The Dark Side of Saving: 4 Signs You’ve Gone Too Far

Money Guy Show

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

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 23 May 2025

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you unknowingly sabotaging your present for the sake of your financial future? We reveal the four warning signs you might be saving too much - from missing out on life to straining relationships. Learn how to rebalance, find joy now, and still build long-term wealth the smart way. ⁠⁠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	Four signs that you're on the dark side of money and saving too much.
0:09.0	Brian, I am so excited to talk about this because we love talking about saving and we love talking about building wealth.
0:16.6	And we love people that have aggressive savings rates.
0:20.3	But I do think this is one of those times, one of those scenarios where perhaps potentially
0:24.6	you can have too much of a good thing.
0:27.2	Well, let's set a baseline for everybody.
0:30.0	Our, you know, a lot of our content is based on the financial order of operations.
0:34.3	And we tell people the goal of what we want you to be saving is 20 to 25% of your
0:40.1	gross income. However, we know a lot of you are out there. And look, I want you to be a financial
0:47.6	mutant. That's the healthy side of things. But there's a lot of you that are on that dark side,
0:52.5	that financial miser.
0:57.5	Let's hear it again. Do it again.
0:59.6	I don't know if I nailed the respirator perfectly.
1:01.8	For all those out there in podcast world, you just nailed that.
1:05.3	Now, look, don't hear us wrong.
1:06.7	Saving is not inherently bad.
1:09.3	It's not a negative thing. And we espouse saving over 25 or saving
1:14.6	25% of your gross income. But when you do it and when there are things in your life that begin to
1:22.0	fall apart and when it takes hold of you, that's where you are no longer a financial mutant, you might be becoming,
1:30.5	might be becoming a financial miser. And that's what we don't want. Well, look, I mean,
1:34.6	we see this, there's all kind of shades of what happens in personal finance. How often do we see
1:40.0	people who start paying off debt? They pay off the high interest credit card debt. And then they
	...

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