Financial Mistakes You Hope Your Friends Will 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

4.6 • 2.8K Ratings

🗓️ 29 January 2016

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

It’s always nice to enjoy your hard-earned money -- but not so much that you sabotage your future financial goals. But there may be ways to enjoy all the benefits of vacation homes, specialty vehicles, and other luxury, lifestyle purchases without allowing these potential landmines to derail your long-term financial plans. These are the kind of financial "mistakes" you want to avoid.. but may wish your friends make! It's all in good fun, and this week's episode takes a look at why these kinds of luxury purchases can put you off the path to financial success -- and some smarter, simpler ways to enjoy the good life without losing out on opportunities to grow real wealth.

Transcript

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0:00.0	There are so many incredible things in our society that we all want to own,
0:05.0	whether it's vacation homes, whether it's especially fancy cars,
0:09.4	like a sports car and off-road vehicle.
0:12.0	And then who doesn't want to see America and an RV or go visit a lake house for the weekend?
0:19.1	But the problem is every one of these things can be a financial landmine
0:23.6	for you and your family on the marathon road to financial success.
0:28.3	In today's show, we're going to talk about, you know what, if you can't buy these things,
0:32.4	how about hoping that your friends and family make that financial mistake?
0:36.4	This is the Money Guy Show.
0:39.2	It's Brian Preston, the Money Guy, with storing order to your financial chaos, retirement,
0:46.0	investing, taxes. You've got financial questions, he's got financial answers.
0:51.4	It's Brian Preston, the Money Guy.
0:54.6	So, Bo, this is one of those shows I love it when we get to do musical introductions.
1:00.7	Okay.
1:01.4	Because I don't know if you got it from the intro that I just gave you guys.
1:05.8	This is going to be based upon a column we did in our US news column that we do every other week.
1:10.9	Go check it out. We have a whole list of columns that we've done now over a pretty diverse group
1:16.6	of topics, but this one's a kind of a fun one.
1:19.5	This one we titled it, Financial Mistakes You Hope Your Friends Make.
1:24.0	I kind of feel dirty saying that, but I think it is a true statement is that there is no better
1:30.3	thing to do than go to your buddy's boat house or lake house.
1:34.2	I mean, I have a friend that has a lake house.
	...

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