Don't Make These Inheritance Mistakes!

"​​Im 28 and on step 6 of the FOO. I will inherit $300k soon and I'm unsure where to put the money. I would like to retire early so taxable account? Index funds or target retirement account?" We'll walk you through that question and more in today's Q&A episode! 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.

• 0:00Speaker 00

  Welcome to the 50th Hunger Games.

• 0:01Speaker 01

  Witness the beginning of the revolution.

• 0:04Speaker 02

  Hey Mitch, you've been trying to take down these games from the start.

• 0:07Speaker 01

  Filmed for IMAX.

• 0:08Speaker 02

  Make them remember you.

• 0:11Speaker 01

  The Hunger Games: Sunrise on the Reaping, November 20th, rated PG-13.

• 0:15Speaker 03

  LinkedIn is pretty amazing at helping you grow your small business. We cannot stop your new clients from emailing you at 3 a.m.

• 0:24Speaker 03

  We can help you sell, market, and hire in one place. We cannot help you be in three places at once.

• 0:32Speaker 03

  And while we can't help you organize your calendar, LinkedIn can help you land more clients so you have a calendar to organize. Grow your small business on LinkedIn. Learn more at LinkedIn.com/smallbusiness.

• 0:52Speaker 04

  I'm inheriting $300,000. How do I not screw this up? Brian, I am so excited to talk about this because sometimes life throws us these curveballs that we're not expecting. And sometimes the curveballs are pretty good. And we want to figure out, okay, I've got this once in a lifetime opportunity. What do I do and how do I navigate it? I love that we can answer those kinds of questions. As a matter of fact, I love that we can answer all of the questions that you guys send. It's one of our favorite things to do every Tuesday morning at 10 a.m. Central. So we want to answer the questions that you care about. So with that, Megan, I'm going to throw it over to you.

• 1:29Speaker 05

  Great, we're going to start off with a question from Peter M. He says, "I'm 28 and on step six of the foo, I will inherit $300,000 soon and I'm unsure where to put the money. I would like to retire early, so should it be in a taxable account, index funds, or a target retirement account? What do you guys think?"

• 1:50Speaker 01

  This is exciting.

• 1:50Speaker 04

  So it's, one, Peter, this is a unique opportunity. A lot of folks don't have a situation where they get to inherit some level of wealth. And so it sounds like you're in a position where you are. It's really interesting and your question doesn't state this. You say, "Hey, I'm going to inherit $300,000." My immediate first question is- Okay, how is that money currently structured? Because most often, when there's an inheritance, you might inherit some checking accounts and savings accounts, or maybe there's a piece of property that got sold. But oftentimes, there are things like IRAs or Roth IRAs that you inherit as a beneficiary, that what you're supposed to do is you're then supposed to open an inherited IRA or an inherited Roth IRA.

• 2:34Speaker 04

  And you roll the assets into that, and then there are certain required minimum distribution requirements on those assets. I'm going to guess by the question that he's talking about inheriting $300,000 after tax. Because obviously, if you're inheriting anything inside of a tax structure, like a 401(k) IRA or Roth IRA, it likely makes the most sense to open up an inherited account to put that money in, so you can continue either with the tax-deferred growth or the tax-free growth from now for the next 10 years. So, I would not think about using any of that money immediately to go cash it out, pay taxes, and do something on. I'd let that money keep rolling. But, he poses an interesting question. What does he do with the money that comes to him after tax? That $300,000?

• 3:19Brian Preston?

  First, Peter, typically inheriting money is after the loss of somebody. So, first, we're sorry for the loved one that you've lost, but it is, it's one of those things we're always thinking about with inheritances. There's a legacy component of this, too, is what a cool thing for somebody's discipline or hard work to kind of pay it forward and give you an additional opportunity for the future. And I think it's, this one even has an extra special sweetness in the fact that you're already at step six of the financial order of operations, which everybody knows by the time you get to, or if you haven't, I'd invite you to go to moneyguy.com/resources, or if you even want to go a deep dive. And what I'm about to talk about is step seven, hyperaccumulation.

• 4:04Brian Preston?

  I really think that this book puts an exclamation point on what that step is and how to leverage that to the most. But, it is one of those things where you're going to be able to hit the 25% savings rate just off of not only your good discipline... Discipline, but also the little bump that this this inheritance is going to give you. But then beyond that, you're going to move into step seven. And that's why I think that, like I said, it's it's. This is a blessing with a legacy component that you get to move into step seven. And the key thing about hyper accumulation is is that you say. All the other steps were, how do I maximize, keep my life out of the financial ditch? And and and avoid the traps like high interest debt.

• 4:46Brian Preston?

  Step seven is the first one. It says, how are you actually going to, in the long term? Use these assets. So this is going to be a great time to pause. You don't have to get in a hurry on this because that's the other thing I tell people when you inherit money is to, you know, be very, measure twice, cut once. You can be very mindful of making good decisions with this is. Are you, you said you're retiring early. For me, that does mean like maybe an after tax account might really be a good thing. But then I, as you go through your checklist mentally of what the long term goals, you said early retirement. Or opportunity to early retire, that is an after tax. But then you think about, are there other lifestyle things that you and your family?

• 5:28Brian Preston?

  Have talked about to pay it forward with this legacy is that are you going to be moving to a different house? Or are you going to change careers because this allows you to have more flexibility and resources? Make sure you're just looking at all of those. Intermediate goals, meaning in the next six to 10 years, 10 years and beyond is long term goals. And you balance that out and then you structure your accounts in step seven to go ahead and start taking action to reflect those goals.

• 5:55Speaker 04

  Now, there was one little extra piece at the end of the question. He said, hey, should I consider? Index funds or target retirement funds? And for those of you that don't know, we love target retirement index funds because all you have to do is decide two things. How much can I save? And when do I think I want to retire? And if I think I'm going to retire in the year 2050? I'll select the target retirement index 2050 fund. And right now. It'll be pretty aggressive, heavy on the equities. And then as I move through time, it'll get naturally more conservative. And we say, for most people, starting at the beginning of your financial journey, target retirement funds are a fantastic solution. But once your portfolio. Hits the asset size to where you are at critical mass, you might be able to benefit not just from a generalized portfolio solution,

• 6:38Speaker 04

  but it might make sense to move to a more specialized portfolio solution. So when I hear that you have $300,000 coming your way and you're already in step six, there's a really good chance that you may be graduating beyond just the target retirement index funds. You might want to think about how do I design and build a custom allocation specific to my needs, my risk tolerance, my risk timeline, my risk capacity? And what does that look like? Especially given there's going to be this large inflow. And then how do I think about allocating into that portfolio? Do I do it all at once? Or do I potentially dollar cost average into that allocation over time? These are the kind of things you want to think through as you figure out how to utilize these dollars.

• 7:18Brian Preston?

  Yeah, I mean, you're spot on. I think index target retirement funds are great in the fact that it helps you with what, you know, how much can I save? And then the asset allocation and how it changes. What I love about what you said, once you get into larger sums of assets, that tax location is just as valuable as the asset allocation. If you don't know what tax location means, that is just that it's kind of you asked it in your question. What's the difference between after tax or taxable brokerage accounts, tax deferred accounts? And then of course, those Roth tax-free accounts? They all do things differently and well. And you want to put different investment types to maximize the benefits that each one of those can provide as well as the liquidity and access.

• 8:01Brian Preston?

  So those are why this is probably a great point. When you come into this type of money, you've only had one chance at having these type of assets, six figures, multiple six figures on top of your already good discipline and behavior. If your life gets complicated, go find somebody who's done this hundreds of times to help you navigate it and avoid the blind spots and all the traps. And taking the relationship to the next level is probably warranted at that point.

• 8:26Speaker 04

  That's great.

• 8:27Speaker 05

  Great advice. All right. Thank you, Peter, for your question. Hopefully, that gives you a lot to think about. Next up, we've got Tori T. They say, "Do you have any general advice for adults going back to school later in life? I just turned 30, am in my senior year as an accounting student. Balancing school with adult life and entering the messy middle is rough." What advice do you guys have for Tori?

• 8:51Speaker 04

  As if the messy middle weren't messy enough, right? First of all, I commend you because it's hard. Going back to school later in life is a difficult thing because most folks enter into their 30s, enter into the messy middle, they have a thousand different things, pulling them in a thousand different directions, are short on time, short on money, and there's not a whole lot of room for excess. And yet, Tori, here you are saying, "I've got all that stuff likely going on, and I'm gonna go back to school. I'm gonna go finish up because I want to perhaps pursue a different vocation. I want to go into accounting." I love that. So, the question is, what's the general advice? This is the way that I would pose a general advice I would give you is, do the best that you can, as often as you can.

• 9:34Speaker 04

  Because what's gonna happen is if you're back in school, you're likely not working full-time, or you're likely not making the same income you were. And so, the messy middle gets even messier. While it would be very easy just to shut everything and say, "You know what? I'm going back to school, I'm gonna get my education, I'll put everything on pause until I get to the other side of that." While that is a strategy, I don't know that it's the absolute best strategy, because the money that you're able to accumulate in this early 30s, at this stage of life, can be incredibly valuable for you. So, as you look at the f- Brian, can you hold the thing up? Oh, yeah. As you look at your financial order of operations and think about where you are, maybe before I went to school, I was at step six, and I was moving towards maxing out that employer plan. Maybe you do have to take a few steps back, but I would encourage you, if you can, you

• 10:18Speaker 04

  are still working, let's still get the employer match, let's make sure we have a fully funded emergency fund. And can we be doing things like maxing out the Roth, or maxing out the HSA? Because even little, small, marginal decisions that allow you to stay the course at this stage, when you get to the other side, when you get into your new career, when you get to age 40, 45, 50, you'll look back and think, "Man, I'm so glad that I didn't shut everything down. I'm so glad I kept, I kept the ball moving forward."

• 10:47Brian Preston?

  I agree, but slightly disagree too. You're wrong. And I'm going to, I'm going to just go ahead and say it. I think you're giving, setting up a good cop, bad cop. And I appreciate you taking the role of the bad cop there. By basically saying, hey, even though you're doing this, this incredible thing to better yourself, make sure you keep doing everything else too. And I just worry from a behavioral. I worry from a behavioral standpoint, because you already heard when, when, when Tony was, Tori was asking the question, that it feels like there's just a lot going on right now. And, and what I worry about is that, is, look, whenever I'm dealing with hard life things, I have an internal question I always ask myself, is this a season? Or is this just the way things are?

• 11:30Brian Preston?

  And I want to commend you is that obviously at some point you asked yourself that question and you said, you know, I feel like I'm in a bad place or I need a better opportunity. So you're like, I'm going to turn this trajectory I'm on and I'm going to go take a season for myself where I'm going to invest, go get an accounting degree and better my life. That's an incredible choice, first of all. So then you ask yourself, once you're in this decision of you're back in school, season or just how things are. Well, now you're in a season where you've got to do good in school. You've got the family, but you've also got this pressure of your financial life going on as well. And I don't, and I think Bo is spot on.

• 12:11Brian Preston?

  It is, I want you to be scared, but purposeful that every, when you're 30 years of age, every dollar has the potential to become $23. You know, when you were 20, back when most people were in college, every dollar had a potential to be $88. But I know in your future self, your 40 year old self, every dollar only has a chance to become seven. So Bo is exactly right that it is important, but think about the fact, if your income is going to have the potential to double, triple, maybe even quadruple over your lifetime, the season you're in where you're investing in education is going to be so much more valuable, even within some of that compounding growth, because the savings rate is even more important than the compounding growth is, and when you're talking about how big your shovel is.

• 12:56Brian Preston?

  So I just want to say. Take a deep breath. Don't put too much pressure on yourself that you create the potential for failure. Meaning that if you overwhelm yourself through all this season, that you just don't accomplish anything, then then take a deep breath and maybe you pause some of the financial stuff, accomplish the the school, accomplish the family, but then you get back to it as fast as you possibly can. Or you do what Bo said, you try to max out the Roth, choose what the goal is that's attainable and doable right now, that doesn't break the system and make that happen. But then you promise yourself while you're because like I said, you're scared and purposeful. If you do make any concessions, you promise

• 13:40Brian Preston?

  yourself when you come out to your great big beautiful tomorrow, at the end of this education goal, and you get that great new job, and you start making more money than you've ever made, you're going to be double on the discipline to pay back what you missed out on in opportunity costs and then some, so that you do really get to build that just incredible vision for your future and maximize your financial life, as well as live the memory building awesomeness of this sacrifice in the moment you're in.

• 14:08Speaker 04

  I'll allow it.

• 14:09Speaker 05

  Great. Well, thank you, Tori, for your question.

• 14:12Brian Preston?

  Thanks for being bad cop.

• 14:13Speaker 04

  I just find, man, I'm curious if you agree with this. I feel like we as humans often have this tendency that we overestimate what we're capable of when things are good. Like when life is going good, we're like, oh, my gosh, I can, oh, it's gonna get this much better and do this and do this and do this and do this. And we fall in this trap of like really overestimating what is possible. But I think on the flip side of that, when things are bad, I think we tend to underestimate what, oh, life is falling apart, things are hard, job's gone, this is hard, this is hard, I just can't do anything. And in reality, maybe you can do more than you think. You can save that extra hundred dollars.

• 14:53Brian Preston?

  He's still trying to win.

• 14:54Speaker 04

  You see this?

• 14:55Brian Preston?

  Do you see? I was like, man, what a, what a good thing. This knucklehead's trying to win this thing still. He's such a mess.

• 15:02Speaker 04

  You know, different strokes. That's all I'm saying.

• 15:07Speaker 05

  Well, hopefully Tori can find the balance that works for them. Thanks for your question. I've got a question for you guys that's not on the hopper. So this one's going out on New Year's Eve.

• 15:19Speaker 04

  Okay.

• 15:19Speaker 05

  Are y'all excited about doing your net worth statement?

• 15:22Speaker 04

  Oh, buddy, am I ever. I wouldn't say it's our favorite day of the year, but man, it is up there. I mean, around about this time of year, we start having a conversation. We start talking about, hey, you ready? You're getting ready? You're getting everything locked? You're looking at? And it's awesome. And what I love, more than even like the point in time, Brian, because it's great seeing the point in time, what's my net worth today? How, you know? I love, because I use the tool that we, by the way, we make available for you at learn.moneypie.com. I love using the tool to see what has changed from last year to this year. Realistically, what's changed from five years ago until today? And I just think it's awesome.

• 16:03Brian Preston?

  So I have to confess, and it's funny that Megan's asking this question is because yesterday, my fidelity statement for last month showed up at the house. And I don't look at every month's statement, but I did look at yesterday. And I was like, man, it is going to be fun to do the net. I actually had that mental thought to myself. I was like, it's gonna be fun doing the net worth statement this year because it's been a good investment year. And I had that. So I'm already kind of starting to lick my chops and get excited about it. And Bo's exactly right. We eat our own cooking, meaning that the same template that we offer to you guys at learn.moneypie.com is the exact same template that we use. And what I like about it is it's that dashboard view.

• 16:45Brian Preston?

  It allows me to kind of see where the debt's at now, because they're going down every year. Where are the investable assets at? What are my three bucket strategies? Meaning the after-tax assets, my tax-free, my tax-deferred? How are those things balancing out? And then one of my favorite things is, is just, we're trying to always figure out the boiling point, or if you're at the point where you actually make more money from your capital than you do from your labor. We have all that built into the dashboard. So this thing, if you're trying to figure out, maybe you're new to this whole journey of building a net worth. By the way, if you are brand new, you just say, I appreciate the tool, guys, but um. I'm all about the free stuff. You can go to moneyguy.com/resources. We have a great template there to just get the good behavior going. But when you get to the point that you

• 17:30Brian Preston?

  actually want to accelerate the journey and actually take an active role of seeing the metrics that are changing every year, I would encourage you to go check out that tool because we're very deliberate with how we designed it.

• 17:42Speaker 04

  Are you, have you been a, Megan, a net worth preparer for a long time? Are you new to, like, what are you thinking about as it's almost net worth day?

• 17:51Speaker 05

  I'm excited. I wouldn't say a long time. I've only been working for like four years. So, not a long time.

• 17:57Speaker 04

  Did you start at the very beginning?

• 17:58Speaker 05

  Yeah.

• 17:59Speaker 04

  Okay. Look at that. She's gonna have it from the very beginning.

• 18:01Brian Preston?

  I will say, I'm not gonna say any names, but I had someone on the Money Guy team who's kind of at the beginning of their journey too. And they said, "I don't do it yet because I just don't have enough variables going on necessarily." And I was like, "No, no, no." I was like, "You," I said, "if I could go back in time," because I didn't start doing my net worth until I was in my early 30s, and I regret it. Because it's so fun. Part of what we do with the visuals is you can see your changes over time. And it is so magical to watch compounding growth actually happen in real time for you. Not some theoretical thing when you watch one of our shorts or our videos where we show you the charts, but

• 18:43Brian Preston?

  when you see it's your numbers and you actually get to see the compounding growth, don't take that from yourself. Go ahead, even if you only have, like, you started your Roth IRA last year and you have some student loan debt and you're just getting out of some bad decisions you made in college with credit cards. Just because it might be right at zero, even below zero, don't skip the step because your future self will thank you immensely if you start this as soon as possible.

• 19:11Speaker 04

  I think I did my first one at 20 years old.

• 19:14Brian Preston?

  Yeah.

• 19:14Speaker 04

  Isn't that awesome? Like, just how much data that, oh, it's so fun.

• 19:18Speaker 05

  Yeah. And even like, starting out, it's still crazy seeing the progress from the beginning of the year. Like, all the stuff that you forgot that you did.

• 19:24Speaker 04

  That little, small, that's why, it's like Christmas morning, little, small decisions you made in January, February. You're like, "Holy cow, this is paying off by the end of the year." I think it's awesome.

• 19:34Speaker 05

  Alright, y'all ready for the next question?

• 19:35Speaker 04

  Yes ma'am.

• 19:36Speaker 05

  Alright, this is from Foo number eight. It said, "Hi, hi, hi Money Guy Show, I am thirty-"

• 19:41Brian Preston?

  That's abundance goals or prepaid future expenses. I'm sorry, keep going.

• 19:44Speaker 05

  No, you're good. "I'm thirty-nine years old and on step eight of the Foo. Question, would you consider keeping your first home to rent out, then sell it and use the money for the kids' college tuition?" So, a different take on saving for college. What are y'all's thoughts on that?

• 20:00Speaker 04

  Um, okay, so, okay, this is the way they land this. Um, money is nothing more than a tool that allows you to accomplish the goals that matter to you. And, money is fungible. Meaning, money that you have in one place is still the same money even if it's taken somewhere and used somewhere else. So, there's a few different questions you have to think about. Alright, if I have my first home and I've bought that home and maybe I got a great deal on it and maybe I have a low interest rate and it's in a highly desirable area that's gonna be easy to rent, it might make sense to rent that. And I can rent that house and I have the low mortgage and I can charge enough rent that it cash flows and so the note's covering itself.

• 20:44Speaker 04

  So long as I was able to save for a twenty percent down payment on the second house that I bought, on my new primary residence, and I have enough capital, enough income, enough cash flow to be able to cover both mortgages comfortably, I don't think it's crazy if you want to continue to hold the first home and then down the road potentially sell it. Now, there are some tax consequences associated with that. Well, there are benefits to rental property and there are some deductions you can take there to offset that income. One of the beautiful thing about primary residences is that when you do sell them, if you've lived in the home for two of the last five years, you get to exclude a lot of that gain, up to two-hundred-and-fifty thousand dollars for single individuals, half a million dollars for couples.

• 21:28Speaker 04

  If you turn this property into a rental property and then you just decide to sell it seven, eight, nine years down the road so that you can pay for college, now, rather than you having all that capital appreciation tax-free, you do have to pay- Capital gain taxes on that because it did become an investment property, investment asset. So I think you have to think through those contingencies as you go about navigating.

• 21:52Brian Preston?

  I love that you got, because you went through a lot of the technical stuff that I was sitting, I was like, I hope we make sure we get the technical. But I want to talk about some of the mindset stuff that, that I see as a potential trap. First of all, congratulations being on step eight of the financial order of operations, reaching, you know, to where you're actually living in abundance. And you get to think outside of just doing the basics is always something to be celebrated. So I'm super happy for you. But the thing I kept thinking about as I'm hearing this is that it's amazing that you've got, you've got just primary residence. Sounds like the, the fact that it's appreciated and gone up, you want it to do everything financially. It's like a choose one thing and then it's going to, its goal is it's got.

• 22:32Speaker 04

  Swiss Army knife.

• 22:33Brian Preston?

  That's exactly what I wrote down. It's a Swiss Army knife of your financial life. And the fact that it's your primary residence currently, you're going to move out, turn it into rental property. And then voila, you're going to sell it down the road, make so much money that you go pay for the kids' college. It sounds great that this one thing, this one asset is going to do all these great things. But if you actually ever tried to do a home repair with a Swiss Army knife, it sounds so good that you, all you have to do is whip out this one tool. And it is going to help you do this awesome thing. But I always find myself when like, because it has a screwdriver function on it. It has, you know, both a Phillips and then the traditional screwdriver. But if you try to, you're like, dang gummit, this thing isn't the right size. Then I'm stripping out the screws. This stinks.

• 23:16Brian Preston?

  The, the knife is dull because it's also only about this, this long, whereas I need something that can cut a little better. And I end up getting so fed up and I'm like, this thing would be great, I guess, if I got stuck on a, on a, on a deserted island. I'd be glad I had the Swiss Army knife, but this stinks compared to, I'm just going to go out to my, my, my toolbox, my full toolbox. I'm going to get a Phillips screwdriver that actually matches the size of the, of the bit of the screw. I'm also going to just make sure that the knife I have is sharp enough and long enough that it can allow and cut this. And maybe I even need scissors instead of this feature and scissors that aren't just this big, like the Swiss Army knife scissors.

• 23:55Brian Preston?

  So I, I end up getting so frustrated because it doesn't, that one thing just, even though it, on the brochure, it will do all these 12 features. It doesn't do any of them good. And that's kind of what I feel like you're doing here is that. Your primary residence, it sounds like it potentially could do these things, but is it the best? And, because I don't think it is necessarily, because you have a choice, let's take the primary residence, you do have a choice, rent it out or sell it. Bo gave you, if you sell it, there's some huge tax benefits, meaning tax-free gains for a married couple, up to $500,000. That's nothing to sleep on. And by the way, you can still do both, because it's, you can rent it out for like, two or three years, and as long as you sell, because it's two out of the last five years that you,

• 24:39Brian Preston?

  you know, it was your primary residence, you could rent it out for a few years, see how that goes, and then still sell it for the tax-free gain, so you can kind of have your, choose your own adventure. But then, when it comes to kids' college, I love 529 accounts. I mean, because they're tax-free growth, it's another way to get tax-free growth. And if you did this, instead of relying on one asset, if you actually went to the full toolbox of your financial tools, you could be like, maybe I take advantage of doing rental, but then also take advantage of taking this tax-free gains, and then maybe I'm also in the background, funding a 529 account for these kids, so that I get tax-free growth. Do you see how all of a sudden, this got a lot better, instead of just using one tool, and hoping that it fixes all your financial problems?

• 25:23Brian Preston?

  Specializing and maximizing is definitely going to be your friend in this adventure.

• 25:27Speaker 04

  How many home improvement projects have you tried to do with this saw and knife? Because you were pretty passionate, that was a great analogy, and very passionate about the ceiling.

• 25:37Brian Preston?

  No, it's one of those things, because I do, I have a, is it, is it a, um, oh gosh, because I have like, three of them, because they are very effective for doing Christmas lights. Um, oh gosh, it's something with man in it, it's, um, Toolman, Speakman, um, I'd have to, if I went on my Amazon history, I could tell you, because I bought like, three or four of them. No, you're looking at, it's not, it's not a light bright, or a Christmas tree.

• 26:03Speaker 04

  I typed in "tool for Christmas lights",

• 26:04Brian Preston?

  No, Speakman, type in "Speakman tool",

• 26:07Speaker 04

  Okay.

• 26:08Brian Preston?

  Um, we should be doing this on...

• 26:13Speaker 04

  Tell me more about it. It's a special tool that does Christmas lights.

• 26:17Brian Preston?

  No, no, it has nothing to do with Christmas lights. It's just a great tool that can cut, it can strip wires, it can do, it does a lot of things.

• 26:23Speaker 05

  The Speakman Claw?

• 26:25Speaker 04

  The Speakman Claw?

• 26:27Brian Preston?

  It could, there's different tools. My, I use the scissors and cutting and the stripping, wire stripping feature, but anyway, there are tools, but I find myself like screw, if you've ever used a Swiss Army knife for the screwdriver, it stinks.

• 26:42Speaker 04

  Got it.

• 26:42Brian Preston?

  For all those things I just told you.

• 26:43Speaker 04

  Yep, all, wonderful. So it's not actually, you aren't trying to do home projects, but you have a special tool that frustrates you.

• 26:48Brian Preston?

  So Bo just took my masterful analogy and tried to see if he could minimize this. This is probably because I called him the bad cop on the previous question.

• 26:56Speaker 04

  It was an amazing analogy. You just spoke with such fervor and passion. I was like, I can, I felt like I was in your house when you were getting frustrated with that knife. That's how much passion you brought to that analogy. I thought it was wonderful. Let me be clear.

• 27:08Speaker 05

  Do you have a Swiss Army knife?

• 27:10Brian Preston?

  I have these Speakman tools.

• 27:14Brian Preston?

  I do have, no, I, you know, you know what? Okay, sidebar. I thought my first job ever out of college, I worked at the CPA firm and at Christmas time, they gave everybody, all the associates, these Swiss Army knives.

• 27:30Speaker 04

  At an accounting firm?

• 27:31Brian Preston?

  Yeah, with, with the firm logo on it. And, and I had this thing for like good 10 to 12 years. It was on, it was on, it had a keychain on it. So it was on my keys. And then one year TSA took it. I went to an airport. And I was, I was so sad. It was, I was going through security and it was my fault. I mean, I'm the idiot that goes through security.

• 27:52Speaker 04

  With a pocket knife.

• 27:53Brian Preston?

  With a Swiss Army knife on, on my keychain. But it was still, it made me so sad. Cause I, that thing had my, my old firm's, you know, logo was all faded off, you know, flaked off in my pocket. So it had a little sentimental, but it had a, and it had, this is gross. Had a toothpick feature. That was probably the most used tool, tool on there.

• 28:12Speaker 05

  That's not normal for a Swiss Army knife, right?

• 28:14Brian Preston?

  No, it is. On those little ones, you slide out the toothpick. Oh, that's, that is key for a good southern boy. That is a key re thing that you want to have there. Now, I don't know, it's hygienic.

• 28:24Speaker 04

  So you would use it?

• 28:26Brian Preston?

  Yeah.

• 28:28Speaker 04

  Cool.

• 28:29Brian Preston?

  Bo, if it doesn't kill you, it makes you stronger.

• 28:31Speaker 04

  Yeah, you got a great immune system. What, what'd you say?

• 28:33Speaker 05

  A Bow and Moth Christmas gift, 2025?

• 28:35Speaker 04

  There we go.

• 28:37Brian Preston?

  How about I just give y'all, we'll order some toothpicks.

• 28:40Speaker 04

  Box of a bound toothpick.

• 28:43Speaker 07

  The Money Guy Show is hosted by Brian Preston. 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 and does not constitute financial, tax, investment, or legal advice.

• 29:09Speaker 00

  Welcome to the 50th Hunger Games.

• 29:12Speaker 01

  With us the beginning of the revolution.

• 29:14Speaker 02

  Hey Mitch, you've been trying to take down these games from Star.

• 29:17Speaker 01

  Filmed for IMAX.

• 29:18Speaker 02

  Make them remember you.

• 29:20Speaker 01

  The Hunger Games: Sunrise on the Reaping, November 20th, rated PG-13.

• 29:25Speaker 03

  LinkedIn is pretty amazing at helping you grow your small business. We cannot stop your new clients from emailing you at 3 a.m. We can help you sell, market, and hire in one place. We cannot help you be in three places at once. And while we can't help you organize your calendar, LinkedIn can help you land more clients so you have a calendar to organize. Grow your small business on LinkedIn. Learn more at LinkedIn.com/smallbusiness.