1 00:00:00,120 --> 00:00:02,400 Speaker 1: Welcome to How the Money. I'm Joel and I and 2 00:00:02,520 --> 00:00:24,040 Speaker 1: Matt and today we are answering your listener questions. That 3 00:00:24,239 --> 00:00:26,479 Speaker 1: is right, This is a listener Question Monday where we 4 00:00:26,560 --> 00:00:29,160 Speaker 1: have five different listener questions that we're gonna get to 5 00:00:29,240 --> 00:00:32,680 Speaker 1: this episode, Joel, including a question about reporting rent to 6 00:00:32,800 --> 00:00:34,760 Speaker 1: the credit bureaus. They've got some good news as far 7 00:00:34,800 --> 00:00:37,400 Speaker 1: as that's concerned. Uh, we've got a listener question about 8 00:00:37,440 --> 00:00:40,800 Speaker 1: bicycle insurance, our thoughts on that, as well as preparing 9 00:00:40,800 --> 00:00:43,880 Speaker 1: for some maternity leave some things to consider. You know, 10 00:00:43,920 --> 00:00:46,519 Speaker 1: paid maternity leave is actually pretty tough to come by. 11 00:00:46,640 --> 00:00:49,040 Speaker 1: But we have some thoughts for folks out there who 12 00:00:49,159 --> 00:00:51,520 Speaker 1: might be having a baby soon. So we'll get to those. 13 00:00:51,600 --> 00:00:53,440 Speaker 1: I'm plus a couple of others looking forward to it. 14 00:00:53,640 --> 00:00:55,040 Speaker 1: Before we get to that, Mat I wanted to quickly 15 00:00:55,120 --> 00:00:58,240 Speaker 1: mention I had a couple of good free fines lately. 16 00:00:58,800 --> 00:01:01,840 Speaker 1: One was Facebook art sale. Somebody just literally in one 17 00:01:01,840 --> 00:01:05,000 Speaker 1: of the buy nothing groups saying hey, come take my lawnmower. 18 00:01:05,040 --> 00:01:06,920 Speaker 1: Took a look at him like that looks brand new. 19 00:01:07,120 --> 00:01:10,200 Speaker 1: What's going on there? And so I went to went 20 00:01:10,240 --> 00:01:12,880 Speaker 1: to pick up I saw in the garbage can they 21 00:01:12,920 --> 00:01:15,920 Speaker 1: had the packaging for their new electric lawnmowers. I think 22 00:01:15,920 --> 00:01:18,120 Speaker 1: they were just up trying to get more eco friendly 23 00:01:18,160 --> 00:01:20,600 Speaker 1: by throwing away a lawnmower that was in perfect condition. 24 00:01:20,640 --> 00:01:23,920 Speaker 1: Don't they understand that that's actually I didn't want to 25 00:01:23,920 --> 00:01:26,160 Speaker 1: explain it to him because, uh, you know, the deed 26 00:01:26,200 --> 00:01:28,399 Speaker 1: had already been done and the lawnmower had already been 27 00:01:28,640 --> 00:01:31,200 Speaker 1: given up for free. But it is beautiful. It isn't 28 00:01:31,240 --> 00:01:33,400 Speaker 1: great condition. I just had to work. I just got 29 00:01:33,400 --> 00:01:37,160 Speaker 1: to fix a carburetor that was gummed up, which is 30 00:01:37,240 --> 00:01:39,680 Speaker 1: really easy to do. So I don't know anything about 31 00:01:39,720 --> 00:01:42,880 Speaker 1: carburetor's YouTube videos. Buddy, look it up. So so have 32 00:01:42,920 --> 00:01:46,120 Speaker 1: you gotten it working? Though it's on the mend. That's coming. 33 00:01:47,200 --> 00:01:49,520 Speaker 1: How I get there? I will watch the videos. I 34 00:01:49,560 --> 00:01:50,920 Speaker 1: just haven't had the time to actually you do it, 35 00:01:50,920 --> 00:01:53,520 Speaker 1: but it is it is. It came with the instruction manual. 36 00:01:53,560 --> 00:01:55,840 Speaker 1: Do that's how. That's how good of condition this was 37 00:01:55,920 --> 00:01:59,000 Speaker 1: in day. Um. So yeah, I'm looking forward to getting 38 00:01:59,000 --> 00:02:01,560 Speaker 1: it running shortly. Well, you let us know when you do, 39 00:02:01,880 --> 00:02:05,560 Speaker 1: and will we will revisit this conversation then, because I 40 00:02:05,600 --> 00:02:08,880 Speaker 1: will say, yeah, electric stuff or battery powered stuff. I 41 00:02:09,000 --> 00:02:12,320 Speaker 1: recently got a battery powered blower, and it has completely 42 00:02:12,440 --> 00:02:16,280 Speaker 1: changed my outlook when it comes to just keeping the driveway, 43 00:02:16,400 --> 00:02:19,440 Speaker 1: keeping our porch, front porch, back porch clear of leaves 44 00:02:19,440 --> 00:02:21,600 Speaker 1: and other dust and debris. It's kind of fun to 45 00:02:21,639 --> 00:02:24,320 Speaker 1: do it, and it's so easy and it's not all 46 00:02:24,480 --> 00:02:26,400 Speaker 1: like you don't end up getting all stinky from the 47 00:02:26,440 --> 00:02:28,840 Speaker 1: two stroke engines, you know, gas and all that. And 48 00:02:28,919 --> 00:02:30,920 Speaker 1: half the time too, when there's something like a blower 49 00:02:31,320 --> 00:02:34,240 Speaker 1: or other gas powered appliances or tools or whatever that 50 00:02:34,280 --> 00:02:36,399 Speaker 1: you don't use all that often, it kind of makes 51 00:02:36,400 --> 00:02:39,240 Speaker 1: sense because man, battery power, it's always just ready to go. 52 00:02:39,480 --> 00:02:41,040 Speaker 1: The gas doesn't go bad on it if you like, 53 00:02:41,080 --> 00:02:44,760 Speaker 1: don't use it for a season, or ungunk carburetor exactly, 54 00:02:44,760 --> 00:02:46,320 Speaker 1: whatever it takes. But for us, I can see how 55 00:02:46,440 --> 00:02:48,960 Speaker 1: future tools that we buy, I mean, I think we 56 00:02:49,000 --> 00:02:50,880 Speaker 1: are going to lean more towards battery powered stuff because 57 00:02:50,880 --> 00:02:53,079 Speaker 1: it is so easy and what that means, don't get 58 00:02:53,160 --> 00:02:55,440 Speaker 1: rid of something that works perfectly, yeah, of course not. 59 00:02:55,520 --> 00:02:58,040 Speaker 1: I mean wait till it runs out of gas. Really 60 00:02:58,120 --> 00:03:02,799 Speaker 1: in metaphorically a tradish an little gas powered lawnmore and 61 00:03:02,840 --> 00:03:04,400 Speaker 1: I'm want to do my best to keep that thing 62 00:03:04,440 --> 00:03:06,360 Speaker 1: up and running but when the time does come to 63 00:03:06,560 --> 00:03:08,560 Speaker 1: get something new, I think I might be leaning towards 64 00:03:08,600 --> 00:03:10,520 Speaker 1: battery powered as well. I also got one other thing 65 00:03:10,520 --> 00:03:11,960 Speaker 1: by the way on the side of the road taking 66 00:03:12,000 --> 00:03:13,840 Speaker 1: my kids for a walk. The other day. My neighbor 67 00:03:13,880 --> 00:03:16,360 Speaker 1: had a bunch of stuff out on like a picknick 68 00:03:16,400 --> 00:03:19,320 Speaker 1: blanket in this ront yard. Nice, really nice set of 69 00:03:19,440 --> 00:03:23,000 Speaker 1: six whiskey glasses. I don't have any good whiskey glasses. 70 00:03:23,040 --> 00:03:25,680 Speaker 1: So they literally have like the crate and barrel ones 71 00:03:25,720 --> 00:03:27,079 Speaker 1: from when Emily and I got married. They have like 72 00:03:27,120 --> 00:03:30,160 Speaker 1: little chips in them and stuff, so they're beautiful. They 73 00:03:30,200 --> 00:03:32,360 Speaker 1: make some nice stuff, but they have chips in them, 74 00:03:32,360 --> 00:03:35,000 Speaker 1: and you're cutting your mouth when that would be cheap, 75 00:03:35,040 --> 00:03:36,560 Speaker 1: not for like, I feel like I'm tasting a little 76 00:03:36,560 --> 00:03:39,280 Speaker 1: bit of iron in this whiskey. I just yeah, I 77 00:03:39,280 --> 00:03:41,240 Speaker 1: guess it's just my blood. I'm bleeding in my mouth 78 00:03:41,320 --> 00:03:43,560 Speaker 1: right now. Are they they cut kind? Yeah, like they 79 00:03:43,560 --> 00:03:46,080 Speaker 1: cut cut crystal. So are they actual crystal? I don't know, 80 00:03:46,240 --> 00:03:48,080 Speaker 1: but they look like it. You can like sometimes you 81 00:03:48,080 --> 00:03:49,880 Speaker 1: can look on the bottom and you can see like 82 00:03:50,000 --> 00:03:52,800 Speaker 1: little words or guys etched into them. If it's got 83 00:03:52,880 --> 00:03:54,640 Speaker 1: back like that, I think it is dude. If that's 84 00:03:54,680 --> 00:03:56,800 Speaker 1: the case, then you may have like really scored on 85 00:03:56,840 --> 00:04:00,360 Speaker 1: some yeah, some nice crystal whiskey glasses. So watch out 86 00:04:00,360 --> 00:04:03,160 Speaker 1: for free stuff in your neighborhood. That's the takeaway for you. Man. Well, 87 00:04:03,240 --> 00:04:04,640 Speaker 1: let's go ahead and share. The beer that we're gonna 88 00:04:04,640 --> 00:04:07,360 Speaker 1: share on this episode is called five five five or 89 00:04:07,480 --> 00:04:09,280 Speaker 1: I don't know if five hundred fifty five. But this 90 00:04:09,360 --> 00:04:12,000 Speaker 1: is a horg chhata golden ale. This is another one 91 00:04:12,040 --> 00:04:14,000 Speaker 1: that was sent to us by Dennis as well as 92 00:04:14,040 --> 00:04:18,400 Speaker 1: friends up there at Cruz Blanca Brewery in Chicago. I'm 93 00:04:18,440 --> 00:04:20,479 Speaker 1: looking forward to enjoying this one and sharing our thoughts 94 00:04:20,520 --> 00:04:22,240 Speaker 1: at the end of the episode, no doubt. All right, Well, 95 00:04:22,360 --> 00:04:24,760 Speaker 1: let's get onto the subject at hand. Today on the show, 96 00:04:24,800 --> 00:04:27,400 Speaker 1: we're answering listener questions. Like Matt said, we've got five 97 00:04:27,480 --> 00:04:29,400 Speaker 1: to get to and if you have a question that 98 00:04:29,480 --> 00:04:31,560 Speaker 1: you want Matt and I a tackle on an upcoming 99 00:04:31,839 --> 00:04:34,080 Speaker 1: ask htm episode, well we would love to hear it. 100 00:04:34,120 --> 00:04:36,760 Speaker 1: Go to how to money dot com slash ask. There 101 00:04:36,760 --> 00:04:39,640 Speaker 1: are simple directions. It'll take you a minute or two 102 00:04:39,800 --> 00:04:41,760 Speaker 1: to record your question and send it our way, and 103 00:04:41,800 --> 00:04:43,839 Speaker 1: hopefully we can get to it in the near future. 104 00:04:43,800 --> 00:04:45,919 Speaker 1: All right, Matt, let's get to the first question of 105 00:04:45,960 --> 00:04:49,080 Speaker 1: this episode, though, This one is about selling home and 106 00:04:49,080 --> 00:04:51,560 Speaker 1: then what to do with the cash that you have 107 00:04:51,600 --> 00:04:55,080 Speaker 1: on hand. Hi, Joelan, Matt, this is Tyler from Chattanooga. 108 00:04:55,839 --> 00:04:57,800 Speaker 1: First off, just want to make sure that you guys 109 00:04:57,920 --> 00:05:00,080 Speaker 1: were able to get a Peach Pass to s to 110 00:05:00,279 --> 00:05:02,599 Speaker 1: your son pass issues when you go down to Florida. 111 00:05:02,720 --> 00:05:06,400 Speaker 1: You should definitely get that done. My question today is 112 00:05:07,279 --> 00:05:09,760 Speaker 1: I'm going to sell my home and I need to 113 00:05:09,800 --> 00:05:13,679 Speaker 1: get another home in the same area. Should I take 114 00:05:14,080 --> 00:05:17,080 Speaker 1: all of the profit from the new home or from 115 00:05:17,160 --> 00:05:19,320 Speaker 1: my soul home and put it into the new home 116 00:05:19,960 --> 00:05:23,960 Speaker 1: or is it better to just go ahead and put 117 00:05:24,000 --> 00:05:27,279 Speaker 1: the twenties percent down on the house and use that 118 00:05:27,440 --> 00:05:31,159 Speaker 1: profit as an investment and a fail safe should I 119 00:05:31,200 --> 00:05:34,640 Speaker 1: need it for any future mortgage payments. Thanks for your 120 00:05:34,680 --> 00:05:37,960 Speaker 1: help today. I'm at Tyler just added one thing to 121 00:05:38,000 --> 00:05:40,279 Speaker 1: my to do list to get a Peach Pass. I 122 00:05:40,360 --> 00:05:41,880 Speaker 1: need to do it, but I haven't done it. It's 123 00:05:41,920 --> 00:05:44,040 Speaker 1: either that or just never go back to Florida. I'm 124 00:05:44,040 --> 00:05:45,960 Speaker 1: not I'm not sure what my decision is going to 125 00:05:46,000 --> 00:05:47,440 Speaker 1: be yet. All right, Well, that actually kind of makes 126 00:05:47,440 --> 00:05:49,719 Speaker 1: me think is it actually frugal or cheap. So for 127 00:05:49,760 --> 00:05:51,400 Speaker 1: those folks who don't know what a peach pass is. 128 00:05:51,440 --> 00:05:53,200 Speaker 1: Here in Atlanta, you can get a peach pass and 129 00:05:53,240 --> 00:05:55,839 Speaker 1: into this transponder uh and you stick it to the 130 00:05:55,839 --> 00:05:58,000 Speaker 1: inside of your one shield and it allows you to 131 00:05:58,080 --> 00:06:00,640 Speaker 1: get into like the express lane and it's basically like 132 00:06:00,680 --> 00:06:02,839 Speaker 1: an automated toll booth, right, so you don't have to 133 00:06:02,839 --> 00:06:04,719 Speaker 1: stop when they work in multiple states, I think yeah, 134 00:06:04,720 --> 00:06:07,200 Speaker 1: and they work down in Florida for you know, wherever 135 00:06:07,240 --> 00:06:09,600 Speaker 1: they have those toll roads as well. But you and 136 00:06:09,680 --> 00:06:11,320 Speaker 1: I we neither one of us have one of these 137 00:06:11,480 --> 00:06:13,800 Speaker 1: or because we never drive, we never need a peach 138 00:06:13,800 --> 00:06:16,279 Speaker 1: pass in Atlanta. We don't drive, I mean, yeah, we 139 00:06:16,279 --> 00:06:18,200 Speaker 1: don't don't drive all that often. But do you feel 140 00:06:18,240 --> 00:06:20,599 Speaker 1: like that that's being cheap with our time? Because I 141 00:06:20,640 --> 00:06:22,640 Speaker 1: think you can make an argument of like, Okay, would 142 00:06:22,640 --> 00:06:25,159 Speaker 1: you rather spend that time if, like you say, you 143 00:06:25,160 --> 00:06:27,279 Speaker 1: you know, spend a buck thirty to be able to 144 00:06:27,320 --> 00:06:29,920 Speaker 1: bypass all of this traffic and then if you're able 145 00:06:29,960 --> 00:06:31,680 Speaker 1: to kind of move on with your life. Don't you 146 00:06:31,680 --> 00:06:33,599 Speaker 1: think that that's maybe being a little bit cheap with 147 00:06:33,600 --> 00:06:35,520 Speaker 1: your time instead of being frugal Yeah. If I had 148 00:06:35,560 --> 00:06:39,440 Speaker 1: lived in a corridor where I consistently hit traffic every 149 00:06:39,480 --> 00:06:41,320 Speaker 1: single day, I'd have to do the math, right, I'd 150 00:06:41,360 --> 00:06:43,440 Speaker 1: I'd run the numbers and see, Okay, does it make 151 00:06:43,480 --> 00:06:46,000 Speaker 1: sense if I get home thirty minutes quicker but it 152 00:06:46,040 --> 00:06:48,200 Speaker 1: cost me a four dollars and fifty cents? Like would 153 00:06:48,200 --> 00:06:51,120 Speaker 1: I pay that freight? Their chances? All right? Probably would? 154 00:06:51,760 --> 00:06:53,520 Speaker 1: For thirty minutes is a lot of time. So I 155 00:06:53,520 --> 00:06:55,440 Speaker 1: think it would be frugal for a lot of people 156 00:06:55,520 --> 00:06:57,080 Speaker 1: to get one of these passes, to pay the extra 157 00:06:57,120 --> 00:06:59,960 Speaker 1: money to save time, because you know, in our estimation, 158 00:07:00,120 --> 00:07:02,760 Speaker 1: time is worth more than money. But I never am 159 00:07:02,760 --> 00:07:05,160 Speaker 1: on those freeways, like, I never have that conundrum, or 160 00:07:05,600 --> 00:07:07,880 Speaker 1: very very rarely do I get into one of those 161 00:07:07,880 --> 00:07:10,360 Speaker 1: scenarios where I have to decide whether I want to 162 00:07:10,360 --> 00:07:13,000 Speaker 1: pay money to skip the traffic or not. Yeah, well, okay, 163 00:07:13,000 --> 00:07:14,720 Speaker 1: so after looking into it, because I said that neither 164 00:07:14,760 --> 00:07:17,000 Speaker 1: one of us have had one of these, but actually 165 00:07:17,080 --> 00:07:20,160 Speaker 1: do have one now or I'm gonna get so Literally 166 00:07:20,200 --> 00:07:22,280 Speaker 1: before we started recording, I logged on and I was 167 00:07:22,320 --> 00:07:24,880 Speaker 1: reading about it, and I signed up for one. And 168 00:07:24,920 --> 00:07:26,760 Speaker 1: so what you have to do You have to basically 169 00:07:26,760 --> 00:07:28,960 Speaker 1: put like a deposit down So like you put down 170 00:07:29,000 --> 00:07:31,240 Speaker 1: twenty bucks and they're gonna mail it to me, and 171 00:07:31,960 --> 00:07:34,480 Speaker 1: as we use it, then we will get charged. And 172 00:07:34,560 --> 00:07:37,960 Speaker 1: so essentially I'm prepaying for the possibility of using an 173 00:07:37,960 --> 00:07:40,080 Speaker 1: express lane. But because as I was thinking about it, 174 00:07:40,120 --> 00:07:42,680 Speaker 1: I thought, you know, there happened times specifically when we're 175 00:07:42,680 --> 00:07:45,080 Speaker 1: going out of town and we're sitting in some serious 176 00:07:45,120 --> 00:07:48,600 Speaker 1: traffic and I'm thinking, Okay, I know I'm not supposed 177 00:07:48,600 --> 00:07:50,360 Speaker 1: to be over there, but I kind of wish I could. 178 00:07:51,080 --> 00:07:53,560 Speaker 1: And you know, when you have the transponders, obviously you're 179 00:07:53,560 --> 00:07:55,400 Speaker 1: gonna be more tempted to actually use it once you 180 00:07:55,440 --> 00:07:58,120 Speaker 1: have it. But I think if you're being disciplined about it, Uh, 181 00:07:58,200 --> 00:08:00,160 Speaker 1: there's gonna be some instances where it makes a lot 182 00:08:00,200 --> 00:08:02,320 Speaker 1: of sense to man get to wherever you're trying to 183 00:08:02,320 --> 00:08:04,880 Speaker 1: get to a lot faster. I agree. And so now 184 00:08:04,920 --> 00:08:06,400 Speaker 1: that's on, like to do list, fix the car rater 185 00:08:06,600 --> 00:08:09,960 Speaker 1: on that that lawnmower, and buy my peach past So Tyler, 186 00:08:09,960 --> 00:08:12,720 Speaker 1: I'll make that happen. But let's get to Tyler's question. Uh, 187 00:08:12,760 --> 00:08:15,240 Speaker 1: And when it comes to down payment on the next 188 00:08:15,240 --> 00:08:18,200 Speaker 1: house you're buying, Tyler, down is the key number that 189 00:08:18,240 --> 00:08:20,000 Speaker 1: you want to have if possible, and it sounds like 190 00:08:20,040 --> 00:08:23,160 Speaker 1: that is possible, which is great, And putting down that 191 00:08:23,320 --> 00:08:26,400 Speaker 1: amount gets you the best interest rate in terms, So 192 00:08:26,880 --> 00:08:29,040 Speaker 1: anything less than that you'll be forced to pay p 193 00:08:29,200 --> 00:08:31,400 Speaker 1: m I, which adds quite a bit to the typical 194 00:08:31,400 --> 00:08:34,520 Speaker 1: monthly mortgage amount, often hundred dollars or two hundred dollars. 195 00:08:34,559 --> 00:08:37,240 Speaker 1: And Matt, I'm glad that he's out of pm I territory. 196 00:08:37,280 --> 00:08:39,400 Speaker 1: I hate that fee for people. It's just kind of 197 00:08:39,400 --> 00:08:41,320 Speaker 1: one of those things that gets tacked on if you 198 00:08:41,360 --> 00:08:44,480 Speaker 1: haven't saved up the required down payment amount. But really, 199 00:08:44,520 --> 00:08:46,440 Speaker 1: when it comes down to it, anything on top of 200 00:08:46,440 --> 00:08:50,480 Speaker 1: that down payment amount is really just gravy the decision 201 00:08:50,520 --> 00:08:53,000 Speaker 1: to bring those extra funds to the closing table. It 202 00:08:53,040 --> 00:08:55,920 Speaker 1: really comes down to what Tyler would otherwise be doing 203 00:08:55,920 --> 00:08:58,680 Speaker 1: with his money. So let's talk some of the specifics 204 00:08:58,679 --> 00:09:00,560 Speaker 1: when it comes to that. Yeah, I mean before that, 205 00:09:00,640 --> 00:09:02,840 Speaker 1: even to regarding p m I, the average buyer puts 206 00:09:02,880 --> 00:09:05,679 Speaker 1: down just six and so you know, that does make 207 00:09:05,679 --> 00:09:07,360 Speaker 1: it easier to save up for that down payment, but 208 00:09:07,400 --> 00:09:09,839 Speaker 1: it also means that higher payment and more money paid 209 00:09:09,880 --> 00:09:11,880 Speaker 1: an interest over the life of the loan and So 210 00:09:11,960 --> 00:09:15,280 Speaker 1: here's the thing, Tyler, if you're going to otherwise spend 211 00:09:15,800 --> 00:09:17,880 Speaker 1: that money, right, So, any of the money that goes 212 00:09:18,040 --> 00:09:21,040 Speaker 1: above and beyond down on your new place, if you're 213 00:09:21,080 --> 00:09:22,920 Speaker 1: gonna spend that money, then we would rather see you 214 00:09:22,960 --> 00:09:24,960 Speaker 1: take those funds and put them towards the cost of 215 00:09:24,960 --> 00:09:27,880 Speaker 1: your new house. You mentioned maybe hanging onto some of 216 00:09:27,920 --> 00:09:30,360 Speaker 1: this money just in case you needed it for just say, 217 00:09:30,360 --> 00:09:32,840 Speaker 1: like a mortgage payment. If that means keeping just a 218 00:09:32,960 --> 00:09:36,000 Speaker 1: huge chunk of money in savings beyond a six month 219 00:09:36,000 --> 00:09:38,920 Speaker 1: emergency fund, then we think that you're being too conservative 220 00:09:39,000 --> 00:09:41,560 Speaker 1: with your extra cash, because you know, since that most 221 00:09:41,720 --> 00:09:45,120 Speaker 1: you're probably only earning like point five on your money 222 00:09:45,320 --> 00:09:47,320 Speaker 1: if it's sitting there in a savings account. The better 223 00:09:47,320 --> 00:09:49,440 Speaker 1: option in that case would be to put your extra 224 00:09:49,640 --> 00:09:53,360 Speaker 1: home sale proceeds towards the down payment of that new home. Yeah, 225 00:09:53,679 --> 00:09:57,480 Speaker 1: at least that way you would be effectively saving or 226 00:09:57,520 --> 00:10:01,200 Speaker 1: earning three or whatever your mortgage woul be, right exactly, 227 00:10:01,280 --> 00:10:03,200 Speaker 1: But as long as you have that solid e fund 228 00:10:03,240 --> 00:10:06,400 Speaker 1: in place, we we think that you should actually invest 229 00:10:06,480 --> 00:10:09,959 Speaker 1: every penny above that down payment mark. Right, If you're 230 00:10:10,000 --> 00:10:12,880 Speaker 1: able to take that money and increase your four owe 231 00:10:13,000 --> 00:10:16,840 Speaker 1: K or and or ira A contributions in one and 232 00:10:16,880 --> 00:10:20,480 Speaker 1: into two. You're putting money away for your future that 233 00:10:20,559 --> 00:10:23,040 Speaker 1: can provide much greater returns than the interest that you're 234 00:10:23,080 --> 00:10:25,920 Speaker 1: paying on that hyper low interest rate mortgage that you've 235 00:10:25,960 --> 00:10:28,640 Speaker 1: got that you're basically locked into for three decades, which 236 00:10:28,679 --> 00:10:31,199 Speaker 1: is which is a huge benefit. Right, there are tax 237 00:10:31,320 --> 00:10:34,679 Speaker 1: advantages for investing. To Tyler, every pre tax dollar that 238 00:10:34,720 --> 00:10:37,160 Speaker 1: you're able to stock away into your investment accounts is 239 00:10:37,160 --> 00:10:40,120 Speaker 1: going to reduce your taxable income. So yeah, if you 240 00:10:40,200 --> 00:10:43,200 Speaker 1: have the discipline to not spend that money to instead 241 00:10:43,320 --> 00:10:45,800 Speaker 1: invest that money, then we would say, don't put it 242 00:10:45,840 --> 00:10:49,360 Speaker 1: down on your house, don't essentially prepay your mortgage. Put 243 00:10:49,400 --> 00:10:51,719 Speaker 1: down the standard it's going to get you the best 244 00:10:51,800 --> 00:10:54,280 Speaker 1: rate in terms, and then every dollar above that work 245 00:10:54,360 --> 00:10:57,040 Speaker 1: to invest it for your future. That's right. And if 246 00:10:57,040 --> 00:10:59,560 Speaker 1: you're concerned about having enough financial margin in your life, 247 00:10:59,559 --> 00:11:01,800 Speaker 1: tiler uh, and you want to have access to additional 248 00:11:01,840 --> 00:11:05,640 Speaker 1: funds beyond what we would say is you know, robust savings, 249 00:11:05,640 --> 00:11:07,600 Speaker 1: If you have six months worth of an emergency fund, 250 00:11:07,880 --> 00:11:10,440 Speaker 1: then we feel that taking a helock on your home 251 00:11:10,840 --> 00:11:13,240 Speaker 1: like that can provide some peace of mind. You typically 252 00:11:13,400 --> 00:11:15,880 Speaker 1: are going to pay nothing to open up a helock. Uh. 253 00:11:15,880 --> 00:11:17,720 Speaker 1: And you never are going to pay interest on that 254 00:11:17,800 --> 00:11:20,520 Speaker 1: line of credit unless you actually draw down on it. 255 00:11:21,000 --> 00:11:23,360 Speaker 1: It's just there as this sort of extra measure of safety. 256 00:11:23,360 --> 00:11:26,320 Speaker 1: It's like an extra security rope if you're like claiming 257 00:11:26,400 --> 00:11:29,200 Speaker 1: or something like that. And so, Tyler, for your situation, 258 00:11:29,360 --> 00:11:32,280 Speaker 1: there's an order of operations basically that we would recommend here. 259 00:11:32,559 --> 00:11:35,000 Speaker 1: But to avoid the pm I, make sure you have 260 00:11:35,040 --> 00:11:37,640 Speaker 1: a fully funded emergency fund to cover six months of 261 00:11:38,200 --> 00:11:41,000 Speaker 1: living expenses, and then invest the rest and use those 262 00:11:41,000 --> 00:11:44,079 Speaker 1: additional funds as a way to to boost your wealth building. Uh. 263 00:11:44,080 --> 00:11:46,000 Speaker 1: And again as you invest, make sure that you're maxing 264 00:11:46,000 --> 00:11:49,200 Speaker 1: out your tax deferred retirement accounts first. But then beyond 265 00:11:49,240 --> 00:11:52,080 Speaker 1: that you can even consider a brokerage account, which is taxable, 266 00:11:52,320 --> 00:11:54,160 Speaker 1: no doubt. Tyler, good luck on the new house, good 267 00:11:54,200 --> 00:11:56,600 Speaker 1: luck on making money on the last house that you're in, 268 00:11:57,000 --> 00:11:59,280 Speaker 1: and good luck building wealth in the future. We got 269 00:11:59,280 --> 00:12:03,160 Speaker 1: more sins to get to, Matt, including should someone be 270 00:12:03,200 --> 00:12:05,960 Speaker 1: paying money for the privilege of having the rent payments 271 00:12:06,000 --> 00:12:08,080 Speaker 1: reported to the credit heros. We'll get to that and 272 00:12:08,120 --> 00:12:20,000 Speaker 1: more right after this. Alright, so we're taking listener questions. Hey, 273 00:12:20,080 --> 00:12:21,880 Speaker 1: let's get to this question that has to do with 274 00:12:22,120 --> 00:12:26,160 Speaker 1: credit scores. Hey, Matt, he Joel, and Ronald from southern California. 275 00:12:26,840 --> 00:12:30,280 Speaker 1: I've been listening to How to Money since January. Thank 276 00:12:30,280 --> 00:12:33,120 Speaker 1: you for making me smart with money. I've been renting 277 00:12:33,160 --> 00:12:36,320 Speaker 1: an apartment for six years while renewing the lease for 278 00:12:36,400 --> 00:12:39,720 Speaker 1: seven year. The Leading office mentioned rent track to build credit. 279 00:12:40,320 --> 00:12:43,840 Speaker 1: It will cost me six cents per month. I have 280 00:12:43,880 --> 00:12:46,920 Speaker 1: a credit score of seven according to credit Karma. My 281 00:12:47,000 --> 00:12:50,560 Speaker 1: average age of credit histories about five years. Do you 282 00:12:50,600 --> 00:12:54,400 Speaker 1: think it is worth reporting rental payment history for my situation? 283 00:12:55,000 --> 00:12:58,480 Speaker 1: Will it affect my credit in a negative way? Would 284 00:12:58,480 --> 00:13:01,040 Speaker 1: it help me get a lower mortgage trade to buy 285 00:13:01,040 --> 00:13:04,000 Speaker 1: a condo in a year? Also, have a roommate with 286 00:13:04,040 --> 00:13:06,520 Speaker 1: a credit history of less than a year who has 287 00:13:06,559 --> 00:13:08,800 Speaker 1: been renting for about two months. Do you think it 288 00:13:08,880 --> 00:13:12,880 Speaker 1: is worded for him to sign now? Thank you, Ronald, 289 00:13:12,920 --> 00:13:15,199 Speaker 1: thank you so much for sending in your question. Uh 290 00:13:15,240 --> 00:13:17,880 Speaker 1: and for listening to the show for that long January 291 00:13:17,880 --> 00:13:20,559 Speaker 1: of It's like a badge of honor or shame, depending 292 00:13:20,559 --> 00:13:23,000 Speaker 1: on what circles you're running. I'm actually curious how he 293 00:13:23,080 --> 00:13:27,040 Speaker 1: discovered our show, because back in January seriously, because we 294 00:13:27,040 --> 00:13:29,559 Speaker 1: were I mean, we had just started and when you're 295 00:13:29,600 --> 00:13:31,400 Speaker 1: you know, when you're starting at podcast, it's difficult to 296 00:13:31,400 --> 00:13:34,160 Speaker 1: find any tractions. So, as you're listening to this, if 297 00:13:34,160 --> 00:13:35,960 Speaker 1: you want to, if you don't mind hitting us back up, 298 00:13:36,080 --> 00:13:37,640 Speaker 1: we would love to know how you actually discovered us, 299 00:13:37,679 --> 00:13:40,240 Speaker 1: especially since you're out there in California. You know, both 300 00:13:40,240 --> 00:13:41,719 Speaker 1: of our moms and like some of our friends were 301 00:13:41,720 --> 00:13:44,000 Speaker 1: listening at the time, but there weren't many folks outside 302 00:13:44,000 --> 00:13:48,839 Speaker 1: of that, probably like your second cousin of something. Uh So, Ronald, 303 00:13:48,880 --> 00:13:52,000 Speaker 1: let's talk about paying for the service. We're gonna go 304 00:13:52,000 --> 00:13:54,760 Speaker 1: ahead and give you the quick answer, which is, no way, don't. 305 00:13:54,800 --> 00:13:57,280 Speaker 1: Don't pay for it. Your credit score is actually already 306 00:13:57,400 --> 00:14:00,720 Speaker 1: in the perfect range right now. Would be like paying 307 00:14:00,760 --> 00:14:03,400 Speaker 1: your teacher for a final grade of like ninety seven 308 00:14:03,800 --> 00:14:05,559 Speaker 1: in the class when you've already got a ninety five. 309 00:14:05,640 --> 00:14:07,720 Speaker 1: It's like, yes, it would increase it by a couple 310 00:14:07,760 --> 00:14:09,920 Speaker 1: of points, but that is completely unnecessary. I will say 311 00:14:09,920 --> 00:14:13,480 Speaker 1: this at least doesn't have the ethical ramifications that paying 312 00:14:13,480 --> 00:14:15,880 Speaker 1: your teacher for an increase credit. Yeah, that's true. But 313 00:14:16,000 --> 00:14:17,720 Speaker 1: what we're saying to hear though, is that it won't 314 00:14:17,720 --> 00:14:20,760 Speaker 1: make any meaningful difference. Now, if your credit score was 315 00:14:20,800 --> 00:14:23,120 Speaker 1: in like the seven twenty two, like seven thirty range, 316 00:14:23,160 --> 00:14:25,480 Speaker 1: it might make sense to pay this additional fee in 317 00:14:25,680 --> 00:14:28,840 Speaker 1: order to help get your your positive rent payment history 318 00:14:28,960 --> 00:14:32,000 Speaker 1: reported to the credit bureaus, because that could potentially boost 319 00:14:32,000 --> 00:14:35,000 Speaker 1: your score into the seven forty plus range, which could 320 00:14:35,040 --> 00:14:37,880 Speaker 1: mean quite a bit of savings when you do opt 321 00:14:37,920 --> 00:14:40,200 Speaker 1: to buy a place. But you know, since you are 322 00:14:40,240 --> 00:14:42,640 Speaker 1: already killing it with your credit score, we would recommend 323 00:14:42,640 --> 00:14:44,800 Speaker 1: that you just maintain that score and they just keep 324 00:14:44,880 --> 00:14:47,280 Speaker 1: doing what you have been doing in order to get 325 00:14:47,280 --> 00:14:49,240 Speaker 1: your score where it's you know, where it currently is. 326 00:14:49,560 --> 00:14:51,720 Speaker 1: And we actually talked about why a perfect credit score 327 00:14:51,840 --> 00:14:54,760 Speaker 1: isn't necessary back in episode two eighties seven. So for 328 00:14:54,800 --> 00:14:56,920 Speaker 1: anyone out there who's listening and they're kind of like, Okay, 329 00:14:57,000 --> 00:15:00,000 Speaker 1: is my credit score good enough? We would totally recommend 330 00:15:00,000 --> 00:15:01,480 Speaker 1: for you to go back and listen to this episode. 331 00:15:01,600 --> 00:15:03,840 Speaker 1: We do a full breakdown of the different ranges of 332 00:15:04,040 --> 00:15:06,200 Speaker 1: credit scores and where it is that you should focus 333 00:15:06,200 --> 00:15:09,360 Speaker 1: on being yeah and aiming for perfect really is shooting 334 00:15:09,360 --> 00:15:11,840 Speaker 1: too high? Shoot for good enough? In the in the 335 00:15:11,880 --> 00:15:14,720 Speaker 1: realm of when we're talking about credit scores, that's enough. 336 00:15:15,000 --> 00:15:17,280 Speaker 1: And yeah, here's the thing though, Matt. While it isn't 337 00:15:17,320 --> 00:15:19,320 Speaker 1: worth it for Ronald to pay this fee, it's just 338 00:15:19,360 --> 00:15:21,840 Speaker 1: really throwing away seven dollars a month for him, it 339 00:15:21,920 --> 00:15:24,080 Speaker 1: might be worth it for some folks, like he said, 340 00:15:24,160 --> 00:15:26,960 Speaker 1: like if he was in a slightly had a slightly 341 00:15:26,960 --> 00:15:29,240 Speaker 1: lower score, if he was UM instead of getting close 342 00:15:29,240 --> 00:15:31,600 Speaker 1: to eight hundred, if he was seventy points below that, 343 00:15:31,640 --> 00:15:34,360 Speaker 1: it might make sense well for folks with poor credit history, 344 00:15:34,600 --> 00:15:37,040 Speaker 1: and you know, if they have a low score associated 345 00:15:37,080 --> 00:15:40,920 Speaker 1: with that, like Ronald's roommate, there's a different calculation that 346 00:15:41,000 --> 00:15:44,040 Speaker 1: needs to be made. Ronald's roommate might perceive a substantial 347 00:15:44,080 --> 00:15:46,840 Speaker 1: benefit by paying this this money, but a big part 348 00:15:46,840 --> 00:15:49,640 Speaker 1: of his decision should revolve around how soon he's actually 349 00:15:49,680 --> 00:15:52,160 Speaker 1: going to be applying for a loan, Because if he 350 00:15:52,200 --> 00:15:53,960 Speaker 1: doesn't plan to get a loan on a car or 351 00:15:54,000 --> 00:15:55,680 Speaker 1: a home in the near future, like let's say within 352 00:15:55,720 --> 00:15:57,960 Speaker 1: the next twenty four months, you know, he should instead 353 00:15:58,000 --> 00:16:00,960 Speaker 1: look too freeways to build his credits wore up. Even 354 00:16:00,960 --> 00:16:03,360 Speaker 1: though rent track is a good service and it can 355 00:16:03,400 --> 00:16:06,400 Speaker 1: help people build their credit score up, UM, if he's 356 00:16:06,400 --> 00:16:08,600 Speaker 1: got time on his side, it's best to go the 357 00:16:08,680 --> 00:16:11,600 Speaker 1: d I Y fee free route to to building up 358 00:16:11,640 --> 00:16:13,920 Speaker 1: your credit score. We talked about rebuilding a rough credit 359 00:16:13,920 --> 00:16:17,160 Speaker 1: score Matt actually back in the episode one thirteen. There 360 00:16:17,160 --> 00:16:18,880 Speaker 1: are a lot of ways that you can tackle it 361 00:16:19,040 --> 00:16:21,440 Speaker 1: on your own. Um, And I like what rent track 362 00:16:21,520 --> 00:16:25,240 Speaker 1: is doing. I like the idea of rent payments being 363 00:16:25,280 --> 00:16:27,400 Speaker 1: a part of your credit score. I think it's good 364 00:16:27,440 --> 00:16:29,600 Speaker 1: for a lot of people who are paying rent on 365 00:16:29,640 --> 00:16:31,280 Speaker 1: time to be able to build up their credit score 366 00:16:31,680 --> 00:16:34,000 Speaker 1: through those on time rent payments. But if you've already 367 00:16:34,040 --> 00:16:36,320 Speaker 1: got a killer score, or if you've got plenty of 368 00:16:36,320 --> 00:16:38,880 Speaker 1: time before you actually need to use that score, then 369 00:16:39,120 --> 00:16:40,480 Speaker 1: you know, the d I Y route is the way 370 00:16:40,480 --> 00:16:42,480 Speaker 1: to go. Exactly. Yeah. I mean it's so good to 371 00:16:42,480 --> 00:16:45,800 Speaker 1: start with the end in mind, right because remember, a 372 00:16:45,800 --> 00:16:47,680 Speaker 1: good credit score like that's just a tool to get 373 00:16:47,680 --> 00:16:50,560 Speaker 1: you closer to your goal of being able to get 374 00:16:50,560 --> 00:16:52,960 Speaker 1: a good loan, say on a house, or you know, 375 00:16:53,040 --> 00:16:54,840 Speaker 1: if you're in a position to where you need to 376 00:16:54,840 --> 00:16:57,320 Speaker 1: get a car loan or even getting approved for a 377 00:16:57,320 --> 00:17:00,320 Speaker 1: great credit card. The object isn't to have a perfect 378 00:17:00,400 --> 00:17:02,720 Speaker 1: shiny credit score, just like it shouldn't be your goal 379 00:17:02,760 --> 00:17:05,199 Speaker 1: to have a perfect shiny hammer like I want a 380 00:17:05,200 --> 00:17:08,359 Speaker 1: hammer that can smack nails into a board. Uh. And 381 00:17:08,400 --> 00:17:10,960 Speaker 1: over time, it's gonna not look brand new anymore because 382 00:17:10,960 --> 00:17:12,919 Speaker 1: you've been using it exactly. But as long as it 383 00:17:12,960 --> 00:17:16,440 Speaker 1: continues to smack nails into a board, it still gets 384 00:17:16,440 --> 00:17:18,480 Speaker 1: the job done. And that's what you want. The goal 385 00:17:18,520 --> 00:17:21,600 Speaker 1: isn't to have this perfectly you know, brand new hammer 386 00:17:21,600 --> 00:17:23,440 Speaker 1: that you keep under this glass case that you never 387 00:17:23,560 --> 00:17:26,280 Speaker 1: use because you want to have the perfect hammer. Now 388 00:17:26,800 --> 00:17:28,679 Speaker 1: that the goal is to be able to use that 389 00:17:28,720 --> 00:17:32,159 Speaker 1: credit score for some other ultimate goal. But let's talk 390 00:17:32,160 --> 00:17:34,320 Speaker 1: about rent track here for a little bit more, Ronald. 391 00:17:34,320 --> 00:17:36,280 Speaker 1: That's the service that you mentioned. This is one of 392 00:17:36,280 --> 00:17:38,359 Speaker 1: the easier ways to get a boost to your credit 393 00:17:38,400 --> 00:17:41,560 Speaker 1: score through the on time payment of rent. You can 394 00:17:41,600 --> 00:17:43,800 Speaker 1: even pay a fee to have the previous twelve or 395 00:17:43,840 --> 00:17:46,479 Speaker 1: even twenty four months of rent payments added to your 396 00:17:46,480 --> 00:17:50,040 Speaker 1: credit report. And for those especially who have a thinner 397 00:17:50,080 --> 00:17:52,480 Speaker 1: credit file, who don't who do not have as much history, 398 00:17:52,920 --> 00:17:55,520 Speaker 1: this can make a serious difference in a very small 399 00:17:55,520 --> 00:17:58,120 Speaker 1: amount of time. We we hate fees, we hate paying fees, 400 00:17:58,160 --> 00:18:00,840 Speaker 1: but this is actually one that might make sense, especially 401 00:18:01,119 --> 00:18:03,679 Speaker 1: if your credit is yeah, a little bit rough. If 402 00:18:03,720 --> 00:18:06,159 Speaker 1: you need to improve your credit quickly. And actually the 403 00:18:06,200 --> 00:18:10,200 Speaker 1: average score improvement UH is ten to thirty points after 404 00:18:10,280 --> 00:18:13,879 Speaker 1: six months of reporting on time rent payments. That's that's 405 00:18:13,880 --> 00:18:15,679 Speaker 1: a big jump. Yeah, I mean, this is just one 406 00:18:15,720 --> 00:18:18,040 Speaker 1: of those areas where it's just kind of ludicrous that 407 00:18:18,240 --> 00:18:21,280 Speaker 1: rent payments aren't being accounted for with our credit scores. 408 00:18:21,680 --> 00:18:23,160 Speaker 1: But hopefully with some of the changes too that we've 409 00:18:23,200 --> 00:18:25,439 Speaker 1: seen with Fanny May, that is something UH that we 410 00:18:25,480 --> 00:18:28,280 Speaker 1: will see included with credit scores, not just with the 411 00:18:28,359 --> 00:18:31,239 Speaker 1: underwriting of mortgages that that Fanny May implemented a few 412 00:18:31,280 --> 00:18:33,360 Speaker 1: weeks ago. Yeah, and Matt, of course, we're looking at 413 00:18:33,400 --> 00:18:37,240 Speaker 1: this question from the renter's perspective, who is hopefully looking 414 00:18:37,280 --> 00:18:39,880 Speaker 1: to buy a home in the future. But let's mention 415 00:18:39,880 --> 00:18:42,480 Speaker 1: it too from a landlords perspective. This is starting to 416 00:18:42,520 --> 00:18:44,720 Speaker 1: sound like a pretty good solution not only to help 417 00:18:44,760 --> 00:18:47,040 Speaker 1: your tenants build their credit, but it's also a way 418 00:18:47,080 --> 00:18:49,480 Speaker 1: to help ensure that rent payments are going to show 419 00:18:49,560 --> 00:18:51,560 Speaker 1: up on time. This is something you mentioned and I 420 00:18:51,600 --> 00:18:54,760 Speaker 1: was like, that's that's actually true. That's brilliant. You've talked like, well, 421 00:18:54,800 --> 00:18:57,200 Speaker 1: what if you actually, as a landlord, paid that fee 422 00:18:57,480 --> 00:18:59,919 Speaker 1: for a tenant to help them build their credit. What 423 00:19:00,000 --> 00:19:02,200 Speaker 1: a nice thing to offer, right And at the same time, 424 00:19:02,200 --> 00:19:05,119 Speaker 1: if a tenant knows that those payments or lack thereof, 425 00:19:05,200 --> 00:19:07,399 Speaker 1: are getting reported to the credit bureaus, there's like this 426 00:19:07,480 --> 00:19:09,600 Speaker 1: added degree of accountability and there's a little bit of 427 00:19:09,600 --> 00:19:12,160 Speaker 1: skin in the game if you know that. Hey, it's 428 00:19:12,200 --> 00:19:14,000 Speaker 1: not just gonna be my landlord just kind of bugging 429 00:19:14,000 --> 00:19:16,040 Speaker 1: me because I'm, you know, paying my rent a little 430 00:19:16,040 --> 00:19:18,040 Speaker 1: bit late. Again, this is actually going to be history 431 00:19:18,040 --> 00:19:20,199 Speaker 1: that sticks with me moving forward. And this is this 432 00:19:20,280 --> 00:19:21,960 Speaker 1: might have an impact on whether or not I get 433 00:19:22,000 --> 00:19:24,920 Speaker 1: qualified for a mortgage on the road exactly. Yeah, So, Ronald, 434 00:19:25,000 --> 00:19:26,520 Speaker 1: best of luck. It sounds like you're already in a 435 00:19:26,520 --> 00:19:29,239 Speaker 1: great position when it comes to your credit for what 436 00:19:29,320 --> 00:19:31,520 Speaker 1: lies ahead. All right, Matt, Let's get to the next 437 00:19:31,600 --> 00:19:34,720 Speaker 1: question though. This one is about getting insurance on an 438 00:19:34,720 --> 00:19:38,199 Speaker 1: electric bicycle. Hi, how a money team. This is Lindsay 439 00:19:38,200 --> 00:19:41,199 Speaker 1: from California as a new e bike owner. Should I 440 00:19:41,280 --> 00:19:44,200 Speaker 1: be looking into insurance for my bike? Should I look 441 00:19:44,240 --> 00:19:47,840 Speaker 1: at a standalone policy or look into my homeowners insurance? 442 00:19:48,440 --> 00:19:51,560 Speaker 1: How about the coverage some bike clocks offer? Thank you 443 00:19:51,600 --> 00:19:54,680 Speaker 1: for your input, all right, Lindsay, first of all, congrats 444 00:19:54,720 --> 00:19:56,879 Speaker 1: on getting what I'm going to assume is a sweet 445 00:19:56,920 --> 00:20:00,000 Speaker 1: electric bike. We're huge fans of not only regular bike 446 00:20:00,119 --> 00:20:03,480 Speaker 1: but e bikes specifically, and they're anything on two wheels 447 00:20:04,400 --> 00:20:07,240 Speaker 1: and other cycles are fine too. Did they make electric unicycles? 448 00:20:07,280 --> 00:20:09,240 Speaker 1: I would be curious to know. That would seem like 449 00:20:09,280 --> 00:20:12,280 Speaker 1: the I mean, aren't they called segways? Like it's like guess, 450 00:20:12,320 --> 00:20:14,960 Speaker 1: like segway equivalent or a one wheel But one of 451 00:20:14,960 --> 00:20:17,560 Speaker 1: the reasons I think e bikes are just so great 452 00:20:17,600 --> 00:20:20,520 Speaker 1: is because they've contributed to getting more and more folks 453 00:20:20,520 --> 00:20:23,639 Speaker 1: out there commuting via bike as opposed to them spending 454 00:20:23,680 --> 00:20:26,919 Speaker 1: time in their cars adding to traffic. Right Because like 455 00:20:26,920 --> 00:20:29,240 Speaker 1: when e bikes first came on the scene, I'll admit 456 00:20:29,280 --> 00:20:31,560 Speaker 1: I wasn't the biggest fan of them, but the overall 457 00:20:31,600 --> 00:20:34,760 Speaker 1: benefit that they provide just by decreasing congestion on the road, 458 00:20:35,160 --> 00:20:38,959 Speaker 1: uh and increasing in individuals overall health, like those totally 459 00:20:38,960 --> 00:20:41,040 Speaker 1: tipped the scales for me. And plus, you know, riding 460 00:20:41,040 --> 00:20:43,000 Speaker 1: ebikes are a lot of fun. I was riding with 461 00:20:43,040 --> 00:20:45,080 Speaker 1: my boy this morning and we hit thirty five an 462 00:20:45,080 --> 00:20:47,080 Speaker 1: hour going downhill, and I was like, this is just 463 00:20:47,160 --> 00:20:49,600 Speaker 1: awesome and he's just so happy back there. That's really fast. 464 00:20:49,640 --> 00:20:53,440 Speaker 1: All he says is happy like me too, buddy, except 465 00:20:53,480 --> 00:20:56,000 Speaker 1: that you can't hear him because the wind noise as 466 00:20:56,040 --> 00:20:58,199 Speaker 1: you're I know what hill you're shooting down to? Yea, 467 00:20:58,320 --> 00:21:00,399 Speaker 1: had you dropped the girls off at school when you're coming? No? No, 468 00:21:00,600 --> 00:21:02,840 Speaker 1: this is actually another our neighborhood. Now we're right now 469 00:21:02,840 --> 00:21:05,159 Speaker 1: where we're living temporarily while we're doing some reynos to 470 00:21:05,200 --> 00:21:07,520 Speaker 1: the house. It has some really great hills. So are 471 00:21:07,560 --> 00:21:09,920 Speaker 1: you talking about the early coaster hills? Yeah? Those are 472 00:21:09,920 --> 00:21:13,440 Speaker 1: really stick they are. It's like San Francisco over there. 473 00:21:13,480 --> 00:21:15,280 Speaker 1: And uh yeah, just a little Lindsay. No, I have 474 00:21:15,320 --> 00:21:18,760 Speaker 1: a Radwagon and it's I love it. It's a it's 475 00:21:18,800 --> 00:21:21,920 Speaker 1: a fantastic bike and it's a fantastic car killing bike. 476 00:21:22,240 --> 00:21:23,960 Speaker 1: And I we have actually have an article that I 477 00:21:23,960 --> 00:21:26,240 Speaker 1: wrote up on how to money dot com for anybody 478 00:21:26,359 --> 00:21:29,120 Speaker 1: who's interested in the type of bike that I have 479 00:21:29,240 --> 00:21:30,639 Speaker 1: and why I love it so much. I kind of 480 00:21:30,640 --> 00:21:32,120 Speaker 1: make a case for it in that article. Will link 481 00:21:32,160 --> 00:21:33,960 Speaker 1: to that in the show notes. But yeah, let's get 482 00:21:34,000 --> 00:21:37,480 Speaker 1: to lindsay specific question. First. Let's talk about existing insurance 483 00:21:37,480 --> 00:21:41,120 Speaker 1: policies that you might already have that provide coverage. Most 484 00:21:41,160 --> 00:21:44,280 Speaker 1: folks have car insurance. I'm sure you do too, Lindsay, 485 00:21:44,400 --> 00:21:47,080 Speaker 1: and there have been some cases where a cyclist who 486 00:21:47,160 --> 00:21:49,399 Speaker 1: was struck by another car actually was able to have 487 00:21:49,440 --> 00:21:52,360 Speaker 1: their medical and property damages covered by their own car 488 00:21:52,400 --> 00:21:57,000 Speaker 1: insurance because they had uninsured motorist coverage. This isn't typical, 489 00:21:57,320 --> 00:22:00,520 Speaker 1: but it is definitely worth checking your auto policy and 490 00:22:00,640 --> 00:22:03,199 Speaker 1: asking your agent to see if they would if you'd 491 00:22:03,240 --> 00:22:05,720 Speaker 1: be covered in the event of an accident. There are 492 00:22:05,800 --> 00:22:09,040 Speaker 1: some ambiguities as to what is considered a motor vehicle, 493 00:22:09,440 --> 00:22:12,040 Speaker 1: since e bikes are kind of like the motors, right 494 00:22:12,280 --> 00:22:16,440 Speaker 1: they do, yeah, but yeah, I guess the question remains. 495 00:22:16,760 --> 00:22:20,200 Speaker 1: It's not slam dunk, right exactly. You're going to be covered, 496 00:22:20,280 --> 00:22:22,119 Speaker 1: so you're gonna want to check in on that first. 497 00:22:22,160 --> 00:22:23,920 Speaker 1: But you might already have coverage and that would be 498 00:22:23,960 --> 00:22:27,080 Speaker 1: sweet exactly, yeah, Lindsay. Also, be sure to check with 499 00:22:27,119 --> 00:22:29,520 Speaker 1: your homeowners or your interests insurance to see if there's 500 00:22:29,520 --> 00:22:32,560 Speaker 1: any available coverage for you there. While many of these 501 00:22:32,560 --> 00:22:35,919 Speaker 1: policies offer coverage for traditional bikes, there are some that 502 00:22:35,960 --> 00:22:38,280 Speaker 1: won't cover e bikes, and so if you have a 503 00:22:38,359 --> 00:22:40,600 Speaker 1: really expensive e bike that you want to ensure. It's 504 00:22:40,640 --> 00:22:44,119 Speaker 1: worth diving into the minutia of your policy and what 505 00:22:44,160 --> 00:22:47,040 Speaker 1: they consider to be a motor vehicle, because yeah, depending 506 00:22:47,080 --> 00:22:49,800 Speaker 1: on that definition, your ebike it may not be considered 507 00:22:49,840 --> 00:22:52,760 Speaker 1: a motor vehicle, and in that case it would be excluded, 508 00:22:52,960 --> 00:22:55,639 Speaker 1: possibly from an automobile policy, but it might be included 509 00:22:55,920 --> 00:22:58,879 Speaker 1: under a renters or a homeowners policy. So again it's 510 00:22:58,880 --> 00:23:00,760 Speaker 1: best to get in touch with your provide to see 511 00:23:01,040 --> 00:23:04,480 Speaker 1: if what you have would provide coverage for you. And 512 00:23:04,520 --> 00:23:06,400 Speaker 1: it's also worth noting too that a lot of times, 513 00:23:06,400 --> 00:23:08,440 Speaker 1: if it is included on on one of those policies, 514 00:23:08,680 --> 00:23:12,320 Speaker 1: it doesn't provide replacement coverage. There's a depreciation aspect to it. 515 00:23:12,560 --> 00:23:14,440 Speaker 1: And so if you did want to get it covered 516 00:23:14,480 --> 00:23:16,080 Speaker 1: under one of those policies, you would want to have 517 00:23:16,160 --> 00:23:19,240 Speaker 1: that basically listed out. You'd want to have that itemized 518 00:23:19,320 --> 00:23:22,200 Speaker 1: on that policy, no doubt, because the depreciation could massively 519 00:23:22,200 --> 00:23:25,120 Speaker 1: impact the amount of money you're able to claw back 520 00:23:25,160 --> 00:23:27,720 Speaker 1: in the event of any bike accident or your by 521 00:23:27,720 --> 00:23:31,480 Speaker 1: being stolen. You also mentioned insurance coverage provided by bike 522 00:23:31,480 --> 00:23:34,679 Speaker 1: clock companies in the event of theft, and yeah, we 523 00:23:34,720 --> 00:23:36,880 Speaker 1: did some research on this to kind of figure out 524 00:23:36,920 --> 00:23:38,960 Speaker 1: what the best options were in that case, and it 525 00:23:39,000 --> 00:23:41,080 Speaker 1: seems like it's actually a decent option. Some of the 526 00:23:41,400 --> 00:23:45,000 Speaker 1: nicer Kryptonite bike clocks include one year of free coverage, 527 00:23:45,119 --> 00:23:46,880 Speaker 1: but aside from that, you can actually get an additional 528 00:23:46,960 --> 00:23:49,400 Speaker 1: five years of coverage for just thirty bucks. And there 529 00:23:49,400 --> 00:23:53,879 Speaker 1: are a lot of reports that's cheap. That's not just 530 00:23:54,040 --> 00:23:55,760 Speaker 1: a month, you know, because I feel like a lot 531 00:23:55,760 --> 00:23:57,640 Speaker 1: of times it's like life insurance, it's just thirty bucks 532 00:23:57,640 --> 00:23:59,720 Speaker 1: a month. It's like the cost of a couple of pizzas. 533 00:23:59,760 --> 00:24:01,879 Speaker 1: But it's like, no, we're talking about five years of 534 00:24:02,000 --> 00:24:04,439 Speaker 1: coverage here for thirty bucks. And e bikes they're getting 535 00:24:04,440 --> 00:24:07,399 Speaker 1: more and more expensive and depending on how expensive yours is, 536 00:24:07,800 --> 00:24:10,480 Speaker 1: and that's really really cheap coverage. And there are lots 537 00:24:10,480 --> 00:24:14,280 Speaker 1: of reports where Kryptonite has paid to replace bikes. E 538 00:24:14,400 --> 00:24:16,960 Speaker 1: bikes are covered too under this clause. And the two 539 00:24:17,000 --> 00:24:19,479 Speaker 1: biggest catches though, you have to make sure to register 540 00:24:19,560 --> 00:24:21,720 Speaker 1: your bike and your lock within thirty days of buying 541 00:24:21,720 --> 00:24:23,119 Speaker 1: the lock. You can't just buy it and go on 542 00:24:23,160 --> 00:24:25,359 Speaker 1: your merriyway. And if your bike is stolen and you 543 00:24:25,400 --> 00:24:27,520 Speaker 1: file a claim, you have to send in a picture 544 00:24:27,560 --> 00:24:30,200 Speaker 1: of the busted lock, which may or not be left behind. Yeah, 545 00:24:30,240 --> 00:24:33,280 Speaker 1: that's depends on the criminal and how they he or 546 00:24:33,320 --> 00:24:35,040 Speaker 1: she works, how messed up they are. They're like, Oh, 547 00:24:35,080 --> 00:24:37,280 Speaker 1: I'm really going to screwm over. Not only am I 548 00:24:37,320 --> 00:24:39,040 Speaker 1: gonna take the bike, but I'm also gonna take the 549 00:24:39,119 --> 00:24:41,400 Speaker 1: lock that I just broke, right, And and so that's 550 00:24:41,400 --> 00:24:43,800 Speaker 1: a part of the reason to why they make you register, right, 551 00:24:43,880 --> 00:24:46,800 Speaker 1: because I think some folks were thinking, well, why couldn't 552 00:24:46,840 --> 00:24:49,879 Speaker 1: I just get the coverage and if the lock is missing, 553 00:24:50,000 --> 00:24:52,560 Speaker 1: then I'll just go buy another lock, break it and 554 00:24:52,640 --> 00:24:54,520 Speaker 1: take a picture of that if if the lock is missing. 555 00:24:54,600 --> 00:24:56,760 Speaker 1: But that's why they make you register that specific lock, 556 00:24:56,880 --> 00:24:59,040 Speaker 1: because there's like a serial number on that specific lock, 557 00:24:59,119 --> 00:25:01,240 Speaker 1: so uh, you have to register it. And of course 558 00:25:01,240 --> 00:25:03,879 Speaker 1: we would encourage you to follow any rules and laws anyway. 559 00:25:03,880 --> 00:25:06,520 Speaker 1: We don't want you to do anything dishonest. But if 560 00:25:06,600 --> 00:25:08,800 Speaker 1: you do go this route, it definitely seems like an 561 00:25:08,800 --> 00:25:10,640 Speaker 1: affordable way to get some coverage. But just make sure 562 00:25:10,640 --> 00:25:12,439 Speaker 1: you dot your eyes, you crush your tees, and you 563 00:25:12,480 --> 00:25:15,600 Speaker 1: actually register that lock, no doubt. One last thing, if 564 00:25:15,600 --> 00:25:18,359 Speaker 1: you're really really risk averse, you can always get a 565 00:25:18,440 --> 00:25:22,480 Speaker 1: standalone ebike insurance policy to make sure theft, liability, and 566 00:25:22,560 --> 00:25:25,320 Speaker 1: legal expenses are all covered in the event that your 567 00:25:25,320 --> 00:25:27,960 Speaker 1: bike is lost or stolen. Um it's it's not going 568 00:25:28,000 --> 00:25:30,359 Speaker 1: to be necessary for most folks though, but it could 569 00:25:30,359 --> 00:25:33,679 Speaker 1: be worth it if you're doing a ton of bike riding. Uh, Like, 570 00:25:33,720 --> 00:25:37,120 Speaker 1: if you've replaced your car with your ebike, then you're 571 00:25:37,119 --> 00:25:40,600 Speaker 1: gonna be riding thousands and thousands and thousands of miles 572 00:25:40,640 --> 00:25:44,240 Speaker 1: every single year on that bike, and so it's probably 573 00:25:44,240 --> 00:25:46,880 Speaker 1: gonna be worth it to pay for the extra insurance. 574 00:25:47,119 --> 00:25:49,480 Speaker 1: But for everyone else out there, you most likely don't 575 00:25:49,520 --> 00:25:51,800 Speaker 1: need to make sure your ebike is covered at all, 576 00:25:52,280 --> 00:25:54,960 Speaker 1: especially if it's reasonably well priced, and if it gets 577 00:25:54,960 --> 00:25:57,199 Speaker 1: yourself a route wagon Like yeah, if you have a 578 00:25:57,240 --> 00:26:00,800 Speaker 1: bike that's or less, there's a chance that you don't 579 00:26:00,840 --> 00:26:03,719 Speaker 1: need any sort of insurance coverage on it. Being self insured. 580 00:26:03,800 --> 00:26:06,000 Speaker 1: Having cash on hand in the bank is a better 581 00:26:06,040 --> 00:26:08,960 Speaker 1: way to go paying premiums for ebike insurance and the 582 00:26:09,040 --> 00:26:12,240 Speaker 1: deductible in case of an accident for your bike. It 583 00:26:12,320 --> 00:26:15,240 Speaker 1: just doesn't make much sense for most folks. Ebikes obviously 584 00:26:15,280 --> 00:26:17,800 Speaker 1: aren't super cheap, like you can't just go buy another 585 00:26:17,800 --> 00:26:20,200 Speaker 1: one on a whim. But we would rather see people 586 00:26:20,680 --> 00:26:22,480 Speaker 1: saving the money that they would have forked over for 587 00:26:22,560 --> 00:26:25,240 Speaker 1: premiums and just bulking up your own savings, being prepared 588 00:26:25,359 --> 00:26:28,080 Speaker 1: in the case that something crappy happens. Yeah, that's right, 589 00:26:28,119 --> 00:26:30,640 Speaker 1: So lindsay, hopefully that gets you pointed in the right direction. Uh, 590 00:26:30,640 --> 00:26:33,760 Speaker 1: and do check out the protection plan offered by Kryptonite. 591 00:26:33,800 --> 00:26:35,400 Speaker 1: Will make sure to link to any of the resources 592 00:26:35,440 --> 00:26:37,919 Speaker 1: that we mentioned during this episode in our show notes. 593 00:26:38,160 --> 00:26:40,560 Speaker 1: But Lindsey, happy writing to you. Joe. We've got a 594 00:26:40,560 --> 00:26:42,520 Speaker 1: couple more questions we're gonna get to right after the break, 595 00:26:42,560 --> 00:26:45,560 Speaker 1: including that one about maternity coverage, as well as someone 596 00:26:45,600 --> 00:26:48,040 Speaker 1: who's got a chunk of money is not totally sure 597 00:26:48,119 --> 00:26:50,399 Speaker 1: about how to go about investing that money. Will get 598 00:26:50,440 --> 00:27:01,360 Speaker 1: to both of those right after this break. We're back. 599 00:27:01,440 --> 00:27:04,240 Speaker 1: Let's get to the last two questions of the episode, 600 00:27:04,280 --> 00:27:08,320 Speaker 1: and the first of the last is one about saving 601 00:27:08,440 --> 00:27:12,320 Speaker 1: money for maternity leave. Hey, how the money? This is 602 00:27:12,440 --> 00:27:17,479 Speaker 1: Kristen from Athens, Georgia, and my question for you is 603 00:27:17,560 --> 00:27:22,359 Speaker 1: about maternity leave. Besides just squirreling away money, do you 604 00:27:22,359 --> 00:27:25,760 Speaker 1: guys have any tips for women and families that are 605 00:27:25,800 --> 00:27:30,200 Speaker 1: trying to set themselves up for financial success during maternity leave, 606 00:27:30,760 --> 00:27:36,640 Speaker 1: especially when the mom works for herself or is a freelancer. 607 00:27:37,400 --> 00:27:39,359 Speaker 1: I know that there are some insurance plans where you 608 00:27:39,359 --> 00:27:41,560 Speaker 1: can pay into it um, but you have to sign 609 00:27:41,640 --> 00:27:45,200 Speaker 1: up for those like really Foreign Advance, and it's hard 610 00:27:45,200 --> 00:27:48,160 Speaker 1: to plan for these little miracles. So I would love 611 00:27:48,240 --> 00:27:52,119 Speaker 1: your thoughts. Thanks for your wisdom. All right, well, Kristen, 612 00:27:52,359 --> 00:27:54,280 Speaker 1: First of all, congrats on that new baby. This is 613 00:27:54,280 --> 00:27:58,119 Speaker 1: always great news. However, as great of news as that is, 614 00:27:58,520 --> 00:28:00,680 Speaker 1: is a bummer that woman that they don't have access 615 00:28:00,720 --> 00:28:04,479 Speaker 1: to paid maternity to leave in the US. Honestly, much 616 00:28:04,520 --> 00:28:06,840 Speaker 1: of that depends on the specific employer that you work for. 617 00:28:07,200 --> 00:28:09,800 Speaker 1: The last that that I saw is that twelve only 618 00:28:09,840 --> 00:28:12,960 Speaker 1: twelve of private sector women have that as a perk 619 00:28:13,359 --> 00:28:16,040 Speaker 1: with her job. And so how long that maternity leave 620 00:28:16,280 --> 00:28:19,399 Speaker 1: is is kind of yeah, it's employer dependent. The Family 621 00:28:19,440 --> 00:28:21,679 Speaker 1: A and Medical lev Act does allow some women access 622 00:28:21,760 --> 00:28:25,120 Speaker 1: to twelve weeks of unpaid time off without losing their job, 623 00:28:25,440 --> 00:28:27,720 Speaker 1: but obviously many women don't use that because they don't 624 00:28:27,720 --> 00:28:30,440 Speaker 1: have the financial ability to sustain their families by taking 625 00:28:30,440 --> 00:28:33,560 Speaker 1: that time off. The fm l A it protects your job, 626 00:28:33,760 --> 00:28:36,360 Speaker 1: but it doesn't necessarily protect your income. Yeah, and that's 627 00:28:36,359 --> 00:28:38,320 Speaker 1: really what your question is here today. And when you're 628 00:28:38,320 --> 00:28:41,240 Speaker 1: self employed, it's really you're on your own. You don't 629 00:28:41,240 --> 00:28:43,640 Speaker 1: have an employer who has some sort of benefit or 630 00:28:43,720 --> 00:28:46,560 Speaker 1: perk for you at you're really kind of trying to 631 00:28:46,600 --> 00:28:48,719 Speaker 1: figure it out on your own. So let's see what 632 00:28:48,760 --> 00:28:50,479 Speaker 1: advice Matt and I have for trying to make it 633 00:28:51,120 --> 00:28:53,080 Speaker 1: uh as likely as possible that you can have an 634 00:28:53,160 --> 00:28:56,360 Speaker 1: extended period of time with your baby, because yeah, Matt, 635 00:28:56,440 --> 00:28:58,520 Speaker 1: this really does put new moms in a tough spot, 636 00:28:58,920 --> 00:29:03,040 Speaker 1: not having guaranteed time off when right after you've had 637 00:29:03,040 --> 00:29:05,160 Speaker 1: a baby, there's just so many things going on, not 638 00:29:05,200 --> 00:29:06,760 Speaker 1: to mention the time that you just want to spend 639 00:29:06,840 --> 00:29:09,320 Speaker 1: with your new one. Um, it just makes for a 640 00:29:09,320 --> 00:29:12,920 Speaker 1: tough scenario for women and for families all around. And Kristen, 641 00:29:13,000 --> 00:29:15,920 Speaker 1: so it really does take planning ahead and cutting costs 642 00:29:16,000 --> 00:29:19,040 Speaker 1: now so that you're gonna have the added financial flexibility 643 00:29:19,120 --> 00:29:20,840 Speaker 1: to be able to put your work on hold for 644 00:29:20,920 --> 00:29:23,640 Speaker 1: a predetermined length of time. We would say, yeah, start 645 00:29:23,640 --> 00:29:25,960 Speaker 1: with the time frame in mind, how long do you 646 00:29:25,960 --> 00:29:28,240 Speaker 1: want to be off. It's obviously going to be easier 647 00:29:28,280 --> 00:29:30,200 Speaker 1: to save for a three week break, then it would 648 00:29:30,200 --> 00:29:33,200 Speaker 1: be to save for a three month one. So once 649 00:29:33,200 --> 00:29:35,680 Speaker 1: you determine that, figure out how much money you're gonna 650 00:29:35,680 --> 00:29:37,240 Speaker 1: need to have on hand in order to take that 651 00:29:37,320 --> 00:29:39,240 Speaker 1: chunk of time off. Take a look at your budget 652 00:29:39,560 --> 00:29:42,240 Speaker 1: and see what you can temporarily cut to make this reality. 653 00:29:42,280 --> 00:29:44,400 Speaker 1: The cuts that you make, they don't have to be 654 00:29:44,680 --> 00:29:46,520 Speaker 1: long term, they don't have to be for forever, but 655 00:29:46,920 --> 00:29:48,520 Speaker 1: they can be for the short term to give you 656 00:29:48,520 --> 00:29:51,080 Speaker 1: that boost. You need to have the savings in order 657 00:29:51,080 --> 00:29:52,720 Speaker 1: to be able to take that time. Yeah, and also 658 00:29:52,760 --> 00:29:54,360 Speaker 1: to don't forget to factor in some of the budget 659 00:29:54,360 --> 00:29:58,120 Speaker 1: items that actually might naturally fall off while you aren't working, 660 00:29:58,400 --> 00:30:00,880 Speaker 1: like I'm thinking of less you know, money spent on 661 00:30:00,920 --> 00:30:03,960 Speaker 1: gas because you're not driving two different locations for work 662 00:30:04,040 --> 00:30:05,960 Speaker 1: or things like that. Even eating out. You don't do 663 00:30:05,960 --> 00:30:07,640 Speaker 1: a whole lot of that when you have a newborn. 664 00:30:08,040 --> 00:30:11,240 Speaker 1: And you could even suspend some retirement account contributions for 665 00:30:11,280 --> 00:30:14,160 Speaker 1: a period of time, like just say six months. Uh 666 00:30:14,480 --> 00:30:17,320 Speaker 1: Like that could allow you to help save up some money. 667 00:30:17,360 --> 00:30:20,400 Speaker 1: It's not ideal, but it would be worth it for 668 00:30:20,440 --> 00:30:21,920 Speaker 1: you to be able to have a little bit more 669 00:30:21,920 --> 00:30:24,920 Speaker 1: flexibility when that baby is on the scene. You could 670 00:30:24,920 --> 00:30:26,320 Speaker 1: even think of it like you're building up a second 671 00:30:26,320 --> 00:30:29,720 Speaker 1: emergency fund, but this one is going to be fund 672 00:30:29,760 --> 00:30:32,240 Speaker 1: that you are going to tap because you're gonna be 673 00:30:32,280 --> 00:30:34,120 Speaker 1: using this money now when the baby's on the scene, 674 00:30:34,120 --> 00:30:36,120 Speaker 1: because you're gonna be used not to to pay the bills. Yeah. 675 00:30:36,160 --> 00:30:38,880 Speaker 1: I love the idea of creating a separate savings account, 676 00:30:38,920 --> 00:30:40,760 Speaker 1: or at least a separate bucket in something like an 677 00:30:40,760 --> 00:30:43,960 Speaker 1: ally savings account, so that you're attempting the fully fun 678 00:30:44,080 --> 00:30:47,000 Speaker 1: this before the baby comes. Totally. Cutting expenses is a 679 00:30:47,040 --> 00:30:49,880 Speaker 1: great matt, but I think Christians should also think about 680 00:30:49,880 --> 00:30:52,320 Speaker 1: ways that you could be earning more right now too. 681 00:30:52,920 --> 00:30:55,040 Speaker 1: It might be worth putting in a few extra hours 682 00:30:55,080 --> 00:30:57,080 Speaker 1: a week now in order to be able to have 683 00:30:57,120 --> 00:30:59,680 Speaker 1: a longer break when the baby comes, taking on an 684 00:30:59,680 --> 00:31:02,640 Speaker 1: extra client or something like that that you might normally 685 00:31:02,680 --> 00:31:06,840 Speaker 1: say no to because you have a mission. Your mission 686 00:31:06,880 --> 00:31:08,840 Speaker 1: is to save up more. Speak can spend extra time 687 00:31:08,840 --> 00:31:11,920 Speaker 1: with your baby without having to work. Or if you 688 00:31:11,960 --> 00:31:13,920 Speaker 1: find it difficult to maybe be on your feet and 689 00:31:13,960 --> 00:31:16,520 Speaker 1: work longer hours as you're getting closer to that do date, 690 00:31:16,760 --> 00:31:18,440 Speaker 1: maybe you can look to your partner make sure that 691 00:31:18,520 --> 00:31:22,400 Speaker 1: he is working extra time in order to you know, 692 00:31:22,440 --> 00:31:26,000 Speaker 1: bulk up that savings exactly. Yeah, and it's also important 693 00:31:26,040 --> 00:31:28,360 Speaker 1: to be prepared to hit the ground running once your 694 00:31:28,360 --> 00:31:31,920 Speaker 1: maternity leave period is over by scheduling things well, because 695 00:31:31,960 --> 00:31:34,680 Speaker 1: you don't want to hit the end of that four 696 00:31:34,760 --> 00:31:37,600 Speaker 1: week or eight week however long you determine period of 697 00:31:37,600 --> 00:31:40,680 Speaker 1: time off and not have enough work to start generating 698 00:31:40,680 --> 00:31:43,680 Speaker 1: income again quickly. Yeah. Again, like you said, Matt, hopefully 699 00:31:43,680 --> 00:31:45,480 Speaker 1: your partner is gonna still be bringing in a paycheck 700 00:31:45,880 --> 00:31:48,080 Speaker 1: even if they're entitled to some form of leaf to 701 00:31:48,680 --> 00:31:50,680 Speaker 1: But it helps if you're able to have some family 702 00:31:50,720 --> 00:31:53,480 Speaker 1: income during those weeks. Yeah. And you know, I can 703 00:31:53,480 --> 00:31:55,680 Speaker 1: definitely relate as a family who has been self employed 704 00:31:55,720 --> 00:31:59,160 Speaker 1: since uh like two thousand eight honestly. But as you 705 00:31:59,160 --> 00:32:01,200 Speaker 1: will likely see your income take a hit during this 706 00:32:01,240 --> 00:32:03,760 Speaker 1: maternity leave Christian, this is also a good point in 707 00:32:03,800 --> 00:32:06,360 Speaker 1: time to reconsider whether or not you or your partner 708 00:32:06,480 --> 00:32:09,400 Speaker 1: want to continue in your careers. Uh. And I know 709 00:32:09,480 --> 00:32:12,000 Speaker 1: from personal experience for us, like Kate knew that after 710 00:32:12,040 --> 00:32:15,360 Speaker 1: going back to work after our our firstborn that she 711 00:32:15,400 --> 00:32:17,480 Speaker 1: was gonna want to step out of photography full time 712 00:32:17,520 --> 00:32:19,960 Speaker 1: at some point in time. We didn't exactly know when, UM, 713 00:32:19,960 --> 00:32:22,480 Speaker 1: But that experience helped us to realize that, you know what, 714 00:32:22,640 --> 00:32:24,080 Speaker 1: this is really important for us for you to be 715 00:32:24,120 --> 00:32:26,360 Speaker 1: at home. And so yeah, we didn't do that immediately, 716 00:32:26,360 --> 00:32:28,480 Speaker 1: but over the course of the next couple of years, 717 00:32:28,520 --> 00:32:30,960 Speaker 1: she was able to switch to full time care of 718 00:32:30,960 --> 00:32:33,040 Speaker 1: the kiddos at home. We were able to make that 719 00:32:33,080 --> 00:32:35,040 Speaker 1: a priority and we worked towards that as a as 720 00:32:35,040 --> 00:32:37,840 Speaker 1: a goal of ours. UM. But honestly, Chris, I wish 721 00:32:37,840 --> 00:32:39,680 Speaker 1: we had an easier like I wish there's like an 722 00:32:39,680 --> 00:32:42,320 Speaker 1: easy button that you could just push. Uh. And you mentioned, 723 00:32:42,640 --> 00:32:45,160 Speaker 1: you know, some of the different insurance policies. Uh, you're 724 00:32:45,160 --> 00:32:48,160 Speaker 1: referring to like the different short term disability insurance policies. 725 00:32:48,160 --> 00:32:50,960 Speaker 1: But unfortunately, like you said, you have to specifically have 726 00:32:51,080 --> 00:32:53,240 Speaker 1: had that policy in place before you you get pregnant, 727 00:32:53,240 --> 00:32:56,600 Speaker 1: because otherwise pregnancy is considered a pre existing condition. So 728 00:32:56,640 --> 00:32:58,720 Speaker 1: this is a word to all of the you know, 729 00:32:58,760 --> 00:33:01,640 Speaker 1: potential parents out there, for those who might be thinking 730 00:33:01,720 --> 00:33:04,640 Speaker 1: of having a baby, if you are like a serious planner, 731 00:33:04,640 --> 00:33:08,920 Speaker 1: I would recommend looking into a short term disability policy 732 00:33:08,960 --> 00:33:12,800 Speaker 1: because you can receive those benefits from pregnancy. That's something 733 00:33:12,840 --> 00:33:15,080 Speaker 1: that Kate and I we never considered, but looking back, 734 00:33:15,280 --> 00:33:17,560 Speaker 1: I wish it was something that we would have at 735 00:33:17,600 --> 00:33:20,200 Speaker 1: least thought about. So, Kristen, while that's not helpful for you, 736 00:33:20,600 --> 00:33:22,800 Speaker 1: hopefully that's something everyone else out there who might be 737 00:33:22,840 --> 00:33:25,520 Speaker 1: in a similar boat can consider. Yeah, we don't make 738 00:33:25,560 --> 00:33:28,720 Speaker 1: it easy in this country for mothers and fathers. I 739 00:33:28,720 --> 00:33:30,520 Speaker 1: wish they were having a time off. Like I wish 740 00:33:30,520 --> 00:33:32,320 Speaker 1: there was like something that we came across where we're like, hey, 741 00:33:32,440 --> 00:33:35,200 Speaker 1: go to this website and you will receive five thousand 742 00:33:35,200 --> 00:33:38,520 Speaker 1: free dollars. Sadly, I have not come across anything like that. 743 00:33:39,200 --> 00:33:40,680 Speaker 1: It sounds like it would be a scam if I did. 744 00:33:40,800 --> 00:33:44,600 Speaker 1: But but yeah, I do wish the moms and dads 745 00:33:45,240 --> 00:33:47,040 Speaker 1: that was easier for them to spend time with their 746 00:33:47,080 --> 00:33:49,680 Speaker 1: kids without having to worry about bringing home the bacon, 747 00:33:49,720 --> 00:33:52,240 Speaker 1: at least for a period of time. But yeah, christ 748 00:33:52,280 --> 00:33:54,360 Speaker 1: and best of luck to you and you're growing family, 749 00:33:54,400 --> 00:33:56,440 Speaker 1: all right, Matt, Let's get to the next question. This 750 00:33:56,480 --> 00:34:00,200 Speaker 1: one is about dollar cost averaging or toss a gonna 751 00:34:00,240 --> 00:34:02,520 Speaker 1: lump someone at once. Hey, Matt and Joel, this is 752 00:34:02,560 --> 00:34:05,440 Speaker 1: a mod from p A. I have a couple of questions, 753 00:34:05,440 --> 00:34:08,560 Speaker 1: one regarding a roth Ira and another regarding a step IRA, 754 00:34:09,320 --> 00:34:11,640 Speaker 1: I currently have six K saved up to contribute to 755 00:34:11,680 --> 00:34:14,520 Speaker 1: a roth ira. However, I'm not sure if to go 756 00:34:14,600 --> 00:34:18,000 Speaker 1: ahead and put that entire six kate in and invest 757 00:34:18,040 --> 00:34:21,920 Speaker 1: into the next fund or dollar cost average out for 758 00:34:21,960 --> 00:34:24,480 Speaker 1: the rest of the year, or is there a particular 759 00:34:24,520 --> 00:34:27,320 Speaker 1: time of year where it's best to UM invest that 760 00:34:27,400 --> 00:34:30,960 Speaker 1: six k into a roth ira. Also, in regards to 761 00:34:31,000 --> 00:34:34,359 Speaker 1: the STATIRA, my employer contributes to three and a half 762 00:34:34,360 --> 00:34:37,960 Speaker 1: percent towards the step IRA yearly. However I have not 763 00:34:38,000 --> 00:34:39,560 Speaker 1: done anything with it. I have not set up a 764 00:34:39,560 --> 00:34:42,239 Speaker 1: facular account. I just don't know anything to do with 765 00:34:42,280 --> 00:34:45,719 Speaker 1: the step IRA. And should I contribute my six k 766 00:34:45,880 --> 00:34:49,719 Speaker 1: towards that sat ira or invest that step IRA in 767 00:34:49,719 --> 00:34:52,120 Speaker 1: in next funds as well? If so, what's the best 768 00:34:52,200 --> 00:34:54,839 Speaker 1: vehicle to do that with? UM? Thank you for all 769 00:34:54,880 --> 00:34:59,239 Speaker 1: your guidance. Alright, A mod's got multiple ira s. Good job. 770 00:35:00,000 --> 00:35:02,440 Speaker 1: It's like the ultimate sign of being a baller. Yeah, 771 00:35:02,520 --> 00:35:04,239 Speaker 1: and it's a good problem to have too if he's 772 00:35:04,239 --> 00:35:06,479 Speaker 1: trying to debate, you know, which one of these great 773 00:35:06,480 --> 00:35:09,200 Speaker 1: retirement plans should I contribute to? And so A mode, 774 00:35:09,239 --> 00:35:12,279 Speaker 1: let's first talk about dollar cost averaging basically, that's the 775 00:35:12,320 --> 00:35:15,040 Speaker 1: method of contributing to your retirement account on a bi 776 00:35:15,080 --> 00:35:18,120 Speaker 1: weekly or a monthly basis. Uh. And this is exactly 777 00:35:18,200 --> 00:35:20,480 Speaker 1: what you're doing if you contribute to a workplace retirement 778 00:35:20,520 --> 00:35:23,719 Speaker 1: account as it comes out of your paycheck every single period. Uh. 779 00:35:23,880 --> 00:35:26,160 Speaker 1: The nice thing about this strategy is that you are 780 00:35:26,280 --> 00:35:28,640 Speaker 1: investing when the market is going up, and you're also 781 00:35:28,719 --> 00:35:31,719 Speaker 1: investing when the market is going down. And so most 782 00:35:31,760 --> 00:35:33,959 Speaker 1: people dollar cost average, because they don't have a lump 783 00:35:34,000 --> 00:35:36,719 Speaker 1: sum to invest their just you know, investing throughout the year. 784 00:35:36,880 --> 00:35:40,160 Speaker 1: They're investing bite sized chunks as money flows into their lives. 785 00:35:40,200 --> 00:35:43,680 Speaker 1: And honestly, that's that's a great scenario. But your situation 786 00:35:43,760 --> 00:35:46,440 Speaker 1: is a little bit different because you've got additional funds 787 00:35:46,600 --> 00:35:49,239 Speaker 1: on hand now. Uh, and that does make this a 788 00:35:49,239 --> 00:35:52,000 Speaker 1: little bit trickier. Agreed. Yeah, but Matt, I do think 789 00:35:52,200 --> 00:35:54,520 Speaker 1: there's an old school saying that can provide a little 790 00:35:54,560 --> 00:35:57,040 Speaker 1: bit insight, that can provide a little help. Time in 791 00:35:57,080 --> 00:35:59,480 Speaker 1: the market is better than timing the market. I still 792 00:35:59,520 --> 00:36:01,400 Speaker 1: don't know who said that, Like, I want to attribute 793 00:36:01,400 --> 00:36:03,799 Speaker 1: it to someone great, but yeah, I don't really know 794 00:36:03,840 --> 00:36:06,440 Speaker 1: who who the first person to make that remark, But 795 00:36:06,840 --> 00:36:08,680 Speaker 1: it's true. Right. Studies show that if you have a 796 00:36:08,760 --> 00:36:11,719 Speaker 1: lump sum to invest that you're almost always better off 797 00:36:11,760 --> 00:36:14,920 Speaker 1: putting that big, chunky in at once. That's because the 798 00:36:14,960 --> 00:36:19,040 Speaker 1: market is overall on an upward trajectory. Right. There's a blogger, 799 00:36:19,160 --> 00:36:22,359 Speaker 1: Nick ma Julie who writes over at of dollars in data. 800 00:36:22,360 --> 00:36:24,239 Speaker 1: It's one of our favorite blogs, and he did a 801 00:36:24,239 --> 00:36:27,560 Speaker 1: great job discussing this problem in a detailed post last year. 802 00:36:27,880 --> 00:36:29,279 Speaker 1: Link to it in the show notes and mods so 803 00:36:29,320 --> 00:36:32,560 Speaker 1: you can get the full on details. But dollar cost 804 00:36:32,600 --> 00:36:35,960 Speaker 1: averaging loses most of the time. In his analysis, the 805 00:36:36,080 --> 00:36:38,600 Speaker 1: longer that you wait to invest your money, the more 806 00:36:38,719 --> 00:36:41,760 Speaker 1: likely you are to see reduced earnings on it. Investing 807 00:36:41,760 --> 00:36:44,680 Speaker 1: that lump sum means compounding returns are gonna start quicker. 808 00:36:44,960 --> 00:36:47,279 Speaker 1: So in almost every scenario we would say, if you 809 00:36:47,320 --> 00:36:49,600 Speaker 1: have a lump sum and you're going to invest in anyway, 810 00:36:49,600 --> 00:36:51,399 Speaker 1: put it all in at once, as opposed to doing 811 00:36:51,400 --> 00:36:53,840 Speaker 1: it slowly over time. That's right. Yeah, you're asking for 812 00:36:53,880 --> 00:36:56,000 Speaker 1: when is the best time of the year to invest, 813 00:36:56,400 --> 00:36:59,960 Speaker 1: we would say right now, yesterday, if not yesterday today. 814 00:37:00,000 --> 00:37:02,520 Speaker 1: But it's important to note that it is scary on 815 00:37:02,520 --> 00:37:04,759 Speaker 1: an emotional level. To to put a large chunk of 816 00:37:04,800 --> 00:37:07,520 Speaker 1: money in at once, especially when we've seen, you know, 817 00:37:07,560 --> 00:37:10,560 Speaker 1: the meteoric rise in stock prices over the last decade 818 00:37:10,560 --> 00:37:13,399 Speaker 1: plus and in particular over the past year. But if 819 00:37:13,400 --> 00:37:16,000 Speaker 1: you think that the emotional roller coaster, if you think 820 00:37:16,000 --> 00:37:18,120 Speaker 1: that that's gonna be too difficult to handle, that if 821 00:37:18,160 --> 00:37:20,200 Speaker 1: the market dips like right after you put that money in, 822 00:37:20,200 --> 00:37:22,800 Speaker 1: that you'll freak out. Then we would recommend you consider 823 00:37:22,840 --> 00:37:25,799 Speaker 1: putting your money in the market right away, still, but 824 00:37:26,000 --> 00:37:29,000 Speaker 1: investing it a little more conservatively, saying, a target date 825 00:37:29,000 --> 00:37:32,880 Speaker 1: fund that has uh maybe more of its asset allocation 826 00:37:33,200 --> 00:37:36,280 Speaker 1: uh towards bonds not just stocks, that would be the 827 00:37:36,360 --> 00:37:38,839 Speaker 1: happy medium to help you enjoy the upside of an 828 00:37:38,840 --> 00:37:41,080 Speaker 1: increasing market and you're gonna feel less pain. And if 829 00:37:41,080 --> 00:37:43,600 Speaker 1: that market hits a rough stretch right after you put 830 00:37:43,600 --> 00:37:46,080 Speaker 1: that money in, because yeah, investing it at all time 831 00:37:46,200 --> 00:37:48,840 Speaker 1: highs that can be a mental hurdle, but it is 832 00:37:48,880 --> 00:37:52,560 Speaker 1: in your best financial interest to jump over that hurdle. Essentially, 833 00:37:52,719 --> 00:37:55,239 Speaker 1: if you like by doing this, by investing in a 834 00:37:55,239 --> 00:37:56,600 Speaker 1: target date fund, you kind of get the best of 835 00:37:56,600 --> 00:37:59,200 Speaker 1: both worlds, because you know you have that lump some 836 00:37:59,360 --> 00:38:01,600 Speaker 1: behavior where you just get it all over with you. 837 00:38:01,600 --> 00:38:03,839 Speaker 1: You're not constantly thinking of, Okay, is now a good 838 00:38:03,840 --> 00:38:05,839 Speaker 1: time to maybe buy some more, But you also have 839 00:38:06,080 --> 00:38:09,560 Speaker 1: that reduced volatility that you would get from dollar cost 840 00:38:09,560 --> 00:38:12,040 Speaker 1: averaging by putting it in a fund that is going 841 00:38:12,080 --> 00:38:15,759 Speaker 1: to be slightly less risky. Yeah, and Matt, this trepidation 842 00:38:15,800 --> 00:38:18,080 Speaker 1: to invest in all time highs has really been around 843 00:38:18,120 --> 00:38:20,480 Speaker 1: now for like six or seven or eight years. There 844 00:38:20,480 --> 00:38:24,440 Speaker 1: are people been people going back to saying like, I 845 00:38:24,440 --> 00:38:26,200 Speaker 1: don't know, I'd be wary to put all your money 846 00:38:26,280 --> 00:38:28,319 Speaker 1: in right now at one time because the markets hitting 847 00:38:28,360 --> 00:38:31,880 Speaker 1: all time highs. And yeah, it's not that that hasn't 848 00:38:31,880 --> 00:38:35,279 Speaker 1: been true. It is nerve wracking. But I think I'm 849 00:38:35,320 --> 00:38:37,640 Speaker 1: glad you covered the emotional component of it, because that's 850 00:38:37,640 --> 00:38:40,720 Speaker 1: an important part of the equation. But it's also important 851 00:38:40,760 --> 00:38:42,439 Speaker 1: to know that if you're investing for the long haul, 852 00:38:42,719 --> 00:38:45,680 Speaker 1: it's almost always it's pretty much always it is always best. 853 00:38:45,840 --> 00:38:47,799 Speaker 1: I don't want to couch my words because I think 854 00:38:47,800 --> 00:38:49,759 Speaker 1: it is always best to put the lump sum in 855 00:38:49,840 --> 00:38:51,520 Speaker 1: all at once. It's hard to say it flat out 856 00:38:51,560 --> 00:38:54,399 Speaker 1: because emotionally, it's just like it's a gut wrench. Yeah, 857 00:38:54,440 --> 00:38:57,160 Speaker 1: it's it's difficult, but that's not what the numbers show. 858 00:38:57,200 --> 00:38:58,719 Speaker 1: The numbers show that you need to get your money 859 00:38:58,760 --> 00:39:00,960 Speaker 1: in as soon as possible. Well, let's quickly tackle the 860 00:39:01,080 --> 00:39:03,560 Speaker 1: end of a mod's question too. It's great that your 861 00:39:03,560 --> 00:39:06,040 Speaker 1: employer contributes to a sep ira on your behalf, like 862 00:39:06,360 --> 00:39:09,520 Speaker 1: having multiple ira accounts. That's great, and we would say, 863 00:39:09,520 --> 00:39:11,400 Speaker 1: make sure to log into your account and get that 864 00:39:11,400 --> 00:39:14,680 Speaker 1: money invested. That is what some people fail to do there, like, 865 00:39:14,680 --> 00:39:16,600 Speaker 1: thank you for putting that money in, and it just 866 00:39:16,719 --> 00:39:19,399 Speaker 1: gravitates into a money market fund and it sits there 867 00:39:19,440 --> 00:39:22,040 Speaker 1: for a long time doing relatively little. You know, we 868 00:39:22,200 --> 00:39:25,160 Speaker 1: don't want you having your money sitting on the sidelines. Uh. 869 00:39:25,320 --> 00:39:29,720 Speaker 1: We wanted to go into investments for preferably index funds. 870 00:39:29,960 --> 00:39:31,960 Speaker 1: And here's the thing. With the extra money you have, 871 00:39:32,040 --> 00:39:34,799 Speaker 1: you should be putting that six k into the roth 872 00:39:34,880 --> 00:39:38,520 Speaker 1: ira and not into the sepira. And that's because you're 873 00:39:38,600 --> 00:39:42,240 Speaker 1: actually not allowed to put money into the sep ira. Really, 874 00:39:42,680 --> 00:39:45,000 Speaker 1: your employer is doing that for you and you have 875 00:39:45,080 --> 00:39:48,000 Speaker 1: no ability to contribute more exactly, but you do what, 876 00:39:48,080 --> 00:39:49,799 Speaker 1: like you said, you like, he doesn't need to get 877 00:39:49,800 --> 00:39:51,279 Speaker 1: in there, and he needs to make sure that that 878 00:39:51,600 --> 00:39:54,239 Speaker 1: money that the employer has contributed to his step is 879 00:39:54,280 --> 00:39:57,319 Speaker 1: invested and not just sitting there as cash. And then yeah, 880 00:39:57,360 --> 00:39:59,319 Speaker 1: put the rest of your money in a wrath and 881 00:39:59,480 --> 00:40:03,280 Speaker 1: invest as well. And having both of those I ras 882 00:40:03,320 --> 00:40:06,400 Speaker 1: working for you is over time going to be just 883 00:40:06,440 --> 00:40:08,680 Speaker 1: a really great wealth builder. All right, Let's get back 884 00:40:08,680 --> 00:40:10,480 Speaker 1: to the beer that we had on this episode real quick. 885 00:40:10,560 --> 00:40:12,120 Speaker 1: That sounds like you liked it over there by the 886 00:40:12,160 --> 00:40:14,600 Speaker 1: smacking of your lips and what were your thoughts on 887 00:40:14,640 --> 00:40:17,280 Speaker 1: this beer by Cruise Blanca. It's like a Horge Shata 888 00:40:17,480 --> 00:40:20,560 Speaker 1: style beer called that's right. I enjoyed it, and I 889 00:40:20,560 --> 00:40:22,960 Speaker 1: will say on the nose it almost had like this 890 00:40:23,120 --> 00:40:26,560 Speaker 1: apple cider kind of smell going on and on. It's 891 00:40:26,560 --> 00:40:28,319 Speaker 1: because of the cinnamon. It kind of makes me think 892 00:40:28,360 --> 00:40:31,800 Speaker 1: of apple sauce with cinnamon, you know what about It 893 00:40:31,880 --> 00:40:33,800 Speaker 1: totally had kind of those vibes going on. But because 894 00:40:33,840 --> 00:40:36,319 Speaker 1: of the vanilla the lactose that they had in here 895 00:40:36,360 --> 00:40:39,360 Speaker 1: as well, it kind of made it seem creamier, almost 896 00:40:39,360 --> 00:40:41,840 Speaker 1: like a horse shata, and it made it really tasty, 897 00:40:41,920 --> 00:40:44,320 Speaker 1: even though it wasn't like a typical beer like it 898 00:40:44,360 --> 00:40:46,960 Speaker 1: didn't have many beer flavors. In my opinion, that's interesting 899 00:40:46,960 --> 00:40:48,839 Speaker 1: because I thought it did taste like a blonde ail 900 00:40:48,920 --> 00:40:50,640 Speaker 1: in many ways, which is what they were going for. 901 00:40:50,760 --> 00:40:52,719 Speaker 1: That was the base beer, and then it just like 902 00:40:52,840 --> 00:40:56,560 Speaker 1: added in some of these horr shata style elements and 903 00:40:56,680 --> 00:40:59,279 Speaker 1: of the the cinnamon right in particular, that's like the 904 00:40:59,360 --> 00:41:02,879 Speaker 1: standout spice in in a horg chatta. And it didn't 905 00:41:02,920 --> 00:41:05,279 Speaker 1: taste like a horg chatta though, because horg Chattas are 906 00:41:05,360 --> 00:41:08,680 Speaker 1: so unique, right, like thick drink exactly, And I think 907 00:41:08,719 --> 00:41:10,360 Speaker 1: you'd almost have to go with a different base style 908 00:41:10,400 --> 00:41:12,759 Speaker 1: beer to make it really in an attempt to make 909 00:41:12,760 --> 00:41:14,800 Speaker 1: it really taste like horchata, like a mild milk stout. 910 00:41:14,960 --> 00:41:16,960 Speaker 1: Yeah yeah, yeah, like a milk style I think would 911 00:41:17,000 --> 00:41:19,600 Speaker 1: maybe actually be perfect. But it was still delicious and 912 00:41:19,600 --> 00:41:22,560 Speaker 1: it was really interesting. I always love kind of a 913 00:41:22,600 --> 00:41:25,879 Speaker 1: new take on something, and this was definitely a style 914 00:41:25,920 --> 00:41:28,320 Speaker 1: of beer I've never had before. So yeah, the cinnamon, 915 00:41:28,360 --> 00:41:31,279 Speaker 1: the vanilla um, and the horn chata vibes. I was 916 00:41:31,320 --> 00:41:33,359 Speaker 1: digging it. And plus anything that gets us to try 917 00:41:33,400 --> 00:41:35,919 Speaker 1: something other than like a hazy New England double dry 918 00:41:35,920 --> 00:41:38,920 Speaker 1: hops exactly, I p a, which is all we're drinking 919 00:41:38,960 --> 00:41:42,239 Speaker 1: these days. But again, a huge thanks to Dennis as 920 00:41:42,239 --> 00:41:45,319 Speaker 1: well as the folks out there at Cruise Blanca. They're 921 00:41:45,320 --> 00:41:47,560 Speaker 1: they're making some really amazing beers out there, and if 922 00:41:47,600 --> 00:41:49,719 Speaker 1: you're in the Chicago area, we'd recommend that you check 923 00:41:49,880 --> 00:41:52,200 Speaker 1: them out. But Joel, that's gonna be it for this episode. 924 00:41:52,239 --> 00:41:54,480 Speaker 1: Listeners can find show notes up on our website at 925 00:41:54,520 --> 00:41:56,920 Speaker 1: how the Money dot com. Like I mentioned earlier, will 926 00:41:56,920 --> 00:41:59,560 Speaker 1: make sure to link to any of the resources any 927 00:41:59,560 --> 00:42:02,240 Speaker 1: of the path episodes that we mentioned during this episode, 928 00:42:02,360 --> 00:42:04,319 Speaker 1: no doubt, and by the way, if you haven't had 929 00:42:04,360 --> 00:42:06,799 Speaker 1: a chance to leave a review for How the Money yet, 930 00:42:07,000 --> 00:42:09,000 Speaker 1: we would appreciate it. And if you got a question 931 00:42:09,040 --> 00:42:11,080 Speaker 1: for us, go to how to Money dot com slash 932 00:42:11,239 --> 00:42:13,920 Speaker 1: ask simple instructions there for you to submit a question 933 00:42:14,040 --> 00:42:17,799 Speaker 1: to be included on a future ask htm episode. We'd 934 00:42:17,800 --> 00:42:19,480 Speaker 1: love to hear it. All right, that's gonna do it, Matt. 935 00:42:19,560 --> 00:42:22,439 Speaker 1: Until next time, Best Friends Out, Best Friends Out.