Financial Advisors React To Crazy Money Scenes From TV Shows

Laugh and learn as we react to the most iconic TV scenes about money. From Michael Scott’s budget disaster to wild misconceptions about tax write-offs and credit scores, we unpack the hilarity and the hidden financial truths. Tune in to avoid these pitfalls and get real advice you can trust. ⁠⁠⁠⁠Jump start your journey with our FREE financial resources⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Reach your goals faster with our products⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Take the relationship to the next level: become a client⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Subscribe on YouTube for early access and go beyond the podcast⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Connect with us on social media for more content⁠⁠⁠⁠⁠⁠⁠ Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. NordVPN.com/MONEYGUY Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:01Speaker 00

  This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome? That's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies 18 plus.

• 0:26Speaker 01

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.

• 0:56Brian Preston?

  The content team has been busy. They went and found some of the greatest TV clips that happened to talk about money to see what we thought.

• 1:04Speaker 03

  Brian, I am so excited about this because I'm in the messy middle. I don't get to watch a lot of TV, so I can't wait to see what the content team has put together for us today.

• 1:16Speaker 04

  OK, the green bar is what you spend every month on stuff you need, like a car and a house. The red bar is what you spend on non-essentials, like magazines, entertainments, things like that. This scary black bar is what you spend on things that no one ever, ever needs, like multiple magic sets, professional bass fishing equipment. How do you do this so fast? Is this PowerPoint?

• 1:42Speaker 03

  It's so funny because again, I have literally sat in these conversations. And what I'm like, hey, let's look at your budget. It's so good. They've got, I've got this much for eating out and I've got this much for my gym membership and I have this much for health insurance and I have this much. And it's so well curated, it's so wonderful. And then I look and I'm like, but hey, what's this category here? And there's just this category called miscellaneous. And the miscellaneous category is like five times the size of every other category in the budgetary line item. That's not the way that you budget. That's not the way that you actually make sure your dollars are going into the place that you want them to go into. If you don't have a plan for your money, you're going to set yourself up for failure.

• 2:20Brian Preston?

  Well, I mean, we all love a good Michael Scott clip, but you don't want to your manager money like Michael Scott.

• 2:27Speaker 05

  Holy [bleep], is that real?

• 2:28Speaker 06

  Yeah, they say three years' salary.

• 2:31Brian Preston?

  I do love the idea of using a budget, of tracking your expenses, that you actually get to pay yourself first instead of just saving and investing what's left over. Because I think there's a lot of Americans that run it the Michael J. Scott way.

• 2:53Brian Preston?

  Michael G. Scott.

• 2:54Speaker 06

  You're thinking of Michael J. Fox.

• 2:56Brian Preston?

  Yeah, you know, they're all related. That's just the way Michael Scott would have done it, too.

• 3:01Speaker 07

  What's this? Looks expensive. This is some new bedding. David, didn't I just tell you to save your money? Uh, yeah, I am testing this out for the stores, so work is paying for it.

• 3:16Speaker 07

  Work is paying for your bedding?

• 3:18Speaker 05

  I was gonna leave, but now I don't want to.

• 3:21Speaker 07

  What is that? Is that a new lamp? Yeah, I'm thinking of bringing homeware into the store, so that's a write-off.

• 3:29Brian Preston?

  Oh, it's his business.

• 3:31Speaker 07

  That's a write-off? Yeah. Do you even know what a write-off is? Uh, yeah, it's when you buy something for your business and the government pays you back for it. Oh, and who pays for it? Nobody. You write it off.

• 3:45Speaker 07

  Who writes it off? I don't know. The gover-- the write-off people. Why are we having this conversation?

• 3:51Speaker 05

  So if I need booze to get through my day, I can just write that off?

• 3:55Speaker 07

  That's a stretch.

• 3:56Speaker 05

  But the skincare products you got this morning, those are a write-off.

• 3:59Speaker 07

  What skincare products? You purchased skincare products? Okay, I am the face of the company. If I have acne, what does that say about the legitimacy of the store? That's not a write-off. That's not a write-off. This, not a write-off. Oh, well, the bedding's non-refundable, so... David! A write-off is a business expense used to reduce your taxable income. Okay, well then, why isn't it called a tax write-off? It is. It is. You can't just buy things for yourself and write them off.

• 4:39Brian Preston?

  Tell him to stay off social media.

• 4:41Speaker 07

  Well, then I'll return some things.

• 4:44Speaker 03

  What's so funny is we're all laughing at that. I've literally had this conversation with people. I've literally had people say, oh.

• 4:48Brian Preston?

  All you have to do is look at social media and they have all these people telling you you could live your best life and it's all tax deductible and it's a write-off. But what nobody ever tells you, first of all, everything's deductible until you get caught. So it really does need to be truly authentic business expenses to even be deductible. And then don't forget, just because it's a legitimate expense, it's not a dollar for dollar. You still have to pay your hard-earned cash for something. You only get to deduct and take a deduction for whatever your tax rate is.

• 5:20Speaker 03

  That's right.

• 5:20Brian Preston?

  So people lose that and they get lose their mind. They get so excited because they don't want to pay the man anything extra. But then they also stretch the legal part, which is everything's deductible. And I'm telling you, be careful because one day you might actually be sitting across the table from an IRS agent and having to explain why you bought your lamp, why you bought your sheets. And you can, I can tell you, it wouldn't be like that. It would be tears and it would be a very desperate conversation.

• 5:49Speaker 08

  Attention everyone, say goodbye to the Jake Peralta you know and love, for today is the day I forever change.

• 5:56Speaker 09

  Ooh, are you finally growing a mustache?

• 5:57Speaker 08

  No, you know I can't do that and it's cruel of you to keep bringing it up. This envelope contains the inheritance my uncle left me. He died a year ago. He was so rich, he had a whole room in his house just to eat in.

• 6:07Speaker 10

  You mean like a dining room?

• 6:09Speaker 08

  Yeah, but in Manhattan.

• 6:10Speaker 10

  Oh dang.

• 6:11Speaker 08

  Now, just because I'm definitely rich now, doesn't mean I'm going to forget my roots. You all get something, so fire away. Jake, your friendship is gift enough for me.

• 6:19Speaker 11

  Friendship is crap. I want a Ducati Monster A21.

• 6:21Speaker 08

  All right, Rosa gets a motorcycle.

• 6:23Speaker 09

  Oh, cool. I want a fast sports car.

• 6:25Speaker 08

  Come on, you could be honest.

• 6:26Speaker 09

  I want old expensive books. I'll send you a list.

• 6:28Speaker 08

  There you go. Now, let's find out what I'm worth. I'm too nervous to open it. It's hard you do it.

• 6:35Speaker 03

  Johnny the Monster Club.

• 6:38Speaker 08

  It's stock. One million shares. Oh my God. A Blockbuster video.

• 6:45Speaker 08

  Is that bad? I still have a Blockbuster card.

• 6:49Speaker 03

  So a few things that one thing we saw right off the bat, be careful spending money that you do not have yet. A lot of times we'll see people, they'll bank on an inheritance, they'll bank on a bonus, they'll bank on money they think is coming their way. Begin to mentally account for how they're going to spend that money. And then the music stops and the money they thought they were going to have did not show up. That's one teachable lesson I took away from that.

• 7:11Brian Preston?

  I feel like we're watching an episode of Vacation. I mean, the movie Vacation is because when you build your dreams off of somebody else's money, there's usually, there's a reason we use this in movie plots and TV plots. It's so much better. Actually create a plan, find your own money, build your own money. So you don't have to worry about the jelly of the month.

• 7:29Speaker 03

  Yeah, another thing that's really great, that we see this all the time. Again, this happens a lot of time with grandparents. They'll have a stock certificate that they put in the safe deposit box because they thought it was going to be this wonderful thing that their child was going to want to get. And in this case, it sounds like they might've had all their eggs in the Blockbuster basket. A million shares of Blockbuster stock that we now know the rest of that story ended up going to zero. So be careful putting all your eggs in one basket and also be careful holding on to like stock certificates and the old way to do money. Make sure that you're staying modernized with the times.

• 8:02Brian Preston?

  And shame on Reed Hastings for changing that.

• 8:05Speaker 12

  Buying a phone's a big deal. I mean, think about how long you'll have this thing. It's like buying a car or a bra. Eight years, man.

• 8:13Speaker 13

  Hey, uh, sorry, I was just checking your credit score and I got this number that's crazily low. So I'll try again.

• 8:20Speaker 07

  Don't bother, I'm sure it's right.

• 8:22Speaker 13

  Seriously?

• 8:22Speaker 12

  Are you kidding me? Two 50, you get 150 just for being alive? Mohan, got a 250 credit score.

• 8:29Speaker 07

  I guess the $40 I saved on that Gap card didn't pay off.

• 8:32Speaker 12

  Do you have like a box of charity phones you're sending to Africa? Can you just have one of those?

• 8:36Speaker 07

  Clear, run it. This guy's got a 250 credit score. You're bringing everybody out?

• 8:43Speaker 14

  Oh, I'm sorry. I've been doing this a long time. I've just never seen a score this low. Did you just wake up from a coma?

• 8:50Brian Preston?

  I would love if, if, in the comments, let us know the lowest credit score you've ever seen a friend or a family. Cause surely, if you're watching this content, it's not you. But I don't even know how low they go.

• 9:01Speaker 03

  What I think is wild is a lot of people say, I don't need a credit score. I'm not gonna have debt. And you don't realize there are a ton of different areas of your life where a credit score can actually serve as a benefit. You can get lower insurance premiums. In this case, you can go get a cell phone. You'll be able to qualify to have that sort of plan. Just because you have a credit score, just because your credit score is good, does not mean it's an I love debt score. It means you understand how to responsibly use credit. You understand that it has implications throughout the rest of your life. Don't be rolling around with a 250 credit score.

• 9:34Speaker 00

  This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome? That's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies 18 plus.

• 10:00Speaker 01

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.

• 10:29Speaker 15

  So we need to find proof of every tax deduction I've taken in the last five years.

• 10:34Speaker 16

  Ron, most of these aren't even receipts. This one says, "I bought supplies, 2007."

• 10:39Speaker 15

  You won't find any bank statements either. I've heavily invested in gold, which I've buried in several different locations around Pawnee.

• 10:48Speaker 15

  Or have I?

• 10:49Speaker 03

  Yeah, so it sounds like in this particular clip, Ron was a little bit aggressive on how far into the gray he went on his taxes. And it sounds like the IRS has now told him, hey, sir, we need you to actually substantiate all these claims you've made over the last five years.

• 11:03Brian Preston?

  Well, I mean, think of how many people, I think that this is the behavior of the typical American is that they're just like willy nilly with their tax deductions. And then when they get a letter from the IRS, it's like, oh, my gosh, I better clean up my activity and my behavior. This is why I want you to have a plan before on how you're going to make sure everything you file on your taxes is accurate. It's actually you know how to button down the hatches because you don't want to be on the wrong side of the IRS.

• 11:31Speaker 03

  And I would encourage you, when it comes to tax documents, make sure you keep your records for at least seven years. In this case, if he would have had buttoned up records that were substantiated, it'd be very easy to prove that to the IRS, not, you know, sticky, sticky notes.

• 11:44Brian Preston?

  Still great TV. Park some rec. It's good stuff.

• 11:46Speaker 03

  You know, another thing I thought was super interesting is his investing strategy, no bank accounts, no bank status. I'm just gonna go bury the gold. And I guess whether or not that was proven or not depends on what day it was he buried that gold.

• 11:57Brian Preston?

  Very on brand with the prepper and, you know, making sure, you know, do things a little differently.

• 12:02Speaker 17

  Trying to find some money for the family. Always money in the banana stand. We don't have the money, Pop. Always money in the banana stand. And so, Michael, his son and his brother, together enjoyed the cathartic burning of the banana stand. There was money in that banana stand. Well, it's all gone now, Dad. There's $250,000 lining the walls of the banana stand. Why didn't you tell me that? How much clearer can I say, there's always money in the banana stand?

• 12:32Brian Preston?

  This is a funny clip, but no doubt, I actually have had clients that they had older parents that they found out, and I mean, we got close to six figures of money hidden in curtain rods and closets with, and in closed pockets. And if they had not somehow convinced this parent to actually share where they had hidden all this money, think about what a scavenger hunt or a mess that would have left for the survivors. So, guys, be careful. careful where you actually store your wealth because a lot of people and a lot of times it is people from older generations where they don't trust banking institutions. It is one of those things you got to be just careful that somebody knows where the money actually is.

• 13:11Speaker 03

  And if you are doing something creative with either your storage or your accounting, make sure you have those conversations with your loved ones so they understand where your assets are and what your ultimate wishes are with those assets.

• 13:23Speaker 18

  Hey guys, you here for the presentation? I'm Harris Martyr.

• 13:26Speaker 19

  Save it bozo, we're here for the free golf clubs. You've got exactly 20 minutes to do your little song and dance. We're just gonna tune out, so why don't you give us a wave when you're finished?

• 13:34Speaker 18

  Or don't. What's the point? I'd just be wasting my time. I mean, obviously you two are smart.

• 13:38Speaker 19

  19 minutes and 50 seconds clown.

• 13:40Speaker 18

  And don't get me wrong, invigorant is great, but you gotta put in the hours. You fellows strike me more as men of leisure.

• 13:45Speaker 19

  Obviously.

• 13:47Speaker 18

  Well, we are. Yeah, I mean, this guy's got the Hawaiian shirt, you with the killer tan. Bet it's killing you guys to be stuck indoors on a beautiful day like today. It is, so less yapping, more golf clubs, please. Yeah, I get it. And you know what? Because you guys are such great sports, I'm gonna throw in a coupon for a free round of golf at the Dusty Dunes Resort in Orlando. You guys been to Florida? Been there. Not physically. If you want, I can set you up with one of their private villas. Sudden hook as we speak. Whatever, that's pretty nice, look at that. Did you know that the average rate for a hotel room 30 years ago was $19? Today it's $237. That's a 1300% increase. So it's not inconceivable to think that in another 30 years, a week at a hotel runs you 20 grand.

• 14:32Speaker 18

  That's not inconceivable, that's very, very conceivable. Okay, but not for you guys. You'll be locked in at $1,400 annually. Wait, we would be? Yeah. I'm not talking about taking a vacation, guys. I'm talking about owning a vacation. And look, if you're still not comfortable with the numbers, you just double down. You get two weeks, sell that second week, boom, you're vacationing for free.

• 14:57Speaker 19

  Wait, wait, wait, wait, wait. Mac, I think this guy just bent himself over a barrel a little bit.

• 15:01Speaker 18

  He did?

• 15:02Speaker 19

  Yeah, for our pleasure. Follow me here. Okay, so if we buy a second week and we sell that, we're vacationing for free, what happens if we buy a third week and sell that?

• 15:11Speaker 20

  We're getting paid to vacation.

• 15:15Speaker 07

  Guys, I've actually never thought of it like that.

• 15:17Speaker 20

  I know.

• 15:18Speaker 07

  I'm not sure I can make that deal.

• 15:19Speaker 20

  Deal's locked in. I'm gonna write in three.

• 15:21Speaker 07

  Write in three weeks.

• 15:22Speaker 20

  Three here, that's done.

• 15:23Speaker 07

  Yeah, right.

• 15:24Speaker 20

  You got got. You thought we were a bunch of suckers, but guess? We're not. We just bought three weeks of a timeshare.

• 15:32Speaker 03

  That's the way it goes. That's the way the presentation goes. They pitch you something that sounds so good that how on earth could I possibly not absolutely capitalize on this opportunity?

• 15:43Brian Preston?

  Well, and they also entice you with all the free stuff, all the perks. And, you know, I haven't actually been to a lot of timeshares myself, but I grew up in a household where this is how we did vacations.

• 15:52Speaker 03

  That was vacation.

• 15:53Brian Preston?

  So I got to, just as a kid, sit in on these things. And it is amazing. There's a reason that these things are highly profitable to the people who sell them. They employ some of the most impressive sales agents out there, like this example showed.

• 16:09Brian Preston?

  Don't, just don't get yourself in those type of situations. It's so much better to actually save up, pay for your vacation. If you're, all timeshares are, is a way that you're leveraging for future vacations. And then usually you're signing on, the part they don't talk about is the obligations for years on those annual maintenance costs that are going up more and more each year. And then good luck on trying to get out of a timeshare contract.

• 16:35Speaker 03

  Here's a little bit of a tip you can do. Give yourself a cooling off period. Don't ever buy something in the presentation, at the presentation. If you sit in a presentation, there's an opportunity that you think is so amazing, give yourself two, three, four days to cool off, to make sure that you actually want to commit to this thing, rather than doing it on the spot. Most often, when we're faced with large financial decisions in the moment, and there's a pressure to go ahead and close a deal, your spidey senses should be going off.

• 17:01Brian Preston?

  That's a red flag moment.

• 17:02Speaker 03

  Brian, these were fantastic. I forgot how hilarious all of those shows were. But it just goes to show, they would not make these. This would not be created if these things did not actually happen in real life. And we believe there is a better way to do money. So make sure that you don't fall into these same traps.

• 17:20Brian Preston?

  And guys, hang out with us. You know, we give away tons of free advice. If you go to moneyguy.com/resources, we will load you up. So not only are you entertained without getting suckered or snuckered into something bad, you actually will learn how to live your great, big, beautiful tomorrow. I'm your host, Brian Preston, Mr. Bo Hanson, Money Guy Team, out.

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