1 00:00:00,120 --> 00:00:02,960 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:02,960 --> 00:00:25,240 Speaker 1: and today we're discussing making the most of an economic downturn. Oh, 3 00:00:25,400 --> 00:00:28,000 Speaker 1: you say economic. I think I'd like to say economic. Okay. 4 00:00:28,160 --> 00:00:31,880 Speaker 1: You say potato spert economic Okay. So this reminds me 5 00:00:32,080 --> 00:00:34,440 Speaker 1: of a couple of weeks ago, the fourth of July, 6 00:00:35,440 --> 00:00:39,279 Speaker 1: we got rained out in a substantial way. I think 7 00:00:39,320 --> 00:00:41,760 Speaker 1: the fireworks had just started. Your family was there, Our 8 00:00:41,760 --> 00:00:43,319 Speaker 1: family was there, and we started to feel the first 9 00:00:43,360 --> 00:00:46,120 Speaker 1: drops and we're like, oh no oh, and it turned out, 10 00:00:46,159 --> 00:00:48,879 Speaker 1: I mean, it just completely dumped on us. But you 11 00:00:48,920 --> 00:00:51,080 Speaker 1: know what, And we had walked to see the fireworks 12 00:00:51,600 --> 00:00:53,320 Speaker 1: basically like a mile and walked about a mile, and 13 00:00:53,360 --> 00:00:55,480 Speaker 1: so we had to walk a mile home in the 14 00:00:55,480 --> 00:00:57,480 Speaker 1: pouring rain. Yeah, And so I wanted to mention this 15 00:00:57,520 --> 00:01:00,000 Speaker 1: because the weather is not something that we had can 16 00:01:00,000 --> 00:01:04,039 Speaker 1: troll over. However, our attitudes and how we approached specifically 17 00:01:04,160 --> 00:01:06,399 Speaker 1: the walk home, you know, we kind of like talk 18 00:01:06,480 --> 00:01:08,240 Speaker 1: to all the girls really all right, listen up, here's 19 00:01:08,280 --> 00:01:10,319 Speaker 1: the deal. You know how when you get in the 20 00:01:10,319 --> 00:01:12,479 Speaker 1: shower and the waterfalls and it's just like when you're 21 00:01:12,480 --> 00:01:15,039 Speaker 1: getting in the shower, except for you get your clothes on. 22 00:01:15,360 --> 00:01:17,839 Speaker 1: But basically it was about talking to them so that 23 00:01:18,040 --> 00:01:19,840 Speaker 1: it wasn't going to be the stressful thing, right, Like 24 00:01:19,880 --> 00:01:23,200 Speaker 1: we weren't going to go rushing back to the house 25 00:01:23,200 --> 00:01:26,160 Speaker 1: to y'all's place, uh and slipping and sliding over each other, 26 00:01:26,160 --> 00:01:28,360 Speaker 1: where folks are getting hurt, freaking out. Folks aren't gonna 27 00:01:28,400 --> 00:01:32,160 Speaker 1: be crying it's unavoidable. Instead, let's just embrace this. That 28 00:01:32,280 --> 00:01:34,440 Speaker 1: was something that we had control over. And my wife says, 29 00:01:34,440 --> 00:01:36,760 Speaker 1: put on your adventure hats kids, and I think like 30 00:01:36,760 --> 00:01:38,680 Speaker 1: there's something to that, right, It's it's you've got to 31 00:01:38,800 --> 00:01:41,080 Speaker 1: kind of make a mental switch from like, oh no, 32 00:01:41,120 --> 00:01:43,560 Speaker 1: I'm getting rained on to like, all right, this an adventure, 33 00:01:43,959 --> 00:01:46,560 Speaker 1: let's have fun with exactly. And so similarly, that's what 34 00:01:46,600 --> 00:01:49,360 Speaker 1: we're talking about today. Things are not looking so great 35 00:01:49,480 --> 00:01:51,320 Speaker 1: in our economy, but there are things that we have 36 00:01:51,360 --> 00:01:53,200 Speaker 1: control over, and so we want to talk about how 37 00:01:53,440 --> 00:01:55,160 Speaker 1: you can make the most of this, right, So we'll 38 00:01:55,160 --> 00:01:57,680 Speaker 1: get into that on today's episode. But before we get 39 00:01:57,680 --> 00:01:59,680 Speaker 1: to that, Matt, I wanted to run a frugal or 40 00:01:59,760 --> 00:02:02,840 Speaker 1: cheek by you. I love them, I know they're fun. 41 00:02:03,080 --> 00:02:06,240 Speaker 1: And so one of our mutual friends, she is directing 42 00:02:06,280 --> 00:02:09,519 Speaker 1: a children's play, Matilda by Rold Doll, one of my 43 00:02:09,560 --> 00:02:12,320 Speaker 1: favorite authors, and um and I love I love reading 44 00:02:12,320 --> 00:02:13,919 Speaker 1: those books with the kids, and so yeah, this is 45 00:02:13,960 --> 00:02:15,919 Speaker 1: supposed to be this awesome play. My wife was like, 46 00:02:15,960 --> 00:02:17,720 Speaker 1: I'm gonna take the girls. And then I looked at 47 00:02:17,720 --> 00:02:19,679 Speaker 1: the prices and I was like, whoa is for a 48 00:02:19,760 --> 00:02:22,120 Speaker 1: kid's play? It was like thirty almost thirty five bucks 49 00:02:22,360 --> 00:02:25,000 Speaker 1: per ticket, so inflation, baby, yeah, I guess, not not 50 00:02:25,080 --> 00:02:26,720 Speaker 1: cheap to see the arts these days. But there was 51 00:02:26,720 --> 00:02:29,040 Speaker 1: a spot in there for a promo code, and she 52 00:02:29,200 --> 00:02:32,359 Speaker 1: was like, should I text Bethan need to ask her 53 00:02:33,080 --> 00:02:35,400 Speaker 1: if there's actually a promo code for this performance or not? 54 00:02:35,639 --> 00:02:37,880 Speaker 1: She wasn't sure. It wasn't uncouth or was it or 55 00:02:37,960 --> 00:02:40,280 Speaker 1: was it allowed? And I was like, no, of course 56 00:02:40,280 --> 00:02:42,240 Speaker 1: you can, like there's a spot for it, you should 57 00:02:42,240 --> 00:02:44,200 Speaker 1: at least ask to see if one exists. But Emily 58 00:02:44,280 --> 00:02:48,080 Speaker 1: was against it. It wasn't sure. She was a cheap yeah, 59 00:02:48,080 --> 00:02:50,160 Speaker 1: and so I convinced her to get it. Turned out 60 00:02:50,160 --> 00:02:52,079 Speaker 1: there wasn't a promo code, but you know she did. 61 00:02:52,200 --> 00:02:53,840 Speaker 1: She asked the question, and I guess I want to 62 00:02:53,840 --> 00:02:55,120 Speaker 1: know where you come down on that is Is it 63 00:02:55,120 --> 00:02:58,079 Speaker 1: frugal or cheap to ask somebody that that? Well, I mean, 64 00:02:58,120 --> 00:03:01,480 Speaker 1: I can't imagine that she's making Bay inc or that's uh, 65 00:03:01,520 --> 00:03:03,440 Speaker 1: if you were to enter a code that would affect 66 00:03:03,720 --> 00:03:05,959 Speaker 1: maybe what she's getting paid, right, I mean I do honestly, 67 00:03:06,000 --> 00:03:08,280 Speaker 1: I don't know how the art how the splits work. Yeah, 68 00:03:08,360 --> 00:03:12,040 Speaker 1: like what is the business model of ticket proceeds or 69 00:03:12,120 --> 00:03:13,560 Speaker 1: the sales did a flat feet? I don't know. Do 70 00:03:13,560 --> 00:03:15,240 Speaker 1: you get a cut of concessions because that's where all 71 00:03:15,240 --> 00:03:18,200 Speaker 1: the Moneys are, right, it's at the concessions. But I 72 00:03:18,440 --> 00:03:20,960 Speaker 1: don't think it's a big deal to ask. Uh. In fact, 73 00:03:21,120 --> 00:03:24,080 Speaker 1: is her family that I mean, they're they're pretty frugal 74 00:03:24,560 --> 00:03:26,360 Speaker 1: as well, and they know us well enough to know 75 00:03:26,360 --> 00:03:27,639 Speaker 1: that we're the kind of people who would ask that 76 00:03:27,720 --> 00:03:30,440 Speaker 1: questions exactly. But you know, if they're from ritzy part 77 00:03:30,440 --> 00:03:33,680 Speaker 1: of town, and if maybe we had different world views, 78 00:03:33,720 --> 00:03:35,520 Speaker 1: if we had different perspectives on things, I would have 79 00:03:35,520 --> 00:03:37,920 Speaker 1: felt personally I would be like, Okay, maybe I'm not 80 00:03:37,920 --> 00:03:41,120 Speaker 1: gonna ask that person, but I would be totally comfortable 81 00:03:41,240 --> 00:03:43,040 Speaker 1: asking for you. And I we talked about asking for 82 00:03:43,080 --> 00:03:45,400 Speaker 1: a discount, and I think it is important. I think 83 00:03:45,440 --> 00:03:47,280 Speaker 1: it's one of those muscles that we need, that we 84 00:03:47,280 --> 00:03:51,200 Speaker 1: need to give some exercise to. And but there are times, yeah, 85 00:03:51,280 --> 00:03:53,840 Speaker 1: there are times though where it can it can become uncouth, right, 86 00:03:53,880 --> 00:03:56,400 Speaker 1: and there are ways of asking that can be offensive. 87 00:03:56,640 --> 00:03:58,920 Speaker 1: But I think if you genuinely ask, hey, there's I 88 00:03:58,960 --> 00:04:01,400 Speaker 1: saw there's a promo code on the site. We're excited 89 00:04:01,440 --> 00:04:03,240 Speaker 1: to come see the play, but do you know if 90 00:04:03,280 --> 00:04:05,240 Speaker 1: there's some sort of like pre sale code or something 91 00:04:05,320 --> 00:04:06,880 Speaker 1: that we can enter. It's like, there's a way to 92 00:04:06,880 --> 00:04:08,960 Speaker 1: ask it, and then there's a way that looks cheap, 93 00:04:09,000 --> 00:04:10,560 Speaker 1: and I think so much of it is is in 94 00:04:10,600 --> 00:04:13,360 Speaker 1: the delivery, so you have to be careful about how 95 00:04:13,400 --> 00:04:15,600 Speaker 1: you're going about it. That's right. You can ask kindly. 96 00:04:16,040 --> 00:04:18,200 Speaker 1: That is a much better way to approach it versus 97 00:04:18,279 --> 00:04:21,960 Speaker 1: demanding where's where's the code? Because this is too expensive? Yeah, exactly, 98 00:04:22,440 --> 00:04:25,479 Speaker 1: but ultimately the yeah, they went recently and they had 99 00:04:25,600 --> 00:04:28,200 Speaker 1: a blast, well worth well with the money. That is 100 00:04:28,200 --> 00:04:30,120 Speaker 1: one of those things where we are starting to up 101 00:04:30,120 --> 00:04:33,240 Speaker 1: our budget. Is just like cultural events because especially as 102 00:04:33,279 --> 00:04:35,039 Speaker 1: the world is opening back up, we've missed a lot 103 00:04:35,120 --> 00:04:36,800 Speaker 1: of these things for far too long, and we're like, 104 00:04:37,080 --> 00:04:39,120 Speaker 1: you know, when it comes to like plays, music shows, 105 00:04:39,120 --> 00:04:41,160 Speaker 1: stuff like that. We want to get back out there 106 00:04:41,240 --> 00:04:43,640 Speaker 1: and enjoy some of that stuff. But Matt, let's move on. 107 00:04:43,680 --> 00:04:45,919 Speaker 1: Let's mention the beer we're having on today's episode. This 108 00:04:46,000 --> 00:04:49,080 Speaker 1: is Mexican Cake. It's by Westbrook Brewing. I believe we 109 00:04:49,120 --> 00:04:50,840 Speaker 1: had one of these like four years ago on the show, 110 00:04:50,839 --> 00:04:52,560 Speaker 1: but it's been a few years. We had to have 111 00:04:52,600 --> 00:04:57,800 Speaker 1: the version twenty to blend this beer. They just brew creation. Yeah, 112 00:04:57,960 --> 00:05:00,240 Speaker 1: and then this one's a true classic, So will give 113 00:05:00,279 --> 00:05:01,560 Speaker 1: our thoughts on this one thing. It looks like we 114 00:05:01,680 --> 00:05:03,840 Speaker 1: do this on their anniversary every year. So the first 115 00:05:03,880 --> 00:05:06,400 Speaker 1: time they've heard this was back in eleven, so this 116 00:05:06,480 --> 00:05:08,479 Speaker 1: is a beer that they've been ruined out for over 117 00:05:08,560 --> 00:05:10,640 Speaker 1: a decade and around a long time. Yeah. So yeah, 118 00:05:10,680 --> 00:05:12,800 Speaker 1: really looking forward to enjoying this one and sharing our 119 00:05:12,839 --> 00:05:15,000 Speaker 1: thoughts at the end of the episode. It has wowed 120 00:05:15,040 --> 00:05:16,960 Speaker 1: a lot of mouths. All right, let's let's get into 121 00:05:17,000 --> 00:05:19,400 Speaker 1: a mouth. Let's talk about making the most of an 122 00:05:19,400 --> 00:05:23,040 Speaker 1: economic downturn. And I don't know you were giving. You 123 00:05:23,320 --> 00:05:26,840 Speaker 1: just talked about how mindset influences how we react to things, 124 00:05:27,040 --> 00:05:29,800 Speaker 1: and that makes me think about actually our friend five 125 00:05:29,839 --> 00:05:32,120 Speaker 1: am Joel he writes a daily email and a few 126 00:05:32,120 --> 00:05:34,520 Speaker 1: weeks ago he actually wrote about something that's kind of 127 00:05:34,520 --> 00:05:36,159 Speaker 1: stuck with me in a big way. He he talked 128 00:05:36,200 --> 00:05:39,360 Speaker 1: about a seventy four year old Texan named Paul who 129 00:05:39,400 --> 00:05:42,559 Speaker 1: survived polio and he has to live inside and iron 130 00:05:42,600 --> 00:05:44,919 Speaker 1: lung in the chamber. Yes, yeah, did you see that? 131 00:05:45,680 --> 00:05:48,039 Speaker 1: And like, I feel like you actually have the sticks 132 00:05:48,040 --> 00:05:50,479 Speaker 1: in your mind when you see the photos posies does. Yeah, 133 00:05:51,120 --> 00:05:55,440 Speaker 1: depicts really more existence exactly how how Paul lives. And 134 00:05:55,560 --> 00:05:57,480 Speaker 1: you know he's been paralyzed from the neck down to 135 00:05:57,560 --> 00:06:00,440 Speaker 1: age six, and so we should get a photo and 136 00:06:00,440 --> 00:06:02,520 Speaker 1: put it in the show notes so people can actually see. 137 00:06:02,720 --> 00:06:05,599 Speaker 1: But Paul, Paul didn't go about feeling sorry for himself. 138 00:06:05,640 --> 00:06:08,520 Speaker 1: Even though he had a lot more obstacles than most 139 00:06:08,520 --> 00:06:10,760 Speaker 1: of us to overcome, he still managed to earn a 140 00:06:10,760 --> 00:06:13,000 Speaker 1: college degree and he went on to become a lawyer too, 141 00:06:13,120 --> 00:06:14,960 Speaker 1: and he even taught himself. Math I thought this was 142 00:06:15,000 --> 00:06:17,320 Speaker 1: the most impressive, more than even becoming a lawyer, to 143 00:06:17,400 --> 00:06:20,400 Speaker 1: write with a pen in his mouth. Um and so uh. 144 00:06:20,960 --> 00:06:23,799 Speaker 1: One of the quotes that Joel mentioned from Paul, he said, 145 00:06:24,360 --> 00:06:26,640 Speaker 1: I never gave up and I'm not going to and 146 00:06:26,680 --> 00:06:28,599 Speaker 1: so I don't know. I guess it just made me 147 00:06:28,600 --> 00:06:31,479 Speaker 1: think that that the things look bleak in our lives 148 00:06:31,480 --> 00:06:34,440 Speaker 1: at times, and they look bleak for the economy overall 149 00:06:34,480 --> 00:06:36,559 Speaker 1: at certain points in times, and we might be headed 150 00:06:36,600 --> 00:06:40,000 Speaker 1: for a darker period of economic distress in the coming 151 00:06:40,040 --> 00:06:43,080 Speaker 1: months and maybe even the coming years. The realities, we 152 00:06:43,120 --> 00:06:46,000 Speaker 1: can't always control our circumstances. We certainly can't control what 153 00:06:46,040 --> 00:06:48,520 Speaker 1: the Feds doing, who gets elected to public office, right 154 00:06:48,520 --> 00:06:51,520 Speaker 1: we we we have basically no ability to influence those 155 00:06:51,520 --> 00:06:54,960 Speaker 1: things or influence the decisions that are our officials make, 156 00:06:55,000 --> 00:06:57,960 Speaker 1: are our leaders make. But just like Paul I would say, 157 00:06:57,960 --> 00:06:59,640 Speaker 1: we have a lot of say over how we live 158 00:07:00,320 --> 00:07:03,200 Speaker 1: and the attitude that we live our lives with. And 159 00:07:03,240 --> 00:07:07,040 Speaker 1: I think that is honestly, truly, it's more important than 160 00:07:07,080 --> 00:07:09,279 Speaker 1: the things we can't control. And it's way more important 161 00:07:09,320 --> 00:07:11,640 Speaker 1: to put our focus on those things because they're gonna 162 00:07:11,640 --> 00:07:14,360 Speaker 1: make a big difference in what our lives actually look 163 00:07:14,440 --> 00:07:16,200 Speaker 1: like week to week, day to day. That's right. Yeah, 164 00:07:16,200 --> 00:07:18,400 Speaker 1: it's not just mindset, but we need to be spending 165 00:07:18,400 --> 00:07:20,760 Speaker 1: our time on the things that we have control over. 166 00:07:21,240 --> 00:07:24,880 Speaker 1: It reminds me of Stephen Covey's classic kind of old 167 00:07:24,880 --> 00:07:27,480 Speaker 1: school book now at this point, but seven Habits of 168 00:07:27,560 --> 00:07:30,360 Speaker 1: highly effective people. But he talks about how you have 169 00:07:30,600 --> 00:07:34,080 Speaker 1: a circle of concern and that's everything that we are 170 00:07:34,200 --> 00:07:37,080 Speaker 1: bombarded with on a day to day basis. But then 171 00:07:37,120 --> 00:07:40,880 Speaker 1: within that circle of concern, we have a circle of influence, 172 00:07:41,200 --> 00:07:43,320 Speaker 1: and how what we need to be doing is focusing 173 00:07:43,360 --> 00:07:47,000 Speaker 1: on that circle of influence. If we focus ourselves on 174 00:07:47,320 --> 00:07:49,520 Speaker 1: just the things that are in our circle of concern, 175 00:07:49,600 --> 00:07:52,800 Speaker 1: but outside of our circle of influence, then we're gonna 176 00:07:52,800 --> 00:07:55,360 Speaker 1: go insane. It's like, that's when we're gonna be when 177 00:07:55,400 --> 00:07:57,000 Speaker 1: it's gonna feel like we're spinning our wheels. We're not 178 00:07:57,000 --> 00:07:59,520 Speaker 1: just making any progress, We're not getting anywhere in life. 179 00:07:59,720 --> 00:08:03,240 Speaker 1: It's this really is an episode to help redirect you on, 180 00:08:03,320 --> 00:08:05,280 Speaker 1: you know, towards the things that you have control over. 181 00:08:06,120 --> 00:08:07,680 Speaker 1: But I think that that's going to be easier so 182 00:08:07,720 --> 00:08:12,720 Speaker 1: than done. Because Google searches about recessions have remained sky high. 183 00:08:12,920 --> 00:08:15,440 Speaker 1: A recent study found that three and four American consumers 184 00:08:15,440 --> 00:08:18,240 Speaker 1: are worried about a looming recession. Uh, And so clearly 185 00:08:18,280 --> 00:08:20,320 Speaker 1: it's on the mind of a lot of folks. And 186 00:08:20,440 --> 00:08:22,560 Speaker 1: you know, we have talked about how to prepare for 187 00:08:22,600 --> 00:08:24,960 Speaker 1: a recession. Much of what we discussed back in episode 188 00:08:25,000 --> 00:08:28,679 Speaker 1: five or three was basic personal finance planning to ensure 189 00:08:28,720 --> 00:08:30,880 Speaker 1: that you're well prepared, and you know, we want you 190 00:08:30,920 --> 00:08:33,960 Speaker 1: to pay off debt. We want you especially higher interest 191 00:08:34,040 --> 00:08:36,440 Speaker 1: rate credit card debt. We want you to cut back 192 00:08:36,480 --> 00:08:39,280 Speaker 1: on your expenses in order to increase the savings you 193 00:08:39,280 --> 00:08:41,560 Speaker 1: have on hand. All of these things, and we will 194 00:08:41,559 --> 00:08:44,240 Speaker 1: talk about some of that on this episode, But what 195 00:08:44,280 --> 00:08:47,480 Speaker 1: we really want to talk about today is how you 196 00:08:47,480 --> 00:08:51,240 Speaker 1: cannot just survive but thrive within these tougher economic times, 197 00:08:51,280 --> 00:08:53,960 Speaker 1: because I think the tendency is to play it safe, right, 198 00:08:54,200 --> 00:08:56,880 Speaker 1: Like you might be thinking yourself, Oh, we're in uncertain times. 199 00:08:56,880 --> 00:08:59,600 Speaker 1: Now is the time to hunker down, to kinnect, just 200 00:09:00,000 --> 00:09:03,200 Speaker 1: bild up that fortress, uh to to build up your savings. 201 00:09:03,679 --> 00:09:05,480 Speaker 1: And while that might be true for a lot of folks, 202 00:09:05,520 --> 00:09:08,040 Speaker 1: we also want to point out that we're living in 203 00:09:08,080 --> 00:09:11,200 Speaker 1: the midst of a lot of opportunity right now, and so, 204 00:09:11,760 --> 00:09:13,400 Speaker 1: like we do, you do want to be wise, you 205 00:09:13,440 --> 00:09:15,480 Speaker 1: do want to have cash on hand, but you also 206 00:09:15,520 --> 00:09:17,400 Speaker 1: don't want to play it too safe. You want to 207 00:09:17,440 --> 00:09:19,559 Speaker 1: take some risks as well. That's right, Yeah, sometimes you 208 00:09:19,559 --> 00:09:21,840 Speaker 1: can get that bunker mentality when you see the headlines 209 00:09:21,880 --> 00:09:23,440 Speaker 1: and it's like the economy is is not gonna do 210 00:09:23,520 --> 00:09:26,760 Speaker 1: so hot, and everyone needs to be prepared, and it 211 00:09:26,760 --> 00:09:29,400 Speaker 1: it begins you're being to let those things seep into 212 00:09:29,679 --> 00:09:33,839 Speaker 1: your mindset and you inadvertently maybe take on that bunker 213 00:09:33,880 --> 00:09:36,000 Speaker 1: mentality where there are things you can be doing to 214 00:09:36,120 --> 00:09:40,319 Speaker 1: proactively improve your life and your finances, but you're letting 215 00:09:40,360 --> 00:09:43,280 Speaker 1: all those other things maybe just suddenly cause you to 216 00:09:43,360 --> 00:09:48,040 Speaker 1: take um different steps, less less proactive, less optimistic steps. 217 00:09:48,280 --> 00:09:50,120 Speaker 1: And by the way, that this isn't an attempt this 218 00:09:50,200 --> 00:09:53,880 Speaker 1: episode to glorify something that that often does have adverse effects. Right, 219 00:09:54,400 --> 00:09:57,840 Speaker 1: A recession is it's bound to result in negative financial 220 00:09:57,920 --> 00:10:02,440 Speaker 1: consequences for lots of individuals and families. Um that happens 221 00:10:02,600 --> 00:10:06,040 Speaker 1: every recession. Unemployment goes up, and those aren't just numbers 222 00:10:06,040 --> 00:10:08,320 Speaker 1: on a paper. Those are real families, real individuals who 223 00:10:08,360 --> 00:10:11,120 Speaker 1: lose their jobs and have a tougher time. But the 224 00:10:11,160 --> 00:10:13,319 Speaker 1: reality is that when you look at the economic history 225 00:10:13,360 --> 00:10:16,520 Speaker 1: of our country, we're actually in a recession roughly fourteen 226 00:10:16,520 --> 00:10:19,079 Speaker 1: percent of the time. That's according to the National Bureau 227 00:10:19,120 --> 00:10:22,680 Speaker 1: of Economic Research. That doesn't sell it all that rare, right, Yes, exactly, 228 00:10:22,760 --> 00:10:26,000 Speaker 1: that's I think that's actually something that we can take 229 00:10:26,120 --> 00:10:30,080 Speaker 1: some solace in, right, Like, because the American world economy 230 00:10:30,120 --> 00:10:32,760 Speaker 1: post World War two, basically the chances are that are 231 00:10:32,800 --> 00:10:35,160 Speaker 1: recession is going to happen within two years from any 232 00:10:35,160 --> 00:10:39,040 Speaker 1: given date from what like n onward or whatever is 233 00:10:39,280 --> 00:10:43,040 Speaker 1: fort So from the date from any date if you 234 00:10:43,080 --> 00:10:46,480 Speaker 1: measure two years forward, there's like a you know, one 235 00:10:46,480 --> 00:10:48,560 Speaker 1: and two chance that you're going to enter a recession 236 00:10:49,080 --> 00:10:51,400 Speaker 1: in the near future. And so I'm not really sure 237 00:10:51,400 --> 00:10:54,079 Speaker 1: if that's like a confidence booster necessarily, but it makes 238 00:10:54,080 --> 00:10:56,480 Speaker 1: me feel better knowing that. You know, when you when 239 00:10:56,520 --> 00:10:59,599 Speaker 1: you look at these statistics, a recession, recession is you know, 240 00:10:59,720 --> 00:11:02,680 Speaker 1: in bitable, and they're they're hanging around, they're they're occurring 241 00:11:02,840 --> 00:11:05,120 Speaker 1: more frequently than we like to admit or believe. Yeah, 242 00:11:05,120 --> 00:11:06,920 Speaker 1: I mean, you think about how many years we've lived, 243 00:11:06,920 --> 00:11:09,480 Speaker 1: our lives, and you just gotta got to realize and 244 00:11:09,559 --> 00:11:11,840 Speaker 1: understand that, oh, I've lived through some of these. Even 245 00:11:11,840 --> 00:11:15,120 Speaker 1: though this time, like always, you think this one's gonna 246 00:11:15,120 --> 00:11:17,120 Speaker 1: be different, this is gonna be the big one, this 247 00:11:17,160 --> 00:11:19,280 Speaker 1: is when things are actually gonna change, But in reality, 248 00:11:19,360 --> 00:11:21,840 Speaker 1: it's most likely going to be just like those other ones, 249 00:11:21,880 --> 00:11:24,599 Speaker 1: that's right, Yeah, And I think maybe part of the 250 00:11:25,640 --> 00:11:28,480 Speaker 1: emotional difficulty when it comes to this recession, Matt is 251 00:11:28,520 --> 00:11:31,080 Speaker 1: just because it's been a little bit longer than it 252 00:11:31,080 --> 00:11:34,920 Speaker 1: traditionally is between recessions, because the last major recession we 253 00:11:34,960 --> 00:11:38,480 Speaker 1: had was fifteen years ago, right, and so it was 254 00:11:38,480 --> 00:11:40,439 Speaker 1: in that two thousand and eight timeframe, and I think 255 00:11:40,480 --> 00:11:43,800 Speaker 1: sometimes the more distance maybe between recessions, it can make 256 00:11:43,840 --> 00:11:45,960 Speaker 1: the next one seem more dot magnitude feels like it's 257 00:11:46,000 --> 00:11:49,079 Speaker 1: it's gonna increase, Yeah, And so that I think though, 258 00:11:49,120 --> 00:11:51,280 Speaker 1: the good news is that most consumers are more prepared 259 00:11:51,320 --> 00:11:53,960 Speaker 1: for an economic slump than they typically are, and that's 260 00:11:53,960 --> 00:11:57,160 Speaker 1: because cash on hand has never been higher across all 261 00:11:57,200 --> 00:12:00,520 Speaker 1: income and net worth levels. And while debt levels are 262 00:12:00,559 --> 00:12:03,000 Speaker 1: on the rise, there's still below pre pandemic highs, and 263 00:12:03,040 --> 00:12:06,400 Speaker 1: so yeah, even though inflation is still a real problem, 264 00:12:06,440 --> 00:12:09,000 Speaker 1: things just aren't as bad as they seem, although if 265 00:12:09,000 --> 00:12:11,000 Speaker 1: you were to look at the mainstream financial press, you 266 00:12:11,080 --> 00:12:13,640 Speaker 1: might not actually realize that that's true. Yeah, And you know, 267 00:12:13,800 --> 00:12:16,080 Speaker 1: this doesn't take away from the reality that it you 268 00:12:16,120 --> 00:12:18,680 Speaker 1: know that it does actually feel bad right now in 269 00:12:18,720 --> 00:12:21,040 Speaker 1: so many ways, because inflation it does suck. Like everything 270 00:12:21,120 --> 00:12:23,880 Speaker 1: is costing us more. Our household spending is up and 271 00:12:23,960 --> 00:12:26,840 Speaker 1: our investments are down. The housing market it actually looks 272 00:12:26,840 --> 00:12:29,280 Speaker 1: like it's it's finally cooling some but renters, they haven't 273 00:12:29,280 --> 00:12:32,120 Speaker 1: seen much help when it comes to affordability. The average 274 00:12:32,160 --> 00:12:34,480 Speaker 1: grocery grocery store runs it's still cost more this year 275 00:12:34,520 --> 00:12:38,160 Speaker 1: in two than it did in by a solid margin. 276 00:12:38,679 --> 00:12:40,120 Speaker 1: And that's a ton of bad news, you know, like 277 00:12:40,320 --> 00:12:42,600 Speaker 1: we're not trying to gloss over real pain and put 278 00:12:42,640 --> 00:12:45,719 Speaker 1: this optimistic spin on reality. It actually makes me think 279 00:12:45,800 --> 00:12:50,080 Speaker 1: of the University of Michigan's Consumer Sentiment Index. It's at 280 00:12:50,120 --> 00:12:52,240 Speaker 1: all time lows right now. It's literally the lowest it's 281 00:12:52,280 --> 00:12:55,000 Speaker 1: ever been. But what you have to keep in mind 282 00:12:55,120 --> 00:12:57,959 Speaker 1: is it's literally in the name of it, the consumer Index, 283 00:12:58,320 --> 00:13:01,400 Speaker 1: What is it? What is it measuring? Oftentimes they're looking 284 00:13:01,480 --> 00:13:03,640 Speaker 1: at what people, you know, what it is things cost, 285 00:13:03,840 --> 00:13:07,400 Speaker 1: and when inflation is high, yeah, it's gonna feel pretty crappy. 286 00:13:07,760 --> 00:13:09,920 Speaker 1: But the fact is that doesn't mean everything like we 287 00:13:09,960 --> 00:13:12,560 Speaker 1: just need to burn everything down. The world is not 288 00:13:12,720 --> 00:13:15,880 Speaker 1: going to end, uh, And the reality is that the 289 00:13:15,920 --> 00:13:18,000 Speaker 1: economy is kind of a mixed bag, right now, um, 290 00:13:18,040 --> 00:13:20,280 Speaker 1: the next couple of years, it could be an interesting 291 00:13:20,480 --> 00:13:23,439 Speaker 1: and bump bumpy ride, but these could also be some 292 00:13:23,520 --> 00:13:26,120 Speaker 1: of the best years of your life, not only from 293 00:13:26,160 --> 00:13:28,240 Speaker 1: a from a financial standpoint, but also just from a 294 00:13:28,360 --> 00:13:30,439 Speaker 1: like what life looks like like, what your real life 295 00:13:30,440 --> 00:13:33,120 Speaker 1: looks like aside from your finances. I think people start 296 00:13:33,160 --> 00:13:34,679 Speaker 1: to see these predictions and they're like, Okay, the next 297 00:13:34,679 --> 00:13:37,119 Speaker 1: two years are gonna be tough and again bunker mentality, 298 00:13:37,480 --> 00:13:39,800 Speaker 1: and they assume maybe that their whole life is going 299 00:13:39,840 --> 00:13:42,000 Speaker 1: to be impacted negatively. But no, no, no no, no, Like 300 00:13:42,120 --> 00:13:44,200 Speaker 1: that doesn't have to be the case, and you can 301 00:13:44,200 --> 00:13:46,360 Speaker 1: actually make a lot of Hey, you can do well 302 00:13:46,960 --> 00:13:49,760 Speaker 1: even though the broader economy is in a recession. That's 303 00:13:49,760 --> 00:13:51,959 Speaker 1: what we want to talk about today. So much depends 304 00:13:52,000 --> 00:13:54,160 Speaker 1: on what you do with the tough times hit if 305 00:13:54,160 --> 00:13:56,400 Speaker 1: you're able to make like lemonade out of those lemons. 306 00:13:56,600 --> 00:13:59,920 Speaker 1: And so the reality is that action is the anti 307 00:14:00,000 --> 00:14:02,160 Speaker 1: note to worry. So instead of freaking out about the 308 00:14:02,160 --> 00:14:05,640 Speaker 1: possibility of a recession or you know, entering a personal 309 00:14:05,760 --> 00:14:08,160 Speaker 1: and financial malaise, if we do let's say an through 310 00:14:08,200 --> 00:14:11,440 Speaker 1: recession territory, which is possible, action is going to be 311 00:14:11,440 --> 00:14:13,680 Speaker 1: your friend on multiple levels. And so we're gonna talk 312 00:14:13,720 --> 00:14:16,520 Speaker 1: more about that, the actions you can take to not 313 00:14:16,600 --> 00:14:20,480 Speaker 1: only just survive maybe in economic difficulty, but to actually 314 00:14:20,520 --> 00:14:23,160 Speaker 1: thrive making the most of an economic downturn. We'll get 315 00:14:23,160 --> 00:14:25,440 Speaker 1: to some of more thoughts on that right after this. 316 00:14:34,760 --> 00:14:36,920 Speaker 1: All right, we're back from the break. We're talking about 317 00:14:37,080 --> 00:14:41,240 Speaker 1: making hay while the sun ain't shining basically possible. I 318 00:14:41,240 --> 00:14:43,280 Speaker 1: don't even know how that works. I have never tried 319 00:14:43,680 --> 00:14:45,600 Speaker 1: to make hay. Yeah, I don't know. I don't know 320 00:14:45,600 --> 00:14:47,240 Speaker 1: anything about for me. You can use like some sort 321 00:14:47,240 --> 00:14:49,680 Speaker 1: of artificial light tourse um. Yeah, but even when the 322 00:14:49,680 --> 00:14:53,400 Speaker 1: sun set outs, the like plans still grow, like they're 323 00:14:53,400 --> 00:14:55,080 Speaker 1: still you the rays, Like I don't know anything about 324 00:14:55,080 --> 00:14:57,800 Speaker 1: growing place. But let let's talk about where your personal 325 00:14:57,840 --> 00:15:01,200 Speaker 1: finances are currently, because hopefully, like you have been listening 326 00:15:01,200 --> 00:15:03,000 Speaker 1: to the show for a while, or if not, maybe 327 00:15:03,000 --> 00:15:05,360 Speaker 1: you've already maybe you had some healthy money habits that 328 00:15:05,400 --> 00:15:07,200 Speaker 1: were already a part of your life. And if so, 329 00:15:07,720 --> 00:15:10,520 Speaker 1: then you likely have a decent financial footing, which is 330 00:15:10,560 --> 00:15:14,200 Speaker 1: really important because your current position it really matters. I 331 00:15:14,240 --> 00:15:16,360 Speaker 1: think it said that like we only rise to the 332 00:15:16,440 --> 00:15:20,280 Speaker 1: level of our preparation or actually it's like you don't 333 00:15:20,360 --> 00:15:23,120 Speaker 1: rise to the occasion, you fall to the highest level 334 00:15:23,200 --> 00:15:25,120 Speaker 1: of your preparation, right, because like like that's the kind 335 00:15:25,120 --> 00:15:28,120 Speaker 1: of situation where it's almost there as like this sort 336 00:15:28,160 --> 00:15:30,040 Speaker 1: of like as a backstop, it's like the floor, right, 337 00:15:30,040 --> 00:15:32,880 Speaker 1: you don't think exactly yeah, yeah, yeah, And so I 338 00:15:32,960 --> 00:15:36,520 Speaker 1: think that's true and not only athletics, but also personal finance. 339 00:15:36,840 --> 00:15:38,800 Speaker 1: And when the economy goes through a tough time, we 340 00:15:38,840 --> 00:15:41,440 Speaker 1: find out who's been swimming naked as warm Buffett likes 341 00:15:41,440 --> 00:15:43,800 Speaker 1: to say, who's been night swimming? As r Em likes 342 00:15:43,800 --> 00:15:47,520 Speaker 1: to say, you don't even want to think about warm, 343 00:15:47,600 --> 00:15:50,960 Speaker 1: but of it nights swimming? No, no, you don't you 344 00:15:51,040 --> 00:15:53,720 Speaker 1: get give me a terrible mental picture, uh, night swimming, 345 00:15:53,760 --> 00:15:56,760 Speaker 1: like you're always getting dipping when when you're nice wimmen, right, 346 00:15:56,800 --> 00:15:59,880 Speaker 1: Like is that just that's that's given, that's understood. Okay, 347 00:15:59,880 --> 00:16:02,480 Speaker 1: that on us what I thought. But bottom line, like 348 00:16:02,520 --> 00:16:04,680 Speaker 1: if you have too much leverage, uh and not enough 349 00:16:04,680 --> 00:16:06,800 Speaker 1: money in the bank, not enough savings, you might be 350 00:16:06,840 --> 00:16:09,120 Speaker 1: forced to make a financial decision that is going to 351 00:16:09,120 --> 00:16:12,360 Speaker 1: go against your long term best interest. And that is 352 00:16:12,400 --> 00:16:14,560 Speaker 1: what we want you to avoid. You know, like honestly, like, 353 00:16:14,600 --> 00:16:17,280 Speaker 1: we pray that you've been able to implement the like 354 00:16:17,280 --> 00:16:20,200 Speaker 1: the quote unquote boring advice and the different tenants that 355 00:16:20,240 --> 00:16:21,640 Speaker 1: we live by and that we talked about here on 356 00:16:21,680 --> 00:16:25,720 Speaker 1: the show, even back when when things were We're good right, 357 00:16:25,760 --> 00:16:27,280 Speaker 1: like back when think when it seemed like that there 358 00:16:27,360 --> 00:16:29,560 Speaker 1: was a way to make easy money around every corner. 359 00:16:30,240 --> 00:16:33,560 Speaker 1: Hopefully you were following the sound advice that we were 360 00:16:33,560 --> 00:16:35,320 Speaker 1: talking about here on the show. Yeah, I know, for 361 00:16:35,360 --> 00:16:37,640 Speaker 1: a while we kind of looked like loons because there 362 00:16:37,640 --> 00:16:40,600 Speaker 1: were much easier ways to make money than the boring, slow, 363 00:16:40,640 --> 00:16:42,600 Speaker 1: methodical ways that we talk about here on the show. 364 00:16:42,800 --> 00:16:44,960 Speaker 1: But a lot of those games that people made were 365 00:16:45,040 --> 00:16:48,560 Speaker 1: swept away vegan not overnight, but pretty band quickly, and 366 00:16:48,640 --> 00:16:51,280 Speaker 1: so um. It's it's one of those things where something 367 00:16:51,320 --> 00:16:53,640 Speaker 1: that looks good in the short term isn't always best 368 00:16:53,720 --> 00:16:55,920 Speaker 1: in the long term. And it's worth pointing out to 369 00:16:56,000 --> 00:16:58,520 Speaker 1: Matt that what looks foolish during a bull run looks 370 00:16:58,840 --> 00:17:02,480 Speaker 1: really wise when you're enter some sort of recessionary period. 371 00:17:02,960 --> 00:17:05,760 Speaker 1: The matra over the past couple of years from a 372 00:17:05,800 --> 00:17:07,760 Speaker 1: lot of folks in the personal finance realm has been 373 00:17:07,760 --> 00:17:09,960 Speaker 1: the cash is trash and so why would you why 374 00:17:09,960 --> 00:17:12,000 Speaker 1: would you hold onto any amount of cash um in 375 00:17:12,119 --> 00:17:15,119 Speaker 1: a savings account, especially as inflations heating up. You a 376 00:17:15,119 --> 00:17:16,960 Speaker 1: cashi this king guy now, And well, no, I'm not 377 00:17:17,000 --> 00:17:19,640 Speaker 1: a cashist king guy, because I think there's certainly, um, 378 00:17:19,680 --> 00:17:21,680 Speaker 1: there are a lot of people who are are too 379 00:17:21,680 --> 00:17:23,840 Speaker 1: nervous to invest and they keep too much money in cash. 380 00:17:24,400 --> 00:17:27,199 Speaker 1: That's a real problem too. But where those guys right 381 00:17:27,200 --> 00:17:29,400 Speaker 1: in the middle, we take that nuanced approach, yes, exactly, 382 00:17:29,480 --> 00:17:33,000 Speaker 1: And so yeah, cat cash is never trash, and we 383 00:17:33,040 --> 00:17:35,840 Speaker 1: would say that that that's slow and steady wins the race. 384 00:17:36,000 --> 00:17:39,119 Speaker 1: And for folks who have had cash on hand, you know, 385 00:17:39,240 --> 00:17:42,400 Speaker 1: ready to pounce, ready as a backstop too in case 386 00:17:42,440 --> 00:17:44,639 Speaker 1: things do get difficult. You look a little more sage 387 00:17:44,720 --> 00:17:47,800 Speaker 1: right now. Then maybe those people, the crypto bros who 388 00:17:47,880 --> 00:17:50,960 Speaker 1: were sticking it all in meme coins and so you 389 00:17:51,000 --> 00:17:53,040 Speaker 1: know that again, we don't that doesn't mean that we 390 00:17:53,080 --> 00:17:55,160 Speaker 1: don't want you investing. That's a crucial part of growing 391 00:17:55,200 --> 00:17:58,240 Speaker 1: your wealth over time. But cash is most definitely not trash. 392 00:17:58,600 --> 00:18:03,120 Speaker 1: And that's particularly true we're entering a time of economic uncertainty. Um. Yeah, 393 00:18:03,200 --> 00:18:06,320 Speaker 1: basically that means having an emergency fund. Uh. And we 394 00:18:06,359 --> 00:18:08,760 Speaker 1: say that two thousand, four hundred and sixty seven dollars 395 00:18:08,880 --> 00:18:10,640 Speaker 1: is the minimum amount you want in the same news 396 00:18:10,680 --> 00:18:13,840 Speaker 1: account because that is what economists have found. Um, it 397 00:18:13,880 --> 00:18:17,160 Speaker 1: allows you to weather most financial storms. But eventually, yeah, 398 00:18:17,160 --> 00:18:18,639 Speaker 1: we want you to have a fully funded three to 399 00:18:18,680 --> 00:18:22,400 Speaker 1: six months of living expenses on hand. And why three 400 00:18:22,400 --> 00:18:24,840 Speaker 1: to six months? Well, so much of what you choose 401 00:18:24,880 --> 00:18:27,560 Speaker 1: to have in your savings account depends on the kind 402 00:18:27,560 --> 00:18:29,520 Speaker 1: of life that you're living and the kind of income 403 00:18:29,560 --> 00:18:32,040 Speaker 1: that you have and how stable that income is. But yeah, 404 00:18:32,080 --> 00:18:34,919 Speaker 1: how many different responsibilities and dependence you might have, how 405 00:18:34,920 --> 00:18:37,919 Speaker 1: many pets you have to feel exactly take all that, 406 00:18:38,119 --> 00:18:39,960 Speaker 1: especially as you can't find cat food on the shelves 407 00:18:39,960 --> 00:18:41,240 Speaker 1: and the prices on that are going up. I mean 408 00:18:41,280 --> 00:18:43,399 Speaker 1: it's gonna it's gonna change, and you've got to cat malls, 409 00:18:43,400 --> 00:18:47,200 Speaker 1: you got to feed. The food is hard to come by. Yeah, 410 00:18:47,280 --> 00:18:49,760 Speaker 1: I heard definitely talking about maybe getting chickens here soon 411 00:18:49,880 --> 00:18:52,240 Speaker 1: now that you've got a larger back. That's that's all 412 00:18:52,280 --> 00:18:55,520 Speaker 1: I need at the new place. Um. And so, like 413 00:18:55,560 --> 00:18:57,159 Speaker 1: why we want you to have that emergency fund on 414 00:18:57,160 --> 00:19:00,159 Speaker 1: hand is because like that is going to mean not 415 00:19:00,200 --> 00:19:02,439 Speaker 1: only are you able to weather any potential storms on 416 00:19:02,480 --> 00:19:04,560 Speaker 1: the horizon, but that you're able to put some of 417 00:19:04,560 --> 00:19:07,359 Speaker 1: that cash to use in order to take advantage and 418 00:19:07,400 --> 00:19:09,840 Speaker 1: to make the most of where the economy is at 419 00:19:09,880 --> 00:19:11,920 Speaker 1: the moment. Simply put, like you want to be able 420 00:19:11,960 --> 00:19:14,040 Speaker 1: to have that money on hand when you see a deal. 421 00:19:14,320 --> 00:19:16,000 Speaker 1: And you know we've talked about this recently, but you 422 00:19:16,080 --> 00:19:20,720 Speaker 1: might find that rising inventory levels declining sales for certain companies. 423 00:19:20,880 --> 00:19:22,600 Speaker 1: You might find that this puts you in the catbird 424 00:19:22,680 --> 00:19:25,400 Speaker 1: seat for a larger purchase that you've been waiting for. 425 00:19:25,760 --> 00:19:28,880 Speaker 1: You might even find that buying used items will get 426 00:19:28,960 --> 00:19:31,919 Speaker 1: less expensive as others they might find the need to 427 00:19:32,000 --> 00:19:34,160 Speaker 1: part with items for less money in order to cope 428 00:19:34,160 --> 00:19:37,199 Speaker 1: with their own financial issues. And if I feel like 429 00:19:37,200 --> 00:19:39,320 Speaker 1: this might sound a little cold blood, like it feels 430 00:19:39,320 --> 00:19:41,800 Speaker 1: a little harsh to stress of other people, but this 431 00:19:41,880 --> 00:19:43,840 Speaker 1: is how free markets work, right, Like I wish that 432 00:19:43,880 --> 00:19:45,800 Speaker 1: everybody was prepared. This is why we have the show. 433 00:19:45,800 --> 00:19:47,360 Speaker 1: Like we talked about the different things that we want 434 00:19:47,359 --> 00:19:49,720 Speaker 1: everybody to do, We want everybody to be prepared for 435 00:19:49,840 --> 00:19:52,440 Speaker 1: downturns like this, but that is just not the reality 436 00:19:52,480 --> 00:19:55,000 Speaker 1: that we live in. And ultimately, when you have a 437 00:19:55,000 --> 00:19:57,240 Speaker 1: free market that allows that person to say, you know what, 438 00:19:57,359 --> 00:20:00,560 Speaker 1: this item is no longer worth X amount of money 439 00:20:00,600 --> 00:20:03,040 Speaker 1: to me anymore, and I would rather exchange it four 440 00:20:03,080 --> 00:20:04,920 Speaker 1: those dollars in hand so that I can do something 441 00:20:04,920 --> 00:20:07,320 Speaker 1: else with that money. And so they are willingly, voluntarily 442 00:20:07,400 --> 00:20:10,199 Speaker 1: making that decision, and of course you can come in 443 00:20:10,240 --> 00:20:14,280 Speaker 1: with your cash and gladly exchange your money for that item, 444 00:20:14,400 --> 00:20:16,360 Speaker 1: and of course you both come out ahead. Yeah. I mean, 445 00:20:16,400 --> 00:20:18,560 Speaker 1: my guess is, let's say you've always wanted a peloton, 446 00:20:18,640 --> 00:20:20,119 Speaker 1: but you didn't pounce in the height of the of 447 00:20:20,160 --> 00:20:22,760 Speaker 1: the pandemic, and you know, you might be able to 448 00:20:22,800 --> 00:20:25,320 Speaker 1: get one half price in UH in six months or 449 00:20:25,359 --> 00:20:27,840 Speaker 1: a year from someone who I'm only using. There's a 450 00:20:27,840 --> 00:20:30,680 Speaker 1: code hanger now, and you know, and it's not like 451 00:20:30,760 --> 00:20:34,119 Speaker 1: it's a great place to hang my intimates exactly as 452 00:20:34,119 --> 00:20:36,040 Speaker 1: so as I can't throw in the dry recession can 453 00:20:36,080 --> 00:20:37,720 Speaker 1: be the time to pick up used goods from other 454 00:20:37,760 --> 00:20:40,760 Speaker 1: people where they have overspent and now they're realizing it 455 00:20:41,000 --> 00:20:42,720 Speaker 1: and you can pick it up for pennies on the dollar, 456 00:20:42,960 --> 00:20:44,679 Speaker 1: and so it is something to be aware of. That 457 00:20:44,800 --> 00:20:47,120 Speaker 1: is another nice use of having cash on hand. Why 458 00:20:47,160 --> 00:20:49,560 Speaker 1: it's not trash, being able to pounce when you see 459 00:20:49,600 --> 00:20:51,880 Speaker 1: a deal on something that matters to you. But yeah, 460 00:20:51,920 --> 00:20:53,720 Speaker 1: it's not only the tree able to put cash to 461 00:20:53,760 --> 00:20:56,359 Speaker 1: good use today or months down the road when you 462 00:20:56,440 --> 00:20:58,400 Speaker 1: find something that's a good deal, but you can also 463 00:20:58,440 --> 00:21:01,920 Speaker 1: put it to good use for your future. And here 464 00:21:01,920 --> 00:21:03,960 Speaker 1: we're talking about investing. We want you to be a 465 00:21:04,000 --> 00:21:08,520 Speaker 1: smart and savvy investor during an economic downturn. And it's 466 00:21:08,520 --> 00:21:11,480 Speaker 1: a reality that investing doesn't feel as fun right now 467 00:21:11,640 --> 00:21:14,280 Speaker 1: when we're not hitting all time highs all the freaking time, 468 00:21:14,520 --> 00:21:17,040 Speaker 1: like you know, a hundred and sixty times in a year, 469 00:21:17,880 --> 00:21:20,439 Speaker 1: seeing the stock marketing clothes at all time highs. That's 470 00:21:20,520 --> 00:21:21,840 Speaker 1: kind of fun as you start to see your net 471 00:21:21,880 --> 00:21:25,800 Speaker 1: worth grow. But it's also true that bear markets accelerate 472 00:21:25,840 --> 00:21:29,119 Speaker 1: your opportunity to build wealth. And so similar to recessions, 473 00:21:29,160 --> 00:21:32,960 Speaker 1: bear markets are the reality roughly fifteen percent of the 474 00:21:32,960 --> 00:21:35,879 Speaker 1: time as well. It's not something to be super frightened 475 00:21:35,880 --> 00:21:38,359 Speaker 1: of that rarely happens. It's one of those, uh, those 476 00:21:38,400 --> 00:21:41,439 Speaker 1: things that happens because the economy runs in cycles. But 477 00:21:41,520 --> 00:21:43,800 Speaker 1: it's even more crucial that you stay the course and 478 00:21:43,840 --> 00:21:46,159 Speaker 1: you keep talking away money in your workplace or personal 479 00:21:46,240 --> 00:21:50,760 Speaker 1: retirement accounts, because a down market means you're getting a deal. 480 00:21:51,160 --> 00:21:53,600 Speaker 1: Just like with personal goods, maybe that someone else's mod 481 00:21:53,640 --> 00:21:55,119 Speaker 1: and you're getting it for pennies on the dollar. Well 482 00:21:55,160 --> 00:21:58,560 Speaker 1: you're also getting those stocks at a discount. So continuing 483 00:21:58,600 --> 00:22:00,639 Speaker 1: to invest in a down mark it makes a lot 484 00:22:00,680 --> 00:22:03,720 Speaker 1: of sense, and it's actually really really important. So it's 485 00:22:03,720 --> 00:22:05,520 Speaker 1: it's also I partant to note that bear markets can 486 00:22:05,600 --> 00:22:07,960 Speaker 1: last for years. I mean, we don't know that this 487 00:22:08,040 --> 00:22:09,879 Speaker 1: bear market will. I think the average one lasts just 488 00:22:10,040 --> 00:22:13,160 Speaker 1: over a year. But um, there's no guaranteed time frame 489 00:22:13,200 --> 00:22:15,720 Speaker 1: for these things either, so you can't time the bottom 490 00:22:15,840 --> 00:22:18,400 Speaker 1: or time it perfectly. Um. And so it's just important 491 00:22:18,600 --> 00:22:21,040 Speaker 1: as someone who listens to htm, someone who wants to 492 00:22:21,280 --> 00:22:25,240 Speaker 1: build wealth for their future, that you are continually investing, 493 00:22:26,080 --> 00:22:29,600 Speaker 1: especially in down cycles, because that is what's going to 494 00:22:29,680 --> 00:22:32,200 Speaker 1: ultimately help you if you're in the wealth building phase 495 00:22:32,240 --> 00:22:34,000 Speaker 1: of your life. That's right. Yeah, if you have a 496 00:22:34,080 --> 00:22:37,280 Speaker 1: long time horizon you can afford to be patient, you 497 00:22:37,320 --> 00:22:39,159 Speaker 1: need to work to be patient. Like I feel like 498 00:22:39,200 --> 00:22:41,400 Speaker 1: that's a muscle that we have to cultivate. If you've 499 00:22:41,400 --> 00:22:44,040 Speaker 1: got years in decades before you have to tapt that 500 00:22:44,080 --> 00:22:46,040 Speaker 1: money because you know that things are gonna turn around. 501 00:22:46,080 --> 00:22:48,280 Speaker 1: But part of that bunker mentality can affect a lot 502 00:22:48,320 --> 00:22:49,720 Speaker 1: of people when it comes to investing two And they 503 00:22:49,760 --> 00:22:51,280 Speaker 1: might say, I'm going to sit on the sidelines for 504 00:22:51,320 --> 00:22:54,600 Speaker 1: a while until maybe the malaise of the stock market clears. 505 00:22:54,880 --> 00:22:56,679 Speaker 1: But that would be the exact wrong reaction to have 506 00:22:57,080 --> 00:23:00,480 Speaker 1: because then you wouldn't be making hay while during this 507 00:23:00,520 --> 00:23:04,120 Speaker 1: economic downturn, you wouldn't be making progress financial progress. Um, 508 00:23:04,160 --> 00:23:07,080 Speaker 1: you'd actually be avoiding the time one of the best 509 00:23:07,119 --> 00:23:08,679 Speaker 1: times for you to be an investor. Yeah, I mean, 510 00:23:08,680 --> 00:23:10,639 Speaker 1: we've heard from folks you know who who are fearful 511 00:23:10,640 --> 00:23:12,520 Speaker 1: about staying the course when the when stocks are down, 512 00:23:13,000 --> 00:23:14,720 Speaker 1: or they might want to try to pivot and try 513 00:23:15,160 --> 00:23:18,760 Speaker 1: a different approach. But the reality is that changing how 514 00:23:19,040 --> 00:23:20,840 Speaker 1: it is that you invest based on the current mark 515 00:23:20,840 --> 00:23:23,359 Speaker 1: conditions is is it's going to be a recipe for 516 00:23:23,480 --> 00:23:26,480 Speaker 1: more potential pain. Just like going all in on the 517 00:23:26,480 --> 00:23:29,960 Speaker 1: crypto hype train around Super Bowl time that would have 518 00:23:30,040 --> 00:23:32,439 Speaker 1: left you in a nasty spot, Thank you, Larry and 519 00:23:32,480 --> 00:23:34,639 Speaker 1: Matt Damon. In the same way betting my hand, betting 520 00:23:34,680 --> 00:23:38,200 Speaker 1: against the market, or swapping strategies that could similarly mess 521 00:23:38,240 --> 00:23:40,080 Speaker 1: you up, and we want you to stay the course. 522 00:23:40,080 --> 00:23:42,840 Speaker 1: You know, action it is the antidote to worry, but 523 00:23:42,920 --> 00:23:45,399 Speaker 1: not new action, right Like, It's it's like kind of 524 00:23:45,400 --> 00:23:48,720 Speaker 1: one of those times when folks say, don't do something, 525 00:23:48,760 --> 00:23:51,320 Speaker 1: just stand there. You know. It's like the opposite of 526 00:23:51,320 --> 00:23:53,760 Speaker 1: of I think what a lot of people want to do. 527 00:23:53,960 --> 00:23:55,800 Speaker 1: Because and we even said it at the big earlier 528 00:23:55,800 --> 00:23:57,880 Speaker 1: on in the episode. How how action is the endidote? 529 00:23:57,920 --> 00:24:00,440 Speaker 1: Right Like, that is how we combat some of the worry, 530 00:24:00,480 --> 00:24:02,520 Speaker 1: but the wrong action can actually hurt you, right Instead, 531 00:24:02,560 --> 00:24:04,720 Speaker 1: we're like, what we're talking about is the same old actions, 532 00:24:05,200 --> 00:24:08,680 Speaker 1: uh that, like like continuing to buy widely diversified, low 533 00:24:08,720 --> 00:24:11,360 Speaker 1: cost index funds um. The only change that we'd want 534 00:24:11,440 --> 00:24:14,520 Speaker 1: you to consider is if you actually opt maybe to 535 00:24:14,560 --> 00:24:17,840 Speaker 1: allocate more of your dollars into those investment accounts, you know, 536 00:24:17,920 --> 00:24:20,119 Speaker 1: buying while things are on sale. Just remember that that 537 00:24:20,160 --> 00:24:24,120 Speaker 1: tough economic times can actually help prudent folks accelerate their 538 00:24:24,160 --> 00:24:27,040 Speaker 1: wealth building goals. Yeah, if someone offered you a way 539 00:24:27,119 --> 00:24:30,120 Speaker 1: to reach financial independence a year or two earlier, you'd 540 00:24:30,119 --> 00:24:32,600 Speaker 1: probably say, sign me up for that. That sounds great. Well, 541 00:24:32,680 --> 00:24:35,800 Speaker 1: bear market in reality can actually do that perfectively. That's 542 00:24:35,800 --> 00:24:37,880 Speaker 1: what that is. Yeah, as you're pouring more and more 543 00:24:37,920 --> 00:24:40,920 Speaker 1: of your money into the American economy or the worldwide 544 00:24:40,920 --> 00:24:43,359 Speaker 1: economy as a whole, but you're doing it on sale 545 00:24:43,480 --> 00:24:46,760 Speaker 1: like that, that is only going to positively impact you, 546 00:24:47,119 --> 00:24:50,000 Speaker 1: uh in the future. And Matt, basically what we're what 547 00:24:50,000 --> 00:24:51,919 Speaker 1: we're getting at here is that there's a big difference 548 00:24:51,960 --> 00:24:55,560 Speaker 1: between preparing for an economic downturn and then reacting to one. 549 00:24:55,880 --> 00:24:58,719 Speaker 1: Because when you're able to proactively prepare, that allows you 550 00:24:58,760 --> 00:25:02,480 Speaker 1: to respond sitively to any opportunities that come up. And 551 00:25:02,520 --> 00:25:04,720 Speaker 1: sometimes you don't know what those opportunities are going to be, 552 00:25:05,320 --> 00:25:08,080 Speaker 1: but when you're prepared, then you can pounce. And so yeah, 553 00:25:08,080 --> 00:25:10,320 Speaker 1: when if you fail to prepare on the other side 554 00:25:10,320 --> 00:25:12,320 Speaker 1: of the coin, then when the crap it's the fan, 555 00:25:12,359 --> 00:25:15,680 Speaker 1: you're more likely to react negatively, leaving you much worse 556 00:25:15,760 --> 00:25:18,680 Speaker 1: off at least financially speaking. And unfortunately, you know, many 557 00:25:18,680 --> 00:25:22,000 Speaker 1: people believe that they barely have enough to make ends meet, 558 00:25:22,080 --> 00:25:24,000 Speaker 1: and so it can take a long time in order 559 00:25:24,040 --> 00:25:27,679 Speaker 1: to put together and execute a plan, whereas others they 560 00:25:27,760 --> 00:25:30,160 Speaker 1: might have enough money on hand. You know, they bring 561 00:25:30,160 --> 00:25:32,360 Speaker 1: in a healthy paycheck, but they just need to get organized. 562 00:25:32,359 --> 00:25:34,520 Speaker 1: But either way, no matter where, they don't have the knowledge, 563 00:25:34,560 --> 00:25:36,440 Speaker 1: Like they've got the money, but maybe they just don't 564 00:25:36,480 --> 00:25:39,359 Speaker 1: have the skill set exactly. And so either way, we 565 00:25:39,480 --> 00:25:42,080 Speaker 1: point folks to start at episode three oh two where 566 00:25:42,160 --> 00:25:44,199 Speaker 1: we introduced our money gears, or you can just go 567 00:25:44,280 --> 00:25:45,680 Speaker 1: to our website. You can go to how the money 568 00:25:45,720 --> 00:25:48,560 Speaker 1: dot com slash start here and you'll quickly be able 569 00:25:48,600 --> 00:25:50,960 Speaker 1: to recognize which money gear you're in and what the 570 00:25:51,000 --> 00:25:52,880 Speaker 1: next step is, like how you can how you can 571 00:25:52,920 --> 00:25:55,439 Speaker 1: start to move forward, because yeah, depending on where you are, 572 00:25:55,440 --> 00:25:57,320 Speaker 1: if you're in money Gear five or money Gear two, 573 00:25:57,480 --> 00:25:59,600 Speaker 1: you're gonna need to take a different initial reaction in 574 00:25:59,720 --> 00:26:03,560 Speaker 1: order to be more well prepared for this coming recession. Yeah, 575 00:26:03,560 --> 00:26:06,120 Speaker 1: that's right. I mean, so far we've talked about how 576 00:26:06,320 --> 00:26:08,960 Speaker 1: you can make the most of things assuming you have 577 00:26:09,160 --> 00:26:11,840 Speaker 1: a solid fancial footing. But you know, like what if 578 00:26:11,840 --> 00:26:14,479 Speaker 1: you're feeling a little bit precarious, of course, you can 579 00:26:14,480 --> 00:26:17,800 Speaker 1: always slow down your spending. It's actually already happening when 580 00:26:17,840 --> 00:26:20,080 Speaker 1: you look at the stats consumers. They've been tapping the 581 00:26:20,119 --> 00:26:23,000 Speaker 1: brakes on going out to eat, they've been scaling back 582 00:26:23,080 --> 00:26:27,119 Speaker 1: on vacation plans, even postponing some routine things like haircuts, 583 00:26:27,359 --> 00:26:29,080 Speaker 1: going to get manicures, that kind of thing. Well, I 584 00:26:29,280 --> 00:26:31,399 Speaker 1: don't really go get manicures, Matt, but I have I 585 00:26:31,440 --> 00:26:33,600 Speaker 1: have actually noticed myself. I have used stretched out the haircuts, 586 00:26:33,680 --> 00:26:36,120 Speaker 1: haircuts out. Yeah, and you know what I'm not. I'm 587 00:26:36,080 --> 00:26:37,880 Speaker 1: not gonna lie. I'm okay with that. Joined the dark 588 00:26:37,920 --> 00:26:40,560 Speaker 1: side and cut your own hair or just don't cut 589 00:26:40,600 --> 00:26:43,119 Speaker 1: your or just pull them out, like never cut your 590 00:26:43,119 --> 00:26:45,439 Speaker 1: hair again for the past two years. But um, you know, 591 00:26:45,520 --> 00:26:47,840 Speaker 1: like there are countless ways that you can pair it back. 592 00:26:47,880 --> 00:26:51,520 Speaker 1: You're spending only you know where your dollars are going. 593 00:26:52,000 --> 00:26:54,399 Speaker 1: But on the other side of the coin, uh, is 594 00:26:54,480 --> 00:26:57,280 Speaker 1: the money that you earn, right, that's the income slide 595 00:26:57,280 --> 00:26:59,920 Speaker 1: of the equation. And so actually talk more about how 596 00:27:00,080 --> 00:27:02,399 Speaker 1: you can make the most of an economic downturn when 597 00:27:02,440 --> 00:27:04,800 Speaker 1: it comes to the money that you earn. We will 598 00:27:04,800 --> 00:27:16,320 Speaker 1: get to all of that right after this break. Alright, 599 00:27:16,400 --> 00:27:18,760 Speaker 1: let's keep talking about recessions. Let's talk about how people 600 00:27:18,800 --> 00:27:23,160 Speaker 1: should respond to economic downturns. And the reality is there 601 00:27:23,200 --> 00:27:25,000 Speaker 1: are a lot of ways that you can like soften 602 00:27:25,040 --> 00:27:28,600 Speaker 1: the blow of of you know, some some economic turmoil, 603 00:27:28,880 --> 00:27:30,960 Speaker 1: but there are other ways that you can like turn 604 00:27:31,040 --> 00:27:33,200 Speaker 1: up the dial and actually use it to your advantage. 605 00:27:33,200 --> 00:27:35,320 Speaker 1: And so one of the ways you you hinted to 606 00:27:35,359 --> 00:27:38,800 Speaker 1: this before before the break, was that you can make 607 00:27:38,800 --> 00:27:42,000 Speaker 1: more money, Like you can find ways to actually to 608 00:27:42,000 --> 00:27:44,840 Speaker 1: actually use your employment to your advantage or find a 609 00:27:44,920 --> 00:27:46,639 Speaker 1: way to make more money. So let's talk about that 610 00:27:46,680 --> 00:27:48,639 Speaker 1: for a second, because that is truly one of the 611 00:27:48,720 --> 00:27:52,240 Speaker 1: best ways that you can maximize the effectiveness of a 612 00:27:52,280 --> 00:27:55,439 Speaker 1: down economy to your advantage. And and yeah, like the 613 00:27:55,480 --> 00:27:58,240 Speaker 1: last eighteen months basically have been glorious for anybody who's 614 00:27:58,240 --> 00:28:00,480 Speaker 1: looking to change jobs or to increase theirin Um. We 615 00:28:00,480 --> 00:28:02,520 Speaker 1: we've seen this firsthand. Yeah, the labor market has been 616 00:28:02,560 --> 00:28:05,359 Speaker 1: tight and employer there's been like two jobless things for 617 00:28:05,400 --> 00:28:09,320 Speaker 1: every single individual who's out there looking for work. And 618 00:28:09,320 --> 00:28:13,040 Speaker 1: that has me meant rising wages, and really it's meant 619 00:28:13,080 --> 00:28:14,840 Speaker 1: you kind of have It's like shooting fish in a 620 00:28:14,840 --> 00:28:17,880 Speaker 1: barrel when it comes to you finding a better opportunity 621 00:28:18,080 --> 00:28:20,520 Speaker 1: to make more money or or find more meaningful work. 622 00:28:21,040 --> 00:28:23,199 Speaker 1: But the labor market is likely to balance out in 623 00:28:23,200 --> 00:28:24,720 Speaker 1: the coming months. It's not going to be as easy 624 00:28:24,920 --> 00:28:28,080 Speaker 1: in our likelihood as the economy goes through a dryer spell. 625 00:28:28,440 --> 00:28:30,720 Speaker 1: You know, we're we're seeing more employers, especially in the 626 00:28:30,800 --> 00:28:33,520 Speaker 1: text base, laying folks off. I think we might see 627 00:28:33,520 --> 00:28:35,680 Speaker 1: that spread out to the broader economy as a whole. 628 00:28:36,000 --> 00:28:38,680 Speaker 1: And and so there's no guaranteed, sure fireway to make 629 00:28:38,680 --> 00:28:41,360 Speaker 1: sure that you aren't a casualty in a recession. That's 630 00:28:41,360 --> 00:28:43,680 Speaker 1: where some of that preparation in advance comes in. It's 631 00:28:43,720 --> 00:28:46,080 Speaker 1: it's important, but there are certainly things you can do 632 00:28:46,320 --> 00:28:48,880 Speaker 1: to stand out in order to make sure that a 633 00:28:48,960 --> 00:28:52,920 Speaker 1: recession doesn't end up in you know, worse employment prospects 634 00:28:52,920 --> 00:28:55,120 Speaker 1: for you. Yeah, dude. I So one of the things 635 00:28:55,200 --> 00:28:58,080 Speaker 1: to keep in mind is that the best job might 636 00:28:58,120 --> 00:29:00,640 Speaker 1: be the one that you currently have. You might want 637 00:29:00,640 --> 00:29:04,080 Speaker 1: to think before you leap to another employer right now, 638 00:29:04,240 --> 00:29:06,880 Speaker 1: because the reality is that the most recent hires are 639 00:29:06,920 --> 00:29:10,360 Speaker 1: oftentimes the first ones on the chopping block. We've heard 640 00:29:10,400 --> 00:29:12,680 Speaker 1: more stories about this, right, where folks were being offered 641 00:29:12,800 --> 00:29:15,400 Speaker 1: jobs uh and well, first of all, we've seen a 642 00:29:15,440 --> 00:29:18,200 Speaker 1: lot of folks uh let go via zoom right all 643 00:29:18,240 --> 00:29:22,440 Speaker 1: these new hires uh fling the mortgage industry exactly, but 644 00:29:22,600 --> 00:29:25,479 Speaker 1: effort stories as well about folks being offered positions and 645 00:29:25,520 --> 00:29:28,760 Speaker 1: then coming back and them resending those offers as well, 646 00:29:28,920 --> 00:29:31,280 Speaker 1: and so they weren't actually even fully hired before they 647 00:29:31,320 --> 00:29:33,520 Speaker 1: were fired. And some of those employers are starting to 648 00:29:33,560 --> 00:29:36,000 Speaker 1: prepare now, even though they're saying, you know, the bottom line, 649 00:29:36,000 --> 00:29:38,640 Speaker 1: but things are looking okay, We're just preparing for the 650 00:29:38,640 --> 00:29:41,600 Speaker 1: potential that things aren't okay soon exactly. Yeah, But you 651 00:29:41,640 --> 00:29:43,440 Speaker 1: know that being said, if you are in the process 652 00:29:43,480 --> 00:29:46,000 Speaker 1: of finding something new, it's not a bad idea to 653 00:29:46,440 --> 00:29:49,280 Speaker 1: ask the company how they would react to a period where, 654 00:29:49,440 --> 00:29:52,640 Speaker 1: you know, we might experience some economic bulgrums. Do they 655 00:29:52,640 --> 00:29:55,239 Speaker 1: have the ability to keep you on board even if 656 00:29:55,320 --> 00:29:58,240 Speaker 1: we experience a contraction. I think this is a reasonable 657 00:29:58,320 --> 00:30:00,760 Speaker 1: question to ask, and based on what they respond with, 658 00:30:00,760 --> 00:30:02,440 Speaker 1: based on their answer, I think you're gonna learn a 659 00:30:02,480 --> 00:30:05,520 Speaker 1: lot about the company and whether or not the grass 660 00:30:05,560 --> 00:30:07,280 Speaker 1: actually does look greener. On the other side, I think 661 00:30:07,320 --> 00:30:10,240 Speaker 1: it's a fair question to write a company, and I 662 00:30:10,240 --> 00:30:12,120 Speaker 1: think it actually makes you sound like a better candidate 663 00:30:12,200 --> 00:30:14,240 Speaker 1: because you're saying, listen, I want to be here for 664 00:30:14,240 --> 00:30:16,360 Speaker 1: the long term. Can you keep me around for the 665 00:30:16,400 --> 00:30:19,000 Speaker 1: long term? And let's say things do get a little 666 00:30:19,000 --> 00:30:21,360 Speaker 1: more difficult, like, um, is this the kind of thing 667 00:30:21,360 --> 00:30:24,920 Speaker 1: where you have enough cash reserves where you can continue 668 00:30:24,960 --> 00:30:27,320 Speaker 1: to afford to pay my paycheck so I can stick 669 00:30:27,360 --> 00:30:29,520 Speaker 1: it out and be here for the long term. I 670 00:30:29,560 --> 00:30:32,000 Speaker 1: think that actually makes you sound like a better potential 671 00:30:32,080 --> 00:30:34,800 Speaker 1: higher And and also to Matt on the employment front, 672 00:30:34,920 --> 00:30:37,600 Speaker 1: you want to make yourself indispensable to your current employer 673 00:30:37,720 --> 00:30:40,160 Speaker 1: if you're planning on staying, because now is a good 674 00:30:40,160 --> 00:30:42,880 Speaker 1: time to, let's say, be increasing your skill levels, you know, 675 00:30:42,920 --> 00:30:46,120 Speaker 1: making yourself more valuable um at your current job or 676 00:30:46,240 --> 00:30:48,200 Speaker 1: or you know, to any potential future job. You want 677 00:30:48,200 --> 00:30:51,440 Speaker 1: to be that star v I P employee exactly and 678 00:30:51,440 --> 00:30:55,080 Speaker 1: and and that includes being like more well rounded. And 679 00:30:55,120 --> 00:30:56,600 Speaker 1: so you know, we're not saying that you should go 680 00:30:56,640 --> 00:30:59,240 Speaker 1: get an expensive master's degree that might or might not 681 00:30:59,280 --> 00:31:01,240 Speaker 1: pay off, you know, own increase your debt load in 682 00:31:01,240 --> 00:31:03,560 Speaker 1: a big way when a recession is looming. That is 683 00:31:04,040 --> 00:31:07,080 Speaker 1: in all likelihood a bad idea. But do add to 684 00:31:07,120 --> 00:31:09,160 Speaker 1: your skill set, right, making more of that like Swiss 685 00:31:09,240 --> 00:31:12,560 Speaker 1: army knife kind of employee that your employer can't do without, 686 00:31:12,600 --> 00:31:15,360 Speaker 1: where they're like, oh, man, if I lose Jim or Susie, 687 00:31:15,840 --> 00:31:17,720 Speaker 1: that that's the person that knows how to do kind 688 00:31:17,720 --> 00:31:19,360 Speaker 1: of everything around here. They know how to do a 689 00:31:19,360 --> 00:31:21,400 Speaker 1: little bit of everything, and they're kind of the glue 690 00:31:21,400 --> 00:31:23,800 Speaker 1: that keeps us company together. Now this is this is 691 00:31:23,840 --> 00:31:26,520 Speaker 1: also where going into the office more might actually help 692 00:31:26,600 --> 00:31:28,680 Speaker 1: you stand out if your boss or employer has to 693 00:31:28,720 --> 00:31:31,760 Speaker 1: make some hard decisions, the more FaceTime that you that 694 00:31:32,200 --> 00:31:34,400 Speaker 1: you spend in the office. We actually talked about that 695 00:31:34,720 --> 00:31:37,760 Speaker 1: briefly with Sam the financial Samurai. That you know, the 696 00:31:37,840 --> 00:31:40,080 Speaker 1: who's who's gonna who's the most likely to stick around 697 00:31:40,120 --> 00:31:41,560 Speaker 1: the person who works from home five days a week 698 00:31:41,640 --> 00:31:43,120 Speaker 1: or the person who is in the office three or 699 00:31:43,120 --> 00:31:44,959 Speaker 1: four days a week. And I'm not saying that it's 700 00:31:45,000 --> 00:31:47,840 Speaker 1: not possible to to work from home and to continue 701 00:31:47,880 --> 00:31:49,920 Speaker 1: to thrive, but I'm saying it's gonna be a little harder. 702 00:31:50,040 --> 00:31:53,200 Speaker 1: And so if your employer values you being there in person, 703 00:31:53,240 --> 00:31:55,160 Speaker 1: if that is kind of starting to become a thing, 704 00:31:55,200 --> 00:31:57,120 Speaker 1: but you're kind of the holdout, just know that it 705 00:31:57,160 --> 00:32:00,000 Speaker 1: could impact you negatively. You know, if if hardy, can 706 00:32:00,000 --> 00:32:01,800 Speaker 1: I make times do hit? Yeah, you know, and I 707 00:32:01,840 --> 00:32:03,760 Speaker 1: think starting your own thing that can actually make even 708 00:32:03,760 --> 00:32:06,680 Speaker 1: more sense during a recession as well. I think it 709 00:32:06,760 --> 00:32:09,800 Speaker 1: might sound counterintuitive, but you know, getting a side hustle. 710 00:32:09,840 --> 00:32:13,360 Speaker 1: Getting a passion gig off the ground can be easier 711 00:32:13,360 --> 00:32:16,160 Speaker 1: sometimes when the economy is having a hard time. Uh. 712 00:32:16,200 --> 00:32:19,720 Speaker 1: Not only uh might the market conditions be more conducive, 713 00:32:19,840 --> 00:32:23,160 Speaker 1: but you might could also use the additional income uh 714 00:32:23,320 --> 00:32:25,200 Speaker 1: in you know, like bigger businesses, they have a harder 715 00:32:25,200 --> 00:32:28,720 Speaker 1: time making a pivot. While that's the case, if you 716 00:32:28,800 --> 00:32:32,280 Speaker 1: are this nimble solo preneurs with a lean business model, 717 00:32:32,360 --> 00:32:33,800 Speaker 1: you're gonna be able to make these changes on a 718 00:32:33,880 --> 00:32:36,680 Speaker 1: dime while others are pulling back or letting go of staff. 719 00:32:36,880 --> 00:32:39,600 Speaker 1: The value proposition that you're able to make can earn 720 00:32:39,600 --> 00:32:41,840 Speaker 1: you business and you don't even need to quit your 721 00:32:41,880 --> 00:32:43,479 Speaker 1: day job in order to get started. This can be 722 00:32:43,520 --> 00:32:46,640 Speaker 1: something that you do on nights and weekends or just 723 00:32:46,720 --> 00:32:49,000 Speaker 1: you know, just in the evenings. And this doesn't necessarily 724 00:32:49,000 --> 00:32:50,960 Speaker 1: mean burning the cable to both ends. I think sometimes 725 00:32:50,960 --> 00:32:53,959 Speaker 1: people it's that the hustle culture that Gary v. P 726 00:32:53,960 --> 00:32:55,680 Speaker 1: preaches or used to preach. At least, I don't know 727 00:32:55,840 --> 00:32:58,280 Speaker 1: where you gotta work ninety hours a week. I don't 728 00:32:58,080 --> 00:33:01,600 Speaker 1: like a hustling right there. There's there's something that sounds 729 00:33:01,800 --> 00:33:04,680 Speaker 1: so yeah, just to say that out loud, there's something 730 00:33:04,760 --> 00:33:07,600 Speaker 1: that's not necessary about that way of life. But I 731 00:33:07,640 --> 00:33:10,240 Speaker 1: don't think starting a side hustle or a passion project 732 00:33:10,480 --> 00:33:13,200 Speaker 1: has to look like you're basically you have no free 733 00:33:13,200 --> 00:33:15,040 Speaker 1: time in your your life has no balance to it. Yeah. 734 00:33:15,040 --> 00:33:16,320 Speaker 1: The fact that Kate and I were able to start 735 00:33:16,360 --> 00:33:19,360 Speaker 1: a photography company during the two thousand and eight Great 736 00:33:19,400 --> 00:33:23,560 Speaker 1: Recession is just evidence of that. Yeah. I mean it's anecdotal, 737 00:33:23,640 --> 00:33:26,440 Speaker 1: but I'm living proof that you're able to start a 738 00:33:26,440 --> 00:33:28,800 Speaker 1: business and maintain that for over a decade. Dude. I 739 00:33:28,880 --> 00:33:31,760 Speaker 1: mean seriously, within three years we're making like like three 740 00:33:31,760 --> 00:33:34,760 Speaker 1: times what we were making prior to starting that business. 741 00:33:34,760 --> 00:33:38,080 Speaker 1: And so there's there's real opportunity out there, and it 742 00:33:38,120 --> 00:33:40,160 Speaker 1: can also have a serious impact on your bottom line, 743 00:33:40,280 --> 00:33:42,320 Speaker 1: on the income that you're able to make. Yeah, and 744 00:33:42,480 --> 00:33:45,960 Speaker 1: just like you, Matt, you might find that when the recession, 745 00:33:46,040 --> 00:33:48,800 Speaker 1: as it's kind of receding, you're able to take that 746 00:33:48,840 --> 00:33:51,720 Speaker 1: side gig that you started during you know, the heat 747 00:33:51,800 --> 00:33:54,000 Speaker 1: of an economic downturn, and you're able to turn that 748 00:33:54,040 --> 00:33:56,560 Speaker 1: into something it's full time, potentially making you more money. 749 00:33:56,600 --> 00:33:58,440 Speaker 1: Like you said, then you're a full time gig where 750 00:33:58,480 --> 00:34:00,480 Speaker 1: you were at. So it's one of those things where 751 00:34:00,560 --> 00:34:02,400 Speaker 1: now is kind of the perfect time to start laying 752 00:34:02,440 --> 00:34:05,160 Speaker 1: down those tracks so that you can kind of follow 753 00:34:05,280 --> 00:34:08,080 Speaker 1: that into the future and eventually to start working for 754 00:34:08,160 --> 00:34:10,560 Speaker 1: yourself all day, every day. That's right. Yeah, you know, 755 00:34:10,719 --> 00:34:12,480 Speaker 1: we talked about this at the beginning of the episode, 756 00:34:12,880 --> 00:34:15,560 Speaker 1: But your outlook it's going to be a major determining 757 00:34:15,600 --> 00:34:18,479 Speaker 1: factor for where it is that you end up. Because 758 00:34:18,480 --> 00:34:20,080 Speaker 1: it's easy to read the headlines right now and to 759 00:34:20,120 --> 00:34:22,879 Speaker 1: get down, but for the person who wants to make 760 00:34:22,920 --> 00:34:25,960 Speaker 1: the most out of an economic downturn, it's crucial to 761 00:34:26,000 --> 00:34:28,880 Speaker 1: focus on the things that we have control over. For instance, 762 00:34:29,160 --> 00:34:31,319 Speaker 1: you can control what you read, uh, and that can 763 00:34:31,360 --> 00:34:34,319 Speaker 1: have a major impact on the mental weight that you bear. 764 00:34:34,440 --> 00:34:36,680 Speaker 1: Kind Of like we're talking about the circles of concern 765 00:34:36,719 --> 00:34:40,719 Speaker 1: and circles of influence. I think it's okay to reduce, 766 00:34:40,920 --> 00:34:44,520 Speaker 1: to contract your circle of concern, focus on the things, uh, 767 00:34:44,680 --> 00:34:48,680 Speaker 1: maybe that you predominantly have control over. Yeah, those inputs, 768 00:34:48,760 --> 00:34:51,200 Speaker 1: they matter a whole lot. And controlling what you put 769 00:34:51,280 --> 00:34:53,919 Speaker 1: into your brain, what you're reading, what you're consuming, has 770 00:34:54,000 --> 00:34:55,719 Speaker 1: an impact on how you feel and how you're going 771 00:34:55,760 --> 00:34:58,160 Speaker 1: to react. The more the more negative inputs like what 772 00:34:58,520 --> 00:35:00,719 Speaker 1: my mom say growing up garbage and image out right, 773 00:35:00,840 --> 00:35:02,160 Speaker 1: And she was talking about that when it came to 774 00:35:02,280 --> 00:35:04,440 Speaker 1: like the TV shows or movies that I watched. But 775 00:35:04,480 --> 00:35:06,680 Speaker 1: it's the same thing when it comes to the financial 776 00:35:06,680 --> 00:35:08,600 Speaker 1: inputs that we put in or the headlines that we're reading. 777 00:35:08,800 --> 00:35:10,960 Speaker 1: It can have a direct impact on us emotionally and 778 00:35:10,960 --> 00:35:13,239 Speaker 1: then on our reactions. Yeah. But what I wanted to 779 00:35:13,320 --> 00:35:15,200 Speaker 1: highlight here though, is that we have control over that. 780 00:35:15,280 --> 00:35:18,520 Speaker 1: Like that is something that you can you know, full 781 00:35:18,560 --> 00:35:21,040 Speaker 1: throttle and have it pouring into your life, pouring into 782 00:35:21,040 --> 00:35:22,799 Speaker 1: your brain, or that's something that you can start to 783 00:35:22,880 --> 00:35:26,719 Speaker 1: close off, that you can taper that. Uh. You also 784 00:35:26,880 --> 00:35:29,239 Speaker 1: you've got control not only of what you consume, what 785 00:35:29,600 --> 00:35:31,800 Speaker 1: news you consume, but like you've got control over your budget. 786 00:35:31,920 --> 00:35:34,680 Speaker 1: You know, the dollars that you spend, you can reallocate 787 00:35:34,680 --> 00:35:36,600 Speaker 1: those dollars towards the things that matter to you more, 788 00:35:37,400 --> 00:35:39,160 Speaker 1: or you can opt to increase your savings if that 789 00:35:39,160 --> 00:35:42,160 Speaker 1: would mean worrying less about the future. There are certain 790 00:35:42,200 --> 00:35:44,840 Speaker 1: things though that we don't have any control over, but 791 00:35:44,960 --> 00:35:47,440 Speaker 1: worrying about those things is really just going to be 792 00:35:47,480 --> 00:35:50,200 Speaker 1: a waste of time. Uh, you know, freaking out about 793 00:35:50,200 --> 00:35:53,920 Speaker 1: economic instability and trying to make predictions based on uncertain 794 00:35:53,960 --> 00:35:57,840 Speaker 1: future events is going to be a massive waste of energy. 795 00:35:57,880 --> 00:36:00,880 Speaker 1: Makes me think, Matt, just about how I feel like, 796 00:36:01,160 --> 00:36:04,520 Speaker 1: uh FED chairman Jerome Howell has he's had a lot 797 00:36:04,560 --> 00:36:06,960 Speaker 1: to say about inflation recently, and he's he's had a 798 00:36:07,000 --> 00:36:09,759 Speaker 1: lot of He's a very smart guy and has a 799 00:36:09,760 --> 00:36:11,520 Speaker 1: lot of thoughts on what it takes to control inflation. 800 00:36:11,560 --> 00:36:14,360 Speaker 1: And then, in you know, in a recent congressional hearing, 801 00:36:14,520 --> 00:36:17,719 Speaker 1: he basically confessed to the fact that he realizes now 802 00:36:17,920 --> 00:36:20,640 Speaker 1: how little he knows about how inflation works. And I 803 00:36:20,640 --> 00:36:23,680 Speaker 1: thought that was just such an interesting confession, And it 804 00:36:23,760 --> 00:36:26,480 Speaker 1: just makes me think that if somebody of his position 805 00:36:26,600 --> 00:36:29,799 Speaker 1: and his intelligence level has so little understanding about how 806 00:36:29,840 --> 00:36:32,160 Speaker 1: inflation works, even though he's kind of the guy tasked 807 00:36:32,160 --> 00:36:36,160 Speaker 1: with controlling inflation, Um, how how can we assume that 808 00:36:36,200 --> 00:36:38,120 Speaker 1: we're going to be the people who are going to 809 00:36:38,160 --> 00:36:42,719 Speaker 1: be able to make intelligent decisions based on future events 810 00:36:42,760 --> 00:36:45,160 Speaker 1: that are unknown? Absolutely true, man, I think we should 811 00:36:45,200 --> 00:36:48,640 Speaker 1: also think about some of the non financial stuff out 812 00:36:48,680 --> 00:36:51,000 Speaker 1: there as well, because that is stuff that matters in 813 00:36:51,000 --> 00:36:53,640 Speaker 1: our lives. Money. We talked about this all the time 814 00:36:53,640 --> 00:36:56,360 Speaker 1: on the show, like Money is important, but it is 815 00:36:56,400 --> 00:37:00,200 Speaker 1: clearly only a tool. It's an important tool. You know, 816 00:37:00,280 --> 00:37:03,640 Speaker 1: it impacts our everyday lives. We have built our business 817 00:37:03,640 --> 00:37:06,680 Speaker 1: around use exactly, so maybe it's a little more important 818 00:37:06,680 --> 00:37:09,960 Speaker 1: to us. Um. It impacts our ability to live the 819 00:37:10,040 --> 00:37:11,759 Speaker 1: kind of life that we want to live. Um. But 820 00:37:11,880 --> 00:37:14,840 Speaker 1: now is a great time to think more deeply about 821 00:37:14,920 --> 00:37:17,239 Speaker 1: what you actually want your days to look like, you know, like, 822 00:37:17,280 --> 00:37:19,560 Speaker 1: are you working too much? Do you need to be 823 00:37:19,560 --> 00:37:22,560 Speaker 1: working that much? What about the loved ones in your life? Right? Like, 824 00:37:22,560 --> 00:37:25,040 Speaker 1: how are those relationships that you say are important actually 825 00:37:25,040 --> 00:37:28,680 Speaker 1: holding up? Because it shouldn't take a recession to force 826 00:37:28,800 --> 00:37:32,759 Speaker 1: us to ask these deeper questions, but sadly sometimes it does. 827 00:37:32,840 --> 00:37:36,960 Speaker 1: And so take this as an opportunity perhaps to to reevaluate. Yeah, man, 828 00:37:37,000 --> 00:37:38,759 Speaker 1: I think that's that's a really good point. I think 829 00:37:39,320 --> 00:37:42,680 Speaker 1: that our personal relationships are something and and just kind 830 00:37:42,680 --> 00:37:44,560 Speaker 1: of like the way we want our lives to look. 831 00:37:44,880 --> 00:37:47,520 Speaker 1: A recession shouldn't force us to ask these questions, but 832 00:37:47,600 --> 00:37:51,319 Speaker 1: oftentimes it does when in the reality that maybe our 833 00:37:51,440 --> 00:37:55,719 Speaker 1: livelihood is threatened or are going down. Right, it's a 834 00:37:55,760 --> 00:37:58,480 Speaker 1: disrupting events exactly which what starts to make us ass 835 00:37:58,480 --> 00:38:00,680 Speaker 1: deeper questions, and that I think is a good thing, 836 00:38:00,680 --> 00:38:02,960 Speaker 1: and they're probably questions we should be asking, you know, 837 00:38:03,000 --> 00:38:05,520 Speaker 1: at least once a year anyway. But for a lot 838 00:38:05,560 --> 00:38:07,319 Speaker 1: of folks, that kind of forces us against our will 839 00:38:07,520 --> 00:38:11,239 Speaker 1: into some of those conversations and thought processes, and really 840 00:38:11,239 --> 00:38:13,600 Speaker 1: when it comes down to recessions, they're they're all there. 841 00:38:13,680 --> 00:38:15,799 Speaker 1: There's so much of it is about risk management, right. 842 00:38:15,840 --> 00:38:18,480 Speaker 1: It's not that in economic downturn doesn't pose risk. It 843 00:38:18,560 --> 00:38:21,680 Speaker 1: certainly does. But for those whose personal finances are in 844 00:38:21,760 --> 00:38:26,320 Speaker 1: good shape, we we would say that it's opportunity awaits 845 00:38:26,360 --> 00:38:28,919 Speaker 1: for those who are mentally ready for a downturn with 846 00:38:29,040 --> 00:38:33,360 Speaker 1: an eye towards seizing opportunity instead of shutting down because 847 00:38:33,360 --> 00:38:36,000 Speaker 1: of fear. A recession can actually be a time of 848 00:38:36,000 --> 00:38:39,320 Speaker 1: personal growth, even when the growth of the economy is inhibited, 849 00:38:39,360 --> 00:38:41,920 Speaker 1: even when kind of things around us, maybe the country, 850 00:38:42,520 --> 00:38:44,560 Speaker 1: a lot of individuals in the country are having a 851 00:38:44,640 --> 00:38:48,040 Speaker 1: tougher time. The recession can be if you're thoughtful, if 852 00:38:48,040 --> 00:38:49,919 Speaker 1: you're wise, if you're smart, can be a time where 853 00:38:49,920 --> 00:38:53,280 Speaker 1: you actually see outside growth. You're making more progress personally 854 00:38:53,520 --> 00:38:57,080 Speaker 1: and financially than most of your peers. Just true, Yeah, man, Yeah, 855 00:38:57,080 --> 00:38:59,920 Speaker 1: we believe that the long term outlook for our country 856 00:39:00,080 --> 00:39:02,680 Speaker 1: for your finances is going to be strong. You often 857 00:39:02,719 --> 00:39:05,480 Speaker 1: hear that history that it doesn't repeat, but that it 858 00:39:05,560 --> 00:39:07,759 Speaker 1: does rhyme, And you know, there's a lot that we 859 00:39:07,800 --> 00:39:11,040 Speaker 1: can learn from US economic history. UH. There's a lot 860 00:39:11,080 --> 00:39:12,960 Speaker 1: of comfort that we can take in what we see 861 00:39:12,960 --> 00:39:15,000 Speaker 1: in the from the from the past. And when we 862 00:39:15,040 --> 00:39:17,520 Speaker 1: take that big picture of view, we see that recessions 863 00:39:17,560 --> 00:39:21,120 Speaker 1: and bear markets are kind of normal. They're nothing to 864 00:39:21,320 --> 00:39:23,759 Speaker 1: necessarily freak out about. UH. And we also see that 865 00:39:23,800 --> 00:39:25,920 Speaker 1: we as individuals that we have a lot more control 866 00:39:26,239 --> 00:39:28,000 Speaker 1: than we think we do. You know, like we can't 867 00:39:28,000 --> 00:39:30,560 Speaker 1: control the economy as a whole. You certainly can't control 868 00:39:30,640 --> 00:39:33,120 Speaker 1: how prepared your employer is going to be for for 869 00:39:33,200 --> 00:39:37,560 Speaker 1: potentially hard times, but you can control your own levels 870 00:39:37,600 --> 00:39:40,359 Speaker 1: of preparation. I think it's a misnomber to think that 871 00:39:40,520 --> 00:39:43,360 Speaker 1: as the US economy suffers that your personal finances have 872 00:39:43,400 --> 00:39:47,040 Speaker 1: to suffer as well. There's ample opportunity for you to 873 00:39:47,080 --> 00:39:52,720 Speaker 1: become a better uh investor, better employee, UH, potential entrepreneur, friend, partner, 874 00:39:53,160 --> 00:39:55,200 Speaker 1: all of those things. Even during some of these tougher 875 00:39:55,239 --> 00:39:57,800 Speaker 1: economic times, there are always going to be different ways, 876 00:39:57,840 --> 00:40:01,239 Speaker 1: if we're savvy, if we're thoughtful, to improve our situation, 877 00:40:01,320 --> 00:40:03,480 Speaker 1: and hopefully with this episode, we were able to point 878 00:40:03,719 --> 00:40:06,359 Speaker 1: to some data, to some different insights, and we were 879 00:40:06,400 --> 00:40:09,160 Speaker 1: able to encourage you to not get bummed out about 880 00:40:09,520 --> 00:40:11,839 Speaker 1: the way things are looking about what the future might hold, 881 00:40:12,040 --> 00:40:14,279 Speaker 1: but to know that there are a lot of things 882 00:40:14,280 --> 00:40:17,360 Speaker 1: that you have control over and and there's a reality 883 00:40:17,400 --> 00:40:20,879 Speaker 1: mat that not everyone starts from the same baseline right 884 00:40:20,920 --> 00:40:24,000 Speaker 1: when they're born. And but if you're born in this country, 885 00:40:24,080 --> 00:40:28,200 Speaker 1: you have more economic opportunity than most. And go back 886 00:40:28,239 --> 00:40:29,720 Speaker 1: to what we said at the beginning of the episode 887 00:40:29,719 --> 00:40:32,440 Speaker 1: about Paul, who was born with polio, A lot of 888 00:40:32,440 --> 00:40:35,080 Speaker 1: other folks would not have had the same dedication and 889 00:40:35,160 --> 00:40:37,719 Speaker 1: mindset that he adopted. And I'm curious to who he 890 00:40:37,760 --> 00:40:40,279 Speaker 1: greve credit for that mindset. I'm sure, I'm sure his 891 00:40:40,320 --> 00:40:42,879 Speaker 1: parents had a large influence. But that's one of those 892 00:40:42,880 --> 00:40:44,920 Speaker 1: things where you read a story like that, it's inspirational, 893 00:40:44,960 --> 00:40:47,680 Speaker 1: and I think that we can adopt a similar mindset 894 00:40:47,760 --> 00:40:52,480 Speaker 1: instead of allowing those external forces to cause us to brood, right, 895 00:40:52,520 --> 00:40:55,640 Speaker 1: to cause us to to to develop that bunker mentality, 896 00:40:55,880 --> 00:40:59,320 Speaker 1: it can cause us to actually maybe pursue our financial 897 00:40:59,320 --> 00:41:01,279 Speaker 1: goals with even more bigger and that's what we hope 898 00:41:01,280 --> 00:41:04,439 Speaker 1: for you. How long a recession lasts, how deep it goes. 899 00:41:04,680 --> 00:41:08,080 Speaker 1: I mean, that's anyone's gas, but your reaction to it 900 00:41:07,840 --> 00:41:10,279 Speaker 1: is the only thing you can control. And so yeah, 901 00:41:10,360 --> 00:41:12,560 Speaker 1: we want to make sure that you're thinking about that now. 902 00:41:12,680 --> 00:41:14,080 Speaker 1: But Matt, let's get back to the beer that we 903 00:41:14,120 --> 00:41:18,080 Speaker 1: had on this episode. This was Westbrooks Mexican Cake, maybe 904 00:41:18,080 --> 00:41:20,239 Speaker 1: one of the most classic stouts of all times, and 905 00:41:20,280 --> 00:41:22,680 Speaker 1: this is a stout aged on cocon nibs, vanilla beans, 906 00:41:22,719 --> 00:41:26,080 Speaker 1: cinnamon sticks, and fresh habannarow peppers. Matt, what are your 907 00:41:26,120 --> 00:41:27,960 Speaker 1: thoughts on this beer? I feel like this is the 908 00:41:28,000 --> 00:41:29,520 Speaker 1: kind of beer that you definitely want to have when 909 00:41:29,560 --> 00:41:32,920 Speaker 1: it's really cool outside. Uh, it's the middle of summer 910 00:41:33,000 --> 00:41:34,920 Speaker 1: right now, and we decided, you know what, we need 911 00:41:35,360 --> 00:41:38,880 Speaker 1: a really big and boozy, full flavored, full bodied, you 912 00:41:38,960 --> 00:41:40,920 Speaker 1: know what sounds going to the middle of July stout 913 00:41:41,000 --> 00:41:43,520 Speaker 1: that has all of these flavors in it. But dude, honestly, 914 00:41:43,560 --> 00:41:46,640 Speaker 1: that being said, this is I will gladly drink Mexican 915 00:41:46,680 --> 00:41:48,920 Speaker 1: Cake at any point in the year. I'll drink it 916 00:41:49,040 --> 00:41:51,440 Speaker 1: on Mars and you know it doesn't even matter, Like, 917 00:41:51,480 --> 00:41:54,040 Speaker 1: give me this beer anywhere anytime it is well, Mars 918 00:41:54,120 --> 00:41:59,600 Speaker 1: is cold, you know it's it's then on the Venus 919 00:41:59,600 --> 00:42:01,799 Speaker 1: is where it's hot. Give it to me there too, 920 00:42:01,840 --> 00:42:05,239 Speaker 1: it's closer to the sun. But this is a fantastic beer, 921 00:42:05,320 --> 00:42:07,839 Speaker 1: just like I'm sure we enjoyed it last time. If 922 00:42:07,880 --> 00:42:10,759 Speaker 1: you have access to some of the different west Brook 923 00:42:10,880 --> 00:42:13,320 Speaker 1: beers out there, highly recommend to get in your hands 924 00:42:13,360 --> 00:42:16,480 Speaker 1: on some Mexican Cake. It's probably their best beer, right, 925 00:42:16,480 --> 00:42:17,800 Speaker 1: I think they have a lot of really good beers 926 00:42:18,200 --> 00:42:20,120 Speaker 1: that might be true. This might be number one, yeah, 927 00:42:20,200 --> 00:42:22,439 Speaker 1: and for yeah, for good reason. And I just love 928 00:42:22,480 --> 00:42:24,160 Speaker 1: a stout with peppers in it. It gives you that 929 00:42:24,239 --> 00:42:26,040 Speaker 1: kind of slight kick to the back of the throat. 930 00:42:26,080 --> 00:42:28,200 Speaker 1: It's got that tingly heat going on in the background, 931 00:42:28,680 --> 00:42:30,960 Speaker 1: so that it's a true classic and it still holds up. 932 00:42:31,920 --> 00:42:34,440 Speaker 1: It's like a little score to saracha on your leftovers, 933 00:42:34,440 --> 00:42:36,839 Speaker 1: which is my favorite way to you're literally just talking 934 00:42:36,880 --> 00:42:38,800 Speaker 1: about that at lunch's effort and spice it up a 935 00:42:38,880 --> 00:42:41,279 Speaker 1: little bit to punch it up. But yeah, this is 936 00:42:41,320 --> 00:42:44,640 Speaker 1: Mexican Cake by Westbrook Brewing Company. All right, So that's 937 00:42:44,640 --> 00:42:46,600 Speaker 1: gonna do it for this episode. If you want to 938 00:42:46,640 --> 00:42:49,000 Speaker 1: show ups through this episode, just check out our website 939 00:42:49,000 --> 00:42:51,560 Speaker 1: at how to money dot com. That's right, So, until 940 00:42:51,640 --> 00:43:05,600 Speaker 1: next time, best friends Out, Best Friends Out,