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Speaker 1: Welcome to Hada Money. I'm Joel, I'm Matt. Today we're

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Speaker 1: answering your listener questions.

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Speaker 2: That's right, Happy Monday, everybody, and we are going to

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Speaker 2: get to listener questions today. Buddy, we're gonna hear from

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Speaker 2: a listener who's asking about some different ways that they

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Speaker 2: can afford some expensive childcare costs. We're gonna talk about

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Speaker 2: some of the different fees that Fidelity is charging.

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Speaker 1: Gasp, can you believe a Joel Fidelity say it ain't so?

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Speaker 1: And we're gonna take more of a frugal versus cheap.

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Speaker 1: I guess we're gonna talk about like the name brand

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Speaker 1: nice tires that.

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Speaker 2: You can purchase and put on your vehicle, or maybe

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Speaker 2: taking the more affordable route. I'm excited to get to

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Speaker 2: that one and share with listeners maybe some of the

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Speaker 2: ridiculous links that we might go to to keep the

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Speaker 2: car maintenance bill down. And dude, having older vehicles, this

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Speaker 2: is something that I've experienced, but also that I look

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Speaker 2: ahead and I see on the horizon, in particular with

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Speaker 2: tires as well, because I've got two tires that are

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Speaker 2: older and I know those are going to.

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Speaker 1: Have to be replace. I've had a few bigger repair

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Speaker 1: bills too recently on pushing two hundred thousand miles and

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Speaker 1: so yeah, I won't get into it. Yeah, there's a

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Speaker 1: shop that we're going to that may not have been

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Speaker 1: the Apisoute. All right. Well, one thing I wanted to

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Speaker 1: mention briefly map before we get to listener questions is

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Speaker 1: some of the websites that allow you to book travel

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Speaker 1: and specifically hotels cheaper than or at least is what

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Speaker 1: they advertise. So you can book a hotel more cheaply

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Speaker 1: through hot wire and price Line in particular than you

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Speaker 1: can almost anywhere else on the internet. True, and that's

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Speaker 1: particularly true if you're willing to stay at an unnamed

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Speaker 1: hotel that you don't know until you've actually gone through

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Speaker 1: with the process. You say, all right, listen, I'm down

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Speaker 1: to stay at any three and a half star hotel

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Speaker 1: or whatever. And this is the mystery hotel particular part

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Speaker 1: of town. And there's probably five or six hotels that

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Speaker 1: are up for great and yeah, just give me whatever

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Speaker 1: one you're going to give me. That's how you save

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Speaker 1: the most money. I will say, it's not always true,

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Speaker 1: and it doesn't always work out, And this is something

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Speaker 1: I was helping my dad book a hotel room for

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Speaker 1: a trip that they've got coming up.

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Speaker 2: Did you see a discrepancy between the price on hot

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Speaker 2: wire as opposed to reaching out to them directly.

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Speaker 1: Yeah, exactly, Yeah, there were, and surprisingly when you were

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Speaker 1: booking through I think it was price Line in particular,

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Speaker 1: but the fees that are being charged were more significant

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Speaker 1: Priceline fees.

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Speaker 3: Yeah.

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Speaker 1: The price Line fees can be more boisterous. I don't

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Speaker 1: know that's a bad word, but they can be bigger

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Speaker 1: than what you're gonna pay when you go directly through

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Speaker 1: the hotel. So I think and hotels have kind of

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Speaker 1: wised up to this too in the new era. They're

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Speaker 1: willing to match prices that some of these online booking companies,

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Speaker 1: these aggregators are charging. They know that that's their competition,

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Speaker 1: and they are oftentimes offering discounts either on their website

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Speaker 1: you might have to put in a code or something

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Speaker 1: like that, or if you call them on the phone

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Speaker 1: and just say, hey, listen, this is the kind of

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Speaker 1: price I'm getting on one of these aggregators. How much

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Speaker 1: can you know what sort of price are you able

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Speaker 1: to offer directly? Yeah? And so I just want to

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Speaker 1: say like these. I think some people have, like knee jerk,

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Speaker 1: become accustomed to inhabit form going to these websites price

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Speaker 1: Lign and hot wire, and I think it's worth checking

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Speaker 1: those websites out before you book. But it's also worth,

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Speaker 1: especially if there's a hotel you like in the area

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Speaker 1: you're staying and you feel like it's reasonably priced in comparison,

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Speaker 1: or you see a good price on price line, going

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Speaker 1: to the hotel's website directly before you click book. You

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Speaker 1: might also have better cancelation benefits too. Booking directly with

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Speaker 1: the hotel, whereas price sign or hot Wire you might

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Speaker 1: have zero ability to change or modify the reservation.

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Speaker 2: So dare I say even picking up the phone and

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Speaker 2: giving them a call, because maybe they haven't even updated

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Speaker 2: the website into the latest discounts that they're offering, but

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Speaker 2: they know that there's something that's out there and you

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Speaker 2: could snag the absolute best room.

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Speaker 1: At the lowest price. My dad found the hotel, or

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Speaker 1: directly from the hotel itself saved one hundred bucks over

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Speaker 1: the price line price. And I used to be man

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Speaker 1: price Lign was the best, and now I just think

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Speaker 1: that's not quite as much the case. So he saved

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Speaker 1: one hundred bucks. And it turns out the hotel has

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Speaker 1: like a free car that they'll give you and for

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Speaker 1: three mile radius rides, and so like they need to

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Speaker 1: give you a ride or you actually get to drive it. No,

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Speaker 1: they give you a ride, ye okay, And so even

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Speaker 1: better if chauffeur Yeah, got a driver, babe.

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Speaker 3: Yeah.

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Speaker 1: And so he was like, we canceled my rental car too.

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Speaker 1: I'm just gonna uber and then take that little car

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Speaker 1: where we need to go. So there's all sorts of

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Speaker 1: ways to save on travel. That's a couple of quick

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Speaker 1: tips that picked up just from a recent travel a

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Speaker 1: booking encounter with my pops. I love it. Man.

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Speaker 2: Let's introduce the beer that you and I are about

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Speaker 2: to enjoy during this episode. And this is a rum

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Speaker 2: barrel aged out fermented with Bretta nomiyases.

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Speaker 1: This is my Wicked Weed.

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Speaker 2: And we've had plenty of Wicked Weed beers before, but

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Speaker 2: I don't know if we've ever had the Dark Arts,

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Speaker 2: which is uh, I guess just a line that they're

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Speaker 2: doing that's a little bit fancier.

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Speaker 1: Yeah, a little outside the box too. Write some kind

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Speaker 1: of unique flavors. They are trying to pull out of

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Speaker 1: some of the those beers, so looking forward to enjoying that.

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Speaker 1: We'll share our thoughts at the end of the episode,

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Speaker 1: no doubt. Let's get on to your questions, though, And

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Speaker 1: if you have a money question you want Matt and

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Speaker 1: I to tackle next week on the show, well send

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Speaker 1: us a voice memo. You go to howomoney dot com

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Speaker 1: slash ask for the specific directions on how to do that,

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Speaker 1: but really just recording your question on the voice memo

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Speaker 1: app of your phone, state in your name at the beginning,

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Speaker 1: and emailing and over. Hopefully we can take it real

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Speaker 1: real soon. Matt, this next question is one that I

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Speaker 1: think is on the minds of a lot of parents

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Speaker 1: of young children. Hi, Joel and Matt.

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Speaker 4: My name is Kelly and I'm from Richmond, Virginia. I've

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Speaker 4: been an avid follower since twenty twenty. With your help,

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Speaker 4: I've become really confident with saving money and investing. My

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Speaker 4: husband and I are expecting our second child in March,

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Speaker 4: and we'll be paying for two kids in daycare. We

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Speaker 4: are going to need to come up with thirteen hundred

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Speaker 4: more a month or fifteen thousand, six hundred a year

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Speaker 4: to be able to afford this. In the meantime, we've

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Speaker 4: done well saving We have a fully funded emergency fund,

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Speaker 4: a car payment at zero percent interest, and a mortgage payment.

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Speaker 4: We max out a dependent care FSA and HSA as

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Speaker 4: a family to wroth iras, and we both contribute to

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Speaker 4: our companies for one K to at least receive the match.

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Speaker 4: My question is which accounts do I decrease or completely

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Speaker 4: stop contributing to to have more liquid income to afford

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Speaker 4: this new change. My initial thought is to keep everything

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Speaker 4: the same and only contribute thirty five hundred a year

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Speaker 4: to each wroth ira so we can take advantage of

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Speaker 4: that before we are over the income limit, and then

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Speaker 4: use the FSA and HSA to reimburse ourselves for daycare.

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Speaker 4: Let me know your thoughts. Looking forward to hearing your advice.

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Speaker 4: If you make it to Richmond, there is at least

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Speaker 4: twenty breweries to visit, most are in walking distance.

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Speaker 1: Thanks so much, all right, Kelly, thank you so much

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Speaker 1: for listening to the podcast since twenty twenty. Joel, that's

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Speaker 1: back when I feel like that's when we were we

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Speaker 1: started taking it a little more seriously. Back then. We've

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Speaker 1: always taken it seriously. We just maybe we took it

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Speaker 1: more seriously twenty I mean we did because early on

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Speaker 1: we're like, we're not let's be honest, we weren't looking

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Speaker 1: for another hobby.

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Speaker 2: We were looking for something for us to actually do.

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Speaker 2: We wanted this, this podcast to take off and to succeed.

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Speaker 2: But twenty twenty, specifically, is what I'm thinking of, is

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Speaker 2: when we launched the Friday Fight. Yeah, the episodes where

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Speaker 2: we were diving into the news a little bit more so, Kelly,

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Speaker 2: we appreciate you being with us since then.

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Speaker 1: I still I love doing the Friday Flights, But can

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Speaker 1: you do you remember, Matt, just how things were changing,

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Speaker 1: like every every week it was fast moving back. It

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Speaker 1: was like shifting sands, and we were covering so much

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Speaker 1: stuff going on. It felt like the Friday Flights were like,

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Speaker 1: it's so important back then. I still love those episodes, yea,

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Speaker 1: but man, they were like.

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Speaker 2: It was more of a lifeline and a little more

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Speaker 2: necessary at that point, especially because we were recording like

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Speaker 2: three weeks in advance at that point, and we weren't

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Speaker 2: addressing the fact that there was a pandemic going on,

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Speaker 2: and folks were like, hey, guys, how about some about

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Speaker 2: this novel coronavirus that's in the streets.

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Speaker 1: We're like, oh, wait, we have to shift things up

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Speaker 1: if we're gonna go full time exactly. Yeah.

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Speaker 2: But Kelly, I also want to say congrats on the

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Speaker 2: soon to be additioned.

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Speaker 1: There to your family. It sounds like you.

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Speaker 2: Have set yourself up well for the ability to make

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Speaker 2: this pivot, to be able to grow your family, to

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Speaker 2: take on additional daycare costs, which are pretty significant. There's

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Speaker 2: been plenty written about the rising costs of daycare, and

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Speaker 2: my guess is that it's at least a part of

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Speaker 2: the reason for the declining birth rates that we're seeing.

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Speaker 2: Folks are like, I just can't afford like even just

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Speaker 2: somebody watching my kid while I'm able to go out

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Speaker 2: there and try to earn a living.

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Speaker 1: It does make you think twice.

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Speaker 2: The economics of growing your family has been getting a

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Speaker 2: bit more difficult, and I think in most families they

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Speaker 2: have to decide whether or not they can afford it.

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Speaker 2: Many families and make the difficult decision of you know,

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Speaker 2: having a parent quit their job or at least maybe

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Speaker 2: take a sabbatical hiatus. I don't know, once they reach

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Speaker 2: the point of having two or three kids, right, Like

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Speaker 2: once there's a double triple war score. When it comes

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Speaker 2: to those daycare costs, it gets a lot.

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Speaker 1: More expensive than it doesn't make financial sense, yeah, given

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Speaker 1: the tax savings and not having to pay for childcare. Yeah,

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Speaker 1: especially if they're preschool aged, right because one thing can

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Speaker 1: start getting into kindergarten, first grade, and you've got a

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Speaker 1: couple at least in uh school, and then you're talking

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Speaker 1: about maybe daycare for just one or two. Then you

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Speaker 1: can make a different decision. But you're right management, Let's

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Speaker 1: say you got three kids five and under the childcare

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Speaker 1: bill can be astronomical.

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Speaker 2: I don't want to go back to not to mention

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Speaker 2: the diaper bills. It was an awesome time, but I

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Speaker 2: appreciate where we are now.

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Speaker 1: Also, yeah, I'm a little bit less tired these days

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Speaker 1: than I was back then as well. But there's actually

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Speaker 1: some new data out specifically about the cost of childcare

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Speaker 1: and out of the state of Tennessee. Well, they found

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Speaker 1: that it costs more to pay for your child's daycare

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Speaker 1: than it does to afford in state tuition for college. Jez.

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Speaker 1: So you think about as a parent, You're like, oh man,

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Speaker 1: you got tons of time to save up for college,

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Speaker 1: Well you don't for daycare, right, and you got nine

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Speaker 1: months sucker, right, exactly, get your act together. So childcare

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Speaker 1: now costs more than college in thirty four out of

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Speaker 1: the fifty states. So again, for college, you have let's say,

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Speaker 1: eighteen years to save to invest to prepare for the

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Speaker 1: high expense. But you know, you just don't have that

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Speaker 1: when you're talking about saving up and affording that. Childcare

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Speaker 1: and having a kid has always involved trade offs and

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Speaker 1: it has always impacted family finances, but it just does

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Speaker 1: seem like the stakes are higher these days. And Kelly

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Speaker 1: mentioned what fifteen thousand dollars a year is what it's

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Speaker 1: going to cost for kind of full time childcare. Well,

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Speaker 1: I think she said fifteen thousand dollars more to come up,

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Speaker 1: So maybe maybe she's even paying like fourking out thirty

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Speaker 1: annually for both of her kids with childcare. That's it's

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Speaker 1: a lot. There's a lot of money, but it also

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Speaker 1: doesn't seem out of the realm of normalcy for like

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Speaker 1: fifteen thousand dollars a kid.

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Speaker 2: So specifically, she's asking which particular accounts should you dial

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Speaker 2: back on? And I'm gonna say that your analysis, I

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Speaker 2: think is spot on. Definitely keep that dependent care FSA

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Speaker 2: because that's just getting a straight up tax break for

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Speaker 2: money that you are going to be spending no matter what.

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Speaker 2: And then you know you're mentioning dropping contributing to your

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Speaker 2: roth IRA. I would one hundred percent do that. I

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Speaker 2: would because you mentioned you've got that HSA and rather

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Speaker 2: than dialing back on that account because of the fact

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Speaker 2: that the HSA is so tax advantage. It's got a

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Speaker 2: lot of times you hear it referred to as like

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Speaker 2: the triple tax advantage, but really it's a quadruple tax

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Speaker 2: advantage because you're also not paying payroll on any of

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Speaker 2: the funds that are going into your HSA. Payroll taxes

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Speaker 2: underrated and how expensive. Yeah, and you compare that to

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Speaker 2: a roths are awesome. We love wrath IRA's, but they

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Speaker 2: only grow tax free and only get to be withdrawn

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Speaker 2: once you hear retirement tax free. But that's only two

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Speaker 2: out of the four. With an HSA, that truly is

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Speaker 2: the ultimate retirement account. And given I guess how disciplined

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Speaker 2: it sounds like you are and just how organized you are.

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Speaker 2: For some folks, I would say that HSA is the

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Speaker 2: way to go when it comes to retirement savings instead,

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Speaker 2: you know what, just kind of hit the easy button.

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Speaker 2: Let's just keep definitely get the match, like you're doing

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Speaker 2: with your four one ks, but then beyond that, let's

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Speaker 2: just do the roth IRA. It's super easy. But if

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Speaker 2: you have the ability to stay organized to keep up

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Speaker 2: with qualified expenses over the years, the HSA from an

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Speaker 2: optimization standpoint, is one hundred percent the route I think

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Speaker 2: you should be taking when it comes to prioritizing a

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Speaker 2: retirement account.

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Speaker 1: Yeah. I think you're I think you're right.

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Speaker 5: Man.

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Speaker 1: It's kind of tough to know which accounts to keep

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Speaker 1: and which ones to cut back on. I think if

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Speaker 1: Kelly was contributing above and beyond the match amount and

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Speaker 1: the four one K, well maybe I dial that back

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Speaker 1: to just the match amount, because I would prioritize the

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Speaker 1: HSA and the roth IRA above four to one K

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Speaker 1: contributions that exceed the match If that makes sense, Yeah,

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Speaker 1: because there's more flexibility.

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Speaker 2: Yeah, with the roth IRA, but beyond the flexibility just

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Speaker 2: the tax advantage though with the HSA, baby, come on,

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Speaker 2: you can't beat that.

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Speaker 1: I think it's also important to mention here, and this

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Speaker 1: might sound just trite or silly, But what about cutting

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Speaker 1: back on expenses so that you can I think you're

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Speaker 1: still going to have to cut back on your investments,

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Speaker 1: but if you can cut back on some expenses, you

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Speaker 1: might be able to continue investing more than you thought

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Speaker 1: you would be able to write. So it's highly unlikely

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Speaker 1: that you're going to be able to cut fifteen thousand

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Speaker 1: dollars out of your expenses and you know, dial that

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Speaker 1: back overnight so that you're able to invest just as

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Speaker 1: much as you were before and then also afford this

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Speaker 1: incredibly expensive childcare bill. But look at everything, leave no

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Speaker 1: stone unturned, insurance, cell phone bills, streaming, eating out right,

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Speaker 1: even even just like one hundred bucks a month.

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Speaker 2: Let's be honest, they're probably not going to be doing

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Speaker 2: a whole lot of eating out right in the coming

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Speaker 2: months as well. That's true too, the lay to pair

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Speaker 2: back on the monthly budget.

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Speaker 1: That's right. Like I think in those you know, first

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Speaker 1: months and first year, you're just eating out a whole

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Speaker 1: lot less because it's just a pain in the butt

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Speaker 1: right to get out there with a newborn. If you

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Speaker 1: save one hundred bucks a month, that's twelve hundred bucks

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Speaker 1: a year, and that's not nothing, So yeah, I mean

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Speaker 1: you might be able to save a few hundred bucks.

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Speaker 2: And that coupled with dialing back to roth iras, I mean,

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Speaker 2: if they both have been or typically at least max

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Speaker 2: out the roth IRA's, you're looking at fourteen thousand dollars

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Speaker 2: right there, and so just by shaving some expenses here

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Speaker 2: and there, I think you could pretty easily hit that

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Speaker 2: fifteen thousand dollars mark that dollar amount for childcare. Something

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Speaker 2: else I would say too, is I think that Kelly

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Speaker 2: could use this opportunity to push for a raise because

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Speaker 2: there's something tangible that has impacted her life that she

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Speaker 2: can kind of point to. Because I think for a

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Speaker 2: lot of folks they might find it difficult to advocate

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Speaker 2: for themselves. They might be doing amazing work, they might

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Speaker 2: do an incredible job, but when it comes to the

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Speaker 2: annual review or kind of being in the squeaky wheel,

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Speaker 2: they have a harder time saying, hey, you know, I

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Speaker 2: think I'm worth this much. But when there's something that

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Speaker 2: sort of feels like is outside of you that you

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Speaker 2: can kind of point to, I think for some folks

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Speaker 2: at least it could be easier to say, hey, I've

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Speaker 2: got this bigger monthly bill that I've got to, you know,

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Speaker 2: fork out every single month.

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Speaker 1: Now, Hey, some companies they offer childcare. That's a benefit,

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Speaker 1: that's a perk that they provide. We don't really do

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Speaker 1: that here.

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Speaker 2: So maybe there's a way that I I could get

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Speaker 2: see some of those expenses deferred a little bit. It's

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Speaker 2: just I think an easier way to advocate for yourself

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Speaker 2: when it comes to maybe your next pay raise and

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Speaker 2: the ability to continue investing while also covering this larger

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Speaker 2: daycare costs.

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Speaker 3: Yeah.

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Speaker 1: I like the way you framed it too. It's not

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Speaker 1: just like I had a baby, pay me more. It's like, hey, actually,

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Speaker 1: other companies who do something similar to what we do

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Speaker 1: have these additional perks that they offer people who have

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Speaker 1: who have young kids. And I think the other important

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Speaker 1: thing to mention too is that you can and should

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Speaker 1: ramp up your investments in the future. Right, So, like

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Speaker 1: I was saying, there's this gap, it's typically four or

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Speaker 1: five years, maybe a little longer, depending on how many

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Speaker 1: kids you have and what the time span is of

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Speaker 1: having those children that you're particularly hard up for cash

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Speaker 1: because of those childcare expenses until you reach school age,

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Speaker 1: and some people Matt they're prioritizing private school for their

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Speaker 1: kids or something like that, or they're adopting to homeschool,

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Speaker 1: so they're having a reduced income from that as well.

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Speaker 1: But in particular, if you're sending your kids to public school,

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Speaker 1: that takes a huge expense then off of your the

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Speaker 1: line item of your budget. So make sure that once

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Speaker 1: that happens, you're going back up and you're ramping up,

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Speaker 1: you're investing. You're thinking of this just as a season

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Speaker 1: that you're not able to invest as much, but you're

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Speaker 1: gonna hit it hard once you're able to get back

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Speaker 1: on track, and those kids are not costing quite as

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Speaker 1: much money, you know, once a carno goes away. By

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Speaker 1: the way, that's one thing Helly mentioned, invest that money.

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Speaker 2: That's true, right, even though she mentioned that it's got

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Speaker 2: a zero percent I think she said it's a zero percent.

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Speaker 1: Carlan, which is great.

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Speaker 2: You've got to have an incredible credit score to be

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Speaker 2: able to snag one of those, and you also need

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Speaker 2: to be careful because oftentimes they roll extras into that

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Speaker 2: because they're like, hey, you're getting such a great deal here,

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Speaker 2: you may as well go for the undercarriage application.

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Speaker 1: To make sure it doesn't rust right, don't you want that? Right?

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Speaker 1: Then you end up paying a lot for the vehicle

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Speaker 1: even though you're not paying financing costs. Yeah. And I

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Speaker 1: guess the last thing I want to mention here too, Matt,

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Speaker 1: is there might be some creative ways to reduce the

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Speaker 1: cost of childcare. And maybe that is going part time

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Speaker 1: at work and you're able to still keep the benefit

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Speaker 1: that you need and your pay is reduced twenty five

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Speaker 1: percent or something like that, but you're able to spend

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Speaker 1: more time with your child, but you're also not giving

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Speaker 1: up work and you're not, you know, reducing your future

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Speaker 1: career earnings. That there might be creative ways to kind

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Speaker 1: of figure this out, or some sort of nanny share.

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Speaker 1: If you've got other friends who get yeah, who have

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Speaker 1: some sort of who also have newborns, and you're like, listen,

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Speaker 1: what if we all go in together. Yeah, this nanny's

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Speaker 1: like forty bucks an hour, but when you split it

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Speaker 1: three ways, it's actually cheaper than our local childcare place.

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Speaker 1: And maybe they're getting more individual attention. I think there

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Speaker 1: are ways to noodle out ways to save on childcare.

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Speaker 1: It's not easy, though, that's right, But we've got more

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Speaker 1: to get to We will get to the cheap tires question. Jill,

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Speaker 1: if Aldi sold tires, would you buy your tires from Aldi? Uh,

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Speaker 1: we will get to that and more right after this.

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

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Speaker 1: To get to more your money questions. Matt, let's get

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Speaker 1: to a question about an old retirement account and some

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Speaker 1: fees that this listener is really worried about.

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Speaker 3: Hi, Joelan Matt, my name's Chelsea, and I really enjoyed

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Speaker 3: your podcast and I was hoping you might be able

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Speaker 3: to help answer a question for me. So my family,

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Speaker 3: which is my husband, our two young daughters, and myself.

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Speaker 3: We've been on my employer's high deductible healthcare plan for

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Speaker 3: the past several years, and I've contributed the annual maximum

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Speaker 3: to my HSA Health Savings account. But earlier this year,

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Speaker 3: my husband got a new job and we switched to

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Speaker 3: his healthcare plan and I now max contributions to an FSA.

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Speaker 3: But that means I can no longer contribute to my

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Speaker 3: HSA and I just noticed that I'm now paying a

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Speaker 3: five dollars per month maintenance fee on my HSA account

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Speaker 3: since I'm no longer making new contributions, So I was

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Speaker 3: wondering if you had any advice on a no fee

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Speaker 3: HSA account that I could transfer it. I looked into Fidelity,

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Speaker 3: but the fees for balances over twenty five thousand dollars

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Speaker 3: would be more than what I'm currently paying. And I

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Speaker 3: guess did you have any other ideas potentially too, about

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Speaker 3: how we might maximize both of our health insurance plans.

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Speaker 3: I kind of looked into this when we initially switched,

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Speaker 3: but it seemed pretty complex with trying to combine FSAs

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Speaker 3: and hsas, and I honestly just went with one plan

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Speaker 3: for simplicity. But I'm wondering if I maybe am not

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Speaker 3: maximizing the options we have there. So yeah, I would

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Speaker 3: just really appreciate any advice that you had for I guess,

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Speaker 3: using the two healthcare plans or just options for no

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Speaker 3: fee hsas. Thanks a lot, Joel.

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Speaker 2: I noticed that you said a retirement accounts, which is

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Speaker 2: exactly how we should be thinking about the health savings account,

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Speaker 2: not as a way to cover healthcare expenses.

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Speaker 1: It's just not how most people think about it, and indeed

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Speaker 1: it's partly because of the naming convention. So condolences Chelsea

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Speaker 1: on the loss of your retirement account, which feels overly dramatic.

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Speaker 1: Can we play some like funeral dirge music? The FSA?

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Speaker 1: So the flexible Spending Account for healthcare expensive, that's solid,

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Speaker 1: but it's not nearly as good from a long term perspective,

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Speaker 1: which is how we like to view the health savings account.

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Speaker 1: But still, it's amazing that you've been able to sock

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00:20:19,680 --> 00:20:22,320
Speaker 1: away more than twenty five thousand dollars into your HSA.

435
00:20:22,480 --> 00:20:24,399
Speaker 1: And honestly, that's a good problem to have, the fact

436
00:20:24,440 --> 00:20:26,880
Speaker 1: that you have this account that's available to you because

437
00:20:26,920 --> 00:20:28,840
Speaker 1: it's open, because you have money in there, that you've

438
00:20:28,880 --> 00:20:31,800
Speaker 1: been so diligent about putting money in there that they're

439
00:20:31,840 --> 00:20:34,120
Speaker 1: now saying, hey, you can't get something for nothing once

440
00:20:34,160 --> 00:20:35,679
Speaker 1: you send some of your dollars our away.

441
00:20:35,880 --> 00:20:37,680
Speaker 2: This is something that we want you to avoid it,

442
00:20:38,000 --> 00:20:40,160
Speaker 2: especially given the fact that this is something that you're

443
00:20:40,200 --> 00:20:43,280
Speaker 2: gonna pay in perpetuity, right, the fact that like we're

444
00:20:43,280 --> 00:20:45,159
Speaker 2: talking five dollars a month, but like chances are that

445
00:20:45,160 --> 00:20:47,440
Speaker 2: dollar amounts will going to go up from here, and

446
00:20:47,640 --> 00:20:50,159
Speaker 2: the fact is you're probably planning to hang onto this

447
00:20:50,200 --> 00:20:52,760
Speaker 2: account for twenty, possibly thirty years.

448
00:20:52,840 --> 00:20:55,280
Speaker 1: Yeah, that's right. It's not a months of paying this

449
00:20:55,320 --> 00:20:57,399
Speaker 1: perpetual fee. So if you can find a way to

450
00:20:57,480 --> 00:21:00,680
Speaker 1: nip it in the bud. Now, yeah, bucks a month

451
00:21:00,840 --> 00:21:05,520
Speaker 1: sounds minimal, but five bucks a month repeating every single

452
00:21:05,520 --> 00:21:07,920
Speaker 1: month for decades, that's the worst place it adds up. Yeah.

453
00:21:08,040 --> 00:21:11,119
Speaker 1: The truth is though, on the HSA front, Matt, the

454
00:21:11,200 --> 00:21:14,800
Speaker 1: average AHSA comes with fees like this. So, uh, you know,

455
00:21:14,840 --> 00:21:18,800
Speaker 1: almost all HSA providers charge an annual or a monthly

456
00:21:18,960 --> 00:21:23,480
Speaker 1: account fee. Many have really subhar investment options too. So

457
00:21:23,600 --> 00:21:26,760
Speaker 1: while we love hsas from a tax perspective, but when

458
00:21:26,800 --> 00:21:30,960
Speaker 1: you look at the providers who are offering hsas, they

459
00:21:31,080 --> 00:21:34,240
Speaker 1: impose more fees than what you're able to get typically

460
00:21:34,280 --> 00:21:36,320
Speaker 1: in the four to one k or ira sphere. So

461
00:21:36,400 --> 00:21:38,880
Speaker 1: these accounts, they have their issues to contend with. Even

462
00:21:38,920 --> 00:21:41,680
Speaker 1: though we like them, it doesn't mean they're perfect. And

463
00:21:42,040 --> 00:21:45,600
Speaker 1: again that varies significantly provided a provider, sure, and even

464
00:21:45,640 --> 00:21:49,199
Speaker 1: within providers. So you know, I'm sure you thought you

465
00:21:49,320 --> 00:21:51,399
Speaker 1: turned to the right place when it came to go

466
00:21:51,400 --> 00:21:53,880
Speaker 1: into fidelity, especially all that we've said about them having

467
00:21:53,920 --> 00:21:57,280
Speaker 1: the best HSA in existence with essentially zero fees. We

468
00:21:57,359 --> 00:22:01,120
Speaker 1: really too, life No, No, So there are two versions

469
00:22:01,240 --> 00:22:05,879
Speaker 1: of the Fidelity HSA. One doesn't charge any account fees.

470
00:22:05,920 --> 00:22:07,439
Speaker 1: And this is the one that we've talked about here

471
00:22:07,440 --> 00:22:10,000
Speaker 1: on the show. No five dollars a month, nothing, no

472
00:22:10,119 --> 00:22:12,880
Speaker 1: percentage of your assets once you reach a certain threshold.

473
00:22:13,320 --> 00:22:14,640
Speaker 1: But I think that.

474
00:22:14,760 --> 00:22:16,840
Speaker 2: Possibly what you saw is that is that if you

475
00:22:16,880 --> 00:22:20,080
Speaker 2: are a Fidelity Go customer, which is there, it's more

476
00:22:20,119 --> 00:22:21,639
Speaker 2: of a it's a newer offering. It's kind of like

477
00:22:21,640 --> 00:22:24,520
Speaker 2: a robo advisory sort of service, you'll have to pay

478
00:22:24,600 --> 00:22:28,120
Speaker 2: a zero point three to five percent fee, which can

479
00:22:28,320 --> 00:22:30,919
Speaker 2: really add up. It would it would quickly be more

480
00:22:30,960 --> 00:22:33,120
Speaker 2: than the five dollars a month that you're currently being charged.

481
00:22:33,359 --> 00:22:35,240
Speaker 2: That's one balance is over twenty five thousand dollars. So

482
00:22:35,320 --> 00:22:37,240
Speaker 2: even that right there you're looking at, I think it's

483
00:22:37,280 --> 00:22:39,520
Speaker 2: something closer to eighty eight bucks right out of the

484
00:22:39,560 --> 00:22:43,000
Speaker 2: gate every single year, as opposed to paying that flat

485
00:22:43,400 --> 00:22:45,320
Speaker 2: five dollars a month leading to sixty a year.

486
00:22:45,400 --> 00:22:47,600
Speaker 1: Yeah, and as the balance grows like that, eighty eight

487
00:22:47,720 --> 00:22:49,480
Speaker 1: is going to turn into a he couple lot more

488
00:22:49,640 --> 00:22:52,679
Speaker 1: as your HSA continues to crush. If invested in the

489
00:22:52,680 --> 00:22:56,440
Speaker 1: stock market, right, and Matt, this is actually this makes

490
00:22:56,440 --> 00:22:58,280
Speaker 1: me think of something we've talked about in the past

491
00:22:58,320 --> 00:23:01,919
Speaker 1: is Fidelity's target date fund offerings. They have two different

492
00:23:01,960 --> 00:23:04,800
Speaker 1: versions of that as well, and so this can be

493
00:23:04,880 --> 00:23:07,239
Speaker 1: confusing to people who go to Fidelity's website. It has

494
00:23:07,280 --> 00:23:10,600
Speaker 1: confused me in the past. And one of those target

495
00:23:10,680 --> 00:23:14,320
Speaker 1: date offerings is vastly inferior to the other. One comes

496
00:23:14,320 --> 00:23:16,240
Speaker 1: with like a point eight expent ray show and the

497
00:23:16,240 --> 00:23:20,240
Speaker 1: others like a point eight expensory show. So the ever

498
00:23:20,320 --> 00:23:24,359
Speaker 1: so similar oh so different, Yes, exactly. So the same

499
00:23:24,480 --> 00:23:27,679
Speaker 1: thing is true here with this AHSA if you go

500
00:23:27,800 --> 00:23:30,600
Speaker 1: the wrong path and you can opt for the expensive one,

501
00:23:30,680 --> 00:23:32,800
Speaker 1: but you certainly don't have to, and we would recommend

502
00:23:32,960 --> 00:23:36,199
Speaker 1: the cheaper version on both accounts. So you want to

503
00:23:36,200 --> 00:23:40,320
Speaker 1: opt specifically for the self directed Fidelity HSA, not the

504
00:23:40,480 --> 00:23:44,560
Speaker 1: managed Fidelity GO HSA accounts. This also means you're gonna

505
00:23:44,560 --> 00:23:48,520
Speaker 1: be able to choose your own investments, including and this

506
00:23:48,560 --> 00:23:52,520
Speaker 1: is what we recommend typically for the average investor in

507
00:23:52,520 --> 00:23:54,720
Speaker 1: the wealth building phase of their life, a super low

508
00:23:54,720 --> 00:23:57,119
Speaker 1: cost s and P five hundred fund. They also have

509
00:23:57,359 --> 00:24:01,240
Speaker 1: their better target date funds at your disposal inside of

510
00:24:01,880 --> 00:24:05,040
Speaker 1: the self directed HSA as well, So we would say yes,

511
00:24:05,080 --> 00:24:06,880
Speaker 1: go ahead and make the switch to Fidelity. You will

512
00:24:06,880 --> 00:24:09,520
Speaker 1: get rid of all those account fees, let those HSA

513
00:24:09,600 --> 00:24:13,080
Speaker 1: dollars grow without paying any fees at all. Just got

514
00:24:13,080 --> 00:24:15,080
Speaker 1: to make sure you choose the right one totally.

515
00:24:15,200 --> 00:24:17,280
Speaker 2: And my guess is that you switch to your husband's

516
00:24:17,359 --> 00:24:20,000
Speaker 2: new healthcare plan because it just makes more financial sense

517
00:24:20,520 --> 00:24:21,240
Speaker 2: for your family.

518
00:24:21,240 --> 00:24:22,800
Speaker 1: You mentioned your two daughters, you.

519
00:24:22,760 --> 00:24:25,800
Speaker 2: Know, like that despite losing access to an HSA, I'm

520
00:24:25,800 --> 00:24:27,879
Speaker 2: assuming that you've got superior coverage for less money, and

521
00:24:27,880 --> 00:24:30,040
Speaker 2: that's great. This is an instance where we don't want

522
00:24:30,280 --> 00:24:31,840
Speaker 2: the tail to wag the dog. And I'm actually going

523
00:24:31,920 --> 00:24:33,879
Speaker 2: to go revisit something I said about the condolences on

524
00:24:33,920 --> 00:24:37,200
Speaker 2: the HSA, because because I would like to maybe let's

525
00:24:37,240 --> 00:24:38,800
Speaker 2: change the language around here a little bit.

526
00:24:39,119 --> 00:24:42,400
Speaker 1: I'm going to say that there is a perspective shift.

527
00:24:42,119 --> 00:24:44,399
Speaker 2: When it comes to how you view your HSA, Like

528
00:24:44,440 --> 00:24:46,600
Speaker 2: I want you to look back at your HSA and think.

529
00:24:46,480 --> 00:24:48,560
Speaker 1: You know what, it was so great to be able

530
00:24:48,560 --> 00:24:50,240
Speaker 1: to sock that money away away when I had it,

531
00:24:50,280 --> 00:24:50,720
Speaker 1: But now.

532
00:24:50,560 --> 00:24:52,680
Speaker 2: There are other benefits that are available to move or

533
00:24:52,720 --> 00:24:55,440
Speaker 2: even if there's not additional benefits, let's says just as

534
00:24:55,600 --> 00:24:56,720
Speaker 2: decent of a plan.

535
00:24:57,119 --> 00:24:59,120
Speaker 1: Things change seasons changed.

536
00:24:59,160 --> 00:25:04,080
Speaker 2: Jev as the philosopher group Future Islands Once No once

537
00:25:04,119 --> 00:25:06,199
Speaker 2: say not to get too sappy. It makes me think

538
00:25:06,240 --> 00:25:08,760
Speaker 2: of a friend who recently was talking about how she

539
00:25:08,840 --> 00:25:11,680
Speaker 2: misses her babies, like her girls are grown up now

540
00:25:11,680 --> 00:25:13,960
Speaker 2: and they're no longer babies or no longer in that

541
00:25:14,040 --> 00:25:16,600
Speaker 2: kindergarten sort of phase of life. But you know what,

542
00:25:16,680 --> 00:25:19,240
Speaker 2: there are some massive advantages. So when your kids are

543
00:25:19,280 --> 00:25:21,720
Speaker 2: able to win their own butt and feed themselves and

544
00:25:21,800 --> 00:25:22,879
Speaker 2: to clean their own.

545
00:25:22,760 --> 00:25:24,720
Speaker 1: Room, I'm not mad about that.

546
00:25:24,800 --> 00:25:26,400
Speaker 2: I'm not I'm mad about it, like and so it's

547
00:25:26,720 --> 00:25:28,439
Speaker 2: it's just a different stage of life. And so as

548
00:25:28,480 --> 00:25:31,840
Speaker 2: opposed to thinking man like just pining for the HSA

549
00:25:32,080 --> 00:25:34,879
Speaker 2: and what was at that point the sweetest account that

550
00:25:34,880 --> 00:25:37,080
Speaker 2: you had access to, things are different. Now you still

551
00:25:37,080 --> 00:25:41,040
Speaker 2: have that account, certainly invested, invested aggressively, let it grow,

552
00:25:41,280 --> 00:25:43,160
Speaker 2: but then look on to just maybe some of these

553
00:25:43,160 --> 00:25:44,680
Speaker 2: other ways that you can grow your wealth over time.

554
00:25:44,720 --> 00:25:46,800
Speaker 1: And you and I we have always sung the praises

555
00:25:46,840 --> 00:25:49,359
Speaker 1: of HSA's and talked about the massive benefits that they

556
00:25:49,400 --> 00:25:52,480
Speaker 1: can bring. All the while you and I neither of

557
00:25:52,560 --> 00:25:55,000
Speaker 1: us have had access to an hl I've never contributed

558
00:25:55,000 --> 00:25:58,439
Speaker 1: to an HSA. Ever, yeah, so part of me is like, oh, man,

559
00:25:58,480 --> 00:26:00,960
Speaker 1: wouldn't it have been nice? But also so you kind

560
00:26:00,960 --> 00:26:03,040
Speaker 1: of have to work with what you got. And some people,

561
00:26:03,440 --> 00:26:05,320
Speaker 1: a lot of people listening don't have access to an

562
00:26:05,440 --> 00:26:08,240
Speaker 1: hs HSA, either they're not in a high deductible healthcare

563
00:26:08,280 --> 00:26:10,520
Speaker 1: plan or they don't have the additional funds to stick

564
00:26:10,520 --> 00:26:12,560
Speaker 1: into an HSA. And so yeah, they're like, oh, great, guys,

565
00:26:12,600 --> 00:26:14,520
Speaker 1: I wish I could use all those dollars to be

566
00:26:14,560 --> 00:26:15,960
Speaker 1: able to invest for my future as well, But I

567
00:26:15,960 --> 00:26:19,080
Speaker 1: got to spend that on whatever sick visits though, Yeah,

568
00:26:18,920 --> 00:26:20,920
Speaker 1: that are bleeding us dry every time we have to

569
00:26:20,920 --> 00:26:23,080
Speaker 1: go and to see the doctor, sir, especially new or

570
00:26:23,119 --> 00:26:24,600
Speaker 1: how the money listeners, right, they're like, I'm trying to

571
00:26:24,600 --> 00:26:26,239
Speaker 1: pay off the credit card, dead guys. Let's talk about that,

572
00:26:26,359 --> 00:26:28,600
Speaker 1: and we will we talk about that on the show too, Matt,

573
00:26:28,640 --> 00:26:31,040
Speaker 1: Let's get to our next question. I think this one's

574
00:26:31,040 --> 00:26:33,560
Speaker 1: a good frugaler cheap, specifically about the tires you put

575
00:26:33,560 --> 00:26:34,200
Speaker 1: on your ride.

576
00:26:35,080 --> 00:26:37,640
Speaker 6: Hey, Matt and Joel, this is Joe from Fairfax, Virginia.

577
00:26:38,440 --> 00:26:41,800
Speaker 6: I had a question about tires. My dad always bought

578
00:26:42,200 --> 00:26:45,240
Speaker 6: the cheapest value tires, and you know said the reason

579
00:26:45,280 --> 00:26:48,280
Speaker 6: he did that because they're so highly regulated. You can't

580
00:26:48,280 --> 00:26:50,359
Speaker 6: really buy a bad tire in America. So that's what

581
00:26:50,400 --> 00:26:52,960
Speaker 6: I've always done. But I was just curious what you're

582
00:26:53,160 --> 00:26:55,960
Speaker 6: what you guys do, Do you buy the value tires

583
00:26:56,040 --> 00:26:58,879
Speaker 6: or do you see any reason to upgrade? We're just

584
00:26:58,960 --> 00:27:02,240
Speaker 6: driving around town, not doing any off roading or anything

585
00:27:02,280 --> 00:27:04,440
Speaker 6: crazy like that. Thanks a lot.

586
00:27:05,040 --> 00:27:09,359
Speaker 2: Oh, I actually know very little about automobile tire regulations, Joel,

587
00:27:09,400 --> 00:27:10,919
Speaker 2: but I feel like this is a classic. This is

588
00:27:10,920 --> 00:27:13,479
Speaker 2: such a great frugal or cheap It's a question of

589
00:27:14,359 --> 00:27:16,280
Speaker 2: are you able to gain the value out of something

590
00:27:16,320 --> 00:27:18,320
Speaker 2: that you're paying a premium on that you're paying more

591
00:27:18,520 --> 00:27:21,560
Speaker 2: than maybe what's necessary out of something that pretty much

592
00:27:21,640 --> 00:27:24,200
Speaker 2: you know, everyone out there and is driving around something

593
00:27:24,240 --> 00:27:26,760
Speaker 2: that they are faced with on a fairly regular basis.

594
00:27:26,880 --> 00:27:28,679
Speaker 1: Yeah, it is a good question. It's basically part of

595
00:27:28,680 --> 00:27:31,520
Speaker 1: the question is are there, you know, the equivalent of

596
00:27:31,560 --> 00:27:34,119
Speaker 1: store brands and name brands in tires, and am I

597
00:27:34,200 --> 00:27:37,399
Speaker 1: getting the additional benefit out of paying more for the

598
00:27:37,440 --> 00:27:39,560
Speaker 1: name brands once I see all the commercials for so

599
00:27:39,600 --> 00:27:41,640
Speaker 1: we will talk about that, and Matt, I think part

600
00:27:41,680 --> 00:27:45,080
Speaker 1: of this comes down to people's income, money gear, where

601
00:27:45,119 --> 00:27:46,800
Speaker 1: they're at in their money progress, and kind of what

602
00:27:47,160 --> 00:27:49,800
Speaker 1: financial goals they have for themselves as well. When I

603
00:27:49,840 --> 00:27:52,320
Speaker 1: was first starting out, I was so intent on saving

604
00:27:52,359 --> 00:27:54,680
Speaker 1: every penny that I even bought used tires at times

605
00:27:54,680 --> 00:27:57,000
Speaker 1: at those roadside shops. We've all seen them. Some of

606
00:27:57,080 --> 00:28:00,520
Speaker 1: them are like twenty four to seven. No, I just thought, oh,

607
00:28:00,560 --> 00:28:02,480
Speaker 1: this is going to help me save money on the

608
00:28:02,520 --> 00:28:04,680
Speaker 1: tires I need to upgrade because they're what thirty five

609
00:28:04,720 --> 00:28:06,400
Speaker 1: bucks a pop or whatever. So I'm thinking of one

610
00:28:06,440 --> 00:28:08,359
Speaker 1: that used to be in our old neighborhood on the

611
00:28:08,359 --> 00:28:10,639
Speaker 1: main street. Where is that what you're talking about. I

612
00:28:10,640 --> 00:28:13,360
Speaker 1: never got them there, but that was a shady one.

613
00:28:13,840 --> 00:28:16,000
Speaker 1: That was a really shady one. Yeah, that's one that

614
00:28:16,080 --> 00:28:17,879
Speaker 1: I feel like, I'm like, where did you get these tires?

615
00:28:17,880 --> 00:28:22,480
Speaker 2: Did you pull these directly off somebody that was overnight parking?

616
00:28:22,520 --> 00:28:22,639
Speaker 4: Live?

617
00:28:22,760 --> 00:28:25,280
Speaker 1: No, it's weird, and I think the truth is it

618
00:28:25,280 --> 00:28:27,439
Speaker 1: probably saves you money in the moment, but it's not

619
00:28:27,480 --> 00:28:30,119
Speaker 1: the best long term money saving strategy, right, Like putting

620
00:28:30,600 --> 00:28:33,080
Speaker 1: used tires on your car, especially if they're like mismatched

621
00:28:33,160 --> 00:28:37,240
Speaker 1: used tires, it's not a brilliant move. I think I'm

622
00:28:37,240 --> 00:28:39,480
Speaker 1: glad you've come around, Joel. I mean, we all did things,

623
00:28:39,520 --> 00:28:41,600
Speaker 1: at least I did in my twenties to experiment to

624
00:28:41,600 --> 00:28:43,640
Speaker 1: save money that I'm no longer willing to do. We've

625
00:28:43,640 --> 00:28:46,480
Speaker 1: talked about donating plasma on the show before, right, and

626
00:28:46,920 --> 00:28:51,480
Speaker 1: at the time, when my income was not great, donating

627
00:28:51,520 --> 00:28:54,920
Speaker 1: plasma made more sense from a time perspective, Right, I

628
00:28:54,960 --> 00:28:57,640
Speaker 1: was willing to donate my time for fifty bucks because

629
00:28:58,240 --> 00:29:00,400
Speaker 1: or forty, but I forget what PLASMI to pay.

630
00:29:00,440 --> 00:29:02,840
Speaker 2: But you can probably more like one fifty today, which

631
00:29:02,920 --> 00:29:05,240
Speaker 2: it might be with this sounds pretty good at the

632
00:29:05,280 --> 00:29:06,560
Speaker 2: cost of one tire right there.

633
00:29:06,440 --> 00:29:09,400
Speaker 1: Right exactly. But yeah, I just am not willing to

634
00:29:09,400 --> 00:29:11,239
Speaker 1: do it. I also didn't have kids back then, so

635
00:29:11,360 --> 00:29:13,040
Speaker 1: the hoops I would jump through to save a buck

636
00:29:13,240 --> 00:29:16,520
Speaker 1: were significant. I value my time more than I did,

637
00:29:16,560 --> 00:29:18,440
Speaker 1: and I'm just no longer willing to go to those

638
00:29:18,520 --> 00:29:19,360
Speaker 1: links totally.

639
00:29:19,400 --> 00:29:21,720
Speaker 2: I think it's also worth pointing out that so according

640
00:29:21,720 --> 00:29:24,760
Speaker 2: to consumer reports, the big name brands that you're used

641
00:29:24,800 --> 00:29:29,760
Speaker 2: to seeing do perform better. So like Michelin Continental, they yes,

642
00:29:29,800 --> 00:29:32,120
Speaker 2: they do spend more on advertising. It takes maybe like

643
00:29:32,160 --> 00:29:34,360
Speaker 2: a split second to recall the Michelin man we can

644
00:29:34,400 --> 00:29:36,920
Speaker 2: all picture him in our minds or even Continental.

645
00:29:36,960 --> 00:29:38,320
Speaker 1: He even likes food too, right, and he gives like

646
00:29:38,360 --> 00:29:40,120
Speaker 1: star ratings to restaurants.

647
00:29:39,720 --> 00:29:43,040
Speaker 2: Which is a whole another fascinating thing that they were. Yeah,

648
00:29:43,080 --> 00:29:46,480
Speaker 2: how the Michelin guide came about. Yeah, but Continental that like,

649
00:29:46,600 --> 00:29:48,080
Speaker 2: I feel like a lot of folks or at least

650
00:29:48,120 --> 00:29:50,000
Speaker 2: I can see the typeface written out, like they've kind

651
00:29:50,000 --> 00:29:51,880
Speaker 2: of got like a unique script, Like I don't even

652
00:29:51,880 --> 00:29:54,080
Speaker 2: watch racing or like Formula one, but I feel like

653
00:29:54,080 --> 00:29:56,520
Speaker 2: I can picture it written on the like what are

654
00:29:56,520 --> 00:29:58,160
Speaker 2: the barriers, you know, like on the side of the track.

655
00:29:58,320 --> 00:30:01,640
Speaker 2: But the fact is that according to consumer reports tests,

656
00:30:02,040 --> 00:30:05,800
Speaker 2: those nicer tires actually perform better, so you are getting

657
00:30:06,160 --> 00:30:09,680
Speaker 2: a better product for your money. Specifically Michelin and Continental,

658
00:30:09,680 --> 00:30:11,240
Speaker 2: I think they're like number one and number two when

659
00:30:11,240 --> 00:30:13,360
Speaker 2: it comes to tire performance. But I think the biggest

660
00:30:13,400 --> 00:30:18,600
Speaker 2: question is do you need that additional performance? And he said, Joe,

661
00:30:18,600 --> 00:30:20,560
Speaker 2: he said, he's not doing any off roading or anything

662
00:30:20,600 --> 00:30:20,880
Speaker 2: like that.

663
00:30:21,040 --> 00:30:23,200
Speaker 1: Are you also doing any like high speed racing. What

664
00:30:23,280 --> 00:30:26,320
Speaker 1: kind of cornering are you doing? Because that does have

665
00:30:26,360 --> 00:30:29,200
Speaker 1: an impact, at least for me, the money that I

666
00:30:29,240 --> 00:30:32,480
Speaker 1: would be willing to spend on tires, and specifically not

667
00:30:32,520 --> 00:30:34,920
Speaker 1: just like how I'm driving, but if there's somebody else

668
00:30:35,000 --> 00:30:38,360
Speaker 1: driving the vehicle, Like luckily we don't have teenage drivers yet,

669
00:30:38,560 --> 00:30:42,680
Speaker 1: think the insurance gods out there, But when the time

670
00:30:42,720 --> 00:30:44,520
Speaker 1: comes and we've got kids who are driving, I think

671
00:30:44,520 --> 00:30:47,120
Speaker 1: I'm going to be less prone to maybe take the

672
00:30:47,160 --> 00:30:48,320
Speaker 1: more affordable tire.

673
00:30:48,560 --> 00:30:51,560
Speaker 2: Like every additional bit of performance is something I'm going

674
00:30:51,640 --> 00:30:53,320
Speaker 2: to kind of be kind of weighing in my mind

675
00:30:53,360 --> 00:30:55,200
Speaker 2: of like, all right, maybe I do want to spend

676
00:30:55,520 --> 00:30:57,440
Speaker 2: twenty dollars more per tire in order to get the

677
00:30:57,480 --> 00:30:58,880
Speaker 2: higher performance version.

678
00:30:59,360 --> 00:31:01,160
Speaker 1: Where are they going to be driving? That's something else

679
00:31:01,160 --> 00:31:03,600
Speaker 1: I'm thinking of too, Like if it's just like Hugel,

680
00:31:03,720 --> 00:31:06,720
Speaker 1: where when it's pouring on rain, sometimes occasionally you'll like

681
00:31:06,800 --> 00:31:09,120
Speaker 1: drive into the office. We don't every single day walk

682
00:31:09,200 --> 00:31:10,920
Speaker 1: or ride our bikes to the office just ninety six

683
00:31:10,960 --> 00:31:13,280
Speaker 1: percent of the time only probably like ninety eight ninety

684
00:31:13,320 --> 00:31:15,560
Speaker 1: nighters at the time you are walking or riding your bikes.

685
00:31:15,600 --> 00:31:19,120
Speaker 1: But if you're just putting around town on surface streets, right,

686
00:31:19,200 --> 00:31:22,040
Speaker 1: like on low speed streets, there's a big difference in

687
00:31:22,040 --> 00:31:24,160
Speaker 1: what I'm expecting out of my tires as opposed to

688
00:31:24,200 --> 00:31:27,200
Speaker 1: someone who's on the interstate constantly. You know, if you

689
00:31:27,240 --> 00:31:30,600
Speaker 1: are regularly driving eighty miles per hour, okay, and the

690
00:31:30,640 --> 00:31:33,720
Speaker 1: conditions vary, like if it's pouring down raid, well, I'm

691
00:31:33,720 --> 00:31:35,000
Speaker 1: going to be more likely to go with a higher

692
00:31:35,000 --> 00:31:37,280
Speaker 1: performance try or something that rates better. And I'm going

693
00:31:37,320 --> 00:31:39,920
Speaker 1: to be more likely to swap those tires out as

694
00:31:39,920 --> 00:31:42,360
Speaker 1: well once they once the tread, once it starts getting

695
00:31:42,920 --> 00:31:45,680
Speaker 1: what do they say, like below five thirty seconds of

696
00:31:45,720 --> 00:31:47,520
Speaker 1: an inch or something like that, to be like start

697
00:31:47,520 --> 00:31:49,640
Speaker 1: planning on a replacements or tenny to check the tied

698
00:31:49,760 --> 00:31:50,160
Speaker 1: up right.

699
00:31:50,480 --> 00:31:53,160
Speaker 2: But uh, I think if it was just me driving Joe,

700
00:31:53,240 --> 00:31:55,680
Speaker 2: I'm gonna be much more willing to roll the dice

701
00:31:55,720 --> 00:31:58,400
Speaker 2: a little bit, drive a little more carefully, knowing that, hey,

702
00:31:58,840 --> 00:32:01,240
Speaker 2: my stopping distance might be a little bit increased. But

703
00:32:01,480 --> 00:32:03,520
Speaker 2: with all those other factors in mind, I think that

704
00:32:03,640 --> 00:32:07,160
Speaker 2: might steer me in a slightly more performance minded direction.

705
00:32:07,440 --> 00:32:09,440
Speaker 1: So, Matt, I don't know about you, but where I

706
00:32:09,480 --> 00:32:12,800
Speaker 1: get my tires now is Costco And so would you

707
00:32:12,840 --> 00:32:15,920
Speaker 1: get your tires from Aldigel if that's something that that

708
00:32:15,920 --> 00:32:17,640
Speaker 1: they stole, well, I would want to read the reviews

709
00:32:17,680 --> 00:32:19,800
Speaker 1: but my assumption is based on everything else. All he

710
00:32:19,880 --> 00:32:23,040
Speaker 1: turns out is that they do pretty solid stuff for

711
00:32:23,120 --> 00:32:25,160
Speaker 1: a lot less money. And so if they followed that

712
00:32:25,560 --> 00:32:28,200
Speaker 1: same program with tires, I'd get my brain new tires

713
00:32:28,240 --> 00:32:28,400
Speaker 1: at all.

714
00:32:28,760 --> 00:32:31,040
Speaker 2: What if they're on like the seasonal aisle where you've

715
00:32:31,080 --> 00:32:33,760
Speaker 2: got like the Christmas decorations, like when they're selling out

716
00:32:33,760 --> 00:32:36,160
Speaker 2: a discount and there's also four tires just to install.

717
00:32:35,920 --> 00:32:38,120
Speaker 1: Them yourself, Yeah, I'm probably not doing that. Yeah, I

718
00:32:38,160 --> 00:32:41,640
Speaker 1: wouldn't do that. So I think Costco is such a

719
00:32:41,640 --> 00:32:44,200
Speaker 1: great place to go because especially when they have like

720
00:32:44,240 --> 00:32:46,720
Speaker 1: quarterly sales and you can get eighty or one hundred

721
00:32:46,720 --> 00:32:49,040
Speaker 1: bucks off or whatever it is. It might not be

722
00:32:49,120 --> 00:32:51,840
Speaker 1: the absolute lowest price, the absolute best deal that you

723
00:32:51,880 --> 00:32:54,120
Speaker 1: can get, but it's a competitive price. And then on

724
00:32:54,160 --> 00:32:55,880
Speaker 1: top of that, here's why I like buying from Costco.

725
00:32:56,280 --> 00:32:58,880
Speaker 1: There are other significant benefits that a whole lot of

726
00:32:58,880 --> 00:33:00,680
Speaker 1: people you kind of underrate. You're looking at like the

727
00:33:01,200 --> 00:33:03,840
Speaker 1: walkout price, but then you're not looking at the benefits

728
00:33:03,840 --> 00:33:07,200
Speaker 1: after the fact, right the warranty and maintenance that adds

729
00:33:07,200 --> 00:33:09,680
Speaker 1: a lot, I think to the value proposition that Costco offers.

730
00:33:09,920 --> 00:33:12,160
Speaker 1: If you need to get your tires rotated or balanced.

731
00:33:12,160 --> 00:33:14,560
Speaker 1: Think about how much money that can cost over time.

732
00:33:14,680 --> 00:33:16,400
Speaker 1: Or you just need a tire plug because there's a

733
00:33:16,440 --> 00:33:18,360
Speaker 1: there's a hole in your tire. It's free if you

734
00:33:18,480 --> 00:33:21,760
Speaker 1: bought your tires at Costco. True and Matt. You're talking

735
00:33:21,760 --> 00:33:24,760
Speaker 1: about the difference between performance levels of different tires, and

736
00:33:24,920 --> 00:33:28,280
Speaker 1: I'm not I have not done enough research to know

737
00:33:28,760 --> 00:33:33,040
Speaker 1: how different like one Michelin versus a BF Goodrich versus

738
00:33:33,080 --> 00:33:35,720
Speaker 1: a Continental can be. If you want to wait into

739
00:33:35,760 --> 00:33:38,560
Speaker 1: those weeds, you totally can. I'm just looking for a

740
00:33:38,560 --> 00:33:41,800
Speaker 1: good tire at a solid price, and ordering from a

741
00:33:41,800 --> 00:33:45,080
Speaker 1: company who stands behind the product and the installation. I think, yeah,

742
00:33:45,160 --> 00:33:47,520
Speaker 1: Costco is that they hit that sweet spot for me.

743
00:33:47,920 --> 00:33:51,000
Speaker 1: I'm paying more than I used to bind use tires,

744
00:33:51,440 --> 00:33:53,719
Speaker 1: but at this point in my life, it's worth it.

745
00:33:53,760 --> 00:33:55,760
Speaker 1: And part of it is just kind of the peace

746
00:33:55,760 --> 00:33:56,880
Speaker 1: of mind that provides.

747
00:33:56,640 --> 00:33:59,760
Speaker 2: Sure, if you can get an appointment schedule with our

748
00:33:59,800 --> 00:34:02,640
Speaker 2: low coal costco is. I tried for multiple weeks when

749
00:34:02,680 --> 00:34:04,880
Speaker 2: it came time for us to get our tires replaced,

750
00:34:04,880 --> 00:34:06,240
Speaker 2: and I couldn't get on the freaking schedule.

751
00:34:06,280 --> 00:34:08,040
Speaker 1: Oh really, And that was even when they would pick

752
00:34:08,080 --> 00:34:10,040
Speaker 1: up They're like, yeah, we're booked for are you talking

753
00:34:10,200 --> 00:34:10,839
Speaker 1: like two weeks from now?

754
00:34:10,840 --> 00:34:12,440
Speaker 2: And I'm just like, oh, geez, I don't know. I

755
00:34:12,480 --> 00:34:15,200
Speaker 2: was looking at like this coming Friday. And so that

756
00:34:15,320 --> 00:34:17,160
Speaker 2: being said, I was wanting to do Costco because they

757
00:34:17,200 --> 00:34:19,040
Speaker 2: did have a decent sale coming up. But I guess

758
00:34:19,080 --> 00:34:21,120
Speaker 2: when they do have their sales, they the calendar gets

759
00:34:21,120 --> 00:34:23,319
Speaker 2: really full, I bet, And so instead I reached out

760
00:34:23,360 --> 00:34:26,640
Speaker 2: to the Discount Tire and that is where I went,

761
00:34:26,680 --> 00:34:28,520
Speaker 2: and they when you buy a tire from them, they

762
00:34:28,560 --> 00:34:33,799
Speaker 2: also do free flat repairs. They do free balancing, free

763
00:34:33,880 --> 00:34:37,000
Speaker 2: rotations on tires that you purchase and that they install,

764
00:34:38,040 --> 00:34:41,640
Speaker 2: and there you can also buy just more like off

765
00:34:41,680 --> 00:34:45,920
Speaker 2: brand tires and say specifically, the last time I was there,

766
00:34:45,920 --> 00:34:48,680
Speaker 2: when I got two tires replaced, I was able to

767
00:34:48,880 --> 00:34:51,880
Speaker 2: go with this Falcon brand. Oh yeah, so it's not

768
00:34:51,960 --> 00:34:56,560
Speaker 2: Falcon like or something like that. But no, honestly, I

769
00:34:56,560 --> 00:34:58,200
Speaker 2: think Falcon rates.

770
00:34:58,040 --> 00:35:00,200
Speaker 1: Higher, so as F A L K E. N. I

771
00:35:00,200 --> 00:35:04,960
Speaker 1: think they rate higher. Falcon like Rylo Kin. I guess

772
00:35:05,000 --> 00:35:06,120
Speaker 1: that's funny.

773
00:35:06,200 --> 00:35:10,200
Speaker 2: Yeah, But so I was standing there in the like

774
00:35:10,239 --> 00:35:12,600
Speaker 2: in the store, and he mentioned that these were like

775
00:35:12,640 --> 00:35:14,279
Speaker 2: a good value, and so I literally pulled it up

776
00:35:14,280 --> 00:35:16,759
Speaker 2: on the spot and was able to see that these

777
00:35:16,760 --> 00:35:19,760
Speaker 2: Falcons rate pretty dang high. They're not as they're not better.

778
00:35:19,800 --> 00:35:21,080
Speaker 1: Bro, he give those tam Moo tires.

779
00:35:21,120 --> 00:35:23,920
Speaker 2: So I kind of felt like that when he mentioned originally,

780
00:35:24,000 --> 00:35:25,960
Speaker 2: But when I pulled him up on Consumer Reports and

781
00:35:25,960 --> 00:35:27,680
Speaker 2: saw that they were like fifth and they were only

782
00:35:27,719 --> 00:35:30,200
Speaker 2: the fifth one down from you know, the michelin Man.

783
00:35:30,200 --> 00:35:30,520
Speaker 3: I felt.

784
00:35:30,600 --> 00:35:32,320
Speaker 1: I was like, Okay, I felt pretty good about it.

785
00:35:32,400 --> 00:35:34,680
Speaker 1: I was like, hey, let's go with this Falcons and

786
00:35:35,080 --> 00:35:37,480
Speaker 1: add a note of confidence. He's just like, good choice. Actually,

787
00:35:37,560 --> 00:35:39,880
Speaker 1: those are the exact same tires I have on my car.

788
00:35:40,239 --> 00:35:42,560
Speaker 1: That's anecdotal, but it still made me feel feel good

789
00:35:42,560 --> 00:35:45,120
Speaker 1: about it. I think it's a good point to point

790
00:35:45,160 --> 00:35:49,399
Speaker 1: people towards a third party, unbiased tire reviewer, and that

791
00:35:49,600 --> 00:35:52,200
Speaker 1: is Consumer Reports. And I sure I trust Consumer Reports

792
00:35:52,239 --> 00:35:56,000
Speaker 1: when it comes to car reviews and reliability ratings. Why

793
00:35:56,040 --> 00:35:59,200
Speaker 1: not also look at tire ratings as well? And I

794
00:35:59,200 --> 00:36:01,279
Speaker 1: think if you're if they're in that, if they're in

795
00:36:01,280 --> 00:36:04,400
Speaker 1: that top upper echelon that top twenty percent, I'm more

796
00:36:04,440 --> 00:36:06,520
Speaker 1: than willing to consider a tire brand i've never heard of.

797
00:36:06,600 --> 00:36:08,400
Speaker 1: If Consumer Reports say are good they were even they

798
00:36:08,400 --> 00:36:10,719
Speaker 1: were way better than Goodyear. I remember being surprised, as

799
00:36:10,719 --> 00:36:12,759
Speaker 1: I'm like, okay, who are they better than? And it

800
00:36:12,880 --> 00:36:14,360
Speaker 1: was like they were better than some of these other

801
00:36:14,480 --> 00:36:16,520
Speaker 1: name brand tires that you had heard of. It's attorney

802
00:36:16,520 --> 00:36:19,120
Speaker 1: to Consumer Reports, because in the store he also.

803
00:36:18,960 --> 00:36:21,440
Speaker 2: Had like their own reviews, you know, like their own

804
00:36:21,480 --> 00:36:23,680
Speaker 2: sort of database where they're like, Okay, this number of

805
00:36:23,680 --> 00:36:26,520
Speaker 2: customers rate this one, you know, this highly that kind

806
00:36:26,560 --> 00:36:28,280
Speaker 2: of thing. And I tend to be a little more skeptical,

807
00:36:28,320 --> 00:36:30,040
Speaker 2: so I'm like, all right, man, I'm not sure if I'm.

808
00:36:29,920 --> 00:36:34,040
Speaker 1: Gonna trust the discount tires review reviewers as opposed to

809
00:36:34,360 --> 00:36:36,040
Speaker 1: seeing at third party, But for me, that was a

810
00:36:36,040 --> 00:36:39,160
Speaker 1: big vote of confidence. I think last place that you

811
00:36:39,239 --> 00:36:41,440
Speaker 1: might want to consider looking at tires is tire rack

812
00:36:41,520 --> 00:36:44,160
Speaker 1: dot com. And that's one I've never checked out. Tirerack. Yeah,

813
00:36:44,200 --> 00:36:46,400
Speaker 1: they're great, and you can kind of buy tires on

814
00:36:46,400 --> 00:36:48,400
Speaker 1: that site and have them installed in a local shop.

815
00:36:48,840 --> 00:36:52,800
Speaker 1: And yeah, again, look at those those third party reviews

816
00:36:52,840 --> 00:36:54,880
Speaker 1: from a site like Consumer Reports, and then you can

817
00:36:54,920 --> 00:36:57,120
Speaker 1: do some shopping online and maybe tire Rack's got a

818
00:36:57,120 --> 00:36:58,919
Speaker 1: better price than kind of what some of these other

819
00:36:59,400 --> 00:37:03,200
Speaker 1: shops are off or what Costco is offering. And again,

820
00:37:03,239 --> 00:37:05,880
Speaker 1: if it's hard to schedule that appointment at Costco, then

821
00:37:06,040 --> 00:37:07,719
Speaker 1: it makes the price no one void, right, I get

822
00:37:07,719 --> 00:37:09,320
Speaker 1: it though, Right Like, if you are already going to

823
00:37:09,360 --> 00:37:11,319
Speaker 1: be at Costco, you're already gonna do some shopping, Go ahead,

824
00:37:11,360 --> 00:37:12,600
Speaker 1: schedule that thing. Do you have to You have to

825
00:37:12,640 --> 00:37:14,359
Speaker 1: schedule it, right, Yeah? You can't just like show up

826
00:37:14,360 --> 00:37:16,200
Speaker 1: and expect to be seeing good luck. Yeah.

827
00:37:16,440 --> 00:37:18,680
Speaker 2: So the ability to drop your vehicle off do all

828
00:37:18,719 --> 00:37:21,640
Speaker 2: the typical shopping that you would do in the same location.

829
00:37:21,880 --> 00:37:24,560
Speaker 2: I completely understand the convenience, and so I think for

830
00:37:24,600 --> 00:37:26,719
Speaker 2: a lot of folks it comes down to what is

831
00:37:26,760 --> 00:37:29,080
Speaker 2: going to be easy for them to access, what is

832
00:37:29,120 --> 00:37:30,959
Speaker 2: going to be convenient for them, And for some folks,

833
00:37:31,120 --> 00:37:33,839
Speaker 2: I've even heard that Walmart is a solid, solid spot

834
00:37:33,880 --> 00:37:35,520
Speaker 2: to get tires as well, and I think a lot

835
00:37:35,520 --> 00:37:38,560
Speaker 2: of it depends on the individuals who are working at the.

836
00:37:38,480 --> 00:37:40,920
Speaker 1: Specific stores there near you, no doubt. All Right, now

837
00:37:41,040 --> 00:37:42,480
Speaker 1: was yet more to get to. We clearly we have

838
00:37:42,680 --> 00:37:44,920
Speaker 1: a listener who wanted to weigh in on a recent

839
00:37:44,960 --> 00:37:48,080
Speaker 1: Friday flight segment. We'll get to that and our Facebook

840
00:37:48,120 --> 00:37:57,560
Speaker 1: Question of the Week right after this all right, buddy,

841
00:37:57,600 --> 00:37:58,799
Speaker 1: we are back from the break in.

842
00:37:58,880 --> 00:38:01,440
Speaker 2: We're going to get to a question pertaining to the MSRP,

843
00:38:02,360 --> 00:38:07,400
Speaker 2: the suggested retail price of lost teeth on kids. But

844
00:38:07,560 --> 00:38:10,440
Speaker 2: first Amber, she's actually got a response to a recent

845
00:38:10,719 --> 00:38:11,560
Speaker 2: had A money segment.

846
00:38:12,040 --> 00:38:15,239
Speaker 5: Hey Matt Joel, this is Amber from Vancouver, Washington. I

847
00:38:15,400 --> 00:38:17,440
Speaker 5: just heard you Friday flight where you were talking about

848
00:38:17,440 --> 00:38:21,520
Speaker 5: Capital One getting into trouble over savings accounts. Now, while back,

849
00:38:21,560 --> 00:38:24,480
Speaker 5: I had ing Direct as an online savings account which

850
00:38:24,520 --> 00:38:28,120
Speaker 5: was bought by Capital One, and after a while they

851
00:38:28,120 --> 00:38:31,279
Speaker 5: started announcing that they were getting that they were doing

852
00:38:31,360 --> 00:38:33,920
Speaker 5: the higher interest rates. I forget what it was at

853
00:38:33,920 --> 00:38:36,160
Speaker 5: the time, but it was like three percent, and I

854
00:38:36,360 --> 00:38:39,000
Speaker 5: never saw that in the bank in the savings accounts

855
00:38:39,000 --> 00:38:41,480
Speaker 5: that I had with them. And around that time, I

856
00:38:41,480 --> 00:38:45,799
Speaker 5: think ALI had some special transfer offer, So I just

857
00:38:45,840 --> 00:38:48,680
Speaker 5: moved everything over to Ali and didn't think twice about it.

858
00:38:49,440 --> 00:38:51,800
Speaker 5: Later I was talking to a friend and he mentioned

859
00:38:52,280 --> 00:38:55,799
Speaker 5: he called them because they were advertising this rate that

860
00:38:55,880 --> 00:38:58,840
Speaker 5: he obviously wasn't getting on his Capital One savings accounts,

861
00:38:58,840 --> 00:39:01,239
Speaker 5: and they told him, oh, you have to actually call

862
00:39:01,360 --> 00:39:04,640
Speaker 5: us to convert your account from this old type of

863
00:39:04,680 --> 00:39:07,640
Speaker 5: account to a new type of account. So even though

864
00:39:07,680 --> 00:39:10,239
Speaker 5: they were emailing us and saying, hey, yues, what new

865
00:39:10,280 --> 00:39:14,279
Speaker 5: interest rate, they weren't actually apply applicable to the accounts

866
00:39:14,640 --> 00:39:19,400
Speaker 5: that we had. So something to think about. And no,

867
00:39:19,560 --> 00:39:24,080
Speaker 5: I haven't looked into this lawsuit or whatever, but that

868
00:39:24,200 --> 00:39:26,600
Speaker 5: sort of made me think of when you mentioned have

869
00:39:26,640 --> 00:39:27,320
Speaker 5: a great day.

870
00:39:27,920 --> 00:39:33,040
Speaker 1: Okay, Matt Amber is specifically referring to the lawsuit we mentioned.

871
00:39:33,040 --> 00:39:36,520
Speaker 1: The Consumer Financial Protection Bureau levey to lawsuit against Capital One,

872
00:39:37,280 --> 00:39:40,480
Speaker 1: and it is true. Capital One had multiple save these

873
00:39:40,520 --> 00:39:44,040
Speaker 1: accounts paying different rates, and the CFPB said, you guys

874
00:39:44,120 --> 00:39:47,600
Speaker 1: were being real shady about that at paying some people

875
00:39:48,239 --> 00:39:51,920
Speaker 1: a really high rate of interest on same these accounts

876
00:39:51,960 --> 00:39:54,840
Speaker 1: and paying other people next to nothing. One rate was

877
00:39:54,880 --> 00:39:57,759
Speaker 1: super sweet, the other not so much. And the thing

878
00:39:57,880 --> 00:40:00,560
Speaker 1: that Capital One is kind of a trouble for us

879
00:40:00,560 --> 00:40:03,120
Speaker 1: that they didn't point this out to customers in an

880
00:40:03,120 --> 00:40:05,600
Speaker 1: attempt to help them secure the best rate. The customers

881
00:40:05,640 --> 00:40:08,320
Speaker 1: who knew better asked for that account or opened that

882
00:40:08,360 --> 00:40:11,880
Speaker 1: account online, and the ones who didn't kind of suffered

883
00:40:12,760 --> 00:40:15,520
Speaker 1: in not getting paid very much on their savings. We

884
00:40:15,640 --> 00:40:18,200
Speaker 1: mentioned on the Friday flight that this was kind of shady.

885
00:40:18,400 --> 00:40:21,880
Speaker 1: It is a shady practice. We even talked about it

886
00:40:21,960 --> 00:40:24,320
Speaker 1: many many months ago when we found out the Capital

887
00:40:24,360 --> 00:40:27,360
Speaker 1: One had these two accounts and people were getting frustrated

888
00:40:27,400 --> 00:40:28,799
Speaker 1: by it, and we said, listen, make sure you open

889
00:40:28,880 --> 00:40:31,440
Speaker 1: the performance save these account because that one pays a

890
00:40:31,440 --> 00:40:34,799
Speaker 1: heck of a lot more. But we also noted that

891
00:40:34,920 --> 00:40:38,160
Speaker 1: Capital One's less beneficial save these account their worse one

892
00:40:38,480 --> 00:40:40,919
Speaker 1: was still better than what the big banks were offering. True,

893
00:40:41,120 --> 00:40:43,359
Speaker 1: we thought it was interesting that the CFPB targeted them

894
00:40:44,000 --> 00:40:46,160
Speaker 1: when the big banks paid nothing on savings, have for

895
00:40:46,200 --> 00:40:48,680
Speaker 1: many many years, and they never get in any sort

896
00:40:48,719 --> 00:40:51,879
Speaker 1: of trouble for not caring about their customers. I don't

897
00:40:51,880 --> 00:40:53,759
Speaker 1: know where this lawsuit is going to go, but I

898
00:40:53,800 --> 00:40:56,279
Speaker 1: do think it is incumbent upon us to know the

899
00:40:56,360 --> 00:40:59,399
Speaker 1: rate that we're getting paid and to move, whether that's

900
00:40:59,440 --> 00:41:01,799
Speaker 1: to a different, diferent bank account within the bank we

901
00:41:01,880 --> 00:41:04,799
Speaker 1: currently do business with, or it is to another bank altogether,

902
00:41:05,239 --> 00:41:07,759
Speaker 1: if the rates and or the customer service are not

903
00:41:07,920 --> 00:41:09,000
Speaker 1: up to stuff totally.

904
00:41:09,200 --> 00:41:10,759
Speaker 2: And this is a great excuse to be able to

905
00:41:10,800 --> 00:41:14,440
Speaker 2: talk about irong Direct, which Amber mentioned. I'm guessing there's

906
00:41:14,440 --> 00:41:16,120
Speaker 2: a lot of folks or a lot of listeners who

907
00:41:16,640 --> 00:41:19,120
Speaker 2: don't know anything about Ing Direct. They had the Lion,

908
00:41:19,239 --> 00:41:21,799
Speaker 2: remember the like the little lion logo. They were the best,

909
00:41:21,800 --> 00:41:25,239
Speaker 2: and specifically their Electric Orange account, which this is a

910
00:41:25,239 --> 00:41:29,160
Speaker 2: great name was It's like hey, world, the Internet, it's electric.

911
00:41:30,200 --> 00:41:33,160
Speaker 2: But they were really Look, they were the first customer

912
00:41:33,200 --> 00:41:36,400
Speaker 2: centric online bank out there. They changed things from the

913
00:41:36,440 --> 00:41:39,640
Speaker 2: ground up. They ushered in like this new era of service.

914
00:41:39,680 --> 00:41:41,960
Speaker 2: I think it was like, was it five Joeld?

915
00:41:42,040 --> 00:41:42,600
Speaker 1: Is that what? Like?

916
00:41:42,640 --> 00:41:44,520
Speaker 2: When I think back, that's what That's what I remember

917
00:41:45,200 --> 00:41:49,719
Speaker 2: signing up for my ing Direct Electric Orange account. But

918
00:41:49,880 --> 00:41:52,680
Speaker 2: because of them, I don't think banks like Ally or

919
00:41:52,719 --> 00:41:55,360
Speaker 2: C or Discover, I don't think they would even exist

920
00:41:55,360 --> 00:41:58,240
Speaker 2: in their current formation had Ing not paved the way.

921
00:41:58,600 --> 00:42:01,000
Speaker 2: And then of course Capital One came along they bought Ing.

922
00:42:01,560 --> 00:42:04,600
Speaker 2: Everyone was nervous, ourselves included, but Capital One for the

923
00:42:04,640 --> 00:42:07,719
Speaker 2: most part, it hasn't changed much of the service that

924
00:42:07,719 --> 00:42:09,680
Speaker 2: they're offering at that point, other than of course the name.

925
00:42:09,920 --> 00:42:12,160
Speaker 1: And even with this sort of what I would call

926
00:42:12,200 --> 00:42:15,120
Speaker 1: a short sighted two savings account in this step, I'm

927
00:42:15,120 --> 00:42:17,520
Speaker 1: still a fan of Capital One. It's where we have

928
00:42:17,640 --> 00:42:20,000
Speaker 1: our business account. And Jah, I know there have been

929
00:42:20,000 --> 00:42:21,719
Speaker 1: times when you've had all of your money over there

930
00:42:21,719 --> 00:42:24,120
Speaker 1: with Capital One as well. Yeah, I have accounts with

931
00:42:24,320 --> 00:42:26,520
Speaker 1: multiple banks, Capital one is still one of them, and

932
00:42:26,680 --> 00:42:28,640
Speaker 1: I just actually opened up a new account or two

933
00:42:28,680 --> 00:42:31,560
Speaker 1: new accounts with Capital One because they offered a bonus. Well, no,

934
00:42:31,600 --> 00:42:35,120
Speaker 1: they offered the best, in my estimation from all my research,

935
00:42:35,600 --> 00:42:38,279
Speaker 1: kids accounts. So if you want saving these accounts with

936
00:42:38,320 --> 00:42:40,320
Speaker 1: debit cards for your kids and you don't want to

937
00:42:40,360 --> 00:42:42,520
Speaker 1: pay you know, we've talked in the past about green

938
00:42:42,600 --> 00:42:46,439
Speaker 1: Light and go Henry. Those are great specific apps set

939
00:42:46,520 --> 00:42:48,640
Speaker 1: up to help teach kids about money, and they offered

940
00:42:48,680 --> 00:42:50,560
Speaker 1: them a debit card and those are fun and great,

941
00:42:50,840 --> 00:42:53,040
Speaker 1: but those cost money. And so if you want a

942
00:42:53,040 --> 00:42:56,080
Speaker 1: free option with less bells and whistles, Capital one is

943
00:42:56,080 --> 00:42:59,000
Speaker 1: the only one I know of offering something like that.

944
00:42:59,400 --> 00:43:01,799
Speaker 1: They call them teen accounts, but you can actually open

945
00:43:01,920 --> 00:43:04,480
Speaker 1: them up for kids who are even younger. My girls

946
00:43:04,480 --> 00:43:05,880
Speaker 1: are nine and eleven. I think they just have to

947
00:43:05,960 --> 00:43:08,320
Speaker 1: be eight and over and so they just have to

948
00:43:08,360 --> 00:43:11,239
Speaker 1: be alive. No, I actually have a child. I don't

949
00:43:11,239 --> 00:43:13,480
Speaker 1: think my five year old would qualify. They have to

950
00:43:13,480 --> 00:43:15,960
Speaker 1: be over a certain age. But the Capra one is

951
00:43:16,000 --> 00:43:18,120
Speaker 1: still offering a lot of great perks and I guess

952
00:43:18,360 --> 00:43:21,399
Speaker 1: I just don't think that the CFIV lawsuit should cause

953
00:43:21,440 --> 00:43:24,319
Speaker 1: anyone to balk of doing business with them, thinking, oh man,

954
00:43:24,800 --> 00:43:27,560
Speaker 1: this is some sort of you know, cruddy institution. They're

955
00:43:27,560 --> 00:43:29,520
Speaker 1: not treating their customers, right, I just don't think that's

956
00:43:29,560 --> 00:43:32,160
Speaker 1: the case. And again, make sure you're in the performance

957
00:43:32,160 --> 00:43:35,080
Speaker 1: savings if you have an adult savings account with them,

958
00:43:35,480 --> 00:43:37,920
Speaker 1: not the other samans account that pays the crummy rate.

959
00:43:38,280 --> 00:43:41,560
Speaker 1: I think those are called post teen accounts. Yeah, that's right. Yeah,

960
00:43:41,600 --> 00:43:43,279
Speaker 1: But I guess if this, if it does give you

961
00:43:43,280 --> 00:43:46,240
Speaker 1: pause seeing this lawsuit or or seeing the way Capital

962
00:43:46,239 --> 00:43:49,160
Speaker 1: One acted in this in this case, Ally and c

963
00:43:49,280 --> 00:43:52,480
Speaker 1: I those are great alternative choices for where to put

964
00:43:52,520 --> 00:43:55,080
Speaker 1: your money. But I guess I just want to highlight. Man,

965
00:43:55,120 --> 00:43:57,080
Speaker 1: there's a lot of great stuff, and both Matt and

966
00:43:57,160 --> 00:43:59,360
Speaker 1: I do business with Capital One, and so yeah, this

967
00:43:59,400 --> 00:44:01,560
Speaker 1: one faux pop. It's not going to change my relationship

968
00:44:01,560 --> 00:44:04,839
Speaker 1: with them. It wouldn't. Yeah, I wouldn't personally make me nervous. So,

969
00:44:04,840 --> 00:44:07,480
Speaker 1: speaking of kids and money, let's now get to the

970
00:44:07,520 --> 00:44:11,040
Speaker 1: Facebook question of the Week, which is from Wendy. She wrote,

971
00:44:11,040 --> 00:44:13,040
Speaker 1: my kids are just starting to lose their teeth and

972
00:44:13,120 --> 00:44:17,480
Speaker 1: someone suggested that the tooth fairy leave well tooth fairies capitalized,

973
00:44:17,480 --> 00:44:20,520
Speaker 1: which is kind of cute as well. It's proper now

974
00:44:20,800 --> 00:44:23,640
Speaker 1: a proper entity. Here, someone suggested the tooth fairy should

975
00:44:23,680 --> 00:44:28,799
Speaker 1: leave five dollars enough to spend, donate, invest and save. Realistically,

976
00:44:28,960 --> 00:44:31,480
Speaker 1: what can the five year old start investing in? And

977
00:44:31,640 --> 00:44:34,400
Speaker 1: how what do you think about that? A Joel five bucks?

978
00:44:34,440 --> 00:44:37,640
Speaker 1: What is the suggested retail of a tooth over at

979
00:44:37,680 --> 00:44:39,840
Speaker 1: your house. That's a good question. I that's not what

980
00:44:39,880 --> 00:44:43,359
Speaker 1: I'm paying. I'll know, five bucks. I was shocked to see.

981
00:44:43,480 --> 00:44:46,279
Speaker 1: Maybe and maybe that isn't going rate and inflation has

982
00:44:46,320 --> 00:44:48,520
Speaker 1: just been tamed on the tooth front in our house

983
00:44:48,520 --> 00:44:49,080
Speaker 1: in particular.

984
00:44:49,120 --> 00:44:50,879
Speaker 2: Maybe they this is the tooth fairy from the Bay

985
00:44:50,920 --> 00:44:53,120
Speaker 2: Area or up in Manhattan or something like that.

986
00:44:53,840 --> 00:44:56,200
Speaker 1: Yeah, maybe on the on the elite coastal cities. This

987
00:44:56,239 --> 00:44:58,720
Speaker 1: is what the tooth fairy in Tokyo and London. She pays.

988
00:44:59,800 --> 00:45:02,279
Speaker 1: Our tooth fairy pays a dollar twenty five. But on

989
00:45:02,360 --> 00:45:05,000
Speaker 1: top of that, our tooth fairy leaves a kinderreg under

990
00:45:05,560 --> 00:45:08,319
Speaker 1: the pillow of each kid. So like the opposite of

991
00:45:08,320 --> 00:45:11,200
Speaker 1: what the tooth fairy should be advocating for sure. I'm

992
00:45:11,239 --> 00:45:15,279
Speaker 1: sure Dennis everywhere are are shocked and appalled by what

993
00:45:15,320 --> 00:45:18,240
Speaker 1: our tooth fairy leaves. But I just don't feel the need,

994
00:45:18,400 --> 00:45:20,560
Speaker 1: I think, to fork over five bucks per tooth per

995
00:45:20,640 --> 00:45:24,160
Speaker 1: kid tooth theories because you know other people around you

996
00:45:24,160 --> 00:45:26,440
Speaker 1: are doing it. It's totally fine if you want to,

997
00:45:26,680 --> 00:45:29,440
Speaker 1: but that really can add up, man, five bucks a

998
00:45:29,480 --> 00:45:30,000
Speaker 1: tooths a lot.

999
00:45:30,120 --> 00:45:32,640
Speaker 2: Yes, I mean, I guess if you want to use

1000
00:45:32,680 --> 00:45:36,320
Speaker 2: those tooth fairy dollars to start teaching about donating, saving

1001
00:45:36,400 --> 00:45:39,399
Speaker 2: and investing, that's certainly admirable, But I would push back

1002
00:45:39,440 --> 00:45:42,160
Speaker 2: on the fact that a larger dollar amount would allow

1003
00:45:42,200 --> 00:45:44,880
Speaker 2: you to do that more easily, because I'm just going

1004
00:45:44,960 --> 00:45:46,920
Speaker 2: to think back to a long time ago, back when

1005
00:45:46,960 --> 00:45:48,439
Speaker 2: I was a little kid, and when I was getting

1006
00:45:48,480 --> 00:45:51,640
Speaker 2: paid for jobs by my parents. It was typically like

1007
00:45:51,680 --> 00:45:54,320
Speaker 2: a dollar to do something. And guess how I received

1008
00:45:54,360 --> 00:45:57,120
Speaker 2: that dollar. It wasn't a single one dollar bill jol.

1009
00:45:57,200 --> 00:46:00,560
Speaker 2: I was paid in dimes, So I received ten dimes.

1010
00:46:00,800 --> 00:46:03,000
Speaker 2: And this was I think in part because my dad

1011
00:46:03,040 --> 00:46:05,279
Speaker 2: wanted to. My parents were teaching me how to be

1012
00:46:05,400 --> 00:46:07,480
Speaker 2: generous and how to be a giver, specifically how to

1013
00:46:07,520 --> 00:46:09,919
Speaker 2: tie I thin give money to our local church, and

1014
00:46:10,000 --> 00:46:11,600
Speaker 2: it was like, all right, you ice take off one

1015
00:46:11,600 --> 00:46:14,080
Speaker 2: of those dimes, and that's the dime that you give.

1016
00:46:14,440 --> 00:46:16,440
Speaker 2: And so as long as you are paying your kids

1017
00:46:16,640 --> 00:46:18,879
Speaker 2: or they're you know, whatever they're receiving from the tooth fairy,

1018
00:46:19,080 --> 00:46:23,160
Speaker 2: is isn't just like a bill or denomination that's difficult

1019
00:46:23,160 --> 00:46:24,719
Speaker 2: to break down. I still think there are lessons you

1020
00:46:24,719 --> 00:46:27,000
Speaker 2: can teach. Yeah, and I still think that the kids

1021
00:46:27,360 --> 00:46:30,160
Speaker 2: see that as valuable as well. Like I guess what

1022
00:46:30,200 --> 00:46:32,640
Speaker 2: I'm pointing to is the fact that like at least

1023
00:46:32,640 --> 00:46:35,239
Speaker 2: with our younger kids, they don't see like bills being

1024
00:46:35,360 --> 00:46:38,480
Speaker 2: more valuable as coins, like for them, you mean, I'm

1025
00:46:38,480 --> 00:46:39,479
Speaker 2: thinking of my five year old.

1026
00:46:39,600 --> 00:46:42,279
Speaker 1: He thinks the more coins he gets the better. So

1027
00:46:42,520 --> 00:46:45,400
Speaker 1: just more units, more denominations. Yeah, it's less about the

1028
00:46:45,400 --> 00:46:47,319
Speaker 1: actual dollar amount. It's about having more stuff to play

1029
00:46:47,320 --> 00:46:48,040
Speaker 1: around with, exactly.

1030
00:46:48,080 --> 00:46:50,120
Speaker 2: And so I almost think, like, I don't know, as

1031
00:46:50,120 --> 00:46:52,000
Speaker 2: long as you can break it. Yeah, I don't want

1032
00:46:52,000 --> 00:46:54,480
Speaker 2: to say the more the better or it's better to

1033
00:46:54,520 --> 00:46:57,359
Speaker 2: have coins. But as long as you are giving them money,

1034
00:46:57,440 --> 00:46:58,799
Speaker 2: or that they are earning money, or that they are

1035
00:46:58,840 --> 00:47:01,800
Speaker 2: gifted money in a way that allows them to direct

1036
00:47:01,800 --> 00:47:04,200
Speaker 2: that money in different ways, whether it is saving, whether

1037
00:47:04,200 --> 00:47:06,120
Speaker 2: it's investing, spinning it at the store, or giving that

1038
00:47:06,160 --> 00:47:06,640
Speaker 2: money away.

1039
00:47:06,680 --> 00:47:10,680
Speaker 1: I think that's to me, like that is the task

1040
00:47:10,719 --> 00:47:11,719
Speaker 1: that falls upon us.

1041
00:47:11,719 --> 00:47:13,680
Speaker 2: Like that's where we as parents are incumbent to make

1042
00:47:13,719 --> 00:47:17,880
Speaker 2: sure that we are not being I don't call it laziness,

1043
00:47:17,960 --> 00:47:19,960
Speaker 2: but like it's pretty easy to say, all right, here's

1044
00:47:20,200 --> 00:47:21,600
Speaker 2: you know, a five dollar bill or here's a one

1045
00:47:21,640 --> 00:47:24,439
Speaker 2: dollar bill, as opposed to having to take bills into

1046
00:47:24,480 --> 00:47:27,560
Speaker 2: the store, breaking up bills from twenties even down to

1047
00:47:27,640 --> 00:47:29,399
Speaker 2: ones to where we can even pay our dollar daughter

1048
00:47:29,440 --> 00:47:32,000
Speaker 2: for babysitting, like that kind of thing. That's literally a

1049
00:47:32,040 --> 00:47:34,120
Speaker 2: situation in a scenario that we found ourselves in recently

1050
00:47:34,160 --> 00:47:36,000
Speaker 2: where I'm just like, man, we need more ones. But

1051
00:47:36,040 --> 00:47:37,799
Speaker 2: we always use our credit cards because we're looking to

1052
00:47:37,800 --> 00:47:40,120
Speaker 2: maximize the advantages that we're receiving via points and all that.

1053
00:47:40,160 --> 00:47:42,279
Speaker 2: But what we need to do is go in break

1054
00:47:42,320 --> 00:47:43,759
Speaker 2: up some of those twenties so that we can more

1055
00:47:43,760 --> 00:47:46,040
Speaker 2: effectively pay our kids for some of the different chores

1056
00:47:46,080 --> 00:47:46,800
Speaker 2: and jobs.

1057
00:47:46,600 --> 00:47:48,200
Speaker 1: That they're doing. But they look at your little scants

1058
00:47:48,200 --> 00:47:50,400
Speaker 1: when you're like, I need one hundred ones, what are

1059
00:47:50,440 --> 00:47:51,120
Speaker 1: you up to, sir?

1060
00:47:51,560 --> 00:47:53,719
Speaker 2: Yeah, I've literally had not even joking, I've had this

1061
00:47:53,719 --> 00:47:55,719
Speaker 2: some day to do list to take a twenty or

1062
00:47:55,719 --> 00:47:57,879
Speaker 2: a couple twenties in and just you know, next time

1063
00:47:57,880 --> 00:47:59,759
Speaker 2: on that aldy to say, hey, do you mind breaking

1064
00:47:59,760 --> 00:48:03,160
Speaker 2: this in to attend you know a five five ones,

1065
00:48:03,200 --> 00:48:05,680
Speaker 2: like just something other than a large bill that the

1066
00:48:05,760 --> 00:48:06,520
Speaker 2: kids can do something with.

1067
00:48:06,760 --> 00:48:08,640
Speaker 1: And you're talking about kind of the coin approach of

1068
00:48:08,640 --> 00:48:10,000
Speaker 1: the five year old. I think that works with a

1069
00:48:10,000 --> 00:48:11,879
Speaker 1: five year old, less so with a ten or eleven

1070
00:48:11,920 --> 00:48:13,960
Speaker 1: year old, right, because totally agree, they then at this

1071
00:48:14,000 --> 00:48:18,600
Speaker 1: point understand money and now having more dollars as opposed

1072
00:48:18,600 --> 00:48:23,400
Speaker 1: to more units, right, more coins, it actually impacts their

1073
00:48:23,440 --> 00:48:25,440
Speaker 1: ability to spend or to do the things they want

1074
00:48:25,480 --> 00:48:27,359
Speaker 1: to do. So you can't really get away with that

1075
00:48:27,440 --> 00:48:30,239
Speaker 1: once the kids get a certain age, but five years

1076
00:48:30,280 --> 00:48:32,560
Speaker 1: old you totally can. And actually you might be helping

1077
00:48:32,600 --> 00:48:35,440
Speaker 1: them by doing that. And I don't want to discourage

1078
00:48:35,440 --> 00:48:39,879
Speaker 1: you from teaching your five year old about investing or

1079
00:48:40,040 --> 00:48:43,000
Speaker 1: or some of these finer points of personal finance. You

1080
00:48:43,040 --> 00:48:45,239
Speaker 1: know that tooth fairy money. It might be able to

1081
00:48:45,239 --> 00:48:47,759
Speaker 1: help out in that regard, but I think given their

1082
00:48:47,840 --> 00:48:51,719
Speaker 1: lack of real financial resources and their ability to understand

1083
00:48:52,360 --> 00:48:55,719
Speaker 1: maybe as much as you'd like them to at that age.

1084
00:48:55,760 --> 00:48:57,880
Speaker 1: Like I'm still trying to talk to my eleven year

1085
00:48:57,920 --> 00:48:59,880
Speaker 1: old and nine year old about investing, and it is

1086
00:49:00,080 --> 00:49:02,160
Speaker 1: low going. Yep, my five year old, I have a

1087
00:49:02,160 --> 00:49:05,520
Speaker 1: five year old two. Yeah, that conversation is not gonna

1088
00:49:05,520 --> 00:49:09,080
Speaker 1: go over. Is there a sword involved? Yeah, exactly. He's

1089
00:49:09,120 --> 00:49:11,279
Speaker 1: gonna be like, Okay, not interested, Sorry, bud, got a dad.

1090
00:49:11,320 --> 00:49:13,440
Speaker 1: Can we just like play with cards or something? And

1091
00:49:13,640 --> 00:49:16,000
Speaker 1: it's not really that you can't have any sort of

1092
00:49:16,080 --> 00:49:19,720
Speaker 1: productive money money conversation, but maybe just temper your expectations

1093
00:49:20,239 --> 00:49:22,200
Speaker 1: talking about compounding or turns or something like that that's

1094
00:49:22,200 --> 00:49:24,839
Speaker 1: going to go right over their heads. Well, and this

1095
00:49:24,880 --> 00:49:27,080
Speaker 1: is coming. I think this is a mistake that I mean,

1096
00:49:27,120 --> 00:49:28,719
Speaker 1: I'll let you speak for yourself, but I know that

1097
00:49:28,800 --> 00:49:31,560
Speaker 1: I made for sure early on because I think our

1098
00:49:31,600 --> 00:49:34,040
Speaker 1: oldest daughters, I think they were around five, six or

1099
00:49:34,080 --> 00:49:36,799
Speaker 1: seven years old maybe where I was trying to teach

1100
00:49:36,840 --> 00:49:41,279
Speaker 1: her about investing and compounding returns, and initially because I

1101
00:49:41,320 --> 00:49:42,480
Speaker 1: was like, all right, it needs to be a big

1102
00:49:42,560 --> 00:49:44,839
Speaker 1: enough return that she sees some progress. So what I'm

1103
00:49:44,840 --> 00:49:46,879
Speaker 1: gonna do is call it a match because that's something

1104
00:49:46,880 --> 00:49:48,719
Speaker 1: that she's going to experience out in the real world, right,

1105
00:49:48,880 --> 00:49:50,040
Speaker 1: contributing to a four to one K.

1106
00:49:50,360 --> 00:49:52,440
Speaker 2: So we're gonna call it the match. But then I realized, well,

1107
00:49:52,480 --> 00:49:56,319
Speaker 2: she's more likely to realize interest and see returns on

1108
00:49:56,400 --> 00:49:58,000
Speaker 2: investments that way, So then I kind of change the

1109
00:49:58,040 --> 00:50:00,719
Speaker 2: name of it from the match to interest instead. And

1110
00:50:00,760 --> 00:50:03,520
Speaker 2: I wanted it to be weekly so that she it

1111
00:50:03,600 --> 00:50:05,680
Speaker 2: was recurring and not something that she only thought about

1112
00:50:05,680 --> 00:50:06,319
Speaker 2: like once a year.

1113
00:50:07,040 --> 00:50:09,520
Speaker 1: And what I realized is that I overcomplicated it at

1114
00:50:09,600 --> 00:50:10,200
Speaker 1: least for that age.

1115
00:50:10,200 --> 00:50:12,160
Speaker 2: At least for that age exactly, and especially when we're

1116
00:50:12,160 --> 00:50:14,240
Speaker 2: talking about a five year old, like this is something

1117
00:50:14,239 --> 00:50:16,920
Speaker 2: These are real conversations that we're having now within an

1118
00:50:16,920 --> 00:50:20,640
Speaker 2: eleven year old about opening a roth ira with babysitting earnings,

1119
00:50:20,680 --> 00:50:21,239
Speaker 2: that kind of thing.

1120
00:50:21,560 --> 00:50:24,520
Speaker 1: But I think the desire for us to teach our

1121
00:50:24,560 --> 00:50:28,200
Speaker 1: kids about investing how that can potentially overshadow some of

1122
00:50:28,239 --> 00:50:30,840
Speaker 1: the more basic lessons which I think are the biggest

1123
00:50:30,840 --> 00:50:33,920
Speaker 1: things that we need to enforce, like the teaching our

1124
00:50:34,000 --> 00:50:36,279
Speaker 1: kids the value of a dollar. Oh that I think

1125
00:50:36,280 --> 00:50:40,120
Speaker 1: that should come before them understanding how it is that

1126
00:50:40,160 --> 00:50:42,760
Speaker 1: they should be investing their dollars. Yeah, yeah, I agree

1127
00:50:42,800 --> 00:50:44,960
Speaker 1: with you. I think it's also important to note that

1128
00:50:44,960 --> 00:50:47,440
Speaker 1: teaching smart money management is a long play. They're going

1129
00:50:47,440 --> 00:50:50,120
Speaker 1: to imitate you more than they're going to follow what

1130
00:50:50,160 --> 00:50:53,400
Speaker 1: you say. And I realized that in basically everything when

1131
00:50:53,440 --> 00:50:55,839
Speaker 1: it comes to parenting is they're going to do as

1132
00:50:55,880 --> 00:50:59,160
Speaker 1: I do, not do as I say. And so when

1133
00:50:59,160 --> 00:51:01,680
Speaker 1: it comes to how you handle your money, they are

1134
00:51:01,719 --> 00:51:03,160
Speaker 1: watching even at the age of five.

1135
00:51:03,280 --> 00:51:05,840
Speaker 2: So how you talk about your money, how you are

1136
00:51:05,880 --> 00:51:08,480
Speaker 2: talking about different expenses, different things that you're spending your

1137
00:51:08,480 --> 00:51:08,920
Speaker 2: money on.

1138
00:51:09,080 --> 00:51:12,359
Speaker 1: Yeah, all of those things. Man, So kids are such sponges. Yeah,

1139
00:51:12,400 --> 00:51:15,440
Speaker 1: so I think tooth fairy money great. And can you

1140
00:51:15,560 --> 00:51:17,759
Speaker 1: use it to teach lessons? Yes, at the age of five,

1141
00:51:18,080 --> 00:51:21,680
Speaker 1: we're talking about like ten words of teaching that you

1142
00:51:21,719 --> 00:51:25,120
Speaker 1: can accompany with it because their attention span and their

1143
00:51:25,160 --> 00:51:30,160
Speaker 1: capacity just is pretty small. So yeah, as they get older,

1144
00:51:30,160 --> 00:51:31,920
Speaker 1: you're going to be able to kind of pour in

1145
00:51:32,040 --> 00:51:34,680
Speaker 1: and teach more and more. Totally. Man, Okay, it's beer time.

1146
00:51:34,760 --> 00:51:36,719
Speaker 1: Let's get back to the beer review of the beer

1147
00:51:36,719 --> 00:51:39,319
Speaker 1: that you and I enjoyed during this episode, and I

1148
00:51:39,360 --> 00:51:41,319
Speaker 1: will say the craft beer. We're not just drinking like

1149
00:51:42,040 --> 00:51:44,640
Speaker 1: Macro Pilsner's here on the show. That kind of thing. Definitely.

1150
00:51:44,680 --> 00:51:46,799
Speaker 2: These are the beers that you and I enjoy are

1151
00:51:46,800 --> 00:51:49,600
Speaker 2: like works of art. These are the Michelin of beers,

1152
00:51:50,600 --> 00:51:53,319
Speaker 2: the Michelin Star Beard. This is the rum barrel aged

1153
00:51:53,360 --> 00:51:56,600
Speaker 2: out fermented with Bretta nomiases. What do you think about

1154
00:51:56,640 --> 00:51:57,120
Speaker 2: this one, buddy?

1155
00:51:57,200 --> 00:51:59,240
Speaker 1: So the first thing that hits you is the rum sweetness.

1156
00:51:59,280 --> 00:52:01,440
Speaker 1: I mean, I think this year was aged for eighteen

1157
00:52:01,440 --> 00:52:06,080
Speaker 1: plus months in rum barrels and you taste that heavy

1158
00:52:06,160 --> 00:52:07,480
Speaker 1: rum sweetness.

1159
00:52:08,440 --> 00:52:10,520
Speaker 2: Before we even get into it, like the smell of it,

1160
00:52:10,840 --> 00:52:13,840
Speaker 2: like it's a combination. It almost made me think of bananas,

1161
00:52:14,640 --> 00:52:16,239
Speaker 2: like you know, like you get a right banana and

1162
00:52:16,280 --> 00:52:18,600
Speaker 2: it's got like this over like kind of over the

1163
00:52:18,600 --> 00:52:20,239
Speaker 2: top sort of sweetness.

1164
00:52:19,760 --> 00:52:21,680
Speaker 1: That is associated with at huh, That's.

1165
00:52:21,520 --> 00:52:23,600
Speaker 2: Totally where my mind went, which then made me think

1166
00:52:23,600 --> 00:52:26,960
Speaker 2: of what's the banana dessert? Like a flame bananas foster,

1167
00:52:27,239 --> 00:52:29,560
Speaker 2: like where it's on fire and that whole thing. It

1168
00:52:29,560 --> 00:52:32,000
Speaker 2: almost had a richness that you would expect from a

1169
00:52:32,320 --> 00:52:33,319
Speaker 2: really fancy dessert like that.

1170
00:52:33,400 --> 00:52:35,799
Speaker 1: Dark and rich is what I was thinking, Yes, for sure.

1171
00:52:35,840 --> 00:52:37,759
Speaker 1: And they used Breton to Miacees in the making of

1172
00:52:37,800 --> 00:52:40,440
Speaker 1: this beer, which is a type of yeast that often

1173
00:52:40,480 --> 00:52:43,279
Speaker 1: adds kind of a funky element. I didn't get as

1174
00:52:43,360 --> 00:52:46,480
Speaker 1: much of that. Yeah, I'm not smart enough to understand,

1175
00:52:46,800 --> 00:52:50,080
Speaker 1: but it can often yield like funky flavors in the

1176
00:52:50,120 --> 00:52:53,600
Speaker 1: final results. This had I think maybe a little bit

1177
00:52:53,600 --> 00:52:55,799
Speaker 1: on the front end, but it dissipated quickly. So I've

1178
00:52:55,800 --> 00:52:58,239
Speaker 1: had some of their beers and like that would have

1179
00:52:58,280 --> 00:53:00,400
Speaker 1: made it even more interesting. I think if if the

1180
00:53:00,400 --> 00:53:03,439
Speaker 1: Bretton mices had been played a larger role, well, but yeah,

1181
00:53:03,480 --> 00:53:04,920
Speaker 1: it would have been a little more unique. At least

1182
00:53:04,960 --> 00:53:05,480
Speaker 1: it's super.

1183
00:53:05,280 --> 00:53:08,480
Speaker 2: Fascinating cause typically, like if when you characterize the beer

1184
00:53:08,480 --> 00:53:10,279
Speaker 2: as bready, it's like, in my mind, it tends to

1185
00:53:10,280 --> 00:53:12,600
Speaker 2: be drier, like like a lot of times they're associated

1186
00:53:12,680 --> 00:53:15,560
Speaker 2: with farmhouses or seasons, but they're not typically.

1187
00:53:15,239 --> 00:53:18,480
Speaker 1: Beers that are higher in like the sweetness index.

1188
00:53:18,840 --> 00:53:21,160
Speaker 2: But yeah, I had a hard time getting past the

1189
00:53:21,200 --> 00:53:22,759
Speaker 2: rum because it like it tastes like they were just

1190
00:53:22,800 --> 00:53:25,360
Speaker 2: like rum soaked raisins in here that were liquefied that

1191
00:53:25,400 --> 00:53:27,319
Speaker 2: were now drinking. Oh yeah, which I don't know maybe

1192
00:53:27,320 --> 00:53:29,319
Speaker 2: that was the case, but almost like, yeah, what what's

1193
00:53:29,320 --> 00:53:32,479
Speaker 2: the candy? The raisins are covered in chocolates and that's yeah,

1194
00:53:32,520 --> 00:53:35,480
Speaker 2: it's like that, but Asian rum barrels just sasd in

1195
00:53:35,480 --> 00:53:38,440
Speaker 2: here soaked in a rum. Yeah, really unique, super delicious,

1196
00:53:38,480 --> 00:53:41,000
Speaker 2: and maybe a fantastic beer to enjoy. I don't know,

1197
00:53:41,040 --> 00:53:44,239
Speaker 2: maybe when it's like fifteen degrees outside, which it may

1198
00:53:44,280 --> 00:53:45,920
Speaker 2: or may not be at this exact moment.

1199
00:53:46,040 --> 00:53:48,480
Speaker 1: Right, all right, Matt, that's gonna do it. For this episode,

1200
00:53:48,520 --> 00:53:51,000
Speaker 1: we will link to some of the resources we mentioned

1201
00:53:51,360 --> 00:53:54,360
Speaker 1: in the answers to your questions up on our website

1202
00:53:54,400 --> 00:53:57,360
Speaker 1: at howtomoney dot com. You know it. So, until next time, Buddy,

1203
00:53:57,400 --> 00:53:59,560
Speaker 1: best Friends out best Friends out

1204
00:54:04,080 --> 00:54:06,000
Speaker 3: Between the