This has come up in almost every episode of Talk Wealth to Me since we began the podcast in 2019. It is a major part of workshops we deliver to schools, communities and organizations all over San Diego and beyond. It is the backbone of every personal and professional relationship. Yet many don't do it, for different reasons. Communication is vitally important especially when it comes to relationships. Money is the #1 reason for divorce, and according to a survey by Ally Bank 36 percent of couples reported that money was the biggest source of stress in their relationship.
In this episode, Chase and Felipe sit down and discuss the financial mistakes that couples make and how they can avoid them by communicating better.
We want to thank the crew at Saturday Night Live for a truly hysterical - and very real - skit that aired a few weeks ago. Perfect introduction for this week's podcast!
This has come up in almost every episode of Talk Wealth to Me since we began the podcast in 2019. It is a major part of workshops we deliver to schools, communities and organizations all over San Diego and beyond. It is the backbone of every personal and professional relationship. Yet many don't do it, for different reasons. Communication is vitally important especially when it comes to relationships. Money is the #1 reason for divorce, and according to a survey by Ally Bank 36 percent of couples reported that money was the biggest source of stress in their relationship.
In this episode, Chase and Felipe sit down and discuss the financial mistakes that couples make and how they can avoid them by communicating better.
We want to thank the crew at Saturday Night Live for a truly hysterical - and very real - skit that aired a few weeks ago. Perfect introduction for this week's podcast!
[inaudible] Welcome to Talk Wealth to Me, a safe space podcast, where we chat about anything and everything related to personal finance, the information contained in this podcast is for educational and entertainment purposes. Only. It does not constitute as accounting, legal tax or other professional advice.
Felipe Arevalo:So It was on Twitter. As you know, uh, the personal finance world on Twitter is very active. And I came across this, uh, SNL skit.
Chase Peckham:It was trending wasn't it?
Felipe Arevalo:I don't know if it was trending, but there was a couple of personal finance people talking about it saying how we've been saying this for a while now. Uh, and I had a presentation last week and I mentioned something very similar to it. And, um, you know, how accurate this skit was and how timely it was. I felt like I just like, Ooh, I can't wait to show Chase.
:*SNL skit link found in show notes. Characters are Narrator, Dad, Mom and teenage son*
Dad:Hey man, I think there might be one more gift for your mom right there.
Narrator:It hasn't been a normal year. So this Christmas get her something extraordinary. During the Lexus December to remember sales event,
Mom:Nathan, you didn't.
Narrator:With flexible financing at 0% APR. There's never been a better time to buy or lease a new Lexus.
Dad:Merry Christmas, baby.
Mom:Are you*Bleep* kidding me? Did you seriously buy a car without asking me?
Dad:Well, because for Christmas.
Mom:This is a major purchase,
Dad:Right... But it was a December to remember.
Mom:It's a Lexus. We don't have the money for this, Nathan.
Son:We don't?
Mom:No, we don't your father. Doesn't your father. Hasn't worked since last March.
Son:What?
Dad:Yeah COVID has hit a lot of people hard and I'm no exception.
Mom:Nathan you got fired in March, 2019. COVID had nothing to do with it.
Dad:Hey pal, I guess your old man's busted mmm.
Narrator:It's beginning to look a lot like savings. So get to your local Lexus dealer today.
Mom:How much should you spend on this ridiculous car? Nathan?
Dad:It was only 3,999 due at signing. Four grand. It's not that much, babe.
Mom:And how much is the monthly payment?
Dad:The, what?
Mom:Did you think this entire car costs?$4,000. There's a monthly payment!
Dad:But with the 0% Apre, I think it's all good.
Mom:Aper. Do you mean APR?!
Dad:I'm pretty sure it's Aper.
Son:Wow.
Narrator:Give the gift of Lexus and definitely talk it over first.
Chase Peckham:Oh my God, Phil that was absolutely great. 100% spot on.
Felipe Arevalo:So timely.
Chase Peckham:Oh my goodness. As far as what we were going to talk about today, talking about communication, how important is with personal finance Hats off and salute to the SNL crew who actually they get it.
Felipe Arevalo:It's was well done.
Chase Peckham:So well done.
Felipe Arevalo:They put, they put a real life, some important real life topics into a skit that was very entertaining.
Chase Peckham:It very entertaining, but so true. How often do you see those commercials and you see the red bow and the his and her vehicle sitting out in front of the beautiful home in the snow coming down.
Felipe Arevalo:Perfect snow.
Chase Peckham:Oh, it's a perfect Instagram. It's perfect Twitter. It's just, Oh my gosh. It just feels good and warm. But how often do you really see that? I would guess I would guess that maybe 2% of the population pull that off every year and most of the people that try to pull that off and do it. I wonder how often that actually happens. I wonder how, how much reality that is.
Felipe Arevalo:Yeah. And, and we see them all the time. You see them every year.
Chase Peckham:Oh my gosh, was this so spot on. And it really does seem to be the theme of 2020 when it comes to personal finance and all the past podcasts that we've done the last eight months or so.
Felipe Arevalo:Yeah, it's communication. It's having that open line of dialogue, especially when your finances are linked to someone else and someone else's finances as is the case with like a family unit and having that open communication and having that joint plan, that joint mission on finances and what they're trying to accomplish. And this kind of just highlighted a very real example, uh, that we see all the time on TV, where it makes it seem like it's okay to go out and make a big financial decision all on your own with the protection of saying well it's for the holidays. Well, it was a gift. Um, whereas it, that's not how things should work.
Chase Peckham:Right? I mean, it's, it's, we can all rationalize to ourselves all we want. Right. And we tend to, we can always rationalize a purchase. Uh, we can say, I, I deserve it or we deserve it. We've worked so hard. It's been such a hard year. It man, emotionally, we really deserve something fun and something nice. The problem with that. And especially in this case, these things that we buy is so fleeting, it's so quick, the, the euphoria that we feel that justification that we get when we purchase it, no matter what it is, it's fleeting, it goes away.
Felipe Arevalo:Yeah. So I was telling the class when I was presenting is, you know, if I told my wife, you know, we were going down the street and I looked over and said, Ooh, wow, look a Ford Raptor. I really like those. It would be so cool to have one. Um, that's great, but I'd be really upset if Christmas morning she showed up and said, here's the keys to your brand new Ford Raptor? Um, I don't want that kind of car payment and I don't want that kind of gas mileage. Um, so it, with all these commercials and we see them all the time where people show up and we've even, I've even seen somewhere, I didn't buy one car. I bought one for me and I bought one for you, surprise, you know, let's put a bow on the car and go celebrate. Uh, and it's just, if someone says, you know, if I told my wife, you know, Oh, I, I kind of want to buy that, uh, video game, that book, that a CD. And she buys it and I didn't really want it. You know, that's one thing because it's$20 book, it's a$60, you know, video game, but something like an automobile, um, that's a whole nother ball game.
Chase Peckham:Well it's because it's not just a one-time purchase, right. It's, it's going to be 36 months, 72 months. And pretty soon the next three Christmas has come around and you're still paying for that new Lexus.
Felipe Arevalo:Exactly.
Chase Peckham:So it is something that is, is great at the time. It's a good Instagram. It's great Twitter. It's put it out there. Oh, look at me. Uh, look what I did for my wife. Uh, what could I did for my husband, man? You want to talk about lasting effects? Uh, we, we talk about this in our presentations all the time that you know, that that car, that new car is so awesome, that new smell, you're driving it around. You feel great. You don't let the kids eat in the car. You don't let anybody get you. They are wiping their feet before they get in the car. And about four months into it, five months into it, you know, you just don't want to deal with the kids. You're just there. Come on, dad. I'm hungry. Can I eat?
Felipe Arevalo:It's easier to let them have the Gold Fish.
Chase Peckham:Okay, fine. And then you start to see the crumbs, right? And then there's the first spill. Oh. And then you walk out from the grocery store and you see the first ding in the side of the car.
Felipe Arevalo:Oh that's the worst.
Chase Peckham:Because somebody decided not to put the cart back where it belongs. They just let it there. And it got away. And it ran into your car. All of a sudden that new car that, Oh, that car that you felt so good about and you're driving around and you didn't care about the$400,$500,$700 payment, whatever it was a month, all of a sudden that new car isn't so new anymore, it's not so special, but that payment's still$400,$600,$700.
Felipe Arevalo:Yeah. The payment doesn't go down. When you get that first thing, it doesn't go down once you need and brakes and, and other wear and tear repairs, your payment's still there. Um, and, and the new car smell definitely goes away. You can't replace that with an air freshener either.
Chase Peckham:And then wait until that, uh, you know, 50,000 miles, 70,000 mile, a hundred thousand mile warranty ends up going out and Oh, by the way, if it's not bumper to bumper and it's just, you know, drive train, well, you know, now all of a sudden you're having to pay for brakes and you're having to get the oil changed on a regular basis. And Oh, by the way, when you buy A Lexus, that oil change is about 160 bucks.
Felipe Arevalo:Yeah. It's definitely something where if you're going to go make a big purchase like that, you definitely want to talk to. I mean, that's borderline, and I think we talked about this, uh, it was probably last year actually. Um, but that's borderline, um, gosh, you're going to have to cut this part out where I had it all over myself. Um, you know, that's, that's fine.
Chase Peckham:Did you have a brain freeze right in the middle of it?
Felipe Arevalo:Yeah.
Chase Peckham:Don't you hate it when that happens right in the middle of the thought you're like, it's there,
Felipe Arevalo:It was a good thought. It was a financial infidelity almost. Yeah. You're coming open to it. The fact that, you know, I, yeah, I did make this purchase, but, but it's like, yeah, but it's just such a big purchase where the other person could look over at you and say, we're not on the same page here.
Chase Peckham:That was such perfect timing when you sent me, because especially in a year, as crazy as 2020 has been with the pandemic and all of us being at home and us spending more time together as a family unit, uh, and you know, forcefully, I mean, we have to, there's not a lot we can do outside of the house. Um, and we're working from home or we are unemployed and we're still at home.
Felipe Arevalo:School from home.
Chase Peckham:We're together a lot more than, than normal. And communication has never been more important when it comes to personal finance for so many reasons, right? It's unemployment, u h, dollars are being stretched as much as they can. U h, we're all a little uncomfortable. So we might be purchasing things more online than we ever have before. U h, we're trying to, u h, so many of us in here, around here supporting the economy a nd small business by eating out every night. U h, you know, when you say that to ourselves, when really we're just sick of our kitchen and we don't want to cook anymore, we're just tired of cooking. U h, so many things to work through emotionally, we forget that the world still keeps going around. Bills still need to be paid. The mortgage still has to be paid. Rent has to be paid. So it's never been more important to have that open line of communication about, unfortunately, everything we do financially, no matter where you're at.
Felipe Arevalo:Right. And it's something where, you know, it's funny, you, we also mentioned too, just when you're out there or you might not be out as much, you're at home and you're looking around and you're like, man, there's a lot of Amazon cars or something. Um, and I know, I know my neighbors, like I can almost hear them as they walk up to my door. Like, man, they got another Amazon box. Um, and some of these Amazon boxes are huge. And I think that some of them are thinking that I'm doing some retail therapy. Um, but they don't understand. Sometimes those big boxes are full of diapers. Um, so it's not that I'm out buying exciting things every month on Amazon. I'm just buying a box of Pampers, uh, for the little one. It's important to keep an open mind and realize that just because you see someone else making these, what you think are extravagant, awesome purchases. Um, it may not be that they're out buying a whole bunch of fun things. Um,
Chase Peckham:Well, again, perception, right? We talk about that all the time. And unfortunately, a lot of times perception is reality until you actually know the truth, but you're right. You can't judge by the things that are being shipped and bought these days, especially in COVID where there's just, there's a lot of people that are just afraid to go out of the house. Uh, and it's simply the way that they can get their needs addressed is having their food, having their purchases delivered. Uh, so it's not just a holiday thing. It's not just for those that are crazy online shoppers with whether it be clothes or shoes or whatever it might be. You know, we talked about money personalities a couple of weeks ago, um, flipping the script when it comes to money. And I got to tell you, you know, Keri, I getting personal a little bit, Carrie and I have always communicated about our finances very, very well. And, and we have, and we're very lucky that we have a very open line of communication. We don't argue very much, but we do, you know, we have found that we have differences of opinion and we have conversations that we'll get a little more animated than normal. We very, very rarely have a full blown drawn out argument, uh, because we just don't let things fester. We talk about things right away and that's my personality. And I know that's just the way she believes in doing things both professionally and personally. But I have noticed that we do have personalities that have kind of changed a bit through this COVID through not being able to do our normal routines of being at work every single Monday through Friday, Keri in her profession works sometimes long hours in the fall and the spring. And isn't at home at, at, in the early evenings because she's got events at her school. And it's a major difference in our relationship. The fact that we see each other during the, and the evenings a lot more than we ever have before, and it is different. And it is hard because we both are the type of people that separated our professional lives from our married lives. Now we talked off and on almost all day, every day, how are you doing? How's your day going? Good. Hey, we got to pick the, don't forget to pick up the kids, all those kinds of things. Now, you know, we're working super hard to try to recreate that by almost avoiding each other during the day and say, hi, how are you doing? And still pretending we, and not just pretending, but going about our day, like I'm at work and I'll talk to you when I'm off work.
Felipe Arevalo:Yeah like walk by and be like, just here for a snack, just get it, just grabbing an Apple real quick, and then I'm heading back away.
Chase Peckham:Right. But I've also noticed one little thing that has changed a bit because she's not out in her office atmosphere very much. And she is in our bedroom, working. There is the creeping of personal and professional when it comes to shopping. It's a lot easier when you're in an atmosphere where you're used to, okay, now I'm going to do my purchases for the kids and all that stuff. And now it happens during the day and it might be something that she wouldn't normally purchase. And it might be a lot more clothes than it used to be, but she always comes back and she says, I can always send it back and she'll try it on. But I don't know if she just likes going about the process, but she very rarely keeps anything. She buys it. Right. And then maybe keeps one of the articles and sends everything back because it either didn't fit right. Or didn't look the way she thought it was going to look. But that part of the searching and the looking, and then ultimately seeing if it fits or seeing how it looks on her, it, it seems to be making her, it gives her a little bit of joy, gives her a little pep in a time when things aren't so great.
Felipe Arevalo:Kudos to her for actually returning it. I think they count on so many people not returning it. I know I have a bad history of returning things on time.
Chase Peckham:You know why though? You're you're and I hate to say this. I, and I do. And I don't mean to be sexist.
Felipe Arevalo:I know what you're going to say,
Chase Peckham:But you're a man.
Felipe Arevalo:It's so true.
Chase Peckham:You don't want to go through the process of wrapping that thing back up, putting it in,
Felipe Arevalo:Getting the sticker put it back on and put it. Yeah.
Chase Peckham:Where it seems that a lot of not saying at all, I look, I'm not throwing a giant blanket, but it tends to be, I've talked with a lot of my friends whose wives, and they have no problem with it, but us guys, if we make purchases, there's, it's almost 95%, unless our wives pack it up and send it back then it's not,
Felipe Arevalo:It's not going back. Yeah, exactly. It might sit in the car with well intentions to send it back, you know, in the trunk for awhile. And then afterwards, Oh man, that was supposed to go back weeks ago.
Chase Peckham:Statute Of limitations ended on that a long time ago.
Felipe Arevalo:Exactly. So I think with online things, if it's something like I have to go back an d i n a Target and, you know, pre COVID and I might swing by a Target, you know, next week or the week after it, just for something small, then it's more likely to get returned. But if I have to wrap it and put in a sticker and drop it in the mail and go through online and request the packing slip and all, it's just not go ing t o
Chase Peckham:Yeah. It's a pain in the neck and that's why I don't online shop very much. I honestly don't because I don't want to go through that process. Communication wise. It's very, very, very rare when it's a bigger purchase. So for instance, if Keri is going to buy a lot of clothes and it's, you know, it can be relatively expensive. Um, and she'll say, come on upstairs. Oh, what are we doing? It's a fashion show. And she'll say, well, what do you think? I'll just, you know, I'll say, Oh yeah, that looks really good. And she'd go, yeah, I'm not sure. It's so funny how literally 90% of the stuff goes back every time. And we've had many times where a hundred percent goes back. Just, cause I, it really is. You have to have that kind of personality. I know I don't have that personality, so I don't do it, but she does so kudos to her. But have you noticed that kind of thing? I've talked to so many friends and I've seen in a lot of the presentations that we've done a lot of the workshops and the conversations that we have, the people that have joined have said how much through this COVID thing and being at home that their online shopping has changed dramatically. And how many are afraid to talk to their loved ones or their spouses about it.
Felipe Arevalo:Oh yeah. And I've seen, you know, I've even seen, uh, uh, gifs and memes about it a lot on social media where it's like, they're, it's, it's, it's very prevalent. It's something where a lot of people are shopping. And, but there is that element of, Ooh, maybe I shouldn't tell, but guess what? They're home all the time. So now it's sometimes a case where maybe that shopping was always taking place, but now the other person's home to hear the, you know, the Amazon or the FedEx guy knocking on the door and, you know, drop a package off. Whereas before, you know, maybe you don't see it as much, but like you mentioned earlier, some people might just be doing the regular shopping that they would have done pre COVID in the stores online where it may seem like they're doing a lot of online shopping, but it's really replaced their traditional brick and mortar shopping and moved it online. It's definitely different though. And it's a lot different putting things in your, your little digital shopping cart. I don't know if I've ever found yourself when you, if you do online shop, I know you don't like to shop much, but if you're online, shopping before you know it, and you look up to the little cart, like what does that number? Um, I'm up to double digits on items. I don't even know what I'm buying. You know, it makes it, I think easier for me anyways, than physically grabbing something. And seeing things start to pile up in a physical shopping cart at a Walmart or at Costco where I can look and, you know, as I'm going like, wow, I have a lot of stuff. I'm like, I have both the kids with me. I don't even know if I'm going to be able to fit all this in my little Civic.
Chase Peckham:Yeah.
Felipe Arevalo:Whereas you're putting things in the shopping cart. You're just sitting there and you're like, you don't know how big the box is going to be. You just, you're just adding things to the cart.
Chase Peckham:Yes. And that can be dangerous. That can be very, very dangerous. One thing that's good. And so for people that are like that, and, and we've, uh, there's, it's been online a lot. Uh, it's been a couple podcasts, uh, that aren't even financial podcasts that we've, that I, that I've been listening to because people, we do find that we are online shopping so much more and experts that we have talked to throughout the year on this podcast and in our workshops that a good way to kind of combat that shopping online is to, because most of it is we've talked about in the psychology of money and the money mind is, is the shopping itself. The experience itself is the endorphins and the excitement, uh, and the waiting and the anticipation of it showing up. But one way to kind of combat that before it gets dangerous, is to put that in your cart, but do not purchase it for 24 hours. Come back to it and look at the cart, your big, full cart that you just mentioned, and look at those on kind of a time to sit on it and from a different clear viewpoint. And how many, how often would you actually make the purchase? And it's, everybody has been swearing that they're not making nearly the purchases they would have if they were just in the midst of putting things in the cart and shopping. And that's a good way, a good way to go about the holidays as well.
Felipe Arevalo:Oh, I think some of the worst features are the ones that make shopping easier was features for us, consumers who sometimes, uh, can be impulse buyers, anything with like a one-click buy type scenario where you can just click and buy without even adding it to the cart or thinking twice that's such a bad thing for someone who's trying to be good with their money. Um, I'm glad that wasn't around when I was in college. Cause it would've made it so much worse if, if I could just that and, and, and the ease of, you know, sitting here thinking, um, you know, Ooh, I'm kind of hungry, but I don't want to go out. Right. I don't have time to go out and get food, but I could reach over, grab my phone. And 30 minutes later, someone knocks on my door and has brought me my food, um, that ease of technology. Um, and you know, we talked to Jared from Intuit about, you know, the education through technology, that technology, if you don't use it for your benefit can be a detriment because the consumers are enticed to overspend. Thanks to technology.
Chase Peckham:Well, in anything we do, there's a bright side to it and a bad side to it. Right?
Felipe Arevalo:Yeah.
Chase Peckham:It's great. It's easier. Great. You're making my life so much easier, but it's also easier to spend money in and you don't see it because it's all credit. And how many times have we talked about the fact that it's so much harder to hand cash over to that cashier for, for that, uh, item that you're purchasing than it is swiping the card or putting the, the, the chip in, right? Because you don't see it disappear. You don't feel it go. How many times have you had cash in your wallet? And you pull out your debit card or credit card, just because you,
Felipe Arevalo:Don't want to run out of chash.
Chase Peckham:The feeling of taking the cash. Right. But it's the same thing it's coming from the same place. You can always go to the bank and get cash again, if you want. It's the same thing. Yeah,
Felipe Arevalo:Well, absolutely. Because then you have to go get, and then now you have a$10 bill and now you have to go to the ATM and get more money. But the real reality is you've spent the same amount of money. It just, it feels different. And, and, you know, that has a lot to do with the psychology behind.
Chase Peckham:The chemistry of the brain changes like Brad Pagano, our old colleague, when he would do his presentations would always say that that doing purchases and putting stuff quickly on a credit card, the euphoria of making those purchases is almost like what the brain is like when you first do cocaine, which is super interesting, isn't it it's nuts.
Felipe Arevalo:Yeah.
Chase Peckham:Yet. It can be just the opposite when you're handing cash over where the brain chemistry is, got a little bit of anxiety. You feel that like, Oh, I'm a little apprehensive.
Felipe Arevalo:Do I really want to.
Chase Peckham:Do I really want to do this? And that's why we tell all the people, if, if you really know you want something, then it should be no problem handing that person cold heart cash for it.
Felipe Arevalo:Yeah.
Chase Peckham:Because, and that's what online shopping has made so difficult for people that love to shop people that love to get new things is that the credit cards, it's just, it's out of sight out of mind until the bill comes around. And then when you talk about communication, having those conversations is never very fun when you're going over the bills.
Felipe Arevalo:Right? Yeah. Cause eventually, you know, it's gonna, if you have joint finances, if you have, uh, you know, joint financial goals, eventually it's all gonna come to light. So, you know, it's important to just have that conversation beforehand and make sure that you're on the same page financially. And if you're going to go make a big purchase, talk it over, um, talk it over and sleep on it. Like you mentioned, uh, you know, don't make that impulse buy because you saw a commercial or because you saw, um, you know, a promotion came through via email and you saw that there's a sale going on supposedly today only
Chase Peckham:Regardless, you know, this crazy 20, 20, we're all heading into better times. I think, uh, now that you know, there is, uh, a vaccination and now a second one, that's coming our way. Hopefully we, we are seeing a light at the end of the tunnel.
Felipe Arevalo:Yeah.
Chase Peckham:Um, hopefully 2021 is a, is a more regular year. I know it's not going to be right away, but we're, we're working towards that. You know, the one thing that never changes though, Phil is finances. You know what, the way we make money might be different. Um, but the way we spend it is always going to change. Uh,
Speaker 2:It's evolving. But the principles.
Both:The principles never change.
Chase Peckham:Yeah, that's right. And for those people, I, we, we cannot say it enough for your marriage, for your finances, for everything else. And if you're not in a relationship, if you're not married, you still have to have an honest conversation with yourself. Again, we said this right at the beginning of this episode that we can rationalize anything we want to ourselves. If your new year's resolution is, I want to pay back debt or I want to lose weight, or I want to quit smoking, or I want to, whatever it might be, remember, it's all the same create goals for yourselves, create goals that you can really achieve and stick to it. Because once you start seeing things, you know, as Dave Ramsey says, is all the financial people say, has your, you know, Beachbody coaches, anybody that's teaching you how to do something, don't overdo it to where it's going to be so much to bite off that you can't keep up, you know, do what you can do, create that plan, create that.
Felipe Arevalo:Give yourself steps.
Chase Peckham:Exactly action items. Absolutely. And doesn't mean that you got to get, everybody wants to do it. Most people want to just, you know, they want to see weight drop off right away, or they want to see the bills go away right away. Look, usually it takes a lot of time to get where you're at. It's going to take some time to get back at it too. But if you don't have a plan, you don't have it right there in front of you an action plan. Then it's going to be very difficult to do anything that you set out to do.
Felipe Arevalo:Yeah. Because if you ask someone, you know, new year's resolution, what is it? Oh, I want to lose weight. Okay. What are you going to do to accomplish that? I dunno. Well, then it's not really going to happen. If you don't know what steps you're going to take to accomplish your goal, whatever that happens.
Chase Peckham:Talk to people. Exactly. If, if you're a couple and you need help in putting, you know, a lot of people say, well, it's just so hard. And we don't know where to start, go out and ask for help. Look online, talk to either a friend or a family member that might be a financial professional. But if you're uncomfortable with that, and you'd rather have somebody that, that doesn't know anything about you go out and look at consumer credit counselors, look at pro bono work that that nonprofits are doing to get that help, to put your budget together and help you pay back. There are so many things that are out there and, and money is so prideful to a lot of people. We never want people to know that we're struggling with certain things, but you don't want to reach out for help when it's too late. Right? That's how often Phil do we. People reach out to us and.
Felipe Arevalo:So many times.
Chase Peckham:We're going, man, we're in a lot of trouble already. We can work.
Felipe Arevalo:So many times we look at it. And I, you know, my first thought is it's only you to came in a few months ago.
Chase Peckham:Right. And the thing is, is that most of us know we got that, you know, in that little thing in the back of our mind, that's telling us there's debt growing or there's, there's going to be issues coming up. I need to, I should probably take care of it. But you know, a lot of times we just want to, we don't want that aggravation. We don't want to have to deal with that right now. We've got other things going on. The problem is, is if we push it away, it's still there. It's just over here. And it's over here getting worse.
Felipe Arevalo:It's not going to get better. Right?
Chase Peckham:The hardest part is that initial, checking it out, taking a look at the amount of debt. We talked about this the other day, right? And our present one of our SWYM lives. The hardest part is actually looking at the debt and putting it together. But it doesn't change.
Felipe Arevalo:You adding it up doesn't make it any worse.
Chase Peckham:That's correct. It's not going to get any worse. It is what it is. You just know now. And once that initial shock is over once that initial pain is over. Now, the roadmap begins. Now you can set it up and that's the same thing you should do, uh, with any of it, when it comes to personal finances, just don't go out. Don't buy that Lexus at zero Aper. Uh, if you don't discuss it with your spouse first. So Hey Phil, this is our last episode of 2020, the, uh, shooting the financial blank. Uh, I guess we can say the bad word here. I won't. Um, but happy holidays to you.
Felipe Arevalo:Happy holidays.
Chase Peckham:And to you and Sarah and the kids. And I hope you have a very, uh, very happy holiday and a New Year. And, uh, to Katie, I happy new year to you too. And happy new year to all of you.
Felipe Arevalo:I'm getting new decorations for 2021.
Chase Peckham:Dude, you really need to, you really need to, let's go muchacho. Let's go tell me something's going to be new for 2021[inaudible].