Pod Insights Money Guy Show Financial Advisors React To WILD Money Advice On YouTube About this episode We’re reacting to the internet’s worst financial advice - from flipping mobile homes to buying luxury cars you can’t afford. We break down why these viral money strategies are not just wrong, but dangerous. Instead, learn the proven steps to financial success using tax-advantaged accounts, index funds, and the Financial Order of Operations.
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Transcript Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.
0:00 Speaker 00 This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.
0:31 Speaker 01 Low energy, unfocused, foggy? You might be dehydrated. Whether it's hot yoga, over 100 degree weather, or too much sun. Gator Light, with a specialized blend of five electrolytes, was scientifically designed to help move fluids into the body faster for rapid rehydration. Shop now at retailers nationwide. Gator Light hydrates faster than water. Is it in you? Symptoms noted are signs of mild to moderate dehydration. Consult a healthcare professional if symptoms persist.
0:59 Speaker 02 Prayer at the year rebel. It's 1159 a month. The Audi's 901 and the Ford's at 061753.
1:06 Speaker 03 That's $4,000. Chris, you didn't even do it right. If you're gonna try to break into an ice cube full of money, let us show you how it's done.
1:18 Speaker 03 And we're back with another React episode. For all of you guys, I can't wait to see what the content team has put together for us. Brian, I am so excited because we never know what's gonna be on the other side of the screen. So with that, let's dive right in.
1:34 Speaker 04 You've been working hard.
1:35 Speaker 03 Chris.
1:36 Speaker 04 Saving diligently and dumping cash into your 401K.
1:41 Speaker 04 You think your money is growing, right? Well, I hate to break it to you, but what's really happening is that your money is frozen.
1:46 Speaker 03 No, it's not.
1:48 Speaker 04 If you have a 401K or IRA, your money is trapped, barely pacing with inflation, locked away where the banks and Wall Street can't use it.
1:56 Speaker 03 What about the 100% match?
1:58 Speaker 04 The stock market averages around 7% to 8%, but after you factor in inflation, fees and taxes, you're left with scraps. That's not freedom. That's a financial glacier holding your wealth hostage.
2:08 Speaker 03 Your money in a 401K. And I is not sitting still. You are literally growing your wealth in a tax advantage, tax incentivized manner. No, you do not access it today because it's not supposed to be today. Money. It's supposed to be retirement, financial independence money. Chris, what a frustrating example.
2:25 Brian Preston? Well, I mean, I let the stats talk for us. I mean, if you look at millionaires, the first account that typically crosses seven figure status is typically the 401k. There's so many things going forward. The tax favored, the free money from your employer, whether it's 50%, 100%, dollar for dollar match. These are powerful concepts to let your money grow and build automatic for the people because it's rewarding that behavior of investing monthly. Chris is trying to sell you something. See through it and kind of act accordingly.
2:54 Speaker 03 Chris, you didn't even do it right. If you're going to try to break into an ice cube full of money, let us show you how it's done.
3:02 Brian Preston? What cockamamie idea. You realize Chris had like a fishbowl full of ice. We did this in a way where
3:08 Speaker 03 You got this. You got it.
3:09 Brian Preston? I mean, we can see the ice cubes attached to it.
3:12 Speaker 03 Come on, Brian. You show Chris how it's done. Look at that.
3:15 Brian Preston? Watch your fingers, Bo.
3:16 Speaker 03 Look at that. Take that, Chris Chrome.
3:21 Speaker 06 If I had to start over again, right now, I'd be flipping a mobile home. You go out in the middle of the night, two, three, four of your buddies, you flip over a mobile home, you call the insurance company, you say, hey, oh, you're sorry.
3:31 Speaker 03 He means physically flipping them over.
3:32 Speaker 06 What'd you think I meant? So you go and you flip the mobile home over, you call the insurance, hey, I got hit by a NATO last night. And they say, oh, my gosh, we'll send somebody out. They'll say, well, yeah, because how's you gonna tell somebody, how did this house flip over? Wait, so do you flip it back over then? You get the money. Then you go hire somebody to flip it back over. Now you got the money. Plus the house. Plus the house.
3:50 Brian Preston? The stimulus overload here.
3:52 Speaker 06 That's a side hustle right there. It's thinking smarter, not harder.
3:55 Brian Preston? You're going to have to tell me what he was talking about.
3:57 Speaker 03 Well, he was talking about flipping a mobile home. He was talking about flipping mobile homes, which would be an idea of like, well, buying and selling. But that's not what he was talking about. He was talking about active insurance fraud. And so if your financial strategy is built upon the fact that if the authorities catch on to the fact that's the way that you're making your money and it results in you being arrested, you may not want to perpetrate, no pun intended, that financial strategy.
4:21 Brian Preston? Well, I mean, let's go make some content on it. Just go ahead and paint by the numbers on how you can wear orange.
4:27 Speaker 07 Asking people who work at Audi what their car payment is. In Montana, what car do you drive?
4:30 Speaker 02 I have a 2021 Ram Rebel, a 2017 Audi S6, and a 2017 Corvette ZO6.
4:37 Speaker 07 And what's your car payments?
4:38 Speaker 02 For the Rebel, it's 1159 a month. The Audi's 901, and the Corvette ZO6 is 1753 a month.
4:45 Speaker 03 That's $4,000.
4:47 Speaker 07 I drive a 2019 Audi E-tron, and my payment is 780 a month. What's the one you drive? A 2018 Audi A5 Corvette. What's your payment? 678. Zach, what car do you drive? Hey, it's my last day, man. I'm just trying to go. I've got three. I have my 2023 S5, I've got a 2010 S4, and then I've got the 2007 Corvette. And what are your car payments? 850 on the S5, 650 on the Corvette, and 450 on the S4.
5:14 Speaker 03 $2,000 a month.
5:16 Speaker 07 This is my car, 22 Porsche Taycan. What's your car payment? 1367.
5:21 Brian Preston? And by the way, didn't he tell us how many months? You know that that bad boy's like 84 months, too.
5:26 Speaker 03 Why do you need three cars? And much less, three cars that are all finance, that all have debt on them? If any one of those people run, if they went to moneyguy.com/resources, and they went to our Wealth Multiplier Tool, they just took that car payment, whether it was the 495, or the 1367, or the 898, and they just could see what that monthly car payment could turn into. If they had that money working for them, they could buy a fleet of those cars when they get to retirement, and pay cash for all of them if they wanted to.
5:54 Brian Preston? It is so much better to be rich than to look rich. And these people, they are just going to be the servant to those banks because they're never going to own their life and actually turn the power of compounding to work for them. They'll always be indebted to this lifestyle look.
6:08 Speaker 03 When you go to buy a car, make sure you follow 238. We want you to put down 20%. We don't want you to finance it for any more than three years or 36 months, and the total payment cannot exceed 8% of your gross income. But Brian, if you're buying an Audi, what should you do instead?
6:23 Brian Preston? You have to do same as cash. I mean, that's the thing. I was gonna say, any luxury car, what are you doing taking any debt? If you can't pay cash for those things, you are faking it until you make it, and you're never gonna make it to the make it. What you told me when I met you was that you're an astrologer.
6:39 Speaker 06 Right, financial astrologer.
6:40 Brian Preston? What exactly is that?
6:42 Speaker 06 We basically look at planetary patterns, and we correlate them to stock market activities.
6:46 Brian Preston? How can that be correlated?
6:48 Speaker 06 Remember, astrology is a mathematical science. Is that really fair to say that it's a science because there's no way to really
6:54 Speaker 07 Yes, it's very. My background is in mathematics and psychology and astrology is a mathematical psychology based on astronomy. We take data like this, for example, which gave us information.
7:05 Brian Preston? No, astrology is very mathematical.
7:07 Speaker 07 Which is something you probably wouldn't know how to interpret and then we put it together.
7:09 Brian Preston? Oh, just something you wouldn't know how to interpret, he said.
7:11 Speaker 07 About what the market's doing and when. We charge depends on services. Like we have a, for example, a company coming to me and we're going to probably make them about forty million dollars. They're offering me maybe a hundred, hundred fifty and I don't think I'm going to accept it. Not that a hundred fifty thousand is not a lot of money, but we're going to make them forty million dollars.
7:24 Brian Preston? Where did we find? I feel like we're watching an Office episode or something.
7:27 Speaker 07 We're underpaid. I agree. I didn't say that. I said it.
7:32 Speaker 03 It did feel like an episode of The Office, right?
7:34 Brian Preston? Yeah, that didn't feel real.
7:36 Speaker 03 If, let's just assume for a moment that the guy in the suit could use astrology to figure out trading strategies. Why on earth would he need to sell it? Why would we not see his names list on the Forbes four hundred right next to, you know, Musk and Buffett and base?
7:54 Brian Preston? Be like Zodiac Trader.
7:55 Speaker 03 Right? Why isn't he the wealthiest guy in the world?
7:58 Brian Preston? Wouldn't be Google anymore. Wouldn't be Apple. It'd be Zodiac Trader in his brown suit.
8:03 Speaker 00 This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a seventy five dollar sponsored job credit at indeed.com slash podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.
8:33 Speaker 01 Low energy, unfocused, foggy, you might be dehydrated. Gatorade zero powders have been scientifically designed to help improve hydration balance in the body. With a clinically proven electrolyte blend and no artificial colors or flavors. Great tasting hydration, no matter where you're going. Shop now online or at retailers nationwide. Gatorade hydrates better than water. Is it in you? Symptoms noted are signs of mild to moderate dehydration. Consult a healthcare professional if symptoms persist. Government controls your money. They can freeze your account at any time.
9:06 Speaker 07 Having your money in the bank used to work in the past. Interest rates were high. Inflation was relatively low compared to where it is today. They're okay. They're moderate. Let's say they're four and 5%. So you have your savings in there. Maybe you get 4% on a long-term saver. But inflation's at 10%. You're losing money every single year. The bank at any time, they can freeze your money. They can cause an issue for you. They can hold on to your funds. They can lock you out of your account. Crypto solves many of these issues. Crypto is a wealth builder. You know, I've always said that it's a savings maximizer. You know, I consider putting money in Bitcoin, putting money in Ethereum. It's two long-term savings accounts. I always say that to the guys. I've been saying that since Bitcoin itself was, when I was first in, $800, you know, in 2015. I've considered Bitcoin a long-term savings account. That's been my savings account. That's been a very good idea for me. You know, it's much harder for the government to freeze your money. It's much harder for them to seize your funds.
9:51 Speaker 07 And ultimately, if you're responsible, if you're self-sovereign, if you're able to actually manage your money, crypto is just the only solution for that.
9:56 Speaker 03 There are people who have made money investing in crypto. There are people who have become very wealthy because of changes in prices in cryptocurrencies. But to suggest that it's a savings account, to suggest that you should be your own bank and you should be sovereign, you should use crypto as a means to do that, just seems absolutely asinine. If you don't believe me, go look at what the value of Bitcoin has done in terms of volatility over the past three, four, five, 10 years. And then go look at what the value of a savings account, a single dollar in a savings account, has done. When you think about savings, you want a stable store of value, not something that is wildly volatile.
10:37 Brian Preston? There was so much going on in that video, Bo. Look, I want to give him credit, though. If you're going to make the bold decision to do your video shoeless, I appreciate the fact that you positioned your legs so that we didn't get to see your ganky feet. Thank you. That was, that was well done for the public service.
10:54 Speaker 03 I kept waiting on Jason Statham to bust it because I thought he was the bad guy in a Jason Statham movie. And he was, so I missed the first half of the video because I was waiting for that.
11:02 Brian Preston? Look, I gotta believe a neck tattoo hurts. Here's a question for someone with a tasty bite-sized account, about $4,000, super busy.
11:11 Speaker 04 Getting started in a small account, you might want to sell a put on an inexpensive stock.
11:17 Speaker 03 Naked put.
11:17 Speaker 04 Naked, sell a out-of-the-money call spread.
11:21 Speaker 04 Sell an out-of-the-money put spread. Just a simple, you know, one-side strategy where you're either betting up or down. Maybe define risk when you're just getting started, just to get your feet wet.
11:31 Speaker 03 If there's a stock you really like, buy the stock and sell the call against it. Yeah, if you're just starting out with small accounts, you should do like very complex options trading, obviously. Like, that's the thing that you ought to be doing with your money when you just start out. The things that like seasoned professionals still screw up on a daily basis, totally where you should start.
11:49 Brian Preston? Was it buying the calls or selling the calls?
11:51 Speaker 03 He was selling.
11:52 Brian Preston? So, naked, selling a naked call, what's the actual potential for a loss?
11:56 Speaker 03 Infinite, infinite loss.
11:57 Brian Preston? Infinite, infinity, and beyond. Holy cow, when you see the news report that there is somebody who did something silly and then this turned out to be a disaster where they lost millions of dollars or hundreds of thousands of dollars, is typically doing something like that because you really, your potential for loss is to infinity. You go start an S and P 500 or an index investment, the most you can lose is just your investment. But that's historically, that doesn't even, that's not something you're thinking about. But with these strategies, you could lose many times over even what you put into that initial strategy.
12:32 Speaker 03 You know what you should do with that $4,000 account instead? Maybe go follow the Financial Order of Operations. You can get your free copy at moneyguy.com/resources and maybe just take that and use that to fund a Roth IRA. There's a really good chance you fund that Roth IRA, buy a good, low-cost index fund. You're going to end up in a much better place than if you try to go do some option strategy.
12:50 Brian Preston? And then let your tasty be just towards cakes, not trading.
12:54 Speaker 04 You study the wealthiest. I don't mean Bill Gates or Warren Buffett. I mean, if you study Goldman Sachs, that's where the real wealth is. Study the wealthiest.
13:04 Brian Preston? Explain that. Why isn't it Gates and Buffett?
13:07 Speaker 04 Because they're only worth 80 million, 80, 80 billion.
13:10 Brian Preston? Okay.
13:10 Speaker 04 Okay, you know Goldman Sachs will destroy 80 million in an hour.
13:14 Brian Preston? As far as their, their income, their revenues?
13:17 Speaker 04 You're talking about Vanguard controls $5 trillion of ETFs.
13:23 Brian Preston? Right.
13:24 Speaker 04 That's money. There's endless amounts of money. Like, I don't know what the Queen controls, but it's freaking massive.
13:31 Brian Preston? Massive.
13:32 Speaker 04 Or the Putin money. You're not talking about all that dark money.
13:37 Brian Preston? I feel like we've covered a lot.
13:38 Speaker 04 All the black in the.
13:40 Speaker 06 Shadows money.
13:41 Speaker 03 I don't know what to react to here.
13:43 Brian Preston? Basically, go look for the biggest holders of resources and that's what you should learn from. I guess we just got an endorsement from Grant that index investing is good. Not apartment complexes, but index investing is where you should go because that's where Vanguard and others are building assets.
13:59 Speaker 03 He just said that there's $5 trillion in ETFs and one of the biggest ETF providers is Vanguard. I think, and maybe, I think Grant just told me to go buy indexes.
14:09 Brian Preston? Thank you, Grant.
14:09 Speaker 03 Thank you, Grant.
14:10 Speaker 06 There's no such thing as making money. Nobody makes money.
14:14 Brian Preston? Is he smoking?
14:15 Speaker 06 They take money because whenever you get it, it has to come out of somebody else's pocket. Every morning, the barista takes five of my dollars for my coffee. And every morning, I take seven of her dollars out of the tip jar while she makes it. We're both entrepreneurs, but in this case, I'm the better one.
14:33 Speaker 03 There is, there is a thread that is riddled through that we hear all the time that in order for someone to succeed financially, someone else has to be taken advantage of financially. Zero sum game. If I make money, someone else has to lose money. That is not the case.
14:48 Brian Preston? Yeah, I like that good innovation, good products, good service. People willingly come back to you many times over to, to keep buying your product. And here's the good thing about innovation and growing economies. The pizza pie is not a zero sum. The pizza just keeps getting bigger, bigger, bigger. This economy is growing. Be a part of the success.
15:08 Speaker 03 Here's the thing, there is a lot of very bad financial information out there. You need to be careful. You need to be an advocate for yourself to be on guard at what you let into your mind and what you let affect the way you make financial decisions.
15:23 Brian Preston? Yeah, I learned a lot about pounding ice with hammers. There's so much to cover here. Grant liking index funds, which blew my mind.
15:32 Speaker 03 Very big takeaway.
15:33 Brian Preston? To smoky rooms where we learned how we should and should not invest. All this to say that there is indeed a better way to do money and ours comes without all the gimmicks. All you have to do is go to moneyguy.com. Better yet, go to moneyguy.com/resources. We'll load you up with tons of free information. I'm your host, Brian Preston, Mr. Bo Hanson, Money Guy team. Out.
15:56 Speaker 03 The Money Guy Show is hosted by Brian Preston and Beau Hanson. Brian and Beau are partners with Abound Wealth Management. Abound Wealth Management is a registered investment advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with the securities laws and regulations. Abound Wealth Management does not render or offer to render personalized investment or tax advice through The Money Guy Show. The information provided is for informational purposes only, may not be suitable for all investors, and does not constitute financial, tax, investment, or legal advice. All investments involve a degree of risk, including the risk of loss. Now at Kroger, your points add up to more ways to save every trip. Use them your way to take dollars off groceries at checkout or save at the pump. You can even save up to $35 on your next fill-up.
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