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Money Guy Show

Why Looking Wealthy is Keeping You From Being Wealthy!

Money Guy Show

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

Investing, Education, Business

4.73.1K Ratings

🗓️ 28 June 2023

⏱️ 28 minutes

🧾️ Download transcript

Summary

This one mistake is keeping you poor! Looking rich may be a trap. We break down the stats and show how making these “small” mistakes could be really hurting your retirement! 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

While looking rich is keeping you from being wealthy.

0:03.4

I am excited about this because I feel like this is a problem that exists and permeates

0:14.7

through all of society right now.

0:16.5

We care so much about the way we look and how others perceive us that is letting us to

0:23.0

likely make some suboptimal financial decisions.

0:26.4

I remember when first there was a millionaire next door and then Dr. Stanley of course did stop

0:32.0

acting rich and it was one of those things where you realized the actual behaviors of people who

0:37.5

are successful is not what we've been led to believe.

0:41.6

And that goes for consumption as well.

0:43.4

A lot of us I think in this world that we live in where you have social media, you have the

0:48.8

gram, we're being told the way things are but it's not always what it seems.

0:54.7

That's right.

0:55.2

We are sucked into this idea that we need to look a certain way.

0:59.3

We need to buy luxury brands.

1:02.3

We need to be luxury consumers, luxury purchasers, purchasers so that other people can see how

1:09.2

well we're doing, how successful we are, how awesome our life is so that we can put it

1:14.8

on all of the social media.

1:17.2

We say luxury, what are we talking about?

1:19.4

We're talking about luxury, we're talking about the Louis Vuitton, the Rolex, the Dior,

1:25.0

Chanel, Tiffany, all those type of things that when you go on a plane and you look at the fancy

1:32.9

magazines or you have golf magazines, they're going to have this type of product that's put out

1:37.8

there and look this was brought to my attention also.

...

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