Emergency Fund v. Debt
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
12 min
4 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What question about using an emergency fund to pay debt kicks off the episode?
Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money. DIY Money. I want to give a shout-out to all the new folks, all the new DIY, what do you call them? Budgeteers. Budgeteers. I want to welcome all the new DIY Money budgeteers to the crew. Of course. Numbers are exploding. Still don't know who the influencer was or whoever it was that gave us a shout-out, but we really do appreciate that. It's helpful. I mean, share this thing with your friends. You know, if there's been a podcast that has inspired you, motivated you, share it with somebody. I think that will help them.
How do the hosts introduce the show and community updates before the main topic?
I know I've gotten personalized thank yous from some of the podcasts we've done over the last few weeks on the series that we've been in. And again, it helps the show grow, and I think it's a great way to help another person. Odds and Ends out there, DIY Tribe rocking and rolling on the Facebook. We've got social media on point. YouTube.
The Tribe is rocking. Yep. You're wearing awesome socks.
I am. I'm going to shout that out. What's happening there? Yeah, this won't be on YouTube because we're not recording right now. I'm going to the track today. Okay. Entertaining. Beautiful day for the track. Yeah, but we're inside. Thank goodness. Okay, good. Yeah, so we're going to pick the mutters today. Yeah, going out to Keeneland. Last day of Keeneland this week will be amazing. And so I wore the horsey socks.
And tell the people who aren't from Lexington what Keeneland is.
Keeneland is one of the most historic racetracks in the country. The uniqueness of Keeneland is it only operates two months of the year, April and October. Ironically, also, it is a nonprofit organization, one of the highest grossing revenue tracks. Oh, I did not know that. In the country. But it is one of the only, if not the only, non-profit organization out there. But it's a fantastic environment for horse racing. If you're a fan, like me.
Oh yeah. I like to go to Keeneland. I do like dollar bets. So I just pick a horse, put a dollar. And I am... terrible at picking the horses i think i've told this story before but logan and i went um i think it was last year with some of our clients and we were hanging out and so we were like okay you know one dollar per race we'll just alternate who picks it i out the gate pick this horse i mean it makes it 100 yards and then it collapses on the track they have to bring out the medic like it was terrible and logan looked at me and he was like no we're not doing this we're not picking him we're horses I'm done.
One of the reasons I came to Kentucky was for horses. I had grown up going to local track by our house. I was really enamored with the horse business. I loved it. When I was here on campus, I spent a little too much time between the Keeneland and the other track, which has off-track bedding, which is called Red Mile, which is a harness track. I was not around some savory people all the time. I'm ready to fight Brandon and Ethan! And so I used to think I was halfway decent until, until, and this was only a few years ago, I spent a day with a professional handicapper. Has been doing this as a business for over 20 years. We should interview him sometime. That'd be fascinating. Over 20 years he's been doing this, I spent one day with him.
My betting volume when I went to the track dropped like you wouldn't believe because I realized very quickly, and why I didn't know this ahead of time, I have no idea, probably because I would always kind of make a little money or break even or lose a little. It wasn't a big endeavor, but I realized very quickly what a disadvantage I was at after watching him as a professional do this. I was like, oh, I have no shot here.
How do you make a small fortune betting on horses? By starting with a large fortune.
All right, let's go right in. We got a great question today from Matthew.
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