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
4.7 • 3.1K Ratings
🗓️ 8 January 2024
⏱️ 33 minutes
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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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