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

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Speaker 1: Today we're going to answer some of your listener questions.

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Speaker 1: That's right, just some of your listener questions.

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Speaker 2: I think we've got four to get to today, Joel.

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Speaker 1: Or if it was like an AMA Matt and they

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Speaker 1: got to we've.

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Speaker 2: Done an AMA before, then we literally an episode in AMA.

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Speaker 1: Next time we do one of those, let's do a

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Speaker 1: episode one thousand.

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Speaker 2: Yeah, or sooner. I don't know, maybe like later this year.

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Speaker 2: Even I like AMAS specifically, I want to do an AM.

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Speaker 2: So that means ask me anything for you non Reddit folks, uh,

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Speaker 2: non money AMA, or like you've got to ask us

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Speaker 2: something that has nothing to do with because we talk

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Speaker 2: about money all the time, and I enjoy talking about

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Speaker 2: personal finance. But to be able to deviate from the

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Speaker 2: typical path a little.

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Speaker 1: But what if the first one is I'd be about that, Matt,

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Speaker 1: what's your Social Security number?

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Speaker 2: I would not answer, though I'd give him yours. But

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Speaker 2: we are going to hear from a listener who, as

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Speaker 2: a first time landlord, has a couple questions for us.

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Speaker 2: Another listener is wondering if he should not get a

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Speaker 2: brand new car, but he's looking at a new ride. Specifically,

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Speaker 2: he's thinking about using his severance money. And then another

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Speaker 2: listener is asking about dipping into a four to one

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Speaker 2: k early to fund some early retirement. We'll get to

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Speaker 2: those plus another during today's Episodeyeah, buddy, but you know what,

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Speaker 2: let's share a quick listener recommendation. Mauricio, he actually reached

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Speaker 2: out to us, so I guess it was a several

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Speaker 2: weeks now that we talked about here and there. We

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Speaker 2: talk about fitness on the show, our personal fitness.

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Speaker 1: Try to keep it to a minimum because we don't

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Speaker 1: want to I get bored by it. But Mauricio, we

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Speaker 1: want come on it, just like Bro Andrew Huberman fellas

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Speaker 1: like this is there's.

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Speaker 2: Another podcast for that, specifically Huberman. But Mauricio he heard

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Speaker 2: us talking about that, and he's like, hey, dudes, you

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Speaker 2: should check out F three, which is this free sort

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Speaker 2: of communal fitness group. These groups, we talked about it

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Speaker 2: like a year ago, like on the on the pod,

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Speaker 2: maybe a year ago we had only just heard about it.

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Speaker 2: But since then, like I've talked to a buddy that

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Speaker 2: is involved with one. They're all over the country, they're free,

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Speaker 2: they meet regularly.

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Speaker 1: The way.

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Speaker 2: I see, it's a way for you to get into

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Speaker 2: getting fit if it's not something that you've done before.

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Speaker 1: Instead of waits what you buy a cinderblock? Right?

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Speaker 2: Yeah, you show up and you work out with people.

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Speaker 2: Is that all the groups or is it just the

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Speaker 2: one here locally?

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Speaker 1: I think that's kind of way there things and and

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Speaker 1: the cool thing is like, yeah, zero dollars to show up,

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Speaker 1: and the whole goal is to do some physical fitness.

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Speaker 1: And and you, from what I've heard, you kind of

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Speaker 1: develop bonds with some of the folks you're working out with.

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Speaker 1: It's so f three.

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Speaker 2: It's like fitness faith and is it family?

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Speaker 1: I'm not.

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Speaker 2: I'm not totally sure. Maybe have you so you've not

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Speaker 2: been right?

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Speaker 1: I have not. I've heard good.

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Speaker 2: Would you consider going because it for you? I bet

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Speaker 2: for you the social aspect. I got to think that

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Speaker 2: would be empowering for old Joel.

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Speaker 1: Yes, No, that does sound cool. The the tough part

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Speaker 1: is I believe it starts like five am and I'm

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Speaker 1: sleeping then, so that.

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Speaker 2: Is the downside. Yeah, they meet really stinking early. But

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Speaker 2: I would say so for me, the ability to work

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Speaker 2: out at home, I've been able to maintain that Okay,

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Speaker 2: so a quick little fitness update on me. We talked

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Speaker 2: about building out my like I built out my garage,

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Speaker 2: created my own little personal CrossFit gym, and the big

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Speaker 2: question was whether or not I was gonna be able

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Speaker 2: to maintain it without the accountability because for the most part,

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Speaker 2: it's just me out there all by my lonesome. Yeah,

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Speaker 2: get some extra podcasts, listening in my buddy Jordan. He'll

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Speaker 2: come over sometimes, but sometimes he slacks. So Jordan, if

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Speaker 2: you're listening public call out, you better you better be

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Speaker 2: showing up there, buddy.

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Speaker 1: Five point forty five. That's when I do it. We

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Speaker 1: don't do five o'clock trool.

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Speaker 2: But I think for a lot of other folks, the

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Speaker 2: ability to have some of that accountability, like that part

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Speaker 2: of it is I.

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Speaker 1: Think it's huge. Yeah, No, I think you're right. I

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Speaker 1: think I have three is really cool with and I

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Speaker 1: think it's worth checking out for a lot of people.

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Speaker 1: They have like a main website and then there's a

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Speaker 1: bunch of local chapters. Find one near you and maybe

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Speaker 1: show up a couple times see if you like it

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Speaker 1: or not. The best part is that it's totally free,

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Speaker 1: all right. Yeah, and you can probably find its like

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Speaker 1: you don't even have to go to home deepot and

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Speaker 1: buy one. The one thing I'm kind of running up

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Speaker 1: against right now, i' Matt in my own finish journey,

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Speaker 1: ran my first half marathon. But now I'm like, and you.

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Speaker 2: Blew out your time like you totally thought you were

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Speaker 2: gonna Like, how many minutes faster did you run it?

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Speaker 1: Well, I was hoping for sub two and I ran

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Speaker 1: it in one fifty three, so I was happy.

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Speaker 2: But seven minutes faster than you're expecting, dude, that's great,

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Speaker 2: That is amazing.

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Speaker 1: But here's the thing that I'm encountering, And these races

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Speaker 1: can be expensive, and the longer the race, the more

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Speaker 1: money costs. So running a half marathon or I'm like, oh,

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Speaker 1: should I try a marathon? At some point, it's like

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Speaker 1: one hundred and fifty bucks to sign up for these

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Speaker 1: races sometimes, and I don't know, maybe I'm being too cheap,

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Speaker 1: but I'm like, I'm gonna keep running, but I just

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Speaker 1: don't know how many races I'm going to participate in,

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Speaker 1: how regular I'm gonna make it, I see, or if

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Speaker 1: I do, I'm gonna have to carve it out as

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Speaker 1: a line item in the budget. Is this a quasi

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Speaker 1: frugal or cheap? I would say it would be cheap,

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Speaker 1: dude for.

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Speaker 2: You to not sign up for your next race, because

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Speaker 2: once you get that race on the calendar, that's true,

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Speaker 2: you completely change how it is that.

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Speaker 1: It's just like with your money.

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Speaker 2: Once you've identified a goal, something that you're working towards,

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Speaker 2: whether it's like a Disney cruise or whether it's a

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Speaker 2: down payment for a house, like, you are able to

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Speaker 2: shift your behavior in such a way that you are

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Speaker 2: going to achieve that goal, and there's all these good

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Speaker 2: things that happen along the way.

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Speaker 1: And that money. I want you to sign up for

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Speaker 1: a race. You're probably right that money too. I think

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Speaker 1: it acts as kind of a skin in the game.

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Speaker 1: So if it was ten dollars race, you might be

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Speaker 1: more willing to blow it off. But if you drop

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Speaker 1: one hundred and twenty bucks or whatever on the race fee,

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Speaker 1: you're like, I am going to be prepared for that race,

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Speaker 1: committed to this. I'm going to show up and I'm

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Speaker 1: going to be fit. So I dig it. All right,

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Speaker 1: We'll let you know when I sign up for another

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Speaker 1: I'm doing a gobblet jog at Thanksgiving. Hey, you go,

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Speaker 1: that's kind of a real race. Yeah, it is all right, Matt.

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Speaker 1: Let's mention the beer we're having on this episode. This

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Speaker 1: is called Turbo Dog. It's by a Beta, which is

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Speaker 1: a brewery out of Louisiana, Grey State of Louisiana. We'll

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Speaker 1: give our thoughts on this one at the end of

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Speaker 1: the episode. But let's take listener questions and if you

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Speaker 1: have a money question we want to hear from you,

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Speaker 1: just record your question on the voice memo app of

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Speaker 1: your phone and send it over our way to how

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Speaker 1: to moneypot at gmail dot com. Whatever your money question is,

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Speaker 1: there's no question too dumb, no question too fantastical for

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Speaker 1: Matt and I to take. Hopefully we can take it

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Speaker 1: next week on the show. And Matt, let's get to

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Speaker 1: a question now about saving up for a newborn.

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Speaker 3: Hi, Jolan, Matt, I'm hoping to find the best savings

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Speaker 3: plan for my baby. I plan on starting a five

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Speaker 3: twenty nine plan, but would also like something like a

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Speaker 3: high yield saving account. Essentially, I would like something my

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Speaker 3: son can have access to at any given point. But

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Speaker 3: what's the best option, what will give them the best return?

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Speaker 3: And what's an option for a baby? Thanks? For all

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Speaker 3: your help and knowledge. Rebecca from Cleveland, Ohio.

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Speaker 2: Rebecca, thank you so much for reaching out to How

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Speaker 2: the Money, and I'll be the first on the show

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Speaker 2: to say congrats to you. Congrats on the new addition

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Speaker 2: to the family Man.

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Speaker 1: If only we had How the Money one sees, we

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Speaker 1: would totally send you on. We should make we should

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Speaker 1: make that a reality. Why not all we've got in socks?

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Speaker 1: It's true.

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Speaker 2: Yeah, I like the odd articles of further that means

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Speaker 2: not the folks. Yeah, I'm actually going to look into

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Speaker 2: that because I think that would be hilarious.

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Speaker 1: Wouldn't that be adorable?

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Speaker 2: Because babies are the cutest and so what's than a

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Speaker 2: baby is a baby also wearing.

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Speaker 1: Right a perfect anytime a listener has a baby, they

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Speaker 1: can just reach out to us and guess what, pro

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Speaker 1: Bona will send you a onesie. We'll let you know.

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Speaker 1: Take that back, No, it's free. Wait, literally, anytime someone

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Speaker 1: reaches out if they have a baby as a listener,

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Speaker 1: if they can prove they like the show, then yeah,

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Speaker 1: we'll send their baby ones.

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Speaker 2: You can continue to make other runs at the post

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Speaker 2: office because like who knows, how like you don't know

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Speaker 2: you're opening the floodgates, right, Like, there's got to be

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Speaker 2: some sort of condition, don't you.

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Speaker 1: Yeah, there's something about marketing here that that's they also

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Speaker 1: have to get a tattoo of our faces on their

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Speaker 1: left shoulder.

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Speaker 2: So maybe it won't be that extreme, but uh yeah,

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Speaker 2: we'll see once we actually if and when we get

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Speaker 2: the baby onesies. But Rebecca, I know how keen new

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Speaker 2: parents are to set their babies up for future financial success.

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Speaker 2: The quick little disclaim here, and I'm not going to

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Speaker 2: launch in to all the money gears necessarily, but make

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Speaker 2: sure that you secure your own retirement before saving and

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Speaker 2: before investing for future generations. This is not selfish, and

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Speaker 2: actually it's the opposite. You are ensuring that you're not

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Speaker 2: going to be a financial burden to your child potentially

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Speaker 2: in their financially vulnerable years. Once you're there kind of

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Speaker 2: sandwiched in the middle. If you are already crushing your

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Speaker 2: own mini goals, then awesome, But if not, we want

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Speaker 2: to make sure that you're doing that first.

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Speaker 1: Yeah, we've used this analogy before, but it's exactly like

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Speaker 1: what they tell you on an airplane that nobody listens to.

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Speaker 1: You've got your earbuds in and so you're not paying

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Speaker 1: attention because you've heard it in a million times. But

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Speaker 1: they say to put your own oxygen mask on first

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Speaker 1: before you put it on the minor child next to you.

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Speaker 1: And that makes sense, right, because you put it on

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Speaker 1: your kid and then you black out, well, then you

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Speaker 1: can't help them in the event of an emergency. So right,

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Speaker 1: that's exactly what you're doing here, is you're ensuring that

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Speaker 1: your own financial solvency before you start thinking about your

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Speaker 1: kid who has many, many, many years and their own

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Speaker 1: effort that they can bring to the table and that

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Speaker 1: endeavor too. And my guess is that Rebecca is doing

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Speaker 1: a good job on that front. And part of why

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Speaker 1: I say that is because she's trying to fund far

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Speaker 1: off goals for her baby and she's also at the

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Speaker 1: same time trying to fund more near term goals. She's

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Speaker 1: taken the both and approach and she's keen on the

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Speaker 1: five twenty nine, which is great she since she lives

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Speaker 1: in Ohio, and Ohio actually has one of the best

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Speaker 1: plans in the nation. They offer Vanguard Funds, which if

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Speaker 1: you've listened to the show for any length of time,

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Speaker 1: you know we like Vanguard funds because Vanguard has changed

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Speaker 1: the game and created incredible access to low cost index funds.

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Speaker 1: And then on top of that, she's going to get

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Speaker 1: a state tax deduction for investing in a five twenty

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Speaker 1: nine account for those future education expenses too, which is

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Speaker 1: just another reason that people should consider five twenty nine accounts,

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Speaker 1: especially now that they're more flexible, and specifically in Ohio,

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Speaker 1: you're going to get a tax deduction of up to

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Speaker 1: four thousand dollars in contributions each and every year. It's

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Speaker 1: a win for your baby, it's a win for you

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Speaker 1: as long as kind of Matt like you were saying

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Speaker 1: that you haven't put the cart before the horse, and

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Speaker 1: you've been taking care of your own financial future as well. Exactly.

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Speaker 2: Yeah, maybe we'll link to the money gears in our

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Speaker 2: show notes for this episode, but that's why we develop

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Speaker 2: those because essentially, like if you're thinking about how you

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Speaker 2: ride a bicycle when you're starting from a standstill, you

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Speaker 2: don't start on the biggest, tallest, fastest gear. You're on

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Speaker 2: the grainy gear. It's where you want to be. It's

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Speaker 2: where you want to start when you are getting that

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Speaker 2: bike moving, and where you just start, you'd burn yourself out. Basically,

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Speaker 2: if you were to try to go from a standstill,

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Speaker 2: your kis and quads might not be able to help

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Speaker 2: you out. Yeah, there's a better way of doing it.

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Speaker 2: There's a better order of operations, and that's what the

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Speaker 2: money gears are. But Joel, you mentioned the fight twenty

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Speaker 2: nine dollars. One of the other benefits there is that

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Speaker 2: if they don't actually get used for education, they can

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Speaker 2: become roth Ira dollars for him. So the dollars you're

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Speaker 2: saving and socking away now could become the it's like

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Speaker 2: the seed funding for his future retirement.

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Speaker 1: And I think the toughest question.

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Speaker 2: That you asked is about where to put liquid funds

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Speaker 2: so that he has access along the way, Because then

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Speaker 2: you also mentioned wanting to get a high return.

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Speaker 1: So that's a difficult feat. That's a difficult problem, a

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Speaker 1: difficult nut to crack. Yeah, liquidity and high returns typically

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Speaker 1: are anathema from one another. And the reason that you

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Speaker 1: opt for liquidity is for certainty and not to in

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Speaker 1: order to seek out the highest returns, because the highest

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Speaker 1: returns are going to come with more volatility and less access.

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Speaker 2: Yeah, I mean, like, honestly, it's kind of an odd question.

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Speaker 2: I want to ask you the question, like why do

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Speaker 2: you actually want him to have access Like why would

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Speaker 2: you want a little one to have access to funds,

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Speaker 2: like for them to be completely liquid when typically that's

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Speaker 2: as a parent, that's something that you can take care

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Speaker 2: of as opposed to having sort of a war chess,

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Speaker 2: you know, this massive account for it.

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Speaker 1: That was one thing that Rebecca didn't outline. And like,

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Speaker 1: at what point in time are you talking about your

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Speaker 1: son having access to these funds? Yeah, what might he

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Speaker 1: be spending that money on and when? And if we're

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Speaker 1: talking about him having access to some of this money

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Speaker 1: in let's say his elementary school years, we really are

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Speaker 1: talking about just having money in savings or CDs. But

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Speaker 1: if you want him to be able to reap a

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Speaker 1: higher potential return, that's going to mean take more risk.

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Speaker 1: And then, like I said, you know, more risk means

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Speaker 1: a longer timeline. And so if you you know, aren't

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Speaker 1: going to need access to this money until let's say

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Speaker 1: his teenage years, I think you can feel much more

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Speaker 1: comfortable investing that money in the market. Stock market volatility

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Speaker 1: becomes far less an issue when you're saving for a

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Speaker 1: decade or so in the future. But yeah, the win

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Speaker 1: or even how much liquidity we need is like at

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Speaker 1: the heart of this question, and that's kind of tough

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Speaker 1: to decipher. Certainly, Yeah, yeah, the win is the biggest part.

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Speaker 2: But like, I mean, you're you're saying, you know, a

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Speaker 2: decade or more for I mean, and it kind of

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Speaker 2: depends on your appetite for risk, because if it was

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Speaker 2: me personally, like I'm very comfortable certainly investing for a

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Speaker 2: decade or more, but less than a decade, sure, five years,

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Speaker 2: even like I would only if it was me personally, Rebecca,

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Speaker 2: if this was money that you're planning to use in

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Speaker 2: the next three to four years, Okay, maybe at that point,

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Speaker 2: because you're looking at a seventy five percent chance of

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Speaker 2: getting a positive return if you're looking at four years.

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Speaker 2: But even once you're up to five years, it's something

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Speaker 2: like an eighty eight percent chance of seeing positive returns

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Speaker 2: on that money were it to be invested in the market.

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Speaker 2: And so if it was me personally, I'm investing that money.

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Speaker 2: If you are looking at five years or longer.

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Speaker 1: Based on the historical data, based on.

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Speaker 2: Historical returns exactly, and were you to invest this money

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Speaker 2: in utmah or an ugma, so a Uniform Trance for

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Speaker 2: or Uniform Gift to Miners Act.

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Speaker 1: It almost sounds like the Bulldog name for the Georgia.

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Speaker 2: Bulldog dogg But these accounts might make sense if that

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Speaker 2: is what.

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Speaker 1: You're going for.

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Speaker 2: They're more flexible investment accounts that allow you to sock

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Speaker 2: money into the market on your child's behalf, and they

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Speaker 2: don't have to be earmarked specifically for college. The potential

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Speaker 2: problem with these types of accounts, though, are that you

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Speaker 2: lose full control of the funds, so once they are

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Speaker 2: earmarked for your son, like that money is going to

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Speaker 2: be his once he turns eighteen or twenty one, depends

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Speaker 2: on the state. But if he's not in a great

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Speaker 2: place for some reason, it doesn't really matter. It doesn't

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Speaker 2: matter what he's spending that money on.

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Speaker 1: It's his.

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Speaker 2: There's nothing you can do about it. Yeah, that is

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Speaker 2: the really equished control.

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Speaker 1: That's why we almost never talk about these accounts, because, yes,

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Speaker 1: they can be helpful if you're keen on helping your

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Speaker 1: child invest and ensuring that they have like a robust

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Speaker 1: start once they enter kind of their early adult years.

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Speaker 1: But there are some real CONTs of those accounts too,

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Speaker 1: and they that your efforts might be misplaced. There might

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Speaker 1: be better ways to invest in accounts that you own,

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Speaker 1: right and then give that money to them down the road,

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Speaker 1: instead of funneling money into an account that's essentially a

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Speaker 1: lock box for them. And the truth, as a parent,

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Speaker 1: you don't know what your kid is going to be

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Speaker 1: like when they turn eighteen, nineteen, or twenty And maybe

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Speaker 1: they make a lot of progress by the time they

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Speaker 1: turn twenty five and you feel more comfortable giving them

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Speaker 1: money then.

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Speaker 2: But or even a portion of the money. Yeah, it's

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Speaker 2: up to you to make the call out exactly.

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Speaker 1: And if you stick it in one of these UGMA

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Speaker 1: or up accounts, you don't have nearly as much control.

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Speaker 1: The control is essentially in their hands once they reach

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Speaker 1: that age of majority and these accounts who or investments

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Speaker 1: that you put in your son's name. It would also

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Speaker 1: impact his ability to get financial aid for college. Right

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Speaker 1: if he amasses a big sum thanks to you and

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Speaker 1: all your hard work here will financial aid could dwindle

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Speaker 1: and that could really stink. I mean, you could be

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Speaker 1: talking about losing out on thousands of dollars free dollars

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Speaker 1: for college. Yeah, because he has a pretty sweet sweet

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Speaker 1: no worth in comparison in to his peers who are

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Speaker 1: also applying for financial aid to so make sure to

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Speaker 1: keep that in mind. You don't necessarily want to hamstring

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Speaker 1: your future efforts and abilities to get free money for

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Speaker 1: your child in the college base if that's kind of

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Speaker 1: in the plans for him as well.

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Speaker 2: Quick a little side note, if you want to totally gain,

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Speaker 2: you know, gain the system, there's a loophole where the

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Speaker 2: money that goes within a grandparent's five twenty nine account

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Speaker 2: doesn't count towards your son's financial aid at all. So

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Speaker 2: if you've got your parents or your partner's parents that

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Speaker 2: are in to optimize and maximize the returns that you

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Speaker 2: might be able to see in the reward letter in

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Speaker 2: the future, depending you know, given the college, then that's

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Speaker 2: a sweet little I don't want to call it a hack,

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Speaker 2: but it's a it's certainly a loophole.

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Speaker 1: Pretty well known, yeah, the grandparent loophole, and so yeah,

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Speaker 1: that that's something else to consider, having the grandparents open

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Speaker 1: up the five twenty nine account instead of you doing

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Speaker 1: it yourself. And then I just want to go back

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Speaker 1: real quick, Matt to that idea of medium term money.

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Speaker 1: I mean, I think socking money into the five twenty

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Speaker 1: nine plan each year right up to that tax deductible

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Speaker 1: amount makes a lot of sense. And then sticking the

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Speaker 1: excess money into a high old savings account that you

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Speaker 1: plan to use for your son. It's not going to

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Speaker 1: provide mind blowing returns, right, especially his rates are likely

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Speaker 1: to continue going down on savings. But if you're one

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Speaker 1: with one of our favorite online banks, you're gonna get

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Speaker 1: a solid return. You're gonna have access to those funds

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Speaker 1: whenever you want. But so much again comes down to

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Speaker 1: your timeline, your goals, and Rebecca, if you reach back

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Speaker 1: out to us with more clarity about some of the

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Speaker 1: goals of the timeframe, we'd be happy to discuss that too.

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Speaker 1: But yeah, when do you need the money? What are

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Speaker 1: you planning to use it for?

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Speaker 2: I just can't imagine her, like they're being a use

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Speaker 2: for it until he's like typically you think of, okay,

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Speaker 2: use Maybe he's gonna start a business, yeah, Okay, that's

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Speaker 2: way off in the future. Okay, maybe he's gonna you know,

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Speaker 2: for him to buy his own car, okay, sixty like

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Speaker 2: maybe even a travel like a gap year okay, eighteen,

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Speaker 2: Like all of these are so far off into the future.

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Speaker 1: There's just no reason to put the money in his

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Speaker 1: name for that purpose.

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Speaker 2: Yeah, and so for that reason, I can't think of

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Speaker 2: too many scenarios to where it would make sense to

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Speaker 2: save as opposed to invest those dollars unless you're literally

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Speaker 2: looking at, you know, spending it in the next couple

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Speaker 2: of years. Right, and so, Rebecca again, congrats on the

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Speaker 2: baby and good luck to you on saving up for

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Speaker 2: his future.

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Speaker 1: It's gonna be one rich kid someday. Matt.

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Speaker 2: That's right, Joel, we got more to get you. We're

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Speaker 2: gonna hear from a listener who is looking to take

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Speaker 2: on a house hack. Will get to her question and

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Speaker 2: more right after this.

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Speaker 1: All right, Matt, This Listener Questions episode continues. Let's take

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Speaker 1: a question about something we typically put the kaibash on,

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Speaker 1: tapping retirement accounts early.

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Speaker 4: Hi, Matt and Joel. This is Derek from Kansas City.

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Speaker 4: Just like you guys. I love bikes, disc golf, good beer,

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Speaker 4: and personal finance. My question is about accessing retirement funds

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Speaker 4: early to bridge the gap between early retirement and age

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Speaker 4: fifty nine and a half. I know that roth IRA

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Speaker 4: contributions can be withdrawn at any time, but is there

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Speaker 4: a way to access Roth four oh one k contributions

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Speaker 4: penalty free before fifty nine and a half. Thanks for

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Speaker 4: answering my question and thanks for the show.

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Speaker 2: Well, Derek, it sounds like we could be buddies because

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Speaker 2: you said all the things that I like to do

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Speaker 2: in my spirits set, well you, I'm less of a

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Speaker 2: disk offer, to be honest than you are jil that

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Speaker 2: these are more completely in line with all the things

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Speaker 2: that you like to do. I do enjoy it, Derek

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Speaker 2: and IODI buds. You guys would probably get along fine.

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Speaker 2: We get along seventy five percent of the time. Anytime

436
00:18:24,800 --> 00:18:26,320
Speaker 2: I'll go play disc Off, I might stay home.

437
00:18:26,400 --> 00:18:28,240
Speaker 1: Yeah. Yeah, you don't love it as much as id

438
00:18:28,480 --> 00:18:29,440
Speaker 1: I enjoy it.

439
00:18:29,320 --> 00:18:31,040
Speaker 2: And I feel like last time you and I played,

440
00:18:31,359 --> 00:18:33,560
Speaker 2: I think you want What do you think about? Have

441
00:18:33,640 --> 00:18:35,400
Speaker 2: you checked out the new there's a new disc Off.

442
00:18:35,200 --> 00:18:36,200
Speaker 1: Course here locally.

443
00:18:36,640 --> 00:18:36,680
Speaker 4: No.

444
00:18:36,760 --> 00:18:38,440
Speaker 1: I heard about it, but I have not played it yet. Yeah,

445
00:18:38,440 --> 00:18:39,400
Speaker 1: but I will be going soon.

446
00:18:39,440 --> 00:18:41,359
Speaker 2: It's like the perfect time of the year, nice fall weather,

447
00:18:41,480 --> 00:18:44,520
Speaker 2: I know, Derek. Let's talk about early retirement. I think

448
00:18:44,560 --> 00:18:47,400
Speaker 2: the toughest thing here to plan for is often being

449
00:18:47,440 --> 00:18:50,760
Speaker 2: able to tap retirement accounts. Early, but without overdoing it,

450
00:18:50,800 --> 00:18:54,040
Speaker 2: without basically running out of funds, right because if you

451
00:18:54,080 --> 00:18:57,680
Speaker 2: retire let's say fifty, for instance, well you need to

452
00:18:57,680 --> 00:19:01,080
Speaker 2: be able to grab some of those assets before obviously

453
00:19:01,080 --> 00:19:03,159
Speaker 2: fifteen nine and a half, which could be tricky, but

454
00:19:03,200 --> 00:19:05,560
Speaker 2: you've also got to leave enough in there for those

455
00:19:05,600 --> 00:19:09,199
Speaker 2: traditional retirement years as well. It's a it's just a

456
00:19:09,240 --> 00:19:12,320
Speaker 2: taller order, it's a bigger hurdle to get over, and

457
00:19:12,400 --> 00:19:14,760
Speaker 2: it's certainly not impossible to pull off, but it just

458
00:19:14,800 --> 00:19:15,080
Speaker 2: takes a.

459
00:19:15,080 --> 00:19:16,000
Speaker 1: Little bit of forethought.

460
00:19:16,240 --> 00:19:18,760
Speaker 2: It takes some planning, and it's I mean, honestly, it's

461
00:19:18,800 --> 00:19:20,440
Speaker 2: just going to take a larger nest egg as well

462
00:19:20,440 --> 00:19:23,760
Speaker 2: as you're going to be drawing down on those assets now,

463
00:19:23,800 --> 00:19:26,560
Speaker 2: more securities, more years to fund. You've got fewer years

464
00:19:26,600 --> 00:19:28,800
Speaker 2: to actually save up for that goal. So it just

465
00:19:28,840 --> 00:19:30,800
Speaker 2: means you have to have a higher savings rate and

466
00:19:30,800 --> 00:19:32,640
Speaker 2: be more intentional. Got to get after it, that's right,

467
00:19:32,680 --> 00:19:36,399
Speaker 2: But then you also have to figure out the I

468
00:19:36,400 --> 00:19:38,120
Speaker 2: don't want to use the term loophole because these are

469
00:19:38,160 --> 00:19:40,520
Speaker 2: just the way these funds, these accounts are structured.

470
00:19:40,560 --> 00:19:43,520
Speaker 1: It's a hack. These are two words that we can't

471
00:19:43,600 --> 00:19:46,000
Speaker 1: use for the rest of the episode. We've said them

472
00:19:46,040 --> 00:19:49,600
Speaker 1: too many times, so, but these accounts are literally have

473
00:19:49,760 --> 00:19:52,439
Speaker 1: different rules, and there are different IRS regulations about how

474
00:19:52,480 --> 00:19:55,600
Speaker 1: you can tap certain accounts early, and so we'll do

475
00:19:55,640 --> 00:19:57,280
Speaker 1: our best to kind of walk through some of those things.

476
00:19:57,680 --> 00:20:02,000
Speaker 1: Like roth Ira contributions, for instance, those can be accessed early.

477
00:20:02,320 --> 00:20:05,040
Speaker 1: So let's say you maxed out your roth Ira for

478
00:20:05,160 --> 00:20:08,560
Speaker 1: fifteen years something like that, and let's, for arguments sake,

479
00:20:08,640 --> 00:20:11,119
Speaker 1: say that that was a total of one hundred thousand

480
00:20:11,160 --> 00:20:14,640
Speaker 1: dollars in contributions. Very nice, Derek, that'd be great, right.

481
00:20:15,000 --> 00:20:17,240
Speaker 1: The account then might be worth two hundred thousand dollars

482
00:20:17,320 --> 00:20:20,280
Speaker 1: because of the earnings in addition to the contributions, might

483
00:20:20,320 --> 00:20:22,320
Speaker 1: be worth even substantially more than that. But let's just

484
00:20:22,320 --> 00:20:25,240
Speaker 1: say that, for example, you can still only take the

485
00:20:25,240 --> 00:20:27,960
Speaker 1: one hundred thousand dollars out penalty free before the age

486
00:20:27,960 --> 00:20:31,200
Speaker 1: of fifty nine and a half. Right, The contributions, right,

487
00:20:31,240 --> 00:20:34,400
Speaker 1: the earnings sadly are still not in play. You can't

488
00:20:34,400 --> 00:20:36,520
Speaker 1: tap those, and actually maybe not sadly, because you still

489
00:20:36,520 --> 00:20:39,280
Speaker 1: need those funds, like you said, Matt, for those future

490
00:20:39,320 --> 00:20:42,600
Speaker 1: decades too. But that makes the roth Ira, we would say,

491
00:20:42,640 --> 00:20:45,800
Speaker 1: a great dual purpose investing vehicle for people who want

492
00:20:45,840 --> 00:20:46,639
Speaker 1: to retire early.

493
00:20:46,760 --> 00:20:49,680
Speaker 2: Yeah, you may not need to tap those earnings until

494
00:20:49,800 --> 00:20:52,040
Speaker 2: the fact, you know, basically until you hit sixty, right,

495
00:20:52,119 --> 00:20:54,879
Speaker 2: So it actually it's it's almost like a non issue

496
00:20:54,880 --> 00:20:57,119
Speaker 2: if you've got enough set aside there in the roth Hira, and.

497
00:20:57,080 --> 00:20:58,719
Speaker 1: That would be the goal. Is that, like, hey, no,

498
00:20:58,800 --> 00:21:02,120
Speaker 1: you don't want to tap or touch those earnings anyway,

499
00:21:02,160 --> 00:21:04,960
Speaker 1: because you need those to keep compounding for you for

500
00:21:05,200 --> 00:21:07,399
Speaker 1: years and decades into the future because you got a

501
00:21:07,400 --> 00:21:10,800
Speaker 1: really long time retirement time horizon. Sadly, though you're Wroth

502
00:21:10,840 --> 00:21:13,240
Speaker 1: Floral and K, it doesn't have the same level of

503
00:21:13,240 --> 00:21:15,920
Speaker 1: flexibility when it comes to early withdraws. Like if you

504
00:21:15,960 --> 00:21:18,440
Speaker 1: take money out early, you have to pay tax on

505
00:21:18,640 --> 00:21:21,760
Speaker 1: what's known as the non contribution amount and a ten

506
00:21:21,800 --> 00:21:25,240
Speaker 1: percent penalty. Two. So the Wroth Floral one K although

507
00:21:25,280 --> 00:21:27,480
Speaker 1: they both have Wroth in the name, they both have

508
00:21:27,600 --> 00:21:30,480
Speaker 1: kind of like different rules essentially for how you tap

509
00:21:30,520 --> 00:21:31,120
Speaker 1: that money early.

510
00:21:31,200 --> 00:21:34,120
Speaker 2: Yeah, they're not created equally. Yeah, it's a weird formula.

511
00:21:34,200 --> 00:21:36,040
Speaker 2: And so let's go with the would you say, like

512
00:21:36,040 --> 00:21:38,720
Speaker 2: one hundred thousand dollars contribution with like a two hundred

513
00:21:38,720 --> 00:21:40,159
Speaker 2: thousand overall value.

514
00:21:40,600 --> 00:21:41,479
Speaker 1: Let's use that example.

515
00:21:41,840 --> 00:21:44,200
Speaker 2: And so let's say you opted to take twenty thousand

516
00:21:44,240 --> 00:21:47,640
Speaker 2: out of your wroth four to one K, Well, half

517
00:21:47,680 --> 00:21:50,520
Speaker 2: would be considered contributions and the other half would be

518
00:21:50,600 --> 00:21:53,120
Speaker 2: considered growth. And so this means that you pay tax

519
00:21:53,160 --> 00:21:56,080
Speaker 2: and penalty on half of that on ten thousand dollars

520
00:21:56,119 --> 00:21:58,520
Speaker 2: of that twenty thousand dollars that you're taking out, which

521
00:21:58,560 --> 00:22:02,080
Speaker 2: is not ideal. And so with a roth ira, the

522
00:22:02,119 --> 00:22:04,120
Speaker 2: first dollars to come out where you'd tap that early

523
00:22:04,480 --> 00:22:07,040
Speaker 2: are the contributions, whereas with a roth four one K,

524
00:22:07,800 --> 00:22:13,040
Speaker 2: it's representative of the overall makeup of the of that fund. Essentially,

525
00:22:13,200 --> 00:22:14,920
Speaker 2: it's gonna be account of the account. It's gonna tax

526
00:22:14,960 --> 00:22:18,719
Speaker 2: fifty to fifty. You could, however, roll that wroth four

527
00:22:18,800 --> 00:22:21,760
Speaker 2: one k into your wroth ira and then you're gonna

528
00:22:21,760 --> 00:22:25,560
Speaker 2: have greater levels of tax free access. The key here, though,

529
00:22:25,600 --> 00:22:27,560
Speaker 2: is that your wroth ira needs to have been opened

530
00:22:27,560 --> 00:22:31,040
Speaker 2: for at least five years. So either go ahead and

531
00:22:31,080 --> 00:22:33,280
Speaker 2: open one up, roll it over and don't touch it

532
00:22:33,280 --> 00:22:36,280
Speaker 2: for five years, or just to get into that wrath

533
00:22:36,680 --> 00:22:39,720
Speaker 2: that you might have already had opened. Maybe it's a

534
00:22:39,760 --> 00:22:42,440
Speaker 2: roth iray that you opened when you're a teenager, maybe

535
00:22:42,440 --> 00:22:45,200
Speaker 2: you had a lifeguarding gig, and you're like, hey, I've

536
00:22:45,240 --> 00:22:48,920
Speaker 2: heard about this roth Ira thing because I'm into personal finance. Yeah,

537
00:22:48,960 --> 00:22:50,880
Speaker 2: when I'm not throwing the discs out on the disc

538
00:22:50,920 --> 00:22:53,040
Speaker 2: off course, if that's the case, then you can go

539
00:22:53,080 --> 00:22:54,200
Speaker 2: ahead and do that immediately.

540
00:22:54,359 --> 00:22:57,760
Speaker 1: Yeah, it can be a little confusing that because we're

541
00:22:57,760 --> 00:23:00,520
Speaker 1: talking about two different accounts with the name Wroth in it,

542
00:23:00,760 --> 00:23:04,240
Speaker 1: two different kind of like rules surrounding how you tap

543
00:23:04,280 --> 00:23:06,800
Speaker 1: or withdraw those funds, especially if you're doing it early.

544
00:23:06,920 --> 00:23:11,159
Speaker 1: And we're also talking about timelines, right, and timelines apply

545
00:23:11,440 --> 00:23:13,960
Speaker 1: like how long the wroth is open is essentially the

546
00:23:14,000 --> 00:23:16,120
Speaker 1: quintessential timeline that you need to know. And like you said,

547
00:23:16,160 --> 00:23:17,919
Speaker 1: if you've had the wroth open for quite a bit

548
00:23:17,960 --> 00:23:19,400
Speaker 1: of time and you roll money into it, well then

549
00:23:19,480 --> 00:23:23,320
Speaker 1: that money is essentially available instantly. But if the wroth

550
00:23:23,560 --> 00:23:26,520
Speaker 1: is newer or fresher, brand new, the money's got to

551
00:23:26,520 --> 00:23:29,439
Speaker 1: sit there for five years before you touch it. And

552
00:23:29,520 --> 00:23:33,200
Speaker 1: even still, like when you perform that rollover, you're limited

553
00:23:33,280 --> 00:23:37,840
Speaker 1: on your ability to make non qualified or early withdraws

554
00:23:38,200 --> 00:23:40,479
Speaker 1: to just the one hundred thousand dollars of contributions, right,

555
00:23:40,520 --> 00:23:43,560
Speaker 1: you still can't touch the other half the earnings in

556
00:23:43,640 --> 00:23:45,840
Speaker 1: the example that we're giving the one hundred thousand dollars

557
00:23:45,840 --> 00:23:48,280
Speaker 1: of earnings without paying tax and penalty on that amount.

558
00:23:48,680 --> 00:23:51,720
Speaker 1: But there are other reasons. I would say, you want

559
00:23:51,760 --> 00:23:53,919
Speaker 1: to migrate money potentially from your wroth WORL one k

560
00:23:54,320 --> 00:23:57,560
Speaker 1: over to your wroth ira. So essentially stocking money away

561
00:23:57,600 --> 00:23:59,520
Speaker 1: into a wroth FORLORL and K is a great thing

562
00:24:00,119 --> 00:24:02,800
Speaker 1: for so many how to money listeners, but getting that

563
00:24:02,840 --> 00:24:04,879
Speaker 1: into a roth ira over time can make a lot

564
00:24:04,920 --> 00:24:07,840
Speaker 1: of sense too. And one of the main reasons for

565
00:24:07,880 --> 00:24:11,880
Speaker 1: that is the eventual reality of rmds matt required minimum distributions.

566
00:24:11,920 --> 00:24:14,800
Speaker 1: And this is something that most of our listeners, let's

567
00:24:14,800 --> 00:24:18,720
Speaker 1: say they're in their late twenties, early mid thirties, they're

568
00:24:18,880 --> 00:24:22,000
Speaker 1: like far far away from this reality rmds. I ain't

569
00:24:22,000 --> 00:24:23,800
Speaker 1: got to worry about, right, That's like what my grandma's

570
00:24:23,840 --> 00:24:26,040
Speaker 1: worrying about. Right, that's for old me to worry about, right.

571
00:24:26,440 --> 00:24:28,280
Speaker 1: But it will come down the pike at some point.

572
00:24:28,520 --> 00:24:31,280
Speaker 1: And so rm ds are required on WROTH four one

573
00:24:31,359 --> 00:24:33,520
Speaker 1: k's at least the way the tax code currently stands,

574
00:24:33,720 --> 00:24:36,280
Speaker 1: but they're not required on wroth iras, and since it's

575
00:24:36,320 --> 00:24:39,520
Speaker 1: this incredibly simple conversion process, we think it makes a

576
00:24:39,520 --> 00:24:42,320
Speaker 1: lot of sense to turn Rothborol one k money into

577
00:24:42,400 --> 00:24:46,000
Speaker 1: roth Ira money at some point along the line. And

578
00:24:46,040 --> 00:24:48,320
Speaker 1: it's going to be massively helpful to early retirees too,

579
00:24:48,359 --> 00:24:51,800
Speaker 1: who just want more flexibility over when and how they

580
00:24:51,880 --> 00:24:55,400
Speaker 1: grab those funds as well. It's just it's a simpler vehicle,

581
00:24:55,480 --> 00:24:58,520
Speaker 1: the roth Ira and the Wroth allows you, at least

582
00:24:58,720 --> 00:25:00,680
Speaker 1: the Wroth four one K allows you to stash more

583
00:25:00,720 --> 00:25:03,399
Speaker 1: money into those retirement accounts, which is awesome because you

584
00:25:03,400 --> 00:25:05,840
Speaker 1: can put what twenty three thousand dollars this year twenty

585
00:25:05,840 --> 00:25:08,119
Speaker 1: three thousand, five hundred next year into your Roth poor

586
00:25:08,200 --> 00:25:10,600
Speaker 1: one k, which means you can be banking bukous of

587
00:25:10,640 --> 00:25:12,919
Speaker 1: dollars in a Roth vehicle for your future. But at

588
00:25:12,920 --> 00:25:14,440
Speaker 1: some point you want to change it into ROTH higher

589
00:25:14,480 --> 00:25:16,960
Speaker 1: rade dollars because then it's more accessible, more flexible.

590
00:25:17,040 --> 00:25:19,960
Speaker 2: Heck yeah, so that's the how too money. So let's

591
00:25:20,320 --> 00:25:25,000
Speaker 2: quickly maybe touch on the why to money, and Derek,

592
00:25:25,240 --> 00:25:27,480
Speaker 2: I think it's worth spending some time and asking yourself

593
00:25:27,480 --> 00:25:29,760
Speaker 2: the question why do I want to retire early? Because

594
00:25:29,760 --> 00:25:32,919
Speaker 2: I will say when I first personally first discovered fire

595
00:25:33,400 --> 00:25:37,439
Speaker 2: early retirement. The oh, I can completely like bag work altogether. Well,

596
00:25:37,440 --> 00:25:39,919
Speaker 2: that's something I totally want to do. But man, what

597
00:25:40,000 --> 00:25:42,040
Speaker 2: I have found is that over the years, and honestly,

598
00:25:42,080 --> 00:25:44,600
Speaker 2: I'll say even like over the decades now, I've realized

599
00:25:44,640 --> 00:25:47,800
Speaker 2: that I still want to do something, And so I

600
00:25:47,840 --> 00:25:49,520
Speaker 2: think it's worth asking yourself, like what do I want

601
00:25:49,560 --> 00:25:52,679
Speaker 2: to do when I grow up? And I'm serious, like, like,

602
00:25:52,760 --> 00:25:54,480
Speaker 2: what if you could have any job in the world,

603
00:25:54,480 --> 00:25:56,760
Speaker 2: if money didn't matter, what would you like to spend

604
00:25:56,760 --> 00:25:59,840
Speaker 2: your time doing? Like maybe a like a career pivot

605
00:26:00,119 --> 00:26:01,679
Speaker 2: is in store for you. And you talked about you

606
00:26:01,720 --> 00:26:05,040
Speaker 2: love biking. Maybe that's being like getting involved with like

607
00:26:05,080 --> 00:26:08,000
Speaker 2: a biking nonprofit or something in your city that's advocating

608
00:26:08,040 --> 00:26:11,840
Speaker 2: for bike lanes and getting bikes to underserved communities that

609
00:26:11,920 --> 00:26:14,320
Speaker 2: kind of thing. Or you like beer, maybe it's like

610
00:26:14,359 --> 00:26:16,720
Speaker 2: finding your favorite there's some good breweries in Kansas City?

611
00:26:16,760 --> 00:26:20,000
Speaker 2: Is that where Boulevard? I forget anyway, I'm sure there's

612
00:26:20,080 --> 00:26:23,560
Speaker 2: ray beries there I remember, But how cool would it

613
00:26:23,640 --> 00:26:25,840
Speaker 2: be to learn how to brew beer? And so when

614
00:26:25,840 --> 00:26:28,600
Speaker 2: you don't have to sock away tons of money towards retirement,

615
00:26:29,040 --> 00:26:31,960
Speaker 2: like the world's your oyster, and it is worth thinking, Okay,

616
00:26:32,080 --> 00:26:34,560
Speaker 2: how can I contribute to society. What is something that

617
00:26:34,640 --> 00:26:36,200
Speaker 2: is going to light me up that I'm going to

618
00:26:36,280 --> 00:26:39,320
Speaker 2: be excited to do because guess what, I'm coast fire now.

619
00:26:39,560 --> 00:26:42,600
Speaker 2: I don't have to worry about the money so much.

620
00:26:42,640 --> 00:26:45,159
Speaker 2: And I think that might be an awesome way for

621
00:26:45,200 --> 00:26:48,639
Speaker 2: you to consider shifting things and shaking things up a

622
00:26:48,640 --> 00:26:50,760
Speaker 2: little bit, where you to find a job that's still

623
00:26:50,800 --> 00:26:52,679
Speaker 2: paying the bills, where you're not back and work all together.

624
00:26:53,080 --> 00:26:55,719
Speaker 2: Well cool, you don't have to actually tap these funds anymore,

625
00:26:55,720 --> 00:26:58,280
Speaker 2: which renders everything that we said earlier about making this

626
00:26:58,320 --> 00:27:02,359
Speaker 2: conversion obsolete. So I mean, you can still do those things,

627
00:27:02,400 --> 00:27:04,560
Speaker 2: but there's a bigger question here that's worth.

628
00:27:04,320 --> 00:27:06,680
Speaker 1: Asking, the why behind your money. Well, it also makes

629
00:27:06,720 --> 00:27:08,960
Speaker 1: me think back to a conversation that you and I

630
00:27:09,040 --> 00:27:11,320
Speaker 1: had with our friend Gillian John Drude on the show,

631
00:27:11,359 --> 00:27:13,960
Speaker 1: and she talks about taking sabbaticals and the importance of

632
00:27:13,960 --> 00:27:17,040
Speaker 1: taking sabbaticals, And I do think that there's more Americans

633
00:27:17,040 --> 00:27:19,879
Speaker 1: are experiencing more burnout in kind of our hyper obsessed

634
00:27:19,920 --> 00:27:22,280
Speaker 1: work culture. So we're fans of work, but we're not

635
00:27:22,320 --> 00:27:24,600
Speaker 1: fans of the hyper obsessed work culture, and so maybe

636
00:27:24,720 --> 00:27:27,600
Speaker 1: taking three to six months off, maybe that is actually

637
00:27:27,640 --> 00:27:29,919
Speaker 1: the perfect way to dip your toe in and say,

638
00:27:30,200 --> 00:27:32,600
Speaker 1: does early retirement make sense for me? And maybe it

639
00:27:32,840 --> 00:27:34,720
Speaker 1: puts you on like kind of you're alluding to, Matt,

640
00:27:34,880 --> 00:27:38,040
Speaker 1: a career pivot path, and maybe that is more sustainable,

641
00:27:38,080 --> 00:27:41,600
Speaker 1: and maybe it incentivizes you to want to continue working,

642
00:27:41,880 --> 00:27:43,880
Speaker 1: even if it's in something that pays a little bit less,

643
00:27:44,400 --> 00:27:45,840
Speaker 1: keeps the dollar bills coming in.

644
00:27:45,800 --> 00:27:47,919
Speaker 2: Or even a lot less, depending on what kind of

645
00:27:48,000 --> 00:27:49,560
Speaker 2: glide path that he's got laid out before.

646
00:27:49,800 --> 00:27:52,159
Speaker 1: Yeah, all right, let's get to another question, Matt. This

647
00:27:52,480 --> 00:27:55,719
Speaker 1: comes from a listener who's about to become a landlord.

648
00:27:55,760 --> 00:27:57,639
Speaker 1: She wants to make sure she's doing it the right way.

649
00:27:58,240 --> 00:28:01,760
Speaker 5: I'm Matt and Joel. This is Amanda out of Knoxville, Tennessee.

650
00:28:03,160 --> 00:28:08,840
Speaker 5: I am looking to move and plan to rent the

651
00:28:08,880 --> 00:28:12,520
Speaker 5: home that I currently live in. I was wondering if

652
00:28:12,560 --> 00:28:16,760
Speaker 5: you guys had any suggestions on where I could find

653
00:28:18,480 --> 00:28:23,040
Speaker 5: a good rental agreement, and also if you recommend I

654
00:28:23,040 --> 00:28:26,480
Speaker 5: should get any kind of special insurance or anything like that.

655
00:28:26,960 --> 00:28:30,280
Speaker 5: Any advice you have would be greatly appreciated.

656
00:28:30,720 --> 00:28:33,600
Speaker 1: Matt, is this I love this question, and this is

657
00:28:33,600 --> 00:28:35,239
Speaker 1: something that we have talked about regularly. We don't talk

658
00:28:35,240 --> 00:28:37,200
Speaker 1: about real estate. You love this question, Joel. We don't

659
00:28:37,240 --> 00:28:39,480
Speaker 1: talk about real estate investing as much as we used to.

660
00:28:39,760 --> 00:28:42,240
Speaker 1: But for people who are interested and want to get

661
00:28:42,240 --> 00:28:44,880
Speaker 1: into it, this is one of the best ways to

662
00:28:44,920 --> 00:28:47,600
Speaker 1: get jump started is to rent out the home you're

663
00:28:47,600 --> 00:28:50,160
Speaker 1: currently living in, saving up the down payment to buy

664
00:28:50,240 --> 00:28:52,680
Speaker 1: the next home, jumping ship. Renting out the one you

665
00:28:52,720 --> 00:28:55,000
Speaker 1: are living in, you keep the financing terms, you hold

666
00:28:55,040 --> 00:28:57,120
Speaker 1: on to hopefully a property you understand. Really well, that

667
00:28:57,200 --> 00:28:59,520
Speaker 1: sounds like that's what Amanda is doing. That was my

668
00:28:59,520 --> 00:29:01,960
Speaker 1: first st my first foray into real estate. I know

669
00:29:02,040 --> 00:29:04,720
Speaker 1: you've done that. It's something very similar. Yeah, and that

670
00:29:05,040 --> 00:29:09,320
Speaker 1: can be a replicable path to success for people who

671
00:29:09,360 --> 00:29:11,480
Speaker 1: want to, you know, let's say, move into a house

672
00:29:11,520 --> 00:29:13,800
Speaker 1: that's slightly larger or something like that. They're growing their family,

673
00:29:14,120 --> 00:29:16,680
Speaker 1: they also want to start investing in real estate. I'm

674
00:29:16,680 --> 00:29:18,040
Speaker 1: not gonna say it's easy, because you've got to save

675
00:29:18,120 --> 00:29:19,600
Speaker 1: up the next down payment, right you're not getting the

676
00:29:19,640 --> 00:29:21,400
Speaker 1: cash from the home that you're selling. But if you

677
00:29:21,400 --> 00:29:23,760
Speaker 1: can be disciplined, you can jump start that real estate

678
00:29:23,800 --> 00:29:26,440
Speaker 1: investing ability by holding onto that house.

679
00:29:26,560 --> 00:29:28,920
Speaker 2: Yeah, hanging on to that great low mortgage that you've

680
00:29:28,920 --> 00:29:31,280
Speaker 2: got locked in. Honestly, I see a lot of people

681
00:29:31,560 --> 00:29:34,640
Speaker 2: getting into real estate this way as housing affordability has

682
00:29:34,640 --> 00:29:36,080
Speaker 2: gone up, and so they're staying in their home for

683
00:29:36,080 --> 00:29:38,160
Speaker 2: a little bit longer, so they've got more money, I

684
00:29:38,160 --> 00:29:40,960
Speaker 2: don't know, maybe more time to find that next property.

685
00:29:41,360 --> 00:29:43,040
Speaker 2: And they're like, well, how I'm not going to get

686
00:29:43,080 --> 00:29:43,480
Speaker 2: rid of this.

687
00:29:43,440 --> 00:29:45,880
Speaker 1: Current house that we're in because of the They might

688
00:29:45,960 --> 00:29:47,719
Speaker 1: realize their mortgage is like a thousand bucks a month

689
00:29:47,760 --> 00:29:49,440
Speaker 1: and they can run it for like nineteen hundred a month,

690
00:29:49,520 --> 00:29:51,120
Speaker 1: and they're like, wait a second, why am I not

691
00:29:51,160 --> 00:29:51,479
Speaker 1: doing this?

692
00:29:51,520 --> 00:29:53,960
Speaker 2: Sounds like a great article. Actually, maybe we should guess

693
00:29:54,000 --> 00:29:57,120
Speaker 2: something like that up on the website. But Amanda, I

694
00:29:57,160 --> 00:29:59,080
Speaker 2: am glad to hear that you're not trying to.

695
00:29:59,080 --> 00:30:00,360
Speaker 1: Diy this lease.

696
00:30:00,880 --> 00:30:03,600
Speaker 2: Certainly, you could draft something up in an email on

697
00:30:03,640 --> 00:30:06,200
Speaker 2: your phone while you're waiting on a stoplight, and that

698
00:30:06,280 --> 00:30:09,560
Speaker 2: technically can be legally binding if the person science hit right.

699
00:30:09,760 --> 00:30:11,600
Speaker 1: You could even get your kid to draw in crans

700
00:30:11,640 --> 00:30:13,520
Speaker 1: on an eight and half by eleven sheet of paper, right,

701
00:30:13,960 --> 00:30:15,800
Speaker 1: and both you and the tenant sign it and Yes,

702
00:30:15,840 --> 00:30:18,240
Speaker 1: it's legally binding, but it might not provide enough cover.

703
00:30:18,360 --> 00:30:21,080
Speaker 2: Does it have all the things included that you need

704
00:30:21,120 --> 00:30:25,120
Speaker 2: to have addressed? A rental contract, A lease like it

705
00:30:25,200 --> 00:30:27,440
Speaker 2: is an important legal document. You don't want to cheap

706
00:30:27,480 --> 00:30:29,080
Speaker 2: out on this. That would certainly be an example of

707
00:30:29,160 --> 00:30:31,280
Speaker 2: being cheap and that frugal. You want to make sure

708
00:30:31,280 --> 00:30:34,840
Speaker 2: that you're dressing all the aspects of perspective landlord life

709
00:30:34,920 --> 00:30:37,920
Speaker 2: and what the renter might be asking here in this document.

710
00:30:38,040 --> 00:30:40,320
Speaker 1: And there's all these clauses, Matt. When I read through

711
00:30:40,600 --> 00:30:44,280
Speaker 1: the lease that that I originally bought, and I've used

712
00:30:44,280 --> 00:30:48,000
Speaker 1: the same one over and over and over like it has,

713
00:30:48,320 --> 00:30:49,800
Speaker 1: there are so many little clauses in there that you

714
00:30:49,840 --> 00:30:52,600
Speaker 1: wouldn't have even thought to put in there. About how

715
00:30:52,640 --> 00:30:54,720
Speaker 1: much time the tenant's allowed to spend away from the

716
00:30:54,720 --> 00:30:58,720
Speaker 1: property right without notifying you, or you know what happens

717
00:30:58,800 --> 00:31:01,520
Speaker 1: if they choose not to sign another lease but stay

718
00:31:01,520 --> 00:31:02,920
Speaker 1: month to month. What are the terms going to be?

719
00:31:02,960 --> 00:31:05,440
Speaker 1: Then you don't have to hammer those over rent. Yeah,

720
00:31:05,680 --> 00:31:08,000
Speaker 1: there's all those things are baked into the lease. And

721
00:31:08,040 --> 00:31:11,080
Speaker 1: if you don't buy a lease that has all those

722
00:31:11,080 --> 00:31:14,400
Speaker 1: elements thought through, you might be signing a lease that

723
00:31:14,440 --> 00:31:16,360
Speaker 1: doesn't protect you or your tenant in the way that

724
00:31:16,360 --> 00:31:16,800
Speaker 1: it needs to.

725
00:31:16,880 --> 00:31:19,440
Speaker 2: That's true, and maybe those are things and aspects of

726
00:31:19,600 --> 00:31:21,640
Speaker 2: renting that you learn along the way, but you don't

727
00:31:21,640 --> 00:31:23,680
Speaker 2: want to necessarily have to learn those lessons the hard way.

728
00:31:23,720 --> 00:31:26,440
Speaker 1: I think in one more thing, where like, I'm sure

729
00:31:26,480 --> 00:31:29,000
Speaker 1: your lease says the same thing, but it requires your

730
00:31:29,040 --> 00:31:33,960
Speaker 1: tenant to have Renters insurance. Renders insurance is incredibly cheap,

731
00:31:33,960 --> 00:31:36,640
Speaker 1: but when they sign on the dotted line, they're essentially saying, hey,

732
00:31:36,720 --> 00:31:38,840
Speaker 1: my stuff is covered because I've gotten my own Renters

733
00:31:38,880 --> 00:31:40,000
Speaker 1: insurance policy.

734
00:31:39,680 --> 00:31:41,520
Speaker 2: And they've got no claim or something to happen.

735
00:31:41,640 --> 00:31:44,520
Speaker 1: And so to you, that's an important part of legally

736
00:31:44,520 --> 00:31:47,600
Speaker 1: covering your own backside. But I think it's also an

737
00:31:47,600 --> 00:31:49,880
Speaker 1: important heads up to your tenant to let them know

738
00:31:50,160 --> 00:31:52,840
Speaker 1: what's expected and what they need to cover themselves exactly.

739
00:31:52,920 --> 00:31:55,520
Speaker 2: So where do you go, Amanda, Well, Bigger Pockets. They've

740
00:31:55,520 --> 00:31:58,520
Speaker 2: got state specific leases that they sell for. I think

741
00:31:58,520 --> 00:32:02,040
Speaker 2: it's just one hundred bucks. We talked with Dave Meyer

742
00:32:02,280 --> 00:32:05,760
Speaker 2: last week. He's over there at Bigger Pockets. We like them,

743
00:32:05,960 --> 00:32:08,000
Speaker 2: certainly worth considering, but you also probably don't have to

744
00:32:08,000 --> 00:32:10,200
Speaker 2: spend one hundred dollars. I would check out a veil

745
00:32:11,000 --> 00:32:16,760
Speaker 2: avail avail dot com. They offer free state specific leases

746
00:32:16,880 --> 00:32:19,280
Speaker 2: as a lost leader, hoping that you're going to sign

747
00:32:19,360 --> 00:32:22,920
Speaker 2: up for their premium service. So there's a way that

748
00:32:22,960 --> 00:32:24,760
Speaker 2: you can have your cake and eat it too, Like

749
00:32:24,800 --> 00:32:27,400
Speaker 2: you could potentially get the free lease and then just

750
00:32:27,400 --> 00:32:29,240
Speaker 2: be like, all right, no, actually I don't need these

751
00:32:29,440 --> 00:32:32,880
Speaker 2: premium features. But that's actually something worth considering as well.

752
00:32:32,920 --> 00:32:36,240
Speaker 1: Oh for sure. Yeah, if you are looking to kind

753
00:32:36,240 --> 00:32:38,920
Speaker 1: of up your landlord game, and it's man, I think

754
00:32:38,920 --> 00:32:42,440
Speaker 1: of it similar to paying for budgeting software. Does everybody

755
00:32:42,440 --> 00:32:42,720
Speaker 1: need it?

756
00:32:42,800 --> 00:32:42,840
Speaker 3: No?

757
00:32:42,960 --> 00:32:45,080
Speaker 1: Do you have budgeting software? No, you don't use it

758
00:32:45,120 --> 00:32:47,480
Speaker 1: like you use an Excel spreadsheet and that you've become

759
00:32:47,720 --> 00:32:50,720
Speaker 1: accustomed to for a decade and a half. But a

760
00:32:50,720 --> 00:32:54,240
Speaker 1: lot of people benefit massively from monarch money or wineap

761
00:32:54,320 --> 00:32:56,600
Speaker 1: or something like that, and rightly so, like it's worth

762
00:32:56,600 --> 00:32:58,120
Speaker 1: the money that you spend on it, And I think

763
00:32:58,160 --> 00:33:00,840
Speaker 1: the same thing can be true for consili leidating your

764
00:33:01,520 --> 00:33:05,040
Speaker 1: landlord responsibilities. Right. A veil is at least it's the

765
00:33:05,040 --> 00:33:06,680
Speaker 1: best one that I know of. I'd be curious to

766
00:33:06,680 --> 00:33:08,560
Speaker 1: hear from other landlords out there if they're using something

767
00:33:08,600 --> 00:33:11,680
Speaker 1: that's better or less expensive, but it's nice time helpful

768
00:33:11,720 --> 00:33:14,640
Speaker 1: tools like that's one of the great things about modern technology.

769
00:33:14,800 --> 00:33:17,360
Speaker 1: It can make some of those more difficult tasks a

770
00:33:17,360 --> 00:33:18,440
Speaker 1: whole lot easier totally.

771
00:33:18,480 --> 00:33:20,960
Speaker 2: And if you were tempted to go maybe more of

772
00:33:20,960 --> 00:33:24,520
Speaker 2: a DIY approach, this is like a halfway maybe DIY approach,

773
00:33:24,560 --> 00:33:26,120
Speaker 2: But I would say hit up some local real estate

774
00:33:26,160 --> 00:33:28,160
Speaker 2: investing groups because there are gonna be a lot of

775
00:33:28,200 --> 00:33:30,040
Speaker 2: folks there who've got a lot of knowledge, a lot

776
00:33:30,040 --> 00:33:32,200
Speaker 2: of experience, and just straight.

777
00:33:32,080 --> 00:33:32,480
Speaker 1: Up ask them.

778
00:33:32,520 --> 00:33:34,280
Speaker 2: We'd be like, hey, I'm actually I think I'm going

779
00:33:34,360 --> 00:33:36,760
Speaker 2: to be a landlord here soon. Do you have something

780
00:33:36,760 --> 00:33:39,000
Speaker 2: I could kind of base my lease off of? And

781
00:33:39,080 --> 00:33:41,720
Speaker 2: this isn't just you looking for free help or like

782
00:33:41,760 --> 00:33:45,120
Speaker 2: a free lease, because guess what, there are also not

783
00:33:45,160 --> 00:33:48,479
Speaker 2: just investors there, but oftentimes folks who manage properties. And

784
00:33:48,840 --> 00:33:50,960
Speaker 2: you know, if I was a property manager manager, I

785
00:33:50,960 --> 00:33:53,040
Speaker 2: would be thinking, huh, all right, I can help this

786
00:33:53,080 --> 00:33:56,120
Speaker 2: person along, knowing that maybe you're not up to the challenge.

787
00:33:56,160 --> 00:33:59,080
Speaker 2: And if so, well that's just yet another property I

788
00:33:59,080 --> 00:34:00,800
Speaker 2: can Like if it was me, I'm looking to expand

789
00:34:01,000 --> 00:34:03,440
Speaker 2: you know the number of properties I'm looking to manage

790
00:34:03,520 --> 00:34:05,680
Speaker 2: and so or maybe you're like, you know what, thank

791
00:34:05,680 --> 00:34:07,520
Speaker 2: you so much, and you've just made a great contact,

792
00:34:07,760 --> 00:34:10,960
Speaker 2: just somebody who has potentially i mean years and even

793
00:34:11,000 --> 00:34:13,719
Speaker 2: decades of experience and the ability to kind of get

794
00:34:13,719 --> 00:34:15,799
Speaker 2: some tips, some pointers from them to be able to

795
00:34:15,800 --> 00:34:18,239
Speaker 2: share contractors, right, like, oh, hey, do you have a

796
00:34:18,320 --> 00:34:20,279
Speaker 2: roofing guy. We've never actually replaced the roof on our

797
00:34:20,320 --> 00:34:22,200
Speaker 2: house and we're about to start writing it out, but

798
00:34:23,160 --> 00:34:24,600
Speaker 2: not sure if this is something you need to do

799
00:34:24,640 --> 00:34:25,320
Speaker 2: now or later.

800
00:34:25,480 --> 00:34:28,040
Speaker 1: That's somebody that you could tap them. Those fellow landlord

801
00:34:28,200 --> 00:34:30,960
Speaker 1: contacts are invaluable, because you're right, madam. You and I

802
00:34:31,040 --> 00:34:32,480
Speaker 1: text each other about this all the time. Hey, you

803
00:34:32,520 --> 00:34:34,879
Speaker 1: have an electrician? Have you found a new plumber? Because

804
00:34:34,920 --> 00:34:37,040
Speaker 1: the last guy was no good exactly. But I've got

805
00:34:37,440 --> 00:34:39,360
Speaker 1: a few other people in my rolodecks who also manage

806
00:34:39,360 --> 00:34:42,200
Speaker 1: properties in the area, and I'm always like, all right,

807
00:34:42,360 --> 00:34:45,680
Speaker 1: asking them too, because I don't trust you actually ever, Matt.

808
00:34:45,760 --> 00:34:48,879
Speaker 1: I'm just kidding. Usually you have a good recommendation work,

809
00:34:49,000 --> 00:34:50,759
Speaker 1: but maybe you don't have a great plumber. You're like, oh,

810
00:34:50,760 --> 00:34:52,680
Speaker 1: because last guy ghosted me, and so I reach out

811
00:34:52,719 --> 00:34:55,279
Speaker 1: to somebody else, and it's just nice to have put

812
00:34:55,320 --> 00:34:56,560
Speaker 1: those people into my rolodecks.

813
00:34:56,600 --> 00:35:00,480
Speaker 2: Normally you say that's too expensive, or you want to

814
00:35:00,520 --> 00:35:01,719
Speaker 2: that that was my last number.

815
00:35:01,719 --> 00:35:03,840
Speaker 1: You're like, that's two expensive, or I'll get your recommendation,

816
00:35:03,880 --> 00:35:05,880
Speaker 1: but then I'll ask somebody else to and I'll get

817
00:35:05,920 --> 00:35:07,279
Speaker 1: a couple of people to eye the job so I

818
00:35:07,280 --> 00:35:09,880
Speaker 1: can know what I'm looking at right. So it's always

819
00:35:09,920 --> 00:35:11,840
Speaker 1: helpful to have those contacts and to kind of be

820
00:35:11,880 --> 00:35:16,279
Speaker 1: building out your network of people who are into real

821
00:35:16,400 --> 00:35:20,000
Speaker 1: estate in the vicinity you're investing into Amanda, And when

822
00:35:20,000 --> 00:35:21,640
Speaker 1: it comes to the lease, I would recommend look at

823
00:35:21,719 --> 00:35:24,520
Speaker 1: Zillo Rocket Lawyer as well. Those are other potential good

824
00:35:24,560 --> 00:35:26,719
Speaker 1: places to find free lease templates that you can use.

825
00:35:26,840 --> 00:35:28,520
Speaker 1: You might be able to compare them against each other,

826
00:35:28,760 --> 00:35:31,319
Speaker 1: and it's just it's going to be an education for

827
00:35:31,440 --> 00:35:33,680
Speaker 1: you reading through those leases and saying, oh, what's in here?

828
00:35:33,920 --> 00:35:37,399
Speaker 1: Which one seems like it's the best. And I would

829
00:35:37,400 --> 00:35:38,960
Speaker 1: take a look at a couple and then pick the

830
00:35:39,000 --> 00:35:41,120
Speaker 1: one that makes the most sense for you. But I

831
00:35:41,160 --> 00:35:43,640
Speaker 1: think you can get one that does the job and

832
00:35:43,719 --> 00:35:46,239
Speaker 1: covers you nicely. That is, it doesn't cost you a

833
00:35:46,320 --> 00:35:49,719
Speaker 1: dime and then Amanda also asked about special insurance. I

834
00:35:49,719 --> 00:35:52,320
Speaker 1: think that's how she phrased it. The key here is

835
00:35:52,360 --> 00:35:54,680
Speaker 1: to make sure you're not skimping on coverage, Amanda, Like,

836
00:35:56,120 --> 00:35:58,920
Speaker 1: that's a common pitfall I think for a lot of people,

837
00:35:59,200 --> 00:36:02,680
Speaker 1: especially now with how much insurance costs. It's really expensive,

838
00:36:02,680 --> 00:36:04,360
Speaker 1: and I think people are saying, oh, can I downgrade

839
00:36:04,400 --> 00:36:07,040
Speaker 1: that coverage just because I don't want to pay the

840
00:36:07,080 --> 00:36:09,800
Speaker 1: higher premium? And I get the impulse there, but typically

841
00:36:09,840 --> 00:36:12,399
Speaker 1: you're leaving yourself exposed if you do.

842
00:36:12,400 --> 00:36:14,800
Speaker 2: That, right, Yeah, And I will say too, make sure Amanda,

843
00:36:14,800 --> 00:36:18,520
Speaker 2: that you're transitioning your coverage from homeowners to a renter's

844
00:36:18,719 --> 00:36:21,560
Speaker 2: or not a renter's policy, but a dwelling fire policy,

845
00:36:21,800 --> 00:36:22,640
Speaker 2: because that's going.

846
00:36:22,640 --> 00:36:24,480
Speaker 1: To be a heck of a lot more affordable.

847
00:36:24,600 --> 00:36:27,360
Speaker 2: Yes, And given that this was a primary residence of yours,

848
00:36:27,400 --> 00:36:29,120
Speaker 2: like you're used to paying higher premiums, and so you

849
00:36:29,160 --> 00:36:30,600
Speaker 2: could easily just be like, oh, yeah, I want to

850
00:36:30,680 --> 00:36:32,880
Speaker 2: keep those premiums and keep that coverage. No, no, no,

851
00:36:32,920 --> 00:36:35,160
Speaker 2: this is a completely different kind of policy. And I

852
00:36:35,160 --> 00:36:38,280
Speaker 2: don't think your insurance company would let you make that mistake,

853
00:36:38,320 --> 00:36:41,400
Speaker 2: because I'm assuming you'd probably ask them for a policy

854
00:36:41,440 --> 00:36:43,399
Speaker 2: on the new property, on the new house that you're

855
00:36:43,440 --> 00:36:46,800
Speaker 2: moving into, but maybe not, maybe it's with a different insurer,

856
00:36:47,040 --> 00:36:49,239
Speaker 2: and then your new house, you know, is ensured by

857
00:36:49,239 --> 00:36:52,160
Speaker 2: somebody else. Maybe there is a chance that you're paying

858
00:36:52,160 --> 00:36:54,360
Speaker 2: homeowners policies on multiple properties, but you don't want that.

859
00:36:54,400 --> 00:36:55,600
Speaker 2: You want a dwelling fire policy.

860
00:36:55,680 --> 00:36:57,680
Speaker 1: Yeah, And I think one more thing worth mentioning here,

861
00:36:57,719 --> 00:37:00,640
Speaker 1: Matt for Amanda is is this gestion of at least

862
00:37:00,640 --> 00:37:03,880
Speaker 1: getting an umbrella policy, because especially if you don't have

863
00:37:03,920 --> 00:37:06,400
Speaker 1: an LLC on your property, which we don't think is necessary,

864
00:37:06,760 --> 00:37:09,440
Speaker 1: what you're going to want is an umbrella policy in

865
00:37:09,480 --> 00:37:12,560
Speaker 1: all likelihood to protect yourself. And that's I think even

866
00:37:12,600 --> 00:37:15,600
Speaker 1: more important, Matt. When people have a few properties right

867
00:37:15,600 --> 00:37:18,560
Speaker 1: that they're managing, that they own, but the thing is

868
00:37:18,560 --> 00:37:20,440
Speaker 1: they're not terribly expensive. So get that quote from your

869
00:37:20,480 --> 00:37:22,600
Speaker 1: insurance company as well. You might be talking about two

870
00:37:22,640 --> 00:37:24,480
Speaker 1: to three hundred dollars a year for like a million

871
00:37:24,480 --> 00:37:27,200
Speaker 1: dollars worth of coverage and an umbrella policy, and that'll

872
00:37:27,239 --> 00:37:30,160
Speaker 1: protect you, Especially if you've grown your net worth reasonably

873
00:37:30,200 --> 00:37:32,480
Speaker 1: well and you have a couple of rental properties. This

874
00:37:32,520 --> 00:37:36,319
Speaker 1: could protect you from like massive downside scenarios of some

875
00:37:36,360 --> 00:37:39,440
Speaker 1: sort of big lawsuit or something that you didn't foresee

876
00:37:39,480 --> 00:37:42,080
Speaker 1: from a tenant based on something that was out of

877
00:37:42,080 --> 00:37:42,480
Speaker 1: your control.

878
00:37:42,560 --> 00:37:45,000
Speaker 2: Even that's right, man, We've got more to getsu. We're

879
00:37:45,000 --> 00:37:48,560
Speaker 2: gonna hear from a listener who's considering getting a very

880
00:37:48,840 --> 00:37:59,439
Speaker 2: unique vehicle. We'll get to that right after this, Matt,

881
00:37:59,480 --> 00:38:01,480
Speaker 2: let's keep going. We've got more listener questions to get

882
00:38:01,520 --> 00:38:02,160
Speaker 2: to keep roll.

883
00:38:02,200 --> 00:38:05,160
Speaker 1: And we got an email from listener Jesse. He says,

884
00:38:05,320 --> 00:38:08,000
Speaker 1: I've had a company car for the last twenty years.

885
00:38:08,400 --> 00:38:10,200
Speaker 1: I've taken the that's a life hack right there for

886
00:38:10,239 --> 00:38:13,160
Speaker 1: a long time. It's awesome, Yeah, I said hack. Trying

887
00:38:13,160 --> 00:38:14,840
Speaker 1: to cut back on my hacks. We've yeah, we've been

888
00:38:14,920 --> 00:38:17,440
Speaker 1: using it too many times this episode. He says, I've

889
00:38:17,480 --> 00:38:20,160
Speaker 1: taken the severance package and will likely get another job

890
00:38:20,200 --> 00:38:22,120
Speaker 1: in the near future that will also give me a

891
00:38:22,120 --> 00:38:25,400
Speaker 1: company car or a car allowance. Good for you, Jesse.

892
00:38:25,840 --> 00:38:27,480
Speaker 1: And in the meantime, he says, I'm going to get

893
00:38:27,520 --> 00:38:30,400
Speaker 1: a vehicle that will serve a utilitarian purposes. I was

894
00:38:30,440 --> 00:38:33,960
Speaker 1: looking at the import mini Japanese trucks as they run

895
00:38:34,000 --> 00:38:36,759
Speaker 1: forever and I enjoy dri enjoyed driving on when I

896
00:38:36,800 --> 00:38:40,600
Speaker 1: lived in Japan. They are six to fifteen thousand dollars

897
00:38:41,080 --> 00:38:43,239
Speaker 1: and because of their age, they don't qualify for a

898
00:38:43,280 --> 00:38:45,200
Speaker 1: car loan, so I would have to take out a

899
00:38:45,200 --> 00:38:48,279
Speaker 1: personal loan at a nine percent rate. So am I

900
00:38:48,320 --> 00:38:50,640
Speaker 1: better off buying it out right or leaving my money

901
00:38:50,640 --> 00:38:53,719
Speaker 1: in the market and financing it? Second, the price of

902
00:38:53,760 --> 00:38:56,480
Speaker 1: a new suv and a good used suv are getting

903
00:38:56,719 --> 00:38:58,640
Speaker 1: to be about the same price. Is it better to

904
00:38:58,680 --> 00:39:01,239
Speaker 1: buy new because of the warrant? I don't care about

905
00:39:01,280 --> 00:39:03,200
Speaker 1: cars at all and don't see them as an investment.

906
00:39:03,400 --> 00:39:05,480
Speaker 1: They're simply a commodity to be used, and I do

907
00:39:05,560 --> 00:39:07,920
Speaker 1: not tie my ego to a particular kind of car.

908
00:39:08,719 --> 00:39:10,319
Speaker 1: Can I just like get a little applause for that?

909
00:39:10,360 --> 00:39:12,759
Speaker 1: Like Jesse spot On, Dude, Yeah, do not tie your

910
00:39:12,800 --> 00:39:14,879
Speaker 1: ego or your self worth to the car you.

911
00:39:14,880 --> 00:39:18,239
Speaker 2: Drive, although he does say that he enjoys that other

912
00:39:18,360 --> 00:39:21,760
Speaker 2: special car. But luckily it's an affordable and they're also.

913
00:39:21,560 --> 00:39:23,640
Speaker 1: Pretty rat Like there's one guy in our neighborhood who

914
00:39:23,680 --> 00:39:26,040
Speaker 1: drives one of those old Japanese trucks and they're like these.

915
00:39:26,320 --> 00:39:29,640
Speaker 1: I think he bought it with his business. It looks

916
00:39:29,719 --> 00:39:31,840
Speaker 1: kind of like a Tonka truck, but for an adult,

917
00:39:31,880 --> 00:39:33,040
Speaker 1: and they're pretty.

918
00:39:32,800 --> 00:39:35,959
Speaker 2: Rat I think they're called key trucks is k ei,

919
00:39:36,239 --> 00:39:38,719
Speaker 2: so they're either key trucks or sometimes they're called K

920
00:39:38,760 --> 00:39:39,520
Speaker 2: trucks or K.

921
00:39:39,480 --> 00:39:42,080
Speaker 1: Cars, but uh K cups like the curriate.

922
00:39:43,040 --> 00:39:45,200
Speaker 2: I will say, man, it's always hard to lose a job,

923
00:39:45,440 --> 00:39:47,640
Speaker 2: but in his case, I am, man, I'm glad to

924
00:39:47,640 --> 00:39:51,520
Speaker 2: hear that you got a solid severance package because if,

925
00:39:51,560 --> 00:39:54,080
Speaker 2: like honestly, if you planned out your personal finances as well,

926
00:39:54,239 --> 00:39:57,120
Speaker 2: like that can give you many months, if not many

927
00:39:57,360 --> 00:40:01,239
Speaker 2: years of breathing room. We have some friends that went

928
00:40:01,280 --> 00:40:04,160
Speaker 2: through this process during the pandemic as certain companies were

929
00:40:04,560 --> 00:40:07,640
Speaker 2: laying folks off, and then they actually ended up hiring

930
00:40:07,680 --> 00:40:10,080
Speaker 2: her back and said that she could also continue receiving

931
00:40:10,120 --> 00:40:13,240
Speaker 2: severance amazing while she resumed her job.

932
00:40:13,760 --> 00:40:16,399
Speaker 1: Oh my gosh, it's amazing to believe how we talked

933
00:40:16,400 --> 00:40:19,040
Speaker 1: about this, I think with the financial samurai Sam Doget

934
00:40:19,080 --> 00:40:21,640
Speaker 1: at one point on the show. But kind of manufacturing

935
00:40:21,640 --> 00:40:25,000
Speaker 1: a layoff, if you're in good financial health can be

936
00:40:25,320 --> 00:40:27,880
Speaker 1: that severance package can act aus like this this fuel,

937
00:40:27,920 --> 00:40:30,520
Speaker 1: this rocket fuel, paying you money, helping you live the

938
00:40:30,520 --> 00:40:33,160
Speaker 1: life you want, all while not working exactly.

939
00:40:33,480 --> 00:40:35,319
Speaker 2: So that bes said, it seems like you're set up

940
00:40:35,360 --> 00:40:38,920
Speaker 2: to be in a pretty solid situation. You're expecting to

941
00:40:39,000 --> 00:40:42,640
Speaker 2: get a job soon, but you may not necessarily get

942
00:40:42,680 --> 00:40:45,200
Speaker 2: that new job soon. You know, hopefully this job will

943
00:40:45,200 --> 00:40:47,719
Speaker 2: come with the car allowance. Sure, but if it were us,

944
00:40:47,800 --> 00:40:50,879
Speaker 2: I mean, especially since there isn't currently a paycheck coming in,

945
00:40:50,960 --> 00:40:53,960
Speaker 2: like I would be opting for something very inexpensive. If

946
00:40:53,960 --> 00:40:57,480
Speaker 2: you can get one that's closer to the six thousand,

947
00:40:57,600 --> 00:40:59,399
Speaker 2: like that was a pretty wide range actually, like six

948
00:40:59,440 --> 00:41:01,120
Speaker 2: thousand think he said to fifteen thousand.

949
00:41:01,600 --> 00:41:02,479
Speaker 1: That's a wide range.

950
00:41:02,480 --> 00:41:04,880
Speaker 2: And if you could snag one for like closer to

951
00:41:04,920 --> 00:41:06,600
Speaker 2: that six thousand dollars range.

952
00:41:06,640 --> 00:41:07,680
Speaker 1: Maybe six seven eight.

953
00:41:07,760 --> 00:41:11,040
Speaker 2: Yeah, maybe use that additional time you have on hand

954
00:41:11,120 --> 00:41:13,480
Speaker 2: to work on it. Hey, there's a way to force

955
00:41:13,520 --> 00:41:15,759
Speaker 2: some value into that vehicle. I am all for that.

956
00:41:16,040 --> 00:41:20,840
Speaker 2: It just concerns me that you're taking on this additional responsibility,

957
00:41:20,880 --> 00:41:24,720
Speaker 2: the additional financial burden, without having a job lined up already.

958
00:41:24,800 --> 00:41:26,640
Speaker 1: You especially don't want to take out a high rate

959
00:41:26,640 --> 00:41:30,000
Speaker 1: personal loan in order to buy like a nicer car

960
00:41:30,200 --> 00:41:33,680
Speaker 1: that you don't necessarily need right now. And so yeah,

961
00:41:33,680 --> 00:41:35,960
Speaker 1: we would suggest to pay cash if you can, especially

962
00:41:35,960 --> 00:41:37,640
Speaker 1: when we're talking about a nine or ten percent rate

963
00:41:37,680 --> 00:41:40,680
Speaker 1: on that loan grows. Yeah, terrible, makes one a bar

964
00:41:40,800 --> 00:41:42,759
Speaker 1: don't like it, right, And we also, you know, we

965
00:41:42,800 --> 00:41:45,680
Speaker 1: want you to avoid expensive vehicles for the time being,

966
00:41:45,719 --> 00:41:48,560
Speaker 1: So those cheaper Japanese trucks, the key trucks as you

967
00:41:48,600 --> 00:41:51,480
Speaker 1: call them, Mat, I think, are a great choice. We

968
00:41:51,520 --> 00:41:54,279
Speaker 1: want people to keep their car costs under control in

969
00:41:54,400 --> 00:41:58,320
Speaker 1: normal circumstances, but especially given the current state of things.

970
00:41:58,400 --> 00:42:01,080
Speaker 1: For you, it's all the more important. And then once

971
00:42:01,120 --> 00:42:03,759
Speaker 1: you land that new job, hey, you might be able

972
00:42:03,760 --> 00:42:05,719
Speaker 1: to keep the mini truck around and pocket the car

973
00:42:05,760 --> 00:42:08,719
Speaker 1: allowance for a little bit. Or your employer I don't know, Matt,

974
00:42:08,760 --> 00:42:11,279
Speaker 1: I know some employers say, ah, well, yeah, we would

975
00:42:11,280 --> 00:42:14,560
Speaker 1: require you to drive something that's like five years old

976
00:42:14,719 --> 00:42:16,759
Speaker 1: or newer, in which case then you can go back

977
00:42:16,760 --> 00:42:20,000
Speaker 1: to the drawing board. You can start scouring for reasonably

978
00:42:20,080 --> 00:42:22,560
Speaker 1: priced used cars that fit the bill. But I would

979
00:42:22,800 --> 00:42:25,040
Speaker 1: I don't know. You just don't want to buy the

980
00:42:25,120 --> 00:42:27,719
Speaker 1: nicer car in anticipation of the new job. The new

981
00:42:27,800 --> 00:42:30,319
Speaker 1: job doesn't materialize, you're stuck with a car payment for

982
00:42:30,360 --> 00:42:33,080
Speaker 1: something that you don't actually need. That's like far nicer,

983
00:42:33,280 --> 00:42:35,680
Speaker 1: and there's really no reason to own the supernice thing.

984
00:42:35,760 --> 00:42:39,120
Speaker 1: Sure yeah, and definitely don't buy a new vehicle. And

985
00:42:39,160 --> 00:42:43,000
Speaker 1: so you talked about comparing new versus used. Interestingly enough,

986
00:42:43,120 --> 00:42:47,160
Speaker 1: stats that we found actually show the opposite. The gap

987
00:42:47,160 --> 00:42:50,160
Speaker 1: between new and used vehicle prices. It's the widest it's

988
00:42:50,200 --> 00:42:53,680
Speaker 1: ever been. This is, according to Edmonds, the gap between

989
00:42:53,760 --> 00:42:56,120
Speaker 1: the average price of a new car and a used car.

990
00:42:56,200 --> 00:42:58,640
Speaker 1: Then this is the same make, the same model. It's

991
00:42:58,680 --> 00:43:02,879
Speaker 1: now more than twenty thousand dollars. So the average used

992
00:43:02,880 --> 00:43:05,640
Speaker 1: car price is twenty seven thousand dollars and the average

993
00:43:05,800 --> 00:43:09,759
Speaker 1: new car price is forty seven thousand dollars. So keep

994
00:43:09,800 --> 00:43:11,440
Speaker 1: that in mind as well. I don't know what specific

995
00:43:11,520 --> 00:43:14,520
Speaker 1: vehicle you're looking at. You know, every make and model

996
00:43:14,640 --> 00:43:18,759
Speaker 1: is different, so certainly comparison shop. And I think I

997
00:43:18,760 --> 00:43:19,960
Speaker 1: wonder if that has a lot to do with it,

998
00:43:20,000 --> 00:43:22,080
Speaker 1: because if you've got your eyes your heart set on

999
00:43:22,080 --> 00:43:24,920
Speaker 1: a specific vehicle, it makes me think about longtime listeners

1000
00:43:24,920 --> 00:43:27,480
Speaker 1: of the show, not even not that longtime listeners of

1001
00:43:27,480 --> 00:43:29,319
Speaker 1: the show will know that. Earlier this year, I was

1002
00:43:29,400 --> 00:43:32,719
Speaker 1: really pining for a for whatever reason, I don't know why,

1003
00:43:32,760 --> 00:43:35,600
Speaker 1: but at Toyota RAF four not just any Toyota Raft

1004
00:43:35,600 --> 00:43:38,800
Speaker 1: for Joel, but not just a hybrid, but the plug

1005
00:43:38,800 --> 00:43:42,320
Speaker 1: and hybrid. I'm talking the Toyota RAF four Prime. Baby.

1006
00:43:42,880 --> 00:43:46,040
Speaker 2: I wanted to have all the options laid up before

1007
00:43:46,040 --> 00:43:48,360
Speaker 2: me to be able to power this vehicle, and so

1008
00:43:48,400 --> 00:43:50,520
Speaker 2: you start looking around and you like, okay, well, I

1009
00:43:50,520 --> 00:43:52,400
Speaker 2: definitely want to get a later model because I want to.

1010
00:43:52,360 --> 00:43:53,640
Speaker 1: Get it after the redesign.

1011
00:43:54,040 --> 00:43:56,239
Speaker 2: Okay, So I'm looking at like a I don't know,

1012
00:43:56,280 --> 00:43:59,040
Speaker 2: twenty twenty two and maybe newer I don't know. And

1013
00:43:59,080 --> 00:44:01,000
Speaker 2: then you start looking at some of the trim options

1014
00:44:01,040 --> 00:44:03,560
Speaker 2: and you think, okay, well, I definitely want leather, and

1015
00:44:03,600 --> 00:44:05,920
Speaker 2: before you know it, you've kind of you keep upgrading

1016
00:44:05,960 --> 00:44:07,839
Speaker 2: the vehicle and you're looking at, oh my gosh, this

1017
00:44:07,880 --> 00:44:09,840
Speaker 2: is going to cost me like thirty seven thousand dollars.

1018
00:44:09,840 --> 00:44:13,560
Speaker 2: You've kind of it's like the slippery slope of consumerism.

1019
00:44:13,040 --> 00:44:14,719
Speaker 1: Right, It's like you're boxing yourself in.

1020
00:44:14,920 --> 00:44:17,040
Speaker 2: Yeah, and then before you know it, like you're at

1021
00:44:17,080 --> 00:44:19,080
Speaker 2: a price point that you would never have considered before.

1022
00:44:19,120 --> 00:44:20,319
Speaker 1: And you look at the price of.

1023
00:44:20,320 --> 00:44:22,919
Speaker 2: New and you're like, wait a minute, it's only five

1024
00:44:22,960 --> 00:44:25,680
Speaker 2: four thousand dollars and so then you've talked yourself into

1025
00:44:26,360 --> 00:44:29,040
Speaker 2: cresting that forty thousand dollars mark and before you know

1026
00:44:29,040 --> 00:44:31,240
Speaker 2: you're buying a brain new vehicle that's going to depreciate

1027
00:44:31,280 --> 00:44:31,800
Speaker 2: like crazy.

1028
00:44:31,840 --> 00:44:33,879
Speaker 1: I feel like you highlighted exactly how it works. Well.

1029
00:44:33,880 --> 00:44:35,960
Speaker 2: I say that because that's what happened to me, Like like,

1030
00:44:36,080 --> 00:44:38,279
Speaker 2: I went into a thinking, yeah, I guess it might

1031
00:44:38,280 --> 00:44:39,799
Speaker 2: be time for us to get a second vehicle, And

1032
00:44:39,840 --> 00:44:42,400
Speaker 2: before you know it, I'm looking at Brain new Toyota

1033
00:44:42,400 --> 00:44:44,399
Speaker 2: at fours thinking that, oh, maybe it makes sense because

1034
00:44:44,400 --> 00:44:47,080
Speaker 2: I'm going to hang onto this thing forever. You start

1035
00:44:47,120 --> 00:44:50,160
Speaker 2: talking yourself into this, and Dari, I'm not I would

1036
00:44:50,200 --> 00:44:54,480
Speaker 2: say that I purely view vehicles as transportation, but there's

1037
00:44:54,520 --> 00:44:57,440
Speaker 2: something about a new vehicle once you start looking at it,

1038
00:44:57,440 --> 00:44:58,280
Speaker 2: it's so alluring.

1039
00:44:58,560 --> 00:45:00,360
Speaker 1: And I don't want you to make a bad financial

1040
00:45:00,400 --> 00:45:02,600
Speaker 1: decision here. Just for me, man, it would be nice

1041
00:45:02,640 --> 00:45:05,239
Speaker 1: to not have to play my music through one of

1042
00:45:05,280 --> 00:45:08,480
Speaker 1: those cassette tape inserts like that. I'm like, what Apple

1043
00:45:08,560 --> 00:45:10,839
Speaker 1: car play? Like that sounds so nice? Apple car Play

1044
00:45:11,160 --> 00:45:13,319
Speaker 1: is so nice. I'm sure the last car we read.

1045
00:45:13,280 --> 00:45:14,840
Speaker 1: Now I'm choosing not to think about it. Matt On

1046
00:45:14,880 --> 00:45:17,440
Speaker 1: a trip. It's so great. I believe it's pretty fantastic.

1047
00:45:18,120 --> 00:45:20,520
Speaker 1: Believe it. I have experienced it in like a rental car,

1048
00:45:20,600 --> 00:45:22,600
Speaker 1: and I'm like, I know that's gonna be nice, like

1049
00:45:22,640 --> 00:45:24,799
Speaker 1: in like five years when I do eventually upgrade my car.

1050
00:45:24,880 --> 00:45:27,399
Speaker 1: But for the time being, I'm just zen with not

1051
00:45:27,440 --> 00:45:29,319
Speaker 1: having it now. I mean zen, And you just got

1052
00:45:29,360 --> 00:45:32,839
Speaker 1: to kind of maybe stop exploring and stop perusing those

1053
00:45:32,920 --> 00:45:35,640
Speaker 1: fancy cars. I guess the one case in which a

1054
00:45:36,320 --> 00:45:39,360
Speaker 1: new car versus a used car might make sense is

1055
00:45:39,360 --> 00:45:42,440
Speaker 1: is like some of the the more reasonably priced electric

1056
00:45:42,520 --> 00:45:47,360
Speaker 1: vehicles because of the rebate, especially enhanced tax credit that

1057
00:45:47,400 --> 00:45:50,520
Speaker 1: you're gonna get with those there is don't forget, don't

1058
00:45:50,520 --> 00:45:53,600
Speaker 1: sleep on the used EV tax credit. But the truth is,

1059
00:45:53,640 --> 00:45:56,080
Speaker 1: I think for a lot of people buying that EV new,

1060
00:45:56,440 --> 00:45:59,080
Speaker 1: especially with the tax credit and with the idea of

1061
00:45:59,160 --> 00:46:01,480
Speaker 1: driving it for eight to ten years, I think it

1062
00:46:01,520 --> 00:46:04,640
Speaker 1: can make financial sense for people opting for one of

1063
00:46:05,120 --> 00:46:08,200
Speaker 1: a Model three or a Chevy Bolt EUV, that can

1064
00:46:08,239 --> 00:46:09,920
Speaker 1: be a fiscally responsible choice too.

1065
00:46:10,239 --> 00:46:12,000
Speaker 2: That's how you really know your ego's not tied up

1066
00:46:12,040 --> 00:46:15,520
Speaker 2: into your vehicle. If you get a Chevy Bolt, they're

1067
00:46:15,520 --> 00:46:18,520
Speaker 2: not the sexiest. All right, Jill, let's get back to

1068
00:46:18,560 --> 00:46:20,360
Speaker 2: the beer that you and I enjoyed during this episode,

1069
00:46:20,400 --> 00:46:21,480
Speaker 2: which was a brown.

1070
00:46:21,280 --> 00:46:25,399
Speaker 1: Ale, specifically Turbo Dog buy a Beta. Have we had

1071
00:46:25,440 --> 00:46:27,920
Speaker 1: a Beita and a Beta beer on the show before?

1072
00:46:28,040 --> 00:46:30,120
Speaker 1: If we had Purple Haze, we probably should have because

1073
00:46:30,160 --> 00:46:32,680
Speaker 1: like the long standing Kraft BROI at this point.

1074
00:46:32,560 --> 00:46:34,080
Speaker 2: Yeah, they've been around for a minute. But what do

1075
00:46:34,160 --> 00:46:35,719
Speaker 2: you think of this dark brown ale?

1076
00:46:35,960 --> 00:46:39,040
Speaker 1: Dude? It definitely like my dad really likes heath Bars.

1077
00:46:39,280 --> 00:46:41,080
Speaker 1: I feel like you've had some heath Bar vibes, like

1078
00:46:41,080 --> 00:46:44,200
Speaker 1: some of that toffee action, coffee caramel notes. Yeah, yeah, sure,

1079
00:46:44,280 --> 00:46:46,719
Speaker 1: some of that, maybe a hint of chocolate. You know

1080
00:46:46,760 --> 00:46:48,840
Speaker 1: why I picked this up? Why'd you? Why? So? This

1081
00:46:49,000 --> 00:46:49,480
Speaker 1: was like the.

1082
00:46:49,440 --> 00:46:51,880
Speaker 2: First quote unquote craft I don't know. Can you call

1083
00:46:51,960 --> 00:46:53,879
Speaker 2: us the craft beer? This is the first craft beer

1084
00:46:53,880 --> 00:46:55,080
Speaker 2: that I fell in love with. You can call a

1085
00:46:55,120 --> 00:46:58,440
Speaker 2: craft beer. It's just like you're it's a fifteen year

1086
00:46:58,560 --> 00:47:01,239
Speaker 2: vintage of Kraft Beer. Yeah, yeah, lot's changed since then.

1087
00:47:01,560 --> 00:47:03,600
Speaker 2: Right after college, when I was living in North Carolina,

1088
00:47:03,719 --> 00:47:05,960
Speaker 2: I've discovered this beer and this was like my go

1089
00:47:06,040 --> 00:47:09,400
Speaker 2: to and specifically I've got such fond memories of the

1090
00:47:09,440 --> 00:47:11,279
Speaker 2: house that I was renting at the time had a

1091
00:47:11,320 --> 00:47:14,520
Speaker 2: window in the shower, and this is up in the

1092
00:47:14,520 --> 00:47:17,640
Speaker 2: mountains of North Carolina, and especially when it's cooler, I

1093
00:47:17,680 --> 00:47:19,960
Speaker 2: would open that window and let the cool air come

1094
00:47:20,000 --> 00:47:22,480
Speaker 2: poorn in while I was taking a hot shower. This

1095
00:47:22,600 --> 00:47:25,279
Speaker 2: is like after work, you know, or after chopping some wood,

1096
00:47:25,400 --> 00:47:28,320
Speaker 2: which yep, that's what I was doing, and I was

1097
00:47:28,440 --> 00:47:31,000
Speaker 2: wearing clad I did not have a beard though I

1098
00:47:31,000 --> 00:47:33,839
Speaker 2: had a beer, not a beard, but I would have

1099
00:47:34,360 --> 00:47:36,240
Speaker 2: a bottle of Turbo Dogs sitting there on the window

1100
00:47:36,280 --> 00:47:38,160
Speaker 2: sill with you know, getting chilled by the cool air

1101
00:47:38,200 --> 00:47:39,400
Speaker 2: coming in when it was the beer of choice at

1102
00:47:39,400 --> 00:47:41,040
Speaker 2: that point for you taking the hot shower. This was

1103
00:47:41,080 --> 00:47:43,880
Speaker 2: my first introduction to shower beers.

1104
00:47:43,920 --> 00:47:46,799
Speaker 1: So how does that hold up for you? Then? It's actually, yeah,

1105
00:47:46,800 --> 00:47:49,880
Speaker 1: it's it's fine. I think, I say, brings back good memories.

1106
00:47:49,920 --> 00:47:52,080
Speaker 2: It brings back good memories, and I think it's better

1107
00:47:52,120 --> 00:47:52,759
Speaker 2: because of that.

1108
00:47:52,840 --> 00:47:55,200
Speaker 1: But I'm actually it's not too bad. I can see

1109
00:47:55,200 --> 00:47:55,759
Speaker 1: why it's not.

1110
00:47:56,520 --> 00:47:59,280
Speaker 2: It's not like it's topping anybody's lists of your absolute

1111
00:47:59,280 --> 00:47:59,879
Speaker 2: favorite craft.

1112
00:48:00,280 --> 00:48:02,560
Speaker 1: But I feel like Brown Ales beer, it's a solid one.

1113
00:48:02,600 --> 00:48:04,960
Speaker 1: I like Brown Ales. That was like my initial gateway

1114
00:48:05,000 --> 00:48:07,560
Speaker 1: into craft beers too was brownailes I think, and very

1115
00:48:07,560 --> 00:48:09,640
Speaker 1: easy to drink if I still like a good brown,

1116
00:48:09,680 --> 00:48:12,279
Speaker 1: but I like more like an Imperial brown, like a

1117
00:48:12,320 --> 00:48:12,839
Speaker 1: thirty one.

1118
00:48:12,880 --> 00:48:15,279
Speaker 2: It's got some kick, maybe it's got some bourbon barrel

1119
00:48:15,320 --> 00:48:17,080
Speaker 2: age notes to it. Yeah, there's not a whole lot

1120
00:48:17,080 --> 00:48:20,399
Speaker 2: of complexity sure when it comes to turbodog nice.

1121
00:48:20,400 --> 00:48:22,680
Speaker 1: So I'm glad we got to delve back into your

1122
00:48:22,800 --> 00:48:24,600
Speaker 1: early adulthood craft beer drinking days.

1123
00:48:24,719 --> 00:48:24,879
Speaker 4: Yeah.

1124
00:48:24,880 --> 00:48:26,839
Speaker 2: I feel like had we been friends back then, you'd

1125
00:48:26,840 --> 00:48:28,279
Speaker 2: have been into it and I would have been like, dude,

1126
00:48:28,440 --> 00:48:31,080
Speaker 2: you have you tried shower beers yet? Like, no, what's

1127
00:48:31,080 --> 00:48:33,040
Speaker 2: a shower beer? Oh, it's a beer you enjoy.

1128
00:48:33,120 --> 00:48:35,799
Speaker 1: You have to work. You've influenced me in some nefarious ways.

1129
00:48:35,840 --> 00:48:38,080
Speaker 1: That would have been one of the least nefarious. So

1130
00:48:38,320 --> 00:48:40,280
Speaker 1: all right, that's gonna do it. Though for this episode,

1131
00:48:40,280 --> 00:48:42,359
Speaker 1: if you have listener questions, by the way, we love

1132
00:48:42,400 --> 00:48:44,960
Speaker 1: to hear from you, Please do record your questions, send

1133
00:48:45,000 --> 00:48:46,839
Speaker 1: it over to us. Hopefully we can take it next

1134
00:48:46,840 --> 00:48:49,319
Speaker 1: week on the show. The weirder the better. We love

1135
00:48:49,360 --> 00:48:52,399
Speaker 1: weird money questions, So yep, make it happen and Matt.

1136
00:48:52,480 --> 00:48:54,440
Speaker 1: We will link to some of the stuff we mentioned

1137
00:48:54,600 --> 00:48:57,400
Speaker 1: up on the website in the show notes at howtomoney

1138
00:48:57,400 --> 00:48:59,879
Speaker 1: dot com, but that's gonna do it for this one.

1139
00:49:00,040 --> 00:49:03,200
Speaker 1: Until next time, Best Friends Out, Best Friends Out,