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Money Guy Show

Financial Advisors React to the WORST Financial Stories on Reddit

Money Guy Show

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

Education, Investing, Business

4.73.1K Ratings

🗓️ 29 December 2023

⏱️ 18 minutes

🧾️ Download transcript

Summary

Today, we're reacting to terrible financial stories we found on Reddit - see what Brian and Bo have to say! 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

One time I saw a guy go through $500 and $20 scratch off lottery tickets.

0:06.0

He looked at the woman behind the counter and said, quote,

0:09.0

well, there goes the rip money. You guys love our react series.

0:20.0

The team went out and found some of the crazy financial things that are on Reddit.

0:25.6

Brian, I am so excited about this because I love when we get to see what the world is saying out there on the internet and hopefully in some of these crazy stories we can share some

0:34.0

nuggets that may be valuable for you to help you go beyond comments.

0:38.6

But first, before we dive in, if you've not subscribed, make sure you click on subscribe right now, so you can know all the times that we release new content just like that.

0:48.5

Without further do, Brian, here we go.

0:52.0

My cousin, Botacampper. When camping once and then decided camping wasn't for them.

0:57.0

Rather than selling it, they decided to just stop making the payments and let the bank come and get it, which eventually they did.

1:06.0

Yeah, so this is a common threat.

1:07.5

Oh man, I bought this thing, I don't want this thing anymore.

1:10.3

You know what?

1:11.6

If I don't want it, I'm just gonna stop paying for it and they'll come get it.

1:14.3

Brian, why might that may not have been the most advantageous strategy?

1:18.6

Well, when you make consumption decisions that are especially leveraged consumption decisions.

1:25.0

You're not only making a decision for something that's a hobby that this person didn't even at

1:30.9

least go field try and see if they liked doing this as a hobby before they went and

1:34.8

financially committed themselves.

1:37.3

You also screw up your credit.

1:38.9

Now it's probably going to impact the next time they need to buy a car, when they try to go refinance a house or buy a house.

1:45.0

Here's the best option. Go find a friend that has made a horrible financial decision to like buying an RV, bought a lake house, owns a boat,

...

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