Financial Advisors React - Top 10 INSANE Money Advice Videos

Money Guy Show

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

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 25 April 2025

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Brian and Bo react to 10 outrageous personal finance videos circulating online, debunking misleading claims about 401(k) loans, day trading, real estate schemes, whole life insurance, and side hustles. Stay tuned through the end to watch as we count down to the craziest video we found.. The episode serves as a reminder to be wary of social media “gurus” and to focus on proven wealth-building principles. 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	Don't tell them that it's going to be a rental. Complete fraud. Oh, wait a man. Because I pay for things
0:05.8	what offers, everything costs the same amount. How does Grant say this when he owns all this real estate?
0:13.4	Welcome back, Money Guy family. The team is once again put together what they tell us are 10 insane videos. And Brent, I am so excited
0:23.2	about this because it sounds like these are truly unhinged. And they said to make sure that we pay
0:28.2	special attention to the very last one. So let's dive right in. I'm going to say this and I might get
0:35.1	a lot of criticism for it, but I will. Take that loan from your 401k.
0:38.2	What?
0:38.5	Take that loan from your 401k, holy ill.
0:41.1	You have been fighting for your life to get a little breathing room with your finances.
0:44.2	You've been budgeting.
0:45.0	You've been cutting back on expenses.
0:46.3	You've been trying to save.
0:47.2	You've been trying to do everything.
0:48.4	You've been trying to do right by your money, but nothing is working out for you. You just can't catch a break. Number one, that's your money.
0:54.5	The employer may match up to a certain percentage, but some of that money that you earned and
0:58.4	worked hard for is being contributed to that as well. Number two, the interest rates on the loan
1:02.3	is usually lower than a bank loan or anywhere that you can get from a financial institution.
1:06.4	Number three, only use it for like an immediate fund. You're trying to build up your savings. You're trying to pay off debt or you're trying to use it towards a down payment on a home or something.
1:14.1	Do not, and I repeat, do not go and use this for no BS.
1:17.2	This is not for no clothing.
1:19.6	This is not for none of that.
1:21.1	And not even for a vacation.
	...

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