1 00:00:00,080 --> 00:00:03,080 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,320 --> 00:00:25,400 Speaker 1: and today we're answering your listener questions. That's right, Joel. 3 00:00:25,440 --> 00:00:28,160 Speaker 1: As usual, we have five questions on the docket. We're 4 00:00:28,160 --> 00:00:31,640 Speaker 1: gonna talk about changing your catchule holdings, couples and money, 5 00:00:32,040 --> 00:00:33,720 Speaker 1: which that was an epsolute we did last year with 6 00:00:33,760 --> 00:00:35,600 Speaker 1: our wives Couples of money. Remember that one, Joel, I 7 00:00:35,600 --> 00:00:37,040 Speaker 1: do remember that one, so one of one of our 8 00:00:37,040 --> 00:00:38,960 Speaker 1: favorites to have our wives on together. We need to 9 00:00:38,960 --> 00:00:41,160 Speaker 1: do that again soon. Let's make it happen. And then 10 00:00:41,360 --> 00:00:43,840 Speaker 1: we're also going to cover a few more including hopping 11 00:00:43,880 --> 00:00:48,040 Speaker 1: around to different high interest rate savings accounts. Looking forward 12 00:00:48,040 --> 00:00:49,760 Speaker 1: to talking about all that with you, man, Yeah, it 13 00:00:49,760 --> 00:00:51,199 Speaker 1: sounds good. I'm looking forward to this. We've got some 14 00:00:51,240 --> 00:00:53,519 Speaker 1: interesting questions on the show today. Before we kind of 15 00:00:53,520 --> 00:00:55,960 Speaker 1: get into those, I wanted to mention this interesting article 16 00:00:56,080 --> 00:00:59,040 Speaker 1: I read about why All the doesn't play music in 17 00:00:59,080 --> 00:01:00,920 Speaker 1: its stores. You know, I of All The were talked 18 00:01:00,920 --> 00:01:02,840 Speaker 1: about All They a lot on the show, and for 19 00:01:02,920 --> 00:01:04,600 Speaker 1: good reason. If you've got one in your area, they're 20 00:01:04,600 --> 00:01:06,520 Speaker 1: probably the cheapest grocery store in town, right, I mean, 21 00:01:06,520 --> 00:01:09,319 Speaker 1: that's just the case. Aldi has the best prices of 22 00:01:09,319 --> 00:01:11,560 Speaker 1: any grocery store chain I know of, but it's still 23 00:01:11,560 --> 00:01:13,880 Speaker 1: second only to your favorite Costco, right, I mean, I 24 00:01:13,959 --> 00:01:16,840 Speaker 1: still love Costco. But somebody wrote in was talking about 25 00:01:16,840 --> 00:01:18,080 Speaker 1: the best one of the best ways to get a 26 00:01:18,080 --> 00:01:20,520 Speaker 1: feel for Costco is just to walk in, like you know, 27 00:01:20,560 --> 00:01:23,360 Speaker 1: in the place and how they check for your idea. 28 00:01:23,400 --> 00:01:25,120 Speaker 1: I guess there at the door, but they can keep 29 00:01:25,120 --> 00:01:26,880 Speaker 1: it from going in necessarily and you can just tell 30 00:01:26,920 --> 00:01:28,600 Speaker 1: them that, hey, I'm just looking around trying to get 31 00:01:28,600 --> 00:01:30,640 Speaker 1: a feel for the for the the Costco that I 32 00:01:30,720 --> 00:01:32,840 Speaker 1: keep hearing about. Yeah, or you can you say you're 33 00:01:32,840 --> 00:01:35,520 Speaker 1: going to get a prescription field because legally they have 34 00:01:35,600 --> 00:01:37,040 Speaker 1: to allow you to go back there, or you can 35 00:01:37,040 --> 00:01:39,600 Speaker 1: go to the optometrist. So there are these ways that 36 00:01:39,640 --> 00:01:41,880 Speaker 1: you can access what costs somewhat Costco has to offer 37 00:01:41,920 --> 00:01:43,720 Speaker 1: without having a membership. You can get in, but you 38 00:01:43,760 --> 00:01:45,560 Speaker 1: may not be able to buy any right, Yeah, that's true, 39 00:01:45,600 --> 00:01:47,520 Speaker 1: that's true. All right. So there was this really interesting 40 00:01:47,600 --> 00:01:50,880 Speaker 1: article about tell me about Aldi. Yeah, so Aldi has 41 00:01:50,960 --> 00:01:52,840 Speaker 1: all these little ways that they help save you money. 42 00:01:53,040 --> 00:01:54,720 Speaker 1: You know. One of the ways is is that you 43 00:01:54,720 --> 00:01:56,200 Speaker 1: have to put in a quarter every time you get 44 00:01:56,200 --> 00:01:58,720 Speaker 1: a cart and that cuts down on staff that they 45 00:01:58,720 --> 00:02:01,000 Speaker 1: have to have going and agling the cards and putting 46 00:02:01,000 --> 00:02:03,360 Speaker 1: them back because frugal or cheap. Though you know why, 47 00:02:03,880 --> 00:02:05,840 Speaker 1: I think it's frugal because it helps, you know, us 48 00:02:05,840 --> 00:02:07,880 Speaker 1: get the lowest prices at all the right. I'm for it. 49 00:02:07,920 --> 00:02:10,040 Speaker 1: I'm all about it. But so another thing, and I 50 00:02:10,080 --> 00:02:12,919 Speaker 1: did not know this, Aldi doesn't play music in its stores. 51 00:02:13,360 --> 00:02:15,880 Speaker 1: So next time you go into all the take note that. 52 00:02:15,919 --> 00:02:17,960 Speaker 1: You know, if you go into Kroger Publics or somewhere else, 53 00:02:18,000 --> 00:02:20,640 Speaker 1: there's there's some sort of instrumental music or I don't know, 54 00:02:20,680 --> 00:02:22,800 Speaker 1: maybe some pop music playing in the background, but not 55 00:02:22,880 --> 00:02:26,600 Speaker 1: so at Aldi. And that is for two reasons, uh 56 00:02:26,600 --> 00:02:29,119 Speaker 1: and one one is that Aldi doesn't have to pay 57 00:02:29,120 --> 00:02:32,480 Speaker 1: any third party licensing fees to play music in their store, 58 00:02:32,520 --> 00:02:35,360 Speaker 1: so they're saving a few bucks there. And then another 59 00:02:35,400 --> 00:02:37,960 Speaker 1: reason is that playing music in the store actually kind 60 00:02:37,960 --> 00:02:40,680 Speaker 1: of creates a relaxed atmosphere that keeps people in the 61 00:02:40,680 --> 00:02:43,440 Speaker 1: stores longer. So it's an efficiency play at the same 62 00:02:43,480 --> 00:02:46,360 Speaker 1: time to keep people moving through those tiny stores. So 63 00:02:46,440 --> 00:02:49,000 Speaker 1: that's why I feel inclined to dash in and dash 64 00:02:49,000 --> 00:02:52,639 Speaker 1: out without lingering and seeing what's on sale, because I 65 00:02:52,680 --> 00:02:55,239 Speaker 1: don't have that music playing exactly to call my nerves. 66 00:02:55,240 --> 00:02:57,799 Speaker 1: You mentioned your ability to make a ninety second all 67 00:02:57,880 --> 00:03:00,480 Speaker 1: the run recently, and so that's why, man, because you're 68 00:03:00,480 --> 00:03:02,919 Speaker 1: not nightty second milk run, you you don't necessarily want 69 00:03:02,919 --> 00:03:04,600 Speaker 1: to stay in there and hang out. And so yeah, 70 00:03:04,600 --> 00:03:06,000 Speaker 1: I just thought that was like kind of an interesting 71 00:03:06,040 --> 00:03:08,880 Speaker 1: tidbit about Aldi. They're all about getting folks in rung 72 00:03:08,960 --> 00:03:11,480 Speaker 1: up and then out of there. The cashiers at our Localdi, 73 00:03:11,880 --> 00:03:14,360 Speaker 1: I am blown away at how quickly they just grabbed 74 00:03:14,360 --> 00:03:16,080 Speaker 1: that stuff. And I want to say, half items they 75 00:03:16,120 --> 00:03:18,359 Speaker 1: don't even scan because they have the codes memorized, and 76 00:03:18,400 --> 00:03:20,519 Speaker 1: so they're just punching it into the key pad. They're 77 00:03:20,520 --> 00:03:22,080 Speaker 1: they're not even scanning it. They're just like throwing it 78 00:03:22,080 --> 00:03:24,160 Speaker 1: into the car and there. Just like it's so impressive 79 00:03:24,400 --> 00:03:27,080 Speaker 1: and impress the other impressive thing that Aldi does, Matt. 80 00:03:27,320 --> 00:03:29,240 Speaker 1: I don't know if you've noticed on on all of 81 00:03:29,280 --> 00:03:32,679 Speaker 1: their packaged goods, have you seen how big the barcodes 82 00:03:32,800 --> 00:03:34,920 Speaker 1: are one whole side of the box. They're huge, and 83 00:03:34,920 --> 00:03:36,920 Speaker 1: they're on every side, it seems like, and so like 84 00:03:36,960 --> 00:03:39,240 Speaker 1: they're all these barcodes and it's smart. It just makes 85 00:03:39,280 --> 00:03:42,040 Speaker 1: it much quicker for for those cashiers to scan the 86 00:03:42,080 --> 00:03:43,600 Speaker 1: items too, so you're in and out of all the 87 00:03:43,760 --> 00:03:46,160 Speaker 1: in no time ninety seconds flat. It makes an Aldi 88 00:03:46,240 --> 00:03:48,240 Speaker 1: run much quicker and more efficient, which is nice. You've 89 00:03:48,240 --> 00:03:49,960 Speaker 1: got so much love right now for all the Do 90 00:03:50,000 --> 00:03:53,160 Speaker 1: you feel guilty of uh for pempton Costco so hard 91 00:03:53,200 --> 00:03:55,240 Speaker 1: on that one episode? Dude, I can love both at 92 00:03:55,240 --> 00:03:57,280 Speaker 1: the same time. Okay, I can love my Costco in 93 00:03:57,360 --> 00:04:00,000 Speaker 1: my Aldi, and they're both great for different reasons. That's true, 94 00:04:00,320 --> 00:04:02,360 Speaker 1: you know. All he doesn't sell life insurance, Matt. Okay, 95 00:04:02,560 --> 00:04:05,400 Speaker 1: when they do, I might consider it well, and I 96 00:04:05,480 --> 00:04:08,760 Speaker 1: might consider Costco if they sold delicious Kraft beer, so 97 00:04:08,880 --> 00:04:11,640 Speaker 1: we'll see when that happens. Actually, they do sell good 98 00:04:11,680 --> 00:04:15,040 Speaker 1: beer sometimes, and different costco sell different kinds of beer. 99 00:04:15,280 --> 00:04:18,000 Speaker 1: So the Currentland signature beer like we mentioned, is bad, 100 00:04:18,279 --> 00:04:20,960 Speaker 1: but at my Costco sometimes they'll have Chamai Blue, which 101 00:04:21,000 --> 00:04:23,680 Speaker 1: is an awesome, nice Belgium. And my buddy Josh says 102 00:04:23,760 --> 00:04:27,760 Speaker 1: that at his Costco in California they sell Modern Times beers, 103 00:04:27,800 --> 00:04:30,480 Speaker 1: and Modern Times makes some great stuff. Yeah. Could you 104 00:04:30,520 --> 00:04:33,800 Speaker 1: imagine if our Costco is old Modern Times that would 105 00:04:33,839 --> 00:04:36,080 Speaker 1: be awesome? All right, we'll continue this beer talk and 106 00:04:36,160 --> 00:04:39,039 Speaker 1: quickly mentioned the beer that we have on this episode 107 00:04:39,320 --> 00:04:42,080 Speaker 1: is called Pink Robots, which is a kettle soured ale 108 00:04:42,440 --> 00:04:46,080 Speaker 1: with raspberries and blackberries. And this is by Bird's song brewing. 109 00:04:46,360 --> 00:04:47,719 Speaker 1: Take a look at that label there, Jil, what do 110 00:04:47,760 --> 00:04:49,520 Speaker 1: you think of that? It's cute. Yeah, it makes me 111 00:04:49,560 --> 00:04:52,840 Speaker 1: think of the Flaming Lips, a band. Well yeah, I think. 112 00:04:52,920 --> 00:04:54,240 Speaker 1: I mean it's the same artwork, So I think it's 113 00:04:54,240 --> 00:04:58,080 Speaker 1: actually either a collaboration or a like a commemorative beer 114 00:04:58,520 --> 00:05:01,240 Speaker 1: made with the Flaming Lip who knows, yeah, or just 115 00:05:01,279 --> 00:05:03,200 Speaker 1: in honor of their great music. So yeah, we were 116 00:05:03,200 --> 00:05:06,000 Speaker 1: actually singing the song Matt before we started recording, So 117 00:05:06,120 --> 00:05:07,680 Speaker 1: you're thinking that, and you didn't realize I was singing 118 00:05:07,720 --> 00:05:09,880 Speaker 1: that because I knew it said Flaming Lips on it. No, 119 00:05:10,000 --> 00:05:12,120 Speaker 1: I know, but it makes sense. But I didn't read 120 00:05:12,120 --> 00:05:15,920 Speaker 1: the back where it says it specifically spells out uh. 121 00:05:15,920 --> 00:05:17,680 Speaker 1: And now I see that, and I feel like an idiot. 122 00:05:17,720 --> 00:05:19,200 Speaker 1: But yeah, so this beer, like you and I are 123 00:05:19,200 --> 00:05:22,440 Speaker 1: sharing this awesome Flaming Lips moment, made an honor of 124 00:05:22,480 --> 00:05:24,640 Speaker 1: a great band and a great incidental Yeah. Well yeah, 125 00:05:24,640 --> 00:05:26,880 Speaker 1: this beer was sent to us by Emma there in 126 00:05:27,080 --> 00:05:29,640 Speaker 1: Chapel Hill, and I'm looking forward to enjoying this one 127 00:05:29,680 --> 00:05:31,560 Speaker 1: with you man, and we'll share our thoughts towards the 128 00:05:31,680 --> 00:05:34,120 Speaker 1: end of the episode, no doubt, buddy. All right, So 129 00:05:34,240 --> 00:05:37,560 Speaker 1: onto the subject that hand, Matt. We're answering listener questions. 130 00:05:37,800 --> 00:05:39,680 Speaker 1: And by the way, for any listeners that have a 131 00:05:39,800 --> 00:05:42,039 Speaker 1: question that they want Matt and I to tackle on 132 00:05:42,080 --> 00:05:44,240 Speaker 1: the podcast, you can go to our website how to 133 00:05:44,320 --> 00:05:47,680 Speaker 1: money dot com slash ask and there's brief instructions there 134 00:05:47,720 --> 00:05:49,600 Speaker 1: for you to know how to leave your question for us. 135 00:05:49,760 --> 00:05:52,760 Speaker 1: So let's get to the first one now, Hi, Matt 136 00:05:52,800 --> 00:05:55,800 Speaker 1: and Joel. My name is Lindsay and I live in Brooklyn, 137 00:05:55,839 --> 00:05:59,480 Speaker 1: New York. I love the podcast and never miss an episode. 138 00:06:00,360 --> 00:06:04,040 Speaker 1: I'm considering buying rental properties in the future and have 139 00:06:04,080 --> 00:06:08,640 Speaker 1: some questions about ll cs and insurance. Should I put 140 00:06:08,680 --> 00:06:12,600 Speaker 1: each property into an individual LLC or put them all 141 00:06:12,640 --> 00:06:16,240 Speaker 1: into one ll C? Is it difficult to get a 142 00:06:16,320 --> 00:06:18,800 Speaker 1: proof for a loan if the property is in analys 143 00:06:19,160 --> 00:06:22,480 Speaker 1: is opposed to applying for a loan as an individual? 144 00:06:23,120 --> 00:06:28,839 Speaker 1: And lastly, should I purchase umbrella insurance coverage? Also? Thanks 145 00:06:28,839 --> 00:06:32,919 Speaker 1: so much and keep up the awesome work, Lindsay, great question. 146 00:06:32,960 --> 00:06:35,120 Speaker 1: First thing I gotta say is get another hobby. If 147 00:06:35,120 --> 00:06:37,880 Speaker 1: you're listening to us every week like that, jerk, I 148 00:06:37,880 --> 00:06:39,440 Speaker 1: don't know. Maybe there's better things you can do with 149 00:06:39,440 --> 00:06:41,400 Speaker 1: your life. No, I'm just kidding. Thank you for listening. 150 00:06:41,400 --> 00:06:43,880 Speaker 1: We appreciate it, and you're the best. All right, So 151 00:06:43,920 --> 00:06:46,360 Speaker 1: at first we have to mention this up front, Matt, 152 00:06:46,440 --> 00:06:49,159 Speaker 1: you and I were not lawyers, and this question does 153 00:06:49,279 --> 00:06:52,279 Speaker 1: wade into some legal territory, but we're happy to share 154 00:06:52,600 --> 00:06:56,039 Speaker 1: what we know as real estate investors. That's Rachel. All right, Lindsay. 155 00:06:56,120 --> 00:06:57,720 Speaker 1: Let's get to the first part of your question. Right. 156 00:06:57,800 --> 00:07:00,600 Speaker 1: You asked about maybe putting them all into one LLC, 157 00:07:01,160 --> 00:07:03,680 Speaker 1: and we would recommend that you do not do that. 158 00:07:04,200 --> 00:07:06,080 Speaker 1: The reason being is that if you have an issue 159 00:07:06,120 --> 00:07:08,800 Speaker 1: at one of those properties, because you did say multiple properties, 160 00:07:08,839 --> 00:07:11,400 Speaker 1: it sounds like you're not looking at maybe just getting one. 161 00:07:11,400 --> 00:07:13,160 Speaker 1: You're looking at maybe getting a couple or a few 162 00:07:13,200 --> 00:07:15,040 Speaker 1: of them. But if you were to have an issue 163 00:07:15,360 --> 00:07:17,320 Speaker 1: just at one of your properties, that could lead to 164 00:07:17,360 --> 00:07:19,800 Speaker 1: a lawsuit and you'd be putting all of your other 165 00:07:19,800 --> 00:07:23,440 Speaker 1: properties at risk. Ideally, each property would be in its 166 00:07:23,480 --> 00:07:26,760 Speaker 1: own LLC, but with that comes additional hassle of like 167 00:07:26,840 --> 00:07:30,280 Speaker 1: maintaining records and you know that complicates your taxes, but 168 00:07:30,880 --> 00:07:33,600 Speaker 1: it is absolutely the best option, you know, when it 169 00:07:33,640 --> 00:07:37,000 Speaker 1: comes to risk and trying to limit that liability. Yeah, 170 00:07:37,080 --> 00:07:39,200 Speaker 1: and it can be harder right to get a loan 171 00:07:39,320 --> 00:07:43,200 Speaker 1: as an LLC. Typically you would purchase a property in 172 00:07:43,240 --> 00:07:45,320 Speaker 1: your own name and then try to transfer that property 173 00:07:45,360 --> 00:07:49,120 Speaker 1: into an LLC. But doing that can do something called 174 00:07:49,240 --> 00:07:52,960 Speaker 1: triggering a do on sale clause because you'd be changing 175 00:07:52,960 --> 00:07:55,520 Speaker 1: the ownership of that property and the bank that you 176 00:07:55,520 --> 00:07:58,720 Speaker 1: have your loan through can call your entire mortgage balance 177 00:07:58,760 --> 00:08:01,720 Speaker 1: to do at once. That doesn't always happen, but that 178 00:08:01,840 --> 00:08:03,920 Speaker 1: is something you need to be aware of. Then when 179 00:08:03,920 --> 00:08:06,320 Speaker 1: you do try to put your property that's in your 180 00:08:06,400 --> 00:08:10,280 Speaker 1: personal name into an LLC, well, your bank might not 181 00:08:10,360 --> 00:08:12,800 Speaker 1: think that's great because that hurts their interest in the 182 00:08:12,840 --> 00:08:15,120 Speaker 1: property and they might essentially call you out on that 183 00:08:15,240 --> 00:08:18,080 Speaker 1: and say, you know what full mortgage amount? Doing full 184 00:08:18,360 --> 00:08:20,360 Speaker 1: right now? So you definitely have to be aware of 185 00:08:20,360 --> 00:08:22,760 Speaker 1: that too. Yeah. So because of that, ll c s 186 00:08:22,800 --> 00:08:25,240 Speaker 1: are a great idea if you have property that's paid 187 00:08:25,280 --> 00:08:27,480 Speaker 1: off and you own it out right. If that's the case, 188 00:08:27,520 --> 00:08:30,040 Speaker 1: then an LLC can be a low cost insurance policy, 189 00:08:30,160 --> 00:08:33,240 Speaker 1: right for worst case scenarios. In quick random thought, her 190 00:08:33,280 --> 00:08:36,839 Speaker 1: name is Lindsay. What if her initials were LLC, that'd 191 00:08:36,920 --> 00:08:41,280 Speaker 1: kind of random, that would be yeah. And so basically, 192 00:08:41,320 --> 00:08:44,720 Speaker 1: for the vast majority of folks that invest in real estate, 193 00:08:45,080 --> 00:08:48,200 Speaker 1: the best idea is to do what Lindsay mentioned at 194 00:08:48,200 --> 00:08:49,960 Speaker 1: the very end of our question, which is to have 195 00:08:50,080 --> 00:08:53,679 Speaker 1: an umbrella insurance policy. Because most folks that are investing 196 00:08:53,840 --> 00:08:56,360 Speaker 1: in real estate have a mortgage on the property. In 197 00:08:56,520 --> 00:08:59,160 Speaker 1: forming an LLC and trying to transfer that property into 198 00:08:59,280 --> 00:09:02,120 Speaker 1: that LLC, could you know, like we said, have issues 199 00:09:02,160 --> 00:09:05,640 Speaker 1: associated with it. So umbrella coverage is the best way 200 00:09:05,679 --> 00:09:08,760 Speaker 1: to ensure yourself against potential issues. They're really easy to 201 00:09:08,800 --> 00:09:10,560 Speaker 1: set up and they're really affordable. You just talk to 202 00:09:10,559 --> 00:09:13,880 Speaker 1: the insurance company that you currently have your policies with. Yeah, 203 00:09:13,920 --> 00:09:16,439 Speaker 1: you can easily get like a one million dollar umbrella 204 00:09:16,480 --> 00:09:19,080 Speaker 1: policy for around two hundred bucks a year. And the 205 00:09:19,120 --> 00:09:21,040 Speaker 1: bonus is that it covers, you know, any sort of 206 00:09:21,080 --> 00:09:23,559 Speaker 1: plane made against you, like in the case of an 207 00:09:23,600 --> 00:09:26,679 Speaker 1: injury or a lawsuit say related to like a car 208 00:09:26,720 --> 00:09:29,760 Speaker 1: accident for example. Right, like that umbrella policy, it's not 209 00:09:29,840 --> 00:09:34,000 Speaker 1: just isolated to that investment property like that specific LLC 210 00:09:34,160 --> 00:09:35,800 Speaker 1: would be. So yeah, just keep that in mind that 211 00:09:35,840 --> 00:09:38,280 Speaker 1: there's sort of that additional perk. And one thing you 212 00:09:38,320 --> 00:09:41,439 Speaker 1: might encounter, lindsay, when you're seeking to get umbrella insurance, 213 00:09:41,760 --> 00:09:44,640 Speaker 1: your insurance agent or the company that holds those policies 214 00:09:44,960 --> 00:09:48,200 Speaker 1: might actually ask you to increase the coverage on the 215 00:09:48,240 --> 00:09:50,920 Speaker 1: other policies that you currently own. So you're gonna pay probably, 216 00:09:50,960 --> 00:09:52,679 Speaker 1: you know, in the range of two hundred to three 217 00:09:52,720 --> 00:09:55,840 Speaker 1: hundred dollars for that one million dollar umbrella policy, but 218 00:09:55,960 --> 00:09:58,280 Speaker 1: you might, depending on the current coverage you have for 219 00:09:58,280 --> 00:10:01,720 Speaker 1: where your rental properties, your personal property, your car insurance 220 00:10:01,760 --> 00:10:03,680 Speaker 1: even you might be forced to up the level of 221 00:10:03,720 --> 00:10:05,840 Speaker 1: coverage you have there. So it could cost you in 222 00:10:05,960 --> 00:10:08,880 Speaker 1: total more than just that few hundred dollars a year. 223 00:10:09,200 --> 00:10:11,720 Speaker 1: But that umbrella policy is in all likelihood still the 224 00:10:11,760 --> 00:10:14,400 Speaker 1: cheapest form of insurance and the most accessible one that 225 00:10:14,440 --> 00:10:16,520 Speaker 1: you can get. Yeah, for the vast majority of folks, 226 00:10:16,720 --> 00:10:20,240 Speaker 1: especially those who are beginner investors, that the umbrella policy 227 00:10:20,280 --> 00:10:22,360 Speaker 1: is gonna be great. However, if you do kind of 228 00:10:22,360 --> 00:10:25,439 Speaker 1: get past small time landlording and real estate investing and 229 00:10:25,440 --> 00:10:27,320 Speaker 1: you're kind of getting into the big leagues, you know, 230 00:10:27,360 --> 00:10:29,480 Speaker 1: that would be a good time to consult a real 231 00:10:29,600 --> 00:10:33,199 Speaker 1: estate tax professional and a real estate lawyer. They'll take 232 00:10:33,200 --> 00:10:35,920 Speaker 1: into account your local state laws and they can help 233 00:10:35,960 --> 00:10:38,200 Speaker 1: you to figure out the specifics for you and what 234 00:10:38,240 --> 00:10:41,520 Speaker 1: will work best for your individual situation. I love it. 235 00:10:41,559 --> 00:10:44,079 Speaker 1: We start out on on a tough one, Matt with 236 00:10:44,120 --> 00:10:47,040 Speaker 1: the legal advice that we are not Lindsay and Brooklyn 237 00:10:47,880 --> 00:10:50,360 Speaker 1: setting us up to fail. Just kidding. That was a 238 00:10:50,360 --> 00:10:53,280 Speaker 1: good one and hopefully that was helpful, Lindsay. Alright, looking 239 00:10:53,280 --> 00:10:55,600 Speaker 1: forward to taking a couple more questions, including a real 240 00:10:55,720 --> 00:10:58,560 Speaker 1: touchy one about couples combining money, and we'll get to 241 00:10:58,600 --> 00:11:09,920 Speaker 1: that right after the break. All right, Joel, Before we 242 00:11:09,920 --> 00:11:12,719 Speaker 1: talk about couples combining their money that you hinted out 243 00:11:12,720 --> 00:11:15,240 Speaker 1: there before the break, let's go ahead and hear from Abraham. 244 00:11:15,280 --> 00:11:19,360 Speaker 1: He has a question regarding tax withholdings. Hey, there, it's 245 00:11:19,440 --> 00:11:23,480 Speaker 1: Abraham from Oklahoma. I listened to your tax returning episode 246 00:11:23,520 --> 00:11:28,040 Speaker 1: and you mentioned something about changing your withholdings and using 247 00:11:28,080 --> 00:11:30,280 Speaker 1: that money. I guess I just wanted to know more 248 00:11:30,360 --> 00:11:33,079 Speaker 1: about that because, uh, that could help in the day 249 00:11:33,080 --> 00:11:34,640 Speaker 1: to day when it comes to paying off some of 250 00:11:34,640 --> 00:11:39,079 Speaker 1: these student debts. I hope Abraham good call man paying 251 00:11:39,120 --> 00:11:41,920 Speaker 1: off student loan debt, making that a priority, and figuring 252 00:11:41,960 --> 00:11:45,040 Speaker 1: out how you can keep more of your paycheck right 253 00:11:45,080 --> 00:11:47,760 Speaker 1: now so that you can funnel it towards debt. That's awesome, dude, 254 00:11:47,800 --> 00:11:49,840 Speaker 1: I love that you're thinking about that. Yeah, And so 255 00:11:49,840 --> 00:11:52,040 Speaker 1: first let's talk about you know why you change your 256 00:11:52,080 --> 00:11:54,560 Speaker 1: tax withholding, which is, you know, if you pay too 257 00:11:54,640 --> 00:11:57,640 Speaker 1: little taxes, you'll end up having a tax bill and 258 00:11:57,760 --> 00:12:00,240 Speaker 1: you might even get hit with a penalty, and if 259 00:12:00,240 --> 00:12:02,600 Speaker 1: you pay too much, you'll not have access to that 260 00:12:02,640 --> 00:12:04,480 Speaker 1: money that you've been paying to the government until you 261 00:12:04,520 --> 00:12:07,160 Speaker 1: end up receiving that refund. You kinda want to hit 262 00:12:07,200 --> 00:12:09,280 Speaker 1: that sweet spot where you know you're not paying tons 263 00:12:09,280 --> 00:12:12,000 Speaker 1: of money and you're not receiving a ton back. Essentially, 264 00:12:12,040 --> 00:12:14,280 Speaker 1: you want to get your tax refund as close to 265 00:12:14,440 --> 00:12:17,040 Speaker 1: zero as possible. Yes, some people make it kind of 266 00:12:17,040 --> 00:12:19,199 Speaker 1: a game. I don't think it's like hugely important to 267 00:12:19,240 --> 00:12:20,960 Speaker 1: get to zero, right, But if you're within a couple 268 00:12:21,040 --> 00:12:22,920 Speaker 1: hundred bucks, it's not that big of a deal. But 269 00:12:23,280 --> 00:12:26,120 Speaker 1: I think it's a really good point that Abraham makes 270 00:12:26,200 --> 00:12:28,160 Speaker 1: that he can use that money now as opposed to 271 00:12:28,240 --> 00:12:30,280 Speaker 1: Let's say he typically gets you know, a couple thousand 272 00:12:30,320 --> 00:12:33,239 Speaker 1: dollar refund from the I R S, which isn't abnormal 273 00:12:33,320 --> 00:12:35,280 Speaker 1: for a lot of folks. He can use that roughly 274 00:12:35,320 --> 00:12:37,640 Speaker 1: like a hundred seventy five dollars a month right now 275 00:12:37,679 --> 00:12:40,800 Speaker 1: to tackle debt. So basically, the way to do it 276 00:12:40,880 --> 00:12:43,240 Speaker 1: is if you regularly do get a big refund every 277 00:12:43,320 --> 00:12:46,760 Speaker 1: year to increase the number of personal allowances on your 278 00:12:46,880 --> 00:12:49,160 Speaker 1: W four and making an adjustment like that is going 279 00:12:49,200 --> 00:12:51,000 Speaker 1: to give you more money in every paycheck and then 280 00:12:51,000 --> 00:12:53,040 Speaker 1: a smaller refund at the end of the year. And 281 00:12:53,040 --> 00:12:55,840 Speaker 1: it's pretty easy to do for me. Through my employer, 282 00:12:55,920 --> 00:12:58,760 Speaker 1: I can log online and just make that adjustment really quickly. 283 00:12:59,000 --> 00:13:00,600 Speaker 1: The best thing for you to do would be to 284 00:13:00,600 --> 00:13:03,680 Speaker 1: ask your HR professional how you go about changing your 285 00:13:03,720 --> 00:13:06,880 Speaker 1: withholding in the system that they use. Nice Joel, you 286 00:13:06,880 --> 00:13:08,840 Speaker 1: make that sound so easy. You just kind of log in, 287 00:13:09,080 --> 00:13:10,599 Speaker 1: change a few numbers, and you're gonna go. Is that 288 00:13:10,760 --> 00:13:13,160 Speaker 1: is that how easy it is? It's so easy being 289 00:13:13,160 --> 00:13:15,880 Speaker 1: self employed. I don't have you know, taxes withheld by 290 00:13:15,920 --> 00:13:19,160 Speaker 1: my employer because I make my own quarterly estimates. Honestly, 291 00:13:19,160 --> 00:13:21,640 Speaker 1: it can kind of get complicated, but Essentially, what I 292 00:13:21,679 --> 00:13:23,840 Speaker 1: do is I just set aside a certain percentage of 293 00:13:23,880 --> 00:13:26,560 Speaker 1: my earnings, and I know that if I set aside 294 00:13:26,600 --> 00:13:29,360 Speaker 1: that amount and pay those quarterly, that I can get 295 00:13:29,360 --> 00:13:31,560 Speaker 1: really day close to how much I'm actually going to 296 00:13:31,679 --> 00:13:34,240 Speaker 1: end up owing for that tax here. And I'm not 297 00:13:34,320 --> 00:13:37,400 Speaker 1: making changes to that percentage every year because it's based 298 00:13:37,400 --> 00:13:39,720 Speaker 1: on the previous year's taxes. So a lot of times 299 00:13:39,720 --> 00:13:41,880 Speaker 1: my cp A that they print on these like payment vouchers, 300 00:13:41,960 --> 00:13:43,560 Speaker 1: and they like me to pay the amount that's on 301 00:13:43,559 --> 00:13:47,040 Speaker 1: my voucher, but I've created my own system, which I'm 302 00:13:47,080 --> 00:13:48,760 Speaker 1: not sure if they like. I think they're just happy 303 00:13:48,800 --> 00:13:50,720 Speaker 1: as long as I pay something where I'm not owing 304 00:13:50,760 --> 00:13:52,440 Speaker 1: a bunch at the end of the year. Obviously that's 305 00:13:52,440 --> 00:13:53,840 Speaker 1: that's where I want to be with it as well. 306 00:13:53,880 --> 00:13:56,199 Speaker 1: But yeah, for if you're self employed, maybe trying to 307 00:13:56,240 --> 00:13:57,720 Speaker 1: figure out a system where you know that you can 308 00:13:57,720 --> 00:14:00,240 Speaker 1: set aside a certain percentage and then you can looked 309 00:14:00,280 --> 00:14:02,200 Speaker 1: it's weak that every year, and if you're looking to 310 00:14:02,280 --> 00:14:04,680 Speaker 1: kind of hone this process in Abrahama, it's a really 311 00:14:04,679 --> 00:14:08,080 Speaker 1: good idea to use the withholding calculator that the I 312 00:14:08,200 --> 00:14:10,600 Speaker 1: r S actually provides on their website. You can do 313 00:14:10,640 --> 00:14:13,160 Speaker 1: a really good quick assessment to make sure that you 314 00:14:13,200 --> 00:14:16,680 Speaker 1: are withholding the u right amount attacks and ensuring that 315 00:14:16,679 --> 00:14:19,080 Speaker 1: you're getting the proper amount back of your paycheck without 316 00:14:19,080 --> 00:14:21,640 Speaker 1: shaking things up so much that you're gonna owe, you know, 317 00:14:21,680 --> 00:14:23,320 Speaker 1: a big amount at the end of the year, which 318 00:14:23,400 --> 00:14:26,400 Speaker 1: that's everyone's nightmare, right, having a bill that you have 319 00:14:26,440 --> 00:14:27,600 Speaker 1: to pay to the I R S and the end 320 00:14:27,600 --> 00:14:29,880 Speaker 1: of the year. That that sounds terrible, But yeah, so 321 00:14:29,920 --> 00:14:31,800 Speaker 1: we'll link to that I R S with holding calculator 322 00:14:31,840 --> 00:14:33,840 Speaker 1: in the show notes. It's a really good idea for 323 00:14:33,840 --> 00:14:36,200 Speaker 1: for most of us to go in there and and 324 00:14:36,280 --> 00:14:38,680 Speaker 1: check and make sure that we aren't going too far 325 00:14:38,840 --> 00:14:40,880 Speaker 1: one way or the other when it comes to having 326 00:14:40,880 --> 00:14:42,320 Speaker 1: either a big bill at the end of the year 327 00:14:42,400 --> 00:14:44,760 Speaker 1: or a big refund. Nice. All right, let's get to 328 00:14:44,800 --> 00:14:49,479 Speaker 1: that next question. Hi guys, this is Laura from Austin, Texas. 329 00:14:50,160 --> 00:14:55,000 Speaker 1: My question today is about how couples manage money together, 330 00:14:55,360 --> 00:14:58,920 Speaker 1: because exciting news, my boyfriend and I are thinking about 331 00:14:58,960 --> 00:15:03,360 Speaker 1: getting married. Need The crux of the matter for us 332 00:15:03,560 --> 00:15:06,360 Speaker 1: is that we make very different incomes. He makes around 333 00:15:06,920 --> 00:15:09,680 Speaker 1: two hundred thousand dollars a year and I make closer 334 00:15:09,720 --> 00:15:14,280 Speaker 1: to fifty dollars. We're both frugal, which is great, but honestly, 335 00:15:14,320 --> 00:15:17,200 Speaker 1: we're also both kind of cheap and nervous about sharing 336 00:15:17,200 --> 00:15:21,200 Speaker 1: our expensives, like what if it's not fair, and just 337 00:15:21,280 --> 00:15:25,080 Speaker 1: feeling kind of protective. So I have a short question 338 00:15:25,200 --> 00:15:28,480 Speaker 1: and a longer term question. In the short term, how 339 00:15:28,520 --> 00:15:32,760 Speaker 1: do you recommend we split expenses um it's fifty fifty 340 00:15:33,040 --> 00:15:37,240 Speaker 1: or more of a proportionate contribution based on income. From 341 00:15:37,280 --> 00:15:41,600 Speaker 1: a longer stance, how do you suggest partners with different 342 00:15:41,640 --> 00:15:46,040 Speaker 1: incomes jointly planned for financial independence. If he's on track 343 00:15:46,160 --> 00:15:49,040 Speaker 1: to be financially independent at fifty but I'm on track 344 00:15:49,120 --> 00:15:52,560 Speaker 1: to be financially independent at sixty five, there's a little 345 00:15:52,600 --> 00:15:56,760 Speaker 1: bit of a discrepancy there. So I know it's turkey stuff, 346 00:15:56,800 --> 00:15:58,960 Speaker 1: But my boyfriend and I are committed to finding a 347 00:15:59,000 --> 00:16:01,480 Speaker 1: solution we can be happy with, and we just love 348 00:16:01,600 --> 00:16:04,560 Speaker 1: any stage wisdom or advice that you guys have. Y'all 349 00:16:04,560 --> 00:16:07,680 Speaker 1: are super smart, and if you'll ever come down to Austin, 350 00:16:07,800 --> 00:16:10,320 Speaker 1: please hit us up and we'll check out some breweries. 351 00:16:11,080 --> 00:16:14,760 Speaker 1: Thanks you all. Bye. Oh Laura, don't tempt us Austin. 352 00:16:14,800 --> 00:16:18,120 Speaker 1: I think it's on mine and Jeel's shortlist of US 353 00:16:18,160 --> 00:16:20,520 Speaker 1: city is that we want to visit good barbecue, good beer, 354 00:16:20,560 --> 00:16:22,440 Speaker 1: or what else could you be here exactly. Kate and 355 00:16:22,440 --> 00:16:24,240 Speaker 1: I almost went there for our anniversary trip a couple 356 00:16:24,240 --> 00:16:26,880 Speaker 1: of years ago, but we ended up going to Maine instead. Well, 357 00:16:27,040 --> 00:16:29,840 Speaker 1: I can't fault you for that one. Maine is incredible, dude. Yeah, 358 00:16:29,920 --> 00:16:32,720 Speaker 1: and they also have fantastic beer. But Laura, this is 359 00:16:33,040 --> 00:16:35,320 Speaker 1: a question that can be a bit tricky, and you 360 00:16:35,360 --> 00:16:38,200 Speaker 1: know it's also gonna be specific to every individual couple. 361 00:16:38,320 --> 00:16:41,200 Speaker 1: But you know, we're we're glad to dive into this one. Yeah. First, 362 00:16:41,240 --> 00:16:43,160 Speaker 1: I think it's really important to mention that it's good 363 00:16:43,320 --> 00:16:46,640 Speaker 1: that you and your partner are talking about combining money 364 00:16:46,640 --> 00:16:49,560 Speaker 1: and what it looks like. You know, most couples they 365 00:16:49,800 --> 00:16:51,920 Speaker 1: decide to get married, they don't talk about money at 366 00:16:51,960 --> 00:16:54,840 Speaker 1: all beforehand, and they get into it and then they 367 00:16:54,880 --> 00:16:57,080 Speaker 1: find out that they're at odds or they just don't 368 00:16:57,080 --> 00:17:00,160 Speaker 1: agree on how to handle money now that they've kind 369 00:17:00,160 --> 00:17:03,520 Speaker 1: of joined forces. Makes for some awkward times and arguments 370 00:17:03,560 --> 00:17:05,520 Speaker 1: as well. But Lord, the good news is that you're 371 00:17:05,520 --> 00:17:07,280 Speaker 1: mentioning how you guys are kind of on the same 372 00:17:07,280 --> 00:17:09,520 Speaker 1: page when it comes to how frugal or you know, 373 00:17:09,520 --> 00:17:12,080 Speaker 1: you may have mentioned cheap. Hopefully you guys are more 374 00:17:12,119 --> 00:17:14,159 Speaker 1: frugal than cheap, but it sounds like you're on the 375 00:17:14,200 --> 00:17:16,800 Speaker 1: same page when it comes to at least you're spending habits. 376 00:17:16,840 --> 00:17:18,919 Speaker 1: So that's a great start. Yeah, And so when it 377 00:17:18,960 --> 00:17:20,439 Speaker 1: comes down to it, there are people that are that 378 00:17:20,440 --> 00:17:22,600 Speaker 1: are in all sorts of different camps when it comes 379 00:17:22,640 --> 00:17:25,199 Speaker 1: to how you handle money as a married couple, and 380 00:17:25,240 --> 00:17:28,479 Speaker 1: in my mind at least, it oftentimes changes based on 381 00:17:28,600 --> 00:17:31,560 Speaker 1: specific relationships and also your age. I feel like the 382 00:17:31,840 --> 00:17:34,600 Speaker 1: younger you get married, the more likely you are to 383 00:17:34,720 --> 00:17:38,240 Speaker 1: kind of combine finances and do everything out of one account. 384 00:17:38,680 --> 00:17:40,760 Speaker 1: The older you are and the more you've had your 385 00:17:40,760 --> 00:17:43,840 Speaker 1: own established career, you've been making your own income, you've 386 00:17:43,840 --> 00:17:46,680 Speaker 1: lived alone or with a roommate, but really you've been 387 00:17:46,920 --> 00:17:50,040 Speaker 1: responsible for your own self and your own bills for 388 00:17:50,119 --> 00:17:52,920 Speaker 1: maybe a decade or more. That kind of begins to 389 00:17:52,920 --> 00:17:55,040 Speaker 1: to change the picture. And it feels a lot easier 390 00:17:55,119 --> 00:17:57,600 Speaker 1: for couples like that who have been on their own 391 00:17:57,680 --> 00:18:00,440 Speaker 1: for an extended period of time to not merge their 392 00:18:00,480 --> 00:18:03,080 Speaker 1: funds in the same way. And really, this is a 393 00:18:03,119 --> 00:18:06,199 Speaker 1: personal decision. This is a couple specific decision, but it's 394 00:18:06,200 --> 00:18:09,040 Speaker 1: important to point out that it can vary in a 395 00:18:09,040 --> 00:18:11,639 Speaker 1: major way based on the stage of life that you're in. Yeah, Joe, 396 00:18:11,720 --> 00:18:14,520 Speaker 1: I know that this is a really hard conversation, especially 397 00:18:14,560 --> 00:18:16,639 Speaker 1: if you've been saving your money and you have a 398 00:18:16,680 --> 00:18:19,600 Speaker 1: decent nest eggit aside. But you know, my personal opinion 399 00:18:19,760 --> 00:18:21,840 Speaker 1: is that once you're in a committed relationship or once 400 00:18:21,840 --> 00:18:24,400 Speaker 1: you're married, I don't personally see there being a difference 401 00:18:24,400 --> 00:18:27,879 Speaker 1: between your money and his money. What's his is yours 402 00:18:27,880 --> 00:18:29,960 Speaker 1: and what's yours is his. And in the same way, 403 00:18:29,960 --> 00:18:32,960 Speaker 1: when it comes to your expenses, you're not splitting expenses. 404 00:18:33,040 --> 00:18:35,679 Speaker 1: You're you're paying for your expenses together as a couple. 405 00:18:36,200 --> 00:18:37,560 Speaker 1: I guess that's at the root of it, is that 406 00:18:37,560 --> 00:18:40,639 Speaker 1: you're working together towards a certain goal as a team, 407 00:18:40,680 --> 00:18:43,359 Speaker 1: whether that be to pay off debt, pay bills, or 408 00:18:43,440 --> 00:18:46,880 Speaker 1: work towards financial independence. You're working towards something together as 409 00:18:46,880 --> 00:18:51,400 Speaker 1: a unit, not individually as separate salary earners anymore, which 410 00:18:51,400 --> 00:18:52,840 Speaker 1: gives us, you know, to you the second part of 411 00:18:52,840 --> 00:18:56,920 Speaker 1: your question about striving towards you know, financial independence, Essentially, 412 00:18:56,960 --> 00:18:58,959 Speaker 1: it seems like if you had a system like this 413 00:18:59,040 --> 00:19:00,720 Speaker 1: that was set up in a way to where you 414 00:19:00,760 --> 00:19:03,639 Speaker 1: both earned your individual incomes and you both are responsible 415 00:19:03,640 --> 00:19:07,160 Speaker 1: for expenses separately. That that's a way to to breed 416 00:19:07,200 --> 00:19:09,520 Speaker 1: a lot of resentment in your marriage. Like how much 417 00:19:09,600 --> 00:19:12,960 Speaker 1: more could that resentment build up? Like with what you said, 418 00:19:13,040 --> 00:19:15,080 Speaker 1: you know there could be a difference of fifteen years 419 00:19:15,119 --> 00:19:18,960 Speaker 1: between when he could potentially retire or be financially independent 420 00:19:19,200 --> 00:19:22,800 Speaker 1: versus when you could. That just doesn't feel right to me. Um, 421 00:19:22,840 --> 00:19:25,280 Speaker 1: And maybe that's why you're you know, you're asking this question. 422 00:19:25,680 --> 00:19:28,280 Speaker 1: Something doesn't quite feel right about that. But I know 423 00:19:28,320 --> 00:19:29,960 Speaker 1: that this is a tough question. You're wanting to be 424 00:19:30,119 --> 00:19:33,280 Speaker 1: fair but at the same time do what feels right 425 00:19:33,320 --> 00:19:35,600 Speaker 1: for the relationship. It sounds like you both want to 426 00:19:35,600 --> 00:19:38,240 Speaker 1: be heard and understood and careful at the same time, 427 00:19:38,280 --> 00:19:40,160 Speaker 1: but you don't want to be so careful with your 428 00:19:40,200 --> 00:19:43,240 Speaker 1: money that you are not setting up your relationship to 429 00:19:43,320 --> 00:19:46,040 Speaker 1: thrive and grow as well as it could. Yeah, this 430 00:19:46,119 --> 00:19:48,640 Speaker 1: really is touchy, I think, Matt, will you just hit 431 00:19:48,680 --> 00:19:51,639 Speaker 1: on being heard and understood. It is really crucial in 432 00:19:51,640 --> 00:19:53,600 Speaker 1: this whole thing. You want to make sure that whatever 433 00:19:53,640 --> 00:19:57,639 Speaker 1: strategy you adopt when it comes to savings expenses pursuing 434 00:19:57,680 --> 00:20:01,080 Speaker 1: financial independence works for both view at the same time. 435 00:20:01,440 --> 00:20:04,119 Speaker 1: I think two, you have to understand that getting married 436 00:20:04,480 --> 00:20:08,439 Speaker 1: requires sacrifice, requires serving the person that you're committing your 437 00:20:08,480 --> 00:20:12,360 Speaker 1: life too, and sometimes that means monetarily, and so that 438 00:20:12,640 --> 00:20:15,560 Speaker 1: should enter into the equation, that sort of thought process. 439 00:20:15,800 --> 00:20:18,199 Speaker 1: One thing that some people do if they want to 440 00:20:18,280 --> 00:20:20,480 Speaker 1: keep some of their finances separate, which I think makes 441 00:20:20,480 --> 00:20:23,280 Speaker 1: a lot of sense, is having a hers, his and 442 00:20:23,480 --> 00:20:26,919 Speaker 1: ours category for where their money goes. And maybe you 443 00:20:26,920 --> 00:20:29,479 Speaker 1: decide that's a little bit better of a strategy for 444 00:20:29,520 --> 00:20:33,440 Speaker 1: you guys to have a certain amount of your funds commingled. 445 00:20:33,840 --> 00:20:36,719 Speaker 1: Will you keep portions of your paychecks in an account 446 00:20:36,760 --> 00:20:38,720 Speaker 1: for each one of you? That is a potential way 447 00:20:38,720 --> 00:20:41,359 Speaker 1: to go that might work best for your scenario. And 448 00:20:41,440 --> 00:20:43,280 Speaker 1: one really great thing that Matt and I have found 449 00:20:43,520 --> 00:20:45,880 Speaker 1: when it comes to how couples can think about combining 450 00:20:45,880 --> 00:20:48,560 Speaker 1: their finance as well, well, there's this really cool app 451 00:20:48,760 --> 00:20:50,919 Speaker 1: called Zeta, and we'll put a link to this in 452 00:20:50,960 --> 00:20:54,360 Speaker 1: the show notes. But Zeida has a guide to couples 453 00:20:54,400 --> 00:20:57,280 Speaker 1: combining finances. They have a lot of questions for you 454 00:20:57,320 --> 00:20:59,960 Speaker 1: to consider models that they show you for combining fine 455 00:21:00,000 --> 00:21:03,680 Speaker 1: answers there are specific questions based around your income. It's 456 00:21:03,680 --> 00:21:06,280 Speaker 1: a really really great guide and it's worth taking a 457 00:21:06,320 --> 00:21:08,679 Speaker 1: look at, and I think it'll be really really helpful 458 00:21:08,920 --> 00:21:10,760 Speaker 1: in helping you guys kind of parse out some of 459 00:21:10,760 --> 00:21:12,840 Speaker 1: these issues. I know we didn't give you like a 460 00:21:12,880 --> 00:21:16,200 Speaker 1: silver bullet that makes it really easy, but but that's 461 00:21:16,240 --> 00:21:19,240 Speaker 1: just because people are different. Marriages are different. The time 462 00:21:19,280 --> 00:21:21,400 Speaker 1: we enter into a marriage is different. Some people are 463 00:21:21,400 --> 00:21:23,960 Speaker 1: on a second or third marriage, and that changes things 464 00:21:24,000 --> 00:21:25,800 Speaker 1: up even more. And so I think we need to 465 00:21:25,840 --> 00:21:28,719 Speaker 1: note that there's nuance to to each situation like this. 466 00:21:29,000 --> 00:21:31,080 Speaker 1: But hopefully these have been kind of some helpful thoughts 467 00:21:31,200 --> 00:21:33,840 Speaker 1: to kind of get you pointed in the right direction. Awesome, 468 00:21:33,880 --> 00:21:35,920 Speaker 1: that's great, Chiel. So after the break, we're gonna talk 469 00:21:35,960 --> 00:21:47,920 Speaker 1: about high interest savings rates. Stick around for that, all right, Matt, 470 00:21:47,920 --> 00:21:50,200 Speaker 1: we'll back. Let's get to that question about chasing the 471 00:21:50,280 --> 00:21:54,360 Speaker 1: highest interest rate possible in a savings account. Hi, Manngel, 472 00:21:54,760 --> 00:21:57,439 Speaker 1: this is Chris from Hot and Human, Atlanta, Georgia. My 473 00:21:57,560 --> 00:22:00,919 Speaker 1: question is about high interest rates savings accounts. I've had 474 00:22:00,920 --> 00:22:03,320 Speaker 1: an online high interest savings account with the same bank 475 00:22:03,400 --> 00:22:06,800 Speaker 1: for several years. They currently offer two point a p 476 00:22:07,040 --> 00:22:09,600 Speaker 1: y I know there are other banks out there that 477 00:22:09,680 --> 00:22:12,640 Speaker 1: offer higher rates. So my question is do you think 478 00:22:12,680 --> 00:22:15,840 Speaker 1: it's worth changing banks, always chasing the highest interest rate 479 00:22:16,440 --> 00:22:19,040 Speaker 1: or just continuing the bank they you're with, and does 480 00:22:19,119 --> 00:22:22,000 Speaker 1: that fraction of a percentage make a big difference. I 481 00:22:22,080 --> 00:22:24,080 Speaker 1: love the podcast and look forward to hearing your thoughts. 482 00:22:24,320 --> 00:22:27,879 Speaker 1: Thanks Matt. Chris Cities from Atlanta. Why didn't you just 483 00:22:27,920 --> 00:22:30,240 Speaker 1: come here in person ask the question? Right? Yeah, that's true. 484 00:22:30,280 --> 00:22:31,720 Speaker 1: You know, with it being so hot, it would have 485 00:22:31,760 --> 00:22:34,199 Speaker 1: been nice to share a cold beer together with all Right, 486 00:22:34,240 --> 00:22:35,679 Speaker 1: I'll tweet a Chris right now, so if you can 487 00:22:35,760 --> 00:22:37,680 Speaker 1: make it, hit them up. So, Chris, I mean, the 488 00:22:37,720 --> 00:22:39,639 Speaker 1: first thing that you want to ask yourself is like, 489 00:22:39,760 --> 00:22:42,000 Speaker 1: how much do you like your current bank? Right? If 490 00:22:42,040 --> 00:22:44,440 Speaker 1: you haven't had any issues with them, it's not worth 491 00:22:44,480 --> 00:22:47,000 Speaker 1: it to to chase the higher interest rate. If you're 492 00:22:47,000 --> 00:22:48,520 Speaker 1: happy with where you are, it might be better just 493 00:22:48,560 --> 00:22:50,439 Speaker 1: to stay put. Yeah, you said you've been with them 494 00:22:50,560 --> 00:22:53,520 Speaker 1: for a couple of years. They're paying a relatively high 495 00:22:53,560 --> 00:22:56,000 Speaker 1: rate of interest right there, they're at least competitive in 496 00:22:56,080 --> 00:22:58,480 Speaker 1: the market with with other banks that are paying high 497 00:22:58,520 --> 00:23:00,920 Speaker 1: interest rates. If they've been good to you, if they've 498 00:23:00,960 --> 00:23:03,560 Speaker 1: provided good customer service, if you feel like their services 499 00:23:03,600 --> 00:23:05,640 Speaker 1: are strong, I mean, I feel like that's a great 500 00:23:05,720 --> 00:23:09,520 Speaker 1: reason to continue to stay loyal. I think it's important 501 00:23:09,600 --> 00:23:11,760 Speaker 1: to stay loyal to companies that treat you well. And 502 00:23:11,920 --> 00:23:14,400 Speaker 1: so if this bank the you're with is a good 503 00:23:14,440 --> 00:23:16,399 Speaker 1: bank and they do treat you well, it's best to 504 00:23:16,480 --> 00:23:18,800 Speaker 1: reward them and stick with them. I would say, as 505 00:23:18,880 --> 00:23:21,520 Speaker 1: long as that's the case, edile for me customer service 506 00:23:21,600 --> 00:23:23,640 Speaker 1: and then like a pretty sweet app. It's gotta work 507 00:23:23,680 --> 00:23:25,120 Speaker 1: well on my phone so I can kind of take 508 00:23:25,119 --> 00:23:27,439 Speaker 1: pictures of checks do my mobile banking. Oh yeah, if 509 00:23:27,440 --> 00:23:29,639 Speaker 1: you're getting one of those ancient dinosaur apps, that's uh, 510 00:23:29,720 --> 00:23:31,280 Speaker 1: that's no good too. That that would be another reason 511 00:23:31,320 --> 00:23:33,680 Speaker 1: to switch. Yeah, So Chris, keep in mind that rates 512 00:23:33,680 --> 00:23:36,480 Speaker 1: fluctuate based on the market and the desires of that 513 00:23:36,640 --> 00:23:39,800 Speaker 1: particular bank, depends on what their financial goals are that 514 00:23:39,840 --> 00:23:42,080 Speaker 1: they've set for themselves. C I T has some of 515 00:23:42,200 --> 00:23:44,880 Speaker 1: the best overall rates recently, but you know, there's other 516 00:23:44,920 --> 00:23:47,800 Speaker 1: banks like ally who are always going to be competitive 517 00:23:47,840 --> 00:23:50,160 Speaker 1: when it comes to the rate that they're offering. I'm 518 00:23:50,160 --> 00:23:52,760 Speaker 1: personally a huge fan of them. Yeah, keep in mind 519 00:23:52,960 --> 00:23:56,000 Speaker 1: that depending on your balance, the difference between a rate 520 00:23:56,160 --> 00:23:59,080 Speaker 1: of something like two point two and two point five, 521 00:23:59,119 --> 00:24:01,480 Speaker 1: which is the highest in the market, or two point three. 522 00:24:01,720 --> 00:24:04,719 Speaker 1: Right like, it's very very little money at the end 523 00:24:04,760 --> 00:24:06,520 Speaker 1: of the day. So let's say you have a balance 524 00:24:06,560 --> 00:24:09,640 Speaker 1: of ten thou dollars and the difference between your two 525 00:24:09,680 --> 00:24:11,880 Speaker 1: point two rate and the highest in the market, which 526 00:24:12,000 --> 00:24:13,560 Speaker 1: I know of right now, which is two and a half, 527 00:24:14,200 --> 00:24:16,760 Speaker 1: the difference in interest accrued over a year is going 528 00:24:16,800 --> 00:24:20,080 Speaker 1: to be thirty bucks. And so thirty bucks isn't nothing, 529 00:24:20,240 --> 00:24:23,000 Speaker 1: It's not negligible, But is it worth the time and 530 00:24:23,040 --> 00:24:25,679 Speaker 1: effort that you would take to open up a new 531 00:24:25,680 --> 00:24:28,680 Speaker 1: bank account? And I don't know about you, but but 532 00:24:28,760 --> 00:24:31,080 Speaker 1: thirty bucks probably doesn't do it for me, especially if 533 00:24:31,080 --> 00:24:33,320 Speaker 1: I like the bank i'm with, so I probably wouldn't 534 00:24:33,320 --> 00:24:36,800 Speaker 1: waste my time. Basically, don't waste your energy casing waterfalls 535 00:24:36,960 --> 00:24:39,200 Speaker 1: or rates. Okay, that's what I'm trying to say. M 536 00:24:39,640 --> 00:24:42,119 Speaker 1: Joel has always been a huge fan of TLC and 537 00:24:42,440 --> 00:24:44,880 Speaker 1: you know it. One caveat though, is if a bank 538 00:24:45,000 --> 00:24:47,359 Speaker 1: is offering a really sweet sign up bonus, that is 539 00:24:47,440 --> 00:24:50,960 Speaker 1: something worth considering. I'm historically all about the sign up bonuses, 540 00:24:50,960 --> 00:24:53,600 Speaker 1: whether it be with banks, or especially with credit cards. 541 00:24:53,960 --> 00:24:56,080 Speaker 1: But there's banks out there that are offering sign up 542 00:24:56,080 --> 00:24:59,440 Speaker 1: bonuses between one fifty and even seven fifty bucks. You've 543 00:24:59,440 --> 00:25:01,040 Speaker 1: got to do a lot more work and they've got 544 00:25:01,119 --> 00:25:04,119 Speaker 1: stricter requirements. So keep that in mind that there might 545 00:25:04,200 --> 00:25:07,080 Speaker 1: be more involved than just opening the account to say 546 00:25:07,160 --> 00:25:09,760 Speaker 1: get that sweet seven fifty Yeah. Sometimes you have to 547 00:25:09,800 --> 00:25:11,840 Speaker 1: have a larger balance that you need to put it, 548 00:25:12,080 --> 00:25:13,760 Speaker 1: or you need to sign up for direct deposit, or 549 00:25:13,760 --> 00:25:15,200 Speaker 1: you have to keep your money there for a certain 550 00:25:15,200 --> 00:25:17,879 Speaker 1: amount of time. There's a great website called Doctor of 551 00:25:18,000 --> 00:25:20,240 Speaker 1: Credit dot com and they list out kind of all 552 00:25:20,280 --> 00:25:22,960 Speaker 1: of the current sign up bonuses when you change banks, 553 00:25:23,280 --> 00:25:25,240 Speaker 1: and they also do a really good job of documenting 554 00:25:25,400 --> 00:25:27,400 Speaker 1: whether it's the worth it or not. So we'll put 555 00:25:27,440 --> 00:25:29,280 Speaker 1: a link to that page in the show notes. I 556 00:25:29,320 --> 00:25:31,520 Speaker 1: think it's really helpful. But you might find a bank 557 00:25:31,600 --> 00:25:33,840 Speaker 1: that has a good rate and a great sign up bonus. 558 00:25:34,359 --> 00:25:36,240 Speaker 1: You know, I signed up for an account with Discover 559 00:25:36,520 --> 00:25:38,680 Speaker 1: a few months back and made a nice little sweet 560 00:25:38,680 --> 00:25:40,200 Speaker 1: signup bonus, and they've got a great rate too, so 561 00:25:40,480 --> 00:25:42,880 Speaker 1: that was definitely worth it with minimal hoops to jump 562 00:25:42,920 --> 00:25:45,040 Speaker 1: through to make it happen. In doctor of credit. They 563 00:25:45,119 --> 00:25:47,800 Speaker 1: update monthly too, don't they. Yeah, for sure, it's very 564 00:25:47,880 --> 00:25:49,520 Speaker 1: up to date. So yeah, if you're kind of in 565 00:25:49,560 --> 00:25:51,920 Speaker 1: the market for a new bank already, not loving the app, 566 00:25:52,000 --> 00:25:54,720 Speaker 1: not loving the customer service, any of those things, well 567 00:25:54,760 --> 00:25:57,320 Speaker 1: then you might want to consider it. But ultimately, rate chasing, 568 00:25:57,560 --> 00:25:59,840 Speaker 1: I mean it never ends. Rates are constantly on the 569 00:25:59,840 --> 00:26:02,639 Speaker 1: move of up and down, and there's to use the 570 00:26:02,680 --> 00:26:04,840 Speaker 1: golf analogy, going to be a new leader in the clubhouse, 571 00:26:04,880 --> 00:26:06,800 Speaker 1: like at the end of every every week. It seems 572 00:26:06,840 --> 00:26:09,239 Speaker 1: like so so chasing that perfect rate could be kind 573 00:26:09,280 --> 00:26:11,199 Speaker 1: of a feudal endeavor at the same time. All right, 574 00:26:11,240 --> 00:26:13,520 Speaker 1: Joel on our last question for this episode is going 575 00:26:13,600 --> 00:26:16,320 Speaker 1: to be about talking about money with your friends. Let's 576 00:26:16,320 --> 00:26:19,160 Speaker 1: hear it. Hey, what is going on, Joel and Matt. 577 00:26:19,320 --> 00:26:22,240 Speaker 1: My name is Kyle Campbell. I'm from Key West, Florida, 578 00:26:22,760 --> 00:26:24,440 Speaker 1: and today I have a couple of questions for you 579 00:26:24,600 --> 00:26:29,000 Speaker 1: about talking about money with friends. Your episodes start talking 580 00:26:29,080 --> 00:26:32,399 Speaker 1: about money from back in December got me thinking about 581 00:26:32,520 --> 00:26:35,760 Speaker 1: a friend that I have that I enjoy talking about 582 00:26:35,800 --> 00:26:39,960 Speaker 1: personal finance and investing with, and I wanted to continue 583 00:26:40,000 --> 00:26:43,280 Speaker 1: on that conversation after hearing your episode and so I 584 00:26:43,359 --> 00:26:46,040 Speaker 1: reached out to the friend and asked him if he 585 00:26:46,160 --> 00:26:48,440 Speaker 1: was interested in forming a group or a club of 586 00:26:48,640 --> 00:26:52,879 Speaker 1: friends with the purpose of talking about personal finance. So 587 00:26:53,000 --> 00:26:55,800 Speaker 1: today I wanted to ask you how you would recommend 588 00:26:55,880 --> 00:26:59,560 Speaker 1: forming a group like this, as well as who to include. 589 00:27:00,560 --> 00:27:03,840 Speaker 1: My friend and I had the idea of creating a 590 00:27:03,920 --> 00:27:07,240 Speaker 1: Facebook group with a shared Google doc where we could 591 00:27:07,280 --> 00:27:12,280 Speaker 1: share articles, links, spreadsheets, and other resources since we all 592 00:27:12,520 --> 00:27:16,879 Speaker 1: live in different places. So what would you recommend in 593 00:27:17,160 --> 00:27:20,480 Speaker 1: creating this group, who to include, and maybe any other 594 00:27:20,960 --> 00:27:23,960 Speaker 1: recommendations that you have. I appreciate it, guys, and look 595 00:27:24,000 --> 00:27:25,960 Speaker 1: forward to what you have to say. Kyle Man, I 596 00:27:26,119 --> 00:27:28,600 Speaker 1: love this. You know, intentionally forming a group of friends 597 00:27:28,640 --> 00:27:32,160 Speaker 1: to discuss money, it'll just pay massive dividends over the years. 598 00:27:32,600 --> 00:27:35,040 Speaker 1: Sometimes it can happen organically, you know, just when you're 599 00:27:35,040 --> 00:27:36,520 Speaker 1: hanging out with your friends and it just kind of 600 00:27:36,600 --> 00:27:39,800 Speaker 1: naturally happens. But sometimes you need to have something that's 601 00:27:39,880 --> 00:27:42,600 Speaker 1: just more structured. So kudos to you for providing that 602 00:27:42,640 --> 00:27:44,800 Speaker 1: structure and hopefully we can get your group kind of 603 00:27:44,920 --> 00:27:47,119 Speaker 1: kicked off and started on the right foot, all right. So, 604 00:27:47,200 --> 00:27:49,280 Speaker 1: the first thing that you actually need to do if 605 00:27:49,359 --> 00:27:51,920 Speaker 1: you want to get this group started on the right foot. 606 00:27:52,240 --> 00:27:54,400 Speaker 1: Is you have to kind of know what your goal 607 00:27:54,680 --> 00:27:58,359 Speaker 1: is in having this friend money hangout group, right, Kyle. 608 00:27:58,440 --> 00:28:00,680 Speaker 1: The more that you know your goal for the group, 609 00:28:01,000 --> 00:28:02,560 Speaker 1: I mean, you're gonna be the tone center. You're gonna 610 00:28:02,560 --> 00:28:04,280 Speaker 1: be the leader in this thing. You're the one that's 611 00:28:04,600 --> 00:28:08,120 Speaker 1: gathering folks together to participate in these discussions. The more 612 00:28:08,200 --> 00:28:10,959 Speaker 1: that you know that goal and communicate that to your 613 00:28:11,040 --> 00:28:13,040 Speaker 1: friends that you kind of bring into this group, the 614 00:28:13,119 --> 00:28:15,440 Speaker 1: more everyone is going to get out of it. So 615 00:28:15,760 --> 00:28:17,960 Speaker 1: kind of make sure you have your thoughts put together 616 00:28:18,400 --> 00:28:20,240 Speaker 1: on the approach that you want this group to have 617 00:28:20,800 --> 00:28:22,480 Speaker 1: and what you want your group to look like. That's 618 00:28:22,480 --> 00:28:24,960 Speaker 1: gonna be really important. Yeah, good to start with goals, 619 00:28:25,040 --> 00:28:27,399 Speaker 1: for sure, I think Kyle, you know you asked about 620 00:28:27,600 --> 00:28:30,679 Speaker 1: who to include. You want to have friends involved who 621 00:28:30,720 --> 00:28:33,160 Speaker 1: are going to be pretty gung ho to participate, right. 622 00:28:33,440 --> 00:28:35,120 Speaker 1: You just don't want to be in a situation where 623 00:28:35,160 --> 00:28:37,879 Speaker 1: you're begging friends to participate and be a part of it. 624 00:28:38,000 --> 00:28:40,160 Speaker 1: Who really could care less because they do not care 625 00:28:40,200 --> 00:28:43,680 Speaker 1: about personal finances. They just want those easies. It's the 626 00:28:43,760 --> 00:28:45,920 Speaker 1: exact opposite of what you need. Yeah, in the end, 627 00:28:45,960 --> 00:28:48,160 Speaker 1: like you want to have curious friends. You want to 628 00:28:48,200 --> 00:28:52,160 Speaker 1: have curious folks joining who don't necessarily need to know 629 00:28:52,400 --> 00:28:54,280 Speaker 1: all the answers or feel like that they have a 630 00:28:54,640 --> 00:28:57,560 Speaker 1: lot of knowledge, but can bring some passion and interest, 631 00:28:57,800 --> 00:29:00,760 Speaker 1: and that have that curiosity. I come copletely agree, man. 632 00:29:00,960 --> 00:29:02,600 Speaker 1: And then the next thing I think you need to 633 00:29:02,600 --> 00:29:05,040 Speaker 1: consider when you're forming this group is to have some 634 00:29:05,160 --> 00:29:08,480 Speaker 1: sort of consistency. You mentioned having a Google doc set 635 00:29:08,560 --> 00:29:11,080 Speaker 1: up and sharing links that way. I think that can 636 00:29:11,160 --> 00:29:13,080 Speaker 1: be a good idea. I just know that at one 637 00:29:13,160 --> 00:29:16,400 Speaker 1: point my friend actually created this Google doc for us 638 00:29:16,840 --> 00:29:21,080 Speaker 1: of the top one beers to try and surprise, right, 639 00:29:21,320 --> 00:29:22,680 Speaker 1: And so I went in there one time and I 640 00:29:22,760 --> 00:29:24,560 Speaker 1: kind of filled out the beers that I that I 641 00:29:24,600 --> 00:29:27,480 Speaker 1: had had before. And I've honestly never been back in 642 00:29:27,560 --> 00:29:29,760 Speaker 1: that dock because there was no sort of consistency. We 643 00:29:29,800 --> 00:29:32,479 Speaker 1: didn't have a discussion surrounding it. We didn't email back 644 00:29:32,520 --> 00:29:34,600 Speaker 1: and forth, and I know if we had that, I 645 00:29:34,640 --> 00:29:37,440 Speaker 1: would probably be paying more attention to that list. And so, 646 00:29:37,680 --> 00:29:39,480 Speaker 1: if you do want to get this off the ground, 647 00:29:39,560 --> 00:29:41,560 Speaker 1: and you want to create meaningful interactions for you and 648 00:29:41,640 --> 00:29:45,400 Speaker 1: your friends surrounding the topic of personal finance, well maybe 649 00:29:45,400 --> 00:29:46,960 Speaker 1: it might be a good idea to create a Google 650 00:29:47,000 --> 00:29:50,120 Speaker 1: hangout once a month, once every other week something like that, 651 00:29:50,360 --> 00:29:54,040 Speaker 1: where you all prioritize getting together for about an hour 652 00:29:54,440 --> 00:29:57,360 Speaker 1: to discuss topics around personal finance that are meaningful to you. 653 00:29:57,680 --> 00:29:59,080 Speaker 1: It could be a good chance to kind of catch 654 00:29:59,160 --> 00:30:01,479 Speaker 1: up two on the for the first five or ten minutes. Hey, 655 00:30:01,560 --> 00:30:03,200 Speaker 1: what's been going on in your week? How are you 656 00:30:03,360 --> 00:30:05,600 Speaker 1: catching up with your friends that aren't local to where 657 00:30:05,640 --> 00:30:07,600 Speaker 1: you are, but at the same time kind of growing 658 00:30:07,720 --> 00:30:10,920 Speaker 1: your knowledge and interest in the subject that you care 659 00:30:10,960 --> 00:30:12,800 Speaker 1: so much about. Nice, So you know what I think 660 00:30:12,880 --> 00:30:14,840 Speaker 1: is so powerful about that, Like you mentioned the Google 661 00:30:14,880 --> 00:30:18,000 Speaker 1: hang out, and that's the human element, right, Like a document, 662 00:30:18,040 --> 00:30:20,520 Speaker 1: nobody cares about a document and just words and links 663 00:30:20,560 --> 00:30:22,600 Speaker 1: on there. But when you're talking to your friends and 664 00:30:22,640 --> 00:30:25,120 Speaker 1: you're having a discussion, like that's that human element that 665 00:30:25,520 --> 00:30:28,440 Speaker 1: sort of adds that accountability and adds that excitement that 666 00:30:28,600 --> 00:30:30,600 Speaker 1: you know, to where it makes it fun. So anyway 667 00:30:30,640 --> 00:30:32,240 Speaker 1: that you can kind of make it fun. You mentioned 668 00:30:32,280 --> 00:30:34,040 Speaker 1: how all of y'all are kind of scattered all over 669 00:30:34,080 --> 00:30:36,120 Speaker 1: the place. It's not like you can necessarily meet up 670 00:30:36,120 --> 00:30:38,280 Speaker 1: and grab a beer, but that video hangout can be 671 00:30:38,520 --> 00:30:41,040 Speaker 1: a great way to kind of facilitate that. Also, you know, 672 00:30:41,200 --> 00:30:44,000 Speaker 1: having a jumping off point can be really helpful as well, 673 00:30:44,120 --> 00:30:46,320 Speaker 1: just sort to steer the conversation. So maybe that means 674 00:30:46,360 --> 00:30:48,320 Speaker 1: you can listen to the same podcast ahead of time, 675 00:30:48,760 --> 00:30:51,280 Speaker 1: or even read a book together, The Richest Man in Babylon, 676 00:30:51,720 --> 00:30:54,120 Speaker 1: Millionaire next Door. Those can both be great books to 677 00:30:54,240 --> 00:30:57,000 Speaker 1: kind of get the ball rolling the conversation started when 678 00:30:57,040 --> 00:30:59,400 Speaker 1: it comes to talking about money, and then from there 679 00:30:59,400 --> 00:31:02,240 Speaker 1: you can kind of I've into some more specific topics 680 00:31:02,360 --> 00:31:05,440 Speaker 1: that you find you and and the group members find 681 00:31:05,520 --> 00:31:08,160 Speaker 1: more interesting. Basically, what you don't want to have happened, though, 682 00:31:08,280 --> 00:31:09,680 Speaker 1: is just for everyone to kind of show up and 683 00:31:09,800 --> 00:31:13,040 Speaker 1: just say, what's up? What do you got for us 684 00:31:13,120 --> 00:31:15,440 Speaker 1: this evening? Yeah, for the next hour, and folks are 685 00:31:15,520 --> 00:31:17,560 Speaker 1: kind of like not exactly sure what's going on. You 686 00:31:17,600 --> 00:31:19,280 Speaker 1: just you want to be able to provide that direction 687 00:31:19,680 --> 00:31:21,800 Speaker 1: and then also listen as well, make sure that you're 688 00:31:21,880 --> 00:31:23,600 Speaker 1: kind of hearing what other folks are saying so that 689 00:31:23,680 --> 00:31:26,640 Speaker 1: you can be a better facilitator and leader. Yeah. Man, 690 00:31:26,720 --> 00:31:29,080 Speaker 1: I think this is such a great goal, and I 691 00:31:29,120 --> 00:31:30,720 Speaker 1: think if more of us did this right. We've talked 692 00:31:30,720 --> 00:31:33,640 Speaker 1: about this Matt, the importance of having people around you 693 00:31:34,040 --> 00:31:35,960 Speaker 1: that care about the things that you care about and 694 00:31:36,080 --> 00:31:39,600 Speaker 1: creating that open dialogue about such an important topic money, right, 695 00:31:39,680 --> 00:31:42,400 Speaker 1: And and the fact that Kyle is getting this off 696 00:31:42,440 --> 00:31:45,080 Speaker 1: the ground with some of his friends. I think it's clutch. 697 00:31:45,480 --> 00:31:47,200 Speaker 1: I think when he looks back a year from now 698 00:31:47,600 --> 00:31:49,800 Speaker 1: and sees the meetings that they've had, the discussions that 699 00:31:49,800 --> 00:31:52,880 Speaker 1: they've had, not only will Kyle have grown, but he 700 00:31:52,920 --> 00:31:55,240 Speaker 1: will have prodded and helped his friends at the same time. 701 00:31:55,400 --> 00:31:57,920 Speaker 1: I think it's gonna be awesome for his friendships and 702 00:31:58,280 --> 00:32:00,680 Speaker 1: awesome for his bottom line. And so anybody else who's 703 00:32:00,680 --> 00:32:02,600 Speaker 1: inspired by Kyle's question to kind of do the same, 704 00:32:02,880 --> 00:32:04,479 Speaker 1: I think you can take some of these tips as 705 00:32:04,520 --> 00:32:07,720 Speaker 1: well and incorporate them into your own friendships and start 706 00:32:07,800 --> 00:32:10,640 Speaker 1: talking about money together because it's so important. Oh, in 707 00:32:10,720 --> 00:32:13,000 Speaker 1: quick reference, you know Kyle mentioned that episode where we 708 00:32:13,600 --> 00:32:16,440 Speaker 1: discussed start talking about money. Well, that's the name of 709 00:32:16,520 --> 00:32:18,720 Speaker 1: the episode, and that was episode number forty seven, So 710 00:32:18,880 --> 00:32:20,800 Speaker 1: check that one out if you haven't. That was a 711 00:32:20,840 --> 00:32:24,280 Speaker 1: little self plug for us. All Right, Matt, let's get 712 00:32:24,280 --> 00:32:25,960 Speaker 1: back to the beer that we just had. It's called 713 00:32:26,000 --> 00:32:29,200 Speaker 1: Pink Robots. It's a kettle soured ale with raspberries and 714 00:32:29,240 --> 00:32:33,400 Speaker 1: blackberries by bird Song Brewing there out of Charlotte, North Carolina, 715 00:32:33,760 --> 00:32:36,320 Speaker 1: and listener Emma sent this our away. Yeah, and that's 716 00:32:36,320 --> 00:32:39,239 Speaker 1: actually her hometown, So thanks Emma for sending that one 717 00:32:39,320 --> 00:32:42,239 Speaker 1: our away, even though you're not currently living there. But man, 718 00:32:42,480 --> 00:32:45,760 Speaker 1: this was a lights and tart, refreshing beer. Thoroughly enjoyed 719 00:32:45,760 --> 00:32:47,680 Speaker 1: it now that it's muggy and hot as I'll get 720 00:32:47,720 --> 00:32:50,640 Speaker 1: out here in Atlanta in particular. You know, this was 721 00:32:50,760 --> 00:32:54,120 Speaker 1: a kettle soured raspberry and BlackBerry beer. I don't think 722 00:32:54,160 --> 00:32:56,400 Speaker 1: it had a ton of raspberry flavors going on, which 723 00:32:56,440 --> 00:32:58,680 Speaker 1: I thought was a good thing because I don't like raspberries. 724 00:32:59,240 --> 00:33:01,520 Speaker 1: I know, it's still we love raspberries. I don't care 725 00:33:01,600 --> 00:33:04,160 Speaker 1: for them so much. My favorite beers are raspberry sour beers. 726 00:33:04,200 --> 00:33:07,040 Speaker 1: Probably like I'm just obsessed with them. You don't love them. 727 00:33:07,080 --> 00:33:08,320 Speaker 1: But that's okay, because this one had a lot of 728 00:33:08,320 --> 00:33:10,880 Speaker 1: BlackBerry shining through too. I feel like the blackberries actually 729 00:33:10,960 --> 00:33:13,520 Speaker 1: kind of dominated the raspberries, and I was cool with it. 730 00:33:13,760 --> 00:33:16,720 Speaker 1: This was a really good, light, fruity summer beer. And 731 00:33:16,720 --> 00:33:18,760 Speaker 1: you gotta love the music reference in the name to 732 00:33:19,200 --> 00:33:21,680 Speaker 1: some flaming lips. Even though this was a light kind 733 00:33:21,720 --> 00:33:24,360 Speaker 1: of fruity beer, it's still had this sort of chewy finish. 734 00:33:24,760 --> 00:33:26,160 Speaker 1: Did you pick up on that any at all? Like 735 00:33:26,280 --> 00:33:29,240 Speaker 1: this sort of like this weedy, like cereal like finish 736 00:33:29,320 --> 00:33:31,400 Speaker 1: where I felt like I was kind of chewing on 737 00:33:31,480 --> 00:33:33,600 Speaker 1: the grains a little bit, which I always enjoy that. 738 00:33:33,800 --> 00:33:36,920 Speaker 1: So I can't say I did. My palette is again 739 00:33:37,000 --> 00:33:38,600 Speaker 1: not as you're fine as yours? Man, I just make 740 00:33:38,640 --> 00:33:41,719 Speaker 1: stuff up, you know that, right, Everyone knows that at 741 00:33:41,760 --> 00:33:44,600 Speaker 1: this point. Just kidding, all right. So if you want 742 00:33:44,760 --> 00:33:47,320 Speaker 1: show notes for this episode and to see some of 743 00:33:47,320 --> 00:33:50,000 Speaker 1: those specific links that we mentioned, including the link to 744 00:33:50,440 --> 00:33:53,360 Speaker 1: that awesome article from the app Zeta that helps couples 745 00:33:53,440 --> 00:33:56,240 Speaker 1: manage their money better together, well you can check that 746 00:33:56,280 --> 00:33:59,000 Speaker 1: out at our website, how to money dot com. Yeah, 747 00:33:59,080 --> 00:34:01,480 Speaker 1: and if you and joy and find our podcast helpful, 748 00:34:01,560 --> 00:34:03,320 Speaker 1: we would love for you to leave a review for 749 00:34:03,480 --> 00:34:06,040 Speaker 1: us over at Apple Podcasts. That's a great way to 750 00:34:06,080 --> 00:34:08,680 Speaker 1: spread the word and for folks to discover this podcast 751 00:34:08,760 --> 00:34:10,560 Speaker 1: who have not heard it yet. So if you don't mind, 752 00:34:10,600 --> 00:34:12,719 Speaker 1: please help us spread that word. Oh Joel, We wanted 753 00:34:12,760 --> 00:34:15,479 Speaker 1: to announce the winners of the book giveaway from Dr 754 00:34:15,600 --> 00:34:19,080 Speaker 1: Daniel Crosby's episode. That was the episode that ran last Monday. 755 00:34:19,480 --> 00:34:23,399 Speaker 1: The Behavioral Investor was Daniel's book, and we're giving three 756 00:34:23,480 --> 00:34:27,240 Speaker 1: copies of that book away thanks to everyone who entered 757 00:34:27,640 --> 00:34:30,879 Speaker 1: by leaving us a review and then emailing us your entry. 758 00:34:31,400 --> 00:34:34,759 Speaker 1: But our three winners are it's actually funny, two of 759 00:34:34,800 --> 00:34:37,840 Speaker 1: them have the number three in their names, but Sam 760 00:34:38,320 --> 00:34:43,680 Speaker 1: m three, m lor Lane Deaney, and Whipple three. So 761 00:34:43,840 --> 00:34:45,400 Speaker 1: we'll be reaching out to y'all to get you a 762 00:34:45,440 --> 00:34:48,600 Speaker 1: copy of that book soon, no doubt. Alright, buddy, until 763 00:34:48,640 --> 00:35:00,840 Speaker 1: next time, Best friends, Friends Out. M