1 00:00:00,160 --> 00:00:03,040 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,160 --> 00:00:07,240 Speaker 1: and today we are discussing investing mistakes, dumb millionaires, and 3 00:00:07,440 --> 00:00:28,800 Speaker 1: making personal finance funny. That's all right, we are going 4 00:00:28,840 --> 00:00:31,560 Speaker 1: to talk about funny stuff. We're talking about humor and 5 00:00:31,760 --> 00:00:34,400 Speaker 1: it's importance and personal finance. We're actually gonna bring on 6 00:00:34,400 --> 00:00:37,480 Speaker 1: our friend Joe saw see hi a little bit later 7 00:00:37,600 --> 00:00:40,080 Speaker 1: on the episode here after the break. But this is 8 00:00:40,120 --> 00:00:42,400 Speaker 1: our Friday flight, Joel, and this is when we tackle 9 00:00:42,479 --> 00:00:44,600 Speaker 1: some of the different headlines we've come across this week 10 00:00:44,880 --> 00:00:47,479 Speaker 1: and we're gonna talk about how they impact us. Yes, 11 00:00:47,600 --> 00:00:49,400 Speaker 1: we've got our money a few that we gotta get to. 12 00:00:49,440 --> 00:00:51,519 Speaker 1: I'm looking forward to that conversation with Joe, by the way, too, 13 00:00:51,600 --> 00:00:54,440 Speaker 1: he's um an icon in the personal finance space and 14 00:00:54,480 --> 00:00:56,280 Speaker 1: so and a good friend. Sort of looking forward chatting 15 00:00:56,280 --> 00:00:58,800 Speaker 1: with him. He's always wearing that iconic sweater as well. 16 00:00:59,040 --> 00:01:01,120 Speaker 1: Just like, come on, dude, I know, let other people 17 00:01:01,160 --> 00:01:02,840 Speaker 1: say it about you, Joe, don't say it about yourself. 18 00:01:03,360 --> 00:01:05,280 Speaker 1: But before that, I wanted to ask you a frugal 19 00:01:05,360 --> 00:01:07,280 Speaker 1: or cheap We haven't done one in a minute. And 20 00:01:07,400 --> 00:01:09,759 Speaker 1: I realized when I was doing this the other day 21 00:01:09,800 --> 00:01:13,240 Speaker 1: that I don't know, it might be cheap, but I'm 22 00:01:13,280 --> 00:01:17,000 Speaker 1: curious to hear your take. Right. Basically, you know when 23 00:01:17,000 --> 00:01:21,520 Speaker 1: you get sent like an envelope with payment required for 24 00:01:21,560 --> 00:01:23,959 Speaker 1: a medical bill or something like that. So yeah, and 25 00:01:23,959 --> 00:01:27,160 Speaker 1: there's the second envelope inside send it back in. You're 26 00:01:27,240 --> 00:01:31,560 Speaker 1: using those, well, I'm using those for my own personal mailings. Yes, 27 00:01:31,720 --> 00:01:35,080 Speaker 1: So like I'll pay that bill, let's say, via the 28 00:01:35,120 --> 00:01:36,880 Speaker 1: internet on my phone. I'll logg into the website and 29 00:01:36,880 --> 00:01:38,320 Speaker 1: pay it that way. But I'll horse on just some 30 00:01:38,360 --> 00:01:41,119 Speaker 1: of those envelopes and literally there's the there's the clear 31 00:01:41,600 --> 00:01:43,760 Speaker 1: opening on the front of the amblope, and I will 32 00:01:43,920 --> 00:01:45,720 Speaker 1: on a piece of paper write the address where I'm 33 00:01:45,760 --> 00:01:48,120 Speaker 1: trying to send my mail to, and I will tape 34 00:01:48,120 --> 00:01:51,200 Speaker 1: it inside of the envelope so that I can mail 35 00:01:51,440 --> 00:01:53,000 Speaker 1: my letter. Yeah, I was gonna say, because if it 36 00:01:53,000 --> 00:01:55,640 Speaker 1: doesn't line up perfectly, I'm sorry. It takes a little 37 00:01:55,640 --> 00:01:58,160 Speaker 1: attention to detail, right if you're just mailing something to 38 00:01:58,200 --> 00:01:59,880 Speaker 1: a friend, I guess if you're kind of like from 39 00:01:59,880 --> 00:02:03,960 Speaker 1: the it's eighties, Yeah, there's not it's not necessarily going 40 00:02:04,000 --> 00:02:06,560 Speaker 1: to align up perfectly. So okay, oh man, I didn't 41 00:02:06,600 --> 00:02:09,440 Speaker 1: know I've heard about folks reusing the envelopes like that, 42 00:02:09,480 --> 00:02:10,919 Speaker 1: but I haven't thought about it from the standpoint of 43 00:02:11,000 --> 00:02:14,720 Speaker 1: view having to tap to tape another piece of paper 44 00:02:14,800 --> 00:02:18,280 Speaker 1: up under there. I mean generally speaking, like, that's not 45 00:02:18,280 --> 00:02:20,720 Speaker 1: gonna take you very long, right, It's gonna take a 46 00:02:20,760 --> 00:02:22,760 Speaker 1: piece of tape, a piece of scrap paper. As I 47 00:02:22,800 --> 00:02:24,280 Speaker 1: was thinking about this, as you were talking about it, it 48 00:02:24,200 --> 00:02:26,880 Speaker 1: it got me thinking because like, I think this is frugal, 49 00:02:26,919 --> 00:02:29,080 Speaker 1: but I don't do it, and and so then I 50 00:02:29,080 --> 00:02:31,320 Speaker 1: start to feel guilty. I'm like, why don't I do that? 51 00:02:31,360 --> 00:02:34,240 Speaker 1: Because that's totally a frugal move. But then, like I 52 00:02:34,280 --> 00:02:36,560 Speaker 1: just started thinking through how the fact that there are 53 00:02:36,560 --> 00:02:39,160 Speaker 1: a lot of different things that we do differently. There's 54 00:02:39,200 --> 00:02:41,080 Speaker 1: things that I think are a great little money hacks, 55 00:02:41,480 --> 00:02:44,040 Speaker 1: like credit card sign on bonuses. I love credit card 56 00:02:44,080 --> 00:02:46,320 Speaker 1: sign and bonuses, and you're all right on them, right, 57 00:02:46,320 --> 00:02:48,440 Speaker 1: like you know you're not, but I'm not as dedicated 58 00:02:48,480 --> 00:02:50,120 Speaker 1: as you are. The chase a fire preferred right now 59 00:02:50,160 --> 00:02:53,600 Speaker 1: seven fifty dollars bally the welcome bonus. It's still an 60 00:02:53,600 --> 00:02:57,320 Speaker 1: incredible deal. But simultaneously, you shouldn't feel guilty that you're not, 61 00:02:57,480 --> 00:03:00,000 Speaker 1: you know, jump on every single credit card welcome off 62 00:03:00,080 --> 00:03:02,960 Speaker 1: or that you know that I let you know about. Uh, 63 00:03:03,000 --> 00:03:05,240 Speaker 1: And so I guess all that to say, there's different 64 00:03:05,240 --> 00:03:07,320 Speaker 1: strokes for different folks. There are different ways that you 65 00:03:07,360 --> 00:03:09,440 Speaker 1: and I can each find little money hacks that we 66 00:03:09,480 --> 00:03:12,440 Speaker 1: want to incorporate into our lives. So more power to you, dude. 67 00:03:12,440 --> 00:03:14,440 Speaker 1: I love that you're doing that, and Uh, to the 68 00:03:14,440 --> 00:03:16,320 Speaker 1: extent that you want to do that, I think that's great. 69 00:03:16,360 --> 00:03:19,120 Speaker 1: I will say, you're what you're doing, what you're dedicating 70 00:03:19,160 --> 00:03:21,480 Speaker 1: your time towards, is making you more money than mine 71 00:03:21,560 --> 00:03:24,919 Speaker 1: is saving me, because you know, mulots are relatively inexpensive, 72 00:03:25,280 --> 00:03:28,560 Speaker 1: and the amount of actual mail, yeah, and the amount 73 00:03:28,560 --> 00:03:31,400 Speaker 1: of actual mail I'm sending any year physical mail is 74 00:03:31,560 --> 00:03:33,480 Speaker 1: relatively small. But I guess it's one of those things 75 00:03:33,480 --> 00:03:35,720 Speaker 1: too where I just don't have envelopes on hand, and 76 00:03:35,760 --> 00:03:39,760 Speaker 1: so really it's more utilitarian than it is an attempt 77 00:03:39,840 --> 00:03:43,000 Speaker 1: to save money. But the amount of the purpose mental 78 00:03:43,040 --> 00:03:45,320 Speaker 1: capacity though, that that takes for you, like you're able 79 00:03:45,360 --> 00:03:47,160 Speaker 1: to do that while talking to Emily after the kids 80 00:03:47,160 --> 00:03:48,480 Speaker 1: are down and you're just you know, you're able to 81 00:03:48,560 --> 00:03:50,720 Speaker 1: knock that out. Whereas for me with the credit cards. 82 00:03:50,760 --> 00:03:52,560 Speaker 1: I mean, I have to keep up with my purchases 83 00:03:52,640 --> 00:03:54,640 Speaker 1: and make sure I'm making these payments. And how am 84 00:03:54,640 --> 00:03:56,240 Speaker 1: I going to incorporate this card and to the other 85 00:03:56,280 --> 00:03:58,680 Speaker 1: cards where I have everything optimized, like there's a system, 86 00:03:58,880 --> 00:04:00,640 Speaker 1: and it takes more time, it takes more brain power. 87 00:04:00,800 --> 00:04:03,480 Speaker 1: So there are trade offs, yes, yes, there are. All right, well, 88 00:04:03,640 --> 00:04:05,960 Speaker 1: I'm glad you think it's not cheap, dude. I love 89 00:04:06,000 --> 00:04:08,560 Speaker 1: that you do that. It's kind of brandom too. But 90 00:04:08,760 --> 00:04:10,640 Speaker 1: all right, let's move on to the Friday flight. Let's 91 00:04:10,640 --> 00:04:13,000 Speaker 1: get to those stories we found interesting this week and 92 00:04:13,040 --> 00:04:16,320 Speaker 1: talk about how they pertain to our collective personal finances. 93 00:04:16,600 --> 00:04:19,120 Speaker 1: And the first story we wanted to talk about has 94 00:04:19,160 --> 00:04:23,919 Speaker 1: to do with investments and entrepreneurship, and we discussed a 95 00:04:24,000 --> 00:04:26,640 Speaker 1: couple of weeks ago, Matt, how more folks are starting 96 00:04:26,640 --> 00:04:29,919 Speaker 1: their own businesses. We've seen just this massive uptick in 97 00:04:30,160 --> 00:04:33,280 Speaker 1: entrepreneurship during the pandemic, especially you know, in the past 98 00:04:33,360 --> 00:04:36,200 Speaker 1: six to nine months, and that's been encouraging. You know 99 00:04:36,279 --> 00:04:39,960 Speaker 1: that so many folks are leaving their jobs and they're 100 00:04:40,000 --> 00:04:42,480 Speaker 1: not quitting to sit on the sidelines. They're starting their 101 00:04:42,520 --> 00:04:45,640 Speaker 1: own business. And and yeah, I think we we think 102 00:04:45,640 --> 00:04:47,760 Speaker 1: this is great for individuals, it's great for families, it's 103 00:04:47,800 --> 00:04:50,680 Speaker 1: great for the country as well to see more small 104 00:04:50,720 --> 00:04:54,240 Speaker 1: business formation. But then the question gets to, well, how 105 00:04:54,240 --> 00:04:56,720 Speaker 1: do you start that business and and where do you 106 00:04:56,839 --> 00:04:59,640 Speaker 1: find the funds to get started? And it turns out 107 00:04:59,760 --> 00:05:03,599 Speaker 1: that some folks are turning to their retirement funds to 108 00:05:03,680 --> 00:05:05,919 Speaker 1: get seed money. And the New York Times reported on 109 00:05:05,960 --> 00:05:09,160 Speaker 1: this recently. But we would say that that can be 110 00:05:09,279 --> 00:05:12,320 Speaker 1: a precarious place to turn. It's not ideal, and in fact, 111 00:05:12,400 --> 00:05:15,120 Speaker 1: it's it's probably worse than not ideal. And here's why. 112 00:05:15,120 --> 00:05:17,560 Speaker 1: It's because if you're under the age of fifty nine 113 00:05:17,600 --> 00:05:20,280 Speaker 1: and a half, you'll have to pay tax and a 114 00:05:20,360 --> 00:05:23,080 Speaker 1: ten percent penalty on the funds that you take out, yeah, 115 00:05:23,080 --> 00:05:25,600 Speaker 1: of your four one K or your traditional I RA. 116 00:05:26,200 --> 00:05:28,720 Speaker 1: And at the same time, like, that's bad enough, right, 117 00:05:28,920 --> 00:05:31,800 Speaker 1: the tax and penalty, but those all important dollars that 118 00:05:31,839 --> 00:05:35,600 Speaker 1: you're pulling out, Uh, they immediately stopped compounding for your future. 119 00:05:35,839 --> 00:05:38,640 Speaker 1: So you're you're hurting your immediate self by being taxes 120 00:05:38,720 --> 00:05:41,920 Speaker 1: and penalties. You're hurting your future self by missing out 121 00:05:41,960 --> 00:05:45,719 Speaker 1: on potentially decades of gains and a tax tax advantaged account. 122 00:05:45,920 --> 00:05:48,760 Speaker 1: And basically it's just it's almost always a lose lose 123 00:05:49,000 --> 00:05:51,599 Speaker 1: to go this route to funding your business. Yeah, and 124 00:05:51,680 --> 00:05:53,760 Speaker 1: so instead we would like to steer folks in the 125 00:05:53,839 --> 00:05:56,880 Speaker 1: direction of getting started by just spending as little money 126 00:05:56,880 --> 00:05:59,560 Speaker 1: as possible. We'd recommend for you to check out episode 127 00:05:59,640 --> 00:06:03,120 Speaker 1: two forty seven for ideas on how to do that. 128 00:06:03,120 --> 00:06:05,279 Speaker 1: That's how you can start a business with no money. 129 00:06:05,600 --> 00:06:07,720 Speaker 1: And uh, yeah, it's true that some businesses do have 130 00:06:07,800 --> 00:06:10,360 Speaker 1: some hard costs that you gotta pay for in order 131 00:06:10,400 --> 00:06:12,920 Speaker 1: to get things off the ground. But you're better off 132 00:06:13,080 --> 00:06:15,400 Speaker 1: waiting to start that business and saving up the money 133 00:06:15,560 --> 00:06:17,359 Speaker 1: instead of cashing out your four oh w K in 134 00:06:17,440 --> 00:06:19,920 Speaker 1: order to start. Now. I just like how there's an 135 00:06:19,920 --> 00:06:22,600 Speaker 1: element of sacrifice. It's like, how badly do you want 136 00:06:22,600 --> 00:06:24,600 Speaker 1: to start this business? And if you feel like it's 137 00:06:24,600 --> 00:06:26,640 Speaker 1: something that you can easily just kind of click a button, 138 00:06:27,040 --> 00:06:30,240 Speaker 1: make a deposit, make a transfer, um pay some taxes 139 00:06:30,279 --> 00:06:32,719 Speaker 1: while you're at it, that's something that you know, in 140 00:06:32,760 --> 00:06:35,520 Speaker 1: my mind, is more painful. But there are ways where 141 00:06:35,560 --> 00:06:37,560 Speaker 1: it just seems almost too easy to start this thing, 142 00:06:37,800 --> 00:06:39,400 Speaker 1: And I almost believe that there needs to be some 143 00:06:39,440 --> 00:06:41,640 Speaker 1: sort of like sacrifice to a certain extent as well. 144 00:06:41,800 --> 00:06:44,240 Speaker 1: And we're all about investing in yourself as well, and 145 00:06:44,440 --> 00:06:47,359 Speaker 1: you know, specifically launching something that you're passionate about in 146 00:06:47,480 --> 00:06:50,839 Speaker 1: order to serve your community and to grow a profitable business. 147 00:06:51,240 --> 00:06:53,640 Speaker 1: But you just put yourself in such a difficult financial 148 00:06:53,680 --> 00:06:55,560 Speaker 1: position when you grab some cash from your four ohn 149 00:06:55,600 --> 00:06:58,360 Speaker 1: K from your IRA A early that we just feel 150 00:06:58,360 --> 00:07:00,600 Speaker 1: that it's something you should completely avoid. Now, you know, 151 00:07:00,640 --> 00:07:04,400 Speaker 1: taking contributions from your wrath IRA. That's a bit of 152 00:07:04,400 --> 00:07:06,920 Speaker 1: a different story because of course you don't pay tax 153 00:07:07,040 --> 00:07:10,480 Speaker 1: or penalty on those withdrawals. But overall, it's just best 154 00:07:10,520 --> 00:07:13,240 Speaker 1: to think of all of those accounts as untouchable something 155 00:07:13,280 --> 00:07:15,760 Speaker 1: that you want to avoid at all costs. Yeah, Matt, 156 00:07:15,760 --> 00:07:17,880 Speaker 1: hopefully that's a helpful p s A for any how, 157 00:07:17,880 --> 00:07:19,720 Speaker 1: the money listeners who are thinking, hey, I want to 158 00:07:19,720 --> 00:07:21,360 Speaker 1: start my own business, where do I get the cash? 159 00:07:21,640 --> 00:07:24,280 Speaker 1: Some time offering the holidays and they start dreaming a 160 00:07:24,320 --> 00:07:26,080 Speaker 1: little bit. You have a little bit more flexibility with 161 00:07:26,120 --> 00:07:28,520 Speaker 1: your schedule and and and that is not the place 162 00:07:28,520 --> 00:07:30,120 Speaker 1: you want to tap though, because it's going to lead 163 00:07:30,120 --> 00:07:33,880 Speaker 1: to future difficulties when it comes to your finances. And Yeah, 164 00:07:34,240 --> 00:07:36,320 Speaker 1: while we're talking about what not to do when it 165 00:07:36,320 --> 00:07:39,280 Speaker 1: comes to investing, Let's let's keep hammering that home. That's 166 00:07:39,320 --> 00:07:41,520 Speaker 1: actually gonna be kind of a first half of this 167 00:07:41,560 --> 00:07:43,679 Speaker 1: Friday flight. There's a bunch of things that you shouldn't 168 00:07:43,720 --> 00:07:46,080 Speaker 1: do exactly. There was this great article in the Wall 169 00:07:46,080 --> 00:07:49,520 Speaker 1: Street Journal from business writer Dennis Neil and his piece 170 00:07:49,560 --> 00:07:53,720 Speaker 1: was titled I Knew Better But about Tesla Stock, and Dennis, 171 00:07:53,760 --> 00:07:56,560 Speaker 1: as it turns out, I appreciated his honesty. He he 172 00:07:56,640 --> 00:07:58,720 Speaker 1: knows all the right things when it comes to investing. 173 00:07:58,760 --> 00:08:02,440 Speaker 1: He's been writing for multiple finance publications for over two decades. 174 00:08:02,800 --> 00:08:06,080 Speaker 1: He knew that buying an individual stock is this speculative 175 00:08:06,080 --> 00:08:09,680 Speaker 1: play that it's like really risky, and his initial foray 176 00:08:09,760 --> 00:08:12,880 Speaker 1: into individual stock investing, he ended up buying some Ali 177 00:08:12,880 --> 00:08:14,880 Speaker 1: Baba stock. He he mentioned in the piece that he 178 00:08:14,920 --> 00:08:18,360 Speaker 1: had interviewed Jack Ma he was really impressed, and that 179 00:08:18,400 --> 00:08:20,040 Speaker 1: was maybe part of the reason at least that he 180 00:08:20,120 --> 00:08:23,480 Speaker 1: decided to to purchase. And the cool thing is that 181 00:08:23,600 --> 00:08:25,640 Speaker 1: stock went up eighteen the first day he owned it, 182 00:08:25,960 --> 00:08:29,400 Speaker 1: which is actually probably the worst thing that can happen 183 00:08:29,680 --> 00:08:32,040 Speaker 1: because you're like, oh, this is easy. Uh. And so 184 00:08:32,120 --> 00:08:34,680 Speaker 1: he held onto that stock hoping for even higher returns 185 00:08:35,040 --> 00:08:38,400 Speaker 1: and it's currently down more than from when he made 186 00:08:38,400 --> 00:08:41,640 Speaker 1: that initial purchase, and same thing he purchased Tesla stock. 187 00:08:41,880 --> 00:08:44,920 Speaker 1: His holding there is down almost twenty five in a 188 00:08:44,920 --> 00:08:47,600 Speaker 1: matter of six weeks because Tesla stock has not been 189 00:08:47,600 --> 00:08:50,600 Speaker 1: doing well as of late. And so, yeah, I guess 190 00:08:50,600 --> 00:08:53,360 Speaker 1: the question is what can we learn from this piece? 191 00:08:53,840 --> 00:08:56,240 Speaker 1: And the question you might ask yourself is, well, can 192 00:08:56,280 --> 00:08:58,920 Speaker 1: we make money buying individual stocks? Can I make money 193 00:08:59,160 --> 00:09:02,520 Speaker 1: on robin hood or in one buying single stocks? The 194 00:09:02,559 --> 00:09:06,319 Speaker 1: answer is yes, uh, But here's the problem. There are 195 00:09:06,360 --> 00:09:09,800 Speaker 1: so many difficult decisions that investors face when we decide 196 00:09:09,840 --> 00:09:13,120 Speaker 1: to go this route. Basically it becomes a psychological minefield 197 00:09:13,120 --> 00:09:15,080 Speaker 1: for us. That's right. Yeah, you have to ask yourself 198 00:09:15,120 --> 00:09:16,959 Speaker 1: like when do I actually buy? When do we sell? 199 00:09:17,200 --> 00:09:20,080 Speaker 1: Those are the primary questions. And while the stock market 200 00:09:20,160 --> 00:09:23,439 Speaker 1: it has been, you know, at or near all time highs, recently, 201 00:09:23,800 --> 00:09:26,400 Speaker 1: some stocks have been getting slaughtered, like mostly the ones 202 00:09:26,440 --> 00:09:29,040 Speaker 1: that were completely just popping off the charts earlier in 203 00:09:29,040 --> 00:09:31,800 Speaker 1: the pandemic, like Zoom and Peloton. But you know, that 204 00:09:31,880 --> 00:09:34,320 Speaker 1: raises the questions of buying the dip even you know, 205 00:09:34,320 --> 00:09:36,920 Speaker 1: could it be a great time to buy those damage stocks? Well, 206 00:09:37,440 --> 00:09:40,000 Speaker 1: you know, potentially, but they could also fall a lot 207 00:09:40,120 --> 00:09:43,720 Speaker 1: further generally speaking, owning individual stocks, like, it's not a 208 00:09:43,760 --> 00:09:46,520 Speaker 1: morally wrong thing, it's just that it makes investing so 209 00:09:46,640 --> 00:09:50,079 Speaker 1: much harder because you're constantly faced with, you know, decisions 210 00:09:50,120 --> 00:09:52,480 Speaker 1: that are easily avoidable if you were too out for 211 00:09:52,520 --> 00:09:56,480 Speaker 1: a dollar cost averaging UH strategy into index funds. And 212 00:09:56,559 --> 00:09:58,800 Speaker 1: so if you feel that you need to take a gamble, 213 00:09:58,920 --> 00:10:00,400 Speaker 1: you know, we would rather use think of it like 214 00:10:00,400 --> 00:10:03,440 Speaker 1: a trip to Vegas and just dedicate a small amount 215 00:10:03,440 --> 00:10:05,880 Speaker 1: of your portfolio, you know, in that direction. Just like 216 00:10:05,880 --> 00:10:08,320 Speaker 1: you said, Joel with Dennis Neil, the fact that he 217 00:10:08,400 --> 00:10:12,000 Speaker 1: saw some gains early on, like that's the real danger 218 00:10:12,080 --> 00:10:16,160 Speaker 1: because he's you start thinking, oh, okay, maybe I'm not lucky. 219 00:10:16,200 --> 00:10:19,120 Speaker 1: Maybe I'm smart. You know, I've got access to to people, 220 00:10:19,160 --> 00:10:21,080 Speaker 1: I know things that other people don't. It's like the 221 00:10:21,120 --> 00:10:23,240 Speaker 1: hook in the fish's mouth exactly. And the same thing 222 00:10:23,240 --> 00:10:25,120 Speaker 1: with gambling. You know, you want a few hands right 223 00:10:25,160 --> 00:10:29,120 Speaker 1: at the beginning, and you think, oh, gambling is easy. 224 00:10:29,120 --> 00:10:31,960 Speaker 1: Everybody else here is just stupid. Keep bringing the free drinks, 225 00:10:32,040 --> 00:10:34,000 Speaker 1: and so you start doing that and then you start 226 00:10:34,040 --> 00:10:37,280 Speaker 1: making worst decisions and then yeah, your luck runs out 227 00:10:37,640 --> 00:10:40,880 Speaker 1: reality has caught up to you, and hopefully you haven't 228 00:10:40,880 --> 00:10:43,720 Speaker 1: sunk just way more money in that direction, thinking that 229 00:10:43,720 --> 00:10:45,680 Speaker 1: you're going to be able to outsmart the market. Yeah, 230 00:10:45,679 --> 00:10:48,600 Speaker 1: that's what we call throwing good money after bad And 231 00:10:48,840 --> 00:10:54,080 Speaker 1: hopefully you can learn from like reading something like Dennis's piece, 232 00:10:54,240 --> 00:10:57,040 Speaker 1: as opposed to having to experience it firsthand. And I 233 00:10:57,040 --> 00:10:59,880 Speaker 1: think that's that's what's great about when other people share 234 00:11:00,200 --> 00:11:02,440 Speaker 1: the ways that they've messed up or the ways that 235 00:11:02,440 --> 00:11:04,680 Speaker 1: they have lost money, it can be a warning sign 236 00:11:04,760 --> 00:11:07,720 Speaker 1: for us and it can help us avoid the same fate. 237 00:11:08,040 --> 00:11:10,680 Speaker 1: And that's why, Yeah, we're big proponents of index funds. 238 00:11:10,679 --> 00:11:12,920 Speaker 1: It's it's not that you can't make money investing in 239 00:11:12,920 --> 00:11:15,480 Speaker 1: individual stocks. You certainly can, but the pitfalls are just 240 00:11:15,520 --> 00:11:19,439 Speaker 1: so much greater. And yeah, let's talk about another potentially 241 00:11:19,520 --> 00:11:21,960 Speaker 1: devious investing strategy here for a second, Matt. Let's talk 242 00:11:21,960 --> 00:11:25,720 Speaker 1: about cryptocurrency. There was a recent CNBC Millionaire study and 243 00:11:25,720 --> 00:11:27,920 Speaker 1: it found that most millennials who have a net worth 244 00:11:28,200 --> 00:11:31,920 Speaker 1: of greater than one million dollars have their cryptos dash 245 00:11:32,080 --> 00:11:36,560 Speaker 1: to thank for their wealth, and of millennial millionaires surveyed 246 00:11:36,760 --> 00:11:39,559 Speaker 1: said that they own some cryptocurrency We're okay with that, 247 00:11:39,600 --> 00:11:41,720 Speaker 1: Matt and I are totally fine with you having a 248 00:11:41,760 --> 00:11:46,200 Speaker 1: small percentage of your assets in crypto. But yeah, the 249 00:11:46,280 --> 00:11:49,600 Speaker 1: next stat is a doozy. More than half of those 250 00:11:49,640 --> 00:11:52,920 Speaker 1: millennial millionaires said that the majority of their net worth 251 00:11:53,120 --> 00:11:56,640 Speaker 1: is in various cryptocurrencies, so greater than fift of that 252 00:11:56,679 --> 00:11:59,040 Speaker 1: million dollars, they have over half a million dollars in 253 00:11:59,120 --> 00:12:01,800 Speaker 1: crypto and uh mad. At the risk of sounding like 254 00:12:01,880 --> 00:12:04,640 Speaker 1: old fogies, we're gonna say that's bad, right, that's not 255 00:12:04,679 --> 00:12:06,920 Speaker 1: a good thing. Yeah, so we are older. I mean, 256 00:12:06,960 --> 00:12:10,319 Speaker 1: we're we're both millennials, but we're like the geriatric millennials. 257 00:12:10,320 --> 00:12:12,160 Speaker 1: We're not the millennials who are still in their first 258 00:12:12,240 --> 00:12:15,360 Speaker 1: job they graduated a couple of years ago, who likely 259 00:12:15,400 --> 00:12:18,080 Speaker 1: have a lot more money or maybe a lot higher 260 00:12:18,120 --> 00:12:21,440 Speaker 1: percentage of their portfolio in cryptocurrencies. But the reason we 261 00:12:21,480 --> 00:12:23,440 Speaker 1: don't do that is because we believe that having half 262 00:12:23,440 --> 00:12:26,080 Speaker 1: of your wealth in any single asset, regardless of what 263 00:12:26,120 --> 00:12:29,480 Speaker 1: it is, is incredibly risky. Uh and crypto even more so. 264 00:12:29,520 --> 00:12:31,840 Speaker 1: You know, there's gonna be some big winners amongst the 265 00:12:31,960 --> 00:12:34,839 Speaker 1: investors who are going all in on crypto, but there 266 00:12:34,840 --> 00:12:37,600 Speaker 1: will be a lot of losers as well, and sadly, 267 00:12:37,640 --> 00:12:40,160 Speaker 1: we're probably going to see more of the headlines about 268 00:12:40,160 --> 00:12:42,360 Speaker 1: the big winners because those are the stories that people 269 00:12:42,440 --> 00:12:44,880 Speaker 1: want to read about, Like, those are the inspiring stories. 270 00:12:45,080 --> 00:12:47,920 Speaker 1: Those are the narratives that we want to emulate and 271 00:12:48,040 --> 00:12:49,760 Speaker 1: replicate in our own lives, because there's a lot of 272 00:12:49,760 --> 00:12:52,960 Speaker 1: people that see a story about something like the Shebu Sheba, 273 00:12:52,960 --> 00:12:55,400 Speaker 1: a new coin popping, and they're like, boom, I'm gonna 274 00:12:55,400 --> 00:12:57,520 Speaker 1: find the next one that that one goes to your coin, 275 00:12:57,600 --> 00:13:00,000 Speaker 1: I'm gonna be all over exactly. It's like those stories 276 00:13:00,120 --> 00:13:02,800 Speaker 1: inspire you to think that the next coin is gonna 277 00:13:02,920 --> 00:13:05,480 Speaker 1: make you a millionaire, but in all likelihood, you probably 278 00:13:05,480 --> 00:13:08,160 Speaker 1: just lost a bunch of money. Exactly. Yeah, chances were 279 00:13:08,160 --> 00:13:09,440 Speaker 1: we're not going to be able to do and not 280 00:13:09,520 --> 00:13:12,920 Speaker 1: much ink gets billed on those stories. Exactly. Yes, So 281 00:13:13,280 --> 00:13:15,640 Speaker 1: you know I'm that kind of bummer. Notes, let's head 282 00:13:15,679 --> 00:13:17,600 Speaker 1: to the break, but when we come back, we're going 283 00:13:17,640 --> 00:13:19,319 Speaker 1: to lighten things up a little bit. We're gonna talk 284 00:13:19,360 --> 00:13:22,120 Speaker 1: with our good friend Joe saw see Hi about the 285 00:13:22,280 --> 00:13:34,880 Speaker 1: necessity for humor and personal finance and more. All right, 286 00:13:34,920 --> 00:13:37,640 Speaker 1: we're back. Now we're joined by Joe Saucy. Hi. He's 287 00:13:37,679 --> 00:13:41,480 Speaker 1: host of the podcast Stacking Benjamin's and Joe has been 288 00:13:41,679 --> 00:13:44,800 Speaker 1: just a really good friend in the personal finance podcasting 289 00:13:44,840 --> 00:13:48,120 Speaker 1: space for a lot of years now, and he has 290 00:13:48,200 --> 00:13:51,800 Speaker 1: just released a new book. It's called Stacked, You're super 291 00:13:51,840 --> 00:13:54,559 Speaker 1: serious guide to money management. And Joe, thank you for 292 00:13:54,640 --> 00:13:57,240 Speaker 1: joining us on the show. Hey, guys, I can't believe 293 00:13:57,240 --> 00:13:59,680 Speaker 1: I made it right here. We are happy to have 294 00:13:59,720 --> 00:14:02,000 Speaker 1: you here, Joe. Uh. Let's talk about your book, man, 295 00:14:02,040 --> 00:14:05,120 Speaker 1: because you know in your intro of the book, you 296 00:14:05,160 --> 00:14:07,760 Speaker 1: write that treating money as only slightly less fun than 297 00:14:07,800 --> 00:14:11,679 Speaker 1: nicolonoscopy limits the reach of our collective voices. Your show, 298 00:14:11,800 --> 00:14:14,560 Speaker 1: Stacking Benjamin's, it's a ton of fun. We've really enjoyed 299 00:14:14,600 --> 00:14:17,240 Speaker 1: coming on because you don't take things too seriously. So 300 00:14:17,320 --> 00:14:19,760 Speaker 1: let's talk about humor. Let's talk about like, why do 301 00:14:19,800 --> 00:14:21,960 Speaker 1: you think that a good dose of humor is needed 302 00:14:22,040 --> 00:14:24,680 Speaker 1: within the personal finance space? Oh, it's funny, is and 303 00:14:24,680 --> 00:14:26,960 Speaker 1: I wish I had a funny answer, but but but 304 00:14:26,960 --> 00:14:29,880 Speaker 1: but I don't. It's that it is that I was 305 00:14:29,920 --> 00:14:32,840 Speaker 1: a financial planner for sixteen years. I've been doing financial 306 00:14:32,880 --> 00:14:36,040 Speaker 1: media now for twelve and as you guys, know as 307 00:14:36,520 --> 00:14:38,760 Speaker 1: a podcast that has a lot of fun that that 308 00:14:39,040 --> 00:14:42,120 Speaker 1: some I think to reach more people, we need to 309 00:14:42,200 --> 00:14:45,240 Speaker 1: lighten it up. Some I think that's and I'll give 310 00:14:45,280 --> 00:14:48,560 Speaker 1: you some statistics. There's a great, uh, there's a great 311 00:14:48,600 --> 00:14:51,560 Speaker 1: report from a group called nonfiction. It's called the Secret 312 00:14:51,600 --> 00:14:54,440 Speaker 1: Financial Lives of Americans, and in there they report all 313 00:14:54,440 --> 00:14:56,200 Speaker 1: these things that people don't tell each other. And one 314 00:14:56,280 --> 00:14:58,920 Speaker 1: big statistic that stood out to me was that over 315 00:14:59,000 --> 00:15:02,640 Speaker 1: a hundred and fifty million people report that they've cried 316 00:15:02,640 --> 00:15:05,680 Speaker 1: about their money. In America, almost half of Americans say 317 00:15:05,720 --> 00:15:07,400 Speaker 1: that they've cried. Now, you think this is people living 318 00:15:07,400 --> 00:15:10,080 Speaker 1: paycheck to paycheck, right, because I was there and I 319 00:15:10,080 --> 00:15:12,520 Speaker 1: remember how hard it was and how how much I 320 00:15:12,560 --> 00:15:15,640 Speaker 1: struggled and I cried. But it's not. I mean, almost 321 00:15:15,640 --> 00:15:18,080 Speaker 1: fifty percent of people making over two d and fifty 322 00:15:18,120 --> 00:15:21,920 Speaker 1: thousand dollars a year are crying. And I feel I 323 00:15:21,960 --> 00:15:23,880 Speaker 1: feel like there's a lot of people saying, you know what, 324 00:15:24,160 --> 00:15:26,280 Speaker 1: But if I had that little piece of information, if 325 00:15:26,320 --> 00:15:29,120 Speaker 1: I had that, you guys know, there's tons of podcast 326 00:15:29,160 --> 00:15:31,680 Speaker 1: there's tons of YouTube channels, there's you go to bookstore, 327 00:15:31,720 --> 00:15:34,160 Speaker 1: there's fifty million books out there, and we're still not 328 00:15:34,200 --> 00:15:37,800 Speaker 1: there's enough information, but we're still not reaching people. So 329 00:15:37,960 --> 00:15:40,680 Speaker 1: I don't think they're crying because central bank digital currency 330 00:15:40,720 --> 00:15:43,560 Speaker 1: might become a part of our life, right, And they're 331 00:15:43,560 --> 00:15:46,120 Speaker 1: not crying because you know, the mega backdoor roth ira 332 00:15:46,160 --> 00:15:48,080 Speaker 1: A might not make it, or Roth conversions might not 333 00:15:48,160 --> 00:15:50,440 Speaker 1: make it. Like that's not why we're crying. We're crying 334 00:15:50,440 --> 00:15:52,920 Speaker 1: because where where I was a long time ago where 335 00:15:53,040 --> 00:15:56,840 Speaker 1: I ran out of gas and I was searching the 336 00:15:57,400 --> 00:16:00,880 Speaker 1: this rusted out minivan seat cush to come up with 337 00:16:00,920 --> 00:16:02,800 Speaker 1: like eight two cents so I could walk him out 338 00:16:02,840 --> 00:16:05,480 Speaker 1: to a gas station and beg a dude to loan 339 00:16:05,560 --> 00:16:08,440 Speaker 1: me that little plastic gas can and he didn't want 340 00:16:08,440 --> 00:16:09,760 Speaker 1: to give it to me. Guy thought I was going 341 00:16:09,840 --> 00:16:12,520 Speaker 1: to steal the gas. Came like, what am I gonna 342 00:16:12,560 --> 00:16:17,400 Speaker 1: do with this plastic gas? Really? Trust where I think 343 00:16:17,400 --> 00:16:21,320 Speaker 1: the word is sketchy definitely, Yeah, well now I appreciate that. 344 00:16:21,360 --> 00:16:23,120 Speaker 1: And I think actually when Matt and I when we 345 00:16:23,280 --> 00:16:25,920 Speaker 1: started How the Money four years ago, that was part 346 00:16:25,960 --> 00:16:28,160 Speaker 1: of the things that we talked about before we launched 347 00:16:28,240 --> 00:16:31,000 Speaker 1: was does the world need another personal finance podcasts? And 348 00:16:31,000 --> 00:16:32,840 Speaker 1: we were like, well, no, not really, Like there are 349 00:16:32,840 --> 00:16:34,920 Speaker 1: a lot of them out there, But does the world 350 00:16:34,960 --> 00:16:38,040 Speaker 1: need a personal finance podcast hosted by two buzz buddies 351 00:16:38,280 --> 00:16:40,960 Speaker 1: who drink a beer and try to have a lighthearted 352 00:16:40,960 --> 00:16:44,880 Speaker 1: way of communicating about the topic. And we're like, still 353 00:16:45,760 --> 00:16:47,760 Speaker 1: from our wives was no, but we tried it anyway 354 00:16:47,760 --> 00:16:49,640 Speaker 1: and here we are. But yeah, I think you're right. Like, 355 00:16:49,680 --> 00:16:52,240 Speaker 1: there's like a lot of like starchy shirts and ties 356 00:16:52,440 --> 00:16:55,560 Speaker 1: in the finance industry and it's off putting to people, 357 00:16:55,600 --> 00:16:58,160 Speaker 1: and they're like, I need something approachable. I need something 358 00:16:58,600 --> 00:17:01,160 Speaker 1: that is that I and you know and and that 359 00:17:01,160 --> 00:17:02,800 Speaker 1: that's the best compliment that we can get is when 360 00:17:02,840 --> 00:17:05,320 Speaker 1: a listener says, you know what it feels like, I'm 361 00:17:05,359 --> 00:17:08,080 Speaker 1: sitting down with two best friends and drinking a beer, 362 00:17:08,320 --> 00:17:11,000 Speaker 1: and it makes that learning a topic that otherwise I'd 363 00:17:11,040 --> 00:17:16,560 Speaker 1: be completely oblivious to I wouldn't care about. Just fun. Absolutely, No, 364 00:17:16,760 --> 00:17:18,439 Speaker 1: I think that. I think that when you make it 365 00:17:18,480 --> 00:17:20,720 Speaker 1: fun and you make it approachable, we start reaching people 366 00:17:21,119 --> 00:17:24,800 Speaker 1: that we would otherwise not reach. Yeah, but besides humor, though, 367 00:17:24,840 --> 00:17:28,600 Speaker 1: I'm I'm curious besides just infusing more of of humor 368 00:17:28,680 --> 00:17:31,560 Speaker 1: into the personal finance space, like tell us a little 369 00:17:31,600 --> 00:17:33,680 Speaker 1: more about the money philosophy behind your book, like what 370 00:17:33,920 --> 00:17:35,679 Speaker 1: else are you trying to get at? And and how 371 00:17:35,680 --> 00:17:38,879 Speaker 1: do you feel like it's unique or different? I think 372 00:17:38,960 --> 00:17:40,640 Speaker 1: the best way to answer that is to tell you 373 00:17:40,720 --> 00:17:43,879 Speaker 1: where the project, how the project got started. And I 374 00:17:43,920 --> 00:17:46,399 Speaker 1: was I had written a book, and I'd written it 375 00:17:46,440 --> 00:17:48,760 Speaker 1: over ten years, and uh, I don't know when you 376 00:17:48,800 --> 00:17:52,360 Speaker 1: guys write stuff if your spouses are are your your 377 00:17:52,400 --> 00:17:55,439 Speaker 1: alpha readers? But mine is. And so I hand this 378 00:17:55,440 --> 00:17:57,280 Speaker 1: book to Cheryl when I finally take it seriously get 379 00:17:57,280 --> 00:17:59,080 Speaker 1: it done. She read it for I think it was 380 00:17:59,160 --> 00:18:00,679 Speaker 1: like eleven and a half minut it and said, this 381 00:18:00,760 --> 00:18:03,840 Speaker 1: sucks like it was. It was. It was so over 382 00:18:03,920 --> 00:18:08,359 Speaker 1: the top, uh, hardcore finance, it was so boring, it 383 00:18:08,600 --> 00:18:11,879 Speaker 1: was preachy. It was all these things that Snacking Benjamin's 384 00:18:12,000 --> 00:18:14,880 Speaker 1: is not, and and it really didn't even sound like me, 385 00:18:14,960 --> 00:18:17,040 Speaker 1: like I think over they say that you find your 386 00:18:17,080 --> 00:18:19,719 Speaker 1: voice over time, and I definitely was not that person 387 00:18:19,800 --> 00:18:21,439 Speaker 1: that was in this book. And I didn't want to 388 00:18:21,440 --> 00:18:23,440 Speaker 1: give that type of advice. And I was not talking 389 00:18:23,480 --> 00:18:24,840 Speaker 1: to the audience. I want to talk to you, so 390 00:18:25,600 --> 00:18:27,400 Speaker 1: but I knew, but I knew I had something to say. 391 00:18:27,920 --> 00:18:29,960 Speaker 1: And so I'm out in Portland, Oregon, have you guys 392 00:18:29,960 --> 00:18:34,480 Speaker 1: been to this bookstore called Powell's in Portland's. Oh it's 393 00:18:34,160 --> 00:18:36,679 Speaker 1: and what I love for for creators like you, and 394 00:18:36,720 --> 00:18:39,720 Speaker 1: I like, we can totally get lost in this bookstore 395 00:18:39,760 --> 00:18:42,359 Speaker 1: and I get these ideas, which I'm sure you do too. 396 00:18:42,440 --> 00:18:44,880 Speaker 1: Knowing you guys that you go through and you get 397 00:18:44,920 --> 00:18:47,280 Speaker 1: you go into the photography session, or you go into 398 00:18:47,680 --> 00:18:51,040 Speaker 1: to to fiction, or you're in the wherever I get 399 00:18:51,040 --> 00:18:54,000 Speaker 1: these great ideas. I end up in the kids section 400 00:18:54,200 --> 00:18:57,679 Speaker 1: as you get two guys can believe, And so I 401 00:18:57,720 --> 00:19:00,520 Speaker 1: see the Hardy Boys Detective Manual. And I don't know 402 00:19:00,560 --> 00:19:02,159 Speaker 1: if you guys carried this around like I did, but 403 00:19:02,160 --> 00:19:03,960 Speaker 1: it was written. This was a legit book. It was 404 00:19:03,960 --> 00:19:07,479 Speaker 1: written with the help of a real, live, retired FBI 405 00:19:07,560 --> 00:19:10,960 Speaker 1: agent says it right at the beginning. And my brother 406 00:19:11,040 --> 00:19:12,879 Speaker 1: and I, when I was in fourth grade, we carried 407 00:19:12,880 --> 00:19:17,520 Speaker 1: this book everywhere, like everywhere, and uh, you know, my dad, 408 00:19:17,560 --> 00:19:20,200 Speaker 1: on like a muddy day would go to work and 409 00:19:20,280 --> 00:19:22,439 Speaker 1: we'd run out and we'd look at his tire tracks 410 00:19:22,480 --> 00:19:24,600 Speaker 1: so we could analyze that because the book taught us that. 411 00:19:25,240 --> 00:19:27,440 Speaker 1: And then like my mom would, my mom would touch 412 00:19:27,440 --> 00:19:30,000 Speaker 1: a door handle and I'd run over there. With Scotch 413 00:19:30,040 --> 00:19:33,680 Speaker 1: tape and you know we could, we'd get the fingerprint mom. Yeah, 414 00:19:33,680 --> 00:19:36,200 Speaker 1: you didn't know where mom was. And and I thought, 415 00:19:36,400 --> 00:19:38,960 Speaker 1: uh if if there was a book that people carried 416 00:19:38,960 --> 00:19:42,440 Speaker 1: around the top money the same way in this camp 417 00:19:42,480 --> 00:19:46,000 Speaker 1: be kind of style but but but was for about 418 00:19:46,040 --> 00:19:48,720 Speaker 1: financing for adults and be great, So that was the germ. Anyway, 419 00:19:48,720 --> 00:19:51,119 Speaker 1: I flew home and my mom had left all my 420 00:19:51,119 --> 00:19:53,760 Speaker 1: stuff fifty years old, guys. And at the time that 421 00:19:53,800 --> 00:19:56,399 Speaker 1: this happened, my mom finally gives me the stuff out 422 00:19:56,440 --> 00:19:58,520 Speaker 1: of the attic right there. She can finally trust me 423 00:19:58,720 --> 00:20:00,320 Speaker 1: with all this stuff. And one thing it was in 424 00:20:00,320 --> 00:20:03,320 Speaker 1: this box was the Cup Scott Wolf Guide. And and 425 00:20:03,600 --> 00:20:07,280 Speaker 1: you and I talk a lot about the importance of gamification, 426 00:20:07,720 --> 00:20:10,680 Speaker 1: about lightning it up, about making it fun, and these 427 00:20:11,200 --> 00:20:14,639 Speaker 1: the cup Scouts gamified stuff way before all these cool 428 00:20:14,720 --> 00:20:17,840 Speaker 1: fintech apps have, which I love, but they they start 429 00:20:17,880 --> 00:20:20,720 Speaker 1: off with tools you're gonna need. They succinctly tell you 430 00:20:20,760 --> 00:20:23,480 Speaker 1: how to do things at the bottom to show proficiency. 431 00:20:23,560 --> 00:20:26,000 Speaker 1: There's check boxes near do this, do this, do this, 432 00:20:26,119 --> 00:20:27,560 Speaker 1: and then there's a place for your mom to sign 433 00:20:27,600 --> 00:20:31,240 Speaker 1: and you get a badge. So so stacked is put 434 00:20:31,280 --> 00:20:33,960 Speaker 1: together that way. It's in four parts. It starts off 435 00:20:34,000 --> 00:20:35,679 Speaker 1: at the beginning, because I don't know where you're starting. 436 00:20:36,000 --> 00:20:38,960 Speaker 1: My co author Emily and I, Uh, we start off 437 00:20:39,000 --> 00:20:41,240 Speaker 1: with the basics, how to get out of debt, how 438 00:20:41,240 --> 00:20:44,600 Speaker 1: to put your budget together, it's super campy. We then 439 00:20:44,640 --> 00:20:46,800 Speaker 1: go into how to stack Benjamin, so how to invest 440 00:20:46,880 --> 00:20:49,560 Speaker 1: money and not get smoked. And then we go into 441 00:20:49,600 --> 00:20:52,119 Speaker 1: protecting your Benjamin's and then building stacks upon stacks. So 442 00:20:52,200 --> 00:20:57,119 Speaker 1: that last part about hiring advisors, tech strategies. Modern portfolio 443 00:20:57,160 --> 00:21:00,760 Speaker 1: theory is pretty complex, but the beginning is laying foundation, 444 00:21:00,920 --> 00:21:04,120 Speaker 1: so and it's it's totally built after those two things. 445 00:21:04,160 --> 00:21:07,800 Speaker 1: The cub Scout Wolf Guide meets the Hardy Boys Detective Manual, 446 00:21:07,920 --> 00:21:10,560 Speaker 1: but for adults about money. I love that. Yeah. Well, so, 447 00:21:10,640 --> 00:21:12,840 Speaker 1: speaking of you know, campy methods, at one point in 448 00:21:12,840 --> 00:21:14,399 Speaker 1: your book, you know, you kind of break out the 449 00:21:14,400 --> 00:21:18,840 Speaker 1: farm references. You say that investments are like crops. So, yeah, like, 450 00:21:18,880 --> 00:21:21,080 Speaker 1: what are you trying to teach with that? Illustration says 451 00:21:21,119 --> 00:21:24,520 Speaker 1: with the hay seed and right now here, let me 452 00:21:24,560 --> 00:21:27,520 Speaker 1: take that out for a second. We'll explain this. Uh 453 00:21:27,520 --> 00:21:29,120 Speaker 1: that you know, when we look at when we look 454 00:21:29,160 --> 00:21:31,200 Speaker 1: at and even if you're somebody that's always lived in 455 00:21:31,240 --> 00:21:33,639 Speaker 1: the city, you still know that that when you grow corn. 456 00:21:34,200 --> 00:21:36,760 Speaker 1: There have been thousands of years of research that show 457 00:21:36,800 --> 00:21:38,879 Speaker 1: when you put corn in the ground and when you 458 00:21:38,920 --> 00:21:41,240 Speaker 1: take it out, and you don't take it out too early, right, 459 00:21:41,320 --> 00:21:43,440 Speaker 1: and and and and kill the cold because you will 460 00:21:43,520 --> 00:21:45,359 Speaker 1: kill the corn and you don't put it in at 461 00:21:45,359 --> 00:21:48,280 Speaker 1: a different time than you should. So I think that 462 00:21:48,320 --> 00:21:50,679 Speaker 1: if we look at investments, if we start off with, 463 00:21:50,720 --> 00:21:52,159 Speaker 1: by the way, where are we trying to get? I'm 464 00:21:52,160 --> 00:21:54,400 Speaker 1: trying to get a bunch of corn? Okay, Well, then 465 00:21:54,400 --> 00:21:56,600 Speaker 1: I plant these investments which are not corn. There are 466 00:21:56,640 --> 00:21:59,120 Speaker 1: the stocks that grow the corn. I eat your investments. 467 00:22:00,160 --> 00:22:02,960 Speaker 1: You start with the end of mine, then you work backward. 468 00:22:03,200 --> 00:22:05,840 Speaker 1: You see what that growing season is, how long it is. 469 00:22:06,119 --> 00:22:09,360 Speaker 1: And instead of us experiencing fomo as, there's all these 470 00:22:09,400 --> 00:22:12,280 Speaker 1: great ideas in investing universe, Like when you think about 471 00:22:12,359 --> 00:22:14,399 Speaker 1: n f T, should I do Crypto? Should I like? 472 00:22:14,520 --> 00:22:17,160 Speaker 1: What should day? There's this hot meme stock? What should 473 00:22:17,160 --> 00:22:19,399 Speaker 1: I do with all these? It's not about good or 474 00:22:19,400 --> 00:22:21,760 Speaker 1: bad anymore. It's about does it fit my growing season? 475 00:22:22,080 --> 00:22:24,760 Speaker 1: And is it going to reliably grow the corn? When 476 00:22:24,760 --> 00:22:26,840 Speaker 1: I need the corn to be there. And I think 477 00:22:26,880 --> 00:22:30,840 Speaker 1: that that, for me takes this huge world of possibilities 478 00:22:30,880 --> 00:22:33,880 Speaker 1: that don't matter to me and helps me laser focus 479 00:22:33,920 --> 00:22:36,119 Speaker 1: and get really deep on the few things that do 480 00:22:36,280 --> 00:22:39,920 Speaker 1: fit my quote growing season. Yeah, that the crop reference 481 00:22:39,920 --> 00:22:43,400 Speaker 1: in the book. It actually evolves into you recommending this 482 00:22:43,440 --> 00:22:46,880 Speaker 1: thing you call time mining your goals and it's I 483 00:22:46,680 --> 00:22:49,560 Speaker 1: like it because it's it's complete with these cheesy illustrations 484 00:22:49,840 --> 00:22:53,240 Speaker 1: on there. But like tell us about like Martin, It's 485 00:22:53,600 --> 00:22:55,600 Speaker 1: it's lovely. I mean, I'm pretty sure you drew the 486 00:22:55,600 --> 00:22:58,440 Speaker 1: pictures in this book. It's it definitely shows. But yeah, 487 00:22:58,480 --> 00:23:00,280 Speaker 1: why why is that so helpful? The time on your 488 00:23:00,320 --> 00:23:02,639 Speaker 1: goals thing? And actually, yeah, the the act of physically 489 00:23:02,680 --> 00:23:05,920 Speaker 1: illustrating some of these things out. Yeah, great question, because 490 00:23:05,960 --> 00:23:10,040 Speaker 1: everybody's heard this, this idea of of starting with the 491 00:23:10,119 --> 00:23:12,239 Speaker 1: end of mine and writing your goals down. We've heard 492 00:23:12,280 --> 00:23:15,200 Speaker 1: that a thousand times, and yet bunch of us write 493 00:23:15,200 --> 00:23:17,439 Speaker 1: our goals down and we still get nowhere, especially this time. 494 00:23:17,520 --> 00:23:19,879 Speaker 1: You're right, I mean New Year's Eve, people are going 495 00:23:19,920 --> 00:23:22,440 Speaker 1: to be writing their goals down, writing these New Year's resolutions, 496 00:23:22,440 --> 00:23:25,359 Speaker 1: and we don't, we don't follow them. It helps so 497 00:23:25,440 --> 00:23:27,840 Speaker 1: much when I was a financial planner to make it visual. 498 00:23:28,359 --> 00:23:31,640 Speaker 1: We live in a visual world, so most people in 499 00:23:31,640 --> 00:23:34,960 Speaker 1: in the world are visuals. Then there's audios and kinesthetics, 500 00:23:34,960 --> 00:23:37,359 Speaker 1: and this is just the way different brains work. So 501 00:23:37,600 --> 00:23:40,520 Speaker 1: and because audios and kind aesthetics work in a visual world, 502 00:23:40,600 --> 00:23:44,000 Speaker 1: we're used to visualizing things, and our our unconscious brain 503 00:23:44,080 --> 00:23:47,520 Speaker 1: will help us get these goals and make them happen. Plus, 504 00:23:47,960 --> 00:23:50,520 Speaker 1: when we put things on a timeline, So let's say 505 00:23:50,560 --> 00:23:53,520 Speaker 1: that it's you you want to retire. You may want 506 00:23:53,600 --> 00:23:56,400 Speaker 1: a second home someday, or the ability to travel more, 507 00:23:56,480 --> 00:23:58,320 Speaker 1: so you put that on your timeline at a different 508 00:23:58,320 --> 00:24:01,200 Speaker 1: place when you want that, maybe want to switch careers, 509 00:24:01,240 --> 00:24:03,440 Speaker 1: go back to school. You put that on your timeline. 510 00:24:03,680 --> 00:24:06,000 Speaker 1: And you start seeing how these goals relate to each other, 511 00:24:06,280 --> 00:24:08,719 Speaker 1: and then you start asking these questions like, Okay, if 512 00:24:08,720 --> 00:24:10,920 Speaker 1: I'm saving for all these things, what's the most efficient 513 00:24:10,920 --> 00:24:13,479 Speaker 1: way to save for them all? And how we'll saving 514 00:24:13,520 --> 00:24:16,040 Speaker 1: for one impact the other one, and where we can 515 00:24:16,119 --> 00:24:18,520 Speaker 1: use these rules of thumb, like you know the four 516 00:24:18,560 --> 00:24:22,040 Speaker 1: percent rule or what is it now, the five percent rule, whatever, 517 00:24:22,080 --> 00:24:26,600 Speaker 1: the rule, the something rule, We could use that rule 518 00:24:26,640 --> 00:24:28,480 Speaker 1: and as you guys know that's going to directionally get 519 00:24:28,480 --> 00:24:30,840 Speaker 1: you there, or rule which is a different way to 520 00:24:30,920 --> 00:24:33,280 Speaker 1: kind of saying the same thing, or the rules seven 521 00:24:33,440 --> 00:24:36,800 Speaker 1: you know whatever. These different rules are using the shortand 522 00:24:36,960 --> 00:24:40,479 Speaker 1: robs you of these wonderful conversations with the people that 523 00:24:40,520 --> 00:24:44,440 Speaker 1: you're planning with, or just values internal conversations about what's 524 00:24:44,480 --> 00:24:47,080 Speaker 1: important to you and how do these things Like is 525 00:24:47,080 --> 00:24:48,760 Speaker 1: it more important than I put my kids through college 526 00:24:48,800 --> 00:24:51,040 Speaker 1: and I pay for a percent of it and I 527 00:24:51,119 --> 00:24:54,040 Speaker 1: retire later, or do I really want to retire now 528 00:24:54,119 --> 00:24:56,600 Speaker 1: and I teach my kids how to pay for part 529 00:24:56,600 --> 00:24:59,879 Speaker 1: of it? Or is college even relevant in our family? Like, 530 00:25:00,200 --> 00:25:02,760 Speaker 1: all of a sudden, I'm having these y conversations which 531 00:25:02,760 --> 00:25:05,720 Speaker 1: I think so many people skip, and visualizing in timeline 532 00:25:05,760 --> 00:25:08,200 Speaker 1: your goal solves all that. I was surprised by the 533 00:25:08,240 --> 00:25:10,480 Speaker 1: way I took his sneak peek at Matt's goal timeline 534 00:25:10,480 --> 00:25:12,479 Speaker 1: and there was a yacht on there like six years down, 535 00:25:12,480 --> 00:25:13,879 Speaker 1: and I was like, really, you think you're gonna get there, 536 00:25:13,880 --> 00:25:16,600 Speaker 1: but I'm I'm pretty ambitious. Did you guys see that 537 00:25:16,600 --> 00:25:17,959 Speaker 1: that there? There was back in the I think it 538 00:25:18,000 --> 00:25:20,920 Speaker 1: was an early TD meyor trade commercial or maybe E trade, 539 00:25:20,920 --> 00:25:23,600 Speaker 1: but it but it was this guy in his fifties 540 00:25:23,640 --> 00:25:25,960 Speaker 1: is meeting with his financial advisor, of course, some young 541 00:25:26,000 --> 00:25:28,840 Speaker 1: buck in a really expensive suit. And the financial advisor says, 542 00:25:28,880 --> 00:25:31,440 Speaker 1: you know, I see Villain Tuscany. And the guy leans 543 00:25:31,440 --> 00:25:33,280 Speaker 1: forward and goes, oh, yeah, that sounds great, and he 544 00:25:33,359 --> 00:25:35,400 Speaker 1: goes and I see a big old yacht. Guys. Oh, 545 00:25:35,440 --> 00:25:38,359 Speaker 1: that's even better. He goes, and I see financial independence 546 00:25:38,400 --> 00:25:40,479 Speaker 1: at age forty five. And the guy looks at him 547 00:25:40,480 --> 00:25:42,840 Speaker 1: and he goes, but I'm fifty three and the broke 548 00:25:42,960 --> 00:25:47,280 Speaker 1: and the broker goes, oh, we're talking about you. Uh 549 00:25:47,680 --> 00:25:49,720 Speaker 1: so okay, Joe, you know you're talking about meeting with 550 00:25:49,760 --> 00:25:52,080 Speaker 1: financial planners. You talked about how you were a financial 551 00:25:52,080 --> 00:25:53,959 Speaker 1: advisor in a former life. Like, I want to know 552 00:25:54,200 --> 00:25:57,919 Speaker 1: your take on average folks and advisors and so like 553 00:25:57,960 --> 00:26:00,000 Speaker 1: in your opinion, do you think that most people should 554 00:26:00,080 --> 00:26:02,840 Speaker 1: be paying for professional advice? Do you have kind of 555 00:26:02,840 --> 00:26:05,760 Speaker 1: a rule of fum for for our listeners today. Well, 556 00:26:05,800 --> 00:26:08,560 Speaker 1: I don't know about paying, but I do think we 557 00:26:08,600 --> 00:26:11,760 Speaker 1: should have advisors. And my definition of advisor, even though 558 00:26:11,760 --> 00:26:15,440 Speaker 1: I was one, is I think way broader than most people's. 559 00:26:15,480 --> 00:26:17,919 Speaker 1: I think for me to get where I want to go, 560 00:26:18,160 --> 00:26:21,080 Speaker 1: no matter what it is, I want to have good 561 00:26:21,119 --> 00:26:24,120 Speaker 1: coaches in my corner and I want to pack hunt, 562 00:26:24,160 --> 00:26:26,000 Speaker 1: meaning I want to be surrounded by people who are 563 00:26:26,040 --> 00:26:28,720 Speaker 1: going in the same direction, like minded people. And I mean, 564 00:26:28,760 --> 00:26:30,960 Speaker 1: that's why your listeners listen to how to Money and 565 00:26:31,040 --> 00:26:33,600 Speaker 1: they participate in your Facebook group, is because they want 566 00:26:33,600 --> 00:26:35,800 Speaker 1: to be around like minded people. And I think that's 567 00:26:35,840 --> 00:26:38,320 Speaker 1: so important because you know, I don't know what my 568 00:26:38,359 --> 00:26:41,280 Speaker 1: blind sides are. And I think that while I can 569 00:26:41,320 --> 00:26:44,159 Speaker 1: design my financial plan by myself, having somebody who's not 570 00:26:44,240 --> 00:26:47,160 Speaker 1: emotional about my goals, who I know has my back, 571 00:26:47,359 --> 00:26:49,760 Speaker 1: and who's been there before. Like when I was a professional, 572 00:26:50,160 --> 00:26:52,920 Speaker 1: I would I would get people across the finish line 573 00:26:52,960 --> 00:26:56,479 Speaker 1: maybe on average nine or ten times a year, you know, 574 00:26:56,600 --> 00:27:00,399 Speaker 1: so I got to see hundreds of people retire and 575 00:27:00,520 --> 00:27:02,840 Speaker 1: the average person we want to do this one time. 576 00:27:03,359 --> 00:27:06,959 Speaker 1: So I believe in diet coaches or or groups. I 577 00:27:07,000 --> 00:27:11,080 Speaker 1: believe in in having people when it comes to working out. 578 00:27:11,480 --> 00:27:14,040 Speaker 1: You know, when I joined a Jim, I paid this 579 00:27:14,080 --> 00:27:16,199 Speaker 1: money to join the gym and I didn't go, But 580 00:27:16,280 --> 00:27:18,600 Speaker 1: the second I paid extra for the personal trainer, I 581 00:27:18,640 --> 00:27:21,560 Speaker 1: went all the time. Like I I want to make 582 00:27:21,600 --> 00:27:24,960 Speaker 1: sure that Nathan was not sitting around waiting for me, 583 00:27:25,000 --> 00:27:29,359 Speaker 1: and now I'm cursing, right exactly, that's right. Uh So, 584 00:27:29,359 --> 00:27:32,040 Speaker 1: So when it comes to advisors, this is my take. 585 00:27:32,160 --> 00:27:35,080 Speaker 1: I think if you have an advisor, Matt, where you 586 00:27:35,160 --> 00:27:37,320 Speaker 1: have delegated stuff to them, and you're like, yeah, hey, 587 00:27:37,320 --> 00:27:39,560 Speaker 1: you hey, money person, you take care of this, and 588 00:27:39,600 --> 00:27:41,200 Speaker 1: I'm gonna come back in six months and we'll see 589 00:27:41,200 --> 00:27:43,000 Speaker 1: where I am and if and if we're not where 590 00:27:43,000 --> 00:27:45,200 Speaker 1: I want to be, I'm gonna get angry, like that's horrible. 591 00:27:45,640 --> 00:27:48,720 Speaker 1: You need to know everything yourself, and your advisor should 592 00:27:48,720 --> 00:27:51,040 Speaker 1: help you go faster. And I'll give you an example, 593 00:27:51,720 --> 00:27:54,520 Speaker 1: Mary Barra running General Motors. General Motors isn't the top 594 00:27:54,560 --> 00:27:57,600 Speaker 1: tech company. But the story of taking this legacy company 595 00:27:57,640 --> 00:28:00,280 Speaker 1: that was so stodgy in their ways and turning it 596 00:28:00,359 --> 00:28:02,840 Speaker 1: to stay relevant, I think it's a great story. And 597 00:28:02,880 --> 00:28:05,120 Speaker 1: Mary has done a hell of a job in my opinion. 598 00:28:05,720 --> 00:28:08,320 Speaker 1: But Mary Mary, because she's got all these great people 599 00:28:08,359 --> 00:28:10,520 Speaker 1: running these divisions, Like she doesn't show up once a 600 00:28:10,600 --> 00:28:13,000 Speaker 1: quarter and goes, okay, car people, what are we doing? No, 601 00:28:13,400 --> 00:28:15,400 Speaker 1: she goes to all the meetings, she knows everything about 602 00:28:15,440 --> 00:28:18,960 Speaker 1: how the car runs. She's incredibly conversant about it. But 603 00:28:19,000 --> 00:28:21,280 Speaker 1: then she has people that are smarter than her about 604 00:28:21,320 --> 00:28:24,000 Speaker 1: all the pieces of the car that surround her and 605 00:28:24,040 --> 00:28:27,040 Speaker 1: give her advice on how they should could move faster. 606 00:28:27,600 --> 00:28:31,040 Speaker 1: So I really like advisors, whether you're planning your budget, 607 00:28:31,480 --> 00:28:34,480 Speaker 1: whether you're you're you're trying to get your net worth 608 00:28:34,480 --> 00:28:36,520 Speaker 1: in order. Of course, like everybody, if you're going to 609 00:28:36,640 --> 00:28:40,440 Speaker 1: hire a financial planner, a CFP who gives you unbiased advice, 610 00:28:40,480 --> 00:28:43,320 Speaker 1: who's a fiduciary, make sure you ask that question. I 611 00:28:43,360 --> 00:28:46,280 Speaker 1: think those are I think those are really important. But hey, 612 00:28:46,360 --> 00:28:49,600 Speaker 1: as a beginning thing, if you're struggling to to just 613 00:28:49,840 --> 00:28:52,760 Speaker 1: get moving, find somebody that you know and take them 614 00:28:52,760 --> 00:28:55,680 Speaker 1: to breakfast and say, hey, I know that at one 615 00:28:55,680 --> 00:28:57,480 Speaker 1: point you said you struggle with debt, and now look 616 00:28:57,480 --> 00:29:00,080 Speaker 1: at you. How did you do it? And having some 617 00:29:00,160 --> 00:29:02,000 Speaker 1: of those people in those conversations, I think it's going 618 00:29:02,040 --> 00:29:04,600 Speaker 1: to also help movie in the right direction. I think 619 00:29:04,600 --> 00:29:06,680 Speaker 1: it's a great point. And I think so many times 620 00:29:06,720 --> 00:29:08,960 Speaker 1: it's either it's either like all or nothing. It's like 621 00:29:09,200 --> 00:29:11,600 Speaker 1: you go hire the expensive financial planner or you go 622 00:29:11,640 --> 00:29:14,080 Speaker 1: it alone. And you're right, like a community can be 623 00:29:14,160 --> 00:29:16,800 Speaker 1: the building block and and being able to rely on 624 00:29:16,840 --> 00:29:20,760 Speaker 1: each other. And that's what I don't want to just yeah, 625 00:29:20,800 --> 00:29:22,840 Speaker 1: and I don't want to overplug the Facebook group. But 626 00:29:22,880 --> 00:29:24,320 Speaker 1: it really is like I love when people post in 627 00:29:24,360 --> 00:29:25,960 Speaker 1: there like hey, how the Money community or how the 628 00:29:26,000 --> 00:29:28,479 Speaker 1: Money Family, and it's like people are helping each other 629 00:29:28,520 --> 00:29:30,680 Speaker 1: out constantly. You don't have to go it alone, which 630 00:29:30,680 --> 00:29:32,520 Speaker 1: I think is beautiful. I do want to be wary 631 00:29:32,520 --> 00:29:35,560 Speaker 1: of one thing whenever you're in a community. And I 632 00:29:35,600 --> 00:29:37,360 Speaker 1: know because I'm in the how the Money community, and 633 00:29:37,400 --> 00:29:40,480 Speaker 1: I I love seeing the post. But just remember that's 634 00:29:40,520 --> 00:29:46,120 Speaker 1: somebody that spends all day on Facebook. Earl in Peoria 635 00:29:46,160 --> 00:29:48,240 Speaker 1: who can't zip up his own pants, is giving me 636 00:29:48,360 --> 00:29:50,800 Speaker 1: vice about my four oh one k Like, well, I 637 00:29:50,840 --> 00:29:53,160 Speaker 1: have the community. I really like the idea taking somebody 638 00:29:53,200 --> 00:29:56,000 Speaker 1: that knows me to breakfast even more than that. But 639 00:29:56,280 --> 00:29:58,760 Speaker 1: like them both together, I can still I can still 640 00:29:59,160 --> 00:30:01,600 Speaker 1: in the Facebook comm ay, I can reaffirm like you've 641 00:30:01,920 --> 00:30:04,719 Speaker 1: like I've seen this week in your community, people reaffirming 642 00:30:04,720 --> 00:30:07,160 Speaker 1: what they've heard, asking people, and there's a wisdom in 643 00:30:07,200 --> 00:30:09,959 Speaker 1: crowds that's also nice. Yeah, and that's why that, like 644 00:30:10,000 --> 00:30:12,640 Speaker 1: you said, Joe, that personal relationship is so stink and 645 00:30:12,680 --> 00:30:15,040 Speaker 1: important because you need somebody that knows you, that knows 646 00:30:15,080 --> 00:30:17,479 Speaker 1: what you're going after, because otherwise you're gonna have different goals. Right. 647 00:30:17,520 --> 00:30:20,280 Speaker 1: Not only is it about finding the right relationships, Uh, 648 00:30:20,400 --> 00:30:23,520 Speaker 1: not only is it about having something beyond just a 649 00:30:23,560 --> 00:30:27,200 Speaker 1: few rules in place, like X your annual expenses. But 650 00:30:27,280 --> 00:30:31,600 Speaker 1: it takes relationship, and that takes time. That's where META isn't. 651 00:30:31,640 --> 00:30:33,920 Speaker 1: I think it's gonna fall flat because the ability for 652 00:30:34,000 --> 00:30:36,520 Speaker 1: us to get to know each other oftentimes in our opinion, 653 00:30:36,600 --> 00:30:38,200 Speaker 1: does take place over a craft. I was thinking, that's 654 00:30:38,240 --> 00:30:42,520 Speaker 1: gonna be my way to avoid you. You're gonna log in, 655 00:30:42,520 --> 00:30:44,320 Speaker 1: I'm gonna be sitting there waiting on you. When you 656 00:30:44,320 --> 00:30:45,760 Speaker 1: guys say that we'd meta, do you throw up in 657 00:30:45,760 --> 00:30:48,640 Speaker 1: your mouth a little bit? Like a little bit? Yeah? Yeah? Well, 658 00:30:48,640 --> 00:30:50,400 Speaker 1: and two things. People a gonna hire a financial advisor 659 00:30:50,440 --> 00:30:52,080 Speaker 1: if you're meeting with them and you're actually going to 660 00:30:52,080 --> 00:30:55,280 Speaker 1: their office, which I kind of like, Um, I do 661 00:30:55,400 --> 00:30:59,600 Speaker 1: like the face to face relationship. Um. Whoever, if they 662 00:30:59,640 --> 00:31:02,400 Speaker 1: actually have somebody scheduling the appointment, I'll tell you, having 663 00:31:02,400 --> 00:31:05,960 Speaker 1: been in tons of financial planner offices, if the receptionist 664 00:31:06,800 --> 00:31:11,880 Speaker 1: is uh is disgruntled at all, leave because I've been in. 665 00:31:12,120 --> 00:31:15,400 Speaker 1: I've been in so many offices and whenever the reception 666 00:31:15,440 --> 00:31:20,080 Speaker 1: is disgruntled, that stuff comes from the top. Um. And also, 667 00:31:20,240 --> 00:31:23,640 Speaker 1: by the way, if they've got like Cramer yelling about 668 00:31:23,720 --> 00:31:27,480 Speaker 1: stocks on a TV in the lobby, run because like, 669 00:31:27,520 --> 00:31:30,080 Speaker 1: I want the travel channel, right, I want something that's 670 00:31:30,120 --> 00:31:34,080 Speaker 1: about dreams and aspirations. Yes, And you know, if you're 671 00:31:34,120 --> 00:31:36,400 Speaker 1: calling them or online, like i'd really look at their website. 672 00:31:36,440 --> 00:31:39,160 Speaker 1: What are they emphasizing. They're emphasizing their hot stock trader. 673 00:31:39,200 --> 00:31:42,800 Speaker 1: Once again, don't love that. If they're emphasizing that achieving 674 00:31:42,800 --> 00:31:45,719 Speaker 1: what you want for yourself, I super like that, so 675 00:31:45,760 --> 00:31:49,040 Speaker 1: pay pay. It's weird because you know, when you think 676 00:31:49,080 --> 00:31:51,440 Speaker 1: about yourself and other people, we think that we look 677 00:31:51,440 --> 00:31:54,120 Speaker 1: at things differently, but online we kind of study show 678 00:31:54,160 --> 00:31:55,920 Speaker 1: we look at things like other people. And if your 679 00:31:55,920 --> 00:31:58,320 Speaker 1: spiky sense gets a little tingly that I don't know 680 00:31:58,360 --> 00:32:02,840 Speaker 1: about this, you're actually probably right. Yeah, Joe, uh love 681 00:32:02,880 --> 00:32:04,920 Speaker 1: this combo man. I love what you're doing in in 682 00:32:04,960 --> 00:32:06,600 Speaker 1: the space. I love what you're doing with this book, 683 00:32:06,760 --> 00:32:10,800 Speaker 1: infusing humor into a topic that often goes completely without 684 00:32:10,840 --> 00:32:12,840 Speaker 1: so thank you so much for joining us. Where can 685 00:32:12,880 --> 00:32:14,760 Speaker 1: our listeners find out more about what you're up to 686 00:32:14,880 --> 00:32:17,440 Speaker 1: and about the new book. Yes, absolutely, thank you so 687 00:32:17,520 --> 00:32:20,440 Speaker 1: much guys for a great conversation about your changing budget 688 00:32:20,440 --> 00:32:22,400 Speaker 1: and you I know that both of your voices have 689 00:32:22,440 --> 00:32:25,320 Speaker 1: been cracking with your budget and that's uh, it's a 690 00:32:25,320 --> 00:32:28,360 Speaker 1: difficult time. But no, you can find me at the 691 00:32:28,360 --> 00:32:30,880 Speaker 1: Stacking Benjamin Show every Monday, Wednesday, Friday. After you listen 692 00:32:30,920 --> 00:32:32,880 Speaker 1: to How the Money, you can tune into us. You'll 693 00:32:32,920 --> 00:32:34,920 Speaker 1: hear that you've heard Joel the matt on there at 694 00:32:35,000 --> 00:32:37,240 Speaker 1: least what two three times? Yes have been on I 695 00:32:37,280 --> 00:32:39,600 Speaker 1: think for sure, and it's always a blast, Yeah, helping 696 00:32:39,680 --> 00:32:41,280 Speaker 1: us and we have a good time. And then uh 697 00:32:41,360 --> 00:32:44,240 Speaker 1: for Stacked anywhere books are sold. I like two things. 698 00:32:44,280 --> 00:32:48,000 Speaker 1: I like number one independent bookstores. Uh, support those places 699 00:32:48,040 --> 00:32:50,479 Speaker 1: that are disappearing around the United States. I also like, 700 00:32:50,520 --> 00:32:52,760 Speaker 1: if you're just started out, starting out, even though you 701 00:32:52,800 --> 00:32:55,000 Speaker 1: can't dog ear it like I did my Hearty Boys 702 00:32:55,000 --> 00:32:57,720 Speaker 1: Detective Manual. I like the library to begin, you know, 703 00:32:57,920 --> 00:32:59,800 Speaker 1: stack a few Benjamin's first and then go buy it 704 00:32:59,800 --> 00:33:02,720 Speaker 1: and year. So are you reading the audio book by 705 00:33:02,760 --> 00:33:04,520 Speaker 1: the way, I am. You know it's funny. Is the 706 00:33:04,560 --> 00:33:07,240 Speaker 1: woman who plays my mom had I had to fire 707 00:33:07,280 --> 00:33:09,800 Speaker 1: my mom because she sounds too young, which is it 708 00:33:09,880 --> 00:33:11,880 Speaker 1: was so embarrassing. I'm like, Mom, you sound too young. 709 00:33:11,960 --> 00:33:14,600 Speaker 1: She's like, whatever thought to you? I know. But the 710 00:33:14,640 --> 00:33:16,800 Speaker 1: woman who plays my mom my friend Julie Ray Harrison, 711 00:33:16,800 --> 00:33:19,080 Speaker 1: who runs this nonprofit I'm a part of building walking 712 00:33:19,120 --> 00:33:22,200 Speaker 1: trails in our community. Julie Ray has this beautiful voice. 713 00:33:22,200 --> 00:33:24,960 Speaker 1: And when Penguin Random House went went to me and said, hey, 714 00:33:25,120 --> 00:33:27,360 Speaker 1: is your mom going to read the mom parts? I went, oh, 715 00:33:27,400 --> 00:33:29,360 Speaker 1: my goodness, really, and so I went to my friend 716 00:33:29,440 --> 00:33:30,960 Speaker 1: jule m like, you want to play my mom again? 717 00:33:31,040 --> 00:33:33,920 Speaker 1: So you'll hear Emily open up the chapters. I do 718 00:33:34,040 --> 00:33:36,080 Speaker 1: most of the reading, and then the mom parts are 719 00:33:36,080 --> 00:33:38,480 Speaker 1: read by my friend Julie Ray Harrison, who's my mom. 720 00:33:38,800 --> 00:33:42,280 Speaker 1: That is awesome. Awesome, dude. Well, I enjoyed the physical copy, 721 00:33:42,280 --> 00:33:43,880 Speaker 1: but I'll have to check out the audio book now. 722 00:33:43,960 --> 00:33:46,640 Speaker 1: And yeah, Joe, thank you again so much for joining us. Man. 723 00:33:46,680 --> 00:33:48,560 Speaker 1: We appreciate it. Thanks a ton, guys. Have a happy 724 00:33:48,560 --> 00:33:50,840 Speaker 1: New year you as well, my friend. That's right, Happy 725 00:33:50,920 --> 00:33:53,080 Speaker 1: new year. That's not something we even addressed. It's about 726 00:33:53,160 --> 00:33:56,000 Speaker 1: to be the new year twenty two. Hopefully it'll be 727 00:33:56,040 --> 00:33:59,120 Speaker 1: a good one. I'm expecting better things than one, although 728 00:33:59,160 --> 00:34:02,880 Speaker 1: you know it was in the we said though I 729 00:34:03,280 --> 00:34:05,600 Speaker 1: love Joe, I love his mission to make personal finance fun, 730 00:34:05,960 --> 00:34:08,560 Speaker 1: and he's just he's doing an awesome job in that space. 731 00:34:08,680 --> 00:34:11,359 Speaker 1: And so yeah, we'll post a link to his his 732 00:34:11,560 --> 00:34:14,320 Speaker 1: new book. It just came past his podcast all that stuff, 733 00:34:14,360 --> 00:34:17,279 Speaker 1: everything about Stackton Benjamin's. Yeah, I'm finding our show notes 734 00:34:17,600 --> 00:34:19,600 Speaker 1: up on our website at how to money dot com. 735 00:34:19,760 --> 00:34:22,200 Speaker 1: That's right, So, Matt, until next time, which will be 736 00:34:22,239 --> 00:34:24,560 Speaker 1: next year. Till next year, Buddy, best Friends Out, Best 737 00:34:24,640 --> 00:34:25,399 Speaker 1: Friends Out,