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Money Guy Show

How to Choose Between Competing Financial Priorities (Determining the Winner)

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

🗓️ 12 July 2024

⏱️ 38 minutes

🧾️ Download transcript

Summary

There are other things that play into what you do with your money besides math. And that’s where personal finance starts to get personal - and complicated.

We’re going to look at the most common “tug-of-war” problems or competing financial decisions that we see.

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Transcript

Click on a timestamp to play from that location

0:00.0

Hey, how to choose when your financial choices are creating an internal tug of war? Brian I am excited to talk about this because we live in a unique

0:16.3

environment right now we're trying to make wise financial decisions is not easy

0:21.9

I mean I mean making good decisions has always been hard but right now it seems

0:26.2

that there are some forces at play that there are things that we want to do and oftentimes

0:31.2

they're noble things that seem to be in conflict and intention with

0:35.0

one another and so we want to help walk through how do I decide what makes the most

0:38.6

sense.

0:39.6

So it is a tug of war because you feel like every dollar is competing on where should it go to

0:44.7

maximize your financial life. The good news is if you go to moneygau.com slash

0:49.0

resources we have the financial order of operations to be your guide, but let's jump right in.

0:55.1

Yeah, so here's one of the first number one things that people are trying to figure out right now.

1:00.5

Do I save for a home or do I save for retirement?

1:04.3

Oh, wow, that's a big one.

1:06.3

We go right into the deep end and here's the thing.

1:08.9

Both of these things are noble, they're good.

1:13.0

So how do you know where you should start first?

1:15.6

Well, I think the answer to, should I save for a home

1:18.5

or should I say for retirement comes down to, no surprise?

1:21.6

It depends. It depends on a number of factors. What are your goals? What's your

1:26.1

timeline? What's your current financial position? You have to kind of work through each one

1:31.0

of these to determine what makes sense for me because two very

1:34.3

similar people can be in a similar situation and one person might buy a home

...

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