Why These Things Aren’t Worth Your Money (Feat. Erin Talks Money)

Are you wasting your money without realizing it? We are so excited to be joined by special guest Erin from Erin Talks Money to talk through the hot topics where we agree, disagree, and yes, even want to fight. From food delivery to sports betting and whole life insurance, there are several places we see people leave serious wealth on the table, and we break down the data for you! We also debut a new game we like to call "Worth It or Waste?" and nobody is holding back. Then we answer your questions about lifestyle creep, FOO Step 8, selling investments for a wedding, and more. Jump start your journey with our FREE financial resources⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Reach your goals faster with our products⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Take the relationship to the next level: become a client⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Subscribe on YouTube for early access and go beyond the podcast⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Connect with us on social media for more content⁠⁠⁠⁠⁠⁠⁠⁠ Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

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

• 0:01Speaker 00

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• 0:27Speaker 01

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• 1:02Brian Preston?

  Why these things aren't worth your money? With special guest, Erin Talks Money.

• 1:09Speaker 03

  Hey, guys.

• 1:10Speaker 04

  Brent, I am so excited because we know just how powerful every single dollar in our army of dollar bills can be. And when people waste them, they are literally wasting valuable soldiers. So we thought today we'd walk through some things that right now we see people spending money on. We're curious, Erin, if you see these same things and why they are bad uses of money and what you should potentially be doing instead.

• 1:35Speaker 03

  Absolutely. I'm excited for it.

• 1:37Brian Preston?

  Now, by the way, you can disagree with us, Erin, if you want to, if you've got any hot takes. But you know what? We're so on point.

• 1:43Speaker 04

  Do you think, so we're going to go through some stuff that people like spend and waste money on. Do you think Erin is going to be like a victim or like a perpetrator of some of these bad ones?

• 1:52Brian Preston?

  I don't know. We can only hope for good content.

• 1:54Speaker 03

  I always say I'm a frugal noodle, so.

• 1:56Speaker 04

  All right, well, let's see. Because this one, this one is a generational one, right? I think if we have a high likelihood of her falling into one of these, potentially is this one. But this is one that we see so often, specifically, I think, amongst young people, and it's food delivery services.

• 2:13Brian Preston?

  This is one I feel like I'm the old man on the front porch is because when I found out how expensive this makes the food that's going to be delivered, I was, I tapped out pretty quick. How about you, Aaron? Do you do food delivery?

• 2:26Speaker 03

  I don't, but I had a one week stay in Washington that a company paid for.

• 2:33Brian Preston?

  Okay.

• 2:33Speaker 03

  And they gave me a food budget. It was pretty much unlimited. Breakfast, lunch and dinner. I did.

• 2:37Brian Preston?

  Just had them all delivered?

• 2:38Speaker 03

  Yes. I had, I had ice cream delivered. I abused it.

• 2:42Speaker 04

  Because it was somebody else's dime, but you recognize if you're spending your money, that's not the way.

• 2:46Speaker 03

  I have never used it.

• 2:47Speaker 04

  Well, it's interesting. A lot of our clients say the same exact thing. We do an annual wealth survey where we say, okay, how do you use money? What are the things that you spend on? What are the things you consume? Well, we found that 68% of our clients don't actually use food delivery services. They don't DoorDash. They don't Uber Eats. Even though it's convenient, even though it might technically save you time, they have discerned it's just not worth it.

• 3:10Brian Preston?

  Well, and there's good reason for that. I mean, let's face it. The, according to the research, and we, yes, we're nerdy enough, we looked this up. According to LendingTree, delivery now costs 80% more than just picking up the same food item. So, I mean, I've seen people literally to get Chick-fil-A that, you know, what is a Chick-fil-A? Now, it's already expensive enough. $10. So you're gonna pay $18 for, for the same Chick-fil-A meal? That, that's the part where I kind of tap out when I hear it's that expensive.

• 3:39Speaker 03

  Well, I mean, I just feel like part of the experience is going out. It's going and seeing people at the restaurant or going with your friend. I don't want to have it delivered and then eat alone at home anyway. So if I'm gonna go out, I'm gonna go out.

• 3:52Speaker 04

  Now, I don't want to, I don't want to say any names. My wife. I, I know that like young folks, young parents will say, oh, but it's just so hard. I gotta load the kids up and duh, duh, duh, duh, duh, duh, duh, duh. I even think that that's a poor excuse because even now, it's not that hard. Even if you're gonna go get the Chick-fil-A, for example, I would much rather you go through the difficulty of putting the kid in the car seat and loading them up and going to get the $30 Chick-fil-A for the family as opposed to the $90 delivery to the door. I'm not saying that's ever happened, but if it did happen, I would be very much.

• 4:26Brian Preston?

  I think we hit pretty close to home with that, with that. It, it seems, it sounds like there's an issue at the Hanson household.

• 4:31Speaker 04

  No, okay. I, I do have a question though. Can I, can I, can I go, can I go off script here and ask a question? Uh, food delivery, Uber Eats, DoorDash, that kind of stuff is something that I rail against. There are other types of food delivery though, like groceries and that sort of thing. I don't hate those so much. Are y'all super against like grocery delivery?

• 4:51Speaker 03

  All groceries delivered. I do not set foot in a grocery store. I have a two and a half year old.

• 4:56Speaker 04

  Yep.

• 4:56Speaker 03

  I'm not doing it.

• 4:58Speaker 04

  Cause you probably remember, if you have a two and a half year old, that's when just stuff gets thrown in the buggy like as you're pushing it through.

• 5:03Brian Preston?

  I do, and look, they've made it so easy. I think if you think about, I mean, now when I could do an Amazon purchase at the end, it's like, hey, would you like some fresh organic bananas for a dollar 50?

• 5:15Speaker 04

  Sure do.

• 5:15Brian Preston?

  So you know, would you like some new milk delivered by 4 a.m. at your house? Sure, let's throw it in there. And then also know Walmart, you know, if you're, if you're part of their, is it Walmart Plus?

• 5:25Speaker 03

  Yep, I'm a proud member here.

• 5:27Brian Preston?

  You can get about anything delivered a few hours in the future. So I do think that's not what we're talking about. Cause the markup is just not there and it might be even an element that you're getting a little bit more of your time back, which we all know how valuable that is.

• 5:41Speaker 04

  And I think that you're more, at least in my experience, you're more dialed into what you're ordering. You're able to follow the groceries. But when I'm, when I'm walking to the Oreo aisle, I just, I just gotta put those Oreos in my cart. And that's the thing that actually happens.

• 5:52Brian Preston?

  And don't forget, a lot of your, even if you just want to drive to locations, people, I mean, like I know the Chipotle down the street from me has a window.

• 6:01Speaker 04

  Yep.

• 6:01Brian Preston?

  That I can now just sign up for the Chipotle window and I ride by. I barely have to be moving. They'll throw it in the window these days.

• 6:08Speaker 04

  I love it. All right. So food delivery is one that we don't love. It's not, but grocery delivery, we're kind of okay with. This next one, I'm going to draw like a hard line and we're going to get some hate in the comments. Cause I know again, this is super popular right now, specifically amongst the young folks, sports betting. Do you sports bet?

• 6:27Speaker 03

  People throw balls.

• 6:30Speaker 04

  In some of the sports, some of the sports, they throw balls, others, they don't throw the balls.

• 6:34Speaker 03

  Okay.

• 6:35Brian Preston?

  I do think, let's put some context on this, though. Sixty-five percent of bettors participate to make extra money. First of all, if you don't realize you're the fish sitting at the table, you're the mark. I mean, that's, you are the mark when it comes to this online sports betting. The other one that I thought was interesting, thirty-one percent of sports bettors view it as an investment.

• 6:56Speaker 04

  Not a chance.

• 6:57Brian Preston?

  I'm doing the rabbit ears on purpose. And that's what I'm telling you, I think a lot of people have lost the plot a lot when they, when they think about sports betting.

• 7:05Speaker 03

  I just feel like, if it's an investment, I'm going into the market. And if this is money I don't need, so if you're doing this to make money, you gotta get a side hustle. You gotta grow your skill set, you gotta do something that's gonna bring more income in, because a gamble is not a way to make money.

• 7:21Speaker 04

  It's exactly what it is, it's a gamble, it's literally hoping that you get lucky. I don't care how much sports you watch, I don't care how in tune with it you are, it's gambling. And we know that right now, for every hundred dollars that is bet in 2024, for every hundred dollar bet that was placed, the expected loss was nine dollars and thirty cents. You're taking a ten percent haircut right off, like, right from Jump Street when you participate in these. I don't think it's an investment, I don't think it's a way to make more money.

• 7:48Brian Preston?

  Well, did, did you see the source of that, though? It's the American Gaming Association? This is just what they're telling us.

• 7:54Speaker 03

  Yes.

• 7:54Brian Preston?

  It's nine dollars and thirty cents. I know a lot of people, it's actually, you could probably amp that up even more. I, I just think, look, there's nothing wrong with it's a hobby, but don't let this be something that's replacing you doing your Roth IRA.

• 8:06Speaker 03

  Yeah, it's money that you're okay with losing, so if you want to have fun. Have you seen, there's now apps, like, you can bet on anything, it's not just sports.

• 8:13Speaker 04

  That's right, everything.

• 8:14Speaker 03

  Betting itself is becoming the sport.

• 8:16Speaker 04

  It's, and, and again, I think, and what's really dangerous is there are now providers, like, I'm gonna say legitimate, but like, investment provider platforms where, when you log in to look at your account, you can look at your Roth IRA and your traditional and your, and you see your investments, and then right there next to it, it says, hey, participate in this prediction market. Hey, go do this gambling thing. I think that's dangerous, especially for like, young folks who can easily be pulled away and take their eye off without actually be doing.

• 8:43Speaker 03

  It's hard in the beginning because you're doing the legwork. So if you think, oh, I can turn this 100 into 200, there's a lure there.

• 8:49Brian Preston?

  Well, there's also this sports arbitrage betting, you know, where you people, but even they are smart. The gaming sites are so good at that. Don't even, because I know financial mutants think that they can find a better way to do things. The gaming sites are so smart that even if you work that arbitrage angle, they will start limiting your bets very quickly. So don't even, I don't even think it's worth going down those reindeer games.

• 9:13Speaker 04

  All right. So we've talked about two, and I said specifically that they sort of target younger folks, right? This next one that I think is likely not worth the money that people are spending on it, does not discriminate age wise because we see young people making this poor decision. We see people that are even farther along in their careers making this decision and it's buying or using whole life insurance as an investment vehicle.

• 9:37Brian Preston?

  Erin, you have any whole life?

• 9:38Speaker 03

  No.

• 9:39Brian Preston?

  You got term insurance?

• 9:41Speaker 03

  Uh, no.

• 9:43Brian Preston?

  Oh, my gosh, we just broke something here.

• 9:47Speaker 03

  I do not.

• 9:48Brian Preston?

  But you have insurance, I'm sure through your husband's thing, you know, through military.

• 9:53Speaker 03

  The smallest amount imaginable.

• 9:54Speaker 04

  All right, just taking some.

• 9:56Brian Preston?

  Thanks for writing some notes down. So we're going to give you some homework to take home with you today.

• 10:00Speaker 03

  I feel like there gets to be a point where you can self insure. So I'm not going to spend the money. I have weighed the pros and cons and with a paid off home with my son's college paid for, I don't see the point.

• 10:13Speaker 04

  We do, we do agree that when it comes to life insurance, what we're hoping is it's a temporary solution to a temporary problem. And then ideally, as your life progresses, you do eventually reach the point where insurance is no longer something that you need. But whole life insurance does the exact opposite thing, or permanent life insurance is the exact, it says, hey, we're going to make sure that this is a solution that's in place forever. I think Investopedia said it great. It says, whole life insurance is more expensive than term life and you'll receive a lower death benefit than you could get with the same amount of money in term policy. So you're going to pay a whole lot more to get a whole lot less of something. That does not sound like a favorable financial trade off to me.

• 10:53Brian Preston?

  Yeah. I mean, look, there are specifics, there is a small segment that benefits from. Getting the underwriting done while you're young and healthy. But for the majority of people out there, you can buy a term and invest the difference. I will encourage Erin to go check because I think you're shooting yourself short in the fact that if you left the planet tomorrow,

• 11:17Brian Preston?

  your spouse and your child would probably be like, hey, we might need some additional resources because Erin does a lot. We know just from Army, Erin does a lot.

• 11:28Speaker 03

  Yes.

• 11:28Brian Preston?

  So we need to plan accordingly.

• 11:30Speaker 04

  All right. So we're talking about things that are likely not worth the money. Now, this one, I think this one might be the one where we're going to get the most pushback, right? So we've said there are things that young people do, there are things that people further along in their career do, but this one is specifically for a certain type of person. And the type of person that this one for is for the car person. Because people say all the time, hey, I, it's okay, I buy a luxury car. The reason I do it is I'm just a car guy. I'm just a car gal. It's part of who I am. Oftentimes, I think that is a suboptimal financial decision.

• 12:03Brian Preston?

  Erin, what's your take?

• 12:04Speaker 03

  I bought my first car last year.

• 12:06Speaker 04

  Was it a luxury car? Did you go Mercedes, BMW, Bugatti?

• 12:09Speaker 03

  Aston Martin, no, Toyota Camry.

• 12:12Speaker 04

  Toyota Camry. See, that is a wonderful financial mutant choice. Why was it, what made you decide not to go get the fancy, expensive, German, fill in your brain, fill in the blank?

• 12:25Speaker 03

  I live downtown. I walk. I don't want to drive anywhere. I hate driving. I'm good for about 20 minutes in the car, then I become a pro-napper. So I don't want to go anywhere. I would rather have a driver.

• 12:36Speaker 04

  I love that.

• 12:37Brian Preston?

  Well, and it's, look, you're on, you're in good company because we actually survey our clients and we found that 84% of our clients drive cars for seven plus years.

• 12:48Speaker 03

  My first car, which was a gift from my grandma, I drove for 18 years. So that's why, that's why I bought my first one last year.

• 12:56Brian Preston?

  And look, there's a good reason for this because y'all have heard me. I've got some of my biggest rants I've ever historically done on this show is that my wife had a European luxury SUV. And I complained about the maintenance costs, you know, how even when they get you, when you get, there's a class action lawsuit that says, yeah, hey, this is a problem that they had to replace the brakes at less than 20,000 miles. They still find a way to hose you, even on that bad thing. The extra costs on the premium fuel, the higher insurance, they depreciate really fast because these are all bad decisions.

• 13:29Brian Preston?

  So we don't love luxury cars for people. I will say also, if you think about 65% of Americans, if you're comparing and contrasting, drive their cars for less than five years.

• 13:42Speaker 03

  That's shocking to me.

• 13:43Brian Preston?

  Millionaire clients doing one thing, seven plus years, typical American, less than five years on highly depreciating assets. You can see there's a disconnect.

• 13:53Speaker 03

  I feel like the typical American is just getting their car paid off at five years.

• 13:57Speaker 04

  Well, hopefully.

• 13:59Brian Preston?

  Actually, there's negative equity in the majority of transactions, too.

• 14:02Speaker 04

  Yeah, I think, I think what's wild is the reason that I think a lot of people drive luxury cars is because they want to look cool. It's a fancy car and it looks nice. That's all the trappings. But then a few years go by and then, well, I gotta do it again. I gotta rinse and repeat, rinse and repeat. And that's why so many folks are doing it so often. Now, look, don't mishear us, right? So we're not saying that luxury cars are bad. We are not even saying that you shouldn't buy a luxury car. What we are saying is that if you're going to buy a luxury car, you better make sure that you're doing it at the right time and you truly understand the opportunity cost of making that financial decision.

• 14:41Brian Preston?

  Y'all know I have a no hypocrisy policy and I would be a hypocrite if I didn't say we don't, we drive luxury cars. But it's a step eight. If you're not in, because look, I traded, I even shared with Aaron in our content meeting, I feel like in my 40s, I went from somewhere in the early 40s, I went from full tightwad, where I was doing things so cheap. And then once I realized, oh my gosh, you know, some of these Decisions are having an impact on my relationships. I'm not going to die broke.

• 15:09Speaker 04

  Yep.

• 15:10Brian Preston?

  I probably should loosen it up and I was well into step eight of the financial order of operations. And I think that's when you can give yourself permission to do the bigger cars, the nicer cars. Even my big confession that I've made in the last few months is we're now leasing our first car because and look, leasing is not the greatest idea.

• 15:29Speaker 04

  All right, notes for Aaron, notes for Brian.

• 15:31Brian Preston?

  But, I mean, when you look at how bad the decision is on these luxury cars. I was like, I'd rather rent this bad decision than to own it.

• 15:40Speaker 04

  Yeah.

• 15:40Brian Preston?

  And that's what well beyond, it's now more, it's not moving the needle. It's not impacting anything financially. It's more of what keeps the household happy.

• 15:50Speaker 03

  I think that's fair. It's kind of like the Dave Ramsey principle. If you would put this money on the table or in the middle of the living room, light it on fire and it doesn't affect your life. It's okay.

• 15:57Speaker 04

  Then it's okay to do.

• 15:58Brian Preston?

  It does feel like that in some ways for the financially responsible one in the house. But, but like I said, my spouse loves that car she's riding around in right now. So, you know, if it makes her happy, it makes me happy.

• 16:10Speaker 04

  I love that. Now, Ruby, we were talking a little bit about, uh, these are some things that we think that people spend money on and are likely not worth it. But you said, hey, we have a few more. Didn't that what you and the content?

• 16:23Speaker 05

  We do, we're going to play a game. It's called worth it or waste. So you guys have your thumbs up and thumbs down signs or paddles. So go ahead and grab those. I am going to name off a few more items and I want you guys to tell us, uh, from your personal opinion or your opinion as a financial professional expert, uh, you guys get to say, is it worth it? Or is it just a waste of money?

• 16:47Brian Preston?

  This is all so, cause I want to, I want to preface this. Cause last time we did a segment like this, it was on cars and I offended some of my clients. And I did not mean to. So I just want everybody to know, we don't see this stuff beforehand. So the content team just kind of has their way with us. So I will put that disclaimer so in case any of my clients write me after the show, I didn't mean to offend you.

• 17:09Speaker 03

  But if you're on step eight, if it's not worth it to us, it could be worth it to you.

• 17:14Speaker 05

  So this is a little for fun. I do want to throw that out there. Also, if you three disagree, uh, let's talk about it. That's kind of the fun of it. Let's discuss it. Let's discuss the pros and cons and see where we land. All right, we're going to dive right in. The first one is recreational vehicles, RVs, boats, jet skis, worth it or waste it?

• 17:36Brian Preston?

  I mean, well, this one.

• 17:38Speaker 05

  Oh.

• 17:39Speaker 04

  I gotta, I wanna hear Aaron's first, because I got a different take.

• 17:41Speaker 05

  Aaron says worth it.

• 17:42Brian Preston?

  Oh, Bo, Bo went on a boat this weekend, so he's probably got some recency bias.

• 17:46Speaker 05

  Brian says a thumbs down. All right, Aaron, you start, discuss.

• 17:48Speaker 03

  I grew up on a lake, so, I mean, every Friday, Saturday, Sunday, sometimes after work, we would be out on a boat, on a jet ski. And, I mean, as long as you use it, as long as it's an experience, I think it's okay. If you don't use it, you don't need it.

• 18:02Speaker 04

  Love that.

• 18:03Brian Preston?

  Go ahead, I wanna.

• 18:05Speaker 04

  Uh, for all my friends out there listening, I think it is incredibly worth it for you to buy a boat, for you to buy a jet ski, for you to buy the lake house, for you to have maybe the mountain house, maybe the beach. I would love for all of my friends to make those decisions, because then I get to benefit from said decisions. So is it worth it? Yes, recreational vehicles are 100% worth it. If your friends are spending the money on it and you get to use it for free, that's what I did this weekend.

• 18:32Brian Preston?

  That's exactly why I did the thumbs down. I was gonna say the exact same thing. We did a show a few years ago called Financial Mistakes You Hope Your Friends Make. And this is definitely one of them. But, look, I do, I agree with, I kind of agree with both of you, because if you, if you're at a successful place, you're gonna find out that money is nothing more than a tool. So if you can make the biggest and best memories with your loved ones, and even prime the pump to keep them coming back around, there's nothing wrong with using some of these things, as long as they're getting used. And also, as long as they're done at the right time in your financial journey. Because I don't want you, the thing I hate is that everything in this world is structured off of, you can afford it for a few hundred dollars a month at a time and you finance it. That is not

• 19:17Brian Preston?

  what's going to help you build the memories. It needs to be, build your financial foundation, have some success, and then go reward yourself by buying some of these things.

• 19:26Speaker 03

  You can have a modest version. It's, the better boat doesn't buy a better experience.

• 19:30Speaker 04

  That's great. And once you do that, become friends with me.

• 19:35Speaker 05

  Next one, is it worth it or is it a waste? Extended warranties. Oh, Bo says, oh, everybody said waste. Why is that?

• 19:44Speaker 04

  Except for one.

• 19:45Speaker 05

  Oh.

• 19:46Speaker 04

  There's one extended warranty that I am for.

• 19:49Speaker 05

  Which is?

• 19:49Speaker 04

  Apple Care.

• 19:51Brian Preston?

  Okay, I'm not gonna fight him on that.

• 19:52Speaker 04

  Apple Care.

• 19:53Brian Preston?

  I've actually benefited from it.

• 19:54Speaker 04

  I turned down every single other extended warranty, but on any of my products, I put Apple Care on them.

• 20:01Speaker 03

  What about if you buy it on the credit card? And the credit card would cover it anyway.

• 20:04Brian Preston?

  It covers it for like a year.

• 20:05Speaker 04

  It covers it for a shorter time.

• 20:06Brian Preston?

  But Apple Care has gotten where it's almost like, hey, since we're making this thing.

• 20:10Speaker 03

  Yeah.

• 20:10Brian Preston?

  We can, we'll just let you keep protection forever. They've even added like on these watches.

• 20:15Speaker 03

  Yeah.

• 20:16Brian Preston?

  They've, because I lost one. It's somewhere in my house. I have no idea where it is. And I went and he's like, you realize with the new Apple Care, now if you lose it, we'll even replace it.

• 20:25Speaker 04

  A hundred bucks to replace it, that's it. Yeah, or so whatever the thing is.

• 20:28Brian Preston?

  Yeah, so I mean, so I, but I will say.

• 20:30Speaker 05

  It's not Apple Care.

• 20:31Brian Preston?

  We do, we do quite a few studio tours and we had a gentleman here who worked on the wholesale side, but then for a season of his life, he was like the finance guy, you know, the last part when you're buying a car, they throw you in the room and that's the shark you ought to be aware of. If you don't know that you're the mark when you get into the finance room, because by the way, it's not, even if you're paying cash for the car, this is where they're gonna send you the maintenance, the extended warranties. It's, it, it's the shark of, of the operation. And I, they don't, you shouldn't buy this stuff. It's because even like my, let me give you my personal experience. I bought the extended warranty. You can put, make fun of me, I'll make fun of myself too, for the rims. Cause I'm a 16 year old.

• 21:14Brian Preston?

  If they sold subwoofers, I would buy like 12 inch subwoofers for my cars. That's where they could get me.

• 21:19Speaker 04

  For the rims, you bought the extended warranty?

• 21:21Brian Preston?

  But my wife's car, that European expensive luxury car that I've ran it at. I, my own mistake was I bought the bigger rims and the guy gets in there and he goes, you realize each one of these rims is $4,000.

• 21:32Speaker 04

  Each one of them?

• 21:33Brian Preston?

  For this price right here, we will protect your rims. And I was like, okay, you know, that's not that much money. And you're right, my wife is gonna definitely curb the heck out of these rims. So let's do it. And I'll never forget, my wife took the car in for, because we have to replace these tires. It felt like for every 10,000 miles. I'm being facetious, but not really. They tell me, sir, you've bent the rims. We're gonna need to replace this rim. And I was like, good news. I bought the extended warranty. You know what they do when you pull out the extended warranty?

• 22:06Speaker 04

  What's that?

• 22:07Speaker 03

  You don't need to replace it anymore?

• 22:08Brian Preston?

  They say, wait a minute. You, because they gave me the quote for the $3,500 rim or whatever. But for them, because I had the warranty, once I pulled the warranty, they sent out a guy with a trailer who bends the rim back into shape.

• 22:20Speaker 04

  And just fixes it.

• 22:21Brian Preston?

  And then fixes the rim.

• 22:22Speaker 04

  So without the warranty, you'd have had to...

• 22:24Brian Preston?

  So it showed me this whole thing's a scam.

• 22:26Speaker 03

  Yeah.

• 22:26Brian Preston?

  And now I got a great guy for $125 a rim. He can make any rim, no matter how distorted it is, look brand new. Curb rash, everything. He fixes Teslas, everything. I now have the guy.

• 22:37Speaker 03

  Okay, so Apple Care and rims?

• 22:40Brian Preston?

  Well, no, don't do the rims. Because they're gonna send you to the guy for $120. You just need the guy. Because I have referred him to at least 12 people. Because he really can't make any rim look brand new again. So don't buy the extended warranties. I think it's a complete scam.

• 22:57Speaker 03

  Okay.

• 22:57Speaker 04

  What about, so you bought your new car last year? Did you do all the extended warranties and all that kind of stuff?

• 23:01Speaker 03

  I got this extra package on...

• 23:04Brian Preston?

  See, these guys are sharks. They even sold it to Aaron Talks money.

• 23:07Speaker 04

  Hey, no, I've done, now I've done a maintenance thing before. Where like it'll come with six or eight oil changes and like whatever.

• 23:15Brian Preston?

  Did that work out for you, Aaron?

• 23:16Speaker 03

  No, I don't drive that much. Hence why I had a car for 18 years. I think it had 70,000 miles on it.

• 23:22Speaker 04

  In 18 years? And it was a gift from your grandma?

• 23:25Speaker 03

  Yeah.

• 23:27Brian Preston?

  You might just need Uber.

• 23:29Speaker 04

  Seriously, bicycle.

• 23:32Speaker 03

  I have one.

• 23:32Brian Preston?

  Of course you do.

• 23:33Speaker 03

  It got to the point for my 18 year old car, I would be dropping my son off at daycare and I walked in one day and I'm like, you know, I think there's something wrong with my muffler. They're like, you think? We know when you're here. So I finally got the new car and they're like, yeah, we can give you six oil changes if you just pay X amount. And I'm like, okay, I'll, I'll do that. That's fine. I haven't even had one oil change yet.

• 23:52Speaker 04

  You bought the car last year?

• 23:54Speaker 03

  Last January.

• 23:56Brian Preston?

  Wait a minute. So they have an expiration date on them?

• 23:58Speaker 03

  Yeah, they do. So they're expiring this June. So next month I got a phone call. They're like, we should probably get one oil change.

• 24:03Speaker 04

  You get an oil change five times.

• 24:04Brian Preston?

  They didn't really sell you six oil changes because if you think about, cars go at least 5,000 miles.

• 24:10Speaker 04

  Sure.

• 24:11Brian Preston?

  You know, a lot of them that they're putting synthetic, say even say 10,000, but so let's just go 5,000 miles. Five times six is 30,000 miles that you'd have to drive.

• 24:20Speaker 03

  In defense.

• 24:21Brian Preston?

  For in one year and you drove three?

• 24:24Speaker 03

  Yeah. So I took it in, in November. They rotated my tires and they gave me a car wash. So two grand well spent.

• 24:32Speaker 04

  Sounds great.

• 24:33Brian Preston?

  Look, I'm having fun. I've made mistakes. You've made mistakes. That's what I love about money is you don't have to be perfect with it.

• 24:38Speaker 03

  But they did give me an extension.

• 24:40Speaker 04

  Okay, good.

• 24:40Speaker 03

  So I'll get one oil change.

• 24:42Brian Preston?

  So how long are they extending these?

• 24:44Speaker 03

  Till December, but I mean, I'll call them back. I think they'll move it.

• 24:47Speaker 04

  Just keep asking. Just keep pushing, pushing that down the line.

• 24:49Speaker 03

  You just say, please.

• 24:51Brian Preston?

  Do you, do you say the statement, do you know who you're talking to?

• 24:53Speaker 03

  No, I did when I bought the car. I'm like, Aaron talks money. I can't buy these packages.

• 24:59Brian Preston?

  Don't you know that finance guy now is everybody's like, hey, Aaron talks money bought this package.

• 25:03Speaker 04

  I don't know if you know that she was here.

• 25:04Brian Preston?

  He probably uses you as the marketing for this. Hey, if I know, if you need extra maintenance, Aaron talks money bought this.

• 25:11Speaker 03

  Oh gosh.

• 25:12Speaker 05

  Could you imagine? All right. Let's do a couple more. How about rent to own? Is it worth it or is it a waste?

• 25:19Brian Preston?

  We talking about like furniture and TVs?

• 25:21Speaker 05

  Yes, sir.

• 25:22Brian Preston?

  Come on, this is, this is too easy.

• 25:23Speaker 05

  There's two thumbs down.

• 25:25Brian Preston?

  What are you doing?

• 25:25Speaker 03

  He's got to think about it.

• 25:26Speaker 04

  I'm just trying to think if there's anything that makes sense to rent to own.

• 25:31Speaker 03

  What about a home?

• 25:32Speaker 05

  All right.

• 25:32Speaker 04

  I was thinking.

• 25:33Brian Preston?

  Playstation 5.

• 25:34Speaker 04

  I was thinking about a home. I guess you're not technically renting it, but you're kind of are, right? Like you're in it for the first 30 years.

• 25:39Speaker 05

  Same thing though.

• 25:40Speaker 04

  You don't own it outright. It's like, a home is layaway. You're just doing layaway for 30 years.

• 25:44Speaker 05

  What you're saying, but this is getting too fancy. Like that's not rent to.

• 25:46Brian Preston?

  No, you're talking like rent, Aaron's rent to own or something like that.

• 25:50Speaker 04

  Yeah.

• 25:50Speaker 03

  Great name.

• 25:53Speaker 04

  No, I'm a hard pass on that one.

• 25:54Speaker 05

  All right, hard pass. Don't do it.

• 25:55Brian Preston?

  Why not if you think TVs are, because you can go to Costco and buy a TV for a few hundred bucks, or you can pay for a TV six times over by renting it monthly.

• 26:03Speaker 05

  It just ends up being more expensive, right?

• 26:04Speaker 03

  I would rather sit on the ground, save up for a couch.

• 26:07Speaker 05

  Yeah.

• 26:08Speaker 04

  Right. Isn't buy now, pay later essentially rent to own? Isn't that kind of the same idea?

• 26:11Speaker 05

  I know. It's kind of the new.

• 26:14Brian Preston?

  Well, I think they're both.

• 26:15Speaker 04

  When I was a kid, this was called layaway.

• 26:17Speaker 03

  Yeah.

• 26:17Speaker 05

  The latest.

• 26:17Speaker 04

  In layaway.

• 26:18Brian Preston?

  Layaway's a little different.

• 26:20Speaker 03

  But you didn't get it.

• 26:21Brian Preston?

  You didn't get the item.

• 26:22Speaker 03

  Yes.

• 26:23Brian Preston?

  You just basically wouldn't sell it. They wink at you and say, hey, we're not going to sell that one. We'll let you just pay a few hundred, a few bucks every week.

• 26:30Speaker 03

  You can come by once a week, look at it in the back.

• 26:32Speaker 04

  That's it.

• 26:33Speaker 05

  All right, let's do two more. This one is checked luggage.

• 26:36Brian Preston?

  Oh, you did that. Y'all did this.

• 26:38Speaker 05

  Worth it or a waste?

• 26:41Speaker 05

  Let's go. Aaron and Bo say worth it, and Brian says it's a waste.

• 26:45Brian Preston?

  Well, no, no, I think what y'all are getting to is gate checking.

• 26:49Speaker 04

  No, no, let's start with checking and let's see where this conversation takes us.

• 26:52Speaker 05

  Yes. Point blank, you get to the airport, you check your luggage. Is it worth it?

• 26:56Speaker 04

  You go ahead and just put that baggage on the conveyor belt, and then you have your backpack, and you just walk through TSA Pre, and you don't have to pull anything around.

• 27:04Speaker 03

  Travel is so enjoyable when you don't have baggage.

• 27:07Speaker 04

  And you know what? Back in the day when Southwest, when it was party seating, and I checked my bag, I wasn't worried about when I got on the plane. I just, it was fine.

• 27:17Brian Preston?

  I'll say the word it depends, and the fact that if you're going to Europe or a long vacation, where you're going for a week, obviously checking bags are good. But I come and do a show every Tuesday at 10 a.m. live, so I don't get to go on super long vacations very often. So I pack like a ninja. You know, we pack light, we're quick on our feet. So I want to carry my bags with me, and I want to put them up there above, because also I treat my luggage well. And so I like carry-ons, so that's why I did Thumbs Down, is because I'm light and I'm in there. It's like a go-bag for me.

• 27:50Speaker 03

  I took a 55-minute flight to come to you guys. Did you check it? I checked that bag. Let me tell you, you only get one Ziploc baggie in three ounces or less. My skincare.

• 28:00Speaker 04

  I was about to say skincare.

• 28:00Speaker 03

  Way more, way more.

• 28:02Speaker 05

  She needs to check the bag.

• 28:03Speaker 03

  I need a suitcase for the skincare.

• 28:05Speaker 04

  That's what she got to have. That's more than three ounces.

• 28:07Brian Preston?

  And if they made you throw it out, you would probably cry.

• 28:08Speaker 03

  Oh, my gosh.

• 28:09Speaker 04

  Getting in a fight at the airport.

• 28:12Brian Preston?

  We found out health is wealth and Erin, she is so, because we heard about cars, everything, you're tight. But you're not tight necessarily on the skincare though.

• 28:20Speaker 03

  No, I've got an eye cream. I've got like lip creams. I've got face mat. It all has to come. It all has to come.

• 28:26Speaker 05

  That would be worth it for Erin. She'd be like, big thumbs up.

• 28:29Speaker 04

  And so now in true financial mutant fashion, not only am I pro checked bag, I'm super pro gate checked bag. Because then you get to check a bag and it's free. Just throw that out there to you, brother.

• 28:41Speaker 03

  Love it. Your travel is so much more enjoyable when you're not carrying something.

• 28:45Speaker 05

  I agree.

• 28:46Speaker 04

  But I will say, and look, if my people are listening to this, whenever I travel in groups, they always do the thing. It's like, hey, nobody's going to check bags. I'm like, all right, I guess I'll do a carry on.

• 28:54Brian Preston?

  I think, I think gate checked bags should be voluntary.

• 28:58Speaker 04

  They are.

• 28:59Brian Preston?

  Because no.

• 29:00Speaker 04

  Until you're on the back of the plane.

• 29:02Brian Preston?

  Then, no, there's, there's times where I've had my bags where they force gate check it and it blows my ninja theory all out of the water.

• 29:09Speaker 03

  Is that because you're on too small of a plane?

• 29:11Speaker 04

  It always starts voluntary, but nobody volunteers. They always ask.

• 29:15Speaker 03

  Then you're voluntold.

• 29:16Brian Preston?

  It makes me sad. The time it's happened to me was with Delta, you know, and I'm a Georgia boy, you know, so I even worked for Delta for a summer, you know, on the, on the ramps.

• 29:24Speaker 03

  I was almost a stewardess for Delta.

• 29:27Brian Preston?

  So I love Delta growing up, but Delta failed me by making me gate check. Even though, because they said, hey, our overheads are full. Get to my seat. No, the overheads were completely empty.

• 29:38Speaker 04

  They lied to you.

• 29:39Brian Preston?

  They, they lied for sure.

• 29:42Speaker 05

  See, Southwest betrayed me with their, now that you have to pay to check a bag. So now my only

• 29:46Speaker 04

  I know.

• 29:47Speaker 05

  option left is gate check.

• 29:48Speaker 04

  I know.

• 29:48Speaker 05

  I guess I could just pay for the checked bag.

• 29:50Speaker 03

  It's 25 bucks and it's 25 bucks well spent.

• 29:52Speaker 05

  Yeah, no, I hear you on that. I really do. All right.

• 29:56Brian Preston?

  It should be a choice.

• 29:57Speaker 05

  Let's go ahead and move into some financial questions from the audience. Are you guys ready?

• 30:01Speaker 04

  Yes, ma'am.

• 30:02Speaker 05

  We've got the team out in the wings. They've been sending me some questions. We've got a list here. The first one is from Dual Nature Five. It says, hey, Money Guy team and Erin. My wife, who's 33, and I, 38, are firmly in the messy middle with one-year-old twins.

• 30:20Speaker 04

  Welcome.

• 30:21Speaker 05

  How do you decide what's actually worth it versus lifestyle creep in a season full of so many unknown variables?

• 30:30Speaker 00

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• 31:26Speaker 04

  And this is a great question. I think you should start because you're you would define yourself as being in the messy middle, right? And for someone who's like self-proclaimed tight, how do you make the decision on when it's okay to spend money on things? And when you don't spend money on things?

• 31:41Speaker 03

  Experience. So like we do daycare because we both have to work. So that gives us the ability to have a paycheck. We're going to splurge there. But I mean, I'll take my son on a trip. I'll take him out to dinner. We go to Cheesecake Factory every week. We have a mommy-son date and it's very expensive.

• 31:59Speaker 04

  Once a week at Cheesecake Factory? That's awesome.

• 32:00Speaker 03

  But we have a regular server that we see. It's this whole experience. So fun. But like outside of that, we have a membership to a children's museum. We do parks, like we do affordable things, but I'll splurge on an experience. As far as toys, I live on a street with a lot of kids. We get a lot of hand-me-downs, clothes, hand-me-downs. Just, just ask your friends, go to Facebook Marketplace, buy nothing groups. So kids can be as affordable or as expensive as you want. I'm focusing on the twins aspect here because I think that's where a lot of the money's going to go.

• 32:29Speaker 04

  Absolutely. Brown, what say you?

• 32:32Brian Preston?

  I think the answer is also in the question of what's actually worth it. And that's going to depend on every person is going to be unique. She's like, earlier, we were talking to Erin and she was talking about her skincare, which I know is not cheap, but it's definitely worth it to you. You get a lot of value out of that. You know, Bo, you love coffee.

• 32:49Speaker 04

  Yep.

• 32:49Brian Preston?

  So you will, you know, if you went by the latte effect, you might not get to do what you love as much. So I would say, first of all, prioritize the financial order of operations is going to be your backbone of, so you're not leaving anything on the table of doing the basics, like, you know, your emergency reserves, getting your employer match, funding the Roth IRA. But then it's okay to lean into things that you get value out of, whether it's experiences, whether it's focusing on skincare, whether it's focusing on coffee. But just make sure you're not leaving the basics behind so that you can live your best life.

• 33:21Speaker 03

  What is the saying, like, you can have, you can't have everything, but you can have, what is the saying?

• 33:29Speaker 04

  You can't have everything, but you have some things. That's Bo Hanson, Michael Scott.

• 33:33Brian Preston?

  Just hit it with some confidence. Bo just hit it with gas.

• 33:36Speaker 03

  Well, there's some kind of slogan.

• 33:38Speaker 04

  It's really interesting. One of the things I noticed is like, since high school, in my opinion, so you can write this in pencil, I feel like parenting is one of the most peer pressured environments in which you live, really since like high school, because you begin operating, especially if one year old, you're like, oh, well, these other parents are doing this. And, oh, well, this family went to Disney. And, oh, this family got, well, they got this SUV because it's the same. And you find yourself making all these decisions based on what other people are doing. I think at 33 and 38, if you can slow down and ask yourself, okay, what matters to us? What do we value? What experiences do we likely care about? You're going to save yourself a lot of heartache from trying, maybe not to keep up with the Joneses, but to just to keep up with the other parents.

• 34:23Speaker 04

  I feel like I've seen all kinds of friends fall in that trap. Oh, well, okay, well, so and so is doing swim team, and then they're doing piano, and then they're doing softball, and then they're doing soccer, and then they're, if that's what your kid wants to be doing, and that's what your family wants to do, that's great. But be careful just doing those things, because you see everyone else around you doing those things. I think that's where parents get themselves in a lot of trouble.

• 34:42Speaker 03

  Your kid just needs you to show up.

• 34:44Speaker 04

  That's right.

• 34:44Speaker 03

  Just be there for your kids.

• 34:45Speaker 04

  That's it.

• 34:46Speaker 05

  Yeah, that's good stuff. All right, next question. I did not make up this username. It's from Bo Hanson Spotter. Take do with that what you will. It says, "Hi Money Guy team. My wife and I, 28, are finished with step four. Our mortgage payment is 30% of our household income. Could we move on to step five if that is our only debt? We should be getting raises within the next one to two years as well." So, it looks like they are a little technically outside of our 3525 house buying rules. I don't know if you want to cover that? And then how should they think about moving on to step five and the debt they have?

• 35:24Speaker 04

  Yeah, I think, I think what they are assuming here is that, oh, man, because we have run afoul of 3525, 3525 is just 3% down on a house. You want to be in the house for longer than five years and you can't have your house payment or the housing costs exceed 25% of your monthly gross income. Because we've run afoul of that, that must mean that we're in step three. That must count as high interest debt because instead of going, you know, we got step four done, maybe we should start paying that down. I don't think I agree with that because I think that in the environment in which we live, where housing affordability is, especially for young people, it's not uncommon for people having to stretch. Certainly, young people like this that are saying,

• 36:05Speaker 04

  "Man, in the next couple of years, my income is going to catch up." Rather than you thinking about deploying all of your dollars to go get that mortgage payment down, to pay down the principal, to get it and then recast the mortgage, or whatever the thing may be, I think I would rather see you put those dollars to work in the Roth IRA, in the HSA, and just understand you're a little bit further down the risk spectrum. So do everything you can to increase your income to get that percentage down.

• 36:32Speaker 03

  Yeah, beef up the emergency fund maybe a little bit.

• 36:35Speaker 04

  Sure.

• 36:35Speaker 03

  Then work on increasing your income. But I mean, at 28, these dollars are so powerful.

• 36:41Brian Preston?

  I don't even think you're really, you know, look, you're obviously smart coming up with that witty name, Bo Hanson Spotter.

• 36:48Speaker 04

  Love it.

• 36:48Brian Preston?

  But, but you also gave a really big clue. This is our only debt. Realize when we wrote, when we've done the 25% for housing, a lot of times we, we, we have to write rules for the general population. And what is the general population dealing with? A lot of people have student loan debt. A lot of people have car debt, which is 8% by our own rules. So if you, if you're, go ahead with, because that's your only debt. Now your 30% seems much more reasonable, knowing you don't have student loan debt, you don't have car debt. So yeah, and you also gave the answer that mitigates it even more by saying, we're going to get pay raises over the next one to two years. Cause a lot of people who are in, you know, professional jobs where their income is going up large chunks, and especially in those

• 37:33Brian Preston?

  early years, you're going to be in a good situation. So I wouldn't, I wouldn't carry any regret with that. It sounds like you're making a lot of disciplined decisions. And so that's why you have to be careful with rules is because rules are written to give guidance, but your specific situation is going to be much more nuanced. And that's why we give these rules so you can accelerate your journey. But when you reach success, this is why financial planners like we, us, fee only financial planners, we have a place is because we try to give you your best life, not just the best life for the general population.

• 38:08Speaker 05

  And 28 is a young homeowner.

• 38:10Speaker 04

  That's a young homeowner.

• 38:11Brian Preston?

  For sure.

• 38:13Speaker 05

  Good thoughts there. Thank you, Poe Hansen Spatter for joining us today.

• 38:17Brian Preston?

  Great name.

• 38:19Speaker 05

  Next one.

• 38:19Brian Preston?

  Means he's strong too, by the way. Cause despite Bo's stuff, you gotta be able to lift some weight.

• 38:24Speaker 05

  Gotta be real serious.

• 38:25Speaker 04

  I think that's actually a backhanded, a backhanded insult right there. You didn't mean to do. Because if the spotter has to lift the weight, that means I'd be failing it. You didn't even realize.

• 38:32Brian Preston?

  No, no, no. But you have to, the spotter helps you get it off the bar. I've been in the gym enough to know. So no, you gotta get it, help them get it off the bar.

• 38:42Speaker 05

  See, I took it as like you're lifting such heavy weights that this person has to be up to snuff. Like they better be able to catch it should they need to. Right?

• 38:50Brian Preston?

  Look, at the, at the level of weight you're doing, you don't want some really, you know, out of shape person being your spotter.

• 38:59Speaker 04

  You want to hear a whole, a whole other story? Do you have time for like a really quick story?

• 39:01Speaker 05

  I guess so.

• 39:02Speaker 04

  The last time that I bench pressed heavyweight without a spotter was when I was in college. It was at the University of Georgia, our weight, weight room was called Ramsey.

• 39:10Brian Preston?

  Are you gonna tell us how much?

• 39:12Speaker 04

  I don't remember, but it was heavy enough that I went down for that rep and I couldn't get it back up and I didn't have a spotter. And so literally there was a young lady, uh, working the desk and I had to like, ma'am, I had to call her over to run over to help me get that bar off of my chest.

• 39:30Speaker 05

  That's humbling.

• 39:30Speaker 04

  I will never bench press without someone around again.

• 39:34Speaker 05

  Well, I've been trapped under the bar too. Um, the trick is you don't put clamps on the end.

• 39:40Speaker 04

  I know, and then you try to, but.

• 39:42Speaker 03

  I had a trainer who was like-

• 39:44Speaker 04

  I didn't want the shame of that either. You can dump one side and then same shots and dump the other side.

• 39:49Brian Preston?

  I'll take scenarios I'll never be in. You know, that I don't have to worry about. These are, you know, it's just like we're talking about risk. You don't have to insure yourself of ever being in. These are, these are situations I'll never have because if I'm under a bench press, there's somebody above me.

• 40:05Speaker 05

  All right, that was a good anecdote. Next financial question is from Seth McFoo. Another good username, but then he says, hi Erin and Money Guide team in parentheses.

• 40:16Brian Preston?

  Can we tell who's excited about? Seth is excited Erin's here.

• 40:20Speaker 03

  You guys got the handle though. I mean, that's kind of permanent.

• 40:22Speaker 04

  I love that.

• 40:24Speaker 05

  It says, is it worth creating a withdrawal plan at retirement? Young 30s, I want to optimize three buckets to maximize taxes. But if it seems, but it seems foolish, given all the changes that can happen. What do you think?

• 40:39Speaker 03

  I mean, I love the idea of going into retirement with Roth, with traditional, with brokerage. I like having different buckets to pull on. At 30, I mean, it's hard to plan what your life is going to look like at 60. So fund both, that's fine. Fund, fund them all.

• 40:54Speaker 04

  Yeah, that's, I think, I think too many people get so caught up. We always say begin with the end in mind, begin with the end in mind. And that's great. You want to have an idea of the end that you're ultimately working towards. But at 30 years old, I agree, you're not going to know on a granular level, exactly when you're going to retire, what sources you're going to have, where you're going to pull from, where you're going to live, what your lifestyle is going to be. And so if you get so focused on, okay, I need to have exactly 72% of my wealth in a Roth IRA and another 18%, I think you're going to get yourself sort of wound up. That's why we came up with the, Brian, will you hold the thing up for me?

• 41:27Brian Preston?

  That's what I was going to do.

• 41:28Speaker 04

  It's why we came up with the Financial Order of Operations, to take the guesswork out of it. Early on, we want you focusing on what you're putting in, what you're putting in, what you're putting in, what you're putting in. And then there will come a time where it makes sense to shift and think about how you're going to pull out and where you're going to pull out from, but let this be your guide early on.

• 41:44Brian Preston?

  Well, Seth, if you're not at step seven, take the pressure off yourself and just do what we're telling you to do in the Financial Order of Operations is because- It's so right now, if you think about what the foo is doing for you, it's keeping your life out of the ditch in the beginning stages by having the emergency reserves. It's also making sure you're maximizing the amplifiers, like your free money from your employer. And then it's helping you do all the tax advantage savings. So that when you get to step seven, because that's where you're kind of talking about is when you're, and if you're, maybe you're there in your 30s, but, but most people don't get here until probably your late 30s, maybe early 40s. And that's when this is the place where you say, how am I going to use this money in retirement?

• 42:25Brian Preston?

  And yes, the system will likely change, you know, because, but in a lot of ways it gets better. I mean, what I've been surprised in my career is that when the Roth accounts came on the scene in the 98, if you'd have told me, because remember back then you could put $2,000 a year into it. But now they've amped it up to where we have Roth 401ks. They've made it where, you know, you don't have required minimum distributions where they make it where. RMDs are later than they used to be. It's amazing the way things have actually improved. So I would, I would say plan with the system you have. You, but you could, the three buckets are going to probably still be around in some form. And it's step seven that lets you build your life, begin with the end in mind, how you're going to use that money. And I think you'll be A okay.

• 43:10Speaker 03

  I think as the income changes, where you want to put these dollars change. So it's hard at 30 because what you're making at 40 and then 50 and 60, that's going to look different.

• 43:19Brian Preston?

  It's going to look very different. All the life stuff, the kids, the housing, all those things change the, the scope and the shape of the way things look in the long term too.

• 43:27Speaker 03

  Like a lot of this happens organically.

• 43:28Brian Preston?

  Yeah. But you don't have to overthink it. That's what I always tell people.

• 43:32Speaker 03

  Just invest.

• 43:32Brian Preston?

  We, as we did in kind of opening the show, you don't have to be perfect with money. If you're just doing a lot of the big things early and often, you get a lot of flexibility. You're rewarded for that early discipline.

• 43:45Speaker 05

  No, it's really good stuff. I like it. Uh, next one is, I'm not making up these usernames, I promise. This one's from BeanieWeenie1059. Um, it says, "Asking for some help on the food." I should have just made it up.

• 43:58Brian Preston?

  No, you know what, we had-

• 43:59Speaker 04

  When was the last time you had BeanieWeenies? Because when I was a kid, that was a staple. Were you a BeanieWeenie kid?

• 44:05Speaker 03

  Oh yeah, but I, again, I've told you guys I have mild OCD. So my mom would like cut up the hot dog to put in the beans. But she would always eat one of the ends of the hot dog. So whenever I got my bowl, I'd look and make sure my hot dog had two ends.

• 44:17Speaker 04

  Are you serious?

• 44:18Speaker 03

  Yes!

• 44:19Speaker 04

  That's wild.

• 44:20Speaker 05

  That's so specific.

• 44:21Speaker 04

  That's wild.

• 44:22Speaker 05

  I love it.

• 44:22Brian Preston?

  I have to tell you, we had a big neighborhood event in my house yesterday. And my next door neighbor, he ordered the food and he's carnivore.

• 44:31Speaker 04

  Okay.

• 44:31Brian Preston?

  So we had barbecue.

• 44:32Speaker 04

  Uh huh.

• 44:33Brian Preston?

  But one of the sides was baked beans.

• 44:36Speaker 04

  Yeah.

• 44:37Brian Preston?

  I forget how good they hit.

• 44:38Speaker 03

  They're so good.

• 44:39Brian Preston?

  They are so- now, I don't, I don't-

• 44:40Speaker 04

  They didn't have chunks of hot dogs in there?

• 44:41Brian Preston?

  There is no- no, they had barbecue in these. Because these were-

• 44:44Speaker 04

  Oh yeah.

• 44:44Brian Preston?

  I'm trying to think of the barbecue, because this is a famous-

• 44:46Speaker 03

  Brisket, probably?

• 44:47Brian Preston?

  Well, it had brisket, it had all kinds of stuff in it. It was, it was glorious. But I told myself while I was eating, I was like, "Too bad this is not healthy." Because there's no way it tastes too good.

• 44:55Speaker 04

  That's not healthy?

• 44:56Brian Preston?

  There is no way these baked beans-

• 44:58Speaker 03

  Beans are good.

• 44:59Speaker 04

  What are you telling me?

• 44:59Brian Preston?

  There is no way. I mean, there's a lot of things that my parents fed me that you look back on, this was not healthy. I mean, the Kool-Aid, oh yeah! I mean, who would have thought that my parents like, "Yeah, load it up, son, whatever you want. Pour the sugar in there, you know, we'll spin it around." There's a lot of things from my childhood that are not healthy. But, um, BeanieWeenies, I don't- we haven't even gotten to the question.

• 45:20Speaker 05

  I know.

• 45:21Speaker 04

  My kids have never had Kool-Aid or BeanieWeenies. I, we should do that once, right? Like, they should experience it at least one time.

• 45:26Speaker 05

  Bet they won't like it.

• 45:27Brian Preston?

  Once leads to they realize they like it. It's probably okay if you don't-

• 45:31Speaker 04

  My wife, if she found out I gave my kids Kool-Aid and Beanie- she would murder me. For sure.

• 45:36Brian Preston?

  Let's get to the question.

• 45:38Speaker 05

  All right. The question says, I'm asking for some help on the FOO, the Financial Order of Operations.

• 45:44Brian Preston?

  You've got the experts.

• 45:45Speaker 05

  The, yeah, yeah, they do. The path to step eight of the FOO is very well defined. And when you get to step eight, it can feel like you are making suboptimal decisions. How do you think about step eight? Because it is true. You're, you got all your steps and then you're like, step eight?

• 46:02Speaker 04

  Well, Brian, you-

• 46:03Speaker 05

  Prepaid future expenses.

• 46:04Speaker 04

  If I'm not mistaken, you wrote the book on this.

• 46:06Brian Preston?

  Yep.

• 46:07Speaker 04

  You wrote the book on the Financial Order of Operations.

• 46:09Speaker 05

  The New York Times bestselling book.

• 46:10Speaker 04

  And we get asked all the time about the transition from seven to eight. And we often talk about like, the planning transition. But I do think there's a mental transition. What did you write about in the book as that changes?

• 46:21Brian Preston?

  Well, I mean, I think, you know, it's funny is I had to create essentially a mullet title for step eight because of these problems. Well, I mean, because it hits, it works. Because the original title for step eight is prepaid future expenses. I said it in my nerdy voice on purpose. And I was like, you know what? Us financial mutants were so good at saving money. Putting a professional title like that is still going to feel constrictive. It's going to feel like, hey, this is what you can and cannot do. I wanted to feel like good time Uncle Bobby was in town and said, you know what? You've been, you've been doing good things. You should be rewarded. So now we call it also abundance goals.

• 47:06Brian Preston?

  This is free yourself to actually enjoy this money. Because guess what? Your kids will love spending all your money down the road and your grandkids will for sure. So you might as well get very comfortable now that you've done the hard steps of one through seven. Reward yourself, spend time on what you actually enjoy doing. And this is why I've shared, I had to give up my tightwad card in my early 40s. It's because I realized now that I was beyond step eight, I have to think about how I want to use this money. Now, you can also be more charitable. I mean, my charity has gone way up. But man, oh, man, we have the luxury cars, we do the nicer vacations. And I look at it as a dividend for all that hard discipline that was spent in the early years.

• 47:48Speaker 05

  I don't think you have to be optimal when you've checked all the boxes. I think it's more about life optimization rather than dollar optimization at that point.

• 47:56Speaker 04

  I think so many people get to financial independence and they get to the time in life where, okay, now I'm gonna go on the trip, or now I'm gonna pick up the hobby, now I'm gonna experience the thing, and they've waited so long to actually do it that they can't enjoy it the way they'd always dreamed about enjoying it. You see people, I wanna travel the world, and they wait until they're 70 years old, and now you can't go hike the mountain, or you can't go swim in the waterfall, or you can't, whatever the thing is, if you can find ways to do those things while you're on the journey, while you're on the path, I think it's gonna just be an unlock towards, oh wow, this money, not only is it a tool for my future self, it can be a tool for my current self, and that's A-OK.

• 48:33Speaker 03

  Yeah, I agree.

• 48:35Brian Preston?

  I want you to enjoy your twenties, your thirties, your forties, fifties, and beyond. You need to make sure you're doing something in every decade to make sure you look back with excitement for that decade, not with regret.

• 48:47Speaker 05

  Yep, money's a tool. It's a tool that helps you focus on what actually matters. So, step eight, you're squarely getting to do that, which is awesome. All right, next.

• 48:57Speaker 04

  Thank you, Beanie Weenie.

• 48:59Speaker 05

  You just wanted to throw that in there. I really have the power, I could just change their usernames, no one would know.

• 49:03Speaker 04

  We wouldn't know. No, no one's gonna know.

• 49:06Speaker 05

  Will they know? How will they know?

• 49:08Brian Preston?

  They'll know on Tumblr Day.

• 49:09Speaker 04

  They wouldn't know.

• 49:10Speaker 05

  They would. I guess, yes, the person who asked the question would know, but nobody else would. But then I wouldn't get your reactions. I think there's something, I don't know, there's something in me that wants to see what you're gonna say. All right, well, this one is a pretty normal username, just KMWith, some initials, maybe. I like it. It says, "Hey, team, I am in my 30s, married with two kids, I am an ex-SpaceX employee."

• 49:33Speaker 04

  Ooh, let's go.

• 49:35Speaker 05

  "The new IPO will mean that SpaceX stock will have around 75% of my net worth."

• 49:41Brian Preston?

  Oh, wow.

• 49:42Speaker 05

  "Do I diversify, or do I take a gamble?"

• 49:47Speaker 04

  Um, I'm an ex SpaceX employee, so not currently employed with SpaceX. I'm assuming there's still going to be some equity ownership there.

• 49:55Brian Preston?

  Let me throw a little, little interesting thing. So I'm assuming because, you know, the current way you can get SpaceX is by being an employee.

• 50:05Brian Preston?

  More than likely, now that you're no longer an employee, this IPO is going to pop. I mean, they're, they're, this is, by the way, if you didn't know, one of the things I found out, you know, it's going to have a valuation, but SpaceX is only offering a very small percentage of the ownership pool for this IPO. So it's going to be, everybody wants, very few are going to get. So it's going to, it's, it's the perfect recipe for boom. I mean, it's going to be like boom shaka laka. You know, it's probably, this thing's going to have a huge run up. The current employees are going to have a lockout period. They're not going to be able to sell during this. A lot of the insiders are going to be locked up.

• 50:45Brian Preston?

  And by the way, if you don't know, traditionally way IPO behavior is, stock goes IPO. You get all the huge distortions because everybody piles in at the same time. But then over time, it trickles down and then as soon as the, the gates get open for the employees to get in there and the insiders to sell, watch out below is because they all just dump it. And then usually, you know, it takes a few months for it to recover from that. And then you get into what the trading range of what happens with IPO stocks. You might be KM in the perfect place to where when the stock pops, you're going to be without restriction. You, you probably can, you just know what your price is, know what you want to do, know is, is any portion of this could be your permanent portfolio, meaning you want to,

• 51:29Brian Preston?

  you support SpaceX and you want to own a portion of it so you don't have regret later. But how much of this should you sell and what's a reasonable price and then be prepared?

• 51:39Speaker 04

  Yeah, I think the fact that specifically this is SpaceX is a unique thing and I want to zoom out from that and I want to take the company name away from it. If someone were to talk to me and they're say, "Hey, 75% of my net worth is tied up in a singular company's stock", immediately my spidey sense would go off. No matter what the stock is. Now SpaceX may do incredibly well, it may be wonderful, but before it goes IPO, I'd begin having a thought in my head. Okay, what do I ultimately want this to look like? How much risk am I ultimately willing to take? Because just the fact that I was an employee and I got in early means I've probably already got some built-in equity. Do I want to strategically, systematically, unemotionally, pull some of these chips off the table? Maybe I still leave some there, some opportunities,

• 52:23Speaker 04

  some potential for growth, but balance that with, okay, I've already, you know, I always made the joke whenever someone was an early investor in a big company or a big stock, you've already won the lottery one time. If you won the lottery once, do you immediately take all the proceeds of winning the lottery and then go buy a lot more lottery tickets to see if you can do it again? Or do you begin to think about wealth and think about money a little bit differently? And that's the way that I would encourage KMW, I T H, I don't know why I spelled it, to think about that, to think about that pre-IPO, because likely what's going to happen is once it goes IPO, you're going to be rushed with all these emotions

• 53:03Speaker 04

  and you're going to be up and down and excited and like whatever happens, you're going to go with that. So I would have a plan in place before that happens to try to remove the emotion from the equation.

• 53:14Speaker 03

  I always have the pillow test. So if something is going to keep you up at night, then it's too risky. So it's, like you said, it's not an all or nothing thing. Have a written plan and if you want to slowly diversify or however quickly or slowly you want to do that, but I just think 75% in one area, it would keep me up at night. So I think everyone kind of has to look at their own situation, but.

• 53:37Brian Preston?

  Would you sell it all then?

• 53:38Speaker 03

  No, no.

• 53:40Speaker 04

  I wouldn't. If it was me, I don't mind disclosing, I don't own any SpaceX currently. If it were me, I would not sell it all.

• 53:49Speaker 03

  I would taper. That's how I would handle it.

• 53:51Brian Preston?

  But it is, I agree.

• 53:52Speaker 04

  Would you sell it all?

• 53:53Brian Preston?

  No, I would probably keep, I'd keep 5% or 10% of my net worth in it. Just permanent portfolio.

• 54:03Brian Preston?

  But I would definitely, I agree with you on the taper, except for I think this is going to be a very unique thing. That's why I was trying to lay out the parameters of what to kind of, because you need to understand how IPOs work to know what you're working with. Because there are a lot of people, like I said, they're going to be, they're going to be restricted and that creates a very unique moment in time for KM with. And you've just got to be prepared, you know, to know what your unique skill for the moment in time is, or a unique thing that you have. So you can be prepared for it. Prepare now, not when it happens.

• 54:39Speaker 05

  That was great. Let's see, KM with, thank you for the question. Good luck as you figure out what that 75% is going to look like in the future.

• 54:48Brian Preston?

  Interesting, because they've, they've announced, it's only in the last week, few days, they've announced who they're doing the IPO with. And they did include Schwab and Fidelity on the list. And a lot of people, I've seen content out there. I don't know, I have not verified this, but you, you do need to go on, if you're with Schwab or Fidelity, you have to go sign up for IPO alerts. If you think you're going to try to get in on this. To, I feel like that's a PSA to share for anybody who thinks they want to go dabble in this.

• 55:19Speaker 04

  It's interesting, a former employee still has equity. I just, I'd be curious to know what that looked like. I, I.

• 55:26Brian Preston?

  Well, you know, that's how, we have a few clients that have SpaceX and the way they got it is because there are pools out there where people are buying the shares. These investment companies are buying the shares from former employees and then reselling them in this secondary and bundling it all up. And so there has been ways to get access to this. It's so interesting to see how this is all going to play out.

• 55:50Speaker 05

  Interesting stuff. Time will tell. All right.

• 55:54Brian Preston?

  The other hack was Baron. Wasn't it Baron?

• 55:56Speaker 04

  Well, there's a couple, yeah, there's a couple mutual funds that are very big holders of SpaceX stock right now. It's an interesting thing.

• 56:04Brian Preston?

  I mean, this is the nerdy stuff. I mean, you can tell. I can't help. I go down these rabbit holes and I can't help myself.

• 56:10Speaker 05

  Right.

• 56:12Speaker 05

  All right, next question, uh, he's 26 years old, says 26, getting married in a year. Trying to save or cash flow a wedding. If I need to dip into assets to help fund the wedding, should I? One, sell investments in an after-tax account? Or two, dip into my emergency fund?

• 56:34Brian Preston?

  Erin, I want to put you on the hot seat here. What do you, what do you think?

• 56:38Speaker 03

  Um, my wedding was $5,000.

• 56:41Brian Preston?

  Let's go.

• 56:42Speaker 03

  Um, we had 14 people.

• 56:44Brian Preston?

  Okay.

• 56:45Speaker 03

  And I'm, I'm not a wedding girl. Again, frugal noodle. Um, I just kind of feel like it's one day. Now, if you want that party, that's fine. I personally would never sell investments for a wedding, for a party.

• 57:02Brian Preston?

  I want to give a compliment. I went to Bo's wedding. I was in Bo's wedding.

• 57:05Speaker 04

  You were in my wedding?

• 57:06Brian Preston?

  I was in Bo's wedding. Um, Bo had a, I mean, how many people did y'all have at y'all's wedding?

• 57:11Speaker 04

  It was like 80 or 90 or something like that?

• 57:13Brian Preston?

  Um, it was a decent, decent amount of people. Y'all did it, I mean, y'all did a great job. And do you mind disclosing how much y'all spent?

• 57:20Speaker 04

  I want to say it was less than $12,000 is what I had in my head. It was something around that ballpark.

• 57:25Brian Preston?

  Um, I was just, I, I, the reason I, I shared that about Bo is because I remember thinking as an active participant in it, is that, and it's, it ties into all the other things we talk about. You can create incredible memories and not go broke. It's the system that's trying to sell this consumption to you to where, truthfully, both of you, what you described, wouldn't even cover their flower budget for a lot of people.

• 57:48Speaker 03

  Yeah.

• 57:49Brian Preston?

  And, and, and it's, it's the craziest thing in the world. And look, I'm also, I've been married 28 years.

• 57:55Speaker 04

  That's almost three decades.

• 57:57Brian Preston?

  Yeah, it's kind of crazy. Um, it doesn't feel that long, but it's, um, which I think is a good thing. Um, but we, you know, because my father-in-law had saved a wedding and my, you know, my wife did want the big wedding. And I look, and she didn't go crazy. It wasn't a super expensive wedding. But I think it was probably 100, 120 people.

• 58:16Speaker 04

  Okay.

• 58:16Brian Preston?

  And I do think about that all the time is that I don't even really remember. Our wedding, because it was so overwhelming, the, the, you're running around trying to make sure everybody feels like taken care of and entertained.

• 58:29Speaker 04

  It's really a party for everyone else.

• 58:30Brian Preston?

  It is. It's a party for everybody else. And it is one day. That's not what the marriage is built off of. Yes, you want to create great memories and experiences, but it's the rest of your life that is actually what the marriage is. So I wouldn't go run up a bunch of debt. It amazes me, it's, it's more of a keeping up with the Joneses that the consumption world we live in where they have made this, this is what you're supposed to do to your future self detriment and just don't fall into that consumption trap.

• 58:59Speaker 04

  Yeah, it's, it's, and so you said, don't run up a bunch of debt. I'd even take it a step further because your question was, okay, emergency fund or sell investments? The very first thing I would do at 26 years old, I'd go to moneyguy.com/resources, I'd go check out a wealth multiplier. And however much money you're thinking about liquidating, 5,000, 10,000, whatever it is, I want you to go put that in for the wealth multiplier for a 26 year old, see exactly how much that will cost, like what the real cost of doing that is. And let me give you a great example. Do you remember the centerpieces we had at my wedding? Do you remember the centerpieces?

• 59:31Brian Preston?

  No.

• 59:31Speaker 04

  Oh, good. Do you remember the meal we had at the wedding? Do you remember the food that we ate at the wedding?

• 59:37Brian Preston?

  I think the, the only thing is that you had kegs of beer. And I think you might have had, was it was a weeded beer was your fancy one. You had a like Michelob Ultra. And I think you had shock top?

• 59:49Speaker 04

  It was like Blue Moon.

• 59:50Brian Preston?

  Blue Moon. That's what it was. I knew it was one of the weeded ones. That's the only thing I remember.

• 59:54Speaker 04

  Right.

• 59:54Brian Preston?

  That is so horrible. Isn't that horrible? And I remember the uncomfortable shoes you made me to wear. That was the only other thing.

• 1:00:00Speaker 04

  So the point that I'm making, we get so spun up on these things that we think matter a whole lot. And realistically, even people who are in your life, you know, 20 years later, they weren't going to remember that. They're going to remember the experience and the party and the fun. And so I would just think about, man, if I'm going to make this $10,000, 50, whatever the number is, and it's going to cost me hundreds of thousands of dollars down the line, would this have actually been worth it? And do I think that's going to be a trade off? And I would just start and have a very sincere conversation with your significant other. Because my wife and I did this, I was like, sweetie, I love you. I'm, we're not going to go in debt for this. We're not going to start our marriage on the wrong side of the ledger. And so we just got to work inside these confines. And

• 1:00:42Speaker 04

  she did great. And, and I think, I think if you can have that conversation. And so then, once you've arrived at that conclusion, right? So da, da, da, da, da. Would I sell investment assets or would I dip into my emergency fund? The answer I'm gonna say is it depends. I want to know how big the, how big the money I'm gonna have to pull out is, how robust my emergency fund is, and how quickly I could build that back up. If it's like, okay, I gotta go from six months fully funded, down to four and a half months fully funded, but I can rebuild that up in the next three or four months, I may go emergency fund. If it's longer than that, and I'm gonna have a, a, an anemic emergency fund for a long period of time, then I'd likely sell investments to do that. And that's the way that I would measure those two.

• 1:01:27Speaker 05

  Yeah, it's just, yeah. I think you're all agreeing, it's a big bummer if you have to do that.

• 1:01:30Speaker 03

  And this person's in good financial shape. I'm assuming they're in their twenties, they have a brokerage account, they have an emergency fund. So I'm impressed, yeah.

• 1:01:38Speaker 05

  That's awesome for 26. So hopefully that gives you some food for thought and you have some levers you can pull.

• 1:01:42Brian Preston?

  Let's do one more. Is that bad? Come on.

• 1:01:46Speaker 03

  Honestly, yes.

• 1:01:47Brian Preston?

  We've got Aaron.

• 1:01:48Speaker 05

  We've got stuff to do with Aaron, Brian.

• 1:01:50Brian Preston?

  I know, I know, I'm always the one, I just want one more. I hate that it's gonna be over.

• 1:01:55Speaker 04

  You mentioned that we have stuff to do with Aaron. If people want to know about like, when that stuff with Aaron comes out, what, I know, what's one thing they should do, Aaron? If they want to know about when some new stuff that we might be doing is coming out?

• 1:02:07Speaker 03

  Subscribe to both of our channels.

• 1:02:08Speaker 04

  Subscribe to both of the channels right now.

• 1:02:10Speaker 05

  Aaron Talks Money and The Money Guy Show.

• 1:02:12Speaker 03

  Yes.

• 1:02:12Speaker 04

  Love that, love that.

• 1:02:14Brian Preston?

  Alright, okay.

• 1:02:15Speaker 04

  Alright, we're, alright, here's one more question. Aaron, here's the question. This is from Bo's Spotters Weightlifter. Do you own in your portfolio, any individual stocks?

• 1:02:27Brian Preston?

  Ooh, good one.

• 1:02:29Speaker 03

  I have a few. When I first started investing, that's actually how I started. I'm like, I'm gonna be the next Warren Buffett. That didn't pan out. I was eight at the time, so forgive me there. But, um, I struck gold a couple of times.

• 1:02:41Speaker 04

  Okay.

• 1:02:42Speaker 03

  I got in on Facebook, right when they launched.

• 1:02:45Speaker 04

  Oh wow.

• 1:02:45Speaker 03

  And I held on to that.

• 1:02:48Speaker 03

  I, I, I've bought, but I would say it's less than 5% of my portfolio. And so nowadays, I'm just index and chill. But, yeah, I mean, over the years, I've had a few.

• 1:02:59Speaker 04

  Love that. Awesome. How, do I get a Tumblr, Ruby?

• 1:03:04Speaker 05

  It's not his Humor Day, so no, I can't give you one, I'm sorry. Maybe next week. Tuesday, 10 a.m. Central, we'll be back here every Tuesday answering your questions. It has been really awesome to have you, Erin. Thank you for jumping in and remember to subscribe to both channels, Erin Talks Money and The Money Guy Show, and check out moneyguy.com/resources for all the free stuff we talked about and more.

• 1:03:25Brian Preston?

  Yeah, and you heard it, we're gonna have more content with Erin. We gotta record. I woke up this morning and told my wife, I was like, you wouldn't believe how many shows we're about to record today. So there's more to come. As you can tell, we're having a blast, that's why we didn't want it to end. We don't ever want it to end with you guys either, so I would encourage you, please go to the website, do sign up, you know, because we have a weekly newsletter that goes out and it gives you kind of the greatest hits for the past week. We don't sell the newsletter list, we just truly try and to love on you, know who you are, because in this rapidly changing world, I feel like that's the important part is for us to stay connected so that we can, you know, keep building this great, big, beautiful tomorrow. Erin, you've been awesome, thank you for coming on.

• 1:04:05Speaker 05

  Thanks for having me.

• 1:04:06Brian Preston?

  We always, this is our second time doing this, we always have a great time. We'll have, I'm sure this won't be the last time. I'm your host, Brian, joined by Bo, this thing moved on me, I think, joined by Erin, the rest of the Money Guy team, Money Guy, out.

• 1:04:21Speaker 05

  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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