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Money Guy Show

Why High Paid Americans Are Actually BROKE!

Money Guy Show

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

Investing, Education, Business

4.73.1K Ratings

🗓️ 5 March 2021

⏱️ 54 minutes

🧾️ Download transcript

Summary

Even people with a lot of money are in danger of going broke. There's a big difference between being "rich" and "wealthy." Is your cashflow high, but your net worth statement low? Do you own your life, or are you do you find yourself, like the man in one of our favorite commercials, "in debt up to your eyeballs"? This episode will show you the fascinating statistics behind the broke high-income earners across America. Plus, you'll walk away knowing how to protect yourself from the same fate as you reach financial success. For more information, visit: https://www.moneyguy.com/2021/03/why-high-paid-americans-are-actually-broke/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Well, how paid Americans are broke?

0:03.2

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:11.2

investing, taxing.

0:13.0

You got financial questions, he's got financial answers.

0:16.6

It's Brian Preston, the money guy.

0:20.0

Brian, I'm excited about this show and this is why, because generally speaking, having

0:24.6

a big shovel is a good thing, right?

0:27.3

So we talk about all the time that folks with big shovels, big incomes, generally that

0:31.6

works out really, really well.

0:33.2

Yet, in today's show, we're going to talk about why even those folks who have big and

0:39.4

the biggest of shovels still wind up broke.

0:44.2

It's so annoying, Bo, that I think the general public doesn't know there's a huge distinct

0:49.9

difference between rich versus wealth.

0:53.7

Here's the thing.

0:54.7

Look, anybody can look rich.

0:57.1

It's just, you can look like it's just falling off of you and it's just you're faking

1:04.4

it.

1:05.4

I mean, there's even a great commercial out there where the guy has his beautiful house,

1:10.2

his beautiful car, his beautiful family in front.

1:13.8

He's even on his riding lawnmower and he's got his swimming pool and then we pulled it

1:17.8

up and then he says the key tag on, how do I do it?

1:21.0

You may wonder how I do it all because I'm in debt up to my balls.

...

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