June 17, 2025 • 25 mins
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Episode Transcript
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Speaker 1 (00:01):
Welcome to the Fiscal Physical Podcast.
Join us each week as we sitdown with the founder of Alchemy
Wealth Management and author ofyour Fiscal Physical, Ryan
Nelson.
Tune in to gain valuableinsights and practical tips as
we simplify complex financialconcepts into digestible lessons
(00:22):
.
From budgeting to retirementplanning, this podcast is your
go-to resource for masteringfinancial literacy.
Aaron Hoisington (00:33):
Welcome everybody to this week's episode
of the Fiscal Physical Podcast.
My name is Aaron Hoisington.
I am here with Ryan Nelson,founder of Alchemy Wealth
Management, a business ownerhimself, as you guys hopefully
tuned in last week and checkedout that episode on it.
Ryan, how are you?
How's the business?
How are things?
Ryan Nelson (00:53):
I'm doing well.
Yeah, everything's really good.
What about on your end?
Aaron Hoisington (00:56):
Not too bad.
I'm just, you know, living thedream here.
We're over halfway through theyear at this point, I believe,
and so we're cruising.
2025 has been a good year sofar.
Yeah, time flies.
It really does.
It really does, and we'll seehow, hopefully.
Well, we'll see.
Sometimes I'm always just likeI say sometimes I'm always
(01:16):
that's an oxymoron, butsometimes I'm like, hey, time's
going by so fast and it's great.
Or other times it's like time'sgoing by so slow and it's great
.
Or other times it's like time'sgoing by so slow and it's great,
honestly, just kind of makingthe best out of your certain
situation.
So a little tidbit there, butanyway, thank you so much
everyone who's joining us thisweek.
(01:36):
We're going to dive into thisnext topic.
We're going to talk abouthomeownership.
Ryan, you intrigued by thattopic?
I'm very intrigued, excellent.
So am I?
So good time to pause here andpreface this episode with Ryan
and I are not trying to givefinancial advice.
Specifically, we're definitelynot qualified to give realtor
advice or mortgage brokeradvices and lender advice or
(01:58):
anything like that.
So this is going to be anepisode where we kind of talk
about our personal experiencesand certain things that go into
the cost of owning a home orwhat actually homeownership
means, what it could be, thefinancial implications of it.
So definitely don't takeanything we say as gospel with
this here.
Consult your properprofessionals.
And with that, ryan, I'm goingto go ahead and turn it over to
(02:21):
you.
Ryan Nelson (02:21):
Yeah, perfect.
Yeah, it's a fun question.
I think that, like you said,it's the biggest purchase that a
lot of people make and there'sa lot to it, right, and sort of
a lot of financial implicationssort of behind the scenes that
people don't always necessarilythink of on the front end.
And so, yeah, I'm excited todive into this one and let's do
(02:43):
just that, let's just dive rightin.
I love it.
Aaron Hoisington (02:44):
Let's do it.
And so definitely want topreface or one other thing.
Sorry to cut you off here, butjust with this, making sure that
everybody knows like you own ahome if I'm not mistaken right.
I also own a home as well too,so I'm not saying anything that
we're going to say here is thepath to go down.
It's going to be completely upto however anybody wants to do
it, but we're just going to kindof paint a picture of that
(03:06):
potentially, like you said, thebiggest purchase somebody might
make in their life.
So that's kind of how we cameon this, and I think it's always
a it is a fun topic.
So, anyway, go ahead, I'm done.
Go ahead and dive in my man.
Ryan Nelson (03:16):
Cool, let's do it.
So yeah, let's talk about theupfront costs first.
Sure, so you're going to have adown payment.
Most people are familiar withthe down payment, right, so
that's typically going to rangesomewhere between like 3% and
20%.
Obviously, there's certaintypes of loans where you could
put even less than 3%, and somepeople will end up putting 50%
or even 100% down in which casethey'll just buy the house in
cash right.
(03:37):
But again, typically you'relooking at putting somewhere
between 3% and 20% down.
One thing to note is there'ssomething called PMI private
mortgage insurance and that youwill.
For most types of loans.
You'll have to pay PMI ifyou've put less than 20% down.
So this is basically insuranceon the mortgage in case you
(03:57):
can't make your payments.
So if you only put down 5% onthe house, you're going to have
to pay PMI in addition to yournormal mortgage payments.
So that's something to consideras you're figuring out how much
to put down on a down paymentIf you're planning on putting
like 18% or 19% down heck, youmight want to just push that up
to 20% to avoid this.
PMI, right, and your mortgagebroker should be able to help
(04:19):
you figure out exactly what thePMI is for your house.
But the other costs?
So there's the upfront cost.
We're going to have the downpayment that's a big lump sum
that goes down, and then we'realso going to have our closing
costs.
Closing costs are going to besomewhere in the neighborhood of
like 2% or 5% of the home price, and that includes things like
the lender's fees, escrow, titleinsurance and things like that,
so you can kind of think ofthese as the fees to actually
(04:42):
execute the transaction, whereasthe down payment actually went
to help pay down your mortgage,right, so the down payment was
going towards the actual valueof the house.
These closing costs are sort ofmore fees associated with the
transaction itself.
And then, in addition to that,you're also going to have to pay
like inspections and appraisals, and those are costs that a lot
(05:02):
of people don't initially thinkof.
On the front end, and dependingon where the house is and what
you need to get appraised orinspected, that could be over
$1,000, right?
Usually each one is in theneighborhood of hundreds of
dollars, and so if you get a fewor multiple inspections, that
could add up to over $1,000.
And then, other than that,another thing that I feel like
(05:26):
is very, very commonlyoverlooked is the actual, like
what I'll just refer to asmoving costs.
Aaron Hoisington (05:31):
A hundred percent.
Speaker 1 (05:31):
Oh man.
Ryan Nelson (05:32):
So that is like when you buy a new house, all of
a sudden you're like I need acouch for the living room and I
need a TV for the living roomand I need a bed for the spare
bedroom, Right.
And so, whether it's your firsttime purchase, or you're buying
a bigger house, um, or you'removing across country, like
either way, you very often willhave some piece of furniture or
(05:55):
something that you now feel likeeither you didn't have before
that you need to buy new, or theold piece of furniture you had
doesn't fit the new house orwhatever.
And so there's oftentimes anumber of furniture expenses,
maybe some repairs or just likeslight remodeling you want to do
.
You know you're like, oh, thisis a perfect house, but I don't
like the flooring in thebathroom.
Okay, there's a cost, right,and so, yeah, especially for
(06:19):
first-time homebuyers, buthonestly, I see this even for
people who are even moving fromhouse to house.
Honestly, I see this even forpeople who are even moving from
house to house.
Oftentimes there's a lot ofthese what I'll refer to as
moving costs, and again, theseare super, super common to
overlook.
So we think about that.
In total, you have your downpayment that ranges let's call
it three to 20%.
Of course it can go even abovethat.
No-transcript, your taste, yourstyle, how big of a house
(06:53):
you're buying.
But so if you think aboutbuying a half a million dollar
house, a $500 house, the$500,000 house isn't going to
just cost you $500,000.
You might need $15,000, $30,000on top of that, on top of your
down payment, which is goingtowards the $500,000.
But you might need another$15,000 or $30,000 on top of the
down payment just for theclosing costs, the inspections,
(07:16):
the appraisals, the moving costs.
So again, I think there are anumber of upfront costs that are
very commonly overlooked andnot always considered.
Oh yeah.
Aaron Hoisington (07:26):
Without a doubt, man, I remember.
So I think you were pretty muchthe first one of my friends
that I know to buy a house.
I think, that was 2014.
Maybe you might have the dateYou're wrong, but around that
time and I remember when youmoved into the place.
You still live there now, whichis funny.
Speaker 1 (07:41):
Can't afford to move, yeah, no, too many upfront
calls.
Aaron Hoisington (07:45):
But I remember you bought a bunch of furniture
and you were just like and youwere like constantly because we
used to hang out there quite abit and there was always like,
for the first month, like morestuff being delivered.
And I remember one of myfriends, one of our friends,
asked like how much have youspent on this?
And you're like I really don'tknow, it just kind of added up.
You're just like because Iwanted this bar for the
(08:06):
downstairs and I wanted thislove seat for the little area
here.
It's just, it's so funny.
And I remember thinking aboutthat and being like, oh, that's
interesting.
Then, when I first bought myfirst house, my wife and I, I
was like, oh yeah, that'sexactly what's going on here.
I was like I'm constantlygetting things delivered that
I'm like, oh yeah, this from ourold place doesn't fit.
(08:27):
Or oh, this mattress is notgoing to work, so we get another
.
And so those, those, thoselittle things that you think you
plan for.
Then, when it's actually in it,you're like, hmm, whoops, yeah,
Well, it's funny yeah.
Ryan Nelson (08:36):
If you buy like a four bedroom house, you're
probably not okay with just oneof the bedrooms sitting empty
Right yeah.
So it's like you're not justlike, ah, close that door, I
don't need that room right now.
You're probably going to putsomething.
You feel almost obligated toput either a desk and a computer
or a bed.
Aaron Hoisington (08:50):
Yeah, just a rug, yeah, yeah.
Ryan Nelson (08:52):
So, yeah, it's funny, it definitely can get out
of control, right, yeah,without a doubt.
But cool.
So those are a good summary ofour upfront costs.
Yes, now you have monthly costs, right.
So you just buy this property.
You know how monthly costs.
So you're going to have yourmortgage I think everybody is
aware of that one.
So that's going to be acombination.
Your mortgage is a combinationof your principal and your
(09:13):
interest, and so obviously theinterest is going to be
dependent on your rate in theterm 15 year, 30 year and how
much you put for down payment.
All that fun stuff.
But you have your mortgagepayment.
Then you also have taxes andinsurance.
So oftentimes you'll hear thisterm PITI, p-i-t-i.
That's principal interest,taxes and insurance.
And so we already talked aboutprincipal interest, now the
(09:34):
taxes and insurance that's howmuch you're going to pay in
property taxes and homeinsurance.
Property taxes even once youhave your house paid off, you're
still going to be payingproperty taxes.
You pay that for the entiretime you own the property.
So even if you completely payoff your home, you're still
going to pay taxes.
If you have a mortgage,insurance is typically going to
be required as well.
I think, in theory you coulddrop your home insurance if you
(10:01):
don't have a mortgage,no-transcript of 500 to a
thousand bucks a month just intaxes and insurance, on top of
your sort of principal andinterest, and again that would
(10:22):
be paying sort of even once yourhouse is completely paid off.
And again that would be payingsort of even once your house is
completely paid off.
I will say, taxes could varyvery drastically, like different
states throughout the countrycan have very different property
taxes.
So that'd be something to thinkabout and it's sort of
proportional to the home value.
But in addition to that there'smaintenance and repairs, right.
(10:43):
So it's buying the newdishwasher and dryer and hot
water heater, right, redoing thebathroom floor, and so
typically a rule of thumb is tobudget one to 2% of the home
value annually in repairs.
So again, rough rule of thumb,sure.
(11:06):
And then additionally seemslike more and more common these
days is HOAs right.
So you have an HOA, some sortof HOA fee that could be monthly
, it could be quarterly orsomething as well.
But obviously HOA fees can varypretty drastically some low,
you know, in 50 bucks, some 500bucks, and certainly I've heard
stories of HOAs being a lothigher than even $500, right.
(11:27):
Yeah, but so yeah.
So if we think about kind ofall the monthly costs you're
committing to, you're committingto your mortgage, your
principal and interest, yourproperty taxes and insurance,
your maintenance and repaircosts and potentially, if you're
in the community, hoa fees aswell on top of that, I'm just
going to pause there.
Aaron Hoisington (11:43):
That seems like a lot.
Ryan Nelson (11:46):
It definitely can be Just listening to think about
it.
Aaron Hoisington (11:48):
It's like okay , and then this, and then this,
and then this.
So it's not just like whetherit's good or bad, but it's not
just a cookie cutter like cool,here's your mortgage, that's it.
There's so much other stuffthat goes into it.
It's always interesting tothink about that when you're
coming from renting to owning ahome you're like oh wow, now I
(12:09):
am landlord, yeah, yeah, kind of, it's almost like our
conversation last week aboutentrepreneurship.
Ryan Nelson (12:13):
Right, it's like.
It's like, yeah, when you startyour own business, you get a
lot of the upside, but you haveall, you're responsible for
everything, right.
Same thing when you buy yourown house um, you get the upside
if the house appreciates, butyou're now responsible for
everything, right, right and uh,it can add up for sure,
absolutely, absolutely.
Aaron Hoisington (12:31):
That's a good point.
Ryan Nelson (12:32):
So, yeah, let's talk about some of those
considerations or strategicconsiderations.
So I'd say one of the biggestmisconceptions I always see is
assuming that homeownership isthe best financial move.
I don't believe that's true.
I think homeownership issometimes the best financial
move and sometimes it's not, butso renting isn't throwing away
money.
I hear that all the time.
(12:52):
Oh, I'm renting, I'm justthrowing away money.
It's like, no, that's not true.
You are getting a roof overyour house to sleep in in
exchange for funds Like, that'snot throwing away money.
You're getting basically aservice for the funds, right,
that you're using and, dependingon what your priorities are
like, if you value flexibilityor something, then gosh, renting
(13:14):
could be a phenomenal solution,right, and there's a lot of
pros to renting.
You're not responsible,potentially, for the HOA fees.
You're not responsible for themaintenance and repair fees.
You're not on the hook, for ifproperty taxes go up or
insurance rates go up, you'renot on the hook, for you know.
If property taxes go up orinsurance rates go up.
You're not on the hook for, youknow, any of those risks you
weren't responsible for, likethe inspection and the appraisal
(13:36):
costs.
You weren't responsible for theclosing costs.
You weren't responsible for thedown payment, right, so there's
a lot of benefits to renting.
Yeah, you don't get to share inthe upside growth of the
property, sure, but you alsoweren't taking any of the risk
to do so, right, so justsomething to think about there.
The other thing I would say islike we've all heard it, right,
but cash is king.
(13:58):
But what I would say is likecash flow is king, and Just
because your bank says you canafford, it doesn't mean you can.
And I would argue that usuallywhat the bank tells you you can
afford is probably much higherthan you should responsibly be
buying.
I mean, I remember, like yousaid, when I bought my first
house it was over a decade agoand I don't think I was making
(14:20):
very much money and they told meI could buy a house that
there's no way I could everafford, right, yeah, but they
would have let me buy it if Iwanted to, but I would have been
just tied to that house Like Iwouldn't have been able to
afford anything else.
Um, and so some otherconsiderations.
I would always say plan for theunexpected.
So expect you know roof leaksand hot waters.
Uh, you know hot water heatersto fail and you know the
(14:43):
microwave to to you know, crashor whatever.
Um, so just just anticipatethose types of unexpected events
.
And as long as you're wetouched on it earlier but if
you're planning for thosemaintenance and repair costs,
you should be prepared there andthen consider future resale
value.
(15:03):
So think like an investor, evenif it's your primary residence,
consider potential resale valueand consider renting as well.
I think just make an honestsort of evaluation of your
financial situation and decidewhat's best for you, whether
that's renting or owning and Idon't think it's always owning,
I think it's sometimes owning, Ithink it's sometimes renting,
(15:24):
and both can be great financialdecisions, as long as you're
sort of going into bothdecisions with your eyes open
and making informed decisions.
Aaron Hoisington (15:31):
Yeah, no without a doubt, and I think a
little while back, you hit on anincredibly common phrase that
people talk about like throwingaway money with renting.
And I rented for my whole lifebefore I bought my first house
and I was just like I never hadan issue at all with renting
Cause I was like, cool, I knowthat this money is going towards
(15:52):
, like you said, keeping a roofover my head.
I don't have to worry about ifthe dishwasher breaks.
This is covered in this orwhatever it might be.
I don't have to worry about theroof leaking and me covering
that specifically.
So I definitely I feel likethere's always I feel like we go
through stages and just life ingeneral, of people like, oh my
gosh, we got to.
Oh, I've got to buy a house,We've got to buy a house, We've
(16:13):
got to get this American dream,this thing that's kind of pushed
on you, and whether it be theright decision for you, that's
completely dependent on what youwant to accomplish.
Because if you buy a house andwhen you're you know, 21, 22,
whatever you're 21, 22, whateveryou're a young person and
you're like, oh, actually I wantto go travel, it's like, well,
okay, but you got this.
What are you going to do withthis asset that you have
potentially and you'reresponsible for?
(16:34):
Is it rented out?
Is it sell it?
At that point, you never cantell what it's going to do, and
so the idea that, like, hey, I'mgoing to buy a house, it's
going to be a great financialinvestment is not always the
case.
Ryan Nelson (16:46):
I would say, sure, yeah, can be, but not always Can
be, not always yeah.
Aaron Hoisington (16:49):
But it's good to consider all the factors
there for sure.
Ryan Nelson (16:52):
Cool.
So, yeah, let's put a quick bowin this one as well.
So some quick tips.
I would say if you are lookingat buying a house, get
pre-approved.
So you want to go talk to amortgage broker.
Get pre-approved.
Figure out what you can'tafford so that when you're
looking at houses you actuallyknow you're not looking at
houses that you can't afford.
Again, I would take it a steppast that.
I would talk to the bank to seewhat they will pre-approve you
for.
But then you need to do your owndue diligence, look at your own
(17:14):
cash flow and see what you canactually afford.
And now you might be moreempowered with actually
realizing all the additionalcosts.
So the bank might say, hey, youcan afford this much.
You start thinking about it andmaybe you say, okay, I can
afford $2,000.
So if you start looking for ahouse where the mortgage alone
is 2000, that might be settingyou up for failure, right, you
probably want to say, no, if2000 is all I can afford, I need
to remember there's going to bemaintenance costs in here,
(17:36):
right, there's going to be allthese other costs.
And then you might say, okay,maybe, after the HOA and
maintenance and everything else,maybe I can afford a mortgage
that's 1500.
Cool, now, when you're workingwith a real estate agent, you
can actually target houses thatare in that sort of ballpark,
right?
Sure?
And then I would say alsoconsider building a separate
emergency fund for your house,so to speak.
(17:59):
So sometimes people like tosort of it's easy to
conceptualize.
If you have a different accountbuilt out for your house, then
it's easy to see like okay, thisis where my 1% to 2% is flowing
to.
I know it's there, I know it'savailable, I can afford the new
hot water heater if that sohappens, right?
So a lot of people find that tobe a useful strategy.
And then I would also say,obviously, as a wealth manager
or retirement planner, I wouldsay take a look at how this
(18:21):
impacts your long-termretirement plan.
Sometimes buying your house canaccelerate your retirement plan
, help you get to retirementsooner, depending on your
financial situation.
Sometimes it can hinder yourretirement plan, right?
So I would say view this interms of all your goals together
, not just as an isolateddecision.
Again, as I primarily focus onretirement, I would like to see
(18:44):
people consider their retirementgoals, and usually that's not a
consideration that they're eventhinking about when they buy a
house.
But I think it's a usefulexercise to go through and say,
okay, what can I accomplish froma retirement goal if I do buy
this house?
How does my now retirement goalchange if I don't buy this
house and I continue to rent?
And then you can start to makean informed decision for you
(19:06):
whether renting or buying is theright choice.
Aaron Hoisington (19:08):
Yeah, no, I think that that's phenomenal,
and I would also let thelisteners know that we did an
episode a while I can't rememberwhich one it was but on, should
I pay off my house?
Yeah, I believe that that wouldbe integral to listen to that
one as well in conjunction withthis one, to kind of go back and
check it out.
And so I'm curious to see.
You could probably find somesimilarities, because in that
one we talk about like oh, youpersonally don't, as a financial
(19:31):
advisor, don't view the houseas an asset that you should use
in specific cases, and obviouslyit depends on the individual
and their situation and such too.
But it is very important tothink about like cool, I want to
buy this house.
Are you going to be in thishouse for 30 years?
Are you going to, if you'reanticipating, anticipating like
cool, in 30 years, when I havethis paid off, I'll just sell it
and that'll be my retirement,or something like that Is that
the best move?
(19:52):
Probably not to think about,but more power to you, whatever
it might be.
But definitely I'm curious.
After this one airs, I'm goingto go back and listen to that
one and see the similarities asit overlaps.
I love it when we were able todo that, where we have different
topics but they're kind of likeintertwined with each other.
It's always kind of fun to seethat web that we've weaved.
Ryan Nelson (20:11):
Absolutely.
Aaron Hoisington (20:12):
But awesome, right, anything else to say on
this topic here before we pausefor the personal section.
Ryan Nelson (20:17):
No, I think we covered it pretty well.
Just reach out.
I think if listeners have morequestions, reach out to us and
we'll be happy to do anotherepisode addressing those.
Aaron Hoisington (20:24):
Yeah, please do, please do.
All right, we're going to goahead and pause here.
Everybody Hang tight.
Speaker 1 (20:28):
And now to put the personal in personal finance.
Aaron Hoisington (20:35):
Welcome back everybody.
This side of the FiscalPhysical podcast.
We are here for the personalsection here.
And, ryan, I have a questionfor you.
Sure, you ready, let's do itAll right.
So if you were to have your owntalk show, who would be your
dream?
Ryan Nelson (20:50):
first guest.
Is this not a talk show?
Aaron Hoisington (20:53):
I would.
Well, I don't know, Is it?
I don't know what a definitionof we talk and I don't know if
it's a show, but yeah, itdepends who you ask, I suppose
yeah.
Ryan Nelson (21:09):
So I mean, I think if this is a talk show, I think
you're the first guest and thelast and the only guest, yeah,
so, yeah, good on us.
But no, I think this has comeup a few times in my past
answers.
But, like I'm a big fan ofPeter Attia, he's a doctor, like
a longevity doctor, so I thinkthat'd be fun to.
He has similar views as me,like a long-term, like he's.
We have a similar backgroundwith engineering, with
engineering and finance, andthen we have uh, similar views,
(21:30):
I think, on the future aroundlike long-term planning.
His is more around healthrelated, mine's more around
finance related.
But, um, a lot of the thingsare similar in many ways.
So I think that'd be a fun, funguest to have.
Um, but another guest that Ithought would be kind of cool
would be, uh, aaron Rogers.
I'm obviously a huge green BayPackers fan.
He, he played a pivotal role ingreen Bay Packers, winning a
(21:50):
super bowl for the Packers, andhe's, uh, he's like a big, he is
, he is who, he is right, he'slike unapologetically him, some
people love him, some peoplehate him.
Either way, he's a bitpolarizing and, um, he's, he's a
good interview, he's a smartguy.
He knows what you like and uh,so I think he'd be a good
interview and he also brings alot of eyes right.
(22:11):
So if you're a new talk showand you're trying to get uh
people to view, everybodyrecognizes Aaron Rogers and
knows his name and he's it's aneasy way to get like sort of
some some cheap views almostright, so capture his popularity
a little bit.
Um and uh, you know, part ofthe thing is like a lot of
people hate him.
It'll probably get played on uh, a lot of uh ESPN people and uh
(22:31):
sportscasters will run withthat and uh and uh play it out.
So it's a good way to getprobably some attention there.
Aaron Hoisington (22:37):
But uh, what about you?
No, that's a, that's a greatanswer.
I was you.
You kind of care, you kind ofburied the lead.
Ryan Nelson (22:44):
Ah, yeah, sure yeah .
Aaron Hoisington (22:45):
Naturally, that'll get a lot of eyes on it
for sure.
But no, it's actually funnythat you mentioned Aaron Rodgers
and his intelligence justoverall.
So my person would be hisname's Ken Jennings.
He's the host of Jeopardy rightnow and he's like the all-time
most winning.
Well, until Aaron Rodgers takesover.
Exactly yes, so it's funnybecause Aaron Rodgers has won
Celebrity.
Jeopardy before, and so it'sfunny that you kind of
(23:07):
intertwined that.
But I'm a huge Jeopardy fan,always have been.
I mean, if he was still alive,obviously I'd have Alex Trebek,
but with Ken.
I think Ken Jennings does anawesome job and I just would
love to sit down and see howsmart this guy actually is,
because on TV, yes, you can getI mean, he seems to know every
single answer on everything, andeven the categories.
(23:27):
He has fun facts that he throwsout like about.
And I was like how much of thisis like now that you're the
host is planned, versus how muchdo you actually know?
And so I would really be curious.
Just he's, I guess, one of myidols, so I'd love to love to
sit down and actually talk withhim, and I think he'd also get
some views too.
Cause people, because peoplelove Jeopardy in general.
Ryan Nelson (23:46):
Yeah, I'd also be curious.
Obviously, I'm sure he's like agenius.
I'd be curious how good of aproblem solver he is versus
remembering facts and what thedifference.
I'd just be, yeah, just curious.
Oh yeah, but I'm sure he'sclearly, I'm sure my guess is
he's a genius.
Aaron Hoisington (24:03):
I'm definitely going to hit him If he comes on
my talk show.
Ryan Nelson (24:09):
I'm going to hit him If he comes on my talk show.
Aaron Hoisington (24:10):
I'm going to hit him with the light bulb
question that you sold me about12 years ago.
Ryan Nelson (24:13):
Yeah, we still need to share that with the
listeners.
Aaron Hoisington (24:14):
Exactly, yeah we will eventually too, we'll
puzzle you with that one, butanyway, awesome.
Well, hopefully one day we getto have that talk show in some
capacity and meet theseindividuals, but for now, ryan,
I think that about wraps us uphere, but anything else to play
us out, as always, stay thecourse.
Speaker 1 (24:34):
Thank you for joining us for the Fiscal Physical
Podcast.
Until next time, happylistening and, as always, stay
the course.
If you have a question or topicsuggestions, please email us at
podcast at alchemywealthcom.
If you enjoyed today'sdiscussion, subscribe to the
podcast to ensure you never missan episode and consider leaving
(24:56):
us a rating and review on yourfavorite platform.
This helps other listeners likeyou find the show.
For more resources, you canvisit Alchemy Wealth
Management's website atwwwalchemywealthcom or find your
fiscal physical the book onAmazon.
We'd be remiss if we didn'tmention that personal finance is
just that personal.
(25:16):
Please don't take anything wesay as advice.
The preceding content is forinformational and entertainment
purposes only.
It's not an offer or asolicitation, nor should it be
construed or relied upon for tax, legal or investment advice.
It doesn't consider yourpersonal financial situation or
objectives and may not besuitable for you.
Welcome to the Fiscal Physical Podcast.
Join us each week as we sitdown with the founder of Alchemy
Wealth Management and author ofyour Fiscal Physical, Ryan
Nelson.
Tune in to gain valuableinsights and practical tips as
we simplify complex financialconcepts into digestible lessons
(00:22):
.
From budgeting to retirementplanning, this podcast is your
go-to resource for masteringfinancial literacy.
Aaron Hoisington (00:33):
Welcome everybody to this week's episode
of the Fiscal Physical Podcast.
My name is Aaron Hoisington.
I am here with Ryan Nelson,founder of Alchemy Wealth
Management, a business ownerhimself, as you guys hopefully
tuned in last week and checkedout that episode on it.
Ryan, how are you?
How's the business?
How are things?
Ryan Nelson (00:53):
I'm doing well.
Yeah, everything's really good.
What about on your end?
Aaron Hoisington (00:56):
Not too bad.
I'm just, you know, living thedream here.
We're over halfway through theyear at this point, I believe,
and so we're cruising.
2025 has been a good year sofar.
Yeah, time flies.
It really does.
It really does, and we'll seehow, hopefully.
Well, we'll see.
Sometimes I'm always just likeI say sometimes I'm always
(01:16):
that's an oxymoron, butsometimes I'm like, hey, time's
going by so fast and it's great.
Or other times it's like time'sgoing by so slow and it's great
.
Or other times it's like time'sgoing by so slow and it's great,
honestly, just kind of makingthe best out of your certain
situation.
So a little tidbit there, butanyway, thank you so much
everyone who's joining us thisweek.
(01:36):
We're going to dive into thisnext topic.
We're going to talk abouthomeownership.
Ryan, you intrigued by thattopic?
I'm very intrigued, excellent.
So am I?
So good time to pause here andpreface this episode with Ryan
and I are not trying to givefinancial advice.
Specifically, we're definitelynot qualified to give realtor
advice or mortgage brokeradvices and lender advice or
(01:58):
anything like that.
So this is going to be anepisode where we kind of talk
about our personal experiencesand certain things that go into
the cost of owning a home orwhat actually homeownership
means, what it could be, thefinancial implications of it.
So definitely don't takeanything we say as gospel with
this here.
Consult your properprofessionals.
And with that, ryan, I'm goingto go ahead and turn it over to
(02:21):
you.
Ryan Nelson (02:21):
Yeah, perfect.
Yeah, it's a fun question.
I think that, like you said,it's the biggest purchase that a
lot of people make and there'sa lot to it, right, and sort of
a lot of financial implicationssort of behind the scenes that
people don't always necessarilythink of on the front end.
And so, yeah, I'm excited todive into this one and let's do
(02:43):
just that, let's just dive rightin.
I love it.
Aaron Hoisington (02:44):
Let's do it.
And so definitely want topreface or one other thing.
Sorry to cut you off here, butjust with this, making sure that
everybody knows like you own ahome if I'm not mistaken right.
I also own a home as well too,so I'm not saying anything that
we're going to say here is thepath to go down.
It's going to be completely upto however anybody wants to do
it, but we're just going to kindof paint a picture of that
(03:06):
potentially, like you said, thebiggest purchase somebody might
make in their life.
So that's kind of how we cameon this, and I think it's always
a it is a fun topic.
So, anyway, go ahead, I'm done.
Go ahead and dive in my man.
Ryan Nelson (03:16):
Cool, let's do it.
So yeah, let's talk about theupfront costs first.
Sure, so you're going to have adown payment.
Most people are familiar withthe down payment, right, so
that's typically going to rangesomewhere between like 3% and
20%.
Obviously, there's certaintypes of loans where you could
put even less than 3%, and somepeople will end up putting 50%
or even 100% down in which casethey'll just buy the house in
cash right.
(03:37):
But again, typically you'relooking at putting somewhere
between 3% and 20% down.
One thing to note is there'ssomething called PMI private
mortgage insurance and that youwill.
For most types of loans.
You'll have to pay PMI ifyou've put less than 20% down.
So this is basically insuranceon the mortgage in case you
(03:57):
can't make your payments.
So if you only put down 5% onthe house, you're going to have
to pay PMI in addition to yournormal mortgage payments.
So that's something to consideras you're figuring out how much
to put down on a down paymentIf you're planning on putting
like 18% or 19% down heck, youmight want to just push that up
to 20% to avoid this.
PMI, right, and your mortgagebroker should be able to help
(04:19):
you figure out exactly what thePMI is for your house.
But the other costs?
So there's the upfront cost.
We're going to have the downpayment that's a big lump sum
that goes down, and then we'realso going to have our closing
costs.
Closing costs are going to besomewhere in the neighborhood of
like 2% or 5% of the home price, and that includes things like
the lender's fees, escrow, titleinsurance and things like that,
so you can kind of think ofthese as the fees to actually
(04:42):
execute the transaction, whereasthe down payment actually went
to help pay down your mortgage,right, so the down payment was
going towards the actual valueof the house.
These closing costs are sort ofmore fees associated with the
transaction itself.
And then, in addition to that,you're also going to have to pay
like inspections and appraisals, and those are costs that a lot
(05:02):
of people don't initially thinkof.
On the front end, and dependingon where the house is and what
you need to get appraised orinspected, that could be over
$1,000, right?
Usually each one is in theneighborhood of hundreds of
dollars, and so if you get a fewor multiple inspections, that
could add up to over $1,000.
And then, other than that,another thing that I feel like
(05:26):
is very, very commonlyoverlooked is the actual, like
what I'll just refer to asmoving costs.
Aaron Hoisington (05:31):
A hundred percent.
Speaker 1 (05:31):
Oh man.
Ryan Nelson (05:32):
So that is like when you buy a new house, all of
a sudden you're like I need acouch for the living room and I
need a TV for the living roomand I need a bed for the spare
bedroom, Right.
And so, whether it's your firsttime purchase, or you're buying
a bigger house, um, or you'removing across country, like
either way, you very often willhave some piece of furniture or
(05:55):
something that you now feel likeeither you didn't have before
that you need to buy new, or theold piece of furniture you had
doesn't fit the new house orwhatever.
And so there's oftentimes anumber of furniture expenses,
maybe some repairs or just likeslight remodeling you want to do
.
You know you're like, oh, thisis a perfect house, but I don't
like the flooring in thebathroom.
Okay, there's a cost, right,and so, yeah, especially for
(06:19):
first-time homebuyers, buthonestly, I see this even for
people who are even moving fromhouse to house.
Honestly, I see this even forpeople who are even moving from
house to house.
Oftentimes there's a lot ofthese what I'll refer to as
moving costs, and again, theseare super, super common to
overlook.
So we think about that.
In total, you have your downpayment that ranges let's call
it three to 20%.
Of course it can go even abovethat.
No-transcript, your taste, yourstyle, how big of a house
(06:53):
you're buying.
But so if you think aboutbuying a half a million dollar
house, a $500 house, the$500,000 house isn't going to
just cost you $500,000.
You might need $15,000, $30,000on top of that, on top of your
down payment, which is goingtowards the $500,000.
But you might need another$15,000 or $30,000 on top of the
down payment just for theclosing costs, the inspections,
(07:16):
the appraisals, the moving costs.
So again, I think there are anumber of upfront costs that are
very commonly overlooked andnot always considered.
Oh yeah.
Aaron Hoisington (07:26):
Without a doubt, man, I remember.
So I think you were pretty muchthe first one of my friends
that I know to buy a house.
I think, that was 2014.
Maybe you might have the dateYou're wrong, but around that
time and I remember when youmoved into the place.
You still live there now, whichis funny.
Speaker 1 (07:41):
Can't afford to move, yeah, no, too many upfront
calls.
Aaron Hoisington (07:45):
But I remember you bought a bunch of furniture
and you were just like and youwere like constantly because we
used to hang out there quite abit and there was always like,
for the first month, like morestuff being delivered.
And I remember one of myfriends, one of our friends,
asked like how much have youspent on this?
And you're like I really don'tknow, it just kind of added up.
You're just like because Iwanted this bar for the
(08:06):
downstairs and I wanted thislove seat for the little area
here.
It's just, it's so funny.
And I remember thinking aboutthat and being like, oh, that's
interesting.
Then, when I first bought myfirst house, my wife and I, I
was like, oh yeah, that'sexactly what's going on here.
I was like I'm constantlygetting things delivered that
I'm like, oh yeah, this from ourold place doesn't fit.
(08:27):
Or oh, this mattress is notgoing to work, so we get another
.
And so those, those, thoselittle things that you think you
plan for.
Then, when it's actually in it,you're like, hmm, whoops, yeah,
Well, it's funny yeah.
Ryan Nelson (08:36):
If you buy like a four bedroom house, you're
probably not okay with just oneof the bedrooms sitting empty
Right yeah.
So it's like you're not justlike, ah, close that door, I
don't need that room right now.
You're probably going to putsomething.
You feel almost obligated toput either a desk and a computer
or a bed.
Aaron Hoisington (08:50):
Yeah, just a rug, yeah, yeah.
Ryan Nelson (08:52):
So, yeah, it's funny, it definitely can get out
of control, right, yeah,without a doubt.
But cool.
So those are a good summary ofour upfront costs.
Yes, now you have monthly costs, right.
So you just buy this property.
You know how monthly costs.
So you're going to have yourmortgage I think everybody is
aware of that one.
So that's going to be acombination.
Your mortgage is a combinationof your principal and your
(09:13):
interest, and so obviously theinterest is going to be
dependent on your rate in theterm 15 year, 30 year and how
much you put for down payment.
All that fun stuff.
But you have your mortgagepayment.
Then you also have taxes andinsurance.
So oftentimes you'll hear thisterm PITI, p-i-t-i.
That's principal interest,taxes and insurance.
And so we already talked aboutprincipal interest, now the
(09:34):
taxes and insurance that's howmuch you're going to pay in
property taxes and homeinsurance.
Property taxes even once youhave your house paid off, you're
still going to be payingproperty taxes.
You pay that for the entiretime you own the property.
So even if you completely payoff your home, you're still
going to pay taxes.
If you have a mortgage,insurance is typically going to
be required as well.
I think, in theory you coulddrop your home insurance if you
(10:01):
don't have a mortgage,no-transcript of 500 to a
thousand bucks a month just intaxes and insurance, on top of
your sort of principal andinterest, and again that would
(10:22):
be paying sort of even once yourhouse is completely paid off.
And again that would be payingsort of even once your house is
completely paid off.
I will say, taxes could varyvery drastically, like different
states throughout the countrycan have very different property
taxes.
So that'd be something to thinkabout and it's sort of
proportional to the home value.
But in addition to that there'smaintenance and repairs, right.
(10:43):
So it's buying the newdishwasher and dryer and hot
water heater, right, redoing thebathroom floor, and so
typically a rule of thumb is tobudget one to 2% of the home
value annually in repairs.
So again, rough rule of thumb,sure.
(11:06):
And then additionally seemslike more and more common these
days is HOAs right.
So you have an HOA, some sortof HOA fee that could be monthly
, it could be quarterly orsomething as well.
But obviously HOA fees can varypretty drastically some low,
you know, in 50 bucks, some 500bucks, and certainly I've heard
stories of HOAs being a lothigher than even $500, right.
(11:27):
Yeah, but so yeah.
So if we think about kind ofall the monthly costs you're
committing to, you're committingto your mortgage, your
principal and interest, yourproperty taxes and insurance,
your maintenance and repaircosts and potentially, if you're
in the community, hoa fees aswell on top of that, I'm just
going to pause there.
Aaron Hoisington (11:43):
That seems like a lot.
Ryan Nelson (11:46):
It definitely can be Just listening to think about
it.
Aaron Hoisington (11:48):
It's like okay , and then this, and then this,
and then this.
So it's not just like whetherit's good or bad, but it's not
just a cookie cutter like cool,here's your mortgage, that's it.
There's so much other stuffthat goes into it.
It's always interesting tothink about that when you're
coming from renting to owning ahome you're like oh wow, now I
(12:09):
am landlord, yeah, yeah, kind of, it's almost like our
conversation last week aboutentrepreneurship.
Ryan Nelson (12:13):
Right, it's like.
It's like, yeah, when you startyour own business, you get a
lot of the upside, but you haveall, you're responsible for
everything, right.
Same thing when you buy yourown house um, you get the upside
if the house appreciates, butyou're now responsible for
everything, right, right and uh,it can add up for sure,
absolutely, absolutely.
Aaron Hoisington (12:31):
That's a good point.
Ryan Nelson (12:32):
So, yeah, let's talk about some of those
considerations or strategicconsiderations.
So I'd say one of the biggestmisconceptions I always see is
assuming that homeownership isthe best financial move.
I don't believe that's true.
I think homeownership issometimes the best financial
move and sometimes it's not, butso renting isn't throwing away
money.
I hear that all the time.
(12:52):
Oh, I'm renting, I'm justthrowing away money.
It's like, no, that's not true.
You are getting a roof overyour house to sleep in in
exchange for funds Like, that'snot throwing away money.
You're getting basically aservice for the funds, right,
that you're using and, dependingon what your priorities are
like, if you value flexibilityor something, then gosh, renting
(13:14):
could be a phenomenal solution,right, and there's a lot of
pros to renting.
You're not responsible,potentially, for the HOA fees.
You're not responsible for themaintenance and repair fees.
You're not on the hook, for ifproperty taxes go up or
insurance rates go up, you'renot on the hook, for you know.
If property taxes go up orinsurance rates go up.
You're not on the hook for, youknow, any of those risks you
weren't responsible for, likethe inspection and the appraisal
(13:36):
costs.
You weren't responsible for theclosing costs.
You weren't responsible for thedown payment, right, so there's
a lot of benefits to renting.
Yeah, you don't get to share inthe upside growth of the
property, sure, but you alsoweren't taking any of the risk
to do so, right, so justsomething to think about there.
The other thing I would say islike we've all heard it, right,
but cash is king.
(13:58):
But what I would say is likecash flow is king, and Just
because your bank says you canafford, it doesn't mean you can.
And I would argue that usuallywhat the bank tells you you can
afford is probably much higherthan you should responsibly be
buying.
I mean, I remember, like yousaid, when I bought my first
house it was over a decade agoand I don't think I was making
(14:20):
very much money and they told meI could buy a house that
there's no way I could everafford, right, yeah, but they
would have let me buy it if Iwanted to, but I would have been
just tied to that house Like Iwouldn't have been able to
afford anything else.
Um, and so some otherconsiderations.
I would always say plan for theunexpected.
So expect you know roof leaksand hot waters.
Uh, you know hot water heatersto fail and you know the
(14:43):
microwave to to you know, crashor whatever.
Um, so just just anticipatethose types of unexpected events
.
And as long as you're wetouched on it earlier but if
you're planning for thosemaintenance and repair costs,
you should be prepared there andthen consider future resale
value.
(15:03):
So think like an investor, evenif it's your primary residence,
consider potential resale valueand consider renting as well.
I think just make an honestsort of evaluation of your
financial situation and decidewhat's best for you, whether
that's renting or owning and Idon't think it's always owning,
I think it's sometimes owning, Ithink it's sometimes renting,
(15:24):
and both can be great financialdecisions, as long as you're
sort of going into bothdecisions with your eyes open
and making informed decisions.
Aaron Hoisington (15:31):
Yeah, no without a doubt, and I think a
little while back, you hit on anincredibly common phrase that
people talk about like throwingaway money with renting.
And I rented for my whole lifebefore I bought my first house
and I was just like I never hadan issue at all with renting
Cause I was like, cool, I knowthat this money is going towards
(15:52):
, like you said, keeping a roofover my head.
I don't have to worry about ifthe dishwasher breaks.
This is covered in this orwhatever it might be.
I don't have to worry about theroof leaking and me covering
that specifically.
So I definitely I feel likethere's always I feel like we go
through stages and just life ingeneral, of people like, oh my
gosh, we got to.
Oh, I've got to buy a house,We've got to buy a house, We've
(16:13):
got to get this American dream,this thing that's kind of pushed
on you, and whether it be theright decision for you, that's
completely dependent on what youwant to accomplish.
Because if you buy a house andwhen you're you know, 21, 22,
whatever you're 21, 22, whateveryou're a young person and
you're like, oh, actually I wantto go travel, it's like, well,
okay, but you got this.
What are you going to do withthis asset that you have
potentially and you'reresponsible for?
(16:34):
Is it rented out?
Is it sell it?
At that point, you never cantell what it's going to do, and
so the idea that, like, hey, I'mgoing to buy a house, it's
going to be a great financialinvestment is not always the
case.
Ryan Nelson (16:46):
I would say, sure, yeah, can be, but not always Can
be, not always yeah.
Aaron Hoisington (16:49):
But it's good to consider all the factors
there for sure.
Ryan Nelson (16:52):
Cool.
So, yeah, let's put a quick bowin this one as well.
So some quick tips.
I would say if you are lookingat buying a house, get
pre-approved.
So you want to go talk to amortgage broker.
Get pre-approved.
Figure out what you can'tafford so that when you're
looking at houses you actuallyknow you're not looking at
houses that you can't afford.
Again, I would take it a steppast that.
I would talk to the bank to seewhat they will pre-approve you
for.
But then you need to do your owndue diligence, look at your own
(17:14):
cash flow and see what you canactually afford.
And now you might be moreempowered with actually
realizing all the additionalcosts.
So the bank might say, hey, youcan afford this much.
You start thinking about it andmaybe you say, okay, I can
afford $2,000.
So if you start looking for ahouse where the mortgage alone
is 2000, that might be settingyou up for failure, right, you
probably want to say, no, if2000 is all I can afford, I need
to remember there's going to bemaintenance costs in here,
(17:36):
right, there's going to be allthese other costs.
And then you might say, okay,maybe, after the HOA and
maintenance and everything else,maybe I can afford a mortgage
that's 1500.
Cool, now, when you're workingwith a real estate agent, you
can actually target houses thatare in that sort of ballpark,
right?
Sure?
And then I would say alsoconsider building a separate
emergency fund for your house,so to speak.
(17:59):
So sometimes people like tosort of it's easy to
conceptualize.
If you have a different accountbuilt out for your house, then
it's easy to see like okay, thisis where my 1% to 2% is flowing
to.
I know it's there, I know it'savailable, I can afford the new
hot water heater if that sohappens, right?
So a lot of people find that tobe a useful strategy.
And then I would also say,obviously, as a wealth manager
or retirement planner, I wouldsay take a look at how this
(18:21):
impacts your long-termretirement plan.
Sometimes buying your house canaccelerate your retirement plan
, help you get to retirementsooner, depending on your
financial situation.
Sometimes it can hinder yourretirement plan, right?
So I would say view this interms of all your goals together
, not just as an isolateddecision.
Again, as I primarily focus onretirement, I would like to see
(18:44):
people consider their retirementgoals, and usually that's not a
consideration that they're eventhinking about when they buy a
house.
But I think it's a usefulexercise to go through and say,
okay, what can I accomplish froma retirement goal if I do buy
this house?
How does my now retirement goalchange if I don't buy this
house and I continue to rent?
And then you can start to makean informed decision for you
(19:06):
whether renting or buying is theright choice.
Aaron Hoisington (19:08):
Yeah, no, I think that that's phenomenal,
and I would also let thelisteners know that we did an
episode a while I can't rememberwhich one it was but on, should
I pay off my house?
Yeah, I believe that that wouldbe integral to listen to that
one as well in conjunction withthis one, to kind of go back and
check it out.
And so I'm curious to see.
You could probably find somesimilarities, because in that
one we talk about like oh, youpersonally don't, as a financial
(19:31):
advisor, don't view the houseas an asset that you should use
in specific cases, and obviouslyit depends on the individual
and their situation and such too.
But it is very important tothink about like cool, I want to
buy this house.
Are you going to be in thishouse for 30 years?
Are you going to, if you'reanticipating, anticipating like
cool, in 30 years, when I havethis paid off, I'll just sell it
and that'll be my retirement,or something like that Is that
the best move?
(19:52):
Probably not to think about,but more power to you, whatever
it might be.
But definitely I'm curious.
After this one airs, I'm goingto go back and listen to that
one and see the similarities asit overlaps.
I love it when we were able todo that, where we have different
topics but they're kind of likeintertwined with each other.
It's always kind of fun to seethat web that we've weaved.
Ryan Nelson (20:11):
Absolutely.
Aaron Hoisington (20:12):
But awesome, right, anything else to say on
this topic here before we pausefor the personal section.
Ryan Nelson (20:17):
No, I think we covered it pretty well.
Just reach out.
I think if listeners have morequestions, reach out to us and
we'll be happy to do anotherepisode addressing those.
Aaron Hoisington (20:24):
Yeah, please do, please do.
All right, we're going to goahead and pause here.
Everybody Hang tight.
Speaker 1 (20:28):
And now to put the personal in personal finance.
Aaron Hoisington (20:35):
Welcome back everybody.
This side of the FiscalPhysical podcast.
We are here for the personalsection here.
And, ryan, I have a questionfor you.
Sure, you ready, let's do itAll right.
So if you were to have your owntalk show, who would be your
dream?
Ryan Nelson (20:50):
first guest.
Is this not a talk show?
Aaron Hoisington (20:53):
I would.
Well, I don't know, Is it?
I don't know what a definitionof we talk and I don't know if
it's a show, but yeah, itdepends who you ask, I suppose
yeah.
Ryan Nelson (21:09):
So I mean, I think if this is a talk show, I think
you're the first guest and thelast and the only guest, yeah,
so, yeah, good on us.
But no, I think this has comeup a few times in my past
answers.
But, like I'm a big fan ofPeter Attia, he's a doctor, like
a longevity doctor, so I thinkthat'd be fun to.
He has similar views as me,like a long-term, like he's.
We have a similar backgroundwith engineering, with
engineering and finance, andthen we have uh, similar views,
(21:30):
I think, on the future aroundlike long-term planning.
His is more around healthrelated, mine's more around
finance related.
But, um, a lot of the thingsare similar in many ways.
So I think that'd be a fun, funguest to have.
Um, but another guest that Ithought would be kind of cool
would be, uh, aaron Rogers.
I'm obviously a huge green BayPackers fan.
He, he played a pivotal role ingreen Bay Packers, winning a
(21:50):
super bowl for the Packers, andhe's, uh, he's like a big, he is
, he is who, he is right, he'slike unapologetically him, some
people love him, some peoplehate him.
Either way, he's a bitpolarizing and, um, he's, he's a
good interview, he's a smartguy.
He knows what you like and uh,so I think he'd be a good
interview and he also brings alot of eyes right.
(22:11):
So if you're a new talk showand you're trying to get uh
people to view, everybodyrecognizes Aaron Rogers and
knows his name and he's it's aneasy way to get like sort of
some some cheap views almostright, so capture his popularity
a little bit.
Um and uh, you know, part ofthe thing is like a lot of
people hate him.
It'll probably get played on uh, a lot of uh ESPN people and uh
(22:31):
sportscasters will run withthat and uh and uh play it out.
So it's a good way to getprobably some attention there.
Aaron Hoisington (22:37):
But uh, what about you?
No, that's a, that's a greatanswer.
I was you.
You kind of care, you kind ofburied the lead.
Ryan Nelson (22:44):
Ah, yeah, sure yeah .
Aaron Hoisington (22:45):
Naturally, that'll get a lot of eyes on it
for sure.
But no, it's actually funnythat you mentioned Aaron Rodgers
and his intelligence justoverall.
So my person would be hisname's Ken Jennings.
He's the host of Jeopardy rightnow and he's like the all-time
most winning.
Well, until Aaron Rodgers takesover.
Exactly yes, so it's funnybecause Aaron Rodgers has won
Celebrity.
Jeopardy before, and so it'sfunny that you kind of
(23:07):
intertwined that.
But I'm a huge Jeopardy fan,always have been.
I mean, if he was still alive,obviously I'd have Alex Trebek,
but with Ken.
I think Ken Jennings does anawesome job and I just would
love to sit down and see howsmart this guy actually is,
because on TV, yes, you can getI mean, he seems to know every
single answer on everything, andeven the categories.
(23:27):
He has fun facts that he throwsout like about.
And I was like how much of thisis like now that you're the
host is planned, versus how muchdo you actually know?
And so I would really be curious.
Just he's, I guess, one of myidols, so I'd love to love to
sit down and actually talk withhim, and I think he'd also get
some views too.
Cause people, because peoplelove Jeopardy in general.
Ryan Nelson (23:46):
Yeah, I'd also be curious.
Obviously, I'm sure he's like agenius.
I'd be curious how good of aproblem solver he is versus
remembering facts and what thedifference.
I'd just be, yeah, just curious.
Oh yeah, but I'm sure he'sclearly, I'm sure my guess is
he's a genius.
Aaron Hoisington (24:03):
I'm definitely going to hit him If he comes on
my talk show.
Ryan Nelson (24:09):
I'm going to hit him If he comes on my talk show.
Aaron Hoisington (24:10):
I'm going to hit him with the light bulb
question that you sold me about12 years ago.
Ryan Nelson (24:13):
Yeah, we still need to share that with the
listeners.
Aaron Hoisington (24:14):
Exactly, yeah we will eventually too, we'll
puzzle you with that one, butanyway, awesome.
Well, hopefully one day we getto have that talk show in some
capacity and meet theseindividuals, but for now, ryan,
I think that about wraps us uphere, but anything else to play
us out, as always, stay thecourse.
Speaker 1 (24:34):
Thank you for joining us for the Fiscal Physical
Podcast.
Until next time, happylistening and, as always, stay
the course.
If you have a question or topicsuggestions, please email us at
podcast at alchemywealthcom.
If you enjoyed today'sdiscussion, subscribe to the
podcast to ensure you never missan episode and consider leaving
(24:56):
us a rating and review on yourfavorite platform.
This helps other listeners likeyou find the show.
For more resources, you canvisit Alchemy Wealth
Management's website atwwwalchemywealthcom or find your
fiscal physical the book onAmazon.
We'd be remiss if we didn'tmention that personal finance is
just that personal.
(25:16):
Please don't take anything wesay as advice.
The preceding content is forinformational and entertainment
purposes only.
It's not an offer or asolicitation, nor should it be
construed or relied upon for tax, legal or investment advice.
It doesn't consider yourpersonal financial situation or
objectives and may not besuitable for you.
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