Breaking Down More Common Money Phrases #383

especially when it comes to our money. This is kind of a part two. We've already covered a lot of different money phrases that are out there, but there are just so many that we went in to dedicate an additional episode to some of these different money phrases that we often hear. No doubt, we got some good ones on the docket for today to kind of talk about, just so that next time you hear them, you don't just automatically assume they're true. You run them through a filter.

And so, yeah, we're gonna be the filter on today's episode. And here's the thing too, we already actually started working on the outline for episode three because there are a bunch that we didn't want to include because we're just gonna end up going along. I think. So we might get to another episode like this here in a few months. There we go all right, But before we get to that, Matt, I wanted to mention that recently I was hanging out on one of the deal websites like I do sometimes.

It's like, deal is probably be my favorite one. Let you do this weekend just hanging out on the deal side. Now, I'll do like a brief check every now and again, like you know, four, three or five times a week, maybe seven times a week. And so I need a new water heater for my home. We're making some changes and it's one of those things where it's like I'm just on the lookout for the right one. And one of the things we're doing is we're going from natural

gas to electric. It costs a little more per year, but there's so many reasons we had to do that, and I don't want to go into all that right now, but yeah, I ended up finding one. Uh Slick Deals mentioned that there was a two hundred dollar electric water heater brand new from Costco, and I was like, Uh, this is perfect. This is money. So you're like, I like Costco and like we've shared recently, I too also like Costco. You are you're a recent convert finally a convert,

which I appreciate. But yeah, so I just want to live. People know that, like sometimes those deal sites, they can if we spend too much time on them, we can be prone to spend too much money. But if you know what you're looking for, and especially if you like hit the search bar up there and you're just searching for the particular item that you're in need of. So I was able to pounce man, and that's a normally six d fifty dollar water heater that I got for

two hundred dollars because they're clearancing. That's like good discount. Yeah, that's a sweet discount. So and I got a shipped to my home. It didn't cost additional money for shipping. I was so surprised that that's actually pretty great delivered to your doorstep. Go pick that thing up in person. And I definitely could have used this hot water heater.

What like five months ago, I had to replace uh an electric hot water heater in one of my rentals, and we talked about how I had gotten one that was used for free, and it sat up under our house to use to put the use for like a couple of years. But then finally the plumber was like, nope, I mean, I can you know, install it, but you know, there's no promise that it is not going to go

out next year. And we couldn't find any info on the hot water heater as to when it was manufactured, so I didn't know if it was gonna last yeah, one year or maybe a solid fifteen it if it had only been installed for a year at the previous home, it was probably gonna cheapest out of frugal to yeah, paper the labor and then have to get a reinstalled a new one in a couple of years. I did

not want to have that regret. And at this point, I know there's a perfectly brand new, manufacturer covered hot water heater in that house, but I wish I would have been able to snack it for two. Man, that's a good deal, pretty sweet deal. Good for you. Every once in a while you get one of those things falls into your lap and you think the deal, Gods, let's just gotta do afterwards. Okay, So since I am

relatively newer to Costco. Do they sell large appliances like that often or Okay, so they got like water heaters, like beds, you can get dishwashers, yeah, yeah, yeah, dishwashers, fridges everything, Yeah, washer dryers as well. Yeah, okay, totally gotta keep that in mind. All the appliances you could ever need, Matthew, these are things that they don't sell it Aldi. And here's the thing. I've actually found that we haven't yet been using our Costco membership to its

fullest potential. We still go to Aldi for the vast majority of our groceries, but I'm curious to see how our behaviors change here in the coming months. Yeah, it's gonna take time, but she'll get there. I'll keep you posted, I'll shove you along. Yeah, let's mention the beer we're having on this episode. It's called Elderberry Northwest sour Ale and it's by Cascade Brewing and matt Um. It's made with elderberries, which just always makes me think of Monty

Python and the Holy Grail. Your father smelled of elderberry. So yeah, we'll give our thoughts on this beer at the end of the episode, but for now, let's move on and get to the topic in hand. We're breaking down more common money phrases. And now we we really did just have so much fun talking about some common money phrases and the truthfulness or lack thereof back in the episode three thirty five that we figured, let's do it again, let's find some more because there are a

lot of money phrases floating around. They're stuck in our brain in one way, form or fashion um and sometimes they're informing our money beliefs. So we figured it was a good idea to hit up even more of these money phrases and dissect a few extras, because, yeah, those sayings bore into our brains if we hear them enough. Like you said, we believe that they're facts. But so many of these sayings have flaws in them, and some of them they have worse than flaws, just downright inaccurate.

And so yeah, today let's Matt like talk talk through some more, think through some more, and see maybe where the potential truth and have truths lie. Yeah, an example that comes to mind that isn't money related. Actually, So it's summertime and a lot of folks are probably doing a lot more grilling cooking outside. We definitely have, as we've been cooking a ton more on our our flat top griddle. And you always hear folks say that they want to get the thing really sticking hot in order

to sear the meat. Right, I've heard that before. That's what I attempt to do. But you're saying I'm wrong. Well, I do this as well, but oftentimes the phrases you want to sear the meat so you can lock in that moisture like you see the meat. I believe that is that not true? It is not true. No, Yeah, and so I'm pretty sure that I've even said this before. But it turns out that this is false. There are a bunch of studies out there and experiments to back

this up. Alton Brown he even didn't experiment and found that seared meat was actually less moist than an identical piece that's cooked the exact same internal temperature. I would trust Alton Brown with my life, so I believe. Yeah, I like his methodology. Um, and so this is a simple example of a line of thought that is just not true, even though you hear it all the time, even though that it might be something that you have even stated. I'm pretty sure, I've said it before, but

now I know that it's not true. That doesn't here all this to say, that doesn't mean you don't want to brown your meat, because you do add flavor from the browning. What is it the like malle effect? It was like the it's named after a French guy I've heard all. I thought it was named after the duck. Oh yeah, nope, Mallard duck. But there's like, there is an actual chemical reaction that takes place and your food it changes at a molecular level when you brown food.

That's why we're drawn to brown meats in different catermalization effects that that occur when you cook, and so you do it for the flavor. But you don't do it because you think you're creating like this crust where you're locking in that moisture on the inside. It's just not true. Okay, all right, Well that's one important misconception clear up right there for all our foodies out there. The more you know, and part of the difficulty is that we live in

the information age. There's just no shortage of pithy sayings that were inundated with and everyone's gotten an opinion. Nobody minds tweeting it out like to spur of the moment. Here's what I think I would put it out there in a hundred forty or whatever. It's two Internet characters. Now, I think they plumped it up for everyone to see. But yeah, thoughtful conversation and insightful nuance is kind of

more rarity. It's harder to find that, although I think that's making a comeback in some parts of the Internet, and I'm glad to see that podcasting is one of them. There's some more thoughtful YouTube channels out there doing some of like more in depth conversational type stuff. But that's our goal with this show, is to have more of that long form, rational approach to money topics as opposed to the hot take money topic conversations that sometimes get had,

especially on social media. But yeah, that's why today we're gonna tackle more of these common money phrases which tend to become common money misconceptions instead. And Matt, let's get to the first one. This one actually comes from a movie that was popular back in the day, and you actually recently rewatched it, didn't you. Well, I never had seen it, and so I just wanted to see it because I'm like, all right, I talk about money every single day. I need to have seen Wall Street, the

old Dadies movie. Al Right, so this one is greed is good? Right, And that was what Gordon Geko said, what in this shareholder meeting during the movie. It's been a long time so I've seen, right, I don't think I've ever heard anybody in the course of normal conversation say greed is good. That would uh in polite company, people might shame you or like look at you a little differently, But that is yeah, the phrase like, let's

distact that one real quick. Yeah, that's an attribute that most people wouldn't be proud of, right, Like it would take a like a brazen individual to say, oh, yeah, I believe greed is good and I'm all for it. But because of that, I almost feel that it's even more insidious because so anytime there's something that you don't really talk about, even though it's like they're a little bit, I feel like it can find its way into your

life without you even realizing it. And so I feel like that's maybe a reason that we should like even be even more careful about green. But that being said, yeah, what is true about this phrase, because obviously greed is mostly negative, you know, it's one of the seven Deadly sins after all, but enlightened self interest, let's an economic term for the role that greed plays and free markets, and it's a huge part of what makes our free market society work the way that it does, and that's

what makes the pie bigger for society as a whole. Right, we're talking about innovation and progress, and oftentimes some folks will say that greed spurs that on. Uh, and so, yeah, greed in that context is that desire to do something that benefits a lot of other people, to work together and to collaborate in order to make sure that you can earn a living and create further good, you know, not just for yourself but for others. That's the way

that we can justify greed. Maybe just a little bit, but it does feel like that we are kind of performing some acrobatics in order to in order to say that it's okay. Yeah, yeah, well I do think it

is okay in that one context. I think the putting something good out into the world, serving customers, there is an element to which you're trying to be able to pay the bills or take your family on a vacation, and so your job, your work does have some tie towards compensation, and like that's a necessary component to all of our lives. And so I think that that enlightened self interest is not the exact same thing as greed, but it's definitely a cousin and yeah, yeah, and it's related,

yeah exactly. But yeah, greed obviously does have more downside than upside, that's for sure. And it's the root cause of a lot of scams that part people from their money. Think about Bernie made Off. That's a result of un checked reed, people thinking that they could earn double digit returns every single year without ever seeing a negative return at any point in time. And they're like, this is

what the market is doing. You're always going you're always coming out on top, and that is a sign of greed, like get those dollar signs in your eyes actually leading to your downfall. Like predatory lenders, that's another area where those people are greedy. They're taking advantage of folks. Six interest rates I personally don't think should be legal in they're bad for society. And yeah, like greed, also on the individual level, it can act like a set of enders,

causing us to make unhealthy decisions with our money. When our desire to do well with our money turns into this insatiable desire for more money just for the sake of it, we run the risk of turning a good thing into something that can cause us to take unnecessary risks with our money right, potentially causing severe financial harm um. But even more importantly, matt like obviously, getting too greedy signing up with somebody like Murning made off good cause

us to lose a fortune. But the love of money and an intense greediness UH will cause us to lose focus on what truly matters in life. We begin to put the emphasis way too strongly on the tool, and the tool is what's supposed to allow us to do all these other things to magnify the good things in our life, which are usually free, which are usually people, relationships, places, community, and Yeah, when we put the focus all the money and we get greedy for more, it's just a bad recipe. Yeah.

Not only can greedily to irreparable damage to your finances, but it could severely hurt some relationships UH in your life as well. But moving onto our next phrase, the next one we're gonna get to is there's no such thing as a free lunch. And you've also heard this one as if it's too good to be true. It is, and so there are times when you actually do get something for nothing, but like, let's be honest, that's really rare.

Our friend Deacon actually recently told us that he won this legit free trip to Hawaii after signing up for this contest. He was going to delete the email because it seems spammy, of course, but then he thought better of it and gave it once over. He realized that this was a legit company that he had done business with before. It was a legit email, uh, and the contest was real. My parents similar they want to Harley Davidson from a raffle when I was in high school.

They ended up selling it right after. Why they should have kept it fur their teenage son. My momus would have been a great idea, a big game about how she was gonna be become a hardy rider, but she never did. But it was one of those things where I guess that's not the same thing as a free lunch, right, because they did buy a raffle ticket and somebody's gotta win.

But but it feels like that, right. There's there's not many circumstances like that where you get an email about a free Hawaii trip and it's actually real exactly, Yeah, that's not the norm, right, and it's someone is offering you something for free. There's like a chance that there's another shoe that's gonna drop, uh insaid, This saying is pretty high on the truthiness scale. There oftentimes is no

such thing as a free lunch, true, yea. One of the more ubiquitous examples that we see of this today is signing up for the social media services. They're free, right, They'll cost a dime, just sign up. It's so nice, Well, I think, kind of are. You don't pay us dollars to Twitter, Facebook or Instagram to have an account, But it turns out that you are the product in this case, and it's your data that's being mined and sold. Right. So that's certainly example of when there's no free lunch.

It's free what you're paying in a different form of currency. There's always a catch, exactly. I think to where the concept no free lunch is most important is when we're talking about insurance and retirement sales folks, people that are trying to get into your pockets and they're offering something quote unquote for free in order to get you to take them up on their offer. Timeshare sales folks, Matt

would be a similar thing. It's like, get this free gift card or get this free meal, and we'll tell you about our awesome time shares and potentially brate you into buying one. Right, And there's uh, if you have a will of steel, maybe it's worth it to go. Like if you know that, Like Nope, I'm a robot. Like whatever they say to me. I'm just gonna sit there and enjoy that lunch. Yeah, Like I don't know, like it might be worth it for you at that point.

It just depends on the person. So there was this great article in the New York Times. I still remember it from three years ago from reading it from our friend and former guests Ron Lieber, who one of my favorite interviews still on this show. So he wrote about it three years He went to attend a free state dinner with his aunt that an annuity salesperson was hosting.

And it's one of those things where like millions of Americans, especially older folks, are being offered things like this, like a free dinner in exchange for the sales pitch for a product that is going to cost you a lot of money in the coming years. They're obviously trying to hide those costs, paper over them, and they're making you feel good by like being your friend and shaking your

hand and giving you a free meal. Um. And a lot of people end up signing for something that's not in their financial best interest because something free was offered. So I think, like, in that case, that could be the most expensive free lunch or dinner of your life. So I think, yeah, there's no such thing as a free lunch is a pretty accurate statement, that's right, man. We have several more to get to, including, uh, put

your money where your mouth is. I feel like this one maybe hergible as you've got an arguments with friends. That's when I say to you all the time, Yeah, I'll talk, no action. We're gonna get to that one, plus a few others like don't put all your eggs in one basket. We're gonna get to those two. It's several more. Right after this break a well back, Matt, let's cover some more common money phrases. And kind of

dissect the truthiness or lack thereof. I don't think truthiness is a word, but I wish it was, because I'm gonna use it anyway. We've talked about that before on the Colbert Report. It's something that he used. That's right, that's used to label certain words that politicians would say, like, let's let's kind of write this on the truthiness. Okay, so before we get to our new one, I kind of want to go back a little bit too. There's

no such thing as a free lunch. How do you feel if you were to attend a state dinner knowing that you weren't going to sign up for some time share or you know, annuity something like that, I'd be okay with it? Would you be okay that? Do you feel like you would feel morally okay knowing that, well, they're doing this because it obviously works on some people.

Otherwise they wouldn't do it. But I'm kind of with you, right, I think I could justify it because I know that, like, this model is kind of on the decline, and it's just like, okay, well it used to work, it's not going to continue to work. I don't think I don't know if it's not gonna work on me, and so I would feel okay with the perks that would come

with that presentation. Yeah, I just don't know if I could justify my time for a movie like like, Okay, you gotta come here for like an hour and a half and listen to this pitch and just be generally annoyed and uncomfortable the whole time. What if you get sit in the back and just like talk with your aunt the whole time, just kind of catch up quietly, potentially sitting there with a wedge salad and some ribby. If it comes along, I might take it. We'll see.

I'd be okay with that. All right. Let's get to the next money phrase we want to dissect, though. This one is more money, more problems. This was, Yeah, another phrase I think is we're talking about. I remember the first time I heard that coming out of someone's mouth, Matt. That wasn't the Notorious Big. I didn't know which version you're gonna go with, if you're going with more money

more problems, or if you're going with more money more problems. Yeah. No, I never really listened to Notorious Big, although I had friends, friends that did. But yeah, I remember the first time I heard someone say that, like it was legit truth, and I thought that was like the stupidest thing at everard And I think maybe that was because, like my family's problems growing up, they were mostly financial in nature, and that led me to believe that just having more

money is going to fix all of our family's problems. Right, You're like, we can't win to Harley David's in every single week exactly. And that came along later and in Okay, that was when I was in late high school. But yeah, I feel like I've changed my tune on this one too, And I do think that there's a whole lot of truth to this that more money does equate to more problems.

We tend to think that like more money is going to solve a lot of the issues that we bump up against in life, that I just had more money in my checking account, or if I just started saving or and investing when I was younger, I wouldn't be facing many of the problems that I'm facing today. But when you're a hammer, every problem looks like a nail, and so it's important to realize that more money isn't

always the answer right there. There have been way too many stories about incredibly rich folks losing all their wealth or living hedonistic, self indulgent lives for me to believe that too much money doesn't actually create more problems for people in a lot of instances. I think sometimes, yeah, too much accumulation of wealth actually leads to a lot of problems in life. They're different kind of problems than people who don't have enough money, that's for sure. Um,

and that is a legitimate problem too. Sometimes money does fix problems, but mo money more problems. Yeah, I actually think there's a lot of truth to that. Yeah, that's true. Man. It makes me think of lottery winners right when you were talking about, you know, a hedonistic lifestyle, because many of those folks end up spending all their money and then declaring bankruptcy, you know, maybe a few years after

winning millions of dollars. And at the same time, while that's happening, like relatives, friends, co workers, Uh, they start to come to those folks out of the woodwork asking for money from the newly minted rich. And that just sounds like a surefire way to have your life and relationships ruined. Definitely, you're introducing more problems in your life. At that point, it's hard to know who to trust if you're rolling in the dough. And that's when yeah,

mo money, more problems would definitely ring true. But yeah, on the flip side of the coin, more money would be a legitimate fix for for billions of people around the world. You know, here in the US there are nearly forty four million people who are under the poverty line. Um. And the other thing too. It's not that poverty isn't a legitimate concern here in the US, but some of the money issues that many people face are because of a lack of financial education combined with shooting themselves in

the foot by making poor money decisions. And so that's another reason why we fight for financial literacy so much. It's at least a part of the solution. Uh. And that's why we talk about money every single day most definitely. All right, let's move on to the next phrase. Let's say you were faced with the problem of having some more money on hand, Matt. You might hear someone say, don't put all your eggs in one basket, and yeah, that would be I would say, good advice from whoever's

offering it. To you. But at the same time, I've heard other, uh semi smart money people out there say that diversification is for idiots. Mark Huban is one of the folks I've heard say that before, but I feel like coming from him, it's different. Right, He's got the time, the knowledge, and the desire also the ability to go all in on just a few handful of investments to

see what succeeds. And interestingly enough, Matt not that long ago, Mark Cuban revealed that he lost all of the money that he put into a fledgling cryptocurrency that went to zero. So I feel like, yeah, that's good advice from someone who has made hundreds of millions of dollars, maybe more. I don't know if he's a billionaire, I forget, but that was obviously not all of his money that he lost in the crypto, So he is diversified to an extent.

But most of us can't afford to have a major investment of ours go bust like that, and so a smart diversification strategy is the only way that we're gonna be able to build wealth while still being able to sleep at night. So I do think, yeah, don't put all your eggs in one basket is sound advice for yer out of us. Yeah, even someone like Mark Cuban, who is super bullish on a certain company or a new startup or even uh yeah cryptocurrency, isn't going all

in on you know, one single investment. Like, he's not putting all of his eggs in a single investment. I bet he also maybe owns his home, Uh, has a retirement fund and how many companies has he invested in on Chark Tank? Yeah, Like, come on, Mark, Like that's just disingenuous to say that diversification isn't a smart strategy exactly. Yeah, And obviously, if we knew the future right then, you know,

diversification wouldn't be necessary. We could put all of our money towards the eventual winner and just kind of sit back watch the profits roll in. But we don't know the future obviously, and so making sure that all of your eggs aren't in one basket invested in one stock or even just a handful of stocks is going to

be a wise thing to do. We're fans of owning the whole stock market, or at least the SMP five hundred that way, instead of one basket you've got like over thirty seven hundred little baskets or five hundred little baskets, because that's how many companies those funds include. And you know, Joe, like you and I, we have exposure to real estate as well. We were their own business. Being that diversified provides a lot of peace of mind. And so this

one is really high on the truthiness scale. This is definitely a tint ot of tins, but I would give don't put all of your eggs in one basket. Yeah, man, it makes me. This makes me think of some of our listeners who might have the ability to invest in their employer's stock at a discount. And sometimes that can work well if you're turning around and selling it really quickly. That's what we talked about those planes before, and how that's the only way to make it work, because otherwise

you're taking undue risk. And I know some people that they get their paycheck from the company and then much of their investments are going into company stock and at that point you're just not diversified enough. You do have all your eggs in one basket. What if you lost your job and at the same time, like that's because the company is losing money. Uh, the stock price is tanking and most of your eggs get broken in one fell swoop. Yeah, not a good idea. Yeah, so yeah,

don't don't put all your eggs in one basket. Find ways to be diversified. And if you're just investing in the stock market, you know that's fine, do one of the funds that Matt mentioned. But finding other ways to make income, Finding other ways to invest besides even just the stock market, like getting into real estate at some point, is a good way to become even more diversified. All right, Matt, let's get to another one. A fool and his money

are soon parted. That's the next phrase we're gonna we're gonna get into. And yeah, since since we opted to include a biblical money phrase the last time, we figured why not use another one this time. Some translations of the Book of Proverbs have something similar to this basically, uh, this phrase a fool, fool and his money are soon parted,

but it's also been used in other literary works. To an English poet from the Freds I think is also uh credited with this phrase, and he probably just read the Bible and some yeah, and yeah, there's really not much disputing this one either though, right, Like, yeah, dummies, people that don't handle their money, well, foolish people, it's not gonna be long until they find themselves parted with their money or having far less of it because they're

making unwise decisions. They're rushing into things, they're not thinking ahead. Foolish people don't long have money in their hands. Usually, that's true. Yeah, And so one foolish thing would be not to be diversified, right, just like we said. But there are just so many different ways, uh. In one

that you can be foolish with your money. Uh, it could be someone who's just thoughtless and wasteful, Like they could be someone who prioritizes the concerns of right now constantly, you know, where they're just never thinking about the importance of the future right, either planning or preparing for the future. And so you know, you can ask yourself some questions like are you easily convinced by others to change how you save, how you spend, or how you invest your money?

You see to yourself, well, I guess I'll put this money that I can't risk in a new joke cryptocurrency, and I'll just see what happens, Or maybe I should just buy an instant bot because everybody else has one. You're not being thoughtful about your purchases. You're not really considering whether or not you would use that thing every single day like my wife does. Maybe you never cook, but you think this is gonna make you cook. Think again, Or maybe you're thinking, like, why not just have my

savings that wells Fargo. They're pretty convenient, Like there's just a branch right up the street. I'm sure they're paying something decent, right, How dare you bring up that name on our podcast? Um? Or maybe I just heard somebody on TikTok talking about the this is something I should invest in. That's probably a good way to go to not be the fool. We have to be discerning when it comes through the decisions we make and what we do with our money. And that simply just means educating

ourselves and and also it means being I think optimistically skeptical. Right, you gotta kind of hold those two things in balance. You're hoping for the best, but at the same time, you know, we're going to make sure that we're doing our due diligence in order to make sure that we are making more confident money decisions. YEA. To not be foolish with money takes intentionality. It takes dedicating some time to learning the nuts and bolts of personal finance and

then learning some of your own behavioral tendencies. It takes a little bit of insight into who you are as a person and finding some trustworthy folks that you can rely on. Some books, some podcasts, some some blogs that you like to read from people who are gonna steer you straight consistently and who don't have an agenda to push on you. But it's worth it because that way

you're not going to be foolish. You're going to be able to build wealth for the long term, provide real security for you and your family, and not be worried that overnight, you know, your your financial house of cards could come tumbling down, which I would think people who are foolish with their money would constantly be worried about, would constantly be in fear of. But Matt, we've got a few more money phrases to get to, including champagne taste on a beer budget. Uh, we like beer, So

we'll talk about that one right after this break. Al Right, we are back, We've got a feed more money phrases to get to angel like you alluded to. Have you ever been told that you've got a champagne taste on a beer budget? Um? No, actually I have been told that. I remember back when we were getting married, we were

working with Kate's dad. He was helping us to make sure that we're staying within budget, and I just specifically remember it's the first time anyone had ever used that phrase directed at me, and he was just like, guys, y'all just have champagne taste on a beer budget. And I remember thinking, what does that mean? Oh, okay, I get it, being the image alone, young immature person that I was. But you know, this one is pretty straightforward. It's when someone is living above their means, or at

least when they want things that they can't afford. That was definitely where Kate and I were back when we were getting married. Uh. And this can definitely be a problem, you know. It's like having eyes that are too big for your stomach. That will likely lead to eating more than you should. It could lead to you having a tummy ache, getting sick, which we're going to Austin in September.

And I'm kind of preparing my belly now to consume massive amounts of brisket so barbecue, like giving yourself pep talk. I'm like trying to literally span the size of my stomach so I can fit more in there, right, klobi Ashi,

you know eating hot dogs? Well, the name is true if you can't stick to your budget, right, and if you attempt to buy things that you can't afford, like fancy champagne, when maybe all you can really afford or all that you have in your wallet is just five bucks for a sixer of the Champagne of Beers Miller Lite, no Miller High Life. Yes I misspoke, but it's also been a minute since I've had the Champagne of Beers.

But the Yeah, the accuracy of this statement champagne taste on a beer budget, this depends on who it's being applied to, because there's nothing really true or untrue about the statement on its own, but rather it's just all about who is being described. Uh. And so ideally this is sort of a statement that we want to flip on its head, right. We don't want to have champagne taste on a beer budget. We want to have beer

taste on a champagne budget. That's what we strive for here on how the money, that's exactly right, That's what

that's what we do. Because if you get that champagne budget, that means you've got more money coming in, then you're gonna be spending when you get the beer tastes, right, and so you're gonna be funneling more and more or that money into your investment accounts, into your savings account instead of that checking account, so I can flow right backcounts right, and you gotta keep that lifestyle and check

that's right. Yeah, But you can't always have champagne amounts of income flowing, and sometimes you gotta make some cuts when it comes to your expenses. That's right. Sometimes you've got a beer taste and a beer budget and you know you're perfectly in line and you're just like hoping

to expand your income one of these days, right. But if you are constantly blowing out your budget and you've determined that you are one of those people who tends to have champagne taste, then you'll likely need to learn the value of stretching a dollar, which is the next phrase we're gonna cover when someone really knows how to stretch a dollar, Matt, it means that they've got unique abilities to find deals and spend less on everyday atoms

like a water heater. Maybe, for instance, there you go stretching that in our bucks to cover all six and fifty of it exactly exactly. And and and for example, Matt, a lot of grandparents who grew up at the time of the Great Depression, they learned the necessity of stretching a dollar the hard way, right, They had the hard knocks of not having enough food to help them be able to stretch of the amount that they did have

coming in. And no matter how much money some of those people acquired, many of them never stopped living a hyper frugal existence. They just weren't able to forget that. They couldn't get it out of their DNA, essentially after having to go through that difficulty. But this is a good thing to learn for all of us to a certain extent, right to figure out how to get by on less, or how to buy used or borrow instead of just buying something new, as like a Pavlovian response.

And yeah, you'll be exercising your creative skills and saving money at the At the same time, I think stretching a dollar, learning the value of it, and then honing your skills trying to get better at stretching a dollar is incredibly worthwhile for everyone, no matter your income. I feel like that's a skill that you've definitely developed, as evidenced by your daily checking of slip deals. Like I said, it used to be more of a problem for me making fun of you. But like I think what you

said earlier, like I mean at the top of you. Like, what I'm saying is I use the search bar like being intentional. It's it's it's less perusing and being like, oh what can I buy, And it's more like this is where I go first when I have a need, right,

like a water heater needs to be replaced. I'm not just shopping to see what's on, you know, what the discounts are, because I feel like that's when you might get tempted, right like when you start seeing the discount like going from thirty to fifty to seven, Oh my gosh, this is seventy pc off, Like I have to buy this whether or not I need it. Yeah, no, I'm gonna buy it anyway. That's what we're trying to avoid

being and I used to be guilty of that. Yeah yeah, and and not that I don't occasionally fall into that now, but I've gotten so much better at it. Yeah. Okay, So let's get to our next phrase, which is put your money or your mouth is and talk is cheap. This would be another way of saying this phrase action. It's such a crucial part of the process when it

comes to handling our money. Well, we can read books and talk about what to do with our money all day long, but yeah, when the rubber meets the road, are you actually going to do the work of making the changes in your life? And so we can see

this play out and how we spend our money. So, for example, it might be that you say that you're all about kids being entrepreneurial, but then when the when your friends, you know, when the neighbor's kid knocks on your door because he's selling his handmade ice cream for seven dollars a pint, do you actually buy anything? And I say this because this is a true story that

happened on Smart Entrepreneur, right this this happened yesterday. One of our friends, his kid knocked on our door and he's done this before, like in summer's past, where he'll make his own ice cream. I just pretend not to be there. Seven dollars of Fine, it's expensive, but that's something we believe, and that's some behavior that I want to encourage. But at the same time, I want to make sure I'm being frugal with him, Like I don't

want to be cheap. If I were cheap, I'd be like, no way, dude, that's way too expensive, are you kidding me? And then three dollars a pint, okay, like slamming the door, that would be cheap. But being frugal is instead of buying all three flavors, we just bought one because it's like, okay,

we're just gonna buy one. Point. That's kind of prosy, but we want to We still want to support him, right, But these are the kind of questions we need to ask ourselves, you know, like maybe you might be someone who's all about local small businesses, but like in our case, like do we support the local bike shop there's a bike shop not too far from us, and making sure that we're keeping that little bike shop in mind instead of the default, right just going straight to ordering from

Walmart or Amazon. That needs to be a part of how we process and how we think about the expenses that we make. Shout out to loose Nuts great folks, right, also the best name for a bike shop ever, except for Yeah, I mean you don't want to get your bike back I get you take it there when you've got some loose nuts exactly. You don't want to get

it back with loose nuts now. And it also makes it feel like they got a screw loose their little zany and and they are, which I like, so all right, but I think part of that to Matt putting your money where your mouth is, it's just backing up what you say you believe, right. So, for instance, there's all sorts of people that will tell you how you should be investing your money, and to meet the perfect question to ask you in return is well, how do you

invest your money? Which reveals so much more about the person than what they've told you that you should be doing, because you're finding out well exactly where their dollars go. And so yeah, we discussed exactly how we invest back in the episode three forty one. We think it's important to be completely honest about how we're handling our money, not just telling you what you should do with yours. You know, we want to put our money where our

mouth is. We want to lead by example. I think that's something we should all be striving for, putting our money where our mouth is, doing the things that we know we should that we kind of maybe preached to somebody else. Really, when it comes down to it, it's doing what we know we should be doing, as opposed to just knowing what we know we should be doing. And that is an easy way to remove that cognitive dissonance from your life. Right, let's get to our next phrase,

which is another day, another dollar. That's something that people might say when they maybe they get home after a long day of work, you know, working in the factory kind of thing, kicking their their shoes off, putting their feet up on the ottoman um. This phrase speaks to work when the crack open their shape paint of beers. That's right after you hear the whistle blown. You know that this talks about like just working and like resigning

yourself to just getting a paycheck indefinitely. Right, this put's work in a negative light. And unfortunately, this is a familiar sentiment because so many people have adopted this way of thinking, but it doesn't have to be true if

you change your mindset and how you think about your job. Right, working is good for the soul when you realize that you're providing a service or a product to someone else, you're bringing value into the world, and hopefully you can also do it in a way that connects with them on a personal or an emotional level as well. Right like, when you realize that this isn't just a job, this

isn't just business. It's not an exchange of services or goods for getting paid, but hopefully you're able to connect with them on a human level. And even if you're not customer facing, you can still do that. You can realize what's being created by at the company that you work for. And I think connecting your daily work with the positive impact that it's having the bigger picture, it's crucial, even if you don't see the customers face. Absolutely yeah.

And so we're just pointing out that it's not just about earning a buck, which is what this phrase is all about. Right another day, another dollar. It's just about you putting in your time and then receiving a paycheck. So that was actually nineteen sixties country song by the way, another day, Another Dollar. I didn't know that until think

William's era. Right, Yeah, And it's just uh that this artist named Win Stewart, he refers to like work in his whole life and getting paid weekly by his boss, which is a sentiment I think a lot of people can identify with. And yeah, we'll link to that in the show notes because it is a really, really good song. But yeah, this mentality, though sucks, working for money is a reality of life. But it doesn't mean that we should be resigned to working for the man in perpetuity,

at nausea for the rest of our days. Right, Let's let's change this phrase to reflect another day, another dollar, that my investments are working for me without even having the lift of finger. Right, Like, so this phrase when it when it refers to just like going in punching the clock, you know, leaving getting paid and never being able to break that cycle. Uh, well, we want all all of our listeners, peple to break that cycle at some point and for financial independence to be a reality

that's looming in your future. Um, and if you have another day, another dollar, I'm just gonna keep punching the clock mentality, it's gonna be longer until you actually get there. Yeah, when you're just working, the day's dragged by, But when you're investing, you can't wait for the next day to show up. Because yeah, that's how compounding interest works. Maybe exactly. Our last phrase that we're gonna get to this episode is you can't take it with you. Uh. And this one's,

you know, pretty accurate. When you die, it doesn't matter how much money you've gotten your bank or your brokerage account, because that money is no longer yours. Uh. It goes to your heirs, or if you don't have um a will, maybe it goes to the state and they decide where it goes. Let's just for a second pause here and tell people go get a will. Go get a will, and it doesn't have to cost a whole lot of money.

Some people think they have to go to an attorney uh and pay lots of money, and some people with more complicated circumstances do. But there's also a website called free will dot com. Go there, create a will. It's super simple. That's actually where Matt and I did ours, So check it out. We'll link to it in the show notes. It's free and give it a shot. Yeah, absolutely, Yeah, but just keep in mind though, Yeah, when you die though,

like you don't have say over what happens. Well, no, you you have say over what happens to the money, right because you set up a will or you have or you can have a trust. But you don't get too actulessly your beneficiary on your investment account. Yeah, but you don't get to actively enjoy or do things with that money once you're dead. Yeah. So you might be dead and you might be like, I have made wise decisions your whole life, and your money gets left and

it buys one Misserati and that's it. And you're like, that's not what I wanted to do with that, But you can't really do anything about it, that's right, But uh, it's so it's it's about finding a balance, right, So make sure that while you're saving and investing for the future, that you don't forget to live your life today. That's a part of why we have a craft beer on every single episode. It's a way for us to demonstrate

that we do smart things with our money. We strive to invest a lot of it, but at the same time we spend some money on craft beer that some people would say that is so stupid. I can't believe they spend that much money on a single bottle of beer. But for us, it's worth it. And it's a simple way that we can show that, you know what, Like

it's all about finding that balance for you. Yeah, and I guess you can't have champagne tastes in like one or two areas of your life, right and craft beer we cympically choose that's that area of our lives in which we will have champagne takes. We will buy the good stuff. We drink better than n of people who are drinking just the Champagne of beers were drinking, like

the actual champagne equipped exactly. And yeah, like speaking of that phrase, Matt, you can't take it with you, I think some people would respond to this phrase and they they're automatic knee jerk reaction would be like, Yolo, you only live once, So if you can't take it with if I can't take it with me, spend it and enjoy it. Now. That's what I'm gonna do. But there's a happy medium, right, Uh. Either it will be into that Yolo camp where we spend every time that comes

in or will be prone to hoarding. If we don't live our lives with that realization that we can't take it with us, will be attempting to amass more than we need to, putting too much emphasis on work and wealth generation. But let's put that in its place, right, because you only get one life and you can't be sure when it's gonna end. You don't know if it's gonna end tomorrow like we none of us know that,

and you can't take that money with you. So I think that is an important phrase, maybe a somber note to end this podcast on, but it's one that we should kind of take in to our everyday handling of our money. We're saving for goals that we hope to accomplish. We don't know if we're going to live to accomplish those goals either, and so we have to kind of hold it loosely to a certain extent, make smart choices. We don't want to be foolish with our money, as

we talked about earlier. We want to be wise investors, but at the same time, we want to live for today, in the here and now, be present and enjoy our lives and the good things that we have without being miserly, without putting too much focus on you know, decades from now, yeah, exactly.

And it's important to make sure you get those things in the right order, because if you're living life too much before you've done those smart things with your money, oftentimes you're gonna be stuck, uh with the another day, another dollar sort of mindset where you have to work every single day in order to make that money. It's all about finding that balance, and that's certainly a part

of the ethos of our show. We don't take really an extreme view on one end or the other, like on one side or the other, because we'd like to just take a reasonable and thoughtful approach to our money. That's what we do here on the show every single week, and we've hoped with this episode we've helped you to think about some of the different phrases that you will often maybe here others say, or even catch yourself saying.

But hopefully we've been able to speak some truth into these phrases and how they actually apply to how you handle your money. You're a reasonable fellow money. I just want you to know that I try to be all right. Let'sten, I get back to the real quick because obviously we do prioritize uh, enjoying great things, spending our money on things that we care about. Now. Today on the show,

we drank a elderberry beer, Northwest sour Ale by Cascade Brewing. Matt, Uh, this beer, I gotta I'm just gonna say it's it tasted a lot like the beer that we had on Monday, didn't it. Yeah, it's definitely got some similar qualities. You know, this is another sour ale that they age in barrels, right, This one's age and red wine barrels for over two years. Right,

that's crazy. That's that's a really long time. And here's the other thing, is this entire time, I hadn't like, I don't think I've ever had an elderberry in my mind. I was thinking mulberries, that's what. That's the tree that we have down here in the southeast at least I don't know. They might be all over the country, but in the Southeast earlier in the summer. Uh, every year, these trees fruit and then they just dropped their berries like all over a sidewalk, like literally if it falls

on you, because it's just gotten so ripe. It'll just like explode on your shoulder and just stay in your clothes. But those are edible, and for some reason in my mind, I was thinking that that's what this beer was made out of. But this beer was actually made out of elder berries. And I've never actually had an elder berry, at least not in like straight fruit form before, But I assume it tastes like this beer. It's really good.

Definitely has a tart quality to it. And I don't know if I'm just being weird here, man, but it almost has like this savory tartness going on. It kind of reminds me of yellow mustard, you know, like when you put just a little bit of yellow mustard on a hamburger. Like I went my entire life without putting mustard on burgers, but then every time I go out and have a burger, I'm just like, Oh, what is it about this burger that's so much better than the

burgers I make at home? And I realized that, you know, when you go out, there's always just like a little bit of mustard on there gives it that nice kind of tart savory flavor. Something about this beer makes me think of yellow mustard. Uh, and it makes me just want to like chew it up like like a burger. But I really like this. It's definitely got those oat qualities going on, and anything aged and oak I'm going to be a fan of pretty much. So what your

thoughts on the same. Yeah, I think it's actually even better than the Creek, which is interesting. Love cherry beers, like there's being pie cherries, but that the Creek just again, like we said on Monday, just wasn't as reminiscent of the normal Creeks I used to drinking. I thought that one was great, and maybe too it was because the additional age on it that it was age forever two years since, like just even more okay and just even more balanced, like extra soul. Yeah, so I thought it

was great. And I don't think I've ever had a bad beer from Cascade. Nope. I've had some that I don't like as much as others. But they make just great sour beers and that's all they make, so they're kind of like specialists basically. So if you try any Cascade, you're probably not gonna be disappointed, that's true. Yeah, all the stuff that comes out of their brewery, I feel like are at least like, are there fours or higher

on the untapped scale? You know? Uh, and I would, I'd probably get this one like a forward and quarter maybe even a four and a half is really solid. There you go, but that's gonna be it for this episode. You can find our show notes up on the website at how the Money dot com, and we'll make sure to link to any of the different resources we mentioned.

We mentioned uh a couple of previous episodes, and we'll make sure to link to that that Win Stewart's song as well, so you can get your sixties country action going on. Oh man, just sit back and like non a corn cob pipe drinking your high life. Listen to that song. That sounds like an excellent like Thursday night right there, or maybe Wednesday night since you listened on a Wednesday. It sounds like a nice way to wind

down like that. That's h Matt. Until next time, Best Friends Out, Best Friends Out.