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Speaker 1: Welcome to How the Money. I'm Joel and I and

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Speaker 1: Matt's and today we are answering your listener questions. All right, Joel,

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Speaker 1: it is listener Question Monday. We've got five fantastic questions

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Speaker 1: to get to this episode. Man, we are going to

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Speaker 1: talk about some money saving utility devices. We're gonna discuss

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Speaker 1: how becoming an authorized user, how that can affect your

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Speaker 1: credit score, as well as we're gonna share our thoughts

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Speaker 1: on taking money out of retirement accounts and putting that

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Speaker 1: into real estate. You and I were both big fans

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Speaker 1: of investing in real estate, but does it make sense

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Speaker 1: in this particular case. You're gonna have to stick around

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Speaker 1: and find out. I like it, yeah, just co worse

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Speaker 1: people into past. I like it all. Yeah. Well, I'm

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Speaker 1: looking forward to getting to those. Matt Um plus two

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Speaker 1: others plus two others don't what discount those, man. But

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Speaker 1: before we get to them, I wanted to let you

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Speaker 1: know that we've talked in the past about the note

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Speaker 1: here it says social media exploits. So I recently hopped

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Speaker 1: on Twitter because my internet bill went up twenty dollars

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Speaker 1: a month, and so I had been paying thirty bucks

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Speaker 1: a month for Internet it went up to fifty bucks

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Speaker 1: a month, and I was like, wait a second, I

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Speaker 1: need to get that bill back down because twenty bucks

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Speaker 1: over the course of a year, twenty bucks a month

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Speaker 1: would be two bucks. That's a lot of money. So

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Speaker 1: I started hitting a lot of craft beer money. Exactly.

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Speaker 1: I could spend that. That's like an amazing four pack, right,

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Speaker 1: twenty bucks or two pretty good six packs every single

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Speaker 1: month exactly. And so yeah, I hopped on, reached out

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Speaker 1: to a T and T via the twitters, and they

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Speaker 1: they got back in touch with me. Man, it took

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Speaker 1: me about eighteen minutes total of my time to save

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Speaker 1: two h forty bucks for the upcoming year, was able

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Speaker 1: to get that promotion reapplied. So just just a note

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Speaker 1: to people out there, when your bill goes up, your

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Speaker 1: promotion has expired. You don't just have to take it.

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Speaker 1: And in particular, the social media teams for a lot

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Speaker 1: of these companies, they just have a lot more leeway

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Speaker 1: when it comes to getting you a better promotion. If

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Speaker 1: you call the one hundred number, you might be stymy

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Speaker 1: and they might be like, sorry, there's nothing we can

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Speaker 1: do for you. Um, But the social media team in

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Speaker 1: particular typically does just an awesome job at helping make

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Speaker 1: sure that you're happy and satisfied. Um and so yeah,

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Speaker 1: I was at the end of it and it didn't

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Speaker 1: take too much time or effort to make it happen. Yeah,

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Speaker 1: nice man. You know social media posts, they are out

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Speaker 1: there for everyone to see. They're very public. And I

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Speaker 1: did the thing because but did you reach out to

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Speaker 1: them originally with an apt or did you know? I

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Speaker 1: just got straight to the d m S Because I

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Speaker 1: figure it's impressive because I feel like a lot of

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Speaker 1: times they don't want it to look bad, you know,

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Speaker 1: like the optics are really important to them, and if

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Speaker 1: they see a complaint and it's just kind of hanging

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Speaker 1: out there and it's not addressed where they're like d

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Speaker 1: m U S, how that looks bad for them. But

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Speaker 1: you just straight up calling eight hundred number. It's a

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Speaker 1: private phone call or unless you know, nobody knows unless

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Speaker 1: somebody's listening in, but otherwise, yeah, it's a private thing.

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Speaker 1: But yeah, that's I feel like that's even more impressive

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Speaker 1: that they offer that to you, given that you only

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Speaker 1: just reached out to them privately. Yeah. Yeah, so I

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Speaker 1: think you can go either out I think that's good

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Speaker 1: to know. The best tactic to use is to use kindness. Um.

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Speaker 1: And I think some people try to shame a company

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Speaker 1: into acting on their behalf, and I don't think that's

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Speaker 1: the best way of going unless you've actually been treated

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Speaker 1: poorly um in in a big way. That's when I

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Speaker 1: think you can use that tactic. Um. Although not not

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Speaker 1: something I go too very often. Um. But yeah, just

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Speaker 1: asking and asking kindly get you a long way, typically,

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Speaker 1: especially when you're using social media to try to get

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Speaker 1: that discount. So you're paying twenty now or thirty thirty

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Speaker 1: months back to the thirty month, right, And and what's

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Speaker 1: the download speed on that? I want to say, it's uh,

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Speaker 1: like the hundred. I think it's a hundred makes a

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Speaker 1: speed make a bits per second, right or whatever? Plenty

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Speaker 1: for us? Yeah, exactly. I feel like oftentimes they're they're

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Speaker 1: touting the three like the super fast, but like that's

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Speaker 1: not really necessary even with all the virtual learning that

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Speaker 1: we're doing. When you're streaming on multiple devices, you don't

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Speaker 1: need that much bandwidth, Like, you don't need that kind

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Speaker 1: of speed. Uh. And it also makes me wonder two

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Speaker 1: about the whole five G thing because I'm like, you know,

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Speaker 1: when it comes to cell phones, like do we actually

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Speaker 1: need this faster speed than? You know? They're rolling out

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Speaker 1: all these new products and that's such a selling point,

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Speaker 1: and in reality, I'm like, how much does this actually

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Speaker 1: matter to me? I would much rather kind of go

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Speaker 1: your route where I'm willing to take speed that's a

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Speaker 1: little bit slower, versus paying more and getting kind of

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Speaker 1: the top notcher. Same here, man, I don't really care.

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Speaker 1: I don't need the top top that's for sure. And yeah,

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Speaker 1: I think it is interesting. There was an article in

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Speaker 1: the Washington Post, I don't know, maybe a few months

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Speaker 1: ago talking about five G speeds and saying that they're

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Speaker 1: they're not nearly as good as advertised, um in the

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Speaker 1: real world. And so it's gonna be interesting to see

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Speaker 1: because five G still relatively new, Like how much will

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Speaker 1: it improve and will we be able to get speeds

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Speaker 1: like we've been hearing about for the last like three

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Speaker 1: or four years. Now five gs coming, It's gonna be incredible.

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Speaker 1: All it's really gotten us is the coronavirus, you know

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Speaker 1: exactly exactly. Oh, it's a conspiracy. I guess that's all

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Speaker 1: all right. Well, on that note, Matt uh conspiracy theories

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Speaker 1: as side, we'll get to the beer that we're gonna

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Speaker 1: drink on this episode. This one is called where Here's

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Speaker 1: My cell Phone? And it's by Two Tides Brewing. Emily

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Speaker 1: and I. We just took a quick weekend get away,

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Speaker 1: a tenure anniversary trip to Tybee Island. Congratulations to you guys,

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Speaker 1: Thank you very much. This is big man, it's a

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Speaker 1: big deal. And we stopped by this brewery in Savannah

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Speaker 1: on the way. Well worth it. I'm looking forward to

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Speaker 1: having this one on the show with you today, my friend.

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Speaker 1: Not surprisingly, this is a beer that has raspberry in it.

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Speaker 1: Your favorite fruit, so good, your favorite verry so good. Yeah.

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Speaker 1: So we'll share our thoughts on this one at the

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Speaker 1: end of the episode. All right, but let's get to

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Speaker 1: our listener questions Matt. For anybody out there listening, if

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Speaker 1: you have a question you like Matt and I to

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Speaker 1: answer on an upcoming ask htm episode, we'd love to

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Speaker 1: hear it. Just go to how to Money dot com

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Speaker 1: slash ask and the first question of this episode is

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Speaker 1: going to be about saving money on your utility bills.

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Speaker 1: Joel and Matt, this is Roger from Kentfield California. I

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Speaker 1: love your podcast and have been binge listening to them

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Speaker 1: during my commute. I take voice notes and organize them

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Speaker 1: later to have him on one place. Can you do

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Speaker 1: a podcast on all the home utility tracking technology out there?

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Speaker 1: We have a Nest thermostat and recently installed Flow to

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Speaker 1: monitor water consumption and curb historic leaks. It alerted us

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Speaker 1: too much greater sprinkler usage then we had fathomed and

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Speaker 1: pays for itself with the first leak you catch early.

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Speaker 1: We're also installing Sense for Electricity, as it can determine

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Speaker 1: appliances in your house based on their electrical draw signals.

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Speaker 1: In addition to hearing your views on these two, my

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Speaker 1: questions are one, what other technology enabled offers are out

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Speaker 1: there to help monitor and save on home utilities? And

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Speaker 1: two is there a home focused software package that can

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Speaker 1: automatically import all of your utility bills and track them

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Speaker 1: in a way that commercial buildings do this for energy consumption?

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Speaker 1: Thank you so much for being the impetus for change, Roger,

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Speaker 1: thanks so much for listening to the show, and thank

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Speaker 1: you for being a binger. You know, we really appreciate

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Speaker 1: folks who go back listen to the back catalog. We

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Speaker 1: get a little embarrassed considering our humble beginnings, but Joel,

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Speaker 1: I'm glad we stuck with it. Buddy too, Roger, those

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Speaker 1: are some great questions. And first of all, Nest thermostats

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Speaker 1: you mentioned those, I actually have a couple of these

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Speaker 1: over here at our house. I got one upstairs where

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Speaker 1: you know, we were my family where we live, and

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Speaker 1: we've got one down here too in the basement, Joel,

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Speaker 1: down here in the recording studio, and I think they've Yeah,

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Speaker 1: they've really helped us to not only monitor where we

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Speaker 1: have the temperature set up. But dude, I just love

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Speaker 1: the ability to turn it off or have it turned

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Speaker 1: off automatically, like when we go on vacations, you know that.

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Speaker 1: I feel like that's always the thing that I forget

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Speaker 1: to do or don't really think about. Uh In it

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Speaker 1: automatically switches to away when it hasn't since you walking by.

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Speaker 1: I love that. Again, that's pretty sweet. I've thought about

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Speaker 1: getting a Nest thermostat, and recently I got an email

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Speaker 1: from the power provider and they were offering one for

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Speaker 1: seventy bucks. And that's for seventy bucks, and that's the

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Speaker 1: kind of deal you can often get when you're upgrading

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Speaker 1: your energy equipment. Your utility company might have specials or

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Speaker 1: incentives to buy something to become more energy efficient. Um

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Speaker 1: and the Nest, I agree they're really cool and they

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Speaker 1: can save people money. But I have been, at least

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Speaker 1: up until this point, a little more old school. I'm

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Speaker 1: kind of anal about checking the temperature and and saving energy.

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Speaker 1: I just do it like thermostat wars with Emily. I'm

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Speaker 1: not too bad about that, but yeah, a little it

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Speaker 1: takes me back to college a little bit, where you're

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Speaker 1: just like just a little bit to turn it down

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Speaker 1: or depending on which side of the fence you fall on.

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Speaker 1: I think for most people who aren't like me and Nest,

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Speaker 1: thermostatic could work out incredibly well because if it's your

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Speaker 1: ultimate goal to save money, those thermostats do an incredible

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Speaker 1: job with that. And like you said, they look great too.

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Speaker 1: Yeah and Roger, he also mentioned Flow, which looks to

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Speaker 1: be a really great device. You know, a water leak

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Speaker 1: can be as minor is something that just costs you

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Speaker 1: extra money every month on your water bill, or man

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Speaker 1: it can be a major problem in a home, you know,

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Speaker 1: potentially costing thousands of dollars in water damage, plus the

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Speaker 1: headache and inconvenience that comes along with it. We looked

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Speaker 1: around a little bit and Flume is another company that's

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Speaker 1: also worth considering. But what's cool about flow Man is

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Speaker 1: that it has this automatic shut off so if there

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Speaker 1: is a leak, uses a I and it'll shut off

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Speaker 1: the water to the entire house, which is pretty cool

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Speaker 1: if you're on vacation, if you're away from home and

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Speaker 1: something like that does happen, not only is going to

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Speaker 1: cost you a lot of money and wasted water, but yeah,

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Speaker 1: just all the damage to your possessions and to the

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Speaker 1: actual structure of the house. The only thing is, though

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Speaker 1: it can be really expensive. That water shut off device

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Speaker 1: alone is five h bucks and so these things aren't cheap. Yeah,

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Speaker 1: I could totally see like insurance companies at some point

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Speaker 1: getting into the fray here because it saved them a

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Speaker 1: whole lot of money preventing some sort of water claim

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Speaker 1: that could cost thousands or tens of thousands of dollars

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Speaker 1: um And so yeah, I don't know. I'll be interested

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Speaker 1: to see if insurers start to offer an incentive, just

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Speaker 1: like kind of utility companies are on nest thermostats and

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Speaker 1: other sorts of energy saving devices if it could potentially

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Speaker 1: avert a disaster and cost the insurance company less. Yeah,

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Speaker 1: I could totally see something like that happening. And we'll

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Speaker 1: let you know if we hear anything along those lines, Roger.

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Speaker 1: But but yeah, flow does look really cool. And Roger,

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Speaker 1: for electricity usage, you mentioned the Sense device similar to

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Speaker 1: the Flow device, which helped you see how much water

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Speaker 1: you were wasting. We mentioned them on the show before. Like,

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Speaker 1: that's something I'm really close to maybe pulling the trigger

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Speaker 1: on on the Sense dude. I would love to be

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Speaker 1: able to see what devices are are you know, are

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Speaker 1: costing us a lot of money? Well, they have like

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Speaker 1: smart plugs now, even to where you can know what

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Speaker 1: the whole house you want the whole house, Okay, I

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Speaker 1: don't want to know what a single devices. I want

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Speaker 1: to know. I want to know what you know, who

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Speaker 1: the culports are, all right, Okay, Well, since we'll do

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Speaker 1: that for you, it'll basically track which devices are sucking

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Speaker 1: your electricity, and I think it's a worthwhile consideration. But

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Speaker 1: I will also mention that in that field there are

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Speaker 1: all sorts of other quote unquote money saving devices that

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Speaker 1: are out there and they claim that they can save

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Speaker 1: you money by lowering your energy usage, and actually those

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Speaker 1: are almost always scams, for instance, since it is basically

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Speaker 1: saying it can track and make you aware of the

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Speaker 1: energy that you're using in your house. But there are

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Speaker 1: other energy devices they're gonna claim if you plug this in,

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Speaker 1: you're actually gonna save energy, and that's not necessarily the case,

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Speaker 1: and oftentimes it's gonna be a huge waste your money.

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Speaker 1: So monitoring and adjusting how you use energy in your

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Speaker 1: home is a great way, but going with one of

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Speaker 1: those other products just is not going to get it done.

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Speaker 1: Unless it's a cheap power strip in which she plug

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Speaker 1: devices in too, and then you flip that little switch

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Speaker 1: and eliminate that What is the phantom power vampire electronic vampire, Yeah,

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Speaker 1: not fansom vampire. It's just like that low grade trickle.

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Speaker 1: It's you know, it's a device will draw on electricity

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Speaker 1: and use a small amount of it in order to

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Speaker 1: be able to quickly wake up or you know, to

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Speaker 1: be able to be turned on with a remote. That

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Speaker 1: kind of that's a that's a way that you yourself

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Speaker 1: can make a change and save a little bit of electricity. Yeah,

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Speaker 1: those do work if you actually flip them off. But ultimately,

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Speaker 1: you know, the best way to save money every month

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Speaker 1: on utilities is really just by using less of that utility, right.

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Speaker 1: You know, while it's it certainly can be helpful to

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Speaker 1: see your usage by looking at the data, that alone

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Speaker 1: won't save you money. You know, we have to curb

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Speaker 1: our actual behavior if we're looking to save money every

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Speaker 1: single month. Just like buying a maybe a really fancy scale,

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Speaker 1: that doesn't mean I'm gonna lose weight. You know, it

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Speaker 1: takes not eating junk food and working out instead if

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Speaker 1: I'm looking to to shed some pounds. Uh, we need

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Speaker 1: to make sure that we're we're focusing our attention on

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Speaker 1: the things that are going to make the biggest difference.

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Speaker 1: In a lot of times, just knowing what the facts are.

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Speaker 1: For some folks that can enlighten them and will allow

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Speaker 1: them to to make some behavior change. But for other

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Speaker 1: folks it's just a really expensive scale, and a lot

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Speaker 1: of times what we actually need to do is just

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Speaker 1: simply to change our behavior. Yeah, it's a fancy gadget

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Speaker 1: and it's fun to look at, but maybe it's just

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Speaker 1: a really expensive gadget that doesn't actually help you save money.

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Speaker 1: And while you can't buy willpower mat, you can purchase

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Speaker 1: more energy efficient appliances. Right, So installing things like low

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Speaker 1: flow toilets, led light bulbs in every room, and ceiling

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Speaker 1: fans which will help you to to lower your AC

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Speaker 1: usage in the summers. Uh, those are going to be

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Speaker 1: the biggest ways to ensure that you're using less electricity

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Speaker 1: or less water overall. So while some of those smart

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Speaker 1: devices they're pretty cool, they could help you save money,

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Speaker 1: like you mentioned, for most folks, it is about changing

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Speaker 1: behavior and changing over to more efficient appliances and devices

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Speaker 1: in our houses. That is the most proven way to

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Speaker 1: reduce waste and to reduce your monthly outcohing payment to

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Speaker 1: utility companies every month. Yeah, that's right man. All Right,

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Speaker 1: we have several more questions, including one about hosting an Airbnb.

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Speaker 1: We'll get to that one and a few others right

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Speaker 1: after the break. We're back from the break and we're

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Speaker 1: taking your listener questions on today's episode. The next one

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Speaker 1: is about running out a place on Airbnb, but specifically

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Speaker 1: is it safe. Hi guys, my name is Julia. I'm

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Speaker 1: calling from Columbus, Ohio. I really love this show. The

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Speaker 1: information you guys provide is super helpful and has helped

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Speaker 1: me get on track with my budgeting, so thank you

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Speaker 1: for that. I recently listened to the Airbnb host episode

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Speaker 1: like how to Become an Airbnb Host, and I've thought

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Speaker 1: about doing that for a while, so I really enjoyed

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Speaker 1: the episode because I have an extra spare bedroom and

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Speaker 1: i'd be co sharing the space. But my biggest concern

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Speaker 1: is that I'm a single female living alone and I'm

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Speaker 1: a little bit nervous about safety. And I've been an

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Speaker 1: airbnb guest before, so i don't know if if I'm

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Speaker 1: just overthinking it, but I would really appreciate any advice

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Speaker 1: you guys have on how I could mitigate that risk

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Speaker 1: so I can become a host, because I really love

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Speaker 1: the idea and I know this is a finance question,

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Speaker 1: but would really appreciate your advice. Thanks so much. Have

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Speaker 1: a great day, Julie. Thanks so much for that question.

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Speaker 1: And yeah, let's talk about risk. You know, safety is

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Speaker 1: of course, it's a major concern when you consider hosting

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Speaker 1: an Airbnb is something that Kate and I talked through

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Speaker 1: before we listed our basement apartment on Airbnb, you know,

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Speaker 1: and that's a consideration regardless of your gender. Right, like you,

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Speaker 1: you want to make sure that you're being safe. So

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Speaker 1: let's talk about a couple of things that you can

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Speaker 1: do in order to feel safer while you're being a

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Speaker 1: host on Airbnb. First of all, you can choose to

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Speaker 1: to decline guests who have an incomplete profile, and so

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Speaker 1: if somebody contacts you to book your space and they

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Speaker 1: don't have any reviews or references, you don't have to

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Speaker 1: let those guests into your house. That's an easy way

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Speaker 1: to avoid trouble just altogether. You know, regardless of whether

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Speaker 1: or not they're a creep, like, maybe they're just gonna

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Speaker 1: be disrespectful of your place and not treat it well.

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Speaker 1: But yeah, being able to filter out brand new guests

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Speaker 1: who don't have reviews on there is a great way

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Speaker 1: to to mitigate that risk. Yeah, and Matt, if I

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Speaker 1: was a single female, I think i'd feel the same

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Speaker 1: way as Julie. I think there are some things that

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Speaker 1: do come along with being a single female, and it

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Speaker 1: might make you feel a little more uncomfortable with stranger

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Speaker 1: staying at your place. Right, But I do think you're right.

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Speaker 1: I think filtering the more we can filter you can't

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Speaker 1: completely eradicate the possibility of risk in this situation, but

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Speaker 1: there are things you can do in the filtering process

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Speaker 1: that will help make you feel a whole lot better

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Speaker 1: and they will actually make it a safer experience wearing

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Speaker 1: something out on Airbnb. And since you're looking, Julie, to

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Speaker 1: list a space that is shared, you're also allowed to

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Speaker 1: rent to only females if you want to. So if

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Speaker 1: it's a space that isn't shared, hosts cannot deny based

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Speaker 1: on gender. That's a protected class. But since you're looking

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Speaker 1: to make the most of that extra room in your

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Speaker 1: house and you'd have shared spaces like a bathroom, you

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Speaker 1: are allowed to rent two females only. I think that

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Speaker 1: is something that you might want to consider if you

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Speaker 1: only feel comfortable having females in your house, and that

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Speaker 1: would make it maybe like more of a viable decision

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Speaker 1: for you. Yeah, and Julie, you know, instead of doing

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Speaker 1: short term rentals where you might have say like two

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Speaker 1: maybe plus guests a year, right, why not rent out

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Speaker 1: that spare bedroom on a more long term basis instead.

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Speaker 1: Obviously you won't be able to make maybe quite as

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Speaker 1: much money as you could renting it out on a

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Speaker 1: short term basis, but you might feel much safer by

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Speaker 1: knowing who is sleeping under your roof, right by having

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Speaker 1: vetted a list of folks who are interested in becoming

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Speaker 1: your roommate essentially. Uh, and then on top of that too,

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Speaker 1: that's the direction that Kate now we're going. When we

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Speaker 1: used to rent out the basement that Joel and I

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Speaker 1: are currently recording in, and the reason for that wasn't

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Speaker 1: uh for safety, it was because of the work involved.

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Speaker 1: You know, when you are flipping and cleaning a space

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Speaker 1: uh twenty times less than you would be if its

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Speaker 1: on Airbnb, that's going you're gonna see a dramatic improvement

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Speaker 1: in your quality of life. I will say that was

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Speaker 1: the biggest thing for us that made airbnb not quite

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Speaker 1: as fun. We liked having folks down here, but it

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Speaker 1: was just the constant turnover, so constantly meeting guests, showing

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Speaker 1: them the space and then afterwards having to clean it

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Speaker 1: and reset the space. Our last render that we had

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Speaker 1: down here was was was here for three months, and

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Speaker 1: so being able to maybe only clean a space once

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Speaker 1: every quarter versus once every few days, uh is oftentimes

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Speaker 1: going to be much more sustainable. Yeah, it's a big difference,

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Speaker 1: and you're less in the hospitality industry then and you're

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Speaker 1: more in like the long term rental game. And and and

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Speaker 1: just one more sight, Julie to consider if if you

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Speaker 1: want to go in a longer term direction, like man

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Speaker 1: I was talking about, it's furnished finder dot com. If

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Speaker 1: it's a furnished room, you can find somebody maybe a

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Speaker 1: travel nurse or something like that who is willing to

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Speaker 1: stay in your place for three, six, nine months at

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Speaker 1: a time. Um. And that way, the same person is

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Speaker 1: coming in there, um right every every night, into your house. Uh,

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Speaker 1: It's so much easier to have trust in that system

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Speaker 1: than it is a different person that you've ever met

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Speaker 1: every single night, especially if it's in a shared space.

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Speaker 1: And Julie also we interviewed a Ziona McEntire episode to

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Speaker 1: fifty three. We definitely recommend shooting her an email or

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Speaker 1: tweeting at her if you have more questions, because she's

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Speaker 1: been airbnb hosting for a long time, even while she

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Speaker 1: was young, single and female, and I think maybe she

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Speaker 1: would have more insight than Matt and I on this

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Speaker 1: um but hopefully, yeah, the things that we mentioned can help,

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Speaker 1: and then reach out to her if you've got more questions,

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Speaker 1: because she's just an incredible resource on this as well.

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Speaker 1: All right, Matt, let's get to the next question. This

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Speaker 1: one is about taking money from a retirement account to

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Speaker 1: invest in a different way, in particular in real estate.

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Speaker 1: Hey guys, Brandon here from Austin, big fan of the show.

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Speaker 1: Thanks for doing what you guys do. I had a

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Speaker 1: question for you about four one ks. I have been

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Speaker 1: negatively impacted by COVID financially, which I believe qualifies me

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Speaker 1: under the CARES provisions to be able to withdraw up

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Speaker 1: to all of my four o one K and no

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Speaker 1: penalty and just be irresponsible for the taxes. This is

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Speaker 1: a down year four me, so it seems like a

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Speaker 1: good time to pay those taxes, and taking that distribution

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Speaker 1: for my four oh one K wouldn't affect which tax

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Speaker 1: bracket I fall into, So I was just planning on

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Speaker 1: paying that all now and having it over and done with,

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Speaker 1: and taking the rest of the money and using that

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Speaker 1: for a down payment on an investment property. My two

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Speaker 1: ideas were either a long term rental uh kind of

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Speaker 1: near me here in Austin area, or a short term

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Speaker 1: rental off the Texas coast and the two different ideas

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Speaker 1: the long term rental near me. I'm just concerned that

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Speaker 1: even though it would be easier for me to manage,

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Speaker 1: I may run into problems with people not being able

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Speaker 1: to pay their rent due to having been negatively impacted

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Speaker 1: by COVID financially as well, and from what I hear,

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Speaker 1: you are not able to evict them. I just worry about,

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Speaker 1: you know, being on the hook for my mortgage, plus

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Speaker 1: that that rental house mortgage. If I'm not having any income,

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Speaker 1: that could be a tough pill to swallow. Conversely, I

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Speaker 1: was thinking of maybe investing in a short term rental

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Speaker 1: off the Texas coast, where you're dealing with a different

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Speaker 1: crowd and its people on vacation and using their disposable income,

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Speaker 1: so it seems a little safer, although that would be

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Speaker 1: a few hours away from me, and I'd have to

430
00:20:13,920 --> 00:20:17,720
Speaker 1: pay property management fees to assess damages before and after

431
00:20:17,800 --> 00:20:20,399
Speaker 1: and things like that. I appreciate what you guys do

432
00:20:20,440 --> 00:20:23,160
Speaker 1: and look forward to hearing from you. Thanks Brandon, Thanks

433
00:20:23,160 --> 00:20:25,160
Speaker 1: so much for that question, And you know, I also

434
00:20:25,160 --> 00:20:28,119
Speaker 1: appreciate to how you're thinking creatively about the situation that

435
00:20:28,160 --> 00:20:31,119
Speaker 1: you're in. You didn't necessarily state this outright, but I

436
00:20:31,160 --> 00:20:32,920
Speaker 1: know that Joe and I we have been able to

437
00:20:32,960 --> 00:20:36,480
Speaker 1: find some stability in the ability to have rental properties

438
00:20:36,560 --> 00:20:38,199
Speaker 1: right when you when you kind of have that that

439
00:20:38,280 --> 00:20:41,040
Speaker 1: constant stream of of rents coming in, it helps to

440
00:20:41,080 --> 00:20:44,000
Speaker 1: provide some stability. Uh. And that's I think something that

441
00:20:44,040 --> 00:20:45,640
Speaker 1: a lot of folks are looking for these days. Man.

442
00:20:45,760 --> 00:20:47,439
Speaker 1: As part part of the reason we love investing in

443
00:20:47,480 --> 00:20:50,280
Speaker 1: round properties is the cash flow in addition to the

444
00:20:50,640 --> 00:20:54,720
Speaker 1: appreciation we've seen over time and hopefully we'll see over decades.

445
00:20:54,880 --> 00:20:58,280
Speaker 1: It's just another way to diversify our investments. And so, yeah, Brandon,

446
00:20:58,320 --> 00:21:00,640
Speaker 1: you do qualify for that ability right to take out

447
00:21:00,680 --> 00:21:02,840
Speaker 1: money out of your four owen K this year since

448
00:21:02,880 --> 00:21:05,960
Speaker 1: you've been negatively affected by COVID uh. And so that

449
00:21:06,160 --> 00:21:09,000
Speaker 1: means you won't endure that ten percent abenalty and you'll

450
00:21:09,000 --> 00:21:10,879
Speaker 1: be able to pay the tax on that money that

451
00:21:10,920 --> 00:21:13,360
Speaker 1: you take out over the next three years as well,

452
00:21:13,400 --> 00:21:15,919
Speaker 1: if you'd like. But the question is should you you know?

453
00:21:15,960 --> 00:21:17,800
Speaker 1: And so that's what we're actually gonna get into. Now,

454
00:21:18,280 --> 00:21:21,160
Speaker 1: let's do it. Let's tackle should you do it? All? Right? Well, Brandon,

455
00:21:21,280 --> 00:21:23,600
Speaker 1: here's the thing we're not fans of tapping your four

456
00:21:23,640 --> 00:21:27,760
Speaker 1: own K typically for almost any reason, and the true

457
00:21:27,760 --> 00:21:29,639
Speaker 1: reason for the law change this year was to allow

458
00:21:29,640 --> 00:21:32,560
Speaker 1: people to get money that they would need to survive. Right,

459
00:21:32,840 --> 00:21:35,400
Speaker 1: almost every other reason is a bad reason to take

460
00:21:35,440 --> 00:21:39,000
Speaker 1: money from your four oh one K. But the other

461
00:21:39,080 --> 00:21:42,560
Speaker 1: exception that we're somewhere in the middle on is if

462
00:21:42,560 --> 00:21:45,400
Speaker 1: you're taking that money out of an investment vehicle, which

463
00:21:45,440 --> 00:21:48,720
Speaker 1: is your four own K, and investing it elsewhere, not

464
00:21:48,880 --> 00:21:51,920
Speaker 1: using it to buy a jet ski or something like that.

465
00:21:52,040 --> 00:21:54,280
Speaker 1: But if you're taking money from one investment and putting

466
00:21:54,280 --> 00:21:56,679
Speaker 1: it towards another investment, I do think that makes the

467
00:21:56,720 --> 00:21:59,600
Speaker 1: answer a little more nuanced. Yeah, and any normal year

468
00:21:59,640 --> 00:22:01,719
Speaker 1: the answer would still be a firm no. You know

469
00:22:01,840 --> 00:22:04,280
Speaker 1: to that because of the tim presentabenalty of taking money

470
00:22:04,320 --> 00:22:06,240
Speaker 1: out of a four own cave. But because that doesn't

471
00:22:06,240 --> 00:22:08,720
Speaker 1: exist right now, putting some money in real estate can

472
00:22:08,720 --> 00:22:11,520
Speaker 1: be a smart move. However, you do need to consider

473
00:22:11,600 --> 00:22:15,159
Speaker 1: the additional work involved with real estate right in general,

474
00:22:15,200 --> 00:22:17,480
Speaker 1: it involves a whole lot more of your time and

475
00:22:17,600 --> 00:22:21,400
Speaker 1: more of your effort. Investing in index funds is super chill.

476
00:22:21,480 --> 00:22:23,480
Speaker 1: You invest that money, you sit back. You don't have

477
00:22:23,560 --> 00:22:25,480
Speaker 1: to maintain it so you don't have to do anything

478
00:22:26,119 --> 00:22:29,199
Speaker 1: but buying and renting out property not so much. So

479
00:22:29,359 --> 00:22:31,200
Speaker 1: get ready for the fact that you'll have a bigger

480
00:22:31,240 --> 00:22:34,320
Speaker 1: time commitment if you go in this direction. But the

481
00:22:34,320 --> 00:22:36,520
Speaker 1: thing is the payoff. It can really be worth it. Yeah,

482
00:22:36,720 --> 00:22:38,840
Speaker 1: it sure can. And Matt, I think it's been worth

483
00:22:38,840 --> 00:22:40,560
Speaker 1: it for you and I. And let's talk about long

484
00:22:40,680 --> 00:22:43,280
Speaker 1: term versus short term rentals, because that was another part

485
00:22:43,320 --> 00:22:46,439
Speaker 1: of Brandon's question. While the numbers might look similar with

486
00:22:46,440 --> 00:22:48,480
Speaker 1: a long term versus a short term when it comes

487
00:22:48,480 --> 00:22:51,960
Speaker 1: to down payment, your r o I, vacancy, and more,

488
00:22:52,280 --> 00:22:54,560
Speaker 1: the impact of these options on your time frame might

489
00:22:54,600 --> 00:22:57,919
Speaker 1: look dramatically different with a long term rental that's nearby. Uh,

490
00:22:57,960 --> 00:22:59,960
Speaker 1: it's easy to do a lot of work in may

491
00:23:00,040 --> 00:23:03,600
Speaker 1: to do it yourself. It's really not as difficult or complicated.

492
00:23:03,640 --> 00:23:05,600
Speaker 1: And you seem to know that, Brandon by by the

493
00:23:05,640 --> 00:23:07,879
Speaker 1: way you phrase your question that the short term, the

494
00:23:07,960 --> 00:23:09,880
Speaker 1: run along the coast that you talked about, you're gonna

495
00:23:09,880 --> 00:23:11,919
Speaker 1: have to get a trusted team to help you manage

496
00:23:11,920 --> 00:23:14,520
Speaker 1: the property. It'll likely require less of your time, but

497
00:23:14,520 --> 00:23:17,040
Speaker 1: it's gonna cost you more. So in all likelihood, the

498
00:23:17,280 --> 00:23:20,200
Speaker 1: R O, I of the vacation rental just isn't gonna

499
00:23:20,240 --> 00:23:22,960
Speaker 1: be there to the same extent as buying a property

500
00:23:23,000 --> 00:23:25,800
Speaker 1: that's near where you live that you can self manage. Yeah,

501
00:23:25,840 --> 00:23:27,720
Speaker 1: and right. And to your point about getting paid, you know,

502
00:23:28,040 --> 00:23:30,399
Speaker 1: in regards to the difference between the two types of

503
00:23:30,400 --> 00:23:33,680
Speaker 1: properties uh and receiving rents, you know, I actually think

504
00:23:33,680 --> 00:23:35,760
Speaker 1: that you're more likely to continue to have payments coming

505
00:23:35,760 --> 00:23:38,920
Speaker 1: in on a traditional rental as opposed to a vacation rental.

506
00:23:39,040 --> 00:23:42,920
Speaker 1: Like you mentioned the impact of COVID on individual's incomes,

507
00:23:43,240 --> 00:23:46,000
Speaker 1: and I know, for us anecdotally speaking like if we're

508
00:23:46,080 --> 00:23:49,879
Speaker 1: hurting financially our discretionaries spending on vacations, that's where we're

509
00:23:49,880 --> 00:23:52,080
Speaker 1: gonna spend less money. We are going to make sure

510
00:23:52,080 --> 00:23:54,280
Speaker 1: that we are paying rents on where we live day

511
00:23:54,320 --> 00:23:56,600
Speaker 1: in a day out. That might vary from person to person,

512
00:23:56,600 --> 00:23:58,080
Speaker 1: but you know, that's that's how I feel about it

513
00:23:58,119 --> 00:24:00,080
Speaker 1: at least. But either way, if you go with a

514
00:24:00,080 --> 00:24:02,760
Speaker 1: traditional rental or the vacation rental, you want to make

515
00:24:02,800 --> 00:24:06,480
Speaker 1: sure that you are in a strong position financially. Either way,

516
00:24:06,520 --> 00:24:07,840
Speaker 1: you want to make sure that you have at least

517
00:24:07,920 --> 00:24:11,160
Speaker 1: six months in an emergency fund. In case you have

518
00:24:11,280 --> 00:24:14,040
Speaker 1: attendance uh that who doesn't pay, in case you have

519
00:24:14,119 --> 00:24:17,120
Speaker 1: some serious issues there at the vacation property, you want

520
00:24:17,119 --> 00:24:19,160
Speaker 1: to make sure that not only are you not receiving

521
00:24:19,200 --> 00:24:21,119
Speaker 1: money from an every single month, but you want to

522
00:24:21,119 --> 00:24:24,439
Speaker 1: make sure that you're able to pay that mortgage as well. Yeah, man,

523
00:24:24,520 --> 00:24:27,280
Speaker 1: I totally agree. Yeah. Ultimately, if if rental real estate

524
00:24:27,359 --> 00:24:29,679
Speaker 1: is something Brandon wants to pursue, taking money out of

525
00:24:29,680 --> 00:24:32,359
Speaker 1: one investment vehicle and putting it into another, it's not

526
00:24:32,400 --> 00:24:34,280
Speaker 1: a bad idea. You're shifting things around and you think

527
00:24:34,280 --> 00:24:37,800
Speaker 1: there's more opportunity in in one place, in particular local

528
00:24:37,840 --> 00:24:40,639
Speaker 1: rental real estate or a vacation rental property than you

529
00:24:40,640 --> 00:24:43,159
Speaker 1: think there is in the stock market for for the

530
00:24:43,240 --> 00:24:46,280
Speaker 1: years to come. On paper, they're both good moves, you know,

531
00:24:46,359 --> 00:24:48,879
Speaker 1: like neither of them are a bad idea exactly. But

532
00:24:48,920 --> 00:24:52,040
Speaker 1: in order to pursue this and be making a smart decision,

533
00:24:52,240 --> 00:24:54,320
Speaker 1: it's crucial to do your due diligence and to have

534
00:24:54,400 --> 00:24:57,360
Speaker 1: that solid financial footing in place so that you can

535
00:24:57,440 --> 00:25:00,080
Speaker 1: whether any hardships that that do come up. And and

536
00:25:00,080 --> 00:25:02,040
Speaker 1: at the same time, Brandon I will say, like if

537
00:25:02,080 --> 00:25:04,879
Speaker 1: it was me, I I personally would not take money

538
00:25:04,880 --> 00:25:06,600
Speaker 1: out of my four owne K to invest in a

539
00:25:06,680 --> 00:25:08,600
Speaker 1: rental property. I would just leave that money there, let

540
00:25:08,600 --> 00:25:11,479
Speaker 1: it continue to grow, and continue to save for that

541
00:25:11,520 --> 00:25:13,760
Speaker 1: down payment on a rental property in the future. I

542
00:25:13,800 --> 00:25:15,639
Speaker 1: don't think there's any impetus for you to do it

543
00:25:15,800 --> 00:25:17,880
Speaker 1: right away and make it happen in the near term.

544
00:25:18,080 --> 00:25:19,640
Speaker 1: Maybe put that as one of your goals to save

545
00:25:19,680 --> 00:25:21,320
Speaker 1: it down payment up in the next year and a

546
00:25:21,359 --> 00:25:24,240
Speaker 1: half two years so that you can buy something eventually

547
00:25:24,280 --> 00:25:26,119
Speaker 1: to run out um and then leave your four oh

548
00:25:26,160 --> 00:25:27,560
Speaker 1: one k where it is. But either way you go.

549
00:25:27,680 --> 00:25:29,679
Speaker 1: Best of luck to you man. Yeah, John, I'm with you,

550
00:25:29,920 --> 00:25:31,600
Speaker 1: Like it's not a terrible idea, But at the same time,

551
00:25:31,600 --> 00:25:34,119
Speaker 1: I don't think it's something that I would do personally. However,

552
00:25:34,160 --> 00:25:36,160
Speaker 1: I feel like something that maybe you would do personally

553
00:25:36,280 --> 00:25:38,760
Speaker 1: is by a vacation rental. I feel like it's something

554
00:25:38,760 --> 00:25:40,320
Speaker 1: anytime we go to the beat your eyes, like, oh,

555
00:25:40,440 --> 00:25:42,480
Speaker 1: let's start. You know, how much do houses costs around here?

556
00:25:42,520 --> 00:25:43,959
Speaker 1: How much? God, I rent for a three too, you know,

557
00:25:44,520 --> 00:25:47,479
Speaker 1: But like that's a whole other consideration to the additional

558
00:25:47,600 --> 00:25:50,439
Speaker 1: risk of storms and like the cost of insurance, and

559
00:25:50,520 --> 00:25:53,159
Speaker 1: just like salt water like the air like it just

560
00:25:53,200 --> 00:25:55,680
Speaker 1: corrodes a house. Yea, having to replace that air conditioner

561
00:25:55,760 --> 00:25:58,960
Speaker 1: every seven years, just the maintenance and upkeep on the

562
00:25:59,040 --> 00:26:01,360
Speaker 1: house at the beach. Is it just costs so much

563
00:26:01,400 --> 00:26:03,360
Speaker 1: and so for me at least, Like I'm a big

564
00:26:03,400 --> 00:26:05,920
Speaker 1: fan of real estate of traditional homes. Uh, but I

565
00:26:05,920 --> 00:26:08,359
Speaker 1: don't think I would ever get a vacation riddle. Although

566
00:26:08,400 --> 00:26:10,000
Speaker 1: you might, I feel like I could see you doing it.

567
00:26:10,080 --> 00:26:12,159
Speaker 1: I don't know, man, Maybe the more I think about it,

568
00:26:12,160 --> 00:26:14,359
Speaker 1: every I'm kind of in love with the idea of

569
00:26:14,400 --> 00:26:16,879
Speaker 1: someday having a place where we can all go as

570
00:26:16,880 --> 00:26:18,679
Speaker 1: a family, your very own beach house, having all our

571
00:26:18,720 --> 00:26:21,120
Speaker 1: folk areart and hung up all over the place. But yeah,

572
00:26:21,160 --> 00:26:24,000
Speaker 1: I just don't see it happening either because I agree, yeah,

573
00:26:24,040 --> 00:26:26,159
Speaker 1: the numbers and and just being able to maintain a

574
00:26:26,200 --> 00:26:29,720
Speaker 1: property from a long distance away. It's just a pain

575
00:26:29,880 --> 00:26:32,040
Speaker 1: and it can be really costly, and that headache part

576
00:26:32,040 --> 00:26:35,720
Speaker 1: of it, actually, I think would detract from the fun

577
00:26:35,840 --> 00:26:38,800
Speaker 1: of using that property. So yeah, I think probably where

578
00:26:38,840 --> 00:26:41,320
Speaker 1: I settle, at least for now, is I'm not doing that.

579
00:26:42,200 --> 00:26:44,159
Speaker 1: All right, Let's get to a couple more questions. Are

580
00:26:44,240 --> 00:26:46,679
Speaker 1: last two of the this episode, including one from a

581
00:26:46,720 --> 00:26:49,800
Speaker 1: mom who's helping her seven year old do an incredible

582
00:26:49,880 --> 00:26:52,040
Speaker 1: job with her money, and we'll get to those right

583
00:26:52,080 --> 00:27:03,600
Speaker 1: after this break. All right, Joel, we're back in the

584
00:27:03,640 --> 00:27:06,159
Speaker 1: break taking listener questions, and before we get to that

585
00:27:06,240 --> 00:27:10,000
Speaker 1: one about mom teaching your kid about money, let's take

586
00:27:10,040 --> 00:27:14,560
Speaker 1: a question on rebuilding your credit score. Hey, Joel and Matt,

587
00:27:15,359 --> 00:27:18,760
Speaker 1: this is Kayleene calling from Burbank, California. I have a

588
00:27:18,840 --> 00:27:23,720
Speaker 1: question for you guys regarding being an authorized user on

589
00:27:23,800 --> 00:27:27,560
Speaker 1: someone's credit card. So I'm in the process of repairing

590
00:27:27,600 --> 00:27:31,359
Speaker 1: my credit because I'm looking to apply for a car loan.

591
00:27:32,040 --> 00:27:35,800
Speaker 1: So I went ahead and asked my mother if it

592
00:27:35,840 --> 00:27:39,040
Speaker 1: would be okay if I added myself as an authorized

593
00:27:39,119 --> 00:27:45,520
Speaker 1: user to her credit card and make small purchases so that,

594
00:27:45,800 --> 00:27:49,400
Speaker 1: um it would help improve my credit score. Well, unbeknownst

595
00:27:49,440 --> 00:27:53,160
Speaker 1: to me, I did not realize that the whole balance

596
00:27:53,200 --> 00:27:56,520
Speaker 1: on the credit card, which was two thousand dollars, was

597
00:27:56,560 --> 00:28:00,240
Speaker 1: going to be added to my total debt, so it

598
00:28:00,320 --> 00:28:04,480
Speaker 1: actually looked like it decreased my score and it did

599
00:28:04,520 --> 00:28:09,000
Speaker 1: not help me with my goal. My question to you

600
00:28:09,040 --> 00:28:12,120
Speaker 1: guys is should I go ahead at this point and

601
00:28:12,200 --> 00:28:16,480
Speaker 1: remove myself as an authorized user on that credit card

602
00:28:17,280 --> 00:28:22,280
Speaker 1: or is that going to decrease my score again? Or

603
00:28:22,320 --> 00:28:24,840
Speaker 1: should I go ahead and keep myself as an authorized

604
00:28:24,920 --> 00:28:28,880
Speaker 1: user and just make small purchases in order to increase

605
00:28:29,160 --> 00:28:32,960
Speaker 1: my score. Um, my score is under six right now,

606
00:28:33,560 --> 00:28:37,240
Speaker 1: and I'm trying to repair it within the next thirty

607
00:28:37,280 --> 00:28:41,000
Speaker 1: to sixty days, but at this point I might not

608
00:28:41,120 --> 00:28:46,080
Speaker 1: actually be able to make any headway in that quicker time.

609
00:28:46,240 --> 00:28:49,440
Speaker 1: So thank you for your time. I appreciate it. Have

610
00:28:49,560 --> 00:28:52,200
Speaker 1: a good day, Kaylene. I love your question. It's on

611
00:28:52,440 --> 00:28:56,440
Speaker 1: a kind of confusing topic about authorized user status on

612
00:28:56,480 --> 00:28:59,240
Speaker 1: a credit card. But if we get this right, if

613
00:28:59,280 --> 00:29:03,520
Speaker 1: you're able to take advantage of authorized user status on

614
00:29:03,600 --> 00:29:07,520
Speaker 1: someone else's credit and do it well, it can really

615
00:29:07,520 --> 00:29:09,600
Speaker 1: really help your credit score. So let's kind of get

616
00:29:09,640 --> 00:29:11,640
Speaker 1: into the weeds on this just a little bit and

617
00:29:11,680 --> 00:29:14,200
Speaker 1: discuss This is a tactic that that lots of people

618
00:29:14,320 --> 00:29:17,240
Speaker 1: use in order to get a credit score boost, but

619
00:29:17,280 --> 00:29:20,120
Speaker 1: it isn't without some legit potential mishaps um and it

620
00:29:20,120 --> 00:29:23,280
Speaker 1: sounds like you've experienced some of those firsthand. So Matt,

621
00:29:23,320 --> 00:29:25,960
Speaker 1: let's talk about how authorized user status works and how

622
00:29:26,040 --> 00:29:29,920
Speaker 1: people can use it. Effectively to build credit. Right. Yeah,

623
00:29:29,960 --> 00:29:31,960
Speaker 1: So the way it works is you can essentially give

624
00:29:32,600 --> 00:29:37,040
Speaker 1: anyone authorized user status with a specific credit card, uh,

625
00:29:37,120 --> 00:29:39,560
Speaker 1: and then the credit card then sends the account holder

626
00:29:39,560 --> 00:29:42,360
Speaker 1: of a card in that person's name. So, for example, Joel,

627
00:29:42,360 --> 00:29:44,720
Speaker 1: I could let you be an authorized user on one

628
00:29:44,720 --> 00:29:46,760
Speaker 1: of my cards. Yeah, and then then they would send

629
00:29:46,760 --> 00:29:48,600
Speaker 1: me a card attached to that account with your name

630
00:29:48,640 --> 00:29:50,880
Speaker 1: on it. Um And I could choose to give you

631
00:29:50,920 --> 00:29:53,960
Speaker 1: that card, or I could not choose give me the card, man,

632
00:29:54,000 --> 00:29:56,280
Speaker 1: I could just hang onto it and even still the

633
00:29:56,320 --> 00:29:59,200
Speaker 1: cool but you know, also potentially hairy thing about this

634
00:29:59,640 --> 00:30:02,960
Speaker 1: is the Joel would then get the benefits of how

635
00:30:03,120 --> 00:30:06,800
Speaker 1: I handle that specific card reflected in his credit mix

636
00:30:07,160 --> 00:30:09,640
Speaker 1: and in his score. In this example, Joel wouldn't even

637
00:30:09,680 --> 00:30:12,160
Speaker 1: necessarily need to use that card himself in order to

638
00:30:12,240 --> 00:30:16,200
Speaker 1: realize the positives or the negatives from being an authorized

639
00:30:16,280 --> 00:30:18,920
Speaker 1: user on that card. I feel like that's the last

640
00:30:19,080 --> 00:30:20,760
Speaker 1: thing we need to do, Matt, to tie our lives

641
00:30:20,800 --> 00:30:24,240
Speaker 1: completely together, is to give each other authorized excuser status.

642
00:30:24,600 --> 00:30:27,800
Speaker 1: Sounds like a terrible idea. Yeah, We're just we do

643
00:30:27,880 --> 00:30:30,320
Speaker 1: so much together. That's the last thing. Let's do it.

644
00:30:30,440 --> 00:30:33,000
Speaker 1: And right after this, We're gonna three legged race, uh

645
00:30:33,120 --> 00:30:36,760
Speaker 1: down to our friend's house. Blood brothers, blood brothers. Um

646
00:30:36,800 --> 00:30:41,080
Speaker 1: so so kaylee right. This can pump up a person's

647
00:30:41,080 --> 00:30:43,720
Speaker 1: credit score. For example, in the example Matt gave, if

648
00:30:43,720 --> 00:30:46,680
Speaker 1: he does grant me authorized user status on a card

649
00:30:46,800 --> 00:30:49,160
Speaker 1: that he handles incredibly well, that has a high limit,

650
00:30:49,520 --> 00:30:52,640
Speaker 1: and that he uses very very little of that limit,

651
00:30:52,680 --> 00:30:55,200
Speaker 1: and pays that card off on time and in full

652
00:30:55,280 --> 00:30:57,880
Speaker 1: every month, then it's going to help my score out.

653
00:30:57,920 --> 00:31:00,520
Speaker 1: At the same time, which is super cool, it potentially

654
00:31:00,520 --> 00:31:02,920
Speaker 1: add years to the average age of your credit and

655
00:31:03,200 --> 00:31:07,920
Speaker 1: potentially decrease your own credit utilization ratio. This is assuming, however,

656
00:31:07,960 --> 00:31:11,560
Speaker 1: that the person you're attaching yourself to handles the card well, yeah,

657
00:31:11,600 --> 00:31:14,320
Speaker 1: I normally do a pretty good job, dude, I hope. So.

658
00:31:14,960 --> 00:31:17,000
Speaker 1: But if that, let's say you did forget to pay

659
00:31:17,080 --> 00:31:20,200
Speaker 1: the bill multiple months in a row. Yeah, light payments. Um,

660
00:31:20,240 --> 00:31:21,680
Speaker 1: you start to use too much of it and not

661
00:31:21,720 --> 00:31:23,800
Speaker 1: pay it off everything, start a new podcast it's called

662
00:31:23,840 --> 00:31:27,000
Speaker 1: how Not some Money? Right? Then I'd be in deep

663
00:31:27,040 --> 00:31:31,000
Speaker 1: doo doo and so yeah, that's a huge part of

664
00:31:31,040 --> 00:31:33,960
Speaker 1: the risk involved with the authorized user status. It can

665
00:31:34,000 --> 00:31:35,880
Speaker 1: be really helpful, but it can also come back to

666
00:31:35,920 --> 00:31:38,800
Speaker 1: bite you, so be careful before you pull the trigger

667
00:31:38,880 --> 00:31:41,520
Speaker 1: on this. And that sounds like what's happening to you, Kileen,

668
00:31:41,640 --> 00:31:43,800
Speaker 1: is is that how your mom is handling this card

669
00:31:44,160 --> 00:31:46,840
Speaker 1: is actually hurting you. It's not helping you. Um and

670
00:31:46,920 --> 00:31:50,560
Speaker 1: so you you might have to consider going in another route. Yeah,

671
00:31:50,600 --> 00:31:52,720
Speaker 1: and so, Kilen, you basically have two choices here, Like

672
00:31:52,760 --> 00:31:55,280
Speaker 1: you said, you could stay on the card, remain UH

673
00:31:55,320 --> 00:31:58,840
Speaker 1: an authorized user, but you're gonna need to pay specific

674
00:31:58,880 --> 00:32:01,920
Speaker 1: attention to how this art is handled. And with that,

675
00:32:02,240 --> 00:32:05,400
Speaker 1: you know, are all sorts of interpersonal relational you know,

676
00:32:05,600 --> 00:32:08,280
Speaker 1: mother daughter relational dynamics, you know, that kind of enter

677
00:32:08,320 --> 00:32:11,360
Speaker 1: the equation. But right so, even with a little limit

678
00:32:11,480 --> 00:32:14,400
Speaker 1: of two thousand dollars, you know, having the account holder

679
00:32:14,520 --> 00:32:16,920
Speaker 1: use that card sparingly, you know, never charging more than

680
00:32:16,920 --> 00:32:19,640
Speaker 1: six dollars a month on it, these can all be

681
00:32:20,320 --> 00:32:23,080
Speaker 1: wise moves and a good practice to make sure that

682
00:32:23,080 --> 00:32:25,760
Speaker 1: this card is helping you and not hurting you. Your

683
00:32:25,760 --> 00:32:27,920
Speaker 1: mom can even pay that balance weekly or bi weekly,

684
00:32:27,960 --> 00:32:30,840
Speaker 1: you know, which will help that utilization to remain even lower.

685
00:32:31,240 --> 00:32:34,440
Speaker 1: But if the in your case, if your mom won't

686
00:32:34,880 --> 00:32:37,840
Speaker 1: or can't seem to handle that account better. You're gonna

687
00:32:37,840 --> 00:32:40,000
Speaker 1: be better off reaching out to the credit card company

688
00:32:40,080 --> 00:32:43,760
Speaker 1: and removing yourself as an authorized user. At that point,

689
00:32:43,800 --> 00:32:46,640
Speaker 1: you'd be you'd be better off cutting bait totally. And Matt,

690
00:32:46,680 --> 00:32:49,000
Speaker 1: we talked in depth about rebuilding a rough credit score

691
00:32:49,000 --> 00:32:52,080
Speaker 1: back in episode one, so Kaylee, we we recommend you

692
00:32:52,120 --> 00:32:54,800
Speaker 1: go check that episode out for kind of all the

693
00:32:55,280 --> 00:32:58,040
Speaker 1: tips that we had for handling a credit score that's

694
00:32:58,080 --> 00:32:59,600
Speaker 1: that's not in a good place and trying to build

695
00:32:59,600 --> 00:33:02,360
Speaker 1: it up. But you can also look to alternative ways

696
00:33:02,400 --> 00:33:05,040
Speaker 1: to build your credit score that aren't based on other people.

697
00:33:05,320 --> 00:33:07,280
Speaker 1: You can get your own credit card and start handling

698
00:33:07,280 --> 00:33:10,920
Speaker 1: it wisely, and the Pedal card in particular, which we

699
00:33:11,040 --> 00:33:13,240
Speaker 1: have listed on our website at how to money dot com.

700
00:33:13,480 --> 00:33:15,959
Speaker 1: It can help you get your own credit card without

701
00:33:16,360 --> 00:33:19,480
Speaker 1: having to have a great credit score. You can even

702
00:33:19,600 --> 00:33:22,400
Speaker 1: check to see if you're approved before you officially apply

703
00:33:22,880 --> 00:33:25,720
Speaker 1: and ding your score in that way. And one other

704
00:33:25,920 --> 00:33:28,880
Speaker 1: really awesome way to start building your credit that's pretty

705
00:33:28,880 --> 00:33:32,640
Speaker 1: simple and cost effective is uh something called self. It's

706
00:33:32,640 --> 00:33:36,000
Speaker 1: a site that helps you build credit via a micro loan.

707
00:33:36,160 --> 00:33:38,640
Speaker 1: So the website is self dot Inc. And that's one

708
00:33:38,640 --> 00:33:40,440
Speaker 1: of the best ways for people to to build their

709
00:33:40,480 --> 00:33:44,520
Speaker 1: credit score simply and easily. And experience boost is another option,

710
00:33:44,720 --> 00:33:48,240
Speaker 1: but that's limited to one specific bureau. Ultimately, there's no

711
00:33:48,320 --> 00:33:50,960
Speaker 1: magic pill. It takes time. It takes handling credit well

712
00:33:51,320 --> 00:33:53,440
Speaker 1: over you know, a couple of years in order to

713
00:33:53,480 --> 00:33:56,360
Speaker 1: increase your score over time. Um. But but those are

714
00:33:56,360 --> 00:33:57,520
Speaker 1: some of the ways that can kind of help you

715
00:33:57,520 --> 00:34:00,560
Speaker 1: get jump started, getting that own credit card, having a

716
00:34:00,600 --> 00:34:03,040
Speaker 1: self account of those two things are are in particular

717
00:34:03,080 --> 00:34:05,160
Speaker 1: going to help you be able to get that score

718
00:34:05,360 --> 00:34:09,040
Speaker 1: into that solid credit standing range um more quickly. Yeah.

719
00:34:09,080 --> 00:34:11,480
Speaker 1: So kayleeen, best of luck to you and persevere. Like

720
00:34:11,560 --> 00:34:13,279
Speaker 1: Joel said, this isn't something that you're gonna be able

721
00:34:13,280 --> 00:34:16,480
Speaker 1: to immediately fix. It takes time. It's like like nurturing

722
00:34:16,680 --> 00:34:18,160
Speaker 1: a tree or a plant. You know. I feel like

723
00:34:18,200 --> 00:34:22,200
Speaker 1: we've used this analogy child that that as well, but

724
00:34:22,239 --> 00:34:24,120
Speaker 1: it takes time for you to to grow this thing

725
00:34:24,200 --> 00:34:27,359
Speaker 1: up into something that's healthy and strong, uh, and that

726
00:34:27,440 --> 00:34:30,000
Speaker 1: you can set off to college or boarding school. This

727
00:34:30,040 --> 00:34:32,040
Speaker 1: is where the child analogy doesn't work quite as well

728
00:34:32,080 --> 00:34:34,600
Speaker 1: as the tree metaphor. But like if it's an apple tree,

729
00:34:34,640 --> 00:34:36,520
Speaker 1: like it needs to be healthy and mature before you're

730
00:34:36,520 --> 00:34:39,200
Speaker 1: taking fruit from that, before you're taking from that. Uh,

731
00:34:39,280 --> 00:34:41,080
Speaker 1: Whereas I don't really know how that works with kids.

732
00:34:41,200 --> 00:34:43,399
Speaker 1: Maybe they need to be a strong, mature kid before

733
00:34:43,400 --> 00:34:45,400
Speaker 1: you put them to work and where they're doing shores,

734
00:34:45,440 --> 00:34:47,440
Speaker 1: I guess, or something like that. But yeah, it takes time,

735
00:34:47,600 --> 00:34:50,120
Speaker 1: and unfortunately there's not like a magic pill that you

736
00:34:50,120 --> 00:34:53,359
Speaker 1: can take where it will instantly get better. Totally. All right, Well, Matt,

737
00:34:53,440 --> 00:34:55,520
Speaker 1: let's get to the next question, and this one comes

738
00:34:55,520 --> 00:34:58,440
Speaker 1: from a mom who's seven year old is handling money

739
00:34:58,719 --> 00:35:02,319
Speaker 1: better than I am. Hi, Matt, Hi Joel. My name

740
00:35:02,360 --> 00:35:05,439
Speaker 1: is Charisse and I'm from Minnesota. First of all, thanks

741
00:35:05,480 --> 00:35:08,000
Speaker 1: so much for everything. I've been listening to your show

742
00:35:08,040 --> 00:35:10,920
Speaker 1: for about a year and I've learned so much. My

743
00:35:11,040 --> 00:35:13,960
Speaker 1: daughter is seven and has really started to pay attention

744
00:35:14,000 --> 00:35:17,279
Speaker 1: to money. She loves coming up with business ideas and

745
00:35:17,320 --> 00:35:20,160
Speaker 1: has a regular lemonade stand and a small business taking

746
00:35:20,160 --> 00:35:23,320
Speaker 1: care of our relatives pets when they travel. She also

747
00:35:23,400 --> 00:35:25,960
Speaker 1: isn't a big spender. She saves all the money she

748
00:35:26,040 --> 00:35:29,439
Speaker 1: makes and so far has saved nearly a grant. She's

749
00:35:29,480 --> 00:35:32,440
Speaker 1: been listening to your podcast with me occasionally and has

750
00:35:32,480 --> 00:35:35,880
Speaker 1: a lot of questions about investing right now. We have

751
00:35:36,000 --> 00:35:39,320
Speaker 1: her savings in a big bank savings account. We'd really

752
00:35:39,320 --> 00:35:41,520
Speaker 1: like to get the money out of there and into

753
00:35:41,560 --> 00:35:45,000
Speaker 1: something where her money will work for her. Our first

754
00:35:45,080 --> 00:35:48,200
Speaker 1: choice was a high interest savings account with an online bank,

755
00:35:48,760 --> 00:35:50,600
Speaker 1: but I was wondering if there's a place we could

756
00:35:50,600 --> 00:35:53,479
Speaker 1: put her money to invest it and she likely won't

757
00:35:53,520 --> 00:35:56,319
Speaker 1: touch it for at least ten years or longer. I'm

758
00:35:56,360 --> 00:35:59,520
Speaker 1: not sure a five plan is a great choice because

759
00:35:59,520 --> 00:36:04,160
Speaker 1: I'm a fessor and she'll get a tuition benefits. Do

760
00:36:04,200 --> 00:36:06,640
Speaker 1: you have any recommendations of where we should put her

761
00:36:06,680 --> 00:36:11,440
Speaker 1: money to maximize growth? Thanks again, Bye, Sis. Thanks so

762
00:36:11,520 --> 00:36:14,480
Speaker 1: much for that question. And wow, first of all, congrats

763
00:36:14,800 --> 00:36:17,600
Speaker 1: to your seven year old. She has a regular lemonade stand.

764
00:36:17,680 --> 00:36:20,040
Speaker 1: I mean, she has a legitimate business here and she's

765
00:36:20,120 --> 00:36:23,399
Speaker 1: set aside a thousand dollars. That's amazing. Sounds like she's

766
00:36:23,440 --> 00:36:25,680
Speaker 1: handling her money well. And obviously she has some some

767
00:36:25,719 --> 00:36:27,880
Speaker 1: great parents there who are helping her to learn the

768
00:36:28,000 --> 00:36:31,040
Speaker 1: ropes of entrepreneurship and handling her money well. But then

769
00:36:31,040 --> 00:36:32,680
Speaker 1: what to do with that money? You you stay to

770
00:36:32,680 --> 00:36:35,760
Speaker 1: the obvious, right, you're looking into the higher interest online

771
00:36:35,800 --> 00:36:38,680
Speaker 1: savings accounts. But beyond that, if you're looking to invest

772
00:36:38,719 --> 00:36:40,400
Speaker 1: that money, you are you're gonna want to look at

773
00:36:40,400 --> 00:36:44,279
Speaker 1: a custodial account. So let's talk about what that would entail. Yeah,

774
00:36:44,400 --> 00:36:47,240
Speaker 1: let's talk about it, Matt, because talk about investing. Obviously,

775
00:36:47,400 --> 00:36:50,959
Speaker 1: the rates that Sharis and her daughter are earning on saving,

776
00:36:51,080 --> 00:36:53,279
Speaker 1: especially at a big bank, are are close to nothing

777
00:36:53,360 --> 00:36:55,480
Speaker 1: right now. But even at the online banks, like the

778
00:36:55,560 --> 00:36:58,080
Speaker 1: rates are, the rates are pretty pitiful and and so

779
00:36:58,239 --> 00:37:01,560
Speaker 1: um investing, especially consider her daughter's time horizon of ten

780
00:37:01,600 --> 00:37:04,480
Speaker 1: plus years, is going to make the most sense. And

781
00:37:04,480 --> 00:37:06,400
Speaker 1: I think it's going to get her the most interested,

782
00:37:06,760 --> 00:37:09,040
Speaker 1: uh in the long term about her money and how

783
00:37:09,040 --> 00:37:11,680
Speaker 1: it performs and how investing works. Like it's kind of

784
00:37:11,719 --> 00:37:13,719
Speaker 1: exciting to start learning about those things at the age

785
00:37:13,760 --> 00:37:15,800
Speaker 1: of seven. And I think there are ways, Sis, that

786
00:37:15,840 --> 00:37:17,759
Speaker 1: you can help your daughter and get her even more

787
00:37:17,760 --> 00:37:19,479
Speaker 1: excited about it. So we're gonna talk about that too.

788
00:37:19,680 --> 00:37:22,399
Speaker 1: But it's important to note that the vehicle is what's

789
00:37:22,440 --> 00:37:25,640
Speaker 1: so important here. And Matt and I were huge fans

790
00:37:25,680 --> 00:37:29,000
Speaker 1: of the roth Ira in particular, Sis with your daughter,

791
00:37:29,040 --> 00:37:31,279
Speaker 1: with how young she is, a roth ira a just

792
00:37:31,320 --> 00:37:35,839
Speaker 1: makes so much sense to grow that income that she's

793
00:37:35,880 --> 00:37:40,000
Speaker 1: made into something massive over the years. Uh. The kicker though,

794
00:37:40,080 --> 00:37:42,160
Speaker 1: is that the with the roth IRA, she has to

795
00:37:42,200 --> 00:37:45,400
Speaker 1: have earned income. It can't be birthday money or holiday money.

796
00:37:45,600 --> 00:37:48,440
Speaker 1: It has to be from doing chores, babysitting, from the

797
00:37:48,560 --> 00:37:51,920
Speaker 1: lemonade stand, and the other entrepreneurial endeavors that she's been

798
00:37:52,000 --> 00:37:54,040
Speaker 1: up to. For i r S purposes, be sure to

799
00:37:54,120 --> 00:37:56,200
Speaker 1: track her earned income. Right. It can be as simple

800
00:37:56,239 --> 00:37:58,799
Speaker 1: as having a spreadsheet, award doc or even just a

801
00:37:58,800 --> 00:38:02,520
Speaker 1: handwritten journal of of entries of when and how that

802
00:38:02,600 --> 00:38:05,680
Speaker 1: income was generated and if she's actually earned instead of

803
00:38:05,680 --> 00:38:08,560
Speaker 1: being gifted some are all of that thousand dollars in

804
00:38:08,600 --> 00:38:11,600
Speaker 1: the previous year, that's how much she can contribute. So

805
00:38:11,640 --> 00:38:14,520
Speaker 1: let's say only nine hundred of those dollars are earned income.

806
00:38:14,800 --> 00:38:17,040
Speaker 1: That's how much she can contribute to a WRATH. Right.

807
00:38:17,120 --> 00:38:19,879
Speaker 1: It doesn't matter that the maximum contribution limit is six

808
00:38:19,880 --> 00:38:22,360
Speaker 1: thousand dollars. It solely depends on how much money she

809
00:38:22,400 --> 00:38:24,960
Speaker 1: actually earned. Yeah, if it's less than six thousand, that's

810
00:38:24,960 --> 00:38:27,719
Speaker 1: the cap, exactly. Yeah and so and so suris. I

811
00:38:27,760 --> 00:38:29,839
Speaker 1: think it's important here to to help her to learn

812
00:38:30,280 --> 00:38:34,319
Speaker 1: the power of investing. Right. Sometimes parents will offer a

813
00:38:34,320 --> 00:38:37,560
Speaker 1: sweet match to incentivise their children and to help them

814
00:38:37,600 --> 00:38:40,680
Speaker 1: to see the power of of working saving, but then

815
00:38:40,760 --> 00:38:44,640
Speaker 1: also to investing their money. And so for example, you

816
00:38:44,680 --> 00:38:47,319
Speaker 1: can maybe do like a fifty fifty match. If she's

817
00:38:47,320 --> 00:38:49,800
Speaker 1: made a thousand dollars, she could keep say five hundred

818
00:38:49,920 --> 00:38:53,040
Speaker 1: of that of her own money in a savings account. Uh,

819
00:38:53,040 --> 00:38:55,200
Speaker 1: and then both of you put five dollars into a

820
00:38:55,280 --> 00:38:57,600
Speaker 1: roth ira A. So basically her thousand dollars has now

821
00:38:57,600 --> 00:39:00,640
Speaker 1: turned into fifteen hundred dollars. Uh. Just another way to

822
00:39:00,680 --> 00:39:04,319
Speaker 1: create that connection to the power of investing for the

823
00:39:04,360 --> 00:39:06,520
Speaker 1: long term. And this is why I'm a fan of

824
00:39:06,520 --> 00:39:10,560
Speaker 1: of stepping outside of a traditional bank or even traditional

825
00:39:10,600 --> 00:39:13,920
Speaker 1: investment accounts online, right, is because you're not necessarily going

826
00:39:13,960 --> 00:39:15,759
Speaker 1: to see a rate of return like that. You know,

827
00:39:15,800 --> 00:39:17,720
Speaker 1: she's not going to be able to get a hundred

828
00:39:17,760 --> 00:39:20,120
Speaker 1: percent match like that on money that she, you know,

829
00:39:20,160 --> 00:39:22,239
Speaker 1: wanted to set aside, not at least until she has

830
00:39:22,239 --> 00:39:24,040
Speaker 1: a sweephew one k you know, with a great company.

831
00:39:24,280 --> 00:39:26,560
Speaker 1: But let's just say, had you just set that money

832
00:39:26,600 --> 00:39:29,359
Speaker 1: aside in an online savings account where she's earning say

833
00:39:29,520 --> 00:39:32,640
Speaker 1: maybe one percent, right, Uh, she's not gonna probably be

834
00:39:32,680 --> 00:39:35,040
Speaker 1: all that excited about earning one percent over the course

835
00:39:35,080 --> 00:39:36,680
Speaker 1: of a year on a thousand dollars. I mean, I

836
00:39:36,680 --> 00:39:39,160
Speaker 1: don't even get excited about that. And and so finding

837
00:39:39,160 --> 00:39:41,479
Speaker 1: a way to kind of crank up that dial through

838
00:39:41,680 --> 00:39:43,759
Speaker 1: you know, the bank of mom and Dad. I think

839
00:39:43,760 --> 00:39:46,000
Speaker 1: that's a great way of helping them to kind of

840
00:39:46,000 --> 00:39:48,359
Speaker 1: see the results of investing that money, even if it's

841
00:39:48,360 --> 00:39:51,160
Speaker 1: not necessarily realistic right now, but it's a way to

842
00:39:51,440 --> 00:39:55,239
Speaker 1: teach that lesson. Yeah, compounding is exciting over decades, right right,

843
00:39:55,360 --> 00:39:59,239
Speaker 1: And and you're trying to get her excited now. Kids

844
00:39:59,239 --> 00:40:01,160
Speaker 1: don't have decades. You know that she's only been alive

845
00:40:01,320 --> 00:40:04,239
Speaker 1: for seven years, Like decades basically is an eternity. But

846
00:40:04,280 --> 00:40:05,880
Speaker 1: you also, at the same time, do want her to

847
00:40:06,000 --> 00:40:09,840
Speaker 1: start investing for those decades because the younger you get started,

848
00:40:09,880 --> 00:40:13,279
Speaker 1: the more powerful that compounding gets. So yeah, that that's

849
00:40:13,280 --> 00:40:17,799
Speaker 1: sort of ability to match your child's input gives them

850
00:40:17,920 --> 00:40:21,680
Speaker 1: not only that quick return that helps them get excited,

851
00:40:21,800 --> 00:40:24,080
Speaker 1: but it also is putting money aside for their long

852
00:40:24,200 --> 00:40:26,200
Speaker 1: term future. So it's kind of both and right. It's

853
00:40:26,239 --> 00:40:29,319
Speaker 1: getting them pumped about the whole idea of investing um,

854
00:40:29,320 --> 00:40:31,359
Speaker 1: but they're also seeing a quick return on their money,

855
00:40:31,360 --> 00:40:33,319
Speaker 1: which is super fun. Yeah. Not only that, but that's

856
00:40:33,360 --> 00:40:36,560
Speaker 1: an approach to that mirrors real products that we interact

857
00:40:36,600 --> 00:40:38,160
Speaker 1: with that we see out in the real world. So

858
00:40:38,200 --> 00:40:40,520
Speaker 1: it's kind of a win in three different ways. Yep.

859
00:40:40,640 --> 00:40:42,879
Speaker 1: Lots of folks have access to a match at work,

860
00:40:43,160 --> 00:40:45,120
Speaker 1: and this is kind of getting or started down that

861
00:40:45,120 --> 00:40:46,960
Speaker 1: path of thinking. You know what, if I invest in

862
00:40:46,960 --> 00:40:49,080
Speaker 1: somebody else is helping me out here, Um, then it's

863
00:40:49,120 --> 00:40:52,359
Speaker 1: a double win priority man. Yeah, for sure, Uh all right,

864
00:40:52,400 --> 00:40:55,480
Speaker 1: and sure he's like one final point really is also

865
00:40:55,680 --> 00:40:58,040
Speaker 1: in the midst of this, like, it's really important to

866
00:40:58,080 --> 00:41:00,799
Speaker 1: help your daughter find some balance here, and I think

867
00:41:00,920 --> 00:41:03,279
Speaker 1: one good way of doing that is to help her

868
00:41:03,800 --> 00:41:05,920
Speaker 1: find a place to give some of the money that

869
00:41:05,960 --> 00:41:08,759
Speaker 1: she's made away. It's exciting to learn about the time

870
00:41:08,840 --> 00:41:11,480
Speaker 1: value of money, to see your investments grow and compound,

871
00:41:11,760 --> 00:41:14,640
Speaker 1: to get the match from your parents, that just accelerates

872
00:41:14,640 --> 00:41:17,320
Speaker 1: the whole process. Right. Knowing that like a hundred dollars

873
00:41:17,360 --> 00:41:20,480
Speaker 1: invested at age seven could compound to roughly ten thousand

874
00:41:20,480 --> 00:41:23,560
Speaker 1: bucks at age sixty five is incredible. But at the

875
00:41:23,600 --> 00:41:25,840
Speaker 1: same time, Matt and I we both believe that developing

876
00:41:25,880 --> 00:41:28,920
Speaker 1: a healthy attachment to money also means giving some of

877
00:41:28,920 --> 00:41:31,680
Speaker 1: your money away. So using some of her talents and

878
00:41:31,719 --> 00:41:35,080
Speaker 1: her earnings to give towards some awesome local nonprofits is

879
00:41:35,080 --> 00:41:37,640
Speaker 1: a good way to foster that mindset in her. It's

880
00:41:37,640 --> 00:41:40,319
Speaker 1: just another example of getting our kids started with a

881
00:41:40,320 --> 00:41:44,720
Speaker 1: healthy approach towards money early by helping them prioritize giving

882
00:41:44,719 --> 00:41:47,600
Speaker 1: away a portion of what they bring in. Um So, yeah,

883
00:41:47,640 --> 00:41:49,600
Speaker 1: we would encourage you in that direction as well. Yeah,

884
00:41:49,719 --> 00:41:51,160
Speaker 1: so sreets. It sounds like your daughter is doing an

885
00:41:51,160 --> 00:41:53,120
Speaker 1: awesome job saving her money. Sounds like you're gonna do

886
00:41:53,160 --> 00:41:55,719
Speaker 1: a great job investing that money. Uh, And like Joel said,

887
00:41:55,840 --> 00:41:57,640
Speaker 1: giving some of that money away is great as well.

888
00:41:58,120 --> 00:42:00,479
Speaker 1: You also mentioned too, though, how your daughter doesn't spend

889
00:42:00,480 --> 00:42:03,720
Speaker 1: any money. And while most kids don't have a problem

890
00:42:04,160 --> 00:42:06,920
Speaker 1: spending money, maybe in your daughter's case this is something

891
00:42:06,960 --> 00:42:08,920
Speaker 1: that might be worth paying attention to. I think with

892
00:42:08,960 --> 00:42:11,680
Speaker 1: your daughter, this might be an area that is worth cultivating,

893
00:42:11,960 --> 00:42:14,280
Speaker 1: uh and keeping in mind right finding ways to connect

894
00:42:14,360 --> 00:42:17,840
Speaker 1: her money with the things that she cares about. Oftentimes,

895
00:42:17,840 --> 00:42:20,640
Speaker 1: the best things in life are free and don't cost money.

896
00:42:20,719 --> 00:42:22,200
Speaker 1: But if you can kind of happen to some of

897
00:42:22,239 --> 00:42:24,279
Speaker 1: the things that get her excited and things that she's

898
00:42:24,280 --> 00:42:26,600
Speaker 1: willing to to spend money on, or activities that she's

899
00:42:26,600 --> 00:42:28,120
Speaker 1: willing to spend money on. I think it's important to

900
00:42:28,160 --> 00:42:30,239
Speaker 1: kind of make that connection as well, so that she's

901
00:42:30,280 --> 00:42:32,879
Speaker 1: not just constantly saving and investing your money. You gotta

902
00:42:32,920 --> 00:42:35,160
Speaker 1: spend some to ask her what her craft beer equivalent is.

903
00:42:36,360 --> 00:42:38,480
Speaker 1: She won't get that yet, but all right. Yeah, so

904
00:42:38,480 --> 00:42:40,799
Speaker 1: hopefully that helps your reson and best of luck to

905
00:42:40,880 --> 00:42:43,160
Speaker 1: you as you're helping your daughter think through this usually

906
00:42:43,239 --> 00:42:44,879
Speaker 1: kind of things Matt and I are thinking through. We've

907
00:42:44,880 --> 00:42:47,000
Speaker 1: got seven year olds exactly. We both have seven year

908
00:42:47,040 --> 00:42:48,960
Speaker 1: old daughters, so so it is something that comes up

909
00:42:49,080 --> 00:42:52,000
Speaker 1: a lot in our houses. Um, and we wish you

910
00:42:52,080 --> 00:42:54,040
Speaker 1: and her the best of luck all Matt. Let's get

911
00:42:54,080 --> 00:42:56,400
Speaker 1: back to the beer we had on this episode. This

912
00:42:56,440 --> 00:42:58,640
Speaker 1: one was called Where's My cell Phone? It was by

913
00:42:58,680 --> 00:43:02,160
Speaker 1: Two Tides Brewing. They're out of Savannah, Georgia. And yeah,

914
00:43:02,200 --> 00:43:04,680
Speaker 1: what were thoughts on this beer? Man? It's a sour

915
00:43:04,760 --> 00:43:07,840
Speaker 1: double I PA with black current Raspberry. Man, this was

916
00:43:07,880 --> 00:43:09,279
Speaker 1: a really good beer and I'm so glad that you

917
00:43:09,280 --> 00:43:11,080
Speaker 1: picked it up. I will be honest. When you first

918
00:43:11,120 --> 00:43:13,040
Speaker 1: mentioned that like, oh, we spent by this brewery when

919
00:43:13,080 --> 00:43:15,000
Speaker 1: we went down to Tybee, and it made me think,

920
00:43:15,080 --> 00:43:17,560
Speaker 1: oh no, Like a lot of times, small breweries that

921
00:43:17,600 --> 00:43:22,120
Speaker 1: are a beer that letter specific to geographical areas where

922
00:43:22,440 --> 00:43:25,680
Speaker 1: maybe folks don't have better options may not necessarily be

923
00:43:25,719 --> 00:43:27,799
Speaker 1: the best. I'm sure there are some fantastic breweries out

924
00:43:27,800 --> 00:43:29,920
Speaker 1: there that are isolated, but a lot of times you're

925
00:43:29,920 --> 00:43:32,400
Speaker 1: getting like a pale ale and a blonde and pilsner.

926
00:43:32,440 --> 00:43:33,959
Speaker 1: I mean just kind of maybe a Belgian just thrown

927
00:43:34,000 --> 00:43:37,439
Speaker 1: in there just for kicks. Yeah, yeah, a generic brown ale, Yeah,

928
00:43:37,560 --> 00:43:40,239
Speaker 1: all that kind of stuff. But I didn't realize that, yeah,

929
00:43:40,320 --> 00:43:42,520
Speaker 1: this brewery is actually in Savannah. And with the first seitment,

930
00:43:42,520 --> 00:43:44,880
Speaker 1: I realized that this was a top notch beer. The

931
00:43:44,920 --> 00:43:47,120
Speaker 1: immediate flavors of raspberry and I guess, you know, kind

932
00:43:47,120 --> 00:43:50,240
Speaker 1: of that black current flavor kind of washed over my tongue,

933
00:43:50,600 --> 00:43:52,279
Speaker 1: but it wasn't overly sweet. You know. It kind of

934
00:43:52,280 --> 00:43:55,279
Speaker 1: transitioned from that sour fruit to an I p A

935
00:43:55,360 --> 00:43:57,320
Speaker 1: and so it kind of finished off with some of

936
00:43:57,360 --> 00:44:00,680
Speaker 1: those kind of bitter, hoppy I p A notes. But

937
00:44:00,719 --> 00:44:02,920
Speaker 1: then even at the end of that it transitioned again

938
00:44:03,120 --> 00:44:04,840
Speaker 1: from an I p a almost to like a Berlin

939
00:44:04,840 --> 00:44:06,600
Speaker 1: of vice. This isn't a Berlin ofvice, but it almost

940
00:44:06,600 --> 00:44:10,120
Speaker 1: had like these chewy, almost weedy like notes. Uh. And

941
00:44:10,160 --> 00:44:12,239
Speaker 1: so it made for what I would call a very

942
00:44:12,320 --> 00:44:14,839
Speaker 1: dynamic beer. I'm really glad you pick this up. Glad

943
00:44:14,880 --> 00:44:16,960
Speaker 1: that you and I got to share it. Savannah sent

944
00:44:17,040 --> 00:44:18,600
Speaker 1: My brother in law is gonna be moving down to

945
00:44:18,880 --> 00:44:21,920
Speaker 1: Savannah pretty soon or near Savannah, and so this is

946
00:44:21,920 --> 00:44:23,759
Speaker 1: a brewer I'm gonna have to keep in mind. I

947
00:44:23,800 --> 00:44:26,080
Speaker 1: know when we go down to visit, yeah, or when

948
00:44:26,080 --> 00:44:27,960
Speaker 1: he's coming up here, be like, hey, pick Melfre, you

949
00:44:28,040 --> 00:44:31,120
Speaker 1: come exactly. Yeah, No, we we just enjoyed our visit.

950
00:44:31,160 --> 00:44:33,719
Speaker 1: They're really cool tasting room. It's a great spot to

951
00:44:33,719 --> 00:44:35,799
Speaker 1: hang out and have some beers. And this beer in

952
00:44:35,800 --> 00:44:39,840
Speaker 1: particular was super different, really tasty, but also not overly insane.

953
00:44:39,840 --> 00:44:41,560
Speaker 1: Like when I read what was going on with it,

954
00:44:41,600 --> 00:44:43,960
Speaker 1: I was like, double, I p A sour all this fruit.

955
00:44:44,440 --> 00:44:47,120
Speaker 1: It could be just over the top, um, like that

956
00:44:47,239 --> 00:44:49,880
Speaker 1: Sibuster stallone movie, right, but um, but it wasn't. Like

957
00:44:49,880 --> 00:44:52,520
Speaker 1: it was really really good. I love how the flavors

958
00:44:52,520 --> 00:44:55,160
Speaker 1: melted together. And man, I really do think that sour

959
00:44:55,239 --> 00:44:57,680
Speaker 1: I p a s should be more common because the

960
00:44:57,960 --> 00:45:00,359
Speaker 1: few that I've had are so good. I think I'm

961
00:45:00,360 --> 00:45:02,560
Speaker 1: just up for more sour IPAs in my life. So um,

962
00:45:02,640 --> 00:45:05,320
Speaker 1: Yeah to all our local Atlanta breweries, make it happen.

963
00:45:05,320 --> 00:45:07,880
Speaker 1: Come on, well, plus, man, this beer had raspberry in it,

964
00:45:07,960 --> 00:45:09,960
Speaker 1: and so you're you know, are you ever going to

965
00:45:10,000 --> 00:45:11,640
Speaker 1: see a beer that has rabbery raspberry in it and

966
00:45:11,680 --> 00:45:13,840
Speaker 1: then not purchase it? No? Not pretty much? Yeah, I

967
00:45:13,880 --> 00:45:15,200
Speaker 1: love We're going to get it any of here that's

968
00:45:15,200 --> 00:45:17,120
Speaker 1: got raspberries in and I'm in It's It's like my

969
00:45:17,239 --> 00:45:21,719
Speaker 1: beer kryptonite. Even though raspberry isn't my favorite type of

970
00:45:21,719 --> 00:45:23,680
Speaker 1: fruit into beer. I will say, this was a really

971
00:45:23,760 --> 00:45:25,680
Speaker 1: good beer and I'm glad we got to share it

972
00:45:25,719 --> 00:45:27,640
Speaker 1: today on the upisode. Man, and I'm not o Man,

973
00:45:27,640 --> 00:45:29,680
Speaker 1: that's gonna be it. Listeners can find ire shown us

974
00:45:29,719 --> 00:45:31,640
Speaker 1: up on the website at how to money dot com.

975
00:45:31,719 --> 00:45:33,240
Speaker 1: We'll be sure to link to any of the resources

976
00:45:33,320 --> 00:45:35,880
Speaker 1: that we mentioned today. Yeah, and if you have a

977
00:45:36,000 --> 00:45:37,799
Speaker 1: question that you love for Matt and I to take

978
00:45:37,840 --> 00:45:41,360
Speaker 1: on an upcoming episode, we would love to hear it. Honestly,

979
00:45:41,400 --> 00:45:43,680
Speaker 1: it's our favorite email to get his listener question emails

980
00:45:43,719 --> 00:45:46,080
Speaker 1: so send him in. Just go to how to money

981
00:45:46,120 --> 00:45:48,920
Speaker 1: dot com slash ask for the simple directions. It will

982
00:45:48,960 --> 00:45:51,480
Speaker 1: just take a minute or two to record your questions,

983
00:45:51,520 --> 00:45:53,760
Speaker 1: send it over to us, and hopefully we can feature

984
00:45:53,800 --> 00:45:56,400
Speaker 1: it really soon. It's literally as easy as recording a

985
00:45:56,520 --> 00:45:59,560
Speaker 1: voice memo. Yep, super simple. All right, Matt, that's gonna

986
00:45:59,600 --> 00:46:02,200
Speaker 1: do it for this episode, So until next time, Best

987
00:46:02,280 --> 00:46:03,719
Speaker 1: friends Out, Best Friends Out,