E219- How Your Car Relates To Your Finances

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Denis O’Brien [0:08]
Welcome to Episode 219. How your car relates to your finances. Hey money clan a warm welcome to the Chain of Wealth podcast I’m your host Denis O’Brien.

Katie Welsh [0:21]
And I’m Katie Welsh.

Denis O’Brien [0:22]
So Katie fun episode today, short and sweet all about a little car issue you had.

Katie Welsh [0:28]
Yeah, car issues are I think the worst and on top of it, it made my like driving experience the harder and I don’t like to drive to begin with so it is been a day.

Denis O’Brien [0:43]
So before we dive on to today’s show if you guys haven’t already, don’t forget to hit us up on Instagram it’s @chainofwealth on Instagram. We have a question for you, we’d like to know how you listen to Chain of Wealth? Do you listen at 1x speed 1.5x speed or 2x speed. Let us know it’s @chainofwealth on Instagram. Alright Kate, you ready to dive on in?

Katie Welsh [1:05]
Yeah,

Denis O’Brien [1:05]
Fantastic. Let’s do it.

Voice Over [1:08]
Welcome to Chain of Wealth, here’s your host, Denis inspiring you to begin your journey of financial freedom.

Denis O’Brien [1:21]
Alright Kate, so all about your car and your finances. Where’s the connection?

Katie Welsh [1:27]
Okay, so we had an episode of quite a while ago that we paid off our car. And yeah, it was great. And I’m going to probably jinxing myself here, our car, that little golf VW it She’s like a little dream. I love her. She is so low maintenance and so easygoing, and

Denis O’Brien [1:53]
It just works.

Katie Welsh [1:54]
She’s great. And so now, daylight savings time just happened. And now it gets dark here in Virginia, I swear, till at like 4:30.

Denis O’Brien [2:06]
Like, I feel like everyone’s going through that right now it’s just like, there’s no sun. Like, you have to wake up super early to actually enjoy a bit of day.

Katie Welsh [2:15]
So it’s terrible because I don’t like driving in my regular life like I really, as much as I love side hustling. I know what an easy opportunity for me to Uber would be. And my financial part of me wants to do it, but like, my real side of me, like I know it’s just not a good idea for me because I hate driving. I am really directionally challenged. I get frustrated super fast when I am in traffic, and I just ultimately don’t like driving. That’s why I like living here because we can go so many places, either walking biking or Metroing.

Denis O’Brien [2:55]
Kate well, just just on that note, I think that speaks to side hustling in general. You know, there are so many side hustles out there. And you don’t have to do them all you just have to find ones that you like to do because side hustles that you actually enjoy doing, there’s more chance that long term, you’re actually going to stick with them. And they’re going to really move the needle because you stick with them and over a longer period of time, you’ll end up making a substantial amount of money. So just anyone listening out there find side hustles that you’re interested in.

Katie Welsh [3:25]
Yeah. Or you will hate your life.

Denis O’Brien [3:28]
Yeah.

Katie Welsh [3:28]
So I know I got off onto a tangent. So how it relates to money and your car so I was no all this time I have been driving in the day I’ve been driving, kind of in the evening and it was like my car knew when daylight savings hit and my one headlight decided to go out. But not only did decide to go out it didn’t decide to go out like in the morning decided to go out In the evening, when I’m driving home from work, but it gets better. It knew even more so that I decided to go out when I was driving home from my tutoring job. So it was my first time driving in this neighborhood. Like, at night like it’s seven o’clock so it’s like pitch black

Denis O’Brien [4:21]
Right. So you literally had no light.

Katie Welsh [4:24]
And I never noticed there are no streetlights in this neighborhood. So it was so dark and I don’t see super great to begin with. So me and dark and driving it was it was a terrifying experience. Actually, thankfully, nobody was walking their dog. And so then as anybody knows, like if anything is wrong with your car on the outside, you’re more likely to be pulled over. Right?

Denis O’Brien [4:54]
Well, I mean, it’s blaringly obvious to to like the police. They can they’ll see quickly that’s your lights off or you know.

Katie Welsh [5:02]
And I like to think that the police are pulling you over to do more of their service to you. Ultimately, nobody likes being pulled over for anything. And I have been pulled over in the past for an out headlight that I didn’t know was out.

Denis O’Brien [5:18]
Yeah, and that is like super helpful.

Katie Welsh [5:20]
Yeah,

Denis O’Brien [5:20]
They’re looking out for you.

Katie Welsh [5:22]
And I didn’t really realize that my headlight was out until the car told me like it’s like, hey, Katie, your headlight is out,

Denis O’Brien [5:31]
Yeah,

Katie Welsh [5:31]
Not in so many words. But that’s what I like to think.

Denis O’Brien [5:35]
Was it flashing like, hey, Katie.

Katie Welsh [5:36]
No, it’s just like your headlight is out.

Denis O’Brien [5:39]
So it wasn’t as friendly as you.

Katie Welsh [5:40]
No.

Denis O’Brien [5:41]
At least to try to tell you something.

Katie Welsh [5:43]
Yeah. So now I am a little stressed out the entire 45 minute drive home after a long day that I am going to get pulled over. And that was yesterday, which was Tuesday and then today after work, I had to drive to go get a new headlight. Right and of course, this is all in the dark because I don’t get out of work until it starts. So again, I’m like fighting the traffic not really being able to see and stressed out about getting pulled over. So anyway, we go down and I was super proud of us. I feel like nothing makes you feel more like you have your stuff together than being able to do simple car repair. Like I changed that headlight because your hand would’nt fit. And I’m not gonna lie. I felt like

Denis O’Brien [6:36]
Top of the world?

Katie Welsh [6:37]
Yeah. So because we were down there and we’re not often down at the car, doing maintenancey type things often together. I also in my mind have been a little bit nervous but obviously not nervous enough to mention it to you that I’m not super sure if I am prepared if I were to get pulled over and I guess now that I’m thinking about I really am like dreading the idea of having to get pulled over, because I get really nervous and I get like shaky and like I get really thirsty and

Denis O’Brien [7:11]
Yeah and like Kate understandably so, I don’t think anyone enjoys getting pulled over.

Katie Welsh [7:15]
Right. So when I lived in Florida, I knew all of my stuff that I had to have if I got pulled over, because for a while I was on like this real strict I was pulled over all the time. And to be organized because I will admit, I am pretty type A like I like my stuff organized and then I know where it is. And you know, this is it. So I used to keep my lice well not my license but my registration and my insurance and any kind of important paperwork in my glove compartment in a Ziploc bag so that if I got pulled over, all I would have to do is pull out my Ziploc bag, I don’t have to like rifle through my glove compartment when I’m all flustered and nervous and the cop is standing there and that’s awful. So, a few weeks ago, I actually was thinking about this on my long 45 minute ride home. And I started putting all of my stuff together of course while I’m like at a stoplight, and I realized like if I were to get pulled over now I don’t actually know what you what I’m supposed to have yeah, because I’m in a new state and new states are basically like new countries and

Denis O’Brien [8:26]
Well and also like we just add stuff into the car the minute we get it like oh, our insurance we have a new insurance card lets just throw down there with all the other insurance cards.

Katie Welsh [8:34]
That’s a good point because when I looked through, we had like 15 insurance cards and we’ve only had the car for a year. So what is going on with all this and I couldn’t find the registration and you know, like all this stuff. So now we are all settled. We have all of our stuff together in one place. I have to print off my registration card and then I will put it all in a ziplock bag and I will be happy tomorrow. But I wanted to bring this up because first of all, I think it’s one thing that you know, it’s always on your to do list, but it always seems to me like it manages to work its way down on the priority list,

Denis O’Brien [9:16]
Well especially after a long day.

Katie Welsh [9:18]
Yeah but it can be really expensive if you don’t have your

If you’re not prepared.

Yeah, if you don’t have your stuff together, because, you know, even if you do have your car registration, or your insurance or something, but you just so happen to accidentally leave it at home or whatever reason.

Its gonna cost you Yeah,

You’re going to get a ticket.

Denis O’Brien [9:40]
You’re going to get a ticket and it’s gonna not be cheap and you’re gonna be a bad mood is going to ruin your whole day.

Katie Welsh [9:45]
Yeah. And it’s just, I guess what I’m really trying to just get to is being proactive instead of reactive, and we just talked about this in the kitchen before we started recording is it makes your life so much easier.

Denis O’Brien [10:01]
Yeah Kate and I’d love to dive into the finance aspect of how this can relate to your money. Right after we just take a very small break and say a very big thanks to our sponsor. Kate our sponsor today is Masterworks which allows ordinary people to invest in a blue chip art investments.

Katie Welsh [10:21]
You know, Den, I think this is such a cool idea because typically, whenever you think of investing in art, you think of the people who are like super duper wealthy, like multi millionaires. And now regular old Joe’s like me, and you can invest in, you know, a Pablo Picasso or a Monet or, you know, other huge art names.

Denis O’Brien [10:42]
Yeah Kate, it really is a great opportunity and at Chain of Wealth we talk about the importance of diversifying all the time. So if you want to have a look at art, it is definitely a great investment to make. And in fact, it’s outperformed the s&p 500 by over 250% since 2000.

Katie Welsh [11:03]
Yeah, I was just going to mention that that it’s not just a recent thing since 2000, it has outperformed the s&p year after year after year, and it’s a significant difference.

Denis O’Brien [11:16]
Yeah, it’s really cool. The minimum investment is $1,000. So if you do have cash laying around that you’re looking to put to use, definitely consider investing, you can head on over to chainofwealth.com/art, that’s chainofwealth.com/art, if you use that link, you will skip the whitelist of over 17,000 people. So definitely check it out. And if you want to invest in art, this is definitely where you want to go.

Katie Welsh [11:44]
So Den, how about you explain a little bit how being prepared can relate to your finance?

Denis O’Brien [11:51]
Sure. Kate you know, I’m so glad you brought this up because it really has a massive impact and you know, like just the same way that you have been prepared and you were thinking, Oh, what happens when I get pulled over what are the consequences going to be? If you sort of take this approach and your money, it gets you on the right side of things, like, as an example, signed to pad for retirement and at a young age, you know, by making that small change that it’s so easy to overlook, and it’s at the end of a long day, and it’s the last thing you want to be doing. If you’re a little bit proactive, instead of reactive, be like, Oh, damn, I have to retire in five years time, I don’t have any money saved up. If you’re proactive and you start planning ahead, you’re able to get behind the effects of compounding, and your money starts working for you. And over a long period of time, it can have a massive, massive, massive difference. And in doing so, you’re able to make your money work for you. And also when it comes to stuff like panning for stuff like a purchase of a house or purchase of car, whatever it is, you able to actually save up a lot of money for a down payment and you save on things like such as PMI. And you know, they say Kate cash is king. And at the end of the day, if you are able to pay for something in cash, you’re in a much stronger bargaining position.

Katie Welsh [13:10]
Yeah, for sure. I remember when I was trying to buy my first house. My mom always said that to me, and I don’t know if it was, I was like, 28 years old. And it was the first time I had ever heard that phrase. cash is king. And it’s true when you are trying to put a down payment on something like a house, like you said, Yeah, putting down 4% or 5% is they’ll take it’s acceptable.

Denis O’Brien [13:38]
Yeah,

Katie Welsh [13:39]
But it is significantly better to put down 20% because then you don’t have to pay the mortgage insurance.

Denis O’Brien [13:46]
Yeah. 100%. And you know, the thing is, like at the end the day if you’re not in such a, you know, just sort of let the car go until it breaks down. If you actually in a bit of a more of a maintenance mood with something like that. Your car will probably last a lot longer and same with your money if you’re actually a bit active about looking at stuff, it can really start working for you.

Katie Welsh [14:06]
For sure.

Denis O’Brien [14:06]
So Kate, it’s just before we close out today’s episode, I think now would be a great time to chat to all the listeners and let them know about some changes that are coming to the podcast.

Katie Welsh [14:16]
Yes,

Denis O’Brien [14:17]
Yes. So from next week, we are moving to one episode a week. So it’s still going to be the same sort of format that we follow on a weekly basis, except this time, it’s on a monthly basis. So you can still expect interviews with other people and Kate and I also going to be doing solo shows as well. And the reason we’re cutting back to less episodes is quite honestly, we are quite flushed on time. And we have a lot of great episodes out there. And we figured, you know, it will give you guys a good opportunity to sort of catch up because we had a lot of people say to us, you know, they really appreciate the content that we put out, but it’s just too much and, you know, I hear that argument and you know, while we enjoy everyone listened to the show, we realize that we are not the only show out there. And there are a lot of other shows competing for your guy’s attention. So thank you very much to all of our loyal listeners. We do very much appreciate you. But hopefully it’ll give you a bit of time to go back and listen to some of the older episodes because they really are some gems out there.

Katie Welsh [15:14]
Yeah, definitely. And bouncing back to talk about time, we wanted to be able to stay in a consistent pattern. And our lives personally are about to get a little bit trickier because we are going to be moving out of our apartment soon. But still living in Virginia but not having a permanent place to live for a little while. So we’re going to be bouncing around a little bit, checking out some different things. So we want to make sure that our podcast sound quality is the same. And when you’re a little bit more transient, it can be a little bit harder because the podcast

Denis O’Brien [15:59]
is like A lot of equipment. Yeah.

Katie Welsh [16:01]
We love it. It is not small in the room. So

Denis O’Brien [16:05]
Yeah, definitely not. But yeah, we’ve absolutely loved enjoying producing so many content, so much content for you guys. And we’re looking forward to much more content and having more awesome guests on the show, and really diving into a lot of more money topics that you guys find interesting. And once again, if you guys do have stuff that is on your mind or is bothering you from a money perspective, hit us up and send us a DM on Instagram. It’s @chainofwealth on Instagram. And we definitely read everything we interact with everyone.

Katie Welsh [16:33]
I like to think that we’re really good with interacting.

Denis O’Brien [16:35]
Yeah, and we’ve had a lot of people reach out lately with some really great questions that we’ve tried to address on the show.

Katie Welsh [16:41]
Right,

Denis O’Brien [16:41]
So very big thanks to everyone and I think unless you have anything else to add, that’s it for this week.

Katie Welsh [16:46]
Nope, that’s it for me.

Denis O’Brien [16:47]
Alright. We’ll catch you guys next week on another episode of Chain of Wealth.

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Chain of Wealth

Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 500,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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