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Episode 49: Financial Don’ts with Phillip Ramsey and Bryan Dewhurst
163 Plays6 years ago
So much of financial planning is about managing risk. That’s why it is so important to understand the financial “don’ts” as much as understanding the things you should do when it comes to making decisions about your money.
That’s what we’re exploring here in Episode #49; some financial “don’ts” that we hope you can avoid. Some of the big don’ts focus on relationships—marriage relationships and business relationships—as well as who to take advice from. Not all advice is equal, and we’re digging into that hot topic.
We also discuss some don’ts around taxes and investing. What should you invest your time and money in? It can be somewhat subjective, but there are some ground rules you should definitely follow.
This is some real talk about mistakes to avoid and advice on how to recover when you stumble into some don’ts.
what you will learn in this episode:- Why you don’t have to feel guilty about investing in your marriage
- What to do when you are in a bad business partnership
- How to avoid analysis paralysis
- Why investing in things you don’t understand is so risky
- Why a tax break alone is not a good enough reason to make an investment
- When to ask for help with managing your finances
- Do not buy a timeshare. Just don’t
- How to measure the value of buying “toys” like boats and RVs
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Transcript
Introduction to Uncommon Life
00:00:02
Speaker
Everyone dreams about living an uncommon life, but how we define that dream is very different for each of us. And for most, it's a lifelong pursuit.
Meet the Hosts & Project Goals
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Speaker
Welcome to the Uncommon Life Project podcast. We're going to introduce you to people who are living that life or enjoying the journey to get
Community Feedback & Episode Goals
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Speaker
there. We're going to also give you some tools, tricks, and tips for starting or accelerating your own efforts to live an uncommon life.
00:00:27
Speaker
A life worth celebrating and savoring. Please welcome your hosts, Brian Dewhurst and Philip Ramsey. Hello and welcome to another episode of the Uncommon Life Project. I'm your host, Philip Ramsey. And I am Brian Dewhurst. Thanks for tuning in to yet another episode. We've been getting amazing feedback from you guys and we love, or you folks. I always use guys. Sorry. I'm out.
00:00:50
Speaker
That's tough. Shout out to the ladies. That's right. Anyway, you have done a great job of not only subscribing, but rating our podcast. And we want to know, we want to let you know that we are thankful and grateful. So we're on a road to get 100 by the end of this year. And so hopefully we'll get that.
00:01:06
Speaker
So, let's jump into a duo cast that Brian and I had. We're going to just spitball
Investing in Marriage
00:01:11
Speaker
here. We're going to be talking about the financial don'ts or the financial faux pas, as Brian likes to say, or the financial things that you want to try to stay away from. And we probably should caveat this by probably not all of these are bad. We just want to talk about them and just address them because it's kind of a fun show. So, Brian, any thoughts before we jump in? No, we get to meet with lots of people and we hear things and we see things.
00:01:36
Speaker
It's just a collection of, I don't know, things that we've heard and witnessed and just wanted to compile for people. Yeah. So the first one is more of a, uh, something I'll say if somebody says, Hey, Phillip, do you have any financial tips for me? And normally they think I'm going to say like a need a hot stock. Yeah. The hot stock.
00:01:55
Speaker
First off, they don't know me very well. That's more of a Brian question, but I'll automatically say, I'll be like, don't get a divorce because they are expensive. And I say that in jest. And if you're in a bad marriage, like, please don't feel like we're on top of you or we're condemning you by any stretch. But man, divorces can be devastating.
00:02:18
Speaker
and financially and emotionally. And so they just take a toll out of you and your finances and everybody
Choosing the Right Partners
00:02:26
Speaker
involved. So know that that's a huge thing. Some people we meet with don't need a financial advisor, they need a marriage counselor. That's the truth. But we have somebody that's been through one. And so, Brian, you can probably speak to it more than I can. Go ahead, buddy. Yeah, I mean, being divorced, it's obviously emotional and it's, you know, financially expensive and
00:02:47
Speaker
financially destructive. Anytime you try to separate plywood, it's brutal. And so I think our biggest thing is when you look at the reasons most people get divorced, a lot of them are financially related. And I think, you know, when you look at or talk about counseling, you might not get equipped with how to handle money. Sure, you can talk about things, you know, prior experiences, childhood,
00:03:16
Speaker
you know, whatever your beliefs are. But then how do you actually get practical tools and equipping to move forward in that? I'm not saying we're counselors or financial counselors, sometimes it feels that way. But I don't see that say that in a bad way. I see that like a serious way, like we take it seriously of meeting people where they're at. And
00:03:39
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Yeah, I think it's something that you can work on as a part of your marriage to avoid divorce in terms of that's like one of the main things you're struggling with.
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is
Navigating Conflicting Advice
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money in your marriage. For sure. And you mentioned it, but I've heard it's getting divorces like separating plywood. It's not going to be pretty, you're going to get bloody, and you can't really put it back together once you do it. Yeah. And it's not easy. So that's something to do. And then I would also say, marriage is something that you can invest in. We just talked to somebody yesterday, a couple,
00:04:13
Speaker
And they were kind of like on the fence, like, should we go on vacation or like a vacation, a bigger vacation before we have kids? I kind of feel greedy. I feel kind of selfish. And we said, don't ever feel selfish about investing in your marriage. And how much is it worth for you to keep your marriage strong and healthy? And like, there is no amount of money to do that. And so that was at least the charge we told this couple. And I think there's probably, um, definitely outliers that might not be true, but
00:04:41
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I don't think it's ever bad to invest in your marriage. And so if
Investment Wisdom & Pitfalls
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you're going through a divorce and, uh, or you have gone through a divorce, I bet you're going to be the first one singing from the rooftops. Like that really hurt financially. So things to try to stay away from. Number one, divorce. All right. So let's keep going. Let's keep going. Uh, number two, uh, kind of goes with divorce, partnering with the wrong people. And this is in the context of business, I think, uh, primarily, but yeah.
00:05:10
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And so I think also in life too, like who's your best friends? Who's, who'd you get married to? Like kind of moving back to the back, but the people who you partner with. And if you've listened to any of our shows, you see that the people that partner with take a really, it's either a good decision or a bad decision. So that needs to be taken into account. Go ahead. No, we've obviously been in a partnership for seven plus years now and, uh, better good times than bad. And, um,
00:05:39
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It is hard. Like it's hard for us. And I think sometimes, you know, the podcast, it comes across like everything's, you know, roses and sunshine and rainbows and ice cream. And a lot of times it isn't. And sometimes it isn't. And it requires work just like a marriage. And it seems though, and just the people that we've spoken to, we've had people that have had tremendous partnerships decades long. We've had people that, you know, didn't last even 10 months. So,
00:06:07
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I think it's just a thing to be careful of and something to take super seriously on the front end and know that it's going to require work through it.
00:06:17
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Absolutely. That's what I was going to say. It's going to take hard work. And honestly, it's one of those things. You get in a bad partnership and it really derails you, but you definitely have to work through it. And I always say you can probably get further with a partnership than by yourself, but it's going to be a lot faster by yourself. But you're going to go a lot further with a partner.
00:06:38
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And I think I'll just share one story of, I think, uh, unlimited amount in our history of the uncommon wealth partners. But, uh, one of them that I remember is, uh, for one of our Christmas parties, I was like, I want to do some kind of award that we're going to give to some of our clients that are going down this uncommon path and really setting the trend. And I was like, I think I want to do like a little wax seal.
00:07:03
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and we can call it the uncommon life seal. And Brian, I shared with Brian, Brian's like, I think that's dumb. And I was like, I'm digging my heels in, like I'm doing it. Does that make sense? And so I was like really staunch, I'm doing this. And then he said, okay, if you're going to do it, I think you should do it this way or that way.
00:07:21
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And at the end of it, we have an award that we give out every year for on our Christmas party to one or two. Last year was three of our clients that are doing amazing, uncommon things and not only setting a life path for them, but also many people around them that are watching them.
00:07:38
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And it's framed. It has, because of Brian, has more written stuff behind it. It's just powerful. And that was one small example of how partnerships work better, especially mine and Brian's. I think I'm way better when Brian's by my shoulder or next to my shoulders. What is
Recognizing Scams
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it next to me? Shoulder to shoulder. Yeah. When Brian's on my shoulders. I love the shoulder rides that you give me, Philip.
00:08:05
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I love this. But yeah, we're way better together than we are for our partnership. I appreciate you saying that. I echo that as well. I appreciate that. So that's something just to be, I think, eyes wide open when you go into a partnership. And just like marriage, you never know exactly who you're getting married to. That's also something in partnering with somebody.
00:08:29
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Again, we're faith-based people. And so we feel like Jesus is the ultimate example. And when you love Him and you know what He's done for you, you can be way more forgiving and graceful towards the other person. So that's helped us immensely in our partnership. Okay, next. I love this next one. Go ahead, man. Well, I can't hear this because, you know, the Bible does say to seek wisdom from multiple counselors.
00:08:55
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And I'm not quoting that directly, but it's paraphrasing it. But we do get a lot of people that I think you think we think ask way too many people for advice on their situation. And so it's a delicate subject of getting other people's perspective, getting other people's perspective that you trust. And if you do that too many times, you can kind of get stuck because that advice ultimately is going to contradict itself. Yeah. And you're going to be
00:09:25
Speaker
going to be right back to where you started struggling to make a decision. And so. Yeah, we would say also, too, like your ultimate authority should be the Bible. Go back to it and see if it says anything about it. Now, if it doesn't or it does, then make sure that you're interpreting correctly, going to people around you and asking like, hey, here's where I'm at. Am I maybe seeing this? Maybe it rose colored glasses or am I not seeing this clearly? But we would say asking too many people for advice could be a bad thing.
00:09:55
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But we are strong advocates at Uncommon Wealth Partners because we do things so uncommonly to make sure that you bounce this ideas off of a couple people that you know, like, and trust.
Facing Financial Issues
00:10:05
Speaker
But Brian has a really good point of all this is like, make sure the people that you're asking for advice is going down a path that you appreciate. So for example, if maybe your parents have always had a desk job, then asking them to say, hey, I'm going to step out and start my own company.
00:10:23
Speaker
Chances are they'll have really good advice, but there could be some of their own fears playing in their head of like, I didn't do it that way. Therefore, I don't know if you should. And so you just have to make sure that you take advice and try to keep your eyes wide open again. I keep saying that.
00:10:39
Speaker
Really trying to figure out like are the people that I've taken advice somebody that I respect value in this Specific example, so analysis by paralysis is a real thing and sometimes and we just had this client last week where he He talked to two CPAs to financial advisors somebody at what is a tax couple colleagues colleagues and then like that walks his dog and
00:11:04
Speaker
Now at this point, you get the point. So we didn't know whether to put this one in or not, because we really are strong advocates of asking people for advice, but it comes to a point where it's almost too much and you're getting nowhere, like Brian said. So I think a lot of times too, people
00:11:22
Speaker
ask other people for advice. And this gentleman was sharing like all these different people he sought out and their perspective on the topic we were talking about. And I was just like, well, are those people going to be here to answer for their perspective in 10 years? Yeah. You know, like, are they even going to be in your life in 10 years? Are they going to be held accountable if this doesn't go well for you? And so I think that's another huge part of it. And I think obviously why we ask our family members, because you're going to say yes to that question of like, yeah, I hope my family's
00:11:51
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with me in 10 years. But if you're seeking advice from people outside of that, are those people going to be in a position to be held accountable or just be there for you if this thing goes wrong?
00:12:04
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I think that's super important to think about. Yep. All right. Let's keep going. Cause we only have 25 minutes and I might blow through this one. We are on the
Timeshares: Pros and Cons
00:12:12
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clock. We try our best number, uh, B or, or let's say D I don't know, four or five or six or whatever, but don't invest things you don't understand. Like I can't emphasize this enough.
00:12:27
Speaker
I see this and Brian and I see this a lot when it goes south. And at the end of the day, all of them will say, I just didn't understand it. And that's a scary thing. So if you don't understand it, what's the whole thing that they say? If you have knowledge but have no money, then somebody else has money but no knowledge, it ends up transferring.
00:12:50
Speaker
The person that had knowledge has your money and the person that had money now has the knowledge, not to give them that. But this is a big thing and one that we really put a lot of emphasis on at the Uncomma Wealth Partners when somebody's ready to start this uncommon path. Do you understand what you're doing? Do you have experience in doing that? And are your gifts aligned in all of that?
00:13:13
Speaker
And again, we're financial advisors that help people try to put their cashflow around their passions and enthusiasm, um, and do it in a smart way. But if you don't know what you're doing and don't understand it, it'd be like our first warning sign of like, Ooh, we need a lot more due diligence here. Yeah. And especially if you're going to put in real serious money, you know, and I think, uh, I know a guy
00:13:36
Speaker
you know, we get exposure to sell these oil and gas partnerships where you can invest in these, you know, they're basically going on drilling wells to try to find oil and you get massive tax deduction to do it. And if they strike oil, you can make a lot of money. Well, he puts money into one of these deals and you know, it's the mother load they find.
00:13:52
Speaker
You know, it's just huge, huge oil well. And the guy just makes a ton of money, gets his tax deduction. So then, you know, well, why wouldn't I do that again? The ultimate again, the ultimate hustle was double down. And that did not go well. And he had doubled his investment and he ended up losing all of it. And it was something that even if it went right, you're still not going to understand that business. You're just passively investing into somebody else. You're not learning the oil business.
00:14:21
Speaker
you're basically throwing darts at the board. And, and again, maybe, you know, um, you hit a bullseye, you hit a bullseye, but you're kind of on those other people to throw the darts. And so at the end of the day, I think the other side of this is real estate is one of those things that I think we get the most where people are doing all this research online, whether it's, you know, bigger pockets or rich dad, poor dad and Kiyosaki.
00:14:47
Speaker
all these different things. And they get to that point of like, well, I want to do this, but they've never done it before. And Robert Kiyosaki is not standing there next to you going to help you do that first property. I think you will for like $90,000 and you better go right for that type of fee. But in that, then that's where you're asking like, well, I'm going to tell my parents I'm going to buy a rental property and they've never owned one. So they're of course going to tell you not to do it. And then two, this is why I think we're so big on Airbnb. And we gave this advice actually yesterday.
00:15:16
Speaker
of the clients going out of town for a trip to another country. So they're going to be gone for like a week. Like, well, maybe you could make your first goal of entering into real estate, just having your primary residence on Airbnb for that week, you're going to be gone and like figure that out. And you could do that for less than probably 500 bucks. And then at least you would know, do you feel comfortable with somebody else staying in your house? Do you feel comfortable, you know, figuring this all out?
00:15:40
Speaker
was it a good feeling to be in another country and have someone pay you to be in your house? How does that work emotionally, tactically, financially, and how did you feel about it? That's a great, easy way. Totally. I think your point is well taken. If you're going to invest in something you don't understand, try not to make it a high value of cash or putting a lot of monetary value in that.
00:16:04
Speaker
When you have a lot of money, if you don't understand it, don't do it financially, but maybe, Hey, can I put more time into that? Now that would be something that we would be all about like, okay, let's see if you even like this, but how can you do it without investing any money? Sure. Okay.
00:16:19
Speaker
Also, I think that one that you said briefly, but don't invest things for only tax reasons. And you kind of briefly kind of mentioned that, but there's like some oil and gas things that they're saying, yeah, you can get an amazing tax deduction. And that's okay to do if you're not looking for any return.
00:16:37
Speaker
If you're like, just kiss that money goodbye. And then it's kind of like a lottery ticket kind of thing, but you got your deduction. So if you're looking for that, that's okay. But if you're looking for that for tax reasons and possibly growth, I'd say go ahead and not do that. Yeah. And it's just one dimensional. And yeah, you'll get an upfront benefit in the tax deduction or tax credit.
00:17:04
Speaker
But that's not necessarily an investment. That's a tax strategy. If you want something to be an investment or something that's going to contribute to your overall retirement, I'd highly recommend you really think through that. And we're not talking about putting money in a 401k or something like that. We're talking to more like quirky one-off type investments. Oil and gas is a great example just because we've had so many people do it. And it just ends up being like, I don't even know what my return was because
00:17:32
Speaker
the cash flow is so sporadic or little or whatever, or they totally went under that the real only benefit was the tax deduction. And so we just don't see a lot of instances and I could count over 10 in that example where that was like a good long-term strategic idea.
00:17:51
Speaker
Yeah, and I also think it's interesting with talking just taxes here. CPAs and accountants, I don't know if it's their ultimate goal, but they would love you to pay zero taxes and they would actually not want you to get paid anything. Does that make sense? Like, well, you have zero tax. Why didn't make anything? Isn't that great? Like, no, it's not great.
00:18:10
Speaker
Help me out like I yeah, I told our account like I want to I want to pay million dollars in taxes Meaning that I want to be able to be making a lot more money too, right?
Luxury Items: Buy or Rent?
00:18:19
Speaker
Sometimes just focusing on tax reasons might not be your best rate of return You might want to be like hey, I want to pay more taxes, but I got to figure out a way, you know So there's there's things so all right that wasn't on the list. I totally blew through that. Sorry. Here we go. Next one Don't invest things that sound too good to be true. Yes. Yeah
00:18:40
Speaker
There are Ponzi schemes. There are people defrauding other people all the time at a record pace. And I, I'm glad that I feel like all of our clients have gotten through the like, you know, Nigerian Prince email hustle. Um, but there's a lot more sophisticated frauds out there and it happens in it. I mean, we've had personal experiences with people that have, you know, invested in Ponzi schemes and lost all of their money.
00:19:10
Speaker
And it's devastating. And so if you're getting, and we hear these, you know, we get pitched lots of different things all the time by not only other vendors, but clients that are looking and evaluating things. And it's just like,
00:19:25
Speaker
Oh, you know, I'm guaranteed this and I can't, there's nothing that can go wrong. And it's like, I'm going to have my money back in 12 months. And, and those investments might go well. And then it's like, well, I'm going to put in double. I'm going to put in triple. Like I can't lose. Like all those things are just massive red flags. Guarantees all that stuff.
00:19:45
Speaker
It's scary. And it's interesting to me, and Dave Ramsey's not my uncle, so I'm sorry. But I think he does a really good job with budgeting and helping people get out of debt. But I think he should probably stop there until when he starts talking about how to build wealth, I would get fined and Brian would get fined because we're licensed. We can't say any guaranteed or any kind of thing that we could say about mutual funds and the average that they are going to produce.
00:20:12
Speaker
I think he sets up some of his listeners for failure because when they don't get that rate of return that he's saying, then they get frustrated and angry. The only thing that we can guarantee if we take your money and we put it into a securities product is 100% loss. We hope that doesn't happen, but there is no guarantee that I can give.
00:20:29
Speaker
And it's not like you're, I can guarantee you like no growth. No, it's a hundred percent loss because there's risk there and you need to understand that risk. And so there are things that are actually really beneficial, but there's always like, you can understand if you really dissect these things, why they're in place. And it's never like a silver bullet. It's either a system over time that produces cashflow or it's, uh, you know, you're investing in the risk is there. And so understanding all of those things is really important.
00:20:58
Speaker
Okay, don't move in. Yeah, we did a whole podcast on this next one, but don't put your head in the sand and do nothing. That's not smart. And I have a couple buddies. Shout out to Nate and Todd, they were like, Hey, let me do a podcast interview us for the things that we didn't do right. And sometimes I think there's a lot of people out there like this.
00:21:19
Speaker
if they're just really nervous about where they're at financially, they don't even want to look at it. They just put their hand in the sand and keep working. I don't know if that's the best strategy. In my life, probably the most growth I've ever done is the times when I just addressed it and it was hard and got through the other side with a community of people that love me and help me through it. So don't just put your head in the stand and not do anything. If you're avoiding
00:21:43
Speaker
things financially and scared to look at statements, scared to pay bills, scared to tell other people where you're at. That is like the biggest signal to like ask for help. Good point. Great point. The next one is kind of fun and we just had a meeting. We've had a lot of meetings last week. It's true though. Time shares. This one is my hot button.
00:22:04
Speaker
I'm hitting it hard. I'm gonna warn you. Get it buddy. Get it. Go for it. We've got lots of people that own timeshares and I can't think of one of them that is like over the moon about it. Think of one. Sounds great.
00:22:18
Speaker
You've all been invited to the dinners or that you're, Hey, you're going to get a free trip. You just got to look at, listen to a presentation. Well, no, no, no, they get you the free trips and they put you in like the old red roof in or something. Oh, this is all putzy. And then they're like, well, let's come over to here to the Ritz Carlton. Yeah. You're at the stagecoach in across the street and, uh, you know, eating off cast iron and cardboard boxes. And
00:22:42
Speaker
And you know, it sounds so good to like, Oh, I'm going to get this. We could come here all the time and like, yeah, we just went through this with a client and they basically said that we could kind of talk about their situation. And they're now trying to get out of this timeshare that they did literally, I think it was like 15 years ago. And so we call the timeshare with them and we're just like, how do you get out of this? And they're like, basically you can't, um, shoot, you have to, like, it's not like they're going to help you get out of it. No.
00:23:06
Speaker
No and she had a fear she's like i'm just like super fearful that. This time share goes on to our kids and we're like no no way should be happening. Oh it's happened like we call them and was like does this and she's like what goes to probate i'm no lawyer but it goes to your which that means i'm no longer kids are dealing with it.
00:23:29
Speaker
And so there is a secondary market for timeshares where they can, I think you can like buy them out. Um, she did the gal that we talked to for this timeshare company did say that it was very easy to facilitate, you know, putting it on Airbnb. Uh, but you still own it and are dealing with it. And I think the one of the impetus for the client to bring it up with us, cause we didn't know this prior was that they got assessed, uh, like a maintenance, you know, you got to put some more money and we need a new roof and gutters and all this stuff. Yep.
00:23:57
Speaker
And it's like, oh my gosh, we just want to be done with this. We don't really want to go there anymore. We want to be in a different place and our kids are older and we need more rooms and amenities. And now, especially with Airbnb and just the ability to customize where you stay and the different things that you have outside of just hotels or there's just a lot more choices.
00:24:20
Speaker
These things just seem like a complete debacle. And I don't want to minimize the memories you're making with family on these trips, because that's real. And there is a value in that. But to be locked into multi-year, multi-lifetime contracts of things that you can't get out of, I don't know that that's the best investment. And I think what people are really looking for is the permission to go on a trip. And so if you had a passive income stream that was paying you
00:24:50
Speaker
$2,000 or $5,000 or $10,000 a year, and you could use that money to go anywhere you want in the world, that is what I think people are looking for. Now, if you decide to use that money every year to go to the same place, maybe that is where you look into a second home or getting a property to Airbnb and then use yourself, but I don't know that the timeshare is the way to approach that meeting that need or that desire.
00:25:16
Speaker
Here's what I'd say the timeshare because they all sound so good. And honestly, the person that we just talked to, it was like $800 for a week in Orlando. Every two years they could go one week and it was $800, $400 each year, whatever. But I think what got them was like, Oh, we're going to do this all the time. And we'll all, this will make us kind of force us to go down here, go down there. And they did it when they were, they didn't have any kids.
00:25:40
Speaker
and all this stuff, I would say no matter what, you should always say no. And then as the years go by and you keep thinking about it, and you keep thinking about that one specific location, then maybe, but I'm saying like 10% maybe.
00:25:57
Speaker
Yeah, you just I feel like you can still go back to the same location and not have this locked in noose and it would be worth it to I think the people that we just talked to to pay a little bit more money to not be locked into that specific location. Yeah.
00:26:13
Speaker
or specific time period. Anyway, it was just a lot of gotchas and they didn't. Well, and then it was, you know, and we talked and it was like, well, you can do this and you can upgrade that and you can like, but everything had a fee, everything for a fee, you can do this for a fee. Is there a fee where I can get out of this? Well, there's no fee for that.
00:26:31
Speaker
Yeah. That's so sad because our client was like, I would pay somebody $2,000 just to take this from me. You know, like, Oh, just be done. Yeah. Just be done. So there's a don't for you at timeshares. And you can even say, just think of Brian and Phillip when you're in those seminars. Cause you went down to Jamaica and you wanted a free trip. Just think of Brian and Phillip. Don't do it.
00:26:49
Speaker
Don't do it stay at the stage coach and hold your guns yeah we're totally twenty five minutes but i wanna blow through this last one and it's just toys. We've we've bunched in motorcycles atvs boats rvs second homes. I don't think they're bad necessarily but i've had a motorcycle and i've always wanted a motorcycle i've had it for three months and i got rid of it.
00:27:12
Speaker
It wasn't I didn't use it, but I just felt guilty about it that I'm just looking at the thing. I wasn't using as much as I thought I was going to use it, which is pretty much on all these you can say like, how much are you really going to use it? And I'm not saying that RVs aren't a great thing. And I think they can make a lot of memories about it. And even boats, like one of my philosophies in life is like people who have a boat are just kind of closer because they don't have cell phones and they're just in a boat.
00:27:35
Speaker
But maintaining that boat, getting on the ramp, I mean, it would take me two years just to, uh, you know, put the boat in the ramp because I'm horrible backing things in like that. But just remember what exactly that you want of these and is there a way you can rent it? And if you see yourself running at this all the time, then.
00:27:55
Speaker
again, maybe, but you just got to be careful because we are people who just want things. And we always are ready to put something that we can buy to make us happy. And these are the things that I see, at least in my own life that are kind of like, Oh yeah, that'd be fun. But would I ever really use them?
00:28:11
Speaker
Yeah question i think the other thing i'd say is is for the people that want to do this and i get it and you know when i'm on somebody's boat it's awesome and i'm so thankful that they did that and i can share in that experience i'll never get there's my buddy and in college just amazing guy shut up pat but he said.
00:28:30
Speaker
My boat doesn't run on thank yous. And it's just this stuff adds up, you know? And I always just thought that was one of the greatest lines. But if you're going to buy one of these things, all this stuff is always for sale. There is someone that did this. They bought that thing that you want to buy and they want out of it. And it is probably cheaper and really almost like new if you would just hunt for it as opposed to just going buying new and being trapped into some
00:28:58
Speaker
either payment or you know toy that you're gonna struggle to get out of at the price that you paid for it and so and again and if you're using it and you it's a beautiful thing in your family and you're making it awesome we're not saying that but really question
00:29:12
Speaker
Do you have that path and ability to leverage this type of toy for those memories? And are you going to use it? And for that motorcycle, I had to go get a motorcycles license that I have insured and a helmet. You had the gloves too, didn't you? I had the gloves. This is like my dream to have this thing and I got it and I was like, meh, meh, meh.
00:29:34
Speaker
But then when I tried to sell it, I was like, Oh, if I could just get rid of this thing, you know, of course I did. But so the funny thing about the insurance is I forgot to call, you know, nine months later to cancel my insurance when I sold my motorcycle. Yeah. Well, you were paying for it the whole way. Yeah.
00:29:49
Speaker
Yeah, it just seems like these things are always just kind of just kind of sucking life away from. Anyway, for me, I don't think it's good for me to buy any of those. Although I go to Minnesota once a year for a week. I'm sorry, I go to Minnesota for a week every year and we rent a boat and it's amazing. I don't have to worry about if it doesn't start. I don't have to worry about any of that. It just is there in the water ready for us to ski behind. It's amazing.
00:30:17
Speaker
It's expensive too, but it's not as expensive if I had to store the boat. I had to back the boat up to any ramp because I'd probably wreck it. There's just a lot of expenses that go along with this stuff and it sounds really cool from an outsider's perspective, but once you're in it, it could be different.
Conclusion & Gratitude
00:30:36
Speaker
Those are our financial things to like think through. Hopefully this helps frame in a little bit more about us and what we value, but there are some things that we see in our practice that we were like, don't do. And some of these are what we do. Don't do the timeshare. Don't do it. Well, thanks again for listening. You've been listening to the Uncommon Life Project. I am your host, Philip Ramsey. And I'm Brian Dewhurst. Thanks for listening. Have a great night.
00:31:05
Speaker
That's all for this episode of The Uncommon Life Project, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.