362. Budget Smarts or Splurge: Financial 'Would You Rather' That Hits Home

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In this fun and thought-provoking episode of the Debt Free Dad Podcast, Brad Nelson and his team engage in a series of money-themed 'Would You Rather' questions. The hosts, who have significant personal experience with debt repayment and savings, share their insights on various financial dilemmas. Topics include whether they'd prefer a free vacation or $5,000 in savings, never eating out again vs. never buying clothes again, and choosing between free coffee for life or a $25,000 cash windfall. Tune in to hear their candid answers, gain some financial wisdom, and enjoy a few laughs along the way. This episode is designed to make you reflect on your own financial habits and decisions. 

Chapters

• 0:00 Money-Themed Would You Rather Questions
• 2:02 Vacation vs Savings Dilemma
• 5:10 Food, Clothes, and Coffee Choices
• 11:02 Housing and Travel Trade-offs
• 14:32 Looking Back vs Future Financial Decisions
• 17:07 Celebrations and Financial Wins

Transcript

Brad: [00:00:00] So we've got a stack of money themed. Would you rather Questions ready for you? And this episode is gonna be a little bit different and hopefully a lot of fun. And I'm warning you now though, some of these might hit a little too close to home for you, but that's the point. These questions are designed to get you thinking about how you're handling your money, what really matters to you, and maybe even expose a few habits that are keeping you stuck. So would you rather take a free vacation or save a $5,000? Let's find out how the Debt Free Dad Podcast team is gonna answer these questions. Stay tuned. Hey guys. Welcome to today's show. My name is Brad Nelson, founder of Debt-Free Debt. I paid off about $45,000 of debt. I've been debt-free now for more than 12 years, and I've also been fortunate to help thousands of other people and pay off tens of million dollars work that we do here at Debt.

Amber: And my name's Amber Taylor and my husband and I saved and paid off $54,000 in just 20 months. We've been living debt free outside of our mortgage since 2018.

Kati: And I am Katie Hatfield, and I am [00:01:00] still on my journey to debt freedom. I have been paying off debt for seven years, and in that time on a single income, I have paid off $227,240 in credit cards, medical bills, student loans, car loans, all that phone call.

Ryan: Hey, my name is Ryan Nelson. My wife and I paid off about $160,000 over eight years while we were raising three kids.

Brad: All right guys, so after listening to this episode, if you are ready to take things to the next level, you're ready to break free from living paycheck to paycheck. You wanna reduce financial stress, build your savings, and finally pay off debt for good. But maybe you're like a lot of people, you're just not sure where to get started. We've created some incredible free resources here to help you get there, and we'll be sharing some details about that later on in today's episode. So guys, this is gonna be fun. I was like, you know, we've been coming up with topic ideas, things to talk about. I was like, I wanna do something a little bit more fun. Not that the stuff that we don't talk about is normally fun, but I felt like these could be some good [00:02:00] questions. We might get some good laughs outta some of these. Um, so I'm gonna kick it off with the first one and again. I don't wanna spend too much time, like I want your first gut feeling of about like what you would do in these, would you rather.

Brad: So the first one is, would you rather save $5,000 or take a free $5,000 vacation?

Kati: Asking me right now today, a vacation. I need a vacation like right now.

Amber: I am with Katie Vacation.

Brad: Ryan

Brad: vacation? I'm the same way. I'm going on vacation.

Amber: Now this might be different though if I was still paying off debt.

Kati: Right,

Kati: like I guess I could use $5,000, but I really need a vacation at this very moment.

Brad: Yeah. I mean, I, if I go, if I were to go back to when I first started yeah. And I didn't have any money in a savings account and I was buried it down, I probably would be inclined to take the $5,000, 'cause that would be a huge chunk of change based on where I started a long time ago. So I think my answer might be a little bit different.

Ryan: I would've still taken the [00:03:00] vacation. I just think part because it's a free $5,000 vacation, I'm not spending 5,000, it's a free $5,000 vacation. And so if it was like, Hey, here's 5,000, like again, we paid off almost 160 grand. It's like. Five grand wasn't exactly like the difference between getting outta debt and not getting outta debt.

Ryan: So I would've been like, 'cause we didn't take hardly any vacations during that time. We took very small, scaled everything way back. Like if someone said, Hey, here's a free $5,000 vacation, or I'll give you five grand. I'm like, I'll take that vacation. 'cause it was like, we just, we weren't able to experience that.

Brad: right. All right, next one. Would you rather never eat out again or never buy clothes again?

Ryan: buy clothes.

Brad: But here's my feeling on this, is if I got to eat out all the time.

Ryan: I learned to sew.

Amber: Learn to sew.[00:04:00] 

Kati: I would definitely never buy clothes again because I know I have plenty of t-shirts in my drawer that I can wear, but I do not wanna cook every meal.

Brad: I'm, I'm on the close side too, I think, but I, I'd be interested to see,

Amber: I'd probably never eat out again. I'd like different clothes and I don't think I could go the rest of my life without buying new clothes. 

Brad: I mean, I got a lot of years to live, knock on wood, right? So never having clothes again, man, that would, that, like Ryan said, you'd have to learn to sew.

Amber: Yeah,

Brad: Oh, next one is, would you rather get a free coffee every day for life or. $25,000 in cash right now.

Amber: cash 

Kati: Yeah, I don't, that's easy.

Brad: I would be taking the cash too.

Brad: I would be willing to bet that there's probably some people out there that would want free coffee though every day. There's some

Brad: diehard Starbucks fans out there.

Ryan: If it's just a free coffee, I take the cash. If [00:05:00] it's just as much free coffee, then it's like, hmm, because Starbucks, that damn summer, Berry Lemonade, FF, whoever made that dang thing, like seven some freaking dollars for a venti summer berry lemonade. I love that thing.

Brad: I can't believe I just heard you say venti Summer berry Lemonade.

Ryan: Oh God. Hey, go, go spend seven bucks and get one.

Brad: I might have to. Is it super sweet?

Ryan: Uh, I, well, I don't know. I don't think so. It's got these little balls in it.

Brad: Oh yeah, yeah. Those little

Ryan: Yeah, those little pearls. Oh, 

Brad: bulb, what are they called? 

Ryan: sure. I don't, yeah, Boba. I don't 

Brad: It's Boba. Yeah. That's weird. I, some of the, the kids in the house get those and I, I like took a sip of it. You get one and it's like, ugh. It's like weird. Do you those are you supposed to eat those?

Brad: Oh, okay. 

Ryan: it's probably got microplastics in it. I don't care.

Brad: Oh, right. Next one is, would you rather give [00:06:00] up all takeout for a year or give up all your streaming services

Kati: Now clarification. Is it takeout that's delivered to you or can I still go pick up food?

Brad: Uh,

Brad: I would say, let's just say it's any sort of going out to eat.

Kati: Uh, that's

Kati: hard. 

Brad: whether you do a DoorDash or you actually physically go to a restaurant, let's say we'd have to, you'd have to cut all that out or cut out your streaming services. I'm cutting out, I'm cutting out the streaming services.

Brad: I hate tv. I don't really watch much TV and what I do, it takes me like 45 minutes just to find something to watch, and then I'm sleeping 15 minutes later.

Amber: The struggles from getting old. I'm, I'm cutting out the streaming services too,

Kati: Yes. Even though I watch TV all day, just as like in the background, but whatever I, I can't give up.

Brad: This next one's funny. I love how all these are like very food themed, by the way. Next one is, would you rather have a personal chef or a personal financial advisor? I'm going, chef.[00:07:00] 

Kati: Immediately. 

Amber: percent the, I hate the, what are we gonna eat tonight?

Kati: Yeah.

Brad: my God.

Amber: I hate it.

Brad: It is. That's probably the the biggest question as an adult that you struggle with your whole life

Amber: Mm-hmm.

Brad: and then when you ask the kids, what do you guys want to eat? Well, we need options. Oh my gosh. We need options. Just pick something. You know what you like.

Kati: Do you

Kati: want nuggets or corn?

Ryan: I've always said I'm gonna open up a franchise called whatever you want.

Brad: It's actually a pretty good idea.

Ryan: Yeah. What do you let.

Brad: All right. Next one is, would you rather never pay for gas again or never pay for groceries again, I'm going with

Brad: Groceries.

Brad: I mean. You don't pay for gas right now? Don't you have an electric vehicle?

Ryan: That that's why.

Kati: And groceries are definitely more than gas every

Brad: Yeah. Yeah. I'm going free groceries. Uh, would you rather win [00:08:00] $10,000 today or a hundred dollars a month for the next 10 years? So 10 grand today, or a hundred dollars a month in the next 10 years, which would be around, which would be 12,000. So you'd get an extra two grand if you wait 10 years.

Kati: Nope. Two

Kati: right now.

Kati: and invest it. You'll make more than two.

Brad: Yeah, I'm taking the 10,000 right now too. Yep. Absolutely.

Ryan: Oh, investing. It sounds boring.

Brad: Yeah, it really is. It's boring. All right.

Ryan: Uh,

Brad: would you rather pay off your mortgage or get a brand new car for free?

Amber: Mortgage.

Kati: I don't have a mortgage, but I also have a fairly new car, so that's a tough one.

Brad: I mean, I'm going, I would go mortgage.

Kati: I had a mortgage, it would be mortgage.

Brad: Yeah.

Ryan: yeah, I dunno. I know on that one.

Brad: Yeah, but I mean a more, I mean, I guess it depends on how much your mortgage

Ryan: Yeah, I guess I, that's the [00:09:00] part where it's like, if there was some numbers behind this, it might, you know, it's like I know when my mortgage will be paid off. If someone's like, Hey, here's a brand new, whatever. I might take the car. 'cause that's not, I mean, we're not hurting in any way and it's not like paying off my mortgage.

Ryan: It's like life changing in any way. , I'd probably just save the money and then buy that car. So what's, you know, it's like, I dunno.

Kati: But does

Kati: it matter which kind of car? Ryan, what if it's like a Prius?

Ryan: Uh, yeah. No.

Kati: Nothing against Prius, but

Ryan: Yeah. No.

Kati: Ryan's.

Brad: I would think it would just be based on how much your mortgage is.

Brad: For some people, if you've had a mortgage for a while, a man, and especially if you refinanced when the interest rates were low. I mean, some people's mortgage payments are cheaper than most car payments. But obviously if you bought a house recently in the last five years, interest rates were always market went. You know, your mortgage probably pretty hefty.

Ryan: Yep.

Brad: so I, I could see this going either way. It kind of depends on one's particular situation. Next one is, would you rather have unlimited airline miles [00:10:00] or unlimited hotel stays?

Amber: Airline.

Kati: I gotta get to the,

Ryan: yeah, I would, I, I would say airline as well. 'cause, I mean, airline is so freaking expensive.

Brad: Would you get, would you be willing to be, do you think airline, airline tickets are more expensive than a hotel stay? Like, let's say you're gonna stay at his place for a week,

Kati: I, I don't have to stay at Fancy Hotels,

Amber: exactly. I can. I could stay Airbnb. I could, yeah, there's options. Whereas your flights are limited.

Brad: right?

Brad: I don't know. This one's tough. I don't know.

Ryan: If it's unlimited hotel, like when we say hotel, like again. We're big Disney fans, so like, I guess I would retract my statement. I'm thinking, okay, I could go there a lot, and that's really expensive. So yeah. And it's pretty cheap to fly. I mean, you can fly on, pretty generic airlines for like 150 bucks.

Brad: They're like, like 

Kati: thinking international, [00:11:00] international travel, so I can't drive to Europe.

Brad: Yeah. I don't know. I'm, I might almost lean hotel on this one. Personally, I think I'd say more money there just on how I travel. I think I could save more money there. Alright, next one is, would you rather double your income or cut all of your living expenses in half? Oof. Double your income

Ryan: For me.

Brad: all of your living expenses in half.

Ryan: For me, it's the second one only because that's what we did and it was the best thing we ever did.

Brad: What's that? You cut all your expenses in half?

Ryan: Yeah, I, I wouldn't say we, everything was in half, but you know, like we downsized our house. I'm happy to be out of that sort of bubble of keeping up with the Joneses. I felt like that's, that's what that embodied, you know, and I would definitely cut all my expenses in half and just.

Kati: I would double my income because I need to catch up on all the poor decisions I made in my past.

Brad: I [00:12:00] would, I think I would go income too, because I don't, no, when you're debt free, you don't really have that many expenses. You have,

Brad: I mean, you have your normal ones, you have groceries and your white bill and you know, I still have a mortgage. You know, I, I, but man, I think doubling my income would. I agree.

Brad: I, I feel like I could catch up quicker, like on investing. 'cause you know, I got a late start too. Um, and I think that extra cash would come in handy. So I probably would double my income, I think.

Amber: I, my.

Ryan: Well screw you guys.

Kati: Ryan's throwing hands over here.

Brad: Uh, would you rather go back in time and fix your worst financial mistake or skip ahead and see your financial future? Ooh.

Kati: Oh, I would not get credit cards. That would definitely save me a lot of headaches.

Amber: back in time.

Kati: Mm-hmm.

Ryan: Yeah, I don't wanna go to the future and see the failed Marty McFly. I'd be disappointed. [00:13:00] So.

Brad: Oh,

Ryan: You know, 

Brad: great movie, by the 

Ryan: I don't wanna be, fired. Um, yeah, for sure. Back in time. It's 

Brad: I'm fired. 

Ryan: Yeah, I'm not a person that lives with regrets. I truly have not. But it is something that is still, just like you do have those questions, if we wouldn't have done A, B, and C, you know.

Ryan: I think of like, we built the first house, we did everything right. We put all the right money down, we did all these right things we just did. Didn't do all the crazy stuff. I don't live in like this thing of kicking yourself works. That's just not how life is.

Ryan: But it is one of those things where, yeah, I for sure wish I could go back and, but that's wisdom. That's as you get older, right? I mean, it's the same. My daughter's getting married in a couple months. Our kids are older. It's like I totally get at their age when I looked at my parents and they were trying to inject their wisdom into my life and I was like, yeah, I'm gonna do whatever I want.

Ryan: You're an idiot. And that's how they look at me. And when they get to our age, they'll have the same thing. It's just part of what [00:14:00] life teaches you.

Brad: Yeah. I can't even, if I were to go back and fix one finance, I don't. I know that there would've been one mistake. I, I guess I would if, because it says one mistake, fix your worst financial mistake. I guess the worst one would be if I had to pick any of 'em, and I've made t, plenty of them is just not investing and saving early.

Amber: Yep, that's fine.

Brad: This is a big one on my kids. Like I, I, I've already started investing for him. Noah's got his first job. He just started there a few months ago and I've already told him, it's like, dude, once you start getting those first paychecks, like you're gonna start putting this money aside. I'm gonna give you access to the account and you can start putting money into your investment account.

Brad: You gotta get in the habit of doing it right now because that is huge. It's like such a life changing thing if you can start early. So I would say I'd probably pick that one. That's probably what I would do is go back and fix that one little thing. All right, last one. Would you rather get free Amazon deliveries for life or free target [00:15:00] shopping sprees once a month?

Brad: Well, I mean,

Amber: The shopping spree,

Brad: Who wouldn't pick the shopping sprees over Amazon deliveries? Now? Is it

Brad: free Amazon plus deliveries? Because that might be better.

Amber: Yeah. That, that's a little 

Kati: I don't pay for shipping anyways, so yes, I would. I would do the target. I miss my target. No, I don't. I don't

Kati: really. 

Brad: I'd probably do. I'd probably do the target.

Kati: I can definitely do some damage in a target, but yeah.

Brad: All right, you guys, if you are ready to break free from living paycheck to paycheck, you wanna reduce financial stress, build a savings, and finally pay off your debt for good, but maybe you're not sure where to get started, don't worry. We've got you covered. Simplify, my money is sent to you each and every Sunday to your email.

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Brad: Thanks for joining us on today's show, and we will see you guys on the next.