Money Guy Show
Brian Preston and Bo Hanson
Welcome to the "Money Guy Show," hosted by the dynamic duo, Brian Preston and Bo Hanson, who turn complex financial advice into actionable steps that can help anyone improve their financial standing. The podcast, which has been enlightening listeners since 2006, seamlessly blends professional financial planning expertise with practical life lessons. Each episode is designed to help you expand your financial boundaries, offering insights on investing, saving, and managing money wisely. Brian and Bo, both seasoned financial planners, have a unique ability to demystify the often intimidating world of finance. With a mix of humor and wisdom, they cover a wide range of topics, from basic budgeting tips to sophisticated investment strategies. The Money Guy Show isn't just about growing your wealth; it's about empowering you to make informed financial decisions that lead to a prosperous and secure future.
Episodes
Can I Afford My Dream Home? (I'd Have To Break Some Rules…)
Brian Preston and Bo Hanson tackle a pressing question about affording a dream home while potentially bending established financial rules. The discussion is centered around a listener's dilemma of buying a home exceeding 25% of their gross income, despite saving well for retirement. They debate whether it's permissible to break the "money guy housing rule" in pursuit of one's dream home. The episode is rich in advice, exploring different financial scenarios, the importance of a solid saving strategy, and when it might be justifiable to stretch budgetary limits based on future financial prospects and stability.
How to Financially Prepare for a Baby
In this detailed guide, hosts Brian Preston and Bo Hanson, along with guest Nate O'Brien, navigate the financial intricacies of preparing for a baby. They cover a broad range of topics from tax implications of different filing statuses, to managing health insurance, and the importance of adjusting one's budget in anticipation of new expenses. The discussion is peppered with personal anecdotes, making it both informative and relatable. They emphasize the importance of financial planning to avoid common pitfalls that new parents face, advocating for a proactive approach to managing finances that accommodates the significant life change that a new child represents.
Why Americans Are Actually Broke! (2024 Edition)
In the 2024 edition of "Why Americans Are Actually Broke," hosts Brian Preston and Bo Hanson challenge the common narrative that external factors like inflation and stagnant wages are the sole reasons behind Americans' financial struggles. Instead, they emphasize personal financial behaviors and decision-making as the core issues. The episode delves into statistics showing alarming trends in savings, retirement funds, and debt. It provides a comprehensive analysis of the lack of personal finance education, the detrimental impacts of mismanagement of credit and loans, and the psychological traps of consumerism. The hosts advocate for proactive financial planning, education, and smarter spending habits as solutions to overcome these challenges.
How to Turn YOUR Side Hustle Into a Business!
In this episode, hosts Brian Preston and Bo Hanson discuss the journey of turning a side hustle into a thriving business. They explore the initial steps of planning and proving the concept, followed by establishing a robust structure and finally maximizing the business potential. Key topics include the importance of separating personal and business finances, tax considerations, and legal protections such as forming an LLC. The hosts emphasize the value of professional guidance for navigating complex decisions around employment, taxation, and business growth strategies. The episode is rich with actionable tips, underscored by a live Q&A where listeners like Kyle share their experiences and seek advice on specific challenges like hiring employees and managing growth.
Can My Wife Become a "Stay-at-Home Mom?"
Hosts Brian Preston and Bo Hanson delve into a listener's question about the financial implications of his wife becoming a stay-at-home mom. They discuss the importance of not solely relying on potential future inheritances for financial planning and emphasize the need for robust personal savings and investment. The episode also highlights how external financial gifts should be viewed as bonuses, not guarantees. The conversation is interlaced with practical advice on financial planning, focusing on maintaining a solid savings rate despite income reductions, and understanding the impact of such life decisions on future financial independence.
Are You On Track to Becoming a Multi-Millionaire? (Don't Miss These Important Milestones!)
Brian Preston and Bo Hanson explore crucial milestones in wealth accumulation, detailing behaviors and strategies that foster significant financial growth. The discussion covers the importance of understanding investment growth, compounding benefits, and maintaining a disciplined savings rate. They emphasize the first milestone of reaching $100,000 in investments as a major indicator of financial discipline. They illustrate how savings rates influence the speed of reaching financial goals, using detailed scenarios and calculations. The hosts also discuss the psychological impact of achieving each milestone, providing motivation to continue on the path to financial independence. This episode is packed with actionable insights framed around specific financial milestones, aiming to empower listeners with the knowledge to strategically increase their net worth.
"We Make $250k - What Should We Do Next?"
In the "We Make $250k - What Should We Do Next?" episode of the Money Guy Show, hosts Brian Preston and Bo Hanson dive into financial planning for individuals or couples making $250,000 annually. They discuss the intricacies of Roth IRAs, traditional IRAs, and the implications of different tax strategies. The hosts emphasize the importance of understanding one's tax bracket to make informed decisions about pre-tax vs. Roth contributions. They introduce the concept of a backdoor Roth for high earners and explore investment strategies beyond retirement accounts, like taxable brokerage accounts for more flexibility in asset accessibility. The episode provides actionable financial advice and emphasizes strategic tax planning and investment to optimize financial growth and stability.
Should You Pay Cash or Finance for a Car?
In this episode of the Money Guy Show, hosts Brian Preston and Bo Hanson delve into the complexities of car buying decisions, particularly focusing on whether to pay cash or finance. They dissect the financial order of operations (referred to as 'the foo'), emphasizing the importance of prioritizing high-interest debt elimination before significant purchases like a car. The discussion highlights different stages of financial planning and how these stages can influence car buying strategies. They offer nuanced advice tailored to individuals at various points in their financial journey, discussing the implications of using savings versus financing, considering the impact on one’s long-term financial health. Key insights include the strategic use of financing offers and the importance of ensuring monthly investments exceed car payments when opting for financing.
The Dark Side of Being an American Millionaire! (2024 Edition)
Brian Preston and Bo Hansen of the Money Guy Show delve into the less discussed, darker aspects of wealth in their episode "The Dark Side of Being an American Millionaire! (2024 Edition)." They debunk the common misconception that wealth equates to happiness by discussing the unique pressures and responsibilities that often go unnoticed. The hosts emphasize the distinction between appearing wealthy and being financially secure, highlighting that many high earners still face job dissatisfaction, financial mismanagement, and personal unhappiness despite their affluence. They provide insights into why these issues persist and offer practical advice for handling wealth responsibly, stressing the importance of financial education and a balanced lifestyle.
The #1 Financial Regret of Americans (And How to Fix It)
Brian Preston and Bo Hanson discuss the prevailing issue of financial regret in America, primarily focusing on the failure to start saving for retirement early. They explore findings from various sources, including a bank rate survey, highlighting how each generation, from Gen Z to Boomers, wishes they had begun saving earlier. The hosts emphasize the power of compounding growth and the crucial role time plays in wealth accumulation. Using personal anecdotes and listener questions, they dissect common financial errors and provide practical advice on how to overcome these setbacks by starting to save immediately, no matter one's current stage in life.
Are You Paying WAY Too Much for a House?
In "Are You Paying WAY Too Much for a House?" hosts Brian Preston and Bo Hanson discuss the challenges of purchasing a home without becoming financially overextended. They address common concerns about housing affordability, particularly for first-time homebuyers, and offer guidance on achieving financial peace even when feeling like you're paying too much. The hosts emphasize the importance of following sound financial benchmarks, such as ensuring your housing costs do not exceed 25% of your gross income and considering long-term residence stability. They also explore non-financial factors that can justify higher initial costs, such as community and educational benefits for families.
Average 401(k) Balance by Age (2024 Edition)
Brian Preston and Bo Hanson dive into the essential topic of 401(k) savings across different age groups in the "Average 401(k) Balance by Age (2024 Edition)" episode. They discuss the power of 401(k) plans as a tool for wealth building, emphasizing the importance of maximizing employer matches and the benefits of various investment strategies within 401(k) accounts. The hosts address key changes in 401(k) contribution limits and the impact of new legislation on these retirement plans. They offer detailed insights into how individuals can optimize their contributions to achieve financial security in retirement. By analyzing statistical trends and providing examples, they make a compelling case for early and strategic investing in 401(k) plans.
What Should I Do If My 401(k) Sucks?
In this episode of the Money Guy Show, hosts Brian Preston and Bo Hanson dive into a listener's question about handling a poor 401(k) with high fees and no employer contribution. They discuss various strategies for managing a less-than-ideal retirement plan, emphasizing the importance of understanding the financial order of operations. The hosts explore the benefits and drawbacks of contributing to a suboptimal 401(k) versus alternative investment vehicles like IRAs and taxable accounts. The discussion includes practical advice on making informed decisions based on individual financial circumstances and the potential tax benefits still available despite the plan's drawbacks.
We're FINALLY Going on Tour!!
In this thrilling episode of "The Money Guy Show", hosts Brian Preston and Bo Hanson enthusiastically reveal their first-ever book tour for Brian's upcoming book, "Millionaire Mission". This episode serves as both an announcement and an invitation, detailing the tour's stops, what attendees can expect, and special VIP perks. They discuss their journey as financial advisors and the joy of meeting their community, referred to as "financial mutants". Highlights include interactive sessions like live Q&As, a chance to mingle with like-minded individuals, and the opportunity for attendees to get their books signed. The hosts convey a palpable excitement about stepping out from behind the mic to engage directly with their audience, making this a must-listen for fans and financial enthusiasts.
Top 5 Wealth Killers in America!
In "Top 5 Wealth Killers in America!" hosts Brian Preston and Bo Hanson delve into critical financial pitfalls that many Americans face, impacting their ability to build and sustain wealth. The episode outlines specific behaviors and external factors, like inflation and poor financial planning, that can derail one’s financial stability. Through a mix of statistical data, personal anecdotes, and actionable advice, the hosts aim to educate listeners on avoiding these pitfalls and adopting healthier financial habits to safeguard and enhance their financial futures.
What's Considered "High-Interest" Debt in 2024?
In this insightful episode, hosts Brian Preston and Bo Hanson engage in a detailed discussion about high-interest debt, particularly in the context of 2024's unique financial environment. They explore various forms of debt, such as credit card debt, mortgages, and student loans, and discuss how interest rates on these debts are influenced by broader economic factors. The hosts emphasize the importance of personal financial management and the impact of saving behaviors over merely focusing on the interest rates of debts. They provide practical advice on investment strategies for individuals at different stages of their financial journey, stressing the significance of understanding one’s financial position to make informed decisions.
I Feel So Behind Financially! (How Do I Catch Up?)
In the podcast episode "I Feel So Behind Financially! How Do I Catch Up?" hosts Brian Preston and Bo Hanson discuss strategies for individuals who feel financially behind. They emphasize that it's never too late to start, even at 37. The hosts suggest assessing current financial status through a net worth statement and setting clear financial goals. They advocate saving a significant portion of income (25-30%) and leveraging time to allow investments to grow. The episode covers practical steps such as creating a financial plan, understanding the power of compound interest, and maintaining discipline in spending and saving. The discussion also includes tools like the wealth multiplier and the impact of starting savings at different ages, highlighting the advantages of starting early but also the potential for catching up.
Should We Use Retirement Money to Buy a House?
Brian Preston and Bo Hanson tackle the complex decision of whether to withdraw retirement savings to fund a house purchase. They explore various financial strategies and the importance of aligning such significant financial decisions with long-term financial health and retirement security. The hosts emphasize the risks and benefits, including tax implications and the impact on future retirement stability. They also discuss alternative saving strategies and the importance of evaluating personal financial situations and goals before making such a critical decision.