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Money Guy Show

The Hard Truth About Helping Friends With Money

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

🗓️ 8 January 2025

⏱️ 25 minutes

🧾️ Download transcript

Summary

"My stepson just turned 20. What is the best way to "teach" him about making his dollars work for him vs sounding like I am "preaching" about it?"

We'll walk you through that question and more in today's Q&A episode!

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Transcript

Click on a timestamp to play from that location

0:00.0

The hard truth about helping friends with money.

0:10.3

Brian, I am so excited to talk about this because a lot of times money

0:14.6

money has a difficult nature associated with it.

0:18.1

Sometimes it's difficult to talk with people about it. And it's even

0:21.3

difficult when you see people making decisions that you know might be less than optimal. And I love

0:27.7

that we can speak into that kind of stuff. Matter of fact, I love that we can speak into all

0:31.8

of the things that you guys are curious about. So right now we have the team in the wings,

0:37.9

collecting your questions. So if you have a question, you want us to weigh in on, you want us to get,

0:42.0

or you want to get our take on, I would encourage you get it in the chat right now.

0:46.7

So with that, Megan, I'm gonna throw it over to you.

0:50.4

Great. Well, our first question is from Michael T. He says, my stepson just turned 20. What is the

0:57.1

best way to teach him about making his dollars work for him versus sounding like I am preaching

1:02.4

about it? I feel like this is definitely something a lot of our mutants face, wanting to help people,

1:07.6

but not knowing how to go about doing it. One, I love it. This gets me

1:12.3

super excited because when you think about a 20 year old, they are right there at the beginning

1:17.2

with the entire life ahead of them. And man, if you can start getting some of those like

1:23.6

financial nuggets, some of those little pieces of valuable financial information into

1:30.2

their minds at this age. And if it takes hold, it can literally be life changing and generation

1:37.6

changing so much so that we do an annual survey, Brian, of our clients and of our money guy

1:43.1

family every year. And we say, hey,

1:45.1

what's one thing that you wish you would have done differently? Or what's one regret you have?

1:48.5

Or what's one thing that you wish you could tell your younger self? And so often we hear,

...

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