Questions to Ask Yourself Before Making Major Financial Decisions

Money Guy Show

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

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 11 January 2019

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Ever wonder why certain people are more financially successful than others? Does it have something to do with their economic status their born into? IQ? Genetics? Behaviors? Or a combination of certain factors? Well, as it turns out, research consistently reveals since as early as the last 1800s, that the vast majority of millionaires don’t come from millions. What the research does find again and again is that self-control and discipline behaviors are correlated with success. This is good news! This means that financial success is well-within your control. And the money decisions you make now can have a big and small impact on your overall financial situation. Join us for this week’s installment of The Money Guy Show as we reveal the 8 behavioral finance questions every individual and couple should ask before making major financial decisions. For more details, please visit the show notes on our website: https://www.moneyguy.com/2019/01/questions-before-major-financial-decisions/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Questions to ask yourself before major financial decisions?
0:06.0	This is gonna be good.
0:07.0	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, investing, taxing.
0:16.0	You've got financial questions, he's got financial answers.
0:20.0	It's Brian Preston, the money guy.
0:23.0	So Brian, I think it's really interesting.
0:25.0	You know, most big decisions we make in life.
0:28.0	Not all of them, but most big decisions have a financial aspect to them.
0:32.0	And I love that, you know, for what we do in our day job, we get to be feeling financial advisors.
0:36.0	A lot of times we get to help council folks through how to make those decisions, how to think about it.
0:42.0	So I feel like we've seen a lot of decisions be made.
0:46.0	And we've been sought for a council for a lot of big major decisions to be made.
0:51.0	Well, also, I go with this from, when I thought of this topic, it was more of a curiosity.
0:56.0	Okay.
0:57.0	Because we had, and I'm gonna do this a little out of order, but you remember we had, you know, the next millionaire next door.
1:05.0	And, you know, that supported a lot of the research from the millionaire next door, is that I wanna give these stats is that, when you think of wealthy people, successful people financially.
1:14.0	Sure.
1:15.0	You find out, I was shocked to find out that majority are first generation.
1:20.0	Yeah.
1:21.0	And, you know, and here's the stats.
1:23.0	In 1996, 80% when, understandably, came out with the millionaire next door.
1:28.0	It was 80% was what was quoted.
	...

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