Introducing 'Making a Millionaire'

Real Stories. Real Strategies. Real Wealth. Today, we're introducing our new show, "Making a Millionaire" with the first episode coming out on Monday, February 3rd. This new show provides personalized, actionable strategies and reliable guidance to help everyday people fast-track their path to financial freedom. Unlike traditional financial advice programs that focus on restrictive rules or cutbacks, Making a Millionaire empowers viewers to craft a wealth-building strategy that aligns with their unique goals and lifestyle. 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. 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.

• 0:06Brian Preston?

  It's a big day. We're going to be talking about real stories, real people, real strategies, real wealth. We're going to be introducing Making a Millionaire.

• 0:16Speaker 01

  Brian, that is right. I am so excited because they're finally letting us talk about it. We have been planning this for months and months and months and months. We have a brand new show coming out for you guys that we want you to get so excited about, and it is coming out in the next few weeks.

• 0:35Brian Preston?

  Well, let's go ahead and just tell them when it's starting.

• 0:37Speaker 01

  I know. I set you up to tell them. You want me to tell them?

• 0:40Brian Preston?

  The premiere, the premiere date is going to be Monday, oh, no, February 3rd, 8 a.m.

• 0:47Speaker 01

  Monday, February 3rd, 8 a.m. The plan is we will release a new episode every two weeks. So if you aren't used to consuming our content on Mondays, get ready because every other Monday at 8 a.m. we're going to have a brand new Making a Millionaire show out there for you to see. We're going to do a deep dive, sitting across the table from individuals, from couples, from millionaires or millionaires in the making to show you what it looks like when we actually get to apply the abundance cycle. Brian, we talk all the time about the abundance cycle as you want to learn, and then you want to apply, and you want to grow. Well, The Money Guy Show is where you learn, is where we put all the education

• 1:28Speaker 01

  out there. But we also want you to see real life case studies of that information being applied to people's actual financial lives and how it can truthfully lead to a great, big, beautiful tomorrow.

• 1:40Brian Preston?

  Well, I thought it was, what I love about this is that we really are getting, really are getting to open up the curtain where, like, we did an episode on Friday, and this, this couple that came in, they were even sharing how their influence back in the 90s was a former financial advisor that had, became very popular and was just telling everybody, "No, no, no, cut. You know, you can't do this, you can't do that." I love that we get to show people empowered in the fact that it's not always the cutting, it's also expanding. And thinking about all the things you should be doing or can be doing or even do more to make more memories because you've got the numbers and everything's lined up. You just need to give

• 2:19Brian Preston?

  yourself permission. So we're really kind of going in depth to what a real financial planning relationship works and looks like with like fee only financial advisors and get essentially flex the muscle of what we do in our day job.

• 2:32Speaker 01

  And I love that what you're going to see is you're going to see people that are at the beginning of their financial journey. Maybe they're just starting out. They're just trying to figure out what they're going to do in their finances, all the way to people who are at the financial independence level and some of the advanced strategies around what to do in retirement and how to think about your assets and how to think about decumulation. So our hope is that there's going to be something for everyone. There's going to be a lesson to learn in every single episode and we are so, so excited to get to unleash it to the world so that you guys can see it.

• 3:03Brian Preston?

  But we can do better than just me and you talking about this.

• 3:06Speaker 01

  Yep.

• 3:06Brian Preston?

  I think we thought it would be really helpful and the content team did this for us. If we gave you kind of a flash of what to expect with making a millionaire.

• 3:17Speaker 02

  Everybody grown up wants to be a millionaire. I want to show all the viewers that yeah, it is possible.

• 3:22Brian Preston?

  So do you think you can beat the market right now?

• 3:24Speaker 02

  No, I have, but no.

• 3:28Speaker 03

  My dad really educated me, again, like I said, on the value of money and then it made it harder to just go and spend it.

• 3:34Brian Preston?

  You're a unique situation because we have to come to you where you are. We're triaging your personal situation right now in real time.

• 3:41Speaker 01

  Might you be at the stage of your financial journey where it's time to?

• 3:45Speaker 03

  Calm down.

• 3:45Speaker 01

  I'm gonna say, well, I'm gonna say grow up and then at that point, that's when you get to build your great, big, beautiful tomorrow.

• 3:53Brian Preston?

  Welcome to Making a Millionaire.

• 3:59Brian Preston?

  Boom shakalaka.

• 4:00Speaker 01

  So there it is, Making a Millionaire. We are so excited for you to get to go on this journey with us. If you would like to be on Making a Millionaire, if you're someone who thinks you may want to apply that, you can go to moneyguy.com/apply and maybe you want to tell your story. You want to have us do a deep dive with you. We would love to do that because we love answering questions. We love answering your questions. That's why every Tuesday at 10 a.m. we do this livestream where we can load you up. So right now, we have the team out in the wings collecting your questions so that we can help you do money better. So with that, Senior creative, nope, that's not it.

• 4:41Speaker 04

  So close.

• 4:42Speaker 01

  Senior content writer, nah, that's not it.

• 4:44Brian Preston?

  I thought when I saw you grab the sticky note that you've written it down, but you didn't.

• 4:48Speaker 01

  I should have written it down.

• 4:49Brian Preston?

  I don't know what you was, sorry, Megan.

• 4:51Speaker 01

  Hey, Megan? That's what I'm gonna say.

• 4:54Brian Preston?

  By the way, everybody, I want to cut everybody off, but everybody's like, where's Rebi? Did we never tell everybody?

• 4:59Speaker 01

  No, we did.

• 5:00Brian Preston?

  Rebi's on maternity leave.

• 5:01Speaker 01

  Yeah, but a lot of people who come here, they don't get to see everything, they're interacting, that's exactly where she's at. But I'm gonna give them a pass, they might not have known that, might not have known that she was out with the family.

• 5:09Speaker 04

  We mentioned it like once, I think, so.

• 5:11Brian Preston?

  Well, you know, and by the way, Megan, everybody's crushing it, you're doing a great job, but I just also wanted to make sure I filled in the gaps for other things I see in the comment section.

• 5:20Speaker 04

  Yeah. Also, real quick, before we get started, if you want to learn a little bit more about making a millionaire, you can go to moneyguide.com/makingamillionaire. And all of the information that we just talked about will be up there for you to look back and read through, so. All right, you ready to start with some financial questions?

• 5:39Speaker 01

  Yes, ma'am.

• 5:40Speaker 04

  All righty. Uh, this first one is from Kyle C. He says, "My wife's job offers a deferred comp plan through her job. What are y'all's thoughts on the pros and cons of that? We are already maxing out her 401K and doing each of our backdoor roths." So what do you guys think about those deferred comp plans?

• 5:59Speaker 01

  Yeah, so let me, why don't, Brian, you let me define what a deferred comp plan is, how it operates, uh, and then maybe you can talk about some of the pros or cons, or how someone decides if they're gonna use it. So, a lot of companies, uh, when you work for them, say, "Hey, we're gonna pay you X salary per year, and this is gonna be your income." But you might be at the place, say, "Hey, I actually have a standard of living where I don't need all of that income coming in to be able to pay my bills. I would actually be willing to push some of the income that I earned this year into future years, so that way that it's not taxable to me, so I'm going to defer that income to some point in the future. Maybe it's five, 10, 15, 20 years out. And then, at that point in time, I'm going to elect how I want to receive that income.

• 6:41Speaker 01

  Maybe I want to receive it all as a lump sum when I retire, or maybe I want to receive equal payments." Over my first five years of retirement or 10 years of retirement. So deferred comp plans allow you to do that. They allow you to push off current year income into the future. Oftentimes, you can then invest those dollars so that they grow and you get to control the income stream that you receive later on. Often building yourself like a mini pension through your deferred comp plan. But it's not all rainbows and unicorns. There are some things you need to think about and there are some things you should measure before you decide if you take advantage of it.

• 7:17Brian Preston?

  Yeah, let me first tell you, how is this even possible? If you're asking yourself, how in the world can you take some of your income, not pay income taxes on it until some future date? How does the government allow this? Well, the way they allow it is, is that you're essentially saying, hey employer, instead of taking this income now, you keep it, put it on your balance sheet as a liability to me. So that I don't actually receive the income. So that's why it's not taxable to me now. But now you're going to keep it on your liability side as an obligation and pay me at some point in the future. Well, that problem with that is, this is the big risk.

• 7:55Brian Preston?

  Everybody who does deferred comp, look at your company, maybe even go pull the, the balance sheet for your company to see how, how in good financial situation they are, is because if they went broke before your obligation or promise is fulfilled and they paid you back or started paying the income streams, you'd get in line with every other creditor out there. So that's why you do need to at least make sure that your employer is on good, stable ground financially. I do like these, especially for any of my clients that are thinking that they're going to retire pre 65 or, you know, before 66 or 67, depending on what their full retirement age for social security is. Because this allows you to essentially, as Bo said, create a pension.

• 8:40Brian Preston?

  Now, there's a caveat there. You need to go read the rules for your deferred comp because. For some of them, if you, say you change your mind, or you either get, you get laid off, or you just decide to leave this company, some deferred comps do allow you then to start getting paid that money over time, like over a five-year period. But some others, their document is written in a way that it just unloads on you all at once and creates a huge tax bomb right as you change employment. So I always tell people, make sure you read all the rules. This is a very personalized decision, but it is great. I've had quite a few executives who, and here's the cool thing, like you choose that five, you're creating a five-year bridge.

• 9:24Brian Preston?

  What if you decide you want to keep working five years in the future? Typically, these plans allow you to kick the ladder out an additional year in the future.

• 9:30Speaker 01

  There are some things that happen there.

• 9:31Brian Preston?

  So you get to keep kicking it out, though, and make the decision and build up your, essentially, your ladder of deferred comp gets bigger and bigger and creates a bigger compensation bridge for yourself. But you've got to make sure that you measure twice on this, because there's a lot of rules, and usually you have to make these decisions really far in advance, too. So that's why it typically requires a lot of planning. This is definitely something that when you're, you're like, man, I've never done this. Wouldn't it be nice if I've dealt with somebody who's done this hundreds, if not thousands of times? This is definitely one of those things where you might want to take the relationship to the next level. This is one of those areas where life gets very complex very quickly, and you want to make sure you get it right on the first shot at this.

• 10:14Speaker 01

  Can I ping just one other thing, one other little question? Kyle, he said, we're already maxing out our 401K, and we're each maxing out our backdoor Roths. Where in the financial order of operations do you often see deferred comp happen? Like, is it something that someone who's right at the very beginning of their journey should take advantage of? Or how do you know when it makes sense?

• 10:34Brian Preston?

  If you're trying to figure out where in the financial order of operations, this is definitely a step seven, hyperaccumulation, because this means you're beyond the basic plans. You're way beyond Roth IRAs. We're way beyond just maxing out your 401K. This is for people in very high-income situations, and now you're thinking about when you get to step seven of the financial order of operations is, what's the three-bucket strategy? What am I going to have access to? When do I actually plan on leaving the workforce? How am I going to integrate that into my financial plan? That's why this is a great tool to take into account and use as you do that high-level planning.

• 11:09Speaker 01

  Love it.

• 11:10Speaker 04

  Great. Sounds like you've given Kyle a lot to think about. Thanks, Kyle, for your question. Next up is a fun one. This is from GBB Tomorrow.

• 11:19Brian Preston?

  Oh yeah, I like that.

• 11:22Speaker 04

  He says, "Our 11-year-old son, who has invested his earnings over the last few years, is passionate about math and finance and is enjoying Millionaire Mission. What is the best place to hold his investments? We know he can open a youth investment account at 13, but until then, we're holding his investments in a separate account in our brokerage. Do y'all have any tips for?"

• 11:42Brian Preston?

  Well, I mean, there's so many cool things in this question.

• 11:48Brian Preston?

  First, 11-year-old, and I couldn't hear if you read this part, who's invested is mowing earnings.

• 11:55Speaker 01

  Oh, yeah.

• 11:56Brian Preston?

  This is earned income.

• 11:58Speaker 01

  Making money.

• 11:58Brian Preston?

  Now, look, for people who just open up an account for a child and you want to take advantage of their lower tax rate than yours, custodial accounts are great. You know, the UGMA or UTMA. And then, you know, before that even, you have 529s. But as soon as your children actually learn the value of hard work and they start making money through their labor, their time, I love custodial Roth IRAs. Because if he's wired this way, why not you? And by the way, you could prime the pump and do some type of matching formula, whether it's 50 cents on the dollar, dollar for dollar. Remember, you can't exceed what they make. Your contribution can't exceed what your earned income limit is

• 12:43Brian Preston?

  when you're making Roth contributions. But that way, you could at least allow him to enjoy some of the fruit of his labor as well if you did some type of matching formula. But I love priming that pump to kind of really encourage that good behavior of discipline and letting your money work for you.

• 13:01Speaker 01

  I love, this is a great example. Even starting at 11 years old, you can use a tool like Millionaire Mission. Brian, do you hold the Millionaire Mission thing up? You can even use a tool like this to teach your children financial concepts. It's not so complicated, not so difficult, that they cannot grasp it and they cannot get excited about it, so that you can have them beginning to form the... Those habits at a very early age that they'll ultimately take on later in life. In terms of accounts that might be available for, I love that you mentioned the custodial Roth. Whenever it comes to like kids accounts, I always say, think about what the ultimate goal for these dollars is. And generally it falls into three distinct buckets. If the goal is for college or for higher education, 529s are a great solution.

• 13:45Speaker 01

  If the goal is for like retirement or financial independence, custodial Roths are a great solution. Then if the goal is for something more intermediate in term, it maybe it's for the first car or a down payment on the first house or some other goal they want to save for. Well, that's where an utma or UGMA might be a fantastic solution. So you ought to have that conversation with your kid and say, hey, which one of these goals do you want to fund? Which one of these gets you excited? And it doesn't have to be all or nothing. You can actually have a child who has an utma set up and also has a custodial Roth set up. There's nothing wrong with doing that, especially if your child is taking an active role in the process.

• 14:26Brian Preston?

  By the way, everybody ought to go to moneyguy.com/resources, play around with our wealth multiplier. I went and pulled it with my handy dandy little cheat sheet here. For an 11 year old, every dollar has the potential to become $216.51.

• 14:42Speaker 01

  That's amazing.

• 14:43Brian Preston?

  Wowzer. You know, I get excited about every dollar for a 20 year old becomes 88.

• 14:47Speaker 01

  That's way more exciting.

• 14:48Brian Preston?

  11 year old, $216.51. That's, that's, that's mind blowing.

• 14:55Speaker 04

  Wonderful. Thank you, Great Big Beautiful Tomorrow for your question. It's some really exciting stuff. All right. Next up, we have a question from the head cat. He says, I feel like I'm not being paid enough for the amount of work that I do at my job, but my boss is great and has helped everyone so much outside of work that it makes me feel selfish to ask for a raise. Is this wrong of me?

• 15:18Brian Preston?

  Well, I think you're, I think it doesn't have to be a win or lose discussion. But you're sitting here and I'm going to let Beau fill in some color on this is because he's the master of creating the win-win scenario. And, and I like to think that But I did this with my first boss at the CPA firm. I know he used to probably dread every client ride that we'd have because we'd be stuck in the car for 30 minutes. And I'd use this time to pepper him about career path and where we see the firm going and opportunities that I can make his job easier. And Bo, that's what I want to give you credit for with me. You're so good at it. You actually own part of the business now. So man, kudos to you for being so good at this is that.

• 16:04Brian Preston?

  I always felt like you presented when you wanted more, you didn't do it out of the obligation of saying, hey, I'm a good employee. Just give me more money. You always presented, hey, what if we do this, this, and this? I think it's going to create more revenue here, here, here. And then you made it a win-win.

• 16:20Speaker 01

  That's right. Yeah, I always tried to structure it in any sort of like, I don't want to call it a negotiation because it should not be a negotiation. I think that's a bad term for it. What it should be is a mutually beneficial conversation. That's what you ought to have with your employers because it's one thing if you meet with your boss or meet your supervisor and say, hey, I want a raise. That means I want more money. And if it's the owner of the company, you make less money. That automatically puts you at conflict and misaligns your interests. If instead you can say, hey, I was trying to figure out, I was thinking, hey, if we decided to do this, we moved in this area, we tried this strategy, or we use this sales tactic, or whatever that thing was, and ultimately it's going to drive more revenue by increasing sales

• 17:03Speaker 01

  or increasing your revenue growth, or maybe we're going to cut expenses by figuring out some better way to do something. Hey, I would love to spearhead the initiative to go on this path. Is that something that would be valuable to the company? Well, what I found in my experience and what I see with a lot of our clients is if you can find ways to make yourself incredibly valuable, where either you increase the top line, you decrease expenses and ultimately increase the bottom line, you generally, especially if you own that, will have a much stronger footing to say, hey, this would be something great if I could also participate in the growth. Hey, if you make more money, I make more money. We're on the same side of the table. That's a much better way to approach this. Conversation than, "Hey, I think I'm valued up here and you're valuing me down here and I

• 17:48Speaker 01

  need you to come to me." I just think that you set yourself up for confrontation that way. So if you can find some way so that it's good for all parties involved, even if it's a supervisor, "Hey, how can I take on more responsibility? Hey, are there things I could do that would make your job, your life, your day easier, better, more valuable? Hey, I'd love to take those on." And if you can create a consistent habit of doing that, you become so valuable to the organization that they can't ignore you. They can't possibly not create a path for you to move along in the organization.

• 18:18Brian Preston?

  And then I'll sound like the old man on the front porch yelling at the sky is know where you are in the timeframe too. Because I am shocked because I'll see in the comments section, we even have some loved ones, you find out people haven't gotten pay raises in eight years and I'm like, "Can that exist?"

• 18:33Speaker 01

  That's a different thing.

• 18:34Brian Preston?

  Because like in our organization, we give pay raises, we look at things every year, but I've had situations and this person, I would talk about this because I think they would even say, "What was I thinking?" Somebody had been here for five months and we had a year end and they asked if they got a meeting and they kind of said they wanted a pay raise. And I had to remind them, I was like, "Where do you think you are in this career journey?" Because in the first five months, you barely know how our processes work. Yes, you have a strong aptitude, but you have to have enough time to kind of absorb into the system because there is a balance in the beginning of an employer relationship. Your employer is giving you a lot more than you're probably giving them.

• 19:16Brian Preston?

  Most people don't start day one and start adding tremendous value to a company. It takes a while to kind of absorb practices, to get good at it, to become proficient at something. So don't, if you've only been there for a few months, go in and then demand a pay raise when you might be at the beginning part of the learning cycle. Just be careful. I know there's a lot of content out there saying that you can't get ahead unless you do this, that, and there. But be very self-aware of where you actually are in that value add. Because there's, what we always say is, "Value what you receive, price is what you pay." Well, a lot of times, that's what happens with wages as well, is that you have to make

• 19:56Brian Preston?

  sure that you understand what is the value of the whole relationship as well.

• 20:02Speaker 01

  I love it.

• 20:03Speaker 04

  Great. Thank you, the head cat, for your question. All right, next up, we have one from D and J. They say, can Brian and Beau share what helps them switch over from saver to spender? Some background for context, I'm 36, married with a three-year-old son, and have about $2 million invested in mostly index funds.

• 20:25Speaker 01

  All right, hold on, 36? 36 with $2 million invested? You're crushing it. I mean, objectively, not knowing where you live, anything else you have going on, if you have $2 million saved up at the ripe old age of 36, you are crushing it. So let's pause there for a moment. But also, you've got a three-year-old, so you're kinda like messy-middling it also, right? Like, I bet you have a lot of different stuff going on every day, and you probably feel this tension, okay, I wanna, I've made these decisions thus far in life to get me to where I am, but I also have these other priorities. As my kids get older, I wanna create memories and create experiences, I wanna be able to spend some of the money. How do I balance that?

• 21:10Speaker 01

  Well, I'll tell you, one of the things that I figured out early on was I was able to free myself of the spending guilt, once I hit my 25% number. Once I knew that whatever my gross income is, if I'm saving 25% of that gross, if I can start doing that early enough, I'm gonna set myself up to be able to write my ticket for my financial future. If you don't believe us, we have a deliverable. You can go to moneyguy.com/resources and download the deliverable, "What Can 25% Do For You?" That's not the name, but that's what we call it. "What Can 25% Do For You?" And show you, if you can start that behavior early on, by the time that you do get to retirement, by the time that you do get to financial independence, you get to pick and choose the lifestyle that you leave.

• 21:50Speaker 01

  Well, if you are here at 36 years old, and you've already got to the $2 million mark, I would begin asking the question, where am I going? What's the ultimate finish line that I'm working towards? And do I need to keep running at the same pace that I have been running? Or is it okay if I slow myself down?

• 22:07Brian Preston?

  Well, I always get nervous, sometimes when we do content, I'll have somebody in the comments, or even the live streams, just say, I'm 27, we make Half a million dollars a year. We've already built up and I'm like, well, that's great. But you haven't turned that big shovel into enough assets or army of dollars working for you. But that's not necessarily the case for somebody who's 36 years old and 2 million. So I always, I don't want people to shut off the savings or feel too comfortable too soon. So I'm usually trying to get people, especially early in their career. Make sure you focus on the make wealth before you de-risk and start doing the maintain wealth behaviors. But somebody who's 36, 2 million, I want to encourage you, I think you ought to go ahead and run the numbers.

• 22:50Brian Preston?

  You know, one of the things we have, if you go to learn.moneyguy.com, we have the Know Your Number course. And I think it would be a great illustration and exercise for you is because when you put your numbers in, you put in your assumptions on when you want to retire, put in your rates of return, be conservative with it. So you just don't get this thing to run crazy on you because you have so much money at such a really early age. But then you need to kind of know the stats. After you see the numbers. I want to remind you, this is something that kind of, because you did specifically ask the question, how did me and Beau get from this? And I don't mind sharing, part of my journey was, is that I realized that I was doing so good at being disciplined and saving.

• 23:32Brian Preston?

  And I'm proud of those decisions because I couldn't tell you what dollar or what specific decision I made, which is the one that has led me to this great situation. Yes, some big decisions had big results, but, but there was a lot of little things that led to big results too. So I'm very happy with every one of them. But when I started seeing how big the number was going to be, I realized, you know, you see that stat, the 80% of millionaires, whether it's Millionaire Next Door, whether it's Ramsey Solutions, or even our own millionaire survey that we do every year, and even the surveys we did on our, all of our financial mutants out there. The stats are incredibly clear that somewhere between 75 to 80% of first, of millionaires are first generation.

• 24:15Brian Preston?

  Well, that stat only works if you understand how fleeting wealth is or building resources and the fact that second generation, meaning your kid. And your grandkids, you know, it's going to go away very quickly. And that's why the stats show 70% for your kids, 90% for your grandkids. The wealth evaporates, it goes away. So if you, if you have that knowledge of where your money's going, you do the homework, you actually do the know your number course, you know, the data and stats that I just shared with you, I think you'll have a different perspective. You'll say, look, I have now a balancing act, just like it was discipline that got me to this point by making these small decisions or, or, or saving this money.

• 24:57Brian Preston?

  Now I need to be disciplined with knowing, hey, if I can't take this with me, what can I maximize to make sure that I don't have regrets at any decade that I live? And that's why I like memories over stuff, especially with kids, because I still want to encourage you, because if you're doing this at 36 and you have a young child, make sure you're building scarcity in their life. I always liked that with like first cars, don't go get them a new, super nice car. You know, I liked that I got my daughter to pay half for the, the first one. Make sure you, you are building some type of scarcity. You're giving them the understanding of how money works, that you're, you know, doing matching funds when they start working their first job. Make them go work fast food in high school. All those type of elements, but then also make sure you're loving on them with memories,

• 25:42Brian Preston?

  great trips, invest in their education, all those type of things. And I think if you go through those exercises, you'll come out and, and be in a better place and you'll also have a better understanding. That's why, you know, when I, when I talk about millionaire mission, all of you financial mutants, you're like, I knew everything in the book except for the final two chapters. And I'm like, yeah, because we've been doing this content since 2006. I pretty much have shared everything I possibly can know. And it starts probably sounding over and over. But the last two chapters, I did spend a lot of time thinking about what is wealth? What does it mean to me? What is, what have I done to change my mindset so I can understand these things? And DNJ, hopefully that, that, that helps so that you, my experience can help you navigate these waters as well.

• 26:25Speaker 01

  And then sometimes it's helpful to have a coach. I mean, obviously where you are, you've done a great job of accumulating and building. Sometimes it's nice to have someone in your corner saying, hey, it's okay if you spend money, hey, it's okay. If you back down the savings, I mean, Brian, you and I both in 2024 had some large capital outlays for some things that we were each doing individually. And we would have conversations around that, hey, I'm thinking about doing this thing. I'm thinking about buying this thing. Yeah, okay, no, it makes sense. If you can have that sounding board, if you can have someone on your side telling you, hey, it's okay if you upgrade this, if you spend the money here, if you back down the savings here because it still aligns with your long-term financial plan. Sometimes having that person in your corner can be incredibly valuable.

• 27:09Speaker 01

  As financial advisors, it's one of our very favorite things to do. I mean, we love telling people, yes, save, save, save, invest, invest, invest, grow, grow, grow. Yeah, that's wonderful. But man, it's so fun when we get to say, hey, you know what? Now let's spend some money. Let's create those memories. Let's have those experiences. Let's do those things that you've saved up for, for all of these years. So having a voice of reason in your corner, communicating that to you can be incredibly valuable. So maybe now would be a great time to consider taking the relationship to a next level.

• 27:38Brian Preston?

  Yeah, I mean, well, we all have blind spots. I like, I did make a big purchase last year and I was just gonna go make a sale and create a ton of capital gains. And Beau was like, because I was paying cash. And Beau was like, isn't that transaction three months in the future or four months in the future? And I was like, yeah. And he goes, it's kind of like a quarterback. Why don't you lead the ball where it's actually going to be? Do you really need to create all those capital gains at once? Or could you be saving in the background, still take on some of those capital gains? And I was like, you know what? You're right. And you saved me a decent chunk in taxes because if I would have sold everything when I put the contract down, I'd have probably been pretty ticked off when I paid that tax

• 28:20Brian Preston?

  bill and those extra dollars when that was just a blind spot that I had. I was, because in my mind, I was, it was the better decision just to do it all at once. But in hindsight, and I like to think with your improvements that you've kind of had some really good discussions on, on that stuff as well.

• 28:36Speaker 01

  Absolutely. The Monday Guy Show is hosted by Brian Preston and Beau Hanson. Brian and Beau are partners with Abound Wealth Management. Abound Wealth Management is a registered investment advisory firm regulated ...by the Securities and Exchange Commission in accordance and compliance with the securities, laws and regulations. Abound Wealth Management does not render or offer to render personalized investment or tax advice through The Money Guy Show. The information provided is for informational purposes only, may not be suitable for all investors, and does not constitute financial, tax, investment, or legal advice. All investments involve a degree of risk, including the risk of loss.