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

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Speaker 1: and today we are answering your listener questions.

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Speaker 2: That's right, buddy, this is an Ask How to Money

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Speaker 2: episode Monday episode, and we've got five listener questions to

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Speaker 2: get to today. A listener he is wondering if he

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Speaker 2: should pay off his car loan or not. We're gonna

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Speaker 2: hear from him. Another listener is asking why we like

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Speaker 2: to focus on some of the small purchases in life

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Speaker 2: in order to bring us joy. Why not the bigger expenses?

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Speaker 2: Why not focus on those instead? Well, we've got a

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Speaker 2: good answer for her, and we're going to share our

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Speaker 2: thoughts as to why it is. We think that you

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Speaker 2: should start with that. And another listener is wanting to

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Speaker 2: minimize the fees that she's experiencing with her HSA and

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Speaker 2: even what is an Hsachel? We will answer that plus

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Speaker 2: a couple of additional questions during this episode today.

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Speaker 1: Nice variety varieties of spice of it's the spice of

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Speaker 1: ask kind of money? Mondays too so, But Matt, realquick

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Speaker 1: before we start taking listener questions, I wanted to mention

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Speaker 1: our good friends and guy who also works alongside us

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Speaker 1: on the head of money dot com website and the newsletter.

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Speaker 1: His name is also Joel because the name of Champions

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Speaker 1: five am Joel is what he goes by, the moniker

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Speaker 1: he goes by online. And he was telling me the

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Speaker 1: other day that he went to he took his family

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Speaker 1: to Vegas for a trip, and I guess they stayed

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Speaker 1: at some little resort with like a lazy river stuff.

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Speaker 1: He's got a little dude. They had a blast.

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Speaker 2: But he's in California, and so I think the the

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Speaker 2: La to Vegas.

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Speaker 1: Flights are like crazy cheap. Well, I think you can

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Speaker 1: drive there in like four four hours. Yeah, I don't

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Speaker 1: think it's too bad.

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Speaker 2: I realized it was the equivalent of.

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Speaker 1: I guess driving up to Asheville for yes, exactly. Yes,

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Speaker 1: So Vegas is an easy place to go for a

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Speaker 1: little respite. And but he was telling me one of

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Speaker 1: the ways that he massively decreased the costs of that

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Speaker 1: trip was he went to a timeshare presentation and he

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Speaker 1: didn't get a timeshare. Fortunately nice. And this is something

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Speaker 1: he's become a little bit of an expert on. He

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Speaker 1: told me he's actually gonna write something Timeshares on the

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Speaker 1: website about this well, going to timeshare presentations without actually

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Speaker 1: letting the hook sink in. Okay, go ahead and share

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Speaker 1: his experience, and then I'll ask you whether or not

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Speaker 1: that it's cheap or not. Yeah, Well, he was basically

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Speaker 1: be able to get a massively discounted vacation he knew

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Speaker 1: like and I think timeshare present presenters they offer this

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Speaker 1: for a reason. They offer you either like free stay

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Speaker 1: at a hotel or a massively discount stay at a

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Speaker 1: hotel because if you attend this presentation, because they know

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Speaker 1: that a decent percentage of people are going to actually

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Speaker 1: sign on the dotted line and by a timeshare, which

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Speaker 1: is not in their best financial interest, Like we would say,

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Speaker 1: don't ever do a timeshare. They're bad news all around.

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Speaker 2: Yeah, and I would say ethically that he's in the

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Speaker 2: clear as well, because the timeshare presenter also knows that

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Speaker 2: there are a certain number of folks who won't take

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Speaker 2: the bait, who are going to say no, And that's

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Speaker 2: just a part of the expense of that presentation.

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Speaker 1: Which you've done before as well, yeah, long time ago.

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Speaker 2: It's the way I was able to justify. So that's

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Speaker 2: why I was going to ask whether or not it's

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Speaker 2: frugal or cheap because I did this back, like I

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Speaker 2: just graduated college and spring break, I was like the

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Speaker 2: old guy that went. Kate and I were still dating

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Speaker 2: at that point in time, but you know, like right

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Speaker 2: after school, I feel like your time is slightly less

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Speaker 2: valuable to you, right, And so there are four of us.

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Speaker 2: Two couples were like, yeah, let's go to this free brunch.

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Speaker 2: They're gonna have mimosas. That sounds awesome, and also we're

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Speaker 2: gonna get a one hundred dollars visa check card or

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Speaker 2: whatever cash card sort of thing that they're going to

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Speaker 2: give us as well. So for us it made sense.

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Speaker 2: But at the current stage of life that I'm int,

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Speaker 2: I don't. I'm not gonna spend my time doing that.

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Speaker 1: Well, I mean every yeah, agreed.

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Speaker 2: It depends on the carrot that's being dangled in front

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Speaker 2: of make sure. If it's a free couple nights, I'm like, oh, well, shoot,

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Speaker 2: maybe I will go to that presentation.

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Speaker 1: It's different structure, different folks, and they're willing to endure

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Speaker 1: different levels of pain in order to save money. Makes

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Speaker 1: me think of some of our listeners who donate Plasma

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Speaker 1: to save money, and that is probably something I'm not

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Speaker 1: going to do anytime soon, but I had.

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Speaker 2: I did that in.

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Speaker 1: College, literal pain that you are experiencing well in just time.

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Speaker 1: It's like, Okay, it's probably not worth it for me

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Speaker 1: at this point. The trade off of money for time

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Speaker 1: to go donate plasma to drive down there, and blah

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Speaker 1: blah blah blah blah. You gotta go twice a week

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Speaker 1: to really make it worth it. And similar to this, like,

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Speaker 1: is it worth savating a few hundred dollars to sit

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Speaker 1: through this presentation, especially if all three of my kids

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Speaker 1: have to be sitting there with me. No? Not at

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Speaker 1: this point, it's definitely not. But I like the ingenuity

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Speaker 1: and I think for some people it makes sense. And

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Speaker 1: like I said, Joel is going to write an article

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Speaker 1: for us on the site about it and give you

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Speaker 1: kind of the dos and don'ts, the things you need

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Speaker 1: to know. There's it's kind of like signing up actually

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Speaker 1: for a credit card. There's different things that you kind

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Speaker 1: of need to know, like to watch for you can

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Speaker 1: only yeah, and only you can only do it every

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Speaker 1: two years with certain timeshare presenters, or you can't do

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Speaker 1: it with group travel, right because then they know, oh,

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Speaker 1: wait no, now you're trying to get your whole family

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Speaker 1: in here for free. But uh yeah, well we'll post

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Speaker 1: that on the on the website at how money dot com.

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Speaker 2: Yeah, those presenters they know that you're you're playing a game. Yeah,

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Speaker 2: so because they're playing it as well.

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Speaker 1: It's a dance.

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Speaker 2: Yeah, it really is. So the beer that we're going

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Speaker 2: to enjoy during this episode is a Rainbow colored Glasses.

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Speaker 2: This is by Ology specifically out of Tampa. So this

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Speaker 2: one was sent to the show by Jamie. Thank you

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Speaker 2: to Jamie to her and her husband. By the way,

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Speaker 2: she started her business debt free, and she said she

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Speaker 2: was able to use different tactics and things that we

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Speaker 2: talk about here on the show. Did she start like

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Speaker 2: a speech therapy? That's right? Yeah. Business. So that's awesome.

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Speaker 1: I know, it's super cool when something we talk about too.

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Speaker 1: A lot of people think, oh, I need a lot

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Speaker 1: of money to start my business, and it's not that.

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Speaker 1: For some businesses you don't. But the truth there is

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Speaker 1: a lot of businesses, especially in today's day and age,

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Speaker 1: can be started without taking on massive amounts of doubt.

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Speaker 1: To the fact that that Jamie was able to start

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Speaker 1: her business debt free, is it rocks? So yeah, totally

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Speaker 1: thanks as beer. Looking forward to to drinking it and

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Speaker 1: talking about at the end of the episode. Yes we will, Matt,

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Speaker 1: let's talk you get to listener questions, and if listeners

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Speaker 1: out there, if you have a question you want to

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Speaker 1: run by Matt and I we'd love to hear it.

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Speaker 1: Just go to how tomoney dot com slash ask for

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Speaker 1: simple instructions for how you can submit your own question.

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Speaker 1: But Matt, let's get to the first one. This one

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Speaker 1: is about trying to protect your minor child.

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Speaker 3: Hey, Matt and Joel, this is Mackenzie from Massachusetts and

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Speaker 3: I'm wondering if I should freeze my one year old

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Speaker 3: child's credit. I know you advise listeners to freeze their credit,

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Speaker 3: and I have mine and my husband's frozen. I'm not

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Speaker 3: sure though, if you can even freeze your child's credit,

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Speaker 3: So any advice you have on whether I should do

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Speaker 3: that and how to go about it would be great.

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Speaker 2: Thank you all right, Mackenzie, thank you so much for

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Speaker 2: submitting your question. And I've got to say, I think

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Speaker 2: some folks out there might think that you're being paranoid

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Speaker 2: for asking a question like this, but we totally get

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Speaker 2: what you're where you're coming from, and we think that

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Speaker 2: you should be freezing your child's credit.

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Speaker 1: This is a case in which paranoia makes a little

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Speaker 1: bit of sense.

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Speaker 2: And hay, yeah, Carnegie Mellon, they actually have performed some research.

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Speaker 2: They found that kids can be up to fifty one

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Speaker 2: times more likely to have their identity stolen versus adults.

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Speaker 2: So I think this is a prudent move. I think

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Speaker 2: one of the reasons for that is because no one

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Speaker 2: really thinks to look into their kids credit because they're

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Speaker 2: just a kid, right, But those are social Security numbers

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Speaker 2: and names and identities that are unfortunately up for grabs.

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Speaker 1: But they're not supposed to have a credit profile, right

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Speaker 1: if they're under the age of eighteen, really, and so

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Speaker 1: I think that's why people assume then nothing the faeries

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Speaker 1: can happen because what you know, they probably don't have

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Speaker 1: anything yet, well somebody can create it and then devastate it.

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Speaker 2: Right exactly. Yeah, And so if not, if you don't

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Speaker 2: freeze your kid's credit, their scores could end up in

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Speaker 2: the dumps. It could even lead to not getting hired

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Speaker 2: for a job if there is incorrect information there on

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Speaker 2: the report. It could lead to financial aid being withheld

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Speaker 2: for college purposes. So obviously there are these financial ramifications here,

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Speaker 2: but there's also sort of like the what I'm going

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Speaker 2: to call the ick factor, right of just a no

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Speaker 2: good for nothing criminal out there using your kid's name

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Speaker 2: in order to advance themselves, in order to benefit themselves.

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Speaker 2: So all with all that being said, given what's at

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Speaker 2: stake here, we think it is well worth doing.

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Speaker 1: Paranoid prudent like you said, which I think is important

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Speaker 1: to mention because it, Yeah, there's a lot of potential

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Speaker 1: disaster scenarios that could happen if you don't do this.

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Speaker 1: And sadly, it's not just some unknown criminal oftentimes matt

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Speaker 1: way off in the distance sitting in like like some

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Speaker 1: Nigerian prints or something like that. There is it's often

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Speaker 1: a family member that who does the dirty deed, who

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Speaker 1: opens up credit in the name of the minor family member,

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Speaker 1: which makes it even worse. Right, it's something close to

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Speaker 1: what three fourths of the victims know the perpetrator, So

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Speaker 1: it's not just somebody on social media or some rando.

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Speaker 1: It's like an uncle or an It's terrible, it's terrible

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Speaker 1: to think that that's the case.

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Speaker 2: Someone who's fall a little hard times, and you've given

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Speaker 2: them the benefit of the doubt, and they're thinking, well,

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Speaker 2: this isn't really going to hurt anybody, and then this

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Speaker 2: will really help me out. I can imagine the different

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Speaker 2: ways that you would justify it, but that does not

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Speaker 2: make it like.

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Speaker 1: I'm going to pay this back before anyone even notices.

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Speaker 1: But then the child's credit is compromised, and that can

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Speaker 1: have an impact in their adult life. But if listeners

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Speaker 1: out there, if they do have older kids on social media,

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Speaker 1: be mindful by the way and monitor their activity because

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Speaker 1: it's not terribly difficult for worst gamers to figure out

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Speaker 1: their birth dates and other identifying information that's valuable in

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Speaker 1: opening fraudulent accounts. Yeah, their name, it's not all that

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Speaker 1: hard to do. And a research from last year reported

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Speaker 1: that identity theft affects over a million kids matt a

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Speaker 1: million kids in this country, leading to six hundred and

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Speaker 1: eighty million dollars in losses overall. It it's again, these

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Speaker 1: numbers are kind of astounding. This is a major problem,

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Speaker 1: but it's often not talked about like it is a

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Speaker 1: major problem. So freezing their credit is the only way

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Speaker 1: to one hundred percent prevent any credit being opened in

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Speaker 1: their name without you knowing about it.

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Speaker 2: Yeah, that's right. It keeps that blank slate of a

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Speaker 2: credit profile totally clean until they're able to get to

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Speaker 2: the age where they're ready and when they're able to

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Speaker 2: open up a legitimate line of credit within their own name,

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Speaker 2: because if they were to have some fraudulent data reported there,

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Speaker 2: the hassle of trying to get that fixed with the

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Speaker 2: credit it's pretty extreme, as you might imagine, it's a

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Speaker 2: pretty big hassle. And it's also a hassle to actually

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Speaker 2: get your kid's credit frozen, Like basically anything in dealing

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Speaker 2: with kids and the credit barrows is pretty difficult.

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Speaker 1: A lesser hassle, but a hassle nonetheless.

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Speaker 2: Exactly. Yeah, so you've McKenzie. You've done that already for

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Speaker 2: yourself and your husband. That's great. You can basically do

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Speaker 2: the same exact thing for your child, although it won't

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Speaker 2: be quite as easy. You can't do it online in

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Speaker 2: about five minutes like you're able to do so for

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Speaker 2: you and your husband. Instead, you're gonna have to send

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Speaker 2: in some documents the snail mail, bust out the stamps

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Speaker 2: and the envelopes, and you're gonna have to send that

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Speaker 2: to the credit bureaus in order to get this freezing place,

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Speaker 2: and you're gonna have to gather together some different documents

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Speaker 2: as well. You're gonna have to have copies of your

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Speaker 2: state issued ID, You're gonna have to have a current

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Speaker 2: utility bill, your kid's birth certificate, their Social Security card

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Speaker 2: as well, along with a form that the bureaus are

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Speaker 2: gonna provide. So it's kind of like maybe equivalent, it's

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Speaker 2: on par with applying for a pasport for your kids.

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Speaker 2: You're going to have to have a lot of these

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Speaker 2: documents before you're even able to freeze your kid's credit.

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Speaker 1: At least you don't have to go stand line right

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Speaker 1: like you had to do recently and you had to

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Speaker 1: time it in and so that that could be a

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Speaker 1: big time stuck. But just gathering this stuff up, making copies,

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Speaker 1: sending it in that can be annoying for sure, But

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Speaker 1: we'll hopefully try to make it a little easier for you.

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Speaker 1: We'll link to the pages for all three bureaus, Equifax,

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Speaker 1: Experience and TransUnion that give more detailed directions on how

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Speaker 1: to freeze your kid's credit. We have an article on

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Speaker 1: the website that kind of details why it's important and

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Speaker 1: how to go about doing it. But the good news

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Speaker 1: is that a credit freeze, whether it's for an adult

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Speaker 1: or for a kid, is one hundred percent free thanks

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Speaker 1: to federal law. So this didn't used to be the case.

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Speaker 1: It used to cost. The credit bureaus used to charge

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Speaker 1: individuals money to freeze their credit to protect themselves, which

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Speaker 1: is really heinous in retrospect. But you know, this is

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Speaker 1: a better safe than sorry thing. I think it's worth

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Speaker 1: your time, your effort to gather these documents and to

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Speaker 1: make sure that your kid's credit is protected. And since

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Speaker 1: it's only going to cost you that time, not only money,

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Speaker 1: getting those documents together mailing them off, we say go

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Speaker 1: for it. And you know, make sure to mail those

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Speaker 1: by the way certified mail. That way you're gonna get

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Speaker 1: electronic verification delivery, which is important since you've got sensitive

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Speaker 1: documents flying around and to receivers in the credit bureaus

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Speaker 1: who aren't necessarily the most trustworthy. So I would say

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Speaker 1: send those via certified mail. That's going to protect you

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Speaker 1: as well. And I'm glad you're asking the question. I

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Speaker 1: hope it helps a lot of other hot money listeners

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Speaker 1: who have minor kids and they're wondering or maybe this

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Speaker 1: isn't even on the radar, like, oh, do I need

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Speaker 1: protect my kid's credit? Like maybe you haven't even asked

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Speaker 1: that question. But the answer is yes, and so this

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Speaker 1: might get a lot of people kind of moving into

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Speaker 1: this direction.

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Speaker 2: Mat that's right. Yeah, and again we'll mention we'll link

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Speaker 2: to the instructions for all three of those credit bureaus

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Speaker 2: on the website within the show notes for this episode.

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Speaker 2: But we've got several additional questions to get to Joel,

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Speaker 2: including a listener who's asking about our philosophy behind the

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Speaker 2: small purchases that spark joy. We'll get to that, plus

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Speaker 2: a few others right after this.

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Speaker 1: All right, let's keep going out. We have more questions

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Speaker 1: from How to Money listeners that we got to get

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Speaker 1: to today, and this next one comes from a listener

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Speaker 1: who's wondering whether or not he should pay off a

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Speaker 1: car loan that he took out.

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Speaker 4: Hey, guys, love the podcast. This is on and from Washington,

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Speaker 4: d C. For reference, we're solidly in money year six.

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Speaker 4: Your recent episode on tax credits is quite relevant. Last year,

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Speaker 4: we took out a loan to buy an EV knowing

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Speaker 4: that we'd be able to pay it off this year

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Speaker 4: with the tax credits we got for the several things

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Speaker 4: you mentioned in that episode, the ev which we bought

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Speaker 4: pre Ira solar panels and a Level two charger. The

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Speaker 4: credit and the various other tax benefits meant we'd have

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Speaker 4: enough to pay off the loan once we got our

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Speaker 4: tax reforms. That leads me to our question, should we

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Speaker 4: pay off our loan with interest rate the way they are?

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Speaker 4: Our loan interest rate, which is at three point three

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Speaker 4: seven five, is lower than the interest rate on our

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Speaker 4: savings account with ally, which is currently at three point

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Speaker 4: seven five. I know we should factor in things like

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Speaker 4: the taxes we would pay on the interest we are in,

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Speaker 4: but having the money on hand beyond what we already

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Speaker 4: have in our emergency accounts seems like the better play.

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Speaker 4: What might we be missing that would make it better

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Speaker 4: to pay off the loan? Now? Thanks for the show,

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Speaker 4: and keep doing what you're doing.

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Speaker 2: All right, money Gear number six is where onand is,

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Speaker 2: which is totally awesome.

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Speaker 1: And is living that electrified lifestyle he got like he went,

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Speaker 1: he totally signed and exactly he's buying into that electric future,

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Speaker 1: which I think is great.

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Speaker 2: Yeah, well, I'm actually curious about which ev which electric

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Speaker 2: vehicle he chose, because I think the Chevy Bolts that

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Speaker 2: still seems like it's the best deal in town these days,

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Speaker 2: although a few weeks ago I've discovered that the Tesla

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Speaker 2: Model X that it's a seven seater, and before I

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Speaker 2: don't think I've ever truly been tempted to want a

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Speaker 2: Tesla because I'm like, it's not very practical. You can't

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Speaker 2: haul the whole family around, but oh you can. And

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Speaker 2: so now I feel like I have to actually resist

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Speaker 2: it a little bit. There's a real temptation, there's a

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Speaker 2: real desire to at least look at what some of

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Speaker 2: those Model x's are going for on the used market.

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Speaker 1: But given what's happened with new car prices and stuff,

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Speaker 1: the Chevy bolt feels like the race. It feels quaint

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Speaker 1: in comparison. It feels like we're taking like twenty fifteen

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Speaker 1: prices or something like that. Yeah, if people the federal

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Speaker 1: tax credit as well, If for people who want to

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Speaker 1: go electric, that is like definitely one of the first

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Speaker 1: cards you should consider if it works for your lifetime,

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Speaker 1: and especially if you can find a dealer who will

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Speaker 1: sell it to you at MSRP.

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Speaker 2: A lot of folks, a lot of those dealerships are

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Speaker 2: realizing that that is the most attainable. It's like the

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Speaker 2: most affordable evy out there, and I think it's gonna

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Speaker 2: it is going to meet a lot of folks needs.

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Speaker 2: And because of that, they're kind of jacking the prices

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Speaker 2: up a little bit. But I think Onand was a

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Speaker 2: little prescient in getting alone back when rates were lower,

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Speaker 2: because we have certainly seen those on the rise. But

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Speaker 2: as anybody who listens to the show knows, we are

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Speaker 2: cautious about debt and cardet, especially right because you're financing

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Speaker 2: an asset that is going down in value, that depreciating asset.

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Speaker 2: But it sounds like that Onan took this out, took

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Speaker 2: this loan out with an end game in mind. It

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Speaker 2: sounds like he's got a plan and that I can appreciate.

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Speaker 2: I like where he where his head's at.

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Speaker 1: And you're right, fixed rate debt that is kind of

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Speaker 1: low to moderate. It just looks better in an era

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Speaker 1: of inflation when rates on savings have gone up and

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Speaker 1: so Onand has benefited from that, and his debt doesn't

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Speaker 1: look quite as bad. Inflation is is kind of gently

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Speaker 1: massaging that debt to a certain degree. And and it's

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Speaker 1: true that Onan's endgame was to pay this loan off,

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Speaker 1: but now he's second guessing it because maybe it's not

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Speaker 1: as bad of an asset as he thought. So should

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Speaker 1: that still be his goal? And I don't necessarily think so.

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Speaker 1: I think you know, Matt, of course, like we've talked

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Speaker 1: about ad nauseum on the show, you can earn in

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Speaker 1: savings right now, then the interest rate that's going on

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Speaker 1: on the debt, there's a there's a decent enough spread

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Speaker 1: where it makes sense. I would say to hold on

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Speaker 1: to your cash, sock it in savings, and then keep

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Speaker 1: that loan around for a little while. On And said

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Speaker 1: that his car loan is at three point three seven

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Speaker 1: five percent, and that he's currently earning three point seventy

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Speaker 1: five percent. And that's not like a mega huge spread,

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Speaker 1: right so you wouldn't necessarily be doing it for the

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Speaker 1: massive amounts of cash that you're going to be raking in.

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Speaker 1: It's not something where anybody is going to get rich

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Speaker 1: with number of differentials like that. And some people who

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Speaker 1: are stridently anti debt, they might choose to pay it

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Speaker 1: off just because of the principle, right, And even if

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Speaker 1: those numbers were flipped though, and you're paying a very

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Speaker 1: small percent in interest more than what you'd be able

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Speaker 1: to earn in savings, it could still potentially make sense

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Speaker 1: to hang on to that loan because liquidity has real

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Speaker 1: perks and the options it affords you could be worth

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Speaker 1: a small amount of cost. And in this case, since

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Speaker 1: you're actually coming out on top though by not paying

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Speaker 1: off that loan. Not to mention that banks are continuing

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Speaker 1: to up the anti they're raising rates on what they're

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Speaker 1: offering in high yield save MUS accounts, I think the

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Speaker 1: smart money move is to not pay off the car

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Speaker 1: loan and to hold on to that cash for the

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Speaker 1: time being.

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Speaker 2: Yeah, totally. I think, like honestly, at the core of

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Speaker 2: it here, like the main problem that we run into

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Speaker 2: when answering a question like this is the theoretical advice

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Speaker 2: that makes the most sense and then the follow through

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Speaker 2: of actually implementing the strategy.

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Speaker 1: Very true, Very true.

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Speaker 2: Yeah, It's not terribly difficult to see a higher rate

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Speaker 2: of return and then just make the choice to keep

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Speaker 2: paying the loan as agreed, and you know, to decide

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Speaker 2: to go ahead and stock that extra money into your

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Speaker 2: savings account. But is there a chance that you end

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Speaker 2: up actually spending some of that money instead of saving

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Speaker 2: it and earning interest off of that.

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Speaker 1: We'll look at my fat save mus account. Maybe it's

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Speaker 1: time for.

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Speaker 2: A vacation exactly, because this planet only works if you

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Speaker 2: actually have the equivalent funds set aside and earmarked in

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Speaker 2: a high yield savings account, earning that higher rate over

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Speaker 2: what you're paying out an interest. And so that being said,

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Speaker 2: considering you know, it does sound like that you take

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Speaker 2: a very intentional and very proactive approach with your money

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Speaker 2: a on Because of that, I think that this is

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Speaker 2: a plan that you will easily be able to pull off.

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Speaker 2: If you've got the discipline to sit on those funds,

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Speaker 2: then I think it does makes sense to just simply

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Speaker 2: continue to make those car payments.

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Speaker 1: And by the way, he's got a very good rate

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Speaker 1: of interest, more than what most Americans are making. But Anon,

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Speaker 1: if you want to make this an even better move,

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Speaker 1: you find another place to store that money that pays

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Speaker 1: you even more. Right, we've talked about CD rates going

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Speaker 1: up five plus percent on some of those CDs, So

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Speaker 1: maybe you sock some of that money into a CD

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Speaker 1: that's earning an even higher yield, and it makes that

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Speaker 1: an even smarter move. But for someone else out there, Matt,

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Speaker 1: that's maybe not quite as intentional as a NOD, And

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Speaker 1: let's be honest, not everyone is, and at different points

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Speaker 1: in your endeavor to learn about money and figure things out,

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Speaker 1: you might not be quite to the point where a

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Speaker 1: NOD is. He's he seems like he's crushing it, and

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Speaker 1: the temptation to spend might be too real and they

435
00:20:01,240 --> 00:20:02,960
Speaker 1: might not be able to. They might say, oh, yeah,

436
00:20:02,960 --> 00:20:04,680
Speaker 1: I'm gonna put it in savings, but then they might

437
00:20:04,720 --> 00:20:07,760
Speaker 1: have a hard time not spending it in little dribs

438
00:20:07,760 --> 00:20:10,080
Speaker 1: and drabs, and so then in that case we would

439
00:20:10,119 --> 00:20:12,280
Speaker 1: just say go ahead and eliminate the car loan altogether.

440
00:20:12,560 --> 00:20:15,320
Speaker 1: Paying off that debt makes more sense, especially if you're

441
00:20:15,320 --> 00:20:17,800
Speaker 1: in like money year six right or paying off low

442
00:20:17,840 --> 00:20:21,159
Speaker 1: interest rate debt starts to make more financial sense. The

443
00:20:21,200 --> 00:20:25,000
Speaker 1: same exact advice doesn't necessarily apply to everyone, so much

444
00:20:25,040 --> 00:20:29,320
Speaker 1: of it depends on behavioral finance and the actual will

445
00:20:29,359 --> 00:20:32,600
Speaker 1: and ability to follow through. The other consideration really is

446
00:20:32,640 --> 00:20:35,040
Speaker 1: to take the psychological win that comes with knowing that

447
00:20:35,080 --> 00:20:37,800
Speaker 1: you own your car outright. One hundred percent, you don't

448
00:20:38,000 --> 00:20:42,320
Speaker 1: owe anybody for it. And then the aspect of our finances,

449
00:20:42,600 --> 00:20:45,359
Speaker 1: that's really difficult to properly Wait, how much of a

450
00:20:45,400 --> 00:20:47,720
Speaker 1: toll does knowing that you have outstanding debt, how much

451
00:20:48,000 --> 00:20:49,399
Speaker 1: of a toll does that take on your mind? So

452
00:20:49,840 --> 00:20:52,600
Speaker 1: how debt weighs on you, like in terms of a

453
00:20:52,640 --> 00:20:54,639
Speaker 1: psychological burden is important to consider.

454
00:20:54,720 --> 00:20:56,439
Speaker 2: Yeah, dude, Honestly, this is something I feel like I've

455
00:20:56,440 --> 00:20:58,919
Speaker 2: wrestled with before, like in particular when it comes to

456
00:20:59,160 --> 00:21:02,560
Speaker 2: mortgage debt, because we know folks who have decided to

457
00:21:02,560 --> 00:21:05,000
Speaker 2: pay off their mortgages, even though they're pretty low interest

458
00:21:05,080 --> 00:21:08,840
Speaker 2: rate loans, they're oftentimes like thirty year fixed, and they're

459
00:21:08,840 --> 00:21:12,919
Speaker 2: wanting to take those Those emotions often like yeah, psychological wins.

460
00:21:13,600 --> 00:21:16,240
Speaker 2: And that's something that I wrestle with personally because I

461
00:21:16,280 --> 00:21:19,520
Speaker 2: know that I have mortgages on all my properties, but

462
00:21:19,600 --> 00:21:21,760
Speaker 2: I don't think about them, but I know that they're there,

463
00:21:21,800 --> 00:21:23,600
Speaker 2: and so I wonder if I kind of have like

464
00:21:23,640 --> 00:21:27,000
Speaker 2: this like low grade stress, like in the back of

465
00:21:27,000 --> 00:21:29,600
Speaker 2: my mind, even though I can tell myself that I'm

466
00:21:29,640 --> 00:21:32,800
Speaker 2: not experiencing that, But you don't really know until those

467
00:21:32,800 --> 00:21:35,760
Speaker 2: are gone, right, Like would Matt be happier if if

468
00:21:35,800 --> 00:21:37,760
Speaker 2: I were to go ahead and pay those off. It's

469
00:21:37,760 --> 00:21:41,320
Speaker 2: not something you, truly, I think, ultimately get to know

470
00:21:41,480 --> 00:21:44,160
Speaker 2: until you reach that point. But that's something I think

471
00:21:44,200 --> 00:21:46,040
Speaker 2: to keep in mind, like to know yourself and to

472
00:21:46,119 --> 00:21:49,520
Speaker 2: kind of wrestle with that and decide whether or not

473
00:21:49,520 --> 00:21:50,800
Speaker 2: that that's something that you should pay off.

474
00:21:50,800 --> 00:21:52,360
Speaker 1: Well, the flip side of that is often that you're

475
00:21:52,400 --> 00:21:55,480
Speaker 1: emptying a lot of your liquid assets in order to

476
00:21:55,520 --> 00:21:58,159
Speaker 1: do that, and so sometimes that can make you a

477
00:21:58,200 --> 00:22:01,520
Speaker 1: little off kilter as well, right by getting a lot

478
00:22:01,520 --> 00:22:04,760
Speaker 1: of factors of the liquid reserve, and you start to

479
00:22:04,800 --> 00:22:07,480
Speaker 1: feel maybe a little more at risk, a little more

480
00:22:07,600 --> 00:22:11,160
Speaker 1: financially vulnerable. So yeah, that's but it's important to know yourself.

481
00:22:11,200 --> 00:22:13,280
Speaker 1: You're right, And so this comes down to in so

482
00:22:13,320 --> 00:22:15,760
Speaker 1: many ways, it's a personal decision that you have to

483
00:22:15,800 --> 00:22:18,239
Speaker 1: make about what's best for you and your family. And

484
00:22:18,320 --> 00:22:20,880
Speaker 1: so it's part financial, part personal. You have to weigh

485
00:22:20,920 --> 00:22:21,920
Speaker 1: both of those at the same time.

486
00:22:22,040 --> 00:22:24,040
Speaker 2: That's right, all right, Let's get to our next question.

487
00:22:24,080 --> 00:22:26,080
Speaker 2: This is from a listener who has a question about

488
00:22:26,080 --> 00:22:28,320
Speaker 2: the how to Money Money Mission statement.

489
00:22:29,359 --> 00:22:32,120
Speaker 5: Hey, they're Matt and Joel. Good afternoon. This is Jen

490
00:22:32,320 --> 00:22:35,720
Speaker 5: calling from Holland, Michigan. Thank you so much for what

491
00:22:35,760 --> 00:22:39,280
Speaker 5: you guys do. First and foremost, I am so grateful

492
00:22:39,320 --> 00:22:43,080
Speaker 5: to have found your podcast. What a happy accident that was.

493
00:22:43,520 --> 00:22:47,399
Speaker 5: Your community is great. What you guys do is oh gosh,

494
00:22:47,520 --> 00:22:51,880
Speaker 5: attainable and applicable and just love it. Thanks so much

495
00:22:51,920 --> 00:22:55,520
Speaker 5: for what you do. My question is in regards to

496
00:22:56,160 --> 00:23:01,800
Speaker 5: your how to Money Money Mission Statement worksheet that you

497
00:23:01,840 --> 00:23:07,119
Speaker 5: all put together. I was curious about the question you

498
00:23:07,240 --> 00:23:11,600
Speaker 5: all asked, what was a recent small purchase you made

499
00:23:12,240 --> 00:23:16,840
Speaker 5: that made you happy something along those lines, and I

500
00:23:16,960 --> 00:23:22,080
Speaker 5: wondered why the distinction was made between a small purchase

501
00:23:22,320 --> 00:23:26,359
Speaker 5: versus just any old purchase, whether big or small, and

502
00:23:26,440 --> 00:23:30,000
Speaker 5: kind of what you were hoping to extract from our

503
00:23:30,040 --> 00:23:35,560
Speaker 5: brains in processing through you know why we choose to

504
00:23:35,600 --> 00:23:40,040
Speaker 5: do with our money what we do with it. So

505
00:23:40,080 --> 00:23:41,159
Speaker 5: thanks again, you guys.

506
00:23:41,440 --> 00:23:44,160
Speaker 2: Have a great day, all right, Joel, Real quick, before

507
00:23:44,200 --> 00:23:47,200
Speaker 2: we get nerdy with the money talk, Let's get nerdy

508
00:23:47,240 --> 00:23:50,600
Speaker 2: from a music standpoint, because she said that she's from Holland, Michigan,

509
00:23:51,080 --> 00:23:54,160
Speaker 2: and I can't not hear or see Holland, Michigan written

510
00:23:54,200 --> 00:23:56,560
Speaker 2: out and not think of Sufi and Stevens, which is

511
00:23:56,600 --> 00:24:02,120
Speaker 2: one of the tracks from his Michigan album for anybody, yeah, yeah, yeah,

512
00:24:02,119 --> 00:24:04,640
Speaker 2: So for anybody out a I would make a recommendation

513
00:24:04,680 --> 00:24:07,440
Speaker 2: for anybody who lives in Michigan to listen to that

514
00:24:07,480 --> 00:24:10,600
Speaker 2: album because it's awesome. But be anybody who's into like

515
00:24:10,680 --> 00:24:14,320
Speaker 2: more acoustic, folksy kind of music. Sun Stevens Michigan album.

516
00:24:14,320 --> 00:24:16,080
Speaker 1: It's one of his best albums too, and it's so good.

517
00:24:16,160 --> 00:24:18,920
Speaker 1: Maybe it's so underrated, and so I wanted to get

518
00:24:18,920 --> 00:24:20,520
Speaker 1: that out there before. My dad always makes fun of

519
00:24:20,560 --> 00:24:22,760
Speaker 1: me for listening to bands like that. He uh, he says,

520
00:24:22,760 --> 00:24:25,840
Speaker 1: like bands like what it is, Yes exactly. He's like

521
00:24:27,119 --> 00:24:29,200
Speaker 1: shoft John guy. And I'm like, all right, dad, that's

522
00:24:29,400 --> 00:24:31,240
Speaker 1: your year old. But I love you. Well, it's funny.

523
00:24:31,240 --> 00:24:33,480
Speaker 1: It's okay that you listen to bands like America, like

524
00:24:33,560 --> 00:24:35,840
Speaker 1: all the good names were taken, Okay.

525
00:24:35,800 --> 00:24:40,680
Speaker 2: The Eagles, the Doors, yea, all the bands right, yes, exactly. Yeah.

526
00:24:40,920 --> 00:24:43,160
Speaker 2: He actually he makes fun of him his own name

527
00:24:43,240 --> 00:24:47,200
Speaker 2: and one of his more recent album yeah, like there's

528
00:24:47,240 --> 00:24:49,360
Speaker 2: a guy he writes, there's a song and he talks

529
00:24:49,359 --> 00:24:51,800
Speaker 2: about a guy that calls him super Room. Remember that one.

530
00:24:51,880 --> 00:24:56,240
Speaker 1: Yeah, I think it's funny. Carry it's also I think

531
00:24:56,359 --> 00:24:58,920
Speaker 1: in Holland, Michigan. Is that where new Holland Breweries that

532
00:24:59,000 --> 00:24:59,800
Speaker 1: does Dragon's milk.

533
00:25:00,160 --> 00:25:00,679
Speaker 2: Oh, I don't know.

534
00:25:00,920 --> 00:25:02,200
Speaker 1: Jen mentioned that there were some good bruis.

535
00:25:02,200 --> 00:25:04,280
Speaker 2: You know what's crazy. I'm actually going to be real

536
00:25:04,320 --> 00:25:07,399
Speaker 2: close to Holland this summer because pick us up some beers.

537
00:25:07,480 --> 00:25:09,280
Speaker 2: Yeah yeah, I say with myn laws, they're gonna we're

538
00:25:09,280 --> 00:25:12,040
Speaker 2: gonna spend a little of time there on actual Lake Michigan,

539
00:25:12,040 --> 00:25:13,600
Speaker 2: which is right and need I think it's like thirty

540
00:25:13,600 --> 00:25:14,320
Speaker 2: minutes from Holland.

541
00:25:14,320 --> 00:25:16,879
Speaker 1: You're just gonna have that soupion album way up.

542
00:25:17,000 --> 00:25:18,880
Speaker 2: Yes, it's going to be a non stop. Well, let's

543
00:25:18,880 --> 00:25:22,080
Speaker 2: get to Jen's question. Our Money Mission statement. This is

544
00:25:22,119 --> 00:25:24,440
Speaker 2: a sheet. This is like a worksheet that we created

545
00:25:24,600 --> 00:25:27,800
Speaker 2: to help how the money listeners and readers to figure

546
00:25:27,840 --> 00:25:31,240
Speaker 2: out their quote unquote why behind their money. We talk

547
00:25:31,280 --> 00:25:34,040
Speaker 2: about money being a tool, not the actual end goal,

548
00:25:34,359 --> 00:25:36,639
Speaker 2: and we think that asking yourself, you know, some of

549
00:25:36,680 --> 00:25:39,639
Speaker 2: these tougher questions will help you as an individual. It

550
00:25:39,680 --> 00:25:41,919
Speaker 2: will help you as a couple, even as a family,

551
00:25:42,119 --> 00:25:45,119
Speaker 2: to funnel your money more intentionally towards the things that

552
00:25:45,160 --> 00:25:47,719
Speaker 2: matter the most to you and not on the stuff

553
00:25:47,800 --> 00:25:50,600
Speaker 2: that the culture around us is telling.

554
00:25:50,359 --> 00:25:51,400
Speaker 1: Us that we should care about.

555
00:25:51,440 --> 00:25:54,160
Speaker 2: It's about centering your spending with your values.

556
00:25:54,240 --> 00:25:56,320
Speaker 1: I think so many of our problems with money stem

557
00:25:56,359 --> 00:25:57,760
Speaker 1: from the fact that we haven't done some of the

558
00:25:57,760 --> 00:25:59,840
Speaker 1: deeper work to figure out the things that we actually

559
00:25:59,840 --> 00:26:02,520
Speaker 1: care about, and so we're spending moneys money in the

560
00:26:02,520 --> 00:26:05,439
Speaker 1: way that culture or the people around us, people closest

561
00:26:05,440 --> 00:26:07,560
Speaker 1: to us, are spending money thinking that's what's going to

562
00:26:07,600 --> 00:26:10,600
Speaker 1: make us happy, and it doesn't, and sort of like, man,

563
00:26:10,920 --> 00:26:12,840
Speaker 1: what's wrong here? Well, what's wrong here is that we

564
00:26:12,880 --> 00:26:15,280
Speaker 1: haven't kind of figured out our why behind money, which

565
00:26:15,320 --> 00:26:18,400
Speaker 1: is deeply personal and it's and it's different for every person, right,

566
00:26:18,440 --> 00:26:20,600
Speaker 1: And so if I think we'd think that doing this exercise,

567
00:26:20,600 --> 00:26:22,439
Speaker 1: by the way, it's a free sheet, link to it

568
00:26:22,440 --> 00:26:24,600
Speaker 1: in the show, totally printed out, It's two pages, spend

569
00:26:24,640 --> 00:26:26,440
Speaker 1: thirty minutes with it, and we think it can be helpful.

570
00:26:26,480 --> 00:26:28,679
Speaker 2: But spend thirty minutes with it or a lifetime or.

571
00:26:28,680 --> 00:26:31,040
Speaker 1: A lifetime exactly. You keep coming back to it because like, yeah,

572
00:26:31,080 --> 00:26:32,919
Speaker 1: you're your why is going to change over the years too.

573
00:26:32,920 --> 00:26:35,200
Speaker 1: I think I'm not the same person I was twenty

574
00:26:35,320 --> 00:26:38,879
Speaker 1: years ago. But Jen asks a really good question about

575
00:26:38,920 --> 00:26:41,800
Speaker 1: why do we ask the question about small purchases in

576
00:26:41,840 --> 00:26:44,879
Speaker 1: there a recent, small purchase that brings you joy. And

577
00:26:44,960 --> 00:26:47,399
Speaker 1: it's true that big purchases can move the needle for us, right,

578
00:26:47,400 --> 00:26:50,520
Speaker 1: but they're often not nearly as replicable, and so they're

579
00:26:50,560 --> 00:26:52,360
Speaker 1: not something you're going to be purchasing with a whole

580
00:26:52,359 --> 00:26:54,040
Speaker 1: lot of frequency. It makes me think if you buy

581
00:26:54,240 --> 00:26:56,800
Speaker 1: an expensive bike, a fifteen hundred dollars bike or something

582
00:26:56,800 --> 00:26:59,000
Speaker 1: like that, an e bike, right, which we are, we're

583
00:26:59,040 --> 00:27:02,320
Speaker 1: fond of regular bikes, andy bikes, and so you say, hey,

584
00:27:02,359 --> 00:27:04,479
Speaker 1: that's a recent purchase that brought me joy. I think

585
00:27:04,520 --> 00:27:06,960
Speaker 1: it's helpful to know that, but I think it's more

586
00:27:07,000 --> 00:27:09,960
Speaker 1: helpful to figure out smaller things that you can continue

587
00:27:10,040 --> 00:27:12,640
Speaker 1: to implement into your budget and say, boom, this seven

588
00:27:12,680 --> 00:27:15,240
Speaker 1: dollar purchase, this twenty dollars purchase, This moves the needle,

589
00:27:15,240 --> 00:27:18,240
Speaker 1: and it's something I can keep doing. Like compare that

590
00:27:18,280 --> 00:27:21,240
Speaker 1: bike purchase to something like a fancy or shampoo, right,

591
00:27:21,280 --> 00:27:23,800
Speaker 1: which I'm not into fancy shampoo, but my wife is

592
00:27:24,119 --> 00:27:26,760
Speaker 1: that brings her joy almost every you know, every day

593
00:27:26,800 --> 00:27:29,760
Speaker 1: when she showers, and so it just doesn't really cost

594
00:27:29,880 --> 00:27:32,520
Speaker 1: much in the grand scheme of things, But if this

595
00:27:32,600 --> 00:27:35,520
Speaker 1: can be kind of a craft beer equivalent, it means

596
00:27:35,520 --> 00:27:38,200
Speaker 1: you're not settling for suave, like it's a dollar fifty

597
00:27:38,320 --> 00:27:40,480
Speaker 1: or something like that. The extra ten bucks it really

598
00:27:40,520 --> 00:27:43,480
Speaker 1: does provide meaningful happiness, dividends or whatever.

599
00:27:43,640 --> 00:27:45,640
Speaker 2: You know, the dollar fifty more like ninety nine cents.

600
00:27:45,720 --> 00:27:47,520
Speaker 1: It's a nine nine still even with inflation.

601
00:27:48,200 --> 00:27:50,880
Speaker 2: Last time I bought Swave w to go Swave keep.

602
00:27:50,680 --> 00:27:52,439
Speaker 1: All with the good work. But these are the kind

603
00:27:52,480 --> 00:27:55,320
Speaker 1: of things like that. Sometimes we're ashamed or we feel

604
00:27:55,320 --> 00:27:58,880
Speaker 1: bad about buying the thing because it's like that there

605
00:27:58,960 --> 00:28:00,720
Speaker 1: is a big gap in the price to that shampoo,

606
00:28:00,760 --> 00:28:03,159
Speaker 1: But in the grand scheme of things, it's actually quite small.

607
00:28:03,480 --> 00:28:06,120
Speaker 1: If that purchase really does light us up and makes

608
00:28:06,160 --> 00:28:08,359
Speaker 1: a big difference, like our We talk about this a

609
00:28:08,359 --> 00:28:10,320
Speaker 1: lot on the show Matter Once a week coffee out.

610
00:28:10,359 --> 00:28:13,120
Speaker 1: It costs us very little, But I get psyched about

611
00:28:13,119 --> 00:28:15,280
Speaker 1: Monday mornings in large part because I always look forward

612
00:28:15,280 --> 00:28:17,000
Speaker 1: to it. Yeah, I'm coming to the office where you

613
00:28:17,040 --> 00:28:18,760
Speaker 1: and you and me were walking directly down the street

614
00:28:18,760 --> 00:28:20,439
Speaker 1: to get coffee at one of our favorite shops. And

615
00:28:20,480 --> 00:28:23,080
Speaker 1: if it's nice, we see neighbors. Stuff like that at

616
00:28:23,359 --> 00:28:25,840
Speaker 1: bike lights that don't suck. They make me happy when

617
00:28:25,880 --> 00:28:28,000
Speaker 1: I hop on a morning bike ride. So it's just

618
00:28:28,000 --> 00:28:31,040
Speaker 1: fun to look back at those little recent purchases and say,

619
00:28:31,040 --> 00:28:32,960
Speaker 1: what move the needle, And I think that can kind

620
00:28:32,960 --> 00:28:34,040
Speaker 1: of inform a lot for us.

621
00:28:34,119 --> 00:28:36,560
Speaker 2: Yeah. Well, it's not that we don't want people to

622
00:28:36,600 --> 00:28:38,960
Speaker 2: be cognizant of spending too much on everyday items where

623
00:28:38,960 --> 00:28:41,560
Speaker 2: where they're buying things that they might not need just

624
00:28:41,600 --> 00:28:43,800
Speaker 2: on a whim, because those tiny leaks ad up. You

625
00:28:43,800 --> 00:28:46,160
Speaker 2: need to be aware of those things. But we also

626
00:28:46,240 --> 00:28:48,680
Speaker 2: want you to intentionally spend a little more on the

627
00:28:48,720 --> 00:28:51,080
Speaker 2: stuff that you know, without a doubt matters to you,

628
00:28:51,320 --> 00:28:53,760
Speaker 2: especially the little things that don't break the bank, but

629
00:28:53,800 --> 00:28:55,200
Speaker 2: that really do spark some joy.

630
00:28:55,240 --> 00:28:57,000
Speaker 1: You really are going Marie Condo hardcore.

631
00:28:57,280 --> 00:29:01,000
Speaker 2: Well, so I say the word spark very intentional here,

632
00:29:01,040 --> 00:29:04,959
Speaker 2: because not only do these smaller purchases lead to just

633
00:29:05,000 --> 00:29:09,280
Speaker 2: a relatively higher level of momentary happiness, right, but it

634
00:29:09,320 --> 00:29:10,920
Speaker 2: can also be a way to get to know yourself

635
00:29:10,960 --> 00:29:13,120
Speaker 2: a little bit better so that you can then begin

636
00:29:13,320 --> 00:29:16,400
Speaker 2: to pursue some of the bigger goals in life. You know,

637
00:29:16,600 --> 00:29:18,960
Speaker 2: like it can almost be this little toe hold that

638
00:29:19,160 --> 00:29:22,720
Speaker 2: will then allow you to sum it and conquer the

639
00:29:22,760 --> 00:29:26,960
Speaker 2: mountain of joy that we're all hiking up. But like

640
00:29:27,040 --> 00:29:29,960
Speaker 2: these small purchases are all about baby steps, I think

641
00:29:29,960 --> 00:29:32,760
Speaker 2: it can just be overwhelming to ask yourself, like, what

642
00:29:32,960 --> 00:29:36,240
Speaker 2: is a ten to fifteen year savings goal, something that's

643
00:29:36,560 --> 00:29:38,560
Speaker 2: really massive, that's going to move the needle in a

644
00:29:38,600 --> 00:29:39,720
Speaker 2: massive way, in a big way.

645
00:29:39,760 --> 00:29:41,240
Speaker 1: And by the way, we do include some of those

646
00:29:41,240 --> 00:29:43,960
Speaker 1: bigger questions, yes, inside of the survey as well, so

647
00:29:44,000 --> 00:29:45,720
Speaker 1: you gotta want to ask both it at the same time.

648
00:29:45,800 --> 00:29:48,920
Speaker 2: Absolutely, But you know, but if you haven't done any

649
00:29:48,960 --> 00:29:51,560
Speaker 2: of that work before, I think simply starting with what's

650
00:29:51,600 --> 00:29:53,680
Speaker 2: an awesome small purchase that I made today, I think

651
00:29:53,680 --> 00:29:56,440
Speaker 2: that will be able to more easily get the ball rolling.

652
00:29:56,480 --> 00:29:58,320
Speaker 2: It can kind of get you pointed in the right direction,

653
00:29:58,720 --> 00:30:02,160
Speaker 2: which can then lead to a more unearthing. It's it's

654
00:30:02,200 --> 00:30:05,200
Speaker 2: like that, it's that first bite to devour that elephant.

655
00:30:05,240 --> 00:30:06,920
Speaker 1: Okay, So it makes me think of another recent purchase

656
00:30:06,920 --> 00:30:08,440
Speaker 1: I made Matt that I've been thrilled with, and it

657
00:30:08,480 --> 00:30:11,520
Speaker 1: was a new pair of like hiking shoes basically. And

658
00:30:11,560 --> 00:30:15,400
Speaker 1: so it's funny when you're tres or some Adidas brand

659
00:30:15,520 --> 00:30:16,680
Speaker 1: version of shoes, and.

660
00:30:16,720 --> 00:30:21,120
Speaker 2: Joe's the new sponsor. Yes, drop Kanye.

661
00:30:20,920 --> 00:30:22,560
Speaker 1: See it, Kanye. Now I'm now I'm in charge of

662
00:30:22,560 --> 00:30:24,880
Speaker 1: finding to how the money guy right the uh, they're

663
00:30:24,880 --> 00:30:27,240
Speaker 1: gonna be hot, those shoes, I think with my face

664
00:30:27,240 --> 00:30:29,640
Speaker 1: on them. But when I think about the three things

665
00:30:29,640 --> 00:30:31,400
Speaker 1: I mentioned that a little bit, the coffee that we

666
00:30:31,400 --> 00:30:33,480
Speaker 1: go get every week, the bike lights or whatever, and

667
00:30:33,480 --> 00:30:36,560
Speaker 1: then these the hiking shoes, it really actually those small

668
00:30:36,560 --> 00:30:38,960
Speaker 1: purchases reinforce a lot of things I love and care about.

669
00:30:39,000 --> 00:30:42,800
Speaker 1: And so they're purchases that not only stand alone as

670
00:30:43,120 --> 00:30:46,360
Speaker 1: like a gadget or trinket, but they're reinforcing the hobbies

671
00:30:46,400 --> 00:30:48,160
Speaker 1: that are meaningful to me exactly. And so I think

672
00:30:48,200 --> 00:30:50,680
Speaker 1: sometimes it can it can shine a light like, oh, yeah,

673
00:30:50,960 --> 00:30:54,280
Speaker 1: I'm really funding something beyond just that purchase. I'm fundling

674
00:30:54,720 --> 00:30:57,160
Speaker 1: funding my time on the trail. I'm you know, funding

675
00:30:57,160 --> 00:31:01,640
Speaker 1: my time on two wheels, or social interaction at a

676
00:31:01,680 --> 00:31:03,720
Speaker 1: place that I like, that kind of stuff. So I

677
00:31:03,800 --> 00:31:06,360
Speaker 1: do think it can be more meaningful than just a purchase.

678
00:31:06,360 --> 00:31:08,200
Speaker 1: And I think sometimes naming those things can help us

679
00:31:08,240 --> 00:31:08,720
Speaker 1: realize that.

680
00:31:08,720 --> 00:31:10,960
Speaker 2: Yeah, yeah, you can buy those things. But then if

681
00:31:11,000 --> 00:31:14,680
Speaker 2: you feel that you're just making like a thoughtless purchase,

682
00:31:15,040 --> 00:31:17,480
Speaker 2: Just pause for a second and ask yourself why, Like,

683
00:31:17,560 --> 00:31:19,360
Speaker 2: why is it that I like to buy this thing?

684
00:31:19,400 --> 00:31:21,200
Speaker 2: Why is it that I like to pay for this service?

685
00:31:21,400 --> 00:31:24,320
Speaker 2: And that could then lead to some of these deeper,

686
00:31:24,480 --> 00:31:27,320
Speaker 2: more meaningful values and goals that you might have for yourself.

687
00:31:27,400 --> 00:31:29,240
Speaker 1: On that note, I think the other thing that comes

688
00:31:29,240 --> 00:31:32,280
Speaker 1: from asking this question is we might realize we might

689
00:31:32,320 --> 00:31:34,560
Speaker 1: be like looking at our Amazon purchase history or something

690
00:31:34,600 --> 00:31:36,520
Speaker 1: like that and say, wait a second, there's a lot

691
00:31:36,520 --> 00:31:39,560
Speaker 1: of things here that you either got wasted, I didn't

692
00:31:39,600 --> 00:31:41,640
Speaker 1: care about. Wow, that didn't move the needle? Why did

693
00:31:41,680 --> 00:31:43,000
Speaker 1: I spend money on that? If I had that twenty

694
00:31:43,000 --> 00:31:44,640
Speaker 1: bucks back, I'd be really thrilled. Yeah. Yeah.

695
00:31:44,640 --> 00:31:47,000
Speaker 2: If you pause and say and ask yourself why and

696
00:31:47,040 --> 00:31:49,160
Speaker 2: your answer is I don't know, well, then maybe that's

697
00:31:49,160 --> 00:31:51,080
Speaker 2: not something you should be spending money on. Yeah, exactly.

698
00:31:51,400 --> 00:31:53,240
Speaker 1: And so if you're a normal human being like all

699
00:31:53,280 --> 00:31:55,640
Speaker 1: the rest of us, like Matt and I included, this

700
00:31:55,680 --> 00:31:58,200
Speaker 1: is the kind of thing that you'll probably realize you

701
00:31:58,240 --> 00:32:00,600
Speaker 1: bought something you didn't necessarily need. Maybe it was in

702
00:32:00,640 --> 00:32:03,120
Speaker 1: a moment of weakness when you're shopping online or maybe

703
00:32:03,160 --> 00:32:05,000
Speaker 1: you did your research but just found that the item

704
00:32:05,200 --> 00:32:08,000
Speaker 1: wasn't really for you. But by focusing on those small

705
00:32:08,040 --> 00:32:10,840
Speaker 1: purchases that are able to move the needle by default,

706
00:32:10,840 --> 00:32:13,040
Speaker 1: you should also be able to identify the purchases that

707
00:32:13,200 --> 00:32:15,280
Speaker 1: don't move the needle and you know, look to different

708
00:32:15,320 --> 00:32:17,600
Speaker 1: ways that you could minimize those expenses.

709
00:32:17,640 --> 00:32:20,240
Speaker 2: Totally forward. Yeah, yeah, So I've got an example of

710
00:32:20,280 --> 00:32:22,080
Speaker 2: one of those things, something that didn't move the needle

711
00:32:22,120 --> 00:32:25,280
Speaker 2: for me, which is, okay, it's got some nicer kitchen

712
00:32:25,320 --> 00:32:28,640
Speaker 2: knives that she enjoys using immenseally when she is spending

713
00:32:28,640 --> 00:32:30,840
Speaker 2: time in the kitchen. But also something that makes her

714
00:32:30,880 --> 00:32:35,080
Speaker 2: happy is having those knives be razor sharp and that

715
00:32:35,240 --> 00:32:38,040
Speaker 2: is where I come in. So I thought it would

716
00:32:38,080 --> 00:32:40,120
Speaker 2: be a wise purchase to spend some money on like

717
00:32:40,160 --> 00:32:44,120
Speaker 2: this Japanese wetstone, like a traditional way of like sharpening,

718
00:32:44,200 --> 00:32:47,040
Speaker 2: because they're like they're Japanese knives that she has, and

719
00:32:47,160 --> 00:32:49,240
Speaker 2: you know, it's a little bit more expensive than the

720
00:32:49,320 --> 00:32:51,040
Speaker 2: run of the mill sharpener that you would spend money

721
00:32:51,040 --> 00:32:54,200
Speaker 2: on like that you'd pick up at Amazon. And you know,

722
00:32:54,240 --> 00:32:57,479
Speaker 2: what I found was that I did not enjoy the

723
00:32:57,520 --> 00:33:00,000
Speaker 2: process of sharpening that knife. I think in my mind,

724
00:33:00,120 --> 00:33:02,040
Speaker 2: I thought it would be sort of like this, a

725
00:33:02,160 --> 00:33:04,720
Speaker 2: process that I would enjoy, like like it would almost

726
00:33:04,720 --> 00:33:06,440
Speaker 2: be like meditation or something like that, like.

727
00:33:06,400 --> 00:33:08,440
Speaker 1: A manual endeavor sort of yeah, yeah, yeah.

728
00:33:08,480 --> 00:33:10,160
Speaker 2: But what I realized by doing that, I was just

729
00:33:10,160 --> 00:33:12,640
Speaker 2: finding myself frustrated with the task. And I realized that, like,

730
00:33:12,720 --> 00:33:14,960
Speaker 2: I don't want to spend my time. It was a

731
00:33:14,960 --> 00:33:18,440
Speaker 2: glorified chore basically, and I thought maybe by getting a

732
00:33:18,520 --> 00:33:21,280
Speaker 2: nice tool, it would allow me to participate and to

733
00:33:21,600 --> 00:33:23,960
Speaker 2: do that chore. But in reality, I decided that no,

734
00:33:24,000 --> 00:33:25,840
Speaker 2: I want to spend my time with my family like

735
00:33:25,920 --> 00:33:30,320
Speaker 2: doing other like fun things that create memories as opposed.

736
00:33:29,960 --> 00:33:32,520
Speaker 1: To make your kids sharpen the knives and watch them

737
00:33:32,560 --> 00:33:32,720
Speaker 1: do it.

738
00:33:32,840 --> 00:33:34,400
Speaker 2: I would if I knew where it was, because you

739
00:33:34,400 --> 00:33:37,360
Speaker 2: know where that sharpener is the whetstone where I don't know,

740
00:33:37,680 --> 00:33:39,440
Speaker 2: Like literally I I don't know either, because what I

741
00:33:39,480 --> 00:33:42,160
Speaker 2: did instead was I bought the ten dollars sharpener off Amazon.

742
00:33:42,160 --> 00:33:44,360
Speaker 2: And guess what I use. We use that like not

743
00:33:44,440 --> 00:33:46,880
Speaker 2: I don't want to say daily, but very often. Yeah,

744
00:33:46,920 --> 00:33:50,000
Speaker 2: and it keeps the knives sharp. I'm happy, Kate's happy.

745
00:33:50,120 --> 00:33:50,480
Speaker 2: I get that.

746
00:33:50,520 --> 00:33:53,640
Speaker 1: I think a lot of my poor purchases have been Oh,

747
00:33:53,680 --> 00:33:56,920
Speaker 1: in theory, this sounds nice, but then reality I use it, yeah,

748
00:33:57,040 --> 00:33:59,640
Speaker 1: use it the way I intended or that, and it

749
00:33:59,680 --> 00:34:02,880
Speaker 1: was just so thing that I become disenchanted with pretty quickly.

750
00:34:02,920 --> 00:34:04,640
Speaker 2: So yeah, yeah, I guess what I'm realizing too. With

751
00:34:04,680 --> 00:34:07,560
Speaker 2: that example, it's not just a matter of discovering a

752
00:34:07,720 --> 00:34:09,759
Speaker 2: waste of money, but I think I was able to

753
00:34:09,800 --> 00:34:12,040
Speaker 2: discover that it was a waste of time for myself

754
00:34:12,080 --> 00:34:14,239
Speaker 2: as well, which is an even more limited resource. You know,

755
00:34:14,280 --> 00:34:16,120
Speaker 2: at the end of your life, the closer you get

756
00:34:16,120 --> 00:34:18,840
Speaker 2: to your later years, your later years, you realize that

757
00:34:19,000 --> 00:34:22,319
Speaker 2: time it feels more and more tangible. It feels like

758
00:34:22,320 --> 00:34:23,520
Speaker 2: something that's like slipping away.

759
00:34:23,640 --> 00:34:27,480
Speaker 1: Yeah, all right, to get really philosophical and really all right, Jen,

760
00:34:27,520 --> 00:34:29,040
Speaker 1: Now you found out a lot more about Matt. He's

761
00:34:29,080 --> 00:34:29,960
Speaker 1: really worried about time.

762
00:34:30,000 --> 00:34:31,160
Speaker 2: I'm really scared about time.

763
00:34:32,680 --> 00:34:34,960
Speaker 1: But all right, we got more questions too. During the break,

764
00:34:35,000 --> 00:34:36,319
Speaker 1: you and I we can chat about this and I

765
00:34:36,320 --> 00:34:37,160
Speaker 1: can console you.

766
00:34:37,360 --> 00:34:39,880
Speaker 2: Do you can do some unpacking, right, Yeah, exactly, But

767
00:34:40,000 --> 00:34:42,080
Speaker 2: just ask me a bunch of white questions. We've got

768
00:34:42,080 --> 00:34:43,919
Speaker 2: a couple more good questions to get to. One about

769
00:34:43,920 --> 00:34:46,879
Speaker 2: an HSA one from a listener also who has he's

770
00:34:46,920 --> 00:34:49,080
Speaker 2: got extra money, trying to side what to do with it.

771
00:34:49,080 --> 00:34:50,759
Speaker 2: He's already crushing it, but then what do you do?

772
00:34:50,840 --> 00:34:52,239
Speaker 2: What do you do with the extra We'll get to

773
00:34:52,239 --> 00:35:03,360
Speaker 2: those right after this. All right, we are back, and

774
00:35:03,440 --> 00:35:05,800
Speaker 2: don't you worry. We've got a couple additional questions to

775
00:35:05,840 --> 00:35:08,080
Speaker 2: get to you here, Jill, including this question from a

776
00:35:08,080 --> 00:35:09,960
Speaker 2: listener who's trying to figure out what she should do

777
00:35:10,040 --> 00:35:11,440
Speaker 2: with an old HSA.

778
00:35:12,520 --> 00:35:15,839
Speaker 6: Hi, Matt Jeel, this is Meredith from Chicago. I have

779
00:35:15,880 --> 00:35:19,040
Speaker 6: an old HSA account from a former employer where I'm

780
00:35:19,040 --> 00:35:21,800
Speaker 6: losing three dollars and fifty cents a month in fees.

781
00:35:22,239 --> 00:35:24,600
Speaker 6: I'm not currently contributing to it, so I'd hate to

782
00:35:24,640 --> 00:35:27,320
Speaker 6: lose the amount I've already contributed due to those fees.

783
00:35:28,000 --> 00:35:30,120
Speaker 6: I'm curious if you can lend any insight about how

784
00:35:30,160 --> 00:35:32,720
Speaker 6: to avoid penalties if I were to take this HSA

785
00:35:32,840 --> 00:35:34,840
Speaker 6: and move it somewhere else. Thanks.

786
00:35:35,560 --> 00:35:38,560
Speaker 1: All right, Meredith, appreciate your question. And if you have

787
00:35:38,680 --> 00:35:41,319
Speaker 1: been listening for any amounts of time, you know us,

788
00:35:41,400 --> 00:35:44,000
Speaker 1: You know we hate fees, Yeah, and so I mean

789
00:35:44,000 --> 00:35:47,239
Speaker 1: they're the worst. And you're in this position now where

790
00:35:47,239 --> 00:35:50,200
Speaker 1: you're getting perpetually feed to death and we want you

791
00:35:50,239 --> 00:35:52,680
Speaker 1: to get out of it. So we like that you're

792
00:35:52,719 --> 00:35:55,000
Speaker 1: thinking about this, that you're trying to make a move.

793
00:35:55,120 --> 00:35:58,400
Speaker 1: It's definitely time to be moving your HSA elsewhere so

794
00:35:58,440 --> 00:36:01,440
Speaker 1: you can eliminate the fees on that altogether. It's like

795
00:36:01,480 --> 00:36:05,000
Speaker 1: these slow vampire teeth slowly draining the life blood from

796
00:36:05,000 --> 00:36:05,560
Speaker 1: your HSA.

797
00:36:05,719 --> 00:36:08,120
Speaker 2: Yeah, little leeches with vampire teeth. Yes.

798
00:36:08,440 --> 00:36:10,879
Speaker 1: And the great thing is, not only are you able

799
00:36:10,880 --> 00:36:13,440
Speaker 1: to eliminate fees by moving your HSA elsewhere, but you're

800
00:36:13,480 --> 00:36:16,160
Speaker 1: also in all likelihood going to be able to access

801
00:36:16,200 --> 00:36:19,200
Speaker 1: superior investing options that are lower cost at the same time.

802
00:36:19,239 --> 00:36:20,359
Speaker 1: So it's a double weaving.

803
00:36:20,120 --> 00:36:24,200
Speaker 2: That's right investing. So there might be some uninitiated listeners

804
00:36:24,239 --> 00:36:27,000
Speaker 2: who are thinking, what does a health savings account have

805
00:36:27,080 --> 00:36:28,840
Speaker 2: anything to do with investing?

806
00:36:28,880 --> 00:36:30,719
Speaker 1: That has the word savings in the name, and all

807
00:36:30,760 --> 00:36:32,480
Speaker 1: of a sudden, you guys are talking about investing.

808
00:36:32,880 --> 00:36:35,720
Speaker 2: So hsas. These are health savings accounts that were created

809
00:36:35,760 --> 00:36:38,520
Speaker 2: so that you can divert pre tax dollars over into

810
00:36:38,560 --> 00:36:40,799
Speaker 2: it in order to pay for health care expenses. Right.

811
00:36:41,280 --> 00:36:44,120
Speaker 2: But while that's how they were intended to be used.

812
00:36:44,480 --> 00:36:47,120
Speaker 2: Fewer folks out there know that you can effectively use

813
00:36:47,280 --> 00:36:51,319
Speaker 2: HSA's as retirement accounts, which is our favorite use of them.

814
00:36:51,680 --> 00:36:54,800
Speaker 2: They can be triple or even quadruple tax advantage because

815
00:36:54,840 --> 00:36:57,760
Speaker 2: the fourth is payroll tax that you're able to avoid

816
00:36:57,800 --> 00:36:59,560
Speaker 2: on money that you divert over into your HSA.

817
00:36:59,680 --> 00:37:01,640
Speaker 1: Yeah, which is not insignificant really no.

818
00:37:01,800 --> 00:37:05,040
Speaker 2: Yeah, And when you invest within the inside that HSA

819
00:37:05,360 --> 00:37:08,040
Speaker 2: and you leave it alone for years and even decades,

820
00:37:08,080 --> 00:37:10,840
Speaker 2: you're going to reap significant financial rewards. It's going to

821
00:37:10,920 --> 00:37:15,320
Speaker 2: really fatten your retirement nest egg. We've got our article

822
00:37:15,360 --> 00:37:17,239
Speaker 2: up on the site that will link to that really

823
00:37:17,400 --> 00:37:20,600
Speaker 2: breaks it all down and explains it. But what happens

824
00:37:20,600 --> 00:37:23,279
Speaker 2: if you leave your employer? Should you actually keep your

825
00:37:23,719 --> 00:37:25,880
Speaker 2: HSA where it is or should you move it? Well,

826
00:37:26,040 --> 00:37:28,800
Speaker 2: the odds are that the HSA provider that your employer

827
00:37:28,920 --> 00:37:31,520
Speaker 2: works with is going to be similar to Merediths, where

828
00:37:31,520 --> 00:37:34,239
Speaker 2: they're charging you fees that you don't need to put

829
00:37:34,320 --> 00:37:34,560
Speaker 2: up with.

830
00:37:34,640 --> 00:37:36,919
Speaker 1: Yeah, and that you should kick to the curb for sure,

831
00:37:37,560 --> 00:37:39,319
Speaker 1: No need to keep it there. Time to move it

832
00:37:39,360 --> 00:37:42,080
Speaker 1: elsewhere to a place that doesn't want to slowly take

833
00:37:42,120 --> 00:37:43,960
Speaker 1: your money from you. That wants to help you grow it,

834
00:37:44,000 --> 00:37:46,399
Speaker 1: and so instead of having your nest egg whittled down

835
00:37:46,480 --> 00:37:49,720
Speaker 1: month after month, move it. And it's not terribly difficult

836
00:37:49,719 --> 00:37:52,640
Speaker 1: to do this. You're allowed to roll over HSA funds

837
00:37:52,680 --> 00:37:55,440
Speaker 1: once every twelve month period. The first step is to

838
00:37:55,440 --> 00:37:57,400
Speaker 1: find a new company where you want your HSA to

839
00:37:57,440 --> 00:38:00,359
Speaker 1: go and then initiate the transfer. And the thing is

840
00:38:00,520 --> 00:38:02,279
Speaker 1: you should be able to do it easily online from

841
00:38:02,280 --> 00:38:04,200
Speaker 1: the comfort of your own home. You don't have to

842
00:38:04,440 --> 00:38:06,640
Speaker 1: go anywhere, stay in line, make it, make it a

843
00:38:06,640 --> 00:38:09,200
Speaker 1: big to do. And there are really two companies that

844
00:38:09,320 --> 00:38:11,480
Speaker 1: stand above the pack in the HSA world, and they

845
00:38:11,520 --> 00:38:14,799
Speaker 1: are a company called Lively and a company called Fidelity.

846
00:38:15,000 --> 00:38:17,319
Speaker 1: Fidelity is a company you've heard us talk about for

847
00:38:17,440 --> 00:38:19,480
Speaker 1: a lot of years because they're one of our favorite

848
00:38:19,520 --> 00:38:21,480
Speaker 1: just investing companies. If you want to open up a

849
00:38:21,520 --> 00:38:23,799
Speaker 1: roth ira or something, Fidelity is a great place to go.

850
00:38:23,800 --> 00:38:27,200
Speaker 1: But they're great at HSA's too, and Lively basically only

851
00:38:27,239 --> 00:38:30,160
Speaker 1: works in the HSA sphere and they do an awesome

852
00:38:30,239 --> 00:38:33,520
Speaker 1: job as well. Neither of these companies charge individuals any

853
00:38:33,560 --> 00:38:36,040
Speaker 1: sort of monthly fee. No more losing three dollars and

854
00:38:36,040 --> 00:38:38,640
Speaker 1: fifty cents a month or forty dollars plus a year.

855
00:38:39,040 --> 00:38:41,719
Speaker 1: They also have great loa fee fund options for you

856
00:38:41,800 --> 00:38:43,799
Speaker 1: to invest in as well, So either one of these

857
00:38:43,800 --> 00:38:46,480
Speaker 1: companies would be massively superior to kind of where you're

858
00:38:46,480 --> 00:38:46,799
Speaker 1: at now.

859
00:38:46,920 --> 00:38:50,200
Speaker 2: Yeah, and Jel you basically outlined how like that trustee

860
00:38:50,200 --> 00:38:53,120
Speaker 2: to trustee transfer works. That is the best way of

861
00:38:53,120 --> 00:38:57,000
Speaker 2: going about it, rather than having your current HSA provider

862
00:38:57,000 --> 00:38:59,479
Speaker 2: cut you a check where the clock is sticking, because

863
00:38:59,480 --> 00:39:01,759
Speaker 2: if they catch you a check like you personally, you

864
00:39:01,920 --> 00:39:04,480
Speaker 2: have sixty days to get that money into a new

865
00:39:04,680 --> 00:39:08,000
Speaker 2: HSA account before you're hit with a twenty percent penalty

866
00:39:08,360 --> 00:39:10,400
Speaker 2: and you're going to be taxed on the full amount

867
00:39:10,440 --> 00:39:13,680
Speaker 2: since it's considered a taxable distribution pouch. Yeah, so you

868
00:39:13,680 --> 00:39:15,680
Speaker 2: don't want that to happen, So opt for that trustee

869
00:39:15,719 --> 00:39:19,480
Speaker 2: to trustee transfer. And if your HSA money is invested

870
00:39:19,840 --> 00:39:21,960
Speaker 2: like it should be, like we talk about here, then

871
00:39:21,960 --> 00:39:24,759
Speaker 2: you're going to want to do an in kind transfer

872
00:39:25,000 --> 00:39:28,280
Speaker 2: basically where you are moving from funds that you're invested

873
00:39:28,280 --> 00:39:31,880
Speaker 2: in with your current HSA provider to in kind funds

874
00:39:31,960 --> 00:39:33,840
Speaker 2: that are going to be with Lively and Fidelity, and

875
00:39:33,880 --> 00:39:36,480
Speaker 2: they both actually support that. Yeah, So that's something that

876
00:39:36,520 --> 00:39:40,239
Speaker 2: should make it easier depending on how easy your current

877
00:39:40,360 --> 00:39:41,920
Speaker 2: HSA provider is to play with.

878
00:39:42,080 --> 00:39:44,799
Speaker 1: Yeah, but those guys, the places you're moving it to,

879
00:39:44,920 --> 00:39:47,839
Speaker 1: they should be a big help in actually getting your

880
00:39:47,840 --> 00:39:50,040
Speaker 1: funds moved over, right. So, but for everyone, by the way,

881
00:39:50,040 --> 00:39:52,120
Speaker 1: if you have a high deductible health care plan, then

882
00:39:52,120 --> 00:39:54,640
Speaker 1: that makes you eligible for an HSA, and we'd really

883
00:39:54,680 --> 00:39:57,080
Speaker 1: love to see you taking advantage of the flexibility that

884
00:39:57,120 --> 00:39:59,960
Speaker 1: it offers in order to stock away more for retirement

885
00:40:00,040 --> 00:40:02,799
Speaker 1: and be investing those dollars for your future. And just

886
00:40:02,840 --> 00:40:05,040
Speaker 1: be sure, by the way, to save any and all

887
00:40:05,080 --> 00:40:07,080
Speaker 1: healthcare receipts and store them way on the computer. We

888
00:40:07,080 --> 00:40:09,080
Speaker 1: outline that in the article that we have up on

889
00:40:09,160 --> 00:40:13,080
Speaker 1: housemoney dot com. But that means that medical expenses like copays,

890
00:40:13,400 --> 00:40:16,239
Speaker 1: over the counter medications, and even the cost of counseling,

891
00:40:16,560 --> 00:40:19,040
Speaker 1: you can pull money out for those things way off

892
00:40:19,080 --> 00:40:22,399
Speaker 1: in the future, tax and penalty free dental cleanings, eye

893
00:40:22,400 --> 00:40:25,279
Speaker 1: exams as well. But you kind of if you want

894
00:40:25,320 --> 00:40:29,200
Speaker 1: to maximize the use of an HSA to your benefit,

895
00:40:29,480 --> 00:40:30,959
Speaker 1: you are going to need to do some decent record

896
00:40:31,040 --> 00:40:33,560
Speaker 1: keeping in order to make sure that you're getting the

897
00:40:33,560 --> 00:40:34,439
Speaker 1: best bang for your buck.

898
00:40:34,640 --> 00:40:36,640
Speaker 2: That's right, So Meredith, we hope that gets you pointed

899
00:40:36,640 --> 00:40:38,839
Speaker 2: in the right direction. Invest those HSA dollars and make

900
00:40:38,880 --> 00:40:41,440
Speaker 2: sure you are with a low cost provider who is

901
00:40:41,520 --> 00:40:44,000
Speaker 2: not feeing you to death. Joe, let's take our last question.

902
00:40:44,080 --> 00:40:46,880
Speaker 2: This one is from a listener and he's trying to

903
00:40:46,920 --> 00:40:49,279
Speaker 2: figure out what to do with some extra cash that

904
00:40:49,320 --> 00:40:50,920
Speaker 2: he is going to be receiving here at the end

905
00:40:51,000 --> 00:40:51,479
Speaker 2: of the year.

906
00:40:52,320 --> 00:40:57,840
Speaker 7: Hello, gentlemen, this is Jacob from Wisconsin and Lacrosse. I

907
00:40:57,920 --> 00:41:01,640
Speaker 7: have a question for you on where my wife and

908
00:41:01,680 --> 00:41:04,239
Speaker 7: I should put some extra money we have at the

909
00:41:04,320 --> 00:41:07,120
Speaker 7: end of the year. So we currently make one hundred

910
00:41:07,120 --> 00:41:09,920
Speaker 7: and ten thousand between the two of us. She has

911
00:41:09,920 --> 00:41:13,040
Speaker 7: a car, payments around four hundred a month. Student loans

912
00:41:13,080 --> 00:41:16,080
Speaker 7: for me will come back into payment you know, whenever

913
00:41:16,120 --> 00:41:18,120
Speaker 7: that happens, it's going to be around three hundred a month.

914
00:41:18,680 --> 00:41:21,160
Speaker 7: We currently get a seven percent match from our both

915
00:41:21,200 --> 00:41:24,840
Speaker 7: our employers and the University of wisconsint system. We max

916
00:41:24,920 --> 00:41:29,960
Speaker 7: out our FSA dependent daycare for our daughter, which is

917
00:41:29,960 --> 00:41:33,360
Speaker 7: at five thousand. We both max ore ROTHI, our a's

918
00:41:34,360 --> 00:41:37,440
Speaker 7: and in addition we have we try to put in

919
00:41:37,520 --> 00:41:40,080
Speaker 7: five k a year in our HSA's and we get

920
00:41:40,080 --> 00:41:44,040
Speaker 7: a fifteen hundred dollars allotment from the UW system for

921
00:41:44,200 --> 00:41:49,080
Speaker 7: using that for the HSAS. My question is where do

922
00:41:49,080 --> 00:41:52,719
Speaker 7: we put that FSA five thousand when we go to

923
00:41:52,719 --> 00:41:55,600
Speaker 7: get reimbursed in the end of the year. Any help

924
00:41:55,680 --> 00:41:58,040
Speaker 7: on this would be great. We put it in an account

925
00:41:58,280 --> 00:42:01,080
Speaker 7: or savings or any thing along those lines.

926
00:42:01,239 --> 00:42:04,560
Speaker 1: Thanks much, Matt. I'm gonna mention a PO box number

927
00:42:04,560 --> 00:42:08,399
Speaker 1: that Jacob can mail this cash to and perfectly all

928
00:42:08,400 --> 00:42:09,720
Speaker 1: in unmarked five dollar.

929
00:42:09,560 --> 00:42:12,440
Speaker 2: Bills, just kidding, so he'll drop it off on your

930
00:42:12,440 --> 00:42:14,560
Speaker 2: friend driveway and greasy pennies.

931
00:42:14,719 --> 00:42:16,800
Speaker 1: He lives in Wisconsin. It's gonna be a drive, Jacob,

932
00:42:16,800 --> 00:42:19,279
Speaker 1: but it's gonna be worth it, no, just kidding. Having

933
00:42:19,400 --> 00:42:21,600
Speaker 1: extra money always a good thing. And I like that

934
00:42:21,640 --> 00:42:25,320
Speaker 1: you're you're really trying to figure out how best to

935
00:42:25,360 --> 00:42:27,640
Speaker 1: disperse these funds. It sounds like you guys are doing

936
00:42:27,680 --> 00:42:30,319
Speaker 1: a good job with your finances, but you're trying to

937
00:42:30,320 --> 00:42:34,040
Speaker 1: be even more intentional. And I think that's kind of

938
00:42:34,080 --> 00:42:36,080
Speaker 1: the right mindset to have, Matt, to kind of give

939
00:42:36,160 --> 00:42:39,120
Speaker 1: every dollar a job and don't just like soak it

940
00:42:39,200 --> 00:42:41,400
Speaker 1: in and start, you know, doing grub hub more often,

941
00:42:41,520 --> 00:42:43,960
Speaker 1: or buying random stuff here and there. You want to

942
00:42:43,960 --> 00:42:46,000
Speaker 1: be intentional with every dollar that comes into your life,

943
00:42:46,000 --> 00:42:48,480
Speaker 1: and sometimes that does mean spending in awesome ways. But

944
00:42:48,480 --> 00:42:51,200
Speaker 1: if you start spending it in silly, frivolous ways, then

945
00:42:51,200 --> 00:42:53,279
Speaker 1: you don't have as much money to spend for the

946
00:42:53,320 --> 00:42:56,279
Speaker 1: stuff that matters. He's got a seven percent match as well.

947
00:42:56,360 --> 00:42:56,800
Speaker 2: Did I hear that?

948
00:42:56,880 --> 00:42:57,040
Speaker 3: Right?

949
00:42:57,120 --> 00:42:59,799
Speaker 2: Times two? That's amazing him and his wife are part

950
00:42:59,840 --> 00:43:02,400
Speaker 2: of sounds like they're educators the port of the University

951
00:43:02,400 --> 00:43:04,160
Speaker 2: of Wisconsin system or something like that.

952
00:43:04,239 --> 00:43:07,120
Speaker 1: Sounds like they're well on the way to financial independence, right, Yeah, that.

953
00:43:07,160 --> 00:43:10,600
Speaker 2: Sounds super very nice. Yeah, as somebody who's never had

954
00:43:10,640 --> 00:43:13,879
Speaker 2: a match for to hear him talk about him and

955
00:43:13,920 --> 00:43:17,240
Speaker 2: his wife having seven percent of them a bit jealous.

956
00:43:17,239 --> 00:43:19,760
Speaker 1: On top of that, HSA good for you to additional

957
00:43:19,760 --> 00:43:23,160
Speaker 1: employer benefit that they're contributing. But then the employer contributes

958
00:43:23,200 --> 00:43:26,400
Speaker 1: fifteen hundred I mean amazing, So you would likely be

959
00:43:26,440 --> 00:43:29,280
Speaker 1: worth doing that without any sort of incentive. But boom,

960
00:43:29,400 --> 00:43:31,839
Speaker 1: Jacob is kind of doing everything right and he's got

961
00:43:31,840 --> 00:43:35,000
Speaker 1: a little more extra to do something even better with.

962
00:43:35,080 --> 00:43:38,480
Speaker 1: And so yeah, the extra five k matt it could

963
00:43:38,520 --> 00:43:40,840
Speaker 1: go into savings to cover potential health care costs. Right,

964
00:43:40,960 --> 00:43:44,160
Speaker 1: Let's say, let's say they are not investing those HSA

965
00:43:44,239 --> 00:43:47,799
Speaker 1: dollars yet, they should probably be investing them and then

966
00:43:47,880 --> 00:43:50,400
Speaker 1: have a little bit of a cash backup and maybe

967
00:43:50,400 --> 00:43:52,520
Speaker 1: this five K they're bringing back in their life is

968
00:43:52,800 --> 00:43:54,359
Speaker 1: good for that. I don't know, but I think there

969
00:43:54,360 --> 00:43:56,960
Speaker 1: are other options too to actually pay for any medical

970
00:43:57,000 --> 00:43:58,560
Speaker 1: expenses out of pocket, out of pockets so they can

971
00:43:58,760 --> 00:44:00,920
Speaker 1: leave that money in the HSA exactly. Yeah, I like

972
00:44:00,960 --> 00:44:01,759
Speaker 1: that idea for sure.

973
00:44:02,280 --> 00:44:04,319
Speaker 2: And Jacob, you know, we don't know when those student

974
00:44:04,400 --> 00:44:07,759
Speaker 2: loan payments are actually going to resume still, and I'm

975
00:44:07,760 --> 00:44:09,720
Speaker 2: not sure how much you and your wife having savings

976
00:44:09,800 --> 00:44:12,439
Speaker 2: right now, but shoring that up and having a nice

977
00:44:12,440 --> 00:44:15,040
Speaker 2: little war chest there so you've got a bigger cash

978
00:44:15,040 --> 00:44:18,480
Speaker 2: cushion for when those payments do resume, likely late summer

979
00:44:18,600 --> 00:44:21,160
Speaker 2: or early fall, that that would be wise. And if

980
00:44:21,160 --> 00:44:23,799
Speaker 2: you're wanting to optimize fully right all the way, it

981
00:44:23,840 --> 00:44:27,759
Speaker 2: sounds like you might not be maxing that HSA completely,

982
00:44:28,200 --> 00:44:31,320
Speaker 2: So getting the full seven, seven hundred and fifty dollars

983
00:44:31,320 --> 00:44:33,960
Speaker 2: that you're allowed to stock away would be a savvy move.

984
00:44:34,000 --> 00:44:36,560
Speaker 1: With a portion of these extra dollars and what the

985
00:44:36,600 --> 00:44:39,360
Speaker 1: max part of it, the what his employer contributes counts

986
00:44:39,400 --> 00:44:41,160
Speaker 1: towards that, So it sounds like he might have an

987
00:44:41,160 --> 00:44:43,160
Speaker 1: extra what like twelve fifty or so in there.

988
00:44:43,320 --> 00:44:45,560
Speaker 2: Yeah, so he's putting in five, it sounds like employer's

989
00:44:45,560 --> 00:44:47,479
Speaker 2: putting in fifteen, So it sounds like it's got twelve

990
00:44:47,560 --> 00:44:49,960
Speaker 2: fifty left. But then beyond that, like you know, like

991
00:44:50,000 --> 00:44:52,719
Speaker 2: after that, maybe it's time to knock out that car Loan.

992
00:44:52,880 --> 00:44:54,879
Speaker 2: We already talked about getting rid of a card note

993
00:44:54,880 --> 00:44:56,920
Speaker 2: earlier in this episode, but the only thing that Jacob

994
00:44:56,920 --> 00:44:59,480
Speaker 2: did mention was the interest rate. So if it's a

995
00:44:59,520 --> 00:45:01,640
Speaker 2: higher rate, most definitely go ahead and pay that thing off.

996
00:45:02,000 --> 00:45:03,600
Speaker 2: But if it's lower, then it's going to be up

997
00:45:03,600 --> 00:45:05,920
Speaker 2: to you. Basically, you're in money, you're number six. You

998
00:45:05,960 --> 00:45:08,320
Speaker 2: get to focus on some of those lower interest rate debts.

999
00:45:08,600 --> 00:45:11,000
Speaker 2: But beyond that, you are going to start having some

1000
00:45:11,200 --> 00:45:15,000
Speaker 2: options at your disposal that maybe you've never had before. Yeah,

1001
00:45:15,000 --> 00:45:15,880
Speaker 2: and that's kind of exciting.

1002
00:45:15,960 --> 00:45:18,560
Speaker 1: Yeah, it's kind of an embarrassment of ridges scenario, which

1003
00:45:18,600 --> 00:45:20,040
Speaker 1: I think, yeah, which I think is a good place

1004
00:45:20,080 --> 00:45:24,080
Speaker 1: to be. And you're investing in three different tax advantage

1005
00:45:24,120 --> 00:45:28,000
Speaker 1: retirement accounts, which is not many people are doing that, right,

1006
00:45:28,320 --> 00:45:29,759
Speaker 1: and so it's not like you need to put more

1007
00:45:29,760 --> 00:45:32,000
Speaker 1: effort into that space if you don't want to. So

1008
00:45:32,080 --> 00:45:34,080
Speaker 1: this would really be a great time for you and

1009
00:45:34,080 --> 00:45:36,400
Speaker 1: your wife to sit down and think about your family's

1010
00:45:36,480 --> 00:45:40,360
Speaker 1: bigger medium term goals and funnel some of these extra

1011
00:45:40,440 --> 00:45:43,719
Speaker 1: dollars towards saving up for those because with savings rates

1012
00:45:43,719 --> 00:45:46,040
Speaker 1: being up in a big way, student loan payments coming

1013
00:45:46,080 --> 00:45:49,160
Speaker 1: back high end or savings or CDs, those seem like

1014
00:45:49,440 --> 00:45:52,480
Speaker 1: a solid spot to at least put the money for

1015
00:45:52,600 --> 00:45:55,360
Speaker 1: now while you're having some of those convos, and then

1016
00:45:55,560 --> 00:45:58,160
Speaker 1: you know, after those conversations, you might just decide that

1017
00:45:58,200 --> 00:46:00,319
Speaker 1: retiring sooner is the goal, and it's like, yes, let's

1018
00:46:00,360 --> 00:46:02,919
Speaker 1: put it in taxable brokerage accounts, right, that's the best

1019
00:46:02,920 --> 00:46:05,960
Speaker 1: next step for us. To invest even more. Three tax

1020
00:46:05,960 --> 00:46:09,439
Speaker 1: advantage accounts is not quite enough for the sturdy goals

1021
00:46:09,480 --> 00:46:10,480
Speaker 1: that we have set for ourselves.

1022
00:46:10,600 --> 00:46:12,280
Speaker 2: We're going to retire in ten years.

1023
00:46:12,200 --> 00:46:14,480
Speaker 1: Right, and which might be really what you want. Yeah,

1024
00:46:14,520 --> 00:46:16,280
Speaker 1: that might be the which is cool, which is so cool,

1025
00:46:16,520 --> 00:46:18,759
Speaker 1: But you know, you could also say, you know, what

1026
00:46:19,239 --> 00:46:22,120
Speaker 1: we're doing just fine on the investing for our fenturefront,

1027
00:46:22,160 --> 00:46:22,399
Speaker 1: and we.

1028
00:46:22,320 --> 00:46:23,080
Speaker 2: Don't want to retire.

1029
00:46:23,120 --> 00:46:23,959
Speaker 1: We love our jobs.

1030
00:46:24,000 --> 00:46:26,000
Speaker 2: We want to be educators or whatever it is that

1031
00:46:26,040 --> 00:46:27,600
Speaker 2: they do for the next twenty thirty years.

1032
00:46:27,640 --> 00:46:30,160
Speaker 1: And you might have listened to our Millionaire who Wants

1033
00:46:30,160 --> 00:46:32,319
Speaker 1: to Be a Millionaire episode last week and you might

1034
00:46:32,360 --> 00:46:34,080
Speaker 1: have said, you know what, that's a good point. Maybe

1035
00:46:34,120 --> 00:46:36,960
Speaker 1: I am like doing enough and I don't need to

1036
00:46:37,000 --> 00:46:39,160
Speaker 1: overdo it, and I should pull back and enjoy a

1037
00:46:39,239 --> 00:46:41,479
Speaker 1: little more in the here and now. Maybe maybe taking

1038
00:46:41,480 --> 00:46:45,000
Speaker 1: a vacation with our Kiyah. Maybe that's a great place

1039
00:46:45,080 --> 00:46:47,480
Speaker 1: to funnel this money. And you wouldn't be remiss to

1040
00:46:47,560 --> 00:46:50,719
Speaker 1: do that. You're still doing just fine. I think you're

1041
00:46:50,719 --> 00:46:52,200
Speaker 1: going to be able to meet a whole lot of

1042
00:46:52,200 --> 00:46:55,799
Speaker 1: impressive money goals even if you opt not to optimize

1043
00:46:55,840 --> 00:46:57,720
Speaker 1: everything and invest even more for your future.

1044
00:46:57,920 --> 00:46:58,120
Speaker 7: Yeah.

1045
00:46:58,200 --> 00:47:01,040
Speaker 2: So I think we're Jacob's finding himself that he like

1046
00:47:01,200 --> 00:47:04,839
Speaker 2: they are transitioning from knowing exactly without having to think

1047
00:47:04,880 --> 00:47:07,040
Speaker 2: too difficulty about what they want to spend their money on,

1048
00:47:07,400 --> 00:47:10,759
Speaker 2: to like the world is their oyster Like everything is

1049
00:47:10,760 --> 00:47:13,959
Speaker 2: at their fingertips and they can start kind of dreaming big.

1050
00:47:14,080 --> 00:47:15,919
Speaker 2: Like in my mind, it's almost like a trickier task

1051
00:47:15,920 --> 00:47:18,280
Speaker 2: because but prior to this, it's more about crunching the numbers.

1052
00:47:18,640 --> 00:47:20,279
Speaker 2: But he's at the point now to where they can

1053
00:47:20,320 --> 00:47:24,279
Speaker 2: really think through just some crazy audacious goals that they

1054
00:47:24,360 --> 00:47:27,040
Speaker 2: might have for themselves, which sort of like we talked

1055
00:47:27,040 --> 00:47:28,840
Speaker 2: about earlier, the why behind your money, It takes a

1056
00:47:28,880 --> 00:47:32,160
Speaker 2: little bit of unearthing. It takes a little bit more

1057
00:47:32,200 --> 00:47:36,239
Speaker 2: personal work to determine and discover as a couple and

1058
00:47:36,320 --> 00:47:38,800
Speaker 2: as a family what it is that you want to pursue.

1059
00:47:39,040 --> 00:47:40,480
Speaker 2: And I think when you have options like that, it

1060
00:47:40,520 --> 00:47:43,040
Speaker 2: can be daunting. I think it can feel a little

1061
00:47:43,120 --> 00:47:46,120
Speaker 2: intimidating to think, well, shoot, what do I do after this?

1062
00:47:46,120 --> 00:47:48,279
Speaker 2: Because up until now it's been kind of like on

1063
00:47:48,880 --> 00:47:51,440
Speaker 2: cruise control, almost like there are a set number of steps.

1064
00:47:51,440 --> 00:47:53,040
Speaker 2: But you're at the point now to where it's more

1065
00:47:53,080 --> 00:47:55,320
Speaker 2: of a choose your own adventure and you've gotten several

1066
00:47:55,760 --> 00:47:57,080
Speaker 2: options laid out before you.

1067
00:47:57,200 --> 00:47:58,759
Speaker 1: I don't want to pretend like I know Jacob or

1068
00:47:58,800 --> 00:48:01,319
Speaker 1: I know his personality style or how he rolls. But

1069
00:48:01,360 --> 00:48:03,480
Speaker 1: I think for some people don't give out the po

1070
00:48:03,520 --> 00:48:06,560
Speaker 1: box number. But I think for some people it's easier

1071
00:48:06,800 --> 00:48:08,360
Speaker 1: to have your nose to the grindstone and to be

1072
00:48:08,400 --> 00:48:11,640
Speaker 1: funneling all that money into investments. I know that person

1073
00:48:11,719 --> 00:48:14,480
Speaker 1: because I have been that person at different points in

1074
00:48:14,520 --> 00:48:18,280
Speaker 1: my financial journey, and so it is important to sometime

1075
00:48:18,360 --> 00:48:21,560
Speaker 1: to take your nose up from the grindstone and to

1076
00:48:21,800 --> 00:48:24,000
Speaker 1: look around a little bit and say, money is not

1077
00:48:24,040 --> 00:48:27,360
Speaker 1: the end goal, and what are our end goals and

1078
00:48:27,400 --> 00:48:29,920
Speaker 1: how are we going to use money to best help

1079
00:48:30,040 --> 00:48:33,200
Speaker 1: us achieve those? And you're putting it off the side, Jacob,

1080
00:48:33,239 --> 00:48:35,640
Speaker 1: where you shouldn't feel compelled to put more aside for

1081
00:48:35,680 --> 00:48:38,160
Speaker 1: your future. And you might want to because that might

1082
00:48:38,160 --> 00:48:40,840
Speaker 1: be the end goal, but so much of it starts

1083
00:48:40,840 --> 00:48:43,120
Speaker 1: to now reflect what are your end goals. We're not

1084
00:48:43,200 --> 00:48:45,440
Speaker 1: just getting our ducks in a row. Your ducks are

1085
00:48:45,440 --> 00:48:47,279
Speaker 1: in a row, so now you get to kind of

1086
00:48:47,320 --> 00:48:50,279
Speaker 1: really be choosy about what you want your life to

1087
00:48:50,280 --> 00:48:53,400
Speaker 1: look like. And now your ducks can take flight. Your

1088
00:48:53,480 --> 00:48:56,520
Speaker 1: ducks fly, So yeah, yeah, some of them don't.

1089
00:48:56,560 --> 00:48:59,600
Speaker 2: Rite I remember duck Hunt run across the screen. Yeah,

1090
00:48:59,640 --> 00:49:01,919
Speaker 2: but yeah, Jacob, is not often as penguins that don't

1091
00:49:02,239 --> 00:49:04,319
Speaker 2: penguins do not fly. And again, we don't know your

1092
00:49:04,320 --> 00:49:06,840
Speaker 2: full situation, but it's not often that we're telling folks

1093
00:49:06,880 --> 00:49:10,680
Speaker 2: to consider actually saving and investing less of their money

1094
00:49:10,800 --> 00:49:12,680
Speaker 2: and instead to be thinking through some of the creative

1095
00:49:12,680 --> 00:49:15,279
Speaker 2: ways that you could spend that money, assuming of course,

1096
00:49:15,280 --> 00:49:17,799
Speaker 2: that it aligns with your values. But Jacob, best of

1097
00:49:17,880 --> 00:49:20,480
Speaker 2: luck to you and Joel. Let's go ahead and get

1098
00:49:20,520 --> 00:49:22,920
Speaker 2: to the beer that you and I enjoyed during this episode.

1099
00:49:22,960 --> 00:49:26,160
Speaker 2: This was a rainbow colored Glasses, a beer named after

1100
00:49:26,320 --> 00:49:29,880
Speaker 2: your personality type. I think so all of my personality

1101
00:49:29,880 --> 00:49:31,600
Speaker 2: beers are like the ones from Burial, where it's like

1102
00:49:31,840 --> 00:49:37,919
Speaker 2: the eternally condemned termite. Yes, I'm not a pessimist. I'm

1103
00:49:37,960 --> 00:49:40,400
Speaker 2: just a realist. Yes, you tend to see the world

1104
00:49:40,440 --> 00:49:42,520
Speaker 2: through rainbow color glass or a rose color glasses. Some

1105
00:49:42,560 --> 00:49:44,680
Speaker 2: people would say, oh, that's true, Yeah it's rose colored.

1106
00:49:45,080 --> 00:49:47,680
Speaker 2: I guess I saw a rainbow color glasses. I like

1107
00:49:47,719 --> 00:49:48,200
Speaker 2: the name for this.

1108
00:49:48,440 --> 00:49:50,799
Speaker 1: This is a Sherbert style beer, and I don't think

1109
00:49:50,800 --> 00:49:53,279
Speaker 1: I've ever had a beer that had this kind of

1110
00:49:53,280 --> 00:49:56,440
Speaker 1: flavor profile. It definitely tasted like Sherbert ice cream, but

1111
00:49:56,560 --> 00:49:59,239
Speaker 1: in beer form, and to me, I don't know that

1112
00:49:59,360 --> 00:50:03,040
Speaker 1: was joy. It was this lovely combination of sweet and sour.

1113
00:50:03,600 --> 00:50:05,279
Speaker 1: So I dug it.

1114
00:50:05,239 --> 00:50:07,680
Speaker 2: I have a nice little bit of effervescence from the

1115
00:50:07,719 --> 00:50:09,880
Speaker 2: combination as well. It made me feel like I just

1116
00:50:09,920 --> 00:50:12,719
Speaker 2: got that. I'm walking away from the ice cream truck,

1117
00:50:12,920 --> 00:50:15,200
Speaker 2: like it's you know, it's warming up here. And as

1118
00:50:15,200 --> 00:50:17,440
Speaker 2: a kid, and you remember hearing the music playing you

1119
00:50:17,560 --> 00:50:19,280
Speaker 2: right out to the street you get your ice cream

1120
00:50:19,640 --> 00:50:22,839
Speaker 2: or in this case, the fruity variety Sherbert, which you're

1121
00:50:23,080 --> 00:50:26,520
Speaker 2: seeing Sherbert, which is a popular pronunciation.

1122
00:50:26,040 --> 00:50:27,719
Speaker 1: But put the wrong one.

1123
00:50:27,840 --> 00:50:30,040
Speaker 2: No, No, I think a lot of folks say Sherbert

1124
00:50:30,360 --> 00:50:33,960
Speaker 2: Sherbert versus Sherbert. I always say Sherbert. Well, that's by

1125
00:50:34,000 --> 00:50:36,000
Speaker 2: the way. I think everyone's going to hear the dog's

1126
00:50:36,040 --> 00:50:37,839
Speaker 2: barking there in the background. But it's just the price

1127
00:50:37,880 --> 00:50:41,680
Speaker 2: we paid to record in a lovely residential area, whether

1128
00:50:41,719 --> 00:50:44,320
Speaker 2: it's leaf blowers in the background or the neighbors dogs.

1129
00:50:44,360 --> 00:50:47,000
Speaker 1: That's true. Yeah it happens sometimes, but yeah, no, I

1130
00:50:47,040 --> 00:50:48,680
Speaker 1: like this beer a lot. Big thanks to Jamie and

1131
00:50:48,680 --> 00:50:50,839
Speaker 1: her husband for sending us away. If you're ever down

1132
00:50:51,200 --> 00:50:53,840
Speaker 1: in Tampa, go to Ology.

1133
00:50:53,520 --> 00:50:57,040
Speaker 2: Tampa specifically because Ology had a different location and Jamie

1134
00:50:57,080 --> 00:51:00,880
Speaker 2: was saying that her husband led or spearheaded the Tampa location,

1135
00:51:01,239 --> 00:51:03,879
Speaker 2: which is awesome to hear that they're expanding, so sure, yeah,

1136
00:51:03,920 --> 00:51:04,840
Speaker 2: and we have expanded, I.

1137
00:51:04,840 --> 00:51:06,799
Speaker 1: Should say delicious beer looking forward to we got one

1138
00:51:06,800 --> 00:51:09,480
Speaker 1: more than Jamie Sentis will have on the next episode.

1139
00:51:09,600 --> 00:51:11,359
Speaker 1: So speaking of that, Matt, until next time.

1140
00:51:11,440 --> 00:51:13,880
Speaker 2: Yeah, let's get out of here before the dog Star party.

1141
00:51:14,120 --> 00:51:17,560
Speaker 1: Sorry made me crazy, So thanks. Thanks everybody for submitting

1142
00:51:17,560 --> 00:51:19,600
Speaker 1: your listener questions. If if you're listening and you're like,

1143
00:51:19,600 --> 00:51:21,480
Speaker 1: I've got a money question I want to ask Matt

1144
00:51:21,480 --> 00:51:23,839
Speaker 1: and Joel, well you can. We'd love to hear from you.

1145
00:51:23,840 --> 00:51:25,200
Speaker 1: You can just shoot it our way at how to

1146
00:51:25,239 --> 00:51:27,440
Speaker 1: Moneypod at gmail dot com, or you can go to

1147
00:51:27,600 --> 00:51:29,720
Speaker 1: how to money dot com slash ask for the simple

1148
00:51:29,760 --> 00:51:32,480
Speaker 1: instructions to submit your question. But Matt, that's it for

1149
00:51:32,520 --> 00:51:35,480
Speaker 1: this episode, all right, until next time. Best Friends Out

1150
00:51:35,520 --> 00:51:36,239
Speaker 1: Bes Friends Out