The Millionaire Playbook Just Got an Upgrade + Live Q&A

Millionaire Mission’s updated paperback is here! Order your copy here: https://moneyguy.com/millionairemission/ Join Brian and Bo for a look at updated retirement contribution limits, revised case studies, additional insights into Brian’s own money decisions, and new content on stewarding your resources well. The Financial Order of Operations remains the foundation: a practical framework for deciding what to do with your next dollar. Whether you’re saving through a 401(k), Roth IRA, or HSA, discover what’s new in this edition, then stick around for live personal finance questions about saving, investing, retirement planning, and building toward financial independence. 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.

• 0:00Speaker 00

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• 0:30Speaker 01

  Your sausage McMuffin with egg didn't change. Your receipt did. The sausage McMuffin with egg extra value meal includes a hash brown and a small coffee for just $5. Only at McDonald's for a limited time.

• 0:42Speaker 02

  Price and participation may vary. Promotion pricing may be lower than meal pricing.

• 0:51Brian Preston?

  When they just did the countdown from 10, I felt like it was a rocket launch because that is what we're here for today to talk about a brand new, updated edition of Millionaire Mission.

• 1:02Speaker 04

  And Brian, I am so excited because it's finally here. And I feel like this is somewhat of the culmination, right? Like you said over and over again, like you didn't, you didn't know if you were complete the first time, but now you feel complete. And I'm so excited. We can finally get this out into the wild.

• 1:19Brian Preston?

  Yeah, this is, this is one that part of, I wanted a paperback version because in the long term, this is going to make it more accessible for more people. And that's what I wanted, you know, because I still go back to my origin story and, you know, Millionaire Next Door, Wealthy Barber, and those books that I bought in paperback form kind of were definitely part of my, my journey to becoming a financial mutant. So now the thought that this updated version, plus the version that I feel like is the most complete version, I can say my baby's grown, you know, grown up at this point.

• 1:54Speaker 04

  Yeah. And here's, here's what's great. It's not just the bendiness of this that's improved. Cause look, Brian, will you do some, do some bending? Like with the, with.

• 2:03Brian Preston?

  I mean, if you're a yoga person, this, this is going to be your, your jam. Cause there's definitely a bendiness to the book.

• 2:09Speaker 04

  Cause Kristen, she, is she our big reader? Are you, you're the big reader here? Check out the big brain on Kristen. She said that the bendiness is really good for readers because it's just easier. Like it's easier to, they can be lounging around or doing. So we're excited about that, but it's not just that. There's also some new stuff in this book that was not in the original. There's some increased information about how you do things. There's some stuff that you share that you didn't get a chance to share in the first one. So I'm excited because it is indeed, it's the same book, but it's a new and improved version of the same book.

• 2:40Brian Preston?

  Well, let's, let's actually get into this a little bit because I mean, first of all, I mean, look at that look. I mean, wow. I mean, pretty exciting. It's in everywhere that you want it to be. Amazon, Barnes and Noble, Books-A-Million, Walmart, Target. By the way, if you have a local bookstore, make sure you go out there asking the manager, get this book in there because I really do, I want this to be more approachable where you can give it out to friends, family, and hopefully we can continue to change the world. You know, I was on Amazon this morning looking and reading comments and it just warms your heart when you see, I think a lot of people caught that this is my love letter to you guys in the audience. If you have people who you're trying to figure out how you motivate them to think better about their money, this is hopefully going to be a tip of the spear.

• 3:23Speaker 04

  You know, who just popped in who said that she is also a big fan of bendy books as opposed to hard books?

• 3:28Brian Preston?

  Who?

• 3:29Speaker 04

  Erin. She's in here hanging out with us for book launch. So, but for those of you that are maybe new or just now interacting, there's some things. When the first book came out, it came out in 2024 and a lot of things have changed from 2024 till now. Even just as a small example, the way that you save and the amounts that you can save and the amount of money you can put in different types of incentivized vehicles has changed. Back in 2024, if you were contributing to a 401K or a 403B or 457, you can only do 23,000. Now you can do 24,500. IRA contribution limits have changed. SEP IRA, SIMPLE IRA, HSA. So one of the things that's happened inside this book is we've gone through to make sure that all the numbers are updated to present day.

• 4:13Speaker 04

  So again, as you're reading through this, as you're trying to figure out what do I do with my next dollar? How do I make sure I'm doing the things I'm supposed to be doing? You're going to be reading actual today dollars, not dollars that were a number of years ago.

• 4:25Brian Preston?

  Yeah. And then I don't mind sharing the other updates. This is probably what people are really excited about. An addition, just having the latest numbers is I really thought about this from the heart of an educator standpoint of what were some things? Cause I have reread this book, you know, quite a few more times. And I was like, what hit, what didn't hit? What could I have improved? And so one of the things was I've updated some case studies.

• 4:47Speaker 04

  Yep.

• 4:47Brian Preston?

  The one that really stands out to me is because, you know, we have a show coming out in a few months that will be on some of the key decisions of your life that will make you wealthy. And one of the biggest traps, I think most Americans fall into with this consumption society we live in is that, that first car purchase or that, or that car purchase you make when you're growing your family in the messy middles and you kind of, you know, maybe you had the old reliable car that did great, got you through college, got you through your first job, but now you're growing your family and you go and you buy the European luxury SUV instead of, you know, the minivan or some other thing. I did some case studies to show what if you fell into some of these traps, trying to really convince people that when you're a financial mutant, the car you drive can work against your wealth building journey.

• 5:32Brian Preston?

  So I just, I felt like it was much more pertinent on the purchasing and the timing of big purchases like cars better than the original version. Not that I did bad. It's just that in the original version, I did a 25 year old buying a Corvette versus the typical 62 year old that's buying a Corvette. And that, look mathematically, timing, statistic wise, it's accurate, but I don't think there's a lot of 25 year olds that are wired like I was where that was what I wanted to do at 25. I think a much better case study is the family that's buying the European SUV in their mid 30s, when they probably should be buying something a little more affordable.

• 6:08Speaker 04

  And look, case studies are great because they talk about other people. They're sort of like abstract, but one of the things I think is really great about this book is that there's even more information in there about what you do with your money. As kind of the money guy himself, the role model for making financial decisions, you kind of open up the curtain and say, here, here's what I'm doing. Here's how I'm approaching financial decision making. And you've even added to that. And I think, I think you said in the original version, that was some of the best feedback you got is, hey, that's my favorite part. I just love hearing what you're doing, how you're navigating your finances.

• 6:35Brian Preston?

  Well, the original version was unproven, you know, because I gotta tell you, if you want to feel really insecure about yourself, write a book about your journey with money and then put it out to the world and ask yourself, because we wrote the book, they took it away from me, I think probably by the end of probably fourth quarter of 2023. And I'd been working on it since 2020. And then, you know, I had all these personal stories in there and I was like, gosh, maybe, because I remember the night before the book launch and I was like, did I share too much? Is this going to work? Or is people going to think that, man, who does this guy think he is sharing all these personal stories like we would care? And then the book comes out, it does really well. And then I was like, okay, so I felt kind of energized to where I could share more

• 7:19Brian Preston?

  if, especially if it was educational and I felt like there was some things I learned that, you know, because sometimes experience creates wisdom. So I felt more empowered to share even more about what I do with my money because it was now a proven concept. And I thank you guys for that because I was really insecure that it was too, too self. But I wanted to put the why. I mean, the thing is I see so many people have systems and rules, but I want people to understand that, no, this is proven because I've experienced this and this is why I have each one of these rules in the nine steps of the financial order of operations. So hopefully that came through.

• 7:51Speaker 04

  Well, and I think another thing that's so interesting is in, from the seat that you sit in, you have been both wealthy in your financial life and you've been not wealthy in your financial life. And starting out, it was a very different circumstance situation than you find yourself in today. And so one of the things I love is that you've even added some content in there around like, okay, how do you steward your resources well? How do you navigate when you don't have a lot of money? When you don't have a lot of excess, when you don't have a lot of discretionary capital? And then how do you do it when those circumstances change? When you're a different stage of life? And I love that you've lived the life that really allows you to speak to both sides of that equation.

• 8:28Brian Preston?

  Yeah. And it's, look, we definitely want you to be charitable with either your time or resources, but it even goes beyond that on how you make sure that while you have the kids in the house, that they, they kind of maximize the, the memory making and the blossoming memories, as I always call it. That, that stuff's important. And I think a lot of books are great on the analytics, but they don't give you a lot of the kind of the, the soft stuff that you need to understand to be really good with money. And so I've tried to pour that into the updated version as well. Cause like I said, you guys rewarded me the first time. So I went a little deeper into those, those things as well as, I don't mind sharing, based upon the success of the first book, I went through some struggles just because what happens when you reach a lot of the goals that you had in life?

• 9:11Brian Preston?

  And I think as achievers, we all are trying to check the box on the next thing. And so I put even some sections on ruminating and what to do with your successful mindset that doesn't overwhelm the system. And I wouldn't have had that without experiencing some of these things. Cause I think that's stuff that's honestly not talked about with success. We all sometimes talk about growth for the sake of growth, but there needs to be a little more balance on what, what, what's money as a tool and what it can and can't do? And how do you come out the other side, both feeling like you're fulfilled with what money can do on a maximization, but also what it can't do so that you make sure you spend time and effort into maximizing those components of your life as well.

• 9:48Speaker 04

  And then I love that even though this book is two years later, we're in the future, it's not like things have changed. I think a lot of times you'll see someone write a book or come out with an idea and it's super popular. And then they try to write another book and come up with a different idea and come up with some other angle and try to change. Oh, I, I one time said that this was true, but now this is true. There's not change in this. It's not like there's some new system, some new idea. This is still the same wealth building framework, Brian, that you've been exercising for the last 30 plus years of your adult professional life. It's not like it's changing. It's not like it's molding and bending to the times.

• 10:25Brian Preston?

  No, I will say the, the financial order of operations is the same, whether you're looking at the 2024 version or the 2026, we have, you know, if anything, this thing is even more proven in that it can work for anyone. I don't care where you are in your journey. If you're just coming out of, you know, in high school or college, or if you feel like you're behind in your 30s and 40s, we've loaded you up. There's, there's something for everyone in this instruction manual, my love letter to my audience, so that you guys can kind of hopefully get more interested in money or, or convince people who maybe you love or care about who aren't into money, but you know, as much as you are, this is a great way to kind of cut the corner off and let people see. And like I said, I know I keep saying it, but it really is a testament to you guys

• 11:08Brian Preston?

  kind of confirming the concept to where I felt like I could do an even better version. I also want to thank Matt Holt, our publisher. You know, Matt, I think Matt would prefer for me to write another book. But I think you could tell that I was pretty set in that, ah, you know, I'm not in the, I'm not in the, the, the emotional state that I want to write another book. I don't have the concept that's just occupying my brain like this did when I can't, you know, when we discovered the financial order of operations and then started laying out an outline. I mean, this thing just kind of consumed my brain. So that had to get out of there. And I'm glad that it's become the version it is. But Matt was at least willing to say, hey, okay, well, how about if we're going to go paperback, do what you want to with it, update it, do the best version. I don't think a lot of people get that freedom.

• 11:52Brian Preston?

  Authors to, to let, you know, an unconstrained go out there and do what you do. You know, so that's pretty exciting. And I appreciate Matt giving me that opportunity. And he's been great. We traded a bunch of texts this morning. Nothing but great things to say about Matt.

• 12:06Speaker 04

  So if you don't have your copy, make sure you go out. You can find it on Amazon, Barnes and Noodle.

• 12:12Brian Preston?

  Barnes and Noodle? They serving food there now? We might be onto something for them. Get into that.

• 12:18Speaker 05

  That was fantastic.

• 12:19Speaker 04

  Go to Barnes and Noodle to get your copy of Your Mission Today. It's awesome. If you don't, right now, going into holidays, it's a great gift. If you have someone in your life who maybe hasn't caught the bug of making sound financial decisions, maybe it's a young person, maybe it's someone who just graduated college, maybe it's someone who's just graduating high school. These are great gifts to give out for Thanksgiving, to give out for Christmas, just so maybe you can plant that seed that changes someone's financial future. So make sure you go out to Barnes and Noodle to get your copy today. But I love, I love that we get to do that. I love that you get to, you get to sit down, spend a couple of years, penning your thoughts, getting it out, putting in a book that can change lives. But I also love that we get to sit here every Tuesday and answer questions. We get to load you

• 13:03Speaker 04

  guys up with the things that you are curious about. So right now, if you have a question for us, you want to get our take, you want us to weigh in on it, make sure you get it in the chat. We have the team out in the wings collecting your questions because we do believe that there's a better way to do money. So with that, Crave to Director Rebe, I'm going to throw it over to you, but I've been feeling guilty. So I'm going to make a challenge today. I feel like the past couple, we haven't answered enough questions. So my goal, I want us to answer a ton of questions today.

• 13:31Speaker 05

  I'm ready. Are you ready?

• 13:32Brian Preston?

  Do you have a goal number?

• 13:34Speaker 04

  A lot.

• 13:34Brian Preston?

  Is that, is that too scary?

• 13:36Speaker 04

  A lot.

• 13:37Brian Preston?

  Did I actually put a goal number on it?

• 13:38Speaker 04

  No, I want to, we're going to do a lot. We're going to answer, we are going to, we're going to do right by you guys today. We're going to load you up.

• 13:44Speaker 05

  Okay. All right. Well, we're going to kick it off strong with Cosmic Penguin 01. He says, hey, Money Guy team, how do we weigh the potential salary growth from changing employers against the value of unvested employer match contributions we'd be leaving behind?

• 14:02Speaker 04

  So, uh, unvested matching is, is a, is a difficult one, right? So most often when someone is weighing the conversation around, hey, I'm thinking about changing this job, what you most often see is someone has non vested employer incentives. They've got like RSUs that have invested or options that have invested. And so there's like real numerical, mathematical value they're walking away from. And so what we generally would advise people to do in that situation is as you're talking to your new employer, as you're talking to the, the company that you might be going to, you should work that into your salary negotiation or into your deal package. Hey, I'm, I'm leaving a hundred thousand dollars of non vested RSUs or non vested options. Do you have some, is there some sort of sign on bonuses or some sort of equity I'm going to be getting access to here?

• 14:47Speaker 04

  That's a negotiation tactic that generally takes place when you're having that conversation. If you're leaving behind matching contributions to the 401k, this is the math that I would think through. Okay, if I'm going to have a higher salary, how much more is that going to allow me to save? And then how much more will the matching contributions from my new employer be? How long will it take me to be in this role to account for that unvested matching that I've left behind? And do the math there. Now, I always want to be careful. Don't be penny wise and pound foolish. Don't stay in a bad job with low opportunities that you don't love, simply because you're trying to unlock a little bit of unvested match. If there's a good chance you could go make

• 15:29Speaker 04

  more money and have a better outcome at a different place.

• 15:33Brian Preston?

  I think, Bo, what you just covered is kind of the macro, the big picture of when you're comparing opportunities and whether you stay or go. But then I want to kind of zoom in on the, the micro parts of this as well is because within the year, you also have opportunities. I don't mind bringing it back to my own journey. You know, I knew after my, my father passed away in December of 2000, and I just knew I had to change my life up. And, um, and I took the entire 2020, I mean, I took the entire 2001 to save. And I knew that I was going to leave at some point. And I ended up leaving in February 2002. And the reason I put my notice in in February 2002 was, and these are

• 16:15Brian Preston?

  the micro things I want you to think about when you're on this journey as well, is that I knew I got a year in bonus that was approximately at least 10% of my pay.

• 16:24Speaker 04

  Significant.

• 16:25Brian Preston?

  So I was like, well, gosh, I'm not going to, you know, leave in the fourth quarter when if I just stayed three more months, I could get a 10% windfall that's going to come in and definitely probably help me out as I go on this new, new journey. The other thing I knew is if I stayed until the end of the year, that I qualified for, you know, because I'd, I'd for sure have a thousand hours of work time in the plan. So I'd qualify, and there was, and I can't remember if there was a last day provision or not, but it, this, by staying through the year end, I may, I perfected to ensure that I didn't fall prey to any last day provisions or anything. And I got another year of vesting and I got another year of profit sharing from my old employer. Those two things

• 17:06Brian Preston?

  were worth a lot. So even if you have decided, hey, this new opportunity is going to be better for me in the long term, don't sleep on the fact that you need to do some real quick math on that maybe now let's fine tune the timing of even leaving in the next few months because it might behoove you in benefit to, to wait four, five months if you can pick up 20, 25% just by closing out the year strong. I mean, and, and look, here's the last advice that's not financially mine, you know, part of it. I knew also, I got, when I left my first job, I did not want to leave in the middle of tax season when I was in public accounting. I didn't want to leave my employer in a lurch. So I didn't leave that job. I put in my notice. I mean, it was at the end of April.

• 17:49Brian Preston?

  I've made sure I finished tax season, then put in my notice to go work at the new company. I did the same thing with my second employer is I made sure that there was, that I landed the timing. Now, look, in looking back, did my employers treat me better because I didn't treat them, you know, leave them in a bad situation? I can't say that, that for sure I got treated, but I slept better at night, knowing that I treated somebody the way I would want to be treated. And I don't think that's ever hurt or, or caused me trouble to treat others like I'd want to be treated, that golden rule. So kind of end well, because you never know where you go across paths. I think as you get older and more successful, you realize the world's a much smaller place as you cross paths with people.

• 18:29Speaker 04

  No value in burning bridges.

• 18:31Brian Preston?

  Well, yeah. And like I've, I've also had the privilege of, and it has nothing to do with this question, but I reconnected with my former boss at the first accounting firm 20 years after I'd left. And it was kind of, it was nice, you know? And I think I couldn't have done that as well. Because you'll get to, if you're successful, you get more sentimental. I will tell you, it happens. I mean, as I was the tight of tight, but now I'm in this sentimental life and, you know, especially with this book coming out today and so forth, the new version, is that I have, I've looked back and gone, the relationships and doing things well for the sake of relationships is very powerful in the long term.

• 19:08Speaker 05

  Great question, Cosmic Penguin. Thanks for being here. Next question is from Andy Rue doing the foo. Hi, Money Guy team. On the latest Making a Millionaire episode, you advised to pause investing for three years. We're in a similar situation, mid 30s, 550 invested, I'm guessing 550K. How do you know when it's okay to pause versus a tighter budget?

• 19:37Speaker 04

  So for those of you that aren't familiar, one thing you ought to do right now, make sure you subscribe. Subscribe right now to the channel. So we know you're out there because every other Monday, we have an episode, a show come out called Making a Millionaire. And on this particular episode of Making a Millionaire, if it's one that I'm remembering, I think the husband was-

• 19:54Brian Preston?

  He was an accountant that got into being an electrician.

• 19:57Speaker 04

  He was, yeah, he was working through an apprenticeship. And where they were going to be over the next three years, life was going to be pretty tight. They, but they, they had done a lot of really good work, building up to a very healthy financial foundation as they entered into and prepared for this apprenticeship. And so we said, hey, you kind of know that once you get through the apprenticeship, once you get this role, your income is going to scale up substantially. You're going to be in a different financial situation, different financial circumstance. And so right now, while you're trying to get through this like little career, career transition, you're probably not going to be able to save at the same clip that you were, or if you did, you're going to be sacrificing things that you

• 20:37Speaker 04

  might not want to be sacrificing for where your family is today. So we said, hey, it's okay if you pause for the next couple of years. And we just kind of modeled out, okay, here's what that looks like. If you pause, you work through, you get your income up, and then you get back to saving. The way that we were able to do that, one of the tools we used, we used our Know Your Number tool. If you go out to moneyguy.com/resources, it's a free tool. It was a basically, okay, if this is the goal, if this is the finish line we need to get to, and this is where we are today, if we save at this clip, will we be able to get there? And for them, they had done so much hard work. Early on, it afforded them the opportunity to take off those three years. Now,

• 21:19Speaker 04

  a lot of people don't find themselves in that situation. A lot of people didn't do the hard work early, early on. They don't have a financial foundation built up. And so the advice to them would be very, very different. No, no, no. You gotta start saving. You gotta start putting it away. You gotta get serious. But Andy, for you guys, you're in your mid 30s with $550,000 saved up. I don't know how much your income is. I don't know what your goal you're moving towards is, but I would argue that sounds like you're gonna be pretty far ahead of the curve at your age, I would guess.

• 21:48Brian Preston?

  So in 1492, Christopher Columbus crossed the Ocean Blue. What were the, what was the boats? Do you remember the boats?

• 21:56Speaker 04

  The Nina, the Pinta, the Santa Marina.

• 21:58Brian Preston?

  So I want everybody in our audience, if you're making big decisions like this, I figured you're so smart. I love showing off that big brain. But it's, um, is I think you have to envision yourself on this journey, like Christopher Columbus crossing the Ocean Blue of 1492 is meaning that you have to look at, yes, you have an opportunity cost right now that you're foregoing, but you have to be thinking about if you're about to go on an ocean with a lot of uncertainty, if you're taking on water, what the heck are you doing? And yes, there's an opportunity cost. And look, I know this because I've lived it. I've even detailed it, ties in perfectly. There's a whole section on the $10,000 of Roth IRA contributions that I didn't get to do when I was starting

• 22:40Brian Preston?

  companies and other things. And it still irks me, but I ultimately think it's the right decision because I needed to make sure that I made, had survived the crossing of the ocean journey, more so than could I speed it up, or could I take some opportunity costs and do it this way? I was more concerned about the survival of the entity than I was just maximizing every opportunity. And for these situations, if you are worried that, hey, yes, I can go maximize like a financial mutant, but there's a, you know, greater than average chance that I might blow this whole thing up because I cut it too close to the bone on, on, on the risk that I'm taking with this new endeavor, then I'll tell you, focus on the fundamentals. Do you have

• 23:24Brian Preston?

  great cash reserves that is going to give you the best chance of surviving this long journey? Cause that's what, as I shared with my own experience, I knew it was going to take me three years to probably start my company to where I could get my, take my closest six-figure income. If in the first year, went down to $17,000 and get build it back over, over those three years. I needed to have enough resources to survive that cold winter. And that's what was the most important thing. It wasn't Roth IRAs. It wasn't all this other stuff. It was making sure we survived. And that's what I would encourage Andy Ruh, is that if you're in that type of situation, um, I, I think you have to focus on the fundamentals.

• 24:08Speaker 04

  So we're getting a little bit of, so Andy has a $230,000 household income. Just think about our rules of thumb. We want you to have one time your annual salary built up by the time that you were 30, three times your annual salary by the time that you're 40. So it's 230.

• 24:24Speaker 04

  By 35, you should be at two times your annual salary. So 230 times two, 460. It seems like you're ahead of the curve. So you might be in the situation where, yeah, it's okay if you pause for a moment, for whatever reason that may be. Uh, but, but, but not indefinitely. You gotta make sure you get back on the savings train, even if you take that pause right now.

• 24:45Brian Preston?

  Yeah. And that's a great way to close out because I do feel, feel like there's a clock in that you don't see it in the background, but you should, should feel the pressure to get back onto the financial order of operations as fast as possible. Love it.

• 24:57Speaker 05

  Andy Ruh, thanks for the question. Hopefully that gives you some foo for thought.

• 25:01Brian Preston?

  Well done on the, on the ship, though. You, you were just a jack, you're a Renaissance man.

• 25:06Speaker 04

  Honestly, I don't, it was just there.

• 25:07Speaker 05

  Everybody knows that.

• 25:09Speaker 04

  Why is Rebi crapping all over me? That's impressive, but she can't even let me have it.

• 25:13Brian Preston?

  I know. You know what happened. Our content meeting was a little unhinged this morning, and I think you were paying the price is because guys, we were within 15 minutes of coming live and we had not even, because we record a show after this live stream. And I think Rebi had just had enough. She was one step from turning the table on us.

• 25:33Speaker 05

  Anyway, that's not true.

• 25:35Brian Preston?

  You know, we love you still though, Rebi. It's okay.

• 25:37Speaker 05

  I have to give you a hard time.

• 25:38Brian Preston?

  Even though they should disappointed in us.

• 25:39Speaker 05

  And I really do. I want to know, if you're watching live, please put in the chat, is that, is the Nina, the Pinta and the Santa Maria common knowledge? Is that like a normal thing to remember from school?

• 25:51Speaker 04

  I thought it was.

• 25:52Brian Preston?

  Also, I feel like I need to, because I just, I thanked Matt. I should thank you. I mean, no, if y'all don't know, Rebi, this is probably, I imagine you go home tonight and be like, whoo, we did it. This is, you know, seven, eight months in the making. Finally, we can close this thing.

• 26:09Speaker 05

  It does always feel good to like launch a thing.

• 26:10Brian Preston?

  Cause Rebi is the head cat herder and a lot of the weight of the, the marketing and push on this book falls on her shoulder. And that's why, look, I don't know if y'all can see it because it's pretty fancy. Right across the top here, it says, New York Times bestseller. Y'all realize how unusual it is to get New York Times bestseller on your first book? I don't think it's supposed to happen. Rebi did that. You did that.

• 26:33Speaker 05

  That's very kind. Team effort. It was a good book. So all the pieces were there.

• 26:38Speaker 04

  Look, if we're gonna dote on Rebi, can I throw one out there too? Since we're just gonna give her this like love fest.

• 26:42Speaker 05

  I just gave you a hard time. Now I feel bad.

• 26:44Brian Preston?

  Just because we're, you can't go anywhere.

• 26:46Speaker 04

  Now, look, don't, do not, don't click off of this live stream. Save this for after. But one of the things that we are so excited about is yesterday.

• 26:54Brian Preston?

  Oh, yeah.

• 26:55Speaker 04

  We launched a brand new website for aboundwealth.com. Brand new website.

• 26:59Brian Preston?

  If you want to lose 35 minutes of your life, go check out our new website. When it, when's it out though?

• 27:05Speaker 04

  It launched yesterday.

• 27:06Speaker 05

  Yeah, it's out.

• 27:07Brian Preston?

  So anybody can go to aboundwealth.com. I find myself scrolling over the photos of everybody and looking at every, and then the unusual facts. Like I came in this morning and I feel so guilty because I should know all this stuff because we work like as a family every day. And I was like, Justin, I didn't know that you're the oldest of seven. I had no idea. I mean, that's stat. But then the other thing, look, I don't mind. So y'all can go, because this will drive you guys to go check it out. I want you to go to the team and I want you to look at my profile and then go look at Beau. And I want y'all to know, I'm going to get in trouble because mine has a picture of me and my family at a theme park. And I know my wife is gonna be like, why did you submit a sweaty picture of us at a theme park? Meanwhile, you go to Beau's and you go see the most curated,

• 27:52Brian Preston?

  beautiful family that you're going to be like, whoa, that is a really good looking family right there. And I want y'all to know, I'm down just for the engagement. I'm willing for you guys to go compare and contrast the difference between me and Beau and how we're running this thing.

• 28:07Speaker 04

  So go to aboundwealth.com, check out the new website. Rebi was the one who like oversaw the entire build of that website. Go check out the team page. It's super fun. It's interactive. Tons of great stuff out there. If you had not had a chance, aboundwealth.com. If you want to see just another thing that Rebi's wonderful at.

• 28:24Speaker 05

  That's very kind of you.

• 28:25Brian Preston?

  And go see the photo before my wife makes me change it.

• 28:28Speaker 05

  We, yeah, I was like, we could change that. All right.

• 28:32Brian Preston?

  No, the other one I gave him was a selfie.

• 28:36Brian Preston?

  Yeah. I mean, it's like a picture of me with the family with a selfie. And I think I just failed the assignment. Meanwhile, I see you. If Olin Mills was still in business, Beau would be like the spokesperson with his photo.

• 28:48Speaker 05

  All right. We're going to move on to some questions and then we've got some, uh, from the wings, recent headlines coming up too. So let's go to Lonzo's question first. It says, hey, Money Guy team, what do you all think of phone carrier device plans? Should financial mutants only be paying cash for new phones and devices or paying them monthly over 36 months is okay? What do you think?

• 29:12Brian Preston?

  Now, look, Lonzo, I have to remind everybody, we have a no hypocrite policy around here. So I'm going to try to answer this as honestly as possible because they came out, what are we up to now? The 18 on the iPhone?

• 29:24Speaker 04

  Oh, who knows?

• 29:25Speaker 05

  Yes.

• 29:25Speaker 04

  I don't know.

• 29:25Brian Preston?

  We're on the 18 just came out.

• 29:27Speaker 04

  There was some point there that started using letters instead of numbers.

• 29:29Brian Preston?

  Whenever these things, you know, look, I'm an Apple guy. You, how could you not be the guy who started doing podcasts in 2006 and not be somewhat of an Apple person? Cause it's probably lost in history, but podcasting really wouldn't exist without Apple. I mean, cause I'll tell you, the iPod created this entire thing that kind of launched this and many other things. So I get excited every year around September when Apple does its new release. And I went and I was like, okay, I'm gonna upgrade my phone because I have a 16 currently. And then Lonzo, I kid you not, I went and I was, I was like, I better make sure that I'm not under some obligation. And I logged into my account and I was like, son of a gun. So I guess when I got my 16, I took advantage of the upgrade that they charge where they basically just spread

• 30:13Brian Preston?

  out your payments. And they did it over, I can't remember if it was 30 months or 36 months. So I couldn't upgrade because I was still under it. Now I guess I could pay it off. But so Lonzo.

• 30:23Speaker 00

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• 30:53Speaker 01

  Your sausage McMuffin with egg didn't change, your receipt did. The sausage McMuffin with egg extra value meal includes a hash brown and a small coffee for just $5, only at McDonald's for a limited time.

• 31:05Speaker 02

  Price and participation may vary. Promotion pricing may be lower than meal pricing.

• 31:08Brian Preston?

  Ideally, pay cash. I don't want you doing consumption decisions that you can't truly afford. But I don't mind sharing that I went in and my phone carrier was like, hey, we'll give you this and then give you a credit. And I was like, okay, I'm a financial mutant. I'm going to minimize this. And I know what they do. They're basically creating golden handcuffs so I don't go and switch over to another carrier. Because they're, they're spreading this out over 30 months and then giving me a subsidy to kind of essentially pay for it. I don't think that's the worst thing. I mean, what do you think?

• 31:37Speaker 04

  Yeah, and you and I, I love the perspective because you and I are on different carriers. You're with a carrier that's more towards the front of the alphabet. I'm with a carrier that's more towards the back of the alphabet.

• 31:46Speaker 05

  Not sponsored.

• 31:46Brian Preston?

  What a creative way to share that.

• 31:48Speaker 04

  Not gonna say who it is. But I went in and I say, I wanted to pay cash for my phone the last time I upgraded. And I wanted to pay cash for it, but for some reason I couldn't. They wouldn't even let me. Or maybe if they did, it was actually going to cost more because there was some sort of, hey, if you replace it, we're gonna, you get this discount, but then you spread it over 36 months. But there was no finance charge for it. It was not more expensive to spread. I think it was actually less expensive to spread. For some reason, I had to do it. Like, and I was like, I don't finance anything. I don't want to borrow money for this. But it was part of the system they had in place. And it's exactly what you said, it's golden handcuffs. And so it is one of the things, if you're, if you're with one of the big carriers, like both you and I are, you're kind of stuck sometimes playing their game.

• 32:32Speaker 04

  If that's the way you're going to upgrade and if you're going to try to, you know, get a good deal on your, you know, because we've got family plans, we've got people on them and stuff. Now, there are other providers out there.

• 32:41Speaker 05

  I was gonna say, well, I, I agree with you. If there's no like finance charge and if sometimes it's cheaper, there's some deal, like.

• 32:48Speaker 04

  You gotta do it.

• 32:49Speaker 05

  Do it, whatever. But I have a financial mutant phone plan that's towards the end of the alphabet, not sponsored, and I bought my phone in cash because of it. And I prefer that. So I'm just gonna say that.

• 32:59Brian Preston?

  I have another person in my household that did get an 18. And I was, theirs was free and clear. I just paid cash for theirs because also Apple has some unique things when you buy directly at the Apple Store.

• 33:12Speaker 04

  Oh, as opposed to buying with a carrier?

• 33:14Speaker 05

  Yeah, I just went to the Apple Store and bought mine.

• 33:16Brian Preston?

  Because they also let you do the trade in and so forth. So there are some benefits. I like that. It's just, it's kind of like most things financially, measure twice, cut once. And personal finance is personal. So in the fact that we gave you kind of the breadcrumbs to go live, you know, figure out how to maximize this opportunity. And I will tell you, Reba and I have had many discussions because she's with one of the streamlined carriers.

• 33:36Speaker 05

  I almost got you to switch.

• 33:37Brian Preston?

  Because look, Bo and I are both with those, what I would consider old school premium carriers that, you know, everybody has.

• 33:44Speaker 04

  Yep.

• 33:44Brian Preston?

  Reba's with kind of a re-envisioned, but they're still using the backbone and maybe even owned by one of the big boys.

• 33:52Speaker 05

  My phone carrier should sponsor us.

• 33:53Brian Preston?

  Yeah, they should.

• 33:54Speaker 05

  It's a great financial mutant thing.

• 33:55Brian Preston?

  The price difference between what Bo and I pay versus, you know, what you pay is substantial. It's material and definitely a pretty good cost savings every month.

• 34:03Speaker 05

  Anyway, so there's a lot of ways to do that. I do think that's one spot where like, there are some weird financing things that kind of makes sense in some cases. That's my financial mutant answer. But interesting question, Lonzo, kind of different for us. Thanks for asking it. All right, we are going to do one more question and then get to our From the Wings segment. Jay Chap asks, does your first year's salary rule for student loans change for career changers? I just finished a finance degree in my 30s with 45K in loans. With fewer working years ahead, how should I approach it?

• 34:39Speaker 04

  No, no, I don't, I don't think it changes at all, especially in this case. You made this decision, hey, I'm gonna change careers and so I'm gonna go back to school and it's gonna cost me $45,000 in my mid 30s to go get this degree. I would hope that if you had to accumulate $45,000 in debt to get that degree, that the starting salary you would have out of the gate with that degree would be significantly more than $45,000. Because you have to ask the question, why did I go pursue this thing? Why did I go make this career shift? Because you are right, your timeline is now constricted. For a 22-year-old coming out, you know, they have to take a year, two, three, five, 10 years to pay off their student loans and then begin saving that money.

• 35:22Speaker 04

  You, at your mid 30s, you don't have that same timeline. So we want you to pay that off likely even faster. And if you follow our student loan financing rules, the interest rates that are acceptable at those ages are lower than what's acceptable at the 20s because of the risk premium that you get on invested dollars. So I would argue, I don't think that that changes. I think that it likely matters even more for folks who are doing it later in life.

• 35:48Brian Preston?

  Yeah, I mean, look, education has become a, it's got to go through a multi-pronged analysis, you know? Historically, education is just noble. I mean, to give somebody the opportunity to be, to become the best version of themselves, to earn more, it really is, as I say often, it's holding the ladder of opportunity for somebody to crawl out. So I, I think education in itself is very noble. Hence why we have one of the largest personal finance education platforms on the internet. However, there's another prong that you have to overcome to make it justified anymore. And that's because education's gotten so expensive, you have to think about the return on investment or how easy you're going to be able to repay the costs associated with education.

• 36:31Brian Preston?

  Because I feel like in a lot of ways, we've hijacked the goodwill that education naturally has in society to where now it's become disconnected from the value you're actually receiving from the degree. So you have to pay attention to not only what are you taking the student loan on, but where are you going to do the education? What are you going to major in? And all these things intersect with, am I going to be able to pay this off? Because I don't want to have this weight that is literally pulling me down. And it turns out to be, something so noble turns out to be the worst decision you've ever made financially. So that's why, yes, without a doubt, Jay Chap, I want you to make sure that you can pay that student loan off, even if you're a career changer, because I want you to be even more purposeful.

• 37:12Brian Preston?

  Because I gotta think somebody in their 30s, you might even have more obligations, so you need even more payback quicker because you're not in your early 20s anymore, coming out and hitting the ground running. You, you've got to pay back very quickly so that you can get back to living your best life.

• 37:27Speaker 04

  Can I just give a real quick aside? Is that okay?

• 37:29Speaker 05

  You may.

• 37:30Speaker 04

  I, I want to do this quickly. Be careful when it comes to advanced degrees, masters and that sort of thing, that you actually understand why you're doing it. I feel like a lot of people, specifically my age and my generation, will default to it. Oh, I'm gonna go get my MBA. Oh, well, why? Well, I think it's gonna make me look better and it's gonna increase my pay. Okay, what makes you think it's gonna increase your pay? If you're in a job where the thing that matters is your ability to sell or how much experience you have or the customers you work, going to get that advanced degree might not actually impact your pay and salary at all. So make sure if you're gonna go pursue it, that there's a justifiable reason behind it, not just in your mind, oh, well, I don't know what to do, it's just the next best thing. That might not be the thing that actually increases. I think, I think far too many people use it as a default to fall back on.

• 38:13Speaker 04

  And when you start going on the why questions, they're like, ah, you know, I guess I hadn't really thought about it.

• 38:17Brian Preston?

  Well, I, I get nervous. I have some, some friends and neighbors that I feel like when their kids didn't have success with the first degree, they just go back to school for another degree. And that's what, begin with the end in mind. I mean, you have to look at it, education is very noble, but you better be choosing, thinking very, very, you know, with vision for the future on any decision, whether, meaning where you go, but also the major you choose. I mean, look, that's the reason, you know, we had on Making a Millionaire, the guest that because he got accounting because he knew he would have a job. I chose accounting because that's why, my biggest goal when I was in college, besides having a good time while I was there, was to make sure that I had to move back in with the parents after I graduate.

• 38:58Brian Preston?

  So I looked around and like my original finance degree, I was like, holy cow, I'm gonna have to go sell something to people. And I don't have, I don't know anybody with money. This major is not going to work for me. So I looked around and I was like, man, everybody graduates with an accounting degree has a job when they graduate. I was like, but man, that, that looks kind of boring and hard. You know, I'm not gonna be able to go out as much, but you know what? I was like, yeah, but I want a job. What's the why? Why are we even here in school? So I switched over to accounting and it's turned out to be the best decision that I could do. It's the language of business.

• 39:32Speaker 05

  It is now time for our From the Wings segment where I'm going to read some current headlines in the financial world and Bro and Brian are going to tell us if this is-

• 39:41Speaker 04

  He said Bro.

• 39:42Speaker 05

  I almost did say Bro.

• 39:43Speaker 04

  He said Bro.

• 39:44Speaker 05

  I was trying to move past it.

• 39:45Speaker 04

  You're a Chad Bro.

• 39:46Speaker 05

  Bro, Bro and Brian.

• 39:48Brian Preston?

  Bo's a Chad Bro.

• 39:49Speaker 05

  They're going to say, is it thumbs up news or thumbs down noise? So with that, here's the first headline. What are they going to say? Stock market today, Dow plunges 1,800 points. NASDAQ enters correction in AI trade meltdown. That's from Yahoo Finance. We've got, ooh, ooh, okay, some disagreement off the bat. Brian says news, Bo says noise.

• 40:15Speaker 04

  Go first, tell them why you're wrong.

• 40:18Brian Preston?

  Well, look, I think it's, I think it's news in the fact that, because it's a great teaching exercise on how you have to be careful letting, because look, there's a lot going on right now, because we just had an election. And I will tell you, the first thing you gotta do is take your emotions and realize, yes, elections have consequences, but a lot of times economically, there's a strong lead time before change is happening and there's boundaries to what can change and so forth. But I think it's a great educational opportunity for people to see that because there are some things that need to work out. I mean, because, look, we've had the announcement about, you know, Nvidia, some extracurricular activities that might be a national security risk.

• 41:00Brian Preston?

  That's concerning because, you know, the poster child for what's driving, especially here in the United States, is that we have a technology edge. So that's concerning in one aspect. The other is, is what's the policies? A lot of these, you know, one of the parties has said they're anti-data centers and AI. It's gonna take a second just to kind of process what that means. Now, I'm, I'm long-term thinking is that a lot of people on the campaign will say one thing, but then when you see the actual execution of what the policy will be, they'll realize, especially when they start talking to the security experts and others, is that, hey, America probably needs to still be on the cutting edge of this and it'll be much ado about nothing.

• 41:41Brian Preston?

  So that's why I say it's a great educational opportunity to become better with how the intersection of politics and money doesn't necessarily have to be what the news media would have you think.

• 41:52Speaker 04

  Market goes up, market goes down. Some days it's up, some days it's down. Over the long term, more often than not, it moves up and to the right. I don't care if it's down 1,800 points today, I don't care if it's up 1,800 points today, I am someone who's gonna always be buying. The more I pay attention to like the daily cyclical stuff, the more likely I am to become emotional and get really, really frightened or really, really excited to get overexuberant or get overly fearful. So I close my eyes, hold my nose and always be buying and let the market do what it does over the long term.

• 42:23Brian Preston?

  That's Dr. Bo Seuss right there. See that? Hop on Pop. Hop on Bo.

• 42:30Speaker 04

  Hop on Bo.

• 42:33Speaker 05

  All right.

• 42:35Speaker 05

  Next headline from Realtor.com. Hmm, housing market feels the chill as buyers pull back, but sellers are not panicking yet.

• 42:51Speaker 05

  You both say this is news. Let's go. I have noticed houses in my neighborhood, they're sitting, man. They're for sale a long time.

• 42:58Speaker 04

  I just think that homeownership is so hard for so many people. They're trying to get on that side of the equation. Anything that happens in housing right now, if I'm a younger person or a, maybe not even younger, maybe I'm just someone who's trying to get on the homeownership, homeownership train, I want to understand what's going on there. So if there are less buyers involved, perhaps that means that it's going to be more of a buyer's market that I get to kind of go find, there's, you know, I could get to be a little bit more selective, maybe there's a little bit even price reprieve on what sellers are willing to accept. I just think that we've had a really hard problem of people being able to buy houses over the last couple of years. I'm excited to see that improve some.

• 43:35Brian Preston?

  Yeah, look, this is one of those opportunities right now where buyers, I mean, this is what we've all been kind of waiting for. It's like, hey, you have high interest rates where this huge appreciation where houses went up over 50% like a three-year period. That's not sustainable. Trees don't grow to heaven. So, you know, what does, what's the ramifications over the long term? Well, we're starting to see it in the fact that the buyers have said, we've had enough, we're not doing it. Now, where the sellers are is they're anchored. You know, it's one of those things where you see, and look, I don't mind sharing all facets of this, is that they're anchored in that they saw on Zillow or Redfin what their house supposedly is worth. And now they also are, a lot of them have interest rates that are less than 4%.

• 44:17Brian Preston?

  So that they're there, but I'm telling you, if I'm a buyer in this marketplace, you gotta be proactive. You need to put on your hunter cap, you know, I don't, I don't know if you're Elmer Fudd or what, but you know, we're hunting for bunny rabbits. But you, you've got to, you gotta be proactive in the fact that I think you go out there and you start sorting by how long houses have been on the market. See if they check your boxes and you go in there and you can go, you know, you don't have to get in a hurry, go out there and choose your shot and then, you know, offer a price that's well below what they're asking and see how anchored they really are. Cause there's still gonna be, look, there's gonna be divorces, there's gonna be people getting relocated, there's gonna be all kinds of things where you can go out there and find

• 44:58Brian Preston?

  that needle in the haystack and probably get a little better valuation than what we've seen in the last three to four years.

• 45:08Speaker 05

  Okay, this next one hurts. Car payments just hit a record 787 per month and one in four new car buyers is now signing a seven-year loan. You say this is news, why?

• 45:23Brian Preston?

  I mean, look, this is why, one of the biggest things I fixed in the updated version of Millionaire Mission is car buying. I've always said it's napalm for your personal finances because we have an entire industry that is set up that when you graduate college, think about the first thing they do is that they immediately offer you like a brand new graduate discount. You know, there's a whole system out there trying to get you in debt, trying to impress people that just don't matter in your life and cars is the first thing. Literally, it is costing young people seven-figure future decisions because of the bad decision. And the fact that we keep, you can afford every, anything you want, just $200 at a

• 46:05Brian Preston?

  time with a seven-year loan, an absolute disaster.

• 46:09Speaker 04

  Here's why I think it's news. The more people that are making this awful decision, the more normal it looks. So if I'm a person out there that's young, or maybe I'm not young, a middle-aged, or maybe not middle-aged, I'm old, I see all of my peers and counterparts beginning to buy these cars and thinking, oh, well, that must be what I need to do. And it begins to look normal and the Joneses become very, very appealing, when in reality the Joneses are likely broke. Do you realize if you're spending $787 per month on a car payment, that's more than the Roth IRA contribution limits? Like you, you could be maxing out a Roth with those dollars and not stretching that over seven years. Most Americans drive cars for less than five years and yet you have a loan that's gonna last you longer than the average duration that most Americans drive a car? I think it's news because you need to take a look and recognize it.

• 46:54Speaker 04

  Just because I see my neighbors showing up with new cars, just because I see my friends, just because at the family reunion, I see that fancy new car pull up, that may not be what I need to be doing with my finances because they are making bad decisions that are not leading to long-term wealth building. I think it's awful. One in four signing, that's, how many people got in this room right now? One, two, three, four, five, six, seven, eight, nine, 10, 11, 12, 13, 15 people in here. One in four is gonna have a seven-year car loan? That's insane.

• 47:24Brian Preston?

  Well, here's something, because I just took that $787 a month, put a future value of a million dollars and I said, well, how many years in the future would it take to where that's, that's a million dollars? And it came up to be right, 20, it was a little over 24 and a half years. So just say, round it up to 25 years. That means anybody under 40 years of age, if we think about a normal retirement at 65, if you've fallen into the trap of buying one of these cars and you're under 40, you literally are costing yourself a million dollars.

• 47:53Speaker 04

  That's right. Yep.

• 47:55Brian Preston?

  Because that's people, it's not like, by the way, the other stat that's not even put on there is the amount of negative equity that is going into these loans. So when people say, hey, but that's not true because this is only one car they're doing, people do this over and over and over again. So it literally is costing them seven figures.

• 48:12Speaker 04

  It's frustrating.

• 48:14Speaker 05

  The fourth and final headline for today. Escaped piglets detained for fleeing and squealing in South Carolina. No ham was done, the department said. And I believe we have a video-

• 48:26Speaker 04

  What?

• 48:26Speaker 05

  -show you just what we mean.

• 48:30Brian Preston?

  I don't watch enough TV.

• 48:35Brian Preston?

  Y'all thought we had.

• 48:36Speaker 05

  This is my nightmare team. There it is.

• 48:39Brian Preston?

  No, we don't have the audio because we don't have our earpieces in, but that's okay.

• 48:42Speaker 04

  So.

• 48:43Speaker 05

  I don't think you need it, honestly.

• 48:44Speaker 04

  Pigs fleeing and squealing in South Carolina. Oh, that's, that's just, that's just little pig getting chased.

• 48:52Brian Preston?

  Oh, wow. That is Tom Cruise on it.

• 48:55Speaker 04

  Holy.

• 48:55Brian Preston?

  They got Tom Cruise on this thing.

• 48:57Speaker 05

  For those of you listening, there is a just fully decked out police officer just booking it after this little piglet.

• 49:03Speaker 04

  Look, at this age, we don't, we don't run that speed no more.

• 49:06Brian Preston?

  Oh, no. These things called hamstrings.

• 49:08Speaker 05

  Like, he was going hamstrings.

• 49:10Speaker 04

  I gotta stretch for three and a half, hamstring.

• 49:12Speaker 05

  Thank you. The team got it. The team got it.

• 49:14Brian Preston?

  Oh, I didn't even do that. Holy cow. This is why my brain is so much smarter than I am. I mean, did you see what I just did? Hamstrings?

• 49:21Speaker 04

  I know. Yeah, I saw it, didn't.

• 49:22Brian Preston?

  Did that through instinct.

• 49:23Speaker 04

  That's wild.

• 49:24Speaker 05

  Oh, man.

• 49:28Speaker 04

  Yeah, I don't know. I like it.

• 49:29Speaker 05

  Brian said it was noise and Bo said it was noise.

• 49:32Speaker 04

  Generally speaking, noise is something I don't like and I wish I did not, was not involved. Like when my kids are being noisy, I wish that they would stop being noisy. I don't, I'm not sad about that clip. I got, that was valuable for me.

• 49:42Speaker 05

  It was fun. I like seeing that police officer book it after a little piglet.

• 49:45Brian Preston?

  So was that like a wild boar?

• 49:47Speaker 05

  No, it was a little piglet.

• 49:48Brian Preston?

  Pig that was escaped from somebody.

• 49:49Speaker 05

  It was escaped. It was an escaped piglet.

• 49:52Brian Preston?

  Yeah, but you, you know, one of the things I remember reading a book, a childhood book where there was these like domesticated pigs that escaped and then they turned into wild boars with horns. Does anybody remember what that childhood book was?

• 50:02Speaker 04

  Where the wild things are?

• 50:03Speaker 05

  Oh, what?

• 50:04Brian Preston?

  I don't know.

• 50:05Speaker 05

  This sounds like a scary book.

• 50:06Brian Preston?

  Y'all are the ones with kids.

• 50:08Speaker 05

  I don't have that book in my house.

• 50:11Brian Preston?

  Well, a domesticated pig will turn into a wild boar.

• 50:15Speaker 04

  I read Babe when I was a kid. You know about the.

• 50:18Speaker 05

  I saw Babe when I was a kid.

• 50:19Speaker 04

  Spider and stuff? Charlotte's Web.

• 50:22Brian Preston?

  By the way, fact check that. I don't know if what I said is true. Is it true that a domesticated pig will turn into a wild boar in the future or in a few generations? If you leave them out in the woods?

• 50:33Speaker 04

  That's like a Bobby Boucher-ism. That's like a lot of, a lot of croc, a lot of alligators.

• 50:36Speaker 05

  The animal is what the animal is.

• 50:38Brian Preston?

  Something in my childhood that makes me think that's true.

• 50:40Speaker 05

  That's fascinating. All right. Well, this has been From the Wings. We've covered a lot of ground.

• 50:44Brian Preston?

  Maybe I should stick to what I know. That Bo is nothing about piglets in Millionaire Mission. Don't worry.

• 50:50Speaker 05

  Missed opportunity.

• 50:51Speaker 04

  All you learn in there is how to bring home the bacon.

• 50:53Speaker 05

  Maybe in the revised, revised, updated, updated version. Just kidding. Just kidding. We're not doing that. Okay.

• 50:58Brian Preston?

  I'm still impressed with my hamstrings that I did off. I was literally thinking about when we played church softball.

• 51:03Speaker 04

  I know.

• 51:03Brian Preston?

  And I took off running for the first time to second base and that hamstring grabbed me. And I was like, I didn't realize this is gonna be a great punchline though.

• 51:11Speaker 05

  All right, let's get back to what you know with a couple more questions. Next one is from Klein Bricks. Is it okay to not max out retirement when planning to retire in 15 years at 45?

• 51:24Speaker 04

  I mean, you're 30.

• 51:25Speaker 05

  I already have enough saved for retirement, 300K Roth. I am building up my bridge account right now at 150K plus 100K in HSA.

• 51:38Speaker 04

  Hold on. So you're 30 and you've got 300,000 in Roth and another 150 in a taxable account and another 100,000 in HSA?

• 51:49Speaker 05

  That's what it appears. Please, Klein Bricks, if you need to clarify, please do in the chat.

• 51:55Speaker 04

  So you're a 30-year-old with $550,000 of investment assets?

• 52:03Speaker 04

  Go to moneyguy.com/becomeacline. I mean, that's, you're literally in a fantastic situation. Can, is it okay to not max out retirement? It's too difficult to answer that question. We don't know what you're, because right now it seems for 30-year-olds to have that much money, you seem well ahead of the curve. But if we find out that you spend $80,000 a month, well, maybe you're a little bit behind the curve. Maybe you don't have enough saved up. If your retirement goal is to spend $4,000 a month, you're probably gonna be okay. So we need to understand what the actual finish line begins looking like before we can assess whether it's time for you to back down. Uh, I do think you are thinking about it right. If you're gonna retire at 45, you need some sort of bridge to get you from 45 to 59 and a half to be able to actually use those dollars.

• 52:47Speaker 04

  Uh, but man, that's 30 at 550.

• 52:51Brian Preston?

  Hey, look, I don't mind sharing because, look, it's okay to plug my book a bunch because it's coming out today, the brand new edition of it. But I do share in there that my wife and I were what I, very much hyper accumulators back when we were in our twenties and thirties. And sometimes every now and then there'd be a kind of a nudge from, from, from my spouse going, hey, um, why are we doing this? And I was like, look, if you will stick with me on this mission that we're on until we get to our 40s, in our 40s, we'll be able to take our foot off the accelerator and pull back. Um, so Klein, I don't mind if that's what you're doing, but I do tie into what Bo says is that you don't actually make the determination of actually pulling back until you've actually reached that success point.

• 53:34Speaker 04

  That's right.

• 53:35Brian Preston?

  And I think it's perfectly fine to keep it as a motivator for yourself is to say, I'm going to do this until I'm 45 and then I'm gonna take a quick measurement of where I'm at at that point. As long as, now, look, there's a fine line between mutant and miser. I don't want you at 30 years of age to make sure you're still creating awesome memories that you don't look back at your twenties and your thirties and go, what the heck was I doing? Cause your 40 and 50-year-old version might not be able to do all the things you can do in your twenties and thirties. So don't have regrets. But I'm perfectly fine using it as a motivator because then the rest of the story is when I got in my 40s, um, I mean, we technically looked at it, but my income had done some pretty incredible things at that point that we just still kept from a tax standpoint, maximizing what we could.

• 54:19Brian Preston?

  But then we also reevaluated what are the things we're, are doing or not doing in our life to feel like we're thoroughly enjoying the, the, the fruit of what we've created in, in this abundant life. And that's, that's why I give you permission to do this from a multifaceted way. Make sure you're maximizing the memories, the why. But also go out there and live your best life on building up these assets because having extra money when you get older, just what it does is it allows you to buy your time that much sooner. And it's so valuable. I think most people are not in that premium luxury situation where they get to do that.

• 54:56Speaker 05

  Next question is from HypeMan2797.

• 54:59Brian Preston?

  This is, is that Bo? Is that your secret thing? Cause you're definitely the best hype man out there.

• 55:02Speaker 04

  That's my burner.

• 55:04Speaker 05

  Hey, Money Guy team. Great making a millionaire episode yesterday. I really resonated with finding what is important. How do I make this more fun with my wife who says every talk about money makes her anxious? Thanks.

• 55:17Brian Preston?

  Bo, you ought to start off because I've kind of copied, I've benchmarked what you do. What do, what do you do after you do your annual net worth?

• 55:24Speaker 04

  Well, here's, I'm gonna say that, but one thing in your question, just your wording is so fantastic and it's why wives are just so valuable. My, my wife is so valuable in my life for me. If I was have, if I was doing a thing and the result that came from her was anxiety, the very first thing that I would reassess is, okay, well, am I causing this? Am I, like, in your mind, it's like every time we talk about money, my wife says it makes her anxious. I wonder if, if I were a fly in the wall and I watched how you were talking about money, does the, do the conversations go like this? Um, hey sweetheart, I'm trying to figure out where we're gonna save. Are we gonna do a Roth IRA or da, da, da, da?

• 56:06Speaker 04

  Or is it, hey, I saw that you spent $42 at Target this week and you had just spent $80 there last week. What? Is that what's creating the anxiety? Cause I would first figure out that. Why does the financial stuff make her anxious? And perhaps is there some way that you're communicating in that that's caused that to happen? Now, once you've addressed that and figured out how you've stayed inside your hula hoop to figure out what you can change, the way that I get my wife excited, because she is not, look, she's probably listening to the show. She watches all of our shows.

• 56:33Brian Preston?

  No, she doesn't.

• 56:35Speaker 04

  She doesn't care about the money stuff. She's not like, that's not her, like, it's not, she doesn't get as passionate about it as I do. So I try to make it real and say, okay, well, what are we doing with this money? What are we using the money for? Well, so that we can create experiences for our kids, we can travel, so we do all these things. So when we do our annual net worth statement, every year I take a day off work, we skip work, we go do our net worth statement. I do that, hey, what happens if I die? Here's where everything is. Uh, do you remember Brian's number? Call him first and then we do all of our planning. Okay, now with these resources we have, what do we want to do this year? What do we want to do to the kids? What do we want to do with other couples? What do we want to do just me and you? And we actually build a list of the whys behind what the money allows us to do.

• 57:16Speaker 04

  When I put it in those terms, now she begins connecting. Okay, now we're gonna make the decision to save this money or to not spend this or to not buy this or to not replace this so that we can do these other things. I find that that helps frame the why behind those conversations.

• 57:32Brian Preston?

  You know, when I see the word anxious or anxiety, I think if there's some fear of something in the future. So I'd, I'd love for you to, to, to have a really good conversation with your spouse on what is it financially that's creating this anxiety? And is this, because anxiety is one of those things, if you leave it and neglect it, it doesn't get better. I actually confessed her and turned into even worse things and it manifests in weird, weird ways. Like, you know, maybe you quit sleeping well or your, your relationship with food changes. There's all kind of just weird things that happens with anxiety. So for a healthier side of the relationship, I'd love for you to start having better conversations with asking your wife, why does it make her anxious?

• 58:11Brian Preston?

  Now, very well could be you might be creating, you know, look, I even have this term called forced scarcity where I was doing this in some ways on purpose. Where I was squeezing, though we weren't broke, it felt like we were broke because I was squeezing where the automatic savings, the automatic, you know, paying this bill was going on, you know, all these different places. That to my, probably to my wife, it did feel like, hey, man, we're broke. You know, I thought we were doing better, but we're feeling, so if that's the case, y'all address that. You know, feel like you, you know, figure out if you're doing things from a healthy standpoint, because remember that final line between financial mutant and financial miser? I don't want you falling into the, the miser territory. And then once you talk through what's causing the anxiety,

• 58:52Brian Preston?

  now let's start addressing how this wonderful tool of money, because it's nothing more than a tool, can be used to make your life even better. It can actually be an amplifier. You know, that's the thing. A lot of people think that you hear the saying, money can't buy happiness. But I'll tell you what it can do. It can amplify things that you love doing, you know, it's because like if you love going to live music, you know what having money can do? It allows you to go buy better seats at the concerts. If you like traveling and maybe going on cruise ships, now you can buy yourself into better experiences on those cruise ships. So have to find out what the why is that makes your wife happy about it and push that button as much as you can

• 59:30Brian Preston?

  so that y'all can use and live your best life and feel like it's a celebrated life that not only are you, is the tool of money being used with purpose, but it's also letting y'all live in, in a way that y'all look back and have zero regrets.

• 59:43Speaker 04

  Love that.

• 59:44Speaker 05

  Love that. Remember to go to moneyguy.com/millionairemission to get your copy. It's now out, the revised, updated version of Millionaire Mission, now on paperback. Very proud of Brian, very glad today is launch day. Thank you for all the support and the pre-orders. It's been awesome to see the momentum and that you guys actually care about this mission that we have too, of getting just smart financial ideas out to everybody who will listen to them, whether that's on the podcast, YouTube, book. We're going to keep it coming.

• 1:00:14Brian Preston?

  Yeah, and I thank you guys for buying the book. I mean, and I would encourage you, if you're just trying to figure out a way to, to kind of help us, because, look, the book has done incredibly well. But I still have dreams that I'd love for this book to eventually hit the zeitgeist, because it's not uncommon that books come out and then they, they catch momentum, you know, a year, two years. So, because something could happen, this, this book gets in the right hands. So, if you just want to advocate for what the Money Guy mission is, because we really do believe anyone can be good with money, you guys get it. You watch and you download, you know, you watch either the YouTube or podcast, or you listen to the podcast on your car ride in. This is just the next way

• 1:00:55Brian Preston?

  for you to help us get this mission out there to even more people. And, and that means a lot to us, because we are not, look, we are a big podcast, we're a big YouTube channel, but we're still just a small company. In the grand scheme of what's pushing this in the background, it's you guys out there. So, I'm, I'm so much about empowering you to help us go to the next level, because our mission is still to make sure more and more people understand the good news, that you have control and opportunity to live your best life, to build your great, big, beautiful tomorrow. I'm your host, Brian, joined by Mr. Bo, Money Guy team, out.

• 1:01:34Speaker 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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