1 00:00:00,080 --> 00:00:02,880 Speaker 1: Welcome to How to Money. I'm Joel and I'm Matt, 2 00:00:03,000 --> 00:00:05,400 Speaker 1: and today we're going to convince you to start talking 3 00:00:05,400 --> 00:00:26,760 Speaker 1: about money. Joel, what's going on, man? What's up, buddy? 4 00:00:27,160 --> 00:00:29,159 Speaker 1: So you know the car we got from Carbona, it 5 00:00:29,280 --> 00:00:32,400 Speaker 1: only came with a single key fob. And we've talked 6 00:00:32,440 --> 00:00:35,080 Speaker 1: about this because you were commenting on the wire that 7 00:00:35,120 --> 00:00:37,840 Speaker 1: I had wrapped around the electronics portion to hold it together, 8 00:00:37,920 --> 00:00:40,519 Speaker 1: because when I would stick it into the ignition to 9 00:00:40,960 --> 00:00:43,440 Speaker 1: turn it, it would want to rip apart, which is 10 00:00:43,479 --> 00:00:46,640 Speaker 1: no good man. It was a little awkward, precarious the 11 00:00:46,680 --> 00:00:47,919 Speaker 1: way you had to set up. Yeah, the metal kind 12 00:00:47,920 --> 00:00:49,080 Speaker 1: of poked out a little bit too, so we kind 13 00:00:49,080 --> 00:00:50,640 Speaker 1: of like cut your hand. You could like stabling your 14 00:00:50,720 --> 00:00:53,200 Speaker 1: kids accidentally with it or something. But seriously, for weeks 15 00:00:53,400 --> 00:00:55,200 Speaker 1: I have been concerned that it was gonna snap off 16 00:00:55,240 --> 00:00:58,360 Speaker 1: in the ignition while I am far from home, and 17 00:00:58,480 --> 00:01:01,000 Speaker 1: that I would be stranded. It's specifically that it would 18 00:01:01,080 --> 00:01:02,760 Speaker 1: end up costing me a ton of money to have 19 00:01:02,880 --> 00:01:04,679 Speaker 1: to pay for a mobile key service to show up, 20 00:01:05,120 --> 00:01:07,720 Speaker 1: have to pay their exorbitant rates, and then a few 21 00:01:07,760 --> 00:01:11,399 Speaker 1: hundred dollars later I then have a working key, right, 22 00:01:12,000 --> 00:01:13,400 Speaker 1: And so it kind of came down for me to 23 00:01:13,480 --> 00:01:15,640 Speaker 1: this question of am I being cheap or am I 24 00:01:15,720 --> 00:01:18,360 Speaker 1: being frugal by not replacing the key? And by the way, man, 25 00:01:18,440 --> 00:01:21,200 Speaker 1: a lot of people get ripped off by locksmiths. There 26 00:01:21,240 --> 00:01:24,319 Speaker 1: are so many locksmith scams it's not even funny. And 27 00:01:24,520 --> 00:01:28,920 Speaker 1: most of the locksmith scammers have really gamed the Google rankings. 28 00:01:29,280 --> 00:01:32,000 Speaker 1: So if you google somebody local that's a locksmith, the 29 00:01:32,080 --> 00:01:34,560 Speaker 1: chances are that the few ads that you're gonna see 30 00:01:34,600 --> 00:01:36,400 Speaker 1: at the top are going to be from a scam 31 00:01:36,480 --> 00:01:38,640 Speaker 1: artist who's going to quote you over the phone. Then 32 00:01:38,640 --> 00:01:40,800 Speaker 1: it's gonna be thirty bucks, and then they show up 33 00:01:40,800 --> 00:01:43,240 Speaker 1: and it's two so it's like a thirty dollar minimum. 34 00:01:43,280 --> 00:01:44,760 Speaker 1: Well that's the thing, dude. I So I was calling 35 00:01:44,800 --> 00:01:46,520 Speaker 1: around to a bunch of the places in Atlanta and 36 00:01:46,520 --> 00:01:48,920 Speaker 1: that's and they were all kind of shady. They either 37 00:01:49,000 --> 00:01:50,560 Speaker 1: had a mobile set up where the guy would show 38 00:01:50,600 --> 00:01:52,440 Speaker 1: up to wherever you are, which I understand because a 39 00:01:52,440 --> 00:01:54,360 Speaker 1: lot of times that's what you need for a mobile locksmith, 40 00:01:54,720 --> 00:01:56,000 Speaker 1: but a lot of them are kind of vague. They 41 00:01:56,000 --> 00:01:58,080 Speaker 1: would either say that there's like a third dollar minimum 42 00:01:58,160 --> 00:02:00,440 Speaker 1: or something like that, but then they're like, well, It 43 00:02:00,440 --> 00:02:02,080 Speaker 1: just kind of depends on the key, depends on the 44 00:02:02,080 --> 00:02:05,600 Speaker 1: programming that has to take place. And so I would say, okay, 45 00:02:05,680 --> 00:02:07,960 Speaker 1: well I'll tell you what I have. It's a you know, 46 00:02:07,960 --> 00:02:09,760 Speaker 1: it's a Honda, this is this is what I need, 47 00:02:10,040 --> 00:02:12,120 Speaker 1: and they would just say, oh, it just depends you 48 00:02:12,200 --> 00:02:14,480 Speaker 1: just they have to be there to see. And I 49 00:02:14,520 --> 00:02:16,760 Speaker 1: did not like that at all. You definitely don't want 50 00:02:16,760 --> 00:02:18,480 Speaker 1: to go with a company that, when you give them 51 00:02:18,520 --> 00:02:20,800 Speaker 1: the information, they refused to get quote at least take 52 00:02:20,840 --> 00:02:23,320 Speaker 1: a ballpark. Yes. And so because of that though, I've 53 00:02:23,360 --> 00:02:25,920 Speaker 1: been avoiding getting the stupid key fixed, and we're not fixed. 54 00:02:25,919 --> 00:02:28,680 Speaker 1: I just wanted to get another one made, but I 55 00:02:28,760 --> 00:02:31,040 Speaker 1: was afraid, especially after we did our episode on Are 56 00:02:31,080 --> 00:02:33,640 Speaker 1: You Frugal or Are You Cheap? I thought to myself, Dude, 57 00:02:33,639 --> 00:02:35,360 Speaker 1: this is something that is going to end up costing 58 00:02:35,360 --> 00:02:37,680 Speaker 1: me way more money because I'm gonna be strained somewhere. 59 00:02:37,680 --> 00:02:40,280 Speaker 1: I'm gonna have to pay out THEA knows because we're 60 00:02:40,320 --> 00:02:41,800 Speaker 1: going to be in a situation where we need to 61 00:02:41,800 --> 00:02:43,720 Speaker 1: get the van, where we need to get the car 62 00:02:43,800 --> 00:02:46,200 Speaker 1: and head out somewhere right away. And so I finally 63 00:02:46,200 --> 00:02:48,720 Speaker 1: did my research though, and found a place that was 64 00:02:48,880 --> 00:02:51,600 Speaker 1: a little bit outside of Atlanta. It was two double wides, 65 00:02:51,639 --> 00:02:53,720 Speaker 1: kind of pushed together, the kind of place that you 66 00:02:53,720 --> 00:02:56,520 Speaker 1: want to go for sure. But they did have good 67 00:02:56,560 --> 00:02:58,120 Speaker 1: reviews and I called them. They gave me a straight 68 00:02:58,200 --> 00:03:02,239 Speaker 1: up quote, and dude, I've had a working factory Honda 69 00:03:02,600 --> 00:03:04,240 Speaker 1: key fob and I've got two of them now for 70 00:03:04,440 --> 00:03:06,720 Speaker 1: just over a hundred bucks. I just wanted to share 71 00:03:06,720 --> 00:03:08,919 Speaker 1: that because this is an instance where I felt had 72 00:03:08,960 --> 00:03:10,880 Speaker 1: I kept kind of piecing it together. Literally, I could 73 00:03:10,880 --> 00:03:12,560 Speaker 1: have I was using tape, I was, or I had 74 00:03:12,560 --> 00:03:14,720 Speaker 1: wire wrapped around there. I'd like kind of cut out 75 00:03:14,760 --> 00:03:16,560 Speaker 1: a little notch, you know, to hold the key together. 76 00:03:16,919 --> 00:03:19,000 Speaker 1: But I knew that eventually that was gonna end up 77 00:03:19,040 --> 00:03:21,239 Speaker 1: costing me way more. And even though I had to pay, 78 00:03:21,520 --> 00:03:24,000 Speaker 1: you know, over a hundred bucks for this, I knew 79 00:03:24,000 --> 00:03:26,880 Speaker 1: that it was most definitely worthwhile because it was gonna 80 00:03:26,960 --> 00:03:29,600 Speaker 1: keep me from having to pay more down the road. Yeah, 81 00:03:29,639 --> 00:03:32,120 Speaker 1: save you from being stranded or high and dry. It 82 00:03:32,120 --> 00:03:34,359 Speaker 1: gives you the chance to do like some research from 83 00:03:34,360 --> 00:03:36,880 Speaker 1: your desk, you know, while I find that right company 84 00:03:37,040 --> 00:03:40,720 Speaker 1: without the stress. Yes, yeah, oh my gosh, that just 85 00:03:40,800 --> 00:03:43,240 Speaker 1: sounds awful. Being strainded with the key, and then a 86 00:03:43,240 --> 00:03:45,680 Speaker 1: lot of people too would have probably gone to the 87 00:03:45,760 --> 00:03:47,960 Speaker 1: dealership to get a new key made. And it's true 88 00:03:48,000 --> 00:03:50,320 Speaker 1: that some of those programmable keys are a little more 89 00:03:50,320 --> 00:03:51,800 Speaker 1: difficult to make them. They used to be, right. You 90 00:03:51,800 --> 00:03:55,640 Speaker 1: can't just take your car key to the minute key Kiosk, 91 00:03:55,880 --> 00:03:57,920 Speaker 1: how your Kroger or your Lows or whatever it is. 92 00:03:58,120 --> 00:04:00,480 Speaker 1: But you're still not at the mercy of the dealership 93 00:04:00,480 --> 00:04:03,760 Speaker 1: because they would have charged you probably per key set. 94 00:04:03,760 --> 00:04:05,640 Speaker 1: I would imagine there's something close to that. Yeah, I 95 00:04:05,640 --> 00:04:08,200 Speaker 1: would think so easy, it gets pretty outrageous. So you know, 96 00:04:08,240 --> 00:04:10,640 Speaker 1: doing your research, finance someone else that does it on 97 00:04:10,720 --> 00:04:14,080 Speaker 1: your own time before that inevitable breakdown miles away from 98 00:04:14,080 --> 00:04:16,920 Speaker 1: home happens where your key falls apart. That's the way 99 00:04:16,960 --> 00:04:19,640 Speaker 1: to do it, man, Yeah, And I think that is frugal. Right, 100 00:04:19,640 --> 00:04:23,120 Speaker 1: that's planning ahead. I was able to do my research. Yeah, Yeah, 101 00:04:23,120 --> 00:04:25,280 Speaker 1: that's planning ahead and not just leaving it to the 102 00:04:25,279 --> 00:04:28,080 Speaker 1: whims of chance where you're in a much more frustrating 103 00:04:28,080 --> 00:04:31,280 Speaker 1: position and in a position where you are probably gonna 104 00:04:31,279 --> 00:04:33,800 Speaker 1: pay off the nose in order to get something fixed. Yeah, certainly, man. 105 00:04:33,880 --> 00:04:35,320 Speaker 1: What I'm saying is I just felt like an adult 106 00:04:35,320 --> 00:04:38,360 Speaker 1: while I was doing it, all right, Sometimes that sort 107 00:04:38,360 --> 00:04:40,320 Speaker 1: of takes right. We gotta feel like an adult exactly. 108 00:04:40,480 --> 00:04:43,280 Speaker 1: All right, let's introduce the beer, Matt that we're drinking today, 109 00:04:43,960 --> 00:04:47,880 Speaker 1: Zoos Juice by Westbrook Brewing Company and Angry Chair Brewing Company. 110 00:04:47,960 --> 00:04:50,719 Speaker 1: So this is a collaboration beer collaboration. Yeah, Man, you 111 00:04:50,720 --> 00:04:54,560 Speaker 1: pick this up at your local favorites craft beer shop. 112 00:04:54,800 --> 00:04:56,720 Speaker 1: And what kind of beer is this? Yeah? So this 113 00:04:56,800 --> 00:04:58,960 Speaker 1: is something I don't think I've ever had before. It's 114 00:04:59,120 --> 00:05:01,839 Speaker 1: a sour wheat l brewed with a bunch of different 115 00:05:01,880 --> 00:05:06,600 Speaker 1: stuff tangerine, pineapple, cherry, coconut, lactose, and marshmallows. So they 116 00:05:06,600 --> 00:05:09,400 Speaker 1: put the whole kitchens in this. So I'm really pumped 117 00:05:09,400 --> 00:05:11,120 Speaker 1: to drink this one today, share it with you. We'll 118 00:05:11,160 --> 00:05:13,200 Speaker 1: fill everybody in on what the what this beer tastes 119 00:05:13,200 --> 00:05:14,480 Speaker 1: like at the end of the show. Cheers, man, thanks 120 00:05:14,520 --> 00:05:16,479 Speaker 1: for picking that up. All right, So onto the subject 121 00:05:16,480 --> 00:05:18,760 Speaker 1: at hand. We want people to start talking about money, Matt, 122 00:05:18,880 --> 00:05:21,400 Speaker 1: and in particular, we want people to start having conversations 123 00:05:21,440 --> 00:05:24,279 Speaker 1: about personal finance with their family and friends, and Matt. 124 00:05:24,360 --> 00:05:25,920 Speaker 1: That's part of the reason that we started this whole 125 00:05:25,920 --> 00:05:28,599 Speaker 1: podcast was We wanted to have these conversations because they're 126 00:05:28,600 --> 00:05:30,120 Speaker 1: fun for us, but we also kind of wanted to 127 00:05:30,160 --> 00:05:33,760 Speaker 1: spur those conversations on for other people and give them 128 00:05:33,800 --> 00:05:36,240 Speaker 1: something to talk about. Honestly, a podcast is one of 129 00:05:36,279 --> 00:05:38,920 Speaker 1: the best ways to start a conversation about money because 130 00:05:39,000 --> 00:05:41,120 Speaker 1: you can both listen to something and then come back 131 00:05:41,200 --> 00:05:43,120 Speaker 1: together to talk about it. And so I know that 132 00:05:43,160 --> 00:05:46,680 Speaker 1: a lot of couples have used Financial Education podcast as 133 00:05:46,720 --> 00:05:49,239 Speaker 1: a way to kind of spur talking about those issues 134 00:05:49,279 --> 00:05:51,239 Speaker 1: and trying to get on the same page and unite. 135 00:05:51,279 --> 00:05:55,160 Speaker 1: This episode is dedicated to helping spur those conversations in 136 00:05:55,240 --> 00:05:58,680 Speaker 1: individual homes and in relationships. We just wanted to be 137 00:05:58,760 --> 00:06:01,680 Speaker 1: more of an open dialogue because there's a huge issue 138 00:06:01,880 --> 00:06:04,239 Speaker 1: surrounding the way we talk about money in our country. 139 00:06:04,600 --> 00:06:07,159 Speaker 1: That's right, man, and it's just bizarre, almost right, how 140 00:06:07,640 --> 00:06:10,120 Speaker 1: these money conversations aren't a part of our life. We 141 00:06:10,120 --> 00:06:12,280 Speaker 1: we talk about so many different things with our friends, 142 00:06:12,320 --> 00:06:14,680 Speaker 1: We talk about things that might even seem more intimate 143 00:06:15,080 --> 00:06:18,000 Speaker 1: and like personal with each other, but then for whatever reason, 144 00:06:18,000 --> 00:06:20,920 Speaker 1: a lot of times friends and even family members as well, 145 00:06:20,960 --> 00:06:23,560 Speaker 1: they just don't talk about their finances. But regardless of why, 146 00:06:23,600 --> 00:06:26,280 Speaker 1: most folks don't talk about money. When you don't talk 147 00:06:26,320 --> 00:06:28,880 Speaker 1: about money, you don't get better at it, right, And 148 00:06:28,920 --> 00:06:31,599 Speaker 1: so we all have room for improvement, and so we're 149 00:06:31,600 --> 00:06:33,320 Speaker 1: here to talk about it. We're here to talk about 150 00:06:33,360 --> 00:06:35,160 Speaker 1: how much we spend on groceries, or we're here to 151 00:06:35,160 --> 00:06:37,880 Speaker 1: talk about the amount of money or putting aside in 152 00:06:37,880 --> 00:06:40,760 Speaker 1: our fur own case. And ultimately, like the end goal 153 00:06:40,960 --> 00:06:43,599 Speaker 1: that we're trying to work towards by being spart with 154 00:06:43,600 --> 00:06:45,920 Speaker 1: our money is financial independence. These are all sort of 155 00:06:45,960 --> 00:06:48,480 Speaker 1: things throughout life that we want to talk about and 156 00:06:48,480 --> 00:06:51,120 Speaker 1: hopefully shut some light and help this topic not be 157 00:06:51,200 --> 00:06:54,640 Speaker 1: something that feels so off limits with you and your friends. Yeah, 158 00:06:54,680 --> 00:06:57,479 Speaker 1: and something that kind of struck me recently. Matt was 159 00:06:57,920 --> 00:07:00,800 Speaker 1: seeing some of the articles surround owning the topic of 160 00:07:00,800 --> 00:07:02,800 Speaker 1: financial independence, that there have been a lot of them 161 00:07:03,120 --> 00:07:07,120 Speaker 1: in major media publications recently, and just to kind of 162 00:07:07,120 --> 00:07:10,240 Speaker 1: see the takes that some are kind of this positive 163 00:07:10,280 --> 00:07:13,480 Speaker 1: spin on the idea of financial independence, and especially people 164 00:07:13,520 --> 00:07:17,000 Speaker 1: that are younger achieving financial independence, and then to see 165 00:07:17,080 --> 00:07:19,440 Speaker 1: the other side where it's kind of mocked and made 166 00:07:19,440 --> 00:07:22,760 Speaker 1: fun of. And to me, it's no wonder that people 167 00:07:22,800 --> 00:07:24,480 Speaker 1: don't want to talk about money that they don't want 168 00:07:24,480 --> 00:07:25,840 Speaker 1: to get honest about it. They don't want to get 169 00:07:25,880 --> 00:07:29,680 Speaker 1: real because on one hand, we're told that millennials in 170 00:07:29,720 --> 00:07:33,320 Speaker 1: particular are stupid with money, they don't know how to invest, 171 00:07:33,520 --> 00:07:35,720 Speaker 1: they're not thinking about the future, they want to rent, 172 00:07:36,080 --> 00:07:39,200 Speaker 1: they're not buying into the standard American dream. So they're 173 00:07:39,200 --> 00:07:41,760 Speaker 1: being mocked publicly by people that are older than them, 174 00:07:41,760 --> 00:07:44,160 Speaker 1: that who write the articles. And then on the on 175 00:07:44,200 --> 00:07:46,600 Speaker 1: the other hand, there's this young group of people who 176 00:07:46,680 --> 00:07:48,880 Speaker 1: are trying to get their financial game in order, who 177 00:07:48,920 --> 00:07:51,880 Speaker 1: want to change the narrative, who are handling their finance 178 00:07:51,920 --> 00:07:53,920 Speaker 1: as well, who are stocking away money for the future 179 00:07:54,320 --> 00:07:57,080 Speaker 1: in stocks, in real estate. There are people that are 180 00:07:57,120 --> 00:07:59,640 Speaker 1: are trying to be prepared right, and then they get 181 00:07:59,640 --> 00:08:02,640 Speaker 1: mocked from the other side who says that that's ridiculous 182 00:08:02,720 --> 00:08:04,320 Speaker 1: to think that you can get your financial act in 183 00:08:04,440 --> 00:08:07,040 Speaker 1: order and be financial independent at an early age. And 184 00:08:07,080 --> 00:08:09,760 Speaker 1: so I think this narrative it stems from the stuff 185 00:08:09,800 --> 00:08:13,040 Speaker 1: that we read in major financial publications. So let's just 186 00:08:13,080 --> 00:08:15,360 Speaker 1: like you and I, let's let's say cut the crap, 187 00:08:15,600 --> 00:08:18,040 Speaker 1: and and we're gonna say it's okay. It doesn't matter 188 00:08:18,040 --> 00:08:21,520 Speaker 1: what Yahoo Finance says or seeing in money or any 189 00:08:21,520 --> 00:08:24,200 Speaker 1: of those guys. You control the way you talk about 190 00:08:24,200 --> 00:08:26,960 Speaker 1: money in your life with the people that you care about, 191 00:08:27,160 --> 00:08:29,800 Speaker 1: with your friends and with your your family, And so 192 00:08:29,800 --> 00:08:31,680 Speaker 1: we're gonna give you kind of some practical tips in 193 00:08:31,680 --> 00:08:34,720 Speaker 1: this episode for how to open up those lines of communication, 194 00:08:35,160 --> 00:08:37,920 Speaker 1: for how to kind of transition money away from being 195 00:08:38,000 --> 00:08:40,880 Speaker 1: a taboo subject in your house or where you live 196 00:08:40,920 --> 00:08:43,440 Speaker 1: with your spouse maybe even and try to kind of 197 00:08:43,480 --> 00:08:46,160 Speaker 1: make it a more approachable topic. So that's kind of 198 00:08:46,160 --> 00:08:47,959 Speaker 1: our goal here in this episode. I mean, I love 199 00:08:47,960 --> 00:08:50,400 Speaker 1: that you mentioned millennials as well, because millennials, of all 200 00:08:50,440 --> 00:08:53,240 Speaker 1: the generations that were out there for a recent survey, 201 00:08:53,280 --> 00:08:56,080 Speaker 1: they are the most willing to talk about their finances 202 00:08:56,120 --> 00:08:59,520 Speaker 1: with their friends. But that being said, overall, seventy Americans 203 00:08:59,520 --> 00:09:02,440 Speaker 1: still feel that it's rude to talk about their personal 204 00:09:02,440 --> 00:09:06,200 Speaker 1: finances in social situations, which, man, it is just again 205 00:09:06,240 --> 00:09:08,080 Speaker 1: just bizarre that there's just so many things that we 206 00:09:08,160 --> 00:09:12,080 Speaker 1: discuss as friends or as family members, but money and 207 00:09:12,120 --> 00:09:13,640 Speaker 1: just how we relate to money, and how what we 208 00:09:13,640 --> 00:09:15,439 Speaker 1: spend our money on and the amount that we're saving. 209 00:09:16,040 --> 00:09:18,120 Speaker 1: These are just topics that we that we tend to 210 00:09:18,160 --> 00:09:22,240 Speaker 1: avoid and it seems like the super taboo subject of 211 00:09:22,360 --> 00:09:27,280 Speaker 1: politics or another super taboo subject of sex, like those 212 00:09:27,440 --> 00:09:30,480 Speaker 1: are subjects that we actually feel more comfortable broaching, oh yeah, 213 00:09:30,520 --> 00:09:33,080 Speaker 1: than the topic of money. It seems like that that 214 00:09:33,160 --> 00:09:35,360 Speaker 1: the topic of money has almost more of a poll 215 00:09:35,440 --> 00:09:37,680 Speaker 1: like on our heart, And if someone asks you a 216 00:09:37,760 --> 00:09:41,679 Speaker 1: question in a social setting about politics or sex, you 217 00:09:41,760 --> 00:09:45,040 Speaker 1: might feel more comfortable answering a question about probably those 218 00:09:45,080 --> 00:09:47,960 Speaker 1: subjects than you even would about money, which I think 219 00:09:48,000 --> 00:09:50,280 Speaker 1: it's fascinating, which seems to be true to me just 220 00:09:50,400 --> 00:09:52,920 Speaker 1: from kind of the experiences I've had talking with people 221 00:09:52,960 --> 00:09:55,760 Speaker 1: about money. And then it also just seems odd, right 222 00:09:55,760 --> 00:09:58,600 Speaker 1: that we were so uncomfortable with that topic as a whole. 223 00:09:58,600 --> 00:10:00,160 Speaker 1: And I think what it comes down to, Matt, is 224 00:10:00,240 --> 00:10:02,760 Speaker 1: that most of us are just really, really bad with money, 225 00:10:02,960 --> 00:10:05,600 Speaker 1: and that's why we feel so uncomfortable broaching the subject. 226 00:10:05,720 --> 00:10:07,440 Speaker 1: I mean, and I think it's a cultural thing as well. 227 00:10:07,480 --> 00:10:09,440 Speaker 1: I think a lot of times folks are raised to 228 00:10:09,600 --> 00:10:11,760 Speaker 1: not talk about money. It's not something they grew up 229 00:10:11,800 --> 00:10:14,160 Speaker 1: hearing their parents talk about. And because of that, it's 230 00:10:14,200 --> 00:10:16,360 Speaker 1: something that they translate into their own personal lives with 231 00:10:16,360 --> 00:10:18,920 Speaker 1: their own friends and with their own family. It's like etiquette, right. 232 00:10:19,120 --> 00:10:22,040 Speaker 1: You can blame that on the Emily post. She's like 233 00:10:22,080 --> 00:10:25,240 Speaker 1: the etiquette queen, I guess, and I have my silver 234 00:10:25,240 --> 00:10:27,360 Speaker 1: ware on the correct side at all times. Gotta use 235 00:10:27,360 --> 00:10:30,160 Speaker 1: that salad forward, dude. Yeah, Matt, and you and I 236 00:10:30,200 --> 00:10:33,000 Speaker 1: both also think that one of the benefits of getting 237 00:10:33,000 --> 00:10:35,120 Speaker 1: our friends and our family talking about money with us 238 00:10:35,120 --> 00:10:37,640 Speaker 1: and having those conversations, it seems to make it more 239 00:10:37,679 --> 00:10:40,960 Speaker 1: fun for everyone if we can actually start to have 240 00:10:41,000 --> 00:10:42,880 Speaker 1: that conversation. Right, It might be awkward in the beginning, 241 00:10:43,160 --> 00:10:45,520 Speaker 1: but ultimately it leads to more fun because we're able 242 00:10:45,559 --> 00:10:47,240 Speaker 1: to talk about something that matters to us, that we 243 00:10:47,320 --> 00:10:50,000 Speaker 1: care about. Especially if you're listening to the show and 244 00:10:50,040 --> 00:10:52,800 Speaker 1: you've been learning a little bit more about personal finance, 245 00:10:52,840 --> 00:10:54,679 Speaker 1: you're you're kind of getting into it, and you're kind 246 00:10:54,679 --> 00:10:58,280 Speaker 1: of realizing that the more you learn about how you 247 00:10:58,320 --> 00:11:00,400 Speaker 1: handle money, how to save more of your money, and 248 00:11:00,400 --> 00:11:04,040 Speaker 1: then how to invest wisely, just kind of prioritizing, you know, 249 00:11:04,120 --> 00:11:07,360 Speaker 1: money going into the future, it kind of becomes like lonely, 250 00:11:07,440 --> 00:11:09,640 Speaker 1: and you you want to share it with the people 251 00:11:09,679 --> 00:11:11,240 Speaker 1: that you care about the most, and if you can't, 252 00:11:11,880 --> 00:11:13,800 Speaker 1: that sucks, Right, You want to be able to share 253 00:11:13,840 --> 00:11:15,480 Speaker 1: to the things that you care about the most, and 254 00:11:15,679 --> 00:11:18,120 Speaker 1: so ultimately it's more fun to share the things that 255 00:11:18,200 --> 00:11:19,559 Speaker 1: you care about, you know, just like Matt and I 256 00:11:19,600 --> 00:11:22,000 Speaker 1: share a beer every week, it's it's fun to to 257 00:11:22,120 --> 00:11:23,880 Speaker 1: share the things that matter to you. What we're gonna say, 258 00:11:23,880 --> 00:11:25,680 Speaker 1: you're gonna share your your money with me as well? 259 00:11:25,720 --> 00:11:28,040 Speaker 1: Now because I'm I'm okay with that, I'll talk about 260 00:11:28,040 --> 00:11:31,640 Speaker 1: it with you. No sharing on that on that front. Yeah, man, 261 00:11:31,679 --> 00:11:33,880 Speaker 1: Well it's more fun, right, but it's awesome more effective, 262 00:11:34,040 --> 00:11:36,600 Speaker 1: Like how much more effective is it going to be 263 00:11:36,600 --> 00:11:38,640 Speaker 1: if you've got your group, your friend group, or you've 264 00:11:38,640 --> 00:11:40,720 Speaker 1: got your tribe, and this is something that you're all 265 00:11:40,720 --> 00:11:42,880 Speaker 1: talking about, this is part of your conversation, as part 266 00:11:42,920 --> 00:11:45,560 Speaker 1: of the dialogue that you have with each other. And 267 00:11:45,960 --> 00:11:48,559 Speaker 1: the times where I found myself excelling the most and 268 00:11:48,600 --> 00:11:50,439 Speaker 1: whatever area of my life where the whether it be 269 00:11:50,840 --> 00:11:54,680 Speaker 1: working out or academics in college, when we're really trying 270 00:11:54,679 --> 00:11:56,480 Speaker 1: to do well, it was when I was working with 271 00:11:56,559 --> 00:11:58,440 Speaker 1: the group, when I had friends that we're doing it 272 00:11:58,480 --> 00:12:00,800 Speaker 1: with me when we're all striving towards the same goal. 273 00:12:01,120 --> 00:12:03,440 Speaker 1: And I think the same thing applies when it comes 274 00:12:03,440 --> 00:12:05,320 Speaker 1: to money and being smart with your money and investing 275 00:12:05,320 --> 00:12:06,960 Speaker 1: like all the things that we typically talk about on 276 00:12:07,000 --> 00:12:10,280 Speaker 1: the show. And for that reason alone, man, get some 277 00:12:10,280 --> 00:12:13,280 Speaker 1: people around you. You have that accountability and yeah, like 278 00:12:13,320 --> 00:12:15,680 Speaker 1: you said, it's just way more fun. Yeah. I think really, 279 00:12:15,800 --> 00:12:17,440 Speaker 1: when it comes down to the people that you hang 280 00:12:17,440 --> 00:12:19,400 Speaker 1: out with the most, they rub off on you in 281 00:12:19,400 --> 00:12:23,200 Speaker 1: a major way. And so you are going to essentially 282 00:12:23,240 --> 00:12:25,920 Speaker 1: reflect the five people that you spend the most amount 283 00:12:25,960 --> 00:12:28,200 Speaker 1: of time with. And if those five people aren't talking 284 00:12:28,200 --> 00:12:31,200 Speaker 1: about money, well, I'm not saying diet your friends, right, 285 00:12:31,360 --> 00:12:34,560 Speaker 1: that's that's you could find another friend that can maybe 286 00:12:34,720 --> 00:12:37,280 Speaker 1: I don't know, yeah, but at least try to work 287 00:12:37,280 --> 00:12:39,840 Speaker 1: in like a new friend who's really good at numbers 288 00:12:39,880 --> 00:12:42,920 Speaker 1: exactly exactly bring on that six friends. But another way 289 00:12:42,920 --> 00:12:45,960 Speaker 1: to tackle that problem is to start opening those lines 290 00:12:45,960 --> 00:12:48,959 Speaker 1: of communication so that you can bring those five friends 291 00:12:48,960 --> 00:12:51,400 Speaker 1: that you're really close to into some of those discussions 292 00:12:51,400 --> 00:12:53,760 Speaker 1: about money topics that matter to you. That makes me 293 00:12:53,800 --> 00:12:56,520 Speaker 1: think of Kevin Hart. Have you heard his Uh, there's 294 00:12:56,520 --> 00:12:58,200 Speaker 1: a stand up bit that he does. It's it's called 295 00:12:58,320 --> 00:13:01,280 Speaker 1: stay in your Financial Lane, where you talk about hanging 296 00:13:01,280 --> 00:13:04,560 Speaker 1: out with professional athletes. Yes, I've seen it. It's super funny. 297 00:13:05,200 --> 00:13:07,199 Speaker 1: I'm not gonna at all try to imitate him, but 298 00:13:07,240 --> 00:13:12,559 Speaker 1: he talks everybody wishes that I wouldn't trust me. But 299 00:13:12,640 --> 00:13:15,240 Speaker 1: he talks about hanging with professional athletes who make tons 300 00:13:15,240 --> 00:13:18,000 Speaker 1: of money, and how when he hangs out with them, 301 00:13:18,080 --> 00:13:21,800 Speaker 1: it pressures him into making unwise financial decisions. And it's 302 00:13:21,840 --> 00:13:25,920 Speaker 1: hilarious and it's not safe for work, so listen on 303 00:13:25,960 --> 00:13:28,760 Speaker 1: your own time. But dude, it is so funny and 304 00:13:28,760 --> 00:13:31,200 Speaker 1: it's so true, right, Like that's the heart of any comedy, 305 00:13:31,400 --> 00:13:34,160 Speaker 1: Like a good comic, right is there's truth and and 306 00:13:34,000 --> 00:13:36,839 Speaker 1: and what he's saying there about that, it's absolutely true. 307 00:13:37,080 --> 00:13:39,880 Speaker 1: We are way more influenced by our friends and they're 308 00:13:39,920 --> 00:13:42,800 Speaker 1: spending habits, and not only they're spending habits, but their 309 00:13:42,880 --> 00:13:45,480 Speaker 1: savings habits as well, and everything from what they do 310 00:13:45,559 --> 00:13:48,160 Speaker 1: spend to what they don't spend. Man, it is also important. 311 00:13:48,360 --> 00:13:51,240 Speaker 1: And so maybe yeah, look up, look up, Kevin Hart, 312 00:13:51,440 --> 00:13:54,360 Speaker 1: stay in your financial lane if you have an extra minute. Yeah, man, 313 00:13:54,360 --> 00:13:55,520 Speaker 1: the thing that you said it is a second ago 314 00:13:55,600 --> 00:13:58,840 Speaker 1: about your five closest friends and sort of bearing their 315 00:13:59,000 --> 00:14:02,200 Speaker 1: savings and habits. I think I've heard something similar in 316 00:14:02,240 --> 00:14:06,360 Speaker 1: regards to your net worth where your five closest friends. Essentially, 317 00:14:06,360 --> 00:14:09,679 Speaker 1: you're the average of your five closest friends. And so essentially, 318 00:14:09,679 --> 00:14:11,400 Speaker 1: if you look at your the net worth of your 319 00:14:11,400 --> 00:14:13,840 Speaker 1: five closest friends or what you're what they make, you 320 00:14:13,840 --> 00:14:15,640 Speaker 1: should fall right in the average, like right in the 321 00:14:15,679 --> 00:14:17,560 Speaker 1: middle of all all five of those. Yeah, man, I 322 00:14:17,600 --> 00:14:20,720 Speaker 1: feel like, honestly, you and I are probably perfect examples 323 00:14:20,760 --> 00:14:24,120 Speaker 1: for how if we weren't friends, we would probably both 324 00:14:24,160 --> 00:14:26,200 Speaker 1: be pretty good with money. But the fact that we 325 00:14:26,320 --> 00:14:28,520 Speaker 1: are friends and we talk about it, I feel like 326 00:14:28,680 --> 00:14:30,680 Speaker 1: we just spur each other on, oh yeah man, towards 327 00:14:30,720 --> 00:14:34,160 Speaker 1: being better, digging deeper, going harder, whatever it is, like 328 00:14:34,200 --> 00:14:36,520 Speaker 1: when it comes to investing in rental properties, or when 329 00:14:36,520 --> 00:14:38,800 Speaker 1: it comes to investing a little bit more for the 330 00:14:38,840 --> 00:14:43,080 Speaker 1: future in our retirement accounts. I feel like our discussions 331 00:14:43,600 --> 00:14:46,120 Speaker 1: directly affect my bottom line when it when it comes 332 00:14:46,120 --> 00:14:49,080 Speaker 1: to how I handle money. And they're fun too write, 333 00:14:49,200 --> 00:14:52,600 Speaker 1: and so I think that's what's crucial to note here 334 00:14:53,040 --> 00:14:55,360 Speaker 1: is that it's not that you have to ditch your 335 00:14:55,360 --> 00:14:57,480 Speaker 1: friends and find new ones. It said, it's important to 336 00:14:57,520 --> 00:14:59,600 Speaker 1: have those conversations because because they're gonna be good for 337 00:14:59,640 --> 00:15:01,920 Speaker 1: your friends hips. It's an important topic, right, it affects 338 00:15:01,960 --> 00:15:04,560 Speaker 1: all of us, and then also it's going to affect 339 00:15:04,640 --> 00:15:07,000 Speaker 1: your bottom line. You're gonna be better at your money 340 00:15:07,040 --> 00:15:09,280 Speaker 1: when you're able to talk about it openly with the 341 00:15:09,280 --> 00:15:11,560 Speaker 1: people that you're close to. That's right, man, And so 342 00:15:11,760 --> 00:15:13,360 Speaker 1: let's go ahead and take a quick break. But right 343 00:15:13,400 --> 00:15:15,640 Speaker 1: after that, we're gonna talk about some of the specific 344 00:15:15,720 --> 00:15:27,240 Speaker 1: ways that you are missing out by not talking about money. 345 00:15:27,920 --> 00:15:29,720 Speaker 1: All right, Matt, we're back in the break and we're 346 00:15:29,760 --> 00:15:32,120 Speaker 1: about to get to some specific ways that you're missing 347 00:15:32,160 --> 00:15:34,960 Speaker 1: out if you're not having these conversations about money. But first, 348 00:15:35,040 --> 00:15:37,080 Speaker 1: let's talk about some of the reasons why people aren't 349 00:15:37,080 --> 00:15:39,720 Speaker 1: talking about their money, because there are certain roadblocks in 350 00:15:39,760 --> 00:15:42,840 Speaker 1: our way and it's just important to be aware of them. 351 00:15:42,840 --> 00:15:46,200 Speaker 1: And some of those roadblocks are completely understandable to to 352 00:15:46,280 --> 00:15:49,240 Speaker 1: why we don't have these conversations to begin with. And 353 00:15:49,280 --> 00:15:51,160 Speaker 1: so we hinted at this one before the break. But 354 00:15:51,200 --> 00:15:53,320 Speaker 1: one of the reasons why people aren't talking about their 355 00:15:53,320 --> 00:15:57,920 Speaker 1: money it stems from financial illiteracy. Learning about money is intimidating, 356 00:15:58,080 --> 00:16:00,960 Speaker 1: and a lot of times there's just no structural system. 357 00:16:01,080 --> 00:16:03,960 Speaker 1: There's nothing in place really to teach us. Only five 358 00:16:04,040 --> 00:16:07,440 Speaker 1: states in the US right now require formal education in 359 00:16:07,520 --> 00:16:10,240 Speaker 1: high school for personal finance. Man and in those five states, 360 00:16:10,240 --> 00:16:13,280 Speaker 1: like they only require a single semester of a class 361 00:16:13,320 --> 00:16:16,400 Speaker 1: that deals with personal finance, and that is so little. Yeah, 362 00:16:16,480 --> 00:16:19,560 Speaker 1: that's a huge bummer. I'm a huge proponent of personal 363 00:16:19,600 --> 00:16:22,640 Speaker 1: finance education happening in schools, and it's such a bummer 364 00:16:22,680 --> 00:16:25,800 Speaker 1: that it doesn't happen kids when you're sixteen, seventeen, eighteen. 365 00:16:25,880 --> 00:16:29,120 Speaker 1: It's those are such formative years to start learning about 366 00:16:29,160 --> 00:16:31,440 Speaker 1: finance and money and how that's going to impact you. 367 00:16:31,760 --> 00:16:34,240 Speaker 1: We learned a lot about macroeconomics, but when it comes 368 00:16:34,280 --> 00:16:38,520 Speaker 1: to the microeconomics of your personal financial life, I feel 369 00:16:38,560 --> 00:16:41,120 Speaker 1: like we're completely missing the boat. So most kids graduate 370 00:16:41,240 --> 00:16:43,920 Speaker 1: high school not having any idea how to open a 371 00:16:43,920 --> 00:16:46,080 Speaker 1: credit card or what sort of impact that's going to 372 00:16:46,160 --> 00:16:47,960 Speaker 1: have on your life if you do. They don't know 373 00:16:48,040 --> 00:16:51,280 Speaker 1: how to open a bank account or balance a checkbook. 374 00:16:51,440 --> 00:16:54,560 Speaker 1: And I mean checkbooks are old school, right, so that 375 00:16:54,640 --> 00:16:56,520 Speaker 1: might not be a skill you're gonna need for much longer. 376 00:16:56,760 --> 00:16:59,440 Speaker 1: But I just wish that it was more of a thing. 377 00:16:59,520 --> 00:17:01,360 Speaker 1: And the great thing, I guess is with the advent 378 00:17:01,480 --> 00:17:06,200 Speaker 1: of technology, so much great learning is happening online or 379 00:17:06,280 --> 00:17:08,119 Speaker 1: on phones, right, Like you've got all the apps and 380 00:17:08,160 --> 00:17:09,800 Speaker 1: all that's just right there at your fingertips. Kind of 381 00:17:10,080 --> 00:17:12,960 Speaker 1: gamifies it a little bit, makes it fun. Yeah. The 382 00:17:12,960 --> 00:17:15,680 Speaker 1: the tough thing is is helping the younger generation figure 383 00:17:15,720 --> 00:17:17,720 Speaker 1: out where they need to go in order to get 384 00:17:17,760 --> 00:17:20,119 Speaker 1: that education. So it's out there. But then how do 385 00:17:20,160 --> 00:17:23,160 Speaker 1: we reach young kids with that information that they so 386 00:17:23,160 --> 00:17:25,760 Speaker 1: sorely need, but hopefully in a way that that's package 387 00:17:25,800 --> 00:17:27,880 Speaker 1: that they can relate to. But yeah, it's a huge 388 00:17:27,880 --> 00:17:31,520 Speaker 1: problem that kids are graduating with really no basic level 389 00:17:31,600 --> 00:17:34,320 Speaker 1: of understanding when it comes to personal finances. And I agree, 390 00:17:34,520 --> 00:17:36,840 Speaker 1: when you're completely illiterate at something, you don't want to 391 00:17:36,880 --> 00:17:38,480 Speaker 1: talk about it. If you don't know how to read, 392 00:17:38,560 --> 00:17:42,720 Speaker 1: you're not going to talk about books, just this common sense, right. 393 00:17:42,880 --> 00:17:45,600 Speaker 1: And if you don't know how to do anything about money, 394 00:17:45,600 --> 00:17:47,879 Speaker 1: if you don't know how to money right, you're just 395 00:17:48,000 --> 00:17:49,840 Speaker 1: not going to talk about it. Yeah, and so on 396 00:17:49,840 --> 00:17:52,720 Speaker 1: the note, how did you as as young Joel, how 397 00:17:52,720 --> 00:17:55,280 Speaker 1: did how did you learn a lot about personal finance 398 00:17:55,320 --> 00:17:57,560 Speaker 1: and and how to make the right decisions once it 399 00:17:57,600 --> 00:18:00,520 Speaker 1: came to spending and saving your own money? Question is 400 00:18:00,520 --> 00:18:03,480 Speaker 1: super personal and you know what, I love that we're 401 00:18:03,560 --> 00:18:05,920 Speaker 1: able to talk about that all the sho because that's 402 00:18:05,920 --> 00:18:08,520 Speaker 1: what we're into and so, you know, just to be 403 00:18:08,560 --> 00:18:12,040 Speaker 1: honest with everyone out there. Uh, my parents weren't great 404 00:18:12,040 --> 00:18:17,159 Speaker 1: with money growing up. They are lovely people, truly my heroes. Like, 405 00:18:17,200 --> 00:18:19,080 Speaker 1: if there were two people you said you can be 406 00:18:19,119 --> 00:18:20,399 Speaker 1: like any two people in the world, who do you 407 00:18:20,440 --> 00:18:21,760 Speaker 1: want to be like, I'd say my mom and dad, 408 00:18:22,119 --> 00:18:24,720 Speaker 1: like for real. But they weren't great with money, and 409 00:18:24,760 --> 00:18:26,919 Speaker 1: they didn't talk about money very well with me, and 410 00:18:26,960 --> 00:18:29,879 Speaker 1: so I feel like, more than anything, I learned from 411 00:18:30,200 --> 00:18:34,080 Speaker 1: them not handling it incredibly well. That's not probably the 412 00:18:34,119 --> 00:18:35,800 Speaker 1: best way that you want to learn about money. But 413 00:18:35,840 --> 00:18:38,080 Speaker 1: then again, I didn't necessarily have to learn from a 414 00:18:38,080 --> 00:18:40,240 Speaker 1: lot of bad beats on my own, so I definitely 415 00:18:40,320 --> 00:18:42,960 Speaker 1: learned from that. But they also did really help me 416 00:18:43,000 --> 00:18:45,920 Speaker 1: along when I was young, encouraged me to to get 417 00:18:45,920 --> 00:18:48,200 Speaker 1: a job when I was younger, and that like sort 418 00:18:48,200 --> 00:18:51,199 Speaker 1: of entrepreneurial bent that I have definitely came from my 419 00:18:51,280 --> 00:18:54,679 Speaker 1: parents helping me and encouraging me when I wanted to 420 00:18:54,720 --> 00:18:56,240 Speaker 1: get out there in the workforce, when I wanted to 421 00:18:56,240 --> 00:18:58,280 Speaker 1: start mowing lawns when I was eleven. You know, my 422 00:18:58,359 --> 00:19:01,200 Speaker 1: dad was there every Saturday helping me mobile lawns, helping 423 00:19:01,200 --> 00:19:03,439 Speaker 1: me get the customers and keep them happy and stuff 424 00:19:03,440 --> 00:19:05,199 Speaker 1: like that. So there was kind of both sides. And 425 00:19:05,200 --> 00:19:08,040 Speaker 1: then as I grew up landing a job in financial 426 00:19:08,040 --> 00:19:10,240 Speaker 1: media that helped a lot, I was immersed in it 427 00:19:10,280 --> 00:19:12,560 Speaker 1: every day. I was reading every day, and then that 428 00:19:12,640 --> 00:19:15,080 Speaker 1: was my job, but it became my curiosity. On the side, 429 00:19:15,680 --> 00:19:18,439 Speaker 1: I was listening to podcasts and watching YouTube videos and 430 00:19:18,480 --> 00:19:21,239 Speaker 1: just immersing myself in the subject because it was just 431 00:19:21,480 --> 00:19:24,160 Speaker 1: fascinating to me. I loved it. So yeah, I mean, 432 00:19:24,200 --> 00:19:26,160 Speaker 1: I feel like it's been something that's been a passion 433 00:19:26,440 --> 00:19:28,439 Speaker 1: of mine for as long as I can remember at 434 00:19:28,480 --> 00:19:29,960 Speaker 1: this point, But what about you, Well, you want to 435 00:19:30,000 --> 00:19:31,640 Speaker 1: hear a funny story because you're talking about your parents, 436 00:19:31,680 --> 00:19:33,119 Speaker 1: and it made me think of I learned a lot 437 00:19:33,160 --> 00:19:34,720 Speaker 1: from my parents, learned a lot from my dad. I 438 00:19:34,840 --> 00:19:36,840 Speaker 1: left him, you know, I didn't learn about from my dad. 439 00:19:37,320 --> 00:19:39,800 Speaker 1: We're c d s, which sounds funny to say. I 440 00:19:39,800 --> 00:19:41,399 Speaker 1: remember writing around with him. He had when when when 441 00:19:41,440 --> 00:19:44,400 Speaker 1: you say CDs are you talking compact discs? Are you talking? Well, 442 00:19:44,440 --> 00:19:46,600 Speaker 1: that's the that's the heart of the story because as 443 00:19:46,600 --> 00:19:49,199 Speaker 1: a kid, I remember riding around with him and he 444 00:19:49,240 --> 00:19:53,320 Speaker 1: had this sweet Z twenty eight Camaro and we would 445 00:19:53,440 --> 00:19:55,440 Speaker 1: you would get it all shiny on Saturdays and we'd 446 00:19:55,480 --> 00:19:57,520 Speaker 1: kind of ride around in it sometimes on Saturday afternoon. 447 00:19:57,560 --> 00:20:00,560 Speaker 1: Your dad so cool. He had a sweet car. It 448 00:20:00,640 --> 00:20:02,960 Speaker 1: was loud, I remember that. But yeah, we would drive 449 00:20:03,000 --> 00:20:06,000 Speaker 1: around and we would listen to music. We listened to, 450 00:20:06,280 --> 00:20:08,320 Speaker 1: you know, he had CDs. That was the era of 451 00:20:08,320 --> 00:20:10,320 Speaker 1: the compact disc And during one of those rides, I 452 00:20:10,320 --> 00:20:13,119 Speaker 1: remember him specifically teaching me and trying to tell me, 453 00:20:13,240 --> 00:20:15,760 Speaker 1: you know, like a life lesson story and talking about investing, 454 00:20:16,040 --> 00:20:18,080 Speaker 1: and he specifically brought up CDs and how maybe I 455 00:20:18,080 --> 00:20:20,480 Speaker 1: should consider investing in those. But the problem is is 456 00:20:20,520 --> 00:20:22,119 Speaker 1: I didn't know what the heck he was talking about, 457 00:20:22,400 --> 00:20:26,199 Speaker 1: and I was too dumb, I guess, to ask. And 458 00:20:26,200 --> 00:20:27,960 Speaker 1: so I was just like, I don't want to invest 459 00:20:28,000 --> 00:20:30,600 Speaker 1: in compact discs. I'm pretty young, but I think that's 460 00:20:30,640 --> 00:20:34,440 Speaker 1: a pretty bad investment. I'm pretty sure they dropped precipitously 461 00:20:34,440 --> 00:20:36,040 Speaker 1: in value right as I right as I take the 462 00:20:36,040 --> 00:20:37,840 Speaker 1: plastic wrap off. Yeah, I mean I would go to 463 00:20:37,840 --> 00:20:40,000 Speaker 1: CD warehouse and you know, I get my music there 464 00:20:40,000 --> 00:20:42,320 Speaker 1: and stuff like that, but actually invest in c d s. 465 00:20:42,400 --> 00:20:45,439 Speaker 1: I remember thinking, I don't know how I'm supposed to 466 00:20:45,480 --> 00:20:47,639 Speaker 1: invest in c ds. But even if I did want 467 00:20:47,640 --> 00:20:48,840 Speaker 1: to do that, I don't. I just don't know how 468 00:20:48,960 --> 00:20:50,520 Speaker 1: do I just buy the disk and not listen to 469 00:20:50,560 --> 00:20:52,439 Speaker 1: it and I put it on the shelf like baseball cards. 470 00:20:52,520 --> 00:20:54,640 Speaker 1: I just don't know. So I guess that's a good 471 00:20:54,640 --> 00:20:57,520 Speaker 1: note for parents. When you're explaining financial terms to your kids, 472 00:20:57,520 --> 00:21:00,360 Speaker 1: make sure you explain in terminology they can understand. Yeah, 473 00:21:00,400 --> 00:21:02,199 Speaker 1: I think he did, but I was just like not 474 00:21:02,240 --> 00:21:04,440 Speaker 1: the window, probably not not paying attention. So that sounds 475 00:21:04,480 --> 00:21:08,280 Speaker 1: like yeah. So another reason that people aren't talking about 476 00:21:08,280 --> 00:21:11,040 Speaker 1: their money, Matt, is it's just not entertaining or fun 477 00:21:11,080 --> 00:21:13,000 Speaker 1: to talk about money for most people, like you. I 478 00:21:13,040 --> 00:21:15,119 Speaker 1: think you and I are outliers on that that we 479 00:21:15,160 --> 00:21:17,360 Speaker 1: think it's fun. Budgets seem boring or out of place, 480 00:21:17,440 --> 00:21:19,560 Speaker 1: or it feels like a forced conversation. Just money stuff 481 00:21:19,560 --> 00:21:21,679 Speaker 1: in general, and right, it's this invisible thing that you 482 00:21:21,720 --> 00:21:23,159 Speaker 1: kind of get to see what you can do with 483 00:21:23,200 --> 00:21:25,600 Speaker 1: your money, but it's not something that's attractive or fun 484 00:21:25,680 --> 00:21:28,920 Speaker 1: to be around. Like accountants, like those those guys aren't fun, right, 485 00:21:29,960 --> 00:21:31,920 Speaker 1: That's what I hear. Like I think of the oscars 486 00:21:31,960 --> 00:21:33,679 Speaker 1: like the award shows, and they always have that that 487 00:21:33,680 --> 00:21:36,520 Speaker 1: point when the accountants or the c p A is whatever, 488 00:21:36,560 --> 00:21:38,520 Speaker 1: they walk out and they've got the briefcases with the votes. 489 00:21:38,800 --> 00:21:40,520 Speaker 1: That's the most boring part of the show because they 490 00:21:40,560 --> 00:21:43,160 Speaker 1: just stand there and they talk about how they've made 491 00:21:43,200 --> 00:21:44,719 Speaker 1: sure that they did it right. It's like, all right, 492 00:21:44,720 --> 00:21:46,679 Speaker 1: that's cool, and then Steve Harvey bungles it all up 493 00:21:46,720 --> 00:21:49,840 Speaker 1: and what else. But yeah, we think there's ways around 494 00:21:49,880 --> 00:21:51,840 Speaker 1: that too. But that's definitely a reason why people don't 495 00:21:51,880 --> 00:21:53,920 Speaker 1: talk about their money. And another reason is you might 496 00:21:53,920 --> 00:21:56,360 Speaker 1: be afraid that your friends aren't going to reciprocate that 497 00:21:56,400 --> 00:21:59,119 Speaker 1: you do open the lines of communication and your friends 498 00:21:59,160 --> 00:22:01,440 Speaker 1: think it's ridiculou us and they shut you down immediately 499 00:22:01,720 --> 00:22:04,440 Speaker 1: and they change the subject to like Kendall Jenner's Instagram page, 500 00:22:04,440 --> 00:22:06,359 Speaker 1: I don't know, I don't what whatever whatever? What does 501 00:22:06,400 --> 00:22:09,199 Speaker 1: everyone else talk about? Hopefully not that right? But it 502 00:22:09,200 --> 00:22:11,159 Speaker 1: takes me in vulnerable, And that's what stuff about that 503 00:22:11,280 --> 00:22:12,520 Speaker 1: is you have to be vulnerable. You kind of have 504 00:22:12,560 --> 00:22:16,000 Speaker 1: to put yourself out there and not everyone is necessarily 505 00:22:16,200 --> 00:22:18,080 Speaker 1: willing to do that. It takes putting yourself in a 506 00:22:18,080 --> 00:22:20,640 Speaker 1: place of weakness a little bit, where like you said, 507 00:22:20,640 --> 00:22:22,240 Speaker 1: someone might you might even get made fun of a 508 00:22:22,280 --> 00:22:24,960 Speaker 1: little bit, or they might freak out and say why, 509 00:22:25,200 --> 00:22:26,719 Speaker 1: like why are you trying to get up in my business? Man? 510 00:22:27,440 --> 00:22:29,760 Speaker 1: This isn't something I ever talked about with anybody. I 511 00:22:29,800 --> 00:22:31,760 Speaker 1: don't even talk about this with my girlfriend or my wife, Like, 512 00:22:31,760 --> 00:22:33,720 Speaker 1: I'm not going to talk to you about it. But again, 513 00:22:34,119 --> 00:22:36,040 Speaker 1: we're here to say that these are conversations that you 514 00:22:36,080 --> 00:22:38,960 Speaker 1: should have, certainly with a significant other, but also too 515 00:22:38,960 --> 00:22:41,359 Speaker 1: with friends, because certainly there's just so many benefits and 516 00:22:41,600 --> 00:22:44,359 Speaker 1: by not doing that, you're certainly missing out. Yeah, and 517 00:22:44,400 --> 00:22:46,879 Speaker 1: I want to say to Matt that not doing this 518 00:22:47,160 --> 00:22:49,160 Speaker 1: can be harmful to all of us as a whole. 519 00:22:49,320 --> 00:22:52,119 Speaker 1: The more money is shrouded in secrecy and it's not 520 00:22:52,160 --> 00:22:54,040 Speaker 1: a topic that we feel like we can discuss openly, 521 00:22:54,440 --> 00:22:57,000 Speaker 1: the more our friends and our family and the people 522 00:22:57,040 --> 00:22:59,080 Speaker 1: we care about are going to get ripped off by 523 00:22:59,200 --> 00:23:02,520 Speaker 1: scams that are flowed around, or are going to run 524 00:23:02,560 --> 00:23:06,159 Speaker 1: to a financial advisor and spend way too much of 525 00:23:06,200 --> 00:23:09,920 Speaker 1: the money they don't have in order to get started investing, right, 526 00:23:10,200 --> 00:23:11,919 Speaker 1: And the more that we can talk about it and 527 00:23:11,960 --> 00:23:14,600 Speaker 1: talk about how easy money is, right, how it's so 528 00:23:14,680 --> 00:23:16,320 Speaker 1: much easier than you thought it was. You know, we 529 00:23:16,359 --> 00:23:18,879 Speaker 1: talked about that early on in our retirement Investing is 530 00:23:18,920 --> 00:23:21,520 Speaker 1: simpler than you think. Episode. The more that the topic 531 00:23:21,520 --> 00:23:24,080 Speaker 1: of money is shrouded in secrecy, the more our friends 532 00:23:24,080 --> 00:23:27,600 Speaker 1: and family are going to get hurt by overpaying, by overspending, 533 00:23:27,840 --> 00:23:30,200 Speaker 1: by not thinking about these things. Well, and I think 534 00:23:30,240 --> 00:23:32,600 Speaker 1: you know, if you're listening to this episode, it's our job, 535 00:23:32,680 --> 00:23:35,480 Speaker 1: numero uno, Right, it starts with us, like, let's start 536 00:23:35,480 --> 00:23:38,960 Speaker 1: that conversation because if not, we're doing a disservice to 537 00:23:39,040 --> 00:23:40,600 Speaker 1: the people that we care about the most. I think 538 00:23:40,880 --> 00:23:42,960 Speaker 1: that's right, man. And just in case you didn't think 539 00:23:43,000 --> 00:23:45,080 Speaker 1: that this was a big deal, right, we're gonna cover 540 00:23:45,119 --> 00:23:48,040 Speaker 1: now some specific ways that you are missing out if 541 00:23:48,080 --> 00:23:51,280 Speaker 1: you're not talking about money. So first off, you could 542 00:23:51,359 --> 00:23:54,240 Speaker 1: be missing out individually. And so we strive to be 543 00:23:54,320 --> 00:23:57,320 Speaker 1: money smart, you know, for our futures. Financial security, Like 544 00:23:57,320 --> 00:23:59,280 Speaker 1: that's something that we are working towards. We want to 545 00:23:59,320 --> 00:24:01,399 Speaker 1: have options with our life. Does that mean that we 546 00:24:01,440 --> 00:24:03,720 Speaker 1: want to retire and not do anything once we hit 547 00:24:03,760 --> 00:24:06,000 Speaker 1: a certain age. No, but we want to have options. 548 00:24:06,200 --> 00:24:09,119 Speaker 1: And so for you as an individual, if you aren't 549 00:24:09,240 --> 00:24:12,440 Speaker 1: talking about money, you're not growing and you're not learning yourself, 550 00:24:12,480 --> 00:24:14,560 Speaker 1: and that's that's definitely gonna have an impact on you. 551 00:24:14,800 --> 00:24:16,280 Speaker 1: And it kind of sounds weird to say, maybe, but 552 00:24:16,320 --> 00:24:18,520 Speaker 1: your net worth, this is you and the amount of 553 00:24:18,520 --> 00:24:21,560 Speaker 1: money that you're able to set aside for the long term. Yeah, Matt, 554 00:24:21,560 --> 00:24:23,600 Speaker 1: and I feel like you and I have both benefited 555 00:24:23,600 --> 00:24:26,480 Speaker 1: as individuals from our money conversations and our money conversations 556 00:24:26,480 --> 00:24:28,920 Speaker 1: with our other friends. And so as a friend, you're 557 00:24:28,960 --> 00:24:30,680 Speaker 1: also going to be missing out if you're not talking 558 00:24:30,680 --> 00:24:32,879 Speaker 1: about money. So if you're not great with money, you 559 00:24:32,920 --> 00:24:35,200 Speaker 1: might have a friend who is a genius when it 560 00:24:35,240 --> 00:24:37,720 Speaker 1: comes to their personal finances who could help you along, 561 00:24:38,040 --> 00:24:40,320 Speaker 1: or vice versa. You might have a struggling friend and 562 00:24:40,400 --> 00:24:43,040 Speaker 1: you could be that friend to them, and that deeper 563 00:24:43,080 --> 00:24:45,720 Speaker 1: friendship from learning an entirely new side of each other, 564 00:24:45,960 --> 00:24:50,280 Speaker 1: asking questions, having that conversation about money that can really 565 00:24:50,280 --> 00:24:52,359 Speaker 1: deep in a relationship. Uh, if you're able to help 566 00:24:52,400 --> 00:24:55,000 Speaker 1: each other in that way. Yeah, we talk about everything 567 00:24:55,080 --> 00:24:57,440 Speaker 1: with our friends, just about right, why don't we talk 568 00:24:57,440 --> 00:24:59,800 Speaker 1: about money? We know, we ask our friends where should 569 00:24:59,800 --> 00:25:02,160 Speaker 1: I go for to take my wife out on a date, 570 00:25:02,359 --> 00:25:04,320 Speaker 1: Like whereas a new great beer that I can find. 571 00:25:04,920 --> 00:25:06,480 Speaker 1: We talk about all sorts of things with our with 572 00:25:06,480 --> 00:25:08,720 Speaker 1: our friends, but we don't talk about money. And that's 573 00:25:08,760 --> 00:25:10,560 Speaker 1: something that we can change right now. Yeah, Matt, and 574 00:25:10,560 --> 00:25:13,400 Speaker 1: we talked about how access to information when it comes 575 00:25:13,440 --> 00:25:17,360 Speaker 1: to money is ubiquitous now right there, blogs, their YouTube channels, 576 00:25:17,480 --> 00:25:20,120 Speaker 1: there's some great resources out there for you, but there's 577 00:25:20,160 --> 00:25:22,880 Speaker 1: nothing that beats, in my opinion, that face to face 578 00:25:23,200 --> 00:25:25,639 Speaker 1: conversation with a friend or around the table with a 579 00:25:25,680 --> 00:25:28,720 Speaker 1: few friends. That's sort of knowledge that you can get 580 00:25:28,840 --> 00:25:32,119 Speaker 1: from hearing someone's personal experience, or hearing what someone's learned 581 00:25:32,160 --> 00:25:34,640 Speaker 1: along the way and how they've changed and been able 582 00:25:34,680 --> 00:25:37,200 Speaker 1: to get their financial act together. Those sorts of actual 583 00:25:37,280 --> 00:25:40,199 Speaker 1: conversations with people that you live and do life with. 584 00:25:40,520 --> 00:25:42,119 Speaker 1: Those are the kind of conversations that are going to 585 00:25:42,200 --> 00:25:44,880 Speaker 1: help change you and spur you on way more than 586 00:25:45,040 --> 00:25:47,240 Speaker 1: just a block article you read on the internet. All 587 00:25:47,680 --> 00:25:50,720 Speaker 1: we talked about how you could be missing out individually, 588 00:25:51,080 --> 00:25:52,960 Speaker 1: how you could be missing out as a friend, and 589 00:25:52,960 --> 00:25:54,920 Speaker 1: now you could be missing out as a consumer, which 590 00:25:55,040 --> 00:25:57,119 Speaker 1: sounds weird. To say, right, a consumer, because that's you 591 00:25:57,240 --> 00:25:59,560 Speaker 1: spending money. But if you're not willing to ask what 592 00:25:59,560 --> 00:26:02,320 Speaker 1: the deals are out there or negotiate, say a lower 593 00:26:02,440 --> 00:26:05,800 Speaker 1: rate or subscription, you're gonna end up spending way more 594 00:26:05,880 --> 00:26:07,800 Speaker 1: every single month, right, because a lot of times these 595 00:26:07,800 --> 00:26:10,720 Speaker 1: are recurring bills, and so you're getting twenty dollars less 596 00:26:10,720 --> 00:26:13,800 Speaker 1: on your bill one month translates into twelve months, right, 597 00:26:13,840 --> 00:26:16,159 Speaker 1: and then you multiply that times however many bills that 598 00:26:16,240 --> 00:26:19,320 Speaker 1: you have. Granted, this isn't you specifically talking about money 599 00:26:19,440 --> 00:26:21,760 Speaker 1: with friends, but what we're saying is that by talking 600 00:26:21,760 --> 00:26:24,240 Speaker 1: about money more often with your friends, and if it's 601 00:26:24,240 --> 00:26:27,280 Speaker 1: a part of your sort of daily conversation, it is 602 00:26:27,320 --> 00:26:29,640 Speaker 1: not going to seem odd, right, or it's not gonna 603 00:26:29,640 --> 00:26:31,800 Speaker 1: seem foreign for you to talk about money with a 604 00:26:31,840 --> 00:26:34,639 Speaker 1: customer service representative or someone that's trying to sell you something. 605 00:26:34,840 --> 00:26:36,760 Speaker 1: This is a conversation that you can just strike up 606 00:26:36,800 --> 00:26:38,960 Speaker 1: because you're used to having it, and because of that, 607 00:26:39,000 --> 00:26:41,320 Speaker 1: as a consumer, you're going to get a better deal. Yeah, 608 00:26:41,359 --> 00:26:43,000 Speaker 1: and you might find out that you're smart. Friends, Sarah, 609 00:26:43,000 --> 00:26:44,600 Speaker 1: stop shopping a whole foods and went to all the 610 00:26:44,920 --> 00:26:47,000 Speaker 1: and it's saving like a hundred fifty bucks a month 611 00:26:47,000 --> 00:26:50,520 Speaker 1: on groceries. They're just all sorts of life hack conversations 612 00:26:50,520 --> 00:26:51,919 Speaker 1: that you can have when it comes to kind of 613 00:26:51,920 --> 00:26:54,919 Speaker 1: how we consume. And I love those conversations about, you know, 614 00:26:54,960 --> 00:26:57,760 Speaker 1: ways to save a buck because that those are the 615 00:26:57,760 --> 00:27:00,520 Speaker 1: easiest conversations probably to strike up. Right, Hey, how did 616 00:27:00,560 --> 00:27:05,000 Speaker 1: you negotiate that internet bill with Comcast? Or or I 617 00:27:05,080 --> 00:27:07,640 Speaker 1: heard you don't have cable anymore? What do you watch instead? 618 00:27:07,760 --> 00:27:09,560 Speaker 1: How do you get your content with? Those sorts of 619 00:27:09,680 --> 00:27:12,560 Speaker 1: questions are the kind of softball money questions that you 620 00:27:12,600 --> 00:27:15,840 Speaker 1: can have, and they kind of fall around consumption and 621 00:27:15,880 --> 00:27:17,720 Speaker 1: people like to talk about that a little bit more 622 00:27:17,760 --> 00:27:22,080 Speaker 1: than they like to talk about investing. Yeah, all those topics. Yeah, 623 00:27:22,080 --> 00:27:24,000 Speaker 1: another way you might be missing out if you're not 624 00:27:24,000 --> 00:27:26,679 Speaker 1: talking about money is as an employee, you might be 625 00:27:26,680 --> 00:27:29,480 Speaker 1: getting paid less because you're not willing to approach the 626 00:27:29,520 --> 00:27:32,760 Speaker 1: subject of money. Someone at the same job as you 627 00:27:32,800 --> 00:27:35,240 Speaker 1: could be getting paid more than you. And so the 628 00:27:35,240 --> 00:27:38,560 Speaker 1: fact that we're not talking about salary, and especially for women, 629 00:27:38,560 --> 00:27:41,040 Speaker 1: to study found out that forty six of women across 630 00:27:41,080 --> 00:27:44,240 Speaker 1: all industries believe that their gender is holding them back 631 00:27:44,280 --> 00:27:47,119 Speaker 1: from getting paid the amount that they deserve. So I 632 00:27:47,160 --> 00:27:49,560 Speaker 1: know it can be really awkward to talk about money 633 00:27:49,560 --> 00:27:51,879 Speaker 1: in the workplace, and that's why most people avoid it. 634 00:27:52,160 --> 00:27:54,480 Speaker 1: But we avoid it to our detriment. I think there 635 00:27:54,520 --> 00:27:56,840 Speaker 1: are smart ways that we can approach the subject of, 636 00:27:56,960 --> 00:27:59,320 Speaker 1: you know, what our pay is in the workplace without 637 00:27:59,359 --> 00:28:01,320 Speaker 1: completely rock in the boat. You mean, like sending a 638 00:28:01,359 --> 00:28:07,080 Speaker 1: company wide email and asking what everybody makes LinkedIn alert. Yeah, No, 639 00:28:07,200 --> 00:28:09,159 Speaker 1: definitely not that. But you know, there's a website glass 640 00:28:09,160 --> 00:28:11,399 Speaker 1: door dot com and that's a great website for kind 641 00:28:11,400 --> 00:28:13,439 Speaker 1: of checking salaries in your industry to make sure that 642 00:28:13,520 --> 00:28:16,400 Speaker 1: your pay is commensurate. And there are a couple other 643 00:28:16,520 --> 00:28:18,600 Speaker 1: quick tips that we can throw out there, and one 644 00:28:18,800 --> 00:28:21,480 Speaker 1: is to talk to someone who's an actual friend where 645 00:28:21,480 --> 00:28:23,600 Speaker 1: you work, right, it's kind of awkward to ask the 646 00:28:23,600 --> 00:28:25,359 Speaker 1: person that works next to you how much they get paid. 647 00:28:25,560 --> 00:28:27,840 Speaker 1: But if there's someone that you work with that you've 648 00:28:27,880 --> 00:28:30,200 Speaker 1: become really close to through the years and you view 649 00:28:30,200 --> 00:28:32,439 Speaker 1: them more as a friend than just a coworker, talking 650 00:28:32,480 --> 00:28:36,320 Speaker 1: to them about pay is helpful. And in particular talking 651 00:28:36,359 --> 00:28:38,479 Speaker 1: to people that are in the same industry as you 652 00:28:38,720 --> 00:28:41,680 Speaker 1: but work for other employers. That's a really good way 653 00:28:41,720 --> 00:28:44,560 Speaker 1: to kind of broach the conversation about money and pay 654 00:28:44,600 --> 00:28:47,400 Speaker 1: and it could also drastically affect how much you get 655 00:28:47,400 --> 00:28:49,920 Speaker 1: paid every two weeks just by you know, asking those 656 00:28:50,000 --> 00:28:53,160 Speaker 1: questions and opening the lines of communication a little bit. 657 00:28:53,520 --> 00:28:55,440 Speaker 1: And lastly, you could be missing out as a parent, 658 00:28:55,880 --> 00:28:58,520 Speaker 1: So by not teaching your kids about money, you could 659 00:28:58,520 --> 00:29:01,719 Speaker 1: be perpetuating the cycle of poor spending and poor saving. 660 00:29:02,320 --> 00:29:05,240 Speaker 1: I think it's worth noting the impact that parents have 661 00:29:05,440 --> 00:29:07,880 Speaker 1: on their children when it comes to money. What you're 662 00:29:07,880 --> 00:29:10,240 Speaker 1: able to teach, and not only teach, but demonstrate to 663 00:29:10,240 --> 00:29:12,400 Speaker 1: your your children can have a huge impact. And don't 664 00:29:12,440 --> 00:29:15,760 Speaker 1: underestimate that at all. Yeah, Matt and his parents, we 665 00:29:16,080 --> 00:29:19,000 Speaker 1: lead by what we do, by our example, right, And 666 00:29:19,040 --> 00:29:20,560 Speaker 1: I think a lot of times parents think, as long 667 00:29:20,600 --> 00:29:23,080 Speaker 1: as I'm not screwing my kids up by telling them 668 00:29:23,120 --> 00:29:25,960 Speaker 1: all the terrible ways that I've handled money, then they'll 669 00:29:26,000 --> 00:29:28,640 Speaker 1: be okay. But our kids are learning from the fact 670 00:29:28,720 --> 00:29:31,239 Speaker 1: that we're not talking about it. They're learning something very 671 00:29:31,280 --> 00:29:34,680 Speaker 1: specific when we refuse to open the lines of communication 672 00:29:35,000 --> 00:29:37,200 Speaker 1: and we refuse to talk to them and include them 673 00:29:37,240 --> 00:29:40,320 Speaker 1: in money decisions and teach them about money and possibly 674 00:29:40,360 --> 00:29:42,520 Speaker 1: even open up about some of our money failures. Right. 675 00:29:42,560 --> 00:29:45,400 Speaker 1: Our kids learn from those things, and they learn something 676 00:29:45,680 --> 00:29:48,959 Speaker 1: dramatically different if we cut off those lines of communication 677 00:29:49,080 --> 00:29:52,040 Speaker 1: about that subject altogether. Yeah, we just talked about they're 678 00:29:52,080 --> 00:29:53,920 Speaker 1: not being sort of formal structure is set up in 679 00:29:53,920 --> 00:29:57,040 Speaker 1: place in schools when it comes to a formal financial 680 00:29:57,160 --> 00:29:59,760 Speaker 1: education for kids. But as parents, you are the first 681 00:29:59,800 --> 00:30:02,600 Speaker 1: line defense. You are the first sort of input that 682 00:30:02,640 --> 00:30:05,720 Speaker 1: you have into your children and their view towards money 683 00:30:05,880 --> 00:30:08,720 Speaker 1: saving and spending. Yeah, so, Matt, let's get to the 684 00:30:08,760 --> 00:30:11,960 Speaker 1: practical tips, the actual steps you can take how to 685 00:30:12,040 --> 00:30:14,120 Speaker 1: begin talking about money with your family and friends. And 686 00:30:14,120 --> 00:30:24,440 Speaker 1: we'll hit those up right after the break. All right, Joe, 687 00:30:24,520 --> 00:30:26,800 Speaker 1: let's go ahead and now talk about steps you can 688 00:30:26,800 --> 00:30:29,040 Speaker 1: take ways that you can talk about money with your 689 00:30:29,040 --> 00:30:32,000 Speaker 1: friends and family. Now is the practical rubber meets the road. 690 00:30:32,280 --> 00:30:34,520 Speaker 1: Let's make this happen. Speaking of rubber meets the road, 691 00:30:34,680 --> 00:30:37,560 Speaker 1: let's take it back to my dad's Camaro. I could 692 00:30:37,560 --> 00:30:40,520 Speaker 1: have been more direct with them, like, Dad, what the 693 00:30:40,560 --> 00:30:42,520 Speaker 1: heck are you talking about? Yeah? I could have just 694 00:30:42,560 --> 00:30:45,239 Speaker 1: simply asked the question what is a CD? Instead, I 695 00:30:45,320 --> 00:30:47,240 Speaker 1: was maybe too embarrassed or feel like maybe I should 696 00:30:47,280 --> 00:30:49,560 Speaker 1: have known already what a CD was granted, this is 697 00:30:49,560 --> 00:30:52,240 Speaker 1: in the nineties, I was a little kid, But simply 698 00:30:52,320 --> 00:30:54,360 Speaker 1: asking the question, right, if there's something that you don't 699 00:30:54,360 --> 00:30:57,320 Speaker 1: know or don't understand, be direct and just don't beat 700 00:30:57,320 --> 00:30:59,760 Speaker 1: around the bush. I think with close friends or with family, 701 00:31:00,080 --> 00:31:02,160 Speaker 1: you might be surprised at how much sort of time 702 00:31:02,200 --> 00:31:04,400 Speaker 1: and sort of hartate that that would save you. Yeah, 703 00:31:04,400 --> 00:31:07,160 Speaker 1: I can save you a lot of time and trouble amat. 704 00:31:07,160 --> 00:31:09,520 Speaker 1: I think most of us are too embarrassed to ask 705 00:31:09,520 --> 00:31:12,840 Speaker 1: the question to follow up on something that we don't know. 706 00:31:12,920 --> 00:31:15,040 Speaker 1: I mean, I know that's me at times. Oh yeah, dude, 707 00:31:15,040 --> 00:31:17,040 Speaker 1: that was totally me right as a kid, I was 708 00:31:17,080 --> 00:31:20,920 Speaker 1: so embarrassed of everything. Yeah in school, your teachers remember 709 00:31:20,960 --> 00:31:24,160 Speaker 1: those years, right, Yeah? Completely? Yeah. So yeah, in school, 710 00:31:24,400 --> 00:31:26,960 Speaker 1: teacher teaching something and I don't have the guts to 711 00:31:27,040 --> 00:31:29,240 Speaker 1: raise my hand and ask the question because I feel 712 00:31:29,280 --> 00:31:31,160 Speaker 1: like I'm supposed to know that. But you know what 713 00:31:31,280 --> 00:31:34,280 Speaker 1: chances are the other kids in your class have the 714 00:31:34,320 --> 00:31:36,000 Speaker 1: same question and they don't know what's going on either. 715 00:31:36,040 --> 00:31:38,920 Speaker 1: You just gotta make that clarification. Yeah, so raise your 716 00:31:38,920 --> 00:31:41,280 Speaker 1: hand and ask the question. And I think it's good 717 00:31:41,320 --> 00:31:44,200 Speaker 1: for us to to just acknowledge that acknowledge the fact 718 00:31:44,200 --> 00:31:46,120 Speaker 1: that many of the people around you have the same question, 719 00:31:46,360 --> 00:31:48,160 Speaker 1: and chances are there's nobody in your friend group that 720 00:31:48,240 --> 00:31:51,719 Speaker 1: has the solid answer. But I bet all your friends 721 00:31:51,720 --> 00:31:53,800 Speaker 1: have a little bit of insight, and that's where the 722 00:31:53,800 --> 00:31:57,080 Speaker 1: conversation starts. Yeah, it's happening to that hive mind. Yeah, 723 00:31:57,120 --> 00:32:01,040 Speaker 1: exactly right. So don't be afraid to just simply ask 724 00:32:01,080 --> 00:32:03,320 Speaker 1: that question, because chances are if you have the question, 725 00:32:03,360 --> 00:32:05,680 Speaker 1: other people do too, and they're not gonna think you're 726 00:32:05,720 --> 00:32:09,160 Speaker 1: foolish or stupid. They're gonna be grateful deep down because 727 00:32:09,200 --> 00:32:11,120 Speaker 1: you're asking the question that they wish they would have 728 00:32:11,160 --> 00:32:13,000 Speaker 1: had the guts to ask themselves. Man, that kind of 729 00:32:13,040 --> 00:32:15,480 Speaker 1: goes along with our next point, which is that a 730 00:32:15,520 --> 00:32:17,600 Speaker 1: lot of times you're gonna need to go first in 731 00:32:17,680 --> 00:32:20,080 Speaker 1: order to get the conversation started. You might have to 732 00:32:20,160 --> 00:32:23,680 Speaker 1: volunteer your own opinion or maybe how you do things first. 733 00:32:24,400 --> 00:32:26,520 Speaker 1: So for instance, you can mention maybe just a deal 734 00:32:26,560 --> 00:32:29,520 Speaker 1: you saw, Jill. You mentioned that earlier, how consumer habits 735 00:32:29,640 --> 00:32:32,320 Speaker 1: is an easy and sort of light way to breach 736 00:32:32,400 --> 00:32:35,000 Speaker 1: the topic of money with your friends. But even something 737 00:32:35,040 --> 00:32:37,560 Speaker 1: as easy as talking about a new budgeting app that 738 00:32:37,560 --> 00:32:39,520 Speaker 1: you're going to try out on the phone, or even 739 00:32:39,560 --> 00:32:42,200 Speaker 1: something maybe bigger, like that you're gonna consider asking for 740 00:32:42,280 --> 00:32:44,239 Speaker 1: a raise. These are all topics that you might need 741 00:32:44,280 --> 00:32:47,120 Speaker 1: to mention first in order to get the ball rolling. Yeah, 742 00:32:47,200 --> 00:32:50,120 Speaker 1: you might even mention an awkward podcast that you heard 743 00:32:50,160 --> 00:32:53,400 Speaker 1: with two weird dudes that host it, and I don't know, 744 00:32:53,480 --> 00:32:55,280 Speaker 1: whatever it takes to kind of get the ball rolling 745 00:32:55,400 --> 00:32:58,200 Speaker 1: right in another way, to kind of get that conversation started. 746 00:32:58,240 --> 00:33:01,240 Speaker 1: That might be even a little bit harder, but oftentimes 747 00:33:01,280 --> 00:33:05,000 Speaker 1: it's really rewarding is to share maybe some of your struggles. 748 00:33:05,240 --> 00:33:07,800 Speaker 1: I feel like we can all identify because we have 749 00:33:07,880 --> 00:33:10,479 Speaker 1: all struggled with money at one time or another, and 750 00:33:10,520 --> 00:33:13,000 Speaker 1: it is so refreshing when a friend or a sibling 751 00:33:13,520 --> 00:33:15,600 Speaker 1: or someone that we love and are close to actually 752 00:33:15,640 --> 00:33:18,560 Speaker 1: opens up about a struggle that they're dealing with. It's 753 00:33:18,600 --> 00:33:21,760 Speaker 1: just so meaningful because we have those same struggles or 754 00:33:21,800 --> 00:33:24,840 Speaker 1: maybe other struggles, but they're similar, right, and we're all human, 755 00:33:25,200 --> 00:33:28,280 Speaker 1: and there's something about identifying on that level because suffering 756 00:33:28,480 --> 00:33:30,880 Speaker 1: is common to us all. We all experience it. And 757 00:33:30,920 --> 00:33:33,000 Speaker 1: so if you can be that friend in your group 758 00:33:33,080 --> 00:33:36,240 Speaker 1: that is willing to at least open up about a 759 00:33:36,360 --> 00:33:39,560 Speaker 1: money struggle or something that you have overcome or maybe 760 00:33:39,560 --> 00:33:41,960 Speaker 1: that you're still even dealing with that can be a 761 00:33:42,120 --> 00:33:45,280 Speaker 1: really helpful way to start a money conversation. Yeah man, 762 00:33:45,320 --> 00:33:47,320 Speaker 1: And this goes back to one of the reasons why 763 00:33:47,560 --> 00:33:49,720 Speaker 1: people don't open up is that this can be a 764 00:33:49,800 --> 00:33:52,080 Speaker 1: really vulnerable point in your life to be able to 765 00:33:52,080 --> 00:33:54,440 Speaker 1: do something like that, to maybe put yourself in what 766 00:33:54,520 --> 00:33:56,440 Speaker 1: you would consider a point of weakness, right to not 767 00:33:56,520 --> 00:33:58,320 Speaker 1: feel like that you've got all your all your crap 768 00:33:58,400 --> 00:34:00,760 Speaker 1: together and feel like you can go with the answers. 769 00:34:01,120 --> 00:34:03,080 Speaker 1: But sometimes going in with the question is one of 770 00:34:03,080 --> 00:34:05,280 Speaker 1: the best ways to find answers. And you're never going 771 00:34:05,360 --> 00:34:06,960 Speaker 1: to figure that out if you don't put yourself out 772 00:34:06,960 --> 00:34:09,239 Speaker 1: there all right. Another step you can take, Matt to 773 00:34:09,480 --> 00:34:12,880 Speaker 1: get those money conversations started or to use real events, 774 00:34:13,280 --> 00:34:15,600 Speaker 1: Yeah man, I think this one is especially good for 775 00:34:15,680 --> 00:34:18,279 Speaker 1: someone who may not seem that interested in talking about 776 00:34:18,320 --> 00:34:20,400 Speaker 1: their money. If you know that it's gonna be an 777 00:34:20,480 --> 00:34:23,239 Speaker 1: uphill battle to talk about money with a particular individual, 778 00:34:23,680 --> 00:34:27,240 Speaker 1: using real life events, using some sort of practical way 779 00:34:27,280 --> 00:34:29,640 Speaker 1: to get sort of under the radar and get talking 780 00:34:29,680 --> 00:34:32,000 Speaker 1: about money is going to be the way in, and 781 00:34:32,040 --> 00:34:34,120 Speaker 1: so a way that's easy to do. This is think 782 00:34:34,160 --> 00:34:36,399 Speaker 1: about maybe an instance where you have friends that want 783 00:34:36,400 --> 00:34:38,799 Speaker 1: to go out, and if it's maybe towards the end 784 00:34:38,800 --> 00:34:40,440 Speaker 1: of the month, or even if it's not towards the 785 00:34:40,480 --> 00:34:42,200 Speaker 1: end of the month, you could say, Hey, I'm actually 786 00:34:42,239 --> 00:34:44,000 Speaker 1: gonna have to sit out this time because my entertainment 787 00:34:44,040 --> 00:34:46,360 Speaker 1: funds getting low for the month, and yeah, I'll just 788 00:34:46,400 --> 00:34:47,880 Speaker 1: have to meet up with you guys next time. And 789 00:34:47,880 --> 00:34:50,440 Speaker 1: hopefully a response like that might get folks talking and 790 00:34:50,480 --> 00:34:51,960 Speaker 1: they might ask you the question like, well, what's that 791 00:34:52,000 --> 00:34:53,799 Speaker 1: all about? Like what are you talking about? You've got 792 00:34:53,840 --> 00:34:56,040 Speaker 1: plenty of money, how how come you can't come out? 793 00:34:56,360 --> 00:34:58,360 Speaker 1: And so that's the sort of thing that might sound lame, 794 00:34:58,800 --> 00:35:01,399 Speaker 1: but for someone who is also struggling with money, when 795 00:35:01,400 --> 00:35:04,160 Speaker 1: they hear that, a little light goes off and they think, oh, man, 796 00:35:04,280 --> 00:35:06,040 Speaker 1: that's what I need to be saying, but I'm not. 797 00:35:07,520 --> 00:35:09,920 Speaker 1: It's like a leadership quality to right, that you can 798 00:35:10,000 --> 00:35:13,360 Speaker 1: possess amongst your group of friends or with your significant 799 00:35:13,400 --> 00:35:15,319 Speaker 1: other or with your kids. Right. A lot of this 800 00:35:15,480 --> 00:35:19,000 Speaker 1: is kind of leading that charge, because a true leader 801 00:35:19,040 --> 00:35:22,120 Speaker 1: opens up about their failures, like we just talked about. Yeah, 802 00:35:22,120 --> 00:35:24,560 Speaker 1: and if you feel maybe a little uncomfortable being that 803 00:35:24,600 --> 00:35:27,600 Speaker 1: guy or that girl in your group of friends. Maybe 804 00:35:27,640 --> 00:35:31,239 Speaker 1: instead broaching a real life event in pop culture or 805 00:35:31,280 --> 00:35:33,880 Speaker 1: with what's going on right now. So, for instance, the 806 00:35:34,000 --> 00:35:36,319 Speaker 1: stock market has had a rough couple of weeks. Maybe 807 00:35:36,360 --> 00:35:38,759 Speaker 1: you could open up the lines of communication with a 808 00:35:38,840 --> 00:35:41,400 Speaker 1: random conversation about that. And then you can refer to 809 00:35:41,400 --> 00:35:43,920 Speaker 1: our episode where we talk about not timing the stock market. Right, 810 00:35:44,160 --> 00:35:46,080 Speaker 1: that's something that's top of mind and a little less 811 00:35:46,120 --> 00:35:49,880 Speaker 1: intimidating of a subject to bring up than everybody's personal budget, right, 812 00:35:50,239 --> 00:35:52,520 Speaker 1: And and something else. Every year in the United States, 813 00:35:52,840 --> 00:35:55,520 Speaker 1: most Americans get a tax refund, and that becomes a 814 00:35:55,560 --> 00:35:58,239 Speaker 1: popular topic of conversation. Hey, what are you doing with 815 00:35:58,280 --> 00:36:01,680 Speaker 1: your sweet refund this year? And Matt and I had 816 00:36:01,680 --> 00:36:03,759 Speaker 1: a conversation about that a while back. You can dig 817 00:36:03,840 --> 00:36:06,319 Speaker 1: up that episode. But that's another kind of great way 818 00:36:06,320 --> 00:36:09,200 Speaker 1: to spur on that conversation. It's something that's going to 819 00:36:09,200 --> 00:36:12,120 Speaker 1: happen right early next year. Everyone's gonna be talking about it. 820 00:36:12,160 --> 00:36:14,520 Speaker 1: They're gonna be articles all over the internet about what 821 00:36:14,600 --> 00:36:16,759 Speaker 1: to do with your tax refund, And that's just a 822 00:36:16,840 --> 00:36:19,400 Speaker 1: great topic of conversation to bring up with your friends, 823 00:36:19,400 --> 00:36:22,040 Speaker 1: your family. Hey, what are you doing with your tax refund? 824 00:36:22,280 --> 00:36:24,719 Speaker 1: And you can kind of start a conversation surrounding that. 825 00:36:25,040 --> 00:36:27,600 Speaker 1: There's common ground that can be had there, and who 826 00:36:27,600 --> 00:36:30,000 Speaker 1: knows where that conversation will take you. All right, Joel, 827 00:36:30,040 --> 00:36:32,480 Speaker 1: Right now, quick question. If you had a tax refund 828 00:36:32,640 --> 00:36:36,040 Speaker 1: right now, let's say two grand, and you could not 829 00:36:36,200 --> 00:36:38,360 Speaker 1: invest it, you had to blow it, what would you 830 00:36:38,360 --> 00:36:40,359 Speaker 1: spend it on? All right? The first thing that's coming 831 00:36:40,400 --> 00:36:43,040 Speaker 1: to my mind not well thought out, but uh, probably 832 00:36:43,040 --> 00:36:46,000 Speaker 1: another bike, honestly. Oh yeah, yeah, you know, I always 833 00:36:46,000 --> 00:36:48,920 Speaker 1: thought it was weird how people that were into biking 834 00:36:49,040 --> 00:36:52,319 Speaker 1: had multiple bikes, had multiple bikes, and they nerded out 835 00:36:52,320 --> 00:36:54,799 Speaker 1: of it and they wanted another bike. Man, now that 836 00:36:54,800 --> 00:36:56,680 Speaker 1: I've been biking for about a year and a half 837 00:36:56,840 --> 00:36:59,960 Speaker 1: pretty solidly, I'm kind of itching for like another really 838 00:37:00,080 --> 00:37:03,120 Speaker 1: cool bike, different ride. Yeah, so that would probably be it, 839 00:37:03,239 --> 00:37:04,920 Speaker 1: I'll do. That's a good answer, because right now, my 840 00:37:05,080 --> 00:37:07,239 Speaker 1: daily bike that I ride the most often is the 841 00:37:07,239 --> 00:37:09,359 Speaker 1: big cargo bike that used the hall the girls around on. 842 00:37:09,480 --> 00:37:11,359 Speaker 1: But sometimes I just want to hop on a bike 843 00:37:11,400 --> 00:37:13,680 Speaker 1: and head up to somewhere close by. You want something's 844 00:37:13,719 --> 00:37:18,000 Speaker 1: felt fast, something a little quicker, and I would love 845 00:37:18,040 --> 00:37:20,160 Speaker 1: to have something lighter. I was gonna say a trip, 846 00:37:20,440 --> 00:37:22,120 Speaker 1: because I feel like K and I haven't gone out 847 00:37:22,200 --> 00:37:24,279 Speaker 1: on a little vacation in a while, like just the 848 00:37:24,280 --> 00:37:26,200 Speaker 1: two of us, So that's always I feel like that's 849 00:37:26,200 --> 00:37:28,960 Speaker 1: always a good thing to to blow a tax refund on, 850 00:37:29,000 --> 00:37:30,560 Speaker 1: if I mean, if you're not going to invest it, 851 00:37:30,920 --> 00:37:34,440 Speaker 1: which wee would recommend investing it, but it's getting away 852 00:37:34,520 --> 00:37:37,160 Speaker 1: with with a significant other that sounds really good right 853 00:37:37,200 --> 00:37:40,440 Speaker 1: about now. Yeah, we would definitely recommend investing a strong 854 00:37:40,480 --> 00:37:43,520 Speaker 1: portion of that. But but a good trip, that's man. Yeah, 855 00:37:43,560 --> 00:37:45,400 Speaker 1: I agree. If if it wasn't a bike, you probably 856 00:37:45,400 --> 00:37:47,640 Speaker 1: would be for me and the fam or or or 857 00:37:47,719 --> 00:37:49,600 Speaker 1: Emily and I to to take a little trip somewhere. 858 00:37:49,640 --> 00:37:52,319 Speaker 1: All right, real quick, a couple more tips before you 859 00:37:52,360 --> 00:37:54,120 Speaker 1: wrap this up, And I want to say that it 860 00:37:54,200 --> 00:37:57,399 Speaker 1: might be easier for folks to talk in percentages rather 861 00:37:57,440 --> 00:37:59,640 Speaker 1: than actual dollar amounts. So when it comes to how 862 00:37:59,719 --> 00:38:02,600 Speaker 1: much you're saving, for instance, that might feel weird to 863 00:38:02,719 --> 00:38:05,520 Speaker 1: say an actual hard dollar amount that you're saving, But 864 00:38:05,920 --> 00:38:07,960 Speaker 1: if you can talk to somebody else who might make 865 00:38:08,000 --> 00:38:10,520 Speaker 1: a different amount than you do, but you're both saying, 866 00:38:10,520 --> 00:38:12,920 Speaker 1: oh yeah, I'm sitting aside ten percent of my income 867 00:38:12,960 --> 00:38:16,160 Speaker 1: as well. Well. Boom, you found common ground, which is awesome. 868 00:38:16,200 --> 00:38:18,280 Speaker 1: That way, you can have conversations like this with someone 869 00:38:18,320 --> 00:38:20,520 Speaker 1: else who might be in a very different life stage 870 00:38:20,520 --> 00:38:22,759 Speaker 1: in you, or they might have very different expenses, and 871 00:38:22,760 --> 00:38:24,480 Speaker 1: all of a sudden you're able to sort of level 872 00:38:24,520 --> 00:38:27,280 Speaker 1: the playing field and you know that you have similar approaches, 873 00:38:27,400 --> 00:38:30,239 Speaker 1: you have a similar goal in mind, even though the 874 00:38:30,320 --> 00:38:33,720 Speaker 1: dollar amounts might be way different. Yeah, it's a different 875 00:38:33,719 --> 00:38:36,560 Speaker 1: conversation when you talk about your employer four oh one 876 00:38:36,640 --> 00:38:38,879 Speaker 1: K match and how much you're putting in. Let's say 877 00:38:38,880 --> 00:38:41,120 Speaker 1: you're saving five percent of your pay or ten percent 878 00:38:41,120 --> 00:38:42,359 Speaker 1: of your pay in a four oh one K. That's 879 00:38:42,480 --> 00:38:45,759 Speaker 1: that feels like a less daunting conversation to have than 880 00:38:45,880 --> 00:38:47,840 Speaker 1: your friend that tells you that they're saving sixteen thousand 881 00:38:47,880 --> 00:38:49,520 Speaker 1: dollars a year in their four oh one came right, 882 00:38:50,320 --> 00:38:53,960 Speaker 1: Like over achiever, right, But but that's just a more 883 00:38:54,000 --> 00:38:57,200 Speaker 1: difficult conversation to have when you're talking about specific dollar amounts, 884 00:38:57,280 --> 00:38:59,840 Speaker 1: And so yeah, I would suggest for most people, unless 885 00:39:00,000 --> 00:39:02,160 Speaker 1: you can, like it advanced level with friends that are 886 00:39:02,200 --> 00:39:04,680 Speaker 1: super into money like you are, then you know, maybe 887 00:39:04,680 --> 00:39:06,839 Speaker 1: you can broach dollar amounts. But it's just so much 888 00:39:06,840 --> 00:39:11,200 Speaker 1: easier to talk about things on a percentage level, because, yeah, 889 00:39:11,280 --> 00:39:14,000 Speaker 1: nothing gets lost in translation, and it doesn't make anybody 890 00:39:14,000 --> 00:39:17,799 Speaker 1: feel less than or uncomfortable or uncable in the conversation. Yeah, 891 00:39:17,960 --> 00:39:20,080 Speaker 1: it could feel like sort of braggadocious, right, if you're 892 00:39:20,080 --> 00:39:22,759 Speaker 1: the sixteen thousand dollar guy and you're socking that away, Well, 893 00:39:22,840 --> 00:39:24,600 Speaker 1: that sounds like a lot of money, but it might 894 00:39:24,680 --> 00:39:27,800 Speaker 1: be from a percentage standpoint, the exact same as somebody 895 00:39:27,800 --> 00:39:30,680 Speaker 1: else who might just be starting out at the company. Yeah, 896 00:39:30,760 --> 00:39:33,800 Speaker 1: it can just lead to hurt feelings or people assuming 897 00:39:33,840 --> 00:39:36,040 Speaker 1: that they're not doing enough, especially if we're not opening 898 00:39:36,080 --> 00:39:38,560 Speaker 1: up about our salaries, which I don't feel like it's 899 00:39:38,600 --> 00:39:41,000 Speaker 1: necessarily all that important for us to know how much 900 00:39:41,040 --> 00:39:43,960 Speaker 1: each other makes as friends. Keeping it at a percentage 901 00:39:44,040 --> 00:39:47,520 Speaker 1: level based conversation just makes things less awkward, a little 902 00:39:47,520 --> 00:39:52,000 Speaker 1: bit easier, and kind of standardized across all fronts. And 903 00:39:52,160 --> 00:39:55,120 Speaker 1: another way that you can make people feel really uncomfortable, 904 00:39:55,160 --> 00:39:57,000 Speaker 1: other than throwing out a huge dollar amounts that you 905 00:39:57,080 --> 00:40:00,440 Speaker 1: might be saving or even spending, is shutting someone down 906 00:40:00,480 --> 00:40:02,640 Speaker 1: with an argument. And so when you're talking about someone 907 00:40:02,680 --> 00:40:04,799 Speaker 1: about money, make sure that you realize that you're having 908 00:40:04,840 --> 00:40:07,480 Speaker 1: a discussion. You're not trying to win an argument. You're 909 00:40:07,520 --> 00:40:11,520 Speaker 1: not there to judge somebody. You're there too for the relationship, 910 00:40:11,640 --> 00:40:13,239 Speaker 1: or you're there to learn something, or you're there to 911 00:40:13,280 --> 00:40:15,680 Speaker 1: help somebody else. That's stupid, Matt, You're wrong. I win, 912 00:40:17,200 --> 00:40:18,919 Speaker 1: But be sure to keep an open mind. We all 913 00:40:18,960 --> 00:40:21,440 Speaker 1: have a lot to learn. Everything doesn't have to be 914 00:40:21,480 --> 00:40:24,640 Speaker 1: a competition, and it's always helpful to remember that there's 915 00:40:24,640 --> 00:40:26,799 Speaker 1: somebody and probably a lot of people out there that 916 00:40:26,840 --> 00:40:29,359 Speaker 1: are smarter than you are when it comes to this stuff. Right, So, 917 00:40:29,400 --> 00:40:31,560 Speaker 1: every time I hear a guy like Warren Buffets speak, 918 00:40:31,560 --> 00:40:34,960 Speaker 1: I am completely reminded of my own inadequacies when it 919 00:40:35,000 --> 00:40:37,560 Speaker 1: comes to investing. But I don't have to be better 920 00:40:37,600 --> 00:40:39,879 Speaker 1: than a Warrbuffett or know as much as he does. 921 00:40:40,160 --> 00:40:44,480 Speaker 1: I can appreciate who he is from afar and appreciate 922 00:40:44,680 --> 00:40:48,560 Speaker 1: his robust knowledge, but there's no need for me to 923 00:40:48,560 --> 00:40:51,319 Speaker 1: become as smart as Warran Buffett, and there's no need 924 00:40:51,400 --> 00:40:54,480 Speaker 1: for us to put up a front and pretend like 925 00:40:54,640 --> 00:40:58,160 Speaker 1: we are something better than we are. Like Matt said, 926 00:40:58,239 --> 00:41:00,319 Speaker 1: it's not a competition, and at the end of a day, 927 00:41:00,360 --> 00:41:03,600 Speaker 1: the most important thing is retaining a solid friendship or 928 00:41:03,680 --> 00:41:08,440 Speaker 1: meaningful relationship with your significant other or family members, and 929 00:41:08,440 --> 00:41:12,240 Speaker 1: so coming at it from an opinionated or argumentative mindset 930 00:41:12,760 --> 00:41:15,520 Speaker 1: is going to shut down the lines of communication. Right. 931 00:41:15,520 --> 00:41:18,799 Speaker 1: We talked about how vulnerability can actually open those lines 932 00:41:18,800 --> 00:41:21,319 Speaker 1: of communication. Well, if you approach the topic from a 933 00:41:21,440 --> 00:41:23,880 Speaker 1: know it all or argumentative standpoint, it's going to do 934 00:41:23,920 --> 00:41:26,520 Speaker 1: the exact opposite. It shuts people down and they don't 935 00:41:26,520 --> 00:41:28,839 Speaker 1: want to have that conversation with you. And I'll tell 936 00:41:28,840 --> 00:41:31,319 Speaker 1: you what I speak from personal experience, because I feel 937 00:41:31,360 --> 00:41:33,640 Speaker 1: like I made some of those mistakes early on with 938 00:41:33,680 --> 00:41:36,040 Speaker 1: people that I love and cared about. I was learning 939 00:41:36,040 --> 00:41:37,800 Speaker 1: a lot, and I cared a lot about the subject, 940 00:41:38,040 --> 00:41:39,440 Speaker 1: and I was a little brash in the way I 941 00:41:39,520 --> 00:41:42,439 Speaker 1: approached some of those conversations, and it's shut them down 942 00:41:42,719 --> 00:41:44,680 Speaker 1: before they could really get started. And so it took 943 00:41:44,719 --> 00:41:47,719 Speaker 1: some time for me to learn a little humility when 944 00:41:47,719 --> 00:41:50,319 Speaker 1: it came to talking about money with my friends and 945 00:41:50,320 --> 00:41:52,480 Speaker 1: people that I cared about. So learn from my mistake 946 00:41:52,719 --> 00:41:56,719 Speaker 1: and try to approach those conversations with some kindness and care, 947 00:41:57,000 --> 00:41:59,600 Speaker 1: because that's what it's gonna take to actually get the 948 00:41:59,640 --> 00:42:03,759 Speaker 1: money conversations rolling as right, Joel, Those are some wise words. Man. 949 00:42:04,320 --> 00:42:06,400 Speaker 1: All right, real quick, let's get back to this beer. 950 00:42:06,640 --> 00:42:10,760 Speaker 1: This is a collaboration between Angry Chair Brewing and Westbrook 951 00:42:10,840 --> 00:42:14,440 Speaker 1: Brewing Company. It's called Zeus Juice. Man. This is a 952 00:42:14,480 --> 00:42:17,359 Speaker 1: sour wheat ale is Ambrosia inspired, which I'm not sure 953 00:42:17,360 --> 00:42:20,920 Speaker 1: what that means. Drink of the Gods, right, That's why 954 00:42:20,920 --> 00:42:23,719 Speaker 1: I think it's called Zeus, Yeah, exactly, But what does 955 00:42:23,719 --> 00:42:25,279 Speaker 1: that mean when it comes to an actual beer. It's 956 00:42:25,320 --> 00:42:28,920 Speaker 1: just it's just supposed to be funzies, just marketing. But 957 00:42:28,920 --> 00:42:33,200 Speaker 1: it's a sour wheat ale brewed with tangerine, pineapple, cherry, coconut, lactose, 958 00:42:33,560 --> 00:42:35,840 Speaker 1: and marshmallows. They put it all in there, man, what 959 00:42:35,880 --> 00:42:37,440 Speaker 1: do you think you dig it do? To be honest, 960 00:42:37,480 --> 00:42:39,320 Speaker 1: I really did. And I think I mentioned this before, 961 00:42:39,360 --> 00:42:42,439 Speaker 1: but I love low alcohol beers and this one's only 962 00:42:42,440 --> 00:42:45,560 Speaker 1: four percent, but it packed so much flavor because of 963 00:42:45,640 --> 00:42:48,000 Speaker 1: all those ingredients. It just kind of felt like one 964 00:42:48,000 --> 00:42:49,920 Speaker 1: of those beers that I don't feel like it ever 965 00:42:50,000 --> 00:42:52,200 Speaker 1: tasted a beer that was quite like this. It was 966 00:42:52,239 --> 00:42:54,640 Speaker 1: pretty unique as well. You know what I have tasted 967 00:42:54,719 --> 00:42:57,600 Speaker 1: that I thought tasted like this beer? Tell Red Bull. 968 00:42:58,120 --> 00:43:00,640 Speaker 1: Oh dude, that's interesting. Yeah, like that sort of candy 969 00:43:00,719 --> 00:43:03,239 Speaker 1: tartness that comes with just like a regular Red Bull 970 00:43:03,480 --> 00:43:05,799 Speaker 1: energy drink. I don't feel like i'm talking about I've 971 00:43:05,800 --> 00:43:07,919 Speaker 1: had a Red Bull in a decade, so I'm trying 972 00:43:07,920 --> 00:43:10,279 Speaker 1: to remember what they taste like, so I don't know 973 00:43:10,320 --> 00:43:12,960 Speaker 1: that I can comment, but but I feel like there 974 00:43:13,080 --> 00:43:16,600 Speaker 1: was that kind of candied cherry kind of notes going on. 975 00:43:16,640 --> 00:43:19,239 Speaker 1: So if that's what a Red Bull tastes like, yes, yeah, 976 00:43:19,280 --> 00:43:21,880 Speaker 1: it was that and one other thing that I tasted 977 00:43:21,960 --> 00:43:23,279 Speaker 1: later in the show, and I wrote it down because 978 00:43:23,280 --> 00:43:25,280 Speaker 1: it stood out to me. Did you eat Captain crunch 979 00:43:25,480 --> 00:43:28,160 Speaker 1: but with berries? I think it's called like crunch berries, 980 00:43:28,200 --> 00:43:30,399 Speaker 1: I think, or Captain crunch berries. Actually, I think that's 981 00:43:30,440 --> 00:43:33,279 Speaker 1: exactly what it's called crunch berries. Now, man, I don't 982 00:43:33,280 --> 00:43:35,000 Speaker 1: think my parents would let me get that stuff in 983 00:43:35,000 --> 00:43:37,200 Speaker 1: the cereal for real. You never had Captain crunch No, 984 00:43:37,360 --> 00:43:40,759 Speaker 1: it was like cheerios and stuff man, classics only for you, huh. 985 00:43:40,840 --> 00:43:42,359 Speaker 1: I guess you know what, Maybe I go pick them 986 00:43:42,400 --> 00:43:44,000 Speaker 1: up this sweet. If it tastes like this, then I'm in. 987 00:43:44,120 --> 00:43:46,080 Speaker 1: If you like that and you want to get yourself 988 00:43:46,080 --> 00:43:49,799 Speaker 1: some cereal, you would love some Captain crunch berries alrightne 989 00:43:49,920 --> 00:43:53,080 Speaker 1: sold Yeah, I definitely had sort of a berry fruitiness 990 00:43:53,120 --> 00:43:57,160 Speaker 1: to it along with like that sour wheakness. It was delicious. Yeah, 991 00:43:57,160 --> 00:43:59,399 Speaker 1: it was fun. I thought the lactose and the marshmallows 992 00:43:59,480 --> 00:44:01,960 Speaker 1: kind of gave it this kind of fluffy pillowness too. 993 00:44:02,040 --> 00:44:06,439 Speaker 1: Oh yeah, you're talking kind of crunch language. So this 994 00:44:06,480 --> 00:44:09,680 Speaker 1: is really really tasty and I would definitely get more 995 00:44:09,719 --> 00:44:12,960 Speaker 1: of it. So Zoos, Juice by Westbrook and Angry Chair 996 00:44:13,440 --> 00:44:15,600 Speaker 1: also love a good collaboration beer. Those are always fun. 997 00:44:16,080 --> 00:44:18,040 Speaker 1: All right, Joe, let's give our final thoughts. Man, we 998 00:44:18,080 --> 00:44:21,560 Speaker 1: want you to start talking about money, because money a 999 00:44:21,560 --> 00:44:23,200 Speaker 1: lot of times just feels like a topic that is 1000 00:44:23,280 --> 00:44:25,839 Speaker 1: off limits when it comes to things that you talk 1001 00:44:25,880 --> 00:44:27,879 Speaker 1: about when it comes to your friends, and that's umb 1002 00:44:28,040 --> 00:44:30,800 Speaker 1: we want to change that. And whether it's because maybe 1003 00:44:30,880 --> 00:44:32,920 Speaker 1: it feels too personal, maybe you feel it's none of 1004 00:44:32,960 --> 00:44:35,120 Speaker 1: your business, there are a lot of reasons why you 1005 00:44:35,160 --> 00:44:37,720 Speaker 1: may not be talking about money right now with your friends. 1006 00:44:37,719 --> 00:44:39,839 Speaker 1: It could be because you feel that you don't know enough, 1007 00:44:40,040 --> 00:44:42,040 Speaker 1: maybe you don't feel like you're doing a great job 1008 00:44:42,120 --> 00:44:44,760 Speaker 1: right now. Either way, it can kind of feel scary 1009 00:44:45,120 --> 00:44:47,760 Speaker 1: to talk about money when to talk about personal finance 1010 00:44:47,760 --> 00:44:50,880 Speaker 1: specifically with your friends. But we think that you're missing 1011 00:44:50,880 --> 00:44:54,160 Speaker 1: out ultimately by not having these money conversations. You're missing 1012 00:44:54,160 --> 00:44:57,040 Speaker 1: out likely on some individual growth by not having some 1013 00:44:57,120 --> 00:45:00,200 Speaker 1: of those money conversations. And also your friendships are are 1014 00:45:00,200 --> 00:45:03,400 Speaker 1: missing out on a depth that they can have by tackling, 1015 00:45:03,640 --> 00:45:05,840 Speaker 1: you know, one of the subjects that affects all of 1016 00:45:05,920 --> 00:45:09,120 Speaker 1: us really deeply and being able to connect on that 1017 00:45:09,239 --> 00:45:11,680 Speaker 1: level with the people that you're closest to. There's something 1018 00:45:11,719 --> 00:45:14,160 Speaker 1: really cool about that. You might also be missing out 1019 00:45:14,200 --> 00:45:16,479 Speaker 1: as an employee or a parent, and so we would 1020 00:45:16,520 --> 00:45:18,879 Speaker 1: encourage you to have money conversations that matter for your 1021 00:45:18,880 --> 00:45:22,319 Speaker 1: own personal development in all of these spheres. And to 1022 00:45:22,360 --> 00:45:24,319 Speaker 1: get the ball rolling when it comes to talking to 1023 00:45:24,360 --> 00:45:26,319 Speaker 1: your friends about money is that you're gonna have to 1024 00:45:26,520 --> 00:45:29,560 Speaker 1: probably go first. This isn't something that people tend to 1025 00:45:29,640 --> 00:45:32,480 Speaker 1: naturally want to talk about. And this is the step 1026 00:45:32,520 --> 00:45:34,360 Speaker 1: that's gonna take the most bravery. It's gonna be the 1027 00:45:34,360 --> 00:45:37,360 Speaker 1: hardest to do to you know, feel vulnerable and to 1028 00:45:37,400 --> 00:45:39,560 Speaker 1: put yourself out there. The chances are if you don't 1029 00:45:39,560 --> 00:45:41,640 Speaker 1: do it first, that's not a conversation that they're going 1030 00:45:41,680 --> 00:45:44,080 Speaker 1: to bring up and that's a missed opportunity for a 1031 00:45:44,080 --> 00:45:47,680 Speaker 1: meaningful conversation that you could have had. Approach these conversations 1032 00:45:47,719 --> 00:45:51,000 Speaker 1: with care because you know, it's weird to bring it up. 1033 00:45:51,320 --> 00:45:53,759 Speaker 1: It's weird for the people around you too. Because we 1034 00:45:53,840 --> 00:45:56,640 Speaker 1: live in a culture that emphasizes not talking about money. 1035 00:45:56,719 --> 00:45:59,960 Speaker 1: Most people are just completely silent on the issue altogether. 1036 00:46:00,360 --> 00:46:02,600 Speaker 1: So it might take some time, but it's definitely going 1037 00:46:02,680 --> 00:46:05,799 Speaker 1: to take a calm and kind approach, So keep that 1038 00:46:05,840 --> 00:46:08,279 Speaker 1: in mind when you do approach the topic with the 1039 00:46:08,280 --> 00:46:11,279 Speaker 1: people around you. Yeah, man, and just keeping it open mind. 1040 00:46:11,320 --> 00:46:13,239 Speaker 1: We all still have a lot to learn, and that's 1041 00:46:13,239 --> 00:46:15,960 Speaker 1: gonna be it for today. Man. Thanks to everyone for listening. 1042 00:46:16,000 --> 00:46:18,719 Speaker 1: Our home on the web is how Some Money dot Com. 1043 00:46:18,880 --> 00:46:21,560 Speaker 1: Check it out. We'll have those show notes up for you. Yeah, 1044 00:46:21,560 --> 00:46:23,080 Speaker 1: and if you like what you heard, please leave a 1045 00:46:23,120 --> 00:46:25,759 Speaker 1: review on Apple Podcast. It helps get the word out 1046 00:46:25,760 --> 00:46:28,560 Speaker 1: to other people who also like talking about money. And 1047 00:46:28,600 --> 00:46:31,040 Speaker 1: don't forget to hit the subscribe button while you're there. 1048 00:46:31,239 --> 00:46:34,239 Speaker 1: So until next time, buddy, Best Friends Out, Best Friends Out.