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Money Guy Show

Are You Richer Than Your Friends? (This Data Might Surprise You!)

Money Guy Show

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

Education, Investing, Business

4.73.1K Ratings

🗓️ 30 August 2023

⏱️ 27 minutes

🧾️ Download transcript

Summary

How much money do Americans actually make? You’ll be surprised to find out how much your neighbors make every year and what income percentile you fall into. 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

On today's Q&A Conversation Starter, are you richer than your friends?

0:11.4

I am excited to talk about this one because I hope what we're able to do is set the record straight

0:18.2

because I think out there in popular society, the perception of what is going on in your

0:25.7

neighbors and your friends and your colleagues is maybe different than what the actual reality is.

0:31.1

Well, I like how, because are you richer than your friends? I think that when I think about

0:35.6

community of the people you hang out with, and I've shared this, this is where Old Man on the

0:41.2

Front porch moment is that when I was younger coming from humble beginnings, I didn't realize how

0:48.2

humble we were until I went to college because everybody around me in my hometown was kind of

0:52.8

in the same financial situation. All my peers were. We all worked jobs. When I heard people

0:59.1

bragging about half-baths and stuff, I was like, Dad's got a sink down the basement that he scrubs

1:03.4

the gojo off of his hands. We're just as good as the half-bath people, but it wasn't until

1:09.6

I got to college that I realized the disparity between the haves and the have-nots to a degree.

1:16.0

With social media, I feel like perceptions are being distorted because instead of just comparing

1:22.1

ourselves to our neighbors, to our friends, and our peer group, we've gone beyond now to all the

1:27.9

influences of what's going on with social media, and it's distorting how we process and see the

1:35.4

world. Yeah, I think it's interesting. Our brains are filling in gaps with incorrect bridges to

1:41.2

things that don't exactly exist. We see these things on social media, and we see this perception

1:47.1

that people put out there. Well, then we begin building a construct of something that in our opinion

1:52.7

is completely detached from reality. There's been some really interesting numbers and studies that

1:57.4

have come out to back this up recently. Yeah, so let's jump right into. I'd love to kind of show

2:03.0

this is what we're going to pull up is there was a survey conducted by the Bureau of Labor Statistics,

2:09.6

you gov, where they came up with and they asked people, how much do you perceive people make

...

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