1 00:00:00,120 --> 00:00:03,000 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,000 --> 00:00:24,520 Speaker 1: and today we are answering your listener questions. That's right, 3 00:00:24,520 --> 00:00:27,840 Speaker 1: it's a listener Question Monday episode for everyone up there. 4 00:00:27,920 --> 00:00:29,760 Speaker 1: And we've got some great questions that we're gonna get 5 00:00:29,800 --> 00:00:33,640 Speaker 1: to during this episode, including a question about debit reward cards. 6 00:00:34,280 --> 00:00:37,319 Speaker 1: We have a listener who has received an unexpected tax bill. 7 00:00:37,360 --> 00:00:39,880 Speaker 1: We're gonna address that one. And then someone else. They've 8 00:00:39,880 --> 00:00:41,839 Speaker 1: got a they've got a bone to pick regarding some 9 00:00:41,880 --> 00:00:46,840 Speaker 1: advice that we gave with some advice regarding a rule 10 00:00:46,880 --> 00:00:48,839 Speaker 1: of thumb that we gave when it came to purchasing 11 00:00:48,880 --> 00:00:50,880 Speaker 1: a vehicle, and we're gonna talk about that in a 12 00:00:51,040 --> 00:00:53,800 Speaker 1: in a very kind, civilized, nuanced way. And they thought 13 00:00:53,840 --> 00:00:55,680 Speaker 1: it was more a rule of dumb than a rule 14 00:00:55,680 --> 00:00:57,520 Speaker 1: of thumb, and uh, they might have a point. So 15 00:00:57,520 --> 00:01:00,800 Speaker 1: we'll get to such an idiot. But first, man, I 16 00:01:00,800 --> 00:01:03,319 Speaker 1: wanted to basically, I've got a frugal or cheap here 17 00:01:03,360 --> 00:01:06,520 Speaker 1: for you folks know if they've listened for a while, 18 00:01:06,600 --> 00:01:09,480 Speaker 1: that I have a reluctance to go see the dentist. 19 00:01:09,880 --> 00:01:12,480 Speaker 1: It's not something that I prioritize in my life. I 20 00:01:12,520 --> 00:01:15,280 Speaker 1: did go literally gone once in the past decade, Yes, 21 00:01:15,640 --> 00:01:18,800 Speaker 1: but it was three months ago and everything was totally fine. 22 00:01:18,840 --> 00:01:20,560 Speaker 1: And that's a part of the reason why I don't 23 00:01:20,600 --> 00:01:22,800 Speaker 1: like to go, because I know, based on my history 24 00:01:22,840 --> 00:01:24,640 Speaker 1: that my teeth they're gonna be all right. I literally 25 00:01:24,680 --> 00:01:27,080 Speaker 1: had zero cavities. But that also means that we have 26 00:01:27,200 --> 00:01:31,720 Speaker 1: four kids and we haven't taken any of them to 27 00:01:31,760 --> 00:01:34,440 Speaker 1: go see the dentist yet. Our oldest is eight years old. 28 00:01:34,760 --> 00:01:36,759 Speaker 1: And I will say the reason we haven't taken them yet. 29 00:01:36,760 --> 00:01:38,680 Speaker 1: Someone call that cruel teeth to children. Some would say 30 00:01:38,680 --> 00:01:40,680 Speaker 1: that that is messed up. I know, but and so 31 00:01:40,880 --> 00:01:42,600 Speaker 1: essentially I guess, first of all, is that for glor 32 00:01:42,680 --> 00:01:47,240 Speaker 1: Chie jill Um, I probably would have done it by 33 00:01:47,280 --> 00:01:48,440 Speaker 1: now if I were you. But I get it. For 34 00:01:48,480 --> 00:01:51,120 Speaker 1: anybody who's out there who has like traditional insurance through 35 00:01:51,120 --> 00:01:53,840 Speaker 1: their employer, they're they're saying like, why not go? Why 36 00:01:53,880 --> 00:01:56,520 Speaker 1: not that it's basically like either a cheap copaere It's 37 00:01:56,520 --> 00:01:59,040 Speaker 1: completely free to go get a dental checkup for you 38 00:01:59,120 --> 00:02:01,280 Speaker 1: or your child. And I would do that if it 39 00:02:01,360 --> 00:02:04,800 Speaker 1: was something that was covered over the past decade. But 40 00:02:04,800 --> 00:02:06,680 Speaker 1: but you've been working on your own you have to 41 00:02:07,000 --> 00:02:09,200 Speaker 1: buy your own insurance and had dental in like fifteen years. 42 00:02:09,240 --> 00:02:11,560 Speaker 1: You and I are both now on medical sharing plants 43 00:02:11,560 --> 00:02:13,520 Speaker 1: and so it's completely out of pocket to do that. 44 00:02:13,600 --> 00:02:16,520 Speaker 1: And I get your reluctance right well. And even in 45 00:02:16,560 --> 00:02:18,120 Speaker 1: other countries, like you looked at Europe, you look at 46 00:02:18,120 --> 00:02:20,720 Speaker 1: the the UK man their their teeth are totally jacked. 47 00:02:21,280 --> 00:02:23,160 Speaker 1: And I'm not saying we have some UK listens and 48 00:02:23,160 --> 00:02:25,600 Speaker 1: they have it. They have fine teeth. Well, it seems 49 00:02:25,600 --> 00:02:28,840 Speaker 1: like it's not something that's as prioritized, right, And I 50 00:02:28,840 --> 00:02:30,919 Speaker 1: think that's totally okay. I'm not saying that like I'm 51 00:02:30,960 --> 00:02:32,880 Speaker 1: trying to like mess up my kid's teeth or anything. 52 00:02:33,160 --> 00:02:36,000 Speaker 1: But we go to the doctor and they look in 53 00:02:36,080 --> 00:02:38,280 Speaker 1: their mouths like that is something that our pediatrician does 54 00:02:38,440 --> 00:02:40,880 Speaker 1: during their annual checkups. And I wanted to bring this 55 00:02:40,960 --> 00:02:44,840 Speaker 1: up specifically because here in Georgia there's this form uh 56 00:02:44,919 --> 00:02:48,280 Speaker 1: it's called it's like Form thirty three D basically, and 57 00:02:48,480 --> 00:02:51,120 Speaker 1: every year the school requires you to have that form 58 00:02:51,120 --> 00:02:55,800 Speaker 1: filled out. Vision Physical Health Nutrition Well DENSIL is also 59 00:02:55,840 --> 00:02:59,320 Speaker 1: a category on there um, but our pediatrician they always 60 00:02:59,680 --> 00:03:03,000 Speaker 1: fail to sign off on that that category even though 61 00:03:03,120 --> 00:03:04,680 Speaker 1: DOT you have a dentist to it. Well, yeah, but 62 00:03:04,720 --> 00:03:07,000 Speaker 1: the thing is the George's Department of Health. They say 63 00:03:07,040 --> 00:03:08,680 Speaker 1: that it is okay because there's a spot on there 64 00:03:08,680 --> 00:03:11,040 Speaker 1: for you to check physician and to sign your name. 65 00:03:11,200 --> 00:03:13,560 Speaker 1: But it's it's just interesting because it's always something that 66 00:03:13,600 --> 00:03:16,200 Speaker 1: they avoid doing. It's very clear that they don't like 67 00:03:16,440 --> 00:03:18,160 Speaker 1: to do that. They I don't know whether it's a 68 00:03:18,160 --> 00:03:20,679 Speaker 1: liability thing or if they just want to encourage you 69 00:03:20,760 --> 00:03:22,480 Speaker 1: to go see the dentist. But I wanted to mention 70 00:03:22,480 --> 00:03:24,840 Speaker 1: that because a, if there are any Georgia listeners out there, 71 00:03:25,120 --> 00:03:27,720 Speaker 1: know that you can have a pediatrician sign off on 72 00:03:27,720 --> 00:03:30,000 Speaker 1: that form. But I think also in other states, if 73 00:03:30,000 --> 00:03:32,160 Speaker 1: there are forms that are similar to this that the 74 00:03:32,160 --> 00:03:34,800 Speaker 1: schools require, see if you're pediatrician, and see if your 75 00:03:34,800 --> 00:03:37,440 Speaker 1: primary doctor h is able to sign off on that 76 00:03:37,560 --> 00:03:41,120 Speaker 1: and instead of scheduling that separate, you know, dental appointment 77 00:03:41,160 --> 00:03:43,600 Speaker 1: where you're potentially if you're self employed, especially paying a 78 00:03:43,640 --> 00:03:46,040 Speaker 1: lot of money, that's something you can avoid. I just 79 00:03:46,080 --> 00:03:48,120 Speaker 1: wanted to put that tip out there for folks. I 80 00:03:48,200 --> 00:03:50,680 Speaker 1: know we're probably going to receive a little me specifically, 81 00:03:50,680 --> 00:03:53,040 Speaker 1: I want to reseach anail for that that being said, 82 00:03:53,360 --> 00:03:55,720 Speaker 1: our kids are they're getting their permanent teeth in and 83 00:03:55,800 --> 00:03:57,960 Speaker 1: things at how to Money Matt on Twitter if you 84 00:03:57,960 --> 00:04:00,760 Speaker 1: want to hate there, although I'm never on there because 85 00:04:00,880 --> 00:04:02,880 Speaker 1: um I need to I would like to remedy that, 86 00:04:02,880 --> 00:04:05,040 Speaker 1: but I just yeah, I'm not on Twitter these days 87 00:04:05,080 --> 00:04:07,440 Speaker 1: as much, but I did want to share that our 88 00:04:07,520 --> 00:04:09,360 Speaker 1: kids they're starting to get their permanent teeth in, right, 89 00:04:09,360 --> 00:04:11,240 Speaker 1: Like they've lost the baby teeth, and I will say, 90 00:04:11,320 --> 00:04:14,640 Speaker 1: with your permanent adult teeth, the stakes are a little 91 00:04:14,640 --> 00:04:16,360 Speaker 1: bit higher with the baby teeth. I'm like, all right, 92 00:04:16,360 --> 00:04:17,960 Speaker 1: it's not that big of a deal that they're all straight, 93 00:04:18,040 --> 00:04:20,680 Speaker 1: there's no cavities. The doctor says, everything's okay, they're not 94 00:04:20,680 --> 00:04:23,040 Speaker 1: feeling any pain. What's the point of they've been going in. 95 00:04:23,080 --> 00:04:25,880 Speaker 1: But now that the permanent teeth are coming in, like 96 00:04:25,920 --> 00:04:28,400 Speaker 1: we've made it clear to them, Hey, these are teeth. 97 00:04:28,600 --> 00:04:31,000 Speaker 1: Like the teeth that you see in my mouth, those 98 00:04:31,040 --> 00:04:33,040 Speaker 1: are the same teeth that are now growing into your mouth. 99 00:04:33,680 --> 00:04:35,280 Speaker 1: Just like connecting the fact that like you have to 100 00:04:35,360 --> 00:04:36,960 Speaker 1: keep these things for the rest of your life, so 101 00:04:37,279 --> 00:04:39,320 Speaker 1: take care of them. Flash your teeth, brush your teeth. 102 00:04:39,480 --> 00:04:42,719 Speaker 1: Were really discipline when it comes to oral care. So 103 00:04:42,800 --> 00:04:44,599 Speaker 1: before you send in those hate emails. I want you 104 00:04:44,640 --> 00:04:46,560 Speaker 1: to know that we are going to you know, take 105 00:04:46,600 --> 00:04:49,120 Speaker 1: heavy specifically to go see the dentist at some point. 106 00:04:49,120 --> 00:04:50,520 Speaker 1: I think it's a good idea. I mean, she's she's 107 00:04:50,560 --> 00:04:53,040 Speaker 1: eight years old. I think it's probably a really smart 108 00:04:53,080 --> 00:04:56,240 Speaker 1: toping me. I think the American Society of Pediatric Dentists 109 00:04:56,279 --> 00:04:58,360 Speaker 1: or whatever, suggest that you start going at age two 110 00:04:58,360 --> 00:05:01,640 Speaker 1: and go every six months and do that sounds like overkill. 111 00:05:01,720 --> 00:05:04,800 Speaker 1: It sounds like big dental to be honest, right, and 112 00:05:04,880 --> 00:05:07,159 Speaker 1: like to be honest as an adult, like going I 113 00:05:07,160 --> 00:05:10,280 Speaker 1: think once a year to me feel sufficient. Um, it's 114 00:05:10,320 --> 00:05:13,440 Speaker 1: one of those things where almost nobody does the actual 115 00:05:13,920 --> 00:05:17,599 Speaker 1: recommended amount six months. Who gets a real changed every 116 00:05:17,640 --> 00:05:19,839 Speaker 1: three thousand miles? I mean lots of people stretch it 117 00:05:19,839 --> 00:05:22,080 Speaker 1: out to five thousand miles, And you know what, that's 118 00:05:22,440 --> 00:05:24,960 Speaker 1: okay too, I think, Um, so we all have to 119 00:05:25,000 --> 00:05:27,159 Speaker 1: make trade offs, and especially when you're talking about sending 120 00:05:27,320 --> 00:05:29,120 Speaker 1: four kids to the dentists every six months, like that 121 00:05:29,160 --> 00:05:32,359 Speaker 1: could add up. Um. But but yeah, there's also the 122 00:05:32,440 --> 00:05:35,920 Speaker 1: reality that an actual dental professional should look at their teeth. Um. 123 00:05:35,960 --> 00:05:39,760 Speaker 1: And again, let's get off medical stuff because we we 124 00:05:39,839 --> 00:05:43,880 Speaker 1: never give good medical advice is literally just we're always cheap, 125 00:05:43,920 --> 00:05:47,080 Speaker 1: a personal human example that we're sharing, and do not 126 00:05:47,120 --> 00:05:49,200 Speaker 1: take this as medical advice. Please take your kid to 127 00:05:49,240 --> 00:05:51,960 Speaker 1: the dentists as often as you see fit. And it's 128 00:05:51,800 --> 00:05:53,520 Speaker 1: the same for you. Go go as often as you 129 00:05:53,560 --> 00:05:55,560 Speaker 1: need to go. Yeah, you have the freedom to make 130 00:05:55,600 --> 00:05:57,359 Speaker 1: this decision on your own, and you also have the 131 00:05:57,360 --> 00:05:59,240 Speaker 1: freedom to send Matt an email telling him how dummy 132 00:05:59,279 --> 00:06:01,080 Speaker 1: it's like that you have of those freedoms. Yes, you do. 133 00:06:01,400 --> 00:06:03,320 Speaker 1: All right, let's move on to the beer that we're 134 00:06:03,320 --> 00:06:05,800 Speaker 1: having on this episode. It's called Le Petite Prints and 135 00:06:05,800 --> 00:06:08,760 Speaker 1: it's by Jester King Brewing. They are one of the 136 00:06:08,800 --> 00:06:11,560 Speaker 1: best breweries in the nation out of Austin, Texas. And yeah, 137 00:06:11,560 --> 00:06:13,000 Speaker 1: we'll give our thoughts on the spear at the end 138 00:06:13,000 --> 00:06:15,159 Speaker 1: of the episode. Looking forward to sharing this one. But okay, 139 00:06:15,200 --> 00:06:16,960 Speaker 1: but let's get on the listen our questions and if 140 00:06:17,000 --> 00:06:19,200 Speaker 1: you've got a question for Matten me, yeah, you please 141 00:06:19,279 --> 00:06:21,440 Speaker 1: submit it to us. We'd love to hear from you. 142 00:06:21,480 --> 00:06:23,799 Speaker 1: Go just go to how to money dot com slash ask. 143 00:06:23,880 --> 00:06:26,560 Speaker 1: There are simple instructions there for you to submit your 144 00:06:26,600 --> 00:06:28,440 Speaker 1: money question and we'd love to take it on a 145 00:06:28,480 --> 00:06:32,440 Speaker 1: future episode. But Matt, this first question is actually less 146 00:06:32,440 --> 00:06:34,760 Speaker 1: of a question, and it's more of pushback on that 147 00:06:34,839 --> 00:06:36,560 Speaker 1: rule of thumb that we offered when it came to 148 00:06:36,760 --> 00:06:40,560 Speaker 1: car buying. Hi, Joel In Matt, this is Rob and Columbia, Maryland. 149 00:06:40,760 --> 00:06:45,359 Speaker 1: I listened intently to your new car buying episode. I 150 00:06:45,440 --> 00:06:49,000 Speaker 1: have promised my well worn route for to my daughter 151 00:06:49,240 --> 00:06:51,560 Speaker 1: in October when she gets her license and I'll need 152 00:06:51,600 --> 00:06:56,200 Speaker 1: a new car. My income has increased significantly since buying 153 00:06:56,240 --> 00:06:58,920 Speaker 1: my last car, and I currently draw a modest car 154 00:06:58,960 --> 00:07:01,560 Speaker 1: allowance from my company. Need As a result, I'm in 155 00:07:01,600 --> 00:07:03,359 Speaker 1: a position to spend more on a car than I 156 00:07:03,400 --> 00:07:05,240 Speaker 1: ever have in the past, which I guess is good 157 00:07:05,360 --> 00:07:09,000 Speaker 1: given inflation. In any event, Matt had given a budget 158 00:07:09,040 --> 00:07:12,920 Speaker 1: formula of net worth plus income times ten percent for 159 00:07:12,960 --> 00:07:16,080 Speaker 1: purchase price. Here's the thing. I think this needs to 160 00:07:16,120 --> 00:07:19,560 Speaker 1: be adjusted for expected net worth based on ageent income, 161 00:07:19,800 --> 00:07:23,000 Speaker 1: similar to the wealth accumulation predictors in the Millionaire next 162 00:07:23,000 --> 00:07:27,000 Speaker 1: door track with me. Even with a conservative estimate of 163 00:07:27,040 --> 00:07:29,840 Speaker 1: my net worth, not using my home equity or equity 164 00:07:29,840 --> 00:07:33,320 Speaker 1: in my business, and my base salary income only, my 165 00:07:33,440 --> 00:07:37,360 Speaker 1: calculation comes to eighty dollars, which would be sweet, I'd 166 00:07:37,360 --> 00:07:40,800 Speaker 1: buy that Grand Cherokee you guys were talking about. I 167 00:07:40,880 --> 00:07:43,080 Speaker 1: certainly could have fun with that number, But I couldn't 168 00:07:43,080 --> 00:07:45,680 Speaker 1: imagine you guys a recommending I spend that much. What 169 00:07:45,720 --> 00:07:47,720 Speaker 1: do you think? I understand what you're trying to do, 170 00:07:47,840 --> 00:07:50,600 Speaker 1: which is stopping a person with a good salary and 171 00:07:50,840 --> 00:07:54,040 Speaker 1: no or negative net worth from over leveraging. But maybe 172 00:07:54,040 --> 00:07:56,760 Speaker 1: there's a way to index. I really appreciate it. Oh 173 00:07:56,800 --> 00:08:00,560 Speaker 1: and here's a great Maryland beer, try Nanticoke now from 174 00:08:00,680 --> 00:08:03,440 Speaker 1: r a Are Brewing in Cambridge, Maryland. I think you'll 175 00:08:03,440 --> 00:08:05,520 Speaker 1: really enjoy it. All right, Matt, I think it's it's 176 00:08:05,560 --> 00:08:07,800 Speaker 1: probably good that we got pushed back on on this 177 00:08:07,840 --> 00:08:09,640 Speaker 1: car buying formula. And you know what, we kind of 178 00:08:09,680 --> 00:08:12,160 Speaker 1: we kind of like feedback when someone agrees, and and 179 00:08:12,160 --> 00:08:14,680 Speaker 1: and here's the thing, like one we want to admit 180 00:08:14,800 --> 00:08:16,680 Speaker 1: we're not right all the time, that's for sure. And 181 00:08:17,160 --> 00:08:20,280 Speaker 1: there there's a lot of wisdom out there that our 182 00:08:20,280 --> 00:08:23,280 Speaker 1: listeners have, and so we we really appreciate Rob sharing 183 00:08:23,360 --> 00:08:26,720 Speaker 1: his thoughts with us on this question. And just before 184 00:08:26,720 --> 00:08:28,280 Speaker 1: we get to even kind of our thoughts on that, 185 00:08:28,840 --> 00:08:30,600 Speaker 1: you know what's amazing about the craft beer seeing these 186 00:08:30,680 --> 00:08:32,840 Speaker 1: days is I don't think. I don't know if you've 187 00:08:32,840 --> 00:08:35,120 Speaker 1: ever heard of are A are brewing, but no, I 188 00:08:35,160 --> 00:08:37,040 Speaker 1: had not either. But we looked them up and it 189 00:08:37,040 --> 00:08:39,560 Speaker 1: looks like, man, they've got some really tasty looking beers 190 00:08:39,559 --> 00:08:41,480 Speaker 1: out there. We don't get them here in Atlanta sadly, 191 00:08:41,559 --> 00:08:44,000 Speaker 1: but maybe one of these days will start distributing and 192 00:08:44,040 --> 00:08:45,680 Speaker 1: mats this is kind of the rule of thumb that 193 00:08:45,760 --> 00:08:47,880 Speaker 1: you came up with. I'm gonna let you maybe start 194 00:08:48,360 --> 00:08:51,480 Speaker 1: tackling his pushback first. Okay, so Rob, you know, like 195 00:08:51,520 --> 00:08:54,200 Speaker 1: I totally hear where he's coming from, and like, basically 196 00:08:54,200 --> 00:08:56,240 Speaker 1: I agree with everything that he's saying. They're right, like 197 00:08:56,280 --> 00:08:58,640 Speaker 1: the less you can spend on a car, the better. Uh. 198 00:08:58,880 --> 00:09:01,600 Speaker 1: Rules of thumb are always tough to implement, you know, 199 00:09:01,679 --> 00:09:04,079 Speaker 1: like think about an instance, like like when is a 200 00:09:04,160 --> 00:09:06,600 Speaker 1: one size fits all rule? What has that ever been 201 00:09:06,640 --> 00:09:09,520 Speaker 1: an excellent fit for anybody out there? But generally speaking, 202 00:09:09,520 --> 00:09:11,760 Speaker 1: I actually do believe that if you have that much 203 00:09:11,880 --> 00:09:15,400 Speaker 1: net worth, then you should enjoy some of the financial 204 00:09:15,400 --> 00:09:17,600 Speaker 1: freedom that you've built up for yourself. It's not that 205 00:09:17,640 --> 00:09:20,199 Speaker 1: I think that you must spend eighty thou dollars on 206 00:09:20,240 --> 00:09:22,720 Speaker 1: a new ride, but that if you wanted to that, 207 00:09:22,800 --> 00:09:26,280 Speaker 1: it wouldn't have a major negative impact on your financial freedom. 208 00:09:26,440 --> 00:09:29,600 Speaker 1: It sounds like you are a very financially savvy UH 209 00:09:29,640 --> 00:09:32,600 Speaker 1: and frugal guy, but I doubt that you'd even want 210 00:09:32,640 --> 00:09:35,640 Speaker 1: to drop that kind of money. But especially as folks 211 00:09:35,640 --> 00:09:37,679 Speaker 1: begin to advance in their years, I think rules of 212 00:09:37,760 --> 00:09:40,200 Speaker 1: thumb like this can be just a healthy way to 213 00:09:40,320 --> 00:09:43,480 Speaker 1: challenge our ways of thinking, uh and just to ensure 214 00:09:43,520 --> 00:09:45,480 Speaker 1: that you know, we're not saving too much money later 215 00:09:45,520 --> 00:09:46,960 Speaker 1: on in life. Yeah, man, I think I think what 216 00:09:47,000 --> 00:09:49,480 Speaker 1: you're getting at here is that just because you can 217 00:09:49,640 --> 00:09:51,680 Speaker 1: spend a certain of my money, just because that rule 218 00:09:51,679 --> 00:09:53,800 Speaker 1: of thumb allows for you to do that, it doesn't 219 00:09:53,800 --> 00:09:56,080 Speaker 1: mean that you should write it does exactly. It doesn't 220 00:09:56,080 --> 00:09:58,280 Speaker 1: mean that like robs should go out tomorrow and by 221 00:09:58,280 --> 00:10:00,959 Speaker 1: that jeap grand wagoneer or whatever it is, which I 222 00:10:01,240 --> 00:10:02,839 Speaker 1: saw on the parking deck the other day at our 223 00:10:02,880 --> 00:10:05,040 Speaker 1: local publics, and they're pretty cool looking. Randomly I was 224 00:10:05,080 --> 00:10:06,800 Speaker 1: at public so that it it never happens, but um, yeah, 225 00:10:06,960 --> 00:10:09,800 Speaker 1: they are cool looking, but they're very expensively view back 226 00:10:09,840 --> 00:10:12,600 Speaker 1: stabbing all the and costco those bogus and publics are 227 00:10:12,640 --> 00:10:15,079 Speaker 1: pretty sweet from time to time and uh, yeah, when 228 00:10:15,120 --> 00:10:17,160 Speaker 1: I'm smoking park but that's hard at my park butts. 229 00:10:17,679 --> 00:10:21,040 Speaker 1: But yeah, when we discussed that formula, we noted how 230 00:10:21,200 --> 00:10:23,960 Speaker 1: we have opted to own cars that cost substantially less 231 00:10:24,000 --> 00:10:26,520 Speaker 1: than what that formula would allow for us to purchase. 232 00:10:26,800 --> 00:10:28,640 Speaker 1: And and that's because Matt and I we view cars 233 00:10:28,720 --> 00:10:32,280 Speaker 1: for the most part as point A to point be transportation. 234 00:10:32,600 --> 00:10:35,760 Speaker 1: They're very utilitarian in our minds. I don't think of 235 00:10:35,800 --> 00:10:37,200 Speaker 1: my car. I'm not attached to it. The other day 236 00:10:37,240 --> 00:10:39,200 Speaker 1: I was like, should be self conscious sitting in my 237 00:10:39,559 --> 00:10:42,840 Speaker 1: powder blue old school Honda minivans sitting in traffic? No, 238 00:10:43,200 --> 00:10:45,400 Speaker 1: because I don't care, because it doesn't matter to me. 239 00:10:45,679 --> 00:10:48,320 Speaker 1: Other people they do care about and they feel like 240 00:10:48,320 --> 00:10:51,760 Speaker 1: a car, their car is a representation of themselves. That's 241 00:10:51,760 --> 00:10:54,000 Speaker 1: not how we view it. The one exception, the one 242 00:10:54,000 --> 00:10:56,600 Speaker 1: obvious exception, being the ribbon, which is a work of part. Uh, 243 00:10:56,679 --> 00:11:00,320 Speaker 1: it's the most beautiful truck ever created. But uh, I 244 00:11:00,360 --> 00:11:02,200 Speaker 1: truly think you probably are going to own a Rivian 245 00:11:02,200 --> 00:11:04,120 Speaker 1: in one of these ten years or something. I will yes, 246 00:11:04,120 --> 00:11:06,200 Speaker 1: And ten years, will you buy a five year old Rivan? 247 00:11:06,240 --> 00:11:09,920 Speaker 1: Probably I can see that happening. But but of course, 248 00:11:09,960 --> 00:11:11,760 Speaker 1: because we view vehicles like this, it means that we 249 00:11:11,800 --> 00:11:14,760 Speaker 1: want to keep our vehicle but budgets miniscule. But we're 250 00:11:14,760 --> 00:11:18,200 Speaker 1: also talking to people who a lot of listeners who 251 00:11:18,240 --> 00:11:20,679 Speaker 1: don't necessarily feel that way, And so we we do 252 00:11:20,800 --> 00:11:23,120 Speaker 1: want folks to feel a certain amount of freedom in 253 00:11:23,160 --> 00:11:24,960 Speaker 1: this area of their finances, and we don't want to 254 00:11:25,160 --> 00:11:27,960 Speaker 1: artificially constrain people to view the world or view their 255 00:11:28,000 --> 00:11:30,920 Speaker 1: cars the way we do. Um. While we would suggest 256 00:11:30,960 --> 00:11:33,800 Speaker 1: that spending less on vehicles overall is something that is 257 00:11:33,800 --> 00:11:36,160 Speaker 1: going to help you build wealth faster, and it's something 258 00:11:36,240 --> 00:11:38,560 Speaker 1: we're in favor of, we would also say, like, if 259 00:11:38,600 --> 00:11:41,280 Speaker 1: you meet those rule of thumb requirements, like you could 260 00:11:41,280 --> 00:11:43,720 Speaker 1: buy a nicer car, and you know, I feel guilty 261 00:11:43,760 --> 00:11:46,320 Speaker 1: about absolutely, yeah, you know, And I'm thinking back to 262 00:11:46,320 --> 00:11:47,880 Speaker 1: you about like what the point of a rule of 263 00:11:47,880 --> 00:11:50,920 Speaker 1: thumb is, which is to like easily calculate and remember 264 00:11:51,120 --> 00:11:54,240 Speaker 1: something that can get murky at times, right, uh, And 265 00:11:54,360 --> 00:11:56,800 Speaker 1: it can also be really valuable for folks who aren't 266 00:11:56,800 --> 00:11:59,440 Speaker 1: willing to dive into the charts and the indexes to 267 00:11:59,520 --> 00:12:02,280 Speaker 1: determine the exact amount that they should actually spend on 268 00:12:02,320 --> 00:12:04,880 Speaker 1: a car. You know, like they're likely not going to 269 00:12:04,880 --> 00:12:06,760 Speaker 1: spend the time and crunch the numbers. But those are 270 00:12:06,840 --> 00:12:09,040 Speaker 1: the folks that could use a simple rule of thumb 271 00:12:09,240 --> 00:12:11,560 Speaker 1: the most, you know, whereas someone who is willing to 272 00:12:11,559 --> 00:12:13,440 Speaker 1: put in the time in the effort, they likely, you know, 273 00:12:13,480 --> 00:12:15,640 Speaker 1: they don't need the rule of thumb as much. So 274 00:12:15,880 --> 00:12:17,880 Speaker 1: I still see it as a solid general advice. It 275 00:12:17,920 --> 00:12:20,040 Speaker 1: makes me think of like the twenty five X rule 276 00:12:20,160 --> 00:12:22,480 Speaker 1: right where you can quickly determine how much money you 277 00:12:22,559 --> 00:12:24,840 Speaker 1: need to have invested for retirement in order to retire. 278 00:12:25,200 --> 00:12:27,520 Speaker 1: But it's easy for me to remember that rule because 279 00:12:27,520 --> 00:12:30,760 Speaker 1: it's the rule. Obviously, we're not diving into the particulars. 280 00:12:30,760 --> 00:12:33,199 Speaker 1: We're not diving into how much you're you know, we're 281 00:12:33,200 --> 00:12:35,520 Speaker 1: expecting inflation to be. We're not diving into how much 282 00:12:35,720 --> 00:12:37,880 Speaker 1: you're planning to inflate your lifestyle down the road or 283 00:12:37,920 --> 00:12:40,640 Speaker 1: cut back on your lifestyle of age you're retiring, Yes, 284 00:12:40,679 --> 00:12:43,840 Speaker 1: exactly what sort of as an allocation you've decided to, 285 00:12:43,920 --> 00:12:45,720 Speaker 1: But it's still a good general rule of thumb that 286 00:12:45,720 --> 00:12:47,400 Speaker 1: gets you in the ballpark, and it can just quickly 287 00:12:47,440 --> 00:12:49,240 Speaker 1: help you to see how close you are to that 288 00:12:49,280 --> 00:12:51,200 Speaker 1: goal of retirement. And so in the same way I 289 00:12:51,240 --> 00:12:53,080 Speaker 1: see this rule of thumb when it comes to cars 290 00:12:53,160 --> 00:12:55,800 Speaker 1: as a still a very helpful tool. Yeah, and it's fitting. 291 00:12:55,840 --> 00:12:58,120 Speaker 1: I think that Rob mentioned the book The Millionaire next 292 00:12:58,160 --> 00:13:01,479 Speaker 1: Door because yeah, in that book they found that millionaires 293 00:13:01,480 --> 00:13:04,880 Speaker 1: mostly drive Hondas and Toyota's um and I think in 294 00:13:04,920 --> 00:13:08,600 Speaker 1: the first edition it was Forward Explorers maybe, which always 295 00:13:08,600 --> 00:13:10,720 Speaker 1: stains up in my mind because I still remember seeing 296 00:13:10,760 --> 00:13:12,760 Speaker 1: a pot Explorer for the first time in Jurassic Park 297 00:13:13,320 --> 00:13:15,680 Speaker 1: because that was like the vehicle that they had, remember 298 00:13:15,679 --> 00:13:18,719 Speaker 1: that originally attacked it. Because I was a kid ever 299 00:13:18,760 --> 00:13:20,400 Speaker 1: since I saw that movie, always saw them as like 300 00:13:20,440 --> 00:13:23,640 Speaker 1: way cooler, and I thought that, like, oh cool millionaires, 301 00:13:23,760 --> 00:13:26,080 Speaker 1: they know what's up. But in reality they are just 302 00:13:26,160 --> 00:13:28,679 Speaker 1: good affordable vehicles. At least they were like fifteen years 303 00:13:28,679 --> 00:13:32,120 Speaker 1: and mostly utilitarian, right, and and driving that kind of 304 00:13:32,120 --> 00:13:35,760 Speaker 1: a car, specifically, choosing to drive an older Corolla or 305 00:13:36,160 --> 00:13:39,920 Speaker 1: a or even Afford Explorer. That doesn't automatically make someone 306 00:13:40,040 --> 00:13:42,800 Speaker 1: a millionaire. It's not that formulate, right. But on the flip, 307 00:13:42,840 --> 00:13:44,400 Speaker 1: the flip side of the coin is true as well. 308 00:13:44,600 --> 00:13:46,720 Speaker 1: Just because someone is a millionaire doesn't mean they have 309 00:13:46,800 --> 00:13:49,240 Speaker 1: to drive an old Beater. And you know, I remember 310 00:13:49,240 --> 00:13:50,880 Speaker 1: having jail Collins on the show Matt and he talked 311 00:13:50,880 --> 00:13:53,520 Speaker 1: about buying a brand new Subaru and a lot of 312 00:13:53,520 --> 00:13:56,120 Speaker 1: people would say that's a terrible thing to do, buying 313 00:13:56,120 --> 00:13:58,280 Speaker 1: new cars. Anybody who knows anything about money would say, 314 00:13:58,320 --> 00:14:00,080 Speaker 1: don't ever buy a new car. But we talked to 315 00:14:00,120 --> 00:14:02,160 Speaker 1: him about how he did it, how he did it intelligently, 316 00:14:02,520 --> 00:14:04,480 Speaker 1: and we we've got an article on on the site 317 00:14:04,520 --> 00:14:07,120 Speaker 1: too about buying new cars is not the worst thing 318 00:14:07,120 --> 00:14:09,480 Speaker 1: you could do. Just for most people that it doesn't 319 00:14:09,520 --> 00:14:12,200 Speaker 1: make sense because they've got other priorities, and and even 320 00:14:12,240 --> 00:14:15,080 Speaker 1: for people who are well established in their journey towards 321 00:14:15,120 --> 00:14:17,760 Speaker 1: financial independence, like Rob, it probably still doesn't make sense 322 00:14:17,800 --> 00:14:21,040 Speaker 1: because he has other priorities that he wants to achieve. 323 00:14:21,120 --> 00:14:23,120 Speaker 1: And so yeah, there's there are a lot of different 324 00:14:23,120 --> 00:14:25,640 Speaker 1: ways to live a wealthy life. But yeah, I think 325 00:14:25,720 --> 00:14:27,800 Speaker 1: the rule of thumb like this can not only keep 326 00:14:27,800 --> 00:14:30,600 Speaker 1: our car spending in check early on in our financial 327 00:14:30,600 --> 00:14:34,239 Speaker 1: independence journey, but yeah, it can also expand our horizons 328 00:14:34,360 --> 00:14:36,040 Speaker 1: a little bit. And you know, when we've got a 329 00:14:36,040 --> 00:14:39,480 Speaker 1: lot of money stocked away investments, it can be especially 330 00:14:39,480 --> 00:14:43,160 Speaker 1: helpful exercise. After years or decades of hard work and 331 00:14:43,200 --> 00:14:45,560 Speaker 1: frugal living, to help you realize. Guess what, I can 332 00:14:45,640 --> 00:14:47,480 Speaker 1: listen to the purse strings a little bit, and I 333 00:14:47,480 --> 00:14:51,040 Speaker 1: don't save this money to live a life of austerity 334 00:14:51,320 --> 00:14:53,800 Speaker 1: from now until I die. Like part of the reason 335 00:14:53,880 --> 00:14:56,600 Speaker 1: to save is to then be able to spend effectively 336 00:14:56,640 --> 00:14:58,560 Speaker 1: on things that you care about. Yeah, and again, I 337 00:14:58,600 --> 00:15:01,320 Speaker 1: know that's so weird to hear from the two seemingly 338 00:15:01,400 --> 00:15:04,040 Speaker 1: cheapest dudes out there to do to or the dude 339 00:15:04,080 --> 00:15:06,320 Speaker 1: who won't take his kids to Dennis. Yes. Hey, that's 340 00:15:06,320 --> 00:15:08,040 Speaker 1: because I'm willing to sacrifice when it comes to my 341 00:15:08,080 --> 00:15:10,480 Speaker 1: kids teeth, but not my fancy ribban. I was gonna say, 342 00:15:10,520 --> 00:15:12,080 Speaker 1: if you start driving a Ribby and just will take 343 00:15:12,080 --> 00:15:14,200 Speaker 1: your kids to the Dennist, that will that will rile 344 00:15:14,280 --> 00:15:15,840 Speaker 1: up the pains. No, it is something that Kate and 345 00:15:15,880 --> 00:15:19,320 Speaker 1: I have revisited and we're gonna we've got our priorities straight. 346 00:15:19,360 --> 00:15:21,520 Speaker 1: But it is true. I think it can be difficult 347 00:15:21,560 --> 00:15:24,880 Speaker 1: to break out of that mindset of we save, we 348 00:15:24,920 --> 00:15:26,880 Speaker 1: are frugal, we always buy cars that are at least 349 00:15:26,920 --> 00:15:29,920 Speaker 1: seven years old, if not even older. Uh. And like 350 00:15:29,960 --> 00:15:31,760 Speaker 1: you said, this is just a good exercise to kind 351 00:15:31,760 --> 00:15:33,960 Speaker 1: of remove ourselves from that fright framework. A little bit 352 00:15:34,000 --> 00:15:36,400 Speaker 1: and be like, oh, actually, you know, we can't afford 353 00:15:36,440 --> 00:15:38,560 Speaker 1: to buy a car that's forty thousand dollars or forty 354 00:15:38,560 --> 00:15:41,160 Speaker 1: five thousand dollars. If it's something that you prioritize that 355 00:15:41,320 --> 00:15:43,560 Speaker 1: that is something that is within your reach, Yeah for sure. 356 00:15:43,600 --> 00:15:45,360 Speaker 1: All right. Well, um, yeah, Rob, thank you for that 357 00:15:45,400 --> 00:15:48,320 Speaker 1: push back. Hopefully we gave a thoughtful response. And yeah, 358 00:15:48,360 --> 00:15:51,320 Speaker 1: we've got more questions to get to, including one about 359 00:15:51,360 --> 00:15:53,800 Speaker 1: a cousin of five accounts. Well, we'll get to that 360 00:15:53,880 --> 00:16:04,760 Speaker 1: and more right out for this break. All right, we 361 00:16:04,760 --> 00:16:07,000 Speaker 1: are backing in. Our next question comes from a listener 362 00:16:07,000 --> 00:16:09,920 Speaker 1: who is wanting to know whether or not they should 363 00:16:09,960 --> 00:16:13,840 Speaker 1: go with a financial planner. Let's hear that question. Hi, guys, 364 00:16:13,880 --> 00:16:17,400 Speaker 1: my name is Sarah. I'm calling from Denver, Colorado. I 365 00:16:17,400 --> 00:16:21,160 Speaker 1: have a question about comprehensive financial planning. My husband has 366 00:16:21,160 --> 00:16:23,120 Speaker 1: been approached by an old buddy of his to hire 367 00:16:23,200 --> 00:16:26,960 Speaker 1: him for this service. I haven't specifically heard of comprehensive 368 00:16:27,000 --> 00:16:29,440 Speaker 1: financial planning, but as I understand it, you know, it 369 00:16:29,440 --> 00:16:32,000 Speaker 1: takes all of your financial background and information and helps 370 00:16:32,040 --> 00:16:35,520 Speaker 1: you identify holes and make strategic decisions to fill any 371 00:16:35,520 --> 00:16:38,800 Speaker 1: gaps that you may have. Um. We are forty years old, 372 00:16:38,880 --> 00:16:41,640 Speaker 1: mid career, have some wealth built up, and are mostly 373 00:16:41,680 --> 00:16:44,800 Speaker 1: investing in index funds through Vanguard. At this point, we 374 00:16:44,920 --> 00:16:47,360 Speaker 1: have been thinking about expanding out from the stock market 375 00:16:47,440 --> 00:16:50,400 Speaker 1: to broaden our portfolio, and maybe this is a great 376 00:16:50,400 --> 00:16:52,160 Speaker 1: way to find out what our best options are when 377 00:16:52,200 --> 00:16:55,080 Speaker 1: we don't have much time or expertise to do this ourselves. 378 00:16:55,520 --> 00:16:57,880 Speaker 1: Curious if you think it's worth the money and frankly 379 00:16:57,920 --> 00:17:00,760 Speaker 1: the time to go over all of this um with them, 380 00:17:00,960 --> 00:17:03,640 Speaker 1: or are we better served continuing to do this on 381 00:17:03,680 --> 00:17:06,840 Speaker 1: our own. It's a flat fee of fire for one year, 382 00:17:06,960 --> 00:17:08,960 Speaker 1: then after that you sort of pay as needed, you know, 383 00:17:08,960 --> 00:17:11,600 Speaker 1: when you require a tune up or whatever. Um Anyway, 384 00:17:11,640 --> 00:17:14,719 Speaker 1: appreciate any insight you can give, and thank you very 385 00:17:14,800 --> 00:17:18,440 Speaker 1: much to love the podcast. All right, Sarah. Combining money 386 00:17:18,440 --> 00:17:20,000 Speaker 1: and an old friendship that can be a tough one. 387 00:17:20,040 --> 00:17:23,360 Speaker 1: Sarah's bringing the heat when it comes to difficult questions. 388 00:17:23,440 --> 00:17:24,879 Speaker 1: I would say you and I were friends, we can 389 00:17:24,920 --> 00:17:27,240 Speaker 1: find money. Well, I mean, we don't true share our assets, 390 00:17:27,240 --> 00:17:29,120 Speaker 1: but we're also not trying to sell each other stuff 391 00:17:30,600 --> 00:17:32,440 Speaker 1: because Sarah, like obviously like you don't want to hurt 392 00:17:32,440 --> 00:17:34,880 Speaker 1: your friends feelings, but you also don't want to give 393 00:17:34,960 --> 00:17:37,560 Speaker 1: him your business without doing your due diligence, and that 394 00:17:37,680 --> 00:17:40,640 Speaker 1: evolves finding out what his credentials are. So, for instance, 395 00:17:40,720 --> 00:17:44,040 Speaker 1: is he a CFP, a certified financial planner? And if so, 396 00:17:44,160 --> 00:17:47,080 Speaker 1: is he a fee only fiduciary. If he's not, then 397 00:17:47,640 --> 00:17:50,520 Speaker 1: I wouldn't suggest going any further because those are some 398 00:17:50,720 --> 00:17:54,200 Speaker 1: important qualifications. It sounds like you are, you know, talking 399 00:17:54,200 --> 00:17:56,800 Speaker 1: about a one time fee in order to get this 400 00:17:56,840 --> 00:18:00,240 Speaker 1: comprehensive plan, but fift bucks that is a lot of money. 401 00:18:00,600 --> 00:18:03,439 Speaker 1: I would definitely want some more information on what a 402 00:18:03,480 --> 00:18:06,919 Speaker 1: comprehensive financial plan looks like from his standpoint, because you 403 00:18:07,000 --> 00:18:10,760 Speaker 1: likely don't need help picking investments. Many financial advisors they 404 00:18:10,800 --> 00:18:13,640 Speaker 1: do help in other areas, right, like budgeting, debt pay 405 00:18:13,640 --> 00:18:17,879 Speaker 1: off plans, tax planning, even like college admission advice these days. 406 00:18:18,240 --> 00:18:19,959 Speaker 1: But if you feel comfortable in all of those areas, 407 00:18:19,960 --> 00:18:22,399 Speaker 1: then it sounds like y'all might be doing great on 408 00:18:22,440 --> 00:18:25,640 Speaker 1: your own. Uh again, bucks, that seems like a lot 409 00:18:25,680 --> 00:18:28,520 Speaker 1: to pay. And I think honestly, even the fact that 410 00:18:28,520 --> 00:18:31,200 Speaker 1: he's calling it a comprehensive financial plan, I feel like 411 00:18:31,320 --> 00:18:35,760 Speaker 1: they're using that language to justify the large fee. Sound nice, Yeah, 412 00:18:35,800 --> 00:18:37,919 Speaker 1: it's like, oh, this is a full kind of package deal. 413 00:18:37,960 --> 00:18:39,840 Speaker 1: They're gonna certify pre owned on a car. It's like, 414 00:18:39,920 --> 00:18:42,240 Speaker 1: wait a second, you gave it a ten thousand point inspection. 415 00:18:42,400 --> 00:18:44,399 Speaker 1: Thousand points, it must be worth three thousand dollars more 416 00:18:44,440 --> 00:18:46,480 Speaker 1: now exactly. And so I think that's just something to 417 00:18:46,560 --> 00:18:48,359 Speaker 1: keep in mind, like what is it that he's actually 418 00:18:48,359 --> 00:18:49,960 Speaker 1: looking to provide? You can even ask him some of 419 00:18:49,960 --> 00:18:51,840 Speaker 1: those questions, like what kind of advice might you give 420 00:18:51,880 --> 00:18:54,280 Speaker 1: to somebody in our stage of life? You know, maybe 421 00:18:54,440 --> 00:18:56,280 Speaker 1: find a way like get a taste of the goods 422 00:18:56,280 --> 00:18:58,800 Speaker 1: without having actually signed on the line, right, Yeah, No, 423 00:18:58,880 --> 00:19:01,040 Speaker 1: I agree, And I think it doesn't sound like this 424 00:19:01,119 --> 00:19:04,399 Speaker 1: was on Sarah's radar before this approach happened. And I 425 00:19:04,440 --> 00:19:06,720 Speaker 1: think that's an important thing to mention here, because if 426 00:19:06,720 --> 00:19:09,600 Speaker 1: it wasn't on your radar before, Sarah, you felt like 427 00:19:09,600 --> 00:19:12,439 Speaker 1: you were doing good in your financial progress, then you 428 00:19:12,480 --> 00:19:15,160 Speaker 1: didn't have any questions, then I don't know, maybe this 429 00:19:15,280 --> 00:19:17,480 Speaker 1: isn't necessarily the right step for you, But if you 430 00:19:17,520 --> 00:19:19,440 Speaker 1: felt like you were stalling in your progress or you're 431 00:19:19,440 --> 00:19:21,800 Speaker 1: having doubts about how to proceed, then I think looking 432 00:19:21,840 --> 00:19:24,560 Speaker 1: to a planner could make sense. It could be helpful. 433 00:19:24,880 --> 00:19:26,920 Speaker 1: So yeah, I guess the question is like, how comfortable 434 00:19:27,000 --> 00:19:28,840 Speaker 1: do you feel with the current plan that you and 435 00:19:28,840 --> 00:19:31,159 Speaker 1: your family have in place, And yeah, if you have 436 00:19:31,320 --> 00:19:33,520 Speaker 1: maybe extra money that you've come into and you're not 437 00:19:33,600 --> 00:19:35,600 Speaker 1: quite sure what to do with it, or yeah, you've 438 00:19:35,640 --> 00:19:38,280 Speaker 1: got bigger, more audacious goals that you want to accomplish 439 00:19:38,280 --> 00:19:41,080 Speaker 1: in the near future that some time with a professional 440 00:19:41,200 --> 00:19:43,840 Speaker 1: could help you hone in on and then to achieve 441 00:19:43,840 --> 00:19:47,399 Speaker 1: those goals more effectively, more quickly, more efficiently. Then I 442 00:19:47,400 --> 00:19:50,239 Speaker 1: think that can make sense. But I want to stress too, 443 00:19:50,280 --> 00:19:53,080 Speaker 1: it's not that financial advisors are never helpful, Matt. You 444 00:19:53,160 --> 00:19:55,399 Speaker 1: outlined some of the advice that they can give, and 445 00:19:55,400 --> 00:19:57,480 Speaker 1: for some folks, they need that advice, and they need 446 00:19:57,480 --> 00:20:00,000 Speaker 1: that personal advice and they need the handholding that goes 447 00:20:00,119 --> 00:20:02,679 Speaker 1: along with it. So yeah, it can totally be the 448 00:20:02,760 --> 00:20:05,680 Speaker 1: right move for some people, but it's also a potentially 449 00:20:05,720 --> 00:20:09,040 Speaker 1: expensive tune up, especially for Sarah when her family is 450 00:20:09,080 --> 00:20:11,480 Speaker 1: already in tiptop shape. Based on the details that she shared, 451 00:20:11,840 --> 00:20:14,520 Speaker 1: I don't know that this is necessarily the best thing 452 00:20:14,560 --> 00:20:18,000 Speaker 1: for her. Yeah, And Sarah mentioned broadening her portfolio right, 453 00:20:18,080 --> 00:20:20,159 Speaker 1: kind of expanding what it is that they're invested in. 454 00:20:20,640 --> 00:20:22,639 Speaker 1: And you know, I guess it depends on what you 455 00:20:22,680 --> 00:20:24,600 Speaker 1: mean by that, Sarah, Like, are we talking about investing 456 00:20:24,600 --> 00:20:26,800 Speaker 1: in real estate, you know, locally there where you live? 457 00:20:27,000 --> 00:20:29,000 Speaker 1: Because if so, like that's not something that a financial 458 00:20:29,000 --> 00:20:31,120 Speaker 1: advisor typically helps you with or or even if you're 459 00:20:31,200 --> 00:20:33,800 Speaker 1: looking at investing in like a real estate syndication, because 460 00:20:33,800 --> 00:20:35,880 Speaker 1: that's something that usually strike out on you know, your 461 00:20:35,920 --> 00:20:38,160 Speaker 1: own with the excess cash that you're looking to grow 462 00:20:38,200 --> 00:20:40,600 Speaker 1: and invest, and even if you're looking to reduce the 463 00:20:40,720 --> 00:20:44,040 Speaker 1: volatility of your portfolio, that's something that you can easily 464 00:20:44,080 --> 00:20:46,640 Speaker 1: do with a target date fund that includes bonds where 465 00:20:46,640 --> 00:20:49,480 Speaker 1: it increases those holdings as you approach that target date. 466 00:20:49,960 --> 00:20:52,480 Speaker 1: You know, most of these other alternative investments that you 467 00:20:52,480 --> 00:20:55,000 Speaker 1: could consider as well, they come with higher fees along 468 00:20:55,040 --> 00:20:57,520 Speaker 1: with other downsides. We actually talked about a lot of 469 00:20:57,520 --> 00:21:00,159 Speaker 1: those options back in episode four forty six. You know, 470 00:21:00,160 --> 00:21:02,639 Speaker 1: a lot of folks have heard about masterworks. That seems 471 00:21:02,640 --> 00:21:04,800 Speaker 1: like the sophisticated route to take when it comes to 472 00:21:04,960 --> 00:21:07,760 Speaker 1: expanding your portfolio. You think, I invest in foreign arts, 473 00:21:08,800 --> 00:21:10,800 Speaker 1: that's what the that's what the top tier investors are 474 00:21:10,840 --> 00:21:13,480 Speaker 1: doing out there, when in reality, you're owning just the 475 00:21:13,480 --> 00:21:16,159 Speaker 1: tiny little slice, the tiny little sliver of maybe a 476 00:21:16,240 --> 00:21:19,080 Speaker 1: very small painting, and then the fees that are associated 477 00:21:19,119 --> 00:21:21,160 Speaker 1: with that, right like masterworks. I think they take something 478 00:21:21,160 --> 00:21:25,359 Speaker 1: like a cut of the final price of a piece 479 00:21:25,359 --> 00:21:28,000 Speaker 1: of artwork once it sells, which obviously that's going to 480 00:21:28,080 --> 00:21:31,919 Speaker 1: eat into the gain that you've realized over the years. 481 00:21:32,600 --> 00:21:34,840 Speaker 1: A lot of times the grass seems greener on the 482 00:21:34,880 --> 00:21:36,840 Speaker 1: other side. You think you have to get a little 483 00:21:36,840 --> 00:21:39,640 Speaker 1: more complicated with it, when actually you're doing just fine 484 00:21:39,640 --> 00:21:41,720 Speaker 1: with the index funds. Yeah, and I think sometimes a 485 00:21:41,760 --> 00:21:44,159 Speaker 1: conversation like this can start to make your brains. Man, 486 00:21:44,240 --> 00:21:45,679 Speaker 1: You're like, wait, wait a second, am I am I 487 00:21:45,680 --> 00:21:47,600 Speaker 1: missing out? There's a lot out there. I don't know. Yeah, 488 00:21:47,600 --> 00:21:50,720 Speaker 1: and it sounds like Sarah has is taking like all 489 00:21:50,760 --> 00:21:53,080 Speaker 1: of the most important steps. And but these sources of 490 00:21:53,119 --> 00:21:56,440 Speaker 1: conversations or this sort of run in with somebody offering 491 00:21:56,480 --> 00:21:59,240 Speaker 1: their services can can start to make those wheels turn 492 00:21:59,560 --> 00:22:02,080 Speaker 1: and I feel like, oh, do I need outside help? 493 00:22:02,160 --> 00:22:04,240 Speaker 1: And and and you know, maybe you do, but you 494 00:22:04,280 --> 00:22:06,240 Speaker 1: also have to make sure that that if you actually 495 00:22:06,280 --> 00:22:09,240 Speaker 1: do that, you're talking to the right person. And so yeah, 496 00:22:09,560 --> 00:22:11,600 Speaker 1: x Y Planning Network is the place that we suggest 497 00:22:11,840 --> 00:22:15,440 Speaker 1: people turn if they're looking for an advisor, and that's 498 00:22:15,440 --> 00:22:17,879 Speaker 1: because they do meet that fiduciary standard. They are the 499 00:22:18,040 --> 00:22:20,560 Speaker 1: only planners. And you can reach out to a couple 500 00:22:20,560 --> 00:22:22,760 Speaker 1: of folks in your area who are listed on that site, 501 00:22:22,760 --> 00:22:24,600 Speaker 1: and then you can interview them to see if they're 502 00:22:24,600 --> 00:22:27,200 Speaker 1: a good fit for what you're actually looking for. You 503 00:22:27,240 --> 00:22:30,200 Speaker 1: can proactively ask questions and say, what sort of financial 504 00:22:30,240 --> 00:22:31,920 Speaker 1: planning do you do you offer? I'm in this sort 505 00:22:31,960 --> 00:22:34,320 Speaker 1: of situation, what would you suggest for me? Like, how 506 00:22:34,359 --> 00:22:36,520 Speaker 1: can you meet my needs? And you can interview a 507 00:22:36,560 --> 00:22:39,080 Speaker 1: few people to find the right advisor for you, not 508 00:22:39,160 --> 00:22:41,679 Speaker 1: just going to a friend of a friend or an 509 00:22:41,720 --> 00:22:44,000 Speaker 1: old school friend that you haven't talked to for a while, 510 00:22:44,080 --> 00:22:46,400 Speaker 1: somebody who just shows up on your doorstep or yeah, 511 00:22:46,560 --> 00:22:48,320 Speaker 1: right where you receive a random text out of the 512 00:22:48,320 --> 00:22:51,480 Speaker 1: blue exactly. Yeah, And so again I think can an 513 00:22:51,480 --> 00:22:54,600 Speaker 1: advisor help refine what you're doing? Yes, but finding the 514 00:22:54,680 --> 00:22:57,159 Speaker 1: right one is crucial. And then bottom line, is it 515 00:22:57,320 --> 00:22:59,600 Speaker 1: necessary for you to continue to succeed with your money 516 00:22:59,600 --> 00:23:01,560 Speaker 1: in your espens? Do you have to have someone in 517 00:23:01,600 --> 00:23:04,400 Speaker 1: your corner that you pay No? No, you don't, So yeah, 518 00:23:04,400 --> 00:23:07,480 Speaker 1: Sarah we don't necessarily have firm advice for you to 519 00:23:07,480 --> 00:23:09,560 Speaker 1: move forward with, but hopefully enough food for thought for 520 00:23:09,600 --> 00:23:11,680 Speaker 1: you to make a smart decision. Totally. Yeah. And one 521 00:23:11,840 --> 00:23:13,960 Speaker 1: one additional benefit to sir is if this is a 522 00:23:14,000 --> 00:23:15,840 Speaker 1: friend who is a little bit closer to your husband, 523 00:23:15,920 --> 00:23:17,680 Speaker 1: you're able to actually keep them in the friend zone, 524 00:23:17,760 --> 00:23:20,720 Speaker 1: right Like you don't have to become business partners or 525 00:23:20,720 --> 00:23:23,919 Speaker 1: you don't have to become a customer necessarily. Sometimes relationships 526 00:23:23,920 --> 00:23:25,800 Speaker 1: like that can complicate things when instead you just want 527 00:23:25,840 --> 00:23:28,120 Speaker 1: to be able to get together and enjoy beer. Uh, Joe, 528 00:23:28,160 --> 00:23:31,320 Speaker 1: Let's get to our next question. This listener is asking 529 00:23:31,400 --> 00:23:34,680 Speaker 1: about a special account that we have never talked about 530 00:23:34,720 --> 00:23:37,240 Speaker 1: on this show. In some ways, it's even better than 531 00:23:37,280 --> 00:23:40,560 Speaker 1: the roth ira A. Let's hear it. Hey, Matt and Joe, 532 00:23:41,000 --> 00:23:44,520 Speaker 1: this is Jeff from Wisconsin, big fan of the podcast. 533 00:23:45,359 --> 00:23:47,320 Speaker 1: I was just hoping I've done a lot of research 534 00:23:47,840 --> 00:23:51,720 Speaker 1: on able accounts as a person with a disability and 535 00:23:52,200 --> 00:23:55,520 Speaker 1: trying to figure out if it's something that fits my situation. 536 00:23:55,920 --> 00:23:58,400 Speaker 1: I was wondering if you two could do a deep 537 00:23:58,480 --> 00:24:01,000 Speaker 1: dive into the accounts and some of the pros and 538 00:24:01,040 --> 00:24:05,399 Speaker 1: cons behind them, and also if any specific states have 539 00:24:05,520 --> 00:24:08,360 Speaker 1: the best accounts from like a fee perspective as well 540 00:24:08,400 --> 00:24:13,560 Speaker 1: as from investing perspective. Appreciate your insights. Thanks, Matt. You're right. 541 00:24:13,840 --> 00:24:15,920 Speaker 1: How have we never talked about able accounts on the show? 542 00:24:16,440 --> 00:24:19,560 Speaker 1: First time? For everything? But yeah, first of all, let's 543 00:24:19,600 --> 00:24:22,280 Speaker 1: let's kind of define the terms. ABLE stands for achieving 544 00:24:22,280 --> 00:24:25,399 Speaker 1: a better life experience. And these accounts are pretty awesome. 545 00:24:25,520 --> 00:24:28,320 Speaker 1: They're also relatively new. They've been around for like seven 546 00:24:28,359 --> 00:24:30,720 Speaker 1: or eight years. And yeah, they're kind of like a 547 00:24:30,720 --> 00:24:34,320 Speaker 1: cousin to five accounts, and there's sometimes referred to as 548 00:24:34,400 --> 00:24:37,520 Speaker 1: five A accounts. And yeah, it's not because you have 549 00:24:37,560 --> 00:24:40,160 Speaker 1: to use them for education purposes, but but it's because 550 00:24:40,200 --> 00:24:43,600 Speaker 1: their state run similar to the accounts that we talk 551 00:24:43,680 --> 00:24:46,920 Speaker 1: about for saving for education and in particular saving for 552 00:24:47,000 --> 00:24:49,640 Speaker 1: higher education, although you can use those five nine accounts 553 00:24:49,680 --> 00:24:52,320 Speaker 1: for private school education if you want to. Earlier on totally, 554 00:24:52,480 --> 00:24:55,480 Speaker 1: I almost see these more as like state run rath eyras, 555 00:24:55,640 --> 00:25:00,280 Speaker 1: especially pretty much specifically for disabled folks right to be 556 00:25:00,320 --> 00:25:02,840 Speaker 1: able to build up some financial security while making sure 557 00:25:03,080 --> 00:25:06,840 Speaker 1: that they don't simultaneously lose government benefits. That is the 558 00:25:06,880 --> 00:25:09,480 Speaker 1: main thing that able accounts are trying to accomplishus. Right. Yeah, 559 00:25:09,520 --> 00:25:12,040 Speaker 1: so to qualify for an able account, you must have 560 00:25:12,080 --> 00:25:17,199 Speaker 1: been diagnosed with a significant disability before you've turned twenty six. Uh. 561 00:25:17,240 --> 00:25:19,160 Speaker 1: And then you can use the funds that you build 562 00:25:19,240 --> 00:25:21,600 Speaker 1: up in an able account to pay for what are 563 00:25:21,600 --> 00:25:25,480 Speaker 1: called qualified disability expenses. Uh. And so then the next 564 00:25:25,560 --> 00:25:28,159 Speaker 1: question is, well, what is a qualified disability expense? What 565 00:25:28,200 --> 00:25:32,320 Speaker 1: does that mean? Congress, they left that definition pretty broad. Uh. 566 00:25:32,359 --> 00:25:34,879 Speaker 1: If you can qualify an expense as something that assists 567 00:25:34,920 --> 00:25:38,480 Speaker 1: you in managing your health, your independence, or quality of life, 568 00:25:38,760 --> 00:25:42,280 Speaker 1: then it counts. And so expenses within the category of education, 569 00:25:42,359 --> 00:25:46,040 Speaker 1: job training, housing, transportation, these could all be reasonable uses 570 00:25:46,080 --> 00:25:49,199 Speaker 1: of that money that you're stalking away and your able account, 571 00:25:49,280 --> 00:25:51,480 Speaker 1: which means that you can justify and use a lot 572 00:25:51,520 --> 00:25:54,920 Speaker 1: of that money within that able account for your life expenses. Yeah, 573 00:25:54,960 --> 00:25:57,480 Speaker 1: that's right. Yeah. And and Saving for College dot com 574 00:25:57,520 --> 00:26:01,360 Speaker 1: which does a great job breaking down college sabets accounts 575 00:26:01,400 --> 00:26:03,520 Speaker 1: in general. They also have a great list on their 576 00:26:03,560 --> 00:26:06,560 Speaker 1: site showing which states offer able accounts and then what 577 00:26:06,600 --> 00:26:08,400 Speaker 1: the fees look like, so they get that fee break 578 00:26:08,440 --> 00:26:11,920 Speaker 1: down and then the there's also the Able National Resource Center, 579 00:26:11,920 --> 00:26:14,800 Speaker 1: which allows you to easily compare plans, so we'll link 580 00:26:14,840 --> 00:26:17,120 Speaker 1: to both of those in the show notes. Here's the thing. 581 00:26:17,160 --> 00:26:21,040 Speaker 1: Most states do offer enable account, but sadly, Jeff, your 582 00:26:21,080 --> 00:26:24,240 Speaker 1: home state of Wisconsin doesn't. I'm kind of it's surprised 583 00:26:24,240 --> 00:26:25,840 Speaker 1: to hear about one of four states in the entire 584 00:26:25,840 --> 00:26:29,480 Speaker 1: country that doesn't offer one. Yeah, I'm surprised, Wisconsin. Come on, 585 00:26:29,560 --> 00:26:31,359 Speaker 1: do better than that. But yeah, there are plenty of 586 00:26:31,359 --> 00:26:33,880 Speaker 1: other state plans that you can participate in even if 587 00:26:33,920 --> 00:26:35,800 Speaker 1: you aren't a resident, so it's not like it's a 588 00:26:35,840 --> 00:26:38,399 Speaker 1: huge deal. But yeah, make sure that you look to 589 00:26:38,560 --> 00:26:41,760 Speaker 1: those two resources to find the able account that works 590 00:26:41,800 --> 00:26:44,080 Speaker 1: best for you, specifically one that has hyper low fees 591 00:26:44,080 --> 00:26:46,880 Speaker 1: when it comes to yeah, the investment choices, yeah, Jeff. 592 00:26:46,920 --> 00:26:49,280 Speaker 1: And when you start comparing plans, you might be surprised 593 00:26:49,320 --> 00:26:51,439 Speaker 1: to see that some of the expense ratios are a 594 00:26:51,440 --> 00:26:53,440 Speaker 1: bit higher than what you're used to seeing with the 595 00:26:53,520 --> 00:26:56,879 Speaker 1: low cost providers for retirement like Fidelity or Vanguard or 596 00:26:56,880 --> 00:26:59,359 Speaker 1: Schwab or even completely free with you know, some of 597 00:26:59,359 --> 00:27:02,879 Speaker 1: the fidelities ones. But the additional benefits that you'd receive 598 00:27:03,119 --> 00:27:06,000 Speaker 1: from an able account if you qualify, or a good 599 00:27:06,040 --> 00:27:08,760 Speaker 1: bit better than what you'd even get with a roth ira. 600 00:27:09,200 --> 00:27:11,640 Speaker 1: And so with both accounts, contributions are made with post 601 00:27:11,640 --> 00:27:13,960 Speaker 1: tax money and then you invest the money in those 602 00:27:13,960 --> 00:27:16,359 Speaker 1: accounts so that you can enjoy and put those gains 603 00:27:16,400 --> 00:27:18,919 Speaker 1: to use tax free later down the road. But with 604 00:27:18,960 --> 00:27:21,040 Speaker 1: an ABLE account, it's not just the owner of the 605 00:27:21,040 --> 00:27:23,920 Speaker 1: account who can contribute. Friends and family they can also 606 00:27:24,080 --> 00:27:27,560 Speaker 1: make contributions if they're so inclined. That is not something 607 00:27:27,600 --> 00:27:29,840 Speaker 1: that you can do with a roth ira. A yeah, man. 608 00:27:29,920 --> 00:27:32,840 Speaker 1: And and on that note, another advantage that the ABLE 609 00:27:32,880 --> 00:27:35,159 Speaker 1: has over the wrath is that if you have generous 610 00:27:35,160 --> 00:27:38,080 Speaker 1: friends and family, they can contribute up to a maximum 611 00:27:38,119 --> 00:27:41,240 Speaker 1: of sixteen thousand dollars annually. And that's a whole lot 612 00:27:41,240 --> 00:27:44,320 Speaker 1: more than what you can put in an IRA. And then, yeah, 613 00:27:44,520 --> 00:27:48,160 Speaker 1: in addition to that sixteen thousand dollar contribution, limit able 614 00:27:48,160 --> 00:27:51,080 Speaker 1: account owners can contribute their own compensation too, up to 615 00:27:51,400 --> 00:27:54,440 Speaker 1: the federal poverty level for for your state. And so yeah, 616 00:27:54,480 --> 00:27:57,800 Speaker 1: that means an additional almost thirteen thousand dollars uh in 617 00:27:57,840 --> 00:28:00,040 Speaker 1: if you live in Wisconsin, for a grand total of 618 00:28:01,040 --> 00:28:03,400 Speaker 1: hundred and eighty dollars, which is a lot of money 619 00:28:03,400 --> 00:28:05,160 Speaker 1: that you can for your future, A ton of money 620 00:28:05,200 --> 00:28:08,040 Speaker 1: that is awesome. Yeah, So if you're really saving and 621 00:28:08,040 --> 00:28:10,359 Speaker 1: investing that much money in there, it's worth noting that 622 00:28:10,400 --> 00:28:14,240 Speaker 1: if your account balance exceeds a hundred thousand dollars, you know, 623 00:28:14,320 --> 00:28:16,800 Speaker 1: let's say you do that consistently for four or five years, 624 00:28:16,920 --> 00:28:18,879 Speaker 1: it's like, oh man, you're you're starting to hit that 625 00:28:18,920 --> 00:28:21,959 Speaker 1: point that will start to impact your s s I benefits. 626 00:28:22,000 --> 00:28:23,840 Speaker 1: What's important to keep that in mind. That's right, Yeah, 627 00:28:23,840 --> 00:28:26,080 Speaker 1: that is one downside if you are getting really serious 628 00:28:26,160 --> 00:28:30,040 Speaker 1: about funding your able account. However, that does not if 629 00:28:30,040 --> 00:28:32,000 Speaker 1: you go above that a hundred thousand dollars, it does 630 00:28:32,040 --> 00:28:35,160 Speaker 1: not have an impact on your ability or your eligibility 631 00:28:35,240 --> 00:28:38,440 Speaker 1: to receive medicaid. And so, Jeff, Yeah, if you qualify 632 00:28:38,560 --> 00:28:40,600 Speaker 1: for one of these accounts, this is a great place 633 00:28:40,600 --> 00:28:42,720 Speaker 1: for you to start putting money for your future, for 634 00:28:42,760 --> 00:28:45,160 Speaker 1: your living expenses. Would encourage you to to put money 635 00:28:45,240 --> 00:28:46,680 Speaker 1: in there, and just to make sure that you actually 636 00:28:46,720 --> 00:28:49,120 Speaker 1: start investing it so that you can grow it for 637 00:28:49,160 --> 00:28:51,680 Speaker 1: your future. And on that note, the next question that 638 00:28:51,720 --> 00:28:54,480 Speaker 1: we're gonna get to touches on that concept actually investing 639 00:28:54,600 --> 00:28:57,760 Speaker 1: money as opposed to it's sitting just within a brokerage 640 00:28:57,760 --> 00:29:00,960 Speaker 1: accounts uninvested and we'll get of that one plus another 641 00:29:01,120 --> 00:29:11,880 Speaker 1: right after this break. All right, let's take a couple 642 00:29:11,880 --> 00:29:15,080 Speaker 1: more questions, and we've got one actually about rewards debit cards. 643 00:29:15,120 --> 00:29:17,680 Speaker 1: Do those actually exist? Do they exist? They do? Want 644 00:29:17,680 --> 00:29:19,920 Speaker 1: to get to that just a second, but first let's 645 00:29:19,920 --> 00:29:22,600 Speaker 1: get to a tax issue that one of our listeners 646 00:29:22,640 --> 00:29:26,200 Speaker 1: is running into. Good morning. My name is Amy, and 647 00:29:27,080 --> 00:29:30,720 Speaker 1: I live in the Seattle area. I have a question 648 00:29:30,800 --> 00:29:35,080 Speaker 1: about taxes. Last year, I moved my Vanguard phones from 649 00:29:35,160 --> 00:29:41,440 Speaker 1: money market fund to a target date fund. I didn't 650 00:29:41,480 --> 00:29:47,440 Speaker 1: realize at the time that I would received dividends and gains. 651 00:29:48,240 --> 00:29:54,960 Speaker 1: I received nine thousand and dividends last year and gains, 652 00:29:55,520 --> 00:30:02,520 Speaker 1: so it bumped my income up to seventy dollars. And 653 00:30:02,560 --> 00:30:06,680 Speaker 1: now my taxes I'm in a higher tax bracket. My 654 00:30:06,800 --> 00:30:11,480 Speaker 1: taxes are almost nine thousand dollars. Last year, my taxes 655 00:30:11,520 --> 00:30:17,480 Speaker 1: were three dollars. So I'm a little freaked out by this, 656 00:30:18,360 --> 00:30:21,040 Speaker 1: and I'm wondering if there's anything I can do to 657 00:30:21,160 --> 00:30:25,280 Speaker 1: reduce my tax bill. I have to take the standard 658 00:30:25,280 --> 00:30:30,920 Speaker 1: deduction because I don't have high enough itemized deductions, So 659 00:30:31,320 --> 00:30:35,520 Speaker 1: any help with this would be greatly appreciated. Thanks so much, 660 00:30:35,960 --> 00:30:37,840 Speaker 1: all right, Amy, thank you for your question. And first 661 00:30:37,840 --> 00:30:39,720 Speaker 1: of all, I wanted to say, great job taking that 662 00:30:39,760 --> 00:30:42,200 Speaker 1: money that you had with Vanguard and actually investing that 663 00:30:42,280 --> 00:30:45,760 Speaker 1: money so that it'll grow for your future, for your retirement. Uh, 664 00:30:45,840 --> 00:30:48,240 Speaker 1: you know, when it sits there in Vanguards, it's called 665 00:30:48,240 --> 00:30:50,920 Speaker 1: the Federal Money Market Fund, which is also known as 666 00:30:51,000 --> 00:30:54,480 Speaker 1: Vanguard's settlement fund. It is actually not growing. It's basically 667 00:30:54,640 --> 00:30:57,400 Speaker 1: this default account that your money is automatically swept into 668 00:30:57,680 --> 00:30:59,760 Speaker 1: where the performance over the past five years it's something 669 00:30:59,800 --> 00:31:03,440 Speaker 1: like percent, but currently it's literally zero. And so this 670 00:31:03,600 --> 00:31:07,040 Speaker 1: means that until last year, until that money was invested 671 00:31:07,120 --> 00:31:10,200 Speaker 1: in your target date fund, you're losing money to inflation. 672 00:31:10,560 --> 00:31:13,320 Speaker 1: So that explains actually while you're seeing these dividends and 673 00:31:13,400 --> 00:31:16,160 Speaker 1: gains within your portfolio, it's a good thing, alright. So 674 00:31:16,200 --> 00:31:18,240 Speaker 1: now that we have that technicality out of the way, Joe, 675 00:31:18,280 --> 00:31:21,080 Speaker 1: it's time to talk about some taxes. Everyone's favorite topic. 676 00:31:21,240 --> 00:31:24,440 Speaker 1: Oh man, everybody loves talking taxes. It's especially this time 677 00:31:24,440 --> 00:31:26,720 Speaker 1: a year when they're knee deep in it, right exactly. 678 00:31:26,960 --> 00:31:30,920 Speaker 1: And uh, but let's talk about taxable accounts versus tax 679 00:31:31,000 --> 00:31:33,920 Speaker 1: advantaged accounts for a second map because that is a 680 00:31:34,000 --> 00:31:38,320 Speaker 1: huge part of Amy's question and at least beneath the surface. So, yeah, 681 00:31:38,360 --> 00:31:41,440 Speaker 1: when when you change your asset allocation inside of a 682 00:31:41,560 --> 00:31:44,360 Speaker 1: tax advantaged account like a roth IRA or a four 683 00:31:44,400 --> 00:31:47,520 Speaker 1: oh one K, there are no tax consequences for you. 684 00:31:47,640 --> 00:31:50,360 Speaker 1: But if you decide to take all the money you've 685 00:31:50,400 --> 00:31:52,560 Speaker 1: invested up to this point and take it out of 686 00:31:52,560 --> 00:31:54,720 Speaker 1: that target date index fund and go all in on 687 00:31:54,840 --> 00:31:58,080 Speaker 1: let's say Tesla stock, right, Uh, there's there's no worries 688 00:31:58,120 --> 00:31:59,880 Speaker 1: for you from a tax perspective. If you're inside of 689 00:32:00,000 --> 00:32:02,480 Speaker 1: of those tax advantage funds. It's obviously just a horrible 690 00:32:02,520 --> 00:32:06,560 Speaker 1: decision from a diversification standpoint. Don't do that right, nor 691 00:32:06,600 --> 00:32:10,560 Speaker 1: should you invest in reviewing. But you won't owe any 692 00:32:10,600 --> 00:32:13,240 Speaker 1: taxes on trades you make inside of those accounts. You 693 00:32:13,280 --> 00:32:16,080 Speaker 1: can become a day trader in your ath IRA if 694 00:32:16,080 --> 00:32:18,959 Speaker 1: you wanted to, And it's a terrible decision, but at 695 00:32:19,000 --> 00:32:22,200 Speaker 1: least from a tax standpoint, there's no harm, no fount 696 00:32:22,280 --> 00:32:24,200 Speaker 1: That's right, you're off the hook. That's true. But the 697 00:32:24,240 --> 00:32:27,040 Speaker 1: same isn't true if we're talking about making these same changes, 698 00:32:27,080 --> 00:32:30,400 Speaker 1: the same moves in a regular taxable brokerage account, because 699 00:32:30,400 --> 00:32:33,000 Speaker 1: when you buy and sell individual stocks or even index 700 00:32:33,000 --> 00:32:34,920 Speaker 1: funds or bond funds, whatever it is that you're holding 701 00:32:35,200 --> 00:32:38,440 Speaker 1: that will results in a tax consequence. So that's another 702 00:32:38,480 --> 00:32:41,160 Speaker 1: reason why we love tax advantage account so much, why 703 00:32:41,240 --> 00:32:45,040 Speaker 1: we recommend them, especially before you start considering a taxable 704 00:32:45,040 --> 00:32:47,240 Speaker 1: brokerage account, because if you want to do that, if 705 00:32:47,280 --> 00:32:49,040 Speaker 1: you want to reallocate, you won't get hit with a 706 00:32:49,040 --> 00:32:51,280 Speaker 1: tax bill. But how much will you owe if you 707 00:32:51,320 --> 00:32:54,640 Speaker 1: are facing that tax liability within a taxable account. What 708 00:32:54,800 --> 00:32:58,440 Speaker 1: depends on how long you hold onto that asset. If 709 00:32:58,440 --> 00:33:00,360 Speaker 1: you hold onto it just for a few days, even 710 00:33:00,360 --> 00:33:03,120 Speaker 1: a few months, you're gonna pay ordinary income tax on 711 00:33:03,160 --> 00:33:05,840 Speaker 1: any gains that you realized. However, if you hold it 712 00:33:05,880 --> 00:33:09,440 Speaker 1: for over a year, you'll owe the capital gains tax rate, 713 00:33:09,480 --> 00:33:11,800 Speaker 1: which is a fifteen for most folks if you're not 714 00:33:12,040 --> 00:33:15,000 Speaker 1: a top tier earner. That's right, Yeah, and any we 715 00:33:15,040 --> 00:33:17,400 Speaker 1: don't have the full picture here necessarily based on your question, 716 00:33:17,480 --> 00:33:19,480 Speaker 1: but we'll do our best to give you a helpful answer. 717 00:33:19,920 --> 00:33:22,840 Speaker 1: And yeah, just because there have been gains on the account, 718 00:33:22,880 --> 00:33:26,040 Speaker 1: it doesn't mean that you actually owe a big tax bill. 719 00:33:26,320 --> 00:33:29,160 Speaker 1: Like you'll only owe more in taxes if those gains 720 00:33:29,200 --> 00:33:32,000 Speaker 1: were in a brokerage account and you decided to make 721 00:33:32,040 --> 00:33:34,240 Speaker 1: a sale, which it doesn't sound like that's what you 722 00:33:34,240 --> 00:33:36,680 Speaker 1: did last year. So yeah, I'm not sure if there's 723 00:33:36,680 --> 00:33:39,120 Speaker 1: just confusion or what, but we suggest talking to a 724 00:33:39,120 --> 00:33:42,680 Speaker 1: CPA who does taxes about your situation before you submit 725 00:33:42,720 --> 00:33:44,560 Speaker 1: your tax return, because there's a good chance that you're 726 00:33:44,560 --> 00:33:47,160 Speaker 1: seeing paper gains, which are great. It's nice to see 727 00:33:47,560 --> 00:33:51,120 Speaker 1: earnings and dividends, but these paper gains don't create any 728 00:33:51,160 --> 00:33:53,680 Speaker 1: tax burden for you right now, not until you start 729 00:33:53,760 --> 00:33:55,680 Speaker 1: to sell some of those holdings, draw some of those 730 00:33:55,680 --> 00:33:58,640 Speaker 1: funds down, which from what we can tell, it doesn't 731 00:33:58,640 --> 00:34:00,240 Speaker 1: sound like guess what you did exactly what, which is 732 00:34:00,240 --> 00:34:03,280 Speaker 1: probably the opposite of any listeners who may be opened 733 00:34:03,320 --> 00:34:06,280 Speaker 1: a robin Hood account last year and decided to mess 734 00:34:06,440 --> 00:34:09,000 Speaker 1: mess around with maybe some of the mean stocks, even 735 00:34:09,040 --> 00:34:10,719 Speaker 1: if they weren't even focusing on the meme StockX. But 736 00:34:10,760 --> 00:34:14,759 Speaker 1: anytime you sell a fund or stock anything within a 737 00:34:14,800 --> 00:34:17,560 Speaker 1: brokerage account like that, you're getting hit with that really 738 00:34:17,600 --> 00:34:21,040 Speaker 1: long bill or whatever that statement is that I guess 739 00:34:21,120 --> 00:34:23,759 Speaker 1: the ten nine from robin Hood that's going to outline 740 00:34:23,840 --> 00:34:25,520 Speaker 1: all of that, and that is something that you are 741 00:34:25,560 --> 00:34:27,800 Speaker 1: liable for and your CP is gonna charge you extra 742 00:34:27,920 --> 00:34:31,920 Speaker 1: for the hours. They're like, why did you just end 743 00:34:31,920 --> 00:34:34,440 Speaker 1: over a thirty page p d F from Robin. My 744 00:34:34,480 --> 00:34:36,680 Speaker 1: hourly rate, by the way, is and then you're like, 745 00:34:36,760 --> 00:34:38,440 Speaker 1: dang it, I got hit hit on two accounts on 746 00:34:38,480 --> 00:34:40,520 Speaker 1: that front. But all right, Matt, let's get to the 747 00:34:40,760 --> 00:34:43,440 Speaker 1: next question. This one is about rewards debit cards. Can 748 00:34:43,480 --> 00:34:45,600 Speaker 1: you actually get paid to spand with a debit card? 749 00:34:45,719 --> 00:34:48,720 Speaker 1: That's something not something we've really covered before. Good morning. 750 00:34:48,760 --> 00:34:52,200 Speaker 1: This is Elliott from Sandy Springs, Georgia. I really like 751 00:34:52,320 --> 00:34:56,319 Speaker 1: y'all's podcast, and I had a question regarding cash back 752 00:34:56,360 --> 00:35:01,160 Speaker 1: rewards on debit cards. I usually pay rent through my 753 00:35:01,280 --> 00:35:04,839 Speaker 1: debit card, but I have noticed that if you ever 754 00:35:04,880 --> 00:35:07,920 Speaker 1: pay with a credit card, it has a high fee. 755 00:35:08,680 --> 00:35:13,120 Speaker 1: If you had a debit card that gave cash back rewards, 756 00:35:14,120 --> 00:35:16,480 Speaker 1: you could earn a lot of money based on just 757 00:35:16,600 --> 00:35:20,600 Speaker 1: paying rent or any major purchase alone. And I wanted 758 00:35:20,600 --> 00:35:23,880 Speaker 1: to know your thoughts. All right, Elliott, thanks for that question, 759 00:35:23,960 --> 00:35:25,480 Speaker 1: and by the way, say Springs, that's not too far 760 00:35:25,520 --> 00:35:27,960 Speaker 1: from where we live here in Atlanta. But Elliott, most 761 00:35:27,960 --> 00:35:30,520 Speaker 1: of the time credit card users, they don't pay fees 762 00:35:30,520 --> 00:35:33,840 Speaker 1: for most purchases. Right, although the merchant fees that businesses 763 00:35:33,880 --> 00:35:37,279 Speaker 1: get charged are certainly factored into what they charge for 764 00:35:37,320 --> 00:35:39,600 Speaker 1: their goods and services, and so it's you know, by 765 00:35:39,640 --> 00:35:41,759 Speaker 1: default we kind of are paying for him. But we 766 00:35:41,840 --> 00:35:45,600 Speaker 1: are starting to see more businesses charge higher prices, uh, 767 00:35:45,600 --> 00:35:48,799 Speaker 1: specifically for credit card users. For instance, gas stations, they're 768 00:35:48,800 --> 00:35:50,319 Speaker 1: one of the main places where you might get a 769 00:35:50,320 --> 00:35:53,120 Speaker 1: discount for paying with cash, same with liquor stores. Uh, 770 00:35:53,200 --> 00:35:55,200 Speaker 1: And that's happening in more and more places, especially with 771 00:35:55,239 --> 00:35:58,799 Speaker 1: smaller businesses, and typically paying rent, you know, or your 772 00:35:58,800 --> 00:36:00,960 Speaker 1: mortgage with your credit card or debit card is it's 773 00:36:00,960 --> 00:36:05,200 Speaker 1: almost always either forbidden or it comes with significant fees attached. 774 00:36:05,680 --> 00:36:08,200 Speaker 1: And those fees are almost always going to be more 775 00:36:08,239 --> 00:36:11,680 Speaker 1: significant than the rewards that you could potentially earn. I know, yeah, 776 00:36:11,719 --> 00:36:13,719 Speaker 1: that's right. Yeah. So so the fact that Elliott can 777 00:36:13,760 --> 00:36:16,200 Speaker 1: do this without paying a fee is kind of rare, 778 00:36:16,320 --> 00:36:19,560 Speaker 1: Like that's most people can't do that. But uh, usually 779 00:36:19,560 --> 00:36:21,640 Speaker 1: to avoid fees on rent, you're gonna need to pay 780 00:36:21,800 --> 00:36:25,120 Speaker 1: via check via a c H. Right, and debit cards 781 00:36:25,120 --> 00:36:27,439 Speaker 1: are often going to be charged that the same fee 782 00:36:27,440 --> 00:36:29,839 Speaker 1: as credit cards, and in that case, you're not gonna 783 00:36:29,840 --> 00:36:32,480 Speaker 1: be making up for that fee with any meaningful rewards. 784 00:36:32,520 --> 00:36:35,319 Speaker 1: Your your rewards would have to be astronomical, and most 785 00:36:35,360 --> 00:36:38,160 Speaker 1: credit cards don't offer a substantial enough benefit to make 786 00:36:38,239 --> 00:36:40,560 Speaker 1: up for that fee. And so the only way around 787 00:36:40,640 --> 00:36:43,560 Speaker 1: this that we know of is a site called Plastic 788 00:36:43,960 --> 00:36:46,040 Speaker 1: p l A s t i Q. We used to 789 00:36:46,040 --> 00:36:49,440 Speaker 1: call it plastic really just because of the cue, but 790 00:36:49,440 --> 00:36:51,920 Speaker 1: they're like, no, no no, no, it's plastic, like okay, but 791 00:36:51,920 --> 00:36:54,239 Speaker 1: but with a que and so yeah, these guys will 792 00:36:54,320 --> 00:36:57,359 Speaker 1: charge you two point eight five to send a check 793 00:36:57,440 --> 00:36:59,719 Speaker 1: and run it as a credit card transaction on your 794 00:36:59,760 --> 00:37:02,920 Speaker 1: behind and so but still that fee is prohibitive, right. 795 00:37:03,600 --> 00:37:05,440 Speaker 1: The only way it really makes sense is if you're 796 00:37:05,440 --> 00:37:07,120 Speaker 1: trying to hit a spend limit to get a sign 797 00:37:07,200 --> 00:37:09,920 Speaker 1: up bonus. That might be a great tactic to actually 798 00:37:10,160 --> 00:37:13,960 Speaker 1: reach that sign up bonus. But it doesn't make sense 799 00:37:14,000 --> 00:37:16,279 Speaker 1: to pay your rent like that every single month, because 800 00:37:16,320 --> 00:37:18,040 Speaker 1: there's no card that we know of where you're gonna 801 00:37:18,040 --> 00:37:20,360 Speaker 1: score or return this close to three every time you 802 00:37:20,440 --> 00:37:23,439 Speaker 1: use it. However, if in your case, if you can 803 00:37:23,480 --> 00:37:26,000 Speaker 1: actually pay your rent with a debit card without extra fees, 804 00:37:26,400 --> 00:37:29,759 Speaker 1: go for it, and we'll give you an idea. Here 805 00:37:29,800 --> 00:37:32,279 Speaker 1: are two here where you can actually get rewarded on 806 00:37:32,280 --> 00:37:36,319 Speaker 1: that too. It's derrelitd That's what I think of every time. 807 00:37:36,480 --> 00:37:39,680 Speaker 1: I always say plastic. Uh yeah, Ellie, and our experience, 808 00:37:39,719 --> 00:37:41,839 Speaker 1: this is extremely rare, but yeah, good for you if 809 00:37:41,840 --> 00:37:44,359 Speaker 1: this is an option for you. And if so. One 810 00:37:44,440 --> 00:37:47,160 Speaker 1: debit card that stands like head and shoulders above the 811 00:37:47,239 --> 00:37:50,280 Speaker 1: rest is by Discover. They've got this no fee debit 812 00:37:50,280 --> 00:37:52,480 Speaker 1: card that gives you one percent cash back and that's 813 00:37:52,480 --> 00:37:55,200 Speaker 1: without having to jump through any hoops like a minimum 814 00:37:55,200 --> 00:37:58,120 Speaker 1: balance or like a certain number of transactions every month. 815 00:37:58,560 --> 00:38:01,279 Speaker 1: You can earn up to thirty dollars a month. And yeah, 816 00:38:01,280 --> 00:38:03,360 Speaker 1: so opening account with Discover, which is it's one of 817 00:38:03,360 --> 00:38:05,800 Speaker 1: our favorite online banks anyway, and then using that debit 818 00:38:05,800 --> 00:38:08,600 Speaker 1: card associated with that account to pay rent, that'll give 819 00:38:08,600 --> 00:38:10,640 Speaker 1: you some you know, some real money at least instead 820 00:38:10,640 --> 00:38:14,080 Speaker 1: of nothing, uh one back when you pay your rent. 821 00:38:14,080 --> 00:38:17,000 Speaker 1: That's nothing to sneeze at. And there's one other one 822 00:38:17,040 --> 00:38:20,440 Speaker 1: too that we came across Axos. They are a legitimate 823 00:38:20,440 --> 00:38:23,239 Speaker 1: bank and I know that from personal experience because my 824 00:38:23,360 --> 00:38:27,320 Speaker 1: business checking account that I had for photography was through Access. 825 00:38:27,320 --> 00:38:29,520 Speaker 1: It used to be the bank of the Internet. And 826 00:38:29,560 --> 00:38:32,520 Speaker 1: then they got bought out I guess by Access, which 827 00:38:32,719 --> 00:38:36,200 Speaker 1: sounds slightly more legitimate. But they have a one card 828 00:38:36,200 --> 00:38:38,239 Speaker 1: as well. They do have a small hoop they have 829 00:38:38,280 --> 00:38:40,960 Speaker 1: to jump through. You have to maintain a fift balance. 830 00:38:41,320 --> 00:38:43,520 Speaker 1: But the upside is that they say that you can 831 00:38:43,520 --> 00:38:46,959 Speaker 1: earn a maximum of two thousand dollars in cash back 832 00:38:47,360 --> 00:38:50,000 Speaker 1: every single month, like, not over the course of the year, 833 00:38:50,040 --> 00:38:52,520 Speaker 1: every single sneaking month. So Elliott would have to be 834 00:38:52,600 --> 00:38:55,239 Speaker 1: a high roller to achieve that bar I mean, I 835 00:38:55,280 --> 00:38:57,319 Speaker 1: can't imagine that there's somebody out there who's like, oh yeah, 836 00:38:57,320 --> 00:39:00,520 Speaker 1: I'm I'm throwing down two thousand dollars every single month. 837 00:39:00,560 --> 00:39:03,320 Speaker 1: But according I mean literally people who are in yachts. 838 00:39:03,320 --> 00:39:05,040 Speaker 1: It is all on their website, like at the bottom 839 00:39:05,040 --> 00:39:08,400 Speaker 1: it's it says that that is eligible for signature transactions. Uh. 840 00:39:08,520 --> 00:39:10,200 Speaker 1: The downside though, is that you have to do with 841 00:39:10,320 --> 00:39:13,440 Speaker 1: Access is terrible user interface. It's a really bad site. 842 00:39:13,520 --> 00:39:15,840 Speaker 1: I never enjoyed having to log in there and interact 843 00:39:15,960 --> 00:39:19,879 Speaker 1: with my my account through Access. However, if you are 844 00:39:19,920 --> 00:39:21,880 Speaker 1: looking at spending maybe a little bit more where you 845 00:39:21,920 --> 00:39:24,760 Speaker 1: would earn more than that thirty dollars a month, Access, 846 00:39:24,800 --> 00:39:27,040 Speaker 1: it's legit and it's worth looking into. And Discover still 847 00:39:27,120 --> 00:39:29,520 Speaker 1: is is another great option to one percent cash back 848 00:39:29,520 --> 00:39:32,120 Speaker 1: on the debit. What are your favorite I've been Discover 849 00:39:32,200 --> 00:39:34,080 Speaker 1: bank customer now for a few years and they have 850 00:39:34,080 --> 00:39:37,360 Speaker 1: a great product. The interface does not suck, which is good. Um, 851 00:39:37,440 --> 00:39:39,960 Speaker 1: and so yeah, it's definitely a place to check out 852 00:39:39,960 --> 00:39:41,560 Speaker 1: from most folks, I think Discover is going to be 853 00:39:41,640 --> 00:39:44,200 Speaker 1: totally fine. But if you are really looking for ways 854 00:39:44,239 --> 00:39:47,200 Speaker 1: to kind of like work the system checkout access. Depending 855 00:39:47,239 --> 00:39:49,160 Speaker 1: on how much you pay and rent every every month, 856 00:39:49,239 --> 00:39:51,040 Speaker 1: this could this could literally be like two or fifty 857 00:39:51,080 --> 00:39:53,719 Speaker 1: bucks a year back in your pocket for like one 858 00:39:53,920 --> 00:39:56,960 Speaker 1: tiny small move, which is which is great. So Elliott, 859 00:39:56,960 --> 00:39:58,759 Speaker 1: thanks for the question. And for anybody else out there 860 00:39:58,760 --> 00:40:00,759 Speaker 1: who's like I like to use def with cards, you know, 861 00:40:00,840 --> 00:40:03,000 Speaker 1: we prefer credit cards and then paying them off on 862 00:40:03,040 --> 00:40:05,200 Speaker 1: timing and full every month because the rewards are better 863 00:40:05,239 --> 00:40:09,080 Speaker 1: and their protections are better. But this Discover debit card 864 00:40:09,320 --> 00:40:12,560 Speaker 1: is is at least like the best of an inferior option. 865 00:40:12,600 --> 00:40:14,680 Speaker 1: We would say, all right, man, let's get back to 866 00:40:14,760 --> 00:40:16,640 Speaker 1: the beer that we had on this episode. This one 867 00:40:17,000 --> 00:40:20,560 Speaker 1: was Le Petite Prints by Justter King. It's a farmhouse 868 00:40:20,640 --> 00:40:22,560 Speaker 1: table beer What were thoughts on this one? Yeah, so 869 00:40:22,600 --> 00:40:25,000 Speaker 1: a table beer for folks who may not know, it's 870 00:40:25,040 --> 00:40:28,800 Speaker 1: just used to describe a beer typically that is lighter 871 00:40:28,840 --> 00:40:30,160 Speaker 1: in a b V. It's just a beer that you 872 00:40:30,160 --> 00:40:32,840 Speaker 1: have on hand that is easy to drink, specifically with meals. 873 00:40:33,440 --> 00:40:36,440 Speaker 1: We literally just talked last week about how in vogue 874 00:40:36,920 --> 00:40:39,319 Speaker 1: uh low a b V beers are getting and this 875 00:40:39,360 --> 00:40:41,239 Speaker 1: one kind of this part of that trend. This is 876 00:40:41,280 --> 00:40:44,319 Speaker 1: definitely lower. What is it it's like to which is 877 00:40:44,320 --> 00:40:47,840 Speaker 1: crazy low? It made it very enjoyable, very easy to drink. 878 00:40:48,120 --> 00:40:49,759 Speaker 1: It's the kind of beer that you literally can have 879 00:40:49,840 --> 00:40:51,960 Speaker 1: with any meal. Like, there's not it doesn't have like 880 00:40:51,960 --> 00:40:54,239 Speaker 1: a ton of overpowering not with your cheerios, but really 881 00:40:54,239 --> 00:40:56,640 Speaker 1: any other meals. Finn Uh you can't have it before noon? 882 00:40:56,960 --> 00:40:59,560 Speaker 1: You shouldn't, I guess um. But it's so good, you know, 883 00:40:59,600 --> 00:41:01,759 Speaker 1: and it's even like at two percent, Like this is 884 00:41:01,800 --> 00:41:04,560 Speaker 1: something that you probably could have on like a daily basis, 885 00:41:04,840 --> 00:41:07,799 Speaker 1: but really tasty. Dude, Like, looking back to the beer 886 00:41:07,840 --> 00:41:09,680 Speaker 1: that we had last week, I think you were drawn 887 00:41:09,680 --> 00:41:11,080 Speaker 1: to it maybe a little more than I was. And 888 00:41:11,120 --> 00:41:13,920 Speaker 1: I think the reason was because it was fruited, right, 889 00:41:13,960 --> 00:41:17,000 Speaker 1: what those cherries. But what I'm expecting fruit to be 890 00:41:17,040 --> 00:41:19,359 Speaker 1: in a beer, I'm expecting more flavor. Uh, And so 891 00:41:19,560 --> 00:41:20,920 Speaker 1: I don't I feel like I was at odds a 892 00:41:20,960 --> 00:41:22,960 Speaker 1: little bit because it's like it's almost like a flavored 893 00:41:23,040 --> 00:41:24,800 Speaker 1: It's like a Seltzer. It's just like just a touch 894 00:41:24,880 --> 00:41:27,440 Speaker 1: of flavor when I'm like, well, give me the give 895 00:41:27,440 --> 00:41:29,000 Speaker 1: me the whole cow, you know, like I don't just 896 00:41:29,000 --> 00:41:31,840 Speaker 1: want like the little teas. But with this, there's no 897 00:41:31,920 --> 00:41:34,080 Speaker 1: fruit here. It's just kind of like the standard funky 898 00:41:34,200 --> 00:41:37,080 Speaker 1: beer flavor. It's got this farmhouse notes going on. And 899 00:41:37,120 --> 00:41:40,919 Speaker 1: for this, I found myself much more drawn to this 900 00:41:41,040 --> 00:41:44,040 Speaker 1: without them introducing some additional fruit. Yeah, I thought this 901 00:41:44,120 --> 00:41:46,440 Speaker 1: was like literally like the perfect beer to drink over 902 00:41:46,480 --> 00:41:49,360 Speaker 1: dinner almost with almost anything talking about like wine pairings, 903 00:41:49,480 --> 00:41:51,640 Speaker 1: this beer pairs perfectly with basically like anything you want 904 00:41:51,680 --> 00:41:54,680 Speaker 1: to eat besides breakfast. And yeah, so would I would 905 00:41:54,719 --> 00:41:57,279 Speaker 1: say that it was it was like Rustic had some 906 00:41:57,320 --> 00:42:00,839 Speaker 1: of those minerally notes of a table how style beer, 907 00:42:01,080 --> 00:42:04,239 Speaker 1: which not super funky, but had just just touch of 908 00:42:04,280 --> 00:42:07,879 Speaker 1: that very delightful yeah, really nice, laid back, chill beer, 909 00:42:08,000 --> 00:42:10,240 Speaker 1: not so funky that you're like, oh, I can totally 910 00:42:10,239 --> 00:42:13,160 Speaker 1: taste the horse blank, which yeah, some of those crappier 911 00:42:13,200 --> 00:42:14,680 Speaker 1: nerds would say about some of those beers, and so 912 00:42:14,680 --> 00:42:16,359 Speaker 1: that's like I would't even say about something I can 913 00:42:16,360 --> 00:42:20,600 Speaker 1: taste the hog, Like that's not necessarily something you always want. Yeah, 914 00:42:20,640 --> 00:42:22,319 Speaker 1: definitely not with every single meal. What do you think 915 00:42:22,320 --> 00:42:24,000 Speaker 1: about the label as well too? This it's kind of 916 00:42:24,000 --> 00:42:25,960 Speaker 1: got like a kind of crazy label. It's a little creepy. 917 00:42:26,239 --> 00:42:28,359 Speaker 1: So it's latite prince. It's got like this kind of 918 00:42:28,640 --> 00:42:30,760 Speaker 1: royalty looking dude on it. But he looks like an alien, 919 00:42:30,920 --> 00:42:34,000 Speaker 1: kind of like a cross between an alien, uh in Baltimore. 920 00:42:34,040 --> 00:42:35,799 Speaker 1: He's kind of like pale. He doesn't have a nose 921 00:42:35,840 --> 00:42:38,200 Speaker 1: on his face. Kind of bizarre. That being said, we 922 00:42:38,239 --> 00:42:40,440 Speaker 1: still love this beer even with a weird label and 923 00:42:40,440 --> 00:42:42,600 Speaker 1: this brewery. So all right, that's gonna do it for 924 00:42:42,600 --> 00:42:44,160 Speaker 1: for this episode. If you have a question that you 925 00:42:44,160 --> 00:42:46,640 Speaker 1: want Matt and Meat to tackle on an upcoming ask 926 00:42:46,800 --> 00:42:48,840 Speaker 1: htm episode, we'd love to hear it. Just got to 927 00:42:48,880 --> 00:42:51,360 Speaker 1: have the money dot com slash ask Really, all you 928 00:42:51,360 --> 00:42:54,160 Speaker 1: gotta do is record a voice memo, include your name 929 00:42:54,160 --> 00:42:56,440 Speaker 1: and where you live, and send it our way and yeah, 930 00:42:56,480 --> 00:42:58,640 Speaker 1: hopefully we'll take it on an upcoming episode in the 931 00:42:58,640 --> 00:43:01,279 Speaker 1: near future. That's right. We couldn't do these episodes without you, 932 00:43:01,560 --> 00:43:04,160 Speaker 1: our listeners, and so uh and we'll make sure to 933 00:43:04,160 --> 00:43:06,680 Speaker 1: include any show notes to up on the website there 934 00:43:06,680 --> 00:43:08,040 Speaker 1: at how the money dot Com will make sure to 935 00:43:08,120 --> 00:43:11,120 Speaker 1: link to any of the resources we mentioned. Joel, that's 936 00:43:11,120 --> 00:43:13,319 Speaker 1: gonna be it, buddy. Until next time, Best friends Out, 937 00:43:13,400 --> 00:43:14,600 Speaker 1: Best Friends Out,