America’s #1 Wealth Killer (That No One Talks About)

Money Guy Show

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

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

4.6 • 2.8K Ratings

🗓️ 14 March 2025

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our number one wealth killer? Not cars. Not inflation. Not even credit cards. Our number one wealth killer is the lack of financial education. Our 5 Truths to Financial Education: Others don't need to lose for you to win (based on the previous 25 years). Your small decisions have a big impact ($250/month can become almost 7 figures). You don't have to make ALL of the right decisions (with a great quote from Mr. Buffett). What you value doesn't always feel good in the moment (4 questions to ask yourself). You need time to learn (just like your money needs time to grow). 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

Transcript

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0:00.0	America's number one wealth killer.
0:03.0	But here's the thing.
0:04.0	This is the one nobody's talking about.
0:10.0	Brian, I am so excited to talk about this because I think this is our bread and butter.
0:16.0	This is our sweet spot.
0:18.0	When we talk about the number one wealth killer in America, we feel like
0:23.0	we very much sit in the void to help people not fall prey to this. Because we talk about
0:29.1	it all the time. There are tons of things out there that people ascribe to killing wealth. One
0:34.3	of them, cars, automobiles. They depreciate like a rock. Another one,
0:38.6	inflation, a huge wealth killer. Oh, we've always heard. You know, one million dollars in 40 years
0:43.3	won't be anything. What about this one? Divorce, they say, is the number one wealth killer in
0:48.3	America. Measure twice, cut once. I'm making sure you have the right partner. How about this one? Fear, we've even covered this in the past.
0:55.5	Why would I want to invest?
0:56.8	That market's going to crash.
0:57.8	I don't want to get in that.
1:00.0	Or maybe it's credit cards.
1:01.8	Maybe it's debt is the number one. Well, hey, I'll just pay for it later.
1:03.3	I don't have money right now, so why not have a bridge full of debt? debt. And so, and it's true that all of these things can, all of these things can be devastating
1:13.5	and they can lead to killing wealth. But we think they all form out of one systemic issue
1:20.5	that exists. And we believe, in our view, that the number one wealth killer in America is actually
1:26.5	a lack of financial education.
1:30.1	Yeah, look, this one really hit me hard because I think about even my own journey when I first
	...

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