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Money Guy Show

Dumb Financial Decisions Americans Make [Do You?]

Money Guy Show

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

Education, Business, Investing

4.73.1K Ratings

🗓️ 2 September 2022

⏱️ 31 minutes

🧾️ Download transcript

Summary

Throughout our years of doing the show, we’ve seen more than our share of financial mistakes. Some are more common than others - in this episode, we’ll discuss some of the dumb financial decisions Americans make - and what you can do differently. Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

dumb financial decisions that Americans make.

0:03.6

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

0:10.4

investing, taxing. You've got financial questions, he's got financial answers. It's Brian Preston,

0:17.6

the money guy.

0:19.3

Brian, I am so excited about this show because unfortunately a lot of times we make sub-optimal

0:27.2

decisions. I think it's been said before, if we were logical and rational and reasonable creatures,

0:33.1

we'd all be healthy, wealthy and...

0:36.2

What?

0:37.2

Is that what it is?

0:38.4

Who is it? It's just an idea. We don't have plenty of money. We don't have plenty of

0:42.2

health, but we don't, we don't operate that way. And today we're going to share some stuff that

0:47.6

we do from a financial perspective that just shows how often we make sub-optimal decisions.

0:53.0

Well, look, I think we live in this modern world where you can figure out anything with a search

0:59.4

of Google and you would think that that would make us actually better at making decisions.

1:04.5

But what I have found is not only do we have access to too much information, sometimes that it can

1:09.2

be overwhelming to know what's noise versus actionable. A lot of that information has also come

1:16.5

at the price that we have psychological limitations. There's manipulation out in the marketplace because

1:23.6

there are billion dollar industries that know how to use our humanness. I don't even know if that's

1:31.3

a word, but essentially the traits and the emotionality of us being humans to work against us.

1:38.0

So before you say, wait a minute guys, I don't fall prey to some of those tricks and trickery in my

1:44.6

brain. I feel like I'm honed in. I know how things work. Bo in his own nerdy way had this crazy

1:53.9

video that he showed the content team. Don't worry, if you miss how good standard definition looks,

...

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