George Kamel - Millionaires In Cars Getting Coffee with Bo Hanson from The Money Guy Show

Episode Date: August 11, 2023

Bo Hanson is a financial advisor and co-host of The Money Guy Show. Bo has been featured on Fox Business, Time, Yahoo! Finance, Forbes, and the mountain top of success and prestige… The George Kamel YouTube channel. In this video, we talk about everything from sleeping with your eyes open to the importance of finding your "why" in your wealth-building journey. Links: The Money Guy Show I love a good deal, when you sign up using this link, I’ll hook you up with a 14-day free trial and $15 off your first year of the premium version of EveryDollar. Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

As one of my favorite artists one said, mbop, didbap, da-bap, do-bop, do-bop. If you're wondering why I'm quoting, The Great Hanson, is because we're hanging out with one of my favorite Hansen brothers. For the record, I'm like 89% sure he's not actually related to the guys from Hansen, but I'm sure he's somebody's brother, and I'm talking about my friend, Bo Hansen.

He's a financial advisor and co-host of The Money Guy Show, which has over 300,000 subscribers on YouTube. And if that's not impressive enough, Bo has been featured on Fox Business, Time, Yahoo, Yahoo, Forbes and the mountaintop of success and prestige, the George Camel YouTube channel. So Bo and I went for a ride on the old Tesla for another installment of YouTubers who talk about money topics and a Tesla getting caffeinated beverages, or a simpler version, Millionaires in Cars getting coffee.

We talked about how he built wealth, how faith affects his finances, and what it was like becoming a financial advisor before he could legally drink. Was this like a boss baby situation? I don't know where it's been. It's not where it's been. It's where it will take you. No judgment. We love babies, we love bosses.

You know what a boss move would be to hit like and subscribe on this channel, and maybe share it with your boss, whether it's a baby or a full-grown adult. Let's get to it. Here's my conversation with Bo Hansen. All right, we're here for another millionaires in cars getting coffee with my friend, Bo Hansen. Thank you so much for having me. I'm happy to be a big guy. Yep.

Not plural yet. Not, well, so the URL for money guys wasn't for sales. So we are collectively money guy. That singular guy. Makes sense. Well, we had your friend, Brian, in the vehicle. Nice fella, by the way. Oh, great guy.

I can't say enough good things about it. I have to ask you about this before we talk to money. Okay. You're very proud of the fact that you sleep with your eyes open. Can you tell me about this? I don't know that I say I'm proud of it. Again, it's just one of those things. Right, like I've come to grips with the fact that it happens, right?

Okay. How do you even find out that you sleep with your eyes open? Friends and family are terrified of it when they see me, right? So I fall asleep, my eyes closed. But as I'm in my sleep cycle, they slowly start to open until they're about halfway open. So when I fall asleep, they're halfway open. And it's pretty terrifying. It looks like a zombie.

It looks like I'm dead. And yeah, I'm a zombie. So I'm going to take you to one of the best coffee shops. I took Brian to a different one. Okay. But they're both a Starbucks. Oh, okay. Are you okay with that?

I am okay with that. Well, let's do this thing. You know your order? I do no more order. Okay. Hello. 100%. Whatever he's having.

Let's see what my buddy would like to get. I'd like a grande, granday, blonde, Americano. And did you want the same? I'm going to do the frozen pineapple passion fruit lemonade. Okay, what else for you? That will be it. No, I want you to connect some thoughts for me.

You said, hey, I'll have what he's having. They said, okay, do you want that? Hey, you know what, no, no, no, let me get the absolute antithesis of what he got. Let me get a drink as far away from what he got. What I meant was, hey, whatever he's having is in like, you go first. I don't think of me as what you think of miss. Hello. Look how fun this is.

Oh, wow. I cannot describe to you how different from my drink is. Hey, you're awesome, thank you. This is a very exciting day for me. I mean... It looks like a smoothie. Like, this is not sponsored by Starbucks at all, but let me tell you, this looks like a real summertime tree.

Do you drink it with a straw or do you drink the top? I think I have to, but I'll put the straw down. Let's talk some shop. Okay. What is the best money advice you've heard that has stuck with you? This will sound silly, right? But it's so, it's so simple. The best money advice I ever heard was save a little bit of today for tomorrow.

And that said, a thousand different ways. Live on less than you make, right? Those types of things. But it really was amazing when I first started investing, right? I took an investment class in college. I was like, oh, I got this investing thing figured out, right? Like I understand how compounding interest works. So I opened my very first Roth IRA and I put some money into it and I kind of watched it grow up.

I'm like, wait, you mean to tell me that while I was asleep last, just because the stock market went up, I made more money. It was mind-blowing to me. Then I understand, okay, well, if $100 makes 10%, that's great, well, if $1,000 makes 10%, well, if $10,000, 100,000, like, it gets really, really exciting. And then I started thinking, man, there's a direct connection. I know, like, when I was in college, I worked at Chili's, right? That was my thing.

And I loved it. Dude, working as a waiter at Chili's in college, the greatest job in all. I bet you're crushing, too. It was amazing. It was, I had like a time. target demo that was perfect for me. Hi, welcome to Chili's. What I recognize, I was, man, I have these, these investments, these dollars working.

And literally, while I sleep, my money can work harder than I can. Like, I can go work for six hours and make $100. Or this investment account, just because I made the choice to defer gratification, save a little bit for the future, can do that for me. And you compound that over 5, 10, 15, 20, 30, 40 years. It gets amazing. And one of the things that I love the most is when I'm talking to young folks or high school folks or college folks, and you see that click. You see it connect.

That's a possibility that deferring a little bit of today for a better tomorrow actually works and is actually a way to build well. Slowing down that yolo. That's it. That's the key to well. And what I always think is crazy is people think it takes a lot of money to have a lot of money. That's not true. I think when I first started saving, it was 20 bucks a month. Because I told myself, okay, that's two.

With a little. That's two tables, right? Yeah, start with 20 bucks a month and do that. And so that was some, like, fantastic money advice that just clicked for me early on. And then I never stopped. And you get better at it, right? So you start saving 20, and then you move to 50 a month, 100 a month, thousand, you know, whatever the numbers are for you. And you kind of flex that muscle and you get better, better, better at it.

So I want to ask you about this. Your first million. I mean, this segment is all about millionaires and cars getting coffee. You're a very young guy. You're about the same age as me. Much wiser, much better looking. Do you remember hitting your first million? Like, was that a big milestone for you to have a net worth of a million dollars as someone with your upbringing and background?

It absolutely was. Not because it was some milestone is like, I've made it. It was more affirmation. This is working. You're on the right path. Yeah. Like, I've never, I never thought that, okay, at a million dollars, I'll be able to check out. That is financial independence.

That's the thing that's going to do it for me. But what is great is it allowed, again, you know, my wife and now, we've been married for 11 years now. and every year I do an annual net worth statement. I think that's a great thing for couples to do together. Because when you start out, you broke as a joke, right? Like a lot of people start with a negative network, right? Like you don't even have money. And so, you know, we do this every year.

Like, oh, wow, okay, we have a net worth of 10,000. Okay, now it's 50, now it's 100. And it was really cool when we crossed over that seventh figure mark that I said, hey, look, this is, for these past couple years, we've been saving this money. We've been making the choice to not do certain things that we might have done otherwise. Here's why, because it's working. because it's building. And so, yeah, it was a really awesome, great feeling. But for me, it was more about, okay, now let's keep going. All right. Now, at one, okay, what's two look like?

And then at two, okay, what's five look like? And it, you know what I mean? And that, and it kind of keeps, it provides motivation to keep moving and to continue to trust the process of wealth building. It's working. Have you set this like pie in the sky? If here's my goal, I'm going to get to 10 million and live off of that and retire at this? Or are you not thinking that far ahead as far as like, I'm going to retire on this day? I'm not thinking about retirement again because I love what I do too much. You know, I also have a belief that, you know, we were designed to work, right? Like, so I think doing work and especially doing meaningful work that can help the world around you is an important thing.

So retirement is not like necessarily a goal that I'm personally working towards. But, you know, like Forrest Gump says, one less thing. That's good. One less thing. I'm working towards where the money is just one less thing. I would love to your forest impression. You know what I mean? You'd nail it.

So that is one less thing, right? Like I want to, so I kind of have like a number in my head that once my liquid assets hit this number. If you could live off of that, I could. It's just a nice feeling. Yeah, that's right. Let's do a little lightning round. What are the things you're willing to splurge on with money now? Maybe you weren't earlier in life.

Okay, like, hey, I'm willing to spend some money on this. All right, willing to, let me ask you a question about you and what you're one of you, is one of you a savor one of you a spender? I'm like the nerd spender and she's like the free spirit saver. So it's this weird mix where it's like if I eat my vegetables, I'm okay justifying the precious. Yeah, yeah, yeah, okay. So it's kind of a mix. All right. And we have both have our seasons. So I just love saving. Like I don't, I'm not a big spender on really anything. So are there things that I'll have to splurge on? I've got one thing that's my vice that I'll spend money on. This is going to sound ridiculous is athlete you're wear. I can see that. Like I love. I was going to go like,

I bet in the fitness realm. Yeah. I like. Do you golf? I do every now and then I'm not a golfer. But do you have a membership? No, absolutely not. That's a bridge too far for me. Okay. We'll get you there.

But I'm just not a big splurger. What about things that you are unwilling to spend money on that you think is insane that other people spend money on this? You know what I mean? Are those things that really it irks you a little bit? No, there's one that gets me. You ready for this? Home decor. Not worth it in your mind.

We have home to. We have young kids. You got a baby in the way. You don't learn. Young kids, they just tear stuff up. They'll destroy. I have two dogs and they do it. Same thing, right? Like, I don't, do you have that? Is there a thing like that for you? Yeah, I can get behind that. Here's one. Buying drinks at restaurants, I think is a scam. Oh, 1. One, restaurants in general were a privilege. Oh, yeah.

Drink was not even on the table. Two dollars and $3.5. You're getting a water. You're getting a water. Yeah, I struggle with that because I'm about to bring a child into this world. And I want to know what is your advice for parents, especially financially. What are some of the financial moves I need to be thinking about as I bring a child? I love it. I think the single best thing that you can do for your child is teach them about money. Start at an early age and continue reinforcing it. Continue reinforcing it. For my girls, when they lost their first tooth, is when we started teaching them about money, right?

We got this little piggy bake. It's a give safe spend piggy bank. Love that. And every time money comes into their possession, whether it's tooth fairy money, whether it's birthday, Christmas, whatever, we sit down and say, okay, hey, one, where does money come from? So we allow, we want to speak into that. Who is the ultimate provider of all the things that come to us? That's the first thing. And second thing, because of that, how are we supposed to treat money?

How are we supposed to use it? Well, we're supposed to give, save spend. We always give first. We always save second. We always spend last. And so if we can kind of continue to reinforce that with them, when they leave the house, they're going to know that, hey, there's a responsibility

that I have to steward the wealth and the things that I've been given, and I want to make sure that I'm doing that. I want to ask you about this. I didn't get to ask Brian this question. Okay. but there's not a lot of folks in the finance space that also have kind of the faith underpinning. So I wanted to ask you how your faith affects finances.

Well, you know, it's interesting. I would like to think that my faith, it's not one of those things that just affects finance. I like to think my faith affects everything that I do. It affects the way I interact with employees, the way that I raise my kids, the way I interact with my wife, the way that I interact with the community around me.

I'd like to think it's not like this isolation. Like, okay, well, now I've got to marry faith in finances. I like to think that it permeate. How do we shoehorn this thing in? Yeah. And so if that's going to be something, you know, obviously that's something like super, super important to me, it affects the decisions that I make. It affects what I do with my money, right?

Like where I spend it, where I give it, how I save it, and why I save it. Like, what's the purpose? Like, I do not place financial stability and security in my dollars because I recognize tomorrow's not promised, right? It could all be gone tomorrow. But if it's not, I'm going to try to make the wisest, decisions possible with that because I've been given this amazing opportunity. And what I think has been great is, you know, my circumstance that I'm in now is very different in the circumstance I grew

up in. I think about all the people that had it not been for them, my life might have turned out differently. And in everything you do, I think we should do it with excellence. Again, this is a faith aspect. So even if it's just like, you know, cleaning up your house, you know, do it excellently. Doing the part of your job that you hate, do it excellently. And so if you're going to interact with money and you're going to have money, you're going to do financial things, do all of it with excellence. And that's a reflection on the creator that puts you here. Man, that's so good.

That'll preach. You do a Sunday swim. What you got that? All right. Well, Sunday. I love that why. Yeah, being a good steward of it and having that deeper why versus just chasing the next dollar. That's it.

It just changes things. And money, we found, it's an obstacle. So once we can get over that hump of like, we're thinking about. about money too much, we can stop thinking about money and just use it as a tool. One less thing. That's so good. Dude, this has been so fun. You're the man. Can we cheers with our coffee and non-coffee drink? Smoothie and coffee. Hope you guys enjoyed that conversation with my friend Bo Hanson. Huge shout out and thank you to Bo for being on the channel with us today. And let me know in the comments if there's any other Bose you'd like to see on the channel.

Bo Burnham. That would be a good one. Bo Jackson. And, hey, Bo Seifis. Well, Hank Williams Jr. for you. How about that? You get pretty rowdy in here. Well, either way, let me know in the comments who you want to see up next on Millionaires and Cars Getting Coffee. Thank you guys for watching. I'll see you next time.