I Save, They Spend - What Do We Do?

A tale as old as time: a saver and a spender end up together. What is the solution? We can't promise to solve your relationship problems, but we can promise we'll try to answer your financial questions! After answering that question, we dive deep into others including someone new to the FOO, a situation built for emergency reserves, and a HUGE inheritance! 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.

• 0:05Brian Preston?

  I save, they spend, what do we do?

• 0:09Speaker 01

  And I am so excited to talk about this because not all financial mutants are created the same. Matter of fact, some people aren't even actually financial mutants. And I love that we get to speak into the space about how to bring those people together. I also love that we get to speak into the questions and the things that you guys are curious about. That's why every Tuesday morning at 10 a.m. we like to load you up. So if you have a question, you want us to weigh in on, you want to get our take on it, you can get it in the chat right now. We have the team out in the wings collecting those questions because we believe that there's a better way to do money and we believe you can do it better. So with that, Creative Director Rebe, I'm going to throw it over to you.

• 0:51Speaker 02

  We're going to kick it off with that question about being a saver versus a spender from Zachary K. He says, "I'm the saver and my wife is the spender. Do the money guys have a framework for money conversations with your spouse, especially when you are wired differently? What do you think?"

• 1:08Brian Preston?

  Well, I will, because I want Beau to share because I wrote on his coattails a little bit this year. But I want to give Zachary some just close to 30-year relationship advice. If you highlight this too on the nose, it's not going to go the way you want it to go. So I would try to create what I call win-win situations or scenarios where it's positive conversations, where you can take the power out of the money conversation altogether. Because that's really what's going on here is that when you come in, if you just say no to spending without giving context, you're probably going to lose this battle. Now Beau, I want to give you credit is because I was so impressed with what you did with your wife this year that I kind of...

• 1:54Brian Preston?

  Copied it like just a week later.

• 1:56Speaker 01

  Yeah.

• 1:56Brian Preston?

  So, so share what you did.

• 1:58Speaker 01

  Well, I think, Zach, first I want to put your mind at ease that you are not alone. We hear this all the time. Oftentimes, when it comes to a couple, there will be one person who maybe is more financially minded and one person who's less financially minded. One person that gets more utility out of saving and one person that gets less utility out of saving. And that's okay. I think when it comes to a successful relationship, the way that you try to get on the same page is you have to make sure that you have goal alignment. Okay, what is the reason that we're making the decisions that we make? In my relationship, and sweetheart, if you're out there listening, I love you. In our relationship, I tend to get more utility out of saving and she likes really nice and pretty things.

• 2:39Speaker 01

  And so I recognize though, just because I don't place value on those things in the same way, it doesn't mean that she's wrong. It just means that she has a different value system than I have. And we have to align on what are we going to agree to be our goals we work towards? So, one of our goals is, you know, financial independence and providing for the kids and leaving a legacy and those kinds of things. But another goal is having a home that she loves and that has a bunch of throw pillows and that has stuff inside that makes her happy and makes it feel like a home. And so, we have to compromise there. So, every time we go about making a financial decision, we try to back into, okay, what's the why? Why are we doing this? What are the goals we're working towards? And do these things matter?

• 3:22Speaker 01

  Hey, we would rather go on a nice trip and create memories than go buy some fancy expensive car. That's the way that we lay out our value system. So, I think one of the best things spouses can do is have a regular cadence around this conversation. For my wife and I, what Brian's alluding to, is every year on December 31st, it's like Christmas morning for us. I do my net worth statement and it's awesome. And then sometime in January, I book a day, a date day, where my wife and I sit down and we go through the net worth statement. We go through, hey, here's everything that we own, here's everything that we owe, here's what's changed over the last year. So, that way she knows if I die. She knows like where everything's at and what it's all for.

• 4:06Speaker 01

  And then we talked about, okay, what are we planning towards? Hey, what are the trips we want to go on this year? What do we want our savings to look like this year? What do we want our giving to look like this year? And by having that conversation, it gives both of us the space to openly communicate the things that we care about and that we value. And she said, hey, this year I want to do a trip with our family that looks like this. And I want the kids to have this experience and I want you and I to be able to do this. And I said, awesome, we can accomplish all those things. And I said, I want us to save this amount of money and do this and prioritize this financial goal. And by, since we're both able to speak into that, we're able to align on those goals. And it allows both of us to feel heard and feel like we're working towards a common outcome.

• 4:46Brian Preston?

  Well, and Zachary, let me give you a little color to this is that I liked, cause I, I, I point blank, I tried to improve upon what Bo did because when I found out he played a hooky day to go have this meeting with his wife, I was like, man, that's a great idea. So I actually did it on a Friday morning. We went and had breakfast at this, this place is called the factory here in Franklin. We went and had breakfast at a, at a facility there, at a location facility. Yeah, it was like a cafeteria. No, it was at a real restaurant. But we had breakfast and then there we went to the coffee shop. It's also in the same place and sat down, went over the net worth statement. I had a printed out copy so she could keep the copy also.

• 5:30Brian Preston?

  And then we went through and I actually created an agenda this year with, I knew that she had brought up last year, some, some concerns, insecurity she had about like knowing where everything was, password management and all this stuff. So we, that was, those were on the agenda. And then we of course got to the fun stuff with planning for trips, other goals for the year. It was just great having the dialogue. And then, and then we even had a date night that night. Cause there was just a lot of good, goodwill that came from this. And, and so we've always, I mean, for years I've done the net worth statement with my wife. And we've always just kind of sat down and gone over it. But this year we turned it into essentially a planning day, kind of called a planning retreat.

• 6:14Brian Preston?

  And it was phenomenal. And so if you're not doing those type of things and being very deliberate with how you you put value, and I think the biggest thing, and I don't think my wife watches the show, so it's okay. But I think the fact that she feels that I was very deliberate with my time and actually put it on the agenda, it made her feel very special. And I think that that even went further than some of the financial stuff. So it really set the the stage in a good way. So that's why I tell you, just because I think sometimes as financial mutants, we think that you can go take home the wealth multiplier, or pull the wealth multiplier up and you go, every time you buy that shampoo, you're costing our retirement this much money. That's not going to get you where you need to go. You

• 6:57Brian Preston?

  need to go sell the vision so that y'all are on the same page. And you actually write notes, you know, about what goals and it's a collaborative experience. And then next year, and what I did was, is we did write down two or three things that I'm hoping that we will accomplish this year, so that when we have January's meeting next year, we get to go review it. That's what I do when we do business retreats. I always try to come up with some measurable goals and things we want to accomplish. So that's a good, you know, it's kind of like old business that you're going back and looking on the agenda to see, did we accomplish what we said we wanted to do. But treat it as a positive, treat it as a win. And I think you'll actually get a lot of benefits out of having this type of open dialogue.

• 7:38Speaker 01

  Love it.

• 7:41Speaker 02

  Fantastic. Well, Zachary Kay, that really was a good question. Thanks for opening up the conversation about relationships and money. And good thoughts, guys. It is a Tumblr day. So I can't move forward without saying Zachary Kay, if you do not have a Money Guy Tumblr yet, we would love to send you one, just as a thank you for asking your question. You can email [email protected] to cash in on that.

• 8:04Brian Preston?

  Cash in on that. I like that. I don't know that we've said it that way before. I like that.

• 8:08Speaker 02

  I mean, sometimes I do. Maybe I'll say it more if you like it.

• 8:11Brian Preston?

  I like it.

• 8:12Speaker 02

  All right. Dan G has a question for you. He says, I'm planning on buying a used car and want to follow the 238 rule, which is great. However, I also want to get an electric vehicle. Can I bake the cost savings, saving effects from an electric vehicle into the 238 rule? What do you think?

• 8:36Brian Preston?

  Oh, man, I mean, what's interesting is that Tesla already does this on their website. And I'm always like, oh, that's not really what it costs. I mean, because they, they, they put in there all these fuel, anticipated fuel savings and so forth. And I guess, I mean, there's some truth to, there's definitely efficiencies from it. I mean, I'll tell you another thing Tesla is doing, and we don't get, is I saw, now I've not looked into the details. I just saw the headline that came through my email inbox, but they were talking about doing a Model 3 for $250 a month. I was like, can you really get a, I don't know if that's like, you get to drive five miles a year, but it was, um, it was at least from a headline, it was a clickable title. It was a lease.

• 9:16Speaker 01

  Okay, so you can lease it for $250.

• 9:18Brian Preston?

  But I, I don't, but I think it's, and another thing I'll tell you is driving, I've been driving electric cars since 2018, is I love my electric car, but there is something about whenever we do road trips and stuff, it's if it's beyond a two to three hour road trip, I like my wife's car, you know, so I, I just, I would put it, but on day to day driving, I think that especially if you have a charger at your house or facility, it is, from a convenience standpoint, electric is better because you don't have to go to gas stations. It's really cool. But on road trips, that benefit actually turns into a negative because you need more gas stations.

• 9:58Speaker 01

  All right. You ready for this hot take, Dan? You said, your question was, can I bake the saving effects from an EV into the 238 rule? This may surprise you. I'm going to say absolutely yes.

• 10:08Brian Preston?

  Oh, wow.

• 10:09Speaker 01

  Absolutely yes.

• 10:09Brian Preston?

  Look at you.

• 10:11Speaker 01

  You ready for this? All right. So when it comes time to buy that EV, when it comes time to do that, this is what I want you to do. When you go find that car, I want you to put 20% down on the car. That's the 20 part. I don't want you to finance the EV for any longer than three Years, 36 months, right? That's going to be the three part. And then when you look at the total cost that the EV is going to cost you cannot exceed 8% of your monthly gross income. So when you go to buy that EV, if you put 20% down, you do not finance it for any more than 36 months, and it does not exceed 8% of your monthly gross income, I say that you can go out and buy the EV. What say you, Brian?

• 10:48Brian Preston?

  I mean, it was interesting. I had a rental car this last weekend.

• 10:50Speaker 01

  Nothing, everything's like, nothing changed, right?

• 10:52Speaker 02

  What kind of mental gymnastics did you just do?

• 10:53Speaker 01

  Yes, no, it's still 238.

• 10:55Brian Preston?

  But you're saying, so if your fuel cost was a hundred dollars a month, you would let that be an offset?

• 11:00Speaker 01

  No, no, no, no. I'm saying the total cost, just like if you want to go out and buy any sort of ICE.

• 11:05Brian Preston?

  He just did.

• 11:06Speaker 02

  Cause it's a Jedi mind trick.

• 11:07Speaker 01

  Hey, I want to be very clear. Fuel costs don't factor in.

• 11:10Brian Preston?

  Heads I win, tells you lose.

• 11:11Speaker 01

  Hey, fuel costs don't factor in on normal 238, right?

• 11:14Speaker 02

  Let me summarize what Bo is saying. Follow 238.

• 11:17Speaker 01

  Follow 238, right? Like, if you want to buy an EV and you want to calculate the cost of ownership for sure, but like fuel costs and ancillary stuff like that, it should factor into the equation. But that's not a 238 effect. The 238 is 20% down, three years financing, does not need to exceed more than 8% of your monthly gross income.

• 11:35Speaker 02

  So you're saying you can factor it into like, oh, this may be a good cost savings to my other lifestyle, but not for buying the actual vehicle?

• 11:44Speaker 01

  Absolutely.

• 11:44Speaker 02

  That's fair. That's a good way to say it.

• 11:46Speaker 01

  It does not allow you, the, the, being an EV versus not EV, does not allow you to buy a more expensive car or get into something else without running afoul of 238. 238 exists no matter what kind of car you're buying, electric, internal combustion, new or used.

• 12:01Brian Preston?

  And just to make this thing a little spicier, because forever, we even did a show, we always called Tesla a premium type brand, but do you consider the three and Y now to be?

• 12:14Speaker 01

  Uh, yes, I do.

• 12:15Brian Preston?

  Reasonable?

• 12:16Speaker 01

  I do. I consider them to still be premium. But again, I would say do the numbers because it's very much going to be dependent on where you are in your financial journey. There are some folks who might...

• 12:25Brian Preston?

  So you still think even if you're buying like a Model 3 or a Y, that you should pay for it in cash in 12 months?

• 12:31Speaker 02

  Yeah, because luxury vehicles should be cash. That's part of it.

• 12:33Speaker 01

  I still consider Tesla to be...

• 12:35Brian Preston?

  I don't know. I've changed on that. I mean, I think threes and whys now are can be very productive, just like a minivan or something else. I mean, that's, that's my take on that.

• 12:45Speaker 01

  Threes are wise, just like minivans. You heard it here first.

• 12:47Speaker 02

  They're just the same utility.

• 12:49Speaker 01

  Just like minivan.

• 12:50Brian Preston?

  My car, my car is essentially a fast minivan. I've, I've made that joke for, for years. My car is a minivan. If you look at what.

• 13:00Speaker 02

  Have you ever seen a minivan?

• 13:02Speaker 01

  Hey, uh, I'm gonna have my wife, uh, come to the office. I'm just like, you take, take the old Odyssey around for a spin.

• 13:08Speaker 02

  Have you ever driven three kids in one vehicle before?

• 13:11Speaker 01

  This feels like.

• 13:12Brian Preston?

  The only thing my car doesn't have is the sliding door.

• 13:16Speaker 01

  It is true. It does not have a sliding door.

• 13:18Speaker 02

  That's true.

• 13:19Speaker 01

  Hey, I have a question for you, Ruby. This is unrelated. Um, well, no, you know, this is a tangent. I'm not gonna ask it.

• 13:25Brian Preston?

  I like tangents.

• 13:25Speaker 02

  Okay, I'm gonna ask it. Tell Dan G, if you're out there and you wanted a Tumblr, since we answered your question, you can email winner at moneyguy.com.

• 13:33Brian Preston?

  Hey, did anybody put in the comments section what the catch was on the $250 lease? There has to be a catch. I'm assuming, I'm assuming there's a catch.

• 13:42Speaker 01

  Why do you think, in your opinion, uh, and I like, so, um, like big SUVs, right? Like Suburbans, Tahoe, like fill in the blank, whatever. How come minivans are the only ones that do the sliding doors? Cause you know, the sliding door thing is like incredibly convenient for, why haven't other car brands or manufacturers factored in? Oh, I'm just gonna have the rear door open and slide backwards so kids can run in and out.

• 14:04Brian Preston?

  Well, I'm sure it's in the design of it is, you know, like it, it makes it have that boxy shape. Cause you have to have enough runway in the back behind the door to slide the door across it. No, no, but I don't think that, cause you know, is it Kia who kinda came off with a hybrid, which was an SUV that looked like it? But it still had that boxy look to it. I think if you started looking at where the wheel well is on most SUVs and stuff, it, it doesn't lend itself to, to being perfect for the sliding doors.

• 14:35Speaker 01

  In the comments, if you work in auto manufacturing, I'd love to hear your take on why? Cause I, I've told my wife, I was like, I think that'd be, make a ton of sense. You get a big SUV.

• 14:43Speaker 02

  Somebody else did mention the wheel well. So maybe there's something to that. But I am not an expert on cars.

• 14:51Brian Preston?

  I mean, most SUVs, the big ones you mentioned are built on truck frames, too.

• 14:55Speaker 01

  Right.

• 14:55Brian Preston?

  So I mean, I'm sure there's something with that with the suspension, plus the wheel wells for clearance levels. Because I mean, SUVs, the big ones you mentioned, like the, those are built off of truck frames.

• 15:09Speaker 01

  I still think it's possible.

• 15:10Speaker 02

  Brian knows, because he practically drives a minivan.

• 15:11Speaker 01

  He does.

• 15:12Speaker 02

  So he knows all about this.

• 15:14Brian Preston?

  Bo drives a Tonka truck.

• 15:15Speaker 01

  I actually drive a truck. That's hilarious.

• 15:18Speaker 02

  All right. Are you guys ready for the next question?

• 15:20Speaker 01

  Yes, ma'am.

• 15:21Speaker 02

  Fantastic. G-Dash says, "How should one approach the FOO if they're new to it? Apply only new money to the FOO steps and then, or redeploy assets from somewhere else? For example, I didn't have emergency savings and I bought a new car on a 60-month term, but I have a taxable brokerage." What do you think?

• 15:47Speaker 01

  Yeah, I think, so the FOO is, the FOO is great in terms of, and by the way, Brian, will you hold the whole thing up? For those of you that aren't familiar, the FOO is the Financial Order of Operations, nine-step tried and true process. And what I always say is, it's what to do with your next dollar. Like, it lets you know, okay, what should I be doing? But for someone like G-Dash, if you are coming into this right now and you are brand-new to it, the Financial Order of Operations can be an amazing initial assessment. Like, I look at this and I say, okay, where I understand academically that I'm supposed to work through the FOO this way. I go from one to two, and two to three, three to four, four to five. When I look at my situation, I say, okay, well, I've got a taxable brokerage. That's kind of like a seven, but I don't have any emergency reserves.

• 16:30Speaker 01

  I got a four, but I don't have any high-interest debt, a three. What you can do is you can now triage and assess where you have holes inside of the Financial Order of Operations. And my encouragement to you would be... I would begin to double back and say, okay, are there places where my life is at risk? For example, I have a lot of high interest debt, or I don't have an emergency fund, fully funded. I would begin thinking about how can I restructure, redesign, reallocate my resources to cover those risks so that I can continue moving along the foo. Bron, we recently had a Making a Millionaire episode with Eric where we did this exact thing.

• 17:10Speaker 01

  Like, he was following the foo and he recko-- or we recognized during the assessment, man, you've kind of got it out of order. You've still got this stuff going on over here. We've got to go back in time to go fix and triage those things. G-Dash, I would say, it sounds like you are in a very similar situation.

• 17:27Brian Preston?

  I'll bring, I think, because you're using, you're talking Money Guy terms, but you need to understand how they all intersect and interconnect with each other. The financial order of operations are very big money decisions to kind of know what to do with your next dollar, but also to know where you are kind of in the process. You mentioned that you have a car that's financed over 60 months. Cars and house buying, for that matter, you don't see any one of these things talk about cars or house buying, but it's a good, if you read, I mean, this is really going deep on foo lore. Millionaire Mission kind of gives you the why on how all these things were designed

• 18:09Brian Preston?

  and implemented, and you'll know that emergency reserves, step four, is when you start getting into the intersection of other rules on best practices with your money. It's like, should you buy cars at 23.8? That's steps three and four. When you get into house buying, that's typically after you do a fully funded emergency fund. That's, so, and we have checklists, and that's where, whenever you have these life events that intersect, that's why you've got to go to moneyguy.com/resources. We have created all these free tools, calculators, as well as downloads that you can go and grab and see, because this is supposed to just scratch the surface of, hey, you've got a problem. If you triage your financial life, you can tell you probably are out of

• 18:54Brian Preston?

  order or out of sync, so then go and layer in our tools to kind of fix this. And that's why I always tell people, when you come into your financial situation, I even saw you brought up Eric in that Making a Millionaire episode. Somebody was like, man, why aren't they picking on him about this decision more? And I'm like, that's mean. Why would we sit there and just how? You can't go back in time and fix your past mistakes. But you can get educated on what to do with your next dollar so that you don't repeat those mistakes again. And that's what I've tried to create by coming up with all these tools, these models. Is because I would encourage you, if you do have a car that's now financed for 60 months, and that's the only way you could afford it, was because you financed for 60 months.

• 19:38Brian Preston?

  You probably need to quickly do that financial triage exercise. Overlay it with 238. What would you have to do to get this thing to actually now be within the threshold that it does fit? Does that mean you need to pay down the loan quicker? You need to go pull some of that brokerage account or other things down to pay the car down? Do you need to pay more on a monthly basis? Maybe you've got enough pay raises where 8% of your pay now could go to a higher, so you could extinguish the debt in three years versus that original five years. There are ways that you can look at with the financial order of operations, where it intersects with key rules of life, like the what, you know, how to buy a house and the checklist, the 238 rule. All these things work in tandem with each other.

• 20:24Brian Preston?

  And that's why we've tried to create a better mousetrap, a better system, so you know what to do with your next dollar and not get caught up in the past. Not where you have all regrets, but you do learn from our mistakes, from the mistakes of our audience. It's been shared and all the data we've shared to help you make better decisions and live your best life.

• 20:44Speaker 01

  G-Dash, one other thing, since you are branded to the foo, that would probably be a great idea, is make sure you subscribe to the channel. If you subscribe, you will be updated whenever we have brand new content coming out. We have tons of new content coming your way that can hopefully continue to educate you on the foo and let you learn more about how to do money better. And for the rest of you that aren't G-Dash, you should also subscribe.

• 21:06Speaker 02

  Fantastic. Well, G-Dash, if you would like a Money Guy Tumblr, just email [email protected] and we will send one out to you if you don't have one already.

• 21:15Speaker 02

  All right. Uh, this next username, I might butcher it, but we're gonna go for it because he has a fun question. It says Bacon Sebaris, or something like that. But the question is, I had a fence broken from a tree, a leak in the roof, water in the basement, and a mailbox destroyed in one day.

• 21:36Speaker 01

  Oh, wow.

• 21:36Speaker 02

  So, he's going through it.

• 21:38Speaker 01

  Hurricane, tornado?

• 21:39Speaker 02

  I don't know. He didn't specify. Feel free to let us know. The question is-

• 21:43Speaker 01

  A tree would do all that, wouldn't it?

• 21:44Speaker 02

  How should I budget for the unexpected? Because clearly, this is a great example of the unexpected.

• 21:51Speaker 01

  Well, okay, so it's really interesting, since, again, we don't, we don't know what caused this. But, uh, before I answer, how should I budget for the unexpected? I'm gonna take it like a step back. Uh, one of the things that we all know when it comes to our financial life is that there are certain unknown unknowns that we don't know when that tree is gonna fall. We don't know when that accident's gonna happen. We don't know when the fill-in-the-blank thing is gonna happen. So, one of the ways that we are able, in this life, to offload some of that risk is through appropriate insurance. In this case, again, not knowing the cause or the reason, one of the reasons that you carry homeowner's insurance on your home is to protect you from large losses that happen at your place. So, a great way to make sure that you're quote-unquote "budgeting" and preparing

• 22:36Speaker 01

  is to make sure you have adequate insurance coverages. Do I have appropriate health insurance in place? Do I have appropriate homeowner's insurance in place? Do I have appropriate automobile insurance in place? Do I have life insurance? Do I have disability insurance? Do I have umbrella insurance? And what those things do is it allows me to then prepare for the unknown unknowns and the catastrophics. And so then, when we move away from the big catastrophics, we get to like the kindestrophics, right? Like the ones that are bad, but not like so, so, so bad. That's where we think you can begin to budget for and really prepare for. And that's actually why we have it as step four of the Financial Order of Operations, emergency reserves. Because that's the exact thing that emergency reserves are supposed to be there for.

• 23:17Brian Preston?

  Yeah, but this is, this is one of those life events. When I talked about, cash is so important, and, and that's the crux of your question. That actually gets two steps because a lot of people will say, well, how do I mean, because that sounds when you talk about roof, you talk about water damage, you're talking about mailbox, you talk about the driveway. I mean, we're talking thousands upon thousands of dollars of damage that can overwhelm or shock the system for anybody. But that's also why you highest deductible covered is because that is going to be a covered big ticket event that probably your homeowner's insurance got a $1,000 deductible, $500 deductible, $2,500 deductible. If you're kind of doing a financial meeting style and

• 23:59Brian Preston?

  you're going to have that saved up in cash. And then yes, emergency reserves is going to help you because you're probably going to now eventually your homeowner's policy might even pay for you to have a hotel room for a few nights, but you're going to have to cover it out of pocket first and then get reimbursed. So that's where step four is going to come in and kind of just build the bridge of cover this until you can get the reimbursement in the future. But bacon, that's why this is you just you basically gave the example in the case study of why the first step is not just have a thousand dollars in the bank like we see a lot of other systems out there. It's actually have some purpose behind or why behind it. And for us, it's the highest deductible coverage.

• 24:40Brian Preston?

  So that the catastrophic stuff can be covered versus you just thinking, okay, it'll be all right. And it also makes you do the exercise of having the insurance because that's the other thing. I'm always very troubled by how many people will get into this excitement about building and saving for the future, but they don't do the base things that can make you make desperate decisions that put your financial life in the ditch, like not even having homeowner's insurance, renters insurance, disability insurance, life insurance, and all these other things that you really should consider. We at least have created a system that makes you say, I got to get these things covered so that I don't get distracted or get derailed before I even leave, leave the starting blocks.

• 25:23Speaker 01

  Great.

• 25:25Speaker 02

  Well, awesome bacon Cerberus. I'm sorry that this all happened at once, but we'd love to send you a money guy Tumblr since we got to talk to you and answer your question on the show today. Just email winner at moneyguy.com. David T. has a question for you. This is a different kind of question. It says, "My seven-year-old niece just inherited 350K from her grandfather's estate. How should she invest it for her future?"

• 25:56Speaker 01

  So, okay, David, I'm gonna, one, we can't give you specific investment advice, but we can give you some general things to think about. One thing worth noting is that in most states, I'm not going to claim to be an expert on all states, but in most states, minors can't inherit assets directly. So, the fact that this niece is seven years old, depending on how the assets came to her, will depend on what kind of accounts or what kind of requirements are established, are required to be established. There may have to be some sort of guardianship put in place, or it may have to go into some sort of specifics, like type of trust. And even in some situations we've seen, it may have to go into some sort of guaranteed insurance-type policy until she reaches the age of majority. So, first, you need to figure out, okay, in the state in which she lives,

• 26:41Speaker 01

  what are the requirements or what are the stipulations around minors inheriting assets? Well, then, once you kind of get past that part, then you have to ask the question, okay, well, what are these dollars ultimately for? Is this money that she inherited, this could be financial independence money. It could also be first-time home money. It could be first-time car purchase money. It could be education money. It could be for first car money. You will need to define and have a thought with whoever, you know, I'm assuming it's the niece's parents, hey, what are the goals that we want these dollars to be able to accomplish for her? And then, once you have the goals, then you'll be able to back into the appropriate vehicles to use,

• 27:24Speaker 01

  as well as the appropriate investment strategy to implement to accomplish those goals.

• 27:28Brian Preston?

  Yeah, this is exactly, as a financial advisor and financial planner, the first things I try to do is I look at a client's situation and say, okay, what are the short-term goals? What are the mid-term goals? What are the long-term goals? And you'll probably create a financial timeline of what are your best thoughts? And you'll create essentially baskets. Or different allocations within the structure to account for so that money is is there to provide when those goals reach maturity. And so you could you could look at this from you'd nailed most of them, Bo, is that for a seven year old, the first thing I'm thinking about is quality of life, you know, is is any of this, you know, going to help mom and dad if there's

• 28:10Brian Preston?

  private school or, you know, dance classes because that's the other thing. There's a legacy. I always like to think when I deal with inheritances, what were the wishes? What were the desires of the person that funded this money? And how do you structure the account to also honor those requests? And that's why it's I mean, I've even had because you think about the seven year old, she'll grow up and one day she, you know, potentially get married and you'll still need to keep the structure right. So you don't co mingle assets. But I kind of wrote down a few big life events with I was trying to do a financial triage of the seven year olds life, I'd be thinking about the current needs and financial obligations between now and when

• 28:52Brian Preston?

  they graduate high school. And then they I'd want to know post education opportunities, you know, because maybe you want to put some of this into 529 assets or other things so they can, you know, be working in the background. And then I thought about weddings. I thought about house down payments. And then you have, of course, unencumbered or long term financial independence. All those things can be accounted for because I mean, that's, that's an incredible legacy building thing. I would also hope that this trust is designed in a way that it doesn't provide too much access too early. I always, when I tell people, when we go look at estate planning, and hopefully when this trust was structured, I try to create some scarcity of

• 29:33Brian Preston?

  of resources still to provide people access to money to provide good things of life, but not to give too much because I've often said that if I inherited like this sum of money, under the age of 22, I would have probably bought, I don't know, my, my educated red cell would have bought a Corvette as fast as I possibly could have, probably not been able to afford the insurance.

• 29:57Brian Preston?

  So yeah, it's just you have to be careful because you know, your, your brain is still developing. You need to have some, some governance to ensure that you don't squander the, the legacy and the planning opportunity. A scarcity can be your friend on creating how to use money. Cause that's the other thing I always tell, don't just give your kids money. You gotta teach them how to be good with money so that that money actually has value and purpose and doesn't just get lost and create a lot of waste.

• 30:27Speaker 01

  That's great.

• 30:29Speaker 02

  Love it. David T. Thank you for being here. Thank you for the question. And if you would like a Money Guy Tumblr, just email winner at moneyguy.com and we will work on getting that sent out to you.

• 30:39Brian Preston?

  And then you could do, you know, you think about Princess Bride, you know, how that, how that structured where you're gonna grandpa reading the story. You, you go by, you know, for a seven year old and you're reading Millionaire Mission every night in bed to go through the steps. It's just like the Princess Bride.

• 30:55Speaker 01

  That's probably what they're doing. Yeah, it's wild. I had someone ask me the other day, hey, what do you think about this card? And it was, you, you, back in the day when you were like teaching your kids about money, all right, we take them to the bank and we go, open a checking account, we put some money in the bank and we get the checkbook register and we'd show them how to like balance a checkbook. It's wild how much technology has changed. Now, you know, there are like cards, like little prepaid debit cards that you can get a kid that where mom and dad both have an app on their phone where you can like communicate back and forth around how they're using the card, what the purchases are. You can set budgets, you can set categories. It is way more advanced than it used to be, which I think is awesome.

• 31:38Speaker 01

  Am I doing it for my kid yet? Nah, she's a little young, but I am thinking of, I am like trying to figure out.

• 31:42Speaker 02

  Yeah, you're looking at what the options are, right?

• 31:44Speaker 01

  Yeah. Is this something, uh, now here's the, uh, you probably need a cell phone because it's app based. Uh, my kid does not have a cell phone, so that's, that's probably not doing that yet.

• 31:54Brian Preston?

  They don't have cell phones yet, but they do have these George Jetson wristbands that allow them to basically leave messages. We've had a lot of content meetings that have been fully entertained by listening to the voicemails that his kids leave.

• 32:07Speaker 01

  My kids can send me little, uh, voice memos.

• 32:09Brian Preston?

  It's pretty awesome. Usually it's on, um, they, they, they haven't learned the, the, the snitches get stitches rules because there's a lot of snitching going on in the, in the, in the Bo household.

• 32:21Speaker 02

  Actually fantastic.

• 32:22Speaker 01

  Fantastic.

• 32:24Speaker 02

  All right, well, on that note, we have another question.

• 32:27Speaker 01

  And if you guys are watching, I love you, because you know, I saw you, I showed you last week, they were watching, they had it on the TV and were doing it, so. Raising Financial Mutants.

• 32:34Speaker 02

  Yeah, they were so excited, believe it or not.

• 32:36Brian Preston?

  I heard a lot of chants for Daddy. I didn't hear a lot from Mr. Bryant. You gotta work on that.

• 32:44Speaker 02

  Okay, we have a question from Foolish Mortal. He says, "How do you help family think about money? My in-laws are nearing retirement and have asked me to take a look, but I don't want to overstep. Any thoughts on how these conversations could or should go?"

• 33:03Speaker 01

  Well, let me tell you, Foolish, I love the first part of it, is that they asked you. Oftentimes, we as Financial Mutants, we almost feel like this, "Oh, I've got this necessity that I have to speak financial wisdom on to all the people around me." And sometimes that unsolicited advice is just not warranted and not wanted. In this case, they've asked you, "Hey, could you come help me? I'm nearing retirement." So, I do not think that you're overstepping your bounds if you're really responding to a request. Now, what you have to be careful of, I would think, in this situation, is how you communicate the findings that you have. Like, I don't know that I'd look through there and be like, "Oh, why are you spending money on this?

• 33:48Speaker 01

  Oh, my gosh, why do you have that debt? Oh, no, what's this going on there?" You have to figure out, how can I truly triage their financial situation, but not just say, "Hey, do this, do this, do that, do this, do this." Help them arrive at an understanding of why you're making the recommendations that you are making, and ultimately, why those recommendations are in their best interest.

• 34:09Brian Preston?

  This is like, if you found out in your backyard, there's a wolf. That's coming up and you're like, I wonder if that wolf can be tamed enough to where I could start to feed it. You'd probably want to do this very gingerly in the beginning to kind of figure out how tame this wolf is before you're you're jumping full in because you could get yourself and that's why dealing with in-laws and money and situations, there's a lot of dangerous things that could happen from this sticky situation. And I love you kind of set the stage very well. And Bo kind of covered that is that they actually asked you. So I would first go with the Socratic method of asking a lot of questions. You know, what are their concerns? What are their fears? Why are they in this in this place

• 34:53Brian Preston?

  to where they felt like that they could come to you and ask you about it? And then if anything you want to give an advice in the initial stages while you're still feeling this out, because like I said, you're just barely putting the food out there and keeping enough distance so that you don't get bitten by this thing and end up with a bad situation that messes up every Thanksgiving for the next 10 years is I would instead of giving advice, I would follow what's called Gestalt in the fact that I would do a lot of experience shares or other things versus giving direct advice. And then after you feel like enough comforts there, so that you're almost inviting Wolfie to, you know, come inside the house, hang out with your domestic pets and other things, then you can full on give advice. It's open. Now we've, we've, you know, really opened this thing up. But I would definitely

• 35:37Brian Preston?

  create some, some, some safeguards in the beginning because family is hard. I mean, it's one of those things I'm always, I get asked, you can imagine what we do for a living. We get asked financial stuff all the time. And I have to balance it because the easy thing is just to give somebody, tell them what the, because I can triage something really quick and throw that out. But that's not always going to be the most helpful thing for the situation because not only are we analytical beings, but we're also very emotional beings. So you have to kind of package things, put a spoonful of sugar with it so that it actually works and gets implemented and you actually see progress.

• 36:14Speaker 01

  Tell me, tell me you've watched tons of Taylor Sheridan without telling me.

• 36:18Brian Preston?

  Well, you know, it's funny you say that. You and I share the brain.

• 36:21Speaker 01

  As soon as the wolf in the backyard.

• 36:23Brian Preston?

  That is like Yellowstone. I mean, but is, is, yeah.

• 36:26Speaker 02

  Is that what that came from? I didn't know where. I was like, a wolf. Here we are.

• 36:29Speaker 01

  It came from Paramount Plus. Like half the shows, half the shows on there. There's a wolf that shows up at the very end.

• 36:35Brian Preston?

  Oh, man.

• 36:36Speaker 01

  You know, it was funny.

• 36:36Brian Preston?

  As soon as I saw a wolf coming out, I was like, this is Taylor Sheridan. That's probably a Casey. Yeah. It's, um, yeah. What's funny is like YouTube TV, um, like last week sent me a notice. You know, YouTube TV, which used to be like 20 bucks and now like cost me like half of an arm every month. Um, they sent me an email saying, and I was like, oh my God, this is just like the cable company used to do this. Is they sent me an email saying, hey, Paramount is gone. We can't even come to a price, probably because they can't afford to pay Taylor. All the royalties or whatever. And then I got an email like a few days ago saying, no.

• 37:10Speaker 01

  No, we've reached negotiations.

• 37:12Brian Preston?

  I was like, I guess enough people did a letter writing campaign that they've all figured it out. But I've, I've watched all those shows. So, you know, the joke's on them.

• 37:19Speaker 01

  That's hilarious.

• 37:20Brian Preston?

  I could cancel, you could cancel Paramount right now until Taylor gets creative and writes something else.

• 37:26Speaker 02

  Great.

• 37:27Brian Preston?

  By the way, I'm not paying anything for Paramount.

• 37:29Speaker 01

  There's a hack.

• 37:30Speaker 02

  A true financial media.

• 37:31Brian Preston?

  It's included on YouTube TV. And then also if you have Walmart's delivery service, which by the way, you get for free. If you have Amex or reimbursed if you have Amex, um, if you have the right Amex card, um, they'll give you Paramount for free.

• 37:44Speaker 02

  There were so many hacks.

• 37:46Speaker 01

  I'm just writing down all the brands that were not sponsored by Walmart, Amex.

• 37:50Brian Preston?

  Yeah, we're not sponsored by any of those people. We're horrible at business.

• 37:53Speaker 02

  Except Brian's free Paramount Plus subscription.

• 37:55Brian Preston?

  Not good at getting sponsors.

• 37:58Speaker 02

  All right. Well, foolish mortal, if you don't already have one, we would love to send you a money guy Tumblr. Just email winner at moneyguy.com.

• 38:06Brian Preston?

  Did that work though?

• 38:07Speaker 01

  The wolf analogy?

• 38:08Brian Preston?

  Yes.

• 38:08Speaker 01

  It was love. People said they're taking notes and writing it down.

• 38:10Speaker 02

  I know. Someone was like writing this wolf analogy.

• 38:12Brian Preston?

  Truthfully, I was halfway through and I was like, oh God, why did I do this? I was like, does this even work?

• 38:17Speaker 01

  What am I gonna do with this wolf?

• 38:18Brian Preston?

  Cause that was not, that was not like,

• 38:20Speaker 02

  It was very memorable.

• 38:22Brian Preston?

  And we were just like, please, I hope this is a hot oven and is cooking this pizza really quick.

• 38:26Speaker 01

  Oh my gosh. You know, I don't know if he said it, but Foolish Mortal just mentioned, said Brian is Wolfman. Now, I don't know if he is talking about Wolfman and Donna, but man.

• 38:36Brian Preston?

  If you're from Atlanta, you know.

• 38:38Speaker 01

  For the six of you out there that remember Wolfman and Donna, you do not know how much,

• 38:41Brian Preston?

  Superstation Channel 17.

• 38:42Speaker 01

  How happy you just made me and Brian.

• 38:44Brian Preston?

  Bo only knows that because that was what raised him.

• 38:46Speaker 01

  That was my babysitter.

• 38:47Brian Preston?

  We are not old enough, close enough in age that he should know that, but I think Bo, you know, this is back before we had everybody, you'd take your kid in the restaurant and put on YouTube for kids. Bo was just putting it in front of the Superstation.

• 38:59Speaker 02

  Did you see, Foolish Mortal said, "I was nervous about calling the in-laws wolves, but fair." I was like, whoa. Alright. Wanna do another question?

• 39:10Speaker 01

  Yes, ma'am.

• 39:10Speaker 02

  Okay. Zachary B has a question. It says, "My wife and I are about to close on an assumable mortgage, APR 3.57%."

• 39:19Speaker 01

  Wow.

• 39:20Speaker 02

  Right? Great. Great. But will clear out our cash to buy out the equity? Should we take a 401k loan to keep an emergency fund?

• 39:32Speaker 01

  Man, couldn't we just, couldn't we just stop at the beginning of the question where we were so excited? Alright, Brian, I'll, I'll do the Webster's part and then you can answer the hard part. So, for those of you that don't know, some mortgages are assumable. What does that mean? It means that when you sell your house, someone else can assume the mortgage that you were paying. Why is this valuable? Well, if you happen to have a mortgage from five, six, seven years ago and it's at 3.57%, when you go to sell your house, imagine how much more attractive it is if the new buyer says, "Okay, if I just take over your mortgage, my rate will be 3.57% instead of current prevailing rates of six and a half or seven percent." It makes it incredibly attractive for purchasers.

• 40:17Speaker 01

  But there is a catch. The way that assumable mortgages often work is that you're taking on that mortgage, you're taking on that monthly payment, but the borrower, the current owner needs to be made whole. And the way that you make them whole is you have to buy them out of their equity. So if someone has $200,000 of equity in the house of the mortgage that you're assuming, then you have to figure out a way to come up with that money to pay them for the equity. So pause for a moment. If you are someone who is in the market looking for homes, now's a great time to see if you can find someone who's trying to sell a home with an assumable mortgage. Now, as you can imagine, most folks aren't trying to sell low interest mortgages and go get a high interest mortgage. So it's hard, but it's

• 40:59Speaker 01

  at least worth asking the question or asking your Realtor the question, hey, can we figure out if this is an opportunity? So then the question becomes for Zachary B, I've got this amazing opportunity to this pretty unique thing. How do I come up with the capital for this equity? What's the best source of resources to be able to do that?

• 41:18Brian Preston?

  So Zachary is asking this in terms of an assumable mortgage, but I'm going to, I'm going to turn this into a question that it impacts even more people. Cause right now, Bo, you and I are considering a real estate opportunity and I'm doing this exact

• 41:36Brian Preston?

  mind

• 41:37Speaker 01

  Exercise.

• 41:37Brian Preston?

  Exercise as we speak. And I wrote down a few quick things because I think when you have a big opportunity or a big purchase that you're making, you got to figure out how long will you be time in risk? Meaning, because you're making, like right now, I've, I have plenty of liquid capital. Life is good, but then this opportunity has come our way. And I'm like, oh gosh, you know, should I do this? But you know, so I'm now trying to, to do an assessment to figure out how long will this put me in a, some form of risk? Cause I'm making a change in my financial life, making a decision, how long to get back to this base level of comfort that I'm at to the status quo. That's the first thing.

• 42:22Brian Preston?

  So I go into it trying to figure out how long. So you have How far or how underfunded are you on this house down payment? Because if this is a catastrophic thing where you're years, I'm talking about years, a decade, and everything has to work out like roses for this to work, you're probably going way out above your skis. Spotty senses should be going up. But if this is something like, man, I just need something to bridge me for a very small period of time because I just don't think my time in risk is that far off because of how my financial life is wired. So then you write down all of your options ranked by risk and access. And let me give you an example.

• 43:05Brian Preston?

  Like you could say, an option is always you can go to the local mobster and borrow this money instead of going to your 401k, but you quickly realize, wait a minute, if I, yes, that's an option to give me access to this money. But when I put the risk on this is I'm probably going to lose a kneecap if I go this. So it quickly goes at the bottom of the list. Now you would probably, so on this list, you could also put 401k loans. That's definitely an option and it's going to go above gangster down the street, but it's not going to be as high as if you already had like Cash reserves. Cash reserves or even, you know, you could put home equity lines if you had an existing home, you know, or there's, you know, maybe the equity in your house.

• 43:49Brian Preston?

  There's all kinds of things you just need to write down all of your options and rank them by risk of ways you can get to this money. And then the third thing is this is when you bring it all together, put on the 3D glasses. It's because you have to, not only, when I say put on your 3D glasses, I'm talking about you go create three scenarios. I'm talking about actually opening up a spreadsheet, putting numbers to this. You do the dream plan. This is, man, things work out beautifully. Yes, I got the promotions I was supposed to, money kept flowing in, this worked out and I was able to pay off the 401k loan or whatever way you decide you go triage and fix this. The other one is down to earth. This is what you think is going to happen, but you know that there's going to be some

• 44:33Brian Preston?

  warts and some, some log jams in life. So it lets you build kind of the back. Balanced approach of what you really think will happen and then don't skip the do do plan. And that's where, oh my gosh, this has gone so horribly bad. Cause like maybe you take the 401k loan, but then you get laid off. You know, right after you take it and now you either have to come up with that money. Or you now have a taxable transaction with an early retirement penalty. And, and you know, and that's just more money upon more money that's causing more desperate decisions. You'd at least want to know what happens in that scenario on paper before you actually live it. So that's why, you know, I can't give you specific advice, but I just laid out the way I'm doing this for my own.

• 45:17Brian Preston?

  You know, how I look at capital is that because I look at it as placeholders of value. I look at it, the risk I'm taking and I try to make sure I'm not blowing up the full mothership of my financial life. Just because there was an opportunity that looked like a good opportunity. But it needs to be just not so out on the risk spectrum that it blows me up altogether.

• 45:37Speaker 01

  Great.

• 45:38Speaker 02

  Well, great question, Zachary B. Thank you for asking it. I hope that that helped shed some light on kind of your next move, some things to consider. If you would like a money guy Tumblr, just email winner at money guy.com. And if you don't have one already, we would love to send you one. Okay. Next question is from Chance.

• 45:57Speaker 02

  It says, my new job has no retirement plans to contribute to. Is there any good recommendations as to avenues for investments? Anything I can do to get a percent match? And I think this is valid because we, you know, love talking about 401ks and the matches and the free money. It's a step in the financial order of operations. What if you don't have that step? What do you do next?

• 46:19Speaker 01

  Yeah. Chance, we love free money and free money is amazing. Unfortunately, we don't have a mechanism to manifest free money if it's not there. So if you work for an employer that does not have a retirement plan, that does not have a match present. There's nothing you can do to go get that match. However, there are some things you can do to continue building wealth. It's one of the reasons why we have Brian, you can hold up the financial of operations.

• 46:44Speaker 01

  So you get to step two and it says employer match and you say, okay, well, I don't have employer match. All right. I go to step three. Do I have any high interest debt? No. Good. Step four, much reserves. Okay. Good. Well, boom. Now I get to step five and I can put money into Roth IRA or I can put money into a health savings account if I participate in a high deductible plan. Well, here's what's great about health savings accounts specifically, even though they operate like Roth IRAs in terms of you can put money in there and you can invest it and it can be tax free if used for qualified medical expenses. There is one additional plus. You actually do get a tax deduction on the front end when you put money in HSA. So you can kind of, sort of, a little bit, think about like that tax deduction as some free

• 47:26Speaker 01

  money that you're getting. So you can do that. Then you can go on to step six employer sponsored retirement plan. You don't have one there. Well, then if you've exhausted all of your retirement options and you've done the Roth IRA and you've done the HSA, there's nothing wrong with just building up a regular old taxable after tax brokerage account. And that's okay. That just might be what you're able to do at this station in season in life.

• 47:48Brian Preston?

  I mean, we love free money, but it's, but you don't have to have the free money to be successful. We just wanted to make sure, because I think the contrarian thing that's built into the financial order of operations is you see step two employer match before you see high interest debt. And a lot of people intuitively will be like, why would I, why would I do that? I've got a credit card that's charging me 20%. Yeah, you do. But if somebody's offering to give you 50 cents on the dollar or a hundred percent dollar for dollar guaranteed rate of return.

• 48:16Speaker 01

  Better than 20%.

• 48:17Brian Preston?

  You can't sleep on that. So don't worry, just because you're, you're employer, you don't have an employer that's offering that, there's still plenty of opportunity for you to build wealth, maximize the financial order of operations. It just means after you get your highest deductible covered, you go skip two because there's nothing there for you. You go make sure you don't have any credit cards or anything else. It's really turning compounding interest upside down and working against you. And then get on to steps five, six, seven is, and there's nothing wrong with that after tax, after you do the Roth. I mean, I get, by the way, yes, you don't get matching, but as Beau shared, that triple tax advantage of the health savings account or the tax free growth where you could potentially be a seven figure millionaire, it's going to feel pretty sweet, too. It's going to

• 49:02Brian Preston?

  have its own. Benefit and opportunity, it's just not free money like, like matching, but that's okay. You don't need it.

• 49:10Speaker 01

  Now, one of the things you can do, you have to do this delicately and you have to think about the employer for whom you work and what the organization looks like. Creating a win-win opportunity where, hey, I was doing some research and did you know that if you have a safe harbor retirement plan, it allows the owners of the company to fully max out their salary deferrals and all you have to commit to is a 3% non-elective contribution for your workforce, or maybe even a matching of if I put in five, you put in four, and you structure this win-win and you present that to your HR department or to your employer, to your supervisor, you never know when, if you've done all the legwork, they might say, oh, you know, it's a great idea. Man, I wish I had a, and you could be an advocate for yourself to get a retirement plan implemented at your company.

• 49:53Brian Preston?

  Well, I would, I would pay attention to the context clues though. If you're, if your boss, maybe you work for a company and you see like, man, did the boss man just show up in a Ferrari? Man, he must be making some money. Yeah, wide open. You should go in there, share with them what the 415 limits are and be like, did you realize that you can hide some money legally from the government? But if your, if your boss is still driving around in a 1978 Pinto, and don't, don't show up because they might barely be able to afford the payroll. So kind of take the context clues of where you're, if you, if you feel like your company is profitable and doing well, by all means, you go advocate and do this now. But if you feel like you

• 50:34Brian Preston?

  guys are circling the drain, probably need to look for a job if that was the case anyway. But it's, but you see what I'm saying here is there's a time and a place. I would just read the, the clues in the room before, and then advocate as a win-win. Bo's always done a very good job, hence why he owns the company with me now versus just working for the company. So he's definitely a good person to take advice from.

• 50:57Speaker 02

  No, those are some really good thoughts, really good clarification surrounding the foo. If you want more of that, I just, I have to mention, we just completely updated, refreshed, revamped our Financial Order of Operations course. And some of these kind of more nuanced questions, like where do some of these things fit? What do I do if I don't have step two? We cover all of that and more in just a really nicely packaged course for you that you can go buy moneyguy.com, actually learn.moneyguy.com is where you should go to buy that. And it even pairs really well with Millionaire Mission, Brian's book. We can tell you, you know, watch this video from the course and then read this part of

• 51:38Speaker 02

  the book to get a full understanding. So this question just reminded me of all the great work the team has done to put together this really nicely packaged resource for you. It's a really great like starter set for you if you're looking to go deeper or share this with somebody else who may just want a bit more of a prepackaged, easier to digest form of this than just like watching all of our content because we understand that, you know, there's a lot of it. So go check that out if you haven't already because we made that for you.

• 52:07Brian Preston?

  And don't forget this version, there was some key benefits. We designed it for groups. There's actually, it is not only a discount. Hello, financial mutants. We love a discount. But if you organize enough people, we actually have additional, kind of like a teacher's manual with more resources that makes it even better for teaching groups. And I'm pretty proud of that. I mean, so I don't know if it happens just at churches. I envision like a Money Guy Supper Club.

• 52:36Speaker 01

  Money Guy Supper Club.

• 52:37Brian Preston?

  I mean, I don't know how cool that is to your friend group, but I mean, but these are the things that I sit around and daydream about.

• 52:42Speaker 01

  Value menu and financial mutants.

• 52:44Brian Preston?

  Can you imagine if you change locations every month?

• 52:48Speaker 02

  Their friend group or like their some coworkers that talk money a lot. Like we, those people are out there and doing that.

• 52:54Brian Preston?

  More than likely, if you're watching our content, you're already the financially minded person of your friend group. Just tell them, because this is very effective marketing is a, hey, when I retire, I want to be able to go to Target with my friends, not while you're still working. Or I want to go on, you know, see spring training with my friends, not while you're still working. You know, you put the, put the carrot out there, you know, and what they're actually building for. And then maybe it has a little more razzle dazzle to it. You see what I did? I put another spoonful of sugar. I do want to apologize. I noticed, I was looking, I was like, man, we are kind of coming to the close to this thing and we didn't reach an hour and it's because, I don't know if it's because I was traveling, I didn't interrupt every question with a random tangent.

• 53:34Speaker 01

  It was, it was very different than last time.

• 53:36Brian Preston?

  It was, I just, I put my random stuff built into the stories of the answers, I think is, is what I'll take credit for today.

• 53:44Speaker 01

  I was trying to think about some clever names if you were gonna do, uh, uh, Foo Supper Club. I was trying to think about some very clever names, uh, that you'd come up with. I came up with fast food.

• 53:56Speaker 02

  I was gonna say, there's something with food, but I couldn't get it.

• 53:58Brian Preston?

  That's too on the nose.

• 53:59Speaker 01

  Breaking bread, right? Yeah, right?

• 54:03Speaker 02

  What does that have to do with money?

• 54:04Brian Preston?

  Is that a Breaking Bad reference?

• 54:06Speaker 01

  No, it's like, uh, like, uh, like eating breaking bread, but like getting that dough, you know what I mean? Nick's with me. Nick's a comedian. Nick got it. Nick's with me. Thank you.

• 54:14Brian Preston?

  He's not smiling though.

• 54:15Speaker 02

  Yeah, I don't, I don't know if he was totally with you.

• 54:17Brian Preston?

  When you pucker the bottom, oh, that's not, that's not enough affirmation. That's more of a concern.

• 54:24Speaker 01

  I'm still workshopping them. We'll come up with some better ones for next week.

• 54:27Speaker 02

  We'll come up with some good ones.

• 54:27Speaker 01

  I got my ace.

• 54:28Brian Preston?

  What I like is I've inceptioned this whole idea of Supper Club, because I think when I've said this in two or three content meetings, like, Supper Club, what do you, why do you keep bringing this up? This is welcome to the world of how I influence and make things. My poor wife, she deals with this all the time. I just keep bringing stuff up to where I, I kind of plant the idea eventually.

• 54:45Speaker 01

  I love it.

• 54:46Speaker 02

  That's true.

• 54:47Brian Preston?

  I'm supposed to close the show, aren't I?

• 54:49Speaker 02

  Well, I thought you weren't closing it, honestly.

• 54:53Speaker 02

  But no, I mean, I always like to just shout out, remember that even though the cameras turn off, moneyguy.com is full of all of not only our archive of our wonderful Money Guy shows, but also the free resources. Go to moneyguy.com/resources. There's tons of calculators, free downloads that go more in depth on all of the things that we were talking about today and more. So be sure you go check that out because that is always there for you to continue, continue these conversations and hopefully help you really take ownership of your personal finance journey so you can focus on what really matters and not be so stressed about it anymore. That's one of our whole goals here. So go check that out. Thanks as always for joining us in the live stream. It's been a blast.

• 55:37Brian Preston?

  Guys, remember, there is a better way to do money and we share it with you every week, multiple show formats now. So make sure you're respecting the food. I'm your host, Brian Preston, joined by Mr. Bo Hanson, Money Guy team, out.

• 55:52Speaker 01

  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.