The Key Characteristics of Great Investors #563

Episode Transcript
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Speaker 1 (00:00):
Welcome to How the Money. I'm Joel and I am Matt,
and today we're discussing the key characteristics of great investors. Yeah, boie,

(00:26):
this should we start an episode with me saying, yeah, boy,
yes we should. It's okay to do that occasionally. If
we did that every single episode, I think folks would
not like it drop off. But to me, it's more
of a Scrubs throwback for anybody who's never seen didn't
j D or Turk one of them. I feel like
one of them used to always say, yeah, boy, don't
those guys have a podcast to uh with? I heart actually,

(00:49):
or they used to where they would they're going back
kind of reliving glory days. I didn't either, even though
I loved Scrubs, that sitcom. It was a salad show, fantastic.
I definitely enjoyed watching that one in college. But that
is not what we're talking about today. We are dedicating
an entire episode to investing. You know, like every episode
we touch on investing a little bit, but we felt
it was necessary that it was time to do a

(01:11):
deep dive into the realm of investing and specifically kind
of some of the things that go on internally that
make the best investors out there. And these are things.
Some of these things might may become more naturally to
people than others, based on your personality type or your inclination.
But I think all the things we're gonna mention here
you can also develop, like you can become better at

(01:33):
and so as we kind of point these things out,
you might be like, I'm not naturally a patient person,
but it's something we can we can all work on.
You're given away the goods already. All right, that's all
no more until we'll get there. Sure, But first we
we need to continue the So you've talked about your pixel,
your your new phone. It's it's sort of like a
saga here, this this epic journey of your phone. And

(01:55):
you've got a little update. Uh well, do I okay
sharing this? I thought you were going to share it
for me because I'm too bashful, because we've got to
talk about this. So I have. I finally got a
case because but it was too late, Yeah, too little,
too late. I did the steps out of order. I
cracked the screen and then got the case, and I

(02:17):
really should have done it the other way around. I
have learned my lesson point typically for a lot of years. Man,
I didn't crack my screen. I was pretty good and
not having a case. We came into work a couple
of days ago, I saw your phone and had the
crack screen, and I was so pissed you. I was
pissed for you. I was just like, no, we literally
just shook your head, like you idiot, you just got

(02:37):
that phone. It's just it's been a few weeks. But
I think it's fair to share it because like we
share wins that we have, and I think it's it's
good for folks to know that we're human. Sometimes we
make dumb mistakes. Uh, And I think you would categorize
this as a as a dumb mistake. Yes, And unfortunately
it's only in a small corner and it doesn't really
affect until you drop it again in that one crack.

(02:58):
But that's why I got the case. Now the case,
I'm even gonna give screen protectors. Get that screen protector there.
It should act as like like glue. Let hold it
all together. That's the goal. There. We're going from getting
worse and my wife, she's like, one, just go get
another screen, and I'm too cheap. Yeah, you just paid
for this, No, no, I am such an idiot. I

(03:18):
must like walk around with this crack screen for years
to kind of walk of shame, just to remind myself
of how much dummy I am. So I'm gonna I'm
gonna leave it as is, but I'm gonna have the screen,
get the screen protector, and hopefully it will stay just
a small crack. And obviously that's absolutely the most affordable, cheapest,
easiest thing that for folks to do to protect their phones,

(03:40):
as folks might be upgrading getting new gadgets this fall,
get that, get that case. I think the screen protectors
are like five for nine dollars or something like that,
so the the expenses minimal. You don't necessarily need an
insurance policy. I didn't have an insurance policy that I'm
not I'm not going to do that. That's a that's
a waste of money. We're not crazy self insure, right,
and the cheapest self insurance is a case. I realized

(04:00):
that I just kind of thought it was poppy cock
and thought I was above the law. So I thought
you were better than me because I got was it
last week or two weeks ago? I got a case
or got the screen protector on there kind of mentioned
it as an aside, but how did you drop your phone? Like?
How did it happen? Had it? Literally I said it
on the night table and it like slipped off like
or something. Yeah. I was like what, No, And it

(04:21):
was a short drop. I just assumed that it was
gonna be okay, but it wasn't. Oh my gosh, when
did Well you've got concrete floors in that room. Uh,
They're like, aren't they there? There? No, that's tile, okay,
hard hardwoods on a cross space or a basement where
there's a little more bounced to. Well, sorry to hear that, dude. Hey,

(04:42):
all right, I'll be okay. It's a minor inconvenience really
when it comes down to it. But for everyone else
out there, this is your warning. Don't be like me.
All right, let's move on. Let's mention the beer we're having, Matt.
This is October Fest by Dry County Brewing. They are
right around the corner from where we live now, so
I figured should try that. And it's gonna be that
time of year where October Fests are on the shelves again,

(05:04):
so let's let's drink one of these. September, though, Joel
I know, but still you're like pumping spice Lotte guy,
where you're like jumping the gun. You're like, okay, it's
still summer, you're sweating, You're it's only not okay in July, right,
So that's that's when I start to get annoyed. But
October Fest beers, it's it's May now, is it okay
to dream? Right? Not cool? Or they have the pumpkin
beers are on the shelves obviously in full force at

(05:26):
this point in time too. I think it's okay to
start for taking in September if you start drinking in yeah,
July or even early August. Sorry too soon? Fair enough,
looking forward to enjoying one of these. And this is
we've never had a beer by Dry County on the show,
so looking forward to talking about them here at the
end for sure. All right, well, let's get to the
topic of hand. We're talking about the key characteristics of

(05:48):
great investors, and Matt, there's been this, uh, I don't
know if you've noticed. I think everyone's noticed this mass
proliferation of micro transportation devices in recent years. I think
That's what I'm gonna call it, at least, And there
were the Bird scooters. I think they were maybe at
least the most popular um of these micro transportation vices
to show up in cities, and then all these competitors,

(06:08):
Lime and all these other companies just sprung up and
started putting hundreds in thousands of scooters in different cities
and kind of got out of hand. A lot of
them got became electronic litter on the sidewalks that people
stopped using. A lot of them ended up just kind
of thrown thrown in the trash sadly. But segways that's
another one, right, they kind of make like a nerd.
I feel like the actual Segways, the actual site Joe Blue. Yes,

(06:32):
they're the nerdiest of the micro transportation devices, and I
think mostly only used by downtown tourists at this point. Uh.
Electric true electric skateboards. They're another interesting transportation to Actually,
I'm pretty fascinated in those because those look like a
ton of fund Like the ability just to go carbon
down a hill like or not not even down a
hill like. That's the fun on a regular skateboard is

(06:53):
having to find a hill to go down, but the
ability to be on flat ground and leg and do
it do some carbon like, that's like a lot of
fun of the one of the other really cool micro
transportation devices is the one wheel, Like those things are
kind of taken off. Well, I gotta be honest, right,
there's some really cool stuff out there, but none of
these newer transportation inventions holds a candle to the old,
ultimate classic, to the bicycle. It's we talked about bikes

(07:16):
all the time. I see where you're going. It's and
it's not that bikes haven't improved in the past hundred years, right,
they certainly have, but those iterations have been relatively minor.
Yet bikes continue to reign supreme as the number one
personal transportation device, at least in our opinion. Bicycles were
the o g They were the one point of personal
transportation vehicle for sure. And similarly, our world, it changes quickly, right,

(07:37):
There's always something new that were supposed to be considering.
There's new diets, there's new kids toys. I was shocked
at the latest toy that probably got that like makes potions,
and it's there's never an end to the iterations on
kids toys. There's always something fancy or knew that they want.
There's new gurus out there, pitching new products. I mean,
our world is constantly changing and there's always something new

(07:58):
to grab our attention, and there's also new investments. But
is the new stuff better than the old stuff? Almost
always answers no. And so today we're going to discuss
how to be a great investor, and particularly in a
world where there's so many new fangled offerings, there's so many,
there's so much more for us to choose from. How
do we stay the course and make good decisions when
everything around us is changing? What what seems like all

(08:19):
the time. That's right. Even though there are all those
new forms of micro transportation, fact is, we both still
have our leg powered bikes that are set up here
on the walls in our office. Um, And it's not
that technology or like the advanced advancements that we've seen
in our world. It's not that it's all bad. Right,
And in particular when we're talking about investments, there have

(08:40):
certainly been some like there are there are some pros
to things changing and things evolving. Accessibility that folks have
not to be able to invest is great. Uh, you
don't have to know somebody, You don't have to hop
on the phone and call up the brokerage and actually
place in order. Those advancements are good. Uh. The fact
that fees don't exist, like, that's a good thing as well.
But like, there really are a lot more crap your
investments out there though. Uh. And there's also been a

(09:02):
proliferation of not so awesome investment advice as well. It's
a constantly changing space. Uh, there's a wider range of
options available to us. We actually discussed this back in
episode four forty six, where we talked about investing in farmland,
investing in wine, investing in art and whiskey. And that's right.
I prefer to drink it and not invest in it.

(09:24):
There's a way you can do both it. But these
new fingled like they're sexier options, right, but they can
throw us off our game, and it's difficult to address
every single product that's out there. We like, we certainly
weren't able to cover all of the alternative investment products
out there on that episode. I'm sure there's a bunch
that we haven't even heard of, and I know that
there are plenty more that will be invented in the future,

(09:45):
and so we wanted to make sure that you are
able to cultivate and then embody the characteristics of what
it takes to be a great investor so that you'll
be able to make wise decisions with your money, even
in an era where there are our potential investment options
at your disposal. We want you to know why it
is that you are investing, because in the fact is

(10:06):
like Joe and I were doing the show, but we
may not always be here for you. There might come
in a day. That's why we have life insurance like
a policy genius. But we're planning to be here and
we want to be able to continue to to be
sort of like your partner as you advance along, as
you travel down the personal finance path, as you're seeking

(10:26):
financial freedom. But we may not always be there. That's
all I'm saying. It's true, it's true. That's the ultimate reality.
But the I want to say what this episode isn't, Matt,
because I think you might read the title and you
might say, well, the key characteristics of great investors. They're
going to talk about the individuals who are great and investing.
The greats we can replicate what they did and know
the goal of this episode is not to turn you

(10:47):
into the next warm buffet, the next Charlie Munger or
the next Peter Lynch. And you might say, I don't
know who any of those people are, and that's okay,
I don't need to. But those are individuals who have,
over a long time span, out performed the market, even
though that's really really hard to do. If we were
to create some sort of mount rushmore of greatest investors
like those, those three guys would probably be on it.

(11:08):
I don't know who else we would include necessarily, but
it's widely accepted that those are three of the greatest
investors to have ever lived. And you know, most of us,
we've got jobs, we've got families. We're just not interested
in nor are we even equipped to start competing on
their level, to even seek to rival what they've done.
But the good news is that's not necessary for us
to achieve our financial goals. That there are certain key
things we can learn from folks like them and we

(11:31):
can implement into our own lives, increasing the possibility that
we're able to get out of our own way in
order to watch our investments grow over the years and
over the decades. But I just want to mention that
we don't necessarily need to be exactly like these folks,
we don't necessarily need to become professional investors, but we
would say there's still a lot that we can learn
from the way they go about their jobs. Sure, there's
a way that you can continue living your life and

(11:53):
the life that you want to lead and live without
you know, becoming a total nerd, which is what it
takes to be uh, the very very best investor. But
one of the characteristics that we think is really important,
body is that you need to be hungry to learn
and specifically learning from others. That is one of the
biggest keys to success. You don't need to reinvent the

(12:14):
wheel if you can pattern your investing game after the
best folks out there, you know, and not the ones
who who say that they're the best, like on YouTube
and TikTok. Those platforms are full of those folks. A
lot of a lot of big heads out there, man
telling people that you've got to follow their plan in
order to succeed, and that's pop Yeah. And we're also
not saying twice this episode, I think so, yeah, you've

(12:34):
already hit your one poppy cock per episode limit. Uh,
And like we're also not talking about just finding a
single individual, right like like a guru and following them
to the ends of the earth. That's more cult like
behavior that we are not in favor of. What we're
talking about is using time tested wisdom that has accumulated
over the decades and over the centuries um. And it

(12:55):
can also be helpful to find a group of folks,
right like a hive mind of individuals who are dispensing
information that you can trust on a regular basis that
tends to work together in order to inform sort of
a cohesive strategy. We think that that will make a
massive difference for you moving forward as well. It makes
I mean, specifically, we talk a lot about the how

(13:16):
the money Facebook group, the ability for folks who share
a lot of common goals, right like, the actual ends
that they're seeking after might vary slightly, but the means
to get there are oftentimes very similar. And that's what
I love about personal finances, that we we all can
take a very similar path, a similar strategy, even if
our end goals are slightly different. Yeah, and even if

(13:38):
our particular situations look a whole lot different, if our
income is differently, if we live in opposite parts of
the country or even different different countries like, there are
a lot of similar principles that we can adopt and
put into practice. And so, yeah, Matt, you mentioned basically
the first characteristic is being hungry to learn or being
thirsty for knowledge, right, because information builds on itself and

(13:58):
we're all indebted to those who have gone but for us, Right,
I'm thankful that that we can iterate based on the
discoveries and the inventions of others without having to start
over from square one, because the reality is knowledge really
can get lost over time if we're not vigilant, Like,
is there anybody out there who knows how to build
a pyramid these days? Uh? Like one of the great
Egyptian pyramids? No, Like nobody knows how to do that.

(14:18):
That knowledge has actually been lost, like it wasn't transmitted
down to future generations. And that's a really important thing
to realize, Like, we're fortunate the level of information we
have available to us as investors, Like it can be overwhelming,
but we should also be pretty thankful because there is
a whole lot that we can learn in less time
than ever because of what's at our fingertips, and that
maybe real quickly we should discuss our biggest influences because

(14:41):
we've actually been able to have a lot of them
on the show. Sadly, Warren Buffett still hasn't responded to
our emails, but a lot of the other folks who
have come on the show, we would we would say
they're worthy of you listening to regularly reading, reading their
books or blog posts or whatever. Morgan Household, Clark, Howard, A. L. Collins,
Ben Carlson. There there are a few of our favorite

(15:02):
money writers and thinkers. We've had the good fortune of
having each one of them on How the Money. That's right,
Warren Buffett and Jack Bogle they are from there, from
an even more distant generation. So those guys have been
around for decades and decades and we haven't had them
on the show, and sadly Jack Bogol is no longer
with us. But their thoughtfulness about investing has been invaluable
to informing how we view investing. We haven't created these

(15:25):
concepts out of thin air like Matt and I. We
didn't just stumble upon our own investing philosophy through self actualization.
This is really has been a project of many years
of reading and learning from the wisdom of others. Yeah again,
you don't have to reinvent the wheel, right because chances are, like,
if you wanted to, you could self actualize your way
into a winning strategy. Perhaps there is a chance that

(15:48):
things don't pan out very well, uh, depending on your
proclivity to learn and to make the right decisions. But
if you're a smart individual, if you're willing to not
make decisions based on your emotions, there is a chance
that you could just isolate yourself, look at the data,
and make the right decisions. But why like, why would
you be off in the corner by yourself kind of

(16:09):
spending your wheels when you can just look at these
proven methods, these proven paths that are well worn that
I mean millions of people have taken in order to
grow their wealth. That's why it's important to to be
able to learn from others. Well, maybe you read that
Robert Frost poem and you're like, I'm gonna want to
go the road less traveled, and in some cases that
is the way to go in life. But when it
comes to patterning your investing decisions, like, you don't necessarily

(16:32):
want to go the road less traveled, Exactly, it's gonna
be boring. Is better to be the route for misery exactly. Yeah.
And you know, not only should we learn from history
and the experiences of others, we think it pays to
be constantly curious as we're looking to learn from everything
around us. We want you to be like a sponge
that's constantly soaking up the nuggets of wisdom that you
encountered every day. But not only is it important to

(16:54):
learn and understand what's going on in the world, but
understanding yourself is just as important. Increasing yourself awareness is
a vital part of increasing your knowledge, where you know,
you're recognizing that they're they're gonna be limits to what
you can know, to what you can do. It's it's
not difficult for us to begin to think that we're
smarter than than we actually are. But the reality is

(17:16):
that the more you learn, the more you realize that
you don't actually understand. I remember people saying that when
I was in my early twenties, and I was like, now,
I'm pretty sure I'm gonna learn a lot and I'm
gonna know it at all. And it is true, though,
the more you learn, you're like, wow, there's still a
lot to be It almost like heightens your sense of
humility because you realize how much you don't understand. Sure,
it's it's sort of like you're walking along with a
torch and like when you're younger, you think that, oh no,

(17:38):
when I specifically, I'm thinking of like the old school Zelda,
because like you create the map, you know, like as
you go into these certain areas. Um. But it's it's
as if you think in your earlier years that once
you discover the boundaries of the level, or you know,
once you figure out where all the walls are, then
it's all you gotta do is just kind of fill
in the gaps, right, But in reality, instead of there
being walls, there's just more doors there. There are always

(18:00):
going to be more doors and more arenas or industries
that you could learn more about. I'm so glad you
brought a Zelda reference. It's here, I mean this episode
reference before. I don't know, but that was one of
the classics. Man, it really was the gold the gold cartridge,
that's right. Remember you had always like blow on it
in order to if it wasn't working, that does build up,

(18:20):
blow like it, run your finger across it. Yeah, I
don't know the last time I played the video games
all the tricks. I don't even know how they work
or what games are hot these days. But the reason
I mentioned that mention this is because it's actually a
helpful realization. Obviously, by you realizing that you don't know everything,
this is going to keep you from trying to make
investing decisions with hubris. And you know, we're kind of
talking about humility here, which we feel is is another

(18:43):
great characteristic to possess when when you know yourself better,
you can be humble. Um And and not only is
it important to realize what it is that you don't know,
but it's important to understand your natural inclinations and how
it is that you behave. And the reason I and
this is because you literally could have all of the
knowledge that Warren Buffett has, but if you are not

(19:05):
able to actively implement that knowledge into how it is
that you invest, well, you're not gonna be a good
investor if you haven't developed the other characteristics aside from knowledge. Yes,
you're still you can know everything there is to know,
but make massive mistakes exactly if you cannot implement it well,
then that doesn't automatically make you a good investor. So
let's get to those other characteristics mats. We'll get to

(19:25):
a laundry list of the important, the key characteristics that
you need to develop if you want to be a
good investor, and we'll talk about those right after this.
All right, we're back from the break talking about some
of these key characteristics what it takes to be a

(19:47):
great investor. These are not poppy cock. These are sorry
if you if you say that one more time. Uh no, okay,
So we already talked about a desire to learn, a
thirst for knowledge. Uh. The next characteristic that we wanted
to get to is patients because the truth is that
investing it is a long game. When when we talk

(20:09):
about investing in the market, we're talking about like typically
investing at a minimum of five years, if not five decades,
and so over that course of time, you're going to
experience a lot of volatility. You're gonna see a lot
of ups and downs. And it's important to maintain that
scope to understand that you are investing for the long
haul in order to see out those ups and downs,

(20:30):
right because in reality that you know those fluctuations, that volatility,
those aren't bugs, right, Like, those are features of the market. Uh.
And if you are too focused on the near term
and you see the market crashing, you see you see
a dropt Well if if you don't, if you don't
have a thirty year time arizon, you're freaking out in
that stress. First of all, it's not good for you,
but then secondly it could potentially lead you to make

(20:51):
decisions that are not wise. And the same the opposite
is true as well. Right like you start, you see
something taken off and you're thinking, oh, my gosh, is
take it in. I need to jump on that to
make sure I don't get left behind under chairs of
bed bathroom on stock right now exactly. And were you
to do that, you'd be out a lot of money
right now. And so being patient, having a proper view

(21:12):
of your your time frame super important. Well, it makes
me think that there was a tweet I saw recently
from Alex Lieberman who started Morning Brew, which I think
is just a killer email newsletter. I mean, it's not
quite as good as the How the Money newsletter, but
you know they're doing what they're doing, all right, They're trying. Yeah. Well,
then I have a lot of respect for Alex. I
think he's great, but but he asked this question of
his followers, Hey, if you wanted to turn a hundred

(21:32):
thousand dollars into a million dollars within twelve months, what
investments would you make? And the only thing I could
think when I read that was, if you're trying to
grow your money ten x in just a year, chances
are you're putting in at too much risk and there's
a really big chance you're gonna lose it, or at
least lose a big portion of it, because you have
to make risk of your bets if you're not patient

(21:54):
enough to see that hundred k grow a lot more slowly. Right,
The greedier you get, the less patients that you have,
the more likely you are to invest in a way
that doesn't align with your long term goals and then
puts your capital a whole lot more risk. Yeah, fact
is that's that's kind of an invalid question. Yeah, like
like the same question. Yeah, Like how could you ask, uh,

(22:14):
what's the best investment in order to turn a hundred
k into one million? It's like, well, and in reality,
that's not truly investing. It feels a bit more like
like gambling to how do you do that over twenty years?
Like that's a different question, right, Yeah, we can talk
about that how to do it that is investing versus something. Yeah,
a shorter time frame like that feels a lot more
like speculators. Literally, if you're doing this, I would take
the hunter k to Vegas, Like that's the only legitimate

(22:37):
answer then, I know, probably be the most fun way
to do it as well, Like could you imagine going
to Vegas with a hundred k? I've never have you
been to Vegas and like gone to the casina, dude
one of these days. Because I feel like there's something.
There's just something that I think I'm gonna learn when
I go and do that, right, Like, I feel like
there are going to be certain life lessons, not because
I'm trying to strike it rich, but just like we're

(22:57):
talking about earlier, the process of learning there's something. But
you know, from exposing myself, they're going there with a
certain amount of money and literally betting it, knowing that
there's a good chance I could lose it. All I
want to experience that I've gambled. I've gone to Tunic
Coup before, but I bought a lot of the ticket.
But I mean I bought the Megan millions or whatever,
a few weeks ago. I kept it. You kept as
small though, right you might one ticket. Yeah, technically that's

(23:19):
not totally true because in Georgia they require you to
put tim Bucks in if you do it via the app.
And I had downloaded the app, and so I did
ten dollars, which I was kind of pissed about because
because I wanted to drop too. In reality, I did more.
I did some upgrades or something. It's a total sham.
But even still, I do want to go to Vegas
one of these days. But what we're talking about here
is the opposite of going to Vegas, which is being
patient with your investments. Uh. And like like delayed gratification,

(23:43):
you know, like that might come easier for certain folks,
but delayed gratification is the direct action that accompanies the
virtue of patients, right, like you just wait, you waited out, uh,
And then like the true impact of patients is going
to be shown through the magic of compound returns as
your patient, and as you delay that gratification and wait,
you get rewarded with those returns over the years and decades.

(24:06):
Because great investors do not get rich overnight. It takes time.
Even though you're doing the right thing. You know, like,
even though you're sacking money away into the market paycheck
after paycheck, the results are they're often going to be
like invisible for for months or even years. But over time,
eventually you might start to think that your net worth
is looking somewhat impressive. Like say, after a decade, I

(24:26):
feel like a decade that's the time frame when you're like,
oh wow, okay, I'm starting to see what the compounding
returns things all about. Whereas to three years in you're like,
I don't know, I don't get it, you don't really
feel it. But I mean both of us, I mean
we're we're pretty young even still, even though we're getting older,
I feel like we're young when it comes to our investments,
like to to to really see those incredible results. I
feel like we've got another ten years ahead of us.

(24:47):
I feel like they're on their way, they're coming, and
those investments that that seems so small ten years ago,
uh a few percentage points you know, of of your
paycheck or me maxing out my my wrath I ra
a as a self employed person. Eventually, at some point
those are going to look crazy impressive, exactly a little
bit over a long time makes a big difference, but

(25:07):
it takes patience to then reap those results. And so
we've got a couple of characteristics down, but well we've
got more to cover. And another one is becoming a specialist. Right.
The more the more you try to accomplish, the less
you're gonna be able to do well. I heard someone
say the other day math that they were the thing
they were good at was multitasking, and I was like,
that's interesting, because I think of that. I like to
think of myself as a good multitasker. But I've been

(25:29):
told and from everything I've read, people aren't like, it's
not possible. It's not possible to be doing a few
things well at the same time, and so I do
think of it. It's I don't know, it's made me
more critical of myself as I as I think that
and try to just hone in on doing one thing
at a time instead of trying to spread myself too thin.
It actually makes me think of a recent like Stoic

(25:50):
proverb that I saw from one of the Stoics. I
don't know who it was, but he who is everywhere
is nowhere, and that is absolutely true when it comes
to our mind, because if we're trying to do multiple
things at once, we're not truly anywhere fully. Yeah, I
don't know. It makes me think of two sport athletes
and you're back in the nineties, like there were a
few guys that were really good at multiple sports, like

(26:10):
Michael Jordan's. Uh see, he wasn't so great at baseball,
as it turns out, even as the one of the
most accomplished basketball players of all time. And I kind
of wonder if you'd just stuck with bass, like how
many championships would you have? Maybe maybe eight? But you know,
Bo Jackson, he was a pretty good two sport athlete.
We had Neon Dion Sanders here in Atlanta, and remember
that guy, he was pretty good at both. But they're

(26:32):
the exception to the rule. And and we're not saying
that doesn't mean that you can't have multiple investment accounts
that you have to specialize in just your four own
k or something like that. Of course you can, and
you probably should have a roth IRA and you should
also be using let's say your HSA in order to
invest in your future too. But if you're spreading yourself
too thin by investing in too many different types of
asset classes. That's that's what I'm talking about. Or if

(26:55):
you're investing in let's say a dozen or more individual stocks,
you're way more likely to make mistakes that are gonna
pamper your progress. And again, we're not trying to be
like Warren Buffett. If we had all the time in
the world to research these companies, to dig into their financials,
we might be able to be uh investors on par
with Warren Buffett. But most of us don't have that time.
So we have to specialize, and we have to we
can't spend ourselves too thin, or we're not gonna be

(27:16):
good at any of the things that we're attempting to do.
That's right. Yeah, we're talking about being focused here, uh
and like generally speaking, for a lot of these different
characteristics we're talking we're talking about the stock market, but
this is especially true when it comes to real estate
as well, because we know we talk about going hyper
local and finding the particular path, the specific path that
makes the most sense to you. But if you're looking

(27:38):
at condos and quad plexes, you're looking at apartment complexes,
you're also thinking about maybe doing the flip, maybe starting
your own HDTV show. I'm gonna all the above, man,
let's go at all. If you do all that, the
chances that you accidentally ignore an important red flag about
at property, or maybe you fail to crunch the numbers
well enough before making an offer, the chances grow significantly

(27:59):
that that happen. And so when we spread ourselves too thin,
we are often going to end up doing everything, maybe
a little bit more poorly than you would otherwise. So
limiting our scope and becoming experts on just a couple
of things, becoming those specialists, we think that will increase
our chances of success markedly. Yeah. Man, that makes me
think of simplicity. Right. That is another just intelligent investors

(28:22):
value simplicity because the more complex something is, the more
likely it is to be a bad investment. Right, I'm
looking at you, ad two kinds of annuities or awkward
mixtures of life insurance and investments. If you can't, if
you can't explain the investment that you're taking into a
seven or eight year old, chances are you probably don't
quite understand it fully yourself, and you've let someone else

(28:43):
convince you of something based on faulty assumptions and bad
numbers and just an excess of exuberance. And so it's
kind of like how the best writers they actually avoid
the most flowery, cut ci language, the ones who are okay,
they're using their the source like a much uh in
order to make their prose sound better than it actually is.

(29:04):
The absolute best writers they don't need to do that.
And and similarly, the best investors, they don't need to
get too cute with their money investing in things that
are more complicated. Those are those are usually more hassle
than their worth, and they're gonna they're gonna push you
into a worse place when it comes to your overall
investment choices. That's right. Yeah, so we're talking about keeping
it simple. We're talking about having a high degree of focus.

(29:26):
You mentioned being a specialist, being patient, being thirsty for knowledge.
Another characteristic is to be blissfully ignorant. It sounds like
the opposite of thirsty for knowledge. Mass so please do
tell we do not want investors to pay attention to
the results. And this again kind of goes counter and
to maybe what we've been saying so far, because you
might be thinking, well, I'm investing to grow my money idiots.

(29:47):
I need to be focused on the results. They're kind
of important, uh, And you're not wrong. But the more
you're checking in on the growth that you're experiencing, the
more likely you are to tinker in order to just
juice those returns and see if you can kind of
outsmart the market. But those changes are often implemented as
an emotional reaction, not because our actual goals have changed,
and not because the way that we were investing no

(30:08):
longer makes sense to us. We're making a knee jerk
emotional reaction to buy or sell or to invest in
something else, And so ignorance is bliss in so many
areas of life, investing included. It's a it's a good
idea to check in maybe just once or twice a
year if you want to update your net worth uh,
and to have a general idea of where you are at.
But other than that, we would just recommend that you,

(30:29):
for the most part, just try to ignore it. Yeah,
if the market, ladies, it loses like three percent in
one day, you don't want to log into your accounts
and see the red and then do something about it.
That's actually what I love about when we talk about
the robo advisors. Matt Betterment is the best of the
robo advisors, largely because they implement so many great behavioral
tools to help people stay the course. Um, they're kind
of like, wait, are you sure you want to do that?

(30:50):
They're holding people's hands to help them make smart decisions
to help them be better investors, which I think is cool.
And what we're talking about here is being indistractable, centering
our attention on what matters to us and ignoring the
headlines and the noise that are kind of floating all
around us. There's like an endless stream of predictions about
what the market's gonna do today or tomorrow, about recessions,

(31:12):
are we in one, are we headed for one? We're
talking about macro trends. There's no shortage of people on
Twitter or on CNBC telling you what they think is
going to happen. But here's the thing that is noise,
and it shouldn't impact our day to day decisions in
the least. And then another benefit is that those civil
choices you set in motion, they just allow you to

(31:32):
going back to focus. They allow you to focus on
the stuff that really matters, which often has nothing to
do with your portfolio, keeping it simple. I'm talking about
living life, man. I'm talking about riding your you know,
riding your electric skateboard or whatever it is that you
want to do. Talking about doing the normal stuff and
not not having to think about constantly like well, do
I need to buy yourself? Do I need to make
a shift here? Do I need to change things up

(31:53):
based on what's happening today? And if you're taking the
long term approach, if you're taking the blissfully ignorant, sim
pull approach, you don't have to think that way. You
can kind of like tune that stuff out completely and
get on with your life. Yeah. And one thing that's
worth mentioning as well, right, Like we're talking about tuning
out all the noise, and folks might be thinking, well, man, Joel,
you'll talk about the meme stunks, you talk about crypto,

(32:14):
you talk about whatever crazy thing that Elon's tweeted recently.
He's talking about buying another soccer club, maybe buying a country.
I will say we we have not talked about Elon
Musk very much, even though the headlines all the people
love to Halon elong and they're like, but they publish
headlines about him on every single little thing he does.
We we we try not to major on Elon musk Well.
What I'm saying, though, is that we do talk about

(32:35):
these things that we're telling that we're kind of from
a very high lofty perch, saying that you should be ignoring.
But but wait a minute, you guys are bringing this
to my attention. I wanted to clarify as well. The
reason we talk about those things is because we think
it's funny, right, Like, like, we're not talking about those
things because we think that that is actually where you
should be putting your money. And usually what we're saying is, hey,
this is a trend that's happening, and do the opposite,

(32:56):
and here's why and how you should avoid it. Because
if you let this thing become too influential on your thought,
if you let the cryptocurrency spike in price, you know,
not now, but like of a year ago, if you
let that influence your decisions now, in all likelihood, you're
gonna be poor in the end because of it. Exactly.
We we put it out there as a warning. And
so even though we do talk about these things, it's
important to be aware of them and for them to

(33:18):
be on your radar. But hopefully you're not thinking, oh,
wait a minute, these guys are making how much and
you ignore the part where we say, uh, you should
not be doing that. We hope that that's not the
case for you. Those are the headlines, but what you're
not seeing is all the people on the other side
of that trade who lost a lot of money, exactly.
And you know it's it's worth pointing out to a
lot of what we're talking about here in this section

(33:38):
is about removing things from your life, right, Like we're
talking about cutting out the note, like we're talking about
curating and culling and cutting. Uh and yeah, like in
the first section we talked for a little bit about
in putting new and proper things into your mind, like
the proper knowledge and who you should be learning from.
And but there is a lot of information out there,
just like we said at the very beginning, and so

(34:00):
much more work I think is required of us to
put the blinders on, because we are like, there is
no shortage of information of that investing advice. And I
think it's really interesting that we may not have been
used to limiting the inputs of our lives. But I
do think that that's something we need to implement more
of in our life. It's more important now than ever

(34:20):
because there's never been so many people vying for There's
so much stuff out there, there's so much media, there's
so many podcasts, there's so many books. It's never been
so readily accessible. So right in our fingertips to have
a hundred people screaming at us telling us what to do,
and so we have to find the right people who
probably aren't screaming, trying to help us figure out what
the best course of action is for us, and not
not just trying to sell us on what's best for
them or what's most beneficial in the here and now,

(34:44):
right in the very moment. Yeah, the investing guys that
are screaming, you just want to completely stay away from
that guy. If they're read in the face, veins bulging
in the neck, you're like, oh, sorry, man, I think
I wanna avoid you. We try to stay calm when
we're talking about this stuff right in. Another Another characteristic
math that we would say that great investors possess is
that they consider tradeoffs well. They think through risk and reward.

(35:05):
There's obviously there's no free lunch in life. For example,
let's say you say yes to one of those free
state dinners. Typically you're going to be sold a really
crappy financial product like an annuity, and so that free
lunch could actually end up costing you a lot of money.
Great investors, as it turns out, they're able to figure
out what the tradeoffs are between different class, asset classes
and different fund types. For for instance, like sticking all

(35:26):
your money in meta stock right now, like Facebook right
because you assume that virtual beers with your friends are
the future. Nothing sounds further from the truth. Yeah, nothing,
So like that's like the opposite of what I want
to do. I would rather fat beers, Like what does
the FaceTime a friend who lives somewhere else than meeting
him in the metaverse for a beer? But the reality
is meta stock It could double over the next six

(35:46):
months as the metaverse is starting to see maybe some
signs of life. I don't know. But the reality is
that the downside is steep to if everyone realizes that
in person beers are superior in every way, which they
might already know that, well, uh, then it could tank
that stock and maybe your bet that had a lot
of upside. Well, it's also got a lot of potential downside,
so knowing your personal risk tolerance is important. It also

(36:09):
helps you avoid speculation and gambling behavior because one of
the most surefire ways to help you experience less risk
while getting most of the upside, it's just by investing
in low cost index funds. But knowing those traineoffs, knowing
your personal risk and reward is going to help you
make decisions that allow you to invest in such a
way that you don't feel compelled to make changes based

(36:30):
on curn events. That's right. Yeah, So those are some
of the characteristics, and it turns out, Jill, there's actually
a subset of the population of investors out there who
are already doing this. Who are these people who have
already implemented a lot of these these characteristics into their lives,
And so we'll get to that's as well as how
it is that you should go about starting to invest
your money. We'll get to all that right after this break.

(37:00):
All right, for folks out there who want to be
a great investor, which doesn't necessarily mean being some ninety
year old billionaire, It just means investing in a way
that you can continue to do weekend, week out decade in,
decade out, so that you have enough money on hand
to become financially independent earlier than most. That's what we're
shooting for here. Well, Matt, you tease to kind of

(37:21):
a subset of the population who has more figured out.
You want to reveal who that is? You do it? Okay,
it's women, it's the ladies out There's right. So it
might sound weird, but a Fidelity survey from like five
years ago found that women end up talking more money
away on a regular basis. I think it was nine
percent of their paycheck versus eight point six percent for men.

(37:42):
And so yeah, women are are typically investing more of
their money than men do. And if you if you
want to talk about something that's very much in your control,
it's your savings rate and how much of the money
that you save they were able to stock away into
those tax advantaged accounts. We would love to see you
increase your four when K or your TSP contribution or
your four oh three B contribution like clockwork every time

(38:05):
you get a raise, but you might not even want
to wait until then. Right, maybe maybe you can increase
by a percentage point or two. Now, the reality is
that You're barely going to feel it in your paycheck,
but future you is going to be thankful that you
did more right now. So, if you want to be
a successful investor, you heard it here first, you I
want to think a little bit more like a woman.
That's right. And not only do ladies invest more of
their income, but they also tend to see higher returns. Again,

(38:27):
this is according to the Fidelity study based on the
average of men and women that they studied. Uh. And
one other reasons for this is because women tend to
mess around with their investments less often. Men, turns out,
our thirty more likely to make regular investment trades and
fiddle with their accounts than their female counterparts. And so
what that means is that the average woman is taking

(38:49):
more of a long term view, which actually leads to
more success and larger balances at the end of the day.
And so yeah, you know, focusing on on these two characteristics,
investing more every page a check and then touching your
investments less that will massively improve your ability to build wealth. Uh.
And what's also great here is that neither one of
these two behaviors is overly complicated or complex or requires

(39:13):
like a ton of discipline. Just literally do less. Yeah,
that's what we're trying to get you to do. Do
more on one hand, put more money away, and then
do less by not doing anything once you put that
money into the index fund of your choice. It's it
really is as simple as that. And we like to
make it more complex and make people think that they
need to jump through a bunch of hoops in order
to be a good investor. But if if you boil

(39:34):
it down to just a couple of things, that's really key.
And and so let's talk about how to do this
map because you're also going to learn by doing. You're
not gonna be perfect. There's just there is no perfect
when it comes to investing. And you you don't necessarily
need to hire someone in order to be a good investor.
I think we have to put that out there too.
It can help to have a coach in your corner.
We think that more folks need a money coach than

(39:56):
they need a financial advisor. Somebody like Erica Taylor, who
we had on the She can help you think through
budgeting and cutting expenses and increasing your savings and and
even getting started investing. Whereas financial advisors they can make
sense for some folks, But we would say cultivating the
traits we're talking about here can help you become the
kind of person who can effectively d i y their

(40:16):
own investments. No incredibly expensive person uh necessary in your corner.
And if you feel like you do need somebody's help,
typically most folks actually the help of a money coach
more than they need the help of a financial advisor.
That's right. Coaches focus more on behavior as opposed to
financial advisors who are looking more at the nuts and bolts.
And oftentimes we already know the nuts and bolts, we

(40:38):
just need maybe a little kick in the butt when
it comes to actually doing the dame things. And sometimes
financial advisors are are focused more on the big picture.
And it turns out there's a lot of like small
changes that you can eat more easily make in your
life that are gonna make a bigger difference behavior in psychology,
part of it that that they tend to focus on UH.
And so let's kind of talk through some of the
easiest ways that you can get investing, specially the different

(41:00):
accounts that you can be investing in. And first we
want to mention the employer match, because if you've got
to work sponsored account with an employer match, you better
be getting it. And you know this is this might
be kind of like Noah kind of advice, but there
are still so many folks who are not doing this.
Somewhere close to thirty percent of folks who have access
to a workplace retirement account either aren't contributing at all

(41:23):
or they aren't contributing enough to get the full freebie
basically that their employer is laying out for them. This
is why on our money gears. Aside from having some
cash like if you you know a little bit of
cash in the bank, you need to be getting that
employer match and literally money number number two besides having
two thousand, four hundred seven dollars in your bank account.
The second thing we want you to do is get

(41:44):
the full employer gear you Number two is is massive
if that's a gear that's available to you for sure,
so employer match that's one how to. The other thing
is tax advantaged accounts. Like after scoring that free money
from your employer, the next thing you want to do
is to take advantage of accounts that allow your investments
to grow in attack sheltered way. And these are accounts
like four oh, one ks t sp s if you're

(42:06):
a federal employee or you're a member of the military.
I RA as individual retirement accounts that any of us
really have access to, and h S A S and last,
but but also least actually via cony nine accounts. Those
are tax advantage, but those are are our least favorite
because saving for your kids college should be a lower priority,
a much lower priority on your financial bucket list, compared

(42:27):
to staving for your retirement. It's not that five nine
accounts aren't good, like those are excellent accounts if you
are looking to say, if your kids college, but compared
to you putting a side money in your wrath, uh,
if that's your only retirement account, well that definitely needs
to come first, no brain or choice there, Rath all
the way every time. But if you focus on growing
wealth in those other ones via simple index funds or

(42:49):
target date funds, there's no need to go any further.
If you don't want to write. We actually sent out
a newsletter a few weeks ago, Matt talking about how
you can become a millionaire really easily by just maxing
out one of these accounts. That's right for a few
decades and with something like a roth IRA A the
annual contribution limit. It's only six thousand dollars, but you
can still become a millionaire investing only in a roth IRA,

(43:09):
which I think is saying something. It means a lot.
It says these tax advantaged accounts are really important. You
should prioritize those soccer as much money you can away
in those accounts. They're really the best wealth building tool
that's available to us. That's right. Yeah, And so some
of those accounts, like the IRA, you can set up
on your own without an employer, but definitely UH take

(43:29):
advantage of those employer sponsored accounts. But the thing is,
if you work for yourself, that's that's that's not a
big deal, because there are awesome accounts available for you
that allow you to sack away even more money then
you're traditionally employed. Friends, if you're so inclined, the step
I ra A and the solo for ohn k are
are the two worth looking into. And if you have

(43:50):
a high deductible health plan, you can open up your
your own hs A, your own health savings account as well.
It just takes a little more intentionality because income you
know to is to be maybe a little more irregular
if you own your own business and plus you don't
have an employer, making it easy to contribute, perhaps on
a bi weekly basis, But it is still super important
and not terribly complicated, and it's one of those workplace

(44:12):
benefits that you can participate in as well, even though
it doesn't feel like one of those free benefits because
you know, with your friends who have all of their
healthcare coverage provided for them for free, or you know,
maybe they have a match, well, guess what, you can
suck away a ton of money as well. Yep, you can.
And then the next thing. Let's say you're a high
income earner or you're just a go getter who's hoping
to retire early. Your brokerage accounts are a great next

(44:33):
step worth considering. Even though they don't offer you any
sort of tax advantage, they can be really helpful if
you're on the path to let's say fire right, you
wanna you want to retire early at the age of
forty five, and a brokerage account can help you get
there because you're gonna need to pull those that money out.
You need to pull some of those funds out to
live before you reach retirement. Age, it's right, you gotta

(44:54):
bridge that gap that's right before you hit retirement age.
Investing in real estate, that's another one of those things
you can consider. It's worth molding over if you're if
you're kind of interested in investing in real estate, we'd
say becoming a mom and pop landlord has a lot
of benefits for investors. It's definitely a route to consider
if that's something you're interested in. But beyond those basic

(45:15):
pieces of how to advice, you know, which route you
decide to go in is largely going to be dependent
on your specific goals in your specific timeline. Like investing
in real estate. It's not for everyone, and some people
are like, listen the four one case, set it and
forget a thing and just putting more and more money
into that every year. That's easy and I don't really
have to think about it, whereas if I start investing
in real estate, I do have to think about it

(45:37):
more Right it is on my radar. I can't just
hop on my electric skateboard and go because I gotta
go fix the leaky toilet. Those are the kind of
things that you should consider. But in reality, Matt, this episode,
it's all about the characteristics, right, and not even the
how to But we just wanted to provide that here
as well, because the reality is a lot of people
are like, cool, I'm down to develop those characteristics. I
see the need to to be more patient, right, see

(46:00):
the need to pick something that's a simpler option than
maybe the way my assets are currently allocated. But yeah,
so much of the specific how to direction it will
be determined on your specific goals in your specific timeline.
The reality is, though, that those characteristics of investors that
we talked about, those are necessary for all of us
to develop no matter which how to direction we go in.

(46:23):
Those are crucial to us succeeding in whichever path we choose. Yeah,
this characteristics hold fast regardless of what you're what you
want your personal life to look like, because I think
that's a lot of what those additional steps and how
you want to achieve that sense of financial freedom, A
lot of that is going to come down to what
you want your life to look like like. If you
want to be uh that mom and pop landlord where

(46:44):
you're you know, occasionally, yeah, you are going to have
to take some calls. You are going to have to
show the show the property but you know, on that note,
one more thing that we should mention as we wrap
this puppy up. Investing it's great, right, but we do
not want you to overdo it. You should have some
other life, probably parties. Like here on the show, we
we we drink beer and the craft beer equivalent. That's

(47:04):
a huge part of our ethos of how the money, uh,
and so building wealth, starting to create a nest egg
for your future like that is great, but it is
possible to focus too hard on that goal while you
are depriving yourself today, while you're wrecking maybe your health,
maybe you're wrecking relationships, you're wrecking all of these other
things that you will not find on a Google sheet

(47:27):
or within an Excel document or on personal capital. There
there are things that are not reflected within your net
worth UH. And so we want you to find ways
to spend money freely on the things that matter to you,
while saving and while investing for your future. Because we
believe that balance is impossible to fully achieve, but it
is definitely worth consistently striving for. And that's what we

(47:47):
do here on the show, and it's what we're constantly
seeking after in our own lives. As well. Yeah, it's
like a pendulum, right, and you're always kind of trying
to find that center, but you're always off by just
just a little bit. But it doesn't mean we're always
we're not always striving to get to that place right
where we are good investors, but where we have enough
free time to have great hobbies and great relationships, great

(48:08):
family lives like we want we kind of want all
of the above approach, and and sometimes that that's not
gonna lend us being becoming the next warm Buffett. Like
it's just not because when you actually look at some
of the lives of some of the greatest investors, their
personal lives were not so great. And so if you
really want to be the best investor out there, that
means you're gonna have to sacrifice a lot of those things,

(48:28):
just like Michael Jordan's. If you want to be the
best basketball player so good at baseball, it means you're
not gonna make a lot of friends on the basketball court,
and your teammates are not gonna love you at times
until you hoist the championship in the year and you're like, boom,
we did it. But all along the way, it's a
difficult route because you're so hyper focused. We're not talking
about that. We're talking about being a great investor, not
being the best investor. And I think there's a difference,

(48:50):
there's a real meaningful difference in trying to become the
best versus becoming great when you can become a great
investor actually pretty easily, and you can still kind of
retain the things that matter team most in life while
I'm doing that. Again, that's a well worn path that's proven.
Like Warren Buffett, he couldn't he couldn't talk to girls
like That's one of the things like as a teenager

(49:10):
as he went off to school that he was terrible at.
I guess he spent all this time reading about companies.
His marriage fell apart too. I mean, I think I
read one story about where one of his children was
on the floor or something and he like stepped over
his child to walk up to the office. Is John
having a tantrum? And there's just there are all these
things you sacrifice sometimes in order to be the best
at something, and we're not willing to do that. We

(49:32):
don't want to be the best podcasters, we don't want
to be the best investors. We want to be really
good at what we do, but it wouldn't be worth
the sacrifice in order to get to the number one
slot on iTunes or whatever it is. I mean, the
negatives would just far outway the positives in that case.
That's right. Yeah, we're just trying to be great all around, dude.
And a part of how we do that, like, like
we just said, is that we enjoy a beer during

(49:53):
every episode. Man, And this was Octoberfest by Dry Candy
Brewing in Kennel Saw, Georgia. What your thought on this
seasonal beer? Yeah, so obviously I don't really have october
Fest about the year. Much of the time they're not
really available. But so I don't even remember the last time.
I haven't. I don't. I don't know if I had
one last fall. But I thought it was good, man,
I thought it was good. It's safety, it's multi it's

(50:15):
kind of like a very melty if you like brown nails.
It's like a much lighter version of a brown nil.
And it's it's not my go to style, that's for sure, um,
but it is like it's kind of one of those Okay, hey,
I like regular beer, but I don't like any of
the fancy stuff. This is one more step into beer
for for people like that, finding in october Fest this
time of beer on the shelves, you might be like, oh,

(50:36):
I'm pleasantly surprised, I actually like this beer. So for
the beer newbies or novices, I think october Fest and
this one if you probably don't get this one where
you live unless you live around where we live in Georgia.
I don't think this brewery distributes very far. But or
look for a mars En because that's it's the same style.
Oftentimes though, like mars N's were served. It's like the

(50:57):
German word for it. I guess maybe, yeah, yeah, like
that's the actual type of beer. October Fest is more
of like a brainding, like like a marketing thing, like
Marsen is March in German because it was a beer
that they brewed because back in the day they weren't
allowed to brew beer during the summer because it was
too dry and the high temperatures and having the fire
and boiling water could lead to buildings burning down and whatnot,

(51:20):
and so they actually outlawed brewing during the summer months,
and so this beer they would brew in March and
it had a higher alcohol content. It had higher hops
and higher malts, which means generally speaking, more flavor than
like the typical lager or pilsener that they were used
to brewing. So that's a little Marsen october Fest beer
history for you. And it's called october Fest because they

(51:40):
would it would sit in like the basements or the
sellers all summer and then they would drink it in
the fall. There you go, There you go. That that
would be another one of those things like I have
no desire to go to Mount Rushmore, but I would
love to go. So we just mentioned Mountain Rushmore in
the investing Mount rush but I would love to go
to Octobertoberfest. Yeah, I would be a lot of fun.
Maybe how do Money trip with some listeners in Vegas
and then professed, yes, I'm in I'm in opposite directions,

(52:04):
but let's go. We can make them both happen. Pull
it off, all right, that's gonna do it for this episode.
For folks who want the show notes and links to
everything we mentioned, we'll put those up on our website
at how to Money dot com. That's right. If you
have not subscribed to our newsletter, head to how to
Money dot com forward slash newsletter. It is free, It
shows up on Tuesday mornings, and it has all of
the personal finance news that you're gonna need for the week,

(52:25):
along with some encouragement to get you through to Friday. Joel,
that's gonna be it for today, buddy. Until next time.
Best Friends Out, Best Friends Out,

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