WEBVTT - Start Talking About Money #047 0:00:00.080 --> 0:00:02.880 Welcome to How to Money. I'm Joel and I'm Matt, 0:00:03.000 --> 0:00:05.400 and today we're going to convince you to start talking 0:00:05.400 --> 0:00:26.760 about money. Joel, what's going on, man? What's up, buddy? 0:00:27.160 --> 0:00:29.159 So you know the car we got from Carbona, it 0:00:29.280 --> 0:00:32.400 only came with a single key fob. And we've talked 0:00:32.440 --> 0:00:35.080 about this because you were commenting on the wire that 0:00:35.120 --> 0:00:37.840 I had wrapped around the electronics portion to hold it together, 0:00:37.920 --> 0:00:40.519 because when I would stick it into the ignition to 0:00:40.960 --> 0:00:43.440 turn it, it would want to rip apart, which is 0:00:43.479 --> 0:00:46.640 no good man. It was a little awkward, precarious the 0:00:46.680 --> 0:00:47.919 way you had to set up. Yeah, the metal kind 0:00:47.920 --> 0:00:49.080 of poked out a little bit too, so we kind 0:00:49.080 --> 0:00:50.640 of like cut your hand. You could like stabling your 0:00:50.720 --> 0:00:53.200 kids accidentally with it or something. But seriously, for weeks 0:00:53.400 --> 0:00:55.200 I have been concerned that it was gonna snap off 0:00:55.240 --> 0:00:58.360 in the ignition while I am far from home, and 0:00:58.480 --> 0:01:01.000 that I would be stranded. It's specifically that it would 0:01:01.080 --> 0:01:02.760 end up costing me a ton of money to have 0:01:02.880 --> 0:01:04.679 to pay for a mobile key service to show up, 0:01:05.120 --> 0:01:07.720 have to pay their exorbitant rates, and then a few 0:01:07.760 --> 0:01:11.399 hundred dollars later I then have a working key, right, 0:01:12.000 --> 0:01:13.400 And so it kind of came down for me to 0:01:13.480 --> 0:01:15.640 this question of am I being cheap or am I 0:01:15.720 --> 0:01:18.360 being frugal by not replacing the key? And by the way, man, 0:01:18.440 --> 0:01:21.200 a lot of people get ripped off by locksmiths. There 0:01:21.240 --> 0:01:24.319 are so many locksmith scams it's not even funny. And 0:01:24.520 --> 0:01:28.920 most of the locksmith scammers have really gamed the Google rankings. 0:01:29.280 --> 0:01:32.000 So if you google somebody local that's a locksmith, the 0:01:32.080 --> 0:01:34.560 chances are that the few ads that you're gonna see 0:01:34.600 --> 0:01:36.400 at the top are going to be from a scam 0:01:36.480 --> 0:01:38.640 artist who's going to quote you over the phone. Then 0:01:38.640 --> 0:01:40.800 it's gonna be thirty bucks, and then they show up 0:01:40.800 --> 0:01:43.240 and it's two so it's like a thirty dollar minimum. 0:01:43.280 --> 0:01:44.760 Well that's the thing, dude. I So I was calling 0:01:44.800 --> 0:01:46.520 around to a bunch of the places in Atlanta and 0:01:46.520 --> 0:01:48.920 that's and they were all kind of shady. They either 0:01:49.000 --> 0:01:50.560 had a mobile set up where the guy would show 0:01:50.600 --> 0:01:52.440 up to wherever you are, which I understand because a 0:01:52.440 --> 0:01:54.360 lot of times that's what you need for a mobile locksmith, 0:01:54.720 --> 0:01:56.000 but a lot of them are kind of vague. They 0:01:56.000 --> 0:01:58.080 would either say that there's like a third dollar minimum 0:01:58.160 --> 0:02:00.440 or something like that, but then they're like, well, It 0:02:00.440 --> 0:02:02.080 just kind of depends on the key, depends on the 0:02:02.080 --> 0:02:05.600 programming that has to take place. And so I would say, okay, 0:02:05.680 --> 0:02:07.960 well I'll tell you what I have. It's a you know, 0:02:07.960 --> 0:02:09.760 it's a Honda, this is this is what I need, 0:02:10.040 --> 0:02:12.120 and they would just say, oh, it just depends you 0:02:12.200 --> 0:02:14.480 just they have to be there to see. And I 0:02:14.520 --> 0:02:16.760 did not like that at all. You definitely don't want 0:02:16.760 --> 0:02:18.480 to go with a company that, when you give them 0:02:18.520 --> 0:02:20.800 the information, they refused to get quote at least take 0:02:20.840 --> 0:02:23.320 a ballpark. Yes. And so because of that though, I've 0:02:23.360 --> 0:02:25.920 been avoiding getting the stupid key fixed, and we're not fixed. 0:02:25.919 --> 0:02:28.680 I just wanted to get another one made, but I 0:02:28.760 --> 0:02:31.040 was afraid, especially after we did our episode on Are 0:02:31.080 --> 0:02:33.640 You Frugal or Are You Cheap? I thought to myself, Dude, 0:02:33.639 --> 0:02:35.360 this is something that is going to end up costing 0:02:35.360 --> 0:02:37.680 me way more money because I'm gonna be strained somewhere. 0:02:37.680 --> 0:02:40.280 I'm gonna have to pay out THEA knows because we're 0:02:40.320 --> 0:02:41.800 going to be in a situation where we need to 0:02:41.800 --> 0:02:43.720 get the van, where we need to get the car 0:02:43.800 --> 0:02:46.200 and head out somewhere right away. And so I finally 0:02:46.200 --> 0:02:48.720 did my research though, and found a place that was 0:02:48.880 --> 0:02:51.600 a little bit outside of Atlanta. It was two double wides, 0:02:51.639 --> 0:02:53.720 kind of pushed together, the kind of place that you 0:02:53.720 --> 0:02:56.520 want to go for sure. But they did have good 0:02:56.560 --> 0:02:58.120 reviews and I called them. They gave me a straight 0:02:58.200 --> 0:03:02.239 up quote, and dude, I've had a working factory Honda 0:03:02.600 --> 0:03:04.240 key fob and I've got two of them now for 0:03:04.440 --> 0:03:06.720 just over a hundred bucks. I just wanted to share 0:03:06.720 --> 0:03:08.919 that because this is an instance where I felt had 0:03:08.960 --> 0:03:10.880 I kept kind of piecing it together. Literally, I could 0:03:10.880 --> 0:03:12.560 have I was using tape, I was, or I had 0:03:12.560 --> 0:03:14.720 wire wrapped around there. I'd like kind of cut out 0:03:14.760 --> 0:03:16.560 a little notch, you know, to hold the key together. 0:03:16.919 --> 0:03:19.000 But I knew that eventually that was gonna end up 0:03:19.040 --> 0:03:21.239 costing me way more. And even though I had to pay, 0:03:21.520 --> 0:03:24.000 you know, over a hundred bucks for this, I knew 0:03:24.000 --> 0:03:26.880 that it was most definitely worthwhile because it was gonna 0:03:26.960 --> 0:03:29.600 keep me from having to pay more down the road. Yeah, 0:03:29.639 --> 0:03:32.120 save you from being stranded or high and dry. It 0:03:32.120 --> 0:03:34.359 gives you the chance to do like some research from 0:03:34.360 --> 0:03:36.880 your desk, you know, while I find that right company 0:03:37.040 --> 0:03:40.720 without the stress. Yes, yeah, oh my gosh, that just 0:03:40.800 --> 0:03:43.240 sounds awful. Being strainded with the key, and then a 0:03:43.240 --> 0:03:45.680 lot of people too would have probably gone to the 0:03:45.760 --> 0:03:47.960 dealership to get a new key made. And it's true 0:03:48.000 --> 0:03:50.320 that some of those programmable keys are a little more 0:03:50.320 --> 0:03:51.800 difficult to make them. They used to be, right. You 0:03:51.800 --> 0:03:55.640 can't just take your car key to the minute key Kiosk, 0:03:55.880 --> 0:03:57.920 how your Kroger or your Lows or whatever it is. 0:03:58.120 --> 0:04:00.480 But you're still not at the mercy of the dealership 0:04:00.480 --> 0:04:03.760 because they would have charged you probably per key set. 0:04:03.760 --> 0:04:05.640 I would imagine there's something close to that. Yeah, I 0:04:05.640 --> 0:04:08.200 would think so easy, it gets pretty outrageous. So you know, 0:04:08.240 --> 0:04:10.640 doing your research, finance someone else that does it on 0:04:10.720 --> 0:04:14.080 your own time before that inevitable breakdown miles away from 0:04:14.080 --> 0:04:16.920 home happens where your key falls apart. That's the way 0:04:16.960 --> 0:04:19.640 to do it, man, Yeah, And I think that is frugal. Right, 0:04:19.640 --> 0:04:23.120 that's planning ahead. I was able to do my research. Yeah, Yeah, 0:04:23.120 --> 0:04:25.280 that's planning ahead and not just leaving it to the 0:04:25.279 --> 0:04:28.080 whims of chance where you're in a much more frustrating 0:04:28.080 --> 0:04:31.280 position and in a position where you are probably gonna 0:04:31.279 --> 0:04:33.800 pay off the nose in order to get something fixed. Yeah, certainly, man. 0:04:33.880 --> 0:04:35.320 What I'm saying is I just felt like an adult 0:04:35.320 --> 0:04:38.360 while I was doing it, all right, Sometimes that sort 0:04:38.360 --> 0:04:40.320 of takes right. We gotta feel like an adult exactly. 0:04:40.480 --> 0:04:43.280 All right, let's introduce the beer, Matt that we're drinking today, 0:04:43.960 --> 0:04:47.880 Zoos Juice by Westbrook Brewing Company and Angry Chair Brewing Company. 0:04:47.960 --> 0:04:50.719 So this is a collaboration beer collaboration. Yeah, Man, you 0:04:50.720 --> 0:04:54.560 pick this up at your local favorites craft beer shop. 0:04:54.800 --> 0:04:56.720 And what kind of beer is this? Yeah? So this 0:04:56.800 --> 0:04:58.960 is something I don't think I've ever had before. It's 0:04:59.120 --> 0:05:01.839 a sour wheat l brewed with a bunch of different 0:05:01.880 --> 0:05:06.600 stuff tangerine, pineapple, cherry, coconut, lactose, and marshmallows. So they 0:05:06.600 --> 0:05:09.400 put the whole kitchens in this. So I'm really pumped 0:05:09.400 --> 0:05:11.120 to drink this one today, share it with you. We'll 0:05:11.160 --> 0:05:13.200 fill everybody in on what the what this beer tastes 0:05:13.200 --> 0:05:14.480 like at the end of the show. Cheers, man, thanks 0:05:14.520 --> 0:05:16.479 for picking that up. All right, So onto the subject 0:05:16.480 --> 0:05:18.760 at hand. We want people to start talking about money, Matt, 0:05:18.880 --> 0:05:21.400 and in particular, we want people to start having conversations 0:05:21.440 --> 0:05:24.279 about personal finance with their family and friends, and Matt. 0:05:24.360 --> 0:05:25.920 That's part of the reason that we started this whole 0:05:25.920 --> 0:05:28.599 podcast was We wanted to have these conversations because they're 0:05:28.600 --> 0:05:30.120 fun for us, but we also kind of wanted to 0:05:30.160 --> 0:05:33.760 spur those conversations on for other people and give them 0:05:33.800 --> 0:05:36.240 something to talk about. Honestly, a podcast is one of 0:05:36.279 --> 0:05:38.920 the best ways to start a conversation about money because 0:05:39.000 --> 0:05:41.120 you can both listen to something and then come back 0:05:41.200 --> 0:05:43.120 together to talk about it. And so I know that 0:05:43.160 --> 0:05:46.680 a lot of couples have used Financial Education podcast as 0:05:46.720 --> 0:05:49.239 a way to kind of spur talking about those issues 0:05:49.279 --> 0:05:51.239 and trying to get on the same page and unite. 0:05:51.279 --> 0:05:55.160 This episode is dedicated to helping spur those conversations in 0:05:55.240 --> 0:05:58.680 individual homes and in relationships. We just wanted to be 0:05:58.760 --> 0:06:01.680 more of an open dialogue because there's a huge issue 0:06:01.880 --> 0:06:04.239 surrounding the way we talk about money in our country. 0:06:04.600 --> 0:06:07.159 That's right, man, and it's just bizarre, almost right, how 0:06:07.640 --> 0:06:10.120 these money conversations aren't a part of our life. We 0:06:10.120 --> 0:06:12.280 we talk about so many different things with our friends, 0:06:12.320 --> 0:06:14.680 We talk about things that might even seem more intimate 0:06:15.080 --> 0:06:18.000 and like personal with each other, but then for whatever reason, 0:06:18.000 --> 0:06:20.920 a lot of times friends and even family members as well, 0:06:20.960 --> 0:06:23.560 they just don't talk about their finances. But regardless of why, 0:06:23.600 --> 0:06:26.280 most folks don't talk about money. When you don't talk 0:06:26.320 --> 0:06:28.880 about money, you don't get better at it, right, And 0:06:28.920 --> 0:06:31.599 so we all have room for improvement, and so we're 0:06:31.600 --> 0:06:33.320 here to talk about it. We're here to talk about 0:06:33.360 --> 0:06:35.160 how much we spend on groceries, or we're here to 0:06:35.160 --> 0:06:37.880 talk about the amount of money or putting aside in 0:06:37.880 --> 0:06:40.760 our fur own case. And ultimately, like the end goal 0:06:40.960 --> 0:06:43.599 that we're trying to work towards by being spart with 0:06:43.600 --> 0:06:45.920 our money is financial independence. These are all sort of 0:06:45.960 --> 0:06:48.480 things throughout life that we want to talk about and 0:06:48.480 --> 0:06:51.120 hopefully shut some light and help this topic not be 0:06:51.200 --> 0:06:54.640 something that feels so off limits with you and your friends. Yeah, 0:06:54.680 --> 0:06:57.479 and something that kind of struck me recently. Matt was 0:06:57.920 --> 0:07:00.800 seeing some of the articles surround owning the topic of 0:07:00.800 --> 0:07:02.800 financial independence, that there have been a lot of them 0:07:03.120 --> 0:07:07.120 in major media publications recently, and just to kind of 0:07:07.120 --> 0:07:10.240 see the takes that some are kind of this positive 0:07:10.280 --> 0:07:13.480 spin on the idea of financial independence, and especially people 0:07:13.520 --> 0:07:17.000 that are younger achieving financial independence, and then to see 0:07:17.080 --> 0:07:19.440 the other side where it's kind of mocked and made 0:07:19.440 --> 0:07:22.760 fun of. And to me, it's no wonder that people 0:07:22.800 --> 0:07:24.480 don't want to talk about money that they don't want 0:07:24.480 --> 0:07:25.840 to get honest about it. They don't want to get 0:07:25.880 --> 0:07:29.680 real because on one hand, we're told that millennials in 0:07:29.720 --> 0:07:33.320 particular are stupid with money, they don't know how to invest, 0:07:33.520 --> 0:07:35.720 they're not thinking about the future, they want to rent, 0:07:36.080 --> 0:07:39.200 they're not buying into the standard American dream. So they're 0:07:39.200 --> 0:07:41.760 being mocked publicly by people that are older than them, 0:07:41.760 --> 0:07:44.160 that who write the articles. And then on the on 0:07:44.200 --> 0:07:46.600 the other hand, there's this young group of people who 0:07:46.680 --> 0:07:48.880 are trying to get their financial game in order, who 0:07:48.920 --> 0:07:51.880 want to change the narrative, who are handling their finance 0:07:51.920 --> 0:07:53.920 as well, who are stocking away money for the future 0:07:54.320 --> 0:07:57.080 in stocks, in real estate. There are people that are 0:07:57.120 --> 0:07:59.640 are trying to be prepared right, and then they get 0:07:59.640 --> 0:08:02.640 mocked from the other side who says that that's ridiculous 0:08:02.720 --> 0:08:04.320 to think that you can get your financial act in 0:08:04.440 --> 0:08:07.040 order and be financial independent at an early age. And 0:08:07.080 --> 0:08:09.760 so I think this narrative it stems from the stuff 0:08:09.800 --> 0:08:13.040 that we read in major financial publications. So let's just 0:08:13.080 --> 0:08:15.360 like you and I, let's let's say cut the crap, 0:08:15.600 --> 0:08:18.040 and and we're gonna say it's okay. It doesn't matter 0:08:18.040 --> 0:08:21.520 what Yahoo Finance says or seeing in money or any 0:08:21.520 --> 0:08:24.200 of those guys. You control the way you talk about 0:08:24.200 --> 0:08:26.960 money in your life with the people that you care about, 0:08:27.160 --> 0:08:29.800 with your friends and with your your family, And so 0:08:29.800 --> 0:08:31.680 we're gonna give you kind of some practical tips in 0:08:31.680 --> 0:08:34.720 this episode for how to open up those lines of communication, 0:08:35.160 --> 0:08:37.920 for how to kind of transition money away from being 0:08:38.000 --> 0:08:40.880 a taboo subject in your house or where you live 0:08:40.920 --> 0:08:43.440 with your spouse maybe even and try to kind of 0:08:43.480 --> 0:08:46.160 make it a more approachable topic. So that's kind of 0:08:46.160 --> 0:08:47.959 our goal here in this episode. I mean, I love 0:08:47.960 --> 0:08:50.400 that you mentioned millennials as well, because millennials, of all 0:08:50.440 --> 0:08:53.240 the generations that were out there for a recent survey, 0:08:53.280 --> 0:08:56.080 they are the most willing to talk about their finances 0:08:56.120 --> 0:08:59.520 with their friends. But that being said, overall, seventy Americans 0:08:59.520 --> 0:09:02.440 still feel that it's rude to talk about their personal 0:09:02.440 --> 0:09:06.200 finances in social situations, which, man, it is just again 0:09:06.240 --> 0:09:08.080 just bizarre that there's just so many things that we 0:09:08.160 --> 0:09:12.080 discuss as friends or as family members, but money and 0:09:12.120 --> 0:09:13.640 just how we relate to money, and how what we 0:09:13.640 --> 0:09:15.439 spend our money on and the amount that we're saving. 0:09:16.040 --> 0:09:18.120 These are just topics that we that we tend to 0:09:18.160 --> 0:09:22.240 avoid and it seems like the super taboo subject of 0:09:22.360 --> 0:09:27.280 politics or another super taboo subject of sex, like those 0:09:27.440 --> 0:09:30.480 are subjects that we actually feel more comfortable broaching, oh yeah, 0:09:30.520 --> 0:09:33.080 than the topic of money. It seems like that that 0:09:33.160 --> 0:09:35.360 the topic of money has almost more of a poll 0:09:35.440 --> 0:09:37.680 like on our heart, And if someone asks you a 0:09:37.760 --> 0:09:41.679 question in a social setting about politics or sex, you 0:09:41.760 --> 0:09:45.040 might feel more comfortable answering a question about probably those 0:09:45.080 --> 0:09:47.960 subjects than you even would about money, which I think 0:09:48.000 --> 0:09:50.280 it's fascinating, which seems to be true to me just 0:09:50.400 --> 0:09:52.920 from kind of the experiences I've had talking with people 0:09:52.960 --> 0:09:55.760 about money. And then it also just seems odd, right 0:09:55.760 --> 0:09:58.600 that we were so uncomfortable with that topic as a whole. 0:09:58.600 --> 0:10:00.160 And I think what it comes down to, Matt, is 0:10:00.240 --> 0:10:02.760 that most of us are just really, really bad with money, 0:10:02.960 --> 0:10:05.600 and that's why we feel so uncomfortable broaching the subject. 0:10:05.720 --> 0:10:07.440 I mean, and I think it's a cultural thing as well. 0:10:07.480 --> 0:10:09.440 I think a lot of times folks are raised to 0:10:09.600 --> 0:10:11.760 not talk about money. It's not something they grew up 0:10:11.800 --> 0:10:14.160 hearing their parents talk about. And because of that, it's 0:10:14.200 --> 0:10:16.360 something that they translate into their own personal lives with 0:10:16.360 --> 0:10:18.920 their own friends and with their own family. It's like etiquette, right. 0:10:19.120 --> 0:10:22.040 You can blame that on the Emily post. She's like 0:10:22.080 --> 0:10:25.240 the etiquette queen, I guess, and I have my silver 0:10:25.240 --> 0:10:27.360 ware on the correct side at all times. Gotta use 0:10:27.360 --> 0:10:30.160 that salad forward, dude. Yeah, Matt, and you and I 0:10:30.200 --> 0:10:33.000 both also think that one of the benefits of getting 0:10:33.000 --> 0:10:35.120 our friends and our family talking about money with us 0:10:35.120 --> 0:10:37.640 and having those conversations, it seems to make it more 0:10:37.679 --> 0:10:40.960 fun for everyone if we can actually start to have 0:10:41.000 --> 0:10:42.880 that conversation. Right, It might be awkward in the beginning, 0:10:43.160 --> 0:10:45.520 but ultimately it leads to more fun because we're able 0:10:45.559 --> 0:10:47.240 to talk about something that matters to us, that we 0:10:47.320 --> 0:10:50.000 care about. Especially if you're listening to the show and 0:10:50.040 --> 0:10:52.800 you've been learning a little bit more about personal finance, 0:10:52.840 --> 0:10:54.679 you're you're kind of getting into it, and you're kind 0:10:54.679 --> 0:10:58.280 of realizing that the more you learn about how you 0:10:58.320 --> 0:11:00.400 handle money, how to save more of your money, and 0:11:00.400 --> 0:11:04.040 then how to invest wisely, just kind of prioritizing, you know, 0:11:04.120 --> 0:11:07.360 money going into the future, it kind of becomes like lonely, 0:11:07.440 --> 0:11:09.640 and you you want to share it with the people 0:11:09.679 --> 0:11:11.240 that you care about the most, and if you can't, 0:11:11.880 --> 0:11:13.800 that sucks, Right, You want to be able to share 0:11:13.840 --> 0:11:15.480 to the things that you care about the most, and 0:11:15.679 --> 0:11:18.120 so ultimately it's more fun to share the things that 0:11:18.200 --> 0:11:19.559 you care about, you know, just like Matt and I 0:11:19.600 --> 0:11:22.000 share a beer every week, it's it's fun to to 0:11:22.120 --> 0:11:23.880 share the things that matter to you. What we're gonna say, 0:11:23.880 --> 0:11:25.680 you're gonna share your your money with me as well? 0:11:25.720 --> 0:11:28.040 Now because I'm I'm okay with that, I'll talk about 0:11:28.040 --> 0:11:31.640 it with you. No sharing on that on that front. Yeah, man, 0:11:31.679 --> 0:11:33.880 Well it's more fun, right, but it's awesome more effective, 0:11:34.040 --> 0:11:36.600 Like how much more effective is it going to be 0:11:36.600 --> 0:11:38.640 if you've got your group, your friend group, or you've 0:11:38.640 --> 0:11:40.720 got your tribe, and this is something that you're all 0:11:40.720 --> 0:11:42.880 talking about, this is part of your conversation, as part 0:11:42.920 --> 0:11:45.560 of the dialogue that you have with each other. And 0:11:45.960 --> 0:11:48.559 the times where I found myself excelling the most and 0:11:48.600 --> 0:11:50.439 whatever area of my life where the whether it be 0:11:50.840 --> 0:11:54.680 working out or academics in college, when we're really trying 0:11:54.679 --> 0:11:56.480 to do well, it was when I was working with 0:11:56.559 --> 0:11:58.440 the group, when I had friends that we're doing it 0:11:58.480 --> 0:12:00.800 with me when we're all striving towards the same goal. 0:12:01.120 --> 0:12:03.440 And I think the same thing applies when it comes 0:12:03.440 --> 0:12:05.320 to money and being smart with your money and investing 0:12:05.320 --> 0:12:06.960 like all the things that we typically talk about on 0:12:07.000 --> 0:12:10.280 the show. And for that reason alone, man, get some 0:12:10.280 --> 0:12:13.280 people around you. You have that accountability and yeah, like 0:12:13.320 --> 0:12:15.680 you said, it's just way more fun. Yeah. I think really, 0:12:15.800 --> 0:12:17.440 when it comes down to the people that you hang 0:12:17.440 --> 0:12:19.400 out with the most, they rub off on you in 0:12:19.400 --> 0:12:23.200 a major way. And so you are going to essentially 0:12:23.240 --> 0:12:25.920 reflect the five people that you spend the most amount 0:12:25.960 --> 0:12:28.200 of time with. And if those five people aren't talking 0:12:28.200 --> 0:12:31.200 about money, well, I'm not saying diet your friends, right, 0:12:31.360 --> 0:12:34.560 that's that's you could find another friend that can maybe 0:12:34.720 --> 0:12:37.280 I don't know, yeah, but at least try to work 0:12:37.280 --> 0:12:39.840 in like a new friend who's really good at numbers 0:12:39.880 --> 0:12:42.920 exactly exactly bring on that six friends. But another way 0:12:42.920 --> 0:12:45.960 to tackle that problem is to start opening those lines 0:12:45.960 --> 0:12:48.959 of communication so that you can bring those five friends 0:12:48.960 --> 0:12:51.400 that you're really close to into some of those discussions 0:12:51.400 --> 0:12:53.760 about money topics that matter to you. That makes me 0:12:53.800 --> 0:12:56.520 think of Kevin Hart. Have you heard his Uh, there's 0:12:56.520 --> 0:12:58.200 a stand up bit that he does. It's it's called 0:12:58.320 --> 0:13:01.280 stay in your Financial Lane, where you talk about hanging 0:13:01.280 --> 0:13:04.560 out with professional athletes. Yes, I've seen it. It's super funny. 0:13:05.200 --> 0:13:07.199 I'm not gonna at all try to imitate him, but 0:13:07.240 --> 0:13:12.559 he talks everybody wishes that I wouldn't trust me. But 0:13:12.640 --> 0:13:15.240 he talks about hanging with professional athletes who make tons 0:13:15.240 --> 0:13:18.000 of money, and how when he hangs out with them, 0:13:18.080 --> 0:13:21.800 it pressures him into making unwise financial decisions. And it's 0:13:21.840 --> 0:13:25.920 hilarious and it's not safe for work, so listen on 0:13:25.960 --> 0:13:28.760 your own time. But dude, it is so funny and 0:13:28.760 --> 0:13:31.200 it's so true, right, Like that's the heart of any comedy, 0:13:31.400 --> 0:13:34.160 Like a good comic, right is there's truth and and 0:13:34.000 --> 0:13:36.839 and what he's saying there about that, it's absolutely true. 0:13:37.080 --> 0:13:39.880 We are way more influenced by our friends and they're 0:13:39.920 --> 0:13:42.800 spending habits, and not only they're spending habits, but their 0:13:42.880 --> 0:13:45.480 savings habits as well, and everything from what they do 0:13:45.559 --> 0:13:48.160 spend to what they don't spend. Man, it is also important. 0:13:48.360 --> 0:13:51.240 And so maybe yeah, look up, look up, Kevin Hart, 0:13:51.440 --> 0:13:54.360 stay in your financial lane if you have an extra minute. Yeah, man, 0:13:54.360 --> 0:13:55.520 the thing that you said it is a second ago 0:13:55.600 --> 0:13:58.840 about your five closest friends and sort of bearing their 0:13:59.000 --> 0:14:02.200 savings and habits. I think I've heard something similar in 0:14:02.240 --> 0:14:06.360 regards to your net worth where your five closest friends. Essentially, 0:14:06.360 --> 0:14:09.679 you're the average of your five closest friends. And so essentially, 0:14:09.679 --> 0:14:11.400 if you look at your the net worth of your 0:14:11.400 --> 0:14:13.840 five closest friends or what you're what they make, you 0:14:13.840 --> 0:14:15.640 should fall right in the average, like right in the 0:14:15.679 --> 0:14:17.560 middle of all all five of those. Yeah, man, I 0:14:17.600 --> 0:14:20.720 feel like, honestly, you and I are probably perfect examples 0:14:20.760 --> 0:14:24.120 for how if we weren't friends, we would probably both 0:14:24.160 --> 0:14:26.200 be pretty good with money. But the fact that we 0:14:26.320 --> 0:14:28.520 are friends and we talk about it, I feel like 0:14:28.680 --> 0:14:30.680 we just spur each other on, oh yeah man, towards 0:14:30.720 --> 0:14:34.160 being better, digging deeper, going harder, whatever it is, like 0:14:34.200 --> 0:14:36.520 when it comes to investing in rental properties, or when 0:14:36.520 --> 0:14:38.800 it comes to investing a little bit more for the 0:14:38.840 --> 0:14:43.080 future in our retirement accounts. I feel like our discussions 0:14:43.600 --> 0:14:46.120 directly affect my bottom line when it when it comes 0:14:46.120 --> 0:14:49.080 to how I handle money. And they're fun too write, 0:14:49.200 --> 0:14:52.600 and so I think that's what's crucial to note here 0:14:53.040 --> 0:14:55.360 is that it's not that you have to ditch your 0:14:55.360 --> 0:14:57.480 friends and find new ones. It said, it's important to 0:14:57.520 --> 0:14:59.600 have those conversations because because they're gonna be good for 0:14:59.640 --> 0:15:01.920 your friends hips. It's an important topic, right, it affects 0:15:01.960 --> 0:15:04.560 all of us, and then also it's going to affect 0:15:04.640 --> 0:15:07.000 your bottom line. You're gonna be better at your money 0:15:07.040 --> 0:15:09.280 when you're able to talk about it openly with the 0:15:09.280 --> 0:15:11.560 people that you're close to. That's right, man, And so 0:15:11.760 --> 0:15:13.360 let's go ahead and take a quick break. But right 0:15:13.400 --> 0:15:15.640 after that, we're gonna talk about some of the specific 0:15:15.720 --> 0:15:27.240 ways that you are missing out by not talking about money. 0:15:27.920 --> 0:15:29.720 All right, Matt, we're back in the break and we're 0:15:29.760 --> 0:15:32.120 about to get to some specific ways that you're missing 0:15:32.160 --> 0:15:34.960 out if you're not having these conversations about money. But first, 0:15:35.040 --> 0:15:37.080 let's talk about some of the reasons why people aren't 0:15:37.080 --> 0:15:39.720 talking about their money, because there are certain roadblocks in 0:15:39.760 --> 0:15:42.840 our way and it's just important to be aware of them. 0:15:42.840 --> 0:15:46.200 And some of those roadblocks are completely understandable to to 0:15:46.280 --> 0:15:49.240 why we don't have these conversations to begin with. And 0:15:49.280 --> 0:15:51.160 so we hinted at this one before the break. But 0:15:51.200 --> 0:15:53.320 one of the reasons why people aren't talking about their 0:15:53.320 --> 0:15:57.920 money it stems from financial illiteracy. Learning about money is intimidating, 0:15:58.080 --> 0:16:00.960 and a lot of times there's just no structural system. 0:16:01.080 --> 0:16:03.960 There's nothing in place really to teach us. Only five 0:16:04.040 --> 0:16:07.440 states in the US right now require formal education in 0:16:07.520 --> 0:16:10.240 high school for personal finance. Man and in those five states, 0:16:10.240 --> 0:16:13.280 like they only require a single semester of a class 0:16:13.320 --> 0:16:16.400 that deals with personal finance, and that is so little. Yeah, 0:16:16.480 --> 0:16:19.560 that's a huge bummer. I'm a huge proponent of personal 0:16:19.600 --> 0:16:22.640 finance education happening in schools, and it's such a bummer 0:16:22.680 --> 0:16:25.800 that it doesn't happen kids when you're sixteen, seventeen, eighteen. 0:16:25.880 --> 0:16:29.120 It's those are such formative years to start learning about 0:16:29.160 --> 0:16:31.440 finance and money and how that's going to impact you. 0:16:31.760 --> 0:16:34.240 We learned a lot about macroeconomics, but when it comes 0:16:34.280 --> 0:16:38.520 to the microeconomics of your personal financial life, I feel 0:16:38.560 --> 0:16:41.120 like we're completely missing the boat. So most kids graduate 0:16:41.240 --> 0:16:43.920 high school not having any idea how to open a 0:16:43.920 --> 0:16:46.080 credit card or what sort of impact that's going to 0:16:46.160 --> 0:16:47.960 have on your life if you do. They don't know 0:16:48.040 --> 0:16:51.280 how to open a bank account or balance a checkbook. 0:16:51.440 --> 0:16:54.560 And I mean checkbooks are old school, right, so that 0:16:54.640 --> 0:16:56.520 might not be a skill you're gonna need for much longer. 0:16:56.760 --> 0:16:59.440 But I just wish that it was more of a thing. 0:16:59.520 --> 0:17:01.360 And the great thing, I guess is with the advent 0:17:01.480 --> 0:17:06.200 of technology, so much great learning is happening online or 0:17:06.280 --> 0:17:08.119 on phones, right, Like you've got all the apps and 0:17:08.160 --> 0:17:09.800 all that's just right there at your fingertips. Kind of 0:17:10.080 --> 0:17:12.960 gamifies it a little bit, makes it fun. Yeah. The 0:17:12.960 --> 0:17:15.680 the tough thing is is helping the younger generation figure 0:17:15.720 --> 0:17:17.720 out where they need to go in order to get 0:17:17.760 --> 0:17:20.119 that education. So it's out there. But then how do 0:17:20.160 --> 0:17:23.160 we reach young kids with that information that they so 0:17:23.160 --> 0:17:25.760 sorely need, but hopefully in a way that that's package 0:17:25.800 --> 0:17:27.880 that they can relate to. But yeah, it's a huge 0:17:27.880 --> 0:17:31.520 problem that kids are graduating with really no basic level 0:17:31.600 --> 0:17:34.320 of understanding when it comes to personal finances. And I agree, 0:17:34.520 --> 0:17:36.840 when you're completely illiterate at something, you don't want to 0:17:36.880 --> 0:17:38.480 talk about it. If you don't know how to read, 0:17:38.560 --> 0:17:42.720 you're not going to talk about books, just this common sense, right. 0:17:42.880 --> 0:17:45.600 And if you don't know how to do anything about money, 0:17:45.600 --> 0:17:47.879 if you don't know how to money right, you're just 0:17:48.000 --> 0:17:49.840 not going to talk about it. Yeah, and so on 0:17:49.840 --> 0:17:52.720 the note, how did you as as young Joel, how 0:17:52.720 --> 0:17:55.280 did how did you learn a lot about personal finance 0:17:55.320 --> 0:17:57.560 and and how to make the right decisions once it 0:17:57.600 --> 0:18:00.520 came to spending and saving your own money? Question is 0:18:00.520 --> 0:18:03.480 super personal and you know what, I love that we're 0:18:03.560 --> 0:18:05.920