Financial Advisors React to Wild Money Advice
Money Guy Show - Brian Preston and Bo Hanson
Financial advisors critique wild money advice from online creators, emphasizing saving, investing wisely, and earning over speculation. They stress the importance of delaying gratification, avoiding debt, and focusing on
Key takeaways
- Save early and consistently to leverage compounding
Transcript preview
We've got some wild and crazy clips and as you can see Aaron talks money! Hey guys, thanks for having me back. I am so excited that you were here Aaron and I can't wait to see what the internet has in store for us this morning. What's the first piece of advice I give my kids about money and the last piece of advice and the advice I always give them? Don't spend it. Save it. Invest it. Let it compound. of every paycheck. I don't care how big it is or any gift granny gives you or anything you get on a side hustle and invest it. And then by the time you're 65,000 you're 65,000 you'll have millions in the bank even if you only have a salary of 65,000 dollars the average salary this is what the market gives you just don't buy crap you don't need. I love it. I love it. I love it. Don't buy stuff you don't need to impress people whose opinions do not matter. Everything that a little bit of that put it to work invest it and building wealth is not all that complicated if you think other people are thinking about you they're not they're thinking about themselves and their stuff and what they're doing with their money and also mr wonderful kudos is like he has the best marketing who else can call themselves mr. wonderful I think it's great I just appreciate you put on pants for this video I don't wear pants anymore I don't have any pants on right now I have no pants on ever and so because I look spectacular the mullet of his attire and the fact that he's business up top but then he's all party down below with no I have not seen these guys I that's how I film are you serious yes I'm I'm dressed up from the waist up and that is sweatpants bare feet a helock when used for things that create more income and wealth can really produce far more profits for you which you can then use down the road on which he needs shelter items the best rule of thumb when building wealth as quickly as possible is possible is really to concern your funds and availability of capital and delay gratification on lifestyle purchases. That was the solid part. I like that party. Delaying gratification. Was he suggesting that the strategy ought to be to like lever up as much as possible borrow as much money as you can and put that money to work in order to maximize your wealth building potential? Was that the thing he was laying out? Okay. Yeah, I heard helock. To jump right into using your helock to build your wealth means you're wealth means you're... your house that you live in and that's assuming you even have a house. If you have a low interest rate and you got in pre-2020 then you've already kind of won a lot of the housing parts of it. Let's not go lever that up to your eyeballs so that you can then get yourself and jeopardize this great opportunity or thing that you have. I want a place where I sleep but I can also say my dad has made every financial mistake under the sun. He's done this. He pulled out he pulled out money. He's done this. He pulled out money. He pulled out money. He pulled out money. He pulled out money. He pulled out money. He pulled out. He pulled out. He pulled out. He pulled out. He pulled out. He pulled out money. He pulled out. to go invest. Put it in the stock market. I mean he had sometimes where it was in early 20-20 so it did well or early 2000s let's get our decade right but I mean he also did it once to invest in an IPO and it went kaput so I don't recommend it I wouldn't jeopardize my shelter. It's all about risk how much risk do you really want to take and is the reward that you might potential receive worth the risk that you're taking on and I would argue that risking that you're is not worth it. Hey