Do This Today If You Want a Successful Retirement

We're sharing 5 key insights from retirees with facts to support them. Based on the data, we then provide key takeaways and how you can prepare for your great, big, beautiful tomorrow right now. After that, we answer your financial questions covering a range of financial topics - including a rapid fire segment that really turns up the heat (and even includes a thrown pen)! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠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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• 0:36Brian Preston?

  You want a successful, you want a successful retirement? Lean in and we're going to hook you up today.

• 0:42Speaker 02

  Lean in is right, isn't it? Brian, I am so excited about this because we know like when it comes to retiring, we obviously want to like crunch the numbers and we want to figure out the mathematics of it and want to think through those pieces of it. But what we have found is that there are more things at play and more things that you should be aware of in order to have a successful retirement. And we want to dive into those things today.

• 1:06Brian Preston?

  Wait a minute, you mean there's more than just the nest egg amount and the safe withdrawal rate? What else could there be?

• 1:12Speaker 02

  What else could there possibly? So today we're going to look at some, some tips and some insights from actual retirees, folks who have actually done this and said, hey, this is what's allowing us to enjoy our retirement. We're going to talk about some things to avoid to, uh, to not make your retirement something less ideal than you want it to be. And I think the first one, this one, it seems kind of interesting when it comes to like, there was a study done by MassMutual on like, uh, the happiness level of retirees. And they asked them a number of questions and one of the, one of the responses they got from the retirees they surveyed was that retirement is better than working.

• 1:53Brian Preston?

  Yeah.

• 1:54Speaker 02

  That's, that's, Brian, I'm curious to know, how do you feel about this one? Because I, I struggle with this one a ton.

• 2:01Brian Preston?

  Well, I think we have a bias. I mean, cause we, we have, we like our jobs. I mean, but I think that for the majority of people, when you see all the happiness studies. A lot of people are in jobs they don't love. So it's not surprising to find out that 67% of retirees are actually happier on a typical day than they were when they were out there in the workforce.

• 2:20Speaker 02

  So it's pretty, you know, it's a majority of folks, but it does leave a swath of people that it sounds like are probably unhappy. And the questions on the survey went on and what they found were 47% of retirees that said they're not happier in retirement identified that they were lonely. They said that, hey, one of the reasons why I'm not happy in retirement is because I'm not surrounded by people the way that I was when I was working. And we talk about this all the time, Brian. For our folks that show up here every day, it's a Money Guy Show or to abound wealth. It's kind of like your work family, right? Like it's the people, oftentimes you spend more time with the people at your nine to five than you do with the people that sleep under the same roof.

• 3:02Speaker 02

  And when that's gone and when you lose that social structure, it's really easy to feel isolated and alone.

• 3:09Brian Preston?

  Every, every bit of happiness research I've ever done when I was writing Millionaire Mission or, and even some show content, relationships is a big part of what drives that. So I would write now, if you find out that your work structure is all of your social structure as well, go ahead and start making steps or strides to figure out what's next. You know, kind of build to what you're going to. So that way you don't fall into that, that category of being retired, lonely and unhappy. Cause I think a little preparation can help offset that.

• 3:38Speaker 02

  I love what you said right there. Know what you're retiring to, not just what you're retiring from. Another takeaway that came from the survey, again, the survey was what makes a happy retiree? And one of the things that kind of kept coming up in the survey was this idea of health. And the takeaway was you should, right now, whether you're retired or not, you should begin to prioritize your health, starting today.

• 4:04Brian Preston?

  Yeah. I mean, this is one, I, I say it all the time, health is wealth because I mean, having a front row seat to not only success, but to seeing how people retire. One of the biggest things that breaks my heart is when everybody puts all of what they perceive as their Happiness or what will be their happiness or fulfillment into the future and then they get sick. I mean, that and that happens. So that's why you have to invest in your health now. And that's why if you look at the stats here, nearly half, 49% of retirees who are happier in retirement are those who planned ahead and they definitely prioritize making sure they were healthy.

• 4:41Speaker 02

  So they are happy because even before they got there, they put in the time, put in that effort. And then with this study, they asked the retirees, hey, what are the things that concern you? What are the things that you're worried about? And 34% of all retirees that were surveyed said that one of their biggest issues is their health. It's one of the biggest concerns that they have. So the earlier you can begin prioritizing that, the earlier you can begin riding that ship. If you're not where you need to be, likely the more enjoyable, the easier those later years in retirement are going to be.

• 5:14Brian Preston?

  So the big takeaway, hand in hand, you need to think about not only deferred gratification and saving for the future, but also let's go ahead and focus on the health is wealth. And you know, cause what's the worst thing that happens is that you've learned, you've learned.

• 5:28Speaker 02

  Oh, I'm too healthy.

• 5:29Brian Preston?

  I actually, well, you actually love exercising. I didn't, if you'd have told me 20 years ago that I would have enjoyed exercising. Now there's all these nuts like Beau who've from Jump Street thought that they loved working out. But some of us, it takes a little bit of adoption to figure out that, hey, this, this healthier lifestyle actually sticks.

• 5:44Speaker 02

  I love it. Another, the, the next point that they kind of pulled out of the survey, I think was, was one, it's a little bit of a money guy echo, even though it flies contrary to what a lot of people think. And the idea was, is that you don't want to wait to live your life. We love deferred gratification. We love thinking about sacrificing a little bit of today for tomorrow, but we don't want to sacrifice all of today for tomorrow, for exactly what you said. We don't know what tomorrow holds.

• 6:11Brian Preston?

  Well, we just, we just had recorded a, a, a making a millionaire yesterday. And I was thinking, and I don't know that I highlighted enough, that there's a fine line between financial mutant and financial miser.

• 6:23Speaker 02

  That's right.

• 6:24Brian Preston?

  And I think sometimes us mutants, we think that, hey, we're going to live our best life in the future. So we're going to just lock ourselves. Sells down. No, that's more miserly than that is mutant because I want you to bedazzle your basic life. Go out there and travel. You don't have to spend a ton of money to still create incredible memories because what I think is interesting, if you compare and contrast what people think they'll do in retirement versus what actually happens, it will make you take action today.

• 6:50Speaker 02

  Yeah, it's really interesting. The survey asked, okay, what are the top activities that you imagine you're going to do when you retire? And 79% said travel. 71% of the respondents said they were going to exercise more and then 71% said that they were going to spend time with others. So that's what people that are not retired thought that they would be doing in retirement. And then they asked the question for the current retirees, hey, what do you actually spend your time doing? Where are your efforts going? 83% said it's watching movies and TV. 67% said time with loved ones and about 63% said relaxing. So there is a little bit of like a disparity between what people thought they were going to be doing and what they end up doing. You get to be

• 7:35Speaker 02

  the director, the main character of your story. If you think that you're going to travel a lot when you retire, you may want to start traveling now a little bit just to make sure that you enjoy that, just to make sure it's something you want to do. Same thing with exercise, same thing with hobbies, same thing with spending time with other people. Don't just wait till tomorrow. You can actually begin to do some of those things today.

• 7:57Brian Preston?

  Yeah, I think the big takeaway for me is, is we hear about the, the go-go years, the slow go, and then the no-go. I want you to expand that go-go period as long as possible. And having a plan can go a long ways to making sure that you actually do the things that you anticipate that you'll be, you know, living your best retirement life doing.

• 8:16Speaker 02

  And then this next one I thought was a little surprising, uh, because again, I think this is contrary to what a lot of people think. Uh, the fourth insight was you might actually worry less about money in retirement than you did pre-retirement. And don't miss here, Spron, because I, you say this all the time, whenever we're sitting down with someone who's about to retire, you say, hey, I don't care how prepared you are, I don't care how much time you've put in on them, how much we've looked at the numbers, there will be a psychological shift in those early days of retirement. Talk a little about that.

• 8:48Brian Preston?

  Yeah, I mean, well, you think about it, when you, let's just, because right now, there's a lot of crazy stuff going on in the world, a lot of geopolitical stuff, a lot of economic stuff. And for a lot of you, when, when the stock market gets beat up, you'll just like, it's okay, I'll just always be buying, I'll just work through it, good thing I have this job. Think about, now put yourself in the position of, you go through all this emotional as well as all these things that are going on in the world, and now you, when the stock market goes down 10, 15, 20%, you just have to ride it. And that's going to hit you completely differently in retirement than it is when you're actually working and still throwing money into the markets through the always be buying. You just need to plan accordingly. And that's why I think a lot of people, especially those first two years, that sequence of return

• 9:33Brian Preston?

  risk is legitimate. But I think a lot of people who have been financial mutants and saved well, they find out though, once they get there, hey, this is going to be okay, especially if they have great, a great team that they surround themselves in, so they think less about money and more about doing. We see that in a lot of our clients as well.

• 9:52Speaker 02

  Brett, I'm taking, uh, my kids, uh, my wife and I were taking our kids down to Universal this week, and my kids are super stoked about roller coasters. Uh, but it's always one of those things that like, leading up to getting on the roller coaster, there's a little bit of apprehension, there's a little bit of nervous, there's a little bit of scaredness. But, once we get them on the roller coaster, once they actually get to experience it, they recognize it's not quite as frightening as they thought that it might be. And I think a lot of retirees came to that same conclusion. 34% of pre-retirees said that they're worried about outliving their money. I'm worried that, when I retire, I'm going to live longer than my resources are going to allow. And yet, when they actually asked retirees that are Are in retirement that are living off of their resources.

• 10:35Speaker 02

  Only 22% said that they were worried about outliving their money. So something changed between the pre-retirement piece and the after-retirement.

• 10:43Brian Preston?

  Now, some of that could be, I'm just playing it through, depending upon when they survey these, some survivorship bias.

• 10:48Speaker 02

  Sure.

• 10:49Brian Preston?

  And the fact that, I mean, if you make it through your first two years and you didn't have one, and we've had some pretty good markets in the last few years. It could actually work its way out, but still plan accordingly, because I'd rather you be pleasantly surprised than to be shocked by it. And then this goes into just being another positive, being pleasantly surprised. 46% of retirees say they've had fewer financial problems than they anticipated. Isn't that always nice? Is it kind of plan for the worst and then hope for the best?

• 11:17Speaker 02

  But I do think it's one of those things. You do need to anticipate it. It's why we tell people all the time that before you retire, let's measure two, three, four, five times. Let's look at the dream plan. Let's look at the down-to-earth plan. Let's look at the do-do plan. Let's think about all the different contingencies that could happen. So that we at least have some familiarity and we at least have a recognition that these things could happen and we've tested it, we've made sure the plan is sound. If you can do that, if you can weigh out all those things, then it's not surprising. The folks who have done that, half of them say, you know what, I tested it, I looked at it, I thought about it. And man, things turned out even a little bit better than I expected, but you have to do the work on the front end.

• 11:58Speaker 02

  You have to make sure, again, that you measure two, three, four times before you just take that leap to move into the next phase of life.

• 12:05Brian Preston?

  Well, you know, and I've kind of given a little prelude to this is that just like I talked about sequence of return risk is when you retire actually matters. But we actually did a different example or wanted to highlight a different data point. Is that we looked at people back in 2020, this is before all that, the big inflation hit. You know, 17% said they were spending was just a little bit higher than they, they kind of could afford for retirement. So if you do the other side of that math, that means 83% of people were like, hey, this is A-OK, I'm gonna be alright. But fast forward and now we've come through this hyperinflation period. I think people have found that, man, all of a sudden now that number that was 17 has jumped up to 31%.

• 12:50Brian Preston?

  Was that spending was higher and, and much more than they anticipated. It does matter when you're retiring, you need to plan accordingly. That's why we love stress testing. That's why we do love creating financial plans is it's nobody has shock or surprises when they actually cross that threshold.

• 13:07Speaker 02

  And that go ahead and assume like when you're doing your planning, okay, what happens? Yeah. In our base lake case, we're going to model out what if it's, uh, what if expenses increase at 3% inflation, but then go ahead and model. Okay. Well, what if it's actually higher? What if it's five or what if when I retire, all of a sudden 2022 happens or 2008 happens or the year 2000 happens. If you can model those things out and have a probability of success assigned to even making it through those markets, there's a much higher likelihood that you're going to be a happy retiree that when those unknown unknowns come to fruition, you're like, it's okay. I've planned for this. I thought about this. I'm in a good spot.

• 13:49Brian Preston?

  So Beau, why don't you go ahead and let's recap those five things one more time and then let's get into what everybody's been waiting for a little Q and A.

• 13:56Speaker 02

  So in order to be a happy retiree, here are some things that we think you ought to begin doing now. Number one, prioritize community. Number two, go ahead and start taking care of your health. Number three, don't wait for tomorrow. Go ahead and live some life today. Don't push everything into the future. Make sure that you have a plan in place. And as you have that plan in place, make sure that you are preparing for the worst, but hoping for the best. And if you can do that, there's a chance that you're going to be one of the respondents in the survey, one, three, five, 10, 20, 30 years from now that says, man, I am a happy retiree. I'm living the life that I want to be living on my terms.

• 14:37Brian Preston?

  If you're a financial mutant and you're quickly approaching retirement, five years, even 10 years, and you just want to go ahead and start taking the steps now to make sure that you're going to be okay. Don't sleep on the fact. Go to moneyguy.com/resources. We actually have the money guy's ultimate guide to retirement that you can basically, it's a landing pad where you can get all the details, all the information you want to kind of know to make sure you live your best financial life.

• 15:01Speaker 02

  Brent, I love that we get to do this. I love that we get to show up every single Tuesday at 10 a.m. Central and share something with you guys about how to save for retirement, how to have a happy retirement, how to Take your finances to the next level, but I also love that we get to sit here and answer questions. We get to speak to the things that you guys are curious about. So if you have a question that you want us to weigh in on, we have the team out in the wings right now collecting your questions. So make sure you get them into the chat because we do believe that there is a better way to do money. So with that, Creative Director Rebe, I'm going to throw it over to you.

• 15:37Speaker 03

  Yes, I'm going to kick it off with Garrison's question. It says, "The wife and I are looking to buy our first home and trying to decide if buying mortgage discount points is smart in this market. What are the determining factors that make buying points worth it? And what is that? I feel like there's going to be people out there that do not know exactly what that is."

• 16:00Speaker 02

  Yeah, so let me talk a little bit about what points are, Brian, and you can talk, because I think this question is a great question.

• 16:04Brian Preston?

  It is a great question.

• 16:05Speaker 02

  Even if you take out the "in this market," that little propositional phrase, I think you should answer the question, "Does it make sense to ever buy mortgage discount points?" And what that means is, let's say that right now, the prevailing interest rate on a 30-year mortgage is 6 and 1/8, right? 6.125. If you want, when you go through closing, a lot of times, the lender will give you the opportunity where you can buy your rate down, meaning I'm going to pay X number of dollars, and instead of having a 6 and 1/8 interest rate, I'm going to buy my rate down to 6% or to 5 and 7/8 or to 5 and 3/4. I'm going to spend some money upfront today at closing, and in exchange for that money I'm spending in

• 16:47Speaker 02

  closing, I'm going to get a lower interest rate. And so Garrison's question is, well, does that make sense? If rates are high, is that something I should take advantage of? How do you decide?

• 16:56Brian Preston?

  Well, first, a few more data points you need to be aware of. If this is your purchase, not a refinance, you actually can deduct those points on your tax return, which can help give a little bit of an oomph to the decision-making process, because there's some deductibility there. But it does ultimately come down to a math decision, is that you have to now compare, you know, what is my payment going to be with this lower bought down rate versus what it would Be if I just took what the off the rack rate was and then you figure out, you know, take what the cost is, you figure out where the break even point is now. If in the past, you would just say, okay, well, if the break even point is 30 months in the future, well, I'm going to live in this house for at least the next five years.

• 17:39Brian Preston?

  This might make sense, especially with the deductibility to push it over the line and say, this is a good deal. I will tell you, you might want to hit the pause button right now. And the fact that there's one other consideration to take into account. I'm not so sure we're completely done with interest rates going down.

• 17:54Speaker 02

  Okay.

• 17:54Brian Preston?

  There are some pressures that maybe we're going to get another quarter. Maybe we're going to get another half. Now, look, when the Fed adjusts rates, they're adjusting the short term rates, but there is an influence on even longer term rates. If you don't believe it, just look at what's happened in the last years. We have watched mortgage rates go down from the sevens all the way down to the low sixes, even below six briefly for a period of time. And that's because the overall interest rate environment has been dropping. And I think that we might still have a little more room for that. So you'd have to ask yourself, not only do the math equation that we just laid out, which is what is the cost depending upon when the break even, but then ask yourself, hey, where is the market going? Because and is it going to move the needle to where I need to refinance?

• 18:39Brian Preston?

  Those are the kind of things I would take into account to figure out if it's worthwhile. I will tell you, I in the past, it all depends on how good the deal is. There have been deals where when I've done the math, I'm like, holy cow, you mean I can do this in less than two years? And I don't have to go through the process of refinancing and all the costs associated with refinancing? And I get this tax deduction? Yeah, let's, let's do that. And I have actually bought points in the past.

• 19:02Speaker 02

  Yeah, I think it's really interesting. A lot of people don't realize this. I don't want to be so bold as to say that mortgages are negotiable. Cause that's, that's the wrong language to use.

• 19:11Brian Preston?

  You should definitely shop it.

• 19:12Speaker 02

  But mortgages are customizable. Some mortgages might be 30 years. Some mortgages might be 15 years. Some mortgages might be 10 years. Your rate might be the prevailing interest rate, or you might be able to buy down points. Or even if you're someone who doesn't put down 20% and you're supposed to have PMI, you might be able to exchange PMI for. For a lender paid PMI and take a surcharge on their rate. So understand if you are a first time home buyer, there are a plethora of options at your disposal to figure out how you get the right product for your circumstance. So just make sure you do your research, you do your due diligence. Cause for most people, buying a home is the largest purchase that you will ever make.

• 19:55Speaker 02

  And so you want to make sure that you make it well.

• 19:58Brian Preston?

  I would be curious now, cause I did, I'm doing this off the cuff. So I haven't, you know, none of the players are changing constantly. But I think it was better.com was actually publishing their mortgage rates online. So you could almost check it in real time on a day to day basis. If y'all want to go see if better.com is still publishing mortgage rates with refinance rates.

• 20:16Speaker 02

  I did that one time. You know what they did?

• 20:17Brian Preston?

  What?

• 20:18Speaker 02

  I accidentally put my phone, my phone number in there.

• 20:20Brian Preston?

  Oh, they harassed you.

• 20:21Speaker 02

  Buddy, they started calling me like.

• 20:23Brian Preston?

  Real time without you having to give an email or, or phone number. That's because I don't want to, I don't like getting into that game either. But there was a period, I know ally in the past has done it better. But then I found out ally was just using better.com as the backbone for their system. But if you can get the, that way you can, cause it then adds to the process. You can know how good your broker or the institution's offering. How good is that to the market? Cause you gotta cut through the, the noise of are they padding the, the rates that they're offering you? This is a good way to keep them honest is trying to find an online resource that will publish rates on a daily basis. So you can know how close you're naturally, you know, being with what your mortgage provider is, is offering you.

• 21:05Speaker 02

  Love it.

• 21:06Brian Preston?

  Is it still active? Does anybody, did anybody check it?

• 21:09Speaker 02

  I'm on it. Reba, you go ahead.

• 21:11Speaker 03

  Well, I was just going to tell Garrison, um, at the end of the day, it depends. In case you were wondering, it depends. Um, but thank you for your question. That's great. Um, to everybody watching live right now, uh, go ahead and get your rapid fire questions in the chat. We will have our, it does not depend rapid fire segment coming up later in the show. What's that?

• 21:32Brian Preston?

  Any cookiness, you know, any crazy rules, you know, like.

• 21:35Speaker 03

  I'll let you know as the rules evolve, Brian.

• 21:39Brian Preston?

  Well, you know, Bo talked about riding roller coasters can create anxiety and stress.

• 21:43Speaker 02

  Rapid Fire does that for you?

• 21:44Brian Preston?

  I feel like it's very equivalent to velocicoster riding over here.

• 21:48Speaker 03

  Oh, great. That's what I like to hear.

• 21:50Speaker 02

  I've heard the velocicoster was a good one.

• 21:51Speaker 03

  But yes, if you would like to submit a question for our Rapid Fire segment, just put RF at the beginning of your question so that we know what it's for. And so, yeah, get those in. We're gonna do a few more classic questions, if you will, and then get to Rapid Fire later in the show.

• 22:05Speaker 02

  Will you tell Garrison one thing? By the way, I'm on better.com. I feel like I'm taking the ACT right now in terms of all the questions I've been asked. So I have not seen anything on the front page. I'm 19 questions in.

• 22:15Brian Preston?

  Because I love doing live shows and the fact that if somebody knows a reel and then that way our team can go check out it. Let us know in the comments what you're using. Because I knew this stuff changed. Remember how when I've done car buying and other things? I love it when I find hacks, but I did that off the cuff. Because that's something I've used in the past.

• 22:32Speaker 03

  Sure.

• 22:32Brian Preston?

  Before you ask the next question, I did have a PSA.

• 22:34Speaker 03

  Okay.

• 22:35Brian Preston?

  I always just got back from spring training where I met up with some high school buddies. And I had some great experience, financial mutants. You know, I got to meet a few of you. There's one couple, though, that's haunting me because they said hello to me as I was getting on the plane. What they don't know, the context matters. I just had a rage moment with the airline that I was dealing with to where they made me gate check my bag. And then I got, you know, and it was one of these weird, weird things. And I was on a tight, trying to make it to a play with the family at T-PAC to watch Back to the Future. So this thing was all tight. But the sweetest couple said hello. And I think I recovered and said, thank you, thank you, thank you. Because I always want to make sure my financial mutants know I love meeting you in public. But I didn't know if it came off that way

• 23:20Brian Preston?

  or if the airline rage was overtaking that. We've all been, by the way, I thought I was the only one. And then, you know, several of you on the content team told me, no, this is getting to be a problem with a lot of these airlines is that they, they kind of herd us through like cattle.

• 23:35Speaker 03

  I think there was one other person.

• 23:37Brian Preston?

  What? No, but look, he's an expert.

• 23:42Brian Preston?

  Expert. I give you expert status.

• 23:44Speaker 02

  Can we, one, will you tell Garrison? If he's thinking about buying a home, but before we move on from that, where, what's a good resource he could go use at moneyguy.com for like getting ready to buy a home?

• 23:56Speaker 03

  Oh, we have several. A very popular one is our home buying calculator at moneyguy.com/resources. But to go a little bit deeper, we also have an ultimate guide and a download checklist for everything you need to consider before you buy the house and make the decision. So definitely head to moneyguy.com/resources to find all of that good stuff.

• 24:17Speaker 02

  Here's my next question. I'd love a poll. And I'm trying to think about how to word this. I just want to know, is our audience, are you pro checked bag or anti-checked bag?

• 24:27Brian Preston?

  Well, this was gate checked, meaning they forced me to gate check my bag. Well, if you ask him. Because they said there was no overhead. And then I get to my seat and there is empty overhead everywhere. Not to mention every overhead had backpacks in it.

• 24:40Speaker 02

  Here's what, here's where we're at right now. Brian, very much.

• 24:44Brian Preston?

  I'm still team six. When I get off the plane, I grab my bags, I go and I go jump in the car and I'm out of there. Fast extractions from airports.

• 24:52Speaker 02

  He does not like checking a bag, whether it be the official way or the gate checked way. Some of the other members of content.

• 24:59Brian Preston?

  Time is money.

• 25:00Speaker 02

  Are like, hey, checking a bag is super convenient. I don't have to worry about lugging it around the airport. I don't have to put it in the overhead. I don't have to be stressed at where I'm at in the boarding group. I'm just curious.

• 25:10Brian Preston?

  It'll charge fees also when you do, when you do carry ons versus.

• 25:13Speaker 02

  They don't charge fees when you gate check.

• 25:15Brian Preston?

  Well, but.

• 25:16Speaker 02

  Got it.

• 25:17Speaker 03

  Yeah, I know.

• 25:17Brian Preston?

  No, that is not. They cost me time.

• 25:19Speaker 02

  So I'm just curious. I'm just curious to know if our audience is pro checking bags or anti-checking bags. I'm not going to tell you who in the content team falls in each category, although you can probably guess.

• 25:30Brian Preston?

  And the, and the flyer bill of rights are, when is it okay to lie to your, to your customer? And say, hey, we filled up all the overhead space, so we're making you check your bag. And then you get on the plane and realize, no, half the overhead is not.

• 25:43Speaker 03

  I'm speaking totally out of pocket. But what if it has to do with like the weight of the plane? You know how they'll like distribute?

• 25:48Brian Preston?

  It has nothing to do with the weight of the plane. As a former baggage handler for Delta Airlines, I can tell you it has nothing to do with that.

• 25:54Speaker 03

  Safety, Brian.

• 25:55Brian Preston?

  It's not a safety thing.

• 25:56Speaker 03

  I don't actually know that. I am no expert.

• 25:58Brian Preston?

  By the way, last thing, when I got my checked bag yesterday?

• 26:04Brian Preston?

  Beat. I mean, the wheel was completely pushed up in it. And I immediately go over to luggage services, even though I'm trying to make this whole deadline to get to the Performing Arts Center. And I go up and I say, y'all damaged my bag. Not only did you gate check, you damaged my bag. And she goes, oh, she goes, that's not damage. All you gotta do is yank that out. And so she goes, just hit it right there and it'll pop out. And now it's got a huge crease across it because this one was hard shell. She goes, see, it's fixed. And I'm like, and I did it. I'm a little embarrassed. I said, this is not the, well, I'm not gonna say the airline. Not the airline that I grew up, you know, really thinking was a great airline.

• 26:40Speaker 02

  Oh, that's hilarious.

• 26:43Brian Preston?

  Yeah, she didn't care, by the way. She goes, yeah, I hear you.

• 26:45Speaker 03

  You are the lovely couple that met, uh, Travel Rage Brian. Let us know. I would love to know what that was like.

• 26:51Brian Preston?

  Travel Brian is already a mess. Y'all know, because when we did the book tour.

• 26:54Speaker 03

  I actually love Travel Brian. It's so hilarious to me.

• 26:56Brian Preston?

  If you thought I was wound up tight, normal, you ought to see me on a travel schedule.

• 27:00Speaker 03

  Travel Brian. We love Travel Brian.

• 27:02Speaker 02

  Hey, somebody just said in the chat that when you gate check, you don't have to go to baggage claim. Is that true?

• 27:06Brian Preston?

  No, that's not true. They do that for strollers, for kids stuff, like strollers and things. They, they help you out and put it back up.

• 27:13Speaker 02

  Got it.

• 27:14Brian Preston?

  But for, no, when they took my bag, it was going to baggage claim.

• 27:16Speaker 03

  I have seen a rare occasion where they bring it back.

• 27:20Brian Preston?

  It's going, it's going to baggage claim.

• 27:21Speaker 03

  Yeah, mostly I've seen it go to baggage claim.

• 27:23Brian Preston?

  And they're wasting 20, 30 minutes of your life.

• 27:28Speaker 02

  And traveling with kids, I'm traveling with a bunch of kids. So like, I think, I think checking might be a little bit easier. I think it might be a little more advantageous when you have a bunch of kids and stuff. Just hot take there.

• 27:38Speaker 03

  Let's do another finance question and then we'll get back to this poll about checking versus not checking your luggage. Okay.

• 27:45Brian Preston?

  I'm gonna be right on this one. Can I tell you, I know my financial mutants, they're going to be overhead people.

• 27:51Speaker 03

  Okay.

• 27:52Speaker 02

  Look, I am also an overhead person. I just, you know, they got the kids and stuff. It's for, for checked bags. It's just a lot of baggage.

• 27:59Brian Preston?

  We can do what we're supposed to be doing.

• 28:01Speaker 03

  All right. Big Mo asks, why do so many advisors claim that expenses will be lower in retirement? It seems to me this is when you will have more activities to pay for. We're kind of talking around this, so I'd love to hear your thoughts as financial advisors yourselves.

• 28:19Brian Preston?

  Well, I mean, the difference between, like, because a lot of times when we're talking about expenses will be lower, it's then people take their income. And what you start thinking about what's coming out of the gross number that we base a lot of our savings rates off of, you've got taxes, which is pretty large. And then you also have your savings rate. I mean, when you think about, if you couple taxes and savings rate, I mean, you, right there is probably 40 to 50%, depending on where you are. And then also realize that when you hit retirement, depending on what age, you know, Medicare is subsidized, and then you also have social security, the social safety net pops in. That's why, so a lot of people, that's why I think they're pleasantly surprised when they actually get to retirement is that that part is covered.

• 29:03Brian Preston?

  And then you also have the go-go years, the slow go and the no-go. But I do hope that during those go-go, yeah, I hope that you're doing tons of activities and other things, but I still bet even in that case, it's less than what you were making pre-retirement.

• 29:16Speaker 02

  Yeah, I don't, I don't actually know that I agree that most advisors say expenses will be lower in retirement.

• 29:24Brian Preston?

  I try not to plan for that.

• 29:25Speaker 02

  Because what I really want to see from my clients is I want, at worst, you maintain your standard of living when you retire, meaning your expenses stay the same. And at best, I actually love to see my clients have an increase in standard of living. Hey, I used to spend all this time going to work and da, da, da, da, da. And now I don't have all that time that I was devoted to my job. I'm now able to fill that time with other things that cost money, like travel and experiences and that sort of thing. So I would actually take a little bit of argument. I think that most retirees, at least, at least in the world in which we live, they maintain the standard of a living, same expenses that they had while they were working, or they actually have an increase in standard of living. But what that means is the money necessary to do that might be lower, for exactly what

• 30:10Speaker 02

  Brian said, you're no longer having to account for taxes coming out or you're able to be a lot more tax efficient and you're no longer having to save. So if you think about saving as an expense, then for sure that's likely going, going to be lower. But I don't want my standard, like the last thing I want to tell the retiree is, hey, man, oh, it's been a fun ride. Now it's, you know, spam and cat food for you for the rest of this thing. That's not, that's not a win. That's not what we want our folks to experience. We want you to be able to live the life that you want to live on your terms, the way you want to live it, when you want to live it.

• 30:43Brian Preston?

  Well, and also I think like when we do, I think about some of the resources we have on money guy.com slash resources for somebody who's like 25 years old, 30 years old, trying to start saving for retirement. We do make some assumptions, whether it's 60%, 80%, because we're trying to give you some educational tools to start spot checking or doing napkin math planning. But the reality is, is you get close to retirement, personal finance is personal. I don't want anybody giving you a rule of thumb and you thinking that's what retirement, I could do that for content creation, but that's not good financial planning. Good financial planning is actually going to be using your numbers, what your goals are, what your specific situations are, stress testing it, checking in on it every year, seeing how it cross pollinates and integrates with

• 31:27Brian Preston?

  your tax code and all the things you've got going on from a cash flow. And that's what's really supposed to happen. So we're trying to balance the education side, but also the implementation. They're kind of two different things.

• 31:39Speaker 02

  Yep.

• 31:41Speaker 03

  Well, Big Mo, thank you for the question. And we now are going to check in on our checked baggage poll before getting to another personal finance question.

• 31:50Brian Preston?

  I bet I'm right.

• 31:52Speaker 03

  What's your guess? How many people said anti-check? They're anti-checked baggage. What's the percentage, Brian? What's your guess?

• 31:58Speaker 02

  How many people are in your camp?

• 32:00Brian Preston?

  Are in my camp? I think that 75% of people are in my camp.

• 32:04Speaker 02

  Okay.

• 32:05Speaker 03

  The actual answer is that 58% said they are anti-checked bag, while 42% there said they are pro-check.

• 32:12Speaker 02

  That's pretty close.

• 32:14Brian Preston?

  I should have brought it down because when Bo, but Bo flies like every. You fly at least once a year.

• 32:21Speaker 02

  Oh, I'm flying more often now, but you used to like.

• 32:23Speaker 03

  Pretty regularly.

• 32:24Speaker 02

  I did not actually start, like, I'd never flew as a kid. Like, I didn't start flying until I was a grown adult.

• 32:30Brian Preston?

  That's me, too.

• 32:31Speaker 02

  And so I'm still, honestly, I'm still feel like I'm kind of still learning stuff, right? Like, you know, what's the best way to pack? Like, I was asking you going to this thing this, I was like, hey, what do I need to pack, dude? How do I need to travel? How do I need to think through this? So.

• 32:42Brian Preston?

  I hooked him up with some, um, my theme park shorts.

• 32:44Speaker 03

  Mm-hmm.

• 32:44Brian Preston?

  And now we're the proud owner of those theme park shorts.

• 32:47Speaker 02

  I went and bought me some theme park shorts.

• 32:49Brian Preston?

  Zippers are king in the theme park. You don't want to have a backpack, especially at Universal. Let me go, there's an inside tip.

• 32:55Speaker 02

  And I'll tell you what, if they sponsored this show, I'd be happy to tell you what brand that was.

• 32:58Brian Preston?

  We're not going to give them a free plug, even though I've sold a lot of their shorts.

• 33:01Speaker 03

  If you're watching, email me.

• 33:04Speaker 03

  Okay. Um, let's do another question and then we're going to get to our rapid fire segment. So hang in for that. This question's from McGloin 704. Hello, I'm struggling in step four and have had to start the step over due to emergencies twice now. I know this is built into the foo, but how do I not feel down when I'm missing months of investing? Fantastic question, right? What do you think?

• 33:33Speaker 02

  So for those of you don't know, step four, Brian, will you hold that thing up for me? Step four, uh, is emergency reserves. This is the step of the financial order of operations. We want you to have somewhere between three to six months of your living expenses in liquid cash. McGloin, what I want you to do is I want you to reframe your mindset, because right now you're thinking, oh, no. I'm missing out on investing, missing out on investing, missing out on investing. And, and sure, that's true. But I want you to think, I've had some events now happen in my life that I've had to go to this well. And holy cow, thank you, Lord, that I had my emergency fund. Thank you that it was there, because if I did not have it, if I did not have those dollars there.

• 34:10Brian Preston?

  You'd fall into three.

• 34:11Speaker 02

  I would have been in three. I'm swiping, I'm taking out home equity line, I'm borrowing.

• 34:16Brian Preston?

  To the banks.

• 34:16Speaker 02

  So you, it's okay, and I want all my financial mutants to hear this. It's okay if you use your emergency fund for an emergency. That's what it's there for. So every time you have to do it, even though it might feel. Painful, even though you might not like it, thank goodness that you have it there. Now, once you've recognized, okay, good, that thing was there, the parachute was there, it saved me. Now you get to change your mindset. How do I get back on track?

• 34:44Brian Preston?

  Yeah, I mean, first, let's, let's give you a few things to, to kind of take the edge off. Hopefully you've got an employer plan where you get in the free match and that's good. For, for a lot of people, that's going to get you five to 10% just off of that. If you count the employer match, um, so you're not missing out on everything, assuming you have a, an employer plan. But then I want you to, because I do think that it's a self proving system and the fact that if you had two emergencies that popped up, man, oh, man, are you fortunate that you're not now stuck making desperate decisions? You had the money to cover it. You're going to have a patch of life that is going to be more smooth selling or blue water opportunity. And that's when you go across into step five, hit the Roth IRA. And I, I know, look, I'm okay with you feeling a little bit of pressure.

• 35:27Speaker 02

  Sure.

• 35:27Brian Preston?

  Of this because it's going to get you out of step four. That discipline is going to be just whispering in your ears, hey, let's, let's, let's save. Maybe we make a little bit more sacrifice to get to that job and that goal of getting to step five that much sooner.

• 35:43Speaker 02

  Love that.

• 35:45Speaker 03

  That's great.

• 35:45Speaker 02

  Somebody made this great comment. Um, oh my goodness, I wish I would have highlighted it, but it was, man, it's so much better to say, oh, man, that's annoying. Then saying, oh, man, how am I going to pay for this thing? Oh, man, how am I going to make it through it?

• 35:58Speaker 03

  That's so true.

• 35:58Speaker 02

  That's a great perspective to have. Whoever said that, thank you for putting that in the chat.

• 36:03Brian Preston?

  Yeah. I mean, that's what I think human nature is, is we ruminate on negative stuff. And if you can change that inner voice to be a little more of an optimist, you're going to find success just kind of happens. And I think there is something about if you can point yourself to the positive with that inner voice, a lot of good things can happen for you. That's not a mantra. That's just a

• 36:24Speaker 02

  It's controlling that voice in your head.

• 36:25Brian Preston?

  A standard default setting that you're setting up within yourself.

• 36:28Speaker 02

  That's right.

• 36:30Speaker 00

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• 37:00Speaker 03

  All right. Well, that's great. It is now time for our It Does Not Depend Rapid Fire Segment. Here we go. I have some rapid fire questions queued up. Thank you for submitting them to the chat. Remember, the rules are you only have 30 seconds combined to answer these questions, and you cannot say the words "it depends." Now, if you trip up and say "it depends," that means you don't get to answer. And also, I will throw you a bone at the end and say we will have our Maybe It Does Depend Segment, where you get to say all the things that maybe you didn't get to say during Rapid Fire. So with that, let's dive right in. Are you ready?

• 37:35Speaker 02

  You want to go first, first?

• 37:38Brian Preston?

  We ought to start flipping a coin or something. Yeah, I'll go first, just so we can see how bad I am at this.

• 37:43Speaker 03

  Okay. Timer starts after I ask the question. Question number one is what personal finance decision, or it doesn't have to be financial, do you feel most shaped your success and fulfillment over time? Go.

• 38:00Brian Preston?

  I mean, for me, it was when I read Wealthy Barber and Millionaire Next Door. It kind of changed my mindset. And, well, God, Mr. Morrow, the Morrow moment.

• 38:11Speaker 02

  You used the word fulfillment, and so when I hear that word, when I found a job, doing a job that I absolutely love with people that I absolutely love, most impactful in my life.

• 38:25Speaker 03

  Well done. Next question is how far ahead of your retirement date should you let your employer know your plans?

• 38:32Speaker 02

  How far ahead for retirement date?

• 38:34Speaker 03

  Mm-hmm.

• 38:34Speaker 02

  Depends on the...

• 38:36Speaker 03

  Oh, he's out. He's out.

• 38:38Brian Preston?

  He said depends.

• 38:40Speaker 03

  You didn't even give yourself a chance. The clock is still ticking, too. Brian, do you have anything to say?

• 38:46Speaker 02

  He's got it.

• 38:46Brian Preston?

  If your employer is not going to be surprised and you're not going to be fired on the spot, then I would be collaborative with sharing your thoughts on things. And most employers, I think, would like to know, because it's not like you're cheating on them to go to a new employer.

• 39:03Speaker 03

  And time is up. All right.

• 39:05Speaker 02

  Don't you worry. I'm writing down my notes on this one. That sucked.

• 39:09Speaker 03

  Next question.

• 39:10Brian Preston?

  That was too intense.

• 39:12Speaker 03

  Is it ever okay to do step four before step three in the foo if you are the sole income earner for your family?

• 39:24Brian Preston?

  Yes, because you're doing step one, which is cover the deductible for the emergencies of desperate decisions of like, you know, bad catastrophic things, but you're still going after you get through step one, you get your free employer match, you're going to want to pay down the high interest debt.

• 39:40Speaker 02

  No, the question was do step four before three? No. You do step four before step three, step three is going to get worse and worse and worse.

• 39:47Brian Preston?

  One and four are related.

• 39:49Speaker 02

  One ain't four, four is one, one ain't four.

• 39:51Speaker 03

  And time. Okay, next question.

• 39:54Brian Preston?

  Somebody tried to put a new system.

• 39:56Speaker 03

  Best Star Wars supporting character, the Ewoks or Jar Jar Binks? There are no other nominees.

• 40:02Brian Preston?

  Oh goodness gracious, that one, ugh.

• 40:05Speaker 02

  Ewoks.

• 40:06Brian Preston?

  I mean, I would say.

• 40:07Speaker 03

  I was Googling what Ewoks are.

• 40:09Brian Preston?

  I mean, Ewoks probably sold more merchandise, so we'll say Ewoks.

• 40:12Speaker 03

  For sure the Ewoks, Brian, come on.

• 40:13Brian Preston?

  That's why they were even designed to be the way they were, but not Jar Jar.

• 40:17Speaker 03

  Not Jar Jar Binks.

• 40:19Brian Preston?

  Who played Jar Jar? Wasn't it somebody famous?

• 40:21Speaker 03

  I forget, honestly.

• 40:23Speaker 02

  Ahmad Best. And Phil Lamar.

• 40:25Speaker 03

  All right, next question.

• 40:28Speaker 02

  I didn't get to answer.

• 40:29Speaker 03

  I didn't think you were going to answer. I don't think you were capable of answering that one.

• 40:32Brian Preston?

  You saw Star Wars with the kids recently.

• 40:34Speaker 02

  Uh, we, the first one. I'm not.

• 40:37Brian Preston?

  No, when you say first one, the fourth one or the first one?

• 40:40Speaker 02

  The original one.

• 40:41Brian Preston?

  Okay. The seventies.

• 40:42Speaker 03

  All right.

• 40:43Speaker 02

  Yes.

• 40:44Speaker 03

  Next question says, my wife works for a school district and has a pension that takes 15%. How does this factor into investing?

• 40:52Brian Preston?

  I mean, assuming you're not making over $200,000, I think you're counting that as 15%.

• 40:59Speaker 02

  I don't think I would allow it to change my portfolio tons. Some people would say that you can consider that to be like a fixed income portion of your portfolio early on. I don't know that I'd think about it that way. I would start shifting my mindset to think about that as I get closer and closer to retirement, but I do agree, you can, you can consider that part of your savings rate.

• 41:17Brian Preston?

  And make sure it's got pension benefit guarantee corporation coverage.

• 41:20Speaker 02

  Boom, PBGC.

• 41:22Speaker 03

  Well done. What step of the foo is paying down mortgage principal to eliminate PMI?

• 41:29Brian Preston?

  Step nine?

• 41:32Speaker 02

  Nine.

• 41:34Speaker 03

  You guys, that was easy. I'm gonna move on. Can you explain backdoor Roth like I'm five? Is it only for wealthy people?

• 41:44Brian Preston?

  Well, it's for high-income people.

• 41:46Speaker 02

  It's only for people that cannot contribute to Roth directly. I take money, I put money in traditional, I have no other IRA balances, I convert from traditional to Roth, tax-free.

• 41:55Speaker 03

  I don't think a five-year-old would understand that.

• 41:57Brian Preston?

  It's a Roth conversion strategy that is, in a friendly term known as backdoor Roth contributions, because it doesn't have income limits.

• 42:06Speaker 02

  I put money into this bucket, and then I take it and I pour it into that bucket. And so long as I don't have any other buckets, it's completely tax-free.

• 42:13Speaker 03

  So, uh, the team from the wings is calling out Beau for getting creative and saying, "I don't know if I would think of it that way," which is a great point. Isn't that the same as "it depends"?

• 42:24Speaker 02

  No! No!

• 42:26Speaker 03

  God bless the content team.

• 42:28Speaker 02

  Absolutely not.

• 42:29Brian Preston?

  I really think, I know the shock collar was probably too over the top, but we do need to have some consequences.

• 42:33Speaker 03

  Oh, it's on the list. Just wait, just wait.

• 42:34Brian Preston?

  We need some consequences.

• 42:35Speaker 02

  That, that is not it.

• 42:37Brian Preston?

  Amazon delivers next day. I mean, we could have something here by 4:00 a.m.

• 42:40Speaker 03

  I will not eliminate your points. I didn't know we got points in this. Um, but you are currently...

• 42:45Speaker 02

  On probation.

• 42:46Speaker 03

  Exactly. This is your formal warning. Okay, let's do a few more. The next one says, "Should I put my financial numbers in financial calculators using both my wife and I's total 401Ks together, or run them separately?"

• 43:01Speaker 02

  For what per? Together.

• 43:04Brian Preston?

  Yeah, I mean, household is the, the, the default for most financial planning calculators. You know, two becomes one, so you can figure out what your retirement's gonna look like. Structure might be separate, but you're gonna use the household.

• 43:17Speaker 02

  Even if you're doing stuff like savings rates, like, okay, well, my savings rate is this, and her savings rate is this, or his savings rate is this, if you're both doing 25%, that also equals 25% for the household. So, so it all to align.

• 43:29Brian Preston?

  Well, it doesn't make sense if you make 50 and she makes...

• 43:31Speaker 03

  And time is up. I actually feel really bad interrupting Brian, but it's part of the game.

• 43:37Speaker 02

  You just feel bad interrupting Brian? You don't feel guilty? It's messed up.

• 43:41Speaker 03

  I like, uh, giving you your formal warning. That was fun. Okay. Next question. "We live in a high cost of living area and don't want to buy a home here. Do we need to increase our step-seven hyperaccumulation percentage to stay on track if we may need to pay rent in retirement?"

• 44:00Speaker 02

  Rent will certainly be a part of your number. It will be one of the expenses that you bear in retirement. So relative to a retiree whose mortgage might fall off, your rent will stay there for the remainder of your financial plan.

• 44:12Brian Preston?

  No, but you're spot on in the fact that step seven is definitely where you start thinking about how you're going to use this money. And if you're having to pay rent or need access to a larger portion of this, then you're going to need after tax and then of the three bucket strategies, then you'd plan accordingly.

• 44:28Speaker 03

  Very nicely down on the time. All right, last one. Is there any advantage to using a 529 as a pass through for college bills when it doesn't cover all of the tuition?

• 44:40Speaker 02

  Yes.

• 44:40Brian Preston?

  Yeah, I mean, most states have a state income tax, a lot of states. I shouldn't say most. I should say a lot of states have a state income tax benefit.

• 44:46Speaker 02

  Oh, he's talking about just straight past. The benefit of 529s is tax free growth, but I think if you're saying in same year, put it in and pull it out same year, that generally is only advantageous if there's a state tax benefit.

• 44:57Brian Preston?

  Exactly.

• 44:57Speaker 02

  If I understood the question correctly.

• 44:58Brian Preston?

  That's the way I read it or heard it.

• 45:01Speaker 03

  All right, that concludes our it does not depend rapid fire segment. Not bad, not bad, but we had a few fouls there. So I'd love to hear now during our maybe it does depend segment, things that you didn't get to say, things that I interrupted you on, Brian.

• 45:17Brian Preston?

  Well, the biggest number one was-

• 45:19Speaker 02

  I feel like I need you to reread the question, like reread the first. Let's just go through every question. No, no, no, no, no. This was not fair. So just read the first question because you had something to say about the first one.

• 45:29Brian Preston?

  I remember what it was though, is what's the big thing that influenced you? It was a cross pollination of that. I really didn't take action until after I got my first real world adult job in public accounting. And I remember getting the wealthy barber and millionaire mission, but I had recalled Mr. Mar. It was a cross pollination moment where all those things kind of came together and it was like, you know, big bang.

• 45:53Speaker 02

  Big bang.

• 45:55Speaker 03

  That was great.

• 45:55Speaker 02

  What was number two?

• 45:58Speaker 03

  How far ahead should your retirement date? Uh, should you let your employer know your retirement plan?

• 46:03Speaker 02

  It depends on your role in the company and I'm gonna stick by that. If you're someone who's like pivotal to the operations of your company, you're a higher level, you oversee a team, there's a lot of stuff, then I think it'd be wonderful if you give them a large heads up, sometimes maybe six, eight, 10 months. If you're more of like, uh, uh, uh, I don't wanna say less impactful, but if your departure will likely not have significant ripples throughout the organization, then I think a standard couple of weeks is okay, but not all roles inside of our organization are created equal. So if you just drop it on them, hey, two weeks and I'm out, and you got, you know, 20 people that report to you and big projects that are underway, that's not cool.

• 46:41Brian Preston?

  But I do think contact, like, cause we had a, we had a person that retired last year and we worked with her for two years.

• 46:47Speaker 02

  Yeah, I told her she-

• 46:48Brian Preston?

  To know, you know, so we, we could, we could spot check it and know where she was with the whole family planning and all the other things that they were doing.

• 46:55Speaker 02

  I told her I need 180 day notice. That's what I told her.

• 46:57Brian Preston?

  Now, but I have another one that if you looked on the organization chart, she's an admin, but we have strictly told her, I know her husband wants to hire her.

• 47:06Speaker 02

  She's also on 180 day notice.

• 47:08Brian Preston?

  Never, never, ever, you just can't leave to go, you, you know, I wanna make sure, you know, you stay here with us. You already get plenty of time with your husband.

• 47:16Speaker 02

  She's listening right now. She knows who we're talking about.

• 47:20Brian Preston?

  We, every year we have to tell her to, tell her husband too.

• 47:22Speaker 03

  You guys are just like torching everything today.

• 47:24Brian Preston?

  Like, don't take your wife. We love your wife.

• 47:25Speaker 03

  You're just like, let's just, you know, spice things up.

• 47:28Speaker 02

  And so that was inappropriate, it depends, and I'm not gonna be sad about that. My, the answer does depend on that one, 100%. I want my points back. Next question.

• 47:37Speaker 03

  Point's lost.

• 47:37Speaker 02

  There were two more that, did you write anything down?

• 47:40Brian Preston?

  I didn't write anything down.

• 47:41Speaker 02

  That's not really useful.

• 47:43Brian Preston?

  I mean, I'm not a natural-

• 47:45Speaker 02

  There were two more you interrupted in, after that one.

• 47:47Speaker 03

  Did I interrupt you on paying rent in retirement?

• 47:50Speaker 02

  Yeah.

• 47:52Speaker 03

  I believe. I should mark which ones I interrupt you on next time. Noted. He just shrugged. He was like, I'm over it. I've abandoned this cause.

• 48:02Speaker 03

  All right. Well, that was fun for me. Hopefully for everybody watching and listening as well.

• 48:07Speaker 02

  One traveling flight baggage claim.

• 48:11Brian Preston?

  Or what rides are you looking forward to riding at Universal? I thought more people would have questions on some of that stuff, too.

• 48:17Speaker 03

  We did have a few people in the chat saying that Universal is better than Disney.

• 48:21Speaker 02

  Oh, we did have a lot of people saying Universal greater than Disney.

• 48:23Speaker 03

  And they were like doubling down. They said, I said what I said.

• 48:26Brian Preston?

  Context matters, guys.

• 48:27Speaker 02

  So you're saying it depends?

• 48:29Brian Preston?

  Yeah, it definitely depends. This is time or season. I've considered myself fluent in both parks, so I can give you kind of a...

• 48:37Speaker 03

  He is, though. That's true.

• 48:38Brian Preston?

  Tell you what's going on with both parks.

• 48:40Speaker 02

  Yeah, I've never been to Universal before, so I'm super excited about it. And I'm taking the big kids, so it's gonna be like a lot of fun to palling around. There, I checked the height requirements. They're tall enough for everything, so we're gonna give them, we're gonna ride everyone.

• 48:54Speaker 02

  So I think it's gonna be awesome.

• 48:55Brian Preston?

  So the big thing that I did tell Bo, just so you guys can benefit, I love for my financial mutants, is that Universal, Disney, unlike, Disney kinda lets you use those Loungefly bags and take them on all the rides, no big deal. Universal's a kind of a stickler. They're gonna make you use lockers on about every one of the big e-at attractions. And that's just a pain to go deal with the lockers. So I told Bo, no, don't, don't show up with a backpack, don't show up with a water bottle. Show up with zipper pants and then stack it in there. I mean, I look ridiculous in the theme parks because I have so much stuff. I have sunglasses, sunscreen, you know, battery backups. I got a gazillion things, but you know what? We don't check, we don't have to use the lockers.

• 49:35Speaker 02

  So I went and bought me some more britches yesterday that I'm ready to roll. Some short britches.

• 49:39Speaker 03

  Love to see it.

• 49:40Brian Preston?

  Seven inch inseam.

• 49:42Speaker 02

  Seven inch inseam.

• 49:43Brian Preston?

  By the way, from spring training, I sent Bo one because one of my buddies got a foul ball, and I was very proud, and nobody prompted, he gave it to the young kid in front of us. It was really cool.

• 49:51Speaker 03

  Very sweet.

• 49:52Brian Preston?

  Sweet, sweet interaction there. But I sent one picture to Bo, and he's like, man, look at you with those legs on display.

• 50:00Speaker 02

  Put the gams on display.

• 50:01Brian Preston?

  And I was like, oh my gosh. Out of one picture I send, this is what Bo's gonna pick on me about.

• 50:07Speaker 03

  True story.

• 50:08Brian Preston?

  And by the way, I found out that a lot of, I wear a seven inch inseams. A lot of these nuts like Carter and Bo, they're like five inch inseams.

• 50:17Speaker 02

  No, I'm a seven inch, I'm a seven inch inseam guy. No, five inch.

• 50:20Brian Preston?

  You guys are crazy with the five inch.

• 50:21Speaker 03

  He's just shaking his head like this.

• 50:22Brian Preston?

  That would look like Larry Bird back in the eighties.

• 50:24Speaker 02

  You remember, remember Burt Reynolds when he used to like, wear those, but he would tuck in the button up shirt into it? You know what I'm talking about?

• 50:31Brian Preston?

  Well, it's more Magnum P I.

• 50:33Speaker 02

  Yeah.

• 50:33Brian Preston?

  Magnum P I is what I think of when I think of those short inseam shorts. And by the way, mustaches are out, so it makes, it makes complete sense.

• 50:41Speaker 02

  Out or in?

• 50:42Speaker 03

  Mustaches are out?

• 50:43Speaker 02

  They're in. No, I was about to say mustache are in.

• 50:45Brian Preston?

  I don't understand the perms in the hair and I don't understand the mustaches and I don't understand the shorty short shorts.

• 50:51Speaker 03

  Okay, on that note, let's dive back into personal finance.

• 50:55Speaker 02

  My nephew came to stay with us a couple, a couple of weekends ago, who's visiting Nashville for something. And I was like, bro, do you have a mullet? He's like, yeah. I was like, well, what'd you tell your barber? She was like, I told her to do a mullet. And it was legit, like, four of the sides. And it's like a thing. It's like a-

• 51:13Speaker 03

  Everything old is new again.

• 51:14Speaker 02

  It's a thing. So, a lot of people in the conversation, they want to see, they want to see Brian in a mullet. So maybe, maybe one day.

• 51:22Brian Preston?

  I'll never have a mullet.

• 51:23Speaker 03

  He just panicked. He was like, absolutely not.

• 51:26Brian Preston?

  No business on top and party in the back.

• 51:28Speaker 03

  What? All right, we do have a question from CosmicPenguin01. It says, "We all have friends that fall into every consumer trap they see. How do you approach this topic with someone you care about without making them feel defensive about such a personal topic?"

• 51:48Speaker 02

  Is, I recognize this. Is this some, is this the Penguin from, um, from the Discord?

• 51:52Speaker 03

  I believe so. I didn't want to, because his username is slightly different, he said on the chat, so I think that this is him.

• 51:58Speaker 02

  Well, Penguin, if you're the same Penguin, thank you for being so active in the Discord. I recognize and see your name in there. This is a hard one, because a lot of times we have friends, loved ones, relatives, and we just see them making awful financial decisions. And what we want to do is, we want to be able to influence them and be a positive example to them, because we want better for them. But it's a real hard, it's real hard to do that without becoming, without coming off as judgy, mean, insensitive, know-it-all, you know, fill in the blank. And so I think the first thing you have to do is you have to understand where you are in the relationship, right? I've got some buddies that when I see them making boneheaded decisions,

• 52:42Speaker 02

  I can just tell them straight up, dude, you're an idiot. That's not right. And then I have other people that I see them making those decisions, but I know I can't speak to them that way. So I started asking them questions. Hey, okay, I see that you do, walk me through. Hey, I do, you know, I do finances for a living. Walk me through, what were you thinking? Like, why, oh, that's an interesting product you bought. Tell me why that made sense for you. And what I try to do is see if I can, through the Socratic method, have them arrive at the conclusion like, oh, maybe the nine-year car loan wasn't the best thing. Or, oh, maybe signing up for the credit card to get the 50,000 points wasn't the most, or whatever the thing may be. And if you can get them to discover that themselves, it's probably going to come across a lot better than if you're just

• 53:24Speaker 02

  kind of like, you know, beating them over the head with, hey, this is how you make decisions. This is how you make decisions.

• 53:29Brian Preston?

  Okay, look, this is like fishing for trying to convince your friends to start making good decisions. I can tell you what I did was I tried to, nobody likes to hear things from a negative perspective. So I, when I talk to my friends, I first hit them with a shock and awe stat. Like, I can remember after I'd read Wealthy Barber and Millionaire Next Door and had the Maro moment that I was like, man, you realize how powerful compounding interest is? And then I tried to hit them with some sentimental stuff. It's like, man, I plan on trying to change my life metrics to where I'm not making the mistakes my parents did. And it would sure be nice when I retire early, because remember back in the twenties, back when I was in my twenties,

• 54:08Brian Preston?

  I thought I was going to retire at 50, past 50 now. And I could retire, but I choose to keep going because I love what I do for a living. But I, but I was like, it'd be great if you guys could retire with me. So we're not going to be able to do this alone if we don't start making actions. So I hit them with shock and awe stat. That's to set the hook. And then you got to peak the interest, set the vision of, hey, this is what I would love for you to start making. Decisions so we can do these things, or if you see them making bad decisions, be careful so it doesn't come off as judgy. I would try to focus on the optimistic stuff, and then provide the tool or resource that's going to fix it. And in my case, I bought those books for all my friends. I actually gave them copies. So, you know, a book that I've got, you know, near and dear to me is Millionaire Mission,

• 54:52Brian Preston?

  of course, that I've tried to incorporate a lot of what inspired me for the next generation. And then also, you can go to moneyguy.com/resources, or point out a show, or send out our newsletter. I really do think a lot of times, we are often say, if you can get somebody just to get curious, you can, you can help them start solving the problem that they have.

• 55:13Speaker 02

  I think that's great. Curiosity. If you can, if you can inspire curiosity, that's huge. And then what you are, is you're not the necessarily the answer. You're the, hey, let me show you how to find the answer. Hey, let me show you where that's at. And I think that can be super, super valuable.

• 55:29Brian Preston?

  Versus being like you're the know-it-all, or, you know, looking down your nose at somebody. Nobody, nobody likes condescending or that part of it, or they all know it, know-it-all. So you have to, you know, inspire curiosity, set a hook, and then provide the solution. And hopefully, you'll, you'll set them on their path, and they'll look back and go, hey, that conversation we had that night that, you know, got me really curious about that, it's changed my life.

• 55:53Speaker 02

  Love that.

• 55:55Speaker 03

  So good. All right, let's do one more. We've got one from Mark. It says, "My wife and I are expecting our first baby in May."

• 56:02Brian Preston?

  Oh, congratulations.

• 56:04Speaker 03

  "We currently have a will. Do we update our will so that all of our assets go to our child? Do we need to set up a trust for this to work? What should they think about?"

• 56:14Speaker 02

  Well, we can't give you specific advice here, right? Because we don't know the state you live in. We don't know the unique circumstances of your financial life. But there's a big life change happening. If you already have a will in place, I would imagine the will in place was just for you and your spouse. Now you have a baby coming online. Well, now the things you have to think about are way, way, way different. If you have you and your spouse, it's basically like, alright, if I die, it goes to my spouse. If my spouse dies, it goes to me. Now that you have a kid, you gotta think about some other stuff. Hey, if something happens to both of us, who do we want to take care of this child? And then, we have money and life insurance and investments, and who's gonna make sure that that money is stewarded well for the benefit of

• 56:59Speaker 02

  that child? Is it the same person caring for them? Is it someone else? What type of structure would be necessary inside of that? So, do you need to revisit your estate planning? Do you likely need to update that? For sure. What strategies or tools will make the most sense for you? Well, that's where it depends a little bit on, again, your unique situation, what you're hoping to accomplish, as well as the state in which you live.

• 57:24Brian Preston?

  It depends on, I didn't mean to say depends, but it really does.

• 57:28Speaker 02

  We're allowed to, the rest of the show.

• 57:29Brian Preston?

  I've seen estate documents written where they talked about unnamed children, or, you know, they were kind of going to where the ball was looking like it was going to be when that estate document was set up. So, but if your estate document doesn't have guardianship of, you know, who's gonna take over the kids, even if they're unnamed in the estate document, and if it doesn't name a trust on how, what happens to the life insurance proceeds if both you and your spouse die for the said children, unnamed children, then yeah, you're gonna have to redo your estate documents, because those are two big things that immediately need to be kind of tied down, as well as now with this change, you probably ought to revisit your term life

• 58:12Brian Preston?

  insurance. Remember, the difference between term versus permanent is that it's time certain, that you pay the annual premiums, and it's a lot cheaper to buy term insurance than it is permanent insurance. And I always, I'm a big advocate or a fan of term insurance, because in a lot of ways, if you're building wealth in the right way, hopefully down the road, you're gonna be able to self-insure the need because your kids Leave the house, you've built your own retirement assets, but while the kids are in the house and while your spouse is counting on your income, you can vary in a cost-effective way by term insurance to protect the family and loved ones.

• 58:45Speaker 02

  I just, I want to just give a little brief PSA. A lot of people.

• 58:50Brian Preston?

  Not on baggage?

• 58:51Speaker 02

  Not, this has nothing to do with airline travel. A lot of people have been asking me recently, talking about like estate planning and going through probate and all that kind of stuff. And trusts are wonderful tools. Brian, both of you, both you and I utilize.

• 59:06Brian Preston?

  What's called testamentary trusts built into our state documents.

• 59:10Speaker 02

  We have testamentary trusts. We also have revocable living trusts that are currently established, currently funded. What I want to make clear of you is, is oftentimes that serves a purpose, especially if you have young kids or there's assets that have a certain thing that they need to do. But for a lot of people, that may not be necessary. If you are updating the beneficiaries on your accounts, if you have joint titling on your accounts, a lot of people don't recognize that even on after-tax accounts, like a joint brokerage account or individual brokerage account, you can add a payable on death or transfer on death designation on there to where it has a beneficiary, the same way that IRAs do. There are a lot of ways that you can structure your estate to pass and flow very, very efficiently, according to your wishes,

• 59:53Speaker 02

  without having to get overly complicated. I think a lot of times, even people who have built up some wealth, million, two, three, four million dollars, they think there has to be all this complexity in order to transition. And in reality, that's just not the case. And so you want to make sure that you have an estate plan that's appropriate and fitting, but not that is overcomplicated and unnecessary for what your ultimate wishes are.

• 1:00:16Brian Preston?

  I mean, yeah, that's, that's one of the things I think as a financial planner, I've helped. Cause sometimes people get caught in these seminar attorneys where they sell them these big packets of estate docs that is just insanely complicated.

• 1:00:29Speaker 02

  Yep.

• 1:00:29Brian Preston?

  And, and I think it's because we have an experience of actually helping people who are on the other side of when a loved one passes away. We know the complexity and what's effective versus what was just sold during a seminar to scare somebody. Be aware that not everybody who sells you something is got your best interest.

• 1:00:48Speaker 02

  That's right.

• 1:00:48Brian Preston?

  And so, personal finance is definitely personal. So, you want to make sure your estate document, keep it as simple as possible, but make sure it's going to be effective and represent your wishes when you're no longer here. I think that's the biggest thing that people just stick their head in the sand, especially when it comes to kids, just because it's an awkward conversation when you think about her sister or brother, and you're thinking about your brother and sister, and y'all have disagreements on who's going to raise what kids. If you guys can't get along about the decision while you're alive, what do you think the state's going to do if you don't leave behind a document that expresses your wishes? It's going to be a mess.

• 1:01:26Speaker 02

  That's right.

• 1:01:26Brian Preston?

  And create a lot of turmoil and pain. It might even impact how people look at you post your passing.

• 1:01:34Speaker 03

  That's fantastic.

• 1:01:35Speaker 02

  God, we gotta do. Oh, that's fantastic.

• 1:01:39Brian Preston?

  I was about to say, we need to do something a little more fun because I don't like we just doing it on an estate plan is not a good way to close things out.

• 1:01:46Speaker 02

  Now.

• 1:01:47Brian Preston?

  And you guys put a yawnie hairdo on me.

• 1:01:50Speaker 03

  I'll be honest. A photo of Brian with a mullet.

• 1:01:52Speaker 02

  In my mind, now Brian went full on like, full length mullet. I was just thinking, you know, like neck length.

• 1:02:00Brian Preston?

  You're thinking Billy Ray Cyrus.

• 1:02:01Speaker 02

  I was, but this is something. Did you know what?

• 1:02:04Brian Preston?

  I'll tell you what, what it makes me look better, but it just doesn't exist because of my genetics, is have you seen me with a beard?

• 1:02:11Speaker 02

  It's a good, it's a good look.

• 1:02:12Brian Preston?

  I think I'd probably look, I'd be more attractive if I had a beard.

• 1:02:15Speaker 03

  Oh, don't tempt our team with AI.

• 1:02:16Brian Preston?

  But I can't, I can't grow facial hair.

• 1:02:18Speaker 02

  You know what, you, with that hairdo, he could do a mean man bun. That'd be awesome. I've always, I've always wanted to have long hair.

• 1:02:24Brian Preston?

  The only thing that'd make that picture better is if I had an axe and a shield.

• 1:02:29Brian Preston?

  That's more Braveheart-esque, and then I could give a real, you know, a big speech to get motivated. Doesn't that kind of have a Braveheart feel to it?

• 1:02:36Speaker 03

  With the long hair, it could.

• 1:02:37Speaker 02

  I often think that Brian Preston is the William Wallace of the personal finance space. That's often what I think.

• 1:02:45Brian Preston?

  Well done, team. You guys are a mess.

• 1:02:47Speaker 03

  Fantastic.

• 1:02:48Speaker 02

  Amazing. They're so good.

• 1:02:50Speaker 03

  Well, hey, if you want more memes and behind the scenes chatter and you don't want to stop chatting, make sure you check out the Moneyverse. Go to moneyguy.com/moneyverse.

• 1:02:59Speaker 02

  It's wild.

• 1:03:00Speaker 03

  It's crazy.

• 1:03:01Speaker 02

  If you've not been in there.

• 1:03:02Speaker 03

  Y'all are always talking in there.

• 1:03:04Speaker 02

  It's insane. It's so cool.

• 1:03:06Speaker 03

  It's awesome. I love to see it.

• 1:03:07Speaker 02

  It's awesome. You're in there now.

• 1:03:09Brian Preston?

  I have set everything up.

• 1:03:12Speaker 02

  You're a lurker.

• 1:03:12Brian Preston?

  I'm more of a lurker at this point. I need to get more active. I need to take you, follow your lead.

• 1:03:17Speaker 03

  I've had some folks, uh, they've been hypothesizing which account might be your lurker. So there, you, I don't know. You could, whenever you do decide to show yourself, I feel like people are gonna be like.

• 1:03:30Brian Preston?

  And that's the other thing. I feel like I, I, I set something up and I was like, oh, maybe, maybe I can change it later, but it just, I don't know if I, I love what I've set up.

• 1:03:40Speaker 02

  I get it. Screen name's a big deal. Every one of us remembers.

• 1:03:43Speaker 03

  Everyone's so stressed about their screen name around here. It's very funny.

• 1:03:45Speaker 02

  Our 13-year-old selves setting up that AIM screen name for the first time.

• 1:03:48Brian Preston?

  Well, I mean, think about like, you know, it's funny is like, my wife has a Hotmail account. I have a Yahoo still from the past. We all get stuck with these things and then, you know, and you, you forever, you're trapped in this. I think that's what hangs over me is like, whatever I choose, cause I imagine as healthy as this Discord is, this thing's gonna be around for a while. So I feel, I'm feeling a little apprehension about getting it. Measure twice, cut once.

• 1:04:11Speaker 02

  It's, it's literally, it's like, it's literally like a full-time livestream. That's what it feels like to me.

• 1:04:16Speaker 03

  That's truly what it is.

• 1:04:18Speaker 02

  At any point in time, there are people in there interacting, answering questions, celebrating milestones. It's awesome. I'm a big fan.

• 1:04:25Speaker 03

  Yeah. And we're looking forward to seeing how it evolves and how we can make it even more fun and constructive for everybody. So thanks for everyone who's given feedback and joined in and made it fun.

• 1:04:35Speaker 02

  You know, I think it's cool. We have so many like heavy Discord users. They keep like mentioning, hey, content, hey, Rebi, you ought to do this, you ought to, and you keep doing it. Like you keep adjusting and, and, and modifying the Discord based on feedback. I think it's awesome. Chef's kiss.

• 1:04:52Brian Preston?

  All right, guys. Thanks for tuning in. Thanks for hanging out with us. There is a better way to do money. And I'm your host, Brian, joined by Beau, Rebi, and the rest of the content team, Money Guy.

• 1:05:06Speaker 02

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