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Money Guy Show

Financial Decisions You Hope Your Friends Make

Money Guy Show

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

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

4.62.8K Ratings

🗓️ 29 March 2019

⏱️ 44 minutes

🧾️ Download transcript

Summary

Should you buy a second home, RV, timeshare, or a boat? Chances are they could be horrible for your financial life, but, if your lucky, your friends may make these purchases. We all have friends, and as humans we are hardwired to stand out from our peers. Sometimes our peers make financial decisions that would not be great for our personal finances, but we can take advantage of those purchases that they have decided to make. We recorded a show back in 2016 where we discussed financial mistakes you hope your friends make. So, we are returning with a fresh take on that episode.

Join us for today’s episode as we share the financial decisions you hope your friends make. Our goal here at the Money Guy Show is to always help you understand how to best use your army of dollar bills to achieve financial independence.

For more details, please visit the show notes on our website: https://www.moneyguy.com/2019/03/friends-financial-decisions/

Transcript

Click on a timestamp to play from that location

0:00.0

Should you buy a second home? How about a boat, an RV, a time share? No, these things are horrible decisions, but their decisions your friends might make.

0:09.6

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, investing, taxing. You've got financial questions, he's got financial answers. It's Brian Preston, the money guy.

0:25.6

Yes, so what we're going to be covered today are financial decisions, because I think we talked about this in show prep. We can't call them mistakes by themselves and hear it late solo, but financial decisions that you hope your peers are those around you may.

0:39.6

Well, here's the big thing. A lot of what we talk about on the show is helping our viewers, listeners, not make the big financial mistakes that go derail their path to financial independence.

0:53.6

I will tell you a few of these things today are massive things that very well could be mistakes if you don't have your financial order of operations, right?

1:03.6

But that doesn't mean that these things can't be a blast. So it is financial mistakes that you truly hope your friends or relatives will make so that your back pocket doesn't get punished, but you still get to have the fun.

1:17.6

So start off, there's a few house cleaning things we want to jump into. First of all, money guy.com, if you go to the website, you can sign up, give us your email address, your zip code. Why do we ask for zip codes? We want to know where you live in the country in case we start doing some live things and find out where we have more than three people in one area listening.

1:35.6

Did you just drop a nugget in there that we might be taking the show on the road?

1:38.6

We're not setting dates yet. We won't be in your town May 15th, but definitely give us your email address and your zip code. Here's the second thing.

1:48.6

We're growing as you can tell we have a set now. We're adding listeners and subscribers constantly. So much so that we now need a money guy employee.

1:57.6

So if you're a person, we're looking for an entry level position that can grow with the show. So if you're a person that's got an understanding of basic finance, a hunger for good content and then just connecting with the money guy family, we want you to reach out to us.

2:15.6

Bo, what email address you want me to attach to this?

2:17.6

Shoot me an email. You can send it to bobeoatmoneyguy.com. If it's something you're interested in, you'd be somebody we're not looking for virtual employees. We want somebody who's willing to either live in Nashville or relocate to the national area.

2:32.6

And would like to be part of this this budding enterprise.

2:35.6

You ready to jump it in the sun? Let's do it.

2:38.6

It's not hard to see out there in society. I mean, whether you go country music, you hear the song where by me a boat or a Yeti 110 from one of my neighbors, you know, it's one of his songs. And then we got hip hop artists, you know, rappers have been really talking about their consumption lifestyle for decades.

2:58.6

The thing I think is interesting is that as humans, we are hardwired to want to stand out from our peers.

3:04.6

That's right.

3:05.6

And a lot of times that can manifest itself in through consumption.

3:09.6

Because we want to buy stuff that we perceive will be fun as well as make us stand out service from everybody else.

3:16.6

So I put together here's a few of these that I know financially might not be best for your back pocket, but they sure are fun.

3:27.6

This one, second homes.

...

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