Friday Flight - Purging Pennies, Financial Fights & Phantom Wealth #945

Summary

Podcast Summary: How to Money – Friday Flight: Purging Pennies, Financial Fights & Phantom Wealth #945

Episode Details:

• Title: Friday Flight - Purging Pennies, Financial Fights & Phantom Wealth #945
• Release Date: February 14, 2025
• Hosts: Joel and Matt
• Description: Best friends Joel and Matt delve into essential personal finance topics, offering practical advice and insights to help listeners manage debt, invest wisely, and apply money-saving tricks to live a rich life.

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1. Purging Pennies: The Case Against Low-Denomination Coins

Discussion Highlights: Joel and Matt kick off the episode by addressing the inefficiency of producing low-denomination coins, particularly pennies and nickels. They explore the economic rationale behind phasing out these coins and the broader implications for consumers and businesses.

Notable Quotes:

• Matt [07:50]: "The penny matters a whole lot more like a long time ago. Digital payments have essentially killed the need for the penny to exist."
• Joel [09:27]: "It cost 14 cents to make a nickel, so a little less than three times. That's insane compared to its worth."
• Matt [10:29]: "The National Association of Convenience Stores agrees that small coins add more time at the cash register."

Key Points:

• Cost of Production: Pennies cost approximately 3.7 cents each to produce, and nickels cost 14 cents, significantly exceeding their face value.
• Economic Impact: The continued production of these coins is economically inefficient, leading to debates about their necessity in a predominantly digital payment landscape.
• Consumer Behavior: Most consumers no longer collect or utilize pennies, rendering them largely obsolete in everyday transactions.
• Legislative Efforts: The Trump administration has issued executive orders to halt the production of new pennies, a move supported across political aisles as a logical step forward.

Conclusion: Joel and Matt agree that eliminating pennies and nickels would streamline transactions, reduce unnecessary production costs, and reflect modern payment practices. They emphasize that the move would be widely supported, as these coins no longer hold practical value for most people.

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2. Financial Fights: Managing Money in Romantic Relationships

Discussion Highlights: The hosts delve into the contentious area of money management within romantic partnerships, highlighting the frequency and nature of financial disputes among couples.

Notable Quotes:

• Matt [12:24]: "A third of couples are uncomfortable talking about money, and they argue about it about 58 times a year."
• Joel [13:18]: "Combining finances can lead to greater transparency and reduce conflicts."
• Matt [13:31]: "Couples who combine finances are happier and more committed to one another."

Key Points:

• Frequency of Disputes: On average, couples argue about money more than once a week, indicating a significant source of stress in relationships.
• Underlying Causes: Disagreements often stem from separate financial accounts, differing spending habits, and lack of communication about financial goals.
• Solutions:
  • Combining Finances: Merging accounts can foster a sense of teamwork and shared responsibility, aligning both partners’ financial goals.
  • Shared Dreams: Establishing common financial aspirations helps couples work toward mutual objectives, making sacrifices in other areas more manageable.
  • Transparency: Open discussions about money can build trust and reduce misunderstandings, leading to healthier financial dynamics.

Conclusion: Joel and Matt advocate for couples to consider merging their finances to enhance transparency and cooperation. They cite research from the Journal of Consumer Research, which shows that combined finances correlate with higher relationship satisfaction and commitment levels. The hosts stress the importance of viewing financial management as a team effort to minimize conflicts and strengthen partnerships.

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3. Paying for College: Bitcoin vs. Traditional Investments

Discussion Highlights: The conversation shifts to the strategies parents are adopting to save for their children’s college education, specifically comparing the use of Bitcoin investments against traditional 529 plans.

Notable Quotes:

• Joel [16:36]: "Bitcoin has been brilliant since its inception, but you can’t buy it inside a 529 plan."
• Matt [18:00]: "Diversification is key. Don’t put all your eggs in one basket with Bitcoin."
• Joel [18:16]: "Over-allocating to Bitcoin might lead to long-term financial pain despite short-term gains."

Key Points:

• Current Trends: Parents are increasingly turning to high-risk investments like Bitcoin, believing traditional stocks may not yield sufficient returns to cover rising tuition costs.
• Risk vs. Reward: While Bitcoin has delivered impressive returns over the past decade, its volatility poses significant risks compared to the relatively stable growth of 529 plans.
• Tax Advantages: 529 plans offer tax benefits that Bitcoin investments do not, making traditional investments more advantageous for saving for education.
• Diversification Strategy: Matt emphasizes limiting Bitcoin exposure to 5% of the overall portfolio to balance potential gains with risk management.

Conclusion: Joel and Matt caution against relying solely on high-risk investments like Bitcoin for college savings. They recommend utilizing traditional 529 plans to take advantage of tax benefits and ensuring a diversified investment strategy to mitigate risks. The hosts advise maintaining a balanced approach to secure financial stability for children’s education.

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4. Personal Finance Education: Bridging the Knowledge Gap

Discussion Highlights: The hosts highlight the growing incorporation of personal finance courses in higher education institutions, acknowledging the critical need for financial literacy among students.

Notable Quotes:

• Matt [18:44]: "Personal finance is getting more complex, and schools like Stanford are making strides to teach it effectively."
• Joel [19:44]: "Personal finance is not rocket science. The basics are to spend less than you make, invest the rest, and listen to How to Money."

Key Points:

• Academic Integration: Universities such as UNLV, Cal Berkeley, and Stanford have introduced mandatory personal finance courses to equip students with essential money management skills.
• Curriculum Development: Experts like Adam Nash are designing evidence-based courses that cover practical aspects of personal finance, emphasizing real-world application over theoretical knowledge.
• Accessibility: Joel promotes the How to Money podcast as a free resource for those seeking financial education, highlighting its value in filling the knowledge gap without incurring additional costs.
• Parental Support: The hosts acknowledge that not all students have access to financial education at home, making institutional courses and external resources like podcasts crucial for widespread financial literacy.

Conclusion: Joel and Matt underscore the importance of personal finance education in empowering individuals to manage their money effectively. They advocate for accessible and practical financial training, both within academic settings and through resources like the How to Money podcast, to ensure everyone has the tools needed for financial success.

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5. Millennials and Phantom Wealth: Understanding the Disconnect

Discussion Highlights: Joel and Matt explore the phenomenon where millennials’ net worth has significantly increased, yet many do not feel financially secure or wealthy due to the nature of their assets.

Notable Quotes:

• Matt [24:52]: "Millennials' net worth has quadrupled, but they don't feel rich because their money is tied up in illiquid assets."
• Joel [26:49]: "Don't forgo the things that matter while trying to save up. Balance is key."
• Matt [28:29]: "Optimism influences saving behavior more than financial literacy and risk tolerance."

Key Points:

• Net Worth vs. Perceived Wealth: Despite a fourfold increase in net worth, millennials often feel financially strained because their assets are predominantly in illiquid forms like home equity and 401(k)s.
• Asset Liquidity: Investments in real estate and retirement accounts contribute to net worth but do not provide immediate financial flexibility, leading to a sense of financial insecurity.
• Saving Behavior: Optimistic individuals tend to save more, as positivity about the future encourages higher savings rates, even more so than financial knowledge or risk appetite.
• Balance Between Saving and Living: The hosts emphasize the importance of enjoying present life while saving for the future, advocating for a balanced approach to prevent financial burnout and maintain overall well-being.

Conclusion: Joel and Matt highlight the importance of not just accumulating wealth but also ensuring that individuals feel financially secure and able to enjoy their present lives. They recommend maintaining a balance between saving for the future and spending on current joys, along with fostering an optimistic outlook to enhance saving habits.

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6. Overpaying for Internet: Optimizing Your Connection

Discussion Highlights: The conversation turns to the often-overlooked expense of internet services, discussing how many consumers pay for higher speeds than necessary and offering practical tips to reduce costs without sacrificing performance.

Notable Quotes:

• Matt [30:06]: "Tweaking your Wi-Fi setup can significantly improve your internet experience without increasing your bill."
• Joel [30:49]: "Consider investing in a mesh router system to enhance coverage instead of paying for premium speeds."
• Matt [31:07]: "Better coverage can often be achieved with a one-time cost, saving money in the long run."

Key Points:

• Over-Pricing: Many consumers are paying for internet speeds that exceed their actual usage needs, leading to unnecessary monthly expenses.
• Optimizing Setup: Simple adjustments, such as relocating the router for better signal distribution or investing in a mesh network system, can enhance internet performance without incurring higher costs.
• Cost-Effective Solutions: Techniques like running Ethernet cables to different parts of the house or using additional routers can provide sufficient coverage, reducing the need for more expensive service plans.
• Streaming Services Costs: The hosts also discuss the rising expenses of multiple streaming subscriptions, encouraging listeners to evaluate and consolidate their services to manage spending effectively.

Conclusion: Joel and Matt offer actionable advice for listeners to audit their internet usage and optimize their home network setups. By making strategic adjustments and choices, consumers can achieve better internet performance while potentially lowering their monthly bills, thereby freeing up funds for other financial goals.

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7. Tax Strategies: Paying More Now for Future Savings

Discussion Highlights: Joel and Matt delve into advanced tax planning strategies, emphasizing the benefits of strategically accelerating income and utilizing Roth accounts to reduce future tax burdens.

Notable Quotes:

• Joel [36:17]: "Paying more taxes now can lead to significant tax reductions in the future."
• Matt [37:34]: "Roth IRAs allow you to pay taxes upfront, mitigating future tax liabilities during retirement."
• Joel [38:25]: "Engage in holistic tax planning rather than short-term tax avoidance for more substantial long-term benefits."

Key Points:

• Strategic Income Acceleration: By increasing income in the present, individuals may take advantage of current tax rates, potentially lowering their taxable income in future years when their tax rates might be higher.
• Roth Accounts: Contributing to Roth IRAs involves paying taxes on contributions now, allowing for tax-free withdrawals in retirement, which can be advantageous as it shields assets from future tax increases.
• Holistic Planning: The hosts advocate for comprehensive tax strategies that consider long-term financial goals rather than focusing solely on minimizing taxes in the current year.
• Professional Guidance: They recommend consulting with tax professionals who can provide personalized advice, ensuring that strategies align with individual financial situations and objectives.

Conclusion: Joel and Matt highlight the importance of proactive and strategic tax planning to optimize financial outcomes over an individual’s lifetime. By embracing methods like income acceleration and utilizing Roth accounts, listeners can effectively manage their tax liabilities and enhance their long-term financial security.

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8. Additional Insights: The Role of Optimism and Streaming Habits

Optimism and Saving Behavior:

• Research Insights: A study by the American Psychological Association reveals that individuals with an optimistic outlook tend to save a higher percentage of their income compared to less optimistic peers.
• Practical Application: Cultivating a positive mindset can be a powerful tool in enhancing saving habits, potentially outweighing the effects of financial literacy and risk tolerance.

Streaming Services Management:

• Cost Efficiency: Americans are averaging around $1,000 annually on streaming services, comparable to previous cable costs. Joel and Matt encourage listeners to regularly assess and trim their subscriptions to ensure they’re only paying for what they use.
• Free Alternatives: They suggest exploring free streaming platforms like Tubi and Philo to reduce expenses while still accessing quality content.

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Final Thoughts and Recommendations

Throughout the episode, Joel and Matt provide practical advice intertwined with personal anecdotes to demystify complex financial topics. They stress the importance of balancing immediate financial needs with long-term goals, advocating for informed and strategic decision-making in areas ranging from everyday purchases to significant investments and tax planning.

Actionable Takeaways:

1. Evaluate the Necessity of Low-Denomination Coins: Advocate for legislative support to phase out pennies and nickels to reduce inefficiencies.
2. Merger of Finances for Couples: Encourage open communication and consider combining financial accounts to strengthen relationship bonds and financial transparency.
3. Diversify College Savings: Utilize traditional 529 plans for their tax benefits while maintaining a diversified investment portfolio to mitigate risks.
4. Pursue Financial Education: Take advantage of personal finance courses and resources like the How to Money podcast to enhance financial literacy.
5. Balance Savings with Enjoyment: Maintain a healthy balance between saving for the future and enjoying the present to prevent financial burnout.
6. Optimize Internet Spending: Assess and adjust internet plans and home network setups to ensure cost-effective and efficient connections.
7. Implement Strategic Tax Planning: Engage in long-term tax strategies, including income acceleration and Roth account utilization, to optimize tax liabilities over time.
8. Cultivate Optimism: Foster a positive outlook to enhance saving behaviors and overall financial well-being.

Joel and Matt wrap up the episode by reiterating the value of continuous financial education and strategic planning, encouraging listeners to remain proactive in managing their finances to achieve a prosperous and balanced life.

End of Summary

Transcript

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[Joel]

I'm Joel. I'm Matt and today we're talking about purging, pennies, financial fights and Phantom we.

[Matt]

I can't hear Phantom, Joel and not think of Phantom Planet. Did you ever listen to Phantom Planet back in the day?

[Joel]

What did they do? The theme song for the OC OC California.

[Matt]

Oh yeah, or even Phantom Limb.

[Joel]

I never really watched that show by the way.

[Matt]

Phantom Limb. That was a good. Good. Shins song.

[Joel]

Oh, okay. Yeah.

[Matt]

You didn't watch the O.C. back. You were, like, a touch younger than me. And so when I was in college, like, we would have O.C. watching parties. Oh, yeah. Because there's only, like, two sets of friends who paid for cable.

[Joel]

Wasn't it based, like, a modernized version of Beverly Hills 90210?

[Matt]

Yeah, basically.

[Joel]

Okay. Ye. I never really got into it.

[Matt]

Oh, nostalgia, as I think back. But no. This is our Friday flight. A quick sampling of the different stories we've come across, and we're specifically going to address how they are going to impact your dollars. But, Joel, so you want to try to get everybody on, like, this beef jerky train. Now that you're as. You might try to brainwash everyone into thinking that meat, it's the only category of food that you actually need in your life.

[Joel]

I might be able to get behind that, although I do think I would get bored if meat was my only food group. But I think it belongs with most meals. Matt.

[Matt]

Yeah. Five meals, all meat, and then on the sixth meal, you throw a little bit of broccoli in there.

[Joel]

Right, Exactly.

[Matt]

That's normally how you roll.

[Joel]

Maybe not quite that extreme, but a couple of my buddies have started making their own beef jerky. It's specifically South African variety called biltong. And I had samples at their house, and I was like, okay, that's pretty delicious. Let me give this a go. And I will link to the YouTube video that I used and that they used to figure out how to do this. The guy explains it. He walks through it really well.

[Matt]

Send me the link because I've had your bil. Amazing.

[Joel]

It's good.

[Matt]

And you've been withholding the deets from me.

[Joel]

Okay. So the video, like, he, like, crystal clear, walks you through it. Super simple, incredibly inexpensive. You don't really need any special equipment. One of the coolest parts about it.

[Matt]

Is the fact that. Yeah. You're explaining how.

[Joel]

Yeah.

[Matt]

It's not like you need a smoker. Right.

[Joel]

Or a dehydrator or anything like that. You can. You can, like, legit just cure it and then hang it up in my pantry is where mine was. My wife was like, what are you doing?

[Matt]

Looks a little wild.

[Joel]

It looks a little sketch.

[Matt]

Doesn't look safe.

[Joel]

But the final product is pretty darn tasty, so. And when you think about how much something like beef jerky costs, even at a place like Costco, it's crazy expensive.

[Matt]

It's so expensive.

[Joel]

So this is, like, denser, better, you know, Everything that's going into it.

[Matt]

Higher quality stuff. I could not believe. So, Kate, I had a Christmas stocking stuffer and she got me a couple packs of, like, some of this fancy. Oh, I wish I could remember the name of, but it's like this fancy beef jerky that she picked up at Whole Foods.

[Joel]

Oh, I thought you'd say Bucky's a.

[Matt]

Little bit nicer than that. But she forgot to. To scratch off the price tag. And I went to, you know, I was like, oh, thank you know, that cracked. And I was like, oh, my gosh. It was so. I could not believe how.

[Joel]

How much was the bag.

[Matt]

It was. It came down to something like $10 an ounce. Wow. Which is crazy.

[Joel]

Yeah.

[Matt]

And it's not apples to apples, though, when you're comparing it. Like, obviously it's going to be more affordable when you do it at home, but, like, when you think about price per ounce of meat or price per pound of a traditional hunk of meat, like, what. What did you just say? Oh, you have to dry this stuff out. So you are losing weight as you go through the aging process. How many days did you age it, by the way?

[Joel]

About five days.

[Matt]

Awesome.

[Joel]

And so then the weight gets cut in half. So let's say I spent 25 bucks for two and a half pounds of beetroot.

[Matt]

So really, you're looking at pounding a quarter.

[Joel]

Yeah, no, well, no, that's after the beetles. So it's like five pounds of beetles.

[Matt]

You already calculated it down. It is like a concentrated amount of food, which is a part of what's attractive about it. You got some of those concentrated flavors. But I like what you said too.

[Joel]

About snack out there on the hiking trails.

[Matt]

Yes, exactly. Well, because typically I would rather. I'm like, all right, would I rather have a juicy steak, some tri tip or some jerky, some biltong in your case? And I'm probably gonna typically go with like, the juicy. But like, like, I mean, if you're traveling, though, if you're on the road, if you're hiking, that's a great opportunity to bring along your little stash. It doesn't weigh much of some of this high quality meat. And so the quality of it, you don't have preservatives, which typically, that's what you're going to find in some of the stuff that you buy on the shelves.

[Joel]

Yeah.

[Matt]

In order for it to remain shelf stable. And it's not like you're keeping this around for months and months now. You don't need it. There's no preservatives.

[Joel]

It lasts for like three, three weeks, four weeks in the fridge.

[Matt]

So then it only gets better, right? No, it's like a dry, dry age ribeye where they have to like cut mold off. That seems weird.

[Joel]

Yeah.

[Matt]

Hopefully we're not going to get to this point.

[Joel]

I don't know. But it's fun to have a new hobby and it's fun to have a hobby that tastes good, that's delicious. Yeah.

[Matt]

That also ends up saving you a ton of money. If you are a big fan of the beef jerk. What makes it biltong versus regular jerky, by the way?

[Joel]

That's a good question. I do think beef jerky, maybe what sets it apart is that you maybe are dehydrating it in some way so it's drier.

[Matt]

Because I tried some of yours and it was more like a cured meat.

[Joel]

It's somewhere in between, kind of like a salami and a beef jerky.

[Matt]

Yeah, it's like something you'd get on a charcuterie board. It still has some moisture. Yeah, it was totally legit. I was really impressed, especially given that.

[Joel]

It was your first try, first go around.

[Matt]

But something that the two of us have talked about for years now is how worthless pennies are. Pennies mattered a whole lot more like a long time ago. Right. Like even decades ago. But digital payments have essentially killed the need for the penny to exist. But then on top of that, inflation as well. They're expensive to make, costing multiple times to mint. That's the proper word for creating pennies. Than what they're actually worth when they're put into circulation. They cost something like 3.7 cents per penny to create.

[Joel]

I know my grandma remembers the time when pennies mattered, that we're just not living in that time anymore.

[Matt]

No, man. And so one of the orders within the flurry of Trump administration executive orders is to order the Treasury Secretary to stop making new pennies. And this is something that's been proposed by Republicans in the past, by Democrats as well. We are not sad to see the penny go the way of the dodo bird. I think this should be slam dunk, easy thing for everyone to get behind.

[Joel]

Who's clinging to the penny? Who are you? Who are these people who say, no, please, please keep the pen. Nobody picks up pennies anymore. They become so devalued.

[Matt]

I don't even pick up pennies anymore. And like, I'm the kind of. I'm the guy that likes to find money on the ground.

[Joel]

Oh, yeah. But the things you have brought home that you picked up off the curb are weird and various, but you don't pick up pennies.

[Matt]

You know what? We live out in the burbs, though. Fewer folks put stuff out on the curb. They just throw it away. Yeah, I think that's something I noticed about living in the city. Folks are. I don't know, are folks more frugal.

[Joel]

And more conscientious about it getting a second life?

[Matt]

But out here, folks are like, I just send it to the landfill.

[Joel]

I guess there is nicer stuff at the Goodwill, maybe, or.

[Matt]

Oh, that's it.

[Joel]

I think the Goodwills are nicer.

[Matt]

That's what they're doing with it. They're donating it.

[Joel]

Yeah.

[Matt]

All right. Sorry to cast aspersions on the verb, folks, but okay.

[Joel]

So, Matt, if we get rid of the penny, do we also need to get rid of the nickel? It kind of open up. Opens up that can of worms. Where do you stop the culling of the coins, which actually would have been a good. Another good.

[Matt]

Dang it. We always forget, like, once we start talking, I know. We realize.

[Joel]

So CNN had an article about. About nickels, too, and how much of a problem they might be. So CNN's like, hey, no, we need to go hog wild on this. And that basically the cost to make a nickel is. And I was shocked to see this. I didn't realize this because the penny thing has been well documented, but apparently it cost 14 cents to make a.

[Matt]

Nickel, so a little less than three times. Whereas the penny is a little more than three times.

[Joel]

Yeah, but still, the gap is insane between. That's a lot of money to make a nickel.

[Matt]

Dollar amount or cents. Amount. Yeah.

[Joel]

Dimes and quarters at least, are worth more than they cost to manufacture. But not only are these coins expensive relative to. Relative to their worth, but they slow down transactions. I. And maybe I shouldn't get annoyed, but when people pay with cash and coins in front of me now, Matt, it does. It just. It irks me a little. And I want to be like, get with the times. But that's. That's a personal problem. I need.

[Matt]

Busy on the go. I got places to be.

[Joel]

I need to get over that.

[Matt]

People to see, beers to drink.

[Joel]

Right, Exactly. The national association of Convenience Stores agrees with me, I think, because they, for instance, would like to see small coins done away with. Because it does add more time at the cash register. And. And as one economist put it, Matt, they said when people start leaving a monetary unit at the cash register for the next customer, essentially they're Citing its insignificance, the unit is too small to be useful. I think pennies have been too small to be useful for a while now, and I'm not sad to see them go zero tear shed over here.

[Matt]

Well, okay, so one practical use that we have for pennies and nickels is. Do you all ever play 31 with the kids? The card game? It's a good game, straightforward enough for them to understand. You know, it's like where the aces. Aces are worth 11 points, face cards are 10. You try to get 31, and if you do, game's over. Everyone loses. The goal of the game is to not lose, essentially, and you can call it whenever you want.

[Joel]

Isn't that the goal of most games?

[Matt]

Well, now, some games the goal is to win, but the goal in this game is to be good enough to not lose. And we used to use pennies and nickels and dimes and stuff just as a way to keep score, kind of. But lately what we told them is like, hey, you need to come to the table with your own money because it provides. They got more skin in the game and it makes it more fun, a little more interesting. So I would be sad from that standpoint. I would maybe hoard some pennies and nickels just to be able to have on hand to facilitate game playing.

[Joel]

Well, I think we should say this doesn't mean that pennies are going away. It just means you won't print and create new ones.

[Matt]

But eventually what that's going to mean is that over time, they're going to get. They're going to degrade and they're going to be.

[Joel]

They're all going to be in the circulation and in people's jars. In their closet.

[Matt]

In the game closet. Yeah, exactly. Okay, since it's Valentine's Day, let's talk about fighting with your partner, buddy. Hopefully you can not.

[Joel]

Like I'm trying to avoid that, too.

[Matt]

It's not your business partner, but yeah, we're talking about romantic partners here. Hopefully you can avoid that. But a new survey finds that a third of couples are uncomfortable talking about money at all in their relationships. And on average, couples argue about money something like 58 times a year, which is a lot if that's more than once a week. So no wonder they're reticent to broach the subject of money, of personal finances. And on one hand, arguing. It's not the worst thing in the world, right? I think it depends on what the argument looks like. I think healthy arguing can be productive. It shows that you care about something. And you know what's worse? To argue about something in a healthy or productive way or just to just not care at all to where you're not even bringing it up.

[Joel]

Can I share a little anecdote? I remember my grandpa telling me that he and my grandma never, ever fought. And so I was like, oh, that sounds awesome. I don't really like fighting, so I'm hoping for that same thing in my relationship. I remember telling Emily that early on, and she laughed at me and said that was really dumb and sorry, but we're probably gonna have arguments. And it's true, we have. But I agree with you, Matt, that.

[Matt]

I think just setting expectations in the relationship. I appreciate that.

[Joel]

I think arguments have been productive for the most part for us, although not always, but yeah, for the most part.

[Matt]

It shows you care. And I think at least one of the ways to help maybe change the dynamic within a relationship is just agree on some shared dreams to cast a vision of what your future to look like. I think it's going to be easier to cut back in other areas in life and other ways of spending when you're shooting for the same goals, when you can recognize that you're on the same team trying to achieve the same things. So just something to keep in mind, I guess.

[Joel]

I just do hate that people argue about money so much. And I think a lot of those arguments are not terribly productive. And part of that is because there hasn't been enough of that sort of team mindset. And there's probably a separation of finances, but in the couple, right? So it's like, hey, this is my money I'm bringing in. That's your money. And that's happening more and more as couples get married or come together at a later date. They've already kind of amassed a certain amount of money, maybe bought a home, maybe made some investments. And it's like, well, this is mine, that's yours. And then it's really hard, I think, to kind of pull in the same direction. And the truth is, another way to fight less in your marriage or in your partnership is to combine finances more. And this isn't rocket science, but the more you overlap finances when you're married, though, the more transparent you make your money and the easier it is to work together. The New York Times just wrote an article about this. They found that more couples are segregating their finances, which is something that we have definitely seen, especially in the questions we get from our listeners, and that makes it harder to navigate. But there is research out there Saying that it's not going to be the best way to move forward. The Journal of Consumer Research found that couples who combine finances, they're happier, they're more committed to one another. And to me, this, this shows that there's mutual trust built up when you're pulling in the same direction and when you have that added transparency. So I think seeing those stats about fighting about money, well, if you want to not be a statistic, if you want to fight less about money, or you at least do want those more productive fights instead of the ones where you're just at each other's throats, combining those accounts, dreaming big together, that is at least part of the solution, I think, for most people.

[Matt]

I love it, man. Yeah, so we don't often plug other people's podcasts, but we are, we're both fans of honestly. That's Bari Weiss, her and her team over at the Free Press. But she just had an episode where she had this, an expert on talking about relational advice. And it was fascinating that her prescription, one of her recommendations when it came to love and sex as well, but it was much more traditionally conservative in nature. And she even admitted that, hey, I grew up very progressive, very, you know, left leaning, very liberal. And based on the research and what she found, she essentially like reconstructed, created from the ground up this way of approaching relationships that is traditionally very conservative. And it was all based not on like religion or anything like that, but just based on the evidence based on stats and the success of relationships and the benefit to society and how benefit women and children as well. Super fascinating.

[Joel]

I'll take a listen.

[Matt]

If you haven't listened to that one, I'd recommend checking it out. Okay, let's talk about paying for college. We saw an article where Bloomberg was highlighting the fact that many parents are investing within bitcoin for their kids, as opposed to opting for the good old traditional investments in a 529 plan. The reason being is that they think that returns on traditional stocks aren't going to be good enough to fund the high cost of college. So they're taking on a bit more risk here. It's true that the inflation on college tuition has been crazy over the past few decades, as well as the fact that near term stock market return predictions aren't necessarily all that rosy. And in addition to that, only bitcoin, it has been brilliant since its inception. If you look all the way back.

[Joel]

How many better investments over the past, like what, 12, 14 years?

[Matt]

So you take all three of these things, kind of stir them Together in a pot and you might come to a conclusion that like, hey, bitcoin is the way to go. But you can't buy bitcoin inside of a 529 plan, so you're missing out on the tax benefits of that particular account. If your State offers a 529 plan, a good one with good investment options and low fees, but the 529 is better than it's ever been. Now, thanks to new rules about it being able to be converted into a Roth down the road, we are a bit more bullish on 529 plans than we used to be. So just keep that in mind. This might be a good instance to keep those investments a little bit more separated. All four. If you are interested in bitcoin, sure, have a little bit of exposure for yourself and even your kids. I think that's totally fine as well. But as always, just keep that limited to 5% of your overall portfolio and maybe don't commingle those investments with the money and the funds that you're looking to pay for college with.

[Joel]

Yeah, I guess I just get nervous about people saying, no, this is the ticket to pay for my kids college. I'm seeing these headlines about bitcoin to a million one. Bitcoin is going to be worth $1 million in the next couple of years and that sounds great. And if that comes to pass and you have some exposure to bitcoin, that's fantastic for you. Right. But I would just be nervous about putting all my eggs in that one basket.

[Matt]

Oh yeah.

[Joel]

And we would. That's just part of diversification. Right. Is to not have all those eggs in one basket. And if you're overly allocated to bitcoin and you're missing out on the tax breaks and just the greater diversification when you investing for your kids future, I can just see that coming back to bite you in the butt.

[Matt]

Yeah, we have no money left over for college, man.

[Joel]

There was another article about speaking of college, how personal finance courses are becoming more normal. Not just in high schools across the country, which we've seen a lot of growth in there, but in colleges and how schools like unlv, Cal, Berkeley and Stanford have them and they're working to bring more to campuses across the country. Actually the Stanford course is taught by a friend of the show, Adam Nash, who's been on the guy who runs.

[Matt]

Dafi, the donor advised fund platform that we're fans of.

[Joel]

That's right. It's interesting. Not everyone has to take these courses, unlike many of these High schools where it's mandatory, but they seem kind of cool. Adam Nash is the way he explained his course and I've looked through the documents like his syllabus and I love his approach to talking about personal finance. The truth is, as a country we just need more personal finance help altogether. Even brilliant students at a school like Stanford, they don't come to college knowing personal finance inside and out. And most of them just don't have much knowledge on that front. And personal finance is getting more complex as the financial system gains more complexity. And everyone knows Matt, I think the real solution is listening to how to money.

[Matt]

It's free 99.

[Joel]

That's right, it's free. And we're funny and great and just a pleasure to be with.

[Matt]

Funnyish. Sometimes we're cringe. But my problem does come down to the cost and I think that's my biggest personal hangup with especially gosh, paying for personal finances, finance classes and how.

[Joel]

Much credit hours cost.

[Matt]

Yes. I mean really, we're gonna. I'm gonna fork out money. I'm gonna pay money to like an Ivy League college in order to teach my kids how to save money. I have a hard time not thinking that that's a total waste of my money.

[Joel]

I would tell my kid, not because I hate personal finance because obviously I love it, but I would be like, no, let's how about you read this book. Let's come up with our own curriculum. Here's a couple podcasts you can listen to.

[Matt]

Not everyone has that experience, has that upbringing or parents who had that upbringing as well to where they're even talking about it as a couple there within the family. But it's not rocket science. The basic formula is to spend less than you make, invest the rest and then listen to how to Money for all the rest of the details.

[Joel]

That's right. And there are a lot of details and we talk about a lot of the details on this show. But yeah, the basics are certainly not rocket science. But you should stick around and listen to more of how to Money because it's the right prescription for what ails you on the personal finance front.

[Matt]

Yeah, you get beef curing tips from Joel.

[Joel]

So many good things you didn't expect on today's episode. Alright, there's more to get to Matt, including are we overpaying for Internet and are there ways to combat that? We'll get to that and more right after this. Are you 100% sure you're doing all the smartest things for your money? To be completely honest, I wasn't and that's coming from someone who has committed their life to personal finance for nearly two decades.

[Matt]

That's right. So you looked into a company called Domain Money. Their team of expert certified financial planners get to know what matters the most to you. They analyze every aspect of your financial life. They build you a personalized plan with clear steps to reach each one of your goals. They make it incredibly easy to make money. It's like having your own personal cfo, therapist and money coach all in one.

[Joel]

Yeah, I personally worked with Katie Song. She's an absolute gem. And the best part is that you can work with Katie or one of the expert certified financial planners on her team. I'm always looking out for great resources to recommend to the how to money community and I can confidently tell you that Domain Money exceeded my expectations. And for a limited time, they're doing free 30 minute strategy sessions. So start today by booking a free strategy session with one of their experts by going to domainmoney.com howtomoney I am a current client of Domain Money. I received a financial plan as part of the compensation for Domain Money's advertising on the podcast, and therefore I have an incentive to promote Domain Money.

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[Joel]

Matt, we were at a restaurant the other night. The waiter had a cool suit on completed by a really dapper looking bolo. A bolo?

[Matt]

Yeah, you heard him right.

[Joel]

And of course I had to congratulate him on his smart fashion sense. The truth is, you can tell a lot about a person just by the kind of suit they wear. Send the right message. With the perfect suit from Indochino, you can visit a showroom or go to Indochino.com and use code how to money for 20% off orders of $499 or more.

[Matt]

That's right. And Joel, the Indochino process was totally legit. We're talking about a customized suit made to order for you. We both went in store, we got measured up, which was, dude, it was a really cool process. This was totally new for me. But it makes so much sense now. I'm wondering, like, maybe all my clothes should be custom fitted as opposed to something that's pre made off the rack. Now I've got a great looking suit with all the accents and customized details that I picked out. Look like a million bucks, but at a fraction of the cost. I was able to pick out a super high quality fabric. And it's no surprise that Indochino, that they work with fabrics from some of the best mills in the world. You get these European fabrics for an incredible price.

[Joel]

Yeah. Creates your next headlining look with a custom suit from Indochino. Visit Indochino.com and use code howtomoney to get 20% off any purchase of $499 or more. That's 20% off at Indochino. Promo code how to money.

[Matt]

All right, buddy. We are back from the break. It is now time for the ludicrous headline of the week, which this week is from Fast Company. Headline reads, millennials are plagued by phantom wealth. Why the generation doesn't feel rich despite their net worth quadrupling. Did you know that millennials net worth has quadrupled?

[Joel]

Joel, has yours quadrupled? Matt?

[Matt]

Yes, it has octupled. I will say millennials as a cohort have outlasted the tremors of the Great Recession. Right? Like that was the big. It's like, oh man, you've got this generation going into adulthood, leaving college, they got their degrees, now they can't get jobs.

[Joel]

All those headlines early on were about how millennials were never going to recover. And they have.

[Matt]

Things were looking pretty dour. We've seen our net worth skyrocket, especially I would say over the past six years. But the millennial crowd has hit their stride. From a work and from an income perspective, net worths have increased. But a lot of folks around our age, they don't actually feel wealthy. And that's typically because their money is tied up in illiquid assets like their home. You've seen your home equity increase, but it's tough to pull that money out of the house.

[Joel]

It's not tangible.

[Matt]

Or like your 401k, a lot of listeners, especially millennial listeners, have had, hopefully if it wasn't automatic, it's something that they did themselves. But a lot of employers now are auto enrolling their new employees.

[Joel]

It's like they got the message. They stuck more in their 401k and they're happy about seeing their net worth balloon. But they also can't touch that money either.

[Matt]

But that's also kind of a part of it, right? Like part of building wealth is not touching the majority of it for quite a while. Makes me think of Charlie Munger, Warren Buffett's late partner, where he said, like, the number one rule of compounding is to not interrupt it unnecessarily, which is so true. So the fact is you're doing it right. This is how you build wealth. This is how you're going to be able to retire in your later years. But that being said, if you're investing so much that you feel poor, where you can't even enjoy a craft beer equivalent, I would say maybe you're doing it wrong. Like maybe you've cut back in every single area of your life. It's a part of why that's something that we always talk about, Joel, craft beer, maybe in your case, now it's craft meat, but the ability to spend in some ways that seem kind of silly, but it's something that lights you up. That's important as well to live life in the here now or especially early on when you might be aggressively saving.

[Joel]

Don't forgo some of those things that matter right. While you're trying to save up and invest for the future. Because if you do, you are going to have those negative feelings. And I do think that's ultimately harmful. And it causes a lot of people to say, why am I investing for this thing 40 years down the road? Why don't I just YOLO? And yeah, that's why you have to have balance in your approach. And Matt, if you want to boost your savings rate, there's new evidence that you should be more optimistic. A new study from the American Psychological association finds that being optimistic about the future may help people save more money. And people who described themselves as more optimistic, they ended up saving a higher percentage of their income. And that applies across the income spectrum whether you were bringing home six figures or whether you're bringing home half that. And so, as the study said, optimism appears to exert a slightly stronger influence on Savings behavior than financial literacy and risk tolerance, which is kind of crazy to think that, like, just being more optimistic matters more than learning more about money. So maybe people can turn this off and just go, like, tap into their inner optimism. Maybe that's gonna be more beneficial. I don't know. But your mindset is, I think, more powerful than most people give it credit for. And I don't think this is necessarily like manifesting something into existence, which. Which maybe some gurus would encourage you to do. I think it's more believing that good things are coming down the pike that gets you excited for the future. The truth is, optimists tend to live longer as well. There's evidence about that it's a good idea for us all to work on seeing the good because we will save more of our money, we'll be more thoughtful about our future, and we'll have a longer future.

[Matt]

That's right, man. Let's talk about utilities, Internet, specifically because cnet, they recently published an article about overpaying for their Internet. And I think with more folks working from home, I think there's even more of an attraction to maybe pay premium rates for fast Internet. But it turns out too many folks are paying for speeds that they don't really actually use or speeds that they don't actually need. And so opting to go from like, a more premium speed of like 300Mbps down to 100Mbps, that might be a brilliant financial move. So much of this depends on what you're using your Internet connection for, how often you're using it. So, like, you're. Let's say you do, like you're uploading massive files. Okay, maybe you do need to pay attention. Speed, that's probably critical for you to be able to do your job efficiently. If you've got multiple folks or family members, whatever, streaming on different devices at the same time, maybe you want to pay more as well. But, you know, I think similar to buying the unlimited data cell phone plan, when you're on WI fi, most of the time at home, I think you might be paying too much. This might be an instance where it's just money going to waste, man. And this also makes me think about, let's say you're at home, you're watching a movie, and it glitches or it kind of times out or whatever. It's like, dang it, it's got a load, kind of ruins the flow a little bit. And so folks think they're like, oh, you know what? We need to do. We need to pay more for our Internet. We should upgrade it to one of those premium speed plans. When in reality, what I think a lot of folks need to do, and I'm saying this from personal experience, what they need to do is take their WI FI router out of the cabinet. Because like it's. That's a wooden.

[Joel]

The positioning matters.

[Matt]

Yeah, that's a wooden coffin. And it's really hard for the WI FI signal to get from the wireless router to your device, to your phone, to your tv, whatever it is.

[Joel]

I buried mine in a coffin in the backyard and now I'm like, where are my speeds?

[Matt]

Yeah, yeah, I don't have Internet anymore. What happened to it? But I'm still paying for it. So truly. And I get why people don't want to do that, because typically they're not pretty. You know, like, they're typically unsightly. Like they're. It can be a jumble of chords. And so you're thinking, let me just put that in the cabinet. Let me stick that in the bottom of the closet. But that impacts your speeds. You want to have a clear line of sight. That is really important. I think folks, they're doing it wrong. Right. Like, they think just by paying more that that's going to increase their speeds. When in reality it's just. Okay, your methodology, your technique, make sure you're paying that some attention as well.

[Joel]

Yeah. And we're talking at least with the cost of Internet, about paying more every single month. Well, what about maybe getting a mesh router system? Those things have gone down in price. And maybe you're extending the Internet signal to make it faster in other parts of the house. It's like, you don't need faster speeds, you just need it better coverage.

[Matt]

Yeah, better coverage.

[Joel]

And that's a one time cost. Instead of upgrading and paying more money every single month and not getting essentially what you need either.

[Matt]

We're totally like doing the CNET beat right now. But like, and so when some folks may hear Joel say like the mesh router system, and it's like, oh man, that sounds, that sounds confusing.

[Joel]

That's like plug and play though.

[Matt]

But also, it doesn't even have to be that complicated. You can literally, this is what we've done. But you can buy another wireless router that's exactly like the current one you have, plug the ethernet cable into the back of that thing and plug that into the other router that's positioned somewhere else in your house. So if you do have a long skinny house Rather than having a router right in the middle, maybe that means kind of placing them at both ends of your house. And you can just. I mean, I don't bat an eyelash at doing this, but I just drilled a hole into my floor, through the hardwoods, down into the crawl space. You run that cable to the other part of the house, have it pop up, plug it in, name it, the exact same name with the same password and everything, and your devices will hop from one to the other seamlessly.

[Joel]

Yeah. All right.

[Matt]

Look at that little tech tip.

[Joel]

Didn't know you were getting that in depth tech analysis here. The other thing, Matt, people spend too much more, and this is something we talk about regularly on the show, is streaming services. Right? And Americans are spending an average of $1,000 a year for streaming now, bringing the monthly cost at least kind of closer to what cable used to cost us. And we're still watching ads like we had to in the cable days, too. At least most people are, because they're not paying the premium for, which is now a lot more to get ads removed from your streaming.

[Matt]

And like we saw last Sunday, the ads, they're just not as good as they used to be. No commercials. Just not as good.

[Joel]

Not at all. Although I only watched the first half, I didn't watch the second half of the game, so. But you actually. What did you watch? Yeah, you didn't watch any of it?

[Matt]

I didn't watch any of it.

[Joel]

But did you go watch any of the ads then?

[Matt]

Yeah, I searched it to see. I was like, I'm an advertising guy, man. That's my background way back in the day. And I used to love seeing what clever things they came up with. There's not much cleverness out there now.

[Joel]

It's a little dull. A little dull this year, I think it's just a good reminder to go take a look, see which services you're currently subscribed to, make the goal of having, I think, fewer simultaneous services. Watch Severance or Silo or whatever your favorite Apple TV show is for a.

[Matt]

Month, which I haven't done. I still.

[Joel]

You haven't watched Severance Season two?

[Matt]

No. Yeah, Season two. I can't wait. But I just haven't been able to carve the time out.

[Joel]

Yes.

[Matt]

Which means I haven't resubscribed to Apple plus yet because I haven't committed to binging it, baby.

[Joel]

Yeah.

[Matt]

I want to.

[Joel]

Once you do, though, watch it in a month and then get rid of it. Like you don't want to stay subscribed. To it. Exactly. And then, you know, careful consumers, I think, who pay attention, who cancel services regularly. They're the ones who are winning in the new environment. But there's far too many people who just aren't taking that tact. And I think it's also, Matt, they're a good reminder. There are pretty good free services out there now, like Tubi, Freebie, and Philo. It's amazing to see how much steam some of those are gaining, how much people are gravitating over there. Hey, if you're going to watch ads anyway, why not? Not pay a dime.

[Matt]

Why not? Yeah. Okay. So we talked about the need for higher taxes as well as reduced government spending on Wednesday with economist Noah Smith. And, man, there's no way around the both and approach. And get this, it turns out that most Americans are willing to be taxed more in order to keep their favorite government benefits like Social Security. Isn't that crazy? 85% of folks surveyed would like to see Social Security benefits enhanced. I feel like there's a CSI joke in there somewhere.

[Joel]

Enhanced.

[Matt]

But they wouldn't mind a bigger tax bill for that perk. There's only something like 15% of folks who said that they'd be willing to take a reduced benefit in order to prevent tax increases and found that really fascinating. There's not much political will to even touch taxes or Social Security payouts. And in fact, the current administration, they're talking about stopping taxing Social Security benefits overall. But given the state of Social Security, man, like, we've got to make some real changes if we want it to stick around for future generations. It seems like some degree, it seems like some degree of austerity is going to be necessary. But then after talking with Noah, I was thinking about it, and I wonder if that's not true anymore. Not in the sense of like the modern monetary theory or anything like that, but. So states obviously have to reconcile their budgets, but the federal government doesn't. And so so much of it comes down to what the alternatives are. And as long as the U.S. system and our economy as a whole continues to thrive, why would you change something even if we are running a deficit? Because so much of it is in relation to what other countries are doing. And guess what? Other countries run deficits as well. Asian countries, European countries, they're all running deficits. And so it's kind of relative, which is crazy to say because, you know, what would your mom say if, like, if everybody else is running, jumping off the bridge, would you. Well, in this case, like, there is a limited number of people who are jumping off the bridge. And truly, if everyone is jumping off the bridge and things are, and money continues to be invested, say, in the, in the US There is no viable alternative when it. And I'm thinking about investing specifically here when it comes to investing in markets that are also, like, blowing up and doing really well. So I don't know, just an idea. It's almost like no one's willing to say, oh, we don't need to eliminate the deficit. But that's how they're acting. Like that's how administrations over the past several, I mean, years and decades have acted, that this is something that doesn't, in fact, need to be addressed. And maybe it doesn't because other countries are doing something highly similar.

[Joel]

Yeah, but what Noah was saying is essentially the higher the deficit and the debt growing and the more of the government budget that has to go to pay interest, like, it will inhibit dynamism at some point. And so I do think this is one of those.

[Matt]

But in relation to what? Yeah, to other countries, but other countries are also. Are also doing that.

[Joel]

Don't we want to be way more dynamic than other countries?

[Matt]

I would think so. But as long as we are, as long as we have less of our overall budget going towards interest payments than other countries, then maybe we can kind of have our cake and be able to eat it too. Maybe, I don't know, maybe just throwing it out there.

[Joel]

Okay. But speaking of, like, paying more taxes on purpose, which is what a lot of those people in that Social Security survey were signing up for, the Wall Street Journal had an article on that topic, too, this week, and it makes you think, why would we want to pay more taxes on purpose? Well, there are some reasons that you might want to purposely pay more in tax. And what she highlighted in this article is that more Americans could benefit from what she calls strategically accelerating your income. Basically, if you can afford to pay more taxes today, well, it might lead to overall tax reduction. And this is something we've talked about on the show before, too. You know, we're talking about essentially being able and willing to pay more taxes in 2025 on purpose in order to reduce your future tax burden. And I think it's a smart suggestion. It's more of a holistic tax planning approach totally than just trying to, hey, how low can I cram my current year tax bill? Just, it's a very myopic approach saying, like, how can I limit taxes in this one given year? Instead of thinking about, well, how much tax Am I going to pay over the course of my life?

[Matt]

Which is like. It makes sense though, because I think there's a lot of folks who might be thinking, well, if. Especially maybe folks who are going to a tax professional and they're paying money. And so the tax professional kind of steers them in that direction too, because they're trying to justify what it is that they're charging. And if they're the ones saying, well, actually, you should probably pay. I know you just paid me, but you also need to pay more in taxes. Like, it feels like a double whammy.

[Joel]

It's almost the tax pro win is to say, I got you the biggest refund.

[Matt]

Yes.

[Joel]

And you're like, you, Brock, I'm going to keep coming back to you.

[Matt]

Yes.

[Joel]

Because that feels the best in the short term. Exactly. But it could lead to the most long term financial pain.

[Matt]

That's right.

[Joel]

So more retirees are starting to find themselves in higher than anticipated tax brackets thanks to RMD's required minimum distributions. So let's learn maybe from some of the issues they're facing. That's why we typically talk about having more Roth accounts and balancing out your tax exposure.

[Matt]

Classic example.

[Joel]

As you're contributing right. To those retirement accounts. Because you don't want to end up in that position where it's like, man, I mean, it's not the worst thing in the world to have a massive traditional 401k. But when you think about it from a tax perspective, there are things you could have done along the way to mitigate future taxation by bringing a little more of the pain into the present.

[Matt]

Yeah. And just facing the reality, it makes me think about, like, if you're hiring somebody to paint your house and it's just like they're thinking, okay, I got to get a competitive price so that they hire me. And then once we're doing it, I just need to make this house look good. Like, it just needs to be painted, needs to be shiny or whatever, Needs to be fresh. And if they come across some rot, you know, if they're only thinking about the here and now, we're just gonna slap some paint on that thing.

[Joel]

Yeah.

[Matt]

As opposed to being the bearer of bad news. And I think oftentimes that's what it feels like when you say to somebody that, hey, it's probably gonna behoove you to pay a little more in tax right now. Like, you feel like the bearer of.

[Joel]

Bad news, but the painter's like, hey, we're replace a few boards, because ultimately it's gonna Save you money in the long run.

[Matt]

Yeah, but if you can have a conversation about that and kind of point to the bigger overall picture. Well, of course that's what we want to do. We don't just. You don't just want to slap some paint on it and not have to think about it now because it's going to turn into a bigger headache down the road.

[Joel]

That's right.

[Matt]

That's what we're trying to get y'all to do with those Roth IRAs.

[Joel]

So I think for. And if you are hiring someone to do your taxes, those are good questions to ask. Like, hey, I don't. I'm not concerned with only lowering my taxes right now, this given year. How can I think about smart tax planning moving forward? And that's like thinking about conversations we've had on the show with Sean Mulaney. Those are really important conversations to have because again, the stakes are high when we're talking about taxation. And you might be able to save a couple grand this year, but what if you could save a heck of a lot more than that over the course of the next 10 or 15 years because you paid a little bit more now?

[Matt]

Heck, yeah. Actually, I just looked it up. That's episode 758 that we last talked about that with Sean Mulaney. So look that one up. Yeah, but otherwise, man, that's gonna be it for this Friday. Flight listeners can find our show notes up on the [e-mail] we hope everyone has a fantastic weekend. Hope your Valentine's Day plans turned out well for everyone up there.

[Joel]

Make your lover some beef jerky. That's my suggestion.

[Matt]

If only Emily knew that that was the way to your heart, she would have beat you to the punch, man.

[Joel]

I know, right? All right, that's gonna do it, Matt. Until next time, best friends out. Even if you're a money whiz, it can still be helpful to have some professional backup and advice. I talk about personal finance every day of my life and I was still able to get massive value chatting with a CFP from Domain Money. They analyze every aspect of your financial life and help you build a personalized plan with clear steps to reach each one of your goals.

[Matt]

That's right. And for a limited time, they're doing free 30 minute strategy sessions. So start today by booking a free strategy session with one of their experts by going to domainmoney.com howtomoney.

[Joel]

I am a current client of Domain Money. I received a financial plan as part of the compensation for Domain Money's advertising on the podcast, and therefore I have an incentive to promote domain Money. Welcome to MyLegacy.

[Oracle Ad]

I'm Martin Luther King III and together with my wife, Andrea Waters King, and our dear friends Mark and Craig Kilburger, explore the personal journeys that shape extraordinary lives.

[F]

Join us for heartfelt conversations with remarkable guests like David Oyelowo, Mel Robbins, Martin Sheen, Dr. Sanjay Gupta, and Billy Porter.

[Matt]

Listen to my legacy on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. This is my legacy.

[F]

Yo, what up? It's your girl Jess. Hilarious. And I think it's time to acknowledge that I'm not just a comedian. It's time to add uncertified therapists to my credentials. Because each and every Wednesday I'm fixing your mess on carefully Reckless on the Black Effect podcast Network. Got problems in your relationship? Come to me. Your best friend acting shady? Come to me. Thought you was the father but you not come to me. I can't promise I won't judge you but I can guarantee that I will help you. Listen to carefully Reckless on the Black Effect Podcast Network, iHeartRadio app, Apple Podcasts, or wherever you get your podcast.