Episode 014 – Financial End of Year Checklist Part 2

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Please listen to the disclaimer at the end of this episode. This is the Suburban Folk podcast episode 14, end of your checklist for budgeting and investments with JC Corrigan part two. In this episode, we discussed deductions for self employed individuals, saving strategies, insurance considerations and 529 plans. If you haven’t listened to Episode 13 already part one of this series, go back and do so as there are some great strategies to consider for the end of year taxes

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to having some real talk, some real folks

0:41
Hey, this is Greg with the Suburban Folk podcast. Today’s episode picks up on our conversation from Episode 13 with Certified Financial Planner JC Corrigan because there are so many different strategies to consider for the end of your budgeting and investment checklist. We thought it best to split this up into two parts. Joy. And that’s a great segue to the other item we have on our list, which is self employed businesses and deductions there. Again, that was a Trump one in the last year as far as the simplifying the tax codes for certain business types and so on.

1:20
Yeah, there’s, there’s a lot of complexity in terms of what they defined is who’s eligible for that, right in terms of a service versus a product versus a and I am not an expert on knowing the line item detail of those that tax code. If you’re a small business owner, I hope you have an accountant. I think it’s really important that you have someone that’s actually preparing your taxes and talking to you throughout the year, right, because payroll gets complicated C Corp vs. S corp conversation, you name it, but the Small Business deduction as a heck of a lot of complexity, and you need to be in a position to know whether or not you can take advantage of this 20% deduction to your income. Because that’s huge. I mean, that’s the difference. I mean, that can really lower your rate considerably, and take a lot of pressure off you where you can reinvest into your business and whatnot. So if you don’t have an if you’re a small business owner, don’t have accountant, you need to get an accountant.

2:14
does this apply at all to people that are in the gig economy? I guess if you hit sort of a certain maximum, that’s when you figure out if that makes sense to have an LLC or something like that. How aware should folks like that be? I think that they should be asking the question, but it really depends on their situation. So I think that I mean, if you’re a 1099 or if you’re making just a little bit or if you’re over, you get into this social security taxes and whatnot. There’s so many complexities. It’s really tough to answer that question, but I think it really emphasizes that you probably need to get some tax, some tax help in that situation. Which brings to mind something I actually just read this morning. I guess. The Census Bureau is going to be gearing up for the 10 year census and I saw something that said there, I almost want to say it was like half a million That can’t be right. The number of it was either hours or part time positions. A lot of positions are apparently are getting ready to come out because they don’t have the manpower to get ready to do the next decade census and whatever else goes on with that. So if you’re in the gig economy, so maybe something to take a look at. I just, you know, caught my eye this morning.

3:22
Yeah, it’ll.

3:24
To me it’s more interesting how that will change the unemployment numbers and how and how they adjust for that, right? Because right now the economy is doing so well. How are they gonna find people to fill these jobs? Number one, right. Number two, how is that going to affect coming out in 2021 in terms of the unemployment rate and all that other stuff? So to me, it’s fascinating for very, very different reasons. But yes, if you have the time, look into it, but my guess is you can probably find something better than then working for the census. Right?

3:55
hold out for something that’s a little more stimulating. The next Though is any cash flow that you see increasing your budget in the following years? And I think what we’re going for here is maybe the sense of lifestyle inflation. And going back to what you were mentioning, even with black friday considerations that is this something I really need? And with you have that extra money available, put it up against what your current financial situation is, yeah. How are your retirement goals currently relative to where you want to be? Is that the general idea?

4:29
Yeah, I think that when I talk to people about spending, it seems that whenever I tackle it in terms of spending less, the results suck. And I think there’s a couple different ways that you can think about it. So there’s, there’s like, Can I make a savings goal versus Can I make a spending goal, people seem to be inspired by trying to make a savings goal. People don’t like tightening their belt on the spending side of things, right. So what I like to do is I like to put people in a position of You know what, let’s go Focus on the savings goal. And if you get to that savings goal, you can spend whatever you want. It’s the do you spend what you don’t save? Or do you save what you don’t spend. And if I can put you in a place where you spend what you don’t save, you’re going to be it’s easier to hit that goal almost like a United Way thermometer when we were kids and people like, you know, they used to track how much money they were donating for various funds in a music track, and everyone can see the thermometer and get people excited about it. Being in a place where you can do that is is I think highly important. You can mean let’s just go with the spending less example just for an illustrated, like, what can you do in that place in that space? Well, I can turn the temperature down from 69 to 68. And happy life happy wife, she’s not gonna be happy if the temperature of the house is one degree colder, right? So there’s, there’s that aspect of it. There’s Can you go and download every transaction on your credit card for the past year, and then organize it from highest spend alone Spend. My guess is that everything on the low end isn’t going to make a difference? But can you have fewer transactions? So think about Do I really need to go get that $2 drink at firehouse subs because my kids have Taekwondo in the building next door, right? Probably don’t. Then you look at some of the higher expense things like, yeah, we needed that new air conditioning unit. But did I really need to buy that new desk? So, my guess is that if you go through that action, you know, there’s something called the zero dollar budget to basically download every transaction you’ve had, and cut out everything that isn’t a need, or classify each vendor, if you will, as a want or a need. Yep, and then see which ones are the ones and then say, all right, are they really wants Can we really do without them or can I cut it by 50%. So from a spending perspective, and like on Okay, or if I spend in a want Am I willing to match that in a brokerage account, you know, make the cost double. Um, am I willing to pay myself? So here’s a great example. Here’s a case of beer that costs 1995 for 24 hours here 24 pack a syringe, or 12 pack of Sierra Nevada. Am I willing to pay myself $20? to not drink that? 12 pack? And right? And if so then you don’t buy it. Right? So there’s so many different little tricks, you just got to find the ones that connect with people. It’s like, what am I willing to pay myself to not have that? Don’t buy it you just did. Am I willing to pay double and actually make a contribution to my retirement accounts or to my brokerage account? If I buy that? Am I willing to go through every transaction I’ve ever had and classified as a want or need and decide what I can get rid of? There’s a three ways you can tack it from a spending Yep, all of them might be equally as difficult for people. Now let’s go to the saving side of things. If you go through and look at like I made this much I saved this and I spent this much there’s a gap there of $20,000. I’m going to try to double my savings this year and say I’m going to save $40,000. And that gets, that becomes a goal that you chase and you can measure and you can see, and it’s very fulfilling. So now as opposed to say, I don’t care what I spend, as long as I hit my $40,000 goal. And then you can track how you’re doing on a month by month basis, right? What Hey, if I right, I’m we’re three months into the year, the 40,000. I’m at 9500. Okay, I can get there. Or I’m at 12,000 G, I can probably afford to spend a little bit more. I’m just looking at it from those perspectives so that you can actually get to retirement faster, or get to a place where you’re risk agnostic. Depending on what matters more to you. Some people enjoy working some people don’t like market risk. It all depends on your individual taste about money. But I really that’s a really I think about is like is it easier to set a savings goal. Spending goal and achieve it. And while talking about spending is probably easier to talk about in terms of the line items I gave, the savings goal seems to be more inspiring for people.

9:10
Yeah, especially if you have all of your accounts. In one place, there’s a number of different apps, I could again, link a few even to the show notes that put all of your accounts in one place. So you can see it quickly. Like you said, you can have a goal in mind so you can see how close you’re getting to that. And once you see that number, yeah, presumably you would be inspired I, I had an idea once for for kids for saving, that you hear these nightmare stories where they’re doing these games on the phone, that, you know, if they get ahold of the parents credit card, they can level up or whatever it is, I want to approach a bank and say, let’s do a concept like that. But it needs to be attached to their savings account and they can’t level up until their savings account gets to a certain level and a certain level. And you know, granted, you would have some sort of commission based whatever that ends up being, but at least that way, hey, they’ve got the game, there’s kind of the same thing you’re talking about for the savings that there’s a goal to be hit it hit with that. And in my scenario, like a video game that gets you to the next level, and hey, by the way, you’re doing something good for your overall financial health. So I don’t know what that game would be. But that was an idea I had when I heard the horror stories of kids

10:24
racking up the bills on these online games. Could you also make it to the online game twice cost twice as much and half of it goes to their savings? Okay, sure.

10:31
Yeah, yeah, something like that. So at least, if you get the nightmare scenario where they’re trying to level up, at least it’s kind of the savings account, right set of to the credit card bill. Right. Right.

10:40
So But anyway, hopefully that helps some people because I think a lot of people struggle with spending and savings and budgeting and budgeting is a four letter word in our, in our environment, right and so it’s safe. But thing is saving goals tend to have better responses for people for what for, I think obvious reasons. It’s just know they can’t control some spending where they can’t control I think their savings a lot more they can automate the behavior whatever it takes.

11:07
But in before we started recording, you were talking about comparing a financial advisor to other service basis so your neighbor may tell you about a plumber they liked or disliked or ask you for a recommendation for those types of surfaces. How often does somebody actually come and ask you for an advisor advice? And like if I have a bad plumber experience, I have no problem blasting that person that’s I don’t use this person. They’re so bad, but the emotion that’s connected to people savings and budget with the financial part, you may not be as willing or forthcoming to say, oh, man, this person really screwed me up, which of course also means by the way, I’m not saving or whatever it would be financially whatever the impact was, is the implication if you bad mouth, you know somebody in that field or are looking for extra advice. Like, it’s an indication, like you’re admitting you don’t know what you’re doing

12:03
well, there’s that aspect there. And there’s, there’s so many elements of it that are just so emotional like it gets it. And let’s say you have a good experience, then it sounds like you’re bragging. Right? Right. So it’s like, how do you balance that? And it’s just like going. I mean, the best compliments I get are the ones that say, JC I don’t even look at my accounts anymore. Because I because of the plan you’ve developed for me, is that going? I don’t think it’s such a good feeling that everything’s in control based on the things that we’ve talked about.

12:31
So the behavioral investing book, which I think that was a lot of the concept in there, once I was got a chance to get through it about yet being able to sleep at night, being able to automate the good behaviors so that you’re investing is happening and yeah, you look at it on a somewhat regular basis, but you’re trusting the plan and trusting what’s going on.

12:51
And the one thing that so going back to your earlier question about what to look for in an advisor, the one thing that I think I do that a lot of people don’t That I read to myself. So there’s a book out there by Bruce Hoffman called Red teaming. And it basically talks about how a lot of the, our we were a victim of our own success in Iraq, and how companies and especially in the military, we tend to get into this groupthink and we get into a lot of these biases and to be in a place where you can actually do some red teaming, which is which, frankly, they feel they give credit to Napoleon and the Prussians for inventing. They were appalled. The Prussians were absolutely appalled that they got crushed by the French and so what they started to do was they developed all these different teams, and they said okay, think of everything that could go wrong from from this team’s attack and then that team would do the same for the other team so they’d figure out all right, let’s let’s make our plan unassailable. I do the same thing in the investing world like going okay, what could possibly go wrong with your plan? What What am I missing here? Like The valuation of a business could be didn’t take into account for the tax code did not realize that they were supporting their adult children. Now, what’s that adds to my checklist of things that I need to think about also with my investments, you know, I mean, I use trend equity approaches, and I’m like going, Okay, I have this particular formula in place. Should I be revisiting that formula? The answer is absolutely I should write, it may not mean that I change it, but I should be revisiting some of those entries to make sure that it’s delivering the best possible results and understanding what the trade offs are, if I make that change. Now, I can be making a change that don’t it might lead to a 15% increase in terms of this one particular element of the portfolio. But if it triples a number of trades, secondly, do a lot of questions that lead to more is is it worth 15% for 15% of your portfolio? Well, 15% of 15% 2.25% right? I think most clients would be happy to have three times As many trades if it got them 2% more,

15:03
I think so for anybody that’s aware of yet what gains would likely be Yeah, that that’s a pretty good deal, especially now the

15:11
trades are free with Schwab and all the consolidation in the industry that all of a sudden that became a lot more appealing to people because it doesn’t feel like death by paper cuts, right?

15:19
Yeah, I did just notice that I forgot to ask you about that actually offline. But I did notice the write ups on that, that the fees for trading have been waived. So that was nice.

15:30
Well with Schwab and like so TD Ameritrade, they got over 36% of their revenue from trading. Yeah. And so when Schwab reduce their fees to zero, it’s sunk them and they were losing. Everyone was coming out of TD Ameritrade for Schwab and TD Ameritrade basically waved the white flag said you want to buy us and that might have been Schwab’s plan all along. And it worked. Well.

15:53
Yeah. Very interesting. Yeah. The last couple things we have here insurance planning, and we just did An episode I believe was Episode 11 really doing a deep dive into the health insurance options that people would likely have for their employer based off of options. We had a specific focus on the consumer driven accounts, your FSA, HRA if it’s available HSA if it’s available. So I would encourage folks to definitely take a listen to that. From your perspective, are there other things that people should consider if they still are in their open enrollment period looking into next year,

16:33
um, I don’t think anything’s changed significantly from one year to the next. The, to me, I think that this is a world that’s just going to have more complexity coming down the road, right. So being in a place where, you know, if you have a flexible spending accounts for daycare, you need to shut that off. If especially if they’re going to be starting kindergarten in September, you might be over saving in that department. Understanding as your kids get older, that need for an orthodontist or for glasses or anything like that, that might change how much you contribute to a flexible spending account. I think those are the big elements. I mean, I’ve, I’ve made quite a few mistakes in that in that space in terms of not thinking ahead to those kind of situations right. So learn from I learned from the fact that she I have glasses, my wife has glasses, and I didn’t think about my kids needing glasses or what age they would need it because I didn’t need it till seventh grade, they needed it and forth. So it’s just like when you never know when that’s going to hit but you know, now I get to start thinking about braces and stuff. So it’s going to be really interesting is that comes down the pike is you know, probably need to be having some sort of conversations with your medical professionals like on what do you foresee in this space? You know, it’s your wife’s a dermatologist, she probably can offer more in that space in terms of acne and whatnot for teenagers and how that’s going and how much that costs. I have no idea how much that cost, right. No idea.

17:56
Yeah, I think that is a good point to use some of those resources as much as you can. Now, ironically, one of the healthcare jokes will call it a joke is, it’s probably not the doctor that’s gonna have any idea what it costs because there’s so many administrative people in between. But the point being, you know, get to

18:13
somebody that’s in that world, if there’s that many people in between, it’s probably going to cost a hell of a lot. All those people in between, let alone the actual service itself.

18:22
But that was a theme as well, when Scott and I went through all of these aspects, you know, between he and I were 35 years combined in this industry. And we’re even hitting some scenarios that we’re going wow, this is pretty complicated that we deal with this day over day. So I would just emphasize Yeah, really taking a look at all of those benefits that are available. Still with the benchmark of if you can’t sleep at night with something that’s not a straight HMO, that has a low deductible, even though it’s going to cost more in your premium. Well then of course, you need to factor that in but other wise, really do the math all these other things like you mentioned, the potential orthodontic services, the vision, for example for myself this year, we usually go on and off with the vision plan, just because I don’t go more than maybe every couple of years. Same thing with my wife. And but I was checking to see for the kids, were there certain milestones, and I read a couple things that said, right before first grade is a good time to go. And right around age three is about one of the first recommended times to go well, both of our kids will be right around that milestone this year. Okay, let’s pull the trigger and do the vision this year will probably, you know, see a little bit of financial help to doing that this year. And then I’ll just go and get mine checked and if I need glasses and so on. So those types of analysis like you said, and also if you do have access to your healthcare professional to even advise on some of those milestones, yeah, all the more reason to do some of the analysis there. The 529 Like we could talk about this for a really long time because I love looking at all the different things that are going on with the universities and stuff right now, obviously, student loan debt is one of everybody’s favorite talking points, politically speaking, especially right now. But for the 529, we want to go through what the definition is how to use that, how to be planning to use it.

20:23
Yeah. And another thing I’ll bring up real quickly in the same space, just because the Virginia 529 plan runs it here is called the ABLE account. I will tell you that I think that the strongest accomplishment of the Obama administration was the creation of ABLE accounts. ABLE accounts are tax free accounts for people with disabilities. So if you’re in a place where you someone can contribute, if you’re a if to an ABLE account for somebody who has a disability, that account can grow tax free, and they can get to that money anytime. They don’t have to be 60 years old and a retirement account or an inherited IRA. So if you have someone with a disability, I would encourage you to look at the ABLE account. And the way that that’s written up in terms of your being eligible and contributing to it, because if it can grow tax where you can really help somebody out, segue into the 529 question real quick, the 529 stuff. The tax law seems to be changing all the time. And I think much like if you look at Long Term Care Insurance and how the premiums are going up 28%, the 529 enrollments and the 529 cost, I think some states are getting caught with their pants around their ankles because they didn’t realize about the cost and whatnot. So like last year, Virginia, for example, they suspended the prepaid program because they were losing money on it and then it came in late and then all of a sudden the terms aren’t nearly as attractive as they used to be. So as you’re looking at 529 plans, prepaids tend to have a Dedicated window. And given the, you know, I’m at a place where I feel that what’s the probability that my kids go to college in the state of Virginia, it’s definitely not 100%. So I’m not buying eight semesters. Maybe I think it’s 75% or 50%. So maybe I just want to buy five of the eight semesters from a budgeting perspective. And especially when you think about the way that bonuses are paid, they tend to be paid in the spring. If I can be in a place where I can buy one semester, a year for five years, I’m in a very good place. There is a rule of thumb with non prepaids that I don’t know if it’s still accurate, just based on cost of living but I heard a few years ago, that if I were to put $250 a month into my child’s 529 from the month that they start kindergarten until the month that they graduate from high school, I should be able to pay for 80% of my child’s college. Okay, that’s so and it’s it’s it’s figuring out what That is so like right now I think William and Mary is somewhere about $25,000 a year. So 25,000, and that’s room and board and everything times $200,000. So going through that math and backing into that, if you want to pay for it now, reminder, you need to pay for your retirement first, right, because your kids aren’t going to pay for your retirement. They have plenty of time to make that up. And, you know, our generation I think feels very obligated to pay for our kids college. That said, you need to take care of yourself first. You know, they say that there’s a billion dollar a trillion dollar industry of people supporting their adult kids. Wow, even though they’re already through college, right. So what, what’s going to happen with the tables get turned? Have you actually put them in a position where they are going to turn around and take care of you? Are you just funding everything that they need to do, right? It’s really scary to me, but anyway, you know, will, the 529 and the children it really I think we’re represents more of a transition point for parents as much as it is a financial transaction in terms of paying for college. So knowing the rules, knowing what you can afford and knowing that your retirement comes first is probably the bigger message here.

24:14
Do you think that people should take into consideration what changes may come down the road as far as college price is concerned? What I mean by that is, there are certain people that will say, hey, the four year college clearly isn’t working for folks. There is the route that seems to be less traveled anymore of trade schools or go get an Associates and then go to bachelors to try to keep that cost down just based on what people have learned the hard way with their overall costs. A Do you foresee there being a reduction in tuition for the four year colleges just because it can’t keep rising like it has in the last Let’s say 20 years, and then be If so, should that be at all considered in a 529 investing strategy?

25:10
I think it should be considered from the standpoint of that there seems to be some green shoots, if you will, on the Community College route, especially for the first two years. Let’s look at it. I mean, our kids, they don’t get their driver’s license as soon as they turned 16 anymore, right. They seem to be more comfortable staying at home, they seem to be more comfortable in front of screens and not interacting and just getting out of their comfort zone. I can make the argument very easily that because that’s growing, that’s the roots on that are growing much faster. It’s probably worth your time to make sure that that’s part of your 529 probabilities, right. So if I have, you know, if I can buy six semesters and have a 529 plan, and three Those cover for for Community College. And that’s what your child wants. And that’s a good fit for their education, then that that’s a great place to start. I mean, I look at our education system, and there’s got to be some reform, there’s got to be performance. So security, there’s definitely some inflection points financially, that we don’t have very much control over that we need to be postured to take advantage of. And I think about all that, and that could be 15, more episodes, frankly, right, with with various people working in this space, but I really think the 529 plan needs to be a vehicle for those that want to taking care of their retirement. And secondly, are in a place where they feel very comfortable with where their kids are going. And if they aren’t comfortable than the pre page, probably not the way to go. They should probably just be trying to do that to 50 a month, starting to kindergarten through graduation, and then let that money take it where it will. You’ve done all you can that point,

26:55
right? Yeah, I think that is a good place to at least start because yes, we could I think for episode over episode of just everything that continues to evolve in the educational space, I’ll leave it with. One thing that happened from my educational past is the four year college that I went to was having significant financial issues. They dropped, including the major that I had, I was a communications major, they completely dropped the program, along with a number of others and have sort of tried to reform themselves as nursing primarily so so for your school, but that and I think business and physical therapy was always a big one. And they’ve really consolidated down to those things. So I wonder if that will be similar to other schools of that size of pretty small school, private school, that it almost becomes like a four year vocational school for very specific things which could work for him I guess it remains to be seen, but for myself. I have seen now Personally, some of the fallout of the educational financial issues that have been in the news for so long,

28:07
yeah, I can make the argument there that, you know, the specialty schools, I can see why they’re happening. So do you need to go to a school that’s big enough that has the critical mass? I mean, and that’s happening all around us. I mean, 99% of the jobs that have been created since the great financial crisis are located in an urban center. So people aren’t creating jobs in West Virginia. They’re creating jobs in Austin, Texas, right. So you look at that, from a specialty standpoint, having very targeted area of things are happening. There’s a book out by David Epstein called range. So when I look at this book range, his first chapter is spent comparing tiger woods to Roger Federer. And how Tiger was swinging a golf club at 18 months old. And how Tiger that’s pretty much all he did was play golf his entire life. And then it pretty much all fell apart between hitting a fire hydrant and his father. 10 years ago, right this week, I think actually. So I look at that and then I look at the way that Roger Federer’s was brought up, and Roger Federer, his mom made him play every possible sport till the age of 13. So he had this range of capabilities and how that helped him in tennis and how that helped him socially. And how that put him in a position where, you know, he won this tournament. And you got asked an interview interview when he was like 15 years old. What are you going to do with the money and he said, buy a Mercedes is how it came across in the interview. Well, he’s Swiss. He got interviewed by someone from Germany, so he thought he’s asking for a Mercedes. Yeah. His mom read the article and got mad at him. He’s like going, I didn’t say one of the Mercedes. I sounded I wanted more CDs. So it just shows you how maybe that how being well rounded and didn’t let the fame catch up with him. Right. You know, there’s videos out there. They’re from the Australian Open where he forgot Pass and they wouldn’t let him in. And he could have been, hey, I’m Roger Federer. And he wasn’t he found his manager and got his pass. And he waited like everybody else. So I look at the book range. And I’m like, I want I want my kids go to a big college and have a range of possibilities when they discover themselves. And there’s so many things that we do as kids and adults that we end up not doing. I mean, I have a degree in nuclear engineering, right? I’m not out there splitting atoms. Yeah.

30:25
Yeah, I’m dissecting portfolio. Right,

30:28
right. Well, I joked and said, Hey, one of the reasons I needed to start a podcast is because I’m a communications major. I’ve never used it in a professional sense. So at least to some extent, I’m getting to use my four year degree by setting this up. So that is for sure. And and being well rounded. I think it’s definitely something that people should strive towards, because it just helps I think in everyday life, and hey, even being an interesting person. Yes,

30:53
yeah. And that’s one reason I read these books and I and I reference them all the time because I want to, I want people to get the same value of reading these books that I do. I mean, I’ve read that I’ve read James clears book about atomic habits, which is absolutely phenomenal. Listening to James clear in podcast, it makes it amplifies the book. And so I tend the books I read, I try to find them when they get interviewed and podcasts and get that extra supplement in terms of the context behind what’s written in black and white.

31:21
Agree. And actually, that will probably be a great place for us to end because I put a note to see what you’ve been reading lately. Like I mentioned last time, we met we talked about the behavioral investor. So I did get through that one. And a lot of the things I know you talked about, I could see in there, one just to throw some shade at the financial advisors. So there was a whole section about them doing surveys and what was it 54% somewhere around there said they were above average, which of course, by definition, over 50% cannot be above average in the way they do investing. So hey, if nothing else that makes me feel good that you would recommend a book that calls out the advisor world that standpoint and maybe some overconfidence

32:06
a little bit.

32:07
So but no but and frankly it goes back to the first book I read or talked about was about red teaming is like going How can you avoid that overconfidence and actually really add value to yourself and to your clients are to your, to your, to your business in general. So it doesn’t just apply to my world I think applies to everybody’s world. So yeah, so red teaming. Atomic habits by James clear and range by David Epstein are what I’m read right now.

32:31
And I have the atomic habits book in my library queue. I think I should get it in a couple weeks. I know you’d sent me that recommendation already. One that I happen to pick up is, I always liked Michael Lewis. I’ve read quite a few of his books. He’s the Moneyball Yes, six short guy. This one’s called the undoing project. And it was by pure happenstance that I got this one right after the behavioral investor because it takes a lot of those same concepts about The things you can’t predict, particularly in analytics because he jumps off of the Moneyball right concept, and then instances where it didn’t work and trying to find all those other factors that are going on, and then it profiles. These two guys that I didn’t realize before reading and quite frankly, that they ultimately won the Nobel Prize, but around psychology and just trying to predict how emotions affect human decision making. My favorite part in applies to my day to day world was with healthcare. They said they did a test around colonoscopies and the test was basically your last impressions and how much that would affect your next decisions. And so they said for the people that they just finished abruptly, the procedure, those people were much less likely to come back because that was the lasting impression versus I guess, they tried Make for the other test group a little less painful, even though it was a longer period of time or ending of the procedure, and then actually would come back more and more. So I thought that was interesting. And actually, again, for what I’m doing day to day with the healthcare world, I said, hey, let’s, let’s use that concept that, you know, when you’re ending an interaction with somebody make sure that that final impression is something that is positive. You know, usually you hear people talking about first impressions and so on. But that that can affect whether or not healthcare world they, you know, do what they’re supposed to do as far as medications or you know, anything else that they have going on. But that was a book that, like I said, it actually end up being pretty natural segue into what I read before. And if you liked Michael Lewis, I think that’s probably worth worth a read. Okay, cool. That is everything that we had on our checklist. Is there anything that we didn’t cover that you’ve thought of?

34:52
I don’t believe so. I think that, you know, I would just leave it with you five weeks until the end of year, making sure that you’re squared away and you don’t have any surprises this is I know there’s a lot on everyone’s plate with no kids going back to school next week. We’ve got Christmas, we’ve got Christmas vacation. There’s lots of opportunities to make sure you’re you’re well positioned for your 2019 taxes and for 2020. Make sure to take advantage of this time and thanks for having me today.

35:20
All right, I appreciate it. Take care. If you enjoyed this episode, please be sure to give us a rating on Apple, Spotify, Stitcher, or wherever you get podcasts. If you’d like to be notified of future weekly shows, please hit the subscribe button. Thank you. Suburban Folk is part of the pod all the time Podcast Network with six other great podcasts. They include the creative intuitive, another digital citizen, random unnamed podcast, the coffin podcast, big IQ podcast, and real aka truth. If you check us out on Twitter, you can see links to their direct pages to see what they’re up to.

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