Ask HTM - WTD Rising Car Insurance, Tackling the Rent vs Buy Dilemma, & Socking Away Money for Kids #901
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You welcome had money.

I'm just and I am that and .

today we're answering your list questions.

Happy monday, everybody. Hopefully everyone's feeling nice and refreshed this monday after you got that extra extra hour .

of sleep yesterday. Fall back, feel feel very cheer are well, yes, but not the lung .

in the in the evening, the because in the morning it's great because it's actually brighter and I as I turn into middle to older age, joe, I gave up earlier than I ever have before and I really did IT the fact like i'm dropped the kids off in the morning and it's like still dark. That's what what was going on last week. Yeah, don't like that. So but I also understand that you get your runs in, you can start like running in the middle day.

I guess I might have .

to if what if we were called hate, you ning like the super cold, so know this warmer in the middle and it's lighter. How about after we hit stop on the cord thursday, show on, get back out there might then if you need to, you can just work later.

just time shifting yeah. And for you, just take a manager of the best hours the day for whatever is most important. totally. Yeah.

you can lap up on the start out, so otherwise are going to get stuck running on a thread meal, which never know. Now that's not how you roll, but this is monday. We've got listening questions to get to a listener is wanting to know what to do about rising car insurance premiums as that is something that we have seen increased lately.

Someone else is tackling the rent versus by dilema. And again, given rising Prices, this is something that's on a lot of folks minds. And we're got a question about socking away money for kids.

What is the best way to approach this? We'll give our thoughts on these questions and more during today's episode for ready. Yeah but what you ve got for me, you got a little note here about just is that you're going to .

say something okay. So I get a really interesting letter in the meal recently. I think i've shared this on the podcast before my last full time real job came with a pension attached.

And before you say so, congratulations, rich guy. It's not quite as good as as you might think because I want I wasn't there that long and two many those years I wasn't make much money. And so the pension is is rather meager, but it's Better still than not having a pension at all.

Rich guy problems .

I got, what is I crying to my Benjamin on my face? So get this letter in the mail basically saying, hey, listen. And I was wondering if this was going to come. I actually assumed at some point I would already just didn't know win. But this was a letter saying, hey, do you want to take a lumpsum, take a big chunk all at one points or or would you rather wait till you sixty five and have this guaranteed monthly payment? Oh, and so part of me think you take .

us to your your matrix, your decision matrix decision .

process to the fiscally responsible human inside of me. Matt says delayed gratification for the win and that if I pumped into a later, i'm like, okay, it's and although I don't mind sharing the number of spaceless forty grand now in one lumpsum or I think I was like eight hundred fifty box a month starting at eight sixty five for the rest of your life, for the rest of your life or yeah so till the day i'd die.

So would you put in the day that you die here as you in your calculation.

like i'm probably .

going to live to one the monthly pay.

right? If that was the case, then maybe so, but actually actually probably not even so when I bring the numbers um and I enlisted a friend for help to do this because man, i'm so bad with the detail sometimes and and math is not my first day but .

it's circuit this me i'm .

going to the number with the numbers I should have ask who do you list? I'm not going to tell you that. Okay.

okay, jack.

so I ran the numbers. And when you think about just average mark returns or just even a bit below that, if you say list, i'm going to earn seven percent annually on this forty grain of order to take a lumpsum. Instead of taking that one hundred fifty months, one eight hundred sixty five, i'm going to have far more money to play with if I take a long sum.

But the key, of course, is that I don't just take a lum salmon. Use one stuff for the here now is sure is to invest that money for later. So one of the options you can do with with a lump pension payout is to stick IT into the of my rah, I array. So what i'm going to do math that's want to do, I have designed, i'm going to pay some tax on that, because if I were to rolled into a traditional, would have to pay any tax. I M, I went to pay the tax.

Man, now do that money used or considered as rough money rates are right, right? I'm doing that now, paying the known quantity, which is the taxation in the here and now, and have more money, more rough money, a compounding for decades, that forty thousands is going to be a heck of a lot more. About the time I reached the my sixties and I got a question for you.

well, I will say this make sense because if you are disappointed, I think the lump on like often times IT does make more sense when you actually run the numbers like as also proved by lottery winners on the opposite of the picture um which typically it's something that you've gained by happen shit, like by luck, right? And so there wasn't necessarily this muscle that was exercised so often times. That's why you see lottery winners without much money in in their case, probably like installations would have been Better for them, right? But you are a disciplined individual.

Yeah, i'm never going to touch the money. I'm literally a funding in direct.

Why not? So given that, like i'm sure you I know that you are doing a great job and IT comes to investing is not like you are struggling to suck money away for a retirement. Did you consider point some of the chips off the table and using that to fund your your revision fund, whatever.

that that's still a potential in the future? And and maybe I will redirect future investment because but I was thinking these these are retirement dollars anyway. That's what they were earmarked for, what they were previously. I keep them remarked for that. And if I wants to get that, reduce future contribution so I can fund a little bit more of here and now money towards or two when IT comes out or I don't know, maybe that scout the one of they look really good. I will say.

I just saw an evy night, the key EV night. I saw one of those on the road park yesterday. I got to a do a four, three, sixty look around at IT as I checking out those things like like from the future, like I dig how some other eves, but I feel like, yeah, what they know that looks really cool.

like the retro.

The retro is one .

thousand sixty, seventy. Oh, I like bringing that back in the sub body, in the body, body. Yes, but yeah, so for the time being, this is going to be rough money.

And you know, I would say, anybody out there who gets one of these letters in the male, he's like a weight. I had a pension. I forgot about that.

I remember red I knew was coming. I just didn't know when. And instinctual, as someone who thinks long term, you might say I upon this off and take the known payments.

But if you use those dollars yourself, you got the discipline to do IT you. You might find yourself coming out ahead depends on your financial situation. So by the way, that there's a risk in that too is not .

guaranteed. Ed, it's not guarantee.

Ed, I say payment when i'm thirteen.

five guarantee anteek, you find yourself a similar situation, send IT our way. This would be something that joy I would love to talk about on a future.

Ask how to money. Episode h, so sad. He didn't need to run the numbers, and now he wants to run some number ers.

So all right, during our episode today, we are enjoying a stranger danger, which is a burden barrel aged peanut buttercup and peral milk stout by monday night bring. This is the kind of beer that you expect in your treat bag. After how trick or treating this last week.

I was assuming that the guys over monday night just took their kids, left ea races, people, other cups, toss him into the beer as they were making IT in order to get these vibes. But it'll give our thoughts on this one of the end of the other, we will. And if you have a money question, whether it's pension related or something else, we would love to hear IT just got a lot of money dot com slash ask for the simple directions. But basically you just recording the voice memo on your phone. You're sending IT to us for your email will hopefully take IT next week on the show might ask you to a question liter wants to know what to do about the ridiculous ly high cost of car insurance I am ago.

This is Andrew from in organ. I have an insurance inquiry for you, but first I feel like I have to mention that you can should really prioritize a visit out here to port land at some point. I live walking distance to three, that of one gold meals at the great amErica beer fest in their handful of others, just in easy biking distance.

So anyway, under the question um a year ago in August twenty twenty three are uh toyota four runner uh was rear ended while parked on the street. There was a hiding run. So we submitted a claim and farmers declare the current total to the age of the vehicle.

We use that eleven thousand other check, plus money from savings to buy a new suba. I know insurance costs have increased a lot, but I feel really, really high. I'm about to pay just over two thousand dollars for six months of coverage.

We do have another car at twenty seventeen rep force, so that's included. I tried talking your agent, but even things like using the dub really didn't move the needle. So i'd like to start shopping around, but I remember hearing you guys say that once you start shopping, I can trigger premium increases.

Also, since I submitted a claim just over year ago well that have an impact. Any advice you have would be great. Um just for additional context, I have all my property insurance with farmers home to ronal property umbrella and the auto coverage. Thanks a lot.

Oh, that paul, the organ that's a town of my birth. So I it's been a minister, have been to the specific northwest side. But I think I actually aim to come back up next. Mm, my cousins getting married.

So oh, fine, it's a good reason. Take A. Well, Andrew, I am sorry to hear about that hit and run. I just suck. That is an awful experience. And for you, partly because of this four thousand dollars a year, man, that is that is quite a lot to pay for. Coinsurance for a couple cars is not like he's got a teenage sun or something like that, that I have causes us race to go up. But the first thing I would say is and this is like how the money disclaimer do you actually need that second car like I know you just bought IT, and so you probably there's a depreciation hit that you took, but at some point, the cost of owning, of Operating and of course, of ensuring a car becomes enough to consider alternatives.

In what we seem man over the last couple years with rises in insurance rates, I feel like the insurance used to be this kind of sliver of the pie and ask becoming a much larger chance because.

well, everything's just more expense. I made the cost of vehicles, but also insurance. We're certainly seeing that. But I just want to put that out there because Andrew heaven said that he's like men. I've got burrus that are closing of the bike too.

He's not afraid to bike, right? But have you thought to expand that to say biking to work because I think for a lot of folks, they think about biking as this like a leisure activity is like, no, I bike to the bury because that's fun, guys. I don't have to bike to work. But I think there are some .

significant saving in importance.

but there's there's ways to do IT, and it's been a while since we have shared this tip. But on the weekend when there isn't at a traffic, when you're not trying to get to work by a certain time, if IT is possible at all for you to to bike to work, route that trip, see what to look, see what it's like. And I think even just doing at once on the can remove this mental hurdle of you thinking that, you know, I can't back to work, I wait in in fact, I can't back to work is totally possible and there's significant savings .

to be had to you think about that. But I don't know he'd have to run injured after on the numbers here, but he's starting about four hundred dollars a month in insurance costs alone, car insurance costs alone. And so let's say you eliminate one of those cars in your life and you save two hundred box a month.

Think about having twenty five hundred box a year to put towards you're biking a huta month or whatever. And not to mention the fact you sold your car. You have all that money back in your life.

You can make other moves with that money, too. So I think it's yet at least worth considering. Do we need to have two cars? I think more people should put in a car in their driveway on the chopping block.

Please talk about shopping around. Yes, I can be annoying, but I can also be well ware at the time, right? Even if you only save what met the the commercial, typically in fifteen years, say fifteen percent or more is guy co. That is guy co, yeah.

which is a not likely to be the best place free to go, right? I an IT might be.

it's worth taking equal from them, but it's worth inking a point from a lot of people. The truth is fifteen minutes could save fifteen percent. But you probably need to shop with a few different companies, not just the echo one.

But yeah, if you save fifteen percent a year, that be six hundred dollars, which is a lot of money. So it's worth the time. And that money could you could save that money not just for one year but for multiple years moving forward.

And we mentioned the site actually pretty regularly after I believe that this or nate, matt told us about this, you know, yeah, he told us about a site. He's an independent insurance agent. He said, you can find a good one near you at a cycle trusted choice that calm and then let that independent insurance agent do the shopping for you.

So maybe you spend fifty minutes literally to find a good independent agent, then they spend the hour or two to shop around for you on your behalf. And I would just suggest titivate quotes for different deductible levels with these different insurance companies because you might find that the savings are starker if you raise your deducted with other insurance companies, you ve got to have the cash right in the bank to self ensure for more minor incident. But still that advice, well, maybe IT IT didn't pay off with your current current company could pay off with another one.

yeah. And then do you mention filing the claim for that hit and run, which i'm going to say this was the right thing to do given the extent of the damage. And I think that certainly a part of why your premiums have gone up. And this is why we advise folks to to opt for higher deductibles to avoid claims when ever possible because often times that will lead to higher premiums.

And goes on your clue report.

man, yeah. There are obviously instances where we need to use our insurance, and this is one of them. But for everyone else, using your insurance sparing is going to see if you the increased premiums is gna keep that claim off of your clear report.

But other insurance companies, because of the fact that you made this claim and drew other insurance company ties, are to know about this claim as well, is almost inevitably factor into the quote that other insurance companies give you four coverage. And so just let you know that most likely, yes, industry wide premiums have been going up. But for you specifically, it's a lot of money, four thousand dollars a year.

Is that right? I'm paying and granted, we only have one car and and its older and we live in a very different region part of the country, but i'm paying twelve hundred dollars for the year, which again I don't know. I just stone this out there.

just seventeen hundred for the year. I have two cars. Get your hand.

you can discover. Ge, because of the fact that we have older vehicles, it's gona be easier for us to to replace those were we to get an accident. And IT was our for because of that collision is something that.

that we've not opted for. Yeah and but that's a tougher thing to do to take off collision, compress you if you own the car out, right? If the cars worth a whole, I more like I, I wouldn't want to do that. My cars were twenty, twenty five.

thirty grand when you get your fancy EV the ah you problem to add collision .

back on twenty years. That's right. But man, I think um just because he filed this claim and he file this claim and just because it's on his clue report doesn't mean he's like ineligible to shop around.

I think sometimes people think of the claim the last year so might also not even bother the truth that you d still might be able to reduce the premium amount japp ane without skimping on coverage by moving to another insurance provider. And I highlight this to keeping the insurance coverage the same met. Some people opt to reduce their coverage and have less insurance, but that can actually put you at greater risk in the long run, but just not being covered to the extent that you need, right, right?

It's it's worth printing to see one of the discounts might be available with other insurance companies in with your current one. Two, I consider having your driving monitor to save even more. I think met last time I suggested this. I felt like rotten tomatoes we're ginning through at me from the how money peano galer from the people. Listen.

let them hate. This is a great way to say money.

They don't love the idea of trading their privacy for potential savings.

See, i'm kind of like a privacy. Do like I pay attention. I truly don't care for these insurance company. No.

like where i'm going. But so yeah, I do think it's worth kind of barking up that tree talking to an agent at your current insurance company or to another agent and another church company is saying, what additional al discounts can I get? And now I just kind like keep asking the question and it's almost like the magician pulling the thing out of their throat, whatever the long string.

And that just kind of keeps coming out like typically, there are more discounts than they have notified you about up front. Um and I would be willing to just kind of keep asking until they're able to get that, that Price down, the premium Price down significantly. Another thing about another low hanging fruit is taking in a defensive driving course.

This is something i've done. You can take them online. Usually takes about an hour, a hour and a half, maybe twenty five books of your money, and that could save you two hundred fifty bucks a year, maybe more. And then they should go without saying, but make sure your credit score is in good condition too, because in most states that can impact, you know, what you're paying for insurance to pay attention all those purposes because even just some of those with your current surges company, if you jump ed through a couple of different hopes, you might be able to find the child. You're reducing your insurance premiums by twenty, twenty five percent just by taking a few actions that I won't take you too much time at all.

This, right? And Andrew, you mentioned something about shopping around about that trigger ing premium increases. That's actually not true. It's not like shopping around for a mortgage.

Where is where your credit is taking a soft hit? Your current insure won't raise your rates just because you're getting quotes from other insurance companies, but you also mentioned having everything under one roof. That is typically a great thing because you're often unable to qualify for multi policy discounts that way.

So trying to bring all of your business over to a new insurance company that can offer you Better Price, not just on your auto insurance, but on your range of policies could save you even more. Even I think he's mentioned investment properties as well. So those dwellings fire policies as well made as huge. And something that i've been doing for a long time now is making sure to pay those those premiums in for. So like he mentioned his amount just for six months.

But how much of a discount can you get by paying IT all at once? I went checked before we sit down on the record of and I get a solid fifteen like a hard fifteen percent discount just because of the fact that I paid IT all up front of beginning the year and took from like that fourteen thousand hundred for the year down to twelve. That's great. Yeah.

keep that in mind as well. People met, they pay on A. Recurring monthly basis to have a auto drafted from their accounts like that? No, if you pay for and either six months or one year chunk typically or write.

the savings are significant. That d be great to take adventure of a welcome offer from a credit or with a little park, but we hope that you are abled despite your recent claim there without totally LED four runner to find some savings out there on the open market. And we hope that we've given you some good ideas. Joe, we've got more to get to. We're going to talk about an easy source for the lowest utility costs will get to that and more right after this.

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But let's get two question now, matt. This one is kind of a perpetual percent finance one, but it's taking on a different tone these days. Show renta.

should I buy? Hey guys, my name is Anthony. Just have a couple questions regarding my financial situation and for renting thirty one years old living with my girlfriend, we are renting in a high cost of living area and new jersey.

I make a hundred forty k have about hundred k and cash about sixty k split evenly between four one k and a roth ray have seventy k split evenly between index lines and individual stacks. Um I have no major debt besides fourteen camp. I studied the loans. The original plan was to buy a place myself um but surely after start taking my search seriously, that's when the market went pretty insane, interest rate skyrocketed and it's in the jersey is not uncommon to still see places listed for six hundred and seven hundred k go in one hundred twenty k over asking. So I guess my question is how my doing overall financially at my age and also i'm kind of done with renting, I wanted buy, but IT just seems unfeasible and IT just seems pretty impossible to a buy a place unless you have .

a lot of help.

Just want to see your thoughts. Thank you. Advance.

Anthony. The buying versus renting cannon m. IT is such a tough phone right now. I know for many other IT feels like that they've missed out on the ability to buy a home that felt there is a an open window for a period of time there in that window has long .

been so I can slam on people, singers and they're like, ouch. It's really upsetting to think I was trying to buy a home a few years ago and now feels like it's out of reach or as before.

IT wasn't. And I totally understand because when you look at income and it's risen something like thirty percent over the past four and a half years, while the medium home Prices has gone up by eighty five percent, I get IT. That's a massive gap.

There's a fairly clear line of demarcation between folks who buy a house prior to twenty, twenty one and those who bought since then. Since Prices have gone haywire, since interest rates have gone up and that locked in low rate, that homework quality that you've accrued has been a boon to your bottle mind if you did by previously and if you keep printing. Yeah, you seen rents increase, although was, say, not quite as much of the the past year and a half of as things have corrected. But that means that you feel like that the opportunity by has passed you.

The question I think you have to ask yourself is at what cost am I doing this thing? Because buying is not going to just settle back a massive down payment there is that if they they cost you more on an ongoing basis, plus you're going to be responsible for repairs and maintenance, you probably can have your mortgage is going to be higher than your rent.

You're also going to have to set aside money precise the dawn payment for repairs you want to make to the home. So if you really, really want to buy, you're going out to be prepared for all of those additional costs and you're gonna be willing to dedicate more of your financial resources to our housing, basically a higher percentage of your overall budget towards home expenses. Uh, that means you, my heart, to cut back on eating out, entertainment, all those other categories that you might care about now and you might feel house poor. So you just have to know that going into IT and say, is IT worth trade off is true.

You might feel household, that is, unless you move to a location where costs are cheaper or it's more affordable, one of things he mentioned is the fact that they that they live in a high cost of living area.

But what about moving to a slightly less desirable area? And I know that kind of goes against everything out there about what IT is that you deserve and kind of just like nobody wants to do that when you are living in an area that's awesome, nobody really wants to be lake. Okay, let's move to this part of town that we've never really been to before. Doesn't have the places like to visit.

I get that way. Maybe we just moving download honey and it's just so much cheaper to buy. It's true, my house in less populated part of the country .

having in the sun dumb. But even in new jersey, I think there might be parts of the state that are less competitive. And maybe it's still close enough to your work, maybe it's still close enough to family or even like do you work from home full time because if so, maybe you would consider moving to an entirely new market because you don't have to be there on location anymore.

Either way, sending up more money, that's one way to get closer to your goal, but keeping mind that housing Prices are rising simultaneously, too. So I can feel like something like you're on this channel and you're not making progress nearly as quickly as you want to or at or at all. Like we've discussed, jord is not like trading als. But one way to get off that altogether and on the onto the track is to look at more affordable units in your current area or just a look at an entirely different market altogether.

I think it's a really important point. I think sometimes people people think ah i'm renting this this really cool condo that's one hundred and fifty square feet, there's something like that. And maybe i'm going to look at i'm looking at buying condo that that's really, really similar. And so if i'm going to do that, well, then this is the Price point.

And what if you actually said, you know, IT to make this work and and look at something that's one hundred thousand dollars cheaper and maybe it's not quite as big, maybe it's not quite as nice, but if home leadership matters to you that much, you're willing to make those trade offs. And if not, you say, all right, i'm going to just like be thankful that I get to rent something a little bit ancor or a little bit nicer. Renting actually makes IT IT so that I can afford sure of a nice for unit.

I think IT IT also takes an honest assessment over what you actually value. Because I know I can speak from personal experience here, but I remember like the neighbor od we move from, we thought we we're going to be there forever. But the things that attracted us to that neighbor od initially back when we were Younger and our or not, the things that we were taking advantage ge of.

And so when we first move there, we love the restaurants in the bars, in the music scene. But guess what, you start having kids, you don't really have time for that quite as much. It's something that we still enjoy, joe.

But I wasn't willing to speak for yourself. I'm so don't music shows all right, but probably not. Was last time you into the early you know, the ability, I guess, honestly, look at how you're going to be spending your time in the future that could make that decision a little easier and saying, I think you're right.

And I know that they like kind of what you saying, that I can feel like a ridiculous assertion, but people have moved for lesser goals, right? yes. So I would say consider if if home leadership is a top tier goal, then know where you live in being a little more flexible on those boundaries and a little more flexible on what type of place are willing to live in.

That seems reasonable to me. An anthy has done a great job of saving up. He might have enough cash to deploy to pie a house that is interested in if he's willing to look in a less competitive area.

And also one asked a question, why are you so intent on buying home? And I don't mean this as like you shouldn't buy home. It's a terrible idea. And I were home others. We're happy that we are, even if it's not always and forever, the best financial choice.

Could renting and keeping those monthly costs down help you quickly achieve other financial goals by investing more in the market? The answer to that for a lot of people is yes. Like people who what can be content as renters over a long period of time might actually be able to see more financial progress.

Think about if you had invested handsome ably over the last three years money that you are otherwise seeming up forward, down payment. Think about how well that would have done in the market, right? Um and we also want to mention that the housing market is not destined to keep going up at notin like we're seeing corrections in some parts of the country that have experienced massive Price gains over the past few years.

We have no idea and I have no idea and I don't know that anybody does nobody knows right how or win or if the housing market is going to calm down. It's dependent on so manufactory the macroeconomy right stock market gains, employment, unemployment numbers. But patients is key, whether we're talking about finding a great deal in the current market or waiting for competition in Price to calm down a bit more. Yeah, win. How that happens? Impossible to know. yes.

So our best device is, is define the silver lining in renting while you continue to mash even more cash for that eventually. I think being patient can just feel like you're missing out, but this IT could also ensure that you don't make a bad home buying decision. You're going to get to the market even more.

But Anthony, you also asked for assessment of your overall financial situation and don't count the fact that you don't own a home meet as like as a downside because of the fact that, hey, you've got no debt besides some small man of student learns at age thirty one, that's pretty huge. Your income is really sold as well and you are prioritising investments if you've got sixty thousand sounds like in retirement accounts, maybe another seventy in a broker account. So one hundred and thirty thousand overall, which is great. We would only just like to see you maybe invest more within a hy percentage in your tax venture accounts. But maybe you're maxim that, that out this is all that you've got certified over there, but just maybe double less in individual stocks as well.

say half of his investor individual stocks. Yes.

that's why worry. That's why i'm assuming that he's got seventy thousand in a brog, which is more attempting to do single stock investing, especially if you opened a Robin who account four years ago. I understand how he got there, but I just don't necessarily like IT and maybe you got lucky.

maybe you stuck in all in the video something like that. But the average person who is investing in individual stocks. With that percentage of their over their overall assets. Um they are under performing the market totally.

And I put IT to he mentioned that he's got one hundred thousand in cash, which congrats. That's huge. That's way more than the average american has set aside.

But I think when you see like six figures in your savings account, IT can can feel like your rich and like you've got planning of money for down payment. But don't forget, you need to make sure that you got enough margin. You need to maintain an emergency fund at least maintaining three to six months worth of living expenses.

And so I don't know how detailed your personal finance system is, but literally partitioning that money aside so that you're not attempted to tap into that because you don't, anna, take a big bite out of your emergency fund in order to like a stretch down payment sort of thing and not to mention other savings goals that you might have as well. I know like when I Younger, I only had like i'm going to say for the vacation a car insurance that's a monthly amount I I saw aside. But like literally today, i've got I go around twenty five different savings goals.

And i'm a little more great with the detail when IT comes to different things you want to save up for. But don't forget all these other things in life that you might want to save up for. But anything that sounds like your financial situation is look and pretty dank solid. We just want you to keep looking for a deal on a place. And you hate to say this, but try not to get too bombed in the meantime as IT feels like you're missing out ah what's gone on in the real state market.

Yeah I think just like keeping your eyes on the market overall and on here specific market and maybe cashing out a little bit wider, you might be able to find something that meets your goals and desires and your budget and just might take a minute to get that. That's right.

Let's hear from another listener who's looking to save the most on a recurring monthly expense.

Hey, matt, joe, this is candis calling from east point, georgia, calling with a question about shopping around for utilities as i'm coming up on my renewal for my gas provider, typically to go through georgia natural gas, but I was curious about switching. I've looked into zone and conStellation and a few more marketers, but just seems like a lot of a work and they're all kind of say in the same thing.

There's all these sort of hidden but not hidden charges. And then there's the fixed rate versus variable plan. And historically, i've done fixed rate for like six months because typically that's the cheapest perform.

But then i'm finding all these other fees and it's always gonna atlantic gaslight fees plus whatever the customer service charge, uh, is for the other a telemarketer that is. So just curious if you think this is worth shopping around and worth the pain of shopping around. If there are real savings there orbit something I can dedicate less time to researching and maybe look for those saving somewhere else. Thanks for the pod. I really love IT and have learned a lot at east point .

and underrated little town, just south england. You like east point a lot. I do you like this point. I like point, one of my rental properties is in this point, my brother in law worked right around the corner from there. I.

A lot of love for IT. This point is where? Frog, hello, is that the little neighbor? Od, yeah. The east point, yeah, that's a little little pot.

And the great thing about this point.

market runs there.

So if yeah yes, yes, that's me.

I don't forget about that many highly underused yeah I agree.

Many just might not know that actually we have a transit system here in the island area, just not really bad unless you liberally close to station and worker close to station. For the most part, most locals don't take a benita. Marta IT just wasn't well conceived IT at the beginning.

But yeah, undertake neighborhood. And I love the year asking canvas about shopping around for a utility provider. Man, George is nothing only state that does this. I think it's seventeen states that are basically deregulated natural gas, which allows a bunch of different companies, a bunch different marketers to offer different rates in terms to customers. And this is the time of year where we're seeing ads all the time trying to commit us to switch.

And again, is is asking in some part is, is this too big of a pain? Well, IT is kind of a pain to figure out if it's worth IT and how much we might save. yes. But I guess ultimately, we don't want you to be brain loyal and we don't want you to just stay put because I could causing money yeah.

depending on the year and what's going on with energy Prices, you can stay to save a autonomy money or maybe just a little bit. But our T, L, D, R would beat a shop around, but don't spend too much time doing IT. We've got to find a little bit of baLance here. You said, is this something I should do? Or should I focus on other ways to save?

Yeah if you've spent like two weeks of doing this and say way too much.

ever yeah, like if you just take the rate that your current providers is offering when your fixed term is done, you are going to be paying too much. But you could also waste a ton of time shopping for a slightly cheaper Price per thum that might only save you a few dollars over the course of a year. So yeah, we do want you to shop. You need to pro active here, but don't do IT in sort like financial way. Yeah, yeah.

There are certain things that are well worth shopping for something like your car insurance or home insurance like that couple couple of hours that you put into IT could save you a tony money over the course of year where this it's like the stakes or smaller. We will talk you to talk about shopping around matters. Actually one stop shop.

There's A A government website, at least in our state. I don't know about all the other states that could help you figure out what where the best Prices in that place is. The public service commission. You can't can't just mention all the additional fees. It's true.

You can't just look at the Price per thum because some providers are going to have extra fees that they charge in the fine print that raised the overall bill higher even though you thought you've got the best Price, you actually didn't. So the psc actually puts out with their call with the call apples to apples comparison that's well worth checking out. And again, i'm not sure if other states have this, but will link to the one for georgia and the shown notes.

And they do a great job of highlighting the best overall value in the natural gas space every single months. So then you're comparing not just the advertised rate that they're saying, but all those other fees combined. And the psc is saying, hey, this is actually the marketer that has the best offer right now for you. And they write IT based on planes because you talked about fixed term or a variable term offering to and they're gna slice and dice a mop for you there. Yes.

true. I think all states have public service commissions, but I don't I don't think all states make IT as easy as georgia does to build a shop, apples to apples, you like. I looked into IT.

So maryland, michigan, they actually have a pretty good site where you can also do that if you happen to be in those states. But then, for instance, I looked into california and I couldn't find any great resource. And there's actually a third part party site that i'm not even going to mention because I was broken when you try to go in there.

But came, as he mentioned, to fixed the versus variable rates when IT comes to the Price perform and IT almost always makes sense to lock in rates, in particular in the fall. So september and october, they are often going to see the most rate competition. Where are november and novembers up there? two.

yeah. yeah. But that also means that you should lock IT in for a year instead of every six months. And Prices they're often gonna be double or or even worse on those variable rate plans. And so lock IT in for a year and then just spend a few minutes in the weeks leading up to the end of your term for a deal next year that often times they just send up like a little email. So all of being said, the difference in rates between the absolute best in the total worst, like you might typically be something like, I guess that depends on how much energy you use, but like really talking about maybe like a box for the average person is not nothing. But it's also you know we're not talking about mass mistakes here like we are when he comes to something like shopping around for current.

yes. No, you're right. And the other thing that you can do is there are certain providers that have Better ratings for customer service. And if you find a provider that has offered great customer service in the past, you can ask in check and see if they will match some of the best rates out there on the market. So if you found that they keep those fees low, that they're really good to you and then they're saying, hey, there were neal rate is seventy two cents of thirteen and you're saying, way to second, i'm seeing all these other people offering forty five cents of term. Can you match that often times that provider will say, yeah, sure.

we can do that because they don't want to lose a customer, right? Because it's the same product like that was so ridiculous about natural gas in particular is that there is no different cities between what IT is the providing because it's all coming through the same types. Literally no one has to come out to your house.

Literally the exact product to lip a switch like it's just is really fascine because it's the entire business model is based on a ntia bias. IT makes me think about, uh, my internet. Recently, joe IT was the promotion that we're on, came to an end, and I saw our exciting ity internet belt shoot up to seventy one back.

I did not like that. So one evening, when I was doing some budgeting on my computer at home, like I do, I fired, everyone can picture that. I think I fired up the every snugly on, no, I called, but I would in order to say, on gas Prices.

But I fired up the live chat for examination, and I told them my prediction. And am I K guys? I was as before as paying forty box or something.

And you know, this is what A T N T is offering all that to say they were like. Yet we'll do that. He said.

It'll be good for a year. blah. I was like, great.

Sounds good. Sound like I was good to go. I was not good to go. And when I got my next bill, IT was still at seventy once, so I had to actually hop on the phone.

So that's when you go over their headquarters .

and you feel annoyed, they are trying to make IT hard on you. And I had a hop on the phone, and what they said was that you have to confirm via text or via email, you have to confirm and approve of the new plan. And so i'm all good to go.

But similarly, right, let's a utility company like your internet is counting on is a natio bias. They're counting on you not wanting to jump to the hoop s are counting on the hassle of having to hop on the phone with somebody and was gona happen. Is that if you just stick with them, you're not this quickly wheel. They are gonna bump you up to a more time of plan. The same thing is true when IT comes to natural gas are gonna bump to that variable rate in most people are going to just think I natural gas Prices have gonna will know the Price that you are paying perform that has gonna chances are natural gas actually hasn't gone a in loyalty.

typically a good thing in so many areas of our lives. But when IT comes to our relationship to different companies or brains, that loyalty often costs you. And so give to be careful, be careful about just staying put because it's the easy thing to do because I could cost you big money and and I think that kind of what you highlighted to yeah variable rates. By the way, any time I hear somebody on a variable rate, I want to say he added that possible because that's .

good yeah and you said you could cost you big. We're not talking about a large amount of money here, right? Like it's truly if you .

look at a very able fixes more, but it's just the wrong fix is less.

yeah. But I think a lot of might be thinking us and how much money guys, but what we're talking about here is the compounding effect over that because if you always take that mindset and that approach to IT, well, think about how this is going to impact you, not just in this one utility, but across all your utilities, across all things that you purchase over the course of your lifetime, talking about literally paying more for everything, if you take that sort of approach as a poster like treating IT like a game, right? We're like we see the new Prices come in. And as you see the hand going to turn the heat like that, when you're jump and you're like, no, no, no, as my money I know I came to I want to see you working to call your .

money back and a lifetime .

of margin ripped off. That's right. But right. So we've more to get to. We're going to hear from a listen who who's looking to sock away a tonne money for his son will get to that right after this.

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is not guaranteed. I met back and we're going to get to the facebook question of the week. Guess we do. This question comes from luke. He's got a fact twenty question for us.

He says I recently had a baby congress, by the way, and I also recently sold a rental property that wasn't cash lowing enough, planning to split the proceeds to save for our eventual next house. Putting that the total stock market index one to save our sons future, we currently fully fund our routh array, give the company match and the hsc. We've got that too.

So we've covered on that front. Normally we would think to do a five forty nine plane, especially since you can now transfer into an ira if you don't need IT for education. But my thought is I would like to use that money to help them in their Younger years, to tell my story of Younger years. Even if IT doesn't, they don't need to for call a drink. And in that way, a five, nine planes still seems really restrictive, is very Better option besides starting separate array for them and paying the capital gain stacks whenever we sell the stocks .

when we need the money. right? what? Yes, sounds like lucas just got that cash fusion. He gets some time back in his life. Well, specifically because of the sale of the house. I guess if you can't have the baby, he plan as long less money in less time and is like so managing .

that rental properties big again in the bus sometimes.

but it's overall great trade off.

I say you're trading a pain, the bug for like a joyous pain like I don't know.

remember the baby days, but like we spent so much time, just like watching, especially like you're first first one and so like you can go in, cancel netflix, get in the max, you just going to watching the baby, do like baby stuff, just the first mile, the first role over all that kind of stuff. Yeah, I love look at his kind. I don't know what you did with your retirement account.

He's not selling an investment to enjoy all that cash. Now he that kind of earmarked as an investment. So he's looking to continue that.

Appreciate that. Yeah, yeah, I think like this, not cat alone. Well, let me sell IT and bring all that money back in my life.

right? To do something positive of the proceeds keeping invested. He's looking for the best pats to take. He's also doing the other stuff that we always recommend as well, right? Maxing out the rough, taking advantage of the ha is using IT. The way we like to see folks use IT, which is as a retirement account, not as pass through account for medical expenses. And so luis is talking about doing extra here, which is that's a great position to be in.

right? Is like one of the star students, like he wants some extra gold stars on his paper. I think the main thing he's rustling with because you can talk about optimizing your accounts and your returns until the dogs come home.

But you might find that you've not optimized for the thing you actually want out of your life, right? So should you save your child's college future? That's something that people viscerally react to. It's like, of course, I don't want my kids to enough college that so I feel like I compelled to do this same thing if IT means that I don't have enough money in the here and now for some of the other things we want to enjoy. Or should I may be, be even investing those funds in a less restrictive way, that kind of the heart of lucas as question.

And I think it's important to mention that we don't love for people to invest in a five twenty nine plane until you in money or seven, like we want you maxing out your own retirement accounts before you sucked away money into effect twenty nine plane. We don't want you to get the cart before the horse but even then, it's possible to stick too much in your five twenty nine plan even if you're in money or seven to the detriment of current spending on things that matter for your family and your your growing child. Now i'm talking about private school.

I'm talking about trips, museums, extra curricular activities met. Sometimes people are so focused on the I don't want my kid to take on any sort of college debt. Then maybe they're not funneling enough money towards experiences that are going to meaningful opportunities that are going to brought in their horizons and experiences that are going to matter to them.

They're going to remember for years and decades to come. So just don't prioritize this five, four thousand nine plane, I guess, to the exclusion of some of those things maybe that you can provide. Your kid in those early years that are gonna there make a big difference to their for their future total.

And with you have a baby, you're a few years away from maybe him being able to actually remember that. But something certainly something to keep in mind. But like five twenty nine plants, they have gotten a lot more flexible in recent years, which is great.

But we still think that five twenty nine plans get recommended too highly without fully acknowledging the tradeoff, the restrictive nature. But one thing that lucas is asking about is sticking money into an ira for his son. Well, that's a tough thing to pull off because you can't do that unless he has actual earned income.

If you're looking to get money into retirement account for his future, well then we're back to the five twenty nine plane because you can change those five twenty nine plane funds into rough funds four years on down the road. But if you feel like you need that money for them sooner than those college years, we're probably talking about a high yellow savings account or a taxable broken age account. I guess that kind of depends on just the time frame whether or not we're talking about medium term or if this is something, I guess like he said, thinking about getting them set up um maybe into like when they're launching into early adult hood where college may not be on the table. I think maybe he's talking about that. And if that's the case and certainly that's a long enough time frame free to .

investors dollars yeah. And if you're talking about that matter for talking about these are dollars for when they turn seven thousand and and eighteen, you can do the five twenty nine to roth plan because over time you're able to a convert thirty five thousand dollars from five twenty nine dollars into rock dollars. That is something like worth putting on your radar.

And maybe you want to to do half and half maybe do half in the five twenty nine plane that you plan to either use for college or convert to rock and in the other half you put into something like a taxable broker. Jack, I like you mentioned, IT would be in your name um but that could be one of the best options, right yeah you would be talking about paying capital gain tax, right if you held your positions for longer than a year when you sold those positions. But that allow those dollars to have the most flexibility so if you do say, listen, I want to use this this this money ten years down the road or twenty years down the road.

Well, you get to pick and choose based on kind of the need at the time. And this is kind of a tough question because we don't really know what you know, what you're hoping to use those funds for or the exact timing are planning on spending those dollars. And i'm guessing you probably don't know that either you want something sort of flexible.

So I guess our basic tips are to prioritize your own financial future first, do not neglect current education or experiential. Needs and desires. And if you've done those things that have a long enough time line, a five twenty nine account maybe combined with the tax broker account, maybe taking the best of both series.

the best choice was difficile about what you're calling kind of like the experiential of, are all about this sort of formation activities that can shape your son into who he's gonna be. But what's tRicky about that is that a lot of times I can look like lifestyle inflation. So you going to have to make sure that you've thought long hard about why IT is that you're doing certain things.

Yes, they can be an added benefit that well, this is fun and also IT is developing them, but at the same time, not writing off to and expenses that are one hundred percent life style inflation. Let's safer like you in your partner or you and your wife that don't benefit the kid at all. Yeah and there's no money set aside for you know.

when they turn eighteen. I mean, makes me think just to give an example of that trip to D C. Mat, I would much rather spend, and an honest, wasn't that expensive to take my eleven in nine year old daughter to dc for fall break for few days. The cost was memorable, especially considering all those special ids are free. But that's the kind .

of going to something, make, make. So take the age well.

so that was a really impact of trip for me and for them and and I would so much rather spend my money on that because more into a five twenty nine play.

And dude, yes, we're talking less about set like creating this massive accounts for kids to inherit or like have automatically when they hit a certain age as opposed to being able to spend in the here.

Now like I would and even like we said, well, like we're kind of promoting you sticking that money in a broker account even if that is money for them, right? So you're not necessarily spending IT on like all of these once in a lifetime experiences and you you're not going to go had long in that direction, but the ability to invest some of us dollars so that when the time comes and you do want to be able to set them up for their future, I guess what I hear you saying is that maybe, look, go to college and if so, you want to build to have the funds on hand to keep taking on massive amounts of student loans, right? I get that, but that sounds like you're also thinking about what if they want to started a business.

And I think the ability for you to have invested dollars that you can then just simply gift them when they are a Young adult, right? Like we're talking about eighteen thousand dollars every single year that you can give them. That's completely excluded a from the irs.

This is not only you but the new Andrew wife. So we're talking about thirty six thousand dollars every single year. That's a ton of money. And i'm not sure how much money were talking about, maybe he's even beyond. But for a lot of folks, the ability to keep that money in your name just to kind of be able to stain in the gap, that's my goal as a parent. For when my kids are kind of launching off into adult od to canna be there to have incentivized them to do something awesome, but not fully removed the in like the drive or the burning that's gona cause them to get out there and make IT. But then you can kind of step in at the right time and find ways to keep them out of the worst .

forms of dead things. Super charge what they are doing, like doing IT for them. Yes, supercharge the course if they want to do, because you have planned ahead, instead of just a from the get go saying, i've got this pat light out for you and I got all this money they are waiting for you IT gives you a chance to be a little more thoughts about how and when you deploy those dollars.

And of course, this this is not that we're against five point nine planes. I've actually got much Better in recent years. We ve talked about that too matte.

We like that more than we used to. But we also think people are cannot be overreliant of five, twenty nine planes. They started doing them too soon. If if resources were unlimited. Sure, we do all the above, but for most people, five twenty nine planes are like the last thing they want to protein when IT comes to investment strategy and planning for their kids future. But I just come back to my first party from this episode is the beer weren't enjoying on this one somebody .

to listen questions how you're going to take you back to the pension.

I am thankful for that. But let's let's about this beer by monday night. Bring is called stranger danger.

IT is a burbo bert aged peanut butter cup, imperial milked out. It's perfect post television beer. I think IT really is.

What do you think we were? Are you picking up on.

uh, serious peanut notes? For sure, I really, but I thought they could, but I thought they were like the opposite. You just said I was picking up on them, but not like they weren't overly intense.

I feel like I was like, slightly nudity. I was expecting, like I thought, something of Better doubts where I felt like, ever you get that. What is the powder pino butter from costco to fit? Yeah to put to put smoothes, whatever that's awesome.

I love the flavor of that, like the ability to throw that in, flex some bananas and what's whatever kind of smoothly your shake you want to make. I think I was kind of expecting that, and I wasn't getting that at all. But I was picking up on like a nuttiness, almost like kind of a earthy earths to IT, but less the actual sweet pb, where I felt like I was like china down and rast cups.

And I was going, say this, this bear to me, the the based double really was the heavy hitter. yeah. And those alternative, like lightly implemented, a thing to accentuate the base beer that was created, which i'm all i'm, because sometimes the ad junks can dominate a beer. So I like when like the beer itself is the highlighting, the adjuncts s kind of .

take a backseat. Totally agree.

So IT was an asian burden barrel and makes me wonder if these, this year was aged in, is a gym m beam, like whenever urban maker or a stiller that makes gb all their burbs kind of have, like the sort of peanut, like a null sort taste? Remember talking about we did we talk about that actually at the gm b distill when we went there? Is I wonder if just the ability to H, B, A in those beards would give IT that favor? Got to enjoy them tasting.

That's a cool. The city too. Super nice. The restaurant, because we had an amazing meal there.

Did we ever talk about that? This is like a restaurant couple years ago, but gb is just kind of like is a lower shelf, but is not like one of the big fancy ones that expect to be amazing. But you go to the actual distillery in that kitchen, that restaurant that they had IT .

did IT was phenomenal, was on flink, right? That's going to for this one time, right? We'll think um to some of the resources we mentioned up in the show notes on our website at how to money that com. We ve got just tons of extra resources there for you. Two new articles being published and don't forget that how of money newsletter as well sign up for that why you're there matters going to do IT for this one until next time best friends best is out.

You was in the party one.