How to Money: Ask HTM – Spending on a Tax Pro, Frugal Practices for Millionaires, & Ending a Termite Bond

Podcast: How to Money
Hosts: Joel & Matt (iHeartPodcasts)
Episode: #1057
Date: November 3, 2025

Overview

In this episode, Joel and Matt field a batch of listener questions around strategic money moves, covering topics like hiring a tax professional, whether it makes sense to reuse Ziploc bags even as a millionaire, and how to assess the value of a termite warranty as prices climb. As always, the hosts keep the tone light and action-oriented, aiming to empower regular folks with jargon-free, practical financial guidance.

Key Discussion Points & Insights

1. Hiring a Tax Pro versus DIY Tax Planning

Listener Question from Lucas (09:51):
Lucas asks for advice on when and how to hire a tax professional for retirement planning, especially as he and his wife start to maximize tax-advantaged accounts.

• Tax Pro vs Financial Advisor?

  • Joel clarifies Lucas seems to be looking for a financial advisor with tax insight, not just a "tax pro" (10:43).
  • “Even small mistakes can add up significantly, especially as we near retirement and our net worth has grown.” – Joel (11:06)

• Who Needs Pro Help, and When?

  • If still in the wealth-building phase (just maxxing out IRAs/401(k), etc.), it’s likely unnecessary to hire a pro now.
  • Joel uses the Everest “Sherpa” analogy to illustrate that professionals are most vital when managing complex or high-stakes tax situations (13:00).

• When To Hire and What To Pay:

  • It’s not about a hard wealth threshold, but complexity. Most advisors are open to those with $1–2M net worth, but you may just need a “tune-up” consult for a few hundred dollars/hour, not a pricey long-term relationship (15:00).
  • Fee-for-service (hourly) is preferred over commission or asset-based models.
  • Matt reveals his own CPA charges about $500 for a complex return (19:15).

• Never Outsource Awareness:

  • Even with a pro, clients should never “punt on learning for yourself”—passive clients (like some pro athletes) risk being taken advantage of (17:00).
  • “Hiring an advisor is not a reason to punt on learning for yourself ... That doesn’t work out well for a lot of people.” – Joel (17:44)

2. Frugal or Cheap? Reusing Ziploc Bags as a Millionaire

Listener Question from Ian (23:07):
Ian, a multi-millionaire, wonders if reusing Ziploc bags is frugal or just cheap.

• Hosts Weigh In:

  • Both Joel and Matt agree reusing Ziploc bags is frugal—especially for non-greasy, non-messy items (23:51, 24:11).
  • “I think reusing Ziploc bags is still frugal, not cheap. It depends what you put in it, though.” – Joel (23:51)

• The Value of Small Frugal Habits:

  • Reusing bags for clean foods saves waste and feels rewarding, even if financially minor.
  • For messy foods (like fried chicken), even Joel draws the line.
  • Matt shares he’s reused the same “banana bag” for years—since bananas are self-contained, the bag never really gets dirty (25:38).

• Alternatives and Environmental Impact:

  • They discuss silicon “Stasher” bags, which are more sustainable, but harder to clean—raising debate over whether it’s worthwhile to hand-wash any bags at all (25:54–26:41).

• Frugality as Virtue vs. Obsession:

  • Important not to “major on minors”; small frugal actions matter, but obsessing over pennies while ignoring the big wins (e.g., getting a raise, investing) is counterproductive (29:12).
  • Joel frames intentional frugality as a virtue and a part of his identity: “I think of frugality in the proper context as a virtue. ... It goes beyond just a way to save a little bit of money.” (30:47)
  • Matt: “Intelligent use of money is not just about your overall optimization levels ... more about fulfillment and living according to your values.” (29:49)

3. Revisiting or Amending a 30-Year-Old Family Trust

Listener Question from Jocelyn (31:48):
Jocelyn’s parents have a 30-year-old trust with multiple rental properties. Should they get a new trust or update the old one?

• First Steps:

  • The trust likely covers all properties under one umbrella, possibly with LLCs for each asset (33:02).

• Amending vs. Restating:

  • “Updating” a trust is called amending, while discarding/rebuilding it is a restatement.
    • Simple changes (new beneficiaries, small asset tweaks) = amendment.
    • Major changes/conflicting old amendments = restatement (34:57).
  • Too many amendments can create confusion, like a “Honda Civic that’s been modded so much you can’t tell what it is anymore” (36:33).

• Legal and Emotional Considerations:

  • Amendments are cheaper/more private, but multiple changes can lead to confusion and even clash among beneficiaries (36:56).

• Action Plan:

  • “We highly recommend reaching out to an estate planning attorney wherever your parents live.” – Matt (37:06)
  • Generally, amendments run three-figures; restatements may be low four-figures if complex (38:00).

4. Is It Worth Paying for a Termite Warranty That Keeps Getting Pricier?

Listener Question from Katie (44:04):
Katie inherited a termite bond on her Florida home that is getting expensive ($500/yr, up from $150). The plan is no longer offered to new customers, covers full repairs, and she’s never had termite issues.

• Should She Renew?

  • Matt suggests getting the retreatment (already included) done, then reconsider; often, these policies prey on fear and “legacy” anxieties (45:31).
  • “I feel like pest control, generally speaking, feels somewhat like a legacy industry...” – Matt (45:53)

• Assessing Risk:

  • Think locally: wooded or rural area vs urban? Construction type? Proximity to infested neighbors? (46:54, 47:06)
  • Termites are serious, especially in the Southeast—consider DIY pest control as a cost-saving (48:51)
  • Joel recommends using Telstar or termite bait stations, with regular applications (48:51).

• DIY and Self-Insurance:

  • Katie could self-insure (set aside money for potential future repairs) and take preventive measures, especially given her healthy emergency fund.
  • The current policy’s repair coverage is valuable, but only if risk is not already low due to vigilance and prevention.

• Neighborhood “Herd Immunity”:

  • Matt draws an analogy to vaccines: if the block is well-protected, risk declines (50:07).

Notable Quotes & Moments

• Joel: “Hiring an advisor is not a reason to punt on learning for yourself ... That doesn’t work out well for a lot of people.” (17:44)
• Matt: “Intelligent use of money is not just about your overall optimization levels ... there’s a personal satisfaction in living according to your values.” (29:49)
• Joel (on frugality): “I think of frugality in the proper context as a virtue ... It does become a part of your identity to a certain extent.” (30:47)
• Matt (on pest control): “Pest control feels somewhat like a legacy industry, where for a while there people weren’t treating their homes at all...” (45:53)
• Joel (on timeshare presentations): “Know for everybody out there listening: if you’re interested in going to a timeshare presentation and you are married, they're going to want your spouse.” (07:57)

Timestamps by Segment

| Topic | Start | |---------------------------------------------|------------| | Episode theme and listener Q intro | 02:02 | | Tax pro/financial advisor question (Lucas) | 09:51 | | Ziploc bags frugal-or-cheap question (Ian) | 23:07 | | Trusts and estate plan update (Jocelyn) | 31:48 | | Termite warranty costs - keep or cancel? | 44:04 | | High yield savings rates/market context | 41:13 |

Tone and Language

• Warm, conversational, lightly humorous (“sticking to your guns”, “Sherpa analogy”, banter about banana bags).
• Concrete, actionable advice but with self-deprecating notes (“I didn't even sleep at a Holiday Inn last night” – Joel re: not being a lawyer, 32:53).
• Emphasis on intentionality and values, not dogmatic rules.

Conclusion

This episode delivers relatable, concrete advice—whether you’re pondering the value of small frugal habits or facing big decisions about how much professional help to pay for. The hosts remind listeners to balance practical money-saving choices with “living your life according to your values,” and advocate for learning, intentionality, and measured risk, whether hiring a financial pro or battling household pests.

For more resources, show notes, or to submit your own question, visit howtomoney.com

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