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

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Speaker 1: and today we're answering your listener questions. That's very funny.

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Speaker 1: We've got a listener question Monday episode lined up for everybody,

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Speaker 1: and we're gonna get to five great questions that listeners

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Speaker 1: sent our away. We're gonna get to a frugal or

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Speaker 1: cheap I love it when listeners sent in their frugal

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Speaker 1: er cheaps, because you know what, there's not necessarily a

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Speaker 1: right or wrong answer. We kind of have to navigate

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Speaker 1: the waters of friendship and familial expectations and just all

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Speaker 1: these other different aspects. You're dealing with cultural norms. That's right. Yeah, yeah, uh,

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Speaker 1: and so I like doing that a lot. But we're

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Speaker 1: gonna take a fugular cheap regarding a bachelorette party. I'm

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Speaker 1: looking forward to that. We've got a question about short

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Speaker 1: term employments how this listener can plan for that, And

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Speaker 1: a question too about putting more down towards the down

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Speaker 1: payment for a house that this listener is thinking about

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Speaker 1: getting looking forward to that, plus two others during this episode. Yeah, man,

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Speaker 1: should be good. I want to quickly. Will be good?

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Speaker 1: It will be good. I agree with you. Well, I

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Speaker 1: just wanted to say that I'm not sure how many

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Speaker 1: listeners out there have Triple A as kind. I forget

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Speaker 1: what it costs a year. I think we paid something

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Speaker 1: like seventy dollars a year to A. Yeah, and it's

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Speaker 1: one of those things where my mind it was like

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Speaker 1: a couple or something like, oh no, I don't think. No,

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Speaker 1: it's not that m more forward something like seventy or

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Speaker 1: eighty bucks. Um. But we uh, I don't know if

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Speaker 1: we've talked about the fact that our family does pay

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Speaker 1: for Triple A, mostly at my wife's insistence. She's like, no,

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Speaker 1: we've got this old car. We only only got one car.

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Speaker 1: We need to get Triple A. And I was like,

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Speaker 1: I get it, okay, all right. So I succumbed thinking

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Speaker 1: that you know what I'd rather in the event of

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Speaker 1: a necessary towing I'd rather just pay the toe company directly,

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Speaker 1: although that can get expensive. Um. And actually she was

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Speaker 1: she was proved right in this instance. Okay, we we

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Speaker 1: have actually had to use our Triple A coverage or

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Speaker 1: been able to use it just kind of makes it easy.

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Speaker 1: Used it twice, um, so far in the past six

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Speaker 1: months this year. I thought, right, was it earlier this

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Speaker 1: year that it was that I got that flat tire

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Speaker 1: and they changed changed day. Yeah, yeah, that was just

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Speaker 1: a nice things. We had so many other things going

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Speaker 1: on and they came and changed changed the tire. Something

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Speaker 1: I can do. I prefer not to do, you know

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Speaker 1: what I'm saying. But uh, and then this pastime, my

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Speaker 1: something happened to our crank Pully broke on on the

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Speaker 1: minivan on Homer so so technical cranker, so it literally

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Speaker 1: fell off beneath the car. Mo I was like stranded. Um,

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Speaker 1: you know, about twenty minutes from home and we have

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Speaker 1: one car, so I can't pick her up and stuff.

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Speaker 1: So Triple A helped out in a big way to

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Speaker 1: the rescue. Yeah, and so I just wanted to say that.

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Speaker 1: Sometimes we've talked about how if you decided to become

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Speaker 1: a one car family, there are other considerations that you

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Speaker 1: have to make and potentially other expenses. For instance, uh,

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Speaker 1: I chair, you have to allocate a little more money

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Speaker 1: towards potentially taking more Uberts or something like that. Um,

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Speaker 1: and another thing you're gonna have to consider. You might

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Speaker 1: want to get Triple A. You might want to spend

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Speaker 1: the seventy or eighty bucks a year, especially if you're

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Speaker 1: one car is an older car like ours, and there's

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Speaker 1: more to go wrong. Thin plus years old, right, so

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Speaker 1: um yeah, I think it's Homer is a little bit older,

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Speaker 1: how uh yeah, a little bit newer, yes, but not

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Speaker 1: not much newer. Honestly, I feel like we're kind of

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Speaker 1: catching up to you'all over a decade old now in mileage.

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Speaker 1: Holy cow, yeah it ten years old. That's crazy thing.

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Speaker 1: I didn't even think about that, but you're right, yeah,

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Speaker 1: in minds like, um, se years old. So it's yeah,

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Speaker 1: they're getting long in the tooth, but it's it's still

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Speaker 1: I'm still glad that that's the one car we have

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Speaker 1: and we want to stick to that. But it does

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Speaker 1: mean probably some you know, some additional maintenance expenses. But

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Speaker 1: one of the things, like the repairs that we did

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Speaker 1: to the car that crank Polly was something like two

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Speaker 1: hundred and fifty dollars to fix it. Not bad. And

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Speaker 1: when I spent that money, when I when I gave

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Speaker 1: that to my local mechanic, I gave it to him

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Speaker 1: gladly because I was like, you know, what if we

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Speaker 1: were to get a newer car and had a payment

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Speaker 1: on it that would be less than one month's payment order.

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Speaker 1: The Tower Bucks would be like a quarter of new

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Speaker 1: car page exactly. So I'm like, let's keep this, which

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Speaker 1: I hate, this probably running, keeping a good condition and

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Speaker 1: all is good. Totally agree. I think it's a good

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Speaker 1: way of thinking about it to approach some of these

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Speaker 1: expenses that are inevitable as a necessary small expense, especially

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Speaker 1: when you are comparing it to the amount of money

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Speaker 1: that you're saving. Um. But even I don't know, I

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Speaker 1: do want to push back a little bit because I mean,

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Speaker 1: how often have you ever had a car toad before?

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Speaker 1: Because in my entire I have I don't think I

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Speaker 1: literally have never gotten a car toad. I will say

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Speaker 1: it's one of those insurance items that is we could

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Speaker 1: have just paid for the toe and it probably would

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Speaker 1: have cost us like a dollar. Yeah, that's what I

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Speaker 1: gonna say. It's like like nar Bucks. Uh. And you're

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Speaker 1: probably right if you were to break it down over

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Speaker 1: a period of ten or twelve years, I would probably

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Speaker 1: save more by not having triple. And then you talked

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Speaker 1: about like that, my wife would be mad at me

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Speaker 1: and it wouldn't be worth it, and there you go.

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Speaker 1: And so that's something else you have to consider. So

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Speaker 1: it depends on what kind of flexibility you have, who

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Speaker 1: else is going to be driving that vehicle, and what

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Speaker 1: risk that they're going to assume. But like, even like

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Speaker 1: the car, even the flat higher thing. I think we've

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Speaker 1: we've talked about this on the show before, but you

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Speaker 1: can spend twenty bucks and buy a tire repair kit

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Speaker 1: on Amazon that comes with like twenty or thirty little

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Speaker 1: of these rubber like plugs you like, jam it inside

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Speaker 1: the tire and you pull it, you know, pull it out,

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Speaker 1: and you cut it. I literally did that a few

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Speaker 1: months ago. It is it's not too difficult to do,

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Speaker 1: although if it's kind of hard to reach, it can

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Speaker 1: be very difficult to get to. But I just wanted

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Speaker 1: to highlight that there are other options as well. Even

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Speaker 1: you know, again we have we've got a single car,

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Speaker 1: and we're not leaving the house maybe quite as much

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Speaker 1: as y'all are, you know, with Emily, she's in school

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Speaker 1: right now, and so I think y'all are commuting a

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Speaker 1: little bit more. So maybe if we were in a

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Speaker 1: situation like that, there's a good chance that we that

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Speaker 1: we might also pay for for triple as well. Okay,

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Speaker 1: all right, just want to that, you know, it's like

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Speaker 1: it's insurance fire patch kit, though it's kind of like

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Speaker 1: turn life insurance. What's the likelihood I'm gonna die in

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Speaker 1: the next twenty years? Like, you know, not likely, not

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Speaker 1: not super likely, but it's good to have if there's

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Speaker 1: piece of mind involved, and that means something. Absolutely all right,

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Speaker 1: But let's let's be von Matt. The beer that we're

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Speaker 1: having on this episode is called Aspect Ratio. It's by

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Speaker 1: Spyglass Brewing Company. Listener Gary sent this one to us.

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Speaker 1: He hosts a podcast called The Fat and Broke Podcast,

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Speaker 1: and so yeah, big thanks to Gary. I'm telling you, man,

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Speaker 1: this beer looks incredible. Can't wait to give our thoughts

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Speaker 1: at the end of the episode, and it tastes incredible.

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Speaker 1: We will give the full breakdown later on, but let's

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Speaker 1: go ahead and get to our questions for this episode.

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Speaker 1: If you are listening and you've never heard and asked

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Speaker 1: How the Money episode, we want you to know that

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Speaker 1: you too, can submit your own listener question by just

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Speaker 1: recording a voice memo on your phone and emailing it

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Speaker 1: to us at How the Money Pod at gmail dot com.

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Speaker 1: But Joel, let's go ahead and get to that first question, uh,

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Speaker 1: surrounding short term employment. Hi, Joel and Matt. I recently

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Speaker 1: accepted a position with the nonprofit, and I'll be working

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Speaker 1: under a grant that is only guaranteed to have funding

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Speaker 1: for one year. I currently have a two months emergency fund.

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Speaker 1: I won't be eligible for the organizations for OH one

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Speaker 1: K or any matching until I have worked for the

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Speaker 1: company for a year. I'm wondering if I should prioritize

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Speaker 1: ramping up my emergency fund over funding my wrath IRA

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Speaker 1: knowing that my position maybe gone in a year, or

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Speaker 1: if I should continue to work towards maxing out my

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Speaker 1: IRA account while still putting small amounts forwards my emergency fund,

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Speaker 1: but not making it my top priority. Love the show, cheers, oh,

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Speaker 1: short term employment question, looking forward to chatting about this,

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Speaker 1: And Jessica mentioned that she's got a two month emergency fund, which,

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Speaker 1: in the grand scheme to things, considering what most people

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Speaker 1: have in their savings account, that's pretty good, right, um

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Speaker 1: and and so yeah, definitely, Jessica would say give yourself

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Speaker 1: some credit for getting to that point because there's a

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Speaker 1: lot of folks, still a massive amount of people in

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Speaker 1: our country who are living paycheck to paycheck, even Matt.

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Speaker 1: I think we recently highlighted how many people making more

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Speaker 1: than a hundred grand are still living paycheck to paycheck.

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Speaker 1: Something close to half the country with an income of

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Speaker 1: that amount live paycheck to paycheck. They're counting on that

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Speaker 1: next check showing up. They don't have that margin in

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Speaker 1: their life. Yeah, they haven't had the foresight to save

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Speaker 1: even a portion of what they're making to prepare themselves

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Speaker 1: for an unfortunate event. But um and and Jessica is

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Speaker 1: not not taking that tact, which I appreciate. But let's

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Speaker 1: let's cut to the chase. Because um giving, given your

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Speaker 1: more tenuous situation, Jessica, namely a job that might not

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Speaker 1: be around twelve months from now, it's smart to prioritize

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Speaker 1: and having more cash on hand in case that grant

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Speaker 1: doesn't get renewed and you've got to start pounding the

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Speaker 1: pavement for something else in a year. I think, especially

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Speaker 1: the fact that you know that this is coming to

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Speaker 1: an end, it at least gives you the foresight to

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Speaker 1: be able to prepare even more than you otherwise would

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Speaker 1: be able to. Matches like this job has an expiration date,

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Speaker 1: how do I prepare in the meantime. Uh, it's Jessica. Yeah.

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Speaker 1: How much money you should have in cash, it's largely

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Speaker 1: dependent on your specific situation. Like a lot of money

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Speaker 1: quote unquote gurus out there, they're gonna encourage everyone to

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Speaker 1: have a minimum of six months cash on hand, and

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Speaker 1: they'll even say that twelve months is what like everybody

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Speaker 1: out there should actually strive for. But that's of course

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Speaker 1: easier said than done, and it's not even necessarily true

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Speaker 1: because if you're trying to pay off credit card debt,

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Speaker 1: then that becomes a more important goal than amassing just

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Speaker 1: this massive, fully funded emergency fund. Uh. And let's say

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Speaker 1: you're a two income household with steady jobs and a

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Speaker 1: source of passive income. Well, you can probably afford to

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Speaker 1: skate by a little bit while having maybe a little

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Speaker 1: bit less in your savings account without fretting. And that's

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Speaker 1: actually we're having a bare bones budget comes in handy.

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Speaker 1: We actually talked about that back in episode three sixty two.

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Speaker 1: But knowing that you can cut back in a big

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Speaker 1: way at a moment's notice is really powerful, and it

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Speaker 1: can allow you to have less money sitting there idle

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Speaker 1: in your savings account. Yeah, I think that bare bones

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Speaker 1: budget is a really helpful exercise for anyone to do,

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Speaker 1: because it does help you realize, wait a second, I

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Speaker 1: see what my monthly expenses are, but I could actually

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Speaker 1: live on two thirds of those overall expenses. I could

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Speaker 1: cut back here, here, here, and here. And if you've

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Speaker 1: done that exercise and you know what you could get

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Speaker 1: by on, it actually makes you realize that you could

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Speaker 1: extend your emergency fund even further, um, that it would

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Speaker 1: last for longer than you otherwise thought it would. And Matt,

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Speaker 1: that brings us to the question of the wrath I array, Uh,

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Speaker 1: you and I we, of course we love this retirement account.

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Speaker 1: We've talked about it many times over the years. We've

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Speaker 1: dedicated entire episodes to it. But yeah, we we typically

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Speaker 1: the beauty of think that's what we call it. We're

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Speaker 1: like behold in all its glory on the choir eanngels saying,

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Speaker 1: and you know, we still, of course feel that way,

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Speaker 1: but we typically don't want you to prioritize your wrath

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Speaker 1: before setting aside at least a solid three months of

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Speaker 1: living expenses in your emergency fund. Um. We talked about

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Speaker 1: this in depth back in episode three O two so

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Speaker 1: that's another one to listen back to. That was our

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Speaker 1: episode about money gears and and since you've already got

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Speaker 1: two months worth, I'm guessing that it shouldn't take too

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Speaker 1: long before you're at three. If you're dedicated, as it

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Speaker 1: sounds like you are, Jessica. However, the timing of your question,

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Speaker 1: I would say, is really important, and it means we're

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Speaker 1: going to modify what we typically recommend. Since you have

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Speaker 1: less than a month left to contribute to your roth

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Speaker 1: IRA the deadline is April eighteenth, we think you should

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Speaker 1: contribute that money to your WRATH even though your emergency

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Speaker 1: fund isn't stocked as you'd like it to be. It's

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Speaker 1: because the clock is ticking right and unfortunately, once that

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Speaker 1: window closes, you'll never be able to make up for

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Speaker 1: those missed contributions. It's yeah, you're you're out of luck.

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Speaker 1: If you don't contribute a SAP. That is a window

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Speaker 1: that you will never be able to reopen. It's like

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Speaker 1: a time portal that completely closes. But you know, Jessica,

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Speaker 1: even though you make those contributions, you shouldn't necessarily invest

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Speaker 1: that money just yet. You actually want it sitting on

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Speaker 1: the sidelines at least for the time being. See this

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Speaker 1: is where you actually can have your cake and you

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Speaker 1: can eat it too. You know. One of our favorite

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Speaker 1: things about the roth Ira is that you can actually

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Speaker 1: use it as a backup emergency fund if you need

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Speaker 1: to in the future. Uh. And since you've already paid

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Speaker 1: tax on any contributions, you can pull out those contributions

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Speaker 1: without any tax consequences and so put some money in

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Speaker 1: there if you can. And since those contributions aren't invested,

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Speaker 1: you don't run the risk of that balance decreasing in

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Speaker 1: the short term due to market volatility. And then once

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Speaker 1: you do have an actual three months worth of living

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Speaker 1: expenses set aside as cash in your hopefully in a

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Speaker 1: high interest savings account, then you can put those roth

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Speaker 1: Ira contributions to work by actually investing it, uh in

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Speaker 1: a you know, simple index fund like an SMP five

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Speaker 1: hundred or total stock market index fund. Yeah. I like

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Speaker 1: that in vice Matt, because in less than a month,

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Speaker 1: you won't have a chance to contribute for that time period. Again,

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Speaker 1: so getting it in there but leaving it essentially in

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Speaker 1: in liquid cash form so it's not in the market,

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Speaker 1: makes a whole lot of sense, because this is money

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Speaker 1: she might need to use in the near future. So so, Jessica,

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Speaker 1: just a quick recap. Max out you RATH contributions before

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Speaker 1: April eighteenth, if possible for you, but don't invest the

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Speaker 1: money just yet, and then save up enough so that

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Speaker 1: you have at least three months of expenses in your

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Speaker 1: emergency fund. Do that over the next I don't know, five, six,

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Speaker 1: eight months, you know, while you're working, and then you

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Speaker 1: can actually invest the money that you've contributed to your

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Speaker 1: WRATH once you're at that point points. So hopefully that

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Speaker 1: all makes sense. We don't often deviate from our money gears,

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Speaker 1: but in personal finance is of course personal, and you

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Speaker 1: have an interesting situation. We want you to be able

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Speaker 1: to investor your future, even in a period where you've

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Speaker 1: got a short term job and things are a little

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Speaker 1: more up in the air um as to to where

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Speaker 1: they're going to go from here for you. But yeah,

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Speaker 1: given the timeliness of your question, we think it makes

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Speaker 1: sense for you to get money in the RATH, even

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Speaker 1: though your fund is it quite where you wanted to

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Speaker 1: be yet exactly. And that, dude, this is what why

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Speaker 1: I love listener questions because it allows us to kind

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Speaker 1: of dive into the nuances and the details of an

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Speaker 1: individual situation. Uh, in order for us to give like

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Speaker 1: more artistic advice, right, because we've got our money gears.

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Speaker 1: But the fact is, man, we're not like ideologues. We're

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Speaker 1: not super fundamentalists here where we're gonna say no, matter what,

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Speaker 1: you always have to do exactly what we say. It depends.

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Speaker 1: It depends on the dollar amounts. And like, we do

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Speaker 1: have general rules that we want folks to follow. When

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Speaker 1: we're able to get some of these you know, nuanced details,

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Speaker 1: that does allow us to give even better advice because

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Speaker 1: in this case, Jessica may have missed out on six

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Speaker 1: thousand dollars worth of investing that she would never have

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Speaker 1: been able to contribute to that account again. Yeah, and

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Speaker 1: that is one of the biggest problems I think in

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Speaker 1: the personal finance space is really hard and fast rules

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Speaker 1: that they apply to everyone, regardless of their situation, whether

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Speaker 1: it's don't ever use a credit card or don't ever

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Speaker 1: buy a new car, or don't ever take out a

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Speaker 1: loan on this or such. Yeah, it's like those those

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Speaker 1: hard and fast rules can lead to people taking actions

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Speaker 1: that aren't appropriate for their situation. I get it because

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Speaker 1: sometimes those rules apply to nine plus percent of the

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Speaker 1: population and you're trying to keep people from being their

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Speaker 1: own worst enemy, and people can use those tools improperly.

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Speaker 1: But that's that's where it takes a deeper discussion and

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Speaker 1: some new ones. So Jessica, hope that helps best of

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Speaker 1: luck in this short term job. I hope it turns

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Speaker 1: into something full time in the near future. Um, if

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Speaker 1: that's what you want. But all right, Matt, we've got

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Speaker 1: more questions to get to, including that bachelorette party for

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Speaker 1: rule or cheap. Will get to that and more right

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Speaker 1: after this. All right, we are back, and before we

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Speaker 1: get to that bachelorette conundrum, let's hear from a listener

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Speaker 1: who wants to buy a house, and how's a question

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Speaker 1: about the down payment? Hey, Matt and Joel, this is

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Speaker 1: Aaron in Ukaypa, California, and I'm super grateful for all

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Speaker 1: to help you give to us listeners. So I think

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Speaker 1: my wife and I are on money gear number seven

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Speaker 1: and we really want to buy our first home. We

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Speaker 1: know we're going to pay at least down, but our

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Speaker 1: current single modest income would still not keep our California

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Speaker 1: mortgage under that housing costs threshold, unless that is, we

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Speaker 1: made an especially large down payment. I figure if we

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Speaker 1: pay up to thirty to thirty down, our mortgage payments

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Speaker 1: could be more reasonable, though that would obviously deplete more

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Speaker 1: of our investments. So do you think it makes sense

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Speaker 1: to up our down payment since we're on a single income,

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Speaker 1: or does it make more sense to just pay down,

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Speaker 1: keep more of our money in the market and maybe

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Speaker 1: even use our investments to supplement our mortgage payments or

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Speaker 1: something else. Really appreciate your input and hope to see

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Speaker 1: you guys make a tour stop and so cal someday.

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Speaker 1: Oh man, lovely southern California, where it's always funny, where

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Speaker 1: it's always funny, and where the beers are always delicious.

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Speaker 1: Is that is true? Yeah? So if we if we

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Speaker 1: can maybe coordinate stops at like Monkish the Brewery Fire

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Speaker 1: sound Walker, I mean, we need to put that on

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Speaker 1: our list and to get back there soon. They're they're

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Speaker 1: just so many great breweries out there. I don't maybe

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Speaker 1: some of my favorite breweries are in that like Vermont region,

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Speaker 1: but I think Southern California has definitely an argument to

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Speaker 1: be made for having like the most great breweries in

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Speaker 1: a small area, the weather, yeah yes, and so yeah.

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Speaker 1: The only reason we're not moving out there though is

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Speaker 1: cost of living. It's it's too expensive, as Aaron knows,

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Speaker 1: and so yeah, home down payments are are there one

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Speaker 1: of those things you know, we were just talking before

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Speaker 1: the break about these rules of thumb that personal finance

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Speaker 1: experts have and that they divvy out and they tell

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Speaker 1: everyone that they need to abide by them. Well, this

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Speaker 1: is another one of those things where you you must

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Speaker 1: have this amount of money to put down, but so

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Speaker 1: much of it applies to your specific situation. And I

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Speaker 1: think you know that's the case. Actually with with Aaron's question,

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Speaker 1: you know, some folks will tell you, told me by

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Speaker 1: real estate, if you've got the cash, like literally to

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Speaker 1: pay cash for a house, and others say that you

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Speaker 1: should start building wealth by purchasing a primary home as

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Speaker 1: soon as possible, no matter how much money you have

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Speaker 1: to put down. Uh, you know, even if you've got

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Speaker 1: little to no cash on hand for down payment and

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Speaker 1: closing costs, it doesn't matter. Get in the house. Well,

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Speaker 1: we hear at how the money we tend to of

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Speaker 1: course straddle the middle. So maybe let's do our best

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Speaker 1: to give Aaron some thoughtful advice. Yeah, and you know,

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Speaker 1: generally speaking, we do like our listeners to prioritize a

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Speaker 1: minimum down, you know, specifically to avoid having to pay

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Speaker 1: extra in private mortgage insurance every month. Those costs really

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Speaker 1: add up, right, If you were to get a mortgage,

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Speaker 1: say for three thousand dollars, you could easily be paying

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Speaker 1: three dollars a month to cover p m I. And

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Speaker 1: on top of that, it's wise to have saved a

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Speaker 1: bundle in cash above and beyond that for closing costs

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Speaker 1: necessary repairs. But there's nuance in this answer as well,

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Speaker 1: because Aaron, the longer that you plan on staying in

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Speaker 1: this home, the less risky it is to put less

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Speaker 1: money down. You're able to spread the closing costs out

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Speaker 1: over a longer period of time, and you were less

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Speaker 1: likely to be affected by those shorter term declines and

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Speaker 1: home values. But you're you're talking about putting even more down,

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Speaker 1: which is a question that we don't get all that often.

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Speaker 1: It's like the kid who's getting a hundred in the

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Speaker 1: class and they're like, what can I do for extra credit? Teacher,

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Speaker 1: And it's like, you don't really, you don't really have to,

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Speaker 1: but um, okay, so so let's let's get a feeling

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Speaker 1: that Aaron was perhaps the he might have been. And so, Matt,

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Speaker 1: what you said is right. But I like where Aaron's

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Speaker 1: head is at, Like he he wants to keep those

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Speaker 1: monthly mortgage payments manageable, which I think is is a

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Speaker 1: good goal in an expensive market like southern California, that's

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Speaker 1: hard to do. Write home prices um are not cheap.

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Speaker 1: And so by saving more money to go towards that

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Speaker 1: down payment, that is exactly what he's accomplishing. He's able

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Speaker 1: to put more down upfront and lower those monthly his

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Speaker 1: monthly obligation. But do you unleash this money at the

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Speaker 1: closing table, that's the big question, or do you keep

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Speaker 1: it invested in? Yes, that is this question. And you know,

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Speaker 1: much of this depends on what type of investment account

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Speaker 1: the money is in. For instance, if it's in a

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Speaker 1: brokerage accounting, that money has been invested for at least

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Speaker 1: a year, it's not a bad idea to tap some

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Speaker 1: of those funds, right. He'll have to prepare to pay

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Speaker 1: some capital gains tax though if he does that. But

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Speaker 1: if we're talking about money that hasn't been invested for

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Speaker 1: long or if we're talking about money in a retirement account,

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Speaker 1: then we would say that's a no go, because then

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Speaker 1: the taxes and the penalties become prohibitive. Basically, we'd rather

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Speaker 1: you have a larger mortgage payment. Agreed. Yeah, taxes and

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Speaker 1: penalties are the two reasons why you want to avoid

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Speaker 1: snagging money from your investments when possible. But something I

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Speaker 1: wanted to point out was something that Aaron said there

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Speaker 1: at the beginning of his question, which is that he

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Speaker 1: and his wife that he thinks that they're pretty much

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Speaker 1: on money gear number seven. He didn't say how long

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Speaker 1: they've been there, he didn't say how large their investment

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Speaker 1: portfolio is, but it sounds like that they are in

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Speaker 1: a really healthy financial position, so much so that I

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Speaker 1: think they could afford a slightly higher monthly payment that

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Speaker 1: starts to creep even above that of their monthly expenses threshold.

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00:19:54,880 --> 00:19:56,600
Speaker 1: And mainly because they've gone through all the gears. They've

429
00:19:56,600 --> 00:19:59,080
Speaker 1: got a fully funded emergency fund, they've got no debt whatsoever,

430
00:19:59,600 --> 00:20:02,080
Speaker 1: they've no xed out the retirement accounts. Like sure, their

431
00:20:02,119 --> 00:20:05,000
Speaker 1: their mortgage payment might be higher than what they would

432
00:20:05,080 --> 00:20:07,320
Speaker 1: like to see, but I think it's okay. To slow

433
00:20:07,400 --> 00:20:11,119
Speaker 1: down their savings rate. If home ownership in southern California,

434
00:20:11,160 --> 00:20:13,639
Speaker 1: if that's a high priority for them, They've been making,

435
00:20:13,840 --> 00:20:16,560
Speaker 1: you know, such smart moves for years that I think

436
00:20:16,560 --> 00:20:19,880
Speaker 1: they can now make this dream perhaps of home ownership

437
00:20:19,960 --> 00:20:23,560
Speaker 1: possibility for them. No, I completely agree. Again, personal situation matters,

438
00:20:23,560 --> 00:20:27,200
Speaker 1: and and and you know, the traditional advice to make

439
00:20:27,359 --> 00:20:31,919
Speaker 1: your home no more than your monthly expenses makes sense.

440
00:20:32,160 --> 00:20:34,280
Speaker 1: But if you're basically at the point of financial independence,

441
00:20:34,280 --> 00:20:36,919
Speaker 1: like Aaron and his wife are, then I think you

442
00:20:36,960 --> 00:20:40,440
Speaker 1: can afford to make slightly different decisions with with your money.

443
00:20:40,680 --> 00:20:43,080
Speaker 1: And the bottom line is that in either case, Aaron,

444
00:20:43,440 --> 00:20:45,560
Speaker 1: your your money is going to be invested somewhere. It's

445
00:20:45,600 --> 00:20:47,320
Speaker 1: either invested in the market or it's going to be

446
00:20:47,359 --> 00:20:50,160
Speaker 1: invested in real estate inside of this house. And so

447
00:20:50,280 --> 00:20:51,879
Speaker 1: I think Matt and I tend to think of this

448
00:20:51,960 --> 00:20:54,120
Speaker 1: as six of one or half dozen of the other.

449
00:20:54,840 --> 00:20:59,160
Speaker 1: It doesn't really matter all that much whether you leave

450
00:20:59,280 --> 00:21:02,480
Speaker 1: your you know, that money invested, or whether you're pulling

451
00:21:02,520 --> 00:21:04,600
Speaker 1: it out now and taking it to the closing table.

452
00:21:04,880 --> 00:21:07,040
Speaker 1: You know, even though the technical definition of being house

453
00:21:07,080 --> 00:21:10,000
Speaker 1: for is when your mortgage payments are too high, you're

454
00:21:10,000 --> 00:21:12,520
Speaker 1: still talking about purchasing the same house. It's not like

455
00:21:12,560 --> 00:21:15,160
Speaker 1: you're saying, well, I would probably opt for this less

456
00:21:15,160 --> 00:21:17,280
Speaker 1: expensive house, because if that was the case, that's a

457
00:21:17,320 --> 00:21:19,760
Speaker 1: different answer. And if push comes to shove, you can

458
00:21:19,760 --> 00:21:22,240
Speaker 1: always sell some of your investments down the road. So

459
00:21:22,280 --> 00:21:24,199
Speaker 1: either way you're spending that money on housing. It's just

460
00:21:24,480 --> 00:21:28,040
Speaker 1: a matter of doing that upfront with your down payment

461
00:21:28,280 --> 00:21:31,200
Speaker 1: or spreading it out over time throughout your mortgage payments.

462
00:21:31,240 --> 00:21:33,879
Speaker 1: And so there just really isn't a right or wrong answer.

463
00:21:34,119 --> 00:21:36,920
Speaker 1: It's more about what gives you the most peace of mind.

464
00:21:37,000 --> 00:21:39,560
Speaker 1: Is it having your your money in the market working

465
00:21:39,600 --> 00:21:42,359
Speaker 1: for you uh and continuing to build wealth for you,

466
00:21:42,480 --> 00:21:44,280
Speaker 1: or is it kind of being a little bit more

467
00:21:44,280 --> 00:21:47,679
Speaker 1: conservative and making sure that your monthly mortgage payments are

468
00:21:47,720 --> 00:21:50,920
Speaker 1: more manageable exactly. I will highlight one other threshold because

469
00:21:50,960 --> 00:21:53,720
Speaker 1: we were talking about mark in order to make sure

470
00:21:53,720 --> 00:21:56,320
Speaker 1: that you'll eliminate that p M I. But the Wall

471
00:21:56,320 --> 00:21:58,600
Speaker 1: Street Journal is talking about how it is good to

472
00:21:58,600 --> 00:22:01,280
Speaker 1: shop around and make sure that you are able to

473
00:22:01,400 --> 00:22:03,800
Speaker 1: lower the lender fees, and you can do that by

474
00:22:04,080 --> 00:22:08,680
Speaker 1: not putting and so Aaron, as you are talking to lenders,

475
00:22:08,840 --> 00:22:11,359
Speaker 1: see what kind of difference that makes in order to

476
00:22:11,520 --> 00:22:13,119
Speaker 1: remove some of those fees, because that might be a

477
00:22:13,119 --> 00:22:15,240
Speaker 1: threshold that you know, might make a little bit more sense,

478
00:22:15,400 --> 00:22:18,600
Speaker 1: not necessarily to reduce your monthly mortgage payment, but to

479
00:22:18,760 --> 00:22:21,000
Speaker 1: actually reduce some of those costs in order to score

480
00:22:21,000 --> 00:22:23,320
Speaker 1: that mortgage. Yeah, I agreed. It's it's certainly worth asking

481
00:22:23,359 --> 00:22:25,400
Speaker 1: the question and bring more money to the table if

482
00:22:25,400 --> 00:22:27,800
Speaker 1: it's gonna save you money on fees and it's not

483
00:22:28,080 --> 00:22:30,320
Speaker 1: prohibitively difficult, if it's not locked up in one of

484
00:22:30,359 --> 00:22:33,160
Speaker 1: your retirement accounts, that's you know, that's a different story.

485
00:22:33,280 --> 00:22:35,439
Speaker 1: All right. Let's get to that frugal or cheap question now,

486
00:22:35,480 --> 00:22:38,119
Speaker 1: Matt about going to this bachelortte party. Let's help Alex

487
00:22:38,160 --> 00:22:41,280
Speaker 1: make a great decision. Hello, Matt and Joel. This is

488
00:22:41,280 --> 00:22:43,760
Speaker 1: Alice calling from Philadelphia. I'm wondering if I'm being the

489
00:22:43,800 --> 00:22:45,680
Speaker 1: cheap one in my friend group, if I'm willing to

490
00:22:45,720 --> 00:22:49,040
Speaker 1: skip my friends bachelorette party just over the cost of it.

491
00:22:49,720 --> 00:22:52,200
Speaker 1: She wants this party to be a surprise for her,

492
00:22:53,040 --> 00:22:55,040
Speaker 1: so she has a mutual friend of ours planning it.

493
00:22:55,560 --> 00:22:57,240
Speaker 1: I tried to talk to this mutual friend about the

494
00:22:57,280 --> 00:22:59,720
Speaker 1: cost in the past and he's brushed me off every

495
00:22:59,720 --> 00:23:01,880
Speaker 1: single time, so I just left it at. I told

496
00:23:01,920 --> 00:23:04,000
Speaker 1: him my budget for the entire wedding, and that I

497
00:23:04,040 --> 00:23:05,879
Speaker 1: was only looking to spend seven hundred fifty dollars and

498
00:23:05,880 --> 00:23:08,679
Speaker 1: that's what I set aside for it. Recently, though, he

499
00:23:08,760 --> 00:23:10,680
Speaker 1: told us that we all owe him two hundred and

500
00:23:10,720 --> 00:23:13,040
Speaker 1: seventy dollars for the hotel he book down in Miami,

501
00:23:13,280 --> 00:23:15,120
Speaker 1: and we should start looking for flights to get down

502
00:23:15,119 --> 00:23:18,000
Speaker 1: there too. So right now, flights in Miami out of

503
00:23:18,040 --> 00:23:22,320
Speaker 1: Philadelphia about five hundred dollars, and so I'm way past

504
00:23:22,320 --> 00:23:25,119
Speaker 1: the budget. I told him. Knowing this, I reached out

505
00:23:25,160 --> 00:23:27,240
Speaker 1: to him, trying to talk about compromises we could do

506
00:23:27,280 --> 00:23:29,320
Speaker 1: to bring down the cost, maybe a different location or

507
00:23:29,680 --> 00:23:32,920
Speaker 1: a cheaper hotel in general. He was shocked and taken

508
00:23:32,960 --> 00:23:35,680
Speaker 1: it back that I wasn't willing to spend however much

509
00:23:35,720 --> 00:23:39,159
Speaker 1: it told to make this her dream party. So the

510
00:23:39,240 --> 00:23:41,840
Speaker 1: last we left it at was me telling him, if

511
00:23:41,920 --> 00:23:44,119
Speaker 1: it's this much money, I really can't afford to go.

512
00:23:44,240 --> 00:23:46,040
Speaker 1: I have other things going on in my life that

513
00:23:46,080 --> 00:23:49,200
Speaker 1: I just can't afford to spend seven hundred plus dollars

514
00:23:49,680 --> 00:23:53,120
Speaker 1: in one weekend. So Matt and Joel am I being

515
00:23:53,160 --> 00:23:56,320
Speaker 1: the cheap one here, all right, Alex, thanks for that question,

516
00:23:56,640 --> 00:23:59,040
Speaker 1: and Joel man, like, what I don't want to do

517
00:23:59,200 --> 00:24:01,879
Speaker 1: is to make Alex whose friends here in this situation?

518
00:24:02,640 --> 00:24:04,840
Speaker 1: Like these really are tough decisions that all this face

519
00:24:04,960 --> 00:24:07,879
Speaker 1: at one time or another. Sometimes attending a fun event

520
00:24:07,920 --> 00:24:10,120
Speaker 1: with friends like that can mean spending money that we

521
00:24:10,240 --> 00:24:12,919
Speaker 1: might prefer to save. And a major part of the

522
00:24:12,920 --> 00:24:15,640
Speaker 1: reason that these decisions are so difficult is the peer

523
00:24:15,640 --> 00:24:18,879
Speaker 1: pressure that you face to spend money in ways that

524
00:24:18,920 --> 00:24:21,040
Speaker 1: you don't feel comfortable right, Like, and like it's not

525
00:24:21,080 --> 00:24:24,200
Speaker 1: always super obvious where folks are saying that, like, hey,

526
00:24:24,480 --> 00:24:26,600
Speaker 1: if you don't do this thing, you're no longer my friend.

527
00:24:26,880 --> 00:24:28,840
Speaker 1: I'm cutting you off and I'm never gonna see you again.

528
00:24:28,920 --> 00:24:31,879
Speaker 1: Like it's it's not usually that cutting dry exactly. Yeah,

529
00:24:32,000 --> 00:24:34,040
Speaker 1: we don't communicate that way. It's way it's way more

530
00:24:34,080 --> 00:24:36,480
Speaker 1: like undercover than that, And it's more about how we're

531
00:24:36,480 --> 00:24:38,800
Speaker 1: made to feel about our decision. It's not something that

532
00:24:38,880 --> 00:24:41,720
Speaker 1: is blatantly spoken about. But this sounds like this is

533
00:24:41,760 --> 00:24:44,080
Speaker 1: exactly what Alex is going through. Yeah, no, it does,

534
00:24:44,160 --> 00:24:47,240
Speaker 1: And I think you're right. I mean I think there

535
00:24:47,280 --> 00:24:50,360
Speaker 1: there are decisions that we have to make, especially especially

536
00:24:50,400 --> 00:24:52,959
Speaker 1: in those early years where our income may not be

537
00:24:53,000 --> 00:24:55,320
Speaker 1: where it's going to be five ten years from now,

538
00:24:55,560 --> 00:24:59,320
Speaker 1: where our expenses are are still high, where are savings

539
00:24:59,359 --> 00:25:02,640
Speaker 1: are Buddy, like they're they're still small. They're a very

540
00:25:02,680 --> 00:25:05,720
Speaker 1: thin margin between expenses and what I'm able to put

541
00:25:05,720 --> 00:25:07,960
Speaker 1: away towards retirement. And you're like, listen, I could cut

542
00:25:07,960 --> 00:25:10,159
Speaker 1: back on how much I'm contributing to my four oh

543
00:25:10,160 --> 00:25:11,840
Speaker 1: one K or something like that in order to make

544
00:25:11,840 --> 00:25:14,720
Speaker 1: this happen, But man, I don't know. That's not what

545
00:25:14,760 --> 00:25:16,639
Speaker 1: I want for myself. I have bigger goals. And so

546
00:25:16,720 --> 00:25:18,960
Speaker 1: it becomes a tough decision because you know, you could

547
00:25:18,960 --> 00:25:21,360
Speaker 1: do something you you know, I know, Alex could pull

548
00:25:21,359 --> 00:25:23,119
Speaker 1: a rabbit out of his hat and make this happen,

549
00:25:23,359 --> 00:25:25,760
Speaker 1: but that's not necessarily the best move for him either.

550
00:25:25,840 --> 00:25:27,840
Speaker 1: And so I do think he's going about this in

551
00:25:27,840 --> 00:25:30,080
Speaker 1: the right way. He set this budget for himself that

552
00:25:30,119 --> 00:25:33,520
Speaker 1: he feels comfortable with and that's important, and he's really

553
00:25:33,760 --> 00:25:35,960
Speaker 1: he's talking about it. Well, yeah, he's told the person

554
00:25:35,960 --> 00:25:38,320
Speaker 1: who's planning the getaway that like, hey, this is where

555
00:25:38,359 --> 00:25:40,080
Speaker 1: I'm at, And you know, he's being up front of that.

556
00:25:40,200 --> 00:25:42,680
Speaker 1: I think sometimes you feel uncomfortable and you go along,

557
00:25:42,800 --> 00:25:44,520
Speaker 1: or maybe you bail at the last minute, And that's

558
00:25:44,520 --> 00:25:46,600
Speaker 1: a different way, Like that's a that's a you problem,

559
00:25:46,680 --> 00:25:49,840
Speaker 1: that's a you needing to be be more forthright with

560
00:25:49,920 --> 00:25:51,760
Speaker 1: kind of your needs and how you're going to be

561
00:25:51,800 --> 00:25:54,639
Speaker 1: able to like actually participate in this weekend. Right, And

562
00:25:54,800 --> 00:25:56,560
Speaker 1: he even offered to help come up with a fun

563
00:25:56,600 --> 00:25:59,240
Speaker 1: plan for this party that doesn't blow his budget or

564
00:25:59,400 --> 00:26:02,240
Speaker 1: anybody else is. And I know that it's not easy

565
00:26:02,280 --> 00:26:04,399
Speaker 1: planning a trip like this to accommodate a bunch of

566
00:26:04,440 --> 00:26:07,480
Speaker 1: different people with different budgets. And it doesn't sound like

567
00:26:07,480 --> 00:26:11,399
Speaker 1: the person who's planning planning this took anybody's budget into consideration,

568
00:26:11,440 --> 00:26:13,760
Speaker 1: maybe at all. Um As evidenced by the fact that

569
00:26:13,760 --> 00:26:17,040
Speaker 1: he was shocked that Alex wasn't willing to spend whatever

570
00:26:17,040 --> 00:26:19,439
Speaker 1: it takes, shouldn't have come as a shock. Yeah, Alex

571
00:26:19,520 --> 00:26:23,680
Speaker 1: told him right, exactly, And but this isn't surprising considering

572
00:26:23,800 --> 00:26:25,800
Speaker 1: so many folks have never even set much of a

573
00:26:25,800 --> 00:26:28,320
Speaker 1: budget for themselves right in their own day to day lives.

574
00:26:28,320 --> 00:26:30,560
Speaker 1: They're like, what, what is a budget? And why are

575
00:26:30,560 --> 00:26:33,360
Speaker 1: you sticking to this? It doesn't make sense, and so yeah,

576
00:26:33,760 --> 00:26:35,960
Speaker 1: let alone to do that for a group planning a

577
00:26:36,000 --> 00:26:38,960
Speaker 1: special weekend get away. It's just foreign to so many

578
00:26:39,000 --> 00:26:41,760
Speaker 1: people and so like, it makes sense that this situation

579
00:26:41,840 --> 00:26:43,800
Speaker 1: comes up time and time again for so many people,

580
00:26:43,840 --> 00:26:46,560
Speaker 1: and it's happening for Alex. Now. Yeah, so Alex, even

581
00:26:46,680 --> 00:26:49,160
Speaker 1: if your friend or the planner isn't willing to change

582
00:26:49,160 --> 00:26:51,040
Speaker 1: these plans, I think you can find a way to

583
00:26:51,080 --> 00:26:53,679
Speaker 1: make this happen while still lowering your out of pocket

584
00:26:53,680 --> 00:26:56,560
Speaker 1: costs five bucks First of all, to Miami, that sounds

585
00:26:56,640 --> 00:27:00,480
Speaker 1: pretty stinking expensive a lot like, and so we would

586
00:27:00,480 --> 00:27:03,720
Speaker 1: recommend that you at least set up some fair alerts, uh.

587
00:27:03,760 --> 00:27:05,720
Speaker 1: And you can do that on Google Flights, so that

588
00:27:05,800 --> 00:27:08,720
Speaker 1: you can tell when a sale actually hits. And at

589
00:27:08,720 --> 00:27:11,080
Speaker 1: the same time, remember that Southwest those fairs, they don't

590
00:27:11,080 --> 00:27:13,480
Speaker 1: show up there in Google Flights, So go directly to

591
00:27:13,600 --> 00:27:17,400
Speaker 1: Southwest's website to see if they have some better pricing there.

592
00:27:17,760 --> 00:27:19,800
Speaker 1: And so that's one big expense. That's one big part

593
00:27:19,800 --> 00:27:23,760
Speaker 1: of this trip, the flights transportation. The other aspect of

594
00:27:23,760 --> 00:27:26,560
Speaker 1: it is housing the hotel. Is there a way that

595
00:27:26,600 --> 00:27:29,159
Speaker 1: you can potentially book a hotel that's pretty close but

596
00:27:29,200 --> 00:27:30,480
Speaker 1: you know, maybe a block or two a way that

597
00:27:30,560 --> 00:27:32,960
Speaker 1: doesn't you know, cost nearly as much, where you could

598
00:27:32,960 --> 00:27:35,680
Speaker 1: stay um or even better yet, like, is there a

599
00:27:35,720 --> 00:27:37,840
Speaker 1: possibility that you could room with another friend where you

600
00:27:37,840 --> 00:27:40,280
Speaker 1: could split the cost or even sleep on the couch.

601
00:27:40,800 --> 00:27:42,800
Speaker 1: That way, you know you're still together, you can still

602
00:27:43,000 --> 00:27:45,040
Speaker 1: be a part of the party. Uh, and you're not

603
00:27:45,160 --> 00:27:46,960
Speaker 1: missing out completely. I think there's a lot of ways

604
00:27:47,000 --> 00:27:49,399
Speaker 1: where you can cut some of these costs um or

605
00:27:49,480 --> 00:27:52,399
Speaker 1: even Like I'm thinking of even an alternative to like,

606
00:27:52,480 --> 00:27:55,000
Speaker 1: let's say you bail completely. I still think you can

607
00:27:55,040 --> 00:27:58,560
Speaker 1: celebrate your friend the bride to be by like reaching

608
00:27:58,560 --> 00:28:00,159
Speaker 1: out to her directly and just letting her or no

609
00:28:00,280 --> 00:28:03,520
Speaker 1: your situation, and then like seeing if there's a way

610
00:28:03,520 --> 00:28:06,399
Speaker 1: that you could plan a trip there where you all live. Right,

611
00:28:06,440 --> 00:28:09,080
Speaker 1: so I guess I'm assuming that she lives there in Philadelphia.

612
00:28:09,280 --> 00:28:11,520
Speaker 1: Maybe there's a weekend where you and some other friends

613
00:28:11,560 --> 00:28:14,479
Speaker 1: of hers can all get together and really celebrate and

614
00:28:14,520 --> 00:28:17,040
Speaker 1: go out and spend a good amount of money going

615
00:28:17,040 --> 00:28:20,240
Speaker 1: out for a single night, as opposed to also having

616
00:28:20,240 --> 00:28:22,280
Speaker 1: to pay for flights down to a city that you

617
00:28:22,320 --> 00:28:24,800
Speaker 1: don't normally live, also having to pay for housing when

618
00:28:24,800 --> 00:28:27,119
Speaker 1: you've got a great place up in Philadelphia where everyone

619
00:28:27,200 --> 00:28:29,879
Speaker 1: can crash. I think there are just other creative ways

620
00:28:29,960 --> 00:28:32,840
Speaker 1: where she can be celebrated that don't necessarily involve going

621
00:28:32,840 --> 00:28:34,520
Speaker 1: to Miami. And you could like pay for massage for

622
00:28:34,560 --> 00:28:36,040
Speaker 1: the two of you, kind of things you know that

623
00:28:36,080 --> 00:28:39,560
Speaker 1: sounds like twelve of you. Maybe not that might run

624
00:28:39,600 --> 00:28:42,240
Speaker 1: your foul the seven limit, but um and I think

625
00:28:42,240 --> 00:28:44,280
Speaker 1: one other thing, Matt, like you didn't mention this, but

626
00:28:44,360 --> 00:28:46,760
Speaker 1: maybe getting a credit card with some sign up bonus

627
00:28:47,040 --> 00:28:49,440
Speaker 1: something like that could afford you the ability to buy

628
00:28:49,440 --> 00:28:52,480
Speaker 1: this plane ticket, um for for spending you already doing. So.

629
00:28:52,520 --> 00:28:55,200
Speaker 1: Let's say it is Southwest and you get those sixty

630
00:28:55,320 --> 00:28:57,520
Speaker 1: or eighty thousand points whenever they're offering at this current

631
00:28:57,560 --> 00:29:00,760
Speaker 1: moment sign up and getting those points allows then to

632
00:29:00,760 --> 00:29:02,920
Speaker 1: to fly there for free. I mean, there are ways

633
00:29:02,960 --> 00:29:06,680
Speaker 1: to in this don't involve spending a thousand plus dollars.

634
00:29:06,880 --> 00:29:09,680
Speaker 1: So I want I want Alex to think creatively and

635
00:29:09,720 --> 00:29:13,760
Speaker 1: not just assume that the seven hund budget is preventing

636
00:29:13,800 --> 00:29:15,520
Speaker 1: him from going at all, because I think there are

637
00:29:15,920 --> 00:29:18,440
Speaker 1: ways to potentially do this. We want you to magically

638
00:29:18,560 --> 00:29:21,640
Speaker 1: somehow find a way to expand that seven because bottom

639
00:29:21,640 --> 00:29:23,680
Speaker 1: line like this is a good friend of yours, and

640
00:29:24,000 --> 00:29:25,280
Speaker 1: I would hate for you to be Like when I

641
00:29:25,280 --> 00:29:28,040
Speaker 1: look back in my past, there are times when I

642
00:29:28,080 --> 00:29:30,440
Speaker 1: felt like, in retrospect that I was being cheap. Like

643
00:29:30,480 --> 00:29:32,000
Speaker 1: in the moment, I felt like I was being frugal,

644
00:29:32,280 --> 00:29:34,000
Speaker 1: but in the rear view, I was like, man, I

645
00:29:34,360 --> 00:29:36,440
Speaker 1: really was really wasn't that much money? And I should

646
00:29:36,440 --> 00:29:37,920
Speaker 1: have been there exactly, And I wish I would have

647
00:29:37,920 --> 00:29:41,080
Speaker 1: sacrificed more when it came to other areas of spending

648
00:29:41,200 --> 00:29:43,680
Speaker 1: in order to make that relationship at priority. Yeah, but

649
00:29:43,720 --> 00:29:46,400
Speaker 1: that's also not limitless, right, And so you have to

650
00:29:46,400 --> 00:29:48,560
Speaker 1: figure out And so I think Alex is setting good boundaries,

651
00:29:48,640 --> 00:29:50,720
Speaker 1: but we're just saying, like, how inside of those boundaries

652
00:29:50,720 --> 00:29:53,160
Speaker 1: can you make a decision that lets you actually make

653
00:29:53,200 --> 00:29:54,960
Speaker 1: this happen. And so I think the fair alerts. I

654
00:29:54,960 --> 00:29:57,480
Speaker 1: think potentially a credit card with with some some sign

655
00:29:57,520 --> 00:29:59,960
Speaker 1: up points that allow you to travel potentially for free

656
00:30:00,280 --> 00:30:02,760
Speaker 1: could be a big help. And and you know, Alex,

657
00:30:02,760 --> 00:30:04,560
Speaker 1: you asked whether you're being cheap here, but it doesn't

658
00:30:04,600 --> 00:30:06,480
Speaker 1: sound like you are, at least not to us. You know,

659
00:30:06,680 --> 00:30:09,760
Speaker 1: a destination bachelor or bachelor at party, you can get

660
00:30:09,800 --> 00:30:12,720
Speaker 1: really expensive, and you know, you know where your finances

661
00:30:12,720 --> 00:30:15,080
Speaker 1: are and whether or not you can actually swing spending

662
00:30:15,280 --> 00:30:17,200
Speaker 1: a grand or more to go on this trip. You know,

663
00:30:17,240 --> 00:30:18,960
Speaker 1: it's tough to miss out on an event like this,

664
00:30:19,200 --> 00:30:21,120
Speaker 1: but if you can't fit it into your budget, it's

665
00:30:21,120 --> 00:30:23,120
Speaker 1: a terrible reason to go into debt. Or even if

666
00:30:23,160 --> 00:30:26,160
Speaker 1: you feel like you're short changing yourself by reallocating funds

667
00:30:26,440 --> 00:30:28,600
Speaker 1: from other areas that you find meaningful. If you're like,

668
00:30:28,640 --> 00:30:30,360
Speaker 1: if I go on this, it's gonna mean I don't

669
00:30:30,360 --> 00:30:33,200
Speaker 1: get to go home and spend Christmas with my family

670
00:30:33,240 --> 00:30:35,600
Speaker 1: something like that, Like that's that's not a worthwhile trade

671
00:30:35,600 --> 00:30:37,640
Speaker 1: off either. I don't and I'm just thinking. One last

672
00:30:37,680 --> 00:30:39,920
Speaker 1: suggestion is maybe you can find a way to make

673
00:30:39,960 --> 00:30:42,360
Speaker 1: a little more money if if the difference is literally three,

674
00:30:43,320 --> 00:30:44,880
Speaker 1: is there a way for you to make three dollars

675
00:30:45,040 --> 00:30:47,160
Speaker 1: in the next month and a half two months, right,

676
00:30:47,600 --> 00:30:50,080
Speaker 1: so that you can actually make this happen. And is

677
00:30:50,080 --> 00:30:51,400
Speaker 1: that worth it to you or do you have like

678
00:30:51,720 --> 00:30:53,960
Speaker 1: is your time just super full and you can't do that?

679
00:30:54,000 --> 00:30:57,040
Speaker 1: I think sometimes it is worth it to to sacrifice

680
00:30:57,040 --> 00:30:59,240
Speaker 1: some of our time to make more money when there's

681
00:30:59,240 --> 00:31:01,720
Speaker 1: a specific goal at it. And maybe this is the

682
00:31:01,760 --> 00:31:03,600
Speaker 1: goal that's worth it. Absolutely. I feel like this is

683
00:31:03,600 --> 00:31:07,080
Speaker 1: a perfect instance where a little side hustle, like you know, downloading, well,

684
00:31:07,120 --> 00:31:09,360
Speaker 1: you already have the you know the uber, you've already

685
00:31:09,400 --> 00:31:12,400
Speaker 1: got the lift up on which over to drive mode

686
00:31:12,600 --> 00:31:16,440
Speaker 1: and cancel Netflix, cancel HBO Max and you'll save a

687
00:31:16,440 --> 00:31:19,760
Speaker 1: month's worth of subscription money there and then use that

688
00:31:19,800 --> 00:31:23,160
Speaker 1: time to hustle a little bit. And if this relationship

689
00:31:23,280 --> 00:31:25,840
Speaker 1: means that much to you, I mean, you don't have

690
00:31:25,880 --> 00:31:27,440
Speaker 1: to though, And I don't think you should feel pressured.

691
00:31:27,560 --> 00:31:29,880
Speaker 1: And I think as he knows, stick to your guns

692
00:31:29,920 --> 00:31:31,640
Speaker 1: if you feel like that's and he knows the extent

693
00:31:31,760 --> 00:31:33,400
Speaker 1: of their relationship as well. But like I want to

694
00:31:33,480 --> 00:31:35,560
Speaker 1: encourage you too, Alex. I mean just a warning to

695
00:31:35,640 --> 00:31:38,280
Speaker 1: be kind, like whatever it is that you choose to do,

696
00:31:38,680 --> 00:31:40,200
Speaker 1: like this isn't a time for you to kind of

697
00:31:40,240 --> 00:31:41,880
Speaker 1: like be on your like on a high horse, or

698
00:31:41,960 --> 00:31:44,360
Speaker 1: kind of like hit other folks over there over the

699
00:31:44,360 --> 00:31:47,760
Speaker 1: head with being responsible and being an adult and investing

700
00:31:47,800 --> 00:31:51,720
Speaker 1: your money, even though those are all things that secretly here,

701
00:31:51,840 --> 00:31:53,600
Speaker 1: not even secretly like this, these are things that we

702
00:31:53,600 --> 00:31:55,920
Speaker 1: want to talk about, but obviously we agree with you,

703
00:31:55,960 --> 00:31:57,880
Speaker 1: like that's something that we want you to do, but

704
00:31:57,960 --> 00:32:00,920
Speaker 1: it is definitely worth being kind. So that's one morning

705
00:32:01,120 --> 00:32:03,040
Speaker 1: like that I'm thinking of, and another one too. Let's

706
00:32:03,040 --> 00:32:06,320
Speaker 1: say you are able to go right, like, say you

707
00:32:06,360 --> 00:32:08,920
Speaker 1: pick up that that side hustle, you're making a little

708
00:32:08,920 --> 00:32:10,400
Speaker 1: bit extra money. Let's say you get the deal on

709
00:32:10,440 --> 00:32:13,360
Speaker 1: the flights and you go, but it's still gonna feel

710
00:32:13,400 --> 00:32:16,000
Speaker 1: like a stretch, right, Don't be like a wet blanket

711
00:32:16,480 --> 00:32:18,080
Speaker 1: like where you're there but you're not really having a

712
00:32:18,120 --> 00:32:20,800
Speaker 1: good time. Make sure that you can communicate how you

713
00:32:20,840 --> 00:32:23,240
Speaker 1: feel about stuff to whoever was planning it. Obviously you

714
00:32:23,280 --> 00:32:25,360
Speaker 1: know you disagree with some of the decisions that they made,

715
00:32:25,520 --> 00:32:27,040
Speaker 1: but beyond that, just move on and make sure that

716
00:32:27,080 --> 00:32:29,000
Speaker 1: you have fun. Make sure that you, you know, are

717
00:32:29,080 --> 00:32:31,840
Speaker 1: able to celebrate your friend who's getting married. Totally agreed,

718
00:32:31,880 --> 00:32:33,600
Speaker 1: all right, Matt. We got a couple more questions to

719
00:32:33,640 --> 00:32:36,680
Speaker 1: get to, including someone who is a part of their

720
00:32:36,800 --> 00:32:38,480
Speaker 1: h o A board and they want to invest some

721
00:32:38,520 --> 00:32:40,360
Speaker 1: of the h o A money. Is that a good idea?

722
00:32:40,560 --> 00:32:41,880
Speaker 1: I don't know. We'll see you. We'll get to that

723
00:32:42,000 --> 00:32:53,720
Speaker 1: right after this sor right, Chel, we are back and

724
00:32:53,800 --> 00:32:55,480
Speaker 1: our next question has to do with the real estate.

725
00:32:55,520 --> 00:32:58,520
Speaker 1: We've got a listener who's thinking about buying a second home,

726
00:32:59,040 --> 00:33:02,520
Speaker 1: but not that kind of second home. Hi, Matt and Joel,

727
00:33:02,880 --> 00:33:06,800
Speaker 1: this is Corey, longtime listener A couple of times question asker,

728
00:33:07,040 --> 00:33:11,080
Speaker 1: and I love all the advice you guys have given. Um,

729
00:33:11,240 --> 00:33:15,360
Speaker 1: keep up the good work. I wanted to get some info.

730
00:33:16,160 --> 00:33:20,400
Speaker 1: I'm planning on buying a second home closer to my

731
00:33:20,520 --> 00:33:25,200
Speaker 1: parents and as a result, Um, we currently own a

732
00:33:25,240 --> 00:33:29,280
Speaker 1: home and we just wanted to rent this out. Um,

733
00:33:29,320 --> 00:33:32,680
Speaker 1: we already have a friend who's planning on renting it

734
00:33:32,760 --> 00:33:35,400
Speaker 1: from us, and we just wanted to know if there's

735
00:33:35,400 --> 00:33:39,040
Speaker 1: any details that you could give us about maybe a

736
00:33:39,080 --> 00:33:42,160
Speaker 1: good place to start. We went ahead and refinance to

737
00:33:42,240 --> 00:33:45,600
Speaker 1: this place, uh, so that we could get the best rate,

738
00:33:46,120 --> 00:33:49,160
Speaker 1: and we plan on applying for the loan for the

739
00:33:49,200 --> 00:33:53,400
Speaker 1: new home soon, but already taking up time. Thank you

740
00:33:53,400 --> 00:33:56,800
Speaker 1: guys in advance for all your help. Bye. All right, Corey,

741
00:33:56,840 --> 00:33:58,760
Speaker 1: glad to have you back on the show. Always nice

742
00:33:58,800 --> 00:34:02,280
Speaker 1: when someone asked a question, wasn't totally dismayed by advising

743
00:34:02,320 --> 00:34:05,480
Speaker 1: comes back asking you another questions. So guys are idiots. Yeah,

744
00:34:05,680 --> 00:34:07,680
Speaker 1: I will never talk to them again much less listen

745
00:34:07,680 --> 00:34:10,480
Speaker 1: to their voices. Uh but I yeah, I appreciate your

746
00:34:10,600 --> 00:34:12,600
Speaker 1: desire to move closer to your parents. I feel like

747
00:34:12,680 --> 00:34:15,880
Speaker 1: that's a that's a total adulting move right there, And

748
00:34:16,040 --> 00:34:18,200
Speaker 1: especially if you plan on having kids. A long are

749
00:34:18,239 --> 00:34:21,719
Speaker 1: the goals of moving out to San France. It's just like, i'

750
00:34:21,760 --> 00:34:23,040
Speaker 1: let me move close to my mom and dad, live

751
00:34:23,040 --> 00:34:25,600
Speaker 1: in that nineteen seventies hippie life or whatever. Uh Yeah,

752
00:34:25,760 --> 00:34:27,680
Speaker 1: I think like if if you plan on having kids

753
00:34:27,800 --> 00:34:30,800
Speaker 1: and your folks are willing to provide some help, that's

754
00:34:31,040 --> 00:34:33,799
Speaker 1: that can be like a game changer in how your

755
00:34:33,840 --> 00:34:37,080
Speaker 1: life functions. And so, yeah, Matt our family. We're thirty

756
00:34:37,120 --> 00:34:39,440
Speaker 1: minutes from my parents, and honestly, I wish we were closer.

757
00:34:39,680 --> 00:34:41,799
Speaker 1: That's how great my parents are. It's one of those

758
00:34:41,800 --> 00:34:44,680
Speaker 1: things that a lot of people don't understand until they

759
00:34:44,760 --> 00:34:47,320
Speaker 1: have a kid or two and they're like, oh my gosh,

760
00:34:47,360 --> 00:34:50,360
Speaker 1: this is wonderful but also a gigantic commitment, and it

761
00:34:50,400 --> 00:34:52,040
Speaker 1: would be nice to have a little help on occasion.

762
00:34:52,080 --> 00:34:54,640
Speaker 1: We nice to have a yeah, third, fourth set of hands,

763
00:34:54,680 --> 00:34:57,560
Speaker 1: perhaps the whole variety. Yes, but but let's talk about

764
00:34:57,600 --> 00:35:00,520
Speaker 1: this soon to be rental property and and yeah, you

765
00:35:00,560 --> 00:35:03,000
Speaker 1: mentioned he said second home, but not that kind because

766
00:35:03,040 --> 00:35:05,560
Speaker 1: usually when people say second home, that means I'm gonna

767
00:35:05,600 --> 00:35:07,600
Speaker 1: buy a house at the beach or in the mountains,

768
00:35:07,760 --> 00:35:10,319
Speaker 1: um that I can get away to a retreat on

769
00:35:10,360 --> 00:35:13,040
Speaker 1: the weekends or a few times a year, but we

770
00:35:13,120 --> 00:35:17,279
Speaker 1: split our time between Michigan and Florida, right yeah, or

771
00:35:17,400 --> 00:35:19,279
Speaker 1: the private island that we bought. Some day you will

772
00:35:19,280 --> 00:35:22,400
Speaker 1: be there, Jo, But let's discuss, you know, getting a

773
00:35:22,480 --> 00:35:24,680
Speaker 1: rental property this way. But I think this is the

774
00:35:24,719 --> 00:35:26,799
Speaker 1: best way to get into the second home game, the

775
00:35:26,800 --> 00:35:30,399
Speaker 1: best way to actually get started with investment properties, because yeah,

776
00:35:30,400 --> 00:35:32,839
Speaker 1: saving up another down payment to purchase that next house

777
00:35:32,920 --> 00:35:35,680
Speaker 1: and running out your first one, That's how I did it.

778
00:35:35,880 --> 00:35:37,920
Speaker 1: And it just makes a whole lot of sense if

779
00:35:37,920 --> 00:35:40,480
Speaker 1: the numbers work to make that first primary home that

780
00:35:40,520 --> 00:35:43,239
Speaker 1: you bought a killer rental um. You know. More more,

781
00:35:43,280 --> 00:35:45,799
Speaker 1: folks who are interested in slowly but surely building up

782
00:35:45,800 --> 00:35:49,480
Speaker 1: a portfolio of rental properties should consider this approach because

783
00:35:49,520 --> 00:35:51,560
Speaker 1: of the ability to bring less money to the table

784
00:35:51,640 --> 00:35:54,040
Speaker 1: to get a lower overall interst rate. It could turn

785
00:35:54,080 --> 00:35:57,680
Speaker 1: that property from a solid rental into a great one. Um.

786
00:35:57,719 --> 00:35:59,439
Speaker 1: You know, so much of it depends on the terms

787
00:35:59,440 --> 00:36:01,560
Speaker 1: of your own and then you know how you bought

788
00:36:01,560 --> 00:36:03,480
Speaker 1: that first house, what kind of home it is as well.

789
00:36:03,680 --> 00:36:06,359
Speaker 1: Totally agree. Man. Also, we've got a point out here

790
00:36:06,440 --> 00:36:09,000
Speaker 1: that Corey that he really needs to be careful writing

791
00:36:09,000 --> 00:36:11,359
Speaker 1: out his place to a friend. Corey, I'm not saying

792
00:36:11,400 --> 00:36:13,160
Speaker 1: that you shouldn't do this. I'm just saying that this

793
00:36:13,200 --> 00:36:16,440
Speaker 1: could potentially cause problems that could impact that friendship. So

794
00:36:16,640 --> 00:36:19,400
Speaker 1: it's important to be upfront. It's important to be clear

795
00:36:19,440 --> 00:36:23,080
Speaker 1: about everything here before uh, your friend moves in. You're

796
00:36:23,080 --> 00:36:25,200
Speaker 1: still gonna want to go through the normal rhythms that

797
00:36:25,239 --> 00:36:27,080
Speaker 1: you would go through if you were to run to

798
00:36:27,160 --> 00:36:29,680
Speaker 1: someone else. And so that means creating a lease, having

799
00:36:29,719 --> 00:36:31,920
Speaker 1: them read and sign that thing. That is the main

800
00:36:31,960 --> 00:36:34,080
Speaker 1: thing that you need to do. Uh. And you know,

801
00:36:34,160 --> 00:36:36,640
Speaker 1: like that might sound crazy if you are really close

802
00:36:36,640 --> 00:36:38,160
Speaker 1: with these folks. You know, you might love these folks

803
00:36:38,360 --> 00:36:41,080
Speaker 1: and have known them forever. But it's important to have

804
00:36:41,160 --> 00:36:43,759
Speaker 1: everything in writing that way, there's just not any confusion

805
00:36:43,920 --> 00:36:46,359
Speaker 1: as to what is expected from either one of you.

806
00:36:46,640 --> 00:36:49,759
Speaker 1: You want them to be comfortable with you as the landlord. Uh.

807
00:36:49,800 --> 00:36:52,520
Speaker 1: And I mentioned this one in particular because man like

808
00:36:52,600 --> 00:36:55,680
Speaker 1: I like to have clear boundaries. So Corey, I'm encouraging

809
00:36:55,680 --> 00:36:57,880
Speaker 1: you here to be very clear and upfront with the

810
00:36:57,880 --> 00:37:00,480
Speaker 1: boundaries that you're setting. Yeah, and you can frame it

811
00:37:00,520 --> 00:37:02,759
Speaker 1: and discuss it in a way where you're protecting them,

812
00:37:02,920 --> 00:37:06,319
Speaker 1: like listen, Uh, this is my first trial period as

813
00:37:06,360 --> 00:37:07,840
Speaker 1: a landlord, and I want to make sure I'm treating

814
00:37:07,880 --> 00:37:10,800
Speaker 1: you fairly. I want to go through all of the hoops,

815
00:37:10,840 --> 00:37:13,960
Speaker 1: the proper hoops um as I'm learning to be a

816
00:37:13,960 --> 00:37:15,959
Speaker 1: decent landlord. And so I would love for you guys

817
00:37:16,000 --> 00:37:18,399
Speaker 1: to live in this house. But here's what we need

818
00:37:18,440 --> 00:37:20,759
Speaker 1: to do, and here are the forms you need to sign.

819
00:37:20,800 --> 00:37:22,719
Speaker 1: I want you to be acquainted with them, and I

820
00:37:22,760 --> 00:37:25,000
Speaker 1: want to as well. So yeah, and if you're having

821
00:37:25,120 --> 00:37:28,399
Speaker 1: second thoughts, you could instead help your friends find another place.

822
00:37:28,440 --> 00:37:31,120
Speaker 1: I've done that before to help people find a great

823
00:37:31,120 --> 00:37:33,240
Speaker 1: place to live, even though it wasn't at one of

824
00:37:33,320 --> 00:37:37,000
Speaker 1: my places. And and yeah, again, be upfront, be honest,

825
00:37:37,080 --> 00:37:40,520
Speaker 1: tell them you don't want business and friendship to commingle, right,

826
00:37:40,840 --> 00:37:43,239
Speaker 1: you value their friendship too much and by combining the

827
00:37:43,280 --> 00:37:45,719
Speaker 1: two you could screw up one or the other. And

828
00:37:45,760 --> 00:37:48,040
Speaker 1: so yeah, if you're not worried about that, then proceed

829
00:37:48,200 --> 00:37:50,120
Speaker 1: with some of those guidelines in place, and you asked

830
00:37:50,120 --> 00:37:52,359
Speaker 1: about where to start. My my guess is that you're

831
00:37:52,360 --> 00:37:54,680
Speaker 1: looking for a state specific leases. If this is your

832
00:37:54,719 --> 00:37:56,520
Speaker 1: first one, you don't have a leash yet, Well, Bigger

833
00:37:56,520 --> 00:37:58,840
Speaker 1: Pockets is a great sight to get that from. Also

834
00:37:59,000 --> 00:38:01,920
Speaker 1: check out a Veil dot c o which has a

835
00:38:01,960 --> 00:38:05,520
Speaker 1: free membership tier for landlords that includes state specific leases.

836
00:38:05,800 --> 00:38:08,879
Speaker 1: Their website as is awesome. I really like what they're

837
00:38:08,880 --> 00:38:13,040
Speaker 1: doing in the small landlord space. Avail and Zillo. Actually,

838
00:38:13,040 --> 00:38:15,719
Speaker 1: they both offer really cool free software to help you

839
00:38:15,760 --> 00:38:18,600
Speaker 1: manage your rentals, So I would mess around with both

840
00:38:18,600 --> 00:38:20,479
Speaker 1: if I were you to see which one could work better.

841
00:38:20,680 --> 00:38:22,480
Speaker 1: But the great thing about Avail, not only do they

842
00:38:22,480 --> 00:38:25,080
Speaker 1: have the free state specific leases, but they've got this

843
00:38:25,200 --> 00:38:28,160
Speaker 1: freemium business model and you could easily easily get away

844
00:38:28,400 --> 00:38:31,360
Speaker 1: on their platform with not spending any money, um, but

845
00:38:31,480 --> 00:38:34,560
Speaker 1: having just a much simpler process and a simpler way

846
00:38:34,600 --> 00:38:36,719
Speaker 1: for tenants to get in touch with you when there's

847
00:38:36,719 --> 00:38:38,960
Speaker 1: some sort of issue with the property. So yeah, I

848
00:38:38,960 --> 00:38:41,040
Speaker 1: really like what they're up to. Yeah, and Corey, in

849
00:38:41,080 --> 00:38:44,240
Speaker 1: the future, we want to highlight here the screen tenants

850
00:38:44,280 --> 00:38:46,480
Speaker 1: like that is ninety percent of the battle at least

851
00:38:46,520 --> 00:38:49,359
Speaker 1: like maybe even we would suggest that you go back

852
00:38:49,360 --> 00:38:52,480
Speaker 1: and listen to episode to sixty nine where we had

853
00:38:52,680 --> 00:38:56,600
Speaker 1: an end up discussion about managemental properties. Effectively, another to

854
00:38:56,840 --> 00:38:58,759
Speaker 1: make sure to set aside money for work that's going

855
00:38:58,840 --> 00:39:01,040
Speaker 1: to need to be done to that property, and schedule

856
00:39:01,040 --> 00:39:04,839
Speaker 1: a time where you can visit it regularly, especially if

857
00:39:04,840 --> 00:39:07,400
Speaker 1: it's not necessarily convenient for you to go see it.

858
00:39:07,480 --> 00:39:09,640
Speaker 1: This is something that you're going to have to intentionally

859
00:39:09,800 --> 00:39:12,279
Speaker 1: do and that just might be maybe once a month

860
00:39:12,360 --> 00:39:14,520
Speaker 1: or even once a quarter. But one of the main

861
00:39:14,800 --> 00:39:18,720
Speaker 1: ways landlords miss out on profits and make their lives

862
00:39:18,920 --> 00:39:21,440
Speaker 1: even harder is by not keeping up with their property.

863
00:39:21,680 --> 00:39:24,680
Speaker 1: Sometimes there's a lot of issues if addressed and nipped

864
00:39:24,680 --> 00:39:26,480
Speaker 1: in the bud could save you a ton of money.

865
00:39:26,520 --> 00:39:28,399
Speaker 1: But generally speaking, we're really pumped for you to start

866
00:39:28,400 --> 00:39:32,000
Speaker 1: getting into real estate investment. Properties have been crucial on

867
00:39:32,040 --> 00:39:35,120
Speaker 1: our path to financial independence, and this is such a

868
00:39:35,120 --> 00:39:36,600
Speaker 1: great way for you to test the waters and see

869
00:39:36,640 --> 00:39:38,759
Speaker 1: if it's right for you. Honestly, even with the run

870
00:39:38,880 --> 00:39:40,879
Speaker 1: up in housing prices that we've seen, we still think

871
00:39:40,920 --> 00:39:43,880
Speaker 1: that this is a great time to buy um because

872
00:39:44,080 --> 00:39:46,360
Speaker 1: I mean, we've talked about this on the other previous episodes.

873
00:39:46,360 --> 00:39:49,000
Speaker 1: But we think the underlying fundamentals of the housing market

874
00:39:49,480 --> 00:39:51,439
Speaker 1: tell us that we are not in some sort of bubble.

875
00:39:51,480 --> 00:39:53,160
Speaker 1: It's not like the Great Recession back in No. Seven

876
00:39:53,160 --> 00:39:55,000
Speaker 1: oh eight, where things are about to pop and we're

877
00:39:55,000 --> 00:39:58,080
Speaker 1: gonna see, you know, we're we're expecting to see housing

878
00:39:58,080 --> 00:40:00,680
Speaker 1: prices plummet, you know, by a drastic out. We think

879
00:40:00,800 --> 00:40:02,320
Speaker 1: this is a great time for you to be a

880
00:40:02,360 --> 00:40:04,719
Speaker 1: real estate investor, and it's even better the longer you

881
00:40:04,760 --> 00:40:07,319
Speaker 1: plan to own the house, because a short term time

882
00:40:07,360 --> 00:40:11,239
Speaker 1: horizon could mean potentially losing out or losing money. But

883
00:40:11,360 --> 00:40:13,120
Speaker 1: if you're if you're in it for the long haul,

884
00:40:13,360 --> 00:40:15,600
Speaker 1: you're going to do well. Yeah. And one other benefit

885
00:40:15,640 --> 00:40:18,800
Speaker 1: too is let's say you are the landlord. Maybe you

886
00:40:18,920 --> 00:40:20,600
Speaker 1: do that for a couple of years and you're like,

887
00:40:20,600 --> 00:40:21,920
Speaker 1: you know what, I don't know if I want to

888
00:40:22,000 --> 00:40:24,560
Speaker 1: keep doing this. I don't really like. Yeah, the managing

889
00:40:24,560 --> 00:40:26,799
Speaker 1: and rental property jam, it's too far away. It's hard

890
00:40:26,800 --> 00:40:29,359
Speaker 1: to maintain all that stuff exactly that. The benefit here

891
00:40:29,480 --> 00:40:31,400
Speaker 1: is that you can still as long as you have

892
00:40:31,480 --> 00:40:34,400
Speaker 1: lived in that property as your primary residence for two

893
00:40:34,480 --> 00:40:37,080
Speaker 1: out of the past five years, you can sell that

894
00:40:37,120 --> 00:40:39,799
Speaker 1: property and not have to pay any capital gains on

895
00:40:39,840 --> 00:40:42,160
Speaker 1: the increasing value of that property. And so you've got

896
00:40:42,160 --> 00:40:43,480
Speaker 1: a couple of years where you can kind of sess

897
00:40:43,520 --> 00:40:46,440
Speaker 1: the waters, try it out before you're like, you know what,

898
00:40:46,480 --> 00:40:48,279
Speaker 1: maybe in about six months, let's go ahead and list it,

899
00:40:48,360 --> 00:40:50,600
Speaker 1: put it on the market, and no harm, no value.

900
00:40:50,600 --> 00:40:53,160
Speaker 1: You can easily exit your position in real estate. Yeah,

901
00:40:53,200 --> 00:40:55,920
Speaker 1: but I love that Corey is getting into investment real estate. Corey,

902
00:40:56,200 --> 00:40:58,960
Speaker 1: best of luck, and just make sure that if you

903
00:40:59,000 --> 00:41:01,080
Speaker 1: do rent to your friend, that you're doing it in

904
00:41:01,120 --> 00:41:04,160
Speaker 1: this upfront, above board way so that neither of you

905
00:41:04,280 --> 00:41:06,000
Speaker 1: has hard feelings at the end of it. Our ma,

906
00:41:06,120 --> 00:41:07,839
Speaker 1: let's get to our last question of the day. This

907
00:41:07,840 --> 00:41:10,839
Speaker 1: one has something to do with investing your neighbor's money. Hi,

908
00:41:11,040 --> 00:41:13,400
Speaker 1: this is Adam from Salt Lake City, Utah, having a

909
00:41:13,520 --> 00:41:17,280
Speaker 1: question in regards to investing h o W reserve funds

910
00:41:17,320 --> 00:41:20,680
Speaker 1: for future repairs. I'm a part of an h o

911
00:41:20,719 --> 00:41:23,480
Speaker 1: A community my first time and not a fan of them,

912
00:41:23,520 --> 00:41:27,600
Speaker 1: but noticing that each year are rates are going up

913
00:41:27,640 --> 00:41:31,319
Speaker 1: each year and doubling and and out of control, and

914
00:41:31,360 --> 00:41:33,320
Speaker 1: so I joined the board member to see if I

915
00:41:33,360 --> 00:41:35,880
Speaker 1: could help look at the finances and see how we

916
00:41:35,880 --> 00:41:38,640
Speaker 1: could cut costs and save And I noticed that our

917
00:41:39,080 --> 00:41:43,240
Speaker 1: entire reserve fund is sitting pretty much at zero percent interest,

918
00:41:43,880 --> 00:41:48,800
Speaker 1: and so I suggested investing into a low fee fund

919
00:41:48,960 --> 00:41:52,200
Speaker 1: to help with compound interest in all that, and had

920
00:41:52,239 --> 00:41:54,960
Speaker 1: the community look at other h O ways in which

921
00:41:55,520 --> 00:41:58,120
Speaker 1: they looked into all the h O ways in the

922
00:41:58,239 --> 00:42:02,400
Speaker 1: area and none of them are investing the funds just

923
00:42:02,480 --> 00:42:05,880
Speaker 1: because you know, it is with everybody else's money. And

924
00:42:05,960 --> 00:42:11,200
Speaker 1: they suggested looking at legal counsel before voting with the

925
00:42:11,239 --> 00:42:14,480
Speaker 1: board and investing the funds. But my question to you

926
00:42:14,520 --> 00:42:18,800
Speaker 1: guys is would it be safe and recommended to invest

927
00:42:19,040 --> 00:42:21,960
Speaker 1: these reserve funds from the h A way for future repairs?

928
00:42:22,000 --> 00:42:25,440
Speaker 1: As looking ahead in like twenty years, there's a daunting

929
00:42:25,680 --> 00:42:28,560
Speaker 1: over a million dollars worth of roof repair for the

930
00:42:28,600 --> 00:42:32,480
Speaker 1: community that we have to prepare for, and I was

931
00:42:32,520 --> 00:42:36,440
Speaker 1: thinking of putting it in like a Vanguard retirement target

932
00:42:36,520 --> 00:42:39,839
Speaker 1: date fund. What would you guys do besides not being

933
00:42:39,880 --> 00:42:43,799
Speaker 1: in an h O WA. Thanks bye? All right, Adam,

934
00:42:43,880 --> 00:42:46,840
Speaker 1: thanks for that question, and your h A rates have

935
00:42:46,880 --> 00:42:50,600
Speaker 1: been doubling. That would definitely have me getting involved. Neither

936
00:42:50,760 --> 00:42:53,560
Speaker 1: be moving or getting involved. One of the two, it's

937
00:42:53,600 --> 00:42:55,480
Speaker 1: a good job getting on the board. I'm sure that

938
00:42:55,520 --> 00:42:58,320
Speaker 1: your involvement is gonna, you know, lead to most everyone

939
00:42:58,360 --> 00:43:00,760
Speaker 1: being happier with how the h A funds are being handled,

940
00:43:00,880 --> 00:43:03,320
Speaker 1: not just the money that you're paying as well. But Adam,

941
00:43:03,480 --> 00:43:05,680
Speaker 1: I think the biggest battle here, it's likely not that

942
00:43:05,719 --> 00:43:08,480
Speaker 1: the h o A money is sitting in cash instead

943
00:43:08,520 --> 00:43:11,839
Speaker 1: of being invested, but that there has been just poor

944
00:43:11,880 --> 00:43:14,680
Speaker 1: planning on the part of the board. If there isn't

945
00:43:14,760 --> 00:43:18,000
Speaker 1: enough money to meet the obligations and therefore the h

946
00:43:18,000 --> 00:43:20,919
Speaker 1: o A dus continue to go up substantially every single year,

947
00:43:21,320 --> 00:43:24,120
Speaker 1: there isn't going to be enough money to invest. And

948
00:43:24,120 --> 00:43:25,800
Speaker 1: so if there hasn't been a proper h o A

949
00:43:25,960 --> 00:43:28,320
Speaker 1: study done in the past like three to five years,

950
00:43:28,800 --> 00:43:30,800
Speaker 1: you can add that to the list of things that

951
00:43:30,880 --> 00:43:33,279
Speaker 1: the board needs to tackle. And a part of that

952
00:43:33,320 --> 00:43:35,640
Speaker 1: process is going to involve finding out which costs have

953
00:43:35,760 --> 00:43:38,520
Speaker 1: risen and why they've risen. For instance, if the city

954
00:43:38,760 --> 00:43:41,120
Speaker 1: is charging more for water, and let's say that's an

955
00:43:41,120 --> 00:43:44,080
Speaker 1: expense the building collectively shares, well, there's not much that

956
00:43:44,120 --> 00:43:46,279
Speaker 1: you can do there, but maybe solid waste fees have

957
00:43:46,320 --> 00:43:48,319
Speaker 1: gone up well, and if that's the case, can you

958
00:43:48,360 --> 00:43:52,600
Speaker 1: shop those around. Maybe insurance premiums, maybe landscaping costs, property

959
00:43:52,600 --> 00:43:56,160
Speaker 1: management fees have all gone up. Shopping around to save

960
00:43:56,280 --> 00:43:59,400
Speaker 1: on those kinds of expenses are going to help the

961
00:43:59,400 --> 00:44:02,000
Speaker 1: whole community need to spend less money. That's true, Yeah,

962
00:44:02,000 --> 00:44:04,440
Speaker 1: and it's good to have level headed folks like Adam

963
00:44:04,520 --> 00:44:06,280
Speaker 1: on the board to help address some of those issues.

964
00:44:06,440 --> 00:44:09,560
Speaker 1: But you're right, mat sometimes it's not about where to

965
00:44:09,600 --> 00:44:11,880
Speaker 1: invest the money so that it grows. It's about literally

966
00:44:12,520 --> 00:44:15,040
Speaker 1: it's there's a spending side of the equation, and that

967
00:44:15,160 --> 00:44:17,080
Speaker 1: that is what we're talking about here for the most part.

968
00:44:17,239 --> 00:44:20,319
Speaker 1: But let's talk about investing two for a second, because um, yeah,

969
00:44:20,360 --> 00:44:23,200
Speaker 1: in order to do what you want to do, Adam,

970
00:44:23,280 --> 00:44:25,040
Speaker 1: and to invest some of those funds, you're gonna have

971
00:44:25,120 --> 00:44:27,400
Speaker 1: to consult the state laws and the h o A

972
00:44:27,440 --> 00:44:30,279
Speaker 1: by laws UH to make sure that both will allow it,

973
00:44:30,600 --> 00:44:33,680
Speaker 1: and that probably does mean consulting with an attorney. And

974
00:44:33,719 --> 00:44:36,759
Speaker 1: to be honest, even there there was excess cash, there's

975
00:44:36,800 --> 00:44:39,799
Speaker 1: some real risks to investing those dollars. You don't want

976
00:44:39,800 --> 00:44:41,839
Speaker 1: your h o A to run out of money when

977
00:44:41,880 --> 00:44:46,160
Speaker 1: something unexpected happens. Um, let's say there's a huge bill

978
00:44:46,280 --> 00:44:48,360
Speaker 1: do in three years. You don't want to put that

979
00:44:48,400 --> 00:44:51,279
Speaker 1: money at risk, and so Yeah, depending on how that

980
00:44:51,320 --> 00:44:54,080
Speaker 1: money is invested, you could find yourself with fewer dollars

981
00:44:54,320 --> 00:44:56,800
Speaker 1: um than you collected because of a downturn in the market.

982
00:44:57,080 --> 00:44:59,360
Speaker 1: And the one thing you could discuss is investing a

983
00:44:59,400 --> 00:45:01,400
Speaker 1: small portion and of the h o A dus for

984
00:45:01,840 --> 00:45:05,160
Speaker 1: some longer term expenses that loom on the horizon. For instance,

985
00:45:05,200 --> 00:45:07,080
Speaker 1: if you don't need a portion of that money for

986
00:45:07,120 --> 00:45:10,120
Speaker 1: twenty years, it can make sense to invest in amount

987
00:45:10,400 --> 00:45:13,319
Speaker 1: that wouldn't affect your ability to meet those current obligations,

988
00:45:13,560 --> 00:45:15,680
Speaker 1: but it would help you to prepare for those bigger

989
00:45:15,680 --> 00:45:19,040
Speaker 1: eventualities that are gonna arise one of these days, potentially

990
00:45:19,040 --> 00:45:21,960
Speaker 1: decades down the road. Yeah, but cutting and controlling costs

991
00:45:22,160 --> 00:45:24,320
Speaker 1: are the number one way to curb higher h o

992
00:45:24,400 --> 00:45:26,840
Speaker 1: A fees. I appreciate your desire to invest in this

993
00:45:26,880 --> 00:45:29,000
Speaker 1: money and make it work harder, but in the case

994
00:45:29,080 --> 00:45:31,480
Speaker 1: of an h o A fund, I don't know that

995
00:45:31,480 --> 00:45:34,000
Speaker 1: that's the best way forward. Yeah. What's really cool, though,

996
00:45:34,040 --> 00:45:35,919
Speaker 1: is the fact that he did mention the fact that

997
00:45:35,960 --> 00:45:38,560
Speaker 1: he's looking at a longer time horizon, like twenty years.

998
00:45:38,560 --> 00:45:40,719
Speaker 1: And what's really cool is when you look back, like

999
00:45:40,719 --> 00:45:43,279
Speaker 1: basically at the last hundred years in the stock maybe

1000
00:45:43,280 --> 00:45:45,359
Speaker 1: not quite the past hundred years, but if you look

1001
00:45:45,400 --> 00:45:48,320
Speaker 1: at twenty year rolling returns, there is not a single

1002
00:45:48,480 --> 00:45:51,560
Speaker 1: twenty year period where the stock market did not see

1003
00:45:51,640 --> 00:45:54,360
Speaker 1: an increase in value. And so wild that's not a

1004
00:45:54,360 --> 00:45:57,479
Speaker 1: guarantee because we don't know what the future holds. There's

1005
00:45:57,520 --> 00:46:00,120
Speaker 1: a really damn good chance that were you to us

1006
00:46:00,160 --> 00:46:01,759
Speaker 1: money that you know you're not going to need to

1007
00:46:01,840 --> 00:46:05,239
Speaker 1: need a touch for a solid two decades, you're going

1008
00:46:05,320 --> 00:46:07,560
Speaker 1: to see that money grow. And so that's definitely something

1009
00:46:07,600 --> 00:46:09,359
Speaker 1: to keep in mind. But the fact is there are

1010
00:46:09,360 --> 00:46:11,040
Speaker 1: going to be some folks who are going to be

1011
00:46:11,200 --> 00:46:13,160
Speaker 1: want to be more conservative with that money. And at

1012
00:46:13,200 --> 00:46:15,080
Speaker 1: the very least, though, you could take that money and

1013
00:46:15,120 --> 00:46:17,759
Speaker 1: put it in f D I C insured accounts, right so,

1014
00:46:17,840 --> 00:46:19,520
Speaker 1: just like a c D or a money market account,

1015
00:46:19,560 --> 00:46:21,640
Speaker 1: where it's at least earning something, even if it's a

1016
00:46:21,680 --> 00:46:24,920
Speaker 1: piddly amount compared to what you're seeing your index, your

1017
00:46:25,000 --> 00:46:28,120
Speaker 1: smp F fundered index fund, you know, raking in year

1018
00:46:28,160 --> 00:46:31,760
Speaker 1: after year, at least it's earning something more than zero,

1019
00:46:32,160 --> 00:46:35,360
Speaker 1: or even like a government backed security like T bills

1020
00:46:35,440 --> 00:46:38,360
Speaker 1: or other bonds like that. Even though they're not FDIC insured,

1021
00:46:38,560 --> 00:46:40,960
Speaker 1: they're backed by the government, which basically means they're just

1022
00:46:41,080 --> 00:46:43,440
Speaker 1: as they may they may as well be FDIC insured

1023
00:46:43,880 --> 00:46:46,319
Speaker 1: because you have the backing of our country behind it. Yeah.

1024
00:46:46,320 --> 00:46:48,200
Speaker 1: And and I think Adam hinted at the fact that

1025
00:46:48,280 --> 00:46:52,879
Speaker 1: we don't like Humelewards associations, and probably on a personal level,

1026
00:46:52,880 --> 00:46:55,120
Speaker 1: I would would probably agree with him, like, Yeah, I

1027
00:46:55,200 --> 00:46:57,000
Speaker 1: don't necessarily want to live in an h A. I

1028
00:46:57,000 --> 00:46:59,279
Speaker 1: would rather be rather not be told what to do. Yeah,

1029
00:47:00,239 --> 00:47:02,600
Speaker 1: with my front lawn. Maybe that's our fiercely independent streak

1030
00:47:02,760 --> 00:47:05,560
Speaker 1: right as individuals. Yeah, and you talk about your front lawn, Matt,

1031
00:47:05,560 --> 00:47:07,560
Speaker 1: You've got this like garden in the front yard that

1032
00:47:07,600 --> 00:47:10,200
Speaker 1: would be in in almost every h A community would

1033
00:47:10,200 --> 00:47:12,840
Speaker 1: be disallowed, right. That would be the picture of it

1034
00:47:12,880 --> 00:47:15,600
Speaker 1: would be like under what you can't do? Right, They

1035
00:47:15,600 --> 00:47:17,759
Speaker 1: would literally take a picture of your front lawn for

1036
00:47:17,800 --> 00:47:19,319
Speaker 1: the book and say, I don't think you can do this.

1037
00:47:19,440 --> 00:47:21,600
Speaker 1: Don't be like Matt and uh. And so that is

1038
00:47:21,640 --> 00:47:23,200
Speaker 1: one of those aspects of an h o A that

1039
00:47:23,200 --> 00:47:26,239
Speaker 1: that isn't awesome. Um. But yeah, if if we were

1040
00:47:26,280 --> 00:47:27,680
Speaker 1: to move into a neighborhood with an h o A

1041
00:47:27,760 --> 00:47:29,239
Speaker 1: in the future, you know, we would want to make

1042
00:47:29,239 --> 00:47:31,520
Speaker 1: sure that it was well run and and I think

1043
00:47:31,560 --> 00:47:33,839
Speaker 1: we would want to make sure that the funds were

1044
00:47:33,880 --> 00:47:37,160
Speaker 1: being spent efficiently. And just because people are on the

1045
00:47:37,200 --> 00:47:39,600
Speaker 1: board and just because they love your neighborhood, it doesn't

1046
00:47:39,640 --> 00:47:41,600
Speaker 1: mean that they know how to do that well. And

1047
00:47:41,640 --> 00:47:44,560
Speaker 1: so they need people like Adam to be influential on

1048
00:47:44,600 --> 00:47:47,160
Speaker 1: the board to help make some better decisions. It sounds

1049
00:47:47,200 --> 00:47:49,600
Speaker 1: like moving forward. So Adam, best of luck to you

1050
00:47:49,760 --> 00:47:52,319
Speaker 1: and to your h o A as a whole, making

1051
00:47:52,360 --> 00:47:55,360
Speaker 1: better use of the funds that your neighbors all pulled together.

1052
00:47:55,640 --> 00:47:57,759
Speaker 1: That's right, man, All right, let's go ahead, and uh

1053
00:47:57,880 --> 00:48:00,719
Speaker 1: mentioned the beer you and I we both enjoyed an

1054
00:48:00,719 --> 00:48:03,520
Speaker 1: Aspect Ratio, which is a double I p A from

1055
00:48:03,560 --> 00:48:07,040
Speaker 1: Spyglass Brewing Company. Again, a big thanks to Gary over

1056
00:48:07,040 --> 00:48:09,640
Speaker 1: there at Fat and Broke Podcast for sending this one

1057
00:48:09,719 --> 00:48:11,319
Speaker 1: hour away as well as the beer that we're gonna

1058
00:48:11,360 --> 00:48:13,920
Speaker 1: have on Wednesday's episode. But Joel, what do you think

1059
00:48:13,920 --> 00:48:16,640
Speaker 1: about this beer? Well, okay, first question, is this the

1060
00:48:16,640 --> 00:48:20,479
Speaker 1: first beer we've ever had from New Hampshire? I think so.

1061
00:48:20,640 --> 00:48:23,000
Speaker 1: I think so. Too small State, so I can't imagine

1062
00:48:23,040 --> 00:48:25,520
Speaker 1: there are a ton of breweries there. That part of

1063
00:48:25,520 --> 00:48:27,719
Speaker 1: the country, though, does similar to SoCal. I feel like

1064
00:48:27,719 --> 00:48:31,080
Speaker 1: that northeast portion has a bunch of main all up

1065
00:48:31,080 --> 00:48:33,360
Speaker 1: in there. I don't think I even heard of Spyglass

1066
00:48:33,400 --> 00:48:36,600
Speaker 1: until Gary mentioned them to us, and then he sent

1067
00:48:36,640 --> 00:48:41,800
Speaker 1: them to us, which yes, Rush and this one didn't disappoint.

1068
00:48:41,920 --> 00:48:43,880
Speaker 1: I thought it was like light and pillowy, with like

1069
00:48:44,120 --> 00:48:47,279
Speaker 1: just this beautiful hot flavor. It wasn't over the top,

1070
00:48:47,560 --> 00:48:51,680
Speaker 1: but it's still had just some delicious juice notes because

1071
00:48:51,719 --> 00:48:54,000
Speaker 1: of that distinct hop presence. So I don't know, I

1072
00:48:54,040 --> 00:48:56,520
Speaker 1: really I really like it had like that juicy sharpness,

1073
00:48:56,600 --> 00:48:58,719
Speaker 1: you know, like that hot presence was so for that,

1074
00:48:58,920 --> 00:49:00,880
Speaker 1: you know, yeah sharp. This is the best way I

1075
00:49:00,920 --> 00:49:02,960
Speaker 1: can describe it. But but but it's funny because it did

1076
00:49:02,960 --> 00:49:05,560
Speaker 1: have like that new ones all I can say. It's pillowy,

1077
00:49:05,640 --> 00:49:09,080
Speaker 1: like it was like really tender in its approach. Maybe

1078
00:49:09,080 --> 00:49:10,920
Speaker 1: the fact that like this is it poor to as

1079
00:49:10,960 --> 00:49:13,239
Speaker 1: like one of those lighter like paler hazy I p

1080
00:49:13,360 --> 00:49:14,920
Speaker 1: a s like sometimes we get them in their super

1081
00:49:14,960 --> 00:49:19,520
Speaker 1: orange and very like abrasive fruit forward looking, whereas this

1082
00:49:19,560 --> 00:49:23,440
Speaker 1: one it does look very kind of lofty ethereal so

1083
00:49:23,480 --> 00:49:25,800
Speaker 1: things again to Gary Ford donating this one to the show,

1084
00:49:26,000 --> 00:49:27,920
Speaker 1: uh and the Flat and Broke podcast. You know what's

1085
00:49:27,920 --> 00:49:30,360
Speaker 1: cool about them is they all the hosts they have

1086
00:49:30,520 --> 00:49:33,200
Speaker 1: a kind of like a medical background, and they try

1087
00:49:33,239 --> 00:49:36,200
Speaker 1: to tackle their topics kind of from a holistic standpoint.

1088
00:49:36,360 --> 00:49:39,000
Speaker 1: They talk about physical health, mental health as well. They're

1089
00:49:39,000 --> 00:49:41,600
Speaker 1: putting their physical therapist backgrounds to work a little bit.

1090
00:49:41,640 --> 00:49:43,239
Speaker 1: I like that a lot. Yeah, me too. You gotta

1091
00:49:43,280 --> 00:49:45,239
Speaker 1: bring your you know where you come from to the

1092
00:49:45,280 --> 00:49:47,040
Speaker 1: table when your ever tell you I thought about being

1093
00:49:47,040 --> 00:49:50,480
Speaker 1: a like a physical therapist after briefly, I had a

1094
00:49:50,480 --> 00:49:52,560
Speaker 1: friend when I was living in North Carolina. So this is,

1095
00:49:52,880 --> 00:49:55,560
Speaker 1: you know, after I graduated from undergrad before I got

1096
00:49:55,560 --> 00:49:57,920
Speaker 1: a job in advertising in Atlanta, a friend of mine

1097
00:49:58,120 --> 00:50:00,279
Speaker 1: was in PT school and just learning how the body

1098
00:50:00,360 --> 00:50:03,000
Speaker 1: works and understanding it and it's like, oh, this is

1099
00:50:03,040 --> 00:50:05,160
Speaker 1: why this hurts, and oh you should be doing this

1100
00:50:05,360 --> 00:50:08,040
Speaker 1: instead of doing this. I found really fascinating. It's like

1101
00:50:08,239 --> 00:50:11,000
Speaker 1: it's like learning how to be a like a body mechanic,

1102
00:50:11,280 --> 00:50:13,080
Speaker 1: you know. It's like, is that a mechanic for cars?

1103
00:50:13,160 --> 00:50:14,719
Speaker 1: Let me talked about earlier with you having to get

1104
00:50:14,760 --> 00:50:16,440
Speaker 1: a toe, but like, this is this is how your

1105
00:50:16,480 --> 00:50:18,640
Speaker 1: body works. I found that to be pretty fascinating. No,

1106
00:50:18,760 --> 00:50:20,960
Speaker 1: I get that. I could see you, uh, you know,

1107
00:50:21,120 --> 00:50:23,719
Speaker 1: being really really into that. So um, you know what,

1108
00:50:23,800 --> 00:50:25,160
Speaker 1: there's always a chance for a second career one of

1109
00:50:25,200 --> 00:50:27,239
Speaker 1: these days, who or a third or fourth career, whatever

1110
00:50:27,239 --> 00:50:29,320
Speaker 1: it would be. At this point, I'd be on my third. Yeah,

1111
00:50:29,760 --> 00:50:32,120
Speaker 1: all right, that's gonna do it for this episode. For

1112
00:50:32,120 --> 00:50:33,920
Speaker 1: folks who want the show notes links to anything that

1113
00:50:33,960 --> 00:50:36,000
Speaker 1: we mentioned, you can find those up on our website

1114
00:50:36,000 --> 00:50:37,920
Speaker 1: at how to money dot com. That's right, buddy, So

1115
00:50:38,040 --> 00:50:41,120
Speaker 1: until next time, best Friends Out, Best Friends Out.