Don’t Fall For These Market Trends with Austin Hankwitz

We are SO EXCITED to welcome Austin Hankwitz (content creator, entrepreneur, and investor) onto the show. You may know Austin as the co-host of the Rich Habits Podcast, the CEO of Witz Venture, or his many features (in CNBC, The Wall Street Journal, Business Insider, and more). We talk to Austin about his background, play a fun game giving our opinion on recent headlines, and answer your financial questions. See more from Austin here on the Rich Habits Podcast! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠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. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠DRINKAG1.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.

• 0:00Speaker 00

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• 0:27Speaker 01

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• 0:58Brian Preston?

  We got a special one coming for you today. Don't fall for these market trends.

• 1:04Speaker 03

  Brent, I am so excited because today we have a very special guest. We'll have Austin Hankwitz, who's a finance content creator, an entrepreneur, an investor, all things finance. Austin, thanks so much for hanging out with us today.

• 1:17Brian Preston?

  Thanks for having me. I'm so excited to be here.

• 1:19Speaker 03

  Hey, that's my line.

• 1:20Brian Preston?

  Ah, come on, guys. No, I've lived in Nashville now for seven, eight years, and I'm surprised you haven't done this sooner.

• 1:26Speaker 03

  I know. I love it. I love that you're here hanging out with us today.

• 1:28Brian Preston?

  Um, I always like when things just fall into place like they're supposed to. And let me give you some scoop on this, Austin. Um, I have a dear friend named Mark, who kind of follows our content. And he's come to the studio, got some insight for how he should be working with his business and using social media. And he came to me, and this is probably, this was about a month ago, a month and a half, and he goes, "Hey, there's a guy who lives in our neck of the woods. His name is Austin. He has this podcast called Rich Habits Podcast. You ought to do something with him." So I then go to Rebe, and I said, "Hey, my buddy who kind of has his pulse on things says we should do something with this guy named Austin." And she goes, "Good news, he's already scheduled to come in."

• 2:11Brian Preston?

  And I was like, "This is my life. I live in this serendipitous type of life where just everything, I stumble around and everything falls right into place."

• 2:19Speaker 04

  It all comes together.

• 2:20Brian Preston?

  Welcome to the show, Austin.

• 2:22Speaker 04

  Thank you so much. Rich Habits Podcast, it's been a blast. Very excited to be here.

• 2:26Speaker 03

  For those who don't know, or maybe have not come across, give us a little background. Who are you? What do you talk about? How'd you get into the content creation game?

• 2:34Speaker 04

  Yeah, so more about me. I'm 29. I turned 30 here in May. Graduated from the University of Tennessee. Go Vols.

• 2:41Speaker 03

  We can edit that part out.

• 2:43Speaker 04

  Okay. Back in 2018, got my degree in finance and economics. I moved to Nashville to do mergers and acquisitions for a large healthcare company. But I've always been this like weird money nerd. Weirdly enough, I credit it to Dave Ramsey. He came to my high school back when I was in high school to talk about the baby steps. And I was like, whoa, Roth IRA, this is interesting.

• 3:03Speaker 03

  I love that.

• 3:04Speaker 04

  I'm 16 years old, learning about this stuff. It's insane. And so now, fast forward, call it 10, 12, 15 years after that. I've just always been intrigued about personal finance and investing. And so what happened was during the pandemic, instead of lip syncing and dancing on TikTok, I decided I was going to talk about how I plan to pay off my student loans, grow my credit score, and invest with my retirement. And so it wasn't like a, hey, you know, I was 24, right? It wasn't like a, hey, I'm some sort of expert. It was a, listen, I'm gonna make some mistakes. Come along for the ride.

• 3:34Speaker 03

  Watch my journey.

• 3:35Speaker 04

  People appreciated that. Yeah, 100%. And I think there's something to be said about radical transparency. And so that whole time, I was like, listen, I've got a bunch of VOO right here. Here's what I've got inside this Roth IRA. Here's how, here are my credit cards that I'm trying to use to pay this one off. And here's how much I owe on my student loans. Come along for the journey, right? And people appreciated that.

• 3:53Speaker 03

  Yeah.

• 3:53Speaker 04

  And so now, you know, fast forward years and years into it. I was doing this full time in March of 2021. Started newsletters, podcasts, doing a lot of marketing consulting for fintech companies like public.com and Charles Schwab and things like that. But then we also started investing into some, you know, pre-IPO names as well along the way, which has been a lot of fun. But the Rich Habits podcast sort of was started in February of 2021 as a way. For myself and my co-host, Robert Croak, who shout out to Silly Bands. You guys know Silly Bands? Those bracelets that maybe?

• 4:24Speaker 03

  Yeah, yeah, yeah.

• 4:25Speaker 04

  So he started Silly Bands back in 2008, 2007. You didn't know that? Yeah. So now $300 million of revenue later, and he's just having a good time. Now he's 60, I'm 30, and we're just sharing our perspectives along the way. He's this sort of like, you know, elder statesman, entrepreneur veteran. I'm a guy who's 30 years younger, trying to figure it out, trying to build my own business and invest the right way. And the show is made for anyone in between, right? You can be younger, you can be older, whatever, any experience that you can just take back control of your money, make the right, you know, implement the right rich habits, and it's been fun, man. It's been a lot of fun.

• 5:01Speaker 03

  I love that. So it sounds like in a lot of what you talk about, the content you go through is like, studying market trends and looking at that kind of stuff, right?

• 5:10Speaker 04

  I would say yes, but on the same token, like, you know, that it's something to talk a lot about is, it's important to have a active management perspective with your portfolio. Not so you're always making changes because no one can time the market, but because you can now go into whatever the market's doing with your eyes wide open. I think a lot of people make the mistake of saying, "I'm going to go diversify into some crypto," or "I'm going to go, you know, do this sector I have no idea about," then when it goes down 30, 40%, they're surprised. And we want to make sure people like, if you are diversifying, or if you are trying to do something with an asset class or some sort of strategy that's new to you, that you go into it eyes wide open where like, "Hey, listen, this is the volatility that can come with it."

• 5:52Speaker 04

  And here's, you know, we're all just trying to have that kind of perspective on what's moving the markets and how it might impact you and your money.

• 5:59Speaker 03

  So how do you reconcile that with, like, so obviously you have this perspective, you want to be a little more active and know kind of what you're doing there, but also this idea of like passive investing, buying low-cost index funds?

• 6:08Speaker 04

  Yes.

• 6:08Speaker 03

  Because you've said-

• 6:09Speaker 04

  I already heard you say VU.

• 6:10Speaker 03

  Yeah, right? You like VU. Like, how do you marry those two concepts together?

• 6:15Speaker 04

  And I'm sure you guys have, I'm not, I didn't come up with the strategy, but it's called the Core Satellite Investing Portfolio Strategy, right? So we'll call it 65% to 85% of your portfolio is in the boring index funds and ETFs that we all love and talk about. But then the other 15 to 35% is diversified into things that are really interesting to you. If that is, hey, maybe I want to dabble in the dark arts of international stocks here or there. Maybe I want to do a little cryptocurrency or some precious metals, right? Gold and silver have been all over. So it's like having a little bit of mix, knowing that the vast majority of your portfolio and your net worth are in these tried and true index funds that are going to go up into the right over a long period of time.

• 6:55Speaker 04

  But if you do want to have a little bit of nibble, call it low, single digits in some cryptocurrency, some Bitcoin, like rock and roll, man, that's fine. Because the cool thing about it is if you experience that 40%, 70%, heck, it can go to zero. If you've got 95% of your net worth over here and 5% of it goes to zero, well, congrats. You still have 95% of your net worth, right?

• 7:18Speaker 03

  So you're saying it's more the extra? We have a friend of the show that says, you want to do that kind of stuff with the vacation money, not with the grocery money, right?

• 7:28Speaker 04

  That's exactly correct.

• 7:28Speaker 03

  That's the way you want to sort of navigate that.

• 7:29Speaker 04

  Yeah, my friend, Chris Camillo, I'm not sure if you guys know who he is. He's an incredible social arbitrage trader. He's always with Graham and Jack on their show. He just did a great episode with them, I think, two or three days ago. But Chris does a really good job explaining that if you want to have some of this sort of higher risk bucket, it should not come, from your point, the groceries. It comes from trade offs that you do throughout your life. Hey, I'm not going to go to Starbucks this week so I can save $3, $7, $10, $12, $15. And that $15 now goes to that higher risk idea, right? So it's not from the index fund money. It's not from things that are going to continue to allow you to build wealth over time. It's going to come from different trade offs or that side hustle or the, you know, whatever you're doing. It's money you wouldn't have had, right?

• 8:13Speaker 03

  I'm super curious, because you said one of the things that's been great about what your experience has been is you said, hey, come along for this ride with me, come along and do this thing. Have there been investments that you've made or things that were interesting and unique to you? You're like, oh, gosh, maybe that one was, maybe instead of doing that, I should have just gone S and P 500. What's?

• 8:33Speaker 04

  Yes, absolutely. And I think a lot of people made this mistake, right? We rewind back to the COVID induced bubble we experienced in the stock market. And I think everyone knows or knew who Kathy Wood was, right? She had this, she was the darling of the stock market. She had the ARKK ETF. It was like this big innovation fund. Everyone's talking about it. Everyone's investing into it. And I was one of those. I was like, this is so cool. It's just going like crazy. All these fund names are going off. And then February of 2021 happens and it kind of does one of these and it comes back down. You're like, oh, it's okay. It'll, it'll recover, I'm sure, right? Rode that sucker all the way down. It's one of those things where you, one, it's, it's an opportunity to learn, right? It's, it's in that high risk bucket.

• 9:15Speaker 04

  It's in that satellite side of the portfolio where it's like, okay. You know, this is money that, that was not taken from, you know, let's call it the S and P or the Nasdaq or things that go up into the right over a long period of time. But it's, I went into this with my eyes wide open. So I would say, yes, all, and I think a lot of people also made this mistake of like, I'm excited. It's COVID. We're doing the, you know, the trades. Oh, Kathy Wood, who's this person? Yeah, of course I want to ride into her ETF. And then you realize that everything does not just go vertical forever, right?

• 9:44Brian Preston?

  I love that you were talking about radical transparency. And what's, what's interesting, I can tell you have a passion for it. But I always find it interesting because I've had neighbors that when they find out what I do for a living, before they really find out what I do for a living, they, they start telling me about their stock picks and other things. And I've, I've got one, I consider him a success case. It's because he came to me probably four to five years into our relationship with each other. After he had moved next door, he's moved away since. He's like, you know what? I finally have caught on. He goes, you know, a lot of those things when I was telling you about Fitbit and all the other stuff. I've realized that the S and P just, that when I look at my annual performance, that's what drove the majority. And that, and that ties into what you're, what you're sharing.

• 10:27Brian Preston?

  So a lot of, when you get into the weeds with this, how much of this should be hobby? Like you get true excitement and it's entertainment and versus, you know, and you've already said with the core satellite, but I just want to know, because that's the thing. I don't want people to lose out on the excitement because all human nature is, is the shiny objects. Just like, I can tell you, I've heard more about silver in this year, you know, really from last year, you know, all the huge run up than I've heard from silver. So we always are, and literally I can point to, this is a shiny object that everybody's infatuated with right now because of just recency bias and what happened. But it is one of those things where at the end of the day.

• 11:09Brian Preston?

  Is there a core belief that kind of, yeah, the index funds, if you don't find satisfaction in this, it's okay if you set it and forget it as well?

• 11:18Speaker 04

  It absolutely is encouraged to set it and forget it. It's not just okay. It's like, that's what you should be doing, like, full stop. Like, in your retirement accounts, set it and forget it.

• 11:27Brian Preston?

  I love that.

• 11:27Speaker 04

  This is not, you're not playing games with your retirement, right? We don't want to play games with our nest egg. But something that I really enjoy explaining to people, because you talked about hobby and think about this, I'm a firm believer that, and I think Amazon's a great example for this, if you are someone that is shopping at Amazon a lot, you have a Costco subscription, maybe you have an American Express credit card, you know, insert publicly traded company here that you very intimately understand, I think it's okay to be an owner of companies where customers are. And I think that's powerful, because at the end of the day, I think the stats, like, 90% of Americans are not owners in these, you know, do not own equity in the stock market, like, they

• 12:10Speaker 04

  don't get to experience that upside. And if I'm able to explain to someone, like, hey, you might not understand the S and P, I get that, you don't want to touch this stuff, you're intimidated by it, but you know how Amazon works? Yeah, I've got the app on my phone, I just bought something on it, like, okay, cool, what if I could tell you that you could put as little as $10, right, a, you know, a slice of a stock into Amazon, so you own a little bit of equity in the company that you're a customer of? And that's like, a lightbulb moment for a lot of people, where it's like, okay, cool, so I'm no longer just a customer, but I'm now an equity owner in this company that's profiting off of me? And I think that that is just where everyone should start.

• 12:46Brian Preston?

  I do agree, because I will say, look, if you do this long enough, I've been fortunate enough, I don't really do individual stocks, but I've been fortunate enough that I've had one or two products that I was so enamored with, that I did go buy the stock, and then when they, when you ever have a holding that crossed 1,000% return, you're like, that's a moonshot. It's like, holy cow, a little turns into something pretty incredible. But I just want people, I want you to not feel like you... Have to do it because I feel like sometimes young investors,

• 13:17Speaker 04

  Absolutely.

• 13:17Brian Preston?

  They don't know what to do with their first dollar, much less what to do with their bonuses and we're trying to get them into Roth and just doing, that's where the financial order of operations kind of came from. But I just don't want people to feel pressure that they have to get into some of this stuff where that's probably not where you start the journey. You start the journey with the boring, tried and true. Don't put pressure on yourself that doesn't need to exist. And then as you get deeper, definitely if you find a passion for it, go for it, look for the permanent portfolio type investments. But I love you, you're very transparent on that and I appreciate you being so open with us.

• 13:52Speaker 04

  Yeah, no, absolutely. And you mentioned the hobby aspect of it too. It's so funny, I don't think people have the time to do all of the research that they should do before owning a single stock, right? Or should do before they go own some sort of thematic ETF or a precious metal or something. And honestly, I don't think people want to go do without research, right? So it's like, at the end of the day, just go buy the index funds, go buy the booze of the world. And yeah, Dow Jones Industrial Average, all that stuff, like just go ride the wave.

• 14:23Speaker 03

  Well, I think, I think what ends up happening is people, they think, okay, I'm going to do this thing. I'm going to go buy the stock that I'm interested in, or I want to start playing in one of these little. But then what ends up happening is it begins to captivate your attention, right? Like even though you have 95% of your stuff over here doing this boring old stuff, you're paying attention to this 3%, 5% thing. So one thing that we have to do as investors is figure out, okay, when it comes to like things going on in the financial world, how do we discern between the things that are like actually newsworthy that we should be paying attention to? And what's the noise? What are the distractions? What are the things that we should not? Cause I know that I see, but especially young people who get it out of order, like exactly what Brian said, they will focus on that 3% to 5% and allow that to affect their

• 15:09Speaker 03

  decision making rather than ignoring it and kind of saying, no, you know what? Doesn't matter what's happening this day, this week, this month, this quarter, I'm going to be okay. Would you agree that that's what happens when young people start on that path too early?

• 15:25Speaker 04

  Um, yes, I would agree. I think that a good analogy to think about when it comes to investing, if it's in the stock market in general, or a single stock, whatever's going on, is comparing the stock markets sort of to a pendulum. It's always way over excited, everything's crazy, or it's doom and despair. It's never just in the middle, right? A pendulum swings back and forth, back and forth. And I think to your point of, is it noise? Is it crazy? Or is it newsworthy? Where we at? Like, just all the emotion, right? Because it's money. Money is emotional.

• 15:55Speaker 03

  Yep.

• 15:56Speaker 04

  Money's a very emotional thing. And, uh, no, I totally agree. I think a lot of people make the mistake of being in that pendulum cycle. Oh, my gosh, wait, so Amazon's spending 200 billion next year. Is that good or is it bad? Wall Street thinks it's bad, but they also have the, like, just back and forth. News, like, back and forth. It's crazy. Where if you kind of just take a beat here, take a step back, look at it and say, well, we know over a long period of time, the S and P goes up. You know, call it eight and a half percent adjusted for inflation. You can say whatever about the, you know, the other indices. I don't know what their specific performances are with the Nasdaq or the Dow Jones, but I'm sure it's up until the right of a long period of time, right? So it's, it's just, um, it's, it's important to discern the difference.

• 16:35Speaker 03

  Well, so I think one of the things that we were talking about, uh, and I think, was this Rebi's idea? Did Rebi come up with this?

• 16:42Speaker 05

  I can't take all the credit now, was team.

• 16:44Speaker 03

  This was a team idea. Y'all came up with an idea of a fun little exercise we can walk through to see how good we are at discerning.

• 16:51Speaker 05

  Yes, we are going to get, uh, to the Q and A soon. So get your questions in the chat. But first, we're going to play a little game. It's called News or Noise. So we were just discussing, we see financial headlines all the time. Some of them could be positive, but let's be honest, a lot of them are doom and gloom, right? A little scary, a little confusing, maybe. So we are all about cutting through the noise. So we are going to play a game where I will read a real financial headline of the very recent past, and you guys will tell me, is it news? Which you have a paddle that you can hold a thumbs up. You should pay attention to this for some reason. Or is it just noise? We don't need to worry too much about that in our personal financial lives.

• 17:31Brian Preston?

  Is there any ability, because I don't like, you know, I like to talk.

• 17:34Speaker 05

  Oh, yes.

• 17:34Brian Preston?

  So is there any editorial feature involved in this?

• 17:37Speaker 05

  You get to tell, say why. I would challenge you to keep it to like 20-ish seconds. That's our challenge.

• 17:43Brian Preston?

  Okay, 20 seconds.

• 17:45Speaker 05

  All right.

• 17:45Brian Preston?

  I feel like there's always this new, this is a new trend where they put, put me especially.

• 17:49Speaker 05

  Putting you in a box.

• 17:50Brian Preston?

  They're taking away my filibuster options.

• 17:53Speaker 05

  All right, let's dive into the first headline. It says, OpenAI is unsatisfied with some Nvidia chips and looking for alternatives. Sources say, is this news or noise?

• 18:09Speaker 05

  Everybody says it's noise. Why do you think it's noise?

• 18:13Brian Preston?

  Well, I mean, unless, you know, like I said, I have dear friends that they're all crazy and they've jumped into the Nvidia trend. But I don't personally own that. So that's noise to me because I'm more of buying the market, being part of the market instead of trying to beat the market.

• 18:30Speaker 04

  I think it's, I think it's noise because at the end of the day, AI is here to stay, right? OpenAI is going to be here, but it doesn't matter whose chips they use or whatever. As long as they're making, I mean, a billion people around the world every week use ChatGPT, right? So it doesn't really matter whose chips are used as long as they have good customers and good products.

• 18:50Speaker 03

  Yeah, I would say the exact same thing. For me, something that's newsworthy means there's an action or a takeaway I should have from that. When I hear that, there's no action for me. I'm not involved with how OpenAI makes their decisions. So I'm going to let them make their decisions and then I'll just get to participate in the broad market.

• 19:06Speaker 05

  All right, here's a headline. It says, this tech stock just crashed to a 52-week low. Should you buy the dip? Is it news or noise?

• 19:19Speaker 05

  Everyone says noise again. All right. Why do you think it's noise?

• 19:22Brian Preston?

  Here's what's interesting to me. If that would have been the S and P 500 is at a, is at a 52-week low, because that would be more of a marketed market type experience. I have a whole protocol when we hit bear market status to how I think about and I get myself as a financial mutant excited. But individual tech stock, that's more of a headline to get me to, to get my eyeballs than it is for, for action.

• 19:46Speaker 04

  It's okay. Yes, that's exactly, it's an eyeball. It's a, it's a click. It's, it's come look at this. It's trading at low. Do you buy that? It's, yeah.

• 19:53Speaker 05

  Should you buy the dip or should you always be buying?

• 19:55Brian Preston?

  They never tell you the tech company either.

• 19:57Speaker 03

  She said, should you buy the dip or should you always be buying? I like always buying.

• 20:01Speaker 05

  You can use that.

• 20:02Speaker 03

  Yeah.

• 20:03Speaker 05

  That was free. Okay.

• 20:05Speaker 04

  She's fun.

• 20:08Speaker 05

  Well, I'm glad. We have a lot of fun on these. Okay. Next headline is Dow ends over 500 points up. S and P 500 finishes just shy of a new record after strong January manufacturing data. This one's about the S and P. What do you think? News or noise?

• 20:26Speaker 03

  Let's go.

• 20:27Speaker 05

  All right, let's go.

• 20:27Brian Preston?

  We got a little split here.

• 20:29Speaker 05

  Bo and Brian say.

• 20:29Brian Preston?

  Well, let's let Austin go first.

• 20:31Speaker 05

  Austin says news. Why do you think it's news, Austin?

• 20:33Speaker 04

  I think it's news because at the end of the day, if the S and P and the Dow Jones are trading at or near all time highs, that means that the underlying, because the economy and the stock market are not the same thing, and I think we all know that, but good news about the economy tends to drive the stock market. And I think it's a newsworthy headline to know that the economy is trending in the right direction. Therefore, the stock market seems to be trending in the right direction from this headline. So I think it's, this is something I would click on and I'd read more about. I want to know the January manufacturing data. I'd want to, okay, cool. This sounds good. I'd actually click on this story.

• 21:09Speaker 03

  All right.

• 21:10Speaker 04

  Bo?

• 21:10Speaker 03

  I think it's Nick Murray who said, man, if you think that the stock market is high today, wait till you see it 10 years from now. And so I think the market, if it truly is a yo-yo that's going up and down as you go up a mountain, we're always going to be hitting all time highs. So for me, there's nothing actionable in there.

• 21:27Brian Preston?

  Yeah. If you look at the data of bull markets, how long they run versus how short bear markets are, there is a progression where we keep going higher and higher. Nobody knows. Now, look, this is, it's important for you to have an allocation that's good before, during and after that reflects your goals and your mix of what you can handle from a risk perspective. Since I'm already assuming, since you're a financial mutant, you've checked the box on that, there's nothing actionable I can do from all time highs. Whereas it's the inverse of what I said, when we hit 20% down, that's a bear market. There is something I can do and think like a contrarian on that.

• 22:09Brian Preston?

  But all time highs, because markets run for years, there's nothing for me to do. I don't think I kept up the 20 seconds.

• 22:15Speaker 05

  That's all right.

• 22:16Brian Preston?

  I think that's fair.

• 22:17Speaker 05

  Good discussion.

• 22:19Speaker 00

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• 22:45Speaker 01

  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.

• 23:11Speaker 05

  Next one says, "Amazon's latest layoffs add fuel to the white-collar recession." What do you think, news or noise? Beau says news, Brian says news, Austin says news.

• 23:22Brian Preston?

  Oh, man, I thought I was gonna be contrarian. I thought we were all gonna be contrarian. I literally picked that one because I thought I had a good angle. I'll let y'all go first to get on this one because to see, I bet y'all say the same thing. Go ahead.

• 23:30Speaker 04

  I am a firm believer, and we just saw this with like Open Claw over the last couple of weeks. Maybe you guys have seen that or not. But like agentic AI, robotics, like embodied AI is what it's called, right? This is coming for a lot of white-collar and blue-collar jobs. And I think between Amazon laying off 30,000 or 40,000 employees since, call it, over the last six months, and then, you know, we've said the Dow Inc., they laid off, call it, 10,000, 20,000 employees as well. I think this is newsworthy. I think people need to be paying attention. Now, is there an action to take? I don't know. I'm not telling people to take that action.

• 24:04Brian Preston?

  I think there is.

• 24:04Speaker 04

  And if that's like that specific, can't wait to hear. But I think like this is something more people should be paying attention to.

• 24:11Speaker 03

  What do you say?

• 24:12Brian Preston?

  The action is, is that when I read a headline, a headline like this is this, this could be for you to internalize and ask yourself, do I have my own emergency reserves? Am I okay if this thing goes sideways? Because, look, when it rains, it pours. When I, when I wrote Millionaire Mission, I, I shared that, and we, we changed the analogy. And I give Daniel a lot of credit when Rebi and Daniel and I were brainstorming and we came up with rains that pours is because I always tried to create this visual where all the bad actors, meaning that the market gets its teeth kicked in, you go unemployed. It's like all bad news hangs out together and smoke cigarettes together. So it's one of those things where you just need to know all these things are likely going to happen at once.

• 24:54Brian Preston?

  So it's a good wake up call for you to internalize that and say, hey, what's going on in my house so I can tend to my own garden so I don't get caught in a bad situation?

• 25:04Speaker 03

  Only thing I'll add is I agree. I don't think it's newsworthy for the investment part. I think it's more newsworthy for my vocation. Am I in a place where I need to be thinking about what my future career looks like, what my future opportunities look like? I don't want to ignore that this thing is happening if it could potentially touch my world.

• 25:21Speaker 05

  Yeah, that's good stuff. All right, we got a couple more before we head to Q and A.

• 25:25Brian Preston?

  I thought I was contrary on that one too.

• 25:28Speaker 05

  Well, that was fun conversation anyway. Next is erratic behavior of Bitcoin, silver and memory stocks threatens to unnerve the bull market. Whoa, okay, we got some more disagreement. Austin and Brian say it's noise, Bo, you say it's news.

• 25:46Speaker 03

  Here's why I say that's news. Uh, I think that these things are so hot and people are so excited about the cryptos or the sil or the, or the bullion or whatever the thing may be. Whenever there are headlines that show realistically how risky they can be, how much I could, I, I want people to take note of that and recognize, oh, maybe this is not somewhere where I should allocate my dollars. Maybe this is not something I should be playing with because just because it's gone up into the right for a long, long, long, long time. And just because there was a thousand percent rate of return over this small fragment of time does not mean that that will persist into the future. So I think it's news because it should be a deterrent from people jumping on the bandwagon at the wrong time for the wrong reasons.

• 26:29Brian Preston?

  So don't do it with eating money.

• 26:31Speaker 03

  Don't do it with eating money.

• 26:33Speaker 04

  I think that's totally fair. If we think about like, you know, market cycles and business cycles and things like that, I could be wrong here, but how I understand it is when you have these high beta risk on asset classes like a Bitcoin or a memory stock, once they start to experience those climax tops and start to come down, like sure, maybe that could be a newsworthy takeaway of like, wow, where could we be in the market cycle or you know, what's ever going on there. But to me, it's just, just keep going.

• 26:59Speaker 03

  Clicks.

• 27:00Speaker 04

  Yeah.

• 27:01Speaker 05

  That's great. Well, that was fun. I like that we had a little bit of-

• 27:04Speaker 03

  Was that it?

• 27:04Speaker 05

  Oh, come on. I want more of those. That was great. Well, I want to answer some people's questions. Are you okay with that?

• 27:08Speaker 03

  Oh, yeah. So excited for that one.

• 27:10Brian Preston?

  Let's add some value.

• 27:12Speaker 05

  No, I do have some questions queued up for the guys to answer. Also, due to Bo and Brian's personal request, we will be doing a rapid fire segment towards the end of this episode. So if you would like, if you have a question and are watching live and would like it to be answered rapid fire style, go ahead and just write RF at the beginning of your question in the live chat and we will add that to the queue for the rapid fire round.

• 27:37Brian Preston?

  And kooky wise on what gives this makes it unique is that we're still going to keep this at 60 seconds.

• 27:44Speaker 05

  Yes.

• 27:44Brian Preston?

  So we're all math minded people. 60 divided by three, shoo, 20 seconds.

• 27:51Speaker 05

  Oh, man. You guys will have to work together.

• 27:53Brian Preston?

  You saw I failed at it on the first attempt. Let's see what we do on take two.

• 27:56Speaker 05

  All right, we're gonna start it off.

• 27:58Speaker 03

  60 divided by three is 40, 10, and 10.

• 27:59Speaker 05

  You can take a little more time.

• 28:01Brian Preston?

  Come on now. I feel, ooh, I feel, did you see I got attacked? There was a mugging that just occurred.

• 28:06Speaker 03

  I didn't say you were the 40. I didn't say that. Nobody assumed that.

• 28:11Speaker 05

  Can neither confirm nor deny. Okay, let's go on to Jake's question. This is not rapid fire. He says, hey, money guy, I'm 24 with no debt. I'm making 130K a year with a 25K emergency fund and 70K invested. That's 50 in tax brokerage and 20 in Roth. I'm wondering if it's okay to move into an apartment that would take 40% of my income. You may want to recap your home buying rules, guidelines, say your housing expenses really shouldn't go beyond 25% of your gross income. So what do you think?

• 28:47Brian Preston?

  Do y'all want the old man to answer or do y'all want to go jump in first?

• 28:50Speaker 03

  I think I'd like to hear the old man answer.

• 28:51Speaker 05

  Old man first.

• 28:52Brian Preston?

  So first of all, Jake, congratulations. You're doing so well. I see so many great, I mean, you're bearing fruit. So the vine is doing a lot of good things right now, but I wonder if you're paying, if this is 40% of your income, you're trying to live alone in this swanky place. Go get a roommate. I mean, what happened to us all having roommates until we go get married? And so that's me.

• 29:17Speaker 04

  I had six roommates in college.

• 29:19Brian Preston?

  I mean, I love the more the merrier. I mean, that's what I'm, Bo and I joke, I was joking with Bo because he is, I think if we were the same age, we would have ended up being, and we were roommates for a little bit.

• 29:28Speaker 04

  We were roommates.

• 29:29Brian Preston?

  We were moving up here to Tennessee. Y'all, y'all lived with my wife and my family, old big spoon Bo here. But it's, um, I definitely think that there's, you're doing so much right. I hate to derail that because you're in that stacking stage of letting your, your army of dollar bills grow. Um, go get a roommate and all these dreams. Now you're, you're 20% of your income and that seems completely reasonable.

• 29:51Speaker 04

  Yeah, I completely agree. I think the most interesting sort of observation about this is I appreciate how Jake is going to focus on renting versus like, I'm going to go buy a house. I'm going to go put all this money, right? Cause like, I'm pretty sure the stats right now is to show it is cheaper to rent.

• 30:08Speaker 03

  In a lot of places it is, yeah.

• 30:09Speaker 04

  Yeah. Then it is to go buy a house with a massive down payment and figure out, you know, what has to go into that. So Jake, I love your situation. You're absolutely crushing it for 24 years old, 130,000 a year. You've got the emergency fund. That's incredible. Would love to see to their point, that 40% turned to 20 or 25 or somewhere in that range. If it's a roommate, if it's just a different apartment, you don't need, you're 24 dude, what are you living at the Ritz for? Come on, man.

• 30:30Brian Preston?

  That's what I should have said. The Ritz. I like that analogy.

• 30:33Speaker 03

  That's where I was going is, is why, because apartment is just renting. It's a short-term, uh, short-term obligation. Why are you picking a place that's 40%? What's your current rent? What are you paying right now? We have said before that when it comes to buying a home, we do not love it, but we recognize that in some situations, 25% may not be realistic getting the homeownership side of things. And maybe you're early in your career, you have a high income trajectory. And so for the moment, you might have to be at 28% or 30%, but you know, you're gonna get married or you know that you're gonna have a, an increase in pay or whatever. That's different than, hey, you know what? Right now I can voluntarily and volitionally just go pay 40% of my income in rent.

• 31:16Speaker 03

  I think that's likely an unforced error in this case that could be avoided.

• 31:21Brian Preston?

  Go and watch Roadhouse with Patrick Swayze. Not the new updated one that Amazon Prime came out with like a year and a half ago. Go watch the original Roadhouse with Patrick Swayze. Cut out, see if you can find it on TBS because they'll cut out the nudity and all the cussing. Because that version is probably more appropriate for this show. But I want you to note that Patrick Swayze essentially lives in a barn on some land. And you know, and it's very modest and that, and it's still, he was the coolest cat in town. And that's what you ought to go with. You don't have to have the Ritz Carlton place.

• 31:55Speaker 03

  I just think it's hilarious. Like Roadhouse at this point's gotta be what 40, 40 around movie, right?

• 31:59Brian Preston?

  I don't care, but I feel like I am educating the masses here of the younger generation. Cause they're gonna go watch that and be like, I watched that one with Jake Gyllenhaal or whatever.

• 32:08Speaker 03

  Not the same movie.

• 32:09Brian Preston?

  Not the same thing. Conor McGregor, not the same thing.

• 32:13Speaker 04

  No, just to reiterate though, I think it's, it's so important and I really want to hammer this home. As someone who was 24, that was making 65, 70,000 a year in my job, thinking I had made it. And I'm going to go buy this cool car. I'm going to go do this thing at the expense of maxing out my Roth IRA. At the expense of having a fully funded emergency fund. I promise you, you're 24, no one cares for you, where you live. No one cares about your apartment. Like just, if you can get over that ego, the faster you can get over, the younger you are, like you are going to set yourself up for financial success.

• 32:42Brian Preston?

  You can still get a significant other living in the Roadhouse barn.

• 32:45Speaker 04

  I promise that is gonna happen. Yes. Yes.

• 32:50Speaker 05

  No, that's good stuff. All right. Let's move on to.

• 32:52Speaker 03

  Jake didn't even know all the life advice he was gonna get right there. He didn't even know what was coming in his life.

• 32:56Speaker 05

  Honestly, I was hoping that you guys would have some good guidance for it. You did.

• 33:00Brian Preston?

  If somebody in the comments can tell us, is there a way to watch these classic movies without all the other stuff too though? Cause I'm sure there's, and create technology is probably, cause Bo and I had TBS. You know, if you grew up in Atlanta, you had the super station that Ted Turner set up.

• 33:13Speaker 05

  Brian and Bo have a problem that they've sometimes remember seeing movies on TV and didn't realize all of the content that was cut out of them.

• 33:19Brian Preston?

  Go, go watch Love Actually.

• 33:21Speaker 05

  They routinely have this problem.

• 33:22Brian Preston?

  Holy cow. That one will make you blush. If you watch that with the family after you watch it on TBS, it's a different storyline.

• 33:31Speaker 05

  Delightful to see you realize things like this. Um, okay. We do have another question queued up. If you want to do rapid fire questions, be sure to get those in. Just put RF in front of your question. This next question is called Kelvin4659. It says, I was looking at your slide for what qualifies as high interest debt. I noticed that a mortgage was not on the list. What are your thoughts? And just to recap, if you're familiar with the FOO or the Financial Order of Operations, step three is to knock out that high interest debt. So what do you think?

• 34:05Brian Preston?

  Do we have that slide that the content team can throw up there?

• 34:08Speaker 03

  Holy damn.

• 34:08Brian Preston?

  So Austin, this is, this is what Kelvin is referring to and.

• 34:13Speaker 04

  This is a really interesting framework. I appreciate it when people create frameworks and rules like this. And you guys, this is really thoughtful.

• 34:19Brian Preston?

  Yeah. Well, but it's, it's even controversial inside of the Money Guy Show, but it's, we'll save that for another day.

• 34:26Speaker 03

  So Kelvin's ultimate question is, hey, I noticed you say, okay, student loans, if I have that, some interest is high, some interest is low. Credit cards is always going to be high interest. Auto loans, some interest is high, some interest is low, but mortgages were not on the list. And we got this question a lot a number of years ago when mortgage rates were like seven, seven and a half percent. People would ask, hey, is this now step three? If I just bought a house, should I be funneling all my funds there? And we kind of said, no, we do take this position and this stance that mortgages are likely, at least not in our current era, current stage, high interest debt. Why do we say that, Brian?

• 35:04Brian Preston?

  Cause you can refinance and you know, and that's the thing is that there's so many things you ought to be doing with your money. Um, in the beginning that it was more of an allocation of resources. And that's what, look, I think it's still noble. I think that Austin was spot on though, is that you do need to be very aware. Whenever a community you look at, is it better to rent versus own? Because there's still a lot of people out there who have mortgages pre 2020, where their interest rates are sub 4%, their purchase price was a half to, we're getting to the point where 40% of what the market value of things are. So that's why those people who own those houses from that period can have a rent well below where market is.

• 35:46Brian Preston?

  If you had to buy it and you'd be A okay, whereas I don't force it. But I, but I do think that if you're in a house. It's okay if that mortgage is 7% for a moment in time. My first house was six and seven, six and three quarters and I was able to refinance it down and I still think there's going to be an opportunity for that in the future. I really do. I'm an optimist towards interest rates coming down.

• 36:09Speaker 04

  I am too. And I think, I just saw that slide for a second, but something I noticed was it was broken down by the specific thing that was financed. And I think there's something to be had. Oh, perfect. It's back on screen. I think there's something to be had here about differentiating between a depreciating asset that's financed and an appreciating asset that's financed. Obviously, you know, the mortgage isn't mentioned here, but that's an appreciating asset in most normal times. Car loans are the opposite. Student loans, I guess, are kind of in the middle because it's your education, your career, things like that. Credit cards are never good to have. I always kind of thought about this too. It's like, what's that perfect rule? There's no perfect rule as it relates to what is high interest debt, but my framework in my mind is like, okay, where's the federal funds rate? Right now, three and a half to 4%. Maybe you

• 36:52Speaker 04

  add 4% on top of that, call it seven and a half to eight. If it's above that, let's get it off. Let's pay this off. Where if you're sort of in that, you know, if you have student loans that are around the five or 6% range, you're like, okay, well, maybe this is something we can talk through or, you know, prioritize. You mentioned resourcefulness there and using your different resources in a separate fashion. But yeah, I think, you know, if it's above seven, eight, nine, I don't care what it is, pay it off, man. You don't need double-digit interest rate debt.

• 37:17Brian Preston?

  But you do. And look, I hate to put you on the spot, Austin, but if you have a seven and a half percent or 8%, let's just say it's 8% mortgage. Like you did a piggyback loan and you have your second mortgage is eight, eight and a half percent. Would you do pay that down before you funded your Roth IRA?

• 37:32Speaker 04

  No. No, I'd fund that.

• 37:34Brian Preston?

  The rules, this is why we've had a lot of internal discussions.

• 37:38Speaker 03

  Only on depreciable assets. If it's an appreciable asset, you were saying it probably doesn't apply. When it's depreciable, it does. I do think one thing that's really interesting that I've started paying a little bit of attention to. And now, we have to rewind like... Almost 10 years before this was like a thing, but we used to do these analysis for folks when they would go to buy their home, we would look at a 30-year mortgage versus a 15-year mortgage. And there was, at that time, there were some compelling circumstances where, okay, if I go get a 30-year mortgage at 6.5%, but I do a 15-year mortgage at 5% or 4.5%, then that might be a compelling trade-off if the rates are that much more attractive, depending on where you are in your financial journey and what your age is.

• 38:20Speaker 03

  I do think if rates kind of persist where they are now, we may begin to see more of a spread between 30 years and 15 years. What happened over the last decade is they converged so close that there just wasn't a really compelling reason to look at 15-year mortgages. I think if we stay at this level, we're going to start to see more spread there, likely. So it's something to pay attention to, but again, I still love 30-year mortgages. They give you a lot of flexibility, especially if this is your first-time home purchase early on in your financial journey.

• 38:50Brian Preston?

  Yeah.

• 38:51Speaker 03

  But if you are buying that second home, upgrading, trading up, I don't think it's crazy if the rate differential is there.

• 38:56Brian Preston?

  And don't sleep on the fact, go through our checklist. Go to moneyguy.com/resources because you also need to make sure you go through the other elements. We're talking about the component of interest rates and financing terms, but how long you're going to stay in the house? There's a lot of elements and we give you the checklist of all the things you need to be considering.

• 39:14Speaker 04

  Yeah, I mean, we hear this phrase all the time, personal finance is personal, and you are the only person that can make those decisions for yourself. And it's our jobs to give them the tools and resources and educate them, but at the end of the day, they're the ones up to make those decisions.

• 39:26Speaker 03

  Love it.

• 39:27Speaker 05

  All right, next question is from Brandon H. It says, "Hi team, should I take out a 25K loan at 2.99% interest rate for investing in a long-term brokerage account? I'm 29, on step 7 or 8 of the FUE, 95K salary, trying to build a house in two to three years. Is this a good idea?"

• 39:51Speaker 04

  Where are you getting a $25,000 loan at 3%? First off, that's interesting.

• 39:55Speaker 03

  Yeah, what?

• 39:58Brian Preston?

  Here's the thing, I'd also, he left off, how long is it locked in at that?

• 40:03Speaker 05

  Yeah.

• 40:03Brian Preston?

  2.99. And then I'm always a little leery, especially when I find out somebody is making close to a hundred grand. I think there is more benefit and dividends to figuring out how you get your savings rate to 20, 25% as fast as possible. So you can make it automatic for the people, always be buying. I don't like gimmicks like this because usually this is the same, same thing as on our previous question where it was talking about credit cards. Cause financial mutants, we all think we're so smart. We say, but the credit card companies offer me 0% on, on my credit cards right now. And I'm like, yeah, cause and I, and I said it earlier and I'll say it again, the dope man gives you that first hit for free. Uh, because they're trying to get you hooked and then they're hoping that you

• 40:47Brian Preston?

  fall, uh, fall off into the ditch and you, and you have an addiction and you're doing it all wrong. It's the same way with debt. And I always worry that these introductory offers, the same way you go fill your house full of furniture and they won't even make you pay interest for five years, according to the commercials. But then if you go read the fine print, you find out if you have any hiccup, they're waiting there like the grim reaper to, to just take you down. So I would rather you focus on the positive behavior that doesn't require debt than trying to count on some introductory offer and leveraging up right off the get go. I always like leverage, like when I get into residential rental property and things like that, that's more of a step eight of the financial order of operations

• 41:26Brian Preston?

  than somebody who's 29 years old, um, trying to, to leverage, um, to, to get an arbitrage built.

• 41:33Speaker 04

  And I think to add on top of that, Brandon, something, and again, maybe you are insanely disciplined and this is not going to take place in your situation. But if I was a betting man, I would bet if, if you were to go borrow this $25,000 at a 3% interest rate, you might get a little weird about how this money is invested. You're going to see it go up and down. Oh my gosh, no, wait. So, you know, oh my gosh, how much, what's my payment? It's down a little bit. So I'm losing money. Should I pay it back? Do I sell it early? Like, I think that you're going to get really emotional, even if you did this. So in my, don't do this, dude. Literally go find, to your point, Brian, that 20 to 25% in your budget. Go invest that. Go, you know, do everything you're supposed to do and do not

• 42:17Speaker 04

  build, wealth is not built at this early stage on debt. It's built on discipline.

• 42:22Speaker 03

  My question is why? Yeah. Here's some things I know about you, Brandon. You make $95,000 a year. You're 29 years old and you've already said that you're in step seven or eight, which tells me you're saving 25% for your future. Why lever that up? Why take on more risk than absolutely necessary? I was trying to think of an analogy and I came up with a dumb one that doesn't work real well, but I'm gonna say it because I can. If I don't put my seatbelt on when I get in my car, technically I can get to my destination faster. I don't have to worry about buckling, I don't have to take it off. But is the marginal increase in speed at which I will arrive at my destination by not doing that, worth the risk that I'm gonna take on?

• 43:04Brian Preston?

  Yeah.

• 43:04Speaker 03

  Absolutely not. We're talking about small sums. If you are already saving and already doing the thing that you want to do, you're basically, you're not exactly rounding third, almost home. But man, you are far along in the base path. At this point, why do you want to start showboating and adding risk unnecessarily? That could likely, more than likely derail your plan unnecessarily.

• 43:31Brian Preston?

  So what I love about doing a live show is that we have, and Brandon's out in the audience and he's gave us more, more context. This is a loan for military officers. So thank you for your service. Exactly. Thank you.

• 43:46Brian Preston?

  I still, I don't think it's necessary. You know, this is, this is one of those things where it intrigues you, the financial mutant inside of you. But this isn't where your wealth is necessarily. This isn't the foundation block for it. It's really, it's exactly what Austin said. It's the, the discipline of setting up those automatic for the people type behaviors that is going to take you to the next level. You know, because that's the other thing, as a military officer, I, I don't know, you know, I don't know what you have going on in your house. You didn't say you had kids. I don't think they had kids. They weren't trying to do other things. So you probably already have your own arbitrage situations that your, your housing subsidized and other things. I bet you can get to 20, 25% even.

• 44:26Speaker 03

  He already said he's in step seven and eight. He said he's already there.

• 44:28Brian Preston?

  So that's why I think this is something that you look back, you go, what? Just because you can, doesn't mean you should. Uh, on the, there's a lot of things for financial mutants that you learn that is it's, it's, reminds me of, you know, the siren song, go do this, you know, because it's not really gonna make your life any better.

• 44:48Speaker 05

  No, it's great. Um, thank you for all the questions. Uh, we love hearing what's on your mind. So keep them coming. And right now we are going to keep them coming, but even faster. It is time for our it does not depend rapid fire segment. So the rules of this segment are all three of you combined have 60 seconds to answer the question and you cannot use the words, it depends. So that's one of the rules, Austin, because they struggle with that. They like to say it depends.

• 45:14Brian Preston?

  So personal finance ain't personal on this one. Okay, here we go.

• 45:18Speaker 05

  Now.

• 45:18Brian Preston?

  It's absolute.

• 45:19Speaker 05

  Their consolation prize is that at the end of the rapid fire, we will have our maybe it does depend segment where you can air any grievances or add to what you didn't get to say during rapid fire, if you so please.

• 45:32Speaker 04

  I'm so excited.

• 45:33Brian Preston?

  So do we have a non, do we have like the um, non rights? Cause we can't play Ah the Tiger. Nevermind, keep going. Just visualize.

• 45:43Speaker 05

  You can't have that queued up and we probably don't have the rights.

• 45:46Speaker 03

  You want a soundtrack?

• 45:47Brian Preston?

  Dun dun dun dun. That probably doesn't get us in any trouble. We don't get sued for that. Now we're ready. Let's do this thing.

• 45:53Speaker 05

  You can sing as much as you want. Okay. For the record.

• 45:56Brian Preston?

  Look, you don't want to mess. I learned at an early age Crosby, Stills and Ash and Young. You don't, you don't use music on your podcast. They get you. Cause you can do.

• 46:06Speaker 05

  All right, here we go. First rapid fire question. Why can't Roth funds be used as an emergency fund?

• 46:15Speaker 03

  Because they're for retirement.

• 46:17Brian Preston?

  Yep.

• 46:20Brian Preston?

  Technically they can.

• 46:23Brian Preston?

  But you shouldn't.

• 46:24Speaker 04

  Because you already have an emergency fund. The, the point of the emergency fund is to ensure that you are one, not swiping your credit card and two, not cashing out money that's already invested for you in your retirement accounts. Right? So no, you already have an emergency fund. You're good. You don't need to go cash out your Roth IRA principal. Yeah, whatever. It's like, you know, pull it out without, you know, penalties. I get that. But at the end of the day, you already have an emergency fund for this.

• 46:46Brian Preston?

  I felt like we did this like the Dapper Dan's.

• 46:48Speaker 05

  I mean.

• 46:48Brian Preston?

  Because we didn't take our times. It's just like, one of us played the bass, one of us was the alto. And we're like, no, this is what, this is how we did it.

• 46:56Speaker 03

  Is that a, that's a cappella group?

• 46:58Brian Preston?

  Yeah. Disney. If you go, if you're on Main Street in Magic Kingdom, you'll see the Dapper Dan's.

• 47:03Speaker 04

  Have you ever done the drink around the world at Upco? I just did that last year. It was a lot of fun.

• 47:07Speaker 03

  I have drank, I have not done drink, drink around the world.

• 47:11Brian Preston?

  Not all at once. I'm not all at once, but I've seen, I've been in Epcot enough that I see the people wearing the shirt that on display are letting us know, hey, be careful of us because we're drinking around the world.

• 47:23Speaker 05

  Love it.

• 47:23Speaker 04

  For the record, I was not wearing one of those shirts.

• 47:26Brian Preston?

  You should have. If I was gonna do it, I need a shirt.

• 47:28Speaker 05

  No, I have heard people, a lot of people say that.

• 47:30Speaker 04

  Where's like a construction.

• 47:31Brian Preston?

  Hey, when we do our Money Guy takeover of Disney, we'll all have some shirts.

• 47:36Speaker 05

  Good to know.

• 47:37Brian Preston?

  What I have.

• 47:38Speaker 03

  I just started saying that we're drinking.

• 47:40Brian Preston?

  No, no, here's the thing. If I did it though, we would all like, we would do half drinks. You share drinks. You, everybody pairs up to a buddy.

• 47:47Speaker 04

  Yeah, no, that's what my fiance and I did. Yep.

• 47:49Speaker 03

  Oh, look at that. See, that's the responsible.

• 47:51Speaker 04

  That's how you get through it. If you don't do it that way, you're doomed.

• 47:53Speaker 03

  Way to do it.

• 47:54Speaker 05

  Love it.

• 47:55Brian Preston?

  That way you can cap it off with Guardians of the Galaxy at the end of the night.

• 47:59Speaker 05

  All right, wanna get back to some rapid fire? Next one is, within eight-year age gap, 26 and 34, what ages do you use planning for retirement?

• 48:12Speaker 04

  Wait, do you use?

• 48:14Speaker 05

  He almost said it.

• 48:15Speaker 03

  Oh, man. All right, so.

• 48:16Speaker 05

  He almost said it.

• 48:19Brian Preston?

  The easy answer is the oldest person's.

• 48:23Speaker 04

  Oh, I understand the question now. Yeah, no, that makes a lot of sense.

• 48:26Brian Preston?

  That's, that's gonna be the most conservative answer, cause it makes time happen faster. So that's gonna be the easy answer is base it off the old person.

• 48:33Speaker 03

  And they're specifically asking what number to use for retirement, not how to calculate like, any of the formulas, like where they are, average accumulator, any of that kinda stuff.

• 48:43Brian Preston?

  We can come back to the it depends section and I have a lot more feedback, but I can give you the oldest person if you need an on the cuff answer.

• 48:49Speaker 05

  It's not abundantly clear, Bo. They were asking about retirement.

• 48:52Speaker 03

  Question one more time.

• 48:52Speaker 05

  Within eight-year age gap, 26 and 34, that, what ages do you use for planning for retirement?

• 48:59Speaker 03

  Oh, yeah.

• 48:59Speaker 05

  So I think it kind of encompasses a lot.

• 49:01Brian Preston?

  The, the, it's really more of the person's age and what's the date of the actual retirement.

• 49:06Speaker 03

  That's right. Hey, we'll retire in 30 years.

• 49:10Speaker 05

  Great. Look at that. 60 seconds, 60 seconds is too long. You guys better.

• 49:13Speaker 04

  We gotta, we gotta.

• 49:14Speaker 05

  We're gonna spin up a lot of challenges on this, I think, in the future. Next question says, what age or amount of money should you have before consulting a financial advisor? Follow up, how do you find a good financial advisor?

• 49:29Speaker 04

  I'm not going to step on any toes.

• 49:32Brian Preston?

  Greater than $500,000 and you go to moneyguy.com and go to work with us.

• 49:40Speaker 03

  Yep, I love all those things. The only thing I'll add to that slightly is it depends on what kind of services you're.

• 49:44Brian Preston?

  You just said it.

• 49:45Speaker 03

  You said it depends.

• 49:47Speaker 04

  All right, let me jump in then. Here's my quick thoughts. I think a lot of people make the mistake of thinking they need $10,000, $50,000, $100,000 to get started with investing. You don't. You can start with $10. You can start with maxing out your Roth IRA, contributing to your employer's 401k, right? Things of that nature. But I think when it comes to a financial advisor, in my humble opinion, the biggest, beyond just them helping you with strategy, help they can provide is the emotional sort of support that comes with investing in the stock market, which goes up, down, left, right, and in circles over a long period of time. They're going to keep you in the markets for longer.

• 50:23Brian Preston?

  Look, I've tried to keep this as simple as possible. While your life is simple, come to us. When your life gets complicated, it will with success, then you know you've graduated.

• 50:31Speaker 05

  I gave you three extra seconds. You're welcome.

• 50:33Brian Preston?

  I know.

• 50:33Speaker 05

  We'll come back to that one and then.

• 50:34Speaker 03

  I have failed every time we've done rapid fire. Every single time we've done it, I have screwed it up.

• 50:39Speaker 05

  It's wild.

• 50:40Brian Preston?

  You know how good we'd be if we did that shock collar thing? It would have been so good. And maybe even give me the button.

• 50:47Speaker 03

  Do not give him the shock collar button.

• 50:50Speaker 05

  No, if we do that, I get the button.

• 50:51Speaker 04

  Every time you get a new subscriber, it just kind of gives you a little.

• 50:53Speaker 03

  Oh, man.

• 50:54Speaker 04

  Everyone's gonna just.

• 50:56Speaker 05

  All right, let's do a few more rapid fire before we have our, you know, discussion time to end. What age or amount of money should you have? Oh, I just read that one. Shoot. All right.

• 51:08Speaker 03

  I'd like to take this.

• 51:10Speaker 05

  You don't get another chance. Morning. Currently in step five of foo. When trying to build wealth with a spouse, is there a way to combine accounts to optimize compound interest? What's the ideal for a couple to do?

• 51:28Speaker 04

  Go ahead.

• 51:29Speaker 03

  Compound interest will say the same whether your accounts are together or not together. That's where the mathematics work. If you have two $100,000 accounts or one $200,000 accounts, the math is the same. Now, what's the optimal strategy?

• 51:46Brian Preston?

  No, no, you definitely use the financial order of operations. Use the financial order of operations because one spouse might have a just kicking 401k that allows you to maximize step six in a really good way. So you load that up. Both of you probably want to have Roth IRAs, but you have to make sure you have the right account structure. That's why the financial order of operations is the all-terrain vehicle to get you there.

• 52:12Speaker 04

  Hundred percent. Yeah, I think just as someone who's getting married in May of 2027, I can't wait to Congratulations. Thank you so much. Can't wait to combine my finances with my spouse and it's gonna be, it's gonna be awesome. That is how people build wealth.

• 52:26Brian Preston?

  Can I ask Austin a question? This is, this is a trend.

• 52:30Speaker 03

  He has 60 seconds to answer.

• 52:31Brian Preston?

  This is, this is a trend. It doesn't have to be, but I've noticed all my friends who are getting, because I have a lot of friends with adult children getting married now. When I got, when I dropped the ring, when I did the ring with my wife, it set a clock for six months. But I noticed all marriages now are over a year. Now, I've heard this weekend from a dear friend, like the venues are booked even for over a year now. So is that what's going on? Why, I'm just curious why trends are, is that, I'm just an old school guy.

• 53:00Speaker 04

  No, I, it's funny. I don't mean to get weird, but yeah, so I got engaged June 4, 2025. My dad died July of 25 and so it was pause on all wedding planning.

• 53:12Brian Preston?

  I get that.

• 53:13Speaker 04

  And then in October of 2025, it was let's go now, think about the wedding and the only types of venues that were available were ones we just really didn't want or. They were available on nine 11 of this year, which is a Saturday or Halloween. I didn't want to get married on either of those days.

• 53:31Brian Preston?

  Too hard.

• 53:34Brian Preston?

  Do you see what a growth opportunity it is if you open up a wedding? It really is. Because that's what I've heard the same thing from dear friends.

• 53:40Speaker 04

  And so then I flipped it forward to the spring of 27, May 8 is when we're going to get married. And it was like the last day at this venue, it was that or it was Juneteenth. Like there are some of these venues are really, really in high demand. Yeah.

• 53:54Speaker 03

  You were only engaged for six months?

• 53:57Speaker 04

  Yeah.

• 53:57Speaker 03

  I was a year. We were almost a year to the day. How long were you engaged for?

• 54:00Speaker 05

  Oh, I was short. We were like four or five months. I'm weird. None of my friends were like that. None of my friends were like that.

• 54:08Speaker 03

  Old, young body. I thought year was the standard. I thought like one year was like the thing.

• 54:13Speaker 05

  Pretty common. Yeah. In my circles, anyway. I don't know.

• 54:15Brian Preston?

  Okay. Thank you all for going on the sidebar. I blew up.

• 54:17Speaker 05

  No, thanks for sharing, Austin. I know, not financial, just talking. I guess it is weddings are financial. We could go into that too.

• 54:23Brian Preston?

  Weddings are very financial.

• 54:25Speaker 05

  The venue situation is very financial too, let me tell you.

• 54:28Brian Preston?

  Industry that makes money off of those emotions.

• 54:30Speaker 05

  Yes.

• 54:31Brian Preston?

  Oh goodness.

• 54:32Speaker 05

  Yeah. No, when you're only engaged for four or five months, the venue is very limited, which I didn't totally mind, to be honest. I was just like, whatever is available.

• 54:41Brian Preston?

  I'm from South Atlanta. Let me tell you, those venues, they make it happen.

• 54:45Speaker 03

  Plenty of venues.

• 54:47Brian Preston?

  There's much demand.

• 54:48Speaker 05

  Let's do a few more rapid fires before we close this out. It says, I'm at Foo step five completed, working towards steps, Foo step five completed, working towards step six. But the car payment is $935 at 4.74 APR and that I didn't use the 23 8 rule to buy. Should I start paying this thing off or consider it low interest at age 31?

• 55:17Speaker 03

  Take good notes.

• 55:18Brian Preston?

  I know. Usually we get stuff on there, but I know.

• 55:21Speaker 04

  I would, I would really want to know how much you still owe on this car. Obviously Foo, go check that out. Make sure you follow everything they, they share with Foo. I think it's, it's an incredible roadmap. But at the end of the day.

• 55:34Speaker 04

  If you're going to have a ton of money you owe, I think, on this car, and you already have that sitting in cash and maybe like a bridge account, a taxable brokerage account, something of that nature, and you can say, hey, I'm not gonna, I'm gonna go free up a thousand dollars a month by paying this off a little bit early, I'm all here, I'm here for that.

• 55:49Speaker 03

  I would do the math to recalculate, what would it take to get this inside of 238? So, based on the interest rate, I think you said 4.75%, based on $935 a month payment, if, based on when I bought it, if I wanted to get it inside of the 238 structure, what would the mathematics for that look like?

• 56:09Brian Preston?

  I was gonna say, get it back within 238, go back and do the exercise, but what I loved there was Bo's Micro Machines voice.

• 56:17Brian Preston?

  I mean, he, I listened, did you hear how he sped it up? I was like, man, oh, man, if you're running that at double speed, you're, it's cooking.

• 56:24Speaker 04

  The chipmunks.

• 56:25Speaker 05

  All right, let's do one more, uh, this is a fun one. Favorite finance books in addition to Millionaire Mission, because that is our favorite.

• 56:32Brian Preston?

  There we go, let's go.

• 56:35Speaker 03

  You go first.

• 56:35Speaker 04

  Sure, um, I will say 100 Baggers by Christopher Mayer is a great book. I really like The Little Book of Common Sense Investing by John C. Bogle.

• 56:46Speaker 04

  And I also enjoy Millionaire Next Door.

• 56:52Speaker 03

  You go.

• 56:53Brian Preston?

  Well, I mean, everybody knows mine, because I always say the two books that shaped me initially were Wealthy Barber and The Millionaire Next Door. And that's why I love what I did with Millionaire Mission is because I felt like I kind of paid respect to both of those powerful books, because I gave you, not a narrative form like Wealthy Barber, but I definitely walked you through my life story, um, and how I've kind of came across, came across Financial Order of Operations, and, um, but then I put in the analytics of The Millionaire Next Door.

• 57:21Speaker 03

  Yeah. Millionaire Mission, uh, How to Win Friends and Influence People, I'm trying to say one that hasn't been said.

• 57:25Brian Preston?

  That's a good one, too.

• 57:26Speaker 03

  Even though it's, doesn't seem like it's a financial book, it absolutely will impact your financial life if you take what that book says to heart.

• 57:33Brian Preston?

  Great time. Look at that.

• 57:35Speaker 05

  I know.

• 57:35Brian Preston?

  I didn't think I left him much time. I only left him like 16, 17 seconds.

• 57:38Speaker 05

  You didn't, yeah.

• 57:38Brian Preston?

  So, well done.

• 57:39Speaker 05

  All right, we have now come to the end of our It Does Not Depend Rapid Fire segment. So, let's go back.

• 57:44Speaker 03

  I took notes now.

• 57:45Speaker 05

  You almost said it depends a couple of times, Beau. So, what do you want to set the record straight on?

• 57:50Speaker 03

  Well, let's go in order. First, anything to add to the age to retire? There's a 26-year-old, 34-year-old. How do I decide on retirement age? Austin, you said you had some stuff you wanted to add.

• 57:58Speaker 04

  I did. I just wanted to add real quick. I appreciate them doing this breakdown of trying to figure out, you know, who's sort of path and all that fun stuff. But I also think a fun exercise would be trying to figure out, we all know what the 4% rule is. I think a fun exercise would be trying to figure out your freedom number and by how quickly you can achieve that, right? So, maybe there's a world where you can retire at 48 or 52 or 56 before you tap into these retirement accounts. And so, just taking the time there to say, okay, you know, how much wealth can we build in a 10, 15, 20, 25, you know, year period of time here? What does the 4% rule look like in this? Do we have it in the right accounts where we can touch this penalty free? I think thinking about it holistically, not just having a age here, age here, and who should we kind of think about,

• 58:43Speaker 04

  is a great way to approach it. And also, if you guys are married, it's like everyone's money. So, it's not like, oh, this person has money in this account. I mean, it's, think about it as a unit.

• 58:51Brian Preston?

  When I'm doing financial planning, one of my favorite things that I like that we do for clients is that you'll see a key dates page, just what we do in retirement planning. And we'll have, you know, for both spouses, we'll have dates of access. But we'll also have the dates that they each plan on retiring. And you can kind of start very quickly seeing where the intersection points are with social security, with, you know, 59 and a half, 55, if they're part of a 401K. That's what, that's what I love about doing a plan is because you kind of start seeing all the movable pieces and you make a... A dream into an actual actionable plan.

• 59:31Speaker 03

  Love that. I've got nothing to add to those. Those are great. The next question though was, and I got some thoughts on this.

• 59:37Speaker 05

  I know you do.

• 59:39Speaker 03

  When should I hire a financial advisor and how do I find one?

• 59:43Speaker 05

  It was like, this is my question.

• 59:44Speaker 03

  What I was going to say is it depends on what you're looking for because not all financial advisors are created equal and not all services they provide are the same. Are you looking for something that's like a one-time transactional thing? Are you looking for just investment management? Are you looking for like a more total view of your financial life to make sure all the pieces fit together? Cause at different pieces, parts and stages of your financial journey, you might be looking for one of those things. So first you need to find what am I looking for? And then you can decide, okay, well, based on what I'm looking for, I'm at the stage where that makes sense. I love what Brian said. If you're someone who's looking for like a holistic look at your entire financial picture, understand all the parts and pieces of your life fit together.

• 1:00:26Speaker 03

  We usually see that start to make sense once someone has 500, 600,000 dollars of investable assets and some complexity in their life where they're like, man, I just don't know the things that I don't know. Now, there are other people earlier on in the journey and in our opinion is there's tons of free resources and blogs and podcasts and all kinds of things out there that are amazing resources. You can do it yourself, but some people want something slightly more than do it yourself. And there are solutions out there available that bridge that gap between, okay, I'm going to do it myself. And okay, I'm ready for like the full holistic view of my life. And so you have to figure out where you are and what you're looking for. In terms of

• 1:01:06Speaker 03

  how to find that, we have a great resource on the website. If you go to moneyguy.com/resources, it's eight questions to ask your financial advisor. No matter what type of advisor you're thinking about, you should ask them these questions. Hey, how do you get paid? What are your conflicts of interest? How do I know you know what you're talking about? Because you want to make sure, once you've defined what it is you're looking for, that the person on the other side of the table has set it to deliver that thing that you're looking for. So it's a free resource. Go out there, check that out and use that as sort of like an interview guide as you're having these conversations.

• 1:01:39Speaker 04

  I absolutely love that because to your point, unfortunately, there are financial advisors out there that are predatory if it's with their fees, or maybe they're not fiduciaries. Like a lot, they get paid on the backend by different types of funds that they recommend, right? There's a lot of little things that people don't understand as it relates to how some of these financial advisors get compensated and then why they're wanting to put you in specific products. But I could not agree more, and I think it's really interesting. I want to get y'all's perspective on this as you all are doing this. We've seen companies that are offering, you mentioned the transactional stuff, right? For $250 an hour, a fiduciary will sit down with you and sort of go through the motions. Or I think, you know, I'm not going to name the name of the company because they're not sponsoring, but you know, there's companies out there that will, you know, hi, give us

• 1:02:23Speaker 04

  3,000, we'll give you a whole financial picture, like things like that. So how, how is that, is this a new trend you guys are seeing? Because you guys have been in this space a lot longer than I have.

• 1:02:32Brian Preston?

  Look, there's been disruptors, and it's just kind of the same thing with what's going on with AI right now, too. Is everybody, you know, first it was the hourly advisors are going to replace you, and then it was the robo-advisors are going to replace you. Now everybody talks about AI. At the end of the day, for me, it comes down to the execution of the planning because it's easy to create a somewhat coherent plan. It's another thing to actually turn a plan into the execution of something that creates meaningful change in people's life. And I was having a conversation with another advisor yesterday, Rebby was on that call with me, too, and we were talking about it. He was like, yeah, it's the same thing. That's what, because we were kind of talking about trends that are going on. He's like, I had a wire transfer that, you know, it was like 10 calls to make sure this

• 1:03:16Brian Preston?

  wasn't a crooked transaction. And I think about how we have to massage the paperwork for so many of our clients on how you do key transactions when you're consolidating health savings accounts and when you're doing Roth conversions, when you're actually reviewing the tax returns for clients before they hit the file this, because you might know, you, the advisor, might know more about the investment transactions or the interaction of all the investment income with IRMA or social security than even the tax preparer does. So all those things kind of come into play. So it's back to the execution. Now, maybe we get to the point, but I get excited. I even have an optimist. I'm just a natural optimist. That I think even if this thing can do execution down the road,

• 1:03:59Brian Preston?

  I think that just means that now we can service and more people because right now my restrictions as a financial advisor, that's one everybody picks on, especially us who choose the relationship side of things through AUM. I always say you have to realize we really do adhere to the Dunbar principle that humans just can only handle so many relationships well. And I can only work with so many people in my time. We have more people that want to work with us than we can actually do. So we have to put governors on how we structure that. So I get excited from the technology standpoint. If something allowed us to actually reach more people, yeah, maybe that compresses the cost to some degree, which even opens it up from a cost, you know, if it's supply, demand, if we, and the pricing of the flexibility of all that,

• 1:04:43Brian Preston?

  the malleability of all that stuff, I get excited that we're not even seeing what could be. We're all thinking about the destruction when I see that there potentially could be access to more people. Cause my goal always has been with this show is to be an educator and see if we can get more people making better decisions. So I get, that's why, that's why we can just give it away. I remember y'all, I've been doing this so long that you should know that when I first started going to conferences, it's probably 2009, 2010, and I'd go to these conferences and other financial advisor back, you're just giving it away. Aren't you scared that that's hurting you?

• 1:05:20Speaker 04

  Radical transparency.

• 1:05:22Brian Preston?

  Yeah. And I'm like, no, I was like, cause I just, I think that this is, the education is so powerful. We can, and I know that the complexity is going to be there in what we're sharing. So I've never been burned by being super generous and having this optimist mindset. And I think that we'll be okay. And plus the sense of community, you guys know every, you come here every Tuesday because you know that financial mutants are different and we're leaning into how we can expand that community element even more. Cause we want you guys to be able to connect. We want you to be able to connect with us. And that's something that no machine is ever going to be able to replace is how do we all get together and feel that human element that makes it so special.

• 1:06:05Speaker 03

  Love that.

• 1:06:06Speaker 05

  Love it. No, I do. This has been really awesome. Thank you so much for joining us every Tuesday at 10 a.m. Central. We'll be back next Tuesday. And until then, make sure you check out moneyguy.com because we have tons of free resources, calculators, and articles, all going deeper on things that we discussed today and more. So moneyguy.com. Austin, thanks for being with us today.

• 1:06:28Brian Preston?

  Yeah, let them know. If anybody wants to know about your stuff, you get to lay it out there.

• 1:06:32Speaker 05

  Yeah, where can they find you?

• 1:06:33Speaker 04

  Every Monday, Thursday, and Friday, we're publishing new episodes of the Rich Habits Podcast on Spotify, on YouTube, on Apple. Go check out the Rich Habits Network, a place for our biggest fans to have extra coursework, have, you know, participate in weekly live streams that my co-host and I have. Go check out gritcap.io, which is the URL of my newsletter called Rate of Return, and just check out Austin Hankwitz on the internet.

• 1:06:59Brian Preston?

  Guys, we have a blast. I think you can see.

• 1:07:01Speaker 04

  Thanks, everyone. So fun. Yeah, this is great. Can't wait to do it again.

• 1:07:04Brian Preston?

  This was a lot of fun. I'm your host, Brian, joined by Bo and Austin Rebe. Rest of the content team. Money Guy, out.

• 1:07:14Speaker 03

  The Money Guy Show is hosted by Brian Preston and Bo Hanson. Brian and Bo 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.

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