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

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Speaker 1: and today we're answering your listener questions.

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Speaker 2: That's right, buddy, this is a listener question Monday episode

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Speaker 2: of had a Monday Podcast. We've got five excellent questions

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Speaker 2: to answer. During this episode, student loans are resuming, so

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Speaker 2: a listener he is wondering how it is he should

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Speaker 2: be approaching paying off those student loans. Another listener is

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Speaker 2: asking about tax lost harvesting. I'm not sure if we've

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Speaker 2: ever actually talked about that here on the show, but

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Speaker 2: we'll dig in today, Yeah, we will. We're going to

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Speaker 2: talk about whether it's worth paying a fee in order

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Speaker 2: to do that, even a one percent fee, maybe, how

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Speaker 2: you could do it yourself, how you can potentially diy

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Speaker 2: it in order to save money. And then another listener

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Speaker 2: has a question about some medical bills him and his wife,

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Speaker 2: his partner, how they could financially prepare for having a baby.

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Speaker 2: We'll get to those three plus a couple of others

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Speaker 2: during this episode before we get to those real quick.

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Speaker 2: So was it last week? Yeah, last week we were

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Speaker 2: talking about the lengths that we would go in order

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Speaker 2: to save money. While we're flying and we talked about

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Speaker 2: the different folks that are wearing like the fly fishing vests.

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Speaker 2: Uh huh, Hey, we didn't mention it specifically, but there's

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Speaker 2: a there's like a specific vest. So those are like

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Speaker 2: the basic fly like actual literal fly fishing vests. But

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Speaker 2: is it scotty vest? Is that how you say it? Yeah?

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Speaker 2: Did we not mention though, I don't think we mentioned it.

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Speaker 1: They're kind of expensive, but they have all these like

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Speaker 1: myriad pockets, and so you can put a laptop in

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Speaker 1: the pocket of your vest and stuff like that, and

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Speaker 1: it's like the what is it r fid HM proof

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Speaker 1: or whatever. So a lot of people use those different

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Speaker 1: most security stamp stuff their pockets full and travel easier.

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Speaker 2: So here's a quick question. Would you go out and

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Speaker 2: buy what if what if you had received that vest

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Speaker 2: for like Father's would you wear it when you when

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Speaker 2: you travel? I don't think I would.

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Speaker 1: I think I'm too and I'm not even terribly fashion conscious,

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Speaker 1: but I care too much about what I look like.

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Speaker 1: You're like, I'm too vague to wear a goofy dad best.

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Speaker 1: We'll link to it on the website, but it looks

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Speaker 1: like you can wear it in such a way that

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Speaker 1: you can potentially look cool.

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Speaker 2: You think it's all about attitude and style, man like

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Speaker 2: you can Okay, things look cool. But speaking of travel,

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Speaker 2: you just booked a trip for you and Emily this fall.

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Speaker 1: So I do because well I did. I did it

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Speaker 1: on a whim, honestly, But part of the reason I

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Speaker 1: did was because the deal was too good to pass up.

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Speaker 1: So Southwest had a sale well like last week or

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Speaker 1: two weeks ago, and it was basically forty percent off lights,

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Speaker 1: including when you paid with points, and so I had

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Speaker 1: a stash of Southwest points sitting there.

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Speaker 3: Yeah.

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Speaker 1: Boy, I was trying to figure out what to do

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Speaker 1: for our anniversary. Anyway, Lucky number thirteen coming on up,

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Speaker 1: and I swear I spent like fourteen thousand Southwest points

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Speaker 1: to go round trip to and from New York for

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Speaker 1: both of us. Wow, so pretty cheap. That's a solid deal.

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Speaker 1: And we'll spend a few days there, hang out, and

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Speaker 1: I use some some other credit card points to book

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Speaker 1: a sweet hotel. So it's going to be an inexpensive

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Speaker 1: anniversary trip but should be a blast too.

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Speaker 2: Nice. So the moral of the story is to go

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Speaker 2: where the deals are, don't necessarily choose a destination a

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Speaker 2: location and say, all right, now we've got to find

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Speaker 2: a good deal. Yeah, I actually get there.

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Speaker 1: I looked at a bunch of flights, a bunch of

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Speaker 1: different destinations, and I was like, I mean, New York's

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Speaker 1: been on our list and it's the cheapest. So that's

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Speaker 1: where we went. But I looked even at Granted, I

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Speaker 1: don't think we're going to be able to take this

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Speaker 1: kind of a trip, but there are some great deals

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Speaker 1: to Hawaii too that week, like three three forty round

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Speaker 1: trip to Maui. I mean that's pretty pretty good.

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Speaker 2: Yeah, we still haven't been to Hawaii, but it's yet

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Speaker 2: to be determined whether or not we will make it there.

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Speaker 1: Maybe next time Southwest has a forty percent off sale,

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Speaker 1: I will say. That's that's pretty sweet man. It's like,

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Speaker 1: oh yeah, off a bunch of different flights. And by

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Speaker 1: the way, you would have known about this awesome sale

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Speaker 1: if you follow us on Instagram and I had a

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Speaker 1: money pod. We uh, I mean, it was that significant.

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Speaker 1: We felt like we should let everybody know about it,

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Speaker 1: So go check it out. There are always posting interesting stuff.

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Speaker 1: But Matt, let's move on. Let's mention the beer we're

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Speaker 1: having on this episode, it's called a generous characterization of

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Speaker 1: those you remember otherwise of course by Burial, it's got

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Speaker 1: a weird name like that. We'll give our thoughts on

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Speaker 1: this stout towards the end of the episode, but let's

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Speaker 1: move on to as well. Let's get to listener questions.

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Speaker 1: And if you have a question you want Matt and

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Speaker 1: I to tackle on an upcoming ask htm episode, we'd

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Speaker 1: love to hear it. Just go to how tomoney dot

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Speaker 1: com slash ask for the simple directions so you can

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Speaker 1: record that voice memo getting on over our way. Hopefully

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Speaker 1: we take it soon. Let's get to the first question, Matt.

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Speaker 1: This one is about paying off those student loans and

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Speaker 1: how best to go about it.

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Speaker 4: Hi, Matt and Joel. My name is Max from Buffalo,

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Speaker 4: New York. I have a question regarding my credit score

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Speaker 4: and debt repayment. I graduated college a few years ago

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Speaker 4: with thirty four thousand dollars in student loans. During the

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Speaker 4: student loan payment pause, I managed to save forty two

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Speaker 4: thousand dollars in a high yield savings account. I intend

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Speaker 4: on using these savings to pay off the student loans

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Speaker 4: when the payment pause ends. My credit score is a

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Speaker 4: seven fifty. My only other debt is six thousand dollars

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Speaker 4: owed on a three percent auto loan. The vehicle is

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Speaker 4: worth sixteen thousand dollars. I have six thousand dollars off

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Speaker 4: five thousand and four to one K and two thousand

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Speaker 4: in my checking account. I'm thirty years old, make eighty

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Speaker 4: thousand a year and can say fifteen hundred dollars a month.

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Speaker 4: I have a single credit card with no open balance.

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Speaker 4: My question is how would you approach this step payoff

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Speaker 4: while maintaining my credit score. I would love to buy

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Speaker 4: a house in three to five years, and retirement is

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Speaker 4: also a consideration as I am behind love the show guys,

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Speaker 4: thanks for the help.

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Speaker 2: Holy crap, Max, forty two thousand dollars. That is a

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Speaker 2: ton of money, and this is exactly what we've been

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Speaker 2: hoping that how to Money listeners around the country would

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Speaker 2: be doing, basically using this three plus year payment break

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Speaker 2: on those student loans as a way to springboard themselves

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Speaker 2: forward in a massive way when it comes to the

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Speaker 2: different financial goals that folks have for themselves. In Max,

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Speaker 2: you have done just that, So congrats, kudos to you.

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Speaker 2: Now you've got a lot more options at your disposal

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Speaker 2: than you otherwise would happen.

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Speaker 1: Yeah, I know, we were kind of talking about that,

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Speaker 1: beating that drum in the early days with student loans

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Speaker 1: were paused, and we were trying to give people a playbook, Hey,

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Speaker 1: use this time as an opportunity, don't let it go

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Speaker 1: to waste. A lot of people sadly ended up letting

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Speaker 1: it go to waste, but not Max.

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Speaker 2: Not Max. They just consumed that money as opposed to

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Speaker 2: continuing to essentially maintain that payment, but instead of that

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Speaker 2: being an outgoing expense or transfer or payment, maybe setting

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Speaker 2: that aside in a savings bucket, a sinking fund point.

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Speaker 1: And now Max, he's in the Cafferts seat right because

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Speaker 1: forty two thousand dollars in three years, that's sick in

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Speaker 1: a good way. I mean that in the way the

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Speaker 1: kids kids say it sick, bra And I just I

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Speaker 1: see no reason to not pay off the full balance

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Speaker 1: in August before interest starts accruing again. And Max said

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Speaker 1: that he the balance is thirty four thousand dollars, which

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Speaker 1: means he saved up a lot more even than just

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Speaker 1: the balance, than just the principal amount that he's going

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Speaker 1: to pay off on those loans in extra eight k, which,

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Speaker 1: given the other things he said, would be perfect to

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Speaker 1: slot into his emergency fund, hopefully making it kind of

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Speaker 1: this fully funded emergency emergency fund getting close to that three,

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Speaker 1: four or five month expenses range covering that amount.

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Speaker 2: Dare I say six months?

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Speaker 1: Six months would be amazing, right, But I don't know

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Speaker 1: if I don't know if this state k is going

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Speaker 1: to get in there depends on, you know, what his

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Speaker 1: budget is every month. But and then he also mentioned

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Speaker 1: the car loan. I'd just pay that as agreed if

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Speaker 1: I were Max Matt. I mean, he's got that pretty

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Speaker 1: low three percent interest rate. There's no reason to rush

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Speaker 1: there prioritize that. And especially because he can funnel extra

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Speaker 1: dollars two coming in, it sounds like he has a

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Speaker 1: decent chunk of extra money every month he can be

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Speaker 1: funneling that into workplace retirement accounts, into his roth IRA

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Speaker 1: and really start setting himself up for success in retirement.

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Speaker 1: And so yeah, I mean, I feel like Max is

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Speaker 1: hitting on all cylinders, and so much of that is

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Speaker 1: due to his dedication, his discipline in during this payment pause,

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Speaker 1: and now the world is his oyster.

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Speaker 2: That's right. Yeah, So Essentially, we're kind of talking about

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Speaker 2: the order in which you should how you should be

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Speaker 2: handling your money. We're talking about the money gears, so

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Speaker 2: we'll make sure to link to an episode where we

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Speaker 2: discuss the money gears or a page where you can

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Speaker 2: see those all listed out. But the only exception I

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Speaker 2: think to paying off those student loans once those repayments

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Speaker 2: resume would be if Max, you didn't mention whether or

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Speaker 2: not your employer offers a match on your four oh

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Speaker 2: one K, but you want to make sure that you

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Speaker 2: are fully taking advantage of that Max. Yeah, sorry, of

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Speaker 2: that match, not Max, because that's when you say max

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Speaker 2: match three times pass. It's kind of tricky, but because

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Speaker 2: that is a one hundred percent return on your money. Yeah,

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Speaker 2: and that's just a whole lot of money that you

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Speaker 2: could absorb that you have set aside in cash that

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Speaker 2: you can put towards a four o one K, but

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Speaker 2: make sure that you keep that money.

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Speaker 1: It sure sounds like, based on what Max said in

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Speaker 1: his question, that he can handle getting the full match

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Speaker 1: if there is one, and maxing out the roth IRA

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Speaker 1: in addition to paying off student loan debt. And if

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Speaker 1: that's the case, that's I mean, that's what I would

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Speaker 1: love to see for him.

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Speaker 2: So, yeah, that's true. With eight thousand dollars plus that

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Speaker 2: fifteen hundred monthly coming in, I mean, yeah, it seems

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Speaker 2: like Max is able to max everything, Max everything out,

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Speaker 2: go make some big strides. Max. You also asked about

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Speaker 2: how paying off the student loan debt will impact your

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Speaker 2: credit score, and the truth is, yeah, paying that sucker off,

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Speaker 2: it will being your credit score for a second. The

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Speaker 2: credit scoring system, it can be and often is counterintuitive

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Speaker 2: because you would think that by paying off this big

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Speaker 2: mass of debt that would make you look good. But alas,

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Speaker 2: you're eradicating an installment loan from your life, and that

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Speaker 2: is a portion the different credit reporting bureaus take that

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Speaker 2: into account. The diversity of the kind of debt that

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Speaker 2: you have, whether it's installment or revolving debt, and making

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Speaker 2: these regular payments, that is what the folks like trained

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Speaker 2: Union and elgufax that they like to see. But you

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Speaker 2: don't want to let the credit score tail wag the

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Speaker 2: debt dog. Paying us off this is going to be

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Speaker 2: the best thing for your personal finances and your credit corp.

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Speaker 2: It's not going to be dinged for long. Honestly, if

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Speaker 2: you were going to if you were talking about buying

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Speaker 2: a home this year or even sooner, like in the

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Speaker 2: next two to three months, we would tell you to

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Speaker 2: hold off paying that thing off altogether. But you've got

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Speaker 2: plenty of time I think you said three to five years.

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Speaker 2: Oh yeah, and so in that time period of time

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Speaker 2: you're going to be able to see your credit corp

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Speaker 2: bounce back.

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Speaker 1: Typically paying off something like that, it's going to be

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Speaker 1: a pinch for a short period of time. So, like

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Speaker 1: you said, if it was a quick turnaround on buying

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Speaker 1: that house, then that would hey, yeah, maybe hold off

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Speaker 1: until after you've actually, you know, got that loan, started

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Speaker 1: applying for mortgages, have those quotes in hand once you've

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Speaker 1: closed on that house. But because we're talking about years

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Speaker 1: down the road, it doesn't matter.

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Speaker 2: Go ahead and pay it off. And this is another

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Speaker 2: reason too to maybe not attack the car loan as well,

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Speaker 2: because you didn't say how much time you have left

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Speaker 2: on that car loan. But keeping again, that's another type

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Speaker 2: of that's an installment loan, installment debt. Keeping that around

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Speaker 2: will provide that depth, that robustness to your credit report.

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Speaker 1: Yeah, last thing, by the way, Matt Max mentioned that

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Speaker 1: he has one credit card and if that works for him,

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Speaker 1: if that's like the best way for him to approach

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Speaker 1: his finances with complete simplicity, that's great. But we would

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Speaker 1: also say that opening up another credit card or two now,

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Speaker 1: even before you pay off your student loans years in

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Speaker 1: advance of that home purchase, that can help boost your

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Speaker 1: credit score too, while kind of adding to your ability

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Speaker 1: to garner rewards for your spending. And Matt, you and

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Speaker 1: I were all for an easy, uncomplicated system, but it's

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Speaker 1: also important to consider our super chill credit card strategy

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Speaker 1: that we talk about, because when you have three cards,

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Speaker 1: not going overboard, getting overly complicated, which some people tend

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Speaker 1: to do, but maxing your rewards within like an easy

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Speaker 1: to understand framework, doing some optimizing without requiring too much

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Speaker 1: additional effort. I think that can be the best way

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Speaker 1: for a lot of people to go and max you

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Speaker 1: do you, But we like the three card system as

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Speaker 1: a way to optimize without overdoing it, without needing an

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Speaker 1: expel Excel spreadsheet to keep up with everything. But at

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Speaker 1: least consider that right because especially as you're getting rid

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Speaker 1: of the student loans, as you continue paying off that

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Speaker 1: car loan as you're looking to keep your credit score

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Speaker 1: moving on up. Then I do think it might be

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Speaker 1: helpful to apply for an additional line of credit on

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Speaker 1: the credit card front, and totally can't hurt mind help.

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Speaker 2: It's an easy way to thicken that credit file because

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Speaker 2: right now, with a single credit card like it sounds

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Speaker 2: kind of thin. And the ability to add more data

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Speaker 2: points to that credit report I think will be helpful.

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Speaker 2: But simultaneously, you don't want to obsess over a credit score.

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Speaker 2: I think he said that he's got like a seven fifty.

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Speaker 2: That's a really good credit.

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Speaker 1: Score, and you can keep it in that range, you're

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Speaker 1: in a likelihood get to qualify for the best rates

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Speaker 1: time to buying that home.

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Speaker 2: And I don't you didn't say you're going to do

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Speaker 2: this or anything. But let's say your car loan is

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Speaker 2: going to happen to be paid off like later this

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Speaker 2: year or something like that. Well, don't go out and

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Speaker 2: finance another car in order to add some revolving debt

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Speaker 2: to your credit score, because let's say you don't end

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Speaker 2: up buying a house five years from now, we're talking

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Speaker 2: about years and years of paying interest towards something that

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Speaker 2: you don't necessarily need to pay interest towards as opposed

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Speaker 2: to eliminating that debt. Keeping cash in the bank like

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Speaker 2: cash rules in this In this sense, especially when rates

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Speaker 2: are nearing five percent, the ability for you to earn

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Speaker 2: money on that money, that cash you've got set aside

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Speaker 2: when when the time does come for you to purchase

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Speaker 2: a home. Wants you to worry too much.

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Speaker 1: About the credits. Care what's best for your money, what's

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Speaker 1: best for your finances? Trump's what's best for your credit score.

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Speaker 1: And it's not that credit scores are unimportant. We talk

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Speaker 1: about the importance of them and how to tend to

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Speaker 1: them quite a lot on the show. But you still, yeah, second,

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Speaker 1: credit scores are secondary to paying less interest and reducing.

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Speaker 2: How much money you actually have leaving your account exactly

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Speaker 2: towards interest. Yeah. But all right, we've got several other

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Speaker 2: questions we're going to get to this episode, including one

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Speaker 2: We've got a question from a listener and she wants

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Speaker 2: to know how it is that she can reduce the

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Speaker 2: cost of her car insurance. We'll get to that one

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Speaker 2: plus others right after this.

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Speaker 1: All right, man, there's a lot of people who want

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Speaker 1: to lower the cost of their car insurance, especially right now.

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Speaker 1: We'll get to that question in just a second, but

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Speaker 1: first let's get to one about the finer points of

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Speaker 1: an HSA.

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Speaker 2: A hell savings.

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Speaker 5: Account he met Joel. This is Jake. First. I want

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Speaker 5: to say thank you for everything that you do for

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Speaker 5: this podcast. It's been incredibly helpful for me. I've got

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Speaker 5: two questions for you today. The first is about HSA spending.

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Speaker 5: Since I've read the blog post on your website about

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Speaker 5: HSA's triple tax advantage, I've paid for medical expenses out

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Speaker 5: of pocket where I can, rather than dipping into my HSA. However,

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Speaker 5: your blog post mentions saving HSA receipts and I was

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Speaker 5: a little bit confused by this, hoping you could elaborate

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Speaker 5: on why that's necessary, what you use that for and when.

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Speaker 5: My second question is about saving and putting a down

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Speaker 5: payment on a house. My wife and I are beginning

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Speaker 5: the process of looking for a home. We have enough

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Speaker 5: in our savings to put down a down payment comfortably. However,

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Speaker 5: that money sits currently in a Vanguard low cost index fund.

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Speaker 5: Do we dip into that low cost index fund for

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Speaker 5: this down payment and pay whatever taxes we end up needing?

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Speaker 5: To pay, or do we begin to build up a

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Speaker 5: savings account, maybe in something that's a high yield savings

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Speaker 5: to move forward with that down payment. Any advice you

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Speaker 5: can give would be greatly appreciate it. Thank you so much,

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Speaker 5: Thank you, Jake.

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Speaker 2: We hope that you are also having a great day.

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Speaker 2: Anyone else he wants to buy a home, by the way,

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Speaker 2: that's interesting. Everybody wants to buy a home. Yeah, homes

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Speaker 2: are hots so Jake. By the way, we love talking

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Speaker 2: about HSA's because they are, honestly the reason we like

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Speaker 2: talking about them because we feel like folks don't talk

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Speaker 2: about them enough. They are so incredibly underrated and also

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Speaker 2: misunder stood. Like me, I would say, do you don't

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Speaker 2: think people understand you? I don't know. I feel understood,

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Speaker 2: I feel seen, And you're definitely not underrated. Someone say overrated.

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Speaker 2: But yeah, we do have that article up on the

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Speaker 2: site that Jake referenced, and we'll make sure to link

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Speaker 2: to it in the show notes. But to sum it

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Speaker 2: up quickly, it is potentially the best retirement account that

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Speaker 2: you've never heard of or perhaps know nothing about. How

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Speaker 2: to money listeners are almost all aware of the fact

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Speaker 2: that the four one K the rap IRA, the fact

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Speaker 2: that they exist and that those are retirement accounts, but

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Speaker 2: the Health Savings account, it gets a lot less press.

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Speaker 2: And the name applies, right that you're supposed to save

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Speaker 2: money in an HSA. It's a health savings account after all,

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Speaker 2: But that's not the case. Not that is if you

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Speaker 2: want to maximize what it is that that account can

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Speaker 2: do for you.

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Speaker 1: I don't know why, but this is make me think

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Speaker 1: of Moneyball, the book and subsequent movie with Brad Pitt, right,

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Speaker 1: and it was basically like the Oakland A's we're trying

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Speaker 1: to soon to the Las Vegas as, Yeah, apparently, and

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Speaker 1: they basically they're trying to find the most underrated players, right.

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Speaker 1: That took walks and they got singles and they were

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Speaker 1: just much cheaper. They weren't as sexy, they weren't hitting

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Speaker 1: the long ball, which is what the teams were paying

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Speaker 1: big money for. But they started to win because the

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Speaker 1: fundamentals were paying off and they were getting those players

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Speaker 1: at a bargain price. And the HSA is kind of

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Speaker 1: like that. It's this underrated, underappreciated thing, and it's kind

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Speaker 1: of like the Moneyball of saving for retirement.

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Speaker 2: Right, Yeah, it's not sexy at all. It's called the

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Speaker 2: health savings account. After all, it's one thing it feels

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Speaker 2: called like super sexy retirement account. Le's be honest, it's like,

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Speaker 2: none of the retirement accounts sound sexy. They're all based

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Speaker 2: on the really sections of the IRS tax code, right,

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Speaker 2: It's like the four oh one K that's not a

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Speaker 2: sexy name either, but the roth IRA that I guess

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Speaker 2: that one has the most pizazz named after a senator.

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Speaker 1: Still underwhelming, Still underwhelming, but yeah, I think the Yeah,

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Speaker 1: the HSA is one of those things where, yeah, we

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Speaker 1: try to give it the press that deserves because it's

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Speaker 1: so great. And investing inside of an HSA that's the

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Speaker 1: key to getting the maximum tax evan in this account.

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Speaker 1: And so let's talk about the most confusing part for

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Speaker 1: a lot of folks to one that Jake's asking about,

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Speaker 1: which is the receipt keeping part of things. And since

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Speaker 1: you're not using the HSA for current medical expenses, you're

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Speaker 1: using savings that you have on hand instead to pay

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Speaker 1: for whatever sort of medical visits that you have to

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Speaker 1: pay for in a given year. And because of that,

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Speaker 1: it's important to keep a log of the medical bills

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Speaker 1: that you're incurring along the way for tax purposes for

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Speaker 1: the future. But when you do decide to pull money

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Speaker 1: out of your HSA, and that's because for any money

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Speaker 1: that you take out of the HSA, you've got to

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Speaker 1: be able to show receipts to prove it was for

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Speaker 1: an eligible medical expense in order to reap the tax benefits.

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Speaker 1: In order to make sure that money stays unimpacted by

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Speaker 1: the federal government and their tax the long arm of

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Speaker 1: the taxman and Google sheets or excel file works totally fine,

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Speaker 1: there's no need to complicate things a whole lot more

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Speaker 1: than that, but documenting every medical expense is crucial for

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Speaker 1: eventually tapping that HSA money in the future, and that's

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Speaker 1: part of what makes it so flexible too, that's right. Yeah,

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Speaker 1: So let's give a quick example.

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Speaker 2: Let's say that you incur a medical expense of twenty

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Speaker 2: five hundred dollars this year. You pay for that money

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Speaker 2: with money that you have out of pocket, right the

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Speaker 2: money that you've got there in savings, and then you

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Speaker 2: let that money that is sitting there in your HSA

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Speaker 2: continue to grow in over time, it's going to compound.

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Speaker 2: So just document that expense and then you can pull

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Speaker 2: out that specific amount anytime in the future, right, no

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Speaker 2: matter how far down the road it is. And so

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Speaker 2: whether it's ten ten years from now, like twenty thirty three,

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Speaker 2: whether it's twenty forty seven, twenty eighty nine, like literally

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Speaker 2: it does not matter. But by that time your account

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Speaker 2: has hopefully grown in a massive way thanks to compounding

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Speaker 2: returns and thanks to the fact that you actually have

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Speaker 2: that money invested, not sitting there in a default cash.

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Speaker 1: You just kind of sounded like Tommy Boy's dad when

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Speaker 1: he's like, oh, I.

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Speaker 2: Got this fridge. I can keep six packs, but soda

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Speaker 2: anything you want to drink.

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Speaker 1: Anything you want to keep cold, Tommy Boy, And it's

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Speaker 1: like anytime you want to draw these funds exactly.

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Speaker 2: So, I mean what we're saying is that twenty five

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Speaker 2: hundred dollars that you put in now it could be

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Speaker 2: worth like ten thousand dollar are more down the road,

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Speaker 2: and you don't pay tax on that growth that you've seen,

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Speaker 2: which is the other plus. So the complete tax avoidance,

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Speaker 2: combined with the flexibility that HSA's offer, that is what

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Speaker 2: makes them so special.

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Speaker 1: Yeah, I in my mind, the AHSA can almost kind

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Speaker 1: of sort of work as a backup emergency fund because

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Speaker 1: of the flexibility that you're talking about, Matt. As you

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Speaker 1: build up funds every year and expenses, you can tap

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Speaker 1: it for whatever you want if you start Tommy Boy. Yeah,

434
00:20:24,400 --> 00:20:25,479
Speaker 1: I mean, if you get to the point where you've

435
00:20:25,480 --> 00:20:27,720
Speaker 1: got thirty forty thousand dollars in your HSA, you could

436
00:20:27,720 --> 00:20:29,840
Speaker 1: probably afford to have a little bit less on hand

437
00:20:30,000 --> 00:20:33,879
Speaker 1: in your savings account because of the flexibility, you have

438
00:20:33,920 --> 00:20:37,119
Speaker 1: to tap those funds whenever you like, which is cool.

439
00:20:37,440 --> 00:20:39,720
Speaker 1: But let's move on to the next part of Jake's question,

440
00:20:39,720 --> 00:20:42,920
Speaker 1: which is about down payment funds. And I've congrats to you,

441
00:20:43,000 --> 00:20:44,919
Speaker 1: Jake on saving up such a massive amount for that

442
00:20:44,960 --> 00:20:48,199
Speaker 1: home purchase. That's, of course not easy. But the closer

443
00:20:48,240 --> 00:20:50,520
Speaker 1: you get to making offers, the more you're going to

444
00:20:50,600 --> 00:20:52,800
Speaker 1: want to take risk off the table. And I'm assuming

445
00:20:52,880 --> 00:20:55,560
Speaker 1: that you're invested inside of a taxbile brokerage account. That

446
00:20:55,600 --> 00:20:58,560
Speaker 1: we're not talking about selling index funds and taking money

447
00:20:58,600 --> 00:21:00,480
Speaker 1: out of a four to one K or something like that. Yeah,

448
00:21:00,520 --> 00:21:02,800
Speaker 1: I think so, because, yeah, we wouldn't want that to

449
00:21:02,840 --> 00:21:05,520
Speaker 1: be the case. We wouldn't want you to hurt yourself

450
00:21:05,520 --> 00:21:07,440
Speaker 1: from a tax and penalty perspective in order to take

451
00:21:07,720 --> 00:21:09,920
Speaker 1: that money out. But if that's you know what you've

452
00:21:09,920 --> 00:21:12,200
Speaker 1: been setting this money aside for inside of a taxable

453
00:21:12,200 --> 00:21:15,440
Speaker 1: brokerage account, definitely use it for that purpose, and don't

454
00:21:15,480 --> 00:21:19,720
Speaker 1: worry about the capital gains tax, basically a small success tax,

455
00:21:19,880 --> 00:21:22,600
Speaker 1: which is typically fifteen percent for most people. I would

456
00:21:22,640 --> 00:21:25,040
Speaker 1: not think of that as a big deal, especially since

457
00:21:25,240 --> 00:21:28,639
Speaker 1: you've probably seen decent gains. Yeah, make sure you factor

458
00:21:28,680 --> 00:21:31,320
Speaker 1: in and understand how much you're going to own taxes

459
00:21:31,359 --> 00:21:34,639
Speaker 1: based on that. But if the purpose of this money

460
00:21:34,960 --> 00:21:36,840
Speaker 1: is to help you buy that house you've been wanting

461
00:21:36,880 --> 00:21:39,080
Speaker 1: to buy, that's the exact reason to use it.

462
00:21:39,119 --> 00:21:41,400
Speaker 2: Heck, yeah, don't be afraid to use it even though

463
00:21:41,400 --> 00:21:43,240
Speaker 2: you had that money invested, because I do think that

464
00:21:43,280 --> 00:21:46,640
Speaker 2: sometimes when folks have invested money for a long term

465
00:21:46,640 --> 00:21:50,000
Speaker 2: savings goal, that there could be a hesitation to actually

466
00:21:50,080 --> 00:21:53,200
Speaker 2: tap that money for that thing. But yeah, the long term,

467
00:21:53,680 --> 00:21:56,320
Speaker 2: long term capital gains is fifteen percent, assuming that you

468
00:21:56,400 --> 00:21:59,040
Speaker 2: and your wife make within the range of eighty three

469
00:21:59,080 --> 00:22:01,920
Speaker 2: thousand to five hundred and seventeen thousand dollars. I think

470
00:22:02,280 --> 00:22:04,080
Speaker 2: as long as you fall within that, you know that

471
00:22:04,119 --> 00:22:06,560
Speaker 2: window you're only looking at fifteen percent not a big deal,

472
00:22:06,800 --> 00:22:09,679
Speaker 2: but you might want to start selling some of the

473
00:22:09,720 --> 00:22:11,639
Speaker 2: funds that you've got in that brokerage account and moving

474
00:22:11,680 --> 00:22:14,680
Speaker 2: that money over into your savings account so that, yeah,

475
00:22:15,000 --> 00:22:17,120
Speaker 2: you know, a down week or even a down month,

476
00:22:17,160 --> 00:22:19,480
Speaker 2: that it doesn't take a bite out of your down

477
00:22:19,600 --> 00:22:22,639
Speaker 2: payment amount when all of a sudden you need to

478
00:22:22,640 --> 00:22:26,280
Speaker 2: tap that money immediately for your earnest money. That's not

479
00:22:26,359 --> 00:22:28,120
Speaker 2: something that you don't want it to be a bad

480
00:22:28,119 --> 00:22:30,680
Speaker 2: week when you have to transfer that money over. And

481
00:22:30,800 --> 00:22:34,359
Speaker 2: you could, and honestly, you likely should start adding any

482
00:22:34,600 --> 00:22:37,000
Speaker 2: money that you might be putting towards that house as

483
00:22:37,000 --> 00:22:39,960
Speaker 2: that down payment to that high yield savings account every

484
00:22:40,000 --> 00:22:43,640
Speaker 2: month instead of putting that money, sacking that money into

485
00:22:43,680 --> 00:22:45,800
Speaker 2: that brokerage account. So you know, it does sound like

486
00:22:45,840 --> 00:22:47,760
Speaker 2: you're looking, which means that you'll be making an offer

487
00:22:47,840 --> 00:22:50,240
Speaker 2: sooner rather than later, and I would be de risking

488
00:22:50,760 --> 00:22:53,240
Speaker 2: as we speak. And a part of that is making

489
00:22:53,320 --> 00:22:56,280
Speaker 2: these funds a bit more liquid so that you can

490
00:22:56,320 --> 00:22:59,120
Speaker 2: spend it for the purpose in which you've saved it for. Jake,

491
00:22:59,240 --> 00:23:01,119
Speaker 2: you and your wife, you have done well with the

492
00:23:01,160 --> 00:23:03,280
Speaker 2: money that you've invested so far, but now it's time

493
00:23:03,280 --> 00:23:05,680
Speaker 2: to use that money for its intended purpose. We're really

494
00:23:05,680 --> 00:23:08,040
Speaker 2: excited for y'all, and we hope for your sake that

495
00:23:08,119 --> 00:23:11,200
Speaker 2: rates continue to drop and you're able to find yeah

496
00:23:11,240 --> 00:23:11,960
Speaker 2: house of your dreams.

497
00:23:12,080 --> 00:23:13,840
Speaker 1: There's a lot of people hoping rates will drive me.

498
00:23:14,200 --> 00:23:16,560
Speaker 1: But even then, who knows how much it's going to

499
00:23:16,560 --> 00:23:19,520
Speaker 1: impact affordability. No, might just start the feeding frenzy again

500
00:23:19,960 --> 00:23:22,159
Speaker 1: in the home buyer's market. But we will see we

501
00:23:22,200 --> 00:23:24,080
Speaker 1: need more supply. Yeah, that is what we need. It

502
00:23:24,240 --> 00:23:26,080
Speaker 1: comes down to the fundamentals. Man, hope you find something

503
00:23:26,240 --> 00:23:28,520
Speaker 1: that the demand is not going to change. Folks just

504
00:23:28,560 --> 00:23:30,439
Speaker 1: like Jake, Folks, just like Max, they are looking to

505
00:23:30,480 --> 00:23:31,040
Speaker 1: buy homes.

506
00:23:31,240 --> 00:23:32,720
Speaker 2: We need more homes on the market. Yes, we do.

507
00:23:32,920 --> 00:23:34,800
Speaker 1: All right, let's move on to our next question, Matt.

508
00:23:34,840 --> 00:23:38,400
Speaker 1: This one is specifically about insurance rates going through the roof.

509
00:23:39,080 --> 00:23:41,560
Speaker 6: Hi, Joel and Matt. My name is Frankie and I'm

510
00:23:41,560 --> 00:23:44,639
Speaker 6: from Florida. I just learned that my car insurance is

511
00:23:44,760 --> 00:23:49,479
Speaker 6: increasing by sixty six percent. Apparently there was legislature passed

512
00:23:49,480 --> 00:23:52,240
Speaker 6: in the state of Florida that kept insurance companies from

513
00:23:52,280 --> 00:23:56,639
Speaker 6: increasing the rate last October. Now that this policy has ended,

514
00:23:56,680 --> 00:23:59,320
Speaker 6: I am getting a double rate increase, and my monthly

515
00:23:59,359 --> 00:24:02,040
Speaker 6: payments are going from sixty eight dollars a month to

516
00:24:02,119 --> 00:24:05,560
Speaker 6: one hundred and ten dollars a month. This new price

517
00:24:05,720 --> 00:24:09,480
Speaker 6: already includes a five percent discount for bundling renters insurance

518
00:24:09,480 --> 00:24:10,640
Speaker 6: as well.

519
00:24:10,760 --> 00:24:11,160
Speaker 2: I have a.

520
00:24:11,119 --> 00:24:14,399
Speaker 6: Completely clean driving record and nothing has changed on my

521
00:24:14,520 --> 00:24:17,320
Speaker 6: ends of things. I was wondering if you guys had

522
00:24:17,320 --> 00:24:20,760
Speaker 6: any advice besides for shopping around for different quotes. This

523
00:24:20,800 --> 00:24:23,040
Speaker 6: is something that I am currently doing, but it does

524
00:24:23,080 --> 00:24:26,600
Speaker 6: seem like my current insurer is on the cheaper end

525
00:24:26,640 --> 00:24:29,439
Speaker 6: of things. I have also already made sure that my

526
00:24:29,480 --> 00:24:32,320
Speaker 6: policy is appropriate and there are no places to scale

527
00:24:32,320 --> 00:24:37,000
Speaker 6: back on without sacrificing adequate coverage. Is car insurance something

528
00:24:37,040 --> 00:24:40,280
Speaker 6: I can negotiate on. I would appreciate any and all

529
00:24:40,320 --> 00:24:43,520
Speaker 6: feedback you guys are able to give me. Thanks so much,

530
00:24:43,560 --> 00:24:46,159
Speaker 6: and I love the podcast.

531
00:24:45,320 --> 00:24:47,160
Speaker 2: All right, Frankie, thank you so much for your question.

532
00:24:47,280 --> 00:24:49,080
Speaker 2: And one thing I want to point out if you

533
00:24:49,119 --> 00:24:51,359
Speaker 2: were listening, hopefully you caught this, but Frankie, he's got

534
00:24:51,760 --> 00:24:55,080
Speaker 2: renter's insurance. Wow, this love. It is one of those

535
00:24:55,080 --> 00:24:58,440
Speaker 2: insurance products that is crazy cheap, but too many renters

536
00:24:58,560 --> 00:25:01,719
Speaker 2: forego it. They're skipping it completely. I think it's like

537
00:25:01,760 --> 00:25:04,920
Speaker 2: the stats show that barely more than half of renters

538
00:25:05,040 --> 00:25:07,840
Speaker 2: have renders insurance in place, which is not good. And

539
00:25:07,920 --> 00:25:11,080
Speaker 2: it's because, in part, the cost of renders insurance is

540
00:25:11,119 --> 00:25:14,359
Speaker 2: typically comparable to like a monthly Netflix subscription. Do you

541
00:25:14,359 --> 00:25:15,760
Speaker 2: want to watch sit Crown or do you have all

542
00:25:15,760 --> 00:25:18,240
Speaker 2: your possessions covered? You know, it is so worth the

543
00:25:18,240 --> 00:25:20,239
Speaker 2: peace of mind knowing that all your stuff is going

544
00:25:20,280 --> 00:25:22,360
Speaker 2: to be covered, and so you can always check over

545
00:25:22,400 --> 00:25:25,600
Speaker 2: at policy Genius. But Lemonade they are a new provider,

546
00:25:26,119 --> 00:25:28,840
Speaker 2: They've been reviewed really well and they are certainly worth

547
00:25:28,920 --> 00:25:29,280
Speaker 2: checking out.

548
00:25:29,359 --> 00:25:33,000
Speaker 1: Yeah, they often offer some of the cheapest renters insurance policies.

549
00:25:33,160 --> 00:25:35,760
Speaker 1: But check what the company you currently you know, have

550
00:25:35,880 --> 00:25:38,600
Speaker 1: auto insurance with or whatever as well. It's it's at

551
00:25:38,680 --> 00:25:40,160
Speaker 1: least worth kind of getting.

552
00:25:39,840 --> 00:25:42,440
Speaker 2: Some quotes right if you like Frankie and bundle and save.

553
00:25:42,560 --> 00:25:43,840
Speaker 1: Yeah, And if you're like, I don't know if I

554
00:25:43,840 --> 00:25:46,880
Speaker 1: have renders insurance, we'll go check because it's it's well

555
00:25:46,920 --> 00:25:48,520
Speaker 1: worth it, Like you said, the cost of it.

556
00:25:48,520 --> 00:25:51,240
Speaker 2: It's if you're asking do I have renders and probably don't.

557
00:25:51,240 --> 00:25:51,720
Speaker 2: Probably don't.

558
00:25:52,359 --> 00:25:54,480
Speaker 1: You're probably in that like forty eight percent or whatever

559
00:25:55,240 --> 00:25:57,679
Speaker 1: who don't have it, which is not good and all right,

560
00:25:57,720 --> 00:26:01,040
Speaker 1: so let's talk about what's going on with car insurance

561
00:26:01,040 --> 00:26:03,399
Speaker 1: and how much it costs these days, Matt. Obviously, what

562
00:26:03,480 --> 00:26:06,560
Speaker 1: Frankie is enduring is a big, big increase, and it's

563
00:26:06,560 --> 00:26:08,800
Speaker 1: tough to stomach, and especially it's tough for the stomach

564
00:26:09,280 --> 00:26:11,240
Speaker 1: when you're looking at the percentage, You're like forty percent

565
00:26:11,440 --> 00:26:13,040
Speaker 1: in one year, Like why why would you do that?

566
00:26:13,080 --> 00:26:13,680
Speaker 2: Almost double?

567
00:26:13,800 --> 00:26:16,960
Speaker 1: Yeah, And the truth is inflation is one of the

568
00:26:16,960 --> 00:26:19,840
Speaker 1: main culprits here. As home and car values have risen

569
00:26:19,840 --> 00:26:22,240
Speaker 1: and the cost of repairing and maintaining both of these

570
00:26:22,240 --> 00:26:25,520
Speaker 1: things have gone up, the cost to ensure them is rising. Similarly,

571
00:26:25,760 --> 00:26:30,399
Speaker 1: the insurance companies are responding essentially to economics, and so

572
00:26:30,520 --> 00:26:32,439
Speaker 1: much so that a couple of the big insurance companies

573
00:26:32,480 --> 00:26:35,320
Speaker 1: like State Farm and all State, have literally stopped writing

574
00:26:35,320 --> 00:26:39,320
Speaker 1: policies in California because the Insurance Commission in California won't

575
00:26:39,320 --> 00:26:41,600
Speaker 1: allow them to increase their rates. And so they're saying,

576
00:26:41,920 --> 00:26:43,800
Speaker 1: wait a second, if we don't increase our rates, we're

577
00:26:43,800 --> 00:26:47,320
Speaker 1: taking on the chin. We are losing money handover fist,

578
00:26:47,359 --> 00:26:48,120
Speaker 1: and which.

579
00:26:47,960 --> 00:26:50,600
Speaker 2: Then means so with there being less competition, what is

580
00:26:50,640 --> 00:26:53,080
Speaker 2: that then going to mean for the insurans that remain.

581
00:26:53,160 --> 00:26:55,360
Speaker 2: That's right, most likely higher rates.

582
00:26:55,400 --> 00:26:57,520
Speaker 1: And what does that mean that the exact opposite of

583
00:26:57,560 --> 00:26:58,920
Speaker 1: what it is that policy.

584
00:26:58,600 --> 00:26:59,520
Speaker 2: Wonks are trying to implement.

585
00:26:59,600 --> 00:27:02,280
Speaker 1: Yeah, it's it's a problem, and so it's a messy situation,

586
00:27:02,440 --> 00:27:05,199
Speaker 1: and it means millions of folks like Frankie paying a

587
00:27:05,200 --> 00:27:07,920
Speaker 1: steeper price every single month, every single year on insurance.

588
00:27:07,960 --> 00:27:11,359
Speaker 2: Two. That's right. Well, Florida customers in particular are seeing

589
00:27:11,560 --> 00:27:14,320
Speaker 2: higher rate increases, even more so on the home owners front,

590
00:27:14,520 --> 00:27:16,960
Speaker 2: because Florida is also it's just one of those states

591
00:27:16,960 --> 00:27:20,720
Speaker 2: where things can be more expensive, maybe due to the

592
00:27:20,720 --> 00:27:23,639
Speaker 2: fact that they get hit oh hurricane, largely due to

593
00:27:23,920 --> 00:27:27,440
Speaker 2: a whole lot. But Frankie, great job, as it sounds

594
00:27:27,480 --> 00:27:29,000
Speaker 2: like that you've done a lot of work to reduce

595
00:27:29,080 --> 00:27:31,080
Speaker 2: your premium cost, right like you are already doing most

596
00:27:31,080 --> 00:27:33,760
Speaker 2: of the things that we would recommend. You're bundling, you

597
00:27:33,800 --> 00:27:38,800
Speaker 2: are looking at unnecessary like you're deductible perhaps is higher

598
00:27:38,840 --> 00:27:41,400
Speaker 2: than maybe the default is. But we've got a few

599
00:27:41,400 --> 00:27:43,520
Speaker 2: more suggestions up our sleeves, and we do hope that

600
00:27:43,560 --> 00:27:45,440
Speaker 2: they help. First of all or one other thing that

601
00:27:45,480 --> 00:27:48,040
Speaker 2: you've done too. You say that you are doing some shopping, well,

602
00:27:48,040 --> 00:27:50,679
Speaker 2: that is great and is definitely the first step for

603
00:27:50,760 --> 00:27:53,280
Speaker 2: anyone who is also in your situation, But you might

604
00:27:53,280 --> 00:27:56,760
Speaker 2: also want to ask for help with your shopping. So

605
00:27:56,800 --> 00:28:00,800
Speaker 2: what we're talking about here are independent brokers and trusted Choice.

606
00:28:00,840 --> 00:28:02,760
Speaker 2: Dot com is a place where you can find a

607
00:28:03,000 --> 00:28:06,560
Speaker 2: local independent insurance agent who can shop with a bunch

608
00:28:06,640 --> 00:28:09,919
Speaker 2: of different insurance companies all at once. Since they're local,

609
00:28:10,000 --> 00:28:11,520
Speaker 2: they know a lot of the ins and the outs

610
00:28:11,560 --> 00:28:13,680
Speaker 2: and how it is specifically that you can save there

611
00:28:13,720 --> 00:28:15,840
Speaker 2: in the state of Florida. And in addition, they'll take

612
00:28:15,840 --> 00:28:19,960
Speaker 2: into account your specific situation and can often find savings

613
00:28:20,119 --> 00:28:21,720
Speaker 2: that you won't be able to find on your own

614
00:28:21,760 --> 00:28:23,800
Speaker 2: with just a simple search with some of the different

615
00:28:23,840 --> 00:28:24,800
Speaker 2: online aggregators.

616
00:28:24,840 --> 00:28:27,320
Speaker 1: Yeah, so maybe you have shopped individually, but have you

617
00:28:27,480 --> 00:28:31,159
Speaker 1: used the expert help of an independent agent. If not,

618
00:28:31,520 --> 00:28:33,000
Speaker 1: that might be the best way to go. That might

619
00:28:33,040 --> 00:28:34,080
Speaker 1: be something worth considering.

620
00:28:34,280 --> 00:28:36,560
Speaker 2: I said aggregator, not alligator. I think when I'm thinking

621
00:28:36,560 --> 00:28:39,600
Speaker 2: about Florida, there should be an insurance site called like

622
00:28:39,640 --> 00:28:43,480
Speaker 2: Florida Aggregator, And it sounds like alligator. I can see

623
00:28:43,480 --> 00:28:45,600
Speaker 2: some I'm going to go reserve that URL real quick.

624
00:28:45,680 --> 00:28:50,880
Speaker 2: Que commercials make make people aware of that site. But yeah,

625
00:28:51,040 --> 00:28:54,280
Speaker 2: I think it's second ask your current insurance company about

626
00:28:54,320 --> 00:28:57,320
Speaker 2: all the discounts, right, because most insurers are going to

627
00:28:57,400 --> 00:28:59,760
Speaker 2: give you a pretty sweet discount for taking something like

628
00:28:59,760 --> 00:29:02,719
Speaker 2: a defensive driving course. Going in person to do one

629
00:29:02,720 --> 00:29:05,000
Speaker 2: of those courses, is it sucks and I would not

630
00:29:05,040 --> 00:29:08,719
Speaker 2: recommend that, But AARP offers one that you could take online.

631
00:29:08,880 --> 00:29:11,600
Speaker 2: I did that mad It took like thirty minutes, and well,

632
00:29:11,560 --> 00:29:14,320
Speaker 2: it depends on It might suck, but it may not

633
00:29:14,360 --> 00:29:16,280
Speaker 2: suck for her, right, Like, it just depends on the

634
00:29:16,360 --> 00:29:18,200
Speaker 2: individual what they've got going on. And that's like, I

635
00:29:18,240 --> 00:29:20,000
Speaker 2: think that's what's so great about asking for some of

636
00:29:20,040 --> 00:29:22,520
Speaker 2: these discounts because for some for you know, again, it's

637
00:29:22,520 --> 00:29:24,320
Speaker 2: like one man's cheap is another man's frugal, and so

638
00:29:24,440 --> 00:29:27,040
Speaker 2: for somebody they might think, ah, I'm not gonna do that,

639
00:29:27,080 --> 00:29:29,680
Speaker 2: but for somebody else, they're thinking, I'm willing to take

640
00:29:29,720 --> 00:29:32,560
Speaker 2: whatever almost whatever steps are necessary in order to reduce

641
00:29:32,600 --> 00:29:33,040
Speaker 2: these costs.

642
00:29:33,080 --> 00:29:35,720
Speaker 1: Yeah, and something like that is doing the online defensive

643
00:29:35,760 --> 00:29:38,120
Speaker 1: driving thing. It's pretty simple and a lot of people

644
00:29:38,160 --> 00:29:40,160
Speaker 1: are gonna save hundreds of dollars a year, very low

645
00:29:40,200 --> 00:29:43,000
Speaker 1: hanging by doing that one thing. And so yeah, consider

646
00:29:43,080 --> 00:29:46,240
Speaker 1: that and maybe ask your current insurance company, Hey, how

647
00:29:46,280 --> 00:29:47,959
Speaker 1: much would I say if I did this? And then

648
00:29:47,960 --> 00:29:50,400
Speaker 1: there are a bunch of other similar discounts that insurance

649
00:29:50,440 --> 00:29:52,600
Speaker 1: companies tend to offer. Right, talk to your agent and

650
00:29:52,600 --> 00:29:55,160
Speaker 1: see which ones you qualify for. For instance, if you

651
00:29:55,200 --> 00:29:56,880
Speaker 1: don't drive a lot, if you drive less than seventy

652
00:29:56,880 --> 00:29:59,640
Speaker 1: five hundred miles a year, you're probably gonna qualify for

653
00:29:59,680 --> 00:30:02,840
Speaker 1: a mass simply discounted rate. So yeah, make sure to

654
00:30:02,840 --> 00:30:05,520
Speaker 1: be able to document that and ask specifically about that

655
00:30:05,600 --> 00:30:07,880
Speaker 1: and whether you can save a lot of money with

656
00:30:07,880 --> 00:30:10,120
Speaker 1: that sort of discount applied. You might also score a

657
00:30:10,120 --> 00:30:12,840
Speaker 1: better rate for letting them track your driving or by

658
00:30:12,840 --> 00:30:15,240
Speaker 1: being a member of a specific organization. There are just

659
00:30:15,280 --> 00:30:18,960
Speaker 1: so many discounts that you might qualify for, but you

660
00:30:19,160 --> 00:30:21,000
Speaker 1: might not know if you qualify for them because you

661
00:30:21,040 --> 00:30:22,000
Speaker 1: haven't asked the question.

662
00:30:22,120 --> 00:30:23,920
Speaker 2: You haven't asked. Yeah, we talked about the art of

663
00:30:23,960 --> 00:30:25,880
Speaker 2: asking for a discount here on the show, but in

664
00:30:25,920 --> 00:30:28,160
Speaker 2: this case, it's not it's not really an ask. I'm sorry,

665
00:30:28,200 --> 00:30:31,200
Speaker 2: it's not really an art. It's just the task of asking, Like,

666
00:30:31,840 --> 00:30:34,640
Speaker 2: just ask, because they're not going to voluntarily say, hey,

667
00:30:34,640 --> 00:30:36,280
Speaker 2: here's a bunch of ways that you can save money.

668
00:30:36,520 --> 00:30:38,760
Speaker 2: It's like it pulling a thread from a sweater, a

669
00:30:38,760 --> 00:30:40,880
Speaker 2: tailor thread. You pull this thing and all of a sudden,

670
00:30:40,960 --> 00:30:41,680
Speaker 2: like all of.

671
00:30:41,640 --> 00:30:43,560
Speaker 1: These options will drop, and you just keep asking, Wait

672
00:30:43,720 --> 00:30:45,720
Speaker 1: a second, what other discounts do you have at your

673
00:30:45,720 --> 00:30:48,760
Speaker 1: disposal that I'm not aware of? And just keep barking

674
00:30:48,800 --> 00:30:50,480
Speaker 1: up that tree and see what they've got, and then

675
00:30:50,680 --> 00:30:52,520
Speaker 1: and try to jump through those hoops so that you

676
00:30:52,520 --> 00:30:55,000
Speaker 1: can bring the costs back down. You're not going to

677
00:30:55,040 --> 00:30:56,720
Speaker 1: get it back to what it was in all likelihood,

678
00:30:57,000 --> 00:30:59,480
Speaker 1: but you should be able to save to at least

679
00:30:59,560 --> 00:31:00,160
Speaker 1: bring it down.

680
00:31:00,120 --> 00:31:01,680
Speaker 2: A little bit. And I think so one other option

681
00:31:01,760 --> 00:31:04,720
Speaker 2: you mentioned her not like potentially if she drives seventy

682
00:31:04,760 --> 00:31:07,440
Speaker 2: five hundred or fewer miles. I think if that's the case,

683
00:31:07,440 --> 00:31:11,440
Speaker 2: it might even be worth not paying for insurance because

684
00:31:11,480 --> 00:31:13,080
Speaker 2: if you don't have a car, you don't have to

685
00:31:13,080 --> 00:31:15,280
Speaker 2: insure it. And I don't want you to be short

686
00:31:15,320 --> 00:31:15,840
Speaker 2: sighted here.

687
00:31:16,000 --> 00:31:18,920
Speaker 1: That would be illegal, but that would be illegal to

688
00:31:19,000 --> 00:31:21,080
Speaker 1: not have car insurance. But what I'm saying is that

689
00:31:21,120 --> 00:31:23,440
Speaker 1: she get rid of a car. And so if you're

690
00:31:23,440 --> 00:31:25,560
Speaker 1: not driving a ton of miles, consider some of the

691
00:31:25,600 --> 00:31:28,320
Speaker 1: other options, like if like if you have a friend

692
00:31:28,320 --> 00:31:30,640
Speaker 1: at work and they happen to live nearby, you can carpool,

693
00:31:30,880 --> 00:31:33,320
Speaker 1: if maybe you can take public transit if that's something

694
00:31:33,360 --> 00:31:36,680
Speaker 1: that's offered there in your area, or even walking or

695
00:31:36,720 --> 00:31:39,719
Speaker 1: biking for some of the other errands that you need

696
00:31:39,760 --> 00:31:40,920
Speaker 1: to run that kind of thing. And then if you

697
00:31:40,920 --> 00:31:42,880
Speaker 1: need to get across town, you can uber and lyft.

698
00:31:42,920 --> 00:31:45,840
Speaker 1: There are just so many different options that are available

699
00:31:45,880 --> 00:31:48,120
Speaker 1: to you, and I don't want you to like the

700
00:31:48,160 --> 00:31:49,720
Speaker 1: default assumption shouldn't.

701
00:31:49,360 --> 00:31:50,920
Speaker 2: Be well, you've got to have a car. Well, for

702
00:31:50,960 --> 00:31:53,000
Speaker 2: a lot of folks, yes you do, but.

703
00:31:52,960 --> 00:31:55,160
Speaker 1: At some point it depending on how expensive insurance gets,

704
00:31:55,200 --> 00:31:56,200
Speaker 1: we would all make a different choice.

705
00:31:56,240 --> 00:31:58,480
Speaker 2: Oh yeah, So if it all comes down to running

706
00:31:58,520 --> 00:31:59,640
Speaker 2: the numbers and seeing what makes.

707
00:31:59,560 --> 00:32:01,760
Speaker 1: It goes from a thousand dollars a year to eight

708
00:32:01,760 --> 00:32:04,200
Speaker 1: thousand dollars a year, I rethink every single habit that

709
00:32:04,200 --> 00:32:06,880
Speaker 1: I have on the grup. Yeah, so at some point

710
00:32:06,960 --> 00:32:08,960
Speaker 1: the pain becomes too difficult, And yeah, you do rethink

711
00:32:09,000 --> 00:32:11,000
Speaker 1: everything from the ground up. So don't be like a

712
00:32:11,080 --> 00:32:13,000
Speaker 1: frog and boiling water and start to kind of question

713
00:32:13,160 --> 00:32:15,000
Speaker 1: just get used to it. Yeah, start a question basically

714
00:32:15,000 --> 00:32:16,600
Speaker 1: the whole premise of whether or not you need a car.

715
00:32:16,640 --> 00:32:17,920
Speaker 1: I think that's that's a reasonable thing.

716
00:32:18,200 --> 00:32:20,680
Speaker 2: Especially for Frankie. She sounds like she might be a

717
00:32:20,680 --> 00:32:22,280
Speaker 2: little bit younger, and I think this is easier to

718
00:32:22,280 --> 00:32:24,240
Speaker 2: pull off when you are younger and you've got a

719
00:32:24,280 --> 00:32:28,440
Speaker 2: little more flexibility, when you've got more responsibility. Maybe when

720
00:32:28,440 --> 00:32:30,280
Speaker 2: you've got kids. This is a harder thing to do.

721
00:32:30,560 --> 00:32:32,880
Speaker 2: But there's a lot of things that we did early

722
00:32:32,920 --> 00:32:35,160
Speaker 2: on that a lot of folks would have considered to

723
00:32:35,160 --> 00:32:38,800
Speaker 2: be the quote unquote extreme path to take. But you

724
00:32:38,840 --> 00:32:41,320
Speaker 2: know what, we're all for you considering some of these

725
00:32:41,360 --> 00:32:43,640
Speaker 2: extreme options if it allows you to reach some of

726
00:32:43,640 --> 00:32:46,120
Speaker 2: your financial goals sooner. Franking, we want you to consider

727
00:32:46,120 --> 00:32:46,880
Speaker 2: that one hundred percent.

728
00:32:46,880 --> 00:32:48,800
Speaker 1: All right, man, We've got more questions to get to,

729
00:32:48,960 --> 00:32:52,720
Speaker 1: including one about reducing taxes as you're investing and growing

730
00:32:52,720 --> 00:32:55,400
Speaker 1: your wealth. We'll talk about that and more right after this.

731
00:33:04,920 --> 00:33:06,800
Speaker 2: We are back for the break fielding some of these

732
00:33:06,800 --> 00:33:09,600
Speaker 2: different questions that our lovely listeners have sent our way

733
00:33:09,720 --> 00:33:12,960
Speaker 2: and Jill. Before we get to that tax loss harvesting question,

734
00:33:13,320 --> 00:33:14,960
Speaker 2: that's here from a listener, and he wants to make

735
00:33:15,000 --> 00:33:17,800
Speaker 2: sure that he is financially prepared to have a baby.

736
00:33:18,240 --> 00:33:22,360
Speaker 3: Hey man, Jil, this is Tyler from Pocatello, Idaho. I've

737
00:33:22,400 --> 00:33:24,400
Speaker 3: been listening to this show for a few months now

738
00:33:24,440 --> 00:33:27,800
Speaker 3: and absolutely love it. Thanks for all you do. I

739
00:33:27,920 --> 00:33:32,360
Speaker 3: just had a question regarding medical insurance or medical bills

740
00:33:32,880 --> 00:33:36,280
Speaker 3: and how to negotiate them when they seem a bit

741
00:33:36,360 --> 00:33:39,360
Speaker 3: too high. I'm not dealing with this currently, but I

742
00:33:39,400 --> 00:33:41,520
Speaker 3: do plan on, you know, having kids in the future

743
00:33:41,560 --> 00:33:44,360
Speaker 3: and don't want to be overcharged for that. So I

744
00:33:44,400 --> 00:33:47,160
Speaker 3: was just wondering what's the process for going through and

745
00:33:47,400 --> 00:33:52,200
Speaker 3: negotiating bills down and kind of what to do when

746
00:33:52,560 --> 00:33:56,960
Speaker 3: the people don't want to play nice I guess. Thanks

747
00:33:56,960 --> 00:33:59,760
Speaker 3: for your answer and have a nice.

748
00:33:59,600 --> 00:34:00,520
Speaker 2: Day, Matt.

749
00:34:00,560 --> 00:34:03,000
Speaker 1: I love I love that Tyler is asking this question

750
00:34:03,080 --> 00:34:06,200
Speaker 1: question proactively. He's like, Hey, kids are on the horizon,

751
00:34:06,240 --> 00:34:08,319
Speaker 1: and I want to know now type a personality right here.

752
00:34:08,360 --> 00:34:09,920
Speaker 1: That's right, I'm gonna get my ducks and ducks in

753
00:34:09,960 --> 00:34:12,319
Speaker 1: a row way before I actually need them. And so,

754
00:34:12,480 --> 00:34:14,880
Speaker 1: I mean, obviously we all know that healthcare in the

755
00:34:15,000 --> 00:34:17,320
Speaker 1: United States is messed up in a lot of ways,

756
00:34:17,320 --> 00:34:20,680
Speaker 1: and that's a topic for another day, probably for smarter

757
00:34:20,760 --> 00:34:22,560
Speaker 1: people than you and I to tackle. But there are

758
00:34:22,560 --> 00:34:25,319
Speaker 1: a lot of ways that Tyler, specifically in a lot

759
00:34:25,320 --> 00:34:27,960
Speaker 1: of people out there, can decrease the pain of medical

760
00:34:28,000 --> 00:34:30,880
Speaker 1: bills in their lives. And again, since he's asking on

761
00:34:30,920 --> 00:34:33,680
Speaker 1: the front end, he's got even more of an ability

762
00:34:33,880 --> 00:34:36,640
Speaker 1: to change the outcome and to really lessen the costs.

763
00:34:36,680 --> 00:34:39,480
Speaker 1: I think of any procedure, including including having kids.

764
00:34:39,600 --> 00:34:42,759
Speaker 2: You know what, man, let's take Tyler's specific example of

765
00:34:42,800 --> 00:34:45,239
Speaker 2: having a baby, which we're all about. By the way,

766
00:34:45,640 --> 00:34:48,400
Speaker 2: kids are the best. They are worth all the heartache,

767
00:34:48,600 --> 00:34:52,720
Speaker 2: all the sleepless nights, all the money involved with even

768
00:34:52,800 --> 00:34:55,279
Speaker 2: just bringing them into this world. But I would call

769
00:34:55,440 --> 00:34:57,840
Speaker 2: your insurance company first and see what is covered on

770
00:34:57,880 --> 00:35:00,719
Speaker 2: this front. Basically, we're talking about making sure that you

771
00:35:00,719 --> 00:35:03,040
Speaker 2: are gathering the right information, that you have the right

772
00:35:03,200 --> 00:35:06,840
Speaker 2: data on hand in order to make a very informed decision.

773
00:35:06,840 --> 00:35:10,160
Speaker 2: But you want to know if maternity care, like prenatal care,

774
00:35:10,680 --> 00:35:13,239
Speaker 2: plus labor and delivery, all of these things are they

775
00:35:13,280 --> 00:35:16,759
Speaker 2: all covered. Now, what about ultrasounds, because oftentimes those are

776
00:35:17,640 --> 00:35:22,200
Speaker 2: not performed there at the office of your ob It's

777
00:35:22,239 --> 00:35:24,759
Speaker 2: a separate charge it's a separate location a lot of times. Yeah,

778
00:35:24,760 --> 00:35:27,359
Speaker 2: those can add up if it's not covered by insurance. Yeah,

779
00:35:27,400 --> 00:35:30,759
Speaker 2: and then which specific hospitals even are you know that

780
00:35:30,840 --> 00:35:33,440
Speaker 2: you have there in the area. Take your specific insurance

781
00:35:33,440 --> 00:35:35,719
Speaker 2: because even with insurance, it's going to be important to

782
00:35:35,760 --> 00:35:38,600
Speaker 2: save up around like three to five thousand dollars, which

783
00:35:38,640 --> 00:35:42,440
Speaker 2: is a lot of money, but the average cost without

784
00:35:42,480 --> 00:35:45,080
Speaker 2: insurance it's more in the eighteen to twenty thousand dollars

785
00:35:45,160 --> 00:35:48,920
Speaker 2: range in order to have a healthy, healthy pregnancy and delivery.

786
00:35:48,960 --> 00:35:51,279
Speaker 1: I think a lot of people with good insurance they're

787
00:35:51,320 --> 00:35:55,000
Speaker 1: shocked at the bills they receive after giving birth. And

788
00:35:55,080 --> 00:35:56,880
Speaker 1: I get it, like that, that's a lot of money,

789
00:35:56,960 --> 00:35:59,760
Speaker 1: but given kind of what it costs for cash payers,

790
00:35:59,800 --> 00:36:01,760
Speaker 1: most the time, it's a significant savings.

791
00:36:01,760 --> 00:36:04,200
Speaker 2: Oh yeah. Yeah. And by the way, going natural is

792
00:36:04,239 --> 00:36:06,279
Speaker 2: going to save you some money too, because, uh, we're

793
00:36:06,280 --> 00:36:09,800
Speaker 2: talking about all these additional costs and epidural can caught easily.

794
00:36:09,920 --> 00:36:11,760
Speaker 2: I mean, it can cost you in the thousands of dollars.

795
00:36:12,400 --> 00:36:14,919
Speaker 2: We're dudes, so we will shut up on this front

796
00:36:14,960 --> 00:36:16,759
Speaker 2: because obviously some ladies are going to say it's the

797
00:36:16,760 --> 00:36:19,000
Speaker 2: best money that they have ever spent. But we're just

798
00:36:19,040 --> 00:36:20,440
Speaker 2: putting it out there, but we want to make sure

799
00:36:20,480 --> 00:36:23,040
Speaker 2: that you have considered all of these different all these

800
00:36:23,120 --> 00:36:25,879
Speaker 2: multiple expenses that you're faced with, because so like early

801
00:36:25,920 --> 00:36:28,719
Speaker 2: on when we were considering having our first child, we

802
00:36:28,800 --> 00:36:30,960
Speaker 2: had a health care plan with a very very high

803
00:36:31,080 --> 00:36:33,239
Speaker 2: deductible and so we reached out to the hospital. We

804
00:36:33,320 --> 00:36:36,640
Speaker 2: got that upfront cash price, and it made more sense

805
00:36:36,800 --> 00:36:39,319
Speaker 2: for us to go that route. But you also want

806
00:36:39,320 --> 00:36:41,839
Speaker 2: to make to make sure and to realize that, well,

807
00:36:41,880 --> 00:36:44,640
Speaker 2: that's just with a hospital. So they're basically you've got

808
00:36:44,640 --> 00:36:47,200
Speaker 2: the itemized charge of the hospital. You're basically paying for

809
00:36:47,239 --> 00:36:49,880
Speaker 2: access to the facility. It pays the nurses, that kind

810
00:36:49,920 --> 00:36:55,000
Speaker 2: of thing. But then you're obstetrician, all that care, the delivery,

811
00:36:55,040 --> 00:36:57,080
Speaker 2: all of that. Like that's a separate conversation. That's a

812
00:36:57,120 --> 00:37:00,719
Speaker 2: separate charge. The epidural like I mentioned, if you want that,

813
00:37:00,719 --> 00:37:04,520
Speaker 2: that's an anesthesiologist. Those are very expensive as well. There

814
00:37:04,520 --> 00:37:07,440
Speaker 2: are all these separate charges. It's not I mean, maybe.

815
00:37:07,280 --> 00:37:09,280
Speaker 1: There's a reason they drive a Porsche to the hospital.

816
00:37:09,480 --> 00:37:13,000
Speaker 2: Yes, maybe where you are, and there are some folks

817
00:37:13,040 --> 00:37:16,680
Speaker 2: who have gone gotten like a package deal perhaps where

818
00:37:16,760 --> 00:37:19,520
Speaker 2: all of the expenses are covered on the same bill.

819
00:37:19,719 --> 00:37:22,720
Speaker 2: But that is not what we have found here in Atlanta,

820
00:37:23,000 --> 00:37:24,200
Speaker 2: and so you want to make sure that you are

821
00:37:24,239 --> 00:37:26,680
Speaker 2: aware of all the different expenses one phase.

822
00:37:26,760 --> 00:37:30,280
Speaker 1: One other thing worth mentioning is that when open enrollment comes,

823
00:37:30,360 --> 00:37:32,719
Speaker 1: if you know, hey, next year we're gonna get we're

824
00:37:32,719 --> 00:37:36,719
Speaker 1: getting pregnant December, and next year we're definitely having a baby. Obviously,

825
00:37:36,800 --> 00:37:39,480
Speaker 1: some of those things you can't plan them out perfectly,

826
00:37:39,840 --> 00:37:42,640
Speaker 1: but if that's your goal, make sure you have the

827
00:37:42,680 --> 00:37:45,200
Speaker 1: coverage that's going to be the most cost effective. When

828
00:37:45,360 --> 00:37:47,880
Speaker 1: you're in a year where you're going to have higher

829
00:37:47,880 --> 00:37:48,760
Speaker 1: health costs coming.

830
00:37:48,600 --> 00:37:49,680
Speaker 2: Your way and it sounds like the COT.

831
00:37:49,719 --> 00:37:53,000
Speaker 1: So that might mean not having the highest deductible coverage

832
00:37:53,000 --> 00:37:55,359
Speaker 1: that year. It might mean a lower deductible, paying more

833
00:37:55,400 --> 00:37:56,640
Speaker 1: in premiums every single month.

834
00:37:56,680 --> 00:37:58,719
Speaker 2: But you know that you're going to hit exact some

835
00:37:58,920 --> 00:38:01,080
Speaker 2: out of pockets, so let's make sure that you are

836
00:38:01,080 --> 00:38:01,799
Speaker 2: on the possius plan.

837
00:38:01,800 --> 00:38:04,040
Speaker 1: Possibly if you're going from a twelve thousand dollars deductible

838
00:38:04,080 --> 00:38:05,920
Speaker 1: to a four thousand dollars deductible, well it's worth that

839
00:38:05,960 --> 00:38:07,040
Speaker 1: increase in premiums, right.

840
00:38:07,000 --> 00:38:09,360
Speaker 2: Let's make it two thousand. Yeah, let's go ahead and

841
00:38:09,440 --> 00:38:09,680
Speaker 2: hit that.

842
00:38:09,880 --> 00:38:12,680
Speaker 1: Okay, whatever you're offered, just you know you're going to

843
00:38:12,760 --> 00:38:16,200
Speaker 1: hit basically hit that amount. Go with the lowest. You

844
00:38:16,280 --> 00:38:18,760
Speaker 1: run the numbers, but go with the lowest deductible possible.

845
00:38:18,880 --> 00:38:21,759
Speaker 2: Totally. Yeah, okay, So one last thing. So Kate and

846
00:38:21,800 --> 00:38:23,120
Speaker 2: I we've had four kids, so I feel like we've

847
00:38:23,120 --> 00:38:26,560
Speaker 2: got a lot of personal experience. But consider instead of

848
00:38:26,560 --> 00:38:29,640
Speaker 2: going to a hospital, a birthing center, especially if you

849
00:38:29,719 --> 00:38:32,719
Speaker 2: are younger, if you have not had any health complications

850
00:38:32,760 --> 00:38:36,960
Speaker 2: or concerns, going with a birthing center where truly all

851
00:38:37,120 --> 00:38:39,680
Speaker 2: the costs are on one single bill there in the

852
00:38:39,680 --> 00:38:41,880
Speaker 2: birthing center. But that is a way that we saved

853
00:38:42,239 --> 00:38:44,520
Speaker 2: a ton of money with our fourth child.

854
00:38:44,640 --> 00:38:46,080
Speaker 1: And you were cash payers, you didn't have a pay

855
00:38:46,080 --> 00:38:49,080
Speaker 1: perend We paid cash. It was by far the most

856
00:38:49,160 --> 00:38:52,000
Speaker 1: affordable way for us to have a kid. Of all

857
00:38:52,080 --> 00:38:54,200
Speaker 1: the yeah I've got I've got it all, say it,

858
00:38:54,239 --> 00:38:56,840
Speaker 1: I know how much they all cost. Westy costs the

859
00:38:56,920 --> 00:38:59,839
Speaker 1: least amount of money to have. But we also knew

860
00:38:59,880 --> 00:39:02,719
Speaker 1: that that you know, maybe four we felt very comfortable

861
00:39:02,719 --> 00:39:05,319
Speaker 1: with the entire process. We had zero complications before. But

862
00:39:05,360 --> 00:39:07,400
Speaker 1: that's something to something to consider. I mean, if you

863
00:39:07,440 --> 00:39:08,960
Speaker 1: want to go extreme, you can do a you can

864
00:39:08,960 --> 00:39:10,480
Speaker 1: do a home birth, but.

865
00:39:10,480 --> 00:39:12,760
Speaker 2: Manna be a little too risky, a little too risky.

866
00:39:13,080 --> 00:39:15,480
Speaker 2: There's some folks who believe that that's the way that

867
00:39:15,920 --> 00:39:18,880
Speaker 2: they should be giving birth. But obviously it makes the

868
00:39:18,920 --> 00:39:21,040
Speaker 2: right personnel on hand. Yeah, and make sure that you

869
00:39:21,080 --> 00:39:24,040
Speaker 2: are incredibly informed. Don't just do it to save money,

870
00:39:24,120 --> 00:39:26,960
Speaker 2: like there need to be other regular cheap make sure

871
00:39:27,120 --> 00:39:28,719
Speaker 2: like that you are doing it for other reasons. Then

872
00:39:28,719 --> 00:39:30,080
Speaker 2: there are a lot of people who are doing it

873
00:39:30,080 --> 00:39:33,520
Speaker 2: for the for great reasons. But don't just do it

874
00:39:33,560 --> 00:39:34,160
Speaker 2: to save some money.

875
00:39:34,239 --> 00:39:35,920
Speaker 1: Let's talk quickly too about what to do after you

876
00:39:35,920 --> 00:39:37,719
Speaker 1: get a bill, So like after the birth, how do

877
00:39:37,719 --> 00:39:41,000
Speaker 1: you respond? And now we had a guy named Marshall Allen,

878
00:39:41,040 --> 00:39:42,840
Speaker 1: a journalist on the show back in the day. We

879
00:39:42,920 --> 00:39:46,520
Speaker 1: just replayed that episode actually on Friday, and so I

880
00:39:46,719 --> 00:39:49,000
Speaker 1: would tell Tyler go back and listen to that episode.

881
00:39:49,080 --> 00:39:51,600
Speaker 1: I don't think we've had a better how to minimize

882
00:39:51,640 --> 00:39:56,160
Speaker 1: healthcare cost episode than that one. And what Marshall Allen

883
00:39:56,200 --> 00:39:57,759
Speaker 1: says the title of his book is never paid the

884
00:39:57,760 --> 00:40:01,759
Speaker 1: first bill, And that's because insurance. Your insurance company might

885
00:40:01,760 --> 00:40:03,560
Speaker 1: not have even had a chance to negotiate the price

886
00:40:03,600 --> 00:40:05,960
Speaker 1: with the medical provider. Yet by the time you get

887
00:40:06,000 --> 00:40:08,000
Speaker 1: that bill in the mail, so you're going to want

888
00:40:08,000 --> 00:40:10,560
Speaker 1: to wait until after that's been done, those negotiations have happened,

889
00:40:10,800 --> 00:40:13,560
Speaker 1: and then once you have the hopefully now discounted bill,

890
00:40:13,840 --> 00:40:15,440
Speaker 1: you want to make sure that you have an itemized

891
00:40:15,520 --> 00:40:17,560
Speaker 1: version of that bill. That way, you can push back

892
00:40:17,600 --> 00:40:20,359
Speaker 1: on anything that looks out of place, right like, why

893
00:40:20,440 --> 00:40:23,239
Speaker 1: is that ibuprofen cost ninety eight dollars? That's absurd, you

894
00:40:23,320 --> 00:40:25,000
Speaker 1: know that kind of stuff, And you can use a

895
00:40:25,040 --> 00:40:27,160
Speaker 1: site like Healthcare blue Book to see what the cost

896
00:40:27,239 --> 00:40:29,919
Speaker 1: should be based on all the data they've gathered from

897
00:40:29,960 --> 00:40:32,160
Speaker 1: around the country, and you can push back to that

898
00:40:32,200 --> 00:40:34,760
Speaker 1: healthcare provider if their costs kind of aren't in line

899
00:40:34,880 --> 00:40:36,800
Speaker 1: with what Healthcare blue Book says they should be.

900
00:40:36,920 --> 00:40:39,359
Speaker 2: Y'ess right, And then after that we're going to take

901
00:40:39,560 --> 00:40:42,879
Speaker 2: the approach that we presented with Frankie as far as

902
00:40:42,920 --> 00:40:47,160
Speaker 2: asking for discounts, because as worth noting that most hospitals

903
00:40:47,160 --> 00:40:50,759
Speaker 2: they employ patient advocates who you can talk to, and

904
00:40:50,880 --> 00:40:54,040
Speaker 2: many of these different hospitals also have published financial assistance

905
00:40:54,200 --> 00:40:57,960
Speaker 2: guides up on their website. Basically, depending on your family

906
00:40:58,040 --> 00:41:01,640
Speaker 2: size your income, you might be eligible to receive a

907
00:41:01,760 --> 00:41:06,759
Speaker 2: significant discount on the bill with no questions asked, or

908
00:41:06,800 --> 00:41:08,800
Speaker 2: you might even be able to have it completely forgiven,

909
00:41:09,239 --> 00:41:12,400
Speaker 2: depending again, depending on your personal situation. So keep that

910
00:41:12,440 --> 00:41:14,920
Speaker 2: in mind. But I love how you are thinking ahead,

911
00:41:14,960 --> 00:41:18,560
Speaker 2: Tyler Joel. I really liked how like your approach, just

912
00:41:18,600 --> 00:41:20,400
Speaker 2: as far as thinking ahead and knowing that, like, all right,

913
00:41:20,440 --> 00:41:23,000
Speaker 2: it's open enrollment later this year. Oh, we're probably going

914
00:41:23,040 --> 00:41:25,080
Speaker 2: to have a baby in twenty twenty four. That's how

915
00:41:25,080 --> 00:41:27,160
Speaker 2: you want to approach this. You want to be thinking ahead.

916
00:41:27,320 --> 00:41:28,680
Speaker 2: I guess I like it because that's how Kate and

917
00:41:28,680 --> 00:41:31,120
Speaker 2: I approached it. And literally I remember when we had

918
00:41:31,120 --> 00:41:33,440
Speaker 2: gotten married, or I think maybe it is even before

919
00:41:33,480 --> 00:41:36,800
Speaker 2: we got married, we kind of talked through like rough dates,

920
00:41:36,920 --> 00:41:38,839
Speaker 2: rough times when we thought we might want to start

921
00:41:38,880 --> 00:41:42,239
Speaker 2: having kids. And I have that on the calendar, like

922
00:41:42,320 --> 00:41:45,319
Speaker 2: on January first. Of course you did and said, I'm

923
00:41:45,320 --> 00:41:47,279
Speaker 2: sure it's actually still on the calendar because we don't

924
00:41:47,320 --> 00:41:48,640
Speaker 2: delete stuff. And I'd like to see what you put

925
00:41:48,640 --> 00:41:50,960
Speaker 2: on the calendar nine months before that date, and it

926
00:41:51,000 --> 00:41:53,920
Speaker 2: says start having a baby with a question mark on

927
00:41:54,040 --> 00:41:57,120
Speaker 2: January first, like start having a baby, this year and so.

928
00:41:57,320 --> 00:41:59,359
Speaker 2: But that is again, like you said, you can't plan

929
00:41:59,400 --> 00:42:01,319
Speaker 2: things out perfect, but it's something you can start to

930
00:42:01,400 --> 00:42:04,319
Speaker 2: prepare for. And to that extent, you can also go

931
00:42:04,320 --> 00:42:07,640
Speaker 2: ahead and just start saving some money now as well. Right,

932
00:42:07,719 --> 00:42:10,600
Speaker 2: And so let's say maybe you're roughly two years away.

933
00:42:11,719 --> 00:42:14,160
Speaker 2: If you were to sock away one hundred and twenty

934
00:42:14,200 --> 00:42:16,720
Speaker 2: five dollars a month starting now, that's going to ensure

935
00:42:16,840 --> 00:42:19,160
Speaker 2: that you will have exactly three thousand dollars on hand

936
00:42:19,160 --> 00:42:22,520
Speaker 2: to pay for a portion of the cost related to birth.

937
00:42:23,239 --> 00:42:25,600
Speaker 1: It's like a baby sinking fund, you know, yes, exactly.

938
00:42:25,600 --> 00:42:28,080
Speaker 1: I mean we do that when it comes to other goals,

939
00:42:28,120 --> 00:42:30,680
Speaker 1: other things that we want to purchase. And granted, it's

940
00:42:30,719 --> 00:42:33,320
Speaker 1: not like a simple transaction where you head to Walmart

941
00:42:33,360 --> 00:42:36,319
Speaker 1: and buy a buy a baby, but we should be

942
00:42:36,400 --> 00:42:39,799
Speaker 1: approaching some of these different savings buckets or different life

943
00:42:39,800 --> 00:42:43,080
Speaker 1: goals like having a baby it needs to be married

944
00:42:43,120 --> 00:42:45,279
Speaker 1: and have its feet planted here on earth when it

945
00:42:45,280 --> 00:42:47,160
Speaker 1: comes to the practical steps that we need to take

946
00:42:47,360 --> 00:42:50,359
Speaker 1: to be financially prepared for that, true, agreed, So yeah,

947
00:42:50,400 --> 00:42:52,319
Speaker 1: start saving now, start thinking about it now. There's a

948
00:42:52,320 --> 00:42:54,480
Speaker 1: lot of proactive planning you can do it. Doesn't just

949
00:42:54,520 --> 00:42:56,160
Speaker 1: have to be reactive when the bill gets in the

950
00:42:56,160 --> 00:42:59,319
Speaker 1: mail and your jaw drops because you're shocked at how

951
00:42:59,360 --> 00:43:02,480
Speaker 1: expensive to birth actually was. So Tyler, best of luck

952
00:43:02,480 --> 00:43:05,000
Speaker 1: to you in this endeavor, not only in the endeavor

953
00:43:05,000 --> 00:43:06,640
Speaker 1: of starting a family, but in doing it in a

954
00:43:06,640 --> 00:43:08,799
Speaker 1: cost effective way. All right, Matt, let's get to our

955
00:43:09,080 --> 00:43:13,000
Speaker 1: last question of this episode. This one is about saving

956
00:43:13,040 --> 00:43:14,400
Speaker 1: on taxes as an investor.

957
00:43:14,840 --> 00:43:17,800
Speaker 7: Hey, guys, this is Steven Oregon. I've got a question

958
00:43:17,960 --> 00:43:21,760
Speaker 7: about using a financial planner. We've been with a company.

959
00:43:22,200 --> 00:43:24,960
Speaker 7: It's actually a friend of mine, and I trust them

960
00:43:25,000 --> 00:43:27,560
Speaker 7: and they do a good job. But they charge the

961
00:43:27,600 --> 00:43:30,719
Speaker 7: standard one percent, which I see that coming out every month,

962
00:43:30,920 --> 00:43:33,520
Speaker 7: and I'm kind of like, I don't know how much

963
00:43:33,560 --> 00:43:37,480
Speaker 7: it's worth it. I'm really confident in like where I

964
00:43:37,480 --> 00:43:41,160
Speaker 7: should be putting my money and all that, and you know,

965
00:43:41,200 --> 00:43:43,880
Speaker 7: I've kind of narrowed it down to Fidelity or Schwab,

966
00:43:44,480 --> 00:43:46,799
Speaker 7: one of those. But the question I keep having is

967
00:43:47,000 --> 00:43:51,440
Speaker 7: with like the more fine tune stuff like tax loss harvesting,

968
00:43:51,560 --> 00:43:55,799
Speaker 7: for instance, That's something that my financial planner does for

969
00:43:55,840 --> 00:43:59,040
Speaker 7: me every year. I guess I'm not sure if the

970
00:43:59,080 --> 00:44:03,319
Speaker 7: savings from that loan is worth the one percent, because

971
00:44:03,360 --> 00:44:06,520
Speaker 7: I'm perfectly fine at this point just managing everything myself,

972
00:44:07,360 --> 00:44:10,239
Speaker 7: and I couldn't find anything any website about that. Like,

973
00:44:10,320 --> 00:44:13,840
Speaker 7: I know, tax loss harvesting is beneficial, I'm just not

974
00:44:14,040 --> 00:44:16,920
Speaker 7: entirely sure if it's worth one percent and if it's not, like,

975
00:44:17,080 --> 00:44:20,560
Speaker 7: is that even something I can do easily myself through Fidelity,

976
00:44:20,719 --> 00:44:23,520
Speaker 7: Schwab or any of those low cost brokers.

977
00:44:23,680 --> 00:44:26,640
Speaker 2: Thanks all right, Steve, That actually is something that you

978
00:44:26,680 --> 00:44:32,000
Speaker 2: can do yourself, but at least those three big brokerage companies,

979
00:44:32,040 --> 00:44:35,879
Speaker 2: they don't necessarily have any special tools built into their

980
00:44:35,920 --> 00:44:38,440
Speaker 2: brokerage accounts, but it is something that you can do

981
00:44:38,480 --> 00:44:40,120
Speaker 2: yourself with that we'll get to here in a second.

982
00:44:40,160 --> 00:44:43,719
Speaker 2: But first off, let's discuss what tax loss harvesting is.

983
00:44:44,120 --> 00:44:46,960
Speaker 2: And basically, it's when you sell securities at a loss

984
00:44:47,280 --> 00:44:50,040
Speaker 2: in order to reduce your tax burden for that year.

985
00:44:50,480 --> 00:44:53,359
Speaker 2: But you aren't just cashing out. What you're doing is

986
00:44:53,400 --> 00:44:57,040
Speaker 2: you're actually rebuying a similar fund, not so similar that

987
00:44:57,080 --> 00:45:00,000
Speaker 2: you'd be subject to the wash sale rule, but similar

988
00:45:00,360 --> 00:45:03,320
Speaker 2: enough allowing you to stay invested while saving on taxes.

989
00:45:03,680 --> 00:45:05,919
Speaker 2: So it's a it's a neat strategy that can help

990
00:45:05,920 --> 00:45:11,399
Speaker 2: you to reduce taxation, specifically in taxable brokerage accounts. So

991
00:45:11,480 --> 00:45:13,800
Speaker 2: for instance, this is like it's excelling an S and

992
00:45:13,800 --> 00:45:16,920
Speaker 2: P five hundred fund moving to a total stock market fund.

993
00:45:17,080 --> 00:45:18,959
Speaker 2: And this is a good example because this is something

994
00:45:19,000 --> 00:45:21,560
Speaker 2: I literally did within a brokerage account, but I've only

995
00:45:21,560 --> 00:45:23,960
Speaker 2: ever done it once, did it last year once we

996
00:45:24,000 --> 00:45:26,560
Speaker 2: saw some big losses in the market. But because of

997
00:45:26,600 --> 00:45:30,800
Speaker 2: the tax advantaged nature of retirement specific accounts, so like

998
00:45:30,840 --> 00:45:34,920
Speaker 2: four h one k's iras, tax loss harvesting is not

999
00:45:35,360 --> 00:45:38,600
Speaker 2: a thing on those accounts. And hopefully the bulk of

1000
00:45:38,640 --> 00:45:43,000
Speaker 2: your investment dollars are within these tax advantage retirement accounts

1001
00:45:43,040 --> 00:45:45,160
Speaker 2: that we like the most, So hopefully we're just talking

1002
00:45:45,200 --> 00:45:47,240
Speaker 2: about a small sliver of money that you have invested

1003
00:45:47,400 --> 00:45:48,920
Speaker 2: within a taxable broken.

1004
00:45:48,680 --> 00:45:51,480
Speaker 1: Exactly, which means tax loss harvesting is a cool tool,

1005
00:45:51,880 --> 00:45:54,400
Speaker 1: but it's not going to save you billions, right or

1006
00:45:54,880 --> 00:45:57,720
Speaker 1: even probably tens of thousands of dollars. It's a minor

1007
00:45:57,760 --> 00:46:00,000
Speaker 1: tweak to help you reduce tax burn a little bit.

1008
00:46:00,160 --> 00:46:02,759
Speaker 1: And so is your financial planner worth it for the

1009
00:46:02,800 --> 00:46:06,480
Speaker 1: tax lost harvesting aspect? Probably not just for that alone.

1010
00:46:06,520 --> 00:46:09,040
Speaker 1: If that's the main thing you think they're providing, that's

1011
00:46:09,080 --> 00:46:12,680
Speaker 1: probably not enough to justify them earning their keep. And

1012
00:46:12,719 --> 00:46:16,040
Speaker 1: it sounds like you're confident enough, Steve to diy except

1013
00:46:16,040 --> 00:46:18,399
Speaker 1: for maybe just on this front. And I also want

1014
00:46:18,440 --> 00:46:21,399
Speaker 1: to mention that there's a personal element here in this question, Matt,

1015
00:46:21,400 --> 00:46:23,920
Speaker 1: because this is advisor is Steve's friend.

1016
00:46:24,320 --> 00:46:26,520
Speaker 2: So water is getting a little murky, which just start

1017
00:46:26,520 --> 00:46:28,040
Speaker 2: doing business with friends? Yeah exactly.

1018
00:46:28,080 --> 00:46:30,120
Speaker 1: I mean breaking up with your friend is harder than

1019
00:46:30,160 --> 00:46:32,440
Speaker 1: just breaking up with a random financial advisor that you

1020
00:46:32,480 --> 00:46:34,719
Speaker 1: don't really know at all. And so just to heads up,

1021
00:46:34,960 --> 00:46:37,000
Speaker 1: if you go in this direction, Steve, and you say,

1022
00:46:37,280 --> 00:46:39,480
Speaker 1: you know what, if you come to the conclusion that

1023
00:46:39,880 --> 00:46:43,080
Speaker 1: his services aren't worth the one percent fee that he's charging,

1024
00:46:43,520 --> 00:46:45,239
Speaker 1: well you got to figure out how to have that

1025
00:46:45,280 --> 00:46:49,680
Speaker 1: conversation with him. And I wouldn't say avoiding that conversation

1026
00:46:49,719 --> 00:46:51,960
Speaker 1: and continuing to pay one percent is the right way

1027
00:46:52,000 --> 00:46:53,799
Speaker 1: to go, But you do have to find a way

1028
00:46:53,840 --> 00:46:55,600
Speaker 1: to talk about how you're going out on your own

1029
00:46:56,200 --> 00:46:57,680
Speaker 1: and breaking the news to your friend, right.

1030
00:46:57,680 --> 00:47:00,719
Speaker 2: Yeah, that's certainly a conversation that's easier had over a beer.

1031
00:47:01,040 --> 00:47:03,120
Speaker 2: Make sure you pay for the beer, Yeah exactly, that's

1032
00:47:03,120 --> 00:47:05,839
Speaker 2: the perfect way to break up pay for the beers. Yeah. Well,

1033
00:47:05,880 --> 00:47:09,839
Speaker 2: and the other consideration too is this is a relationship

1034
00:47:09,840 --> 00:47:12,800
Speaker 2: that you should call into question, especially when robo advisors

1035
00:47:12,840 --> 00:47:15,920
Speaker 2: are out there like Betterment and they include tax loss

1036
00:47:16,040 --> 00:47:18,680
Speaker 2: harvesting within like they charge a small fee. I think

1037
00:47:18,680 --> 00:47:21,160
Speaker 2: it's zero point two five percent. This would be a

1038
00:47:21,239 --> 00:47:23,759
Speaker 2: drastic reduction from what it is that you're paying now.

1039
00:47:24,200 --> 00:47:26,759
Speaker 2: And then in Betterment they even offer something they call

1040
00:47:26,920 --> 00:47:31,240
Speaker 2: tax loss harvesting plus, but they are tax lost harvesting

1041
00:47:31,320 --> 00:47:33,560
Speaker 2: via an algorithm, which is pretty cool. It means that

1042
00:47:33,600 --> 00:47:35,640
Speaker 2: you don't have to think about it, which is honestly.

1043
00:47:35,719 --> 00:47:39,480
Speaker 2: One downside to taking the more DIY approach is because

1044
00:47:40,000 --> 00:47:42,960
Speaker 2: if you're always watching the market, you might be paying

1045
00:47:43,080 --> 00:47:47,320
Speaker 2: too close attention to the fluctuations and the volatility in

1046
00:47:47,360 --> 00:47:51,560
Speaker 2: the market, and that could potentially lead you to behaviors

1047
00:47:51,600 --> 00:47:54,919
Speaker 2: and actions, purchases, selling things that you wouldn't normally do

1048
00:47:55,239 --> 00:47:57,000
Speaker 2: if you weren't otherwise watching the market.

1049
00:47:57,120 --> 00:47:59,239
Speaker 1: Your advisor might be doing something similar, or they might

1050
00:47:59,239 --> 00:48:00,600
Speaker 1: say listen, I do it once a year at this

1051
00:48:00,640 --> 00:48:03,440
Speaker 1: time of year. That's when I consider tax loss harvesting

1052
00:48:03,440 --> 00:48:06,400
Speaker 1: to see if it benefits you. Well, the Betterment algorithm

1053
00:48:06,680 --> 00:48:09,800
Speaker 1: might look at it continually along the whole year without

1054
00:48:09,800 --> 00:48:10,720
Speaker 1: you having to think about.

1055
00:48:10,520 --> 00:48:12,440
Speaker 2: It's the benefit of relying on the.

1056
00:48:12,400 --> 00:48:14,839
Speaker 1: Software saving you a few hundred bucks or maybe even

1057
00:48:14,880 --> 00:48:18,600
Speaker 1: more on the tax loss harvesting front via an algorithm,

1058
00:48:18,680 --> 00:48:21,160
Speaker 1: so that you're not paying too much attention. Like I

1059
00:48:21,200 --> 00:48:24,640
Speaker 1: really actually love the behavioral tools that Betterment has implemented

1060
00:48:24,920 --> 00:48:26,719
Speaker 1: in their robo advisor service, and this is just one

1061
00:48:26,719 --> 00:48:27,400
Speaker 1: of the cool ones.

1062
00:48:27,239 --> 00:48:30,080
Speaker 2: That they have. Yeah, And so on one hand, it's like, well,

1063
00:48:30,360 --> 00:48:32,600
Speaker 2: I don't want to pay even point two five percent

1064
00:48:32,640 --> 00:48:34,560
Speaker 2: when it's something I can do on my own. But

1065
00:48:34,600 --> 00:48:37,080
Speaker 2: you have to take into account how else you're going

1066
00:48:37,120 --> 00:48:40,640
Speaker 2: to be impacted by an outsized portion of your attention

1067
00:48:40,719 --> 00:48:43,200
Speaker 2: going towards your investments. Now that would change you as

1068
00:48:43,239 --> 00:48:43,840
Speaker 2: an individual.

1069
00:48:43,920 --> 00:48:47,000
Speaker 1: Yeah, Betterment, I think they say that they've saved customers

1070
00:48:47,200 --> 00:48:49,839
Speaker 1: hundreds of millions of dollars in Oh, I'm sure tax

1071
00:48:49,880 --> 00:48:53,440
Speaker 1: I believe it via their automatic algorithm of tax loss harvests, as.

1072
00:48:53,280 --> 00:48:56,279
Speaker 2: They constantly just tax loss harvests. Yeah, like whenever it's

1073
00:48:56,280 --> 00:48:58,400
Speaker 2: I don't know how the algorithm works, but like, if

1074
00:48:58,440 --> 00:49:00,600
Speaker 2: you were doing it on your own, you could just

1075
00:49:00,600 --> 00:49:03,680
Speaker 2: set up a simple rule, like a strategy like Okay,

1076
00:49:03,680 --> 00:49:07,200
Speaker 2: if the market dips below seven percent fifteen percent, I

1077
00:49:07,239 --> 00:49:09,400
Speaker 2: will sell this and I will buy this instead. And

1078
00:49:09,440 --> 00:49:11,040
Speaker 2: so if you are going to DILI it, make sure

1079
00:49:11,040 --> 00:49:12,560
Speaker 2: that you have some simple rules like that in place.

1080
00:49:12,600 --> 00:49:15,800
Speaker 1: And we're not anti advisors, just that for confident DIY investors,

1081
00:49:15,800 --> 00:49:17,799
Speaker 1: we would say a lot of those people don't need

1082
00:49:17,840 --> 00:49:21,920
Speaker 1: to pay that fee, especially early on. Well one percent, Well,

1083
00:49:21,920 --> 00:49:23,520
Speaker 1: it ends up costing you. It's a lot more than

1084
00:49:23,560 --> 00:49:25,960
Speaker 1: you'd think over the decades. It sounds so minimal, it

1085
00:49:26,080 --> 00:49:29,400
Speaker 1: sounds so unobtrusive, like, okay, one percent. Yeah, my guesses

1086
00:49:29,440 --> 00:49:32,080
Speaker 1: it'll cost me, sure a rounding error here or there,

1087
00:49:32,160 --> 00:49:35,600
Speaker 1: but no, no, it ends up being significant when it

1088
00:49:36,040 --> 00:49:38,080
Speaker 1: comes down to it. And depending on the amount of

1089
00:49:38,080 --> 00:49:40,960
Speaker 1: money you're socking away, a portfolio that would have otherwise

1090
00:49:40,960 --> 00:49:43,680
Speaker 1: grown to five point eight million dollars over forty years

1091
00:49:43,800 --> 00:49:46,440
Speaker 1: would be slashed to four point three million dollars just

1092
00:49:46,480 --> 00:49:48,480
Speaker 1: because of a one percent fee.

1093
00:49:48,480 --> 00:49:49,759
Speaker 2: So one percent adds up.

1094
00:49:49,840 --> 00:49:52,120
Speaker 1: Is your advisor worth one point five million dollars? That

1095
00:49:52,440 --> 00:49:54,799
Speaker 1: is the question you have to ask yourself. Obviously, if

1096
00:49:54,840 --> 00:49:58,160
Speaker 1: we're talking lower, smaller numbers, we're talking about a lesser

1097
00:49:58,200 --> 00:50:01,720
Speaker 1: bite out of that retirement account, but still one percent

1098
00:50:01,760 --> 00:50:04,520
Speaker 1: fees over the years add up in a meaningful way,

1099
00:50:04,920 --> 00:50:07,240
Speaker 1: and I think you're right to question whether you're getting

1100
00:50:07,360 --> 00:50:08,520
Speaker 1: enough bang for the Bucksty And.

1101
00:50:08,520 --> 00:50:10,040
Speaker 2: When you put it in that kind of perspective, one

1102
00:50:10,040 --> 00:50:11,959
Speaker 2: and a half million dollars, I'm like, I'd be willing

1103
00:50:12,000 --> 00:50:14,000
Speaker 2: to spend more than just like covering the beer. I'm like,

1104
00:50:14,040 --> 00:50:16,680
Speaker 2: we're gonna go to a nice stake dinner and we're

1105
00:50:16,680 --> 00:50:19,960
Speaker 2: gonna have nice dinner, maybe even a bottle of wine.

1106
00:50:20,040 --> 00:50:23,600
Speaker 2: Nicest breakup of your life. But Steve, hopefully that gives

1107
00:50:23,640 --> 00:50:26,040
Speaker 2: you the information you need and at least the things

1108
00:50:26,040 --> 00:50:28,160
Speaker 2: to consider as you are trying to figure out whether

1109
00:50:28,239 --> 00:50:31,040
Speaker 2: or not this makes sense for you. But Joel, that's

1110
00:50:31,040 --> 00:50:34,040
Speaker 2: five questions and five answers delivered. So we're going to

1111
00:50:34,080 --> 00:50:35,760
Speaker 2: get back to the beer that you and I enjoyed.

1112
00:50:35,760 --> 00:50:40,479
Speaker 2: Mission accomplished, Matt, this is a generous characterization of those

1113
00:50:40,560 --> 00:50:43,960
Speaker 2: you remember otherwise. Of course, this is a Burial beer,

1114
00:50:44,120 --> 00:50:45,719
Speaker 2: And I don't know if you've mentioned this in a minute,

1115
00:50:45,760 --> 00:50:48,400
Speaker 2: but Burial is out of Asheville, North Carolina. They make

1116
00:50:48,440 --> 00:50:52,440
Speaker 2: some of the most amazing IPAs New England hazes as

1117
00:50:52,480 --> 00:50:56,279
Speaker 2: well as some massive Imperial stouts, and they definitely weren't

1118
00:50:56,280 --> 00:50:58,120
Speaker 2: messing around with this one either. What were your thoughts?

1119
00:50:58,320 --> 00:51:01,040
Speaker 1: Yeah, another big one, and this one had French toast

1120
00:51:01,120 --> 00:51:03,440
Speaker 1: vibes going on in a big way. Oh yeah, the cinnamon,

1121
00:51:03,520 --> 00:51:06,440
Speaker 1: the toastiness. Yeah, the cinnamon and I think the specifically

1122
00:51:06,520 --> 00:51:09,680
Speaker 1: the coconut. Yeah, those are the two flavors that in

1123
00:51:09,719 --> 00:51:11,560
Speaker 1: my mind set this one, apart from I guess the

1124
00:51:11,600 --> 00:51:14,319
Speaker 1: one we had the last Wednesday, super boozy and yeah

1125
00:51:14,440 --> 00:51:17,319
Speaker 1: again yet again like nice sweetness on the edge too,

1126
00:51:17,360 --> 00:51:20,040
Speaker 1: So it's it's not overwhelmingly bitter, which a lot of

1127
00:51:20,040 --> 00:51:23,160
Speaker 1: these giant stouts are. But so yeah, I mean I

1128
00:51:23,160 --> 00:51:25,279
Speaker 1: think Buryl knows what they're doing on the IPA front,

1129
00:51:25,280 --> 00:51:26,360
Speaker 1: but on the stout front too.

1130
00:51:26,320 --> 00:51:30,040
Speaker 2: That's right. Yeah, So if you dig stouts, specifically Imperial

1131
00:51:30,080 --> 00:51:32,839
Speaker 2: pastry stouts, then be sure to check out Burial. They're

1132
00:51:32,880 --> 00:51:35,600
Speaker 2: out of Asheville, North Carolina. But that's gonna be it,

1133
00:51:35,640 --> 00:51:38,040
Speaker 2: Buddy of four this episode, listeners can find our show

1134
00:51:38,080 --> 00:51:40,560
Speaker 2: notes up on the website at howamoney dot com. But

1135
00:51:40,719 --> 00:51:44,080
Speaker 2: until next time, best Friends Out, Best Friends Out,