1 00:00:00,080 --> 00:00:03,080 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt. 2 00:00:03,279 --> 00:00:24,760 Speaker 1: Today we're answering your listener questions. You know what, man, 3 00:00:24,800 --> 00:00:27,440 Speaker 1: this is our ask How the Money Monday episodes, where 4 00:00:28,000 --> 00:00:30,639 Speaker 1: like we always do, we've got five listener questions that 5 00:00:30,720 --> 00:00:33,400 Speaker 1: we're going to get to, including a listener who's asking 6 00:00:33,520 --> 00:00:36,159 Speaker 1: whether they should be combining their their finances. This is 7 00:00:36,520 --> 00:00:39,599 Speaker 1: advice for a newlywed couple. Another listener is looking he's 8 00:00:39,600 --> 00:00:43,159 Speaker 1: trying to locate the fees associated with the funds that 9 00:00:43,159 --> 00:00:46,880 Speaker 1: they're invested in. He's investing, but what is it costing him? 10 00:00:46,880 --> 00:00:49,040 Speaker 1: That's always something that we recommend for folks to do. 11 00:00:49,159 --> 00:00:50,800 Speaker 1: And then we're going to be offering our best advice 12 00:00:50,880 --> 00:00:54,080 Speaker 1: to a listener who is inheriting some money. What should 13 00:00:54,080 --> 00:00:56,080 Speaker 1: she be doing with that money. I'm looking forward to 14 00:00:56,160 --> 00:00:58,160 Speaker 1: all three of those questions, plus a couple others to 15 00:00:58,160 --> 00:01:00,880 Speaker 1: try and bring your a game today, Matthew, Okay, I 16 00:01:00,960 --> 00:01:04,200 Speaker 1: am bringing it. Okay, Well, before we get that, I 17 00:01:04,240 --> 00:01:07,640 Speaker 1: just want to trying I kind of like with a coworker. 18 00:01:07,640 --> 00:01:09,360 Speaker 1: I haven't seen it in a couple of years. This 19 00:01:09,720 --> 00:01:12,520 Speaker 1: last week for coffee and it was it was just 20 00:01:13,000 --> 00:01:14,720 Speaker 1: nice to see him it has been a long time, 21 00:01:15,000 --> 00:01:16,920 Speaker 1: and during the course of our conversation, he mentioned to 22 00:01:16,959 --> 00:01:19,720 Speaker 1: me that he had cut back to working three and 23 00:01:19,720 --> 00:01:22,120 Speaker 1: a half days a week and yet he was still 24 00:01:22,160 --> 00:01:24,160 Speaker 1: able three and a half very nice. Yeah, he was 25 00:01:24,200 --> 00:01:26,640 Speaker 1: still able to get full time benefits because of that. 26 00:01:26,680 --> 00:01:28,560 Speaker 1: So he's basically like this part time full time role. 27 00:01:28,800 --> 00:01:30,839 Speaker 1: And it just made me think. My mom did something 28 00:01:30,840 --> 00:01:33,000 Speaker 1: similar where she cut back to working three days a 29 00:01:33,000 --> 00:01:36,319 Speaker 1: week as a nurse. And I think some nurses do 30 00:01:36,360 --> 00:01:38,200 Speaker 1: twelve hour work days. She doesn't. It's more like a 31 00:01:38,280 --> 00:01:40,399 Speaker 1: nine or ten hour work day. But she's able to 32 00:01:40,440 --> 00:01:44,320 Speaker 1: work three days a week still get healthcare benefits through 33 00:01:44,360 --> 00:01:46,920 Speaker 1: her job, and so I don't know. It just makes 34 00:01:47,080 --> 00:01:48,920 Speaker 1: I think there's a lot of people, Matt who made 35 00:01:48,920 --> 00:01:51,720 Speaker 1: me feel like they're they're working too much. They don't 36 00:01:51,760 --> 00:01:55,480 Speaker 1: mind making less money, but the difficult thing, uh, the 37 00:01:55,520 --> 00:01:58,040 Speaker 1: most difficult thing about working part time typically for a 38 00:01:58,080 --> 00:01:59,840 Speaker 1: lot of people would be to lose those benefits, maybe 39 00:01:59,880 --> 00:02:01,440 Speaker 1: to not have a four one K, to not have 40 00:02:01,800 --> 00:02:05,240 Speaker 1: health access, health care access, and so I just put 41 00:02:05,280 --> 00:02:08,040 Speaker 1: it on people's radar. Talking to my friend THEO, realizing 42 00:02:08,080 --> 00:02:10,200 Speaker 1: that he kind of made that plunge and you know, 43 00:02:10,200 --> 00:02:12,560 Speaker 1: talking to my mom about her decision to go down 44 00:02:12,560 --> 00:02:15,000 Speaker 1: that route made me feel like it was worth a 45 00:02:15,040 --> 00:02:18,720 Speaker 1: suggestion here for our listeners who are, you know, financially savvy. 46 00:02:18,760 --> 00:02:20,560 Speaker 1: They've been doing a good job, they've been saving and 47 00:02:20,600 --> 00:02:23,560 Speaker 1: investing well, but they're like, you know what, I'm not 48 00:02:23,639 --> 00:02:25,760 Speaker 1: necessarily wanting to like quit my job and go do 49 00:02:25,840 --> 00:02:28,280 Speaker 1: something different. I like my job, but I would like 50 00:02:28,280 --> 00:02:30,120 Speaker 1: a little more personal time. I would like some more 51 00:02:30,160 --> 00:02:34,040 Speaker 1: time to ride my bike, or work out, or volunteer 52 00:02:34,240 --> 00:02:36,840 Speaker 1: at the local shelter down the street from me. Whatever 53 00:02:36,919 --> 00:02:39,160 Speaker 1: it is that you would love to have extra time 54 00:02:39,200 --> 00:02:42,120 Speaker 1: to do well, it might not necessarily take this severe 55 00:02:42,160 --> 00:02:44,640 Speaker 1: trade off like saying I'm quitting work all together to 56 00:02:44,680 --> 00:02:47,399 Speaker 1: go in this direction. Um, I'm going from a full 57 00:02:47,400 --> 00:02:50,000 Speaker 1: time salary to no salary. There are these gradations of 58 00:02:50,000 --> 00:02:52,560 Speaker 1: work that you can basically implement into your life, and 59 00:02:52,919 --> 00:02:55,040 Speaker 1: more folks are doing it, so just word of the 60 00:02:55,040 --> 00:02:57,399 Speaker 1: wise out there might be worth asking your employer, like, hey, 61 00:02:57,600 --> 00:02:59,440 Speaker 1: love my job, kind of work a daylist and still 62 00:02:59,520 --> 00:03:02,480 Speaker 1: keep kind of the most important benefits. Um, even if 63 00:03:02,520 --> 00:03:05,120 Speaker 1: it means not making quite as much money. Yeah, that's right. 64 00:03:05,120 --> 00:03:07,080 Speaker 1: It's good for folks. To know that this is a possibility, 65 00:03:07,160 --> 00:03:09,600 Speaker 1: especially given where the job market is right now, right, Like, 66 00:03:09,600 --> 00:03:11,680 Speaker 1: you've heard a lot of folks talking about making the moves, 67 00:03:12,080 --> 00:03:15,440 Speaker 1: jumping from one employer to another. Uh, or how about 68 00:03:15,520 --> 00:03:18,480 Speaker 1: the ability to make your life look more like you 69 00:03:18,480 --> 00:03:20,840 Speaker 1: wanted to look. And I think now is actually a 70 00:03:20,840 --> 00:03:22,600 Speaker 1: great time to do that. So, like you said, I 71 00:03:22,639 --> 00:03:24,480 Speaker 1: think that's good. It sounds like the first step even 72 00:03:24,520 --> 00:03:27,080 Speaker 1: towards Coast fire. Uh. And I just looked this up, 73 00:03:27,120 --> 00:03:29,320 Speaker 1: but it was episode three eighty that we talked about 74 00:03:29,520 --> 00:03:34,200 Speaker 1: choose your own adventure, different different flavors of fire. And 75 00:03:34,280 --> 00:03:37,080 Speaker 1: so if what Joel is saying sounds appealing to you, 76 00:03:37,120 --> 00:03:39,000 Speaker 1: go back and listen to that episode. I don't know 77 00:03:39,000 --> 00:03:41,160 Speaker 1: if this is more Coast Fire or more Bresta fire 78 00:03:41,320 --> 00:03:44,320 Speaker 1: right where you're working less, keeping those benefits and you're 79 00:03:44,320 --> 00:03:48,120 Speaker 1: just able the it's awesome antics. Are we in a recession? Joel? Uh? 80 00:03:48,840 --> 00:03:51,840 Speaker 1: It just depends on who you ask, But yes, scaling 81 00:03:51,880 --> 00:03:54,440 Speaker 1: back that work, still doing something that you enjoy while 82 00:03:54,520 --> 00:03:57,800 Speaker 1: still making some money sounds pretty nice. Maybe we'll get there. 83 00:03:57,840 --> 00:03:59,320 Speaker 1: You know, we're a out four and a half days. 84 00:03:59,400 --> 00:04:02,280 Speaker 1: It's right EO. He's working one day less than us. 85 00:04:02,360 --> 00:04:03,600 Speaker 1: But I feel like there's just so much we want 86 00:04:03,600 --> 00:04:05,480 Speaker 1: to do. There's so much that we enjoy doing with 87 00:04:05,720 --> 00:04:08,000 Speaker 1: how the money, with the business that I think it'll 88 00:04:08,560 --> 00:04:10,640 Speaker 1: it's gonna be baby steps. Maybe next year it will 89 00:04:10,680 --> 00:04:12,600 Speaker 1: be instead of working four and a half days a week, 90 00:04:12,760 --> 00:04:15,040 Speaker 1: it'll be working just four days. Yeah, we'll see. Yeah, 91 00:04:15,160 --> 00:04:17,680 Speaker 1: there's all sorts of especially when you own your own business. 92 00:04:17,920 --> 00:04:19,320 Speaker 1: There are ways that you can hire someone to do 93 00:04:19,360 --> 00:04:20,840 Speaker 1: a couple of tasks to take them off your plate, 94 00:04:20,960 --> 00:04:23,040 Speaker 1: or that you can forego a little bit income and 95 00:04:23,040 --> 00:04:25,280 Speaker 1: and work a little bit less overall. And those are 96 00:04:25,320 --> 00:04:27,160 Speaker 1: the kind of decisions math that that we can't make 97 00:04:27,160 --> 00:04:29,400 Speaker 1: if we want to, and maybe we will at some point, 98 00:04:30,000 --> 00:04:34,760 Speaker 1: but the trick is making those decisions together. And hey, 99 00:04:34,880 --> 00:04:37,120 Speaker 1: we've moved our families to a new city. Like that's 100 00:04:37,120 --> 00:04:38,880 Speaker 1: a decision we made together. So if we can handle that, 101 00:04:38,920 --> 00:04:40,880 Speaker 1: I think we can. We can handle anything that's right. 102 00:04:41,040 --> 00:04:43,239 Speaker 1: We need challenge set before us. We got this brow 103 00:04:43,720 --> 00:04:45,880 Speaker 1: fist pump fist bump. But let's move on. Matta Smith 104 00:04:45,960 --> 00:04:48,520 Speaker 1: mentioned the beer that we're having um today on the episode. 105 00:04:48,520 --> 00:04:51,640 Speaker 1: This one is called says on the bank Vet. That's 106 00:04:51,640 --> 00:04:54,599 Speaker 1: how I'm gonna pronounce it very nice by Green Brench Brewing. 107 00:04:54,640 --> 00:04:56,919 Speaker 1: It's a says on you have our thoughts on it 108 00:04:57,120 --> 00:04:59,840 Speaker 1: later on, Yes we will. This is a farmhouse ale. 109 00:05:00,120 --> 00:05:02,520 Speaker 1: Looking forward to sharing this one with you. And like 110 00:05:02,600 --> 00:05:04,880 Speaker 1: we mentioned, this is our ask how the Money episode 111 00:05:04,880 --> 00:05:07,279 Speaker 1: and so we want you to know you can submit 112 00:05:07,360 --> 00:05:09,880 Speaker 1: your very own question to Joe and I here at 113 00:05:09,880 --> 00:05:12,520 Speaker 1: how the Money. Just go to our website, specifically, go 114 00:05:12,560 --> 00:05:15,240 Speaker 1: to how the Money dot com forward slash ask, and 115 00:05:15,279 --> 00:05:18,440 Speaker 1: there you can find the simple instructions to send us 116 00:05:18,480 --> 00:05:21,039 Speaker 1: a voice memo and hopefully we will be able to 117 00:05:21,040 --> 00:05:24,240 Speaker 1: answer your question on an upcoming episode. But ye'll, let's 118 00:05:24,279 --> 00:05:26,279 Speaker 1: get to our first question, which is from a listener 119 00:05:26,600 --> 00:05:29,159 Speaker 1: and he is the one who has that newlywed question. 120 00:05:30,040 --> 00:05:34,960 Speaker 1: Hey guys, senders here from Brooklyn, New York. I want 121 00:05:35,000 --> 00:05:39,599 Speaker 1: to start by thinking you for always putting out good 122 00:05:39,680 --> 00:05:44,800 Speaker 1: financial tips for us listeners out there. I want to 123 00:05:45,080 --> 00:05:50,120 Speaker 1: ask two questions. First one is for married nearly weed, 124 00:05:50,600 --> 00:05:53,599 Speaker 1: do you think it's a good or bad idea to 125 00:05:53,680 --> 00:05:59,800 Speaker 1: have shared account and please explain for both options? And 126 00:06:00,839 --> 00:06:05,800 Speaker 1: last one is what is a good debit card that 127 00:06:06,040 --> 00:06:14,080 Speaker 1: is offering the best reward or cash back. We both 128 00:06:14,839 --> 00:06:17,360 Speaker 1: thank you all. This is a great question. I can't 129 00:06:17,360 --> 00:06:20,240 Speaker 1: really tell though, is Sanders? Is he about to get married? 130 00:06:20,240 --> 00:06:22,440 Speaker 1: About the propose? Where's he hating on? He intentionally kept 131 00:06:22,440 --> 00:06:26,400 Speaker 1: it vague because the results are yet to be determined. 132 00:06:26,480 --> 00:06:29,919 Speaker 1: Is that even your real name? Sanders? Maybe not? Maybe not. 133 00:06:29,960 --> 00:06:32,080 Speaker 1: Maybe he's trying to disguise it so his spouse, who 134 00:06:32,120 --> 00:06:34,920 Speaker 1: also listens, I won't find out well, his girlfriend or 135 00:06:34,920 --> 00:06:37,400 Speaker 1: if fiance, that's right, who knows? Who knows? Who knows? Well? 136 00:06:37,560 --> 00:06:40,240 Speaker 1: H Sanders? Either way it congrats on just getting married 137 00:06:40,320 --> 00:06:43,600 Speaker 1: or on your upcoming wedding. But yeah, and I will 138 00:06:43,600 --> 00:06:45,640 Speaker 1: just say upfront, Matt, not everyone's gonna agree with our 139 00:06:45,640 --> 00:06:48,279 Speaker 1: advice here, which is okay, but you know, Sanders asked us, though, 140 00:06:48,600 --> 00:06:51,160 Speaker 1: we're going to give our thoughts about how to manage 141 00:06:51,240 --> 00:06:53,919 Speaker 1: money as a married couple, but we'll also give us 142 00:06:53,920 --> 00:06:56,000 Speaker 1: some advice here because not everybody wants to take the 143 00:06:56,000 --> 00:06:59,640 Speaker 1: approach that we take or that we prescribe. So yes, 144 00:06:59,760 --> 00:07:02,279 Speaker 1: it's to Sanders asked for our two cents. We personally 145 00:07:02,320 --> 00:07:05,560 Speaker 1: think that combining accounts is the best route for most 146 00:07:05,560 --> 00:07:08,720 Speaker 1: married couples. I mean, think about the vows you're taking 147 00:07:08,760 --> 00:07:12,120 Speaker 1: when you get married, the lifelong commitment that you're agreeing to, ye, 148 00:07:12,400 --> 00:07:14,520 Speaker 1: but then you're saying, I'm not really sure if I 149 00:07:14,560 --> 00:07:16,520 Speaker 1: want to combine assets with you. It's like till death 150 00:07:16,560 --> 00:07:19,720 Speaker 1: do us part. And then you're like, but get your 151 00:07:19,720 --> 00:07:23,080 Speaker 1: hands off my savings account. Exactly to us, it makes 152 00:07:23,080 --> 00:07:26,840 Speaker 1: a logical sense that, given the enormity of what a 153 00:07:26,880 --> 00:07:30,760 Speaker 1: marriage commitment is, combining money seems like a reasonable choice 154 00:07:30,800 --> 00:07:32,680 Speaker 1: when you're when you're already basicly committing your life to 155 00:07:32,680 --> 00:07:35,280 Speaker 1: somebody else. Yeah, when you're pledging your literally the rest 156 00:07:35,280 --> 00:07:37,960 Speaker 1: of your life to each other, it almost seems inappropriate 157 00:07:37,960 --> 00:07:42,080 Speaker 1: to say, oh, everything except for our finances, yeah, Or 158 00:07:42,120 --> 00:07:45,520 Speaker 1: I'm carving out my Atlanta braced bottlehead collection. You can 159 00:07:45,760 --> 00:07:47,360 Speaker 1: not take part in the appreciation of it, that you 160 00:07:47,400 --> 00:07:50,320 Speaker 1: cannot touch. It basically makes me think that as an individual, 161 00:07:50,360 --> 00:07:52,320 Speaker 1: you might have too high of a view of money, like, 162 00:07:52,520 --> 00:07:54,440 Speaker 1: like the role that money plays in your life is 163 00:07:54,480 --> 00:07:57,560 Speaker 1: maybe a little too important if it comes before a 164 00:07:57,600 --> 00:08:00,280 Speaker 1: lifelong partner, or maybe it means you don't have high 165 00:08:00,360 --> 00:08:03,440 Speaker 1: enough of the view of that partner, right of of 166 00:08:03,480 --> 00:08:06,400 Speaker 1: that of that spouse for the institution or oh yeah, 167 00:08:06,480 --> 00:08:09,480 Speaker 1: or maybe specifically that relationship. But either way, like you said, 168 00:08:09,520 --> 00:08:12,520 Speaker 1: this is our view, but we you know, we'll give 169 00:08:12,520 --> 00:08:15,520 Speaker 1: an alternative opinion or thought here because we realize that 170 00:08:15,720 --> 00:08:18,440 Speaker 1: something like half of marriage is actually and in divorce, 171 00:08:18,800 --> 00:08:21,360 Speaker 1: and because folks are just less likely to go this 172 00:08:21,440 --> 00:08:24,320 Speaker 1: route than they were a couple of decades ago, especially 173 00:08:24,320 --> 00:08:27,080 Speaker 1: as we're waiting longer and longer to get married, right 174 00:08:27,120 --> 00:08:30,240 Speaker 1: folks are, they're not getting married right after right out 175 00:08:30,240 --> 00:08:32,040 Speaker 1: of college like they used to. Uh. And so the 176 00:08:32,080 --> 00:08:35,840 Speaker 1: reality is that you've likely accumulated more assets if you, 177 00:08:35,840 --> 00:08:37,800 Speaker 1: you know, if you're getting married at thirty two rather 178 00:08:37,840 --> 00:08:40,280 Speaker 1: than if you opted to marry at twenty two U. 179 00:08:40,400 --> 00:08:43,320 Speaker 1: And so the reticence to combined accounts, it makes more 180 00:08:43,400 --> 00:08:45,960 Speaker 1: sense when you think about it from that angle. And 181 00:08:46,040 --> 00:08:48,360 Speaker 1: so much of this choice is going to depend on, 182 00:08:48,480 --> 00:08:50,760 Speaker 1: you know, what you're comfortable with. But having a mix 183 00:08:51,080 --> 00:08:54,240 Speaker 1: of separate and combined accounts, maybe that maybe that could 184 00:08:54,240 --> 00:08:56,480 Speaker 1: be the right approach for you. Yeah, yeah, I mean 185 00:08:56,520 --> 00:08:59,240 Speaker 1: it certainly could be, right like, but separating your money 186 00:08:59,280 --> 00:09:02,480 Speaker 1: could get tricky to right. Combining isn't always the easiest thing, 187 00:09:02,760 --> 00:09:04,719 Speaker 1: because one of you might be on money gear number two, 188 00:09:04,720 --> 00:09:06,360 Speaker 1: one of you might be on money Gear number six, 189 00:09:06,400 --> 00:09:09,520 Speaker 1: And it might be I feel like there's some imbalance there, right, 190 00:09:09,640 --> 00:09:12,760 Speaker 1: and but separating your money it gets tricky too, And 191 00:09:12,920 --> 00:09:14,520 Speaker 1: and either way you choose to go is going to 192 00:09:14,600 --> 00:09:19,160 Speaker 1: involve communicating expectations. Clearly, you might you might want to 193 00:09:19,200 --> 00:09:20,960 Speaker 1: each have your own account in order to feel like 194 00:09:21,040 --> 00:09:24,559 Speaker 1: you have more independence and and some more personal flexibility, 195 00:09:24,600 --> 00:09:26,560 Speaker 1: But then you'll likely also want a third account where 196 00:09:26,559 --> 00:09:28,640 Speaker 1: you combine at least a certain amount of money for 197 00:09:28,720 --> 00:09:32,240 Speaker 1: your shared shared responsibility of bills that you pay together. 198 00:09:32,720 --> 00:09:35,839 Speaker 1: But whether you're combining or completely separating your finances, or 199 00:09:35,880 --> 00:09:37,480 Speaker 1: maybe you're just doing a bit of both, you're kind 200 00:09:37,520 --> 00:09:40,480 Speaker 1: of taking all of the above approach. Communication really is 201 00:09:40,520 --> 00:09:43,240 Speaker 1: the key to making your system work. And if you're 202 00:09:43,240 --> 00:09:45,520 Speaker 1: looking for some digital help, the honey do app is 203 00:09:45,559 --> 00:09:47,880 Speaker 1: pretty cool. It can make that easier. So I don't know, 204 00:09:47,920 --> 00:09:50,480 Speaker 1: maybe that maybe that helps aid in the communication. So 205 00:09:50,520 --> 00:09:52,520 Speaker 1: it's something you can both look at separately on your phones. 206 00:09:52,840 --> 00:09:55,640 Speaker 1: But man, the reality is, whichever direction you take, whichever 207 00:09:55,679 --> 00:09:59,439 Speaker 1: feels best for your specific circumstances, whether it's combining or separating, 208 00:09:59,600 --> 00:10:03,680 Speaker 1: community cation is paramount no matter why totally yeah, I mean, 209 00:10:03,800 --> 00:10:06,440 Speaker 1: we're huge on communication because the number one costs for 210 00:10:06,480 --> 00:10:09,600 Speaker 1: fights and ultimately for divorce is money problems and not 211 00:10:09,679 --> 00:10:14,080 Speaker 1: communicating well about money. So, whether it's an app or 212 00:10:14,200 --> 00:10:16,559 Speaker 1: whether you're taking kind of a more manual approach, we 213 00:10:16,559 --> 00:10:19,840 Speaker 1: would encourage you to have regular money check ins. Uh 214 00:10:19,960 --> 00:10:21,440 Speaker 1: we we We would recommend you get it like a 215 00:10:21,440 --> 00:10:24,480 Speaker 1: monthly budget date on your calendar. And this is something 216 00:10:24,520 --> 00:10:27,520 Speaker 1: that doesn't have to be super formal where you're both 217 00:10:27,520 --> 00:10:29,960 Speaker 1: sitting down at a table and you have like, you know, 218 00:10:31,080 --> 00:10:34,360 Speaker 1: a sheet of paper and it feels super formal. Uh. 219 00:10:34,480 --> 00:10:36,640 Speaker 1: Maybe this is something instead that can can be a date, 220 00:10:36,679 --> 00:10:38,320 Speaker 1: like a literal date where you go out. Maybe this 221 00:10:38,360 --> 00:10:40,360 Speaker 1: can be something that you do at a brewery. Um, 222 00:10:40,400 --> 00:10:43,199 Speaker 1: it doesn't have to be dreary. And having an open 223 00:10:43,240 --> 00:10:45,360 Speaker 1: line of communication about how you guys, are you know, 224 00:10:45,360 --> 00:10:48,160 Speaker 1: allocating your savings or your investments and your spending that's 225 00:10:48,160 --> 00:10:51,160 Speaker 1: going to serve you well for years to come. And 226 00:10:51,160 --> 00:10:53,560 Speaker 1: this is true whether you combine your finances or if 227 00:10:53,559 --> 00:10:56,160 Speaker 1: you keep your your finances separate, but it's especially true 228 00:10:56,520 --> 00:10:59,240 Speaker 1: if you are keeping your money separate. It makes me 229 00:10:59,280 --> 00:11:02,400 Speaker 1: think of long distance relationships. You're not in the same 230 00:11:02,480 --> 00:11:05,040 Speaker 1: geographic location and so if you think that you can 231 00:11:05,160 --> 00:11:07,199 Speaker 1: just coast along. When it comes to the effort that 232 00:11:07,200 --> 00:11:10,320 Speaker 1: you're putting into that relationship while you're long distance, uh, 233 00:11:10,400 --> 00:11:12,320 Speaker 1: you're probably not going to be in that relationship for 234 00:11:12,400 --> 00:11:14,680 Speaker 1: much longer. It's almost takes extra effort. Yeah, it takes 235 00:11:14,720 --> 00:11:17,480 Speaker 1: a degree of additional effort to be talking about the 236 00:11:17,520 --> 00:11:20,120 Speaker 1: important things, to see what is going on in each 237 00:11:20,160 --> 00:11:22,400 Speaker 1: other's lives because you literally can't see it. I guess 238 00:11:22,720 --> 00:11:25,640 Speaker 1: obviously FaceTime you're able to see stuff, but you're not 239 00:11:25,760 --> 00:11:29,079 Speaker 1: living life together. And so while being intentional with your relationship, 240 00:11:29,120 --> 00:11:32,440 Speaker 1: whether you're in the same town or even if you 241 00:11:32,440 --> 00:11:34,800 Speaker 1: know you just celebrated your tenure anniversary or something like that, 242 00:11:35,320 --> 00:11:37,560 Speaker 1: it's still good to be proactive within that context. But 243 00:11:37,559 --> 00:11:41,800 Speaker 1: it's even more important to prioritize that that intentionality if 244 00:11:41,840 --> 00:11:43,400 Speaker 1: you are a long distance And the same thing I 245 00:11:43,400 --> 00:11:45,040 Speaker 1: think can be true when it comes to your money, 246 00:11:45,040 --> 00:11:46,880 Speaker 1: because when your money is in separate accounts, it's almost 247 00:11:46,880 --> 00:11:49,360 Speaker 1: like your money is long distance, right, Like, rather than 248 00:11:49,360 --> 00:11:51,040 Speaker 1: all of your money together hanging out together in the 249 00:11:51,080 --> 00:11:54,240 Speaker 1: same bank account that you're both looking at. Instead, it's 250 00:11:54,280 --> 00:11:55,920 Speaker 1: like that it's like that money is in different states. 251 00:11:55,960 --> 00:11:57,680 Speaker 1: It's like it's in different countries and different parts of 252 00:11:57,679 --> 00:11:59,959 Speaker 1: the world, and you've gotta be a little more proact 253 00:12:00,040 --> 00:12:02,560 Speaker 1: of in order to avoid those fights and in order 254 00:12:02,559 --> 00:12:04,079 Speaker 1: for you all to stay together. If your money is 255 00:12:04,080 --> 00:12:06,840 Speaker 1: hanging out in Peru and you know your partner's money 256 00:12:06,880 --> 00:12:08,599 Speaker 1: is hanging out in Canada, it's harder for them to 257 00:12:08,640 --> 00:12:11,400 Speaker 1: communicate and drinky Yeah, unfortunately doesn't cost as much that 258 00:12:11,480 --> 00:12:13,240 Speaker 1: used to long distance calls. Remember those those used to 259 00:12:13,280 --> 00:12:15,760 Speaker 1: be I barely remember. At least you're in the same 260 00:12:15,760 --> 00:12:17,920 Speaker 1: time zone though I know I know right well, but 261 00:12:18,400 --> 00:12:22,199 Speaker 1: it is important to mention because, uh, I feel like 262 00:12:22,240 --> 00:12:24,800 Speaker 1: combining those accounts makes it easier to be on the 263 00:12:24,840 --> 00:12:28,000 Speaker 1: same page about goals, hopes, and dreams and then saving 264 00:12:28,080 --> 00:12:30,679 Speaker 1: together for to be able to accomplish those things you 265 00:12:30,720 --> 00:12:32,559 Speaker 1: want to do. It's a little more difficult if you 266 00:12:32,600 --> 00:12:34,640 Speaker 1: make them separate, although having an account for each of 267 00:12:34,679 --> 00:12:36,880 Speaker 1: you might be helpful for other reasons. But let's talk 268 00:12:36,880 --> 00:12:38,880 Speaker 1: about debit cards for a second. That was the last 269 00:12:38,960 --> 00:12:42,839 Speaker 1: question that Sanders posed. And the interesting thing is, you 270 00:12:42,880 --> 00:12:44,760 Speaker 1: know we're we're not huge debit card guys. Well, we 271 00:12:44,800 --> 00:12:47,360 Speaker 1: will give our thoughts on this one because we would 272 00:12:47,360 --> 00:12:49,719 Speaker 1: say the best debit card is not using one at all. 273 00:12:50,120 --> 00:12:52,400 Speaker 1: Which the best debit card is a credit card, the 274 00:12:52,440 --> 00:12:54,800 Speaker 1: one you don't have, Yes, exactly. Yeah, we're we're fans 275 00:12:54,840 --> 00:12:57,079 Speaker 1: of folks using credit cards instead of debit cards, right 276 00:12:57,080 --> 00:12:59,680 Speaker 1: because if they can handle them properly paying them off, 277 00:13:00,040 --> 00:13:01,960 Speaker 1: you know, in full and on time, then that's your 278 00:13:01,960 --> 00:13:05,640 Speaker 1: best bet for spending all your money because of the 279 00:13:05,640 --> 00:13:08,440 Speaker 1: rewards that you're gonna get uh in associate and some 280 00:13:08,480 --> 00:13:10,320 Speaker 1: of the extra protections that you have using a credit 281 00:13:10,320 --> 00:13:11,920 Speaker 1: card instead of a debit card. But if you're one 282 00:13:11,920 --> 00:13:14,240 Speaker 1: of those folks who has a tough time using credit 283 00:13:14,240 --> 00:13:17,280 Speaker 1: cards without going overboard, a debit card is going to 284 00:13:17,360 --> 00:13:20,800 Speaker 1: be a necessity, right, so you don't pay interest and fees, 285 00:13:21,360 --> 00:13:23,800 Speaker 1: and so which one is best? Well, at least in 286 00:13:24,000 --> 00:13:26,079 Speaker 1: all the research we've done over the years, Discover seems 287 00:13:26,080 --> 00:13:27,960 Speaker 1: to have the best one. We we already like their 288 00:13:28,040 --> 00:13:31,080 Speaker 1: online banking platform. I've been a Discover customer for years. 289 00:13:31,240 --> 00:13:33,880 Speaker 1: But you can also earn one percent back on all 290 00:13:33,880 --> 00:13:36,160 Speaker 1: your purchases on that debit card, up to three thousand 291 00:13:36,200 --> 00:13:40,040 Speaker 1: dollars in purchases a month when you use that discovered 292 00:13:40,080 --> 00:13:43,040 Speaker 1: debit card that's associated with the checking account. I don't know, Matt, 293 00:13:43,080 --> 00:13:45,240 Speaker 1: of any other debit cards that give you cash back 294 00:13:45,360 --> 00:13:47,520 Speaker 1: for using them, And maybe I'm wrong, Maybe a listener 295 00:13:47,559 --> 00:13:48,959 Speaker 1: will reach out to us and say, no, there's a 296 00:13:49,280 --> 00:13:51,800 Speaker 1: this one or that one too. But Discover is at 297 00:13:51,840 --> 00:13:54,280 Speaker 1: least the one that's most famous for this, and they've 298 00:13:54,280 --> 00:13:56,760 Speaker 1: been doing it for for a long time, benefiting customers 299 00:13:56,760 --> 00:13:58,880 Speaker 1: who do prefer to use debit cards instead of credit. 300 00:13:58,920 --> 00:14:00,280 Speaker 1: I think there's a couple of others out there, but 301 00:14:00,600 --> 00:14:03,240 Speaker 1: Discovery has been the most consistently solid that you can 302 00:14:03,280 --> 00:14:06,400 Speaker 1: count on. They're a big name, but they're not too big, right. 303 00:14:06,440 --> 00:14:08,360 Speaker 1: It's sort of like the Goldilocks issue here, Like you 304 00:14:08,400 --> 00:14:10,560 Speaker 1: don't want to go with somebody who's offering something really 305 00:14:10,600 --> 00:14:13,280 Speaker 1: sweet and they're kind of small. But they might do 306 00:14:13,320 --> 00:14:15,360 Speaker 1: away with that thing next month. They might not be 307 00:14:15,400 --> 00:14:17,080 Speaker 1: around a year from now because it's one of those 308 00:14:17,080 --> 00:14:19,960 Speaker 1: text cards, but maybe they'll get bought out by Discovered. 309 00:14:20,640 --> 00:14:22,600 Speaker 1: But at the same time, you want to avoid some 310 00:14:22,680 --> 00:14:25,520 Speaker 1: of these names, some of these banks who are really large, 311 00:14:25,920 --> 00:14:27,800 Speaker 1: and you know, one percent back, like that's not an 312 00:14:27,800 --> 00:14:29,800 Speaker 1: amazing amount of cash back, So it's not like we're 313 00:14:30,080 --> 00:14:32,120 Speaker 1: jumping up and down over here. But I guess it's 314 00:14:32,120 --> 00:14:34,680 Speaker 1: better than nothing. But we're also not fans of debit 315 00:14:34,680 --> 00:14:36,320 Speaker 1: cards because at the end of the day, yeah, you 316 00:14:36,360 --> 00:14:39,880 Speaker 1: are more liable for fraudulent purchases on a debit card 317 00:14:40,320 --> 00:14:42,800 Speaker 1: than you would be with a credit card. At most, 318 00:14:43,080 --> 00:14:45,440 Speaker 1: you would be paying up to fifty dollars with for 319 00:14:45,480 --> 00:14:48,200 Speaker 1: fraudulent charges on a credit card, But if you end 320 00:14:48,280 --> 00:14:50,120 Speaker 1: up waiting too late to report the fraud with a 321 00:14:50,160 --> 00:14:52,440 Speaker 1: debit card, you could be responsible for up to five 322 00:14:53,560 --> 00:14:56,480 Speaker 1: or even the full amounts of money that would charge 323 00:14:56,520 --> 00:14:58,720 Speaker 1: to your count. According to the FTC, if you wait 324 00:14:58,760 --> 00:15:01,760 Speaker 1: more than like sixty days, you are at risk of 325 00:15:01,800 --> 00:15:04,000 Speaker 1: not getting any of that money back. If you're totally 326 00:15:04,080 --> 00:15:06,520 Speaker 1: not checking your statements and you don't realize that someone 327 00:15:06,640 --> 00:15:09,240 Speaker 1: grabbed your debit card, took it without your permission, and 328 00:15:09,320 --> 00:15:12,720 Speaker 1: started charging charging things up on that account, and you're 329 00:15:12,720 --> 00:15:14,960 Speaker 1: just oblivious to it for a couple of months, boom, 330 00:15:15,040 --> 00:15:16,400 Speaker 1: you might be on the hook for all of it. Yeah, 331 00:15:16,440 --> 00:15:18,240 Speaker 1: you might be screwed. That being said, you know what, like, 332 00:15:18,280 --> 00:15:20,800 Speaker 1: what's the likelihood of someone actually stealing your information making 333 00:15:21,120 --> 00:15:23,600 Speaker 1: those fraudulent purchases. It's not very high. But that's just 334 00:15:23,640 --> 00:15:27,960 Speaker 1: another reason that we're fans of credit cards over debit cards. Again, though, 335 00:15:28,000 --> 00:15:29,760 Speaker 1: we want to make sure that you are spending in 336 00:15:29,800 --> 00:15:32,920 Speaker 1: a responsible way, and so if you count on the 337 00:15:32,960 --> 00:15:35,480 Speaker 1: ability to not spend more than what you actually have 338 00:15:35,520 --> 00:15:38,160 Speaker 1: in your account, if you've had a problem with overspending 339 00:15:38,160 --> 00:15:40,800 Speaker 1: in the past, then avoiding credit cards altogether, that might 340 00:15:40,880 --> 00:15:43,520 Speaker 1: be the path for you to take Sanders. But we 341 00:15:43,560 --> 00:15:47,600 Speaker 1: wish you and your significant other all the best, Joel. 342 00:15:47,680 --> 00:15:49,840 Speaker 1: We've got several other questions that we're gonna get to 343 00:15:50,160 --> 00:15:53,880 Speaker 1: during this episode, including one about some house hacking. We'll 344 00:15:53,880 --> 00:16:05,800 Speaker 1: get to that plus others right after this. All right, Matt, 345 00:16:05,880 --> 00:16:08,800 Speaker 1: let the Monday interrogations continue. We've got more ask kind 346 00:16:08,800 --> 00:16:10,680 Speaker 1: of money questions to get to and and this one 347 00:16:11,320 --> 00:16:14,360 Speaker 1: is about finding where do you even track how do 348 00:16:14,400 --> 00:16:17,840 Speaker 1: you uncover the fees in that investment account? Hey, Matt 349 00:16:17,880 --> 00:16:20,720 Speaker 1: and Joel, this is Andy from Utah. So my wife 350 00:16:20,760 --> 00:16:23,080 Speaker 1: was a teacher before we got married. She taught for 351 00:16:23,080 --> 00:16:26,120 Speaker 1: four years in elementary school and contributed to a four 352 00:16:26,200 --> 00:16:28,680 Speaker 1: or three B plan with a company that worked with 353 00:16:28,720 --> 00:16:31,600 Speaker 1: her school district. When she stopped teaching. Once we started 354 00:16:31,640 --> 00:16:34,480 Speaker 1: having kids, we left the money in there and it's 355 00:16:34,560 --> 00:16:37,440 Speaker 1: just continued to grow over the last eleven years, which 356 00:16:37,480 --> 00:16:40,120 Speaker 1: has been an amazing run, and for as little money 357 00:16:40,160 --> 00:16:43,040 Speaker 1: as it was in there, it's growing pretty big. I'm 358 00:16:43,040 --> 00:16:45,560 Speaker 1: not sure what the fee structure is with this company. 359 00:16:45,600 --> 00:16:48,400 Speaker 1: I've been looking for it and I cannot find it anywhere. 360 00:16:48,840 --> 00:16:51,080 Speaker 1: She's planning on going back to work here, probably in 361 00:16:51,080 --> 00:16:54,440 Speaker 1: the next three years, so we'll be faced with the 362 00:16:54,560 --> 00:16:58,400 Speaker 1: dilemma of either continuing to contribute with the four or 363 00:16:58,440 --> 00:17:01,040 Speaker 1: three B at the company that she's at it or 364 00:17:01,080 --> 00:17:03,120 Speaker 1: doing something else with that money. So I guess I 365 00:17:03,120 --> 00:17:06,600 Speaker 1: have two questions really, One, how would I find the 366 00:17:06,600 --> 00:17:10,000 Speaker 1: fee structure for companies that offer four three B s? 367 00:17:10,440 --> 00:17:12,680 Speaker 1: Is there a place where that's normally posted? Is there 368 00:17:12,720 --> 00:17:16,520 Speaker 1: a central location for comparing for three B plans that 369 00:17:16,560 --> 00:17:20,960 Speaker 1: would list that information? And Second, if the fee structure stinks, 370 00:17:21,000 --> 00:17:23,719 Speaker 1: which I s expected it does, and they don't do 371 00:17:23,760 --> 00:17:27,480 Speaker 1: any kind of matching with that school district, how do 372 00:17:27,560 --> 00:17:29,560 Speaker 1: I cash out that four three B And should I 373 00:17:29,560 --> 00:17:32,440 Speaker 1: put it in something like an ira uh some other 374 00:17:32,520 --> 00:17:36,280 Speaker 1: kind of retirement vehicle? What would you recommend? Thanks so much, 375 00:17:36,640 --> 00:17:39,080 Speaker 1: have a good all right, Andy, good to hear from you, 376 00:17:39,600 --> 00:17:44,040 Speaker 1: and man four or three b's these accounts can be 377 00:17:44,480 --> 00:17:47,720 Speaker 1: rife with fees. They're they're often so incredibly bad, uh, 378 00:17:47,760 --> 00:17:50,840 Speaker 1: particularly for educators that a nonprofit called four or three 379 00:17:50,840 --> 00:17:53,880 Speaker 1: b Wise they got started to help warn folks about 380 00:17:53,920 --> 00:17:56,360 Speaker 1: how to navigate these plans. But four three B Wise 381 00:17:56,440 --> 00:17:59,320 Speaker 1: even they've got this vendor database so that you can 382 00:17:59,400 --> 00:18:00,920 Speaker 1: look up your a, you can look up your school 383 00:18:00,920 --> 00:18:03,920 Speaker 1: district in order to see how good or how bad 384 00:18:04,000 --> 00:18:07,280 Speaker 1: your particular plan is. In no surprise, but there are 385 00:18:07,359 --> 00:18:10,320 Speaker 1: more in the bad category. I looked up here in Atlanta, 386 00:18:10,320 --> 00:18:13,919 Speaker 1: Fulton County. They get enough on the vendors and the 387 00:18:13,960 --> 00:18:17,480 Speaker 1: offerings that they provide for teachers here, but we will 388 00:18:17,520 --> 00:18:19,760 Speaker 1: link to that database where you hopefully you or your 389 00:18:19,760 --> 00:18:23,000 Speaker 1: wife can search her school district and to figure out 390 00:18:23,080 --> 00:18:25,320 Speaker 1: how they stack up, how they rank. Yeah, and we 391 00:18:25,359 --> 00:18:27,800 Speaker 1: could totally take a crap on Fulton County right now, 392 00:18:28,119 --> 00:18:30,879 Speaker 1: and that would be okay, I think, because they should 393 00:18:30,920 --> 00:18:33,760 Speaker 1: do better by the teachers in their district. But the 394 00:18:33,800 --> 00:18:36,919 Speaker 1: reality is they're not alone, and not even close to alone, 395 00:18:37,040 --> 00:18:39,439 Speaker 1: because they're just so many bad four or three plans. 396 00:18:40,320 --> 00:18:42,640 Speaker 1: There's so many bad vendors and so many bad choices 397 00:18:43,240 --> 00:18:46,480 Speaker 1: that most teachers have access to just as Crumby options 398 00:18:46,520 --> 00:18:49,200 Speaker 1: as the teachers in Fulton County. It doesn't make it okay, 399 00:18:49,359 --> 00:18:52,040 Speaker 1: But the state of California actually created a site called 400 00:18:52,040 --> 00:18:54,440 Speaker 1: four or three B Compare that will link to as well, Matt, 401 00:18:54,480 --> 00:18:57,560 Speaker 1: because teachers across the United States can use this tool, 402 00:18:57,600 --> 00:18:59,919 Speaker 1: even though it's a California created tool, in order to 403 00:19:00,000 --> 00:19:03,240 Speaker 1: see what sorts of fees your plan charges. And basically, 404 00:19:03,280 --> 00:19:06,240 Speaker 1: because California is such a large state, you're really likely 405 00:19:06,280 --> 00:19:08,960 Speaker 1: to find the vendor that your wife's four three B 406 00:19:09,119 --> 00:19:11,640 Speaker 1: plan uses andy on that site in order to dig 407 00:19:11,720 --> 00:19:14,320 Speaker 1: up the fee info. They have a lot of details 408 00:19:14,359 --> 00:19:16,560 Speaker 1: listed out to where you can not only look up 409 00:19:16,600 --> 00:19:19,520 Speaker 1: the vendor, but the specific products that vendor offers too. 410 00:19:19,800 --> 00:19:21,880 Speaker 1: And if you're having trouble, there's a four or three 411 00:19:21,880 --> 00:19:24,000 Speaker 1: B wise Facebook group. It's a place where you can 412 00:19:24,000 --> 00:19:27,159 Speaker 1: find other teachers asking the same type of questions. And 413 00:19:27,160 --> 00:19:29,080 Speaker 1: this is the exact kind of thing that that Facebook 414 00:19:29,119 --> 00:19:30,920 Speaker 1: was made format that Facebook is best at. You know, 415 00:19:30,960 --> 00:19:32,760 Speaker 1: it's like the how to money Facebook group rocks and 416 00:19:32,880 --> 00:19:36,280 Speaker 1: finding like really specific Facebook groups like this where you 417 00:19:36,280 --> 00:19:38,480 Speaker 1: can find the information you need. It's it's it's a 418 00:19:38,520 --> 00:19:40,760 Speaker 1: great place to turn and and we just we agree 419 00:19:40,800 --> 00:19:43,560 Speaker 1: with Andy because the fact is that the fees are 420 00:19:43,640 --> 00:19:46,280 Speaker 1: hidden so well, it's telling right, it makes me think 421 00:19:46,440 --> 00:19:50,000 Speaker 1: that the fees are probably awful. Otherwise they'd be a 422 00:19:50,000 --> 00:19:51,960 Speaker 1: little more front and center, they would be a little 423 00:19:51,960 --> 00:19:54,680 Speaker 1: more upfront about what the costs are these plans if 424 00:19:54,680 --> 00:19:57,160 Speaker 1: they weren't agree to an appalling that's right. Yeah, So Andy, 425 00:19:57,240 --> 00:19:58,880 Speaker 1: let's say you look up those fees, you finally find 426 00:19:58,880 --> 00:20:02,400 Speaker 1: them in yours sumissions are confirmed they do in fact suck. 427 00:20:02,880 --> 00:20:05,879 Speaker 1: Maybe the funds UH your wife has access to in 428 00:20:05,960 --> 00:20:08,040 Speaker 1: that account, maybe they have expense ratios in like the 429 00:20:08,119 --> 00:20:11,760 Speaker 1: two percent or more arrange, which would be epically awful. 430 00:20:11,840 --> 00:20:13,520 Speaker 1: And if if that's the case, then we would want 431 00:20:13,520 --> 00:20:16,000 Speaker 1: you to get that money into another account as soon 432 00:20:16,040 --> 00:20:19,120 Speaker 1: as possible. And in all likelihood, you would want to 433 00:20:19,240 --> 00:20:21,520 Speaker 1: roll that four or three B over into an i 434 00:20:21,680 --> 00:20:24,240 Speaker 1: RA that you have full control of. UH. And you 435 00:20:24,240 --> 00:20:26,879 Speaker 1: can either do it yourself, or there's this cool company 436 00:20:26,920 --> 00:20:29,520 Speaker 1: called Capitalize UH. They will help you to do that 437 00:20:29,600 --> 00:20:32,439 Speaker 1: for free. They specialized in four O one ks, but 438 00:20:32,520 --> 00:20:34,439 Speaker 1: four oh three b s are very similar to four 439 00:20:34,560 --> 00:20:36,879 Speaker 1: one ks, and so that is something that they also 440 00:20:37,000 --> 00:20:39,920 Speaker 1: that's a service. They also provide for teachers as well 441 00:20:40,200 --> 00:20:42,240 Speaker 1: for for those who have four three B accounts, But 442 00:20:42,320 --> 00:20:45,199 Speaker 1: moving that money to like a low cost provider with 443 00:20:45,280 --> 00:20:46,960 Speaker 1: a lot more investment options is going to be your 444 00:20:46,960 --> 00:20:49,840 Speaker 1: best bet for continuing to grow that money moving forward 445 00:20:50,440 --> 00:20:54,240 Speaker 1: with far fewer fees that are gonna be just torpedoing 446 00:20:54,480 --> 00:20:56,879 Speaker 1: your performance. I know you've seen a lot of growth. 447 00:20:56,920 --> 00:20:59,080 Speaker 1: The past eleven years have been been fantastic, But just 448 00:20:59,160 --> 00:21:02,000 Speaker 1: imagine if you were with Fidelity, or if you were 449 00:21:02,000 --> 00:21:04,320 Speaker 1: with a low cost provider, where every single one of 450 00:21:04,359 --> 00:21:07,600 Speaker 1: those dollars we're able to compound and grow over the years. Yeah, 451 00:21:07,840 --> 00:21:11,360 Speaker 1: it's basically the rising tide has lifted all boats and 452 00:21:11,359 --> 00:21:13,439 Speaker 1: and the only thing is your tide hasn't gone up 453 00:21:13,520 --> 00:21:16,840 Speaker 1: quite as quickly because of the fees dragging down that performance. 454 00:21:17,160 --> 00:21:20,119 Speaker 1: But the low cost providers Vanguarden, Fidelity, those are of 455 00:21:20,160 --> 00:21:21,960 Speaker 1: course ones at Matt and I talked about all the time, 456 00:21:22,160 --> 00:21:24,199 Speaker 1: and they do a great job of keeping fees low 457 00:21:24,280 --> 00:21:27,080 Speaker 1: for teachers and four of the three B plans. It's 458 00:21:27,080 --> 00:21:29,240 Speaker 1: just a huge bummer that most of these school districts 459 00:21:29,680 --> 00:21:33,040 Speaker 1: go with insurance companies to run their plans instead of 460 00:21:33,080 --> 00:21:36,120 Speaker 1: the far superior low cost broker's houses, because it's it's 461 00:21:36,160 --> 00:21:38,280 Speaker 1: not necessarily about the fact that four or three b's 462 00:21:38,280 --> 00:21:41,800 Speaker 1: are inferior. Man, it's because of the vendors that these 463 00:21:42,080 --> 00:21:44,720 Speaker 1: school administrators choose to go with, and if they would 464 00:21:44,760 --> 00:21:47,879 Speaker 1: just go with the low cost options, teachers would be 465 00:21:47,920 --> 00:21:49,439 Speaker 1: just as well served as someone who has a four 466 00:21:49,520 --> 00:21:52,000 Speaker 1: one k um and and Andy. If your wife doesn't 467 00:21:52,040 --> 00:21:53,800 Speaker 1: have a match in her four or three B when 468 00:21:53,880 --> 00:21:56,399 Speaker 1: she eventually does go back to work, as most don't, 469 00:21:56,720 --> 00:21:59,560 Speaker 1: she's gonna almost inevitably want to invest elsewhere instead of 470 00:21:59,560 --> 00:22:01,320 Speaker 1: putting more money away in her four or three B. 471 00:22:01,480 --> 00:22:03,920 Speaker 1: That could mean putting more money away in her traditional 472 00:22:04,040 --> 00:22:07,239 Speaker 1: or roth ira. Everything really hinges on these fees when 473 00:22:07,280 --> 00:22:09,680 Speaker 1: it comes to which account you're gonna want to prioritize 474 00:22:09,680 --> 00:22:12,000 Speaker 1: investing in. And investing in a four or three B 475 00:22:12,200 --> 00:22:15,119 Speaker 1: might make sense for a lot of teachers depending on 476 00:22:15,160 --> 00:22:18,760 Speaker 1: the fees, but the reality is it might be better 477 00:22:19,040 --> 00:22:22,159 Speaker 1: as your secondary retirement account. Focusing on here I are 478 00:22:22,200 --> 00:22:24,160 Speaker 1: a first because you have so much more control over 479 00:22:24,200 --> 00:22:26,679 Speaker 1: the investment options and the fees that you're paying. That's right. 480 00:22:26,720 --> 00:22:28,880 Speaker 1: And the other thing is if she does only have 481 00:22:28,920 --> 00:22:31,720 Speaker 1: those crummy options, it might be worth. Uh, kind of 482 00:22:31,760 --> 00:22:33,439 Speaker 1: like fighting the good fight. It might be worth pressing 483 00:22:33,440 --> 00:22:36,399 Speaker 1: the folks who make the decisions, like the HR folks 484 00:22:36,480 --> 00:22:39,359 Speaker 1: or folks in the school board to consider adding some better, 485 00:22:39,440 --> 00:22:41,760 Speaker 1: low cost investment choices. If the current plan doesn't have 486 00:22:41,800 --> 00:22:45,280 Speaker 1: any good options, there's a chance that they aren't intentionally 487 00:22:45,400 --> 00:22:48,360 Speaker 1: offering a crappy product. They just don't know any better. Uh. 488 00:22:48,359 --> 00:22:50,520 Speaker 1: And one more thing too, Since most teachers qualify for 489 00:22:50,560 --> 00:22:54,480 Speaker 1: a pension, which helps provide some stability in retirement, taking 490 00:22:54,480 --> 00:22:57,080 Speaker 1: more risk with the funds that they choose to invest 491 00:22:57,240 --> 00:22:59,119 Speaker 1: makes a lot of sense. And that's gonna mean an 492 00:22:59,119 --> 00:23:02,640 Speaker 1: opting for a head your stock allocation. Uh. And so yeah, 493 00:23:02,680 --> 00:23:04,720 Speaker 1: if you're in the wealth building phase of your life, 494 00:23:04,840 --> 00:23:07,440 Speaker 1: and if you're a teacher, those low costs total stock 495 00:23:07,480 --> 00:23:11,480 Speaker 1: market funds or even the SMP five index funds though, 496 00:23:11,680 --> 00:23:13,520 Speaker 1: those are going to be an even better choice for 497 00:23:13,560 --> 00:23:16,159 Speaker 1: you when it comes to properly allocating your money in 498 00:23:16,160 --> 00:23:17,680 Speaker 1: a way that it's going to allow for the most 499 00:23:17,680 --> 00:23:20,520 Speaker 1: growth for years to come. Well, Andy, good luck finding 500 00:23:20,640 --> 00:23:22,920 Speaker 1: those four or three bps. I hope those the things 501 00:23:23,000 --> 00:23:25,480 Speaker 1: we mentioned likely so we'll link to in the show notes. 502 00:23:25,480 --> 00:23:28,080 Speaker 1: Hopefully those help you actually figure out what you're paying 503 00:23:28,600 --> 00:23:31,359 Speaker 1: in fees or what your wife's plan is charging in fees, 504 00:23:31,600 --> 00:23:33,280 Speaker 1: and in all likelihood you're gonna want to move that 505 00:23:33,280 --> 00:23:36,000 Speaker 1: that money away from that four or three B provider 506 00:23:36,320 --> 00:23:38,040 Speaker 1: stat to a company that cares a little bit more 507 00:23:38,040 --> 00:23:40,320 Speaker 1: and prioritizes low fees. And it's something you can d 508 00:23:40,400 --> 00:23:42,600 Speaker 1: I Y pretty easily or use a company like Capitalize 509 00:23:42,720 --> 00:23:44,800 Speaker 1: will help you do it for free. But Matt, let's 510 00:23:44,800 --> 00:23:48,000 Speaker 1: get onto another investing question. This one is about inheriting 511 00:23:48,000 --> 00:23:51,199 Speaker 1: a retirement account. Hey, Matt and Joel, this is Taylor 512 00:23:51,240 --> 00:23:54,880 Speaker 1: from Chicago. I just had a question about inheriting an 513 00:23:54,880 --> 00:23:58,840 Speaker 1: I ray account. I am currently inheriting about twenty seven 514 00:23:58,920 --> 00:24:02,920 Speaker 1: thousand dollars a traditional IRA account. I would like to 515 00:24:03,000 --> 00:24:05,520 Speaker 1: use the money in about one to two years towards 516 00:24:05,520 --> 00:24:08,440 Speaker 1: a down payment on a house. What would you guys 517 00:24:08,440 --> 00:24:11,360 Speaker 1: suggest I do with the money in the meantime, especially 518 00:24:11,400 --> 00:24:14,159 Speaker 1: if I would like the opportunity to possibly make it 519 00:24:14,200 --> 00:24:17,280 Speaker 1: grow a little bit more things in advance And I 520 00:24:17,359 --> 00:24:19,600 Speaker 1: love your show. All right, Taylor, thank you so much 521 00:24:19,640 --> 00:24:22,399 Speaker 1: for your question. And first off, we are sorry for 522 00:24:22,440 --> 00:24:26,320 Speaker 1: your loss, because when you inherit money, that's certainly good 523 00:24:26,320 --> 00:24:27,760 Speaker 1: from the vintage point of you know, being able to 524 00:24:27,760 --> 00:24:30,719 Speaker 1: reach your financial goals more quickly. But it's obviously an 525 00:24:30,760 --> 00:24:33,359 Speaker 1: awful thing because it means that you lost someone that 526 00:24:33,760 --> 00:24:36,200 Speaker 1: you're close to. Uh, and so we wanted to start 527 00:24:36,200 --> 00:24:39,359 Speaker 1: with that. Our condolences to you, Taylor. Yeah, agreed, Matt. 528 00:24:39,720 --> 00:24:41,640 Speaker 1: Let's get to the heart of Taylor's question. Let's let's 529 00:24:41,640 --> 00:24:44,960 Speaker 1: tackle a head on, because it sounds like Taylor wants 530 00:24:45,000 --> 00:24:47,320 Speaker 1: to use all this money and she wants to do 531 00:24:47,359 --> 00:24:49,600 Speaker 1: so in the not so distant future in order to 532 00:24:49,600 --> 00:24:51,919 Speaker 1: buy home, and there are a lot worse things she 533 00:24:51,960 --> 00:24:54,359 Speaker 1: could be doing with these funds. She could be I 534 00:24:54,359 --> 00:24:56,040 Speaker 1: don't know, taking a trip to Coabo or something like that, 535 00:24:56,080 --> 00:24:58,359 Speaker 1: which sounds like fun, and you could use a small 536 00:24:58,520 --> 00:25:00,800 Speaker 1: amount of those proceeds to do something like that. But 537 00:25:01,240 --> 00:25:03,800 Speaker 1: I love to show us to do something responsible. Yeah, exactly. 538 00:25:03,840 --> 00:25:05,600 Speaker 1: I think that this is going to be an awesome 539 00:25:05,600 --> 00:25:08,800 Speaker 1: way to honor whoever it is that left that money, too, right, 540 00:25:08,800 --> 00:25:10,560 Speaker 1: because I I mean, I've got a friend and he 541 00:25:11,040 --> 00:25:13,679 Speaker 1: received a small inheritance and he spent that money on 542 00:25:13,720 --> 00:25:17,320 Speaker 1: a BMW like X three or something like like the 543 00:25:17,520 --> 00:25:21,560 Speaker 1: SUV BMW, and you know he's gonna be fine financially, 544 00:25:21,640 --> 00:25:23,240 Speaker 1: but that being said, that is not the best use 545 00:25:23,280 --> 00:25:25,600 Speaker 1: of funds when it comes to a large chunk of 546 00:25:25,680 --> 00:25:28,280 Speaker 1: cash like that. We wanted you to be focusing on 547 00:25:28,280 --> 00:25:30,520 Speaker 1: on assets that are going to appreciate over time, not 548 00:25:30,640 --> 00:25:32,600 Speaker 1: something that's going to like there's no way that he 549 00:25:32,640 --> 00:25:34,720 Speaker 1: has that car still, right, and it's something he was 550 00:25:34,760 --> 00:25:36,680 Speaker 1: able to enjoy for a while. But something like buying 551 00:25:36,680 --> 00:25:39,320 Speaker 1: a house, it's like man's there's there's like legacy there, 552 00:25:39,720 --> 00:25:41,719 Speaker 1: uh and something that you can always look back to, agreed, 553 00:25:41,760 --> 00:25:44,119 Speaker 1: agreed and and interestingly enough, you know the rules for 554 00:25:44,160 --> 00:25:45,920 Speaker 1: what you need to do when you inherit and IRA 555 00:25:46,119 --> 00:25:49,240 Speaker 1: they changed just a handful of years ago. Non spousal 556 00:25:49,320 --> 00:25:51,679 Speaker 1: beneficiaries now have to take all of that money, have 557 00:25:51,720 --> 00:25:54,160 Speaker 1: to take it all out of the account in within 558 00:25:54,600 --> 00:25:57,720 Speaker 1: a ten your time frame. And unfortunately, since these withdrawals 559 00:25:57,720 --> 00:25:59,800 Speaker 1: are required, you don't have to pay a penalty. You 560 00:25:59,800 --> 00:26:02,200 Speaker 1: don't take that money out early, but you know, or 561 00:26:02,240 --> 00:26:04,320 Speaker 1: before the age of fifty and a half. But Taylor, 562 00:26:04,400 --> 00:26:06,440 Speaker 1: she wants to access that money sooner. So really there's 563 00:26:06,480 --> 00:26:08,240 Speaker 1: not much else to say on that front. I just 564 00:26:08,240 --> 00:26:10,760 Speaker 1: thought it might be have helped to others who inherit 565 00:26:10,800 --> 00:26:12,520 Speaker 1: in IRA and are trying to figure out what to do. 566 00:26:12,880 --> 00:26:14,320 Speaker 1: Some people might say, I just want to let it. 567 00:26:14,400 --> 00:26:15,720 Speaker 1: I just want to let it continue to grow and 568 00:26:15,800 --> 00:26:18,280 Speaker 1: keep it in the market. But but the reality is 569 00:26:18,320 --> 00:26:21,680 Speaker 1: that you're you're forced now by law to to withdraw 570 00:26:22,000 --> 00:26:25,040 Speaker 1: that money out of that IRA, closing it out within 571 00:26:25,200 --> 00:26:27,439 Speaker 1: ten years. Yeah, that's right. One thing that's worth mentioning 572 00:26:27,520 --> 00:26:30,680 Speaker 1: is well, is that if whoever it is that you're 573 00:26:30,680 --> 00:26:34,200 Speaker 1: receiving this inherited IRA from, if they had already started 574 00:26:34,240 --> 00:26:37,840 Speaker 1: taking r m d s so required minimum distributions, that 575 00:26:38,040 --> 00:26:40,280 Speaker 1: is something that you're going to have to continue. This 576 00:26:40,320 --> 00:26:42,600 Speaker 1: is based on guidance from the I r S earlier 577 00:26:42,600 --> 00:26:44,280 Speaker 1: this year, and essentially you're going to be put on 578 00:26:44,320 --> 00:26:46,679 Speaker 1: a schedule. But Taylor, if that's not the case for you. 579 00:26:46,840 --> 00:26:49,520 Speaker 1: For you, if you received this money from someone and 580 00:26:49,560 --> 00:26:52,840 Speaker 1: they were not taking required minimum distributions, then you can 581 00:26:52,880 --> 00:26:55,080 Speaker 1: be a little more strategic when it comes to with 582 00:26:55,119 --> 00:26:57,159 Speaker 1: drawing that money. So what I'm saying is like you 583 00:26:57,200 --> 00:27:00,440 Speaker 1: might want to break up your withdrawals evenly, uh say 584 00:27:00,520 --> 00:27:04,120 Speaker 1: in two and three, so that maybe you're spreading out 585 00:27:04,160 --> 00:27:07,639 Speaker 1: that tax liability that you'll have to pay that's partially 586 00:27:07,640 --> 00:27:09,960 Speaker 1: from a budgeting perspective, but it's also important to mention 587 00:27:10,359 --> 00:27:12,320 Speaker 1: that taking it all out in one year, that like 588 00:27:12,359 --> 00:27:14,960 Speaker 1: that could push you into a higher tax bracket. And 589 00:27:15,000 --> 00:27:16,960 Speaker 1: if that's the case, you're gonna end up paying a 590 00:27:17,040 --> 00:27:19,520 Speaker 1: higher rate on at least some of those dollars. And 591 00:27:19,520 --> 00:27:20,840 Speaker 1: so just keep that in mind, because so much of 592 00:27:20,880 --> 00:27:23,359 Speaker 1: this is going to depend on your specific a g 593 00:27:23,560 --> 00:27:26,000 Speaker 1: I and how close it is that you are to 594 00:27:26,160 --> 00:27:28,320 Speaker 1: that next tax bracket. Yeah, these rules, they get a 595 00:27:28,320 --> 00:27:31,360 Speaker 1: little murky. They're kind of hard to decipher. So much 596 00:27:31,359 --> 00:27:35,160 Speaker 1: depends on who who you inherited the money from and 597 00:27:35,480 --> 00:27:37,160 Speaker 1: where they were, how old they were, and whether they 598 00:27:37,160 --> 00:27:38,840 Speaker 1: were taking those rm ds or not. Like you said, Matt, 599 00:27:38,960 --> 00:27:41,000 Speaker 1: but it sounds like based on how Taylor wants to 600 00:27:41,040 --> 00:27:42,520 Speaker 1: take the money out, the fact that she wants to 601 00:27:42,560 --> 00:27:45,760 Speaker 1: take it out over just within the next two years anyway. 602 00:27:45,920 --> 00:27:47,680 Speaker 1: Next she might be required to take a small amount 603 00:27:47,680 --> 00:27:50,240 Speaker 1: out uh this year or next year, but she wants 604 00:27:50,280 --> 00:27:51,440 Speaker 1: to take it all up in the the next twenty four 605 00:27:51,440 --> 00:27:54,240 Speaker 1: months anyway. And here's the thing, Taylor, you don't want 606 00:27:54,240 --> 00:27:56,720 Speaker 1: to be investing the money though, that you're gonna take 607 00:27:56,720 --> 00:27:59,000 Speaker 1: out of this account. As you shut this IRA down 608 00:27:59,040 --> 00:28:00,960 Speaker 1: and you're withdrawing those is whether you're doing it over 609 00:28:01,000 --> 00:28:03,399 Speaker 1: a year or two, there's just too much risk of 610 00:28:03,520 --> 00:28:05,919 Speaker 1: losing the base amount that you inherit it that you 611 00:28:06,000 --> 00:28:08,119 Speaker 1: need for the down payment for that house. So we 612 00:28:08,119 --> 00:28:10,760 Speaker 1: would say is is you know, I would probably stock 613 00:28:10,800 --> 00:28:13,040 Speaker 1: away ten thousand dollars of the money that you take 614 00:28:13,040 --> 00:28:15,920 Speaker 1: out this year into I bonds and then I'd put 615 00:28:15,920 --> 00:28:19,120 Speaker 1: the rest in a high yield safetys account. And that's 616 00:28:19,119 --> 00:28:21,879 Speaker 1: because I bonds are yielding somewhere close to ten percent return. 617 00:28:22,280 --> 00:28:24,400 Speaker 1: Right now, you can put ten grand in and all 618 00:28:24,880 --> 00:28:26,239 Speaker 1: the only thing you're forced to do is to keep 619 00:28:26,280 --> 00:28:29,400 Speaker 1: it in there for at least a full calendar year. Uh, 620 00:28:29,560 --> 00:28:31,240 Speaker 1: you're not going to grow the money in a big way, 621 00:28:31,600 --> 00:28:34,480 Speaker 1: but you also won't have to worry about losing it either. 622 00:28:34,840 --> 00:28:36,959 Speaker 1: If you had more of like a loose timeline, let's say, 623 00:28:37,000 --> 00:28:39,400 Speaker 1: and you didn't necessarily need the money for a down payment. 624 00:28:39,400 --> 00:28:40,600 Speaker 1: It's just kind of one of these things like, yeah, 625 00:28:40,600 --> 00:28:41,960 Speaker 1: I don't know, maybe I'll get around to it four 626 00:28:42,000 --> 00:28:44,880 Speaker 1: or five, six years. I might buy a house years 627 00:28:44,960 --> 00:28:47,480 Speaker 1: then you could afford to take a little more risk 628 00:28:47,680 --> 00:28:49,440 Speaker 1: and and hope it in hopes that you could eke 629 00:28:49,480 --> 00:28:51,720 Speaker 1: out a bigger return, but it just doesn't sound like 630 00:28:51,720 --> 00:28:53,600 Speaker 1: that's the case. And we don't want you to inhibit 631 00:28:53,640 --> 00:28:56,040 Speaker 1: your ability to buy that house by taking on too 632 00:28:56,120 --> 00:28:58,840 Speaker 1: much risk, by shocking away money that you can't afford 633 00:28:58,840 --> 00:29:01,200 Speaker 1: to lose in the market. And let's say we experienced 634 00:29:01,200 --> 00:29:03,960 Speaker 1: another ten percent decline and now you have less money 635 00:29:04,160 --> 00:29:05,440 Speaker 1: in order to go out there in the market and 636 00:29:05,440 --> 00:29:07,160 Speaker 1: buy a house with that, just to put you behind 637 00:29:07,160 --> 00:29:09,760 Speaker 1: the eight Paul even more when it comes to accomplishing 638 00:29:10,080 --> 00:29:13,000 Speaker 1: that goal you have. So Taylor, best of luck to you. 639 00:29:13,320 --> 00:29:15,200 Speaker 1: We hope that that we've got you pointed in the 640 00:29:15,280 --> 00:29:17,240 Speaker 1: right direction. Joel, We've got a couple of other questions 641 00:29:17,320 --> 00:29:20,320 Speaker 1: we're gonna get to, including a question from a listener 642 00:29:20,360 --> 00:29:22,600 Speaker 1: who is looking to get started in real estate. We'll 643 00:29:22,640 --> 00:29:34,680 Speaker 1: get to that, plus one more right after this. All right, 644 00:29:34,720 --> 00:29:36,960 Speaker 1: at we literally have a listener coming up who wants 645 00:29:36,960 --> 00:29:38,960 Speaker 1: to know what the best how to Money episodes are 646 00:29:39,320 --> 00:29:41,920 Speaker 1: And yeah, we didn't even mention that one. I don't 647 00:29:41,920 --> 00:29:44,480 Speaker 1: know if we're necessarily the best people to ask, because 648 00:29:44,520 --> 00:29:46,320 Speaker 1: we would say they're all our babies and we love 649 00:29:46,360 --> 00:29:48,719 Speaker 1: them ekally except for the first fifty episodes. Just go 650 00:29:48,760 --> 00:29:50,440 Speaker 1: back and listen to all of them. We're not gonna 651 00:29:50,440 --> 00:29:53,120 Speaker 1: pick any favorites unlikely. No, we'll get around to that 652 00:29:53,200 --> 00:29:55,200 Speaker 1: question in just a minute. But but let's first take 653 00:29:55,280 --> 00:29:57,400 Speaker 1: a question from a listener who wants to know which 654 00:29:57,400 --> 00:30:00,760 Speaker 1: house hacking strategy is best for him. Hey, Matt and Joel, 655 00:30:00,880 --> 00:30:03,120 Speaker 1: I am calling from Kansas City and love the show. 656 00:30:03,160 --> 00:30:05,200 Speaker 1: I'm going to get right to it. I want to 657 00:30:05,200 --> 00:30:09,000 Speaker 1: get into long term real estate investing, but right now 658 00:30:09,400 --> 00:30:11,920 Speaker 1: I need to decide whether I should build or I 659 00:30:11,960 --> 00:30:15,000 Speaker 1: should buy. We own a single family home and I 660 00:30:15,080 --> 00:30:18,840 Speaker 1: was thinking about building an accessory dwelling unit garage combo 661 00:30:19,200 --> 00:30:24,320 Speaker 1: on our property, or finishing or roughly square foot basement 662 00:30:24,800 --> 00:30:30,320 Speaker 1: to rent out for extra continued income. The EU would 663 00:30:30,360 --> 00:30:34,760 Speaker 1: be the preferred method. Or do I buy something that 664 00:30:35,000 --> 00:30:39,280 Speaker 1: already exists, preferably a duplex, but I would settle for 665 00:30:39,320 --> 00:30:42,480 Speaker 1: a single family home. My wife and I are both 666 00:30:42,520 --> 00:30:46,560 Speaker 1: thirty years old. We currently have about twenty one and savings, 667 00:30:46,560 --> 00:30:49,040 Speaker 1: which is about nine months bare bones expenses, and we 668 00:30:49,080 --> 00:30:52,760 Speaker 1: contribute an additional hundred dollars each month. We have seventeen 669 00:30:52,800 --> 00:30:55,000 Speaker 1: tho dollars in our checking account, which I feel is 670 00:30:55,040 --> 00:30:56,760 Speaker 1: too much, which is why I want to get into 671 00:30:57,200 --> 00:31:00,760 Speaker 1: more investing, specifically real estate. I've fully fund my raw 672 00:31:00,840 --> 00:31:03,280 Speaker 1: IRO and my wife fully funds her work sponsored for 673 00:31:03,360 --> 00:31:06,360 Speaker 1: a one K. We all about a hundred fifty thousand 674 00:31:06,360 --> 00:31:08,840 Speaker 1: dollars left on our house, but we only have a 675 00:31:08,880 --> 00:31:12,760 Speaker 1: two p p R. We currently put an extra five 676 00:31:13,160 --> 00:31:16,920 Speaker 1: dollars on the principle each month, which I know is 677 00:31:16,920 --> 00:31:19,240 Speaker 1: not the preferred method, which is why kind of I'm 678 00:31:19,240 --> 00:31:21,760 Speaker 1: looking to put that money elsewhere. So I'd like to 679 00:31:21,800 --> 00:31:25,960 Speaker 1: get your thoughts and thanks so much, Colin, thank you 680 00:31:26,000 --> 00:31:28,720 Speaker 1: for your question. And first things first, you said long 681 00:31:28,840 --> 00:31:33,080 Speaker 1: term real estate investing, which is the right mindset, and 682 00:31:33,120 --> 00:31:35,240 Speaker 1: you're also thinking through a few different strategies to get 683 00:31:35,280 --> 00:31:38,520 Speaker 1: into it, which is smart. But before we get straight 684 00:31:38,560 --> 00:31:41,160 Speaker 1: into some of the pros and the cons of which 685 00:31:41,240 --> 00:31:43,560 Speaker 1: path you might want to take, let's let's take a 686 00:31:43,560 --> 00:31:46,280 Speaker 1: step back and look maybe holistically at your finances, because 687 00:31:46,280 --> 00:31:49,080 Speaker 1: I love that you are seeing the ways that your 688 00:31:49,080 --> 00:31:52,120 Speaker 1: money isn't working hard for you and that you're working 689 00:31:52,200 --> 00:31:54,200 Speaker 1: to do something about it, because having too much cash 690 00:31:54,240 --> 00:31:57,920 Speaker 1: on hand really can be official problem worth solving, because 691 00:31:57,920 --> 00:32:00,640 Speaker 1: on one hand, cash it's not trash but you can 692 00:32:00,680 --> 00:32:02,760 Speaker 1: overdo it. You can have too much cash on hand, 693 00:32:03,000 --> 00:32:05,120 Speaker 1: and using your money and efficiently can be a problem 694 00:32:05,120 --> 00:32:07,480 Speaker 1: as well as folks who want to build their wealth 695 00:32:07,480 --> 00:32:09,400 Speaker 1: and grow our money. You are right, like, we are 696 00:32:09,440 --> 00:32:12,360 Speaker 1: not big fans of you paying down a two point 697 00:32:12,480 --> 00:32:15,200 Speaker 1: you know, seven five mortgage early. We don't like keep 698 00:32:15,200 --> 00:32:18,040 Speaker 1: paying extra payments towards that, especially given the current reality 699 00:32:18,120 --> 00:32:20,920 Speaker 1: of inflation, which makes makes that mortgage look, you know, 700 00:32:20,960 --> 00:32:23,360 Speaker 1: more like a safe haven than a liability. So just 701 00:32:23,440 --> 00:32:25,120 Speaker 1: generally speaking, we think that you are heading in the 702 00:32:25,240 --> 00:32:27,920 Speaker 1: right direction. We think you are thinking about your money 703 00:32:27,920 --> 00:32:30,240 Speaker 1: and your finances and what to do next in a 704 00:32:30,280 --> 00:32:33,200 Speaker 1: healthy way. As the facts on the ground change. As 705 00:32:33,240 --> 00:32:36,320 Speaker 1: inflation continues to be a major problem, and it does 706 00:32:36,400 --> 00:32:38,600 Speaker 1: make your mortgage look like less of a problem. And 707 00:32:38,600 --> 00:32:40,480 Speaker 1: it's not the debt is awesome or that we would 708 00:32:40,480 --> 00:32:42,920 Speaker 1: say go take out six more mortgages because if you 709 00:32:42,920 --> 00:32:44,720 Speaker 1: can get them at low rates, it's just that there 710 00:32:44,720 --> 00:32:46,680 Speaker 1: are better things to be doing with your money, and 711 00:32:46,680 --> 00:32:49,360 Speaker 1: and so paying you know, those extra hundreds of dollars 712 00:32:49,400 --> 00:32:51,920 Speaker 1: each month towards something and putting it towards something more 713 00:32:51,920 --> 00:32:54,800 Speaker 1: productive is something we can get behind. And so Matt. 714 00:32:54,880 --> 00:32:56,440 Speaker 1: Let's get at the heart of Collins question. He says, 715 00:32:56,480 --> 00:32:58,920 Speaker 1: which route should he be taking? Let's discuss that for 716 00:32:58,960 --> 00:33:01,560 Speaker 1: a second, because I've gotta be honest. I mean, Colin 717 00:33:01,600 --> 00:33:04,920 Speaker 1: made it sound like finishing the basement isn't his favorite option, 718 00:33:05,160 --> 00:33:07,000 Speaker 1: but it's probably my favorite option based on the ones 719 00:33:07,040 --> 00:33:09,320 Speaker 1: he based on the ones he laid out. And you 720 00:33:09,360 --> 00:33:11,480 Speaker 1: don't want to do this column, but I want you 721 00:33:11,520 --> 00:33:14,760 Speaker 1: to do that exact Colin, do what your buddy Joel says. Okay, 722 00:33:15,240 --> 00:33:18,760 Speaker 1: And because I think you know it'll almost inevitably produce 723 00:33:19,120 --> 00:33:21,720 Speaker 1: the best r o I the best return on his investment. 724 00:33:22,040 --> 00:33:24,320 Speaker 1: Why is that Well, because he's already got four walls 725 00:33:24,320 --> 00:33:26,560 Speaker 1: in the foundation. Uh you know he's he's already got 726 00:33:26,680 --> 00:33:29,080 Speaker 1: plumbing piped to this thing, and he can tie into 727 00:33:29,080 --> 00:33:31,239 Speaker 1: it pretty easily. He's gonna want to get a few 728 00:33:31,320 --> 00:33:33,360 Speaker 1: quotes on on how much it's gonna cost to finish 729 00:33:33,360 --> 00:33:35,840 Speaker 1: that basement out first, but you also want to know 730 00:33:35,880 --> 00:33:38,480 Speaker 1: what you what you can rent it for. Here's the thing, though, 731 00:33:38,520 --> 00:33:40,360 Speaker 1: and there's a good chance that this is the best 732 00:33:40,400 --> 00:33:43,440 Speaker 1: place to invest your money, at least initially, because it's 733 00:33:43,440 --> 00:33:45,880 Speaker 1: going to allow you to more quickly start to make 734 00:33:46,000 --> 00:33:49,000 Speaker 1: rental income with the least amount of capital required on 735 00:33:49,120 --> 00:33:51,040 Speaker 1: your part to kind of get things going. Yeah, and 736 00:33:51,080 --> 00:33:53,360 Speaker 1: you know, depending on what neighborhood you live in, renting 737 00:33:53,480 --> 00:33:56,880 Speaker 1: out that basement on air Airbnb could increase the potential 738 00:33:56,920 --> 00:33:59,440 Speaker 1: for revenue as well. But our our second favorite option 739 00:33:59,600 --> 00:34:02,680 Speaker 1: is for you to buy a duplex, because building out 740 00:34:02,680 --> 00:34:04,480 Speaker 1: in a d U sounds like that that was maybe 741 00:34:04,640 --> 00:34:07,600 Speaker 1: the option you were leaning towards in particular, maybe because 742 00:34:07,600 --> 00:34:12,680 Speaker 1: it has a garage and drinks. We're not against a 743 00:34:12,719 --> 00:34:14,920 Speaker 1: d U s We're not together carreach houses were literally 744 00:34:14,960 --> 00:34:17,959 Speaker 1: sitting in one right now recording this podcast was built 745 00:34:17,960 --> 00:34:20,920 Speaker 1: a hundred years ago, right, Yes, Because you know, building 746 00:34:20,920 --> 00:34:22,279 Speaker 1: an a d U like it's great, It makes sense 747 00:34:22,320 --> 00:34:25,000 Speaker 1: in a lot of cases. But we're talking about typically 748 00:34:25,120 --> 00:34:29,960 Speaker 1: like an extensive process of getting drawings done, permitting, actually 749 00:34:30,000 --> 00:34:32,879 Speaker 1: building the thing, and the cost to build has risen 750 00:34:32,920 --> 00:34:36,440 Speaker 1: substantially over the last couple of years, although the price 751 00:34:36,440 --> 00:34:38,400 Speaker 1: of wood in particular and some of the other materials 752 00:34:38,400 --> 00:34:42,080 Speaker 1: have dropped based on compared to where those prices were 753 00:34:42,120 --> 00:34:44,719 Speaker 1: earlier in the year. But the same reasons that make 754 00:34:44,920 --> 00:34:48,120 Speaker 1: a basement the attractive option, that's just making building a 755 00:34:48,160 --> 00:34:51,480 Speaker 1: new a d U less attractive, right, It's just more 756 00:34:51,480 --> 00:34:54,240 Speaker 1: difficult to finance as well, which which might mean coming 757 00:34:54,320 --> 00:34:56,440 Speaker 1: up with a bunch of cash that might be more 758 00:34:56,560 --> 00:34:59,280 Speaker 1: difficult to save up if you were looking to possibly 759 00:34:59,320 --> 00:35:01,200 Speaker 1: finance some of it. Yeah, Matt, I mean, I think 760 00:35:01,239 --> 00:35:03,839 Speaker 1: we talked about One of our first episodes was about 761 00:35:03,840 --> 00:35:05,840 Speaker 1: putting some sort of like I wanted to put an 762 00:35:05,840 --> 00:35:07,480 Speaker 1: air stream in my backyard and rent it out on 763 00:35:07,480 --> 00:35:10,239 Speaker 1: an Airbnb. I never did that, but that's one of 764 00:35:10,280 --> 00:35:12,400 Speaker 1: those things where I've seen other people do it successfully. 765 00:35:12,440 --> 00:35:14,719 Speaker 1: It's been on my radar. Just having pounced and in 766 00:35:14,800 --> 00:35:16,600 Speaker 1: a d U was on my radar there for a while. 767 00:35:16,640 --> 00:35:18,680 Speaker 1: I looked into it. I ran the numbers, and this 768 00:35:18,840 --> 00:35:22,280 Speaker 1: was probably three and a half years ago, at pre pandemic, 769 00:35:22,320 --> 00:35:26,000 Speaker 1: before the world in haywire, and the price was not 770 00:35:26,120 --> 00:35:28,560 Speaker 1: great but reasonable, and I was gonna it would have 771 00:35:28,600 --> 00:35:30,640 Speaker 1: been profitable for me to make that pounce. I just 772 00:35:30,680 --> 00:35:32,960 Speaker 1: didn't do it well. I looked the other day. So basically, 773 00:35:33,000 --> 00:35:35,160 Speaker 1: there's this company where we live and it's kind of 774 00:35:35,160 --> 00:35:37,640 Speaker 1: like a Sears Roebucks catalog style thing. They've got four 775 00:35:37,680 --> 00:35:40,239 Speaker 1: different units. They don't really vary on very much house 776 00:35:40,239 --> 00:35:42,520 Speaker 1: in a box exactly, and they're like, do you want this, this, this, 777 00:35:42,640 --> 00:35:45,520 Speaker 1: or this, And they've all got these firm, flat fixed prices, 778 00:35:46,000 --> 00:35:49,120 Speaker 1: and it's literally more to build that a du today 779 00:35:49,160 --> 00:35:50,560 Speaker 1: than it was four years three or three and a 780 00:35:50,560 --> 00:35:53,279 Speaker 1: half four years ago. And so it's just amazing at 781 00:35:53,320 --> 00:35:57,280 Speaker 1: how how quickly those costs of skyrocketed that. Yeah, the lumber, 782 00:35:57,280 --> 00:36:00,120 Speaker 1: but also the labor, and so building from scratch is 783 00:36:00,160 --> 00:36:02,840 Speaker 1: going to be a more costly endeavored. That is particularly 784 00:36:02,880 --> 00:36:05,480 Speaker 1: why we like Colin building out his basement. It might 785 00:36:05,480 --> 00:36:08,200 Speaker 1: not be his favorite, but at least from a financial standpoint, 786 00:36:08,200 --> 00:36:10,279 Speaker 1: it's going to be the best option for him. Yeah, 787 00:36:10,280 --> 00:36:12,600 Speaker 1: but real quick, I'll provide an argument maybe against both 788 00:36:12,680 --> 00:36:15,080 Speaker 1: the basement and the ad U, which is oftentimes I 789 00:36:15,160 --> 00:36:17,520 Speaker 1: think folks they tend to look to their property because 790 00:36:17,520 --> 00:36:19,319 Speaker 1: they already own it. It seems like the path of 791 00:36:19,400 --> 00:36:21,840 Speaker 1: least resistance. It seems like a very prudent way to 792 00:36:22,040 --> 00:36:24,680 Speaker 1: kind of dabble and start thinking about real estate. But 793 00:36:24,760 --> 00:36:27,799 Speaker 1: you also run the risk of potentially over building for 794 00:36:27,880 --> 00:36:30,200 Speaker 1: your neighborhood or for your part of town, or yeah, 795 00:36:30,200 --> 00:36:32,200 Speaker 1: for the specific neighborhood you live in. You might end 796 00:36:32,280 --> 00:36:35,840 Speaker 1: up being the nicest or maybe the biggest house around. 797 00:36:36,120 --> 00:36:38,320 Speaker 1: And when it comes to appreciation, what that means is 798 00:36:38,320 --> 00:36:40,400 Speaker 1: is you're going to see a lot less appreciation on 799 00:36:40,440 --> 00:36:41,960 Speaker 1: that home for the money that you put into it, 800 00:36:42,120 --> 00:36:44,759 Speaker 1: rather than if you were just to go outside of 801 00:36:44,840 --> 00:36:47,719 Speaker 1: that property and buy a completely new property. And so 802 00:36:47,800 --> 00:36:49,759 Speaker 1: that's just something else to keep in mind when it 803 00:36:49,800 --> 00:36:52,000 Speaker 1: comes to what you're gonna do with this money that 804 00:36:52,040 --> 00:36:53,840 Speaker 1: you're thinking to invest. Well, let's talk about one more 805 00:36:53,880 --> 00:36:56,640 Speaker 1: option then, because shopping for maybe like a multifamily home 806 00:36:56,719 --> 00:36:59,360 Speaker 1: that could be potentially Colin's best bet to either if 807 00:36:59,440 --> 00:37:01,480 Speaker 1: let's say, the no burs don't make sense on a 808 00:37:01,520 --> 00:37:04,680 Speaker 1: basement rehab or if you're just not comfortable renting out 809 00:37:04,680 --> 00:37:06,879 Speaker 1: a portion of your house, or if you start looking 810 00:37:06,920 --> 00:37:08,960 Speaker 1: into building an A to U and you're like shocked, 811 00:37:09,320 --> 00:37:12,160 Speaker 1: sticker shock at the prices. Well, I actually started, man. 812 00:37:12,200 --> 00:37:16,040 Speaker 1: I looked on Redfin for multifamily options in Colin City, 813 00:37:16,400 --> 00:37:18,560 Speaker 1: calling from Kansas City, Well, it looks like they're a 814 00:37:18,560 --> 00:37:23,200 Speaker 1: bunch of killer properties there that are pretty inexpensive. And 815 00:37:23,480 --> 00:37:26,040 Speaker 1: now the housing market is kind of experiencing a lull 816 00:37:26,160 --> 00:37:29,000 Speaker 1: right now, we're likely to see more opportunities for savvy 817 00:37:29,000 --> 00:37:32,640 Speaker 1: investors who have been patiently waiting for a good opportunity 818 00:37:32,640 --> 00:37:35,319 Speaker 1: to jump on a killer deal. And so I don't 819 00:37:35,360 --> 00:37:36,879 Speaker 1: know a lot of these multi families that I saw, 820 00:37:36,920 --> 00:37:38,840 Speaker 1: and where Colin is. I don't know exactly where it is. 821 00:37:39,120 --> 00:37:42,239 Speaker 1: General Search in Kansas City though definitely showed some I 822 00:37:42,239 --> 00:37:44,360 Speaker 1: I looked as well. And so it's like there's some 823 00:37:44,440 --> 00:37:48,279 Speaker 1: really cool old school like solid brick looking dupe like 824 00:37:48,400 --> 00:37:52,040 Speaker 1: some of which were listed sixty days. They've been around 825 00:37:52,040 --> 00:37:53,719 Speaker 1: for a little bit and and maybe you might feel 826 00:37:53,719 --> 00:37:55,279 Speaker 1: to get a little bit of price cut on those 827 00:37:55,360 --> 00:37:57,600 Speaker 1: on those properties. Cool. So we would say, find a 828 00:37:57,640 --> 00:38:00,360 Speaker 1: great agent Colin, you know, scour the listings in a 829 00:38:00,400 --> 00:38:02,680 Speaker 1: few neighborhoods that you like for a couple of months, 830 00:38:02,960 --> 00:38:06,000 Speaker 1: keep running the numbers, and you'll know when the right 831 00:38:06,040 --> 00:38:08,239 Speaker 1: one comes along that's worth making an offer on. I 832 00:38:08,239 --> 00:38:11,600 Speaker 1: could just see maybe that being the best particular use 833 00:38:11,640 --> 00:38:14,680 Speaker 1: of Collins extra funds is to buy a duplex or 834 00:38:14,760 --> 00:38:17,120 Speaker 1: a quadplex or something like that that's gonna be like 835 00:38:17,160 --> 00:38:19,879 Speaker 1: a perpetual revenue generator for for years to come. Yeah, 836 00:38:19,880 --> 00:38:21,919 Speaker 1: not only is going to bring that money in every 837 00:38:21,960 --> 00:38:24,439 Speaker 1: single month that's going to cash flow, but he will 838 00:38:24,480 --> 00:38:27,560 Speaker 1: also I'm sure see some massive appreciation on that property 839 00:38:27,600 --> 00:38:30,040 Speaker 1: over the years. But it's it's also hard just to 840 00:38:30,080 --> 00:38:32,279 Speaker 1: say to put down some blanket statements saying that this 841 00:38:32,280 --> 00:38:33,680 Speaker 1: is what you should do, Colin, because it kind of 842 00:38:33,680 --> 00:38:36,920 Speaker 1: depends on like what it is that you're looking for 843 00:38:36,960 --> 00:38:38,719 Speaker 1: you personally, like what it like, what it is that 844 00:38:38,760 --> 00:38:41,799 Speaker 1: you're looking for from a lifestyle standpoint, because I will 845 00:38:41,840 --> 00:38:44,200 Speaker 1: say a part of when we added onto our house 846 00:38:44,600 --> 00:38:46,920 Speaker 1: was to expand our footprint, like we wanted to basically 847 00:38:46,960 --> 00:38:48,680 Speaker 1: to have a dining room that was right off of 848 00:38:48,680 --> 00:38:50,879 Speaker 1: our kitchen, and at the same time we were able 849 00:38:50,920 --> 00:38:53,520 Speaker 1: to then build out the basement, which originally we had 850 00:38:53,520 --> 00:38:55,759 Speaker 1: on Airbnb, and then Joel, that's where we recorded for 851 00:38:55,760 --> 00:38:58,279 Speaker 1: the past couple you know, two years, I guess. And 852 00:38:58,280 --> 00:39:00,920 Speaker 1: so for us, that was just a massive lifestyle upgrade 853 00:39:00,920 --> 00:39:02,680 Speaker 1: I think, honestly, I think it's what allowed us to 854 00:39:02,719 --> 00:39:05,040 Speaker 1: stay in that home through the pandemic while we were 855 00:39:05,200 --> 00:39:07,680 Speaker 1: wild kids were at home virtual learning. We we had 856 00:39:07,719 --> 00:39:09,480 Speaker 1: the space to be able to do that, and of 857 00:39:09,480 --> 00:39:11,600 Speaker 1: course we have the space to be able to take 858 00:39:11,640 --> 00:39:14,640 Speaker 1: over the Airbnb and record and so Colin, I don't 859 00:39:14,640 --> 00:39:17,239 Speaker 1: want to completely shoot down your dreams of having an 860 00:39:17,239 --> 00:39:19,319 Speaker 1: a d U with a garage because you need more 861 00:39:19,360 --> 00:39:21,000 Speaker 1: space because you know, like you're talking about that too 862 00:39:21,080 --> 00:39:24,440 Speaker 1: something percent mortgage. If that allows you to potentially hang 863 00:39:24,480 --> 00:39:26,840 Speaker 1: onto that house and to keep that mortgage where it 864 00:39:26,880 --> 00:39:29,000 Speaker 1: basically feels like the bank is paying you to continue 865 00:39:29,040 --> 00:39:30,880 Speaker 1: to stay in that house with what you're able to 866 00:39:30,880 --> 00:39:33,960 Speaker 1: earn elsewhere, then it might be worth thinking through some 867 00:39:34,000 --> 00:39:36,440 Speaker 1: of these different creative ways to hang onto that property. 868 00:39:36,440 --> 00:39:38,439 Speaker 1: And who knows, maybe that does involve building a little 869 00:39:38,440 --> 00:39:40,719 Speaker 1: garage with with an apartment above it. Yeah, there's a 870 00:39:40,719 --> 00:39:44,120 Speaker 1: difference mat between the best financial decision and the best 871 00:39:44,120 --> 00:39:47,120 Speaker 1: decision for you, right, it's not we can tell you 872 00:39:47,400 --> 00:39:49,960 Speaker 1: in all likelihood, and running the numbers on different scenarios, well, 873 00:39:50,000 --> 00:39:52,319 Speaker 1: this one's probably gonna make more financial sense. But let's 874 00:39:52,320 --> 00:39:55,360 Speaker 1: say you're like, you build out the basement because that 875 00:39:55,480 --> 00:39:57,520 Speaker 1: then the numbers make the most sense. But then having 876 00:39:57,520 --> 00:39:59,880 Speaker 1: people stay in your home freaks you out and you stop. 877 00:40:00,320 --> 00:40:02,480 Speaker 1: That's wasted money, that's money down the drain. Then if 878 00:40:02,520 --> 00:40:04,319 Speaker 1: you're not going to be able to actually use it 879 00:40:04,360 --> 00:40:07,720 Speaker 1: to make money because you realized it's too closer proximity 880 00:40:07,719 --> 00:40:10,480 Speaker 1: for for these airbnb strangers, and I don't have any 881 00:40:10,480 --> 00:40:12,680 Speaker 1: friends who want to write the space out. So yeah, 882 00:40:12,719 --> 00:40:14,000 Speaker 1: those are the kind of things you have to take 883 00:40:14,040 --> 00:40:18,160 Speaker 1: into into consideration. For sure, you can't just make the 884 00:40:18,200 --> 00:40:21,319 Speaker 1: decision based on the numbers. But hopefully all of our 885 00:40:21,320 --> 00:40:24,239 Speaker 1: thoughts combined help Colin make a good decision for his situation. Yeah, 886 00:40:24,239 --> 00:40:26,560 Speaker 1: maybe that investment property it's too close. It's a little 887 00:40:26,600 --> 00:40:29,279 Speaker 1: too close to home. Uh, And we know when you've 888 00:40:29,320 --> 00:40:32,239 Speaker 1: got some distance between you and that property, maybe the 889 00:40:32,239 --> 00:40:34,680 Speaker 1: tenant's gonna be less likely. Like literally, I've had tenants 890 00:40:34,680 --> 00:40:37,480 Speaker 1: before say hey, there's a spider in the house, Like, 891 00:40:37,480 --> 00:40:39,840 Speaker 1: can you get the exterminator out here? And I'm like, hey, 892 00:40:40,000 --> 00:40:42,120 Speaker 1: the exterminator was just there. And spiders are just a 893 00:40:42,120 --> 00:40:44,240 Speaker 1: part of life, Like sometimes they're going to be spiders. 894 00:40:44,680 --> 00:40:47,400 Speaker 1: Spiders gotta take care of the other bugs, Yeah, care 895 00:40:47,480 --> 00:40:49,560 Speaker 1: of them. The fact is, when you have a tenant 896 00:40:49,800 --> 00:40:52,319 Speaker 1: or guests, they're on site on property where they have 897 00:40:52,360 --> 00:40:55,040 Speaker 1: where if where they think they have seven access to you, 898 00:40:55,719 --> 00:40:57,600 Speaker 1: that might be something that you might want to avoid 899 00:40:57,600 --> 00:40:59,680 Speaker 1: as well. All things worth considering, and keep going back 900 00:40:59,680 --> 00:41:02,120 Speaker 1: and forth. Here, we're gonna leave it to you to 901 00:41:02,200 --> 00:41:03,600 Speaker 1: make the best decision there you go, all right to 902 00:41:03,760 --> 00:41:05,680 Speaker 1: your on adventure column, but best of luck, let us 903 00:41:05,680 --> 00:41:07,600 Speaker 1: know what you end up de signing and Matt, we've 904 00:41:07,600 --> 00:41:09,400 Speaker 1: got one last question to get to. This one is 905 00:41:09,440 --> 00:41:11,759 Speaker 1: something we hadn't thought about enough, So I'm glad that 906 00:41:11,840 --> 00:41:14,839 Speaker 1: Alexandria is asking this one of us today. Hi, Matt, 907 00:41:15,080 --> 00:41:19,920 Speaker 1: Hi Joel. My name's Alexandria, and I'm calling in from Arizona. 908 00:41:20,560 --> 00:41:25,000 Speaker 1: When I first started my financial journey, I came across 909 00:41:25,120 --> 00:41:28,319 Speaker 1: the How the Money podcast and I absolutely went through 910 00:41:28,360 --> 00:41:33,160 Speaker 1: a binge of episodes. My journey with you guys has 911 00:41:33,239 --> 00:41:36,920 Speaker 1: been phenomenal. When I first started out, I had like 912 00:41:37,000 --> 00:41:40,040 Speaker 1: a six thirty credit score, a little bit of credit 913 00:41:40,080 --> 00:41:44,319 Speaker 1: card debt, and I just wanted better for myself and 914 00:41:44,400 --> 00:41:49,200 Speaker 1: my two kiddos. Since then, I have bought a home, 915 00:41:49,680 --> 00:41:53,439 Speaker 1: I have raised my credit score to about like an 916 00:41:53,440 --> 00:41:57,520 Speaker 1: eight ten. I have a big chunk of savings that 917 00:41:57,600 --> 00:42:01,799 Speaker 1: fluctuates between like fifteen and twenty depending on what's going 918 00:42:01,840 --> 00:42:06,000 Speaker 1: on with my house. I am contributing well over what's 919 00:42:06,040 --> 00:42:11,240 Speaker 1: expected for a match in my um government TSP, and 920 00:42:11,480 --> 00:42:14,680 Speaker 1: my kids also have five to nines and talking a 921 00:42:14,719 --> 00:42:17,879 Speaker 1: little bit of money away in a private roth as well. 922 00:42:18,640 --> 00:42:23,600 Speaker 1: I am doing way more than what I was doing before. UM, 923 00:42:23,640 --> 00:42:26,239 Speaker 1: I do have a car note and I do have 924 00:42:26,360 --> 00:42:31,240 Speaker 1: my house note, but UM, right now things are great financially. 925 00:42:32,000 --> 00:42:35,000 Speaker 1: I do want to say that because of that, my 926 00:42:35,120 --> 00:42:39,160 Speaker 1: friends often ask me, uh friends and family members for 927 00:42:39,280 --> 00:42:43,040 Speaker 1: financial advice, and I don't feel like I'm always equipped 928 00:42:43,160 --> 00:42:47,080 Speaker 1: to give them that, So I recommend them to listen 929 00:42:47,120 --> 00:42:49,959 Speaker 1: to the how to Many podcasts. A lot of times 930 00:42:49,960 --> 00:42:53,319 Speaker 1: I'll skim through old and new episodes and try to 931 00:42:53,360 --> 00:42:56,359 Speaker 1: compile a list for them that they might be interested in, 932 00:42:56,880 --> 00:43:01,040 Speaker 1: but out of curiosity. If you were recommend ending ten 933 00:43:01,239 --> 00:43:06,640 Speaker 1: episodes to someone with little to no experience with finances, 934 00:43:07,200 --> 00:43:10,640 Speaker 1: what would be your top ten how the Money picks. 935 00:43:11,280 --> 00:43:13,480 Speaker 1: I look forward to hearing from you guys, and again, 936 00:43:13,719 --> 00:43:17,279 Speaker 1: thank you for this amazing podcast. You guys don't know 937 00:43:17,320 --> 00:43:20,799 Speaker 1: how many vibes you're changing. Man, talk about a rush 938 00:43:20,880 --> 00:43:24,800 Speaker 1: of all the good fields. We love hearing these type 939 00:43:24,800 --> 00:43:28,640 Speaker 1: of success stories, and holy crap, Alexandria's it sounds like 940 00:43:28,680 --> 00:43:32,120 Speaker 1: you are totally crushing it. You You're contributing to multiple 941 00:43:32,120 --> 00:43:34,640 Speaker 1: retirement accounts, You've got that emergency fund set up, You're 942 00:43:34,640 --> 00:43:37,799 Speaker 1: putting away money for your kids college. Uh, you know, 943 00:43:37,880 --> 00:43:40,640 Speaker 1: even if you weren't in too terrible of a financial 944 00:43:40,680 --> 00:43:43,279 Speaker 1: position when you first found the podcast. Like, what I'm 945 00:43:43,280 --> 00:43:46,239 Speaker 1: hearing in your voice is confidence, right, and that is 946 00:43:46,560 --> 00:43:49,480 Speaker 1: totally worth celebrating as well. You've got a plan for 947 00:43:49,520 --> 00:43:52,600 Speaker 1: your money now, and we're so glad to have played 948 00:43:52,840 --> 00:43:54,880 Speaker 1: any type of role in getting you there. Yeah. I 949 00:43:54,920 --> 00:43:57,320 Speaker 1: love that you mentioned the confidence thing, because I swear 950 00:43:57,360 --> 00:44:01,680 Speaker 1: that's what she's got and to this to realize, like 951 00:44:02,040 --> 00:44:03,560 Speaker 1: one all these steps she's been able to make, but 952 00:44:03,560 --> 00:44:05,959 Speaker 1: to just the fact that she's super confident moving forward. 953 00:44:05,960 --> 00:44:07,640 Speaker 1: She's like, I know where I'm going and I know 954 00:44:07,680 --> 00:44:09,160 Speaker 1: the steps to get there, and I'm gonna do it. 955 00:44:09,600 --> 00:44:11,799 Speaker 1: That she's knocking it out to me that that, like, 956 00:44:12,160 --> 00:44:14,960 Speaker 1: uh speaks volumes about Alexandria and and I feel like 957 00:44:14,960 --> 00:44:16,960 Speaker 1: sometimes hearing a listener say that on the show can 958 00:44:17,000 --> 00:44:19,120 Speaker 1: be powerful for other listeners to be like, oh cool, 959 00:44:19,400 --> 00:44:21,080 Speaker 1: look what she did, Look what she accomplished. And that's 960 00:44:21,200 --> 00:44:24,800 Speaker 1: that's actually why we started the How You Money segment 961 00:44:24,960 --> 00:44:27,120 Speaker 1: of our How the Money newsletters right that we put 962 00:44:27,160 --> 00:44:30,360 Speaker 1: out every Tuesday morning. We're basically featuring other How to 963 00:44:30,400 --> 00:44:33,200 Speaker 1: Money listeners their money wins, their successes, how they're handling 964 00:44:33,200 --> 00:44:36,239 Speaker 1: money on whatever income they're bringing forward. We're revealing some 965 00:44:36,280 --> 00:44:38,319 Speaker 1: of those numbers and then allowing them to kind of 966 00:44:38,360 --> 00:44:40,600 Speaker 1: expound just a little bit on their story inside of 967 00:44:40,600 --> 00:44:43,359 Speaker 1: that newsletter. I think there's something so powerful about seeing 968 00:44:43,360 --> 00:44:46,000 Speaker 1: how other people in the community are doing what they're 969 00:44:46,000 --> 00:44:48,120 Speaker 1: doing and the steps that they're taking that you can 970 00:44:48,200 --> 00:44:51,040 Speaker 1: learn from and iterate from. And Alexandria is one of 971 00:44:51,080 --> 00:44:52,359 Speaker 1: those folks. I think a lot of people are gonna 972 00:44:52,360 --> 00:44:54,560 Speaker 1: be like, cool, oh wow, alright, my credit score sucks too, 973 00:44:54,640 --> 00:44:56,520 Speaker 1: Like how can I how can I take that same path? 974 00:44:56,600 --> 00:45:00,000 Speaker 1: But to your question, Alexandria, uh, top ten favorite up 975 00:45:00,000 --> 00:45:02,160 Speaker 1: episodes or top ten episodes that we would suggest people 976 00:45:02,160 --> 00:45:04,680 Speaker 1: starting with. That's that's a good, good question. It's kind 977 00:45:04,680 --> 00:45:06,360 Speaker 1: of a tough one. It is kind of like choosing 978 00:45:06,360 --> 00:45:08,560 Speaker 1: our favorite child. Although I can tell you what my 979 00:45:08,560 --> 00:45:14,560 Speaker 1: favorite child is right now, Matt, I'm not gonna do it. 980 00:45:14,640 --> 00:45:15,759 Speaker 1: I caught you right in the middle of a sip 981 00:45:15,800 --> 00:45:18,600 Speaker 1: of water. But yeah, the first one that comes to 982 00:45:18,640 --> 00:45:22,360 Speaker 1: mind is episode three O two, which was kind of 983 00:45:22,360 --> 00:45:24,759 Speaker 1: when we came up with the seven money gears. And 984 00:45:25,120 --> 00:45:26,840 Speaker 1: this is likely going to be like one of the 985 00:45:26,840 --> 00:45:30,200 Speaker 1: most valuable episodes for new listeners who have no idea 986 00:45:30,280 --> 00:45:32,279 Speaker 1: what they should be doing with their money, because in 987 00:45:32,280 --> 00:45:35,520 Speaker 1: that episode, we basically we created a roadmap on money, 988 00:45:35,600 --> 00:45:38,839 Speaker 1: roadmap where anybody could quickly identify where they're at on 989 00:45:38,960 --> 00:45:41,640 Speaker 1: their personal finance journey. And you know, it's going to 990 00:45:41,719 --> 00:45:43,560 Speaker 1: give people some context, so they're not gonna feel like 991 00:45:43,600 --> 00:45:46,120 Speaker 1: they're wandering out in the desert all alone, unsure of 992 00:45:46,160 --> 00:45:49,080 Speaker 1: which direction they're headed. And a lot of folks are 993 00:45:49,080 --> 00:45:51,319 Speaker 1: gonna be able to quickly realize, yep, I'm on money 994 00:45:51,320 --> 00:45:54,040 Speaker 1: gain number one or two. But and then they're gonna 995 00:45:54,080 --> 00:45:56,160 Speaker 1: be able to know where where they need to go 996 00:45:56,200 --> 00:45:58,200 Speaker 1: from there the next episode need to take. But what's 997 00:45:58,239 --> 00:46:00,399 Speaker 1: great about that is there gonna be able to gain 998 00:46:00,440 --> 00:46:03,800 Speaker 1: traction and see results as they get that basic emergency 999 00:46:03,800 --> 00:46:06,439 Speaker 1: fund together or if they start getting the company match 1000 00:46:06,440 --> 00:46:08,360 Speaker 1: in their four one K that they were leaving on 1001 00:46:08,400 --> 00:46:10,880 Speaker 1: the table. But then others are going to realize that 1002 00:46:10,920 --> 00:46:13,200 Speaker 1: they're already moving in the right direction, that they they're 1003 00:46:13,239 --> 00:46:15,279 Speaker 1: actually picking up steam and they're actually maybe in money 1004 00:46:15,280 --> 00:46:17,080 Speaker 1: gear number four, and maybe that's going to be an 1005 00:46:17,160 --> 00:46:19,920 Speaker 1: encouragement to them that they're doing better than they thought 1006 00:46:20,000 --> 00:46:22,160 Speaker 1: that they were. So that's the one episode that we 1007 00:46:22,200 --> 00:46:24,600 Speaker 1: would say we should start with, but uh, we've we've 1008 00:46:24,600 --> 00:46:27,000 Speaker 1: actually got a list of ten thanks to Alexandrew that 1009 00:46:27,000 --> 00:46:31,000 Speaker 1: we compiled together for folks to know where to start. Yeah, totally, Yeah, 1010 00:46:31,040 --> 00:46:33,720 Speaker 1: definitely start there. But then beyond that, we would recommend 1011 00:46:33,760 --> 00:46:36,760 Speaker 1: episodes that focus on finding the balance between being frugal 1012 00:46:36,840 --> 00:46:40,279 Speaker 1: and spending less versus earning more money. We talked about 1013 00:46:40,320 --> 00:46:43,080 Speaker 1: that back in episode two eighty four. We want listeners 1014 00:46:43,120 --> 00:46:45,600 Speaker 1: to know how they can keep themselves that free. That 1015 00:46:45,680 --> 00:46:48,920 Speaker 1: was episode four sixty seven. But then we also we 1016 00:46:49,120 --> 00:46:50,600 Speaker 1: want to take it to the next level as well, 1017 00:46:50,640 --> 00:46:54,200 Speaker 1: and introduced listeners to the like paradigm shifting view of 1018 00:46:54,239 --> 00:46:57,040 Speaker 1: the fire movement and how overall it's a great thing, 1019 00:46:57,400 --> 00:46:59,719 Speaker 1: but that it does have its drawbacks. We talked about 1020 00:46:59,760 --> 00:47:03,959 Speaker 1: that back in episode and you know, rather than run 1021 00:47:04,000 --> 00:47:06,480 Speaker 1: through a full laundry list of episodes, you know, thanks 1022 00:47:06,520 --> 00:47:09,320 Speaker 1: to this nudge from Alexandria, we just published our top 1023 00:47:09,480 --> 00:47:12,440 Speaker 1: ten episode recommendations for folks who are just getting started 1024 00:47:12,480 --> 00:47:15,480 Speaker 1: with our personal finances. We will make sure to link 1025 00:47:15,520 --> 00:47:17,560 Speaker 1: to that in the show notes as well as on 1026 00:47:17,719 --> 00:47:20,160 Speaker 1: the start here portion of our site up there in 1027 00:47:20,239 --> 00:47:22,680 Speaker 1: the navigation bar. But we really think that this is 1028 00:47:22,680 --> 00:47:25,000 Speaker 1: gonna be a great resource for folks out there, So 1029 00:47:25,080 --> 00:47:28,160 Speaker 1: especially if you're listening and maybe, like Alexandria, you've done 1030 00:47:28,200 --> 00:47:30,359 Speaker 1: amazing things with your money and you've got folks who 1031 00:47:30,400 --> 00:47:32,400 Speaker 1: are asking you like, how did you do that? Like 1032 00:47:32,600 --> 00:47:34,440 Speaker 1: this is this is pretty phenomenal, man, Like I knew 1033 00:47:34,480 --> 00:47:36,440 Speaker 1: you three years ago and you are not the person 1034 00:47:36,760 --> 00:47:38,960 Speaker 1: that you used to be back then. But it can 1035 00:47:38,960 --> 00:47:41,839 Speaker 1: also be difficult in podcast format to be to see 1036 00:47:41,840 --> 00:47:44,879 Speaker 1: an episode and think, okay, this is a full comprehensive 1037 00:47:44,960 --> 00:47:47,520 Speaker 1: view of what you need to be learning. That's where 1038 00:47:47,520 --> 00:47:49,440 Speaker 1: a post like this can come in handy where we've 1039 00:47:49,480 --> 00:47:53,720 Speaker 1: got several, specifically ten different episodes that will get folks 1040 00:47:53,760 --> 00:47:56,880 Speaker 1: started so that they do not only have that roadmap 1041 00:47:56,960 --> 00:47:59,480 Speaker 1: view of their finances, but just to be able to 1042 00:47:59,480 --> 00:48:01,320 Speaker 1: see some of the other things that they should start 1043 00:48:01,360 --> 00:48:03,680 Speaker 1: thinking about. Uh. And again, yeah, we'll make sure to 1044 00:48:03,760 --> 00:48:05,399 Speaker 1: link to that in the show notes. Yeah, it'll be there. 1045 00:48:05,440 --> 00:48:07,640 Speaker 1: It'll be up on our website. Big thanks to Alexandria 1046 00:48:07,719 --> 00:48:09,239 Speaker 1: for getting the ball rolling on that, because it was 1047 00:48:09,280 --> 00:48:11,360 Speaker 1: something that had been like kind of sort of bouncing 1048 00:48:11,400 --> 00:48:14,680 Speaker 1: around and the other regions of my brain. It hadn't crystallized. Yeah, 1049 00:48:14,719 --> 00:48:16,560 Speaker 1: Like as soon as we heard this question, we're like, 1050 00:48:16,680 --> 00:48:18,640 Speaker 1: this makes so much So howe have you not done 1051 00:48:18,640 --> 00:48:21,920 Speaker 1: that helping? I created that that resource for people because 1052 00:48:21,960 --> 00:48:23,759 Speaker 1: we have the yeah, the money gears to start here thing. 1053 00:48:24,120 --> 00:48:25,800 Speaker 1: But you're right, sometimes you want to be able to 1054 00:48:25,800 --> 00:48:28,000 Speaker 1: share with your friend. Hey, I like this podcast if 1055 00:48:28,040 --> 00:48:30,839 Speaker 1: you're kind of I see that you're interested in getting 1056 00:48:30,840 --> 00:48:33,120 Speaker 1: your personal finances together, but you don't know where to start. 1057 00:48:33,160 --> 00:48:35,080 Speaker 1: I think the you know, down all these ten episodes, 1058 00:48:35,320 --> 00:48:37,960 Speaker 1: that'll be a good place, Like you'll get enough comprehensive 1059 00:48:37,960 --> 00:48:40,399 Speaker 1: information there on a bunch of different topics where you'll 1060 00:48:40,440 --> 00:48:42,840 Speaker 1: be able to up your knowledge in a significant way, 1061 00:48:43,160 --> 00:48:45,239 Speaker 1: uh in not too much time, and then start taking 1062 00:48:45,280 --> 00:48:48,319 Speaker 1: action accordingly. So it's a nice little personal finance tool kid. 1063 00:48:48,600 --> 00:48:50,600 Speaker 1: So thanks Alexander for making that happen, for putting that 1064 00:48:50,640 --> 00:48:52,880 Speaker 1: on our radar. So we actually got it done, and 1065 00:48:52,880 --> 00:48:56,000 Speaker 1: we wish you continued success. But Matt, let's let's move on. 1066 00:48:56,080 --> 00:48:57,680 Speaker 1: Let's get back to the beer that we had on 1067 00:48:57,719 --> 00:49:00,160 Speaker 1: this episode. Let's do it. This was a sasan my 1068 00:49:00,200 --> 00:49:01,920 Speaker 1: green ment brewing. What your thoughts on this one. Yeah, 1069 00:49:01,920 --> 00:49:05,000 Speaker 1: specifically this was St. Peter's Sees and de bonk vert 1070 00:49:05,320 --> 00:49:08,759 Speaker 1: and dude, I've got one word for this beer, and 1071 00:49:08,840 --> 00:49:13,359 Speaker 1: it is bretta. No maiases. Uh, this has brett out 1072 00:49:13,520 --> 00:49:16,440 Speaker 1: the butt. Tell people what it is bread It's I 1073 00:49:16,440 --> 00:49:19,160 Speaker 1: mean it's it's a type of bacteria. Uh. It gives 1074 00:49:19,239 --> 00:49:22,399 Speaker 1: a beer like it's it's it's definitely funky, but it's 1075 00:49:22,440 --> 00:49:24,719 Speaker 1: not like in my mind, this beer isn't like farmhouse 1076 00:49:24,840 --> 00:49:28,080 Speaker 1: like horse blanket funk. It is just straight breat like 1077 00:49:28,120 --> 00:49:31,200 Speaker 1: the like the brettiness in this be not bretty nous, 1078 00:49:31,239 --> 00:49:35,120 Speaker 1: but brett. The brettiness of this beer is it might 1079 00:49:35,160 --> 00:49:37,760 Speaker 1: be the brettiest beer I've ever had. Like it almost 1080 00:49:37,760 --> 00:49:41,120 Speaker 1: reminded me, did you ever what is that throat spray? 1081 00:49:41,280 --> 00:49:42,480 Speaker 1: Like if you've got a sore throat and you like 1082 00:49:42,560 --> 00:49:46,480 Speaker 1: open your mouth, it's like that. It's like a numbing No. No, 1083 00:49:46,560 --> 00:49:49,520 Speaker 1: that's like middle school my breastings. And I'm talking to 1084 00:49:49,520 --> 00:49:52,080 Speaker 1: the girls kind of now I'm talking about like it's 1085 00:49:52,160 --> 00:49:55,080 Speaker 1: it's either blue or red and it's like a pump 1086 00:49:55,080 --> 00:49:57,399 Speaker 1: bottle And if you're sick or you've got a sore throat, 1087 00:49:57,480 --> 00:49:59,560 Speaker 1: you spray that back there. It's it's got this numbing 1088 00:49:59,600 --> 00:50:02,880 Speaker 1: action I'm just talking about it almost has hints of that. 1089 00:50:02,960 --> 00:50:04,960 Speaker 1: I'm not saying that this tastes like like coughs arup 1090 00:50:05,080 --> 00:50:07,920 Speaker 1: or or like throat medicine. Maybe it does a little bit, 1091 00:50:08,440 --> 00:50:11,200 Speaker 1: but even still it was I still enjoyed this beer. 1092 00:50:11,320 --> 00:50:13,080 Speaker 1: I'm glad it's one that you and I got to enjoy. 1093 00:50:13,120 --> 00:50:14,400 Speaker 1: What were your thoughts on it? Yeah, I thought this 1094 00:50:14,400 --> 00:50:17,400 Speaker 1: one had more citrus notes than most sasans. Do you 1095 00:50:17,440 --> 00:50:21,720 Speaker 1: know citru's notes all right, man, brain, which usually there's less, 1096 00:50:21,880 --> 00:50:24,759 Speaker 1: there's more like peppery notes or more oaky notes, And 1097 00:50:24,840 --> 00:50:27,200 Speaker 1: this one was okay with a little bit of funk, 1098 00:50:27,440 --> 00:50:30,160 Speaker 1: but it definitely brought more citrus vibe than a whole 1099 00:50:30,160 --> 00:50:32,319 Speaker 1: lot of Sazons do. So I thought it was like, yeah, 1100 00:50:32,360 --> 00:50:34,520 Speaker 1: I felt like a little more of a balanced says 1101 00:50:35,120 --> 00:50:37,600 Speaker 1: to meet than a lot of them. Although I don't know, 1102 00:50:37,640 --> 00:50:39,160 Speaker 1: I kind of like Sazon is going hard in the 1103 00:50:39,200 --> 00:50:41,680 Speaker 1: says on direction, but it was still yeah, I would 1104 00:50:41,680 --> 00:50:43,440 Speaker 1: say it was good. It was good. Um, and I 1105 00:50:43,480 --> 00:50:45,320 Speaker 1: like some of the beers that Green Bench is making. 1106 00:50:45,560 --> 00:50:47,480 Speaker 1: Haven't had one in a while, so spend a minute 1107 00:50:47,520 --> 00:50:50,720 Speaker 1: good revisit one from a good brewery down in Florida. Yeah, 1108 00:50:50,800 --> 00:50:53,160 Speaker 1: but I will say if you found in the past 1109 00:50:53,280 --> 00:50:55,719 Speaker 1: that you do not like bread omiacs, then this beer 1110 00:50:55,840 --> 00:50:58,920 Speaker 1: is not for you. But Joel, that's going to be 1111 00:50:58,920 --> 00:51:01,480 Speaker 1: it for this episode. Buddy listeners can find our show 1112 00:51:01,520 --> 00:51:04,480 Speaker 1: notes up on the website at how to money dot com. Yeah, 1113 00:51:04,480 --> 00:51:06,440 Speaker 1: and if you want to catch those how you Money segments, 1114 00:51:06,480 --> 00:51:09,360 Speaker 1: throw in our newsletter and the next one comes out tomorrow, 1115 00:51:09,520 --> 00:51:11,440 Speaker 1: so make sure to go subscribe at how the Money 1116 00:51:11,560 --> 00:51:14,040 Speaker 1: right dot com slash newsletter. You'll be glad you did. 1117 00:51:14,239 --> 00:51:16,400 Speaker 1: So that's going to do it for this episode until 1118 00:51:16,440 --> 00:51:19,280 Speaker 1: next time. Best Friends Out, Best Friends Out,