1 00:00:00,080 --> 00:00:02,600 Speaker 1: Welcome to How the Money. I'm Joel and I and 2 00:00:02,720 --> 00:00:06,200 Speaker 1: Matt's and today we're discussing conducting a personal year end 3 00:00:06,320 --> 00:00:27,920 Speaker 1: money review. Yeah, buddy, we are getting towards the end 4 00:00:27,960 --> 00:00:29,320 Speaker 1: of the year, and we want this to be an 5 00:00:29,360 --> 00:00:33,080 Speaker 1: empowerment episode, right, We want folks to start looking towards 6 00:00:34,520 --> 00:00:37,279 Speaker 1: hopefully it'll be a better year. We're all hoping that 7 00:00:37,280 --> 00:00:39,400 Speaker 1: in the year that it's been. But you can't really 8 00:00:39,520 --> 00:00:42,040 Speaker 1: move forward until you look at the past, until you 9 00:00:42,080 --> 00:00:44,320 Speaker 1: look at what this year has actually been like for you. 10 00:00:44,360 --> 00:00:46,600 Speaker 1: And so we're gonna talk about ways to do that 11 00:00:46,680 --> 00:00:49,920 Speaker 1: effectively during this episode. Buddyeah, no doubt conducting a year 12 00:00:50,040 --> 00:00:52,519 Speaker 1: end money review can be just really really helpful in 13 00:00:52,560 --> 00:00:54,960 Speaker 1: assessing how you did and then helping frame, like you said, 14 00:00:54,960 --> 00:00:56,680 Speaker 1: the upcoming year, like how are you're going to tackle 15 00:00:56,720 --> 00:00:59,120 Speaker 1: that when it comes to your finances. So we'll give you, 16 00:00:59,160 --> 00:01:02,120 Speaker 1: in particular, five questions to think through in this episode 17 00:01:02,280 --> 00:01:04,840 Speaker 1: that will really help you conduct that urine review, whether 18 00:01:04,880 --> 00:01:07,120 Speaker 1: it's just you by yourself or whether it's you and 19 00:01:07,160 --> 00:01:08,920 Speaker 1: a partner. And we'll get to that in just a second. 20 00:01:08,920 --> 00:01:11,319 Speaker 1: But Matt, first I wanted to ask you a frugal 21 00:01:11,400 --> 00:01:13,399 Speaker 1: or cheap, and we haven't done one in a minute. 22 00:01:13,440 --> 00:01:15,880 Speaker 1: So is it frugal or cheap to have holes in 23 00:01:15,920 --> 00:01:18,720 Speaker 1: your socks? Oh? Man, okay, So for me, I'm gonna 24 00:01:18,760 --> 00:01:22,280 Speaker 1: have to side, I think on frugal because for me, 25 00:01:22,480 --> 00:01:24,759 Speaker 1: at least, the way my socks wear down, the way 26 00:01:24,800 --> 00:01:27,120 Speaker 1: I get holes in my socks, I don't really notice 27 00:01:27,120 --> 00:01:28,759 Speaker 1: when I get holes in my socks. It's not until 28 00:01:29,120 --> 00:01:32,120 Speaker 1: I'm walking around with socks on inside the house and uh, 29 00:01:32,160 --> 00:01:35,000 Speaker 1: it feels a little grippier that I realized that, Oh, 30 00:01:35,040 --> 00:01:37,360 Speaker 1: that's my actual foot that's in contact with the with 31 00:01:37,400 --> 00:01:40,000 Speaker 1: the hardwood floors, right, it's not the slippery sock on 32 00:01:40,000 --> 00:01:42,800 Speaker 1: the bottom. There's some actual points of contact happening between 33 00:01:42,800 --> 00:01:45,520 Speaker 1: my foot and the floor. I think that's actually what 34 00:01:45,640 --> 00:01:48,200 Speaker 1: I noticed, that I do have holes in my socks. Uh. 35 00:01:48,200 --> 00:01:51,600 Speaker 1: And so for me, it doesn't necessarily take away from 36 00:01:51,640 --> 00:01:53,760 Speaker 1: the function of my socks to have a few holes 37 00:01:53,800 --> 00:01:55,720 Speaker 1: in it. So I'm gonna, yeah, I'm gonna side with frugal. 38 00:01:55,800 --> 00:01:57,480 Speaker 1: So I don't really care. At what point do you 39 00:01:57,520 --> 00:01:59,320 Speaker 1: discard your socks? And is there a point of no 40 00:01:59,360 --> 00:02:00,920 Speaker 1: return where you're all right, this thing is done. I 41 00:02:00,960 --> 00:02:02,880 Speaker 1: need some new ones. When they're no longer functional. I 42 00:02:02,880 --> 00:02:04,880 Speaker 1: think like if I if I'm wearing them and I've 43 00:02:04,920 --> 00:02:06,320 Speaker 1: got a pair of shoes on, and i can tell 44 00:02:06,400 --> 00:02:07,760 Speaker 1: that there's holes in my socks and it's kind of 45 00:02:07,800 --> 00:02:10,079 Speaker 1: bothering me, I would then be willing to toss those 46 00:02:10,080 --> 00:02:11,680 Speaker 1: in the trash, I guess, or you know, or put 47 00:02:11,720 --> 00:02:13,040 Speaker 1: them in the rag box, you know, use it to 48 00:02:13,080 --> 00:02:14,920 Speaker 1: wipe on the windows, whatever you do with them. But 49 00:02:14,960 --> 00:02:17,440 Speaker 1: what about you? So I'm gonna say, you know, I 50 00:02:17,520 --> 00:02:19,360 Speaker 1: probably would have been with you a few years back. 51 00:02:19,520 --> 00:02:21,600 Speaker 1: Maybe it was frugal to extend the life of something 52 00:02:21,639 --> 00:02:23,919 Speaker 1: with holes in it. Um, I'm getting a little pickier 53 00:02:23,919 --> 00:02:27,320 Speaker 1: about my socks not having holes. Like, so you know, 54 00:02:27,360 --> 00:02:30,079 Speaker 1: you you got we got down the winter gear, you know, 55 00:02:30,120 --> 00:02:32,280 Speaker 1: at the end of November in Atlanta, like you know, 56 00:02:32,360 --> 00:02:34,440 Speaker 1: over Thanksgiving it was still like seventy degrees that you 57 00:02:34,480 --> 00:02:37,880 Speaker 1: really winter socks. Yeah. So I'm starting to get into 58 00:02:37,919 --> 00:02:41,200 Speaker 1: some socks that I haven't really worn much, and I'm like, oh, wait, 59 00:02:41,240 --> 00:02:43,200 Speaker 1: these have holes in them from last year. Um, and 60 00:02:43,440 --> 00:02:45,560 Speaker 1: I don't mind tossing a few and maybe buying a 61 00:02:45,600 --> 00:02:47,600 Speaker 1: new pack of socks. And you are such a socks knob, 62 00:02:48,800 --> 00:02:50,400 Speaker 1: you got like one or two pairs of Bombas, and 63 00:02:50,440 --> 00:02:52,520 Speaker 1: now you're like, I need to have nothing but bombas. 64 00:02:53,160 --> 00:02:55,320 Speaker 1: Those are great times on my feet now, I I 65 00:02:55,360 --> 00:02:58,720 Speaker 1: really it doesn't. I don't care, like honestly, brand typically, 66 00:02:58,760 --> 00:03:00,720 Speaker 1: like I'm usually going to costco from my socks. Do 67 00:03:00,720 --> 00:03:02,720 Speaker 1: your socks say Cirkland across the toe? No, I don't 68 00:03:02,720 --> 00:03:04,680 Speaker 1: think they do. I don't think so that would be awesome. 69 00:03:04,720 --> 00:03:06,840 Speaker 1: But in particular, you can get some decent socks, what 70 00:03:06,960 --> 00:03:09,560 Speaker 1: four pairs for ten bucks something like that. Um, And 71 00:03:09,639 --> 00:03:11,560 Speaker 1: so I don't mind discarding a couple of the ones 72 00:03:11,600 --> 00:03:14,160 Speaker 1: that are the holiest in getting something that are going 73 00:03:14,200 --> 00:03:16,560 Speaker 1: to actually keep my feet forarm all winter long. So yeah, 74 00:03:16,639 --> 00:03:18,600 Speaker 1: if they kept my feet from being warm, you know, 75 00:03:18,600 --> 00:03:20,239 Speaker 1: if I felt like there's a lot of cold air 76 00:03:20,280 --> 00:03:22,280 Speaker 1: shooting and you know, making my foot cold because there's 77 00:03:22,280 --> 00:03:23,680 Speaker 1: a hole, I would I would do that. But in 78 00:03:23,720 --> 00:03:27,240 Speaker 1: my mind, it doesn't take away from the functionality. On 79 00:03:27,280 --> 00:03:29,840 Speaker 1: a more embarrassing note, I've got I've got a lot 80 00:03:29,880 --> 00:03:32,040 Speaker 1: of pairs of underwear actually with holes in them as well, 81 00:03:32,560 --> 00:03:35,960 Speaker 1: and the same thing applies, like I don't even realize 82 00:03:35,960 --> 00:03:37,600 Speaker 1: that they're there except that I can see them. But 83 00:03:37,640 --> 00:03:39,680 Speaker 1: guess why, dude. Nobody else sees those holes except for 84 00:03:39,760 --> 00:03:41,720 Speaker 1: Kate and the kids occasionally, and they like to make 85 00:03:41,720 --> 00:03:45,080 Speaker 1: fun of me. They're like, Daddy, there's holes and your underwear. 86 00:03:45,480 --> 00:03:47,680 Speaker 1: And I'm like, yeah, so, but if it was affecting 87 00:03:47,720 --> 00:03:49,400 Speaker 1: how they fit or you know, how they feel against 88 00:03:49,440 --> 00:03:51,360 Speaker 1: my skin, yeah, then I'll definitely make it change. Okay, 89 00:03:51,400 --> 00:03:52,960 Speaker 1: all right, Well, it's nice to know the weekn to 90 00:03:53,000 --> 00:03:55,400 Speaker 1: come down on different sides of provoler. Cheap. I'm gonna 91 00:03:55,400 --> 00:03:57,200 Speaker 1: say it's a little cheap to have too many holes 92 00:03:57,200 --> 00:03:58,960 Speaker 1: in your socks. You know, maybe one small hole, it's fine, 93 00:03:59,080 --> 00:04:01,360 Speaker 1: But once you get to level like three meaningful holes, 94 00:04:01,400 --> 00:04:03,440 Speaker 1: like ditch them, get some new ones, and um, you 95 00:04:03,440 --> 00:04:05,840 Speaker 1: know it's socks are pretty inexpensive typically. Sure. Yeah, have 96 00:04:05,920 --> 00:04:08,080 Speaker 1: you ever darned any of your socks? No? I haven't. No, 97 00:04:08,160 --> 00:04:12,520 Speaker 1: I've never learned skill like eleanor Rigsby It told you, well, 98 00:04:12,520 --> 00:04:14,400 Speaker 1: I mean it's like our grandparents generation. They would of 99 00:04:14,480 --> 00:04:16,600 Speaker 1: course darn socks. But it talks are pretty cheap now, 100 00:04:16,640 --> 00:04:18,080 Speaker 1: so you don't really have to darn them anymore. It 101 00:04:18,080 --> 00:04:19,960 Speaker 1: seems like that might be a waste of time. I 102 00:04:20,000 --> 00:04:21,800 Speaker 1: don't know. Yeah, maybe so it just depends. It all 103 00:04:21,839 --> 00:04:23,960 Speaker 1: depends on the individual. And actually we're gonna kind of 104 00:04:24,000 --> 00:04:25,720 Speaker 1: talk about some of that this episode, but before we do, 105 00:04:25,760 --> 00:04:27,640 Speaker 1: me on, let's talk about the beer on this episode. 106 00:04:27,640 --> 00:04:29,640 Speaker 1: You and I are drinking a beer that is a 107 00:04:29,640 --> 00:04:32,359 Speaker 1: part of Westbrook's fruit Wood and Time series and this 108 00:04:32,400 --> 00:04:35,720 Speaker 1: one is a month Morency. Is that how you say that? 109 00:04:35,800 --> 00:04:40,560 Speaker 1: I don't know mont Morncy or Montmorency and Balaton cherry. 110 00:04:40,760 --> 00:04:42,640 Speaker 1: I don't know if I said either of those words correctly. 111 00:04:42,920 --> 00:04:45,320 Speaker 1: So do two different kinds of cherry in this hour 112 00:04:45,600 --> 00:04:47,520 Speaker 1: by Westbrook. Looking forward to having this one on the 113 00:04:47,560 --> 00:04:49,320 Speaker 1: show Man. Yeah, the one that we had on Monday 114 00:04:49,360 --> 00:04:51,719 Speaker 1: that was similar to this so good. It makes me 115 00:04:51,839 --> 00:04:53,720 Speaker 1: really look forward to this one. So me too, Me too. 116 00:04:53,720 --> 00:04:55,320 Speaker 1: All right, let's get onto the subject in hand. We 117 00:04:55,360 --> 00:04:58,440 Speaker 1: are talking about conducting a personal year end money review 118 00:04:58,600 --> 00:05:00,680 Speaker 1: and this is so important, right. Twenty twenty has been 119 00:05:00,720 --> 00:05:03,520 Speaker 1: a whirlwind of a year, and um, we've all had 120 00:05:03,520 --> 00:05:05,800 Speaker 1: to kind of cut ourselves some slack in some areas 121 00:05:05,880 --> 00:05:08,920 Speaker 1: of our lives that have been majorly altered due to COVID. 122 00:05:09,560 --> 00:05:11,719 Speaker 1: Some people, some of our listeners are working with a 123 00:05:11,720 --> 00:05:14,160 Speaker 1: partner in a studio apartment, and they've never had to 124 00:05:14,200 --> 00:05:17,159 Speaker 1: do that before. They're literally back to back working on computers, 125 00:05:17,240 --> 00:05:19,320 Speaker 1: and it's been a terrible experience. It's like Forrest Gump 126 00:05:19,360 --> 00:05:20,800 Speaker 1: and Bubba, you know, they're they're sitting there in the 127 00:05:20,880 --> 00:05:24,520 Speaker 1: mud in the trenches, working hard, back to back, and 128 00:05:24,560 --> 00:05:27,000 Speaker 1: I'm sure it's been annoying, right, it's been frustrating. Um 129 00:05:27,080 --> 00:05:30,040 Speaker 1: And you know, other people have had to do work 130 00:05:30,080 --> 00:05:33,480 Speaker 1: from home while facilitating virtual school for one kiddo, two 131 00:05:33,520 --> 00:05:37,719 Speaker 1: kiddos or more. Also a really difficult experience. Is obviously 132 00:05:37,760 --> 00:05:41,200 Speaker 1: produced a number of difficulties in our lives, and for 133 00:05:41,240 --> 00:05:44,080 Speaker 1: many of us, it's also created some financial hardships at 134 00:05:44,120 --> 00:05:46,120 Speaker 1: the same time, So we want to take that into 135 00:05:46,160 --> 00:05:49,839 Speaker 1: account on this episode, while also prompting everyone to ask 136 00:05:49,960 --> 00:05:53,760 Speaker 1: theirselves some important questions to see how your financial life 137 00:05:53,760 --> 00:05:56,880 Speaker 1: has fared over the past twelve months. So these questions 138 00:05:56,920 --> 00:06:00,200 Speaker 1: will be helpful hopefully as you measure your progress and 139 00:06:00,279 --> 00:06:02,200 Speaker 1: as you consider the financial goals that you want to 140 00:06:02,200 --> 00:06:06,040 Speaker 1: achieve going into the next year into yeah, and and man, 141 00:06:06,120 --> 00:06:08,360 Speaker 1: it's hard to know how to move forward right in 142 00:06:08,400 --> 00:06:10,839 Speaker 1: the steps to take if you haven't reflected on the past. 143 00:06:11,279 --> 00:06:13,160 Speaker 1: Um As we are reaching the end of the year, 144 00:06:13,279 --> 00:06:16,480 Speaker 1: like there are probably still a lot of unanswered questions. 145 00:06:16,520 --> 00:06:18,320 Speaker 1: That's a part of the world that we're living in 146 00:06:18,360 --> 00:06:21,200 Speaker 1: at the moment. But there are also some questions that 147 00:06:21,240 --> 00:06:23,240 Speaker 1: you can ask yourself that will not only help you 148 00:06:23,279 --> 00:06:26,000 Speaker 1: to realize that this year just wasn't a complete throw 149 00:06:26,040 --> 00:06:28,400 Speaker 1: a year. Not only that, but it will also give 150 00:06:28,440 --> 00:06:30,880 Speaker 1: shape to your plan for next year. And so I 151 00:06:30,880 --> 00:06:34,480 Speaker 1: think of these questions as helping you to begin your 152 00:06:34,560 --> 00:06:37,640 Speaker 1: financial year in review. Yeah, we mentioned early on that 153 00:06:37,760 --> 00:06:40,520 Speaker 1: if you have a significan another, a partner, these are 154 00:06:40,560 --> 00:06:44,080 Speaker 1: great questions to discuss together, to go through together. Given 155 00:06:44,120 --> 00:06:46,920 Speaker 1: how much of our lives revolve around earning, saving, and 156 00:06:47,000 --> 00:06:50,479 Speaker 1: spending money, it's actually amazing how rarely some couples have 157 00:06:50,560 --> 00:06:54,240 Speaker 1: conversations about their personal finances, and a year end review 158 00:06:54,240 --> 00:06:57,039 Speaker 1: can actually be the perfect kickoff. If you guys haven't 159 00:06:57,080 --> 00:07:00,520 Speaker 1: been intentional this year to discuss together, you might have 160 00:07:00,560 --> 00:07:03,039 Speaker 1: a different perspective on some of these things, and that 161 00:07:03,040 --> 00:07:06,400 Speaker 1: can be good. Opposite attract typically right, and so um, 162 00:07:06,440 --> 00:07:09,320 Speaker 1: you're not always on the same page with our partner, 163 00:07:09,400 --> 00:07:12,800 Speaker 1: and actually diverging opinions in these conversations can be good 164 00:07:12,840 --> 00:07:15,600 Speaker 1: and can spur us towards growth. But it's also really 165 00:07:15,600 --> 00:07:17,560 Speaker 1: really good to get on the same page with your 166 00:07:17,560 --> 00:07:20,480 Speaker 1: significant other so that you're working together towards the same 167 00:07:20,560 --> 00:07:23,640 Speaker 1: goal as a team. Yeah, having a common goal super important. 168 00:07:23,720 --> 00:07:26,160 Speaker 1: And I'll be honest, man, having year end reviews and 169 00:07:26,200 --> 00:07:30,440 Speaker 1: looking to the year ahead gets me super excited, like 170 00:07:30,520 --> 00:07:32,680 Speaker 1: to turn the calendar, well not just to turn the calendar, 171 00:07:32,720 --> 00:07:35,200 Speaker 1: but just to play into dream a little bit, you know, 172 00:07:35,360 --> 00:07:36,720 Speaker 1: as far as like what are we gonna put our 173 00:07:36,720 --> 00:07:38,960 Speaker 1: money towards and trying to organize it as best as 174 00:07:39,040 --> 00:07:41,320 Speaker 1: we can. It's it's never perfect, right because life comes 175 00:07:41,400 --> 00:07:43,440 Speaker 1: up and like things happen, there's always kind of pivots 176 00:07:43,440 --> 00:07:45,400 Speaker 1: and movements we have to make during the year. But 177 00:07:45,480 --> 00:07:47,760 Speaker 1: the ability to sit down and to forecast and to 178 00:07:47,840 --> 00:07:49,680 Speaker 1: think through it's like, Okay, this is what we want 179 00:07:49,680 --> 00:07:51,320 Speaker 1: our life to look like a little bit, let's make 180 00:07:51,320 --> 00:07:53,440 Speaker 1: sure we're putting our dollars towards that. So you know, 181 00:07:53,480 --> 00:07:55,560 Speaker 1: for me to hear that, you know, there's some folks 182 00:07:55,600 --> 00:07:57,480 Speaker 1: out there and they just haven't talked about money with 183 00:07:57,520 --> 00:08:00,920 Speaker 1: their significant other. Obviously you and I were money nerds. Uh, 184 00:08:00,960 --> 00:08:03,520 Speaker 1: this is something that we talk about often, but for 185 00:08:03,560 --> 00:08:05,440 Speaker 1: me in particular, when it comes to looking at the budget, 186 00:08:05,440 --> 00:08:07,520 Speaker 1: I really geek out. And the reason, you know, you 187 00:08:07,600 --> 00:08:09,720 Speaker 1: geek out because like we're talking about numbers here, right, 188 00:08:09,720 --> 00:08:11,840 Speaker 1: Like we're talking about a budget, and so as you're 189 00:08:11,880 --> 00:08:15,040 Speaker 1: looking at how this year has gone, Uh, it's helpful 190 00:08:15,320 --> 00:08:18,240 Speaker 1: to have a record of your spending in front of you, right. 191 00:08:18,280 --> 00:08:21,640 Speaker 1: You know, budgets they are helpful, but depending on your 192 00:08:21,720 --> 00:08:24,760 Speaker 1: level of commitment to your budget, all those numbers listed 193 00:08:24,760 --> 00:08:27,720 Speaker 1: out in Excel, it might just be more of an 194 00:08:27,760 --> 00:08:31,440 Speaker 1: aspirational goal than than your reality. Right. And so that's 195 00:08:31,440 --> 00:08:34,520 Speaker 1: what's so great about software like Mints and Wine ad 196 00:08:34,800 --> 00:08:37,520 Speaker 1: you need a budget is that the automatically track you're 197 00:08:37,520 --> 00:08:40,319 Speaker 1: spending for you. So even if you're overspending in certain 198 00:08:40,320 --> 00:08:43,800 Speaker 1: categories and you feel like your budgets and shambles, it's 199 00:08:43,840 --> 00:08:47,200 Speaker 1: still important to see where things are and what the 200 00:08:47,280 --> 00:08:49,320 Speaker 1: reality actually is. You know, it's a way for you 201 00:08:49,360 --> 00:08:51,440 Speaker 1: to pull your head out of the sand, and it'll 202 00:08:51,480 --> 00:08:54,600 Speaker 1: add a level of concreteness. You know. This is especially 203 00:08:54,600 --> 00:08:56,640 Speaker 1: helpful to when it comes to a conversation with your 204 00:08:56,679 --> 00:08:59,840 Speaker 1: significant other that can oftentimes be difficult. Yeah, that's where 205 00:08:59,840 --> 00:09:01,840 Speaker 1: I'm and I went wrong early on in our marriage. 206 00:09:01,840 --> 00:09:05,240 Speaker 1: In particular, it was not having the concrete numbers, and 207 00:09:05,720 --> 00:09:07,720 Speaker 1: you know, I would be kind of an emotional spender 208 00:09:07,800 --> 00:09:11,280 Speaker 1: or emotional saver, and that would prompt conversations in the 209 00:09:11,320 --> 00:09:13,960 Speaker 1: moment which weren't really helpful. Um, we need to actually 210 00:09:13,960 --> 00:09:16,120 Speaker 1: sit down and look at the facts and figures together 211 00:09:16,160 --> 00:09:18,319 Speaker 1: in order to be able to have a rational conversation 212 00:09:18,320 --> 00:09:20,160 Speaker 1: about the subject. Makes me think of the old running 213 00:09:20,200 --> 00:09:24,680 Speaker 1: shoes story, that classic Joel and Emily story where Heavily 214 00:09:24,800 --> 00:09:26,080 Speaker 1: was like, why don't you want me to have any 215 00:09:26,240 --> 00:09:28,720 Speaker 1: running shoes? Like why are you so cheap? I'm like, no, 216 00:09:28,760 --> 00:09:30,040 Speaker 1: I do. I just want to get them on sales. 217 00:09:30,040 --> 00:09:31,679 Speaker 1: Just get them on sale. Yeah, get the same shoes 218 00:09:31,920 --> 00:09:34,120 Speaker 1: for a way less exactly. All right, So let's get 219 00:09:34,160 --> 00:09:36,079 Speaker 1: into the questions. We literally have five questions we want 220 00:09:36,080 --> 00:09:37,600 Speaker 1: to run through today that I think will help spur 221 00:09:38,040 --> 00:09:40,440 Speaker 1: your year end money review that will give it some direction. 222 00:09:40,880 --> 00:09:43,680 Speaker 1: Question number one is did I or did we reach 223 00:09:43,679 --> 00:09:47,120 Speaker 1: our financial goals? In did you have a dead payoff 224 00:09:47,160 --> 00:09:49,240 Speaker 1: goal or an income goal you wanted to hit, or 225 00:09:49,320 --> 00:09:52,160 Speaker 1: a savings goal that you were striving for. It's time 226 00:09:52,200 --> 00:09:54,160 Speaker 1: to check in and see how you did. If you 227 00:09:54,280 --> 00:09:57,479 Speaker 1: crushed those goals, then you should spend some time celebrating 228 00:09:57,520 --> 00:09:59,720 Speaker 1: your achievements. We're actually going to have an episode in 229 00:09:59,720 --> 00:10:03,079 Speaker 1: a couple weeks where Matt and I share the money 230 00:10:03,080 --> 00:10:05,120 Speaker 1: wins from the How to Money community and we're going 231 00:10:05,160 --> 00:10:08,880 Speaker 1: to celebrate our community wins together. Celebrating those money wins 232 00:10:08,880 --> 00:10:11,360 Speaker 1: in your house um as a couple, especially if you've 233 00:10:11,400 --> 00:10:14,640 Speaker 1: had to overcome major obstacles, is a good way to 234 00:10:14,720 --> 00:10:17,320 Speaker 1: head into the new year. Yeah, man, I'm really looking 235 00:10:17,320 --> 00:10:19,559 Speaker 1: forward to that episode. And again, so the question we're 236 00:10:19,559 --> 00:10:21,719 Speaker 1: asking here is did I reach my goals? And if 237 00:10:21,760 --> 00:10:23,920 Speaker 1: you weren't able to meet those goals, it's important to 238 00:10:23,960 --> 00:10:26,640 Speaker 1: ask yourself what held you back? You know, if the 239 00:10:26,679 --> 00:10:28,959 Speaker 1: pandemic is your answer, like you know, you mostly get 240 00:10:28,960 --> 00:10:32,160 Speaker 1: a pass. Like we've discussed here, pandemic is a good excuse. 241 00:10:32,360 --> 00:10:34,200 Speaker 1: It's not like the kid excuse, dog ate my home. 242 00:10:34,640 --> 00:10:36,840 Speaker 1: It's a legitimate excuse for most people. A lot of 243 00:10:36,840 --> 00:10:38,840 Speaker 1: things have come into our lives that you know, we 244 00:10:38,840 --> 00:10:41,160 Speaker 1: couldn't have predicted, and you know, many of us were 245 00:10:41,240 --> 00:10:42,880 Speaker 1: just trying to keep our heads above the water. Right. 246 00:10:42,880 --> 00:10:45,840 Speaker 1: It's true that tens of millions of Americans have sought 247 00:10:45,920 --> 00:10:48,720 Speaker 1: unemployment benefits, you know, since the spring. But at the 248 00:10:48,720 --> 00:10:51,000 Speaker 1: same time, we can kind of balance that a little bit, 249 00:10:51,000 --> 00:10:53,400 Speaker 1: we can kind of couch it because you know, there's 250 00:10:53,400 --> 00:10:56,840 Speaker 1: additional stimulus and benefits provided by the Cares Act, UH 251 00:10:56,840 --> 00:11:00,000 Speaker 1: and that likely short up many Americans this past year. 252 00:11:00,080 --> 00:11:02,440 Speaker 1: It's it's also a likely reason too as to why 253 00:11:02,600 --> 00:11:05,920 Speaker 1: the overall credit card debt levels are actually lower right 254 00:11:05,920 --> 00:11:09,040 Speaker 1: now than they've been in years. Yeah, according to stats 255 00:11:09,080 --> 00:11:10,600 Speaker 1: from the New York Fed. You have to go back 256 00:11:10,600 --> 00:11:13,240 Speaker 1: to seen actually in order to see credit card debt 257 00:11:13,280 --> 00:11:15,560 Speaker 1: levels as low as they are at the moment. That 258 00:11:15,679 --> 00:11:19,319 Speaker 1: has been good news in a year fraught with bad news, 259 00:11:19,440 --> 00:11:22,240 Speaker 1: right so um, Aside from the massive things that are 260 00:11:22,240 --> 00:11:24,319 Speaker 1: taking place in our world, it's also important to look 261 00:11:24,400 --> 00:11:26,720 Speaker 1: at did the different money moves that you made on 262 00:11:26,720 --> 00:11:29,240 Speaker 1: a personal level, did you attempt to earn more or 263 00:11:29,280 --> 00:11:31,240 Speaker 1: did you push for a raise when you could have 264 00:11:31,320 --> 00:11:33,440 Speaker 1: or should have? And what did you do with that 265 00:11:33,480 --> 00:11:35,959 Speaker 1: stimulus check? Did you use it or did you spend 266 00:11:35,960 --> 00:11:39,120 Speaker 1: it on widely? Did you peter it away on little purchases? 267 00:11:39,320 --> 00:11:41,680 Speaker 1: And you don't actually maybe even remember where that money 268 00:11:41,760 --> 00:11:44,200 Speaker 1: went to. Likely I can remember every single craft beer 269 00:11:44,240 --> 00:11:46,360 Speaker 1: I've had this year. Well, you bought a bike with 270 00:11:46,400 --> 00:11:48,559 Speaker 1: hers too, Right, that's definitely something I can point to. 271 00:11:48,600 --> 00:11:49,840 Speaker 1: I felt like I was doing a you know, a 272 00:11:49,880 --> 00:11:52,360 Speaker 1: decent job. They're supporting, are I? They had a nice 273 00:11:52,360 --> 00:11:55,160 Speaker 1: bike on sale, but yeah, bike in the stove as well. 274 00:11:55,200 --> 00:11:56,839 Speaker 1: You know that something can and I are gifting to 275 00:11:56,880 --> 00:11:58,480 Speaker 1: each other. I feel like those are my two splurge 276 00:11:58,520 --> 00:12:00,520 Speaker 1: purchases this year. That but I can definitely point to 277 00:12:00,559 --> 00:12:02,520 Speaker 1: those things, and both of those have brought a lot 278 00:12:02,559 --> 00:12:04,800 Speaker 1: of joy to my life. Yeah, and that's helpful, right 279 00:12:04,800 --> 00:12:06,320 Speaker 1: to be able to see where the money went, and 280 00:12:06,360 --> 00:12:09,480 Speaker 1: if you kind of spent it, uh, frivolously, what kind 281 00:12:09,480 --> 00:12:11,920 Speaker 1: of stinks because you could have potentially put that extra 282 00:12:11,960 --> 00:12:15,840 Speaker 1: money towards, you know, a meaningful purchase, or towards pursuing 283 00:12:15,920 --> 00:12:18,440 Speaker 1: and achieving a money goal that you had. And so 284 00:12:18,559 --> 00:12:20,640 Speaker 1: when you're looking at the specific money moves that you 285 00:12:20,720 --> 00:12:23,600 Speaker 1: made in your life, and if you fell short of 286 00:12:23,640 --> 00:12:25,640 Speaker 1: some of those goals, it's the perfect time to ask 287 00:12:25,640 --> 00:12:28,800 Speaker 1: yourself the question why not to shame yourself or pile 288 00:12:28,880 --> 00:12:31,040 Speaker 1: on with the fact that you weren't able to get 289 00:12:31,080 --> 00:12:32,800 Speaker 1: to the place that you wanted to be, but to 290 00:12:32,960 --> 00:12:35,800 Speaker 1: pinpoint the specific areas in which you could have done 291 00:12:35,840 --> 00:12:38,480 Speaker 1: better or where you did fall short. Maybe you fell 292 00:12:38,520 --> 00:12:42,440 Speaker 1: into a habit of ordering way too much Uber Easter Grubhub, right, 293 00:12:42,480 --> 00:12:44,079 Speaker 1: I mean that that was a pattern that certainly a 294 00:12:44,120 --> 00:12:46,520 Speaker 1: lot of people fell into this year. But it's important 295 00:12:46,559 --> 00:12:49,120 Speaker 1: to know that when you're doing your your in financial 296 00:12:49,160 --> 00:12:51,560 Speaker 1: review so that you can make changes to prevent that 297 00:12:51,600 --> 00:12:54,439 Speaker 1: from being the case again next year. Right. Yeah, And 298 00:12:54,440 --> 00:12:56,640 Speaker 1: in the end, we have a lot more control over 299 00:12:56,679 --> 00:12:58,720 Speaker 1: our lives than we sometimes give ourselves credit for. You know, 300 00:12:58,760 --> 00:13:01,240 Speaker 1: these questions that we're asking today can help inform the 301 00:13:01,240 --> 00:13:03,719 Speaker 1: habits and the behaviors that we want to continue in 302 00:13:04,480 --> 00:13:06,720 Speaker 1: one and we have several other questions that we're gonna 303 00:13:06,720 --> 00:13:10,640 Speaker 1: ask on the show today, including other questions about our spending, 304 00:13:10,720 --> 00:13:12,319 Speaker 1: and so we'll get to those right after the break. 305 00:13:21,720 --> 00:13:23,320 Speaker 1: All right, we're back from the break. We're talking about 306 00:13:23,360 --> 00:13:26,760 Speaker 1: conducting a personal year end money review. This is so 307 00:13:26,880 --> 00:13:30,040 Speaker 1: helpful as we get close to wrapping up we're moving 308 00:13:30,040 --> 00:13:32,120 Speaker 1: into a new year. This is the time where you 309 00:13:32,160 --> 00:13:35,920 Speaker 1: can ask yourself a few specific questions that will really 310 00:13:36,000 --> 00:13:38,720 Speaker 1: help you see how you handled your money in and 311 00:13:38,760 --> 00:13:41,319 Speaker 1: how you can do better next year. And question number 312 00:13:41,320 --> 00:13:42,840 Speaker 1: two on the list that we think you should be 313 00:13:42,880 --> 00:13:45,400 Speaker 1: asking is where did I spend money that brought me 314 00:13:45,640 --> 00:13:47,959 Speaker 1: the most joy this year? Matt, you just named a 315 00:13:48,000 --> 00:13:50,679 Speaker 1: couple of yours. You got the bike and the wood 316 00:13:50,679 --> 00:13:54,800 Speaker 1: burning stove. Those things brought a lot of joy. Yeah. Um, 317 00:13:54,840 --> 00:13:57,080 Speaker 1: I narrowly missed out on an inflatable hot tub on 318 00:13:57,080 --> 00:13:59,000 Speaker 1: Black Friday. I was aiming for that. That would have 319 00:13:59,040 --> 00:14:00,400 Speaker 1: brought me a lot of joy. I was a little 320 00:14:00,400 --> 00:14:02,400 Speaker 1: bummed that that that I missed out on that. One man, 321 00:14:02,400 --> 00:14:04,080 Speaker 1: did we share on the show that you're thinking about 322 00:14:04,120 --> 00:14:05,680 Speaker 1: doing that? I don't think we did. I was totally 323 00:14:05,720 --> 00:14:07,439 Speaker 1: gonna be a redneck and have an inflatable hot time 324 00:14:07,480 --> 00:14:09,160 Speaker 1: in my backyard, and I was okay with it. And 325 00:14:09,160 --> 00:14:10,760 Speaker 1: I was so bummed when you told me. You texted 326 00:14:10,800 --> 00:14:12,840 Speaker 1: me right after you found out that they didn't have anymore. 327 00:14:12,880 --> 00:14:14,640 Speaker 1: They had a limited supply. But I think it was 328 00:14:14,679 --> 00:14:16,640 Speaker 1: one of those lost leaders. You know that they're trying 329 00:14:16,640 --> 00:14:18,720 Speaker 1: to get folksed through the door or in your case, 330 00:14:18,760 --> 00:14:22,640 Speaker 1: like web websites. I think they almost no stock truly, 331 00:14:22,640 --> 00:14:24,840 Speaker 1: Like here's five of them for the whole country, and 332 00:14:24,840 --> 00:14:27,360 Speaker 1: you're competing thy million people in order to get these 333 00:14:27,400 --> 00:14:29,440 Speaker 1: five um So, yeah, I did not get my discounted 334 00:14:29,480 --> 00:14:31,360 Speaker 1: inflatable hot tub that would have been one of my 335 00:14:31,360 --> 00:14:34,800 Speaker 1: top per um Yeah, where did you spend money that 336 00:14:34,840 --> 00:14:37,480 Speaker 1: brought you the most joy this year? And also a 337 00:14:37,520 --> 00:14:40,120 Speaker 1: secondary question along those lines is how did my spending 338 00:14:40,120 --> 00:14:43,240 Speaker 1: aligned with my values? This is something that's obviously incredibly 339 00:14:43,280 --> 00:14:44,640 Speaker 1: important to Matt and I. We talked about it a 340 00:14:44,680 --> 00:14:46,520 Speaker 1: lot on the show. Part of the reason we have 341 00:14:46,680 --> 00:14:49,680 Speaker 1: a craft beer on every episode is because craft beer 342 00:14:50,360 --> 00:14:53,080 Speaker 1: is a spending area in our budgets that does align 343 00:14:53,080 --> 00:14:55,520 Speaker 1: with our values in a big way. We really like beer, 344 00:14:55,760 --> 00:14:58,640 Speaker 1: at least in moderation. And before the break we touched 345 00:14:58,680 --> 00:15:01,080 Speaker 1: on how our ability to earn and then put that 346 00:15:01,120 --> 00:15:04,160 Speaker 1: money towards financial goals is so powerful and a great 347 00:15:04,240 --> 00:15:07,360 Speaker 1: way to self evaluate. But thinking through the different ways 348 00:15:07,360 --> 00:15:10,480 Speaker 1: that we spend our money can be just as important too, Right, 349 00:15:10,560 --> 00:15:14,280 Speaker 1: Even though savings goals are often related to spending, sometimes 350 00:15:14,320 --> 00:15:17,120 Speaker 1: they can feel pretty far off and distant. So looking 351 00:15:17,160 --> 00:15:19,160 Speaker 1: at some of the immediate and tangible ways that we 352 00:15:19,200 --> 00:15:22,600 Speaker 1: spend our money, it's just another great question to ask 353 00:15:22,600 --> 00:15:25,080 Speaker 1: when it comes to a year end money review. And 354 00:15:25,120 --> 00:15:27,920 Speaker 1: I think actually, Matt, it just reminds us of the 355 00:15:27,960 --> 00:15:30,160 Speaker 1: purchases that we did make this year that mattered, And 356 00:15:30,160 --> 00:15:32,800 Speaker 1: it is a great reinforcement that when we do spend 357 00:15:32,800 --> 00:15:35,680 Speaker 1: our money wisely, it pays off in a big way. Yeah, 358 00:15:35,760 --> 00:15:37,520 Speaker 1: and I feel like this is a question we don't 359 00:15:37,520 --> 00:15:40,280 Speaker 1: often ask ourselves, you know, like we don't often look back, 360 00:15:40,400 --> 00:15:42,840 Speaker 1: We don't look to the past and evaluate work, just 361 00:15:43,000 --> 00:15:47,360 Speaker 1: almost always looking forward, trying to improve, optimize, maximize, right, 362 00:15:48,120 --> 00:15:49,920 Speaker 1: But it really is so helpful to see the areas 363 00:15:50,000 --> 00:15:53,520 Speaker 1: where our spending has had a positive impact, you know. 364 00:15:53,560 --> 00:15:56,480 Speaker 1: And so ask yourself, you know, did that Airbnb get 365 00:15:56,480 --> 00:15:59,440 Speaker 1: away do the trick to help you to rest and relax? Sir? Yes, 366 00:15:59,480 --> 00:16:01,720 Speaker 1: the answer is us, you did. I'm glad to hear that. 367 00:16:02,280 --> 00:16:04,880 Speaker 1: H Or like, maybe you bought something right, Maybe a 368 00:16:04,920 --> 00:16:08,640 Speaker 1: new TV really did create some super awesome home movie 369 00:16:08,800 --> 00:16:11,280 Speaker 1: nights when the movie theaters have been closed. If so, 370 00:16:11,400 --> 00:16:14,320 Speaker 1: that's excellent. But write these things down or just call 371 00:16:14,400 --> 00:16:16,880 Speaker 1: them out, point them out, so that you can connect 372 00:16:16,920 --> 00:16:19,840 Speaker 1: that purchase to the positive results that it provided. It 373 00:16:19,880 --> 00:16:22,200 Speaker 1: can even makes sense to put more money in the 374 00:16:22,200 --> 00:16:24,720 Speaker 1: budget towards the things that really moved the needle. For 375 00:16:24,720 --> 00:16:27,000 Speaker 1: you in You know, we're not advocates of kind of 376 00:16:27,000 --> 00:16:30,000 Speaker 1: this blind across the board, uh, spending cuts where it's 377 00:16:30,000 --> 00:16:31,400 Speaker 1: just like, Okay, it doesn't matter what it is, we're 378 00:16:31,400 --> 00:16:33,320 Speaker 1: gonna cut spending in all areas. If you want to 379 00:16:33,360 --> 00:16:36,040 Speaker 1: do that. That sounds like a path to misery. You know, 380 00:16:36,320 --> 00:16:38,880 Speaker 1: we're not looking for more deprivation in our lives. Instead, 381 00:16:38,920 --> 00:16:41,280 Speaker 1: we're looking to maximize the enjoyment that we get from 382 00:16:41,320 --> 00:16:43,760 Speaker 1: spending money in the areas of our life that matter 383 00:16:43,880 --> 00:16:46,160 Speaker 1: most to us. Yeah, I completely agree, Matt, And I 384 00:16:46,200 --> 00:16:49,160 Speaker 1: think the way that you can funnel more dollars towards 385 00:16:49,200 --> 00:16:51,240 Speaker 1: those things that you just named that you just called 386 00:16:51,280 --> 00:16:54,760 Speaker 1: out that we're really important areas, Uh, where you spend 387 00:16:54,760 --> 00:16:57,840 Speaker 1: money is two On the flip side, ask yourself the 388 00:16:57,920 --> 00:17:01,400 Speaker 1: question what purchases or recurring bill felt like a total 389 00:17:01,400 --> 00:17:04,000 Speaker 1: waste us this year? If it was a bigger purchase, 390 00:17:04,000 --> 00:17:06,119 Speaker 1: it might be pretty easy to tag something as a 391 00:17:06,119 --> 00:17:08,200 Speaker 1: total dud. Like let's say I did get that hot 392 00:17:08,200 --> 00:17:11,280 Speaker 1: tub and the inflatable hot tub just didn't work very well. 393 00:17:11,440 --> 00:17:12,800 Speaker 1: That might be like, man, that was a waste of 394 00:17:12,840 --> 00:17:16,720 Speaker 1: two bucks. Um. But the smaller regular expenses we have 395 00:17:16,960 --> 00:17:20,000 Speaker 1: can make this a bit harder of a question to answer, right, 396 00:17:20,359 --> 00:17:22,199 Speaker 1: So to get to the bottom of it, look at 397 00:17:22,240 --> 00:17:24,280 Speaker 1: Mint like you mentioned Matt, or wherever you track your 398 00:17:24,280 --> 00:17:27,160 Speaker 1: spending and do some analysis. Or if you potentially buy 399 00:17:27,240 --> 00:17:29,040 Speaker 1: a lot of items on Amazon, if that your go 400 00:17:29,080 --> 00:17:31,679 Speaker 1: to place to order stuff, looking at your order history 401 00:17:31,760 --> 00:17:34,040 Speaker 1: can be helpful. You can ask yourself what items aren't 402 00:17:34,040 --> 00:17:36,440 Speaker 1: worth it now that you look back at your spending 403 00:17:36,440 --> 00:17:38,840 Speaker 1: for the year, and then this can influence how you 404 00:17:38,880 --> 00:17:41,159 Speaker 1: pair back your budget in order to then use your 405 00:17:41,200 --> 00:17:43,600 Speaker 1: money in a way that aligns with your values even more, 406 00:17:44,320 --> 00:17:46,560 Speaker 1: especially as we go into next year, well before we 407 00:17:46,560 --> 00:17:48,360 Speaker 1: move on. But because you brought up the hot tub again, 408 00:17:48,400 --> 00:17:51,359 Speaker 1: it makes me think about like on Instagram, I can 409 00:17:51,480 --> 00:17:54,240 Speaker 1: fed these like off the grid cabins or these tree 410 00:17:54,240 --> 00:17:56,959 Speaker 1: houses out in the woods, like you know with hipsters, 411 00:17:56,960 --> 00:17:59,280 Speaker 1: like with their legs, legs hanging off the drinking their coffee, 412 00:17:59,520 --> 00:18:03,560 Speaker 1: that kind of thing. Their marketing to the right dade um. 413 00:18:03,640 --> 00:18:07,359 Speaker 1: But I've seen these wood stove powered hot tubs, and 414 00:18:07,400 --> 00:18:09,800 Speaker 1: so they're like he's yes, yeah, yeah, it's it's it's 415 00:18:09,880 --> 00:18:13,760 Speaker 1: basically the culmination of both the right interests. But they're 416 00:18:13,880 --> 00:18:16,159 Speaker 1: kind of like these metal basins. I think they're like 417 00:18:16,240 --> 00:18:18,560 Speaker 1: horse feeding cross or whatever. But they're like these giant 418 00:18:18,680 --> 00:18:21,680 Speaker 1: metal tubs or galvanized steel, I think. And they've got 419 00:18:21,840 --> 00:18:23,560 Speaker 1: a woodburning stove next to them, and the there's a 420 00:18:23,600 --> 00:18:26,120 Speaker 1: pipe that runs from the hot tub and it kind 421 00:18:26,119 --> 00:18:28,879 Speaker 1: of runs through the stove, I guess, and it runs 422 00:18:28,880 --> 00:18:31,080 Speaker 1: back into the hot tub and it circulates the water. 423 00:18:31,280 --> 00:18:32,840 Speaker 1: And you've got a hot tub and you've also got 424 00:18:32,840 --> 00:18:34,919 Speaker 1: a woodburning stove right there next to you. Uh So 425 00:18:34,960 --> 00:18:36,600 Speaker 1: it kind of sounds like the perfect thing that you 426 00:18:36,640 --> 00:18:39,600 Speaker 1: and I should go in together. One comba right there, Man, 427 00:18:40,160 --> 00:18:41,920 Speaker 1: little tangent, little little side of it just kind of 428 00:18:41,960 --> 00:18:44,440 Speaker 1: popped into my mind just then. But all right, let's 429 00:18:44,480 --> 00:18:47,280 Speaker 1: keep moving though. The third question that we want to 430 00:18:47,320 --> 00:18:49,919 Speaker 1: make sure that we tackle this episode is one that 431 00:18:49,960 --> 00:18:52,840 Speaker 1: pertains to time, right, and so the question we're gonna 432 00:18:52,840 --> 00:18:55,080 Speaker 1: propose that you ask yourself is do most of my 433 00:18:55,160 --> 00:18:58,080 Speaker 1: days look the way that I would like them to look? 434 00:18:58,440 --> 00:19:02,000 Speaker 1: Up Until now, we've been focus seeing purely on money, 435 00:19:02,040 --> 00:19:04,479 Speaker 1: but it is also important to evaluate how it is 436 00:19:04,600 --> 00:19:07,199 Speaker 1: that we are spending our time. You know, until you're 437 00:19:07,240 --> 00:19:10,720 Speaker 1: financially independent, time and money are closely related to one another. 438 00:19:10,760 --> 00:19:13,560 Speaker 1: You know, often adversely to each other. And the thing is, 439 00:19:13,640 --> 00:19:16,159 Speaker 1: we can often find ways to make more money or 440 00:19:16,160 --> 00:19:19,239 Speaker 1: to spend less money, but time, dude, it's truly a 441 00:19:19,280 --> 00:19:22,160 Speaker 1: limited resource, and so it's important for us to evaluate 442 00:19:22,240 --> 00:19:24,679 Speaker 1: this area in our lives as well. Yeah. So, so 443 00:19:24,760 --> 00:19:27,679 Speaker 1: asking yourself how am I spending my time is a 444 00:19:27,760 --> 00:19:30,280 Speaker 1: question that most of us don't typically ask, but it's 445 00:19:30,320 --> 00:19:34,360 Speaker 1: a perfect question to ask in your personal year and review. Obviously, 446 00:19:34,440 --> 00:19:37,080 Speaker 1: not every day looks exactly like we all wanted to. 447 00:19:37,480 --> 00:19:41,040 Speaker 1: I personally do not live a perfectly synchronized life. Matt, 448 00:19:41,160 --> 00:19:43,160 Speaker 1: You and I we still have conflicts with our kids, 449 00:19:43,160 --> 00:19:45,640 Speaker 1: our spouses, and each other, even though we're best friends. 450 00:19:45,640 --> 00:19:49,520 Speaker 1: Sometimes say so just on occasion, it doesn't happen. Often 451 00:19:49,960 --> 00:19:51,480 Speaker 1: I can see us arguing over the size of the 452 00:19:51,520 --> 00:19:54,320 Speaker 1: hot tub, like no I want with the thirteen footage, jol. 453 00:19:55,760 --> 00:19:57,399 Speaker 1: You know what I defer to you on size? I 454 00:19:57,440 --> 00:20:00,000 Speaker 1: would I would um. And you know, some days are 455 00:20:00,080 --> 00:20:02,960 Speaker 1: busier than I'd like them to look. But ultimately, and truly, 456 00:20:03,080 --> 00:20:05,679 Speaker 1: most of my days they do kind of look they 457 00:20:05,720 --> 00:20:07,880 Speaker 1: in reflect what I want my life to look like. 458 00:20:08,200 --> 00:20:10,000 Speaker 1: And so that's a great question for us all to 459 00:20:10,040 --> 00:20:12,800 Speaker 1: ask ourselves, because there are changes that we can make, 460 00:20:12,920 --> 00:20:14,960 Speaker 1: right because you might realize that that you wish you 461 00:20:14,960 --> 00:20:17,119 Speaker 1: were home for dinner every night with the family, and 462 00:20:17,119 --> 00:20:19,120 Speaker 1: that you're missing that currently, but that there's a change 463 00:20:19,119 --> 00:20:21,560 Speaker 1: you can make in order to make that happen. Maybe 464 00:20:21,640 --> 00:20:23,680 Speaker 1: you can change that even right now with some small 465 00:20:23,720 --> 00:20:26,320 Speaker 1: schedule tweaks, and if you can't work towards that being 466 00:20:26,359 --> 00:20:29,119 Speaker 1: the norm soon, if that is a top priority in 467 00:20:29,160 --> 00:20:31,040 Speaker 1: your life, and and there are all sorts of things 468 00:20:31,280 --> 00:20:32,840 Speaker 1: that are going to come out when you're asking this 469 00:20:32,920 --> 00:20:35,679 Speaker 1: question about what your time looks like. Maybe even go 470 00:20:35,720 --> 00:20:38,080 Speaker 1: back to an episode we released almost a year ago 471 00:20:38,320 --> 00:20:40,080 Speaker 1: with our buddy five Am Joel where he talked about 472 00:20:40,080 --> 00:20:42,520 Speaker 1: getting up at five am and how that has drastically 473 00:20:42,600 --> 00:20:44,639 Speaker 1: changed his life. And that's the kind of thing that 474 00:20:44,680 --> 00:20:46,879 Speaker 1: many of us could make a change in um but 475 00:20:47,040 --> 00:20:50,280 Speaker 1: oftentimes maybe we're just a little too lazy or reticent 476 00:20:50,440 --> 00:20:52,679 Speaker 1: to to make that happen. Yeah, that was a good one. 477 00:20:52,720 --> 00:20:54,000 Speaker 1: We'll make sure the link to that one in our 478 00:20:54,040 --> 00:20:56,440 Speaker 1: show notes that episode were there with five Am Joel. 479 00:20:56,720 --> 00:20:58,560 Speaker 1: But you know, it's important to make sure that we 480 00:20:58,840 --> 00:21:01,080 Speaker 1: are spending our time and way that is consistent with 481 00:21:01,119 --> 00:21:04,120 Speaker 1: our ideals and with our values. This is a great 482 00:21:04,200 --> 00:21:06,600 Speaker 1: chance to think about how fulfilled you are and what 483 00:21:06,720 --> 00:21:09,199 Speaker 1: your work days look like as well. You know, uh, 484 00:21:09,240 --> 00:21:11,480 Speaker 1: do you need a change there? If so, think about 485 00:21:11,480 --> 00:21:14,240 Speaker 1: some of the best ways you could possibly pivot. It's 486 00:21:14,280 --> 00:21:16,359 Speaker 1: easy to keep doing the same thing and never asking 487 00:21:16,359 --> 00:21:19,800 Speaker 1: ourselves those introspective questions. You know, we keep our heads down, 488 00:21:20,080 --> 00:21:22,640 Speaker 1: and it's typically not until something forces us to ask 489 00:21:22,680 --> 00:21:25,679 Speaker 1: these questions, right, like a layoff, maybe some relationship problems, 490 00:21:25,720 --> 00:21:28,280 Speaker 1: health issues. But the thing is, by then it's more 491 00:21:28,280 --> 00:21:31,639 Speaker 1: of a crisis and we're merely reacting instead of intentionally 492 00:21:31,680 --> 00:21:35,040 Speaker 1: asking these questions of our own. Accord, I think when 493 00:21:35,040 --> 00:21:37,119 Speaker 1: we ask these questions of ourselves, they kind of prod 494 00:21:37,160 --> 00:21:39,399 Speaker 1: something in us. It allows us to truly focus on 495 00:21:39,400 --> 00:21:41,840 Speaker 1: the things that mean the most to us. And hopefully 496 00:21:41,840 --> 00:21:43,960 Speaker 1: we are spending our time that way and we're highlighting 497 00:21:44,040 --> 00:21:46,240 Speaker 1: work here, right, But think about the other eight waking 498 00:21:46,240 --> 00:21:48,400 Speaker 1: hours that you have. I know, for me personally, I've 499 00:21:48,440 --> 00:21:50,240 Speaker 1: kind of recently been thinking through some of the chores 500 00:21:50,280 --> 00:21:52,120 Speaker 1: and some of the like house projects I do around 501 00:21:52,119 --> 00:21:54,760 Speaker 1: the house. Obviously, it's the frugal thing to do, right 502 00:21:54,840 --> 00:21:56,840 Speaker 1: if you do it yourself. Typically you're gonna save money, 503 00:21:57,240 --> 00:21:59,960 Speaker 1: but like, think through what you're giving up by doing 504 00:22:00,040 --> 00:22:02,359 Speaker 1: those things instead of maybe some other things that you value. 505 00:22:02,680 --> 00:22:04,680 Speaker 1: The thing is, though, was so difficult for me, is 506 00:22:04,720 --> 00:22:06,840 Speaker 1: I I personally get a lot of value out of 507 00:22:06,880 --> 00:22:09,080 Speaker 1: working with my hands, out of seeing something that I've 508 00:22:09,480 --> 00:22:14,480 Speaker 1: created or maintained or destroyed. Uh. And so there's a 509 00:22:14,480 --> 00:22:16,639 Speaker 1: lot more to consider than just the cost of things. 510 00:22:16,800 --> 00:22:18,640 Speaker 1: I've been splitting a lot of wood recently in order 511 00:22:18,680 --> 00:22:21,359 Speaker 1: to feed the stove. But I know when I do that, 512 00:22:21,400 --> 00:22:23,520 Speaker 1: when I spend my time doing that, uh, you know, 513 00:22:23,560 --> 00:22:25,440 Speaker 1: I like doing something with my hands. But it's also 514 00:22:25,440 --> 00:22:27,440 Speaker 1: a good workout, man, Like, it's good for my back, 515 00:22:27,920 --> 00:22:29,159 Speaker 1: and as I get older, I want to make sure 516 00:22:29,160 --> 00:22:31,000 Speaker 1: I have a strong back. That way, when I'm rustling 517 00:22:31,000 --> 00:22:32,359 Speaker 1: around with the kids and they run and jump on me, 518 00:22:32,400 --> 00:22:35,840 Speaker 1: it doesn't like screw me up, break you exactly. It's 519 00:22:35,840 --> 00:22:37,439 Speaker 1: just it's just something to keep in mind. It's not 520 00:22:37,560 --> 00:22:39,880 Speaker 1: about Okay, well, what's the most important. There are other 521 00:22:40,000 --> 00:22:42,280 Speaker 1: benefits that we do receive from the different tasks that 522 00:22:42,320 --> 00:22:44,240 Speaker 1: we're doing. Uh, And it's good to keep those things 523 00:22:44,280 --> 00:22:45,800 Speaker 1: in mind as well. Yeah. Yeah, for me, when I 524 00:22:45,800 --> 00:22:48,240 Speaker 1: asked myself this question. I seriously like. The thing I 525 00:22:48,240 --> 00:22:49,560 Speaker 1: come up with is I want some more time to 526 00:22:49,560 --> 00:22:52,400 Speaker 1: play disc golf, and so, uh, that is just one 527 00:22:52,400 --> 00:22:54,200 Speaker 1: of the places where I'm able to clear my head, 528 00:22:54,240 --> 00:22:56,159 Speaker 1: you know, whether it's with a friend or it's solo 529 00:22:56,240 --> 00:22:58,000 Speaker 1: walking around on a on a disc oflf course, chucking 530 00:22:58,000 --> 00:23:00,760 Speaker 1: a disk. That is for me one of the things 531 00:23:00,760 --> 00:23:02,960 Speaker 1: I find most relaxing, and I want more of that, 532 00:23:03,760 --> 00:23:05,439 Speaker 1: so I'm gonna make it happen. But there is a 533 00:23:05,480 --> 00:23:09,280 Speaker 1: flip side, Matt to asking questions about, uh, the way 534 00:23:09,359 --> 00:23:11,280 Speaker 1: we want our days to look, and we're gonna talk 535 00:23:11,320 --> 00:23:13,480 Speaker 1: about that, plus a couple more questions you need to 536 00:23:13,520 --> 00:23:16,240 Speaker 1: ask yourself in this year end review. We'll get to 537 00:23:16,600 --> 00:23:27,679 Speaker 1: all of that right after this break. All right, we 538 00:23:27,720 --> 00:23:29,240 Speaker 1: are back on the break and we are talking about 539 00:23:29,240 --> 00:23:33,800 Speaker 1: conducting your very own personal year end money review. Jill. 540 00:23:33,840 --> 00:23:35,520 Speaker 1: You know, we were talking about how we we spend 541 00:23:35,520 --> 00:23:37,760 Speaker 1: our time before the break, and you mentioned how there's 542 00:23:37,800 --> 00:23:40,000 Speaker 1: a flip side. There is sort of like this darker 543 00:23:40,080 --> 00:23:43,080 Speaker 1: side to where if we're only asking those questions and 544 00:23:43,160 --> 00:23:46,480 Speaker 1: not thinking about, uh, just maybe the positives, if we're 545 00:23:46,520 --> 00:23:48,880 Speaker 1: only focusing on the negatives, there's a chance it could 546 00:23:48,920 --> 00:23:52,520 Speaker 1: maybe lead to some unhappiness. You know, it is important 547 00:23:52,560 --> 00:23:55,359 Speaker 1: for us to find gratitude and contentment, uh so that 548 00:23:55,400 --> 00:23:58,959 Speaker 1: asking these questions doesn't just completely overwhelm us. Again, your 549 00:23:59,040 --> 00:24:01,119 Speaker 1: days won't all aways look the way that you know 550 00:24:01,160 --> 00:24:03,200 Speaker 1: you want them to, And it's okay to to work 551 00:24:03,240 --> 00:24:05,840 Speaker 1: towards days that you know will look more ideal for 552 00:24:05,920 --> 00:24:09,680 Speaker 1: you from a scheduling perspective. But it also really helps 553 00:24:09,680 --> 00:24:12,520 Speaker 1: to simultaneously call out the good things so that your 554 00:24:12,600 --> 00:24:15,720 Speaker 1: vision for a better future doesn't taint the good stuff 555 00:24:15,720 --> 00:24:17,880 Speaker 1: that you currently have in your life. You don't want 556 00:24:17,920 --> 00:24:20,159 Speaker 1: to be overly focused on the future that you're not 557 00:24:20,480 --> 00:24:22,920 Speaker 1: looking back to. You know, these winds to some of 558 00:24:22,960 --> 00:24:24,919 Speaker 1: these successes, to some of the good things that you 559 00:24:24,960 --> 00:24:26,840 Speaker 1: currently have in your life. I agree. I think the 560 00:24:26,880 --> 00:24:30,200 Speaker 1: introspection is helpful. The looking for ways you can improve 561 00:24:30,280 --> 00:24:34,280 Speaker 1: is helpful. Even wanting better or more is okay. But 562 00:24:34,320 --> 00:24:36,160 Speaker 1: I think it's okay to one socks that don't have holes. 563 00:24:36,480 --> 00:24:38,760 Speaker 1: It's totally okay to want socks that don't have holes. 564 00:24:39,000 --> 00:24:42,119 Speaker 1: And at the same time, though, it can take on, 565 00:24:42,240 --> 00:24:45,200 Speaker 1: like you said, a dark angle where we're only thinking 566 00:24:45,240 --> 00:24:47,679 Speaker 1: about the ways in which our life sucks and the 567 00:24:47,680 --> 00:24:49,440 Speaker 1: ways in which we want it to be better, and 568 00:24:49,600 --> 00:24:51,680 Speaker 1: that's not a healthy approach either, Matt. So yeah, that's 569 00:24:51,720 --> 00:24:53,640 Speaker 1: it's a very very good point. All right. Let's move 570 00:24:53,680 --> 00:24:55,640 Speaker 1: on to question number four that you should be asking 571 00:24:55,640 --> 00:24:58,720 Speaker 1: yourself in this year and review, and basically that's how 572 00:24:58,720 --> 00:25:02,160 Speaker 1: do I want one to look different? And this question 573 00:25:02,200 --> 00:25:05,280 Speaker 1: should certainly be looked at in a personal finance context. 574 00:25:05,520 --> 00:25:07,760 Speaker 1: You might want to contribute more to your retirement accounts, 575 00:25:07,840 --> 00:25:10,720 Speaker 1: or beef up your emergency fund, or increase the amount 576 00:25:10,760 --> 00:25:13,080 Speaker 1: of money that you have in savings. But I think 577 00:25:13,080 --> 00:25:16,040 Speaker 1: this question should also spur maybe an even deeper conversation 578 00:25:16,080 --> 00:25:18,280 Speaker 1: about what you want your life to look like too. 579 00:25:18,359 --> 00:25:20,480 Speaker 1: I feel like we're getting a little existential here, Matt, 580 00:25:20,520 --> 00:25:24,320 Speaker 1: But I think those desires are going to inform the 581 00:25:24,400 --> 00:25:26,480 Speaker 1: changes that you can make now as well as like 582 00:25:26,600 --> 00:25:28,880 Speaker 1: long term changes that you can be working towards. Two 583 00:25:28,960 --> 00:25:31,560 Speaker 1: and that question of how you want next year to 584 00:25:31,560 --> 00:25:35,560 Speaker 1: look different from this year? Obviously, hopefully no coronavirus is 585 00:25:35,640 --> 00:25:38,240 Speaker 1: one way that we would all want to look different. 586 00:25:38,320 --> 00:25:40,520 Speaker 1: Right of vaccine, that just brings our lives back to 587 00:25:40,560 --> 00:25:43,040 Speaker 1: more of a state of normalcy. But there are certainly 588 00:25:43,080 --> 00:25:45,480 Speaker 1: a bunch of other ways that we can ask that 589 00:25:45,560 --> 00:25:49,000 Speaker 1: question and get some interesting answers that can fuel some 590 00:25:49,080 --> 00:25:52,159 Speaker 1: real change. I think as we head into Yeah, and 591 00:25:52,160 --> 00:25:54,040 Speaker 1: you know, you joked about how this is like maybe 592 00:25:54,080 --> 00:25:57,399 Speaker 1: borderline existential, but like it's also very practical, right because 593 00:25:57,440 --> 00:25:59,320 Speaker 1: like up until now, we've been talking about ways that 594 00:25:59,400 --> 00:26:01,840 Speaker 1: we are a sessing our lives, like we're we're looking back, 595 00:26:01,840 --> 00:26:03,560 Speaker 1: we're reflecting on the past. But the question you just 596 00:26:03,560 --> 00:26:05,439 Speaker 1: asked and then the next one, they do have to 597 00:26:05,480 --> 00:26:07,639 Speaker 1: do with looking forward. Uh, And that's kind of you know, 598 00:26:07,640 --> 00:26:09,760 Speaker 1: where the rebber meets the road. You can reflect all 599 00:26:09,800 --> 00:26:12,280 Speaker 1: you want, but if you don't actually take steps to 600 00:26:12,320 --> 00:26:14,760 Speaker 1: make change, then well things probably aren't gonna look different 601 00:26:14,800 --> 00:26:16,480 Speaker 1: next year than they than they do right now. And 602 00:26:16,520 --> 00:26:18,480 Speaker 1: I've heard a lot of people say that the definition 603 00:26:18,520 --> 00:26:21,160 Speaker 1: of insanity is continuing to do the same thing hoping 604 00:26:21,160 --> 00:26:22,800 Speaker 1: for a different results. I don't think that's the actual 605 00:26:22,800 --> 00:26:25,320 Speaker 1: definition of insanity, but it's also attributed to like lots 606 00:26:25,320 --> 00:26:27,479 Speaker 1: of different people. Yeah, Einstein said it. I know, I'm 607 00:26:27,480 --> 00:26:30,439 Speaker 1: pretty sure it was Plato, so I don't know if 608 00:26:30,480 --> 00:26:32,240 Speaker 1: that's accurate, But it is one of those things where 609 00:26:32,440 --> 00:26:35,199 Speaker 1: if you continue to keep the same patterns around that 610 00:26:35,240 --> 00:26:38,320 Speaker 1: you've had for years in the past. Um, probably isn't 611 00:26:38,320 --> 00:26:39,800 Speaker 1: gonna look that different in the ways that you might 612 00:26:39,840 --> 00:26:41,520 Speaker 1: hope that it would. But yeah, like we're what we're 613 00:26:41,520 --> 00:26:43,960 Speaker 1: talking about here is thinking through like your big goals, 614 00:26:44,000 --> 00:26:46,160 Speaker 1: your your big dreams. I'm actually excited next Monday, we're 615 00:26:46,280 --> 00:26:48,879 Speaker 1: going to have a discussion with Rachel Cruz uh and 616 00:26:48,920 --> 00:26:51,199 Speaker 1: I'm excited for her to share some of her thoughts 617 00:26:51,240 --> 00:26:53,760 Speaker 1: about dreams and why it is that they're so important 618 00:26:53,880 --> 00:26:56,920 Speaker 1: in our lives. But you know, asking these questions will 619 00:26:56,960 --> 00:27:00,439 Speaker 1: demonstrate the reality that you have control over the direction 620 00:27:00,760 --> 00:27:02,800 Speaker 1: of your life and your money. Obviously, some of the 621 00:27:02,800 --> 00:27:05,040 Speaker 1: things that affect us are very big, and we don't 622 00:27:05,040 --> 00:27:07,680 Speaker 1: have control over those things, But there are so many 623 00:27:07,720 --> 00:27:09,960 Speaker 1: things that we have control over on a personal level. 624 00:27:10,000 --> 00:27:12,240 Speaker 1: It's why that's why this show exists. You know, we 625 00:27:12,280 --> 00:27:14,280 Speaker 1: talk about personal finance. There's a reason we talk about 626 00:27:14,280 --> 00:27:18,880 Speaker 1: personal finance and not societal finance or American finance. Uh. 627 00:27:18,920 --> 00:27:21,560 Speaker 1: These are things that we can control on a personal level, 628 00:27:21,800 --> 00:27:23,840 Speaker 1: and each one of us has the ability to make 629 00:27:23,880 --> 00:27:25,879 Speaker 1: those changes in our lives. Yea, and I think the 630 00:27:26,160 --> 00:27:29,439 Speaker 1: twenty four hour news cycle and social media just essentially, 631 00:27:29,480 --> 00:27:33,160 Speaker 1: the constant flow of um information coming at us makes 632 00:27:33,160 --> 00:27:36,200 Speaker 1: it hard sometimes not to concentrate too much on things 633 00:27:36,480 --> 00:27:38,800 Speaker 1: that are outside of our sphere of influence, outside of 634 00:27:39,000 --> 00:27:41,320 Speaker 1: things that we can actually control, And so that's what 635 00:27:41,400 --> 00:27:43,439 Speaker 1: we constantly want to bring it back to on this 636 00:27:43,480 --> 00:27:45,080 Speaker 1: show at least. Right there are other shows to talk 637 00:27:45,119 --> 00:27:47,840 Speaker 1: about the bigger societal change that needs to happen, but 638 00:27:47,880 --> 00:27:50,159 Speaker 1: this show is specifically focused on the things that that 639 00:27:50,200 --> 00:27:52,440 Speaker 1: you can change in your own life. And so I think, yeah, 640 00:27:52,520 --> 00:27:54,440 Speaker 1: tuning some of those things out a little bit more 641 00:27:54,480 --> 00:27:56,400 Speaker 1: so that you can focus a little bit more UM 642 00:27:56,400 --> 00:27:58,399 Speaker 1: on your own personal life, I think I will typically 643 00:27:58,400 --> 00:28:01,439 Speaker 1: that does breed more happiness at this time. So all right, man, 644 00:28:01,520 --> 00:28:04,040 Speaker 1: let's hit the last question for this episode, the last 645 00:28:04,119 --> 00:28:06,440 Speaker 1: question that people should be asking themselves in this year 646 00:28:06,480 --> 00:28:08,080 Speaker 1: and money review. And I would say this is the 647 00:28:08,080 --> 00:28:10,720 Speaker 1: most practical question as well, right, Like, like, the last 648 00:28:10,760 --> 00:28:12,320 Speaker 1: question was good as far as like what do you 649 00:28:12,320 --> 00:28:13,720 Speaker 1: want next to you to look like? But it's something 650 00:28:13,720 --> 00:28:15,520 Speaker 1: to get a little more practical with it. Yeah, let's 651 00:28:15,520 --> 00:28:18,000 Speaker 1: do it so that the practical question is what are 652 00:28:18,000 --> 00:28:22,320 Speaker 1: the biggest levers I can pull to positively influence my finances. 653 00:28:22,600 --> 00:28:25,640 Speaker 1: And you're sitting down, you're reviewing all of this concrete 654 00:28:25,680 --> 00:28:28,920 Speaker 1: information right you're earning, saving, and spending for this current year. 655 00:28:29,160 --> 00:28:30,879 Speaker 1: It can be really easy to get bogged down in 656 00:28:30,920 --> 00:28:33,760 Speaker 1: the details, especially if you have a significant other you're 657 00:28:33,800 --> 00:28:36,879 Speaker 1: going over this together. It could be tempting to start nitpicking, 658 00:28:36,960 --> 00:28:39,360 Speaker 1: maybe nitpicking a purchase here or there that we made 659 00:28:39,680 --> 00:28:42,240 Speaker 1: throughout the year that didn't quite hit the mark. But 660 00:28:42,360 --> 00:28:44,520 Speaker 1: make sure that you're focusing your efforts on the bigger 661 00:28:44,600 --> 00:28:46,640 Speaker 1: money moves that you can make too. It's not that 662 00:28:46,680 --> 00:28:49,080 Speaker 1: those small things aren't important and don't reflect something that 663 00:28:49,080 --> 00:28:51,400 Speaker 1: needs to be changed. It's just that the bigger things, 664 00:28:51,400 --> 00:28:53,400 Speaker 1: the bigger money levers that you can pull, are often 665 00:28:53,440 --> 00:28:55,600 Speaker 1: going to have a far greater impact. And so those 666 00:28:55,640 --> 00:28:57,560 Speaker 1: are the things that we should be maybe more focused 667 00:28:57,600 --> 00:28:59,360 Speaker 1: on than the smaller things that just kind of missed 668 00:28:59,360 --> 00:29:02,080 Speaker 1: the mark. Yeah, let yourself be distracted by those smaller 669 00:29:02,120 --> 00:29:03,800 Speaker 1: things that you are missing out on some of these 670 00:29:03,840 --> 00:29:06,480 Speaker 1: big opportunities, right, Like, I feel like a small one 671 00:29:06,520 --> 00:29:08,400 Speaker 1: that people point to is like the thermostat. You know, 672 00:29:08,440 --> 00:29:09,960 Speaker 1: it's it's in the middle of winter, it's really cold, 673 00:29:10,000 --> 00:29:12,200 Speaker 1: and people are like, Uh, I think we can take 674 00:29:12,240 --> 00:29:14,040 Speaker 1: the heat down one more degree and that will allow 675 00:29:14,080 --> 00:29:17,000 Speaker 1: us to save I think X amount of dollars every 676 00:29:17,040 --> 00:29:20,080 Speaker 1: single month. Whereas the bigger question you should maybe be 677 00:29:20,120 --> 00:29:22,360 Speaker 1: asking yourself as like maybe we should be living in 678 00:29:22,360 --> 00:29:25,680 Speaker 1: a more affordable city. Uh, that is the bigger move 679 00:29:25,720 --> 00:29:28,320 Speaker 1: you can make, right Or I'm thinking about like keeping 680 00:29:28,400 --> 00:29:31,400 Speaker 1: your tire pressure perfectly at the right p s I 681 00:29:31,520 --> 00:29:33,880 Speaker 1: so that you maximize your fuel economy, you know, so 682 00:29:33,920 --> 00:29:36,000 Speaker 1: you get the best miles per gallon. When instead maybe 683 00:29:36,000 --> 00:29:38,080 Speaker 1: the bigger question you should be asking is maybe I 684 00:29:38,080 --> 00:29:40,680 Speaker 1: should sell that vehicle altogether, Like we don't really need it. 685 00:29:40,680 --> 00:29:43,360 Speaker 1: It's depreciating out there in the driveway. Let's sell it. 686 00:29:43,520 --> 00:29:45,760 Speaker 1: We all have a limited amount of time, a limited 687 00:29:45,800 --> 00:29:48,600 Speaker 1: amount of bandwidth, and so when it comes to kind 688 00:29:48,600 --> 00:29:50,120 Speaker 1: of choosing what it is that you are going to 689 00:29:50,200 --> 00:29:52,640 Speaker 1: focus on, make sure that you are putting your effort 690 00:29:52,640 --> 00:29:54,080 Speaker 1: in your throwing your weight behind the things that are 691 00:29:54,120 --> 00:29:55,960 Speaker 1: going to make the biggest difference. Right. Yeah. And I 692 00:29:55,960 --> 00:29:57,960 Speaker 1: think it can can be actually even helpful maybe to 693 00:29:58,040 --> 00:30:02,200 Speaker 1: think of and pick a theme for your finances for 694 00:30:02,240 --> 00:30:05,080 Speaker 1: the year. I like that maybe that theme can help 695 00:30:05,120 --> 00:30:07,600 Speaker 1: influence some of the decisions that you're gonna make. So 696 00:30:07,760 --> 00:30:10,640 Speaker 1: is it maybe the year of massively increasing your income, 697 00:30:10,800 --> 00:30:12,800 Speaker 1: Like you're gonna do whatever it takes to make more. 698 00:30:12,800 --> 00:30:15,040 Speaker 1: Whether it's learn a new skill, asked for the rays, 699 00:30:15,080 --> 00:30:18,520 Speaker 1: asked for promotion, um, moved to an entirely new industry, 700 00:30:18,600 --> 00:30:21,440 Speaker 1: or something like that. Whatever it's gonna be, maybe that's 701 00:30:21,440 --> 00:30:23,840 Speaker 1: the theme for you this coming year. Or is it 702 00:30:23,880 --> 00:30:26,240 Speaker 1: the year of figuring out how to live legit frugally? 703 00:30:26,480 --> 00:30:28,800 Speaker 1: Like you have been a spendthrift and you haven't been 704 00:30:28,840 --> 00:30:30,960 Speaker 1: able to get your spending under control, and so you 705 00:30:31,120 --> 00:30:32,880 Speaker 1: have to learn all these frugal tips and you want 706 00:30:32,880 --> 00:30:35,600 Speaker 1: to maximize every single one because you've kind of maybe 707 00:30:35,680 --> 00:30:37,840 Speaker 1: mocked frugality a little bit in the past, um, and 708 00:30:37,880 --> 00:30:40,000 Speaker 1: you thought you could always earn more, when maybe this 709 00:30:40,080 --> 00:30:42,840 Speaker 1: year that that's not completely the case. You are the 710 00:30:42,880 --> 00:30:44,960 Speaker 1: one at the helm pulling the levers, though you get 711 00:30:44,960 --> 00:30:47,920 Speaker 1: to make this decision at the smaller details are important 712 00:30:47,960 --> 00:30:49,960 Speaker 1: down the road, but as we're approaching the new year, 713 00:30:50,080 --> 00:30:52,360 Speaker 1: it's it's just so important to get these big things right. 714 00:30:52,600 --> 00:30:54,920 Speaker 1: I think oftentimes Matt will find that the smaller things 715 00:30:55,200 --> 00:30:57,040 Speaker 1: do take care of themselves when we get the bigger 716 00:30:57,080 --> 00:30:59,360 Speaker 1: things in place. I've found that in my life that 717 00:30:59,680 --> 00:31:03,040 Speaker 1: the mall mistakes that I make just really aren't of 718 00:31:03,080 --> 00:31:05,680 Speaker 1: all that much importance. Um, if I tended to the 719 00:31:05,720 --> 00:31:08,120 Speaker 1: big things really well. And I think when people are 720 00:31:08,200 --> 00:31:11,160 Speaker 1: asking themselves this question about the big financial levers, I 721 00:31:11,160 --> 00:31:13,360 Speaker 1: think that's really really helpful. It's a good question to 722 00:31:13,400 --> 00:31:16,640 Speaker 1: be asking, um as we're wrapping up and attempting to 723 00:31:17,000 --> 00:31:19,160 Speaker 1: already start to make the most of the year that's 724 00:31:19,200 --> 00:31:21,920 Speaker 1: coming up. Yeah, and so hopefully this has been an 725 00:31:21,960 --> 00:31:24,360 Speaker 1: encouraging episode for folks. As folks are wrapping up the year, 726 00:31:24,640 --> 00:31:27,880 Speaker 1: it's very easy to look ahead and to think about 727 00:31:28,080 --> 00:31:30,840 Speaker 1: the exciting things on the horizon. But I don't think 728 00:31:30,840 --> 00:31:34,320 Speaker 1: you can do those things effectively with the proper perspective 729 00:31:34,560 --> 00:31:37,200 Speaker 1: without having looked at the year that you've already lived. 730 00:31:37,240 --> 00:31:39,520 Speaker 1: And so start with the goals and the earning and 731 00:31:39,560 --> 00:31:42,400 Speaker 1: spending that you've done this year, and then armed with 732 00:31:42,440 --> 00:31:44,080 Speaker 1: that information, then you can start to set some of 733 00:31:44,080 --> 00:31:46,480 Speaker 1: those goals for next year. But man, let's go ahead 734 00:31:46,480 --> 00:31:48,560 Speaker 1: and shift it back to the beer that you and 735 00:31:48,600 --> 00:31:50,719 Speaker 1: I enjoyed this episode. I'm gonna let you say at 736 00:31:50,720 --> 00:31:52,960 Speaker 1: this time because I think I completely butchered it. But 737 00:31:53,000 --> 00:31:56,840 Speaker 1: this is a cherry sour from Westbrook. Yeah, and it 738 00:31:56,920 --> 00:31:58,960 Speaker 1: was aged in oak Barrel's. I'm not gonna go with 739 00:31:58,960 --> 00:32:00,800 Speaker 1: them to avoid the name made a convention. I don't 740 00:32:00,840 --> 00:32:03,400 Speaker 1: know there's any point in that. But yeah, Westbrook honestly 741 00:32:03,440 --> 00:32:06,360 Speaker 1: one of our favorite breweries in the southeast. They're out 742 00:32:06,360 --> 00:32:09,720 Speaker 1: of South Carolina, Mountain Pleasant, that's right. And yeah, this 743 00:32:09,800 --> 00:32:14,840 Speaker 1: cherry sour was delightful. It was pretty tart, strong cherry vibes, 744 00:32:14,920 --> 00:32:16,720 Speaker 1: especially with like the two different kinds of cherry is 745 00:32:16,760 --> 00:32:18,880 Speaker 1: going on, and then a nice little, like subtle soft 746 00:32:18,920 --> 00:32:21,200 Speaker 1: oakiness at the same time. I love a good sour, 747 00:32:21,320 --> 00:32:23,560 Speaker 1: especially a good cherry sour, and this one, man, this 748 00:32:23,600 --> 00:32:25,760 Speaker 1: one was excellent. I loved it, dude, especially when that's 749 00:32:25,760 --> 00:32:27,880 Speaker 1: been aged and oak. You know, Like I feel like 750 00:32:27,920 --> 00:32:29,680 Speaker 1: I spent a lot of time talking about splitting wood 751 00:32:29,680 --> 00:32:31,520 Speaker 1: and how great it is earlier. But like, one of 752 00:32:31,520 --> 00:32:33,640 Speaker 1: the things I also like about it is that aromatic 753 00:32:33,840 --> 00:32:36,520 Speaker 1: perfume that you get from splitting up a fresh piece 754 00:32:36,520 --> 00:32:38,920 Speaker 1: of beautiful white oak, you know, like it's it just 755 00:32:38,960 --> 00:32:41,959 Speaker 1: puts off this beautiful smell and literally, as I'm out 756 00:32:41,960 --> 00:32:44,000 Speaker 1: there splitting wood, it makes me think of these barrel 757 00:32:44,000 --> 00:32:45,800 Speaker 1: aged sour beers and it makes me want to come 758 00:32:45,800 --> 00:32:47,480 Speaker 1: and then drink one of them. Your mouth starts watering. 759 00:32:48,480 --> 00:32:51,160 Speaker 1: That is not even joking, like that is completely true. 760 00:32:51,400 --> 00:32:52,960 Speaker 1: But yeah, we poured this one and it poured like 761 00:32:53,000 --> 00:32:56,960 Speaker 1: a rusty rose color. It was really pretty. Uh And yeah, man, 762 00:32:57,040 --> 00:33:00,680 Speaker 1: that beautiful bouquet of tart cherry was just so delicious. 763 00:33:00,680 --> 00:33:01,920 Speaker 1: I'm glad this is the one that you picked up 764 00:33:01,960 --> 00:33:04,000 Speaker 1: for us recently. Glad we got to enjoy it together 765 00:33:04,000 --> 00:33:05,880 Speaker 1: on the show. Yeah, me too. All right, that's gonna 766 00:33:05,880 --> 00:33:07,440 Speaker 1: do it for this episode. For folks and want show 767 00:33:07,440 --> 00:33:09,280 Speaker 1: notes for this episode, you can go to our website 768 00:33:09,320 --> 00:33:12,280 Speaker 1: at how to money dot com and specifically, if you 769 00:33:12,320 --> 00:33:15,200 Speaker 1: want all five of those questions listed out, they will 770 00:33:15,240 --> 00:33:17,120 Speaker 1: be listed out in our show notes, um, and that 771 00:33:17,160 --> 00:33:20,240 Speaker 1: can help you facilitate this year and money review for 772 00:33:20,480 --> 00:33:22,920 Speaker 1: yourself or yourself and your partner. That's right. And if 773 00:33:22,920 --> 00:33:25,080 Speaker 1: you enjoyed this episode, found it helpful, and maybe you've 774 00:33:25,120 --> 00:33:26,720 Speaker 1: been listening to the show for a while, we would 775 00:33:26,720 --> 00:33:29,280 Speaker 1: love if you would head over to Apple Podcasts and 776 00:33:29,360 --> 00:33:32,040 Speaker 1: leave us a solid review and rating over there. And 777 00:33:32,040 --> 00:33:33,760 Speaker 1: if you've already done that, just let a friend know 778 00:33:34,280 --> 00:33:37,080 Speaker 1: point them to an episode maybe like this, that allows 779 00:33:37,120 --> 00:33:38,880 Speaker 1: maybe the two of you to start talking about money 780 00:33:38,880 --> 00:33:40,480 Speaker 1: in ways that you can both kind of get ahead 781 00:33:40,520 --> 00:33:43,040 Speaker 1: with your money. And thanks in advance for that. So Joel, 782 00:33:43,120 --> 00:33:45,920 Speaker 1: that's gonna be a buddy until next time. Best friends Out, 783 00:33:46,080 --> 00:33:46,880 Speaker 1: Best Friends Out,