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Money Guy Show

The Hidden Wealth Tool No One's Talking About

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

🗓️ 14 May 2025

⏱️ 62 minutes

🧾️ Download transcript

Summary

A new retirement savings tool is here - and most people don’t even know about it. We explain how auto-IRA programs are helping workers build wealth automatically, and what you can do to get ahead - even if your state isn’t on board yet. After the breakdown, we take live questions from listeners on everything from student loans to emergency funds to investing in private company stock. ⁠⁠⁠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

here's something that's cool we love sharing new things we figure out how about a wealth

0:09.8

building tool we've never talked about and brent i am so excited to talk about this because

0:13.7

obviously this is something we've never talked about before but even though everyone out

0:19.3

there listening even though this might not hit them perfectly,

0:21.8

what we're going to talk about is something that every single member of our audience can take

0:26.4

away and can implement themselves. And I think it's pretty exciting. Well, think about it.

0:31.4

You see a trend out there is that we've realized that behavior and creating consistent habits is one of the most

0:38.2

powerful wealth-building tools.

0:40.0

Yep.

0:40.2

And people who have 401Ks, you've probably heard of a quaka.

0:43.3

I always like the sound of that.

0:44.5

That's where, you know, the government has incentivized, and that's the, by the way, that's not it.

0:48.8

That's not it.

0:49.6

That's not the thing.

0:50.1

It's kind of like a sibling of behaviorally of what we're going to be talking about, but it still encourages the behavior of auto-enrolling people to start saving a little bit of today for their great, big, beautiful tomorrow.

1:03.7

So, Bo, without, I mean, give a little more detail, since we're not talking about the clock us, but it's somewhat similar.

1:09.3

What is this tool that we have

1:10.9

never talked about before? So there is some legislation that has been passed in certain states,

1:16.0

and there are more states that are adopting it now, that for small employers who may not offer

1:21.2

a retirement plan at work, or if you happen to work for one of these employers, the state,

1:26.5

the governing body, might be

1:28.5

willing to, and in some states are already doing this, open up an automatic IRA distribution

...

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