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Money Guy Show

Is Your Brain Keeping You BROKE?

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

🗓️ 7 February 2025

⏱️ 38 minutes

🧾️ Download transcript

Summary

You often hear that a HUGE amount of personal finance is behavioral, meaning that it’s your mindset and your actions — not your income or your background — that will largely determine the course of your wealth-building journey.

But dialing in your behaviors and avoiding the mental traps that can demotivate or derail you along the way is a key component of the wealth-building journey.

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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.

Transcript

Click on a timestamp to play from that location

0:00.0

Here's a question. Is your brain keeping you broke?

0:09.4

Brent, I am so excited to talk about this because oftentimes when it comes to personal finance

0:15.1

and it comes to making wise financial decisions, it's more about the behaviors and the

0:19.8

mindset than we have, that it is about the math and the mindset than we have that it is about

0:22.6

the math, or the dollars and cents. And frankly, a lot of folks when it comes to personal

0:27.4

finance, they get the behavior part wrong. Yeah, there's mental traps. There's all kind of

0:32.3

things that, you know, have you, you have a stutter start. You don't get, you know, you also get

0:37.3

distracted. You also end up buying you know, you also get distracted.

0:38.3

You also end up buying more than you anticipated buying. There's all kind of ways that we have

0:44.0

seen our brains actually work against us. So we wanted to kind of walk you through all these

0:49.8

traps that are out there and how you can make sure you're on the right path. Yeah, if you can

0:53.6

dial in the behaviors and avoid some of those mental traps,

0:57.0

you are well on your way to moving in the right direction.

1:01.0

But the first thing you have to be able to do is recognize those mental traps.

1:05.0

For example, have you ever been in a conversation, or maybe you, have you ever said this?

1:09.0

If I, if I would have just bought

1:11.9

10 Bitcoin in 2016, today at its current price, I would be a millionaire. I mean, this one is,

1:20.4

and there's so much as happened, 2016, you think about the eight years that is come and gone,

1:26.1

we've had periods where there's tons of volatility

1:28.5

within crypto. Even if you did this, you'd have probably made 100%, 200%, or you went through

1:35.0

the crypto winter where your money sat flat or lost money for an extended period of time.

1:40.2

But somehow because of everybody having this survivorship bias, they skip all those other traps and things that their brain probably would have led them to why this wouldn't have worked in the first place.

...

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