Is THIS Investing Mistake Costing You Millions?

Money Guy Show

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

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 4 October 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

"I'm 33 years old with a decent amount of debt. I'm worried about time missed out of the market so i'm maxing my Roth IRA before paying my high interest debt due to the time it would take to pay off. Thoughts?" 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

Click on a timestamp to play from that location

0:00.0	Let's see if I can say this username helicopter o'dactyl. He has a question for you.
0:13.0	It says, my wife and I were 30 and on step 8 have seen our incomes increase 200 plus percent
0:20.7	over the past five years. We save a third of our income, but still feel
0:26.8	guilty over lifestyle creep. Any advice on how to think through this?
0:32.0	Yeah. Well, Brun, you do such a good job. Any advice on how to think through this?
0:32.6	Yeah.
0:33.2	Well, Brian, you do such a good job of talking through this.
0:36.3	I'd love to hear your thoughts, because you've been a great resource to me over the years.
0:41.5	One thing I just want to throw out there,
0:43.6	I'm gonna say Heli, is that lifestyle creep is not bad.
0:49.2	We get this horrible rap and people talk about how it's a name.
0:52.4	Lifestyle creep. Lifestyle creep,
0:54.0	Lifestyle Crete. Expanding your lifestyle is not the worst thing.
0:57.2	Yeah, lifestyle creep is okay. I mean that's what you want. You want that you
1:02.1	want your life in your 30s to
1:03.5	look better than it did in your 20s and life in 40s better than the 30s.
1:06.7	That's okay you just can't make you just can't make it to where your lifestyle creeps
1:11.8	at a pace that outpaces your savings rate or your wealth
1:16.3	building rate but lifestyle creep in and of itself is not necessarily a bad thing so
1:20.3	what would you tell heli who's had like this 200% increase over the last five years and still is feeling guilty?
1:25.0	Well, I mean I always bring things back to a basic understanding so you know what the plan is and you know where you're headed is that remember we always talk
1:34.4	about make wealth and that's that phase of life where you're trying to you really got to focus on the
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.