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

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Speaker 1: Today we're answering your listener questions.

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Speaker 2: Dude, dang it, we did not do anything special. This

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Speaker 2: is our seventh hundred, seven hundredth episode of How to

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Speaker 2: Money and a total missed opportunity to do something special.

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Speaker 1: It's not that special. We'll celebrate when we get the

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Speaker 1: seven thousand all right, Uh, definitely when we hit how

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Speaker 1: about one thousand? Okay, that'll be.

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Speaker 2: If we get up so hopefully a thousand episodes. Dude,

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Speaker 2: that's crazy, honestly, but what better way to commemorate and

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Speaker 2: celebrate the fact that we've recorded seven hundred episodes then

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Speaker 2: to help listeners point them in the right direction, hopefully

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Speaker 2: get them to make some wise decisions. That's what we're

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Speaker 2: going to be doing today.

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Speaker 1: We've got a roll every day, but specifically, yeah, five

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Speaker 1: questions today every episode, but there's all there's five specific

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Speaker 1: individuals who it feels like we're directly reaching out to

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Speaker 1: a listeners.

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Speaker 2: She's wondering if the home warranty that she has, whether

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Speaker 2: or not it's worth it. Another listener is wondering if

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Speaker 2: he should focus on paying down the mortgage because his

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Speaker 2: interest rate is not so great. And another listener she

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Speaker 2: is looking for some marketing tips. She is looking to

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Speaker 2: ramp up the side hustle, the side business into something

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Speaker 2: that can generate a little more income for her.

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Speaker 1: So we got some.

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Speaker 2: Thoughts there as well, plus a couple others today for sure.

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Speaker 1: All right, but before we get into those listener questions, Pat,

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Speaker 1: I wanted to mention one thing real quick. Well, I

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Speaker 1: got a shocking text from a tenant who apparently the

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Speaker 1: ceiling just collapsed in in one of the bedrooms. Fortunately

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Speaker 1: nobody was in there, but you're shocking to me. This

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Speaker 1: is the house I used to live in back in

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Speaker 1: the day too. I used to be my bedroom. Was

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Speaker 1: it actually no, it was the second second bedroom, the

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Speaker 1: guest bedroom. We never had any kiddos in there either,

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Speaker 1: so like, nobody was in but it was.

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Speaker 2: You showed me the photo.

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Speaker 1: I couldn't.

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Speaker 2: It looked like a bomb went off the attic. I know,

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Speaker 2: because the like I don't. It doesn't make any sense.

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Speaker 2: All the drywall is just like just fell down.

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Speaker 1: You go everywhere. It's not like there was a water

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Speaker 1: leak or anything like that that softened the ceiling. It's

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Speaker 1: just one of those random occurrences. But this is I

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Speaker 1: just wanted to put this out there one and not

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Speaker 1: fun for the landlord or a tendant to deal with,

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Speaker 1: just money that goes out the window to make these repairs,

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Speaker 1: because that's what needs to happen in this case. But

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Speaker 1: it made me think I'll just leave it be like, oh,

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Speaker 1: you've got a multi ceiling, Yeah, you'll be fine. Just

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Speaker 1: just clean it up and get you know, stop complaining. Well,

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Speaker 1: But the other thing I wanted to mention, I think

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Speaker 1: that they can make sense or a way they can

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Speaker 1: help everybody else is, man, if you're a tenant, get

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Speaker 1: renters insurance because it's not just in case of like

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Speaker 1: a house fire. And I don't know if he's going

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Speaker 1: to make a claim. It doesn't seem like any of

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Speaker 1: his stuff was really Damage's probably more of a mess,

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Speaker 1: yeah than the inconvenience, right, and that's on that's on

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Speaker 1: me to clean that up, right for sure. But let's

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Speaker 1: say do it, dude. Let's say he had some some

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Speaker 1: of his prize prize possessions in that room and the

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Speaker 1: collapse ceiling and the subsequent fallout from from it really

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Speaker 1: cost him a lot of money. Yeah, he could have

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Speaker 1: had a van go laying there on the bed facing

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Speaker 1: up exactly, think could have gotten really and that's when

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Speaker 1: you're gonna want to make that claim and make the

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Speaker 1: insurance company pay your fault. Buddy, right, don't let that happen. Well,

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Speaker 1: And I think a lot of tenants think, oh, that's

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Speaker 1: on the landlord then, but no for your exactly. And

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Speaker 1: so these are the kind of freak things that do

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Speaker 1: happen from time to time. And since Renter's insurance is

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Speaker 1: so dirt cheap most of the time, about the cost

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Speaker 1: of a Netflix subscription, it's you're gonna want to have

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Speaker 1: it just in case. Hopefully Silly doesn't collapse into your place.

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Speaker 1: Hopefully your apartment or house or whatever doesn't go up

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Speaker 1: in flames, which would be even worse. That's when it

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Speaker 1: would come in even more handy. But still you're going

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Speaker 1: you're gonna want to have it totally.

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Speaker 2: Man. Man, I'm just kind of waiting for the other

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Speaker 2: shoot to drop. I feel like you've had a string

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Speaker 2: of bad things happen at real estate, at properties that

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Speaker 2: you know, and I'm just like, oh my gosh, Like,

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Speaker 2: when's all the bad stuff gonna start happening to me?

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Speaker 2: I hope it doesn't happen. I feel like I've had.

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Speaker 1: Don't you curse me, Joel. Maybe not like Joe Blake.

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Speaker 1: That might be overstating it. But there's been a lot

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Speaker 1: of stuff that's happened in the last year. It's been

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Speaker 1: a few things I've talked about, the car accident, the

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Speaker 1: tree falling through my roof, and then this kind of

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Speaker 1: thing happened around Roberty's. It feels like a lot sometimes.

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Speaker 2: Yeah, well you can drown, not drown your sorrows with beer,

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Speaker 2: but it is it makes everything better to enjoy a

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Speaker 2: craft beer. That's what we do every episode. And this

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Speaker 2: is another one from Halfway Crooks Beer. This one is

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Speaker 2: called Data Loss. It's an American pale Ale really excited

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Speaker 2: about this one, and we will share our thoughts at

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Speaker 2: the end of the episode for sure.

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Speaker 1: But let's move on to listener questions now, Matt and

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Speaker 1: if you are out there listening and you're like, I've

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Speaker 1: got a money question I'd love Matt and Joel to tackle, well,

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Speaker 1: just go to howdomoney dot com slash ask. You'll see

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Speaker 1: the simple instructions there so you can submit record and

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Speaker 1: submit a voice memo to us and hopefully we'll take

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Speaker 1: it on the next ask Hteam episode.

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Speaker 2: Absolutely, and by the way, including from listeners who have

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Speaker 2: submitted questions previously where we've answered them on the show.

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Speaker 2: Somebody emailed us recently and was like, hey, you remember me.

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Speaker 2: You actually answered one of my questions, and he was

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Speaker 2: emailing with us, and we're like, by the way, actually

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Speaker 2: send us another voice memoent because that would also be.

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Speaker 1: A fun one to tackle. You're not limited to one exactly, Yeah,

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Speaker 1: it kind of.

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Speaker 2: I mean, honestly, the more variety, the more fun it

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Speaker 2: is for us. Yeah, hopefully we're helping folks, but it's

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Speaker 2: also fun for us, and this is our podcast that

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Speaker 2: we get to enjoy what it is that we do.

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Speaker 1: Yeah, and so let's get to the first one. Math

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Speaker 1: though this one specifically, this one's fascinating because it's about

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Speaker 1: paying off a mortgage early. But there's also a fascinating

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Speaker 1: twist to this question too.

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Speaker 3: Hey guys, this has been from Grand Rapids. So I

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Speaker 3: have a quick question. My wife and I just recently,

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Speaker 3: about three months ago, got our first ever house and

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Speaker 3: we love it a ton, but our mortgage rate is

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Speaker 3: seven point one two five, so it was a great

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Speaker 3: house we wanted it, and the market this is just

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Speaker 3: where was that when we were buying the house. So anyway,

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Speaker 3: we have no other debts. We have about six months

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Speaker 3: worth of expenses and an emergency fund, and we're maxing

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Speaker 3: out our ross and company matches and everything. So the

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Speaker 3: question ultimately is do we just pay down the mortgage

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Speaker 3: as quickly as possible, considering we have such a bad

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Speaker 3: rate until it drops, or do we try and somewhat

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Speaker 3: arbitrage the difference there and invest all of our extra

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Speaker 3: cash back into the S and P five hundred, So

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Speaker 3: assuming it's ten, that'd be about a three percent difference.

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Speaker 3: But we have a guaranteed seven point one two five

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Speaker 3: mortgage right now. So the only other caveat to this

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Speaker 3: is our credit union actually gives back a rebate on

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Speaker 3: the interest at the end of the year. So last

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Speaker 3: year was about forty percent. We have no idea what

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Speaker 3: it's going to be this year in all future years,

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Speaker 3: but that is something to consider. So curious what you

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Speaker 3: guys are thinking. Again, we don't have any debts, We

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Speaker 3: don't have really anywhere our money needs to go other

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Speaker 3: than you know, enjoying some trips, probably before.

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Speaker 2: We have kids.

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Speaker 3: But we yeah, we we are trying to figure out

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Speaker 3: exactly what makes the most sense for us with these numbers.

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Speaker 2: Thanks well, Ben, going on some trips, man, I like

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Speaker 2: the way that sounds because it seems that y'all are

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Speaker 2: doing a great job with the rest of your money

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Speaker 2: and a thing going on vccasion. Doing some traveling before

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Speaker 2: you have kids is an excellent idea. This is coming

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Speaker 2: from somebody who just recently when we went to Scotland,

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Speaker 2: went on my first international trip since we had kids.

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Speaker 2: I guess got pregnant, so eleven years ago.

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Speaker 1: Yeah, yeah, I knowed. It becomes a lot harder once

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Speaker 1: kids hit. You might be taking a decade off, So

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Speaker 1: get him in now.

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Speaker 2: It's actually so it's not impossible, as we'll actually talk

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Speaker 2: about this on the podcast next week, so you can

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Speaker 2: look forward to that episode that interview. But congrats been

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Speaker 2: on purchasing your first house there. Even though the mortgage

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Speaker 2: rates aren't what they used to be, it's still worth

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Speaker 2: celebrating this massive milestone. And you know, I think it's

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Speaker 2: worth taking a minute to highlight the fact that we

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Speaker 2: don't always make big decisions in life because they make

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Speaker 2: the most financial sense. Sometimes you purchase a home, even

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Speaker 2: when the mortgage rates are near twenty your eyes, simply

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Speaker 2: because you want to do that right, because you love

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Speaker 2: a neighborhood, because you know that you're gonna be there

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Speaker 2: for a decade, and you know because for you, this

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Speaker 2: is a personal goal of yours. So we would say,

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Speaker 2: try not to let that hamper your feelings and enjoyment

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Speaker 2: of that house. Make sure you trace some good parties here,

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Speaker 2: enjoy it to the max.

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Speaker 1: Well, the same thing is true of having kids, Like

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Speaker 1: if you wouldn't have kids if you were just basing

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Speaker 1: everything on financial reasons, but there's a whole lot of other

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Speaker 1: reasons to procreate.

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Speaker 2: Which and Ben it sounds like that kids are in

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Speaker 2: the future for them anyway. So I think I feel

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Speaker 2: like Ben's he's got his head.

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Speaker 1: In the right place. We don't have to like Twist's armors. No, Yeah,

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Speaker 1: they're already going down that path. Well, let's specifically talk

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Speaker 1: about Ben's question about refinancing, and it's like, we don't

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Speaker 1: really know where mortgage rates are headed. We know where

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Speaker 1: they've been and that they're not nearly as generous as

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Speaker 1: they were a couple of years ago. Rates have gone

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Speaker 1: up now in the seven percent range. And there's this

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Speaker 1: phrase math that I've heard a lot more of, marry

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Speaker 1: the home, date the rate, And there's something helpful about

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Speaker 1: the realtors fate new fair rate, and it's there a

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Speaker 1: way of basically trying to tell people, hey, guess what,

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Speaker 1: buy this home. You'll always be able to refinance down

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Speaker 1: the road and it's going to lower your payment, and

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Speaker 1: so as long as you like the house, then the

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Speaker 1: rate isn't really that big of a deal. You might

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Speaker 1: not have it all that long. And that is kind

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Speaker 1: of helpful, but not really right, because it's one perspective

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Speaker 1: of many yes. I would say yes, and so like

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Speaker 1: it is true that you might be able to refinance

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Speaker 1: and lower those payments in the future maybe, but hoping

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Speaker 1: for a refinance and banking on it are two different things.

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Speaker 1: And so I think potential home buyers need to need

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Speaker 1: to know that they're able to afford the current monthly

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Speaker 1: payment as it stands when they're buying a home. They

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Speaker 1: shouldn't get talked into buying a house they're not ready

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Speaker 1: for because their realtor is forecasting lower rates next year

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Speaker 1: and it would be nice, it would be nice, and

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Speaker 1: I think that will come true at some point for people,

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Speaker 1: rates will in all likelihood go down some will they

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Speaker 1: ever get back into the two point seventy five percent range.

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Speaker 1: I don't know. I'm no, I don't have any prognostications.

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Speaker 2: Killed I'm not gonna make any yeah, any predictions.

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Speaker 1: But when you hear that phrase, it sounds nice and

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Speaker 1: you're like, oh, yeah, okay, But the truth is there

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Speaker 1: are other great houses out there too, and so don't

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Speaker 1: don't let that that phrase twist you into thinking, yeah,

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Speaker 1: I can buy a home because I'll always be able

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Speaker 1: to get a lower rate in the future, which will

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Speaker 1: lower my pants.

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Speaker 2: And you just never know, yeah, and you never know

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Speaker 2: where rates are gonna where rates are headed. The fact is,

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Speaker 2: when you are talking to a realtor, the incentive structure

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Speaker 2: is such that they don't get paid unless you buy

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Speaker 2: a home. And so not again, I know there are

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Speaker 2: great realtors out there and lots of them, lots of them,

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Speaker 2: and they are trying, you know, they're trying to make

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Speaker 2: help their clients make the best decisions, you know, for

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Speaker 2: them and their fancies. But it ultimately comes down to

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Speaker 2: you and what you are willing to saddle yourself with,

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Speaker 2: you and your family.

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Speaker 1: Yeah, they're also not privy to your budget typically exactly. Yeah.

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Speaker 2: By the way, then this credit union rebate that you

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Speaker 2: mentioned is incredible, that's the twist.

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Speaker 1: I mensied. Yeah, yeah, it's like but I've never heard

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Speaker 1: of this. It's like a wild card essentially. It really

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Speaker 1: changes things here.

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Speaker 2: But Ben's credit union, they've literally given back forty percent

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Speaker 2: of interest paid for the past few years. And this

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Speaker 2: is something that would never happen with a bank. That's honestly,

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Speaker 2: it's just another reason to strongly look to a credit

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Speaker 2: union for your major borrowing needs. The reason that credit

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Speaker 2: unions are able to offer incredibly generous perks like this

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Speaker 2: is because the organization it exists to serve their members,

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Speaker 2: and you quite literally, like you pay a due anywhere

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Speaker 2: like five bucks to I've seen listed out twenty five

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Speaker 2: dollars sometimes, which allows you to basically join this club.

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Speaker 2: And that is in start contrast to banks, which exists

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Speaker 2: to create a profit for their their owners or their shareholders.

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Speaker 2: But Ben, he specifically shared a link to his credit union,

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Speaker 2: but in some recent years, the rebate that they've paid

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Speaker 2: back to their members, it's been as high as seventy

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Speaker 2: five percent, which is mind blowing. That's an incredible basically,

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Speaker 2: I mean, a good way to think about it is

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Speaker 2: like a discount essentially on the interest that you're paying

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Speaker 2: to that credit union.

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Speaker 1: It's a super superpower, and it makes that seven point

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Speaker 1: one two five percent rate not feel nearly as bad

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Speaker 1: as it actually could be if it was just with

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Speaker 1: any other institution. Right, And this is a really important detail,

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Speaker 1: really important part of Ben's question. Not many people that

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Speaker 1: I've never heard of anything like this before. So the

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Speaker 1: fact that that he gets this is great, and hopefully

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Speaker 1: more credit unions adopt cool policies like this. But you know,

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Speaker 1: assuming that let's say that rebate never goes back up

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Speaker 1: to that high water line of seventy five percent, and

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Speaker 1: let's say it cruises along of this forty percent sort

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Speaker 1: of territory of a rebate every single year, well, that

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Speaker 1: effectively gives this massive discount on what is kind of

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Speaker 1: a less than attractive mortgage rate. Yeah, a forty percent

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Speaker 1: cut on that rate of seven point one two five

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Speaker 1: percent basically makes it feel more like a four and

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Speaker 1: a quarter something like that, right, which is pretty great.

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Speaker 1: And it's especially if someone's doing the math and they're

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Speaker 1: trying to figure out if they should pay off a

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Speaker 1: mortgage early or just make regular payments. This rebate should

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Speaker 1: massively factor in to that decision, right. And so the

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Speaker 1: other thing is that Ben's Credit Union, they've paid this

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Speaker 1: rebate for forty two consecutive years. It's not like it's

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Speaker 1: fly by night sort of thing. It's not something fintech

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Speaker 1: startup that's like, oh, we've got this new way of

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Speaker 1: paying back homeowners and stuff like that.

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Speaker 2: Like, it's not like a new program that just launched

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Speaker 2: last year. This is something that's got a track record,

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Speaker 2: it's been proven, which is amazing.

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Speaker 1: And so you don't know how much your rebate's going

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Speaker 1: to be, but you can see based on gonna be

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Speaker 1: something past years that you're in all likelihood going to

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Speaker 1: have some sort of meaningful rebate. And that would give

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Speaker 1: me some comfort in maybe opting to do something else

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Speaker 1: with this money instead of shoveling it towards the morning.

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Speaker 2: Absolutely, yeah, been when you are doing the math, definitely

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Speaker 2: be sure to include the impact of that annual give

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Speaker 2: back rebate because even though it might change from you

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Speaker 2: to year, like, it effectively reduces that guaranteed return that

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Speaker 2: you'd get by paying down the mortgage early. You know.

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Speaker 2: So you know, like again, at the least for this year,

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Speaker 2: you're guaranteed rate of return. It's only looking a touch

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Speaker 2: north of four percent, which for me, like that would

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Speaker 2: be more than enough to invest those excess funds rather

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Speaker 2: than throwing it at the room any balance on your home.

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Speaker 2: But here is where the like personal intersects with the finance.

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Speaker 2: You can totally choose to pay down that mortgage early

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Speaker 2: and have made the right decision for you and your family.

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Speaker 2: We know some very smart folks in the personal finance

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Speaker 2: space and they have chosen to do exactly that because

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Speaker 2: when it came to their housing, they were looking for

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Speaker 2: a touch more certainty, right, And so it just comes

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Speaker 2: down to each individual. It comes down to their appetite

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Speaker 2: for risk. But in my mind, if I were in

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Speaker 2: your shoes, like, there are multiple reasons to not pay

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Speaker 2: down that mortgage early. You've got the chance to potentially

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Speaker 2: refi where mortgage rates to come down. You've got the

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Speaker 2: ability for money invested in the stock market to outperform

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Speaker 2: what you've seen over the past however many years of

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Speaker 2: average returns. But then again, you've got this credit union

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Speaker 2: wild card, and that makes it even more It's like

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Speaker 2: prize door number three. It's like, it's this thing that

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Speaker 2: you know is going to be good. As to whether

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Speaker 2: or not, like how good it's going to be, like

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Speaker 2: that remains unknown, but all signs point to this being

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Speaker 2: something that's gonna come out I think in your favor.

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Speaker 2: And plus you're just even saying door number three. It

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Speaker 2: makes it sound a little more fun. And there's no

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Speaker 2: rule out there that says that personal finance that it

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Speaker 2: can't be fun if you want to inject a little

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Speaker 2: bit of yes, uncertainty, but there's I don't know that

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Speaker 2: to me, like that's sort of the fun side of things.

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Speaker 1: Yeah, and there's very little risk, I would say too,

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Speaker 1: because of what you can earn in just straight up

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Speaker 1: savings right now, five percent ish in a savings account,

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Speaker 1: So you don't even have to get all risky with it,

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Speaker 1: right and start buying random crypto coins or something like

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Speaker 1: that in order to hopefully outperform this spread between your

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Speaker 1: interest rate on your mortgage. Like, yeah, you can start

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Speaker 1: throwing money in tax advantage retirement accounts or even just

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Speaker 1: in a straight savings account. I think that's probably a

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Speaker 1: better play than especially given kind of the way your

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Speaker 1: credit union operates and the benefits that members are offered

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Speaker 1: who have a mortgage, I would say, yeah, I'd probably

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Speaker 1: I'd probably lean in that direction, and even just in

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Speaker 1: the direction of, like you said, Matt, early on, kind

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Speaker 1: of maximizing the joy that you can derive from life,

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Speaker 1: PreK kids, taking some more of those trips. I mean,

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Speaker 1: even I don't know, I don't see mortgage paydown given

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Speaker 1: your situation as being a top notch priority.

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Speaker 2: Absolutely yeah, And this is coming from I mean, I

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Speaker 2: guess I don't really know this about you, Joe, but like,

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Speaker 2: I've never been tempted to pay down my mortgage early

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Speaker 2: I think early on. I mean I know, early on

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Speaker 2: I had a fifteen year mortgage on one of our

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Speaker 2: properties because I was wanting to get that extra low rate.

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Speaker 2: But then a few years later or not a number

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Speaker 2: of years after that, I refinanced and there's a thirty

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Speaker 2: year note my property. Is that because I want to do.

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Speaker 1: Fifteen year notes, but the rest are thirty and I'm

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Speaker 1: not paying anything earlier than Yeah.

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Speaker 2: I'm like, these rates are low, why not stretch these

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Speaker 2: bad boys out and do other fun things or smart

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Speaker 2: things ways to potentially.

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Speaker 1: Grow that money even more. Rather than paying down paying

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Speaker 1: down that mortgage. So and then the truth is for

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Speaker 1: people who are now getting rates in the seven percent

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Speaker 1: range who don't have some sort of credit union rebate,

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Speaker 1: it is trickier math, right, And it is harder to

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Speaker 1: justify not paying off that mortgage more quickly. But given

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Speaker 1: the fact that ben because of that rebate, as an

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Speaker 1: interest rate that looks more like what you and I

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Speaker 1: have on a lot of our properties and what people

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Speaker 1: who had locked in a rate three four years ago have,

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Speaker 1: then there's just less room or need for him to

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Speaker 1: pay it off more quickly. That's right.

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Speaker 2: Yeah, it certainly feels more like a bird in the hand.

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Speaker 2: But we've got some additional questions to get to. We've

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Speaker 2: got a question from a listener who is just starting

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Speaker 2: to invest. We'll get to that one plus others right

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Speaker 2: after this.

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Speaker 1: All right, Matt, we're back. We've got more questions that

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Speaker 1: we got to get to on today's episode. And anybody

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Speaker 1: who owns a home but has a mortgage on it, right,

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Speaker 1: they have traditional homeowner's insurance. But we've got a listener

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Speaker 1: who's got a question about a different kind of insurance

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Speaker 1: for their home.

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Speaker 4: Hy my name is Haley, and I'm from Sugarland, Texas.

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Speaker 4: I'm a newer listener to your podcast, so I apologize

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Speaker 4: if you guys have covered this before and I just

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Speaker 4: haven't made it to it. But my question is whether

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Speaker 4: you believe that home warranties are worth the money or not.

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Speaker 4: My husband and I got a free one year warranty

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Speaker 4: when we purchased our home, and then we've extended it

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Speaker 4: and are paying for it ourselves now. But we're looking

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Speaker 4: to trim some money from our budget and are wondering

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Speaker 4: if that's maybe a good place to do it.

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Speaker 2: All right, So we actually have talked about these before,

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Speaker 2: but it's not something that we discuss often, so it's

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Speaker 2: definitely worth talking about again. Thank you for your question, Hailey.

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Speaker 2: It's great that you're looking to trim costs. I think

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Speaker 2: a lot of folks are trying to find ways to

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Speaker 2: slim down their budget, maybe because they've seen inflation impact

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Speaker 2: some of their monthly expenses. And we think that acting

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Speaker 2: a home warranty is a great way to basically claw

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Speaker 2: back some of these dollars back into your life, back

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Speaker 2: into your savings, and we're probably talking about even saving

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Speaker 2: up to like five hundred bucks a year. Which is

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Speaker 2: a legit amount of money.

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Speaker 1: This isn't just like the average cost I think of

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Speaker 1: a home warranty, right, yeah, somewhere in that ring.

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Speaker 2: The truth. The truth is most people do exactly Haley,

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Speaker 2: what it is that you did. The person selling you

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Speaker 2: a home, they offer a little home warranty because it

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Speaker 2: gives the buyers some peace of mind. But then the

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Speaker 2: buyer they just keep footing the bill in subsequent years

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Speaker 2: because it feels like the smart thing to do. It's like, well,

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Speaker 2: we've already got in place, it feel like it's been

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Speaker 2: good so far.

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Speaker 1: But you're better.

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Speaker 2: Off without this policy from not only a money perspective,

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Speaker 2: but also because like from a headache perspective, and what

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Speaker 2: it is that these plans actually cover, because they typically

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Speaker 2: don't do as much as you think if you are

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Speaker 2: actually in a situation where you need to put that

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Speaker 2: thing to use.

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Speaker 1: We think of these home warranties as similar to like

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Speaker 1: an extended warranty on a new phone you might purchase.

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Speaker 1: It's an expensive way of getting the job done. There

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Speaker 1: are better ways to skin the cat. You in particular,

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Speaker 1: put a nice case on it, right, even like a

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Speaker 1: thirty or forty dollars auto box case on your phone

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Speaker 1: will be better in our likelihood than a lot of

435
00:19:50,440 --> 00:19:53,600
Speaker 1: these plans that you could pay good money for. And

436
00:19:53,640 --> 00:19:56,479
Speaker 1: so if you haven't looked at the fine print on

437
00:19:56,520 --> 00:19:59,040
Speaker 1: your home warranty, you might find that the coverage is

438
00:19:59,080 --> 00:20:01,240
Speaker 1: actually more paltry and you thought it was. It might

439
00:20:01,600 --> 00:20:03,600
Speaker 1: sound great, but it might not actually be that great

440
00:20:03,640 --> 00:20:06,240
Speaker 1: in reality. Let me highlight a couple of things, like,

441
00:20:06,280 --> 00:20:09,439
Speaker 1: for some policies, there are annual payout limits or caps

442
00:20:09,680 --> 00:20:12,320
Speaker 1: on how much they'll pay towards the items that they

443
00:20:12,359 --> 00:20:14,640
Speaker 1: say they cover in your home, or oftentimes there are

444
00:20:14,680 --> 00:20:16,960
Speaker 1: additional fees that you'll have to pay when a contractor

445
00:20:17,200 --> 00:20:18,720
Speaker 1: comes out for a service call. So it's not like

446
00:20:18,720 --> 00:20:21,280
Speaker 1: this five hundred dollars policy means they come out for

447
00:20:21,400 --> 00:20:23,800
Speaker 1: free to assess the problem. You're still going to be

448
00:20:23,840 --> 00:20:26,600
Speaker 1: responsible for a certain portion of that bill.

449
00:20:26,680 --> 00:20:29,720
Speaker 2: Right, It's not like all you can fix buffet right.

450
00:20:29,840 --> 00:20:31,760
Speaker 1: Yeah. I mean, but I think a lot of people

451
00:20:31,800 --> 00:20:33,480
Speaker 1: think that's what it is, that the home warranty, it's

452
00:20:33,480 --> 00:20:35,240
Speaker 1: like a five hundred bucks and then boom, I don't

453
00:20:35,280 --> 00:20:35,880
Speaker 1: have to think.

454
00:20:35,760 --> 00:20:38,879
Speaker 2: We're paying real money, about real real money for this.

455
00:20:39,160 --> 00:20:40,560
Speaker 2: I should be able to call them whenever I want.

456
00:20:40,560 --> 00:20:42,119
Speaker 2: It's like, oh, yeah, you could, but you're gonna have

457
00:20:42,160 --> 00:20:44,560
Speaker 2: to yeah, drop thirty five to fifty bucks whatever it is.

458
00:20:44,760 --> 00:20:46,080
Speaker 1: Lots of times it's eighty five to one hundred and

459
00:20:46,080 --> 00:20:49,000
Speaker 1: twenty like it for just for the diagnosis of the

460
00:20:49,040 --> 00:20:51,760
Speaker 1: problem or something like that. And so you essentially have

461
00:20:51,800 --> 00:20:54,040
Speaker 1: a copey right that you have to cough up. There's

462
00:20:54,440 --> 00:20:56,520
Speaker 1: another tricky thing that's hidden in a lot of these

463
00:20:56,520 --> 00:20:59,440
Speaker 1: home warranty contracts is something that is depreciated value. So

464
00:20:59,720 --> 00:21:02,600
Speaker 1: let's say that the repair on your stove is exorbitant,

465
00:21:02,600 --> 00:21:04,920
Speaker 1: and so you and the home warranty company say, yeah,

466
00:21:04,960 --> 00:21:07,080
Speaker 1: it's time to get a new one. Well, they will

467
00:21:07,359 --> 00:21:09,560
Speaker 1: pay you based on the value of your stove. If

468
00:21:09,600 --> 00:21:12,000
Speaker 1: it's fifteen years old, they might say, yeah, we'll pitch

469
00:21:12,040 --> 00:21:14,240
Speaker 1: in fifty bucks towards the cost of a seven hundred

470
00:21:14,280 --> 00:21:17,240
Speaker 1: dollars new new range. And that's just frustrating a lot

471
00:21:17,280 --> 00:21:19,919
Speaker 1: of people don't realize that these home warranty contracts they

472
00:21:19,960 --> 00:21:22,240
Speaker 1: don't cover as much as you think. And so, yeah,

473
00:21:22,240 --> 00:21:25,960
Speaker 1: it's the appreciated value as opposed to replacement value, right,

474
00:21:26,040 --> 00:21:29,560
Speaker 1: which is, if it's outlined, then that's just one small

475
00:21:29,680 --> 00:21:32,119
Speaker 1: check box on the side on the column of like, Okay,

476
00:21:32,119 --> 00:21:35,200
Speaker 1: maybe this is better than the average home warranty plan, right,

477
00:21:35,440 --> 00:21:37,840
Speaker 1: but yeah, look out for depreciated value as opposed to

478
00:21:37,880 --> 00:21:40,639
Speaker 1: replacement value. Yeah, and so I just think people think

479
00:21:40,640 --> 00:21:43,680
Speaker 1: they're getting more than they are oftentimes with these policies,

480
00:21:43,880 --> 00:21:45,720
Speaker 1: and the best way to go about it is to

481
00:21:45,760 --> 00:21:48,399
Speaker 1: self insurance stead That's what we prefer, right, saving up

482
00:21:48,440 --> 00:21:52,399
Speaker 1: more cash to repair or replacement appliance that has an

483
00:21:52,400 --> 00:21:54,840
Speaker 1: issue in your home, and that way you're not dealing

484
00:21:54,920 --> 00:21:57,160
Speaker 1: with a third party, You're not paying them money and

485
00:21:57,200 --> 00:22:00,280
Speaker 1: the headaches that come along with that, along with the

486
00:22:00,400 --> 00:22:04,280
Speaker 1: potential added financial stress of not having a policy that's

487
00:22:04,320 --> 00:22:04,879
Speaker 1: up to snuff.

488
00:22:05,119 --> 00:22:07,080
Speaker 2: Yeah, Basically, what you're paying for I think is like

489
00:22:07,080 --> 00:22:09,719
Speaker 2: the convenience of thinking that you don't have to think

490
00:22:09,760 --> 00:22:11,600
Speaker 2: about this, when in reality it's something that you still

491
00:22:11,600 --> 00:22:13,720
Speaker 2: have to think about down the road. It makes me

492
00:22:13,800 --> 00:22:16,800
Speaker 2: a buddy of mine. Their AC went out at the

493
00:22:16,800 --> 00:22:19,879
Speaker 2: beginning of the summer, and they and he had a

494
00:22:19,920 --> 00:22:22,320
Speaker 2: home home warranty. If I had known that he had

495
00:22:22,320 --> 00:22:26,560
Speaker 2: that before before for years, basically I would have been like, oh,

496
00:22:26,600 --> 00:22:29,560
Speaker 2: you might want to not continue to carry that that policy.

497
00:22:29,960 --> 00:22:34,120
Speaker 2: But he went back and forth for weeks trying to

498
00:22:34,200 --> 00:22:37,040
Speaker 2: get this company out to actually repair the system, and

499
00:22:37,200 --> 00:22:39,000
Speaker 2: I don't think they ever did. I need to follow

500
00:22:39,040 --> 00:22:41,280
Speaker 2: up with them, but it's because the way the technician

501
00:22:41,320 --> 00:22:43,640
Speaker 2: coded it. They're like, well, no, this is rusted out,

502
00:22:43,640 --> 00:22:47,760
Speaker 2: this thing's flooded, and under the policy, flooding quote unquote

503
00:22:47,760 --> 00:22:49,639
Speaker 2: flood doesn't count. But it wasn't flooding. It was that

504
00:22:49,680 --> 00:22:52,760
Speaker 2: the unit. It wasn't what is it the pastor the

505
00:22:53,720 --> 00:22:56,600
Speaker 2: condensate line that you know, like the little pump that

506
00:22:56,880 --> 00:22:59,320
Speaker 2: drains off all the water, all the ac water. It

507
00:22:59,359 --> 00:23:01,600
Speaker 2: wasn't draining, it wasn't pumping the water out. And so

508
00:23:01,920 --> 00:23:04,600
Speaker 2: I guess technically maybe it did get flooded, but not

509
00:23:04,680 --> 00:23:06,720
Speaker 2: like flooding in the traditional sense where there's a flood

510
00:23:06,720 --> 00:23:08,600
Speaker 2: from a creek or something like that that you and.

511
00:23:08,560 --> 00:23:10,240
Speaker 1: You bring up a pain point that you might be

512
00:23:10,280 --> 00:23:11,960
Speaker 1: waiting longer too. If you got to go through this

513
00:23:12,000 --> 00:23:13,520
Speaker 1: third party to get somebody out there, you're gonna have

514
00:23:13,520 --> 00:23:15,359
Speaker 1: a c I think for something like two weeks. Dude,

515
00:23:15,760 --> 00:23:17,760
Speaker 1: while they were waiting and his family. Think about that.

516
00:23:18,280 --> 00:23:20,280
Speaker 1: In Atlanta, I mean, like Tera or in much of

517
00:23:20,320 --> 00:23:21,440
Speaker 1: the country, it's terrible.

518
00:23:21,200 --> 00:23:23,560
Speaker 2: Oh my gosh to the southwest.

519
00:23:23,040 --> 00:23:25,360
Speaker 1: Whereas like I reached out to my h fat guy

520
00:23:25,480 --> 00:23:28,240
Speaker 1: about a failed unit at one of my rental properties.

521
00:23:28,359 --> 00:23:29,360
Speaker 2: But he's here like the next day.

522
00:23:29,400 --> 00:23:31,000
Speaker 1: He was out there the same day. Oh my gosh,

523
00:23:31,040 --> 00:23:35,000
Speaker 1: and replace the capasitor. Total cost out of pocket for me. Granted,

524
00:23:35,000 --> 00:23:36,600
Speaker 1: this is not normal, this is so low. I don't

525
00:23:36,600 --> 00:23:39,200
Speaker 1: know how he tabled seventy five bucks. Seventy five bucks

526
00:23:39,280 --> 00:23:41,280
Speaker 1: just the cost of the capacity, That's what it felt like. Oh,

527
00:23:41,320 --> 00:23:43,240
Speaker 1: I was like, you need my AC guy. I do

528
00:23:43,600 --> 00:23:45,359
Speaker 1: because I used to have an AC lady, but she

529
00:23:45,440 --> 00:23:47,679
Speaker 1: moves states. So she's the one who recommended himself. Oh

530
00:23:47,720 --> 00:23:50,240
Speaker 1: really yeah, oh nice? Yeah, so he's great. I miss Jennifer.

531
00:23:51,359 --> 00:23:53,480
Speaker 2: She was. She was also sounds like this guy is

532
00:23:53,520 --> 00:23:57,160
Speaker 2: following it into her foot step. Yeah, but uh yeah, Hailey.

533
00:23:57,640 --> 00:24:00,280
Speaker 2: Our answer here is going to be a hard no. Basically,

534
00:24:00,320 --> 00:24:02,800
Speaker 2: any time someone asks about these things, does it suck

535
00:24:02,960 --> 00:24:05,600
Speaker 2: to pay for a new dishwasher part out of pocket

536
00:24:05,920 --> 00:24:09,040
Speaker 2: or for HVAC repairs that you were expecting? It definitely does.

537
00:24:09,160 --> 00:24:10,359
Speaker 1: We can attest yes.

538
00:24:10,520 --> 00:24:12,639
Speaker 2: Yeah, I mean we're talking through some of these examples.

539
00:24:12,680 --> 00:24:15,199
Speaker 2: I just paid for a chimney cap not something you

540
00:24:15,240 --> 00:24:17,840
Speaker 2: normally think of, but ours was leaking. I don't it

541
00:24:17,880 --> 00:24:19,960
Speaker 2: was the original one, so it's over forty years old,

542
00:24:20,119 --> 00:24:22,840
Speaker 2: and yeah, it cost me eight hundred bucks for something

543
00:24:22,960 --> 00:24:25,359
Speaker 2: that you can't see. It doesn't do anything except for

544
00:24:25,440 --> 00:24:28,840
Speaker 2: keeping I guess your chimney for elements rotting out. But

545
00:24:29,160 --> 00:24:32,320
Speaker 2: home warranties these are a poor solution that could leave

546
00:24:32,359 --> 00:24:34,040
Speaker 2: you in the lurch when something at your home is

547
00:24:34,040 --> 00:24:36,720
Speaker 2: in dire need of actual repair or replacement. You're going

548
00:24:36,800 --> 00:24:40,040
Speaker 2: to be far better off to put five hundred bucks

549
00:24:40,119 --> 00:24:43,000
Speaker 2: or however much you're paying in premiums in premiums, take

550
00:24:43,040 --> 00:24:45,080
Speaker 2: that money and put it in your savings account, and

551
00:24:45,080 --> 00:24:47,040
Speaker 2: then just add to it regularly so that you can

552
00:24:47,080 --> 00:24:49,760
Speaker 2: tackle some of these issues yourself when they do pop up.

553
00:24:50,200 --> 00:24:53,080
Speaker 2: There are differing opinions as to how much you should

554
00:24:53,080 --> 00:24:55,960
Speaker 2: plan to spend on home maintenance, but I've seen anywhere

555
00:24:55,960 --> 00:24:59,400
Speaker 2: between one and five percent of the purchase price or cost.

556
00:24:59,200 --> 00:25:00,920
Speaker 1: Of the home a good rule of thumb.

557
00:25:01,160 --> 00:25:03,080
Speaker 2: That being said, I've never I don't think I've ever

558
00:25:03,119 --> 00:25:05,639
Speaker 2: spent in a single year more than one percent of

559
00:25:05,640 --> 00:25:08,239
Speaker 2: the purchase price. I feel like five percent is on

560
00:25:08,400 --> 00:25:12,200
Speaker 2: the that's the high side. Yeah, if you want maximum

561
00:25:12,280 --> 00:25:14,960
Speaker 2: comfort and surty that you've got enough money on hand

562
00:25:15,040 --> 00:25:16,960
Speaker 2: to cover any and everything that comes down the pike,

563
00:25:17,240 --> 00:25:19,560
Speaker 2: all right, you can do that. But I've been very

564
00:25:19,600 --> 00:25:22,399
Speaker 2: happy with just having one percent. But just start that

565
00:25:22,480 --> 00:25:25,840
Speaker 2: sinking fund, start that savings bucket. And again, especially considering

566
00:25:26,440 --> 00:25:29,159
Speaker 2: how high of a rate that banks are paying right

567
00:25:29,200 --> 00:25:31,359
Speaker 2: now in highyield savings accounts, it's even more of an

568
00:25:31,359 --> 00:25:34,600
Speaker 2: incentive to keep that cash within your own accounts while

569
00:25:34,640 --> 00:25:37,000
Speaker 2: it's sitting there paying you a dividend, paying you interest.

570
00:25:37,200 --> 00:25:39,359
Speaker 1: Yeah. Home warranty plans, if you get one because you

571
00:25:39,440 --> 00:25:42,840
Speaker 1: bought the home, okay, fine, but don't renew it. Don't

572
00:25:42,880 --> 00:25:45,520
Speaker 1: keep it around. And for anybody out there who's thought

573
00:25:45,520 --> 00:25:47,359
Speaker 1: about them, who's been you know, gotten the fire and

574
00:25:47,400 --> 00:25:49,120
Speaker 1: the mail or something like that, I know it's tempting,

575
00:25:49,400 --> 00:25:51,919
Speaker 1: but truly they're a bad financial move most of the

576
00:25:51,920 --> 00:25:53,119
Speaker 1: time for most. That's right.

577
00:25:53,160 --> 00:25:54,840
Speaker 2: All right, man, Let's get to our next question. This

578
00:25:54,880 --> 00:25:58,359
Speaker 2: is from a listener who is starting to invest. He

579
00:25:58,640 --> 00:26:01,959
Speaker 2: specifically is wondering which of these two paths should I

580
00:26:02,000 --> 00:26:03,320
Speaker 2: go down. Let's hear his question.

581
00:26:04,160 --> 00:26:06,159
Speaker 5: Hi there, my name is Andrew, and I have a

582
00:26:06,240 --> 00:26:11,120
Speaker 5: question regarding roth Ira versus four oh and k retirement savings.

583
00:26:12,160 --> 00:26:14,879
Speaker 5: I'm forty nine, just about to turn fifty, and up

584
00:26:15,000 --> 00:26:20,120
Speaker 5: until this point, I haven't had really any excess money

585
00:26:20,280 --> 00:26:24,120
Speaker 5: to invest in retirement savings, and I'm ready to finally

586
00:26:24,680 --> 00:26:28,560
Speaker 5: take the plunge and start putting money toward this as

587
00:26:28,560 --> 00:26:32,840
Speaker 5: aggressively as possible. Who do you recommend opening an account

588
00:26:33,400 --> 00:26:37,639
Speaker 5: with for either of these accounts? Is that something I

589
00:26:37,720 --> 00:26:42,480
Speaker 5: can do with someone like Vanguard or my bank, or

590
00:26:42,880 --> 00:26:46,560
Speaker 5: which is the easiest route to do this? And then

591
00:26:47,040 --> 00:26:53,200
Speaker 5: how do I guide or control how those accounts are invested?

592
00:26:53,400 --> 00:26:55,160
Speaker 5: Or is that not a possibility?

593
00:26:56,000 --> 00:26:58,720
Speaker 1: Thank you so much, all right, Matt, I love hearing

594
00:26:58,800 --> 00:27:02,520
Speaker 1: that Andrew is to get started investing, and he mentioned

595
00:27:02,560 --> 00:27:04,679
Speaker 1: taking like the You know, he wants the easy route.

596
00:27:04,760 --> 00:27:06,720
Speaker 1: But the truth is the easy routes is not always

597
00:27:06,760 --> 00:27:09,679
Speaker 1: the best route. But at the same time, investing is

598
00:27:09,800 --> 00:27:12,480
Speaker 1: easier than most people think. And we think that keeping

599
00:27:12,480 --> 00:27:15,240
Speaker 1: it simple is the best route to go. You can

600
00:27:15,440 --> 00:27:17,320
Speaker 1: go super complex, and that there are a lot of

601
00:27:17,359 --> 00:27:19,480
Speaker 1: people on Wall Street who want to push people into

602
00:27:19,520 --> 00:27:22,840
Speaker 1: more complex ways or ways of thinking about their investments,

603
00:27:23,119 --> 00:27:25,320
Speaker 1: but we think that that's usually to try to make

604
00:27:25,359 --> 00:27:27,840
Speaker 1: you feel incompetent so that you end up paying them

605
00:27:27,880 --> 00:27:29,280
Speaker 1: to do it for you. That's right.

606
00:27:29,320 --> 00:27:31,639
Speaker 2: But that being said, there are some specifics that you

607
00:27:31,640 --> 00:27:33,520
Speaker 2: do need to pay attention to you once you are

608
00:27:33,960 --> 00:27:35,480
Speaker 2: you know at the point that Andrew is and he's

609
00:27:35,520 --> 00:27:38,320
Speaker 2: looking to invest some of his additional income that he's got.

610
00:27:38,359 --> 00:27:40,040
Speaker 1: Yeah, and specifically he mentioned the four to oh one

611
00:27:40,119 --> 00:27:42,640
Speaker 1: K or he's like trying to vacillate or think about

612
00:27:42,640 --> 00:27:45,879
Speaker 1: which accounts he contributes to. And it's it's important to

613
00:27:45,880 --> 00:27:47,639
Speaker 1: mention that you don't get to pick the company that

614
00:27:47,680 --> 00:27:49,879
Speaker 1: you do business with when we're talking about your four

615
00:27:49,920 --> 00:27:51,600
Speaker 1: oh one K, Right, you do get to pick the

616
00:27:51,640 --> 00:27:54,280
Speaker 1: funds that you want to invest in inside of your account,

617
00:27:54,600 --> 00:27:56,840
Speaker 1: but you don't get to choose the plan administrator that

618
00:27:57,160 --> 00:27:59,840
Speaker 1: gets picked by your employer. But you should be able

619
00:27:59,880 --> 00:28:03,520
Speaker 1: to talk to your HR department, Andrew, and you should

620
00:28:03,520 --> 00:28:05,600
Speaker 1: be able to get enrolled in your workplace retirement account

621
00:28:05,600 --> 00:28:08,720
Speaker 1: relatively easily. That shouldn't be very difficult. And by the way,

622
00:28:08,760 --> 00:28:11,320
Speaker 1: the number one reason we would tell you to opt

623
00:28:11,359 --> 00:28:13,080
Speaker 1: for the four to oh one K over the roth IRA,

624
00:28:13,520 --> 00:28:15,640
Speaker 1: even though they are both accounts that we love a lot,

625
00:28:15,920 --> 00:28:18,959
Speaker 1: is because there's in all likelihood free money that you

626
00:28:18,960 --> 00:28:21,280
Speaker 1: have access to if you go with the four oh

627
00:28:21,280 --> 00:28:23,920
Speaker 1: one k instead, if you go with that employer sponsored account.

628
00:28:24,359 --> 00:28:26,239
Speaker 1: If your company offers a match, and I hope they do,

629
00:28:26,600 --> 00:28:29,040
Speaker 1: take them up on it, right and contribute enough to

630
00:28:29,080 --> 00:28:31,920
Speaker 1: get the full match before you go down the IRA path,

631
00:28:32,000 --> 00:28:36,119
Speaker 1: because yeah, let's say the traditional amount that gets matched

632
00:28:36,160 --> 00:28:38,400
Speaker 1: is if you contribute six, the company will contribute three.

633
00:28:38,600 --> 00:28:40,080
Speaker 1: And if you take advantage of that moom, you're all

634
00:28:40,080 --> 00:28:42,640
Speaker 1: of a sudden investing nine percent of your income, which

635
00:28:42,880 --> 00:28:45,000
Speaker 1: is a great place to be. Then you can kind

636
00:28:45,000 --> 00:28:46,880
Speaker 1: of maybe lean in the ROTH direction. But if you

637
00:28:46,880 --> 00:28:48,880
Speaker 1: get that match, it's important to take care of that first.

638
00:28:48,920 --> 00:28:51,640
Speaker 2: Definitely, Yeah, that is absolutely where you want to start.

639
00:28:51,680 --> 00:28:54,960
Speaker 2: But beyond that, once you are ready to invest, let's

640
00:28:55,000 --> 00:28:57,600
Speaker 2: say you've got that match, You've got the full amount there,

641
00:28:57,640 --> 00:29:00,440
Speaker 2: but you know what, maybe there are some fees associated

642
00:29:00,480 --> 00:29:03,600
Speaker 2: with that four one K that certainly makes it worth

643
00:29:03,640 --> 00:29:05,200
Speaker 2: it to get that match. But then beyond that, what

644
00:29:05,760 --> 00:29:08,600
Speaker 2: should you do with those additional dollars? This is when

645
00:29:08,680 --> 00:29:11,720
Speaker 2: you get to decide who it is that you're going

646
00:29:11,760 --> 00:29:14,760
Speaker 2: to invest with. You mentioned two different routes that you

647
00:29:14,760 --> 00:29:17,800
Speaker 2: could take right well, one of them rocks, one of

648
00:29:17,840 --> 00:29:21,280
Speaker 2: them sucks. Vanguard is certainly one of our absolute favorites.

649
00:29:21,600 --> 00:29:25,080
Speaker 2: But were you to open an IRA with a bank, well,

650
00:29:25,080 --> 00:29:28,320
Speaker 2: that's typically a really bad idea because of the insane

651
00:29:28,400 --> 00:29:31,959
Speaker 2: fees that you're going to likely incur, even if it

652
00:29:32,080 --> 00:29:33,160
Speaker 2: is the easiest path.

653
00:29:33,240 --> 00:29:35,120
Speaker 1: I was like squirming in my chair when he said that.

654
00:29:35,160 --> 00:29:36,640
Speaker 2: It's like the bank, It's like, oh, I've already got

655
00:29:36,680 --> 00:29:39,200
Speaker 2: an account with them, Why, Like, why wouldn't I invest

656
00:29:39,240 --> 00:29:41,360
Speaker 2: with them? Well, so I'll say, ally, they've got some

657
00:29:41,440 --> 00:29:44,560
Speaker 2: solid investment options, but almost every other bank out there

658
00:29:44,600 --> 00:29:46,160
Speaker 2: is going to offer funds that have.

659
00:29:46,080 --> 00:29:48,560
Speaker 1: Sky high expense ratios.

660
00:29:48,320 --> 00:29:53,080
Speaker 2: Which means that those the cost of investing within those

661
00:29:53,080 --> 00:29:55,840
Speaker 2: funds are going to eat into your returns. They're going

662
00:29:55,880 --> 00:29:58,640
Speaker 2: to eat into your ability to retire. So you want

663
00:29:58,680 --> 00:30:00,600
Speaker 2: to you want to keep costs low so that all

664
00:30:00,680 --> 00:30:03,800
Speaker 2: of your money is actually working for you, it's all invested.

665
00:30:04,120 --> 00:30:06,280
Speaker 2: And with that mind, it's best to stick with some

666
00:30:06,320 --> 00:30:10,800
Speaker 2: of our favorite low cost companies like Vanguard, Fidelity, Schwab,

667
00:30:11,240 --> 00:30:14,360
Speaker 2: Chuck you know everyone talks about Chuck m One. That's

668
00:30:14,400 --> 00:30:16,440
Speaker 2: another great option as well. If you're looking for something

669
00:30:16,480 --> 00:30:20,320
Speaker 2: that has a more not sophisticated, but more of like

670
00:30:20,360 --> 00:30:23,720
Speaker 2: an online interface. They've got a great app, better app. Yeah,

671
00:30:23,760 --> 00:30:25,840
Speaker 2: but Andrew, honestly, if you're starting from scratch, that I

672
00:30:25,880 --> 00:30:29,000
Speaker 2: would absolutely point you to, specifically to Fidelity because of

673
00:30:29,040 --> 00:30:32,959
Speaker 2: their zero cost funds. They've got this whole lineup of

674
00:30:33,240 --> 00:30:37,360
Speaker 2: zero funds where they're completely free, there are no costs.

675
00:30:37,360 --> 00:30:39,960
Speaker 2: And even though Vanguard, like the equivalent fund might cost

676
00:30:39,960 --> 00:30:44,480
Speaker 2: you point zero three percent literally three or four hundredths

677
00:30:44,520 --> 00:30:47,920
Speaker 2: of a percent, I would still rather pay absolutely nothing,

678
00:30:48,600 --> 00:30:51,280
Speaker 2: you know, given the choice. And so just something to

679
00:30:51,360 --> 00:30:53,600
Speaker 2: keep in mind. And you can invest in some total

680
00:30:53,600 --> 00:30:55,280
Speaker 2: stock market index funds over there.

681
00:30:55,280 --> 00:30:58,120
Speaker 1: But let's say his four one K provider through work

682
00:30:58,240 --> 00:31:00,000
Speaker 1: is Vanguard, and it's just nice and easy to have

683
00:31:00,080 --> 00:31:02,719
Speaker 1: everything under one roof. That's such a negligible difference that

684
00:31:02,760 --> 00:31:05,280
Speaker 1: it's like, yeah, just keep everything with Vanguard under one roof.

685
00:31:05,320 --> 00:31:09,040
Speaker 1: Why not? But yeah's the four oh one K first

686
00:31:09,040 --> 00:31:11,400
Speaker 1: if you have the match, if not, go straight to

687
00:31:11,440 --> 00:31:13,920
Speaker 1: the Wroth IRA. But those are the two first vehicles

688
00:31:13,960 --> 00:31:16,160
Speaker 1: that you're going to want to consider and lean into.

689
00:31:16,440 --> 00:31:18,440
Speaker 1: And by the way, we have an investment guide for

690
00:31:18,480 --> 00:31:20,480
Speaker 1: beginners on the site that will link to in the

691
00:31:20,480 --> 00:31:24,239
Speaker 1: show notes, and hopefully that'll help you think through how

692
00:31:24,320 --> 00:31:27,640
Speaker 1: much you're contributing, what accounts you're contributing to, and what

693
00:31:27,680 --> 00:31:30,000
Speaker 1: funds you're picking at the same time. Right, Like, if

694
00:31:30,040 --> 00:31:31,960
Speaker 1: you want everything to be spelled out and you want

695
00:31:32,000 --> 00:31:33,520
Speaker 1: to be able to reference it along the way, that's

696
00:31:33,560 --> 00:31:36,240
Speaker 1: the place we would suggest it to turn. But get

697
00:31:36,240 --> 00:31:38,480
Speaker 1: aggressive with this, right, Make it a goal to get

698
00:31:38,480 --> 00:31:41,280
Speaker 1: the full match your employer offers then and then make

699
00:31:41,280 --> 00:31:43,320
Speaker 1: it your goal to max out the wroth IRA so

700
00:31:43,360 --> 00:31:46,240
Speaker 1: that you're doing kind of both things at the same time. Right,

701
00:31:46,240 --> 00:31:48,840
Speaker 1: the cap is sixty five hundred dollars this year, but

702
00:31:48,960 --> 00:31:50,960
Speaker 1: you also mentioned that you're about to turn fifty, and

703
00:31:51,000 --> 00:31:52,480
Speaker 1: so I think you were saying that in like a

704
00:31:52,560 --> 00:31:54,920
Speaker 1: negative way, like, oh man, I'm starting late. But here's

705
00:31:54,920 --> 00:31:57,760
Speaker 1: the other cool silver silver lining to being older and

706
00:31:57,800 --> 00:32:00,120
Speaker 1: getting started is that you can put more money in

707
00:32:00,560 --> 00:32:03,600
Speaker 1: when you're older because of something known as ketchup contribution.

708
00:32:03,760 --> 00:32:07,400
Speaker 1: So the limit, yes for mere mortals forty nine and

709
00:32:07,440 --> 00:32:10,880
Speaker 1: below is sixty five hundred dollars, but you, you Andrew

710
00:32:10,920 --> 00:32:13,600
Speaker 1: can contribute seventy five hundred dollars a year thanks to

711
00:32:13,640 --> 00:32:16,200
Speaker 1: catchup contributions. You can contribute more in a four oh

712
00:32:16,240 --> 00:32:19,040
Speaker 1: one K two. But since I don't know that, then

713
00:32:19,040 --> 00:32:22,000
Speaker 1: we're talking about big money because the cap for normal

714
00:32:22,040 --> 00:32:24,600
Speaker 1: folks on that is twenty two thousand, five hundred dollars,

715
00:32:24,640 --> 00:32:26,240
Speaker 1: which is a lot in and of itself, and the

716
00:32:26,320 --> 00:32:29,240
Speaker 1: ketchup contribution on that four oh one K for people

717
00:32:29,280 --> 00:32:31,720
Speaker 1: fifty and older is seventy five hundred extra dollars, So

718
00:32:31,720 --> 00:32:34,720
Speaker 1: you're talking about being five hundred extra extra. So if

719
00:32:34,800 --> 00:32:36,880
Speaker 1: you were if you were maxing out as a fifty

720
00:32:36,920 --> 00:32:40,320
Speaker 1: year old guy, you're four to oh one K with

721
00:32:40,400 --> 00:32:43,800
Speaker 1: the ketchup. The roth with the ketchup, we're talking about

722
00:32:43,560 --> 00:32:47,920
Speaker 1: thirty seven dollars, which is insane, right, And so that

723
00:32:48,200 --> 00:32:50,880
Speaker 1: don't set the bar that high because you might feel

724
00:32:50,920 --> 00:32:52,560
Speaker 1: like a failure for not hitting it. That's that's a

725
00:32:52,560 --> 00:32:54,280
Speaker 1: lot of money to be socking away. But if you

726
00:32:54,280 --> 00:32:56,200
Speaker 1: can at least get the match max out the rock,

727
00:32:56,600 --> 00:32:58,720
Speaker 1: that's a great way to go about it. And yeah,

728
00:32:58,760 --> 00:33:01,960
Speaker 1: I think you'll be shocked after fifteen years of how

729
00:33:02,040 --> 00:33:03,840
Speaker 1: much money you have in your retirement nest egg, how

730
00:33:03,880 --> 00:33:06,760
Speaker 1: much you're able to build just by doing those two

731
00:33:06,840 --> 00:33:10,000
Speaker 1: things and making it a high priority on your financial

732
00:33:10,080 --> 00:33:10,560
Speaker 1: to do list.

733
00:33:10,880 --> 00:33:13,280
Speaker 2: That's right, Andrew. We hope that gets you pointed in

734
00:33:13,320 --> 00:33:15,880
Speaker 2: the right direction. Joel, We've got a couple additional questions

735
00:33:15,920 --> 00:33:18,240
Speaker 2: to get to. We're going to talk about health sharing plans.

736
00:33:18,240 --> 00:33:20,600
Speaker 2: We're going to talk about marketing a business. We'll get

737
00:33:20,600 --> 00:33:21,959
Speaker 2: to both of those right after this.

738
00:33:31,480 --> 00:33:33,160
Speaker 1: All right, we got more questions to get to, a

739
00:33:33,200 --> 00:33:37,200
Speaker 1: couple more on this ask htm episode. Specifically, we're gonna

740
00:33:37,200 --> 00:33:39,400
Speaker 1: get to one that Matt's got a ton of expertise

741
00:33:39,440 --> 00:33:40,920
Speaker 1: in because he's done it. He's built it from the

742
00:33:40,960 --> 00:33:42,600
Speaker 1: ground floor. We'll get to that in just a second.

743
00:33:42,640 --> 00:33:46,080
Speaker 1: But first, let's less impressive than I think. No, come on,

744
00:33:46,160 --> 00:33:48,640
Speaker 1: give yourself some credit. Let's first, though, Matt get to

745
00:33:48,720 --> 00:33:52,120
Speaker 1: a question from a listener who has the same health

746
00:33:52,120 --> 00:33:54,960
Speaker 1: sharing account that we have, and she's curious are we

747
00:33:55,320 --> 00:33:56,800
Speaker 1: able to invest in HSA's or not.

748
00:33:57,200 --> 00:34:00,160
Speaker 6: Hi, Matt and Joel, this is Margaret from Atlanta. I

749
00:34:00,200 --> 00:34:02,720
Speaker 6: really enjoy your podcast. I've been listening for about a

750
00:34:02,800 --> 00:34:05,440
Speaker 6: year and I've learned a lot. My question is about

751
00:34:05,600 --> 00:34:09,160
Speaker 6: health savings account. I'm enrolled in meta share, as I

752
00:34:09,239 --> 00:34:12,560
Speaker 6: believe both of you are as well. My plan has

753
00:34:12,600 --> 00:34:15,799
Speaker 6: a nine thousand dollars initial share what sounds like a

754
00:34:15,840 --> 00:34:19,439
Speaker 6: high deductible but this plan is not a qualified plan,

755
00:34:20,080 --> 00:34:22,719
Speaker 6: so it does not meet the requirements of a high

756
00:34:22,760 --> 00:34:27,239
Speaker 6: deductible health plan. As I understand it, I cannot contribute

757
00:34:27,239 --> 00:34:29,560
Speaker 6: to a health savings a Clint count unless I am

758
00:34:29,640 --> 00:34:33,279
Speaker 6: enrolled in a qualified high deductible health plan. Am I

759
00:34:33,360 --> 00:34:35,680
Speaker 6: missing something? Thank you for your guidance.

760
00:34:35,920 --> 00:34:36,239
Speaker 1: All right?

761
00:34:36,280 --> 00:34:40,480
Speaker 2: Margaret's asking about HSA's which are our absolute favorite. And yes, Margaret,

762
00:34:40,480 --> 00:34:43,200
Speaker 2: we are medishare members just like you. And yes, you

763
00:34:43,640 --> 00:34:46,400
Speaker 2: or I should say no, you cannot contribute to an HSA,

764
00:34:46,719 --> 00:34:49,920
Speaker 2: neither can we. You are not missing anything here. In

765
00:34:49,960 --> 00:34:53,040
Speaker 2: our opinion, it's one of the biggest downsides of not

766
00:34:53,239 --> 00:34:57,640
Speaker 2: having an actual high deductible healthcare plan. If so, we'd

767
00:34:57,640 --> 00:35:00,480
Speaker 2: be maxing that puppy out every single year if you could.

768
00:35:01,120 --> 00:35:04,160
Speaker 2: But the out of pocket costs that we assume for

769
00:35:04,239 --> 00:35:07,480
Speaker 2: health care or for health sharing are so much lower

770
00:35:07,800 --> 00:35:10,239
Speaker 2: with our METISHARE plans than what we'd fork out with

771
00:35:10,320 --> 00:35:13,719
Speaker 2: a traditional insurance plan that because of that, because the

772
00:35:13,760 --> 00:35:18,080
Speaker 2: difference is so vast, we are willing to forego access

773
00:35:18,160 --> 00:35:22,320
Speaker 2: to NHSA, which by principle is the most tax advantage

774
00:35:22,360 --> 00:35:25,120
Speaker 2: retirement account that you can utilize and put to use.

775
00:35:25,160 --> 00:35:27,920
Speaker 2: But even still, we are willing to forego some of

776
00:35:27,920 --> 00:35:30,360
Speaker 2: those benefits because of the savings we're actually realizing.

777
00:35:30,440 --> 00:35:33,560
Speaker 1: Yeah, it almost be like Matt trading in your Corolla

778
00:35:33,640 --> 00:35:36,239
Speaker 1: that is worth like five thousand dollars and man, it

779
00:35:36,440 --> 00:35:38,880
Speaker 1: just all reliable, gets you everywhere you need to go,

780
00:35:39,239 --> 00:35:42,240
Speaker 1: and you trade it in for a new Ribbean truck

781
00:35:42,280 --> 00:35:44,120
Speaker 1: because guess what, you're going to save one hundred and

782
00:35:44,120 --> 00:35:46,640
Speaker 1: twenty bucks a month on gas. That kind of feels

783
00:35:46,680 --> 00:35:49,040
Speaker 1: like that. Yeah, yeah, it just it doesn't make much

784
00:35:49,080 --> 00:35:51,520
Speaker 1: sense like the yeah, you got to shiny new Ribbean,

785
00:35:51,560 --> 00:35:54,560
Speaker 1: but you probably did. You were doing fine, right, you

786
00:35:54,560 --> 00:35:56,759
Speaker 1: were doing You're doing great, And probably your overall costs

787
00:35:56,800 --> 00:35:58,719
Speaker 1: are going to go up a whole lot because that

788
00:35:58,880 --> 00:36:02,279
Speaker 1: Ribbean is really expensive. And I also I wish that

789
00:36:02,320 --> 00:36:05,160
Speaker 1: I can contribute to an HSA, but our medical sharing

790
00:36:05,160 --> 00:36:07,360
Speaker 1: plan it saves us so much money that we'd be

791
00:36:07,400 --> 00:36:09,319
Speaker 1: letting the tail wag the dog if we opted to

792
00:36:09,360 --> 00:36:12,279
Speaker 1: get a traditional insurance plan for our families instead of

793
00:36:12,280 --> 00:36:14,000
Speaker 1: going with the health sharing plan that we're with. And

794
00:36:14,040 --> 00:36:17,040
Speaker 1: so we're talking about I don't know, roughly like three

795
00:36:17,040 --> 00:36:19,719
Speaker 1: thousand dollars worth of premiums every single year, and they're

796
00:36:19,719 --> 00:36:23,080
Speaker 1: not really premiums because it's not technically health insurance. It's

797
00:36:23,080 --> 00:36:27,239
Speaker 1: our monthly share amount. But that's instead of premiums on

798
00:36:27,400 --> 00:36:30,319
Speaker 1: a traditional health insurance plan for us, which would cost

799
00:36:30,360 --> 00:36:32,959
Speaker 1: in the neighborhood of twenty four thousand dollars a year.

800
00:36:33,160 --> 00:36:36,120
Speaker 1: That's a big difference, and so it is important to note,

801
00:36:36,160 --> 00:36:38,240
Speaker 1: like I said, that these sharing plans are not actually

802
00:36:38,239 --> 00:36:41,080
Speaker 1: insurance and they don't necessarily even make sense for most folks,

803
00:36:41,200 --> 00:36:43,480
Speaker 1: although they make sense for Matt's family and for my family,

804
00:36:43,719 --> 00:36:47,320
Speaker 1: especially though with the higher subsidies that the Healthcare Exchange

805
00:36:47,360 --> 00:36:50,480
Speaker 1: currently has an offer for low and moderate income people,

806
00:36:50,719 --> 00:36:52,960
Speaker 1: it's important to at least take a look and to see, well,

807
00:36:53,000 --> 00:36:55,080
Speaker 1: how expensive is this plan actually going to be for

808
00:36:55,160 --> 00:36:57,880
Speaker 1: me with that government kickback, and so know the trade

809
00:36:57,880 --> 00:36:59,640
Speaker 1: offs and know whether or not you're willing to jump

810
00:36:59,640 --> 00:37:02,880
Speaker 1: through the whoops. But self insuring more and going in

811
00:37:03,080 --> 00:37:06,120
Speaker 1: the health sharing direction can make sense for some folks.

812
00:37:06,239 --> 00:37:08,600
Speaker 2: Certainly seems like there's a theme with this episode as

813
00:37:08,600 --> 00:37:11,200
Speaker 2: far as self insuring and taking care of things yourself. Yeah,

814
00:37:11,480 --> 00:37:13,360
Speaker 2: it can save you a lot of money, but the

815
00:37:13,440 --> 00:37:16,239
Speaker 2: reason that we talk about health savings accounts and I'm

816
00:37:16,239 --> 00:37:18,600
Speaker 2: gonna start saying that instead of saying HSA is I

817
00:37:18,640 --> 00:37:22,840
Speaker 2: just realized that health sharing accounts of our health sharing plans.

818
00:37:22,960 --> 00:37:24,320
Speaker 2: There might be a little bit of confusion there, but

819
00:37:24,360 --> 00:37:28,160
Speaker 2: we're talking about health sharing versus health savings accounts, which

820
00:37:28,280 --> 00:37:31,920
Speaker 2: are associated with those high deductible insurance plans. But the

821
00:37:31,920 --> 00:37:34,640
Speaker 2: reason that we talk about health savings accounts a good bit,

822
00:37:34,719 --> 00:37:37,040
Speaker 2: even though we don't have access to one, and even

823
00:37:37,080 --> 00:37:39,839
Speaker 2: though we don't utilize in ourselves, is because so many

824
00:37:39,840 --> 00:37:42,080
Speaker 2: people out there, so many how to money listeners, they

825
00:37:42,160 --> 00:37:45,640
Speaker 2: do have access to an HSA because of those high

826
00:37:45,680 --> 00:37:50,280
Speaker 2: deductible plans that they are using health sharing accounts. They're

827
00:37:50,440 --> 00:37:54,319
Speaker 2: a minuscule fraction of the overall marketplace. Like basically, we're

828
00:37:54,320 --> 00:37:56,040
Speaker 2: just outliers and health.

829
00:37:56,120 --> 00:37:57,239
Speaker 1: We don't bring it up a whole lot on the

830
00:37:57,280 --> 00:37:59,200
Speaker 1: show because yeah, it makes sense for us, but we're not, like,

831
00:37:59,360 --> 00:38:01,560
Speaker 1: not for everybody reaching the gospel of health sharing plans

832
00:38:01,600 --> 00:38:03,760
Speaker 1: because they don't make sense for most people exactly.

833
00:38:03,840 --> 00:38:06,080
Speaker 2: Well, and you said, like the gospel a lot of times,

834
00:38:06,080 --> 00:38:10,120
Speaker 2: like they are religiously affiliated or whatever, like there's some

835
00:38:10,160 --> 00:38:11,479
Speaker 2: requirements there but there are.

836
00:38:11,400 --> 00:38:13,319
Speaker 1: Some that aren't. I think liberty. Health share is no.

837
00:38:13,440 --> 00:38:15,920
Speaker 2: Liberty, I think liberty or did they change the requirements

838
00:38:16,320 --> 00:38:21,719
Speaker 2: on SARA now four No, that's makeup crowd health. That's

839
00:38:21,760 --> 00:38:24,239
Speaker 2: one that they're a newer player, and I'm interested to

840
00:38:24,239 --> 00:38:25,880
Speaker 2: see how how they end up doing. But it's the

841
00:38:25,880 --> 00:38:29,600
Speaker 2: same principle where it's not technically insurance, but you're all contributing,

842
00:38:30,000 --> 00:38:31,640
Speaker 2: and the idea is that you take care of a

843
00:38:31,680 --> 00:38:34,000
Speaker 2: lot of expenses yourselves, but then beyond a certain amount,

844
00:38:34,440 --> 00:38:37,000
Speaker 2: everyone kind of chips in and it helps each other out.

845
00:38:37,239 --> 00:38:39,440
Speaker 2: But for everyone else out there who wants actual real

846
00:38:39,480 --> 00:38:42,400
Speaker 2: insurance health saving and accounts, they really are one of

847
00:38:42,400 --> 00:38:45,120
Speaker 2: the best accounts in the world because they are triple

848
00:38:45,160 --> 00:38:49,080
Speaker 2: and sometimes even quadruple tax advantage because if you also

849
00:38:49,160 --> 00:38:50,920
Speaker 2: count the fact that you don't have to pay payroll

850
00:38:51,000 --> 00:38:53,200
Speaker 2: tax on the money that you do contribute to in HSA,

851
00:38:54,040 --> 00:38:56,399
Speaker 2: actually comes out to four different ways that you save

852
00:38:56,520 --> 00:38:59,239
Speaker 2: on taxes. And we have an article that breaks down

853
00:38:59,320 --> 00:39:02,360
Speaker 2: all the different ways that you're able to save with

854
00:39:02,400 --> 00:39:04,560
Speaker 2: an agency. It actually we've got there's an article too

855
00:39:04,560 --> 00:39:07,719
Speaker 2: on the health sharing plans and how you might be

856
00:39:07,719 --> 00:39:09,200
Speaker 2: able to say, well, link to both of those in

857
00:39:09,239 --> 00:39:09,719
Speaker 2: the show notes.

858
00:39:09,760 --> 00:39:12,120
Speaker 1: Yeah, and we've actually probably do more on that because

859
00:39:12,280 --> 00:39:13,759
Speaker 1: there are have been a lot more that popped up.

860
00:39:13,800 --> 00:39:16,080
Speaker 1: I mentioned Sedera briefly, and yes it is that the

861
00:39:16,160 --> 00:39:18,000
Speaker 1: name of it s E D e r a dot com.

862
00:39:18,120 --> 00:39:21,640
Speaker 1: This is there is no sort of religious component to

863
00:39:21,680 --> 00:39:25,160
Speaker 1: that one. Yeah, and so so that one more to crowdhealth.

864
00:39:25,280 --> 00:39:28,799
Speaker 1: Both of those are are totally secular or whatever. So

865
00:39:28,840 --> 00:39:31,719
Speaker 1: it's worth regular looking into looking into some of those

866
00:39:31,960 --> 00:39:34,759
Speaker 1: and seeing like, Okay, cool, if I shalf insured, how

867
00:39:34,840 --> 00:39:36,920
Speaker 1: much am I paying in premiums? And do I get

868
00:39:37,160 --> 00:39:41,560
Speaker 1: as much of a subsidy as I thought I was getting?

869
00:39:41,640 --> 00:39:43,800
Speaker 1: Or am I I'm paying more than I thought for premiums?

870
00:39:44,200 --> 00:39:46,720
Speaker 1: And you know, if you've got health insurance through your employer,

871
00:39:47,000 --> 00:39:49,120
Speaker 1: in all likelihood they're subsidizing a good bit of those

872
00:39:49,200 --> 00:39:51,560
Speaker 1: premiums and that is best for you too. And since

873
00:39:51,600 --> 00:39:54,800
Speaker 1: so much of our health insurance around the country comes

874
00:39:55,440 --> 00:39:58,960
Speaker 1: from its employer provided, then it probably doesn't make sense

875
00:39:58,960 --> 00:40:01,359
Speaker 1: to go out on your own about on that. But Matt,

876
00:40:01,400 --> 00:40:04,759
Speaker 1: let's get to our last question for this episode. This

877
00:40:04,800 --> 00:40:07,040
Speaker 1: one is it's probably gonna allow me to take a backseat.

878
00:40:07,360 --> 00:40:10,239
Speaker 1: Let you just respond and I'm just gonna chill a

879
00:40:10,239 --> 00:40:10,839
Speaker 1: sympthlem of hear.

880
00:40:11,400 --> 00:40:13,879
Speaker 7: Hi, Joel and Matt. My name is Madison and I'm

881
00:40:13,920 --> 00:40:17,560
Speaker 7: from the Philadelphia area. I started my own photography business

882
00:40:17,600 --> 00:40:20,279
Speaker 7: and I'm looking for the best marketing ideas and strategies

883
00:40:20,680 --> 00:40:23,520
Speaker 7: I can use to help grow my business. I know, Matt,

884
00:40:23,719 --> 00:40:26,359
Speaker 7: you were once a photographer, so I'm really looking for

885
00:40:26,440 --> 00:40:30,160
Speaker 7: some advice here. I've used social media to advertise, but

886
00:40:30,239 --> 00:40:33,160
Speaker 7: all my clients have been friends, family, and a few

887
00:40:33,200 --> 00:40:35,800
Speaker 7: by word of mouth. I know there are many marketing

888
00:40:35,920 --> 00:40:39,040
Speaker 7: and advertising platforms out there, but they cost more money

889
00:40:39,080 --> 00:40:41,840
Speaker 7: than what I'm bringing in right now. My goal is

890
00:40:41,880 --> 00:40:44,600
Speaker 7: to have at least one paid gig per month. Thanks

891
00:40:44,640 --> 00:40:47,080
Speaker 7: for your advice and keep those beer recommendations come.

892
00:40:48,080 --> 00:40:50,840
Speaker 2: Yeah, Madison, once upon a time I was I was

893
00:40:50,880 --> 00:40:53,600
Speaker 2: a photographer. But great to hear from you. And by

894
00:40:53,640 --> 00:40:55,160
Speaker 2: the way, I wanted to mention, I'm happy to hear

895
00:40:55,200 --> 00:40:57,680
Speaker 2: that you too appreciate a delicious craft beer because it

896
00:40:57,680 --> 00:40:59,800
Speaker 2: wouldn't be out of money with all those tasty beverages

897
00:41:00,520 --> 00:41:02,960
Speaker 2: unless Joel, you end up getting like CELIAX.

898
00:41:02,760 --> 00:41:06,160
Speaker 1: Disease or man a friend that happened too and he's like, man,

899
00:41:06,200 --> 00:41:08,040
Speaker 1: I used to enjoy craft beer, can anymore?

900
00:41:08,360 --> 00:41:11,120
Speaker 2: I think I would just say, I guess my bowel

901
00:41:11,200 --> 00:41:13,279
Speaker 2: is going to be irritated or in that when it

902
00:41:13,320 --> 00:41:14,600
Speaker 2: does it like irritates your gut or.

903
00:41:14,560 --> 00:41:16,440
Speaker 1: Just shuffle off this mortal coil, you know, one of

904
00:41:16,440 --> 00:41:16,759
Speaker 1: the two.

905
00:41:17,400 --> 00:41:19,560
Speaker 2: Thank you for your question, And I'm going to preface

906
00:41:19,560 --> 00:41:22,160
Speaker 2: this by saying, I'm by no means a marketing expert,

907
00:41:22,600 --> 00:41:24,920
Speaker 2: but I can definitely share what it is that worked

908
00:41:24,920 --> 00:41:27,840
Speaker 2: for us, and honestly, before even diving into the marketing

909
00:41:27,880 --> 00:41:29,880
Speaker 2: side of things, it might be helpful to take a

910
00:41:29,920 --> 00:41:32,880
Speaker 2: step back and to look at the overall big picture.

911
00:41:33,440 --> 00:41:36,120
Speaker 2: Like specifically, I think it's worth focusing on the type

912
00:41:36,120 --> 00:41:39,000
Speaker 2: of photography that you're doing, because back when Kate and

913
00:41:39,040 --> 00:41:41,840
Speaker 2: I started our company, one of the biggest reasons we

914
00:41:41,920 --> 00:41:45,080
Speaker 2: focused on wedding photography was because there were very few

915
00:41:45,080 --> 00:41:48,040
Speaker 2: folks who were providing the kind of images and the

916
00:41:48,120 --> 00:41:52,040
Speaker 2: kind of photography coverage that we were looking for when

917
00:41:52,040 --> 00:41:54,160
Speaker 2: we got married. And like basically what I'm talking about here,

918
00:41:54,239 --> 00:41:55,680
Speaker 2: saw the hole in the market and you had to

919
00:41:55,719 --> 00:41:57,680
Speaker 2: pill it. Yeah, there was an opportunity there, Like it's

920
00:41:57,760 --> 00:42:00,799
Speaker 2: applying demand. There was a lot of demand, and I

921
00:42:00,880 --> 00:42:03,279
Speaker 2: knew that because I was the demand, like I was

922
00:42:03,320 --> 00:42:06,480
Speaker 2: living it with very little supply to meet that need,

923
00:42:06,760 --> 00:42:08,960
Speaker 2: and so we had already kind of identified a key

924
00:42:09,120 --> 00:42:12,000
Speaker 2: advantage there. So I think that's worth thinking through. But

925
00:42:12,080 --> 00:42:14,640
Speaker 2: assuming you've already done that, or honestly, even if you're

926
00:42:14,680 --> 00:42:17,719
Speaker 2: not interested in changing the product or the service that

927
00:42:17,719 --> 00:42:20,560
Speaker 2: you're willing to provide, how can more people find you?

928
00:42:21,040 --> 00:42:22,880
Speaker 2: And I'll tell you one of the things.

929
00:42:22,600 --> 00:42:25,440
Speaker 1: That was going to congest wearing a sandwich boards always

930
00:42:25,520 --> 00:42:27,800
Speaker 1: you could always you could do that. It's just catchy

931
00:42:27,920 --> 00:42:31,520
Speaker 1: wrap your car with your face, and nobody does it anymore.

932
00:42:31,680 --> 00:42:33,800
Speaker 1: The portrait sandwich boards are underrated, Okay.

933
00:42:33,880 --> 00:42:37,040
Speaker 2: One of the things that we consistently focused on was

934
00:42:37,600 --> 00:42:43,359
Speaker 2: Google's local search results. Basically, when someone googled Atlanta wedding photographers, like,

935
00:42:43,400 --> 00:42:46,840
Speaker 2: we wanted to be what couples saw under those business results.

936
00:42:47,000 --> 00:42:48,239
Speaker 2: It's like at the top of the page, you got

937
00:42:48,239 --> 00:42:50,719
Speaker 2: the little map there with our little little red pin.

938
00:42:51,040 --> 00:42:54,040
Speaker 2: We wanted folks to see that, and that means you

939
00:42:54,080 --> 00:42:58,000
Speaker 2: need to have a physical address there in Philadelphia, assuming

940
00:42:58,040 --> 00:43:01,520
Speaker 2: that you're providing services that our location specific. I guess

941
00:43:01,560 --> 00:43:05,080
Speaker 2: if you are like a stock photographer. Then I mean,

942
00:43:05,239 --> 00:43:07,120
Speaker 2: then location doesn't matter, but that's not what you're asking about,

943
00:43:07,360 --> 00:43:08,280
Speaker 2: Like you're asking about.

944
00:43:08,040 --> 00:43:09,280
Speaker 1: Trying to market to individuals.

945
00:43:09,560 --> 00:43:11,759
Speaker 2: But then once you have that listening, make sure and

946
00:43:11,920 --> 00:43:15,080
Speaker 2: actually flesh that business listing that profile out of course

947
00:43:15,120 --> 00:43:19,279
Speaker 2: had photos, but include other details as well so that

948
00:43:19,600 --> 00:43:23,480
Speaker 2: it looks legit. But then after that, ask previous clients

949
00:43:23,480 --> 00:43:26,480
Speaker 2: of years to leave a review so that potential new

950
00:43:26,560 --> 00:43:29,120
Speaker 2: clients will then have some peace of mind knowing that

951
00:43:29,239 --> 00:43:32,200
Speaker 2: you actually do a great job. And of course Google

952
00:43:32,520 --> 00:43:35,840
Speaker 2: like seeing those five stars as well, it starts ranking

953
00:43:35,840 --> 00:43:37,560
Speaker 2: you higher in those results. And this is going to

954
00:43:37,560 --> 00:43:39,640
Speaker 2: take some time to build. But luckily it kind of

955
00:43:39,640 --> 00:43:41,880
Speaker 2: sounds like that you're not in a rush, right. You

956
00:43:41,920 --> 00:43:43,839
Speaker 2: mentioned maybe being able to get up to the point

957
00:43:43,880 --> 00:43:46,880
Speaker 2: where you've got a gig a month, so it sounds

958
00:43:46,920 --> 00:43:49,120
Speaker 2: like this is part time that most but understand that

959
00:43:49,120 --> 00:43:51,200
Speaker 2: this is going to take time. Takes time for a

960
00:43:52,160 --> 00:43:54,520
Speaker 2: individuals to lead those reviews, but then b for Google

961
00:43:54,520 --> 00:43:57,120
Speaker 2: to recognize that and to kind of start rewarding you

962
00:43:57,239 --> 00:43:57,720
Speaker 2: for that.

963
00:43:57,719 --> 00:43:59,359
Speaker 1: That's going to be you might not be getting paid

964
00:43:59,360 --> 00:44:00,480
Speaker 1: a lot, but that's going to be one of the

965
00:44:00,520 --> 00:44:03,920
Speaker 1: biggest currencies you're gonna want is trading in reviews, You're.

966
00:44:03,840 --> 00:44:06,919
Speaker 2: Basically you're building your reput like your online reputation, by

967
00:44:07,280 --> 00:44:08,120
Speaker 2: building up that dosiness.

968
00:44:08,160 --> 00:44:09,640
Speaker 1: I mean, it makes me think of my AC guy

969
00:44:09,680 --> 00:44:11,719
Speaker 1: that I just mentioned, and he texted me after that

970
00:44:11,800 --> 00:44:13,479
Speaker 1: visit and he said, hey, can you leave me a review?

971
00:44:13,480 --> 00:44:15,200
Speaker 1: And I was like, of course, I'll be right again.

972
00:44:15,320 --> 00:44:18,680
Speaker 1: He's he's building that up, got this big old slate

973
00:44:18,760 --> 00:44:21,680
Speaker 1: of five star review reviews now nice, and now people

974
00:44:21,760 --> 00:44:23,800
Speaker 1: are going to find him. It's, I mean, honestly similar

975
00:44:23,880 --> 00:44:26,680
Speaker 1: to what podcasters go through. Like those reviews do a

976
00:44:26,680 --> 00:44:30,040
Speaker 1: lot to help us reach other potential listeners. So if

977
00:44:30,080 --> 00:44:31,680
Speaker 1: you're listening, you haven't left review, go do that.

978
00:44:32,440 --> 00:44:34,359
Speaker 2: And I would say it's even harder to do that

979
00:44:34,400 --> 00:44:38,799
Speaker 2: for a podcast because podcasts aren't typically geographically centric, right,

980
00:44:38,920 --> 00:44:42,640
Speaker 2: Like you're not looking for Atlanta personal finance podcast like

981
00:44:42,640 --> 00:44:45,240
Speaker 2: that doesn't it doesn't matter. We're competing with everybody around

982
00:44:45,280 --> 00:44:47,320
Speaker 2: basically the entire world, which kind of makes it a

983
00:44:47,360 --> 00:44:53,680
Speaker 2: little more difficult than focusing their geographically on Philadelphia. But Madison,

984
00:44:53,800 --> 00:44:56,720
Speaker 2: I would also then think of what other like quote

985
00:44:56,760 --> 00:45:00,200
Speaker 2: unquote unfair advantages you might have specifically when it comes

986
00:45:00,239 --> 00:45:03,319
Speaker 2: to your network that could help to boost your business. So,

987
00:45:03,360 --> 00:45:05,879
Speaker 2: for instance, what I'm thinking of, like, could you get

988
00:45:05,880 --> 00:45:09,440
Speaker 2: to know the folks like at a great local pediatricians' office,

989
00:45:09,600 --> 00:45:12,160
Speaker 2: because it turns out you actually want a photograph newborns,

990
00:45:12,239 --> 00:45:15,040
Speaker 2: you want to photograph babies, or maybe you want to be.

991
00:45:15,000 --> 00:45:15,839
Speaker 1: A pet photographer.

992
00:45:15,880 --> 00:45:17,799
Speaker 2: Well, like, do any of your friends happen to work

993
00:45:17,800 --> 00:45:20,200
Speaker 2: out a vet's office? If so, great, but if not

994
00:45:20,560 --> 00:45:23,360
Speaker 2: introducing yourself making those connections, they go a long way

995
00:45:24,000 --> 00:45:27,680
Speaker 2: and maybe even offering a discount to their customers. That way,

996
00:45:28,080 --> 00:45:30,880
Speaker 2: they like they've got an added incentive to mention you

997
00:45:30,920 --> 00:45:33,560
Speaker 2: to their clients because it's something it's it's added value

998
00:45:33,560 --> 00:45:35,720
Speaker 2: that they're able to provide to their clients. It's like, hey, look,

999
00:45:36,320 --> 00:45:39,200
Speaker 2: she's a great photographer and she's offering a discount to

1000
00:45:39,320 --> 00:45:40,359
Speaker 2: you because you come here.

1001
00:45:40,400 --> 00:45:41,920
Speaker 1: It makes them look good. Or what is it like

1002
00:45:41,920 --> 00:45:44,800
Speaker 1: when you get your your pet like clipped and trimmed

1003
00:45:44,840 --> 00:45:47,239
Speaker 1: and like looking on good and stuff like Yeah, so

1004
00:45:47,280 --> 00:45:49,279
Speaker 1: maybe maybe you're able to put up a flyer and

1005
00:45:49,320 --> 00:45:52,240
Speaker 1: say fifteen percent off for anybody who goes to Fife's

1006
00:45:52,280 --> 00:45:55,560
Speaker 1: Groomers and now you know their dog is looking all fly,

1007
00:45:55,840 --> 00:45:59,399
Speaker 1: and they want photos of their pet specifically because they've

1008
00:45:59,440 --> 00:46:00,760
Speaker 1: never looked better, they're looking fresh.

1009
00:46:01,280 --> 00:46:04,360
Speaker 2: But so that actually raises the question should you actually

1010
00:46:04,440 --> 00:46:06,440
Speaker 2: offer discounts or even work for free.

1011
00:46:06,760 --> 00:46:07,400
Speaker 1: I feel like this is.

1012
00:46:07,440 --> 00:46:10,080
Speaker 2: Kind of an ongoing debate. I mean, at least it

1013
00:46:10,160 --> 00:46:12,560
Speaker 2: was back in like when I was doing photography. But

1014
00:46:12,560 --> 00:46:15,800
Speaker 2: I'm sure a lot of industries struggle. There's sort of

1015
00:46:15,880 --> 00:46:18,000
Speaker 2: like the same debate going on. It's up to you,

1016
00:46:18,120 --> 00:46:21,040
Speaker 2: but this is something that we definitely did when we

1017
00:46:21,040 --> 00:46:24,479
Speaker 2: were first getting started, because it's difficult to get someone

1018
00:46:24,520 --> 00:46:26,960
Speaker 2: to trust you enough to hire you right to fork

1019
00:46:26,960 --> 00:46:30,640
Speaker 2: over real money. But if you're offering a deal, if

1020
00:46:30,640 --> 00:46:33,399
Speaker 2: you're offering work for free, that changes things. I think

1021
00:46:33,400 --> 00:46:35,080
Speaker 2: this is a great way to get the ball. Rolling

1022
00:46:35,239 --> 00:46:37,759
Speaker 2: helps you to get some of those initial reviews in.

1023
00:46:37,840 --> 00:46:40,279
Speaker 2: It helps you to build out a great looking portfolio,

1024
00:46:41,040 --> 00:46:43,239
Speaker 2: and then you can start getting.

1025
00:46:42,920 --> 00:46:44,440
Speaker 1: Paid what it is that you're actually working. I mean,

1026
00:46:44,480 --> 00:46:46,520
Speaker 1: going back to that groomer example, Matt, that you just

1027
00:46:46,520 --> 00:46:48,640
Speaker 1: mentioned a PEG groomer, Like, what if you went in

1028
00:46:48,680 --> 00:46:50,520
Speaker 1: there and you told the group, hey, listen, how about

1029
00:46:50,560 --> 00:46:53,239
Speaker 1: I snapped some photos and create some enlargements, Like all

1030
00:46:53,239 --> 00:46:55,680
Speaker 1: you got to pay for is the printing and framing cost,

1031
00:46:55,920 --> 00:46:57,680
Speaker 1: and we'll put these up in your lobby. Hey, guess what,

1032
00:46:57,719 --> 00:46:59,279
Speaker 1: Your lobby's going to look awesome and it's going to

1033
00:46:59,360 --> 00:47:02,440
Speaker 1: exhibit your work. But all I ask in return is

1034
00:47:02,480 --> 00:47:04,439
Speaker 1: that you put up my flyers here on the front

1035
00:47:04,480 --> 00:47:06,799
Speaker 1: when people are checking out my business cards. Boom. I mean,

1036
00:47:06,800 --> 00:47:08,279
Speaker 1: what a great way, Like you're.

1037
00:47:07,960 --> 00:47:09,520
Speaker 2: Got a fly It's not like pet sitting where it's

1038
00:47:09,560 --> 00:47:11,680
Speaker 2: like tear tear off a little right. You want it

1039
00:47:11,680 --> 00:47:12,839
Speaker 2: to be like, you know, I have like a nice

1040
00:47:12,880 --> 00:47:14,640
Speaker 2: little card there, like spend some money on printing.

1041
00:47:14,680 --> 00:47:17,880
Speaker 1: But there's all sorts of kind of ways that you

1042
00:47:17,920 --> 00:47:21,920
Speaker 1: don't necessarily have to be the SEO beast online and

1043
00:47:21,960 --> 00:47:24,560
Speaker 1: what that's helpful, But there's other ways if you're if

1044
00:47:24,560 --> 00:47:27,000
Speaker 1: you're kind of going on the local angle, like think

1045
00:47:27,000 --> 00:47:29,680
Speaker 1: outside the box like that, something like that could could

1046
00:47:29,680 --> 00:47:32,480
Speaker 1: get you a lot further towards your targeted clientele than

1047
00:47:32,520 --> 00:47:34,560
Speaker 1: having the most off of my site in the history

1048
00:47:34,560 --> 00:47:35,319
Speaker 1: of websites. Yeah.

1049
00:47:35,360 --> 00:47:37,680
Speaker 2: Yeah, lean into your strengths and what it is that

1050
00:47:37,960 --> 00:47:40,960
Speaker 2: not only that you are good at, but that you

1051
00:47:41,000 --> 00:47:42,760
Speaker 2: want to do. And I think a lot of folks

1052
00:47:43,280 --> 00:47:46,439
Speaker 2: they do tend to emphasize maybe the social media side

1053
00:47:46,440 --> 00:47:48,160
Speaker 2: of things because obviously that's where people are, that is

1054
00:47:48,200 --> 00:47:51,000
Speaker 2: really important, but it's also kind of I don't know,

1055
00:47:51,040 --> 00:47:52,400
Speaker 2: it's one of the easiest things.

1056
00:47:52,239 --> 00:47:54,200
Speaker 1: Right, Like that's when irl still matters matter.

1057
00:47:54,080 --> 00:47:56,359
Speaker 2: In real life, definitely it still matters. I mean, folks

1058
00:47:56,400 --> 00:47:58,960
Speaker 2: are always on social media, and I think what that

1059
00:47:59,000 --> 00:48:00,879
Speaker 2: means is there are tons of accounts out there, there's

1060
00:48:00,880 --> 00:48:02,960
Speaker 2: a there's a ton of competition. How many folks are

1061
00:48:02,960 --> 00:48:07,000
Speaker 2: actually going in person and having conversations and basically presenting

1062
00:48:07,040 --> 00:48:10,000
Speaker 2: themselves in person, because I think that goes a lot

1063
00:48:10,160 --> 00:48:13,200
Speaker 2: further than just simply paying for advertising, which is something

1064
00:48:13,239 --> 00:48:16,200
Speaker 2: else that that Madison mentioned. How it can be expensive

1065
00:48:16,239 --> 00:48:18,400
Speaker 2: pay like these expensive marketing platforms, and I would just

1066
00:48:18,440 --> 00:48:22,560
Speaker 2: completely avoid that, like I think instead like maybe collaborating

1067
00:48:22,640 --> 00:48:25,880
Speaker 2: with other content creators. I think even again working for free,

1068
00:48:26,280 --> 00:48:27,920
Speaker 2: that's a better way I think to get your work

1069
00:48:27,920 --> 00:48:30,439
Speaker 2: out there in front of new eyeballs. And plus it's

1070
00:48:30,480 --> 00:48:33,320
Speaker 2: just again it's more relational. It's it's a more relational

1071
00:48:33,320 --> 00:48:36,000
Speaker 2: way to build up a book of business rather than

1072
00:48:36,120 --> 00:48:39,120
Speaker 2: just a transact like a transactional relationship, which is what

1073
00:48:39,200 --> 00:48:42,000
Speaker 2: happens when you just pay for an ad. You know,

1074
00:48:42,040 --> 00:48:43,600
Speaker 2: I'm not opposed to go in that direction if you

1075
00:48:43,640 --> 00:48:46,040
Speaker 2: if you want to pay for ads, if once you're

1076
00:48:46,080 --> 00:48:49,520
Speaker 2: actually pulling in some more serious revenue. It's just not

1077
00:48:49,560 --> 00:48:50,839
Speaker 2: the path that we took.

1078
00:48:50,880 --> 00:48:52,480
Speaker 1: I think it's going to take a bunch of these

1079
00:48:52,480 --> 00:48:54,040
Speaker 1: different things at once though, right, it's going to take

1080
00:48:54,040 --> 00:48:57,600
Speaker 1: some social media, some website stuff, some local in real life,

1081
00:48:58,080 --> 00:49:01,839
Speaker 1: you know, reaching out to the customer you want. But Matt,

1082
00:49:01,880 --> 00:49:03,640
Speaker 1: I think, yeah, that's a lot of good advice for

1083
00:49:04,120 --> 00:49:04,839
Speaker 1: Madison to go on.

1084
00:49:04,880 --> 00:49:06,160
Speaker 2: I feel like there's more than we could talk through,

1085
00:49:06,160 --> 00:49:08,400
Speaker 2: but we'll just stop there. Hopefully, Madison, that gets you

1086
00:49:08,440 --> 00:49:11,560
Speaker 2: pointed in the right direction. Actually, you missed a great opportunity,

1087
00:49:11,640 --> 00:49:14,080
Speaker 2: just like we missed the opportunity to celebrate our seven

1088
00:49:14,239 --> 00:49:19,920
Speaker 2: hundredth episode. So we're I am just as at fault

1089
00:49:19,960 --> 00:49:21,680
Speaker 2: as you are. But you didn't say the name of

1090
00:49:21,719 --> 00:49:24,279
Speaker 2: your of your your photography business. So I'm going to

1091
00:49:24,320 --> 00:49:26,600
Speaker 2: reach out to you and we'll make sure to link

1092
00:49:26,760 --> 00:49:29,440
Speaker 2: to your website or to your social media in the

1093
00:49:29,440 --> 00:49:32,080
Speaker 2: show notes within this episode, because that's another way to

1094
00:49:32,120 --> 00:49:34,360
Speaker 2: build up your website, is when you've got other websites

1095
00:49:35,120 --> 00:49:37,719
Speaker 2: pointing back to your website. It creates credibility in the

1096
00:49:37,719 --> 00:49:38,360
Speaker 2: eyes of Google.

1097
00:49:38,400 --> 00:49:39,040
Speaker 1: So that's it.

1098
00:49:39,400 --> 00:49:41,200
Speaker 2: I'm not saying that our website is huge or anything

1099
00:49:41,280 --> 00:49:42,960
Speaker 2: like that, but it could help and hopefully you can

1100
00:49:43,040 --> 00:49:44,040
Speaker 2: get at least a few clients.

1101
00:49:44,200 --> 00:49:47,960
Speaker 1: We're no Google dot com.

1102
00:49:46,800 --> 00:49:49,960
Speaker 2: Or no WSJ dot com right New York Times or

1103
00:49:49,960 --> 00:49:50,560
Speaker 2: anything like that.

1104
00:49:50,600 --> 00:49:52,839
Speaker 1: But over the time, and that's another thing too, just

1105
00:49:53,160 --> 00:49:55,759
Speaker 1: it's little by little, it's yeah, and ship away at

1106
00:49:55,760 --> 00:49:58,439
Speaker 1: it person by person, and that all of those relationships matter.

1107
00:49:58,680 --> 00:50:01,000
Speaker 1: Treating every customer well word of mouth is going to

1108
00:50:01,040 --> 00:50:02,320
Speaker 1: go a long way too, and helping you build that

1109
00:50:02,360 --> 00:50:02,719
Speaker 1: business and.

1110
00:50:02,760 --> 00:50:04,759
Speaker 2: Of course doing great work, which is you know, again,

1111
00:50:04,800 --> 00:50:06,840
Speaker 2: you asked about the marketing side of things, so we

1112
00:50:07,080 --> 00:50:10,040
Speaker 2: didn't talk about furthering your education and the experience and

1113
00:50:10,400 --> 00:50:13,080
Speaker 2: just creating an incredible product, but obviously that's a part

1114
00:50:13,080 --> 00:50:13,279
Speaker 2: of it.

1115
00:50:13,360 --> 00:50:13,960
Speaker 1: Yes as well.

1116
00:50:14,480 --> 00:50:16,759
Speaker 2: All right, man, let's get back to the beer. You

1117
00:50:16,800 --> 00:50:20,279
Speaker 2: and I enjoyed, data loss. This is an American pale ale.

1118
00:50:20,600 --> 00:50:21,719
Speaker 2: What'd you think? Uh?

1119
00:50:21,960 --> 00:50:23,960
Speaker 1: This might be the best pal al I've ever had

1120
00:50:24,000 --> 00:50:24,920
Speaker 1: in my life? Is it?

1121
00:50:24,960 --> 00:50:28,279
Speaker 2: Because it tastes like not an American palol, but in

1122
00:50:28,360 --> 00:50:29,120
Speaker 2: India pal al?

1123
00:50:29,280 --> 00:50:30,240
Speaker 1: Yeah? Exactly.

1124
00:50:30,280 --> 00:50:34,040
Speaker 2: I don't understand how it tasted so dang hoppy but

1125
00:50:34,320 --> 00:50:35,480
Speaker 2: was still a light.

1126
00:50:35,719 --> 00:50:37,839
Speaker 1: Pale I know, well, and that's the problem. A lot

1127
00:50:37,880 --> 00:50:40,279
Speaker 1: of a lot of pal als are just weak, right,

1128
00:50:40,280 --> 00:50:44,680
Speaker 1: They're just not bringing enough sauce. Yeah, not enough heat,

1129
00:50:44,719 --> 00:50:47,520
Speaker 1: not pack enough heat. And this one was like just

1130
00:50:47,800 --> 00:50:51,200
Speaker 1: massively flavorful, which yeah, come to expect from halfway crooks,

1131
00:50:51,239 --> 00:50:53,880
Speaker 1: but dang, this was. Yeah, this tasted almost like a

1132
00:50:53,960 --> 00:50:56,400
Speaker 1: double IPA with how much flavor was bringing. But I

1133
00:50:56,440 --> 00:50:58,160
Speaker 1: love that it was a five percent beer at the

1134
00:50:58,200 --> 00:50:58,840
Speaker 1: same time.

1135
00:50:58,680 --> 00:51:01,400
Speaker 2: It didn't have that double IPA AVV or even just

1136
00:51:01,440 --> 00:51:05,400
Speaker 2: a regular I PA ABV. It was certainly under control

1137
00:51:05,480 --> 00:51:08,520
Speaker 2: under I don't want to say under wraps, but was They

1138
00:51:08,600 --> 00:51:10,879
Speaker 2: felt very in charge when they were they were making

1139
00:51:10,960 --> 00:51:13,200
Speaker 2: this beer. But yeah, the the hot presence, it almost

1140
00:51:13,200 --> 00:51:15,480
Speaker 2: gave it like a spiciness, did you say, bringing the

1141
00:51:15,520 --> 00:51:18,360
Speaker 2: heat something like it almost literally.

1142
00:51:18,000 --> 00:51:19,840
Speaker 1: Had not like they actually tossed hob and arrows in.

1143
00:51:20,400 --> 00:51:22,960
Speaker 2: Not spicy in that way, but just a freshness with

1144
00:51:23,120 --> 00:51:25,920
Speaker 2: the hop that you could taste what seemed like real

1145
00:51:26,000 --> 00:51:28,160
Speaker 2: chunks of hop within the.

1146
00:51:28,080 --> 00:51:31,520
Speaker 1: Beer, which actually doesn't sound appetizing, but chewing hops while

1147
00:51:31,680 --> 00:51:33,040
Speaker 1: drinking beer anyway.

1148
00:51:33,280 --> 00:51:36,560
Speaker 2: Yeah, another fantastic beer from Halfway Crooks Beer. If you

1149
00:51:36,680 --> 00:51:38,560
Speaker 2: ever happened to be in the Atlanta area, you've got

1150
00:51:38,640 --> 00:51:42,200
Speaker 2: to swing by their location there in Summer Hill neighborhood

1151
00:51:42,239 --> 00:51:45,400
Speaker 2: in Atlanta is a phenomenal spot to drink beer, for sure.

1152
00:51:45,600 --> 00:51:48,040
Speaker 2: We'll make sure to link to not only a Madison's

1153
00:51:48,160 --> 00:51:50,480
Speaker 2: site or social but some of the other resources we

1154
00:51:50,600 --> 00:51:52,880
Speaker 2: mentioned during this episode. You can find that up on

1155
00:51:52,880 --> 00:51:55,840
Speaker 2: our show notes up on the site at howamoney dot com.

1156
00:51:56,120 --> 00:51:57,000
Speaker 2: Got anything else for us?

1157
00:51:57,360 --> 00:51:57,920
Speaker 1: That's gonna do it?

1158
00:51:57,920 --> 00:52:00,759
Speaker 2: Man Happy is the kind of celebration that we'd get

1159
00:52:00,800 --> 00:52:03,719
Speaker 2: in trouble for if this was an anniversary with I

1160
00:52:03,760 --> 00:52:06,239
Speaker 2: can't forget about those now that's gonna get for this

1161
00:52:06,320 --> 00:52:09,520
Speaker 2: on Buddy. Until next time, Best Friends Out, Best Friends Out,