These Financial Experts Got It WRONG!

Investopedia recently published a report stating they expect the average annual return over the next decade to shrink. It sure sounds a lot like what Vanguard said at the end of 2021. But were they right? 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.

• 0:06Brian Preston?

  Weathermen and investment experts, they get it wrong. So now what?

• 0:12Speaker 01

  Brian, I am so excited about this because we live in a financial world where they're constantly telling us there are things to be nervous about, things to be scared of, things that should be worrying us. And I love that we get to be the voice of reason that helps you separate the fact from fiction and understand what true things exist out there that ought to influence your investing behavior.

• 0:34Brian Preston?

  So I do like I do every week. I'm the vortex of wasted time.

• 0:40Speaker 01

  Right.

• 0:40Brian Preston?

  And I walk around the office and steal everybody's productivity, talking to them. And I walked by the content space and Nick said, hey, Brian, what would you say? Did you hear what Goldman Sachs just came out and said? They said that the stock market's basically going to underperform for the coming next decade. And I was like, oh, come on, are they pulling those type of things?

• 0:59Speaker 01

  Yep.

• 1:00Brian Preston?

  Again, because if it's not Goldman Sachs, it's Vanguard.

• 1:04Speaker 01

  Yep.

• 1:04Brian Preston?

  And I think Vanguard's last prediction was like, expect 3.8% every year for the next, that's what's going to annualize. And I'm like, these guys, I can't believe they can come out with, but I get it because they get a lot of headlines, they get a lot of attention, a lot of eyeballs, a lot of fear. And I'll even talk about the business aspect a little bit later, but let's jump into why, what's going on here?

• 1:25Speaker 01

  Well, this is what Goldman said. They said, wave goodbye to the stock market's historic run. And they are dropping their estimates over the next decade from 13% returns down to 4% returns. And you already alluded to it, Goldman Sachs is not the only one that's doing this. Back in 2021, and we could go even further back than 2021, but Vanguard in their 2021 report that said that we expect over the next decade, US equities are going to perform somewhere between 2.3 to 4.3% annualized, right? Well, enough time has passed now that we can actually fact check this. We can go see, okay, was Vanguard right? What has it looked like since they came out with this hypothesis? Since they came out with this prediction? And this is what we saw in the year immediately following.

• 2:10Speaker 01

  2021, you know, we came into 2022 and the S and P 500 got hammered through that first year in the full year of 2022, market actually lost 18%. So I gotta believe Vanguard's thinking, holy cow, we crushed this, right? We called this. But that's only part of the story. We know that since then, since 2022, as we came through 2023 and now into 2024, the market over that entire time period is actually up 30%. So so far, over those few years, the annualized rate of return has been nine and a half percent since Vanguard came out and said, hey, we think you can have somewhere between two to 4% rate of return. It just seems like maybe they didn't

• 2:54Speaker 01

  get it right. Unless over the next five or six years, we see rates of return somewhere around like 2% that would draw the average down to that 4%.

• 3:02Brian Preston?

  Well, and remember, if you're just in case you're not the visual person, this was a loss of 18%, but then it's it's not like it from the bottom of that 18% it made close to 30%. It actually has made 30% from where it started. So I mean, it's actually even bigger from from that 2022 downturn. And I think that, you know, when I was talking to the team about this, a lot of what I think they're doing is career sided. It's minded towards the career of, think about, if you under promise and then over deliver, how many people get mad at you? No. And also, I think that, and I made the joke when I was doing the intro, it seems like weather folks as well as investment professionals, they have to give us projections. I'm not sure why they have

• 3:47Brian Preston?

  to give us projections, but they do it every year. And it's always so conservative because it's exactly all those career things I was talking about is if they under promise you or give you a low expectation, they're covered either way. Market goes down like it did in 2022, like, see, we told you, things are going to be volatile. You need to but stay the course if you're going to because now it's going to recover and then they'll give you some projection on that side. If they, you know, and then even if they're wrong and we had a 30% rate of return right after they come up with this projection. Nobody gets upset.

• 4:21Speaker 01

  That's right.

• 4:22Brian Preston?

  For overperformance. So guys, I always tell people, when in doubt, zoom out. But Bo, there are definitely some teachable things. What have we learned from just looking at the last 20 years?

• 4:33Speaker 01

  Yeah, it's really interesting. We think about this Vanguard study that came out in 2021, or this Vanguard prediction. And we say, oh, well, that's, that's so near term. That's so recent. This is a small sample size. But if we do indeed zoom out and look at stock market returns over the last 20 years, it's pretty fascinating. So for those of you that are listening to this, I'm going to describe how this chart is laid out. But for those of you can see it, it's visually, it's stunning. You can look, going all the way back to 2004 and say, okay, if I were to have started investing in this year, and I invested for X number of years, that's what the Y axis shows, what would my annualized rate of return have been? So you can see that if you would have begun investing in 2004, and you would have invested over the next 20 years,

• 5:18Speaker 01

  your annualized rate of return would have been 10%. If you would have started investing in 2007, right before the great recession came in, but you would have invested over the next 10 years, over the next decade, your annualized rate of return would have been 7%. What you can see is even though the market goes up and the market goes down, and every decade, we have about two downturns or so. If you can be a long-term disciplined investor, more often than not, the markets are going up. You always describe it, Brian, as, what is it, somebody with a yo-yo, right?

• 5:51Brian Preston?

  It's a yo-yo, yeah. So if you're walking up a hill with a yo-yo, yes, in the short term, there's going to be ups and downs as you think about that yo-yo bobbing up and down. But as you're walking to higher and higher ground, you're making money.

• 6:04Speaker 01

  That's right.

• 6:05Brian Preston?

  Because that's, the reality is, is that it's good to be an investor because you own assets. You're owning, especially if you're an index investor, you're buying into this ever-expanding technology revolution that we're all enjoying at the moment. So guys, you know, there's a lot of things we talk about. The key takeaways is, don't listen to the noise. You know, don't let, the fear mongering is always going to be going on, the sooner you tune that out and develop that thick skin on your behavior and not getting distracted, the better you're going to be.

• 6:37Speaker 01

  Unfortunately, there's nothing going on right now that's causing people to be nervous. And there's nothing super interesting taking place that might introduce volatility or uncertainty. So it's good that you don't have to deal with this right now.

• 6:47Brian Preston?

  So, and what I've done in my life is to protect myself from the behavioral stuff. Because remember, we always want to make the good habits as easy as possible and the bad habits as hard. And one of the first things you can do is always be buying. If you just set up an automated wealth building strategy where your dollar cost averaging every month, taking out the emotions, you're going to be successful. And then to close it out, we'd be crazy if we didn't tell you, we've created a better way to do money. The financial order of operations really is going to help you cut the corner off of all the mistakes that you see all of your peers doing. There is, this is the way. If you can follow the nine step process and if you want to fast track it, I even tell you, go read Millionaire Mission.

• 7:31Brian Preston?

  I think you'll get ahead of the curve and really know how to cut out all this noise and distraction.

• 7:35Speaker 01

  Hey, another thing that you can do, just to help make sure that you stay the course and can help you on your journey, is make sure you subscribe to the channel right now. We love that we get to put this content out to hopefully help you do money better and make wiser decisions, even when the world around you might be trying to suggest that you shouldn't. I don't know about you, Brian, I'm still an excited investor. Over the next five years, 10 years, 15 years, 20 years, I'm going to have my money working for me. And I think as a patient, disciplined, well diversified investor, I'm likely going to be rewarded for that.

• 8:06Brian Preston?

  Yeah, I mean, it's not going to be a shock to you. Even though my life has changed so much from the young 20 something that got into this world of wonderful world of finance, and my goals have changed, I still am kind of energized for the future. I mean, it is, I have not been disappointed, even though I've been through more and more of the crazy things that make financial investing unique. And you look at these periods like the Great Recession or the dot com bubble and even 2022, even the pandemic, I mean, all these things, there's always going to be chaos in the world. And even coming through election cycles and things like that. But I just tell you, if you always be buying, just keep driving through the process, you're going to be okay.

• 8:48Speaker 01

  I love it. We love that we get to curate this content. We love that we can put it together for you, but we also love that we can answer your questions. We can speak to the things that you are most curious about and you want us to weigh in on. So right now, we have the team out in the wings collecting your questions. So if you want us to answer one of your questions, make sure you get it in the chat right now. And with that, Creative Director Rebe, I'm going to throw it over to you.

• 9:13Speaker 02

  Yes, yes. Keep the questions coming in the chat. I do have a great one to kick us off from Aaron. He says, "My wife got promoted twice and has access to a deferred compensation plan. We are going to skip it and keep using our brokerage account. Do you agree? We are barely under 40 in Foo Step 7." What do you think?

• 9:35Speaker 01

  Well, in true financial advisor fashion, our answer is going to be, it depends. We can't give you specific advice on whether you should or should not take advantage of it, but what I can tell you is what a deferred compensation plan is and how it works. So a lot of companies, and it's traditionally large companies, they'll have some sort of retirement benefit in place to say, "Hey, instead of you getting your compensation today, instead of you receiving all of your compensation today, you can opt to defer some of that compensation into the future. And instead of us paying it to you out this year, we'll pay it to you at some future year, or maybe we're going to spread it out over some number of years." And so, most plans will allow you to defer a percentage of your salary or a percentage of your bonus, and then you can choose when you want to receive it.

• 10:20Speaker 01

  So I don't want to get paid that money today. I'd rather get paid that money when I retire, and I want to get paid that money spread evenly over five years. That's a way that a lot of plans often work. And so, it's a fantastic planning tool for folks that are looking for more tax-deferred savings opportunities, because when you put the money into a deferred comp plan, you don't have to pay income tax on it. You will pay income tax when you go to draw that money out. So it's a wonderful opportunity to be able to push that money into The future and it's also a great opportunity to be able to build a self-funded pension. Maybe you know that you make enough income right now to be able to provide for your current living expenses, but you want to build some sort of a bridge to get you from the time you retire

• 11:04Speaker 01

  until you begin drawing social security or from the time that you leave the workforce until RMD start or whatever the case may be. This is a great tool that higher income individuals can use to begin to build that bridge. But there are some things you need to know about when it comes to deferred comp because it's not always just a no-brainer for sure. I'm going to sign up and do this.

• 11:25Brian Preston?

  Yeah, I wrote three quick things. You know, as Bo says, this is definitely part of the personal finance part. It's the personal component, but I want to give you some things to think about. So you actually leave watching this highlight or this question and feel like you know some homework steps you can do to apply this in your own financial life. First, how familiar are you with where you are in the tax rates? Are you in, this is something, you shouldn't even sniff around this until you're really into that step seven of the financial order of operation and you're saving well beyond 25% of your gross income. This is not entry level. You're not doing this instead of a Roth IRA. You're not doing this before you fund the maxing out the annual 401k at work. This is definitely higher level, step seven

• 12:08Brian Preston?

  of the financial order of operations. You need to be very familiar with where you are with your marginal tax rates. Take both your federal, take your state tax rates and are you in those higher tax brackets and are you in a higher tax state where you're like, man, wouldn't it be nice if I could create my own arbitrage situation where while I'm in this huge tax income situation because of all my earned income and your wife's good work and promotions, and you say, I bet when we retire, all of a sudden, we're going to fall into a much lower tax rate situation because we just won't have all this earned income coming in. Why not play off of that arbitrage? And that's what deferred comp allows you to do is you can essentially push some of this high, this income that where it's coming in in surplus, push it out to a

• 12:51Brian Preston?

  future time where you're hopefully going to be in a lower tax situation. Now here's the catch. What's the caveat here? What's the fine print? You've got to know how strong the company is because realize part of deferred comp is, is you are saying, "I am owed this money. I have earned this money. This is money that I'm entitled to, but so that I can not pay income taxes, I'm going to let the company keep these, this income that I'm entitled to and it's going to sit on their balance sheet as an obligation to me." The risk with that is, is if they got in trouble and filed bankruptcy, you would be a creditor. You know, you had money that was sure is going to come into your bank account that now is questionable because your company has gotten into financial trouble.

• 13:36Brian Preston?

  And we've seen even big household names can very quickly fall into financial trouble. And you're like, "Wow, that's sad. I thought that company was bulletproof." And then you find out, "No, they have a lot of struggles. They have a lot of problems with keeping up with innovation and other things." So ask yourself, "How strong is this company?" Because you are, you're basically turning money that should be in the bank into a promise from the company. So if they're not on good financial standing, you could have problems. The other thing, and Bo alluded to this, what's your retirement bridge? You know, a lot of people will, will enter retirement, say in their early 50s, especially if you're in the technology field or something like that. Well, you're, you're too young to get access to your 401K. You're too young, which is, you know, 55 if you're still working.

• 14:21Speaker 01

  That's right.

• 14:22Brian Preston?

  It's 59 and a half on your IRAs and you're like, "Well, I need some type of money coming in to kind of bridge that period of time." As I said, part of step seven of the financial order of operations, nothing wrong with looking at deferred comp as being part of that bridge program to give you kind of like, it's a little cash flow pension for a period of time where this money's going to come in. It's kind of a cool process. And I even have clients, because a lot of times I've had clients that say, "I don't know when I want to retire. I'm having too much fun right now." This does let you essentially in five-year increments, kick it down, kick it out, meaning that if you worked five years for this company and you're like, "Does that mean the money's going to just start showing?" No, it lets you kick it to the end,

• 15:03Brian Preston?

  to the next. So it does give you flexibility in the planning to keep building your bridge.

• 15:08Speaker 01

  Love it.

• 15:09Speaker 02

  Fantastic.

• 15:10Brian Preston?

  Oh, man, I thought you were gonna add some more to it.

• 15:12Speaker 01

  I was gonna, I was going to. I thought about it, but these plans are fairly complicated. They're not all structured the same. Companies get some ability and flexibility. Like, we've seen it before, like with the whole Kick It thing. Yeah, okay, you can defer, but if you're gonna defer, what you cannot do is you cannot receive distributions any time sooner than five years from when you originally said you were gonna receive distribution. So, a lot of times, when you participate in a deferred comp plan, you need to have a really good plan in place because some of the elections that you make on the day that you defer are gonna have a long tail in terms of how they impact you. So, this is one of those areas where if you are facing a deferred comp and trying to make that decision of, "Does it make sense and how do I structure it well?" This is one of those times where it might really make sense to take the relationship to the next level.

• 15:57Speaker 01

  Because we've seen it before. Folks who got so excited about deferred comp, like, "Oh, I'm gonna do it, I'm gonna do it, I'm gonna do it, I'm gonna do it." And they just defaulted to lump sum at retirement distribution. But what ended up happening was, is in the year that they retired, they got like large, seven-figure payouts, got crushed in taxes, all because they weren't thinking about the distribution strategy. They were just thinking about saving taxes in the years that they were deferring. So, they are complicated and they are nuanced. So, if you're trying to navigate that, we would love to potentially be the team to help you figure out, "How do I work through making the deferred comp elections well?"

• 16:33Brian Preston?

  See, I'm glad I nudged you. Because that was great advice and that's what puts the personal in personal finance and actually adds value. This is where I tell you, you don't have to look for the need for a financial advisor. If you do this long enough, your life will get complicated and you'll say, "Yeah, I can see how I probably need to go talk to somebody who's done this before."

• 16:52Speaker 01

  Yep.

• 16:52Speaker 02

  Yeah. If you want to talk to someone who's done this before, make sure to go to moneyguy.com and click on Become a Client. You can just learn more about it and just check it out there if you're ever interested.

• 17:02Speaker 01

  Reeves, since you got to hear both of the four minutes, was the second one as good as the first one?

• 17:07Brian Preston?

  Everything going okay over there? Because when I see the technical people pointing at things on the screen, I'm like, after the earlier start here, I'm like, "Oh, lordy."

• 17:15Speaker 01

  Because people are trying to figure out what happened. The chat wants to know, "What was the technical issue?"

• 17:20Brian Preston?

  Uh-oh.

• 17:21Speaker 01

  I don't.

• 17:22Brian Preston?

  Be honest?

• 17:22Speaker 02

  I mean, I think...

• 17:25Speaker 02

  Okay, somebody, I won't say who, is gonna fall on the sword. It was just like a connection YouTube thing. That's the best way I can say it.

• 17:36Speaker 01

  A connection YouTube-y thing, that's what I heard. I was just curious, was the second four minutes as good as the first four minutes?

• 17:41Speaker 02

  I think so.

• 17:42Brian Preston?

  I don't think the timer got reset completely, did it?

• 17:49Brian Preston?

  Okay, okay.

• 17:50Speaker 01

  Awesome, cool.

• 17:51Speaker 02

  Great, wanna do some more questions?

• 17:54Brian Preston?

  Of course.

• 17:56Speaker 02

  It looks like I took you off guard there.

• 17:58Brian Preston?

  I didn't know if I needed to be ready to do number three, hit it a third time. Ta-da-ta.

• 18:01Speaker 02

  No, y'all feeling great.

• 18:03Brian Preston?

  Weatherman and financial people.

• 18:05Speaker 01

  I do get, I do get so annoyed at people that like, have these like negative forecasted projections. Like why, like why, why project that, I mean, I know why, but like, oh, you're only gonna make 4%.

• 18:16Brian Preston?

  But think about it, if you came out with a projection like this, and then all of a sudden, Yahoo Finance, Investopedia, CNBC, and all them are running headlines with your brand, and they're bringing on your analysts to talk about it, you're like, man, that worked. You know, cuz it gave the media what they wanted, which was kind of a negative, you know, leaning, you know, connotation thing, and then it got our brand out there, like, yeah, let's do more of that. Yeah, I mean, I see how, this is, I remember when I hired a publicist for the book, you remember this too, Rebi, the question was, what's your, and I'm gonna say this wrong, so you clean me up, what's your counter, what makes you kinda counter the norm? Or what's going to stick out?

• 19:01Speaker 02

  A little bit countercultural, maybe was the word, or just like, yeah, a little bit contrarian.

• 19:06Brian Preston?

  They want you to, I think anybody in the media wants you, and that's the problem I have with it all, is that I'm like, no, I don't wanna come up with an edge, just so it's more marketable. I wanna actually just tell people how I think money works, and I think that's hurt us. But I'm willing to be honest, and say, this is why we don't, we don't scream at people, we don't do things, we don't say, this is going to kill you versus this isn't.

• 19:30Speaker 01

  You think if we did that, we'd, the counter be 5 million?

• 19:33Brian Preston?

  Oh no, I think without a doubt, we are giving up something by just being transparent and honest.

• 19:39Speaker 01

  You know what?

• 19:40Speaker 02

  I like that you're that way.

• 19:40Brian Preston?

  I really, I really do believe that, I mean, I think, believe me, we could do some things that would sizzle this thing up, and it'd probably accelerate the process.

• 19:50Speaker 01

  I'm drunk.

• 19:53Brian Preston?

  Oh, you're talking about the stash? Goodness gracious.

• 19:57Speaker 02

  All right.

• 19:57Brian Preston?

  I will tell y'all, I've quit reading book reviews, Millionaire Mission reviews, only to go to YouTube and type in mustache on the comments to read the mustache comments.

• 20:08Speaker 02

  Just to see what the people are saying about Bo's facial hair.

• 20:10Brian Preston?

  And I told Bo, he disagrees with me. I said at 70/30 that they don't think you can grow facial hair either.

• 20:13Speaker 01

  Solid 50/50, Matt. Solid. This is my social media guy.

• 20:16Speaker 02

  I think the poll in the livestream was pretty 50/50, if you recall. If that's any indication.

• 20:22Brian Preston?

  Why are you supporting him on this thing?

• 20:24Speaker 02

  I'm not. Hey, you put me on the spot last week and I was like, mm-mm.

• 20:27Brian Preston?

  Because you have a conflict of interest because your husband has facial hair.

• 20:30Speaker 02

  No, I said live on the air that I thought Bo should shave it off last week.

• 20:34Brian Preston?

  Maybe you don't have a conflict.

• 20:37Speaker 02

  And then I felt a little bad, but here we are. Okay, we do have some good questions coming up.

• 20:41Speaker 01

  Oh, yeah, questions.

• 20:42Speaker 02

  Keep trying to bring us back, but we do have a good one from Melissa here.

• 20:45Speaker 01

  What's it gonna be like when she's gone?

• 20:48Speaker 01

  I'm sorry, from Melissa?

• 20:49Speaker 02

  Yes. She says, "We're 46 and 41 years old and married, currently working on step four of the financial order of operations. Our current mortgage is 7.62% and we plan on refinancing. Should we worry more about investing or paying off the house once we finish step four?"

• 21:13Speaker 01

  We're planning on refinancing. I want to know more about this planning on refinancing because that just adds in like a unique variable. So, but even, let's assume that refinancing is not something that they're even thinking about. Even at 7.62, one of the questions I have, Melissa, is at 46 and 41, if you're on step four, does that mean that you're like on the beginning phase of your financial journey and you've been working through the financial order of operations and you're just now getting to step four, meaning you haven't like really been building up or saving or investing for the future thus far outside of just doing your employer match? If that's the case, I would argue at 46 and 41, you're still young, right? Like you still have time on your side, but it's different than someone who's in their 20s and 30s.

• 21:56Speaker 01

  You likely have to make up some ground if... If you have not been saving, if you've not been building up a pot of assets that one day can hopefully, hopefully provide for you and build and, and create a financial independent living for you. So if that's your story, in my opinion, I think you've really got to be focused on how can I save and invest and grow and save and invest and grow and save and invest and grow, because there are likely going to be opportunities for you if interest rates continue to fall. You're at 7.6 right now. What was the stat you said this morning?

• 22:29Brian Preston?

  Yeah, I read, I read, and that's why I wouldn't take refinancing off the table is because I read an article last week that we actually for a brief period of time, now you, you know how all markets are, they bob up and down a little bit. So you get some variability in it, but we went below 6% for, for a week or two on mortgage rates. So if you think about, you know, your 7.62, the potential that you could drop it below 6 with a refinance, this is why I don't, I don't like people thinking that paying off your mortgage is a step three item. It's not because I mean, we've had more periods where yes, rates are not going back to two and a half percent, but I also think they're

• 23:11Brian Preston?

  going below 6%, you know, very easily. And you're at some point, Melissa, you're going to need an army of dollars. So you don't have to work so much with your back, your brain and your hands. So we've got to get the Ross built up. We've got to get the 401ks built up because that is your army of dollars. I don't want you getting to retirement age and not having any investment assets. You can be debt free, but you can't, you can't eat the house. I mean, it's, it's just one of those things. It doesn't pay the bills. So we have to get the army of dollar bills. So that's why for me, I think that when you go from step four, you know, which is emergency reserves, you're going to go immediately into step five, you'll get the health savings account, the triple tax advantage, you're going to look at the, the Roth IRA. Then step six is going to be looking at maxing out

• 23:55Brian Preston?

  the retirement. And in the middle of all this, you are, if, if you pay attention and rates have dropped, and we've got a show coming out on how to deal with debt. They'll be coming out in the next month because I was reviewing some show notes this morning. And this is one of the things we cover and we even have a refinance tool out there on the website right now, that I would encourage people. It is out there right now, right?

• 24:17Speaker 02

  Absolutely.

• 24:18Brian Preston?

  Moneyguy.com/resources. I just see, when I see Megan talking, when I, as soon as I'm like, oh gosh, I've got a front rundle and I didn't, I didn't mean to.

• 24:26Speaker 01

  We have to put a shade right there where he can't see her.

• 24:29Brian Preston?

  But it is one of those things, I want you to go out there and use the tools we've put for you, but you need to have dual functions going on, is how do you get the mortgage paid down with a better rate and then also make sure you're building assets in the background?

• 24:42Speaker 01

  But I'll play the other side of the coin. So that was one option, that you had not started building your assets. Let's say perhaps this is something different. Maybe you have been doing all the stuff that you're supposed to be doing, you have been billing up an army of dollar bills, and you have a pretty healthy asset base underneath you, but something happened. You had some sort of emergency and you had to dip into step four to go do that, and now you're rebuilding step four. Well, if that's the case, and you're at age 46, you are at that unique stage where if you have been doing all the stuff that you're supposed to be doing, and your assets are built to a level to where you're on the trajectory to be able to reach financial independence, I think what you have to then define is, what is my number? What is the thing that I'm working towards? And have the steps that I've

• 25:26Speaker 01

  been taking thus far moving me in a path to that end goal, to that finish line? If that's the case, and you've done the financial order of operations, and once you finish step four, you're going to be able to just zoom right through step five, step six, and get into step seven, then yeah, if one of your goals is being debt-free, and you want to prioritize paying off that mortgage as you get into step eight and get into step nine, there's nothing wrong with that. But you have to make sure that your financial foundation is solid enough that it makes sense for you to do that. And that's going to depend very much on what you've been doing thus far in your financial journey.

• 26:04Speaker 03

  The Money Guy Show is hosted by Brian Preston. 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 and does not constitute financial, tax, investment, or legal advice.