1 00:00:00,080 --> 00:00:02,360 Speaker 1: Welcome to How the Money. I'm Joel and I and 2 00:00:02,480 --> 00:00:06,080 Speaker 1: Matt and today we're discussing COVID nineteen, stimulus checks, and 3 00:00:06,240 --> 00:00:27,320 Speaker 1: small business help agil. This is our Friday episode. Man, 4 00:00:27,360 --> 00:00:30,120 Speaker 1: we're talking about coronavirus COVID nineteen. How do you guys 5 00:00:30,120 --> 00:00:31,960 Speaker 1: hold up? By the way, We're good. This is the 6 00:00:32,400 --> 00:00:34,680 Speaker 1: end of two weeks, specifically for us, at the end 7 00:00:34,720 --> 00:00:37,240 Speaker 1: of two weeks where we have kids at home. Yeah, yeah, 8 00:00:37,280 --> 00:00:39,240 Speaker 1: I mean I feel like it's definitely been a change 9 00:00:39,440 --> 00:00:42,599 Speaker 1: of pace for for like how we roll and our 10 00:00:42,680 --> 00:00:45,720 Speaker 1: mornings look different in a lot of ways, good different. 11 00:00:46,080 --> 00:00:49,239 Speaker 1: I think, you know, the afternoons for my wife, um 12 00:00:49,320 --> 00:00:52,600 Speaker 1: look a little bit harder than they typically are, because 13 00:00:53,159 --> 00:00:56,040 Speaker 1: not only is she having to attend to a baby, 14 00:00:56,040 --> 00:00:58,959 Speaker 1: but she's also having to help two kids learn facilitate 15 00:00:58,960 --> 00:01:00,680 Speaker 1: their learning at the same time. So yeah, I know 16 00:01:00,720 --> 00:01:02,640 Speaker 1: it's changed a lot of people's lives, but we feel 17 00:01:02,680 --> 00:01:05,080 Speaker 1: incredibly fortunate. We feel like our lives have not been 18 00:01:05,120 --> 00:01:07,000 Speaker 1: thrown into turmoil. And I know a lot of people 19 00:01:07,000 --> 00:01:10,040 Speaker 1: out there are feeling like things have changed a lot 20 00:01:10,120 --> 00:01:12,319 Speaker 1: right now. Yeah, man, it's so crazy, right, Like, I'm 21 00:01:12,319 --> 00:01:14,400 Speaker 1: still getting used to the idea that. I mean, folks 22 00:01:14,520 --> 00:01:17,880 Speaker 1: have been unemployed for two weeks now, and like you said, 23 00:01:17,920 --> 00:01:20,640 Speaker 1: we're lucky enough to where our lives have been impacted minimally. 24 00:01:21,000 --> 00:01:23,280 Speaker 1: But it's it's it's still weird that there's not and 25 00:01:23,319 --> 00:01:25,399 Speaker 1: this is pretty small in the grand scheme of things, 26 00:01:25,400 --> 00:01:27,920 Speaker 1: but MLS soccer. I haven't seen a soccer match in 27 00:01:27,920 --> 00:01:30,280 Speaker 1: a couple of weeks now. It's it's still kind of weird. Yeah. 28 00:01:30,600 --> 00:01:32,440 Speaker 1: MLB opening Day was supposed to be this week. All 29 00:01:32,480 --> 00:01:37,840 Speaker 1: sorts of I mean just sports. Is that is that baseball? Yeah, 30 00:01:37,880 --> 00:01:39,560 Speaker 1: I mean there's just all sorts of things that have 31 00:01:40,080 --> 00:01:42,440 Speaker 1: changed in the way that our society functions right now. 32 00:01:42,720 --> 00:01:44,800 Speaker 1: Sports are obviously, you know, one of those things one 33 00:01:44,800 --> 00:01:47,039 Speaker 1: of those places that people often turn in a difficult time. 34 00:01:47,040 --> 00:01:49,320 Speaker 1: It's neice to have that escape, and that escape isn't 35 00:01:49,360 --> 00:01:52,360 Speaker 1: even there right now. So yeah, hopefully Matt, these shows, 36 00:01:52,400 --> 00:01:55,000 Speaker 1: these Friday shows that were they were putting out, it's 37 00:01:55,000 --> 00:01:57,520 Speaker 1: our goal right to put out more timely information, and 38 00:01:57,600 --> 00:01:59,640 Speaker 1: there's a lot of timely information that we have to 39 00:01:59,680 --> 00:02:01,680 Speaker 1: get to on this episode to be able to help 40 00:02:01,680 --> 00:02:05,480 Speaker 1: people think through potentially filing for unemployment. How small businesses 41 00:02:05,480 --> 00:02:08,280 Speaker 1: can handle you know the difficulties right now in this time. 42 00:02:08,560 --> 00:02:11,200 Speaker 1: The stimulus bill that was was just past is a 43 00:02:11,280 --> 00:02:13,480 Speaker 1: huge help to everyday Americans. We're gonna get to some 44 00:02:13,520 --> 00:02:15,720 Speaker 1: of those topics in just a second map, but Matt, 45 00:02:15,760 --> 00:02:18,079 Speaker 1: before we begin these Friday episodes, at least for now, 46 00:02:18,080 --> 00:02:21,120 Speaker 1: we definitely want to talk about the good news, the 47 00:02:21,160 --> 00:02:22,920 Speaker 1: great things that we see that are out there, happening 48 00:02:22,919 --> 00:02:25,480 Speaker 1: even in the midst of difficult times for lots of people. 49 00:02:25,520 --> 00:02:28,080 Speaker 1: So let's start there. Yeah, man, there actually is some 50 00:02:28,120 --> 00:02:30,080 Speaker 1: good news out there. There are some resources that we 51 00:02:30,080 --> 00:02:32,760 Speaker 1: think might be helpful for folks during this time. We 52 00:02:32,800 --> 00:02:35,840 Speaker 1: wanted to mention first that Amazon is offering free kids 53 00:02:35,840 --> 00:02:38,280 Speaker 1: books via Audible. Did you know that Audible is owned 54 00:02:38,280 --> 00:02:41,359 Speaker 1: by Amazon? I don't think I knew that up until recently, 55 00:02:42,440 --> 00:02:44,480 Speaker 1: but uh, but yeah, so that's gonna be an amazing 56 00:02:44,480 --> 00:02:47,560 Speaker 1: resource for folks actually flipped through there recently. We've never 57 00:02:47,560 --> 00:02:49,720 Speaker 1: done audio books with our kids before, but that's something 58 00:02:49,760 --> 00:02:52,160 Speaker 1: that's definitely gonna change with with this free resource. Have 59 00:02:52,240 --> 00:02:54,720 Speaker 1: y'all done that before? No, we haven't. I've been doing 60 00:02:54,760 --> 00:02:57,000 Speaker 1: a lot of audio books on the library app, but no, 61 00:02:57,080 --> 00:02:58,800 Speaker 1: I don't think we've ever done them with our kids. 62 00:02:58,840 --> 00:03:01,240 Speaker 1: You know, Yeah, we haven't there. I've we've actually tried 63 00:03:01,360 --> 00:03:04,560 Speaker 1: some kid podcast before. Yes, but have you all found 64 00:03:04,560 --> 00:03:06,720 Speaker 1: one that you liked? Because he was not into it 65 00:03:06,760 --> 00:03:09,040 Speaker 1: at all. She was just like, I think as soon 66 00:03:09,080 --> 00:03:11,200 Speaker 1: as she heard it, she just assumed that that was 67 00:03:11,240 --> 00:03:13,360 Speaker 1: what daddy was supposed to be listening to, and she 68 00:03:13,560 --> 00:03:16,880 Speaker 1: just completely tuned it out. Yeah, there's one actual kids 69 00:03:16,880 --> 00:03:19,040 Speaker 1: podcast that we found that the kids have fallen in 70 00:03:19,080 --> 00:03:22,679 Speaker 1: love with. It's called Circle Round and yeah, the host host, 71 00:03:22,800 --> 00:03:26,000 Speaker 1: I believe that Circle Round host Rebecca Sheer, does a 72 00:03:26,040 --> 00:03:29,200 Speaker 1: great job doing like a different story every time, and 73 00:03:29,240 --> 00:03:32,120 Speaker 1: they bring in like actors and to play the voices 74 00:03:32,240 --> 00:03:34,560 Speaker 1: for different podcasts, and it's been really good. The kids 75 00:03:34,600 --> 00:03:36,800 Speaker 1: really like it. Very cool. Man. Well, speaking of Amazon, 76 00:03:37,280 --> 00:03:39,720 Speaker 1: a lot of folks are currently unemployed right but there 77 00:03:39,760 --> 00:03:42,360 Speaker 1: are a bunch of different companies who are hiring right now. 78 00:03:42,400 --> 00:03:45,280 Speaker 1: We mentioned Amazon in krow Girl last week, but Instant 79 00:03:45,280 --> 00:03:47,440 Speaker 1: cart Man they are looking to hire three hundred thousand 80 00:03:47,600 --> 00:03:50,240 Speaker 1: full service shoppers over the next three months. That's a 81 00:03:50,320 --> 00:03:52,520 Speaker 1: lot of people, and it's no surprise that they've been 82 00:03:52,560 --> 00:03:55,400 Speaker 1: busier than ever as we've been asked to stay home 83 00:03:55,560 --> 00:03:57,840 Speaker 1: so it's yeah, not a surprise that the sort of 84 00:03:57,880 --> 00:04:00,839 Speaker 1: grocery sector has been taken off or yeah. On that note, 85 00:04:00,840 --> 00:04:03,160 Speaker 1: all the also is hiring in some of their stores 86 00:04:03,200 --> 00:04:06,360 Speaker 1: and warehouses. Walmart obviously is a big player in the 87 00:04:06,400 --> 00:04:09,520 Speaker 1: grocery game, to hiring a hundred and fifty people for 88 00:04:09,560 --> 00:04:13,840 Speaker 1: full and part time work. The country's largest organic food distributor, 89 00:04:14,200 --> 00:04:16,160 Speaker 1: Are they okay? Yeah. People are always surprised to hear 90 00:04:16,200 --> 00:04:19,840 Speaker 1: that because they're like, wait, what Walmart Organic even just 91 00:04:19,880 --> 00:04:22,920 Speaker 1: having like ten items makes them the biggest players. There's 92 00:04:22,920 --> 00:04:25,880 Speaker 1: such a huge company and they are everywhere, so they 93 00:04:25,920 --> 00:04:28,520 Speaker 1: are the country's largest organic distributor. Yeah. I met in 94 00:04:28,600 --> 00:04:31,760 Speaker 1: publics where I recently mentioned I got free antibiotics for 95 00:04:31,800 --> 00:04:34,400 Speaker 1: our family. That's right, step throat. Yeah, we kicked it 96 00:04:34,440 --> 00:04:35,840 Speaker 1: to the curb now and yeah, I was gonna say 97 00:04:35,839 --> 00:04:37,320 Speaker 1: you didn't get it, so good for you. Somehow I 98 00:04:37,400 --> 00:04:40,320 Speaker 1: avoided it. Yeah, but they're gonna hire thousands of people 99 00:04:40,320 --> 00:04:42,520 Speaker 1: by the end of March for positions in stores and 100 00:04:42,560 --> 00:04:46,400 Speaker 1: distribution centers. So you know if you are needing some 101 00:04:46,480 --> 00:04:48,839 Speaker 1: sort of employment right now, that those are good places 102 00:04:48,880 --> 00:04:52,440 Speaker 1: to turn. But also the unemployment benefits have expanded thanks 103 00:04:52,440 --> 00:04:56,600 Speaker 1: to this new coronavirus stimulus package that passed and uh yeah, 104 00:04:56,600 --> 00:04:58,200 Speaker 1: So Matt, I feel like we need to get to 105 00:04:58,360 --> 00:05:00,919 Speaker 1: kind of all of the things that or were involved 106 00:05:01,000 --> 00:05:03,080 Speaker 1: in that bill because there's a lot and there's a 107 00:05:03,080 --> 00:05:05,320 Speaker 1: lot of practical information that I think needs to be 108 00:05:05,600 --> 00:05:08,200 Speaker 1: kind of disseminated for for people out there who are 109 00:05:08,240 --> 00:05:10,200 Speaker 1: wondering how it impacts their lives. I mean, at a 110 00:05:10,279 --> 00:05:14,240 Speaker 1: cost of roughly eighteen thousand dollars per individual American, right, Like, 111 00:05:14,279 --> 00:05:17,200 Speaker 1: this is gonna be one costly bill, the biggest in 112 00:05:17,240 --> 00:05:19,760 Speaker 1: our country's history, but it could save a lot of 113 00:05:19,800 --> 00:05:22,680 Speaker 1: individuals and our economy from some really dark times. And 114 00:05:22,720 --> 00:05:25,080 Speaker 1: so there is a lot that's included in this bill. 115 00:05:25,160 --> 00:05:27,240 Speaker 1: But the question that we are asking is what does 116 00:05:27,279 --> 00:05:28,920 Speaker 1: it mean for you? And so let's cover a few 117 00:05:28,960 --> 00:05:30,920 Speaker 1: of those high points. Yeah, let's do it. The first, 118 00:05:30,960 --> 00:05:33,159 Speaker 1: the biggest thing I feel like the headline making news 119 00:05:33,240 --> 00:05:37,839 Speaker 1: is checks to pretty much every single American in money. Yeah, 120 00:05:37,560 --> 00:05:40,920 Speaker 1: the presidential Canada, Andrew Yang had the the freedom Dividend 121 00:05:40,920 --> 00:05:43,120 Speaker 1: that he was touting that ubi for for all Americans, 122 00:05:43,279 --> 00:05:46,200 Speaker 1: universal basic income, Yeah, thousand bucks a month for everybody. 123 00:05:46,200 --> 00:05:48,479 Speaker 1: But this is kind of coming in the form of 124 00:05:48,520 --> 00:05:50,920 Speaker 1: a bigger check, but a bigger one time check, although 125 00:05:51,160 --> 00:05:52,880 Speaker 1: I think we could see this expanded on at some 126 00:05:52,920 --> 00:05:55,080 Speaker 1: point in time depending on how long this you know, 127 00:05:55,120 --> 00:05:58,000 Speaker 1: the coronavirus blues have us down, but to the tune 128 00:05:58,000 --> 00:06:01,000 Speaker 1: of twelve hundred bucks per adult five bucks per child. 129 00:06:01,320 --> 00:06:03,680 Speaker 1: I think that this stimulus check can have a massive 130 00:06:03,720 --> 00:06:06,560 Speaker 1: impact on people's everyday finances for the time being and 131 00:06:06,680 --> 00:06:09,120 Speaker 1: can help push back some of the economic security that 132 00:06:09,120 --> 00:06:11,400 Speaker 1: a lot of households are facing. I think that, combined 133 00:06:11,440 --> 00:06:15,040 Speaker 1: with some of those foreclosure pushbacks that that the government 134 00:06:15,040 --> 00:06:17,360 Speaker 1: has instituted, also, it's just going to create so much 135 00:06:17,400 --> 00:06:20,080 Speaker 1: more financial security in a time where it's hard to 136 00:06:20,120 --> 00:06:22,359 Speaker 1: find any security right now for for a lot of people. 137 00:06:22,720 --> 00:06:24,880 Speaker 1: So I think this is also going to stimulate some 138 00:06:24,920 --> 00:06:26,920 Speaker 1: consumer spending, which is going to help out some of 139 00:06:27,000 --> 00:06:29,719 Speaker 1: those businesses that are in need right now. It is 140 00:06:29,760 --> 00:06:31,479 Speaker 1: important to note matter on these checks, right that the 141 00:06:31,560 --> 00:06:34,440 Speaker 1: amount of the payout phases out as your income increases, 142 00:06:34,760 --> 00:06:37,760 Speaker 1: and it's starting at seventy dollars for an individual and 143 00:06:37,760 --> 00:06:40,680 Speaker 1: a hundred fifty thousand dollars for married couples and matt 144 00:06:40,720 --> 00:06:42,279 Speaker 1: in a couple of weeks, we're going to kind of 145 00:06:42,440 --> 00:06:45,080 Speaker 1: get into some specifics on how we think people should 146 00:06:45,160 --> 00:06:47,840 Speaker 1: be handling, you know, a big payment, like a government 147 00:06:47,839 --> 00:06:49,880 Speaker 1: stimulus check right now, what what they should be doing 148 00:06:49,920 --> 00:06:52,280 Speaker 1: with it in order to kind of help themselves through 149 00:06:52,360 --> 00:06:54,240 Speaker 1: this difficult time. Yeah, what's to do with that government 150 00:06:54,240 --> 00:06:56,920 Speaker 1: stimulus check? Or what to do maybe with even a 151 00:06:57,000 --> 00:06:59,480 Speaker 1: tax refunds? Yeah, yeah, it's tax season, baby. Yeah. You 152 00:06:59,520 --> 00:07:02,240 Speaker 1: definitely don't wanna go like put it on black at 153 00:07:02,240 --> 00:07:05,560 Speaker 1: the roulette table. I don't think no. Another key point 154 00:07:05,680 --> 00:07:08,599 Speaker 1: of the bill is the fact that unemployment was extended 155 00:07:08,640 --> 00:07:11,560 Speaker 1: in a very big way by thirteen weeks, and it 156 00:07:11,600 --> 00:07:14,360 Speaker 1: increases the amount that you can receive by up to 157 00:07:14,520 --> 00:07:16,840 Speaker 1: six dollars a week. Yeah, for part of the period. 158 00:07:16,880 --> 00:07:19,920 Speaker 1: Yeah yeah, Senator Chuck Schumer, he called the provision unemployment 159 00:07:19,920 --> 00:07:23,120 Speaker 1: compensation on steroids. Other great news is that this benefit 160 00:07:23,160 --> 00:07:25,880 Speaker 1: extends to gig economy workers, which is great because this 161 00:07:25,960 --> 00:07:28,800 Speaker 1: is traditionally uh an area where there have been few 162 00:07:28,880 --> 00:07:32,600 Speaker 1: labor protections. It also extends to freelancers and furloughed workers 163 00:07:32,600 --> 00:07:34,880 Speaker 1: who are still getting health insurance from their employers but 164 00:07:34,960 --> 00:07:37,800 Speaker 1: are not receiving a paycheck. So if you have lost 165 00:07:37,800 --> 00:07:40,000 Speaker 1: your job, or if you've been furloughed, make sure to 166 00:07:40,160 --> 00:07:44,000 Speaker 1: file for unemployment with your state unemployment office as soon 167 00:07:44,000 --> 00:07:46,400 Speaker 1: as possible. Yeah, I completely agree. Sign up for those 168 00:07:46,440 --> 00:07:49,360 Speaker 1: benefits if you are eligible. And I'm so glad, Matt, 169 00:07:49,360 --> 00:07:52,800 Speaker 1: that this did involve that provision for for gig workers, 170 00:07:52,840 --> 00:07:55,320 Speaker 1: because typically those people aren't covered at all, and some 171 00:07:55,320 --> 00:07:57,000 Speaker 1: of those people are hurting the most right now too. 172 00:07:57,160 --> 00:07:58,800 Speaker 1: And Matt, one of the other biggest things that that 173 00:07:58,880 --> 00:08:02,600 Speaker 1: happened in this government stimulus bill is small business loans 174 00:08:02,600 --> 00:08:04,960 Speaker 1: were amped up in a major way. To three hundred 175 00:08:05,000 --> 00:08:07,680 Speaker 1: and fifty billion dollars has been made available for these 176 00:08:07,720 --> 00:08:10,320 Speaker 1: small business loans. Obviously, it doesn't feel ideal to be 177 00:08:10,360 --> 00:08:12,960 Speaker 1: taking on more debt as your business tries to rebound 178 00:08:12,960 --> 00:08:15,320 Speaker 1: from being out of commission for for the time being, 179 00:08:15,720 --> 00:08:17,440 Speaker 1: but taking out a loan is obviously better than your 180 00:08:17,480 --> 00:08:20,080 Speaker 1: business going under altogether. And the great thing about these 181 00:08:20,080 --> 00:08:23,200 Speaker 1: small business loans is they're federally guaranteed. You'll have access 182 00:08:23,240 --> 00:08:25,720 Speaker 1: to them at local community banks, and if you as 183 00:08:25,760 --> 00:08:27,640 Speaker 1: a business are able to commit to not laying off 184 00:08:27,680 --> 00:08:30,800 Speaker 1: your workers, then your loan can be fully forgiven, so 185 00:08:30,840 --> 00:08:33,000 Speaker 1: it can almost turn into a grant. If you're able 186 00:08:33,040 --> 00:08:35,040 Speaker 1: to retain your employees. And by the way, if you've 187 00:08:35,080 --> 00:08:38,160 Speaker 1: already laid off an employee, you can rehire them and 188 00:08:38,200 --> 00:08:41,079 Speaker 1: you're still eligible for forgiveness of these small business loans. 189 00:08:41,080 --> 00:08:44,080 Speaker 1: So the federal government has been mobilized to provide a 190 00:08:44,160 --> 00:08:46,920 Speaker 1: lot of money for small businesses who are in need 191 00:08:47,040 --> 00:08:49,240 Speaker 1: right now. And it also just ensures that a lot 192 00:08:49,280 --> 00:08:51,400 Speaker 1: of these workers are going to retain their jobs in 193 00:08:51,440 --> 00:08:53,640 Speaker 1: a time where it feels really uncertain. So that's a big, 194 00:08:53,679 --> 00:08:56,280 Speaker 1: big part of this bill. Yeah, as an employee, maybe 195 00:08:56,280 --> 00:08:57,800 Speaker 1: you're looking at this and you're thinking, well, what does 196 00:08:57,840 --> 00:09:00,440 Speaker 1: this you know, how does this actually impact me? And 197 00:09:00,520 --> 00:09:02,800 Speaker 1: what we would say is that like traditionally small business loans, 198 00:09:02,800 --> 00:09:05,760 Speaker 1: I think we're offered uh and businesses would take them 199 00:09:05,760 --> 00:09:08,800 Speaker 1: out so maybe expand or buy new equipment. Right that's 200 00:09:08,800 --> 00:09:11,839 Speaker 1: probably not happening right now because everybody is kind of 201 00:09:11,920 --> 00:09:13,600 Speaker 1: hunkering down. But what that does mean though, is that 202 00:09:13,640 --> 00:09:17,120 Speaker 1: small businesses have access to affordable loans where they're able 203 00:09:17,120 --> 00:09:20,160 Speaker 1: to continue to make payroll. And certainly that does have 204 00:09:20,360 --> 00:09:23,520 Speaker 1: a direct impact on you as an employee as well 205 00:09:23,559 --> 00:09:25,480 Speaker 1: as your future of you know, potentially being able to 206 00:09:25,480 --> 00:09:27,720 Speaker 1: continue to be employed by that company. Yeah, I feel 207 00:09:27,720 --> 00:09:30,640 Speaker 1: like this three pronged approach of sending money directly to 208 00:09:30,920 --> 00:09:35,280 Speaker 1: Americans and then also you know, offering expanded unemployment benefits, 209 00:09:35,600 --> 00:09:40,120 Speaker 1: and thirdly giving small businesses this this ability to get 210 00:09:40,120 --> 00:09:42,560 Speaker 1: funding to continue to make payroll, to continue to keep 211 00:09:42,559 --> 00:09:44,760 Speaker 1: their employees around. I think it's going to have a 212 00:09:44,800 --> 00:09:47,080 Speaker 1: really big effect, at least in the short term, to 213 00:09:47,160 --> 00:09:49,439 Speaker 1: be able to to help us all keep going even 214 00:09:49,480 --> 00:09:52,400 Speaker 1: though things are still crazy and uncertain as to where 215 00:09:52,440 --> 00:09:54,400 Speaker 1: we go from here. This is a big step in 216 00:09:54,400 --> 00:09:55,840 Speaker 1: the right direction that's going to help out a lot 217 00:09:55,880 --> 00:09:58,679 Speaker 1: of people who's not gonna feel good about check showing 218 00:09:58,720 --> 00:10:00,800 Speaker 1: up in the mail, right, right, I never turned those 219 00:10:00,840 --> 00:10:03,840 Speaker 1: down exactly, And so you know, there's more information and 220 00:10:03,880 --> 00:10:05,400 Speaker 1: more details that this bill are going to kind of 221 00:10:05,400 --> 00:10:08,240 Speaker 1: develop and what it means to us as individuals, and 222 00:10:08,440 --> 00:10:11,200 Speaker 1: we will certainly continue to keep you our listeners posted 223 00:10:11,520 --> 00:10:14,200 Speaker 1: as we you know, find more than information out. And 224 00:10:14,400 --> 00:10:16,320 Speaker 1: it's cool to see our country finally kind of getting 225 00:10:16,320 --> 00:10:18,880 Speaker 1: it together. We're kind of like joining forces finally. Right. 226 00:10:19,240 --> 00:10:21,160 Speaker 1: Took people from different sides of the aisle a little 227 00:10:21,160 --> 00:10:23,360 Speaker 1: bit of time to actually hammer this one out, and uh, 228 00:10:23,760 --> 00:10:25,280 Speaker 1: it's just tough for them to get along and see. 229 00:10:25,360 --> 00:10:27,520 Speaker 1: Like sometimes it's even encouraging at a local level to 230 00:10:27,520 --> 00:10:29,839 Speaker 1: see that within our communities. I know that whenever we're 231 00:10:29,840 --> 00:10:32,480 Speaker 1: able to see something like that, I guess tangibly, you know, 232 00:10:32,520 --> 00:10:34,160 Speaker 1: like if we're able to actually put our hands on 233 00:10:34,160 --> 00:10:36,880 Speaker 1: something or see something, it makes a difference. It makes 234 00:10:36,880 --> 00:10:38,920 Speaker 1: an impact on how we perceive the world. I know. 235 00:10:39,160 --> 00:10:40,679 Speaker 1: One of the cool things that we've seen here in 236 00:10:40,720 --> 00:10:45,040 Speaker 1: Atlanta is that different neighborhoods have created these hearts that 237 00:10:45,080 --> 00:10:46,720 Speaker 1: you put up on your house or up in a window. 238 00:10:46,960 --> 00:10:49,800 Speaker 1: It's just like a little craft project, right, nothing special, 239 00:10:49,840 --> 00:10:52,680 Speaker 1: but the point is to show solidarity with others within 240 00:10:52,720 --> 00:10:55,240 Speaker 1: your community. And then on top of that when we 241 00:10:55,240 --> 00:10:57,280 Speaker 1: go out on walks or bike rides, it's a fun 242 00:10:57,320 --> 00:10:59,480 Speaker 1: little scavenger hunt to do with our kids. And not 243 00:10:59,520 --> 00:11:02,480 Speaker 1: to mention also like this thirty minute craft activity that 244 00:11:02,520 --> 00:11:04,520 Speaker 1: you can occupy your kids with. We're all looking for 245 00:11:04,520 --> 00:11:07,199 Speaker 1: those right now. It's so it's just cool to see. 246 00:11:07,720 --> 00:11:09,240 Speaker 1: I feel like we're starting to get our feet back 247 00:11:09,280 --> 00:11:10,880 Speaker 1: under us right, Like we're seeing our country kind of 248 00:11:10,880 --> 00:11:13,079 Speaker 1: come together where our government is taking steps ensure that 249 00:11:13,080 --> 00:11:14,880 Speaker 1: we're able to move forward, but it's it's kind of 250 00:11:14,880 --> 00:11:16,400 Speaker 1: cool to be able to see that on a local 251 00:11:16,480 --> 00:11:18,960 Speaker 1: level as well. Yeah, it really is. I feel like 252 00:11:18,960 --> 00:11:21,720 Speaker 1: community is is. We've we've done episodes on community before 253 00:11:21,720 --> 00:11:24,320 Speaker 1: and the importance of community and I feel like was 254 00:11:24,400 --> 00:11:27,920 Speaker 1: the exact title of a previous episodes. And I feel 255 00:11:27,920 --> 00:11:30,240 Speaker 1: like a community reveals its true stripes in a time 256 00:11:30,280 --> 00:11:31,960 Speaker 1: like this, like how do we care for one another? 257 00:11:32,280 --> 00:11:34,880 Speaker 1: And when the chips are down, that's the same thing, 258 00:11:35,080 --> 00:11:36,719 Speaker 1: you know in our families, how we love each other 259 00:11:36,760 --> 00:11:39,959 Speaker 1: when things aren't feeling amazing, Like that's a true sign 260 00:11:40,040 --> 00:11:43,120 Speaker 1: of how big and good our love is. So yeah, man, 261 00:11:43,160 --> 00:11:45,120 Speaker 1: I feel like we're seeing that in our community at least. 262 00:11:45,240 --> 00:11:49,120 Speaker 1: There's this one local band that's been uh driving around 263 00:11:49,240 --> 00:11:51,680 Speaker 1: or so someone's driving them and they're all in a boat, 264 00:11:51,880 --> 00:11:54,160 Speaker 1: a four piece band in a boat playing They're called 265 00:11:54,200 --> 00:11:56,840 Speaker 1: Mermaid Motor Lounge and which is an awesome name, right, 266 00:11:57,200 --> 00:11:59,679 Speaker 1: And they've been just like lighting up everyone's faces as 267 00:11:59,679 --> 00:12:02,160 Speaker 1: they tour the neighborhood in the back of a boat, 268 00:12:02,360 --> 00:12:05,200 Speaker 1: just playing awesome music. So yeah, that's been that's been fun. 269 00:12:05,200 --> 00:12:07,640 Speaker 1: And I feel like we're seeing all sorts of interesting, 270 00:12:07,720 --> 00:12:10,319 Speaker 1: cool stories like that. Right now, even in the midst 271 00:12:10,320 --> 00:12:12,480 Speaker 1: of a lot of you know, awful stories that we're 272 00:12:12,520 --> 00:12:14,720 Speaker 1: reading too. So yeah, Josh, he's one of the guys 273 00:12:14,720 --> 00:12:17,240 Speaker 1: in that band. They're all pretty funny folks. One of 274 00:12:17,240 --> 00:12:18,920 Speaker 1: the slogans that they put up on the boat was 275 00:12:19,040 --> 00:12:21,960 Speaker 1: We're on this boat together, which is perfectly appropriate, so 276 00:12:22,040 --> 00:12:24,199 Speaker 1: true right now. So, man, this is fun. This is 277 00:12:24,240 --> 00:12:27,000 Speaker 1: a good optimistic first half, and not that that optimism 278 00:12:27,080 --> 00:12:29,080 Speaker 1: isn't going to continue. But after the break, we're gonna 279 00:12:29,080 --> 00:12:40,400 Speaker 1: get to some listener questions. All right, Matt, we're back 280 00:12:40,400 --> 00:12:42,440 Speaker 1: from the break. We're gonna take a few listener questions. 281 00:12:42,720 --> 00:12:45,640 Speaker 1: Just obviously there are even more financial questions that people 282 00:12:45,640 --> 00:12:47,360 Speaker 1: have right now because there's so much up in the air, 283 00:12:47,400 --> 00:12:50,000 Speaker 1: and we'll do our best to continue to answer those 284 00:12:50,040 --> 00:12:52,720 Speaker 1: on our Friday episodes, in particularly the timely questions that 285 00:12:52,760 --> 00:12:55,160 Speaker 1: are pertinent to kind of what's happening right here now. 286 00:12:55,480 --> 00:12:58,520 Speaker 1: So Christie in our Facebook group asked this week, has 287 00:12:58,559 --> 00:13:01,840 Speaker 1: anyone read any official confermation about whether the tax deadline 288 00:13:02,120 --> 00:13:05,200 Speaker 1: being moved to July means that the twenty nineteen IRA 289 00:13:05,400 --> 00:13:08,600 Speaker 1: contribution deadline is now also extended to July, and man 290 00:13:08,640 --> 00:13:11,360 Speaker 1: on Friday's episode, we talked about the tax filing deadline 291 00:13:11,400 --> 00:13:14,480 Speaker 1: being moved back to July fifteenth, but what we weren't 292 00:13:14,520 --> 00:13:17,000 Speaker 1: able to speak to was whether or not IRA A 293 00:13:17,040 --> 00:13:20,360 Speaker 1: contributions could also wait until July fifteenth because the i 294 00:13:20,480 --> 00:13:24,160 Speaker 1: r S just hadn't clarified yet. And that's understandable. There's 295 00:13:24,200 --> 00:13:25,920 Speaker 1: there's a like of one on a going on. Yeah. Well, 296 00:13:26,000 --> 00:13:29,080 Speaker 1: so traditionally you can contribute to your previous year's roth 297 00:13:29,120 --> 00:13:32,240 Speaker 1: IRA or traditional IRA up until April fifteenth, ye, tax 298 00:13:32,280 --> 00:13:36,199 Speaker 1: filing deadline for the previous year. But now yeah, that's changed, Yeah, exactly, 299 00:13:36,200 --> 00:13:37,880 Speaker 1: And so the i r S clarified in the middle 300 00:13:37,880 --> 00:13:40,200 Speaker 1: of this week that you can continue to contribute to 301 00:13:40,240 --> 00:13:44,080 Speaker 1: your IRA until the July filing deadline and have those 302 00:13:44,080 --> 00:13:47,040 Speaker 1: contributions count for twenty nineteen. So basically, for all of 303 00:13:47,080 --> 00:13:49,400 Speaker 1: us out there, July fifteenth is the new April fifteenth. 304 00:13:49,520 --> 00:13:52,920 Speaker 1: And uh, and that holds true for IRA contributions as well. Yeah. 305 00:13:52,960 --> 00:13:54,440 Speaker 1: What's great about that is you can have a bunch 306 00:13:54,440 --> 00:13:56,720 Speaker 1: of cash sitting around in your high interest checking account 307 00:13:56,920 --> 00:13:58,679 Speaker 1: just in case you need to tap that money, right 308 00:13:59,000 --> 00:14:01,560 Speaker 1: and then once all this clears and it's looking like 309 00:14:01,640 --> 00:14:03,520 Speaker 1: you know what, You've got a lot of job security. 310 00:14:03,520 --> 00:14:05,480 Speaker 1: There's a lot more stability, not only in your life 311 00:14:05,520 --> 00:14:07,559 Speaker 1: but in the economy. Man, you go ahead and plug 312 00:14:07,600 --> 00:14:10,719 Speaker 1: that money into your wrath and listener Jordan asks, I 313 00:14:10,760 --> 00:14:13,160 Speaker 1: would love to know your thoughts on the forbearance of 314 00:14:13,240 --> 00:14:15,880 Speaker 1: federal student loans with the zero percent interest rate for 315 00:14:15,920 --> 00:14:19,000 Speaker 1: the next sixty days due to the coronavirus. Is it advisable? 316 00:14:19,280 --> 00:14:21,760 Speaker 1: I personally would just add that money into my savings 317 00:14:21,760 --> 00:14:25,040 Speaker 1: for a future payment. Jordan. Actually, in the stimulus bill 318 00:14:25,560 --> 00:14:27,800 Speaker 1: just passed by the Senate, it looks like you'll automatically 319 00:14:27,880 --> 00:14:32,040 Speaker 1: have your payments deferred without interest for six months. This 320 00:14:32,080 --> 00:14:34,800 Speaker 1: means for most Americans who have federal loans, you won't 321 00:14:34,880 --> 00:14:37,640 Speaker 1: need to make any payments through septemb so you're good 322 00:14:37,720 --> 00:14:41,040 Speaker 1: until October, and that could be huge for individuals who 323 00:14:41,160 --> 00:14:43,400 Speaker 1: might be in a tough spot right now. Unfortunately, this 324 00:14:43,480 --> 00:14:47,040 Speaker 1: does not apply to borrowers with private student loans. But 325 00:14:47,040 --> 00:14:49,520 Speaker 1: we'll plan to talk more about the implications of student 326 00:14:49,560 --> 00:14:52,520 Speaker 1: loans next week, and that gets to our next question. 327 00:14:52,800 --> 00:14:55,400 Speaker 1: This one's about real estate investing from a listener in 328 00:14:55,440 --> 00:14:58,760 Speaker 1: San Diego. Hey, Matt and Joel, this is Laura calling 329 00:14:58,840 --> 00:15:02,000 Speaker 1: from San Diego, kell Fornia. I just wanted to say 330 00:15:02,040 --> 00:15:04,720 Speaker 1: I love your show and I love craft beer, so 331 00:15:04,800 --> 00:15:07,880 Speaker 1: I'm super happy that we found each other. I wanted 332 00:15:07,920 --> 00:15:11,680 Speaker 1: to ask a quick question. We have an old four 333 00:15:11,720 --> 00:15:15,120 Speaker 1: oh one k lying around that we were considering putting 334 00:15:15,120 --> 00:15:19,240 Speaker 1: towards a down payment on a second rental property in 335 00:15:19,280 --> 00:15:24,080 Speaker 1: San Diego. Is this even possible? And given the current 336 00:15:24,280 --> 00:15:28,520 Speaker 1: crisis with the coronavirus, is this a time that mortgage 337 00:15:28,600 --> 00:15:31,440 Speaker 1: lenders are being more or less generous? Is it easier 338 00:15:31,480 --> 00:15:35,040 Speaker 1: or harder to get this kind of alone in the 339 00:15:35,080 --> 00:15:38,880 Speaker 1: circumstances that we're in. Thanks in advanced guys, I always 340 00:15:38,920 --> 00:15:41,160 Speaker 1: love to hear your show. I've learned so much from you. 341 00:15:41,520 --> 00:15:43,840 Speaker 1: Take care, Hey, Laura, thanks so much for that question. 342 00:15:43,880 --> 00:15:45,680 Speaker 1: And you know what, we are glad that we found 343 00:15:45,680 --> 00:15:48,560 Speaker 1: each other too. We filled that craft beer. It's it's 344 00:15:48,640 --> 00:15:51,720 Speaker 1: almost like one of those common denominators that can unite everyone, 345 00:15:51,880 --> 00:15:54,080 Speaker 1: especially with you being right there in San Diego, Joel, 346 00:15:54,080 --> 00:15:56,600 Speaker 1: that's were modern times is That's one of our favorites. 347 00:15:56,640 --> 00:15:58,760 Speaker 1: For sure. San Diego is like a craft beer hotspot. 348 00:15:58,760 --> 00:16:00,480 Speaker 1: I feel like you're running for president now on the 349 00:16:00,520 --> 00:16:02,600 Speaker 1: craft beer platform. That's what it sounds like. Have I 350 00:16:02,680 --> 00:16:04,400 Speaker 1: mentioned it recently? No, you just said craft beer can 351 00:16:04,480 --> 00:16:07,360 Speaker 1: unite us all like it just sounds like a stump speech. 352 00:16:07,400 --> 00:16:10,720 Speaker 1: It's like a uniting pillar. Well, I'm not going to disagree, 353 00:16:10,760 --> 00:16:12,520 Speaker 1: and I love for you. Well, what's funny? Actually, on 354 00:16:12,520 --> 00:16:14,520 Speaker 1: that note, we we haven't really addressed the fact that 355 00:16:14,600 --> 00:16:17,040 Speaker 1: we haven't been having beer on these Friday episodes. And 356 00:16:17,080 --> 00:16:19,920 Speaker 1: that's because these are going to be shorter episodes moving forward, 357 00:16:20,080 --> 00:16:21,800 Speaker 1: and you know, we still are going to have our 358 00:16:21,840 --> 00:16:23,720 Speaker 1: craft beer on our other episodes, but at least we're 359 00:16:23,720 --> 00:16:26,160 Speaker 1: now we're gonna hold off having that third beer. It's 360 00:16:26,160 --> 00:16:28,240 Speaker 1: not because I became luten intolerant or you didn't know 361 00:16:28,400 --> 00:16:30,560 Speaker 1: exactly that. But so, lord, let's go ahead and kind 362 00:16:30,560 --> 00:16:32,240 Speaker 1: of get your question. You're asking if it's you know, 363 00:16:32,320 --> 00:16:34,160 Speaker 1: possible to get money out of that four ol n 364 00:16:34,200 --> 00:16:37,360 Speaker 1: K for real estate, and the answer is yes, right, 365 00:16:37,440 --> 00:16:40,600 Speaker 1: it is certainly possible. However, there are a few reasons 366 00:16:40,640 --> 00:16:42,760 Speaker 1: that you want to make sure that you avoid this move. 367 00:16:43,160 --> 00:16:45,760 Speaker 1: Just like you know you're trying to avoid large gatherings 368 00:16:45,840 --> 00:16:47,320 Speaker 1: right now, you want to avoid taking money out of 369 00:16:47,320 --> 00:16:49,240 Speaker 1: a four O one k completely and um and doing 370 00:16:49,240 --> 00:16:51,080 Speaker 1: anything with it at this point. Yeah, man, that's because 371 00:16:51,080 --> 00:16:53,120 Speaker 1: you'll be locking in your losses and missing the eventual 372 00:16:53,200 --> 00:16:55,840 Speaker 1: ride back up. So obviously it depends on what you're 373 00:16:55,880 --> 00:16:57,960 Speaker 1: invested in inside of your four own K, what sort 374 00:16:58,000 --> 00:17:00,520 Speaker 1: of losses you'd be locking in, But in all likelihood, 375 00:17:00,560 --> 00:17:03,520 Speaker 1: if you own index funds or your in target retirement funds, 376 00:17:03,800 --> 00:17:06,160 Speaker 1: then you'll be selling at a pretty bad time to sell. 377 00:17:06,480 --> 00:17:08,679 Speaker 1: And at the same time, even though the government is 378 00:17:08,680 --> 00:17:11,479 Speaker 1: floating the idea of letting people take disbursements from their 379 00:17:11,480 --> 00:17:13,480 Speaker 1: foe own K without a penalty, right you wouldn't know 380 00:17:13,520 --> 00:17:16,639 Speaker 1: that additional ten percent penalty as you typically would if 381 00:17:16,680 --> 00:17:18,680 Speaker 1: you took money out of your investments right now, that's 382 00:17:18,680 --> 00:17:21,440 Speaker 1: something that's on the table. It's not set in stone yet. Well, 383 00:17:21,520 --> 00:17:24,080 Speaker 1: you would still owe ordinary income tax on that money. 384 00:17:24,359 --> 00:17:27,120 Speaker 1: And we're just not fans of tapping your tax advantaged 385 00:17:27,160 --> 00:17:30,480 Speaker 1: retirement accounts pretty much ever, but especially after the market 386 00:17:30,560 --> 00:17:32,760 Speaker 1: is seen just a precipitous drop like it has recently. 387 00:17:32,880 --> 00:17:34,479 Speaker 1: Yeah man, that's I mean, that's the whole point of 388 00:17:34,480 --> 00:17:36,960 Speaker 1: tax advantaged accounts, right like that, you get to avoid 389 00:17:37,000 --> 00:17:39,719 Speaker 1: the tax altogether, and so you're paying a steep price 390 00:17:39,960 --> 00:17:42,200 Speaker 1: if you want to access that money now. And Laura, 391 00:17:42,240 --> 00:17:44,280 Speaker 1: we love that you want to invest in more real estate, 392 00:17:44,359 --> 00:17:47,080 Speaker 1: especially there in San Diego. It's beautiful there. But there 393 00:17:47,080 --> 00:17:50,720 Speaker 1: are better methods of getting that down payment money, preferably 394 00:17:50,760 --> 00:17:52,719 Speaker 1: saving it up the old fashioned way, if if at 395 00:17:52,720 --> 00:17:55,560 Speaker 1: all possible. However, we've talked about this before, but a 396 00:17:55,640 --> 00:17:59,040 Speaker 1: cash out refinance isn't a terrible move if you are 397 00:17:59,119 --> 00:18:02,359 Speaker 1: using those funds to invest further. You just want to 398 00:18:02,359 --> 00:18:04,760 Speaker 1: make sure that you aren't over leveraged. But with mortgage 399 00:18:04,840 --> 00:18:06,520 Speaker 1: rates even lower right now, you might be able to 400 00:18:06,560 --> 00:18:09,200 Speaker 1: get an even lower rate than you currently have, say 401 00:18:09,200 --> 00:18:11,560 Speaker 1: on your primary residence. But if you take that money 402 00:18:11,560 --> 00:18:13,560 Speaker 1: and you only invest it and you're not tempted to 403 00:18:13,680 --> 00:18:16,240 Speaker 1: consume some of it, then that could be a good move. Yeah, 404 00:18:16,359 --> 00:18:19,720 Speaker 1: And and Laura asked also a question about mortgage lending standards, 405 00:18:19,760 --> 00:18:22,119 Speaker 1: and that's a good question if those are going to 406 00:18:22,240 --> 00:18:24,640 Speaker 1: change based on kind of everything that's happening right now. 407 00:18:25,080 --> 00:18:29,320 Speaker 1: And after the Great Recession, lending standards were raised. Lenders 408 00:18:29,400 --> 00:18:32,160 Speaker 1: had a higher bar for you to actually get approved 409 00:18:32,359 --> 00:18:35,080 Speaker 1: to get alone. Before the Great Recession, really it was 410 00:18:35,119 --> 00:18:36,800 Speaker 1: just if you came in with a pulse you got 411 00:18:36,840 --> 00:18:38,720 Speaker 1: a loan, and we saw what that led to, and 412 00:18:38,760 --> 00:18:41,479 Speaker 1: so lending standards did change a good bit, you know, 413 00:18:41,680 --> 00:18:44,399 Speaker 1: in the aftermath of that recession. But lending terms have 414 00:18:44,600 --> 00:18:48,080 Speaker 1: eased since then, with less stringent requirements for borrowers, and 415 00:18:48,119 --> 00:18:50,560 Speaker 1: so it has become easier and easier. And in times 416 00:18:50,800 --> 00:18:54,320 Speaker 1: of great financial distress, I think lending institutions, the big banks, 417 00:18:54,560 --> 00:18:56,719 Speaker 1: they're going to amp up their due diligence. So I 418 00:18:56,760 --> 00:19:00,960 Speaker 1: could see documentation requirements becoming more engine I could see 419 00:19:00,960 --> 00:19:04,160 Speaker 1: an emphasis on on higher credit scores becoming more important 420 00:19:04,160 --> 00:19:06,639 Speaker 1: to lenders. That remains to be seen, but that's what 421 00:19:06,720 --> 00:19:09,720 Speaker 1: happened in the last recession, and I see something similar 422 00:19:09,760 --> 00:19:12,119 Speaker 1: playing out here too. That's right, Joe. It'll be interesting 423 00:19:12,160 --> 00:19:14,880 Speaker 1: to see kind of what those requirements end up being 424 00:19:15,080 --> 00:19:17,520 Speaker 1: after all of this. UM. One other question we wanted 425 00:19:17,560 --> 00:19:20,200 Speaker 1: to get to Carla. She posted this to the Facebook group. 426 00:19:21,040 --> 00:19:24,840 Speaker 1: She asked, are yall canceling quote unquote luxury services? Basically, 427 00:19:24,920 --> 00:19:26,960 Speaker 1: she was asking about any sort of product or service 428 00:19:27,040 --> 00:19:28,960 Speaker 1: that you can do without. That's something we should all 429 00:19:28,960 --> 00:19:30,480 Speaker 1: consider right now. Joe and I will get into the 430 00:19:30,480 --> 00:19:33,680 Speaker 1: specifics of what we think about where to cut uh 431 00:19:34,000 --> 00:19:37,200 Speaker 1: in a few weeks on the podcast on an upcoming episode, Yeah, man, 432 00:19:37,359 --> 00:19:39,240 Speaker 1: I feel like there's certainly a lot to talk about 433 00:19:39,280 --> 00:19:41,480 Speaker 1: for us on the money front at this point in time, 434 00:19:41,920 --> 00:19:44,119 Speaker 1: and this week in particular. Right there, there's just a 435 00:19:44,119 --> 00:19:46,560 Speaker 1: lot of stuff that came flying our way and hopefully 436 00:19:46,600 --> 00:19:49,120 Speaker 1: our Friday episodes. Hopefully this episode is able to help 437 00:19:49,119 --> 00:19:51,520 Speaker 1: people right now, and we'll continue doing this for the 438 00:19:51,600 --> 00:19:53,679 Speaker 1: foreseeable future. But Matt, more than anything, we won't be 439 00:19:53,680 --> 00:19:55,520 Speaker 1: able to take care of their health of this time. 440 00:19:55,880 --> 00:19:57,680 Speaker 1: And I think maybe the more we've been kind of 441 00:19:57,920 --> 00:20:00,720 Speaker 1: quarantined into our homes, the easier it can be to 442 00:20:00,760 --> 00:20:02,760 Speaker 1: get stir crazy and to feel like you want life 443 00:20:02,760 --> 00:20:04,760 Speaker 1: to go back to normal. But there's still a lot 444 00:20:04,800 --> 00:20:07,000 Speaker 1: of danger out there for people, and so the social 445 00:20:07,000 --> 00:20:10,399 Speaker 1: distancing continuing for the time being to stay quarantined is 446 00:20:10,440 --> 00:20:12,920 Speaker 1: so important. So for for all of our listeners out there, 447 00:20:12,960 --> 00:20:15,159 Speaker 1: more than anything, you know, we hope you stay safe. 448 00:20:15,359 --> 00:20:17,600 Speaker 1: Obviously you're listening to our show. We want you to 449 00:20:17,680 --> 00:20:20,600 Speaker 1: be in a healthy financial position going forward, but but 450 00:20:20,640 --> 00:20:23,159 Speaker 1: more than anything, we want you to to stay physically safe, 451 00:20:23,480 --> 00:20:26,159 Speaker 1: as this virus is still having a massive impact. Yeah, man, 452 00:20:26,160 --> 00:20:29,000 Speaker 1: there's only so many monetary and financial bills that can 453 00:20:29,040 --> 00:20:31,440 Speaker 1: be passed, you know, things that can stimulate the economy 454 00:20:31,480 --> 00:20:33,320 Speaker 1: and and make sure that we get by. But at 455 00:20:33,359 --> 00:20:35,520 Speaker 1: the end of the day, like this is a health issue, 456 00:20:35,680 --> 00:20:37,720 Speaker 1: and the fastest way that we're all going to be 457 00:20:37,800 --> 00:20:40,679 Speaker 1: able to get back to living our normal lives is 458 00:20:40,720 --> 00:20:43,080 Speaker 1: by being healthy. So I couldn't agree more man. And 459 00:20:43,080 --> 00:20:45,000 Speaker 1: So while those are good measures to take when it 460 00:20:45,000 --> 00:20:48,040 Speaker 1: comes to being safe with our health, the biggest financial 461 00:20:48,040 --> 00:20:50,119 Speaker 1: safety measure is a high savings rate. As many of 462 00:20:50,119 --> 00:20:52,040 Speaker 1: our listeners know, we talked about this all the time. Man. 463 00:20:52,359 --> 00:20:54,400 Speaker 1: We've been encouraged to see that this show has, over 464 00:20:54,480 --> 00:20:58,200 Speaker 1: time help people achieve higher levels of financial security as 465 00:20:58,240 --> 00:21:02,040 Speaker 1: they take action through this knowledge. Listener Faith on Facebook, 466 00:21:02,119 --> 00:21:05,040 Speaker 1: she messaged and said, first off, I've always been okay financially, 467 00:21:05,280 --> 00:21:08,560 Speaker 1: never gotten into trouble with that, etcetera. Always earned well. 468 00:21:08,680 --> 00:21:10,960 Speaker 1: But oh my word, you guys have felt me be 469 00:21:11,080 --> 00:21:13,680 Speaker 1: in far better shape for this crisis. I'm pretty much 470 00:21:13,720 --> 00:21:16,280 Speaker 1: sailing through right now, and without your podcast that would 471 00:21:16,320 --> 00:21:19,240 Speaker 1: not have been the case. Man. That is so stinking 472 00:21:19,320 --> 00:21:21,600 Speaker 1: encouraging to hear the fact that we have actually changed 473 00:21:21,640 --> 00:21:23,680 Speaker 1: this individual's life. Yeah, Matt, and there have been other 474 00:21:23,840 --> 00:21:26,560 Speaker 1: posts in our Facebook group that even really tough times, 475 00:21:26,600 --> 00:21:28,439 Speaker 1: like some of our listeners have lost their jobs. Some 476 00:21:28,520 --> 00:21:30,800 Speaker 1: of them have been a dual income household and both 477 00:21:30,880 --> 00:21:33,520 Speaker 1: jobs have been lost. But I've seen multiple post in 478 00:21:33,520 --> 00:21:36,960 Speaker 1: our Facebook group praising their emergency fund. Right it's not 479 00:21:37,040 --> 00:21:38,880 Speaker 1: fun to use it, it stinks to have to rely 480 00:21:38,960 --> 00:21:41,119 Speaker 1: on it. But how do money listeners, I feel like, 481 00:21:41,119 --> 00:21:44,760 Speaker 1: are able to weather adverse hurricane like financial storms like 482 00:21:44,840 --> 00:21:47,680 Speaker 1: this so much better than the average person Right now? 483 00:21:47,880 --> 00:21:51,119 Speaker 1: Someone else posted that it's the uncertainty that's the biggest 484 00:21:51,119 --> 00:21:53,280 Speaker 1: struggle for them at the moment, and I think that's 485 00:21:53,280 --> 00:21:54,639 Speaker 1: how a lot of us feel. Man, That's how I 486 00:21:54,680 --> 00:21:57,440 Speaker 1: feel right now. And while we at least have this 487 00:21:57,520 --> 00:22:00,159 Speaker 1: stimulus package to kind of help bring some certainty, some 488 00:22:00,240 --> 00:22:03,919 Speaker 1: financial certainty right now, it's important to beef up your 489 00:22:03,960 --> 00:22:06,320 Speaker 1: savings in a time like this. That extra money really 490 00:22:06,359 --> 00:22:09,320 Speaker 1: does need to go into your savings account to be 491 00:22:09,359 --> 00:22:11,600 Speaker 1: there for a rainy day. But yeah, I will say 492 00:22:11,640 --> 00:22:14,200 Speaker 1: it is encouraging to see these responses from our listeners 493 00:22:14,400 --> 00:22:16,600 Speaker 1: and to see that, you know, how do money listeners, 494 00:22:16,600 --> 00:22:20,280 Speaker 1: more than the average American are ready to handle really 495 00:22:20,280 --> 00:22:23,480 Speaker 1: difficult times? Because they've been making moves based on the 496 00:22:24,119 --> 00:22:26,200 Speaker 1: podcast that we've been been putting out there. Man, it's 497 00:22:26,240 --> 00:22:28,280 Speaker 1: so awesome. And here's the other thing is that even 498 00:22:28,320 --> 00:22:30,480 Speaker 1: though we are all in this together, it's certainly affecting 499 00:22:30,560 --> 00:22:33,679 Speaker 1: us all differently. Right For some working from home and 500 00:22:33,720 --> 00:22:36,720 Speaker 1: the kids being out of school, like that's definitely an inconvenience, 501 00:22:36,960 --> 00:22:39,399 Speaker 1: But for others, their lives have been completely rocked. And 502 00:22:39,440 --> 00:22:41,800 Speaker 1: so if you're having trouble with your debt and you 503 00:22:41,800 --> 00:22:43,679 Speaker 1: don't have any sort of game plan for your money, 504 00:22:43,880 --> 00:22:46,080 Speaker 1: then make sure to check out n FCC dot org. 505 00:22:46,240 --> 00:22:47,760 Speaker 1: That's going to be a great place for you to 506 00:22:47,800 --> 00:22:51,200 Speaker 1: turn that's the National Foundation for Credit Counseling. Or maybe 507 00:22:51,200 --> 00:22:53,600 Speaker 1: you're having a tough time even finding some basic housing 508 00:22:54,240 --> 00:22:56,760 Speaker 1: for you, make sure to check out just shelter dot org. 509 00:22:57,119 --> 00:22:59,840 Speaker 1: They have a great state by state map for you 510 00:23:00,000 --> 00:23:02,720 Speaker 1: to find housing resources near where you live. Yeah, Matt, 511 00:23:02,720 --> 00:23:04,679 Speaker 1: and one other resource I think that can be helpful 512 00:23:04,720 --> 00:23:07,199 Speaker 1: to people right now if you have decent credit and 513 00:23:07,240 --> 00:23:08,960 Speaker 1: you're struggling to know how you're gonna pay some of 514 00:23:08,960 --> 00:23:10,720 Speaker 1: the bills that you have coming up, even even to 515 00:23:10,760 --> 00:23:12,879 Speaker 1: buy groceries. Right now, one of the things that I 516 00:23:12,920 --> 00:23:15,919 Speaker 1: think it's important to mention is a zero percent intro 517 00:23:16,119 --> 00:23:19,639 Speaker 1: rate credit card could be a good stop gap for 518 00:23:19,680 --> 00:23:22,080 Speaker 1: some people during this time. We've got a list of 519 00:23:22,080 --> 00:23:23,840 Speaker 1: some of our favorites up on our website, how to 520 00:23:23,920 --> 00:23:27,000 Speaker 1: money dot com. Obviously, it's not ideal to be putting 521 00:23:27,000 --> 00:23:28,960 Speaker 1: money on a credit card when you don't have the 522 00:23:28,960 --> 00:23:31,240 Speaker 1: money to pay your balance in full every month, but 523 00:23:31,520 --> 00:23:34,160 Speaker 1: for folks who do find themselves in this situation where 524 00:23:34,200 --> 00:23:35,679 Speaker 1: there between a rock and a hard place, I do 525 00:23:35,760 --> 00:23:38,439 Speaker 1: think a zero percent intro rate credit card is a 526 00:23:38,440 --> 00:23:40,640 Speaker 1: great place for a lot of people to turn. So yeah, 527 00:23:40,680 --> 00:23:43,200 Speaker 1: look for one of those fifteen or eighteen month zero 528 00:23:43,240 --> 00:23:45,360 Speaker 1: percent offerings and that can kind of help you get 529 00:23:45,359 --> 00:23:47,760 Speaker 1: through some more difficult times. So yeah, I just thought 530 00:23:47,760 --> 00:23:50,119 Speaker 1: we'd mentioned that as we draw this episode to a close. 531 00:23:50,320 --> 00:23:53,119 Speaker 1: And Jill, one other thing I wanted to mention is 532 00:23:53,200 --> 00:23:55,880 Speaker 1: have you seen this video going around of the Italian 533 00:23:55,920 --> 00:23:59,320 Speaker 1: mayor's basically like berating and yelling at their constituents, like 534 00:24:00,240 --> 00:24:02,600 Speaker 1: either like live in person like they're out walking this 535 00:24:02,640 --> 00:24:04,639 Speaker 1: three yelling at people, or a lot of them are 536 00:24:04,640 --> 00:24:07,160 Speaker 1: creating these videos. It's just it's so funny because it's 537 00:24:07,200 --> 00:24:09,480 Speaker 1: just so extreme, like it's so different than the way 538 00:24:09,480 --> 00:24:11,520 Speaker 1: we do things here in the US. But one of them, 539 00:24:11,560 --> 00:24:13,240 Speaker 1: like one of the guys on the on the clip, 540 00:24:13,920 --> 00:24:16,280 Speaker 1: he's talking to like I think high school seniors, I guess, 541 00:24:16,480 --> 00:24:18,840 Speaker 1: or maybe college graduates, I don't know, but he's saying that, like, 542 00:24:18,880 --> 00:24:20,679 Speaker 1: I know, there's hundreds of you that are you know, 543 00:24:20,720 --> 00:24:23,080 Speaker 1: that are going to be graduating, and some of you 544 00:24:23,080 --> 00:24:26,680 Speaker 1: want to host some parties and anyways, and he says, 545 00:24:27,000 --> 00:24:28,840 Speaker 1: we will send the police and they will be armed, 546 00:24:29,000 --> 00:24:32,400 Speaker 1: and we will send them with flamethrowers. Oh my gosh, 547 00:24:32,480 --> 00:24:35,640 Speaker 1: I mean, it's just so extreme, it's so funny. And granted, 548 00:24:35,720 --> 00:24:37,960 Speaker 1: like Italy is in a much worse position than we 549 00:24:37,960 --> 00:24:39,840 Speaker 1: are right now, and so I think what's good for 550 00:24:39,960 --> 00:24:41,240 Speaker 1: us to do, though, is just to make sure that 551 00:24:41,280 --> 00:24:44,439 Speaker 1: we are taking the necessary precautions right now, right like 552 00:24:44,480 --> 00:24:46,359 Speaker 1: make sure that we're washing our hands, you know, make 553 00:24:46,400 --> 00:24:48,720 Speaker 1: sure we're staying six ft away from each other, and 554 00:24:48,760 --> 00:24:50,919 Speaker 1: even staying home if necessary. You know, if you're in 555 00:24:50,920 --> 00:24:53,240 Speaker 1: a high risk city and and you've been instructed to 556 00:24:53,440 --> 00:24:56,080 Speaker 1: stay home except for you know, the bare essentials that 557 00:24:56,160 --> 00:24:57,960 Speaker 1: to get out and survived, and make sure you were 558 00:24:58,000 --> 00:25:00,840 Speaker 1: following that advice. Things are looking up domestic for our country, 559 00:25:00,840 --> 00:25:04,080 Speaker 1: but we don't want to have this false sense of security, right, yeah, 560 00:25:04,119 --> 00:25:07,560 Speaker 1: and we definitely don't want flamethrowers coming after us. That 561 00:25:07,960 --> 00:25:10,280 Speaker 1: that sounds crazy, But you haven't seen that video. I'm 562 00:25:10,280 --> 00:25:11,760 Speaker 1: gonna check it out. Oh yeah, I'll show to you what. 563 00:25:11,760 --> 00:25:13,440 Speaker 1: We'll put it up in our show notes to share 564 00:25:13,480 --> 00:25:16,120 Speaker 1: with everyone else maybe who hasn't seen it as well. Nice. Yeah, 565 00:25:16,119 --> 00:25:18,200 Speaker 1: we all need a good laugh during this time, buddy. Yes, 566 00:25:18,920 --> 00:25:21,200 Speaker 1: all right, So that's gonna do it for this episode. 567 00:25:21,359 --> 00:25:22,919 Speaker 1: And for folks who do want to check out those 568 00:25:22,960 --> 00:25:25,520 Speaker 1: show notes, well, they're available on our website at how 569 00:25:25,520 --> 00:25:27,679 Speaker 1: to money dot com. Yeah, and hopefully you found a 570 00:25:27,680 --> 00:25:29,840 Speaker 1: lot of value, right, Hopefully you've learned a lot from 571 00:25:29,880 --> 00:25:32,040 Speaker 1: listening to this episode, from listening to our podcast. If 572 00:25:32,040 --> 00:25:34,360 Speaker 1: you have, we would love it if you were to 573 00:25:34,359 --> 00:25:36,199 Speaker 1: to spread the word, if you were to share this 574 00:25:36,280 --> 00:25:39,080 Speaker 1: podcast with maybe a friend or a family member who 575 00:25:39,160 --> 00:25:40,880 Speaker 1: is going through a hard time themselves when it comes 576 00:25:40,880 --> 00:25:43,800 Speaker 1: to their finances especially. We're hoping that the information that 577 00:25:43,840 --> 00:25:45,760 Speaker 1: we're able to provide here will help them to get 578 00:25:45,800 --> 00:25:47,960 Speaker 1: through this hard patch. Yeah, we're all trying to get 579 00:25:47,960 --> 00:25:50,680 Speaker 1: through this together, our buddy Until next time, Best friends, 580 00:25:50,840 --> 00:26:03,119 Speaker 1: best friends, out the bo