1 00:00:00,080 --> 00:00:03,240 Speaker 1: Welcome to How the Money and I and Matt. Today 2 00:00:03,279 --> 00:00:24,919 Speaker 1: we are answering your listener questions. That's right, Joel, this 3 00:00:24,960 --> 00:00:27,680 Speaker 1: is a listener question Monday. We've got by listener questions 4 00:00:27,720 --> 00:00:29,800 Speaker 1: lined up. You've got a listener who is wondering if 5 00:00:29,800 --> 00:00:34,000 Speaker 1: it's okay to put down less than down. Next question 6 00:00:34,000 --> 00:00:37,320 Speaker 1: for a home purchase question number two. Now we're gonna 7 00:00:37,320 --> 00:00:39,600 Speaker 1: answer that one in full. We've got another question about 8 00:00:39,600 --> 00:00:41,440 Speaker 1: when is it a good idea to buy a new 9 00:00:41,800 --> 00:00:44,199 Speaker 1: used car. We've got a good I think rule of 10 00:00:44,240 --> 00:00:47,240 Speaker 1: thumb to employ if you're in that situation, as well 11 00:00:47,280 --> 00:00:49,479 Speaker 1: as investing beyond a four O n K. If you're 12 00:00:49,479 --> 00:00:52,040 Speaker 1: a total baller and you are maxing out your four 13 00:00:52,360 --> 00:00:55,319 Speaker 1: K contributions with your employer, what to do next? Way, 14 00:00:55,400 --> 00:00:57,280 Speaker 1: did you submit a question this week? Matt? That's not me. 15 00:00:57,320 --> 00:01:00,400 Speaker 1: I don't have an employer. I'm self employed. Buddy, good point. 16 00:01:00,400 --> 00:01:02,360 Speaker 1: We've got two more questions in addition to those three. 17 00:01:02,520 --> 00:01:04,760 Speaker 1: Looking forward to tackling all those on the show. Let's 18 00:01:04,760 --> 00:01:06,320 Speaker 1: do it. Yeah, I'm looking forward to it. Before we 19 00:01:06,360 --> 00:01:08,360 Speaker 1: get to their, Matt, I just want to say that 20 00:01:08,600 --> 00:01:12,040 Speaker 1: sometimes I might obsessed a little bit about even just 21 00:01:12,080 --> 00:01:15,800 Speaker 1: like small things that cost almost nothing, and this week 22 00:01:16,040 --> 00:01:17,760 Speaker 1: one of those popped up into my life. So the 23 00:01:17,800 --> 00:01:20,560 Speaker 1: little air detector for your tire, the light came on 24 00:01:20,640 --> 00:01:24,440 Speaker 1: in my car. Okay, I'm involved in this question in 25 00:01:24,680 --> 00:01:28,440 Speaker 1: this story. Yes, So it came on and I was like, 26 00:01:28,440 --> 00:01:30,959 Speaker 1: oh man, I was kind of swung by the Kroger 27 00:01:31,240 --> 00:01:33,040 Speaker 1: just to see. Okay, well, how much does it actually 28 00:01:33,080 --> 00:01:35,920 Speaker 1: cost to get your tire inflated? Now a dollar seventy 29 00:01:35,959 --> 00:01:38,360 Speaker 1: five to to pump up your tires? Way you get 30 00:01:38,360 --> 00:01:40,400 Speaker 1: a minute worth of air at one of those things. 31 00:01:40,560 --> 00:01:42,520 Speaker 1: What what krogod? You go to the one by our 32 00:01:42,560 --> 00:01:45,080 Speaker 1: house with the so there's a one with a free one, 33 00:01:45,120 --> 00:01:47,480 Speaker 1: but it doesn't work anymore. I was gonna say, because 34 00:01:47,480 --> 00:01:49,520 Speaker 1: I've I've gone to the Freeland before and you just 35 00:01:49,600 --> 00:01:51,240 Speaker 1: kind of sometimes there's another car ahead of you, but 36 00:01:51,240 --> 00:01:53,840 Speaker 1: you just wait a second completely get that free air. 37 00:01:54,400 --> 00:01:56,160 Speaker 1: And like when where I grew up, there was a 38 00:01:56,200 --> 00:01:58,440 Speaker 1: gas station called Quick Trip and they used to always 39 00:01:58,440 --> 00:02:00,680 Speaker 1: have free air. It was like get the calling card maybe, 40 00:02:00,720 --> 00:02:02,240 Speaker 1: and so i'd you know, stop in and get free 41 00:02:02,240 --> 00:02:04,560 Speaker 1: air whenever I needed it. But down where we live 42 00:02:04,720 --> 00:02:06,560 Speaker 1: those don't really exist. And the one at the other 43 00:02:06,640 --> 00:02:11,880 Speaker 1: Kroger's broken, So trust me because everybody checked, because everybody 44 00:02:11,880 --> 00:02:15,320 Speaker 1: goes there to get that free air, Which begs another question, 45 00:02:15,400 --> 00:02:17,480 Speaker 1: is it is it frugal or cheap if you're waiting 46 00:02:17,480 --> 00:02:20,240 Speaker 1: in line in order to to not spend money to 47 00:02:20,320 --> 00:02:22,399 Speaker 1: get that free air? Well, now, at this point, probably cheap. 48 00:02:22,440 --> 00:02:24,239 Speaker 1: With all I did to save a dollar seventy five, 49 00:02:24,280 --> 00:02:27,800 Speaker 1: it probably feels cheap, right because, like, honestly, I finally 50 00:02:27,800 --> 00:02:29,840 Speaker 1: I was like, man, I think Matt has one of 51 00:02:29,880 --> 00:02:32,960 Speaker 1: those things that you plug in and you you, you you know, 52 00:02:33,080 --> 00:02:35,120 Speaker 1: pump up your own tires. And so I was like, man, 53 00:02:35,160 --> 00:02:37,160 Speaker 1: I think Matt has one of these air compressors whither 54 00:02:37,160 --> 00:02:39,800 Speaker 1: you plug into the outlet in your car and you 55 00:02:39,840 --> 00:02:42,000 Speaker 1: pump up your own tires. And so I texted you 56 00:02:42,120 --> 00:02:44,800 Speaker 1: and you did, of course, and um, there I was 57 00:02:44,840 --> 00:02:46,960 Speaker 1: able to save a dollar seventy five. Yeah. So this 58 00:02:47,000 --> 00:02:49,560 Speaker 1: is a question I asked myself maybe about a year ago, 59 00:02:49,600 --> 00:02:51,280 Speaker 1: and I was like, how much time am I spending 60 00:02:51,360 --> 00:02:53,919 Speaker 1: going to this particular gas station that has the free air? 61 00:02:54,280 --> 00:02:55,800 Speaker 1: And on top of that, what if I'm out somewhere, 62 00:02:55,800 --> 00:02:57,960 Speaker 1: like on a trip, and I need to, you know, 63 00:02:58,000 --> 00:03:00,359 Speaker 1: maybe pump it up or maybe it's gotten so at. 64 00:03:00,840 --> 00:03:02,680 Speaker 1: I've got this one tire in particular that has a 65 00:03:02,720 --> 00:03:05,040 Speaker 1: slow leak on it. The thorn in your side or 66 00:03:05,080 --> 00:03:06,799 Speaker 1: the thorn in your tire. I think it is a 67 00:03:06,880 --> 00:03:08,960 Speaker 1: thorn because it's such a slow leak. But we can 68 00:03:09,000 --> 00:03:11,880 Speaker 1: take this frugal or cheap question another to like another level, 69 00:03:11,919 --> 00:03:15,639 Speaker 1: which is, are you being cheap by burdening your friend 70 00:03:16,880 --> 00:03:20,079 Speaker 1: and using his air compression your own? I don't think 71 00:03:20,120 --> 00:03:22,760 Speaker 1: that's cheap. So you know, we've talked before about you know, ToolBanks, 72 00:03:22,760 --> 00:03:24,520 Speaker 1: borrowing friends tools, that kind of stuff. I don't think 73 00:03:24,520 --> 00:03:26,359 Speaker 1: that's cheap at all. I think that's actually what we 74 00:03:26,360 --> 00:03:28,120 Speaker 1: should do. We should be a little more resourceful. We 75 00:03:28,120 --> 00:03:30,959 Speaker 1: should be asking the people that were close to hey, 76 00:03:31,080 --> 00:03:32,760 Speaker 1: do you have an errator? From our front line? I 77 00:03:32,760 --> 00:03:34,239 Speaker 1: can borrow whatever it is tools that we're going to 78 00:03:34,360 --> 00:03:37,160 Speaker 1: use in frequently. That's the perfect thing to borrow from 79 00:03:37,200 --> 00:03:39,440 Speaker 1: someone else. So I hope you don't think I'm cheap 80 00:03:39,480 --> 00:03:41,360 Speaker 1: for asking you that, But I don't think so. And 81 00:03:41,400 --> 00:03:43,200 Speaker 1: I think it's a good motto to live by, you know, 82 00:03:43,280 --> 00:03:45,880 Speaker 1: let other people borrow your stuff, borrow their stuff, um, 83 00:03:45,920 --> 00:03:48,120 Speaker 1: and that way we can all just own less stuff. 84 00:03:48,440 --> 00:03:52,440 Speaker 1: But I was probably being Yeah, I was probably being 85 00:03:52,480 --> 00:03:54,880 Speaker 1: a little cheap though, in not paying the dollar seventy 86 00:03:54,880 --> 00:03:56,720 Speaker 1: five to put the Errand but now that I know 87 00:03:56,840 --> 00:03:59,240 Speaker 1: that you definitely have this, I'll never ask that question again. 88 00:04:00,120 --> 00:04:02,360 Speaker 1: Ends on how frequently you hit me up, because you're gonnay, 89 00:04:02,360 --> 00:04:03,880 Speaker 1: all right, budd, you're gonna we're gonna go in together 90 00:04:03,920 --> 00:04:05,520 Speaker 1: on the next one once this one craps out. But 91 00:04:05,760 --> 00:04:07,360 Speaker 1: I will say if it's once a week, then that's 92 00:04:07,520 --> 00:04:09,320 Speaker 1: a different story. But it's usually it's like right around 93 00:04:09,320 --> 00:04:11,200 Speaker 1: the fall time those air pressure lights come on and 94 00:04:11,280 --> 00:04:14,280 Speaker 1: everybody's car. It seems like the mind is pretty nice, though, 95 00:04:14,280 --> 00:04:17,360 Speaker 1: isn't it. It's got the you can predetermine the tire pressure. 96 00:04:17,360 --> 00:04:19,080 Speaker 1: It's pretty it up and it fills up and then 97 00:04:19,120 --> 00:04:21,400 Speaker 1: it stops once it hits In our case, I think 98 00:04:21,440 --> 00:04:23,240 Speaker 1: like thirty three pounds or whatever. Yeah, how much those 99 00:04:23,240 --> 00:04:25,760 Speaker 1: seems cost like thirty bucks, Yeah, something like that. Not 100 00:04:25,760 --> 00:04:27,640 Speaker 1: not too expensive at all. Yeah. I think mine actually 101 00:04:27,680 --> 00:04:30,840 Speaker 1: even has a flashlight built into it. Like, no, if 102 00:04:30,839 --> 00:04:32,920 Speaker 1: you're doing it at night and you know, you want 103 00:04:32,960 --> 00:04:34,520 Speaker 1: to make sure that people either see you or that 104 00:04:34,520 --> 00:04:36,200 Speaker 1: you're able to see what's going on. Obviously, we all 105 00:04:36,240 --> 00:04:39,400 Speaker 1: have flashlights on our phones. But yeah, I don't know. 106 00:04:39,400 --> 00:04:41,119 Speaker 1: Maybe I'll link to it in our show notes because 107 00:04:41,240 --> 00:04:43,240 Speaker 1: I have actually found it to be incredibly useful. Now 108 00:04:43,240 --> 00:04:44,600 Speaker 1: you know what to give me for Christmas? To get 109 00:04:44,600 --> 00:04:47,040 Speaker 1: you a little air compressure. Car let's do it all right, 110 00:04:47,200 --> 00:04:49,440 Speaker 1: let's mention the beer that we're having on the show today. 111 00:04:49,440 --> 00:04:52,200 Speaker 1: This one's called Photons Fear. It's by Old Hickory Brewing, 112 00:04:52,520 --> 00:04:55,320 Speaker 1: and our friend Christopher from South Carolina sent us as beer, 113 00:04:55,360 --> 00:04:57,520 Speaker 1: although the beer itself it's from North Carolina. Yeah, we 114 00:04:57,560 --> 00:05:00,280 Speaker 1: actually did a little webinar with an organism sation that 115 00:05:00,320 --> 00:05:02,640 Speaker 1: he's a part of. Maybe we'll share some more about that, 116 00:05:03,200 --> 00:05:04,679 Speaker 1: but we'll see that for the end of the episode, 117 00:05:04,720 --> 00:05:07,200 Speaker 1: along with what we think about this particular beer. But Joel, 118 00:05:07,240 --> 00:05:09,080 Speaker 1: let's go ahead and get to our listener questions. Let's 119 00:05:09,080 --> 00:05:11,440 Speaker 1: do it for anybody who wants to submit a question 120 00:05:11,560 --> 00:05:13,640 Speaker 1: for a future show. Well, we would love to hear 121 00:05:13,680 --> 00:05:16,440 Speaker 1: yours and be able to answer it on a future episode. 122 00:05:16,600 --> 00:05:18,560 Speaker 1: Just go to our website how to money dot com 123 00:05:18,600 --> 00:05:22,080 Speaker 1: slash ask super simple directions there to submit an audio file. 124 00:05:22,279 --> 00:05:23,880 Speaker 1: I'll take you just a couple of minutes and then 125 00:05:24,080 --> 00:05:26,200 Speaker 1: you know what, you can hear your question answered on 126 00:05:26,320 --> 00:05:28,920 Speaker 1: an upcoming episode. Matt, let's get to the first one. 127 00:05:28,960 --> 00:05:30,880 Speaker 1: This is about whether or not you can get away 128 00:05:31,080 --> 00:05:34,600 Speaker 1: with putting down less on a home that you're buying. Hi, 129 00:05:34,720 --> 00:05:36,800 Speaker 1: Matt and Joel. My name is William and I'm from 130 00:05:36,800 --> 00:05:40,680 Speaker 1: New Jersey. I'm a longtime listener and I love your podcasts. 131 00:05:41,320 --> 00:05:43,680 Speaker 1: I recently paid off my student lawn dead and I 132 00:05:43,760 --> 00:05:47,280 Speaker 1: kind of focus on saving towards down payment for our 133 00:05:47,320 --> 00:05:51,480 Speaker 1: first new home. We found out that Iberia Bank is 134 00:05:51,560 --> 00:05:55,520 Speaker 1: offering a special rate for doctors and pharmacists, which both 135 00:05:55,560 --> 00:05:58,320 Speaker 1: me and my wife are. It is a thirty years 136 00:05:58,680 --> 00:06:02,880 Speaker 1: fixed interest rate, three percent down, no pm I, and 137 00:06:02,960 --> 00:06:05,680 Speaker 1: someone that I know was approved for two point seven five. 138 00:06:06,960 --> 00:06:09,159 Speaker 1: My credit score right now is around eight hundred and ten, 139 00:06:09,560 --> 00:06:11,800 Speaker 1: and I'm confident I can get a proof for a 140 00:06:11,800 --> 00:06:16,160 Speaker 1: similar rate. I know that you guys always advocate for down, 141 00:06:16,760 --> 00:06:19,560 Speaker 1: but with no p m I and only three percent down, 142 00:06:19,920 --> 00:06:22,320 Speaker 1: this offer seems to be too good to pass on. 143 00:06:23,160 --> 00:06:26,000 Speaker 1: We're looking for a house around four hundred dollar range 144 00:06:26,120 --> 00:06:28,880 Speaker 1: and we currently only have up to ten percent down. 145 00:06:29,640 --> 00:06:31,760 Speaker 1: Do you think it's a better idea to put everything 146 00:06:31,800 --> 00:06:34,600 Speaker 1: we have now as the down payment and lock in 147 00:06:34,800 --> 00:06:38,800 Speaker 1: this offer, or should we put just a minimum amount 148 00:06:38,839 --> 00:06:42,320 Speaker 1: at three percent down and infest the risks? Please let 149 00:06:42,360 --> 00:06:45,400 Speaker 1: us know. Cheers alright, William, thank you so much for 150 00:06:45,440 --> 00:06:47,880 Speaker 1: your question, and first of all, congrats on paying off 151 00:06:47,880 --> 00:06:50,800 Speaker 1: your student loans. That's no small feat. It seems like 152 00:06:50,800 --> 00:06:52,440 Speaker 1: you're going right down the list now moving on to 153 00:06:52,560 --> 00:06:54,599 Speaker 1: the next big goal, which is getting that first house. 154 00:06:55,040 --> 00:06:56,919 Speaker 1: You know, to what you're saying, here's some banks do 155 00:06:57,160 --> 00:07:00,840 Speaker 1: offer special rates as they are serving a specific a 156 00:07:00,960 --> 00:07:04,039 Speaker 1: niche audience or Joel a niche audience. You like to 157 00:07:04,040 --> 00:07:06,160 Speaker 1: say niche, I like to say niche, but sometimes I 158 00:07:06,240 --> 00:07:09,920 Speaker 1: blur the lines a little bit. And that's exactly what 159 00:07:09,960 --> 00:07:11,440 Speaker 1: it sounds like this one does. And you may have 160 00:07:11,520 --> 00:07:14,200 Speaker 1: hit the jackpot here. It sounds like a great product, 161 00:07:14,400 --> 00:07:17,400 Speaker 1: fixed rate loan, no p m I with only three 162 00:07:17,400 --> 00:07:19,880 Speaker 1: percent down. That's that's amazing. And the major reason too, 163 00:07:19,880 --> 00:07:22,800 Speaker 1: that we love to spur people towards putting down is 164 00:07:22,880 --> 00:07:25,160 Speaker 1: to avoid that p m I. There are some other 165 00:07:25,240 --> 00:07:27,240 Speaker 1: ways to avoid uh paying p m I. When you 166 00:07:27,280 --> 00:07:30,000 Speaker 1: don't have enough saved up, you can do what's called 167 00:07:30,000 --> 00:07:32,600 Speaker 1: an eight tin tin. That's one way to avoid p 168 00:07:32,800 --> 00:07:34,960 Speaker 1: m I. But we're not going to dive into that, William. 169 00:07:35,000 --> 00:07:37,200 Speaker 1: We're gonna talk about how it is that you can 170 00:07:37,200 --> 00:07:39,680 Speaker 1: potentially save some money. Yeah, it looks like you've got 171 00:07:39,720 --> 00:07:43,160 Speaker 1: some sort of specific niche loan available to you, right, 172 00:07:44,040 --> 00:07:46,920 Speaker 1: either what you're gonna say, um, And for other listeners 173 00:07:46,920 --> 00:07:49,600 Speaker 1: out there too, depending on your career or profession, there 174 00:07:49,640 --> 00:07:53,160 Speaker 1: are assistance programs out there that can help certain people 175 00:07:53,320 --> 00:07:55,840 Speaker 1: save on home buying costs. Matt. There's this one that 176 00:07:55,880 --> 00:07:58,240 Speaker 1: you and I found called Homes for Heroes. It's a 177 00:07:58,280 --> 00:08:01,960 Speaker 1: well reviewed program that offers closed cost assistance to firefighters, 178 00:08:02,040 --> 00:08:05,320 Speaker 1: law enforcement, healthcare professionals, and teachers. And the average of 179 00:08:05,320 --> 00:08:07,480 Speaker 1: the military too, and the military too, right, Yeah, And 180 00:08:07,520 --> 00:08:11,440 Speaker 1: the average customer safes twenty dollars um when they're getting 181 00:08:11,440 --> 00:08:14,200 Speaker 1: a loan through this program. Yeah, it's really great. Be 182 00:08:14,240 --> 00:08:16,200 Speaker 1: sure to do your due diligence, of course, and still 183 00:08:16,200 --> 00:08:19,000 Speaker 1: make sure you get multiple quotes before you decide on 184 00:08:19,040 --> 00:08:22,160 Speaker 1: a lender. But things like this, things like you're mentioning, William, 185 00:08:22,480 --> 00:08:26,080 Speaker 1: can be a great opportunity for certain sectors of the 186 00:08:26,120 --> 00:08:29,800 Speaker 1: population that have specific occupations, right. Yeah, And so let's 187 00:08:29,800 --> 00:08:32,199 Speaker 1: specifically talk about your loan. Here though, William, you know, 188 00:08:32,240 --> 00:08:33,439 Speaker 1: at the end of the day, if you can only 189 00:08:33,480 --> 00:08:37,200 Speaker 1: put down and get an amazing rate, you know that's 190 00:08:37,720 --> 00:08:39,959 Speaker 1: that freaking low, uh, and you don't have the pay 191 00:08:39,960 --> 00:08:42,440 Speaker 1: p m I, then we would say do it, but 192 00:08:42,920 --> 00:08:45,840 Speaker 1: do pay attention to maybe some of these other upfront 193 00:08:45,880 --> 00:08:48,840 Speaker 1: fees that this bank might be charging. You're getting a 194 00:08:48,880 --> 00:08:51,000 Speaker 1: serious benefit here, but you know there might be some 195 00:08:51,040 --> 00:08:54,040 Speaker 1: costs associated with getting that benefit, and like Joel mentioned, 196 00:08:54,040 --> 00:08:55,880 Speaker 1: to make sure you do get multiple quotes from other 197 00:08:55,880 --> 00:08:59,160 Speaker 1: banks or credit unions so that you can compare apples 198 00:08:59,160 --> 00:09:02,120 Speaker 1: to apples. Some of those additional origination fees or maybe 199 00:09:02,120 --> 00:09:04,839 Speaker 1: some of those other upfront costs could make it less 200 00:09:04,840 --> 00:09:07,840 Speaker 1: of a deal than it appears to be, at least 201 00:09:07,840 --> 00:09:10,040 Speaker 1: at first glance. A lot of people look just at 202 00:09:10,080 --> 00:09:11,640 Speaker 1: the rate, but there are so many other fees that 203 00:09:11,720 --> 00:09:14,000 Speaker 1: often get charged when you're buying a home, and so 204 00:09:14,080 --> 00:09:16,280 Speaker 1: you have to take a look at the whole picture 205 00:09:16,520 --> 00:09:18,960 Speaker 1: and not just the rate that's being charged. One more 206 00:09:19,000 --> 00:09:21,559 Speaker 1: thing to William that's really really important to note here. 207 00:09:21,840 --> 00:09:24,720 Speaker 1: The trickiest thing about putting down less money on a 208 00:09:24,720 --> 00:09:27,040 Speaker 1: home and then choosing not to pay down low interest 209 00:09:27,160 --> 00:09:30,240 Speaker 1: rate debt is doing positive things with that money instead, Matt, 210 00:09:30,280 --> 00:09:32,560 Speaker 1: you and I are totally cool with letting a thirty 211 00:09:32,640 --> 00:09:35,839 Speaker 1: year mortgage ride for all thirty years and not paying 212 00:09:35,840 --> 00:09:39,280 Speaker 1: it down more quickly. That's a completely fine choice if 213 00:09:39,840 --> 00:09:43,000 Speaker 1: if there's a big if there, right, Yes, you're doing 214 00:09:43,200 --> 00:09:46,240 Speaker 1: positive things with the money that you would have otherwise 215 00:09:46,360 --> 00:09:49,000 Speaker 1: used to pay down that So many people have great 216 00:09:49,040 --> 00:09:52,559 Speaker 1: intentions to invest the money instead of paying off that debt, 217 00:09:52,600 --> 00:09:54,920 Speaker 1: but they end up funneling the money elsewhere. It's easy 218 00:09:54,960 --> 00:09:57,720 Speaker 1: to get lax and continue to inflate your lifestyle. So 219 00:09:57,800 --> 00:09:59,640 Speaker 1: just make sure you have a plan to put that 220 00:09:59,679 --> 00:10:02,280 Speaker 1: money that you aren't putting down the house to use 221 00:10:02,440 --> 00:10:05,120 Speaker 1: for your future by investing it so that you don't 222 00:10:05,320 --> 00:10:08,559 Speaker 1: accidentally start that lifestyle creep thing going. But William, other 223 00:10:08,600 --> 00:10:10,040 Speaker 1: than those things that you need to watch out for 224 00:10:10,080 --> 00:10:12,079 Speaker 1: and pay attention to, we think it's a great deal man, 225 00:10:12,080 --> 00:10:14,080 Speaker 1: So so make it happen. Yeah, that's Rachel. All right. 226 00:10:14,120 --> 00:10:15,840 Speaker 1: We've got a couple more questions that we're gonna get 227 00:10:15,880 --> 00:10:18,360 Speaker 1: to after the break, including one I think our first 228 00:10:18,360 --> 00:10:21,000 Speaker 1: ever question from Ukraine. We'll get to that plus another 229 00:10:21,000 --> 00:10:32,440 Speaker 1: one right after this break. All right, now, We're gonna 230 00:10:32,440 --> 00:10:34,760 Speaker 1: get to that question from our Ukrainian listener here in 231 00:10:34,880 --> 00:10:37,040 Speaker 1: just a second, but first we have a question about 232 00:10:37,120 --> 00:10:39,719 Speaker 1: investing when you're already maxing out your four one K 233 00:10:40,360 --> 00:10:42,760 Speaker 1: than Joel and Matt. My name is Caitlin from Iowa 234 00:10:43,120 --> 00:10:47,040 Speaker 1: on a couple of years out of college and last year, 235 00:10:47,080 --> 00:10:50,920 Speaker 1: I recently bought my first home with the help of 236 00:10:50,960 --> 00:10:55,559 Speaker 1: you guys, so thank you. I am wondering about getting 237 00:10:55,640 --> 00:11:00,440 Speaker 1: started in my investments. I max out my oral one 238 00:11:00,520 --> 00:11:05,760 Speaker 1: K with my WRATH contributions through my employer, but I'm wondering, um, 239 00:11:05,800 --> 00:11:10,040 Speaker 1: what are the easiest ways um besides like an employer 240 00:11:10,160 --> 00:11:13,439 Speaker 1: plan for myself to invest UM. I've paid down some 241 00:11:13,760 --> 00:11:17,160 Speaker 1: half of my student loans and so most of those 242 00:11:17,160 --> 00:11:19,680 Speaker 1: interest rates are now five percent or below, So I'd 243 00:11:19,679 --> 00:11:22,920 Speaker 1: like to focus a little bit more on investing, alright, Caitlin, 244 00:11:22,960 --> 00:11:25,120 Speaker 1: First off, congrats on buying a home. You said that 245 00:11:25,160 --> 00:11:27,280 Speaker 1: you actually bought it last year and that you're only 246 00:11:27,280 --> 00:11:29,000 Speaker 1: a couple of years out of college. That means you 247 00:11:29,040 --> 00:11:32,560 Speaker 1: bought a home after having graduated one year ago. You 248 00:11:32,600 --> 00:11:35,200 Speaker 1: clearly are doing smart things with your money, and so 249 00:11:35,320 --> 00:11:38,400 Speaker 1: we want to kind of applaud you for that right there. Um, 250 00:11:38,400 --> 00:11:41,000 Speaker 1: and we hope that you are enjoying your home. Uh 251 00:11:41,080 --> 00:11:43,440 Speaker 1: and you you already max out a rath for oh 252 00:11:43,440 --> 00:11:46,080 Speaker 1: one k as well. That's really really impressive. And so 253 00:11:46,120 --> 00:11:47,840 Speaker 1: the first thing we would recommend is to not forget 254 00:11:48,080 --> 00:11:51,240 Speaker 1: to have money in savings for maybe some other goals 255 00:11:51,280 --> 00:11:53,720 Speaker 1: that you might have down the road. Um, you're already 256 00:11:53,760 --> 00:11:55,400 Speaker 1: in a home, you know, so my guess is that 257 00:11:55,440 --> 00:11:59,440 Speaker 1: you aren't saving for another home. But having ample savings 258 00:11:59,760 --> 00:12:02,720 Speaker 1: is crucial, especially if you see yourself maybe leaving the 259 00:12:02,720 --> 00:12:05,240 Speaker 1: corporate world at some point and trying to start your 260 00:12:05,240 --> 00:12:08,600 Speaker 1: own business. Either way, having a fully funded emergency fund 261 00:12:08,840 --> 00:12:11,840 Speaker 1: is a top priority, in particular as so many folks 262 00:12:11,880 --> 00:12:15,160 Speaker 1: have seen themselves out of work unexpectedly, uh in industries 263 00:12:15,200 --> 00:12:18,440 Speaker 1: that they had thought were otherwise were on safe and 264 00:12:18,480 --> 00:12:21,600 Speaker 1: guaranteed you know, to continue to provide them with an income. Yeah, 265 00:12:21,640 --> 00:12:23,559 Speaker 1: I agree, man. I think that is one important thing 266 00:12:23,679 --> 00:12:27,040 Speaker 1: to make sure you have in order before you start 267 00:12:27,160 --> 00:12:30,120 Speaker 1: investing more beyond where you're at, Caitlin. But if you 268 00:12:30,160 --> 00:12:32,760 Speaker 1: do still have extra money to invest beyond that, which 269 00:12:32,880 --> 00:12:34,440 Speaker 1: I mean with how good you are with your money, 270 00:12:34,840 --> 00:12:38,160 Speaker 1: it's apparent already you probably do so we would say, 271 00:12:38,400 --> 00:12:40,560 Speaker 1: keep going, make it happen, and and feel free to 272 00:12:40,600 --> 00:12:43,079 Speaker 1: invest more. So the next suggestion we would offer you 273 00:12:43,160 --> 00:12:45,840 Speaker 1: just to put money into a roth IRA A and 274 00:12:45,960 --> 00:12:48,160 Speaker 1: an h S A if you're eligible for either one 275 00:12:48,160 --> 00:12:50,920 Speaker 1: of those or for both. If you max out both 276 00:12:50,960 --> 00:12:53,079 Speaker 1: of these in one in addition to your four O 277 00:12:53,160 --> 00:12:57,760 Speaker 1: one K, you will have invested dollars in total in 278 00:12:57,800 --> 00:13:00,000 Speaker 1: just one year, which is pretty fantastic, right, Yeah, that's 279 00:13:00,080 --> 00:13:02,880 Speaker 1: big time. And then if you still have more money 280 00:13:02,880 --> 00:13:04,680 Speaker 1: to invest, I mean, Matt and I were fans of 281 00:13:04,720 --> 00:13:07,959 Speaker 1: real estate, in particular buying single family or multifamily homes 282 00:13:08,000 --> 00:13:10,480 Speaker 1: close to where you live. If that's something you're interested in, 283 00:13:10,760 --> 00:13:13,400 Speaker 1: or putting money into a taxable brokerage account, that'd be 284 00:13:13,400 --> 00:13:16,240 Speaker 1: a great next step to real estate. Obviously involves more time, 285 00:13:16,480 --> 00:13:18,960 Speaker 1: effort and more of a learning curve, but if it 286 00:13:19,000 --> 00:13:21,440 Speaker 1: interests you, we would suggest to dig further and do 287 00:13:21,480 --> 00:13:24,199 Speaker 1: some research on it and maybe consider going that route. 288 00:13:24,360 --> 00:13:28,360 Speaker 1: If not, continue you're investing by opening a taxable brokerage account. 289 00:13:28,520 --> 00:13:30,280 Speaker 1: Well that's a great and simple way to go too. 290 00:13:30,360 --> 00:13:33,000 Speaker 1: And it sounds like you already have investing kind of 291 00:13:33,080 --> 00:13:35,320 Speaker 1: under control. You know what you're doing. So that's just 292 00:13:35,480 --> 00:13:38,800 Speaker 1: um an easy way to continue investing but doing more. Yeah. 293 00:13:38,800 --> 00:13:42,800 Speaker 1: And interestingly enough, a taxable brokerage account could actually almost 294 00:13:42,800 --> 00:13:44,400 Speaker 1: be better than your following K that you have there 295 00:13:44,440 --> 00:13:48,040 Speaker 1: at work, Caitlin Uh in some instances. Right. A recent 296 00:13:48,040 --> 00:13:51,440 Speaker 1: assessment from Nick Over at Dollars in Data, he found 297 00:13:51,440 --> 00:13:53,720 Speaker 1: that if you do business with a super low cost 298 00:13:53,760 --> 00:13:56,760 Speaker 1: investment firm, but your four O one K has average 299 00:13:56,800 --> 00:13:59,720 Speaker 1: fees of about point five percent, you'll actually be doing 300 00:14:00,120 --> 00:14:03,720 Speaker 1: better by investing in a taxable brokerage account instead of 301 00:14:03,760 --> 00:14:06,200 Speaker 1: your four oh one K. But that depends obviously on 302 00:14:06,320 --> 00:14:09,360 Speaker 1: fees inside of your company's plan. Uh. And so the 303 00:14:09,400 --> 00:14:12,360 Speaker 1: great thing though about a taxable brokerage account is that 304 00:14:12,400 --> 00:14:16,040 Speaker 1: you can have access to some of those funds before 305 00:14:16,200 --> 00:14:20,200 Speaker 1: retirement age as well. I find this especially valuable for you, 306 00:14:20,640 --> 00:14:23,800 Speaker 1: with you being such a high octane saver and investor. 307 00:14:24,160 --> 00:14:26,360 Speaker 1: I think there's maybe a good chance that you'll actually 308 00:14:26,640 --> 00:14:30,520 Speaker 1: hit quote unquote retirement age before you're technically allowed to 309 00:14:30,520 --> 00:14:32,440 Speaker 1: withdraw that money from your four O one K. And 310 00:14:32,480 --> 00:14:34,760 Speaker 1: so I see that being a huge benefit having some 311 00:14:34,800 --> 00:14:37,400 Speaker 1: of that money in a taxable brokerage having it accessible 312 00:14:37,640 --> 00:14:41,560 Speaker 1: earlier interage. Yeah, without having to pay penalty exactly. For 313 00:14:41,560 --> 00:14:43,160 Speaker 1: sure makes a whole lot of sense, in particular for 314 00:14:43,160 --> 00:14:46,240 Speaker 1: someone as young and as energized about investing as Caitlin. 315 00:14:46,280 --> 00:14:47,760 Speaker 1: But Caitlin, still you want to make sure that you 316 00:14:47,800 --> 00:14:51,480 Speaker 1: are careful investing money that you'll need inside of a 317 00:14:51,480 --> 00:14:54,640 Speaker 1: ten year period. Though, if you have identified other goals 318 00:14:54,640 --> 00:14:56,280 Speaker 1: that you want to you know, put that money towards, 319 00:14:56,600 --> 00:14:59,480 Speaker 1: aside from investing for retirement, then you know, you want 320 00:14:59,520 --> 00:15:01,160 Speaker 1: to make sure that you've got those in accounts that 321 00:15:01,200 --> 00:15:02,920 Speaker 1: are going to be a little more fluid, a little 322 00:15:02,960 --> 00:15:05,760 Speaker 1: more readily available. Unfortunately, you're not going to be earning 323 00:15:05,880 --> 00:15:08,840 Speaker 1: much interest within those types of accounts. But anything that 324 00:15:08,840 --> 00:15:11,000 Speaker 1: you're looking to keep put for ten years or more, 325 00:15:11,280 --> 00:15:14,400 Speaker 1: uh yeah, invest away all right. And and Caitlin, of course, 326 00:15:14,480 --> 00:15:15,760 Speaker 1: you know we would love for you to have your 327 00:15:15,760 --> 00:15:19,360 Speaker 1: investments with a low cost company Fidelity, Vanguard, m One 328 00:15:19,480 --> 00:15:21,680 Speaker 1: or just a few of the ones that we think 329 00:15:21,720 --> 00:15:24,560 Speaker 1: are great. That's because fees have such a major impact 330 00:15:24,600 --> 00:15:27,120 Speaker 1: on your investment returns over time. Matt just mentioned if 331 00:15:27,120 --> 00:15:29,600 Speaker 1: you're four one K has actually higher fees than it 332 00:15:29,680 --> 00:15:31,720 Speaker 1: might make more sense after you get the match to 333 00:15:31,760 --> 00:15:34,600 Speaker 1: put more of your money into a taxable brokerage account instead. 334 00:15:34,960 --> 00:15:37,400 Speaker 1: And obviously you're well on your way to financial independence 335 00:15:37,760 --> 00:15:39,600 Speaker 1: even though you're only a couple of years out of college, 336 00:15:39,600 --> 00:15:42,920 Speaker 1: which is just incredibly impressive. Investing at this level is 337 00:15:42,920 --> 00:15:45,240 Speaker 1: going to give you so many more options for what 338 00:15:45,360 --> 00:15:47,160 Speaker 1: you want your life to look like in the future. 339 00:15:47,400 --> 00:15:50,640 Speaker 1: So congrats to you. And if not already, don't forget 340 00:15:50,680 --> 00:15:52,920 Speaker 1: to consider ways to be generous with your money too. 341 00:15:52,960 --> 00:15:54,600 Speaker 1: I think you know, Matt and I we just talked 342 00:15:54,640 --> 00:15:57,920 Speaker 1: about that in episode two one, and that is a 343 00:15:57,960 --> 00:16:00,960 Speaker 1: really important part as we're accumulating more assets to make 344 00:16:00,960 --> 00:16:04,080 Speaker 1: sure that we have a healthy relationship with money, and 345 00:16:04,120 --> 00:16:06,440 Speaker 1: we give some of it away. So yeah, we're proud 346 00:16:06,440 --> 00:16:08,720 Speaker 1: of what you're up to, what you're doing already, and um, yeah, 347 00:16:08,800 --> 00:16:10,800 Speaker 1: we hope you just keep crushing it, keep at it. 348 00:16:11,000 --> 00:16:13,560 Speaker 1: One other thing, actually, we didn't address the other loans 349 00:16:13,600 --> 00:16:15,640 Speaker 1: that she had. She said she's got other debt that's 350 00:16:15,640 --> 00:16:18,040 Speaker 1: at five percent or lower kalen, even though technically you 351 00:16:18,080 --> 00:16:20,520 Speaker 1: should be able to get, you know, a higher interest 352 00:16:20,600 --> 00:16:23,000 Speaker 1: rate than that when if that money is invested. Don't 353 00:16:23,000 --> 00:16:25,600 Speaker 1: discount the ability to get a guaranteed rate of return 354 00:16:25,840 --> 00:16:28,080 Speaker 1: by paying down some of those debts that are lower 355 00:16:28,320 --> 00:16:30,320 Speaker 1: that you know by looking at the numbers, those are 356 00:16:30,320 --> 00:16:32,680 Speaker 1: the kind of debts that you're like, well, maybe I'll 357 00:16:32,720 --> 00:16:35,040 Speaker 1: keep that around. But here's the thing. Even though you 358 00:16:35,080 --> 00:16:36,600 Speaker 1: should be able to earn more than that in the 359 00:16:36,600 --> 00:16:39,680 Speaker 1: stock market, it's not guaranteed, and so that's something worth 360 00:16:39,680 --> 00:16:42,640 Speaker 1: mentioning as well. There's the emotional, sort of psychological side 361 00:16:42,640 --> 00:16:44,920 Speaker 1: of things as well that I find myself kind of 362 00:16:45,000 --> 00:16:48,840 Speaker 1: leaning towards more and more every year I get older. Yeah, 363 00:16:49,000 --> 00:16:51,400 Speaker 1: I think you're right, man. I think once you've done 364 00:16:51,520 --> 00:16:54,920 Speaker 1: a ton in the investing space, starting to prioritize debt 365 00:16:55,240 --> 00:16:58,200 Speaker 1: before you continue to prioritize more investing is is a 366 00:16:58,200 --> 00:17:00,680 Speaker 1: good way to go, even if it's low and straighta. 367 00:17:00,720 --> 00:17:02,400 Speaker 1: All right, let's get to our next question. This one 368 00:17:02,600 --> 00:17:05,720 Speaker 1: is from one of our many Ukrainian listeners, Hi Matt 369 00:17:05,760 --> 00:17:09,080 Speaker 1: and joyle Ugen from Ukraine. Here. I hope that you 370 00:17:09,160 --> 00:17:12,640 Speaker 1: are families and you are healthy and safe. First of all, 371 00:17:12,720 --> 00:17:14,800 Speaker 1: I want to thank you for the podcast, for the 372 00:17:14,920 --> 00:17:18,119 Speaker 1: useful tips and insights that you give here. I have 373 00:17:18,200 --> 00:17:21,239 Speaker 1: a good job now depths and I'm actively working on 374 00:17:21,280 --> 00:17:23,480 Speaker 1: how to make money work for me, not me. For 375 00:17:23,520 --> 00:17:27,560 Speaker 1: the money. My question comes from that fact that I'm Ukrainian. 376 00:17:27,760 --> 00:17:30,760 Speaker 1: I can use the principles of personal finances that you're 377 00:17:30,760 --> 00:17:34,800 Speaker 1: talking about, but not the tools because the investment platforms 378 00:17:34,840 --> 00:17:37,960 Speaker 1: and banks that you mentioned here are not available for 379 00:17:38,080 --> 00:17:41,800 Speaker 1: me because of the Patriotics Act. If I'm right, understand 380 00:17:41,840 --> 00:17:46,040 Speaker 1: the limitations. So the question is, can you advise me 381 00:17:46,160 --> 00:17:50,240 Speaker 1: some reliable investment platforms or other tools that don't care 382 00:17:50,280 --> 00:17:54,120 Speaker 1: about citizenship that I could use? Thank you in advance, 383 00:17:54,640 --> 00:17:56,760 Speaker 1: and when you are in GIF be sure to tell 384 00:17:56,800 --> 00:18:01,960 Speaker 1: me I will fret you two delicious Ukrainian graft beer cheers. Matt. 385 00:18:02,000 --> 00:18:03,760 Speaker 1: You know what I love about our listeners. Every time 386 00:18:03,800 --> 00:18:06,119 Speaker 1: we get an email or someone submits a listener question, 387 00:18:06,280 --> 00:18:07,880 Speaker 1: they always offered to take us out for a beer. 388 00:18:07,920 --> 00:18:09,480 Speaker 1: I feel like we've got friends all over the world. 389 00:18:09,520 --> 00:18:11,640 Speaker 1: I know that makes me very happy. You can't wait 390 00:18:11,680 --> 00:18:13,679 Speaker 1: to visit Fugien in Ukraine at some point and go 391 00:18:13,720 --> 00:18:15,320 Speaker 1: off for a beer together. So I've never had a 392 00:18:15,400 --> 00:18:18,040 Speaker 1: Ukrainian beer, let alone a craft beer from from Kiev. 393 00:18:18,960 --> 00:18:21,520 Speaker 1: That just makes me so happy. So Eugen will take 394 00:18:21,520 --> 00:18:22,879 Speaker 1: you up on that when we when we make it 395 00:18:22,880 --> 00:18:25,840 Speaker 1: out to Ukraine. Uh and yeah, we actually get this 396 00:18:25,920 --> 00:18:29,880 Speaker 1: question a lot, interestingly enough in different spaces and sometimes Matt, 397 00:18:29,920 --> 00:18:33,000 Speaker 1: we've actually gotten people leaving reviews that were kind of 398 00:18:33,040 --> 00:18:35,840 Speaker 1: negative about the podcast because they felt like we weren't 399 00:18:35,840 --> 00:18:39,080 Speaker 1: giving enough advice for their specific country. And so I 400 00:18:39,119 --> 00:18:41,800 Speaker 1: think it is worthwhile to bring up why we don't 401 00:18:41,840 --> 00:18:44,560 Speaker 1: do that. It's it's certainly not because we don't like 402 00:18:44,680 --> 00:18:48,040 Speaker 1: people in other countries. It's actually really just because the 403 00:18:48,160 --> 00:18:51,679 Speaker 1: US financial system is so complex. There's so much to 404 00:18:51,760 --> 00:18:54,560 Speaker 1: know just for the American audience of how the money 405 00:18:54,960 --> 00:18:57,639 Speaker 1: for for how money functions in our society that we 406 00:18:57,720 --> 00:19:00,920 Speaker 1: just couldn't possibly educate ourselves and on all the other 407 00:19:00,920 --> 00:19:03,560 Speaker 1: countries where we have listeners. So yeah, like Youugun said, 408 00:19:03,680 --> 00:19:06,760 Speaker 1: we're hoping that people can attract the principles um even 409 00:19:06,760 --> 00:19:10,760 Speaker 1: though we can't really give a whole lot of specific advice. Yeah, no, 410 00:19:10,840 --> 00:19:13,320 Speaker 1: the nottive principles, right. We we obviously don't have personal 411 00:19:13,320 --> 00:19:18,160 Speaker 1: experience or the expertise of investing in Ukraine but usun 412 00:19:18,440 --> 00:19:21,440 Speaker 1: like you mentioned, non US citizens are limited and can't 413 00:19:21,440 --> 00:19:24,520 Speaker 1: invest directly with some of our our favorite brokerages here 414 00:19:24,920 --> 00:19:28,000 Speaker 1: in the US, like Fidelity in Vanguard. However, there are 415 00:19:28,040 --> 00:19:30,920 Speaker 1: a number of stock exchanges in Ukraine that you can 416 00:19:30,960 --> 00:19:33,560 Speaker 1: invest in, and like you said, this is where you 417 00:19:33,600 --> 00:19:36,560 Speaker 1: can glean these principles, even though the tools will vary. 418 00:19:36,760 --> 00:19:39,840 Speaker 1: So as you're investing locally there in Ukraine or possibly 419 00:19:39,840 --> 00:19:42,280 Speaker 1: you have access to other markets there in Europe as well, 420 00:19:42,640 --> 00:19:45,919 Speaker 1: make sure that you are trying to diversify across as 421 00:19:46,000 --> 00:19:49,520 Speaker 1: many sectors and industries as possible, while at the same 422 00:19:49,560 --> 00:19:52,520 Speaker 1: time attempting to keep the costs low, right, and so 423 00:19:52,600 --> 00:19:55,399 Speaker 1: even though yeah, the tools are gonna vary, but those 424 00:19:55,480 --> 00:19:58,040 Speaker 1: are that the principles that you want to adhere to, 425 00:19:58,359 --> 00:20:01,600 Speaker 1: regardless of where it is that you're inves. Yeah, and Matt, 426 00:20:01,680 --> 00:20:03,800 Speaker 1: based on the fees that we're discussing on the show, 427 00:20:03,840 --> 00:20:07,200 Speaker 1: I don't think Eugen can expect fees at a similar 428 00:20:07,280 --> 00:20:09,720 Speaker 1: level of what you and I are used to write right, Well, 429 00:20:09,720 --> 00:20:12,119 Speaker 1: in particular if he's trying to invest in the US, right, 430 00:20:12,160 --> 00:20:14,040 Speaker 1: if I'm trying to invest in the U S stock exchange, 431 00:20:14,640 --> 00:20:16,959 Speaker 1: there are some significant barriers. Yeah, I mean, I know 432 00:20:17,040 --> 00:20:19,520 Speaker 1: some of our listeners in Great Britain they can invest 433 00:20:19,600 --> 00:20:22,480 Speaker 1: through a company like Vanguard, but Eugen in Ukraine, he 434 00:20:22,520 --> 00:20:24,760 Speaker 1: doesn't have that same opportunity. But I've even looked to 435 00:20:24,760 --> 00:20:27,879 Speaker 1: see on Vanguard's UK site, like, what are the fees 436 00:20:27,920 --> 00:20:30,240 Speaker 1: for investing in let's say a similar fund to what 437 00:20:30,280 --> 00:20:32,680 Speaker 1: you and I invest in, and they are two to 438 00:20:32,760 --> 00:20:34,520 Speaker 1: three times as much, So you are going to pay 439 00:20:34,600 --> 00:20:37,520 Speaker 1: higher fees over there um and and so Eugen, Yeah, 440 00:20:37,640 --> 00:20:39,480 Speaker 1: the fees are going to be more than what we're 441 00:20:39,480 --> 00:20:41,240 Speaker 1: talking about over here, but you're still gonna want to 442 00:20:41,240 --> 00:20:44,120 Speaker 1: prioritize low fees as much as possible, and you're gonna 443 00:20:44,119 --> 00:20:48,800 Speaker 1: want to prioritize investing as broadly as possible to Staying 444 00:20:48,840 --> 00:20:52,360 Speaker 1: diversified in your investments is really important. And even though 445 00:20:52,359 --> 00:20:54,280 Speaker 1: your fees are going to be higher, keeping your fees 446 00:20:54,320 --> 00:20:56,159 Speaker 1: to a minimum is going to be crucial to your 447 00:20:56,160 --> 00:20:59,119 Speaker 1: returns over time as well. Yeah, and broadly speaking to you, 448 00:20:59,160 --> 00:21:02,560 Speaker 1: I mean, we are incredibly grateful for our international listeners. 449 00:21:02,880 --> 00:21:05,959 Speaker 1: We know there are folks that listening Canada, the UK, 450 00:21:06,000 --> 00:21:09,359 Speaker 1: a jill like you mentioned, Australia, Germany, We've gotten questions 451 00:21:09,400 --> 00:21:12,640 Speaker 1: from Mexico before, the Netherlands, and of course now Ukraine. 452 00:21:12,880 --> 00:21:15,320 Speaker 1: We answered a question from a guy who called himself 453 00:21:15,680 --> 00:21:18,800 Speaker 1: our number one fan in Spain. That's right, I remember that, 454 00:21:19,240 --> 00:21:22,200 Speaker 1: so we hope that this show helps regardless of where 455 00:21:22,200 --> 00:21:23,960 Speaker 1: you are, we hope that this show helps you in 456 00:21:24,000 --> 00:21:26,840 Speaker 1: your personal finance journey. Even with the limitations that we 457 00:21:26,920 --> 00:21:30,880 Speaker 1: have and being able to offer specific advice to individual countries, UM, 458 00:21:30,960 --> 00:21:33,840 Speaker 1: don't underestimate the power of the principles that we talk about, 459 00:21:34,119 --> 00:21:36,320 Speaker 1: even though the tools are going to be different in 460 00:21:36,400 --> 00:21:38,320 Speaker 1: some instances, I think some of the tools might be 461 00:21:38,440 --> 00:21:42,040 Speaker 1: severely limited in what's available, you know, for individuals there 462 00:21:42,160 --> 00:21:44,359 Speaker 1: when it comes to investing and things like that. It 463 00:21:44,359 --> 00:21:46,399 Speaker 1: certainly makes me grateful for you know, the fact that 464 00:21:46,480 --> 00:21:48,240 Speaker 1: here in America, Jill, that you know of the options 465 00:21:48,240 --> 00:21:50,159 Speaker 1: that we do have. There certainly have been maybe some 466 00:21:50,280 --> 00:21:53,920 Speaker 1: embarrassing moments, uh here in America from time to time, 467 00:21:54,280 --> 00:21:57,520 Speaker 1: But that being said, the overwhelming opportunities and options that 468 00:21:57,560 --> 00:22:00,240 Speaker 1: we have here in particular with our personal finning is 469 00:22:00,280 --> 00:22:03,159 Speaker 1: with our money to invest, it's really second to none. Well, 470 00:22:03,200 --> 00:22:04,879 Speaker 1: I met a lot of our international listeners are like, 471 00:22:04,920 --> 00:22:06,679 Speaker 1: when we talk about student loans, not terrible they are 472 00:22:06,720 --> 00:22:08,680 Speaker 1: and how bad it is for so many people laden 473 00:22:08,720 --> 00:22:10,199 Speaker 1: with student loans are like, what student loans? What are 474 00:22:10,200 --> 00:22:12,119 Speaker 1: you talking about? Because a lot of countries do that 475 00:22:12,160 --> 00:22:14,520 Speaker 1: differently too, and they do that way better than we do, 476 00:22:15,160 --> 00:22:17,120 Speaker 1: and so a lot of their graduates don't find themselves 477 00:22:17,359 --> 00:22:19,600 Speaker 1: in a hundred thousand dollars of debt that they're gonna 478 00:22:19,600 --> 00:22:20,760 Speaker 1: have to pay off for the rest of their lives. 479 00:22:20,800 --> 00:22:24,040 Speaker 1: It's not even talk about healthcare exactly. Yeah. So, yeah, 480 00:22:24,040 --> 00:22:25,919 Speaker 1: we've got a lot of issues as a country, but 481 00:22:25,960 --> 00:22:28,760 Speaker 1: when it comes to low cost investing platforms, um, we're 482 00:22:28,760 --> 00:22:30,399 Speaker 1: doing that one pretty well at least. So it's like, 483 00:22:30,480 --> 00:22:32,960 Speaker 1: can I somehow get the higher education of the Netherlands, 484 00:22:32,960 --> 00:22:36,520 Speaker 1: the health care of Canada, and the investment options of America? Yes, 485 00:22:36,560 --> 00:22:40,080 Speaker 1: please combine them all together. It'd be nice, one little utopia, 486 00:22:40,119 --> 00:22:42,440 Speaker 1: I guess, um. And one last thing we want to say, 487 00:22:42,480 --> 00:22:46,000 Speaker 1: Eugien is this is a great opportunity actually this question 488 00:22:46,080 --> 00:22:48,920 Speaker 1: and for all of our international listeners. There's a void 489 00:22:49,040 --> 00:22:52,280 Speaker 1: out there for many of your fellow country countrymen that 490 00:22:52,320 --> 00:22:54,320 Speaker 1: can be filled. And I think it's a great challenge 491 00:22:54,640 --> 00:22:58,760 Speaker 1: to say, what knowledge do I possess um about general 492 00:22:58,760 --> 00:23:01,680 Speaker 1: personal finance principles and in specific things that pertained to 493 00:23:01,760 --> 00:23:03,800 Speaker 1: my country that I could help other people with those 494 00:23:03,800 --> 00:23:06,399 Speaker 1: specific tools, Right, Yeah, So consider starting your own blog 495 00:23:06,480 --> 00:23:09,639 Speaker 1: or a podcast to help your fellow country members. I'm 496 00:23:09,680 --> 00:23:12,520 Speaker 1: just gonna take some time, some research, um and a 497 00:23:12,560 --> 00:23:14,520 Speaker 1: lot of learning, but you could be the person that 498 00:23:14,600 --> 00:23:18,159 Speaker 1: gives out really important money advice to people that need it. So, Eugen, 499 00:23:18,200 --> 00:23:19,760 Speaker 1: I'm not saying you have to, but I'm just saying 500 00:23:20,080 --> 00:23:22,439 Speaker 1: think about it. It sounds like you have educated yourself 501 00:23:22,520 --> 00:23:24,920 Speaker 1: really well about these things and so digging a little 502 00:23:24,920 --> 00:23:27,000 Speaker 1: bit deeper and then helping other people it could be 503 00:23:27,000 --> 00:23:29,400 Speaker 1: an awesome path for you to go down. All right, Matt, 504 00:23:29,440 --> 00:23:32,120 Speaker 1: we got more questions to get to, including one about 505 00:23:32,160 --> 00:23:34,600 Speaker 1: a teacher retirement plan, and we'll hit those up right 506 00:23:34,640 --> 00:23:45,040 Speaker 1: after this break. All right, Joel, we're back for the 507 00:23:45,080 --> 00:23:48,000 Speaker 1: break taking a listener questions. We're going from the other 508 00:23:48,040 --> 00:23:50,680 Speaker 1: side of the world in Ukraine to our side of 509 00:23:50,680 --> 00:23:53,200 Speaker 1: the world here in Georgia, our own backyard. So let's 510 00:23:53,200 --> 00:23:56,280 Speaker 1: go ahead and take this question from a teacher. Hi, Joel, 511 00:23:56,320 --> 00:23:58,720 Speaker 1: and that there is a step here from Swanning, Georgia. 512 00:23:59,040 --> 00:24:01,919 Speaker 1: Recently found your podcast and have started to focus in 513 00:24:02,040 --> 00:24:05,320 Speaker 1: on my personal finances. My first step is paying down 514 00:24:05,359 --> 00:24:07,920 Speaker 1: my debt. However, I am trying to learn more about 515 00:24:07,960 --> 00:24:11,439 Speaker 1: investing into my retirement. I'm a teacher, in our system 516 00:24:11,480 --> 00:24:16,280 Speaker 1: contributes six percent of pay to their Georgia retirement system. 517 00:24:16,320 --> 00:24:18,600 Speaker 1: I have contributed to a four three B and just 518 00:24:18,720 --> 00:24:22,600 Speaker 1: started four fifty seven B. However, these contributions have been 519 00:24:22,640 --> 00:24:26,239 Speaker 1: inconsistent over the last fifteen years, so I'm basically just 520 00:24:26,280 --> 00:24:29,600 Speaker 1: getting started. I'm halfway to retirement and can retire from 521 00:24:29,600 --> 00:24:33,840 Speaker 1: teaching at age fifty three and we'll receive full benefits 522 00:24:33,880 --> 00:24:36,760 Speaker 1: from my pension at that point. Is my current teacher 523 00:24:36,760 --> 00:24:41,800 Speaker 1: retirement plan enough. After looking online calculators, I'm a little 524 00:24:41,800 --> 00:24:44,240 Speaker 1: stressed out that I will be playing catchup if I 525 00:24:44,240 --> 00:24:48,520 Speaker 1: want to live comfortably at retirement age. Please help Dad. 526 00:24:48,600 --> 00:24:51,359 Speaker 1: Thanks for your question. Swanny, by the way, Matt one 527 00:24:51,400 --> 00:24:55,359 Speaker 1: of the best suburbs in Georgia. Yeah, excellent downtown. They 528 00:24:55,200 --> 00:24:57,120 Speaker 1: have some decent bruise up there. I think too. That'll 529 00:24:57,160 --> 00:24:58,320 Speaker 1: make it up there. The only thing I know about 530 00:24:58,320 --> 00:25:00,520 Speaker 1: Swanny is that's where back in the that's where I 531 00:25:00,520 --> 00:25:02,359 Speaker 1: bought my motorcycle. I don't think I ever saw your 532 00:25:02,359 --> 00:25:04,280 Speaker 1: old motorcycle. We didn't know each other. Yeah, we didn't 533 00:25:04,280 --> 00:25:06,639 Speaker 1: know each other back then, but yeah, I miss it's 534 00:25:06,800 --> 00:25:08,600 Speaker 1: but I bought it used off of Craigslist. There's a 535 00:25:08,600 --> 00:25:09,879 Speaker 1: guy over there that that's all he works on. He 536 00:25:09,920 --> 00:25:12,760 Speaker 1: just restores those old hondas. Oh nice, I know Swanny too. 537 00:25:12,760 --> 00:25:15,720 Speaker 1: I think that's where the Falcons training camps. So yeah, 538 00:25:15,760 --> 00:25:19,280 Speaker 1: way out there, Swanny. A lot of calling cards. Uh, 539 00:25:19,320 --> 00:25:21,720 Speaker 1: and Deb, let's get to your question, right. I love 540 00:25:21,720 --> 00:25:24,160 Speaker 1: that you're being intentional about paying off your debt get 541 00:25:24,200 --> 00:25:26,840 Speaker 1: after it. Also, it's nice to have a pension um 542 00:25:26,840 --> 00:25:28,880 Speaker 1: and and that just makes answering this question a little 543 00:25:28,880 --> 00:25:31,000 Speaker 1: bit easier. Most people like, what's the pension? And how 544 00:25:31,040 --> 00:25:33,399 Speaker 1: do I get one of those? Yeah? Tough for two 545 00:25:33,480 --> 00:25:35,320 Speaker 1: these days, right, Yeah, most people don't have access to 546 00:25:35,359 --> 00:25:38,600 Speaker 1: a pension anymore. It's an obvious perk for for many teachers, 547 00:25:38,640 --> 00:25:42,000 Speaker 1: plus state and federal employees. The pensions are going away 548 00:25:42,200 --> 00:25:44,600 Speaker 1: even in many of those professions these days. Uh, we 549 00:25:44,640 --> 00:25:47,480 Speaker 1: don't know your numbers, Deb in particular, but for many people, 550 00:25:47,800 --> 00:25:50,480 Speaker 1: they get a full pension. That plus Social Security is 551 00:25:50,480 --> 00:25:52,800 Speaker 1: going to provide for most of your needs a retirement. 552 00:25:53,080 --> 00:25:55,520 Speaker 1: And so that should ease some of your anxiety when 553 00:25:55,560 --> 00:25:58,560 Speaker 1: it comes to how you're thinking about continuing to invest 554 00:25:58,960 --> 00:26:01,840 Speaker 1: for for your future. Yeah, and you know you talk 555 00:26:01,880 --> 00:26:06,240 Speaker 1: about continuing to invest. Let's talk about continuing working dev Uh. 556 00:26:06,280 --> 00:26:08,160 Speaker 1: You know, you mentioned that you can retire at fifty three, 557 00:26:08,160 --> 00:26:10,520 Speaker 1: and that's great, but know that you don't, you know, 558 00:26:10,640 --> 00:26:14,120 Speaker 1: necessarily have to stop working completely at that point. Many 559 00:26:14,119 --> 00:26:17,120 Speaker 1: teachers opt to do to do something different, but continue 560 00:26:17,160 --> 00:26:19,959 Speaker 1: to make an income plus starting to collect that pension, 561 00:26:20,200 --> 00:26:22,840 Speaker 1: So you could even continue teaching at a private school. 562 00:26:23,240 --> 00:26:25,280 Speaker 1: At that point, your income will actually go up a 563 00:26:25,359 --> 00:26:27,760 Speaker 1: little bit, uh, and that can allow you to invest 564 00:26:27,840 --> 00:26:30,560 Speaker 1: even more during that last decade or so before you 565 00:26:30,640 --> 00:26:33,159 Speaker 1: quit completely. It kind of makes me think of, Uh, 566 00:26:33,240 --> 00:26:35,040 Speaker 1: it's sort of I've heard that being a teachers sort 567 00:26:35,040 --> 00:26:36,919 Speaker 1: of like being a marine, right, Like once a teacher, 568 00:26:37,160 --> 00:26:40,000 Speaker 1: always a teacher. It's a one hand right now to 569 00:26:40,080 --> 00:26:42,280 Speaker 1: have You're probably thinking, oh, no, I can't wait to retire. 570 00:26:42,400 --> 00:26:44,200 Speaker 1: But at the same time, I don't know, I would 571 00:26:44,240 --> 00:26:46,240 Speaker 1: maybe challenge that thought. I think it could be difficult 572 00:26:46,280 --> 00:26:48,440 Speaker 1: to kind of quit cold turkey, and so I would 573 00:26:48,520 --> 00:26:50,880 Speaker 1: kind of recommend to start looking and start thinking about 574 00:26:50,920 --> 00:26:53,200 Speaker 1: maybe some of these different opportunities that you might want 575 00:26:53,200 --> 00:26:55,280 Speaker 1: to consider, you know, when it does come time to retire. 576 00:26:55,840 --> 00:26:58,359 Speaker 1: Basically by thinking about these now, I think you can 577 00:26:58,400 --> 00:27:00,359 Speaker 1: kind of essentially prime yourself so that when one of 578 00:27:00,400 --> 00:27:03,600 Speaker 1: these opportunities does come across your path, that's something that 579 00:27:03,640 --> 00:27:05,959 Speaker 1: you can immediately pounce on. Yeah, and that's actually what 580 00:27:06,000 --> 00:27:08,000 Speaker 1: my father in law did thirty years as a teacher. 581 00:27:08,240 --> 00:27:10,960 Speaker 1: He retired from that school district and went to teach 582 00:27:10,960 --> 00:27:13,720 Speaker 1: in a private school. Is collecting the pension and a paycheck. Nice, 583 00:27:13,800 --> 00:27:17,159 Speaker 1: pretty sweet life. Um so, deb That's definitely something to 584 00:27:17,240 --> 00:27:19,600 Speaker 1: keep in mind, something you can do. Being able to 585 00:27:19,640 --> 00:27:22,400 Speaker 1: collect to paychecks at least for you know, a few years, 586 00:27:22,520 --> 00:27:26,000 Speaker 1: could be really really helpful. And also to don't stress, 587 00:27:26,240 --> 00:27:28,080 Speaker 1: but do take action, you know, Matt and I would 588 00:27:28,119 --> 00:27:31,280 Speaker 1: encourage you to get consistent with your contributions right. Investing 589 00:27:31,480 --> 00:27:34,639 Speaker 1: another five to six percent of your income in the 590 00:27:34,720 --> 00:27:37,520 Speaker 1: upcoming years will make a major difference in the comfort 591 00:27:37,600 --> 00:27:39,959 Speaker 1: level that you're going to have with your future income 592 00:27:40,040 --> 00:27:43,000 Speaker 1: when you do hit real retirement age. And you can 593 00:27:43,000 --> 00:27:45,560 Speaker 1: accomplish that by either making a little bit more money 594 00:27:45,640 --> 00:27:48,040 Speaker 1: or spending a little bit less and realize that you 595 00:27:48,119 --> 00:27:50,440 Speaker 1: have control over this and you can make some changes. 596 00:27:50,640 --> 00:27:53,040 Speaker 1: And as you make those changes, you can funnel that 597 00:27:53,040 --> 00:27:55,680 Speaker 1: money directly either into your workplace retirement plan or you 598 00:27:55,720 --> 00:27:58,199 Speaker 1: can go open one up for yourself and Matt and I. 599 00:27:58,280 --> 00:28:01,080 Speaker 1: We love Roth Eyres. That's something to consider. Yeah, totally. Yeah, 600 00:28:01,119 --> 00:28:04,080 Speaker 1: I wanna emphasize that note of empowerment, you know, because 601 00:28:04,080 --> 00:28:07,360 Speaker 1: it's not like you're necessarily on this track of maintaining 602 00:28:07,400 --> 00:28:10,600 Speaker 1: the exact same income or maintaining the exact same expenses. Right, 603 00:28:10,800 --> 00:28:14,120 Speaker 1: you can make some drastic changes like maybe downsizing your 604 00:28:14,119 --> 00:28:16,480 Speaker 1: home and living somewhere that's maybe a little bit more affordable. 605 00:28:16,840 --> 00:28:19,159 Speaker 1: That's something that is pretty drastic, but it would have 606 00:28:19,200 --> 00:28:22,840 Speaker 1: a significant impact on your ability to save uh. And 607 00:28:22,760 --> 00:28:24,520 Speaker 1: and maybe it can be something smaller as well, right, 608 00:28:24,520 --> 00:28:26,239 Speaker 1: like maybe it's the smallest earning a little bit more 609 00:28:26,240 --> 00:28:28,399 Speaker 1: money on the side with a little side gig. But 610 00:28:28,520 --> 00:28:31,640 Speaker 1: just know that it's something that you have total control 611 00:28:31,680 --> 00:28:35,120 Speaker 1: over your life and your finances. They're not on autopilot. 612 00:28:35,320 --> 00:28:37,439 Speaker 1: You are at the wheel and you can make those changes. 613 00:28:37,680 --> 00:28:39,840 Speaker 1: Great point, man, I feel like, yeah, we we often 614 00:28:40,080 --> 00:28:42,080 Speaker 1: just kind of take life as it comes to us. 615 00:28:42,240 --> 00:28:44,080 Speaker 1: We forget that there's so much that we can change, 616 00:28:44,080 --> 00:28:46,080 Speaker 1: so many things that we can influence about our lives 617 00:28:46,080 --> 00:28:48,800 Speaker 1: and the trajectory of our financial lives. Change it. And 618 00:28:48,880 --> 00:28:51,160 Speaker 1: Debb is totally at a point where she can make 619 00:28:51,400 --> 00:28:54,800 Speaker 1: enough changes to provide for her own retirement and to 620 00:28:54,840 --> 00:28:57,160 Speaker 1: also not have to stress about it at the same time. 621 00:28:57,520 --> 00:28:59,680 Speaker 1: And Debb I just mentioned by the way, roth iras 622 00:28:59,720 --> 00:29:01,880 Speaker 1: and and and we talked about those quite a bit 623 00:29:01,880 --> 00:29:03,640 Speaker 1: on the show. But it's one of those things where 624 00:29:03,880 --> 00:29:05,960 Speaker 1: a roth ira might actually make more sense for you 625 00:29:06,000 --> 00:29:08,960 Speaker 1: than investing more inside of your workplace retirement plan just 626 00:29:09,000 --> 00:29:11,920 Speaker 1: because of the fees. So make sure to specifically look 627 00:29:12,120 --> 00:29:14,520 Speaker 1: for what the fees are inside of that plan, and 628 00:29:14,520 --> 00:29:16,840 Speaker 1: if they don't look so good, then instead open up 629 00:29:16,840 --> 00:29:19,080 Speaker 1: your own plan with one of the low cost companies 630 00:29:19,080 --> 00:29:21,160 Speaker 1: that Matt and I talked about all the time. Yeah, 631 00:29:21,240 --> 00:29:23,120 Speaker 1: that's right, man. All right, We've got another question here 632 00:29:23,160 --> 00:29:25,640 Speaker 1: for us. A listener or a couple and they're considering 633 00:29:25,640 --> 00:29:28,640 Speaker 1: swapping out their hun day for a big old truck. Hey, 634 00:29:28,720 --> 00:29:30,680 Speaker 1: Joel and Matt. My name is Nick and I'm from Maine. 635 00:29:30,880 --> 00:29:32,680 Speaker 1: I have a question about the right time to trade 636 00:29:32,680 --> 00:29:36,120 Speaker 1: in a vehicle. I currently have a Lantra that is 637 00:29:36,160 --> 00:29:38,680 Speaker 1: just under a hundred thousand miles, but my fiance and 638 00:29:38,680 --> 00:29:40,440 Speaker 1: I are thinking about getting a truck to assist with 639 00:29:40,480 --> 00:29:43,160 Speaker 1: our many projects around the house. We currently also have 640 00:29:43,160 --> 00:29:45,719 Speaker 1: a rap four, but are often limited by the amount 641 00:29:45,760 --> 00:29:48,440 Speaker 1: the suv can hold. Would you recommend dealing with the 642 00:29:48,480 --> 00:29:51,040 Speaker 1: limited vehicle size and driving the lant until it dies, 643 00:29:51,360 --> 00:29:54,360 Speaker 1: or using the Elantra It's remaining value to help with 644 00:29:54,400 --> 00:29:56,600 Speaker 1: the cost of a new to US vehicle. Thank you 645 00:29:56,640 --> 00:29:59,480 Speaker 1: for taking my question, and we love the show. It 646 00:29:59,520 --> 00:30:01,840 Speaker 1: sounds like a truck time for Nick Matt What do 647 00:30:01,840 --> 00:30:04,400 Speaker 1: you think Have you ever been to a monster truck rally? Yes, 648 00:30:05,120 --> 00:30:06,640 Speaker 1: of course when I was a kid. I've never been 649 00:30:06,680 --> 00:30:07,920 Speaker 1: to one. I need to take my kids one of 650 00:30:08,000 --> 00:30:10,800 Speaker 1: these days. Yeah, they're so fun. I don't think Nick's 651 00:30:10,800 --> 00:30:12,440 Speaker 1: looking for a monster truck, but if he was, I 652 00:30:12,760 --> 00:30:15,400 Speaker 1: feel like it'd be an even cooler question. Uh. Nick, 653 00:30:15,440 --> 00:30:18,840 Speaker 1: But when it comes to your actual question, swapping used cars, 654 00:30:19,040 --> 00:30:20,480 Speaker 1: it's really not that bad of an idea, and it 655 00:30:20,480 --> 00:30:22,080 Speaker 1: makes a whole lot of sense in a lot of cases. 656 00:30:22,560 --> 00:30:25,960 Speaker 1: My family we actually did something really similar recently, going 657 00:30:26,040 --> 00:30:28,320 Speaker 1: from a micro van which had a third row, but 658 00:30:28,360 --> 00:30:31,640 Speaker 1: it was small. That's what you call it a micro minivan. Yeah, 659 00:30:31,800 --> 00:30:33,880 Speaker 1: but we're actually just called micro van. It's called a 660 00:30:33,920 --> 00:30:37,640 Speaker 1: micro van. Yeah, which great car. But now we went 661 00:30:37,680 --> 00:30:40,880 Speaker 1: to a full size minivan, a Honda Odyssey because we 662 00:30:40,920 --> 00:30:42,959 Speaker 1: needed the space once we had a third kid. It's 663 00:30:43,000 --> 00:30:44,560 Speaker 1: just so much better for road trips. And he just 664 00:30:44,560 --> 00:30:46,480 Speaker 1: wanted to be like us, and I wanted to be 665 00:30:46,520 --> 00:30:49,960 Speaker 1: like you exactly, And so yeah, we sold our older 666 00:30:50,040 --> 00:30:53,200 Speaker 1: vehicle for about bucks, bought the new one for about 667 00:30:53,280 --> 00:30:57,400 Speaker 1: five thousand bucks, and that four was well worth it. 668 00:30:57,400 --> 00:30:59,880 Speaker 1: It makes everyday driving and the road trips, like I mentioned, 669 00:30:59,880 --> 00:31:02,760 Speaker 1: so much better with three kids. So yeah, I'm totally 670 00:31:02,800 --> 00:31:06,840 Speaker 1: not against swapping out similarly priced used vehicles. It's less 671 00:31:06,840 --> 00:31:08,760 Speaker 1: of a money decision in this case and more just 672 00:31:08,800 --> 00:31:11,160 Speaker 1: like a lifestyle decision. Plus, that phone or bucks was 673 00:31:11,240 --> 00:31:13,200 Speaker 1: totally worth it given the fact that you got those 674 00:31:13,240 --> 00:31:17,200 Speaker 1: electronic automatic doors man when in the sweet DVD player too, well, 675 00:31:17,200 --> 00:31:19,080 Speaker 1: when you got the kids, Like for me, having the 676 00:31:19,120 --> 00:31:22,480 Speaker 1: doors is clutched, like being able to just hit that button, 677 00:31:22,640 --> 00:31:24,240 Speaker 1: you know, but without even leaving the house, it's like 678 00:31:24,240 --> 00:31:26,120 Speaker 1: all right, get outside, get in the car, and they 679 00:31:26,240 --> 00:31:28,200 Speaker 1: kind of run down there and scamper down the steps, 680 00:31:28,200 --> 00:31:29,880 Speaker 1: you know, especially when you're trying to like buckle in 681 00:31:29,920 --> 00:31:32,160 Speaker 1: a one year old man. You can click the button 682 00:31:32,240 --> 00:31:34,680 Speaker 1: on your on your key key chain fob and uh, 683 00:31:34,880 --> 00:31:36,520 Speaker 1: you know, the door opens for you. Then it's so 684 00:31:36,560 --> 00:31:40,640 Speaker 1: much easier to put the kid in where such Dad's uh. Nick. 685 00:31:40,760 --> 00:31:43,280 Speaker 1: Something else I want you to consider, too, are the 686 00:31:43,640 --> 00:31:46,520 Speaker 1: frequency of these house projects that you're talking about. I'd 687 00:31:46,520 --> 00:31:48,080 Speaker 1: love for you to sit down and think about, you know, 688 00:31:48,120 --> 00:31:51,360 Speaker 1: how often you actually need or how often you actually 689 00:31:51,480 --> 00:31:54,160 Speaker 1: use a pickup truck? You know? Instead, could you maybe 690 00:31:54,200 --> 00:31:56,560 Speaker 1: rent one by the hour from home Depot or Lows. 691 00:31:57,040 --> 00:31:58,720 Speaker 1: You can get one of those for an hour and 692 00:31:58,760 --> 00:32:01,520 Speaker 1: a half for just twenty bucks. It's amazing. It's a 693 00:32:02,080 --> 00:32:04,280 Speaker 1: there's so much value there. I'm always like, wait, it's 694 00:32:04,280 --> 00:32:05,840 Speaker 1: only twenty bucks for an hour and a half of 695 00:32:05,840 --> 00:32:07,880 Speaker 1: the sweet pickup truck. How do they do that? I'm 696 00:32:07,880 --> 00:32:11,320 Speaker 1: not sure. Uh, it's if you only need one a 697 00:32:11,360 --> 00:32:13,280 Speaker 1: handful of times per year, you know, that might be 698 00:32:13,320 --> 00:32:16,200 Speaker 1: a better direction to go in And And the other 699 00:32:16,240 --> 00:32:17,959 Speaker 1: thing too, is like being able to load up your 700 00:32:18,000 --> 00:32:20,880 Speaker 1: rav four with like all this stuff from Lows or 701 00:32:20,920 --> 00:32:23,320 Speaker 1: home Depot, Like it's almost like this badge of honor. 702 00:32:24,160 --> 00:32:26,560 Speaker 1: I feel like where you're really putting that vehicle to use. 703 00:32:26,720 --> 00:32:29,520 Speaker 1: I remember back when we had our VDA station wagon, 704 00:32:29,960 --> 00:32:32,200 Speaker 1: did we moved couches on top of that thing? Like 705 00:32:32,240 --> 00:32:35,080 Speaker 1: full sized couches, like from city to city, like I've 706 00:32:35,080 --> 00:32:38,280 Speaker 1: I've transported a refrigerator on top of that thing before. Uh. 707 00:32:38,320 --> 00:32:40,320 Speaker 1: And so there's a lot that you can do. Is 708 00:32:40,360 --> 00:32:44,040 Speaker 1: it ideal? No? But you know, in the rare instances, 709 00:32:44,320 --> 00:32:46,040 Speaker 1: you know, when you do load it up. I think 710 00:32:46,080 --> 00:32:49,360 Speaker 1: oftentimes the pickup truck is sort of idolized a little 711 00:32:49,360 --> 00:32:50,840 Speaker 1: too much, like, oh, I need you need to pick 712 00:32:50,880 --> 00:32:52,520 Speaker 1: up truck to put those two by fours in. It's like, 713 00:32:52,560 --> 00:32:54,360 Speaker 1: oh do I or can I just pop the rear 714 00:32:54,360 --> 00:32:56,040 Speaker 1: tailgate and how that kind of hanging out a little bit, 715 00:32:56,080 --> 00:32:58,120 Speaker 1: put a little red plastic flag on there. You're good 716 00:32:58,120 --> 00:33:02,120 Speaker 1: to go. I personally loved doing things that other people don't. Uh. 717 00:33:02,160 --> 00:33:04,560 Speaker 1: And that I think that lends itself well maybe to 718 00:33:04,640 --> 00:33:06,520 Speaker 1: saving money in particular when it comes to cars. Yeah, 719 00:33:06,520 --> 00:33:08,760 Speaker 1: I got a dishwasher in my niece on leaf one time, 720 00:33:08,760 --> 00:33:10,160 Speaker 1: and I felt so proud. I was like, I didn't 721 00:33:10,200 --> 00:33:12,400 Speaker 1: know that was gonna work, but I made it happen, 722 00:33:12,640 --> 00:33:15,440 Speaker 1: absolutely all right. And one other thing to consider nick 723 00:33:15,520 --> 00:33:18,440 Speaker 1: when you're swapping out used vehicles, Well, the great thing is, 724 00:33:18,480 --> 00:33:21,760 Speaker 1: like I said, there typically aren't any costs you'll incur 725 00:33:21,920 --> 00:33:25,080 Speaker 1: beyond the maybe increased price of the newer used vehicle 726 00:33:25,120 --> 00:33:27,360 Speaker 1: that you're getting, and that might not even apply, right. 727 00:33:27,720 --> 00:33:29,760 Speaker 1: It's not like buying and selling a home where the 728 00:33:29,800 --> 00:33:34,000 Speaker 1: transaction costs alone make it just prohibitive to move. Some states, though, 729 00:33:34,360 --> 00:33:38,160 Speaker 1: like ours, Matt, in Georgia, they do assess taxes every 730 00:33:38,160 --> 00:33:41,000 Speaker 1: time you purchase a vehicle instead of an annual tax 731 00:33:41,040 --> 00:33:43,680 Speaker 1: based on the cars of value of the ad alarm. Yeah. Yeah, 732 00:33:43,680 --> 00:33:45,640 Speaker 1: And that's a recent change that we've had here in Georgia, 733 00:33:45,680 --> 00:33:47,680 Speaker 1: and that certainly has had an impact on how it 734 00:33:47,720 --> 00:33:49,320 Speaker 1: is that I view vehicles. You know, I'm not like 735 00:33:49,680 --> 00:33:51,880 Speaker 1: I'm gonna go out there and swap vehicles left and 736 00:33:51,960 --> 00:33:53,680 Speaker 1: right just because you know, my knees change a little bit. 737 00:33:53,720 --> 00:33:55,840 Speaker 1: I'm gonna I'm gonna buy something and hang onto it 738 00:33:55,880 --> 00:33:58,360 Speaker 1: literally into the wheels fall off right again like a dad. 739 00:33:59,480 --> 00:34:01,320 Speaker 1: When that was the biggest thing that we had to 740 00:34:01,320 --> 00:34:04,040 Speaker 1: to think about when we sold our our Masda and 741 00:34:04,040 --> 00:34:05,960 Speaker 1: we bought our Honda, was literally, how long is this 742 00:34:06,000 --> 00:34:07,720 Speaker 1: car going to work out for us? Because it's the 743 00:34:07,760 --> 00:34:10,399 Speaker 1: taxes now that we have to consider, and and most 744 00:34:10,440 --> 00:34:12,200 Speaker 1: people in a lot of states they don't have to 745 00:34:12,280 --> 00:34:14,719 Speaker 1: think about that, but just heads up, know what your 746 00:34:14,760 --> 00:34:17,960 Speaker 1: state's tax law is when it comes to car taxes, um, 747 00:34:18,000 --> 00:34:20,080 Speaker 1: and if your state does it like we do. I'm 748 00:34:20,120 --> 00:34:21,719 Speaker 1: not sure what they do in Maine, but if they 749 00:34:21,719 --> 00:34:23,680 Speaker 1: do it like we do, then that's just one extra 750 00:34:23,719 --> 00:34:25,799 Speaker 1: cost you have to factor in as to whether it's 751 00:34:25,880 --> 00:34:27,960 Speaker 1: worth it or not. Yeah, and so Nick, let's talk 752 00:34:27,960 --> 00:34:29,440 Speaker 1: about too, whether or not this is sort of your 753 00:34:29,440 --> 00:34:32,680 Speaker 1: craft beer equivalent. I now we're talking about driving here, 754 00:34:32,840 --> 00:34:34,359 Speaker 1: but I think we can kind of introduce craft beer 755 00:34:34,360 --> 00:34:37,120 Speaker 1: into this equation. Of course, decisions like this should, of 756 00:34:37,120 --> 00:34:39,960 Speaker 1: course involve an assessment of how they'll impact your personal finances, 757 00:34:40,120 --> 00:34:42,000 Speaker 1: how it will affect your money. That's basically what we've 758 00:34:42,000 --> 00:34:44,399 Speaker 1: been talking about here. But this decision impacts so much 759 00:34:44,440 --> 00:34:46,480 Speaker 1: more than that as well. If this truck will fit 760 00:34:46,520 --> 00:34:49,680 Speaker 1: your lifestyle like a glove, if this is your craft 761 00:34:49,719 --> 00:34:52,319 Speaker 1: beer equivalent, right, If these house projects are something that 762 00:34:52,400 --> 00:34:54,719 Speaker 1: you and your fiance love to do, in particular, if 763 00:34:54,719 --> 00:34:57,560 Speaker 1: it's bringing value to your property, and if you can 764 00:34:57,640 --> 00:34:59,719 Speaker 1: upgrade with the cash that you have in your bank 765 00:34:59,719 --> 00:35:02,520 Speaker 1: accou out and avoid alone, man, we would say go 766 00:35:02,600 --> 00:35:04,279 Speaker 1: for it. You know, maybe what you could do too, 767 00:35:04,280 --> 00:35:08,240 Speaker 1: is commit to selling that Hyundai that Alantra before buying 768 00:35:08,280 --> 00:35:10,399 Speaker 1: a used truck, so that one, first of all, you're 769 00:35:10,400 --> 00:35:12,480 Speaker 1: not stuck with three vehicles for a period of time. 770 00:35:12,880 --> 00:35:14,360 Speaker 1: And then two, so that you're able to kind of 771 00:35:14,400 --> 00:35:17,120 Speaker 1: silo those funds from the sale of the Hundai and 772 00:35:17,160 --> 00:35:19,520 Speaker 1: then limit yourself to how much you'll actually spend on 773 00:35:19,560 --> 00:35:21,640 Speaker 1: that pickup truck. I think so much of the slippery 774 00:35:21,640 --> 00:35:24,839 Speaker 1: slope here is starting to go truck shopping, because then 775 00:35:24,880 --> 00:35:27,319 Speaker 1: you think, oh, if you get the extended bed, then 776 00:35:27,360 --> 00:35:30,160 Speaker 1: we can fit full size four by six sheets of plywood, 777 00:35:30,680 --> 00:35:32,880 Speaker 1: or oh, I can see myself driving a Toyota, you know, 778 00:35:32,920 --> 00:35:34,879 Speaker 1: like we've got a raw four. What if we get 779 00:35:35,000 --> 00:35:37,360 Speaker 1: like one of those nice tacomas. Do they even make 780 00:35:37,400 --> 00:35:39,680 Speaker 1: tacomas anymore? Don't even show? Yeah? Yeah, but I can 781 00:35:39,760 --> 00:35:43,000 Speaker 1: say you can inflate your expectations exactly versus looking at 782 00:35:43,040 --> 00:35:45,040 Speaker 1: a used truck that's like ten years old that you 783 00:35:45,040 --> 00:35:46,800 Speaker 1: could literally get for the same amount of money that 784 00:35:46,840 --> 00:35:48,960 Speaker 1: you're selling your Landra for. That's what I want you 785 00:35:49,000 --> 00:35:51,000 Speaker 1: to do, Nick, And that's totally the conversation Emily and 786 00:35:51,040 --> 00:35:52,840 Speaker 1: I had to have when we were switching from the 787 00:35:52,840 --> 00:35:55,480 Speaker 1: micro van to the big van. Was okay, well, how 788 00:35:55,560 --> 00:35:57,000 Speaker 1: much are we gonna spend a whole lot extra on this? 789 00:35:57,000 --> 00:35:58,520 Speaker 1: Because we were looking at vans in the twelve to 790 00:35:58,600 --> 00:36:02,120 Speaker 1: fifteen thousand dollar range, and ultimately we decided we don't 791 00:36:02,160 --> 00:36:04,000 Speaker 1: want to do that. We did not want to upgrade 792 00:36:04,000 --> 00:36:07,560 Speaker 1: did that extent. We wanted to keep the cost similarly aligned. 793 00:36:07,560 --> 00:36:10,040 Speaker 1: And so, yeah, Matt, I think selling that car first, 794 00:36:10,040 --> 00:36:12,759 Speaker 1: it's great advice because it helps you know what you're 795 00:36:12,800 --> 00:36:14,840 Speaker 1: dealing with cash on hand to be able to buy 796 00:36:14,960 --> 00:36:16,960 Speaker 1: that next vehicle so that you're not going into dead 797 00:36:17,239 --> 00:36:20,200 Speaker 1: by swapping out used cars. So Nick, best of luck 798 00:36:20,200 --> 00:36:22,200 Speaker 1: to you man in your home projects, and when it 799 00:36:22,239 --> 00:36:24,319 Speaker 1: comes to that truck you're buying. All right, Matt, Let's 800 00:36:24,320 --> 00:36:25,680 Speaker 1: get back to the beer that we had on the 801 00:36:25,680 --> 00:36:29,040 Speaker 1: show today. This one's called Photons Fear by Old Hickory Brewing, 802 00:36:29,200 --> 00:36:31,920 Speaker 1: and listener Christopher tossed this one in our way. What 803 00:36:31,960 --> 00:36:33,360 Speaker 1: were your thoughts on this one? Man? Yeah? Man, this 804 00:36:33,440 --> 00:36:38,080 Speaker 1: is an Imperial stout bourbon barrel aged with honey, cinnamon, vanilla, 805 00:36:38,400 --> 00:36:41,799 Speaker 1: coco and having narrow peppers. This is a beer that 806 00:36:41,840 --> 00:36:44,640 Speaker 1: I feel like I'm tasting every single one of those flavors. 807 00:36:45,320 --> 00:36:47,800 Speaker 1: This is such a good beer, and I am such 808 00:36:47,960 --> 00:36:50,799 Speaker 1: a fan of these bigger stouts that are barrel aged, right, 809 00:36:50,800 --> 00:36:53,080 Speaker 1: and so what that means is literally it's been aged 810 00:36:53,080 --> 00:36:57,520 Speaker 1: and barrels that used to house bourbon, which imparts this bourbony, 811 00:36:57,680 --> 00:37:00,320 Speaker 1: sweet oak nous. But at the same time that stout 812 00:37:00,320 --> 00:37:03,799 Speaker 1: it's not overwhelmed with that sweetness in particular because this 813 00:37:03,840 --> 00:37:06,040 Speaker 1: one has some of that pepper, some of that spicy 814 00:37:06,080 --> 00:37:08,600 Speaker 1: action going on. And if you've never had a bigger 815 00:37:08,600 --> 00:37:11,040 Speaker 1: stout like this, uh that is also spicy that has 816 00:37:11,040 --> 00:37:13,279 Speaker 1: peppers in it, you are missing out. I mean, this 817 00:37:13,360 --> 00:37:16,640 Speaker 1: particular style of stout that has some heat brewed into 818 00:37:16,680 --> 00:37:19,319 Speaker 1: it is one of my absolute favorite kinds of stouts. Yeah, 819 00:37:19,440 --> 00:37:22,680 Speaker 1: I completely agree. Um, definitely right up my alley. And 820 00:37:22,680 --> 00:37:24,640 Speaker 1: I feel like all those other goodies that are thrown 821 00:37:24,640 --> 00:37:27,719 Speaker 1: in that, like the vanilla and the cinnamon just kind 822 00:37:27,719 --> 00:37:30,439 Speaker 1: of helped counteract that heat. But you get both coming 823 00:37:30,480 --> 00:37:32,160 Speaker 1: at you at the same time, and it's just well 824 00:37:32,239 --> 00:37:34,759 Speaker 1: rounded and delicious. So yeah, I really loved this one. 825 00:37:35,000 --> 00:37:37,759 Speaker 1: Big thanks to Christopher for sending this one our way. Yeah, 826 00:37:37,760 --> 00:37:39,400 Speaker 1: and at the beginning of this episode two we mentioned 827 00:37:39,400 --> 00:37:42,560 Speaker 1: how we've been in touch with Christopher. We actually participated 828 00:37:42,600 --> 00:37:45,560 Speaker 1: in a webinar that a trade organization that he is 829 00:37:45,600 --> 00:37:48,799 Speaker 1: a part of. So he is a nuclear engineer, and 830 00:37:48,840 --> 00:37:51,520 Speaker 1: which is part of why this beer is photon sphere. 831 00:37:51,800 --> 00:37:54,200 Speaker 1: I think it has something to do with atomic energy. 832 00:37:55,640 --> 00:37:58,480 Speaker 1: I'm not smart enough to understand what photon sphere is, 833 00:37:58,520 --> 00:38:01,879 Speaker 1: but it's got some sophisticated scientific drawings there on the front. 834 00:38:01,880 --> 00:38:04,280 Speaker 1: All I know is money man. We know personal finance. 835 00:38:04,360 --> 00:38:06,560 Speaker 1: But but we were able to speak to his group 836 00:38:06,640 --> 00:38:10,600 Speaker 1: about personal finances and in particular ways that their members 837 00:38:10,640 --> 00:38:14,640 Speaker 1: could continue down the path towards financial independence. And so yeah, 838 00:38:14,680 --> 00:38:16,080 Speaker 1: that's something that you you know, we've done that a 839 00:38:16,080 --> 00:38:18,359 Speaker 1: couple of times now, uh, And it was a lot 840 00:38:18,400 --> 00:38:19,560 Speaker 1: of fun, and I think that's something that you and 841 00:38:19,640 --> 00:38:21,319 Speaker 1: I might want to do more. And so talking to 842 00:38:21,440 --> 00:38:24,800 Speaker 1: us about hopping on a webinar maybe for your employer 843 00:38:24,920 --> 00:38:27,439 Speaker 1: or something like that sounds like something you're looking for. 844 00:38:27,680 --> 00:38:30,080 Speaker 1: Head to how the money dot com forward slash speak 845 00:38:30,360 --> 00:38:32,400 Speaker 1: and we'll have some more information up there. Yeah, I 846 00:38:32,400 --> 00:38:33,759 Speaker 1: no doubt that was a lot of fun talking to 847 00:38:33,760 --> 00:38:36,720 Speaker 1: people that are way smarter than us about the stuff 848 00:38:36,719 --> 00:38:39,160 Speaker 1: that we know. Well though, that's true. Yeah, So all right, Matt, 849 00:38:39,200 --> 00:38:40,759 Speaker 1: that's gonna do it for this episode. Thanks again to 850 00:38:40,760 --> 00:38:43,280 Speaker 1: everyone for submitting your questions. If you want show notes 851 00:38:43,360 --> 00:38:45,920 Speaker 1: for this episode links to some of the things we mentioned, 852 00:38:46,120 --> 00:38:48,239 Speaker 1: you can go to our website at how to money 853 00:38:48,280 --> 00:38:50,520 Speaker 1: dot com. Joel, that's gonna be it for this episode, Buddy. 854 00:38:50,560 --> 00:39:00,120 Speaker 1: Until next time, Best Friends out, Best Friends Out. M