Are You Driving Your Wealth Into The Ground?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 4 November 2024
⏱️ 27 minutes
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Transcript
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| 0:00.0 | Are you driving your wealth off a cliff? |
| 0:10.0 | Brian, I am so excited to talk about this because I feel like so many Americans fall into this trap where they are literally not recognizing the devastation they are doing to their overall financial |
| 0:22.6 | life. |
| 0:23.6 | And I love that we get to speak into that. |
| 0:25.0 | I love so much that we can answer questions that you care about. |
| 0:29.6 | And so right now in the live stream, we have our team in the wings collecting your questions. |
| 0:34.7 | So if you want to get our take on your financial matters, we would |
| 0:38.8 | encourage you get it in the chat right now. So with that, creative director, Revy, I'm going |
| 0:43.5 | to throw it over to you. Yep, we've got a question on that very thing from Joe. It says, |
| 0:47.6 | My friend is underwater on their BMW. They always seem to be servicing it and can't afford to maintain it anymore, but it's |
| 0:56.1 | valued at 43K and his loan is 58K. What do you think about when deciding how to handle an underwater |
| 1:06.9 | car loan? Yeah. Well, okay, so here's the first thing I want to say. |
| 1:11.6 | I have a little bit of compassion here because I think a lot of folks, especially if you |
| 1:16.6 | did not, if you were not like raised in a household that talked about money or you never |
| 1:22.6 | learned like the right way to go about buying an automobile. I feel like so many people, especially |
| 1:28.6 | early on in their financial journeys, find themselves in a place where they are underwater |
| 1:33.7 | on a vehicle, Brian. I think I've told you I've got a dear friend. Didn't know any better. Financed |
| 1:38.2 | a car for five years. Got into car wreck. Was not his fault. Insurance company told him the car. When he got the insurance |
| 1:46.0 | check, it was less than what he owed on the car. He was underwater on it and had no idea. He said, |
| 1:51.5 | Bo, I didn't know this was a thing. How'd this happen? But I don't know if that's the, Joe's |
| 1:58.0 | friend, I don't know if it is in that situation because he's driving |
| 2:01.9 | a luxury car. |
... |
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