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Money Guy Show

How Can You "Bedazzle Your Basic Life" with Money?

Money Guy Show

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

Education, Business, Investing

4.73.1K Ratings

🗓️ 8 January 2024

⏱️ 33 minutes

🧾️ Download transcript

Summary

What exactly is "bedazzling your basic life," and how can you go about doing that? We'll walk you through that question and more in today's Q&A episode! 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

All right, Zach's question is up next. He says, what is considered the boiling point for a portfolio or the bowling point.

0:17.1

Is it when it makes more than my salary or more than what I put into it? can you kind of expound on what you mean by your

0:26.0

finances reaching the boiling point? Man, all right, so the first thing you said is

0:30.3

so interesting more than more than my salary. Oh, this Oh this is really fun. This is why

0:34.3

it's that time of year. If you do not do an annual net worth statement you

0:40.0

unequivocally 100% should start doing it today because it's amazing.

0:45.2

I promise, I promise, I promise, your future self, well thank you for doing that.

0:48.2

If you want to use ours, you can go to learn. Money Guide.com, you can download our net worth tool one of the things

0:54.3

that we put on there was this idea of okay how hard is my army of dollar

0:58.1

bills working like what is really neat about this and Brian you and I

1:01.0

you came up with this idea and then we started tracking it

1:03.5

to kind of compare because what we wanted to see is was there ever a year where the

1:08.1

increase in our net worth was actually greater than the income that we earned

1:12.4

that year so whatever money we made is

1:14.2

earned income, did our portfolio did our net worth go up more in value than that?

1:18.8

Well, if that was the case, if the net worth, the portfolio grew more than that you can make the

1:24.4

argument that my assets my resources my dollars are working harder than I could

1:30.0

they are literally doing more for building wealth than I can do on my own.

1:35.0

That is an example of a boiling point.

1:37.0

That is pretty stinking awesome and pretty stinking cool.

1:40.0

I just think it's so interesting that Zach mentioned that because that's something that we actually put on the net worth tool that you can be tracking on a year over year basis.

1:49.7

Yeah, this is something I talk in depth about in a millionaire mission.

...

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