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Speaker 1: Welcome to a Head of Money. I'm Joel and I

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Speaker 1: am Matt, and today we're answering your listener questions. You

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Speaker 1: know what, buddy, it's Monday, which means we are gonna

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Speaker 1: hear directly from some listeners. We've got some questions to

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Speaker 1: answer today. Whether or not you should be considering robin

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Speaker 1: hood for your retirement. That's uh looking forward to to

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Speaker 1: get into that one. You and I. It's been a

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Speaker 1: little contentious between the two of us on this topic too. Yeah,

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Speaker 1: we might come down on different sides of the fence

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Speaker 1: by the end of that discusson right here, Man and

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Speaker 1: Joel at each other's throats today as they do get

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Speaker 1: out another listener she is wondering like they might be

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Speaker 1: in a situation I guess where the new safe plan

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Speaker 1: it may not actually be right for them. We're gonna

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Speaker 1: dive into those details. And then another listener is wondering

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Speaker 1: how to go about finding a cheap car? Is it

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Speaker 1: even possible? We'll get to that plus others during today's episode.

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Speaker 1: Cheap car sounds like an oxymoron these days. What's happened

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Speaker 1: in the car market right? Luckily we have seen used,

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Speaker 1: especially used car prices slowly start to tack down in

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Speaker 1: the past few months. It's getting better, but it's not.

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Speaker 1: It's been real bad. Yeah, we're not at the top

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Speaker 1: of a what eighteen month climb essentially like we saw

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Speaker 1: towards the end of last year. But but yeah, things

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Speaker 1: are normalizing. But we'll get to that in a bit, Matt.

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Speaker 1: First off, I have to acknowledge something. I'm a bit

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Speaker 1: of a hypocrite, Okay, and you already knew this. Hey,

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Speaker 1: there are all we all have different ways where we

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Speaker 1: kind of fall off the wagon fall we can't is

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Speaker 1: it fall off the wagon or fall off the horse both?

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Speaker 1: Maybe I don't know which is wagon. It's usually oh

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Speaker 1: it's wagon, because if it's the horse, well I guess

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Speaker 1: that in both cases you want to get back on. Yeah,

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Speaker 1: well so a gymnast more. Yeah, I don't always live

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Speaker 1: up to my ideals perfectly. But okay, here I've got

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Speaker 1: an explanation for it, because everyone always do when they

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Speaker 1: don't live up to their ideas. But I used I

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Speaker 1: used to buy now pay later service for the first time.

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Speaker 1: I know, hang over your you had many licensees, your

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Speaker 1: your personal finance card. People are gonna be shocked to

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Speaker 1: hear that I've done this, after the all the thrashing

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Speaker 1: that we've given to Clarna, after pay all those guys.

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Speaker 1: But I did, I have a reason. I have a

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Speaker 1: reason for using it. I used justification. I used Klarna

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Speaker 1: specifically because I was offered a significant discount to do so.

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Speaker 1: So I was shopping on this one website and they said, hey,

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Speaker 1: if you use Klarna to buy the shoes that you're

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Speaker 1: buying or whatever it was, shoes, shoes, shoes, it was

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Speaker 1: trail running shoes, then have okay, fifty bucks off your purchase.

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Speaker 1: Not to throw you under the bus. You've gotten a

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Speaker 1: few pairs of Uh, they're all the same. They're all

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Speaker 1: the same shoes too. But I'm because I'm stills over

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Speaker 1: here turning into a sneaker head. No, it's not. There's

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Speaker 1: nothing wrong with that, but trust me, I'm not. It's

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Speaker 1: like a mix of middle age where you get the

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Speaker 1: same shoe over and over again. That's exactly what it is,

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Speaker 1: but you are getting them in different colors, which does

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Speaker 1: feel more like the sneaker head. Yeah. No, So like

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Speaker 1: on one hand you're saying you're turning into that, on

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Speaker 1: the other hand, you're just getting older. I do. I

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Speaker 1: have like four pairs of the same shoe, and when

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Speaker 1: they go on sale, I get it. And this was

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Speaker 1: another example where these shoes that are really two hundred

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Speaker 1: plus dollars shoes were on sale for like fifty something dollars,

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Speaker 1: and so I was like, great, I'm getting the On

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Speaker 1: top of that, you got another fifty another fifty off.

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Speaker 1: I'm had to buy like two pairs, but then I

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Speaker 1: got the fifty bucks off and so I But the

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Speaker 1: cool thing is I didn't realize this. When you opt

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Speaker 1: to pay through Clarnet's kind of like other payment systems,

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Speaker 1: you can pay all at once. Still, so I did

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Speaker 1: not finance these shoes over time. I paid for them

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Speaker 1: all at once. Snag the discount. Snag the discount. I'm

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Speaker 1: totally fine with that. Okay, all right, I mean it.

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Speaker 1: But I got it, you know I got I was.

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Speaker 1: I was. I'm sure you felt a little to inflicted internally.

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Speaker 1: Your your pits were sweat, and I'm sure you're just like,

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Speaker 1: am I allowed to do this? Is anybody watching me?

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Speaker 1: That's why I felt that he did to confess in

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Speaker 1: public you have purchased No, it makes me think of

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Speaker 1: credit cards just generally speaking right, because there are benefits

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Speaker 1: that you received using the right credit cards, but you

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Speaker 1: only need to use the cards if you have your

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Speaker 1: spending under control. And if that doesn't tempt you into

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Speaker 1: oh maybe i'll keep that balance. Oh do I have to?

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Speaker 1: I don't actually have to pay that ballance? Maybe able

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Speaker 1: to just like kick that can down the road until

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Speaker 1: next month, and yeah, I'll pay a little bit of interest.

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Speaker 1: You're not going to be tempted to do that, and

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Speaker 1: so well, and that's the thing, that's why I paid

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Speaker 1: for it all, yeah, in full. Just in that way,

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Speaker 1: I could these payments out, but I don't want to.

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Speaker 1: You're using it like a tool. Yeah, And I think

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Speaker 1: that's the biggest problem that we have with them is

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Speaker 1: not the radical interest rates that are attached to them.

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Speaker 1: It's the behavioral side of things that gets people messed up.

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Speaker 1: And we're seeing that more and more when it comes

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Speaker 1: to people using buy now, Pay later. They're using it

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Speaker 1: as a means to be able to buy things that

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Speaker 1: they probably can't and shouldn't be buying. That's right, but

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Speaker 1: this in this case, it was just to score a discount. Well, yeah,

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Speaker 1: look for those discounts as well, because you know, it

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Speaker 1: might be in that fine print, and if you were

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Speaker 1: already planning to make that purchase, then that's a great way,

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Speaker 1: I think to snagge a discount. But be careful, right,

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Speaker 1: just like we always say with credit cards, you want

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Speaker 1: to make sure that you're not overdoing it, that you

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Speaker 1: are being careful. And of course I would expect nothing

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Speaker 1: less than you being the most careful when it comes

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Speaker 1: to using I tried to later during this episode. We

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Speaker 1: are going to enjoy this is this our last beer

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Speaker 1: from Iceland? I think, so? Yeah, so this is an

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Speaker 1: Icelandic we have by the way, they just throw Icelandic

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Speaker 1: in front of the name of a regular an American Icelandic.

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Speaker 1: We heavy, so we heavy, and not surprisingly, this is

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Speaker 1: going to be a Scotch ale that I'm looking forward

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Speaker 1: to enjoying with you. Can the scott Iceland? Can they

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Speaker 1: do a Scotch? Al right, we'll see it's got a

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Speaker 1: nice uh it's not plaid tartan yeah, parton kind of

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Speaker 1: look to the to the label. There, nice little nod

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Speaker 1: to it being a Scotch. Reminds me of our fantastic

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Speaker 1: trip earlier this year. So all right, let's get to

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Speaker 1: the question. So Matt that we've got to get to

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Speaker 1: today on today's episode. And by the way, if you

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Speaker 1: are listening and you're like, I've got a money question

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Speaker 1: that I would love for Matt and Joel attack Hole,

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Speaker 1: we'd love to hear it. You can go to how

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Speaker 1: toomoney dot com slash ask to figure out how to

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Speaker 1: record your question and send it our way. It's pretty

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Speaker 1: simple and we hope to take it on the next

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Speaker 1: ask htm episode. But Matt, let's get to this first one.

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Speaker 1: This one is about using robin Hood, which is another service,

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Speaker 1: another company where we haven't always had the nicest things

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Speaker 1: to say, Well, should you use them to open up

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Speaker 1: your retirement accounts?

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Speaker 2: Hey guys, my name is Kyle and I'm twenty two

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Speaker 2: years old from Illinois. I'm a recent college grad with

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Speaker 2: no college debts and I just started my job in

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Speaker 2: June and I started my roth IRA on robin Hood because.

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Speaker 1: I already had money in there.

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Speaker 2: I recently started becoming a gold member Robinhood because I

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Speaker 2: get a three percent match on all contributions to my

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Speaker 2: roth Ira. This would translate to about one hundred and

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Speaker 2: ninety five dollars that I would get for free added

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Speaker 2: to my wroth just from maxing it out, which I

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Speaker 2: planned to do, but it would cost me seventy two

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Speaker 2: dollars for the full year, so it would come to

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Speaker 2: about one hundred and twenty three free extra contributions to

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Speaker 2: my wrath for doing it through Robin Hood. I'm just

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Speaker 2: wondering if this is really worth it, and I've tried

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Speaker 2: to read up on the fine print, but I don't

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Speaker 2: know if I'm missing something and there's more fees down

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Speaker 2: the road that I should switch now before I am

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Speaker 2: an into deep A big fan of the show, and

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Speaker 2: uh yeah, thank you.

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Speaker 1: Oh I like that, Kyle. He mentioned reading the fine print.

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Speaker 1: We will actually get to some of that fine print,

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Speaker 1: but I want to take it back even further. He

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Speaker 1: mentioned that he's a recent college graduate but that he

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Speaker 1: has zero college debt, which is amazing. This it makes

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Speaker 1: me think of our recent conversation with Jason Brown, how

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Speaker 1: it is in fact possible to graduate without any college debt.

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Speaker 1: That's actually the name loan debt of Jason's book. It

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Speaker 1: is possible. It is possible, which I love because so

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Speaker 1: many people think this is the way it has to be.

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Speaker 1: It has to be tons of college debt, tens of

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Speaker 1: thousands of dollars paid off over a decade plus. No,

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Speaker 1: that's not how I has to be and it's not,

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Speaker 1: wait for Kyle, that conventional wisdom. Yeah, it just it

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Speaker 1: takes the right mindset, though, it takes doing the hard

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Speaker 1: work to make it happen. So Kyle, congrats there. But

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Speaker 1: then on top of that, you're trying to max out

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Speaker 1: that roth Ira there in your early twenties, which I

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Speaker 1: think is it's pretty rare. Honestly, my guess is you

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Speaker 1: probably had someone to teach him a lot about personal finances,

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Speaker 1: maybe as he was growing up. But either way, Matt,

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Speaker 1: props to you because you are going to create a

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Speaker 1: lot of different options for yourself and the honestly in

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Speaker 1: the Nazi distant future, just by how it is that

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Speaker 1: you're handling your your finances. Already you are at the

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Speaker 1: beginning of your career, but this is gonna open up

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Speaker 1: a lot of different opportunities that other folks aren't going

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Speaker 1: to have because they're going to be beholding to a

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Speaker 1: specific job because of the paycheck or for whatever whatever

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Speaker 1: various reason. It's gonna say, it's gonna open up a

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Speaker 1: can of worms. But like the good kind of can

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Speaker 1: of worms, like one with like the sour gummy worms

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Speaker 1: in numb or something like that can of worms, and

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Speaker 1: you're about to go fishing, so this is gonna allow

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Speaker 1: you to get more fish, right, Yeah, something like that.

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Speaker 1: But I think you're right man, Like, typically when someone's

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Speaker 1: this young hand money so well, there's someone to think

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Speaker 1: behind that. There was some education that took place, whether

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Speaker 1: it was in the home, whether it's grandparent mentor whatever

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Speaker 1: it was. But Kyle, make sure to say thank you

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Speaker 1: if that's the case. If not, you're just incredible all

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Speaker 1: on your own. So well done. But let's talk about

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Speaker 1: where to open up that roth iray Man. That's the

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Speaker 1: heart of Kyle's question. We often talk about Vanguard, Fidelity

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Speaker 1: and Schwab. You know, we mentioned favorites absolutely. We mentioned

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Speaker 1: in one on the show before as a what we

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Speaker 1: consider a better alternative to Robinhood, And so much of

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Speaker 1: that was because Robinhood didn't have retirement accounts. For the

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Speaker 1: longest time, they didn't offer him. The taxbable broker's account

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Speaker 1: was the only way you could start start investing, and

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Speaker 1: a lot of people were missing out on the tax

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Speaker 1: advantage retirement accounts because they were going directly to Robin Hood.

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Speaker 1: It was sort of like they're driving down this road

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Speaker 1: and there's like this big, massive exit with lots of

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Speaker 1: signs flashing like exit here, like this is where you

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Speaker 1: want to be, but just like a little bit further

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Speaker 1: down there. Actually it was just the exit on the

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Speaker 1: other side of the road without the flashing lines like that.

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Speaker 1: That was the retirement exit or turn that you should

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Speaker 1: have been made, but instead Robin Hood, man, they were

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Speaker 1: going like they had the spotlights out and they're in

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Speaker 1: a funnel. Every especially folks who were younger, their direction

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Speaker 1: in order to invest with them. But these are folks

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Speaker 1: who oftentimes had not yet started investing within an IRA well,

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Speaker 1: and the whole app is built around being flashy, right,

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Speaker 1: and let's be honest, they did a great job. Like

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Speaker 1: it's a really really functional app and it's almost too functional. Right,

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Speaker 1: But remember the first time I tried it out, and

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Speaker 1: I guess it was either when I opened the account

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Speaker 1: or made my first little purchase in the confetti fly. Yeah,

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Speaker 1: that make you feel so good. They you feel like

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Speaker 1: a million bucks even if you're only investing one hundred, right,

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Speaker 1: But then you know, Robinhood, they finally did make available

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Speaker 1: tax banager, timement accounts, traditional and roth iras. And then

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Speaker 1: they went a step further and they launched the match,

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Speaker 1: the first one ever of its kind. Nobody else is

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Speaker 1: pretty cool before or since, has offered anything like that.

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Speaker 1: So we softened our stance a bit. We were kind

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Speaker 1: of anti Robinhood, and then this came along and we

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Speaker 1: were like, actually, maybe it's time to think about Robinhood

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Speaker 1: at least a little bit. You know, matches are typical

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Speaker 1: only available via an employer sponsored plan via that four

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Speaker 1: oh one K or four h three B or something

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Speaker 1: like that, right individual retirement accounts, they don't have access

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Speaker 1: to matching dollars. But Robinhood they kind of added that

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Speaker 1: as a sticky incentive, And really it's it's not that

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Speaker 1: bad of a value proposition, it is. It sounds like

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Speaker 1: you might be coming around a little bit joll well maybe,

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Speaker 1: but a little the Truly, the devil is in the details,

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Speaker 1: and it is worth knowing what those pesky details are

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Speaker 1: before you fully embark on the robin Hood IRA train.

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Speaker 1: So definitely, if you are listening and you're like, oh man,

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Speaker 1: I didn't know Robinhood had to match, be sure to

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Speaker 1: check out the FAQ's. We'll link to those in our

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Speaker 1: show notes. Because if you want to keep that unparalleled

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Speaker 1: three percent match, there is a five year vesting period.

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Speaker 1: And that's even if you just get the one percent match.

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Speaker 1: Yeah exactly, So like you get for around, you don't

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Speaker 1: have to pay anything to get the one percent match.

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Speaker 1: But Kyle, he's talking about robin hood Gold paying that fee,

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Speaker 1: the Robin hood Gold feed, that's how you get the

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Speaker 1: three percent match, that's right. Which, by the way, I

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Speaker 1: think he said seventy two bucks, so that's a six

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Speaker 1: dollars a month fee. But when I was looking at

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Speaker 1: you said five dollars, I think it was five ninety nine.

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Speaker 1: Oh it was a five ninety nine. Yeah, are you sure?

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Speaker 1: I think so? Well, yeah, either way, it's not Maybe

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Speaker 1: it was four ninety nine. I don't know. I thought

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Speaker 1: I was just all just like straight up five. Either way,

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Speaker 1: we'll link to that. But in addition to that pretty

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Speaker 1: long vesting period, there is also outgoing transfer fees of

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Speaker 1: one hundred dollars, which is pretty steep, and that could

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Speaker 1: eat up a solid chunk of the match you received

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Speaker 1: should you choose to take those funds elsewhere. Compare that

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Speaker 1: to Vanguard and Fidelity, what do they charge zero dollars?

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Speaker 1: So Robinhood and they're obviously doing everything they can to

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Speaker 1: make it hard to leave. You said how they're offering

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Speaker 1: sticky incentives. Everything is sticky over at Robinhood headquarters. They

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Speaker 1: are certainly they're taking the carrot approach right on the

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Speaker 1: front end, but there's also a stick on the back

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Speaker 1: end to try to coerci you into staying put in

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Speaker 1: not leaving. Yeah, And I think that's part of the

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Speaker 1: issue with me, is the fee that's prohibitive and that

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Speaker 1: vesting period that you mentioned in math five years that's

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Speaker 1: a really long time time. Yeah, and so that definitely

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Speaker 1: those are red flags for me from robin Hood. That's

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Speaker 1: why I'm not He thought I was going to be like, oh,

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Speaker 1: it's great, everyone should do it. No, not quite. Let's

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Speaker 1: talk about some of the other pros and cons, because

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Speaker 1: no one else out there is offering any sort of match.

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Speaker 1: This is kind of a singular product out there in

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Speaker 1: the marketplace. Nobody else that I've seen has tried to

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Speaker 1: compete with Robinhood on this front. And the perk you're

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Speaker 1: getting it more than outweighs. Yes, the robin Hood gold

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Speaker 1: fee that you're paying, which is cool. And there are

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Speaker 1: other perks by the way for gold members too, like

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Speaker 1: higher rates on savings if you stash your savings with

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Speaker 1: robin Hood, So that could also be another bonus right

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Speaker 1: in the let's go with robin Hood category. But one

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Speaker 1: of the potential downside that we should mention is just

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Speaker 1: that Robinhood is essentially set up to get folks to

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Speaker 1: trade more frequently. The bells and whistles that we talked

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Speaker 1: about the flashiness of the app, it is all set up.

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Speaker 1: It's so slick that it incentivizes behavior that could end

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Speaker 1: up costing you far more than the match is worth

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Speaker 1: over time. Right, And that's they want you to trade exactly.

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Speaker 1: That's exactly what they want you to do. That's how

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Speaker 1: they make money. That's how they make their money. And

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Speaker 1: that is why we were pretty sour on robin Hood

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Speaker 1: in the early days especially, is because it incentivized you

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Speaker 1: to to trade and to trade often. Yeah, yeah, and

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Speaker 1: that is what that's again, how they pay the bills,

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Speaker 1: how they keep the lights on, is the payment for

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Speaker 1: order flow and them getting you to trade more frequently.

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Speaker 1: But that could come out to harm you so much

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Speaker 1: more than the one percent or three percent match would

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Speaker 1: benefit you. Right, And so if you do opt to

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Speaker 1: stick with Robinhood for your Othira, that's fine, but set

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Speaker 1: up automatic contributions and consider taking the app off your

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Speaker 1: phone since you aren't tempted to start trading on the rig.

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Speaker 1: I think if you've got the app on the home

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Speaker 1: screen at your fingertips, you're likely going to be, oh,

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Speaker 1: let me log in and see what's going on with

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Speaker 1: the market today, and you are, You're balanced down, and

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Speaker 1: you think should be should I make change? It's less

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Speaker 1: the fact that it's so easy to trade, and it's

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Speaker 1: more the fact that it's so easy to see what

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Speaker 1: your account balance is, because I think that's what then

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Speaker 1: causes folks to make changes to their account. It seems

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Speaker 1: like it's less the accessibility and more just how present

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Speaker 1: it is. If it's ever present like that in your mind,

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Speaker 1: then it feels like it's something that you should be

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Speaker 1: attending to. Yeah. Yeah, it's to me that this is

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Speaker 1: a win for Vanguard and Fidelity, even though it seems

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Speaker 1: like a loss the semi archaic websites that that they

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Speaker 1: roll with and the apps that aren't really up to snuff,

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Speaker 1: is because I do set it and forget it. And

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Speaker 1: when I put a little bit of money in robin

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Speaker 1: Hood because I wanted to test it out, and my

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Speaker 1: attention was just drawn to the app because it is

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Speaker 1: so sophisticated, it is so neat that I've found myself. Okay,

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Speaker 1: I could go down this rabbit hole and it wouldn't

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Speaker 1: be good for me in the long run. And so, hey,

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Speaker 1: one percent sounds great until you start making moves with

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Speaker 1: your money that end up costing you, you know, a

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Speaker 1: lot more than that exactly. And by the way, so

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Speaker 1: I just looked it up, it is a flat five

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Speaker 1: dollars per month, So that is you know that that

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Speaker 1: is a slight argument, Kyle, is that you're only what

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Speaker 1: sixty dollars, You're only paying that every single year rather

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Speaker 1: than the seventy two. But one of the keys to

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Speaker 1: this value proposition is to actually max out that roth

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Speaker 1: IRA every single year, because if you end up slacking off,

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Speaker 1: right like you said that you're planning to, you know,

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Speaker 1: max out your IRA. But if you only put in

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Speaker 1: like a couple thousand dollars or so, like, you're not

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Speaker 1: even going to be breaking even because of that fee.

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Speaker 1: And by the way, he didn't mention this, but hopefully

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Speaker 1: folks aren't attracted to the higher yield the higher rate

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Speaker 1: that they're paying on their savings account too, because I

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Speaker 1: just I checked it. It's not even as high as City.

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Speaker 1: So you can find even higher rates elsewhere, and we'll

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Speaker 1: make sure to link to CIT in our show notes

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Speaker 1: for this episode. Betterment too. Those are two places where

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Speaker 1: you don't have exactly yeah, they have better rates. Yeah.

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Speaker 1: And again, plus you've got those other issues that we

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Speaker 1: talked about, like the vesting period, the exit fees. So

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Speaker 1: it only makes sense for folks who don't mind those downsides.

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Speaker 1: And you know that you're dead set on maxing out

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Speaker 1: that roth ray each and every single year. You have

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Speaker 1: to know yourself. And honestly, this is why I feel

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Speaker 1: comfortable recommending it for folks who feel that they've got

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Speaker 1: what it takes. Because if there's one thing that I

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Speaker 1: feel like I've learned, oh like certainly since we started

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Speaker 1: the podcast, is that each individual person is different. And

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Speaker 1: what that means is that not everybody does things the

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Speaker 1: way I do them. And so what that means for

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Speaker 1: some folks is when it comes to their investments, they

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Speaker 1: might need to pay a financial advisor, because for them,

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Speaker 1: that's what it's going to take in order for them

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Speaker 1: to actually invest their money. They don't feel comfortable taking

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Speaker 1: on the responsibility of that themselves. But if you know

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Speaker 1: that you are someone who can truly set it and

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Speaker 1: forget it, you can. Like you said, I think removing

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Speaker 1: the app completely from your phone that is. I think

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Speaker 1: that's an incredible strategy. And if you have no other

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Speaker 1: way of getting a match. I mean for you and me,

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Speaker 1: we've got our solo four one K through the company,

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Speaker 1: and so we're technically able to provide an employee or

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Speaker 1: sponsored match, but that's still money that it's just the

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Speaker 1: two of us, yeah, that we pay. I don't have

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Speaker 1: some large corporate entity that is chipping into my retirement

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Speaker 1: for me, and so for me, this is attractive. And

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Speaker 1: I means they only announced it last year, so I

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Speaker 1: didn't jump on it at the end of last year.

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Speaker 1: But I truly am considering it because I know myself right,

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Speaker 1: Like I know I'm not going to be tempted to

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Speaker 1: get in there and check my balances daily. I know

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Speaker 1: that I'm not going to be tempted into speculative trading.

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Speaker 1: I'm not going to jump on any meme stocks. But

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Speaker 1: it makes me think of Klarna, right, like, like that

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Speaker 1: was a benefit that you were able to receive. Why

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Speaker 1: are you playing with fire a little bit? Yeah, but

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Speaker 1: if you know that, there's no way I'm not going

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Speaker 1: to pay that immediately pay this off. Yeah. But if

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Speaker 1: somebody else here is that and they're thinking, oh man,

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Speaker 1: I don't have to pay this thing off, right, maybe

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Speaker 1: I'll just push Yeah, let's just wait a little bit.

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Speaker 1: I think the same thing could be true of Robinhood. Yeah.

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Speaker 1: I'm just glad we spelled out the downsides because there

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Speaker 1: are potential downsides and you have to know what they are.

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Speaker 1: And you also have to know that you Yeah, like

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Speaker 1: you said, you are playing with fire. You might get burned.

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Speaker 1: But if you know I got this, like this is

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Speaker 1: a this is a baby fire, and I'm I'm a

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Speaker 1: cub scout or eagle scout or something like that, I

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Speaker 1: know what I'm doing around fire, then great. Then then

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Speaker 1: do your eagle scout thing and get the match and

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Speaker 1: optimize everything to the fullest. Just know that there are

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Speaker 1: potential downsides that could cost you more than what the

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Speaker 1: match offers. Absolutely that helps, Kyle. Best of luck to you, man,

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Speaker 1: keep up the good work. All right, Matt, We've got

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Speaker 1: more questions to get to, including one about an authorized

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Speaker 1: user status. It actually might not be working out very

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Speaker 1: well anymore for one listener. We'll get to that and

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Speaker 1: more right after this. We are back. We've got plenty

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Speaker 1: more money content to get to during this episode, and

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Speaker 1: let's go ahead and hear from our next listener. This

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Speaker 1: is a listener, by the way, who recently got married.

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Speaker 3: Hi, Matt and Joel, thank you so much for such

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Speaker 3: a great show and all the content that you put out.

427
00:19:38,680 --> 00:19:42,760
Speaker 3: I love you guys. My name is Joe from Detroit, Michigan,

428
00:19:42,960 --> 00:19:46,600
Speaker 3: and I have kind of an unusual question regarding a

429
00:19:46,680 --> 00:19:50,960
Speaker 3: credit score. So I just recently got married two months ago,

430
00:19:51,520 --> 00:19:54,080
Speaker 3: and I'm trying to help my husband raise his credit

431
00:19:54,160 --> 00:19:58,000
Speaker 3: score that is currently six p ninety. So he is

432
00:19:58,160 --> 00:20:01,159
Speaker 3: thirty years old, and we just found out that his

433
00:20:01,280 --> 00:20:04,520
Speaker 3: mom added him as an authorized user on her credit

434
00:20:04,560 --> 00:20:08,199
Speaker 3: card when he was fifteen, so that has been a

435
00:20:08,240 --> 00:20:10,600
Speaker 3: good thing as far as this is his oldest ligne

436
00:20:10,600 --> 00:20:13,320
Speaker 3: of credit, so he has established credit for fifteen years.

437
00:20:13,880 --> 00:20:18,280
Speaker 3: She's always made on time payment, so that's a good thing. However,

438
00:20:18,800 --> 00:20:23,000
Speaker 3: she has a balance currently of twenty two thousand dollars,

439
00:20:23,040 --> 00:20:26,679
Speaker 3: which is seventy percent credit utilization rate on that card,

440
00:20:27,400 --> 00:20:30,800
Speaker 3: So we know that is not good. So our question

441
00:20:31,080 --> 00:20:34,600
Speaker 3: is is it better for him to remove himself as

442
00:20:34,640 --> 00:20:37,399
Speaker 3: an authorized user on that credit card so he's not

443
00:20:37,600 --> 00:20:42,359
Speaker 3: impacted by that high credit utilization rate? Or should he

444
00:20:42,520 --> 00:20:46,120
Speaker 3: leave himself on that card because that's his oldest line

445
00:20:46,160 --> 00:20:49,159
Speaker 3: of credit and if we close that out, his oldest

446
00:20:49,200 --> 00:20:52,560
Speaker 3: lign of credit would then only be five years. He

447
00:20:52,600 --> 00:20:56,480
Speaker 3: doesn't have much else on his credit report other than

448
00:20:56,520 --> 00:20:59,520
Speaker 3: two credit cards of his own that he pays off

449
00:21:00,160 --> 00:21:03,160
Speaker 3: full monthly. I know it's kind of a nuance question.

450
00:21:03,200 --> 00:21:05,360
Speaker 3: You might not be able to answer it, but are

451
00:21:05,400 --> 00:21:08,000
Speaker 3: happy to take any advice you guys have and thank

452
00:21:08,040 --> 00:21:08,720
Speaker 3: you so much.

453
00:21:09,600 --> 00:21:12,679
Speaker 1: Nuance. Oh that's what we do best around here. We

454
00:21:12,720 --> 00:21:14,960
Speaker 1: love nuance, right, I mean we really do because into

455
00:21:14,960 --> 00:21:18,119
Speaker 1: the shades are great. The details matter, the specifics, and

456
00:21:18,280 --> 00:21:22,119
Speaker 1: to not come down with blanket statements like some folks do.

457
00:21:22,520 --> 00:21:24,880
Speaker 1: That's what I love about personal finance, Matt too, because

458
00:21:25,200 --> 00:21:27,520
Speaker 1: there are there's like a few principles you could live

459
00:21:27,560 --> 00:21:29,480
Speaker 1: by and you do really well. But then you dig

460
00:21:29,520 --> 00:21:31,760
Speaker 1: in underneath those and there's just like it's almost like

461
00:21:31,760 --> 00:21:33,640
Speaker 1: pulling up a log and there's all those bugs running around.

462
00:21:33,800 --> 00:21:35,760
Speaker 1: There's so much like nuance and detail that you can

463
00:21:35,800 --> 00:21:37,760
Speaker 1: get that you can get into. And this is one

464
00:21:37,760 --> 00:21:39,800
Speaker 1: of those cases right where we talk about the authorized

465
00:21:39,840 --> 00:21:41,399
Speaker 1: user status, but then it can also come back to

466
00:21:41,400 --> 00:21:43,600
Speaker 1: bite you. And we haven't even congratulated Joe, by the way,

467
00:21:43,640 --> 00:21:46,119
Speaker 1: congrats on getting married. Yeah two months in. Sounds like

468
00:21:46,160 --> 00:21:49,240
Speaker 1: you're gonna save your husband's bacon here, right by asking

469
00:21:49,280 --> 00:21:53,120
Speaker 1: this question and taking some actions. So let's let's maybe

470
00:21:53,200 --> 00:21:55,679
Speaker 1: start off by explaining the authorized user thing for a second.

471
00:21:56,080 --> 00:21:58,800
Speaker 1: This authorized user's status, Yeah, this is one of those

472
00:21:58,800 --> 00:22:00,639
Speaker 1: things we've talked about is kind of a trick to

473
00:22:00,680 --> 00:22:04,440
Speaker 1: help folks build credit, especially youngsters. Right, You can oftentimes

474
00:22:04,480 --> 00:22:08,080
Speaker 1: help your child build credit for their future by adding

475
00:22:08,119 --> 00:22:10,600
Speaker 1: them as an authorized user to your account, and it

476
00:22:10,600 --> 00:22:14,080
Speaker 1: allows them to piggyback on what is hopefully the good

477
00:22:14,080 --> 00:22:17,280
Speaker 1: credit decisions of that parent are loved one, and so yeah,

478
00:22:17,480 --> 00:22:19,159
Speaker 1: you don't actually give that person, You don't give your

479
00:22:19,200 --> 00:22:21,760
Speaker 1: child the card associated with the account. They're just kind

480
00:22:21,800 --> 00:22:25,960
Speaker 1: of existing and getting the benefit of the way it

481
00:22:25,960 --> 00:22:28,400
Speaker 1: reflects to the credit bureaus, making it look like they're

482
00:22:28,440 --> 00:22:30,600
Speaker 1: doing the good thing that you're doing, which is cool,

483
00:22:31,160 --> 00:22:34,200
Speaker 1: and it it helps their score to soar over time.

484
00:22:34,440 --> 00:22:35,960
Speaker 1: And this works great for a lot of people who

485
00:22:35,960 --> 00:22:38,399
Speaker 1: get added to an account where the primary account holder

486
00:22:38,840 --> 00:22:41,240
Speaker 1: knows what they're doing, where they're handling their credit wisely.

487
00:22:41,760 --> 00:22:45,240
Speaker 1: But of course there's risk involved, kind of sure like Robinhood,

488
00:22:45,240 --> 00:22:47,520
Speaker 1: It's like there's benefit here, but there's also risks. Yeah,

489
00:22:47,560 --> 00:22:49,560
Speaker 1: this is something the authorized user. I've done this with

490
00:22:49,600 --> 00:22:51,560
Speaker 1: all for my kids. I forget which credit card it was,

491
00:22:51,800 --> 00:22:53,480
Speaker 1: but it was whichever credit card I went to, and

492
00:22:53,640 --> 00:22:56,520
Speaker 1: they made it super easy and literally just took just

493
00:22:56,560 --> 00:22:58,720
Speaker 1: a few minutes to literally add all four of my kids.

494
00:22:58,720 --> 00:23:01,199
Speaker 1: And so they're going to have crazy low especially our

495
00:23:01,240 --> 00:23:02,800
Speaker 1: youngest man. I think I did it like right after

496
00:23:02,800 --> 00:23:06,159
Speaker 1: he was born. He's going to have like a twenty

497
00:23:06,359 --> 00:23:09,320
Speaker 1: year credit history before he even before he even realizeses

498
00:23:09,400 --> 00:23:13,120
Speaker 1: he does. But, like you said, the downsides, Joe's husband

499
00:23:13,200 --> 00:23:17,760
Speaker 1: is experiencing the negative effects of the risk of being

500
00:23:17,800 --> 00:23:19,600
Speaker 1: an authorized user right now. It could be worse, but

501
00:23:19,640 --> 00:23:22,320
Speaker 1: he's definitely experiencing some right. Yeah, it's not as bad

502
00:23:22,320 --> 00:23:24,600
Speaker 1: as it could be, so it would have been certainly

503
00:23:24,640 --> 00:23:26,920
Speaker 1: helpful in those early days, but it sounds like it's

504
00:23:27,040 --> 00:23:31,159
Speaker 1: certainly having that negative impact now. A high credit utilization

505
00:23:31,320 --> 00:23:33,960
Speaker 1: rate that is totally going to harm your credit score

506
00:23:33,960 --> 00:23:36,880
Speaker 1: because that piece of the pie they don't they don't

507
00:23:36,880 --> 00:23:40,440
Speaker 1: provide full transparency as to exactly how they calculate your score,

508
00:23:40,520 --> 00:23:42,240
Speaker 1: but they do have that nice pie chart, and they

509
00:23:42,359 --> 00:23:43,920
Speaker 1: let you know how much they weight some of those

510
00:23:43,960 --> 00:23:46,439
Speaker 1: different factors. There's definitely like a Wizard of Oz quality

511
00:23:46,480 --> 00:23:48,840
Speaker 1: to the defense score. You don't exactly know how by

512
00:23:48,920 --> 00:23:51,520
Speaker 1: making some of these changes, how quickly it's going to improve,

513
00:23:51,680 --> 00:23:54,159
Speaker 1: and the degree to which is going to improve, but

514
00:23:54,200 --> 00:23:56,960
Speaker 1: they do let you know that generally speaking, thirty percent

515
00:23:57,000 --> 00:24:00,080
Speaker 1: of your scores is made up armed yeah, of the

516
00:24:00,119 --> 00:24:05,080
Speaker 1: utilization right utilization rate, And so in I guess Joe's

517
00:24:05,160 --> 00:24:08,239
Speaker 1: husband's mom's case, she's carry a pretty high balance. It's

518
00:24:08,240 --> 00:24:10,040
Speaker 1: gotten out a whack, and that is going to send

519
00:24:10,080 --> 00:24:13,120
Speaker 1: not only her score but Joe your husband's score down.

520
00:24:13,800 --> 00:24:16,800
Speaker 1: And you know, this also has me worried that his

521
00:24:16,960 --> 00:24:19,680
Speaker 1: mom might let other things get get out of hand

522
00:24:19,720 --> 00:24:22,159
Speaker 1: with this credit card. She could end up racking up

523
00:24:22,200 --> 00:24:25,320
Speaker 1: even more debt, She could end up making late payments

524
00:24:25,400 --> 00:24:27,879
Speaker 1: or miss payments altogether, which would then cause that score

525
00:24:27,920 --> 00:24:31,000
Speaker 1: to the plummet even more. It's probably time to cut

526
00:24:31,000 --> 00:24:33,879
Speaker 1: bait and ditch the authorized user status on this one.

527
00:24:34,240 --> 00:24:36,359
Speaker 1: And because his score is in the decent range at

528
00:24:36,440 --> 00:24:39,240
Speaker 1: least right now, right, he's got other credit at his disposal,

529
00:24:39,520 --> 00:24:42,760
Speaker 1: This isn't the only thing that's impacting kind of his

530
00:24:42,800 --> 00:24:45,639
Speaker 1: score with the bureaus. And so maybe he doesn't have

531
00:24:45,680 --> 00:24:47,520
Speaker 1: an ideal amount, but he's at least got some. He's

532
00:24:47,520 --> 00:24:50,760
Speaker 1: at least something a couple of cards from total scratch, yes,

533
00:24:50,880 --> 00:24:53,879
Speaker 1: which would make it a slightly different answer. But for

534
00:24:53,920 --> 00:24:56,199
Speaker 1: that reason, I think remaining an authorized user on her

535
00:24:56,200 --> 00:24:59,040
Speaker 1: account it postes more risk than taking him off of

536
00:24:59,080 --> 00:25:01,879
Speaker 1: her account does. And you mentioned the length of credit

537
00:25:01,960 --> 00:25:05,280
Speaker 1: history factor. Yes, it's true that removing him as an

538
00:25:05,320 --> 00:25:08,200
Speaker 1: authorized user is going to hurt his length of credit history.

539
00:25:08,600 --> 00:25:11,280
Speaker 1: But Matt, you just mentioned the pie chart. That factor

540
00:25:11,280 --> 00:25:13,679
Speaker 1: makes up like fifteen percent of the pie chart, so

541
00:25:14,080 --> 00:25:17,399
Speaker 1: half as much as the impact of a negative credit

542
00:25:17,640 --> 00:25:20,600
Speaker 1: utilization ratio, which you ideally want to be less than

543
00:25:20,680 --> 00:25:23,320
Speaker 1: ten percent, but definitely less than thirty percent. Right, And

544
00:25:23,400 --> 00:25:25,920
Speaker 1: so she said seventy is that yeah, overset, which by

545
00:25:25,960 --> 00:25:27,440
Speaker 1: the way did she say it was like a twenty

546
00:25:27,440 --> 00:25:30,560
Speaker 1: something thousand dollars balance If that's only seventy percent, man,

547
00:25:30,600 --> 00:25:33,160
Speaker 1: this is she's got some fat limits on that. Yes,

548
00:25:33,200 --> 00:25:35,920
Speaker 1: and she's visa thelast thing she's used them. She's racked

549
00:25:35,960 --> 00:25:38,240
Speaker 1: the market it, which is the exact opposite of how

550
00:25:38,280 --> 00:25:40,840
Speaker 1: we tell people to handle don't use credit cards. That's

551
00:25:40,880 --> 00:25:42,520
Speaker 1: going to be the case, So it's I would say

552
00:25:42,520 --> 00:25:45,359
Speaker 1: it's worth sacrificing that though, the fifteen percent of the

553
00:25:45,400 --> 00:25:47,639
Speaker 1: score and not having quite as long of a credit

554
00:25:47,720 --> 00:25:50,520
Speaker 1: history in order to avoid further damage to the more

555
00:25:50,560 --> 00:25:53,120
Speaker 1: important component of your credit score, the thirty percent, which

556
00:25:53,160 --> 00:25:56,280
Speaker 1: is the credit utilization rate. And so the damage is

557
00:25:56,280 --> 00:26:00,320
Speaker 1: potentially fixable by contacting the credit bureaus, especially if there

558
00:26:00,320 --> 00:26:02,320
Speaker 1: were non on time payments and you say, hey, listen,

559
00:26:02,359 --> 00:26:04,840
Speaker 1: I was just an authorized user. Don't hold this against me.

560
00:26:04,920 --> 00:26:07,159
Speaker 1: Lots of times they'll remove that from your credit report,

561
00:26:07,560 --> 00:26:10,080
Speaker 1: but because of their poor track record of customer service,

562
00:26:10,119 --> 00:26:13,520
Speaker 1: I wouldn't count on it. So basically, better safe than sorry,

563
00:26:14,080 --> 00:26:16,879
Speaker 1: why not go ahead get yourself removed and kind of

564
00:26:17,040 --> 00:26:18,919
Speaker 1: continue to build credit on your own. Yeah, this is

565
00:26:19,200 --> 00:26:22,879
Speaker 1: the credit bureaus we're not talking about Disney customer service

566
00:26:23,040 --> 00:26:25,800
Speaker 1: or relations or whatever. Yeah, where they're just doing everything

567
00:26:25,840 --> 00:26:27,920
Speaker 1: they can to make sure that you're bending over backwards. Yes,

568
00:26:28,040 --> 00:26:31,440
Speaker 1: pleasant experience. But it is also important to mention that

569
00:26:31,560 --> 00:26:33,960
Speaker 1: your husband is and no where are you, neither of

570
00:26:33,960 --> 00:26:37,160
Speaker 1: you are going to be legally responsible for any of

571
00:26:37,640 --> 00:26:39,840
Speaker 1: this debt that his mom is racked up. That's a

572
00:26:39,880 --> 00:26:43,760
Speaker 1: big question that comes up around authorized user status. Just

573
00:26:43,760 --> 00:26:45,879
Speaker 1: because you're made an authorized user, that doesn't mean that

574
00:26:45,960 --> 00:26:50,080
Speaker 1: you have any legal or financial responsibility for that debt

575
00:26:50,280 --> 00:26:52,159
Speaker 1: that's accrued on that account. See I thought that was

576
00:26:52,160 --> 00:26:54,000
Speaker 1: the whole point for you of signing your kids up

577
00:26:54,040 --> 00:26:55,920
Speaker 1: as authorized users so that you could like stick them

578
00:26:55,920 --> 00:26:58,520
Speaker 1: with all your debts. Okay, yeah, the surprise on you

579
00:26:58,600 --> 00:27:02,120
Speaker 1: guys responsible for this. You're eighteen, now payoff daddy's dead

580
00:27:02,119 --> 00:27:05,080
Speaker 1: which I used to buy a your job, and so

581
00:27:05,520 --> 00:27:08,119
Speaker 1: certainly again this is going to impact your score, but

582
00:27:08,200 --> 00:27:10,080
Speaker 1: you don't, you know, you're not taking on any of

583
00:27:10,119 --> 00:27:13,960
Speaker 1: the actual liability. And when it comes to actually removing

584
00:27:14,040 --> 00:27:16,920
Speaker 1: himself from that account from that card, he should be

585
00:27:16,960 --> 00:27:20,000
Speaker 1: able to do this without even having to involve her,

586
00:27:20,040 --> 00:27:22,679
Speaker 1: without involving his mom. If that's going to be like

587
00:27:22,960 --> 00:27:25,240
Speaker 1: a touchy subject to where it feels like she might

588
00:27:25,520 --> 00:27:27,960
Speaker 1: be if she feels a little judged or something like that.

589
00:27:28,480 --> 00:27:31,560
Speaker 1: I guess this is assuming that he has access to

590
00:27:32,080 --> 00:27:34,399
Speaker 1: the card because she he's an authorized users, but I

591
00:27:34,400 --> 00:27:36,640
Speaker 1: guess she didn't clearly state whether or not he has

592
00:27:36,680 --> 00:27:39,639
Speaker 1: the actual card. If you have the actual card, call

593
00:27:39,680 --> 00:27:41,639
Speaker 1: the number on the back. Yeah, just call the card

594
00:27:41,760 --> 00:27:43,800
Speaker 1: and you've got the number. You got the information. But

595
00:27:43,840 --> 00:27:45,840
Speaker 1: even if you don't, if you know who the account

596
00:27:45,880 --> 00:27:47,600
Speaker 1: is with and the account number, that should be enough

597
00:27:47,600 --> 00:27:50,840
Speaker 1: to hopefully so you can removed too exactly. But either way,

598
00:27:51,359 --> 00:27:53,320
Speaker 1: I still think it's a conversation that you could have

599
00:27:53,440 --> 00:27:55,960
Speaker 1: in a non judgmental kind of way where it's just like,

600
00:27:55,960 --> 00:27:58,320
Speaker 1: you know what I'm because she said they just found

601
00:27:58,320 --> 00:28:00,440
Speaker 1: out about this, and they just got married, so there's

602
00:28:00,440 --> 00:28:02,000
Speaker 1: a lot of life change that happens right when you

603
00:28:02,000 --> 00:28:04,000
Speaker 1: get married, and it's just like, oh, yeah, we're you know,

604
00:28:04,080 --> 00:28:06,320
Speaker 1: we're trying to we're gonna open up some new accounts

605
00:28:06,320 --> 00:28:09,920
Speaker 1: in my own name, some joint accounts. We just want

606
00:28:09,960 --> 00:28:12,080
Speaker 1: to go ahead, and you know, cut the umbilical cord.

607
00:28:12,119 --> 00:28:14,520
Speaker 1: Ain't got to be all judgmental about it, that's for sure. Yeah,

608
00:28:14,560 --> 00:28:16,040
Speaker 1: but yeah, I guess when you get married, that's the

609
00:28:16,040 --> 00:28:17,320
Speaker 1: time to cut it all the way. But then when

610
00:28:17,320 --> 00:28:20,520
Speaker 1: you're talking about the cutting the cord, then you umbilical cord.

611
00:28:20,560 --> 00:28:24,280
Speaker 1: Then you're dealing with other like potential touchy subjects. Yes,

612
00:28:24,359 --> 00:28:27,080
Speaker 1: you know, mommy issues and stuff. But either way, I

613
00:28:27,080 --> 00:28:29,119
Speaker 1: think you can either talk to your mom about it

614
00:28:29,160 --> 00:28:31,080
Speaker 1: if you feel comfortable, or you can go about it

615
00:28:31,119 --> 00:28:34,040
Speaker 1: directly with the credit card company, whatever works best for you.

616
00:28:34,440 --> 00:28:35,879
Speaker 1: But the last thing I want to mention, Matt is

617
00:28:35,920 --> 00:28:37,480
Speaker 1: that when it comes to building credit in the future,

618
00:28:37,640 --> 00:28:40,120
Speaker 1: there's just no magic bullet, right. It takes doing the

619
00:28:40,200 --> 00:28:42,680
Speaker 1: right thing consistently over time. And so while the authorized

620
00:28:42,760 --> 00:28:45,160
Speaker 1: user thing it can be kind of a silver bullet

621
00:28:45,200 --> 00:28:48,080
Speaker 1: to help people get a leg up, help help help

622
00:28:48,120 --> 00:28:50,280
Speaker 1: your your husband, I'm sure it did for a while,

623
00:28:50,480 --> 00:28:52,680
Speaker 1: get a leg up and build that credit history, the

624
00:28:52,720 --> 00:28:55,560
Speaker 1: reality is playing the game that the credit credit bureaus

625
00:28:55,560 --> 00:28:58,160
Speaker 1: have established, playing it well over time is what's going

626
00:28:58,240 --> 00:29:00,800
Speaker 1: to be the biggest benefit to you, right, And I

627
00:29:00,800 --> 00:29:03,040
Speaker 1: would say this if he's incredibly keen on getting that

628
00:29:03,080 --> 00:29:05,360
Speaker 1: score higher sooner rather than later. If you guys are

629
00:29:05,360 --> 00:29:07,640
Speaker 1: looking to maybe buy a house or something, like that,

630
00:29:07,880 --> 00:29:11,000
Speaker 1: he could do something like pay for a service like self,

631
00:29:11,320 --> 00:29:13,920
Speaker 1: which is basically a service that allows you to lend

632
00:29:13,960 --> 00:29:17,400
Speaker 1: yourself money and they report that activity to the credit bureaus,

633
00:29:17,520 --> 00:29:20,920
Speaker 1: which then also gives you an installment loan as opposed

634
00:29:20,960 --> 00:29:23,680
Speaker 1: to just the credit cards, right, and so the type

635
00:29:23,680 --> 00:29:25,840
Speaker 1: of credit that you're utilizing, Yeah, the credit mix, which

636
00:29:25,840 --> 00:29:28,360
Speaker 1: is important too, the factor and the fees are reasonable

637
00:29:28,360 --> 00:29:30,600
Speaker 1: for the service they provide. But also you could just

638
00:29:30,640 --> 00:29:33,040
Speaker 1: be patient, right and continue those solid credit habits which

639
00:29:33,040 --> 00:29:34,280
Speaker 1: will get him where he wants to be to. I

640
00:29:34,320 --> 00:29:36,240
Speaker 1: think self is a great option for a lot of

641
00:29:36,240 --> 00:29:38,080
Speaker 1: people who have been have their credit in the dumps.

642
00:29:38,080 --> 00:29:41,120
Speaker 1: It can help you move up twenty thirty forty fifty

643
00:29:41,160 --> 00:29:45,120
Speaker 1: points over the course of a year with that loan.

644
00:29:45,640 --> 00:29:47,880
Speaker 1: But the question is to even have to do that.

645
00:29:47,600 --> 00:29:49,720
Speaker 1: That depends on kind of what your needs are for

646
00:29:49,760 --> 00:29:52,480
Speaker 1: your credit score in the near future. Like you said, yeah,

647
00:29:52,520 --> 00:29:54,160
Speaker 1: like a mortgage, And some folks will even say too,

648
00:29:54,280 --> 00:29:55,880
Speaker 1: it's like, oh, well, you don't have to put your

649
00:29:55,960 --> 00:29:58,640
Speaker 1: husband's name on the mortgage when you're applying for it,

650
00:29:58,840 --> 00:30:01,480
Speaker 1: And that's true, but that also means the lender's not

651
00:30:01,480 --> 00:30:05,800
Speaker 1: gonna look at his any of his financial information, not

652
00:30:05,920 --> 00:30:08,120
Speaker 1: just his credit score, but also his income. And most

653
00:30:08,120 --> 00:30:10,880
Speaker 1: couples are often especially these days, right like, you are

654
00:30:10,960 --> 00:30:13,240
Speaker 1: wanting the lender to look at all of the income,

655
00:30:13,680 --> 00:30:16,280
Speaker 1: and so that's, yeah, another another thing to keep into account.

656
00:30:16,400 --> 00:30:19,320
Speaker 1: They will be looking at his his credit score, and

657
00:30:19,320 --> 00:30:21,840
Speaker 1: it's not just the average of your two. Oftentimes the

658
00:30:21,920 --> 00:30:25,600
Speaker 1: lenders they're gonna fixate on the lower score. They're not

659
00:30:25,640 --> 00:30:27,480
Speaker 1: going to take the middle of his scores, in the

660
00:30:27,520 --> 00:30:30,160
Speaker 1: middle of your scores and average the two. They see that,

661
00:30:30,520 --> 00:30:33,240
Speaker 1: what would you say, six ninety, They're going to see

662
00:30:33,280 --> 00:30:36,840
Speaker 1: that and say, this is a six ninety couple. So

663
00:30:37,000 --> 00:30:40,320
Speaker 1: it is definitely worth working towards a higher credit score,

664
00:30:40,360 --> 00:30:42,560
Speaker 1: especially if you're looking at buying a home in the

665
00:30:42,600 --> 00:30:44,960
Speaker 1: near future. But Joe, yeah, we hope that gets you

666
00:30:45,080 --> 00:30:47,560
Speaker 1: pointed in the right direction. Joel, it's here from our

667
00:30:47,840 --> 00:30:50,640
Speaker 1: next listener, and she's got a question about the new

668
00:30:50,880 --> 00:30:52,920
Speaker 1: save plan. They want to make sure they're doing their

669
00:30:52,920 --> 00:30:53,800
Speaker 1: student loans right.

670
00:30:54,280 --> 00:30:58,320
Speaker 4: Hey, Matt, Joel Emily here from North Carolina. Longtime listener

671
00:30:58,360 --> 00:31:02,000
Speaker 4: and avid money saver. I've been researching and listening about

672
00:31:02,000 --> 00:31:04,720
Speaker 4: student loan repayment and I've still got a few questions.

673
00:31:05,400 --> 00:31:07,480
Speaker 4: Is there some sort of catch by switching to the

674
00:31:07,520 --> 00:31:11,320
Speaker 4: save plan. My husband has thirteen thousand dollars in student

675
00:31:11,400 --> 00:31:14,640
Speaker 4: loans with an average interest rate of three point nine percent.

676
00:31:15,360 --> 00:31:18,280
Speaker 4: He's currently on the standard plan with a minimum monthly

677
00:31:18,320 --> 00:31:21,920
Speaker 4: payment of one fifty five. Through the repay option, it

678
00:31:21,960 --> 00:31:25,200
Speaker 4: would drop to one forty nine. But my understanding is

679
00:31:25,320 --> 00:31:28,960
Speaker 4: that the one forty nine is subject to reevaluation every year.

680
00:31:29,080 --> 00:31:33,640
Speaker 4: Because it's income driven, we anticipate both our salaries to

681
00:31:33,680 --> 00:31:36,640
Speaker 4: continue to increase, so while that caused the payment to

682
00:31:36,680 --> 00:31:39,880
Speaker 4: increase as well, the other variable is my husband is

683
00:31:39,920 --> 00:31:44,160
Speaker 4: eligible for PSLF. He began making payments on his loans

684
00:31:44,200 --> 00:31:48,360
Speaker 4: December twenty eighteen, so it's my understanding the remaining balance

685
00:31:48,400 --> 00:31:51,360
Speaker 4: will be forgiven in about five years from now. In

686
00:31:51,400 --> 00:31:55,120
Speaker 4: our situation, is it worth making the switch? The student

687
00:31:55,160 --> 00:31:58,760
Speaker 4: loans are the only debt we have aside from our mortgage.

688
00:31:58,920 --> 00:32:01,320
Speaker 4: Thanks for answering my question and for all you do

689
00:32:01,480 --> 00:32:03,720
Speaker 4: to help save for our financial futures.

690
00:32:04,080 --> 00:32:07,240
Speaker 1: Oh man, no debt besides the mortgage. Right, that's pretty great, right,

691
00:32:07,280 --> 00:32:10,000
Speaker 1: So congrats to you Emily on that. From a bunch

692
00:32:10,000 --> 00:32:12,560
Speaker 1: of listeners who are doing all the right things. Yeah,

693
00:32:12,640 --> 00:32:16,640
Speaker 1: except for the mother in law not to throw the

694
00:32:16,720 --> 00:32:19,680
Speaker 1: relatives of our listeners needs, and everybody else seems to

695
00:32:19,680 --> 00:32:23,360
Speaker 1: be even Joe's husband, he's still Yeah, it's not his fault.

696
00:32:23,360 --> 00:32:26,040
Speaker 1: He's actually he was taking the right steps with his money.

697
00:32:26,080 --> 00:32:28,680
Speaker 1: So yeah, but Emily sounds like y'all are doing great too. Yeah,

698
00:32:28,680 --> 00:32:32,120
Speaker 1: she's clearly an avid money saver after our own hearts. Yeah,

699
00:32:32,160 --> 00:32:34,760
Speaker 1: but okay, let's the forty two month payment pause. Let's

700
00:32:34,760 --> 00:32:36,760
Speaker 1: talk about that for just a second, because that benefited

701
00:32:37,080 --> 00:32:39,240
Speaker 1: a whole lot of people, right, And we were talking

702
00:32:39,320 --> 00:32:41,600
Speaker 1: for three and a half years essentially about what you

703
00:32:41,640 --> 00:32:45,000
Speaker 1: should do given this payment pause and the perpetual extensions

704
00:32:45,040 --> 00:32:47,000
Speaker 1: of that payment pause, there was a lot of ground

705
00:32:47,040 --> 00:32:49,640
Speaker 1: you could make up financially, even though I know inflation

706
00:32:49,960 --> 00:32:53,200
Speaker 1: was hard to stomach. But if you ditched that three, four, five,

707
00:32:53,320 --> 00:32:55,720
Speaker 1: six hundred dollars a month payment out of your life, man,

708
00:32:55,800 --> 00:32:59,240
Speaker 1: what can you do that's good for your financial future?

709
00:32:59,560 --> 00:33:02,320
Speaker 1: While this is going on, there was a lot that

710
00:33:02,680 --> 00:33:04,280
Speaker 1: a lot of our listeners at least were able to

711
00:33:04,280 --> 00:33:06,240
Speaker 1: take advantage of, whether it was paying off those student

712
00:33:06,240 --> 00:33:08,880
Speaker 1: loans in full some people did, or whether it was

713
00:33:09,040 --> 00:33:11,360
Speaker 1: saving and investing and paying off debt. I mean, all

714
00:33:11,400 --> 00:33:13,760
Speaker 1: the above at the very least taking that money funneling

715
00:33:13,960 --> 00:33:16,800
Speaker 1: those would be payments into a high yield saving Yeah,

716
00:33:16,840 --> 00:33:19,200
Speaker 1: and then you can choose whatever it is that you

717
00:33:19,240 --> 00:33:24,320
Speaker 1: want to do now that the pause is unpossible. Yes, exactly, yeah, unpaused. Well.

718
00:33:24,520 --> 00:33:26,440
Speaker 1: I think the folks that benefited the most, though, was

719
00:33:26,480 --> 00:33:30,120
Speaker 1: anybody on the track for public service loan forgiveness, right,

720
00:33:30,240 --> 00:33:32,239
Speaker 1: because all of those payments counted towards that ten ure

721
00:33:32,280 --> 00:33:35,840
Speaker 1: forgiveness timeline. They made out like bandits pretty sweet. Yeah.

722
00:33:35,840 --> 00:33:38,160
Speaker 1: And by the way, Emily, you're not the only one

723
00:33:38,160 --> 00:33:39,960
Speaker 1: with question about student loans these days. I feel like

724
00:33:40,080 --> 00:33:42,680
Speaker 1: with payments having just restarted, the new Safe Plan being

725
00:33:42,760 --> 00:33:46,400
Speaker 1: partially implemented, and the botched forgiveness attempt all that kind

726
00:33:46,400 --> 00:33:48,120
Speaker 1: of stuff, a lot of folks still feel out of

727
00:33:48,160 --> 00:33:49,800
Speaker 1: the loop. They don't really know how to proceed. And

728
00:33:49,840 --> 00:33:51,920
Speaker 1: so we'll do our best to help you think through

729
00:33:51,920 --> 00:33:54,680
Speaker 1: your specific situation here and hopefully it'll help other people

730
00:33:54,720 --> 00:33:57,600
Speaker 1: to think about theirs. That's right, Yes, But Emily, she

731
00:33:57,640 --> 00:33:59,960
Speaker 1: first asked about like whether or not there is like

732
00:34:00,120 --> 00:34:03,240
Speaker 1: catch to signing up for the Safe Plan, and we're

733
00:34:03,240 --> 00:34:05,200
Speaker 1: not really seeing a catch from where it is it

734
00:34:05,200 --> 00:34:07,000
Speaker 1: we're just giving up your firstborn child. I saw that

735
00:34:07,000 --> 00:34:08,960
Speaker 1: in the fine print somewhere. It's always important to read

736
00:34:08,960 --> 00:34:11,880
Speaker 1: the fine print. Yeah, what was it, rumble skillskin, that's

737
00:34:11,920 --> 00:34:15,640
Speaker 1: him skills? What a creepy dude. In retrospect, you know

738
00:34:15,719 --> 00:34:19,560
Speaker 1: a lot of those, like German original fairy tales were

739
00:34:19,560 --> 00:34:22,080
Speaker 1: adapted to like when Disney came along, they like made

740
00:34:22,080 --> 00:34:26,040
Speaker 1: it certainly more family happy ending. Yeah, but uh, you

741
00:34:26,080 --> 00:34:28,840
Speaker 1: know the actual the originals are certainly a bit more weird.

742
00:34:28,920 --> 00:34:29,040
Speaker 4: Yea.

743
00:34:29,640 --> 00:34:34,080
Speaker 1: But the Save plan it is incredibly generous. It makes

744
00:34:34,200 --> 00:34:37,680
Speaker 1: sense for honestly for most folks. But of course, run

745
00:34:37,719 --> 00:34:40,279
Speaker 1: the numbers before signing up, and in your case it

746
00:34:40,280 --> 00:34:42,600
Speaker 1: sounds like you did that, and it sounds like save that.

747
00:34:42,640 --> 00:34:46,120
Speaker 1: It's probably not all that advantageous. Certain, Yeah, of course,

748
00:34:46,120 --> 00:34:48,200
Speaker 1: you know you're gonna save six dollars a month, right now,

749
00:34:48,480 --> 00:34:52,800
Speaker 1: get you a Robinhood Gold Plus membership. Yeah, that's a

750
00:34:53,160 --> 00:34:55,760
Speaker 1: little by you. Yeah, But because your payment is based

751
00:34:55,760 --> 00:34:58,360
Speaker 1: on a certain percentage of your disposable income, if you

752
00:34:58,360 --> 00:35:01,600
Speaker 1: do start bringing home a signific qutly larger paycheck, you

753
00:35:01,640 --> 00:35:04,480
Speaker 1: could find that payment shooting up like there are caps,

754
00:35:04,560 --> 00:35:07,680
Speaker 1: but still it's even worth thinking through what could our

755
00:35:07,680 --> 00:35:09,920
Speaker 1: incomes go to punch that in the calculator and see

756
00:35:10,080 --> 00:35:12,400
Speaker 1: what the possible you know, maybe what the max payment

757
00:35:12,480 --> 00:35:14,480
Speaker 1: might be, how much that payment could jump out incomes

758
00:35:14,520 --> 00:35:17,520
Speaker 1: where to go up. Yeah, and even if those payments

759
00:35:17,680 --> 00:35:20,800
Speaker 1: do see a slight decline for let's say a year,

760
00:35:21,040 --> 00:35:22,960
Speaker 1: well if they end up increasing for the following four

761
00:35:23,040 --> 00:35:25,880
Speaker 1: years because you're getting paid more because your adjusted gross

762
00:35:25,880 --> 00:35:28,440
Speaker 1: income has increased, and that's what the IRS and the

763
00:35:28,640 --> 00:35:31,719
Speaker 1: federal government is looking at, well, it's probably not going

764
00:35:31,760 --> 00:35:34,040
Speaker 1: to be the best move for for y'all. Yeah, yeah,

765
00:35:34,040 --> 00:35:36,480
Speaker 1: and you're right for them. But then for a lot

766
00:35:36,480 --> 00:35:38,200
Speaker 1: of borrowers out there, the new plan is going to

767
00:35:38,560 --> 00:35:41,440
Speaker 1: significantly lower their payments at like six bucks, but like

768
00:35:42,200 --> 00:35:46,160
Speaker 1: sixty or six hundred, three hundred or and some people

769
00:35:46,360 --> 00:35:48,000
Speaker 1: who don't make very much, we'll see their payments go

770
00:35:48,080 --> 00:35:50,319
Speaker 1: down to zero. Right, But it's good that you've run

771
00:35:50,320 --> 00:35:52,440
Speaker 1: the numbers emily, right. And one other benefit by the

772
00:35:52,440 --> 00:35:54,360
Speaker 1: way of the save plan that we should mention is

773
00:35:54,400 --> 00:35:58,200
Speaker 1: the incredible inter substy that's been added. Previous repayment plans

774
00:35:58,520 --> 00:36:00,719
Speaker 1: found a lot of folks making on time payments and

775
00:36:00,760 --> 00:36:03,799
Speaker 1: not really getting anywhere, treading water or worse, seeing their

776
00:36:03,840 --> 00:36:07,000
Speaker 1: balances go up, seeing the mountain get steeper. Right, interest

777
00:36:07,080 --> 00:36:09,520
Speaker 1: was capitalized enrolled in yes, original balance. That was one

778
00:36:09,560 --> 00:36:11,200
Speaker 1: of the biggest problems for so many people saying, I've

779
00:36:11,239 --> 00:36:14,080
Speaker 1: been paying regularly on time and guess what, the balance

780
00:36:14,080 --> 00:36:16,719
Speaker 1: goes up, which is scary. Under the safe plan, that

781
00:36:16,760 --> 00:36:18,640
Speaker 1: can't happen. And so if you make your monthly payment,

782
00:36:18,760 --> 00:36:21,520
Speaker 1: your balance can't grow. But while that benefit is a

783
00:36:21,680 --> 00:36:24,040
Speaker 1: massive help for a lot of folks, it doesn't really

784
00:36:24,080 --> 00:36:26,799
Speaker 1: benefit you, guys, because even if that balance goes up

785
00:36:26,840 --> 00:36:29,360
Speaker 1: over the next few years, the whole thing is going

786
00:36:29,440 --> 00:36:31,680
Speaker 1: to be wiped out anyway, because you're on that path

787
00:36:31,680 --> 00:36:35,720
Speaker 1: the PSLF. So I would say, even that awesome, amazing,

788
00:36:35,719 --> 00:36:39,799
Speaker 1: incredible perk, it's got very little value for you, that's right,

789
00:36:39,840 --> 00:36:42,440
Speaker 1: But for everyone else out there, make note, yes, just

790
00:36:42,480 --> 00:36:44,719
Speaker 1: to keep that in mind. But yeah, since her her

791
00:36:44,800 --> 00:36:48,200
Speaker 1: husband he's basically dedicating he is not basically he like

792
00:36:48,200 --> 00:36:50,879
Speaker 1: truly is dedicating an entire decade to public service, which

793
00:36:50,920 --> 00:36:52,680
Speaker 1: is awesome, by the way, But you want him to

794
00:36:52,760 --> 00:36:56,520
Speaker 1: get the max forgiveness amount that he can. So for instance,

795
00:36:56,560 --> 00:36:58,920
Speaker 1: like another route that you could take would be to,

796
00:36:59,040 --> 00:37:02,399
Speaker 1: let's say, aggressively pay more every single month, which would

797
00:37:02,440 --> 00:37:05,120
Speaker 1: mean paying off those loans even faster, which isn't the

798
00:37:05,160 --> 00:37:06,959
Speaker 1: worst thing in the world for a lot of folks.

799
00:37:07,000 --> 00:37:09,960
Speaker 1: From a mental standpoint, it might feel really good to

800
00:37:10,040 --> 00:37:14,480
Speaker 1: have that completely off your plate. But for someone who's

801
00:37:14,880 --> 00:37:17,719
Speaker 1: about or more than yeah, about halfway down the road

802
00:37:17,760 --> 00:37:20,439
Speaker 1: to full forgiveness, that's not what it is that you're

803
00:37:20,480 --> 00:37:24,560
Speaker 1: aiming for. From a financial standpoint, you different goals. Yeah, yeah,

804
00:37:24,920 --> 00:37:27,240
Speaker 1: you want to take full advantage of all the benefit

805
00:37:27,280 --> 00:37:31,200
Speaker 1: that you're going to receive via PSLF, So basically continuing

806
00:37:31,239 --> 00:37:33,960
Speaker 1: to write it out another five years that sounds like

807
00:37:34,080 --> 00:37:36,680
Speaker 1: a great plan, Yeah, for sure, all right, And from

808
00:37:36,719 --> 00:37:38,600
Speaker 1: our perspective, it makes sense for you guys to stay

809
00:37:38,600 --> 00:37:41,720
Speaker 1: put on the standard plan because of your specific details. Again,

810
00:37:41,960 --> 00:37:44,040
Speaker 1: you're probably an outlier here, right, Most people are going

811
00:37:44,080 --> 00:37:46,719
Speaker 1: to benefit from this new safe plan. You're not one

812
00:37:46,719 --> 00:37:49,000
Speaker 1: of them. And so one last thing to mention, by

813
00:37:49,000 --> 00:37:51,200
Speaker 1: the way, though, is that since your husband is just

814
00:37:51,239 --> 00:37:53,799
Speaker 1: halfway there, if there's any chance that he's not going

815
00:37:53,840 --> 00:37:55,640
Speaker 1: to stay in public service for the next five years,

816
00:37:55,960 --> 00:37:58,799
Speaker 1: that would likely impact your decision differently too. You said

817
00:37:58,800 --> 00:38:01,360
Speaker 1: his balance is thirteen thousand bus that's a lot of money,

818
00:38:01,520 --> 00:38:04,520
Speaker 1: but it's also not so much that it's impossible to

819
00:38:04,560 --> 00:38:06,520
Speaker 1: go a different route and say, you know what, I'm

820
00:38:06,520 --> 00:38:09,000
Speaker 1: pivoting into the private sector and I'm just going to

821
00:38:09,040 --> 00:38:11,920
Speaker 1: pay this student loan off myself. And if that's the case,

822
00:38:12,360 --> 00:38:14,920
Speaker 1: then you know, if he goes in the next year

823
00:38:15,000 --> 00:38:17,960
Speaker 1: or two to work for a private company where he

824
00:38:17,960 --> 00:38:20,480
Speaker 1: could easily earn significantly more than the amount that would

825
00:38:20,520 --> 00:38:23,880
Speaker 1: be forgiven, that most definitely changes the calculation too. So no,

826
00:38:24,080 --> 00:38:26,640
Speaker 1: kind of you can't predict with one hundred percent certainty

827
00:38:26,680 --> 00:38:28,200
Speaker 1: he'll be in this job for the next five years.

828
00:38:28,360 --> 00:38:30,719
Speaker 1: But if that's the goal, then it even I think

829
00:38:30,760 --> 00:38:33,800
Speaker 1: further cements your decision to stay put on the current

830
00:38:33,880 --> 00:38:37,400
Speaker 1: repayment plan. Yeah, Like essentially, we just don't want you

831
00:38:37,480 --> 00:38:40,320
Speaker 1: to fall victim to sunk cost fallacy. And just because

832
00:38:40,360 --> 00:38:42,479
Speaker 1: you've gone five years and you're like, oh man, we're

833
00:38:42,480 --> 00:38:45,680
Speaker 1: like halfway there, woo, don't let that dictate what you

834
00:38:45,719 --> 00:38:47,400
Speaker 1: do for another five years. Like five years is a

835
00:38:47,440 --> 00:38:49,960
Speaker 1: long time. Like let's say, okay, on one hand, you

836
00:38:50,000 --> 00:38:52,480
Speaker 1: got one scenario and he loves his work, right, so

837
00:38:52,719 --> 00:38:54,640
Speaker 1: I'm going to say it's not all about the numbers

838
00:38:54,640 --> 00:38:56,319
Speaker 1: and how much you're going to get paid. Because let's

839
00:38:56,360 --> 00:39:00,160
Speaker 1: say he loves working for in public health or or

840
00:39:00,160 --> 00:39:02,920
Speaker 1: he loves working at a school or a nonprofit like

841
00:39:02,960 --> 00:39:06,360
Speaker 1: some different areas where PSLF where his job might qualify

842
00:39:06,480 --> 00:39:10,680
Speaker 1: for that, if he's finding job fulfillment and personal satisfaction

843
00:39:11,200 --> 00:39:13,400
Speaker 1: by doing that, well, it's not always going to be

844
00:39:13,440 --> 00:39:14,879
Speaker 1: about the money. You want to make sure that you're

845
00:39:14,920 --> 00:39:16,600
Speaker 1: thinking through that as well. But if you're tired of

846
00:39:16,640 --> 00:39:18,520
Speaker 1: the job. But on the other hand, exactly what if

847
00:39:18,520 --> 00:39:20,960
Speaker 1: you hate the work and someone says we'll double your income, Well,

848
00:39:21,000 --> 00:39:24,239
Speaker 1: don't stick around just for the PSLF for another five

849
00:39:24,320 --> 00:39:27,960
Speaker 1: years because that's just too long to wait or thirteen

850
00:39:28,000 --> 00:39:30,160
Speaker 1: grand in my opinion, when you can get paid fifty

851
00:39:30,200 --> 00:39:32,440
Speaker 1: k more next year and even on a yeah, I mean,

852
00:39:32,440 --> 00:39:34,719
Speaker 1: I think there's even a price to pay for even

853
00:39:34,760 --> 00:39:38,440
Speaker 1: one unquote get getting out early. Even if you're like, okay, well, essentially,

854
00:39:38,600 --> 00:39:42,680
Speaker 1: let's calculate how much would be forgiven okay by taking

855
00:39:42,680 --> 00:39:44,600
Speaker 1: this job that even pays a little bit less, how

856
00:39:44,680 --> 00:39:47,680
Speaker 1: much basically what are we paying. There's almost like a

857
00:39:47,680 --> 00:39:51,920
Speaker 1: fee associated with moving towards potential work that you might

858
00:39:51,960 --> 00:39:56,080
Speaker 1: find incredibly satisfying and fulfilling. And so it's just something

859
00:39:56,080 --> 00:39:58,080
Speaker 1: to keep in mind that it's not always about the numbers.

860
00:39:58,080 --> 00:40:00,920
Speaker 1: Like there's the financial angle side of things, there's also

861
00:40:01,400 --> 00:40:03,239
Speaker 1: what do I want my life to look like? Yeah? Yeah, yeah,

862
00:40:03,239 --> 00:40:05,239
Speaker 1: there's We just don't want you to fixate on just

863
00:40:05,320 --> 00:40:08,920
Speaker 1: this small, tiny vignette of PSLF. We want you to

864
00:40:08,960 --> 00:40:11,359
Speaker 1: see the full grand picture of what your life could

865
00:40:11,400 --> 00:40:13,200
Speaker 1: look like. And I would say if there was one

866
00:40:13,239 --> 00:40:15,080
Speaker 1: hundred and seventy five thousand dollars worth of student loan

867
00:40:15,160 --> 00:40:16,919
Speaker 1: debt that was going to be forgiven, you might stick

868
00:40:16,960 --> 00:40:18,760
Speaker 1: it out of it, drop out, Like yeah, five years

869
00:40:18,760 --> 00:40:20,600
Speaker 1: all of a sudden doesn't sound too bad, right, but

870
00:40:20,640 --> 00:40:24,520
Speaker 1: thirteen grand is like great, amazing to be forgiven. But yes,

871
00:40:24,560 --> 00:40:26,840
Speaker 1: you've got some options, You've got more options. Yeah, exactly,

872
00:40:27,000 --> 00:40:28,840
Speaker 1: totally agree. All Right, man, We've got another question to

873
00:40:28,920 --> 00:40:31,040
Speaker 1: get to, but let's talk about in just a second,

874
00:40:31,080 --> 00:40:33,000
Speaker 1: like whether or not you can still get a cheap,

875
00:40:33,200 --> 00:40:35,680
Speaker 1: decent used car. Is it possible. We'll talk about that

876
00:40:35,760 --> 00:40:46,799
Speaker 1: right after this. All right, man, we're back at it.

877
00:40:46,800 --> 00:40:49,840
Speaker 1: It is now time. Oh almost kind of felt like

878
00:40:50,239 --> 00:40:52,279
Speaker 1: I was gonna say ludicrous headline of the week, which

879
00:40:52,320 --> 00:40:55,120
Speaker 1: is not the case that was two days ago. But

880
00:40:55,120 --> 00:40:58,160
Speaker 1: we can talk about ludicrous car prices a ridiculous cost

881
00:40:58,200 --> 00:41:01,120
Speaker 1: of transportation. This is our Facebook question of the week.

882
00:41:01,400 --> 00:41:04,400
Speaker 1: This one is from Sonia. She asked in the group,

883
00:41:04,480 --> 00:41:07,080
Speaker 1: can you still get a decent car for five thousand dollars?

884
00:41:07,520 --> 00:41:11,240
Speaker 1: What are some tips? And like we hinted out earlier,

885
00:41:11,239 --> 00:41:13,440
Speaker 1: we have seen a ton of inflation in the car

886
00:41:13,480 --> 00:41:16,040
Speaker 1: market over the past few years. So this is a

887
00:41:16,080 --> 00:41:18,799
Speaker 1: great question because one of the honestly, one of the

888
00:41:18,840 --> 00:41:21,200
Speaker 1: main ways I've been able to invest quite a bit

889
00:41:21,200 --> 00:41:25,160
Speaker 1: more money for my future is by curbing that is

890
00:41:25,200 --> 00:41:27,520
Speaker 1: the second line item in most people's budgets, the cost

891
00:41:27,520 --> 00:41:29,799
Speaker 1: of transportation the easiest one to change. The housing one

892
00:41:29,840 --> 00:41:31,560
Speaker 1: is so difficult to change. It's a little bit suffer.

893
00:41:31,600 --> 00:41:33,480
Speaker 1: But what you drive, yep, oh my gosh, you have

894
00:41:33,560 --> 00:41:36,359
Speaker 1: full control over that. This makes me think. So right

895
00:41:36,400 --> 00:41:38,560
Speaker 1: after Kate and I got married, So right when we

896
00:41:38,560 --> 00:41:40,600
Speaker 1: got married, we had two cars. Not surprisingly, we were

897
00:41:40,600 --> 00:41:42,880
Speaker 1: in separate cities. But once we got married, we were

898
00:41:42,880 --> 00:41:45,880
Speaker 1: in the same geographic location, and we said downside of

899
00:41:45,880 --> 00:41:47,440
Speaker 1: the fleet. But we realized we didn't need to have

900
00:41:47,480 --> 00:41:50,160
Speaker 1: two cars, and so we sold my jeep and we

901
00:41:50,280 --> 00:41:53,880
Speaker 1: drove not only her ninety four Hondo Cords that she

902
00:41:54,000 --> 00:41:56,440
Speaker 1: drove in college. Dude, she was driving this thing in

903
00:41:56,520 --> 00:41:59,160
Speaker 1: high school and I still missed that car. The thing

904
00:41:59,239 --> 00:42:01,480
Speaker 1: was awesome. I heard you driving in middle school against

905
00:42:01,480 --> 00:42:04,520
Speaker 1: the law on the farm with private property. That's a lot.

906
00:42:04,560 --> 00:42:06,319
Speaker 1: You can drive wherever you want. Yeah, but you're right,

907
00:42:06,360 --> 00:42:08,080
Speaker 1: I mean, like that is that is a big thing

908
00:42:08,080 --> 00:42:09,680
Speaker 1: to get rid of one car. Most people would say

909
00:42:09,680 --> 00:42:11,839
Speaker 1: that's insane. A lot more people working from home these

910
00:42:11,920 --> 00:42:13,880
Speaker 1: days who could is worth get rid of a car?

911
00:42:13,920 --> 00:42:15,480
Speaker 1: It's worth considering, And we're like, save a bundle, and

912
00:42:15,480 --> 00:42:17,759
Speaker 1: we're lucky enough to have been able to maintain that.

913
00:42:17,800 --> 00:42:21,040
Speaker 1: Man Like, it's been over over fifteen Over sixteen years now,

914
00:42:21,080 --> 00:42:24,160
Speaker 1: I guess that we have been a one, one car family.

915
00:42:24,160 --> 00:42:27,400
Speaker 1: And that's sixteen years of not paying insurance, of not

916
00:42:27,440 --> 00:42:31,520
Speaker 1: paying taxes, maintenance, yep, just all the hell that goes

917
00:42:31,560 --> 00:42:33,799
Speaker 1: along with keeping up with another vehicle. Which just think

918
00:42:33,800 --> 00:42:35,960
Speaker 1: about all that money that you can then invest, not

919
00:42:36,000 --> 00:42:37,960
Speaker 1: only in the market for retirement, but just in other

920
00:42:38,000 --> 00:42:40,719
Speaker 1: ways too, in ways that might allow you to crank

921
00:42:40,760 --> 00:42:42,839
Speaker 1: up the dial in ways of spending that just mean

922
00:42:42,960 --> 00:42:45,600
Speaker 1: more to you as an individual. It's like an instinctive,

923
00:42:45,680 --> 00:42:47,759
Speaker 1: impulsive thing now at this point to have two nice

924
00:42:47,760 --> 00:42:51,160
Speaker 1: cars in the driveway and that's really what you value,

925
00:42:51,160 --> 00:42:52,920
Speaker 1: that's fine. But if you haven't thought long and hard

926
00:42:52,960 --> 00:42:55,120
Speaker 1: about what you value, this is a place where you

927
00:42:55,160 --> 00:42:57,680
Speaker 1: can significantly dial back and have more money to enjoy

928
00:42:57,719 --> 00:43:00,359
Speaker 1: in other cooler areas. I completely agree. This is one

929
00:43:00,360 --> 00:43:01,880
Speaker 1: of those things. Man. I've been saying this for a

930
00:43:01,920 --> 00:43:04,759
Speaker 1: long time, and this made me question whether or not

931
00:43:04,840 --> 00:43:07,480
Speaker 1: it's still true that you can drive a decent car

932
00:43:07,600 --> 00:43:10,440
Speaker 1: that's five grand or less. And because I remember my

933
00:43:10,680 --> 00:43:12,600
Speaker 1: Nissan Ultima that I had for like six or seven years,

934
00:43:12,640 --> 00:43:14,520
Speaker 1: it was thirty two hundred bucks. But then I'm like,

935
00:43:14,520 --> 00:43:17,200
Speaker 1: with inflation now used cars going up in price, can

936
00:43:17,239 --> 00:43:19,520
Speaker 1: you still do this? And I think it's so much

937
00:43:19,520 --> 00:43:21,480
Speaker 1: harder to do now than it was, that's for sure.

938
00:43:22,239 --> 00:43:24,359
Speaker 1: But KBB Kelly Blue Book they put out a list

939
00:43:24,360 --> 00:43:26,560
Speaker 1: earlier this year of the best used cars under five

940
00:43:26,560 --> 00:43:30,279
Speaker 1: thousand bucks, and they're all mid two thousand economy cars basically, right,

941
00:43:30,320 --> 00:43:32,840
Speaker 1: It's like the seven Accordon Camray. Those ones top the list,

942
00:43:33,200 --> 00:43:35,640
Speaker 1: which is when we sold our second car back in

943
00:43:35,680 --> 00:43:38,480
Speaker 1: O seven. Well, those are great, those are great cars.

944
00:43:38,520 --> 00:43:41,200
Speaker 1: Those are really worth looking at the mid mid two thousands. Yeah,

945
00:43:41,280 --> 00:43:44,399
Speaker 1: cars that have strong reliability ratings. It was a really

946
00:43:44,440 --> 00:43:47,000
Speaker 1: long time ago though, I mean literally. So if you're

947
00:43:47,040 --> 00:43:49,040
Speaker 1: looking like the average number of miles that was it,

948
00:43:49,080 --> 00:43:52,279
Speaker 1: the Federal Highway whatever people like, they estimate that it's

949
00:43:52,320 --> 00:43:54,440
Speaker 1: over thirteen thousand miles now that folks put on their

950
00:43:54,440 --> 00:43:56,120
Speaker 1: car every single year. So if you're looking at a

951
00:43:56,120 --> 00:43:58,680
Speaker 1: car that's that old, you're looking out well over two

952
00:43:58,719 --> 00:44:01,600
Speaker 1: hundred thousand miles and for a lot of them. But

953
00:44:01,719 --> 00:44:05,239
Speaker 1: they're kind of dicey when it comes to looking out

954
00:44:05,360 --> 00:44:07,680
Speaker 1: purchasing car that's got that many miles. True, but the

955
00:44:07,680 --> 00:44:09,239
Speaker 1: more you look around, the more you might be able

956
00:44:09,239 --> 00:44:10,719
Speaker 1: to find a diamond in the rough, find a deal.

957
00:44:11,360 --> 00:44:14,520
Speaker 1: So I think it's worth it's worth saying. I think,

958
00:44:14,640 --> 00:44:18,480
Speaker 1: yes you can. It's not easy, right, and so totally agree.

959
00:44:18,520 --> 00:44:21,000
Speaker 1: One thing I would suggest, because I would always push

960
00:44:21,000 --> 00:44:23,400
Speaker 1: people in this direction, but I think maybe expanding and

961
00:44:23,480 --> 00:44:26,000
Speaker 1: increasing your price range just a little bit can can

962
00:44:26,040 --> 00:44:27,799
Speaker 1: help a lot, right, Increasing your budget by a few

963
00:44:27,800 --> 00:44:30,320
Speaker 1: thousand bucks can help you find something a bit newer

964
00:44:30,480 --> 00:44:32,759
Speaker 1: that's likely a bit more reliable, has a few less

965
00:44:32,800 --> 00:44:36,040
Speaker 1: miles on it. I think it's possible to get a

966
00:44:36,040 --> 00:44:38,840
Speaker 1: great car for four or five grand, but it's not probable.

967
00:44:39,040 --> 00:44:41,719
Speaker 1: It's Yeah, I totally agree. I do think something in

968
00:44:41,760 --> 00:44:44,160
Speaker 1: like the seven to nine thousand dollars range feels like

969
00:44:44,200 --> 00:44:47,560
Speaker 1: a five thousand dollars car ten years ag. Yes, exactly, yeah, exactly,

970
00:44:47,760 --> 00:44:50,640
Speaker 1: but also too. I just love the heart of Sonya's

971
00:44:50,719 --> 00:44:53,239
Speaker 1: question because basically she's trying to see how little it

972
00:44:53,320 --> 00:44:55,360
Speaker 1: is that she can spend in order to get a

973
00:44:55,360 --> 00:44:58,160
Speaker 1: decent ride, in order to get some reliable transportation, because

974
00:44:58,160 --> 00:45:00,720
Speaker 1: most folks are doing the opposite right, trying to figure

975
00:45:00,760 --> 00:45:03,960
Speaker 1: out how much they can afford to spend, like at

976
00:45:04,000 --> 00:45:06,800
Speaker 1: the upper limit, and they're just hamstringing their budgets for

977
00:45:06,880 --> 00:45:09,440
Speaker 1: years to come. They're often taking out longer loans than

978
00:45:09,440 --> 00:45:11,600
Speaker 1: they should just in order to get something that's a

979
00:45:11,640 --> 00:45:14,600
Speaker 1: bit nicer. Driving a paid off car comes with so

980
00:45:14,840 --> 00:45:18,280
Speaker 1: many other perks where you're not paying interest on that ride,

981
00:45:18,280 --> 00:45:20,839
Speaker 1: and it's just often worth opting for something a bit

982
00:45:20,880 --> 00:45:23,600
Speaker 1: older in order to reap some of those those other rewards.

983
00:45:23,600 --> 00:45:25,360
Speaker 1: You and I we've talked about how like it. Even

984
00:45:25,400 --> 00:45:28,440
Speaker 1: if extra millions landed in our bank account tomorrow, we

985
00:45:28,440 --> 00:45:31,040
Speaker 1: probably wouldn't go out there and upgrade our vehicles immediately.

986
00:45:31,200 --> 00:45:33,200
Speaker 1: Although I still want a Rivian right Like, it's still

987
00:45:33,480 --> 00:45:36,400
Speaker 1: it's still something I'm lusting after, even though I'm not

988
00:45:36,440 --> 00:45:38,680
Speaker 1: going to pull the trigger. And but like it makes me,

989
00:45:38,880 --> 00:45:43,799
Speaker 1: I'm feeling I'm feeling the Tesla call of the sirens more.

990
00:45:43,800 --> 00:45:47,840
Speaker 1: I started reading Ela Musk's Auto not Auto, the biography

991
00:45:47,840 --> 00:45:50,640
Speaker 1: by what's his name? Yeah, he did want Isaacson. Yeah.

992
00:45:50,960 --> 00:45:54,160
Speaker 1: Just hearing all that went into the making of this,

993
00:45:54,280 --> 00:45:56,920
Speaker 1: not only this company, but specific cars, I'm just like, oh, man,

994
00:45:57,080 --> 00:45:59,560
Speaker 1: the prices of drop significally. They're still the federal tax credit.

995
00:45:59,600 --> 00:46:01,520
Speaker 1: But I digress. I'm not gonna do it though, But

996
00:46:01,560 --> 00:46:03,480
Speaker 1: the last car that So, we just recently added a

997
00:46:03,480 --> 00:46:07,000
Speaker 1: second car to our fleet because my wife in grad

998
00:46:07,000 --> 00:46:10,240
Speaker 1: school has to hit me. We we go in two directions,

999
00:46:10,280 --> 00:46:12,880
Speaker 1: more more than we've ever have before. You got different needs,

1000
00:46:12,920 --> 00:46:13,920
Speaker 1: And so what car did I get?

1001
00:46:13,920 --> 00:46:14,080
Speaker 3: Man?

1002
00:46:14,200 --> 00:46:17,240
Speaker 1: I got a I got a used car Accura MDX.

1003
00:46:17,280 --> 00:46:20,200
Speaker 1: It's like an Accura SUV two thousand and five, also

1004
00:46:20,239 --> 00:46:23,200
Speaker 1: known as a fancy Honda. Right, yes, exactly, two thousand

1005
00:46:23,200 --> 00:46:26,640
Speaker 1: and five for four thousand dollars, has a crack in

1006
00:46:26,800 --> 00:46:31,240
Speaker 1: the windshield. It's certainly not perfect. It's not fairly pretty

1007
00:46:31,239 --> 00:46:33,640
Speaker 1: though it's okay, you're gonna say it's not pretty, but

1008
00:46:33,719 --> 00:46:37,239
Speaker 1: she's actually it's looks surprisingly good for No. Five. Yes,

1009
00:46:37,320 --> 00:46:38,759
Speaker 1: I didn't realize that I was that old. O five

1010
00:46:39,160 --> 00:46:40,800
Speaker 1: miles is out of it has like one hundred and

1011
00:46:40,840 --> 00:46:44,160
Speaker 1: eighty thousand miles old, so under under avet. Yeah, so

1012
00:46:44,400 --> 00:46:48,520
Speaker 1: I guess this is just another go Sonya. It's possible, yes,

1013
00:46:48,560 --> 00:46:50,560
Speaker 1: and could I have spent more, sure, of course, But

1014
00:46:50,640 --> 00:46:53,239
Speaker 1: I take Sony's approach and my The way I perceive it,

1015
00:46:53,239 --> 00:46:54,680
Speaker 1: the way I think about it is how little can

1016
00:46:54,719 --> 00:46:56,960
Speaker 1: I spend, not how much can I spend and still

1017
00:46:57,200 --> 00:46:59,680
Speaker 1: have enough money left over. It's like I just don't

1018
00:46:59,719 --> 00:47:02,000
Speaker 1: want to to gate much resources, many of my financial

1019
00:47:02,040 --> 00:47:06,200
Speaker 1: resources at all, to vehicles as little as possible, less

1020
00:47:06,239 --> 00:47:08,040
Speaker 1: me best, so I can buy other cool stuff unless

1021
00:47:08,040 --> 00:47:10,000
Speaker 1: it's electric, and save and invest a lot too, right,

1022
00:47:10,120 --> 00:47:11,799
Speaker 1: and if it's electric you might be willing to do it. Well,

1023
00:47:12,040 --> 00:47:14,200
Speaker 1: that's the thing. At some point I see myself going

1024
00:47:14,200 --> 00:47:17,520
Speaker 1: in that direction when and if the prices keep going

1025
00:47:17,520 --> 00:47:20,600
Speaker 1: down not yet, maybe sooner than later, who knows. Yeah,

1026
00:47:20,640 --> 00:47:23,000
Speaker 1: So okay, well, let's give you a few other final tips.

1027
00:47:23,040 --> 00:47:25,440
Speaker 1: As you are looking for an older car. Certainly look

1028
00:47:25,480 --> 00:47:29,400
Speaker 1: on Facebook, marketplace, look on auto traders specifically, but be

1029
00:47:29,600 --> 00:47:32,080
Speaker 1: prepared with a lot of questions about the history of

1030
00:47:32,080 --> 00:47:34,200
Speaker 1: the vehicle. We want to make sure that you are

1031
00:47:34,560 --> 00:47:37,600
Speaker 1: familiar with the maintenance, whether or not it was well

1032
00:47:37,600 --> 00:47:40,279
Speaker 1: taken care of. A good owner is going to have

1033
00:47:40,320 --> 00:47:42,360
Speaker 1: like documentation in the glove box for all this stuff.

1034
00:47:42,400 --> 00:47:44,000
Speaker 1: Here's the tire rotation, here's the last time I got

1035
00:47:44,040 --> 00:47:46,040
Speaker 1: an oil change. Here's when the time you belt in

1036
00:47:46,120 --> 00:47:48,120
Speaker 1: water pump were replaced, all the kind of stackling. Yeah,

1037
00:47:48,160 --> 00:47:50,040
Speaker 1: and don't be afraid too, Like there are just some

1038
00:47:50,080 --> 00:47:52,680
Speaker 1: folks who aren't good at selling things, and so look

1039
00:47:52,719 --> 00:47:55,400
Speaker 1: for I don't know, maybe sketch you're listening, or just

1040
00:47:55,440 --> 00:47:58,040
Speaker 1: like a terrible photo of a vehicle, but I don't know,

1041
00:47:58,080 --> 00:48:00,919
Speaker 1: if it checks enough boxes, it's worth going to check

1042
00:48:00,920 --> 00:48:03,799
Speaker 1: it out because there are a lot of folks like

1043
00:48:03,840 --> 00:48:05,480
Speaker 1: I was. Recently, I came across an article that was

1044
00:48:05,520 --> 00:48:07,719
Speaker 1: talking about homes that will sit on the market for

1045
00:48:07,800 --> 00:48:11,239
Speaker 1: months and months, sometimes even years because they're empty. But

1046
00:48:11,400 --> 00:48:14,040
Speaker 1: you get somebody in there that can stage it and boom,

1047
00:48:14,040 --> 00:48:16,520
Speaker 1: it sells in like one week with multiple offers because

1048
00:48:16,520 --> 00:48:18,560
Speaker 1: all of a sudden, people are able to visualize themselves

1049
00:48:18,800 --> 00:48:21,160
Speaker 1: in that apartment or that that condo or that house.

1050
00:48:21,200 --> 00:48:22,640
Speaker 1: Same thing is true when it comes to a car.

1051
00:48:23,000 --> 00:48:25,680
Speaker 1: If it's a crummy looking photo and the let's say

1052
00:48:25,680 --> 00:48:28,279
Speaker 1: the vehicle's dirty or something like that, there aren't a

1053
00:48:28,280 --> 00:48:31,040
Speaker 1: whole lot of folks that want to picture themselves in

1054
00:48:31,120 --> 00:48:33,560
Speaker 1: that vehicle, and so kind of look think about it

1055
00:48:33,600 --> 00:48:35,279
Speaker 1: that way, like a lot of folks are going to

1056
00:48:35,360 --> 00:48:38,320
Speaker 1: be drawn to the vehicle that was washed up, the

1057
00:48:38,400 --> 00:48:40,880
Speaker 1: nice car washed it's got nice photos taken with a

1058
00:48:40,880 --> 00:48:44,120
Speaker 1: cool background. But those are cars that probably aren't going

1059
00:48:44,160 --> 00:48:48,799
Speaker 1: to be listed for super affordable prices. But make sure,

1060
00:48:49,000 --> 00:48:50,920
Speaker 1: so we're talking about the maintenance of the vehicle, make

1061
00:48:50,920 --> 00:48:53,520
Speaker 1: sure to get an inspection before you purchase that thing.

1062
00:48:54,040 --> 00:48:56,640
Speaker 1: Take it to a trusted mechanic so that you know

1063
00:48:56,680 --> 00:48:58,600
Speaker 1: what it is that you're that you're getting into. Because

1064
00:48:58,640 --> 00:49:01,480
Speaker 1: even if some maintenances need soon, like it still might

1065
00:49:01,520 --> 00:49:04,200
Speaker 1: be worth it to opt for an older vehicle. We

1066
00:49:04,239 --> 00:49:06,839
Speaker 1: just want you to be prepared and for you to

1067
00:49:06,960 --> 00:49:09,839
Speaker 1: know that Okay, I'm willing to buy this vehicle. It's

1068
00:49:09,880 --> 00:49:12,840
Speaker 1: a little bit less, but I also know that I

1069
00:49:12,840 --> 00:49:16,000
Speaker 1: don't know with something like the struts, yeah, or the

1070
00:49:16,160 --> 00:49:18,279
Speaker 1: engine mounts or something like that. Hey these look at this,

1071
00:49:18,280 --> 00:49:20,560
Speaker 1: This is looking a little worn. Maybe in three months time,

1072
00:49:20,600 --> 00:49:22,880
Speaker 1: maybe in a year when you get this service, like

1073
00:49:22,920 --> 00:49:24,680
Speaker 1: this is going to need to be replaced or even

1074
00:49:24,719 --> 00:49:26,640
Speaker 1: have it replaced, even just knowing that like this will

1075
00:49:26,719 --> 00:49:29,640
Speaker 1: last eighteen months at the very least. Yeah, and you

1076
00:49:29,680 --> 00:49:31,760
Speaker 1: know that at that point you should have enough money

1077
00:49:31,760 --> 00:49:34,520
Speaker 1: on hand to then purchase another vehicle, right, or that

1078
00:49:34,560 --> 00:49:36,880
Speaker 1: mechanic might say, hey, guess what, this car is a

1079
00:49:36,920 --> 00:49:38,840
Speaker 1: complete piece of crap. It's not even worth four grand

1080
00:49:39,040 --> 00:49:41,440
Speaker 1: run away. And that is helpful advice too, and it's

1081
00:49:41,480 --> 00:49:44,200
Speaker 1: worth paying for that advice, paying for the expertise so

1082
00:49:44,239 --> 00:49:46,680
Speaker 1: that you don't end up with a lemon that's gonna

1083
00:49:46,760 --> 00:49:49,520
Speaker 1: just be literally four thousand dollars down the drain or whatever.

1084
00:49:49,600 --> 00:49:52,120
Speaker 1: So we want you to avoid that. But I think

1085
00:49:52,160 --> 00:49:54,880
Speaker 1: it is possible, harder than ever before. Maybe expand your

1086
00:49:54,880 --> 00:49:56,960
Speaker 1: budget a little bit to open up even more options.

1087
00:49:57,160 --> 00:49:59,200
Speaker 1: But again, don't forget to get the inspection, because I

1088
00:49:59,239 --> 00:50:02,920
Speaker 1: think that'll help. Yeah, hopefully had the money listeners Sonya included,

1089
00:50:03,000 --> 00:50:06,480
Speaker 1: are able to track down a cheaper car. Maybe you're

1090
00:50:06,520 --> 00:50:10,160
Speaker 1: even like hopefully encouraged to think about ditching a new

1091
00:50:10,280 --> 00:50:12,439
Speaker 1: ride that you've got, moving to something a little bit older,

1092
00:50:12,640 --> 00:50:14,840
Speaker 1: so that you can bring even more money back in

1093
00:50:14,880 --> 00:50:16,399
Speaker 1: your life to do other cool stuff with it. It's

1094
00:50:16,400 --> 00:50:18,440
Speaker 1: worth considering. Yeah, all right, man, let's get back to

1095
00:50:18,480 --> 00:50:22,160
Speaker 1: the beer you and I enjoyed and Icelandic we heavy.

1096
00:50:22,360 --> 00:50:26,560
Speaker 1: This is a Scotch Ale by Einstock Older. Yeah, what

1097
00:50:26,600 --> 00:50:29,880
Speaker 1: your thoughts on this scotch A multi rich had the

1098
00:50:29,920 --> 00:50:33,040
Speaker 1: caramel vibes going on to very very caramel. Yes, And

1099
00:50:33,080 --> 00:50:36,120
Speaker 1: so that's the thing that they're kind of like browns,

1100
00:50:36,120 --> 00:50:38,959
Speaker 1: but they're like sweet versions of browns, and I really

1101
00:50:39,000 --> 00:50:40,839
Speaker 1: like them. Not many people make scotch ails, So whenever

1102
00:50:40,840 --> 00:50:42,520
Speaker 1: I get a chance to get give my lips on one,

1103
00:50:42,560 --> 00:50:44,879
Speaker 1: I'm happy too. It's it was good get your lips

1104
00:50:44,920 --> 00:50:48,160
Speaker 1: almost a beer. Yeah, it tasted like a like a

1105
00:50:48,520 --> 00:50:51,760
Speaker 1: quality whole wheat piece of bread that was toasted to perfection.

1106
00:50:52,400 --> 00:50:54,200
Speaker 1: You know, you're kind of feeling it. My wife's been

1107
00:50:54,200 --> 00:50:56,160
Speaker 1: back on the homemade bread train and it's been nice.

1108
00:50:56,480 --> 00:50:58,400
Speaker 1: It's the best time a year for it. May Kate, Oh,

1109
00:50:58,600 --> 00:51:01,359
Speaker 1: that's so funny, Kate. The scent the kitchen dude, Yeah,

1110
00:51:01,400 --> 00:51:04,560
Speaker 1: we Uh. She made some granola, some homemade no, made

1111
00:51:04,560 --> 00:51:08,360
Speaker 1: granola nice yesterday and I came home and smell. I

1112
00:51:08,400 --> 00:51:12,920
Speaker 1: shoveled so much of it into my face. Yeah, totally lost.

1113
00:51:12,920 --> 00:51:14,279
Speaker 1: And she's like, what are you doing, We're about to

1114
00:51:14,280 --> 00:51:15,920
Speaker 1: eat dinner. I'm like, uh, it smells so good. I

1115
00:51:15,960 --> 00:51:19,239
Speaker 1: cannot help myself. But uh yeah, this totally kind of

1116
00:51:19,320 --> 00:51:22,960
Speaker 1: vibes that this beer is putting out there first and foremost,

1117
00:51:23,000 --> 00:51:25,480
Speaker 1: though MALTI like you said, so if you find if

1118
00:51:25,480 --> 00:51:27,879
Speaker 1: you know that you don't like I Pas certainly looked

1119
00:51:27,960 --> 00:51:32,000
Speaker 1: up brown ales, looked up porters and stouts. Don't overlook

1120
00:51:32,160 --> 00:51:35,879
Speaker 1: scotch ales because they are certainly gonna be a beer

1121
00:51:35,880 --> 00:51:37,160
Speaker 1: that you can add to their rotation. Might have a

1122
00:51:37,160 --> 00:51:39,040
Speaker 1: hard time tracking one down because there are many people

1123
00:51:39,040 --> 00:51:40,919
Speaker 1: make them. Yeah, that's try if you can find one.

1124
00:51:41,000 --> 00:51:43,239
Speaker 1: They are that good blend of like multi sweet like

1125
00:51:43,280 --> 00:51:45,319
Speaker 1: it's some of the multi ones can be really bitter,

1126
00:51:45,480 --> 00:51:48,240
Speaker 1: too roasty. This is kind of sweeter in the multi

1127
00:51:48,280 --> 00:51:50,880
Speaker 1: direction too, so it's got nice balance. Yeah. The Icelanders.

1128
00:51:50,880 --> 00:51:52,680
Speaker 1: They know what they're doing with craft beer. Apparently not bad,

1129
00:51:52,760 --> 00:51:54,880
Speaker 1: not bad, so Matt, that's gonna do it for this episode.

1130
00:51:55,200 --> 00:51:57,440
Speaker 1: You everybody out there listening, you can find show notes

1131
00:51:57,719 --> 00:51:59,120
Speaker 1: links to some of the things that we mentioned up

1132
00:51:59,160 --> 00:52:02,080
Speaker 1: on our website how toomoney dot com. That's right, buddy,

1133
00:52:02,080 --> 00:52:05,040
Speaker 1: that's going to be it for this episode until next time.

1134
00:52:05,200 --> 00:52:07,279
Speaker 1: Best Friends Out, Best Friends Out,