0:00

You're a podcast listener, and this is

0:02

a podcast ad. Reach great listeners

0:04

like yourself with podcast advertising from Lips

0:06

& Ads. Choose from hundreds of

0:09

top podcasts offering host endorsements, or run a

0:11

reproduced ad like this one across thousands of

0:13

shows to reach your target audience with Lips

0:15

& Ads. Go to

0:17

lipsandads.com now. That's

0:20

L-I-B-S-Y-N, ads.com. Today

0:23

on Radical Personal Finance's live Q&A. Welcome

0:41

to Radical Personal Finance, a show dedicated to providing you

0:43

with the knowledge, skills, insight, and encouragement you need to

0:46

live a rich and meaningful life now while building a

0:48

plan for financial freedom in 10 years or less. My

0:50

name is Josh Raschitz. I am your host. Today

0:53

is Friday, May 10, 2024. And

0:56

on this Friday, as I do on any

0:59

Friday in which I can arrange the appropriate

1:01

technology to record, we do live Q&A. You

1:03

set the agenda for these shows. It's all

1:05

up to you. Here

1:14

on Radical Personal Finance, Friday is Open Line

1:16

Friday. You can call in, talk about anything that

1:18

you want, raise any topic that you want, ask

1:20

any questions that you want. It can be personal

1:22

in nature. We can talk about your situation. It

1:25

can be general in nature. We can talk about

1:27

any theory, any philosophy that you have, any questions.

1:29

You're welcome to raise any beefs you have with

1:31

me, any points of disagreement. I enjoy that. I

1:34

think that good interaction provides us with a good opportunity

1:36

to get closer and closer to truth in our society.

1:38

And so I love it when you guys do that.

1:41

If you would like to join me for one of

1:43

these Friday Q&A shows, you can do that by

1:45

going to patreon.com/radical personal finance, patreon.com/radical personal

1:47

finance, sign up for support the show

1:49

on patreon. And that will gain access

1:51

for you to one of our Friday

1:54

Q&A shows. And then you'll be able

1:56

to join me next week. We

1:58

begin today with Shaw in a live show. Ohio. Shaw, welcome

2:00

to the show. How can I serve you today? Hey,

2:03

Joshua. Thanks so much. I

2:05

have two questions if we can get to both,

2:07

but one is more pressing. My

2:10

wife and I recently welcomed our baby girl.

2:12

Congratulations. Thank you.

2:14

Thank you. And the baby came

2:16

early. So she came in 26 weeks and

2:19

we're dealing with some NICU stuff. Yes. Not

2:22

the home birth that we were anticipating. No.

2:25

But certainly grateful for the care that we're getting.

2:29

One thing that has come up is that

2:31

we were trying to avoid giving the baby

2:33

a social security number.

2:37

Hold on. For various reasons. Hang on

2:39

just a moment. You broke up right when you were saying

2:41

we're trying to avoid giving the baby. The error in the

2:43

process. Hang on one second. Let's get synced up. You're trying

2:45

to avoid. Yep. Hold on. Yep.

2:48

Hold on. You're trying to avoid. Start from there, please. We

2:52

were trying to avoid giving the baby

2:54

a social security number, but

2:56

through human error the paperwork got

2:58

filed and the hospital admitted

3:00

their error to us. So

3:04

my question is about these

3:07

sorts of matters. So there are

3:10

various reasons to avoid having a social

3:12

security number, but I don't know if

3:14

you. The

3:19

number deleted or voided. Apparently

3:22

those could be options for us. We

3:25

are aware that we could get

3:27

passport information for the baby just

3:29

using the birth certificate. And

3:32

that was our intention originally. And I

3:34

don't know from an international escape standpoint

3:37

if having a voided or deleted

3:39

social security number shows up

3:41

in a system in any way that would make

3:43

a border crossing any more onerous than it needs

3:45

to be. Wow.

3:50

First of all, how's

3:52

your baby doing? Is she recovering? Is she

3:55

growing? How everything on the right track? For

3:58

the most part, yeah, she was growing. doing really well.

4:00

It looks like she is dealing with a

4:02

little bit of an infection, but she's responding

4:04

to the treatment. And so, you

4:07

know, continued prayers to God for

4:09

God's grace and for the excellent medical

4:11

staff and all that sort of

4:13

thing. I am enormous for

4:16

all of the commentary

4:18

and things that I have to say

4:20

and try to encourage people and as

4:22

you were undoubtedly hoping for a wonderful,

4:24

easy, smooth, natural birth, I

4:27

tell you what, we need to thank

4:29

God continually for the miracle of cesarean

4:32

delivery. We need to thank God continually

4:34

for the doctors and the nurses and

4:37

the technology that has been developed. The fact that you

4:39

could have a baby at 26 weeks

4:41

and the baby could generally be doing pretty

4:44

well is absolutely amazing. With

4:47

regard to Social Security, your specific question,

4:49

the short answer is I don't really

4:51

have any idea. I would

4:54

love, let me answer your question first and I'd love

4:56

you to tell me and the audience just a little

4:58

bit more of what

5:00

you are hoping to accomplish by the baby

5:03

not having a Social Security number because that's

5:06

not something I have talked about publicly but

5:08

I think it would be interesting to hear

5:10

your perspective. With regard to

5:12

the question, I don't know the process of

5:14

deleting it from the system. I

5:17

have not been through that. I don't know how it's

5:19

done. I don't know if it's done. I

5:22

don't know any of those details. In

5:24

terms of international border crossings, I

5:26

don't think it would make any

5:28

difference with regard to international border

5:31

crossings whatsoever. I've never been asked

5:33

for a Social Security number and

5:35

I'm not aware of any way

5:37

that that particular number

5:40

exists in any kind of

5:42

international context. If you are

5:45

able to successfully suppress and

5:47

delete the number from the

5:49

Social Security system and

5:51

if subsequently you can have

5:53

a passport issued for

5:56

your daughter, I don't think you would

5:58

have any problem from an international perspective.

6:00

perspective. It's just not

6:02

a number. It's purely a tax

6:04

identification number that the United States

6:06

uses to classify and attract people.

6:09

And it's always used in domestic

6:11

affairs, but I'm not aware

6:13

of any use of it on an

6:15

international basis. So that's the best

6:17

I can give you not having gone through

6:19

the process and not having any more inside

6:22

information. Tell us more though about what you've

6:24

learned and what you were hoping to do

6:26

in terms of avoiding the issuance of

6:28

a social security number at all. Well,

6:31

I have to admit, I'm not entirely

6:34

clear all of the reasons. You

6:36

know, some of this comes from being

6:39

in various sort of freedom communities where

6:42

at times people even avoid having birth

6:44

certificates for their kids. My best

6:47

understanding about it is that perhaps

6:50

it makes a difference if at some

6:52

point in the future you are trying

6:54

to renounce your citizenship. And

6:58

it generally just kind of falls under the category

7:01

of trying to provide as little data to a

7:04

system that we feel

7:06

is really corrupt and does not

7:08

deserve our data and is not

7:11

a good steward of our data. I

7:14

would also mention we talked with our

7:16

CPA and at our credit

7:22

is minimal

7:25

standpoint that

7:29

some people have said you would need a social security

7:31

number to claim your child as a dependent, but

7:34

it's not clear that we would really be

7:36

getting much financial benefit from doing that. Right.

7:39

So let me just give you my thoughts. If

7:41

you were calling me up and you

7:43

were just asking me the question to say, hey Joshua,

7:47

should I get my child a social security number

7:49

or not? Let me just give

7:51

you what I have thought about on that subject

7:53

and you can factor it in to any other

7:56

research that you have done. When

7:58

I had my first child, I hadn't really thought about it. about

8:00

this and so I just went down kind of

8:02

the standard route. I assumed that what you should

8:04

do for children is get their social security numbers.

8:07

I assumed that that was the right thing

8:09

to do and that was of course the

8:11

normal path and as always the normal path

8:13

is always the easiest path. Then

8:16

I started looking into it, I can't

8:18

remember which child it was and

8:20

I realized oh it is possible to

8:22

not have a social security identification number

8:25

for a child. It is possible and

8:28

at the end of my inquiries

8:30

some years ago though, I came

8:32

to the conclusion that it is

8:35

possible but it makes everything continually

8:37

difficult and you

8:39

need to be very committed to it in

8:41

order for it to work. So

8:44

I respect any

8:46

person who is so committed to his values and

8:48

his ideology that he is willing to do extra

8:51

work. You will always find me a

8:53

friend in your corner to say good for you for doing

8:55

it but it is important going

8:57

in that you understand that it is challenging

8:59

and difficult. I would love

9:02

to see the entire use of

9:04

the social security number disbanded.

9:06

I think that would be in

9:08

the spirit of what

9:11

it means to be an American.

9:13

Americans traditionally have famously been suspicious

9:15

of any kind of national identification

9:18

number and the social

9:20

security number is a cultural

9:22

aberration in the broad scale

9:24

of history of the

9:27

United States. It is a federally

9:29

issued identification number that

9:31

is done on a federal basis that is used for

9:33

tracking, that is used for all kinds of purposes. What

9:36

I have noticed however over the years is

9:39

that it was a backdoor program.

9:41

My social security card says very

9:44

clearly on it, this document

9:47

is not to be used for identification

9:49

purposes. It is exclusively for basically interaction

9:51

with the social security administration. If

9:53

my memory is correct, my children's cards, they have

9:56

removed all of that. And So all

9:58

of the skepticism that we have, That Americans

10:00

formerly had about the issuing of

10:03

national identification numbers has seems to

10:05

have broadly disappeared, and now most

10:07

people seem to be pretty accepting

10:10

of national identification numbers, and the

10:12

So Security number itself is used.

10:15

As a as a form of identification that many people

10:18

request as you well know you go to the doctor,

10:20

going to the dentist you could all kinds of places.

10:23

They. Ask for you sir Security

10:25

number of So from a freedom

10:27

governmental perspective adequate. My question just

10:29

doesn't really matter. And also so

10:31

first while doesn't really matter and

10:34

number two, is it the most

10:36

effective approach speaking to Doesn't really

10:38

matter. It might and again,

10:40

I'm firmly in favor of anybody who says

10:43

this is my conviction and I'm gonna follow

10:45

through on it's it might ultimately matter, but

10:47

I'm not convinced that it. It's. Gonna

10:49

be that big a deal in the

10:51

fullness of times. Whether you're registered with

10:53

a So Security number or not, whether

10:56

you registered with a name or not,

10:58

there's going to be some form of

11:00

files. Were. Identification with associated with

11:02

you. And. It's not that hard.

11:05

For and intrusive government to create

11:07

some tracking mechanism now, you can

11:09

certainly make it a lot easier

11:11

on them by giving them a

11:14

So security number and registering every

11:16

one duly. but it's It's totally

11:18

doable and I think that we're

11:20

probably with the with the continual

11:22

collection of biometrics were probably did

11:25

the the the nightmare dystopian scenario

11:27

is that it's largely done based

11:29

on biometrics rather than anything else

11:31

and any time you interact with

11:33

the government's if you. don't have

11:35

this or security number it makes your

11:38

interactions more difficult and you could argue

11:40

that it raises your profile i tried

11:42

to do a passport application for one

11:44

of my children born abroad without the

11:46

issuance of so security number and i

11:49

found it very difficult and ultimately i

11:51

wound up getting a so security number

11:53

and and registering on on that basis

11:55

now wasn't committed so it's possible that

11:57

it could have been done by somebody

11:59

who is more committed than I was.

12:02

But I just found it very difficult

12:04

and I think that it raises your

12:07

profile. And with the advanced integration of

12:09

biometrics, I think that that's probably a

12:11

bigger concern than something like

12:13

a social security number. From

12:16

a day to day basis, I think

12:18

that your child would face, not

12:21

having social security number, your child will

12:23

face many, many challenges. Now, if you

12:25

could get a passport issued without a

12:27

social security number, that would be helpful.

12:30

I don't think you're gonna get a passport issued

12:32

without a birth certificate, so that would seem to

12:34

be extreme. And if you wanted

12:37

to live the kind of lifestyle in which

12:39

you were totally off the

12:41

grid, living within

12:43

the borders of the United States, but

12:45

not engaging in kind of

12:47

the normal things, flying, going abroad, then I

12:50

think I would guess that you could do

12:52

that, but I don't think you could do

12:54

it without, I don't

12:56

know that you could get a passport without a

12:58

birth certificate. I think the biggest challenge you'll face

13:00

is the new real ID requirements.

13:02

I'm personally persuaded that,

13:05

so if you look at the history

13:07

of a national identification number, Americans

13:10

voted against it time and time and

13:12

time again. I'm convinced

13:14

the Real ID Act was basically

13:16

a backdoor pathway to a national

13:19

identification number. Is that

13:21

after failing many times at establishing a

13:23

national database where each citizen of the

13:25

United States is numbered and counted on a

13:28

national basis, that the Real ID was basically

13:30

the way of getting at that. And I

13:32

have not observed, since the implementation of Real

13:35

ID, I have not observed

13:37

any cultural pushback against that, most people don't

13:39

seem to realize, they don't seem to care,

13:42

basically everybody has become Real ID

13:44

compliant. And if you look at

13:46

kind of the broad acceptance of

13:49

biometrics, it's pretty astonishing.

13:51

Just as a example,

13:53

I always refuse biometrics

13:56

when leaving the United States. The United States has

13:58

now integrated an... automated biometric

14:01

camera-based system for

14:04

leaving the United States on an airplane. You've seen this at

14:06

the airport when you go to get on an airplane. I

14:08

always refuse and that refusal has

14:10

been easier in the past. They

14:12

specifically state, hey, you can refuse

14:14

and that refusal was easier in

14:16

the past. This last time

14:18

that I refused, I stood at the

14:22

gate. I was the first one in line for

14:24

boarding my flight with my wife and children and

14:27

I refused biometrics. Normally, when you

14:29

refuse biometrics, the airline staff comes

14:31

over and threatens that they need

14:33

to call Border Patrol and that they're going to

14:35

send an agent over. Then you say, look, I'm

14:38

a US citizen and they frequently check your passport

14:40

and you're through a couple minutes later. I

14:42

stood there for 45 minutes with my wife and

14:44

children right next to the line

14:47

because they refused to let me

14:49

board without sending a Border

14:52

Patrol officer to

14:54

manually inspect my passport so that

14:56

we could board without biometric identification.

14:59

I stood there and they threatened in multiple ways.

15:01

The airline agent said, you're probably going to miss

15:03

this flight because Border Patrol can't come very quickly

15:05

and we're not going to let you board unless

15:08

you do that. I said, listen, I

15:10

was here at the very first. I'm on time.

15:12

I don't know what my rights and rules are,

15:14

but I'm here. I'm ready to go. I've got

15:16

everything lined up. I'm simply refusing biometrics. We went

15:18

back and forth. They called Border Patrol, went back

15:20

and forth, looked at my passport. Finally

15:22

after 45 minutes of intimidation, they finally let me on

15:24

the airplane. In the meantime, I got

15:26

to sit there and watch the entire flight board and

15:29

I was the only one and I and

15:31

my family. We were the only ones who

15:33

refused biometrics. The

15:37

counter argument, someone would say, well, look, Border

15:39

Patrol deletes the information very quickly for US

15:41

citizens and somewhat more slowly for non-US citizens.

15:43

All right, maybe all that's true. Maybe

15:46

people have just accepted it, but it's pretty obvious

15:48

to me that if we've got a plane of

15:52

150 people and I'm the only one out of 150

15:54

people who refuses biometrics, it's

15:57

pretty obvious to me that this person is going to

15:59

be a perspective of kind of

16:01

opting out is not culturally possible.

16:04

It's not culturally strong. Not many

16:08

people are – I'm in a

16:10

very, very small minority. And you trying

16:12

to avoid the issuance of a social

16:14

security number for your child, you're in

16:17

a very, very small minority. So

16:19

the question is, is this actually

16:21

the best solution? And

16:23

I've pretty well decided that

16:26

it doesn't make sense to try to

16:28

live off the grid because

16:30

it's not really doable.

16:33

It's not

16:35

really plausibly doable in

16:37

today's world. And when you do

16:39

it, because you're so culturally out

16:42

of place that you probably have a

16:44

higher profile than if you don't

16:46

do it. And so I

16:48

have two arguments. Number one, that

16:51

when more data is created, that

16:53

doesn't necessarily mean that the individual

16:55

risk is higher. Because now there's

16:57

so much data being created that

16:59

more and more stuff can

17:02

fall through the cracks. And so I don't

17:05

know that just because they're collecting

17:07

more data, just because people are

17:09

all being issued with social security

17:11

numbers basically automatically, I'm not sure that

17:13

that's the great danger for freedom

17:16

and liberty as some people think

17:18

it is. Say goodbye

17:20

to your credit card rewards. Greedy

17:22

corporate megastores led by Walmart and

17:24

Target are pushing for law and

17:26

Congress to take away your hard-earned

17:28

cash back and travel points to

17:31

line their pockets. The Durbin Marshall

17:33

Credit Card Bill would enact harmful

17:35

credit card routing mandates that would

17:37

end credit card rewards as we

17:39

know it. If you love your

17:41

credit card rewards, tell your lawmakers,

17:43

hands off my rewards. Tell them

17:45

to oppose the Durbin Marshall Credit

17:47

Card Bill. But

17:49

more importantly, I think that

17:52

the best form of defense

17:55

against this is not to

17:57

try to be the individual going up against the

17:59

government. rather to go and get another government

18:01

on your side and to get your governments going

18:03

at each other. The

18:06

problem especially if you didn't have a birth certificate

18:08

issued is that you may be able to live

18:10

in the United States but you will never be

18:12

able to get another citizenship without that

18:15

birth certificate from the United States. You'll never be

18:17

able to get a third

18:19

citizenship, a fourth citizenship. You'll never be able

18:22

to get multiple governments on your side. I

18:24

think that that's the reason I have emphasized

18:26

so much what I've emphasized in international skate

18:28

plan stuff is that I'm

18:31

pretty persuaded that governments do

18:33

not respect citizens. They

18:37

only respect other governments. So

18:39

the primary, the most important thing is

18:42

to get other governments on your side

18:44

not to try to be the person going up against

18:47

the government especially when you're one out of 500, one

18:49

out of a thousand perhaps. Maybe

18:52

that's too much. Maybe it's one out

18:54

of 500 or one out of 300 in terms

18:57

of you against them because

18:59

almost any kind

19:02

of track that you take,

19:04

almost any path of resistance that

19:06

you take against tyranny, if

19:09

you're one out of a hundred then

19:11

all of the fellow citizens are

19:13

going to line up and do everything they can

19:15

to help the government squash you. What

19:19

I decided on is that that pathway

19:21

of resistance while I

19:23

respect you and anyone else who does

19:25

it for doing it, I don't think

19:28

that pathway of resistance is the most

19:30

fruitful which is why I've not encouraged

19:33

it. Those are just some thoughts for you to think

19:35

about. As I say, I

19:37

don't know the answer to your specific question. Go ahead

19:39

and give your response and then go with your second

19:41

question please. Yeah,

19:43

thank you. I appreciate your thoughts

19:45

and it's a lot to think about

19:47

and I think I tend to agree with you. The

19:50

second question was about a

19:53

whole life insurance policy and I think it

19:56

probably would suit more of like a consultation

19:58

call sometime. So,

20:01

the one question I have instead is,

20:03

didn't you do a podcast about

20:05

men's values and is

20:08

that still available? Is that something that's still

20:10

out there? Was

20:15

it with your father or with somebody

20:17

in your family? Right, I did, yes.

20:20

Encouraging Christian Fathers is what that is called.

20:22

It's a podcast that I did for quite

20:24

a while with my own father and I

20:26

haven't updated it in several years but I'm

20:28

intending to update it again soon. But it's

20:30

still available wherever you listen to podcasts. It's

20:32

called Encouraging Christian Fathers. Great,

20:35

I will check it out. All right, that's it.

20:37

Thank you so much. Thanks. It's

20:39

good to hear from you and may you have strength and

20:41

courage and wisdom as you continue to fight for your daughter's

20:44

life. Jason in Kentucky, welcome to the show. How can I

20:46

serve you today? Oh,

20:48

hi, Joshua. Greetings. Great.

20:52

I was at the family camp. Wonderful.

20:58

And you asked me to call in with my

21:00

question. Yes. So

21:03

I got a chance today to do that. So

21:05

kind of a spinning off of the

21:07

first caller's concern about receiving a full screen

21:09

number of her. So I'm

21:13

actually calling about, you

21:15

kind of surprised me a

21:18

few episodes back about UTMA.

21:21

And we were having, we started

21:23

having this conversation about how

21:26

I actually feel like UTMA's are,

21:29

I think just greatly overlooked, fairly

21:31

undervalued and that there's a lot

21:33

that parents, if

21:35

they're engaged in it, can

21:37

deal with the UTMA. And

21:40

I guess for context for those who don't know that

21:43

being like a universal

21:45

transfer to minors where

21:48

that account belongs to the child, but there needs

21:50

to be a custodian who uses a parent who's

21:53

legally kind of running

21:55

that account, administering the account until the

21:58

owner returns to campus. and become a majority.

22:03

So yeah, I wanted to

22:05

make my case for why I am enthusiastic about

22:07

it and kind of see what

22:10

you think. I'm so glad that you called

22:12

in. So let me just state what I have said

22:14

previously for context and then I want to hear your

22:16

counter case. So the UTMA

22:18

account, Uniform Transfer to Minors Act

22:20

and UGMA account is

22:23

a custodial account that an individual

22:25

can put money into for the

22:27

benefit of a minor. And

22:30

then that allows the minor to receive money

22:33

and there's generally no tax consequences to

22:35

it. It just sits in the account

22:37

for them until they are a legal adult which is

22:40

usually 18 years old. And

22:43

then at the age of 18, they now can use the

22:45

money. They can do whatever they want with the money and

22:48

it's freely theirs. And what I stated as

22:50

far as my position is that

22:53

I'm skeptical of UTMA accounts. Well I think

22:55

I could design a circumstance in

22:57

which I think they're the best they are. I

22:59

could probably design something where they're useful especially

23:02

if we get into ownership rules

23:04

and we have

23:07

very specific needs from

23:09

a tax and ownership perspective, then

23:11

it could be useful that my big concern

23:14

is that it doesn't allow the

23:17

giver of assets to control the

23:19

money once the child is an

23:21

adult. And

23:24

so you've got a drug addict

23:26

loser son who turns 18 and

23:29

all of a sudden has full control of the money and

23:31

he can do whatever he wants with it now and

23:33

it's enabling bad decisions. And

23:36

the rebuttal that people usually give is well, that's

23:38

only if he knows about it. And my point

23:41

is that you have a fiduciary duty to inform him

23:43

about it. And so now you're

23:45

creating a scenario in which the minor knows that

23:47

I'm going to have access to money and you

23:49

don't have the ability to pull it back. So

23:52

that was the basic argument that I present generally

23:54

when I'm asked about it. And now

23:56

I want to hear your rebuttal tell us kind of what

23:58

you love about the UTMA and and why

24:00

you think it's so useful. Yeah,

24:03

and I agree that is

24:05

definitely a risk. And

24:10

for that reason, I would not, I

24:14

would discourage someone from having like

24:16

$100,000 in the UCMA or some,

24:18

you know, amount of money

24:20

of substantial value that because that

24:22

risk is too great.

24:24

But yeah, but basically what I've done

24:26

with our kids, I mentioned the Social

24:29

Security number because as soon as they were born and

24:31

we got the Social Security card in the mail, first

24:34

thing I did was opened UCMA accounts

24:36

for each of them and

24:39

put in a little bit of money and bought a

24:41

few stocks for them. And so

24:44

they're one month old and, you know, can't talk

24:47

but they already own some assets. And for

24:50

me, you know, it's not

24:52

about like trying to take the greatest

24:54

stocks in the world or to

24:56

make the millionaires before they actually do

24:58

not want them to be millionaires before they turn 18 unless

25:01

they earn it themselves. But

25:04

it's just about kind of instilling the

25:06

value of ownership and

25:08

for them to, as they grow

25:10

up and as they become capable of

25:12

understanding a little bit

25:15

of, you know, what does it mean

25:17

to own something or does it mean to,

25:19

you know, what do companies do? You

25:24

know, so like, you know, for example, it

25:26

could be easy choice of things like gaming

25:28

companies or things that kids are involved in,

25:30

they engage with, you know, that they

25:33

can relate to it. And, you

25:36

know, as they get older to kind of

25:38

teach them, okay, here's what you own, here's

25:40

what that does and what that means. And

25:43

here's how that can benefit you

25:45

in the future. And

25:48

then, of course, especially when you

25:50

get into those years like around 10

25:53

to 12 years of age, where

25:55

they can start to, where they start to have

25:57

interest and they start to emerge with their talent.

26:01

to say, okay, here's some

26:03

signs that so far

26:05

I've just been invested in stocks and that's fine. But,

26:08

you know, we can take this and I can help

26:10

you as the

26:12

responsible party and to say, hey,

26:14

what would you like to do? What are some things you

26:17

could explore? And it might

26:19

be spending it on a plane ticket to go

26:21

to a certain country they would like to see,

26:23

or it might be starting a business. It might

26:25

be, you know, we'll see

26:27

what it is, if their interests emerge. But to

26:30

kind of use it as something that's kind of like the opportunity

26:32

file. And

26:35

I envision something like between $5,000 to $10,000, you know,

26:37

as far as like a dollar amount in my head.

26:40

And it's enough to do something really cool

26:42

with. It's not, but it's not too

26:44

much money. And

26:48

then, and essentially the

26:50

goal is to use it well before

26:52

they reach the majority. So we never

26:54

worry about them being irresponsible with it

26:57

that then it gets used probably

26:59

before they even start to drive, you

27:01

know. And so

27:04

that's kind of the goal, the game plan. And

27:07

that's kind of where I see if there was a radical side

27:09

of it that that it kind of becomes

27:11

that opportunity file where I have a reason to

27:13

teach them about those things because they have that

27:16

and it really is there, it legally is there.

27:19

And then we can transform it

27:22

into something even more valuable with those experiences

27:24

they have. You know,

27:26

if this goes the way I envision it.

27:28

So I'm seriously sorry. I

27:32

can see the argument and I think it's a good one.

27:34

And so the first distinction

27:37

I would make is there's

27:39

a couple reasons why the

27:41

UTMA in what you're describing,

27:44

why the UTMA is an appropriate

27:47

scenario. First,

27:50

you're not, in what you're describing,

27:52

you're not trying to accumulate significant

27:54

assets. You're not trying to accumulate $150,000

27:56

for a college education. do

28:00

that in a UTMA account. So

28:03

if we compare the UTMA against something like a 529

28:06

account, if somebody's goal

28:08

is to accumulate a six-figure

28:10

sum for the child's future

28:13

benefit, I would say a 529 account is

28:16

usually going to be a superior choice

28:19

because what it allows the parent to do

28:21

is to retain control

28:25

over the money and it is

28:28

tax advantaged. One of the downsides

28:30

of the UTMA account is it's subject

28:32

to the kiddie tax. Any

28:35

taxable earnings in the account are

28:38

taxed, the first $2,500 I think, the first $2,500 go

28:44

to the child and normally would

28:47

have a 0% tax rate, but beyond

28:49

$2,500 of taxable income

28:52

in the account, unearned income, that's

28:54

taxed at the parent's marginal tax bracket.

28:58

So due to the kiddie tax rules, that's

29:01

why UTMA accounts are not appropriate tax shelters

29:03

for wealthy parents who are trying to transfer

29:05

assets to their child to get them out

29:07

of the parents' taxable assets

29:09

to lower the tax rate. You can't because the

29:12

assets are going to be taxed at the parent's

29:14

highest marginal rate, although you could argue that

29:16

it would be the child's money that's paying

29:19

the tax. But anyway, ignore that. So

29:21

for significant funds for

29:24

a six-figure sum, a 529 account

29:26

would be generally a superior account.

29:28

Then the other account that we

29:30

would usually look to would be

29:32

something like a Roth account. And

29:35

so a Roth account could

29:37

accomplish a similar benefit of

29:39

a sense of ownership and

29:42

a similar benefit to a

29:44

sense of ownership, but the Roth account requires earned

29:46

income in order to start. And

29:48

you're not going to be generating

29:50

absent baby modeling, genuine baby modeling.

29:52

You're not generating earned income for

29:54

a one-year-old. So the

29:56

Roth account really can't be started until a

29:59

later time. in the

30:01

child's name, so you're not getting those same

30:03

benefits. Plus, the downside of a Roth account

30:05

is you're teaching the child that this is

30:07

for your retirement and you're not getting any

30:09

of those current benefits of, hey, I'm really

30:11

into gaming right now, so I'm going to

30:13

buy these game stocks and I'm going to

30:15

spend the money on a really great trip

30:17

abroad. You can do all of

30:19

that with the UTMA account when the child is

30:22

a minor, but you can't do that

30:24

with a Roth IRA because it's a

30:27

retirement account that's generally seen for retirement.

30:30

The other important thing is that you're not

30:32

just doing this with physical money or with

30:36

a simple – you're not doing this with physical

30:38

money or physical assets. You're trying

30:40

to establish the ownership of securities. If

30:43

you're going to establish ownership of securities, you

30:45

need an actual legal title to put on

30:47

the account unlike just money that can be

30:50

earned from flipping bicycles and selling lemonade and

30:52

those kinds of things. Then

30:54

finally, you're trying to genuinely instill a sense

30:56

of ownership and you're trying to say, this

30:58

is your money. I may have seeded the

31:00

account for you, but this is your money.

31:03

This is your money that you control. I'm

31:06

just the custodian on it, but you're

31:08

the one who makes the decisions and

31:10

you can gain access to this money.

31:12

If you can invest effectively and grow

31:14

the balance, you can go ahead and

31:16

use this money. This is your money

31:18

and you can do whatever you want

31:20

with it, and it's legally your money,

31:22

genuinely legally your money, but it's not

31:24

constrained in a retirement account and it's

31:26

available to you without any restrictions. I

31:29

think that with that line of thinking, I

31:31

believe you're absolutely correct. The UTMA account is

31:33

your superior option for that. Yeah,

31:37

and especially to think about some of these founders

31:39

and people who have been really ...

31:41

You think about almost anybody, like a bill gate

31:43

type of person who sees jobs. A

31:46

lot of their skills emerged in

31:48

PHO. I think that's

31:50

probably true for a lot of regular folks too. So

31:54

that's kind of what I think

31:56

about generational planning. That's kind of what

31:59

I have in my head. and empowering that undergreens.

32:02

Or maybe using a pro-bop diary, if

32:04

they wanna do that. Totally, totally. And

32:06

what I'm emphasizing, and I think

32:08

you're agreeing with is, this

32:11

is being used as a training

32:13

tool, not as

32:15

a financial, exclusively financial

32:18

tool. So we're

32:20

not trying to reduce taxes, we're not

32:22

trying to move assets, move ownership. We're

32:24

trying to use the laws

32:26

that exist to establish ownership

32:28

for a minor so that he can

32:31

trade stock or some

32:33

variation of that and

32:36

know that it's his money that

32:38

he has full control over, that he

32:40

gets full access to prior to 18

32:42

with your approval and full access

32:44

to whether he has your approval or not after the age

32:46

of 18. And it's not primarily

32:49

a tax tool, it's

32:51

a training tool investing into the child's

32:53

sense of ownership so that he'll take

32:55

interest in the companies that he interacts

32:57

with. Yeah,

32:59

yeah, me, Dr. Wright, yeah. Yeah, all

33:02

right, you've persuaded me, I agree. I

33:04

think that your use case is ideal

33:07

and I agree. I

33:09

think that... Just

33:11

look out for age and majority, be careful with that.

33:13

Right, right. I think that what's

33:15

evident to me from talking it through with you is

33:17

that my brain automatically

33:20

reverts to large numbers and

33:23

I need to be careful when I'm answering a

33:25

question about a UTMA account, I need to be

33:27

careful to specify what amount of

33:29

money are we talking about here because

33:33

when someone says, I wanna set aside money from

33:35

my child, I'm automatically

33:37

mentally interpreting that to

33:40

mean I wanna set aside $100,000 to $250,000 for

33:44

a child's education. And

33:46

I'm saying, well, this is an inferior

33:48

option when compared to a 529 account

33:52

or Roth IRA account for the long term,

33:54

this is an inferior option for that. But

33:57

what I should do is I should be

33:59

more careful to say what amount of money are

34:01

we talking about and what's the goal? Because the two

34:03

factors that you've described of, hey, we're talking $3,000 or

34:05

$9,000, whatever it grows to, we're

34:10

talking modest amounts and we want the child

34:12

to have the confidence of ownership and we

34:14

just need some way of titling the account

34:17

so that he can actually buy and sell

34:19

and trade and do all that stuff on

34:21

a brokerage account or other exchange in some

34:23

way, then I think that

34:25

that makes absolute sense and I need to

34:28

be careful that I don't automatically just

34:30

kind of substitute six

34:33

figure sums when somebody may not be intending

34:35

that. Yeah,

34:37

yeah, but that's kind of what surprised me a little bit. Yeah,

34:39

that makes a lot of sense, but yeah, so

34:43

that may call it a bit, but

34:45

I'm good to reconcile our definition of

34:48

terms, right? Yeah, absolutely. Well,

34:50

awesome, I love that you called in. Anything else you want

34:52

to cover, Jason, before I go on to the next caller?

34:56

That's everything for today. Awesome, well, I thank you again

34:58

for coming to the family camp. I loved interacting with

35:00

you there and look forward to

35:02

connecting with you again soon. It's great to

35:04

be able to put names to faces, to

35:07

voices on the phone. Lauren in Illinois,

35:09

welcome to the show. How can I serve you today, Lauren?

35:13

Hi, Joshua, thanks for taking my call. My pleasure.

35:17

Well, first I wanted to just share an

35:19

impact that your podcast has had on me.

35:22

I was just looking it up and you

35:24

released the Friday Q&A last

35:27

year, March

35:29

6th, 2023, about first tourism. And

35:32

you talked a lot about the

35:36

physical explanation of birthing

35:39

and utilizing midwives and

35:41

just different, you

35:45

just explained very well what the

35:47

process of birthing was like. And it got

35:51

me thinking and I actually got pregnant

35:53

later on last year and

35:55

ended up giving birth. And at

35:57

a birthing center with midwives, it was...

35:59

was like the most beautiful experience. And

36:03

I just wanted to say thank you because I don't think

36:05

I would have gone down the route that I

36:07

did. I probably would have entertained using midwives

36:09

but would have probably done so in a

36:11

more clinical setting like at a hospital or

36:14

something like that. And instead I went with a

36:16

birthing center that had a lot less intervention. And

36:18

it was just, it was amazing.

36:20

And I wanted to share it because I know that

36:23

positive birth stories are few

36:25

and far between when it comes

36:27

to media. Because

36:29

the media likes to share the

36:31

scary stuff all the unknowns. And

36:34

I think especially as a first time

36:36

mom going into it there were a lot of unknowns

36:38

but having gone

36:40

through it now it was just like the most

36:42

beautiful experience. And I know that it was the

36:44

case because there were less interventions.

36:46

There was just, you know

36:49

there were medical professionals involved but

36:51

they were there to do it in

36:54

the most natural route possible. And I

36:56

was just so thankful for it. So I wanted to

36:58

share that with you first. I am thrilled that you.

37:03

At Grainger, we're At. Granger were

37:05

for the ones who specialize in saving

37:07

the day. And. For the ones

37:09

who have mastered the art of keeping business

37:11

moving. We. Offer industrial great supplies

37:13

for every industry with same day pick

37:15

up and next day delivery. On most

37:18

orders are backed by real people ready

37:20

to help. So. You can get

37:22

the right answers and products right when you

37:24

need them. Call. Click granger.com

37:26

or just that. by. Granger.

37:29

For the ones who get it done. First

37:32

of all, you've shared that and that you've had

37:35

that experience. And I love hearing just a few

37:37

murmurs in the background of your little baby. And

37:39

it makes all the difference

37:42

in the world. So I'll just comment on what you

37:44

say. What you said just to say, you know,

37:47

thank you for that. And it's important

37:49

because one of my goals

37:52

as one of my current life goals is

37:56

to do anything possible to

37:58

equip. mothers and

38:00

fathers to have as many children as

38:03

they want to have. I

38:06

think that that's something that we can

38:08

change, especially if we approach

38:10

it holistically. While it's not particularly common

38:12

for a financial planner to talk about

38:14

birthing, I think that there are some

38:16

of the reasons I do it is

38:19

because I think there are some things that we

38:21

can improve about it. Our

38:24

culture has isolated birthing and it

38:26

has created fear in the hearts of women and prospective

38:38

mothers all across the culture.

38:41

I'm convinced that that's largely

38:43

a psychiatric condition that is unnecessary.

38:46

It doesn't have to be that

38:48

way. If

38:51

you listen to experienced midwives who

38:53

have crossed the globe, there

38:55

are cultures in which giving birth

38:57

is just perceived as totally normal,

39:00

generally considered to be broadly painless,

39:02

straightforward, all of that. I

39:05

think that we want to hold two things

39:07

really carefully. We want to hold that birthing

39:09

is a normal and natural process. Being

39:12

pregnant is not a disease. Then

39:14

simultaneously, even as with the first caller

39:17

before you jumped on, simultaneously

39:19

recognize that we need to

39:21

be grateful for the incredible medical technology

39:23

that we have that saves the lives

39:25

of countless mothers and

39:27

babies all in. Before you

39:30

jumped on, the first caller had been

39:32

planning on the birth of their first baby and

39:34

planning for a natural birth. The baby came at

39:36

26 weeks. The

39:38

baby's in the next year. She's doing okay, but she came at

39:40

26 weeks. I love

39:42

that we have both of these calls on here because

39:44

both of them are important. We want

39:47

to have good medical supervision.

39:49

We want to have good modern informed

39:52

highly qualified medical care.

39:56

We want to do it in a

39:58

human context that recognizes. that the needs of

40:00

the mother are really, really important. And

40:03

as you are describing from the words

40:05

that if a mother's birthing

40:08

experience, especially her first baby,

40:11

if a mother's first

40:13

baby birthing experience can

40:16

be a beautiful treasured

40:18

memory for her, it

40:22

transforms her initial

40:25

days with her new baby and

40:28

it transforms the family's experience

40:30

of childbirth in an

40:32

enormous way based upon

40:35

that first initial experience,

40:37

being beautiful. And

40:39

there are, being something that's treasured and that's

40:41

what I try to encourage people. For my

40:43

wife and me, probably our

40:46

most intimate moments together

40:48

as a couple have been

40:50

the birth, the birth of our

40:52

five children because they were simultaneously,

40:55

because they were beautiful and it

40:57

was just us. It's an intense

40:59

emotional experience that is beautiful and

41:01

rewarding. And so I wouldn't

41:04

trade that for a, unless

41:07

it was necessary for the

41:09

medical needs of a child or

41:11

my wife, I wouldn't trade that

41:13

for anything. And yet those

41:15

outcomes are much more probable

41:18

when you're in an environment

41:20

where that's seen as a

41:22

goal that's worthy of care

41:24

to be held alongside proper

41:26

medical care. And midwives are

41:28

highly trained, they're highly trained to watch out

41:30

for, they're there to do a job, but

41:33

that frees you in order to focus on

41:35

the experience and you can have great outcomes.

41:37

And so I want to increase

41:39

birth rates in the world and

41:41

there's a good friend of mine that I

41:43

just consider as almost a perfect

41:47

foil to this, that good friend of

41:49

mine, both he and she

41:51

wanted to have lots of babies and

41:53

they got married, they had their first baby, they

41:56

always thought they would have lots and lots of

41:58

children. was

42:00

so difficult. She was so enormously

42:03

sick and then the childbirth

42:05

experience was so brutal for her

42:07

that they said, that's it, we're done, one child

42:10

and done. And I don't think

42:12

in her case that there's any, I'm

42:14

not arguing that

42:17

anything could have been done differently in her

42:19

case that would have made

42:21

it different. So that's not what I'm

42:23

saying. I'm using it as an example

42:25

to say that if mothers can have

42:27

birthing experiences that are gentle

42:29

and that are warm and that

42:31

are fulfilling and that are intimate

42:33

and that create precious memories while

42:36

they do the hard work of birthing the

42:38

baby, then it can

42:40

completely transform their

42:43

attitudes towards motherhood, our societies, we

42:45

can do it better and we

42:47

can do it better while holding

42:49

on to the twin necessaries

42:54

of a world-class

42:56

experience for the mother and for the baby

42:58

and for the father as well as proper

43:00

up-to-date medical care. So that's why I care

43:03

about it and it thrills my heart to

43:05

know and to hear your story. Thank you.

43:08

Yeah, of course and thank you for sharing all that

43:10

and I totally agree and we'll just call out for

43:12

the other listeners. One of the things that

43:14

we look for in our medical

43:16

care was that our midwives, you

43:19

know, like my husband's perspective was that he

43:21

was of course most worried about me

43:23

and wanted to be comfortable that I

43:25

could get the appropriate medical care

43:27

as needed and so one of the

43:29

things that comforted him was our birthing center

43:32

had done test drills to the hospital. It

43:34

was six minutes door to door. There

43:37

were certain birth situations in which they would

43:39

not deliver but they had practicing rights at

43:41

a local hospital so if necessary

43:44

they could be our medical

43:47

care at the hospital and we would

43:49

also have all the other

43:51

equipment and you know doctors around

43:53

that were necessary so that was

43:55

super helpful and then I'll call out with

43:57

regards to the increasing first

44:00

rate. One of the comments my

44:02

husband made when we were younger was just that

44:04

he wanted to have three children and his reason

44:06

being was that it was above the national average.

44:09

And I just kind of discounted that at the time. But

44:12

through listening to your podcast, I've actually

44:14

thought into it and seen that

44:16

perspective a little bit more and

44:18

have truly considered also in addition

44:21

to having a very positive experience.

44:23

Good. Take them one at a time,

44:25

one at a time and then work it out between you guys.

44:27

But that's amazing. Exactly. Thank

44:30

you. So I did have

44:32

a financial question and

44:35

this is pretty laughable, but I interviewed

44:37

for a position two

44:40

weeks postpartum. You are a warrior,

44:42

warrior driven through. It

44:48

was definitely a God thing and I

44:51

got a job offer, have accepted it. And

44:54

so we're going to

44:56

be moving to Florida. I currently live in

44:58

Texas with my husband and are now six

45:01

equals. And

45:03

we are considering whether

45:05

or not we should sell our house

45:08

or rent it out. And I

45:10

just wanted to get some thoughts and your

45:12

perspective on it. So the reason

45:14

why we're considering renting the house out

45:16

is we have a really fantastic

45:18

interest rate on our mortgage. We went into

45:21

it. We bought a 15 or we got

45:23

a 15 year mortgage. This

45:26

is back in 2017 and we paid off

45:28

a decent chunk. I think like

45:30

40% of the mortgage is paid

45:32

off or 40% of the house. I

45:34

tell you when we bought it was paid

45:36

off. So, you know,

45:38

we have about 11 more years on it.

45:41

I'm sorry, we refinance. So that's when it makes

45:43

sense. I'm not saying I told you that we

45:46

refinance, but we have 11 more years on

45:48

our mortgage, 60%

45:50

more to pay off considering renting

45:52

it out. It is a large house. We

45:56

bought a forever home and expected to

45:58

stay here. be in

46:00

it for a while. So it's quite

46:02

large. We'd have to run it out for a lot of

46:04

money. Because a six bedroom home, we would probably

46:06

need to rent it out for at least 4,500

46:10

to break even. We're looking at, I think the ideal number

46:12

would be 6,000 versus

46:15

selling our home and then

46:18

either renting or buying in the market

46:21

in Florida. And of course, we have

46:23

a really high interest rate that we'd

46:25

be picking up. So probably in the

46:27

7% range. Just

46:30

wanted to get your thoughts and things to consider. We've done

46:32

a lot of math and spreadsheets and all

46:34

the things behind it. And we

46:37

can make a case based off of assumptions towards

46:39

either. Okay, so just

46:41

to clarify, given your expected income in

46:43

Florida, given the costs of buying a

46:46

house that's appropriate for you, you think

46:48

that you could afford to keep the

46:50

house in Texas, rent it

46:52

out and simultaneously purchase another house to

46:54

live in in Florida. Is that right?

46:56

Yeah. Okay. Well, then

46:59

if that's the case, then it's

47:01

fairly simple and straightforward. And

47:04

it comes down to how your

47:08

experience is as a

47:10

landlord as compared to

47:14

of the benefits as

47:16

compared to the frustration and difficulty

47:19

and how much you bristle at the

47:21

extra work. The

47:24

more property that you own

47:26

and control, the

47:29

more potential wealth you have in the

47:31

long run based upon

47:34

increases in property value and based upon the

47:36

fact that your tenant can pay off your

47:38

mortgage for you. So from

47:41

a purely financial perspective, everyone

47:45

who wants to be rich should

47:47

go out as quickly as possible, purchase

47:50

as much property as you

47:52

can finance, get people

47:54

in place to pay off your mortgages for you,

47:56

and then sit back and hold that for a

47:59

very long time. The

48:01

fastest way to become a millionaire in the United

48:03

States with real estate is just go borrow a

48:05

million dollars and get your tenants to pay it

48:08

off for you. And so

48:10

that's what you would do if you

48:12

go ahead and purchase an

48:14

additional home in Florida for you to live in

48:16

and keep your Texas property. And that

48:19

is that you're

48:21

always going to be better off because

48:23

of owning more property. Let's

48:26

say the house in Texas is $500,000 or $400,000 in the house in

48:28

Florida is $600,000. So if you

48:33

own both of those and you have a million dollars

48:35

worth of property and the property increases

48:37

in value by 10%, there's an increase in

48:39

your net worth of $100,000 as compared to

48:41

if you

48:44

only own a $600,000 house in Florida

48:47

and there's an increase in your net worth of $60,000. So

48:51

conceptually, for those

48:53

who want to build wealth quickly,

48:55

you should set a goal of

48:58

purchasing as much property as possible,

49:00

as quickly as possible, and

49:02

then fill that property with tenants and setting those

49:04

tenants up to pay off your property for you.

49:07

I've talked about this in doing

49:09

it in a strategic way. So let's

49:12

say that you're very strategic about building wealth with

49:14

real estate. What would you do? Well, at 18

49:16

years old, you would go out, you would have

49:18

a job, you would be financeable, and you would

49:20

go and purchase a house. You

49:23

would fill the house with tenants,

49:27

roommates to pay your mortgage

49:29

payment. You would repeat it at 20, and you

49:31

would fill the house with roommates to pay your

49:33

mortgage tenant. So now you've moved on to the

49:35

second house. You would repeat it at 23. You

49:37

go and buy a house. This time, you go

49:39

ahead and live in it for a year yourself.

49:41

Your first two houses are rented out to

49:44

multiple tenants, college students. Then your house is rented out

49:46

to the third house. You put another tenant in it.

49:48

And by 25, if you could own

49:51

five houses, that'd be amazing. Then you go ahead and

49:53

move into your forever house, and you just make sure that

49:55

those tenants are continually paying down your mortgages for you until

49:58

all the and

50:00

you're a multi-millionaire with real estate. That's

50:02

a perfectly viable plan. So

50:05

now that we've extolled the virtues of the

50:07

plan, what is the downside? Well,

50:09

the downside is simply that it takes work

50:11

to deal with houses, it takes work to

50:14

deal with tenants, and

50:16

that work is not always fun or

50:19

even palatable for many people. Many

50:22

people don't want to deal

50:24

with it. They don't wanna deal

50:26

with dealing with tenants. They don't wanna deal

50:29

with fixing the house up when the previous tenant

50:31

trashes the kitchen and fixing all the

50:33

stuff. Now, you might

50:36

have a big advantage that if you could

50:38

rent this house fairly easily, you

50:40

would be dealing with a higher end tenant,

50:43

and that may be an advantage for you

50:45

that perhaps that tenant is better. I don't

50:47

know. The point is simply that real

50:49

estate tenants are not time free. So

50:52

if you can do it and you're willing to do

50:55

it, or you can try it and see what your

50:57

experience is, then it's

50:59

probably better for you to keep both houses and

51:01

try it. If

51:03

you find that it's not

51:06

working for you, you don't like managing the

51:08

tenants, or this house just doesn't rent well,

51:11

you have so many vacancies that you can never

51:13

recoup your money, or it's gonna

51:16

sink you financially because of those vacancies, then

51:18

you would say, you know what, I need to go ahead

51:20

and not pursue this path

51:22

anymore. But basically, as I

51:25

see it, it's as simple as that. All

51:27

the rest of the stuff with interest rates

51:29

and expected returns and all of that, it's

51:31

all interesting and it could

51:33

be factored in, but at its

51:36

core, I think those two things I've said,

51:38

the pro and the con cover

51:40

80% of the decision. The

51:43

pro is if you want to build wealth,

51:47

a good way to build wealth is to acquire

51:49

as much property as you can finance, and then

51:51

make your tenants pay it off for you. And

51:53

the con is it's not time free, and

51:56

it could sink you financially if you don't

51:58

have enough margin. does take time

52:00

and energy to deal with tenants, and it's gotta be worth

52:02

it to you in the long run to put that time

52:04

and energy in. But if you're willing to do it, and

52:07

you find that hey, we can rent this house okay, we

52:09

can get good tenants, it's not vacant too much, then yeah,

52:11

you're better off keeping both houses as far as I'm concerned.

52:15

All right, awesome, I really appreciate that. Yeah,

52:19

definitely a lot of things to consider. It's

52:21

the challenge whether or not the vacancies will

52:23

be the make or break of the decision,

52:25

but one of the things I had shared

52:28

with my husband is at least

52:30

trying to rent. It's not a permanent decision

52:32

versus selling, that's very

52:34

permanent, we're never gonna get this house back.

52:37

So something to continue to discuss and consider.

52:39

And I think that if the money works

52:41

based upon your income, your savings, and all

52:43

that stuff to you to keep both houses,

52:46

I think it'll be a nice thing for you to

52:48

have too as a backup plan. You may get to

52:50

Florida, this job is great for the first six months,

52:52

and then it just isn't great after that. And so

52:54

being able to turn around and go back to the

52:56

house that you know you love, the forever home that

52:59

you have in Texas, that could be a great,

53:01

nice thing to have available to you as an option

53:04

as well. And the good thing

53:06

is that both of these areas are in

53:08

high growth areas, good economic growth, good reasons

53:10

to expect that real estate is good, good

53:13

reasons to expect that you'd be able to

53:15

find tenants who wanna rent the property. And

53:17

it's just gonna come down to does this

53:19

property rent easily enough

53:22

that we can find tenants that we don't have

53:24

too many vacancies? And it could, I don't know,

53:26

right? Higher end, I mean,

53:28

6,000 a month is not super high end, but

53:30

it's certainly high end. It

53:33

could be better and it can be worse

53:36

depending on what the local market provides and

53:38

what the competition is. So try it out,

53:40

see what happens. Thanks,

53:43

I'll report back. I love it, I

53:45

love that you do, thank you so much. And

53:48

with that, we conclude our Friday Q&A show.

53:50

Thank you guys very much for listening. I

53:53

love that you love it when you guys call in

53:55

and update us on the situation. So we had, I

53:58

think, two callers there that talking. about

54:00

past commentary and I love it. If you'd like to

54:02

join me on one of these shows next week you

54:04

can do that by going to patreon.com/radical personal finance support

54:06

the show on patreon and that will gain access for

54:09

you to one of these Friday Q&A shows. I look

54:11

forward to speaking to you very soon. Say

54:21

goodbye to your credit card rewards.

54:23

Greedy corporate megastores led by Walmart

54:25

and Target are pushing for law

54:27

and Congress to take away your

54:29

hard-earned cash back and travel points

54:31

to line their pockets. The Durbin

54:33

Marshall Credit Card Bill would enact

54:35

harmful credit card routing mandates that

54:37

would end credit card rewards as

54:40

we know it. If you love

54:42

your credit card rewards, tell your

54:44

lawmakers, hands off my rewards. Tell

54:46

them to oppose the Durbin Marshall

54:48

Credit Card Bill.