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Money Guy Show

Even Smart People Make These Massive Money Mistakes

Money Guy Show

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

Education, Business, Investing

4.73.1K Ratings

🗓️ 22 May 2026

⏱️ 36 minutes

🧾️ Download transcript

Summary

Being smart doesn't guarantee financial success. We break down five critical mistakes highly intelligent people make with money, from overconfidence in stock picking (despite 90% of pros underperforming index funds) to analysis paralysis that can cost over a million dollars in delayed wealth building. Using case studies like Average Allen versus Manny the Mutant, we show how delaying investing by just 10 years turns $225,000 into either $931,000 or over $2 million, why 40% of people earning $500,000+ still live paycheck to paycheck, and how smart people waste mental energy optimizing credit card rewards while missing the decisions that actually build wealth. Whether you're a doctor, engineer, or tech executive wondering why your net worth doesn't match your income, this episode reveals why behavioral consistency matters more than high IQ when it comes to building lasting wealth. ⁠⁠⁠⁠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

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0:42.3

Being smart doesn't mean you're good with money. Some of the biggest financial mistakes we see

0:48.1

are made by very intelligent people, like doctors, engineers, lawyers, and even tech executives.

0:53.9

Brian, I am so excited because today we're going to break down five money mistakes that smart people make.

1:00.4

And we're going to break down the reasons why even very intelligent people tend to make these same mistakes.

1:06.1

So I'm Brian. He's Bo. And we're financial advisors here to help you avoid these costly mistakes.

1:11.5

And with that, let's dive right in.

1:19.3

So, Brian, it stands to reason that the more intelligent you are, the better you ought to be making,

1:26.5

the better you ought to be at making financial decisions.

1:29.0

But oftentimes that's not the case. That's not what we see on a day-in, day-out basis.

1:32.8

Well, I think it's because intelligence, knowledge, there are only parts of the equation.

1:38.7

A lot of this is, you know, you have to take into account all the behavioral stuff and all the

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