Speaker 1: Welcome to How the Money. I'm Joel and I am Matt.
Speaker 1: Today we're breaking down more common money phrases. Yeah, Joel,
Speaker 1: not only are there a lot of dumb things that
Speaker 1: we often here, but we will in turn take those
Speaker 1: dumb things, internalize them, and say those same dumb things
Speaker 1: again because oftentimes, when we hear phrases being used out
Speaker 1: in the you know, out in the world, out in
Speaker 1: social settings, we believe this phrases to be true. We
Speaker 1: think they're factual, uh, and that can lead us astray,
Speaker 1: especially when it comes to our money. This is kind
Speaker 1: of a part two. We've already covered a lot of
Speaker 1: different money phrases that are out there, but there are
Speaker 1: just so many that we went in to dedicate an
Speaker 1: additional episode to some of these different money phrases that
Speaker 1: we often hear. No doubt, we got some good ones
Speaker 1: on the docket for today to kind of talk about,
Speaker 1: just so that next time you hear them, you don't
Speaker 1: just automatically assume they're true. You run them through a filter.
Speaker 1: And so, yeah, we're gonna be the filter on today's episode.
Speaker 1: And here's the thing too, we already actually started working
Speaker 1: on the outline for episode three because there are a
Speaker 1: bunch that we didn't want to include because we're just
Speaker 1: gonna end up going along. I think. So we might
Speaker 1: get to another episode like this here in a few months.
Speaker 1: There we go all right, But before we get to that, Matt,
Speaker 1: I wanted to mention that recently I was hanging out
Speaker 1: on one of the deal websites like I do sometimes.
Speaker 1: It's like, deal is probably be my favorite one. Let
Speaker 1: you do this weekend just hanging out on the deal side. Now,
Speaker 1: I'll do like a brief check every now and again,
Speaker 1: like you know, four, three or five times a week,
Speaker 1: maybe seven times a week. And so I need a
Speaker 1: new water heater for my home. We're making some changes
Speaker 1: and it's one of those things where it's like I'm
Speaker 1: just on the lookout for the right one. And one
Speaker 1: of the things we're doing is we're going from natural
Speaker 1: gas to electric. It costs a little more per year,
Speaker 1: but there's so many reasons we had to do that,
Speaker 1: and I don't want to go into all that right now,
Speaker 1: but yeah, I ended up finding one. Uh Slick Deals
Speaker 1: mentioned that there was a two hundred dollar electric water
Speaker 1: heater brand new from Costco, and I was like, Uh,
Speaker 1: this is perfect. This is money. So you're like, I
Speaker 1: like Costco and like we've shared recently, I too also
Speaker 1: like Costco. You are you're a recent convert finally a convert,
Speaker 1: which I appreciate. But yeah, so I just want to live.
Speaker 1: People know that, like sometimes those deal sites, they can
Speaker 1: if we spend too much time on them, we can
Speaker 1: be prone to spend too much money. But if you
Speaker 1: know what you're looking for, and especially if you like
Speaker 1: hit the search bar up there and you're just searching
Speaker 1: for the particular item that you're in need of. So
Speaker 1: I was able to pounce man, and that's a normally
Speaker 1: six d fifty dollar water heater that I got for
Speaker 1: two hundred dollars because they're clearancing. That's like good discount. Yeah,
Speaker 1: that's a sweet discount. So and I got a shipped
Speaker 1: to my home. It didn't cost additional money for shipping.
Speaker 1: I was so surprised that that's actually pretty great delivered
Speaker 1: to your doorstep. Go pick that thing up in person.
Speaker 1: And I definitely could have used this hot water heater.
Speaker 1: What like five months ago, I had to replace uh
Speaker 1: an electric hot water heater in one of my rentals,
Speaker 1: and we talked about how I had gotten one that
Speaker 1: was used for free, and it sat up under our
Speaker 1: house to use to put the use for like a
Speaker 1: couple of years. But then finally the plumber was like, nope,
Speaker 1: I mean, I can you know, install it, but you know,
Speaker 1: there's no promise that it is not going to go
Speaker 1: out next year. And we couldn't find any info on
Speaker 1: the hot water heater as to when it was manufactured,
Speaker 1: so I didn't know if it was gonna last yeah,
Speaker 1: one year or maybe a solid fifteen it if it
Speaker 1: had only been installed for a year at the previous home,
Speaker 1: it was probably gonna cheapest out of frugal to yeah,
Speaker 1: paper the labor and then have to get a reinstalled
Speaker 1: a new one in a couple of years. I did
Speaker 1: not want to have that regret. And at this point,
Speaker 1: I know there's a perfectly brand new, manufacturer covered hot
Speaker 1: water heater in that house, but I wish I would
Speaker 1: have been able to snack it for two. Man, that's
Speaker 1: a good deal, pretty sweet deal. Good for you. Every
Speaker 1: once in a while you get one of those things
Speaker 1: falls into your lap and you think the deal, Gods,
Speaker 1: let's just gotta do afterwards. Okay, So since I am
Speaker 1: relatively newer to Costco. Do they sell large appliances like
Speaker 1: that often or Okay, so they got like water heaters,
Speaker 1: like beds, you can get dishwashers, yeah, yeah, yeah, dishwashers,
Speaker 1: fridges everything, Yeah, washer dryers as well. Yeah, okay, totally
Speaker 1: gotta keep that in mind. All the appliances you could
Speaker 1: ever need, Matthew, these are things that they don't sell
Speaker 1: it Aldi. And here's the thing. I've actually found that
Speaker 1: we haven't yet been using our Costco membership to its
Speaker 1: fullest potential. We still go to Aldi for the vast
Speaker 1: majority of our groceries, but I'm curious to see how
Speaker 1: our behaviors change here in the coming months. Yeah, it's
Speaker 1: gonna take time, but she'll get there. I'll keep you posted,
Speaker 1: I'll shove you along. Yeah, let's mention the beer we're
Speaker 1: having on this episode. It's called Elderberry Northwest sour Ale
Speaker 1: and it's by Cascade Brewing and matt Um. It's made
Speaker 1: with elderberries, which just always makes me think of Monty
Speaker 1: Python and the Holy Grail. Your father smelled of elderberry.
Speaker 1: So yeah, we'll give our thoughts on this beer at
Speaker 1: the end of the episode, but for now, let's move
Speaker 1: on and get to the topic in hand. We're breaking
Speaker 1: down more common money phrases. And now we we really
Speaker 1: did just have so much fun talking about some common
Speaker 1: money phrases and the truthfulness or lack thereof back in
Speaker 1: the episode three thirty five that we figured, let's do
Speaker 1: it again, let's find some more because there are a
Speaker 1: lot of money phrases floating around. They're stuck in our
Speaker 1: brain in one way, form or fashion um and sometimes
Speaker 1: they're informing our money beliefs. So we figured it was
Speaker 1: a good idea to hit up even more of these
Speaker 1: money phrases and dissect a few extras, because, yeah, those
Speaker 1: sayings bore into our brains if we hear them enough.
Speaker 1: Like you said, we believe that they're facts. But so
Speaker 1: many of these sayings have flaws in them, and some
Speaker 1: of them they have worse than flaws, just downright inaccurate.
Speaker 1: And so yeah, today let's Matt like talk talk through
Speaker 1: some more, think through some more, and see maybe where
Speaker 1: the potential truth and have truths lie. Yeah, an example
Speaker 1: that comes to mind that isn't money related. Actually, So
Speaker 1: it's summertime and a lot of folks are probably doing
Speaker 1: a lot more grilling cooking outside. We definitely have, as
Speaker 1: we've been cooking a ton more on our our flat
Speaker 1: top griddle. And you always hear folks say that they
Speaker 1: want to get the thing really sticking hot in order
Speaker 1: to sear the meat. Right, I've heard that before. That's
Speaker 1: what I attempt to do. But you're saying I'm wrong. Well,
Speaker 1: I do this as well, but oftentimes the phrases you
Speaker 1: want to sear the meat so you can lock in
Speaker 1: that moisture like you see the meat. I believe that
Speaker 1: is that not true? It is not true. No, Yeah,
Speaker 1: and so I'm pretty sure that I've even said this before.
Speaker 1: But it turns out that this is false. There are
Speaker 1: a bunch of studies out there and experiments to back
Speaker 1: this up. Alton Brown he even didn't experiment and found
Speaker 1: that seared meat was actually less moist than an identical
Speaker 1: piece that's cooked the exact same internal temperature. I would
Speaker 1: trust Alton Brown with my life, so I believe. Yeah,
Speaker 1: I like his methodology. Um, and so this is a
Speaker 1: simple example of a line of thought that is just
Speaker 1: not true, even though you hear it all the time,
Speaker 1: even though that it might be something that you have
Speaker 1: even stated. I'm pretty sure, I've said it before, but
Speaker 1: now I know that it's not true. That doesn't here
Speaker 1: all this to say, that doesn't mean you don't want
Speaker 1: to brown your meat, because you do add flavor from
Speaker 1: the browning. What is it the like malle effect? It
Speaker 1: was like the it's named after a French guy I've
Speaker 1: heard all. I thought it was named after the duck.
Speaker 1: Oh yeah, nope, Mallard duck. But there's like, there is
Speaker 1: an actual chemical reaction that takes place and your food
Speaker 1: it changes at a molecular level when you brown food.
Speaker 1: That's why we're drawn to brown meats in different catermalization
Speaker 1: effects that that occur when you cook, and so you
Speaker 1: do it for the flavor. But you don't do it
Speaker 1: because you think you're creating like this crust where you're
Speaker 1: locking in that moisture on the inside. It's just not true. Okay,
Speaker 1: all right, Well that's one important misconception clear up right
Speaker 1: there for all our foodies out there. The more you know,
Speaker 1: and part of the difficulty is that we live in
Speaker 1: the information age. There's just no shortage of pithy sayings
Speaker 1: that were inundated with and everyone's gotten an opinion. Nobody
Speaker 1: minds tweeting it out like to spur of the moment.
Speaker 1: Here's what I think I would put it out there
Speaker 1: in a hundred forty or whatever. It's two Internet characters. Now,
Speaker 1: I think they plumped it up for everyone to see.
Speaker 1: But yeah, thoughtful conversation and insightful nuance is kind of
Speaker 1: more rarity. It's harder to find that, although I think
Speaker 1: that's making a comeback in some parts of the Internet,
Speaker 1: and I'm glad to see that podcasting is one of them.
Speaker 1: There's some more thoughtful YouTube channels out there doing some
Speaker 1: of like more in depth conversational type stuff. But that's
Speaker 1: our goal with this show, is to have more of
Speaker 1: that long form, rational approach to money topics as opposed
Speaker 1: to the hot take money topic conversations that sometimes get had,
Speaker 1: especially on social media. But yeah, that's why today we're
Speaker 1: gonna tackle more of these common money phrases which tend
Speaker 1: to become common money misconceptions instead. And Matt, let's get
Speaker 1: to the first one. This one actually comes from a
Speaker 1: movie that was popular back in the day, and you
Speaker 1: actually recently rewatched it, didn't you. Well, I never had
Speaker 1: seen it, and so I just wanted to see it
Speaker 1: because I'm like, all right, I talk about money every
Speaker 1: single day. I need to have seen Wall Street, the
Speaker 1: old Dadies movie. Al Right, so this one is greed
Speaker 1: is good? Right, And that was what Gordon Geko said,
Speaker 1: what in this shareholder meeting during the movie. It's been
Speaker 1: a long time so I've seen, right, I don't think
Speaker 1: I've ever heard anybody in the course of normal conversation
Speaker 1: say greed is good. That would uh in polite company,
Speaker 1: people might shame you or like look at you a
Speaker 1: little differently, But that is yeah, the phrase like, let's
Speaker 1: distact that one real quick. Yeah, that's an attribute that
Speaker 1: most people wouldn't be proud of, right, Like it would
Speaker 1: take a like a brazen individual to say, oh, yeah,
Speaker 1: I believe greed is good and I'm all for it.
Speaker 1: But because of that, I almost feel that it's even
Speaker 1: more insidious because so anytime there's something that you don't
Speaker 1: really talk about, even though it's like they're a little bit,
Speaker 1: I feel like it can find its way into your
Speaker 1: life without you even realizing it. And so I feel
Speaker 1: like that's maybe a reason that we should like even
Speaker 1: be even more careful about green. But that being said, yeah,
Speaker 1: what is true about this phrase, because obviously greed is
Speaker 1: mostly negative, you know, it's one of the seven Deadly
Speaker 1: sins after all, but enlightened self interest, let's an economic
Speaker 1: term for the role that greed plays and free markets,
Speaker 1: and it's a huge part of what makes our free
Speaker 1: market society work the way that it does, and that's
Speaker 1: what makes the pie bigger for society as a whole. Right,
Speaker 1: we're talking about innovation and progress, and oftentimes some folks
Speaker 1: will say that greed spurs that on. Uh, and so, yeah,
Speaker 1: greed in that context is that desire to do something
Speaker 1: that benefits a lot of other people, to work together
Speaker 1: and to collaborate in order to make sure that you
Speaker 1: can earn a living and create further good, you know,
Speaker 1: not just for yourself but for others. That's the way
Speaker 1: that we can justify greed. Maybe just a little bit,
Speaker 1: but it does feel like that we are kind of
Speaker 1: performing some acrobatics in order to in order to say
Speaker 1: that it's okay. Yeah, yeah, well I do think it
Speaker 1: is okay in that one context. I think the putting
Speaker 1: something good out into the world, serving customers, there is
Speaker 1: an element to which you're trying to be able to
Speaker 1: pay the bills or take your family on a vacation,
Speaker 1: and so your job, your work does have some tie
Speaker 1: towards compensation, and like that's a necessary component to all
Speaker 1: of our lives. And so I think that that enlightened
Speaker 1: self interest is not the exact same thing as greed,
Speaker 1: but it's definitely a cousin and yeah, yeah, and it's related,
Speaker 1: yeah exactly. But yeah, greed obviously does have more downside
Speaker 1: than upside, that's for sure. And it's the root cause
Speaker 1: of a lot of scams that part people from their money.
Speaker 1: Think about Bernie made Off. That's a result of un
Speaker 1: checked reed, people thinking that they could earn double digit
Speaker 1: returns every single year without ever seeing a negative return
Speaker 1: at any point in time. And they're like, this is
Speaker 1: what the market is doing. You're always going you're always
Speaker 1: coming out on top, and that is a sign of greed,
Speaker 1: like get those dollar signs in your eyes actually leading
Speaker 1: to your downfall. Like predatory lenders, that's another area where
Speaker 1: those people are greedy. They're taking advantage of folks. Six
Speaker 1: interest rates I personally don't think should be legal in
Speaker 1: they're bad for society. And yeah, like greed, also on
Speaker 1: the individual level, it can act like a set of enders,
Speaker 1: causing us to make unhealthy decisions with our money. When
Speaker 1: our desire to do well with our money turns into
Speaker 1: this insatiable desire for more money just for the sake
Speaker 1: of it, we run the risk of turning a good
Speaker 1: thing into something that can cause us to take unnecessary
Speaker 1: risks with our money right, potentially causing severe financial harm um.
Speaker 1: But even more importantly, matt like obviously, getting too greedy
Speaker 1: signing up with somebody like Murning made off good cause
Speaker 1: us to lose a fortune. But the love of money
Speaker 1: and an intense greediness UH will cause us to lose
Speaker 1: focus on what truly matters in life. We begin to
Speaker 1: put the emphasis way too strongly on the tool, and
Speaker 1: the tool is what's supposed to allow us to do
Speaker 1: all these other things to magnify the good things in
Speaker 1: our life, which are usually free, which are usually people, relationships, places, community,
Speaker 1: and Yeah, when we put the focus all the money
Speaker 1: and we get greedy for more, it's just a bad recipe. Yeah.
Speaker 1: Not only can greedily to irreparable damage to your finances,
Speaker 1: but it could severely hurt some relationships UH in your
Speaker 1: life as well. But moving onto our next phrase, the
Speaker 1: next one we're gonna get to is there's no such
Speaker 1: thing as a free lunch. And you've also heard this
Speaker 1: one as if it's too good to be true. It is,
Speaker 1: and so there are times when you actually do get
Speaker 1: something for nothing, but like, let's be honest, that's really rare.
Speaker 1: Our friend Deacon actually recently told us that he won
Speaker 1: this legit free trip to Hawaii after signing up for
Speaker 1: this contest. He was going to delete the email because
Speaker 1: it seems spammy, of course, but then he thought better
Speaker 1: of it and gave it once over. He realized that
Speaker 1: this was a legit company that he had done business
Speaker 1: with before. It was a legit email, uh, and the
Speaker 1: contest was real. My parents similar they want to Harley
Speaker 1: Davidson from a raffle when I was in high school.
Speaker 1: They ended up selling it right after. Why they should
Speaker 1: have kept it fur their teenage son. My momus would
Speaker 1: have been a great idea, a big game about how
Speaker 1: she was gonna be become a hardy rider, but she
Speaker 1: never did. But it was one of those things where
Speaker 1: I guess that's not the same thing as a free lunch, right,
Speaker 1: because they did buy a raffle ticket and somebody's gotta win.
Speaker 1: But but it feels like that, right. There's there's not
Speaker 1: many circumstances like that where you get an email about
Speaker 1: a free Hawaii trip and it's actually real exactly, Yeah,
Speaker 1: that's not the norm, right, and it's someone is offering
Speaker 1: you something for free. There's like a chance that there's
Speaker 1: another shoe that's gonna drop, uh insaid, This saying is
Speaker 1: pretty high on the truthiness scale. There oftentimes is no
Speaker 1: such thing as a free lunch, true, yea. One of
Speaker 1: the more ubiquitous examples that we see of this today
Speaker 1: is signing up for the social media services. They're free, right,
Speaker 1: They'll cost a dime, just sign up. It's so nice, Well,
Speaker 1: I think, kind of are. You don't pay us dollars
Speaker 1: to Twitter, Facebook or Instagram to have an account, But
Speaker 1: it turns out that you are the product in this case,
Speaker 1: and it's your data that's being mined and sold. Right.
Speaker 1: So that's certainly example of when there's no free lunch.
Speaker 1: It's free what you're paying in a different form of currency.
Speaker 1: There's always a catch, exactly. I think to where the
Speaker 1: concept no free lunch is most important is when we're
Speaker 1: talking about insurance and retirement sales folks, people that are
Speaker 1: trying to get into your pockets and they're offering something
Speaker 1: quote unquote for free in order to get you to
Speaker 1: take them up on their offer. Timeshare sales folks, Matt
Speaker 1: would be a similar thing. It's like, get this free
Speaker 1: gift card or get this free meal, and we'll tell
Speaker 1: you about our awesome time shares and potentially brate you
Speaker 1: into buying one. Right, And there's uh, if you have
Speaker 1: a will of steel, maybe it's worth it to go.
Speaker 1: Like if you know that, Like Nope, I'm a robot.
Speaker 1: Like whatever they say to me. I'm just gonna sit
Speaker 1: there and enjoy that lunch. Yeah, Like I don't know,
Speaker 1: like it might be worth it for you at that point.
Speaker 1: It just depends on the person. So there was this
Speaker 1: great article in the New York Times. I still remember
Speaker 1: it from three years ago from reading it from our
Speaker 1: friend and former guests Ron Lieber, who one of my
Speaker 1: favorite interviews still on this show. So he wrote about
Speaker 1: it three years He went to attend a free state
Speaker 1: dinner with his aunt that an annuity salesperson was hosting.
Speaker 1: And it's one of those things where like millions of Americans,
Speaker 1: especially older folks, are being offered things like this, like
Speaker 1: a free dinner in exchange for the sales pitch for
Speaker 1: a product that is going to cost you a lot
Speaker 1: of money in the coming years. They're obviously trying to
Speaker 1: hide those costs, paper over them, and they're making you
Speaker 1: feel good by like being your friend and shaking your
Speaker 1: hand and giving you a free meal. Um. And a
Speaker 1: lot of people end up signing for something that's not
Speaker 1: in their financial best interest because something free was offered.
Speaker 1: So I think, like, in that case, that could be
Speaker 1: the most expensive free lunch or dinner of your life.
Speaker 1: So I think, yeah, there's no such thing as a
Speaker 1: free lunch is a pretty accurate statement, that's right, man.
Speaker 1: We have several more to get to, including, uh, put
Speaker 1: your money where your mouth is. I feel like this
Speaker 1: one maybe hergible as you've got an arguments with friends.
Speaker 1: That's when I say to you all the time, Yeah,
Speaker 1: I'll talk, no action. We're gonna get to that one,
Speaker 1: plus a few others like don't put all your eggs
Speaker 1: in one basket. We're gonna get to those two. It's
Speaker 1: several more. Right after this break a well back, Matt,
Speaker 1: let's cover some more common money phrases. And kind of
Speaker 1: dissect the truthiness or lack thereof. I don't think truthiness
Speaker 1: is a word, but I wish it was, because I'm
Speaker 1: gonna use it anyway. We've talked about that before on
Speaker 1: the Colbert Report. It's something that he used. That's right,
Speaker 1: that's used to label certain words that politicians would say, like,
Speaker 1: let's let's kind of write this on the truthiness. Okay,
Speaker 1: so before we get to our new one, I kind
Speaker 1: of want to go back a little bit too. There's
Speaker 1: no such thing as a free lunch. How do you
Speaker 1: feel if you were to attend a state dinner knowing
Speaker 1: that you weren't going to sign up for some time
Speaker 1: share or you know, annuity something like that, I'd be
Speaker 1: okay with it? Would you be okay that? Do you
Speaker 1: feel like you would feel morally okay knowing that, well,
Speaker 1: they're doing this because it obviously works on some people.
Speaker 1: Otherwise they wouldn't do it. But I'm kind of with you, right,
Speaker 1: I think I could justify it because I know that, like,
Speaker 1: this model is kind of on the decline, and it's
Speaker 1: just like, okay, well it used to work, it's not
Speaker 1: going to continue to work. I don't think I don't
Speaker 1: know if it's not gonna work on me, and so
Speaker 1: I would feel okay with the perks that would come
Speaker 1: with that presentation. Yeah, I just don't know if I
Speaker 1: could justify my time for a movie like like, Okay,
Speaker 1: you gotta come here for like an hour and a
Speaker 1: half and listen to this pitch and just be generally
Speaker 1: annoyed and uncomfortable the whole time. What if you get
Speaker 1: sit in the back and just like talk with your
Speaker 1: aunt the whole time, just kind of catch up quietly,
Speaker 1: potentially sitting there with a wedge salad and some ribby.
Speaker 1: If it comes along, I might take it. We'll see.
Speaker 1: I'd be okay with that. All right. Let's get to
Speaker 1: the next money phrase we want to dissect, though. This
Speaker 1: one is more money, more problems. This was, Yeah, another
Speaker 1: phrase I think is we're talking about. I remember the
Speaker 1: first time I heard that coming out of someone's mouth, Matt.
Speaker 1: That wasn't the Notorious Big. I didn't know which version
Speaker 1: you're gonna go with, if you're going with more money
Speaker 1: more problems, or if you're going with more money more problems. Yeah. No,
Speaker 1: I never really listened to Notorious Big, although I had friends,
Speaker 1: friends that did. But yeah, I remember the first time
Speaker 1: I heard someone say that, like it was legit truth,
Speaker 1: and I thought that was like the stupidest thing at
Speaker 1: everard And I think maybe that was because, like my
Speaker 1: family's problems growing up, they were mostly financial in nature,
Speaker 1: and that led me to believe that just having more
Speaker 1: money is going to fix all of our family's problems. Right,
Speaker 1: You're like, we can't win to Harley David's in every
Speaker 1: single week exactly. And that came along later and in Okay,
Speaker 1: that was when I was in late high school. But yeah,
Speaker 1: I feel like I've changed my tune on this one too,
Speaker 1: And I do think that there's a whole lot of
Speaker 1: truth to this that more money does equate to more problems.
Speaker 1: We tend to think that like more money is going
Speaker 1: to solve a lot of the issues that we bump
Speaker 1: up against in life, that I just had more money
Speaker 1: in my checking account, or if I just started saving
Speaker 1: or and investing when I was younger, I wouldn't be
Speaker 1: facing many of the problems that I'm facing today. But
Speaker 1: when you're a hammer, every problem looks like a nail,
Speaker 1: and so it's important to realize that more money isn't
Speaker 1: always the answer right there. There have been way too
Speaker 1: many stories about incredibly rich folks losing all their wealth
Speaker 1: or living hedonistic, self indulgent lives for me to believe
Speaker 1: that too much money doesn't actually create more problems for
Speaker 1: people in a lot of instances. I think sometimes, yeah,
Speaker 1: too much accumulation of wealth actually leads to a lot
Speaker 1: of problems in life. They're different kind of problems than
Speaker 1: people who don't have enough money, that's for sure. Um,
Speaker 1: and that is a legitimate problem too. Sometimes money does
Speaker 1: fix problems, but mo money more problems. Yeah, I actually
Speaker 1: think there's a lot of truth to that. Yeah, that's true. Man.
Speaker 1: It makes me think of lottery winners right when you
Speaker 1: were talking about, you know, a hedonistic lifestyle, because many
Speaker 1: of those folks end up spending all their money and
Speaker 1: then declaring bankruptcy, you know, maybe a few years after
Speaker 1: winning millions of dollars. And at the same time, while
Speaker 1: that's happening, like relatives, friends, co workers, Uh, they start
Speaker 1: to come to those folks out of the woodwork asking
Speaker 1: for money from the newly minted rich. And that just
Speaker 1: sounds like a surefire way to have your life and
Speaker 1: relationships ruined. Definitely, you're introducing more problems in your life.
Speaker 1: At that point, it's hard to know who to trust
Speaker 1: if you're rolling in the dough. And that's when yeah,
Speaker 1: mo money, more problems would definitely ring true. But yeah,
Speaker 1: on the flip side of the coin, more money would
Speaker 1: be a legitimate fix for for billions of people around
Speaker 1: the world. You know, here in the US there are
Speaker 1: nearly forty four million people who are under the poverty line. Um.
Speaker 1: And the other thing too. It's not that poverty isn't
Speaker 1: a legitimate concern here in the US, but some of
Speaker 1: the money issues that many people face are because of
Speaker 1: a lack of financial education combined with shooting themselves in
Speaker 1: the foot by making poor money decisions. And so that's
Speaker 1: another reason why we fight for financial literacy so much.
Speaker 1: It's at least a part of the solution. Uh. And
Speaker 1: that's why we talk about money every single day most definitely.
Speaker 1: All right, let's move on to the next phrase. Let's
Speaker 1: say you were faced with the problem of having some
Speaker 1: more money on hand, Matt. You might hear someone say,
Speaker 1: don't put all your eggs in one basket, and yeah,
Speaker 1: that would be I would say, good advice from whoever's
Speaker 1: offering it. To you. But at the same time, I've
Speaker 1: heard other, uh semi smart money people out there say
Speaker 1: that diversification is for idiots. Mark Huban is one of
Speaker 1: the folks I've heard say that before, but I feel
Speaker 1: like coming from him, it's different. Right, He's got the time,
Speaker 1: the knowledge, and the desire also the ability to go
Speaker 1: all in on just a few handful of investments to
Speaker 1: see what succeeds. And interestingly enough, Matt not that long ago,
Speaker 1: Mark Cuban revealed that he lost all of the money
Speaker 1: that he put into a fledgling cryptocurrency that went to zero.
Speaker 1: So I feel like, yeah, that's good advice from someone
Speaker 1: who has made hundreds of millions of dollars, maybe more.
Speaker 1: I don't know if he's a billionaire, I forget, but
Speaker 1: that was obviously not all of his money that he
Speaker 1: lost in the crypto, So he is diversified to an extent.
Speaker 1: But most of us can't afford to have a major
Speaker 1: investment of ours go bust like that, and so a
Speaker 1: smart diversification strategy is the only way that we're gonna
Speaker 1: be able to build wealth while still being able to
Speaker 1: sleep at night. So I do think, yeah, don't put
Speaker 1: all your eggs in one basket is sound advice for
Speaker 1: yer out of us. Yeah, even someone like Mark Cuban,
Speaker 1: who is super bullish on a certain company or a
Speaker 1: new startup or even uh yeah cryptocurrency, isn't going all
Speaker 1: in on you know, one single investment. Like, he's not
Speaker 1: putting all of his eggs in a single investment. I
Speaker 1: bet he also maybe owns his home, Uh, has a
Speaker 1: retirement fund and how many companies has he invested in
Speaker 1: on Chark Tank? Yeah, Like, come on, Mark, Like that's
Speaker 1: just disingenuous to say that diversification isn't a smart strategy exactly. Yeah,
Speaker 1: And obviously, if we knew the future right then, you know,
Speaker 1: diversification wouldn't be necessary. We could put all of our
Speaker 1: money towards the eventual winner and just kind of sit
Speaker 1: back watch the profits roll in. But we don't know
Speaker 1: the future obviously, and so making sure that all of
Speaker 1: your eggs aren't in one basket invested in one stock
Speaker 1: or even just a handful of stocks is going to
Speaker 1: be a wise thing to do. We're fans of owning
Speaker 1: the whole stock market, or at least the SMP five
Speaker 1: hundred that way, instead of one basket you've got like
Speaker 1: over thirty seven hundred little baskets or five hundred little baskets,
Speaker 1: because that's how many companies those funds include. And you know, Joe,
Speaker 1: like you and I, we have exposure to real estate
Speaker 1: as well. We were their own business. Being that diversified
Speaker 1: provides a lot of peace of mind. And so this
Speaker 1: one is really high on the truthiness scale. This is
Speaker 1: definitely a tint ot of tins, but I would give
Speaker 1: don't put all of your eggs in one basket. Yeah, man,
Speaker 1: it makes me. This makes me think of some of
Speaker 1: our listeners who might have the ability to invest in
Speaker 1: their employer's stock at a discount. And sometimes that can
Speaker 1: work well if you're turning around and selling it really quickly.
Speaker 1: That's what we talked about those planes before, and how
Speaker 1: that's the only way to make it work, because otherwise
Speaker 1: you're taking undue risk. And I know some people that
Speaker 1: they get their paycheck from the company and then much
Speaker 1: of their investments are going into company stock and at
Speaker 1: that point you're just not diversified enough. You do have
Speaker 1: all your eggs in one basket. What if you lost
Speaker 1: your job and at the same time, like that's because
Speaker 1: the company is losing money. Uh, the stock price is
Speaker 1: tanking and most of your eggs get broken in one
Speaker 1: fell swoop. Yeah, not a good idea. Yeah, so yeah,
Speaker 1: don't don't put all your eggs in one basket. Find
Speaker 1: ways to be diversified. And if you're just investing in
Speaker 1: the stock market, you know that's fine, do one of
Speaker 1: the funds that Matt mentioned. But finding other ways to
Speaker 1: make income, Finding other ways to invest besides even just
Speaker 1: the stock market, like getting into real estate at some point,
Speaker 1: is a good way to become even more diversified. All right, Matt,
Speaker 1: let's get to another one. A fool and his money
Speaker 1: are soon parted. That's the next phrase we're gonna we're
Speaker 1: gonna get into. And yeah, since since we opted to
Speaker 1: include a biblical money phrase the last time, we figured
Speaker 1: why not use another one this time. Some translations of
Speaker 1: the Book of Proverbs have something similar to this basically, uh,
Speaker 1: this phrase a fool, fool and his money are soon parted,
Speaker 1: but it's also been used in other literary works. To
Speaker 1: an English poet from the Freds I think is also
Speaker 1: uh credited with this phrase, and he probably just read
Speaker 1: the Bible and some yeah, and yeah, there's really not
Speaker 1: much disputing this one either though, right, Like, yeah, dummies,
Speaker 1: people that don't handle their money, well, foolish people, it's
Speaker 1: not gonna be long until they find themselves parted with
Speaker 1: their money or having far less of it because they're
Speaker 1: making unwise decisions. They're rushing into things, they're not thinking ahead.
Speaker 1: Foolish people don't long have money in their hands. Usually,
Speaker 1: that's true. Yeah, And so one foolish thing would be
Speaker 1: not to be diversified, right, just like we said. But
Speaker 1: there are just so many different ways, uh. In one
Speaker 1: that you can be foolish with your money. Uh, it
Speaker 1: could be someone who's just thoughtless and wasteful, Like they
Speaker 1: could be someone who prioritizes the concerns of right now constantly,
Speaker 1: you know, where they're just never thinking about the importance
Speaker 1: of the future right, either planning or preparing for the future.
Speaker 1: And so you know, you can ask yourself some questions
Speaker 1: like are you easily convinced by others to change how
Speaker 1: you save, how you spend, or how you invest your money?
Speaker 1: You see to yourself, well, I guess I'll put this
Speaker 1: money that I can't risk in a new joke cryptocurrency,
Speaker 1: and I'll just see what happens, Or maybe I should
Speaker 1: just buy an instant bot because everybody else has one.
Speaker 1: You're not being thoughtful about your purchases. You're not really
Speaker 1: considering whether or not you would use that thing every
Speaker 1: single day like my wife does. Maybe you never cook,
Speaker 1: but you think this is gonna make you cook. Think again,
Speaker 1: Or maybe you're thinking, like, why not just have my
Speaker 1: savings that wells Fargo. They're pretty convenient, Like there's just
Speaker 1: a branch right up the street. I'm sure they're paying
Speaker 1: something decent, right, How dare you bring up that name
Speaker 1: on our podcast? Um? Or maybe I just heard somebody
Speaker 1: on TikTok talking about the this is something I should
Speaker 1: invest in. That's probably a good way to go to
Speaker 1: not be the fool. We have to be discerning when
Speaker 1: it comes through the decisions we make and what we
Speaker 1: do with our money. And that simply just means educating
Speaker 1: ourselves and and also it means being I think optimistically skeptical. Right,
Speaker 1: you gotta kind of hold those two things in balance.
Speaker 1: You're hoping for the best, but at the same time,
Speaker 1: you know, we're going to make sure that we're doing
Speaker 1: our due diligence in order to make sure that we
Speaker 1: are making more confident money decisions. YEA. To not be
Speaker 1: foolish with money takes intentionality. It takes dedicating some time
Speaker 1: to learning the nuts and bolts of personal finance and
Speaker 1: then learning some of your own behavioral tendencies. It takes
Speaker 1: a little bit of insight into who you are as
Speaker 1: a person and finding some trustworthy folks that you can
Speaker 1: rely on. Some books, some podcasts, some some blogs that
Speaker 1: you like to read from people who are gonna steer
Speaker 1: you straight consistently and who don't have an agenda to
Speaker 1: push on you. But it's worth it because that way
Speaker 1: you're not going to be foolish. You're going to be
Speaker 1: able to build wealth for the long term, provide real
Speaker 1: security for you and your family, and not be worried
Speaker 1: that overnight, you know, your your financial house of cards
Speaker 1: could come tumbling down, which I would think people who
Speaker 1: are foolish with their money would constantly be worried about,
Speaker 1: would constantly be in fear of. But Matt, we've got
Speaker 1: a few more money phrases to get to, including champagne
Speaker 1: taste on a beer budget. Uh, we like beer, So
Speaker 1: we'll talk about that one right after this break. Al Right,
Speaker 1: we are back, We've got a feed more money phrases
Speaker 1: to get to angel like you alluded to. Have you
Speaker 1: ever been told that you've got a champagne taste on
Speaker 1: a beer budget? Um? No, actually I have been told that.
Speaker 1: I remember back when we were getting married, we were
Speaker 1: working with Kate's dad. He was helping us to make
Speaker 1: sure that we're staying within budget, and I just specifically
Speaker 1: remember it's the first time anyone had ever used that
Speaker 1: phrase directed at me, and he was just like, guys,
Speaker 1: y'all just have champagne taste on a beer budget. And
Speaker 1: I remember thinking, what does that mean? Oh, okay, I
Speaker 1: get it, being the image alone, young immature person that
Speaker 1: I was. But you know, this one is pretty straightforward.
Speaker 1: It's when someone is living above their means, or at
Speaker 1: least when they want things that they can't afford. That
Speaker 1: was definitely where Kate and I were back when we
Speaker 1: were getting married. Uh. And this can definitely be a problem,
Speaker 1: you know. It's like having eyes that are too big
Speaker 1: for your stomach. That will likely lead to eating more
Speaker 1: than you should. It could lead to you having a
Speaker 1: tummy ache, getting sick, which we're going to Austin in September.
Speaker 1: And I'm kind of preparing my belly now to consume
Speaker 1: massive amounts of brisket so barbecue, like giving yourself pep talk.
Speaker 1: I'm like trying to literally span the size of my
Speaker 1: stomach so I can fit more in there, right, klobi Ashi,
Speaker 1: you know eating hot dogs? Well, the name is true
Speaker 1: if you can't stick to your budget, right, and if
Speaker 1: you attempt to buy things that you can't afford, like
Speaker 1: fancy champagne, when maybe all you can really afford or
Speaker 1: all that you have in your wallet is just five
Speaker 1: bucks for a sixer of the Champagne of Beers Miller Lite,
Speaker 1: no Miller High Life. Yes I misspoke, but it's also
Speaker 1: been a minute since I've had the Champagne of Beers.
Speaker 1: But the Yeah, the accuracy of this statement champagne taste
Speaker 1: on a beer budget, this depends on who it's being
Speaker 1: applied to, because there's nothing really true or untrue about
Speaker 1: the statement on its own, but rather it's just all
Speaker 1: about who is being described. Uh. And so ideally this
Speaker 1: is sort of a statement that we want to flip
Speaker 1: on its head, right. We don't want to have champagne
Speaker 1: taste on a beer budget. We want to have beer
Speaker 1: taste on a champagne budget. That's what we strive for
Speaker 1: here on how the money, that's exactly right, That's what
Speaker 1: that's what we do. Because if you get that champagne budget,
Speaker 1: that means you've got more money coming in, then you're
Speaker 1: gonna be spending when you get the beer tastes, right,
Speaker 1: and so you're gonna be funneling more and more or
Speaker 1: that money into your investment accounts, into your savings account
Speaker 1: instead of that checking account, so I can flow right
Speaker 1: backcounts right, and you gotta keep that lifestyle and check
Speaker 1: that's right. Yeah, But you can't always have champagne amounts
Speaker 1: of income flowing, and sometimes you gotta make some cuts
Speaker 1: when it comes to your expenses. That's right. Sometimes you've
Speaker 1: got a beer taste and a beer budget and you
Speaker 1: know you're perfectly in line and you're just like hoping
Speaker 1: to expand your income one of these days, right. But
Speaker 1: if you are constantly blowing out your budget and you've
Speaker 1: determined that you are one of those people who tends
Speaker 1: to have champagne taste, then you'll likely need to learn
Speaker 1: the value of stretching a dollar, which is the next
Speaker 1: phrase we're gonna cover when someone really knows how to
Speaker 1: stretch a dollar, Matt, it means that they've got unique
Speaker 1: abilities to find deals and spend less on everyday atoms
Speaker 1: like a water heater. Maybe, for instance, there you go
Speaker 1: stretching that in our bucks to cover all six and
Speaker 1: fifty of it exactly exactly. And and and for example, Matt,
Speaker 1: a lot of grandparents who grew up at the time
Speaker 1: of the Great Depression, they learned the necessity of stretching
Speaker 1: a dollar the hard way, right, They had the hard
Speaker 1: knocks of not having enough food to help them be
Speaker 1: able to stretch of the amount that they did have
Speaker 1: coming in. And no matter how much money some of
Speaker 1: those people acquired, many of them never stopped living a
Speaker 1: hyper frugal existence. They just weren't able to forget that.
Speaker 1: They couldn't get it out of their DNA, essentially after
Speaker 1: having to go through that difficulty. But this is a
Speaker 1: good thing to learn for all of us to a
Speaker 1: certain extent, right to figure out how to get by
Speaker 1: on less, or how to buy used or borrow instead
Speaker 1: of just buying something new, as like a Pavlovian response.
Speaker 1: And yeah, you'll be exercising your creative skills and saving
Speaker 1: money at the At the same time, I think stretching
Speaker 1: a dollar, learning the value of it, and then honing
Speaker 1: your skills trying to get better at stretching a dollar
Speaker 1: is incredibly worthwhile for everyone, no matter your income. I
Speaker 1: feel like that's a skill that you've definitely developed, as
Speaker 1: evidenced by your daily checking of slip deals. Like I said,
Speaker 1: it used to be more of a problem for me
Speaker 1: making fun of you. But like I think what you
Speaker 1: said earlier, like I mean at the top of you. Like,
Speaker 1: what I'm saying is I use the search bar like
Speaker 1: being intentional. It's it's it's less perusing and being like,
Speaker 1: oh what can I buy, And it's more like this
Speaker 1: is where I go first when I have a need, right,
Speaker 1: like a water heater needs to be replaced. I'm not
Speaker 1: just shopping to see what's on, you know, what the
Speaker 1: discounts are, because I feel like that's when you might
Speaker 1: get tempted, right like when you start seeing the discount
Speaker 1: like going from thirty to fifty to seven, Oh my gosh,
Speaker 1: this is seventy pc off, Like I have to buy
Speaker 1: this whether or not I need it. Yeah, no, I'm
Speaker 1: gonna buy it anyway. That's what we're trying to avoid
Speaker 1: being and I used to be guilty of that. Yeah yeah,
Speaker 1: and and not that I don't occasionally fall into that now,
Speaker 1: but I've gotten so much better at it. Yeah. Okay,
Speaker 1: So let's get to our next phrase, which is put
Speaker 1: your money or your mouth is and talk is cheap.
Speaker 1: This would be another way of saying this phrase action.
Speaker 1: It's such a crucial part of the process when it
Speaker 1: comes to handling our money. Well, we can read books
Speaker 1: and talk about what to do with our money all
Speaker 1: day long, but yeah, when the rubber meets the road,
Speaker 1: are you actually going to do the work of making
Speaker 1: the changes in your life? And so we can see
Speaker 1: this play out and how we spend our money. So,
Speaker 1: for example, it might be that you say that you're
Speaker 1: all about kids being entrepreneurial, but then when the when
Speaker 1: your friends, you know, when the neighbor's kid knocks on
Speaker 1: your door because he's selling his handmade ice cream for
Speaker 1: seven dollars a pint, do you actually buy anything? And
Speaker 1: I say this because this is a true story that
Speaker 1: happened on Smart Entrepreneur, right this this happened yesterday. One
Speaker 1: of our friends, his kid knocked on our door and
Speaker 1: he's done this before, like in summer's past, where he'll
Speaker 1: make his own ice cream. I just pretend not to
Speaker 1: be there. Seven dollars of Fine, it's expensive, but that's
Speaker 1: something we believe, and that's some behavior that I want
Speaker 1: to encourage. But at the same time, I want to
Speaker 1: make sure I'm being frugal with him, Like I don't
Speaker 1: want to be cheap. If I were cheap, I'd be like,
Speaker 1: no way, dude, that's way too expensive, are you kidding me?
Speaker 1: And then three dollars a pint, okay, like slamming the door,
Speaker 1: that would be cheap. But being frugal is instead of
Speaker 1: buying all three flavors, we just bought one because it's like, okay,
Speaker 1: we're just gonna buy one. Point. That's kind of prosy,
Speaker 1: but we want to We still want to support him, right,
Speaker 1: But these are the kind of questions we need to
Speaker 1: ask ourselves, you know, like maybe you might be someone
Speaker 1: who's all about local small businesses, but like in our case,
Speaker 1: like do we support the local bike shop there's a
Speaker 1: bike shop not too far from us, and making sure
Speaker 1: that we're keeping that little bike shop in mind instead
Speaker 1: of the default, right just going straight to ordering from
Speaker 1: Walmart or Amazon. That needs to be a part of
Speaker 1: how we process and how we think about the expenses
Speaker 1: that we make. Shout out to loose Nuts great folks, right,
Speaker 1: also the best name for a bike shop ever, except
Speaker 1: for Yeah, I mean you don't want to get your
Speaker 1: bike back I get you take it there when you've
Speaker 1: got some loose nuts exactly. You don't want to get
Speaker 1: it back with loose nuts now. And it also makes
Speaker 1: it feel like they got a screw loose their little
Speaker 1: zany and and they are, which I like, so all right,
Speaker 1: but I think part of that to Matt putting your
Speaker 1: money where your mouth is, it's just backing up what
Speaker 1: you say you believe, right. So, for instance, there's all
Speaker 1: sorts of people that will tell you how you should
Speaker 1: be investing your money, and to meet the perfect question
Speaker 1: to ask you in return is well, how do you
Speaker 1: invest your money? Which reveals so much more about the
Speaker 1: person than what they've told you that you should be doing,
Speaker 1: because you're finding out well exactly where their dollars go.
Speaker 1: And so yeah, we discussed exactly how we invest back
Speaker 1: in the episode three forty one. We think it's important
Speaker 1: to be completely honest about how we're handling our money,
Speaker 1: not just telling you what you should do with yours.
Speaker 1: You know, we want to put our money where our
Speaker 1: mouth is. We want to lead by example. I think
Speaker 1: that's something we should all be striving for, putting our
Speaker 1: money where our mouth is, doing the things that we
Speaker 1: know we should that we kind of maybe preached to
Speaker 1: somebody else. Really, when it comes down to it, it's
Speaker 1: doing what we know we should be doing, as opposed
Speaker 1: to just knowing what we know we should be doing.
Speaker 1: And that is an easy way to remove that cognitive
Speaker 1: dissonance from your life. Right, let's get to our next phrase,
Speaker 1: which is another day, another dollar. That's something that people
Speaker 1: might say when they maybe they get home after a
Speaker 1: long day of work, you know, working in the factory
Speaker 1: kind of thing, kicking their their shoes off, putting their
Speaker 1: feet up on the ottoman um. This phrase speaks to
Speaker 1: work when the crack open their shape paint of beers.
Speaker 1: That's right after you hear the whistle blown. You know
Speaker 1: that this talks about like just working and like resigning
Speaker 1: yourself to just getting a paycheck indefinitely. Right, this put's
Speaker 1: work in a negative light. And unfortunately, this is a
Speaker 1: familiar sentiment because so many people have adopted this way
Speaker 1: of thinking, but it doesn't have to be true if
Speaker 1: you change your mindset and how you think about your job. Right,
Speaker 1: working is good for the soul when you realize that
Speaker 1: you're providing a service or a product to someone else,
Speaker 1: you're bringing value into the world, and hopefully you can
Speaker 1: also do it in a way that connects with them
Speaker 1: on a personal or an emotional level as well. Right like,
Speaker 1: when you realize that this isn't just a job, this
Speaker 1: isn't just business. It's not an exchange of services or
Speaker 1: goods for getting paid, but hopefully you're able to connect
Speaker 1: with them on a human level. And even if you're
Speaker 1: not customer facing, you can still do that. You can
Speaker 1: realize what's being created by at the company that you
Speaker 1: work for. And I think connecting your daily work with
Speaker 1: the positive impact that it's having the bigger picture, it's crucial,
Speaker 1: even if you don't see the customers face. Absolutely yeah.
Speaker 1: And so we're just pointing out that it's not just
Speaker 1: about earning a buck, which is what this phrase is
Speaker 1: all about. Right another day, another dollar. It's just about
Speaker 1: you putting in your time and then receiving a paycheck.
Speaker 1: So that was actually nineteen sixties country song by the way,
Speaker 1: another day, Another Dollar. I didn't know that until think
Speaker 1: William's era. Right, Yeah, And it's just uh that this
Speaker 1: artist named Win Stewart, he refers to like work in
Speaker 1: his whole life and getting paid weekly by his boss,
Speaker 1: which is a sentiment I think a lot of people
Speaker 1: can identify with. And yeah, we'll link to that in
Speaker 1: the show notes because it is a really, really good song.
Speaker 1: But yeah, this mentality, though sucks, working for money is
Speaker 1: a reality of life. But it doesn't mean that we
Speaker 1: should be resigned to working for the man in perpetuity,
Speaker 1: at nausea for the rest of our days. Right, Let's
Speaker 1: let's change this phrase to reflect another day, another dollar,
Speaker 1: that my investments are working for me without even having
Speaker 1: the lift of finger. Right, Like, so this phrase when
Speaker 1: it when it refers to just like going in punching
Speaker 1: the clock, you know, leaving getting paid and never being
Speaker 1: able to break that cycle. Uh, well, we want all
Speaker 1: all of our listeners, peple to break that cycle at
Speaker 1: some point and for financial independence to be a reality
Speaker 1: that's looming in your future. Um, and if you have
Speaker 1: another day, another dollar, I'm just gonna keep punching the
Speaker 1: clock mentality, it's gonna be longer until you actually get there. Yeah,
Speaker 1: when you're just working, the day's dragged by, But when
Speaker 1: you're investing, you can't wait for the next day to
Speaker 1: show up. Because yeah, that's how compounding interest works. Maybe exactly.
Speaker 1: Our last phrase that we're gonna get to this episode
Speaker 1: is you can't take it with you. Uh. And this one's,
Speaker 1: you know, pretty accurate. When you die, it doesn't matter
Speaker 1: how much money you've gotten your bank or your brokerage account,
Speaker 1: because that money is no longer yours. Uh. It goes
Speaker 1: to your heirs, or if you don't have um a will,
Speaker 1: maybe it goes to the state and they decide where
Speaker 1: it goes. Let's just for a second pause here and
Speaker 1: tell people go get a will. Go get a will,
Speaker 1: and it doesn't have to cost a whole lot of money.
Speaker 1: Some people think they have to go to an attorney
Speaker 1: uh and pay lots of money, and some people with
Speaker 1: more complicated circumstances do. But there's also a website called
Speaker 1: free will dot com. Go there, create a will. It's
Speaker 1: super simple. That's actually where Matt and I did ours,
Speaker 1: So check it out. We'll link to it in the
Speaker 1: show notes. It's free and give it a shot. Yeah, absolutely, Yeah,
Speaker 1: but just keep in mind though, Yeah, when you die though,
Speaker 1: like you don't have say over what happens. Well, no,
Speaker 1: you you have say over what happens to the money,
Speaker 1: right because you set up a will or you have
Speaker 1: or you can have a trust. But you don't get
Speaker 1: too actulessly your beneficiary on your investment account. Yeah, but
Speaker 1: you don't get to actively enjoy or do things with
Speaker 1: that money once you're dead. Yeah. So you might be
Speaker 1: dead and you might be like, I have made wise
Speaker 1: decisions your whole life, and your money gets left and
Speaker 1: it buys one Misserati and that's it. And you're like,
Speaker 1: that's not what I wanted to do with that, But
Speaker 1: you can't really do anything about it, that's right, But uh,
Speaker 1: it's so it's it's about finding a balance, right, So
Speaker 1: make sure that while you're saving and investing for the future,
Speaker 1: that you don't forget to live your life today. That's
Speaker 1: a part of why we have a craft beer on
Speaker 1: every single episode. It's a way for us to demonstrate
Speaker 1: that we do smart things with our money. We strive
Speaker 1: to invest a lot of it, but at the same
Speaker 1: time we spend some money on craft beer that some
Speaker 1: people would say that is so stupid. I can't believe
Speaker 1: they spend that much money on a single bottle of beer.
Speaker 1: But for us, it's worth it. And it's a simple
Speaker 1: way that we can show that, you know what, Like
Speaker 1: it's all about finding that balance for you. Yeah, and
Speaker 1: I guess you can't have champagne tastes in like one
Speaker 1: or two areas of your life, right and craft beer
Speaker 1: we cympically choose that's that area of our lives in
Speaker 1: which we will have champagne takes. We will buy the
Speaker 1: good stuff. We drink better than n of people who
Speaker 1: are drinking just the Champagne of beers were drinking, like
Speaker 1: the actual champagne equipped exactly. And yeah, like speaking of
Speaker 1: that phrase, Matt, you can't take it with you, I
Speaker 1: think some people would respond to this phrase and they
Speaker 1: they're automatic knee jerk reaction would be like, Yolo, you
Speaker 1: only live once, So if you can't take it with
Speaker 1: if I can't take it with me, spend it and
Speaker 1: enjoy it. Now. That's what I'm gonna do. But there's
Speaker 1: a happy medium, right, Uh. Either it will be into
Speaker 1: that Yolo camp where we spend every time that comes
Speaker 1: in or will be prone to hoarding. If we don't
Speaker 1: live our lives with that realization that we can't take
Speaker 1: it with us, will be attempting to amass more than
Speaker 1: we need to, putting too much emphasis on work and
Speaker 1: wealth generation. But let's put that in its place, right,
Speaker 1: because you only get one life and you can't be
Speaker 1: sure when it's gonna end. You don't know if it's
Speaker 1: gonna end tomorrow like we none of us know that,
Speaker 1: and you can't take that money with you. So I
Speaker 1: think that is an important phrase, maybe a somber note
Speaker 1: to end this podcast on, but it's one that we
Speaker 1: should kind of take in to our everyday handling of
Speaker 1: our money. We're saving for goals that we hope to accomplish.
Speaker 1: We don't know if we're going to live to accomplish
Speaker 1: those goals either, and so we have to kind of
Speaker 1: hold it loosely to a certain extent, make smart choices.
Speaker 1: We don't want to be foolish with our money, as
Speaker 1: we talked about earlier. We want to be wise investors,
Speaker 1: but at the same time, we want to live for today,
Speaker 1: in the here and now, be present and enjoy our
Speaker 1: lives and the good things that we have without being miserly,
Speaker 1: without putting too much focus on you know, decades from now, yeah, exactly.
Speaker 1: And it's important to make sure you get those things
Speaker 1: in the right order, because if you're living life too
Speaker 1: much before you've done those smart things with your money,
Speaker 1: oftentimes you're gonna be stuck, uh with the another day,
Speaker 1: another dollar sort of mindset where you have to work
Speaker 1: every single day in order to make that money. It's
Speaker 1: all about finding that balance, and that's certainly a part
Speaker 1: of the ethos of our show. We don't take really
Speaker 1: an extreme view on one end or the other, like
Speaker 1: on one side or the other, because we'd like to
Speaker 1: just take a reasonable and thoughtful approach to our money.
Speaker 1: That's what we do here on the show every single week,
Speaker 1: and we've hoped with this episode we've helped you to
Speaker 1: think about some of the different phrases that you will
Speaker 1: often maybe here others say, or even catch yourself saying.
Speaker 1: But hopefully we've been able to speak some truth into
Speaker 1: these phrases and how they actually apply to how you
Speaker 1: handle your money. You're a reasonable fellow money. I just
Speaker 1: want you to know that I try to be all right. Let'sten,
Speaker 1: I get back to the real quick because obviously we
Speaker 1: do prioritize uh, enjoying great things, spending our money on
Speaker 1: things that we care about. Now. Today on the show,
Speaker 1: we drank a elderberry beer, Northwest sour Ale by Cascade Brewing. Matt, Uh,
Speaker 1: this beer, I gotta I'm just gonna say it's it
Speaker 1: tasted a lot like the beer that we had on Monday,
Speaker 1: didn't it. Yeah, it's definitely got some similar qualities. You know,
Speaker 1: this is another sour ale that they age in barrels, right,
Speaker 1: This one's age and red wine barrels for over two years. Right,
Speaker 1: that's crazy. That's that's a really long time. And here's
Speaker 1: the other thing, is this entire time, I hadn't like,
Speaker 1: I don't think I've ever had an elderberry in my mind.
Speaker 1: I was thinking mulberries, that's what. That's the tree that
Speaker 1: we have down here in the southeast at least I
Speaker 1: don't know. They might be all over the country, but
Speaker 1: in the Southeast earlier in the summer. Uh, every year,
Speaker 1: these trees fruit and then they just dropped their berries
Speaker 1: like all over a sidewalk, like literally if it falls
Speaker 1: on you, because it's just gotten so ripe. It'll just
Speaker 1: like explode on your shoulder and just stay in your clothes.
Speaker 1: But those are edible, and for some reason in my mind,
Speaker 1: I was thinking that that's what this beer was made
Speaker 1: out of. But this beer was actually made out of
Speaker 1: elder berries. And I've never actually had an elder berry,
Speaker 1: at least not in like straight fruit form before, But
Speaker 1: I assume it tastes like this beer. It's really good.
Speaker 1: Definitely has a tart quality to it. And I don't
Speaker 1: know if I'm just being weird here, man, but it
Speaker 1: almost has like this savory tartness going on. It kind
Speaker 1: of reminds me of yellow mustard, you know, like when
Speaker 1: you put just a little bit of yellow mustard on
Speaker 1: a hamburger. Like I went my entire life without putting
Speaker 1: mustard on burgers, but then every time I go out
Speaker 1: and have a burger, I'm just like, Oh, what is
Speaker 1: it about this burger that's so much better than the
Speaker 1: burgers I make at home? And I realized that, you know,
Speaker 1: when you go out, there's always just like a little
Speaker 1: bit of mustard on there gives it that nice kind
Speaker 1: of tart savory flavor. Something about this beer makes me
Speaker 1: think of yellow mustard. Uh, and it makes me just
Speaker 1: want to like chew it up like like a burger.
Speaker 1: But I really like this. It's definitely got those oat
Speaker 1: qualities going on, and anything aged and oak I'm going
Speaker 1: to be a fan of pretty much. So what your
Speaker 1: thoughts on the same. Yeah, I think it's actually even
Speaker 1: better than the Creek, which is interesting. Love cherry beers,
Speaker 1: like there's being pie cherries, but that the Creek just again,
Speaker 1: like we said on Monday, just wasn't as reminiscent of
Speaker 1: the normal Creeks I used to drinking. I thought that
Speaker 1: one was great, and maybe too it was because the
Speaker 1: additional age on it that it was age forever two
Speaker 1: years since, like just even more okay and just even
Speaker 1: more balanced, like extra soul. Yeah, so I thought it
Speaker 1: was great. And I don't think I've ever had a
Speaker 1: bad beer from Cascade. Nope. I've had some that I
Speaker 1: don't like as much as others. But they make just
Speaker 1: great sour beers and that's all they make, so they're
Speaker 1: kind of like specialists basically. So if you try any Cascade,
Speaker 1: you're probably not gonna be disappointed, that's true. Yeah, all
Speaker 1: the stuff that comes out of their brewery, I feel
Speaker 1: like are at least like, are there fours or higher
Speaker 1: on the untapped scale? You know? Uh, and I would,
Speaker 1: I'd probably get this one like a forward and quarter
Speaker 1: maybe even a four and a half is really solid.
Speaker 1: There you go, but that's gonna be it for this episode.
Speaker 1: You can find our show notes up on the website
Speaker 1: at how the Money dot com, and we'll make sure
Speaker 1: to link to any of the different resources we mentioned.
Speaker 1: We mentioned uh a couple of previous episodes, and we'll
Speaker 1: make sure to link to that that Win Stewart's song
Speaker 1: as well, so you can get your sixties country action
Speaker 1: going on. Oh man, just sit back and like non
Speaker 1: a corn cob pipe drinking your high life. Listen to
Speaker 1: that song. That sounds like an excellent like Thursday night
Speaker 1: right there, or maybe Wednesday night since you listened on
Speaker 1: a Wednesday. It sounds like a nice way to wind
Speaker 1: down like that. That's h Matt. Until next time, Best
Speaker 1: Friends Out, Best Friends Out.