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Money Guy Show

The Dark Side of Being an American Millionaire! (2023 Edition)

Money Guy Show

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

Education, Investing, Business

4.73.1K Ratings

🗓️ 14 April 2023

⏱️ 45 minutes

🧾️ Download transcript

Summary

Being a millionaire isn't always sunshine and rainbows in 2023. In this episode, we'll discuss some common pitfalls and traps millionaires fall into, shock-and-awe stats, and how you can handle your money even better than a millionaire. 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

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0:00.0

Being wealthy is not all rainbows and unicorns.

0:03.0

Tune in for the dark side of being a millionaire.

0:11.0

Brian, I am excited about this because I'm hoping it can be a cautionary tale.

0:18.0

I'm hoping that it will be something that are folks who either have

0:21.5

reached that status, that millionaire status, or the folks that are aspiring to get there,

0:26.8

I'm hoping that we can lay some foundational groundwork so that they don't find themselves

0:32.9

on the wrong side of the equation. But before we jump into that, if you are just tuning in with us for the first time ever,

0:40.2

we would love for to be part of the tribe. So right now, subscribe to the channel so you can stay updated with all the information we're putting out there.

0:47.3

Yeah, I think a lot of people have this notion that wing you're wealthy, successful, that you're happy, and you don't have, you know, the insecurities,

0:56.8

you don't have the unhappiness.

0:58.3

But I got to tell you, there's a lot of wealthy people that are rudderless, purposeless,

1:03.8

and they just don't have it all put together.

1:07.0

And we kind of, that's what we wanted to cover today, Bo, was kind of help people be on the

1:11.0

right track, but to kind of set the table, I thought it, and I've used this before, because I think

1:15.3

it's a great quote, Jim Carrey, everybody knows. Jim Carrey, there's so many stories. He says

1:19.7

half of them are true, half of them are faults or whatever, but there's always that famous one

1:23.1

where he wrote himself this check when he was dirt poor for $20 million, and then he was able to cash it.

1:29.7

So this is definitely somebody who had an aspiration, reached goals, tip-tip-ty-top of success.

1:35.5

And then when he's at the top of the mountain, he does share this quote.

1:40.0

He says, I think everybody should get rich and famous and do everything they ever dreamed of

1:45.1

so they can see that it's not the answer.

1:49.9

Yeah, wealth, money, the resource, the tool that we have, it is just one facet of it.

...

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