1 00:00:00,040 --> 00:00:02,920 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt's. 2 00:00:03,120 --> 00:00:25,000 Speaker 1: Today we are answering your listener questions. That's right, Joel, 3 00:00:25,040 --> 00:00:27,280 Speaker 1: we are joined here with five of them, our listeners, 4 00:00:27,280 --> 00:00:29,440 Speaker 1: who are sitting with us and enjoying a beer. That'd 5 00:00:29,480 --> 00:00:31,880 Speaker 1: be excellent. I'm totally up for that. How cool would 6 00:00:31,880 --> 00:00:34,000 Speaker 1: that be if they're actually with us in person, then 7 00:00:34,000 --> 00:00:36,640 Speaker 1: we're all kind of like drinking beer talking about money. 8 00:00:36,680 --> 00:00:38,839 Speaker 1: I mean, that's kind of how this podcast originated, was 9 00:00:39,320 --> 00:00:42,760 Speaker 1: us sitting around talking about personal finances while enjoying a 10 00:00:42,840 --> 00:00:45,920 Speaker 1: craft beer. So I actually personally think that that would 11 00:00:45,960 --> 00:00:47,360 Speaker 1: be a lot of fun. No, that'd be great. We've 12 00:00:47,400 --> 00:00:50,400 Speaker 1: had a couple of meetups before for with podcast listeners, 13 00:00:50,760 --> 00:00:52,360 Speaker 1: and I would love to do more and more of that, 14 00:00:52,400 --> 00:00:54,280 Speaker 1: and hopefully in the future we'll be able to announce 15 00:00:54,320 --> 00:00:56,800 Speaker 1: more dates where we can actually make that a reality. 16 00:00:56,840 --> 00:00:58,840 Speaker 1: Because the more we get around the country and get 17 00:00:58,880 --> 00:01:00,560 Speaker 1: to meet listeners and have a here with them, but 18 00:01:00,600 --> 00:01:02,400 Speaker 1: we don't. We don't get around the country though we 19 00:01:02,440 --> 00:01:04,040 Speaker 1: need to. That's what I'm saying. We need to do 20 00:01:04,080 --> 00:01:06,520 Speaker 1: that more. We live in Atlanta. There's so much in 21 00:01:06,560 --> 00:01:09,800 Speaker 1: my life that's right here, just in Atlanta, but I agree, 22 00:01:09,920 --> 00:01:11,400 Speaker 1: it would be nice to be able to get out 23 00:01:11,440 --> 00:01:14,360 Speaker 1: there and hopefully it will happen more. I just feel 24 00:01:14,360 --> 00:01:15,880 Speaker 1: like it's I feel like it's just a tease that 25 00:01:15,880 --> 00:01:17,520 Speaker 1: we're putting that out there, and I'm like, well, when 26 00:01:17,560 --> 00:01:19,280 Speaker 1: is that actually gonna happen? I don't know, nothing set 27 00:01:19,280 --> 00:01:21,800 Speaker 1: in stone right now, but hopefully in not not too 28 00:01:21,840 --> 00:01:23,600 Speaker 1: distent future will be amazing. Hit up all of our 29 00:01:23,600 --> 00:01:25,640 Speaker 1: favorite breweries. How folks meet us there and we just 30 00:01:25,680 --> 00:01:27,600 Speaker 1: kind of hang out. It sounds like the life I 31 00:01:27,959 --> 00:01:30,880 Speaker 1: foresee it. Sign me up, let me check my magic 32 00:01:30,880 --> 00:01:33,399 Speaker 1: gate ball and see it's gonna happen soon. The signs 33 00:01:33,520 --> 00:01:37,399 Speaker 1: say yes. No. We do have some listener questions. We've 34 00:01:37,400 --> 00:01:40,240 Speaker 1: got a question about cash management accounts. We haven't covered 35 00:01:40,240 --> 00:01:42,720 Speaker 1: that yet. I'm excited to talk about that. We're gonna 36 00:01:42,760 --> 00:01:45,080 Speaker 1: talk about how to get out of a crappy job 37 00:01:45,120 --> 00:01:48,040 Speaker 1: as well, kind of some of the financial ramifications. One 38 00:01:48,080 --> 00:01:50,760 Speaker 1: of our listeners is in a tough spot and she 39 00:01:50,760 --> 00:01:52,960 Speaker 1: wants to know what we think there. And we also 40 00:01:53,000 --> 00:01:55,360 Speaker 1: have a tip from a listener who is house hacking 41 00:01:55,440 --> 00:01:57,920 Speaker 1: that has a pretty brilliant approach, and so she's gonna 42 00:01:57,920 --> 00:01:59,760 Speaker 1: share that with us. We'll talk about that at the 43 00:01:59,840 --> 00:02:01,800 Speaker 1: end the episode. Yeah, all right, Matt, I'm looking forward 44 00:02:01,800 --> 00:02:04,280 Speaker 1: to it. Lots of good questions as usual. And Matt, 45 00:02:04,320 --> 00:02:06,400 Speaker 1: before we dig into those listener questions, I know you 46 00:02:06,520 --> 00:02:09,359 Speaker 1: recently appealed your property taxes and you had to go 47 00:02:09,560 --> 00:02:13,400 Speaker 1: in to actually follow that through. What was that? What 48 00:02:13,520 --> 00:02:16,160 Speaker 1: was that like? Yeah, well, I've appealed before, but I've 49 00:02:16,200 --> 00:02:18,960 Speaker 1: never actually gone in person and presented in front of 50 00:02:19,000 --> 00:02:21,000 Speaker 1: the little board. Like there's a board of three people, 51 00:02:21,040 --> 00:02:22,720 Speaker 1: and that's how they do it in Atlanta at least, 52 00:02:23,080 --> 00:02:25,560 Speaker 1: And if you feel that the city or your local 53 00:02:25,639 --> 00:02:29,200 Speaker 1: government has overvalued your property, you can present a case essentially, 54 00:02:29,200 --> 00:02:31,240 Speaker 1: And so I had comps. I had. I even had 55 00:02:31,280 --> 00:02:34,040 Speaker 1: pictures of my property and basically kind of highlighting the 56 00:02:34,080 --> 00:02:36,000 Speaker 1: things that were wrong with it to kind of sway 57 00:02:36,040 --> 00:02:38,360 Speaker 1: them a little bit. And I'll be honest, I was 58 00:02:38,360 --> 00:02:40,520 Speaker 1: a little bummed because I wasn't able to get it 59 00:02:40,720 --> 00:02:44,399 Speaker 1: down to the dollar amount that I've felt accurately representing 60 00:02:44,440 --> 00:02:46,240 Speaker 1: the property. But they were willing to kind of meet 61 00:02:46,280 --> 00:02:48,000 Speaker 1: me in the middle a little bit. But honestly, man, 62 00:02:48,040 --> 00:02:49,840 Speaker 1: it was almost kind of fun because I felt like 63 00:02:49,840 --> 00:02:51,880 Speaker 1: this was part of growing up a little bit like, 64 00:02:51,919 --> 00:02:53,880 Speaker 1: I've never kind of been in court where I had 65 00:02:53,919 --> 00:02:56,880 Speaker 1: to present a case, and so going before them it 66 00:02:56,919 --> 00:02:58,160 Speaker 1: kind of freaked me out a little bit. I was 67 00:02:58,200 --> 00:03:00,280 Speaker 1: a little bit nervous, but it was super chill. We're 68 00:03:00,280 --> 00:03:01,720 Speaker 1: just kind of sitting there in an office, and I 69 00:03:01,840 --> 00:03:04,919 Speaker 1: presented my information, but they also had there's a guy 70 00:03:04,960 --> 00:03:07,960 Speaker 1: from the county, the appraiser, and he presented his information, 71 00:03:08,320 --> 00:03:10,400 Speaker 1: and I presented more of my information, and then they 72 00:03:10,440 --> 00:03:12,680 Speaker 1: deliberated and made a decision. Then you beat him up 73 00:03:12,680 --> 00:03:14,720 Speaker 1: and any one, and then I cried because I didn't 74 00:03:14,720 --> 00:03:16,600 Speaker 1: get my way, and then they felt bad, so they 75 00:03:16,639 --> 00:03:19,000 Speaker 1: knocked a few more dollars off. It's beautiful, man, It's 76 00:03:19,040 --> 00:03:21,040 Speaker 1: like democracy at work right there, right. Yeah. It was 77 00:03:21,080 --> 00:03:24,600 Speaker 1: a clear example of the government working well because it 78 00:03:24,680 --> 00:03:27,000 Speaker 1: was an efficient use of not only their time, but 79 00:03:27,080 --> 00:03:29,919 Speaker 1: my time as well. It took me less than one 80 00:03:29,919 --> 00:03:32,959 Speaker 1: hour easily, from the time I left my house too, 81 00:03:33,320 --> 00:03:35,360 Speaker 1: you know, the time I came home, and so me 82 00:03:35,560 --> 00:03:38,440 Speaker 1: spending less than one hour, that's gonna save me at 83 00:03:38,520 --> 00:03:42,080 Speaker 1: least seven dollars over the next three years. And again, 84 00:03:42,160 --> 00:03:44,640 Speaker 1: while it wasn't quite as much as I was hoping, 85 00:03:44,800 --> 00:03:48,480 Speaker 1: I mean seven hundred bucks. At least it's for one hour. Yeah, 86 00:03:48,520 --> 00:03:50,640 Speaker 1: for less than one hour of my time. And not 87 00:03:50,680 --> 00:03:52,200 Speaker 1: only that, I got to learn about the process a 88 00:03:52,200 --> 00:03:54,240 Speaker 1: little bit. And so next time one of you know, 89 00:03:54,320 --> 00:03:56,360 Speaker 1: my run of properties comes up or my own house, 90 00:03:56,880 --> 00:03:58,560 Speaker 1: I'm going to be able to show up and present 91 00:03:58,640 --> 00:04:00,640 Speaker 1: a better case because I'm from filiar with just how 92 00:04:00,680 --> 00:04:02,800 Speaker 1: it works. Yeah, that's great. Yeah, I think anybody out 93 00:04:02,840 --> 00:04:07,520 Speaker 1: there who feels like they their property taxes are overinflated 94 00:04:07,640 --> 00:04:10,440 Speaker 1: by their local government, I mean appealing is the way 95 00:04:10,480 --> 00:04:12,880 Speaker 1: to go, and then following it through making sure that 96 00:04:12,920 --> 00:04:15,200 Speaker 1: you go in front of whatever you have locally, whether 97 00:04:15,240 --> 00:04:17,479 Speaker 1: it's a board of equalization, which is what we have here. 98 00:04:17,720 --> 00:04:19,760 Speaker 1: And and the great thing to Matt is that at 99 00:04:19,800 --> 00:04:22,760 Speaker 1: least where we live, when you win the case, when 100 00:04:22,839 --> 00:04:25,440 Speaker 1: you're able to bring that down that value below what 101 00:04:25,480 --> 00:04:28,040 Speaker 1: the county or city is arguing your home is worth, 102 00:04:28,880 --> 00:04:30,880 Speaker 1: they lock in that rate for three years and that's 103 00:04:30,920 --> 00:04:33,160 Speaker 1: like a really nice benefit to Yeah, the current year 104 00:04:33,240 --> 00:04:35,600 Speaker 1: and then two additional years. And by the way, they've 105 00:04:35,640 --> 00:04:37,520 Speaker 1: updated it and so it's not even if you get 106 00:04:37,560 --> 00:04:40,880 Speaker 1: the amount reduced, even if it stays the same, they 107 00:04:40,920 --> 00:04:42,919 Speaker 1: will basically they throw you a bone and they say, Okay, 108 00:04:42,920 --> 00:04:45,000 Speaker 1: you know what, for the next two years, Uh, we're 109 00:04:45,000 --> 00:04:46,600 Speaker 1: not going to increase it. It It gets locked in at 110 00:04:46,600 --> 00:04:49,040 Speaker 1: the current rate just for showing up, Just for showing up, dude, 111 00:04:49,080 --> 00:04:51,920 Speaker 1: that's great. Yeah, it's pretty it's pretty sweet. That's cool. Okay. Yeah, well, 112 00:04:51,960 --> 00:04:53,760 Speaker 1: just you know, word of the wise, for anybody out 113 00:04:53,760 --> 00:04:56,000 Speaker 1: there who, uh it does own a home and they 114 00:04:56,040 --> 00:04:58,240 Speaker 1: feel like their property taxes are too high, that's definitely 115 00:04:58,240 --> 00:05:00,440 Speaker 1: an avenue worth pursuing. All right, now, let's get onto 116 00:05:00,520 --> 00:05:02,600 Speaker 1: the beer that we're having on the show today. We're 117 00:05:02,680 --> 00:05:06,919 Speaker 1: drinking hazel nut Mocla Latte by True Respite Brewing, and 118 00:05:06,920 --> 00:05:09,920 Speaker 1: it's funny. Yeah latte. This is uh a latte esque beer, 119 00:05:09,960 --> 00:05:13,000 Speaker 1: I guess right, yeah, man, absolutely. Uh Well, the label 120 00:05:13,120 --> 00:05:15,600 Speaker 1: it looks just like it's a go cup of coffee. 121 00:05:15,720 --> 00:05:18,719 Speaker 1: It's got the corrugated cardboard kind of wrap around. It 122 00:05:18,760 --> 00:05:21,839 Speaker 1: certainly makes you think about coffee. This one was donated 123 00:05:21,839 --> 00:05:24,520 Speaker 1: to the show by our friends Waffles on Wednesday. They 124 00:05:24,520 --> 00:05:27,240 Speaker 1: live out in California and they have a blog by 125 00:05:27,279 --> 00:05:30,800 Speaker 1: the same name where they document their financial independence journey, 126 00:05:31,080 --> 00:05:33,039 Speaker 1: and they were gracious enough to donate our beers this 127 00:05:33,080 --> 00:05:35,680 Speaker 1: week to the show. Yeah, and they're blogged, by the way, 128 00:05:35,920 --> 00:05:37,760 Speaker 1: very much worth reading. I've learned a lot from our 129 00:05:37,760 --> 00:05:40,240 Speaker 1: friends the Waffles, and yeah, they go buy waffles on 130 00:05:40,279 --> 00:05:43,280 Speaker 1: Wednesday because that's their pipe dream is to be able 131 00:05:43,320 --> 00:05:46,120 Speaker 1: to retire early. Then they can have waffles whenever they want, 132 00:05:46,160 --> 00:05:49,040 Speaker 1: including on Wednesdays. They don't have to get into work. No, 133 00:05:49,040 --> 00:05:51,160 Speaker 1: no need to to speed on into the office. Man, 134 00:05:51,200 --> 00:05:53,080 Speaker 1: they can just have a chill morning drinking their O 135 00:05:53,240 --> 00:05:55,560 Speaker 1: J and and needing a waffle. That sounds nice, doesn't it. 136 00:05:55,760 --> 00:05:58,719 Speaker 1: Maybe even drinking a hazel nut mocal latte. Yeah, and 137 00:05:58,760 --> 00:06:00,800 Speaker 1: you know what, I love those people. I guarantee you 138 00:06:00,839 --> 00:06:02,840 Speaker 1: they're the kind of folks that would drink before noon, 139 00:06:03,000 --> 00:06:06,839 Speaker 1: so they would totally drink this for breakfast. I'm not 140 00:06:06,880 --> 00:06:10,560 Speaker 1: gonna completely throw them under the bus, but maybe right. Yeah, 141 00:06:10,680 --> 00:06:12,480 Speaker 1: but now we knows who they are because they're anonymous, 142 00:06:12,520 --> 00:06:15,040 Speaker 1: so we love them. Thank you guys so much. And 143 00:06:15,120 --> 00:06:16,880 Speaker 1: we will get to our tasting notes on this beer 144 00:06:17,000 --> 00:06:19,040 Speaker 1: at the end of the episode. All right, Maple, Now 145 00:06:19,120 --> 00:06:21,400 Speaker 1: let's get to our listener questions for anyone out there 146 00:06:21,440 --> 00:06:23,520 Speaker 1: who has a question that they'd love for us to tackle. 147 00:06:23,520 --> 00:06:26,279 Speaker 1: On an upcoming episode. Well, you can go to how 148 00:06:26,279 --> 00:06:28,760 Speaker 1: to money dot com slash ask. It'll take you just 149 00:06:28,800 --> 00:06:31,160 Speaker 1: a couple of minutes to submit your voice question and 150 00:06:31,560 --> 00:06:34,200 Speaker 1: hopefully we can tackle it on an upcoming episode. Let's 151 00:06:34,200 --> 00:06:37,520 Speaker 1: get to our first one about cash management accounts. Hi, 152 00:06:37,600 --> 00:06:40,599 Speaker 1: Matt and Joel, this is Tyler from Cleveland, Ohio. First, 153 00:06:40,720 --> 00:06:43,520 Speaker 1: I wanted to say thank you for the podcast. My 154 00:06:43,560 --> 00:06:46,560 Speaker 1: wife and I are on our journey to financial independence 155 00:06:46,600 --> 00:06:49,520 Speaker 1: and your podcast has helped to keep us motivated. Now 156 00:06:49,560 --> 00:06:52,760 Speaker 1: onto my question. I've been receiving a lot of advertisements 157 00:06:52,839 --> 00:06:57,080 Speaker 1: lately about cash management accounts from organizations like so far 158 00:06:57,800 --> 00:07:00,520 Speaker 1: and Fidelity. I'm curious if you could have explain a 159 00:07:00,520 --> 00:07:03,600 Speaker 1: little about them, for example, how they work and how 160 00:07:03,760 --> 00:07:08,400 Speaker 1: someone might use them. Any insights are appreciated. Thank you nice, Tyler. 161 00:07:08,440 --> 00:07:10,280 Speaker 1: We are pumped for you guys. And by the way, 162 00:07:10,320 --> 00:07:12,280 Speaker 1: you know, we just talked about Waffles on Wednesday, looked 163 00:07:12,280 --> 00:07:14,240 Speaker 1: them up because that's the whole reason they started their 164 00:07:14,240 --> 00:07:18,480 Speaker 1: blog was to kind of document their journey towards financial independence. 165 00:07:18,680 --> 00:07:20,200 Speaker 1: But let's go ahead get to your question. You're asking 166 00:07:20,200 --> 00:07:23,800 Speaker 1: about cash management accounts or c m as. Those are 167 00:07:23,880 --> 00:07:26,880 Speaker 1: accounts where you put money essentially that you don't want 168 00:07:26,880 --> 00:07:29,320 Speaker 1: to be invested. It's kind of like a combo between 169 00:07:29,400 --> 00:07:32,600 Speaker 1: a checking and savings account that is typically offered not 170 00:07:32,720 --> 00:07:36,080 Speaker 1: by a bank but by an online broker like Fidelity 171 00:07:36,200 --> 00:07:38,960 Speaker 1: or so Fi. Like you mentioned, there are more benefits 172 00:07:38,960 --> 00:07:41,280 Speaker 1: that are being offered by these companies where it might 173 00:07:41,320 --> 00:07:43,840 Speaker 1: even be possible for you to drop your online checking 174 00:07:43,880 --> 00:07:46,800 Speaker 1: and savings account. Yeah, you can ditch doing business with 175 00:07:46,840 --> 00:07:48,960 Speaker 1: the traditional bank altogether and just go with a c 176 00:07:49,160 --> 00:07:51,160 Speaker 1: m A if if you really wanted to. And the 177 00:07:51,160 --> 00:07:54,440 Speaker 1: biggest benefit Tyler of going with a c m A 178 00:07:54,600 --> 00:07:56,920 Speaker 1: versus doing business with the traditional bank is is that 179 00:07:56,960 --> 00:08:01,000 Speaker 1: it can help streamline and simplify your finances. So, for example, 180 00:08:01,040 --> 00:08:03,360 Speaker 1: if you already have an account with Fidelity, like let's 181 00:08:03,400 --> 00:08:05,600 Speaker 1: say you've got a roth ira A with Fidelity, well, 182 00:08:05,640 --> 00:08:07,320 Speaker 1: it would be super easy to open up a c 183 00:08:07,480 --> 00:08:09,400 Speaker 1: MA with them as well, and that means having to 184 00:08:09,440 --> 00:08:12,760 Speaker 1: log into fewer accounts, faster transfers when it's time to invest, 185 00:08:12,800 --> 00:08:16,240 Speaker 1: and then fewer tax documents when it comes to tax time. 186 00:08:16,680 --> 00:08:18,560 Speaker 1: There are other benefits to a c m A as well. 187 00:08:18,600 --> 00:08:21,080 Speaker 1: For instance, oftentimes you can get a higher rate of 188 00:08:21,120 --> 00:08:24,160 Speaker 1: interest on your money. So depending on what company you 189 00:08:24,160 --> 00:08:26,840 Speaker 1: open one up with, you're pretty much guaranteed to receive 190 00:08:27,160 --> 00:08:29,600 Speaker 1: a higher rate compared to what traditional banks are offering. 191 00:08:29,960 --> 00:08:32,000 Speaker 1: But it also can be a double edged sword. Right 192 00:08:32,040 --> 00:08:35,160 Speaker 1: with cmas, you also might find less competitive interest rates 193 00:08:35,440 --> 00:08:38,400 Speaker 1: compared to the high interest rates savings accounts, so rates 194 00:08:38,600 --> 00:08:41,280 Speaker 1: can be higher, and they're almost always higher compared to 195 00:08:41,640 --> 00:08:43,880 Speaker 1: just a brick and mortar bank, the big megabanks who 196 00:08:43,960 --> 00:08:46,600 Speaker 1: prefer to pay you point zero one percent on your money. 197 00:08:46,880 --> 00:08:49,199 Speaker 1: And sometimes those c m as can be hyper competitive 198 00:08:49,480 --> 00:08:52,200 Speaker 1: with an online bank savings account, but many times they 199 00:08:52,240 --> 00:08:54,320 Speaker 1: follow a bit short. So definitely make sure you're kind 200 00:08:54,360 --> 00:08:57,280 Speaker 1: of paying attention to what market rates are before you 201 00:08:57,320 --> 00:08:59,600 Speaker 1: make your decision for where you put the majority of 202 00:08:59,640 --> 00:09:03,120 Speaker 1: your say things. Yeah, so for example, we just mentioned Fidelity, Uh, 203 00:09:03,160 --> 00:09:05,040 Speaker 1: we love them, they're a great company, but in their 204 00:09:05,040 --> 00:09:08,080 Speaker 1: CMA they're only offering point eight to per cent, which 205 00:09:08,160 --> 00:09:10,959 Speaker 1: is maybe a point lower than some of the better 206 00:09:11,200 --> 00:09:14,240 Speaker 1: online high indut savings accounts out there. And there are 207 00:09:14,280 --> 00:09:17,440 Speaker 1: other benefits associated with these c m a s as well, 208 00:09:17,679 --> 00:09:20,080 Speaker 1: And so let's think through like, if you're going to 209 00:09:20,160 --> 00:09:22,720 Speaker 1: consider dropping your your savings and your checking account, in 210 00:09:22,840 --> 00:09:25,960 Speaker 1: favor of a c M A you'll likely want the 211 00:09:25,960 --> 00:09:28,840 Speaker 1: ability to occasionally withdraw some cash from an A t M, right, 212 00:09:28,960 --> 00:09:30,440 Speaker 1: and you also want to make sure that you're able 213 00:09:30,440 --> 00:09:34,040 Speaker 1: to do that fee free fidelity so FI and Schwab 214 00:09:34,120 --> 00:09:36,320 Speaker 1: they all do a great job here and they will 215 00:09:36,360 --> 00:09:39,360 Speaker 1: reimburse all of your A t M fees. Some other 216 00:09:39,360 --> 00:09:42,280 Speaker 1: features to look for our CMA accounts with no monthly fees, 217 00:09:42,320 --> 00:09:45,839 Speaker 1: because you know how much we hate those that necessary fees. Also, 218 00:09:45,880 --> 00:09:48,439 Speaker 1: if you're looking to entirely replace your checking account, you 219 00:09:48,520 --> 00:09:50,320 Speaker 1: might want to also make sure that you have the 220 00:09:50,360 --> 00:09:53,679 Speaker 1: option for mobile check deposits as well as free checks. 221 00:09:54,080 --> 00:09:56,360 Speaker 1: I don't write checks often, Joel. We talked about sort 222 00:09:56,360 --> 00:09:59,720 Speaker 1: of the downsides of writing checks, but sometimes there's certain 223 00:09:59,760 --> 00:10:02,439 Speaker 1: organ zations and you know what they ask for ask 224 00:10:02,480 --> 00:10:05,240 Speaker 1: for checks, right, I'm looking at you. Preschool right. Yeah, 225 00:10:05,240 --> 00:10:07,240 Speaker 1: I was gonna say, our kids schools are one of 226 00:10:07,280 --> 00:10:09,640 Speaker 1: those things pre school, pre k and then anything for 227 00:10:09,760 --> 00:10:11,960 Speaker 1: like related to the class like they always wanted to 228 00:10:12,000 --> 00:10:13,680 Speaker 1: be on a paper check. And I'm saying, come on, 229 00:10:13,760 --> 00:10:15,880 Speaker 1: is there not a way that we can set up 230 00:10:15,920 --> 00:10:18,280 Speaker 1: some sort of digital account per class. I guess now 231 00:10:18,280 --> 00:10:21,520 Speaker 1: that I say it out loud. That sounds kind of complicated. Uh, 232 00:10:21,600 --> 00:10:23,959 Speaker 1: if you have a specific cash app account, or you're 233 00:10:23,960 --> 00:10:26,280 Speaker 1: always asking your kids teachers, won't won't you accept payment 234 00:10:26,320 --> 00:10:28,840 Speaker 1: from the chip in my finger? Come on, no, man, 235 00:10:28,920 --> 00:10:31,240 Speaker 1: that freaks me out. I would be like the last 236 00:10:31,240 --> 00:10:33,440 Speaker 1: person to implant any sort of technology in my body. 237 00:10:33,520 --> 00:10:35,840 Speaker 1: Do it's happening that Google glass? You're gonna get glasses 238 00:10:36,080 --> 00:10:38,800 Speaker 1: that's connected to the Internet before you even need glasses, 239 00:10:38,880 --> 00:10:40,839 Speaker 1: just because you can be a nerd man. I mean, 240 00:10:41,040 --> 00:10:43,440 Speaker 1: it's crazy, it's happening, and people are literally getting chips 241 00:10:43,440 --> 00:10:46,520 Speaker 1: implanted in their bodies for all sorts of purposes. It's 242 00:10:46,640 --> 00:10:48,400 Speaker 1: definitely it definitely freaks me out. But I'll tell you 243 00:10:48,480 --> 00:10:50,640 Speaker 1: what doesn't freak me out. Matt c m as right. 244 00:10:50,920 --> 00:10:53,600 Speaker 1: They are in so many ways. But there are a 245 00:10:53,640 --> 00:10:56,240 Speaker 1: couple other considerations that need to be made before you 246 00:10:56,280 --> 00:10:58,480 Speaker 1: make a decision. And when one of those, you've got 247 00:10:58,480 --> 00:11:01,160 Speaker 1: to think about how your money is ensure and it 248 00:11:01,320 --> 00:11:04,040 Speaker 1: is typically under a cash management account ensured by the 249 00:11:04,080 --> 00:11:07,560 Speaker 1: fd i C. Almost all these online investment companies that 250 00:11:07,600 --> 00:11:10,439 Speaker 1: are getting into this fear are offering fd i C 251 00:11:10,640 --> 00:11:13,760 Speaker 1: insurance for your money. So the typical amount offered here's 252 00:11:13,760 --> 00:11:17,800 Speaker 1: two dollars, which is plenty for almost anybody listening to 253 00:11:17,800 --> 00:11:19,840 Speaker 1: this podcast, right, But it's just one of those important 254 00:11:19,840 --> 00:11:21,920 Speaker 1: things to consider, especially as these c m a s 255 00:11:22,120 --> 00:11:25,120 Speaker 1: get offered by more and more fintech companies, kind of 256 00:11:25,160 --> 00:11:27,800 Speaker 1: these newer startups. Make sure you look for the logo 257 00:11:27,840 --> 00:11:29,400 Speaker 1: and make sure you check the f d i c 258 00:11:29,559 --> 00:11:33,520 Speaker 1: S website to ensure that your money is actually insured, 259 00:11:33,880 --> 00:11:36,199 Speaker 1: especially with these companies that are new and you're not 260 00:11:36,440 --> 00:11:39,800 Speaker 1: really completely familiar with what they offer yet. Yeah, Jull, 261 00:11:39,840 --> 00:11:42,199 Speaker 1: perhaps it's it's worth asking yourself the question, like, what 262 00:11:42,360 --> 00:11:45,600 Speaker 1: do you need out of a cash management account? If 263 00:11:45,679 --> 00:11:48,200 Speaker 1: there's one that allows you to do pretty much everything 264 00:11:48,280 --> 00:11:50,720 Speaker 1: that you need to do for online banking, then it's 265 00:11:50,760 --> 00:11:53,320 Speaker 1: worth considering if it allows you to simplify your life. 266 00:11:53,720 --> 00:11:56,120 Speaker 1: But you know, we'd caution you against hopping over to 267 00:11:56,240 --> 00:11:58,520 Speaker 1: a different company just because the rate might be a 268 00:11:58,600 --> 00:12:03,280 Speaker 1: little bit higher than what your current traditional bank is offering. Oftentimes, 269 00:12:03,320 --> 00:12:06,440 Speaker 1: these online savings accounts and these different fintech companies, they'll 270 00:12:06,600 --> 00:12:09,319 Speaker 1: they'll have a higher, maybe inflated interest rate that they're 271 00:12:09,320 --> 00:12:12,080 Speaker 1: paying out and then slowly over time, you you might 272 00:12:12,120 --> 00:12:15,240 Speaker 1: see that decline but look at the other aspects of 273 00:12:15,559 --> 00:12:17,880 Speaker 1: that company, look at the different cash management accounts that 274 00:12:17,920 --> 00:12:19,839 Speaker 1: are out there and the features that are offered, and 275 00:12:19,920 --> 00:12:22,000 Speaker 1: if it works for you, then it might very well 276 00:12:22,040 --> 00:12:24,640 Speaker 1: be a great place for you to put your money. Yeah, 277 00:12:24,840 --> 00:12:27,840 Speaker 1: we've talked extensively about different online banks and and how 278 00:12:27,960 --> 00:12:30,120 Speaker 1: online banks, in our opinion, are one of the best 279 00:12:30,200 --> 00:12:32,679 Speaker 1: places to put your cash. But you know what a 280 00:12:32,720 --> 00:12:35,560 Speaker 1: discount brokerage company or or a fintech company, well, they're 281 00:12:35,600 --> 00:12:38,160 Speaker 1: making big time headway when it comes to savings accounts 282 00:12:38,200 --> 00:12:40,520 Speaker 1: or cash management accounts. You know, they're changing the game 283 00:12:40,840 --> 00:12:43,640 Speaker 1: with these products are offering and all the ancillary benefits 284 00:12:43,720 --> 00:12:46,360 Speaker 1: that someone can receive from opening one up. And so yeah, 285 00:12:46,400 --> 00:12:49,040 Speaker 1: if it fits your lifestyle, if it offers you benefits 286 00:12:49,080 --> 00:12:51,920 Speaker 1: that are gonna save you money and increased flexibility save 287 00:12:52,000 --> 00:12:53,760 Speaker 1: you time, yeah, I say go for it. A cash 288 00:12:53,800 --> 00:12:55,640 Speaker 1: management account with one of these companies can be a 289 00:12:55,679 --> 00:12:58,000 Speaker 1: great way to go. Or Matt, we've got more questions 290 00:12:58,040 --> 00:12:59,880 Speaker 1: to get to, including the next one about how to 291 00:13:00,120 --> 00:13:02,640 Speaker 1: leave a job that's terrible, and we'll get to that 292 00:13:02,840 --> 00:13:13,960 Speaker 1: right after the break. M All right, Joe, let's hear 293 00:13:14,000 --> 00:13:16,439 Speaker 1: that next question. This one has a little bit to 294 00:13:16,480 --> 00:13:19,839 Speaker 1: do with something called peace out money. Hi. This is 295 00:13:20,000 --> 00:13:25,480 Speaker 1: Jessica from South Carolina. I have enough money saved up 296 00:13:25,600 --> 00:13:28,280 Speaker 1: right now for about three months if I didn't have 297 00:13:28,480 --> 00:13:32,880 Speaker 1: any income, and I'm in a job that I would 298 00:13:32,920 --> 00:13:36,400 Speaker 1: really love to get out of, and so that could 299 00:13:36,440 --> 00:13:39,880 Speaker 1: be my piece money, except I have a contract that 300 00:13:40,120 --> 00:13:45,760 Speaker 1: would costs for me too and early. But I'm in 301 00:13:45,800 --> 00:13:50,320 Speaker 1: a job that is making me absolutely miserable and anxious, 302 00:13:50,400 --> 00:13:53,240 Speaker 1: and I just can't stand going to work every day. 303 00:13:54,280 --> 00:13:58,079 Speaker 1: And it's about six thousand dollars in savings but about 304 00:13:59,040 --> 00:14:02,719 Speaker 1: get out of the contract, plus you know, having to live. 305 00:14:03,480 --> 00:14:05,960 Speaker 1: What should I do? Jessica, thanks so much for your question. 306 00:14:06,160 --> 00:14:08,480 Speaker 1: And I'm so sad to hear that you're in a 307 00:14:08,559 --> 00:14:11,480 Speaker 1: tough predicament like this and being in a crappy work 308 00:14:11,600 --> 00:14:14,920 Speaker 1: environment and not seeing any sort of way out. That's 309 00:14:15,080 --> 00:14:19,520 Speaker 1: really really tough. So I guess my my first thought 310 00:14:19,600 --> 00:14:22,040 Speaker 1: that the first thing I turned to is I want 311 00:14:22,080 --> 00:14:24,480 Speaker 1: to ask you if there are any ways that you 312 00:14:24,560 --> 00:14:29,400 Speaker 1: can potentially mitigate the anxiety that you're currently experiencing while 313 00:14:29,480 --> 00:14:32,680 Speaker 1: staying in your current job. Could you shift rules within 314 00:14:32,800 --> 00:14:36,040 Speaker 1: your current company? I mean, maybe you could transfer to 315 00:14:36,240 --> 00:14:38,840 Speaker 1: another department, or you could work on a different team 316 00:14:38,880 --> 00:14:42,040 Speaker 1: reporting to a different manager, depending on kind of what 317 00:14:42,640 --> 00:14:45,960 Speaker 1: is happening inside of your work that's making you anxious, 318 00:14:46,000 --> 00:14:49,640 Speaker 1: that's making it super difficult because of that high fee. 319 00:14:49,840 --> 00:14:53,000 Speaker 1: Essentially to to get your contract and get out of 320 00:14:53,040 --> 00:14:56,320 Speaker 1: employment there, I would ask you to pursue any avenues 321 00:14:56,360 --> 00:14:59,920 Speaker 1: that you could within the current company before quitting entirely, 322 00:15:00,040 --> 00:15:03,320 Speaker 1: because that could put you at major financial risk. Yeah. Well, 323 00:15:03,320 --> 00:15:06,200 Speaker 1: speaking of financial riskual, let's talk about the money side 324 00:15:06,240 --> 00:15:08,840 Speaker 1: of this as well. Jessica, You're you're asking this question 325 00:15:09,000 --> 00:15:11,520 Speaker 1: of a couple of guys who think about money a lot, right, 326 00:15:12,320 --> 00:15:15,560 Speaker 1: and we would hate to see you in debts and 327 00:15:16,160 --> 00:15:18,640 Speaker 1: without a job at the same time, right, Like, if 328 00:15:18,680 --> 00:15:23,000 Speaker 1: you had the full set aside plus some savings for 329 00:15:23,200 --> 00:15:26,240 Speaker 1: some basic living expenses, right, it would be a completely 330 00:15:26,280 --> 00:15:30,120 Speaker 1: different question. Then it wouldn't be a question necessarily about debt, 331 00:15:30,520 --> 00:15:33,240 Speaker 1: but it would be about how much your sanity is worth. 332 00:15:34,600 --> 00:15:36,960 Speaker 1: It's still a lot of money. That's a really steep fee, 333 00:15:37,280 --> 00:15:39,120 Speaker 1: But at that point it's completely up to you to 334 00:15:39,320 --> 00:15:41,360 Speaker 1: know how much you can actually endure. It's up to 335 00:15:41,400 --> 00:15:43,880 Speaker 1: you to know what you're willing to do and what 336 00:15:43,960 --> 00:15:46,200 Speaker 1: you're no longer willing to put up with. Yeah, I mean, 337 00:15:46,240 --> 00:15:48,760 Speaker 1: I think using the money that you have to buy 338 00:15:48,960 --> 00:15:51,360 Speaker 1: yourself sanity. It makes a whole lot of sense if 339 00:15:51,360 --> 00:15:53,640 Speaker 1: you're in a job that you don't like, I think, Matt, 340 00:15:53,680 --> 00:15:56,360 Speaker 1: we would say, for the most part, find a way 341 00:15:56,400 --> 00:15:59,120 Speaker 1: to change your situation and sometimes write that piece out 342 00:15:59,160 --> 00:16:02,800 Speaker 1: money that Jessica referenced that offers you that perfect opportunity 343 00:16:03,200 --> 00:16:05,280 Speaker 1: to kind of leave a situation like that. That's why 344 00:16:05,360 --> 00:16:08,480 Speaker 1: we're such big fans of kind of having more than 345 00:16:08,560 --> 00:16:11,960 Speaker 1: just an emergency fund, but amassing enough to give you 346 00:16:12,400 --> 00:16:15,120 Speaker 1: those months where you wouldn't have to have a paycheck 347 00:16:15,200 --> 00:16:17,560 Speaker 1: and you could still afford to live while you're searching 348 00:16:17,640 --> 00:16:20,360 Speaker 1: for something else if things were to get too difficult 349 00:16:20,440 --> 00:16:22,960 Speaker 1: to stay with your current employer. Yeah, Joel, And that's 350 00:16:23,000 --> 00:16:26,200 Speaker 1: episode five, by the way, where we revisited piece out 351 00:16:26,240 --> 00:16:28,960 Speaker 1: money and how valuable that can be for folks. And so, Jessica, 352 00:16:29,040 --> 00:16:31,720 Speaker 1: if I were in your position, I would probably be 353 00:16:31,760 --> 00:16:34,080 Speaker 1: getting my resume together and you know, start looking to 354 00:16:34,160 --> 00:16:37,040 Speaker 1: apply for some other jobs. It might be worth it 355 00:16:37,200 --> 00:16:40,280 Speaker 1: to quit if you had someplace to land and you 356 00:16:40,320 --> 00:16:43,600 Speaker 1: were able to make at least a lateral job move right, 357 00:16:44,000 --> 00:16:47,280 Speaker 1: But be careful of how you discuss your current employer 358 00:16:47,560 --> 00:16:50,160 Speaker 1: when you are applying for these additional jobs. You know, 359 00:16:50,280 --> 00:16:53,000 Speaker 1: sounding disgruntled, even if you have a good reason to 360 00:16:53,040 --> 00:16:56,240 Speaker 1: be upset like this never reflects well in a job interview. 361 00:16:56,320 --> 00:16:59,200 Speaker 1: So emphasize maybe the positive reasons that you're looking for 362 00:16:59,320 --> 00:17:02,760 Speaker 1: new work, maybe a new challenge, an invigorating company culture 363 00:17:03,040 --> 00:17:05,359 Speaker 1: like that sort of thing, just where you're not necessarily 364 00:17:05,480 --> 00:17:08,320 Speaker 1: bashing on that current company. Yeah, man, I think that's 365 00:17:08,400 --> 00:17:10,800 Speaker 1: so important because that company that you're looking to get 366 00:17:10,880 --> 00:17:13,520 Speaker 1: hired at, the person interviewing you doesn't know about the 367 00:17:13,600 --> 00:17:15,840 Speaker 1: toxic work environment. They don't know about the bad manager 368 00:17:15,920 --> 00:17:18,800 Speaker 1: you have, and if you speak ill, it reflects more 369 00:17:18,880 --> 00:17:21,040 Speaker 1: poorly on you than it does on them. So be 370 00:17:21,200 --> 00:17:23,879 Speaker 1: careful about how you talk about your former employer. I 371 00:17:23,920 --> 00:17:26,440 Speaker 1: completely agreement. I think that's great advice. Also too, I 372 00:17:26,520 --> 00:17:30,280 Speaker 1: think there's something really important about avoiding a gap unemployment. 373 00:17:30,640 --> 00:17:32,800 Speaker 1: If you quit your job and you're unemployed for a 374 00:17:32,840 --> 00:17:34,840 Speaker 1: little while, not only is that hard on your finances, 375 00:17:34,880 --> 00:17:37,119 Speaker 1: but it's also hard on your resume. You kind of 376 00:17:37,160 --> 00:17:39,440 Speaker 1: got that gap there, and people wonder, well, why why 377 00:17:39,480 --> 00:17:41,680 Speaker 1: did she leave there? In such a hurry what was 378 00:17:41,760 --> 00:17:44,360 Speaker 1: going on. So I think you look better to potential 379 00:17:44,440 --> 00:17:47,920 Speaker 1: employers if you kind of maintain your work history. You're 380 00:17:47,960 --> 00:17:51,600 Speaker 1: a more appealing job candidate by actually being employed right 381 00:17:51,640 --> 00:17:55,040 Speaker 1: now while you're searching. So not only is it helpful financially, 382 00:17:55,040 --> 00:17:58,080 Speaker 1: it's also helpful in that application process. So I know 383 00:17:58,160 --> 00:18:00,840 Speaker 1: it's tough, Jessica. We're rooting for you because it sounds 384 00:18:00,840 --> 00:18:02,520 Speaker 1: like you're in a really really hard spot, kind of 385 00:18:02,600 --> 00:18:06,160 Speaker 1: between a rock and a hard place. But paying bucks 386 00:18:06,240 --> 00:18:07,760 Speaker 1: to get out of a job when you've only got 387 00:18:07,760 --> 00:18:09,479 Speaker 1: six thousand dollars in the bank. I just don't think 388 00:18:09,520 --> 00:18:11,560 Speaker 1: it's something that we can sign off on and say 389 00:18:11,600 --> 00:18:14,160 Speaker 1: that that's a good idea, even though it's an incredibly 390 00:18:14,160 --> 00:18:16,400 Speaker 1: hard position to be in. That was a hard one, Matt, 391 00:18:16,440 --> 00:18:19,440 Speaker 1: because yeah, there's so much specific personal consideration and we 392 00:18:19,480 --> 00:18:22,439 Speaker 1: don't actually know everything that's going on inside of the employer. 393 00:18:22,480 --> 00:18:25,000 Speaker 1: I would also recommend to Jessica keep herself safe, no 394 00:18:25,119 --> 00:18:27,040 Speaker 1: matter what that is exactly. I was about to say 395 00:18:27,040 --> 00:18:28,680 Speaker 1: that as well, Like if it's like she didn't actually 396 00:18:28,720 --> 00:18:31,080 Speaker 1: say the words toxic in her question, but if it is, 397 00:18:31,160 --> 00:18:33,920 Speaker 1: that's sort of a toxic abusive or harmful sort of 398 00:18:34,000 --> 00:18:36,520 Speaker 1: position that where she's in, then that's certainly in that situation, 399 00:18:36,600 --> 00:18:39,159 Speaker 1: go to HR. If there's something illegal going on, and 400 00:18:39,280 --> 00:18:41,560 Speaker 1: that's something you can it's straight up report to the police, 401 00:18:41,560 --> 00:18:44,359 Speaker 1: report to the authorities. So uh, certainly we don't want 402 00:18:44,400 --> 00:18:47,240 Speaker 1: to downplay if anything like that is going on. Yeah, 403 00:18:47,280 --> 00:18:49,200 Speaker 1: for sure. All right, Matt, Let's get to the next question, 404 00:18:49,560 --> 00:18:51,720 Speaker 1: and this one is about saving money for their kid. 405 00:18:52,240 --> 00:18:54,480 Speaker 1: Hey guys, my name is Dan from Temper, Arizona, and 406 00:18:54,840 --> 00:18:58,719 Speaker 1: I'm interested to learn more about investment vehicles for children. 407 00:18:59,160 --> 00:19:01,159 Speaker 1: I do have a five twenty nine plan for my 408 00:19:01,280 --> 00:19:04,520 Speaker 1: nine month old that I'm contributing about three fifty dollars 409 00:19:04,520 --> 00:19:06,560 Speaker 1: a month too, but I want to look at some 410 00:19:06,680 --> 00:19:09,960 Speaker 1: alternate vehicles. Um, and I've looked at potentially setting up 411 00:19:10,000 --> 00:19:12,120 Speaker 1: a roth ira A but I understand that he needs 412 00:19:12,240 --> 00:19:15,680 Speaker 1: earned income, which is not impossible, but it is also 413 00:19:15,840 --> 00:19:19,040 Speaker 1: a bit convoluted from what I can tell. And I've 414 00:19:19,080 --> 00:19:22,080 Speaker 1: looked at custodial accounts, whether it's a brokerage or of savings, 415 00:19:22,240 --> 00:19:23,960 Speaker 1: and I know there are some pros and cons to that, 416 00:19:24,200 --> 00:19:28,200 Speaker 1: especially related to federal aid. If he does choose to 417 00:19:28,320 --> 00:19:31,399 Speaker 1: go to school, and is looking at federal aid. And 418 00:19:31,480 --> 00:19:33,520 Speaker 1: then there's also the fact that once he turns eighteen, 419 00:19:33,560 --> 00:19:35,679 Speaker 1: he will have full control of those accounts, and if 420 00:19:35,720 --> 00:19:37,320 Speaker 1: you wanted to take the money out and blow it 421 00:19:37,440 --> 00:19:40,480 Speaker 1: on a weekend in Las Vegas or something, he could 422 00:19:40,520 --> 00:19:44,240 Speaker 1: do that. So I'm also entertaining just starting my own 423 00:19:44,280 --> 00:19:47,280 Speaker 1: account for him, just to kind of keep as a 424 00:19:47,359 --> 00:19:50,200 Speaker 1: long term kind of thing and maybe tuck away some 425 00:19:50,280 --> 00:19:52,680 Speaker 1: money in there. Just curious what you guys think about that. 426 00:19:52,880 --> 00:19:55,480 Speaker 1: Thank you, Bye, Hey Dan, thanks so much for your question. 427 00:19:55,560 --> 00:19:58,280 Speaker 1: And a way to start saving for your son this 428 00:19:58,480 --> 00:20:00,960 Speaker 1: early in life, that is fa pastic. Yeah, the best 429 00:20:01,000 --> 00:20:03,000 Speaker 1: time to start is when they're in utero, but you know, 430 00:20:03,119 --> 00:20:05,320 Speaker 1: nine months old that's pretty good too. Get on a 431 00:20:05,400 --> 00:20:08,399 Speaker 1: Dan watch you wait so long? Well, Dan, first of all, 432 00:20:08,400 --> 00:20:11,160 Speaker 1: you know you mentioned kid roth iras, and some folks 433 00:20:11,200 --> 00:20:12,760 Speaker 1: will try to do this and figure out a way 434 00:20:13,080 --> 00:20:16,399 Speaker 1: to get their young children earned income in order to 435 00:20:16,440 --> 00:20:18,280 Speaker 1: help them to be able to contribute to a roth. 436 00:20:18,880 --> 00:20:21,080 Speaker 1: If you own your own business, it's easier to do this. 437 00:20:21,520 --> 00:20:23,800 Speaker 1: If you did go this route like Fidelity and Schwab, 438 00:20:23,840 --> 00:20:27,640 Speaker 1: they both offer some great custodial wrath accounts and even 439 00:20:27,760 --> 00:20:30,879 Speaker 1: jobs like babysitting or mowing lawns can count towards that 440 00:20:30,960 --> 00:20:33,639 Speaker 1: earned income. But you know, you mentioned your son and 441 00:20:33,680 --> 00:20:35,919 Speaker 1: he's only nine months old, so he probably can't do this, right. 442 00:20:36,040 --> 00:20:38,520 Speaker 1: The baby baby is sitting in himself kind of sounds 443 00:20:38,560 --> 00:20:41,000 Speaker 1: like baby Yoda. You know, he's like holding on the fort. 444 00:20:41,760 --> 00:20:44,000 Speaker 1: RS is totally gonna crack down on that. But but 445 00:20:44,119 --> 00:20:45,560 Speaker 1: I'm not, oh man. I actually did have a friend 446 00:20:45,560 --> 00:20:48,080 Speaker 1: who did this when she was I believe a preteen. 447 00:20:48,320 --> 00:20:50,800 Speaker 1: Her father was a c p A and he knew 448 00:20:50,840 --> 00:20:53,199 Speaker 1: all the tax laws, of course, and he employed her 449 00:20:53,560 --> 00:20:55,720 Speaker 1: in his office and she actually worked and she was 450 00:20:55,800 --> 00:20:58,720 Speaker 1: able to get her roth ira. A started very early, 451 00:20:59,080 --> 00:21:01,800 Speaker 1: and we are all smiliar with the you know, amazing 452 00:21:02,600 --> 00:21:05,720 Speaker 1: eighth wonder of the world compounding effects when you're able 453 00:21:05,760 --> 00:21:07,760 Speaker 1: to let your money sit for the long term. Yea, 454 00:21:07,800 --> 00:21:09,840 Speaker 1: even just a little bit of money started at a 455 00:21:09,920 --> 00:21:12,280 Speaker 1: super young age just has just a massive impact and 456 00:21:12,640 --> 00:21:14,960 Speaker 1: let it go year after year. Yeah, for sure. But 457 00:21:15,080 --> 00:21:18,480 Speaker 1: let's talk about the cons to a custodial account as well, Matt. 458 00:21:18,480 --> 00:21:20,359 Speaker 1: There there are lots of downsides when you open up 459 00:21:20,600 --> 00:21:23,840 Speaker 1: an account in your son's name, Dan, Like you said, 460 00:21:23,960 --> 00:21:25,960 Speaker 1: once he's of age, he can do whatever he wants 461 00:21:26,000 --> 00:21:27,639 Speaker 1: with that money. So for a lot of pearance, this 462 00:21:27,720 --> 00:21:30,880 Speaker 1: could be a source of unnecessary stress. It's also best 463 00:21:30,960 --> 00:21:32,879 Speaker 1: not to load up a savings account in their name 464 00:21:32,960 --> 00:21:35,679 Speaker 1: for financial aid purposes, right because that counts against them 465 00:21:36,080 --> 00:21:39,959 Speaker 1: when they're looking for scholarships and aid from their potential college. 466 00:21:40,320 --> 00:21:42,879 Speaker 1: Any account in their name, including a five will have 467 00:21:43,000 --> 00:21:46,280 Speaker 1: a much larger impact on the financial aid that is 468 00:21:46,480 --> 00:21:48,720 Speaker 1: offered to them, So you definitely want to be careful 469 00:21:48,960 --> 00:21:51,719 Speaker 1: when you're putting money in their name. That could mean 470 00:21:51,840 --> 00:21:55,199 Speaker 1: less free money, fewer aid resources from the future college 471 00:21:55,280 --> 00:21:57,560 Speaker 1: of your son's choice. Yeah, if those funds are there 472 00:21:57,600 --> 00:22:00,680 Speaker 1: in his name, there's more of that expected family contribution 473 00:22:00,720 --> 00:22:03,600 Speaker 1: that goes towards his college. And so, Dan, if you 474 00:22:03,640 --> 00:22:07,200 Speaker 1: don't already have a personal wrath, then we would definitely 475 00:22:07,280 --> 00:22:10,280 Speaker 1: recommend you open one of those up. We recommend maxing 476 00:22:10,359 --> 00:22:14,359 Speaker 1: out your own retirement accounts before saving for your child's 477 00:22:14,400 --> 00:22:17,480 Speaker 1: college anyway, that rath can function as a way to 478 00:22:17,600 --> 00:22:20,960 Speaker 1: save for their future without it having an impact on 479 00:22:21,080 --> 00:22:24,240 Speaker 1: financial aid for college. And it also gives you control 480 00:22:24,560 --> 00:22:27,400 Speaker 1: on how and when you want to give that money 481 00:22:27,440 --> 00:22:29,600 Speaker 1: to him. So, for example, if you maxed out just 482 00:22:29,760 --> 00:22:32,720 Speaker 1: your roth ira A every year for the next seventeen years, 483 00:22:33,119 --> 00:22:37,520 Speaker 1: you would have over a hundred thousand dollars in contributions alone. 484 00:22:37,560 --> 00:22:40,000 Speaker 1: And that's a lot of money that you can flexibly 485 00:22:40,080 --> 00:22:43,400 Speaker 1: withdraw when you're ready to give your kid a financial gift. 486 00:22:43,720 --> 00:22:44,879 Speaker 1: And then on top of that, if you have a 487 00:22:44,920 --> 00:22:47,800 Speaker 1: spouse where you can also max out that roth ira 488 00:22:47,800 --> 00:22:50,720 Speaker 1: as well well, obviously you're looking at doubling that money. Yeah, 489 00:22:50,760 --> 00:22:53,440 Speaker 1: then not only are you banking and saving for your 490 00:22:53,480 --> 00:22:56,760 Speaker 1: own financial future, your own retirement, what you're doing is 491 00:22:56,920 --> 00:22:59,879 Speaker 1: you flexibly have access to this money. When you do 492 00:23:00,000 --> 00:23:03,879 Speaker 1: you choose to use it early for a child's education, 493 00:23:04,000 --> 00:23:05,960 Speaker 1: let's say, And at the same time, they don't have 494 00:23:06,040 --> 00:23:08,159 Speaker 1: access to that money because it's in your name, and 495 00:23:08,240 --> 00:23:10,040 Speaker 1: so that's super helpful. There's a lot of peace of 496 00:23:10,080 --> 00:23:12,879 Speaker 1: mind there. Yeah. Essentially, what we're saying by doing this 497 00:23:13,160 --> 00:23:15,000 Speaker 1: is that Dan, you're setting yourself up to be in 498 00:23:15,080 --> 00:23:18,440 Speaker 1: a strong position financially in the future by minimizing your 499 00:23:18,560 --> 00:23:20,719 Speaker 1: your debt now and increasing the amount that you are 500 00:23:20,800 --> 00:23:23,840 Speaker 1: investing like that gives you more options down the road 501 00:23:24,119 --> 00:23:26,840 Speaker 1: to contribute to your son's college if there is a 502 00:23:26,920 --> 00:23:29,639 Speaker 1: need for funds over and above that five plan that 503 00:23:29,680 --> 00:23:32,040 Speaker 1: you're already planning to set aside. Yeah, and if there 504 00:23:32,119 --> 00:23:34,719 Speaker 1: are no need for those funds for college, Matt, I mean, 505 00:23:34,800 --> 00:23:37,040 Speaker 1: Dan can wait and help his son out with a 506 00:23:37,119 --> 00:23:39,400 Speaker 1: down payment for his first house. Or they're all sorts 507 00:23:39,440 --> 00:23:42,280 Speaker 1: of flexible ways to use that money, especially if invested 508 00:23:42,320 --> 00:23:43,960 Speaker 1: in a wrath. And that's why it's kind of this 509 00:23:44,080 --> 00:23:46,760 Speaker 1: perfect vehicle. It's like this perfect happy medium to be 510 00:23:46,840 --> 00:23:49,600 Speaker 1: able to to save for yourself but then also to 511 00:23:49,720 --> 00:23:51,480 Speaker 1: be able to look out for your kids as they 512 00:23:51,520 --> 00:23:53,520 Speaker 1: get older too. I love it, man. All Right, Matt, 513 00:23:53,520 --> 00:23:55,520 Speaker 1: We've got a couple more questions to answer, including one 514 00:23:55,560 --> 00:23:58,200 Speaker 1: listener who had some great ideas, some great thoughts on 515 00:23:58,320 --> 00:24:01,000 Speaker 1: house hacking, and we'll get to the right after the break. 516 00:24:10,560 --> 00:24:12,080 Speaker 1: All right, Matt, we're back from the break in. Our 517 00:24:12,119 --> 00:24:15,800 Speaker 1: first questions come from listener Ryan, and I do mean 518 00:24:15,920 --> 00:24:18,160 Speaker 1: questions because he had a few. Hey, Matt and Joel, 519 00:24:18,320 --> 00:24:21,480 Speaker 1: this is Ryan from Corpus Christie, Texas, loving the podcast. 520 00:24:21,560 --> 00:24:23,080 Speaker 1: So I got a couple of questions to you guys, 521 00:24:23,320 --> 00:24:24,880 Speaker 1: so feel free to edit me if you don't want 522 00:24:24,880 --> 00:24:27,840 Speaker 1: to answer them all. My first one is pretty simple. 523 00:24:28,359 --> 00:24:31,479 Speaker 1: When you say, multiply the amount you invest by one 524 00:24:31,880 --> 00:24:34,240 Speaker 1: and seventy three and you'll have the amount that you'll 525 00:24:34,280 --> 00:24:37,000 Speaker 1: have in ten years. What is that based on the 526 00:24:37,200 --> 00:24:41,000 Speaker 1: S and P in eight or ten percent interest rate? Secondly, 527 00:24:41,080 --> 00:24:43,920 Speaker 1: I love your opinion on a duplex as a first 528 00:24:44,000 --> 00:24:48,040 Speaker 1: time real estate investment property. I'm looking to invest in 529 00:24:48,119 --> 00:24:50,920 Speaker 1: the next year or so, and I know you guys 530 00:24:51,040 --> 00:24:55,000 Speaker 1: have most of your portfolio in single family homes, but 531 00:24:55,119 --> 00:24:57,360 Speaker 1: why is that since you can have two or even 532 00:24:57,480 --> 00:25:01,000 Speaker 1: three renters per plot of land with a duplex or 533 00:25:01,040 --> 00:25:05,440 Speaker 1: a triplex. And Lastly, I'm twenty one and looking to 534 00:25:05,600 --> 00:25:09,600 Speaker 1: invest in my retirement. However, my work does not offer 535 00:25:09,680 --> 00:25:11,960 Speaker 1: me a four oh one K, so I was looking 536 00:25:12,080 --> 00:25:15,000 Speaker 1: at Vanguard or maybe M one, but I've only heard 537 00:25:15,080 --> 00:25:18,560 Speaker 1: of these companies through your podcast, So I'm worried about 538 00:25:18,560 --> 00:25:21,000 Speaker 1: giving them so much of my retirement money and so 539 00:25:21,119 --> 00:25:23,600 Speaker 1: much of my future. What are the chances I could 540 00:25:23,640 --> 00:25:26,840 Speaker 1: lose all of my money. I know that they're federally 541 00:25:26,880 --> 00:25:30,040 Speaker 1: insured somehow, but I'm not sure how that works. Thanks 542 00:25:30,080 --> 00:25:32,000 Speaker 1: so much, guys. I love how you're drinking beer on 543 00:25:32,080 --> 00:25:35,920 Speaker 1: the podcast. I've only been drinking for less than a 544 00:25:36,040 --> 00:25:38,239 Speaker 1: year at this point. So I don't nearly understand your 545 00:25:38,280 --> 00:25:41,160 Speaker 1: tasting notes. But and I only shop at my local 546 00:25:41,240 --> 00:25:43,240 Speaker 1: grocery store, so you guys will probably clean to to that. 547 00:25:43,600 --> 00:25:45,560 Speaker 1: But I love hearing what you're drinking and seeing if 548 00:25:45,600 --> 00:25:48,960 Speaker 1: I can find it. Thanks so much, guys. Bye. Ryan. 549 00:25:49,160 --> 00:25:51,840 Speaker 1: You know there can actually be some really good beer 550 00:25:52,280 --> 00:25:55,200 Speaker 1: at the grocery store, depends on where you go, so 551 00:25:55,320 --> 00:25:58,760 Speaker 1: don't immediately discount your your discount grocery store. Yeah, well 552 00:25:58,840 --> 00:26:01,160 Speaker 1: I don't know. I will say d not a great 553 00:26:01,160 --> 00:26:03,280 Speaker 1: beer selection. Okay, they're great in so many other ways, 554 00:26:03,359 --> 00:26:06,040 Speaker 1: but don't get you yet to find a decent beer 555 00:26:06,080 --> 00:26:07,840 Speaker 1: at Audie, I will admit. But a lot of the 556 00:26:07,840 --> 00:26:10,760 Speaker 1: bigger grocery stores, yeah, they've massively expanded what they're offering 557 00:26:10,800 --> 00:26:12,880 Speaker 1: when it comes to decent craft beer. And and yeah, 558 00:26:12,880 --> 00:26:15,000 Speaker 1: I would not be ashamed to get my beer from 559 00:26:15,119 --> 00:26:16,840 Speaker 1: a grocery store for sure. And R and Ryan, you 560 00:26:16,880 --> 00:26:20,080 Speaker 1: talked about editing your questions. We are not gonna to 561 00:26:20,160 --> 00:26:22,080 Speaker 1: cut those down. But since you did ask three questions, 562 00:26:22,160 --> 00:26:24,600 Speaker 1: we'll try to answer those pretty quickly. First of all, 563 00:26:24,720 --> 00:26:27,080 Speaker 1: you asked about the rule of one seventy three. That 564 00:26:27,280 --> 00:26:29,680 Speaker 1: is just some back of a Napkin math. This is 565 00:26:29,760 --> 00:26:33,200 Speaker 1: just some quick calculator app crunching, right. The blogger Mr 566 00:26:33,240 --> 00:26:35,440 Speaker 1: money Mustache, I think he was the first person that 567 00:26:35,560 --> 00:26:38,159 Speaker 1: I heard the rule of one seventy three from. But 568 00:26:38,320 --> 00:26:42,360 Speaker 1: it's a rough calculation of what a monthly amount invested 569 00:26:42,400 --> 00:26:45,800 Speaker 1: at seven percent would equal over a ten year period. 570 00:26:46,080 --> 00:26:50,280 Speaker 1: It's essentially just an easy way to calculate opportunity cost. So, 571 00:26:50,560 --> 00:26:52,879 Speaker 1: for instance, fifteen dollars a week, that doesn't sound like 572 00:26:53,040 --> 00:26:56,600 Speaker 1: much money for coffee, right, But if you take that 573 00:26:56,800 --> 00:26:59,760 Speaker 1: money and you invest it instead in the market where 574 00:26:59,840 --> 00:27:02,400 Speaker 1: it to earn seven percent, you're looking at over ten 575 00:27:02,480 --> 00:27:05,200 Speaker 1: thousand dollars if you were to have invested that money 576 00:27:05,280 --> 00:27:08,800 Speaker 1: instead of drink it. Yeah, it's such a good, quick, 577 00:27:08,880 --> 00:27:10,800 Speaker 1: easy way to think about it, right. All right, let's 578 00:27:10,800 --> 00:27:13,200 Speaker 1: tackle a single family home versus multi family that's a 579 00:27:13,240 --> 00:27:15,560 Speaker 1: great question, Ryan. So for me, I think the reason 580 00:27:15,680 --> 00:27:19,080 Speaker 1: I gravitated towards single family homes was because I attempted 581 00:27:19,160 --> 00:27:21,160 Speaker 1: to live in the home and then rented it out 582 00:27:21,240 --> 00:27:23,080 Speaker 1: when I bought another. That was just kind of my 583 00:27:23,160 --> 00:27:25,760 Speaker 1: initial approach, and that can of course be done with 584 00:27:25,800 --> 00:27:29,320 Speaker 1: a multifamily as well. But when I began real estate, 585 00:27:29,359 --> 00:27:32,320 Speaker 1: investing multiple units just weren't on my radar, Like I 586 00:27:32,480 --> 00:27:34,600 Speaker 1: just didn't know enough about them, and so I kind 587 00:27:34,640 --> 00:27:37,600 Speaker 1: of just started with the single family home route. And 588 00:27:37,760 --> 00:27:41,199 Speaker 1: let's oversimplify this just a little bit, but buying multifamily properties, well, 589 00:27:41,240 --> 00:27:43,960 Speaker 1: that's typically better for cash flow, right You're you're going 590 00:27:44,040 --> 00:27:47,120 Speaker 1: to potentially make more money on your money every single month, 591 00:27:47,400 --> 00:27:51,280 Speaker 1: and single family homes typically experienced greater appreciation over time. 592 00:27:51,320 --> 00:27:53,240 Speaker 1: That's just what they're better at. So there are pros 593 00:27:53,280 --> 00:27:56,200 Speaker 1: and cons to both. For another example, single family homes 594 00:27:56,240 --> 00:27:58,720 Speaker 1: are easier to sell because there's a bigger pool of 595 00:27:58,800 --> 00:28:01,560 Speaker 1: potential buyers and you also have access to a larger 596 00:28:01,560 --> 00:28:05,280 Speaker 1: pool of renters too. But multifamily homes, well, they allow 597 00:28:05,320 --> 00:28:08,040 Speaker 1: you to house hack right away and save a ton 598 00:28:08,080 --> 00:28:10,560 Speaker 1: of money at the same time. So we suggest kind 599 00:28:10,560 --> 00:28:13,320 Speaker 1: of picking a specific strategy and becoming an expert in it. 600 00:28:13,680 --> 00:28:15,840 Speaker 1: And the strategy I picked because it's just kind of 601 00:28:15,880 --> 00:28:18,400 Speaker 1: where I naturally landed in the beginning with single family homes. 602 00:28:18,680 --> 00:28:21,800 Speaker 1: But I've gotten more and more into multifamily over time, 603 00:28:22,080 --> 00:28:23,560 Speaker 1: running out the back part of our home and then 604 00:28:23,600 --> 00:28:25,600 Speaker 1: buying a duplex, and I plan on doing more in 605 00:28:25,640 --> 00:28:29,080 Speaker 1: the multifamily space, but just know that there's not a 606 00:28:29,160 --> 00:28:31,080 Speaker 1: slam dunk for one or the other. Either can be 607 00:28:31,160 --> 00:28:33,400 Speaker 1: a great choice. Just kind of depends on what works 608 00:28:33,480 --> 00:28:35,960 Speaker 1: for you, and it also depends to what's available in 609 00:28:36,040 --> 00:28:38,640 Speaker 1: your market in your area. Right Like a lot of 610 00:28:38,680 --> 00:28:41,840 Speaker 1: times there just aren't nearly as many multi family units. 611 00:28:41,880 --> 00:28:44,080 Speaker 1: There aren't as many duplexes as there are single family 612 00:28:44,640 --> 00:28:46,680 Speaker 1: That coupled with the fact that it takes a little 613 00:28:46,680 --> 00:28:48,560 Speaker 1: bit more money because a lot of times a duplex 614 00:28:49,160 --> 00:28:51,400 Speaker 1: will be a little bit more expensive, and so you 615 00:28:51,480 --> 00:28:53,240 Speaker 1: have to scrape together a little bit more money than 616 00:28:53,280 --> 00:28:55,400 Speaker 1: you would for maybe a single family. Sure, and and 617 00:28:55,600 --> 00:28:57,480 Speaker 1: the lender is going to require that you put more 618 00:28:57,560 --> 00:29:00,880 Speaker 1: money down when you're buying a multifamily property, is well exactly. 619 00:29:00,960 --> 00:29:02,960 Speaker 1: And then Ryan, your last dilemma had to do with 620 00:29:03,040 --> 00:29:06,240 Speaker 1: you not having a four on K through your work. Boo, 621 00:29:06,560 --> 00:29:09,040 Speaker 1: that's no good. And you know what, maybe that's even 622 00:29:09,080 --> 00:29:10,880 Speaker 1: worth running to h R about and seeing if that's 623 00:29:10,920 --> 00:29:13,800 Speaker 1: something that they can change. Definitely, Well, but for now 624 00:29:14,080 --> 00:29:16,240 Speaker 1: you're probably going to be on your own. And in 625 00:29:16,360 --> 00:29:19,480 Speaker 1: that case, Vanguard, they've been around for decades. We mentioned 626 00:29:19,520 --> 00:29:22,080 Speaker 1: them a good bits. We've mentioned m one before as well. 627 00:29:22,880 --> 00:29:24,600 Speaker 1: They are a little more recent. They're one of these 628 00:29:24,640 --> 00:29:27,239 Speaker 1: newer fintech companies. But neither one of these are fly 629 00:29:27,400 --> 00:29:30,040 Speaker 1: by night operations. Joe and I, we both personally have 630 00:29:30,240 --> 00:29:33,560 Speaker 1: money invested, you know, via both of these brokerages. But 631 00:29:33,840 --> 00:29:36,200 Speaker 1: for you, what you specifically want to look for is 632 00:29:36,600 --> 00:29:39,640 Speaker 1: s I PC insurance. Uh. That's the main thing that 633 00:29:39,760 --> 00:29:43,120 Speaker 1: you need to vet before choosing an investment company, before 634 00:29:43,240 --> 00:29:45,880 Speaker 1: going with a specific brokerage. This ensures that if an 635 00:29:45,920 --> 00:29:48,680 Speaker 1: investment firm, if they go insolvent, if they go belly up, 636 00:29:48,960 --> 00:29:52,280 Speaker 1: that you're insured on your money. Both of these companies, 637 00:29:52,360 --> 00:29:54,840 Speaker 1: as well as our other favorites, they all have s 638 00:29:54,880 --> 00:29:57,160 Speaker 1: I PC insurance, which is by the way, this is 639 00:29:57,320 --> 00:30:00,960 Speaker 1: similar to f d i C coverage for banks, but 640 00:30:01,280 --> 00:30:04,280 Speaker 1: this is the coverage that's offered by brokerages. Yeah, and 641 00:30:04,360 --> 00:30:06,440 Speaker 1: we talked about f d I C insurance earlier on 642 00:30:06,520 --> 00:30:09,040 Speaker 1: in the episode, so s I PC very similar for 643 00:30:09,240 --> 00:30:13,680 Speaker 1: brokerage accounts. We're covering all the acronyms right exactly. Yeah, 644 00:30:13,720 --> 00:30:16,800 Speaker 1: And I think Brian that these are great questions. It 645 00:30:16,880 --> 00:30:18,640 Speaker 1: sounds like you're well on your way thinking through the 646 00:30:18,760 --> 00:30:21,479 Speaker 1: right things, and hopefully this helps you make a good decision. 647 00:30:21,520 --> 00:30:23,480 Speaker 1: But yeah, whether you go with Vanguard or m one, 648 00:30:23,520 --> 00:30:26,960 Speaker 1: I mean literally, we we mentioned many low cost brokerage 649 00:30:26,960 --> 00:30:28,920 Speaker 1: companies and you can't go wrong with any of them. Mean, 650 00:30:28,960 --> 00:30:31,080 Speaker 1: they're really good companies and and and like Matt said, 651 00:30:31,120 --> 00:30:33,560 Speaker 1: if they've got the insurance, you're good to go. Just 652 00:30:33,640 --> 00:30:35,160 Speaker 1: make sure you go with the one that that works 653 00:30:35,200 --> 00:30:37,160 Speaker 1: best for you. And I think one thing Matt that 654 00:30:37,200 --> 00:30:40,160 Speaker 1: a lot of people have brought up is Vanguard fantastic company, 655 00:30:40,600 --> 00:30:43,520 Speaker 1: terrible interface. So if you don't like Vanguard's interface, if 656 00:30:43,560 --> 00:30:46,280 Speaker 1: you don't like their terrible web presence, which a lot 657 00:30:46,320 --> 00:30:48,360 Speaker 1: of people in their twenties and thirties in particular, like 658 00:30:48,480 --> 00:30:51,480 Speaker 1: this is junk. This is terrible. It feels a little archaic. Sometimes. 659 00:30:51,520 --> 00:30:52,760 Speaker 1: That's why a lot of people are going with a 660 00:30:52,800 --> 00:30:55,280 Speaker 1: company like m one, because it feels more current, it 661 00:30:55,320 --> 00:30:57,520 Speaker 1: feels more modern, it feels like you can actually use 662 00:30:57,600 --> 00:30:59,480 Speaker 1: it and uh and so that's part of the reason 663 00:30:59,600 --> 00:31:01,520 Speaker 1: we like it. We like the interface on in one. 664 00:31:01,840 --> 00:31:05,080 Speaker 1: They're both great companies. But if you're into interface, if 665 00:31:05,120 --> 00:31:08,120 Speaker 1: you're into using your app to do investments, then it 666 00:31:08,320 --> 00:31:10,080 Speaker 1: would make sense, I think to go with a company 667 00:31:10,120 --> 00:31:12,560 Speaker 1: like in one, even though they're both excellent. Yeah, we 668 00:31:12,600 --> 00:31:15,080 Speaker 1: love them both. We're not going to pick favorites, are Jill. 669 00:31:15,120 --> 00:31:18,400 Speaker 1: It is time for our last not question. We actually 670 00:31:18,400 --> 00:31:21,640 Speaker 1: have a comment here from Noel Hi. I wanted to 671 00:31:21,720 --> 00:31:24,920 Speaker 1: share an idea for house hacking and I've been doing 672 00:31:25,000 --> 00:31:27,240 Speaker 1: this for several years and it's worked out great. So 673 00:31:27,760 --> 00:31:30,000 Speaker 1: I have extra bedrooms in my house and instead of 674 00:31:30,080 --> 00:31:33,880 Speaker 1: getting a roommate or using Airbnb, I have been renting 675 00:31:33,920 --> 00:31:38,360 Speaker 1: the rooms temporarily to medical students. Every hospital in the 676 00:31:38,520 --> 00:31:43,600 Speaker 1: country has medical students stay UM for either a month 677 00:31:43,800 --> 00:31:46,560 Speaker 1: or up to a couple of months and do rotations. 678 00:31:47,040 --> 00:31:49,160 Speaker 1: So this is all four Theore medical students. The Fourth 679 00:31:49,200 --> 00:31:52,720 Speaker 1: Theore Medical School is spent traveling around the country doing 680 00:31:53,240 --> 00:31:57,320 Speaker 1: short rotations UM at different hospitals and they all need 681 00:31:57,360 --> 00:32:01,720 Speaker 1: a place to stay. So my local hospital hosts the students. 682 00:32:01,800 --> 00:32:05,400 Speaker 1: And what I did was I called the Education Department 683 00:32:05,560 --> 00:32:08,720 Speaker 1: for Medical Education and I found somebody who takes care 684 00:32:08,880 --> 00:32:11,960 Speaker 1: of helping the medical students get settled, and there's a 685 00:32:12,080 --> 00:32:14,760 Speaker 1: I don't I think it's called Student Services something like that. 686 00:32:15,120 --> 00:32:17,440 Speaker 1: So they have a private website that I list my 687 00:32:17,520 --> 00:32:19,520 Speaker 1: rental on and then the students get in touch with 688 00:32:19,640 --> 00:32:23,680 Speaker 1: me directly and they discuss the terms of how long 689 00:32:23,720 --> 00:32:26,400 Speaker 1: they need to stay, and um, I list my rent there, 690 00:32:26,800 --> 00:32:28,880 Speaker 1: so it's worked out pretty good. I noticed the medical 691 00:32:28,920 --> 00:32:32,400 Speaker 1: students are responsible, they always pay on time um, and 692 00:32:32,480 --> 00:32:35,240 Speaker 1: then they are hardly ever there, so it works out 693 00:32:35,280 --> 00:32:37,560 Speaker 1: really good. So I just wanted to give you heads 694 00:32:37,640 --> 00:32:39,920 Speaker 1: up on this. Most people, if they live in a 695 00:32:40,160 --> 00:32:42,800 Speaker 1: medium a large city, have a hospital there. So if 696 00:32:42,840 --> 00:32:44,920 Speaker 1: they just called around and figured out how to find 697 00:32:45,160 --> 00:32:48,960 Speaker 1: this uh part of the hospital, then they can be 698 00:32:49,080 --> 00:32:52,360 Speaker 1: hooked up with someone to help them find renters for 699 00:32:52,400 --> 00:32:56,400 Speaker 1: their rooms. Okay, thank you by Matt. Well usually take questions, 700 00:32:56,640 --> 00:32:59,360 Speaker 1: but this comment was totally worth taking. I liked it. Man. Yeah, 701 00:32:59,440 --> 00:33:01,840 Speaker 1: and hopefully Well take more awesome comments in the future 702 00:33:01,960 --> 00:33:05,320 Speaker 1: on our episodes. But but Noel, this was totally worth discussing, 703 00:33:05,520 --> 00:33:07,360 Speaker 1: and so thanks for mentioning this. We we really love 704 00:33:07,440 --> 00:33:10,280 Speaker 1: this idea. And I think Matt, like Noel, what she's 705 00:33:10,320 --> 00:33:12,320 Speaker 1: really hit on here, what she's really made happen was 706 00:33:12,600 --> 00:33:15,120 Speaker 1: she found her niche and similar to kind of what 707 00:33:15,240 --> 00:33:19,000 Speaker 1: we just discussed in Ryan's question on whether you should 708 00:33:19,000 --> 00:33:21,600 Speaker 1: be investing in multifamily or single family homes, you have 709 00:33:21,680 --> 00:33:24,800 Speaker 1: to kind of find what you're specifically good at. And yeah, 710 00:33:24,880 --> 00:33:26,800 Speaker 1: you just need to find the space that you can own. 711 00:33:27,120 --> 00:33:29,000 Speaker 1: It turns out you don't have to choose between single 712 00:33:29,040 --> 00:33:31,000 Speaker 1: family and most family. You might be able to get 713 00:33:31,040 --> 00:33:34,080 Speaker 1: the best of both worlds. Yeah, for sure, And Noel's 714 00:33:34,120 --> 00:33:36,320 Speaker 1: crushing it. It seems like she's become the go to 715 00:33:36,480 --> 00:33:39,120 Speaker 1: place for medical students in her area to find housing. 716 00:33:39,440 --> 00:33:41,640 Speaker 1: I love that. I love her approach to this. Yeah, 717 00:33:41,680 --> 00:33:43,720 Speaker 1: and Joel, obviously this really got me thinking, since we 718 00:33:43,840 --> 00:33:46,160 Speaker 1: have an apartment in our house now. I reached out 719 00:33:46,160 --> 00:33:48,160 Speaker 1: to a friend of ours who's in healthcare, and he 720 00:33:48,360 --> 00:33:52,640 Speaker 1: actually recommended to check out the Area Health Education Center. 721 00:33:52,800 --> 00:33:54,680 Speaker 1: It's called a heck. I don't know if they call 722 00:33:54,720 --> 00:33:56,440 Speaker 1: it that, but that's what I wanted to say when 723 00:33:56,440 --> 00:34:00,560 Speaker 1: I saw we're doing all the good accreas exactly a heck. 724 00:34:01,040 --> 00:34:04,560 Speaker 1: The Area Health Education Center. This is a nationwide organization, 725 00:34:04,640 --> 00:34:06,880 Speaker 1: but they have local chapters with their own programs and 726 00:34:06,920 --> 00:34:10,440 Speaker 1: resources specific to different cities and regions, and so for 727 00:34:10,520 --> 00:34:12,480 Speaker 1: the Atlanta chapter, I looked and they didn't actually have 728 00:34:12,600 --> 00:34:15,480 Speaker 1: a specific resource for housing. I emailed them though, and 729 00:34:15,520 --> 00:34:18,160 Speaker 1: I'm actually waiting to hear back. But This is a 730 00:34:18,239 --> 00:34:20,759 Speaker 1: great consideration for folks out there if you're in a 731 00:34:20,840 --> 00:34:22,600 Speaker 1: position is similar to us where we, you know, we 732 00:34:22,680 --> 00:34:24,600 Speaker 1: were rocking the airbnb for a little bit, realized that 733 00:34:24,640 --> 00:34:26,319 Speaker 1: it got to be a lot of work, and now 734 00:34:26,480 --> 00:34:29,040 Speaker 1: we've been renting the apartment out on a more traditional basis, 735 00:34:29,239 --> 00:34:31,239 Speaker 1: but not necessarily for a year at a time. I 736 00:34:31,280 --> 00:34:33,080 Speaker 1: think ideal for us is a couple of months. And 737 00:34:33,160 --> 00:34:35,359 Speaker 1: it sounds like that might line up perfectly for someone 738 00:34:35,400 --> 00:34:37,600 Speaker 1: who is in town for a rotation. Yeah, for sure. 739 00:34:37,640 --> 00:34:40,000 Speaker 1: I think Noel what she brings to the table is 740 00:34:40,160 --> 00:34:41,719 Speaker 1: that we should all be thinking outside the box a 741 00:34:41,719 --> 00:34:44,000 Speaker 1: little more, like instead of just listing a property on 742 00:34:44,080 --> 00:34:47,759 Speaker 1: Craigslist or Zillo like everybody else is doing, maybe we 743 00:34:47,840 --> 00:34:50,880 Speaker 1: should do something different. And almost nothing in life is 744 00:34:51,040 --> 00:34:52,879 Speaker 1: one size fits all, right, Like you have to find 745 00:34:52,920 --> 00:34:55,480 Speaker 1: the best avenue for you, And Noel has found a 746 00:34:55,600 --> 00:34:59,840 Speaker 1: great avenue for her to make good income, have solid 747 00:35:00,000 --> 00:35:03,080 Speaker 1: and it's in her place consistently. It's something she feels 748 00:35:03,120 --> 00:35:05,760 Speaker 1: comfortable with and and she's got down pat she's totally 749 00:35:06,239 --> 00:35:08,879 Speaker 1: she's totally on this space. And so Matt, yeah, best 750 00:35:08,960 --> 00:35:11,680 Speaker 1: luck with a heck and getting and getting some medical 751 00:35:11,719 --> 00:35:14,400 Speaker 1: students in your place. It sounds like a great avenue 752 00:35:14,440 --> 00:35:16,239 Speaker 1: to pursue. And you know what, you just might have 753 00:35:16,320 --> 00:35:19,279 Speaker 1: this pipeline funneling great tenants to you consistently, which is 754 00:35:19,320 --> 00:35:21,680 Speaker 1: super cool. Yeah, it sounds like a pipeline of free 755 00:35:21,719 --> 00:35:24,319 Speaker 1: healthcare come in your way as well. Yeah, she would 756 00:35:24,320 --> 00:35:26,120 Speaker 1: you ask with these students to like, look at something 757 00:35:26,200 --> 00:35:30,440 Speaker 1: on your back that rash on my arm? Please? Exactly. 758 00:35:30,520 --> 00:35:32,520 Speaker 1: We we tend the cheap out in some areas of life, 759 00:35:32,680 --> 00:35:34,920 Speaker 1: and sometimes that comes back to kind of bite us 760 00:35:34,960 --> 00:35:37,319 Speaker 1: in the end. And hopefully healthcare isn't one of those 761 00:35:37,360 --> 00:35:39,239 Speaker 1: areas you might need to get a dentist in your 762 00:35:39,239 --> 00:35:43,719 Speaker 1: basement apartment. Don't tell people, they already know you've linked 763 00:35:43,760 --> 00:35:46,120 Speaker 1: the info. Alright, Joel, that's gonna be it for our 764 00:35:46,200 --> 00:35:48,160 Speaker 1: questions for this episode. Let's take it back to a beer. 765 00:35:48,719 --> 00:35:51,560 Speaker 1: This episode, we've been drinking hazelnut mocha latte. This is 766 00:35:52,040 --> 00:35:55,600 Speaker 1: an Imperial Milk Stouts by a True Respite. Again. This 767 00:35:55,719 --> 00:35:57,719 Speaker 1: was donated to the show by our friends Waffles on 768 00:35:57,800 --> 00:36:01,680 Speaker 1: Wednesdays and they were on this fantastic road trip and 769 00:36:01,760 --> 00:36:04,760 Speaker 1: they brought us this beer from Maryland. I was actually 770 00:36:04,800 --> 00:36:06,400 Speaker 1: out of town when they swung by, But I know, 771 00:36:06,480 --> 00:36:08,040 Speaker 1: you got some meat up and hang out with them. Yeah, 772 00:36:08,080 --> 00:36:10,040 Speaker 1: I got some coffee. Was great hanging out with our 773 00:36:10,080 --> 00:36:12,200 Speaker 1: our friends and seeing them, hearing about their travels. And 774 00:36:12,200 --> 00:36:13,920 Speaker 1: they brought this beer, which was really kind of them 775 00:36:14,320 --> 00:36:16,879 Speaker 1: from a pit stop that they made in Maryland, and man, 776 00:36:17,000 --> 00:36:19,759 Speaker 1: this was a great beer. Matt. Have you ever had 777 00:36:19,920 --> 00:36:23,040 Speaker 1: Rogue hazel Nut Brown? Oh? Yeah, but it's been maybe 778 00:36:23,239 --> 00:36:25,760 Speaker 1: a decade, right, Yeah, it's been a long time probably 779 00:36:25,840 --> 00:36:27,640 Speaker 1: for me to Rogue was one of the first craft 780 00:36:27,680 --> 00:36:30,080 Speaker 1: brewers in the game, and they're hazel nut Brown is 781 00:36:30,160 --> 00:36:32,120 Speaker 1: kind of the o g of hazel nut beers in 782 00:36:32,200 --> 00:36:35,239 Speaker 1: my opinion, and this one kind of ramps up that 783 00:36:35,800 --> 00:36:39,719 Speaker 1: multiple notches and it's smooth and it's creamy. Overall just 784 00:36:40,040 --> 00:36:42,759 Speaker 1: massively delicious. I love a good coffee beer. I like 785 00:36:42,840 --> 00:36:44,719 Speaker 1: it when it's a little creamy like this too. The 786 00:36:44,760 --> 00:36:47,480 Speaker 1: hazel nutnutes make it a touch sweet. So for folks 787 00:36:47,520 --> 00:36:49,439 Speaker 1: that like their coffee with quite a bit of cream 788 00:36:49,480 --> 00:36:52,799 Speaker 1: and sugar, they're gonna be this beer, right Yeah. Well, specifically, 789 00:36:52,840 --> 00:36:56,160 Speaker 1: if you like hazel nutka latte, you're probably gonna really 790 00:36:56,239 --> 00:36:58,160 Speaker 1: like this beer. And I will say I mean, you 791 00:36:58,239 --> 00:37:00,319 Speaker 1: definitely taste some of the coffee notes when you drink 792 00:37:00,360 --> 00:37:03,279 Speaker 1: the beer, but you smell way more than coffee notes 793 00:37:03,360 --> 00:37:06,800 Speaker 1: on the nose. It has a surprisingly massive coffee presence, 794 00:37:07,120 --> 00:37:08,960 Speaker 1: but luckily it kind of mellows out a little bit 795 00:37:09,040 --> 00:37:11,040 Speaker 1: as you drink it. But yeah, this was a good one. 796 00:37:11,040 --> 00:37:12,960 Speaker 1: I'm glad we got to share this some buddy for sure. 797 00:37:13,000 --> 00:37:14,880 Speaker 1: All right, man, that's gonna do it for this episode. 798 00:37:15,040 --> 00:37:17,160 Speaker 1: For anybody out there listening who has a question they'd 799 00:37:17,160 --> 00:37:20,279 Speaker 1: like to submit for a future ask htm episode, just 800 00:37:20,320 --> 00:37:23,319 Speaker 1: go to how to money dot com slash ask their 801 00:37:23,440 --> 00:37:26,360 Speaker 1: simple directions there for you to submit your question and 802 00:37:26,440 --> 00:37:29,120 Speaker 1: hopefully we'll feature it on an upcoming episode. And if 803 00:37:29,120 --> 00:37:31,480 Speaker 1: you haven't already, we would be incredibly grateful if you 804 00:37:31,640 --> 00:37:34,000 Speaker 1: rated and reviewed us over at Apple Podcast. It really 805 00:37:34,040 --> 00:37:36,400 Speaker 1: does help so much when it comes to others finding 806 00:37:36,480 --> 00:37:39,719 Speaker 1: our podcast. A five star review lets them know that 807 00:37:39,800 --> 00:37:43,640 Speaker 1: this is a podcast worth listening to. So thanks in advance. Well, man, 808 00:37:43,680 --> 00:37:45,880 Speaker 1: I gotta say it's it's definitely my favorite podcast to 809 00:37:45,960 --> 00:37:49,640 Speaker 1: listen to. I also have a giant poster of myself 810 00:37:50,160 --> 00:37:52,560 Speaker 1: in my own bedroom, which your wife loves. Right. Yeah, 811 00:37:52,640 --> 00:37:55,320 Speaker 1: I definitely don't have all right. Man, that's gonna be 812 00:37:55,320 --> 00:37:57,840 Speaker 1: it until next time. Best friends are out, best friends 813 00:37:57,880 --> 00:37:58,040 Speaker 1: out