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Money Guy Show

Top 5 Wealth Killers in America!

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

🗓️ 19 April 2024

⏱️ 41 minutes

🧾️ Download transcript

Summary

Today, we're talking about 5 of the biggest wealth-killers you might face in 2024, and what you can do to overcome them.

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Transcript

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0:00.0

Top 5 wealth killers.

0:02.0

Wealth Killers.

0:04.0

Bren, I am so excited about this because there are so many things out there that don't want you to be

0:15.1

successful that want to work against you living your best financial life and so

0:19.9

our hope is that if we can bring them to your attention, make you aware of them, hopefully you will not fall prey to these wealth killers.

0:27.0

Yeah, we've talked about often that building wealth is surprisingly simple, but it is far from easy and today we're going to kind of

0:34.4

cover some of these key things that have made getting wealthy a little bit harder.

0:38.9

So let's jump into the first one and this one is not a surprise to anyone and

0:41.9

you're gonna see this but oh yeah

0:43.0

no that's that's for sure true inflation inflation can be a huge wealth

0:48.2

killer we're going to talk about why but before we do that we'll set some

0:51.4

groundwork like why right now, is it so significant talking about inflation?

0:55.8

Well, we just came out of a high inflationary period.

0:58.3

And I think that there's always, it's a little shock and awe after you live through an inflationary period. I'm old enough

1:04.4

that I actually made it through the 70s, early 80s, and here we are this and I'm like, whoa,

1:08.3

it is just like I recalled and in the frustration of you kind of recall what things cost beforehand, but now you see

1:16.4

new prices and then there's a small section of a part of your brain that's like, it's going to go back,

1:22.1

it's going to go back. But going to go back but then because you've lived

1:24.5

through it you recognize nope there's a good chance that a lot of what we experience

1:29.8

is here to stay yeah when you look at this if we look at inflation and this is data from the

1:34.6

Federal Reserve from 2005 all the way until now you can see that year over year it

1:38.8

kind of hovers around that like three to four percent range but here over the past few years it got as

...

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