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Speaker 1: Welcome to Had of Money. I'm Joel and I am Matt, and.

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Speaker 2: Today we're talking married money, mistakes, expensive IPAs.

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Speaker 1: And a better way to open enroll. For some reason,

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Speaker 1: I thought it was going to be married money mishaps,

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Speaker 1: because we are going to talk about some of the

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Speaker 1: different mistakes that couples make.

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Speaker 2: I guess they could be computered mishapssource dot com before

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Speaker 2: we started.

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Speaker 1: No, it just that's what I thought in my mind,

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Speaker 1: that's what it was. So when you said mistakes, it

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Speaker 1: cut me off guard. Dude, you enjoyed this weather. This

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Speaker 1: is like the time of year that I call jeans

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Speaker 1: and T shirt weather, where it's like you just get

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Speaker 1: to be comfortable. Also makes me think of that Community

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Speaker 1: episode where Abed was like the perfect temperature and you

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Speaker 1: can't even feel your skin. You feel so at one

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Speaker 1: with the world in the now.

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Speaker 2: Right now is the time where I treat this like

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Speaker 2: a game to try to not turn on the heat because,

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Speaker 2: like I.

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Speaker 1: Get those utilities down.

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Speaker 2: Yeah, when it gets cold overnight or whatever, but like

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Speaker 2: you know, warms up during the day and so And

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Speaker 2: by the way, I don't know whoever out there is listening,

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Speaker 2: who has an attic fan.

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Speaker 1: Mine is actually currently broken. I gotta get that thing fixed.

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Speaker 1: You had one of those.

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Speaker 2: Attic fans are ideal for this time of year because

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Speaker 2: then when it does warm up, you need to warm

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Speaker 2: the house up. You just open a few of the windows,

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Speaker 2: turn on the attic fan, boom.

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Speaker 1: And sucking all that. It's ideal. It's so great. But okay,

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Speaker 1: while we're talking about weather, this also makes me think

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Speaker 1: as the air temperature cools down a little bit, so

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Speaker 1: there's less moisture in the air, and when there's less

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Speaker 1: moisture in the air, that also means that there's less mold,

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Speaker 1: and by proxy, there are fewer allergies that you have

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Speaker 1: to deal with. This is something that I always pay

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Speaker 1: attention to. Happy. Yeah, I know you're happy. We're really

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Speaker 1: sensitive to the I think specifically mold in our at

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Speaker 1: our house, but I think people are dealing with that

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Speaker 1: so much less these days as the temperatures have cool

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Speaker 1: down some I freaking love it.

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Speaker 2: I think I take the what doesn't kill me makes

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Speaker 2: me stronger things. So I'm like, bring it on, mold,

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Speaker 2: come on, I guess it makes.

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Speaker 1: Me stronger, but it also closes my sinuses. Yeah, I

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Speaker 1: hate that. Yeah, okay, let this also be your quarterly

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Speaker 1: reminder to go ahead and change your your HVAC filters.

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Speaker 2: Yeah, dude, all right, public services across the board to

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Speaker 2: start this episode off.

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Speaker 1: What it's a helpful advice even if you already decided

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Speaker 1: to go ahead and tune out. That's right, all right,

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Speaker 1: We let's move on, Matt. Let's get to the Friday Flight,

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Speaker 1: the sampling of stories we found interesting this week and

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Speaker 1: how they pertain to your personal finances. And first up,

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Speaker 1: Americans are falling behind on their car loans. It's it's

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Speaker 1: not terribly surprising kind of given what's happened in the

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Speaker 1: car market recently in the past couple of years. But

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Speaker 1: this is still really bad news. And so sixty day

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Speaker 1: late payments have essentially tripled over the past couple of

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Speaker 1: years from about two percent to six percent of borrowers,

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Speaker 1: plus repossessions are up like twenty percent year over years. Yeah,

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Speaker 1: that's not good. Okay. Have you seen there are different

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Speaker 1: accounts on Instagram that are like repo guys whatever, and

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Speaker 1: they've got so this was one. Have you seen these? No? Okay,

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Speaker 1: I'll send you one. Okay, maybe I'll share one of

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Speaker 1: the show notes. But dude's got like a camera set

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Speaker 1: up on the back of the truck. He's got one

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Speaker 1: set up inside the cab. It will blow your mind

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Speaker 1: how quickly these guys are able to back into a

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Speaker 1: driveway in the arms. They're like all automated mechanical, so

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Speaker 1: he doesn't even get out and it just like literally

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Speaker 1: scows up the car and drives off. It's really impressive.

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Speaker 1: But I could also not imagine any worse job than

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Speaker 1: being the repo man, being the deliverer of bad news.

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Speaker 1: And sometimes folks come out and they're like, yeah, I

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Speaker 1: had a friend who did that for a while. Really, yeah,

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Speaker 1: not a great job.

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Speaker 2: No, I would not want that, even if I could

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Speaker 2: stay in the cab with the doors locked.

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Speaker 1: Yeah, exactly. Well, so, okay, so this is.

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Speaker 2: Just all bad economic news, right, And obviously it was

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Speaker 2: the massive run up in car prices alongside these much

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Speaker 2: higher financing costs. Sure that this seems like like the

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Speaker 2: likely culprits to me, right, people have they've locked themselves

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Speaker 2: into higher monthly payments. They're having a tough time making

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Speaker 2: them each month because they've bit off more than they

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Speaker 2: could chew. And so there was a little bit of

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Speaker 2: good news that came out this week. Right, we're starting

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Speaker 2: to see a bit of a pullback in the cost

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Speaker 2: of used cars.

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Speaker 1: We've been seeing that.

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Speaker 2: Tesla Is has really led a price cut charge in

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Speaker 2: the EV marketplace, and that's brought down the cost of

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Speaker 2: new and used evs. But we are still in this

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Speaker 2: era of overpriced automobiles. So our advice to use to

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Speaker 2: be careful out there when you're considering buying a new

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Speaker 2: to you vehicle, whether it's brand new or used. We

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Speaker 2: want folks to be really conservative on this front because

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Speaker 2: we don't want you to be in a position, in

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Speaker 2: a position where one of your other payments gets out

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Speaker 2: of whack and you've over committed to a big old

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Speaker 2: car payment and then you can't afford it, because that

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Speaker 2: results in so many things and losing a car. If

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Speaker 2: you get a car repossessed or if you're making light

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Speaker 2: payments on it affects your credit. But also if your

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Speaker 2: car gets repossessed, you can't get to work either, which

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Speaker 2: is a big problem.

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Speaker 1: It's a big deal, and so the best way to

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Speaker 1: avoid this is to not take out a car loan

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Speaker 1: at all. We would recommend for folks to pay cash

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Speaker 1: for whatever ride that you're getting when that thing is yours,

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Speaker 1: when you have the time I to that car, that's

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Speaker 1: not something that they can take away. It's just grand

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Speaker 1: theft auto when someone tries to take your car. Then,

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Speaker 1: but we understand that not everyone is in the position

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Speaker 1: to pay cash, and so at the very least, just

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Speaker 1: make sure that you have a solid down payment in

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Speaker 1: order to bring to the table so that you're able

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Speaker 1: to keep your payments so that you're able to keep

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Speaker 1: your the length of your loan reasonable. So like a

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Speaker 1: forty two month loan, those are the longest we want

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Speaker 1: you to even consider, and we don't even love that. Again,

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Speaker 1: cash is the total is totally the way to go.

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Speaker 1: But if you absolutely have to take on debt to

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Speaker 1: make that purchase, look to a credit union to get

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Speaker 1: your financing, because you're gonna typically get the best terms,

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Speaker 1: you're gonna get the best rates. But if you have

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Speaker 1: to stretch out that loan length in order to be

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Speaker 1: able to afford the payments you need to buy a

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Speaker 1: more affordable car, this is not the kind of purchase

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Speaker 1: where we want you to financially sacrifice in order to

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Speaker 1: get something that's a little bit nicer. Because Oftentimes it

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Speaker 1: comes down more to what it is that you feel

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Speaker 1: you want or actually you've convinced yourself to get it

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Speaker 1: because because it's something that you feel that you need,

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Speaker 1: and it's more of a consumptive move rather than something

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Speaker 1: that is necessary. Yeah, I think that's true.

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Speaker 2: When you look at the numbers, a lot of people say, well,

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Speaker 2: I need to stretch to get the nicer vehicle because

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Speaker 2: then I get to stay out of the mechanic's mechanic shock,

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Speaker 2: because that's going to cost me so much money. But

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Speaker 2: the truth is, if you get that used car inspected

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Speaker 2: by a mechanic, you can know kind of what you're

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Speaker 2: getting into, not fully, but you can be well aware

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Speaker 2: of the potential problems that you're buying up front. And

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Speaker 2: if you look at the numbers from site like Consumer Reports,

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Speaker 2: the average annual costs of even something like a ten

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Speaker 2: year old car that rates decently on reliability ratings, well,

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Speaker 2: the annual cost of maintenance on that car is going

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Speaker 2: to be less than one car payment a brand new

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Speaker 2: car month's car pay.

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Speaker 1: Yeah.

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Speaker 2: So if you actually look at the numbers, they'll maybe

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Speaker 2: hopefully dissuade you from that belief. And you're like, I

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Speaker 2: guess all right, I guess I am going with the

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Speaker 2: older car that's in decent shape as opposed to talking myself,

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Speaker 2: tricking myself into getting the new one.

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Speaker 1: That's not what people remember. What they remember is the

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Speaker 1: one time they're on the side of the road and

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Speaker 1: they think, never again do I want to be in

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Speaker 1: a position like that, and they that to all future

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Speaker 1: car parts. That's why people say away from real estate messing.

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Speaker 2: They're like, I've heard the ten Dorors stories, the calls

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Speaker 2: at three am, and you're like, it happens once every

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Speaker 2: eight years, Like it's truly a great way to invest

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Speaker 2: for a whole lot of folks. But they hear that

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Speaker 2: one story or they have that one memory and they're like, yeah,

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Speaker 2: not going in that direction. So don't let that be you.

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Speaker 2: All right, Matt, I know Halloween is next week, but

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Speaker 2: let's talk about Thanksgiving for a second, and specifically where

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Speaker 2: you should shop for groceries in order to save on

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Speaker 2: Thanksgiving staples and the two places that we would highlight

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Speaker 2: right now are Walmart and Aldy as some of the

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Speaker 2: places to go. Yeah, boy, why well, because both of

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Speaker 2: these grocery discounts, they've announced plans to offer pricing similar

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Speaker 2: to what they offered last year, despite the reality of inflation,

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Speaker 2: and so Walmart plans to offer turkey for less than

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Speaker 2: a dollar a pound. Well, they're slashing other prices too,

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Speaker 2: and all the has said that they're going to be

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Speaker 2: slashing prices by up to fifty percent on more than

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Speaker 2: seventy items. And this special holiday pricing starts November first

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Speaker 2: at both stores. And it's just it's worth taking a

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Speaker 2: look at their ads before you venture into the store,

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Speaker 2: doing some comparison shopping before you actually get out there.

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Speaker 2: And there's actually an app that helps make that easy.

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Speaker 2: It's flip dot com fl i pp dot com. But

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Speaker 2: we've we've always been big fans of oh yeah, Aldi

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Speaker 2: and they especially when you're talking about ye know, these

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Speaker 2: these holiday staples. I think you guys are a lot

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Speaker 2: of folks, a lot of families are going to be

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Speaker 2: eating a lot of over the next couple of months. Well,

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Speaker 2: those things are going to be a whole lot cheaper,

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Speaker 2: those those holiday staples.

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Speaker 1: Yeah. Plus, it's never too soon to talk about Thanksgiving.

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Speaker 1: You got to start planning, you start budgeting for because

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Speaker 1: it's an expensive meal. Yeah, I guarantee most folks November

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Speaker 1: grocery budget is a good bit larger than other months

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Speaker 1: of the year. Actually, we had a newsletter section recently

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Speaker 1: about loss leaders, and the whole point of keeping some

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Speaker 1: items artificially cheap, maybe even losing money on the sale

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Speaker 1: of those particular items, is to get folks in the

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Speaker 1: door and to spend more on other things. Aldi and

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Speaker 1: Walmart they might even be pricing some of these items

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Speaker 1: so low that they're just breaking even in order to

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Speaker 1: attract new customers, because a lot of folks potentially have

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Speaker 1: been avoiding the stores. But the truth is where it

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Speaker 1: is that you shot makes a massive difference in your

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Speaker 1: overall grocery bill. And of course Aldi is one of

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Speaker 1: our all time faves. If you live near one you

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Speaker 1: haven't ventured in yet, I think this is a perfect

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Speaker 1: opportunity to give it a go. In this case, we

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Speaker 1: would say go ahead and fall for the marketing, because

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Speaker 1: ultimately it's gonna end up saving you a ton of

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Speaker 1: money were you to stick around.

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Speaker 2: Well, the Aldie marketing is based is based on facts.

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Speaker 2: Ye look at the receipt from from our grocery store

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Speaker 2: to the other ones, and you're gonna say thirty plus percent.

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Speaker 1: So yeah, even when we moved up to here in

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Speaker 1: a while, by the way, we haven't. Yeah, when we

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Speaker 1: moved up here, we started shopping at Aldi less because

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Speaker 1: we were hitting up Costco. And I think we talked

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Speaker 1: about this a few months in after, like literally maybe

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Speaker 1: around a year ago. I think we're talking about because

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Speaker 1: I was complaining about how high our grocery bill had

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Speaker 1: gotten because we were going to Costco, and I think

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Speaker 1: that encouraged slightly more consumption. In the past couple of

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Speaker 1: months we've have've noticed there have been way more Aldi

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Speaker 1: entries on our monthly budget, bringing the price down. Not surprisingly,

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Speaker 1: we've seen that price come down, not a full thirty percent,

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Speaker 1: but I don't make closer to like fifteen to twenty

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Speaker 1: percent less than previous months as well.

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Speaker 2: Yeah, and it's also important to mention Matt for all

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Speaker 2: the newbies that they've got the twice as nice guarantee,

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Speaker 2: so if you end up buying some items that you

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Speaker 2: don't really love, you can take get your money back.

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Speaker 2: So that's that's one of the great things about Aldi.

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Speaker 2: Plus you get in and out so quick. That's another.

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Speaker 1: I mean, there's so many great things. Yeah, but give

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Speaker 1: credit words Duke of course, Costco has an amazing return

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Speaker 1: policy as well. They stay behind their items. That's true.

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Speaker 2: Yeah, two great places to shop. One one's going to

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Speaker 2: cost you more than the other, but they also might

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Speaker 2: provide additional value. All right, let's move on. At the

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Speaker 2: National Bureau of Economic Research, they just released a study

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Speaker 2: and it found that married couples are leaving money on

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Speaker 2: the table when it comes to investing for retirement. This

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Speaker 2: is specifically talking about married couples and a mistake that

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Speaker 2: they're making. And I was surprised to see married money mishap.

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Speaker 2: How many is right? How many people are actually making

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Speaker 2: this mistake. We talk a lot about making sure that

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Speaker 2: you get the full company match in your workplace retirement account.

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Speaker 2: That's obviously a big deal. That's additional dollars that your

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Speaker 2: employer is saying, Hey, listen, we're going to help subsidize

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Speaker 2: your future retirements. But you've got to contribute a certain

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Speaker 2: amount in order to get that those subsidized dollars. And

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Speaker 2: the only reason to leave money on the table and

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Speaker 2: not take the full match is if you haven't been

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Speaker 2: able to cobble together the two and four hundred and

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Speaker 2: sixty seven dollars E fund first that's the first most

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Speaker 2: important step in kind of rebuilding your personal finances. But

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Speaker 2: once you do that, maxing out the match becomes a

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Speaker 2: top priority. But this study, it found that one quarter

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Speaker 2: of couples they're not getting the full match they're entitled

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Speaker 2: to one spouse. Apparently that the reason for this is

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Speaker 2: because one spouse is contributing to their four oh one

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Speaker 2: K or four h three B and maybe the other isn't.

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Speaker 2: And so it's not even the fact that like, these

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Speaker 2: couples aren't contributing enough total, it's that they've just prioritized

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Speaker 2: one account over the other for some reason, and because

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Speaker 2: of that, they're leaving the match from one of the

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Speaker 2: spouse's employers completely underutilized. They're forsaking that match. Maybe they're

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Speaker 2: contributing instead of like six percent to one and six

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Speaker 2: percent to the other, they're contributing twelve percent to one

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Speaker 2: and zero percent of the other.

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Speaker 1: And that's a big mistake. Sure, yeah, and this ends

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Speaker 1: up costing couples a ton of money. It's actually close

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Speaker 1: to seven hundred dollars a year on average that they're

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Speaker 1: giving up. That's before we talk about compounding and how

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Speaker 1: much second become over the years right, yeah, yeah, And

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Speaker 1: so it's all about allocation of those contributions, Like you're saying,

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Speaker 1: they're saving too much just in one of those accounts

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Speaker 1: and pretty much zero dollars in the other. I think

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Speaker 1: oftentimes different like you enter into a relationship, you've got

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Speaker 1: a significant other, and something like this I think can

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Speaker 1: easily happen because you tend to gravitate towards what you're

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Speaker 1: good at, you've got your specialized roles, and if you

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Speaker 1: don't have healthy communication regards surrounding your finances, this, I

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Speaker 1: feel like this is something that could completely fall through

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Speaker 1: the cracks. But it's a pretty major thing to be

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Speaker 1: falling through those cracks, and so balancing out those contributions

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Speaker 1: so that both of you are getting the full match

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Speaker 1: that you're both entitled to is incredibly crucial. So if

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Speaker 1: you're married, make sure that you both know what the

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Speaker 1: matches from your employer at your respective workplaces, and then

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Speaker 1: just dial back the contributions in one of those accounts

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Speaker 1: if it means that you're going to be able to

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Speaker 1: dial them up at the other. The goal there is,

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Speaker 1: of course, to get the full match at both You

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Speaker 1: don't want to leave that money on the table, and

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Speaker 1: that is the easiest way to make sure that you

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Speaker 1: are contributing enough towards your retirement.

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Speaker 2: Yeah, if you would have asked me to guess what

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Speaker 2: percentage of couples are doing this, I would have said

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Speaker 2: ten percent. The fact that one in four twenty five

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Speaker 2: percent of couples are doing it's just a misallocation of

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Speaker 2: funds and they're missing out on free matching money because

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Speaker 2: of it. That's a big problem and that needs to

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Speaker 2: change quickly. So it's a really good idea to revisit.

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Speaker 2: Log into those accounts, know what's your work player, what

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Speaker 2: your employer offers matt with their matches, like you said,

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Speaker 2: and then adjust accordingly.

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Speaker 1: And that's the thing though too. So we talked about

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Speaker 1: the advantage of auto enrollment and how so many more

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Speaker 1: millennials are saving more towards their retirement. What that means, though,

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Speaker 1: is that that we're not looking at our accounts. We're

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Speaker 1: just letting it ride. And so that unfortunately means that

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Speaker 1: if you are not set up optimally from the beginning.

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Speaker 1: I think that honestly means there's less of a chance

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Speaker 1: of somebody going back making some of those corrections. So

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Speaker 1: another little PSA log in and make sure that you

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Speaker 1: are getting that full match. But Joe, we've got additional

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Speaker 1: stories to get too. We're gonna talk about why IPA's

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Speaker 1: are getting a little more expensive here as well. We'll

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Speaker 1: get to shut us here on that one. I know,

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Speaker 1: we've got more stories here right after.

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Speaker 2: The break, all right, Matt, the Friday Flight continues, and

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Speaker 2: of course we always got to get to our ludicrous

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Speaker 2: headline of the week at the very beginning of the

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Speaker 2: second segment of the Friday Flight. This one comes from

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Speaker 2: Business Insider, and the headline reads, why now is actually

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Speaker 2: a good time to buy a house? And this one

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Speaker 2: maybe click. Matt not gonna lie because I was like, huh,

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Speaker 2: it defies all logic in my brain.

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Speaker 1: Please tell me should I go out there and buy

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Speaker 1: another house? Please tell me.

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Speaker 2: Why all the stats I've seen and everything else I've

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Speaker 2: read points to the exact opposite conclusion. I was like,

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Speaker 2: am I missing something? Am I like weve got to

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Speaker 2: in Zoolander? Am I taking crazy paills? That's kind of

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Speaker 2: where I felt like reading this article. It seems like

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Speaker 2: from where I'm sitting, it's the worst time in recent

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Speaker 2: memory to buy. But Business Insider as saying the opposite,

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Speaker 2: And so this article, it even admits that the we're

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Speaker 2: literally at peak on affordability in the home buying market.

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Speaker 2: And so I guess for them to insinuate that now

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Speaker 2: is such a great time to buy just seemed really

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Speaker 2: silly to me. There's certainly a chance this is kind

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Speaker 2: of what they were hinting at that listings continue to

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Speaker 2: shrink because of continuing affordability declines. Right, So if we

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Speaker 2: see fewer homes on the market, then we're going to

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Speaker 2: see prices continue to increase in that it's actually going

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Speaker 2: to be harder to buy a home at some point,

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Speaker 2: is what they're saying. And if rates go down, they say,

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Speaker 2: we're likely to see more buyers, more competition in the

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Speaker 2: home buying space. But the truth is, like twenty nine

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Speaker 2: to twenty twenty one were great times to buy a home.

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Speaker 2: Twenty twenty three, that was a good time to buy.

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Speaker 2: That was a great time, yea. So like, yeah, I'm

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Speaker 2: just surprising we had like twelve years of good years

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Speaker 2: to buy a home twenty twenty three. It's a lot

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Speaker 2: dice here. The truth is, you better make sure that

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Speaker 2: you plan to own a home per minimum of seven

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Speaker 2: years if you do opt to buy a home right now,

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Speaker 2: because where the market goes from here it's hard to decipher. Like,

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Speaker 2: we just don't really know what the market in twenty

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Speaker 2: twenty four is is going to hold RCT. We're going

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Speaker 2: to talk to a real estate expert here in a

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Speaker 2: few weeks and kind of get get to get his

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Speaker 2: thoughts on that based on the data. But it's you

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Speaker 2: read a headline like this, and I think is going

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Speaker 2: to cause a lot of people to say, great, I'll

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Speaker 2: keep looking, But the reality is murkier than the headline

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Speaker 2: on this.

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Speaker 1: In this case, yeah, you never know what you might

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Speaker 1: come across. But yeah, I mean, the fact is, unless

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Speaker 1: home prices decrease significantly because the demand is so low

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Speaker 1: because interest rates are so high, then like the only

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Speaker 1: advantage I think is for cash buyers. Yeah, and which,

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Speaker 1: by the way, there's a surprisingly high number of transactions

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Speaker 1: that are taking place that are all cash, or something

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Speaker 1: like thirty percent. Yeah, yeah, and it's not surprisingly a

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Speaker 1: whole lot of boomers who have that money on hand.

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Speaker 1: But even though that's thirty percent of sales today, that's

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Speaker 1: still you're still looking at sixty seventy percent of folks

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Speaker 1: who are looking to finance their home, and where the

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Speaker 1: mortgage rate does have a massive impact. But the truth

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Speaker 1: is there's also never been a worse time to buy

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Speaker 1: instead of rent a home. That's the case for most

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Speaker 1: markets around the country. And the gap between what it

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Speaker 1: is that you'll pay for the mortgage versus what you

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Speaker 1: pay for rent for a similar spot it's massive right

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Speaker 1: now in many cities, and that's part of the reason

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Speaker 1: a significant percentage of home buyers are backing out of

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Speaker 1: more deals right now than they were twelve to eighteen

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Speaker 1: months ago. Yeah, like that grat like spiked. Yes, yeah,

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Speaker 1: why actually go through? Why buy that overpriced house when

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Speaker 1: you can just keep renting, keep your budget intact. I

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Speaker 1: think a lot of folks maybe they went, they started

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Speaker 1: house shopping a couple months ago, and maybe they finally

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Speaker 1: found a place and they're like, oh sweet, we're gonna

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Speaker 1: buy it. And then they sit down with their lender. Yeah,

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Speaker 1: they see where interest rates are, they get the estimated

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Speaker 1: monthly payment and they're like, wait, what, we can't do that.

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Speaker 1: It's like five hundred bucks more than I thought it

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Speaker 1: was gonna go like one thousand dollars more, depending on

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Speaker 1: when they first started looking. But of course, real estate

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Speaker 1: is hyper local, and so much of it depends on

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Speaker 1: your specific market where it is that you live. And

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Speaker 1: we've always said that whether or not buying a home

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Speaker 1: makes sense, it's going to be more about your specific

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Speaker 1: personal finance situation in your timeline. It's going to be

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Speaker 1: much less about timing the market. Don't assume that prices

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Speaker 1: are going to continue to soar and that you're just

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Speaker 1: going to be building tons of equity from day one,

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Speaker 1: because that may not be the case. It might be

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Speaker 1: the case, and maybe a year from now we'll look

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Speaker 1: back and say, oh, man, remember how good the I

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Speaker 1: don't think we'll say that the market was good October

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Speaker 1: of twenty twenty three, but rates could be higher and

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Speaker 1: home prices could be even more expensive. Yeah, you never know.

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Speaker 1: You really don't. You really don't.

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Speaker 2: And that's why you and I we tried not to

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Speaker 2: make predictions. We try not to make predictions ever. Yeah,

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Speaker 2: but we talked about when everyone was predicting like this

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Speaker 2: massive decline in home prices, we actually didn't really agree

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Speaker 2: with that. That hasn't actually been the case. We have

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Speaker 2: not seen significant price declines in the real estate market,

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Speaker 2: at least in most of the country. There are some

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Speaker 2: rare exceptions in a few of those towns that experienced

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Speaker 2: significant booms, like Austin. But by the way, one answer

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Speaker 2: to this for folks who really want to buy a

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Speaker 2: home is that builders are opting to build smaller homes

435
00:18:59,680 --> 00:19:01,760
Speaker 2: right now, well, even in the suburbs and in the

436
00:19:01,760 --> 00:19:04,320
Speaker 2: excerpts and so sort of the further out you get,

437
00:19:04,320 --> 00:19:06,359
Speaker 2: it used to be the bigger the homes would become

438
00:19:06,400 --> 00:19:08,199
Speaker 2: the bigger lots that you had to build on. But

439
00:19:08,240 --> 00:19:10,399
Speaker 2: still builders are now saying, okay, one way that we

440
00:19:10,440 --> 00:19:13,960
Speaker 2: can meet the demand for home buyers is to create

441
00:19:14,000 --> 00:19:16,520
Speaker 2: smaller or less expensive homes. And who knew that it

442
00:19:16,560 --> 00:19:19,080
Speaker 2: would take an affordability crisis in the housing market to

443
00:19:19,119 --> 00:19:21,520
Speaker 2: incentivize the building of smaller homes that we've actually needed

444
00:19:21,520 --> 00:19:24,440
Speaker 2: in this country for so many years. I love seeing

445
00:19:24,480 --> 00:19:28,160
Speaker 2: this because home sizes have been growing for decades. McMansions

446
00:19:28,359 --> 00:19:32,119
Speaker 2: have become kind of normal, and just homes have become

447
00:19:32,240 --> 00:19:34,440
Speaker 2: ridiculous in this country in so many ways, and that's

448
00:19:34,440 --> 00:19:37,560
Speaker 2: also impacted affordability, and we need more homes, and building

449
00:19:37,600 --> 00:19:40,360
Speaker 2: more smaller homes makes sense to me. And then those

450
00:19:40,400 --> 00:19:42,439
Speaker 2: smaller homes they cost less typically right, that means you

451
00:19:42,480 --> 00:19:44,159
Speaker 2: have to save up less of a down payment. That

452
00:19:44,160 --> 00:19:46,880
Speaker 2: means your ongoing monthly mortgage payment is reduced.

453
00:19:47,160 --> 00:19:49,320
Speaker 1: And on that note, by the way, it's more happy people.

454
00:19:49,800 --> 00:19:51,560
Speaker 2: More happy people who actually get into the house they

455
00:19:51,560 --> 00:19:53,920
Speaker 2: want to buy in a community that they're thrilled. They're

456
00:19:53,960 --> 00:19:57,240
Speaker 2: thrilled to be in because they don't have as much

457
00:19:57,320 --> 00:19:59,239
Speaker 2: home to take care of either. And Matt on the

458
00:19:59,280 --> 00:20:01,600
Speaker 2: down payment note, by the way, Freddie Mack has rolled

459
00:20:01,600 --> 00:20:04,600
Speaker 2: out a down payment assistance tool is called DPA one.

460
00:20:05,000 --> 00:20:08,040
Speaker 2: It streamlines all of the programs that exist in one place,

461
00:20:08,080 --> 00:20:10,640
Speaker 2: which is like hundreds and hundreds apparently. And so we're

462
00:20:10,640 --> 00:20:12,840
Speaker 2: going to link to some of the specifics on this

463
00:20:12,920 --> 00:20:14,960
Speaker 2: program in the show notes. But you should ask your

464
00:20:15,040 --> 00:20:17,080
Speaker 2: lender about this if you are. It's kind of like

465
00:20:17,080 --> 00:20:20,720
Speaker 2: a scholarship almost for college. These are local, often local

466
00:20:20,760 --> 00:20:25,080
Speaker 2: programs that help people, especially first time home buyers, with

467
00:20:25,160 --> 00:20:28,560
Speaker 2: some money for that down payment. There's certain qualifications that

468
00:20:28,600 --> 00:20:31,760
Speaker 2: those folks typically have to meet, but this I love

469
00:20:31,800 --> 00:20:33,679
Speaker 2: that Usually you have to hunt and peck for it

470
00:20:33,720 --> 00:20:36,240
Speaker 2: yourself on the internet and try to find that stuff.

471
00:20:36,440 --> 00:20:38,320
Speaker 2: But this new program is going to mean it's going

472
00:20:38,359 --> 00:20:41,520
Speaker 2: to be easier to match the buyer with the program.

473
00:20:41,200 --> 00:20:44,000
Speaker 1: That they qualify for. That's right. Okay, So did you

474
00:20:44,040 --> 00:20:47,520
Speaker 1: file your file of your taxes when the extension, the

475
00:20:47,560 --> 00:20:49,400
Speaker 1: tax filing extension October fifteenth?

476
00:20:49,480 --> 00:20:52,119
Speaker 2: Yeah, yeah, we filed like early October, so I had

477
00:20:52,160 --> 00:20:54,080
Speaker 2: to do the extension. But then we finally got a

478
00:20:54,080 --> 00:20:57,840
Speaker 2: tone nice se for tax season to roll around in,

479
00:20:58,119 --> 00:20:59,359
Speaker 2: you know, just a few months now.

480
00:20:59,440 --> 00:21:02,399
Speaker 1: Yeah, it's right around the colt. I mentioned this because

481
00:21:02,440 --> 00:21:05,240
Speaker 1: so we mentioned last year that the IRS was considering

482
00:21:05,280 --> 00:21:09,439
Speaker 1: launching its own tax software. Well, this is actually something

483
00:21:09,520 --> 00:21:12,600
Speaker 1: that is actually happening. It's not vaporware, and so it's

484
00:21:12,600 --> 00:21:15,240
Speaker 1: important to note. This goes beyond the free file site

485
00:21:15,280 --> 00:21:17,959
Speaker 1: where you can file your federal taxes for free if

486
00:21:17,960 --> 00:21:20,840
Speaker 1: you meet certain income thresholds. Yeah. Yeah. This is beyond

487
00:21:20,880 --> 00:21:23,119
Speaker 1: the partnerships that they've made with some of the different

488
00:21:23,160 --> 00:21:25,359
Speaker 1: companies as well, where you're able to file for free

489
00:21:25,440 --> 00:21:29,879
Speaker 1: via those companies. This is a proprietary IRS direct filing

490
00:21:29,920 --> 00:21:32,800
Speaker 1: system that's going to be launched in I think thirteen

491
00:21:32,880 --> 00:21:35,359
Speaker 1: states at the beginning of next year. And also this

492
00:21:35,440 --> 00:21:39,040
Speaker 1: is again only for folks who basically have a really simple,

493
00:21:39,200 --> 00:21:42,959
Speaker 1: straightforward tax situation. But for the time being, the service

494
00:21:43,040 --> 00:21:45,399
Speaker 1: is only going to cover your federal tax return. It's

495
00:21:45,440 --> 00:21:47,240
Speaker 1: not going to cover your states. But I'm curious to

496
00:21:47,240 --> 00:21:49,840
Speaker 1: see how well this actually is, how the roll out,

497
00:21:49,920 --> 00:21:52,680
Speaker 1: how effective it is, how successful it is, and how

498
00:21:52,720 --> 00:21:55,280
Speaker 1: the IRS might be able to improve this moving forward.

499
00:21:55,320 --> 00:21:57,920
Speaker 1: I don't have my fingers crossed because even the IRS,

500
00:21:57,960 --> 00:22:02,359
Speaker 1: when they like when they launched the the private public partnership,

501
00:22:02,440 --> 00:22:04,720
Speaker 1: I think it's like twenty years ago. With the other companies,

502
00:22:04,880 --> 00:22:08,840
Speaker 1: they even said themselves that we've seen historically that the

503
00:22:08,880 --> 00:22:12,080
Speaker 1: private market essentially is able to provide better results than

504
00:22:12,119 --> 00:22:14,159
Speaker 1: what we're able to. But they've changed their tune, I

505
00:22:14,160 --> 00:22:17,879
Speaker 1: guess over the past twenty years, and rightly so. They

506
00:22:17,880 --> 00:22:20,000
Speaker 1: have seen the hurdles when it comes to folks like

507
00:22:20,160 --> 00:22:22,440
Speaker 1: Turbo Tax and some of the other companies out there

508
00:22:22,480 --> 00:22:25,720
Speaker 1: basically doing like a bait and switch where they're advertising, hey,

509
00:22:25,720 --> 00:22:27,520
Speaker 1: it's going to be free, or maybe they just weren't

510
00:22:27,520 --> 00:22:30,800
Speaker 1: being as transparent as to what was going to be free,

511
00:22:30,920 --> 00:22:33,119
Speaker 1: and then folks ended up having to pay more on

512
00:22:33,160 --> 00:22:33,600
Speaker 1: the back end.

513
00:22:33,640 --> 00:22:36,879
Speaker 2: There's a lot of marketing from some of those private

514
00:22:36,920 --> 00:22:40,440
Speaker 2: taxiling software companies that doesn't quite ring true when you.

515
00:22:40,359 --> 00:22:42,520
Speaker 1: Get to the checkout. Right for now, it's probably best

516
00:22:42,560 --> 00:22:44,920
Speaker 1: for the time being to roll with cash app taxes.

517
00:22:45,000 --> 00:22:47,800
Speaker 1: We're huge fans of that, which allows you to file

518
00:22:47,880 --> 00:22:51,560
Speaker 1: both state and federal returns for free. You can even

519
00:22:51,600 --> 00:22:53,480
Speaker 1: do that. You can go to the IRS free file

520
00:22:53,560 --> 00:22:55,879
Speaker 1: site next year. You can even just filt the forms

521
00:22:55,920 --> 00:22:57,959
Speaker 1: directly there as well, or if you have a more

522
00:22:58,000 --> 00:23:01,239
Speaker 1: complicated tax situations higher pro. This is one of those

523
00:23:01,240 --> 00:23:03,520
Speaker 1: situations where we feel that the money that you pay

524
00:23:03,560 --> 00:23:08,640
Speaker 1: for a tax professional, given the ever changing landscape of taxes, that.

525
00:23:08,560 --> 00:23:10,920
Speaker 2: It would be worth everything. Yeah, it's money well spent

526
00:23:11,040 --> 00:23:14,280
Speaker 2: for most people. The more complicated there's just so many

527
00:23:14,400 --> 00:23:17,119
Speaker 2: dollars it could cost you, And so it's cheap not

528
00:23:17,160 --> 00:23:19,960
Speaker 2: frugal to avoid paying money to someone who's a pro,

529
00:23:20,359 --> 00:23:22,639
Speaker 2: who's like, you know, up to the latest that's almost

530
00:23:22,680 --> 00:23:24,879
Speaker 2: going on, and Matt, you and I with rental properties

531
00:23:24,920 --> 00:23:27,120
Speaker 2: and all this stuff, it gets more complicated. So I'm

532
00:23:27,160 --> 00:23:28,880
Speaker 2: more than happy to pass that off to somebody else

533
00:23:28,880 --> 00:23:30,879
Speaker 2: and to pay them money to do my taxes for me.

534
00:23:31,240 --> 00:23:33,400
Speaker 2: All right, let's talk about open enrollment for a second.

535
00:23:33,440 --> 00:23:35,880
Speaker 2: We're kind of right in prime open enrollment season. Yours

536
00:23:35,920 --> 00:23:39,040
Speaker 2: has either already begun or it's about to, and most

537
00:23:39,040 --> 00:23:41,399
Speaker 2: folks tend to stick with whatever they've currently got. They

538
00:23:41,480 --> 00:23:42,919
Speaker 2: just kind of roll it over to the next year.

539
00:23:42,920 --> 00:23:45,680
Speaker 2: They don't really make changes. But we would tell you

540
00:23:45,720 --> 00:23:48,119
Speaker 2: to run the numbers and a question whether or not

541
00:23:48,119 --> 00:23:51,359
Speaker 2: that's still your best bet, especially as healthcare prices continue

542
00:23:51,400 --> 00:23:53,760
Speaker 2: to rise, and particularly if you have any life changes

543
00:23:53,800 --> 00:23:56,000
Speaker 2: on the horizon, like you're getting married, having a baby,

544
00:23:56,200 --> 00:23:58,960
Speaker 2: you need to think longer and harder about what you're choosing.

545
00:23:59,240 --> 00:24:01,000
Speaker 2: And by the way, if you experience one of those

546
00:24:01,040 --> 00:24:04,320
Speaker 2: qualifying life events, you're allowed to change your plan, even

547
00:24:04,359 --> 00:24:06,680
Speaker 2: if it's not open enrollment season, but you're still gonna

548
00:24:06,680 --> 00:24:08,399
Speaker 2: want to plan ahead. Let's say for the berth if

549
00:24:08,400 --> 00:24:10,240
Speaker 2: you're like, we're having a kid, we can change it

550
00:24:10,280 --> 00:24:12,040
Speaker 2: once the kiddo comes. We still want to plan ahead

551
00:24:12,080 --> 00:24:15,000
Speaker 2: because there's a lot of other health care expenses you're

552
00:24:15,040 --> 00:24:18,760
Speaker 2: gonna encounter you're gonna incur in advance of the birth.

553
00:24:19,040 --> 00:24:21,840
Speaker 2: But one of the biggest money saving questions worth asking

554
00:24:21,960 --> 00:24:24,440
Speaker 2: is whether or not a high deductible health care plan

555
00:24:24,560 --> 00:24:27,520
Speaker 2: makes sense for you. If you're healthy, it likely is

556
00:24:27,960 --> 00:24:29,440
Speaker 2: you're going to need to make sure you can self

557
00:24:29,520 --> 00:24:32,919
Speaker 2: ensure though for those potentially higher out of pocket costs

558
00:24:32,960 --> 00:24:35,359
Speaker 2: that you might run into, but you'll likely to be

559
00:24:35,400 --> 00:24:37,320
Speaker 2: able to save a decent chunk of change on those

560
00:24:37,359 --> 00:24:40,360
Speaker 2: monthly premiums if you elect to get the high deductible

561
00:24:40,359 --> 00:24:42,920
Speaker 2: health care plan as opposed to one with a lower

562
00:24:42,960 --> 00:24:46,600
Speaker 2: deductible but higher premiums. And so our suggestion will be like,

563
00:24:46,600 --> 00:24:48,400
Speaker 2: don't let the tail wag the dog here. You always

564
00:24:48,400 --> 00:24:50,000
Speaker 2: want to step back and look at the broader picture.

565
00:24:50,240 --> 00:24:52,080
Speaker 2: You want to be able to see where are you

566
00:24:52,119 --> 00:24:54,240
Speaker 2: at from a healthcare perspective right now? Where do you

567
00:24:54,240 --> 00:24:56,520
Speaker 2: think you're likely to be in a year, And you

568
00:24:56,520 --> 00:24:58,360
Speaker 2: want to run the numbers to kind of see what

569
00:24:58,560 --> 00:25:01,440
Speaker 2: is what's going to most like likely benefits you overall

570
00:25:01,760 --> 00:25:04,440
Speaker 2: and math. The beautiful thing about choosing a high deductible

571
00:25:04,480 --> 00:25:06,159
Speaker 2: health care plan if you're one of those people who

572
00:25:06,200 --> 00:25:09,440
Speaker 2: doesn't frequent the doctor as much, is you have access

573
00:25:09,520 --> 00:25:12,119
Speaker 2: to yours in mine. One of our all time favorite

574
00:25:12,119 --> 00:25:14,280
Speaker 2: retirement accounts that get such so little.

575
00:25:14,119 --> 00:25:17,720
Speaker 1: Publicity, the HSA. Yeah, That's what I'm talking about, that right, Yeah?

576
00:25:17,880 --> 00:25:20,640
Speaker 1: And I mean limits pretty much can always go up,

577
00:25:21,080 --> 00:25:23,400
Speaker 1: whether it be on I don't I shouldn't say always

578
00:25:23,400 --> 00:25:24,720
Speaker 1: go up, but they're definitely going up next year. And

579
00:25:24,760 --> 00:25:27,800
Speaker 1: so that's an additional eighty three hundred dollars for a

580
00:25:27,840 --> 00:25:30,399
Speaker 1: family that you can put towards retirement. Even though it

581
00:25:30,400 --> 00:25:32,399
Speaker 1: is called a health savings account, we look at it

582
00:25:32,440 --> 00:25:35,000
Speaker 1: as like an actual retirement account because of the triple

583
00:25:35,040 --> 00:25:38,000
Speaker 1: tax advantage and the fact that you can hold off

584
00:25:38,080 --> 00:25:41,040
Speaker 1: taking dollars out of that account until you are actually

585
00:25:41,119 --> 00:25:42,680
Speaker 1: ready to retire. And we've got an.

586
00:25:42,680 --> 00:25:46,040
Speaker 2: Article listing out exactly how hsas work and how you

587
00:25:46,040 --> 00:25:48,520
Speaker 2: can invest in one use it to your advantage when

588
00:25:48,560 --> 00:25:52,360
Speaker 2: saving for retirement. It's the only account that doesn't where

589
00:25:52,400 --> 00:25:54,440
Speaker 2: you'll never get taxed on the money that goes in

590
00:25:54,560 --> 00:25:56,920
Speaker 2: or that comes out. So it's a pretty sweet tool

591
00:25:56,960 --> 00:25:58,240
Speaker 2: if you use it properly. We'll link to that in

592
00:25:58,240 --> 00:25:58,800
Speaker 2: the show notes.

593
00:25:58,800 --> 00:26:01,520
Speaker 1: Pretty great, but not least. This is some news that

594
00:26:01,800 --> 00:26:04,679
Speaker 1: makes us sadgel but I pas are evidently going to

595
00:26:04,720 --> 00:26:08,760
Speaker 1: be getting more expensive. Insider they reported that a warm

596
00:26:09,040 --> 00:26:11,560
Speaker 1: I guess a warm summer caused the hop crop and

597
00:26:11,800 --> 00:26:14,800
Speaker 1: certain hot varieties to see a reduced yield, which is

598
00:26:14,800 --> 00:26:18,840
Speaker 1: going to lead to higher costs for those hops making Obviously,

599
00:26:19,080 --> 00:26:20,840
Speaker 1: you know It's a trickle down effect, right, Like if

600
00:26:20,880 --> 00:26:23,560
Speaker 1: hot the fewer hops, that's going to increase the demand

601
00:26:23,600 --> 00:26:25,760
Speaker 1: for that limited the playoff hops and breweries are going

602
00:26:25,840 --> 00:26:28,040
Speaker 1: to be charged more, and they're in turn are often

603
00:26:28,240 --> 00:26:31,359
Speaker 1: charging us more money, which means I'm just gonna stop

604
00:26:31,440 --> 00:26:34,760
Speaker 1: drinking beer. I doubt. I doubt that's true. But maybe

605
00:26:35,400 --> 00:26:37,680
Speaker 1: I'm tired of those those rising prices jewel. I don't

606
00:26:37,800 --> 00:26:41,120
Speaker 1: like the fact that it's adding inches to my waistline,

607
00:26:41,440 --> 00:26:43,920
Speaker 1: tired of that delicious hot flavor in my mouth, and

608
00:26:44,440 --> 00:26:45,080
Speaker 1: I'm done with it.

609
00:26:45,160 --> 00:26:47,639
Speaker 2: Well, I know that's not true. I know you're joking,

610
00:26:47,840 --> 00:26:49,880
Speaker 2: but I will say, like even you and I, craft

611
00:26:49,880 --> 00:26:52,760
Speaker 2: beers are craft beer equivalent. And there are price points

612
00:26:52,760 --> 00:26:54,600
Speaker 2: where I have refused to buy beer because it's just

613
00:26:54,640 --> 00:26:57,240
Speaker 2: too darn expensive. Like I've seen some pack four packs

614
00:26:57,280 --> 00:26:59,479
Speaker 2: that are like thirty bucks a four pack, and I'm like, sorry,

615
00:26:59,760 --> 00:27:02,720
Speaker 2: that's too much. I'll spend like twenty two bucks on

616
00:27:02,760 --> 00:27:05,159
Speaker 2: a four pack, but I'll spend thirty dollars on a

617
00:27:05,200 --> 00:27:08,760
Speaker 2: four pack at least once. Yeah, maybe see how amazing

618
00:27:08,760 --> 00:27:11,200
Speaker 2: it is. It's not amazing then, all right, you know, yeah,

619
00:27:11,400 --> 00:27:13,960
Speaker 2: but I think this is I'm totally willing this could

620
00:27:14,000 --> 00:27:16,080
Speaker 2: this could cause me to drink different styles of beer

621
00:27:16,119 --> 00:27:18,320
Speaker 2: if the IPA costs go up, you know more, I'll

622
00:27:18,359 --> 00:27:20,120
Speaker 2: still drink some mypas, but maybeck less.

623
00:27:20,160 --> 00:27:21,800
Speaker 1: Yeah, we found a way to talk about beer even

624
00:27:21,800 --> 00:27:24,440
Speaker 1: though it's a Friday flight when you and I don't

625
00:27:24,440 --> 00:27:27,280
Speaker 1: normally enjoy one during these episodes. But that's gonna be

626
00:27:27,280 --> 00:27:30,760
Speaker 1: it for this episode. We hope everyone has an awesome weekend.

627
00:27:31,359 --> 00:27:33,159
Speaker 1: I just saw my phone's blowing up a little bit.

628
00:27:33,160 --> 00:27:34,920
Speaker 1: It sounds like the ladies are planning into date night

629
00:27:34,960 --> 00:27:38,159
Speaker 1: for the four of us tomorrow. So looking forward to

630
00:27:38,200 --> 00:27:41,320
Speaker 1: grapping dinner with you tomorrow, Fody nice, But that's gonna

631
00:27:41,320 --> 00:27:43,120
Speaker 1: be it for this some body until next time. Best

632
00:27:43,119 --> 00:27:44,960
Speaker 1: friends are Out, Best Friends Out,