1 00:00:00,080 --> 00:00:03,560 Speaker 1: Welcome to How to Money. I'm Joel, I'm Matt. Today 2 00:00:03,600 --> 00:00:06,360 Speaker 1: we're talking about why you got to invest in what 3 00:00:06,480 --> 00:00:28,240 Speaker 1: you know. Joel, we're back. It's been a minute since 4 00:00:28,240 --> 00:00:30,920 Speaker 1: we've recorded. I mean to our listeners that there's been 5 00:00:30,960 --> 00:00:33,280 Speaker 1: no break. But you and I we recorded a bunch 6 00:00:33,760 --> 00:00:36,639 Speaker 1: right there kind of towards the beginning of July, and uh, 7 00:00:36,720 --> 00:00:38,479 Speaker 1: it's been a minute since we've we've recorded, right, and 8 00:00:38,560 --> 00:00:41,159 Speaker 1: we we had some travel plans. Uh. I was at 9 00:00:41,159 --> 00:00:42,680 Speaker 1: the beach, You were at the beach. I was at 10 00:00:42,680 --> 00:00:45,480 Speaker 1: a podcasting conference, and so we're kind of like gone 11 00:00:45,520 --> 00:00:46,920 Speaker 1: the whole month of July. And so that's why we 12 00:00:46,960 --> 00:00:49,160 Speaker 1: know we had to like batch record. We talked about 13 00:00:49,159 --> 00:00:51,839 Speaker 1: timeless money principles. Joel. That's right, that's what we're here 14 00:00:51,880 --> 00:00:54,600 Speaker 1: to do. But yeah, summer's over. School starting up, which 15 00:00:54,640 --> 00:00:57,600 Speaker 1: is like the first season that you and I have 16 00:00:57,840 --> 00:00:59,840 Speaker 1: been a part of now. Yeah, and girls are in 17 00:01:00,160 --> 00:01:03,240 Speaker 1: the big kindergarten. I know, dude, it's super freaky. Uh. 18 00:01:03,280 --> 00:01:06,000 Speaker 1: And and the crazy thing is where we live in 19 00:01:06,040 --> 00:01:08,720 Speaker 1: the Southeast, school start back so early. So if you live, 20 00:01:08,920 --> 00:01:10,759 Speaker 1: you know, in other parts of the country, your kids 21 00:01:10,760 --> 00:01:13,080 Speaker 1: probably aren't back back in school. Yet. But our kids 22 00:01:13,080 --> 00:01:16,080 Speaker 1: went back August first, and so but both of our 23 00:01:16,120 --> 00:01:18,600 Speaker 1: girls they're pretty much the youngest in their class and 24 00:01:18,640 --> 00:01:21,560 Speaker 1: headed to kindergarten. And it's uh, kind of freaky but 25 00:01:21,640 --> 00:01:23,880 Speaker 1: kind of awesome at the same time. Yeah, totally agree, 26 00:01:24,360 --> 00:01:28,880 Speaker 1: very freaky that five years have passed since they were born. 27 00:01:28,959 --> 00:01:30,679 Speaker 1: But at the same time, it's awesome though. You know, 28 00:01:30,720 --> 00:01:32,319 Speaker 1: it's so cool to kind of get in there and 29 00:01:32,360 --> 00:01:35,080 Speaker 1: see them be their own person and make new friends 30 00:01:35,120 --> 00:01:37,480 Speaker 1: and like talk to their teachers and stuff like that. 31 00:01:37,520 --> 00:01:40,039 Speaker 1: It's totally awesome. You know what the most exciting thing 32 00:01:40,200 --> 00:01:41,720 Speaker 1: for me is are one of the most exciting things 33 00:01:41,720 --> 00:01:43,959 Speaker 1: as we go back is is uh is taking the 34 00:01:43,959 --> 00:01:47,600 Speaker 1: girls to school on the bike again. I've missed it, dude. 35 00:01:47,600 --> 00:01:49,800 Speaker 1: It's so it's it's so much fun. And that car 36 00:01:49,840 --> 00:01:53,320 Speaker 1: pool line is kind of horrendous. Yeah, so this is 37 00:01:53,400 --> 00:01:56,360 Speaker 1: this is only the second day of of school for 38 00:01:56,480 --> 00:01:59,200 Speaker 1: us or for the girls, and I did the car 39 00:01:59,240 --> 00:02:01,320 Speaker 1: pool line the first day and I was like, yep, 40 00:02:01,400 --> 00:02:04,160 Speaker 1: I'm not going to do that ever again. And we've 41 00:02:04,160 --> 00:02:06,320 Speaker 1: had to do it because it's been raining though, and 42 00:02:06,320 --> 00:02:08,200 Speaker 1: and it sucks that it's it's rained so much, But 43 00:02:08,639 --> 00:02:10,800 Speaker 1: go forward, to some clearer sky so I can hop 44 00:02:10,800 --> 00:02:12,600 Speaker 1: on that bike, I know, right, Yeah, so the bike 45 00:02:12,680 --> 00:02:15,519 Speaker 1: is gonna be awesome completely avoiding those lines and just 46 00:02:15,600 --> 00:02:17,440 Speaker 1: kind of a fun way to to show up to 47 00:02:17,480 --> 00:02:19,160 Speaker 1: show up to school for those for the kids, right, 48 00:02:19,200 --> 00:02:20,800 Speaker 1: I'm just thinking back, like when I was a kid. 49 00:02:21,040 --> 00:02:22,920 Speaker 1: If my dad was like, you know, pull them up 50 00:02:22,919 --> 00:02:25,320 Speaker 1: to school on the bike, and on the bike, I 51 00:02:25,400 --> 00:02:27,120 Speaker 1: just imagine all my kids would be like, oh, your 52 00:02:27,200 --> 00:02:30,120 Speaker 1: dad so cool. But I don't know, maybe maybe not. 53 00:02:30,440 --> 00:02:33,000 Speaker 1: I think you're painting a very romantic image of it. 54 00:02:33,000 --> 00:02:36,080 Speaker 1: Probably am. I think already, even though our girls are 55 00:02:36,080 --> 00:02:38,160 Speaker 1: only in kindergarten, they're gonna be like, can you just 56 00:02:38,160 --> 00:02:41,400 Speaker 1: stop with the bike? Already? It's so stupid dad, No 57 00:02:41,400 --> 00:02:44,120 Speaker 1: one else does it. Hopefully we've brainwashed them enough, you know, 58 00:02:44,200 --> 00:02:46,720 Speaker 1: like they're early enough, and if we kind of continue 59 00:02:46,760 --> 00:02:49,720 Speaker 1: to do the bikes, load them up on that, I'm 60 00:02:49,760 --> 00:02:52,079 Speaker 1: going to continue doing what I call bite treats. I 61 00:02:52,080 --> 00:02:53,680 Speaker 1: don't know, have you ever heard me talk about this, 62 00:02:54,320 --> 00:02:57,000 Speaker 1: because your daughter has gotten bite treats. It's been part 63 00:02:57,000 --> 00:02:59,000 Speaker 1: of my my strategy. So in the afternoon, make them 64 00:02:59,000 --> 00:03:01,480 Speaker 1: love the bike. Yeah, So in the afternoons when I 65 00:03:01,520 --> 00:03:04,119 Speaker 1: pick them up. Uh you know last year, so both 66 00:03:04,120 --> 00:03:06,400 Speaker 1: both of our girls were in pre k together. That's 67 00:03:06,400 --> 00:03:08,480 Speaker 1: why we've done this already for a year. Yeah, we're 68 00:03:08,480 --> 00:03:11,440 Speaker 1: gonna do that also now for kindergarten and so so yeah, 69 00:03:11,480 --> 00:03:13,720 Speaker 1: i show up in the afternoons and I've got some treats, 70 00:03:14,280 --> 00:03:17,560 Speaker 1: whether that be just left over Halloween candy that lasted 71 00:03:17,600 --> 00:03:21,079 Speaker 1: for a solid like four months, or just like frozen 72 00:03:21,160 --> 00:03:24,760 Speaker 1: little Hershey bars, uh small Hershey bars. But anytime I 73 00:03:24,840 --> 00:03:27,079 Speaker 1: rode the bike man, almost every single time, I had 74 00:03:27,360 --> 00:03:29,120 Speaker 1: what I called the bike treat. See, knowing you, I 75 00:03:29,160 --> 00:03:30,799 Speaker 1: thought it would be like hot talks from last week 76 00:03:30,880 --> 00:03:33,120 Speaker 1: or something like that. Okay, these are good, these are 77 00:03:33,160 --> 00:03:36,119 Speaker 1: good treats. It's leg candy, and it's not stuff we've 78 00:03:36,800 --> 00:03:38,360 Speaker 1: I guess we've purchased it. But I mean it's like 79 00:03:38,360 --> 00:03:41,200 Speaker 1: Halloween stuff or small stuff. I mean literally, that was it. Yeah, 80 00:03:41,320 --> 00:03:45,840 Speaker 1: marshmallows were bike treats. Hershey bars and left over Halloween 81 00:03:45,880 --> 00:03:49,440 Speaker 1: candy lasted up until uh last May. But that way 82 00:03:49,440 --> 00:03:52,520 Speaker 1: when I pull up, and if I had the helmet on, 83 00:03:52,560 --> 00:03:53,960 Speaker 1: because I just leave the helmet on so I didn't 84 00:03:54,000 --> 00:03:56,200 Speaker 1: have to, you know, take my helmet off and look 85 00:03:56,240 --> 00:03:58,320 Speaker 1: all sweaty to the for the teachers and other parents 86 00:03:58,520 --> 00:04:00,640 Speaker 1: just keep it on. When the girl saw me and 87 00:04:00,640 --> 00:04:05,200 Speaker 1: had the helmet on, they would actually cheer. We're ding. 88 00:04:06,320 --> 00:04:08,480 Speaker 1: And it's just part of the you know, part of 89 00:04:08,520 --> 00:04:11,280 Speaker 1: the master plan. That's awesome, man. Yeah, good times on 90 00:04:11,320 --> 00:04:14,080 Speaker 1: the bike taking the girls to school. I'm looking forward to, yeah, 91 00:04:14,200 --> 00:04:16,760 Speaker 1: firing that back up. Yeah, poments about that. There's kind 92 00:04:16,760 --> 00:04:18,640 Speaker 1: of something timely and newsy that I did want to 93 00:04:18,680 --> 00:04:21,120 Speaker 1: let everyone know about. H And Uh, it's the fact 94 00:04:21,160 --> 00:04:23,719 Speaker 1: that Fidelity just came out, Like when you're hearing this 95 00:04:23,720 --> 00:04:28,000 Speaker 1: this past week, Fidelity announced that they were coming out 96 00:04:28,000 --> 00:04:31,120 Speaker 1: with no fee funds, and so two of their funds 97 00:04:31,400 --> 00:04:35,800 Speaker 1: they're literally eliminating all commissions and fees from Yeah, not 98 00:04:35,880 --> 00:04:40,600 Speaker 1: just fees, but like the expense yeah, completely zero exactly. Yeah. 99 00:04:40,720 --> 00:04:43,599 Speaker 1: So it's it's really incredible. Uh, the fact that you 100 00:04:43,600 --> 00:04:46,320 Speaker 1: can get you know, a total market index fund or 101 00:04:46,400 --> 00:04:51,080 Speaker 1: an international index fund. Yeah, yeah, I know, right at 102 00:04:51,200 --> 00:04:54,120 Speaker 1: zero cost to you, which I think it's amazing. But 103 00:04:54,279 --> 00:04:56,200 Speaker 1: that's pretty awesome. The kicker to me because when we 104 00:04:56,200 --> 00:04:57,839 Speaker 1: were talking about this, Matt, you were like, yeah, I 105 00:04:57,839 --> 00:05:00,400 Speaker 1: mean it's great, that's amazing, right, that's super cool. But 106 00:05:00,480 --> 00:05:02,839 Speaker 1: I mean you're looking at saving like our Vanguard funds 107 00:05:02,839 --> 00:05:05,600 Speaker 1: are point zero four percent, and point zero four percent 108 00:05:05,720 --> 00:05:10,840 Speaker 1: is only a hundred dollars on a two fifty dollar investment, 109 00:05:10,960 --> 00:05:12,920 Speaker 1: which I mean that's nothing. You know, if you've got 110 00:05:13,000 --> 00:05:16,760 Speaker 1: a quarter million set aside, that's come on, that's that's 111 00:05:16,800 --> 00:05:19,760 Speaker 1: jump change. And see, I I heard you mentioned that, 112 00:05:19,880 --> 00:05:21,680 Speaker 1: and I think that's great, but I don't think it's 113 00:05:21,680 --> 00:05:23,440 Speaker 1: that big of a deal. But here's the biggest deal 114 00:05:23,480 --> 00:05:26,560 Speaker 1: with that, in my opinion, with this, with this Fidelity announcement, 115 00:05:26,760 --> 00:05:28,920 Speaker 1: is that to get that deal with Vanguard, you have 116 00:05:29,000 --> 00:05:31,000 Speaker 1: to be able to have ten thousand dollars to open 117 00:05:31,080 --> 00:05:33,880 Speaker 1: up a fund, right, So is that the the minimum 118 00:05:33,920 --> 00:05:36,760 Speaker 1: to get that awesome point oh four percent expense ratio? 119 00:05:37,120 --> 00:05:40,720 Speaker 1: You have to have ten thousand dollars UH invested in 120 00:05:40,880 --> 00:05:43,600 Speaker 1: that fund in order to get that really sweet discount. 121 00:05:44,279 --> 00:05:47,240 Speaker 1: But with Fidelity, the amazing thing is that this is 122 00:05:47,240 --> 00:05:51,000 Speaker 1: pretty much open to everyone. It's zero dollar minimum to 123 00:05:51,080 --> 00:05:55,119 Speaker 1: get this zero expense, zero commission investment. So I really 124 00:05:55,120 --> 00:05:57,400 Speaker 1: love that. I love that. It's pretty awesome. You can 125 00:05:57,400 --> 00:06:00,440 Speaker 1: open up, you know, an account for yourself, for a child, 126 00:06:00,520 --> 00:06:04,800 Speaker 1: whatever with a hundred dollars tomorrow and and pay no, 127 00:06:05,160 --> 00:06:08,440 Speaker 1: you know, and pay essentially nothing in expenses to to 128 00:06:08,520 --> 00:06:11,440 Speaker 1: own these funds. And the two funds that I would 129 00:06:11,440 --> 00:06:15,200 Speaker 1: pick from Fidelity are literally probably these two funds. So 130 00:06:15,360 --> 00:06:17,679 Speaker 1: um yeah. I love that it's completely free to people, 131 00:06:17,800 --> 00:06:20,520 Speaker 1: and and congrats to Fidelity. And I love kind of 132 00:06:20,560 --> 00:06:22,839 Speaker 1: the way that you know, us as consumers we save. 133 00:06:23,160 --> 00:06:26,120 Speaker 1: Capitalism is like completely intensified, you know when it comes 134 00:06:26,120 --> 00:06:28,240 Speaker 1: to saving and investing, and you know, we like we 135 00:06:28,240 --> 00:06:31,320 Speaker 1: talked about an episode twenty nine with the micro investors. Yeah, exactly, 136 00:06:31,320 --> 00:06:33,440 Speaker 1: That's what I'm gonna say, Like the more competition, the better, 137 00:06:33,480 --> 00:06:36,240 Speaker 1: you know, you're seeing the barrier to entry lowered. And 138 00:06:36,279 --> 00:06:39,480 Speaker 1: what that allows folks to do is instead of looking 139 00:06:39,520 --> 00:06:42,200 Speaker 1: at a fund the Admiral Share the v T S 140 00:06:42,200 --> 00:06:44,560 Speaker 1: a X like you said, Tin Grand, Like that's a 141 00:06:44,600 --> 00:06:47,400 Speaker 1: tall order. Uh, it's for someone that's kind of setting 142 00:06:47,400 --> 00:06:49,479 Speaker 1: some money aside, thinking okay, how am I going to start, 143 00:06:50,040 --> 00:06:53,200 Speaker 1: you know, investing self direct and invest on my own 144 00:06:53,279 --> 00:06:56,240 Speaker 1: for retirement savings. It is less than that for the 145 00:06:56,320 --> 00:06:58,320 Speaker 1: for VOO, which is like the e t f U 146 00:06:58,440 --> 00:07:00,680 Speaker 1: E t F version. They have a lower of them, 147 00:07:00,720 --> 00:07:02,960 Speaker 1: but the expense ratio is slightly higher though it's point 148 00:07:03,000 --> 00:07:07,480 Speaker 1: zero five, which is nothing still, but regardless, like, yeah, 149 00:07:08,160 --> 00:07:10,840 Speaker 1: the more competition there is, the more players sort of 150 00:07:10,920 --> 00:07:13,480 Speaker 1: entering the market, the more that happens, the more we win, 151 00:07:13,560 --> 00:07:16,440 Speaker 1: the more the consumer wins, and hopefully we'll see more 152 00:07:16,440 --> 00:07:19,840 Speaker 1: and more folks save setting aside money and investing and 153 00:07:20,000 --> 00:07:23,000 Speaker 1: uh yeah, generating wealth. That's awesome. Yeah, and I think, yeah, 154 00:07:23,000 --> 00:07:25,920 Speaker 1: the other big thing is it just draws a big 155 00:07:25,960 --> 00:07:29,280 Speaker 1: circle around fees. And you know, you and I both 156 00:07:29,360 --> 00:07:32,240 Speaker 1: agree that fees are one of the biggest causes of 157 00:07:32,440 --> 00:07:35,720 Speaker 1: people having less in retirement than they should have, and 158 00:07:35,800 --> 00:07:37,600 Speaker 1: so you need to pay close attention to your fees. 159 00:07:37,640 --> 00:07:40,040 Speaker 1: And this job just draws another big circle, you know, 160 00:07:40,120 --> 00:07:42,640 Speaker 1: around all the other players in the industry that are 161 00:07:42,680 --> 00:07:44,880 Speaker 1: charging high fees. And it says, you know why, because 162 00:07:45,120 --> 00:07:47,080 Speaker 1: you know, if van Guard can offer you know, these 163 00:07:47,160 --> 00:07:50,800 Speaker 1: ridiculously low expense ratios and then Fidelity can completely you know, 164 00:07:50,840 --> 00:07:54,480 Speaker 1: eliminate expenses on a couple of funds, it just kind 165 00:07:54,480 --> 00:07:57,640 Speaker 1: of highlights how the disparity really that exists in the 166 00:07:57,680 --> 00:08:00,880 Speaker 1: in the industry. So yeah, congrats to Fidelity and and 167 00:08:00,920 --> 00:08:03,120 Speaker 1: if you you know, are someone who wants to open 168 00:08:03,200 --> 00:08:05,200 Speaker 1: up a wrath or you know, wants to wants to 169 00:08:05,240 --> 00:08:08,440 Speaker 1: start saving in a brokerage account, you know, you want 170 00:08:08,440 --> 00:08:10,520 Speaker 1: to start doing some investing. And we talked about you 171 00:08:10,560 --> 00:08:12,800 Speaker 1: know apps like in one you know recently, but but 172 00:08:12,880 --> 00:08:15,000 Speaker 1: going straight through Fidelity and in one of these couple 173 00:08:15,040 --> 00:08:17,280 Speaker 1: of funds and that's a great idea too. And and 174 00:08:17,680 --> 00:08:20,040 Speaker 1: I mean their their whole portfolio is just looking pretty 175 00:08:20,040 --> 00:08:22,160 Speaker 1: awesome right about now. Yeah, you're gonna hop over to 176 00:08:22,160 --> 00:08:24,600 Speaker 1: hop on that Fidelity train over from Vanguard, now, man, 177 00:08:24,640 --> 00:08:26,960 Speaker 1: I mean, just like we talked about the episode, like 178 00:08:27,320 --> 00:08:29,080 Speaker 1: I'm waiting to save a couple of bucks over like 179 00:08:29,120 --> 00:08:31,160 Speaker 1: your entire portfolio over the years. Well and even that, 180 00:08:31,200 --> 00:08:33,240 Speaker 1: you know, my four oh one k is with Vanguard, 181 00:08:33,320 --> 00:08:35,760 Speaker 1: and so like you can't change that, right, Like I 182 00:08:35,760 --> 00:08:40,960 Speaker 1: gotta keep contributing to the employers. Yeah, menu of options there, right, 183 00:08:41,000 --> 00:08:43,160 Speaker 1: And so it's a great option. And then yeah, why 184 00:08:43,200 --> 00:08:45,120 Speaker 1: not just keep everything in one place with the company 185 00:08:45,160 --> 00:08:47,280 Speaker 1: that even though there they are these price wars going on, 186 00:08:47,360 --> 00:08:50,840 Speaker 1: Vanguard started the whole thing and they've got amazing, amazing 187 00:08:50,880 --> 00:08:54,400 Speaker 1: products and amazingly ridiculously low expenses at the same time. 188 00:08:54,520 --> 00:08:57,160 Speaker 1: So it's good to see though, for sure. Yeah, there's 189 00:08:57,160 --> 00:08:58,720 Speaker 1: a time to talk about the beer yet, because I'm 190 00:08:58,720 --> 00:09:03,640 Speaker 1: so freaking stoked. Y. Yeah, it is so man, let's 191 00:09:03,840 --> 00:09:10,560 Speaker 1: pop the tops, so, Matt, Yeah, the beer today is 192 00:09:11,200 --> 00:09:14,160 Speaker 1: our our first return brewery, I think on the show 193 00:09:14,440 --> 00:09:19,160 Speaker 1: Avery and they were super super super cool and sent 194 00:09:19,360 --> 00:09:23,280 Speaker 1: us a beer called Planked and Planked is an Imperial 195 00:09:23,280 --> 00:09:27,960 Speaker 1: coconut porter aged in rum barrels, weighing in at a 196 00:09:27,960 --> 00:09:31,880 Speaker 1: lofty sixteen point two percent, which isn't necessarily why I'm 197 00:09:31,880 --> 00:09:35,520 Speaker 1: excited for it, but partly right, let's be honest, Well, seriously, 198 00:09:35,880 --> 00:09:38,640 Speaker 1: Avery has these beers are so good man. Yeah, I 199 00:09:38,679 --> 00:09:41,640 Speaker 1: feel like Avery has one of the absolute best barrel 200 00:09:41,760 --> 00:09:44,960 Speaker 1: aging facilities in the country. They come out with some 201 00:09:45,040 --> 00:09:48,040 Speaker 1: of the best barrel aged stouts and porters, but also 202 00:09:48,120 --> 00:09:51,280 Speaker 1: some of the best barrel aged sours and um man. 203 00:09:51,360 --> 00:09:54,600 Speaker 1: I I've been to the brewery. It's absolutely incredible. It's 204 00:09:54,600 --> 00:09:57,760 Speaker 1: a beautiful facility with amazing food in addition to like 205 00:09:57,840 --> 00:10:00,920 Speaker 1: forty taps of beer. Um. But yeah, so it's so 206 00:10:00,960 --> 00:10:03,560 Speaker 1: cool for them to donate this beer to us. Yeah, 207 00:10:03,559 --> 00:10:06,360 Speaker 1: so thank you Avery, We really appreciate it. And these 208 00:10:06,400 --> 00:10:08,959 Speaker 1: beers so This is part of the Annual Barrel series, 209 00:10:09,200 --> 00:10:10,960 Speaker 1: which is sort of like a separate line like a 210 00:10:11,000 --> 00:10:13,000 Speaker 1: limited run that they do. And you can tell it too, 211 00:10:13,000 --> 00:10:15,720 Speaker 1: because all the labels of this sort of series they 212 00:10:15,760 --> 00:10:18,120 Speaker 1: kind of have like a like wood boards kind of 213 00:10:18,160 --> 00:10:19,760 Speaker 1: going and mean, it looks like a barrel basically there. 214 00:10:19,760 --> 00:10:21,040 Speaker 1: You know, it's gonna make it look like a barrel. 215 00:10:21,400 --> 00:10:24,120 Speaker 1: You and I have both had multiple beers from this series, 216 00:10:24,240 --> 00:10:26,520 Speaker 1: but neither of us have you had this beer before? 217 00:10:27,400 --> 00:10:30,760 Speaker 1: Neither of us had have had this specific one before. Yeah, 218 00:10:30,800 --> 00:10:33,120 Speaker 1: they've they've got such a good history of these beers 219 00:10:33,160 --> 00:10:38,400 Speaker 1: being awesome and I'm so excited to try this one. Cheers, buddy, cheers, 220 00:10:39,800 --> 00:10:41,360 Speaker 1: And that beer kind of makes me want to cry, 221 00:10:42,040 --> 00:10:46,000 Speaker 1: it's that good. It's delicious, making your making your voice crack, 222 00:10:46,080 --> 00:10:49,360 Speaker 1: taking your back to yeah, backs when I was twelve 223 00:10:49,360 --> 00:10:51,240 Speaker 1: and I used to drink beer all the time. I 224 00:10:51,280 --> 00:10:53,319 Speaker 1: was thwing down beers like this when I was eleven 225 00:10:53,400 --> 00:10:56,679 Speaker 1: years old to who wasn't oh man that the uh? 226 00:10:57,120 --> 00:10:58,800 Speaker 1: You know? I love a good rum barrel aged beer. 227 00:10:58,880 --> 00:11:00,760 Speaker 1: Some of them, though, can be too sweet, right, like 228 00:11:01,000 --> 00:11:03,360 Speaker 1: the rum barrels can just lend too much sweetness to 229 00:11:03,360 --> 00:11:06,559 Speaker 1: the beer. But because this one's like boozy uh and 230 00:11:06,640 --> 00:11:09,920 Speaker 1: imperial with with some coconut in it. Man, that rum 231 00:11:10,000 --> 00:11:11,920 Speaker 1: barrel like rounds it out perfectly. So it's got like 232 00:11:11,960 --> 00:11:14,760 Speaker 1: that hint of sweetness, but it doesn't like dominate the beer. 233 00:11:15,559 --> 00:11:18,360 Speaker 1: Holy crap, this is I mean, this is really really 234 00:11:18,360 --> 00:11:21,480 Speaker 1: good and just reinforces the like what I said earlier 235 00:11:21,480 --> 00:11:25,040 Speaker 1: that Avery has one of the best barrel aging programs 236 00:11:25,040 --> 00:11:28,160 Speaker 1: in the country. Alright, So onto the topic at hand, Matt, 237 00:11:28,440 --> 00:11:31,439 Speaker 1: you got to invest in what you know. And I 238 00:11:31,480 --> 00:11:33,880 Speaker 1: wanted to talk about this in particular because I've been 239 00:11:33,920 --> 00:11:37,960 Speaker 1: thinking about people's attitudes towards investing and how people you know, 240 00:11:38,000 --> 00:11:42,560 Speaker 1: often have an apprehension towards investing at all and they're 241 00:11:42,600 --> 00:11:44,400 Speaker 1: just not sure, you know, kind of how they want 242 00:11:44,400 --> 00:11:47,319 Speaker 1: to invest. They're told you will investine or in an 243 00:11:47,360 --> 00:11:49,640 Speaker 1: ira or a foal and k of course with work, 244 00:11:49,720 --> 00:11:52,680 Speaker 1: right if you have access, and those are great plans. Yeah, 245 00:11:52,720 --> 00:11:55,520 Speaker 1: but I've just been thinking about lately how there are 246 00:11:55,559 --> 00:11:58,679 Speaker 1: a lot of ways for people to invest, uh inside 247 00:11:58,679 --> 00:12:01,840 Speaker 1: of their zone of competency. That's like the way I 248 00:12:01,920 --> 00:12:05,880 Speaker 1: kind of phrase it, uh essentially investing in what you know. 249 00:12:06,320 --> 00:12:08,160 Speaker 1: And so I want to kind of encourage people in 250 00:12:08,200 --> 00:12:11,360 Speaker 1: this episode that let's say, you know, stock investing is 251 00:12:11,880 --> 00:12:13,880 Speaker 1: kind of freaks you out, or you know you have 252 00:12:13,960 --> 00:12:16,680 Speaker 1: this aversion to you know, putting money in the stock market, 253 00:12:17,280 --> 00:12:19,079 Speaker 1: or you know, Matt, you and I we've talked about 254 00:12:19,080 --> 00:12:22,360 Speaker 1: real estate overtime, like we were big into real estate 255 00:12:22,400 --> 00:12:25,720 Speaker 1: investing for us, that's a long term plan towards financial 256 00:12:25,720 --> 00:12:29,040 Speaker 1: independence is you know, slow growth of our of our 257 00:12:29,040 --> 00:12:32,079 Speaker 1: real estate holdings. And I just want to help people 258 00:12:32,440 --> 00:12:35,920 Speaker 1: think through and understand that they don't have to invest 259 00:12:35,960 --> 00:12:37,760 Speaker 1: the way you and I invest. They don't have to 260 00:12:37,800 --> 00:12:40,160 Speaker 1: invest the way you know, the financial press tells them 261 00:12:40,200 --> 00:12:42,679 Speaker 1: to invest. There are ways for you to invest your 262 00:12:42,679 --> 00:12:47,280 Speaker 1: money that can zero in on exactly what you're good at. 263 00:12:47,520 --> 00:12:49,480 Speaker 1: And so that's kind of what this episode is all 264 00:12:49,520 --> 00:12:52,240 Speaker 1: about in in my mind. Yeah, man, I'm with you. 265 00:12:52,320 --> 00:12:54,960 Speaker 1: I'm very happy that we're doing this episode. We do 266 00:12:55,080 --> 00:12:58,480 Speaker 1: talk a lot about real estate investing specifically, Yeah, and 267 00:12:58,480 --> 00:12:59,679 Speaker 1: so it's just good to state it and put it 268 00:12:59,679 --> 00:13:02,520 Speaker 1: out there right. Specifically, you had a story where you 269 00:13:02,559 --> 00:13:04,640 Speaker 1: were talking to a guy and he was just talking 270 00:13:04,679 --> 00:13:06,520 Speaker 1: about how, oh man, I would love to kind of 271 00:13:06,520 --> 00:13:08,760 Speaker 1: get into real estate investing. I'm just it's a little 272 00:13:08,760 --> 00:13:12,439 Speaker 1: gun shy. If he understands investing and he understands financial independence, 273 00:13:12,440 --> 00:13:14,560 Speaker 1: and he's on his way towards that, he has got 274 00:13:14,600 --> 00:13:16,400 Speaker 1: a lot of knowledge, but even still it's just not 275 00:13:16,480 --> 00:13:19,120 Speaker 1: quite in his willhouse. And I think a lot of 276 00:13:19,160 --> 00:13:21,839 Speaker 1: people feel that way. And so this entire episode is 277 00:13:21,880 --> 00:13:25,319 Speaker 1: about finding the specific way for you to invest as 278 00:13:25,320 --> 00:13:29,200 Speaker 1: an individual that works the best for you, that you 279 00:13:29,240 --> 00:13:33,760 Speaker 1: find the most fulfilling and gratifying, that also has a yeah, 280 00:13:33,840 --> 00:13:36,040 Speaker 1: just a great return on your investment as well. Yeah. 281 00:13:36,080 --> 00:13:37,880 Speaker 1: And the thing that kind of got me thinking about 282 00:13:37,920 --> 00:13:42,200 Speaker 1: this initially was a couple of weeks ago when Facebook 283 00:13:42,240 --> 00:13:46,000 Speaker 1: stock dropped in like a day, right, Facebook and Twitter? Yeah, 284 00:13:46,000 --> 00:13:47,560 Speaker 1: And so it was like all it was all over 285 00:13:47,559 --> 00:13:50,440 Speaker 1: the place, the news that that you know, these social 286 00:13:50,480 --> 00:13:53,400 Speaker 1: media stocks were were dropping. A lot of people in 287 00:13:53,440 --> 00:13:56,000 Speaker 1: the normal financial community are freaking out, But a lot 288 00:13:56,000 --> 00:13:58,840 Speaker 1: of people in the kind of savvy investing community we're saying, 289 00:13:58,960 --> 00:14:00,960 Speaker 1: is this the time to buy? Should I be sinking 290 00:14:00,960 --> 00:14:03,800 Speaker 1: a ton of money into Facebook stock or Twitter stock 291 00:14:03,920 --> 00:14:07,040 Speaker 1: right now? And by the dip? And you know, I 292 00:14:07,040 --> 00:14:10,160 Speaker 1: think at times that that's not a terrible strategy, but 293 00:14:10,320 --> 00:14:13,040 Speaker 1: for me, I look at something like that and I say, 294 00:14:13,160 --> 00:14:16,560 Speaker 1: I have no idea what Facebook stock or Twitter stock 295 00:14:16,679 --> 00:14:18,600 Speaker 1: is going to do next week, next month, next year, 296 00:14:19,160 --> 00:14:21,960 Speaker 1: because I don't read anything to do with that. It's 297 00:14:22,000 --> 00:14:25,440 Speaker 1: not inside my zone of competency. And so I try 298 00:14:25,480 --> 00:14:28,240 Speaker 1: to stick to what I know and not try to 299 00:14:28,880 --> 00:14:33,680 Speaker 1: exhaust my mental capabilities to figure out individual stocks like 300 00:14:33,720 --> 00:14:37,400 Speaker 1: that's just not something I'm going to do. And it 301 00:14:37,440 --> 00:14:39,440 Speaker 1: would take me so long to get up to speed 302 00:14:39,640 --> 00:14:41,880 Speaker 1: to be able to make a smart decision about a 303 00:14:41,920 --> 00:14:45,000 Speaker 1: bye like that where you would feel comfortable and confident, right, 304 00:14:45,040 --> 00:14:47,040 Speaker 1: And I've already kind of spent that time and that 305 00:14:47,160 --> 00:14:49,960 Speaker 1: mental energy on figuring something else out right that that 306 00:14:50,040 --> 00:14:52,200 Speaker 1: I want to invest in, and I'm good at investing in, 307 00:14:52,600 --> 00:14:55,560 Speaker 1: So I just yeah, for for me, I think, uh, 308 00:14:55,760 --> 00:14:57,600 Speaker 1: I was talking with a friend who, you know what 309 00:14:57,680 --> 00:15:00,320 Speaker 1: he nerds out on stuff like that. He nerd out 310 00:15:00,320 --> 00:15:03,760 Speaker 1: reading about specific companies you're digging into their financials and 311 00:15:03,800 --> 00:15:05,880 Speaker 1: then making moves like that, deciding when it is a 312 00:15:05,880 --> 00:15:07,800 Speaker 1: good time to buy. So he holds a lot of 313 00:15:07,840 --> 00:15:11,520 Speaker 1: individual stocks, but he knows what he's doing, and so that, 314 00:15:11,600 --> 00:15:14,720 Speaker 1: you know, that is his sphere of competency, Like he 315 00:15:14,760 --> 00:15:17,120 Speaker 1: knows what he's doing when it comes to investing in 316 00:15:17,680 --> 00:15:21,200 Speaker 1: specific individual companies, and so for him, you know, why 317 00:15:21,240 --> 00:15:23,640 Speaker 1: not by the dip if he knows enough about the company, 318 00:15:23,920 --> 00:15:27,200 Speaker 1: knows enough about their underlying financial state, and says this 319 00:15:27,240 --> 00:15:28,920 Speaker 1: is a good long term hold and a good time 320 00:15:28,960 --> 00:15:32,520 Speaker 1: to buy. Whereas for us, we just kind of know that. Okay, 321 00:15:32,560 --> 00:15:36,160 Speaker 1: generally speaking, sure, this is a better time to buy. However, 322 00:15:36,560 --> 00:15:39,280 Speaker 1: I'm not going to write however, we just don't even 323 00:15:39,360 --> 00:15:42,080 Speaker 1: dabble in that because it's not something we we know 324 00:15:42,120 --> 00:15:44,640 Speaker 1: anything about currently and not something that we feel like 325 00:15:44,960 --> 00:15:46,840 Speaker 1: we need to take the time to figure out. Yeah, 326 00:15:47,080 --> 00:15:49,200 Speaker 1: or if you want, you can, you know, you certainly 327 00:15:49,200 --> 00:15:51,280 Speaker 1: you could have purchased some or I could have got 328 00:15:51,320 --> 00:15:53,160 Speaker 1: some cop on the robin Hood app and made made 329 00:15:53,160 --> 00:15:55,080 Speaker 1: some purchases. But it would have been more for fun. 330 00:15:55,320 --> 00:15:57,600 Speaker 1: You know. It's sort of like kind of speculation really 331 00:15:57,720 --> 00:15:59,400 Speaker 1: going to Vegas. It's just sort of like, all right, 332 00:15:59,440 --> 00:16:01,360 Speaker 1: let's just have some fun. Let's see what happens if 333 00:16:01,360 --> 00:16:03,640 Speaker 1: I lose some, no big deal, but there's a chance 334 00:16:03,640 --> 00:16:05,320 Speaker 1: I could make some. I think if you kind of 335 00:16:05,360 --> 00:16:07,600 Speaker 1: are looking at it from that standpoint, sure that's fine. 336 00:16:08,440 --> 00:16:12,680 Speaker 1: That's not investing though you know that's not investing. Is 337 00:16:12,680 --> 00:16:16,600 Speaker 1: is being knowledgeable, having done your research, going into something 338 00:16:16,600 --> 00:16:19,160 Speaker 1: with your eyes open, not hoping, crossing your fingers and 339 00:16:19,160 --> 00:16:21,560 Speaker 1: hoping for the best, but expecting a rate of return 340 00:16:21,640 --> 00:16:24,240 Speaker 1: based on the research that you've done as well as 341 00:16:24,280 --> 00:16:27,280 Speaker 1: your experience. And yeah, like you said, for for both 342 00:16:27,320 --> 00:16:29,680 Speaker 1: of us, it would just be more just kind of 343 00:16:29,680 --> 00:16:32,640 Speaker 1: having fun and seeing what happens sort of, which isn't 344 00:16:32,640 --> 00:16:35,240 Speaker 1: a good way to invest. Yeah, put two thousand on 345 00:16:36,360 --> 00:16:42,920 Speaker 1: black money, right, is that something? Yeah? This was one 346 00:16:42,960 --> 00:16:44,960 Speaker 1: of those you should know that. Come on, Yeah, that's right. 347 00:16:45,120 --> 00:16:47,560 Speaker 1: I've watched enough James mind, I know what that means. Yeah, 348 00:16:47,560 --> 00:16:50,960 Speaker 1: you shaking stirred yet. But one thing I wanna, you know, 349 00:16:51,320 --> 00:16:53,320 Speaker 1: make sure it's clear to people before we get too 350 00:16:53,360 --> 00:16:55,640 Speaker 1: far into this, is that you do need to be 351 00:16:55,720 --> 00:16:58,800 Speaker 1: investing in order to build long term one. Yea certainly, right. 352 00:16:58,840 --> 00:17:01,000 Speaker 1: So you want to figure out that zone of competency, 353 00:17:01,080 --> 00:17:04,119 Speaker 1: that that spear where you feel comfortable investing and you 354 00:17:04,160 --> 00:17:06,160 Speaker 1: feel like you can get up to speed pretty quickly. 355 00:17:06,200 --> 00:17:07,600 Speaker 1: And we'll talk about that a little bit. You know 356 00:17:07,680 --> 00:17:09,640 Speaker 1: further down in the episode that there are just some 357 00:17:09,680 --> 00:17:12,679 Speaker 1: things that are a whole lot easier to grasp really quickly, 358 00:17:13,000 --> 00:17:15,399 Speaker 1: and so you can kind of build that zone of competency, 359 00:17:15,760 --> 00:17:19,040 Speaker 1: but you have to be investing somewhere, you know, ultimately, 360 00:17:19,080 --> 00:17:22,080 Speaker 1: if you want to achieve a measure of financial independence 361 00:17:22,520 --> 00:17:24,280 Speaker 1: or you just kind of want to live a life 362 00:17:24,320 --> 00:17:27,480 Speaker 1: with at minimum some margin in it, right, That's right, 363 00:17:27,520 --> 00:17:31,080 Speaker 1: And we're gonna talk through some investing that does take 364 00:17:31,080 --> 00:17:33,720 Speaker 1: a little more work or takes a little more specialized 365 00:17:33,960 --> 00:17:37,000 Speaker 1: skill or experience or knowledge, but there are also some 366 00:17:37,119 --> 00:17:38,920 Speaker 1: very easy ways to invest and we're gonna be covering 367 00:17:38,920 --> 00:17:41,000 Speaker 1: that as well. Now, you don't feel the pressure to 368 00:17:41,040 --> 00:17:43,880 Speaker 1: be a financial expert, uh, in order to invest your 369 00:17:43,880 --> 00:17:46,560 Speaker 1: money in an effective way. So we're gonna get to 370 00:17:46,640 --> 00:17:57,480 Speaker 1: that next. But first let's take a break man, all right, Matt, 371 00:17:57,560 --> 00:18:00,240 Speaker 1: So back to the topic of hand. You got to 372 00:18:00,280 --> 00:18:02,439 Speaker 1: invest in what you know first. We want to let 373 00:18:02,480 --> 00:18:04,879 Speaker 1: people know don't be overwhelmed with different ways that you 374 00:18:04,920 --> 00:18:08,720 Speaker 1: can potentially be investing. It's super super easy to invest 375 00:18:08,760 --> 00:18:12,160 Speaker 1: in low cost index funds, and that, in our opinion, 376 00:18:12,359 --> 00:18:14,960 Speaker 1: is kind of hitting the easy button right. Just like 377 00:18:15,000 --> 00:18:16,800 Speaker 1: we talked about kind of at the intro of the show. 378 00:18:16,880 --> 00:18:21,959 Speaker 1: Companies like Fidelity offering zero fee total market index funds 379 00:18:21,960 --> 00:18:27,159 Speaker 1: and international index funds. Diversify your investment funds across no fee, 380 00:18:27,400 --> 00:18:30,280 Speaker 1: no commission funds like that. Man, that's the easy button. 381 00:18:30,400 --> 00:18:32,320 Speaker 1: You really almost don't even have to do any research. 382 00:18:32,400 --> 00:18:35,080 Speaker 1: You just know that you're investing across the broader US 383 00:18:35,119 --> 00:18:38,040 Speaker 1: stock market or the broader global market, and that's just 384 00:18:38,080 --> 00:18:39,960 Speaker 1: kind of like an easy thing to do. That that 385 00:18:40,080 --> 00:18:42,280 Speaker 1: helps you, you know, know that you're paying almost no fees. 386 00:18:42,600 --> 00:18:45,440 Speaker 1: But are you know, investing solidly in a diverse set 387 00:18:45,440 --> 00:18:48,760 Speaker 1: of companies that gives you some really good exposure to 388 00:18:48,880 --> 00:18:52,480 Speaker 1: you know, capitalism across the world. Yeah, man, that's right. Um. However, though, 389 00:18:52,520 --> 00:18:55,240 Speaker 1: if you have some experience or you know, skills and 390 00:18:55,280 --> 00:18:58,840 Speaker 1: knowledge that you could naturally align with something that you 391 00:18:58,880 --> 00:19:01,640 Speaker 1: could be investing in, we want you to consider that, 392 00:19:01,760 --> 00:19:04,240 Speaker 1: you know, like that's where you could take something that 393 00:19:04,280 --> 00:19:07,160 Speaker 1: you know and put it to use in another way 394 00:19:07,200 --> 00:19:10,080 Speaker 1: where it's gonna earn you even more money. Um. Investing 395 00:19:10,080 --> 00:19:13,000 Speaker 1: in the stock market is great, um, and you're gonna 396 00:19:13,040 --> 00:19:15,760 Speaker 1: do fairly well there, But if you're looking towards something 397 00:19:15,800 --> 00:19:17,480 Speaker 1: else to kind of give you more bang fear buck, 398 00:19:17,600 --> 00:19:19,520 Speaker 1: sort of like Joel and I have done with real estate. 399 00:19:19,880 --> 00:19:22,920 Speaker 1: That's when you want to look towards, uh, those competiencies, 400 00:19:22,960 --> 00:19:25,080 Speaker 1: like Joel saying earlier that you know those skills that 401 00:19:25,119 --> 00:19:27,879 Speaker 1: you have. So for example, I'm not sure this is 402 00:19:27,920 --> 00:19:29,879 Speaker 1: a great example, but like you and I, we both 403 00:19:30,280 --> 00:19:32,719 Speaker 1: know what really good beer tastes like righte we do, 404 00:19:33,920 --> 00:19:36,120 Speaker 1: and also we know the Atlanta beer seeing really well. 405 00:19:36,160 --> 00:19:38,840 Speaker 1: So if there is an opportunity that came along, one 406 00:19:38,880 --> 00:19:41,320 Speaker 1: that you and I have actually specifically talked about with 407 00:19:41,680 --> 00:19:44,520 Speaker 1: someone we know that's brewing awesome beer and if he 408 00:19:44,560 --> 00:19:47,080 Speaker 1: was looking for investors, I think we both seriously consider 409 00:19:47,440 --> 00:19:50,960 Speaker 1: providing capital and investing in in in that brewery. Certainly 410 00:19:51,000 --> 00:19:53,240 Speaker 1: you need to have some business background. But assuming all 411 00:19:53,240 --> 00:19:55,800 Speaker 1: that sort of checks out, that's something that you and 412 00:19:55,840 --> 00:19:58,360 Speaker 1: I love. You know, we're huge fans of beer, We're 413 00:19:58,440 --> 00:20:00,639 Speaker 1: huge fans of our city. If those are sort of 414 00:20:00,720 --> 00:20:04,000 Speaker 1: natural interests that already aligned with something that we're familiar 415 00:20:04,000 --> 00:20:06,640 Speaker 1: with and that we're passionate about, well why not consider 416 00:20:06,720 --> 00:20:11,120 Speaker 1: investing in something like that? Is it a little riskier perhaps, Yeah, 417 00:20:11,200 --> 00:20:14,960 Speaker 1: certainly it may not be quiet as you know, diversified 418 00:20:15,080 --> 00:20:19,359 Speaker 1: and quiet as maybe solid as say the total market 419 00:20:19,560 --> 00:20:22,240 Speaker 1: index funds. However, with greater risk there there comes with 420 00:20:22,280 --> 00:20:25,119 Speaker 1: a potential for greater reward. Yeah, and so we're not saying, 421 00:20:25,119 --> 00:20:28,120 Speaker 1: you know, invest in your uncle Joe's knit sock company 422 00:20:28,160 --> 00:20:31,120 Speaker 1: that he sells on Etsy, right, Like, maybe you don't 423 00:20:31,119 --> 00:20:33,440 Speaker 1: know anything about knitting socks and is a darn tough 424 00:20:33,480 --> 00:20:35,359 Speaker 1: socks because because those are awesome, that would have been 425 00:20:35,359 --> 00:20:38,520 Speaker 1: a good idea invest in that, right, But yeah, maybe, uh, 426 00:20:38,800 --> 00:20:40,440 Speaker 1: you don't hear you that, Maybe you don't know anything 427 00:20:40,480 --> 00:20:42,720 Speaker 1: about socks and you don't care. And your uncle Joe 428 00:20:42,880 --> 00:20:44,600 Speaker 1: was like he likes to sleep a lot or something 429 00:20:44,640 --> 00:20:46,560 Speaker 1: like that, and so zero business background. Yeah, you don't 430 00:20:46,560 --> 00:20:48,840 Speaker 1: trust him to to sell a good stock. There are 431 00:20:48,880 --> 00:20:51,080 Speaker 1: probably a lot of you know, business opportunities that a 432 00:20:51,119 --> 00:20:53,840 Speaker 1: friend or relative might come up to you with and say, hey, 433 00:20:53,840 --> 00:20:55,720 Speaker 1: do you want to invest in this? And you know what, 434 00:20:55,880 --> 00:20:58,680 Speaker 1: maybe that's not in your zone of competency either. So 435 00:20:58,840 --> 00:21:01,200 Speaker 1: it doesn't mean just invest than anything that comes along, 436 00:21:01,440 --> 00:21:03,600 Speaker 1: but think about those things too, Yeah, and naturally gravitate 437 00:21:03,640 --> 00:21:06,760 Speaker 1: towards that you're interested in that you know that you 438 00:21:06,800 --> 00:21:09,800 Speaker 1: know a fair amount about, and those could provide, you know, 439 00:21:09,880 --> 00:21:13,359 Speaker 1: natural opportunities for you to invest in your funds in 440 00:21:13,400 --> 00:21:16,240 Speaker 1: a way that might not be a traditional investment vehicle, 441 00:21:16,600 --> 00:21:18,679 Speaker 1: but could provide some bang for your buck in a 442 00:21:18,680 --> 00:21:20,879 Speaker 1: way for you to invest in something that you are 443 00:21:20,920 --> 00:21:23,359 Speaker 1: more passionate and care more about. That's right, man, So 444 00:21:23,520 --> 00:21:26,600 Speaker 1: invest where you already have some competence, and when doing this, 445 00:21:26,720 --> 00:21:28,960 Speaker 1: be sure to consider your natural talents as well. You know, 446 00:21:29,000 --> 00:21:31,560 Speaker 1: what you're interested in, like like I mentioned, or even 447 00:21:31,640 --> 00:21:33,800 Speaker 1: what you want to be interested in. You know, if 448 00:21:33,840 --> 00:21:35,520 Speaker 1: if there's something that's sort of out there that you've 449 00:21:36,040 --> 00:21:38,359 Speaker 1: sort of dabbled in and you're you're somewhat familiar with it, 450 00:21:38,440 --> 00:21:40,199 Speaker 1: and you know that there's a lot of room for potential, 451 00:21:40,200 --> 00:21:42,040 Speaker 1: there are a lot of room for for growth and 452 00:21:42,040 --> 00:21:44,760 Speaker 1: business opportunity, well that's something that might be perfect for 453 00:21:44,800 --> 00:21:46,639 Speaker 1: you to get into. Is something that you're naturally gonna 454 00:21:46,640 --> 00:21:48,960 Speaker 1: want to learn more about any way, And if you can, 455 00:21:49,040 --> 00:21:51,560 Speaker 1: you know, parlay that into an investment where you're making 456 00:21:51,920 --> 00:21:53,920 Speaker 1: a return on your money, well then you can't really 457 00:21:53,920 --> 00:21:56,960 Speaker 1: beat that sort of combination of those two things coming together, right, Yeah, 458 00:21:56,960 --> 00:21:59,320 Speaker 1: And also you don't come out of the womb naturally 459 00:21:59,359 --> 00:22:02,840 Speaker 1: competent in all these areas of investing or these things 460 00:22:02,880 --> 00:22:04,920 Speaker 1: take time and kind of an investment of your time 461 00:22:04,960 --> 00:22:08,360 Speaker 1: to learn. So, for instance, the beer scene in Atlanta, Matt, 462 00:22:08,400 --> 00:22:09,879 Speaker 1: I mean, that's like us years to kind of come 463 00:22:09,960 --> 00:22:12,440 Speaker 1: up to speed and to feel comfortable to where now 464 00:22:12,480 --> 00:22:15,240 Speaker 1: we would consider investing in a brewery here right, Like 465 00:22:15,680 --> 00:22:17,359 Speaker 1: a few years back, if someone to come up to 466 00:22:17,359 --> 00:22:19,320 Speaker 1: me and said, you know, hey, would you be willing 467 00:22:19,320 --> 00:22:21,240 Speaker 1: to invest, you know, a portion of what you have? 468 00:22:21,640 --> 00:22:24,439 Speaker 1: I just didn't have much capital to invest, and I 469 00:22:24,520 --> 00:22:26,520 Speaker 1: just didn't know enough about the brewery seemed to feel 470 00:22:26,520 --> 00:22:28,359 Speaker 1: comfortable doing that, So I kind of would stick to 471 00:22:28,400 --> 00:22:31,680 Speaker 1: my zone of competence, which was just kind of real 472 00:22:31,800 --> 00:22:33,520 Speaker 1: estate and a little bit of stock market through my 473 00:22:33,520 --> 00:22:36,480 Speaker 1: four oh one K. But now I know a whole 474 00:22:36,520 --> 00:22:39,080 Speaker 1: lot more and I feel a lot more comfortable than that. 475 00:22:39,200 --> 00:22:42,760 Speaker 1: So challenge yourself to potentially learn something new. You might 476 00:22:42,800 --> 00:22:45,800 Speaker 1: not have enough to invest right now in an area 477 00:22:45,840 --> 00:22:48,200 Speaker 1: where your interest is peaked, but take time to kind 478 00:22:48,200 --> 00:22:51,320 Speaker 1: of develop that interest a little more and get competent 479 00:22:51,400 --> 00:22:54,000 Speaker 1: in an area that you would consider, you know, investing 480 00:22:54,040 --> 00:22:56,920 Speaker 1: in your time and your money at some point. Maybe, Man, 481 00:22:56,960 --> 00:22:58,919 Speaker 1: you know something else with that too, is that in 482 00:22:58,960 --> 00:23:02,720 Speaker 1: the process of doing you become a more well rounded person, 483 00:23:02,920 --> 00:23:04,640 Speaker 1: you know, like in in the sort of the pursuit 484 00:23:04,760 --> 00:23:07,440 Speaker 1: of learning something new to to where you can hopefully 485 00:23:07,520 --> 00:23:10,720 Speaker 1: better yourself and potentially put your money to work. By 486 00:23:11,000 --> 00:23:13,040 Speaker 1: learning the ins and outs of a business or an 487 00:23:13,080 --> 00:23:16,440 Speaker 1: industry or or whatever it is, you get to learn something. 488 00:23:16,720 --> 00:23:18,960 Speaker 1: So when you're pushing yourself and you know, expanding your 489 00:23:19,000 --> 00:23:22,359 Speaker 1: own base of knowledge, that makes you for a better person, 490 00:23:22,400 --> 00:23:24,800 Speaker 1: That makes for a better you. And at the very 491 00:23:24,880 --> 00:23:27,080 Speaker 1: least you can be more fun at parties and you 492 00:23:27,119 --> 00:23:30,920 Speaker 1: can talk about stuff, right, Yes, so I think it's 493 00:23:30,920 --> 00:23:33,840 Speaker 1: important to consider heading down to your library getting some 494 00:23:33,920 --> 00:23:36,880 Speaker 1: books on a subject that you are interested in. There 495 00:23:37,000 --> 00:23:41,680 Speaker 1: is so much free information via podcast, via blog that 496 00:23:41,760 --> 00:23:45,120 Speaker 1: you can find that will give you this ridiculous window 497 00:23:45,240 --> 00:23:47,840 Speaker 1: into whatever it does that you're interested about. There's somebody 498 00:23:47,880 --> 00:23:50,280 Speaker 1: writing about it or talking about it. And so yeah, 499 00:23:50,280 --> 00:23:53,639 Speaker 1: consider using some of those resources to develop that core 500 00:23:54,080 --> 00:23:56,240 Speaker 1: thing that you're interested in, so that you can actually 501 00:23:56,280 --> 00:23:59,240 Speaker 1: develop a robust competency uh in that And so yes, 502 00:23:59,280 --> 00:24:01,560 Speaker 1: like we said, some things are easier than others. Low 503 00:24:01,600 --> 00:24:04,439 Speaker 1: cost index investing, man, you can probably learn about that 504 00:24:04,680 --> 00:24:07,560 Speaker 1: a few hours on a Saturday. To feel really comfortable 505 00:24:07,640 --> 00:24:09,480 Speaker 1: doing that, or you can go back and listen to 506 00:24:09,480 --> 00:24:12,360 Speaker 1: our episode on retirement. Investing is easier than you think, 507 00:24:12,400 --> 00:24:15,120 Speaker 1: which I recall being episode number nine. So go back 508 00:24:15,119 --> 00:24:17,440 Speaker 1: and listen to that. It's way easier. You can listen 509 00:24:17,440 --> 00:24:19,600 Speaker 1: to that in one hour. I guarantee, seriously, you could 510 00:24:19,600 --> 00:24:21,280 Speaker 1: be investing by the end of that hour. And I 511 00:24:21,320 --> 00:24:24,240 Speaker 1: think I feel confident. But yeah, I would agree with you, Jill. 512 00:24:24,240 --> 00:24:26,320 Speaker 1: There are some things where it is gonna take longer, 513 00:24:26,320 --> 00:24:28,840 Speaker 1: it's gonna take more time, it's gonna take maybe more research, 514 00:24:29,320 --> 00:24:32,120 Speaker 1: and I think that in those instances it's especially important 515 00:24:32,160 --> 00:24:34,200 Speaker 1: for you to make sure that you're focusing on something 516 00:24:34,240 --> 00:24:36,239 Speaker 1: that you're interested in or want to be interested in, 517 00:24:36,280 --> 00:24:39,440 Speaker 1: because you're gonna be spending time doing that, and time 518 00:24:39,640 --> 00:24:42,199 Speaker 1: is your life. So I mean, if so, do you 519 00:24:42,200 --> 00:24:45,199 Speaker 1: want to spend your life, not necessarily the rest of 520 00:24:45,240 --> 00:24:46,640 Speaker 1: your life, but do you want to spend the chunk 521 00:24:46,680 --> 00:24:48,320 Speaker 1: of your life doing this? Do you want to spend 522 00:24:48,359 --> 00:24:51,200 Speaker 1: your time being a landlord? You know? For us, that's 523 00:24:51,280 --> 00:24:54,359 Speaker 1: that's what that involves. Uh, that's something that Joel and 524 00:24:54,400 --> 00:24:58,000 Speaker 1: I both enjoy doing. There's a lot of human interaction 525 00:24:58,040 --> 00:25:00,720 Speaker 1: in that. There's it's not just sort of the numbers. 526 00:25:00,840 --> 00:25:02,480 Speaker 1: You know, I think that's maybe that's something that you 527 00:25:02,480 --> 00:25:04,520 Speaker 1: and I both love about it is you're dealing with 528 00:25:04,520 --> 00:25:06,919 Speaker 1: people and you're able to provide something for people that 529 00:25:07,920 --> 00:25:11,800 Speaker 1: they enjoy or hopefully they you know, they appreciate and enjoy. 530 00:25:11,920 --> 00:25:14,640 Speaker 1: And so think about that, Think about do I want 531 00:25:14,640 --> 00:25:16,560 Speaker 1: to spend my time doing this, because that can also 532 00:25:16,640 --> 00:25:18,639 Speaker 1: be a sort of a barometer whether that should be 533 00:25:18,720 --> 00:25:21,560 Speaker 1: something that you should pursue or not. Yeah, another way 534 00:25:21,560 --> 00:25:24,080 Speaker 1: to decide kind of what that zone of competency is 535 00:25:24,119 --> 00:25:26,359 Speaker 1: that you do want to decide to kind of invest 536 00:25:26,440 --> 00:25:28,440 Speaker 1: some of your resources in is to try it out. 537 00:25:28,760 --> 00:25:31,320 Speaker 1: And so sometimes the best way to learn is by 538 00:25:31,400 --> 00:25:34,920 Speaker 1: doing it right. And so starting small will allow any 539 00:25:34,960 --> 00:25:37,760 Speaker 1: mistakes that you make to be small as well. I'd 540 00:25:37,760 --> 00:25:40,440 Speaker 1: read a little bit here and there about landlording, but 541 00:25:40,720 --> 00:25:43,720 Speaker 1: I didn't really know if I was gonna like it 542 00:25:43,800 --> 00:25:46,280 Speaker 1: until I did it. But I started small with one 543 00:25:46,280 --> 00:25:49,000 Speaker 1: single family home, and I decided, hey, man, this is 544 00:25:49,040 --> 00:25:51,639 Speaker 1: actually working out really well. I like the return I'm getting, 545 00:25:51,720 --> 00:25:54,359 Speaker 1: and I actually kind of, you know, like investing in 546 00:25:54,400 --> 00:25:57,119 Speaker 1: this way. I want to keep going. And so I 547 00:25:57,240 --> 00:26:00,359 Speaker 1: just encourage people that whatever it may be, whether it 548 00:26:00,440 --> 00:26:03,840 Speaker 1: is investing in individual stocks or it's investing in real 549 00:26:03,920 --> 00:26:06,240 Speaker 1: estate like Matt and I do. Yeah, So start small 550 00:26:06,280 --> 00:26:08,159 Speaker 1: and actually like go for it right now by that 551 00:26:08,280 --> 00:26:12,160 Speaker 1: first investment home or research that one company that you're 552 00:26:12,200 --> 00:26:14,919 Speaker 1: interested in and decide if their stock is undervalued or not. 553 00:26:15,320 --> 00:26:17,080 Speaker 1: But you're actually gonna want to try it out to 554 00:26:17,119 --> 00:26:20,959 Speaker 1: see if that sort of investing is something that you like. Yeah, man, 555 00:26:20,960 --> 00:26:22,800 Speaker 1: that's right. You can read about something all day long 556 00:26:23,320 --> 00:26:25,520 Speaker 1: and I think you might like it, but until you're 557 00:26:25,520 --> 00:26:28,399 Speaker 1: actually they're doing it, you're not going to really know 558 00:26:28,440 --> 00:26:30,679 Speaker 1: if you if you enjoy At least for me, I 559 00:26:30,720 --> 00:26:33,120 Speaker 1: know that's something that I I mean, I can research 560 00:26:33,160 --> 00:26:37,480 Speaker 1: something constantly for days and years even and sometimes you 561 00:26:37,480 --> 00:26:39,679 Speaker 1: get paralyzed with all the information that's out there and 562 00:26:39,720 --> 00:26:41,520 Speaker 1: the analysis. You know that you hear people talk about 563 00:26:41,520 --> 00:26:46,520 Speaker 1: analysis paralysis. Man, that's me. Certainly. There's a healthy amount 564 00:26:46,520 --> 00:26:48,280 Speaker 1: of research and analysis that you do want to do. 565 00:26:48,359 --> 00:26:50,439 Speaker 1: You want to make sure that you figured out your 566 00:26:50,520 --> 00:26:52,520 Speaker 1: numbers and crunch the numbers and make sure it's gonna 567 00:26:52,560 --> 00:26:55,239 Speaker 1: work out for you. However, once you have it all 568 00:26:55,240 --> 00:26:58,240 Speaker 1: figured out, maybe once you've double checked it, like once, 569 00:26:59,200 --> 00:27:01,200 Speaker 1: there's no need to keep looking at the numbers. There's 570 00:27:01,240 --> 00:27:03,400 Speaker 1: there's no need to keep mulling it over. Either either 571 00:27:03,480 --> 00:27:06,000 Speaker 1: go for it or decide to move on to something else. 572 00:27:06,359 --> 00:27:08,040 Speaker 1: I feel like there's so much that you learned from 573 00:27:08,080 --> 00:27:09,440 Speaker 1: just like you said, just doing it, you know, like 574 00:27:09,480 --> 00:27:11,440 Speaker 1: getting your hands dirty. Although I feel like that kind 575 00:27:11,440 --> 00:27:13,359 Speaker 1: of makes it sound like we're doing something illegal, you know, 576 00:27:14,600 --> 00:27:16,560 Speaker 1: but yeah, like like the sweat equity and just kind 577 00:27:16,560 --> 00:27:18,560 Speaker 1: of getting in there and kind of getting dirty, like 578 00:27:18,600 --> 00:27:20,560 Speaker 1: you said. Yeah, And I think it's important to know 579 00:27:20,640 --> 00:27:22,840 Speaker 1: that you're never going to have you know, as much 580 00:27:22,880 --> 00:27:26,119 Speaker 1: knowledge as warm Buffett, right probably, And you're never going 581 00:27:26,160 --> 00:27:29,000 Speaker 1: to have you know as much real estate investing knowledge 582 00:27:29,080 --> 00:27:32,280 Speaker 1: as as the dudes bigger pockets that that are an 583 00:27:32,320 --> 00:27:35,120 Speaker 1: incredible resource for people that want to be real estate investors. 584 00:27:35,200 --> 00:27:37,760 Speaker 1: But to take that jump, to take that leap, you 585 00:27:37,800 --> 00:27:40,640 Speaker 1: don't have to have that much knowledge. It just has 586 00:27:40,680 --> 00:27:43,200 Speaker 1: to be kind of this place of competency for you 587 00:27:43,359 --> 00:27:45,719 Speaker 1: that you've researched and studied and you feel like you 588 00:27:45,720 --> 00:27:48,200 Speaker 1: know enough about to take that leap. Don't wait until 589 00:27:48,200 --> 00:27:50,439 Speaker 1: your warm Buffett, because you'll never be investing, right. You 590 00:27:50,480 --> 00:27:52,919 Speaker 1: have to kind of take the leap warr Buffett kind 591 00:27:52,920 --> 00:27:56,000 Speaker 1: of developed that zone of knowledge over time as he 592 00:27:56,040 --> 00:27:58,440 Speaker 1: saw some beats and made some good investments, and then 593 00:27:58,560 --> 00:27:59,960 Speaker 1: you know it kind of he kind of honed it 594 00:28:00,040 --> 00:28:02,199 Speaker 1: and harnessed it. And and so you're just not going 595 00:28:02,240 --> 00:28:04,000 Speaker 1: to be that from the get go. You actually kind 596 00:28:04,000 --> 00:28:06,320 Speaker 1: of have to learn why you're doing And I think 597 00:28:06,359 --> 00:28:09,760 Speaker 1: it's okay to invest in alternative ways like we're talking about, 598 00:28:10,160 --> 00:28:11,919 Speaker 1: but just know that you're not gonna be an expert 599 00:28:11,920 --> 00:28:15,080 Speaker 1: from the get go. It actually, you know, takes some 600 00:28:15,080 --> 00:28:17,520 Speaker 1: some trial and error and a few successes to actually 601 00:28:17,640 --> 00:28:20,959 Speaker 1: learn enough to feel like you really know what you're doing. Yeah. Man, 602 00:28:20,960 --> 00:28:22,720 Speaker 1: that's so true. There's always gonna be someone else out 603 00:28:22,720 --> 00:28:24,520 Speaker 1: there that has more knowledge than you. So if it's 604 00:28:24,520 --> 00:28:27,159 Speaker 1: about knowledge, you're never gonna win, right, and you just 605 00:28:27,240 --> 00:28:29,040 Speaker 1: kind of you kind of have to go for it. Yeah. 606 00:28:29,040 --> 00:28:31,160 Speaker 1: And something else I wanted to say, man, is community. 607 00:28:31,680 --> 00:28:35,200 Speaker 1: Like we've talked about researching these sort of alternative investments, 608 00:28:35,200 --> 00:28:37,600 Speaker 1: we've talked about just actually trying them out and doing them. 609 00:28:38,200 --> 00:28:40,760 Speaker 1: But I think something that's hugely important too is just 610 00:28:40,840 --> 00:28:42,960 Speaker 1: asking around. You know, you can sort of sit in 611 00:28:43,040 --> 00:28:44,760 Speaker 1: your bubble like on your computer and doing all the 612 00:28:44,760 --> 00:28:47,040 Speaker 1: research and see what people are doing all across the country, 613 00:28:47,080 --> 00:28:50,000 Speaker 1: and and follow these financial personal blogs that these guys 614 00:28:50,080 --> 00:28:53,240 Speaker 1: have going on. And however, just asking around in your community, 615 00:28:53,400 --> 00:28:55,400 Speaker 1: uh and talking to your friends about what they're doing 616 00:28:55,960 --> 00:28:58,360 Speaker 1: that may not always pay pay out, but I think 617 00:28:58,360 --> 00:29:00,000 Speaker 1: there's a lot to be gained there. I think there 618 00:29:00,080 --> 00:29:03,360 Speaker 1: is a lot of especially initial exposure to different kind 619 00:29:03,360 --> 00:29:07,200 Speaker 1: of alternate investments that you could come across that you 620 00:29:07,200 --> 00:29:10,480 Speaker 1: wouldn't have come across otherwise if you weren't talking about money, 621 00:29:10,640 --> 00:29:12,920 Speaker 1: if you weren't talking about your investments. Kind of going 622 00:29:12,920 --> 00:29:15,200 Speaker 1: back to why we even started this podcast. We want 623 00:29:15,200 --> 00:29:17,200 Speaker 1: to get people talking about money. It needs to be 624 00:29:17,320 --> 00:29:20,600 Speaker 1: something where it's it's more commonplace, right, It's something that 625 00:29:20,680 --> 00:29:24,040 Speaker 1: folks don't feel like it's taboo and that they can't 626 00:29:24,080 --> 00:29:26,600 Speaker 1: talk about their their money and their finances, but instead 627 00:29:26,640 --> 00:29:30,520 Speaker 1: talk about it, share your information, ask questions. These are 628 00:29:30,560 --> 00:29:32,560 Speaker 1: all things that are free, and I think there's a 629 00:29:32,560 --> 00:29:35,040 Speaker 1: lot to be learned from those around you. And specifically Joe, 630 00:29:35,080 --> 00:29:37,400 Speaker 1: I mean, I'm thinking about real estate and so like 631 00:29:37,440 --> 00:29:40,280 Speaker 1: I had an initial exposure uh from my my buddy 632 00:29:40,360 --> 00:29:42,600 Speaker 1: up in North Carolina, and specifically, I think of you 633 00:29:42,640 --> 00:29:45,160 Speaker 1: because I know you had purchased your first home and 634 00:29:45,240 --> 00:29:47,360 Speaker 1: you were planning to rent that out, and you know, 635 00:29:47,440 --> 00:29:49,480 Speaker 1: I had heard about that and that was definitely intriguing. 636 00:29:49,560 --> 00:29:52,760 Speaker 1: But sort of talking that through with you way back when, 637 00:29:52,840 --> 00:29:54,680 Speaker 1: back before we before we had kids and when we 638 00:29:54,800 --> 00:29:57,240 Speaker 1: when we're younger, it definitely helped me, I mean hopefully 639 00:29:57,280 --> 00:29:59,040 Speaker 1: helped you some just to kind of balance ideas off 640 00:29:59,080 --> 00:30:04,000 Speaker 1: of somebody else that had zero experiences. Um, but maybe 641 00:30:04,400 --> 00:30:06,400 Speaker 1: if you had heard that, like, oh man, why does 642 00:30:06,440 --> 00:30:08,360 Speaker 1: he think that this is crazy? You know? But instead 643 00:30:08,600 --> 00:30:10,800 Speaker 1: I was sort of thinking about that that as well, 644 00:30:10,800 --> 00:30:12,480 Speaker 1: and we're able to kind of encourage each other and 645 00:30:12,480 --> 00:30:14,240 Speaker 1: sort of spur each other on, which I think was 646 00:30:14,680 --> 00:30:17,240 Speaker 1: extremely healthy. Yeah. I mean, I think the head knowledge 647 00:30:17,560 --> 00:30:19,640 Speaker 1: is really important, right to to kind of learn via 648 00:30:19,720 --> 00:30:22,640 Speaker 1: podcast and reading, But then that kind of experiential knowledge 649 00:30:22,640 --> 00:30:25,400 Speaker 1: that you move into not even through necessarily doing, but 650 00:30:25,480 --> 00:30:28,920 Speaker 1: like learning second hand through someone else's experiential knowledge is 651 00:30:28,960 --> 00:30:31,720 Speaker 1: so helpful. And so yeah, talking with other people that 652 00:30:31,840 --> 00:30:36,680 Speaker 1: had done it it was really really important for me, 653 00:30:36,920 --> 00:30:38,920 Speaker 1: and even now it's really important for me to see 654 00:30:38,920 --> 00:30:41,120 Speaker 1: people that are doing it like a different way, and 655 00:30:41,160 --> 00:30:45,000 Speaker 1: talking to other real estate investors in particular, who especially 656 00:30:45,040 --> 00:30:47,960 Speaker 1: in my town, who are saying, here's how I'm doing it. 657 00:30:48,040 --> 00:30:50,360 Speaker 1: Here's kind of you know, the things that I've had 658 00:30:50,480 --> 00:30:52,440 Speaker 1: success in and the things that I haven't done so 659 00:30:52,480 --> 00:30:54,920 Speaker 1: well in. But here's kind of my strategy right now. 660 00:30:55,280 --> 00:30:59,320 Speaker 1: It helps me decide, Okay, it helps me, hone, my strategy. 661 00:30:59,440 --> 00:31:01,760 Speaker 1: Really it helps me decide, well, how what kind of 662 00:31:01,760 --> 00:31:04,320 Speaker 1: real estate investor do I want to be? You know, 663 00:31:04,360 --> 00:31:06,400 Speaker 1: how hard do I want to go? And what sort 664 00:31:06,440 --> 00:31:07,800 Speaker 1: of moves do I want to make over the next 665 00:31:07,800 --> 00:31:11,080 Speaker 1: couple of years, and and uh, that comes down to 666 00:31:11,160 --> 00:31:12,360 Speaker 1: you know, what part of town do I want to 667 00:31:12,360 --> 00:31:14,320 Speaker 1: buy in, whether I want to buy you know, multifamily, 668 00:31:14,360 --> 00:31:16,240 Speaker 1: single family, It comes down to like a bunch of 669 00:31:16,240 --> 00:31:18,400 Speaker 1: different things. But talking to other people that are in 670 00:31:18,440 --> 00:31:20,719 Speaker 1: the midst of it doing it, yeah, is so helpful. 671 00:31:20,720 --> 00:31:22,280 Speaker 1: So it kind of goes from that, just like head 672 00:31:22,320 --> 00:31:26,120 Speaker 1: knowledge from you know, reading books or blogs and listening 673 00:31:26,160 --> 00:31:29,600 Speaker 1: to podcast to kind of someone else who's actually doing it. 674 00:31:29,800 --> 00:31:33,720 Speaker 1: And I agree that community is completely invaluable for stuff 675 00:31:33,760 --> 00:31:36,680 Speaker 1: like that, like reaching out to friends, family members, co workers, 676 00:31:36,720 --> 00:31:38,440 Speaker 1: people that maybe are a little bit ahead of you 677 00:31:39,120 --> 00:31:41,600 Speaker 1: or have done something you haven't done and kind of 678 00:31:42,000 --> 00:31:46,200 Speaker 1: getting that take from them as to how it's worked out. Yeah, 679 00:31:46,240 --> 00:31:48,479 Speaker 1: for me, that's been completely invaluable over time. And then 680 00:31:48,800 --> 00:31:51,640 Speaker 1: bouncing off friends too, they just have a modicum of 681 00:31:51,680 --> 00:31:53,960 Speaker 1: knowledge in the area, even if they haven't done it. 682 00:31:54,000 --> 00:31:55,760 Speaker 1: Maybe they'll you know, provoke a thought and me to 683 00:31:55,800 --> 00:31:58,800 Speaker 1: think about something that I hadn't thought about before, maybe 684 00:31:58,800 --> 00:32:02,080 Speaker 1: one of the downside to the cons to investing in 685 00:32:02,080 --> 00:32:04,360 Speaker 1: that way, and then it makes me, you know, second 686 00:32:04,400 --> 00:32:07,040 Speaker 1: guess myself or at least go back to the drawing 687 00:32:07,040 --> 00:32:09,240 Speaker 1: table and make sure that the path that I'm going 688 00:32:09,280 --> 00:32:11,800 Speaker 1: down is still the one I want to go down, right, So, yeah, 689 00:32:11,840 --> 00:32:15,000 Speaker 1: all those those conversations and in talking to people that 690 00:32:15,040 --> 00:32:17,000 Speaker 1: are in it or good friends that that are at 691 00:32:17,040 --> 00:32:20,440 Speaker 1: least really intelligent man, that that stuffs incredibly helpful, you know, 692 00:32:20,480 --> 00:32:23,520 Speaker 1: before you go hook line and secure down a specific 693 00:32:23,600 --> 00:32:26,600 Speaker 1: investment path, all right, Joel, so yes, Specifically when it 694 00:32:26,600 --> 00:32:30,160 Speaker 1: comes to investing, you know, it's we're basically presenting two options. 695 00:32:30,240 --> 00:32:32,600 Speaker 1: The traditional investing, which is what we've talked about early on. 696 00:32:33,080 --> 00:32:34,880 Speaker 1: That's the stuff you've heard of maxing out your roth 697 00:32:34,960 --> 00:32:37,640 Speaker 1: iras your foll and k is getting the match. Certainly 698 00:32:37,640 --> 00:32:42,000 Speaker 1: The pros to that are it's super easy and it's proven, right, 699 00:32:42,200 --> 00:32:44,720 Speaker 1: but the cons are that your turns are likely to 700 00:32:44,720 --> 00:32:47,440 Speaker 1: be smaller. Yeah, that's like the easiest zone up competency 701 00:32:47,520 --> 00:32:50,680 Speaker 1: to develop like that four oh one K six. Put 702 00:32:50,720 --> 00:32:52,880 Speaker 1: it in like a target retirement fund or a total 703 00:32:52,880 --> 00:32:55,800 Speaker 1: stock market index fund and boom right, set and forget it. 704 00:32:55,840 --> 00:32:58,960 Speaker 1: That's easy. Yes, it's super easy. But at the same time, 705 00:32:59,080 --> 00:33:01,200 Speaker 1: I don't want to to discount that because I think 706 00:33:01,240 --> 00:33:04,080 Speaker 1: for a lot of people, that's gonna be the main 707 00:33:04,200 --> 00:33:06,640 Speaker 1: way that folks invests, right, that might be the main 708 00:33:06,680 --> 00:33:09,000 Speaker 1: way that they say for the retirement for someone whose 709 00:33:09,000 --> 00:33:11,840 Speaker 1: career is very demanding, or for someone that doesn't have 710 00:33:11,880 --> 00:33:14,400 Speaker 1: the time to learn something completely new, you know, Like 711 00:33:14,440 --> 00:33:17,280 Speaker 1: I think to myself, now that I've got three kids, 712 00:33:17,320 --> 00:33:20,400 Speaker 1: like would I go into real estate investing at this point, 713 00:33:20,520 --> 00:33:23,240 Speaker 1: like right now, had I not already started when I 714 00:33:23,280 --> 00:33:25,760 Speaker 1: was in my twenties, And I'm not sure if I would, 715 00:33:25,880 --> 00:33:27,440 Speaker 1: you know, like because I just don't quite have the 716 00:33:27,480 --> 00:33:30,160 Speaker 1: time now that I used to, I completely under or 717 00:33:30,200 --> 00:33:31,680 Speaker 1: if I had a more of a like a higher 718 00:33:31,720 --> 00:33:34,560 Speaker 1: pressure or a higher domaining job. I think of like, 719 00:33:34,760 --> 00:33:36,320 Speaker 1: you know, some of our friends who are in the 720 00:33:36,360 --> 00:33:39,680 Speaker 1: medical profession and you know, like they're stressed and that's 721 00:33:39,680 --> 00:33:41,360 Speaker 1: what they think about. They think about their work. And 722 00:33:41,360 --> 00:33:43,320 Speaker 1: if they're not thinking about that their work, because they 723 00:33:43,320 --> 00:33:45,040 Speaker 1: want to perform the best they came with that, they're 724 00:33:45,120 --> 00:33:47,720 Speaker 1: they're thinking about their family or trying to maintain a 725 00:33:47,760 --> 00:33:50,040 Speaker 1: social life or you know, somewhat of a balanced life. 726 00:33:50,120 --> 00:33:52,280 Speaker 1: And so to think about you know, painting at a 727 00:33:52,360 --> 00:33:56,200 Speaker 1: rental property over the weekend or yeah, no can do right, 728 00:33:56,360 --> 00:33:58,640 Speaker 1: beating a contractor on a friday, you know, trying to 729 00:33:58,680 --> 00:34:00,520 Speaker 1: take off or reading over busy this plan for a 730 00:34:00,560 --> 00:34:02,200 Speaker 1: new startup. You know, we're about to get into some 731 00:34:02,240 --> 00:34:05,280 Speaker 1: of these alternative investing opportunities that we know are out 732 00:34:05,280 --> 00:34:07,600 Speaker 1: there for folks that might want to dabble in, but 733 00:34:07,960 --> 00:34:09,960 Speaker 1: things like that that may not work out for folks. 734 00:34:09,960 --> 00:34:13,280 Speaker 1: And for those folks, the traditional easy hit the easy button, 735 00:34:13,360 --> 00:34:15,800 Speaker 1: get those low cost index funds, go for it. I 736 00:34:15,840 --> 00:34:17,560 Speaker 1: think it's great, and we're gonna get into some of 737 00:34:17,560 --> 00:34:19,800 Speaker 1: the specifics on different ways that you can be investing 738 00:34:20,040 --> 00:34:30,480 Speaker 1: right after this break. All right, So let's get into 739 00:34:30,560 --> 00:34:34,520 Speaker 1: some of those alternatives individual stock investing. If you're into 740 00:34:34,560 --> 00:34:37,200 Speaker 1: research and you want to be the next warmb of it, right, 741 00:34:37,400 --> 00:34:39,719 Speaker 1: And so we are not Matt and I are not 742 00:34:39,880 --> 00:34:43,600 Speaker 1: big fans of stock picking, of picking particular stocks to 743 00:34:43,640 --> 00:34:46,720 Speaker 1: invest in at the expense of investing in the overall 744 00:34:46,719 --> 00:34:48,839 Speaker 1: stock market. And that's just because you know, you look 745 00:34:48,880 --> 00:34:51,160 Speaker 1: at the pros out there on Wall Street and many 746 00:34:51,200 --> 00:34:53,479 Speaker 1: of them are underperforming you know, the market as a whole. 747 00:34:53,719 --> 00:34:56,759 Speaker 1: And so to think that you are guys, yeah, yeah, 748 00:34:56,800 --> 00:34:59,280 Speaker 1: exactly right. And to think that you're going to outperform 749 00:34:59,360 --> 00:35:01,680 Speaker 1: the stock market, you know, on your own is is 750 00:35:01,680 --> 00:35:05,040 Speaker 1: is usually a loser's bet. But if you are want 751 00:35:05,040 --> 00:35:08,080 Speaker 1: to dabble in that as an investment because you enjoy 752 00:35:08,520 --> 00:35:11,360 Speaker 1: your researching companies, they're exactly if you enjoy the research, 753 00:35:11,480 --> 00:35:13,680 Speaker 1: you enjoy reading. That's the thing, man, I don't know 754 00:35:13,680 --> 00:35:17,680 Speaker 1: how to read. Well, that's a problem. Yeah, yeah, so 755 00:35:17,719 --> 00:35:20,120 Speaker 1: that that might be uh, that might provide other obstacles 756 00:35:20,120 --> 00:35:22,279 Speaker 1: in your life as well, Matt, I don't. I don't 757 00:35:22,320 --> 00:35:26,520 Speaker 1: read so well. But so I think, yeah, researching individual companies. 758 00:35:26,680 --> 00:35:28,360 Speaker 1: But then on top of that kind of you know, 759 00:35:28,400 --> 00:35:30,520 Speaker 1: being able to see you know, where the where the 760 00:35:30,520 --> 00:35:32,200 Speaker 1: where the future has headed. So you know, I was 761 00:35:32,239 --> 00:35:34,520 Speaker 1: talking to a friend recently and he was saying that 762 00:35:35,120 --> 00:35:38,680 Speaker 1: Weymo apparently is actually ahead of everyone else when it 763 00:35:38,719 --> 00:35:41,320 Speaker 1: comes to self driving cars, and Weymo is owned by Google, 764 00:35:41,640 --> 00:35:43,719 Speaker 1: and so investing in Google he thought was a good 765 00:35:43,760 --> 00:35:47,560 Speaker 1: idea because he really thinks that Weymo has this advantage 766 00:35:47,560 --> 00:35:51,319 Speaker 1: over everyone else in a sphere that is going to 767 00:35:51,400 --> 00:35:53,880 Speaker 1: change all of our lives over the next decade. And so, 768 00:35:54,000 --> 00:35:55,400 Speaker 1: you know what, that makes a lot of sense to me. 769 00:35:55,719 --> 00:35:57,600 Speaker 1: I don't know enough and I haven't done the research, 770 00:35:57,640 --> 00:36:00,400 Speaker 1: and that's not something that I care enough about to 771 00:36:00,400 --> 00:36:03,080 Speaker 1: to start investing in that way. But but I love 772 00:36:03,120 --> 00:36:05,080 Speaker 1: that that that's something he cares about and that that 773 00:36:05,160 --> 00:36:08,880 Speaker 1: he has made a rational basis. He's actually got something 774 00:36:09,200 --> 00:36:12,480 Speaker 1: to go on here to invest in individual stock, and 775 00:36:12,520 --> 00:36:15,560 Speaker 1: a lot of people it's it's a hunch, it's UH, 776 00:36:15,719 --> 00:36:19,480 Speaker 1: I like that company. It's making the headline all the 777 00:36:19,480 --> 00:36:23,520 Speaker 1: reasons that you don't necessarily want to invest actual investing 778 00:36:23,719 --> 00:36:26,319 Speaker 1: in UH individual stock. Yeah, but if you're into the 779 00:36:26,320 --> 00:36:28,799 Speaker 1: research and you'd like to invest in that way, man 780 00:36:28,960 --> 00:36:32,920 Speaker 1: develop that competency and it's totally something UH to consider 781 00:36:33,040 --> 00:36:35,520 Speaker 1: as an alternative or in addition to that sort of 782 00:36:35,600 --> 00:36:39,440 Speaker 1: broad investing approach, that we talked about earlier. That's right, man. 783 00:36:39,480 --> 00:36:42,880 Speaker 1: Another option is investing in local businesses. If you're super 784 00:36:42,920 --> 00:36:45,440 Speaker 1: knowledgeable and have a lot of experience in your local 785 00:36:45,440 --> 00:36:48,080 Speaker 1: community and you've been there for a while. Specifically, if 786 00:36:48,120 --> 00:36:51,719 Speaker 1: you you know somehow know a lot about a particular industry, 787 00:36:52,120 --> 00:36:54,000 Speaker 1: that is something that you can invest in. I specifically 788 00:36:54,040 --> 00:36:56,000 Speaker 1: think of like a coffee shop, right to say, you 789 00:36:56,000 --> 00:36:58,239 Speaker 1: spent your time not just working in coffee shops, but 790 00:36:58,280 --> 00:37:00,000 Speaker 1: you've worked with roasters, so you have a lot of 791 00:37:00,040 --> 00:37:02,720 Speaker 1: knowledge of that local industry in a in a specific spot, 792 00:37:03,239 --> 00:37:05,759 Speaker 1: and you heard that somebody you know is this thinking 793 00:37:05,760 --> 00:37:08,480 Speaker 1: about opening a coffee shop. So chances are you know 794 00:37:08,600 --> 00:37:10,480 Speaker 1: a good bit about the industry, you know about the 795 00:37:10,480 --> 00:37:12,640 Speaker 1: local area, if that's somewhere where you've been for a while, 796 00:37:12,800 --> 00:37:15,480 Speaker 1: if you have some business background, you can likely sit 797 00:37:15,520 --> 00:37:17,680 Speaker 1: down and pretty quickly figure out whether or not this 798 00:37:17,760 --> 00:37:19,680 Speaker 1: is going to be something that's gonna work out. And 799 00:37:19,920 --> 00:37:21,839 Speaker 1: you can quickly decide if this is something that you're 800 00:37:21,840 --> 00:37:24,480 Speaker 1: gonna follow up with and and get more information to 801 00:37:24,520 --> 00:37:26,440 Speaker 1: see if they're looking for investors, or if this is 802 00:37:26,480 --> 00:37:28,760 Speaker 1: something that you're gonna just kind of watch from afar 803 00:37:28,880 --> 00:37:31,360 Speaker 1: as it implodes. Those are the kind of bits of 804 00:37:31,400 --> 00:37:34,600 Speaker 1: skill and knowledge and competencies that we're talking about for 805 00:37:34,680 --> 00:37:37,840 Speaker 1: an individual to have where they could take that and uh, 806 00:37:37,920 --> 00:37:41,640 Speaker 1: transform that and convert that into an investment opportunity. Yeah. 807 00:37:41,640 --> 00:37:45,879 Speaker 1: Another alternative is investing in your own business. So, if 808 00:37:45,880 --> 00:37:48,840 Speaker 1: you want to be an entrepreneur and you want to 809 00:37:48,840 --> 00:37:51,960 Speaker 1: start something of your own, whether it's a coffee shop 810 00:37:52,080 --> 00:37:54,560 Speaker 1: or an online business, sinking some of that money that 811 00:37:54,600 --> 00:37:56,560 Speaker 1: you might have invested kind of the easy way right 812 00:37:56,560 --> 00:37:58,960 Speaker 1: through the stock market through four O one K or 813 00:37:59,080 --> 00:38:02,520 Speaker 1: an IRA, it might make sense to invest less in 814 00:38:02,560 --> 00:38:06,520 Speaker 1: that traditional method and bet on yourself. And so if 815 00:38:06,560 --> 00:38:09,399 Speaker 1: you have a great idea, if you see a need 816 00:38:09,440 --> 00:38:11,840 Speaker 1: in your community and you want to build a business 817 00:38:11,880 --> 00:38:14,080 Speaker 1: to meet that need, or even if you see a 818 00:38:14,120 --> 00:38:16,840 Speaker 1: need online right like so, so there's so many digital 819 00:38:16,880 --> 00:38:20,080 Speaker 1: tech startups, Yeah, and those can be even cheaper to fund, right. So, 820 00:38:20,400 --> 00:38:23,400 Speaker 1: investing in your own business, though, can actually be a 821 00:38:23,440 --> 00:38:25,799 Speaker 1: better move for you in the long run if if 822 00:38:25,800 --> 00:38:28,560 Speaker 1: you feel the calling and you feel really competent in 823 00:38:28,680 --> 00:38:31,360 Speaker 1: that sphere of entrepreneurship. And so Matt and I just 824 00:38:31,360 --> 00:38:34,319 Speaker 1: wrote an article by this guy Cody, who started a 825 00:38:34,360 --> 00:38:38,359 Speaker 1: disc golf disc business. Uh. And I write up our alley. Yeah, 826 00:38:38,800 --> 00:38:41,520 Speaker 1: we're a huge disc golf fans. Uh. And this guy 827 00:38:42,200 --> 00:38:45,799 Speaker 1: is foregoing investing in his four ohne k because he's 828 00:38:45,840 --> 00:38:49,600 Speaker 1: completely putting everything in on this side business of creating 829 00:38:49,960 --> 00:38:52,799 Speaker 1: a disc golf enterprise. And I think that's awesome. Man. 830 00:38:52,840 --> 00:38:56,200 Speaker 1: I think because because he's passionate about something, he sees 831 00:38:56,239 --> 00:38:58,360 Speaker 1: the need and he sees that he can fill that 832 00:38:58,440 --> 00:39:02,560 Speaker 1: need to bet on himself and invest in his own business. Man, 833 00:39:02,600 --> 00:39:05,320 Speaker 1: that's a that's a better use of his funds right now, uh, 834 00:39:05,320 --> 00:39:08,720 Speaker 1: than than putting it in a traditional stock market investment 835 00:39:08,760 --> 00:39:10,440 Speaker 1: that you know, needs to grow for thirty years and 836 00:39:10,520 --> 00:39:13,640 Speaker 1: let him access it in retirement. He's essentially investing in 837 00:39:14,080 --> 00:39:17,080 Speaker 1: the present as he tries to create a business. And 838 00:39:17,120 --> 00:39:19,480 Speaker 1: I think that that is a worthwhile endeavor. You know, 839 00:39:19,520 --> 00:39:22,759 Speaker 1: if you meet those marks of developing a competency of 840 00:39:22,840 --> 00:39:25,959 Speaker 1: kind of seeing you know, the marketplace not addressing a need, 841 00:39:26,000 --> 00:39:27,919 Speaker 1: and then you're ready to step in there and fill 842 00:39:27,960 --> 00:39:29,920 Speaker 1: that need. Yeah, it also may or may not be 843 00:39:29,960 --> 00:39:35,040 Speaker 1: a prerequisite to have boundless energy and termination if you're 844 00:39:35,040 --> 00:39:37,080 Speaker 1: gonna be an an entrepreneur, you know, I think about 845 00:39:37,239 --> 00:39:39,839 Speaker 1: Kate and I starting at the photography company, and it 846 00:39:39,880 --> 00:39:42,839 Speaker 1: was a fairly uncomplicated business, right, but even still, there's 847 00:39:42,840 --> 00:39:46,680 Speaker 1: just so much to learn. There's different aspects of business, 848 00:39:46,880 --> 00:39:51,160 Speaker 1: and so there's insurance, there's marketing, there's taxes, there's there's 849 00:39:51,200 --> 00:39:53,120 Speaker 1: just a whole lot that you get to learn a 850 00:39:53,160 --> 00:39:55,080 Speaker 1: good bit about when you're running your own business, in 851 00:39:55,080 --> 00:39:59,160 Speaker 1: addition to even the actual product that you're providing. I say, 852 00:39:59,200 --> 00:40:01,160 Speaker 1: I said that kind of tongue cheek, right, like boundless 853 00:40:01,200 --> 00:40:04,719 Speaker 1: energy energy. But you do need to be ready to 854 00:40:04,800 --> 00:40:07,239 Speaker 1: learn maybe a lot more than you're expecting to. You know, 855 00:40:07,280 --> 00:40:09,000 Speaker 1: you think, oh, I'm going to start a coffee shop, 856 00:40:09,280 --> 00:40:10,960 Speaker 1: and you think, oh, man, I know how to make 857 00:40:10,960 --> 00:40:13,960 Speaker 1: a lot, say, but there's way more to it. You know, 858 00:40:14,040 --> 00:40:16,399 Speaker 1: if you're looking at an actual location, you're looking at 859 00:40:16,960 --> 00:40:20,040 Speaker 1: real estate, you're looking at zony, you're looking at local 860 00:40:20,080 --> 00:40:22,000 Speaker 1: business laws. There's just there might be so much more 861 00:40:22,040 --> 00:40:24,440 Speaker 1: that comes into play than you were thinking initially. And 862 00:40:24,480 --> 00:40:26,680 Speaker 1: not to discourage anyone from doing that, but just keep 863 00:40:26,760 --> 00:40:28,480 Speaker 1: that in mind. There's there's there can be a lot 864 00:40:28,520 --> 00:40:30,880 Speaker 1: to it, for sure. Yeah, managing people to write if 865 00:40:30,920 --> 00:40:32,719 Speaker 1: you're gosh, yeah, I do even think I don't even 866 00:40:32,760 --> 00:40:34,600 Speaker 1: consider that because what we have is so so small. 867 00:40:34,640 --> 00:40:36,839 Speaker 1: But yeah, if you've got multiple employees, that's just that's 868 00:40:36,840 --> 00:40:38,840 Speaker 1: a whole another ball game. Yeah. And maybe you're passionate 869 00:40:38,880 --> 00:40:42,400 Speaker 1: about kind of that product or that service, but but 870 00:40:42,480 --> 00:40:44,960 Speaker 1: you're not passionate to manage people. And so that that 871 00:40:44,960 --> 00:40:47,600 Speaker 1: that would definitely kind of apply here, right, if you're 872 00:40:47,640 --> 00:40:51,399 Speaker 1: considering starting something, Yeah, make sure that you're competent kind 873 00:40:51,400 --> 00:40:53,759 Speaker 1: of in all the areas that are required. Right. Yeah. Man, 874 00:40:53,760 --> 00:40:57,640 Speaker 1: that being said, after making entrepreneurship sound terrible, I would 875 00:40:57,640 --> 00:40:59,840 Speaker 1: recommend anyone that's sort of thinking down that path to 876 00:41:00,239 --> 00:41:03,040 Speaker 1: listen to How I Built This, which is a podcast 877 00:41:03,080 --> 00:41:06,880 Speaker 1: with Guy Roz and that will completely reignite your passion 878 00:41:07,280 --> 00:41:11,399 Speaker 1: to start your own company because it's awesome. I mean, 879 00:41:11,560 --> 00:41:16,520 Speaker 1: essentially he interviews people who have started businesses it maybe failed, 880 00:41:16,560 --> 00:41:19,640 Speaker 1: but ultimately and in the end they succeeded. And man, 881 00:41:19,719 --> 00:41:21,640 Speaker 1: that just gets me fired up. Yeah. And and the 882 00:41:21,960 --> 00:41:23,839 Speaker 1: cool thing about starting your own business is that the 883 00:41:23,880 --> 00:41:26,200 Speaker 1: potential r o I is so much greater than you know, 884 00:41:26,200 --> 00:41:28,799 Speaker 1: an annual eight percent or nine percent return, right, It's 885 00:41:28,840 --> 00:41:31,600 Speaker 1: almost limitless. Yeah, and so that's really cool to see, 886 00:41:31,719 --> 00:41:34,120 Speaker 1: is that you can start something that has this you know, 887 00:41:34,200 --> 00:41:37,200 Speaker 1: much greater potential than putting a certain percentage of your 888 00:41:37,200 --> 00:41:40,000 Speaker 1: paycheck aside each month, you know, hoping that it grows 889 00:41:40,040 --> 00:41:42,600 Speaker 1: into you know, a nice nest egg for retirement. And 890 00:41:42,640 --> 00:41:44,680 Speaker 1: I'm not diminishing that, And I'm actually you know, I 891 00:41:44,680 --> 00:41:47,600 Speaker 1: want to make sure that people understand. H I actually 892 00:41:47,600 --> 00:41:49,640 Speaker 1: think that that that's probably a really good place to 893 00:41:49,680 --> 00:41:52,839 Speaker 1: start for most people, even for me as a as 894 00:41:52,880 --> 00:41:54,680 Speaker 1: a real estate investor, as someone who kind of cares 895 00:41:54,719 --> 00:41:57,520 Speaker 1: about these other ways of investing of you know, building 896 00:41:57,880 --> 00:42:00,320 Speaker 1: a business to side business of kind of an investing 897 00:42:00,320 --> 00:42:03,480 Speaker 1: in multiple ways. I'm interested in that, right, but step one, 898 00:42:03,719 --> 00:42:06,840 Speaker 1: but step one traditional investing, do it? Yeah? Yeah, I 899 00:42:06,840 --> 00:42:08,960 Speaker 1: don't side step the four o one K match. I don't. 900 00:42:08,960 --> 00:42:11,320 Speaker 1: I don't miss out on you know that first essentially 901 00:42:11,360 --> 00:42:14,440 Speaker 1: ten of my paycheck going towards the four oh one K. 902 00:42:15,080 --> 00:42:17,160 Speaker 1: And I think if you're gung ho, you know, ready 903 00:42:17,160 --> 00:42:19,880 Speaker 1: to start something new, you're prepared, and it's a major 904 00:42:19,960 --> 00:42:22,279 Speaker 1: zone of competency for you, it's okay to forego that. 905 00:42:22,560 --> 00:42:25,040 Speaker 1: But but for me, like man, I start there and 906 00:42:25,080 --> 00:42:27,319 Speaker 1: then I move on. And so yeah, we're not trying 907 00:42:27,480 --> 00:42:30,280 Speaker 1: to dissuade anyone from kind of the the easy button 908 00:42:30,400 --> 00:42:33,040 Speaker 1: and starting to invest in those incentivized areas you know 909 00:42:33,080 --> 00:42:35,839 Speaker 1: that have additional tax benefits as well. But just kind 910 00:42:35,880 --> 00:42:37,640 Speaker 1: of trying to help you think outside the box of like, 911 00:42:37,760 --> 00:42:41,200 Speaker 1: where's your next place to invest and should you be considering, 912 00:42:41,280 --> 00:42:44,400 Speaker 1: you know, maybe investing somewhere that you're currently not in, 913 00:42:44,440 --> 00:42:47,640 Speaker 1: developing a zone of competency that you don't currently have. 914 00:42:47,880 --> 00:42:51,160 Speaker 1: I think it's good for your growth as an individual 915 00:42:51,520 --> 00:42:53,480 Speaker 1: and it could be you know, great for your money 916 00:42:53,520 --> 00:42:56,000 Speaker 1: over time as well to invest in kind of some 917 00:42:56,080 --> 00:42:58,920 Speaker 1: different areas as you grow your knowledge base. Yes, we 918 00:42:59,000 --> 00:43:02,800 Speaker 1: just said several of alternative investing methods. These aren't the 919 00:43:02,840 --> 00:43:05,000 Speaker 1: only things that you need to consider. There's a lot 920 00:43:05,080 --> 00:43:07,440 Speaker 1: of different sort of creative options, and it it takes 921 00:43:07,440 --> 00:43:10,120 Speaker 1: just that. It takes creativity. It takes looking at where 922 00:43:10,120 --> 00:43:13,279 Speaker 1: there's opportunities in the market, opportunities for you to earn 923 00:43:13,280 --> 00:43:15,959 Speaker 1: more than what you could just in the standard stock 924 00:43:16,000 --> 00:43:18,719 Speaker 1: market earning somewhere between seven and ten percent. That's sort 925 00:43:18,719 --> 00:43:20,840 Speaker 1: of the fun part. That's where it takes that creative energy, 926 00:43:21,120 --> 00:43:23,600 Speaker 1: and it takes, regardless of what you're doing, a sort 927 00:43:23,640 --> 00:43:26,080 Speaker 1: of entrepreneurial spirit to look out there and sort of 928 00:43:26,120 --> 00:43:29,000 Speaker 1: create something for yourself. And that's something that we would 929 00:43:29,200 --> 00:43:31,359 Speaker 1: challenge all of you listeners out there to to do 930 00:43:31,400 --> 00:43:34,120 Speaker 1: and consider. And so then specifically for you, you know, 931 00:43:34,160 --> 00:43:36,080 Speaker 1: consider where you can get the best r O. I. 932 00:43:36,200 --> 00:43:38,600 Speaker 1: Obviously we're talking about investing here, so you want to 933 00:43:38,640 --> 00:43:41,160 Speaker 1: make sure that you are getting a healthy return on 934 00:43:41,239 --> 00:43:43,719 Speaker 1: your investment. But at the same time, you have to 935 00:43:43,760 --> 00:43:45,480 Speaker 1: look at what you want to do. You want to 936 00:43:45,480 --> 00:43:47,960 Speaker 1: look at what your dreams are. What do you see 937 00:43:48,000 --> 00:43:50,319 Speaker 1: yourself doing for the rest of your life, whether that's 938 00:43:50,360 --> 00:43:53,440 Speaker 1: sort of checking in on properties or managing properties. If 939 00:43:53,440 --> 00:43:55,680 Speaker 1: you're not the one over there flipping a property and 940 00:43:55,680 --> 00:43:58,759 Speaker 1: getting fresh pan on the wall because you're seventy, I mean, 941 00:43:58,840 --> 00:44:01,080 Speaker 1: I personally don't necessarily see myself doing that when on 942 00:44:01,160 --> 00:44:03,759 Speaker 1: that old maybe I will, who knows, But that's something 943 00:44:03,800 --> 00:44:05,279 Speaker 1: you want to consider. You want you want to sort 944 00:44:05,280 --> 00:44:07,160 Speaker 1: of weigh those two options. You want to look at, 945 00:44:07,800 --> 00:44:10,839 Speaker 1: does this make more than what a traditional investment would 946 00:44:10,840 --> 00:44:14,080 Speaker 1: make in the stock market, and does this also fulfill 947 00:44:14,640 --> 00:44:17,080 Speaker 1: something that I want to do, something that I find interesting, 948 00:44:17,080 --> 00:44:20,759 Speaker 1: where if you feel challenged and that I enjoy, Yeah, 949 00:44:20,760 --> 00:44:23,279 Speaker 1: And Yeah, for us, real estate kind of feels, you know, 950 00:44:23,320 --> 00:44:25,520 Speaker 1: both of those things. For us, it's a place where 951 00:44:25,560 --> 00:44:28,160 Speaker 1: we feel competent. But you know, we didn't. We weren't 952 00:44:28,160 --> 00:44:30,360 Speaker 1: born competent in that area, right. It also took some 953 00:44:30,440 --> 00:44:33,640 Speaker 1: striving and some sweat equity and some work to feel 954 00:44:33,640 --> 00:44:36,359 Speaker 1: competent in that area. And so yeah, for us now 955 00:44:36,400 --> 00:44:38,200 Speaker 1: at this point in real estate really does that for us. 956 00:44:38,640 --> 00:44:40,319 Speaker 1: But on top of that, we're kind of looking at 957 00:44:40,320 --> 00:44:43,439 Speaker 1: other potential areas to invest, and so who knows what's 958 00:44:43,440 --> 00:44:44,880 Speaker 1: going to hit us. We love our city, you know, 959 00:44:44,880 --> 00:44:47,600 Speaker 1: we love certain industries, and so there are things that 960 00:44:47,640 --> 00:44:50,720 Speaker 1: we might feel compelled to invest some of our funds 961 00:44:50,760 --> 00:44:53,839 Speaker 1: in and that aren't kind of a traditional investment that 962 00:44:54,239 --> 00:44:57,480 Speaker 1: are within the realm of a financial advisor like giving 963 00:44:57,480 --> 00:44:59,719 Speaker 1: you recommendations on right, But there are things that we 964 00:44:59,800 --> 00:45:01,759 Speaker 1: care about and where we might see potential in the 965 00:45:01,760 --> 00:45:03,840 Speaker 1: future to earn more money and to do something that 966 00:45:03,880 --> 00:45:06,799 Speaker 1: we're passionate about. And so I think, yeah, for you, 967 00:45:06,960 --> 00:45:10,040 Speaker 1: maybe consider writing a list of what your competencies are 968 00:45:10,400 --> 00:45:12,680 Speaker 1: and then say, are are there any investments that that 969 00:45:12,760 --> 00:45:15,960 Speaker 1: were aligned with with those competencies that I currently have? 970 00:45:16,280 --> 00:45:18,920 Speaker 1: And what are some things that I'm really interested in, 971 00:45:19,000 --> 00:45:20,920 Speaker 1: but I just don't know a whole lot about yet. 972 00:45:21,160 --> 00:45:25,120 Speaker 1: And consider trying to develop those competencies, you know, through 973 00:45:25,280 --> 00:45:27,560 Speaker 1: like we said, listening to the podcast, reading blogs, checking 974 00:45:27,560 --> 00:45:29,520 Speaker 1: out books from the library. I mean, there's so many 975 00:45:29,600 --> 00:45:33,359 Speaker 1: free resources out there for you to develop those competencies 976 00:45:33,560 --> 00:45:36,319 Speaker 1: in areas that you are kind of passionate about but 977 00:45:36,560 --> 00:45:38,919 Speaker 1: you just don't know a whole lot about yet. All right, Matt, 978 00:45:38,960 --> 00:45:41,120 Speaker 1: back to the beer planked. Yeah, and by the way, 979 00:45:41,440 --> 00:45:44,640 Speaker 1: I don't know when their actual anniversary is, but Avery 980 00:45:44,719 --> 00:45:46,960 Speaker 1: is twenty five years old. I just notice that looking 981 00:45:46,960 --> 00:45:50,839 Speaker 1: at the bottle. Yeah, so um seriously, Avery, thank you 982 00:45:50,880 --> 00:45:54,960 Speaker 1: for it was it was absolutely delicious. I would recommend 983 00:45:55,200 --> 00:45:57,360 Speaker 1: splitting a bottle with a friend. You know, I was 984 00:45:57,400 --> 00:45:59,799 Speaker 1: gonna say, I'm so proud of us because we each 985 00:46:00,000 --> 00:46:03,719 Speaker 1: that twelve once bottle of this monster beer. I mean, 986 00:46:03,800 --> 00:46:06,879 Speaker 1: at sixteen point two percent, that's bigger than a lot 987 00:46:06,920 --> 00:46:10,440 Speaker 1: of wines, right, our wines to play around like yea, 988 00:46:10,760 --> 00:46:12,680 Speaker 1: So maybe they should change the name of the beer 989 00:46:12,719 --> 00:46:16,520 Speaker 1: from plant to tanked. Uh it rhymes and it might 990 00:46:16,560 --> 00:46:18,799 Speaker 1: be more accurate. Hey, that being said, you and I 991 00:46:19,080 --> 00:46:21,600 Speaker 1: both didn't finish our beers. I mean, we're going to 992 00:46:21,760 --> 00:46:25,640 Speaker 1: once we try off this microphone, but we recognize that 993 00:46:25,680 --> 00:46:28,000 Speaker 1: this was a bigger beer, and cheers to us being 994 00:46:28,000 --> 00:46:30,760 Speaker 1: big boys and realizing that we needed to pace ourselves, 995 00:46:30,800 --> 00:46:33,880 Speaker 1: showing a little reservation like we're so old and mature 996 00:46:34,320 --> 00:46:36,560 Speaker 1: at us. And I will say, it's always fun to 997 00:46:36,600 --> 00:46:38,799 Speaker 1: drink a beer where I feel like I haven't had 998 00:46:38,800 --> 00:46:41,200 Speaker 1: one that ever tasted like that before, And this is 999 00:46:41,239 --> 00:46:43,360 Speaker 1: a really unique beer, and so it's like it's like 1000 00:46:43,440 --> 00:46:46,120 Speaker 1: fun beer to drink, it's unique, it's got a lot 1001 00:46:46,160 --> 00:46:48,279 Speaker 1: of depth of flavor. I just really enjoyed this one 1002 00:46:48,320 --> 00:46:52,160 Speaker 1: and most importantly, incredibly delicious. All right, Matt, Yeah, investing 1003 00:46:52,239 --> 00:46:55,720 Speaker 1: in what you know is so important, and developing those 1004 00:46:56,000 --> 00:46:59,200 Speaker 1: zones of competency where you feel like you understand a 1005 00:46:59,239 --> 00:47:02,759 Speaker 1: way of investing that you didn't previously understand is so 1006 00:47:02,800 --> 00:47:05,080 Speaker 1: important to our personal growth and then you know, are 1007 00:47:05,160 --> 00:47:07,400 Speaker 1: the potential growth of our money. So yeah, I love 1008 00:47:07,480 --> 00:47:10,680 Speaker 1: this episode. I hopefully we've got people to think about 1009 00:47:10,760 --> 00:47:14,160 Speaker 1: investing in non traditional ways that can kind of grow 1010 00:47:14,200 --> 00:47:16,520 Speaker 1: their sphere of influence and and you know, kind of 1011 00:47:16,520 --> 00:47:19,160 Speaker 1: the potential growth of their money over time. I just 1012 00:47:19,360 --> 00:47:22,080 Speaker 1: kind of love thinking like this, thinking outside the box, 1013 00:47:22,280 --> 00:47:25,760 Speaker 1: not doing in the traditional way, and investing in stuff 1014 00:47:25,800 --> 00:47:27,680 Speaker 1: that you care about. Yeah, man, I love that too. 1015 00:47:27,760 --> 00:47:30,840 Speaker 1: I specifically love the sort of creativity that kind of 1016 00:47:30,880 --> 00:47:33,200 Speaker 1: goes into that, like brainstorming and thinking sort of like 1017 00:47:33,239 --> 00:47:35,640 Speaker 1: you said, like writing down some of your strengths. You know, 1018 00:47:36,000 --> 00:47:37,400 Speaker 1: I think if you can kind of write down some 1019 00:47:37,400 --> 00:47:39,560 Speaker 1: of your strengths and then see like where does that 1020 00:47:39,600 --> 00:47:42,200 Speaker 1: intersect with the opportunity and where there's a need in 1021 00:47:42,239 --> 00:47:44,360 Speaker 1: the market where you could fulfill that, whether it be 1022 00:47:44,400 --> 00:47:46,799 Speaker 1: through investing or even starting your own business. I think 1023 00:47:46,800 --> 00:47:49,040 Speaker 1: that's where there is the most room for growth and 1024 00:47:49,120 --> 00:47:52,399 Speaker 1: for something to succeed. Thanks for listening everyone. Our home 1025 00:47:52,480 --> 00:47:54,839 Speaker 1: on the web is how to Money dot com and 1026 00:47:54,880 --> 00:47:57,440 Speaker 1: we will have show notes up for this episode. That's right, 1027 00:47:57,480 --> 00:47:59,240 Speaker 1: And if you like what you hear and have found 1028 00:47:59,239 --> 00:48:02,120 Speaker 1: this podcast helpful, please let us know by giving us 1029 00:48:02,239 --> 00:48:05,239 Speaker 1: a review on Apple Podcasts, and also while you're there, 1030 00:48:05,239 --> 00:48:08,160 Speaker 1: to be sure to subscribe either there or on cast box. 1031 00:48:08,640 --> 00:48:26,560 Speaker 1: Until next time, Man, best friends as friends out say 1032 00:48:26,600 --> 00:48:29,799 Speaker 1: competencies three times fast competencies, Competencies, competencies