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Money Guy Show

3 Reasons Why Americans Are Still Broke!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 21 February 2020

⏱️ 43 minutes

🧾️ Download transcript

Summary

With the financial tools accessible to Americans today, we believe anyone can build wealth and set himself up for a better life. Even so, 60% of people don't have the savings to pay for an unexpected emergency. Why are Americans so broke?

There are 3 major pitfalls in understanding and behavior that keep people from tapping into the amazing financial opportunity we have access to everyday. Let's break down all 3 and talk about how to turn the tide or avoid these situations altogether on your journey to financial freedom!

For more information, visit: https://www.moneyguy.com/2020/02/3-reasons-why-americans-are-still-broke/

Transcript

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0:00.0

Three reasons why Americans are still broke.

0:04.1

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:11.2

investing, taxing.

0:13.1

You've got financial questions, he's got financial answers.

0:16.7

It's Brian Preston, the money guy.

0:19.4

Run, you know, this show, it sounds like it's going to be negative, but this is actually

0:23.0

going to be a positive uplifting show.

0:24.8

The truth of the matter is, is that we know in our current state of our country, there

0:30.3

are a lot of folks that just don't make wise financial decisions and do not find themselves

0:35.6

in the healthiest financial circumstance.

0:38.1

In our opinion, it's a little bit their fault most often.

0:42.0

Yeah, I mean, we have a huge problem where I think the average American is trying to keep

0:45.8

up with the Joneses.

0:47.2

We have an issue where we're looking around instead of being happy with what we have.

0:51.8

We're trying to look at our neighbors and what we, all the statistics show is our neighbors

0:57.6

are broke.

0:58.6

And here's what makes me so sad about this whole thing.

1:01.7

You have everything in the world going for you.

1:04.4

We are in a globalized economy, meaning that the world is getting smaller and smaller.

1:10.2

Innovation is actually speeding up.

1:12.6

There is no reason that we all shouldn't be benefiting from these great things economically,

1:19.3

but we can't get out from underneath our own just consumption.

...

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