Speaker 1: Welcome to How the Money. I'm Joel and I and
Speaker 1: Matt's and today we're discussing overcoming common financial mistakes. Mean, man,
Speaker 1: there are mistakes that we all make. However, there's a
Speaker 1: few that are more common than others. And so yeah,
Speaker 1: we're gonna talk about those mistakes, and specifically, we're gonna
Speaker 1: talk about how to bounce back from those mistakes, because
Speaker 1: that's you know, that's like that's the real important part. Yeah,
Speaker 1: bouncing back is huge, getting back up on the horse,
Speaker 1: you know. I Mean, there's all sorts of analogies I
Speaker 1: think we could throw. I'm not a gymnast, Mari, right, Yeah, Like,
Speaker 1: there's just there's so many ways. There's so many places
Speaker 1: we can go with this. Um. But but yeah, when
Speaker 1: we make a mistake, fixing it and learning from it
Speaker 1: is so crucial to being able to move forward in
Speaker 1: a positive manner. So yeah, we're gonna talk about that
Speaker 1: today because it has just a major impact on how
Speaker 1: we progress in our financial lives. But Matt, before we
Speaker 1: get to that, I wanted to mention a website that
Speaker 1: I recently stumbled upon, and I think, especially since we're
Speaker 1: kind of in the Christmas shopping season, at this point
Speaker 1: in time that it might be helpful to a lot
Speaker 1: of people. It's called brick seek dot com. Brick seek
Speaker 1: and like you're looking for a brick, yeah, but it's
Speaker 1: brick seek um like yeah, and so it helps you
Speaker 1: find bricks locally to where you are. No, it's a
Speaker 1: great website. You know, it's like a brick and mortar essentially,
Speaker 1: it's it's pointing you towards deals at brick and mortar
Speaker 1: shops and you know where you live there, and so
Speaker 1: it's it's pretty cool because in store deals can actually
Speaker 1: be way bigger than online deals. Sometimes an individual store
Speaker 1: might put something just on a massive clearance, whereas like
Speaker 1: nationally you're online, you're not going to find that same price,
Speaker 1: or maybe even a market right like the whole Southeast
Speaker 1: sees one particular item go um at a major discount,
Speaker 1: and this website, brick seek, will identify some of those things.
Speaker 1: They'll they'll post some of the popular items that are
Speaker 1: super cheap in certain retail locations. But then you can
Speaker 1: also search for items and maybe you'll find just a
Speaker 1: much better deal in a local brick and mortar store
Speaker 1: than you would ordering from an online retailer. So it's
Speaker 1: just like one more place that people can check in
Speaker 1: order to try to find a better price. Yeah, you
Speaker 1: can't beat those aggregators, right, because we don't have the
Speaker 1: time to to go from website to website trying to
Speaker 1: find the best deal. Sometimes you need an aggregator like
Speaker 1: this calling all my local electronics retailers. And that's not
Speaker 1: what I'm gonna do. That's not not how I'm gonna
Speaker 1: spend my time making associates walk the aisles on prices
Speaker 1: for me. Dude, they don't even do that anymore. Like
Speaker 1: that's the thing. If you actually try to call up
Speaker 1: a place, very few employees are gonna say, yeah, let
Speaker 1: me go check check the price on that, Like they
Speaker 1: won't do that. And so having I agreement, this is great,
Speaker 1: having the convenience of being able to shop online without
Speaker 1: paying sort of like that additional fee for shopping online
Speaker 1: and not looking for those local deals. I see this
Speaker 1: as as being a great site because man, I love
Speaker 1: shopping online. I do not like shopping in person anymore.
Speaker 1: I think store closures during the pandemic only kind of
Speaker 1: reinforce It's like, oh, yeah, this is this is how
Speaker 1: things should be for me. Yeah, literally like things showing up.
Speaker 1: The only store I go into anymore, the grocery store. Seriously, Yeah,
Speaker 1: that's the way it feels. Specifically, Aldi, have you been
Speaker 1: up to Costco recently? You gotta make sure you have
Speaker 1: your mask though. That's right now you always have to
Speaker 1: wear a mask and costs me. Aldi. You know they
Speaker 1: implement the mask thing too, but I guess it just
Speaker 1: wasn't like this national announcement like when Costco did it. Yeah. No,
Speaker 1: I've been to Costco a couple of times since the
Speaker 1: mask mandate went into place, and I feel like they've
Speaker 1: run things really really well, the top down communication to
Speaker 1: the employees and then the way the employees are implementing,
Speaker 1: you know, the social distancing at the checkout and stuff
Speaker 1: like that. They've done just a fantastic job through this.
Speaker 1: The real question is can you buy a box of
Speaker 1: five masks at Costco? Not a five founder but I
Speaker 1: think you get a box of fifty yeah yeah, yeah, so,
Speaker 1: which is still like ten times more than what you
Speaker 1: could probably buy it Aldi, right, yea, which is like,
Speaker 1: here's a small package of five mask It's really cheap.
Speaker 1: And then get out of here exactly, return your card,
Speaker 1: take your quarterback. All right, man, let's go ahead and
Speaker 1: introduce our beer for this episode. We were drinking a
Speaker 1: Hydrus double I p A. This is by Two Tides Brewing. Uh,
Speaker 1: this is another one that you picked up while you
Speaker 1: were down there with your bride down in Tybee for
Speaker 1: a little anniversary trip. Man, I'm looking forward to sharing
Speaker 1: this one with you on the show, and yeah, talking
Speaker 1: about it at the end of the episode too. All Right,
Speaker 1: but let's get onto the subject in hand for today.
Speaker 1: Today we're discussing overcoming common financial mistakes. And some money
Speaker 1: mistakes are small and the impact is more like a
Speaker 1: blip on our radar, Right, it's not that big of
Speaker 1: a deal. Other money mistakes can be like an albatross
Speaker 1: and they weighs us down for for years to come.
Speaker 1: But whether our mistake is more of a bump of
Speaker 1: the road or if we've made a mistake that will
Speaker 1: impact us for a long time to come, it's important
Speaker 1: to learn how to overcome these mistakes so we can
Speaker 1: move on and start kicking butt with our money again. Yeah,
Speaker 1: this episode, we're gonna cover some common mistakes that we
Speaker 1: make how we can pivot to handling money well. In
Speaker 1: those circumstances as well as some important behavioral changes we
Speaker 1: all need to make so that our mistakes don't weigh
Speaker 1: us down for too long, creating like a quicksand like effect. Matt,
Speaker 1: you always like referring about to quicksand Yeah, and but
Speaker 1: like if we do that, if we let those mistake
Speaker 1: like overwhelm us and keep us down for too long,
Speaker 1: it does kind of make it harder for us to
Speaker 1: move forward. It feels like our our feet are stuck
Speaker 1: um and and so yeah, we have to talk about
Speaker 1: how to like get past those things once so they
Speaker 1: don't happen again and too, so that we can you know,
Speaker 1: move forward a plow ahead. Yeah, you know my favorite
Speaker 1: quicksand reference uh Super Mario Brothers too. It's one of
Speaker 1: the underrated Super Mario Brothers, but the on the original
Speaker 1: and e s uh Super super Mario Brothers too had
Speaker 1: quicksand and that was the one where the levels were
Speaker 1: like vertical as well as horizontal, so you could like
Speaker 1: drop down quicksand drop down to different levels, pull turn
Speaker 1: ups and other vegetables up out of the ground. I
Speaker 1: think Superrio three was my favor, but two was well.
Speaker 1: Three was through his classic because you could fly. But
Speaker 1: two is Yeah, that one was pretty good, so good
Speaker 1: to underrated for sure. Okay, let's let's get back to
Speaker 1: financial mistakes. Though. You know, I think that the biggest
Speaker 1: problem here isn't that we make mistakes, right, because we've
Speaker 1: talked about this. We all screw up from time to time.
Speaker 1: But in fact, I think the real issue is when
Speaker 1: we don't learn from those mistakes. Right. You know, on
Speaker 1: the surface, this seems like maybe a pretty straightforward thing, right,
Speaker 1: you know, we make a mistake, we see the consequence
Speaker 1: is of it, and we learn and then we just
Speaker 1: need to avoid doing it again. Simple recipe, right. But
Speaker 1: the thing is, it's a little trickier than that, because
Speaker 1: you know, like you have to ask yourself, are you
Speaker 1: just addressing the symptom of your mistake or are you
Speaker 1: actually getting to the core of the issue. That's why
Speaker 1: it's important to ask the question why are we bad
Speaker 1: with our money? Right? Well, it might give us a
Speaker 1: little bit of comfort to know that everyone does make
Speaker 1: some occasional money errors, that doesn't get us any closer
Speaker 1: to handling our own personal finances better. So yeah, let's
Speaker 1: go ahead and get to that. Let's let's address the
Speaker 1: why here. Sure, Yeah, I think I'm gonna think First
Speaker 1: of all, it's just a really intimidating topic for a
Speaker 1: lot of people money in general, and when something's intimidating
Speaker 1: or a little bit scary, we tend to avoid those things.
Speaker 1: I think it's really the biggest reason why so many
Speaker 1: people make money mistakes. Money feels like a big bad boogeyman,
Speaker 1: and they're just don't want to go anywhere near it.
Speaker 1: So like, for example, like a lot of people are
Speaker 1: intimidated by the idea of going to a gym to
Speaker 1: work out, right, all the types of fancy equipment, all
Speaker 1: the super fit folks there who know what they're doing.
Speaker 1: I mean, I'll be out hasting judgment on you once
Speaker 1: they see you walk through the door, Like look at
Speaker 1: this tall skin. You get exactly who's like, who's biceps invert?
Speaker 1: You know, like it's it's I feel like that is
Speaker 1: something that has kept me from going to the gym before.
Speaker 1: It almost feels like you've got to get fit before
Speaker 1: you going the gym so you can fit in. But
Speaker 1: I think it's again similar with money, where um, where
Speaker 1: there's like a barrier to entry and we're a little
Speaker 1: freaked out and that definitely leads to a lot of
Speaker 1: mistakes that we make because we just avoid the subject altogether. Yeah, totally, man.
Speaker 1: And you know, oftentimes I think the reason that it
Speaker 1: can be intimidating is because we're ignorant, right, Like that's
Speaker 1: not to say someone is a complete idiot, but that
Speaker 1: they just simply lack the knowledge about a specific topic.
Speaker 1: You know, Like personally, I'm ignorant of a lot of
Speaker 1: different things out there, Like a lot of times I
Speaker 1: was because I choose to like, there are things that
Speaker 1: don't pertain to me. But once we've identified that this
Speaker 1: is something I need to pay attention to, that's when
Speaker 1: it's time to fix it, you know. And so in
Speaker 1: the gym example, like if I knew the proper way
Speaker 1: to say, perform a power clean, you know, even if
Speaker 1: I was just getting started working out, like I would
Speaker 1: be able to have the confidence and know that I'm
Speaker 1: doing it the right way that would give me the
Speaker 1: that would encourage me to continue going right. And the
Speaker 1: same thing is true with our money. Most of us
Speaker 1: don't have parents who taught us many of these lessons,
Speaker 1: and so because that we lack the proper know how,
Speaker 1: and that's oftentimes a thing part of the reason why
Speaker 1: we are so intimidated as well, it's knowledge. Yeah, I
Speaker 1: completely agree. I think the lack of knowledge is definitely
Speaker 1: an important key to this. And and we've talked about
Speaker 1: this before, just that almost none of us were taught
Speaker 1: about personal finances growing up in school or at home,
Speaker 1: and that definitely only increases the intimidation and ignorance factors.
Speaker 1: So consistently learning about money so you aren't in the
Speaker 1: dark about how to handle money well is important. And
Speaker 1: know that you can't learn everything overnight. I think that's
Speaker 1: one thing people try to do, is like, can I
Speaker 1: imask everything I need to know about money in a
Speaker 1: few days or a week so that I'll be okay?
Speaker 1: And sometimes not the questions that we get even it's
Speaker 1: like I really want to fix this, but I want
Speaker 1: the quick solution, um, And there's not always a quick
Speaker 1: solution in just the nature of personal finances to it
Speaker 1: just takes a long time to save up your money.
Speaker 1: It takes a long time to kind of straighten out
Speaker 1: your credit, you know, like it's it's one of those things.
Speaker 1: It's like inherently money takes time, right, and getting rich
Speaker 1: or getting wealthy like building wealth. It it's a slow burn,
Speaker 1: like it takes a lot of time, right, and compounding
Speaker 1: takes years and decades to happen. Um. But you can,
Speaker 1: I think, consistently work to increase your knowledge with podcasts, blogs,
Speaker 1: and books once you realize that you're not informed. The
Speaker 1: knowledge gap I think is rarely an excuse with all
Speaker 1: the resources that are available. I think the intimidation factor
Speaker 1: makes sense, the ignorance factor makes sense, but there are
Speaker 1: ways to overcome those and part of that is to
Speaker 1: seek out that knowledge consistently. Um. And there are just
Speaker 1: a lot of people out there creating things to try
Speaker 1: to support you in that. Yeah. And unfortunately, we live
Speaker 1: in a culture that we know tends to avoid talking
Speaker 1: about money, and we've seen that the more we avoid
Speaker 1: talking about something, the more it becomes taboo. And then
Speaker 1: you know, there's this perpetual cycle of individuals making poor
Speaker 1: money decisions. So it's important for personal finding for that
Speaker 1: to become a more common topic. You know, it's not
Speaker 1: difficult for us to start, you know with maybe light
Speaker 1: or casual conversation with our friends, like you could maybe
Speaker 1: ask them, hey, like what did you do with the
Speaker 1: the stimulus check back? There, you know, back in the spring.
Speaker 1: It's something that we you know, most of us all
Speaker 1: received where you can ask them like hey, like where
Speaker 1: you know, where do you bank? That's also something that's
Speaker 1: an easy question because like we all have our money
Speaker 1: somewhere and so starting there versus like hey, how much
Speaker 1: like what percentage of your of your paycheck do you
Speaker 1: save every single month? Like you know, like you want
Speaker 1: to warm up to that? Or what's your craft beer budget?
Speaker 1: That's another good question, right, get things started, Yeah, like
Speaker 1: what is it that you spend your money on? Yeah? Yeah,
Speaker 1: And then also to we sometimes bank money mistakes when
Speaker 1: we when we have the proper knowledge, we know what
Speaker 1: we're supposed to do, right, So so it's not even
Speaker 1: a lack of that, but we allow emotions to get
Speaker 1: the best of us. It's whether it's fear and someone
Speaker 1: ends up selling a bunch of funds in their retirement
Speaker 1: as the markets tanking right and you're just scared and
Speaker 1: that causes you to make a terrible money decision, or
Speaker 1: maybe it's fear of missing out or agreed when you're
Speaker 1: buying single stocks and companies you just don't know very
Speaker 1: much about. Maybe it was a Twitter stock tip that
Speaker 1: you saw. You're just jumping in on the hype. Yeah, exactly,
Speaker 1: Or like somebody on CNBC randomly touted one company that's
Speaker 1: poised to shoot through the roof and you're like, all right,
Speaker 1: I'm in um, that is not a good idea, right.
Speaker 1: Sometimes we're our own worst enemies when it comes to
Speaker 1: how we handle our money, and oftentimes that is the
Speaker 1: behavioral side, the emotional side kicking in, even when we
Speaker 1: fundamentally know what we're supposed to do. Yeah, that's right, man.
Speaker 1: So even though we we have the right knowledge, sometimes
Speaker 1: it takes us changing our behavior. And actually, later on
Speaker 1: in this episode, we're gonna talk about things that we
Speaker 1: can do, steps that we can take that will prevent
Speaker 1: us from making these mistakes, you know, ways that we
Speaker 1: can alter our behavior. But first me, let's get personal.
Speaker 1: You know, you want to share with listeners maybe a
Speaker 1: big financial mistake that you've made at some point. It
Speaker 1: was the Maserati I bought just yesterday. It was a
Speaker 1: really bad decision. I thought you were gonna say, Mazda.
Speaker 1: I was like, I love that car. Almost the Maserati
Speaker 1: dog mad. But yeah, so I say, it's interesting. I
Speaker 1: actually haven't made a massive financial mistake. And it's not
Speaker 1: I'm not saying that to but but here's actually why
Speaker 1: that's the case. Um, my parents actually made quite a
Speaker 1: few financial mistakes when I was a kid, and those
Speaker 1: years when I was eleven, twelve, thirteen, fourteen, I was
Speaker 1: like just incredibly impressionable and I saw just a lot
Speaker 1: of financial misteps that that just had a big impact
Speaker 1: on our family. And so it's not that I haven't
Speaker 1: made um financial mistakes in my life, but they've been
Speaker 1: really small, Like it's nothing that I can be like
Speaker 1: I was in fifty thou dollars of credit card tax
Speaker 1: or anything like that. Like I actually have never paid
Speaker 1: a diamond interest to the credit card companies. But so
Speaker 1: much of that was essentially going through some of those
Speaker 1: money hardships earlier on UM and learning from somebody else
Speaker 1: struggling with money in my life, and so that was
Speaker 1: like really hard. That's actually part of the reason I'm
Speaker 1: so passionate about money education now and part of the
Speaker 1: reason this podcast means so much to get to create
Speaker 1: this together. But if I had to pick the one
Speaker 1: thing about myself that that I've struggled with, I would
Speaker 1: say it's the getting something on sale mentality. They just
Speaker 1: lasted for a long time, and I still struggle with
Speaker 1: a little bit, right. It's like, oh, if that's a deal,
Speaker 1: I want to get it even if I don't need it,
Speaker 1: even if I don't need it, and I might not
Speaker 1: even use it sometimes. I mean, I've fallen into that trap.
Speaker 1: And so just that sale mentality has been my biggest
Speaker 1: financial mistake that I've had to grapple with consistently over
Speaker 1: the years. But now that that's out of the way,
Speaker 1: I want to know yours well. I mean that being said,
Speaker 1: I feel like maybe you have improved because prime Day
Speaker 1: came and went, man, and like you said several weeks ago,
Speaker 1: you didn't buy a single thing. So it's not a
Speaker 1: zero you've Yeah, you've gotten better at it. Man. Uh.
Speaker 1: But as far as my financial mistakes, I feel like
Speaker 1: mine were made mostly between the age of sixteen and
Speaker 1: twenty one or twenty two. I lived really frugally, like
Speaker 1: most of all of our mistakes in life. That's honestly
Speaker 1: probably true. Man, Like the biggest learning period, right, it's
Speaker 1: like your brain isn't fully developed yet, you know, not
Speaker 1: like what you're twenty three, you think you're grown Oh
Speaker 1: my gosh, yeah, you have some money. Uh. In my case,
Speaker 1: specifically in college to like, I was living really really frugally.
Speaker 1: But however, ever, since I was a teenager up until
Speaker 1: that point, I was really into cars, not like really fancy,
Speaker 1: high end, nice cars, but like I just had a
Speaker 1: certain type of car that I liked, and then after
Speaker 1: a couple of years, you know, I wanted to switch
Speaker 1: it up, and so I'd sell it and then get
Speaker 1: another one and kind of fix it up a little bit.
Speaker 1: I was really into SUVs. I may have even installed
Speaker 1: like a fancy bumper with a winch on on one
Speaker 1: of my one of my SUVs back in the day.
Speaker 1: But I always said a lot of money on vehicles,
Speaker 1: you know, like I could have still had a decent Jeep,
Speaker 1: although that's a whole other story because jeeps, you know,
Speaker 1: cost so much money to maintain. But even having just
Speaker 1: maybe purchased one of those instead of multiple Jeeps over
Speaker 1: the years, I made some, yeah, some bad mistakes, and
Speaker 1: because of that, I was parted with a lot of
Speaker 1: that money early on. That's I guess a regret that
Speaker 1: I have, Like looking back, I'm like, how so dumb,
Speaker 1: But at the same time, being able to make some
Speaker 1: of those like slightly smaller mistakes back in the day.
Speaker 1: That's an important part of growing up, right, And so
Speaker 1: I had I not made those errors early on, maybe
Speaker 1: I would be making larger mistakes today. Maybe I wouldn't
Speaker 1: be saving maybe you know, I wouldn't be doing smarter
Speaker 1: things with my money. But but yeah, hopefully kind of
Speaker 1: through that learning process, I think that certainly helped me
Speaker 1: to to become who I am today. Yeah, I think
Speaker 1: that's a that's just a positive way to view the
Speaker 1: mistakes that we've made. I think sometimes I'm just trying
Speaker 1: to spend it dog. I think sometimes in our culture
Speaker 1: we tend to glorify failure or completely run away from it, Right,
Speaker 1: Like when we look at entrepreneurs who like failed twice,
Speaker 1: but then their third company was just this massive success,
Speaker 1: where Like there could be the sense in which that
Speaker 1: that failure is almost glorified, and it's like, look, the
Speaker 1: failure led me to hear um. And we don't want
Speaker 1: to like glorify We're not trying to encourage failure, right,
Speaker 1: But but there is a sense too in which we
Speaker 1: we might failure shame um. And so I think we
Speaker 1: want to take a stand somewhere in the middle where
Speaker 1: we say, you know what, we're not like pro failure,
Speaker 1: but those failures will hopefully lead us to to learn
Speaker 1: something and to make a positive change so we can
Speaker 1: move forward. Well, but yeah, we just shared our money mistakes.
Speaker 1: We'll get to kind of some other common ones and
Speaker 1: then how we can go about fixing those mistakes learning
Speaker 1: from them. And we'll get to that right after this break.
Speaker 1: All right, man, we are back from the break. We're
Speaker 1: talking about overcoming common financial mistakes, and so we you know,
Speaker 1: we talked about why it is that we make these
Speaker 1: mistakes in the in the last section. Uh, now let's
Speaker 1: talk about you know what some of these common financial
Speaker 1: mistakes are. Uh. One of those that we definitely want
Speaker 1: to cover is spending more than we bring in every
Speaker 1: single month. Sadly, way too common. Yeah, a lot of
Speaker 1: us have have been in that position. Uh, And unfortunately
Speaker 1: that leads to an inability to create any financial breathing
Speaker 1: room in our lives. Right then, because of that, there
Speaker 1: is there tends to be a reliance on credit cards,
Speaker 1: which then often leads to debts and which and that
Speaker 1: exacerbates the problem. Right. And the thing is, man, it's
Speaker 1: not just people who make minimum wage that this impacts,
Speaker 1: you know, people of all sorts of different income levels
Speaker 1: are the ones who are struggling with this um It
Speaker 1: also makes me think about too, like there are two
Speaker 1: sides of the equation here. If you're not making enough money,
Speaker 1: you can spend less and you can earn more. But
Speaker 1: the reason that we're focusing on spending less is because
Speaker 1: you can always earn more money. But if you haven't
Speaker 1: mastered this principle of spending less than you make, you
Speaker 1: are always going to to raise your spending to meet that,
Speaker 1: you know, that level that you're earning. And so I
Speaker 1: feel like in this case, spending lesson you make is
Speaker 1: sort of an important principle to to have mastered before
Speaker 1: we even start talking about earning more money, you know,
Speaker 1: like it's just so foundational to getting ahead with your
Speaker 1: personal finances. Yeah, that's true. And I think this is
Speaker 1: such a big deal, Matt because when you don't have
Speaker 1: any financial breathing room, it increases your stress levels and
Speaker 1: it inhibits your ability to actually save for the future
Speaker 1: and the goals that you have for down the road
Speaker 1: in your life. Like if you're exhausting every bit or
Speaker 1: more of what you're bringing in, you're robbing your future
Speaker 1: self and you're making sure that those goals that you
Speaker 1: have set out for yourself either aren't going to come
Speaker 1: about or it's gonna be a million times more difficult
Speaker 1: because you're gonna have bigger hurdles to overcome. So instead
Speaker 1: of overspending every month, it's really important to cut your
Speaker 1: spending and to do it quickly. And Matt, now we've
Speaker 1: talked about different ways to do that. We had a
Speaker 1: recent episode about seven ways to save more money this week,
Speaker 1: just like about a month ago, and go back and
Speaker 1: listen to that, because there were a lot of easy
Speaker 1: ways to cut your spending to to bring money back
Speaker 1: into your life. Um, but they're they're just so many
Speaker 1: other ways you can go about it too. And I
Speaker 1: think you're just in a really bad shape, then you
Speaker 1: you need to get help. And uh, we've mentioned these
Speaker 1: websites before, but NFCC dot org or money management dot
Speaker 1: org or two great websites to go to where you
Speaker 1: can talk to somebody for free and not for profit
Speaker 1: debt counselor if you're in a really bad spot and
Speaker 1: you've been doing this for way too long, that's the
Speaker 1: direction that that Matt and I would encourage you to
Speaker 1: go in. Yeah, let's talk about becoming a payment buyer. Man.
Speaker 1: This is one of the ways that we're able to
Speaker 1: easily fall into this trap of spending more than we make.
Speaker 1: You know, only focusing on the payments is a symptom
Speaker 1: of just getting way too comfortable with that. We we think, oh,
Speaker 1: I can afford a six dred dollar a month car payment,
Speaker 1: you know, without thinking about the overall cost of that car,
Speaker 1: and we we stretched the payments out for seven years
Speaker 1: instead of three or four, which which would just make
Speaker 1: so much more sense financially in our lives because we
Speaker 1: become payment buyers. Yeah. And unfortunately too, it's it's not
Speaker 1: just on big things like a car. Um Like, folks
Speaker 1: are getting payment plans for anything from cloths to to
Speaker 1: donal work to a new h VAC. Recently saw that
Speaker 1: Microsoft they are are kind of doing this with the
Speaker 1: new Xbox um. Instead of having to pay like five
Speaker 1: bucks up front, they're having folks sign up for this
Speaker 1: payment program that's stretched out over twenty four months over
Speaker 1: two years. Uh, and this isn't good, you know. They
Speaker 1: they're doing this obviously to soften the blow of this
Speaker 1: massive expense in a lot of individuals lives. The real
Speaker 1: problem here isn't that it's a monthly payment. It's the
Speaker 1: fact that they can't get out of it. They're locked
Speaker 1: into it. Like if you like read the fine print,
Speaker 1: it's a no interest loan and it's not something you
Speaker 1: can get out of. Like that's the real problem, you know,
Speaker 1: Like I don't mind having being signed up for subscriptions,
Speaker 1: Like I've got software that I'm a you know, subscriber
Speaker 1: to where you know, every month there's like a tin
Speaker 1: Bucks that, you know that comes out of my account.
Speaker 1: It's kind of annoying, but I get it. But the
Speaker 1: fact is I could pull the plug on that at
Speaker 1: any point. It's when you're locked in like this and
Speaker 1: you haven't thought about those long term ramifications, like that's
Speaker 1: when I think it can really bite you in the butt. Yeah.
Speaker 1: And you mentioned that that these companies do it to
Speaker 1: try to help soften the blow, and and that's why
Speaker 1: we do it too, Like we we want to soften
Speaker 1: the blow to our budget, and we think that it
Speaker 1: makes the most sense to pay something out over time,
Speaker 1: but oftentimes that means you know, paying interest. Um, that
Speaker 1: we wouldn't otherwise have to pay. Oftentimes it means buying
Speaker 1: something that we can't actually afford if we have to
Speaker 1: stretch out the payments, right, So, if you can't afford
Speaker 1: that piece of clothing on whatever website offering to allow
Speaker 1: you to stretch the payments over six months or a year,
Speaker 1: if you can't afford to buy it now, straight up,
Speaker 1: you shouldn't be buying it. Um. Those are the kind
Speaker 1: of decisions that we we have to make. Becoming a
Speaker 1: payment buyer is just far too common in our society,
Speaker 1: and it's something that we should probably all start to
Speaker 1: avoid a whole lot more. It's it's gotten too easy
Speaker 1: to borrow money for really small items that we should
Speaker 1: just be paying for all at once. Yeah. I feel
Speaker 1: like every single one of those additional payments is just
Speaker 1: like one more string in this sort of like not
Speaker 1: a tangled mess that becomes your finances exactly, yeah, completely
Speaker 1: all R. Let's talk about another common financial mistake in
Speaker 1: it's neglecting your credit score. There's a segment matt of
Speaker 1: Personal finance and that think that credit scores are meaningless
Speaker 1: you know who you are, But but that ain't true, right, Uh?
Speaker 1: They influence so many things in our lives. Your credit
Speaker 1: score actually is important to stay on top of, right,
Speaker 1: And so like staying on top of it, working to
Speaker 1: raise your score will ensure that you qualify for lower rates,
Speaker 1: it will help you get lower insurance premiums, and it
Speaker 1: could even be the deciding factor in getting a new job.
Speaker 1: You know, some jobs look at your credit score, um
Speaker 1: depending on what sector you're working in and if there
Speaker 1: are security clearances involved. Right. We kind of broke that
Speaker 1: down in episode ten in episode one, Third Team, we
Speaker 1: talked about rebuilding a rough credit score. But this is
Speaker 1: just a facet of your personal finances where if you
Speaker 1: play dumb or you choose not to think about it,
Speaker 1: you're costing yourself a lot of money and a lot
Speaker 1: of potential headache. Credit scores are important, and so you
Speaker 1: can't neglect it. Yeah, And at the same time, it's
Speaker 1: also important to point all that credit scores are, at
Speaker 1: the end, all be all. You know. I think sometimes
Speaker 1: folks can put maybe too much emphasis on the credit score,
Speaker 1: and they're they're almost even willing to do kind of
Speaker 1: dumb things just to get their score a little bit higher.
Speaker 1: Perfect eight fifty and and what you're at that level,
Speaker 1: it does not matter. But obviously if you have a
Speaker 1: score that's hurting, you want to make sure you're taking
Speaker 1: proper steps to to heal that credit score. But at
Speaker 1: the same time, I think it's it's one of those
Speaker 1: things that I think money nerds can kind of fixate
Speaker 1: on where they're just like, I gotta get the perfect score.
Speaker 1: There's a sweet spot, just like everything right exactly, I
Speaker 1: gotta gotta find that balance. One other common financial money
Speaker 1: mistake that folks make is just not paying yourself first,
Speaker 1: or you know, like putting off investing. Basically maybe you've
Speaker 1: cut yourself saying this where you say, like, oh, I'll
Speaker 1: do it someday, you know, like that's a common refrain,
Speaker 1: or well I could only invest a little bit, so
Speaker 1: like I'll wait to until I have a little bit more.
Speaker 1: That might be the mindset, that might be the angle
Speaker 1: that you're taking. But every single dollar that you begin
Speaker 1: investing now is going to sort of like take on
Speaker 1: this life of its own, you know, beginning the incredible process,
Speaker 1: this beautiful process of compounding your wealth over time. Even
Speaker 1: if you can only invest you know, five, ten or
Speaker 1: twenty bucks a month, please get started uh. And you
Speaker 1: can even look to just apps to help you as well,
Speaker 1: different little tactics that will give you this psychological boost.
Speaker 1: You can look to the apps like Acorn. They can
Speaker 1: help you to to trick yourself into saving more if
Speaker 1: you're looking for ways to kind of get some traction,
Speaker 1: get the ball moving forward. Yeah, and I think, especially
Speaker 1: in recent years, Matt, this excuse of like, well, I
Speaker 1: don't have very much to invest, it's kind of gone
Speaker 1: by the wayside, especially as the major low cost investment
Speaker 1: platforms have instituted really small minimums or no minimums at
Speaker 1: all to begin the process. Right, So you don't have
Speaker 1: to have a couple thousand dollars to get started. You
Speaker 1: really can get started with five dollars. So great, man, Like,
Speaker 1: we are seriously living in like the golden era of
Speaker 1: the democratization of personal finance. Like the knowledge is there,
Speaker 1: the access is there. You don't have to know a
Speaker 1: guy like you can just download the app and get
Speaker 1: started it. It's amazing. Yeah, yeah for sure. So, yeah,
Speaker 1: that is a big money mistake, and there are ways
Speaker 1: to overcome that mistake. Right. So those are just a
Speaker 1: few of the common ones who wanted to highlight. But
Speaker 1: let's talk about the overcoming part of it, Matt, how
Speaker 1: do we overcome money mistakes in general? Let's get to
Speaker 1: some strategies for how we identify and they start fixing
Speaker 1: those mistakes to to make progress. We'll get to that
Speaker 1: right after this break. Alright, Joel, we are back for
Speaker 1: the Brakeman. We're talking about financial mistakes. We've talked about
Speaker 1: some of the specific ones that we see a good bit,
Speaker 1: So let's talk about how to kind of move forward after,
Speaker 1: you know, making a money screw up. And first of all,
Speaker 1: the first thing that you need to do is to
Speaker 1: admit your mistake. Right. This is tougher than it sounds.
Speaker 1: Most of us don't like to admit our failures. When
Speaker 1: we mess up, we either pretend that they, you know,
Speaker 1: didn't happen, or we try to minimize them. Uh So,
Speaker 1: like we're talking earlier, right, But by admitting your mistake
Speaker 1: and facing it straight on, that's just so crucial to
Speaker 1: overcoming and actually making some forward progress. Yeah, you and
Speaker 1: I are no different than any other human in that regard. Right.
Speaker 1: I think it's hard for me to fest up to
Speaker 1: failures or to admit a mista ache, and and to me,
Speaker 1: I think it sounds simple, but in reality, it's fighting
Speaker 1: every instinct in our body to admit that we were wrong. Um,
Speaker 1: And so it's funny. I was actually on a podcast recently,
Speaker 1: a parenting podcast who which one of my friends hosts,
Speaker 1: and he asked me a piece of advice about how
Speaker 1: you relate to kids, just like the last question they
Speaker 1: ask every guest, And my piece of advice was to
Speaker 1: apologize to your kids. I think there's something so powerful
Speaker 1: about admitting a mistake, and especially admitting a mistake to
Speaker 1: to your children. It creates a sense of trust and
Speaker 1: it creates a sense of humility in the parent at
Speaker 1: the same time, like I don't always get it right,
Speaker 1: and that's just like I think it's such an important
Speaker 1: dynamic in parenting, but also when it comes to money. Yeah,
Speaker 1: that's so true, man. I think, you know, apologizing like
Speaker 1: that and admitting mistakes, it can be difficult to do
Speaker 1: when like your pride is on the line. But I
Speaker 1: feel like as I've gotten older, and it's in particular
Speaker 1: when you have kids, like I don't care about my
Speaker 1: pride nearly as much as as I used to. It's
Speaker 1: gone out the window. Yeah, Like I don't have time
Speaker 1: for pride. Let's just correct the mistakes, move forward. Let's
Speaker 1: make sure we're taking the right steps. Let's make sure
Speaker 1: we're being caring. Let's make sure we're doing the right
Speaker 1: thing with their money. Right. And so when you're changing
Speaker 1: like poopy diapers and you're getting like spaghetti, you know,
Speaker 1: cleaning spaghetti stains off the walls and stuff like that, Like, yeah,
Speaker 1: your your expectations for a lot of things go down,
Speaker 1: all right, So we're talking about admitting your mistake, Like
Speaker 1: that's the context here. We're talking about how to kind
Speaker 1: of broadly overcome any mistake out there. So that's the
Speaker 1: first thing. Admit your mistake. Next, let's talk about minimizing
Speaker 1: the damage. Right, Can you quickly turn the tables and
Speaker 1: go in a different direction after you've made a mistake.
Speaker 1: Some of these errors are going to be more easily
Speaker 1: remedied than others. For instance, maybe you haven't been investing right,
Speaker 1: like it's just been kind of on the back burner. Well,
Speaker 1: that's something you can get up to speed, uh, and
Speaker 1: and kind of resume that pretty quickly and pretty easily.
Speaker 1: On the other hand, let's say you have a mortgage
Speaker 1: that's too costly for your budget, Like that's gonna be
Speaker 1: a little bit more difficult, but even still, there are
Speaker 1: ways to minimize that, right. Uh, it just might take longer.
Speaker 1: You could rent out a room, maybe you can even
Speaker 1: sell your home to downsize, or you can kind of
Speaker 1: rent that house out. There are ways that you can
Speaker 1: correct these wrongs, ways that you can of mine the damage.
Speaker 1: It could be a quick fix or it might be
Speaker 1: something that takes you know, months or even years. Yeah,
Speaker 1: and Matt, we were just talking about pride. Sometimes to
Speaker 1: minimize the damage, it means doing something that that brings
Speaker 1: a little humility into your life, and it does mean
Speaker 1: letting go of some of your pride because maybe you
Speaker 1: don't want to rent out a room in your house
Speaker 1: when your family lives there. It's a little embarrassing. It
Speaker 1: might be embarrassing and the kids might be like, huh,
Speaker 1: who's living down in the basement now, But it's one
Speaker 1: of those things where it's your new uncle, Tony. That's
Speaker 1: one of those things to write the financial ship to
Speaker 1: overcome the mistake, you might have to do something that
Speaker 1: is going to eat into your pride in order to
Speaker 1: get your finances back on the right track. So, yeah,
Speaker 1: just one of those things right, to minimize the damage
Speaker 1: is super important. Um. And on that note, Matt, the
Speaker 1: sunk cost fallacy is an important thing to kind of
Speaker 1: mention here. I think there's so many ways in which
Speaker 1: we could easily see how the sunk cost fallacy impacts us,
Speaker 1: but often in the moment it's hard to recognize. Like,
Speaker 1: like how we keep reading uh, really crummy book because
Speaker 1: we feel like we're pot committed. I'm like, fifty pages in,
Speaker 1: I want to know what happens, even though it's a
Speaker 1: boring read. But we do the same thing with financial decisions. Well,
Speaker 1: I guess I have to keep that car because I
Speaker 1: have a payment for the next three years. No, you
Speaker 1: don't have to do that, right, even if you're gonna
Speaker 1: lose money on the transaction or you're a little upside down,
Speaker 1: you gotta bring some money to the table to get
Speaker 1: rid of that car, it still makes sense to get
Speaker 1: out from under it in order to avoid losing even
Speaker 1: more money in the future. So yeah, I think when
Speaker 1: we're talking about minimizing the damage, we have to overcome
Speaker 1: the stunt cost fallacy at the same time. And once
Speaker 1: you've minimized the damage, once you stop that bleeding. We
Speaker 1: can begin to move forward, and an important part of
Speaker 1: moving forward is to not make that mistake again. Right.
Speaker 1: I feel like that's part of the healing process, is
Speaker 1: to not reopen that wound. Is the tourniquet. Uh, it's
Speaker 1: important to you know, to remember the pain of a
Speaker 1: previous money mistake, but then to implement changes that will
Speaker 1: help you to avoid making that same mistake again. So
Speaker 1: let's continue with that new car example that you just said.
Speaker 1: It's not a terrible decision for everybody right to get
Speaker 1: a new car. But if you did purchase a new
Speaker 1: vehicle and you have a problem affording the payments, or
Speaker 1: maybe you realize that it's not worth the money, well,
Speaker 1: next time, stick to a car that's gonna be more
Speaker 1: affordable that you can buy with cash. However, if you
Speaker 1: don't learn from your mistake and you do the same
Speaker 1: thing again, basically you're kind of just digging yourself into
Speaker 1: the same hole again. It's clear that you haven't learned
Speaker 1: from that mistake and that's not the position you want
Speaker 1: to find yourself in. Yeah, that that happens to a
Speaker 1: lot of people mat where they earn a car for
Speaker 1: a couple years and they're like I don't really like
Speaker 1: this one. I want another one. And they trade in
Speaker 1: that car, they roll in the old loan into a
Speaker 1: new one. They oh, way more than the new car
Speaker 1: is worth by far now because they've essentially a double
Speaker 1: down on the mistake. And it sounds like me in
Speaker 1: college minus the payments. I never did it with payments,
Speaker 1: thank goodness. But but yeah, so Matt, when we say
Speaker 1: stop making the mistake, I feel like it's often easier
Speaker 1: said than none. And I think stating it that way
Speaker 1: to someone, it's probably not a really helpful thing to
Speaker 1: say just stop doing It's just stop doing it. Man's
Speaker 1: putting an idiot. But we're trying to provide, Like within
Speaker 1: that phrase, I think there's a whole lot we can unpack, right, Yeah, Well,
Speaker 1: so earlier we talked about our behavior, like even though
Speaker 1: we might know the right thing to do, like we
Speaker 1: have knowledge, right, Like that's the solution to not knowing,
Speaker 1: Like if you don't know how to do something, you
Speaker 1: get knowledge, then you know how to do something. But
Speaker 1: then additionally, behavior, like that's the other aspect of it
Speaker 1: that we need to make sure that we're staying on
Speaker 1: top of. Because even though we know the right thing
Speaker 1: to do. That doesn't always mean that we are going
Speaker 1: to actually do the right thing right right. Yeah, So
Speaker 1: so let's talk about some of those positive behavioral steps
Speaker 1: so we can take, and one of them is getting
Speaker 1: some accountability, like a personal finance partner for life. It's
Speaker 1: just really helpful to have someone to talk with about
Speaker 1: earning money, saving and investing, and definitely someone to talk
Speaker 1: about before you make a major purchase in your life
Speaker 1: or have a major expense, someone to bounce things off of.
Speaker 1: Whether that's your partner, spouse, best friend, um, uncle, aunt, like,
Speaker 1: it doesn't matter, but find somebody who knows a little
Speaker 1: bit more than you. It can kind of help you
Speaker 1: be thoughtful about your money. I think it's such an
Speaker 1: underrated thing right in the money space, is to have
Speaker 1: someone that you can talk to and have frank conversations
Speaker 1: about the things that you're going through. Yeah, I mean
Speaker 1: I would even counter because you said, like, look to
Speaker 1: somebody who maybe knows a little bit more than you
Speaker 1: or might be like kind of further down that path.
Speaker 1: But even just talking to appear like somebody who isn't you,
Speaker 1: like somehow like what we're trying to do here is
Speaker 1: get you out of your own head because so often
Speaker 1: it's so easy for us man to stay like siloed
Speaker 1: and isolated within our own worlds, where people have no
Speaker 1: idea what's going on with our money. We can make purchases,
Speaker 1: they show up disguise in these brown cardboard boxes, so
Speaker 1: nobody knows what we're getting and what we're bringing into
Speaker 1: our lives and we're spending all of this money. But
Speaker 1: just opening yourself up to being able to talk about
Speaker 1: these things with somebody else is so important. And you know,
Speaker 1: we talked about reducing the amount of taboo around personal
Speaker 1: finance by just striking up a conversation with a friend.
Speaker 1: But that's I mean, that's the first step in getting
Speaker 1: a personal finance partner, right. You want to make sure
Speaker 1: you're able to have a good conversation with somebody, and
Speaker 1: if that's somebody who you can then kind of take
Speaker 1: that conversation further. Who doesn't run away screaming because they
Speaker 1: started talking about money? That I mean, that's essentially an
Speaker 1: accountability partner. Uh. And I know Joel like for you
Speaker 1: and I like you. We have found our relationships so
Speaker 1: incredibly help full in this way. Basically how the podcast started,
Speaker 1: you know, we would kick around these you know, personal
Speaker 1: finance ideas, are investing in real estate back and like
Speaker 1: that was essentially kind of how it started. But that's
Speaker 1: just so helpful for us to have somebody to to
Speaker 1: kind of be like, hey, what do you think about this,
Speaker 1: or like, I'm thinking about doing this. Uh, It's so
Speaker 1: incredibly helpful. Obviously, in both of our cases, we both
Speaker 1: have wives, and so like, our spouses are such an
Speaker 1: important part of our lives obviously, but they should be
Speaker 1: a big part of everybody's personal finances as well. Like,
Speaker 1: I think when individuals kind of have their own money
Speaker 1: where that's a topic of conversation that never ever comes up,
Speaker 1: I think that's not super healthy. I think it's okay
Speaker 1: to have your own money where you have like you know,
Speaker 1: it's earmarked for you and you can spend it however
Speaker 1: you however you want. That's you know, that's fine. That's
Speaker 1: not what I'm talking about here. I'm talking about the
Speaker 1: conversation of your money together. I think it's so important
Speaker 1: to make sure that if you have a partner that
Speaker 1: you're committed to, that that's something that you are talking about. Yeah,
Speaker 1: And I think it's okay when one partner kind of
Speaker 1: shares the burden of most of the money load. We
Speaker 1: all divvy up chores in different ways in our house, right,
Speaker 1: But but I think it does need to be probably
Speaker 1: at least along the lines of like an eight twenty
Speaker 1: where where the partner who's less involved needs to be
Speaker 1: involved to a certain degree. Right, Because if you're completely
Speaker 1: checked out of the conversation, um, I just don't think
Speaker 1: it's good overall for for the health of your relationship
Speaker 1: and the health of your finances. Yeah, it doesn't put
Speaker 1: you as an individual in a great position down the
Speaker 1: road or or anything you know, unfortunate or weird to
Speaker 1: come up, Yeah, for sure. And that one other really
Speaker 1: important tool to help us stop making the mistakes is
Speaker 1: to increase the level of automation in our personal financial lives.
Speaker 1: And we all have moments of clarity when we're more
Speaker 1: likely to make the right decision, and during those rational moments,
Speaker 1: that's when we should be setting up the rules that
Speaker 1: dictate where our money goes. That way, in times of forgetfulness,
Speaker 1: when our willpower might not be as strong like we're
Speaker 1: we're still set up to do the right thing. And
Speaker 1: whether that's automatically paying your credit card in full every
Speaker 1: single month so you don't forget um to pay that bill,
Speaker 1: or automatically increasing your four one K contribution every single year.
Speaker 1: Setting things up once and then taking them off of
Speaker 1: your months to do list is so key to avoiding
Speaker 1: potential mistakes in the future. Right, So yeah, I think
Speaker 1: having that personal finance accountability partner and then increasing the
Speaker 1: level of automation in your life there's just two really
Speaker 1: really robust methods for stopping making some of the mistakes
Speaker 1: that we commonly make and that might pop up again
Speaker 1: and again. Totally, Yeah, dude, I think there are some
Speaker 1: folks who might kind of discount automation a little bit
Speaker 1: because they're like, oh, that's not you're not really like
Speaker 1: doing the hard work of like making sure you're you're
Speaker 1: staying disciplined and doing the right thing. But obviously we
Speaker 1: don't feel that way. We feel that automation is such
Speaker 1: an important tool. Well, money shouldn't be like boot camp, man,
Speaker 1: you know, like at times it might need to be,
Speaker 1: but but for the most part, like money is fairly
Speaker 1: easy once you know the rules and you can automate
Speaker 1: some things. And here's why it's an eternal bootcamp you're
Speaker 1: gonna fet your life exactly. Uh. And here's the thing too.
Speaker 1: Once you set up these, you know, methods of automation,
Speaker 1: what I find really interesting is the fact that this
Speaker 1: is happening over and over. I think it begins to
Speaker 1: change how you view things. And so even though maybe once,
Speaker 1: like you said, Jill, like in a moment of clarity,
Speaker 1: you thought through, this is how this is where I
Speaker 1: want my money to go, this is how I want
Speaker 1: to invest it, or this is how I want to
Speaker 1: make sure I stay on top of my credit card. Well,
Speaker 1: even immediately following that, even if like you don't really
Speaker 1: care about that, or like maybe you're even kind of
Speaker 1: like annoyed at yourself for having done that because you
Speaker 1: want to do something else with your money. Over time,
Speaker 1: as those payments are made or or as those deposits
Speaker 1: are are automatically deposited into your retirement account, I feel
Speaker 1: that that becomes a part of who you are. Your
Speaker 1: identity becomes sort of attached to these things because you
Speaker 1: are doing it, like these are things that you've set
Speaker 1: in motion. Those actions and those behaviors, even though they're automated,
Speaker 1: I think we still sort of absorb those and they
Speaker 1: become a part of who we are. So I had
Speaker 1: to say, I don't feel that automation is like a
Speaker 1: cheat code or any sort of shortcut, because I feel
Speaker 1: that those repeated actions, that behavior happening on a regular
Speaker 1: basis like that it shapes who we become. I think
Speaker 1: you're right, Matt, and I think just like habits have
Speaker 1: a big impact on our lives, right, forming those good
Speaker 1: habits just ensure that we're going to do the right
Speaker 1: thing consistently. But if we have to force ourselves continually
Speaker 1: to try to do the right thing, it's so much harder.
Speaker 1: So so let's for the habit. Let's start the automation process,
Speaker 1: because it's just gonna make it easier on us. Man,
Speaker 1: We're humans prone to mistakes, and automation is just gonna
Speaker 1: help us prevent some of them. And I think the
Speaker 1: last thing really to talk about here when while we're
Speaker 1: discussing overcoming financial mistakes is to let it go. Sometimes
Speaker 1: we have to let it roll off our back, you know,
Speaker 1: like water off a duck's back. ELS's style, Matt, can
Speaker 1: you sing that let it go? My daughter is definitely
Speaker 1: could and I can't see, but not on the podcast,
Speaker 1: all right, yeah, we've we've definitely you've sang a couple
Speaker 1: of times on the podcast before. But it's true, that's
Speaker 1: we don't want to hear that one. Let's let's make
Speaker 1: it a rare thing. The range is too high. You
Speaker 1: know that's too high. But I think, um, letting it go.
Speaker 1: Not defining yourselves, like you were talking about, the more
Speaker 1: we automate things, the more we take the right moves,
Speaker 1: the more we define ourselves positively. Not defining ourselves by
Speaker 1: the mistakes that we've made is crucial to So whether
Speaker 1: it was a lack of knowledge, like if you've just
Speaker 1: known better, you might not have made the poor decision, well,
Speaker 1: don't let it get you down for long. Not letting
Speaker 1: those mistakes live in your mind and kind of haunt
Speaker 1: you is key to moving in a more positive direction.
Speaker 1: Beating yourself up really accomplishes nothing, right. That's what we
Speaker 1: talked about some of these other methods for overcoming mistakes,
Speaker 1: because that's the method that I think we're prone to.
Speaker 1: It's just like replaying the scenario over and over in
Speaker 1: our minds and giving ourselves grief over the mistake that
Speaker 1: we've made. Um And ultimately that's not going to have
Speaker 1: any positive effects preventing you from future mistakes. So let
Speaker 1: it go, be done with it. Yeah. Again, this makes
Speaker 1: me think of Burnet Brown. I've mentioned her on the
Speaker 1: show before, but her book Daring Greatly, she talks about
Speaker 1: the difference between shame and guilt. Right. Shame is when
Speaker 1: you say that like I am a bad person, But
Speaker 1: then guilt is realizing that like, yeah, I made a mistake,
Speaker 1: I did a bad thing, But how can I move forward? Uh?
Speaker 1: And she just talks about how guilt is so much
Speaker 1: better than shames. So we're saying, don't shame yourself. However,
Speaker 1: do accept the fact and fest up to the fact
Speaker 1: that you're guilty. You know, if you have made a mistake,
Speaker 1: and I think it's okay to remind yourself of that pain, uh,
Speaker 1: you know, to help you to avoid that again in
Speaker 1: the future, but look forward, like how can you take
Speaker 1: what you've learned? Uh, and to ensure that this isn't
Speaker 1: a mistake that you'll make again. Yeah for sure, Matt.
Speaker 1: All right, Hey, let's move on to the beer that
Speaker 1: we had on that to the beer. Let's do it.
Speaker 1: This one was called hydrus a double I p A
Speaker 1: by two tides brewing out of Savannah. What were your
Speaker 1: thoughts on this one? Man, Dude, this is another fantastic
Speaker 1: beer from a beach brewery. Like I teased about on
Speaker 1: the last episode. They might take exception to you calling
Speaker 1: him a beach brewer because Savannah is not a beach
Speaker 1: town like is but but not Savannah. Yeah, it's a
Speaker 1: really cool place. I feel the historic film they filmed
Speaker 1: parts of forest come there, dude, they feel they filmed
Speaker 1: everything there. Now because of the Georgia tax credits, you're
Speaker 1: right for the movie industry. But dude, this is a
Speaker 1: fantastic New England style I p A. This is a
Speaker 1: double dry hop double I p A. This is simply
Speaker 1: what that means is it's just a little bit bigger
Speaker 1: and flavors. It had a lot more hot punch to
Speaker 1: it had those nice, delicious bitter notes while at the
Speaker 1: same time being balanced with a juicy U I p
Speaker 1: A Like this. Man, I really enjoyed this one. And
Speaker 1: this is a single that you and I are actually sharing.
Speaker 1: Sometimes you and I we have our own beer, but
Speaker 1: then sometimes we will share a beer. Just it just
Speaker 1: depends on how it, you know, depends on what you
Speaker 1: bring back. Basically, eight ounces each on this one. Yeah,
Speaker 1: so this is a tall boy that you and I split,
Speaker 1: so we we both only got eight ounces. I could
Speaker 1: totally have gone for a full sixteen ounces of this.
Speaker 1: Just note note for next time. Okay, alright, I will
Speaker 1: know this. Yeah, this was really good. I think I
Speaker 1: think you're right. It did really balance the bitter and
Speaker 1: the suite, which I p A is like a really
Speaker 1: good I PA can have both notes going on simultaneously
Speaker 1: and I can give you the best of both worlds.
Speaker 1: And so yeah, I just I really appreciated that um
Speaker 1: packed with a ton of hot flavor. I'm I mean,
Speaker 1: I've just been massively impressed with everything I had from
Speaker 1: Two Tides. This was great. Yeah, I'm looking forward to
Speaker 1: checking them out because, like I mentioned before, my brother
Speaker 1: in law is moving down there, and so I'm every
Speaker 1: single time we're we go down there, I'm definitely gonna
Speaker 1: make sure to to swing by there. And I appreciate you.
Speaker 1: Thanks for I bring this one back for us. Man,
Speaker 1: happy to do it, man, Alright, Mat, that's gonna do
Speaker 1: it for this episode. And for folks that want show
Speaker 1: notes for this episode, just go to our website how
Speaker 1: to Money. We've got other resources there too, including articles
Speaker 1: that will help you save more money. And if you've
Speaker 1: been listening to the show for a while and you
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Speaker 1: were to head over to Apple Podcast leave us a
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Speaker 1: gonna be it for this episode, Joel. Until next time,
Speaker 1: Best Friends Out, Best Friends Out,