1 00:00:00,040 --> 00:00:02,600 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:02,720 --> 00:00:25,520 Speaker 1: and today we're discussing money Simplicity breeds better results. Joel, 3 00:00:25,560 --> 00:00:27,600 Speaker 1: would you be offended if I called you a simple name? 4 00:00:27,920 --> 00:00:29,440 Speaker 1: I don't think so. No, I think I'll be all 5 00:00:29,480 --> 00:00:32,200 Speaker 1: right with that. Well, because we have been talking about 6 00:00:32,240 --> 00:00:35,199 Speaker 1: this episode, we know that simplicity is is a good thing. 7 00:00:35,640 --> 00:00:37,040 Speaker 1: A lot of times when it comes to our money, 8 00:00:37,320 --> 00:00:40,440 Speaker 1: complexity can be the enemy of what we actually need 9 00:00:40,479 --> 00:00:42,720 Speaker 1: to do to make progress when it comes to our money. 10 00:00:42,960 --> 00:00:44,559 Speaker 1: So I'm excited man, that we are going to talk 11 00:00:44,600 --> 00:00:47,480 Speaker 1: about simplicity, how it plays a role in our personal finances, 12 00:00:47,960 --> 00:00:50,199 Speaker 1: and how it is that we can go about simplify 13 00:00:50,280 --> 00:00:53,159 Speaker 1: our money. Yeah, I completely agree. I think simplicity is 14 00:00:53,200 --> 00:00:55,000 Speaker 1: far more important than we give it credit for in 15 00:00:55,120 --> 00:00:57,520 Speaker 1: so many areas of our life. And so we're gonna 16 00:00:57,520 --> 00:01:00,040 Speaker 1: talk about what simplicity brings to the table, how we 17 00:01:00,040 --> 00:01:01,960 Speaker 1: can get rid of complexity as much as possible when 18 00:01:01,960 --> 00:01:03,920 Speaker 1: it comes to how we handle our money, and how 19 00:01:03,960 --> 00:01:07,040 Speaker 1: that actually does benefit us in a long run. And so, Matt, 20 00:01:07,120 --> 00:01:08,840 Speaker 1: but you know what another important thing is when it 21 00:01:08,840 --> 00:01:12,440 Speaker 1: comes to for our money, transparency. You like that see 22 00:01:12,480 --> 00:01:16,040 Speaker 1: through cash well, so not actually see through cash, although 23 00:01:16,040 --> 00:01:18,040 Speaker 1: that would be neat if that was possible. Or I 24 00:01:18,160 --> 00:01:19,960 Speaker 1: used to have a credit card that was transparent. It 25 00:01:20,040 --> 00:01:22,279 Speaker 1: was the first time Amex did the kind of clear 26 00:01:22,319 --> 00:01:25,919 Speaker 1: transparent card, reminding that old school pepsi product Pepsi crystal 27 00:01:26,040 --> 00:01:30,120 Speaker 1: or crystal pepsi whatever. Yeah, that's not natural. I like 28 00:01:30,200 --> 00:01:33,080 Speaker 1: my high frucitose cords beverages to have some opaqueness to them, 29 00:01:33,120 --> 00:01:35,080 Speaker 1: exactly right. I don't want to be able to see 30 00:01:35,160 --> 00:01:37,360 Speaker 1: through that. But what I really wanted to get out 31 00:01:37,400 --> 00:01:40,800 Speaker 1: with transparency is is how you know, the more we 32 00:01:40,920 --> 00:01:42,840 Speaker 1: can understand, the more we know about the cost were 33 00:01:42,880 --> 00:01:45,759 Speaker 1: incurring when we're buying something, the more we can understand 34 00:01:46,080 --> 00:01:49,640 Speaker 1: whether it's worth it or not. And Matt recently on 35 00:01:49,800 --> 00:01:53,160 Speaker 1: the show, we talked about getting increased financial aid. How 36 00:01:53,600 --> 00:01:56,080 Speaker 1: you know students right now, if their household has experienced 37 00:01:56,160 --> 00:01:58,240 Speaker 1: kind of a drop in income, that they can appeal 38 00:01:58,280 --> 00:02:00,760 Speaker 1: for more financial aid from from school. And I just 39 00:02:00,840 --> 00:02:04,640 Speaker 1: recently saw something about this, this website called tuition fit 40 00:02:04,760 --> 00:02:07,400 Speaker 1: dot org and it allows students to upload their own 41 00:02:07,440 --> 00:02:10,560 Speaker 1: financial aid award letters to see whether other people like 42 00:02:10,639 --> 00:02:13,480 Speaker 1: them with the same academic profile and financial status could 43 00:02:13,480 --> 00:02:15,720 Speaker 1: get a better deal from their school or from similar 44 00:02:15,720 --> 00:02:18,440 Speaker 1: schools if they wanted to switch university. Yeah. So it's 45 00:02:18,480 --> 00:02:20,640 Speaker 1: like basically, you upload it, you see what other people 46 00:02:20,680 --> 00:02:23,440 Speaker 1: are paying for college, and you might realize, you know what, 47 00:02:23,560 --> 00:02:25,840 Speaker 1: I'm getting a raw deal, and maybe I should consider 48 00:02:25,840 --> 00:02:27,760 Speaker 1: transferring if I want to graduate with a whole lot 49 00:02:27,840 --> 00:02:29,840 Speaker 1: less student loan debt. Nice man, I love that. I 50 00:02:29,880 --> 00:02:32,880 Speaker 1: love the ability that we have now in pooling our 51 00:02:32,919 --> 00:02:35,800 Speaker 1: information and our resources together. Uh, and in this case 52 00:02:35,800 --> 00:02:38,160 Speaker 1: create a tool that students and in parents to other 53 00:02:38,200 --> 00:02:41,000 Speaker 1: students who are oftentimes footing the bill, to to come 54 00:02:41,000 --> 00:02:43,680 Speaker 1: together and see what is and what isn't a good deal. 55 00:02:43,840 --> 00:02:45,800 Speaker 1: It also makes me think of what other areas in 56 00:02:45,800 --> 00:02:48,600 Speaker 1: our life might a tool like this be be beneficial? 57 00:02:48,639 --> 00:02:50,679 Speaker 1: You know, I'm thinking of maybe the largest expense that 58 00:02:50,720 --> 00:02:53,160 Speaker 1: a lot of people have, which is their homes. How 59 00:02:53,200 --> 00:02:55,480 Speaker 1: cool would it be if we could upload the quote 60 00:02:55,520 --> 00:02:57,120 Speaker 1: that we received from some of these different lenders and 61 00:02:57,240 --> 00:02:59,639 Speaker 1: maybe compare that to other quotes that others received to 62 00:02:59,760 --> 00:03:03,720 Speaker 1: have a similar just a gross income, maybe maybe similar 63 00:03:03,720 --> 00:03:06,600 Speaker 1: credit score exactly. Yeah, And so like, I think it 64 00:03:06,600 --> 00:03:08,800 Speaker 1: would be really beneficial there. I could see it also 65 00:03:08,919 --> 00:03:12,000 Speaker 1: being awesome. Maybe even in healthcare, like what are you 66 00:03:12,040 --> 00:03:13,960 Speaker 1: paying for health insurance? And what kind of quotes are 67 00:03:13,960 --> 00:03:17,520 Speaker 1: you receiving on certain procedures, because there's are really things 68 00:03:17,560 --> 00:03:19,359 Speaker 1: we talk about because a lot of times, at least 69 00:03:19,360 --> 00:03:21,760 Speaker 1: when it comes to healthcare vis it's like it's not 70 00:03:21,800 --> 00:03:23,280 Speaker 1: that big of a deal. You don't really think about it, 71 00:03:23,280 --> 00:03:25,639 Speaker 1: but it all adds up, you know, and so you 72 00:03:25,680 --> 00:03:28,160 Speaker 1: don't really think about it because it just feels kind 73 00:03:28,160 --> 00:03:29,720 Speaker 1: of petty to be like, hey, how much do you 74 00:03:29,720 --> 00:03:32,200 Speaker 1: guys pay to go for a wellness check out for 75 00:03:32,200 --> 00:03:34,200 Speaker 1: your one year old? You know, like that's not really 76 00:03:34,240 --> 00:03:36,600 Speaker 1: something I've asked you, but actually that's is something we 77 00:03:36,600 --> 00:03:38,880 Speaker 1: should talk about. But certainly when it comes to bigger 78 00:03:38,920 --> 00:03:41,880 Speaker 1: expenses like mortgages, I could really see that being valuable. Yeah, 79 00:03:41,880 --> 00:03:43,600 Speaker 1: and it seems like it's been valuable for the roughly 80 00:03:43,640 --> 00:03:47,080 Speaker 1: six thousand people that have uploaded their profiles on tuition 81 00:03:47,120 --> 00:03:49,280 Speaker 1: fit dot org. Yeah, so for our listeners who are 82 00:03:49,280 --> 00:03:51,760 Speaker 1: currently in college or have a kid in college and 83 00:03:51,760 --> 00:03:55,040 Speaker 1: they're looking to see if the school they're currently enrolled 84 00:03:55,040 --> 00:03:58,200 Speaker 1: at can increase, you know, the allocation of funds their way, 85 00:03:58,480 --> 00:04:00,480 Speaker 1: or they're potentially looking to go to another their school 86 00:04:00,480 --> 00:04:02,360 Speaker 1: in order to save money. I think this website can 87 00:04:02,360 --> 00:04:04,320 Speaker 1: be some help, so we'll we'll be sure to link 88 00:04:04,360 --> 00:04:06,000 Speaker 1: to that one in the show notes. Yeah, man, we 89 00:04:06,000 --> 00:04:07,960 Speaker 1: will definitely do that. Let's go ahead and introduce our 90 00:04:08,040 --> 00:04:12,520 Speaker 1: beer for this episode, which is called Let's see Scorpius Morchella. 91 00:04:12,800 --> 00:04:15,160 Speaker 1: Is that how you say that? You think? I think so. Yeah. 92 00:04:15,760 --> 00:04:18,880 Speaker 1: This is another one by Toppling Goliath, which was donated 93 00:04:18,920 --> 00:04:21,400 Speaker 1: to the show by Kelsey again up there in Iowa. 94 00:04:21,440 --> 00:04:23,560 Speaker 1: So Kelsey thinks again for sending this one our away. 95 00:04:23,560 --> 00:04:25,680 Speaker 1: And we're gonna share our thoughts on this beer at 96 00:04:25,680 --> 00:04:27,719 Speaker 1: the end of the episode. Yeah, we will. But let's 97 00:04:27,720 --> 00:04:32,120 Speaker 1: get onto money, simplicity, breeding better results. Matt and Yeah, 98 00:04:32,160 --> 00:04:36,000 Speaker 1: we're talking about simplicity and finances today because learning how 99 00:04:36,000 --> 00:04:38,560 Speaker 1: to simplify your approach to your money, it really is 100 00:04:38,560 --> 00:04:41,760 Speaker 1: a game changer. Right. Our lives have so much complexity already. 101 00:04:41,960 --> 00:04:44,279 Speaker 1: Most listeners out there probably have two, maybe three different 102 00:04:44,279 --> 00:04:46,960 Speaker 1: email accounts on your phone. That alone can feel a 103 00:04:46,960 --> 00:04:50,680 Speaker 1: bit overwhelming as notifications just continue to pop in emails 104 00:04:50,680 --> 00:04:52,880 Speaker 1: from work, personal emails, all sorts of things. Even just 105 00:04:52,920 --> 00:04:55,400 Speaker 1: talking about it right now has been a little sweating 106 00:04:55,440 --> 00:04:58,159 Speaker 1: under the brow. I have five different email accounts. That's 107 00:04:58,279 --> 00:05:00,080 Speaker 1: that's way too many for the five different lives that 108 00:05:00,240 --> 00:05:04,520 Speaker 1: lead the different families you have. Stuff like that just 109 00:05:04,560 --> 00:05:08,159 Speaker 1: getting Yeah, and the more complex our our lives get, 110 00:05:08,600 --> 00:05:12,240 Speaker 1: the more of those seemingly beneficial things tend to drain us. Right. 111 00:05:12,320 --> 00:05:16,640 Speaker 1: Email initially gives us this ability to connect and to 112 00:05:16,720 --> 00:05:19,280 Speaker 1: write people when we need to, But when we have 113 00:05:19,440 --> 00:05:22,120 Speaker 1: multiple accounts that we're having to check on on a 114 00:05:22,240 --> 00:05:24,520 Speaker 1: daily or hourly basis, it begins to feel like it's 115 00:05:24,520 --> 00:05:27,080 Speaker 1: too much. That's certainly true of technology, but the same 116 00:05:27,080 --> 00:05:29,440 Speaker 1: can be true of our finances. The more complicated the 117 00:05:29,440 --> 00:05:31,640 Speaker 1: approach that we take to our money, well, the more 118 00:05:31,720 --> 00:05:33,200 Speaker 1: likely the wheels are going to come off as we 119 00:05:33,240 --> 00:05:36,080 Speaker 1: bagged the system altogether down the road. Yeah, man, I 120 00:05:36,120 --> 00:05:37,880 Speaker 1: like what you said about it being draining, you know, Like, 121 00:05:37,920 --> 00:05:40,920 Speaker 1: how is it that technology is actually making us more 122 00:05:40,920 --> 00:05:44,120 Speaker 1: exhausted when it's purpose should be to make things easier 123 00:05:44,160 --> 00:05:46,279 Speaker 1: for us? Also, how is it that with so many 124 00:05:46,320 --> 00:05:50,000 Speaker 1: different great financial tools and products at our disposal, so 125 00:05:50,040 --> 00:05:52,560 Speaker 1: many people are having a difficult time getting ahead with 126 00:05:52,560 --> 00:05:55,839 Speaker 1: her money? Um, I think it's because they're overwhelmed, you know, 127 00:05:55,880 --> 00:05:59,279 Speaker 1: we have too many complex options available to us, and 128 00:05:59,320 --> 00:06:02,160 Speaker 1: it's actually keeping us from doing the right things. So 129 00:06:02,279 --> 00:06:05,960 Speaker 1: we'll highlight the importance of simplicity and discuss how to 130 00:06:06,080 --> 00:06:10,080 Speaker 1: make your personal financial life a winning mix straightforward yet 131 00:06:10,200 --> 00:06:13,760 Speaker 1: thoughtful actions. Yeah, that's the goal, right, Simplicity breeding something 132 00:06:13,800 --> 00:06:16,599 Speaker 1: that that isn't too dumb down, that we're not effective, 133 00:06:17,040 --> 00:06:18,680 Speaker 1: but that it makes it easier for us to actually 134 00:06:18,720 --> 00:06:21,480 Speaker 1: do the things that need to get done. And yeah, this, 135 00:06:21,640 --> 00:06:23,760 Speaker 1: I would say, Matt is kind of the financial version 136 00:06:24,120 --> 00:06:26,239 Speaker 1: of a recent episode that we had with Joshua Becker 137 00:06:26,279 --> 00:06:29,320 Speaker 1: where he came talk about minimalism, right, yea yeah, And 138 00:06:29,360 --> 00:06:31,400 Speaker 1: in that combo we talked about the kind of clarity 139 00:06:31,680 --> 00:06:34,520 Speaker 1: that owning fewer things can bring. Well, the same thing 140 00:06:34,560 --> 00:06:36,480 Speaker 1: is true when we're talking about our money. We'll have 141 00:06:36,480 --> 00:06:38,720 Speaker 1: heightened clarity, the ability to achieve things that we might 142 00:06:38,720 --> 00:06:42,440 Speaker 1: have not thought possible if we prioritize simplifying things. And 143 00:06:42,440 --> 00:06:43,920 Speaker 1: I'm seeing this more and more of my own life 144 00:06:43,960 --> 00:06:46,320 Speaker 1: as I get older. Our financial lives tend to get 145 00:06:46,320 --> 00:06:48,720 Speaker 1: more complicated, which can bmudy the waters and distract us 146 00:06:48,720 --> 00:06:50,839 Speaker 1: from the tasks that we truly need to focus on. 147 00:06:50,880 --> 00:06:53,200 Speaker 1: Whether their money related or not. And this actually makes 148 00:06:53,240 --> 00:06:55,960 Speaker 1: me think about you know, a professor I don't remember 149 00:06:56,000 --> 00:06:57,680 Speaker 1: his name off the top of my head, but he 150 00:06:57,880 --> 00:07:00,320 Speaker 1: developed like this, this index card. He wrote, aything you 151 00:07:00,320 --> 00:07:03,159 Speaker 1: need to know about finances in just this one little place, 152 00:07:03,279 --> 00:07:06,000 Speaker 1: and it kind of became this viral sensation. People are like, oh, really, 153 00:07:06,000 --> 00:07:07,840 Speaker 1: all you actually need to know can fit on this 154 00:07:07,920 --> 00:07:10,760 Speaker 1: index card. Yeah, and and in so many ways it's true, 155 00:07:11,320 --> 00:07:13,760 Speaker 1: when we're taking a simple approach, the things that we 156 00:07:13,840 --> 00:07:16,480 Speaker 1: actually really do need to know can fit on an 157 00:07:16,480 --> 00:07:18,160 Speaker 1: index card. It's kind of funny though. He ended up 158 00:07:18,200 --> 00:07:22,080 Speaker 1: writing a book about it later and like the opposite 159 00:07:22,120 --> 00:07:25,200 Speaker 1: of the whole premise of the card exactly. I thought 160 00:07:25,240 --> 00:07:27,280 Speaker 1: that that was really funny that he turned it into that. 161 00:07:27,560 --> 00:07:30,560 Speaker 1: But it's true. You know, there isn't this this incredibly 162 00:07:30,600 --> 00:07:33,520 Speaker 1: wide breadth of information that we need to have knowledge on, 163 00:07:33,640 --> 00:07:35,600 Speaker 1: you know, Like one of the benefits of simplifying is 164 00:07:35,600 --> 00:07:38,520 Speaker 1: that we're able to narrow our focus on the areas that, 165 00:07:38,680 --> 00:07:40,920 Speaker 1: you know, where we can have a deeper impact. Um. 166 00:07:41,080 --> 00:07:43,160 Speaker 1: You know, there are many different ways to invest your money, 167 00:07:43,160 --> 00:07:46,240 Speaker 1: but it takes a long time to feel that you've 168 00:07:46,280 --> 00:07:48,560 Speaker 1: mastered how to invest well. You know, I could certainly 169 00:07:48,640 --> 00:07:52,120 Speaker 1: learn about commercial real estate investing, but because of like simplicity, 170 00:07:52,120 --> 00:07:55,760 Speaker 1: I'm gonna stick with single family homes residential investing inside 171 00:07:55,800 --> 00:07:58,680 Speaker 1: a limited geographic area. And instead of learning how to 172 00:07:58,720 --> 00:08:02,080 Speaker 1: trade options, maybe shorting stocks, becoming an expert commodity trader 173 00:08:02,440 --> 00:08:04,840 Speaker 1: that I think you can handle that one. I probably could. 174 00:08:04,960 --> 00:08:07,160 Speaker 1: Maybe I don't know. I like to overcomplgate stuff. I 175 00:08:07,200 --> 00:08:09,000 Speaker 1: could think that these are ways that I'm gonna outperform 176 00:08:09,080 --> 00:08:11,040 Speaker 1: the market in the coming years. But instead I'm gonna 177 00:08:11,080 --> 00:08:13,280 Speaker 1: stick to the index funds that I know are going 178 00:08:13,360 --> 00:08:15,920 Speaker 1: to do well. They're gonna mirror the entire stock market. 179 00:08:16,200 --> 00:08:18,239 Speaker 1: And you know, you can't really go with a simpler 180 00:08:18,240 --> 00:08:20,920 Speaker 1: approach than that. Yeah, simple as can be, that's for sure. 181 00:08:21,160 --> 00:08:24,520 Speaker 1: I think to simplicity, Matt, it can breed confidence. Right 182 00:08:24,760 --> 00:08:28,000 Speaker 1: through simplifying, you're gonna have a thorough understanding of the 183 00:08:28,040 --> 00:08:30,240 Speaker 1: things that you do per take in. It feels so 184 00:08:30,280 --> 00:08:33,200 Speaker 1: good to actually understand where you're putting your money and 185 00:08:33,320 --> 00:08:35,880 Speaker 1: why you're doing the things that you're doing. And in fact, 186 00:08:36,080 --> 00:08:39,079 Speaker 1: people can get into real big trouble when they don't 187 00:08:39,160 --> 00:08:42,160 Speaker 1: fully comprehend the financial products that they're participating in. That's 188 00:08:42,160 --> 00:08:44,439 Speaker 1: where scames and rip offs come into play. Well, we'll 189 00:08:44,440 --> 00:08:46,559 Speaker 1: talk about that in just a minute. And also too, 190 00:08:46,600 --> 00:08:49,720 Speaker 1: it's where we get taken advantage of by salespeople who 191 00:08:49,920 --> 00:08:53,520 Speaker 1: want to sell us products that are more expensive than 192 00:08:53,720 --> 00:08:57,240 Speaker 1: they're much simpler versions that we can easily understand and 193 00:08:57,240 --> 00:09:00,400 Speaker 1: purchase ourselves. And one major example of that something like 194 00:09:00,440 --> 00:09:02,560 Speaker 1: life insurance. Yeah, that's right, man, that's why we like 195 00:09:02,920 --> 00:09:05,720 Speaker 1: term life insurance is pretty simple. And you know, no 196 00:09:05,760 --> 00:09:08,400 Speaker 1: one's looking to sell you a term life insurance plan 197 00:09:08,480 --> 00:09:10,240 Speaker 1: because there's not a whole lot of money involved in it. 198 00:09:10,280 --> 00:09:12,960 Speaker 1: You're not gonna get ripped off. It does exactly what 199 00:09:13,040 --> 00:09:16,280 Speaker 1: you wanted to do, which is provide benefits, provide a 200 00:09:16,280 --> 00:09:18,800 Speaker 1: payouts in case you die. Right, that's what you need 201 00:09:18,840 --> 00:09:20,520 Speaker 1: life insurance to do. Yeah, And there are all these 202 00:09:20,559 --> 00:09:23,800 Speaker 1: complicated types of life insurance that muddy the waters we 203 00:09:23,920 --> 00:09:26,680 Speaker 1: need that include investing inside of your life insurance policy, 204 00:09:26,760 --> 00:09:28,200 Speaker 1: and those are the things you want to stay away from. 205 00:09:28,240 --> 00:09:31,240 Speaker 1: There too complex that even really fully understand for most 206 00:09:31,240 --> 00:09:32,800 Speaker 1: of us at least, that's right. And so we're talking 207 00:09:32,800 --> 00:09:35,439 Speaker 1: about the benefits of simplicity. Another way that we can 208 00:09:35,520 --> 00:09:38,680 Speaker 1: talk about those benefits are by talking about the drawbacks 209 00:09:38,800 --> 00:09:41,360 Speaker 1: of complexity. We'll get into some of those right after 210 00:09:41,400 --> 00:09:51,720 Speaker 1: the break. All right, Matt, we're back from break. We're 211 00:09:51,720 --> 00:09:55,000 Speaker 1: talking about simplicity in the importance of keeping your personal 212 00:09:55,040 --> 00:09:57,240 Speaker 1: finances simple, and to kind of drive that point home, 213 00:09:57,280 --> 00:09:59,640 Speaker 1: let's talk about some of the problems that come when 214 00:09:59,800 --> 00:10:02,959 Speaker 1: we do increase the level of complexity when it comes 215 00:10:03,000 --> 00:10:05,120 Speaker 1: to our personal finances. There are a lot of drawbacks 216 00:10:05,120 --> 00:10:07,079 Speaker 1: when things get out of hand and things become too 217 00:10:07,120 --> 00:10:09,640 Speaker 1: complex in our personal lives when it comes to our money, 218 00:10:09,920 --> 00:10:12,400 Speaker 1: and one of those big problems is in action. Right, 219 00:10:12,440 --> 00:10:14,760 Speaker 1: we we tend to avoid doing things that are overly 220 00:10:14,760 --> 00:10:17,719 Speaker 1: complicated or that we perceive to be too difficult. One 221 00:10:17,720 --> 00:10:19,760 Speaker 1: of the reasons I think that people hate thinking about 222 00:10:19,800 --> 00:10:23,440 Speaker 1: their personal finances or sometimes even getting started budgeting or 223 00:10:23,440 --> 00:10:25,400 Speaker 1: anything like that when it comes to their money is 224 00:10:25,400 --> 00:10:28,439 Speaker 1: that they imagine or they believe that it's too complex. 225 00:10:29,000 --> 00:10:30,920 Speaker 1: There's just too much to think about, and so then 226 00:10:31,000 --> 00:10:32,480 Speaker 1: we just tend to throw up our hands and stop 227 00:10:32,520 --> 00:10:34,520 Speaker 1: thinking about our money at all. And if we do that, 228 00:10:34,640 --> 00:10:37,000 Speaker 1: it's highly unlikely they were actually going to be in 229 00:10:37,000 --> 00:10:39,680 Speaker 1: a strong position financially. If we've just thrown our hands 230 00:10:39,720 --> 00:10:41,880 Speaker 1: up and said no way. But if we're able to 231 00:10:41,960 --> 00:10:44,200 Speaker 1: keep things simple, then the likelihood that will be able 232 00:10:44,240 --> 00:10:48,000 Speaker 1: to take action to increase our debt, slashing our our 233 00:10:48,040 --> 00:10:51,360 Speaker 1: savings accounts and and wealth building efforts, well, the likelihood 234 00:10:51,400 --> 00:10:53,440 Speaker 1: goes way up that are actually going to do something 235 00:10:53,480 --> 00:10:56,880 Speaker 1: and get started and start to positively impact our financial future. 236 00:10:57,000 --> 00:10:59,240 Speaker 1: And this is such an important point, right, the fact 237 00:10:59,280 --> 00:11:02,160 Speaker 1: that when things get complicated, we resist them, and I 238 00:11:02,200 --> 00:11:04,800 Speaker 1: think that the vast majority of folks kind of fall 239 00:11:04,840 --> 00:11:07,760 Speaker 1: into this, into this boat. However, there's a flip side 240 00:11:07,760 --> 00:11:10,560 Speaker 1: to it, right there is the potential that complexity can 241 00:11:10,640 --> 00:11:13,839 Speaker 1: cause you to take too much action. With complexity, you're 242 00:11:13,880 --> 00:11:16,000 Speaker 1: in the risk of your finances maybe taking up too 243 00:11:16,080 --> 00:11:18,480 Speaker 1: much of your time, maybe you get obsessed with it. 244 00:11:18,880 --> 00:11:20,480 Speaker 1: If you're the type of person who likes to give 245 00:11:20,480 --> 00:11:23,400 Speaker 1: something you know, or someone who maybe focuses on the 246 00:11:23,440 --> 00:11:26,920 Speaker 1: details too much, then an overly complicated financial life has 247 00:11:26,960 --> 00:11:29,600 Speaker 1: the potential to dominate your life. This is, you know, 248 00:11:29,679 --> 00:11:32,320 Speaker 1: the opposite of inaction, and this is where it takes 249 00:11:32,360 --> 00:11:34,560 Speaker 1: over your life. Things can get really out of whack 250 00:11:34,559 --> 00:11:37,240 Speaker 1: if you're devoting way too much of your time towards money. 251 00:11:37,440 --> 00:11:39,040 Speaker 1: You know, even if you do try to, you know, 252 00:11:39,120 --> 00:11:42,040 Speaker 1: make it sound responsible or sophisticated by calling it, you know, 253 00:11:42,120 --> 00:11:45,640 Speaker 1: your personal finances, it's still just your money. And so 254 00:11:45,720 --> 00:11:47,600 Speaker 1: we try to approach our money in a way that 255 00:11:47,720 --> 00:11:50,680 Speaker 1: is balanced. You know, we know the importance of handling 256 00:11:50,679 --> 00:11:53,520 Speaker 1: our money well now, but we also don't want that 257 00:11:53,559 --> 00:11:56,640 Speaker 1: to become what characterizes our life. If that becomes all 258 00:11:56,679 --> 00:11:58,640 Speaker 1: of who we are, then that's maybe an example of 259 00:11:58,679 --> 00:12:01,240 Speaker 1: having won the battle that law the war. Yeah, basically, 260 00:12:01,240 --> 00:12:03,440 Speaker 1: then money has taken all the way over and that 261 00:12:03,520 --> 00:12:06,760 Speaker 1: complexity has basically ruined our lives as we let money 262 00:12:06,760 --> 00:12:09,440 Speaker 1: become the number one priority. And I wanted to share 263 00:12:09,480 --> 00:12:11,439 Speaker 1: that one specifically to man because that's kind of a 264 00:12:11,480 --> 00:12:13,559 Speaker 1: personal struggle of mine. You know, like we kind of 265 00:12:13,640 --> 00:12:15,880 Speaker 1: joke about how I over complicate things and make things 266 00:12:16,000 --> 00:12:19,480 Speaker 1: overly sophisticated, and I analyze stuff way too much, get 267 00:12:19,640 --> 00:12:22,480 Speaker 1: way too bogged down into the details. And on one hand, 268 00:12:22,520 --> 00:12:24,800 Speaker 1: like it is good to have those details, but on 269 00:12:24,840 --> 00:12:26,920 Speaker 1: the other hand, if you let it get carried away, 270 00:12:27,400 --> 00:12:29,720 Speaker 1: then it's going to be something you find yourself having 271 00:12:29,760 --> 00:12:32,560 Speaker 1: to kind of push back against, uh in the future. 272 00:12:32,600 --> 00:12:34,840 Speaker 1: So just a little warning there, yeah, Yeah, And I 273 00:12:34,840 --> 00:12:38,880 Speaker 1: think so. Another thing about complexity to Matt is that complexity, 274 00:12:38,880 --> 00:12:41,760 Speaker 1: at least on the surface, can seem impressive. A lot 275 00:12:41,800 --> 00:12:45,160 Speaker 1: of financial products, apps, or philosophies can seem flashy, but 276 00:12:45,240 --> 00:12:48,679 Speaker 1: then underneath the surface they don't actually offer much reward. 277 00:12:48,960 --> 00:12:52,000 Speaker 1: There might be very little that was really gained because 278 00:12:52,040 --> 00:12:56,160 Speaker 1: this out of complexity is often accompanied by higher fees. So, 279 00:12:56,240 --> 00:12:58,199 Speaker 1: for example, there are all sorts of high priced investment 280 00:12:58,200 --> 00:13:00,080 Speaker 1: funds that you could stick your money in. You can 281 00:13:00,120 --> 00:13:03,280 Speaker 1: talk to some smart people that make them sound like 282 00:13:03,440 --> 00:13:06,400 Speaker 1: they're totally worth their money, that they're going to outperform 283 00:13:06,559 --> 00:13:08,640 Speaker 1: the market as a whole, or that you're just dumb 284 00:13:08,640 --> 00:13:10,600 Speaker 1: if you're not going that route right and and and 285 00:13:11,000 --> 00:13:13,600 Speaker 1: seeing that complexity just on its face can make it 286 00:13:13,640 --> 00:13:16,319 Speaker 1: seem like, well, if I take the simple route, maybe 287 00:13:16,320 --> 00:13:19,200 Speaker 1: I'm the stupid one. Maybe I don't actually understand, and 288 00:13:19,240 --> 00:13:22,480 Speaker 1: that lack of understanding causes us to actually feel drawn 289 00:13:22,600 --> 00:13:25,040 Speaker 1: to the more complex offering. But having all of your 290 00:13:25,080 --> 00:13:27,360 Speaker 1: assets in one to three low cost funds that you 291 00:13:27,360 --> 00:13:30,960 Speaker 1: can actually understand, it's so much better. Right. It's not flashy, 292 00:13:31,160 --> 00:13:33,840 Speaker 1: but it works. And there's this quote from Paul Samuelson. 293 00:13:33,920 --> 00:13:35,880 Speaker 1: He says investing should be more like watching paint dry 294 00:13:35,960 --> 00:13:38,160 Speaker 1: or watching grass grow. If you want excitement, taking a 295 00:13:38,240 --> 00:13:40,360 Speaker 1: Hunter Bucks and go to Las Vegas. And I totally 296 00:13:40,440 --> 00:13:43,080 Speaker 1: agree with that. Right, Simplicity might be boring, but at 297 00:13:43,160 --> 00:13:45,320 Speaker 1: least you can wrap your mind around it, and that's 298 00:13:45,320 --> 00:13:47,080 Speaker 1: something that works. Like to be able to be a 299 00:13:47,080 --> 00:13:49,600 Speaker 1: good investor, we have to be able to look past 300 00:13:49,640 --> 00:13:52,760 Speaker 1: the things that on the surface look impressive, they sound smart, 301 00:13:52,880 --> 00:13:54,559 Speaker 1: but if we can't fully understand them, if they're too 302 00:13:54,600 --> 00:13:57,080 Speaker 1: complex for us to get our minds around, then it's 303 00:13:57,120 --> 00:13:59,320 Speaker 1: something that we really shouldn't be partaking in. Yeah, it's 304 00:13:59,360 --> 00:14:03,080 Speaker 1: easy to overpay, get charged these unnecessary fees when it's 305 00:14:03,200 --> 00:14:06,439 Speaker 1: something that's complex and you don't understand it. Complexity, man, 306 00:14:06,520 --> 00:14:09,000 Speaker 1: it also makes us more susceptible to scams or even 307 00:14:09,080 --> 00:14:11,080 Speaker 1: just bad products that are out there when we don't 308 00:14:11,160 --> 00:14:13,960 Speaker 1: understand what's going on. Right. Uh, there's an article every 309 00:14:13,960 --> 00:14:16,680 Speaker 1: week in some newspaper around the country about maybe a 310 00:14:16,679 --> 00:14:19,920 Speaker 1: Ponzi scheme, you know, being vested up. Investors were promised 311 00:14:19,960 --> 00:14:24,040 Speaker 1: astronomical returns for trusting a certain individual with their net worth, 312 00:14:24,200 --> 00:14:26,880 Speaker 1: and yet almost always that money was spent to enrich 313 00:14:27,080 --> 00:14:29,880 Speaker 1: that person until everything comes tumbling down like a house 314 00:14:29,880 --> 00:14:32,960 Speaker 1: of cards. If instead we decided only to invest in 315 00:14:33,040 --> 00:14:36,120 Speaker 1: ways that we can fully understand, like simpler ways, then 316 00:14:36,160 --> 00:14:38,200 Speaker 1: we make it much less likely that we'll get taken 317 00:14:38,200 --> 00:14:41,200 Speaker 1: in by these get rich promises. Yeah, it's not necessarily 318 00:14:41,200 --> 00:14:44,120 Speaker 1: stupidity that causes people to invest with someone who's running 319 00:14:44,120 --> 00:14:47,080 Speaker 1: a Ponzi scheme. Oftentimes it's just a desire to to 320 00:14:47,160 --> 00:14:49,200 Speaker 1: do something good with their money, but it's something that 321 00:14:49,200 --> 00:14:51,760 Speaker 1: that seemingly complex that they can't understand, and it seems 322 00:14:51,760 --> 00:14:55,400 Speaker 1: appealing for precisely that reason, right, But ultimately, actually posi 323 00:14:55,440 --> 00:14:58,240 Speaker 1: schemes are are super simple. It's it's usually someone just 324 00:14:58,400 --> 00:15:01,160 Speaker 1: completely bilking you of of your money and running off 325 00:15:01,160 --> 00:15:03,440 Speaker 1: with it, which is obviously terrible. And actually one of 326 00:15:03,440 --> 00:15:05,640 Speaker 1: my favorite authors, Matt ben Carlson, wrote a book called 327 00:15:05,640 --> 00:15:08,000 Speaker 1: Don't Fall for It about It's this brief history of 328 00:15:08,040 --> 00:15:10,840 Speaker 1: financial scams. I'm reading it right now. It's really crazy 329 00:15:10,920 --> 00:15:12,840 Speaker 1: to see the different things that people fall for. We're 330 00:15:12,840 --> 00:15:14,720 Speaker 1: gonna have him on the show soon, which I'm excited about. 331 00:15:14,960 --> 00:15:16,840 Speaker 1: That's gonna be a great interview coming up in the 332 00:15:16,960 --> 00:15:20,080 Speaker 1: upcoming months. Yeah, and but it's not always scams, right, 333 00:15:20,120 --> 00:15:22,600 Speaker 1: Sometimes it is just bad products and and it just 334 00:15:22,640 --> 00:15:25,920 Speaker 1: makes me think of like home warranties or extended warranties, 335 00:15:26,040 --> 00:15:27,960 Speaker 1: and these are the sorts of things that we're super 336 00:15:27,960 --> 00:15:30,640 Speaker 1: susceptible to buying. It might cost us fifty bucks on 337 00:15:30,680 --> 00:15:33,000 Speaker 1: a new TV that we purchased, or bucks on a 338 00:15:33,040 --> 00:15:35,840 Speaker 1: home that we bought. Those things add up, but oftentimes 339 00:15:35,840 --> 00:15:38,400 Speaker 1: those products aren't really worth the money we've paid for them, 340 00:15:38,560 --> 00:15:40,720 Speaker 1: not even close, right, And if you look at the 341 00:15:40,720 --> 00:15:42,280 Speaker 1: mice type on a lot of those things, there are 342 00:15:42,320 --> 00:15:45,080 Speaker 1: many issues with that potential product that aren't covered. There 343 00:15:45,080 --> 00:15:47,200 Speaker 1: are deductibles that you have to pay in order to 344 00:15:47,240 --> 00:15:50,520 Speaker 1: get your item fixed. On their surface, they're touting something 345 00:15:50,640 --> 00:15:54,600 Speaker 1: really easy, but underlying is something really complex that costs 346 00:15:54,640 --> 00:15:56,440 Speaker 1: a lot of money and doesn't really offer you much 347 00:15:56,480 --> 00:15:59,040 Speaker 1: in return. And Jel, we wanted to share one other 348 00:16:00,200 --> 00:16:03,880 Speaker 1: drawback of complexity, and and that is of rigidity. Another 349 00:16:04,000 --> 00:16:07,280 Speaker 1: downside to complexity might be that you're more likely to 350 00:16:07,320 --> 00:16:10,120 Speaker 1: be inflexible, maybe when it comes to how you budget 351 00:16:10,360 --> 00:16:12,800 Speaker 1: you created this machine. You know, like this process that 352 00:16:12,840 --> 00:16:15,960 Speaker 1: you adhere to no matter what you're a robot. And 353 00:16:16,040 --> 00:16:18,400 Speaker 1: while in some cases this can be a good thing, 354 00:16:18,480 --> 00:16:21,080 Speaker 1: you know, like sticking to the plan, right, Like, if 355 00:16:21,160 --> 00:16:23,400 Speaker 1: something comes up, you stick to the plan, You bide 356 00:16:23,440 --> 00:16:25,600 Speaker 1: by the rules that you set forth. But like, this 357 00:16:25,680 --> 00:16:27,760 Speaker 1: also doesn't really leave you for a lot of room 358 00:16:27,800 --> 00:16:30,160 Speaker 1: to be a little more spontaneous and to actually enjoy 359 00:16:30,440 --> 00:16:32,320 Speaker 1: the fruits of your labor. And I'm thinking about the 360 00:16:32,360 --> 00:16:34,680 Speaker 1: stimulus checks earlier this year, like how many people just 361 00:16:34,760 --> 00:16:36,960 Speaker 1: kind of took that check, plugged it into their machine, 362 00:16:37,000 --> 00:16:39,240 Speaker 1: into their budgeting machine, and just kind of absorbed it 363 00:16:39,720 --> 00:16:42,200 Speaker 1: without ever really seeing the results of that. Right, on 364 00:16:42,200 --> 00:16:43,960 Speaker 1: one hand, I think that that's a good thing, right, 365 00:16:43,960 --> 00:16:46,280 Speaker 1: like maybe at least ten or that at the very 366 00:16:46,360 --> 00:16:48,640 Speaker 1: least was invested. But on the other hand, you know, 367 00:16:48,640 --> 00:16:50,480 Speaker 1: could you have maybe spent some of that money in 368 00:16:50,520 --> 00:16:53,360 Speaker 1: a way that kind of moved the needle for you emotionally, 369 00:16:53,440 --> 00:16:55,120 Speaker 1: you know, like that could have gone a long way, 370 00:16:55,480 --> 00:16:57,560 Speaker 1: maybe even as a sort of a morale boost. And 371 00:16:57,600 --> 00:16:59,680 Speaker 1: this is another one of these drawbacks that I kind 372 00:16:59,680 --> 00:17:02,320 Speaker 1: of straw with myself. Man. You know, it's easy for 373 00:17:02,320 --> 00:17:05,040 Speaker 1: for some to become obsessed with their personal finance and 374 00:17:05,080 --> 00:17:07,680 Speaker 1: you know, and their budgeting systems, the different spreadsheets that 375 00:17:07,680 --> 00:17:10,800 Speaker 1: they've created over the years that direct where their money goes. 376 00:17:11,440 --> 00:17:13,359 Speaker 1: Um But at the same time, they can also suck 377 00:17:13,400 --> 00:17:15,639 Speaker 1: the fun out of lots of other areas in our life, 378 00:17:15,800 --> 00:17:17,680 Speaker 1: you know. And it can also prevents you from being 379 00:17:17,680 --> 00:17:21,120 Speaker 1: more generous as well. There's lots of different personal drawbacks 380 00:17:21,160 --> 00:17:23,199 Speaker 1: that you know on the service you would say, oh, no, 381 00:17:23,240 --> 00:17:26,040 Speaker 1: that's important to me, But are you actually going to 382 00:17:26,080 --> 00:17:28,000 Speaker 1: do those things or are you slave to these systems 383 00:17:28,000 --> 00:17:29,879 Speaker 1: that you've created. I wanted to mention this one because 384 00:17:30,080 --> 00:17:32,960 Speaker 1: while oftentimes we do, you know, to how the benefits 385 00:17:33,000 --> 00:17:35,800 Speaker 1: of budgeting and creating these different systems, there can be 386 00:17:35,800 --> 00:17:37,720 Speaker 1: a dark side to it as well. Yeah, I think 387 00:17:38,000 --> 00:17:40,880 Speaker 1: we were made to run budgets, not to let budgets 388 00:17:40,960 --> 00:17:43,280 Speaker 1: run our lives, right, And I think that's kind of 389 00:17:43,280 --> 00:17:45,720 Speaker 1: what happens sometimes when we let it become too complex 390 00:17:45,760 --> 00:17:49,000 Speaker 1: and overbearing. Is we let the budget run us even 391 00:17:49,040 --> 00:17:51,040 Speaker 1: when we want to make shifts in our own lives. 392 00:17:51,080 --> 00:17:53,840 Speaker 1: Let's say we want to change jobs, we want to 393 00:17:54,080 --> 00:17:55,960 Speaker 1: work in a completely different sector, we want to start 394 00:17:56,000 --> 00:17:58,800 Speaker 1: our own business, and yet we have this rigid formula 395 00:17:59,040 --> 00:18:01,080 Speaker 1: that we have to max out a roth ira every year. 396 00:18:01,240 --> 00:18:02,679 Speaker 1: And you know what if I keep doing that I'm 397 00:18:02,720 --> 00:18:04,479 Speaker 1: not gonna be able to launch my own business. I'm 398 00:18:04,520 --> 00:18:06,440 Speaker 1: not gonna have the capital, the startup capital in order 399 00:18:06,480 --> 00:18:08,239 Speaker 1: to do that. And that would be a case right 400 00:18:08,280 --> 00:18:11,119 Speaker 1: where complexity gets in the way of the bigger, more 401 00:18:11,119 --> 00:18:13,320 Speaker 1: important goals that we have. And Matt, we just kind 402 00:18:13,359 --> 00:18:16,400 Speaker 1: of dogged on complexity a good bit. But the positive 403 00:18:16,400 --> 00:18:18,640 Speaker 1: side of that is simplicity. And there are so many 404 00:18:18,640 --> 00:18:21,359 Speaker 1: ways in which simplicity can be a huge benefit to 405 00:18:21,400 --> 00:18:24,480 Speaker 1: our personal finances. We'll get into some specific ways that's 406 00:18:24,520 --> 00:18:26,800 Speaker 1: the case, and then how to kind of create more 407 00:18:26,800 --> 00:18:29,119 Speaker 1: simplicity in your financial life. Let's get to that right 408 00:18:29,119 --> 00:18:39,520 Speaker 1: after the break. All right, Joe, we're back from the 409 00:18:39,520 --> 00:18:42,400 Speaker 1: break talking about money simplicity and how that breeds better results. 410 00:18:42,640 --> 00:18:44,359 Speaker 1: And I was just kind of dogging on myself for 411 00:18:44,440 --> 00:18:47,400 Speaker 1: having an overly complicated financial System's for my favorite parts 412 00:18:47,400 --> 00:18:50,679 Speaker 1: of the show when I talk about myself. You can 413 00:18:50,800 --> 00:18:52,720 Speaker 1: be like an American Injina Warrior when it comes to 414 00:18:53,000 --> 00:18:56,520 Speaker 1: your your budget and your personal finances. My self flagellation, well, 415 00:18:56,840 --> 00:18:59,760 Speaker 1: just your intensity out say maybe you know and for 416 00:19:00,040 --> 00:19:02,359 Speaker 1: us this cone opsal course of a budget that you 417 00:19:02,359 --> 00:19:04,480 Speaker 1: have to get through every every month. It's a good illustration. 418 00:19:04,520 --> 00:19:06,000 Speaker 1: It's a good thing we have like a counselor for 419 00:19:06,040 --> 00:19:08,000 Speaker 1: me after every episode of record, I kind of like 420 00:19:08,080 --> 00:19:09,760 Speaker 1: lift me back up, you know, out of the depths 421 00:19:09,760 --> 00:19:13,399 Speaker 1: that I lower myself into. And so while you know 422 00:19:13,440 --> 00:19:15,080 Speaker 1: the system though is good for us, I will say, 423 00:19:15,119 --> 00:19:17,040 Speaker 1: we've got to a place where that's fantastic and it's 424 00:19:17,040 --> 00:19:19,959 Speaker 1: great for us. Every penny has a name, like literally 425 00:19:20,000 --> 00:19:22,360 Speaker 1: every penny goes accounted for. But for most folks that's 426 00:19:22,400 --> 00:19:24,720 Speaker 1: not the case, especially if you're just getting started with 427 00:19:24,760 --> 00:19:27,199 Speaker 1: your personal finances. And so in that case, what we 428 00:19:27,200 --> 00:19:29,480 Speaker 1: would recommend, man is for those folks to have a 429 00:19:29,600 --> 00:19:31,880 Speaker 1: simple budget. You know, we talked about this back when 430 00:19:31,880 --> 00:19:35,560 Speaker 1: we discussed the best budgets for different personality types and 431 00:19:35,640 --> 00:19:38,160 Speaker 1: big picture, a simple budget is just gonna be way 432 00:19:38,160 --> 00:19:41,040 Speaker 1: better than no budget at all. So instead of no budget, 433 00:19:41,160 --> 00:19:44,520 Speaker 1: just simplify it to a basic eight twenty budget. Uh, 434 00:19:44,560 --> 00:19:47,200 Speaker 1: that's where of your money goes towards day to day 435 00:19:47,200 --> 00:19:50,359 Speaker 1: expenses and you're saving. Or you can even look to 436 00:19:50,520 --> 00:19:53,440 Speaker 1: a fifty thirty twenty budget. That's where fifty percent is 437 00:19:53,480 --> 00:19:57,960 Speaker 1: going towards needs, towards once and then you're putting towards retirement. 438 00:19:58,200 --> 00:19:59,800 Speaker 1: You know, just the goal here is to get you 439 00:20:00,160 --> 00:20:03,360 Speaker 1: moving in the right direction and to reduce any barriers 440 00:20:03,400 --> 00:20:06,159 Speaker 1: that might be keeping you from taking action altogether. We 441 00:20:06,240 --> 00:20:08,880 Speaker 1: talked about earlier how when things are overcomplicated, it keeps 442 00:20:08,880 --> 00:20:11,159 Speaker 1: you from taking those first steps to begin with. Well, 443 00:20:11,160 --> 00:20:13,359 Speaker 1: if that's you, they just look at a twenty budget. 444 00:20:13,400 --> 00:20:15,800 Speaker 1: I love the simplicity of that. How just make sure 445 00:20:15,880 --> 00:20:18,680 Speaker 1: that you're setting aside of your income and the rest 446 00:20:18,800 --> 00:20:20,199 Speaker 1: do what you want. You want to spend it all 447 00:20:20,240 --> 00:20:21,919 Speaker 1: on housing, Sure you want to, you know, have a 448 00:20:21,920 --> 00:20:24,000 Speaker 1: really nice car, that's fine. But as long as you 449 00:20:24,000 --> 00:20:26,680 Speaker 1: said aside that, that's an awesome start. Yeah, and it's 450 00:20:26,720 --> 00:20:29,640 Speaker 1: super simple, super easy to actually adhere to. Now, let's 451 00:20:29,640 --> 00:20:32,840 Speaker 1: talk about debt too, because that's something that can truly 452 00:20:32,880 --> 00:20:35,520 Speaker 1: complicate the financial picture of our lives. And you know, 453 00:20:35,560 --> 00:20:38,320 Speaker 1: we talk about the debt snowball versus the debt avalanche. 454 00:20:38,440 --> 00:20:41,160 Speaker 1: You know, we we did an episode all about how 455 00:20:41,200 --> 00:20:43,800 Speaker 1: you tackle your debt problem and which one of those 456 00:20:43,840 --> 00:20:45,719 Speaker 1: methods is better. And I think you and I ultimately 457 00:20:45,720 --> 00:20:48,199 Speaker 1: decided on the fact that whatever method you can stick to, 458 00:20:48,520 --> 00:20:51,119 Speaker 1: whichever one is simpler for you to implement, is actually 459 00:20:51,160 --> 00:20:53,640 Speaker 1: the best one right right. And on another note, when 460 00:20:53,640 --> 00:20:55,560 Speaker 1: it comes to debt, well, getting rid of your debt 461 00:20:55,600 --> 00:20:58,240 Speaker 1: as quickly as possible can be the other simple method. 462 00:20:58,359 --> 00:21:02,120 Speaker 1: I think sometimes we wave approach of investing versus paying 463 00:21:02,119 --> 00:21:04,440 Speaker 1: off debt. And the thing that we don't bring into 464 00:21:04,480 --> 00:21:06,959 Speaker 1: the picture is is that having that debt, well, it's 465 00:21:07,000 --> 00:21:09,160 Speaker 1: another bill to pay. It's something else weighing on your mind. 466 00:21:09,400 --> 00:21:11,280 Speaker 1: And Matt, when we had Andy Hill on the show 467 00:21:11,320 --> 00:21:13,320 Speaker 1: a while back, who is the host of the Marriage, 468 00:21:13,359 --> 00:21:15,400 Speaker 1: Kids of Money show, he talked about why he paid 469 00:21:15,400 --> 00:21:18,000 Speaker 1: off his mortgage in four years. Obviously he had this 470 00:21:18,080 --> 00:21:20,560 Speaker 1: just laser focus to getting rid of that mortgage debt, 471 00:21:20,600 --> 00:21:22,760 Speaker 1: like he didn't want to have any sort of debt 472 00:21:22,760 --> 00:21:25,959 Speaker 1: in his life. That's what he prioritized. And I understand 473 00:21:26,119 --> 00:21:29,320 Speaker 1: the motivation behind that. It's the simplicity in it, all right, 474 00:21:29,359 --> 00:21:32,240 Speaker 1: to not have any sort of bill do every single month? 475 00:21:32,520 --> 00:21:34,520 Speaker 1: How good does that feel? And there are so many 476 00:21:34,520 --> 00:21:36,840 Speaker 1: people in the personal finance space that would give Andy 477 00:21:36,880 --> 00:21:38,920 Speaker 1: a hard time for that decision. They would run the 478 00:21:39,000 --> 00:21:40,840 Speaker 1: numbers and they would say, well, here's how much more 479 00:21:40,880 --> 00:21:42,640 Speaker 1: your your net worth is going to be over ten 480 00:21:42,720 --> 00:21:45,320 Speaker 1: or twenty years by instead of paying off the mortgage 481 00:21:45,359 --> 00:21:48,480 Speaker 1: by investing the difference. And honestly, Andy's path is not 482 00:21:48,520 --> 00:21:50,600 Speaker 1: the path that I'm on, but I can appreciate it. 483 00:21:50,680 --> 00:21:53,000 Speaker 1: I can appreciate his desire for simplicity and how that 484 00:21:53,040 --> 00:21:56,040 Speaker 1: fueled his mission to crush that mortgage sooner. I just 485 00:21:56,040 --> 00:21:57,800 Speaker 1: think that's really cool, and that's something a lot of 486 00:21:57,840 --> 00:22:01,080 Speaker 1: people should at least take into consideration, because if simplicity 487 00:22:01,160 --> 00:22:03,800 Speaker 1: can actually move the ball forward, whereas the complex solution 488 00:22:03,840 --> 00:22:06,720 Speaker 1: feels a little more unapproachable, unattainable, then I would say, 489 00:22:06,760 --> 00:22:08,919 Speaker 1: go simple every day, all day. Yeah. And so if 490 00:22:08,960 --> 00:22:11,920 Speaker 1: you're finding yourself in that position, right, that's you don't 491 00:22:11,960 --> 00:22:15,080 Speaker 1: worry necessarily about juggling paying off debt and investing at 492 00:22:15,080 --> 00:22:17,840 Speaker 1: the same time. Focus on whatever is going to get 493 00:22:17,880 --> 00:22:20,240 Speaker 1: you moving, you know. And so in this case, pay 494 00:22:20,240 --> 00:22:22,160 Speaker 1: off that debt. Don't worry about investing at the same 495 00:22:22,200 --> 00:22:24,960 Speaker 1: time until you touched on actually paying off debt. Like 496 00:22:25,000 --> 00:22:27,000 Speaker 1: how to go about paying off debt? Well, this is 497 00:22:27,040 --> 00:22:30,040 Speaker 1: a huge argument in favor of the debt snowball approach. Right, 498 00:22:30,400 --> 00:22:33,159 Speaker 1: you could create a super complicated plan to your if 499 00:22:33,160 --> 00:22:35,440 Speaker 1: your debt by listening out what you owe, the interest rates, 500 00:22:35,480 --> 00:22:37,600 Speaker 1: the length of the term, maybe even trying to figure 501 00:22:37,640 --> 00:22:39,520 Speaker 1: out like how paying off certain debts are going to 502 00:22:39,560 --> 00:22:42,320 Speaker 1: impact your credit. But if you haven't gained any traction 503 00:22:42,480 --> 00:22:44,679 Speaker 1: with an approach like this, then maybe going with a 504 00:22:44,720 --> 00:22:47,560 Speaker 1: simple debt snowball is going to be better because regardless 505 00:22:47,560 --> 00:22:49,800 Speaker 1: of the interest rate, if you're focusing on, you know, 506 00:22:49,840 --> 00:22:52,040 Speaker 1: whatever debt is the smallest and you're able to move 507 00:22:52,080 --> 00:22:54,760 Speaker 1: forward and you kind of get that emotional high, well, 508 00:22:54,760 --> 00:22:56,560 Speaker 1: that's gonna spur you on to pay off that next 509 00:22:56,560 --> 00:22:58,960 Speaker 1: debt and that's going to allow you to to breed 510 00:22:59,119 --> 00:23:02,360 Speaker 1: better results. Yeah, it's one less paperless bill in your 511 00:23:02,359 --> 00:23:05,400 Speaker 1: email inbox, and it's one fewer piece of mental accounting 512 00:23:05,400 --> 00:23:07,720 Speaker 1: that you have to do because it's one fewer bill 513 00:23:07,800 --> 00:23:09,920 Speaker 1: that you have in your life. So I think you're right. 514 00:23:09,920 --> 00:23:12,080 Speaker 1: I mean I think that that if we're our desires 515 00:23:12,119 --> 00:23:14,679 Speaker 1: for simplicity in paying down debt, the debt snowball is 516 00:23:14,720 --> 00:23:17,800 Speaker 1: the best approach. Matt. Let's talk about to something else 517 00:23:17,840 --> 00:23:21,520 Speaker 1: that helps directly create simplification in our life, and that's automation. 518 00:23:21,720 --> 00:23:24,240 Speaker 1: And we dove deep into automation and how that impacts 519 00:23:24,240 --> 00:23:27,800 Speaker 1: your personal minuses back in episode one one and setting 520 00:23:27,840 --> 00:23:31,200 Speaker 1: up automatic four O one K contribution increases or direct 521 00:23:31,200 --> 00:23:33,680 Speaker 1: bill pay means that those financial tasks are gonna get 522 00:23:33,720 --> 00:23:35,840 Speaker 1: done without you having to think about it. So in 523 00:23:35,880 --> 00:23:38,199 Speaker 1: your attempts to make your financial life simpler, look to 524 00:23:38,240 --> 00:23:40,840 Speaker 1: automation as a big part of that process. I think 525 00:23:40,880 --> 00:23:44,359 Speaker 1: I specifically mentioned in that episode my super weird desire 526 00:23:44,400 --> 00:23:46,720 Speaker 1: to actually physically go in to the back end of 527 00:23:46,800 --> 00:23:50,600 Speaker 1: Vanguard and manually increase the amount that I'm investing. I 528 00:23:50,640 --> 00:23:52,800 Speaker 1: think I'm by far the exception to the rule in this, though. 529 00:23:52,840 --> 00:23:55,359 Speaker 1: I think most people should have it on autopilot for 530 00:23:55,520 --> 00:23:58,000 Speaker 1: simplicity and for the fact that it's actually gonna get 531 00:23:58,000 --> 00:24:00,359 Speaker 1: done if they let an algorithm take are of that 532 00:24:00,440 --> 00:24:02,840 Speaker 1: increase as opposed to trying to manually do it every 533 00:24:02,840 --> 00:24:05,760 Speaker 1: so often. And another way, man, that we can simplify 534 00:24:05,760 --> 00:24:08,920 Speaker 1: our money even more is to have fewer accounts with 535 00:24:09,080 --> 00:24:11,800 Speaker 1: the different companies in our lives. And the byproduct of 536 00:24:11,840 --> 00:24:14,080 Speaker 1: this means that, like you need less apps on your phone, 537 00:24:14,480 --> 00:24:16,840 Speaker 1: uh and there aren't as many passwords to remember, which 538 00:24:16,880 --> 00:24:19,879 Speaker 1: is definitely something that comes as a benefit, right Gosh, 539 00:24:19,880 --> 00:24:22,200 Speaker 1: I hate remembering passwords, and I know they have those 540 00:24:22,240 --> 00:24:24,520 Speaker 1: password apps. I should probably give one of them a 541 00:24:24,560 --> 00:24:27,040 Speaker 1: shot like dash Lane, right, Yeah, Actually, you know what 542 00:24:27,040 --> 00:24:30,000 Speaker 1: we should actually devote and maybe an entire show to that. Well, 543 00:24:30,040 --> 00:24:32,200 Speaker 1: I should devote my life actually getting one of those. 544 00:24:32,560 --> 00:24:34,360 Speaker 1: That's because I know all of your passwords were the same. 545 00:24:36,040 --> 00:24:38,520 Speaker 1: I have like two passwords I've ascalated between. You might 546 00:24:38,560 --> 00:24:41,000 Speaker 1: be one of those guys at least it's not password 547 00:24:41,040 --> 00:24:43,680 Speaker 1: one or something like that. But the benefit of consolidating 548 00:24:43,720 --> 00:24:45,640 Speaker 1: and into fewer companies, though, is that you can see 549 00:24:45,640 --> 00:24:48,639 Speaker 1: more of your information. Anytime I'm able to streamline and 550 00:24:48,680 --> 00:24:50,639 Speaker 1: reduce the number of accounts that I have did I'm 551 00:24:50,720 --> 00:24:53,199 Speaker 1: all for that. But even still, if you feel the 552 00:24:53,280 --> 00:24:56,000 Speaker 1: need for maybe some different accounts to help you do 553 00:24:56,080 --> 00:24:58,879 Speaker 1: better at saving for maybe a specific goal. But then 554 00:24:58,880 --> 00:25:00,360 Speaker 1: you can look to a bank like our I They've 555 00:25:00,359 --> 00:25:03,159 Speaker 1: got these different savings buckets that you create within the 556 00:25:03,200 --> 00:25:05,840 Speaker 1: savings account. It's really sweet, really easy to set up. 557 00:25:06,000 --> 00:25:07,800 Speaker 1: That's a great way for you to have some of 558 00:25:07,840 --> 00:25:11,000 Speaker 1: that differentiation, some of that detail while also just having 559 00:25:11,040 --> 00:25:13,240 Speaker 1: a single account. Do you have a bucket, uh set 560 00:25:13,280 --> 00:25:15,840 Speaker 1: up directly for my birthday present that you're saving for. 561 00:25:16,400 --> 00:25:18,640 Speaker 1: Well that this kind of goes contrary to a simplification. 562 00:25:19,080 --> 00:25:22,359 Speaker 1: But I do have a bucket that's labeled birthdays forward 563 00:25:22,359 --> 00:25:26,520 Speaker 1: slash parties. I think you had one more forward slash job, 564 00:25:26,600 --> 00:25:28,760 Speaker 1: Joel as well, like you deserve your your own title 565 00:25:28,960 --> 00:25:30,639 Speaker 1: within that bucket. I mean, I think so well for you, 566 00:25:30,680 --> 00:25:32,679 Speaker 1: maybe I'll just open up an entirely new account now 567 00:25:32,920 --> 00:25:34,879 Speaker 1: that's what I'm talking about them better for you. That 568 00:25:34,960 --> 00:25:37,040 Speaker 1: might be too complex, but but I agree, I think 569 00:25:37,080 --> 00:25:39,520 Speaker 1: the savings buckets in the back end of ally are 570 00:25:39,640 --> 00:25:43,160 Speaker 1: pretty sweet. Another example of having fewer accounts with fewer 571 00:25:43,160 --> 00:25:45,400 Speaker 1: companies might be having fewer credit cards. And I think 572 00:25:45,440 --> 00:25:48,399 Speaker 1: having to credit cards can kind of help people maximize 573 00:25:48,440 --> 00:25:50,440 Speaker 1: most of the rewards they're seeking while at the same 574 00:25:50,480 --> 00:25:53,200 Speaker 1: time not over complicating finances and not having too many 575 00:25:53,240 --> 00:25:56,000 Speaker 1: pieces of plastic in their wallet, which also the complexity 576 00:25:56,040 --> 00:25:58,520 Speaker 1: of having too many credit cards can get you into trouble, right, 577 00:25:58,600 --> 00:26:01,520 Speaker 1: So so that's one area if if trying to open 578 00:26:01,600 --> 00:26:03,480 Speaker 1: up new credit cards and get the sign up bonuses, 579 00:26:03,680 --> 00:26:06,119 Speaker 1: which I love, I know you do, yeah, but for 580 00:26:06,160 --> 00:26:09,520 Speaker 1: so many people it just becomes too much, right, It's overwhelming, 581 00:26:09,680 --> 00:26:11,800 Speaker 1: And so yeah, something that that is good on the 582 00:26:11,800 --> 00:26:15,080 Speaker 1: surface becomes overwhelming to you and it's just not worth it. Yeah, 583 00:26:15,080 --> 00:26:17,120 Speaker 1: but that Chase the Fire sign up bonus so good. 584 00:26:17,320 --> 00:26:20,919 Speaker 1: It's so good. It's the big fan. So, Matt, I 585 00:26:20,920 --> 00:26:23,640 Speaker 1: think at this point in the show, people should consider 586 00:26:23,720 --> 00:26:27,680 Speaker 1: giving themselves a list of of super simple money tasks, right, 587 00:26:27,680 --> 00:26:29,919 Speaker 1: maybe one a day for a month, or even just 588 00:26:30,119 --> 00:26:33,160 Speaker 1: one a week, whatever you can handle, right, but focus 589 00:26:33,200 --> 00:26:36,159 Speaker 1: on achievable tasks that move you in the direction of 590 00:26:36,200 --> 00:26:39,120 Speaker 1: simplifying your finances. It's important to have like this sense 591 00:26:39,119 --> 00:26:42,120 Speaker 1: of accomplishment along the road, right. Even if the immediate 592 00:26:42,119 --> 00:26:45,240 Speaker 1: financial impact is small, the effect that it has on 593 00:26:45,320 --> 00:26:48,400 Speaker 1: you mentally is huge. So the next step in battling 594 00:26:48,440 --> 00:26:52,200 Speaker 1: complexity and embracing simplicity is to have those simple money 595 00:26:52,200 --> 00:26:54,159 Speaker 1: tasks that you can set out to accomplish in a 596 00:26:54,240 --> 00:26:57,800 Speaker 1: reasonable timeframe. And these are these really daunting tasks, man, 597 00:26:57,840 --> 00:27:00,159 Speaker 1: We're talking about these tiny, little, bite sized tasks. Like 598 00:27:00,160 --> 00:27:02,920 Speaker 1: we're talking about cutting maybe some of those streaming services 599 00:27:02,920 --> 00:27:05,400 Speaker 1: that you don't even use anymore. Maybe you can start 600 00:27:05,400 --> 00:27:08,760 Speaker 1: to you know, track your spending with Mint, go ahead 601 00:27:08,760 --> 00:27:10,720 Speaker 1: and sign up for that account. But then after that 602 00:27:10,800 --> 00:27:12,760 Speaker 1: you can move maybe to some of these slightly larger 603 00:27:12,760 --> 00:27:15,119 Speaker 1: tasks like switching banks, if you haven't opened an online 604 00:27:15,160 --> 00:27:17,960 Speaker 1: account yet. If you can start doing these things, you'll 605 00:27:18,000 --> 00:27:20,919 Speaker 1: be setting yourself up for success with this kind of 606 00:27:20,920 --> 00:27:24,320 Speaker 1: initiative by focusing on those achievable tasks. Yeah, and that 607 00:27:24,359 --> 00:27:27,000 Speaker 1: would be like a simple Google doc of simple money 608 00:27:27,080 --> 00:27:29,639 Speaker 1: tasks that you want to accomplish. Sit down at your computer, 609 00:27:29,800 --> 00:27:31,640 Speaker 1: if you have a partner, sit down with them and 610 00:27:31,760 --> 00:27:35,080 Speaker 1: create a task list together that feels easy enough to 611 00:27:35,119 --> 00:27:38,080 Speaker 1: accomplish in in a reasonable time frame, because that's what's 612 00:27:38,080 --> 00:27:40,440 Speaker 1: going to actually make it happen. Set calendar reminders too, 613 00:27:40,480 --> 00:27:42,520 Speaker 1: if that, If that's helpful in the process. And I 614 00:27:42,520 --> 00:27:45,120 Speaker 1: think it's helpful to to realize that getting your money 615 00:27:45,160 --> 00:27:47,720 Speaker 1: in a good place it's not a series of heavy lists. 616 00:27:47,720 --> 00:27:49,280 Speaker 1: I think it feels like that from the outside. It 617 00:27:49,280 --> 00:27:51,480 Speaker 1: feels like that when you're getting started. But getting good 618 00:27:51,480 --> 00:27:54,000 Speaker 1: with money is actually a lot of really small, simple 619 00:27:54,040 --> 00:27:56,640 Speaker 1: moves that grow in importance over time. Right, These are 620 00:27:56,720 --> 00:27:59,800 Speaker 1: simple tasks that all of us can perform, and each 621 00:28:00,000 --> 00:28:02,760 Speaker 1: and we implement well. It grows our confidence that we 622 00:28:02,840 --> 00:28:04,560 Speaker 1: are handling our money in a smart way and that 623 00:28:04,640 --> 00:28:07,080 Speaker 1: we can pay off that debt, grow our savings, and 624 00:28:07,119 --> 00:28:09,639 Speaker 1: increase our net worth. So let's get rid of complexity 625 00:28:09,680 --> 00:28:12,760 Speaker 1: embrace simplicity, knowing that the simple approach is actually gonna 626 00:28:12,880 --> 00:28:14,960 Speaker 1: cause us to avoid a lot of headache. It's gonna 627 00:28:15,000 --> 00:28:18,440 Speaker 1: cause us to obsess less over our finances over time. Well, 628 00:28:18,480 --> 00:28:20,960 Speaker 1: also so much in the financial realm, when it comes 629 00:28:20,960 --> 00:28:23,720 Speaker 1: down to it, the simple choice is often the better choice. Yeah, 630 00:28:23,800 --> 00:28:25,080 Speaker 1: you know, kind of what we're talking about here is 631 00:28:25,080 --> 00:28:27,959 Speaker 1: behavior modification, right. The goal isn't necessarily to keep things 632 00:28:28,000 --> 00:28:30,639 Speaker 1: simple forever, because over time, like things do, tend to 633 00:28:30,680 --> 00:28:33,520 Speaker 1: get a little more complicated in detailed. But by then 634 00:28:33,600 --> 00:28:36,520 Speaker 1: you'll have gained some of the experience that's needed to understand, 635 00:28:36,640 --> 00:28:38,800 Speaker 1: you know, what will and what won't work for you. 636 00:28:39,040 --> 00:28:41,440 Speaker 1: If you can start with those heavier lifts, those more 637 00:28:41,520 --> 00:28:44,160 Speaker 1: daunting tasks, uh, the more power to you, But for 638 00:28:44,240 --> 00:28:47,640 Speaker 1: everyone else, starting from a place of understanding can get 639 00:28:47,680 --> 00:28:50,760 Speaker 1: you moving in the right direction while keeping a balanced 640 00:28:50,760 --> 00:28:54,360 Speaker 1: life and avoiding some of those costly mistakes along the way. Yeah, Matt, 641 00:28:54,440 --> 00:28:57,800 Speaker 1: simplicity so underrated so much of the time, and in 642 00:28:57,800 --> 00:28:59,840 Speaker 1: particular when it comes to how we handle our money. 643 00:29:00,080 --> 00:29:03,040 Speaker 1: Such a hidden little gym. Simplification it is, it is, 644 00:29:03,280 --> 00:29:05,040 Speaker 1: And yeah, so hopefully this was encouraging for a lot 645 00:29:05,080 --> 00:29:07,920 Speaker 1: of people out there who think personal finances need to 646 00:29:07,960 --> 00:29:10,320 Speaker 1: be complex. It's not a subject that needs a ton 647 00:29:10,320 --> 00:29:12,480 Speaker 1: of complexity. So much of what you need to know 648 00:29:12,600 --> 00:29:15,320 Speaker 1: breaks down to just a couple easy rules to understand. 649 00:29:15,640 --> 00:29:18,360 Speaker 1: The simplest of which to understand is don't spend more 650 00:29:18,480 --> 00:29:21,960 Speaker 1: than you make. Right. So that's the absolutely most simplified 651 00:29:21,960 --> 00:29:24,200 Speaker 1: basic version of personal finance. Right there, A nice little 652 00:29:24,280 --> 00:29:26,560 Speaker 1: final maxim to end on. All right, man, let's switch 653 00:29:26,560 --> 00:29:28,720 Speaker 1: it back to the beer. This episode, we enjoyed a 654 00:29:28,840 --> 00:29:32,000 Speaker 1: Scorpius Morchella. This is a double I p A from 655 00:29:32,440 --> 00:29:35,720 Speaker 1: Toppling Goliath out of Decorah, Iowa, Man, what were your 656 00:29:35,720 --> 00:29:37,720 Speaker 1: thoughts on this beer? All right? So I was getting 657 00:29:37,720 --> 00:29:40,680 Speaker 1: that tingly hop sensation math that you mentioned sometimes when 658 00:29:40,680 --> 00:29:42,840 Speaker 1: it comes to fresh hops. I think it had a 659 00:29:42,920 --> 00:29:45,200 Speaker 1: little bit of tangerine, a little bit of pineapple notes, 660 00:29:45,640 --> 00:29:48,760 Speaker 1: and that touch of sweetness because double I pas often 661 00:29:48,760 --> 00:29:50,760 Speaker 1: have a little more sweetness than than just a single 662 00:29:50,800 --> 00:29:52,880 Speaker 1: I p A. And this one brought some good sweetness, 663 00:29:53,000 --> 00:29:54,680 Speaker 1: but it wasn't overly sweet. It kind of hit that 664 00:29:54,680 --> 00:29:56,800 Speaker 1: that perfect note. And so, yeah, I really like this one. 665 00:29:56,840 --> 00:29:58,880 Speaker 1: If I had to compare it to the the other 666 00:29:58,880 --> 00:30:01,560 Speaker 1: one from Toppling Goliathe that we had on Monday's episode, 667 00:30:01,560 --> 00:30:03,880 Speaker 1: the Pseudo su I think I picked the pseudo suit 668 00:30:03,920 --> 00:30:06,680 Speaker 1: over the Yeah, but but this one was really tasty 669 00:30:06,680 --> 00:30:09,280 Speaker 1: to the see was a really good beer. Yeah, this 670 00:30:09,360 --> 00:30:11,360 Speaker 1: is a different beast. This was a double I p A. 671 00:30:11,640 --> 00:30:13,680 Speaker 1: And with a double a lot of times you get 672 00:30:13,720 --> 00:30:15,560 Speaker 1: really bold flavors, and I feel like that's what this 673 00:30:15,600 --> 00:30:17,520 Speaker 1: beer is delivering. I feel like it's got a nice 674 00:30:17,520 --> 00:30:19,120 Speaker 1: hot punch, so am I telling it kind of has 675 00:30:19,120 --> 00:30:21,239 Speaker 1: a touch of that kind of blue cheese funkiness going on, 676 00:30:21,840 --> 00:30:24,960 Speaker 1: which actually really enjoy even though it sounds weird every 677 00:30:24,960 --> 00:30:27,680 Speaker 1: time I say it out loud. But I also saw 678 00:30:27,680 --> 00:30:30,520 Speaker 1: on the can that they brew this beer every spring 679 00:30:30,560 --> 00:30:33,680 Speaker 1: to celebrate when the brewery takes off and they all 680 00:30:33,680 --> 00:30:37,480 Speaker 1: go moral hunting, like mushroom hunting. Yeah, which is super cool. 681 00:30:37,800 --> 00:30:39,760 Speaker 1: I saw that on there while we're recording this episode, 682 00:30:39,880 --> 00:30:41,800 Speaker 1: and it made me so happy inside. I can just 683 00:30:41,840 --> 00:30:44,120 Speaker 1: picture the whole brewery shutting down and then like venturing 684 00:30:44,120 --> 00:30:46,840 Speaker 1: out into the woods trying to find these wild mushrooms 685 00:30:46,840 --> 00:30:48,640 Speaker 1: with their little canvas sacks. Is that is that what 686 00:30:48,680 --> 00:30:50,920 Speaker 1: you put mushrooms in. It feels appropriate, right, That's what 687 00:30:50,960 --> 00:30:52,760 Speaker 1: I would put mushrooms in. But it just makes me 688 00:30:52,920 --> 00:30:55,600 Speaker 1: feel good about the kind of community that they fostered 689 00:30:55,600 --> 00:30:57,840 Speaker 1: there within their brewery, even if it is just for 690 00:30:57,880 --> 00:30:59,640 Speaker 1: marketing purposes. I don't know if it's true or not, 691 00:31:00,760 --> 00:31:02,920 Speaker 1: but I've got nothing but great things to say about 692 00:31:02,960 --> 00:31:05,880 Speaker 1: Top Link Lithe They're great, and we are incredibly appreciative 693 00:31:05,880 --> 00:31:08,520 Speaker 1: of Kelsey for sitting this one our way. Yeah, thanks Kelsey. 694 00:31:08,640 --> 00:31:10,760 Speaker 1: All right, Matt, that's gonna do it for this episode. 695 00:31:10,760 --> 00:31:12,840 Speaker 1: For folks that want show notes, they can go to 696 00:31:13,120 --> 00:31:15,880 Speaker 1: our website how to Money dot com. That's right, man, 697 00:31:15,920 --> 00:31:18,160 Speaker 1: And I want to take one second as well, and 698 00:31:18,200 --> 00:31:19,920 Speaker 1: just to think all of our listeners out there. We 699 00:31:20,040 --> 00:31:23,560 Speaker 1: have amazing listeners who not only help each other out 700 00:31:23,680 --> 00:31:25,360 Speaker 1: when it comes to their money, you know, like there's 701 00:31:25,400 --> 00:31:28,520 Speaker 1: folks in the Facebook group answering each other's questions, making recommendations, 702 00:31:28,520 --> 00:31:30,920 Speaker 1: looking out for each other. But we're just appreciative of 703 00:31:30,960 --> 00:31:33,440 Speaker 1: all of our listeners out there who have subscribed to 704 00:31:33,480 --> 00:31:36,000 Speaker 1: the show, and so I wanted to just say thank you. Right, 705 00:31:36,120 --> 00:31:38,120 Speaker 1: Joel and I, we couldn't do this show. We couldn't 706 00:31:38,120 --> 00:31:41,080 Speaker 1: have this podcast without all of our devoted listeners out there, 707 00:31:41,640 --> 00:31:44,760 Speaker 1: so we appreciate you completely agree. Man, got the best 708 00:31:44,760 --> 00:31:46,720 Speaker 1: listeners out there, that's for sure. All Right, Matt, that's 709 00:31:46,720 --> 00:31:50,040 Speaker 1: going to be it until next time. Best friends out, 710 00:31:50,240 --> 00:32:02,360 Speaker 1: best friends out, don't bo