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
4.7 • 3.1K Ratings
🗓️ 8 January 2025
⏱️ 25 minutes
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Summary
Transcript
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| 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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