clove. Well, I'll just

1200
00:51:22,320 --> 00:51:23,600
Speaker 2: leave it at that. Clothes like you know, like a

1201
00:51:24,520 --> 00:51:26,520
Speaker 2: like a Christmas ham, Like, yeah, you set the clothes

1202
00:51:26,560 --> 00:51:28,040
Speaker 2: in there. You know what kind of spices that you're

1203
00:51:28,040 --> 00:51:29,880
Speaker 2: talking about With clothes? It almost says that kind of

1204
00:51:30,120 --> 00:51:32,560
Speaker 2: flavor profile going on. But it makes me think of

1205
00:51:32,560 --> 00:51:34,160
Speaker 2: I don't know, it also makes me think of the holiday.

1206
00:51:34,200 --> 00:51:35,680
Speaker 2: So I actually kind of like it. As the temperatures

1207
00:51:35,680 --> 00:51:37,759
Speaker 2: are starting to cool down a little bit and we're

1208
00:51:37,800 --> 00:51:39,640
Speaker 2: getting into maybe some of these beers that have a

1209
00:51:39,640 --> 00:51:40,440
Speaker 2: little more backbone.

1210
00:51:40,480 --> 00:51:43,680
Speaker 1: The Porter is a great drink for October. Like you

1211
00:51:43,680 --> 00:51:46,560
Speaker 1: don't want to drink a Porter in August, but once October.

1212
00:51:46,160 --> 00:51:47,680
Speaker 2: And then maybe you're not even ready for the barrel

1213
00:51:47,719 --> 00:51:50,319
Speaker 2: aged out yet. Yeah, in October either, like between you

1214
00:51:50,320 --> 00:51:52,120
Speaker 2: want to say that for December for January.

1215
00:51:52,239 --> 00:51:53,840
Speaker 1: I had a good october Fest the other day and

1216
00:51:53,880 --> 00:51:57,000
Speaker 1: I was like, oh man, I'm not Usually Octoberfest isn't

1217
00:51:57,000 --> 00:51:59,319
Speaker 1: the thing I yearned for, but in this time of year,

1218
00:51:59,400 --> 00:52:00,640
Speaker 1: it just it's the right drink.

1219
00:52:00,640 --> 00:52:02,520
Speaker 2: It fits the mood nice. All right, Well, that's gonna

1220
00:52:02,520 --> 00:52:04,160
Speaker 2: be it for this episode. Listeners can find our show

1221
00:52:04,200 --> 00:52:06,640
Speaker 2: notes up on the website at howtomoney dot com. Oh,

1222
00:52:06,640 --> 00:52:09,400
Speaker 2: I meant to say too. We're talking about, uh, it

1223
00:52:09,440 --> 00:52:12,440
Speaker 2: was Catherine, her husband. Why he uses cash all the time.

1224
00:52:12,680 --> 00:52:14,879
Speaker 2: Why don't you just use a credit card? You're also

1225
00:52:14,920 --> 00:52:18,080
Speaker 2: giving up so many benefits by not using a credit card,

1226
00:52:18,160 --> 00:52:20,319
Speaker 2: like even a basic credit card. And you can hop

1227
00:52:20,360 --> 00:52:22,760
Speaker 2: over to the site at howdomony dot com forward slash

1228
00:52:22,760 --> 00:52:25,120
Speaker 2: credit card tool and you can literally sort it by

1229
00:52:25,320 --> 00:52:27,799
Speaker 2: I want a card that's free, so zero annual fee,

1230
00:52:28,080 --> 00:52:30,120
Speaker 2: and I just want to earn simple cash back, and

1231
00:52:31,040 --> 00:52:33,120
Speaker 2: it'll pop up several options there for you, as long as,

1232
00:52:33,160 --> 00:52:35,200
Speaker 2: of course, you don't rack up a bunch of debt,

1233
00:52:35,200 --> 00:52:38,480
Speaker 2: which is maybe that's why Catherine's husband is completely avoiding

1234
00:52:38,520 --> 00:52:40,840
Speaker 2: cards all Maybe and he likes dealing in cash or

1235
00:52:40,880 --> 00:52:41,879
Speaker 2: maybe yeah, he just.

1236
00:52:41,960 --> 00:52:43,960
Speaker 1: Used to doing it and he hasn't changed his ways.

1237
00:52:44,000 --> 00:52:46,360
Speaker 1: And if he handles credit cards, well that would be

1238
00:52:46,400 --> 00:52:49,120
Speaker 1: a better form of payment. So yeah, all right, that's

1239
00:52:49,120 --> 00:52:50,839
Speaker 1: gonna do it for this one, Matt. Until next time,

1240
00:52:51,080 --> 00:53:02,800
Speaker 1: Best Friends Out, Best Friends Out.

1241
00:53:02,640 --> 00:53:04,520
Speaker 3: The hun spe