Rich Habits Podcast - 45: Getting Rich, Not Looking Rich, in 2024

Episode Date: January 2, 2024

*WARNING*This episode of the podcast includes vulgar language that might not be suitable for teenagers. ---In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz expand upon the phrase "The goal is to get rich, not look rich." Be sure to check out Public's new High Yield Cash Account paying 5.1% APY. This is higher than anything else on the market and is FDIC insured up to $5M. ---Earn 5.1% APY using a Public HYCA, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Opt-in and share your email, ⁠⁠⁠click here!⁠⁠⁠Learn more about our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠4-module video course!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Download our FREE Budget Template, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠To learn more about Robert: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://stan.store/RobertJCroak⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠To learn more about Austin: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://stan.store/austinhankwitz⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Contact: [e-mail] ---Hankwitz Group LLC has an existing business relationship with NEOS Investment Management LLC. The opinions expressed are those of the author, and the author owns several NEOS ETFs.

Hey everyone and welcome to the Rich Habits podcast, a top five business podcast on Spotify. My name is Austin Hankwitz and I'm joined by my co-host Robert Croke. Robert is a seasoned entrepreneur in his 50s with more than 200 million in company exits under his belt and I'm an entrepreneur in my late 20s with a background in finance and economics. Since quitting my full-time job in corporate finance a few years ago, I've built a seven-figure media business and actively advise some of the most well-known fintech companies around the world. As the show name might suggest, every episode, we talk about rich habits as they relate to business, finance, and mindset. However, we try and bring you two unique perspectives, one from an industry veteran, which is Robert and the other myself, someone who's still in the process of building wealth and figuring it all out.

So, Robert, what are we going to be talking about in today's episode? First off, happy new year, everyone. 2024 is going to be such a fun year to be following the Rich Habits podcast. We've already kicked off our January email challenge of developing new rich habits for 24. So if you're not yet receiving those emails, be sure to click the link below in the show notes and add your email address. Trust me, there's going to be so much great stuff happening in 2024.

We want to make sure you don't miss it. In January's challenge, we're going to be educating our listeners as to how they can better track their net worth, diversify their investments, create velocity with their money, all while automating their investments. Be sure to click the link in the show notes below and opt in. We're also giving away a wealth building navigator PDF that's going to help you keep track of everything. With that being said in this episode of the Rich Habits podcast, we're going to expand upon the phrase I use all the time. The goal is to be rich, not look rich.

This is one of my favorite mindset shifts for people to understand because far too many people buy expensive. things to impress people they don't like and don't even know. I love that phrase, Robert. And by the end of this episode, we hope that all of you are going to wake up and realize that by continually purchasing, depreciating assets and these luxury items, you're perpetually forcing yourself to stay in the middle class, your car payment, your buy now, pay later payment, right? All these little things that are eating away at your biggest wealth building tool,

which is your income, to be invested and to build cash flow. assets for you is being paid off to the banks. We're here to change that and I'm excited to get to point number one. Robert, kick us off. Yeah, so I said this in a video months and months back and it's really simple and resonates well for this episode. Stop buying dumb shit. I wish there was a Harvard study that talked about how many people in modern society in the U.S. live beyond their means. I don't know if there's a study that's accurate because so many people hide it well. But the bottom line is, in my experience, probably over 80% of the people that are out there, maybe some of you listeners and people in the U.S.

simply live beyond their means. What does that mean? It means you probably bought too much house for your income. You probably have too much car. The average car payment is now over $1,000 a month. You probably buy the new iPhone right when it comes out. All of these things add up to preventing you from being able to save that 15 to 20% a month and invest because you're so worried about what society thinks that you believe the right

move for you and the family is to have that new BMW or Mercedes, to have the brand new iPhone for everyone. And it just simply is not a good financial move because you are always putting yourself in harm's way by not allowing yourself the ability to save enough every single month and invest. And I'm sure you have some stories and some insights on this as well, Austin. And I'd love to hear it. When I hear the term, stop buying dumb shit, my brain immediately goes to delayed gratification. We're not saying for people, if you have money, not to buy cool shit, because that's, you have money, you can afford it. We're talking about stop buying dumb shit, which is the, hey, that car that you just bought, that nice big lifted truck, that's $980 a month in a car payment

in an asset that's going down in value. Do you know what $980 invested into the S&P 500 for 20 or 30 years is, it's a million dollars, right? So I just want everyone, before you swipe the card, before you type in the buy now pay later, before you click buy order on Amazon, I just want you to be thinking about in 2024, is this a need or is this a want? If it is a want, how can I afford it? Can I afford it? Is this something I can afford down the road and make a plan for it? Buy it. That's great, right? We want you to not go into debt to buy it. That's most important here. But if it is a need, ask yourself, is it a need or is it an emergency? Because I think a lot of people make the mistake of like, oh, I need a new car because I just had my fourth child and my other car doesn't fit my new

children. And I need to go buy a $60,000 minivan because it's best safety rated, right? Okay, sure, you might need a new car, but do you need the $60,000 minivan Honda Odyssey with the screens in the back of the headrest? Probably not. So we just want people to be thinking about here in 2024. Stop buying dumb shit to impress people you don't care about. With money you don't have. That is the most important lesson that anyone can take away for the year of 2024 because once you've made that mindset shift of not buying stupid stuff and instead investing that money or building an emergency fund or saving and paying off your high interest debt, you will have so much peace and a wonderful foundation to build upon for the rest of the year. It's just really important for people. And I love

that you spelled out delayed gratification. We're not saying don't have nice things. We're saying have your base and have your financial future structured out and put together in a good fashion so you know where you stand before you go buy all the luxury items because you have to look at the opportunity cost as well, Austin. And I know this is a big one for you. So you just really have to ask yourself, what is the best play for me? And delayed gratification and cutting out buying the brand new every time iPhone is a really, really good way to start. This episode is so, so important, especially with beginning the new year. And you know, everyone makes these resolutions. New year, new me. Well, guess what? That doesn't work unless you do the work. And this is an important episode

for everyone to really just absorb, let it sink in and take action. I love it. All right, Robert, what's point number two? Point number two is pay off your high interest debt so you can instead invest the money. always say on our lives, our private communities, on the podcast, you can't out-invest high-interest debt. So this is a really, really important one. So many people reach out and they'll say, hey, I have $20,000 in credit card debt right now, but I have $15,000 to invest. Is it okay if I invest and just make the payments on the credit cards? And the answer is no, whether it's credit card debt or whether it's high-interest student loan debt taxes, hospital bills, you can't out-invest high interest debt. That should be a tattoo on my arm or my forehead to get people to really listen to it.

It's so important to understand you need to get cash flow positive and have that positive arbitrage with your money every month. And that starts by paying off your high interest debt. So then you can take the difference, that money that now that's out of the way and get that invested every month into a lot of the different asset classes that we talk about. You know, Robert mentioned that the average car payment right now is over $1,000 a month. I want you to walk outside and look at your neighbors. You probably see nice cars or relatively new cars or this, this, that, and the other because they want to drive cool things.

And that's cool for them. But I want you to instead, don't look at these cars as like, wow, it's a really cool car. I want you to kind of flip your brain and say, wow, wonder what that car payment is. And once I started having this sort of mindset shift, I then realized, wait, that person's probably spending 700 bucks a month. That's worth like millions over 30 years. Like that's how we want people to think about this, like pay off your high interest debt and invest the money instead. Like, for example, I was carrying some five and a half, six percent interest rate student loan debt.

It was about $180 a month. And if I had paid that $180 a month until it was paid off entirely, I would have that loan for about 12 to 13 years after I graduated college. That's $180 a month that if I just go ahead and pay it off, I just focus on it and pay it off, five, six percent interest rate, I can then take that $180 a month and invest it. into the markets. That's what we want you all to do. Every single month, you have payments going out. We got your student loan payment, your car payment, your credit card payment, your credit card, your credit card, your credit card, buy now, pay later, right? All these other different payments that are leaving your bank account every single month. You have nothing left over to live off of, let

alone invest for the future. We want you to get rid of those payments. We want you to buckle down in 2024, use the debt avalanche method, first off, that snowball method, if you don't like the debt avalanche method. We want you to focus on. on those high interest rate debt items and wipe them out in 2024. So instead of paying $400 bucks a month for the student loans or $800 bucks a month for the car or $900 a month for this or $200 a month for that, you now have that extra $12, $1, $1,400 in your bank account to save and build that base emergency fund we talk about, to invest into the index funds we talk about, to begin investing

to the Roth IRA, maybe contribute to the 401K for the first time, maybe a goal that was for you, right? But you can't achieve those goals while having to pay nine different people at the first of the month every single month. I think lifestyle creep is probably one of the greatest thing that plagues U.S. households because everyone believes they have to keep up with the Joneses and what they don't realize the Joneses are in debt, a lot of it. You look around, I did a TikTok about this last week that so many people look around and they say, man, I see Bill's got the fancy car and Marrilla. Maria's got the fancy clothes and this person's got the Louis Vuitton purse, this person's got the Gucci shoes. I wonder how they did it. Well, guess what? They didn't do it. They're living in debt and they're living beyond their means, most people. Now, if you're free and clear and you're crushing it in your work or your business or whatever, you've invested well, then go ahead and splurge on those items. But for everyone else, you know who you are, stop it. Because once you get to that point where you understand these problems and you're willing to really so.

it in that it is you, you are suffering from all of these things, then you will make those changes because the last thing you want to do is be the greeter at Walmart at 70 years old. Okay, so once you've done that, let's get on to the best point, and that's number three, save and invest 15 to 20 percent of your household net income monthly. This one is so important. We've covered the basis of how to get you here. Now you have to take the reins, get your budget in order, figure out your debt to income ratio and really make this happen. I don't care if you're 20 years old, 30, 40 or 50, it stops here

and you have to figure out how to get that money set aside and take your investing seriously. This means getting things automated, getting velocity on your money, having a plan every single month where you know your dollar cost averaging whatever you have that's left over that's at 15 to 20 percent and you know where it's going. You hear Austin and I all the time talk about velocity of money. Well, that starts by not having your money sitting in a savings account, making 0.0045 on your money. And it really begins by getting that money spoken for and having velocity on it to get you on the right track for your financial future. In 2024, assuming you don't have any high interest debt paid off all the good stuff here. And you stopped buying the stupid stuff at

the mall. You are going to focus on first and foremost getting the free money from your employer, assuming you have a 401k. So you want to invest up to the match on your 401k, which is that normally three or four percent, depending on your employer. Sometimes it's lower. It could be two. But get up to that match. So let's call it 3% of your salary. Okay, great. You have now done 3% of the 15% total that we've kind of assigned to you as a challenge. So the other 12% of your salary, let's focus on getting that now into a Roth IRA. Very simple. You can go to Betterment. You can go to Wealthfront, you can go to Vanguard, Schwab, Fidelity, any investment broker you want to go to, just type in Roth IRA on Professor Google search here and open up one of these accounts.

This is a retirement account that's going to take post-tax earnings, so money that's already hit your bank account from your employer, that you can then contribute to, and then once the money's in the account, you can invest it into the stock market, and as it grows over your lifetime and you continually invest that money, you will be able to then spend and withdraw and enjoy that money in retirement tax-free. Over your life, maybe you invest 100, $150,000, but because of compound interest over 20, 30, 40 years, that's worth $2,000, and those millions of dollars and profits that you've now realized in the account are completely tax-free. So this account is very, very, very important for everyone to have in 2024. And let's assume now that our

listeners have done the match, they've done the Roth, and they still have money left over to hit that 15, 20% goal. That's when we say, If you have autonomy on the 401K, you can pick your investments, max that out because that is a nice tax write off for you. If you don't have autonomy over it and it's just parked in a crazy target date fund you don't agree with, then put the money instead into a public.com. Pick your own investments, V-O-O-QQQ, VGT, VTI, things like that. Those index funds are ones that we like.

And once you're able to do that, then you can hit that 15 to 20% goal. That's the order we believe. You want to get the free money with the match. You want to get that tax-free retirement. money with the Roth, and then if you still have money left over, make sure you're investing it into something that you have full autonomy over in 2024. And always remember during this journey, it's different for everyone. Every person has a different journey. You have issues. Family gets in the way, life gets in the way, you lose your job, the company goes belly up, whatever it is. But always consider

this, that you have to understand what is your goal for your lifestyle in retirement and then reverse engineering to figure out what that retirement number is. Right now online, every single day we hear people talk about retire a millionaire, retire a millionaire. Well, guess what? If you're 25, 35, or even 40 years old right now and you want to retire a millionaire, one million dollars in retirement isn't even going to be close to being enough money for you to have put away to retire at your current lifestyle. So just keep that in mind that you need to continually learn, continually work on your goals and understand what that number looks like in the future. Because a million dollars today is going to look completely different in 20 years, 30 years, or even 10 years.

So you have to always understand that you don't want to be retiring with the minimum and then find yourself going back to work in your late 60s, 70s, or even worse, 80s, or worse, having to rely on family to help you get through. And that all starts right now in 2024 with this. episode as being very serious and everyone taking these things into consideration so they have proper planning now and in the future to be able to own their time and retire financially free and without stress or anxiety. Find margin in your budget by stop buying stupid stuff. Use that margin to pay off high interest debt so you then can take those payments and step number three, invest that money. It's just that simple. Find the margin, pay off the debt, invest the money,

become a multi-millionaire now in 2030, 40 years. Like that is the game plan. And you need to start this year in 2024. Before we jump into everyone's favorite part of the podcast, our question and answer section, let's introduce this episode sponsor. This episode of the Rich Habits podcast is brought to you by NEOS investments. Nios currently offers three unique exchange traded funds,

SPY, BNDI, and C-S-H-I. All three aim to offer their investors' monthly passive income with tax efficiency in mind. Their management team are pioneers in the options-based ETF space with decades of combined experience creating and managing ETFs that pursue income as the outcome. And during uncertain times, NEOS ETFs can also be thought of as a way to turn market volatility into opportunity. While giving exposure to the S&P 500, U.S. aggregate bond ETFs or T-bills, the NEOS team uses unique option strategies with the goal of increasing monthly income for their investors. So if you're looking

to add tax-efficient, monthly passive income to your portfolio, you can learn more about Neo-Ctfs by visiting NeosF Funds.com. As with all investments, investors should carefully consider their investment objectives, risks, charges, and expenses of Neos Exchange traded funds before investing. To obtain a prospectus or summary prospectus containing this and other important information, please visit neosfunds.com. Please read the prospectus carefully. before you invest. Neos ETFs are distributed by Foreside Fund Services LLC. An investment in NEOS ETFs involves risk, including possible loss of principle. The equity securities purchased by the funds may involve large price swings and potential for loss. A fund's income may decline

when yields fall. Fixed income securities will decline in value because of an increase in interest rates. The funds may use derivative instruments to seek income, which involves risk different from or possibly greater than the risks associated with investing directly into securities and other traditional investments. Since we had Troy from the Nios team join us on the podcast to walk us through their new BNDI bonds ETF product, the ETF is up about 3.5% which is really exciting. And so I'm just so thrilled that Nios is going to be joining us as a big sponsor here in 2024 as well because Robert and I really, really believe in these ETFs. SPYI is a massive holding in my own portfolio.

I know it's the same for Robert. BNDDI is a big trade idea we introduced to you guys about a month ago now. And we're excited about it, right? We think bonds are going to have a comeback in 2024 as the Fed cuts interest rates. So keep BNDI and SPYI on your watch list for 2024 and maybe even join us by adding it to your portfolio. Our first question comes from Bruno A. Bruno says, first of all, your material should be obligated for everyone in school.

Bruno, we appreciate that. Thank you so much. Bruno's 40 years old and said that he's very excited about the opportunity of potentially buying a duplex, a triplex, or a quadplex. But he doesn't really know where to start. He says, where can I find it? Is it better to buy them new or old? What kind of loan should I consider?

How much cash flow can I expect on a monthly basis, et cetera, et cetera. Robert, I don't really know much about this, so I'm going to let you answer this one. Yeah, so to get started, you really can. could just go to Zillow, put in an area that you're interested in buying and start, you know, going through the filters, learning the process and just really peruse the site and look for deals. But you can also join some Facebook groups that are local that are for real estate investors. You can learn a lot that way and just really dig in and understand what areas nearby are gentrifying and growing. Where's that new big facility being built? What's really happening? I look for cranes.

I look for new streetlights. I look for new roads because that's where all the development's going to happen. And just start there. As far as how to finance it, there is an incredible program, one of the best ones ever created that was just launched November 18th. So your timing is perfect. It is the Fannie Mae 5% down program. And what that means is you can buy up to $1.3 million of a property up to four doors. So like duplex, triplex, or quadplex.

And the criteria is less than even an F. loan. So this is a great place to start. Get on Zillow, start looking around, figure out your budget of what you can spend on this based on your income, but also that 5% down that you're going to need plus closing costs. And then really narrow in on the best area to select a property and get those at Bats. I always talk about reps. You're not going to buy the first property you find, but you're going to learn from it. You're going to get those at Bats and really understand the best property for you and what the numbers mean to you so you understand what you're looking at. And this Fannie Mae mortgage is incredible because if you think about it, you could live in one of the doors, rent out the other three doors or the other two doors or

one door and have your mortgage essentially paid for while you're building wealth through this property with capital appreciation, depreciation, and also that cash flow. So that's how I would start. That's how I tell everyone to start and just keep it simple, find a good property in a growing area. And it could even be a fixer-upper because those are where you're going to get the most upside potential. Because if you buy something that somebody else just renovated, a lot of times all the profit for the first couple of years is going to be built in because you're going to be paying top dollar. So that's my takeaway. Austin, if you have anything to add, that'd be great. Yeah, I'm just kind of curious, Robert. Like, let's say that this person does go through and they're

ready to start interviewing tenants. How do you go about like finding tenants? I mean, your tenant is essentially living in the same building as you. You've got to make sure they're pretty good. How would you, if you were just starting this for the first time, go about finding a tenant, making sure that they're legit, things like that? I really like rent prep and e-renter, but most of these softwares and platforms that you can use are really good. So pick one that you like the best. But it's really all about doing the legwork and doing the screening. You can even take it as far as when you use one of these platforms, also get references. You can still do that. You can go to their social media and say, hey, I want to poke around on their social media, see what kind of content

they're creating, who are they hanging out with, what kind of person they are. And then if you want to really, really go old school to be sure of a tenant, before you sign anything when they do their first visit, walk out to their car. I know this sounds odd, but just do a real casual walk by of their car and peek in the window. If you see a lot of garbage in the back seat, the car is dirty inside. They don't take care of it. That's a pretty good indication of what they're going to do to your property and how they're going to live. So just keep that in mind. There's a lot of ways to really dive in to figure out what good tenants are. It starts with the technology and ends with the car walk around, in my opinion.

Very interesting. Okay. I had no idea, but it sounds like Bruno A has now the entire playbook. So thanks for the question, Bruno. So our next question comes from Dakota M. Dakota says, as someone just starting and now trying to aggressively pay off my high interest debt, how do I pay off high interest debt while also dollar cost averaging into the index funds and assets you all talk about, like VOO, QQ, QQ, different cryptocurrencies. I'm just

kind of confused. I have all this debt. I'm also trying to build a nest egg. I'm also trying to dollar cost average. I don't really know what to do or where to start. What a great question, Dakota. Okay. So this is sort of the problem, I think, that a lot of people face, right? It's like, I know I need to be doing these four different things, but they don't know which one to prioritize or where to start and a lot of people make the mistake of trying to do all four at once. And when you do four things at once, you're not very good at any of those things that you're doing, right? You want to be doing one thing or two things and be very focused and intentional about that. So here's why I would start. First, I would absolutely make sure that you have a couple thousand dollars saved up that

put a little bit of buffer between you and crazy emergencies that happen. Because when you don't have a couple thousand dollars saved up and an emergency does happen, you're forced to go into high interest credit card debt or you're forced to sell your retirement and have to pay a 40% penalty on that. We don't want to do that. So get two, three, maybe four or five thousand dollars saved up. Put that aside. That is your starter beginner nest egg, right? That's what you want that to be. It's going to be a nice little buffer so you don't have to go into more debt. The second thing is to focus on that high interest debt, the credit cards, the personal loans, the medical bills, the taxes, the student loans, the car payments, things like that. Pay all that off. We just talked about that in this

episode. Once you have all that stuff paid off, then it's time to go back to your little starter couple grand here. Turn it into 15 or 20 grand, right? That's going to make sure if you lose your job tomorrow that you don't have to do anything stupid to keep food on the table and the roof above your head. Once you've got that figured out, then it's time to double down on that investing. That's when you dollar cost average. That's when you max out the Roth IRA. You dollar cost average into the SPYIs, the VOOs of the world. And you're doing the match and you're doing all the fun stuff that we talk about. Only after you are out of high interest debt and only after you have your real emergency fund of $10,000, $20,000 saved up is when you should begin to double down on

investing. Notice how we kind of knocked all these things out one by one instead of trying to do all four of them at once. Need a vehicle that isn't afraid to make a splash? That's the Volkswagen Taos. Capable and confident, the Volkswagen Taos is fit for everyday life. Nimble in traffic and tight spots and still spacious enough for weekend getaways. While available 4-motion all-wheel drive gives confidence in rain and snow. The capable taos, you deserve more confidence. Visit v.w.ca to learn more. S-UvW, German engineered for all.

Amazon presents Jeff versus Taco Truck Salsa, whether it's Verde, Roja, or the orange one. For Jeff, trying any salsa is like play. Russian roulette with a flame thrower. Luckily, Jeff saved with Amazon and stocked up on antacids, ginger tea, and milk. Habaniero, more like habanier, yes. Save the everyday with Amazon. It really all comes down to what we say over and over again.

You can't out invest high interest debt. Everyone needs to understand that. You can't be investing over here into VOO and QQQ. trying to make 10, 15%, but over here you're paying 30% in credit card debt. You're better off paying all that off first, then start dollar cost averaging into all of the great sectors that you mentioned. And we talk about all the time. So, so important to get this figured out.

Really, really good question, Dakota. Now our final question comes from Evelyn C. Evelyn says you all always talk about these high interest savings account, H-Y-Says. But which ones are actually worth it? Which one should I actually put my money into? There's about seven right now that pop up whenever I search them on Google, and I just want to make sure that I don't get scammed. Really, really good question.

And Robert, I'm sure a couple come to mind for you here, but three come to mind immediately. The first one is public.com's high yield cash account. It's the exact same thing as the savings account. It's FDIC insured up to like $2.5.3 million. So don't worry about any of that. And they pay 5.1% APY on your savings. That is better than my second choice, which would be the wealth front high yield cash account that pays 4.5% on your savings.

And my third choice, while it's not exactly a high yield savings account, it's kind of an alternative to cash, which is CSHI, the ETF that we talk about with Nios. Their ETF yields just over 6.5%. Although it is an investment, so you will have to pay capital gains on that, which is a little bit different than these other high yield savings. savings account. So whatever you're really looking for there, just know that that is the opportunity as well. Oh, and then Robert, maybe you want to talk about T-bills. Yeah, I was definitely going to touch right there that we're going to throw a little curveball here that T-bills, again at public.com, there's a link in our show notes, are an incredible strategy for being able to get a nice yield like a high-yield savings account without having the risk of the stock market and greater markets. So we love public.com for these T-bills.

and right now they're earning, what, 5.4 or 5.5%? And one of the key differences between a T bill, treasury bill, and a high-yield savings is there's no tax from a state or local level on your gains, unlike in a high-yield savings account. But my two takeaways and accounts that I like for high-yield savings are Cit Bank, C-I-T, and UF-B-Direct. I've had really good luck with those. I like the platforms a lot.

So if you're going to stick with those, that would be our takeaways. But I really love T-bills as a mix in there as well. A really good question, Evelyn. Just make sure that whatever you choose, you see the word FDIC, or the acronym, rather, FDIC insured up on the screen somewhere, somehow, some way. As long as you see that, you should be fine up to at least $250,000, I believe, is what it is. So with that being said, everyone, happy New Year. We're so excited you're hanging out with us now into 2024.

We had 39,000 of you choose us as the number one podcast in your rotation and 120,000 of you as the top 10 podcast in your rotation in 2023. And we can't wait to expand upon this community coming this year. Don't forget, we have a email challenge developing new rich habits in 2024 coming your way. You should automatically now be enrolled in that if you've got the free budgeting template, if you've bought our course, if you've done anything to give us your email address. We've already imported that now into the challenge. So you should be getting those emails.

We're really, really excited about that. Tracking your net worth, diversifying your investments, velocity with money, automation. It's so fun. So if you've not yet done that, opt in, share email with us below to get those emails. And as always, we thank you from the bottom of our hearts for keeping us at the top of the charts on Spotify and always supporting us in all of our endeavors here to all of us, you know, grow rich, grow together and really just have great rich. So again, we thank you so much. Please share the podcast with a friend, the family member, or anyone else out there that you believe would get value from our efforts.

We would love you for that. And again, appreciate it. And happy new year. 2024 is going to be so much fun. I cannot wait. With that being said, have a great start to your week and a great start to your year.