The Personal Finance Podcast - The Personal Finance Masterclass with Brian Preston and Bo Hanson (From The Money Guy Show!)

Episode Date: October 16, 2023

In this episode of  the Personal Finance Podcast, we're going to talk to Brian Preston and Bo Hanson from the money guy show about the ultimate personal finance masterclass. How Andrew Can Help You:  Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining  Index Fund Pro! This is Andrew’s course teaching you how to invest!  Watch The Master Money Youtube Channel!  Ask Andrew a question on Instagram or TikTok.  Learn how to get out of Debt by joining our Free Course  Leave Feedback or Episode Requests here.  Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at  shopify.com/pfp Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ Listen to Planet Money wherever you get your podcasts. Policygenius: This is where I got my term life insurance. Policygenius is made so easy. To get your term policy go to policygenius.com and make sure your loved ones are safe.  Links Mentioned in This Episode:  Financial Order of Operations Wealth Multiplier By Age Car Buying Checklist Connect with Brian Preston and Bo Hanson: Website Tiktok Instagram Twitter Facebook Youtube Connect With Andrew on Social Media:  Instagram  TikTok Twitter  Master Money Website  Master Money Youtube Channel   Free Guides:   The Stairway to Wealth: The Order of Operations for your Money  How to Negotiate Your Salary  The 75 Day Money Challenge  Get out Of Debt Fast  Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

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Find your advisor at IG Private Wealth.com. On this episode of the personal finance podcast, the ultimate personal finance masterclass with Brian and Bo from The Money Guy Show. Hello, everybody, and welcome to the personal finance podcast. I'm your host, Andrew, founder of mastermoney.com. And today on the personal finance podcast, we're going to be talking to Brian and Bo from the Money Guy show. If you guys have any questions, make sure to hit us up on Instagram, TikTok, Twitter, at MasterMoney Co. And follow us on Spotify, Apple Podcast, or whatever podcast. player. You love listening to this podcast on it. If you want to hop out the show, consider leaving a five-star rating and review on Apple Podcasts, Spotify, or your favorite podcast player.

Now today, we have the privilege of having Brian and Bo from The Money Guy Show on the podcast. And I am so incredibly excited to have them on because they have been a massive inspiration to a lot of the different things that we have created here at the personal finance podcast. They have something called the Financial Order of Operations. That is the biggest influence for the Stairway to Wealth. And you'll see as we talk through that how big of an influence it absolutely has. And Brian and Bo are personal finance masters.

They are financial advisors. But if you listen to their show, they give you all of the tools and techniques that are going to teach you exactly how you too can build wealth and build up your personal finances. And they do an amazing job of teaching people how to become wealthy. They are masters at this.

So I am really excited to have them on this podcast episode. We're going to dive into a bunch of different things like their rules for buying a house. We're going to dive into their rules for buying a car. We're going to talk about net worth. We're going to talk about investing. We're going to talk about the financial order of operations. And in addition, we're also going to be talking about savings rate and some of the biggest

inspirations that they've had as well. So this is an action-packed episode. This is literally a personal finance master class. So I am really excited for you guys to hear this one. Without further ado, let's welcome Brian and Beau to the Personal Finance Podcast. So Brian and Bo, welcome to the personal finance podcast. Andrew, thank you for having us on. We're excited to kind of spread the message of what we tell all of our financial mutants every week.

Yeah, we're super excited to be here. Thanks so much for the invite. That's just still your mind? You did. It's okay. So sorry. So sorry. Exactly.

Well, thank you guys so much for coming on. I am so incredibly excited to have you here. This is going to be so fun. You guys have changed so many people's lives through some of your content and some of the things that you are teaching. But one big thing I want to go back to is sort of your financial. journey because you guys did not start out wealth. You did not start out learning actually how to build wealth. So can you talk about some of the beginnings for each of you and how you got started building

wealth? Yeah, I mean, I love this. You know, we even got to do some content recently. We're shared some of the humble beginnings for both of us. We're both proud bulldogs too. Go dogs. Counting degree at Georgia. And I can remember just all the foundational stuff of helping business owners and things like that. And then also coming from a background of educators. My mom was a teacher. My grandmother was a teacher. So I love how education can be the pathway up for most people. And then what I like is that, I mean, I know I'm approaching three decades as a fee-only financial advisor, which I think gives me some unique perspective. And then I think the biggest thing you're probably alluding to, Andrew, is that in 2006, I started in my podcast, The Money Guy Show.

And I think, and then we added in 2017, the YouTube channel. And I've just been so excited that so many people have connected with the content that it's kind of just grown beyond my wildest imagination. It's been incredible. Yeah, you know, my origin story was a little unique. I grew up seeing how devastating it could be when someone makes very poor financial decisions. And so I recognize an early age, man, I got to figure out the other side of this equation. What's it like if you actually make sound financial decisions? How different can life look? And so that's why I kind of went on this path of going to the University of Georgia, getting a financial planning degree. starting to work with Brian back in 2008 and then now doing the show for so many years, it's awesome getting to spread the good news of sound financial decision making and sound financial management to the masses, especially for folks who maybe didn't have that modeled early on or maybe they're just now catching the bug. I love getting to see that take hold. Well, and finance hard because there's a lot of people selling products and other things. So you never know, am I supposed to go this way or that way?

and then social media has been such a powerful thing for connecting us, but it's also been a way to create some noise and distortions in the financial world as well. Exactly. You are spot on on that, and that is one big thing I want to talk about later on in this episode too, because I think it's one huge factor for us as we go through this. Now, one big thing that you have is you guys have something called the wealth multiplier, and this is a really, really cool resource that you guys have on your website and you talk about all the time, because I love this thought process of thinking about how, our money can grow over time. So can you talk about the wealth multiplier and what that is?

Well, what's really interesting is you got to be super nerdy to get excited about time value of money. And so we recognize when we used to go talk to high school classes or college classes and we try to get them excited about compound interest, we start walking through the formula and explaining present value and future value and they would very quickly glaze over. We said, you know, we got to come up with a better idea, a better way to communicate that. And that was sort of what the wealth multiplier was born out of? What if we could come up with this very simple idea to explain to folks, hey, if you can take $1 today, this is what it can turn into by the time you retire, by the time you're 65, and then we just follow the math through it, from a 20-year-old to a 25-year-old

to a 30 and so on. And it got really, really exciting to see people hearing, oh, wow, you mean that I'm 26 years old. If I take $1 and invest it, this is what it could turn into. You could figure that out and comprehend that academically without having to know the formula and break out a calculator. So when we started communicating it that way, it took hold and we saw people get really excited about it. Yeah. And my origin story on it, Andrew, is that I would be remiss if I didn't bring up the morrow moment. I had that high school teacher, retired military, Vietnam veteran, and it wasn't even part of our curriculum, but he just came into economics class and he goes, guys, I'm so jealous of you guys, because of every one of you would start saving and investing

$100 a month, you could all be millionaires. And I remember thinking, what? A hundred dollars a month? Because I was working Hardee's at the time, you know, slinging burgers. And I was like, I think I could probably come up to $100 a month. And then, you know, it wasn't until I graduate college, got the first financial calculator that I recognize that what Mr. Morrow was talking about was compounding interest and compounding growth. And that's exactly, I mean, we've tried. try to make it our mission to let more people kind of catch the magic of letting their money work harder than they can with their back, their brains, or their hands. And just imagine how powerful it would be if more teachers actually talked about this and taught

students this, how much more, you know, we could do with this. And imagine that seed planted into you, Brian, and how it just kind of grew to how many people you are impacting now, which is absolutely amazing. And what are some great examples on the wealth multiplier that you can give to show how powerful this can be to save and invest your money? Well, I mean, every day on set, we have this one. Now, look, this one just has a funny origin story because this, I love letting everybody focus on not only what money can become, but also how they should be thinking about every dollar they spend.

Because if you think about in terms of when you go out to a restaurant and order a drink, now I know this is the death by thousand cuts, which is not really what we focus on, but it does pertain to like car payments and other things that you're spending your money, every dollar that you don't use in a good multiplier way is money you're taking away from your future self. So we have things like the coozy here where this $1, beer costs you $88 for the 21-year-old. There's all kind of things like that where we've tried to incorporate into our content to help people. And then also, I know you've mentioned it,

but I'd be remissed if I didn't say this, Andrew, is that go to money guy.com slash resources and everybody can download their own free version. of the wealth multiplier too. Absolutely. And definitely we will link all of these links down to show notes below so everybody can check those out and have access to those because I think it is really powerful to see these visually as well. So make sure that you check those out as we go through some of this.

Now, one big huge component of this is saving and investing and figuring out what your savings rate should be. And you guys say, you know, you need to start saving 20%, 25% of your income and grow that over time. And I completely agree with that concept. Can you talk about why it's so important to make sure that you're saving at least 20% of your income? Yeah, you know, back in the day, the common rule of thumb, the thought was, oh, if I just save 10% for the future, it'll be okay. But that was back in the day

of pensions and Social Security was more of a certainty. And we've now moved into this time where pensions are no longer nearly as common as they once were. And Social Security may not look the same way in the form that it is today and the future. I mean, none of us know for sure. but it certainly seems like the onus of saving for our own financial dependence is going to fall on us. Well, if that's the case, we better take it pretty seriously. And so we started mathematically thinking through, okay, what would be a healthy savings rate that if I work for an entire career and I can save X amount of dollars, when I retire, when I reach financial independence, I don't have to change my lifestyle. I mean, I want to do the same things when I retire that I was doing before I

retired or maybe I want to do even more things. I want to travel or I want to, you know, sponsor family vacations or I want to have the nicer cars or whatever that thing is for you, what savings rate would allow you to do that? And so we came up with this really neat idea that for most people, they don't get started saving until around 30 years of age. Well, if you're a 30-year-old and that's when you start taking it seriously and you can save 25% of your gross income, you'd be amazed at how much of your income you'd be able to replace at age. 65. And we have a great resource again, moneyguide.com slash resources that'll show you exactly what 25% savings rate can do for you based on your age. And what we love about it is we know that

most people don't get to save 25% exactly every single year. You know, you'll start to get into the messy middle and you'll have kids and obligations and mortgage and car payment and all these different things. So some years it might have to drop down to 15% or 10%. But if you can aim for that 25%, what you're going to do is you're going to buy yourself freedom and options in the future. And that's ultimately what financial independence is, is giving you the optionality to do what you want, when you want, the way that you want. And we think that 25% is the best way to get there. Yeah. And I think of Andrew, when everybody goes and looks at that resource, it is kind of cool. If you look at the intersection points of your age versus your savings rate, it lets people actually

see the percentages. And that's the thing because once again, it's very motivating to understand the value of what time and letting the money work for you does for you. It really works well for people under 40, the 25%. That's why we, because we hope that everyone catches a clue before they're 40. But at least what I love about the resources, even if you're getting a late start to it, it doesn't mean the game's over. It just means you might have to put a little bit more on your shoulders and work a little bit harder, but there's still a path than we even show that on the resource too.

And that's an incredible resource. Everybody needs to check that out because there's so much value in that. And I love the visualization that you guys put on there to see what your savings rate can do for you over time because this is really, really important. And if you have a goal of a date that you want to retire, for example, maybe we want to retire in your 40s, 50s and you want to become financially independent, your savings rate really matters when it comes to this stuff. So understanding how this works is going to be one of the most powerful things that you can do when it comes to building wealth. Now, as you guys can see, we're going to turn this episode into like a personal finance masterclass. And we're going to be going through a bunch of different things as we go and level up on some of this stuff. And one big issue that we have all the time right now for people is that the housing market is absolutely crazy. And you guys have a rule of thumb that kind of helps you stay within the correct parameters when you buy a house. Can you talk about how to buy a house and the rule of thumb that you have there?

Well, I think, Brian, before we even talk about the rule of thumb, you ought to think about the mindset when you go into buying a house. Because a lot of us are told that there's a checklist through which we need to follow in order to live life the right way. So I graduate high school and I go to college and then I get the job and then I get married. Then I have the 1.8 kids and I buy the house somewhere along the line and I buy the car somewhere along the line. And carrying it out in that fashion has become more and more difficult. As we've seen interest rates rise and the cost of housing increase, it's become really. really, really difficult to get into a home, certainly harder to be a first-time home buyer today than it was 15 to 20 years ago. And so the first thing we want people to think about is,

do I actually need to be buying a home? Does it make sense to be a home purchaser at this point? Because we think there's nothing wrong for folks early on in their journey or who don't have some certainty and stability around their financial circumstance. There's nothing wrong with renting. When you rent, you're basically, again, just paying a slight premium to give yourself flexibility. because once you sign on the dotted line for a mortgage, you're committing that I'm going to pay for this thing for the next 15 years, next 30 years, and I'm going to commit to it.

Rint doesn't have that same obligation. So when it comes to buying a house, I think the very first thing you have to figure out is, is this, am I in a situation in a station in life where this decision I'm making is at least five to seven years in the future? I can see myself being here. If you're someone who are transient and you're kind of moving all over the place,

there's a really good chance that you could buy a house at the wrong time, have to get out of it short term, and you get yourself into a financial pickle. Yeah, I think because people who are watching financial content, you're kind of that achiever mentality to where you are going through the checklist like Beau shared. But I want to give everybody a little reprieve to understand, take a deep breath, and don't feel like you have to force the decision. Because the thing, if you look at the fact that housing appreciated by 50 to 60 percent, you know, really from 2020 till now, but yet real estate appreciates not much more than inflation,

around 4%, so right over inflation. That probably means as we age out over the coming years, there's potentially a reversion to the mean, not that there's going to be a collapse. I don't think that because there's too many people with interest rates below 4%. But I do think it means that you don't have to feel like the housing prices are running from you like they've been doing the last two or three years. So you can slow down, you know, make sure it fits for you that you go be in the area for the seven years. And this is the house that's going to fulfill your needs and match your career and everything else.

Because that's what I want people to know because it's such a hard thing right now that I don't think it's sustainable at current levels. What's going on? And so you asked about the rules of thumb. Like how do I go by approaching that? Once you've answered that first question, yes, I should be a home buyer. Well, then how do I do it well? And I think one of the unique takes that we have is, again, we've all heard 20% down, 20% down, 20% down. We get so terrified of PMI.

But when you live in an environment where the prices of housings continue to increase, you start chasing that 20% and it keeps running away from you even faster. So we give some grace and we say that when it's your first time home purchase, if you are buying the very first home you've ever bought, we don't think you have to put 20% down. We're okay if you can only come up with a three and a half, five. 10% down payment, so long as when you look at your total housing costs, it's not greater than 25% of your gross income. If you can keep your housing costs below 25%, it's okay to put down less of a down payment for that first home. Now, when it comes time for the second home or for the upgrade, then you got to do the 20%. But we want to give people, like you said, a reprieve that home ownership is something that you can do even in this market, but you've got to make sure you do it the right way. don't get out ahead of your skis. Yeah, and I think that one of the things I'm proud of is that we've

had that 3 to 5% easy entry point from the beginning. And I think the reason, we always want to be clear and show people we eat our own cooking. We walked around and talked to all of our personal financial planners. I thought about what I did. And I was like, I didn't put down 20% on my first house. You didn't put down 20%? The major lion share of our financial advisors. Did you, Andrew, did you put down 20% on your first house? I didn't either. I put down 10. So you see, you have all these pundits telling you 20%, but then you check the actual temperature of what's going on in reality, that doesn't seem to be what's actually happening. So we wanted to reflect the reality of the situation and give people the good news is that you can get into this easier. And we haven't had to amend our

rules. And I take a lot of pride in that. And I think that is so incredibly powerful, the way that you talk about that. You give grace to those first-time home buyers, because that's one big question we get all the time from our listeners is, you know, I'm really having a hard time staying on pace with this market and how it's increasing. And so I think that is a really, really powerful help to a lot of people out there. And it's something that we've all done where we've put less than 20% down on our first house and we've still been able to build wealth over that time frame. So it is not, you know, the end-all be-all, if you've got to run away from that PMI, you could still put that less than that down and be able to still be able to build wealth over that time. So I think that's really,

really powerful stuff. So another big one, obviously we're talking about here, is car payments. And cars can absolutely destroy your wealth if you're not careful here. And car payments, I just read the other day, have hit above $750 per month on average in the U.S. alone. So you guys also have rules of thumbs for buying a car. What are some things that people need to consider when buying a car and how do they make sure that they don't get financially stretched when they buy a car? Bo, I'll let you, because I think the solution is 23-8, but I want to, because I saw the same thing that Andrew, and I want to give some perspective that I thought was interesting. The average car payment is $750.

And if you think about it in context of every one of those dollars that's going to car payment could have been invested and turned into something, if you just take the goal of seven figures, if I want to have a million dollars and you just did what the S&P 500, you know, historically is done around 10%, and $750 a month car payment, anyone under 40 years of age, That's a million dollar decision. I mean, and that's, that breaks my heart thinking about every 25 year old, every 30 year old, every 35, every 39 year old that signs up for a $750 car payment. If they set up that automatic for the people investment plan with that same amount of money, it just creates seven figure success. And I think most people, if you had a sign at a dealership that shared that, Andrew, I think you would probably get a lot more Corolla purchases.

than the land cruisers and the 84-year, I mean 84-month, you know, amortization points. But what do we do to kind of protect our people from that? Yeah, what's so wild is I think we're all just natural consumers. We all want the big, nice, fancy thing. And now, in the world of social media where we get to see what other people that are younger than us are buying and driving, it makes us think, well, I ought to be in that same thing. Why am I not buying that car? I mean, this knucklehead said, I should go buy a Lamborghini.

Why don't I have a Lamborghini? And it caused us to make these horridged. horrible financial decisions. And so we said, look, let's give our audience a metric that they can use when it's time to go buy an automobile. What can they do to make sure they do it right? We've actually created a whole hub out on the money guy.com website where you can go look at 238 and understand what it is and how we developed it. But in a nutshell, we say that when it comes to buying a car, whether you're buying a new car or a used car, you should follow 238. That's 20% down on the purchases of the automobile, you can't finance it for any more than three years or 36 months.

In addition to all the other car payments in your household, cannot exceed 8% of your monthly gross income. If you can keep those metrics in place, then you're not going to get too much car, more car than you can afford. Now, the one caveat we have to throw out there because our audience likes to get super clever is when it comes to 238, this does not apply to luxury brands. So you can't use 238 to go out and get in a luxury automobile. If you want to buy one of the nicer luxury out of meals, you can be further along in your financial journey. You got to pay that in cash or at least pay it off within one year to do that. And then we always think it's a great idea that if you're going to have a car payment,

you need to make sure the money you are saving and investing for the future is greater than that car payment. If you have a $1,000 car payment, but you're only putting $100 a month into your investments, you have got wasted and you're doing things the wrong way. I completely agree. And I think that is kind of the best way to think about. this and the 20% down is one important factor that a lot of people try to kind of kick back on but I think for a lot of people if you understand this and you understand you buy a car and you drive it off the lot it's depreciating right away and you could go underwater if you're not putting a down payment

down on your vehicle so a lot of people try to get those zero percent interest loans things like that but you're putting your financial risk much higher if you do something like that and I think it's so incredibly important to make sure that you minimize the months on those car payments because it's going to allow you to take those extra dollars after that is complete and put them towards wealth building activities. That is really how you're going to accelerate your wealth. You don't want to be making payments for years and years and years on this kind of stuff. You want to make sure that you are staying within those parameters. So I love this thought process. I think it's absolutely amazing how you guys kind of go through this so that you make sure

you don't have those massive car payments in your life. And instead, you can take those dollars, put them towards your freedom, put them towards your wealth building. That is where it all comes down to all this pieces here. Now, one big thing that you guys talk about, this is the major factor for you guys is called the financial order of operations and this is a huge huge amazing thing that you guys put together and it is one of the best thing it is one of the biggest inspirations for us here in the stairway to wealth people have heard us talk about that before this is the way that i think most people should think about their finances is the order of operations of how to allocate your dollar so can you guys give kind of the bird's eye view of the financial order of operations

because as you hear them talk and if you listen to the money guy show if you've never heard them before you'll go listen to that show you'll hear everything comes back to this so this is one one of the most important things that you definitely need to make sure that you understand. Yeah, I mean, I'll tell you, financial order of operations, this is one of those aha moments when I remember, I think it was even a conversation. I came in, I said, Bo, I did this. I think it was on LinkedIn. This was decades ago. It was about, you know, a little over a decade ago, LinkedIn had this whole math equation and nobody was getting it right. And I was like, man, does nobody remember, please excuse my dear

Aunt Sally because they were, you know, didn't know when to do the multiplication, didn't know when to do the parentheses or the exponents. And I was like, you know, I got it because I love math. And I was like, man, all the things we talk about because we were hitting around like a 30-minute financial plan of those stuff, I told Bell, I was like, no, we need to create the order of operations, the financial order of operations. Then over time, our financial mutants have deemed it the foo, which I love because I'm also, you know, a big Dave Grohl and, and, you know, foo fighters fan, but we talk about respecting the foo. And just, Andrew, to kind of give your listeners an overview. And then once again, then go to MoneyGy.com slash resources, completely free deliverable

to download. But number one is, you know, your highest deductible covered. This is the part that's going to keep your financial life out of the ditch. So you don't even just, because most bankruptcies caused by an emergency on medical event. Yeah, and that's the part. You don't want to get excited about everything we've shown with the wealth multiplier, and then you disregard having, because I see so many content creators talking about, and it's almost like a badge of excitement. They're like 99% VU, 1% cash. I'm like, oh, Lordy, well, please, please, Lord, to protect these people so they don't, you know, see what that does to them because it's, it will come back and bite.

Number two, employer match. That's that love that free money. I mean, if somebody offers you a guaranteed. 100% rate of return, you just don't walk away from it. I mean, that's when we go and do 401K presentations. We even do some gimmicks typically where we'll give away 20 bucks, even 100 bucks, and everybody loses their mind. You would think we were doing Oprah's favorite things when we do those segments.

But take advantage of the free money from your employer. High interest debt, this is what Americans struggle with, paying off the high interest debt, step three, credit cards, personal loans, things like that. emergency reserves, yes, it's another cash account because four is when you get to that three to six months. So primarily, you know, for anybody who's worried about what happens when I lose my job. So, and then number five is Roth and HSA. That's that tax-free Armageddon opportunity because there's not many things the government gives you that are tax-free. Because what is Benjamin Franklin said?

Death and taxes. They're only thing you're sure. Well, step five of the financial order operations kind of spits in the face of the that and says, no, there's a few things, but they're highly limited, so you better get in and take that. Number six, max out those retirement accounts. That allows you to, once again, take advantage of all the tax favorite investing. Step seven with hyperaccumulation. That's where we like to talk about the three buckets and thinking about begin with the end in mind of how you're going to actually retire, when you're going to need the money, so you can think about your account structure.

And then step eight, that's the prepaid future expenses or abundance goals. That's where you finally can take care of the kiddos for college savings. That's where you can buy the nicer car. That's where you can get into doing, you know, some of these accredited investor and other things that are beyond the basics of investing real estate, syndicates, and other things that people get into. And then step nine is, of course, it was much easier to say this when interest rates were under 4% on mortgages, but we like paying low interest debt.

That's for, you know, you're like your primary residence and so forth. And I got to tell you, Andrew, what we have found, because now, like I said, this thing's approaching a decade. It's an all-terrain vehicle. It really does. People call us, stump us, try to stump us, I should say. But it really is. If people could just know what to do with their next dollar, I think they'll be in a better place. Yeah, I think so many people out there, they have a desire to make good financial decisions. They want to know that they're doing the right thing. But even people that are smart and successful and have had career success and advancing their careers,

they'd reach out and say, hey, what do I do next? I wish, and we literally heard this, I wish there was an instruction manual for what to do with my paycheck, for what to do with my bank account. Well, that's what the financial order of operation is supposed to be. It's supposed to be a nine-step process so that you don't have to question that anymore. You don't have to guess where should my dollars be going. And we think if every dollar has a home, then it allows you to do other things in life, like spend freely.

If I know that I'm saving 25%, I'm practicing for scarcity, then I don't have to worry, oh, well, is it okay if I go on that vacation or can I buy that pair of shoes? Or is the daily latte from the local coffee shop going to break me? If you're following the food, if you're following financial order of operations, you can have some freedom to approach that spending without guilt. And that I think is one of the most powerful things about this is if somebody is struggling, they don't know what to do with their next dollar. They're trying to figure out what to do.

This is the perfect resource for them, for them to go step by step and figure out what their next step is. Now, if somebody is in the early stages of food, maybe they're trying to pay down high interest debt, for example, and they're working through that process, do you think that they should be, you know, making sure they get rid of that high interest debt before they start investing or can they do both at the same time? Yeah, I think the way when we developed food, that we're trying to talk through this,

is thinking about your opportunity cost of your dollars. Where will my dollar best be deployed? Well, we know that right now in this country, the average credit card rate is something over like 22%. Yeah. So if you have a 22% interest rate in your credit card, that's a hole that just keeps getting deeper and deeper and deeper and deeper and deeper. And it is so difficult to dig yourself out of that.

And one of the only rates of return out there that's better than 22% would be like 100% rate of return on matched dollars. That's why step two of the financial order of operations is to go get your employer match. So that way, you do have some dollars working for you. You do have some dollars going into your army of dollar bills. But if you have that high interest debt, that compounding interest is working against you. And it can be the eighth one of the world. It can be your friendliest ally, but it can also be your fiercest adversary if you let it work against you. So we're proponents that, while you have that high interest debt, you got to start knocking it out. You got to get it off of

your balance sheet so that you can start moving into the wealth building activities. Yeah. And I could not agree more. I think that is one of the most important things because compound interest can work for you or against you. And it's your choice. But you have to make sure that if it's working against you, you are getting rid of that. I call that a pants on fiery emergency. I think we need to get rid of that as fast as possible. So I think that is one of the most important things that you can definitely do. Now, I want to talk about investing a little bit here because you and I, we all agree here that the 401K is a really, really powerful account that really can help people build wealth. But as we go through some of these social media accounts, you're seeing people start to bash the 401k. And usually they have another

agenda when they're bashing the 401k. But I am trying as hard as I can on TikTok to fight back on this stuff. I think it's really, really important to be able to do that because I really believe in the 401k, and I think it's a very powerful account for building wealth. So can you kind of talk about why the 401k is a powerful tool? Yeah, I mean, truthfully, I think once people get some education under them about personal finance, it almost becomes entertainment to see that content because you're like, oh my gosh, there they are again. But they do take advantage of anybody who has not gone below the surface of the benefits. I mean, because these guys are entertaining.

They're engaging with the content. And they're usually sitting on top of the hood of a Lamborghini or something. So how could they not be right about this? But here's the reality of the situation. Most people are horrible at building wealth because they let their behavior. problems, keep them from staying invested when it's scary or just making sure that they are consistent in their behaviors of saving for the future so they get that great big, beautiful tomorrow. 401K has overcome most obstacles to wealth creation. And the first, at first,

they're automatic. And think about this. The government keeps changing legislation. They're now making it where employers have to create opt-out situations, meaning they're going to force employers to get employees to jump into these plans because they know it's valuable for employees being because every month when you get paid, some money's going to go in. So that's consistency. That doesn't matter if the sky's falling outside financially, you're going to be buying into and getting those lower shares and taking advantage of the second thing is the free money boost. I mean, there is nothing. I mean, it's just amazing if you can make 100% guaranteed rate of where if your employer, you put in 3% of your pay and they give you 3%, that's spectacular.

It's 100% rate of return. I've seen some scam artists out there who'll say, you only made 3%. No, you're not good at math. That's a math crime. You made 100% on that 3%, because they gave you another 3%. Maximize that. And here's the last thing I'll close with. Data supported.

So much research has gone into what account is the first account for most people that crosses seven figures. And without a doubt, it's 401Ks and employer provided retirement accounts. And I think it has to do with the consistency of the behavior through automation and being automatic. The second thing is that free money, maximizing 100% rate of return on those stylers, it creates a just avalanche and growing explosion of compounding interest. Yeah, I think another real big benefit, why this has to be part of most people's financial tool belt, is that 401Ks or employer spots your retirement plans are one of the

literal best ways to legally hide money from the government. Now you get to choose when do I want to hide it? I don't want to hide money this year with a current tax benefit or do you want to hide money later when I go to pull this money out and you got to make that decision. But it is

a fantastic vehicle that allows you to put a lot of money away in a tax incentivized manner. That money can then grow tax deferred. You're not paying taxes on it while the dollars are growing. And then depending on which type of 401k you're using, you don't pay tax either until you pull it out or even in some instances, you don't pay any tax at all. That is literally your money tax free, which is amazing. There are very few vehicles out

there that allow you that much tax incentivized saving. And that's why most millionaires claim, yeah, this is how I did it. I use this account and I took advantage of exactly the same benefits that Brian just said. And could not agree more because I think there's so much power in being able to take advantage of some of those tax advantages. And in addition, like you said, you get the match and the match is a 100% rate of return on your money. It is literally free money. So it is just one of those things that definitely need to be taken advantage of if your employer offers that as well. Now, you guys had this great graphic that came out on social media recently. And I think you guys probably talked about it on your show as well about when you

should actually potentially consider doing a traditional 401k versus the Roth or a Roth IRA. And can you kind of talk about that graphic and maybe, you know, when somebody should consider this? you guys work with so many different people. You work with high net worth individuals as financial advisors yourself. So there's probably so many different situations where you've had to work through this. Yeah, when you think about making this decision, you're really making a decision based on what you anticipate tax rates to be, right? Because when you do traditional or pre-tax contributions, you get a current year tax benefit. And then when you pull the money out later, you pay taxes. When you do Roth contributions, you don't get a current year tax benefit. But when you pull the money out

later, you don't pay any taxes. So all you're doing is you're making an RAPE. arbitrage guess at where will tax rates be? And so we said, hey, we could probably apply a rule of thumb here to help people make this decision. Now, it won't work in 100% of every single circumstance, but this will give you some general guidance in terms of what to look at. So when you take your marginal tax rate, you look at your federal marginal rate and your state marginal rate, and you add those together, if it's below 25%, you're in a pretty low tax bracket. The odds are when you get to retirement, you're not going to be in a lower tax bracket. So it probably makes sense for you to focus. focus on Roth contributions. On the flip side, if you add up your marginal federal rate and your marginal state rate, and it's above 30%, you're in a pretty high tax rate situation. So the current year tax benefit is pretty powerful, and there's a chance when you get to retirement, you'll be in a lower tax bracket. So that would advocate, hey, I should probably think about doing pre-tax contributions, either through a traditional IRA or through a 401k, because I'm going to get that current year tax benefit now. If every $1 I put into it saves me $30,000, you know,

send in taxes, that's amazing. Now, if you're in that gray zone, that 25 to 30 percent marginal tax bracket, then you've got to look at some other circumstances. You've got to look at your age, the other count types, what your unique personal plan is. And you kind of have to make a judgment call there. But we think on those outliers, below 25 and above 30, that rule of thumb will at least give you some good guidance to get you pointed in the right direction. And don't get me wrong. We love Roth. Tax-free growth on compounding interest is second. and has a lot of sizzle to it. But I do want to remind people, because if you think about a case example, if you have the

highest, a person that makes a great income while they're in the workforce and they live in the state of California. Huge. That's 37% federal because marginal rate is the tax on the very next dollar that you make. So that's 37% federal. California has some income tax rates on the individual level that reach 13% if your income's high enough. That is a 50%.

Yep, marginal tax rate. It gets very easy to say, hey, wow, maybe I should take a tax deduction on this because it's almost like the government's going to be in business with me on this of giving me a deduction. And then when you leave the workforce and if earned income, your wages and your employment income or your business income is driving that, when you retire, say, at 60 or 62, you're still going to have over a decade before you reach the age that the government forces you through required minimum distributions to pull the money out, you might be able to convert that money into Roth money at a lower tax rate than 50%. So there's all kind of, we just, and Andrew, I'll just

apologize. I feel like we just went deep when truthfully, we need to be careful that we don't confuse the matter. But I think, but we gave you enough there to kind of see how interesting this whole conversation is. It truly is. And you can go deep way even deeper. I know you guys can in terms of like how or you can take this, but I think it is really important. Your guidelines are perfect where, you know, if you're over that 30% range, then maybe you should consider something like a traditional 401K. You can look into this. You can consult your advisors that you have around.

And or if you're below that, then that's something where you want to change your consideration and maybe even think about that tax-free growth and taking advantage of that. So that is really, really powerful stuff there for sure. Now, another big thing that we love to talk about in personal finance all the time is net worth, because net worth, I think, is pretty important to track. And it helps you kind of figure out what your financial score. scorecard is and all those different pieces. But can you talk about why we need to track our net worth? Yeah, I'll tell you, I'll do the emotional parts of it and then leave some of the more analytical for

both, too, is that I found it first and foremost to be a great communication tool with my spouse, is that every year we get to review that net worth statement together because I'd love for her to want to know more about what's going on, but she doesn't. So we use that as like a date night or whatever to kind of go over the net worth statement. So it's a great communication tool. But also just gives you the ability to know, am I headed in the right direction? Versus, you know, because just to give the basis, it's assets minus your liabilities is your net worth. You know, it's our balance sheet for individuals and families. But would you add something on that? Yeah, it's very difficult to know. One of the questions we get all the time is, hey, I just, guys, I don't

know where I'm going. Like, like, am I on track? Am I ahead of the curve? Am I behind the curve? Am I on the curve. Well, if you don't know your starting point, it's really difficult to define the curve. You've got to know where you are today and you got to know where you want to go and you got to know the path to get between those two places. Well, one of those places is where am I today. Well, the net worth statement is a fantastic way to track that. It basically lists out all the things that you own minus all the things that you owe. And it says, hey, here's where I am. Well, then next year, when you go to do it again, you say, okay, did my situation improve or did it get worse? If it improved, great. How can I continue moving in that direction? If it did not improve,

uh-oh, what happened? What decisions that I make that took me further away from my end goal? So the net worth is kind of the thing you can't run from. You can't hide from it. You know that every year, if I'm going to do this at the end of the year before I make my New Year's resolutions, before I do my, you know, after-action review in the year, whatever you're doing on your personal finances, the net worth statement is the tool that you can have that will she you exactly. what kinds of decisions you have been making, and we'll give you some indications and the types of decisions that you should be making moving forward. And Andrew, I'll add, I hope your audience, even if, because I know a lot of our young listeners are coming out of school with student loans and

other things, just because your net worth is negative initially, don't use this as head in the sand moment to just not do the exercise because you don't get to see a positive number. Still do it. Yep. Because over the long term, here's what it does for you. If you can look at the change every year of your net worth, it really lets you see how efficient you're being with the money you earn because you'll be able to compare the change in that delta in the net worth to see, yes, maybe it didn't go into assets, but the liabilities went down because you were paying back some debt or you got the credit cards under control. There are celebrations even in a negative net worth.

And I think that that will be the energy source that when it goes above water, it gets. gets catapulted to the next levels because it really gave you the field vision to actually be able to navigate what's the next thing that comes up and what's important in this wealth-building journey. I couldn't agree more. If you do have that negative net worth, if you're a young listener, making sure that you actually go out there and actually track this and watch that number go down. It is extremely motivating to even watch these numbers go down if you're in the negative

net worth or up over time. It is a really, really powerful thing that you definitely want to make sure that you are doing. So lately, I've been noticing how fast things are changing at home. The kids are growing like crazy, clothes don't fit anymore, and routines are changing. And it just hits you. Life is expanding. And when your life grows, your responsibility grows with it. That's something I've been thinking about more this spring, making sure the safety net we have in place actually matches the life that we're building.

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Luckily, Jeff saved with Amazon and stocked up on antacids, ginger jester. tea and milk. Habaniero, more like Habinier, yes. Save the everyday with Amazon. Now, tracking the right things on your net worth statements, I think is also very important. Are there some things out there that you see people tracking on their network statement that maybe they should not? And then what are some of the important things that you should put on there? Well, I think one of the things that we see people do is, again, we all want to be self-affirming. We want to convince ourselves that we're good people, making good decisions, doing good things. So it's real easy, especially I'll use real estate as a prime example.

You know, I don't have you've ever heard of this website. It's called zillow.com. You ever heard of that? It's like a real estate website, right? And if you go out there and look at the value of your home, it made you feel a couple of years ago really, really good because you saw the number skyrocketing. So then when it was signed into your net worth state, we were like, holy cow, my house just went up $200,000. That's $200,000 more in the asset column on my net worth statement. I'm crushing it.

Well, you didn't do anything to make that house go up in value. You didn't do anything to make it more expensive. So why would you take credit for that? So one of the things we encourage people to do when it comes to their network statement is be conservative in the numbers that you put on there. If there's something that you are impacting, that you are causing to increase, like I'm saving in my 401K, I'm adding money to my Roth IRA, I'm funding my HSA, I'm investing in well-diversified, low-cost index funds.

We want the changes on your, net worth to reflect that. For things like real estate, specifically your primary residence, I would not encourage you to get super, super excited about evaluation of your primary residence because it's going to maybe make the picture look a little bit more rosy than it actually is. Same thing for small business owners, right? We all love our businesses and we think somebody says, hey, what's it worth? Oh, $100 million. It's the greatest business in the whole world. Well, maybe, but maybe not. And so I would always argue when you're doing your network statement, be as conservative as you can on those things that might have wild fluctuations and value,

not tied to your actual behavior. Now, a question now for you, Brian, we have some folks who they put everything on there. Like, they'll put gift cards and ammunition, those kind of things. Should you be doing that or is that, does it make sense or does it not make sense to put everything on your network statement? Yeah, definitely, we have an employee here. And I love that she even grew up listening to the market. Money Guy show because her father is definitely a financial mutant. And we had her working on, by the way, her father and her mother too. I'll give her mom. Fabulous job. She's a beast in the financial planning industry. But she was helping us on a project. And she was using her father's data to kind of trial balloon, some net worth tools that we have at the Money Guy. And we saw on there that there was like gift cards was on there. It was even change in the house was on there as a line item. It was a little over the top. So I did.

definitely agree. You can get caught up in too much. And I also see this. Here's another tip that I see Andrew. Now, this is somewhat controversial. Or is it hot take, cold take? You know, I'm getting old enough. How often should you update your network statement? Because there are people who want to do it almost on a daily basis. And look, I encourage this, because I've made this analogy before. I look at your net worth statement as like a brand new newborn. When you are in the beginning, I think it makes a lot of sense to update it frequently because it's very effective. affirming, especially if you've got credit card debt and other things every month or every week that you're updating and paying down debt, it feels great. And kids are the same way. You have a brand new baby. If you just left it over in the corner, would not grow and be, you know, and turn into the healthy child that you're proud to call your son or daughter later. But in the beginning, it takes a lot of bottle feeding and nursing and changing diapers. So I'm okay. But I think you'll find as you get more mature in your journey as your network statements, growing up and gets that first job, goes to college.

We do annual network statements at this point because I kind of like seeing what has changed, but I do want to encourage if you're brand new, it's okay if you want to go check on and ring that bell every week or every month. But I do find if you're going into the minutia because you're just so excited to update it and you're putting gift cards on there, if you're putting how many pennies are in your house, you might need to pull back a little bit and just look at it on a quarter. quarterly, if not semi-annual or annual basis. Exactly. And even when I was early on, I would track my net worth and I would look at it more frequently. But one big other factor is if

you look at it frequently, you're going to see your investments fluctuate in the volatility going up and down all the time. So it could drive you crazy to see your investments go down, you know, $20,000, $30,000 in a day. So it's one thing. I'm the same way as you guys. I just do it like, you know, once, twice a year, just double check, make sure everything's intact and everything's on there and then kind of go from there. And then those little things, sometimes I don't even put like some of the depreciating assets like cars and stuff on there, but even though you definitely absolutely can, but it's just one of those things where I just like to have all the assets on there and watch those pieces grow as well,

which I think is really, really cool. So this is one fun thing that I wanted to ask you guys, because you guys always react to TikTok videos. And a lot, there's a lot of bad financial advice out there on TikTok. And it is one where I love some of the reactions that you guys have on there. Some of them are really, really funny. So can you kind of talk through how people can filter out the noise on TikTok? And what are maybe some of the worst pieces of advice that you've ever seen on there. How do you filter out the noise? I think one of the thing you have to do is you always have to consider your source. Like when you're listening to someone or you're following them on TikTok or you're following them on Instagram, you kind of ask a question, who is this person? What credentializes

them to be an authority in this space? Like if someone had never gone to medical school, never met with a patient, never actually consulted someone on their health, you might not want to take health advice from them. Well, the same thing is true for folks in the financial industry. What have they done that makes them an authority? Or is all they've done, press a record button on their iPhone and acting like they're now a financial expert? So that's the first thing I have to do is what makes them credentialized? And the second thing that I would ask is where is their incentive? Because we all have biases and incentives. What are they trying to communicate to you? And why are they trying to communicate that? What's the ulterior motive? We mentioned earlier,

you know, tons of people out there hating on the 401ks and saying how awful it is. Well, Every time we ever watch one of those videos, how awful it is is usually immediately followed by a pitch for some crazy life insurance product they're recommending. Oh, you don't need the 401K because you should do this. Well, then it's pretty stinking easy to see where the conflict of interest lie. So I think if you can, as a consumer of that social media, if you can discern where their conflict of interest is and say, okay, they're giving me this advice, but why are they giving this advice? And what's in it for them? It will allow you to better realize, okay, this is good. advice, I should listen to it or this is not very valuable. I should ignore it. You know,

Bo covered the 401K. Andrew, I'll share that always, I put in the column if you're going to go to jail if you do this, you should probably avoid it. And I find it interesting that some of the TikToks that we've reacted to, if you, when I've gone back and seen them, because we do catch these things in real time. The team has not shown us. And you go back and you see it in our comments, two people go, that's real estate fraud. And we love real estate, but you don't want to do it in a fraudulent way that the bank could call the note or you could even get in trouble for signing a document for creating real estate fraud. And then I love the group that also crosses the border of this could be illegal is anything's deductible. I mean, because that's what there are so many

people out there telling you, yeah, that's deductible. That's deductible. That's deductible. And you're like, you know, I want everybody. And coming from a public accounting background where I've represented clients before the IRS, is I want you to pretend every tax return that you send into the IRS or hit that submit button that you're sitting across the table from an IRS agent, and they ask you the question about that. And then ask yourself, do I still want to put this as a deductible? Because remember, everything's deductible until you get caught. Just because the IRS sends you a refund check doesn't mean that the scheme worked. They still have years to come. back, hold you accountable, and people often say, well, I only have three years to catch me.

False. There's fraud involved in the situation. They can be unlimited and the audits can mushroom into all aspects of your life. So be on the right side of the law. And then also, just like Beau said, look for the conflicts of interest. Everyone has a conflict of interest. We have a conflict of interest. We're financial advisors.

We're fee-only fiduciary advisors. But yes, we have to communicate when clients want to pay down. debt or do other things. We have to have a conversation with them and say, yeah, we make more money helping you do this, but you want to pay down this debt. And let's talk through what's the why. And I think that if more people were transparent with their conflicts, the financial world would be a much better place and a lot easier for the consumer out there as well. Absolutely. Those are great at tips to kind of look for that conflicting information, what their actual incentive is and make sure that you kind of have that in the back of your head as you kind of scroll through some of this

feed because I've had so many people come back to me and say, hey, I've seen people out there with cash value life insurance, all these different scenarios. Is that a good investment? Should I be putting all of my net worth in there and all these types of things? And you guys do an amazing job and make it funny as we go through that. So if anybody has never seen those videos, I will link them up down below so you guys can check them out because they are absolutely hilarious. Now, you guys also are huge fans of the millionaire next door. And that is the book that changed my life when I first read it. And it is the one that it truly had a major impact on me where I used to think that getting wealthy meant you drive the Ferraris, that you have the big giant fancy house, and the millionaire next door completely

changed my perspective. So what are some of the important lessons that you guys took from that book? And why was it so impactful for you? I mean, you mentioned it. I mean, you see right over Bow's shoulders is a signed copy of the millionaire next door from Dr. Stanley himself. So I mean, it definitely is the thing that lit my fire. I mean, within there, he has at the very beginning of the book, just the reality of what millionaires do. And it is completely separated from what is put on the lifestyles of the rich and famous or cribs or all the stuff from the hype people who try to, you know, tell you how you should be spending your money. And that's why, so the power of stealth wealth, because, yes, looking rich is loud.

But wealth is in a lot of ways, silent. So you need to understand the stealth wealth component. Raise your kids well. It burns you in multiple ways is that if you don't instill good elements to your children, you'll be paying for them even beyond, you know, in adulthood and beyond. Think about the word economic outpatient care that comes to mind. And then I also thought it was important to understand your why. I mean, one of the things Dr. Stanley and Danko talked about was that, you know, a lot of your successful people got their value more from like industry recognition and things that

brought them purpose and value other than the material goods that they could buy. And I think that's always stuck with me because so much of our consumer and world pushing you towards consumption of every dollar that comes into your possession, it's empty. You know, it was a lyric I just sent out to the whole team was, and Bo, if I screw this up, because you know how I don't, my memory doesn't keep that stuff right. But is it if money is where you find happiness, you'll always be poor. Yep. And And there's something really powerful, and I think that's what Millionaire Next Door just kind of ripped open the truth on that was a complete disconnect from what the media and the world was pushing upon everyone. What I loved about it that I thought was so interesting because I'm a big believer and you are the sum of the people that you spend time around, right? Like you take on their traits.

So if you want to be healthier and you hang around with healthy people, you'll naturally get more healthy. If you want to hang around, you know, if you're a faithful person and you want to be more. more faithful, you hang around faithful people, it kind of happens. Well, money is this taboo subject. I mean, most of us don't run around, talk with our neighbors about, hey, what's your income, what your savings rate, what's your investment account look like. What Dr. Stanley did that was so wonderful is he created that environment. He created that community where he said, hey, here are millionaires, here are her people that have actually done it, and these are the things that they've done. And these are the ways they look at money. And these are the ways that they consume.

And these are the traits that they exhibit. And so you got to see that firsthand. And while you might not know what the person who lives on your left or right looks like, you do know what other millionaires look like. He said, okay, well, if they recognize that the job they have matters, maybe I should think about my job. If they recognize that raising self-sufficient kids is important, maybe I should focus on that too. If they got deferred gratification, maybe I should think about deferred gratification. So it basically pooled all these people of what we ultimately wanted to become as young people and said, hey, here are the common traits. If you can just do these there's a really good chance you're going to set yourself for success, and one day you will be

one of these millionaire next doors. And I love that it created that sense of environment and community that maybe is not readily accessible on an everyday basis to most of us. I know we're coming to the end. And I get all tingly thinking about, you know, millionaire next door what that did to my life. And then I think about because it's another book is the wealthy barber. David Chilton did the wealthy barber. And I'll give you something for your audience, Andrew, is that I have been so inspired by these books that they've changed my life that I would encourage everyone who listens this, all my financial mutants and all of your audience, Andrew, please go to moneygot.com and then register for our email because we have a big

announcement because I have something that's life-changing for me that we're going to be telling our audience that's coming out for me that I tried to take everything I learned from millionaire next door, everything from wealthy barber, climb on their shoulders and trumpet, you know, better way to do money. And I'm excited about that. And I just want people to kind of get on that journey because I think I'm hoping that it has the impact that those books had on my life. Because they really did.

I mean, coming from two poor guys who've done all right now. And we want to because the world is just full of why you can't and why the system's working against you. Wouldn't it be nice if you just could somebody give you the instruction manual on how to, hey, if you got this, if you got some talent, you got some discipline and determination, you too got this too and we're going to light the world on fire

if we have our way with it. Absolutely. That is absolutely incredible because I want people to notice this as they're listening to this is that Brian and Bo actually live this stuff out. This is the stuff that they do every single day. This is what they did to actually be able to build wealth over time

and now they're teaching everybody else and I think this is really, really powerful stuff to understand that this is how you build wealth. This is how most millionaires build their wealth. So I definitely will be linking that up down below in the show notes too so everybody can check that out because I think this is just so incredibly powerful to be able to go through

this. So I want to ask you guys, I know we're running out of time here. I'll ask you a couple of the questions that we ask a lot of our guests, maybe rapid fire here, and just see what some of your answers are. So what part of your work or life makes you come alive? I mean, I have two things. I mean, I love that we get to connect with the audience and create. I mean, I tell my team every day, can you believe we get to do this for a living? And then I also am a, now that I'm well past my 40s, I'm a sentimental sap. So I love my family and I love the memories because I think a lot of us in in the human condition is we don't realize when we have lightning in the bottle of a really special moment that super sweet. So I tell people to just don't waste time. Just like wasting time is horrible

for your investments and your compounding growth. It's also horrible if you're not deliberate with your memories and who you spend time with. Yeah, man, you know, I think I should have been an electrician because I love seeing lights come on. That's one of my favorite things is when we do this, when we get to share this good financial information and you see it click for somebody, whether it's an audience member or a college student or a business and all of a sudden a concept takes hold and grabs them exactly what happened with that morrow moment with you there's no greater feeling in the world there's no greater high in the world than seeing someone get that so every time that that happens or we get the email or we see the comment or someone says oh man this is so great how have

I never heard this before that is like wind at our backs to get us to keep doing this because we love making those light bulbs come on that is absolutely incredible and it shines through through the content that you guys produce absolutely. So the last question I want to ask you guys is my favorite one. And what does wealth mean to you? Oh, man, we actually have a saying about this is wealth is when money and purpose connect. I mean, because so much of my content is the why. I think if you, it's back to my statement earlier, if you're doing this because you think

when $3 million is going to make you this much happier or $5 million, whatever the number you fill in the blank, you might be surprised that it's a lot emptier. We see this all the time. So you better get to work on knowing what you're actually saving for, what the why is, so that you actually have a lot more purpose in your life to maximize every day that comes your way. Yeah, money or wealth in general is nothing more than a tool. It is not a goal, but it's a tool that allows you to achieve those goals. So true wealth is being able to focus on what you want, when you want, how you want on your terms.

Money is just a vehicle. Wealth is a vehicle that allows you to do that. So if you're chasing the money, you're never going to find what you're looking for. If you're using the money to let you chase the things that actually matter, that leads to a fulfilling life. Yeah. If you wake up every morning, excited to do what you're doing, you're doing life right. Absolutely. I could not agree more with you guys.

That is absolutely amazing. Guys, thank you so much for coming on. This has been an absolutely amazing episode. Where can people find out more about you, the show, and everything else you have going on? Oh, Andrew. I feel like we've thrown it out so many times. They're going to be overloaded with it. but still, I'll do it one more time for an encore.

Moneyguy.com. I mean, we are a humble show that started as a podcast, grew into a YouTube movement, and we're hoping to even expand upon that with even more platforms. And that's why I do want people, please go to Moneyguy.com. Just sign up here so you get all the announcements because we really are going to try to light the financial world on fire

and we want everybody to be part of that financial mutant movement. Absolutely. We won't make sure that we link. everything up down below this so you guys can check that out. Brian Bo, thank you so much for coming on today. We truly appreciate it. Thanks, Andrew. Rosen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play Ojo, the online casino with all the latest slot and live casino games. What you win is yours to keep with no wagering requirements, instant payouts, and no minimum

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